Article VII

Officers

Section 1.   The officers of the organization shall be a President, a Vice President, a Secretary and a Treasurer, each of whom shall be elected by the Directors. Such other officers and assistant officers as may be deemed necessary may be elected or appointed by the Directors.

Section 2.   The officers of the organization to be elected by the Directors shall be elected annually at the first meeting of the Directors held after each annual meeting of the Members. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall resign or shall have been removed in the manner hereinafter provided.

Section 3.   Any officer or agent elected or appointed by the Directors may be removed by the Directors whenever in their judgment the best interests of the organization would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.

Section 4.   A vacancy in any office because of death, resignation, removal, disqualification or otherwise, may be filled by the Directors for the unexpired portion of the term.

Section 5.   The President shall be the principal executive officer of the organization and, subject to the control of the Directors, shall in general supervise and control all of the business and affairs of the corporation. He shall, when present, preside at all meetings of the Members and of the Directors. The President may sign all deeds, contracts, agreements, and documents in connection with the development, marketing and sale of the real estate owned by the organization. He may sign, with the Secretary or any other proper officer of the corporation thereunto authorized by the Directors, mortgages, bonds, or other instruments which the Directors have authorized to be executed, except in cases where the signing and execution thereof shall be expressly delegated by the Directors or these By-Laws to some other officer or agent of the corporation or shall be required by law to be otherwise signed or executed; and in general shall perform all duties incident to the office of President and such other duties as may be prescribed by the Directors from time to time.

Section 6.   In the absence of the President, or in the event of his death, inability or refusal to act, the Vice President shall perform the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon the President. The Vice President shall perform such other duties as