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LIGHTHOUSE COVE CONDOS BY LAWS

TABLE OF CONTENTS

CONDOMINIUM DECLARATION

LIGHTHOUSE COVE CONDOMINIUM DEVELOPMENT


ARTICLE I Definitions and Legal Description of Land A- 2

ARTICLE II Property and Units: Submission to Act A- 4

ARTICLE III Common Elements and Limited Common Elements A- 5

ARTICLE IV Other Property Rights and Obligations of Owners A- 6

ARTICLE V Association Membership and Voting Rights A- 8

ARTICLE VI Rights and Obligations of the Association A- 9

ARTICLE VII Covenant for Assessments A- 10

ARTICLE VIII Right to Expand A- 12

ART I CLE IX Party Walls A- 12

ARTICLE X Casualty Insurance for Units and Liability Insurance A- 13

ARTICLE XI Easements, Reservations and Encroachments A- 14

ARTICLE XII Right of First Refusal A- 15

ARTICLE XIII Right to Expand A- 16

ARTICLE XIV General provisions A- 17

EXHIBIT A Condominium Plat and Plat of proposed Expansion of Condominium

EXHIBIT B Percentage of ownership

EXHIBIT C Projected Annual Budget

CONDOMINIUM DECLARATION OF
EASEMENTS, RESTRICTIONS, COVENANTS AND CONDITIONS FOR
LIGHTHOUSE COVE CONDOMINIUM DEVELOPMENT .

THIS DECLARATION, made and entered into this 19th Day of May, 1988, by Lighthouse Cove, Ltd., a
corporation, (herein referred to as the "Declarant").

WITNESSETH :

WHEREAS, the Declarant is the owner in fee simple of certain real estate hereinafter described, in the Village of Lake Delton, Sauk County, Wisconsin; and

WHEREAS, the Declarant intends to, and does hereby submit and subject such real estate together with all buildings, structures, improvements, and other permanent fixtures of whatsoever kind thereon, and all rights and privileges belonging in or in any wise pertaining thereto, to the provisions of the Wisconsin Condominium Ownership Act, Wisconsin Statute Section 703.01 to 703.38 (1985-86), (the "Act"); and

WHEREAS, the Declarant desires to establish certain rights, conditions, restrictions, covenants and easements in, over and upon said real estate for the benefit of itself and all future owners of any part of said real estate, in any unit or units thereof or therein contained, and to provide for the harmonious, beneficial and proper use and conduct of the property and all units; and

WHEREAS, the Declarant desires and intends: that the several unit owners, mortgagees, occupants and other persons hereafter acquiring any interest in the property shall at all times enjoy the benefits of, and shall hold their interest subject to the rights, conditions restrictions, covenants and easements, hereinafter set forth, all of which are declared to be in furtherance of a plan to promote and protect the cooperative aspect of the property and are established for the purpose of enhancing and perfecting the value, desirability and attractiveness of the property.

NOW, THEREFORE, the Declarant, as the title holder of the real estate hereinabove referred to and described at greater length hereinafter, and for the purposes set forth, DECLARES AS FOLLOWS:

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LIGHTHOUSE COVE CONDOMINIUM DEVELOPMENT

530 EAST HIAWATHA DRIVE

LAKE DELTON, WISCONSIN

Declarant: Lighthouse Cove, Ltd.
P.O. Box 41
Wisconsin Dells, WI 53965

Agent: Blue Water Development Company, Inc
Michael s. Peterson, Owner-Broker
P. O. Box 41
Wisconsin Dells, WI 53965

DISCLOSURE MATERIALS

This booklet contains materials required by Wisconsin law to be disclosed to prospective purchasers
of condominium units at LIGHTHOUSE COVE CONDOMINIUM DEVEOOPMENT before the units are first offered for public sale. This information is provided for your protection and assistance. You should be certain to read it carefully.

1. THESE ARE THE LEGAL DOCUMENTS COVERING YOUR RIGHTS AND RESPONSIBILITIES AS A CONDOMINIUM OWNER. IF YOU UNDERSTAND ANY PROVISIONS CONTAINED IN THEM, YOU SHOULD OBTAIN PROFESSIONAL ADVICE.

2. THESE DISCOSURE MATERIAIS ARE GIVEN TO YOU AS REQUIRED BY LAW MAY BE RELIED UPON AS CORRECT AND BINDING. ORAL STATEMENTS MAY NOT BE LEGALLY BINDING.

3. YOU MAY AT ANY TIME WITHIN FIVE (5) BUSINESS DAYS FOLLOWING RECEIPT OF THESE DOCUMENTS, OR FOLLOWING NOTICE OF ANY MATERIAL CHANGES IN THESE DOCUMENTS, CANCEL IN WRITING THE CONTRACT OF SALE AND RECEIVE A FULL REFUND ON ANY DEPOSITS MADE.


INDEX TO DISCLOSURE MATERIALS

In compliance with disclosure requirements of the Wisconsin Condominium Ownership Act, this book is provided to each prospective purchaser of a Unit in Lighthouse Cove Condominium Development, and contains the following documents and exhibits:

1. DECLARATION. The Declaration establishes and describes the condominium, the units and the common elements. The Declaration begins on page A-1.

2. ARTICLES OF INCORPORATION. The operation of a condominium is governed by the Association, of which each owner is a member. Powers, duties and operation of Association are specified in its Articles of Incorporation. Articles of Incorporation begin on page B-1.

3. BYLAWS. The ByLaws contain rules which govern the condominium and affect the rights and responsibilities of unit owners. The ByLaws begin on page C-1.

4. MANAGEMENT OR EMPLOYMENT CONTRACTS. There are no management or employment contracts in effect to date.

5. ANNUAL OPERATING BUDGET. The Association incurs expenses for the operation of the condominium which are assessed to the unit owners. The operating budget is an estimate of those charges which are in addition to mortgage and utility payments. The budget is shown as Exhibit c.

6. LEASES. Units in condominiums may be sold subject to one or more leases of property or facilities which are not a part of the condominium. There are no such leases or agreements to date involving Lighthouse Cove Condominium Development.

7. FLOOR PLAN AND MAP. The Seller has provided floor plans of the units being offered for sale and a map of the condominium which shows the location of the unit you are considering and all facilities and common elements which are part of the condominium. The plans and map begin at Exhibit A1.

8. EXPANSION PLANS. The Declarant has reserved the right to expand the condominium in the future. A description the plan for expansion and its effect on unit owners begins page A-2l.

ARTICLE I

DEFINITIONS AND LEGAL DESCRIPTION OF LAND

Section 1.Legal Description of Land: The real estate which is hereby submitted and subjected to the provisions of the Condominium Ownership Act, Wis. Stat. Hl2. § 703.01 to 703.38 (1985-1986), is hereby legally described as follows:

a. Lot 67 and the South one-half of Lot 68, Hiawatha Subdivision in the Village of Lake Delton, Sauk County, Wisconsin;

b. Lots 61, 62, 63, 64, 65, and 66 Hiawatha Subdivision in the Village of Lake Delton, Sauk County, Wisconsin

c. Lots 22, 23, 24, 25, and 26A, Hiawatha Subdivision in the Village of Lake Delton, Sauk County, Wisconsin.

d. Part of Lot 60, Hiawatha at the Dells, Village of Lake Delton, Sauk County, Wisconsin described as: commencing at the most northerly corner of Lot 61; thence S18 26'W (recorded as S18 10'W) along southeasterly line of said Lot 60, 151.22 feet to point of beginning: thence S59 30 'W, 85.96 feet to the northeasterly corner of the south one-half of Lot 68: thence southeasterly along southwesterly line of said Lot 60, 75 feet, more or less, to most southerly corner of said lot 60: thence N18 26'E (recorded as N18 10'E) along southeasterly line of said Lot 60, ll4.65 feet to the point of beginning.

Said real estate is also described and delineated on the Plat of Survey attached hereto as Exhibit "A” which, by this reference thereto, is made a part hereof.

Said real estate and all improvements thereon and appurtenances thereto shall be known as Lighthouse Cove Condominium Development.

Section 2 Definitions: For the purpose of brevity and clarity, certain words and terms used in this Declaration are defined as follows:

"Association” shall mean and refer to the Lighthouse Cove Owners Association, Inc., a Wisconsin non-stock corporation. All unit Owners in Lighthouse Cove shall be members of the Association and subject to its Articles of Incorporation, Bylaws and rules adopted by it for the use and management of the condominium. By becoming members of the Association, Unit Owners assign the management and control of the Common Elements of the Condominium to the Association. Subject to any reservation of rights set forth herein, the policies of the Association shall be established by a Board of Directors elected by its members and implemented by a retained Manager.

"Common Elements" means all those portions of the Condominium which are not 'included in the definition of Unit and all tangible personal property used in the operation, maintenance and management of the Condominium. Except as provided herein, and subject to the Bylaws of the Association and rules adopted under them, the Common Elements are available for the use and enjoyment of or service to owners of all Units. None of the real estate which is part of the Common Elements may be abandoned, partitioned, subdivided, encumbered, sold or transferred except by amendment of this Declaration.

"Common Expenses and Common Surpluses" mean the expenses and surpluses of the Association, as more fully defined herein.

"Condominium” means the property subject to the condominium Declaration.

"Condominium Instruments” means the Declaration, plats and plans of the condominium together with the attached exhibits or schedules.

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"Declarant" is Lighthouse Cove, Ltd., a Wisconsin corporation, its successors or assigns. Declarant may assign or delegate some or all of its rights and responsibilities in connection with the Condominium by recording an instrument with the Register of Deeds for Sauk County, Wisconsin, describing what is assigned or delegated and to whom.

"Limited Common Elements" are those Common Elements reserved for the exclusive use and enjoyment or service to one or more but not all owners of Units. Limited Common Elements and the unit or Units to which their use is reserved are identified on the Condominium. Plat.

"Mortgage" means the holder of any recorded mortgage encumbering one or more units or a Land Contract vendor.
"Person" means an individual, corporation, partnership, association, trustee or other legal entity.

"Property" means unimproved land, land together with improvements on it or improvements without the underlying land.

"Unit" is that part of the Condominium designed and intended for the exclusive independent use by or under the authority of its owner.

(a) A Unit shall include one or more contiguous or noncontiguous cubicles of air; the exterior boundaries of each cubicle shall be the unfinished interior surface of the perimeter walls surrounding the cubicle, the unfinished lower surface of the ceiling of the highest story of the cubicle, and the uncovered or unfinished upper surface of the floor of the lowest story of the cubicle. Finished interior surfaces, including paint, wallpaper, carpeting and the like, are part of the Unit.

(b) In addition, a Unit includes the following items serving the particular unit although they may be outside the defined cubicle of air:

(i) all doors, windows, their interior casements, and all their opening and closing and mechanisms and hardware;

(ii) all wall and ceiling mounted electrical fixtures and the recessed junction boxes serving them:

(iii) all floor, wall, baseboard or ceiling electrical outlets and switches and the junction boxes serving them;

(iv) all plumbing and hot water fixtures and the piping, valves and other connecting
and controlling materials or devices lying between the fixtures and the main hot water, water or sewage lines to the lowest story of the Unit;

(v) the cable television outlet to Unit and the junction box serving it, if installed;

(vi) the fan and ducts providing air conditioning to the Unit and controls for the air conditioning system of the Unit.

(c) Not included as a part of the Unit are any structural components and portions systems of the mechanical systems of building which are not specifically included in the definition of "Unit" above, which within the cubicle or cubicles of air comprising Unit.

(d) Units are identified by building, number and location on the Condominium Plat, recorded contemporaneously with this Declaration. This description includes the interests pertaining to the unit in the Common Elements and Limited Common Elements and the rights and obligations created under this Declaration.

"Unit Number" means the number, letter or a combination thereof, identifying a unit in this Declaration.

"Unit Owner" means a person, combination of partnerships or corporation who holds a legal title to a condominium unit or has equitable ownership as a Land Contract vendee.

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ARTICLE II

PROPERTY AND UNITS:

SUBMISSION TO ACT

Section 1. Submission of Property to the Act: The Declarant hereby submits the property described in Article I, section 1 and depicted in Exhibit "A" and all buildings and improvements constructed or to be constructed thereon to the provisions of said Condominium ownership Act (the "Act").

Section 2. Description of the Units: The Units of is Condominium and the Limited Common Element reserved to each are set forth on Exhibit "A" attached to this Declaration and incorporated herein by reference.

Every deed, lease, mortgage or other instrument may legally describe a unit by an identifying number and every such description shall be good and sufficient for all purposes as provided in the Act. The two (2) residential buildings currently on the real estate described in this Declaration contain thirty (30) units. The two (2) buildings aggregating thirty (30) units, are located as indicated in the survey, Exhibit "A" attached hereto and made a part of this Declaration.

The buildings are constructed principally of wood.

The approximate location and designation of each Unit is set forth in Exhibit "A".

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ARTICLE III

COMMON ELEMENTS AND LIMITED COMMON ELEMENTS

Section 1. Ownership of Common Elements: Each Unit owner shall be entitled to and own an undivided interest in the Common Elements as a tenant-in-common with all other Unit Owners of the property, and, except as otherwise limited in this Declaration, shall have the right to use the Common Elements for all purposes incident to the use and occupancy of such uses permitted by this Declaration, which right shall be appurtenant to and run with his unit. Each Unit's percentage of ownership in the Common Elements shall be in the percentages set forth in Exhibit "B" attached hereto.

