HomeMy WebLinkAboutBill of Assurance 12022401/13/06 14:50 FAX $01 172 2020
Urt.HURN LAW FIN
)MAWS
(AND YNMNAL I TRJ*
OF
0
I)t CLIFFS PROPERTY OWMU ANOCYAU(W, INC.
Im003 n,g
WIMEA,% River hock Pmpaaties, Y.T.0 an Arkansas limited Nhility mmpeny
(" GRANMDR'), has, by Master r1ccd ot_rteotd as lrrsftuj Cnt No. _ 1.D 1JpI t-4 J 1 of
thr. land records of Rftaski County, Aikan5ns 1"`A1Asr-px DR'gD' }, soong purstsanl e4 Ihe,
Provisions of Art 60 of the First ExtmGrdjnuy Swdon of die 1961 General Amembly of the
State Of Arkarmas, ns amended, nrnv codified at AM Coos ANN. § 18.13-101, el seq. (do
'ACV), created a Horizontal k'raper(y Regime nantOdThe CHM Horizontal Property Raghme
(the " 7EtEOL)Ix"), and
Wa�.AS, Bylaws of the Regime, recorded with the Master Deed, V16vide that the
administration of the affairs of tho Regime will be though a corporation knOWA ea `Z'be Cliffs
I'roperty d zonate Association, lna." (the "CoTusoR AXIoNl� formed undet Cho Ad msaa ldooprotit
Corporation Act of 1993, AM CODR ANN. § 4-33-101, at a q; and
WHMEAs, " is the nanpro5t corporation which has beoa firmed for tM putposc(s) act
AT& above;
GSCiCI`ATKDB8livianlgMAn Mmzs olF Cmismucriow
(a) "ABMATE" means any Peamw whohvhicb directly on indirectly controls, or is
auftled by, or is wader common ooiktrol with, We owam of any Unit. The term %ejymo7L"
MWO the pbaseaSio% d&ectly or indlreetly, of tho pow to direct or oanse the direction of the
noanage m t. and policW of a Pam, whether dwough the mumlrlp of voting swuuities, by
0003d or ooxmim
(b) '130ARD" when that term is used without ituthet• e+41auntian, qualification or
modification shall be deemed to be a ref�renco to the Board of Directors of tho corporation
whieb Board shall also function as the Board of Administm lon of the Reghno. Tfte tcnm is used
interobangeabiy to denote both the Doted or pircotvrs Of the Corporation ad the Board of
Adnxird tiort, a$ tho cams may require, lhora being W one such Baird wWoh is horeby
dr6tred to have all of the powers and duties of a Beard of Directoxs of a nonprofit cotporatiori
as well as all powca end datfes of the Board of Adr►iirti "tiou as that Cann is t=d In tWo
Bylaws and in the Act.
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(o) "DrnBe7 R!, means it member of the Board of blream (A&W815(ratlon).
(d) "MtAMER(S)" and "1VSi +tla rts�," vvhm either of those tames are wind without
lfbftiter explanatian, gmllftcntion or modifwatiott, shall be deemed to refer to rho members of the
CorPorefion who also crostltutp the "C61mil of Ca-Ownsr as the latter term is used in Article
111, Section l of these BYlatiws and a4 defined in the Act, The Meembersllfp (Cotwoll of Co,
CKvners) shall have all of the rigbis, powow, pjivileges and ablt'Wons of members of a
nonprofit rn►tfuEd b5h'4t corporation as wall as all of the r10114, powers, privilegtS and
obligations of the Council Of Co-CtvnM as tht term Is used bercln and in into Act. It is hereby
dn*cd that doge fs but one such group composed of the sante Wntical persons, firms,
WTpomti(m and other legal eutiticy.
(6) "PERSON" means an individual, parblership, corporntiott, business tntst, joint
stock c4n74)any, tfost, unincofP=tcd 9$90046011, ,point vautWO, limited liability company or
other ontity of whfitevcr nature,
(1) "UNIT" mans en apartment (ss that tEsm is defined In the Act) eligible for
individual owntu-ship in the Regime.
ARI'ICLI3IIII
BOARD ORIDM=OM (4ltAlYII10'1'BATio1)
SEMON 1. 919r�owfw. The reonngement of all affair$ of We CorpoMtion a0d of
the R091me shall be vested in the Beard w1*b, subject to the xestrictiott6 impqsa ty jaw, by the
Master Deed, the Articles of T1cotporation of the Colpontioa or by these By1mys (which are also
Otte sad the same as by Bylaws of the Regime), may wMvi:;o add the powers d t%o Ca pMtlon
Bind at the Regime.
