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HomeMy WebLinkAboutS-1572 Application 1MARLIN NWOR Mr-MULLtN, P.A. cmaiL mmcmullan®mamuiianla.vft-m,com THE MCMULLAN LAw FIRM ATTORNEYS AT LAW 815 W, MARKHAM ZIP CODE 72201 P.O. BOX 2839 ZIP CODE 72203-2839 LITTLE ROCK, ARKANSAS TELEPHONE: (50 1 ) 376-9119 FAX: (501) 376-8437 www.mcmullanlawfirm.com March 11, 2009 Little Rock Planning Commission C/o Dana Carney, Zoning and Subdivisions City of Little Rock Planning and Development Department 723 West Markham Street Little Rock, AR 72201 KLLLY ,1. Mu s'rEAD email: klialstcad®mcmullanlawfirm.com Amy M. CLEMMONS email: aclemmons®mcmullanlawfirm.rom RE: Freedom of Information Act Request Glenn Abbey Court Subdivision, Little Rock, Pulaski County Arkansas Dear Ms. Carney: Pursuant to the Freedom of Information Act, I would like to request a complete copy of the file in connection with the Glenn Abbey Court Subdivision which is located in the proximity of Watt Street in Little Rock, including all documents, memorandums, notes, maps, or correspondence, Your immediate attention is greatly appreciated. If applicable, please send us a bill for the copying costs. You may mail your response to this request, or, if You prefer, we will pick it up. Please let me know when we may expect this information, and do not hesitate to call with any questions. Thank you for your assistance. Sincerely, THE MCMULLAN LAW FIRM &C�oa;Q'- Christi eed Legal Assistant / ccr '� D S' Q��Qk a) iti � v�oQ �� � pm. `�noAe% l3 � CIVIL ENGINEERING DIVISION FINAL PLAT FILING APPROVALS FINAL PLAT NAME _GLEN ABBEY COURT INSPECTOR REPORT I have made a final inspection of the improvements and find that: All improvements shown on construction drawings for the development are constructed and in conformance with City requirements/standards. Certain I pr yentmain uncompleted and a punch list has been prepared and sent. + Engineering Specialist Date: ADDRESSING SP CIALIST'S REPORT I ave re ' t l t d fi that the street names and street configuration are acceptable. Addressing Specialist Date: S TRAFFIC ENGINEER REPORT I have reviewed the plat and find that: All streetlight installation, stripping, signage and other traffic improvements have been constructed and are in conformance with City requirements/standards. Work orders have been prepared for signage and street lights. Indicate the number of street signs ordered for this plat for billing to developer Certain improvements remain uncompleted and a punch list has been prepared and sent. Traffic Engineer CIVIL ENGINEER REPORT I have reviewed the file for this matter and find that: Date: 15- 1 ) 4 IC-7 The maintenance bond has been submitted and it is the proper type and amount. Financial assurance for the uncompleted improvements listed above has been received. All other requirements for final plat approval have been satisfied. \� ` // D7 Civil Engineer I/II Date: l0 SURVEYOR'S REPORT I have reviewed the plat and find that: O 4� All requ ents for final plat approval have been satisfied. Surveyor MANAGER APPROVAL All Civil Engineering requirements for filing this final plat have been satisfied. Y� Date: g;I 14 I o Design Review Engineer/Civil Engineering Manager February 2007 Date: J o 1 Doc## 20@7041011 ARTICLES OF INCORPORATION OF GLEN ABBEY COURT SUBDIVISION PROPERTY OWNERS ASSOCIATION, INC. The undersigned, in order to form a nonprofit corporation for the Purposes hereinafter stated, under and pursuant to the provisions of Arkansa s Acts 1993, No. 1147 Of the Acts of the General Assembly of the State of Arkansas and all the amendments thereto, particularly known as the Arkansas Nonprofit Corporation A Act of 1993, Chapter 33 of Title 4 of the Arkansas Code of 1987 Annotated [Codified as Ark k Cade Anna, §4_ 33-101 et seq.], does hereby certify as follows: 1. Name. The name of this Corporation shall be "GLEN ABBEY COURT SUBDIVISION PROPERTY OWNERS ASSOCIATION, INC." (the "Co 0 rp ration"). 2. Mutual Benefit. This Corporation is a mutual benefit corporation. 3 P oses. This Corporation is organized as a nonprofit corporation to 0 exclusively as a residential real estate management association for the Aerate mutual benefit of its members. The purposes for which the Corporation is formed are more sp ecifically described as follows: (a) To provide for the acquisition, construction, management, maintenance, and care of Association Property. For the purposes hereof the ter m "Association Property" shall mean: (1) property owned by the owned by the members of the Co Corporation "commonly°� Corporation; ' (2) property � (3) residential property privately owned by the members but situated within the geographical boundaries the area served by the Corporation; and, 4)of (property owned by a municipality or other governmental unit and used for the benefit of the Glen Abbey Court Subdivision residents. (b) To receive and to maintain a fund or funds of money and real or personal property, or both, and, subject to the restrictions hereinafter set forth, to use and apply the whole, or any part, of the income therefrom and the principal thereof exclusively for the purpose of carrying on the exempt functions of a homeowners association as defined in Section 528 of the Internal Revenue Code of 1986 (or the corresponding provisions of any future United States Internal Revenue law). 4. Powers. The Corporation shall have and exercise all powers, privileges and rights conferred on corporations by the laws of the State of Arkansas and all powers and rights incidental to carrying out the purposes for which this Corporation is formed, including but not limited to the right to levy annual and periodic special dues or assessments against the real property of the members the payment of which shall be secured by a lien on the served member's real property, in Glen Abbey Court Subdivision, except such as are inconsistent with the express provisions of the Act under which this Corporation is incorporated. 5. Prohibitions. (a) Other than by the acquisition, construction, management, maintenance, and care of Association Property, no part of the net earnings of the Corporation shall inure to the benefit of any member, director, or officer of the Corporation, or to any other interested individual; provided, however, reasonable compensation may be paid for services rendered to, or for, the Corporation, effecting one or more of its purposes, and the Corporation may make reimbursement to its members, directors, officers or employees for expenses incurred in attending to their authorized duties. (b) Notwithstanding any other provision of these Articles, the Corporation 2 shall not carry on any other activities not permitted to be carried on by a corporation exempt from federal income tax under Section 528 of the Internal Revenue Code of 1986, as amended, or the corresponding provision of any future United States Internal Revenue law (the "Code"). 6. Dissolution. Liquidation, and Termination. Upon the dissolution of the Corporation, the Board of Directors shall, after paying or making provision for the payment of all liabilities of the Corporation, dispose of all assets of the Corporation exclusively to such persons or organizations as are permitted distributees under Section 528 of the Code. Any of such assets not so disposed of shall be disposed of by the Circuit Court of the county in which the principal office of the Corporation is located exclusively to such organization or organizations, as the Court shall determine, which are organized and operated exclusively for such purposes. 7. Principal Office. The principal office or place of business of this Corporation shall be located at 14024 Pleasant Forest Drive, Little Rock, Arkansas, 72212. 8. Re 'stered Amt. The name and address of the registered agent of this Corporation is Gary Johnson, 14024 Pleasant Forest Drive, Little Rock, Arkansas 72212. 9. No Stock or Dividends. The Corporation shall not have or issue shares of stock and no dividends shall be paid, and no part of the income of the Corporation shall be distributed to its members, directors, or officers. 10. Membership. The Corporation shall have members, and the classes of membership shall be as provided in the By -Laws. 11. Directors. The business of the Corporation shall be conducted by the Board of Directors. The Board of Directors may employ for the Corporation, a Managing Agent, at a compensation established by the Board, to perform such duties and services as the Board shall authorize, including but not limited to all of the powers granted to the Board of Directors by these Articles and the By -Laws of the Corporation. The number of the directors of the Corporation shall be provided in the By -Laws; provided, however, at no time shall the number of directors be less than three (3). The terms of office of the directors shall be provided in the By -Laws. The initial Board of Directors shall have the direction of the affairs of this Corporation and shall meet as soon as is practicable after the issuance of the Certificate of Incorporation by the Secretary of State for the purposes of electing officers, adopting By -Laws and taking such other action as maybe necessary to perfect the organization of the Corporation. Thereafter, the By -Laws may be amended and officers elected as provided in the By -Laws. The directors shall be permitted to hold office for more than one term by re-election. 12. Names of Incorporators and Initial Directors. The names and addresses of the Incorporators are and the initial directors are as follows: Gary Johnson 14024 Pleasant Forest Drive Little Rock, Arkansas 72212 Rodney Chandler P. O. Box 22021 Little Rock, Arkansas 72221 12. Amendments. From time to time any of the provisions of the Articles of Incorporation may be amended, altered, or repealed, and other provisions authorized by the Code and the laws of the state of Arkansas at the time in force may be added or inserted in the manner and at the time prescribed by said laws and the By -Laws. IN WITNESS WHEREOF, the Incorporators have hereunto affixed their hands this M !- Ag-'-3- day of4ti -2606- CAD—mis and S IIinp\I re\My D—Is\Ch®dIw Ramey Revid only required by the Cifi 6iii ct Assjruc_s Frovisjc.