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Home My WebLink AboutS-1280-B Application_a 2001028052 04/17/2081 03:18:47 PM Filed & Recorded in Official Records of CAROLYN STALEY PULASKI COUNTY CIRCUIT/COUNTY CLERK Fees $64.00 0,29 Sol It 9 ,J 1;11J 4�6% This instrument prepared by: r �'.�� d HAL JOSEPH KEMP, P.A. 44, Kemp, Duckett, Spradley, Curry an l�,, f f•. t: Y �t G & Arnold ; kti'.._ { a Attorneys at Law 111 Center Street, Suite 1300 . d) '`•`ell Little Rock, Arkansas 72201 Phone 372-7243 �r� • ' - (501) ,° DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE KNOW ALL MEN BY THESE PRESENTS: THAT WHEREAS, VFE, LLC, an Arkansas limited liability company, hereinafter referred to as the "Allottor", is the owner of the following described land in the County of Pulaski, State of Arkansas, to -wit: See LEGAL DESCRIPTION on Exhibit "A" attached hereto and by this reference fully incorporated herein. AND WHEREAS, it is desirable that all of the above described property be platted into various tracts, lots and streets. NOW THEREFORE, WITNESSETH: That the said Allottor, for and in consideration of the benefits to accrue to it and its successors and assigns, which benefits it acknowledges to be of value, has caused the land hereinabove described to be surveyed and a plat (hereinafter referred to as the "Plat") -1- FINAL hjk\realty\FergusonB A.doc04/12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE made thereof by Paul M. White, a Professional Land Surveyor, License Number 1281, and Timothy E. Daters, a Professional Engineer, License Number 5033, said Plat bearing the signature of the said Surveyor and Engineer and being of record in the office of the Circuit Clerk and Ex-Officio Recorder of Pulaski County, Arkansas, in Platjj 49 and the Allottor does hereby make this Declaration of Restrictive Covenants and Bill of Assurance. IN FURTHERANCE THEREOF, Allottor warrants and represents that it has laid off, platted and subdivided, and does hereby lay off, plat and subdivide the land herein described, in accordance with the aforesaid Plat. The land embraced in said Plat shall be forever known as: Valley Falls Estates, Phase I, an Addition to the City of Little Rock, Pulaski County, Arkansas; and any and every deed of conveyance of any lot in said Addition describing the same by the lot and block number shown on said Plat shall always be deemed a sufficient description thereof. Any word contained herein shall be read as the singular or the plural and as the masculine, feminine or neuter gender as may be applicable in the particular context. Furthermore the following words shall have the meanings attributed to them below: (i) "Addition" means Valley Falls Estates. (ii) "Association" means the Valley Falls Estates Property Owners Association, Inc., an Arkansas not for profit corporation. (iii) "Common Area" means all real property and any improvements thereon which are or may be designated on the Plat or any subsequent plat as such an area, which are or may be in the future reserved for the common use of the Allottor, its agents, employees, servants, invitees, guest, successors or assigns and any Owners, their agents, employees, servants, invitees or guests. (iv) "Lot"or "lot" means any plot of land shown, identified and platted by and depicted on the Plat as a residential building lot. (v) "Owner" means the record title holder, whether one or more, persons or entities, of fee simple title to any Lot, but excluding any person or entity merely holding a lien on or security interest in a Lot. -2- FINAL hj k\real ty\Ferg usonB kdocW 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE The Allottor hereby dedicates to the public forever an easement of way on and over South Katillus Road as shown and described on the Plat to be used as a public street. There are strips of ground shown and dimensioned on the Plat marked "Utility Easement" and "Drainage Easement", which Allottor hereby donates and reserves for the use of and by public utilities, and for drainage purposes, respectively, subject at all times to the proper authorities and to the easements and restrictive covenants herein reserved. The filing of this Declaration of Restrictive Covenants and Bill of Assurance and Plat for record in the office of the Circuit Clerk and Ex-Officio Recorder of Pulaski County shall be a valid and complete delivery and dedication of South Katillus Road and of the Utility Easements and Drainage Easements shown on said Plat. Except for South Katillus Road as shown on the Plat, all streets and roads shown on the Plat serving and being within the Addition shall be and remain private streets and roads; subject to the grants, rights, retainage, privileges and reservations herein contained. Allottor hereby retains fee simple title to all streets and roads shown on the Plat with the unlimited and unrestricted right, in the Allottor's sole discretion: (i) for itself, its agents, employees, servants, invitees, guest, successors or assigns to use the said streets and roads shown on the Plat for vehicular and pedestrian traffic, (ii) to dedicate the said streets and roads shown on the Plat to the public, (iii) convey the said streets and roads shown on the Plat to the Association, (iv) to cause to be installed, constructed, maintained, repaired, replaced, substituted and reinstalled within the area of or across any street or road shown on the Plat gates, guard houses, landscaped beds and areas or other security devices, lighting, irrigation systems and such other improvements as the Allottor deems desirable, and (v) to grant such other and further non-exclusive reciprocal easements, both appurtenant to other lands not subdivided by this Plat and in gross, in the Allottor's sole discretion without regard to any increase in burden or traffic; -3- FINAL hj k\real [y\Ferg usonB A. doc04/ 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE but Allottor hereby grants a non-exclusive reciprocal easement for vehicular and pedestrian traffic on, over and across all private streets and roads shown on the Plat as an easement appurtenant to each Lot in the Addition for the use and benefit of the Allottor, its agents, employees, servants, invitees, guest, successors or assigns and any Owner, their