|
( Use CTRL-F to search
) HIGHLAND TERRACE CONDOMINIUM
ASSOCIATION, INC. BY-LAWS
1. IDENTIFICATION OF THE
CONDOMINIUM AND DEFINITIONS
��� 1.1 Identification
of the Condominium
��� 1.2 Definitions
2. ADMINISTRATION: APPLICABILITY
��� 2.1 Administration
��� 2.2 Applicability
3. UNIT OWNERS ASSOCIATION
��� 3.1 Qualification
��� 3.2 Powers
and Responsibilities
��� 3.3 Place
of Meetings
��� 3.4 Annual
Meeting
��� 3.5 Special
Meeting
��� 3.6 Notices
��� 3.7 Voting
��� 3.8 Proxies
��� 3.9 Quorum
��� 3.10 Order
of Business
��� 3.11 Conduct
of Meeting
4. BOARD OF DIRECTORS
��� 4.1 Powers
and Duties
��� 4.2 Managing
Agent.
��� 4.3 Number
of Directors and Initial Selection of Board
��� 4.4 Election
and Term of Office
��� 4.5 Annual
Meeting
��� 4.6 Regular
Meetings
��� 4.7 Special
Meetings
��� 4.8 Waiver
of Notice
��� 4.9 Quorum
��� 4.10 Vacancies
��� 4.11 Removal
of Directors
��� 4.12 Compensation
��� 4.13 Conduct
of Meeting
��� 4.14 Annual
Report of the Board of Directors
��� 4.15 Fidelity
Bonds
��� 4.16 Liability
of the Board of Directors and Declarant
��� 4.17 Action
Without Meeting
��� 4.18 Common
or Interested Directors
��� 4.19 Board
of Directors as Attorney?In?Fact
5. OFFICERS
��� 5.1 Designation
��� 5.2 Election
of Officers
��� 5.3 Removal
of Officers; Vacancies
��� 5.4 President
��� 5.5 Vice
President
��� 5.6 Secretary
��� 5.7 Treasurer
��� 5.8 Compensation
of Officers
��� 5.9 Agreements,
Contracts, Deeds, Checks
��� 5.10 Maintenance
of Accounting Records
6. INSURANCE, DESTRUCTION,
RESTORATION CONDEMNATION AND DISTRIBUTION
��� 6.1 Authority
��� 6.2 Coverage
��� 6.3 Limitations
��� 6.4 Notice
of Insurance Coverage
��� 6.5 Individual
Policies
��� 6.6 Insurance
Trustee
��� 6.7 Covenants
for Benefit of Mortgagees
��� 6.8 Reconstruction
��� 6.9 Condemnation
��� 6.10 Assessments
if Insurance Is Inadequate
��� 6.11 Disbursements
��� 6.12 Notification
��� 6.13 Premiums
and Deductibles
7. MORTGAGES
��� 7.1 Notice
to Board
��� 7.2 Notice
of Unpaid Assessments
��� 7.3 Notice
of Default
��� 7.4 Examination
of Books
��� 7.5 Notice
of Meetings
8. NOTICE
��� 8.1 Manner
of Notice
��� 8.2 Waiver
of Notice
9. AMENDMENT OF BYLAWS
��� 9.1 Amendment
of Bylaws
��� 9.2 Approval
of Mortgagees
10. COMPLIANCE AND DEFAULT
��� 10.1 Relief
��� 10.2 Lien
for Contributions
11. MISCELLANEOUS
��� 11.1 Compliance
��� 11.2 Conflict
��� 11.3 Severability
��� 11.4 Waiver
��� 11.5 Captions
��� 11.6 Gender,
etc.
��� 11.7 Consents
and Rights of First Mortgagees
�
�
�
�
�
�
�
�
EXHIBIT C TO DECLARATION
HIGHLAND TERRACE CONDOMINIUM
HIGHLAND TERRACE CONDOMINIUM
ASSOCIATION, INC. BYLAWS
�
ARTICLE I
1. IDENTIFICATION OF THE
CONDOMINIUM AND DEFINITIONS
�
1.1 Identification of the
Condominium
A. The name of the Condominium
is: Highland Terrace Condominium. The address of the Condominium is: 3350
Altamont Road, Birmingham, Alabama, 35205.
B. The Condominium was submitted
to the provisions of the Act by a Declaration Recorded simultaneously herewith.
These Bylaws are adopted pursuant to the Act and provide for the self?governing
of the Condominium.
1.2 Definitions
Each of the following terms,
as used in these Bylaws, shall have the same meaning as the meaning ascribed
to it in Section 3 of the Condominium Declaration: "Act"; "Articles of
Incorporation"; "Associa�tion"; "Unit Owners Association"; "Board of
Directors"; "Building"; "Bylaws"; "Common Elements"; "Common Expenses";
"Common Profits"; "Condominium"; "Condominium Act"; "Condominium Instruments";
"Condominium Plat"; "Condominium Plans"; "Condominium Unit"; "Declarant";
"Declaration"; "First Mortgagee"; "Identifying Number"; "Land"; "Par Value";
"Rules and Regulations"; "Unit"; "Unit Owner."
�
ARTICLE II
2. ADMINISTRATION: APPLICABILITY
2.1 Administration
� The administration
and management of the Condominium and the actions of the Unit Owners and
the Unit Owners Association and its Board of Directors and officers shall
be governed by these Bylaws.
2.2 Applicability
� All present and future
Unit Owners and their tenants, licensees, invitees, servants, agents, employees
and any other person or persons who are permitted to use the Condominium
shall be subject to these Bylaws and the other Condominium Instruments
and to the Rules and Regulations of the Association. Acquisition, rental
or occupancy of a Unit shall constitute the Unit Owner's, tenant's and
occupant's acceptance and ratification of, and the agreement to comply
with, these Bylaws and other Condominium Instruments, and any Rules and
Regulations now existent or hereafter adopted.
�
�
ARTICLE III
3. UNIT OWNERS ASSOCIATION
3.1 Qualification
All Unit Owners in the Condominium,
acting as a group in accordance with the Act and the Condominium Instruments,
shall constitute the Unit Owners Association. Any Unit Owner, upon acquiring
title to his Unit, shall automatically become a member of the Association
and shall remain a member thereof until such time as his ownership of such
Unit ceases for any reason, at which time his membership in the association
shall automatically cease. A person who holds any interest in a Unit solely
as security for the performance of an obligation shall not be a member
of the Association.
