Loading...
HomeMy WebLinkAboutS-0560 ApplicationCIyY .OF LITTLE ROCK NO. OFFICE OF COMPREHENSIVE PLANNING FILING F[ES Little Rock, Ark. A 19 Rezoning Application . �','• $ Board of Adjustment Application. . . . . . , . . $ Preliminary Plat . . . . . . . . . . . . . . . . $ Final Plat Street Name Signs: No. Signs At Ea. $ TOTAL $ File No.: Address: Applicant ; r" MCKay 501 /225-001 O QfAktQW� ann company RESIDENTIAL REALTORS" RANDY ALEXANDER President One Pleasant Valley Plaza • 22oo Hidden Valley Drive • Little Rack, Arkansas 72212 REPLAT AND BILL OF ASSURANCE OF LOTS ONE (1) TO SIX (6), INCLUSIVE, RESERVOIR OAKS ONE, AN ADDITION TO THE CITY OF LITTLE ROCK JACK DOWDY & COMPANY, INC., to THE PUBLIC KNOW ALL MEN BY THESE PRESENTS: WHEREAS, JACK DOWDY & COMPANY, INC. (the "Grantor") owns the following described lands lying in Pulaski County, Arkansas, to -wit: Lot Eight (8), TOWNE PARK ADDITION to the City of Little Rock, (the "Land"), which is shown on the plat attached to and made a part of this instrument and recorded in Plat Book `-_ at Page _�_ in the Office of the Pulaski County Circuit Clerk (the "Plat") as Private Common Area and Lots One (1) to Six (6), inclusive, RESERVOIR OAKS ONE, an Addition to the City of Little Rock, Pulaski County, Arkansas; and WHEREAS, it is deemed desirable by the Grantor that the Land be subdivided into lots and private common area; and (051084/1564A) THIS !NSTRUiAENT PREPARED Ui.:., Or .. �.;`i: _SON REPLAT AND BILL OF ASSURANCE Page 2 WHEREAS, by this Plat and Bill of Assurance, the Grantor intends to create for their benefit, and for the mutual benefit of all future owners of the Land,, certain rights, easements, covenants and conditions governing the _use, enjoyment and maintenance of the Land; NOW, THEREFORE, the Grantor, for and in consideration of the benefits to accrue to it, which benefits it acknowledges to be of value, hereby plats the Land as Lots One (1) to Six (6), inclusive, RESERVOIR OAKS ONE, an Addition to the City of Little Rock. Henceforth, description and conveyance by such designation or part thereof as shown and represented on the Plat shall be a proper and sufficient description for all purposes. A permanent easement or easements for drainage, for laying and maintaining sewer pipes and mains, storm sewers, and for the i installation and maintenance of utilities are created, excepted and reserved over, across and through the Land as shown on the Plat. The Ten foot (101) wide strip of ground along the west line of the Land, which is designated as a Common Drive Easement on the Plat, is an easement created in that certain Bill of Assurance dated February 5, 1979, appearing of record in the Office of the Pulaski County Circuit Clerk as Instrument No. 79-09097, and in the related Plat in Plat Book A at Page 208. (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 3 The Land platted by this instrument and any interest therein shall be held and owned subject to and in conformity with the declarations and covenants set forth in this Instrument which shall be construed to be covenants running with the land and shall be binding upon all owners of the lots herein platted and upon their heirs, successors and assigns forever, to -wit: 1. De-scr-ipt-ian _ot_Land. The underlying realty for the Lots and Private Common Area was formerly platted as Lot Eight (8), Towne Park Addition to the City of Little Rock, Arkansas. The Property is owned by the Grantor in fee simple absolute, subject to easements, restrictions and mortgages existing and/or of record. The Land together with all improvements is sometimes referred to as the "Community" or the "Property". 2. Description__of-,Building. There is one multi -story building (the "Building") situated on the Six (6) Lots containing Six (6) separate Units with each Unit situated on a single Lot. The term "Unit" shall mean and refer to the structure situated on a Lot. The Units are joined by party walls (hereinafter referred to as "Common Walls"). 3. Description.- -of- -Lots.. (a) Each of the Six (6) Lots in the Private Common Area are hereby described and identified as shown and depicted on the Plat and are referred to collectively as the "Lots" or singularly as the "Lot". All other portions of the Land shall be Private Common Area. (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 4 (b) Each Lot shall include as an inseparable appurtenance thereto all of the following: (i) A One -sixth (1/6the) undivided interest in the Private Common Area as a tenant in common with the other Owners; (ii) A license to use One (1) parking space as designated in the Rules of the Association (hereinafter defined) without charge but for only such purposes as permitted in the Rules of the Association. (iii) Membership in Reservoir Oaks One Owners' Association, as described in Paragraph 11, (the "Association"), together with an undivided One -sixth (1/6the) interest in the assets held by the Association. 4. Ownership -of`Private- -CCo`mm n- -Area. (a) All of the Land except the Lots is declared to be Private Common Area for the equal -use and benefit of all Owners of the Lots subject to the provisions of this Instrument and to reasonable Rules of the Association. (b) The Private Common Area shall remain undivided and no Owner shall bring any action for the partition or division thereof. The undivided interest of each Owner in the Private Common Area shall not be separated from the Lot to which it appertains and shall be deemed to be conveyed or encumbered, as (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 5 the case may be, by any instrument affecting title to the Lot involved even though such interest is not expressly mentioned or described in the instrument of conveyance. The One -sixth (1/6the) undivided ownership of each Owner in the Private Common Area established by this Instrument shall not be altered without the unanimous consent of all Owners of Lots expressed in an amendment to this Instrument duly recorded according to law. (c) Deeds, conveyances and other instruments describing Lots bounded by or abutting any Private Common Area (including, but not limited to, any road, walkway, parking area, or any other Private Common Area shown on the Plat) shall not extend upon or include any part of such Private Common Area. 5. Form -of `Ownership. Any Lot may be held and owned by more than one person as joint tenants, as tenants in common, as tenants by the entirety or in any other real estate tenancy relationship recognized under the laws of Arkansas. Unless otherwise agreed between the parties, for purposes of this Community the "Owner" of a Lot shall be the person or persons having the possessory legal or equitable interest to the Lot whether as a tenant, as a purchaser under a contract for the sale of the Lot or otherwise. 