agents, employees, servants, invitees, guests, successors, heirs and assigns. Further, Allottor hereby grants a non-exclusive reciprocal easement for vehicular and pedestrian traffic on, over, under and across all private streets and roads shown on the Plat as an easement in gross to any municipal corporation or other governmental or public agency, including postal, fire, police and utility departments, as well as all utility providers required to use said private streets and roads in the discharge of a public purpose or in the provision of utilities to the Addition and to any lands now owned or hereafter acquired by the Allottor. While Allottor shall cause said private streets and roads shown on the Plat to be constructed, the Association shall thereafter be solely responsible for the maintenance, repair, replacement and reconstruction thereof as well any and all other costs associated with the operation and maintenance thereof, including but not limited to, all liability and liability insurance. All Owners of a Lot platted hereby, and all persons, natural and artificial, claiming an interest in any Lot platted hereby, shall take their titles subject to the grants, rights, retainage, privileges and reservations herein contained, including but not limited to, the rights of public utilities in and to the private streets and roads shown on the Plat and the utility and drainage easements shown on the Plat. Furthermore, there are strips of ground shown and dimensioned on said Plat marked variously as "landscape and/or wall construction and maintenance easements", which the Allottor hereby reserves for the use and benefit of the Allottor, its successors and assigns, as an easement for the construction, erection, installation, repair, reinstallation and maintenance of a fence and landscape and drainage features; provided, however, upon completion of the initial construction of the fence along South Katillus Road, the Allottor may assign this Fence Construction and Maintenance Easement to the Association, and the Association shall thereafter maintain and keep said fence in good repair and pay all cost associated with said fence and the maintenance and repair of same. The Lots in this Addition shall be sold or conveyed by the Allottor and shall be purchased, acquired, owned, possessed, held and occupied subject to the covenants, restrictions and provisions set forth above and as follows, each of which and all of which shall be covenants running with the said lands above described, and shall be binding upon -4- FINAL hj k\realty\FergusonBA.doc04/ 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE any Owner and their respective heirs, successors and assigns, in order to maintain the lands above described as desirable, uniform and suitable as residential property, to -wit: ARTICLE I LAND USE, BUILDING TYPE AND HEIGHT All Lots herein platted shall be held, owned and used only for residential purposes except as otherwise shown on the Plat. No buildings shall be erected, placed, altered, reerected or permitted to remain on or upon any Lot platted hereby other than one (1) detached single family residence (the, "dwelling") which shall not exceed two and one- half stories in height when seen from the front or principal street facades, a private fully enclosed garage for the storage of motor vehicles owned or used by the residents (storage of commercial motor vehicles being expressly prohibited), such garage to be of such sufficient size to adequately accommodate no less than two (2) motor vehicles no portion of which may thereafter be converted into living space or for any other purpose without the prior written approval of the Allottor, and such other outbuildings only as are incidental and related to the residential use of the Lot. ARTICLE H ARCIJITECTURAL CONTROL (a) Purpose. The Allottor is desirous of providing and maintaining harmony of external design and location in relation to the surrounding structures and topography and, for this purpose, herein creates an Architectural Control Committee which shall have the duties, obligations and responsibilities as hereinafter set forth. (b) Architectural Control Committee. The Architectural Control Committee (hereinafter "the Committee") shall initially consist of at least three, but not more than five, members who shall be designated by the Allottor. Subsequent to the initial appointments, the Allottor shall appoint all replacement members of the Committee; provided, however, the Allottor may, at such time as it deems appropriate, release all control over appointments of members to the Committee to the Board of Directors of the Association by execution of an instrument to such effect in recordable form. Neither the Allottor, nor the Committee shall be liable in damage to any person submitting requests for approval or to any Owner within the Addition by reason of any action, failure to act, approval, disapproval, or failure to approve or disapprove, with regard to any request hereunder. All decisions of the Committee shall be by a majority -5- FINAL hjk\realty\FergusonBA.doc04/12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE vote of the members of the Committee. The identity of the members of the Committee and all replacement members thereof shall be disclosed by an instrument in recordable form executed by the Allottor or, after release of control by the Allottor to the Association, then the President of the Board of Directors of the Association, as the case may be. (c) Requirements Before Construction. No dwelling, building, structure or other improvements shall be erected, placed, altered, reerected or permitted to remain on or upon any Lot platted hereby until the building plans, specifications, exterior color schemes, general plan of landscaping and plot plan showing the location and facing of such dwelling, building, structure or other improvement with respect to existing topography, adjoining streets, and finished ground elevations have been approved in writing by the Committee. Prior to commencement of any proposed construction of a dwelling, structure or other improvement upon any Lot or part of any Lot located within the Addition, the Owner of the Lot shall submit to the Committee, the following documentation with respect to any proposed construction: (i) Plot Plan (ii) Floor Plan of the proposed dwelling, building, structure or other improvement (iii) Front, rear, right and left elevations of the proposed dwelling, building, structure or other improvement (iv) General Plan of Landscaping (v) Specifications reflecting the choice of exterior building materials and color scheme of the proposed dwelling, building, structure or other improvement (vi) Such other documentation as the Architectural Control Committee may request. For purposes hereof, the term "proposed construction" shall include, but shall not be limited to, new construction of a dwelling, building, structure or other improvement, remodeling, adding to or modifying an existing dwelling, building, structure or other improvement, installation of a fence or wall, construction or remodeling of outbuildings or other accessory structures, construction or installation of storm cellars, swimming pools and coverings therefor, tennis courts, installation -6- F1NAL hjk\real ty\FergusonB A. doc04/ 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE of an antenna whether on a structure or on a Lot, construction of ponds or lakes, installation of any sign, and construction of driveways. The Committee shall use its best judgment to see that all improvements, construction, landscaping, and alterations on lands within the Addition conform to and harmonize with existing surroundings and structures, and are otherwise in conformity with the intent of this Declaration of Restrictive Covenants and Bill of Assurance. All documentation delivered to the Architectural Control Committee shall become the property of the Committee and shall be retained as a permanent record. The Committee shall have 30 days from and after receipt of all of the required documentation, which receipt shall be in writing acknowledged by a member of the Committee, to approve or disapprove by majority vote, any aspect of the proposed construction. Any disapproval shall be in writing and shall specify in detail the basis for such disapproval and, as appropriate, modifications which, if made, will render the proposed construction acceptable. In the event that the Committee neither approves nor disapproves the proposed construction within 30 days of receipt of the hereinbefore described documentation, the proposed construction shall be deemed to be acceptable and this provision of this Declaration shall be deemed fully complied with and the construction may be commenced. Notwithstanding anything to the contrary herein contained, no construction of any type or variety shall be commenced on any Lot prior to submission of all of the required documentation as hereinbefore set forth and receipt of either written approval of the Committee or 30 days from the date of receipt of all of said documents by the Committee shall have elapsed without any Committee action. Construction of any proposed construction approved by the Committee or deemed approved by the Committee shall be commenced within ninety (90) days of such approval and shall be prosecuted diligently to completion no later than eighteen (18) months after commencement. (d) Design Standards. As is hereinbefore stated, it is the intention of the Allottor that the Addition be developed and maintained in a consistent and harmonious manner. In furtherance of and in keeping with the purposes hereof, the Committee may promulgate, from time to time, DESIGN STANDARDS, which may be utilized in reviewing any proposed construction and which shall include guidelines with respect to -7- FINAL hj k\real ty\Ferg usonB A. doc04/ 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE size, area, style, height of building, color, types of building material, landscaping, and other similar and related matters and standards. The Design Standards as may be promulgated and amended from time to time shall be available for inspection at the offices of the Allottor as long as the Allottor selects the Committee, and thereafter, shall be maintained as a permanent record in the offices of the Association. No dwelling, building, structure or other improvement shall be erected, placed, altered, reerected or permitted to remain on or upon any Lot platted hereby except if same is constructed in conformity with the provisions hereof. ARTICLE III MINIMUM PRINCIPAL BUILDING SIZE No dwelling shall be constructed, erected, placed, altered, reerected or permitted to remain on or upon any Lot platted hereby unless the finished heated and cooled living area thereof, exclusive of porches, patios, garages, breezeways, exterior stairways, porte cocheres, storage areas and outbuildings, shall equal or exceed 3,500 square feet for a one story building, or, 4,000 square feet for a split level or a multi -level building. Finished heated living area shall be measured in a horizontal plane to the face of the outside wall on each level. ARTICLE IV BUILDING LOCATION No dwelling or building shall be located, constructed, erected, placed, altered, reerected or permitted to remain on or upon any lot platted hereby nearer to the front lot line, rear lot line or nearer to the side street line than the minimum building setback lines shown on the Plat. No dwelling or building shall be located, constructed, erected, placed, altered, reerected or permitted to remain on or upon any lot platted hereby nearer than a distance equal to ten percent of the width of the lot at the front building line (not exceeding fifteen (15') feet), or eight (8') feet, whichever is greater, to an interior lot line. For the purposes of this paragraph, eaves, steps, balconies, and open porches shall not be considered as a part of the dwelling or building. ARTICLE V LOT AREA AND WIDTH -8- FINAL hj k\real ty\FergusonBA. doc04/ 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE No lot platted hereby shall be subdivided or resubdivided or replatted without the written consent of the Allottor, which consent may be withheld in the Allottor's sole discretion. In any event no dwelling or building shall be erected, constructed or placed on any building site or lot having a width of less than sixty (60) feet at the minimum building set back line, nor shall any dwelling or building be erected, constructed or placed on any lot having an area of less than