Agenda - Council - 05/27/1997 - Laserfiche WebLink

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I '1 I I '1 I I I I I I I I I I I I i I 15 period of declarant control terminated upon surrender of control by the declarant or no later than 60 days after conveyance of 75 percent of the lots to Lot owners other than the Declarants. Not later than 60 days after conveyance of 50 percent of the Lots to Lot owners other than the Declarants not less than 33 1/3 percent of all the members of the Committee shall be elected by Lot owners other than the Declarants. Not later than the termination of the period of declarant control and thereafter the Lot owners shall elect a Committee of at least three members, at least a majority of whom shall be Lot owners or the individual nominees of Lot owners other than individuals. The Committee shall elect the officers. The persons elected shall take office upon election. 4. In determining whether the period of declarant control has terminated, or whether Lot owners other than the .Declarants are entitled to elect members of the "Committee, the percentage of the Lots which has been conveyed is presumed to be that percentage which would have been conveyed if all the Lots which the Declarants have built or reserved the right to build in the Declaration were included in the property. IN WITNESS ~HEREOF~ the Declarants have caused this Declaration to be executed the day and year first above written. K.C.' LAND CO., a Minnesota corporation By: Its STATE OF MINNESOTA ) ) SS. COUNTY OF ANOKA ) The foregoing instrument was acknowledged before me on the _ day of , 1997, by , the of K.C. Land Co., a corporation under the laws of the State of Minnesota, on behalf of the corporation. Notary Public