Each Unit's percentage of ownership in the Common Elements shall be subject to such easements as Declarant has granted, or may hereinafter grant to the village of Lake Delton, public utilities or for water service, all of which may be granted by the Declarant without the consent of the Unit Owners.

Section 2. Limited Common Elements:

A. Use and Maintenance: All Limited Common Elements appurtenant to a particular Unit shall be for the exclusive use of the owner or owners of such Unit. Each Unit owner shall be responsible for repair, maintenance, and appearance of such Limited Common Elements, at his own expense, including (without limitation) responsibility for breakage, damage, malfunction, and ordinary wear and tear. A Unit Owner shall not change the color, or otherwise decorate, restructure or adorn or change the appearance of any such Limited Common Element without the approval of the Architectural and Environmental Control Committee.

B. Parking Areas: Any parking area or other portion of the property allocated to parking purposes unless otherwise designated in the condominium plat, shall be part of the Common Elements and not a Limited Common Element or a part of any individual Unit.

Section 3. No Partition of Common Elements: There shall be no partition of the Common Elements through judicial proceedings or otherwise until this Declaration is terminated and the property is withdrawn from its terms or from the terms of any structure applicable to condominium ownership provided, however, that if any unit shall be owned by two or more co-owners as tenants-in-common or as joint tenants, nothing herein contained shall be deemed to prohibit a voluntary or judicial partition of said Unit ownership as between such co-owners.

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ARTICLE IV

OTHER PROPERTY RIGHTS AND OBLIGATIONS OF OWNERS

Section 1. Owner's Right to Ingress and Egress and Support: Each owner shall have the right to ingress and egress over, upon and across the Common Elements necessary for access to his Unit, and such rights shall be appurtenant to and pass with the title to each Unit. However, this right shall not include ingress and egress by any type of vehicle. No vehicles shall be allowed upon the Common Elements except that portion of the Common Elements which have been committed to roadways, driveways and parking areas as depicted on Exhibit "A”.

Section 2. Use of Units: Each Unit shall be used for residential purposes only, and no trade or business of any kind may be carried on therein. Lease or rental of a Unit for residential purposes shall not be considered to be a violation of a covenant. Notwithstanding the foregoing, nothing in this Declaration shall prohibit the Declarant from displaying an unsold unit as a "model'" and sales office for marketing purposes.

Section 3. Use of Common Element: There shall be no obstruction of the Common Elements, nor shall anything be kept or stored on any part of the Common Elements without the prior written consent of the Association except as specifically provided herein. Nothing shall be altered on, constructed or removed from the Common Elements except upon the prior written consent of the Association. No pier, boat docks, boat hoist, boat house, garbage or rubbish containers shall be placed or kept in any Common Element or Limited Common Element by any unit owner. The Association may, at its own expense, provide for docks, piers and garbage containers on the Common Elements.

Section 4. Prohibition of Damage and Certain Activities: Nothing shall be done or kept in any Unit or in the Common Elements or any part thereof which would increase the rate of insurance on the premises or any part thereof over what the Association, but for such activity, would pay, without the prior written consent of the Association nothing shall be done or kept in any unit or in the Common Elements or any part thereof, which would be in violation of any statute, rule ordinance, regulation, permit or other validly imposed requirement of any governmental body. No damage to, or waste of, the Common Elements or any part thereof shall be committed by any Owner or any invitee of any owner and each owner shall indemnify and hold the Association and the other Owners harmless against all loss resulting from any such damage or waste caused by him or his invitees, to the Association or other owners. No noxious, destructive or offensive activity shall be carried on in any Unit or in the Common Elements or any part thereof. Nor shall anything be done therein which may be or may become an annoyance or nuisance to any other Owner or to any other person at lawfully residing in the unit.

Section 5. Animals: No animals of any kind shall be permitted in any Unit, Common Element except those approved by the Architectural and Environmental Control Committee or by the Board of Directors. A criterion for obtaining permission include, but is not limited to, the following:

(1) Size
(2) Weight
(3) Waste Disposal
(4) Noise
(5) Behavior
(6) Exercise Needs
Permission, if given, may be withdrawn by the authority giving such permission in the event, that the animal is determined to be undesirable in light of the above criteria.

Section 6. Rules and Regulations: No owner shall violate the rules and regulations for the use of the Units and of the Common Elements as adopted from time to time by the Association.

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Section 7. Delegation of Use: Any Owner may delegate, in. accordance with the Bylaws or this Declaration, his right of enjoyment to the Common Elements and facilities to the members of his family, to the tenants of his unit or contract purchasers of his Unit who reside on the property and only to said individuals.

Section 8. Separate Mortgages of Units: Each Unit Owner shall have the right to mortgage or encumber his own respective Unit, together with his respective ownership interest in the Common Elements. No unit owner shall have the right or authority to mortgage or otherwise encumber in any manner whatsoever the property or any part thereof, except his own Unit and his own respective ownership interest in the Common Elements.

Section 9. Separate Real Estate Taxes: It is intended and understood that real estate taxes are to be separately taxed to each Unit Owner: for his Unit and his corresponding percentage of ownership in the Common Elements, as provided in the said Condominium ownership Act. In the event that, for any year, such taxes are not separately taxed to each Unit Owner, but are taxed on the property as a whole, then each Unit Owner shall pay his proportionate share thereof, the allocation in respect to Common Elements to be in accordance with his respective percentage of ownership interest in the Common Elements.

Section 10. Maintenance. Repairs and Replacements of Units: Each Unit Owner is responsible for the decoration, furnishing, housekeeping, repair and maintenance of that owner's Unit and the general cleanliness and presentability of the Limited Common Elements whose use is reserved to the Unit. Each Unit Owner is also responsible for the repair, maintenance and replacement of the compressor, coolant and piping which are part of the air conditioner serving the Unit. The Association is responsible for the decoration, furnishing, housekeeping, repair and maintenance of the Common Elements except as provided above. In meeting its responsibilities hereunder or otherwise, the Unit Owner may not alter the appearance or design of the exterior of the building or use a Unit, the Limited Common Elements reserved to it, or the Common Elements without the approval of the Architectural and Environmental Control committee.

Section 11. Water Service: A water supply and distribution system and service for each Unit has or will be provided by the Declarant. It shall be the responsibility of the Association to maintain the water supply and distribution system or systems except that portions of the system or systems located within the Unit boundaries or within the Limited Common Element appurtenant to each Unit shall be the responsibility of the Unit Owner.

Section 12. Heating: Each Unit Owner is liable for payment of the Heating Expenses allocated to his or her individual Unit. Monthly natural gas consumption or electric power for heating purposes by each individual Unit will be separately measured by metering the gas flow to each Unit. Each Unit's individual percentage share of the total monthly natural gas consumption for all individual units will then be determined. The unit Owner shall be responsible for payment of his total monthly unit Heating Expenses.

(a) Assessments of Heating Expenses, together with such penalties as the Association may impose for delinquencies and the costs of collection and actual attorney fees constitute a lien on the Units against which they are assessed. Attachment, filing, effectiveness, priority and enforcement of the lien shall be as provided by law.

(b) If any assessment of Heating Expenses is delinquent and a statement of condominium lien has been recorded against a Unit, the Association may suspend the voting rights of the delinquent Unit Owner. A delinquency resulting in the filing of a statement of condominium lien against a Unit shall constitute an act of default under any mortgage secured by the Unit.

(c) Unpaid Heating Expenses assessed against a unit are a joint and several liability of grantor and grantee in a voluntary transfer of the Unit if a statement of condominium lien covering the delinquency is recorded. A first mortgagee acquiring a unit by foreclosure or other remedy under its mortgage is not liable for Heating Expenses assessed to the Unit prior to its acquisition of the Unit.

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ARTICLE V

ASSOCIATION MEMBERSHIP AND VOTING RIGHTS

Section 1. Membership: Every Unit Owner shall be entitled and required to be a member of the Association. If title to a Unit is held by more than one person, each of such persons shall be members. A unit Owner of more than one Unit shall be entitled to one membership for each Unit owned by him. Each such membership shall be appurtenant to the unit upon which it is based, and shall be transferred automatically by conveyance of that Unit. No person or entity other than a Unit Owner or Declarant may be a member of the Association, and a membership in the Association may not be transferred except in connection with the transfer of title to a Unit; provided, however, that the rights of voting may be assigned to a Mortgagee as further security for a loan secured by a lien on a Unit.

Section 2. Voting Rights: The Association have two classes of voting membership as follows:

A. Class A - Class A members shall be all unit Owners, with the exception of the Declarant, and shall have one (1) vote for each unit owned. When more than one person holds an interest in any Unit, all such persons shall be members. The vote for such unit shall be exercised as they among themselves determine, but in no event shall more than one (1) vote be cast with respect to any Unit. There can be no split vote. Prior to the time of any meeting at which a vote is to be taken, each
co-owner shall file the name of the voting co-owner with the Secretary of the Association in order to be entitled to a vote at such meeting, unless such co-owners have filed a general voting authority with the Secretary applicable to all votes until rescinded.

A unit Owner against whom the Association has recorded a statement of condominium lien on the person's Unit who has not paid the amount necessary to release the lien at the time of a meeting shall not be permitted to vote at any meeting of the Association during the period of such time such amount remains unpaid.

B. Class B

(i) Defined - Class B member(s) shall be Declarant and shall be entitled to three (3) votes each Unit owned. The Class B membership shall and be converted to Class A membership on occurrence of either of the following events:

(a) when the total votes outstanding in Class A membership equals or exceed the total outstanding votes .in Class B membership; or

(b) ten (10) years from the date of recording this Declaration.
(ii) Rights of Declarants - Notwithstanding any other provisions contained in these Bylaws, Declarant, its successors and assigns, shall have the right at its option to appoint and remove the members of the Board of Directors and the officers of the Association, and to exercise the powers and responsibilities otherwise assigned by the Declaration to the Association or its officers. However, this control shall not extend for a period exceeding the earlier of:

(a) ten (10) years from the recording this Declaration; or

(b) thirty (30) days after the conveyance of seventy-five percent (75%) of the common interests to purchasers.

Section 3. Supplement: The provisions of this Article are to be supplemented by the Articles of Incorporation and the Bylaws of the Association, provided, however, that no such supplement shall substantially alter or amend any of the rights or obligations of the owners set forth herein.





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ARTICLE VI

RIGHTS AND OBLIGATIONS OF THE ASSOCIATION

Section 1. The Common Elements: The Association, subject to the rights of the Unit Owners set forth in this Declaration, shall be responsible for the exclusive management and control of the Common Elements and all improvements thereon (including furnishings and equipment related thereto), and shall keep the same in good, clean, attractive and sanitary condition, order and repair.

Section 2. Services: The Association may obtain and pay for the services of any person or entity to manage its affairs, or any part: thereof, to the extent it deems advisable, as well as such other personnel as the Association shall determine to be necessary or desirable for the proper operation of the Common Elements, whether such personnel are furnished or employed directly by the Association, or by any person or entity with whom or which it contracts. The Association may obtain and pay for legal and accounting services necessary or desirable in connection with the operation of the Common Elements or the enforcement of this Declaration. . The Association may arrange with
others to furnish water, trash collection and other common services to each Unit.

Section 3. Personal Property For Common Use: The Association may acquire and hold for the use and benefit of all of the Unit Owners, tangible and intangible personal property and may dispose of the same by sale or otherwise, and the beneficial interest in any such property shall be deemed to be owned by the Unit owners in the same proportion as their respective interests in the Common Elements. Such interest shall not be transferable
except with the transfer of a Unit. A transfer of a Unit shall transfer to the transferee ownership in the transferor's beneficial interest in such property without any reference thereto. The transfer of title to a unit under foreclosure shall entitle the purchaser of the interest in such personal property associated with the foreclosed Unit.

Section 4. Rules and Regulations: The Association may make reasonable rules and regulations governing the use of the Units and of the Common Elements, which rules and relations shall be consistent with the rights and duties established in this Declaration.

Section 5. Implied Rights: The Association may exercise any owner right or privilege given to it expressly by this Declaration or by law, and every other right or privilege reasonably to be implied from the existence of any right or privilege given to it herein or reasonably necessary to effectuate any such right or privilege.



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ARTICLE VII

COVENANT FOR ASSESSMENTS

Section 1. Agreement to Pay Assessment: Declarant for each unit owned by it hereby covenants, and each Owner. of any Unit by the acceptance of a deed therefore, whether or not it be so expressed in the deed, shall be deemed to covenant and agree with each other and with the Association to pay to the Association for the purposes provided in this Declaration, for the annual assessments, for special assessments, for capital improvements, and for any other matters as provided in this Declaration. Such Assessments shall be fixed, established and collected from time to time in the manner provided in this

Section 2. Purpose of Assessments: The assessments levied by the Association shall be used exclusively to promote the recreation, health, safety and welfare of the residents, to pay for the improvement and ,maintenance of the CO1n1non Elements and such emergency repairs as the Association may deem necessary, and to pay for the obligations of the Association under this Declaration.
Section 3. Annual Assessment: The Board of Directors of the Association shall fix the annual assessment upon the basis provided above, - provided however, that the annual assessment shall be sufficient to meet the obligations imposed by the Declaration.