Seven thousand (7000) square feet. ARTICLE VI EASEMENTS Easements in gross on, over, under and across the private streets and roads shown on the Plat filed herewith have herein been granted to the persons, firms or entities engaged in supplying utility services, the same being, without limiting the generality of the foregoing, electric power, gas, telephone, cable, water and sewer, for the purpose of installing, maintaining, repairing and replacing such utility services. Easements for the installation, maintenance, repair and replacement of utility services, sewer and drainage have herein been reserved, said easements being of various widths, reference being hereby made to the plat filed herewith for a more specific description of width and location thereof. As various utility facilities are underground, any alterations or lowering of the surface grade of the ground in any easement and the area immediately adjoining such easements is prohibited, if such alteration or lowering would result in there being less than 30 inches of clearance either vertically or horizontally between the surface grade and any underground utility facilities, including but not limited to, sewer, water, the underground electric cables and conductors supplying cable, digital, telephone and electric power service; and, as the electric distribution transformer stations and other service pedestals are located on surface grade, fills within the area of the said easements and upon the lands adjacent thereto which will damage or which will interfere with the installation, maintenance, operation and replacement of the cable, digital, electric and telephone cables, facilities and equipment, and the supplying of service from such equipment are also prohibited. No trees, incinerators, structures, buildings, pavement, or similar improvements shall be grown, built or maintained within the area of such utility easements, if the same shall interfere with use thereof. No excavations within the area of such easements for the erection of any fences (wood, wire, stone, iron or brick) or for any other purposes shall be made which would interfere with the installation, maintenance, repair and replacement of any utility service. In the event any such trees, incinerators, structures, buildings, fences, pavement or similar improvements shall be grown, built or maintained within the area of such easement, no utility will be liable for the destruction -9- FINAL hjk\realty\FergusonBA.doc04/ 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE of same in the installation, maintenance, repair, or replacement of any utility service located within the area of such easement. ARTICLE VII UTILITIES The Owner of any Lot platted hereby shall install and maintain in conformity with applicable code requirements and other regulations, underground utility services, including electrical, natural gas, water, cable and telephone service between the point of delivery of such utility service as located by the utility company and the point of use of such Owner. The Owner of any Lot platted hereby shall dig and backfill in conformity with applicable code requirements and other regulations a ditch for utility services. No individual water supply system or individual sewerage disposal system shall be permitted to be constructed or operated on any of the Lots platted hereby. No television dish, antennae or similar equipment shall be installed on any of the Lots platted hereby without the prior written consent of the Allottor. ARTICLE VIII NUISANCES No noxious or offensive activity or commercial business activity shall be carried on upon any Lot, nor shall anything be done thereon which may be or may become an annoyance or nuisance to the owner of any Lot. No trucks, commercial vehicles or inoperative vehicles may be stored or parked on a Lot platted hereby other than for making routine deliveries. Owner further agrees to keep unimproved lots free from trash, debris, and overgrown vegetation. If such does accumulate and Owner does not promptly remove such upon notification by Allottor, the Allottor shall have the right to perform such cleanup work as is necessary and Owner shall reimburse Allottor for the cost thereof. PROVIDED, HOWEVER, the sale of lots or dwellings and the construction of dwellings, buildings, structures and other improvements in the Addition shall not be prohibited by this Article and the same are hereby declared permitted commercial activities. ARTICLE IX TEMPORARY STRUCTURES -10- FINAL hj k\rea I ty\FergusonB A.doc04/ 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE No mobile home, trailer, basement, tent, shack, garage, barn, or outbuilding erected on a Lot covered by these covenants shall at any time be used for human habitation. ARTICLE X SIGNS No sign of any kind shall be displayed to the public view on any lot, except one sign of not more than five square feet advertising the property for sale or rent, or signs used by a builder or Allottor to advertise the property during the construction and sales period and in no event shall any such signage be affixed, permanently or temporarily, to any trees. ARTICLE XI LIVESTOCK AND POULTRY No animals, livestock, or poultry of any kind shall be raised or kept on any lot, except that dogs, cats or other household pets may be kept, provided that they are not kept or maintained for any commercial purpose. ARTICLE XII VISUAL OBSTRUCTIONS No fence, wall, hedge, or shrub planting or other obstacle which obstructs sight lines at elevations of more than 2 feet 6 inches above the roadways shall be placed or permitted to remain on any corner lot within the triangular area formed by the street lines and a line connecting them at a point 50 feet from the intersection of the street lines; or in the case of a rounded property corner, within the triangle formed by tangents to the curve at its beginning and end, and a line connecting them at points 50 feet from their intersection. No trees shall be permitted to remain within such distances of such intersections unless the foliage line is maintained at a height of 8 feet to prevent obstruction of such sight lines. ARTICLE XI11 FENCES -11- FINAL hjk\realty\FergusonBA.doc04/ 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE No fence, wall, hedge, or