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HomeMy WebLinkAbout14_Lmbyd BylawsAfter recording, return to: Crowley Fleck, PLLP Attn: Lucas H. Forcella P.O. Box 2529 Billings, MT 59103 BYLAWS OF LUMBERYARD FLATS OWNERS’ ASSOCIATION These BYLAWS OF LUMBERYARD FLATS OWNERS’ ASSOCIATION (the “Bylaws”) are made this _________________, 2023, by Lumberyard Flats Owners’ Association, a Montana nonprofit corporation (the “Association”). 1. General Provisions. a. These Bylaws are adopted by the incorporator of the Association pursuant to the Montana Nonprofit Corporation Act (the “Act”) and in connection with the Declaration of Covenants and Restrictions for Lumberyard Flats filed __________________, 2023 (the “Declaration”) and recorded as Document __________________, in the records of Gallatin County, Montana, as such may be amended, restated or finalized from time to time. b. These Bylaws apply to the Association, which governs Lumberyard Flats (the “Property”) more particularly described on Exhibit A together with any property hereafter added to the Declaration, as such may be amended or restated from time to time. c. These Bylaws shall govern the Association in its administration of the Property. 2. Membership. a. All persons owning a lot in the Property (each person, an “Owner” and each lot, a “Lot”) shall be a member of the Association. Membership begins concurrently with the acquisition of an ownership interest in a Lot and terminates at the time such ownership interest is terminated. Such termination shall not relieve any former Owner of liability for obligations incurred while an Owner. Membership in the Association does not in any way negate or impair any Owner’s legal remedies, right to bring legal action, or defenses to any and all actions involving the Association, other Owners, or the Manager (defined below) which may arise from or be incidents of ownership. b. All Owners shall be governed by these Bylaws and shall be subject to the provisions hereof. Bylaws of Lumberyard Flats Owners’ Association Page 2 of 13 c. The acquisition of an ownership interest in a Lot signifies that the Owner accepts, ratifies and agrees to comply with these Bylaws. 3. Obligations. a. Each Owner shall be obligated to comply with these Bylaws, the Articles of Incorporation and the Declaration, and any future amendments hereto or thereto. Such obligation shall include, but not be limited to, the payment of assessments to the Association as provided herein or therein. b. Failure of any Owner to abide by these Bylaws and all rules made pursuant thereto shall be grounds for appropriate legal action by the Association, or by an aggrieved Owner against such non-complying Owner, in each case in accordance with these Bylaws. 4. Meetings and Voting. a. Annual Meeting. The annual meeting of the Owners shall be held at 5:00 pm on the first Monday in February at the principal address of the Association, or on such date and at such time and place that the Board determines reasonably practical. The Board shall provide notice of the annual meeting pursuant to these Bylaws. At the annual meeting, the Owners shall elect the Board in accordance with these Bylaws, the Chairman and Treasurer shall report on the activities and financial condition of the Association pursuant to Mont. Code Ann. § 35-2-526(4)(a), and the Owners may transact any other business of the Association which may legally come before the meeting. b. Special Meetings. The Association may hold special meetings upon the written request of the Board or the Manager, or upon a written request signed by at least fifty percent (50%) of the Owners. Notice of any special meetings must specify the reason for such meeting and the matters to be raised. Only matters set forth in the petition or request may be brought before such meeting. c. Notice. Notice of all meetings, annual or special, shall be mailed or electronically sent by the Association’s Secretary to every Owner at their mailing address or email address of record not less than ten (10) nor more than sixty (60) days prior to the time for holding such meeting. Such notices shall specify the date, time and place of the meeting and shall make provision to allow for the voting of each Owner’s interest by proxy at the discretion of the Owner. If mailed, such notice shall be deemed to be given three (3) days after the date when deposited in the United States mail, with postage prepaid. If notice is given electronically, such notice shall be deemed to be given one (1) day after the date when sent to the Owner, unless the sender receives an automatically generated indication that the email was not timely or actually delivered. d. Remote Meetings. Pursuant to Mont. Code Ann. § 35-2-525, Owners may participate in a meeting of the Owners by means of a conference telephone call, web-based video call, or similar communication equipment through which all persons participating in the meeting can hear each other at the same time. Participation in this manner constitutes presence in person at a meeting. Bylaws of Lumberyard Flats Owners’ Association Page 3 of 13 e. Quorum. Owners holding twenty five percent (25%) of the voting interests entitled to vote present, in person or by proxy, shall constitute a quorum at a meeting of Owners. When a quorum is present at an annual meeting, Owners may vote upon matters that are described in the meeting notice. If less