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202004464 (b) Two (2) years after Declarant has ceased to offer units for sale in the ordinary course of business. Not later than sixty (60) days after the conveyance of Thirty -Three and One -Third Percent (33 1/3%) of the units, which may be created to unit owners other than the Declarant, at least one (1) and not less than Twenty -Five Percent (25%) of the members of the Executive Board of Directors shall be elected exclusively by unit owners other than the Declarant. Not later than sixty (60) days after the conveyance of Fifty Percent (50%) of the units, which may be created to unit owners other than the Declarant, not less than Thirty -Three and One -Third Percent (33 1/3%) of the members of the Executive Board of Directors shall be elected exclusively by unit owners other than the Declarant. Not later than the termination of the period of the Declarant's control, the unit owners shall elect an Executive Board of at least three (3) members, at least a majority of whom shall be unit owners. The Executive Board shall elect officers. The Executive Board members and officers shall take office upon election. To the extent members of the Executive Board of Directors are to be elected by unit owners other than the Declarant, one (1) vote per unit may be cast for the election of members of the Executive Board. 7. Allocated Interests. The allocated interests have been established based upon a formula utilizing the number of units in the condominium and it is hereby declared that all such interests shall be allocated in the following manner: (a) Voting. Each unit shall be entitled to one (1) vote in the conduct of the condominium through the association (b) Common Expense Liability. Each unit shall be responsible for and shall be assessed for all common expenses incurred by the association, based upon the square footage of each condominium unit located within a building, as a percentage of the total square footage of the units located within a building of the condominium as follows: Unit One (1) 33.2627% Unit Two (2) 42.1575% Unit Three (3) 12.6829% Unit Four (4) 11.8969% Such assessments are subject to future adjustment each time that additional units shall be created in respect to a building currently existing, hereafter constructed, or hereafter added in any other manner, and shall be evidenced by a proper Amendment to this Declaration to be then filed of record in respect to this Condominium. (c) Fractional Interest in Common Elements. Subject to the Special Declarant Rights affording developmental rights to common areas of this Condominium, each unit shall be allocated an undivided interest in and to the common elements of the condominium, based upon the square footage of each Page 3 of 12