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ISLAND WEST PLAZA CONDOMINIUMS UNIT_ OWNERS' ASSOCIATION,_ INC. BY -LAWS -- -- - SECTION I. MEMBERS A. Membership Classes. Members shall be divided into membership classes of declarant members and resident members. B. Declarant members shall be as follows: The declarant members shall be Northwest Crossings, L.L.C., a Nebraska Limited Liability Company or its assign. The declarant member shall have three votes for each unit of which it is the owner, subject, however, to the provisions of paragraph D. of this Section I. 2. Each declarant member shall retain membership throughout the duration of the interest of such member as owner of a unit within the limits of any real property included in the condominium regime. Membership shall be terminated by gift, sale or other voluntary or involuntary transfer of such interest. C. Resident members shall be as follows: Each individual contract purchaser or owner of a unit within the limits of Island West Plaza Condominium Property Regime located upon Lots One (1), Two (2) and Three (3), Setag Subdivision in the City of Grand Island, Hall County, Nebraska, shall be a resident member and have one such membership for each such unit; provided, however, that when more than one person holds such an interest in any unit, there shall be only one vote to be exercised in common as the said owners shall among themselves determine, and in no event shall more than one vote be cast with respect to said unit. 2. Each membership of each resident member shall continue throughout the duration of ownership of the equitable interest of such member as owner or contract purchaser of a unit within the limits of Island West Plaza Condominium Property Regime and shall be terminated forthwith upon the termination by death, by gift, by sale, or other voluntary or involuntary transfer of such equitable interest. D. Equalization of Voting. At such time as the Board of Directors shall be informed that the total number of votes held and exercised by the resident members equal or exceeds the number of votes held and exercisable by the declarant member or, on December 31, 2010, whichever event is the earliest to occur, then in either of such events, the votes held and exercisable by the declarant members shall be one vote per lot.