than a quorum is present at a meeting, a majority of the Owners entitled to vote and present at such meeting may adjourn the meeting without further notice until a quorum is present and represented. f. Written Action in Lieu of a Meeting. Any action permitted at a meeting may be approved without a meeting if the action is approved by Owners holding greater than fifty percent (50%) of the voting power of the Association. The action must be evidenced by one or more written consents that describe the action taken, be signed by those Owners representing greater than fifty percent (50%) of the voting power, and be delivered to the Association for inclusion in the minutes or filing with the corporate records. Written notice of Owner approval pursuant to this section must be given to all Owners who have not signed the written consent. If written notice is required, Owner approval pursuant to this section is effective ten (10) days after written notice is given. g. Voting Interest. Each Lot shall be entitled to one vote in the Association for every matter coming before the Association for a vote. If there are two (2) or more Owners of a Lot, such Owners shall be deemed to be one (1) member for the purposes of voting. The vote for any Lot owned by more than one Owner shall be exercised as such co-Owners may among themselves determine and advise the Secretary of the Association in writing prior to any meeting or vote, but in no event, shall there be more than one (1) vote per Lot. Voting rights of an Owner that is not a natural person may be exercised by any officer, director, partner, trustee, member, manager, or other individual designated from time to time in a written instrument describing and certifying the authority of such person provided to the Secretary of the Association in writing prior to any meeting or vote. If ownership of a Lot is vested in more than one person or an Owner of a Lot is not a natural person, absent written advice to the Secretary of the Association, if more than one person seeks to exercise the vote, the voting privilege with respect to the Lot shall be suspended. Except as otherwise expressly required by law, only Owners in good standing (not delinquent in the payment of dues or other fees owed to the Association and not in violation of any provision of these Bylaws, the Declaration or any other governing documents) are entitled to vote. Neither the Association nor the Board shall have any obligation to confirm, as among such multiple interest Owners or with respect to an Owner which is not a natural person, which of the persons has the right to exercise a vote. The written advice to the Secretary of the Association shall state which person has authority to act on behalf of the Lot Owner and include that person’s name, mailing and physical address, telephone number and email address. The Association may rely on such notice until such notice is updated by a Lot Owner. 5. Board of Directors. a. Number and Qualification. The governance of the Association shall be by the Board, which shall consist of three (3) directors (each a “Director”). A Director must be an Owner (or representative of an Owner) in good standing. Bylaws of Lumberyard Flats Owners’ Association Page 4 of 13 b. Election. The initial Board shall be appointed by the incorporator of the Association. Thereafter, the election of a Director shall occur at the annual meeting of the Owners. At such election, the Owners or their proxies may cast their vote(s) for each vacancy. The person receiving the largest number of votes shall be elected. For the avoidance of doubt, there shall be no cumulative voting. Voting for Directors or for their removal may be by written ballot. c. Terms. The Directors shall serve for staggered terms of three (3) years each, such that only one Director shall be elected at each annual meeting. If a vacancy should occur prior to the conclusion of a three (3) year term, the Board shall promptly appoint a Director to fill such vacancy until the conclusion of the term. Should such vacancy not be filled by the Board at the next annual or special meeting of the Owners, the Owners may elect a Director to fill such vacancy until the conclusion of the term. Unless vacated sooner, each Director shall hold office until the Director's term expires and a successor is elected or until such Director’s earlier death, resignation or removal. d. Removal. A Director may be removed by a majority vote at an annual or special meeting, if proper notice for such meeting was provided. A vacancy caused by such a removal shall immediately thereafter be filled by the election of a Director by the Owners, whether or not such election was identified in the meeting notice (it being understood that a vacancy would prompt an election). e. Resignation. A Director may resign at any time by giving written notice to the Board. Unless otherwise specified in the notice, the resignation shall take effect at the date specified in the notice or if such date is not specified, then upon receipt thereof by the Board. f. Annual Meetings of the Board. The annual meeting of the Board shall follow the annual meeting of the Owners or on such date and at such time and place that the Board determines reasonably practical. g. Special Meetings of the Board. Special meetings of the Board may be called by any of the Directors. h. Notice of Board Meetings. Notice of any annual