Contents: Article I, Name, Offices, Definitions, Purpose Article II, Membership and Voting Rights Article III, Meeting of Members Article IV, Directors Article V, Officers Article VI, Assessments Article VII, Notice of Transfer Article VIII, Committees Article IX, Amendment Article X, Interpretation - Miscellaneous Amendments to By-Laws:
Section 1: Name. The name of the corporation is RANCH COLONY PROPERTY OWNERS' ASSOCIATION, INC. (the "Association"), a Florida corporation.
Section 2: Offices. The Association shall have its principal office at 81 S.E. Colony Way (Martin County) Jupiter, Florida. The Association may have such other or additional offices, as the Board of Directors deems advisable from time to time.
Section 3: Definition. The Ranch Colony Permitted Uses and Restrictions and Deed of Dedication (the "Declaration") pertaining to Ranch Colony has been recorded in the Clerk's Office of the Circuit Court of Martin County, Florida, in Official Records Book 458, Pages 872 thru 878, both inclusive, on December 7, 1978, and Amendment to Ranch Colony Permitted Uses and Restrictions and Deed of dedication dated April 10, 1980, has been recorded in Official Records Book 505, Pages 1676 thru 1692, both inclusive, Public Records of Martin County, Florida, and supplemental Declaration Permitted Uses and Restrictions and Deed of Dedication dated May 1, 1980 was recorded in O.R. Book 496, Page 1630 and O.R. Book 505, Pages 2002 and 2003, Public Records of Martin County, Florida, and Second Supplemental Declaration Permitted Uses and Restrictions and Deed of Dedication dated August 25, 1981, recorded in O.R. Book 529, Pages 2100 and 2101, Martin County Public Records, and Third Supplemental Declaration Permitted Uses and Restrictions and Deed of Dedication dated November 30, 1982, and recorded in O.R. Book 557, Page 2671 thru 2673, both inclusive, Public Records of Martin County, Florida. A copy of the Declaration and Amendments in the form recorded is attached hereto and incorporated herein by reference. All terms used in these By-Laws shall have the meanings set forth in the Declaration and Amendments, unless otherwise specifically noted herein.
Section 4: Purpose of By-Laws. The purpose of these By-Laws is to provide the rules regulating the structure and operations of the Association, and all rules governing Ranch Colony shall be as provided in these By-Laws, the Declaration and Amendments thereto, and the rules and regulations of the Association, as the same may be amended from time to time.
Section 1: Members. Every owner of a parcel of land, which is located in those portions of Section 27, which are more fully described in the Ranch Colony Permitted Uses and Restrictions and Deed of Dedication recorded in Official Records Book 458, Page 872, et seq., of the Public Records of Martin County, Florida, shall be a member of the Association. Membership shall be appurtenant to and may not be separated from ownership of a parcel.
Section 2: Classes of Members and Voting Rights.
(a) There shall be one class of membership. All owners of parcels of land in Ranch Colony (including Ranch Colony, Inc.) shall be entitled to membership in the Association. All owners, whether individual or joint, shall be entitled to attend all membership meetings, but only one person may vote on behalf of the ownership whether it is joint or corporate.
(b) The voting of the membership shall be weighted in accordance with the number of acres (including fractions thereof) owned. Each member shall be entitled to as many votes at membership meetings as the number of acres that it owns.
(c) The membership shall elect a Board of Directors, which shall elect officers, in accordance with the laws of the state of Florida, and the charter and by-laws of the Association, which shall be prepared and filed by Ranch Colony, Inc.
Section 3: Joint Owners. When more than one person or entity holds an interest or interests in any parcel, the vote(s) for such parcel shall be exercised as they among themselves determine. In the event that such a determination cannot be made, then the vote for such parcel shall not be counted for any purpose except for the determination of the existence of a quorum.
Section 4: Liquidation Rights. In the event of any voluntary or involuntary dissolution of Association, the assets of the Association shall be distributed as provided in its Articles of Incorporation.
Section 1: Place of Meetings. eetings of the members shall be held at the principal office or place of business of the Association or at such other suitable place convenient to the members as may be designated by the Board of Directors.
Section 2: Organization and Annual Meetings. he first organization meeting of the members shall be held on __________________, and each subsequent regular meeting of the members shall be held on the first Saturday of _________________ of each year thereafter, at the hour of 10:00 a.m. If the day for the annual meeting of the members is a legal holiday, the meeting will be held at the same hour on the first day following which is not a legal holiday. At such meeting, there shall be elected, by ballot of the members, a Board of Directors in accordance with the requirements of Section 5 of Article IV of these By-Laws. The members may also transact such other business as may properly come before them.
