Declarant’s Right to Name Directors Sample Clauses

Declarant’s Right to Name Directors. For so long as Declarant is the owner of 75% or more of the land which at any time comprises Innsbrook (including added land as contemplated by these Protective Covenants), Declarant shall be entitled to designate all five directors; so long as Declarant owns 50% of such land but less than 75%, it shall designated four of the five directors; so long as Declarant owns 25% of such land but less than 50%, it shall be entitled to designated three of the directors; and so long as Declarant owns 5% of such land, but less than 25%, it shall be entitled to designate two of the five directors. The number of directors will not be changed so long as Declarant is entitled to designate any directors. So long as Declarant owns more than 5% of the land at any time comprising Innsbrook, any number of directors which Declarant is not entitled to name as provided in this paragraph shall be elected as provided in Section 8.08 next following, except that land owned by Declarant will not be considered. At any time when Declarant owns less than 5% of the land then comprising Innsbrook, all directors shall be elected as provided in Section 8.08 next following.
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Related to Declarant’s Right to Name Directors

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