mass planting shall be permitted to extend beyond the minimum front building set back line established herein or from the side yard building line to the street or corner lots except upon the written approval of the Allottor. To insure compliance with the provisions of Article VI hereof as it relates to the erection of fences along utility easements, no fence, wall, or other structure shall be erected along property lines without approval of the design, construction, and materials by the Committee. Further there shall be no barbed or other similar wire fences erected or placed on any lot nor shall any chain link fence of any type or kind be erected or placed on any lot which can be seen from any street. Provided, further, any fencing constructed on the rear lot line of or within 100 feet of the rear lot line of Lots 79, 80, 81 and 82, Valley Falls Estates, Phase 1, an Addition to the City of Little Rock, Pulaski County, Arkansas shall be constructed of brick and wrought iron only in accordance with the Design Standards established by the Committee and any fencing constructed on the west lot line of or within 100 feet of the west lot line of Lot 41 or Lot 77, Valley Falls Estates, Phase I, an Addition to the City of Little Rock, Pulaski County, Arkansas shall be constructed of brick and wrought iron only in accordance with the Design Standards established by the Committee. ARTICLE XIV STREET ACCESS AND DRIVEWAYS All driveways or other paved areas intended for vehicular travel situated on any Lot shall have a base of compacted gravel, crushed stone or other approved base material and shall be surfaced with either asphalt or concrete material or such other materials as are approved by the Committee, but all at grades lowered or raised to meet street grades with culverts installed and maintained unobstructed. There shall be no access, including but not limited to, driveways, directly from any Lot in the Addition to S. Katillus Road. ARTICLE XV PARKING AND STORAGE OF MOTOR HOMES, ETC. No motor homes, camper trailers, travel trailers, busses, utility trailers or boat trailers shall be permitted to be parked, stored or remain upon any Lot, unless same is parked or stored and remains in a fully enclosed stall of the garage. No motor homes, camper trailers, travel trailers, utility trailers or boat trailers shall be permitted to be parked, stored or remain upon any street in the Addition. -12- FINAL hjk\realty\FergLLsonBA.doc04/ 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE ARTICLE XVI EXTERIOR MAINTENANCE AND LANDSCAPING All dwellings, buildings, structures and other improvements constructed, erected and reerected on any lot and all yards and landscaping thereon shall be maintained in a good state of repair, neat and attractive manner by the Owner thereof. The Owner's maintenance obligations shall include, but not be limited to, prompt removal of all litter, trash, refuse and waste, lawn mowing, tree and shrub pruning, watering, keeping exterior lighting and mechanical facilities in working order, keeping lawn and landscaped areas (including all areas between the lot lines and the curb lines of the streets and roads within the Addition) alive and free of weeds and attractive, keeping parking areas and driveways in good repair, complying with all applicable governmental rules and regulations, repainting, and repairing exterior damages. No building or other structure shall be constructed, erected, placed, altered, reerected or permitted to remain on or upon any lot platted hereby unless, prior to the lot being offered for sale or issuance of a certificate of occupancy of the City of Little Rock, top soil shall be installed, leveled and sodded with live grass sod in all yard areas of the lot, including up to the curb line of any street or road abutting the said Lot, and shrubs shall be planted in planting areas immediately adjacent to the dwelling, building and structure situated thereon on the front and sides thereof. All vacant lots shall be maintained free and clear of debris, trash and weeds. Upon the failure of the Owner to maintain or landscape the grounds in accordance with the provisions hereof, the Architectural Control Committee or the Association may, upon 30 days written notice to the Owner, cause the grass, weeds and vegetation to be cut, when, and as often as, in its judgment is necessary, or cause appropriate landscaping to be installed. Upon the failure of the Owner to maintain the exterior of any dwelling, building or structure in good repair and appearance, the Committee or the Association may, upon 6 months written notice to the property Owner, make repairs and improve the appearance of the dwelling, building or structure in a reasonable and workmanlike manner. For purposes of performing such maintenance as may be required hereunder, the agents or employees of the Committee and/or the Association shall have the right, after reasonable notice to the Owner, to enter upon any Lot at reasonable hours on any business day. Notwithstanding any contrary provision hereof, the Committee or the Association may enforce the requirements of this Subparagraph by litigation at law, or in equity, and the costs of such litigation including any attorney's fees, shall be paid by such Owner, and if more than one, such Owners shall be jointly and severally liable. The cost of any maintenance required under Article XVI shall be assessed to the Owner thereof, -13- FINAL hjk\realty\FergusonBA.doc04/12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE shall constitute a lien upon the Lot, and may be collected in accordance with the provisions of Article XVIII hereof. ARTICLE XVH PROPERTY LINES AND BOUNDARIES Iron pins have been set on all lot corners and points of curve, and all lot dimensions shown on curves are chord distances, and all curve data as shown on the Plat are centerline curve data. In the event of minor discrepancies between the dimensions or distances as shown on the Plat and the actual dimensions or distances as disclosed by the established pins, the pins as set shall control. ARTICLE XVIII VALLEY FALLS ESTATES PROPERTY OWNERS ASSOCIATION, INC. There has been formed by the Allottor a non-profit corporation known as the Valley Falls Estates Property Owners Association, Inc. Each