OPERATING AGREEMENT

Maplewood Association L.L.C.

1. THESE ARE THE LEGAL DOCUMENTS COVERING YOUR RIGHTS AND RESPONSIBILITIES AS AN ASSOCIATION MEMBER. IF YOU DO NOT UNDERSTAND ANY PROVISIONS CONTAINED IN THEM, YOU SHOULD OBTAIN PROFESSIONAL ADVICE.

2. THESE DISCLOSURE MATERIALS GIVEN TO YOU MAY BE RELIED UPON AS CORRECT AND BINDING. ORAL STATEMENTS MAY NOT BE LEGALLY BINDING.

INDEX

The operating agreement contains the f o l l o w i n g documents and e x h i b i t s :

1. GENERAL PROVISIONS. The General Provisions establishes and describes membership i n the Association and the common areas.

2. BY-LAWS. The Bylaws are established and incorporated i n t o t h i s Operating Agreement and contain r u l e s which govern the Association and a f f e c t the r i g h t s and r e s p o n s i b i l i t i e s of property owners/members. The board established under the By-Laws s h a l l be considered the "managing member" f o r the purposes of Wisconsin law.

3. ARTICLES OF ASSOCIATION. The operation of the Association i s governed by t h i s Operating Agreement. Each l o t owner i s a member of the Association. The Association i s a Limited L i a b i l i t y Corporation.

4. MANAGEMENT OR EMPLOYMENT CONTRACTS. Certain services may be provided t o the Association through contracts w i t h i n d i v i d u a l s or p r i v a t e f i r m s .

5. ANNUAL OPERATING BUDGET. The Association incurs expenses f o r i t s operation which are assessed t o the property owners under the terms of t h i s Operating Agreement.

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MAPLEWOOD ASSOCIATION, L.L.C. CITY OF GREEN LAKE

GREEN LAKE COUNTY, WISCONSIN

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TABLE OF CONTENTS GENERAL PROVISIONS

MAPLEWOOD ASSOCIATION L.L.C. Green Lake, Wisconsin

PAGE NO. ARTICLE I - RECITALS 5 Section 1.01 - I n t e n t 5 Section 1.02 - Name and Address 5 Section 1.03 - Description of Land 5 ARTICLE I I - COMMON AREAS 7 Section 2.01 - Common Areas 7 Section 2.02 - Right of Use 8 Section 2.03 - Transfer of Common Areas 8 Section 2.04 - P a r t i t i o n of Common Areas 8 ARTICLE I I I - ASSOCIATION OF LOT OWNERS 8 Section 3.01 - Legal E n t i t y 8 Section 3.02 - Membership and Voting Rights 8 Section 3.03 - Action by Association 9 Section 3.04 - Powers of the Association 9 Section 3.05 - Meetings of the Association 10 Section 3.06 - By-Laws 10 ARTICLE IV - REPAIRS AND MAINTENANCE 10 Section 4.01 - Common Areas 10 Section 4.02 - Compliance w i t h Covenants 10 Section 4.03 - Improvements on Lots 11 Section 4.04 - P r o h i b i t i o n Against S t r u c t u r a l Changes. 11 Section 4.05 - Entry f o r Repairs 11 ARTICLE V - ASSESSMENT FOR COMMON EXPENSE 11 Section 5.01 - Common Expenses 12 Section 5.02 - Share of Common Expenses 12 Section 5.03 - Covenant t o Pay Assessments 12 Section 5.04 - Purpose of Assessments 12 Section 5.05 - Uniform Rate of Assessments 12 Section 5.06 - L i a b i l i t y f o r Assessments

upon Conveyance 13 Section 5.07 - Lien f o r Assessments 13 Section 5.08 - P r i o r i t y of Lien 13 Section 5.09 - Remedy of Lienor 14 Section 5.10 - Enforcement of Lien 14 ARTICLE VI - COVENANTS ON USE AND OCCUPANCY . . . . 14 Section 6.01 - Use of Premises 14 Section 6.02 - Pro h i b i t e d A c t i v i t i e s and Signs . . . . 15 Section 6.03 - Construction A c t i v i t i e s 15 Section 6.04 - Use of Common Areas 15

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Section 6.05 - Nuisances 15 Section 6.06 - Recreational Vehicles 15 Section 6.07 - Insurance Hazard 15 ARTICLE V I I - REMEDIES FOR BREACH OF COVENANTS,

RESTRICTIONS AND REGULATIONS 16 Section 7.01 - Compliance Required 16 Section 7.02 - Legal Remedies 16 ARTICLE V I I I - INSURANCE 16 Section 8.01 - Insurance by Association 16 Section 8.02 - Assessment of Premiums 17 Section 8.03 - Coverage 17 Section 8.04 - Use of Proceeds 17 Section 8.05 - Insurance by Lot Owners 18 Section 8.06 - L i m i t a t i o n on L i a b i l i t y 18 ARTICLE IX - EASEMENTS AND ENCROACHMENTS 19 Section 9.01 - U t i l i t y Easements 19 Section 9.02 - Easements t o Run w i t h the Land 19 ARTICLE X - MISCELLANEOUS PROVISIONS 19 Section 10.01 - Notice t o Mortgage Lenders 19 Section 10.02 - Service of Notices on Devisees and Personal

Representatives 19 Section 10.03 - Covenants t o Run w i t h Land 20 Section 10.04 - Non-Waiver of Covenants 20 Section 10.05 - Fees, costs or expenses f o r common areas

against owner of undeveloped l o t . . . 20 Section 10.06 - Amendment of Operating Agreement . . . . 2 1 Section 10.07 - Gender and Number 21 Section 10.08 - S e v e r a b i l i t y 21 Section 10.09 - Service of Process 21 Section 10.10 - Special Provisions f o r Lease

of Common Areas 22 ARTICLE XI - TRANSFER OF PERCENTAGE INTERESTS . . . . 22 Section 11.01 - Transfer of Percentage I n t e r e s t s . . . 22 ARTICLE X I I - DISASSOCIATION, DISSOLUTION, AND LIQUIDATION 23 Section 12.01 - Disassociation 23 Section 12.02 - Di s s o l u t i o n 23

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GENERAL PROVISIONS MAPLEWOOD ASSOCIATION, L.L.C.

Ci t y of Green Lake County of Green Lake, Wisconsin

This Operating Agreement i s made pursuant t o Chapter 183 of the Wisconsin Statutes, by the L.L.C. organizers, h e r e i n a f t e r r e f e r r e d t o as "Members".

