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a. Purchase any tJn~t except that the Board of D~rectors may accept any Unit surrendered ~o it for unpaid assessments and may purchase a Unit ftt any sale held pursuant to foreclosure for unpa~d assessments prov1ded that the Board of Oirectors shall not, unless authorIzed by the members, hid, at any such foreclosure sale, any amvunt in excess of the total of the delinquent assessment on account of WhlCh the foreclosure sale is being held, any interest thereon and other costs related thereto which are. pursuant to the Declaration, the ~ct and here'under, collectible form the Owner of Buch Unit. b. Make or commit the Association to make any capital improvement or ~cquisitlon, the cost of WhlCh exceeds or may be reasonably antIclpated to exceed 510,000. other than the repair or replacement of an eXIst~ng portion of the Property., Section 7. ReSIgnatIon. A Dlrector of the ~ssOcIatIon may reslgn at any time by giving written notlce to the Board of Directors, such reSIgnatIon to take effect at the time of receIpt of such notice or ~t any later date or time speclfIed thereIn. Unless otherwIse specif~ed thereIn, acceptance of a resignation shall not be necessary to make it effectIve. Section 8. Vacancy. A vacancy in the Board of D~rectQr8 caused by-r~fgnatIon, death, disquallflcation, removal or any inabillty to act shall be fIlled by the Board of Directors and such act~on shall be valid notwithstandlng the fact that the number of DLrectors then in offlce is less than the number specif~ed hereln. Sectlon 9. Removal. Any DIrector or all DIrectors. except the me-:bers of the first Board of Dlrectors, may be removed a t any time \W1 th or without cause by a !"Ia Jor 1 ty vote of a quanlm of the Owners at an; annual or speclal meeting of the Associatlon. A Director shall automatIcally removed wlthout a meeting or other action of the Owners on the date of closing of any sale or transfer of hIS UnIt or on the date of transfer of possession thereof in connectIon with any such sale or transfer~ whlchever occurs ea~l1.er. SectIon 10. Regul~r Meetlng. The regular annual meetIng of the Board of Directors shall be held without notlce at the place, and l~edIately followlng the adJournment, of the annual meet~ng of the members of the AssOciatlon. to transact such busines~ as may properly come before the Board. Section 11. Special MeetInq~ of the Board of Directors. Speclal meetIngs of the Board of Directors shall be held upon -9- I I }