ts and with the consent of all the Mortgagees. In particular, if Declarant exercises its development right to subdivide Units and create additional Units and Limited Common Elements, Declarant shall have the right to adjust the Common Elements Interest for each Unit in accordance with the following formul

ecurities" under applicable federal securities laws and that the Securities Act and the rules of the SEC provide in substance that I may dispose of Units and Constituent Securities (and, as applicable, any Underlying Shares) only pursuant to an effective registration statement under the Securities Act or