Section 4. Special Assessments: In addition to the annual assessments authorized above, the Association may levy, in any assessment year, a special assessment applicable to that year only for the purpose of defraying, in whole or in part, any deficit and the cost of any construction, reconstruction, repair or replacement of a capital improvement upon the Common Elements including fixtures and personal property related thereto, provided that any such assessment shall have the consent of two-thirds (2/3) of the votes of each Class of voting members who are voting in person or by proxy at a meeting duly called for this purpose.

Section 5. Notice of Meetings: written notice of any meeting called for the purpose of taking any action authorized under Section 4 shall be sent to all members and any mortgagee who shall request such notice in writing not less than ten (10) days nor more than sixty (60) days in advance of the meeting. At the first such meeting called, the presence of members or proxies entitled to cast twenty-five percent (25%) of all of the votes shall constitute a quorum.

Section 6. Rate of Assessment: Each Unit Owner is liable for the share of expenses of the Association assessed against such Owner's Unit. These expenses, referred to as Common Expenses, shall be allocated among the Units in the same percentages as the undivided interests of the Units in the Common Elements. Heating Expenses allocated to each individual Unit are not Common Expenses. Heating Expenses allocated to all areas exclusive of the individual Units shall be Common Expenses.

Section 7. Delinquencies: Assessments of Common Expenses, together with such penalties as the Association may impose for delinquencies and the costs of collection and actual attorney’s fees, constitute a lien on the Units against which they are assessed. Attachment, filing, effectiveness, priority and enforcement of the lien shall be as provided by law.

Section 8. Date of Commencement of Annual Assessments: The annual assessments provided for herein shall commence as follows:

A. As to each Unit for which the Declarant's obligation to construct has been completed as of the date of recording of this Declaration, on the first day of the month following conveyance of the first Unit in the Condominium to an Owner Who is not the Declarant.

B. As to each Unit to be constructed and by the Declarant, on the first day of the following the completion of construction; and




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C. As to a Unit conveyed to an Owner prior to the completion of construction, on the first day of the month following the completion of the construction.
The first annual assessment for a Unit shall be adjusted according to the number of months then remaining in that calendar year. The Board of Directors shall fix the amount of the annual assessment against each Unit at least thirty (30) days in advance of each annual assessment. Written notice of the annual assessment shall be sent to every Unit Owner subject thereto. The due dates shall be established by the Board of Directors. The Association shall, upon demand, furnish a certificate signed by an officer of the Association setting forth whether the assessments on a specified Unit have been paid.

Section 9.Effect of Nonpayment of Assessments; Remedies of the Association: Any assessment not paid when due shall immediately become a personal debt of the Unit Owner and also a lien, as provided in the Act, until paid and may, upon resolution of the Association, bear interest from the due date at a percentage rate no greater than the current statutory maximum annual interest rate to be set by the Association for each assessment period. The Association may bring an action at law against the Owner personally obligated to pay the same or foreclose the said lien against the property in like manner as a mortgage of real estate. In any such foreclosure, the Owner shall be required to pay a reasonable rental for the period use of the Common Element, and the Association shall be entitled to the appointment of a receiver to collect the same. The Declarant and the Association may bid for the Property at the foreclosure sale, and acquire, hold, lease, mortgage and convey the same. If the Association has provided for collection of annual or special assessments in installments, upon, default in the payment of anyone or more installments, the Association may accelerate payment and declare the entire balance of said assessment due and payable in full. No Unit Owner may waive or other wise escape liability for the assessments provided for herein by nonuse of the Common Elements or abandonment of his Unit. A suit to recover a money judgment for unpaid expenses there under shall be maintainable without foreclosing or waiving the lien securing the same.


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ARTICLE VIII

ARCHITECTURAL CONTROL

Section 1. Architectural Control Committee Authority: No exterior additions, enclosures, color changes or other alterations to any building, additional fences, or changes in existing fences, hedges, walls, walkways and other structures shall be commenced, erected or maintained, except such as are installed or approved by the Declarant in connection with the initial construction of the buildings, until the; plans and specifications showing the nature, kind, shape, height, color, materials, location and approximate cost of same shall have been submitted to and approved in writing as in harmony with the external design and location in relation to surrounding buildings in the development by an Architectural Committee composed of the Board of Directors of the Association or by its representative or representatives designated by the Board of Directors. In the event said Committee, or its designated representatives, fails to approve or disapprove such design and location within thirty (30) days after said plans and specifications have been submitted, those plans and specifications will be deemed to have been disapproved. If no application has: been made to the Architectural Committee or their representatives, suit to enjoin or remove such additions, enclosures, color changes or other alterations may be instituted at any time. Neither the members of the Architectural Committee nor its designated representatives shall be entitled to compensation to themselves for services performed pursuant to this paragraph, 'but compensation may be allowed to independent professional advisors retained by the Architectural Committee. Exterior antenna shall not be placed on any building without the approval of the Architectural Committee or its designated representatives. During the time which the Association has Class B member(s), the actions and decisions of the Architectural Committee must have the written approval of the Declarant.



ARTICLE IX

PARTY WALLS

Section l. General Rules of Law to Apply: Each wall which is built as part of the original construction of the buildings and placed on the dividing line between the Units shall constitute a party wall and, to the extent not inconsistent with the provisions of this Article, the general rule of law regarding party walls and liability for property damage due to negligence or willful acts or omission will apply thereto.

Section 2. Sharing of Repair and Maintenance: The cost of reasonab1e repair and maintenance of a party wall shall be shared by the unit who makes use of the wall in proportion to such use.

Section 3. Right to Contribution Runs with Land: The right of any Unit Owner to contribution from any other Unit Owner under this Article shall be appurtenant to the land and shall pass to such Unit Owner’s successors in title.



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ARTICLE X

CASUALITY INSURANCE FOR UNITS AND LIABILITY INSURANCE

Section 1. Obligation of Association: The Association for the benefit of all Unit Owners, shall carry public liability insurance in respect to the Common Elements and shall insure the Units against loss or damage by fire and such other hazards as the Association may deem desirable, for the full insurable replacement cost of the Units, without prejudice to the right of each Unit owner to also insure his own Unit for his own benefit.

The Association shall maintain multi-peril property insurance at full insurable value based ton replacement cost on the entire Condominium. This is to include fire and extended coverage and all other types of coverage, commonly maintained on such projects. The Association shall maintain comprehensive public liability insurance with limits not less than $500,000 per occurrence for personal injury or property damage on the Common Elements. This is to contain a "severability of interest" clause permitting recovery by Unit Owners for injury or damage insured against. The Association shall maintain fidelity coverage against dishonest acts by any person, paid or volunteer responsible for handling the funds belonging to or administered by the Association. The Association is to be the named insured and protection is to be not less than one and one-half times the Association's annual operating expenses and reserves.

The premiums for such insurance on the units shall be deemed Common Expenses; provided, however, that in charging the same to the Unit Owners, consideration may be given to the higher premium rates on some Units then on others. Such- insurance coverage shall be written in the name of, losses under shall be adjusted by, and the proceeds of such insurance shall be payable to, the Association as trustee for the Unit owner or Unit Owners. The Association may engage the service of any bank or trust company authorized to do trust business in Wisconsin to act as trustee, agent or depositary on behalf of the Association for the purpose of receiving and disbursing the insurance proceeds resulting from any 1oss, upon such terms as the Association shall determine consistent with the provisions of this Declaration. The fees of such corporate trustees shall be Common Expenses. In the event of any loss in excess of $100,000 in the aggregate, the Association shall engage a corporate trustee as aforesaid, or in the event of any loss resulting in the destruction of the major portion of one or more Units, the Association shall engage a corporate trustee as aforesaid upon written demand of the mortgagee or owner of any unit so destroyed.

Section 2. Insurance Proceeds: The proceeds of such insurance shall be applied by the Association, or by the corporate trustee on behalf of the Association for the repair or reconstruction of the Unit or Units; and the rights of the mortgagee of any unit under any standard mortgage clause endorsement to such policy shall, not withstanding anything to the contrary therein contained, at all times be subject to the provisions herein with respect to the application of insurance proceeds to reconstruction of the unit or units. Payment by any insurance company to the Association or to such corporate trustee of the proceeds of any policy and the receipt of release from the Association of the company's liability under such policy shall constitute a full discharge of such insurance company, and such company shall be under no obligation to inquire into the terms of any trust under which such proceeds may be made pursuant hereto, or to take notice of any standard mortgage clause endorsement inconsistent with the provision hereto, or to see to the application of any payments of the proceeds of any policy by the Association or the corporate trustee.

Section 3. Destruction or Reconstruction: In event of partial or total destruction of one or more Units, the Association shall:

(a) If insured in an amount adequate to repair or reconstruct the damaged Common Elements, proceed with the repair or reconstruction to a condition as nearly like their condition prior to damage as possible and compatible with the remainder of the Condominium.

(b) If not insured in an adequate amount, proceed with such repairs or reconstruction assessing the excess as Common Expenses against the unit Owners payable in accordance with the Bylaws of the
Association, unless by vote of seventy-five percent (75%) of the Unit Owners it is agreed to remove the property from the provisions of the Wisconsin Condominium ownership Act, partition and sell it, in which event the .insurance and sale proceeds will be distributed in relation to the several Unit Owners' percentage interests, in the Common Elements as established in this Declaration, subject to the rights and priorities of mortgagees and other lien holders.
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ARTICLE XI

EASMENTS, RESERVATIQNS AND ENCROACHMENTS

Section 1. General Easements: Easements are hereby declared and granted for the benefit of Unit Owners and the Association and reserved for the benefit of the Declarant for utility purposes, including the right to install, lay, maintain, repair and replace water mains and pipes, sewer lines, gas mains, telephone wires and equipment, master television antenna system wires and equipment, and electrical conduits and wires and equipment, including power transformers, over, under, along and on any part of the Common Elements. However, all of the aforesaid installations with the exception of the power transformers and all existing overhead utility services shall be buried under the surface of the common area with the cost of such underground installation to be borne by the installing party. By virtue of this easement it shall be expressly permissible for the Declarant or the providing utility or service company to install and maintain facilities and equipment on said property and to Excavate for such purposes. This easement shall in no way affect any other recorded easements on said premises.

Section 2. Maintenance. Declarant further reserves the right to enter individually owned Units upon 24 hour notice for seasonal or periodic maintenance, except in the event of an emergency, in which case Declarant reserves the right to enter individually owned units immediately.

Section 3. Encroachments: In the event that by reason of the construction, reconstruction, settlement, or shifting of any building, or the design or construction of any Unit, any part of the Common Elements encroaches or shall hereafter encroach upon any part of the Unit, or any part of any unit encroaches or shall
hereafter encroach upon any part of the Common Elements, or any portion of any unit encroaches upon any part of any other Unit, valid easements for the maintenance of such encroachment are hereby established and shall exist for the benefit of such Units so long as all or any part of the building containing such Unit shall remain standing; provided, however, that in no event shall a valid easement for any encroachment be created in favor of "the Owner of any Unit or in favor of the owner or Owners of the Common Elements if such encroachment occurred due to the willful conduct of said Owner or Owners. All easements and rights described herein are easements appurtenant, running with the land, and are subject to the reasonable control
of the Association. All easements and rights described herein are granted and reserved to, and shall inure to the benefit of and be binding on, the undersigned, its successors and assigns, and on all Unit Owners, purchasers and mortgagees and their heirs, personal representatives, administrators, successors and assigns. The Association shall .have the authority to execute all documents necessary to carry out the intent of this paragraph.

Section 4. Declarant's Easement to Correct and Provide for Drainage: For a period of ten (10) years from the date of conveyance of the first Unit in the Condominium, the Declarant reserves a blanket easement and right on, over and under the ground within the Condominium to maintain reasonable standards of health, safety and appearance. Such right expressly includes the right to cut any trees, bushes or shrubbery, make
any gradinqs of the soil install culverts, or to take any other similar action reasonably necessary, following which the Declarant shall restore the affected property to its original condition as near as practicable. The Declarant shall give reasonable notice of intent to take such action to all affected owners, unless in the opinion of the Declarant, an emergency exists which precludes such notice.


