AMENDMENT TO BY-LAWS OF THE ISLAND CONDOMINIUM UNIT OWNERS ASSOCIATION

THIS AMENDMENT is made as of this fifth day of July, 1992, by the ISLAND CONDOMINIUM UNIT OWNERS ASSOCIATION, an Oregon nonprofit corporation which is the Administrator of The Island Condominium pursuant to the Declaration Submitting The Island to Oregon Unit Ownership Law dated April 28, 1979 and recorded June 29, 1979 in Book 102 of the Records of Deeds of Lincoln County, Oregon at page 660.

Article VII, paragraph 5, subparagraph 5, subparagraph (h), By-Laws of the Association of Unit Owners of the Island provides that the leasing and rental of units shall be without restriction excepting that no unit owner may lease or rent less than his entire unit. The unit owners of The Island Condominium now wish to amend that section of the By-Laws to read as follows:

“(h) Ownership, use, leasing and rental of units. Each unit shall be occupied and used only by a contract vendee thereof or a record title holder, his family, servants and non-paying guests, or lessee under a lease term of not less than ninety (90) consecutive days, for residential purposes only. No unit may be rented or leased without prior written approval of the Board of Directors of the Association, except to a single family lessee for a term of at least ninety (90) consecutive days. Record ownership of a unit may be vested in no more than six persons. Provided, that more than six natural persons may be record owners if they are all blood relatives of the first degree or spouses of same. As used herein “persons” shall include corporations, general partnerships, trusts, limited partnerships or other entity, but in the event anyone other than a natural person desires to become a record owner of a unit, such shall require the prior approval of the Board of Directors of the Association, except in cases where a lender becomes the owner of a unit by reason of foreclosure of a security instrument or by deed in lieu of the foreclosure thereof. Specifically prohibited by this subparagraph (h) is any form of so-called “time-sharing,” “interval ownership” or “vacation license” wherein any person is granted the right to use the unit for any pre-determined period of less than ninety (90) consecutive days. Whenever a unit is owned in whole or in part by a partnership, corporation, trust or other entity, such an entity shall designate at the closing of the acquisition of its ownership interest no more than three particular families which shall be entitled use of the unit. Only such designated families, their servants and non-paying guests may use such unit. Different families may be so designated as the named user of a unit by written notice to the Association; provided that no more than two such changes may be made in any calendar year.”

NOW, THEREFORE, the By-Laws of The Island Condominium Unit Owners Association is hereby amended to disallow “leasing and rental of units” for a period of less than ninety (90) consecutive days and provide other restrictions as listed above and shall replace Article VII, paragraph 5, subparagraph 5, subparagraph (h) as recorded in Book 102 of the Records of Deeds of Lincoln County, Oregon, at page 660.