Section 14.01. Consideration by Board of Directors. In the event that (1) the Improvements to be located on the Common Areas are not complete prior to the issuance of a Final Subdivision Public Report by the California Department of Real Estate (“DRE”) for the sale of Condominiums in the Project, and (2) the Association is obligee under a bond or other arrangement (“Bond”) required by the DRE to secure performance of the commitment of Grantor to complete the Improvements, the Board of Directors of the Association (“Board”) shall consider and vote on the question of action by the Association to enforce the obligations under the Bond, with respect to any such improvement for which a Notice of Completion has not been filed within sixty (60) days after the completion date specified for that improvement in the Planned Construction Statement appended to the Bond. If the Association has given an extension in writing for the completion of any Improvement on the Common Areas, the Board shall be directed to consider and vote on the aforesaid question (if a Notice of Completion has not been filed), within thirty (30) days after the expiration of he extension.

Section 14.02. Consideration by the Members. A special meeting of Members, for the purpose of voting to override a decision by the Board not to initiate action to enforce the obligations under the Bond or on the failure of the Board to consider and vote on the question, shall be held no fewer than fifteen (15) days nor more than thirty (30) days after receipt by the signed Board of a petition for such a meeting signed by Members representing ten percent (10%) of the total voting power of the Association residing in Members other than Grantor. A vote to take action to enforce the obligations under the Bond by Members representing a majority of the total voting power of the Association residing in Members other than Grantor shall be deemed to be the decision of the Association, and the Board shall thereafter implement this decision by initiating and pursuing appropriate action in the name of the Association.