SfATE Of' ALABAI,IA

COI}NTY OF BALDWTN
ARTICLE ONE
INTRODUCTION
L- rDENfrry:
These are the By-Laws of Audubon
plaee
Homeowners Association,
rnc., hereinafter
referred to as
trAssoci-ationr'.
The Association
has been organized for the purpose
of administering the conmon areas and amenlties
within the
suMivj-sion known as
"Audubon
place,r,
a plat
of which is recorded
in slide 1657-8 of the records in the office of the Judge of
Probate, Bardwin county, Alabama, and any other future uni_t of said
subdivision ('tsubdivision*),
and generally
to further the best
interests of the owners of rots in the subd,ivision.
2. By-LAws Appl,rcABrl,rry:
The provisions
of these By-Laws
shalI govern
the administration
and managiement
of the Association.
3. PERSONAL AppLrcATroI,i:
Arr present
and future lot owners,
their employees, tenants, guests
or any other person
who might use
the property
in any manner whatsoever
shall be subject
to the
provisions
of these By-Laws and to such rules and regulations
as
may be reasonably adopted by the Board. of Directors
of the
Association-
?he acguisiti.on,
rentar or any other occupancy
of any
of the individual
lots of the'subdivision
shall constitute
an
acknowledgrnent
that these By-Laws and such applicable
rules and
BY-LAWS OF
4.UDUBON
PLACE HOMEOWNERS
AS,SOCIATION,
INC.
STATE OF AI,ABAI,IA
COUNTY OF BALDWIN
ARTICLE ONE
INTRODUCTTOIT
r-- rDENTrry:
These are the By-Laws of Audubon
prace
Homeowners Association,
rnc., hereinafter
referred to as
rrAssociationr'.
The Association
has been organized
f or the purpose
of administering the conmon areas and amenities
within the
subdivision known as
'rAudubon
place,r,
a plat
of t,rhich is recorded
in sLide r-657-8 of the records in the office of the Judge of
Probate, Bardwin county, Alabama, and any other future unit of said
subdivision ('trsubdivision"),
and generally
to further the best
interests of the owners of rots in the subd,ivision-
z. By-LAws ApplrcABr.I,rry;
The provisions
of these By-Laws
shal1 govern the administration
and management
of the Association-
3. PERSONAL AppLrgATroN:
A1r present
and future lot owners,
their employees, tenants, guests
or any other person
who might use
the property
in any manner whatsoever
shall be subject
to the
provisions
of these By-Laws and to such rules and regiulations
as
may be reasonably adopted by the Board. of Directors
of the
Association-
?he acquisition,
rentar or any other occupancy
of any
of the individual
lots of the'subdivision
shalr constitute
an
acknowledqrment
that these By-Laws and such applicable
rules and
BY-LAWS Or
4.UDUBON
PLACE HOMEOWNERS
ASSOCIATION,
INC.
regurat'ions
are accepted and ratified and sha1} further constitute
an agreement to comply with the provisions
thereof.
4' PRINCIPAL oFFIcE: The principal
office of the Association
shall be l0cated at 800
piccadilly
square Drive, Mobire, Alabama
36609' The address of said principal
office may be changed at the
discretion
of the Board of Directors.
ARTICLE TWO
5' MEMBERST A11 persons
owning
a vest,ed, pre,sent
interest in
fee title to any of the lots in the subdivision,
which interest is
evidenced by duly executed
and proper
j.nstruments
reeorded in the
office of the Judge of
probate,
Baldwin
county, Alabama, sharl be
deemed members of the Association
and their membership
shall
automatically
terminate upon the ternination
of their vested
interest in the title to a 1ot in the subdivision.
The lega1 title
to a Iot in the subdivision
held by a vendor
under a vendor's lien
deed or a mortgagee under a mortgage shall
not qualify
the holder
thereof for membership
in the corporation.
The foreclosure
or deed
in lieu of foreclosure of any vendor's
lien or mortgage of a Iot in
the subdivision sharl terminate
the grrantee's
or mortg:agor,s
membership
in the corporation
with respect to such 1ot, whereupon
all rights to such membership
sharl vest in the party
who has
purchased
said property
at such foreclosure
sale or by deed in lieu
of foreclosure-
Membership
rights, includJ-ng
voting rights as hereinafter
provided
rnay be suspended
by the Board of Directors
if any member
shal1 have failed to pay
when due any assessment
or charge lawfully
iurposed upon him or upon any 1ot owned by him, or if the member,
his family, his tenant or any guest
sha]r violate
any of these By_
Laws or any applicable rule and reguration
adopted. pursuant
hereto.
