By-Laws
of
Valli Vue Estates Property Owners Association
A Non-Profit Corporation

Article I

Name and Location
The name of the corporation is VALLI VUE ESTATES PROPERTY OWNERS ASSOCIATION, hereinafter referred to as the "Association". The principal office of the corporation shall be located at 7770 Old Seward Highway; mailing address: c/o U.S. Alaska Enterprises, Inc., P.O. Box 4-1141, Anchorage, Alaska 99509, but meetings of members and directors may be held at such places within the State of Alaska, Borough of Anchorage, as may be designated by the Board of Directors.

Article II
Definitions

Section 1 - Association
"Association" shall mean and refer to Valli Vue Estates Property Owners Association, its successors and assigns.

Section 2 - Properties
"Properties" shall mean and refer to that certain real property described in the Declaration of Covenants, Conditions and Restrictions, and such additions thereto as may hereafter be brought within the jurisdiction of the Association.

Section 3 - Common Area
"Common Area" shall mean all real property owned by the Association for the common use and enjoyment of the Owners.

Section 4 - Lot
"Lot" shall mean and refer to any plot of land within the description set forth in the "Declaration" or added by annexation with the exception of the Common Area and Tract Designations.

Section 5 - Owner
"Owner" shall mean and refer to the record owner, installment purchaser, purchaser under land purchase contract, or any person with ownership rights and possession, who have paid in excess of ten percent (10%) of the purchase price, and who are not in default, whether one or more persons or entities, of the fee simple title to any Lot, which is a part of the Properties, but excluding those having such interest merely as security for the performance of an obligation.

Section 6 - Developer-Declarant
A."Developer-Declarant" shall mean and refer to Valli Vue Estates, a limited partnership; its successors or assignees if such successors or assignees should acquire more than one undeveloped lot from the Developer-Declarant for the purpose of development.

B."Property Owner-Declarant" shall mean and refer to other lot owners of record or with property ownership rights who have executed the "Declaration";

C."Declarants" shall mean and refer jointly to "A" and "B' above.

Section 7 - Declaration
"Declaration" shall mean and refer to the Declaration of Covenants, Conditions and Restrictions applicable to the Properties recorded in the Office of Anchorage District Recorder, Third Judicial District, State of Alaska.

Section 8 - Member
"Member" shall mean and refer to those persons entitled to membership as provided in the Declaration.

Article III
Meeting or Members

Section 1 - Annual Meetings
The first annual meeting of the members shall be held within one year from the date of incorporation of the Association, and each subsequent regular annual meeting of the members shall be held on the Third Thursday of October of each year thereafter, including October, 1973, at the hour of 7:30 o'clock P.M. If the day for the annual meeting of the members is a legal holiday, the meeting will be held at the same hour of the first day following -which is not a legal holiday.

Section 2 - Special Meetings
Special meetings of the members may be called at any time by the president or by the Board of Directors, or upon written request of the members who are entitled to vote one-fourth (1/4) of all of the votes of the Class A membership, or the Class B membership.

Section 3 - Notice of Meetings
Written notice of each meeting of the members shall be given by, or at the direction of, the secretary or person authorized to call the meeting, by mailing a copy of such notice, postage prepaid, at least fifteen (15) days before such meeting to each member entitled to vote thereat, addressed to the member's address last appearing on the books of the Association, or supplied by such member to the Association for the purpose of notice. Such notice shall specify the place, day and hour of the meeting, and, in the case of a special meeting, the purpose of the meeting.

Section 4 - Quorum
The presence at the meeting of members entitled to cast, or of proxies entitled to cast, one-tenth (1/10) of the votes of each class of membership shall constitute a quorum for any action except as otherwise provided in the Articles of Incorporation, the Declaration, or these By-laws If, however, such quorum shall not be present or represented at any meeting, the members entitled to vote thereat shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum as aforesaid shall be present or be represented.

Section 5 - Proxies
At all meetings of members, each member may vote in person or by proxy. All proxies shall be in writing and filed with the secretary. Every proxy shall be revocable and shall automatically cease upon conveyance by the member of his Lot.

Article IV
Board of Directors: Selection: Term of Office

Section 1 - Number
The affairs of this Association shall be managed by a Board of nine (9) directors, who need not be members of the Association.

Section 2 - Term of Office
At the first annual meeting the members shall elect three directors for a term of one year, three directors for a term of two years and three directors for a term of three years; and at each annual meeting thereafter the members shall elect three directors for a term of three years.

Section 3 Removal
Any director may be removed from the Board, with or without cause, by a majority vote of the members of the Association. In the event of death, resignation or removal of a director, his successor shall be selected by the remaining members of the Board and shall serve for the unexpired term of his predecessor.

