4. How Long May the Declarant/Developer Maintain Control Over the Condominium Association?

ANSWER: The period of Declarant control terminates the earlier of

a. Sixty days after conveyance of 75% of the units which may be created to unit owners other than the Declarant,

b. Two years after the last conveyance or transfer of record of a unit, except as security for a debt;

c. Two years after any development right to add new units has been exercised, or

d. The date on which the Declarant records an amendment to the declaration pursuant to which the Declarant voluntarily surrenders the right to further appoint officers or members of the Board. In addition, not later than 60 days after the conveyance of 25% of the units which may be created at least one member and not less than 25% of the members of the Board must be elected by unit owners other than the Declarant, and not later than 60 days after the conveyance of 50% of such units not less than 1/3 of the members of the Board must be elected by unit owners other than the Declarant.