Can the developer retain seats on the board after the transition?
After the developer transition, the developer is allowed to maintain seats on the board. There’s two different circumstances where that occurs. First, where they have at least 5% of the units still for sale, they’re allowed one person on the board as a matter of right. After they get below 5%, they can have a person on the board if they own enough units and/or the homeowners vote to put them on the board. Otherwise, they can’t.