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ARTICLE XII

RIGHT OF FIRST REFUSAL

Section 1. Association's Right of First Refusal. No Unit owner shall at any time sell, covey, contract to sell, lease or devise, whether by operation; of law or otherwise, without first complying with the provisions hereunder contained in this paragraph. No such sale, conveyance, contract of sale, devise, lease, gift or alienation of any other kind shall be made unless the Association is given no less than fifteen (15) days'
prior written notice of the terms thereof, together with the name and address of the proposed purchaser, vendee, donee, devisee or alienee. This paragraph shall not apply to sales by the Sauk County Sheriff pursuant to judgments of foreclosure.
The Association shall at all times have the first right and option to purchase or lease such Unit upon the same terms as those upon which it is offered, which option shall be exercisable for a period of fifteen (15) days following the date of receipt of notice. If the option is not exercised by the Association within fifteen. (15) days, the unit Owner may, at the expiration of said fifteen (15) day period and at any time within ninety
(90) days after the expiration of said period, sell, contract’s, to sell or lease such unit to the proposed purchaser or 1essee named in such notice upon the terms specified therein. If the owner or lessee does not so sell or lease within such time, or if a sale or lease is proposed on terms and conditions different from those refused by the Association, the Association shall again be entitled to its right of first refusal hereunder.
In the event that the Unit owner shall desire to dispose of his Unit by gift or devise to other than his lawful Spouse or his heirs at law under the laws of the State of Wisconsin, said Unit Owner, or his personal representative, shall give the Association no less than thirty (30) days' prior written notice of the name and address of the proposed donee or devisee. The Association shall have the right and option to purchase said Unit at the fair market value to be determined by a panel of three (3) qualified appraisers, one (1) of which shall be selected by the Unit owner or his legal representative, one (1) by the Association, and the third by the two (2) so selected, provided that the Association shall notify the Unit Owner or his personal representative of its intent to exercise such right and option within thirty (30) days after the receipt of notice from the Unit Owner or his personal representative as provided herein.
The Association may bid upon and purchase any unit which becomes the subject of a foreclosure action or tax sale, or is involved in an action in bankruptcy, or which becomes available for purchase for any reason whatsoever, whether by operation of law or otherwise. The Association shall not exercise any of the options herein set forth to purchase any Unit without the prior consent of Unit Owners holding at least seventy-five percent (75%) of the votes entitled to be cast at any meeting duly called to consider such action. The Association, by its Board of Directors, may waive its first refusal rights hereunder with respect to any sale, lease or conveyance upon written request to the Association.
Unit ownership or interest herein acquired pursuant to the terms of this paragraph shall be held of record in the name of the Association, or such nominee as it shall designate, for the benefit of all of the Owners. Said unit ownership or interest therein shall be sold by the Association for the benefit of the Unit Owners. All proceeds of such sale or leasing after repayment of borrowed funds and special assessments levied for such purposes shall be deposited in such funds as the Association may establish the proceeds may thereafter be disbursed at such time and in such manner as the Association shall determine.

Section 2. Right of First Refusal Limitations. The right of first refusal given to the Association herein will impair the rights of a first mortgagee to:

(a) foreclose or take title to a condominium pursuant to the remedies in the mortgage;

(b) accept a deed or assignment in lieu of foreclosure in the event of default by a mortgagor; or mortgagee.

(c) sell or lease a unit required by the mortgagee.

Section 3. Right of Declarant to Dispose of Units: The provisions of Section 1 of this Article shall not be applicable to or binding upon the Declarant. Declarant shall have the right to dispose of Units by Land Contract or by such other form of installment sale as it may choose, and in the event that Declarant shall be forced to foreclose or otherwise recover possession of any unit as the result of a default of a purchaser under such an installment sale, Declarant shall be free to dispose of any" such Unit by any means whatsoever, free of any restrictions set forth in Section 1 of this Article. Nothing herein contained shall in any way restrict Declarant's right to lease Units not otherwise disposed of.


A-15




ARTICLE XIII

RIGHT TO EXPAND

Section 1. Reservations of Right Declarant hereby reserves the right to expand the Condominium by adding all or a portion of the property described on Exhibit A attached hereto. Such right to expand may be exercised from time to time within ten (10) years from the date of recording of this Declaration with the Sauk County Register of Deeds office. Any such expansion shall be in the sole discretion of Declarant, and no Unit Owner or other person shall have the right to require the same.

Section 2. Number, Location, and Style of Units. The maximum number of additional Units shall be seventy-five (75). The units shall be positioned as shown on Exhibit A; provided, however, Declarant reserves the right to change the location if required to achieve the best development in the opinion of the Declarant. The Units shall consist of Units of the general size, design, and mix as shown on Exhibit A; provided, however, Declarant reserves the right to change the size, design, and mix of the Units in order to meet market requirements. The additional improvements shall be compatible with and shall be of the same or similar quality of construction and materials as the existing improvements.

Section 3. Effect on Percentage Interest Common Elements. The effect that any such expansion shall have on an individual Unit owner, specifically with regard to his percentage interest in the Common Elements, his liabilities for Common Expenses, his rights to "Common Surpluses", and his votes in the Association, shall be as described on Exhibit C attached hereto.

The percentage interests in the common elements, the liabilities for common expenses and the rights to common surpluses will be determined by a fixed formula. All owners of l-bedroom condominiums and 2-bedroom flat condominiums will have their percentage interest determined by dividing the number 1 by the total number of units subject to this Declaration. All other owners will have their percentage interest determined by dividing the number 2 by the total number of units subject to this Declaration. No changes in percentage interests in the common elements may be effective pursuant to such phasing or add-on plan, more than seven years after the Declaration of Condominium becomes effective. Each unit shall be entitled to vote in the manner established in Article V, Section 2 of the" Condominium Declaration.

Section 4. Effective Date of Expansion. The Condominium shall be deemed expanded when an amendment to this Declaration is recorded in the Sauk County Resister of Deeds office, which amendment shows the new percentage interests of the unit Owners and the votes which each Unit Owner may cast in the Condominium as expanded, and when an amendment to the Condominium Plat is recorded as required in Wisconsin Statutes Section 703.26 (1985-86), or as amended.

Section 5. Effect of Expansion. Upon the recording of an amendment to the Declaration and Condominium Plat, each unit owner, by operation of law, shall have the percentage interests in the Common Elements, liabilities in the Common Expenses, rights to Common surpluses, and shall have the number of votes set forth in the Declaration amendment. Following any such expansion, the interest of any Mortgagee shall attach, by operation of law, to the new percentage interests in the Common Elements appurtenant to the Unit on which it has a lien. Declarant shall have an easement over, through, and under the existing Common Elements to facilitate the expansion; provided, however, any damage to the Common Elements because of Declarant's use of the easement shall be Declarant's responsibility.

A-16


ARTICLE XIV

GENERAL PROVISIONS
Section 1. Enforcement: The Association, any Unit owner, or the Declarant shall have the right to enforce, by any proceeding at law or in equity, all restrictions, conditions, covenants, liens and charges now or thereafter imposed by the provisions of this Declaration and of any supplementary Declarations. Failure to enforce any covenant or restriction herein contained shall in no event be deemed a waiver of the right to do so thereafter.

Section 2. Severability: Invalidation of anyone of these covenants or restrictions by judgment or court order shall in no way affect any other provisions which shall remain in full force and effect.

Section 3. Amendments: Except as otherwise provided by the Act with respect to the termination of the condominium form of ownership, this Declaration may be amended by an affirmative vote of seventy-five percent (75t) of all votes entitled to be cast by members of the Association following the initial sale of a1l Units declared or annexed by Declarant or ten (10) years from the date that the first condominium unit is conveyed by the Declarant, whichever shall first occur. Prior to such time, the consent in writing of the Declarant, its successors and assigns, shall also be required. No amendment shall alter or abrogate the rights of Declarant as contained in the Declaration. Copies of amendments shall be certified by the President and Secretary of the Association in a form suitable for recording. A copy of the amendment shall be recorded with the Resister of Deeds for Sauk county, and a copy of the amendment sha1l also be mailed or personally delivered to each Unit Owner at his address on file with the Association.

Section 4. Registered Agent for Service of Process: The initial registered agent for service of process shall be Michael P. Ash, 100 North Hamilton Street, Suite 5000, Madison, Wisconsin, 53703. Change of agent for service of process may be accomplished by resolution of the Board of Directors of the Association and upon proper filing of said name with the Register of Deeds of Sauk county, Wisconsin.

The order of business at all annual meetings is as follows:

(a) Roll Call
(b) Proof of Notice of Hearing
(c) Proof of Quorum
(d) Reading of Minutes of Preceding Annual Meeting
(e) Report of Officers
(f) Report of Committee
(g) Election of Board of Directors
(h) Unfinished Business
(i) New Business
(j) Approval of Budget
(k) Adjournment

A-17


The order of business at all special meetings is determined by the President.


LIGHTHOUSE COVE, LTD
Thomas M. Diehl I
Vice President

AUTHENTICATION

Signatures authenticated this

P. Ash,
state Bar of WI

This Instrument was Drafted by:
Attorney Michael P. Ash McBurney, Perina, Wynqaard,
Wilson,. and Raymond
100 Nor-~ Hamilton Street
Madison, WI 53703

A-18

EXPANSION OF CONDOMINIUM
LIGHTHOUSE COVE CONDOMINIUMS
PHASE 2

WHEREAS, on May 19, 1988, Lighthouse Cove, Ltd., as Declarant, did execute that certain Declaration of Condominium and Condominium Plat for Lighthouse Cove Condominiums which was recorded in the office of the Register of Deeds for Sauk County on June 30, 1988, as Document No. 512872 in Volume 002 of Condominiums, at page 225; and

WHEREAS, Article XIII of said Declaration of Condominium sets forth that the Declarant reserves, for ten (10) years from the date of said Declaration, the right to expand the condominium by subjecting additional property to said Declaration and reallocating the respective percentage of the undivided interests of unit owners in the common elements of the condominium: and

WHEREAS, the Declaration of Condominium provides at Article XIII, section 4, that upon recording of an amendment for expansion to the Declaration and Condominium Plat in the office of the Register of Deeds for Sauk County, which expansion amendment shows the new percentage interests of unit owners and the vote which each unit owner may cast in the condominium as expanded, that said condominium shall be deemed expanded; and

WHEREAS, the property which may be added as "future phases" to the condominium under said reservation of rights is shown on the Condominium Plat as recorded, said additions to be in one or more phases at the discretion of the Declarant, up to a maximum of seventy-five (75) additional units which may be added to the condominium so that upon addition of such additional units, there shall be no more than one hundred five (105) units subject to said Declaration; and

WHEREAS, the original recorded Condominium Plat for Lighthouse Cove Condominiums shows the future phases of said condominiums, including proposed building locations, club house and pool, and certain undesignated buildings (garages); and

WHEREAS, Lighthouse Cove, Ltd., the Declarant, now wishes to expand said condominium as provided in the Declaration so as to provide for an additional thirty-six (36) units which shall be known as Phase 2 Lighthouse Cove Condominiums;

NOW THEREFORE, the Declarant, Lighthouse Cove, Ltd., by Thomas M. Diehl, its President, and Wayne J. Manternach, its Secretary, being the duly authorized officers of said corporation, does hereby exercise its right to expand said condominium so as to include an additional phase, which shall be known as Phase 2 of Lighthouse Cove Condominiums, as follows:

A. The Declaration of Condominium for Lighthouse Cove Condominiums shall be hereby expanded so as to create Phase 2 of Lighthouse Cove Condominiums, to include garages, a clubhouse with indoor pool, Building 3 consisting of Units 301 through 318, inclusive, (eighteen (18) units) and Building 6 consisting of Units 601 through 618, inclusive, (eighteen (18) units), all as shown on the Expanded Condominium Plat which is attached hereto as Exhibit "An, thereby creating ten (10) garages which are designated as limited common elements, a clubhouse with indoor pool designated as a common element, two (2) additional buildings consisting of eighteen (18)" condominium units in each for a total of thirty-six (36) additional condominium units so as to bring the total number of condominium units in Lighthouse Cove Condominiums to sixty-six (66) units, a tennis court, outdoor pool, ten (10) garages, and a clubhouse with indoor pool.

The location and numbers of each of the buildings and each separate condominium unit, garages designated as limited common areas, and common areas to which each unit has access, are all shown on the Expanded Condominium Plat attached hereto as Exhibit “A”, and which is incorporated herein by reference.

The floor plans for each building showing the unit number, location, layout and dimensions of each unit are depicted on Exhibit "B” attached hereto and are further incorporated herein by reference.

B. The percentage interest of each unit owner is set forth on the attached Exhibit “C”, and the 1989 Projected Annual Budget for Phases 1 and 2 (total 66 units) is set forth on the attached Exhibit “D”, subject to further change by the Board of Directors of Lighthouse Cove Condominium owners. Association, Inc. as provided in the Condominium Declaration for said Lighthouse Cove Condominiums, and in the Bylaws of said Condominium Owners Association, it being understood and agreed that both Exhibits C and D referred to herein as attached hereto are incorporated
herein by reference.
2





C. Except insofar as the terms thereof are inconsistent with this Expansion Amendment creating Phase 2, the original Declaration which established Phase 1 shall govern all real estate and improvements, including all condominium units and garages which are located upon Phase 1 Lighthouse Cove Condominiums in the Village of Lake Delton, Sauk County, Wisconsin in the same manner and to the same extent as if said real estate and the improvements thereon for both phases had been specifically made a part of said original Declaration rather than being referred to therein as additional phase(s) to be added in the future by the Declarant.

D. Each unit owner in each phase of the condominium project shall continue to have the same vote on all matters and/or actions requiring a vote of unit owner as set forth in Article V, section 2 of the original Declaration.

E. Declarant reserves all rights of future expansion for one or more additional phases of Lighthouse Cove Condominiums so as to provide for up to an additional seventy-five (75) units as set forth under the terms and provisions of Article XIII, Section 2 of the original Declaration first referred to above.

F. The terms and provisions set forth in this Expansion Amendment shall run with and bind the land described herein, together with and including all present and future owners, occupants and mortgagees and all parties claiming an interest in said real estate, their heirs, personal representatives, successors and assigns until such time as the condominium established by the original Declaration and all rights of the Declarant to expand terminates in accordance with the provisions of the original Declaration by operation of law or by required voluntary action on the part of the Declarant and/or the unit owners of all real estate located within Lighthouse Cove Condominiums which is subject to the original Declaration of Condominium and Condominium Plat for Lighthouse Cove Condominiums as hereby expanded.