►S`13( nON2. MnitUL71ff w+.5ruarlu%_a,
(a) T11eWW, I uumber ofMembars of the Bawd shall he tree
(3) and such initial BoW Acmbers shell be Brian. W. Bratcher, Henry K. Jordw, it.. adDarren
R WeinstO* Provided, said initial Board Membm ,may, is their discretion, appoint a
representative of (he managemem conimay selected by the Aatud to serve on such initial Board
in place and in lieu of one of'said rtttlWA individuals, Aflerft Cb1=il of Co -Ow=* iu0146e At
kaet ten (10) MMbers, the Ana► w ofMembars of4the Board shall iqmase to a nwnbor between
five (5) and sevau (7) 48 determined by tlto Cotmail 4f Co -Owners at wh annual meet4 as
Provided. herein,
At such time as do Catmsdl of CoaAwMs Includes e1 hail tart
(10) Membeats (with rite result tdmt the =Wbor of Membm of tlfe Board. shall inora= t0 a
nwi*or between five (5) and seven (7) as provided in subpmgmph (A) above), t'bo Board Shall
be 61MOd nt the am u3l meeting Of'thO Mesubets (Coutavll afCa-Ctivnars) provided for its MOO
III h areinbelow. The initial term of aaah of tho initial darer► (3) 13ow'd maxi hors shall be
staggerod. Ono Board member shall serve a imn of one (1) year; the iteeoud Board member shall
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serve- a term of two (2) years; end the third Initial board member shall serve a term of three (3)
ycars. At the expiration date- of the initial term Of each Director, his or her successor shall bo
olected to serve n term of three (3) ycnrs• usich Direelor serve until his or hor sucocssor shall ba
elected and 6101 qualify; laravided. III the event of thilurc to hold an arinval mooting of the
Mentborslrip (COluiell of CO-Dwnw.) or In the event of failure to hold such el"don at euoh
meetit,g, the election they ba held at arty sltroinl nettling called for that pinposo.
(c) raclr Director slash be a natural lwrton and alien bo or shrill represent
O art Mviter of a Unit (or Units) in the Rogline, or (li) the martngernout aompony retained by the
Bowed from tlrmc to time, and which wlil Initially be Moses Tuoker Real };state, Inc, of Litfle
Rock, A6--ansa9 pursuant to tic terms otthat certain Management Agreoment dated on or about
November 7, 2005.
(d) If and at suoh time as the mirnbur of Directors is itrctoased to at
toast seven (7), thon (i) one (1) Dirootor shall be elected From the Members owing Units in cwh
of B-aiIdings A, II, lD and Li, wide the result tliat four (4) Dlreotom will roprestni t]wse M.=bcra
who elect them. (i) one Direotor shall rcprosvt the management Wmpatty for tite ftegitne, and
(ili} Ilia remnining Directors shell be at large Directors to be voted upon by the entire
Mcnrhership.
A majority of the Directors shall C'OWVtate a quorum for the tranaadiOrt of business, If aL
arty meeting of the Board 0rere shall be -less Than a quorum present, a majority of thoso present
may adjoum the meeting from time to time until a quontrn is obtained and no fafther notice
thereof need be given other than by-announcernent at said meeting which shall be to adjoumcd.
Sisc mN 3. Fi1rr t-h1L0JiD9. 'me- newly elected Lectors may hold their first meeting
for the purpose of or$rinization and the transaction of business, if a quonim be preaeny
inunediatzly after the annual meeting of the Mfambershlp (Conntcit of Co -owners) or the t#me
and plate of such rnecting ,nay bn fixed by consent In writing of a majority of all of the
Directors.
SECawN 4. :cctiarc of Ffic At the first weeting, or at any subsequent meetlog
called for the purpose, the Directors shell elect a President front their mtmber, a Vioe President
froth their number, a Secretary and a Treasurer, the lattar Mo of whit b need not be Diremors,
and wWch may be combined In to a single offices held by one individual. Such office-tt �htall hold
office- until The next election of otflcer3 and until their successors are elected and qualify. A
person may bo elected to hold one or more of the above -mentioned off'im sitrrtultalneously except
that the officas of President and Secretary may not be held by the same hereon shvltsneously.
3t UION 5. &n a and S ial M tin s. Regular meetings of tbo Directors may be
hold wltb or without notice at such places and buses as shall be determined from time to time by
rosolutlon of rho Directors. Speeial meetings of the Board may be called by the Proaldcnt, the
Vice President or by The Soerettuy or upon call of a majority of Directors on at toast two (2)
days' notice to each Director.
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Sttc`rmax 5. dace bf ]centg. Tho DIVectors may hold their matmgi rind have ono
(1) or more offlees aod ko❑p the looks of the CDrporntlon and of fhe Regime inside or outside
tbr. Stara of Arkvasas, at any office or ofI'ims of the Corporation or of tho Regime, or at any
outer PI BOB as tl'sy may frorn lime to tiara molutlon detonhim
SECTION?. SnCL'_L{G 1'OWO-M of 33usir r) Ui��%W8.0kd� 1-il—O tWOA). wfthaL:t 30 any
Nvay limiting the general powrn-s hereinabove granted to tbu Hoard, It is hereby exprrs5ly
deeiamd [bat 1ho board shall have flip, following powers, to-NVit;
(a) To mace and obsugo r'egulnHoas, riot inoonsislent ivittt t&cue Bylaws, £or
the ma agea=t of the Regime's afhtirs And 'tho guVemmoa of the limited and gcnersl common
elements (ttie "COMMON EIRMYNTs") of tlrc Regime.
(b) To purchase, sell, leaso or otherwise a(quke or ftposo, on behalf of th6
Rom, any real or personal pro", lights or prlvilegos whioh the Regime is aufho&W to
own or R qWm, as fwdw set forth eldw In Internal Rules eatabliebed ffom time to time, or by
ainendrnent to the 1 fttar Deed or these $yl aws.
