Laurel Wood
Homeowners Association, Inc.
P.O. Box 2469
Mandeville, Louisiana  70470

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DEDICATION OF SERVITUDE, EASEMENTS AND RESTRICTIVE COVENANTS
Article I:  PROPERTY
Article II:  DEFINITIONS
Article III:  OWNERSHIP OF COMMON AREAS
Article IV:  ADDITIONS BY DEVELOPER
Article V:  HOMEOWNERS ASSOCIATION
Article VI:  RIGHTS UNDER HOMEOWNERS ASSOCIATION
Article VII:  ASSESSMENTS
Article VIII:  ARCHITECTURAL CONTROL COMMITTEE
Article IX:  RESTRICTIONS FOR USE OF PROPERTY
Article X
FIRST AMENDMENT, 12/29/99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESTATEMENT OF DEDICATION OF
SERVITUDE, EASEMENTS AND
RESTRICTIVE COVENANTS OF
LAUREL WOOD SUBDIVISION

BY: LONESOME DEVELOPMENT, L.L.C.
UNITED STATES OF AMERICA
STATE OF LOUISIANA
PARISH OF ST. TAMMANY

BE IT KNOWN, that on this 29th day of December, in the year of Our Lord one thousand nine hundred and ninety-nine,

BEFORE ME, Leland R. Gallaspy, a Notary Public, duly commissioned and qualified, in and for the Parish and State aforesaid, therein residing, and in the presence of the witnesses hereinafter named and undersigned:

PERSONALLY CAME AND APPEARED:

LONESOME DEVELOPMENT, L.L.C., (TIN 72-1361390), a Louisiana limited liability company, domiciled in Mandeville, St. Tammany Parish, Louisiana, formed by Articles of Organization dated February 25, 1997, recorded with the Certificate of the Secretary of State as Instrument No. 1036694 of the miscellaneous records of St. Tammany Parish, Louisiana, herein represented by its duly authorized Member/Manager, T. R. Henning, pursuant to the authority granted in the Unanimous Consent of the Members of Lonesome Development, L.L.C. recorded at Instrument No. l 111929 in the public records of the Clerk of Court for St. Tammany Parish, Louisiana;

its mailing address being:

P. O. Box 296
Mandeville, LA 70470

hereinafter referred to as "Developer",

who declared as follows:

WHEREAS, on April 5, 1995, Laurel Wood, Inc., as the original developer recorded a Dedication of Servitudes, Easements and Restrictive Covenants for Laurel Wood Subdivision, recorded at Instrument Number 944443 of the official records of St. Tammany Parish, and any amendments thereto "Phase 1 Covenants");

WHEREAS, on July 28, 1998, the Developer recorded a Dedication of Servitudes, Easements and Restrictive Covenants for Laurel Wood Subdivision, Phase 2, recorded at Instrument Number 1107289 of the official records of St. Tammany Parish, and any amendments thereto "Phase 2 Covenants");

WHEREAS, on November 20, 1997, Laurel Wood, Inc. recorded an amendment to the Phase I Covenants at Instrument Number 011072395 of the official records of St. Tammany Parish, revising the Phase 1 Covenants to replace Laurel Wood, Inc. with Lonesome Development, L.L.C. as the "Developer" under the terms and conditions of the Phase 1 Covenants;

WHEREAS, the Developer is developing a residential subdivision on a parcel of property described herein to be known as "Laurel Wood Subdivision", (the "Subdivision"); and

 WHEREAS, the Developer desires that one uniform set of restrictive covenants apply to the development and use of the Subdivision and desires to provide for the preservation of the values and amenities in the Subdivision and other amenities as a part of said Subdivision; and to this end desires to subject immovable property described herein, and as it may be amended and added to, the servitudes, privileges and restrictions, hereinafter set forth in this dedication of servitudes, easements and restrictive covenants, and further, in accordance with the maps and plats of surveys of the Subdivision recorded in the official records of St. Tammany Parish, Louisiana, which shall inure to the benefit of the Property described herein and parcels hereafter added, and the subsequent Owners thereof; and

WHEREAS, in order for the Developer to ensure a uniform plan of development, they deem desirable for the efficient operation of the Subdivision, and for the maintenance of the values, amenities and safeguards provided in the Subdivision, to create an Association to which shall be delegated and assigned the power and duties of maintaining and administering the lighting and other common facilities, administering and enforcing the within servitudes, privileges and restrictive covenants and collecting and disbursing the charges and assessments hereinafter created; and

WHEREAS, the Developer has caused to be formed the "Laurel Wood Homeowners Association, Inc.", as a nonprofit corporation under the Laws of the State of Louisiana for the purpose of carrying out the powers and duties afforded it by the Laws of the State of Louisiana and by the restrictive covenants and dedications contained herein.

NOW THEREFORE, the Developer does hereby execute these modifications, restatements and amendments of the Dedications of Servitudes, Easements and Restrictive Covenants for Laurel Wood Subdivision and in furtherance thereof does hereby cancel, terminate and withdraw the Phase I Covenants and Phase 2 Covenants, and any prior amendments thereto, and in the place and stead of said covenants does hereby impose, dedicate and adopt the following as the Dedication of Servitudes, Easements and Restrictive Covenants for the Laurel Wood Subdivision ("Restrictive Covenants") as follows:

NOW, FURTHER, the Developer hereby declares that the real property described hereinbelow shall be held, conveyed, hypothecated and encumbered, sold, used, occupied and improved subject to the servitudes, privileges and restrictions hereinafter set forth, all of which are declared and agreed to be in aid of a general plan of improvement and development of the parcel of property described hereinbelow and shall be deemed to run with the land and shall be binding upon the Developer, its successors, assigns and liquidators and shall inure to the benefit of and be enforceable by the Developer, its successors, assigns and liquidators, and further shall be enforceable by the Association or any person acquiring or owning any part or parcel of the Property, as hereinafter defined.

