Restrictive Covenants & By-laws

Governing the operation of the Association.

contents


details

ARTICLE 14 - RESALES AND RECORDS
14.01 Installment Contract Purchaser:
Upon proof of purchase, the purchaser of a unit from a seller other than the developer pursuant to an installment contract for purchase shall, during such times as he or she resides in the unit, be counted toward a quorum for purposes of election of members of the Board at any meeting of the membership called for purposes of electing members of the Board, shall have the right to vote for the members of the Board of the common interest community association and to be elected to and serve on the Board unless the seller expressly retains in writing any or all of such rights.

14.02 Resale:
In the event of any sale of a Lot by an Owner, such Owner shall obtain from the Board and shall make available for inspection to the prospective purchaser, upon demand the following:
a. A copy of the Amended and Restated Declaration, Amended and Restated By-Laws and any Rules and Regulations.

b. A statement of any liens, assessments due or other charges due and owing.

c. A statement of any capital expenditures anticipated by the Association within the current or succeeding two fiscal years.

d. A statement of the status and amount of any reserve or replacement fund or any portion of such fund earmarked for any specified project by the Board.

e. A copy of the statement of financial condition of the Association for the last fiscal year for which such statement is available.

f. A statement of the status of any pending suits or judgments in which the Association is a party.

g. A statement setting forth what insurance coverage is provided for all Owners by the Association.

The President of the Association or such other officer as is specifically designated shall furnish the above information when requested to do so in writing and within thirty (30) days of the request. A reasonable fee covering the direct out-of-pocket cost of providing such information and copying may be charged by the Association or the Board to the seller for providing such information.

14.03 Records of the Association:
The Board shall keep and maintain the following records of the Association and shall make them available for examination and copying at convenient hours of weekdays by any Owner within the Association subject to the authority of the Board, their mortgagees, and their duly authorized agents or attorneys:
a. The Association’s Amended and Restated Declaration, Amended and Restated By-Laws, and plats of survey, and all amendments of these;

b. The Rules and Regulations of the Association, if any;

c. The Articles of Incorporation of the Association and all amendments to the Articles of Incorporation;

d. Minutes of all meetings of the Association and the Board of Directors for the immediately preceding seven (7) years;

e. All contracts, leases, and other agreements then in effect to which the Association is a party or under which the Association or the Owners have obligations or liabilities;

f. Ballots and proxies related to ballots for all matters voted on by the members of the Association during the immediately preceding twelve (12) months, including, but not limited to the election of members of the Board of Directors; and

g. The books and records of account for the Association’s current and ten (10) immediately preceding fiscal years, including, but not limited to itemized and detailed records of all receipts and expenditures.

14.04 Member Request:
Any member of the Association shall have the right to submit a written request for records to the Board or its agent stating with particularity the records sought to be examined. In the event of such a request, the Board shall make the above records available for examination and copying at convenient hours of weekdays.

14.05 Records Fee:
The actual cost to the Association of retrieving and copying requested records and making them available for inspection and examination shall be charged by the Association to the requesting member.