(0) To nmk-e and Change lnt$mnl Rules havlrtg to do Vdth use of the Units, the
Common g1Qmmts Jmd any other property, real, leasehold or pdimial, comprisiq or belonging'
TO the Regime, tC the extent not inconsistont with deed irestrlctionA or His of assaranca. no
Tzrtcmal Rnies promulgated by the Bond s>3a11 lie binding on to Members (CaOWneirs) hem and
After a sappy of stun, M a copy of HM7 ernendrntmt, alteration or wo"eation thomof as posted in
some central, public area of the Regime or is personally delivered to the Qo-Owners, mkdf may be
enboreed thmugh any approPdatc legal remedy, iWild A& but not lini"tted to, kA motive relief,
Such rules shall be reduced to writing and eaeb Member (Co-owner) shall be hrWshed a eopy
thereof and ofPall changes, but failure to receive a copy shall not excuse a violation,
(d) To move any offcor or employee, other than tits President (who shop be
removed oWy for cause), Kmmuily with or without caned, acid in its discretion, ftm tk o to
&ac, to devolve tine powers and duties ofeay officer$ gptnl any oft poisons.
(e) To provido for tic care, upkeep and surveUlauce off the Coinumon 3 Jrrnrnts
and Services of the lt9ime, iltraugh the cmployrneal of a management pat &any arid[ to delegate
such duties to such company as tho Board migbt sea -tit,
(f) TO confer Won any 94W of the 1ltegitite the power to appoint, mmove
and augwd stawdinato officers, agents Arid omployees,
(g) To dvWmine who aril lea authorized, on bobft3f• of llto Rogluto, to make
and sign aateptauaes, ondoutxnents, ahseks, roltitl u, roceipts, contracts raid other inst3nMents.
(b) To fix and, from tirm to 11ms, change, Irnecmasmy, the Amount of
assess:rxmts to the Members (Co-U►vnars) necessary to cover the needs of tho RogIme turd to
provldo for We Gard and upketip of (Ito prgitrty and prr vk1oar of ncccssary scrvlcea, oll 11t 1
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AcGQrduwrav with the barrio valuos of each Unit as set fbA in the Mauler Dbd (except as
Derain after provided).
PurPOW• (1) To call speoltll meotinV of the Mombere (00-Owners) fbr any purpose or
To creeto conurtiftees (tlmmbets of which shall be Mstuml pennons suit who
shall be or shall reprascnt the owner of a Unit) to maintain ttt'Oititooturnl control and tined cnwmi
of the Regirue Arad far ether similar or disslmllar purposes. Such 60ttacnitloos shall have aueh
ptrWers as are dalegsted to them in the Rcsobillan of the Board arpaiing t.eoh gurh offlIM too.
AbSM1 ctectiNI 'Of such cnmmitteea, ell powm enumerated above shall remain within thv
jclrisdiction of the Board.
(ic) To m anise such, outer powers as are $pcoiflully granted to the Boaod
elstrwkm herein or whieh tnight be necessary or roquirrtl to carry out xasponsiblliffes Of fhe
Bond.
St mK' 8. o�mpensA0oa of BoHrd of �d�—Gill stration}. Membtrs Of ibe
Hoard shall not rwdm any stSW S84ruy f'or their scrvis$s as Dlrcmm. Nothing hec+eian
cavniainr droll be construed to practu& any Dir,�ctor From serving the Pegims in any other
oapadty as an oiica, ngcnt, employee or otherwise., slid m olving compensation therefore.
SEC ON 9. V8M00iy-air d Rtc�oval. Arty vaCAWy on the Board shad be fi11cc1 by
a Member of the C aTomtion cleoted by the Hoard..Ally parson 8o olvdcd shalt seas out the
Mexpircd team of the vacant Board Position. Any Mombor of the mooed msy be removed, with
usual,
or without l, at any time itiy a vote of the Netiibets of the C01pore6on-holding s nnuaurity of
the votes vast at any regular mWiug or any spe*l moolifgcalled forthat purpose.
StsCrtUN I. need of livery owner of a Unit in tho Regittxe, for so long
63 such person is as owner of arty Unit in the Rug[=, shall he a Mantbar of the Colporad m (and
shall be deemed to be A "MBM RW' With xaspect to cseb such apartment owued by that owner)
and fhC MMbft3hiP $WJ WbSftft tW'C()VKCrr. OF 'CO -Old$."
8ttcaari2. Ali mectWgs of t$o Mo bersblp (Council of
Co-Ownm) shall be hold at the Regmao's offices lowed of RIO Forth Stce4Dt, Little Rook, AR
72241, unless written notlee of Motor pltsce for meeting is given ha the meeting nodoo,
SECMN 3, Agqual UINflon of lJoNg of�rcatara (Adrtafnlstre 1 rt . T40 MMUll
meefag of the Membcrafiig (Co>l Kil of Co4Ywi3 rs) for the election of DIMators end the
trensttc don of other lnsainaes shall be held on the third (s'd) Wednesday of January is gaoh year,
artless Anothea data is dtoidcd upon nad sgrezd to in writlag by a m4ority of the Mont M (CV -
Owners), If flse date of 4 oDnual mropng 6bell fall upon a legal haJlday, tho sneating almlt be
bold on the next azecodiug business clay, At :ueb mmusl n►retiag, the Direotors shall ba olacted
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as provided in Section 2 of Article 9 hereof. At each aomtal meeting, the Members (C.a-Owocrt)
entitled to vote shall, by plurality vote, so elect the Dlredm end tramaot such other business a
shall be stated in the notice of the meeting.