Article I
PROPERTY

The subject of this act of dedication of servitudes, easements and restrictive covenants is described as follows, to-wit:

Parcel 1
Laurel Wood Subdivision Phase 1

A certain parcel of ground situated in Section 41, Township 7 South, Range 11 East, St. Tammany Parish, Louisiana, sometimes specifically referred to herein as "Phase 1" and more fully described as follows:

From the Section Corner common to Sections 35, 36 and 41, Township 7 South, Range 11 East, and the POINT OF BEGINNING, run along the Section line common to Sections 36 and 41 South 67 degrees 07 minutes 54 seconds East a distance of 198.45 feet; thence South 22 degrees 52 minutes 06 seconds West a distance of 115.00 feet; thence South 07 degrees 04 minutes 33 seconds West a distance of 140.00 feet; thence along a curve to the right having a radius of 270.00 feet, an arc length of 38.55 feet, and a chord which bears South 81 degrees 43 minutes 25 seconds East having a chord distance of 38.52 feet; thence South 08 degrees 36 minutes 58 seconds East a distance of 802.48 feet; thence South 70 degrees 48 minutes 14 seconds East a distance of 719.33 feet; thence North 19 degrees 11 minutes 46 seconds East a distance of 45.00 feet; thence South 84 degrees 18 minutes 45 seconds East a distance of 71.78 feet; thence South 60 degrees 30 minutes 30 seconds East a distance of 89.47 feet; thence along a curve to the right having a radius of 60.00 feet, an arc length of 126.64 feet, and a chord which bears South 64 degrees 31 minutes 59 seconds East having a chord distance of 104.41 feet; thence North 29 degrees 29 minutes 30 seconds East a distance of 55.31 feet; thence South 60 degrees 30 minutes 30 seconds East a distance of 140.00 feet; thence South 29 degrees 29 minutes 30 seconds West a distance of 417.07 feet; thence North 70 degrees 44 minutes 39 seconds West a distance of 1,229.20 feet; thence South 83 degrees 26 minutes 42 seconds West a distance of 23.97 feet; thence North 08 degrees 36 minutes 58 seconds West a distance of 1,514.39 feet; thence South 67 degrees 14 minutes 15 seconds East a distance of 271.55 feet to the POINT OF BEGINNING, and containing 20.1485 acres of land, more of less; and

Parcel 2
Laurel Wood Subdivision Phase 2

ALL THAT CERTAIN PIECE OR PARCEL OF LAND, together with all the buildings and improvements thereon, also all rights, ways, means, privileges, servitudes, prescriptions, appurtenances and advantages thereunto belonging or in anywise appertaining thereto, situated in Section 41, Township 7 South, Range 11 East, St. Tammany Parish, Louisiana, sometimes specifically referred to herein as "Phase 2" and more fully described ,as follows, to-wit:

Commence at the Section corner common to Sections 35, 36 and 41, Township 7 South, Range 11 East and run South 67 degrees 07 minutes 54 seconds East a distance of 198.45 feet to the Point of Beginning.

From the Point of Beginning continue South 67 degrees 07 minutes 54 seconds East a distance of 1,708.20 feet; thence South 29 degrees 29 minutes 30 seconds West a distance of 793.73 feet; thence North 60 degrees 30 minutes 30 seconds West a distance of 140.00 feet; thence South 29 degrees 29 minutes 30 seconds West a distance of 55.31 feet to a point on a curve; thence along a curve to the left having a radius of 60.00 feet a delta of 120 degrees 56 minutes 06 seconds, an arc length 126.64 feet and a chord which bears North 64 degrees 31 minutes 59 seconds West having a chord distance of 104.41 feet to a point on a line; thence North 60 degrees 30 minutes 30 seconds West a distance or 89.47 feet; thence North 84 degrees 18 minutes 45 seconds West a distance of 71.78 feet; thence South 19 degrees 11 minutes 46 seconds West a distance of 45.00 feet; thence North 70 degrees 48 minutes 14 seconds West a distance of 719.33 feet; thence North 08 degrees 36 minutes 58 seconds West a distance of 802.48 feet to a point on a curve; thence along a curve to the left having a radius of 270.00 feet a delta of 08 degrees 10 minutes 50 second, an arc length 38.55 feet and a chord which bears North 81 degrees 43 minutes 25 seconds West having a chord distance of 38.52 feet to a point on a line; thence North 07 degrees 04 minutes 33 seconds East a distance of 140.00 feet; thence North 22 degrees 52 minutes 06 seconds East a distance of 115.00 feet to the Point of Beginning.

All as more fully shown on the survey of Kelly J. McHugh & Assoc., Inc., Job No. 96-549, dated January 3, 1997, revised October 23, 1997.

(Hereinafter, Phase 1 and Phase 2 are referred to jointly as either "Property" or "Subdivision".)

Article II
DEFINITIONS

The following words, when used in this act, shall have the following meanings:

A) "Architectural Control Committee" shall mean the Architectural Control Committee of Laurel Wood Subdivision as established in Article VIII of these Restrictive Covenants.

B) "Association" shall mean and refer to Laurel Wood Homeowners Association, Inc., and its successors, assigns or liquidators.

C) "Board of Directors" shall mean the Board of Directors of Laurel Wood homeowners Association, Inc.

D) "Common Areas" shall mean and refer to all servitudes, roads, neutral ground areas, easements, real property, appurtenances and facilities now or hereafter owned, acquired or otherwise available for use by the Association for the benefit, use and enjoyment of its Members. The use of the Common Areas shall be subject to the control and authority of the Association.

E) "Developer" shall mean and refer to (i) Lonesome Development, L.L.C., or its successor entity who is assigned the rights of Lonesome Development, L.L.C., as the Developer; or (ii) the lender who acquires the interest of Lonesome Development, L.L.C., by foreclosure or dation en paiement.

F) "Lot" shall mean parcels of land designated, on the Plat.

G) "Member" shall mean and refer to every person, group of persons, corporation, trust or other entity, or any combination thereof, which holds a Membership in file Association and shall be restricted to the Owner or Owners of Lots in the Property.

H) "Owner" shall mean and refer to the record Owner, whether one or more persons or entities, of the title to any Lot or Lots in the Property.

I) "Plat" shall mean and refer to the official subdivision plat or plats of property subject to these restrictive covenants including property added after the date of these covenants.

J) "Property" or "Subdivision" shall mean and refer to all or any portion of the real property described in Article I, hereof, and such additions thereto as may be made by the Developer under Article IV, hereof.

 K) "Regulations" shall mean and refer to rules of use and conduct adopted by the Association for conduct and activity while using the Common Areas and common facilities, and while residing within the Property.

Article III
OWNERSHIP OF COMMON AREAS

Section 1. Common Areas.   The Developer may transfer to the Association legal title to property owned by the Developer and areas designated on the Plat as Common Areas at the option of the Developer. The Association may acquire other property which may be owned and maintained by the Association as Common Areas.

Article IV
ADDITIONS BY DEVELOPER

Section 1. Additions.   As long as there are class B members of the Association, additional property may be annexed to the Property described in Article I without the consent of the class A members of the Association, if any. The scheme of the within servitudes, privileges and restrictions shall not, however, be extended to include such additional property unless and until the same is annexed to the real property described in Article I.