ARTICLE I RECITALS

Section 1.01. - I n t e n t . The Members, by the execution and recording of t h i s Operating Agreement, intend t h a t the land herein described, the b u i l d i n g s and improvements constructed or t o be constructed thereon, and a l l easements, r i g h t s and appurtenances belonging t h e r e t o s h a l l be subject t o use i n the manner provided by the provisions of t h i s Operating Agreement and the By-Laws of the Association of Property Owners, the Reservations and R e s t r i c t i v e Covenants, and the Pier, Boat S l i p , and Waterfront Maintenance Agreement created and incorporated i n t o t h i s Operating Agreement.

Section 1.02. - Name and Address. The name by which t h i s Association i s t o be known s h a l l be "Maplewood Association, L.L.C," and i t s r e g i s t e r e d agent i s Roger L. Boeke CP.A., 448 B l u f f St./PO Box 552 Green Lake, Wisconsin, 54941.

Section 1.03 - Description of Land. Common areas i n c l u d i n g the pedestrian/bicycle path and e n t r y / w a t e r f a l l area o r i g i n a l l y developed by Metrick Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, and 29 i n the Plat of Maplewood at Green Lake, being p a r t of the Southwest H of the Southeast H and the Northwest H of Southeast H and Government Lot 1, Section 20, T16N, R13E, C i t y of Green Lake, Green Lake County, Wisconsin as recorded i n the o f f i c e of the Register of Deeds f o r Green Lake County, Wisconsin on December 27, 2004 at 3:15 p.m. i n Volume 7 of Plats on page 58.

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Lands being located i n p a r t of Government 1 of Section 20, Township 16 North, Range 13 East, C i t y of Green Lake, Green Lake County, Wisconsin being more p a r t i c u l a r l y described as f o l l o w s : Parcel 1:

Commencing at the South H corner of said Section 20; thence North 00°-05'-42" West along the west l i n e of the Southeast H of said Section 20, 449.73 f e e t ; thence North 89°-57'-16" East, 1739.30 f e e t t o the northwest corner of Lot 1 of C e r t i f i e d Survey Map No. 342 as recorded i n the O f f i c e of the Register of Deeds f o r Green Lake County i n Volume 2 of the Green Lake County C e r t i f i e d Survey Maps on Page 342 on February 28, 1967, (also being the northeast corner of Out l o t 1 of C e r t i f i e d Survey Map No. 2328 as recorded i n the O f f i c e of the Register of Deeds f o r Green Lake County i n Volume 10 of the Green Lake County C e r t i f i e d Survey Maps on Page 2328, 2328A and 2328B on May 14, 1996, also being the e a s t e r l y r i g h t - o f - w a y l i n e of South Lawson Drive and t o a place of curve; thence N o r t h e a s t e r l y along said e a s t e r l y r i g h t - o f - w a y l i n e and the n o r t h e r l y l i n e of said Lot 1, 202.70 f e e t along an arc of a curve having a radius of 1290.42 f e e t , whose center l i e s t o the northwest, and whose chord bears North 39°-40'-56" East, 202.49 f e e t t o the northeast corner of said Lot 1; thence North 29°-24'-20" East along said e a s t e r l y r i g h t - o f - w a y l i n e , 216.15 f e e t and t o the Place of Beginning of lands h e r e i n a f t e r described; thence North 34°-34'-42" East along said e a s t e r l y r i ght-of-way l i n e , 235.72 f e e t ; thence North 38°-02'-48" East along sai d e a s t e r l y r i g h t - o f - w a y l i n e , 330.60 f e e t t o a place of curve; thence N o r t h e a s t e r l y along said e a s t e r l y r i g h t - o f - w a y l i n e , 385.89 f e e t along an arc of a curve having a radius of 1330.57 f e e t , whose center l i e s t o the southeast, and whose chord bears North 46°-21'-18" East, 384.54 f e e t ; thence North 53°-04'-58" East along said e a s t e r l y r i g h t - o f - w a y l i n e , 3.53 f e e t ; thence South 38°-23'-52" East, 8 f e e t more or less t o the o r d i n a r y highwater mark of Green Lake; thence North 38°-23'-52" West, 8 f e e t more or less t o the e a s t e r l y r i ght-of-way l i n e of South Lawson Drive; thence South 53°-04'-58" East along said e a s t e r l y r i ght-of-way l i n e , 3.53 f e e t t o a place of curve; thence Southwesterly along said e a s t e r l y r i ght-of-way l i n e , 385.89 f e e t along an arc of a curve having a radius of 1330.57 f e e t , whose center l i e s t o the southeast, and whose chord bears South 46°-21'-18" West, 384.54 f e e t ; thence South 38°-02'-48" West along said e a s t e r l y r i ght-of-way l i n e , 330.60 f e e t ; thence South 34°-34'-42" West along sai d e a s t e r l y r i g h t - o f - w a y l i n e , 235.72 f e e t t o the Place of Beginning. Containing 0.37 + acres (16,265 + sq. f t . ) of land. I n c l u d i n g a l l land l y i n g between the above described meander l i n e s and the or d i n a r y high water mark on the shores of Green Lake. Being subject t o a l l easements and r e s t r i c t i o n s of record. (Approximately 952 f e e t of lake frontage on Green Lake.)

Parcel 2:

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Commencing at the South H corner of said Section 20; thence North 00°-05'-42" West along the west l i n e of the Southeast H of said Section 20, 1889.93 f e e t ; thence North 89°-57'-16" East, 1734.14 f e e t t o a p o i n t on the n o r t h e r l y l i n e of Lot 28 of Maplewood At Green Lake Subdivision as recorded i n the O f f i c e of the Register of Deeds f o r Green Lake County i n Volume 7 of the Green Lake County Plats on Page 58 on December 27, 2004 as Document No. 336356 and t o the Place of Beginning of lands h e r e i n a f t e r described; thence North 56°-32'-14" West, 108.35 f e e t ; thence North 33°-27'-46" East, 201.07 f e e t ; thence South 56°-32'-14" East, 108.35 f e e t t o the northeast corner of Lot 29 of said Maplewood At Green Lake Subdivision; thence South 33°-27'-46" West, along the n o r t h e r l y l i n e of Lot 29 and Lot 28 of said Maplewood At Green Lake Subdivision, 201.07 f e e t t o the Place of Beginning. Containing 0.500 acres (21,785 sq. f t . ) of land. Subject t o a 66 f o o t ingress and egress access easement from B l u f f Street being more p a r t i c u l a r l y described as f o l l o w s ; Beginning at the northwest corner of the westerly right-of-way l i n e of B l u f f S t r e e t , also being a p o i n t on the e a s t e r l y l i n e of Lot 2 9 of Maplewood At Green Lake Subdivision; thence North 38°-52'-14" West along the e a s t e r l y l i n e of said Lot 29, 111.95 f e e t t o the northeast corner of said Lot 29; thence North 56°-32'-14" West, 108.35 f e e t ; thence North 33°-27'-46" East, 66.00 f e e t ; thence South 56°-32'-14" East, 118.60 f e e t ; thence South 38°-52'-14" East, 107.41 f e e t t o the northeast corner of the e a s t e r l y r i g h t - o f - w a y l i n e of B l u f f S t r e e t , also being a p o i n t on the westerly l i n e of Lot 14 of Maplewood At Green Lake Subdivision; thence South 51 o-07'-46" West, 66.00 f e e t t o the Place of Beginning. (Approximately one-half acre parcel behind l o t 29.)