No change of time or place of meeting for the election of Dlreotor, ss lined by
these Bylaws, sbstt be made wititin thirty (30) days of the, day on Web Awh elOff" is to be
held. In oase of any change in such timte or place for snob eleWon of directors, nWO thereof
shall be given to each Member (Co -Owner) amused to vote, in person of by lever mailed to ads
)set kw" post office address, forty-five (45) daya behm the election is hold.
Wrioat 4. Venus. Lech Member shal l bo entitled to vote, la per son or by Pansy, One
(1) vote per% t owned by the Member, provided that no Member may vote on arty rea'tter for so
long as any asses ment or lien to pro Pavor of tho Association as provkled for hcr& or in Session
5 of the Master Deed shell remain unpaid wldlox undisalgtged. No proxy shall be voted of e'r six
(6) months from its date utilass such pay provido for a longer period, Eaob Volt thirst cast its
vote as s whole even though them maybe m6re #hats one (1) owner of an intere$t in said Unit. 3n
can evhare there is more then one (L) owner of a Unit, the ownas of such Unit shall deterraina
how to out the vote of their Unit. No votes representing a division or fractional part Of The vr4e
attribviable to a single Unit shalt be cast or counted. tipon the tztnatld of any Member (Co-
owner), the vote upon arky question Wfaav the rut:etiug iAW1 be by ballot, All rleatians shall be
had and an questious decided by pltm lity vote rxccpt as nosy be otherwise provided by fbm
Bylaws and by the inn of'the State ofArimppss.
SECrON 5. �r uM. Sxmpt as provided in the nis;d Pie on hereof, any xwrnber of
Membara (Ca.Owmrs) togedstr ownixtg at least tivo-M'ds (66 YS°�) of all Units who shall be
pment in person or fepresen(o by proxy at any meting duly called, OWL mnstitute a quorm
for the transaction of busies.
SlsclmAt 6. Adjnusnrn nt . if less than a qumnmt Shell bo is attwdam at
any time for which tfre ttteeting sUl havo been called, tho mpg may, after the lapse of at 14
half an dour, be adjourned fxow t'ane to tima by a majority of'the Members (Cn-Owners) present
or reprawdid apd entitled to vote thereat, and no farther notion thereof accd be Saves other town
by awx wncement at said meeting wbiiooh shall be so ad jomtred.
SEcr=7. St gj:al Meetftsgm bow cep. Special mwtbw of the m mblsrra (Co -
Owners) for any Mposo or prirposes gray bar called by the Proddont, or Secretary, and shall be
called upon a requi Won in writing dwdoro, stating the purpose ar pwWses litareof, deliwjcd
to the Presiderst or Secrelmy, signed by A m�Wty of the Board or by fifty -oats percent (51%) of
the Manbers (Co-Oamem) entitled to vote, or by resoluft of the Board,
$.fiM-9 8, otice of Mefftbenhip Lto.Qmtners a0tiug. Writtoo or pdnted raotic-e,
slating the pbz* and tZ = of alto meeting and tho genarai, tsactum of the VWnm io k�4 GO Wdered,
shad be givea by thin lsccsidcnf or Secretary to eaoh Member (C b-Otvuar) antitloct to vote th&-' t
at his last know post df to address, or permnally delivered to each Co -Owner, at least ten (10)
days before the meeting in The caso of an Annual mooting, and at last fillow (15) days brfbre the
meeting is des case of a special mteting,
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SEc.rM 1. Qftm- The officers of the Cotpos'trlion (who OMT) aWo Rcive ij tbo game
capacity es Officers of the Rc&e) shall be a PreddcK a Vice Prudent, a Secretary, a
"N$atuer, ilia lattar (wo of which may be comhincd into a eingle 011ce, and comb 61ba btXiM
ay may from timt; to time be elected or tippnirsted by The Romd. 0110 PMM nmY hdld one or
more of ilia officer positions of tiro Cotpomtlon (and fim Regime) exxpt that one Pei'sOO 0a11
not mve sirmrltaneoudy both as Pmfdertt and sdxdty.
3ecrm2. Duties. 'lyre President, wlm pretsrt, shall preside at ill mnod fip of the
Board and at all meeting& of the Membenhip (Council of GD-Owners). The Vim President shall
preside at soots nimiugs wbw the Ftesidmi is vA prowl. The President and the offer oTem
of the Cwporatkm (amd of the R*nie) shall have gush ota powers, dutics and rocs
48 The Boad nay, fiom time to f amn fir and ddm by imbaian.
Srcno t 3. 's Do if required by floe Board, the Trerwear shall givo band
v> hh a relmtsblc cor*mte mety fbr the WNW discbnp of MA duties in suicti a wmO ohs the
Board may poeaorfae. The premium for add WW that" be a pmeW eapeuso of the Ca PMWim.