3.2 Powers and Responsibilities
� Except as otherwise
expressly provided in these Bylaws or in the Declaration, the powers and
responsibilities assigned by the Act to the Unit Owners Association are
delegated to the Board of Directors, as more particularly set forth in
Article IV.
3.3 Place of Meetings
Meetings of the Association
shall be held at such place as may be designated by the Board of Directors
and stated in the notice of the meeting.
3.4 Annual Meeting
The first annual meeting
of the Association shall be held at a time an place to be designated by
the Board of Directors: (i) within 120 days after Units to which 85% of
the Percentage Interests appertain have been conveyed, or (ii) on such
earlier date as may have been established by the Board of Directors. Thereafter
an annual meeting of the Association shall be held on a date to be established
by the Board of Directors, but not later than 30 days prior to the end
of the fiscal year. The annual meeting of the Association shall a held
for the election of directors and the conduct of such other business as
may be properly brought before the meeting.
3.5 Special Meetings
The President shall call
a special meeting of the Association upon the request of the Board of Directors
or upon the written request of Unit Owners owning Units to which 25% or
more of the Percentage Interests appertain.
3.6 Notices
The Secretary shall send
a notice of meeting of the Association to each Unit Owner at least 21 days
in advance of an annual meeting and at least 7 days in advance of any other
Association meeting. The notice shall state the time, place and purposes
of the meeting. The notice shall be sent by United States mail to all Unit
Owners of record at the address of their respective Units and to such other
addresses as any of them may have designated to the Secretary in writing
or hand delivered by the Secretary. Placing the notice in the Unit Owner's
mailbox or mail slot at the Condominium constitutes the hand-delivery of
the notice. The mailing or hand?delivery of a notice of meeting in the
manner provided herein shall constitute service of notice.
3.7 Voting
Each Unit is allocated one
vote in the Association. A Unit Owner is entitled to cast the vote allocated
to his Unit. Since a Unit Owner may be more than one person, if only one
of such persons is present at a meeting of the Association, that person
shall be entitled to cast the vote allocated to that Unit. But if more
than one of such persons is present, the vote allocated to that Unit shall
be cast only in accordance with the agreement of a majority of them, and
such agreement shall be conclusively presumed if any one of them purports
to cast the vote allocated to that Unit without protest being made forthwith
by any of the others to the person presiding over the meeting. Except where
a greater number is required by the Condominium Act, the
Declaration, or these Bylaws,
a majority of the Unit Owners present in person or by proxy at the beginning
of such meeting is required to adopt decisions at any meeting of the Association.
If the Declarant owns or holds title to one or more Units, the Declarant
shall have the right at any meeting of the Association to cast the vote
to which each such Unit is entitled.
3.8 Proxies
The votes appertaining to
any Unit may be cast pursuant to a proxy or proxies duly executed by or
on behalf of the Unit Owner. Revocation of a proxy is not binding on the
Association unless actual notice of the revocation is received by the officer
presiding over the meeting. A proxy is not valid unless it is dated and
signed by the Unit Owner or by a Person having authority to execute deeds
on behalf of the Unit Owner. A proxy shall terminate automatically upon
the adjournment of the first meeting held on or after the date of the proxy.
A Unit Owner may appoint any other Unit Owner, the Declarant, or the Managing
Agent as his proxy, except that no person other than the Declarant or Managing
Agent shall cast votes as a proxy for more than one Unit in addition to
his own.
3.9 Quorum
The presence in person or
by proxy of Unit Owners entitled to cast more than 25 of the votes in the
Association shall constitute a quorum for the conduct of business. A quorum
shall be deemed to be present throughout a meeting of the Association until
adjournment if Persons entitled to cast more than 25% of the votes are
present in person or by proxy at the beginning of such meeting. If a meeting
cannot be organized because a quorum has not attended, those present may
recess the meeting from time to time until a quorum is present, when any
business may be transacted that may have been transacted at the meeting
as originally called.
3.10 Order of Business
The order of business at
a meeting of the Association shall be as follows: (i) proof of notice of
meeting; (ii) proof of quorum; (iii) reading of minutes of preceding meeting;
(iv) election of inspectors of election, if applicable; (v) election of
directors, if applicable; (vi) reports of officers and committees; (vii)
unfinished business; and (viii) new business.
3.11 Conduct of Meeting
The President shall preside
at meetings of the Association and the Secretary shall keep the minutes
of meetings. Roberts Rules of Order shall govern the conduct of all meetings
of the Association except when in conflict with the Act or the Condominium
Instruments. In that event the Act or Condominium Instruments shall be
controlling.
�
�
ARTICLE IV
4. BOARD OF DIRECTORS
4.1 Powers and Duties
The Board of Directors is
the executive and administrative entity designated to act for the Association
in governing the Condo�minium. The affairs and business of the Association
shall be managed by the Board of Directors. The Board of Directors may
delegate to a director or officer, subject to the continuing control of
the Board of Directors, any matters relating to the duties of the Managing
Agent. In addition to other powers and duties granted or imposed by the
Act, these Bylaws, or by resolution of the Association, the Board of Directors
shall have the power and duty to:
A. Prepare and adopt an annual
budget for the Condominium.
B. Make assessments against
the Unit Owners to defray the Common Expenses, establish the method of
collecting such assessments from the Unit Owners, establish the period
of the installment payments of the annual assessment. Unless otherwise
determined by the Board of Directors, the annual assessment against each
Unit Owner for his proportionate share of the Common Expenses shall be
payable in equal monthly installments, each such installment to be due
and payable in advance on the first day of each month.
B.1. Collect assessments
as made herein.
C. Provide for the operation,
care, upkeep, maintenance and surveillance of the Common Elements and for
services to the Condominium.
D. Designate, hire and dismiss
the personnel necessary for the maintenance, operation, repair and replacements
of the Common Elements, and, where appropriate, provide for the compensation
of such personnel and for the purchase of equipment, supplies and material
to be used by such personnel in the performance of their duties, which
supplies and equipment shall be property of the Association.
E. Make and amend Rules and
Regulations respecting the use of the Condominium.
F. Establish bank accounts
for the Association.
G. Contract for the repair,
additions, and improvements to, or alterations of, the Condominium and
for the restoration of the Condominium, in accordance with the other provisions
of these Bylaws.
H. Enforce by legal means
the provisions of the Declaration, these Bylaws and the Rules and Regulations
and institute, maintain and defend proceedings and actions brought on behalf
of or against the Association.
