Special Project Oversight Committee (SPOC) Report #1

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ARTICLE III ADMINISTRATION l. ASSOCIATION RESPONSIBILITIES. The owners of the units will constitute the Association of Unit Owners ("Association"), which will have the responsibility of administering the project, approving the annual budget (and any adjustments or revisions thereto), establishing and collecting quarterly assessments and arranging for the operation, management and maintenance of the Condominium, including negotiating and contracting with and supervising any person, persons or business entity with respect to such matters. The Association of Unit Owners shall be an unincorporated association, unless the unit owners elect to incorporate under the nonprofit corporation laws of the State of Oregon. 2. PLACE OF MEETINGS/OPEN MEETING LAWS. Formal meetings of the Association shall be held at such place as is agreed upon from time to time by authority of the owners. 3. TURNOVER MEETING. The turnover meeting (which shall constitute the initial organizational meeting) shall be held not later than sixty (60) days following the recordation of the Declaration. The turnover meeting shall be called by notice to all unit owners of the time, place and purpose thereof not less than seven (7) nor more than fifty (50) days before the meeting. If such meeting is not called by the Declarant within the time specified, any unit owner may call a meeting and give the above- referenced notice. At the turnover meeting, the Declarant shall relinquish control of the administration of the Association, the unit owners shall assume such control and the unit owners shall elect a board of directors in accordance with the provisions of Article IV of these Bylaws. Additionally, the Declarant shall deliver to the Association those items specified in the Oregon Condominium Act to be turned over by the Declarant at the turnover meeting. ~. 4. ANNUAL MEETINGS. The first annual meeting of the Association shall be held not later than the end of the calendar year following the calendar year in which the turnover meeting is held and shall be set by action of the Board of Directors. At the discretion of the Board of Directors, the date for this meeting may be changed from time to time, but must be held annually. At such meetings, new members, if any, of the Board of Directors shall be designated by the owners in accordance with the requirements of Section 6 of Article IV of these Bylaws. The owners may also transact such other business of the Association as may properly come before them. BYLAWS OF COURTHOUSE SQUARE CONDOMINIUM PAGE - 3