Section 2. Recordation of Modification. Any annexations made pursuant to this Article, or otherwise, shall be made by recording a supplementary act of dedication, servitudes, prescriptions and restrictions with the Clerk of Court for St. Tammany Parish, Louisiana, which supplementary act of dedication shall extend the scheme of the within act of dedication to such annexed property. Such supplementary act of dedication may contain such complimentary additions and modifications to the servitudes, privileges and restrictions set forth in the within the act of dedication as may be necessary to reflect the different character or use, if any, of such annexed property, however, that in no event shall such additions or modifications be substantially inconsistent with the provisions of the within act of dedication.

Article V
HOMEOWNERS ASSOCIATION

Section 1.   For the purpose of controlling, regulating and maintaining the community lighting and other amenities, and common facilities, for the general use and benefit of all Lot Owners, each and every Lot Owner, by accepting a deed and purchasing a Lot or entering into a contract with regard to any Lot in Laurel Wood Subdivision does agree to and binds himself to be a Member of and be subject to the obligations and duty enacted Articles of Incorporation, By-Laws and rules, if any, of the Association. The Association is specifically authorized and empowered to assess individual Lot Owners, and to provide for the collection of said assessments in accordance with LSA R.S. 9:1145 et seq.

Section 2,  Membership,   The Association shall have two classes of voting membership:

A) Every person, group of persons, corporation, partnership, trust or other legal entity, or any combination thereof, who becomes a record owner of a fee interest in any Lot by transfer from the Developer which is or becomes subject to this act of dedication shall be a Class A member of the Association. Each class A member of the Association shall be entitled to one (1) vote for each Lot owned by any such firm, person, corporation, trust or other legal entity. However, there shall be only one (1) vote for each Lot to which class A membership is appurtenant, and the vote shall be cast in accordance with the bylaws of the Association.

B) There shall be one hundred fifty (150) class B memberships, all of which shall be issued to the Developer or its nominee or nominees. The class B members shall be entitled to one (1) vote for each class B membership so held, however, each class B membership shall lapse and become a nullity upon the occurrence of any one of the following events:

i) thirty (30 days following the date upon which the total authorized issued and outstanding class A memberships equal one hundred twelve (112): or

ii) on January 1, 2020; or

iii) Upon surrender of said class B memberships by the then holders thereof for cancellation on the books of the Association.

Upon the lapse and/or surrender of all the class B memberships, as provided for in this Article, the Developer shall continue to be a class A member of the Association as to each and every Lot in which the Developer holds the interest otherwise required for such class A membership.

Section 3. Board of Directors. As long as there are class B memberships in the Association, the Association shall be governed by a Board of Directors consisting of five Lot Owners. Three members of the Board of Directors shall be elected by the class A membership, and two members of the Board of Directors shall be elected by the class B membership. Upon the lapse or termination of the Class B memberships in accordance with Subsection B herein, the Association shall be governed by a three member Board of Directors elected by the class A membership.

Article VI
RIGHTS UNDER HOMEOWNERS ASSOCIATION

Section 1. Members' Right of Enjoyment.   Subject to the provisions of this act of dedication, the Articles of Incorporation, By-Laws of Laurel Wood Homeowners Association, Inc., and Regulations established by the Association for the Subdivision, from time to time, and as amended every Member shall have the right of use and enjoyment in and to the Common Areas and common facilities and such right, use and enjoyment shall be appurtenant to and shall pass with the title to every Lot subject to the following:

A) The right of the Association in accordance with its Articles of Incorporation and By-Laws and Regulations, to borrow money for the purpose of improving the Common Areas and common facilities in a manner designed to promote the enjoyment and welfare of the Members and in aid thereof to pledge, mortgage and hypothecate the said property, to sell, dedicate, exchange, transfer, convey, assign and deliver said property; and

B) The right of the Association, with the consent of the Owners of sixty (60%) percent of the Lots, to levy reasonable assessments (other than the assessments outlined in Article VII) admission fees or other fees for the use of any of the facilities situated upon the Common Areas by the Members of the Association and their guests: and

C) The right of the Association to pass and enforce such other rules and Regulations for the use of the common facilities, including the right to enforce various sanctions against the Owners of Lots in Laurel Wood Subdivision, including, but not limited to, the right of suspension, fines and penalties, and assessments of the costs of noncompliance of a Lot Owner to an individual Lot Owner or other sanctions which in the discretion of the governing body of the Association deems necessary and proper.

Article VII
ASSESSMENTS

Section 1. Annual Assessments,   Each person, group of persons, corporation, partnership, trust, or other legal entity, or any combination thereof, who becomes a record Owner of any Lot, whether or not it shall be so expressed any act of sale, contract to sell or other conveyance shall be deemed to covenant and agree to pay the Association, in advance, a monthly sum herein sometimes referred to as "assessments" equal to one-twelfth (1/12) of the member's proportionate share of the sum required by the Association, as estimated by the Board of Directors, to meet its annual expenses, all as more fully established and set out in the by-laws of the Association, including, but not limited to, the following:

A) The cost of all operating expenses of the Common Areas, community lighting and services furnished by the Association, including charges by the Association for facilities and services furnished by it; and

B) The cost of necessary management and administration, including fees paid to any Management Agents; and

C) The amount of all taxes and assessments levied against the Association or upon any property which it may own or which it is otherwise required to pay, if any; and

D) The cost of fire and extended liability insurance on the Common Areas and the cost of such other insurance as the Association may effect; and

E) The cost of mosquito spraying, garbage and trash collection and/or other utilities and services which may be provided by the Association, whether with respect to the Common Areas or otherwise; and

F) The annual cost in the budgeted year of maintaining, replacing, repairing and landscaping the Common Areas (including, without limitation, the cost of maintaining, replacing and repairing the streets, lighting facilities, roadways and drainage facilities of Laurel Wood Subdivision) and such equipment as the Board of Directors shall determine to be necessary and proper; and

G) The cost of funding a general operating reserve. The Board of Directors shall maintain a general operating reserve of at least two months' operating expenses but not exceeding 5 months' operating expenses. If the general operating reserve exceeds the foregoing limitation at year end, then, in that event, any excess amount shall be surplus and shall be apportioned among the lot owners accounts and serve as a credit to the subsequent annual assessment.

The Board of Directors shall determine the amount of the assessment annually. Upon resolution of the Board of Directors, installments of annual assessments may be levied and collected on a quarterly, semi-annual or annual basis rather than on the monthly basis hereinabove provided for. Any Class A member may prepay one or more installments of any annual assessment levied by the Association, without premium or penalty.