I. Maintain insurance required
by Article VI of these Bylaws.
J. Pay the cost of services
rendered to the Condominium for which the Association, as distinct from
individual Unit Owners, is liable.
K. Keep the books of the
Association with detailed accounts of the receipts and expenditures affecting
the Condominium, specifying all expenses incurred, including prepaid expenses.
The books and supporting vouchers and records shall be available for examination
by the Unit Owners, their duly authorized agents or accountants or attorneys,
during regular business hours at the time and in the manner set by the
Board of Directors. All books and records shall be kept in accordance with
generally accepted accounting principles, and shall be audited at least
once a year by an outside auditor employed by the Board of Directors, who
shall not be a resident of the Condominium or a Unit Owner.� The cost
of such audit shall be a Common Expense.
L. Purchase Units on behalf
of the association.
M. Enforce obligations of
Unit Owners, allocate Common Profits and Common Expenses, and take such
other actions as may be necessary or proper for the sound management of
the Condominium. The Board of Directors shall have the power to levy fines
against Unit Owners for violations of the Rules and Regulations. No fine
may be levied for more than Ten Dollars ($10.00) for any one violation;
but for each day that a violation continues, after notice, it shall be
considered a separate violation. Collection of fines may be enforced against
a Unit Owner as if the fines were an assessment for Common Expenses owed
by the Unit Owner. If a Unit Owner persists in violating the Rules and
Regulations, the Board of Directors may require him to post bond, satisfactory
to it, to secure future compliance with the Rules and Regulations.
N. Do such things and acts
(not inconsistent with the Condominium Act and with the Condominium Instruments)
which may be authorized by the Association.
0. Lease, grant licenses,
easements, rights?of?way and other rights of use in all or part of the
Common Elements of the Condominium.
4.2 Managing Agent.
The Board of Directors may
employ for the Association a professional Managing Agent, at a compensation
fixed by the Board of Directors to perform such duties as the Board of
Directors may authorize (including, but not limited to, the duties listed
in paragraphs A, B1, C, D, F, G, I, J, R, M, N and 0 of Section 4.1). The
Board of Directors may delegate to the Managing Agent all of the powers
and duties delegated to the Board of Directors by these Bylaws other than
the powers and duties set forth in paragraphs B, E, H and L of Section
4.1. The Board of Directors shall not be liable for any omission or improper
exercises by the Managing Agent for any such duty, power or function delegated.�
Any agreement with the Managing Agent shall be in writing and shall provide
that it may be terminated, with or without cause, on 60 days� written notice.
The terms of any such agreement shall not exceed one year. After the initial
Managing Agent has been named, the Board of Directors shall not employ
any new Managing Agent without 30 days' prior written notice to the First
Mortgagees.
4.3 Number of Directors and
Initial Selection of Board
The number of directors
which constitutes the initial Board of Directors is three. The initial
Board of Directors shall be comprised of three persons appointed by the
Declarant and shall serve (i) until the election of directors at the first
annual meeting of the association or (ii) until a special meeting is held
for the purpose of electing directors as provided in Article III. The Declarant's
appointees need not be Unit Owners or residents of the Condominium, and
the Declarant shall have the right in its sole discretion to replace such
directors and to designate their successors if vacancies occur for any
reason. From and after the first annual meeting of the association, the
number of directors, which constitutes the entire Board of Directors, may
be determined by resolution of the Unit Owners.
4.4 Election and Term of
Office
The Board of Directors shall
be elected at the annual meeting of the Association, to serve until the
next annual meeting of the Asso�ciation and until their successors
have been elected and qualified. Notwithstanding anything contained in
these Bylaws to the contrary, until the first annual meeting of the Association
the Declarant shall have the right to select the Board of Directors and
to fill any vacancy occurring from the death, resignation or removal of
a director by the Declarant. At the first annual meeting, the term of office
of the Director receiving the greatest number of votes shall be fixed for
three (3) years. The term of office of the director receiving the second
greatest number of votes shall be two (2) years and the term of office
of the other directors shall be fixed for one (1) year. At the expiration
of the initial term of office of each respective director, his/her successor
shall be elected to serve a term of three (3) years.
In the alternative,�
the Unit Owners may by resolution duly made and adopted at an annual meeting,
resolve to fix the term of each director elected at any such meeting at
two (2) years. Directors shall hold office until their successors have
been elected and hold their first regular meeting.� So long as the
Declarant continues to be the owner of one Unit in the Condominium, the
Declarant shall have the right to select one member of the Board of Directors.
There shall be no cumulative voting.
4.5 Annual Meeting
An annual organizational
meeting of the Board of Directors should be held within 10 days after the
annual meeting of the Associa�tion. No notice shall be necessary to
the newly elected directors in order legally to constitute such meeting,
providing a majority of the entire Board is present at the meeting.
4.6 Regular Meetings
Regular meetings of the
Board of Directors shall be held at such time and place as shall be determined
from time to time by the Board of Directors, but at least one meeting shall
be held each quarter of each fiscal year. Notice of regular meetings of
the Board of Directors shall be given to each director, personally or by
mail or telephone, at least 72 hours prior to the time of the meeting.
4.7 Special Meetings
Special meetings of the
Board of Directors may be called by the President on 72 hours' notice to
each director. Such notice shall be given personally or by mail or telephone,
and shall state the time, place and purpose of the meeting. Special meetings
of the Board of Directors shall be called by the President or Secretary
in like manner and on like notice on the written request of at least two
directors.
4.8 Waiver of Notice
Notice of a meeting of the
Board of` Directors may be waived in writing by a director either before
or after the meeting. Attendance at a meeting constitutes waiver of notice
of that meeting.
4.9 Quorum
A majority of the entire
Board of Directors shall constitute a quorum for a meeting of the Board
of Directors. The votes of a majority of the members present at a meeting
at which a quorum is present shall constitute the decision of the Board
of Directors. If less than a quorum is present at a meeting, the majority
of those present may adjourn the meeting to a designated time and place.
An adjourned meeting may be held as designated without further notice,
and when a quorum is present any business may be transacted which might
have been transacted at the meeting as originally called.
4.10 Vacancies
A vacancy on the Board of
Directors caused by any reason, other than removal of a Director by a vote
of the Association, shall be filled by a vote of the majority of the remaining
directors, even though they constitute less than a quorum; and each person
so elected shall serve until the next annual meeting of the Association
and until his successor is elected. A vacancy occurring on the Board of
Directors by reason of an increase in the number of directors constituting
the entire Board of Directors or by reason of the removal of a director
by a vote of the Association shall be filled by the Association at an annual
meeting or at a special meeting called for that purpose.
4.11 Removal of Directors
A director may be removed
with or without cause, and his successor elected, at a meeting of the Association
at which a quorum is present, by a plurality of the votes cast. Any director
whose removal has been proposed shall be given at least 10 days' notice
of the calling of the meeting and the purpose thereof, and opportunity
to be heard at the meeting.
4.12 Compensation
A director shall not receive
compensation from the Condominium for serving on the Board of Directors,
but a director may be reimbursed for actual out?of?pocket expenses incurred
by him/her in the proper performance of his/her duties.
4.13 Conduct of Meeting
The President shall preside
at meetings of the Board of Direc�tors and the Secretary shall keep
the minutes of the proceedings.
4.14 Annual Report of the
Board of Directors
The Board of Directors shall
present at each annual meeting of the Association, and when called for
by vote of the Association at any special meeting of the Association, a
complete statement of the operative and financial condition of the Condominium.
4.15 Fidelity Bonds
The Board of Directors shall
require that all directors, officers, trustees, volunteers, agents (including
the Managing Agent), and employees of the Association handling or responsible
for funds furnish adequate fidelity bonds or insurance. The fidelity bonds
or insurance shall designate the Association as a named insured and, if
obtainable, shall be written in an amount sufficient to provide� protection
which shall be not less than one?half the Association's estimated annual
operating expenses and reserves. The premiums on such fidelity bonds or
insurance shall constitute a Common Expense.
4.16 Liability of the Board
of Directors and Declarant
The directors, including
the directors designated by Declarant, and Declarant, shall not be liable
to the Association or to the Unit Owners for mistakes of judgment or for
negligence not amounting to willful misconduct or bad faith. The Unit Owners
shall indemnify and hold harmless each of the directors from and against
all contractual liability to others arising out of contracts made by the
Board of Direc�tors on behalf of the Association or the Unit Owners
unless such contract was made in bad faith. The directors shall not be
personally liable for contracts made by them on behalf of the Association.
The liability of any Unit Owner arising out of any contract made by the
Board of Directors or arising out of the indemnification of the directors
shall be limited to that proportion of the total liability thereunder as
the Par Value of his Unit bears to the aggregate Par Values of all the
Units. The association shall indemnify any person who was or is a party
or is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding by reason of the fact that he is or was a director
or officer of the Association against expenses (including attorney's fees),
judgments, fines and amounts paid in settlement incurred by him in connection
with such action, suit or proceeding if he acted in good faith and in a
manner he reasonably believed to be in, or not opposed to, the best interests
of the Association. The provisions of this paragraph shall also apply to
each officer of the Association.
4.17 Action Without Meeting
Any action required or permitted
to be taken by the Board of Directors at any meeting may be taken without
a meeting if all of the members of the Board of Directors shall individually
or collectively consent in writing to such action. Such written consent
or consents shall be filed with the minutes of the proceedings of the Board
of Directors.
4.18 Common or Interested
Directors
A. The Directors shall exercise
their powers and duties in good faith and with a view to the interests
of the Association and consistent with the purposes set forth in the Declaration.
B. No contract or other transaction
between the Associa�tion and one or more of its Directors, or between
the Association and any corporation, firm, entity or association in which
one or more of the Directors are directors or officers or are pecuniarily
or otherwise interested, shall be either void or voidable because such
Director or Directors are present at the meeting of the Board of Directors
or any committee thereof which authorizes or approves the contract or trans�action,
if any of the conditions specified in any of the following subparagraphs
exist:
��� (1) The
fact of the common directorate or interest is disclosed or known to the
Board of Directors or a majority thereof and noted in the minutes, and
the Board of Directors authorizes, approves or ratifies such contract or
transaction in good faith by a vote sufficient for the purpose; or
��� (2) The
fact of the common directorate or interest is disclosed or known to the
Unit Owners, or a majority thereof, and they approve or ratify the contract
or transaction in good faith by a vote sufficient for the purpose; or
��� (3) The
contract or transaction is commercially reasonable to the Association at
the time that it is authorized, ratified, approved or executed.
C. Common or interested Directors
may be counted in determining the presence of a quorum at any meeting of
the Board of Directors or committee thereof which authorizes, approves
or ratifies any contract or transaction. Such Directors may vote to authorize
any contract or transaction with like force and effect as if they were
not common or interested Directors or officers of such other corporation
or were not so interested.
4.19 Board of Directors as
Attorney In-Fact
The Board of Directors is
hereby irrevocably appointed as attorney?in?fact for the Unit Owners of
all of the Units and for each of them, to manage, control and deal with
the interests of such Unit Owners in the Common Elements of the Condominium
so as to permit the Board of Directors to fulfill all of its powers, functions
and duties under the provisions of the Act, the Declaration and these Bylaws,
and to exercise all of its rights thereunder and to deal with the Building
upon its destruction and the proceeds of any insurance indemnity as hereinafter
provided. This power shall include, but shall not be limited to, the right
to grant easements and licenses from time to time affecting the Common
Elements with respect to sewer lines, water lines, electrical cables, telephone
cables, gas lines, storm drains, underground conduits, or such other purposes
related to the provision of public utilities or as may be considered necessary
or appropriate by the Board of Directors for the preservation of the health,
safety, convenience, or welfare of the Unit Owners of the Units, or any
of them. The foregoing shall be deemed to be power coupled with an interest,
and the acceptance by any person or entity of any interest in any Unit
shall constitute an appointment of the Board of Directors as attorney?in?
fact, as aforesaid.
This power shall be in addition
to any authority to grant easements or licenses given to the Board of Directors
in the Act, in the Declaration or in these Bylaws.
�
�
ARTICLE V
5. OFFICERS
5.1 Designation
The principal officers of
the Association are a President, a Vice President, a Secretary and a Treasurer.
The Board of Directors may appoint assistant secretaries and an assistant
treasurer. With the exception of the President, no officer need be a member
of the Board of Directors. Two or more offices may be held by the same
person, except that the President shall not hold any other office. Officers
must be Unit Owners and residents of the Condominium.
5.2 Election of Officers
The officers of the Association
shall be elected annually by the Board of Directors at its annual meeting
and shall hold office at the pleasure of the Board of Directors.
5.3 Removal of Officers;
Vacancies
An officer may be removed
by the Board of Directors with or without cause by the affirmative vote
of a majority of the entire Board of Directors.