^., estat-fished L'•y deve!opar may oxied minimum rzCPIZScn:, ci U a u ock vibcAvision and zoning ❑rdinancEs. City a tle Rock Planning Commission ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF PULASKI On this 181h day of May, 2007, before me, a Notary Public, personally appeared Rodney Chandler and Gary Johnson who acknowledged themselves to be the President and Secretary of Chandler — Johnson Development, Inc., and that they, being authorized to do so, executed the foregoing instrument for the consideration, uses and purposes therein contained by signing his name as such. IN WITNESS WHEREOF, I hereunto set my hand and official seal on this 181h day of May, 2007. My commission expires: 12/27/12 My Comm. ExPims DEC. 271 2012 BILL OF ASSURANCE GLEN ABBEY COURT 2007041011 05/24/2007 11:19:41 AN Filed & Recorded in Official Records of PAT O'SRIEN PULASKI COUNTY CIRCUIT/COUNTY CLERK Fees $122.00 A SUBDIVION OF LITTLE ROCK, PULASKI COUNTY, ARKANSAS Chandler Johnson Development, Inc., an Arkansas Corporation To The Public Whereas, Chandler Johnson Development, Inc., hereinafter called developer, is the owner of the following described land, lying in Pulaski County, Arkansas: In all the above described property contains one (1) acre more or less (the " property "), AND WHEREAS, it is desirable that the property be subdivided into lots with a private street and that the property shall be held, owned and conveyed subject to the protective covenants herein contained, in order to enhance the value of the property. NOW THEREFORE, the developer has caused said lands to be surveyed by Registered Professional Surveyor and a plat thereof made which is identified by the title Glen Abbey Court a subdivision of Little Rock, Pulaski County, Arkansas. Glen Abbey Court is hereinafter referred to as the "development. " The developer hereby donates and dedicates to the development hereafter an easement of way on and over the street shown by the plat, to be used for a private street. In addition to the streets, there are shown on the plat certain easements for utilities, as reserved herein, which the developer hereby donates and dedicates to, and for the use by public utilities, the same being, without limiting the generality of the foregoing, electric power, gas, telephone, water and sewer, with the right hereby granted to the persons, organizations or corporations engaged in the supplying such utility services to use and occupy such easements and to have free egress and ingress thereto and therefrom for the installation, maintenance, repair and replacement of such utility services. votI11lrrrlr►►►► The lots in the development shall be sold by the developer and purchased by tNp'' �� buyers thereof, subject to the following covenants, restrictions and assurances: = ❑ �rrr►rrrrreittttttt��, 1. Land use and Buildiny- Tvpe: The lots shall only be used for residential purposes. No dwelling shall be erected, altered, placed or permitted to remain on any lot other than: One attached or detached single family dwelling not to exceed two and one-half stories in height; An attached private garage for not less than one standard size passenger motor vehicle, except that number 14 Glen Abbey Court will not have a garage; no carports are allowed; and Fencing; 2. Architectural Assurances: Complete plans and specifications for all dwellings, accessory structures and other improvements shall first be submitted to the developer or the developer's appointed representative and approved by the developer or its representative prior to construction, clearing or landscaping. Such plans and specifications shall include final construction plans and specifications and show the nature, size, shape, dimensions, materials and location of all structures and utilities. A primary purpose of the review is to protect the harmony of the external design of the dwelling and related improvements with surrounding improvements, maintain or increase property values of other residents and to demonstrate the good quality of materials and construction in the development. 3. Subdivsion: Lots cannot be re -subdivided. Developer reserves the right to add lots in phases to the original plat that will automatically be part of Glen Abbey Court and subject to the protective covenants and other conditions of this bill of assurance. 4. Buildinp_ Lines: Each lot shall be restricted and subject to a front setback line of 18 feet, a side set back line of 8 feet (except attached residences sharing a party wall) and a rear setback line of 15 feet except as provided below. All setback lines will be an equal distance from the particular boundary line to which it applies. Setback lines are measured from the edge of the property lines of each lot. Fronts of lots are defined as that part of the lot adjacent to the street right of way. If any Lot fronts on two different streets or on the same street twice it is deemed to have two fronts. Developer retains the ability to make exceptions to building setback lines without notice in order to accommodate exceptional circumstances and privacy needs of lot owners. 2 Accessory structures related to residential use shall not be located in front of a line formed by extending the rearmost line of the residence to the side lot lines and shall be located within this line and the side and rear yard setbacks. 5. Satellite Dishes: Satellite dishes or similar equipment may be located on a lot only if the dish or other equipment is not visible from any neighboring residence and any roadway in or serving the development. Provided, however, satellite dishes (36" or less ) i.e., Primestar, Direct TV or the like) may be located anywhere within the building set back lines for the lot. 6. Buildinp, Standards: Buildings may not be constructed on any lot outward beyond the building setback lines for that lot. Fences shall be constructed of wood, brick or rock and subject to architectural review as provided in paragraph 2 above. Dwellings may not be constructed on any lot unless the dwelling contains at least 1,400 square feet of heated and cooled space, measured from exterior walls and exclusive of garages, and in the event of a one and a half story house, the first floor shall have a minimum heated and cooled square footage requirement of 1,250 square feet. No temporary structure, mobile home or manufactured housing shall be placed on any lot. Building materials of any kind may only be placed or stored upon a lot when the owner is ready to commence construction. 7. Sanitation. Residential dwellings shall be connected to the Little Rock Wastewater Utility system only. Likewise, the water shall be supplied by Central Arkansas Water only. 8. Other Assurances: No animals, except a limit of two household domesticated dogs or cats may be kept on the premises. Such animals may not be kept if to do so constitutes a nuisance or health hazard or interferes with the peaceful enjoyment by others of their lots in the development. Disabled vehicles or similar items may only be kept in an enclosed garage and clotheslines shall not be allowed in the development if they are visible from any neighboring residence and any roadway in or serving the development. Noxious of offensive activity which interferes with the reasonable and peaceful enjoyment of others in the development (including, but not limited to, amplified music) or which may be or become an annoyance or nuisance to abutting residences or the neighborhood, is prohibited. Parking of motor vehicles, boats, trailers, and other similar items is restricted to the lot owner's garage. This provision does not, however, prevent the temporary parking of visitors in the street area adjacent to the lot owner's property. Commercial use trucks or tractor trucks of any size may not be kept, parked or stored by or for a lot owner except in his or her enclosed garage. The owner of a lot is responsible for completing the cleanup and landscaping of the lot within the one year construction period, therefore, the owner shall at all times be responsible for maintaining the portion of the lot visible from any neighboring residence 3 and any roadway in or serving the development in a neat and attractive manner consistent with a first-class urban residential development. Refuse piles or other traditionally or generally considered unsightly objects shall not be placed or allowed to remain on any lot visible from any neighboring residence and any roadway or serving development. If a property owner, excavator or the owner's representative damages the street or other common area at any time during construction, the property owner will make necessary repairs immediately. Repairs will meet or exceed the quality of street or common area as existed prior to the damage. Signs, posters, advertisements, notices or other lettering shall not be placed within the development other than: Signs erected by the developer or public authorities for identification of streets, traffic control or directional purposes; Signs not exceeding 12" by 24" indicating names and addresses of occupants; a sign no larger than four (4) square feet erected by the general contractor during the one year construction period or by an owner advertising the lot for sale; a sign erected by Chandler Johnson Development, Inc. or the listing agent advertising lots for sale; any sign required by law or regulation, such as building permits, etc. signs of good taste traditionally used in connection with residential living are permissible for a reasonable period of duration; permanent signs require Architectural control approval. Any sign not in compliance with these requirements may be removed pursuant to paragraph 18 hereof. Flammable, combustible or explosive fluids, chemicals or substances shall not be kept on any lot or in any residence except in such form and in such quantities as required for normal household use. 9. Easements: Easements for installation and maintenance of utilities, drainage, pipelines, television and related community systems and facilities are reserved for record and herein as shown on the plat. Buildings or other permanent structures, whether herein specifically enumerated or not, (except paved driveways) shall not be built or maintained within the area of any of the easements shown on the plat, and in the event any such obstruction is placed thereon in violation of this restriction and reservation, any utility or public agent will not be liable for destruction of same when constructing or maintaining its facilities located within the areas of the easement. 