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Seven Oaks Subdivision Indentures (Section I: Appointment, Term, and Election of Trustees) |
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I. APPOINTMENT, TERM AND
ELECTION
The initial Trustees shall be Gregory B. Vatterott, Thomas J.
Berry, and Joseph R. Wolf designated herein as Trustees, who by their
signatures to this instrument, consent to serve in such capacity.
Whenever any of said Trustees resigns, refuses to act, becomes
disabled or dies, Owner or its successors or assigns, shall appoint a
successor or successors until such time that 50% of the lots and parcels
in all the plats of Seven Oaks are sold and closed.
At that time the term of Joseph R. Wolf or his successor, shall
terminate. At that time a
successor Trustee shall be chosen at a meeting of the then record owners
in fee simple title to lots and parcels in all plats of Seven Oaks called
by notice of meeting signed by at least three (3) property owners, sent by
first class mail to, or personally served upon all of such record owners
at least ten (10) days before the date fixed for the meeting.
The notice shall specify the time and place of meeting.
The owner of a lot improved with a single family residence, shall
have one (1) vote. A majority
of all votes in all plats of Seven Oaks shall have the power to elect new
trustees. Until such time as
95% of the lots and parcels in all the plats of Seven Oaks are sold and
closed should Gregory B. Vatterott, or Thomas J. Berry resign, refuse to
act, become disabled or die, then Owner or its successors or assigns shall
appoint successor Trustees for said Trustees.
At such time as 95% of the lots and parcels in al the plats of
Seven Oaks are sold and closed the term of Thomas J. Berry or his
successor shall terminate. His successor shall be selected at a meeting called and held
in the manner hereinbefore set out. Until
such time as all the lots and parcels in all the plats of Seven Oaks are
sold and closed should Gregory B. Vatterott resign, refuse to act, become
disabled or die, then Owner, or its successors and assigns shall appoint a
successor Trustee. At such
time as all the lots and parcels in all the plats of Seven Oaks are sold
and closed the term of Gregory B. Vatterott or his successor, shall
terminate. His successor
shall be selected at a meeting called and held in the manner hereinbefore
set out. The Trustees selected by a vote of the lot owners as
hereinbefore provided shall serve three (3) year terms and their
successors shall be selected at a meeting called and held in the manner
hereinbefore set out. When
the term of all the original Trustees, or their successors designated by
Owner, has terminated, the lot owners in a meeting called and held in the
manner hereinbefore set out, may by a majority vote of those lot owners
attending the meeting provide for a system of electing successor Trustees
on a staggered term basis. |