5' voTrNG RTGHTS:
The Association
shalL
have two (2) classes
of voting rnemberships:
cLASs
a:
crass A members shall be al1 owners with the
exception of The Mitchell company, rnc-
l;e"viioper,,;
(who shalL become a crass A member ii proviaia
hereafter)
and shalr be entitred to one (1) vote for each Lot owned.
when more than one person
hoids an interest in any Lot,
all such persons
sharl be members. rne voie-ioi--Lucrr
a
Lot shal1 be exercised
as they among: themselves
determine, but in no event shalr mole than one (i, vote
be cast with respect to any Lot.
cr,Agg B: class B members sha1l be Developer
and shall be
entitled to three (3) votes for each Lot owned.
The
class B membership
sharr cease and be converted
to cr.ass
A membership upon the happening
of either
or the
fo'11owing events, whichever
btcurs earli"ri
i"l
wien the
total votes outstanding
in the crass A memb.r=rrip
equal
the total votes outstanding
in the class B memb"""iipl
"i
(b) on July 31, 1998.
From and after the happening of these events, whichever
occurs
earlier, the class B member shall be deemed
to be a class A member
entitl-ed to one (1) vote for each Lot which is owned by said class
B member. The developer
shalr not exercise
its voting riqhts
granted
to it under this Article in an unreasonable
manner nor in
such a aray as to cause undue hardship
upon any o$/ner.
Likewise,
class A members shalr not exercise their voting
rights granted
to
them in a nanner as to hinder the Deveroper,
in any manner, in
selling the lots it has remainingi,
nor to affect any reservation
or
right of the Developer
contained
herein, or else where, so long as
the Developer hords at least one lot for resale purposes.
3
7. ANNUAL MEETTNG:
An annuar meeting of the members shalr be
held at the principal
offi,ce of the Association
or at such other
prace
as may be designated
by the
president,
at ten orclock (10:00)
a.m. on the
in the month of January for the
purpose
of electing directors
and for the transaction
of sueh other
buslness
as may come before the meeting.
8, spEcra,L
MEETTNGS:
Special meetings
may be called by the
President, secretary-Treasurer,
a majority
of the Board of
Directors or by a written request from members entitled,
to cast
fifty (5o?) percent
of the votes in the Association
for any purpose
and at any time. Notice of special meetings
shall be nrailed or
delivered to each member by the secretary-Treasurer
at reast five
(5) days before such meeting at such memberrs
ad.dress
as shown in
the Association records.
such notice shall state the purpose
of
such meeting and the location
of such meetj_nq.
9. ouoRUM:
A quorum
at membersr
meetings shalr consist of
the number of persons
entitred
to cast a majori-ty of the votes of
the entire membership.
As used in these bylaws,
the term
"majority'
means fifty-one (51a) percent
of the votes of the
members. A majority
of the voting ri"ghts present
may adjourn any
meeting from ti.ne to time.
A simpte
rnajority
of all voti.ng rights
present
in person
or proxy
shal"r deci-de any question
brought before
the meeti-ng:, except when otherwise
required by these bylans.
10- NorrcE oF MEETTNG:
rt shall
be the duty of the secretary_
Treasurer of the Association
to mail a notice of each annuar or
special meeting, stating the purpose
thereof
as well as the tirne
7
and the place where it is to be held to each owner of record at
least five (5) days but not more than ten (10)
days, prior
to such
meeting. The mailing of such notice to each member at the address
shown for each such member in the Association
records shaIl be
deemed to be notice of any such meeting.
11. UNANTI{ous CO,NSENT: Notwithstanding
anything to the
contrary contained hereinr dny action reguired or permitted
to be
taken at any meeting of the members of the Association
or any
committee thereof may be taken without a meeting if, prior
to such
action, a written consent thereto is signed by ar1 members or a1l
members of such committee, as the case may be, and sueh written
consent is filed with the minutes of proceedings
of the Association
or committee.
