Offering Plan has sponsor controlling board

typically, the sponsor controls the board until 50% of control is no long theirs, or until some number of years pass. This is not out of the ordinary, although in this day and age, you can expect the sponsor to control the board for a while and um well, do whatever it is sponsors do when they are in that position.

I saw that in another building here sponsor could control for like 5 years as long as they held even one unit (or something like that). My guess was they wanted to control litigation risk, but it was just my guess (why else hold cnotrol when they have sold most).

Sponsor controlling the board until 75-85% is quite normal as well. Building unions are also not allowed to form unions within the building until at least 75% or 85% (I forgot the exact number) of the units have been sold. I wonder if that is also a reason for sponsors wanting to hold control for a longer period. But, 4 years? Regardless if the building sold out? Is quite strange and such a headache for the sponsor I would imagine.