or other meeting of the Board shall be given at least two (2) days prior to the meeting, by written notice delivered personally, electronically or by mail to each Director at the address for such person on the books of the Corporation. If mailed, such notice shall be deemed to be delivered three (3) days after it was deposited in the United States mail, with proper postage pre-paid. If notice is given electronically, such notice shall be deemed to be given one (1) day after the date when sent, unless the sender receives an automatically generated indication that the email was not timely or actually delivered. The participation of a Director at a meeting shall constitute a waiver of notice of such meeting, except where: (a) a Director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened; and (b) such Director files a written dissent with the person acting as secretary of the meeting before the adjournment or immediately after adjournment of the meeting. i. General Powers. The business and affairs of the Association shall be managed by its Board. The Board shall in all cases act as a board, and they may adopt such rules and Bylaws of Lumberyard Flats Owners’ Association Page 5 of 13 regulations for the conduct of their meetings, the management of the Association, and the use of the Property as they may deem proper, not inconsistent with these Bylaws, the Declaration and the laws of the State of Montana. The Board shall also have the rights, duties and obligations specified in the Declaration. In addition to any Manager hired by the Board pursuant to Section 9, below, the Board may hire accountants, lawyers and other professionals and advisors as it deems necessary or advisable. The Board may hire personnel or contract for the maintenance, upkeep and repair of the Common Area or other property or equipment owned or provided for the use of the Association. j. Specific Powers. In addition to, and in no way limiting the generality of the foregoing Section 5(i), the Board, by and through the officers of the Association, shall have the following specific powers and duties: i. To give notice of annual meetings of the Owners. ii. To call special meetings of the Association and give notice thereof. iii. To enforce the provisions of these Bylaws and the Declaration by appropriate action, including by employing attorneys or other agents of the Association. iv. To promulgate and adopt rules and regulations for the use and occupancy of the Property to ensure such use and occupancy does not unreasonably interfere with the quiet enjoyment of any Owner. v. The Board may provide for the management of the Property by hiring or contracting with suitable and capable management personnel for the day-to-day operation, maintenance, upkeep and repair. vi. To levy annual assessments, and to cause the collection, expenditure and accounting of said assessments on behalf of and for the benefit of the Association. vii. To levy and collect special assessments when, in the opinion of the Board, it is necessary to do so to meet operating or maintenance expenses, additional capital expenses, cost of emergencies, or other reasonable costs of the Association. Any such levy shall require the assent of the Owners to the extent required by the Declaration. viii. To pay for the expense of the Common Area, including the maintenance, repair and upkeep of the parking areas and the roads within the Property and to approve payment vouchers, either at annual or special meetings. ix. To delegate authority to the Manager for the conduct of the Association’s business, to carry out the duties and powers of the Board, provided, however, that such authority shall be precisely defined and that the Board shall retain the authority to review, amend, and revoke decisions of the Manager. x. To provide a means of hearing grievances and foreclosure proceedings of Owners and to observe all due process requirements imposed upon associations formed to govern real property ownership. Bylaws of Lumberyard Flats Owners’ Association Page 6 of 13 xi. To prepare an annual budget for the Association in order to forecast: (i) the association’s expenses; and (ii) the amount of assessments which Owners should expect to pay to meet such expenses. xii. To submit such budget to the Owners on or before the date of the annual meeting. xiii. To take appropriate legal action to collect any delinquent assessments, payments or amounts otherwise due from any person or persons owing money to the Association. xiv. To defend in the name of the Association any and all lawsuits wherein the Association is a party defendant. xv. To enter into contracts with third parties to carry out the duties set forth, for and on behalf of the Board and the Association. xvi. To establish a bank account for the Association and to keep therein all funds of the Association. Withdrawal of monies from such accounts shall only be by checks signed or electronic transfers executed by such persons as are authorized by the Board. xvii. To borrow money on behalf of the Association upon the approval of not less than seventy five percent (75%) of Owners. xviii. In general, to act for and carry on the administration and affairs of the Association as authorized and prescribed by the Declaration and to do all those things which are necessary and reasonable in order to carry out the governance and operation of the Association. xix. To establish