Section 4 - Compensation
No director shall receive compensation for any service he may render to the Association. However, any director may be reimbursed for his actual expenses incurred in the performance of his duties.

Section 5 - Action Taken Without a Meeting
The directors shall have the right to take any action in the absence of a meeting which they could take at a meeting by obtaining the written approval of all the directors. Any action so approved shall have the same effect as though taken at a meeting of the directors.

Article V
Nomination and Election of Directors

Section 1 - Nomination
Nomination for election to the Board of Directors shall be made by a Nominating Committee. Nominations may also be made from the floor at the annual meeting. The Nominating Committee shall consist of a Chairman, who shall be a member of the Board of Directors, and two or more members of the Association. The Nominating Committee shall be appointed by the Board of Directors prior to each annual meeting of the members, to serve from the close of such annual meeting until the close of the next annual meeting and such appointment shall be announced at each annual meeting. The Nominating Committee shall make as many nominations for election to the Board of Directors as it shall in its discretion determine, but not less than the number of vacancies that are to be filled. Such nominations may be made from among members or non-members.

Section 2 - Election
Election to the Board of Directors shall be by secret written ballot. At such election the members or their proxies may cast, in respect to each vacancy, as many votes as they are entitled to exercise under the provisions of the Declaration. The persons receiving the largest number of votes shall be elected. Cumulative voting is not permitted.

Article VI
Meetings of Directors

Section 1 - Regular Meetings
Regular meetings of the Board of Directors shall be held monthly without notice, at such place and hour as may be fixed from time to time by resolution of the Board. Should said meeting fall upon a legal holiday, then that meeting shall be held at the same time on the next day which is not a legal holiday.

Section 2 - Special Meetings
Special meetings of the Board of Directors shall be held when called by the president of the Association, or by any two directors, after not less than three (3) days notice to each director.

Section 3 - Quorum
A majority of the number of directors shall constitute a quorum for the transaction of business. Every act or decision done or made by a majority of the directors present at a duly held meeting at which a quorum is present shall be regarded as the act of the Board.

Article VII
Powers and Duties of the Board of Directors

Section 1. Powers. The Board of Directors shall have power to:

(a)adopt and publish rules and regulations governing the use of the Common Area and facilities, and the personal conduct of the members and their guests thereon, and to establish penalties for the infraction thereof;

(b)suspend the voting rights and right to use of the recreational facilities of a member during any period in which such member shall be in default in the payment of any assessment levied by the Association. Such rights may also be suspended after notice and hearing, for a period not to exceed 60 days for infraction of published rules and regulations;

(c)exercise for the Association all powers, duties and authority vested in or delegated to this Association and not reserved to the membership by other provisions of these By-laws, the Articles of Incorporation, or the Declaration;

(d)declare the office of a member of the Board of Directors to be vacant in the event such member shall be absent from three (3) consecutive regular meetings of the Board of Directors; and

(e)employ a manager, an independent contractor, or such other employees as they deem necessary, and to prescribe their duties.

Section 2 - Duties
It shall be the duty of the Board of Directors to:

(a)cause to be maintained and repaired, all public roads, drainage, street lights, street signs, and community water and sewer systems serving the properties until a governmental body assumes these responsibilities.

(b)cause the Common Area to be maintained;

(c)cause to be kept a complete record of all its acts and corporate affairs and to present a statement thereof to the members at the annual meeting of the members, or at any special meeting when such statement is requested in writing by one-fourth (1) of the Class A members who are entitled to vote or by the Class B member;

(d)supervise all- officers, agents and employees of this Association, and to see that their duties are properly performed;

(e)as more fully provided in the Declaration, to:

(1)fix the amount of the annual assessment against each Lot at least thirty (30) days in advance of each annual assessment period;

(2)send written notice of each assessment to every Owner subject thereto at least thirty (30) days in advance of each annual assessment period; and

(3)foreclose the lien against any property for which assessments are not paid within thirty (30) days after due date or to bring an action at law against the owner personally obligated to pay the same.

(f)issue, or to cause an appropriate officer to issue, upon demand by any person, a certificate setting forth whether or not any assessment has been paid. A reasonable charge may be made by the Board for the issuance of these certificates. If a certificate states an assessment has been paid, such certificate shall be conclusive of such payment;

(g)procure and maintain adequate liability and hazard insurance on property owned by the Association; and

(h)cause all officers or employees having fiscal responsibilities to be bonded, as it may deem appropriate.

Article VIII
Officers and Their Duties

Section 1 - Enumeration of Offices
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, and a treasurer, and such other officers as the Board may from time to time by resolution create.