ARTICLE I I COMMON AREAS

Section 2.01 - Common Areas. The common areas s h a l l consist of a l l of the lands t i t l e d i n the name of the Association, improvements and appurtenances i n c l u d i n g without l i m i t a t i o n s :

(1) The premises described as Parcel 1 and Parcel 2 i n Section 1.03 of t h i s Operating Agreement.

(2) The common lawn and landscape areas. (3) Piers and Boat S l i p s .

Section 2.02 - Right of Use. Each property owner s h a l l have

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the r i g h t t o use the common areas provided t h a t the property owner i s current w i t h Association assessments. Piers and Boat Sl i p s use s h a l l be i n accordance w i t h the Pier, Boat S l i p , and Waterfront Maintenance Agreement attached hereto as Ex h i b i t A.

Section 2.03 - Transfer of Common Areas. The r i g h t of use i n the common areas of the Association s h a l l not be separated from the l o t t o which i t appertains and the r i g h t of use s h a l l be deemed t o be leased, conveyed or encumbered w i t h the l o t even though such i n t e r e s t i s not expressly mentioned or described i n the conveyance or other instrument.

Section 2.04. - P a r t i t i o n of Common Areas. There s h a l l be no p a r t i t i o n of the common areas through j u d i c i a l proceedings or otherwise unless t h i s Operating Agreement i s terminated and the property i s withdrawn from the terms of t h i s Operating Agreement and any s t a t u t e of Wisconsin applicable t o ownership.

ARTICLE I I I ASSOCIATION OF LOT OWNERS

Section 3.01. - Legal E n t i t y . The a f f a i r s of t h i s Association s h a l l be governed by an Association of l o t owners which i s a l e g a l e n t i t y f o r a l l purposes (herein the "Association").

Section 3.02. - Membership and Voting Rights. The record owner(s) of each l o t s h a l l a u t o m a t i c a l l y be members of the Association. Membership i n the Association s h a l l be appurtenant t o and not be separated from ownership of the l o t . There s h a l l be one vote f o r each l o t at a l l meetings of the Association. The vote f o r each l o t s h a l l be exercised as the l o t owners determine, but i n no event s h a l l more than one vote be cast w i t h respect t o any l o t . There can be no s p l i t vote. Lot owners may vote by proxy, but the proxy i s e f f e c t i v e only f o r a maximum period of 180 days f o l l o w i n g i t s issuance, unless granted t o a mortgagee or lessee. Voting may occur by w r i t t e n b a l l o t s submitted t o members not less than t h i r t y (30) days p r i o r t o a meeting. These b a l l o t s may be submitted t o l o t owners by email or regular US Mai l . B a l l o t s signed by the l o t owners, and returned by the scheduled meeting, w i l l then be tabulated at a scheduled meeting, together w i t h any votes cast i n person at such a meeting.

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Section 3.03. - Action by Association. Upon a m a j o r i t y vote or w r i t t e n agreement by a m a j o r i t y of the l o t owners, the Association may take a c t i o n authorized by i t s members, t h i s Operating Agreement, the Association's By-Laws, the Reservations and R e s t r i c t i v e Covenants, and the Pier, Boat S l i p , and Waterfront Maintenance Agreement, or any other covenant, r e s t r i c t i o n and r e g u l a t i o n of the Association.

Section 3.04 - Powers of the Association. The Association s h a l l have the a u t h o r i t y and power t o :

(1) Adopt budgets f o r revenues, expenditures and reserves and levy and c o l l e c t assessments f o r common expenses from the l o t owners.

(2) Employ and dismiss employees and agents. (3) Sue or make claims on behalf of the l o t owners, except

the President of the Board of Di r e c t o r s , as authorized i n the By-Laws and without m a j o r i t y vote of the l o t owners, may use any av a i l a b l e l e g a l or equitable remedies, instead of or i n a d d i t i o n t o a l i e n , t o c o l l e c t past due Association assessments. And, except the President of the Board of Di r e c t o r s , as authorized i n the By-Laws and without m a j o r i t y vote of the l o t owners, may use any a v a i l a b l e l e g a l or equitable remedies t o address non­compliance of matters r e q u i r i n g approval by the Control Committee whose powers are set f o r t h i n the Reservations and R e s t r i c t i v e Covenants of Maplewood Association, L.L.C. and Section 4.04 of t h i s Operating Agreement.

(4) Make contracts and incur l i a b i l i t i e s . (5) Cause a d d i t i o n a l improvements t o be made as a

par t of the common areas. (6) Grant easements through or over the common

areas. (7) Grant or withhold approval of any a c t i o n by a

l o t owner or other person which would change the e x t e r i o r appearance of any b u i l d i n g or of the common areas.

Section 3.05 - Meetings of the Association. Meetings of the Association s h a l l be governed by the f o l l o w i n g r u l e s and such a d d i t i o n a l rules as may be set f o r t h i n the By-Laws:

(1) The Association s h a l l maintain a current r o s t e r of names, m a i l i n g addresses and email addresses of every l o t owner t o which not i c e

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of the meetings of the Association s h a l l be sent.

(2) Every l o t owner s h a l l f u r n i s h the Association w i t h h i s or her name, current m a i l i n g address and current email address and no l o t owner may vote at a meeting of the Association u n t i l t h i s i n f o r m a t i o n i s furnished.

(3) No regular or special meeting of the Association may be held without at l e a s t ten (10) days w r i t t e n n o t i c e d e l i v e r e d by regular mail or email t o every l o t owner at the address shown on the r o s t e r or unless waivers are duly executed by a l l l o t owners waiving the 10 day requirement.

Section 3.06 - By-Laws. The a d m i n i s t r a t i o n of t h i s Association s h a l l be governed by the By-Laws i n i t i a l l y adopted by the Operating Agreement which may be amended from time t o time as t h e r e i n provided.

