Centennial Trail Community, Inc.

ARTICLE I

Corporation

1.1 The name of this Nonprofit Corporation will be Centennial Trail Community, Inc., herein after referred to as the "Corporation," located in Columbus, County of Stillwater, State of Montana. 

ARTICLE II

Pumose 

2.1 The purpose for which this Corporation is formed is to own and operate a manufactured housing community ( commonly known as "park"), herein after referred to as the "Community," as a Corporation and be involved in other Corporation activities, on a non-profit, "cooperative" basis for the benefit of the current and future resident homeowners.

2.2 The broad purpose is to gain control of the rental costs, preserve the Community for the current residents, and to keep it affordable long term for low and moderate-income individuals and families. In accordance with the purpose stated in the Corporation's Articles of Incorporation, the Corporation will conduct its business in a manner designed to preserve the affordability of the sites within the Community for low to moderate income homeowners.

ARTICLE III

 Members

3.1 Eligibility

A "Member" is defined as an adult (18-years-or-older) individual(s) without regard to his or her social, political, racial, religious, age, sex, sexual orientation, disability, or marital status, that meets all three of the following conditions:

A. He or she owns (or co-owns) and resides in a manufactured housing unit (herein after referred to as the "Home") in the Community, including any spouse or partner in civil union entided to a homestead interestwho has signed a Lease Agreement. A person is seen as owning or co-owning a Home if he or she owns the Home either directly or through a revocable living trust or other "Grantor" trust. A "Grantor" trust is any trust that (1) is established during the lifetime of the grantor; (2) names the grantor as trustee and beneficiary of the trust's income and principal during the grantor's lifetime, provided he or she has full mental capacity; and (3) gives the grantor the power to alter, modify or otherwise change or terminate the trust during the grantor's lifetime, provided he or she has full mental capacity. All references to "he" or "she" or "his" or "her" in these Bylaws shall mean the trustee and ano cat applie forthe an adany ence iN the in e case of applicable in the instance.

B. "Ownership" of a home shall include, where appropriate, persons purchasing a home under a lease purchase or contract of sale, which is current and in good standing, are brought into good standing by agreement acceptable to the Board of Directors, where the home buyer has some established equity in the home.

C. He or she is in good standing with the Corporation. A "Member in good standing" is a Member who is complying with the Membership Obligations set forth in Article 3.3 of these Bylaws, or who has signed an agreement satisfactory to the Board of Directors to bring him or herself into compliance.

A. A Member will have a perpetual right to occupy a lot within the community as long as he or she continues payment of the lot rent and remains in compliance with the other terms of the Member Occupancy agreement, the Bylaws of the Corporation and the Community Rules established by the Members, all as they may be amended from time to time. However, if a Member is evicted from the Community or moves out of the Community, that Member will lose his or her right to occupy said lot.

B. Membership provides Members with prevailing lot rent. Loss of Membership rights will result in an increased lot rent in accordance with the Community Rules and these Bylaws.

C. Regardless of the number of Members residing in a home, only one Membership interest will be assigned to a home, and only one full vote may be exercised under a Membership interest.

D. In accordance with Montana Code Annotated § 35-2-514, a Member may not transfer a Membership or any rights arising from Membership.

A. All Members and non-Members are required to pay their lot rent. This lot rent, nitially established by the Membership of the Corporation, may be increased b i majority vote of the Corporation's Board of Directors or by a majority vote o the Membership, consistent with Article 5.2 of these Bylaws, with a 30-day written notice to all Members and Non-Members.

B. All Members are required to pay their Membership Deposit, consistent with Article 3.5 of these Bylaws.

C. A Member will participate cooperatively in the operation of the Corporation. This includes, but is not limited to, voluntary participation in the governance of the Corporation and in the operation of the Community.