Owner of any Lot by acceptance of a deed therefor, whether or not it shall be so expressed in such deed, is deemed to covenant and agree to fully abide by and comply with the Articles of Incorporation and By -Laws of the Association, as amended from time to time. The activities of the Association with respect to the hereinbefore described lands shall, in addition to the Articles of Incorporation and By -Laws, be subject to the following directions, limitations and conditions: (a) Membership. Every Owner of a Lot shall be a member of the Association. Membership shall be appurtenant to and not be separated from ownership of any Lot which is subject to assessment. The Owner(s) of each Lot shall be entitled to one vote for each Lot owned. When more than one person holds an interest in any Lot, all such persons shall individually be Members but shall collectively have one vote only with respect to each Lot owned by such persons. The Allottor shall be entitled to one vote for each Lot owned by Allottor. (b) Owner's Easements of Enjoyment. Every Owner shall have a right and easement of enjoyment in and to the Common Area or areas which shall be appurtenant to and which shall pass with the title to every Lot, at such time or times as the same shall be conveyed to the Association by the Allottor, subject to the following provisions: -14- F1NAL hj ktrea I ty\Fe rg usonB A. doc04/ 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE (i) The right of the Association to charge assessments for the acquisition, construction, operation, maintenance and repair of the common areas and private streets; (ii) The right of the Association to suspend voting rights and rights to use of the common areas by an Owner for any period during which any assessment as hereinafter described against such Owner's Lot remains unpaid; and for a period not to exceed 60 days for any infraction of the published rules and regulations regarding the use of such common area facilities promulgated by the Association; (iii) The right of the Association to dedicate or transfer all or any part of the common area to any public agency, authority or utility for such purposes and subject to such conditions as may be agreed to by the Association. No such dedication or transfer shall be effective except upon the vote of a majority of the Members. (iv) The right of the Allottor to use of any of the Common Areas to promote sales of unsold Lots within the Addition, such use to be without cost to Allottor. (c) Covenant for Maintenance Assessments. Except for property otherwise exempt from assessment as herein provided, each Owner of any Lot by acceptance of a deed therefor, whether or not it shall be so expressed in such deed, is deemed to covenant and agree to pay to the Association: (1) Annual assessments or charges; and (2) Special assessments. The annual and special assessments, together with interest, costs and reasonable attorneys fees, shall be a charge on the Lots and shall be a continuing lien upon the property against which each such assessment is made. Each such assessment, together with interest, cost, and reasonable attorneys fees, shall also be the personal obligation of the person or persons who was the Owner or Owners of such Lot at the time when the assessment fell due. The assessments levied by the Association shall be used exclusively for the recreation, health, safety and welfare of the Owners, for the improvement, operation and maintenance of the common areas and private streets, for repair and replacement of common areas and streets within the Addition, whether public or private, -15- FINAL hjk\rea I ty\FergusonB A. doc04/12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE for insurance, taxes, and other costs and expenses related to, and, in the discretion of the Board of Directors, consistent with the purposes of the Association. The initial annual assessment which may be collected monthly, shall be fixed by the Board of Directors of the Association to commence at such time or times as shall be determined by Board of Directors. Further, notwithstanding anything to the contrary herein contained, the Board of Directors of the Association shall be empowered to levy, in any assessment year, a special assessment applicable to that year only for the purpose of deferring and paying, in whole or in part, the costs of any construction, reconstruction, repair or replacement of a capital improvement located upon and situated in the common areas and private streets, including fixtures and personal property related thereto, and such other costs as the Board of Directors deems desirable or necessary. Any annual and special assessments as hereinbefore described shall be uniform for all non-exempt Lots within the Addition and may be collected on a monthly basis. The annual assessments hereinbefore described, once levied, shall commence as to each non-exempt Lot upon the first day of the month following the date of sale by the Allottor of each such Lot. The first annual assessment shall be adjusted according to the number of months remaining in the calendar year and the amount thereof shall be pro -rated. The Board of Directors of the Association shall fix the amount of the annual assessment against each non-exempt Lot at least 30 days in advance of each annual assessment period. ' Written notice of the annual assessment shall be sent to every Owner subject thereto. The due date shall be established by the Board of Directors of the Association. The Association shall, upon demand, and for a reasonable charge, furnish a certificate signed by an officer of the Association setting forth whether the assessments on a specified Lot have been paid. A properly executed certificate of the Association as to the status of assessment of a Lot is binding upon the Association as of the date of its issuance. (d) Property Exempt from Association Assessments. Any Lot or property owned by the Allottor, the private streets and roads, any common areas and any tract or property owned by the Association shall be exempt from, and not subject to, any assessment or charge by the Association, either annual or special, and no such assessment shall be due and owing on any such exempt property or lot. (e) Effect of Nonpayment of Assessments and Remedies. Any