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HomeMy WebLinkAboutS-1396 Application2O03127668 12/19/2803 19:55:20 AM Filed & Recorded in Official Records of CAROLYN STALEY PULASKI COUNTY CIRCUIT/COUNTY CLERK MASTER DEED Fees $146.88 TO TRACT "A" PLEASANTREE 4TH ADDITION HORIZONTAL PROPERTY REGIME KNOW ALL PERSONS BY THESE PRESENTS THAT: WHEREAS, David H. Pickering & Mary L. Pickering (hereinafter referred to as "Declarant"), are the owners in fee simple of the following described land lying in the County of Pulaski, State of Arkansas, to -wit: Tract "A" Pleasantree 4th Addition to the City of Little Rock, Arkansas. and desires to submit the above -described property, together with the improvements constructed and to be constructed thereon to the provisions of the Arkansas "Horizontal Property Act", being Act 60 of the First Extraordinary Session of the 1961 General Assembly of the State of Arkansas, as amended, NOW, THEREFORE, David H. & Mary L. Pickering does hereby declare the above - described land, together with all improvements constructed and to be constructed thereon, as shown by the attached plans and drawings, to be a horizontal property regime, to be forever known as "Pleasantree Tract "A" Horizontal Property Regime" (hereinafter sometimes referred to as the "Regime") and every deed of conveyance or other instrument affecting title to any apartment in said Regime, describing the same by the apartment in said Regime, describing the same by the apartment number or numbers as shown on the attached plans and drawings, and adding the words "Pleasantree Phase 4 Horizontal Property Regime", shall be deemed to contain a good and sufficient description for all purposes and shall pass title to said apartment as described and to that apartment's pro rata share of the general common elements and limited common elements of said Regime, as described herein and as shown on the plans attached hereto. Declarant reserves unto themselves, their heirs and assigns, the right for the use of each area designated "service easement", (as shown on the survey of the Pleasantree 2nd Addition filed of record along with this master deed in the office of the Circuit Clerk and Ex-Officio Recorder for Pulaski County, Arkansas) by the Declarant, their heirs, assigns, tenants, licensees, business visitors and invitees, for ingress and egress to adjoining property referred to in Paragraph 6 below, owned by the Declarant, their heirs and assigns. Such right to use shall be in common with the right to use such areas for ingress and egress by the owner of each apartment in this horizontal property regime, and each such owner's tenants, licensees, business visitors and invitees. Declarant, their heirs and assigns, shall have the further right to extend such service easement to serve the adjacent properties referred to in Paragraph 6 below, a perpetual, non-exclusive easement for the construction, installation, maintenance, repair and replacement of the equipment, structures, and other improvements by which any such utility services are respectively provided over, under, across and through such portion of the common elements as may be reasonably necessary therefore. The use of any easement granted hereunder shall not include the right to disturb any building or structure on the common elements and any damage caused to same shall be repaired at the expense of the company causing such damage. If a utility company's use of an easement granted hereunder causes a disturbance to the surface of the land, the roadways, grass, landscaping and other improvements which are disturbed shall be 2 restored promptly by the utility company as nearly as possible to their prior condition. Any such utility company shall also have the right to extend such utilities to serve the adjacent properties referred to in Paragraph 6 below. Declarant, pursuant to the Horizontal Property Act, does hereby declare and state on behalf of themselves, their heirs and assigns, and on behalf of all persons having or seeking to acquire any interest of any nature whatsoever in the above -described property, the following declaration and covenants, which declaration and covenants shall run with the land and shall be binding on all owners and future owners of apartments in the Regime: 1. Description of Land. The land making up the Regime is composed of the fee simple interest in the above -described real property containing approximately 17, 250 square feet or .03960 acres, more or less. 2. Description of Building. The Declarant will construct on the parcel of land and premises described above a project known and designated as Pleasantree Tract "A" Condominium according to the plans and drawings to be filed simultaneously herewith in the office of the Circuit Clerk and Ex-Officio Recorder for Pulaski County, Arkansas. The project consists of one (1) multi -unit building containing a total of three (3) apartments. The Declarant covenants and agrees that construction of the said multi -unit building will be substantially in accordance with the plans and drawings to be recorded herewith, that such construction will be.progressive and that if the building is not completed at the time of the recording of this declaration it shall be deemed in all respects when completed to be subject to the provisions hereof. The multi -unit building is or will be of frame and modular brick construction erected upon a concrete slab containing no basement or cellar. Each apartment will have its own electric and gas equipment to supply heat, cooling and hot water. Each building has or will have an exterior finish of brick veneer, wood siding and stucco. The roof is or will be Timberline Fiberglass Shingles. Each apartment is or will be fully insulated with R-30 in ceiling and R-13 in walls. All apartments will have access to a patio, courtyard, or 3 balcony, as shown on the plans and drawings. The windows will be insulated storm sash pella traditional and will be double hung. Each apartment is or will be metered separately for water, electricity and gas; provided however, that the water and electricity for the use and maintenance of the common elements will be separately metered and paid for as a common expense to be included in each apartment owner's monthly maintenance charge. All apartments are or will be connected to a public sewage disposal system. All apartments have been or will be pre -wired in designated rooms for telephone and for cable television which will have a fireplace. All apartments will have clothes washer -dryer connections. 3. llescription of impartments. (a) Apartment 1 consists of approximately 1344 square feet of living areas. In addition, the apartment owner shall have the exclusive use of the patio areas adjacent to the apartment as shown on the plans and drawings. The apartment is divided into two bedrooms, closets, 2 bathrooms, one kitchen and one living room, one fireplace, together with an undivided 33 & 1/3% interest in the common areas and facilities. (b) Apartment 2 consists of approximately 1344 square feet of living area plus the adjacent enclosed storage area. In addition, the apartment owner shall have the exclusive use of the patio area adjacent to the apartment as shown on the plans and drawings. This apartment is divided into two bedrooms, closets, 2 bathrooms, one kitchen, one living room, one wood -burning fire- place together with a 33 & 1/3% undivided interest in the common areas and facilities. (c) Apartment 3 consists of approximately 1344 square feet of living area plus the adjacent enclosed storage areas. In addition, the apartment owner has the exclusive use of the adjacent patio, as shown on the attached plans and drawings. The apartment is divided into two bedrooms, closets, two bathrooms, one kitchen, one living room, one wood -burning fireplace, together with a 33 & 1/3% undivided interest in the common areas and facilities. 