ARTICLE IV REPAIRS AND MAINTENANCE

Section 4.01. - Common Areas. The Association s h a l l be responsible f o r the management and c o n t r o l of the common areas and s h a l l cause the same t o be kept i n good, safe, clean, a t t r a c t i v e and s a n i t a r y c o n d i t i o n , order and r e p a i r . Matters a f f e c t i n g the e x t e r i o r appearance of b u i l d i n g s must be decided by the Association. Further, each l o t owner s h a l l r e p a i r or replace any p o r t i o n of the common areas damaged through the f a u l t or negligence of such owner or such owner's f a m i l y , i n v i t e e s , or any other occupant of t h a t l o t .

Section 4.02 - Compliance w i t h Covenants. Except f o r common areas, each owner s h a l l be responsible f o r keeping h i s or her l o t i n good, safe, clean, a t t r a c t i v e and s a n i t a r y c o n d i t i o n , order and re p a i r s a t i s f a c t o r y t o the Association and i n compliance w i t h the Reservations and R e s t r i c t i v e Covenants. Except f o r common areas, the r e p a i r , maintenance, redecoration or replacement of l o t s as set f o r t h above s h a l l be the duty and r e s p o n s i b i l i t y of the respective l o t owners but s h a l l be subject t o the approval of the Association i n order t o maintain u n i f o r m i t y of materials and appearance.

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Section 4.03 - Improvements on Lots. Each l o t owner s h a l l be responsible f o r keeping h i s or her residence and a l l of i t s equipment, f i x t u r e s and appurtenances i n good order, c o n d i t i o n , and r e p a i r and i n a clean, safe and s a n i t a r y c o n d i t i o n . Further, each owner s h a l l be responsible f o r the maintenance, r e p a i r or replacement of his or her f i x t u r e s .

Section 4.04 - P r o h i b i t i o n Against S t r u c t u r a l Changes. No l o t owner s h a l l , without f i r s t o b t a i n i n g the w r i t t e n consent of the Control Committee, make or permit t o be made any s t r u c t u r a l a l t e r a t i o n s or changes t o the e x t e r i o r of the b u i l d i n g . A l o t owner s h a l l not perform, or allow t o be performed, any act or work which would impair the s t r u c t u r a l soundness or i n t e g r i t y of the b u i l d i n g , or the safety of the property, or impair any easement or hereditament, without the p r i o r w r i t t e n consent of the Association.

Section 4.05 - Entry f o r Repairs. Each l o t owner s h a l l have the r i g h t t o enter upon or cross the other l o t s , i f necessary, i n connection w i t h any maintenance, c o n s t r u c t i o n or r e p a i r of u t i l i t i e s or water and sewer services a f f e c t i n g h i s or her l o t provided, however, t h a t such e n t r y only be at reasonable times and upon reasonable n o t i c e t o the other l o t owner. Upon completion of such r e p a i r s , the l o t owner responsible f o r the entry s h a l l r estore any l o t s involved t o a c o n d i t i o n reasonably comparable t o t h e i r c o n d i t i o n p r i o r t o such entry.

ARTICLE V ASSESSMENT FOR COMMON EXPENSE

Section 5.01. - Common Expenses. Common Expenses are defined as f o l l o w s :

(1) A l l sums l a w f u l l y assessed against the l o t owners by the Association.

(2) Expenses declared common expenses by t h i s Operating Agreement, the By-Laws or Pier, Boat S l i p , and Waterfront Maintenance Agreement.

Section 5.02. - Share of Common Expenses. Each l o t owner s h a l l be responsible f o r the payment of a l/2 9 t h share of the common expenses, except w i t h respect t o l o t s owned by GL Maplewood, LLC, or i t s permitted assignee, which w i l l pay only expenses as provided i n Section 10.05 of the Operating Agreement.

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Section 5.03. - Covenant t o Pay Assessments. The owner of each l o t , by the acceptance of a deed t h e r e f o r , whether or not i t be so expressed i n the deed, s h a l l be conc l u s i v e l y deemed t o have covenanted and agreed w i t h every other l o t owner and w i t h the Association t o pay t o the Association a l l assessments, regular or spe c i a l , i n accordance w i t h t h i s Operating Agreement, By-Laws, Reservations and R e s t r i c t i v e Covenants, and Pier, Boat S l i p , and Waterfront Maintenance Agreement. L i a b i l i t y f o r assessments may not be avoided by waiver of the use or enjoyment of any common element or by abandonment of the l o t f o r which the assessments are made.

Section 5.04. - Purpose of Assessments. The assessments l e v i e d by the Association s h a l l be used e x c l u s i v e l y t o promote the re c r e a t i o n , health, safety and welfare of the residents i n the Association; t o provide f o r the r e p a i r , maintenance and improvement of the common areas; t o provide f o r such emergency re p a i r s as the Association may deem necessary; and t o create reserve funds f o r the purposes authorized by t h i s Operating Agreement, By-Laws, Reservations and R e s t r i c t i v e Covenants, and Pier, Boat S l i p , and Waterfront Maintenance Agreement. Assessments are made upon c l o s i n g the purchase of l o t s .

Section 5.05. - Uniform Rate of Assessments. The regular assessments and any special assessments s h a l l be l e v i e d at a uniform r a t e f o r a l l l o t s subject t o assessment. I n t e r e s t s h a l l be charged on past due assessments at a r a t e set f o r t h i n Section 4.03 of the By-Laws.

Section 5.06. - L i a b i l i t y f o r Assessments upon Conveyance. (1) I n a volu n t a r y conveyance, the grantee s h a l l be j o i n t l y

and s e v e r a l l y l i a b l e w i t h the grantor f o r a l l unpaid assessments l e v i e d against the grantor f o r h i s or her share of the common expenses up t o the time of the conveyance and f o r which a statement of Association l i e n i s f i l e d as provided herein, without p r e j u d i c e t o the r i g h t s of the grantee t o recover from the grantor the amount paid by the grantee f o r such assessments.

(2) Any grantee of a l o t i s e n t i t l e d t o a statement from the Association s e t t i n g f o r t h the amount of unpaid assessments against the grantor and the grantee i s not l i a b l e f o r , nor s h a l l the l o t conveyed be subject t o a l i e n which i s not f i l e d pursuant t o Section 5.07 hereof f o r , any unpaid assessment against the grantor i n excess of the amount set f o r t h i n the statement. I f

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the Association does not provide such statement w i t h i n (10) business days a f t e r grantee's request, i t s h a l l be barred from claiming against the grantee under any l i e n which i s not f i l e d under Section 5.07 hereof p r i o r t o the request f o r the statement.

