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~: the recording of instrumen[s c~ ccnvevance to the respective
~~.-n~rs in the public records St. Lucie Count~) or fifteen
per cent (15%) of ~he Uni[s which will.be operated ultimately
b~ the Association~ the First Bo~rd shall be succeeded by the
"Initial Elected Board." The nur.:~.,r of Directors on the IniCial
Liected Boar~ shall be three (3). ~`:embers other than the
Devc~loper ("Purchaser Members") sh~-~11 be entitled to elect one
;1) Director and the Developer shall designate and select the
re^:aining two (2) Uirectors. The Purchaser N:er..bers shall elect
their one Director at a special :~eeting to be called by the
Condominium Association for such purpose (the "Initial Electior.
I•:ee t ing" ), a::d the Dev~ ~cper sha 1;. desi gnate the remaining two
Directors at such Initial Election Meetinb. The Initial Elected
B~ard shall succeed the First Board uQon their election or
deGignation. Subject to the provisians of Paragraph 4 of this
Article VIII. the Initial Elected Board~shall serve until the next
Annual Members Meeting (as defined in the Bylaws). whereupon
the r.:embers of the Board of Directors shall be elected or desi¢natec'.
in the same manner as the Initial 8oard~ to-wit: one-third
(1/3) by Purchaser Members and two-thirds (2/3~ by the Developer.
4. Upon the occurrence of the "Turnover Date"(as here:n-
after defined), one of the Developer's two desi£nated Directors
~ha?I be succ~eded by a Director elected by the Purchaser !~!embers.
'i<<e "Turr.over Date" is the earliest to occur of the following•
A. T:.rce (3) years after sales of fift}• per cent (SO;o)
~f t;e lin~ts tha~ wi~l be operated ultimately bv the Association
?~~i-:~ be~n c' c~~:c:i witt; 0~.~~r.ers <~ther than Deve2oner , which closin~s
~~::ri~ be evi::e~c~d by the re~or~in~ of instru~enCs o£ conve-~ance.
t~ ~`.~ res^ec`ive Pur~i~aser "er.:be:s in the p~blic Reco:ds of
Sr_ .~ ucie Co~y^.tv, Florida; cr
8. Three (3) ronths after sa;es of ninFtv per cent (40%)
F t~P I3nits t~at will be operared ultimately by the Association
'~ave been closed with Owners other than Developer. which closin~s
5ha11 be evidenced by the recordinE of instrum.ents of convevance
to the respective P~rchaser t~:embers in ttie public records of St.
Lucie County. Florida; or
C. When the total nw~:~er of Units in the Condominium have
been completed (as evidenced by-the issuance of a CertificaCe
of Occupancy for all of same) and none are being offered for sale
by the ~eveloper in the ordinary course of business; or
D.When some of the Units in the
cenveyed to Purchase Members and none
c:onstructed or offered for sale by the
course of business.
Condominium have been
of the other Units are 6ein~
Developer in the ordirary
BflOK 35Q e~~E 2253 - 4-
EXHIBIT B Page 5 of 10 pages