6. Easements. Each Lot shall include as an inseparable appurtenance thereto the following described easements burdening every other Lot: (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 6 (a) 1i1gress`and Egress. An easement through and across the Private Common Area for ingress, egress and regress for all Owners of the Lots and their invitees. (b) Maintenance; • Re air; -and, -Re lacement. An easement ---------------p_-______ through and across all Lots and Units and the Private Common Area for maintenance, repair and replacement of all Units and Private Common Area; provided, however, no person may use this easement to gain access to an Unit without giving the Owner Twenty-four (24) hours prior notice thereof. (c) Structural• -Support. Every portion of any Lot or Unit which contributes to the structural support of the Building or another Unit shall be burdened with an easement of structural support for the benefit of adjoining Units and Lots. (d) Utilities. An easement is created through all Lots and Private Common Area for all facilities for utility services within the Building, which shall include, but not be limited to, conduits, ducts, plumbing and wiring, which shall- be substantially in accordance with the Plans of the Units affected. (e) Overhand_ Easement. An easement is hereby created for each Owner to overhang the roof of his Unit, as originally constructed or reconstructed, over any adjacent Lot or Private Common Area. (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 7 5 (f) Encroachment. An easement for the encroachment of any Unit upon any adjacent Lot or Private Common Area and for the maintenance and repair of the same is hereby created. This easement shall apply (i) to any existing encroachment; (ii) to any encroachment which shall occur hereafter as a result of settling or shifting of any Unit; and (iii) to any encroachment which shall occur due to the repair or replacement of any Unit damaged or destroyed by fire or other casualty to the extent such repair and replacement restores the Unit in substantially the same condition as existing prior to the fire or other casualty. (g) Emergency. An easement is created for ingress, egress and regress through the Lots, Units and Private Common Area whenever reasonably required in the case of an emergency. 7. Restrictions —on —Use. In order to provide for the permanent maintenance of an aesthetically attractive Community, for the peaceful enjoyment of the Community by its Owners, and for the protection of the value of the Lots, the Land shall be occupied and used subject to the following restrictions: (a) There shall be no obstruction of the Private Common Area. Nothing shall be stored in the Private Common Area without the prior consent of the Association. The Association shall have full power to establish reasonable rules concerning the usage of all Private Common Area (the "Rules"). Such power shall include (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 8 the assignment of Private Common Area to a Lot for exclusive use as a parking space, or for the installation of necessary equipment such as an air conditioner. If such area is assigned, the Association, in its discretion, may control the design, shape, size and area. The location on Private Common Area of a house, pen, cage or container for a pet is specifically prohibited. (b) Nothing shall be done or kept on any Lot, in any Unit or in the Private Common Area which is in violation of law or which will cause the cancellation or increase the rate of insurance on the Private Common Area or any Unit, without the prior consent of the Association. (c) No animals, livestock, insects or poultry of any kind shall be raised, bred or kept on any Lot, in any Unit or in the Private Common Area, except that household pets may be kept in Units subject to the Rules of the Association. (d) No noxious or offensive activity shall occur on any Lot, in any Unit or in the Private Common Area, nor shall anything be done therein which may be or become an annoyance or nuisance to the other Owners. (e) Nothing shall be altered or constructed in or removed from the Private Common Area, except upon the written permission of the Association. (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 9 t (f) No advertisements, signs, or posters shall be erected or displayed on or about the Land, except such as may be authorized in advance by the Association and except for One (1) sign affixed to a unit advertising that Unit for sale or lease. (g) Due care shall- be exercised at all times with regard to noise and all other uses or practices which may be a source of annoyance to Owners of Lots or which may be a nuisance or may interfere with the peaceful possession and proper use of the Property or premises of any other person. (h) No gas piping, electrical wiring, or radio or television antenna systems shall be installed in or about the Community without the prior written approval of the Association. (i) The Units shall be used solely and exclusively for uses permitted under the zoning ordinances of the City of Little Rock as they may exist from time to time. 8.: Taxes- - -andSpecial _Assessments. Taxes, special assessments and other charges of the State of Arkansas, of any political subdivision thereof, of any special improvement district, or of any other taxing or assessing authority, shall be assessed against and collected on each individual Lot, each of which shall be carried on the tax books as a separate and distinct parcel or entity for that purpose, and not on the Property as a whole. The value of each Lot shall include its 11 (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 10 interest in the Private Common Area; taxes, assessments and other charges shall not be levied on the Private Common Area, but shall be levied on the respective Lots platted by this Instrument. However, if any taxing authority levies any taxes, assessments or other charges on the Private Common Area, such taxes, assessments or other charges shall be treated as Private Common Area expenses under Paragraph 12. 9. Maintenance -,- - -Re air-- and Reconstruction. (a) The Association shall be responsible for the maintenance, repair and replacement of: (i) All portions of the Private Common Area, including but not limited to, the driveways, walkways, and parking areas; The exterior shingles, decking, rafters, beams and other roofing materials; (iii) The exterior brick or wood surface of the Building, except for windows and doors; (iv) Rain gutters and downspouts; and (v) All incidental damage caused to a Lot or Unit by any work done or caused to be done by the Association in accordance with the provisions hereof. (b) Except as specifically assigned to the Association in (a) above, each Owner shall have the individual responsibility,'at his own expense: (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 11 (i) to maintain, repair and replace all portions of his Unit, including but not limited to, the interior walls, ceilings, floor covering, heating, ventilating and air conditioning equipment, wires, pipes and ducts, mechanical and electrical systems and equipment, windows, doors (exterior door surface to be painted in original color only without approval of Association), walks, fences, plumbing and electrical fixtures; (ii) to maintain the exterior portion of his Unit and his Lot in a neat and attractive condition at all times; (iii) to maintain, repair and replace the fence along the eastern perimeter of his Lot in a neat and attractive condition in the identical style, color and type as existing on the date of this Instrument, subject to the right of contribution for Common Walls described in (c) below; (iv) to maintain, repair and replace Common Walls as described in (c) below; (v) to refrain from decorating or changing the appearance of any portion of the exterior of the Unit or the Building without the written consent of the Association, but this restriction shall not prevent an Owner from painting, replacing or restoring any portion of the exterior in the same color and same manner as originally constructed; (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 12 •A (vi) to promptly report to the Association any defect or need for repairs, the responsibility for which rests with the Association; and (vii) to refrain from altering, removing, or making any adjustment to or doing anything which might affect the safety or soundness of the building structure (including wires, pipes and ducts) without the prior written consent of the Association. If