200807751 - Laserfiche WebLink

Browse

200807751 ARTICLE VI. SPECIAL DECLARANT RIGHTS AND DEVELOPMENT RIGHTS Declarant shall reserve and have the following development rights: (a) Declarant shall control the Association and may appoint and remove the officers and members of the Executive Board of Directors until the earlier of: (1) Sixty (60) days after conveyance of ninety percent (90%) of the units which may be created to unit owners other than the Declarant; or (2) 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 conveyance of twenty five percent (25%) of the units which may be created to unit owners other than the Declarant, at least one (1) member 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 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 the majority of whom must be unit owners. The Executive Board shall elect the officers. The Executive Board members and officers shall take office upon election. (b) Declarant reserves, without assent of owners of units, the right to establish easements, reservations, exceptions and exclusions consistent with the condominium ownership and for the best interests of all the owners in the condominium, and to supplement or amend this Master Deed and Declaration, or as amended, or the attached By-Laws or as amended, until Declarant releases control of the Association as set forth in (a) of this Article. (c) Declarant further reserves the right to add to the condominium additional real estate of one or more lots, being Lot Nineteen (19), and Lot Twenty-four (24), Westwood Park Seventh Subdivision to the City of Grand Island, Hall County, Nebraska, and reserves the right to add up to six (6) more units to the condominium. In the event that Declarant exercises this right, the reallocation of common elements and expenses shall be accomplished by using the formula set forth in Article VII herein. (d) Declarant reserves the right to use any units owned by them as models. Until completion of sales by Declarant of all anticipated units in the condominium, the reservation of rights in this paragraph shall be applicable to any real estate or units added to the condominium. (e) The initial land submitted to the condominium was owned by Kenneth Shuda, then a single person. The land previously submitted to the condominium is owned by Rudolf F. Plate and Jeannice R. Plate, husband and wife, Tim C. Plate, a single person and Larson Construction Inc., a Nebraska corporation. Those acting in concert, as a part of a common promotional plan, include Rudolf F. Plate and Jeannice R. Plate, husband and wife; and Tim C. Plate, a single person, and Kenneth Shuda, a single person, and any successors 3