rules and regulations for the management and use of the Common Area. xx. To make repairs, alterations and improvements to the Common Area consistent with managing the Property in a first class manner and in the best interests of the Owners, including but not limited to undertaking one or more renovation projects concerning the Property. xxi. To arrange, keep, maintain, and renew insurance for the Association in an amount and for such purposes as the Board determines reasonable. k. No Compensation; Reimbursement. No Director shall receive compensation for any service rendered to the Association as a Director. Any Director, however, may be reimbursed for actual expenses, if reasonable, incurred in the performance of duties as a Director. l. Indemnification. The Association shall indemnify and advance expenses to any present or former Director or officer of the Association to the fullest extent authorized under Mont. Code Ann. §§ 35-2-446 through 35-2-452, as such may be amended, or any successor statutes. The rights to indemnification and advances set forth in this Section 5(l) shall be contract rights, and any amendment to or repeal of this Section 5(l) (or any provision hereof) shall not adversely affect any right to indemnification or advancement with respect to acts or omissions of an indemnitee occurring prior to such amendment or repeal (regardless of whether the Bylaws of Lumberyard Flats Owners’ Association Page 7 of 13 proceeding relating to such acts or omissions is commenced before or after such amendment or repeal). 6. Officers a. Enumeration and Qualifications. The officers of the Association shall be a Chairman, a Secretary and a Treasurer, each of whom shall be appointed by the Board. Such other officers and assistant officers as may be deemed necessary may be appointed by the Board. Each officer must be an Owner or, in the event an Owner is an entity, a duly-appointed agent of such Owner. The officers may, but are not required to, be Directors. b. Term of Office. Each officer shall hold office until the earlier of his or her successor being duly appointed, or his or her death, resignation or removal. c. Resignation and Removal. Any officer or agent appointed by the Board may be removed by the Board at any time, with or without cause. Any officer may resign at any time by giving written notice to the Board. Such resignation shall take effect at the date of receipt of such notice or at any later time specified therein, and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. d. Vacancies. A vacancy in any office may be filled by the Board. The officer appointed to such vacancy shall serve the remainder of the term of the officer he or she replaces. e. Chairman. The Chairman shall be the principal executive officer of the Association and, subject to the control of the Board, shall in general supervise and control all the business and affairs of the Association, including the filing of liens for unpaid assessments in accordance with the Declaration and the enforcement activities of the Association. He or she, when present, shall preside at all meetings of the Association and meetings of the Board. He or she may sign, with the Secretary or any other proper officer of the Association authorized by the Board, any deeds, mortgages, bonds, contracts, or other instruments which the Board has authorized to be executed, except in cases where the signing and execution thereof shall be expressly delegated by the Board or by the Declaration to some other officer or agent of the Association, or shall be required by law to be otherwise signed or executed, and shall have such other powers and duties as are provided in the Declaration, these Bylaws or by law and as are ordinarily exercised by the presiding officer of a corporation. f. Secretary. The Secretary shall record the proceedings of the meetings of the Board and meetings of the Association, see that all notices are duly given in accordance with the provisions of the Declaration and these Bylaws, be custodian of the Association records, keep the records of the Board and of the Association, and shall have such other powers and duties as may be delegated to him or her by the Board or the Association from time to time. g. Treasurer. The Treasurer shall be responsible for the funds of the Association and shall be responsible for keeping and having kept full and accurate financial records and books of account showing all receipts and disbursements of the Association and any other financial data required by the Board of the Association. He or she shall be responsible for the deposit of all funds in the name of the Association in such depositories as may be designated by the Board from time to time and shall have such other powers and duties as may be delegated to him or her Bylaws of Lumberyard Flats Owners’ Association Page 8 of 13 by the Board or the Association from time to time. The Treasurer shall be responsible for the collection of periodic assessments to be collected. Further, the Treasurer shall record the assessments due and paid and shall prepare annual reports reflecting the Association's assets, including the assessments due and paid and shall mail or otherwise provide a copy of the quarterly reports to each Director. The Board may delegate such of the Treasurer’s powers and duties to the Manager as the Board deems to be advisable. 