4. Measurement of Apartments. The Declarant, in order to implement the plan of ownership for the above -described property and the improvements thereon and to be constructed thereon, does hereby declare the following to be the method of measurement of the apartments above described. Each of the three (3) apartments consist of (1) the volumes or cubicles of space C enclosed by the unfinished inner surfaces of perimeter and interior walls, ceilings and floors thereof, including vents, doors, windows and such other structural elements that ordinarily are regarded as enclosures of space; (2) all interior dividing walls and partitions (including the space occupied by such walls or partitions) excepting load -bearing interior walls and partitions; and (3) the decorated inner surfaces of said perimeter and interior walls (including decorated inner surfaces of load -bearing walls), floors and ceilings, consisting of wallpaper, paint, plaster, caulking, tile and all other finish material affixed or installed as a part of the physical structure of the apartment and all immediately visible fixtures, mechanical systems and equipment installed and for the sole and exclusive use of the apartment, commencing at the point of disconnection from the structural body of the building and from the utility lines, pipes or systems serving the unit. No pipes, wire, conduits or other public utility lines or installations constituting a part of the overall system designed for the service of any particular apartment or multi -unit building or any of the structural members or portions thereof of any kind, including fixtures and appliances within the apartment which are not removable without jeopardizing the soundness, safety or usefulness of the remainder of the building shall be deemed to be part of any apartment. Each apartment owner shall have an easement in common with the owners of all other apartments or in any other part of the common elements in serving his apartment. Each apartment shall be subject to an easement in favor of the owners of all other apartments to use the pipes, wires, conduits, public utility lines or installations and other common elements serving such other apartments and located in such apartment. All other portions of the above -described property, including all improvements erected or to be erected thereon, including all appurtenances thereto shall be hereafter known and referred to as common elements. If any portion of the common elements encroaches upon any apartment or any apartment encroaches upon the common areas or any other apartment as a result of the construction, reconstruction, repair, shifting, settlement or movement of any portion of the improvements, a valid easement for the encroachment and for the maintenance of the same shall 9 exist so long as the encroachment exists. 5. General Common Elements. The general common elements consist of all parts of the condominium property other than the apartment space and the limited common elements, and in addition, but not in limitation thereof, the general common elements include the following: (a) The land described above and all easements appurtenant thereto; (b) The multi -unit apartment building described above, including the space within said building not otherwise herein defined as being embraced within the three(3) apartments, including the foundations, columns, girders, beams, supports, roofs, floors, ceilings, perimeter walls, load -bearing interior walls and partitions and concrete slabs; (c) All of the roads, gates parking spaces, storage room, walkways, paths, walls and fences, trees, shrubs and vines, yards, decks, boat slips (if and when constructed), levees, parks, promenades, and gardens located or to be located on the aforesaid parcel of land and not otherwise designated as limited common elements; (d) All central and appurtenant installations for services, such as power, light, telephone, water, sewerage, heat and air conditioning, including all pipes, wires, conduits, air ducts and public utility lines, including the space actually occupied thereby; all other elements of the buildings and improvements constructed or to be constructed on the aforesaid parcel of land necessary or convenient to the existence, maintenance and safety of the property or normally in common use; (e) They are designated for the collection of garbage by apartment owners referred to as the "garbage pool area"; (f) The emergency generators and the structure surrounding it. (g) Any alterations, additions, and further improvements to the common elements. The Board of Administration shall be responsible for the maintenance of yards, shrubs and vines, trees and landscaping in the areas constituting general common elements and shall promulgate rules and regulations restricting the planting of trees and shrubs and vines in the patio areas so as prohibit planting which would restrict any owner's view of the scenery. 6. Limited Common Elements. The limited common elements consist of the mailboxes, 6 patios, courtyards (including authorized improvements located thereon) and balconies as designated on the attached plans and drawings. The apartments to which a particular limited common element is appurtenant is designated on the plans and drawings recorded herewith. 7. Value. For the purposes of this instrument and for the purposes of rules, bylaws and provisions of law dependent on the value here assigned, the basic value of the Regime is declared to be $375,000. The basic value of each apartment and the percentage appertaining to the co - owners in the expenses of and rights in the elements held in common and the proportionate voting rights of each apartment are as follows: Apartment Percentage Basic Value 1 33 & 1/3% $ 125,000 2 33 & 1/3% $ 125,000 3 33 & 1/3% $ 125,000 100.00 % $ 375,000 The co -owners of the apartments are bound to contribute pro rata in the percentage computed above toward the expenses of administration and of maintenance and repair of the general common elements and in any proper case of the limited common elements of the building and toward any expense lawfully agreed upon pursuant to the bylaws. No co-owner may exempt him- self from contributing toward such expenses by waiver of the use or enjoyment of the common elements or by abandonment of the apartment belonging to him. Such payments, if not made when due, shall constitute a lien on the apartment owned by such delinquent owner until paid. Such lien shall be prior to all other liens excepting only the lien of mortgages or similar duly recorded encum- brances. The assessments shall commence on the date of the conveyance of the first apartment by the declarant herein. 9. Bylaws. Declarant does herebv declare that the affairs of the Regime and all apartments located therein shall be administered, held, owned, used and conveyed, sub- ject to all provisions contained in this instrument, as ::ell as those contained in the bylaws, as attached hereto and as amended from time to time, and any building rules adopted in accordance with those bylaws. Each owner agrees to be bound by the terms and conditions of such bylaws and rules and regulations. 