Section 3: Special Meetings. It shall be the duty of the President to call a special meeting of the members as directed by resolution of the Board of Directors, or upon a petition signed by members entitled to cast at least twenty percent (20%) of the then aggregate votes having been presented to the Secretary; provided, however, that not special meeting shall be called, except upon resolution of the Board of Directors, prior to the first annual meeting of members as hereinabove provided. The notice of any special meeting shall state the time and place of such meeting and the purpose thereof. No business shall be transacted at a special meeting except as stated in the notice.
Section 4: Notice of Meetings. It shall be the duty of the Secretary to mail a notice of each annual or special meeting of the members, stating the purpose thereof as well as the time and place where it is to be held to each member of record at his address as it appears on the membership book of the Association. Notice shall be mailed at least twenty (20) but not more than fifty (50) days, prior to the date of such meeting. Service may also be accomplished by personal delivery of any such notice to a member at his last known address. Notice by either such method shall be considered as notice served. Attendance by a member at any meeting of the members shall be a waiver of notice by him of the time, place and purposes thereof.
Section 5: Quorum. Except as otherwise required by law, the presence, either in person or by proxy, of members representing at least fifty-one percent (51%) of the then members of record shall be requisite for and shall constitute a quorum for the transaction of business at all meetings of members, and all business which might properly come before the meeting may be transacted thereat, except as otherwise provided herein or by the Declaration and Amendments thereto, the Articles of Incorporation, or by law.
Section 6: Adjourned Meetings. If any meeting of members cannot be organized because a quorum has not attended, the members who are present, either in person or by proxy, may, except as otherwise provided by law, adjourn the meeting to a time not less than forty-eight (48) hours from the time for which the original meeting was called without the service of further notice with respect to such meeting.
Section 7: Proxies. A member may appoint any other member as his proxy. Any proxy must be in writing and must be filed with the Secretary in the form approved by the Board of Directors before the appointed time of each meeting. All proxies shall be revocable. Unless limited by its terms, any proxy shall continue until revoked by a written notice of revocation filed with the Secretary or by the death of the member or by the conveyance of the parcel of the member giving or holding such proxy.
Section 8: Order of Business. The order of business at all regularly scheduled meetings shall be as follows:
(a) Roll call and certification of proxies.
(b) Proof of notice of meeting or waiver of notice.
(c) Reading of minutes of preceding meeting.
(d) Reports of officers, if any.
(e) Reports of committees, if any.
(f) Unfinished business.
(g) New business.
(h) Appointment of inspectors of election.(i) Election of directors.
In the case of special meetings, Item (a) through (d) shall be applicable and thereafter the agenda shall consist of the items specified in the notice of the special meeting.
Section 1: Number and Qualification. The affairs of the Assocation shall be governed by a Board of Directors composed of three (3) natural persons until the first annual meeting of members, and, thereafter, of seven (7) natural persons; all directors shall be members of the Association except as otherwise provided herein.
Section 2: Declarant Control. The initial Directors shall be selected by the Declarant. Such Directors shall serve until the second annual meeting or until their successors have been elected and have qualified. The Declarant shall have the right to elect three (3) of the seven (7) directors to be elected at the second annual meeting of members.
Section 3: Powers and Duties. The Board of Directors shall have all of the powers and duties necessary or proper for the administration of the affairs of the Association, as required or permitted by the Articles of Incorporation, the Declaration and Amendments thereto, or by law. In furtherance of the foregoing, the powers and duties of the Board of Directors shall include, but shall not be limited to, the following:
(a) To provide for the care, upkeep, and surveillance of those portions of Ranch Colony which are to be maintained by the Association.
(b) To establish and provide for the collection of assessments from the members and for the assessment and/or enforcement of liens therefore in a manner consistent with law and as required by the provisions of the Declaration and Amendments thereto.
(c) To employ a manager, or other persons, and to contract with independent contractors or managing agents to perform all or any part of the duties and responsibilities of the Association.
(d) To promulgate and enforce such rules and regulations with respect to the use, occupancy, and maintenance of Ranch Colony which are not inconsistent with the Declaration or Amendments thereto, or these By-Laws.
(e) Issue, or cause an appropriate officer to issue, upon demand by any Owner, a certificate setting forth whether or not any assessment has been paid. A reasonable charge may be made by the Board for the issuance of these certificates. If a certificate states an assessment has been paid, such certificate shall be conclusive evidence of such payment.
(f) Suspend any or all of the rights of membership during any period in which a member shall be in default more than thirty (30) days after notice in the payment of any assessment.
(g) Cause to be kept a complete record of all its corporate affairs, make such records available for inspection by any member or his agent, and present an annual statement thereof to the members.
(h) Supervise all officers, agents, and employees of the Association and see that their duties are properly performed.
(i) