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the Unit so subdivided or converted will be reallocated to the resulting new Units in proportion to <br /> relative land area, and the voting power of the entire Association sha11 be reallocated based on tlie <br /> relative rexitable floor area of each building. <br /> 16.07 No Time Sha.res. Time shares, as defined in the Act, are not permitted in this CTC. <br /> 16.Q8 Rules and Reg�.ilations. The Board shall have the exclusive authoriiy to adopt from <br /> time to time such other rules anc� regulations governing the adi�ninistration of the affairs of the <br /> Assoeiation, the use, maintenance and enjoyment of the Rea1 Estate, and the conduct of persons <br /> using the Real Estate, as the Board in its reasonable discretion deems desirable or necessary to <br /> implement the intent of this Declaration. New or amended rules and regi�lations shatl be effective <br /> only after reasonable notice thereof has Ueen given to the owners. <br /> 17.00 FIRST MORTGAGEE� <br /> 17.01 A r�eements with Mortga�`e Holders. The Board may enter into binding agreements <br /> with holders and guarantors of mortgages secured by interests in a Unit,obligating the Association to <br /> give specified notice or other rights to such holders and guarantors. <br /> 18.00 SPECIAL DECLARANT RIGHTS <br /> 18.01 Special Declarant Rights. Declarant hereby reserves the fallowing rights (referred to in <br /> FvICIOA as Special Declarant Rights) for its bene�t: <br /> A. the right to create Units by this Declaratioli; <br /> B. the right to construct and complete irnprovements; <br /> C. the right to maintain sales offic�,management o�ce, signs advertising the CIC, <br /> and models, provided that no more than one combined sales and management <br /> office will be maintained at any one time; <br /> D. the right to use easements through the Common Elernents far the purpose of <br /> making improvements within tile CIC; and <br /> E. the right to appoint or remove any o�cer or director of the Association during the <br /> period of declarant control,which shall expire on ihe earliest of the follawing <br /> evei�ts: <br /> 1. surrender of the righ#of control by the Declara�it; <br /> 2. 60 days afier the conveyance of 75%of the Units to Owners otlier than <br /> Decl�u•ant; and <br /> 13 <br />