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_~ ~ __~_ 52-- i)U14.13 EXHIBST "B" BY-L.~WS t1F BRENTWdOD TOWNIiC1ME CDNDOMINItIM PROPERTY REGIME III AND ' BRENTG~7t347D III TOWNHOME O~INERS ASSOCIATILIN, INC. ARTICLE I. BY-LAG+TS. Section 1, Description. These are the By-Laws of Brentwood III Townhome Owners Association, Inc., a Nebraska Non-Profit Corporation, with its registered offices at 3129 Briarwood Blvd., Grand Tsland, Nebraska, 638OI. These are also the By-Laws of Brentwood Townhome Condominium Property Regime III., a ~3ebraska Condon~inu.*n Fraperty Regime_ Section 2. Seal. Tl:e corporate seal shall bear the name of the corpo- ration and the words '°Granu Island, tebraska, Corporate Seal.. '• Section 3. Membership. The corporation has been organized to provide a means of management for Brentwood 'i'ownhc~me Condominium Property Regime iII, a Nebraska condominium property regime in Grand Island, Hall ~:ounty, Nebraska. Every person or entity who is a record r~wner of a fee crr ;uxdivided fee interest in any tc>wnhame condominium shall automatically be a member of the Associatican upon. written notice to the Association by the record owner :~f the owner's interest. ?'he votes on behalf of a townhoz~e shall be cast in person by the record owner thereof, or by proxy, but if a townhome i.s owned by more t3~an one person or by a csarQoration or other entity, such vote shall be east, or proxy executed, by the person named in a certificate signed by all of the owners of the. townhome and .filed. with the Secretary of the Association. Title to town4~somes may be taken. in the name of an individual or in the names of two or mare persons, as tenants in common or as joint tenants air as tenants by the entirety, ar in the name of a cerrpcaration or partnership, or in the name of a fiduciary. Section ~. Involved Property. 'I'he property described in Article II of the Master Deed as 3ocated in Ralf. County, Nebraska, has been submitted to the provisions. of Sections 7b-301 through 7b-323, Reiss se, Revised Statutes a< ~lebras3ca, known as the "Condominium Property Rt;t" by the P2xaster Deed recorded sim+~ltanenusl.y tserewith in tSxe Uffice of the Register «f Deeds of hall County, ?Nebraska, and which condominium shall hereinafter be referred '.o as the "Condominium". Section 5, Apglicatian. A13, present and future owners,. mortgagees, lessees and cs~.caxpax:ts cf cundomins+~::rn towni~c~craes and tkseiz employees, and. ah~ ottzeY persons who may use the facilities of the Regime in any mariner are subject to these By-Laws, the riSaster Deed arxd the Rules and Regulations. -1-