72. PRoxrES: votes may be cast in person
or by proxy.
Proxies must
.
be filed with the Secretary-Treasurer
before the
commencement of each meeting at its appointed tirne.
13,
Notwithstanding anything to the contrary contained
herein, ilo
meeting of the members of the Association
may be held until the
Developer as hereinafter defined (i) ceases to be the record owner
of any lot within the subdivision or (ii) the date on which the
Developer relinquishes its rights with respect hereto, whichever
event shall occur firstl unless such neeting is called by the Board
of Directors of the Association or by Deveroper;
and until such
time as the Developer ceases to be the record owner of any rot in
the subdivision, no action sharl be taken by the Association,
without. the advice and consent of said Developer.
L4. ADJ0.
.RNED
uEESrNcs: rf any meeting of members cannot be
herd because of a lack of quorum, the members r,rrho
are present,
either in person
or by proxy,
Day adjourn the meeting to a time not
less than forty-eight (48) hours from the time that the original
meeting was caLled.
ARTICLE THREE
BOARD OF DIRECTORS
1"5. PowERg: The Board of Directors shalr have all powers
necessary to manage the affairs of the Association
and to dischargre
its rights, duties and responsibilities
as provided.
in the Articles
of rncorporati-on and the laws of the state of Alabama.
15. NUMBER: The number of directors
sha1l be not less than
three (3) nor more than nine (9) as may be determined by and as may
be amended by a vote of the majority of the mernbers at any annual
meeting of the members. Except for the initial directors and their
replacements as named by tshe Developer,
each director shalr be a
member of the Association or a person
exercisj-ng the rights of an
owner who is not a natural person.
A11 directors shall act without
compensation unless otherwise provided
by the resolutj.on of the
membership. Except for the initiar directors
and their
replacements as made by the Developer and as othegrise provided
herein and in the Artj-cles of Incorporation
of th; Association,
each director sha11 be elected. at the annual meeting of the members
of the Association and sha1l hold office until the next annual
meeting of the menbers and/or until his successor
shall have been
erect'ed and duly qualified,
unless sooner removed by the
menbership-
However, the initiat directors named in the Articl_es
of rncorporatLon, or their replacements,
shall continue to serve
and no such election shall oecur until (i) Developer ceases to be
the record owner of any lot within the subdivision
or (ii) the date
on which the Developer relinquishes
lts right to determine the
number of directors and to elect directors,
whichever event shall
first occur.
L7 . REGUL+A,R I,IEETTNGS: A regurar meetJ-ng of the Board of
Directors sha1l be held immediately after and at the same place as
the annual meeting of the membership.
Additional regir.rJ-ar meetings
may be held as provided
by resolution of the Board of Directors.
L8.
'spEcrAL
MEETTNGS:
special
.meetings of the Board of
Direct,ors may be carled by the
president
or a majority of the
directors for any purpose
and at any time or place.
l-9. NorrcE oF MEETTNGS: Notice of all regurar meetings and
special meetings of the Board of Directors
shaLl be mailed or
delivered to each direetor at the add.ress of such director as shown
in the Association
records at least five (5) days before such
meetingr, unless such notice
j-s
waived by any director or directors.
Each such notice sha1l state the purpose
of the meeting and the
time and place
of such meeting.
20' oUoRUM: A guorum of the meeting of the Board of Directors
shall be the number of direetors necessary to cast a majority vote
if the entire Board. of Directors $rere present.
rf a quorum
is not
present
for a meeting, a majority of those present
may adjourn the
meeting from time to time. A director shall be deemed present
for
the purpose of a quorum
with respect to any question
or election
upon which his written and signed vote shalt have been received by
the Secretary-Treasurer
of the Association prior
to such meeting.
A maJority of the votes present
at a meetj.ng in which a quorum
is
present shall
.decide
any matter brought
before the Board of
Dj.rectors, except as may otherwise be required in these bylaws or
the laws of the State of.Alabama.
2a. REt{ovAL ANq APP_OTNTMENT:
Developer
sharr have the
exclusive right to remove, erect, appoint and./or replace directors
of the corporation until (i) Developer ceases to be the record
owner of any lot within the subdivision,
or (ii) the date on which
Developer relinquishes
its right to determine the number of
directors and to elect directors, whichever
event sha1l occur
first. ?hereafter any director may be rernoved by concurrence of at
least three-fourths (3/4)
of the members of the Association at a
special meeting of the mernbers of the Assocj.ation
called for that
purpose
and the vacancy
thereby created. sharl be filred by the
election of a new director at the same meeting.