(3) Each such assessment, together w i t h i n t e r e s t thereon and cost of c o l l e c t i o n thereof, s h a l l also be the personal o b l i g a t i o n of the person who was the owner of such l o t at the time when the assessment became due and payable.

Section 5.07. - Lien f o r Assessments. A l l assessments l e v i e d pursuant t o t h i s A r t i c l e , together w i t h i n t e r e s t thereon and actual costs of c o l l e c t i o n , c o n s t i t u t e a l i e n on such, i n favor of the Association, provided t h a t a statement of l i e n i s f i l e d w i t h i n two (2) years a f t e r the date on which the assessment becomes due. The l i e n i s e f f e c t i v e against the l o t at the time the assessment

becomes due regardless of when w i t h i n the two (2) year period i t i s f i l e d . A statement of Association l i e n signed and v e r i f i e d by d i r e c t i o n of the Association i s f i l e d i n the land records i n the o f f i c e of the Clerk of C i r c u i t Court of Green Lake County and s h a l l contain the l e g a l d e s c r i p t i o n of the l o t , the name of the record owner/s thereof, the amount of assessment due and the period f o r which the assessment was due. Upon f u l l payment of an assessment f o r which the l i e n i s claimed, the l o t owner s h a l l be e n t i t l e d t o a duly f i l e d s a t i s f a c t i o n of the l i e n .

Section 5.08. - P r i o r i t y of Lien. Such l i e n s h a l l be superior t o a l l other l i e n s and encumbrances on each l o t , except f o r :

(1) Liens of general and special taxes. (2) Liens of a f i r s t mortgage recorded p r i o r t o

the making of the assessment. (3) Construction l i e n s f i l e d p r i o r t o the making

of the assessment. (4) A l l sums unpaid on any veteran secondary

mortgage loan under Section 45.80, Stats. A l l other l i e n s created a f t e r the date of the recording of t h i s Operating Agreement s h a l l be i n f e r i o r i n p r i o r i t y t o l i e n s of the Association or any assessment, whether or not so s p e c i f i c a l l y set f o r t h i n the instruments c r e a t i n g such l i e n s .

Section 5.09. - Remedy of Lienor. Any p a r t y holding a l i e n

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on a l o t may pay any unpaid assessments w i t h respect t o such l o t and upon such payment such l i e n o r s h a l l have a l i e n on such l o t f o r the amounts paid at the same p r i o r i t y as h i s l i e n .

Section 5.10. - Enforcement of Lien. A l i e n may be enforced and foreclosed by the Association i n the same manner and subject t o the same requirements as a foreclosure of mortgages on r e a l property. An a c t i o n t o foreclose the l i e n must be i n i t i a t e d w i t h i n three (3) years f o l l o w i n g the recording of the statement of Association l i e n ; provided, however, t h a t no a c t i o n may be brought except f o l l o w i n g ten (10) days a f t e r w r i t t e n n o t i c e t o the l o t owner given by r e g i s t e r e d m a i l , r e t u r n r e c e i p t requested, t o the address of the l o t owner shown on the books of the Association. The Association may recover costs and act u a l attorney fees and may br i n g s u i t f o r any de f i c i e n c y f o l l o w i n g foreclosure i n the same proceeding.

Attachment of a l i e n does not preclude the Association from using any other a v a i l a b l e l e g a l or equitable remedies t o c o l l e c t the assessment due.

ARTICLE VI COVENANTS ON USE AND OCCUPANCY

Section 6.01. - Use of Premises. A l l l o t s i n the Association s h a l l be used e x c l u s i v e l y f o r s i n g l e - f a m i l y r e s i d e n t i a l purposes, which r i g h t s h a l l extend t o the l o t owner and members of h i s or her own immediate f a m i l y , h i s or her guests.

Section 6.02. - Pro h i b i t e d A c t i v i t i e s and Signs. No signs may be maintained or permitted on any pa r t of the l o t except w i t h the consent of the Association and also excepting reasonably sized "For Sale" or temporary campaign or co n s t r u c t i o n signs.

Section 6.03. - Construction A c t i v i t i e s . During c o n s t r u c t i o n of residences and common improvements, a l l contractors and subcontractors, and t h e i r respective agents and employees, s h a l l be e n t i t l e d t o access, ingress and egress t o a l l common areas of the Association.

Section 6.04. - Use of Common Areas. Each l o t owner s h a l l have the r i g h t t o use the common areas i n common w i t h a l l other l o t owners f o r the purposes of ingress and egress t o , and use, occupancy and enjoyment of h i s or her l o t and the common areas, which r i g h t s h a l l extend t o the l o t owner, the members of h i s or

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her immediate f a m i l y , and h i s or her guests. Such use s h a l l , however, be subject t o and be governed by t h i s Operating Agreement, By-Laws, Reservations and R e s t r i c t i v e Covenants, and Pier, Boat S l i p , and Waterfront Maintenance Agreement, and other r u l e s and re g u l a t i o n s , t o the end t h a t the development may be kept i n an u n c l u t t e r e d and a t t r a c t i v e c o n d i t i o n consistent w i t h an a t t r a c t i v e r e s i d e n t i a l community. S p e c i f i c a l l y , there s h a l l be no ob s t r u c t i o n of the common areas, nor s h a l l anything be kept or stored on any p a r t of the common areas, without the p r i o r w r i t t e n agreement of the Association. Nothing s h a l l be a l t e r e d on, constructed i n or removed from the common areas except upon the p r i o r w r i t t e n agreement of the Association.

Section 6.05. - Nuisances. Unlawful, immoral, noxious or offe n s i v e a c t i v i t y i s p r o h i b i t e d on any l o t , or i n the common areas, nor s h a l l anything be done t h e r e i n or thereon, e i t h e r w i l l f u l l y or n e g l i g e n t l y , which may be or become, i n the judgment of the Association, an annoyance or nuisance t o the other l o t owners or l o t occupants.

Section 6.06. - Recreational Vehicles. No person s h a l l use any of the common areas of the Association excepting the roadways f o r snowmobiles, motorized bikes, or other recreation-type vehicles, except f o r g o l f c a r t type vehicles used t o access the common areas.

Section 6.07. - Insurance Hazard. No owner or occupant s h a l l w i t h i n h i s or her l o t or anywhere on the Association property store, c o l l e c t , permit or use any m a t e r i a l or product which w i l l increase the rat e of insurance or r e s u l t i n c a n c e l l a t i o n of insurance.