assessment not paid within 30 days after the due date thereof as established and fixed by the Board of Directors of the Association shall bear interest from the due date at the maximum lawful rate. The Association may, upon such default, bring an action at law against the Owner or Owners personally obligated to pay the same, or foreclose the lien of the assessment against the property. The Owner may not waive or otherwise escape liability for the assessments herein provided by non-use of the common area or abandonment of his Lot. The lien of the assessments provided for herein shall be subordinate to the lien of any first -16- FINAL hjk\real ty\FergusonBA.doc04/ 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE mortgage. The sale or transfer of any Lot pursuant to any mortgage foreclosure or proceeding in lieu thereof, shall extinguish the lien of such assessments as to payments which became due prior to such sale or transfer. ARTICLE XIX ADDITIONAL PROPERTY (a) If Allottor owns or acquires additional lands, which the Allottor desires in its sole discretion to develop in a fashion generally consistent with the development of the hereinbefore described lands, hereinafter referred to as the "Additional Lands"; then the Allottor, in its sole discretion, shall have to right, but not the obligation, to annex said Additional Lands to this Addition and cause the same to be governed by covenants similar to the covenants herein set forth and may have common areas and private streets similar to those common areas and streets described herein which may be conveyed to the Association to be maintained and kept landscaped by and at the expense of the Association. (b) The annexation of the Additional Lands by the Allottor, from time to time, may be made by filing of record a Declaration of Restrictive Covenants and Bill of Assurance adding and annexing the Additional Lands therein described to the Addition and subject the Additional Lands therein described to covenants similar to the covenants herein set forth and to the extent thereof, all property owners in any subsequent development of the Additional Lands so annexed and added to the Addition 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. (c) UNDER NO CIRCUMSTANCES shall this Declaration of Restrictive Covenants and Bill of Assurance or any subsequent annexation or addition to this Addition bind or require the Allottor to make any annexation or addition to this Addition or to adhere to any development plan, regardless of how that development plan is published or presented, in any subsequent development of any lands now owned or hereafter acquired by the Allottor. Nor shall the Allottor be precluded from conveying any lands it now owns or hereafter acquires, not expressly made subject to the terms and provisions hereof, free and clear of not only the terms, provisions and covenants herein contained but any similar covenants or restrictions. -17- FINAL hjk\real ty\FergusonBA.doc04/12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE (d) Except as herein allowed, there shall be no other annexation or addition of lands into the Addition or the addition of members to the Association without the prior written consent of the Allottor. ARTICLE XX RIGHT TO ENFORCE The restrictions, covenants and provisions herein set forth shall run with the lots platted hereby and shall bind the present owner, their heirs, successors and assigns and any person, natural or artificial, hereinafter owning any of the lots platted hereby. Allottor and any owner of any of the lots platted hereby shall have the right to sue for and obtain an injunction, prohibitive or mandatory, to prevent the breach or to enforce the observance of, the restrictions above set forth, in addition to any ordinary legal action for damages. The failure of Allottor or any owner of any of the lots platted hereby to enforce any of the restrictions hereby set forth at the time of its violation, shall, in no event, be deemed to be a waiver of the right to do so thereafter. ARTICLE XXI MODIFICATION OF RESTRICTIONS Notwithstanding any provision, restriction or covenant herein contained to the contrary, any and all of the terms, conditions, covenants, provisions and restrictions set forth herein may be amended, modified, extended, changed or canceled, in whole or in part, by a written instrument signed and acknowledged solely by the Allottor. Alternatively, any and all of the terms, conditions, covenants, provisions and restrictions set forth herein may be amended, modified, extended, changed or canceled, in whole or in part, only by a written instrument signed and acknowledged by at least 50% percent of the Owners of the Lots, PROVIDED, HOWEVER, any such amendment, modification, extension, change or cancellation, in order to be effective and enforceable, must be approved and consented to in writing by Allottor regardless of whether or not Allottor owns any lot platted hereby, such approval to be in the sole discretion of the Allottor. The provisions of any such instrument so executed shall be binding from and after the date it is duly filed for record in Pulaski County, Arkansas. Each term, condition, covenant, restriction and provision in this Bill of Assurance, unless expressly provided otherwise, shall remain in full force and effect until January 1, 2030. -18- FINAL hjk\realty\FergusonBA.doc04/ 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE ARTICLE XXII ASSIGNMENT AND BINDING EFFECT Allottor expressly reserves the right to assign in writing the Allottor's rights and obligations hereunder to another person, natural or artificial; provided, however, such other person shall only succeed to. the rights and obligations of the Allottor upon recordation of such an assignment executed by the Allottor which expressly and specifically assigns the Allottor's rights and obligations hereunder and a conveyance of the land platted hereby will not be deemed such an assignment to the purchaser thereof. Provided, further, should Delta Trust and Bank succeed to the Allottor's interest in the lands described in that certain Mortgage, Security Agreement and Financing Statement, filed of record on the 10`h day of October, 2000 and recorded as Instrument Number 2000071479 in the Office of the