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202500653 MINIMUM VALUATION AS SET FORTH IN ANY EXISTING OR FUTURE REDEVELOPMENT CONTRACT FOR ANY OUTSTANDING TAX INCREMENT FINANCING PROJECT, NOR CLAIM, OR IN ANY MANNER UTILIZE, ANY EXEMPTION UNDER NEBRASKA OR FEDERAL LAW TO EXCLUDE ANY LOT FROM THE OBLIGATION TO PAY ANY AD VALOREM TAXES OR REDUCE TAXES LEVIED UPON A LOT FOR SO LONG AS ANY PORTION OF SUCH AD VALOREM TAXES ATTRIBUTABLE TO THAT LOT ARE ALLOCATED INTO A SPECIAL FUND OF THE COMMUNITY REDEVELOPMENT AUTHORITY FOR THE PAYMENT OF PRINCIPAL, INTEREST, AND OTHER ELIGIBLE COSTS RELATED TO THE PROPERTY FOR ANY TAX INCREMENT FINANCING PROJECT; AND EACH OWNER SHALL BE DEEMED TO HAVE IRREVOCABLY WAIVED ANY SUCH EXEMPTION. ARTICLE III ORGANIZATION OF ASSOCIATION 1. Formation of Association. The Association is a non-profit Nebraska corporation charged with the duties and vested with the powers prescribed by law and set forth in the Articles, Bylaws and this Declaration. Neither the Articles nor Bylaws shall, for any reason, be amended or otherwise changed or interpreted so as to be inconsistent with this Declaration. Upon termination of Developers' control period, it shall be the responsibility of the Association to enforce all of the covenants, restrictions and conditions contained in this Agreement. 2. Voting Membership. The Owner of each Lot shall be issued one (1) share of Class A Voting Membership in the Association and shall be entitled to one (1) vote for each share so issued provided that with regard to Lot Twenty Eight (28), Legacy 34 Third Subdivision, there shall initially be issued three (3) shares of Class A Voting Membership in the Association with one (1) share being allocated to each of the owners of the condominium units on said Lot and NOTWITHSTANDING THE FOREGOING, DEVELOPERS SHALL BE ENTITLED TO TEN (10) VOTES FOR EACH SHARE OF CLASS A MEMBERSHIP OWNED BY DEVELOPERS. For each additional condominium unit created on Lot Twenty Eight (28), Legacy 34 Third Subdivision, there shall be one Class A Voting Membership issued per unit. No shares shall be issued for any Outlots. 3. Transfer of Class A Voting Membership. The share of Class A membership shall run with the land and automatically be transferred to any new owner upon the sale or other transfer of any Lot. 4. Developers/Board of Directors/Annual Assessment. A Board of Directors has been established. Upon termination of Developers' control period, the Board of Directors shall control, by majority vote, the management and operation of the Association. The owners of the condominium units (by majority vote) for the condominium constructed on Lot Twenty Eight (28), Legacy 34 Third Subdivision shall have the right at all times to appoint at least one member to the Board of Directors. The Developers and subsequently the Board upon termination of Developers' control period, in its sole and absolute discretion, may fix the amount of the Annual Assessment as follows: 6