G. At any given time before, during or after said expansion, each unit owner shall continue to have one vote on all matters and/or actions requiring a vote of the unit owners as set forth in Article V, section 2 of the original Declaration.

The covenants and restrictions set forth in this Expansion Amendment shall run with and bind the land described herein, and the present and all future owners, occupants and mortgagees, and parties claiming an interest in the said real estate, their heirs, personal representatives, successors and assigns until the condominium established by the original Declaration and this Expansion Amendment is terminated in accordance with the provisions of the original Declaration, by operation of law, or by required voluntary action on the part of the unit owners of all real estate subject to Lighthouse Cove Condominiums.

IN WITNESS WHEREOF, the undersigned Lighthouse Cove, Ltd. by its authorized President and Secretary, does hereby execute this Expansion Amendment to be recorded in the office of the Register of Deeds for Sauk County, Wisconsin, solely for the purpose of expanding Lighthouse Cove Condominiums, so as to create Phase 2 of said condominium pursuant to Article XIII of the Declaration of Condominium for Lighthouse Cove Condominiums.
Dated at Madison, Wisconsin, this day of 5th day of June, 1989

LIGHTHOUSE COVE
By:
Thomas K. Diehl, President


By
(SEAL)
. Manternach, Secretary

STATE OF WISCONSIN COUNTY OF DANE

Personally came before me this 5th day of June, 1989, the above-named Thomas M. Diehl and Wayne J. Manternach, President and Secretary, respectively, of Lighthouse Cove, Ltd. a Wisconsin corporation, to me known to be the persons who executed the above and foregoing instrument and acknowledge the same.


This Instrument Was Drafted By
and To Be Returned To:
Attorney Harvey L. Wendel
Wendel & Center
Post Office Box 2034
Madison, Wisconsin 53701-2034
3



ARTICLES OF INCORPORATION
TABLE OF CONTENTS


PAGE


ARTICLE I Name B-1

ARTICLE II Period of Existence B-1

ARTICLE III Purposes B-1

ARTICLE IV Powers B-2

ARTICLE V Members B-3

ARTICLE VI Registered Agent and Principal Office B-3

ARTICLE VII Directors B-3

ARTICLE VII I Officers B-3

ARTICLE IX Incorporator B-4

ARTICLE X Stock, Dividends, Dissolution B-4

ARTICLE XI Amendment B-4





ARTICLES OF INCORPORTION
OF
LIGHTHOUSE COVE OWNER’S ASSOCIATION, INC
(A Non-Stock, Non-Profit Corporation)

The undersigned, being a natural person over thee age of eighteen (18) years, and acting as incorporator of a non-stock, non-profit corporation under the provisions of the Wisconsin Non-stock Corporation Law, Chapter 181 of the Wisconsin States, does hereby adopt the following Articles of Incorporation of such corporation:

ARTICLE I

NAME

The name of the corporation shall be Lighthouse Cove Owner's Association, Inc. (the "Association").


ARTICLE II

PERIOD OF EXISTENCE

The period of existence of the Association shall be perpetual, unless dissolved pursuant to the provisions of the Wisconsin statutes then in effect.


ARTICLE III

PURPOSES

The purposes for which this Association is organized are as follows:


(a) To serve as an association of unit owners who own real estate and improvements under the condominium form of ownership (such real estate and improvements hereinafter some- times referred to as "condominium property"), as provided in the Condominium Ownership Act under the laws of the state of Wisconsin and subject to the terms and conditions of the Condo- minimum Declaration for Lighthouse Cove Condominium Development, as recorded in the Office of the Register of Deeds for Sauk county, Wisconsin (hereinafter referred to as "Declaration");

(b) To serve as a means through which the unit owners may collectively and efficiently administer, manage, operate and control the condominium property in accordance with the Condominium Ownership Act and the Declaration; and

(c) To engage in any lawful activity included in and permitted under the Condominium Ownership Act and the Declaration within the purposes for which a non-stock, non-profit Corporation may be organized under the Wisconsin Non-Stock Corporation Law.



B - 1


ARTICLE IV

POWERS

The Association shall have and exercise all of the powers enumerated in the Wisconsin Condominium Ownership Act and the Wisconsin "Non-stock corporation Law, to the extent not inconsistent with the Condominium ownership Act, or the Declaration, or by Bylaws, including without limitation, the following:

(a) To exercise exclusive management and control of the common elements and facilities limited common elements described and set forth in the Declaration;

(b) To hire, engage, employ or discharge such persons or entities as it may deem necessary or advisable to assist in the management of its affairs or to properly effectuate the duties and responsibilities of the Association as set forth in the Declaration;

(c) To maintain, repair, replace, reconstruct, operate and protect the common elements and facilities and limited common elements as set forth in the Declaration:

(d) To determine, levy and collect assessments against the unit owners and use the proceeds thereof in the exercise of its powers and duties, including without limitation, the payment of operating expenses of the Association and the common expenses relating to the maintenance, repair, replacement, reconstruction, operation and protection of the common elements and facilities and limited common elements as described and set forth in the Declaration;

(e) To enter into contracts on behalf of the unit owners, and act as agent of the unit owners, with regard to, among other things, common services as required for each unit, utilities, and such other matters as may be determined by the members of the Association;

(f) To purchase insurance on the condominium property and insurance for the benefit of the Association and its members as set forth in the Declaration;

(g) To make and amend Bylaws and reasonable rules and regulations governing, among other things, the use and operation of the condominium property in the manner provided by the Declaration;

(h) To enforce by legal means the provisions of the Condominium ownership Act, the Declaration, the
Bylaws, assessments and liens against the units, and any rules and regulations governing the use and operation of the condominium property;

(i) To acquire and hold title to units for the benefit of the unit owners pursuant to the right of first refusal, or otherwise, as set forth in the Declaration and to sell, lease, mortgage, vote the votes appurtenant to, and otherwise deal with said units so acquired for the benefit of all unit owners as set forth in the Declaration;

(j) To establish and maintain one or more bank accounts for deposit and withdrawal of the funds of the Association; and

(k) To do all things necessary or convenient to effectuate thee purposes of this Association and the
Declaration.



B - 2

ARTICLE V

MEMBERS

All owners of units in LIGHTHOUSE COVE CONDOMINIUM DEVELOPMENT shall be entitled and required to be members of the Association, and membership shall at all times consist exclusively of and be limited to such unit owners. The Association shall initially have two classes of voting membership. The designation of such classes, and the respective rights and qualifications of the two classes of membership, shall be as set forth in the Bylaws of the Association.

ARTICLE VI

REGISTERED AGENT AND PRINCIPAL OFFICE

The location of the initial principal office of the Association shall be P. o. Box 41, Wisconsin Dells, Wisconsin, 53965, and the initial registered agent shall be Michael P. Ash, 100 North Hamilton Street, Suite 5000, Madison, Wisconsin, 53703.

ARTICLE VI

DIRECTORS

The number of the directors of the Association shall be as fixed in the Bylaws, but in no event shall be less than three (3). The manner in which directors shall be elected, appointed or removed shall be provided in the Bylaws.
The number of directors constituting the initial Board of Directors shall be three (3), and the names and addresses of the initial directors are:


Michael S. Peterson
c/o Blue Water Development, Inc.
P. O. Box 41
Wisconsin Dells, WI 53965

Thomas M. Diehl
P. O. Box 65
Wisconsin Dells, WI 53965

Wayne J. Hanternach
c/o Terrace Homes, Inc.
P. O. Box 1040
Adams, WI 53910


ARTICLE VIII

OFFICERS

The principal officers of the Association shall be a President, a Vice-President, a Secretary, and a Treasurer. The officers shall be elected, appointed or removed in the manner provided by the Bylaws, and shall have and exercise the powers and duties assigned in the Bylaws.




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ARTICLE IX

INCORPORATOR

The name and address of the incorporator of this Association is:

Michael S. Peterson
c/o Blue Water Development Company, Inc.
P. O. Box 41
Wisconsin Dells, WI 53965




ARTICLE X

STOCK, DIVIDENDS, DISSOLUTION

The Association shall not have or issue shares of stock. No dividend shall ever be paid to members of the Association, and no part of the income, assets or surplus of the Association shall be distributed to its members, directors, or officers, except upon dissolution of the Association. The Association may pay compensation in reasonable amounts to employees, members, directors, or officers for services rendered, except as limited in the Bylaws, and may confer benefits upon its members in conformity with its purposes.

In the event of dissolution of the Association, and the removal of LIGHTHOUSE COVE CONDOMINIUM DEVELOPMENT from the provisions of the Wisconsin Condominium Ownership Act, all of the Association's assets, after payment of its liabilities and obligations, shall be distributed to the members of the Association in accordance with their undivided percentage interest in the common elements of the condominium.



ARTICLE XI

AMENDMENT

These Articles may be amended in the manner provided by law at the time of amendment.

IN WITNESS WHEREOF, the undersigned has executed
Articles in duplicate this 19. day of May 1988.



STATE OF WISCONSIN

COUNTY OF SAUK


On this 19th day May, 1988, personally appeared before me the above-named Michael S. Peterson, known to me to be the person whose name is subscribed to the foregoing Articles of Incorporation and he acknowledged that he executed the same for the purposes therein contained.
I

This Instrument Was Drafted by: Attorney Michael P. Ash McBurney, Perina, Wyngaard,
Wilson and Raymond
100 North Hamilton Street
Madison, WI 53703



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BY LAWS

TABLE OF CONTENTS


ARTICLE PAGE

ARTICLE I Definitions C-1

ARTICLE II Members, Meetings and Voting C-3

ARTICLE III Board of Directors C-6

ARTICLE IV Officers C-9

ARTICLE V Operation of the Property C-11

ARTICLE VI Repairs and Maintenance C-13

ARTICLE VII Duties and Obligations of Unit Owners C-15

ARTICLE VIII General C-16

ARTICLE IX Amendments C-17

ARTICLE X Powers C-17

ARTICLE XI Miscellaneous C-18






BYLAWS
OF
LIGHTHOUSE COVE OWNERS ASSOCIATION, INC.

Pursuant to Articles of Incorporation of LIGHTHOUSE COVE OWNERS ASSOCIATION, INC. and the Condominium Declaration filed in the Office of the Register of Deeds for Sauk County, Wisconsin, the following are adopted as the Bylaws of LIGHTHOUSE COVE OWNERS ASSOCIATION, INC., which is a non-profit, non-stock corporation formed and organized to serve as an Association of unit owners who own real estate and improvements under the condominium form of ownership, as provided in the Condominium ownership Act under the laws of the state of Wisconsin and subject to the terms and conditions of the Declaration.

ARTICLE I

DEFINITIONS

"Association" shall mean and refer to the LIGHTHOUSE COVE OWNERS ASSOCIATION, INC., a Wisconsin non-stock corporation. All unit owners’ of each phase of the Lighthouse cove Condominium Development shall be members of the Association and subject to its Articles of Incorporation, Bylaws and rules adopted by it for the use and management of the Condominium. By becoming members of the Association, Unit Owners assign the management and control of the Common Elements of the Condominium to the Association. Subject to any reservation of rights set forth herein, the policies of the Association shall be established by a Board of Directors elected by its members and implemented by a retained Manager.

"Book of Resolution" shall mean and refer to the document containing rules and regulations and policies adopted by the Board of Directors as the same may be from time to time recorded and amended.

"Common Elements" mean all those portions of the Condominium which are not included in the definition of Unit and all tangible personal property used in the operation, maintenance and management of the Condominium. Except as provided herein, and subject to the Bylaws of the Association and rules adopted under them, the Common Elements are available for the use and enjoyment of or service to owners of all units. None of the real estate which is part of the Common Elements may be abandoned, partitioned, subdivided, encumbered, sold or transferred except by amendment of the Declaration.


"Common Expenses and Common Surpluses" mean the expenses and surpluses of the Association, as more fully defined herein.

"Condominium" means the property subject to the condominium Declaration.

"Condominium Instruments" mean the Declaration, plats and plans of the condominium together with the attached exhibits or schedules.

"Declarant" is Lighthouse Cove, Ltd., a Wisconsin corporation, its successors or assigns. Declarant may assign or delegate some or all of its rights and responsibilities in connection with the Condominium by recording an instrument with the Register of Deeds for Sauk County, Wisconsin, describing what is assigned or delegated and to whom.

"Declaration" shall mean the covenants, conditions restrictions and all other provisions herein set forth in entire document, as the same may from time to time be amended.

"Limited Common Elements" are those Common Elements
reserved for the exclusive use and enjoyment of or service to one or more but not all owners of units. Limited Common Elements and the Unit or units to which their use is reserved are identified on the Condominium Plat.


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"Mortgagee" means the holder of any recorded mortgage encumbering one or more units or a Land Contract vendor.

"Person" means an individual, corporation, partnership, association, trustee or other legal entity.

"Property" means unimproved land, land together with improvements on it or improvements without the underlying land.

"Unit" is that part of the Condominium designed and intended for the exclusive independent use by or under the authority of its owner.