any Owner shall fail to perform his obligations under this subparagraph (b), the Association shall have the right, privilege and option to cause such obligations to be performed at its expense after Ten (10) days written notice to such Owner in which event the Association shall be entitled to a lien on such Owner's Lot for the cost of such work. (c) (i) As used herein the term "Common Wall" means the concrete block wall and fence situated on the common property line between adjacent Lots and the portions of the roof and foundation of the Building above and below such wall. (ii) All reasonable costs of maintenance, repair and restoration of Common Walls shall be borne equally by the Owners of the adjacent Lots to which the Common Wall pertains, except as such obligation is unposed on the Association under (a) above. (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 13 (iii) The general rules of common law regarding party walls and liability for property damage due to negligence or willful acts or omissions are expressly incorporated herein and shall apply to the Common Walls. (d) (i) If any part of the Building shall be damaged by fire or other casualty, the same shall be reconstructed or repaired substantially in accordance with the Plans unless such reconstruction or repair has been waived in writing by those Owners owning Five (5) or more of the Lots. Encroachments upon or in favor of any Lot which may be created as a result of reconstruction or repair, shall not constitute a claim or cause of action by the Owner upon whose Lot the encroachment exists. (ii) If the fire or casualty damages or destroys more than One (1) Unit or any item for which the Association has the maintenance responsibility under (a), the Association shall have the responsibility for reconstructing or repairing any damage caused by such fire or other casualty; otherwise, the Owner of the Unit affected shall have such responsibility. If the repair obligation rests with the Association, immediately after such fire or other casualty, the Association shall obtain reliable and detailed estimates of the cost required to place the damaged property in as good a condition as existed before the casualty. The costs may include professional fees and premiums (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 14 for such bonds as the Association may deem necessary. If the proceeds of insurance are not sufficient to defray the estimated costs of reconstruction or repair, assessments shall be made against the Owner(s) of the Unit(s) affected and the Association in an amount sufficient to provide funds to pay the excess estimated costs allocated equitably based on whether the excess costs relate to items for which the Owner(s) of the Unit(s) affected or the Association have the responsibility for maintenance under (a). (d) Notwithstanding the foregoing, the Owner of any Lot shall be responsible for all costs associated with any damage or injury to any Unit or to the Building caused by or resulting from the fault or negligence of any Owner, his family, employees or guests. 10. Insurance. (a) The Association,. for the benefit of the Association and each Owner, shall acquire and maintain in full force the following insurance, the premiums for which being paid from the common expense fund provided for below, to -wit: (i) A policy or policies of hazard insurance in the form commonly known as "All Risk" and in an amount not less than the replacement value of the Building and other improvements in the Land, or such other fire and casualty insurance as the Association shall determine provides I' (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 15 substantially equal or greater coverage. All of such policies shall provide that the mortgagees of the Lots are loss payees, as their interests may appear; (ii) A policy or policies of liability insurance in the form commonly known as, comprehensive general liability insurance or owners', landlords' and tenants' liability insurance naming the Association, and all Owners as named insureds and providing coverage in the minimum amounts of One Million Dollars ($101000,000.00) per person and occurrence for bodily injury and One Hundred Thousand Dollars ($100,000.00) per occurrence for property damage. The policies shall also contain coverage for non -owned or hired automobiles and personal injury in amounts to be determined by the Association. The limits and coverages for all of such insurance shall be reviewed at least annually by the Association; (iii) Workmen's compensation insurance to the extent necessary to comply with any applicable law; and (iv) Fidelity bonds to protect against dishonest acts on the part of officers, directors, and employees of the Association and all others who have access to assets of the Association. (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 16 (b) The Association shall obtain and maintain insurance of the type and kind and in the minimum amounts provided in this Paragraph. All such insurance shall be governed by the following provisions: (i) All policies shall be written with companies licensed to do business in the State of Arkansas and holding a rating of "A" or better by Best's Key Rating Guide; (ii) Exclusive authority to adjust losses under policies hereafter in force in the Community shall be vested in the Association or its authorized representative; (iii) In no event shall the insurance coverage obtained and maintained by the Association hereunder be brought into contribution with insurance purchased by the Owners or their mortgagees; (iv) It is specifically acknowledged that each Owner shall be responsible for securing insurance coverage (A) for any improvements, betterments or additions to a Unit subsequent to the date this Instrument was filed for record in the office of the Pulaski County, Arkansas, Circuit Clerk, (B) for such Owner's mortgage payments, and (C) for such Owner's household and personal property. The Association shall have absolutely no obligation of any kind whatsoever to secure coverage for such property. Provided, however, no (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 17 Owner shall be entitled to exercise his right to maintain insurance coverage in such a way as to decrease the amount which the Association, on behalf of all Owners, may realize under any insurance policy which the Association may have in force on the Community at any particular time; (v) Each Owner shall notify the Association of all permanent improvements made by the Owner to his Unit, the value of which is in excess of One Thousand Dollars ($1,000.00); (vi) Any Owner who obtains individual insurance policies covering any portion of the Community other than personal property belonging to such Owner, shall be required to file a copy of such individual policy or policies with the Association within Thirty (30) days after the purchase of such insurance; (vii) The Association shall make diligent efforts to secure insurance policies which provide for the following: (i) A waiver of subrogation by the insurer as to any claims against the Association,, the Owners and their respective agents, employees and guests; (ii) That the master policy on the Community cannot be cancelled, invalidated or suspended for any reason (including nonpayment of premium) without Ten I (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 18 (10) days prior written notice to the Association and each Owner; and, (iii) That any "no other insurance" clause in the master policy exclude individual Owners' policies from consideration. 