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. . 200809656 Not later than sixty (60) days after the conveyance of Thirty- Three and One-Third Pcrcent (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~Fjve 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 latcr than the termination of the period of the Declarant's control, the unit owners shall clcct 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 (I) 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 thc 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. 'rhe following definitions shall apply to this DECLARATION FOR NORTl-1 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. (d) "Lot" shall mean and refer to any platted lot of real estate on which North Point Condominium is situated and shall initially include only Lot One (I), KAAAR Subdivision to the City of Grand Island, Hall County, Nebraska together with any portion or subsequent resubdivision of that lot. "Lot" shall also mean and refer to any additional platted lot that may be added to increase the number of units or that make it part of a larger condominium in accordance with special declarant rights retained by the Declarant. 3. Each Owner of any unit in North Point Condominium agrees to this DECLARATION OF RESTRICTIVE COVENANTS, RESTRICTIONS AND CONDITIONS FOR NORTlI POINT CONDOMINIUMS by acceptance of any conveyance ofa unit in North Point Condominium, or any portion thereof, including subsequent units created by any amendment to this Declaration whether or not it is so expressed in any such conveyance. 3