0 10. Access: Access to and from the development shall be from Watt Street and Glen Abbey Court at their intersections shown on the plat. 11. Visual Obstructions: Lot owners are precluded from constructing, planting or otherwise maintaining any part of their lot that realistically has the effect of establishing or maintaining a site obstruction that interferes with proper and safe vehicular movement along the private drive. This restriction specifically includes, but is not limited to, a ten foot (10') setback (site easement) along the boundary lines of the lots. 12. Maintenance: Lots may not be used in whole or in part for the storage of rubbish of any character whatsoever, nor for the storage of any property or thing that will cause such lot to appear in an unlean or untidy condition or that will be obnoxious to the eye; nor shall any substances, things or materials be kept upon any lot that will emit foul or obnoxious odors or that will cause any noise that will or might disturb the peace, quiet, comfort or serenity of the occupants of surrounding property. If trees are removed in the area between the street and a line formed by extending the front most line of the main structure to the side lot lines perpendicular to a centerline of the lot, the stump shall also be cut flush with ground or removed below ground level and leveled to the surrounding grade. 13. Erosion and Obstruction: The individual lot owners will be responsible for checking, preventing and otherwise eliminating erosion and obstructions on their lot. When constructing a driveway to the home site, driveways must be built to Little Rock specifications. 14. Duration: These covenants, restrictions and assurances run with the land and shall be binding on all parties and all persons claiming under them until 12:01 a.m., July 1, 2026, after which time they shall be automatically extended for successive periods of 10 years, unless an instrument signed by a majority of the then owners of the lots has been recorded, agreeing to repeal or amend the covenants, restrictions and assurances in whole or in part. 15. Amendments: These covenants, restrictions and assurances shall not be amended, cancelled or supplemented unless an instrument signed by at least eighty (80%) of the owners of the aforesaid lots is placed on record agreeing to change them in whole or in part, and any change must be approved by the controlling governmental planning commission. Specifically permitted, however, as long as the developer owns record title to one or more of the lots, amendments may be affected by the developer. 16. Enforcement: In the event of any attempt to violate any of the covenants, restrictions or assurances, herein, before the expiration date hereof, it shall be lawful for any person or persons owning a lot or lots in the development to prosecute any proceedings at law or in equity by civil lawsuit against the person or persons violating or attempting to violate any such covenants, restriction or assurances and to prevent him or 5 them from so doing by injunction or otherwise and to recover damages, attorney's fees and costs and other remedies and relief as may be appropriate. 17. SeverabiRty: The invalidation of any one of these covenants, restrictions or assurances by judgment or court order shall in no way affect any of the other provisions, which shall remain in full force and effect. IN ORDER to give the most lasting perpetuation and strongest assurance of things herein contained, Chandler Johnson Development, Inc. has caused the Bill of Assurance and the Plat prepared by Central Arkansas Surveying, Inc. hereto annexed, to be signed, acknowledged and filed for record in the office of the Circuit Clerk and ex-officio Recorder of Pulaski County, Arkansas. 18. Property Owner's Association Inc.: The developer has caused to be established under the laws of the State of Arkansas the Glen Abbey Property Owners' Association, Inc. to provide for the preservation of the values and amenities of the subdivision and to otherwise care for and protect the matters in common for the subdivision lot owners and to establish rules and regulations for the use of common areas. Every person, persons or entity who owns any lot, including a builder or general contractor shall be a Member of the Association, and shall abide by its Articles of Incorporation and Bylaws. Membership shall be appurtenant to and may not be separated from ownership of any lot. The Association shall be governed by its Articles of Incorporation and Bylaws. Each owner, other than developer, of any lot by acceptance of a deed shall be deemed to covenant and agree, to pay the Association annual assessments or charges and special assessments, together with interest, costs of collection and attorney's fees, if any, which amounts shall be a charge on the land and shall be a continuing lien upon the lot. Each assessment, together with interest, cost of collection and reasonable attorneys' fees, if any, shall also be the personal obligation of the Owner, other than developer, of the lot at the time when the assessment or special assessment fell due. The personal obligation for delinquent assessment or special assessment shall not pass to an Owner's successors in title unless expressly assumed by them. The lien for assessments and special assessments shall be subject to and subordinate to the lien of any recorded first mortgage or deed of trust. Assessments shall be fixed by the Association in accordance with the Articles of Incorporation and Bylaws of the Association. In lieu of assessments being imposed upon such lots owned by the developer, the developer shall underwrite all reasonable costs for the operation of the Association not covered by assessments paid by owners of lots other than developer until fifty percent of all lots are owned by persons or entities other than developer. Once fifty percent of all lots are owned by persons or entities other than the developer, the remaining lots owned by the developer shall be subject to the assessments the same as lots by owners other than the developer. :on 19. Property Owner Maintenance: Owners and occupants (including lessees of any part of the Property) shall jointly and severally have the duty and responsibility, at their sole cost and expense to keep that part of the property so owned or occupied, including dwellings, structures, buildings, improvements and grounds in a well -maintained, safe, clean and attractive condition at all times. Maintenance includes, but is not limited to, the following: (a) Prompt removal of all litter, trash, refuse and waste; (b) lawn mowing; (c) tree and shrub pruning; (d) watering; (e) keeping exterior lighting and mechanical facilities in working order; (f) keeping lawn and garden areas alive, free of weeks and attractive; (g) keeping parking areas, driveways and fences in good repair; (h) complying with all governmental health and police requirements; (i) repainting of improvements; 0) repair of exterior of their residences and fences; and (k) prompt disposal of all pet waste. 20. Enforcement: If, in the opinion of the majority of the director's of the Association, any Owner of occupant has failed in any of the foregoing duties or responsibilities, then the Association may provide written notice of that failure, giving the Owner or occupant ten (10) days from receipt to perform the care and maintenance required. Should any person fail to fulfill this duty and responsibility within the ten-day period, then the Association through its authorized agent or agents shall have the right and power to enter on the premises and perform needed care and maintenance without any liability for damages for wrongful entry, trespass or otherwise to any person. The Owners and occupants (including lessees) of any part of a lot on which work is performed shall jointly and severally be liable for the cost of the work and shall promptly reimburse the Association for all costs. If the Association has not been reimbursed within thirty days (30) days after invoicing, the indebtedness shall be a debt of all of the Owners and occupants of the lot jointly and severally, and shall constitute a lien against that portion of the Lot on which the work was performed. 21. Insurance: The owner or owners of a Lot with residential improvements constructed thereon shall acquire and shall pay for a policy or policies of fire insurance with extended coverage endorsement, for the full insurable replacement value of the residential improvements, or such other fire and casualty insurance as the Association Board shall determine gives substantially equal or greater protection to the owners and their mortgagees which said policy or policies shall provide for a separate loss payable endorsement in favor of the mortgagee or mortgagees. For lots with residences sharing one or more common walls with residences on an adjoining lot or lots the insurance shall specifically include coverage for the complete and prompt reconstruction of any damaged or destroyed party wall. 7 All policies shall be written with a company licensed to do business in the State of Arkansas, and holding a rating of "AAA" or better by Best's Insurance Reports; They shall contain, if possible, a waiver of subrogation by the insurer as to any claims against the Association, the owners and their respective agents, servants and guests; They shall provide the policy cannot be cancelled, invalidated or suspended without thirty (30) days prior notice in writing to the insured and the Association. 22. Owner's Obligation to Repair: Each lot owner shall at the owner's expense keep his lot, residence and appurtances in good order, condition and repair and in a clean, safe and sanitary condition, and shall do all redecorating, painting and repairing which may at any time be necessary to maintain the good appearance and condition of his residence. In addition to decorating and keeping the interior of the residence in good repair, the owner shall be responsible for the maintenance, repair or replacement of any plumbing fixtures, water heaters, furnaces, lighting fixtures, refrigerators, air conditioning equipment, dishwashers, disposals, or ranges that may be in, or connected with the residence; provided, however, that nothing herein shall require an owner to repair, replace or maintain any of the common elements of the subdivision. If such maintenance or repair is reasonably necessary in the discretion of the Association to protect the common areas or preserve the appearance and value of the subdivision, and the owners of the residences have failed or refused to perform the maintenance or repair within a reasonable time after written notice of the necessity of the maintenance or repair given by the Association to the owners, the Association may cause such maintenance or repairs to be performed at the expense of the owners and shall levy a special assessment against the residence of such owners for the cost of the maintenance or repair. 