22. vAcANcIEs:
Except for vacancies
created by the removal of
di-rectors by members or otherwise, vacancies
in the Board of
Directors occurring
between annual rreetings
of members shal1 be
filled by the remaj-ning directors.
23. rNrrrAL DTRBCT0RS:
Notwithstanding
anything to the
contrary contained
herein, al1 initiar directors
shalr be
designated by the Developer and need not be owners of the lots in
the Subdivision
24. uNANrMous qoNsENT:
Notwithstanding
anything to the
contrary herein contained, any action reguj-red or permitted
to be
taken at any meeting of the Board of Directors or any committee
thereof may be taken without
a meeting, if, pri-or to such acti.on,
a written consent thereto is signed by all members of the Board or
arr menbers of such committee, as the case may be, and such written
consent is filed with the minutes of the proceedings
of the Board
of Directors.
25. ROLE oF PREF-.JDENT:
The presiding
officer of aI1 directors
meetings shal1 be the President of the Association. In the absence
of the Presi"dent, the dj-rectors present
shaLl designate one of
their number to preside.
26. P9WERS AND DUTIES oF THE B0ARD oF DIREcToRq.: A11 of the
powers and duties of the association
existing under these bylaws
sha1l be exercised exclusively
by the Board of Directors, subject
onry to approvar by members when such is specifically
required.
such powers
and dutj.es shalL include without linitation the care,
upkeep, maintenance
and repair of the conmon areas of the
subdi-vision, contracting
for such services,
designation
and
d.isuissal of personnel
necessary
for maintenance
and operation
of
the Association, the subdivision
and its common areas, and.
collection of assessments from members.
27. FrDELrry BoNDs: The Board of Directors may require that
all officers and enployees of the Association
hand.ling or
responsible for the Association funds shal1 furnish adequate
fidelity bonds. The premiums on such bonds sha1I be paid by the
Association.
ARTICLE FOUR
orFrCERS
28. DESIGNATION AND NUII{BER: The executive of f icers of the
Association shall be a President and a secretary-Treasurer.
Each
officer shal1 be elected by the Board of Directors. such
additionaL officers as may be deemed necessary rnay be elected. by
the Board of Directors. Except for the initial officers, all
persons elected to office in the Association must be members of the
Association or a person exercising the membership rights of the lot
owner which is not a natural person.
The
president
must be a
member of the Board of Directors. AII officers shal1 act without
compensation unless otherwise provided
for by resolution of the
membership.
29 - ELECTION AND TERM: Each officer sha1I be elected annually
in January by the Board of Directors and shall hold. office until a
successor sha11 have been elected and duly qualified,
unless sooner
removed by the Board of Directors.
30. PRESIDENT: The President, shall be the chlef executive
officer of the Association, shalr preside
at all membership
meeting's of the Association and of the Board of Directors, and
shall have all of the general powers
and d.uties which are usually
vested in the office of the President of an association, including,
but not limited to, the power to appoint committees from amongi the
10
members from tiare to time as he may, in his sole d.iscretion,
decid.e
is appropriate to assist in the conduct of the affairs of the
Association.
The Pres
j"d.ent
shall also sign all d.ocuments and,
instruments on behalf of the Associ-ati-on.
31. SECRETARY-TREASIIREB:
Ihe Secretary-Treasurer
sha11 keep
the minutes of aII the meeLings of the Directors and al1 meetings
of the membership of the Association.
The Secretary-Treasurer
shall also be responsible for the giving
of all requirld
notices of
meetings to members and directors of the Association.
The
Secretary-Treasurer
shall keep all records of the Association
and
shall have custody of all- property
of the Association,
including
funds, securities and evidences of indebtedness and. shall keep the
financial records and books of account of the Association
in
accordance wi-th accepted accounti.ng pr,actices
and shal1 keep
detailed, accurate records, in chronological
order, of the receipts
and expenditures
affecting the common areas, specifying
and
itemj-zing the maintenance
and repair expenses of the courmon areas,
and any other expenses incurred and shall perform
all other duties
incident to the office of secretary-Treasurer.
