All members of the Board of Directors shall be appointed by the Declarant until such time as Directors are eligible to Be elected by non-Declarant Owners m accordance with tins Article 4.
At the first annual meeting of the Association after twenty-five percent (25%) of the Living Units planned to be included within the Community have been initially occupied, one (1) member of the Board of Directors shall be elected by the non-Declarant Owners to replace a Declarant appointee.
At the first annual meeting of the Association after sixty percent (60%) of the Living Units planned to be included within the Community have been initially occupied, one (1) additional member of the Board of Directors shall be elected by the non-Declarant Owners to replace a Declarant appointee.
At the first annual meeting of the Association after the lapse of all of the Class B memberships as provided for in the Articles of Incorporation and the Declaration, or, if sooner, at the first annual meeting of the Association after expiration of fifteen (15) years following the date of the initial recordation of the Declaration, the non-Declarant Owners shall elect a majority of the members of the Board of Directors.
The Declarant’s right to appoint members to the Board of Directors, not otherwise elected by the non-Declarant Owners, shall continue as long as the Declarant’s Rights and Obligations are in effect.
Except as expressly set forth in this Section, nothing herein shall otherwise be construed as limiting the Declarant’s right to vote on any matter as a Class A Member of the Association after the lapse of the Class B memberships and the Declarant shall continue to retain all other rights reserved to the Declarant in the Governing Documents, notwithstanding the lapse or surrender of the Class B Memberships.
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