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<br /> ewner el�ll be a member of the associa�fon. Any perao�a who lraolds : E -.
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<br /> � an intezest in a unit mere].y as security far an oblfgation shall _. -T __ � Y�� _ �
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<br /> o�.'the �cutive'Boalcd,of Directors until. the earlieY of: ---- __ - _ _
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<br /> ' � ce of N�uet ' ��-
<br /> .. , � �(a) `�'T�xtY E60) days a.f�ter conveyan Y '�e�`''--��.v
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<br /> Fercent (50�)� of the units �rhich may be created te unit , jF —
<br /> owAers ether thau �e declarants, or . . ��=���-:•"-�—� --
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<br /> . .(b) Trao �2) years .after declarants have ceased to ��-;. _
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<br /> N'ct��•�.later .tYian sixty (601 days aft� cd��yance of Twenty- � ,��=-t. �,,t�
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<br />- ' � �_�.�ive P�rcent� (25 0? _ of �: units which may be created to_ unit o�vn- . ; .� F„_ .,..
<br />_ .::�, `�" ers oth�r than the deci�anta, at least one (13 membe� �nd not , . X�`.�. ;,.,:
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<br />= ' less that Twenty-Fave ��cent {25�) of the members of the Execu- ,
<br />- tive Board of �i�ixectors ehall be elected exclusively by unit own- ``-�" �.
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<br />- ers osch�x tb�;r�. the declarante. Not later than sixty (60) days ��,;{..:' . :.�-�
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<br /> ' after .�nveyaace. of Fi�� Percent (50�) of the units which may be ' � "�, ,:;,';, ,�-•��'�-
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<br />° . . � �� Thirty�hree and One='�rd Percent (33 1/36) of the m�m�sc�ra of .. .�t ;�.�.,, �
<br />- th� Executive eoard of Directore shall be elected excluaively by ��� �;�:;���
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<br />: . unit �Sv»era other thaa the declarants.. � �. ., : _ .
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<br /> ' an�s' control, the unit owners sha�.l elect an �xecutive Board af • •�. .
<br /> at lear� three t3) ���era, at leaet a majority of whoy shall be , � � ,.;�:
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