SBcrmx4. geginadpr. noYal Pilling of Vasa r s of NMbg of
pi c4ors. Any offica may resign at any the by wntbm TeslV"on whivAt 81W1 takc cffca at
the time specified therein or, if no time be spect#led, upon receipt of some by ft PrW;dcrtt or
S=etary. The acceptwm of a resiguatson sbalt not be nKftsM to rrmelca it effective. Any
off= may be remov 4 with ar wiftrat cause, and hla or her mccaswr e16ded by'a m*-FF
"w of the Boar& if the oflioe of any ofilm bm11tws vacant, fire Dkootom may Wow any
qualified pa= to fill such vacaxuy, wbich parson-Ag hold Office far fire i> fed tent and
until bis ar her axcessor shad be duly chosen.
TNSt]R Mk g
Without limiting the right of any McMber as set forth in tine Act (any plo`rssi m �trutaincxi
bcrein whims is deemed waraxy to fl1C Act shall bo decmcd severed from tb= Bylaws, Without
e &a ot1 t}sa renWnder of blase Byh-nw), do Boards for the benefit of tha Units Wd OW
Members (Co -Owners), shall acquire and shall pay for out of the Owum n MOM head
hrrehAfler provided for Wwmac of su'Ch types, a€fording such COver3gw artd in such tmounta
as the Board sh.aU ddcrmina to be reasonably uecassary fbr tha proketion of flab Ragima, its
property Bad the MCrnbM (CO -Owners).
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The Board shall attempt to obtain,
(0) A policy or pollolea of fire tnsu um with extended , coverage
oada0emerit, for the NO insurable replacement value of each Building Shell and die :Common
WomenW, or such arbor frrc acid aastm ty lnslrancc - as the Board sbell detenmine giv68
311b.M1,1301ttly egunl or greater proteadon to the Members, en4l theft mortgagees, as Weir
respMtivc interests rtiny appear, which said policy of policies Abell provide for a sepiarate loss
payable endarsoment in fbvox of a13y mortgagec or mortgagees of each Unit, and such
ondorsemeni shall mquim a thirty (30)--lay written notloe to any such mortgagee prior to
crnoenatlou;
(b) A policy or policies insuring the Regime, the Board and fbtelde dws
aga{mst any liability to the public or to tho Membem and their invitees, agents, guests br feneab
incident to the ownership or use of the Regime, or uW part thereof or Unit therein, and-Imladieg
the pmonal liability wWozm+e of the individual Members. Lira is of liability v6der such
insurance shall not, be less Oren One Million United States Dollars ($1,000,000,00) for Arty one
(1) Person injured, for any om (1) weident, said shall not bo less tharh Five Hundrc4 Thowind
United Swn Dollam (.S500,006,00) fbr propexty damage for eaob orclirrmice (such iulsits anti
covetage shell be subjeotto review at least ariaWly by Ow Board and incareawd in its discrstion.).
Said policy or policies stall be issued on a COMP ehenolve liability ba& a71d shall, so far as is
obW mbk or prrtationble, provide cross liability endarseimeait whoWn the 4SW of named
kwared under to porwy or policies sbsll not be prejudiced with reVrd to this, her, its or their
action against. ar 06M named Kvrod. such pollaies O all chow any martgagge or naarW$M of
cnah Unit as an additional insured and 40 require a thirty (30) day wfta -aotice bi any suab
mortgagee prW to Canoed um,
(a) worl=n's eamrpenMQM instua m to the extebtt necessary fu oompiy
with any applicabIr, kw;
(d) hmmaum obtained by the Board shall, i asafar as is possible and
Practicable, be afrristered by the Board and governed bythe followiug provision:
(1) All policiee ftl be written with a ocmupmW licensed to do
business in die State of Admaase and bavi ng arise aid knrame rating by BeWs Zusur =
Reports aafkhotnay to the Board;
(2) axclutbe authority to a(just losses under politics beceafter in
force in to Regina dM be vented in ft Board or its audw*od vVresentadva.
(3) In no evoi t shall tho iummince ooveraga obldwd and msirdtittsd
by the Solari hereunder be broilglit taco contribution with insuranco purohosed by Mombers or
their morLpsees,
(4) Raoh Member may oblabi edd.ifloixtl iwrumnoo on a Unit at hluAts
own expenw; pirovidrd, however, no Mcombor shall bo antltlnd to axeroiso tlia right td rrsatulalii
imranee rovMW in Frick a way as to drarcase the amount winch tW D1iW, on beliaif of Die
BYLAWS (nd Ialarael )--rageg
01/13/00 15:02 FAX 501 372 2020 HILBURN LAW FIRM IA010 pap
Members, may realize order any insurance policy which the Board may beve In force on the
Regime at any p"ca lar time;
(5) Enuh Member shall be required to notify the Doard of fill
Porromont impmvetnools or constructlon made by the Member to or in Ibis Unit, f?sa value of
w1lich is in execs of ` %vo 'Thottsaitd Ihtitod StatcS DollArs ($2,000.01D), it Bring undmlood that
this provision does not exprosAy or impliedly authorize any owner to make such impravemmuts
except in complianoo with other applicable provlsiow hereof,
(6) Any Member who obtains Individual insurance polioles eavraiM
any portion of the Regime outer than personal property belonging to such Member (►t.beivg the
sole re"nsibility of each Member to insure personni property and other contents of a UlDit) Shah
be required to file a copy of stich individual pulioy or policies with rho Board ivitbin thirty (30)
days after purchase of such inso mm,
(7) The Board shall be required to mako every oI£oxt to secure
insureltce polides that will provide toy the following:
(a) A waiver of subrogation by the insurer as to any claims
against the Board, 9w Members and oleic reVxNve scryanls, Invitees, agents find guest's;
(b) Mmt the master policy of the project ommot be crowded,
invalidated or suspended on account of tho cvmduct of auly one or more individual Members;
(c) 'That the matey policy on the Regime cm not bolemceled,
invalidated or zuspcaded on account of tlts ❑oudtmt of any officer or employ" of tlto Board
without a prior demand in writing that the Board cute ft dofow;
(d) That any "no other insurance" clause in The master policy
exclude individual Member policies from consideration.