The secretary-
Treasurer shalL also countersign
all documents
and instruments on
behalf of the Association,
when necessary.
The records, books of
account and' the vouchers authorizing payments
shall be avaitable
for examination by any member of the Association,
at any tiroe
convenient to the secretary-Treasurer
during weekdays.
32- REMoVAL: Any officer may be removed by a three-fourths
(3/4)
vote of the Board of Directors called for that purpose
and
t1-
the vacancy thereby created shal} be firled by an election by the
remaining directors at the sarne meeting.
""*,iI:"::,";::*","
33. coNTRAcrF:
The Board of Directors
u.ay authorize
any
officer or officers, agent or agents, to enter into any contract or
execute and deliver any instrument
in the name of or on l.,ehalf of
the Association and sueh authority may be general
or restricted
Lo
a speeific instance.
34. LOANS: No loan sha1I be contracted
on behalf of the
Association and no evidence of indebtedness
shalI be executed
in
its name unless authorized
by a. unanimous
resolution
of its
membership.
35. CHECKS: AII checks i-ssued in the name of the Association
shall be signed by the President
and the secretary-Treasurer
or
such other officer or officers of the Association
as the Board of
Directors may, by resolution,
determine
from time to time.
36'
DEPosIrs: A11 funds of the Association
not otherwise
employed shall be deposit,ed
from time to ti-ne to the credit of the
Association in. such Banks, Trust companies,
or other depositories
as the Board of Directors
may select.
ARTICLE
SIX
FISCAL MANAGEMENT
37. FrscAL YEAR: ?he fiscal year
of the Association
sha11
begin on the first day of January
of each year.
L2
38.
ASSESSMEN?S:
Condi.tions and
recorded in
As provided
Restrictions
in the Declaration
of Covenants,
f or Audubon
place,
a subdiv
j.sion
of the Baldr+in County
probate
Court
records, each owner of any Lot by acceptance of any deed therefore,
whether or not it shal] be so expressed in such deed, is deemed to
covenant and agree to pay the Assocj-at.ion: (L) Annual assessments
and (2) special assessments
for capital improvementsf
such annual
and special assessments to be establistred and collected as
hereinafter provided (any annual assessment due und.er this Article
referred to hereinafter as the
ilspecial
assessment"), (annual
assessments and special assessments under this Article referred to
hereinafter at times collectivel-y as
rtassessmentsr).
The annual
and speciar assessments,
together with interest, costs and
reasonable attorneys fees shalI also be the personal
obligation of
the person who was the owner of such property
at the time when the
assessment fel1 due. The personal
obligation for derinquent
assessments shal1 not pass
to his successors
in title unless
expressly assumed by thern but shall continue as a lien on the lot
until satisfied..
39. PURPOSE OF ASSESSMENTS:
(a) The annual and special assessments
revied by the
Association under this Article shall be used exclusively to promote
the recreation, health, safety and werfare of the orrners, their
invitees or licensees,
and for the improvements sj-tuated thereon.
The Association sha1l have the obligation to maj-ntain adequate
13
liability insurance, and fidelity bond coverage in such rninimal
amounts as reguired by FHA, vA and FNMA, from tirne to time.
(b) The owner shall be responsible for maintenance and repair
of any and all improvements located within his Lot, including, but
not rimited to painting,
repairing, repracing and caring for roofs,
exterior buiJ-ding surfaces, trees, shrubs, grass, walks, driveways
and other exterior improvements
40. ANNUAIT AssEssMENTS. until January :r-t Lgg7, the maximum
annual assessment under this Article shall be
915G.00
per Lot,
payable semiannuarry, in advanee on January 1 and July 1 of each
year.
(a) From and after January L, Lggz, the maximum annual
assessment under this Article may be increased each year hy an
amount no,more than ten percent (108) above the potential maxi.mum
assessment for the previous year without a majority vote of the
owners.
(b) From and after January L of the year immediately
following the conveyance of the first lot to an owner, the maximum
annual assessment may be i-ncreased by more than ten percent (r-0?)
by a vote of two thirds of each class of rnembers who are voting in
person or by proxy at a meeting duly called for this purpose.