10. Dama ec x Destruction or Termination. In the event the property comprising the Regime is damaged or destroyed, in whole or in part, the repair, construction or disposition of the Regime shall be governed by Article IX, Section 3 of the bylaws and Ark. Stat. Ann. S 50-1021 and S 50-1022, as amended from time to time by any statutes enacted as a substitute for such statutes. Except in the case of destruction, damage or con- demnation of the property and subject to Ark. Stat. Ann. 9 S 50-1012, the consent of all owners of apartments and the approval of the holders of mortgages on apartments which have at least 678 of the votes of apartments subject to mortgages, shall be required to terminate the legal status of the project as a condominium. The co -owners and mortga- gees shall agree in advance on the distribution of the prop- erty, which shall be accomplished on a reasonable and equitable basis. 11. Amendment. A. The consent of all owners of apartments and the prior written approval, which shall not be unreasonably withheld, of mortgage holders on apartments which have at least 678 of the votes of apartments subject to mortgages shall be required to add or amend any material provisions in the condominium documents of this project which establish, provide for, govern or regulate any of the following: such liens; (a) voting; (b) assessment liens or subordination of (c) reserves for maintenance, repair and replacement of the common areas; (d) insurance or fidelity bonds; (e) right to use of common areas; M (f) responsibility for maintenance and repair of the several portions of the project; (g) expansion or contraction of the project or the addition, annexation or withdrawal of the property to or from the project (the con:.ent of the owners as to the development of adjacent lands and their incorporation into this regime is set forth in Paragraph 6 above); (h) boundaries or subdivision of an apart - went; common areas; (i) the interest in the general or limited (j) convertibility of apartments into common areas (general or limited) or of common areas (general or limited) into apartments; (k) leasing of apartments; (1) imposition of any right of first refusal or similar restriction on the right of an apartment owner to sell, transfer or otherwise convey his or her apartment; (m) any provisions in the condominium docu- ments which are for the express benefit of the mortgage holders, insurers or guarantors of first mortgages on apartments. Provided, however, an addition or amendment to the condominium documents shall not be considered material if it is for the purpose of correcting technical errors or for E clarification only. A mortgage holder who receives a writ- ten request to approve additions or amendments to the con- dominium document who does not deliver or mail to the requesting party a negative response within 30 days shall be deemed to have approved such request. B. Subject to the above, Declarant reserves the right from time to time unilaterally, without joinder by other owners or persons who may have an interest in the con- dominium of any kind or character, to change or amend this declaration and the bylaws that may from time to time be in effect for the purpose of facilitating and marketing the project or complying with the requirements of financial institutions, title companies or governmental authorities, or the like, affecting the project. Any changes or amend- ments by Declarant contemplated by this paragraph shall not change the effective proportionate share of owners of pre- viously sold units for voting or assessment purposes other than as stated herein. Otherwise, subject to the above, and except as provided in paragraph 6 above, this master deed may be amended, modified, extended, changed or cancelled in whole or in part only by written instrument signed and acknowledged by all co -owners of apartments in the Regime and the provisions of such instruments so executed shall be binding from and after the date it is duly filed for record in the office of the Circuit Clerk and ex-officio Recorder for Pulaski County, Arkansas. Subject to the above, the bylaws and building rules may be amended, modified, changed or cancelled in the manner set forth in the bylaws. 12. Encroachments. Although the Declarant has endeavored to construct the project in strict accordance with the descriptions, as set forth on the plans and draw- ings attached hereto, it is expressly agreed that the square footage size and dimensions of each apartment, as set out and shown in this Master Deed or in the plats, drawings, and plans attached hereto are approximate and are shown for description purposes only and the Declarant does not warrant, represent or guarantee that any apartment contains the precise area square footage or dimensions shown by the plat, drawings and plans thereof. Each present and future owner hereby expressly waives any claim or demand which he may have against Declarant or anyone on account of any dif- ference, shortage or discrepancy between the apartment, as actually and physically existing, and as it is shown on the respective plate, drawings and plans attached hereto. If any portion of the common areas encroach upon any apartment of if any apartment encroaches upon the common areas or upon another apartment as a result of the construction, reconstruction, repair, shifting, settlement or movement of 12 any portion of the improvement, a valid easement for the encroachment and for the maintenance of the same shall exist so long as the encroachment exists. 13. Emergency Repairs. The Board of Adminis- tration shall have a reasonable right of entry to any apart- ment to make emergency repairs or to do other work reasonably necessary for the proper maintenance or operation of the horizontal property regime hereby established. 14. Condemnation Proceedings. The Board of Administration of the Regime shall represent the apartment owners in any condemnation proceedings or in negotiations, settlements and agreements with the condemning authority for acquisition of (a) the common areas or any part thereof, and (b) all or any part of any apartment in this horizontal property regime. Each apartment owner is deemed to have appointed the Board of Administration as his attorney -in - fact for such purposes. In the event of a taking or acquis- ition of part or all of any apartment or of the common areas by a condemning authority, the award of proceeds of settle- ment shall be payable to the Board of Administration of the Regime for the use and benefit of the apartment owners and their mortgagees as their interest may appear. 15. Remedies for Default. In addition to the remedies provided by statuto and common law and the remedies 13 elsewhere provided herein, a default by the owner, tenant or occupant of any apartment in complying with the provisions and requirements of the Arkansas Horizontal Property Act as amended, the master deed, the bylaws and such rules and regulations as may be promulgated by the Board of Adminis- tration of the Regime shall entitle the Board to injunctive relief or money damages or both. In any such legal or equitable action or proceeding, the prevailing parties shall be entitled to recover his cost and expenses, including reasonable attorney's fees to be determined by the Court for trial and appellate proceedings. During the continuance of any such default, the Board may discontinue the supply of any utility services to the defaulting party's apartment that are paid by the Board as part of the common expenses without any liability and without notice. On the correction of such default and payment by the apartment owner of the expense of the discontinuance and restoration of such ser- vices, they shall be immediately restored. 