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~ I . WOODS EDGE TOWNHOMES HOMEOWNERS ASSOCIATION BY-LA WS SECTION 1 GENERAL The following are the By-Laws of Woods Edge Townhomes Homeowners Association, a Minnesota nonprofit corporation (the "Association"). The Association is organized for the purpose of operating and managing Stewart Bluff Homeowners Association. The terms used in these By-Laws shall have the same meaning as they have in the Declaration of Stewart Bluff, (the "Declaration"). SECTION 2 MEMBERSHIP 2.1 . Owners Defined. All Persons described as Owners in Section 15 of the Declaration shall be members of the Association. No Person shall be a member solely by virtue of holding a security interest in a Lot. A Person shall cease to be a member at such time as that Person is no longer an Owner. 2.2 Registration of Owners and Occupants. Each Owner shall register with the Secretary of the Association, in writing, within 30 days after taking title to a Lot, (i) the name and address of the Owners and any Occupants of the Lot, (ii) the nature of such Owner's interest or estate in each Lot owned; (iii) the address at which the Owner desires to receive notice of any meeting of the Owners, if other than the Lot address; (iv) the name and address of the secured party holding the first mortgage on the Lot, if any; and (v) the name of the Owner, if there are multiple Owners of the Lot, who shall be authorized to cast the vote with respect to the Lot. The Owner shall have a continuing obligation to advise the Association in writing of any changes in the foregoing information. 2.3 . Transfers. The interests, rights and obligations of an Owner in the Association may be assigned, pledged, encumbered or transferred, but only along with and a part of the title to the Owner's Lot or as otherwise specifically authorized by the Governing Documents or by law. SECTION 3 VOTING 3.1 Entitlement. Votes shall be allocated to each Lot as provided in the Declaration. However, no vote shall be exercised as to a Lot while the Lot is owned by the Association. 3.2 Authoritv to Cast Vote. At any meeting of the Owners, an Owner included on the voting register presented by the Secretary in accordance with Section 4.6, or the holder of such Owner's proxy, shall be entitled to cast the vote which is allocated to the Lot owned by the Owner. If there is more than one Owner of a Lot, only one of the Owners may cast the vote. If the Owners of a Lot fail to agree as to who shall cast the vote, or fail to register pursuant to Section 2.2, the vote shall not be cast. 'v//