Is there hopefully some limits on what the Initial Board is allowed to do? This sounds like a really bad agreement for you and the other buyers. If I read this a buyer I'd be scared. Is this a normal agreement for new developments? I'm in an already established building so I'm not sure. In our setup, a simple 51% majority can spend money that's already in the condo account, but it takes 75% to make an assessment (raise the monthly rates or do a one time charge to all units)