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COVENANTS -US 31 INDUSTRIAL PARK <br />6.4 Voting Rights. Each Owner, including the Declarant shall be <br />entitled to one (1) vote per acre of land in the Owner's Lot. <br />However, each Owner will be entitled to only one (1) vote per Lot <br />under the following circumstances: <br />a. when voting to appoint any Board member; <br />b. when voting to amend these Covenants, the <br />Guidelines or the Bylaws of the Association; <br />C. under special elections as determined by the Board. <br />The Declarant may waive its right to vote on any issue or question <br />called before the Association. <br />6.5 Management. The Association shall be managed by its Board of <br />Directors in accordance with the Articles and Bylaws of the <br />Association. The Board shall consist of three (3) directors whom ar <br />appointed by the Declarant and shall serve on initial terms of one, <br />two and three years, respectively. Succeeding directors shall each <br />serve a term of three (3) years. The Declarant shall retain the right <br />to appoint: <br />a. three (3) directors so long as the Declarant owns not <br />less than twenty -five percent (25 %) of the total land <br />area of US 31 Industrial Park; (exclusive of areas <br />dedicated to public authority and landscaped areas); <br />and <br />b. two (2) directors so long as the Declarant owns not <br />less than fifteen percent (15 %) of the total land area <br />of US 31 Industrial Park; (exclusive of areas <br />dedicated to public authority and landscaped areas); <br />and <br />C. one (1) director until such time the Declarant <br />relinquishes its right to appoint a director of the <br />Association. <br />Any director not appointed by the Declarant shall be elected by the <br />Owners at times and in a manner pursuant to the Bylaws of the <br />W <br />