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88- 10:J733 residential structure or detached, shall open from the street side to which the residence faces. Any detached garage or any other out-building shall be of the same quality and material or construction as the outside finish and roof of the residential structure. With respect.to all other lots within the subdivision, any detached garage or other out-building shall be of the same quality and material or construction as the outside finish and roof of the resid0.ntial structure. 10. All buildings shall b~ placed back from the center of the front line of the lot the following distances: Forty (40) feet of all lots in said addition except Lot Four (4), Thirty-four (34), Thirty-seven (37) and Thirty-eight (38), where, because of the shape and location of these lots, the set back distance shall conform to the location or proposed location of the buildings on adjoining or abutting lots, but not closer to the street or streets than lines drawn between existing or proposed buildings on such adjoining or abutting lots. 11. Commencing January 1, 1988, the following provisions will apply to all lots wi thin Regency By The Green Subdivision, except those owned by the City of Grand Island, Nebraska, and the following provisions shall apply to those lots immediately upon the passing of title from the City of Grand Island, Nebraska, to any other purchaser: A. A corporation named Regency By The Green, Inc. shall be formed. B. One (1) share of stock, representing one (1) vote, will be issued to the owner or owners of each lot within the subdivision, except for those lots owned by the City of Grand Island, Nebraska; however, when the City of Grand Island thereafter sells any lot, a share of stock, representing one (1) vote, will be issued to the subsequent owner or owners of said lot upon the passage of title to such owner. The ownership of said stock is to run with the land and automatically transfer to the new owner upon the sale of any lot within the subdivision. The Board of Directors, consisting of five (5) stockholders shall be elected annually by the stockholders and said Board of Directors shall control, by majority vote of the same, the management and operation of said "Regency By The Green Subdivision". Said Board of Directors shall have the power to establish an annual assessment of up to $100.00 per lot per year for maintenance and appearance of the medians, circles and other common areas within the subdivision and any and all other matters pertaining to the appearance of said medians and common areas. In addition, said Board of L ~