 The Board of Directors of the Association shall fix the amount of the assessment against each Lot no later titan the 31st day of January of the subject year and shall, on or before that date, prepare a roster of the Lots and assessments applicable thereto which shall be kept in the office of the Association and shall be open to inspection by any Owner upon reasonable notice to tire Board. Written notice of the assessment shall thereupon be sent to the members. The omission of the Board of Directors, before the expiration of aforementioned date, to fix assessments hereunder for that year, shall not be deemed a waiver or modification in any respect of the provisions of this Article, or a release of any member from the obligation to pay tire assessment, or any installment thereof, for that or any subsequent assessment period, but the assessment fixed for the preceding year shall continue and will be the annual assessment for the current year. No member may exempt himself from liability for assessments or carrying charges by a waiver of the use or enjoyment of any of the Common Areas or by abandonment of any Lot belonging to him.

Section 2. Special Assessments. In addition to the annual assessments authorized by this Article, the Association may levy in any assessment year a special assessment or assessments, applicable to that year only, for the purpose of defraying, in whole or in part, the cost of any construction or reconstruction, inordinate repair or replacement of a described capital improvement located upon the Common Areas or common facilities, including the necessary fixtures and personal property related thereto, or for such other purposes as the Board of Directors may consider appropriate, provided that any such assessment shall have the assent of the members representing sixty (60%) percent of the members of the Association. A meeting of the members shall be duly called for this 19urposc, written notice of which shall be sent to all members at least ten (I0) days, but not more than thirty (30) days in advance of such a meeting, which notice shall set forth the purpose of the meeting.

Section 3, Non-Payment Of Assessment, Any assessment levied pursuant to this act of dedication, or any installment thereof, which is not paid on the date when due shall be delinquent. The personal obligation of the member to pay such an assessment shall remain his personal obligation and a suit to recover a money judgment for non payment of any assessment levied pursuant to this act of dedication, or any installment thereof, may be maintained by the Association, along with any other remedies which may be allowed by law.

Any assessment levied pursuant to this act of dedication of any installment thereof, which is not paid within ten (10) days after it is due, may, upon resolution of the Board of Directors bear interest at tire rate not to exceed twelve percent (12 %) per annum and may also, by resolution of the Board of Directors, subject the member obligated to pay tire Same to the payment of such penalty of "late charge" as the Board may fix, and the Association may bring an action at law against the member personally obligated to pay the same, in which event such interest, penalties, costs and reasonable attorney fees of not less than twenty five percent (25 %) of the amount claimed shall be added to the amount of the assessment. Any assessment of the Association made shall be subordinate and inferior to any first mortgage duly granted in favor of a lender.

Section 4. Acceleration Of Installments. Upon default in the payment of any one or more monthly installments of any assessment levied pursuant to this act of dedication and the by-laws of the Association or any other installment, thereof, the entire balance of said assessment may be accelerated at the option of the Board of Directors and be declared due and payable in full.

Section 5, Annual Membership Assessment Subject to the provisions contained in this Article, the annual assessment shall be determined by the Board of Directors.  Anything in this act of dedication, or the articles or by-laws of the Association to the contrary, notwithstanding, no Lot held by the Developer shall be subject to any annual or special assessments provided for in this act of dedication, or in the articles or by laws of the Association until three (3) months following the lapse of all of the class B memberships as provided for in Article V of this act of dedication.

Section 6. Increase In Maximum Assessment.   The annual assessment for all class A memberships hereinabove may be increased each year by the Board of Directors of the Association by an amount not to exceed twenty five percent (25 %) of the maximum annual assessment for tire preceding year.

Section 7, Commencement Of Annual Assessment.   The annual assessment for each class A membership shall commence on the first day of the month following the date of the Act of Sale of a Lot from the Developer.

Article VIII
ARCHITECTURAL CONTROL COMMITTEE

Section 1. Standards. Except for construction and/or development by the Developer, and except for any improvements to any Lot or to the Common Areas accomplished by the Developer concurrently with said construction and/or development, and except for purposes of proper maintenance and repair, no Lot clearing, bush hogging, culvert installation, ditching or excavation or removal of plant material, nor any building, fence, wall or other improvements or structures shall be commenced, directed, placed, moved, altered or maintained upon the Property, nor shall any exterior addition to or change or other alteration thereupon be made until the complete plans and specifications, showing location, nature, shape, height, material, color, type of construction and/or any other proposed form of change shall have been submitted and approved in writing as to safety, harmony and external design, color and location in relation to the surrounding structures and topography and conformity with the design concept for Laurel Wood Subdivision by tire holders of the Class B stock (until and unless said holders allow the Board of Directors) of tire Association, or by the Architectural Control Committee appointed by the Board of Directors of the Association. Subject to the limitations as hereinabove provided for, it shall be prohibited to install, erect, attach, apply, paste, hinge, screw, nail, build, alter, plant, remove or construct any lighting, shades, screens, awnings, patio covers, decorations, fences, hedges, landscaping features, walls, aerials, slabs, sidewalks, curbs, gutters, patios, balconies, porches, driveways, walls or to make any change or otherwise alter in any manner whatsoever the exterior of any improvements constructed upon any Lot or upon any of the Common Areas within the Subdivision or to combine or otherwise join two or more dwellings or to partition the same after combination, or to remove or alter any windows or exterior doors of any dwelling, or to make any change or alteration within any dwelling which will alter the structural integrity of the building or otherwise affect the Property, interest or welfare of any other Lot Owner, materially increase the cost of operating or insuring any Common Areas or impair any servitude, until the complete plans and specifications, showing the location, nature, shape, height, material, color, type of construction and/or any other proposed form of change shall have been submitted to and approved in writing as to safety, harmony and external design, color and location in relation to surrounding structures and topography and conformity with the design concept for Laurel Wood Subdivision by the Board of Directors of the Association by the Architectural Control Committee designated by it.

Section 2. Architectural Control Committee- Operation. Tire initial Architectural Control Committee shall be composed of. R. Henning and Don A. McMath, without compensation.  The Architectural Control Committee shall serve for the length of time and at the pleasure of the holders of the Class B stock (until and unless said holders relinquish said authority to the Board of Directors) and may be removed and replaced by a majority vote of the holders of the Class B stock (until and unless said holders relinquish said authority to the Board of Directors). In the event the holders of the Class B stock fail to appoint an Architectural Control Committee, then the Board of Directors of the Association shall constitute the committee. The affirmative vote of a majority of the Members of the Architectural Control Committee shall be required in order to adopt or promulgate any rule or regulation, or to make any finding, determination, ruling or order, or to issue any permit, consent, authorization, approval of the like pursuant to the authority contained in this Article.