5.4 President
The President is the chief
executive officer of the Association; he shall preside at meetings of the
Association and the Board of Directors and shall be an ex-officio member
of all committees; he shall have general and active management of the business
of the Association, subject to the control of the Board of Directors, and
shall see that all orders and resolutions of the Board of Directors are
carried into effect. The President must be a member of the Board of Directors.
5.5 Vice President
The Vice President shall
perform the duties and exercise the powers of the President in the absence
or disability of the President and shall perform such other duties as the
Board of Directors may prescribe.
5.6 Secretary
The Secretary shall attend
all meetings of the Board of Directors and the Association, and shall record
the voting and the minutes of all proceedings in a book to be kept by him
for that purpose. He shall give notice of meetings of the Association and
the Board of Directors, and shall perform such other duties as may be prescribed
by the Board of Directors or the President. The Secretary shall compile
and keep current at the principal office of the Condominium a complete
record of the Unit Owners and their last known post office addresses. This
record of Unit Owners shall be open to inspection by all Unit Owners at
reasonable hours during regular business days. The Secretary shall also
keep current and retain custody of the minute books of the proceedings
of the Association and the Board of Directors. An assistant secretary shall
perform the duties and exercise, the powers of the Secretary in the absence
or disability of the Secretary and shall perform such other duties as the
Board of Directors may prescribe.
5.7 Treasurer
The Treasurer shall have
custody of all funds and securities except those funds which are placed
under the control of the Managing Agent, and, with the assistance of the
Managing Agent, shall keep full and accurate records of receipts and disbursements
and shall deposit all monies and other valuable effects in such depositories
as may be desig�nated by the Board of Directors. He shall disburse
funds as ordered by the Board of Directors, taking proper vouchers for
such disbursements, and shall render to the President and the Board of
Directors, at the regular meetings of the Board of Directors, or whenever
they may require, an account of all of his transactions as Treasurer and
of the financial condition of the Association. The Assistant Treasurer
shall perform the duties and exercise the powers of the Treasurer in the
absence or disability of the Treasurer and shall perform such other duties
as the Board of Directors may prescribe.
5.8 Compensation of Officers
No officer shall receive
any compensation from the Association for acting as such, but each shall
be reimbursed for reasonable and actual out-of-pocket expenses incurred
by him/her in the performance of his/her duties.
5.9 Agreements, Contracts,
Deeds, Checks
All agreements, contracts,
deeds, leases, checks and other instruments of the Association for expenditures
or obligations of over $800 shall be executed by any two officers of the
Association or by such other person or persons as may be designated by
the Board of Directors. All instruments for expenditures or obligations
of $800 or less may be executed by any one officer of the Association or
by such other person as may be designated by the Board of Directors.
5.10 Maintenance of Accounting
Records
The officers of the Association
or their designee shall cause accounting records to be maintained in accordance
with generally accepted accounting procedures, and open to inspection by
Unit Owners during business hours. In addition to including a record of
all receipts and expenditures, the accounting records shall include an
account for each Unit, setting forth any shares of Common Expenses or other
charges due, the due dates thereof, the present balance due, and any interest
in common surplus.
�
�
ARTICLE VI
6. INSURANCE, DESTRUCTION,
RESTORATION CONDEMNATION AND DISTRIBUTION
6.1 Authority
The Board of Directors shall
obtain and maintain casualty and liability insurance under such terms and
for such amounts as shall be deemed necessary by the Board of Directors,
but in no event less than the amount required by Section 6.2 hereof. The
insurance premiums paid by the Board shall be charged as items of Common
Expense. Such insurance coverage shall provide for the issuance of certificates
of insurance and mortgagee endorsements to all First Mortgagees of the
Units, if requested. Such insurance coverage shall be written on the Condominium
and shall provide for the insurance proceeds covering any loss to be payable
to the Board of Directors as Insurance Trustee for the benefit of each
Unit Owner and his mortgagee according to his Percentage Interest.
6.2 Coverage
The Condominium shall be
insured, to the extent available, against casualty in a minimum amount
equal to the maximum insurable replacement value (i.e., 100% of replacement
costs based upon the value of replacing the Building and all improvements
of the Condominium utilizing contemporary building materials and technology)
thereof (exclusive of excavations and foundations) as determined annually
by the Board of Directors with assistance of the insurance company affording
such coverage. The policy shall cover all the improvements of the Condominium
except those made by a Unit Owner at his expense and shall contain a "condominium
replacement cost" endorsement. Such coverage shall afford protection against:
A. loss or damage by fire,
vandalism, malicious mischief, windstorm, and other hazards covered by
the standard extended coverage endorsement; and
B. such other risks as shall
customarily be covered with respect to projects similar in construction,
location and use as the Directors in their sound discretion may deem advisable.
Such coverage shall insure
the Building (including all of the Units and the bathroom, laundry and
kitchen equipment, fixtures and cabinets, and electrical fixtures, together
with all air?conditioning, heating and other equipment, but not including
furniture, furnishings or other personal property supplied or installed
by Unit Owners), and other Condominium property including all personal
property included in the Common Elements. The Condominium shall be insured
against liability for personal injury and property damage in such amounts
and in such forms as shall be required by the Board, which, however, in
no event shall be less than $1,000,000 with respect to any one occurrence.
All liability insurance shall contain cross?liability endorsements to cover
liabilities of the Association as a group, the Board and each individual
Unit Owner. The deductible, if any, on any policy of insurance purchased
by the Board of Directors, shall be paid by the Association. Workers� Compensation
insurance shall be obtained where necessary to meet the requirements of
law. In addition to the foregoing, the Board of Directors may obtain such
additional insurance coverage as it may deem advisable and appropriate
or as may be requested from time to time by a majority of the Unit Owners.
6.3 Limitations
Insurance obtained pursuant
to the requirements of this Article VI shall be subject to the following
provisions:
A. Each policy shall be written
with a company or companies which are licensed to do business in the State
of Alabama and which holds a rating of "A-X" or better in the current edition
of Best's Key Rating Guide.
B. No insurance coverage
obtained and maintained pursuant to the requirements of this Article VI
shall be brought into contribution with insurance purchased individually
by any of the Unit Owners or their mortgagees, as herein permitted, and
any "no other insurance" or similar clause in any policy obtained by the
Board of Directors pursuant to the requirements of this Article shall exclude
such policies from consideration.