23. Prohibition Against Structural Changes to Common Walls: No owner shall, without first obtaining written consent of the owner or owners of any residence with whom he shares a common wall, make or permit to be made any structural alteration, improvement or addition to the common wall so shared that will or might impair the structural soundness or integrity of the common wall. 24. Additional Restrictions On Use: Lot residences and common areas shall be occupied and used as follows: (a) There shall be no obstruction of the common areas. Nothing shall be stored in the common areas without the prior consent of the Association. (b) Nothing shall be done or kept in any residence sharing a common wall which is violation of law or which will cause the cancellation of or increase the rate of insurance on either or any the residences sharing a common wall. Chandler Johnson Development, Inc. minimum s�'r�` t�' RaviewEd only 10r indun` � subd vision Kequired by IhO C'sty 01 isrov'tsi�s ��, lu. - S Ly of it Bi4l Lf Asslara Pcns ini '! ex ed rnmG^z c ua din ci �c s. devOc r subdWissfn and waning little Rai otk Planning �mmis�i�r► ACVNTLU\OW LLJI V 1Y1L1\ A STATE OF ARKANSAS) COUNTY OF PULASKI) M& ,Z00 t On this ;� day of -441,-before me, a Notary Public, personally appeared and G6f1"!1 , WQ n1 who acknowledged themselves to be the President and S cretary of Chandler -Johnson Development, Inc., and that they, being authorized to do so, executed the foregoing instrument for the consideration, uses and purposes therein contained by signing his name as such. IN WITNESS WHEREOF, I hereunto set my hand and official seal on this ��` day of4mnc,-29B6: M " ZC)©-7 My Corqmissipn Expires. C:\Da:u Ie d Sm1i gA1e \My Doa.-N\Ch.d1a•Ra1..y\BILL OF ASSURANCEG—Abbey CT.d. Try Public oft a, 1y1,1111111111"" " !ri ,o'�\CIA ., Q, pf1..... 0TAR My Comm. Expires ^ _ ❑M 27, 2012 /130 '-. Skl COII�.�• r•.rr1111ni1111.. E DocH 2007041011 BY-LAWS OF GLEN ABBEY COURT SUBDIVISION PROPERTY OWNERS ASSOCIATION, INC. ARTICLE I DEFINITIONS Unless the context otherwise specifies or requires, the terms defined in Article I hereunder shall, for all purposes of the By -Laws, have the meaning herein specified. Articles. The term "Articles" shall mean the Articles of Incorporation of Glen Abbey Subdivision Property Owners Association, Inc. (the Association) which are filed in the office of the Secretary of the State of Arkansas, a true copy of which is on file at the principal office of the Association, together with such amendments to the Articles as may from time to time be properly made. Association. The term "Association" shall mean Glen Abbey Subdivision Property Owners Association, Inc. Bill of Assurance. The term "Bill of Assurance" shall mean the Bill of Assurance and all subsequent amendments and supplements thereto, filed in the office of the Circuit Clerk of Pulaski County, Arkansas affecting the Glen Abbey Court Subdivision. Board. The term "Board" shall mean the Board of Directors of the Association. By -Laws. The term `By -Laws" shall mean this instrument as it may be amended from time to time pursuant to the provisions of this instrument. Common Areas. The term "Common Area" shall mean all real property owned or maintained by the Association for the common use and enjoyment of the Owners as further provided in the Glen Abbey Court Subdivision Bill of Assurance. Common Charges. The term "common charge" or "common expense" shall be those common expenses incurred for the operation of the Common Area in Glen Abbey Subdivision or incurred for the common purposes or benefits of the Glen Abbey Subdivision members as set forth in Article VIII of this instrument. Developer. The term "Developer" shall mean Chandler -Johnson Development, Inc., its successors and assigns. Fiscal Year. The term "fiscal year" shall mean the calendar year, unless changed or modified by the Board of Directors of the Association. Grantor. The term "Grantor" shall mean Chandler -Johnson Development, Inc., an Arkansas corporation and its successors and assigns. Glen Abbey Court Subdivision. The term Glen Abbey Court Subdivision shall mean all of the real estate described in Article II of this instrument, together with any land and improvements added thereto and subject to the Bill of Assurance filed in the office of the Circuit Clerk of Pulaski County as Instrument No. , and Lot. The term "Lot" shall mean any platted lot within the Property which may be purchased by any Person or owned by the Grantor. Mana Agent. The term "Managing Agent" shall mean an individual, corporation or company hired by the Board to oversee the maintenance and management of the Association as the Board may direct. Member. The term "Member" shall mean and refer to any Owner who by virtue of holding fee simple title to any Lot is a Member of the Association. If any Owner holds title to more than one Lot then the Owner shall hold memberships equal to the number of Lots. Owner. The term "Owner" shall mean and refer to the record Owner, whether one or more persons or entities, of a fee simple title to any Lot which is a part of the Property, but excluding those having such interest merely as security for the performance of an obligation. Person. The term "Person" shall mean an individual or individuals, corporation, unincorporated association, partnership, joint venture, trustee, conservator, administrator, or other legal entity which has the right to hold title to real property. Private Limited Common Area. The term "Private Limited Common Area" shall mean and refer to that part of a Lot including the front and back yards, and side yards to any privacy fence. Property. The term "Property" shall mean the land, buildings, and all other improvements thereon (including the Common Areas owned or maintained by the Association) which is subject to the Bill of Assurance, and all amendments thereto. Rules and Re Iations. The term "Rules and Regulations" shall mean the rules and regulations as adopted by the Board pursuant to the covenants and this instrument, as they may be amended from time to time. 2 ARTICLE II GENERAL SECTION 1. The Property. The Property is located in the city of Little Rock, Pulaski County, Arkansas. It is all that Property known as the Glen Abbey Court Subdivision as defined in the Bill of Assurance. SECTION 2. The Association. The Association has been organized to perform the functions described herein except for those performed by others as set forth herein. The Association is charged with the duties and has the powers prescribed by law and set forth in the Articles, By -Laws and the Bill of Assurance. Neither the Articles nor the By -Laws shall, for any reason be amended or otherwise changed or interpreted so as to be inconsistent with the Bill of Assurance. The Association is an organization owned by the Owners of Lots in Glen Abbey Court Subdivision and used by them to manage and regulate Glen Abbey Court Subdivision. Each Owner of a Lot shall have the same proportion of interest in the Association as the number of Lots in Glen Abbey Court Subdivision except as provided in Article III. Each Owner, for so long as he is such an Owner, shall be deemed a Member of the Association. Upon becoming a Member of the Association, the rights, duties, privileges, immunities and liabilities of being an Owner shall be those set forth in and shall be exercised in accordance with the Bill of Assurance, the Articles, and these By - Laws and may be amended or adopted by the Association or by the Board, as provided therein. Membership in the Association shall not be transferred, pledged or alienated in any way except upon transfer of title of a Lot, and then only to the transferee of title, except in the instance of suspension as provided hereunder. Any attempt to make a prohibited transfer shall be null and void. SECTION 3. Provisions of By -Laws Applicable. The provisions of these By - Laws are applicable to Glen Abbey Court Subdivision. SECTION 4. By -Laws Applicable to Present and Future Owners. All present and future Owners, mortgagees, lessees, and occupants of Lots and their employees, and any other Person (s) who may use the Common Area facilities of Glen Abbey Court Subdivision in any manner, are subject to these By -Laws, all covenants, agreements, restrictions, easements and declarations of record, and the Bill of Assurance. The acceptance of a deed of conveyance or the entering into a lease or the act of occupancy of a Lot shall constitute an agreement that all of the above documents, restrictions and conditions, as they may be amended from time to time, are accepted, ratified and will be complied. SECTION 5. Office of the Association. The Office of the Association and the Board shall be located in Pulaski County, Arkansas or such other locations in this State as may be selected from time to time by the Board which the Owners and listed mortgagees have been given written notice. SECTION 6. Documents Available for Review. Copies of these By -Laws, the Articles, the Bill of Assurance, as they may be amended from time to time, and all books and records of the Association shall be made available for inspection by Members of the Association and their authorized agents during regular business hours. ARTICLE III MEMBERSHIP, VOTING RIGHTS, AND SHARES SECTION 1. Membership. Every Person who is an Owner of record of a fee or undivided fee interest in any Lot which is subject by the Bill of Assurance to assessments by the Association shall be a Member of the Association, entitled to all Membership privileges, provided that any such Person who holds such interest merely as a security for the performance of an obligation shall not be a Member. Joint Members, herein defined as one or more Persons or entities jointly owning a Lot, shall vote their membership as they, among themselves, determine but in no event shall more than one vote be cast for any one Lot. If any Person is an Owner of more than one Lot, then such Owner shall have the same number of memberships as the number of Lots to which he holds title. SECTION 2. Voting Rights Every Lot shall be entitled to one vote by its owner Member or Joint Members in the election of Directors for the Board. Where more than one Lot is held by a Member, then such Member shall be entitled to one vote