Section 3. Approvals and Permits.   Upon approval by the Architectural Control Committee of any plans and specifications submitted pursuant to the provisions of this Article, a copy of such plans and specifications, as approved, may be deposited among the permanent records of such Committee and a copy of such plans and specifications bearing such approval, in writing, shall be returned to the applicants submitting the same. In the event the Architectural Control Committee fails to approve or disapprove any plans and specifications which may be submitted to it pursuant to the provisions of this Article within thirty (30) days after such plans and specifications (and all other materials and information required by the Architectural Control Committee) have been submitted to it in writing, then approval will not be required and this article will be deemed to have been fully complied with. The Architectural Control Committee shall be entitled to charge a reasonable fee for reviewing plans and specifications submitted to it. The fee schedule shall be set and entitled by the Board of Directors.

Section 4,   The Architectural Control Committee shall have the right to require an applicant for a permit to deposit with the Architectural Control Committee such amounts as determined by the Architectural Control Committee to insure compliance with the provisions of these covenants as well as all building and drainage requirements. The Architectural Control Committee shall have the legal right of offset as to all amounts due by the applicant to the Association for compliance with these covenants.

Section 5. Limitations. Construction or alterations in accordance with plans and specifications approved by the Architectural Control Committee pursuant to the provisions of this Article shall be commenced within six (6) months following the date upon which the same are approved by the Architectural Control Committee (whether by affirmative action or by forbearance from action, as in Section 3 of this Article provided), and shall be substantially completed within twelve (12) months following the date of commencement, or within such longer period as the Architectural Control Committee shall specify in its approval. In the event construction is not commenced within the period aforesaid, then approval of the plans and specifications by the Architectural Control Committee shall be conclusively deemed to have lapsed and compliance with the provisions of this Article shall again be required. There shall be no deviations from plans and specifications approved by the Architectural Control Committee without the prior consent in writing of the Architectural Control Committee. Approval of any particular plans and specifications or design shall not be construed as a waiver of the right of the Architectural Control Committee to disapprove such plans and specifications, or any elements or features thereof, in the event such plans and specifications are subsequently submitted for use in any other instance. In the event the construction or alterations are not substantially completed within the twelve (12) month period specified hereinabove, the Architectural Control Committee shall have the further right to impose fines, penalties or sanctions for noncompletion.

Section 6. Remedy of Committee. Any act, omission or commission in violation of this article may be enforced or restrained by injunctive relief without the necessity or obligation of the Association to furnish a bond for any injunctive relief. In any successful action by the Association against a Member to enforce the provisions of this article, the Member shall pay all reasonable attorneys fees.

Section 7, Variances,   The Architectural Control Committee is specifically granted the authority to grant variances with respect to the requirements contained in the provisions of Article IX, Sections 1.J, I.Q, I.R, I.S, I.T, I.V, I.X, I.BB and l.CC.iii.  The approval of the Architectural Control Committee or, in its absence, the Board of Directors of the Association, shall be evidenced by a certificate certifying that a majority of either the Architectural Control Committee or, in its absence, the Board of Directors, has consented to the variance, signed by the secretary of either the Architectural Control Committee or Board of Directors of the Association, as the case may be.

Article IX
RESTRICTIONS FOR USE OF PROPERTY

Section 1. Prohibited Uses and Nuisances.   The following restrictive covenants shall affect and encumber each Lot within the Property which has been transferred from the Developer, to-wit (these Restrictions shall specifically not apply to the Developer):

A) All Lots are for single family residential purposes only, no industrial or commercial uses are allowed. No building or structure intended for or adapted to business purposes, and no apartment house, double house, lodging house, rooming house, hospital, sanitarium or doctor's office, or other multiple family dwelling, shall be erected, placed, permitted or maintained on any Lot or Common Area, or on any part thereof.

B) No noxious or offensive activity shall be carried on upon any Lot or within any dwelling situated upon the Property, nor shall anything be done there in or thereon which may be or become an annoyance or nuisance to the neighborhood or other Members.

C) The maintenance, keeping, boarding and/or raising of animals, livestock, insect colonies, bee hives, or poultry of any kind, regardless of number shall be and is hereby prohibited on any Lot or within any dwelling situated on the Property, except that this shall not prohibit the keeping of dogs, cats and/or caged birds within the confines of a cage, structure or fencing so as not to roam free. Domestic pets shall not be kept, bred or maintained for commercial purposes, and provided further, that such domestic pets are not a source of annoyance or nuisance to the neighborhood or other Members. Pets shall be registered, licensed and inoculated as may froth time to time be required by law and shall be kept on a leash when not in an enclosed area. Any Member of the Association who keeps or maintains any pet upon any portion of the Common Areas shall be deemed to have indemnified and agreed to hold the Association, each of its Members and the Developer free and harmless from any loss, claim or liability of any kind or character whatsoever arising from reason of the keeping or maintaining of such pet upon the Common Areas. The Board of Directors shall have the right to order any Member of the Association whose pet is a nuisance, to remove such Pet from the Property and the Board of Directors shall have the sole and exclusive authority to determine, after notice to such Member and affording such Member an opportunity for a hearing before the Board of Directors, whether or not any pet is a nuisance.

D) No burning of trash (except plant material) and no accumulation or storage of litter, lumber, scrap metals, refuse, bulk materials, waste, new or used building materials, or trash of any other kind shall be permitted on any Lots provided however, that the storage of building materials and equipment shall be permitted during periods of new construction, remodeling and/or renovation of any improvements located upon any Lot, and further provided that the burning of trash and other debris from the clearing of Lots shall be permitted during period of new construction.

E) No junk vehicle(s), commercial vehicle(s), boat(s), trailer(s), camp truck(s), mobile home, house trailer, modular home, geodesic dome, or home designed for movement on wheels, or other machinery or equipment of any kind or character shall be kept or maintained upon the Property, nor (except for bona fide emergencies) shall the repair or extraordinary maintenance of automobiles or other vehicles be carried out on any Lot; provided, however, this restriction shall not apply to recreational vehicles, recreational trailers, or boats on a trailer kept within an enclosed garage or kept behind a fence. The parking of any vehicle within a street right-of-way is strictly prohibited.

F) Trash and garbage containers shall not be permitted to remain in public view except on days of trash collection. No incinerator shall be kept or maintained upon any Lot. Garbage, trash and other refuse shall be placed in covered containers.

