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202501042 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. IF TWO LOTS ARE COMBINED INTO A SINGLE LOT. THE TAX VALUATION FOR THE SINGLE LOT SHALL EQUAL OR EXCEED THE TOTAL VALUATION TARGET OF BOTH LOTS ($600,000.00 FOR A SINGLE LAKE LOT FOR A TOTAL OF $1,200,000.00 FOR TWO COMBINED LAKE LOTS AND $350,000.00 FOR A SINGLE NONLAKE LOT FOR A TOTAL OF $700,000.00 FOR TWO COMBINED NONLAKE LOTS. 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 Developer's 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, NOTWITHSTANDING THE FOREGOING, DEVELOPER SHALL BE ENTITLED TO TEN (10) VOTES FOR EACH OWNED LOT. 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. Developer/Board of Directors/Annual Assessment. A Board of Directors has been established. Upon termination of Developer's control period, the Board of Directors shall control, by majority vote, the management and operation of the Association. The Developer and subsequently the Board upon termination of Developer's control period, in its sole and absolute discretion, may fix the amount of the Annual Assessment as follows: a. Both annual and special Assessments must be fixed uniformly for all Lot Owners, except if two lots are combined to form one larger lot, the Assessment for this newly formed lot shall be double the assessed amount for a single lot. This newly formed larger lot shall have one (1) Class A voting membership. b. In addition to the Annual Assessment authorized above, the Association may levy special assessments for the purpose of defraying, in whole or in part, the costs of any construction, repair, replacement and normal maintenance of capital improvements upon the Common Areas, including fixtures and personal property related thereto. 8