11. Administration- of - -the, -Community. (a) Administration of the Community shall be vested in an organization called RESERVOIR OAKS ONE OWNERS ASSOCIATION (the "Association"), consisting of all Owners of Lots in the Community. A complete copy of the By -Laws of the Association is attached to and made a part of this instrument as Exhibit A. Upon acquiring title to a Lot, the Owner shall automatically become a member of the Association and shall retain membership until such time as such ownership ceases i f for any reason, whether by sale or otherwise. (b) Responsibility for the actual operation of the Community shall be reposed in the Association in accordance with the provisions of this Instrument. The Association shall be responsible to the Community, but may delegate the responsibility for the operation and administration of the Community to a managing agent. 12. Llen_ -for iExpenses-of, Adm_inist-ratlon__and -Maintenance. (a) The Owners of Lots are bound to contribute toward the expenses of administration and of maintenance and repair of the Private (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 19 Common Area and toward other expenses lawfully assessed specifically including, but not limited to, property and liability insurance for the Community and maintenance and repair of the roof and exterior of the Building, parking, drive and walkways, landscaping, if any, amounts needed for working capital, if any, a reserve fund for maintenance, repair and replacements and amount needed to pay deficits for any prior years. (b) Each Lot shall be assessed One -sixth (1/6the) of the total amount of such assessments. Each and all such assessments (together with interest, costs and reasonable attorney's fees, if delinquent) shall be, constitute and remain a continuing lien on the Lot (and all appurtenances) against which such assessment is made until paid, which lien shall run with the land, and shall be binding as a covenant on present and future Owners, their heirs, successors and assigns. Each Owner of any Lot by acceptance of a deed of conveyance or by entering into a contract of purchase of any Lot in the Community, whether or not it shall be expressed in any such deed, contract of purchase or other conveyance, shall be conclusively deemed to covenant and agree to pay all assessments made against that Lot. Such lien shall be prior to all other liens excepting only the lien of any first mortgage or similar duly recorded encumbrance. (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 20 (c) Each such assessment, together with interest, costs and reasonable attorney's fees, shall be the personal obligation of the Owner and of his successor in title. The Association shall have the right to add a penalty not to exceed Twenty percent (20%) of the amount due for failure to pay assessments. Assessments not paid when due shall be delinquent and, if not paid within Twenty (20) days after the due date, the assessment shall bear interest from the date of delinquency until paid at the rate of Ten percent (10%) per annum, and may be enforced and collected by an action at law against those personally obligated to pay same, and/or the lien securing same may be enforced by a foreclosure action against the Lot upon which such assessment was made in the manner provided by law for foreclosure of mortgages, and interest, costs and reasonable attorneys' fees in any such court action shall be added to and collected as a part of such assessments. (d) If any Owner shall fail or refuse to pay the assessment levied on his Lot, the Association shall, if necessary, levy an additional assessment on the remaining Lots in the aggregate amount of the unpaid assessment. Such additional assessment shall be treated as a loan from the Owners of the Lots assessed to the Association and shall bear interest at the rate of Ten percent (10%) per annum from the date of the advance until (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 21 paid. Such assessment/loan shall be repaid to such Owners at the earliest practical date. (e) The Association shall levy the assessments at an Annual Meeting or any Special Meeting of the Council, as defined in the By -Laws of the Association. At the Annual Meeting of the Council, the Council shall adopt a budget for the ensuing year and shall determine whether the assessments shall be payable in one or more installments. The Annual Meeting or any Special Meeting of the Council may also levy a special assessment for any purpose permitted in this Instrument. 13. Amendments. (a) Except for alterations in the size of the Lots or the One -sixth (1/6the) ownership of the Owners in the Private Common Area and assets in the Association and all rights and obligations incident thereto, which cannot be altered without the consent of all Owners affected, the provisions of this Instrument may be amended pursuant to the provisions hereof. (b) Notice of the subject matter of any proposed amendment in reasonably detailed form shall be included in the notice of any meeting at which the proposed amendment is to be considered by the Association. A resolution adopting the proposed amendment may be proposed by any Owner. An amendment must receive the approval of Owners of Five -sixths (5/6) of the Lots of the Community to be adopted. (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 22 (c) A copy of each amendment to this Instrument shall be certified by at least two officers of the Association as having been duly adopted and shall only be effective when recorded with the Circuit Clerk and Ex-Officio Recorder of Pulaski County, Arkansas. Copies of all amendments shall be sent to each Owner. (d) Notwithstanding anything to the contrary herein, (i) no amendment to this Instrument or to the By -Laws of the Community shall be valid which adversely affects the rights reserved by the Grantor herein, or in the By -Laws of the Association, unless such rights shall have been waived by the Grantor in writing; and (ii) the Grantor shall have the right to amend this instrument as provided in Paragraph 14. 140 Provisions- Relating - _to Grantor. The provisions hereof to the contrary notwithstanding: (a) The Grantor specifically disclaims any warranty or representation made in connection with the Land or with the sale of the Units except as specifically set forth therein. No person shall rely upon any warranty or representation not so specifically made; (b) To provide consistent, stable and knowledgable management during the early years of the Community, the Grantor shall have the right to designate itself or another person as the (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 23 managing agent for the Association and to enter into a contract with said managing agent on behalf of the Association for the first five years of operation of the Community subsequent to its effective date. The term "effective date" as used herein shall mean the date on which this Instrument is filed with the Circuit Clerk and Ex-Officio Recorder of Pulaski County, Arkansas. The fees payable to any managing agent designated by the Grantor shall be reasonable and shall not exceed those customarily charged for Communities similarly situated; (c) Until the Grantor has sold and conveyed all of the Lots in the Community, neither the Owners of Lots nor the Association shall interfere with the sale of the Lots by the Grantor. The Grantor may make such use of the Lots owned by it and the Private Common Area as may facilitate sales, including, but not limited to, maintenance of a sales office, the showing of the Lots and Units and the display of signs; and (d) Until all of the Lots in the Community are sold and conveyed, the Grantor shall have the right from time to time, without the approval of the Owners of Lots, to amend