G) No Lot shall be divided or subdivided and no portion of any Lot (other than the entire Lot) shall be transferred or conveyed for any purpose without approval of the Architectural Control Committee and the St. Tammany Parish Police Jury or the St. Tammany Parish Planning Commission. No portion of any dwelling (other than the entire dwelling) shall be leased. The provisions hereof shall not be construed to prohibit the granting of any servitude and/or right of way to any state, parish, municipality, political subdivision, public utility or other public body or authority, or the Association to the Developer.

H) No Lot shall be used for the purpose of boring, mining, dirt removal, quarrying, exploring for or removing oil or other hydrocarbons, minerals, gravel or earth.

I) No trees shall be removed from any Lot without written approval of the Association acting through its Board of Directors or duly appointed committee. The Board of Directors of file Association and/or the Architectural Control Committee may from time to time adopt and promulgate such additional rules and Regulations regarding the preservation of trees and other natural resources and wildlife upon the Property as it may consider appropriate.

J) Satellite dishes, antennas, towers or other devices for the reception of communication signals are strictly prohibited, except that 18" diameter (maximum) satellite dishes are acceptable at locations approved by the Architectural Control Committee.

K) No water pipe, sewer pipe, gas pipe, drainage pipe, telephone line, electrical line or cable, television cable or similar transmission line, or the like, shall be installed or maintained on any Lot above the surface of the ground except for above ground lawn hoses.

L) No structure of a temporary character, and no trailer, house trailer, mobile home, stable, or outdoor clothes dryer shall be erected, used or maintained on any lot at any time provided, however, the foregoing restriction shall not prohibit the maintenance of those temporary structures, trailers or the like which are necessary during the construction, remodeling and/or renovation of any improvements thereon. No such temporary structures, trailers or the like shall be utilized for dwelling purposes and all such structures, trailers or the like shall be removed from the lot promptly following the completion of any of such improvements.

M) Except for entrance signs, directional signs, signs for traffic control or safety, community "theme areas" and such promotional signs or signs as may be maintained by the Developer or the Association, no signs or advertising devices of any character shall be erected, posted or displayed upon, in or about any Lot or dwelling situated upon the Property, provided that one temporary real estate sign and one temporary builder's sign, not exceeding six (6) square feet in area, each, may be erected upon any Lot or attached to any dwelling placed upon the market for sale or rent. Any such temporary real estate sign shall be removed promptly following the sale or rental of such dwelling.

N) No structure, planting or other material other than driveways or sidewalks shall be placed or permitted to remain upon any Lot which may damage or interfere with any servitude for the installation or maintenance of utilities, or which may change, obstruct or retard direction or flow of any drainage channels.

O) No Member shall engage or direct any employee of the Association on any private business of the Member during the hours such employee is employed by the Association, nor shall any Member direct, supervise or in any manner attempt to assert control over any employee of the Association.

P) No dwelling or other improvements which are located upon the Property shall be permitted to fall into disrepair and all such dwellings and other improvements (including lawn and other landscaped areas) shall be maintained in good condition and repair. Each Lot shall be maintained in a clean and sanitary condition, free of trash, rubbish and other offensive matter. Dead trees shall be removed by the Lot Owner at the Lot Owners expense. The failure of the Lot Owner to comply with this section shall authorize the Association to provide the necessary work, labor, materials and maintenance necessary to bring the Lot into compliance and charge the Lot Owner for the expense as an additional assessment owed by the Lot Owner. The collection of amounts owed shall be made in accordance with the rights and remedies provided in Article VII, Section 3, hereof.

Q) All raised houses must have lattice skirting, or other suitable material or landscaping around the entire raised portion of the house in order to prevent a "see through" appearance. Each raised house shall provide not less than 18" clearance for a crawl space under the floor joists and 12" under the sills. The finished first floor elevation shall not exceed five feet (5') from existing grade.

R) Fences may be erected and maintained only after approval as to location, design and materials by the Architectural Control Committee and shall further comply with the following:

i) No fence shall be erected, placed or altered on any Lot nearer to any street than on a line parallel to the front of the main dwelling. Fences shall not exceed six (6') feet in height. There shall be no front yard fences.

ii) No fences shall utilize barbed wire, creosote posts, chain link or mesh

wire fence material.

iii) No fence shall be erected, placed or altered on any corner lot (a Lot having frontage on two streets) nearer to the side street than the side setback line.

S) A dwelling constructed on any Lot in Phase 1 of the Property shall comply with the following requirements:

i) The main residential dwelling on all Lots shall have not less than 2250 square feet of heated and cooled area.

ii) No building shall be erected, altered or permitted to remain on any lot other than one detached single-family dwelling, not to exceed 2-1/2 stories in height, with an overall height limitation of 35 feet, and a private garage for not less than two cars or a 400 square foot carport with additional 120 square foot enclosed storage area, but access to said carport and design must be approved by the Architectural Control Committee.

iii) The construction of sidewalks, cement walkways or other concrete or blacktop travel paths running parallel to the street fronting on any Lot are strictly prohibited. This provision does not prohibit the construction of a walkway leading from a driveway or street to a front or rear door of a house.

iv) The heated and cooled area of the first floor of any dwelling shall have a ceiling height of not less than 8 feet.

T) A dwelling constructed on any Lot in Phase 2 of tire Property shall comply with the following requirements:

i) The main residential dwelling shall have not less than 2250 square feet of heated and cooled area on Lots 47 through 63 (inclusive) and Lots 89 through 111 (inclusive), but not less than 2400 square feet of heated and cooled area for Lots 64 through 88 (inclusive).

ii) No building shall be erected, altered or permitted to remain on any Lot other than one detached single-family dwelling, not to exceed 2-1/2 stories in height, with an overall height limitation of 35 feet, and a private garage for not less than two cars or a 400 square foot carport with additional 120 square foot enclosed storage area, but access to said carport and design must be approved by the Architectural Control Committee.

iii) The construction of sidewalks, cement walkways or other concrete or blacktop travel paths running parallel to the street fronting on ally Lot are strictly prohibited. This provision does not prohibit the construction of a walkway leading from a driveway or street to a front or rear door of a house.

iv) The heated and cooled area of the first floor of ally dwelling shall have a ceiling height of not less than 9 feet.

U) The finished floor elevation of each dwelling constructed oil a Lot shall be ill accordance with the State of Louisiana and the Parish of St. Tammany regulations.

V) Any out-building, storage shed, cabana, gazebo, or other detached structure shall comply with the following guidelines: (I) have a maximum of 200 square feet under beam; (ii) shall be a minimum of 10 feet from rear and interior side property lines; however, the side setback for all corner lots shall be as approved by the Architectural Control Committee on a case by case basis; and (iii) the building must architecturally conform and be compatible with the elevation, design and material of the main residential dwelling on the Lot.