16. Rights of Declarant. As long as Declarant owns and holds apartments in this Regime for sale in the ordinary course of business, this master deed shall not be amended nor the Regime terminated without the written con- sent of the Declarant. Declarant may elect to be excused from the payment of assessments against the apartments owned I+ by them until the first day of the ninth calendar month following the month in which the closing of the sale of the first apartment occurs. In such event, Declarant shall pay the portion of the common expenses incurred during that period which exceeds the amount assessed against other apartment owners. At the time of the recording of this master deed, construction of all the condominium apartments and improvements has not been completed. Declarant reserves all rights and easements necessary or desirable with respect to the condominium property to complete such construction and to effect the sale or lease of all of the condominium apart- ments. As long as Declarant holds apartments in the condominium for sale in the ordinary course of business, Declarant shall have the right to exhibit such signs and sales parapher- nalia as may be desirable to effect such sales and may use one or more of the apartments and the common effects for offices, models, and other uses appropriate for the promotion of sales and for the development and management of property in Pleasantree or property adjacent to the Pleasantree project. Declarant reserves the right to use the name "Pleasantree Tract "A" or any similar name in connection with future developments. 17. Release of Curtesy. David H. Pickering, Sr., husband of Mary L. Pickering, the Declarant herein, does hereby release and relinquish forever all of his right and possibility of curtesy and homestead in and to said land. 18. Severability. If any provision of this instrument is held invalid, such invalidity shall not affect other provisions hereof and to this end the provisions of this master deed are declared to be severable. IN WITNESS WHEREOF, this instrument was executed this ^day of ee-Le,,n b!t 2003 David H. Pickering Sr. Mary L. Pic eying 15 ACKNOWLEDGMENT STATE OF ARKANSAS ) ) ss. COUNTY OF PULASKI ) On this S day of 2003, before me, the undersigned, a Notary Public, within and for the county and state aforesaid, duly commissioned and acting, came David H. Pickering and Mary L. Pickering, to me well known as the grantor in the foregoing master deed, and stated that they have executed the same for the consideration, uses and purposes therein mentioned and set forth. And on the same day also voluntarily appeared before me the said David H. Pickering Sr., husband of said Mary L. Pickering, to me well known, and in the absence of his said deed and signed the relinquishment of curtesy and homestead therein for the consideration, uses and purposes therein contained without compulsion or undue influence of his said wife. My Commission Expires: CQ (�SEAL) Rwiocvad c fx inc:1:3Jn of ninimum starz:-, , regdre:4 by tl,o C:'y cf i � sic Rcc;c cubcivisicn r. cu Bill of developer r:ay cxc:cd Little Ro-A subdivision and zon:,ng SO�� crdinancm I�r)�, o� /�? ' /,j _ Notary Public City of Little Rock Pia6n1i46mmisslcrs 16 2003127668 PLEASANTREE TRACT "A" HORIZONTAL PROPERTY REGIME BYLAWS ARTICLE I Name and Location These are the Bylaws of Pleasantree Tract "A" Property Regime, hereinafter called "the Condominium." The principal office of the Condominium is to be determined. ARTICLE II Form of Administration The form of administration of the Condominium shall be that which is set forth in these Bylaws. As an alternative, the Council of Co -Owners (or the Declarant) may elect to form a non-profit corporation under the Arkansas Nonprofit Corporation Act to perform all of the functions set forth herein and through which the administration, business and affairs of the Condominium may be conducted. ARTICLE III Council of Co -owners Section 1. Place of Meetings. The Council of Co -Owners of the Condominium shall hold meetings at the principal office of the Condominium or at such place in the City of Little Rock as the Board of Administration shall authorize. Section 2. Organizational_ Meeting. The first meeting of the Council of Co -Owners to organize the Condominium shall be held on or before January 1, 2004, at which time the Board of Managers designated by the Declarant shall resign and all the apartment owners, including the Declarant, shall elect a new Board of Administration. Section 3. Annual Meetings. The annual meetings of the apartment owners of the Condominium shall be held at the principal office of the Condominium on the first day of July, beginning in the year 2004. At such annual meetings, the apartment owners shall elect a Board of Administration of the Condominium and may transact such other business as may properly come before the meeting. Section 4. Special Meetings. Special meetings of the apartment owners may be called by the president, vice-president, secretary or by a majority of the Board of Administration and in any event must be called by such officers upon receipt of a written request from Co -owners having at least 10% of the basic value of the Regime as set forth in the master deed. Section 5. Notice of Meetings. The secretary shall forward notice of any annual or special meeting to each apartment owner not less than three (3) nor more than fifteen (15) days prior to the date of such meeting. Notice of a meeting other than the annual meeting shall indicate the purpose of the meeting. Notice of meetings need not be given to any apartment owner who signs a waiver of notice, 2 either in person or by proxy, whether before or after the meeting. Section 6. Quorum. Any number of Co -Owners, together owning apartment units having at least 519 of the basic value of the Regime, as set forth in the master deed, who shall be present in person or by proxy, shall constitute a quorum for the transaction of business. Section 7. Voting. Each apartment owner shall receive a certificate showing his proportionate undivided interest in the general common elements and that he shall be entitled to vote at all meetings of apartment owners. The owner or owners of each apartment shall be entitled to vote in person or by proxy a number of votes equal to the percen- tage representing the basic value of the apartment owned by such owner or owners, as set forth in the master deed. Each apartment must cast all of the votes which it is entitled to vote as a unit, even though there may be more than one owner of an interest in said apartment. The vote for members of the Board and, upon demand of an'- Co -Owner, the vote upon any other question shall be by ballot. All questions before the Council of Co -Owners shall be decided by plurality vote, except as otherwise provided by these Bylaws or the laws of the State of Arkansas. Section 8. Proxies. A vote may be cast in person or by proxy. To be valid, proxies must be duly signed and 7 2003127668 filed with the secretary before the appointed