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200400023
<br />BY -LAWS OF
<br />THE VILLAGE CONDOMINIUM UNIT OWNERS ASSOCIATION, INC.
<br />ARTICLE I. BY -LAWS
<br />Section 1. Description.
<br />These are the By -Laws of The Village Condominium Unit Owners Association, Inc., a Nebraska
<br />Non - Profit Corporation, with its registered offices at 404 Woodland Drive, Grand Island, Nebraska
<br />68801. These are also the By -Laws of The Village Condominiums, a condominium.
<br />Section 2. Seal.
<br />The corporate seal shall bear the name of the corporation and the words "Grand Island,
<br />Nebraska, Corporate Seal."
<br />Section 3. Membership.
<br />The corporation has been organized to provide a means of management for all units of The
<br />Village Condominiums and the improvements located on Outlots A, B, and C, located in The Village
<br />Third Subdivision in Grand Island, Hall County, Nebraska. Membership in the Association is
<br />automatically granted and restricted to record owners of units in said condominium. The votes on
<br />behalf of a unit shall be in person by the record holder thereof, or by proxy executed, by the person
<br />named in a certificate signed by all of the owners of the unit and filed with the Secretary of the
<br />Association. Title to units may be taken in the name of an individual or in the names of two or more
<br />persons, as tenants in common or as tenants by the entirety, or in the name of a corporation,
<br />partnership, limited liability company, association, trust or other legal entity, or any combination
<br />thereof, or in the name of a fiduciary.
<br />Section 4. Involved Property.
<br />The property described in Article II of the Master Deed and Declaration is located in Grand
<br />Island, Hall County, Nebraska, has been submitted to the provisions of Nebraska Revised Statute
<br />Sections 76 -825 to 76 -894 (Reissue 1996) known as the "Nebraska Condominium Act" by the
<br />Master Deed and Declaration recorded simultaneously herewith in the Office of the Register of
<br />Deeds of Hall County, Nebraska, and any and all future units and additional land, hereinafter
<br />created by Amendment to this Master Deed and Declaration from within The Village Third
<br />Subdivision, City of Grand Island, Hall County, Nebraska, shall hereinafter be referred to as the
<br />"Condominium ".
<br />Section 5. Application.
<br />All present and future owners, mortgagees, lessees and occupants of condominium units and
<br />their employees, and any other persons who may use the facilities of the condominium in any
<br />manner are subject to these By -Laws, the Master Deed and Declaration, and the Rules and
<br />Regulations.
<br />The acceptance of a deed or conveyance or the entering into of a lease or the act of occupancy
<br />of a condominium unit shall constitute an agreement that these By -Laws, the Rules and
<br />Regulations, and the provisions of the Master Deed and Declaration, as they may be promulgated
<br />or amended from time to time, are accepted, ratified, and will be complied with.
<br />ARTICLE II. UNIT OWNERS
<br />Section 1. Annual Association Meetings.
<br />On April 30, 2004, the first annual meeting of the Association shall be held. Annual meetings
<br />shall be held on the 30th day of April of each succeeding year, unless such date shall occur on a
<br />EXHIBIT "B"
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