ARTICLE V I I REMEDIES FOR BREACH OF COVENANTS,

RESTRICTIONS AND REGULATIONS

Section 7.01. - Compliance Required. Every l o t owner s h a l l comply s t r i c t l y w i t h every r u l e , r e s t r i c t i o n , c o n d i t i o n or re g u l a t i o n adopted by the Association under the By-Laws, as the By-Laws or rules are amended from time t o time, and w i t h the covenants, conditions and r e s t r i c t i o n s set f o r t h i n the Reservations and R e s t r i c t i v e Covenants of Maplewood Association, LLC, t h i s Operating Agreement, the Pier, Boat S l i p , and Waterfront Maintenance Agreement, or i n the deed t o the l o t .

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Section 7.02. - Legal Remedies. F a i l u r e t o comply w i t h any of the By-Laws, r u l e s , covenants, agreements, conditions or r e s t r i c t i o n s i s grounds f o r a c t i o n t o recover sums due, f o r damages, i n j u n c t i v e r e l i e f , or both, maintainable by the Association or, i n a proper case, by an aggrieved l o t owner.

ARTICLE V I I I INSURANCE

Section 8.01. - Insurance by Association. The Association s h a l l obtain and continue i n e f f e c t p o l i c i e s of insurance p r o v i d i n g coverage f o r the Association against loss or damage by f i r e or other hazard and against l i a b i l i t y claims. The Association s h a l l be the named insured i n d i v i d u a l l y . The amount of p r o t e c t i o n and the types of hazards t o be covered s h a l l be reviewed at l e a s t annually by the Association and the amount of coverage may be increased or decreased at any time as deemed appropriate by the Association t o conform t o the requirements of Section 8.03 hereof. The provisions of t h i s section and any insurance provided pursuant hereto s h a l l be without prejudice t o the r i g h t of each l o t owner t o insure h i s or her own l o t f o r personal b e n e f i t provided, however, t h a t no owner s h a l l be e n t i t l e d t o exercise h i s r i g h t t o maintain i n d i v i d u a l l o t insurance i n such a way as t o decrease the amount which the Association may r e a l i z e as t r u s t e e under any insurance p o l i c y provided by reason of t h i s s e ction.

Section 8.02. - Assessment of Premiums. Premiums f o r p o l i c i e s of insurance obtained by the Association s h a l l be common expenses assessable t o the l o t owners.

Section 8.03. - Coverage. The Association s h a l l provide the f o l l o w i n g types of insurance coverage f o r common areas:

(1) Property Insurance. A l l b u i l d i n g s and improvements i n the common areas, i f any, s h a l l be insured f o r not less than f u l l replacement value, excluding foundations and excavation costs, and a l l personal property included i n the common areas s h a l l be insured f o r i t s value, a l l as determined annually by the Board of Dire c t o r s of the Association. Such insurance s h a l l provide p r o t e c t i o n against loss or damage by f i r e and other hazards covered by a standard extended coverage endorsement and such other r i s k s as from time t o time s h a l l customarily be

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covered w i t h respect t o b u i l d i n g s s i m i l a r i n con s t r u c t i o n , l o c a t i o n and use as the b u i l d i n g s on the premises i n c l u d i n g , but not l i m i t e d t o , vandalism and malicious mischief. To the extent possible, such insurance s h a l l

provide t h a t the in s u r e r waives i t s r i g h t s of subrogation as t o any claim against l o t owners, the Association and t h e i r respective servants, agents and guests, and t h a t the insurance cannot be canceled, i n v a l i d a t e d nor suspended on account of conduct of any one or more l o t owners or the Association or t h e i r servants, agents and guests without t h i r t y (30) days p r i o r w r i t t e n n o t i c e t o the Association g i v i n g i t an opportunity t o cure the defect w i t h i n t h a t time.

(2) L i a b i l i t y Insurance. Public l i a b i l i t y insurance i n such amounts and w i t h such other coverage as s h a l l be determined by the Board of D i r e c t o r s of the Association i n c l u d i n g , but not l i m i t e d t o h i r e d automobile and non-owned automobile coverage and w i t h cross l i a b i l i t y endorsement t o cover l i a b i l i t y of l o t owners as a group t o an i n d i v i d u a l l o t owner. Such p o l i c y s h a l l insure each l o t owner, the Association, i t s o f f i c e r s , d i r e c t o r s , Members, the manager or managing agent of the Association and t h e i r respective employees and agents from l i a b i l i t y i n connection w i t h the common areas and s h a l l also insure the o f f i c e r s and d i r e c t o r s of the Association from l i a b i l i t y f o r good f a i t h a c t i o n beyond the scope of t h e i r respective a u t h o r i t i e s .

(3) Workers Compensation. Workers compensation insurance s h a l l be provided by the Association t o the extent necessary t o comply w i t h a p p l i c a b l e s t a t e law i f employees are hi r e d .

(4) Other Insurance. D i r e c t o r s and O f f i c e r L i a b i l i t y Insurance and such other insurance as the Board of Directors of the Association s h a l l from time t o time determine t o be desira b l e .

Section 8.04. - Use of Proceeds. Insurance proceeds s h a l l f i r s t be disbursed by the Association as t r u s t e e f o r the r e p a i r or r e s t o r a t i o n of the damaged common areas. The l o t owners and t h e i r

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mortgagees s h a l l not be e n t i t l e d t o receive payment of any p o r t i o n of the insurance proceeds unless the Association has determined not t o r e b u i l d or a court has ordered p a r t i t i o n of the Association property or there i s a surplus of insurance proceeds a f t e r the common areas have been completely repaired or restored.

Section 8.05. - Insurance by Lot Owners. Lot owners s h a l l be responsible t o provide p o l i c i e s of insurance covering the f o l l o w i n g items:

(1) The b u i l d i n g s on t h e i r l o t s , the contents of the owner's residence, the owner's automobile, any addit i o n s and other improvements t o h i s or her l o t , the decorating and f u r n i s h i n g t h e r e i n and the owner's personal property stored elsewhere w i t h i n the property.

(2) Public l i a b i l i t y coverage t o the extent not insured by the l i a b i l i t y insurance c a r r i e d by the Association f o r a l l of the l o t owners pursuant t o Section 8.03 hereof.

Section 8.06. - L i m i t a t i o n on L i a b i l i t y . No l o t owner or hi s mortgagee s h a l l have any claim against any other l o t owner, the Association, i t s o f f i c e r s or d i r e c t o r s , the manager or managing agent of the Association or t h e i r respective employees and agents f o r damage t o the common areas, the l o t s or t o any personal property located i n the l o t s or common areas caused by f i r e or other casualty t o the extent t h a t such damage i s covered by f i r e and other forms of casualty insurance.