time of the meeting. The proxy is valid only for the particular meeting designated therein. A proxy may be revoked by the apartment owner by appearance in person at the meeting. ARTICLE IV Board of Administration Section 1. General rowers. The management of the affairs of the Condominium shall be vested in a Board of Administration which, subject to the restrictions imposed by law, by the master deed or these Bylaws, may exercise all the powers of the Regime. Section 2. Number and Term of Office. The Board of Administration shall consist of three (3) persons. The initial Board shall be appointed by the Declarant herein, David H. Pickering, and shall serve until July 1, 2004. At the first election, on July 1, 2004, one member shall be elected to serve for a term of one year, and two to serve for two years. At al I subsequent elections, members of the Board shall be elected for a term of three years. Each member of the Board shall be a natural person and shall be a Co -Owner of an apartment in the Condominium. Any director may be removed be a two-thirds (2/3) vote of the owners at a special meeting of the Co -Owners called for that purpose. Any vacancy so created shall be filled pursuant to Section 4 below. 0 Section 3. Quorum. A majority of the members of the Board shall constitute a quorum for the transaction of ssiness. A vote of a majority of the Board members present at any meeting shall constitute the action of the Board, except as to those matters where the law and the Condominium documents require a different majority. Section 4. Vacancies. Vacancies in the Board may be filled until the date of the next annual meeting of. the Council of Co -Owners by the remaining members of the Board. Section 5. Regular and Special Meetings. The Board of Administration shall meet regularly at least once every three months at such times and places as the Board may fix. Regular meetings once established may thereafter be held without notice at the time and at the place agreed upon by the Board. Special meetings of the Board may be called by the president or by the secretary or upon the call of any two members on at least one day's written notice to each member. Section 6. compensation. Members of the Board shall not receive any compensation for their services as members. Section 7. powers and Duties of the Board. The Board of Administration shall have charge of and be respon- sible for the management of the affairs of the Condominium 5 organization, the general and limited common elements and other assets held by it on behalf of the Co -Owners. It shall have the power and may exercise all of the powers granted to it by law and under the Condominium documents. Said Board shall have power: (a) To make, levy and assess common charges against the apartment owners for the purposes set forth in the Condominium documents and to use the same in the exer- cise of its powers and duties. (b) To maintain, repair, replace and operate the Condominium property. (c) To contract for the management of the property, (provided, that any such contract shall not extend for a term beyond one (1) year and shall be capable of being terminated for cause) and to enforce by legal means all of the provisions of the Condominium documents, these Bylaws, rules and regulations of the Condominium, the resolutions and decisions rendered in pursuance of the Bylaws. (d) To prevent loss or damage to the Condo- minium by paying taxes, assessments or other liens against any part of the Condominium and to assess the same against the apartment or apartments, subject to such liens. (e) To generally control the use of common areas. 6 (f) To make or amend rules and regulations respecting the use and operation of the property not incon- sistent with the Condominium documents. (g) To pay the costs of all water, sewer, or other utility services rendered to the Condominium which are not separately billed to the apartment owners and to assess the same as part of the common expenses. (h) To enforce the provisions of the Condo- minium documents by legal action, if necessary, and to employ legal, accounting, maintenance or other personnel for reasonable compensation to perform the services required for the proper administration of the Condominium. (i) To hire and discharge persons employed for the operation of the Condominium on such terms and con- ditions as the Board, in its discretion, may deem advisable. (j) The Board shall have the duty to establish a capital reserve fund for maintenance and repair of the common areas and a working capital fund equal to two (2) months' estimated common charges. ARTICLE V Officers section 1. At the annual meeting of the Board of Administration of the Condominium, there shall be elected a president, secretary, treasurer, and such vice-presidents to assist the president as may be required. All officers shall serve for a term of one year and shall be members of the Board of Administration. The office of secretary and treasurer may be held by one person. Section 2. President. The president shall be the Chief Executive Officer of the Condominium and shall have the powers to appoint such committees as he may deem appro- priate. He shall. exercise such other powers and duties as shall be prescribed by the Board and shall see that all orders and resolutions of the Board are carried into effect. Section 3. Vice -President. The vice-president shall perform all duties as shall be delegated to him by the president. Section 4. Secretary. The secretary shall keep a record of all actions of the Board at all meetings of the Council of Co -Owners. He shall attend to the giving of all notices of the apartment owners. He shall prepare and have available at each meeting of the apartment owners a cer- tified list in alphabetical order of the names of the apart- ment owners and of their common interests and certify which of them are entitled to vote. Section S. Treasurer. The treasurer shall keep the financial records of the Condominium and shall keep books of account and shall have custody of all the common property of the Condominium, including all funds, securities 9 and evidences of indebtedness. He shall keep the assessment roll and the accounts of the apartment owners. He shall deposit all monies and other valuables in the name of and to the credit of the Condominium in such depositories as shall be designated by the Board. He shall disburse the funds of the Condominium as may be ordered and authorized by the Board and render an annual report at the annual meeting of the Council of Co -Owners. The treasurer and the president shall report on the operation of the Condominium property and the payment of common expenses and the determination and collection of the common charges. All books and records shall be subject to inspection by holders of first mortgages at their request during normal working hours Monday through Friday. In addition, the holders of 51% or more in number of first mortgages on apartments within the Regime shall be entitled to have an audited financial statement of the con- dominium prepared at their expense. ARTICLE VI Fiscal Management Section I. Assessments. The Board of Adminis- tration shall compute the common expenses for each calendar year and shall charge the apartment owners according to their percentages set forth in the master deed• Assessments for said common charges shall be made for each calendar fifteen (15) days in advance of the year for Which the 9 assessment is