C. Each policy shall provide
that it may not be cancelled or substantially modified or reduced without
at least 30 days' prior written notice to all insured named thereon, including
all named First Mortgagees.
D. Each policy of casualty
insurance shall provide that, notwithstanding any provisions thereof which
gives the carrier the right to elect to restore or repair damage or reconstruct
in lieu of making a cash settlement, such option shall not be exercisable
without the prior written approval of the Board of Directors.
E. Each policy shall contain
a waiver of subrogation by the insurer as to any and all claims against
the Unit Owners, the Association, the Board of Directors, the Managing
Agent, and their respective agents, and of any defenses based upon coinsurance
or invalidity arising from the acts of the insured.
F. Each policy shall contain
provisions (i) that its coverage shall not be prejudiced by any act or
neglect of any occupants or Unit Owner of the Condominium or their agents
when such act or neglect is not within the control of the insured, or the
Unit Owners collectively; and (ii) that it shall not be prejudiced by failure
of the insured, or the Unit Owners collectively, to comply with any warranty
or condition with regard to any portion of the Condominium over which the
insured, or the Unit Owners collectively, have no control.
6.4 Notice of Insurance Coverage
The Board of Directors shall
promptly furnish to each Unit Owner written notice of the procurement,
subsequent changes, or termination of each insurance policy obtained on
behalf of the Association.
6.5 Individual Policies
Each Unit Owner or any mortgagee
may obtain at his own expense additional insurance, including a "condominium
unit owner's endorsement" for improvements and betterments to a Unit made
or acquired at the expense of the Unit Owner. Such insurance should contain
the same waiver of subrogation provision as that required by Section 6.3E.
It is recommended that each Unit Owner obtain, in addition to the insurance
hereinabove provided to be obtained by the Association, a "Condominium
Unit Owner's Policy," or equivalent, to insure against loss or damage to
personal property used or incidental to the occupancy of the Unit, additional
living, expense, vandalism or malicious mischief, theft, personal liability
and the like. Such policy should include a "condominium unit owner's endorsement"
covering losses to improvements and betterments to the Unit made or acquired
at the expense of the Unit Owner. No Unit Owner shall maintain insurance
coverage which will tend to decrease the amount which the Association may
realize under any insurance policy which it may have in force at any particular
time; the Board of Directors may require that each Unit Owner shall file
with the Managing Agent a copy of each individual policy of insurance purchased
by the Unit Owner within 30 days after its purchase; the Board of Directors
may also require that each Unit Owner shall notify the Board of Directors
of all improvements made by him to his Unit having a value in excess of
$1,000.
6.6 Insurance Trustee
The Board of Directors shall
serve as the Insurance Trustee. All insurance policies purchased by the
Association shall be for the benefit of the Association, each Unit Owner
and his First Mortgagee, as their respective interests may appear, and
shall provide that proceeds payable pursuant to the policies shall be paid
directly to the Board of Directors as Insurance Trustee. All policies shall
provide that adjustment of loss shall be made by the Board of Directors.
6.7 Covenants for Benefit
of Mortgagees
Proceeds of insurance policies
received by the Insurance Trustee shall be distributed to or for the benefit
of the Unit Owner entitled thereto, after first paying or making provision
for the payment of the expenses of the Insurance Trustee, in the following
manner:
A. Proceeds are to be paid
first to repair or restore damage or destruction, as elsewhere provided
herein. After defraying the cost of the repair or restoration, all remaining
proceeds shall be payable jointly to the Unit Owners and First Mortgagees,
if any, entitled thereto. This covenant is for the benefit of any First
Mortgagee and may be enforced by such mortgagee.
B. If it is determined in
the manner elsewhere provided herein that the damage for which the proceeds
are paid shall not be reconstructed or repaired, then and in that event,
the Condominium shall be deemed to be owned in common by the Unit Owners
and shall be subject to an action for partition upon the suit of any Unit
Owner or mortgagee in which event the net proceeds of sale together with
the net proceeds of any insurance shall be distributed pro rata to the
Unit Owners, after first paying off, out of the share of each Unit Owner,
to the extent sufficient for that purpose, all liens, including mortgage
liens, on the Unit of such Unit Owner. This is a covenant for the benefit
of any mortgagee and may be enforced by such mortgagee.
6.8 Reconstruction
In the event of damage or
destruction of all or any part of the Condominium Property, the terms and
conditions under which reconstruction may commence shall be in accordance
with the provisions of the Declaration.
6.9 Condemnation
In the event of condemnation
of all or a portion of the Condominium Property, the disposition of proceeds
of the award shall be governed by the provisions set forth in the Declaration.
6.10 Assessments if Insurance
Is Inadequate
Immediately after a casualty
causing damage to property for which the Board of Directors has the responsibility
of maintenance and repair, the Board shall obtain reliable and detailed
estimates of the cost to replace the damaged property in as good a condition
as it was before the casualty. Such costs may include professional fees
and premiums for such bonds as the Board desires. If the proceeds of insurance
are not sufficient to defray such estimated costs, the special assessment
shall be made against all the Units in proportion to the Par Value of the
Units, in sufficient amounts to provide funds to pay the estimated costs.
If at any time during reconstruction and repair, or upon completion of
reconstruction or repair, the funds for payment of the costs thereof are
insufficient, assessments shall be made against all of the Units in proportion
to their Par Value in sufficient amounts to provide funds for the payment
of such costs.
6.11 Disbursements
Any and all disbursements
of funds, whether such funds consist of insurance proceeds, special assessments,
sales proceeds, or any combination thereof, to be made by the Insurance
Trustee for any purpose whatsoever, shall be made pursuant to and in accordance
with the Declaration and a certified statement of the association or the
Board of Directors.
6.12 Notification
The Board of Directors shall
notify: (a) the First Mortgagee of the Unit whenever damage to the Unit
covered by the mortgage exceeds $1,000; and (b) all First Mortgagees whenever
damage to the Common Elements exceeds $10,000.
6.13 Premiums and Deductibles
Premiums and deductibles
upon all insurance policies purchased by the Board of Directors shall be
deemed to be a Common Expense.
�
�
ARTICLE VII
7. MORTGAGES
7.1 Notice to Board
A Unit Owner who mortgages
his Unit shall notify the Board through the Managing Agent of the name
and address of his mortgagee; the Board shall maintain such information
in a book entitled "Mortgagees of Units."
7.2 Notice of Unpaid Assessments
The Board, whenever so requested
in writing by a mortgagee, shall promptly report any then unpaid assessments
due from, or any other default by, the owner of the mortgaged Unit.
