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200608021 11. Declarant Control. Declarant shall control the association and may appoint and remove the officers and members of the Executive Board of Directors until the earlier of: (a) Sixty (60) days after conveyance of Eighty-Three and One-Third Percent (83 1/3%) of the units which may be created to unit owners other than the Declarant; or (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%) ofthe 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 ofthe 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. One (1) vote, per unit, may be cast for the election of members of the Executive Board. II. RESTRICTIVE COVENANTS. RESTRICTIONS AND CONDITIONS I. In consideration of the mutual benefits to be derived by the owners of units in North Point Condominiums and any purchaser or purchasers, their heirs, devisees, personal representatives, successors, assigns or grantees, the Declarant stipulates and agrees that all units of North Point Condominiums, that are sold, transferred or conveyed, shall be and are subject to the following restrictive covenants, restrictions and conditions except as provided herein. 2. The following definitions shall apply to this DECLARATION FOR NORTH POINT CONDOMINIUMS: (a) "Association" shall mean the homeowners' association to be formed by the Owner to be known as "Condominium Owners Association of North Point, Inc." and its successors and assigns. (b) "Owner" shall mean an owner of any unit in North Point Condominium or any portion or resubdivision thereof. (c) "Properties" shall mean and refer to each and every unit and or any portion or subsequent resubdivision of those units, together with all common elements thereof. 3