The Board will notify Members sbould any policy of insolence not contain or provide for
each oftbe fotCRaing provisions.
The Board sIWl conduct an annual insurance zoview which shall include an appraisal of
the improvemants In the Regime by a represenlative of the insurance carrier writing the master
policy.
AM= M
AdiSWIM ENT FOR COIMMON EXPOW
(a) &,nnu4t Budge t_ Ps"i tc. WkWri thirty (30) days prior fo the begirm nag of each
celeudar year, the Board shall estimate tho cost of providing tho services for which it Wobligated
under these Bylaws, or for any ounce pmrposo allowed by Ihv Act, during the nmtt ensiling year,
including a reasonable provision for contingeootoks ad replacemats and less any "led
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01/13/00 15:03 PAX 501 392 2020 HILBURN LAW PIRM DQ
income and surplus ltom tha prior year's Mod. The estimated oash miulrenteute for the next
ensuing year as so determined shell be assessed to the Members in accordance W0h their
pammiages of the tote] basic value of tiro Regime as set forth in the Master Deed to be Paid in
ramthly irfstallntents throltghout 1110 yeaf. 1( for any reAsva, they miranted oash re4ir manta
should prove inadequate, the Board ray, at Any timm, lery a Awher assmmnwA, whioh shall be
assessed to the Members in We proportions, WM othetwise provided herm1m Bach Meumbour
shall be obligeted is pay to the Board ell Assessments made porsuant to this Article on or before
the fuse (1`� day of each us OA doting oaolr s+rob year, of in sW11 oaiet xe$soneble msuesr AS tbo
Boats may designate.
(b) tlxmditwe- Qf Gomruon-wad. The ihnds ooileoted fa the wo om bereig
provided shell be sxpendad for tho purposes allowed by the Act, the Artiolee ofInoowadon of
the Corpomti^ in these Bylaws and for no other purpose.
(0) NO-We�vcr, The omfssloo by ibo Board, before tho expiration of any yW, to fix
the mscsmstnents if muMer for that or the next year, shall not bo doomed a waiver or moMcation
In any rettpeat oftbe provision of these Bylaws, or a release ofthe Melubor or Mambas fmtu dw
obligefiots to pay the msesments, or any ins<alknimt tbereaf for that or any oubsequani year, but
the assessments fixed for the preceding yeas AA continue until a new assesslaant is fixed.
Amendments to this Article shall be atlbative only upon rmaarlitious wrlttea eonsdat of the
MembM and tb* mortgagees. No Momber may exgmpt hhu f &rnn Wtbft for ldw%
contribution toww* the common expenses by waiver of the use or cidoyomt of arty► common
t k ment or by abandonment o£a Unit.
(d) Cannpotr brand ltseorcls: no Board shall keep dtfailcd, aco mta record iu
chron olog€eal order of the receipts and expattditures affecting the Common Elements, spavifyi
and itxni*g malahmance and repair expenses of the t onunon ]BleroawU sad gy OW efeaM
incumd. Records and vou&em authorizing the paym mi; lavolved aril by avollablo W
examination by thss Members at come riot hours during wwtdsys or othemiso as IevW by
the Act
ARTICLE M
DVAOLTDiPAYa WrOFAWaStttoe =
Swrm 1, Each vwaoft assessment and each special assessmedat shall be' ael►arate,
distirot and pmvmal debts said obligations of the lMembex apiwt w1w,01 tite some are assessed,
If not paid by the time and fa the rraawff the Board Mght reasonably ditty, such asiessmwits
shell be dmood delinquent. The Board shall Wo tho authority to levy a Into ohaxgo Aot
exceeding tau pcnsr& (l(Plo) of tho aanQrtnt of imy doiitaquant mawsment to be uolldated with
payment of said wwaasn eat, and to olme intcsrest at the nos:twn rate allowed by law. Ut to
recover a monoy Judgmmnut for delinquw usessrncnts, late charge;, intatrest, Attorngs' feat and
costa, and similar mom droll be maimalnable without Enclosing we waiving the liter muting
the same, The amount of Any delinquent assouraont whether m8Wer of RpeoUl,' plug any
app} ca.Wo We ewe, plus iotereat at.tbe highest Moto allowed by law, ousts and rettsanabla
nttvmeye' fees, Aall become 4 lion upon auph Unit at the time the assomment beoomm
DYIAWS (W bbind Roks) — hp 10
Ot/ks/Qe SPaD/ PAX 801 379 9020 HILIKI R 1A1i RIR)1 wood Q�
delinquent, which lice shall be oiibctiva agiirnst ihH pwije.9 upcm reemdation of a Notice of
Delinquent Assowncint. Such lion sball have such priority wish respect to all ot6erlas and
enceunbraneal, xomded or u rowzded, as is set forth in the Meats Deed, in these "am and as
provided by law, hioludiag, without limitation, the Act.