Circuit and Ex-Officio Recorder by virtue of foreclosure thereof or Deed in lieu of foreclosure; then and in either event Delta Trust and Bank may, but shall not be obligated to, exercise the Allottor's rights hereunder. ARTICLE XXIII EXTENSION All covenants for which extension is not otherwise provided in this instrument shall automatically be extended for successive periods of ten (10) years each, unless modified, terminated or canceled as provided herein. ARTICLE XXIV SEPARABILITY Invalidation of any restriction set forth herein, or any part thereof by an Order, Judgment or Decree of any court, or otherwise, shall not invalidate or affect any of the other restrictions, or any part thereof as set forth herein, but they shall remain in full force and effect. EXECUTED this /Z IL6 day of ter, I 72001. VFE, LLC, an Arkansas limited liability company, -19- FINAL hjk\real [y\FergusonBA.doc04/12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE BY: l Rick Feguan, Member/Man er Revkmed only for inclusion of minimum standards required by the City at Little Rock subdivision tog ula'.ioris. Bill of Assurance provisions established by tho developer rrlay excood mini mun regulations of the Little Rock subdivision and zoning nce-.- 1-7 104 yyo-�"� - r City of Little Rode Planning Commission -20- FINAL hjkkealty\FergusonBA.docA4/ 12/0l Doc# 2001028052 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE MORTGAGEE'S DEDICATION AND CONSENT That Delta Trust and Bank, for and in consideration of the benefits to accrue to it from the terms and provisions hereof, which it acknowledges to be of mutual benefit, does, solely for the purposes hereinafter stated and none others, hereby join in and consent to the dedication of the street rights -of -way and easements for the use and benefit of the public herein above set forth and does hereby consent to and approve of (i) the platting and subdivision of the property herein described and (ii) the terms and provisions herein above set forth. PROVIDED, FURTHER, for and in consideration of the benefits to accrue to it from the terms and provisions hereof, which it acknowledges to be of value, the undersigned does hereby partially release and discharge the lien of that certain Mortgage, filed for record on the loth day of October, 2000, and recorded as Instrument Number 2000071479 in the office of the Circuit Clerk and Ex-Officio Recorder of Pulaski County, Arkansas of and from the streets and roads shown on the Plat. Dated this 1 2P- of -*'I 'i l 92001. Delta Trust & Bank BY: TITLE:P,S ATTEST: -21- FINAL hjk\realty\FergusonBA.doc04/ 12/01 Doc## 2001028052 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE Exhibit "A" VALLEY FALLS ESTATES PHASE I PART OF THE SW1/4 NW1/4 OF SECTION 24, T-2-N, R-14-W, PULASKI COUNTY, ARK.ANSAS, MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF SAID SWV4 NW1/4, SECTION 24; THENCE S01°34'48" W ALONG THE EAST LINE THEREOF; 1125.82 FT.; THENCE S76°06'39"W, 142.70 FT.; THENCE N13°53'21"W, 150.00 FT.; THENCE S76006'39"W, 297.43 FT.; THENCE S62°58'58"W, 50.00 FT.; THENCE N27001'02"W, 74.25 FT.; THENCE S62058'58" W, 221.38 FT.; THENCE N19004'00" W, 63.70 FT; THENCE N01031'22" E, 147.60 FT; THE N04024'41" W, 50.00 FT; THENCE NORTHEASTERLY ALONG THE ARC OF A 350.00 FT. RADIUS CURVE TO THE LEFT, A CHORD BEARING AND DISTANCE OF N80050' 16" E 57.97 FT; THENCE NORTH 01033'14" E, 877.67 FT. TO A POINT THE NORTH LINE OF SAID SW1/4 NWl/4; THENCE S89'01'09"E ALONG SAID NORTH LINE, 669.84 FT TO THE POINT OF BEGINNING, CONTAINING 17.2134 ACRES, MORE OR LESS. -22- FINAL hjk\realty\FergasonBA.doc04/ 12/01 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE ACKNOWLEDGMENT STATE OF ARKANSAS ) §§ COUNTY OF PULASKI ) BE IT REMEMBERED that on this day appeared before the undersigned, a Notary Public duly commissioned, qualified and acting within and for the County and State aforesaid, appeared in person the within named Rick Ferguson, being the person or persons authorized by said corporation to execute such instrument, stating his capacity to be that of the sole manager of VFE, LLC, an Arkansas limited liability company, to me personally well known, who stated that he as such manager of VFE, LLC executed and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMO REOF, I have hereunto set my hand and official seal this day of , 2001. 11 ZZ NoTARyPuW_iC • 1 (SEAL) ENOTARy W161AL SEAL ERLY O. MOORE PUBLIC - ARKANSAS LASKI COUNTY111001 Frryu�1 3-79.7010 -23- FINAL hj k\realty\FergusonB A. doc04/ 12/01 7 DECLARATION OF RESTRICTIVE COVENANTS AND BILL OF ASSURANCE ACKNOWLEDGMENT STATE OF ARKANSAS ) §§ COUNTY OF PULASKI ) BE IT REMEMBERED that on this day appeared before the undersigned, a Notary Public duly commissioned, qualified and acting within and for the County and State aforesaid, appeared in person the within named r- enkand , being the person or persons authorized by said corporation to execute such instrument, stating their respective capacit�s that behalf, to me personally well known, who stated that they were the fps I AeA+ _ and of Delta Trust & Bank, an Arkansas banking corporation executed and delivered said foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. TESTIMONY WHEREOF, I have hereunto set my hand and official seal this Z day of , 2001. ��utsuur,�py�r� NOTARY PUB fNUTABY � G (SEAL) PV8L1C�'�.' �'�4'��5 �► pa U -24- FINAL hj k\real ty\FergusonBA.doc04/ 12/01 City of Little Rock Depanment of Public Works 7G1 West I:,zrkhz'� Little Rock, Arkcrlscs :22G1-13GD 371-4811 FAX .=SG w p CIVIL ENGINEERING RESPONSE Encineerina Division The Civil Engineering Requirenents for Filing of Final Plats have been satisfied. Approval for filing of this plat can be issued 1/� 1� �G s �s �- TF� P7.gs Ar 7- Signed By`� RM-aR_KS: DXP f, oR Ocuqq pl,AF& cI It - - S �.r� O`,40n Nsad TP &r47- yeca/ f'Loo D Pad 5�,� ►"e-Al F•.W&X Z-- CLR PUBLIC WORKS DEPT. DATE TO AGENCY FAX jE FROM AGENCY FAX T PHONE TOTAL PAGES City of Little Ruck,Ark. 0323 Filing F es Date:..20 OL Annexation Bd.of Adjustment Cond. Use Permit Final plat $ Planned Unit Dev. $ Preliminary P1 40&zt D� Special Use Per t $ q Rezoning Site Plans Right of way abandonment $ Street namL- change $ Street name igns Numher�at�ea. $��`� �� Total $ 6,23. File Locat ion�� S S App 1 i c t G� -