7.3 Notice of Default
The Board shall give written
notice to a Unit Owner of any default by the Unit Owner in the performance
of any obligations under the act or Condominium Instruments, and, if such
default is not cured within 60 days, shall promptly send a copy of such
notice to each holder of a mortgage covering such Unit whose name and address
has theretofore been furnished to the Board.
7.4 Examination of Books
Each Unit Owner and each
First Mortgagee shall be permitted to examine the books of account of the
Condominium at reasonable times on business days.
7.5 Notice of Meetings
Upon request, each First
Mortgagee of a Unit shall receive notice, in writing, of all meetings of
the Association, and shall be permitted to designate a representative to
attend all such meetings.
�
�
ARTICLE VIII
8. NOTICE
8.1 Manner of Notice
Unless specified otherwise
in other sections of these Bylaws, whenever any notice is required to be
given under the provisions of the Act or of the Condominium Instruments
to any mortgagee, director or Unit Owner, it shall not be construed to
require personal notice, but such notice may be given in writing, by mail,
by depositing the same in a post office or letter box, in a post?paid sealed
wrapper, addressed to such mortgagee, director or Unit Owner at such address
as appears on the books of the Condominium, and such notice shall be deemed
to be given at the time when the same shall be thus mailed.
8.2 Waiver of Notice
Whenever any notice is required
to be given under the provisions of the Act or the Condominium Instruments,
a Waiver thereof, in writing, signed by the person or persons entitled
to such notice, whether signed before or after the time stated therein,
shall be deemed equivalent thereto.
�
�
ARTICLE IX
9. AMENDMENT OF BYLAWS
9.1 Amendment of Bylaws
At a meeting of the Association
called for that purpose, these Bylaws may be amended by the affirmative
vote of Unit Owners representing at least seventy?five Percent of the votes
in the Association; provided, however, at (a) Section 4.3 insofar as it
relates to the selection of members of the Board of Directors by the Declarant,
(b) Section 3.7 insofar as it provides that the Declarant, so long as it
is the owners of one or more Units, may vote the votes appurtenant thereto,
may not be amended without the consent in writing of the Declarant, so
long as the Declarant shall be a Unit Owner. Furthermore, notwithstanding
the foregoing, as long as the Declarant is the owner of one or more Units,
no amendment to the Bylaws or Rules and Regulations may be adopted which
could interfere with the display, sale, lease, or other disposition of
such Unit or Units. Amendments may be proposed by the Board of Directors
or by petition signed by Unit Owners representing at least 50% of the votes
in the Association. No amendment to the Bylaws shall become effective until
recorded. The Declarant reserves the right to amend these Bylaws as long
as there is no Unit Owner other than the Declarant.
9.2 Approval of Mortgagees
These Bylaws contain provisions
concerning various rights, priorities, remedies and interests of the First
Mortgagees of Units. Such provisions in these Bylaws are to be construed
as covenants for the protection of the First Mortgagees on which they may
rely in making loans secured by mortgages of the Units. Accordingly, all
First Mortgagees shall be given 30 days' notice of all proposed amendments,
and no amendment or modification of these Bylaws impairing or affecting
the rights, priorities, remedies or interests of a First Mortgagee shall
be adopted without the prior written consent of such mortgagee. If there
is more than one First Mortgagee holding mortgages on the Units, it shall
be sufficient for this purpose to obtain the written consent of the First
Mortgagee or Mortgagees holding mortgages on at least seventy?five percent
of the Units encumbered by mortgages.
�
�
ARTICLE X
10. COMPLIANCE AND DEFAULT
10.1 Relief
Each Unit Owner shall be
governed by, and shall comply with, all of the terms of the Condominium
Instruments and the Rules and Regulations, and any amendments of the same.
A default by a Unit Owner shall entitle the association acting through
the Board of Directors or Managing Agent, to the following relief:
A. Legal Proceedings. Failure
to comply with any of the terms of the Condominium Instruments and the
Rules and Regulations shall be grounds for relief which may include without
limiting the same, an action to recover any sums due for money damages,
injunctive relief, foreclosure of the lien for payment of all assessments,
any other relief provided for in these Bylaws, or any combination thereof,
and any other relief afforded by a court of competent jurisdiction, all
of which relief may be sought by the Association, the Board of Directors,
the Managing Agent, or, if appropriate, by an aggrieved Unit Owner.
No suit or other proceeding
may be brought by the Association to foreclose the lien for any assessments
levied pursuant to the Declaration or these Bylaws except after fifteen
(15) days' written notice to the First Mortgagee on the Unit which is the
subject matter of the proceeding.
B. Additional Liability.
Each Unit Owner shall be liable for the expenses of all maintenance, repair
or replacement rendered necessary by his act, neglect or carelessness,
or the act, neglect or carelessness of any member of his/her family or
his employees, agents, or licensees, but only to the extent that such expense
is not covered by the proceeds of insurance carried by the Board of Directors.
Such liability shall include any increase in fire insurance rates occasioned
by use, misuse, occupancy or abandonment of any Unit or its appurtenances.
Nothing contained herein, however, shall be construed as modifying any
waiver by an insurance Company of its rights of subrogation.
C. Costs and Attorney's Fees.
In any proceeding arising out of any alleged default by a Unit Owner, the
prevailing party shall be entitled to recover the costs of the proceeding,
and such reasonable attorney's fees as may be determined by the court.
D. No Waiver of Rights. The
failure of the Association, the Board of Directors or any Unit Owner to
enforce any right, provision, covenant or condition which may be granted
by the Condominium Instruments or the Rules and Regulations shall not constitute
a waiver of the right of the Association, the Board of Directors or any
Unit Owner to enforce any right, provision, covenant or condition of the
Condominium Instruments or the Rules and Regulations in the future. All
rights, remedies and privileges granted to the Association, Board of Directors
or any Unit Owner pursuant to any term, provision, covenant or condition
of the Condominium Instruments or Rules and Regulations shall be deemed
to be cumulative and the exercise of any one or more thereof shall not
be deemed to constitute an election of remedies, nor shall it preclude
the party exercising the same from exercising such privileges as may be
granted to such party by the Condominium Instruments or the Rules and Regulations,
or by law or inequity.
E. Interest. In the event
of a default by any Unit Owner which continues for a period in excess of
15 days, such owner shall be obligated to pay interest on the amounts due
at the highest permissible rate of interest from the due date thereof.
