Laserfiche WebLink
18. Holding and Expenditures of Collected Funds. All funds collected by the Board of <br /> Directors of the Association shall be held and expended for the purposes designated in <br /> the CIC Documents and shail be deemed to be held for the benefit, use and account of all ' <br /> owners in the percentages set forth in Exhibit "A" attached hereto (except for any <br /> adjustments as the Board may require to reflect any delinquent, prepaid or special <br /> assessments)and shall be administered in accordance with the provisions of this <br /> Declaration. <br /> 19. One Ctass of Membership. The Association shall have one class of inembership. <br /> 20. Nonexistence of Master Association.The Association and the Condominium are not <br /> subject to a"Master Association" as the term is defined the Act. <br /> 21. Special Declarant Rights. <br /> a. Period of Declarant Control.The direction and administration of the <br /> Condominium and the Association shall be vested the Board of Directors of the <br /> Association. The first Board shall consist of 3 directors appointed by Declarant. <br /> Declarant shall control the Board for a period of time i) not exceeding the <br /> _ expiration of 3 years after the first conveyance of a Residential Unit to a unit <br /> owner other than Declarant, or an affiliate of Declarant, ii) its voluntary sunender <br /> of control, or iii)no later than 60 days after conveyance of 75% of the Residential <br /> Units in the Condominium to unit owners other than Declarant, or an affiliate of <br /> Declarant, whichever occurs earliest. Thereafter,the owners(i.e.,members of the <br /> Association) shall elect the members of the second and all successive Boards of <br /> Directors which shall be 3 directors in size unless the membership of the <br /> Association decides at a duly called meeting of the members to increase or reduce <br /> the size. Persons elected shall take office upon election. <br /> Notwithstanding anything hereinabove to the contrary, during the period of <br /> Declarant control, Declarant shall have the right to appoint or remove the 3 <br /> members comprising the first Board of Directors of the Association, and to <br /> designate their successors as may be required from time to time, or the exercise <br /> the powers of the Board as provided in the Act. <br /> b. Non-Interference with Declarant's Rights. No unit owner or Occupant may <br /> interfere with Declarant's right under this subsection by amendment of this <br /> Declaration, or the Articles and Bylaws of the Association or otherwise. In <br /> particular, so long as Declarant owns at least one Residential Unit in the <br /> Condominium, which Residential Unit is held for sale,the Association shall take <br /> no action which adversely affects Declarant's ability to sell the Residential Unit <br /> without the prior written consent of Declarant. <br /> 22. Completion of Improvements Indicated on CIC Plat and/or in this Declaration. <br /> Declazant shall have the right to complete improvements indicated on the CIC Plat, <br /> � <br />