W) The discharge of firearms or operation of motor bikes, motorcycles, two wheel, three wheel or four wheel motorized recreational vehicles upon the Property is strictly prohibited.

X) Building set back lines and utility servitudes are hereby established in accordance with the Plat.

Y) No individual water wells or individual sewerage treatment systems shall be allowed on any Lot. Each Lot shall utilize the central sewerage and water systems available designed for the Subdivision for all water and sewerage uses.

Z) Outdoor loudspeakers, radios, public address systems and the like, whether they be of a temporary or permanent nature, are expressly prohibited. Noise emanating from inside a structure shall not be audible outside the structure. All other noise which of fends, disturbs or constitutes a nuisance is expressly prohibited.

AA) In order to maintain a uniform design for mail boxes, all mail boxes located within the Property shall be approved as to design, quality, manufacturer and location by the Architectural Control Committee.

BB) With respect to the established drainage pattern on any Lot, and as a part thereof, these restrictions hereby establish the following requirements which shall be observed and satisfied by each Lot Owner for his Lot, to wit:

i) Each Lot shall be graded to drain to the nearest appropriate drainage servitude unless the Architectural Control Committee indicates otherwise.

ii) Each Lot Owner shall create and maintain a drainage-way ("swale"), being five feet in width immediately adjacent to the interior side Lot lines of his Lot, in order to provide for and to carry drain water from his Lot and from the adjoining Lot to the nearest appropriate drainage servitude. No fence shall substantially interfere with the drainage flow in this swale area.

iii) Each Owner shall permit reasonable ingress and egress on his lot by the Developer and/or the Association for the purposes of maintenance and preservation of the established drainage pattern, the Drainage Servitude areas and the said swale areas. There shall be no affirmative obligation of the Developer or the Association for any drainage construction or maintenance.

iv) With respect to the drainage of his Lot, an Owner shall be required to comply with the grading, elevation and fill requirements of these restrictions and the Architectural Control Committee at the tithe he shall construct a residence on his Lot.

CC) Regulations regarding culverts and driveways:

i) Ail driveways connecting to the street must have a culvert to insure maintenance of driveway material and the proper flow of drainage. Driveway culverts shall extend not less than four (4) feet beyond the edge of the concrete driveway. Culvert sizes must be in accordance with parish engineering specifications as set forth in the "as built" paving and drainage plans, and, further, approved in advance by the Architectural Control Committee. All culvert installation shall be set at an elevation established by the drainage plan for the Property and approved by the St. Tammany Parish Department of Engineering.

ii) It is the responsibility of the Owner to install the culvert at the correct elevation. If the culvert moves or is damaged during construction, it is the Owner's responsibility to replace or correct the culvert before pouring the concrete driveway. Failure to properly install a culvert shall authorize the Architectural Control Committee to replace and correct the culvert at Owner's expense. The failure of the Owner to comply with this section shall authorize the Association to provide the necessary work, labor, materials and maintenance necessary to bring the Lot into compliance and charge the Owner for the expense as an additional assessment owed by the Owner. The collection of amounts owed shall be made in accordance with the rights and remedies provided in Article VII, Section 3, hereof.

iii) All driveways and aprons must be concrete and must connect the driveway from the concrete street to the garage or carport. All driveways shall be a minimum of ten (I0) feet in width and shall be constructed not closer than eighteen inches (I 8") from the side property line.

Article X

Section 1. Duration - Amendment, The permanent servitudes and real rights and interests created herein, including the servitudes, privileges and restrictions of the act of dedication and restrictions herein shall, subject to the provisions herein, run in perpetuity with the land, and shall be binding upon the Owners hereof, their heirs, successors and assigns and shall inure to the benefit of and be enforceable by the Association, or by the Owner of any Lot subject to this act of dedication and restrictions, their representative, legal representative, heir, successor and assign, for a period of twenty (20) years from the date of recordation of this act, after which time the said servitudes, privileges and restrictions contained herein shall automatically extend for successive ten (10) year periods each, unless an instrument signed by the then Owners of a majority of the Lots has been recorded agreeing to change said servitudes, privileges and restrictions in whole or in part, except as allowed in Article IV. herein. The terms and provisions of this act of dedication and restrictions, or any of the servitudes, privileges or restrictions herein contained, may be modified in whole or in part, terminated or waived, prior to or subsequent to the expiration of the twenty (20) year period aforesaid, by act of amendment or termination signed by (i) the then Owners of sixty percent (60%) of the Lots in the subdivision and the Developer or (ii) by the Developer, alone, and duly recorded with the Clerk of Court for St. Tammany Parish, Louisiana. The requirement for the Developer to sign an act of amendment or termination as aforesaid in subpart (i) shall cease and terminate upon the lapse or termination of the Class B memberships in accordance with Article V, Section 2. B.

Section 2. Construction and Enforcement.   The provisions hereof shall be liberally construed to effectuate the purpose of creating a uniform plan for the development and operation of the community of Laurel Wood Subdivision. Enforcement of these servitudes, privileges and restrictions shall be by any legal proceeding against any person or persons violating or attempting to violate any servitude, privilege or restriction, either to restrain or enjoin violation or to recover damages, or both: and the failure or forbearance by the Association or the Owner of any Lot to enforce any servitude, privilege or restriction herein contained shall in no event be deemed a waiver of the right to do so thereafter. The provisions hereof may be enforced, without limitation, by the Association, by any Owner of any Lot which becomes subject to the provisions hereof.  There shall be and there is hereby created and declared to be a conclusive presumption that any violation or breach or any attempted violation or breach of any of the within servitudes, privileges or restrictions cannot be adequately remedied exclusively by recovery of damages.

Section 3. Notices. Any notice required to be sent to any Member or Owner under the provisions of this act of dedication shall be deemed to have been properly sent when mailed, by ordinary mail, postpaid, to the last known address of the person who appears as Member or Owner on the records of the Association at the time of such mailing.

Section 4. Severability. Invalidation of any one of these servitudes, privileges or restrictions by judgment, decree or order shall in no way affect any provisions hereof, each of which shall remain in full force and effect.

Section 5. Caption~;, The captions contained in this act of dedication are for convenience only and are not a part of this act of dedication and are not intended in any way to limit or enlarge the terms and provisions of this act of dedication.

 THUS DONE AND PASSED in Mandeville, St. Tammany Paris!l, Louisiana, on the day, month and year hereinabove first written, in the presence of the undersigned competent witnesses, who hereunto subscribe their names with the said Notary, after due reading of the whole.