made. Such annual assessments shall be due and payable monthly. The Board of Administration may review and reconsider the assessments made and may increase or decrease the same, as required for the property management, maintenance and operation of the Condominium. Section 2. Assessment Roll. The Board of Administration shall maintain in a set of accounting books an assessment roll and an account for each apartment. Such account shall designate the name and address of the owner or owners, the amount of each assessment against the owners, the date and dates on which the assessment comes due and the amounts paid upon the account and the balance due on the assessments. The assessment roll shall be maintained in the office of the Board of Administration for inspection at all reasonable times by apartment owners or their authorized representatives. Section 3. Bu�ti. The Board of Administration shall adopt a budget for each year, which shall contain estimates of the cost of performing the various functions of the Condominium and shall include, among its items, a common expense budget consisting of maintenance and operation of common elements, landscaping, walkways, parking spaces, utility services, insurance, administration, reserves and any other proper item. Copies of the proposed budget and 10 proposed assessments shall be transmitted to each apartment owner at least fifteen (15) days before the beginning of the year for which the budget is made. Section 4. Default in Payment of Assessments. Each assessment shall be a distinct personal debt of the apartment owner against whom the assessment is made. If not paid at the time and in the manner as the Board directs, such assessment shall be deemed to be delinquent. Suit to recover a money judgment for delinquent assessments shall be maintainable without foreclosing or waiving the liens securing the same. The amount of any delinquent assessment, whether regular or special, plus interest at the rate of Ten percent (10%) per annum, or the maximum allowable by law if greater, costs and a reasonable attorney's fee shall become a lien upon such apartment upon recordation of a Notice of Delinquent Assessment. Such lien shall have priority with respect to all other liens and encumbrances, recorded or unrecorded, and such lien for a delinquent assessment may be foreclosed in any manner permitted by law. However, *he lien created hereunder for any unpaid assessment on any apartment shall be subject and subordinate to, and shall not affect the rights of the holder of any indebtedness secured by any mortgage or similar encumbrance recorded prior to the accrual of the assessment. Extinguishment of any assessment lien by foreclosure of a prior encumbrance shall not extinguish the debt itself, which shall be the personal liability of the person owning the apartment at the time of its accrual. Section S. Bond. Bonds may be required by the Board of Administration from all officers and employees of the Condominium. The amounts to be determined by the Board and the premium on such bond to be paid by the Condominium. ARTICLE VII Insurance Section 1. The Board of Administration, for the benefit of the apartments and the owners thereof, shall acquire and shall pay for out of the common expense fund, the insurance coverages provided in this Article. Said insurance policies shall provide that the loss thereunder shall be paid to the Board of Administration as insurance trustees under this declaration. Under said master poli- cies, certificates of insurance shall be issued which indi- cate on their face that they are a part of such master policies of insurance covering each and every unit of the Condominium and its common elements. A certificate of insurance with proper mortgagee endorsement shall be issued to the owner of each apartment and the original thereof shall be delivered to the mortgagee, if there be one, or retained by the apartment owner if there is no mortgagee. 12 The certificate of insurance shall show the relative amount of insurance covering the apartment and the interest in the common elements of the Condominium property, and shall pro- vide that improvements to apartment or apartments which may be made by the apartment owner or owners shall not affect the valuation for the purposes of this insurance of the buildings and other improvements upon the land. Such master insurance policies and certificates shall contain provisions that the insurer waives its right :to subrogation as to any claim against the Board of Administration, its agents and employees, apartment owners, their respective employees, agents and guests and to any defense based on the invalidity arising from the acts of the insured, and pro- viding further that the insurer shall not be entitled to contribution against casualty insurance which may be purchased by individual apartment owners. Section 2. Coverage. The property shall be covered by: (a) Casualty or physical damage insurance in amount equal to the full replacement value of the Condominium buildings, as determined by the Board of Administration. Such coverage shall afford protection against the following: .nn�v 13 (1) Loss or damage by fire or other hazards covered by the standard extended coverage endorse- ment, together with coverage for the payment of common expenses with respect to damaged units during the period of reconstruction. (2) Such other risks as, from time to time, customarily shall be covered with respect to buildings similar in construction, location and use as condominium buildings, including, but not limited to vandalism, mali- cious mischief, windstorm and water damage, boiler and machinery explosion or damage, plate glass damage and such other insurance as the Board of Administration may deter- mine. (b) Public liability insurance in such amount and in such form as shall be required by the Board of Administration, including but not limiting the same to water damage, legal liability, hired automobile, non -owned automobile and off -premises employee coverages. (c) Worker's compensation insurance, as required. (d) Fidelity insurance covering those employees of the Board of Administration and those agents and employees hired by the Board of Administration who handle Condominium funds, as determined by the Board of Administration. I'f Section 3. other Insurance. Each apartment owner may obtain additional insurance at his own expense affording coverage upon his personal property and for his personal liability, but all such insurance shall contain a standard waiver of subrogation clause. Each apartment owner may obtain casualty insurance at his own expense upon his apartment but such insurance shall provide that it shall be without contribution as against the casualty insurance purchased by the Board of Administration. Section 4. Premiums. Premiums upon insurance policies purchased by the Board of Administration shall be paid by and charged as common expenses. Section 5. Proceeds. Each apartment owner shall be deemed to have delegated to the Board of Administration his right to adjust with the insurance companies all losses on the policies purchased by the Board of Administration. All proceeds payable as a result of casualty losses sus- tained which are covered by insurance purchased by the Board of Administration hereinabove set forth shall be paid to it as insurance trustees. The sole duty of the insurance trustees shall be to receive such proceeds as are paid and hold the same in