(c) The Board of Directors of the Association may fix the
annual assessment under this Article at an amount in excess of the
potentiar maximum assessment without a vote of the owners.
4]". SPECIAL ASSESSMENT FOR SUBDIVISTON CAPITAL
fMPROYEIIEN?S.fn addition to the annual assessments authorized
L4
liability insurance, and fidelity bond coverage in such rninimal
amounts as regui.red by FHA, vA and FNMA, from time to time.
(b) The owner shall be responsible for maintenance and repair
of any and all improvements located within his Lot, includj_ng, but
not rimited to painting,
repairing, replacing and caring for roofs,
exterior building surfaces, trees, shrubs, grass, walks, dri_veways
and other exterj-or irnprovements.
40. ANNUAL ASSESSMEN,TS. until January a, Lgg-t, the maximum
annual assessment under this Article shall be
$156.00
per Lot,
payabre seniannuarly, in advance on January 1 and July 1 of eaeh
year
(a) From and after January L, Lggz, the maximum annual
assessment under this Article may be increased each year by an
amount no more than ten percent (10?) above the potential
maxj.mum
assessment for the previous year without a majority vote of the
OinrnefS.
(b) From and after January 1 of the year
irnmediately
following the conveyance of the fj-rst lot to an owner, the maximum
annual assessment may be increased by more than ten percent (r.o?)
by a vote of tr,ro thirds of eaeh class of members who are voting in
person or by proxy at a meeting duly called for this purpose.
(c) The Board of Directors of the Association may fix the
annual assessnent under this Article at an amount in excess of the
potential maximum assessment without a vote of the owners.
4L. SPECTAL ASSESST{EN.T FOR SU.BDIVISION
CAPITAL
TMPROYE4ENTS-rn addition to the annual assessments authorized
L4
above, the Association
may levy, in any assessment year,
a speeial
assessment under this Article for the purpose
of defraying,
in
whole or in part,
the costs of any construction,
reconstruction,
repair or repracernent
of an improvement
upon the cornmon Areas,
including fixtures
and personal property
related thereto, provided
that any such speeiar assessme,nt
shalr have the approval of not
less ttran two-thirds(2/3)
of the votes of each class of members who
are voting in peqson
or by proxy at a meeting duly carled for this
purpose.
42.
PARAGRAPHS
40 AND 4L.- Written notice of any rneeting called for
the purpose
of taking any act,ion authorized
under
paragraphs
4o and
41 hereof shall be sent to alr members not less than thirty (30)
days nor more than sixty (60) days in advance of the meeting. At
the first such meeti.ng ca1Ied, the presenee
of nembers or of
proxies
entitled to case fifty-one (5i"&) pereent
of alt votes of
the membership shalr constitute
a quorum.
rf the required guorum
is not present,
another second meeting may be called subject to the
same noti.ce requirement,
and the required quorum
at the second,
neeting shall be one-half (L/2)
of the required quorum
at the
preceding
meeting.
No subsequent
meetings
shall be held more than
si-xty (60i
days folLowing
the preceding
meeting.
43.
Both annual assessments
and
special assessments
under this Article sha11 be fi.xed at a uni-form
rate for all, Lots in the Subdivision.
1.5
44.
The annual
assessment provided
for herein shall comnence
as to arl lots on the
flrst day of the nonth following
the conveyance
of the first Iot to
an owner' The first annual assessment
sharl be assessed
accord.ing
to the number of months remaining
in the calendar year.
The Board
of Directors
sha11 fix the amount of the annuar
assessment
against
each lot at least thirty (3o)
days in ad.vance
of each annual
assessment period.
written
notice of the annual assessment
shaIl
be sent to each owner subject
thereto.
t,he due date shalL be
established
by the Board' of Di-rectors
if other than as set forth
herein. fhe Association
shall, upon demand
and for a reasonable
chargre,
furnish a certi-f icate signed by an of f icer .f the
Associ'ation setting
forth whether
the assessments
on a specified
lot have paid,
A properly
executed
certificate
of the Association
as to the status
of assessments
on a lot in bindlng
upon the
Association
as of the date of its i-ssuance.
,E
a member shaIl fail to pay
any installment
of any assessment
due to
be paid i-n instalrments
within
thirty (30)
days of the due d.ate of
such installments,
the Board of Directors
may accelerate
the
remainingr
i-nstallments
of such assessment
and the unpaid balance
of
the assessments
sharl be d.ue and payabre
irnmediatery.
