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<br />200808925 <br /> <br />Exhibit "B" <br /> <br />FROSTFlRE A VENUE CONDOMINIUMS PROPERTY REGIME <br />HOMEOWNERS ASSOCIA TION BYLAWS <br /> <br />SECTION 1. <br /> <br />MEMBERS <br /> <br />A. Membership Classes: Members shall be divided into membership classes of <br />Declarant Members and Resident Members. <br /> <br />B. Declarant Members shall be as follows: <br /> <br />1. Larson Brick and Masonary, Inc, A Nebraska Corporation, is the Declarant <br />Member. The Declarant Member shall have two (2) votes for each lot of which it <br />is the owner, subject, however, to the provisions of Paragraph D of this Section 1. <br /> <br />2. Each Declarant Member shall retain membership throughout the duration of <br />the equitable interest of such member as owner or contract purchaser of a <br />residential lot or dwelling unit within the limits of any real property included in <br />membership and shall be terminated by gift, sale or other voluntary or involuntary <br />transfer or by other means of such equitable interest. <br /> <br />C. Resident Members shall be as follows: <br /> <br />1. Each individual contract purchaser or owner of a residential lot or dwelling <br />unit within the limits of any real property included in membership, and each <br />corporate or other non-individual contract purchaser or owner of any such lot or <br />unit shall be a Resident Member and have one such membership for each such lot <br />or unit; provided, however, that when more than one person holds such an interest <br />in any lot, there shall be only one vote to be exercised in common as the said <br />owners shall among themselves determine, and in no event shall more than one <br />vote be cast with respect to said lot. <br /> <br />2. Each membership of each Resident Member shall continue throughout the <br />duration of the ownership ofthe equitable interest of such member as owner or <br />contract purchaser of a residential lot or dwelling unit within the limits of any real <br />property included in membership and shall be terminated forthwith upon the <br />termination by death, by gift, by sale or other voluntary or involuntary transfer of <br />such equitable interest. <br /> <br />D. Equalization of Voting: At such time as the Board of Directors shall be informed that <br />the total number of votes held and exercisable by the Resident Members equals or <br />exceeds the number of votes held and exercisable by the Declarant Members or, on <br />