SUB-DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS OF SUN VALLEY P.U.D I SUN VALLEY I-A SUN VALLEY II

ARTICLE V

MANAGEMENT AGREEMENTS

The board of directors of the Sub-Association shall have, upon the transfer of control of the Sub-Association from the Developer, the power to terminate any management agreement entered into by the Sub-Association prior to the transfer of control upon 90 days written notice to such management firm. The provisions of this Section shall be deemed an implied term in any management agreement of the Sub-Association made prior to such transfer of control.