(a) A Unit shall include one or more contiguous or noncontiguous cubicles of air: the exterior boundaries of each cubicle shall be the unfinished interior surface of the perimeter walls surrounding the cubicle, the unfinished lower surface of the ceiling of the highest story of the cubicle, and the uncovered or unfinished upper surface of the floor of the lowest story of the cubicle. Finished interior surfaces, including paint, wallpaper, carpeting and the like, are part of the Unit.

(b) In addition, a Unit includes the following items serving the particular Unit although they may be outside the defined cubicle of air:

(i) all doors, windows, their interior casements, and all their opening, closing and locking mechanisms and hardware;
(ii) all wall and ceiling mounted electrical fixtures and the recessed junction boxes serving them;

(iii) all floor, wall, baseboard or ceiling electrical outlets and switches and the junction boxes serving them;

(iv) all plumbing and hot water fixtures and the piping, valves and other connecting and controlling materials or devices lying between the fixtures and the main hot water, water or sewage lines to the lowest story of the Unit;

(v) the cable television outlet to the Unit and the junction box serving it;

(vi) the fan and ducts providing air conditioning to the unit and controls for the air conditioning system of the Unit.

(c) Not included as a part of the unit are any structura1 components and portions of the mechanical systems
of the building which are not specifically included in the definition of "Unit" above, which lie within the cubicle or cubicles of air comprising the Unit.

(d) Units are identified by building, number and location on the Condominium Plat, recorded contemporaneously with the Declaration. This description includes the interests pertaining to the unit in the Common Elements and Limited Common Elements and the rights and obligations created under the Declaration
"Unit Number" means the number, letter or a combination thereof, identifying a unit in the Declaration.

"Unit Owner" means a person, combination of persons, partnership or corporation who holds a legal title condominium unit or has equitable ownership as a Land Contract vendee.


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ARTICLE II

MEMBERS, MEETINGS AND VOTING

Section 1. Members All owners of units in LIGHTHOUSE COVE OWNERS ASSOCIATION, INC. shall be entitled and required to be members of the Association. No person or entity other than a Unit owner of Declarant may be a member of the Association, and a membership in the Association may not be transferred except in connection with the transfer of title to a Unit; provided, however, that the rights of voting may be assigned to a Mortgagee as further security for a loan secured by a lien on a Unit. The Association shall have two classes of voting membership, and the rights and qualifications of the members are as follows:
(a) Class A Members

(i) Defined - Class A Members shall be all unit Owners with the exception of the Declarant, and shall have one (l) vote for each unit owned.

(ii) One (1) vote Per Unit - When more than one (1) person holds an interest in any Unit, all such persons shall
be members. The vote for such Unit shall be exercised as they among themselves determine, but in no event shall more than one (1) vote be cast with respect to any meeting at which a vote is to be taken. Each co-owner shall file the name of the voting co-owner with the Secretary of the Association in order to be entitled to vote at such meeting, unless such co-owners have filed a general voting authority with the Secretary applicable to all votes until rescinded.

(iii) Transfer of Membership - Each membership shall be appurtenant to the Unit upon which it is based and shall be transferred automatically upon conveyance, of that unit. Membership in the Association may not be transferred, except in connection with the transfer of a unit. Upon transfer of a Unit, the Association shall, as soon as possible .thereafter, be given written notice of such transfer, including the name and address of the new owner, identification of Unit, fate of transfer, name of person designated to vote and any other information about the transfer which the Association may deem pertinent, and the Association shall make appropriate changes in its records effective as of the date of transfer.

(b) Class B Members

(i) Defined - Class B Member(s) shall be the Declarant and shall be entitled to three (3) votes for each Unit owned. The Class B membership shall cease and be converted to Class A membership on the occurrence of either of the following events:

(a) When the total votes outstanding in Class A membership equal or exceed the total outstanding Class B membership, or

(b) Ten (10) years from the date of the recording of the Declaration.

(ii) Rights of Declarant(s) - Notwithstanding any other provisions contained in these Bylaws, Declarant, its successors and assigns, shall have the right at its option to appoint and remove the members of the Board of Directors and the officers of the Association, and to exercise the powers and responsibilities otherwise assigned by the Declaration to the Association or its officers. However, this control shall not extend for a period exceeding the earlier of: (1) ten (10) years from the date of recording of the Declaration: or (2) thirty (30) days after the conveyance of seventy-five percent (75%) of the common interests to purchasers.

Section 2. Quorum and Proxies for Member's Meetings. A quorum for member's meetings shall consist of a majority of votes entitled to vote unless otherwise provided for in these Bylaws or the Declaration. Votes may be cast in person or by proxy. The act of a majority of votes present in person or by proxy at any meeting at which a quorum is present shall be the act of the members, unless provided otherwise under the Act or Declaration. Proxies shal1 be valid only for the particular meeting(s) or time period designated therein, up to a maximum of 180 days, unless sooner revoked, and must be filed with the Secretary before the appointed time of the meeting. If any meeting of members cannot be organized because a quorum is not present, a majority of the members who are present either in person or by proxy, may adjourn the meeting from time to time until a quorum is present, without further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally noticed.

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Section 3. Time, Place, Notice and Calling of Member's Meetings. Written notice of all meetings stating the time, place and purposes for which the meeting is called shall be given by the President or Secretary, unless waived in writing by all Unit Owners, to each member at his address as it appears on the books of the Association and shall be mailed or personally delivered not less than ten (10) days or more than sixty (60) days prior to the date of the meeting. Notice of meetings may be waived before or after meetings. Meetings shall be held at such time and place as may be designated by the Board of Directors.

Section 4. Annual and Special Meetings. The annual meeting shall be held at least once each calendar year on a date and at a time to be determined by the Board of Directors for the purpose of electing directors and of transacting any other business authorized to be transacted by the members. Special meetings of the members shall be held whenever called by the President and any two members of the Board of Directors and must be called by such officers upon receipt of a written request signed by members who have one-third (1/3) or more of-all votes entitled to be cast.

Section 5. Order of Business. The order of business at all annual meetings is as follows:


(a) Roll Call
(b) Proof of Notice of Hearing
(c) Proof of Quorum
(d) Reading of Minutes of Preceding Annual Meeting
(e) Report of Officers
(f) Report of Committee
(g) Election of Board of Directors
(h) Unfinished Business
(i) New Business
(j) Approval of Budget
(k) Adjournment



Section 6. Certificates. All certificates stating facts in regard to the Condominium or any of its Units, including statements regarding unpaid assessments against any Unit or the then-current status of documents related to the Condominium, shall be signed on behalf of the Association by its secretary or assistant secretary.

Section 7. Condominium Act. The provisions of Chapter 703, Wisconsin Statutes (1985-86), reference into this Declaration.




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ARTICLE III

BOARD OF DIRECTORS


Section 1. Initial Board of Directors. The initial Board of Directors shall consist of three (3) persons appointed by Declarant, who need not be members of the Association, to serve until Class B membership ceases and is converted to Class A membership as provided in Article II. Notwithstanding the foregoing, upon the conveyance of twenty-five percent (25%) of the Units in Lighthouse Cove Condominium Development, an Association meeting shall be held and Unit Owners other than Declarant shall elect at least twenty-five percent (25%) of the Board of Directors. Upon the conveyance of fifty percent (50%) of the Units by Declarant, an Association meeting shall be held and the Unit Owners other than Declarant shall elect at least one-third (1/3) of the Board of Directors.

Section 2. Number and Qualifications of Directors. After the termination of Class B membership, the Board of Directors shall consist of five (5) persons, to be classified with respect to the terms by which they severally hold office as set forth in Section 4 below. Each member of the Board of Directors shall be a member of the Association or, in the event that such member of the Association is not a natural person, the appointee of such member of the Association.

Section 3. Powers and Duties of the Board of Directors. The affairs of the Association including management and operation of the Condominium property shall be governed by the Board of Directors. All powers and duties necessary for the administration of the affairs of the Association shall be exercised by the Board of Directors. Such powers and duties shall be exercised in accordance with the provisions of the Declaration, the Articles of Incorporation and these Bylaws.


Section 4. Election and Term of Directors. At the first annual meeting of Association after the initial termination of Class B Membership, the members shall elect five (5) Directors to be classified with respect to the terms for which they hold office by dividing them into three (3) classes as follows:
(a) Two (2) Directors whose term shall expire after one (1) year, at the next annual meeting of the Association;
(b) Two (2) Directors whose terms shall expire after two (2) years at the second annual meeting of the Association after their election;
(c) One (1) Director whose term shall expire after three (3) years, at the third annual meeting of the Association after his election.

The successors to the class of Directors whose terms expire as set forth above shall be elected to hold office for a term of three (3) years or until their successors are duly elected and qualified, or until any such Directors shall have been removed in the manner hereinafter provided, so that the term of one class of Directors shall expire in each year.

Section 5. Vacancies on Board. Vacancies on the Board of Directors caused by any reason other than the removal of a Director by a vote of the members shall be filled by a vote of the majority of the remaining Directors, even though they may constitute less than a quorum, and each person so elected shall be a Director until a successor is elected at the next annual meeting of the members at which that class of Directors is to be elected.

Section 6. Removal of Directors. At any regular or special meeting duly called, anyone or more of the Directors may be removed with or without cause by a majority of the votes of the members entitled to be cast and a successor may then and there be elected to fill the vacancy thus created.

Section 7. Regular Meeting and Notice. A regular annual meeting of the Board of Directors shall be held immediately after, and at the same place as the annual meeting of the members. Notice of the regular annual meeting of the Board of. Directors shall not be required.

Section 8. Special Meetings and Notice. Special meetings of the Board of Directors may be called by the President or by two (2) Directors on three (3) days prior written notice to each Director, given personally or by mail, which notice shall state the time, place and purpose of the meeting.

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Section 9. Waiver of Notice Before or after any meeting of the Board of Directors, any Director may, in writing, waive notice of such meeting and such waiver shall be deemed equivalent to the giving of such notice. Attendance by a Director at any meeting of the Board shall be a waiver of notice by him of the time and place thereof. If all of the Directors are present at any meeting of the Board, no notice shall be required and any business may be transacted at such meeting.

Section 10. Quorum of Directors -Adjournments. At all meetings of the Board of Directors, a majority of the Directors shall constitute a quorum for the transaction of business, and the act of the majority of the Directors present at the meeting at which a quorum is present shall be the act of the Board of Directors. If, at any meeting of the Board of Directors, there shall be less than a quorum present, the majority of those present may adjourn the meeting from time to time without further notice. At any such adjourned meeting at which a quorum is present, any business which might have been transacted at the meeting as originally called may be transacted.

Section 11. Fidelity Bonds. The Board of Directors may require that some or all officers and/or employees of the Association handling or responsible for Association's funds shall furnish adequate fidelity bonds. The premiums on any such shall be paid for by the Association.



ARTICLE IV

OFFICERS


Section 1. Designation of Officers. The officers of this Association shall be a President and Vice-President, who shall at all times be members of the Board of Directors, a Secretary, Treasurer, and such other officers as the Board of Directors may from time to time by resolution create. Any two (2) or more offices may be held by the same person except the offices of President and Secretary.


Section 2. Election of Officers. The election of officers shall take place at the first meeting of the Board of Directors following each annual meeting of the Members. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. New offices may be created and filled at any meeting of the Board of Directors.

Section 3. Term. The officers of this Association shall be elected annually by the Board of Directors and each shall hold office for one (1) year unless he or she shall sooner resign, or shall be removed, or otherwise disqualified to serve.

Section 4. Resignation and Removal. Any officer may be removed from office with or without cause by the Board. Any officer may resign at any time giving written notice to the Board, the President or the secretary. Such resignation shall take effect on the date of receipt of such notice or at any later date specified therein, and unless otherwise specified therein the acceptance of such resignation shall not be necessary to make it effective.

Section 5. Vacancies. A vacancy in any office be filled by appointment by the Board. The officer appointed such vacancy shall serve for the remainder of the term of officer he or she replaces.

Section 6. Duties. The duties of the officers are as follows:


(a) President. The President shall preside at all meetings of the Board of Directors and of the Association; shall see that orders and resolutions of the Board are carried out. He shall have all the general powers and duties which are usually vested in the office of President, including, but not limited to, the power to sign, together with any other officer designated by the Board, any contracts, checks, drafts or other instruments on behalf of the Association in accord with the provisions herein. The President shall perform such duties and have such authority as are delegated by the Board of Directors.


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(b) Vice-President. The Vice-President shall take the place of the President and perform his duties whenever the President shall be absent or unable to act. If both the President and the vice-President are unable to act, the Board of Directors shall appoint some other member of the Board to do so on an interim basis. The Vice-President shall also perform such other duties as shall from time to time be imposed upon him by the Board of Directors.

(c) Secretary. The Secretary shall record the votes and keep the minutes of all meetings and proceedings of the Board and of the Members; maintain the book of resolutions; serve notices to members as provided in Article II: keep appropriate current records showing the members of the Association together with their addresses; conduct elections as specified in Article III, and shall perform such other duties as required by
the Board.