for each such Lot in the election of Directors for the Board. For all other purposes, the Association shall have two classes of voting membership. (a) Class A - Class A Members shall be all those Owners of Lots with the exception of the Grantor. A Class A Member shall be entitled to one vote for each Lot in which he holds the interest required for membership as described in Section 1 above. (b) Class B - Class B Members shall be the Grantor and shall be entitled to three votes for each Lot, whether built upon or not, in which the Grantor holds the fee, provided that the Class B membership shall cease and become converted to Class A membership on the happening of either of the following events, whichever occurs earlier: (1) when Grantor has sold eighty percent (80%) of all Lots and proposed Lots in Glen Abbey Court Subdivision, or (2) forty years from the date the Association is organized. rd From and after the happening of these events, whichever occurs earlier, the Class B Member shall be deemed to be a Class A Member entitled to one vote for each Lot, whether built upon or not, in which it holds the interest required for membership under Section 1 above. SECTION 3. Shares. For purposes of dissolution or distribution of assets only, Class A and B Members shall be deemed to hold one equal share of the assets of the Association for each Lot in which they hold the interest required for membership, provided that when more than one individual or entity shall hold such interest in any Lot, they shall determine among themselves the distribution of such shares, provided that there shall be no more than one share with respect to any Lot. ARTICLE IV BOARD OF DIRECTORS SECTION 1. Directors. The number of Directors which shall constitute the whole Board shall be three (3). Until succeeded by the Directors elected by the Members, the Directors need not be Owners. Upon expiration of the term of each Member of the first Board, the successors to such Member of the Board, elected by the Members of the Association, shall be an Owner. Except as provided in the Articles with respect to the first Board, Directors shall be elected on a staggered basis. In any event however, each Director shall hold office until such time as his successor has been elected. In the event that a corporation or other legal entity is a Member of the Association, it may designate one or more Persons who shall be eligible to serve as Director on its behalf. SECTION 2. Election of Directors. Subject to the provisions of these By - Laws concerning the first Board, at each Annual Meeting of the Association or at a Special Meeting called for this purpose, the Members shall elect Directors to fill such vacancies as may exist on the Board. There shall be no cumulative voting. Voting by written proxy is permitted for Members. The candidates receiving the highest number of votes, up to the number of Directors to be elected shall be deemed elected. A quorum of the membership at an annual or special called meeting shall be twenty-five percent (25%) of the Members. SECTION 3. Resignation. Any Director may resign at anytime by giving written notice to the President or to the Secretary of the Board. SECTION 4. Powers and Duties of the Board. The Board shall have the powers and duties necessary for the administration of the affairs of the Association and may do all such acts and things, except for those things and matters which are by these By -Laws and by the Bill of Assurance reserved to the Members of the Association acting at a properly called meeting. Such powers and duties of the Board shall include, but shall not be limited to the following: (a) Owning the Common Areas but not the Private Limited Common Areas. 5 (b) Provisions for the operation, care, upkeep and maintenance of the Common Areas, with the right and power but no obligation to the general lawn care for the Private Limited Common Areas. (c) Determination of the common expenses, including assessments for a maintenance reserve fund, required for the affairs of the Association including, subject to the limitations imposed by the Association or by the Bill of Assurance, the operation and maintenance of the Property and the allocation of income and expenses. (d) Collection of the common charges from the Owners, including the right to enforce these collections by methods described elsewhere in these By -Laws and the Bill of Assurance. (e) Opening of bank accounts on behalf of the Association and designating the signatories required therefore. (f) Leasing, managing and otherwise dealing with the Common Areas. (g) Owning, conveying, encumbering, leasing and otherwise dealing with Lots or other property, real or personal, conveyed to it or purchased by it as the result of enforcement of a lien for common expenses, or otherwise. (h) Obtaining of insurance for the Common Areas and any other common Subdivision use areas. (i) Making of repairs, additions, improvements to or alterations of the Property and Lots in accordance with the other provisions of these By -Laws and as described in the Bill of Assurance. 0) Enforcement of obligations of the Owners. (k) Adoption of Rules and Regulations relating to the use, upkeep or preservation of the Glen Abbey Court Subdivision Common Areas and other common Subdivision use areas. SECTION 5. Employment of ManagingAgent. The Board may employ for the Association, a Managing Agent at a compensation established by the Board, to perform such duties and services as the Board shall authorize, including, but not limited to all of the powers granted to the Board by these By -Laws. The management agreement shall be terminable for cause or upon reasonable notice and run for a period of from one to three years, renewable by consent of the Association and the Managing Agent. SECTION 6. The First Board and Subsequent Boards. The first Board shall be appointed by the Grantor and shall consist of three (3) Members who shall serve until the first Annual Meeting held pursuant to Article V, Section 1 of these By -Laws. At the first Annual Meeting, the Members of the Board shall be elected by the Members of the 0 Association to serve for staggered terms, one Member of the Board having a term of one year from the first Annual Meeting, one Member of the Board having a term of two years from the first Annual Meeting, and, one Member of the Board having a term of three years from the first Annual Meeting. As a vacancy occurs in each of the Board positions upon termination of their term, then the newly elected Board Member shall serve a term of three (3) years. SECTION 7. Removal of Directors. Except for the Members of the initial Board, Directors may be removed for cause and a successor elected by an affirmative vote of the majority of the Members of the Association. However, removal of Members of the initial Board prior to the expiration of their respective terms shall require a majority vote of all Members and approval of the Developer. SECTION 8. Vacancies in the Board. Vacancies in the Board caused by any reason other than the removal of a Director under Section 7 of this Article, shall be filled by vote of a majority of the remaining Directors at a special meeting of the Board held for that purpose, which meeting shall be held promptly after the occurrence of any such vacancy, even though the Directors present at such meeting may constitute less than a quorum and each person so elected shall be a Director until the next Annual Meeting of the Association, or until a Special Meeting of the Association is duly called and held for the express purpose of electing a Director to fill the vacancy until the expiration of the term. Except for Members of the first Board, no Director shall continue to serve as such if, during his term of office, he shall cease to be an Owner. SECTION 9. Board Meeting Following -First Annual Meeting. Following the first Annual Meeting of the Association, there shall be a meeting of the Board within thirty (30) days thereafter, at such time and place as shall be fixed by the Members at the meeting at which such Board shall have been elected. SECTION 10. Regular Meetings. Regular meetings of the Board may be held at such time and place as shall be determined from time to time by a majority of the members of the Board. Notice of regular meetings of the Board shall be given to each Director, by mail, at least five (5) business days prior to the day named for such meeting. SECTION 11. Special Meetings. Special meetings of the Board may be called by the President on five (5) business days notice to each Director given by mail, which notice shall state the time, place and purpose of the meeting. Special meetings of the Board shall be called by the President or Secretary in like manner and on like notice on the written request of at least two (2) Directors. SECTION 12. Waiver of Notice of Meeting. Any Director may at any time waive notice of any meeting of the Board in writing and such waiver shall be deemed equivalent to the giving of such notice. SECTION 13. Quorum. At all meetings of the Board, a majority of the Members thereof shall constitute a quorum for the transacting of business and the 7 votes of a majority of the Directors present at a meeting at which a quorum is present shall constitute the decision of the Board. If at any meeting of the Board, there shall be less than a quorum present, a majority of those present may adjourn the meeting from time to time. SECTION 14. Fidelity Bonds. Unless otherwise voted by the Association, the Board shall obtain adequate fidelity bonds for all officers and employees of the Association handling or responsible for the Association funds. The premium on such bonds shall constitute a common expense. SECTION 15. Compensation of Board. No elected Member of the Board shall receive any compensation from the Association for acting as such, except for reimbursement of necessary and duly incurred expenses. SECTION 16. Directors Not Liable. The Directors shall not be liable to the Members of the Association for any mistake of judgment, negligence, or otherwise, except for their own individual willful misconduct or bad faith. The Association shall and does indemnify and hold harmless each Director against all contractual liability to others arising out of contract made by the Board on behalf of the Association unless any such contract shall have been made in bad faith or contrary to the provisions of the Bill of Assurance or contrary to these By -Laws. It is intended that the Directors