7. Enforcement; Due Process. a. Enforcement. The Board is empowered to enforce these Bylaws in accordance with its powers under Section 5, above. Each Owner shall also have the power to enforce these Bylaws. b. Required Notice. If an Owner fails to comply with any of the provisions of these Bylaws, no legal action for enforcement shall occur, except after notice of the same is sent to the non-complying Owner in writing setting forth the nature of the non-compliance and providing a time for such non-complying Owner to comply with these Bylaws. Notwithstanding the generality of the foregoing, no such time for compliance shall be required for the failure of an Owner to timely pay amounts due pursuant to the provisions of these Bylaws. 8. Liability of Members of Board of Directors. a. Limited Liability. No member of the Board shall be liable to the Association or any of the Owners or any third party for harm, injury, loss or damage suffered because of any action taken or omitted to be taken by any member of the Board in good faith and when acting in their official capacity. b. Insurance. The Board may cause the Association to purchase insurance to protect the Association, the Owners, and the Board members (when acting in their official capacity) from liability. The extent and specific nature of insurance coverage shall be determined by the Board in connection with the requirements set forth in the Declaration. 9. Management; Budget a. Manager. The Board may employ one or more managers or management agents (each, a “Manager”), which Manager shall be compensated in an amount established by the Board. The Manager shall generally operate and manage the Property for and on behalf of the Owners and shall have such other powers and authority, and perform such duties and services as the Board shall authorize. If there is no Manager or if the Manager resigns, is terminated or if the Manager’s contract expires and a successor Manager is not chosen, the Board shall perform all the duties of the Manager until the Manager is replaced. b. Information Requirement. The Manager and any person handling Association funds or having power to withdraw or spend such funds shall provide information regarding the financial affairs of the Association from time to time as directed by the Treasurer and the Board. Such information shall include all assessments made by the Association and the status of payments of said assessments by all Owners. Bylaws of Lumberyard Flats Owners’ Association Page 9 of 13 c. Records. The Manager’s records shall be available for examination during normal business hours by any Owner or his/her assigned representative. d. Budget. Except as directed by the Board, the income and expenditures of the Association shall be managed by the Manager. The Manager shall prepare and submit to the Board a budget for the Association not less than annually. The budget shall include the estimated funds required to defray expenses associated with the Common Area and to provide and maintain funds for the following accounts according to good accounting practices. At minimum, the Manager shall plan and budget for: i. Current expenses, including all receipts and expenditures expected within the year for which the budget is made, including a reasonable allowance for contingencies and working funds, except expenditures chargeable to reserve or to improvements. ii. A reserve for deferred maintenance, including funds for maintenance and items which occur less frequently than annually. iii. A reserve for replacement, including funds for any repair or replacement required because of damage, depreciation, or obsolescence. iv. A reserve for capital improvements, including funds to be used for capital expenditures for additional improvements to the Common Area or additional personal property which shall be a part of the Common Area. The balance in any of the foregoing accounts at the end of each year, if any, shall be applied to reduce the need for assessments for such account for the succeeding year or, at the reasonable discretion of the Board, shall be applied in any other manner which shall benefit the Association and which, on the basis of United States Federal income tax laws, regulations and interpretations existing from time to time is most likely to avoid taxation of such surplus, provided that such application is consistent with the proportional interests of the Owners, and is not precluded by the terms of such laws and regulations or by the Declaration, each as amended from time to time. e. Informed Owners. The Manager shall cause copies of the budget and proposed assessments therefor to be transmitted to each Owner on or before the annual meeting of the Association preceding the year for which the budget is made. If the budget is subsequently amended, a copy of the amended budget shall be furnished to each Owner. 10. Assessments. a. Generally. Each Owner shall be assessed in accordance with the Declaration. Such assessments shall be collected and paid in accordance with the Declaration and these Bylaws. The amounts of such assessments shall be fixed by the Board pursuant to a duly approved budget. b. Common Area. Pursuant to the Declaration, the Association shall allocate assessments for Common Area in proportion to each Owner’s Ownership Interest. c. Notice. Notice of each Owner’s assessments shall be mailed or emailed to said Owner at his or her mailing address or email address of record. It is solely the responsibility of Bylaws of Lumberyard Flats Owners’ Association Page 10 of 13 each Owner to provide the Association with written notice of any changes in mailing address or email address. 