the provisions hereof and the By -Laws of the Association, for the purpose of facilitating the marketing of the Lots of the Community, in complying with the requirements pertaining to the Community made by financial institutions, title companies and governmental authorities and for any other reasonable purpose. (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 24 15. M•iscellaneou-s••Provisions. (a) Whenever the context so permits, the use of plurals shall include the singular and vice versa and any gender shall be deemed to include all genders. (b) If any term, covenant, provision, phrase or other part of this Instrument is held to be invalid or unenforceable for any reason, such holding shall not be deemed to affect, alter, modify or impair in any manner whatsoever the remaining terms, provisions, covenants and parts hereof. (c) Whenever in this Instrument it is provided that any person shall or will make any payment or perform or refrain from performing any act or obligation, each such provision shall, even though not so expressed, be construed as an express agreement to make such payment or to perform or not to perform, as the case may be, such act or obligation. (d) The captions used in this Instrument are inserted solely as a matter of convenience and shall not be relied upon or used in construing the effect or meaning of any of the provisions hereof. (e) The right to amend, modify, extend, change and/or cancel shall exist at all times before March 1, 2004, and shall also exist at all times during each and every one of the successive Ten (10) year periods provided for hereinafter and shall become effective when each such instrument is filed for record in the office of the Recorder of Pulaski County, Arkansas. (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 25 (f) The covenants, restrictions, and provisions of this instrument shall be automatically extended for successive periods of Ten (10) years each on and after March 1, 2004, unless and until amended or cancelled as authorized hereinbefore then such automatic extensions for successive periods of Ten (10) years each shall apply to this instrument as so changed. - (g) Each Owner shall be governed by and shall comply with the terms of the Replat and Bill of Assurance and all Rules adopted pursuant thereto. Any default in compliance therewith by an Owner shall entitle the Association or the other Owners to institute legal proceedings for recovery of damages, injunctive relief, foreclosure of lien or any combination thereof. (h) Each Owner shall be liable for the expense of any maintenance, repair or replacement rendered necessary by his act, neglect or carelessness or by the act of any member of his family or his guests, employees, agents or lessees, but only to the extent that such expense is not met by the proceeds of insurance carried by the Association. Such liability shall include any increase in fire insurance rates occasioned by the use, misuse, occupancy or abandonment of any apartment or its appurtenances. (i) The failure of the Association or of any Owner to enforce any right, provision, covenant or condition contained herein shall not be construed as a waiver of the right of the (051084/1564A) REPLAT AND BILL OF ASSURANCE Page 26 Association or other Owner to enforce such right, provision, covenant or condition in the future. EXECUTED this the ---- day of May, 1984. JACK DOWDY & COMPANY, INC. By ------ ._ ..--__------- APPROVED: CITY PLANNING COMMISSION ACKNOWLEDGMENT STATE OF ARKANSAS) ) ss. COUNTY OF PULASKI) On --this the _ day of May 1984, before me, the undersigned officer, personally appeared Jack Dowdy, who acknowledged himself to be the President of Jack Dowdy & Company, Inc., a corporation, and that he, as such officer, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself as such officer. IN WITNESS WHEREOF I hereunto set my hand and official seal. - Notary -Public ---------- My Commission Expires: (051084/1564A) BY-LAWS OF RESERVOIR OAKS ONE OWNERS ASSOCIATION, the administrative body of the Owners of Lots One (1) to Six (6) , Inclusive, RESERVOIR OAKS ONE, an Addition to the City of Little Rock Jack Dowdy & Company, Inc., being the Grantor in the attached and foregoing Replat and Bill of Assurance which establishes RESERVOIR OAKS ONE as an Addition to the City of Little Rock (the "Community"), does hereby declare that the following are the duly adopted By -Laws of RESERVOIR OAKS ONE OWNERS ASSOCIATION and that they shall govern the administration of the Community as provided in the Replat and Bill of Assurance. ARTICLE I. ORGANIZATION SECTION 1. Identity. These are the By -Laws of RESERVOIR OAKS ONE OWNERS ASSOCIATION (the "Association"). The Association is the administrative body of the Owners of Lots One (1) to Six (6), inclusive, RESERVOIR OAKS ONE, an Addition to the City of Little Rock (the "Community"). The Association may be incorporated as an Arkansas non-profit corporation, if the Association so elects. Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 2 SECTION 2. Principal --Office. The principal office of the Association shall be maintained at a place designated by the Association. SECTION 3. ty__of` -By - Law s. The provisions of these By -Laws shall apply to the entire Community. All present and future owners, mortgagees, lessees and occupants of Units and their employees, or any other persons who might use the facilities of the Community in any manner, shall be subject to the provisions set forth herein, to the Rules adopted by the Association and to the provisions of the Replat and Bill of Assurance establishing the Community. The acceptance of a deed or conveyance, or the entering into of a lease, or the act of occupancy of an Unit shall constitute an acceptance of, and an agreement to be bound by, the provisions hereof, the Rules adopted by the Association and the provisions contained in the Replat-:and Bill of Assurance. SECTION 4. Reference toy Replat;and-Bill- -o-f� -Assurance. All terms defined in the Replat and Bill of Assurance shall have the same meaning in these By -Laws. ARTICLE II COUNCIL OF OWNERS SECTION 1. Membex-ship • in • CounciI• -of- -Owners. All Owners of Units in the Community shall be members of the Association. The Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 3 body of members convened in a meeting to transact the business of the Association shall be called the Council of Owners (the "Council"). SECTION 2. Annuaf•,Meetinq. The annual meeting of the Council shall be held on the first Tuesday of June of each year. SECTION 36 Sjecial�•Meetincs. Special meetings of the Council may be held at any time upon the call of the President or upon written petition signed by Owners of Two (2) or more of the Lots. Upon receipt of the President's call or upon receipt of a petition of Owners as provided in this section, the Secretary shall give notice of the meeting to all members of the Council. SECTION 4. Not•ioer -of -Meetings. A written or printed notice of every meeting of the Council, stating whether it is an annual or special meeting, the authority for the call of the meeting, the place, date, and hour thereof, and the purpose therefor shall be given by the Secretary or the person or persons calling the meeting at least ten (10) days before the date set for such meeting. Notice of meetings shall be given to each Owner by (a) leaving the notice with him personally; (b) by leaving the notice at his residence or usual place of business; (c) by mailing it, postage prepaid, addressed to his residence as it appears on the records of the Council; or, (d) if such Owner cannot be located by reasonable efforts, by publishing the notice in any