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200503812 ARTICLE M. Organization of Association. 1. Formation--of Association. The Hoffman Homeowners Association shall be a non -profit Nebraska Corporation charged with the duties and invested with the powers prescribed by law and set forth in the Articles, Bylaws, and this Declaration. Neither the Articles, nor the Bylaws shall, for any reason, be amended or otherwise changed or interpreted so as to be inconsistent with this Declaration. It shall be the responsibility of the corporation to enforce all of the covenants, restrictions and conditions contained in this Agreement. ,Special Caveat: For purposes calculating shares and voting rights of members as set forth here in Article III., the Hoffman Homeowners Association shall include not only Lots 1 through 33 of the Hoffman Second Subdivision, but also any additional lots that may be developed by the Declarant, his successors or assigns, as future phases of the Hoffman Second Subdivision. If the Declarant, his successors, or assigns should create additional subdivisions as provided for in paragraph 11 of this Article, all owners of lots in of such subdivisions shall be membersw of the Association and their voting rights shall be provided for here in Article III, and they shall be accorded the same rights and privileges as any other member of the Hoffman Second Subdivision. 2. Voting Membersbips. The Hoffman Homeowners Association shall have two (2) classes of voting memberships: A. Class A. One (1) share of Class A voting membership shall be issued for each of Lots one (1) through (34). Each holder of Class A voting membership is entitled to one (1) vote for each share so issued. No shares shall be issued for the Outlots, or Common Areas. B. Class B. Class B voting membership shares shall be issued to Gene Hoffman, Declarant, his successors and assigns, for each Lot one (1) through thirty -four (34). Declarants or their successors and assigns shall be entitled to two (2) votes for each share owned. 3. Transfer of Class A Voting Membership. Upon the purchase of any lot within the Hoffman Second Subdivision, Declarant, his successors and assigns shall transfer one share of Class A voting membership in the Association to said purchaser and shall surrender one share of Class B voting members in the Association, which share shall cease to exist. 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 or block in the Hoffman Second Subdivision, 4. Board of DirectorslAnnual Assessment, A Board of Directors consisting of not less than three (3) members shall be established. The Board of Directors may recommend to the membership of the Association an increase in the number of Directors. However, such number shall not exceed seven, One seat on the Board of Directors with voting rights shall be reserved for the Declarant, his heirs, or his designate as long as any of the Declarant or his heirs are living, or until such time they may waive their right to a seat on the Board. Page 10.