shall have no personal liability with respect to any contract made by them on behalf of the Association. It is also intended that the liability of any Owner arising out of any contract made by the Board out of the aforesaid indemnity in favor of the Directors shall be limited to such proportion of the total liability thereunder as the number of Lots owned by him bears to the total number of Lots in Glen Abbey Court Subdivision. Every agreement made by the Board or by the Managing Agent on behalf of the Association shall provide that the Directors or the Managing Agent as the case may be, are acting only as agents for the Association and shall have no personal liability thereunder (except as an Owner), and that each Owner's liability thereunder shall be limited to that proportion which the number of Lots owned by him bears to the total number of Lots in Glen Abbey Court Subdivision. SECTION 17. Records. The Board shall cause to be kept detailed records of the actions of the Board and of the Managing Agent, if any, minutes of the meetings of the Board, minutes of the meetings of the Members and financial records and books of account of the Association. SECTION 18. Annual Report. An annual report of the receipts and expenditures of the Association shall be made at the end of each fiscal year by an independent, disinterested, certified public accountant. The Board shall cause this report to be made and a copy of said report shall be kept on file at the office of the Association and shall be made available for inspection by Members and their authorized agents during reasonable business hours. ARTICLE V ASSOCIATION MEMBERS' MEETINGS SECTION 1. Annual Meetings, Election of Directors. Within two (2) years following the date the Association is organized, the Board shall call and conduct the first Annual Meeting of the Members. Thereafter, Annual Meetings shall be held on the anniversary date of such meeting, in each succeeding year; the date of the Annual Meeting may be changed by a proper amendment of these By -Laws. At such meeting, Directors shall be elected by ballot of the Members of the Association, in accordance with the requirements of Article IV of these By -Laws. The Association may also transact such other business as may properly come before it. For purposes of this Article, the term Member shall include both Class A and Class B Members as defined in Article III hereof. SECTION 2. Location of Annual Meetings. The Annual Meetings shall be held at the principal office of the Association, or at such suitable place convenient to the Members as may be designated by the Board. SECTION 3. Special Meetings. It shall be the duty of the President to call a special meeting of the Members as directed by the Board or upon petition signed by at least one-third of the Members, delivered to the Secretary. SECTION 4. Notice of Meetings. It shall be the duty of the Secretary to mail or deliver a notice of each annual or special meeting, stating the purpose thereof as well as the time and place where it is to be held, to each Member, at least ten (10) but not more than sixty (60) days prior to such meeting. The mailing or delivery of a notice in the manner provided in these By -Laws shall be considered notice served. Notice of a meeting need not be given to a Member if a written waiver thereof executed before, during or after the meeting by such Member or his duly authorized attorney or agent, is filed with the records of the meeting. SECTION 5. Quorum. Except as otherwise provided in these By -Laws, the presence in person or by proxy of ten percent (10%) of the Members shall constitute a quorum at all meetings of the Association. If any meeting of the Association cannot be held because a quorum has not attended, a majority in interest of the Members who are present at such meeting, either in person or by proxy, shall adjourn the meeting to a time not less than forty-eight (48) hours from the time the original meeting was called. SECTION 6. Voting. The Member(s), or some person designated by such Member (s) to act as proxy on his or their behalf, who need not be an Owner, shall be entitled to cast their vote(s) at any meeting. The designation of any proxy shall be made in writing to the Secretary and shall be revocable at any time upon written notice to the Secretary. Any or all Members may be present at any meeting and may vote or take any other action as a Member either in person or by proxy. Each Member (including the Grantor, if the Grantor shall then own one or more Lots) shall be entitled to cast one vote at all meetings which vote shall be weighed by multiplying it by the number of Lots, whether built upon or not, owned by each Member, and the vote of the Grantor shall be weighed by multiplying it by three times the total number of Lots, whether built upon or not, owned by it, until such time as Class B membership is converted to Class A E membership as provided in Article III, Section 2, of these By -Laws. The votes attributable to each Member must be voted as an entirety and if Owners of a Lot shall be unable to agree on the vote to be cast on any issue their right to vote on that issue shall be deemed to have been waived. SECTION 7. Maigdty Defined. As used in these By -Laws, the term "majority of Members" shall mean those Members having more than fifty percent (50%) of the total authorized votes of all Members present in person or by proxy and voting at any meeting determined in accordance with the provisions of Section 6 of this Article. The vote of the majority of Members present at a meeting at which a quorum shall be present shall be binding upon all Members for all purposes except when a higher percentage vote is required by law, the Bill of Assurance or these By -Laws. ARTICLE VI OFFICERS SECTION 1. Principal Officers of the Corporation. The principal officers of the Association shall be the President, Vice -President, Secretary, and the Treasurer. The President and Vice-president shall be elected by and from the Board. Except as provided in the Articles with respect to the initial Treasurer and Secretary, the Treasurer and Secretary shall be chosen by the Board at the Annual Meeting. Any vacancies which may occur in these latter two offices shall be filled by the Board. The successors so chosen shall serve until the next Annual Meeting of the Association or until a Special Meeting properly and duly called for this purpose. The Secretary and Treasurer need not be Members of the Association. The Board may appoint an Assistant Treasurer, an Assistant Secretary, and such other officers as in its judgment may be necessary. SECTION 2. Officers Chosen by Board. Those officers of the Association to be chosen by the Board shall be elected annually at a meeting of the Board described in Article IV, Section 6 of these By -Laws, and shall hold office at the pleasure of the Board and until their successors are elected. SECTION 3. Removal of Officers Chosen by Board. Upon the affirmative vote of the majority of the Board at a regular or special meeting called for that purpose, any officer chosen by the Board may be removed, either with or without cause, and his successor elected. SECTION 4. President. The President shall be the chief executive officer of the Association. He shall preside at all meetings of the Association and of the Board. He shall have all of the general powers and duties which are incidental to the office of President, including but not limited to the power to appoint committees from among the Owners from time to time, as he may in his discretion decide are appropriate to assist in the conduct of the affairs of the Association. He is elected by the Board. 10 SECTION 5. Vice-president. The Vice-president shall take the place of the President, and shall perform his duties whenever the President shall be absent or unable to act. If neither the President nor the Vice-president is able to act, the Board shall appoint some other Member of the Board to act in place of the President, on an interim basis. The Vice-president shall also perform such other duties as shall from time to time be imposed upon him by the Board or by the President. The Vice -President is elected by the Board. SECTION 6. Secretary. The Secretary shall keep the minutes of all meetings of the Association and of the Board; shall have charge of such books and papers as the Board may direct; and shall perform all the duties incidental to the office of Secretary, and as described elsewhere in these By -Laws or the Bill of Assurance. The Secretary is elected by the Members of the Board and need not be an Owner. SECTION 7. Treasurer. The Treasurer shall have the responsibility for all funds and securities and shall be responsible for keeping full and accurate financial and books of account showing all receipts and disbursements and for the preparation of required financial data. He shall be responsible for the deposit of all monies and other valuable effects in the name of the Board or the Managing Agent in such depositories as may from time to time be designated by the Board and he shall perform all duties incidental to the office of Treasurer. No payment voucher shall be paid unless and until approved by the Treasurer, or in his absence the Assistant Treasurer. The Treasurer is elected by the Members of the Board and need not be an Owner. The Assistant Treasurer is appointed by the Board. SECTION 8. Execution of Documents for the Board. All agreements, contracts, deeds, leases, checks, and other instruments of the Association may be executed by the President or by such other person (s) as may be authorized by the Board. SECTION 9. Compensation of Officers. No elected officer shall receive any compensation from the Association for acting as such, except for reimbursement of necessary and duly incurred expenses. SECTION 10. Resignation. Any officer may resign at any time by giving written notice to the Board, the President, or the Secretary. Any such resignation shall take effect at the date of the receipt of such notice or at any later time specified therein. Unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. ARTICLE VII NOTICES SECTION 1. Notice Procedure. Whenever under the provisions of the Bill of Assurance or the By -Laws, notice is required to be given to the Board, any Managing Agent, or Member, it shall not be construed to mean personal notice; but such notice may be given in writing, either by mail, by depositing the same in a post office or letter box in 11 a postpaid sealed