EXHIBIT 4.5 DECLARATION OF TRUST This DECLARATION OF TRUST, dated as of May 25, 2006 (this "Declaration"), among (i) Great Wolf Resorts, Inc., a Delaware corporation, as sponsor (the "Sponsor"), (ii) J. Michael Schroeder and James A. Calder, as the...Declaration of Trust • June 5th, 2006 • Great Wolf Resorts, Inc. • Hotels & motels
