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200010301 4.5 Waiver of Notice of Directors' Meetings. Any director may waive notice of a meeting before or after the meeting and such wavier shall be deemed equivalent to the giving of notice. Attendance by a director at any meeting of the Board shall constitute a waiver of notice by him /her of the time and place thereof unless attendance is for the express purpose of objecting - to the transaction of business because the meeting was not lawfully called or convened. If all the directors are present at any meeting of the Board, no notice shall be required and any business may be transacted at such meeting. ARTICLE V Powers and Duties of the Board of Directors 5.1 Powers and Duties of the Board of Directors. All of the powers and duties of the Association existing under the Nebraska Uniform Condominium Act and the Condominium Documents shall be exercised exclusively by the Board, its agents, contractors or employees, subject only to approval by Members who are entitled to vote when such is specifically required. 5.2 Assessments. The Board shall make and collect assessments against Owners to defray the costs and expenses of the Condominium. The Board may allocate or apportion to particular Units such costs and expenses as may be appropriate; and to make special assessments consistent with such allocation or apportionment. 5.3 Disbursements. The Board shall use the proceeds of assessments in the exercise of its powers and duties. 5.4 Maintenance. The Board shall maintain, repair, replace and operate the Common Elements as stated in the Nebraska Uniform Condominium Act and the Condominium Documents. 5.5 Insurance. The Board shall purchase insurance as set forth in Article IX herein. ARTICLE VI Off i r 6.1 Executive Officers. The executive officers of the Association shall be a President and a Secretary /Treasurer, both of whom shall be elected annually by the Board. 6.2 Election of Officers. The officers of the Association shall be elected annually by the Board at the annual meeting of the Board and shall hold office at the pleasure of the Board. -5-