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2012065Eti provided in the Articles of Incorporation and Bylaws. For purposes of this Declaration, the term "Executive Boazd" sha11 refer to and be the sa.me as the Association Board of Directors. 16. MEMBERSHIP: Every person or entity who is an owner of a Unit shall be a member of the Association. Any person who holds an interest in a Unit merely as a security for an obligation sha11 not be a member. 17. DECLARANT CONTROL: Except as otherwise specifically provided in this paragraph, Declazant sha.11 control the Association and may appoint and remove the officers and members of the Executive Board until the eazlier of a. Ten days after conveyance of one-half (1 /2) of the Units to Unit owners other than a Declara.nt; or b. Two yeazs after Declarant has ceased to offer Units for sale in the ordinary course of business. Not later than ten da.ys after conveyance of 25 percent of the Units which may be created to Unit owners other than a Declarant, at least one member a.nd not less than 20 percent of the members of the Executive Board sha11 be elected exclusively by Unit owners other than the Declarant. Not later than ten days after conveyance of 50 percent of the Units which may be created to Unit owners other than a Declarant, not less than 40 percent of the members of the Executive Board sha11 be elected exclusively by Unit owners other than the Declarant. Not later than the termination of the period of Declarant control, the Unit owners sha11 elect an Executive Board of three (3) members, at least a majority of whom shall be Unit owners. The members of the Executive Board shall be elected by the affirmative vote of Unit owners representing a majority of the allocated interests, as shown in the attached Exbibit "B". The Executive Board shall elect the officers. The Executive Board members and officers shall take 5