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EXHIBIT "B" <br />200009311 <br />OAKWOOD SUBDIVISION CONDOMINIUM PROPERTY REGIME II <br />HOMEOWNERS ASSOCIATION BYLAWS <br />SECTION I. <br />MEMBERS <br />A. Membership Classes. Members shall be divided into <br />membership classes of Declarant Members and Resident Members. <br />B. Declarant Members shall be as follows: <br />1. The Meadows Apartment Homes, L.L.C., A Nebraska <br />Limited Liability Company is the Declarant Member. The Declarant <br />Member shall have two (2) votes for each lot of which it is the <br />owner, subject, however, to the provisions of Paragraph D of this <br />Section I. <br />2. Each Declarant Member shall retain membership <br />throughout the duration of the equitable interest of such member as <br />owner or contract purchaser of a residential lot or townhouse lot <br />or dwelling unit within the limits of any real property included in <br />membership and shall be terminated by gift, sale or other voluntary <br />or involuntary transfer or by other means of such equitable <br />interest. <br />C. Resident Members shall be as follows: <br />1. Each individual contract purchaser or owner of a <br />residential lot or a townhouse lot or dwelling unit within the <br />limits of any real property included in membership, and each <br />corporate or other non - individual contract purchaser or owner of <br />any such lot or unit shall be a Resident Member and have one such <br />membership for each such lot or unit; provided, however, that when <br />more than one person holds such an interest in any lot, there shall <br />be only one vote to be exercised in common as the said owners shall <br />among themselves determine, and in no event shall more than one <br />vote be cast with respect to said lot. <br />2. Each membership of each Resident Member shall continue <br />throughout the duration of the ownership of the equitable interest <br />of such member as owner or contract purchaser of a residential lot <br />or a townhouse lot or dwelling unit within the limits of any real <br />property included in membership and shall be terminated forthwith <br />upon the termination by death, by gift, by sale or other voluntary <br />or involuntary transfer of such equitable interest. <br />D. Equalization of Voting. At such time as the Board of <br />Directors shall be informed that the total number of votes held and <br />exercisable by the Resident Members equals or exceeds the number of <br />