wrapper, addressed to the Board, such Managing Agent or Member, respectively, at such address as appears on the books of the Association. Notice shall be deemed given as of the date of mailing or by delivery to such persons address, provided that such mailing is made in the State of Arkansas. SECTION 2. Waiver of Notice. Whenever any notice is required to be given under the provisions of the Bill of Assurance, the law, or these By -Laws, a waiver thereof, in writing, signed by the person or persons entitled to the notice, whether before or after the time stated therein, shall be deemed the equivalent thereof. ARTICLE VIII OPERATION OF THE PROPERTY SECTION 1. Budget. The Board shall from time to time and at least annually, prepare a budget for the Association and in connection therewith, determine the amount of common expenses of the Association and allocate and assess each common charge among the Owners according to their respective needs or various types of Lots within Glen Abbey Court Subdivision. The common expenses shall include among other things, the cost of all insurance premiums on all policies of insurance required to be, or which have been obtained by the Board pursuant to the provisions of these By -Laws and maintenance of the Common Areas and any maintenance of the Private Limited Common Areas it might undertake. Other examples of common expenses include the amount charged for the operation, care, upkeep, maintenance, repair and replacements to Glen Abbey Court Subdivision Common Areas, including without limitation, any amount for working capital of the Association, for a general operating reserve for a reserve fund for replacements and to make up any deficit in the common expenses of any prior year. The common expenses may also include such amounts as may be required for the purchase or lease by the Board on behalf of all Owners, any Lot which is to be sold at foreclosure or other judicial sale, such purchase or lease to be in accordance with provisions of this Article VIII. The Board shall advise all Owners promptly and in writing of the amount of the common charges payable by each of them as determined by the Board, and shall make available at the office of the Association copies of each budget on which such charges are based. The Grantor will be required to pay common charges in full on any Lot owned by it except as otherwise provided herein in the Articles of Incorporation hereof or the Glen Abbey Court Subdivision Bill of Assurance. No assessment may be used to maintain property in which the Association does not have an interest. SECTION 2. Pa ent of Common Charges. All Owners shall pay the common charges assessed by the Board pursuant to the provisions of these By -Laws, annually or monthly as determined by the Board, in advance or at such other time that the Board shall determine. Initial purchasers of lots in Glen Abbey Court Subdivision shall pay six (6) 12 months advance payment of the common charges assessment by the Association. The advance payment shall be prorated so that beginning with the seventh month following the purchase, the assessed common charges will be paid monthly in advance and without proration. The assessment for common charges shall not increase during any one fiscal year of the Association more than fifteen percent (15%) unless seventy-five percent (75%) of the Members of the Association vote the assessments a greater amount. No Owner shall be liable for the payment of any part of the common charges assessed against his Lot subsequent to the transfer of a conveyance by him recorded in the records of the Circuit Clerk's office of Pulaski County, including conveyance to the Board made in accordance with the provisions of Article VIII of these By -Laws. A purchaser of a Lot shall be liable for the payment of the common charges assessed and unpaid against such Lot prior to the acquisition by him of such Lot, and a mortgagee or other purchaser of a Lot at a foreclosure sale of such Lot shall be subject to and liable for a lien for the payment of common charges assessed both prior to and subsequent to the foreclosure sale. SECTION 3. Power to Suspend Membershi . In the event of default by any Owner in the payment of the common charges, or any other amounts owed the Association, the Board shall have the power to suspend the Owner's membership in the Association, and such suspension shall remain in effect only until such amounts as are owed are paid. SECTION 4. Foreclosure. In any action brought by the Board to foreclose a lien on a Lot because of unpaid common charges, the Owner shall be required to pay a reasonable rental for the use of his Lot, if such continues after the foreclosure, and the plaintiff in such foreclosure action shall be entitled to the appointment of a receiver to collect the same. The Board acting on behalf of the Owners, shall have the power to bid upon such Lot at the foreclosure sale and to acquire, hold, lease, convey, mortgage (but not to vote the share (s) appurtenant thereto), or otherwise deal with the same. A suit to recover a money judgment for unpaid common charges shall be maintainable without foreclosing or without waiving the lien securing same. SECTION 5. Statement of Unpaid Common Charges. The Board shall promptly provide any Owner requesting same in writing, with a written statement of all unpaid common charges due from such Owner in a form suitable for recording and the same when recorded in the Circuit Clerk's office of Pulaski County, Arkansas shall operate to discharge the Lot from any other sums not included in such statement then unpaid, at least as to bonafide third parties relying on such statement. In all events the lien for assessments created herein shall be subject to and subordinate to the lien or any recorded first mortgage or deed of trust. SECTION 6. Maintenance. All maintenance, repair, and replacements to the Common Areas as defined in the plat or Bill of Assurance, and any other common use 13 areas identified herein, shall be routinely maintained and cared for by the Association as a common expense of the Association. SECTION 7. Cost Allotment of Improvements. (a) If fifty percent (50%) or more but less than seventy-five percent (75%) of the Members agree to make an improvement to the Common Areas, the cost of such improvement shall be borne by the Members so agreeing. (b) If seventy-five percent (75%) or more of the Members agree to make an improvement to the Common Areas the cost of such improvement shall be borne by all Members as a common expense. (c) All improvements undertaken pursuant to this Section 7 shall be subject to the written approval of the Board. SECTION 8. Rules and Regulations. The use of the Lot and the Common Areas shall be subject to rules and regulations from time to time adopted by the Board; copies of said rules and regulations shall be made available at the office of the Association to each Owner prior to their effective date. ARTICLE IX INDEMNIFICATION OF OFFICERS AND DIRECTORS SECTION 1. MandaW Indemnification. As is provided in Ark. Code Ann. §§ 4-33-852 and 4-33-856, the Association shall indemnify any director or officer and his or her estate or personal representative who is wholly successful, on the merits or otherwise, in the defense of any proceeding to which the officer or director is a party by virtue of his or her status as an officer or director of the Association. SECTION 2. Permissible Indemnification. As is provided in Ark. Code Ann. § 4-33-851, and except as provided in Section 3 below, the Association may indemnify an officer or director made a party to a proceeding by virtue of his or her status as an officer or director, against liability incurred in the proceeding if the following conditions are met: (1) the officer or director conducted himself or herself in good faith; (2) with respect to conduct in his or her official capacity, the officer or director had reason to believe that his or her conduct was in the best interests of the corporation, ; and (3) in cases of conduct not in his or her official capacity, the officer or director had reason to believe that his or her conduct was at least not opposed to the best interests of the Association. SECTION 3. Prohibition of Indemnification in Certain Cases. The Association shall not indemnify an officer or director in connection with any proceeding by or in the right of the Association in which the officer or director was adjudged liable to the Association, or in connection with any other proceeding charging improper personal benefit to the officer or director, whether or not involving action in his or her official 14 capacity, in which the officer or director was adjudged liable on the basis that personal benefit was improperly received by the officer or director. SECTION 4. Procedure for Authorizing Indemnification of Directors. Before the Association may indemnify any director pursuant to Section 2 above, a determination must be made that indemnification of a director is permissible because the director has met the standards of conducts set forth in Section 2 of this Article IX. The Board of Directors shall make that determination by a majority vote of a quorum consisting of directors who are not at the time parties to the proceeding; provided, however, that if such a quorum cannot be obtained, then the determination shall be made either by a committee designated by the Board of Directors or by special legal counsel in accordance with Ark. Code Ann. § 4-33-855 (b) (2) and (3). Furthermore, the Association may not indemnify a director until twenty (20) days after the effective date of the written notice of the proposed indemnification to the Attorney General of the State of Arkansas. The Association may pay for or reimburse the reasonable expenses incurred by an officer or director who is a party to a proceeding in advance of final disposition of the proceeding upon authorization made in accordance with Ark. Code Ann. § 4-33-855 and upon satisfaction of all the conditions prescribed in § 4-33-853. SECTION 5. Insurance. The Association may purchase and maintain insurance on behalf of its officers and directors to insure against liabilities asserted against or incurred by the Association's officers and directors in that capacity or arising from their status as officers and directors, whether or not the Association would have the power to indemnify them against the same liability under the preceding sections of this Article IX. SECTION 6. Definitions. The following definitions