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BYLAWS <br /> OF <br /> TRAILSIDE ESTATES <br /> HOMEOWNERS ASSOCIATION <br /> SECTION 1 <br /> GENERAL <br /> The following are the Bylaws of Trailside Estates Homeowners Association, a <br /> Minnesota nonprofit corporation (the "Association"). The Association's purpose is to <br /> generally manage the Development and enforce the covenants and restrictions as <br /> described in the Declaration of Development Standards and Covenants("Trailside <br /> Estates"), recorded or to be recorded in the Crow Wing County Recorder's office (the <br /> "Declaration"). Unless indicated otherwise, the capitalized terms used in these Bylaws <br /> shall have the same meanings as in the Declaration. <br /> SECTION 2 <br /> MEMBERSHIP <br /> 2.1 Members Defined. All Lot owners (an "Owner")will be members of the <br /> Association (a "Member"). No person will be a Member solely by holding a security <br /> interest in a Lot. A person will cease to be a Member when that person no longer owns <br /> a Lot. <br /> 2.2 Transfers. An Owner may assign, pledge, encumber or transfer the <br /> Owner's interests, rights and obligations in the Association, but only in connection with <br /> a conveyance of the Owner's Lot. <br /> SECTION 3 <br /> VOTING <br /> 3.1 Entitlement. Each Lot shall have one (1)vote in the Association. No vote <br /> will be allocated to a Lot owned by the Association. No vote will be allocated to a <br /> subdivided Lot that has been added to adjoining Lots. The right of any Member to vote <br /> shall be suspended during any period in which such Member shall be in default in the <br /> payment of any assessment levied by the Association. Such voting rights may also be <br /> suspended, after notice and hearing, for any infraction of any rules or regulations <br /> adopted by the Association ("Rules or Regulations"). <br /> 3.2 Authority to Cast Vote. At any meeting of the Association's Members, an <br /> Owner, or the Owner's proxy holder, may cast the vote allocated to the Owner's Lot. In <br /> the case of multiple owners, only one (1) Owner may vote. If the multiple Owners <br /> disagree about who will vote, no vote may be cast. An Owner of multiple Lots will be <br /> allocated one (1) vote for each Lot. <br /> PSq embwS,2006:00 0211 <br /> `/ FADATAU"36W1UW-n %Tdp- <br />