A oerli$oa(e mmouted and aolo m4eW by a mgjo&y of the board or by lilt
Boand's designated agent stating the amotnat of On bldebWasse soared by such Jim sball he
conclusive upon the Board and tht; Members as to tlrc Ammint of atiob indeblednese ou the dab
of the croriibente, in fbvor of rill persona Nvho rely &"aa in good faftil, end shell aer Ikate shall
be 8uniahad to ow Member or proapeod" purdww or any o0owr mmm or piwoofive
eamnbranew of a Unit upon request 4t a reamiaWe. tree to be set by 4to HDard horn time to
time; Unless the cerdfi*e of hdobtoduose shell be fimaishad w1thin Men (tr) days aRer
requestmd, all unpW omunlon expenses which beoamo do prior to the date of the making of
such request shall be subordinate to the interest lit suoh Unit hold or mqufrcd by $0 peceov
maldng tbo rogoest Any enenttalimnw holding a Bees on a Unit may -pay any unpald common
m?cuses payable with rupeot to ioA Unit end, uporl atlah paymcm, such a nourninunorr shall
have a lien ou such Unit for the amounts psld oHIO saute M)k as tba Iien of his enawdrance.
The Board ahbn have tbi powar to bid In &a Unit at tbmlosuro or othea sale and
to hoK lcme, Ilw tggge and convoy 24 Unit.
SW"-2. Notwithstau ing w7 coniraly provisions hOME
(a) The Bites mated hmreunder upon any Unit $hat be su�jeet and
sttbordioate to, alld shall not affect tbo rights of the holder of an iruloWdnass so a at bY, Any
recorded prior purchase money mortgage oa the land or buildings comprising the Ittygi= or
upon it Unit or au interest tlaonasn if such prior recorded mortgagc was mado for vnloo, provided
that, after tbr foreclosure of any such encatnibmeo, any lien, oreated pursuant to Section I olf this
Attiek shall attach to the i hMst of the putcham, at such foreclosure sale to secure idl
assosawertts, whotherregaalar or special, assessed bereundcr,to such purohasor as PA owmnr firoaa
and aft the deta of such foreclosure xa'le, w1doh acid 11M if any, shall have the some bfYeat AW
be mfiveml inthe setae manager AspnovidedbelW%
(b) No amcadcaent to his Ax*lo dW1 sflbct the rights of the Dolor of any
Wh p * x teool W encu mhm a Wag shalt holder joins ht do wtl U011 tltet+ A ,
(0) By suhordlaatinn 86"Mertt executed by a M�arlty of 'he Good' tlae
borte5ts of subsections (a) and (b) abova may bo extended to enottnabrturAs Rot,ofberASO
entitled B}eroto; and
(d) The pumbasm of a Unit is flee ftim snail D*iutly and severally UAW
whit the seller of the Uait for the OmDcra 0W* by the latter uncle" this Angola VRup to (ha
Lima of conveyance, wiff out prejudiw to W Agin of flee purchaserr this to 00t frolMAIR n �(1) �s seller
On of
auaounts paid pu.raaaunt to lids joint end severs1114bOY,
apply to any par lwmr at a foreolosoro sale.
jjYjAW8 (#ad b*md RAW) — YW l I
O1/13/00 1606 PAX 601 372 2090 1111JMJRN 1.AN PiRH VA01A 0�
AMM
OWMM'S OBt Q&TR)x TO RPAM
Be& Member shall, at the oxVmw oft110I► wbn, keep all portions of a ilnit (As defined
in the, Master Deed) and its finnisldngs, fixtilres, equ penal art and appudensnmq in gnat order,
condition said repair find in a olesu, safe End sanitary condition, And sliall twice and do all repairs,
MPlacelnems, redeC01 *ing and padnft whkh may at my trine be nsce,%WY to maintain the
good appearance and mtNNon of ibe [flit. Witianut limiting the goamlfty of the foregoing, 111e
Member shall be responsible for the maintenauee, rwah- ar roptacentent of Any wlndmws and
glass sw boe9, plumbing fixtures, water heaters, furnaces lighting fixtur$s, refl",igerstors, adr
Conditioning equipment and other property or equipment dint may he in, or 111sed exolusively fox
thebone$t oftbatUnit-, provided, however, drat nathing herein shall require a Member to repair,
replace or maintain my of the Common Bl MON of the Regime.