apply to the indemnification provisions of this Article IX: (a) Proceeding. "Proceeding" means any threatened, pending or completed civil action, suit or proceeding, whether judicial, administrative, or investigative, and whether formal or informal. (b) Liability. "Liability" means the obligation to pay a judgment, settlement, penalty, fine (including an excise regarding an employee benefit plan), or reasonable expenses actually incurred with respect to a proceeding. (c) Expenses. Indemnification against expenses which is mandated or permitted under this Article IX is limited to reasonable expenses, including attorneys' fees, incurred in connection with a proceeding. ARTICLE X INSURANCE SECTION 1. Physical Damage. All buildings and improvements owned by the Association, and all of the personal property owned by the Association, shall be insured 15 for the benefit of the Association, the Owners and mortgagees of a Lot as their interest may appear, against risks of physical damage as follows: (a) Amounts - As to real and personal property, for an amount equal to not less than the amount of its appraised value immediately before the loss for real property and its replacement costs for personal property. Prior to obtaining any insurance on real property under this section, and at least annually thereafter, the Board shall obtain an appraisal from a qualified appraiser for the purpose of determining the value of such real property. (b) Risks Insured Against - The insurance shall afford protection against loss or damage by reason of: (1) fire and other perils normally covered by extended coverage; (2) vandalism and malicious mischief; (3) such other risk of physical damage as from time to time may be customarily covered with respect to buildings and improvements similar in construction, location and use as those on the Property, including without limitation, builder's risk coverage for improvements under construction; and (4) such other risks of physical damage as the Board may from time to time deem appropriate. SECTION 2. Liability Insurance. The Board shall obtain and maintain public liability insurance for bodily injury and property damage in such limits as the Board may from time to time determine, insuring the Association, the Board, the Managing Agent (at the discretion of the Board), with respect to their liability arising from operation, maintenance or repair of Glen Abbey Court Subdivision, which is the responsibility of the Association including, without limitation, liability arising from construction operations, and Common Area maintenance, and also insuring each Owner including the Grantor with respect to its liability arising from ownership of the said Lot. Such liability insurance shall also cover cross -liability claims among Owners and the Association. The Board shall review such limits at least annually. The insurance provided under this section shall include, without limitation, the following provisions: (a) That the insurance shall not be affected or diminished by any act or neglect of any Owner or any occupants or Owners of any improvements when such act or neglect is not within the control of the Association; (b) That the insurance shall not be affected or diminished by failure of any improvements to comply with any warranty or condition when such failure to comply is not within the control of the Association; and (c) Waivers by the insurer of rights of subrogation, other than those based on fraud or criminal acts, against the Association or the Owners. ARTICLE XI Ire DAMAGE TO OR DESTRUCTION OF PROPERTY SECTION 1. Duty to Repair or Restore. Any portion of any property owned by the Association which is damaged or destroyed shall be repaired or restored promptly by the Association, as provided in this Article. The Architectural Control Committee as established by the Bill of Assurance of Glen Abbey Court Subdivision (the "Architectural Control Committee") and the Board may waive this requirement. SECTION 2. Estimate of Cost. Promptly after damage to or destruction of some portion of the buildings, and thereafter as it deems advisable, the Board shall obtain reliable and detailed estimates of the cost of repair or restoration. If the cost in the opinion of the Board may exceed $5,000, the Board may retain the services of an architect or engineer or construction consultant to assist in the determination of such estimate and in the supervision of repair and restoration. SECTION 3. Collection of Construction Funds. Construction funds may consist of insurance proceeds, condemnation awards, proceeds of assessments against Owner, payments by Owners for damage to or destruction of lots or improvements thereto, and other funds received on account of or arising out of injury or damage to the buildings or other property. (a) Insurance Proceeds - The Board shall adjust losses under physical damage insurance policies of the Association. (b) Assessments against Owners - If the insurance proceeds are insufficient to effect the necessary repair or restoration of the Common Areas, such deficiency shall be charged against all Owners as a common expense. The proceeds of assessments for such common expenses shall be paid by the Board directly to the vendor making the repairs and restoration. (c) Payments by Others - Any other funds received on account of or arising out of injury or damage to the buildings or other property shall be administered directly by the Board. ARTICLE XII AMENDMENTS TO BY-LAWS These By -Laws may be altered, amended or repealed and new By -Laws may be adopted by the Board at any regular or special meeting of the Board; provided, however, that unless the amendments are unanimously adopted by action without a meeting upon signed waivers of notice by each board member, the Association shall provide seven (7) days written notice to the directors that the amendment will be voted upon at the meeting, and the notice must state that the purpose, or one of the purposes, of the meeting is to consider the proposed amendment of the Bylaws, and the notice shall also contain or be 17 accompanied by a copy or a summary of the amendment or state the general nature of the amendment. Any amendment must be approved by a majority of the Directors in office at the time the amendment is adopted. ARTICLE XIII CONFLICTS In the event any of these By -Laws are in conflict with the provisions of any statutes, the Articles or the Bill of Assurance, the statutes, Articles or Bill of Assurance shall control. ARTICLE XIV MISCELLANEOUS SECTION 1. Invalidity. The invalidity of any part of these By -Laws shall not impair or affect in any manner the validity, enforceability or effect of the balance of these By -Laws. SECTION 2. Captions. The captions herein are inserted only as a matter of convenience and for reference, and in no way define, limit or describe the scope of these By -Laws or the intent of any provisions thereof. SECTION 3. Gender. The use of the masculine gender in these By -Laws shall be deemed to include the feminine and neuter gender, and the use of the singular shall be deemed to include the plural, whenever the context so requires. SECTION 4. Waiver. No restriction, condition, obligation, or provisions contained in these By -Laws shall be deemed to have been abrogated or waived by reason of any failure to enforce the same SECTION 5. Attorney Fee. In any legal or equitable proceeding for the enforcement or to restrain the violation of this instrument or any provisions thereof, by reference or otherwise, the prevailing party or parties shall be entitled to attorney fees in such amount as the court finds reasonable. All remedies provided for herein, or at law or equity, shall be cumulative and not exclusive. ARTICLE XV ADDITIONAL PROPERTY The Developer may, but shall not be obligated to, develop additional tracts adjoining Glen Abbey Court Subdivision (hereinafter referred to as the "Adjoining IN Tracts") in a fashion consistent with the development of the Glen Abbey Court Subdivision lands. Should Developer, in its discretion, elect to develop the Adjoining Tracts in a fashion consistent with the development of Glen Abbey Court Subdivision, then such development of Adjoining Tracts may be governed by the Association as herein set forth and may have common areas similar to those common areas described herein which may be conveyed to the Association to be maintained and kept landscaped by and at the expense of the Association. To the extent of the development of the Adjoining Tracts in a fashion consistent with the Glen Abbey Court Subdivision and the establishment and conveyance of such common areas therein to the Association, all property Owners in any subsequent development of the Adjoining Tracts or phases thereof adjoining the Glen Abbey Court Subdivision or adjoining any subsequent phases of the overall development which adjoin the Glen Abbey Court Subdivision shall become members of the Association by virtue of owning a lot in such development and shall be subject to all duties, responsibilities and assessments in accordance with such membership and shall be entitled to all privileges, rights and enjoyment of common areas of all other members of the Association. ARTICLE XVI CERTIFICATE OF ADOPTION T foregoing By -Laws of the Association have been duly adopted this day of 1ACLY , 20(? by action of the Board of Directors of the Association pursuant to the lavls of this State. IN TESTIMONY THEREOF, witness the hand of the undersigned as the initial Directors of the Association on such date. Reviasmed only for ii: usion of minimum st required by the City of Uttle Rock subdivision Bill cf Assurarrw provisicns established doveloper may oxd minimum r,.guialioi Little Rock subdivision and zoning ordim \C� 511110,1 ity of Little Rock Planning P—IL-.lW I C:1D—mis>md Shcings\la=\MyD mis\Chmdlu Rndoey\ByLawsDm-Glnl Abbey Coonilr (`l.�r.��nr_Tnl�nann Tnr 19 ACKNOWLEDGMENT STATE OF ARKANSAS COUNTY OF PULASKI On this 181h day of May, 2007, before me, a Notary Public, personally appeared Rodney Chandler and Gary Johnson who acknowledged themselves to be the President and Secretary of Chandler — Johnson Development, Inc., and that they, being authorized to do so, executed the foregoing instrument for the consideration, uses and purposes therein contained by signing his name as such. IN WITNESS WHEREOF, I hereunto set my hand and official sea] on this 181h day of May, 2007. otary Public My commission expires: ] 2/27/12 OC A my Comm. Expires - DEC. 27. 2012 .;�C,'��