(d) Treasurer. The Treasurer shall cause all monies of the Association to be deposited in appropriate accounts and disbursed there from as directed by resolution of the Board of Directors, shall co-sign any promissory notes and contracts; keep proper books of accounts; cause an annual audit of the Association books to be made by an independent public accountant at the completion of each full fiscal year; and shall be the chief officer responsible for the preparation of an annual budget and a statement of income and expenditures to be presented to the Board and to the membership at its regular annual meeting.
(e) Liability of Directors and Officers. No person shall be liable to the Association for any loss or damage suffered by it on account of any action taken or admitted to be taken by him as a Director or officer of the Association, if such person (a) exercised and used the same degree of care and skill as a prudent man would have exercised or used under the circumstances in the conduct of his own affairs, or (b) took or admitted to take such action in reliance upon advice of counsel for the Association or upon statements made or information furnished by officers or employees of the Association which he had reasonable grounds to believe to be true The foregoing shall not be exclusive of other rights and defenses to which he may be entitled as a matter of law. The Board of Directors may provide Director's and officer's liability insurance in such amounts and with such coverage as may be determined by the Board of Directors to be necessary or advisable from time to time.

Section 7. Compensation. No Director or officer of the Association shall receive any fee or other compensation for services rendered to the Association except by specific resolution of the membership.


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ARTICLE V

OPERATION OF THE PROPERTY

Section 1. The Association. The Association, acting through the Board of Directors, shall be responsible for the administration, management and, operation of Condominium property, in accordance with the Declaration, the Articles of Incorporation and these Bylaws. The Association may contract for management services and a management agent with respect to the administration and operation of the Condominium.
Section 2. Rules and Regulations. The Association, through the Board of Directors, shall from time to time adopt rules and regulations governing the operation, maintenance and use of the Units and the Common Elements and facilities by the Unit owners and occupants. Such rules and regulations of the Association shall not be inconsistent with the terms of the Declaration or the contracts, documents and easements referred to in the Declaration, and shall be designed to prevent unreasonable interference with the use of the respective units and the Common Elements and facilities by persons entitled thereto. The Association members, their lessees or guests, and any occupants of the Unit shall conform to and abide by all such rules and regulations. A violation of any such rule or regulation shall constitute a violation of the Declaration. The Association, through its Board of Directors, shall designate such means of enforcement thereof as it deems necessary and appropriate. The rules and regulations may be altered and amended or repealed in the same manner as these Bylaws.

Section 3. Common Expenses. The Board of Directors shall determine the Common Expenses of the Association, and shall prepare an annual operating budget for the Association in order to determine the amount of assessments payable by each unit to meet the estimated Common Expenses of the Association for the ensuing year. The amount required by such budget shall be assessed against the Units and allocated among the members of the Association according to their respective percentages of ownership in the Common Elements and facilities of the Condominium as set forth in the Declaration. The assessments shall be made on an annual basis and shall be prorated and due monthly. If not paid on or before the due date, the assessment shall bear interest from the due date at a percentage rate no greater than the current statutory maximum annual interest rate to be set by the Association for each assessment period. If delinquent for more than thirty (30) days, the Association may accelerate the annual assessments remaining unpaid with respect to such delinquent Unit for purposes of collection or foreclosure action by the Association. In the event the annual budget and assessments are not determined prior to the beginning of a fiscal year of the Association, the assessment for the prior year shall remain in effect until revised by the Board of Directors.

Section 4. Operating Budget. The annual operating budget shall provide for two funds, one of which shall be designated the “Operating Fund" and the other the "Reserve Fund." The Operating Fund shall be used for all Common Expenses which occur with at least annual frequency, such as amounts required for the cost of maintenance and repair of the Common Elements, management services, insurance, common services, administration, materials and supplies. The Reserve Fund shall be used for contingencies and periodic expenses, such as painting, or renovation. In the event the Association incurs extraordinary expenditures not originally included in the annual budget, then such sums as may be required in addition to the Operating Fund may be charged against the Reserve Fund. In the event that both funds prove inadequate to meet the necessary Common Expenses, or at the discretion of the Board of Directors, the Directors may levy further assessment(s) against the Unit Owners.

The Reserve Fund may also be used to discharge mechanic's liens or other encumbrances levied against the entire property or against each Unit, if resulting from action by the Association. The Unit Owner or Owners responsible for any lien which is paid by the Association, which is not the obligation of the Association, shall be specifically assessed for the full amount thereof. The Directors may also use the Reserve Fund for the maintenance and repair of any Unit if such maintenance and repair, although the obligation of the Unit Owner, is necessary to preserve the aesthetics of the Condominium property. The full amount of the cost of any such maintenance or repair shall be assessed to the Unit owner responsible therefore. The annual budget shall be prepared and determined by the 15th of December proceeding each calendar year. The Board of Directors shall advise all members of the Association in writing of the amount of common assessments payable on behalf of each Unit by the date of the annual member's meeting and shall furnish copies of the budget on which such common assessments are based to each member.



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If within fifteen (15) days after the annual membership meeting a petition is presented to the Board of Directors protesting such assessments or the budget upon which they are based, and the petition is signed by members representing more than fifty percent (50%) of the membership entitled to vote with respect to such assessments, then the Directors shall notify all members of a meeting called for the sole purpose of reviewing such assessments or budget. At such meeting, the vote of more than fifty percent (50t) of the membership entitled to vote may revise the budget and assessments, and such revised budget and corresponding assessments shall replace for all purposes the ones previously established; provided, however, that the annual budget and assessments may not be revised downward to a point lower than the average total budget for the preceding two (2) years and provided further, that if a budget and assessments have not been established and made for any two (2) preceding years, then the budget and assessments may not be revised downward until two (2) years of experience exist.

Section 5.Effect of Nonpayment of Assessments Remedies of Association. Any assessment not paid when due shall immediately become a personal debt of the Unit Owner and also a lien, as provided in the Act, until paid and may, upon resolution of the Association, bear interest from the due date at a percentage rate no greater than the current statutory maximum annual interest rate to be set by the Association for each assessment. The Association may bring an action at law against the owner personally obligated to pay the same or foreclose the said lien against the property in like manner as a mortgagee of real estate. Liens shall be signed and verified on behalf of the Association by any officer of the Association. The owner of a Unit against which a lien has been filed shall not be entitled to vote at Association meetings until the lien has been paid in full.


ARTICLE VI

REPAIRS AND MAINTENANCE


Section 1. Individual Units. Each Unit Owner shall furnish at his own expense and be responsible for the following:

-- the maintenance, repairs and replacements of the individual portions of the exterior of each Unit and of those facilities which serve said Unit. There shall be no change in materials, design and color to the exterior without the prior written approval of the Architectural and Environmental Control Committee.

-- the maintenance, repairs and replacements of all conduits, ducts, sewers, plumbing, wiring and other facilities for the furnishings of utility services, which may be located within the Unit boundaries or are within the Limited Common Element appurtenant to each Unit.

-- all of the maintenance, repairs and replacements within his own Unit, all of the doors and windows appurtenant thereto and any portion of utility service facilities located within the Unit boundaries; provided, however, such maintenance, repairs and replacements as may be required for the bringing of water and utilities to the Unit, shall be furnished by the Association as part of the Common Expenses.

Section 2. Common Elements and Facilities. The Association, subject to the rights of the unit Owners set forth in the Declaration, shall be responsible for the exclusive management and control of the Common elements and all improvements thereon (including furnishings and equipment related thereto), and shall keep the same in good, clean, attractive and sanitary condition, order and repair. Without in any way limiting the foregoing, the Association shall be responsible, at Association expense (unless necessitated by the negligence or misuse of a unit owner, in which case such expense shall be charged and specifically assessed to such Unit owner), for accomplishment of the following specific items of maintenance and repair with respect to the Common and Limited Common Elements:
-- landscaping, tree pruning, grass cutting, edging and trimming. Repair, replacement or restoration of roads, drives, parking areas and retaining walls.

-- snow removal.

-- maintenance, repair and restoration as necessary of sanitary sewer tile systems.

-- maintenance and repair of septic and water systems.

-- provision, maintenance and storage of equipment and materials required to accomplish the foregoing.

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Section 3. Owner Maintenance and Limited Common Elements. Each unit owner, at his sole expense, shall be responsible for repair, maintenance and appearance of the porch, patio, balcony or any other Limited Common Element appurtenant to his Unit, including (without limitation) responsibility for breakage, damage, malfunction and ordinary wear and tear. The Unit owner shall not paint or otherwise decorate, restructure or adorn or change the appearance of any such Common Element appurtenant to his Unit without the approval of the Architectural and Environmental Control Committee. Each Unit, Owner shall be responsible for snow and ice removal from those areas which are a part of the Limited Common Element appurtenant to his Unit.

Section 4. Association Services. The Association may provide any service or maintenance requested by Unit Owner or owners with respect to individual Units or Limited Common Elements that the Association is able and willing to provide or perform, and shall specially assess such requesting Owner or owners thereof.


ARTICLE VII

DUTIES AND OBLIGATIONS OF UNIT OWNERS

Section 1. Rules and Regulations. The Units Common Elements and facilities and Limited Common Elements be occupied and used in accordance with the Declaration, the Articles of Incorporation, these Bylaws and the rules regulations of the Association, including the following:

(a) Use. Each Unit shall he used for residential purposes only, and no trade or business of any kind may be carried on therein. Lease or rental of a Unit for residential purposes shall not be considered to be a violation of this covenant. Notwithstanding the foregoing, Declarant reserves the right to use an unsold Unit as a "model" and sales office.

(b) Obstructions. There shall be no obstruction the Common Elements nor shall anything be kept or stored on part of the Common Elements without the prior written consent the Association except as specifically provided herein.

(c) Prohibition of Damage and Certain Activities. Nothing shall be done or kept in any Unit or in the Common Elements or any part thereof to increase the rate of insurance on the premises or any part thereof over what the Association, but for such activity, would pay, without the prior written consent of the Association. Nothing shall be done or kept in any Unit or in the Common Elements or any part thereof which would be in violation of any statute, rule, ordinance, regulation, permit or other validly imposed requirement of any governmental body. No damage to, or waste of, the Common Elements or any part thereof shall be committed by any owner or any invitee of any owner and each owner shall indemnify and hold the Association and the other owners harmless against all loss resulting from any damage or waste caused by him or his invitees, to the Association or other owners. No noxious, destructive or offensive activities shall be carried on in any unit or in the Common Elements or any part thereof. Nor shall anything be done therein which may be or may become an annoyance or nuisance to any other owner or to any other person at any time lawfully residing in the Unit.

(d) Signs. No signs of any kind including, but not limited to, "For Sale" or "For Rent" signs shall be displayed to the public view on or from any Unit or the Common Elements without the prior written consent of the Association or Declarant,

(e) Animals. No animals of any kind shall be permitted in any Unit, Common Element or Limited Common Element except those approved by the Architectural and Environmental control Committee or by the Board of Directors. Criteria for obtaining permission includes, but is not limited to, the following:

(1) Size
(2) Weight
(3) Waste Disposal
(4) Noise
(5) Behavior
(6) Exercise Needs

Permission, if given, may be withdrawn by the authority giving such permission in the event that the animal is determined to be undesirable in light of the above criteria.

C - 10




(f) Alteration, Construction or Removal. Nothing shall be altered or constructed in or removed from the Common Elements and facilities, except upon the written consent of the Association.

(g) Conflict. The above rules and regulations and those which may be hereafter adopted by the Association, are in addition to the Declaration and the documents, contracts, declarations and easements set forth in the Declaration, and in the event of a conflict, the Declaration and contracts, declarations and easements set forth in reference therein shall govern.

Section 2. Maintenance and Repair of Units. Every Unit Owner must perform properly or cause to be performed all maintenance and repair work on his own Unit which if omitted would affect the project in its entirety or in a portion belonging to other owners, and such owner shall be personally liable to the Association or to adjoining Unit Owners, as the case may be, for any damages caused by his failure to do so.



ARTICLE VIII

GENERAL

Section 1. Address. The mailing address of this Association shall be P.O. Box 41, Wisconsin Dells, Wisconsin, 53965 until termination of Class B membership in the Association.


Section 2. Fiscal Year. The fiscal year of the Association shall begin on the first day of January and end on the last day of December in each year.

Section 3. Seal. The corporation shall have no corporate seal, and any and all documents shall so state "no corporate seal".


ARTICLE IX

AMENDMENTS


Section 1. By Members. These By-laws may be altered, amended or repealed and new Bylaws may be adopted by the members, at any meeting called for such purpose, by an affirmative vote of not less than
sixty-seven percent (67%) of the votes present or represented at such meeting, provided a quorum is in attendance.

Section 2. By Directors. These bylaws may also be altered, amended or repealed and new Bylaws may be adopted by the Board of Directors by an affirmative vote of a majority of the Directors present at any meeting at which a quorum is in attendance. No Bylaw adopted by the members of the Association shall be amended or repealed by the Board of Directors if the Bylaw so adopted so provides.

Section 3. Rights of Declarant. No amendment these Bylaws shall alter or abrogate the rights of Declarant contained in these Bylaws.