ARTICLE IX EASEMENTS AND ENCROACHMENTS

SECTION 9.01. - U t i l i t y Easements. Easements are hereby declared and granted f o r u t i l i t y purposes, i n c l u d i n g the r i g h t t o i n s t a l l , l a y , maintain, r e p a i r and replace water mains and pipes, sewer l i n e s , gas mains, telephone and video transmission wires and equipment, e l e c t r i c a l conduits and wires and equipment over, under, along, through and on any par t of the common or l i m i t e d common areas. These easements s h a l l run only t o the Association, and not t o any u t i l i t y except by and w i t h the a c t i o n or consent of the Association.

Section 9.02. - Easements t o Run w i t h the Land. A l l easements and r i g h t s described and set f o r t h herein are easements

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and r i g h t s appurtenant t o , and running w i t h the land, p e r p e t u a l l y i n f u l l force and e f f e c t , and s h a l l at a l l times inure t o the b e n e f i t of and be binding upon the Members, t h e i r successors and assigns, and upon any l o t owner, purchaser, mortgagee or other person or e n t i t y having an i n t e r e s t i n said land, or any p a r t or parcel thereof.

ARTICLE X MISCELLANEOUS PROVISIONS

Section 10.01. - Notice t o Mortgage Lenders. Upon w r i t t e n request t o the Association, the holder of any duly recorded mortgage or t r u s t deed against any l o t s h a l l be given a copy of any and a l l notices permitted or required by t h i s Operating Agreement t o be given t o the l o t owner whose l o t i s subject t o such mortgage or t r u s t deed.

Section 10.02. - Service of Notices on Devisees and Personal Representatives. Notices required or desired t o be given t o any devisee or personal representatives of a deceased l o t owner may be d e l i v e r e d e i t h e r personally or by mail t o such p a r t y at h i s or i t s address appearing i n the records of the Court wherein the estate of such deceased l o t owner i s being administered.

Section 10.03. - Covenants t o Run w i t h Land. Each grantee (purchaser of a l o t ) , by the acceptance of a deed of conveyance, and each purchaser under land c o n t r a c t , or any contract f o r any deed of conveyance, accepts the same subject t o a l l r e s t r i c t i o n s , c o n d i t i o n s , covenants, reservations, l i e n s and charges, and the j u r i s d i c t i o n , r i g h t s , b e n e f i t s and p r i v i l e g e s of every character hereby granted, created, reserved or declared; and a l l impositions and o b l i g a t i o n s hereby imposed s h a l l be deemed and taken t o be covenants running w i t h the land, and s h a l l bind any person having at any time any i n t e r e s t or estate i n said land or any l o t thereon, and s h a l l inure t o the b e n e f i t of such l o t owner i n l i k e manner as though the provisions of t h i s Declaration were r e c i t e d and s t i p u l a t e d at length i n each and every deed of conveyance or instrument of t i t l e .

Section 10.04. - Non-Waiver of Covenants. No covenant, r e s t r i c t i o n , c o n d i t i o n , o b l i g a t i o n or p r o v i s i o n contained i n t h i s Operating Agreement, the By-Laws, Reservations and R e s t r i c t i v e Covenants, or Pier, Boat S l i p , and Waterfront Maintenance Agreement s h a l l be deemed t o have been abrogated or waived by reason of any f a i l u r e t o enforce the same, i r r e s p e c t i v e of the number of v i o l a t i o n s or breaches which may occur or any time

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lapsed.

Section 10.05. An owner of developed and undeveloped l o t s s h a l l have one vote i n the Association f o r each l o t , i n c l u d i n g l o t s owned by GL Maplewood, LLC. A l l l o t owners s h a l l be responsible f o r an equal share of the Association expenses excepting l o t s owned by GL Maplewood, LLC, whose predecessor i n t i t l e , the Green Lake State Bank and/or Baraboo National Bank, has con t r i b u t e d 1/10 of the i n i t i a l clean-up costs of the f r o n t area. The undersigned hereby acknowledge t h a t i n no other event s h a l l any assessment f o r common area expenses, fees, costs, or property taxes f o r common areas be assessed against l o t s owned by GL Maplewood, LLC f o r a period of 10 years ( u n t i l 2024). Commencing i n 2024, GL Maplewood, LLC or i t s ' permitted assignee s h a l l pay an equal pro r a t a share of common area operating expenses (other than fees and assessments r e l a t i n g t o p i e r s or the Pier, Boat S l i p , and Waterfront Maintenance Agreement) f o r the l o t s owned by GL Maplewood, LLC or i t s permitted assignee. However, i f GL Maplewood or i t s ' members, or i t s ' assignee reserve l o t s and choose not t o a c t i v e l y l i s t or o f f e r them f o r sale, GL Maplewood, LLC or i t s ' assignee s h a l l pay fees on the reserved l o t s , even i f p r i o r t o the 10 year period. This p r o v i s i o n i s agreed t o and accepted by the members of the Association, i n acknowledgement of good and valuable consideration, being the t r a n s f e r by said Green Lake State Bank and/or Baraboo National Bank of the common areas t o the Association without consideration other than the terms of the R e s t r i c t i v e Covenants and t h i s Operating Agreement. As f u r t h e r a d d i t i o n a l consideration, the undersigned, personally and on behalf of the Association, hereby s t i p u l a t e and agree t h a t n e i t h e r the aforementioned GL Maplewood, LLC, nor i t s members, agents, representatives, or employees, s h a l l be l i a b l e f o r any claim whatsoever a r i s i n g out of or by reason of any actions performed pursuant t o any a u t h o r i t y reserved, granted, or delegated t o the same; i n p a r t i c u l a r , any l i a b i l i t i e s , damages, or expenses in c u r r e d as a r e s u l t of the t r a n s f e r of the common areas. The undersigned, i n d i v i d u a l l y and on behalf of the Association, hereby acknowledge and agree t h a t the t r a n s f e r of the common areas t o the Association i s by "Quitclaim" only, and does not c o n s t i t u t e a warranty or guaranty of t i t l e and/or warranty, guaranty, and/or representation of the f i t n e s s of the common areas f o r any p a r t i c u l a r purpose. The undersigned, personally and as members of the Association, have accepted t i t l e t o the common areas by the Association on an "as i s " basis. GL Maplewood, LLC may assign i t s r i g h t s under t h i s Operating Agreement t o a purchase of 10 or more of the l o t s owned by GL Maplewood, LLC i n a bulk t r a n s a c t i o n f o r the purpose of resale and not f o r personal use.

