When the corporation [grantor] shall have disposed of all its lots in the subdivision, or after the expiration of _________ years from the date of this agreement, the corporation [grantor] may, at its option, convey, release and quitclaim, to _________[e.g., three] trustees, who shall be lot owners, to be elected by all of the then lot owners, each owner to have one vote in such election, all its right, title and interest in and to the parkways, walkways, roads, water system, and improvements, and all or any rights it may have in the subdivision, excepting as a lot owner, if it then has lots. The corporation [grantor] shall give _________ days' notice in writing to all of the then lot owners notifying them of its exercise of its option to convey to the trustees, and notifying them of the election. If for any reason trustees are not elected by the lot owners, the _________ Court may appoint the trustees from among the lot owners on application of the corporation [grantor]. Such trustees, elected or appointed, shall serve for _________ years, when another election shall be held. They may be reelected. Conveyance to such trustees for the benefit of all the lot owners of the subdivision shall deprive the corporation [grantor] of all rights under this agreement and shall release the corporation [grantor] of all its duties, obligations and responsibilities under this agreement. But it shall not affect the restrictive covenants here entered into and running with the land, nor the enforcement of them.