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. Until the first meeting, the directors appointed by and in the Articles of Incorporation shall act with full capacity as if they had been selected by the membership.

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

Section 4 - Special Appointments
The Board may elect such other officers as the affairs of the Association may require, each of whom shall hold office for such period, have such authority, and perform such duties as the Board may, from time to time, determine.

Section 5 - 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 time specified therein, and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 6 - Vacancies
A vacancy in any office may be filled by appointment by the Board. The officer appointed to such vacancy shall serve for the remainder of the term of the officer he replaces.

Section 7 - Multiple Offices
The offices of secretary and treasurer may be held by the same person. No person shall simultaneously hold more than one of any of the other offices except in the case of special offices created pursuant to Section 4 of this Article.

Section 8 - Duties
The duties of the officers are as follows:

President (a)The president shall preside at all meetings of the Board of Directors; shall see that orders and resolutions of the Board are carried out; shall sign all leases, mortgages, deeds and other written instruments and shall co-sign all checks and promissory notes.

Vice-President (b)The vice-president shall act in the place and stead of the president in the event of his absence, inability or refusal to act, and shall exercise and discharge such other duties as may be required of him by the Board.

Secretary

(c)The secretary shall record the votes and keep the minutes of all meetings and proceedings of the Board and of the members; keep the corporate seal of the Association and affix it on all papers requiring said seal; serve notice of meetings of the Board and of the members; keep appropriate current records showing the members of the Association together with their addresses, and shall perform such other duties as required by the Board.

Treasurer (d)The treasurer shall receive and deposit in appropriate bank accounts all moneys of the Association and shall disburse such funds as directed by resolution of the Board of Directors; shall sign all checks and promissory notes of the Association ; keep proper books of account; cause an annual audit of the Association books to be made by a public account at the completion of each fiscal year; and shall prepare an annual budget and a statement of income and expenditures to be represented to the membership at its regular annual meeting, and deliver a copy of each to the members.

Article IX
Committees

The Association shall appoint an Architectural Control Committee, as provided in the Declaration, and a Nominating Committee, as provided in these By-laws In addition, the Board of Directors shall appoint other committees as deemed appropriate in carrying out its purpose.

Article X
Books and Records

The books, records and papers of the Association shall at all times, during reasonable business hours, be subject to inspection by any member. The Declaration, the Articles of Incorporation and the By-laws of the Association shall be available for inspection by any member at the principal office of the Association, where copies may be purchased at reasonable cost.

Article XI
Assessments

As more fully provided in the Declaration, each member is obligated to pay to the Association annual and special assessments which are secured by a continuing lien upon the property against which the assessment is made. Any assessments which are not paid when due shall be delinquent. If the assessment is not paid within thirty (30) days after the due date, the assessment shall bear interest from the date of delinquency at the rate set by the Directors not to exceed the maximum legal rate, and the Association may bring an action at law against the Owner personally obligated to pay the same or foreclose the lien against the property, and interest, costs, and reasonable attorney’s fees of any such action shall be added to the amount of such assessment. No Owner may waive or otherwise escape liability for the assessment provided for herein by non-use of the Common Area or abandonment of his Lot.

Article XII
Corporate Seal

The Association shall have a seal in circular form having within its circumference the words: Valli Vue Estates Property Owners Association.

Article XIII
Amendments

Section 1. These By-laws may be amended, at a regular or special meeting of the members, by a vote of a majority of a quorum of members present in person or by proxy, except that should EIIA/VA become involved in an insuring program for any part of the properties herein, the Federal Housing Administration or the Veterans Administration shall have the right to veto amendments while there is Class B membership. Any meeting called for the purpose of amending these By-laws, shall be so advertised, with the type of amendment proposed being made known.

Section 2. In the case of any conflict between the Articles of Incorporation and these By-laws, the Articles shall control; and in the case of any conflict between the Declaration and these By-laws, the Declaration shall control.

Article XIV
Miscellaneous

The fiscal year of the Association shall begin on the first day of January and end on the 31st day of December of every year, except that the first fiscal year shall begin on the date of incorporation.

IN WITNESS WHEREOF, we, being all of the directors of the Valli Vue Property Owners Association, have hereunto set our hands this 21^st day of February, 1974.

Certification

I, the undersigned, do hereby certify:

THAT I am the duly elected and acting secretary of the Valli Vue Estates Property Owners Association, an Alaska corporation, and, THAT the foregoing By-laws constitute the original By-laws of said Association, as duly adopted at a meeting of the Board of Directors thereof, held on the 21^st day of February, 1974.

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the seal of said Association this 27th day of February 1974.

Secretary

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