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EXIT D <br /> BYLAWS <br /> INITIAL BYLAWS OF <br /> GATEWAY CENTER CONDOMINIUM ASSOCIATION, INC., <br /> a North Carolina Nonprofit Corporation <br /> ARTICLE I <br /> NAME <br /> Section1.01 Name. The name of the corporation is Gateway Center Condominium Association, <br /> Inc. (the "Association"). <br /> ARTICLE IF <br /> OFFICES <br /> SeCOMM 2.01 Principal Office. The principal office of the Association shall be located at the address <br /> provided m the Articles of Incorporation or at such other place in the State of North. Carolina as may be <br /> designated from time to time by the Board of Directors. <br /> Section 2.02 Rggj9Md. Office. The registered office . of the Association required by law to be <br /> maintained in the State of North Carolina may be, but not need be, identical with the principal office. <br /> Section 2.03 Other. Offices. -The Association may have offices at such other places, either within <br /> or without the State of North Carolina as the Board. of Directors may from time to time determine or as the <br /> affairs of the Association may require. <br /> ARTICLE III <br /> X[EMBERSffiP <br /> Section 3.01 Membership. Any person or entity who holds record title to any condominium unit <br /> ("Unit') at Gateway Center Condominium (the "Condominium', a commercial use *condominium located at . <br /> South Churton Street, I3illsborough, Orange County, North Carolina, and created in accordance with, <br /> and subject to, the provisions of the Declaration of Condominium of Gateway Center Condominium recorded <br /> or to be recorded in the Office of the Register of Deeds of Orange County, North Carolina, ame as s may be <br /> amended, supplemented and/or modified from time to time (the "Declaration'), shall . be and remain a <br /> member ("Member') of the Association for so long as suchoperson or entity shall hold record title to such <br /> Unit No lienholder, judgment creditor, trustee or other person or entity holding legal or beneficial title to, or <br /> any other interest in, any Unit or Common Element (as. defined in the Declaration) merely as security for an <br /> obligation or I pursuant to a lease or any option, right of first refusal or other agreement to purchase or <br /> otherwise possess any Unit on a firhme date shall be qualified for or - entitled to me hership in the <br /> Association. Upon termination of the Condominium,. the members of the Association - shall consist of those <br /> persons or entities entitled to distributions of proceeds pursuant to N.C.G. S . Section 47C-2418 . All defined <br /> terms in the Declaration shall have the same meanings m these Bylaws unless otherwise defined herein. <br /> -61 - <br />