Section 10.06. - Amendment of Operating Agreement. (1) Other than the provisions of Section 10.05

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above, t h i s Operating Agreement may be amended w i t h the consent of seventy-five percent (75%) of the l o t owners and mortgagees. Section 10.05 of t h i s Operating Agreement may be amended, re s t a t e d , modified, or deleted only w i t h the consent of seventy -f i v e percent (75%) of the l o t owners and mortgagees and the w r i t t e n consent of GL Maplewood, LLC or i t s permitted assignee, so long as i t s t i l l owns at l e a s t one l o t t h a t i s not a reserved l o t .

(2) A l l such amendments s h a l l be e f f e c t i v e upon recording the same i n the o f f i c e of the Register of Deeds of Green Lake County, Wisconsin; provided, however, t h a t no p r o v i s i o n of t h i s Operating Agreement may be changed, modified or rescinded so as t o c o n f l i c t w i t h the pro v i s i o n s of Wisconsin law.

Section 10.07 - Gender and Number. The use of the masculine gender i n t h i s Operating Agreement s h a l l be deemed t o r e f e r t o the feminine or neuter gender and the use of the sin g u l a r s h a l l be deemed t o r e f e r t o the p l u r a l and vice versa, whenever the context so requires.

Section 10.08. - S e v e r a b i l i t y . The i n v a l i d i t y of any covenant, r e s t r i c t i o n , c o n d i t i o n , l i m i t a t i o n or any other p r o v i s i o n of t h i s Operating Agreement or any pa r t of the same, s h a l l not impair or a f f e c t i n any manner the v a l i d i t y , e n f o r c e a b i l i t y or e f f e c t of the remainder of t h i s Operating Agreement.

Section 10.09. - Service of Process. The r e g i s t e r e d agent f o r service of process s h a l l be Roger L. Boeke CP.A., 448 B l u f f St./PO Box 552, Green Lake, Wisconsin 54941. Change of agent f o r service or process may be accomplished by r e s o l u t i o n of the Board of Directors of the Association which change of r e g i s t e r e d agent s h a l l be f i l e d w i t h the Dept. of Finan c i a l I n s t i t u t i o n s f o r the State of Wisconsin.

Section 10.10. - Special Provisions f o r Lease of Common Areas. The Association may, at the d i s c r e t i o n of i t s members, lease a common area, or por t i o n s of said common areas, f o r the general b e n e f i t of the Association and/or i t s members. Approval of a lease of common areas s h a l l be by a m a j o r i t y vote of the members, however, such lease s h a l l not have a lease term of more

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than f i v e (5) years, a f t e r which time any c o n t i n u a t i o n or renewal of said lease must be submitted f o r another vote of the members.

ARTICLE XI TRANSFER OF PERCENTAGE INTERESTS

Section 11.01. - A membership i n t e r e s t s h a l l only be held by an owner of a l o t , except as otherwise expressly provided herein. I n no event s h a l l t i t l e t o a l o t and the membership i n t e r e s t held by the owner of said l o t be severed i n t o separate ownership. I n the event t i t l e i s t r a n s f e r r e d by l e g a l a c t i o n , such as foreclosure or other a c t i o n at law, i n such event, the membership i n t e r e s t appurtenant t o said l o t s h a l l be t r a n s f e r r e d t o the owner of t i t l e . Any t r a n s f e r , attempted t r a n s f e r , or purported t r a n s f e r i n v i o l a t i o n of t h i s agreement's terms and conditions s h a l l be n u l l and void. A member may t r a n s f e r a l l or a p o r t i o n of the member's percentage i n t e r e s t t o a permitted t r a n s f e r e e . A permitted t r a n s f e r e e , i s a person, p a r t y , or e n t i t y who takes t i t l e t o a l o t , but such t r a n s f e r i s made and i s binding upon the Association only i f the permitted transferee agrees t o the terms of t h i s Operating Agreement, i n c l u d i n g i f required, t o provide a signed counterpart of t h i s agreement from said permitted transferee and any p a r t i e s or e n t i t i e s securing a mortgage or other recorded i n t e r e s t upon the property. A permitted transferee's acceptance of a t i t l e t o a l o t and/or membership i n t e r e s t i n the Association s h a l l c o n s t i t u t e said permitted transferee's agreement t o be bound by t h i s Operating Agreement t o the same extent as i f the permitted transferee had been an o r i g i n a l p a r t y t o the agreement as a member. Whenever required, the spouse of a permitted transferee must sign a spousal consent and acknowledgment i f requested by the Association. I f the transferee i s a t r u s t , such t r a n s f e r i s only binding upon the Association i f the Association approves the t r u s t e e and the provisions of the t r u s t are not i n c o n s i s t e n t w i t h or otherwise p r o h i b i t e d by t h i s Operating Agreement. Any subsequent amendment of the t r u s t i n c o n s i s t e n t w i t h or p r o h i b i t e d by t h i s Operating Agreement s h a l l r e s u l t i n the t r a n s f e r of the membership i n t e r e s t being v o i d .

ARTICLE X I I DISASSOCIATION, DISSOLUTION, AND LIQUIDATION

Section 12.01. - Disassociation. Disassociation of a member, pursuant t o Ch. 183, or by other operation of law, w i l l not e n t i t l e member t o a d i s t r i b u t i o n and redemption of the member's percentage i n t e r e s t . I n the event of an act of d i s a s s o c i a t i o n , as defined under Ch. 183, the Association s h a l l assume ownership of

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the membership i n t e r e s t f o r the l i m i t e d purpose of t r a n s f e r r i n g said i n t e r e s t t o a proper t i t l e d owner of the l o t t o which the membership i n t e r e s t i s appurtenant when consistent w i t h the terms of applicable law and the terms of t h i s Operating Agreement.

Section 12.02. - D i s s o l u t i o n . The Association s h a l l be dissolved only upon 75% approval of a l l of the members or upon the requirements of an order of the court. The Association s h a l l not be dissolved upon the occurrence of any other event, i n c l u d i n g the di s a s s o c i a t i o n of a member under Ch. 183. I n the event of d i s s o l u t i o n and/or t e r m i n a t i o n of the Association, any r e a l estate owned by the Association s h a l l be d i s t r i b u t e d t o the l o t owners in equal undivided i n t e r e s t , unless otherwise agreed t o i n w r i t i n g by a l o t owner.

DRAFTED BY:

Attorney Kristin K. Galatowitsch Gaiatowitsch Law Office P O Box 113 Princeton, Wl 54968 Telephone: (920)299-5277