The annual
and speci'aI assessments
and any accelerated
amounts
as provided
herei-n, together
with interest,
costs and a reasonable
attorneys
fee, shar-r be a charge
on the land and shalI
be a eontinuing
}ien
l-6
in favor of the Association
upon the property
against
which each
such assessment is made.
46. DEFAULT: Any assessments
not paid
by a member within
thirty (30) days after the due date shal1 bear interest from the
due date at the statutory
rate. The Associati.on
ilay, at its
election, bring an action at law against the member obligated
to
pay the same and/o:: it, nay elect to foreelose
its lien on the
property
for such assessment
as provided
in the DeeLaration
of
covenants, condit,ions
and Restrictj.ons.
No member may waive or
otherwise avoid liability for the payment
of any assessments
provided
for herein by the non-use of the common areas or by the
abandonment of such memberrs lot.' In the event the Association
shall incur any cost or employ an attorney for the collecti_on of
any sum due by a member to the Association
or in any action to
foreclose its lien or to recover a money judgment
against a
defaulting member, such member shalr pay
the costs thereof,
including a reasonable attorneyrs
fee.
47. FORECLOSURE:
The Association
sharr be entitled to
foreclose its lien in accordance
with the provisions
of the
Declaration of covenants, conditlons
and Restrictions
of the
subdivision or otherwise pursuant
to Alabama 1aw if it elects to do
so and shall have the right to selI the property
at public
outcry
at the front door of the courthouse
of Baldwin county according to
the provj-sions
of the Alabama Law. rn a forecrosure
action, the
Association shall have the right to bid as a stranger at a
L7
foreclosure sale and to acquire, hold, mortgage and convey the
same.
48. SUBORDINATTON OF THE
LTSN
TO MOBTGAGES OF RECORD.
Except as otheH,rise provided
by }aw, any lien of the Association
for assessments under this Arti-c1e vI recorded after the date of
recordation of any mortgage shall be subordinate to the mortgage on
the Lot, and. when the mortgagee or other purchaser
of a Lot obtains
titre to the Lot as a result of forecrosure of such mortgage, ey,
as a result, of a deed given in lieu of foreclosure, such acquirer
of title and his successors and assigns sha1l not be liable for the
assessments by the Association pertaining
to such Lot or chargeable
to the former owner of such 1ot which became due prior to such
acquisiti.on of title, and such lien shaI1 be exti_nguished
automatically upon the recording of the foreclosure deed or deed in
lieu of foreelosure. Such unpaid share of assessments together
with interest, costs, and attorney's fees, sharl, however, continue
to be the personal obligation of the person who was the owner of
the Lot at the time the assessment fe1} due. Any such sale or
transfer pursuant
to a foreclosure shal} not relieve the purchaser
or transf eree of a r-,ot, f rom liability for, nor the Lot so sold or
transferred from the lien of any assessments thereafter beconing
due. Except as hereinabove provj-ded,
the sale or transfer of an
interest in any Lot sharl not affect the assessment 1ien. Any
liens extinguished by the provj.sions
of this article shalI be
reallocated and assessed against all lots as a conmon expense.
l6
ARTICLE SEVEN
ACCOUNTING
RECORDS TO BE MAINTAINED
49. ACCOUNTING RECORQE:
Accounting
records sha1l be
maintained by the secretary-Treasurer
or by a bookkeeper or
accountant
employed for such purpose
in accordance
with generally
accepted accounting principres.
such accounting
record,s sharl
include, but not be rimited to, a record of arr receipts and
expenditures
and an account for each 1ot, setting forth any strares
of common expenses or other charges due, the due dates thereof, the
present
balance due and any interest in conmon surprus.
such
accounting
records sharl be open to inspection
by members of the
Association at reasonable
times.
AR?ICLE EIGHT
AMENDMENTS
50. AMENDMEN.T: These By-Laws may be amend,ed at any time by a
majority of the Board of Directors. until such time as arl lots in
the subdivision
have been sold by the Developer,
the Developer nay
amend these By-Laws at any time
The foregoing By-Laws are hereby adopted this the
Ite
day
of
3uL.- , J-ssG.
-
A
L9