Section 1. Management by Declarant. Developmental Period shall mean that period of time from the date of recording of the Declarant until (1) January 1, 1998, or (2) the thirtieth (30) day after Declarant has transferred title to the purchasers of Lots representing 100 percent (100%) of the voting power of all Lot Owners as then constituted so that Declarant is no longer entitles to vote either as a Class A or Class B Member of the Association pursuant to Article III, Section 6 above, or (3) the date on which the Declarant elect to permanently relinquish all Declarant's authority under this Article XVI and Article III of the Declaration by written notice of all Owners, whichever date occurs first. Until termination of the Development Period, either upon the sale of the required number of Lots, the arrival of January 1, 1998, or 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 will terminate and shall further notify the Owners of the date, place and time when a meeting of the Association will be held. The notice shall specify that the purpose of the Association meeting is to be held. The notice shall specify that the purpose of the Association meeting is to elect new Officers and Directors to the Association. Notwithstanding any provisions of these Bylaws 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 said quorum. If a quorum shall not be present, the Development Period shall nerveless terminate on that date specified in said notice and it shall thereafter be the responsibility of the Lot Owners to provide 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 (3) persons who may be 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 Bylaws 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 the Declarations, the Articles and Bylaws. Provided that after selecting a Temporary Board, the Declarant, in exercise of Declarant's sole discretion, may at any time terminate the Temporary Board and Temporary Board under this section of Article XVI. When the Declarant has appointed a Temporary Board, the Temporary Board, during the Developmental Period, shall have and may fully exercise, and power, or authority granted to the Permanent Board after the Developmental 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 managing agent selected by Declarant shall have 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 Declarations and these Bylaws, including but not limited to, enacting reasonable liability insurance, collecting and expending all assessments and Association funds and enforcing these Declarations (including foreclosing any liens provided for by these Declaration). Any such managing agent or the Declarant shall have the exclusive right to contract for all goods and services, payment for which is top be made from any monies collected from assessments. In the event that Association expenses exceed assessments, any monies provided by Declarant for Association expenses that would otherwise be paid out of Association assessments from the Association together with interest at 12 percent (12%) per annum.

1. Notwithstanding anything in these Bylaws to the contrary, Articles III, IV, V, VI, VII and VIII shall not create any obligations on Declarant during any period within the Development Period in which the Declarant (1) had not appointed a Temporary Board, and (2) Declarant is managing the Property pursuant to the Provisions of the Declaration and this Article XVI. Declarant, if Declarant wishes, may follow any provisions of Article III, IV, V VI, VIII of these Bylaws.
   
   
2. Declarant shall have the management authority granted by this Article XVI notwithstanding anything in these Bylaws to the contrary. Declarant has caused the Temporary Board to be appointed in the Articles of Incorporation of the Association. Declarant may determine the Temporary Board and reassume the Declarant's management authority under this Article XVI, reappoint and terminate successor Temporary Boards, or take any other action permitted by this Article XVI and the Declaration to manage the Property and organize the Association at the Declarant's sole discretion.
   
   
3. This Article XVI shall case to be election of the first Board of Directors to be elected under Section 2 of this Article XVI.