C - 11


ARTICLE X

POWERS

This Association shall have the power to:


(a) To exercise exclusive management and control of the Common Elements and facilities and Limited Common Elements described and set forth in the Declaration;

(b) To hire, engage, employ or discharge such person or entities as it may deem necessary or advisable to assist in the management of its affairs or to properly effectuate the duties and responsibilities of the Association as set forth in the Declaration:

(c) To maintain, repair,' replace, "reconstruct, operate and protect the Common Elements and facilities and Limited Common Elements as set forth in the Declaration;

(d) To determine, levy and collect assessments against the Unit Owners and use the proceeds thereof in the exercise of its powers and duties, including without limitation, the payment of operating expenses of the Association and the Common Expenses relating to the maintenance, repair, replacement, reconstruction, operation and protection of the Common Elements and facilities and Limited Common Elements as described and set forth in the Declaration:

(e) To enter into contracts on behalf of the Unit Owners, and act as agent of the Unit Owners with regard to, among other things, common services as required for each Unit, utilities, and such other matters as may be determined by the members of the Association;

(f) To purchase insurance on the Condominium property and insurance for the benefit of the Association and its members as set forth in the Declaration;

(g) To make and amend Bylaws and reasonable rules and regulations governing, among other things, the use and operation of the Condominium property in the manner provided by the Declaration;

(h) To enforce by legal means the provisions of the Condominium ownership Act, the Declaration, the Bylaws, assessments and liens against the Units, and any rules and regulations governing the use and operation of the Condominium property;

(i) To acquire, and hold title to Units for the benefit of the Unit owners pursuant to the right of first refusal, or otherwise, as set forth in the Declaration and to sell, lease, mortgage, vote the votes appurtenant to, and otherwise deal with said units so acquired for the benefit of all Unit Owners as set forth in the Declaration;

(j) To establish and maintain one accounts for deposit and withdrawal of the Association; and

(k) To do all things necessary or convenient to effectuate the purposes of this Association and the Declaration.


C - 12


ARTICLE XI

MISCELLANEOUS


Section 1. Indemnity of Officers and Directors. Every person who is or was a Director or an officer of the Association together with the heirs, executors and administrators of such person, shall be indemnified by the Association against all reasonable expenses, including attorneys' fees, asserted against, incurred by or imposed upon him in connection with or resulting from any claim, action, suit or proceeding, including criminal proceedings, to which he has made or threatened to be made a party by reason of his being or having been such Director or officer, except as to matters as to which he shall be finally adjudged in such action, suit or proceeding to have willfully failed to deal fairly with the corporation or its stockholders in connection with a matter in which the director or officer has a material conflict of interest, violated a criminal law unless the individual has reasonable cause to believe his or her conduct was lawful or had not reasonable cause to believe his or her conduct was unlawful, derived an improper personal profit, engaged in an act of willful misconduct, or engaged in an act of gross negligence. In the event of a settlement, indemnification shall be provided only as specified by applicable statute. The Association, by its Board of Directors, may indemnify in like manner, or with any limitations, any employee or former employee of the Association with respect to any action taken or not taken in his capacity as such employee. The foregoing rights of indemnification shall be in addition to all rights to which officers, Directors or employees shall be entitled as a matter of law.

All liability, loss, damage, cost and expense incurred or suffered by the Association by reason of or arising out of or in connection with the foregoing indemnification provisions shall be treated and handled by the Association as Common Expenses; provided, however, that nothing contained in the Article XI shall be deemed to obligate the Association to Indemnify any member or owner of the Condominium Unit who is or has been an employee, Director or officer of the Association with respect to any duties or obligations assumed or liabilities incurred by him under and by virtue of the declaration, the Wisconsin Condominium Ownership Act, the Articles and Bylaws of the Association as a member of the Association, or owner of a Condominium Unit.

Section 2. Record of Ownership. Every Unit Owner shall promptly cause to be the duly recorded or filed of record the deed, assignment or other conveyance to him of such Unit or other evidence of his title thereto, and shall file any lease with and present such other evidence of his title to the Board of Directors, and the Secretary shall maintain all such information in the membership list of the Association.

Section 3. Mortgages. Any Unit Owner who mortgages his Unit or any interest therein shall notify the Board of Directors of the name and address of his mortgagee, and also of any release of such mortgage and the Secretary shall maintain all such information in the membership list of the Association. The Board of Directors at the request of any mortgagee, owner or any prospective purchaser of any Unit or interest therein shall report to such person within ten (10) business days, the amount of any assessments against such Unit when due and unpaid.

Section 4. Subordination. These Bylaws are subordinate and subject to all provisions of the Declaration and any amendments thereto and the Wisconsin Condominium Ownership Act, which shall control in case of any conflicts.

Section 5. Interpretation. In the event that any provision of these Bylaws shall be held invalid, such invalidity shall not render invalid any other provision hereof which can be given effect. Nothing in these Bylaws shall be deemed or construed to authorize the Association or Board of Directors to conductor engage in any active business for profit on behalf of any or all of the Unit Owners.

Section 6. Captions. The captions herein are inserted only as a matter of convenience and for reference, and in no way define, limit, or describe the scope of these Bylaws, or the intent of any provision. thereof.

Section 7. Gender; Number. The use of masculine gender in these Bylaws shall be deemed to include feminine gender and the use of the singular shall be deemed include the plural, whenever the context so requires.


C - 13

COPY


FIRST AMENDMENT TO BYLAWS
OF
LIGHTHOUSE COVE OWNERS ASSOCIATION, INC.

WHEREAS, at a meeting of the Board of Directors of Lighthouse Cove Owners Association
(the “Board”) held on 11-9-91 the Board passed a resolution regarding the payment of monthly
assessments directly to an account of Lighthouse Cove Owners Association (the "Association")

and a late charge to be payable in the event such monthly assessments are not made; and

WHEREAS, at a meeting held on September 14, 1991, a majority of the Unit Owners voted to
enter into an agreement on behalf of the Association granting an exclusive right to a rental agent to be selected subsequently, to manage the rental of units at Lighthouse Cove Condominium, which vote further
empowered the Board to modify, amend or add to as necessary the Bylaws of the Association to accommodate the exclusive rental agency; and

WHEREAS, at a meeting held on October 21, 1991, after presentations by prospective rentalagents, the Unit Owners voted to grant the exclusive right to manage the rental of Units at Lighthouse Cove Condominium to a manager; and

WHEREAS, the Board has the authority under Article IX, Section 2, of the Bylaws, to amend the Bylaws by a majority of the Board unless a Bylaw provides that it shall not be amended or repealed by the Board; and

WHEREAS, the Board, at a meeting held on November 19, 1991 resolved to amend the Bylaws
to codify the action of the Unit Owners at their recent meetings by the following amendment to Bylaws;

NOW, THEREFORE, the Bylaws are hereby amended as follows:

1. A new Section 6 shall be added to Article V of Bylaws as follows:

Section 6. Payment of Assessments: Late Fee:
Monthly assessments shall be paid by each Unit Owner in amounts previously determined by the Association. The Board may send to each Unit Owner coupons providing for the payment of the monthly assessments on the first day of each month, which assessments may be made payable directly to the Association's bank account. In the event that any such monthly assessment is not paid within 15 days of the first day of the current month, a $20 late charge will be added to the assessment to cover the cost of the late payment to the Association. The amount of the aforementioned late charge may be changed by action of the Board in its discretion.

2. The following new Article XI shall be added to the Bylaws:

C - 14



ARTICLE XI

EXCLUSIVE RENTAL AGENCY

Section 1. Adoption: An exclusive rental agency has been adopted for the management of the rentals
all Units pursuant: to an agreement (the "Exclusive Rental Agency Agreement") to be executed between the Association and the exclusive rental agent (the "Exclusive Rental Agent").

Section 2. Prohibition: NO Unit Owner shall contract with any leasing or rental agent for the leasing or rental of a Unit other than the Exclusive Rental Agency or on terms which would violate the terms of the Exclusive Rental Agency Agreement. The Board shall be empowered to enforce this restriction by any available means, including, but not limited to, injunction or other equitable relief, fines and/or penalties against the offending Unit Owner. Any such fines and/or penalties may become a lien against a Unit as otherwise provided in these Bylaws.

Section 3. Selection of Exclusive Rental Agent: The Unit Owners shall select the Exclusive Rental Agent at a meeting of its membership and any replacement or substitutions of the Exclusive Rental Agent shall likewise be accomplished by a majority vote at a meeting of the Unit Owners.

Section 4. Exclusive Rental Agency Agreement: The Association shall enter into the Exclusive Rental Agency Agreement with the Exclusive Rental Agent selected by the Association, the terms of such Exclusive Rental Agency Agreement shall be on such terms and conditions as are approved by the Board.

3. All capitalized terms not defined herein shall have the meanings assigned to such terms in the Bylaws.

4. Except as modified by the terms hereof, the Bylaws remain in full force and effect and unchanged by this amendment.

C - 15







EXHIBIT C

PERCENTAGE OF OWNERSHIP
PHASES 1, 2 & 3
LIGHTHOUSE COVE CONDOMINIUMS

BUILDING 100


Unit No. Description Percentage

101 2 Bedroom Flat .9909
102 1 Bedroom Flat .9909
103 1 Bedroom Flat .9909
104 2 Bedroom Flat .9909
105 2 Bedroom Penthouse .9909
106 2 Bedroom Penthouse .9909
107 2 Bedroom Lake Villa .9909
108 2 Bedroom Lake Villa .9909
109 2 Bedroom Lake Villa .9909
110 2 Bedroom Lake Villa .9909




BUILDING 200

Unit No. Description Percentage

201 1 Bedroom Flat .9909
202 1 Bedroom Flat .9909
203 1 Bedroom Flat .9909
204 1 Bedroom Flat .9909
205 1 Bedroom Flat .9909
206 1 Bedroom Flat .9909
207 1 Bedroom Flat .9909
208 2 Bedroom Flat .9909
209 2 Bedroom Penthouse .9909
210 2 Bedroom Penthouse .9909
211 2 Bedroom Lake Villa .9909
212 2 Bedroom Lake Villa .9909
213 2 Bedroom Penthouse .9909
214 2 Bedroom Penthouse .9909
215 2 Bedroom Penthouse .9909
216 2 Bedroom Penthouse .9909
217 2 Bedroom Penthouse .9909
218 2 Bedroom Penthouse .9909
219 2 Bedroom Penthouse .9909
220 2 Bedroom Penthouse .9909





BUILDING 300

Unit No. Description Percentage

301 2 Bedroom Penthouse .9909
302 1 Bedroom Flat .9909
303 1 Bedroom Flat .9909
304 1 Bedroom Flat .9909
305 1 Bedroom Flat .9909
306 2 Bedroom Penthouse .9909
307 2 Bedroom Penthouse .9909
308 2 Bedroom Penthouse .9909
309 2 Bedroom Penthouse .9909
310 2 Bedroom Penthouse .9909
311 2 Bedroom Penthouse .9909
312 2 Bedroom Lake Villa .9909
313 2 Bedroom Lake Villa .9909
314 2 Bedroom Lake Villa .9909
315 2 Bedroom Lake Villa .9909
316 2 Bedroom Penthouse .9909
317 2 Bedroom Penthouse .9909
318 2 Bedroom Penthouse .9909



BUILDING 400

Unit No. Description Percentage

401 1 Bedroom Flat .9909
402 1 Bedroom Flat .9909
403 1 Bedroom Flat .9909
404 1 Bedroom Flat .9909
405 1 Bedroom Flat .9909
406 1 Bedroom Flat .9909
407 1 Bedroom Flat .9909
408 1 Bedroom Flat .9909
409 2 Bedroom Penthouse .9909
410 2 Bedroom Penthouse .9909
411 2 Bedroom Penthouse .9909
412 2 Bedroom Penthouse .9909
413 2 Bedroom Penthouse .9909
414 2 Bedroom Penthouse .9909
415 2 Bedroom Penthouse .9909
416 2 Bedroom Penthouse .9909
417 2 Bedroom Penthouse .9909
418 2 Bedroom Penthouse .9909
419 2 Bedroom Penthouse .9909
420 2 Bedroom Penthouse .9909


BUILDING 500


Unit No. Description Percentage

501 1 Bedroom Flat .9909
502 1 Bedroom Flat .9909
503 1 Bedroom Flat .9909
504 1 Bedroom Flat .9909
505 1 Bedroom Flat .9909
506 1 Bedroom Flat .9909
507 2 Bedroom Penthouse .9909
508 2 Bedroom Penthouse .9909
509 2 Bedroom Penthouse .9909
510 2 Bedroom Penthouse .9909
511 2 Bedroom Lake Villa .9909
512 2 Bedroom Lake Villa .9909
513 2 Bedroom Penthouse .9909
514 2 Bedroom Penthouse .9909
515 2 Bedroom Penthouse .9909



BUIDING 600

Unit No. Description Percentage

601 2 Bedroom Penthouse .9909
602 1 Bedroom Flat .9909
603 1 Bedroom Flat .9909
604 1 Bedroom Flat .9909
605 1 Bedroom Flat .9909
606 2 Bedroom Penthouse .9909
607 2 Bedroom Penthouse .9909
608 2 Bedroom Penthouse .9909
609 2 Bedroom Lake Villa .9909
610 2 Bedroom Lake Villa .9909
611 2 Bedroom Penthouse .9909
612 2 Bedroom Penthouse .9909
613 2 Bedroom Penthouse .9909
614 2 Bedroom Penthouse .9909
615 2 Bedroom Penthouse .9909
616 2 Bedroom Penthouse .9909
617 2 Bedroom Penthouse .9909
618 2 Bedroom Penthouse .9909

__ TOTALS

101 Units 100%












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