Section 1. Management by Declarant. Development Period shall mean that period of time from the date of recording of the Declaration until (l) the date seven (7) years from the date of recording of the Declaration, or (2) the thirtieth (30) day after Declarant has transferred title to the purchasers of Lots representing 100 percent (100%) of the total voting power of all Lot Owners as then constituted so that Declarant is no longer entitled to vote either as a Class A or Class B Member of the Association pursuant to Article Ill, Section 6 above, or (3) the date on which Declarant elects to permanently relinquish all of Declarant's authority under this Article XVI and Article III of the Declaration by written notice of all Owners, whichever date first occurs. Until termination of the Development Period, either upon the sale of the required number of Lots, the expiration of five (5) years, or at the election of the Declarant, the Property shall be managed, and the Association organized at the sole discretion of the Declarant.

 

Section 2. Notice to Owners. Not less than ten (10) nor more than thirty (30) days prior to the termination of the Development Period, the Declarant shall give written notice of the termination of the Development Period to the Owner of each Lot. Said notice shall specify the date when the Development Period Association will be held. The notice shall specify that the purpose of the Association meeting is to elect new Officers and Directors of the Association. Notwithstanding any provisions of these By-laws to the contrary, for the purpose of this meeting, the presence, either in person or by proxy, of the Owners of five (5) Lots shall constitute a quorum. The Board of Directors and Officers of the Association may be elected by a majority vote in said quorum. If a quorum shall not be present, the Development Period shall nevertheless terminate on that date specified in said notice and it shall thereafter be the responsibility of the Lot Owners to provide for the operation of the Association.

 

Section 3. Declarant may in Declarant's sole discretion, and at such times as the Declarant deems appropriate (including in the Articles of incorporation of the Association if Declarant is the incorporator), appoint three (3) persons, who may be Lot Owners, or are representatives of corporate entities or other entities which are Lot Owners, as a Temporary Board. This Temporary Board shall be for all purposes the Board of Directors of the Association and shall have full authority (including the authority to adopt or amend the initial or subsequent By-laws of the Association) and all rights, responsibilities, privileges and duties to manage the Properties under this declaration and shall be subject to all provisions of this Declaration, the Articles and the By-laws. Provided that after selecting a Temporary Board, the Declarant, in the exercise of Declarant's sole discretion, may at any time terminate the Temporary Board and reassume Declarant's management authority under Article III or select a new Temporary Board under this section of Article XVI. When the Declarant has appointed a Temporary Board, the Temporary Board, during the Development Period, shall have and may fully exercise, any power or authority, granted to the Permanent Board after the Development Period.

 

Section 4. So long as no Temporary Board is managing the Properties, or until such time as the first permanent Board is elected, should Declarant choose not to appoint a Temporary Board, Declarant or a managing agent selected by the Declarant shall have the power and authority to exercise all the rights, duties and functions of the Board and generally exercise all powers necessary to carry out the provisions of  the Declaration and these By-laws, including, but not limited to, enacting reasonable administrative rules; contracting for required services, obtaining property and liability insurance, collecting and expending all assessment and Association funds, and enforcing these By-Laws and the Declaration (including foreclosing any liens provided for by these By-Laws and the Declaration). Any such managing agent or the Declarant shall have the exclusive right to contract for all goods and services, payment for which is to be made from any monies collected from assessments. If Association expenses exceed assessments, any monies provided by Declarant for Association expenses that would otherwise be paid for out of Association assessments shall be considered a loan to be repaid to Declarant through regular or special assessments from the Association, together with interest at 12 percent (12%) per annum.

 

Section 6. The requirements and covenants contained in the Declaration and contained, in part, in this Article XVI are made to ensure that the Properties will be adequately administered.

 

IN WITNESS WHEREOF, we being all the Directors of Foxwood Homeowners’ Association, have hereunto set our hands this 

4th day of June 1997. Signatures of Directors William E. Ruth and Ralph Giaccio on file with the Association.

 

As amended on this 7th day of November 2018. Signatures of Directors Susanne Towill, Kevin Proett, Jeffrey Anderson, Cheryl Owens, and Jon Owens on file with the Association.

 

As amended on this 18th day of April 2019.