11. Notice of Default to Lienholders. A first lienholder, upon request, shall be entitled to written notification from the Association of any default in the performance by the Owner of property subject to such lien of any obligation under the Declaration or these Bylaws which is not cured within sixty (60) days. 12. Amendment of Bylaws. These Bylaws may be amended by a writing approved by greater than fifty percent (50%) of the Owners. The Secretary shall, as soon as practicable, prepare a copy of these Bylaws as amended for certification by the Chairman and Secretary of the Association. Such amended and certified Bylaws shall then be filed and recorded in the office of the County Clerk and Recorder of Gallatin County, Montana. Unless otherwise specified, amended Bylaws shall become effective at the time of such recording. Notwithstanding the generality of the foregoing and in accordance with Section 11 of the Articles of Incorporation of the Corporation, the incorporator of the Association (along with its successors and assigns) shall retain the sole and unilateral right to approve, amend, or revoke the Corporation’s Bylaws as long as the incorporator of the Association (or its successors and assigns) owns two or more Lots. 13. Fiscal Year. The fiscal year of the Association shall commence on January 1 of each year and end of December 31 of each year, unless changed by the Board of Directors. 14. Miscellaneous. a. Costs and Attorney Fees. In any proceeding arising because of an alleged default under or breach of the Declaration or these Bylaws, the prevailing party shall be entitled to recover the costs of the proceedings and such reasonable attorney’s fees as may be determined by the Court. b. No Waiver of Rights. The failure of the Association or of an Owner to enforce any right, provision, covenant or condition which may be granted by the Declaration or these Bylaws, shall not constitute a waiver of the right of the Association or Owner to enforce such right, provision, covenant or condition in the future. c. Election of Remedies. All rights, remedies and privileges granted to the Association or an Owner pursuant to any term, provision, covenant or condition of the Declaration or these Bylaws shall be deemed cumulative and the exercise of any one or more shall not be deemed to constitute an election of remedies nor shall it preclude the party thus exercising the same from exercising such other and additional rights, remedies or privileges as may be granted to such other party by the Declaration or these Bylaws, or at law or in equity. d. Invalidity. The invalidity of any part of these Bylaws shall not impair or affect in any manner the validity, enforceability or effect of the balance hereof, or the Declaration. e. Governing Law. These Bylaws shall be governed by and construed under the laws of the State of Montana, without regard to principles of conflicts of law. Bylaws of Lumberyard Flats Owners’ Association Page 11 of 13 15. Declaration. a. The Declaration shall govern the acts, powers, duties and responsibilities of the Association and in the event these Bylaws and the Declaration are in conflict, the Declaration shall prevail. Except as specifically defined in these Bylaws, the definition of terms set forth in the Declaration shall be applicable throughout these Bylaws and the interpretation thereof. [signature page follows] Bylaws of Lumberyard Flats Owners’ Association Page 12 of 13 In witness whereof, the Association, by and through the undersigned, hereby certifies, declares, and affirms the adoption of the foregoing Bylaws by the incorporator of the Association in accordance with Section 11 of the Articles of Incorporation of the Association on ______________________, 2023. Lumberyard Flats Owners’ Association By: Virga Venture I LLC, its Incorporator By: __________________, its STATE OF MONTANA ) :ss COUNTY OF GALLATIN ) This instrument was acknowledged before me on ____________, 2023, by _____________________, as _________________ of Virga Venture I LLC, the incorporator of Lumberyard Flats Owners’ Association. IN WITNESS WHEREOF, I have hereunto set my hand and seal the date first above written. [signature] Notary Public for the State of ( S E A L ) [printed name] Residing at: ________________, ___________ [City] [State] My commission expires: ____________, 20___ [Month, Day] [Year] Bylaws of Lumberyard Flats Owners’ Association Page 13 of 13 Exhibit A Property Description The following real property located in Gallatin County, Montana: LOT 1A, BLOCK 3 OF THE PT LAND PHASE 2 SUBDIVISION (PLAT J-498B), LOCATED WITHIN THE NORTHWEST ONE QUARTER OF SECTION 7, TOWNSHIP 2 SOUTH, RANGE 6 EAST, CITY OF BOZEMAN, GALLATIN COUNTY, MONTANA, ACCORDING TO THE OFFICIAL PLAT THEREOF ON FILE AND OF RECORD IN THE OFFICE OF THE COUNTY CLERK AND RECORDER OF GALLATIN COUNTY, MONTANA. and LOT 2A, BLOCK 3 OF THE PT LAND PHASE 2 SUBDIVISION (PLAT J-498B), LOCATED WITHIN THE NORTHWEST ONE QUARTER OF SECTION 7, TOWNSHIP 2 SOUTH, RANGE 6 EAST, CITY OF BOZEMAN, GALLATIN COUNTY, MONTANA, ACCORDING TO THE OFFICIAL PLAT THEREOF ON FILE AND OF RECORD IN THE OFFICE OF THE COUNTY CLERK AND RECORDER OF GALLATIN COUNTY, MONTANA.