If such maintmmnee, repair or neplwamat is reasonably neoessety► in rho discretion of Me
Bomd to probvct the Gammon Biaments or to preserve rho arohlteotural lnteoty and Appearance
eAd value of the Regime, and the Member(s) Jim fhiled or stirred to pa*= ON mow,
rop* or replaeamaot within a reasonable time ai%x written notice of the riece=8ity of Said
ntatntenance or repair given by tht hoard to said Membcr(s), (bo Board WAY Cause azuoh
maintenance, repairs or replacemcut to be performed at fbe exponse of t11e Menilm(e}, and shall
le►,y a rpccW assmsmesit against the Unit of such Monibez(s) for tree Cost of said nuinteraanc�,
teplacumu t or repair.
ARM==
Pitt atnoNAGAwrAL=AT101S,CdE[Ae1MS,I=
No Member shall, witind fist obta , j& written consent of iheBoard, make or permit to
be made, arty struotwal alteration, ill or to a UWt or in ar to the exteAxor Of the Buibli g ar 01.be r
Colrmson filema*, neither shell Any Member do any act or any work that will impair the
muctuel ttovla dnm or integuty of the Regimo or which will impair the Way of the property ox
impair any easement or hereditanmt without first ohtabling the written canseRt a£'lba BMW -
No Member shall paint or decorate or arrange tlao apireaxeUG of any poitian of'tho windows or
the mied r of any pat of the Common Bremer without first obtainiq the Avritten consent of
the Boa & ,
j(t11$'17tIC IONB OTT UIM
,11LC Units and the Comm 7Mlealente shall be orxstlpied acid used As follows:
(e) All g=ral ore restriaium get Am* Ins alon 6 ofthe MAsior Deed are
ineorporakA herein by xeferenr-l-, anus
l3YLA,WS ("d I UMW Ru)er) - Pap 12
Ol/13100 _ UiDO PAX 001 372 t029 HUMAN LAM IMAM 14014 Deft
0 !
(b) Tl,e 13oarcl slhn1l have the power, rhroio adoption of internal itulna, to extond and
m*W (Iwo prohibitions and the Board may add test cdous toftm refereaeed or eet forth in
Us Axtiole X
ARTiL�
DAMAcm on DtTBTBUMON
lu cage of fire, enualty or other &wttr, the insurance proceeds, if n►Ifiiaient to
reConstxuct $►e Common illesnents of the buildings in the Regime or ropeir the dsmnges thorato,
shall be appited to such rec-onstrirctioti or repair. R,ecommiction of fho Common Elements of fhv
building, as used in this AxticlN means restoring the buildings to substuflatly the samebondition
in which they existed prior to the two, ea od(y or other dioatttor, with oaolt Unit AM'Common
Element having the same vertical and horizontal brnmdmies as before. Such recox *woos Shall
be aaaomplished by the imrd, and if the plans for tiro dmign tbercof dill'er from orlgi�
acrosimo''lor4 such plans shall be filed with a Moldable rottificate reflecting the natu[o of the
cbangas-
If the it manoe proomh am bnfliicient to wooftet the Common B1et mbis of do
buildings, damage to or destruction of ilia building shall be prorVily xcpaircd and rostored by die
Board using proceeds of innxrancc, if any, on the bWklings fbx treat purpose and the Unit owners
shall be liable fix ass=mcni for any dbWonoy; providO, however, that if irtsurancc proceeds
arc imSufsoieat tomonstrod and mom titans two-thirds (66 %'Ye) of this building was daetroyed or
mverely damaged by the ousalty, th% tmtMffi t &g all other pmAsious 1u wf In case of
snob fma, emalty or odw disaster, the Members may, by au afflroaadvo voto of at least thme-
fi nAs (75%) of the v &g power, at a nub of the Member oslied f�r that purposd, elect not
to reconstruct, and if such action is taken, tha net proceeds of the 1zlstlmnce W the property, if
sny, shrill be comidered as one fiord and abatl be divided tnoug all the lumbers is a peroentagc
equal to the undivided h*rest awned by each, Mc mba get ells Cotuttwa Blemmlle, aft furat
peybg out of the rnspoativo slabs of the Mombm, bA the extent suftent for that ptupM% all
liens on the undivided intermit in the property ci%lwl by stroll Membe1r,
MLE XM
CONVZYANC6 OF A.17MT
Tito proviatoos of ft Act Sball govern ail ooAveyarlm of a Unit in the Regbie, without
limitedon on the rights of tho Re&* % Collect dalinquont asseaamants as provIdO in these
Bylaws and die Aot.
BY1AWS (tad lntarml Ruka) — Pages 13
772 20 00 HILBURN LAW FIRM
IOole D/p
1
4A�W--M
AMwMM OB BYLAWd
Thew 13y)0ivs may only he amended by the A irtnAft a vote of lic Mzrn is of wo-
1hirds (66 YO/.) of fbe Units (es Brt forth in the Mdaf% Dmi). Amervin IA shall not bd dfertive
until filed fbr record in the Office of 1110 Cirmdf Clerk OfP111"kl Omtty, Arksmeg.
Sr
f Amrm s day of October, 2005.
HENRY K. RYAN, X, ties' ent l
Iry
i
DAWMIL yVWWOM Vice Ptaident
MAN W. BRATOMB 5eectaryri`no Unr
BYLAVNS (aid lob EW Rules) Pegs 14