 

 

 

 

AMENDMENT TO
BY-LAWS OF
LAUREL WOOD
HOMEOWNERS ASSOCIATION, INC
.

UNITED STATES OF AMERICA
STATE OF LOUISIANA
PARISH OF ST. TAMMANY

 BE IT KNOWN, that oil this 29th day of December, in the year of Our Lord, one thousand nine hundred and ninety-nine;

BEFORE ME, LELAND R. GALLASPY, a Notary Public, duly commissioned and qualified in and for the Parish and State aforesaid, therein residing, and in the presence of the witnesses hereinafter named and undersigned:

PERSONALLY CAME AND APPEARED:

LONESOME DEVELOPMENT, L.L.C., (TIN 72-1361390), a Louisiana limited liability company, domiciled ill Mandeville, St. Tammany Parish, Louisiana, formed by Articles of Organization dated February 25, 1997, recorded with the Certificate of the Secretary of State as Instrument No. 1036694 of the miscellaneous records of St. Tammany Parish, Louisiana, herein represented by its duly authorized Member/Manager, T. R. Henning, pursuant to the authority granted in the Unanimous Consent of the Members of Lonesome Development, L.L.C. recorded at Instrument No. 1111929 in the public records of the Clerk of Court for St. Tammany Parish, Louisiana;;

its mailing address being:

P. O. Box 296
Mandeville, LA 70470

 hereinafter referred to as "Developer",

who declared that pursuant to Article IX, AMENDMENTS, Section 2, of the By-Laws ("ByLaws") of Laurel Wood Homeowners Association, Inc. ("Association"), recorded at Instrument Number 9444451107289 of the official records of St. Tammany Parish, the undersigned, as Developer of Laurel Wood Subdivision does hereby amend the By-Laws, in the following particulars:

I. Developer does hereby amend Article III, DIRECTORS, Section 1, to provide as follows:

1. As long as there are class B memberships in the Association, the Association shall be governed by a Board of Directors consisting of five Lot Owners. Three members of the Board of Directors shall be elected by the class A membership, and two members of the Board of Directors shall be elected by the class B membership. Upon the lapse or termination of the Class B memberships, the Association shall be governed by a three member Board of Directors elected by the class A membership. Each member of the Board of Directors shall be a lot owner; in the event of a corporate ownership, an Officer or designated agent thereof; in the event of a partnership, the member shall be a partner or designated agent of the partnership.

 

II. Developer does hereby amend Article V, ASSESSMENT AND FISCAL. MANAGEMENT, Sections 1, 2, 4 and 5, to provide as follows:

1. On or before January 1st of each year, the Board of Directors shall prepare a budget (the "Annual Budget") based on an estimate of the total amount required for the cost of wages, materials, insurance, services and supplies and other Common Expenses which will be required during the ensuing calendar year for the management of the Association and the maintenance of the property of Laurel Wood Subdivision, together with reasonable amounts considered by the Board to be necessary for the reserves hereinafter established (annual expense). On or before January 31 of each year, the Board shall give each lot owner a copy of the proposed Annual Budget for the ensuing year together with a written statement of the annual and monthly assessments pertaining to the lot, which assessments shall be fixed in accordance with the provisions of the Restrictive Covenants of Laurel Wood Subdivision, the Articles and By-Laws of the Association. If the budget, or proposed assessments are amended, a copy of the amended budget or statement of assessments shall be furnished to each lot owner concerned.

2. The failure or delay of the Board of Directors to prepare or to transmit to lot owners an Annual Budget or statement of assessments on or before January 31 shall not constitute a waiver or release in any manner or any lot owner's obligation to pay assessments against his lot. If the Board of Directors fails to prepare or to transmit to the lot owners an Annual Budget or statement of assessments on or before January 31, then the the Annual Budget or statement of assessments for the prior year shall continue and will be the Annual Budget or statement of assessments for the current year.

4. The Annual Budget shall include allocations for, and the funds and expenditures of the Association shall be credited and charged to, accounts under the following classifications as shall be appropriate, all of which expenditures shall be expenses of the Association:

A) The cost of all operating expenses of the Common Areas, community lighting and services furnished by the Association, including charges by the Association for facilities and services furnished by it; and

B) The cost of necessary management and administration, including fees paid to any Management Agents; and

C) The amount of all taxes and assessments levied against the Association or upon any property which it may own or which it is otherwise required to pay, if any; and

D) The cost of fire and extended liability insurance on the Common Areas and the cost of such other insurance as the Association may effect; and

E) The cost of mosquito spraying, garbage and trash collection and/or other utilities and services which may be provided by the Association, whether with respect to the Common Areas or otherwise; and

 

F) The annual cost in the budgeted year of maintaining, replacing, repairing and landscaping the Common Areas (including, without limitation, the cost of maintaining, replacing and repairing the streets, lighting facilities, roadways and drainage facilities of Laurel Wood Subdivision) and such equipment as the Board of Directors shall determine to be necessary and proper; and

G) The cost of funding a general operating reserve. The Board of Directors shall maintain a general operating reserve of at least two months' operating expenses but not exceeding 5 months' operating expenses. If the general operating reserve exceeds the foregoing limitation at year end, then, in that event, ally excess amount shall be surplus and shall be apportioned among the lot owners accounts and serve as a credit to the subsequent annual assessment.

Ill addition to the Annual Budget authorized by this Section, the Board of Directors may levy in any assessment year a special assessment or assessments, applicable to that year only, for the purpose of defraying, in whole or in part, the cost of any construction or reconstruction, inordinate repair or replacement of a described capital improvement located upon the Common Areas or common facilities, including the necessary fixtures and personal property related thereto, or for such other purposes as the Board of Directors may consider appropriate, provided that any such assessment shall have the assent of the members representing sixty (60%) percent of the members of the Association. A meeting of the members shall be duly called for this purpose, written notice of which shall be sent to all members at least tell (10) days, but not more than thirty (30) days in advance of such a meeting, which notice shall set forth the purpose of the meeting.

5. At the annual members meeting of each year, the Board of Directors shall provide all lot owners present with a copy of an audit or itemized accounting of the expenses actually incurred and paid for the preceding year by the Association, together with a tabulation of all amounts collected pursuant to assessments levied, and showing the net amount over or short of actual expenditures plus reserves. Any amount accumulated in excess of the amount required for actual expenses and reserve as set forth in preceding section shall be surplus and shall be apportioned among the lot owners accounts as provided for in the Restrictive Covenants or these By-Laws.

THUS DONE AND PASSED, in my office in Covington, Louisiana, on file day, month and year herein first above written, in the presence of the undersigned witnesses and me, Notary, after reading of the whole.