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200900728 Ill. Not later than sixty (60) days after the conveyance of Twenty-Five Percent (25%) 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. iv. 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. v. One (1) vote, per unit, may be cast for the election of members of the Executive Board. 11. ADMINISTRATION AND MANAGEMENT. A. Dutv of Board. The administration and management of the Project shall be the responsibility of the Board whose actions shall be governed by the Condominium Documents. The Board shall dutifully manage the Project for the mutual benefit of all Owners. B. Management Contracts. The Board is authorized to enter into such contracts or other agreements necessary or desirable for the performance of its duties and obligations under the Condominium Documents. It is expressly contemplated that the Board will continue to contract for professional property management for the day-to-day administration and operations of the Association. The person or entity who holds the management contract, or such other person designated by the Board shall be the Managing Agent for the Association. C. Annual Budget. The Board shall adopt an annual budget for the Project and within thirty (30) days of its adoption provide a summary ofthe budget to all Unit Owners and establish a meeting date for its ratification as provided for in the Operating Agreement. The budget shall be deemed ratified unless rejected by two-thirds of all the votes in Association. In the event the budget is not ratified, the last annual budget shall be continued until the Unit Owners ratify a new budget proposed by the Board. 12. USE AND OCCUPANCY. Owner shall comply with all requirements imposed by the Subdivision Agreement appearing in that instrument recorded as Document No. 200510375 in he office of the Hall County Register of Deeds and applicable regulations imposed by the City of Grand Island, Hall County, Nebraska. -6-