07-17-14 Regular Meeting of the Planning and Zoning Commission

Browse Search

EXHIBIT C (12)Spend money for the improvement or maintenance of property in the vicinity of the Subdivisionsubject to the Declaration, or adjacent to or adjoining such property; (13)Suspend the rights of any Owner, their guest or tenants to vote or use the Common Areas; (14)Promulgate reasonable rules and regulations, adopt Board policies, and implement fines for violation of said rules and regulations; (15)Enforce any and all covenants, conditions, restrictions and agreements applicable to the Subdivision; (16)Compromise, participate in mediation, submit toarbitration, release with or without consideration, extend time for payment, and otherwise adjust any claims in favor of or against the Association; (17)Commence or defend any litigation in the Association’s name with respect to the Association or any Association property;and (18)Control the appearance of the Subdivision. The foregoing enumeration of powers shall, except where otherwise expressed, be in no way limited or restricted by any reference to or inference from the terms or provisions of any other clause, but shall be regarded as independent powers. TheAssociation shall not engage in any activities or exercise any powers that are not in furtherance of the purposes of theAssociation as set forth above in Paragraphs (a) and (b) of this Article IV. TheAssociation is organized pursuant to the Texas Business Organizations Code and does not contemplate pecuniary gain or profit to the members thereof and is organized for non-profit purposes and nothing contained in the foregoing statement of purposes shall be construed to authorize theAssociation to carry on any activity for the profit of its members, or to distribute any gains, profits or dividends to its members as such. ARTICLE V The Association shall be a membership corporation without certificates or shares of stock. All Owners, by virtue of their ownership of a Lot in the Subdivisionsubject to the Declaration, are Members of the Association. The Members shall be divided into two (2) classes and entitled to vote in accordance with the provisions contained in the Bylawsand the Declaration. Every person or entity who is a record owner of any Lot is entitled to membership and voting rights in the Association and shall be a Class A Member with the exception of the Declarant. The Declarant and its designees shall be the Class B Membership. Membership is appurtenant to, and inseparable from, ownership of a Lot. ARTICLE VI The mailing address of the initial registered office of the Association is __________________________,and the name of its initial registered agent at such address is ______________________________. 3