trust for the purposes stated and for the benefit of the apartment owners and their respective mortgagees. IS ARTICLE VIII Maintenance and Repair Section 1. General.. No apartment owner shall do or cause to be done any work affecting his unit which would jeopardize the soundness or safety of the property, reduce the value thereof, or impair any easement therein. He shall not repair, alter, replace or remove any of the common ele- ments which are located within his apartment without the prior consent in writing of the Board. He shall not alter or replace any walls except those partition walls which are wholly within his apartment. Section 2. Responsibility of Board. It shall be the responsibility of the Board of Administration to main- tain, repair or replace: (a) all portions of the apartment which contribute to the support of the building, including main walls, but excluding painting, wallpapering, and decorating or other work on the interior surfaces of walls, ceilings and floors within the apartment; (b) all portions of the apartment which constitute a part of the exterior of the buildings; (c) all general common elements; (d) all incidental damage caused by work done at the direction of the Board. Section 3. Responsibility of Apartment Owner. It shall be the responsibility of the apartment ownor: 16 (a) to maintain, repair or replace, at his own expense, all portions of the apartment which may cause injury or damage to the other apartments or to the common elements except the portions mentioned and described in Section 2 above; (b) to paint, wallpaper, decorate, and maintain the interior surfaces of all walls, ceilings, floors and doors of the apartments: (c) to effect the maintenance, replacement and repair of any windows, glass surfaces, plumbing fix- tures, water heaters, furnaces, lighting fixtures, refrig- erators, air conditioning equipment, dishwashers, disposals or ranges, stoves, ovens, compactors and other appliances that may be in or used exclusively for the benefit of that apartment; (d) to maintain all built-in shelves, cabinets, counters, storage areas and closets; all elec- trical, plumbing, telephone and television fixtures, apparatus, equipment, outlets, switches, wires, pipes and conduits; all furniture, furnishings and personal property in the apartment; (e) to maintain all patio, courtyard, and balcony areas and improvements located thereon; (f) to refrain from repairing, altering, replacing, painting or otherwise decorating or changing the 17 appearance of any portion of the common elements without first obtaining the consent in writing of the Board and to refrain from repairing, altering, replacing, painting, decorating or changing the exterior of the apartment, whether exclusively used by the apartment owner or other- wise, without obtaining l•he approval of the Board. ARTICLE IX Mortgagees Section 1. Notice to Board. An owner who mortgages his unit shall notify the Board of the name and address of his mortgagee and the Board shall maintain such information as a matter of record. Section 2. Notice. The Board shall, at the request of a mortgagee of an apartment, notify the mortgagee of any default by an owner of any apartment in the perfor- mance of the owner's obligations under the Condominium documents, including any unpaid assessments which remain unpaid for sixty (60) days. In addition, upon written request to the Board identifying the name and address of the holder, insurer, or guarantor of a first mortgage and the apartment number or address, any first mortgage holder or insurer or guarantor will be entitled to timely written notice of: (a) any condemnation loss or any casualty loss which affects a material portion of the project or any 18 an Rrtment on which there is a first mortgage held, insured or guaranteed by such mortgage holder., insurer or guarantor, as applicable; (b) any lapse, cancellation or material modification of any insurance policy or fidelity bond maintained by the Board; (c) any proposed action which would require the consent of a specified percentage of eligible mortgage holders as specified below or elsewhere in the condominium documents. Section 3. other Provisions for Mort a e Holders. First mortgage holders shall also be afforded the following rights: (a) Any restoration or repair of the project after a partial condemnation or damage due to an insurable hazard shall be performed substantially in accordance with the Master Deed and the original plans and specifications unless other action is approved by holders holding mortgages on apartments which have at least 671 of the votes of apartments subject to mortgages. Such approval shall not be unreasonably withheld. (b) In addition to other provisions of these documents or applicable law, any election to terminate the legal status of the project after substantial destruction or 19 a substantial taking in condemnation of the project property must meet with the approval of mortgagees on apartments which have at least 67% of the votes of apartments subject to mortgages. Such approval shall not be unreasonably wit.,h(,.' 3. (c) No reallocation of interests in the common areas resulting from a partial condemnation or partial destruction of the project may be effected without the prior approval of mortgagees on all remaining apartments whether existing in whole or in part which have at least 67% of the votes of such remaining apartments subject to mortgages. Such approval shall not be unreasonably with- held. Section 4. Foreclosure. Any first mortgagee coming into possession of an apartment pursuant to the remedies provided for in the mortgage, including foreclosure or deed in lieu of foreclosure, shall take the apartment, free of any claims for unpaid assessments or charges against the mortgaged apartment which accrue prior to the time such holder comes into possession of the unit, excluding, however, claims for a pro rata share of such assessments or charges resulting from a pro rata reallocation of such assessments or charges to all apartments, including the mortgaged apartment. fE 2003127668 ARTICLE X Restrictions on Use The apartments and general common elements shall be occupied and used as follows: (a) There shall be no obstruction of the general common elements. Nothing shall be stored in the general common elements without the prior consent of the Board. The Board shall have full power to set, make and establish regulations concerning the usage of all common elements. Such power shall include the assignment of common areas to an apartment for exclusive use as a parking space, or for the installation of necessary equipment such as an air conditioner or garbage container. If such area is assigned, the Board, at its discretion, may control the design, shape, size and area. The use of such an area for a nouse, pen, cage or container for a pet is specifically prohibited. (b) Nothing shall be done or kept in any apartment or in the general common elements which is in violation of law or which will cause the cancellation of or increase the rate of insurance on the general common elements or another apartment or apartments, without the prior written consent of the Board. (c) No animals, livestock or poultry of any kind shall be raised, bred or kept in any apartment or in 21 the general common elements, except that household pets may be kept in apartments, and peacocks may be allowed to roam the area, subject to the rules and regulations adopted by the Board. No animal shall be allowed to run free or without leash. (d) No noxious or offensive activity shall be carried on in any apartment or in the general common elements, nor shall anything be done therein which may be or become an annoyance or nuisance to the other owners. (e) Nothing shall be altered or constructed in or removed from the general common elements, except upon the written permission of the Board and with approval of declarant until November 1, 1989. (f) No advertisements, signs, or posters shall be erected or displayed on or about the premises of River Bend, except such as may be authorized in advance by the Board of Administration of River Bend and declarant until November 1, 1989. (g) Due care shall be exercised at all times with regard to noise and all other uses or practices which may be a source of annoyance to residents of River Bend or which may be a nuisance or may interfere with the peaceful possession and proper use of the property or premises of other persons. 