F. Abatement and Enjoinment
of Violations by Unit Owners. The violation of any Rule or Regulation adopted
by the Board of Directors, or the breach of any Bylaw contained herein,
or the breach of any provision of the Condominium Instruments (after due
notice to the Unit Owner that said violation or breach constitutes an immediate
danger to the Condominium and Unit Owners), shall give the Board of Directors
the right, in addition to any other rights set forth in these Bylaws: (i)
to enter the Unit in which, or as to which, such violation or breach exists
and summarily to abate and remove, at the expense of the defaulting Unit
Owner, any structure, thing or condition that may exist therein contrary
to the intent and meaning of the provisions hereof, and the Board of Directors
shall not thereby be deemed guilty in any manner of trespass; or (ii) to
enjoin, abate or remedy by appropriate legal proceedings, either at law
or in equity, the continuance of any such breach.
10.2 Lien for Contributions
A. The total annual contribution
of each Unit Owner for the Common Expenses levied pursuant to these Bylaws
is hereby declared to be a lien levied against the Unit of such Unit Owner
within the purview of the Act, which lien shall be effective as of the
first day of each fiscal year of the Condominium. The Board of Directors,
or Managing Agent, may file or record such other or further notice of lien,
or such other or further document as may be required by the then laws of
the State of Alabama to confirm the establishment of such lien.
B. In any case where an assessment
against a Unit Owner is payable in installments, upon a default by such
Unit Owner in the payment of any single installment, which continues for
10 days after written notice of such default has been sent to the Unit
Owner, the maturity of the remaining total of the unpaid installments of
such assessments may be accelerated, at the option of the Board of Directors,
and the then balance owing may be declared due and payable in full together
with interest thereon at the lesser of ten percent (10%) per annum or the
maximum rate of interest permitted to be charged to natural persons in
the State of Alabama with respect to first mortgage loans at the time such
installment or assessment became due, and the cost of collection thereof,
by the service of notice to such effect upon the defaulting Unit Owner
by the Board of Directors or Managing Agent. The Board of Directors may
post a list of Unit Owners who are delinquent in the payment of any assessment
or other fees which may be due the Association, including any installment
thereof which becomes delinquent, in any prominent location within the
Condominium. The Unit Owner who is delinquent shall be prohibited from
voting at any meeting of the Unit Owners� Association until the amount
necessary to release the lien has been paid.
C. The lien for assessments
may be foreclosed in the manner provided by the laws of the State of Alabama
by suit brought in the name of the Board of Directors, acting on behalf
of the Association. During the pendency of such suit the Unit Owner shall
be required to pay a reasonable rental for the Unit for any period prior
to sale pursuant to any judgment or order of any court having jurisdiction
over such sale. The plaintiff in such proceedings shall have the right
to the appointment of a receiver, if available under the then laws of the
State of Alabama.
D. The lien for assessments
shall be prior to all other liens and encumbrances except: (i) liens and
encumbrances recorded prior to the recordation of the Declaration; (ii)
liens of any first priority mortgage or deed of trust on such Unit recorded
prior to the due date of such assessment or the due date of the first installment
payable on such assessment; and (iii) liens for real estate taxes and municipal
assessments.
�
�
ARTICLE XI
11. MISCELLANEOUS
11.1 Compliance
These Bylaws are set forth
in compliance with the requirements of the Act.
11.2 Conflict
�����������
These Bylaws are subordinate and subject to the Act, the Declaration and
the Condominium Plat and Condominium Plans.� In the event of any conflict
between these Bylaws and the other Condominium Instruments, the provisions
of the other Condominium Instruments shall control.
11.3 Severability
These Bylaws are adopted
to comply with the laws of the State of Alabama. If any provision of these
Bylaws or the application thereof in any circumstances is held invalid,
the validity of the remainder of these Bylaws shall not be affected thereby,
and to this end the provisions of these Bylaws are declared to be severable.
11.4 Waiver
No restriction, condition,
obligation or provision of these Bylaws shall be deemed to be abrogated
or waived by reason of any failure to enforce the same.
11.5 Captions
The captions contained in
these Bylaws are for convenience only and are not a part of these Bylaws
and are not intended in any way to limit or enlarge the terms and provisions
of these Bylaws.
11.6 Gender, etc.
Whenever in these Bylaws
the context so requires, the singular number shall include the plural and
the converse; and the use of any gender shall be deemed to include all
genders.
11.7 Consents and Rights
of First Mortgagees
Any other provision of these
Bylaws or of the Declaration to the contrary notwithstanding, neither the
Association nor the Board of Directors shall institute any proceeding (or
by omission cause or allow to occur), without the prior written consent
of at least seventy?five percent (75%) of the First Mortgagees (based upon
one vote for each first mortgage owned) and seventy?five percent (75%)
of the Unit Owners (not including Declarant) to take any of the following
actions:
(a)�� change any
Unit's Undivided Interest in the Common Elements;
(b) partition or subdivide
any Unit, or any Unit's Undivided Interest in the Common Elements, nor
subdivide, abandon, encumber, sell or transfer the Common Elements;
(c) seek to abandon or terminate
the Condominium status of the Property except as provided by the Act in
the case of substantial loss to the Units and/or the Common Elements;
(d) modify the method of
determining and collecting assessment or allocating distributions of casualty
insurance proceeds or condemnation awards;
(e) use the proceeds of casualty
insurance for any purpose other than restoration, repair or replacement,
except as otherwise provided in the Act in the case of substantial loss.
�
�
�
�
IN WITNESS WHEREOF, the Declarant
has executed these Bylaws the day and year first above written.
�
�
THE LYON REALTY COMPANY
�
�
�
�
BY�:� _________________________
��������
Richard S. Robinson
��������
Its Vice President
ATTEST
By� __________________________
�����
Peter M. Ochs
�����
Its Secretary
�
�
�
�
STATE OF ALABAMA )
JEFFERSON COUNTY���������
)
�
�
Before me, the undersigned
authority, in and for said County and said State, personally appeared Richard
S. Robinson, and Peter M. Ochs, to me well known to be the persons described
in and who executed the foregoing Bylaws as Vice President and Secretary,
respectively, of The Lyon Realty Company, a California Corporation. They
severally acknowledge before me that they executed such Bylaws as Officers
of the said Corporation, and that said instrument is the free act and deed
of said Corporation.
�
�
Witness my hand and official
seal the ________day of ____________,1980.
�
�
�
�
_____________________________
Notary Public
My Commissions Expires: ________
�
�
|