newspaper Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 4 of general circulation in Pulaski County, Arkansas, not more than once, the publication thereof to be not less than Three (3) days, nor more than Ten (10) days prior to the meeting date. If notice is given pursuant to the provisions of this section, the failure of any Owner to receive actual notice of the meeting shall in no way invalidate the meeting or any proceedings conducted thereat. The Owners of record who are Owners according to the records of the Council as of Twenty-one (21) days prior to the meeting date, shall be the Owners entitled to receive the notice provided for herein. SECTION 5. Notice--t-o Mortgagees_ Upon written request for notice of meetings mailed by certified mail, addressed to the Secretary of the Council at the address of the Association, the holder of any duly recorded mortgage against any Lot shall be given a copy of any and all notices permitted or required to be given pursuant to the provisions of these By -Laws. SECTION 6. Adjournment• -oaf• •Meetings. If any meeting of the Council cannot be held because of the lack of a quorum, a Majority of the Owners, as hereinafter defined, who are present at the meeting, either in person or by proxy, may adjourn the meeting to a time not less than Forty-eight (48) hours from the time the original meeting was called. Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 5 SECTION 7. Order- of -Business. The order of business at all meetings of the Council of Owners shall be as'follows: (a) Roll Call; (b) Proof of Notice of Meeting; (c) Reading of Minutes of Preceding"Meeting; (d) Report of Officers; (e) -Report of Board of Directors; (f) Report of Committees; (g) Election of Members of Board of Directors (when so required); (h) Unfinished Business; (i) Review of Insurance Policy and Coverage; (j) Budget Report; and W New Business. SECTION 80 Malority, of__Owners. As used in these By -Laws, the term "Majority of Owners" shall mean the Owners of more than half of the Lots. SECTION 9. Quorum. Except as otherwise provided in these By -Laws, the presence in person or by written proxy of a Majority of the Owners of all Lots shall constitute a quorum at all meetings of the Council. SECTION 10. Ma orit Vote. When a quorum has gathered, the vote of a Majority of the Owners present in person or by proxy at Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 6 any meeting of the Council, shall be binding upon all Owners for all purposes except where a higher percentage vote is required by law, by the Replat and Bill of Assurance or by these By -Laws. SECTION 11. Votinci. Any person, firm, corporation, trust or other legal entity, or a combination thereof, owning any Lot in the Community, duly recorded in his name, as evidenced by the records of the Circuit Clerk and Ex-officio Recorder of Pulaski County, Arkansas, shall be a member of the Council of Owners. One (1) vote shall be allocated to each Lot. The authority given by an Owner to another person to represent him at such meetings of the Council shall be in writing, signed by the delegating Owner, or if a Lot is jointly owned, by all joint Owners, or if the Owner is a corporation, by the proper corporate officer thereof, and shall be filed with the Secretary. Unless limited by its terms, the authority shall be deemed good until revoked in writing. An executor, administrator, guardian, or trustee may vote in person or by proxy at any meeting of the Council with respect to any Lot owned or held by him in such capacity, whether or not the Lot shall have been transferred to him by a duly recorded conveyance. In case the Lot shall not have been so transferred, he shall satisfy the Secretary that he is the executor, administrator, guardian, or trustee holding the Unit in his representative capacity. When any Lot is owned by two or .. Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 7 more persons jointly, according to the records of the Council, the vote therefor may be exercised by any one of the joint Owners present in the absence of a protest of the other or others; otherwise, the vote therefor shall be divided among and exercised by the joint Owners in the proportions of their undivided ownership in such Lot. SECTION 12. Waiver - of • *o•t•ice-; Action: Whenever any notice is required to be given, a waiver thereof in writing signed by the person entitled to such notice, whether before or after the time stated therein, shall be equivalent to the giving of such notice. The attendance of any person at a meeting without protesting the lack of proper notice prior to or at the commencement of the meeting, shall be deemed to be a waiver by him of notice of such meeting. Action taken by a majority of the Council without a meeting shall be valid action nevertheless if either. before or after such action is taken all members of the Council sign and file with the secretary, for inclusion in the record book, a memorandum showing the nature of the action taken, that each member of the Council consented to the Council acting informally in respect to such matter, and showing the names of the members who approve the action taken and the names of those who oppose it. Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 8 d ARTICLE III BOARD OF DIRECTORS SECTION 1. Dumber • and- -Qualification. The affairs of the Community at the option of the Council may be administered by a Board of Directors (herein called the "Board") composed of Three (3) persons, all of whom shall be Owners, the spouses of Owners or mortgagees of Lots. If a Lot is owned by a partnership, partners and employees of the partnership may be members; if a Lot is owned by a corporation, officers, shareholders, or employees of the corporation may be members. If the Council does not establish a Board of Directors, all powers, duties and authority of the Board shall remain with the Council. SECTION 20 Power-s- -and -Duties. The Board of Directors shall have all powers and duties necessary for the efficient management of the affairs of the Community and may do all acts which are not prohibited by law, by the provisions of these By -Laws or by the Replat and Bill of Assurance establishing the Community. The powers and duties to be exercised by the Board of Directors shall include, but shall not be limited to, the following: (a) Operation, care, upkeep and maintenance of the Private Common Area including the employment of persons for such purposes. (b) Determination and assessment of the amounts required for operation, maintenance and other affairs of the Community. Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 9 d (c) Collection of the common charges and assessments from all Owners. (d) Employment and dismissal of personnel required in the efficient operation and maintenance of the Community. (e) Adoption and amendment of rules and regulations governing the details of the operation and the use of the Private Common Area and other matters related to the Community (the "Rules") . (f) Opening of bank accounts on behalf of the Association and designating the signatories required therefor. (g) Obtaining insurance for the Community. (h) Making repairs, additions and improvements to, or alterations of, the Community whenever required, and making repairs to and restoration of the Community after damage or destruction by fire or other casualty. (i) Employing attorneys, accountants, engineers and other professionals as shall be necessary for the proper conduct of the business of the Association or the Community. SECTION 3. Managing _-Agent. The Board of Directors may employ a managing agent to perform such duties and services as the Board shall authorize. The Board may delegate to any such managing agent all the powers granted to the Board by these By -Laws. SECTION 4. Election- and- Term- -ot-Office. The directors shall be elected by a Majority of the Owners present in person or by proxy at the annual meeting of the Council. At the first annual meeting of the Council, the term of office of One (1) director shall be fixed for Three (3) years. The term of office for One Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 10 (1) director shall be fixed at Two (2) years, and the term of office for one director shall be fixed at One (1) year. At the expiration of the initial term of office of each director, his successor shall be elected to serve a term of Three (3) years. The directors shall hold office until their successors have been elected and hold their first meeting. SECTION 5. Vacancies. Vacancies in the Board of Directors caused by any reason other than the removal of a director by vote of the Council, shall be filled by a majority vote of the remaining directors. Each person so elected shall be a member of the Board until a successor is elected at the next annual meeting of the Council. SECTION 6. Remov,&l- -of -Directors. At any regular meeting of special meeting of the Council, any one or more of the directors a may be removed with or without cause by a Majority of the Owners present in person or by proxy, and a successor may then and there be elected to fill the vacancy thus created. Any director whose removal has been proposed by the Owners shall be given an opportunity to be heard at the meeting. The Council may dissolve the Board in like manner. SECTION 7. Compensation. Directors shall receive no compensation for their services and no remuneration shall be paid to a director for services performed by him for the Council in Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 11 any other capacity, unless a resolution authorizing such remuneration shall have been approved by a Majority of those Owners present in person or by proxy before the services are undertaken. SECTION 8. Dr a,rri-z-at•i-ona-1, -Meetin . The f irst meeting of a newly elected Board of Directors shall be held within one week of election at such place as shall be fixed by the directors at the Council meeting at which they were elected. SECTION 9. Rec,�lartMeetings. Regular meetings of the Board of Directors may be held at such time and place as shall be determined, from time to time, by a majority of the Board. Notice of regular meetings of the Board shall be given to each director, personally or by mail, addressed to his residence, or by telephone, at least three (3) days prior to the day named for the meeting. SECTION 10. Special _Meetings. Special meetings of the Board may be called by the President on three (3) days notice to each director, given personally or by mail, addressed to his residence, or by telephone, which notice shall state the time, place, and purpose of the meeting. SECTION 11. Waiver - of - Notice•;- -Action. Whenever any notice is required to be given, a waiver thereof in writing signed by the person entitled to such notice, whether before or after the Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 12 time stated therein, shall be equivalent to the giving of such notice. The attendance of any person at' a meeting without protesting the lack of proper notice prior to or at the commencement of the meeting, shall be deemed to be a waiver by him of notice of such meeting. Action taken by a majority of the Board without a meeting shall be valid action nevertheless if either before or after such action is taken all members of the Board sign and file with the secretary, for inclusion in the record book, a memorandum showing the nature of the action taken; that each member of the Board consented to the Board acting informally in respect to such matter,and showing the names of the members who approve the action taken and the names of those who oppose it. SECTION 12. Board- of• •Dire-ctor-'-s Quorum. At all meetings of the Board, a majority of the directors shall constitute a quorum for the transaction of business, and the acts of a majority of the directors present at a meeting at which a quorum is present shall be the acts of the Board. If, at any meeting of the Board, there be less than a quorum present, the majority of those present may adjourn the meeting from time to time. At any such reconveyed meeting, any business which might have been transacted at the meeting as originally called may be transacted without further notice. Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 13 SECTION 13. Fidelity -Bonds -of -Officers -and -Employees. , The Board of Directors shall obtain adequate fidelity bonds for all officers and employees of the Association handling or responsible for Association funds. The premiums on such bonds shall constitute a common expense and shall be paid with Association funds. SECTION 14. Indemnification, of--Di:re-ctors- -and Officers. (a) The Association shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Association) by reason of the fact that he is or was a director, officer, employee or agent of the Association, or is or was serving at the request of the Association as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Association, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 14 termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Association, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful. (b) The Association shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Association to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee or agent of the Association, or is or was serving at the request of the Association as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Association and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 15 liable for negligence or misconduct in the performance of his duty to the Association unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper. (c) To the extent that a director, officer, employee or agent of the Association has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a) or (b), or in defense of any claim, issue or matter therein, he shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him in connection therewith. (d) Any indemnification under subsections (a) or (b) (unless ordered by a court) shall be made by the Association only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances because he has met the applicable standards of conduct set forth in subsections (a) or (b). Such determination shall be made (1) by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding, or (2) if such a Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 16 quorum is not obtainable, or, even if obtainable a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (3) by the Council of Owners. (e) Expenses (including attorneys' fees) incurred in defending a civil or criminal action, suit or proceeding may be paid by the Association in advance of the final disposition of such action, suit or proceeding as authorized in the manner provided in subsection (d) upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to repay such amount unless it shall ultimately be determined that he is entitled to be indemnified by the Association as authorized in this section. (f) The indemnification provided by this Article shall not be deemed exclusive of any other rights to which those indemnified may be entitled under any bylaw, agreement, vote of Council of Owners or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person. (g) The Association shall have power to purchase and maintain insurance on behalf of any person who is or was a Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 17 director, officer, employee or agent of the Association, or is or was serving at the request of the Association, as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity or arising out of his status as such, whether or not the Association would have the power to indemnify him against such liability under the provisions of this section. (h) The powers and duties of the Association to indemnify any person under this Article shall apply with equal force whether an action, suit or proceeding is threatened or commenced in this State or outside this State. ARTICLE IV OFFICERS SECTION 1. Designation. The principal officers of the Association shall be a President, a Secretary, and a Treasurer, all of whom shall be elected by the Council. Any two or more offices may be held by the same person except the offices of President and Secretary. The Board may appoint an assistant secretary -treasurer, and such other officers as in their judgment may be necessary. The President and may be but shall not be required to be, members of the Board of Directors. If not an elected member of the Board, the President shall serve as an Ex-officio member of the Board of Directors without voting rights. Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 18 SECTION 2. Election••of•-Officers. The officers of the Association shall be elected annually by the Council and shall hold office at the pleasure of the Council. SECTION 3. Removal•of•Officers. Upon an affirmative vote of a Majority of the Owners attending a meeting of the Council, any officer may be removed, either with or without cause, and his successor elected at any regular or special meeting of the Council. SECTION 4. President. The President shall be the chief executive officer of the Association. He shall preside at all meetings of the Council and of the Board of Directors. He shall have all the general powers and duties usually vested in the office of President of an association, including but not limited to power to appoint committees from among the Owners from time to time as he may in his discretion decide is appropriate to assist in the conduct of the affairs of the Association. SECTION 5. Secretary. The Secretary shall keep the minutes of all meetings of the Council of Owners and of the Board of Directors. He shall have charge of such books and papers as the Board may direct and he shall in general, perform all duties incident to the office of Secretary of a business corporation organized under the laws of the State of Arkansas. Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 19 SECTION 6. Treasurer. The Treasurer shall have the responsibility for Association funds and securities, and shall be responsible for keeping full and accurate financial records and books of account showing all receipts and disbursements, and he shall prepare all required financial statements. He shall be responsible for the deposit of all moneys and other valuable effects in the name of the Board, or its designee, in such depositories as may from time to time be designated by the Board. SECTION 7. Agreements; •Co-ntracts, Deeds; • Checks•, Etc: All agreements, contracts, deeds, leases, checks and other instruments affecting the Community or the Association shall be executed by any two officers of the Association or by such other person or persons as may be designated by the Board. SECTION 9. Compensations off Officers. No officer shall receive compensation from the Association for acting as such unless approved by the Council. ARTICLE V. MISCELLANEOUS SECTION 1. Notices. All notices to the Association shall be sent by registered or certified mail, to the office of the Association or to such other address as the Board may hereafter designate from time to time. All notices to any Owner shall be sent by ordinary first class mail to his unit or to such other Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 20 address as may have been designated by him from time to time, in writing, to the Board of Directors. All notices shall be deemed to have been given when mailed, except notices of change of address which shall be deemed to have been given when received. SECTION 2. Severabilit The provisions hereof shall be deemed to be severable, and the invalidity, partial invalidity or unenforceability of any one portion or provision of these By -Laws shall not affect the validity or enforceability of any other provision hereof. SECTION 3. Captions. The captions contained in these By -Laws are inserted only as a matter of convenience and for reference and in no way define, limit, or prescribe the scope of these By -Laws or the intent of any provision thereof. SECTION 4. Gender. The use of the masculine gender in these By -Laws shall be deemed to include the feminine and neuter genders and the use of the singular shall be deemed to include the plural, and vice versa wherever the context so requires. SECTION 5. Waiver. No restriction, condition, obligation or provision contained in these By -Laws shall be deemed to have been abrogated or waived by reason of any failure to enforce the same, regardless of the number of violations or breaches thereof which may occur. Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 21 SECTION 6. Interpretation. shall be liberally construed The provisions of these By -Laws to effectuate their purpose of creating a uniform plan for the development and operation of the Owners of Lots One (1) to Six (6), inclusive, RESERVOIR OAKS ONE, an Addition to the City of, Little Rock. Whenever in these By -Laws it is provided that any person shall or will make any payment or 'perform or refrain from performing any act or obligation, each such provision shall, even though not so expressed, be construed as an express agreement to make such payment or to perform or not to perform, as the case may be, such act or obligation. SECTION 7. Conflicts. In the event of any conflict between any of the terms of these By -Laws and the terms of the Replat and Bill of Assurance establishing the Community, the terms and provisions of the Replat and Bill of Assurance shall control. SECTION 8. Amendment. These By -Laws may be amended,' modified, or revoked from time to time by vote of the members of the Council of Owners whose aggregate interest in the Community constitutes Two-thirds (2/3) or more of the Lots, at a meeting duly called for that purpose; provided, however, that no modification of or amendment to these By -Laws shall be valid unless set forth in a recorded instrument which shall be recorded in the offit•e of the Circuit Clerk and Ex-officio Recorder of Exhibit A to Replat and Bill of Assurance (041084/1571A) BY-LAWS Page 22 Pulaski County, Arkansas. The provisions of Paragraph 14 of the Replat and Bill of Assurance shall also apply to these By -Laws. IN WITNESS WHEREOF, the undersigned Owner of the Property hereby declares that the foregoing are the By -Laws of the Reservoir Oaks One Owners Association, the administrative body of the Owners of Lots One (1) to Six (6), inclusive, RESERVOIR OAKS ONE, an Addition to the City of Little Rock, this N__ day of May, 1984. JACK DOWDY & COMPANY, INC. ACKNOWLEDGMENT STATE OF ARKANSAS) ) ss. COUNTY OF PULASKI) On this the day of May, 1984, before me, the undersigned officer, personally appeared Jack Dowdy, who acknowledged himself to be the President of Jack Dowdy & Company, Inc., a corporation, and that he, as such officer, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself as such officer. IN WITNESS WHEREOF I hereunto set my hand and official seal. NotarPublic --- y� My Commission Expires: Exhibit A to Replat and Bill of Assurance (041084/1571A)