2 -2- (h) No gas piping, electrical wiring, or radio or television antenna systems shall be installed in or about River Bend without the prior written approval of the Board of Administration of River Bend. (i) No motor homes, boats or motorcycles shall be parked on the common elements without the prior written consent of the Board of Administration. No tool shed, storage shed or similar structure shall be placed or constructed on the common elements without the prior written consent of the Board of Administration. (j) No apartment shall be used for anything other than residential purposes. W Other reasonable restrictions on use may be placed on the apartments in the rules and regulations adopted by the Board. ARTICLE XI Restrictions Section 1. Extent of ownershi . The patios, courtyards, and balconies as shown on the plans and drawings filed with the Pulaski County Circuit Clerk are limited common elements. The use of such patios, courtyards, and balconies ib restricted to the owner of the apartment to which it is adjacent. Likewise, the maintenance and upkeep of the adjacent patio, courtyard, and balcony is the apartment owner's responsibility. 23 Section 2. Landscape Control Committee. All patio and other landscape plans, including lighting, trees, painting, signs, fencing, gates, privacy walls, swimming pools, statuary, decks, "Jacuzzis" or "hot tubs," trellises, barbecue grills and other similar installations must be approved in advance by the Landscape Control Committee, which shall initially consist of an officer of Bailey Corporation, an Arkansas business corporation, and one of the River Bend landscape designers. At the annual meeting of the Co -owners on November 1, 1989, the Council of Co -owners shall elect a three -person committee which shall serve at the pleasure of the Council of Co -owners. Any improvements in the patio areas must be installed in an attractive, aesthetically pleasing and workmanlike manner. Section 3. Initial Restrictions. The following additional rules, regulations and restrictions shall apply to the patio areas until changed by the Landscape Control Committee: (a) All trees must be dwarf (not over 16 feet high at maturity) and may consist of the following varieties only unless otherwise approved in advance by the Landscape Control Committee: wax ligustrum, yaupon holly, crepe myrtle, or chinese holly. Each patio may place only one tree further than 25 feet from the rear of the apartment .2 `f associated with that patio. Such tree shall have no horizontal branches within six feet of ground level. (b) No obstruction of any kind, permanent or temporary, over three feet high shall be placed further than 15 feet from the finished rear second level floor elevation of any apartment, except as stated in (a) above. Provided however, any statuary or other object small or narrow enough so as not to obstruct the river view may be permitted if approved in advance by the Landscape Control Committee. (c) Any swimming pool approved by the Landscape Control Committee shall be constructed in such a manner that it will not protrude into the level of the "standard levee." Further, any apartment owner who installs a pool shall install a fence at his expense along the east line of the pool. (d) All fences and gates along the east end of any patio must be approved in advance by the Landscape Control Committee. Any such fences or gates must be parallel or perpendicular to the rear elevation and must be constructed at the apartment owner's expense. (e) Any fences and walls between the patios shall be common elements and the horizontal property regime Will be responsible for their repair and maintenance as directed by the Landscape Control Committee. 25 20O3127668 ARTICLE XII Miscellaneous Section 1. Amendment. Subject to the provisions of the Master Deed, these Bylaws may be amended by the Council of Co -Owners by the affirmative vote of the owners of a majority of the basic value of the regime as set forth in the master deed, or a majority of the members of the Board of Administration may likewise amend these Bylaws, provided that any amendment modifying of affecting the method of administration may be made only by the affirmative vote of Co -Owners representing two-thirds (2/3) of the basic value of the regime as a whole. The amendment shall not be effective until it is filed for record in the Office of the Circuit Clerk and ex officio Recorder for Pulaski County, Arkansas. Section 2. Release of Curtes . David H. Pickering Sr., husband of Mary L. Pickering, does hereby release and relinquish forever all of his right and possibility of curtesy and homestead in the land to which these bylaws apply. IN WITNESS WHEREOF, this instrument is executed this !b day of 2003. r David H. Pickering PickeringMary L. & STATE OF ARKANSAS) )ss. ACKNOWLEDGMENT COUNTY OF PULASKI) Y% On this day of �L, e.�.�0.� , 2003, before me, the undersigned, a Notary Public, within and for the county and state aforesaid, duly commissioned and acting, came David H. Pickering to me well known, and stated that he had executed the same for the consideration, uses and purposes therein mentioned and set forth. And on the same day also voluntarily appeared before me the said Mary L. Pickering, wife of David H. Pickering, to me well known, and in the absence of her said husband declared that she had of her own free will, executed said Bylaws and signed the relinquishment of curtesy and homestead therein for the consideration, uses and purposes therein contained without compulsion or undue influence of her said husband. My commission expires: S�p� 10r a ob'7 (SEAL) 27 Notary Public OV,F C' of Lithe Rock Departimerrt of Public Works 701 West Markham Lithe Rock, Arkansas 72201-1300 371-4811 Fax 371-4460 cii/o CIVIL ENGINEERING RESPONSE Civil Division THE CIVIL ENGINEERING REQUIREMENTS FOR FILING OF FINAL PLATSc If HAVE BEEN SATISFIED- APPROVAL FOR FILING OF THIS PLAT CAN % BE ISSUED P1f,4 S H frc fl aye.`t" L SIGNED BY ENGINEER N SIGNED BY SURVEYOR SIGNED BY 911 ADDRESS COORDINATOR 'nV V nrcKRTTE PLAT DXF DISKETTE STORM DRAIN REMARKS Q 2 3/d 3 City of Little Rock Planning and Development Filing Fees Date: .. , 20 5 Annexation $ Board of Adjustment $ Cond. Use Permit/T.U.P. $ Final Plat Planned Unit Dev. $ Preliminary Plat $ F Special Use Permit Rezoning - re Site Plans $ Street Name Change Street Name Signs Number at ea. $ Public Hearing Signs Number at ea. $ Total $ . File No. :�® 131 Location Applicant By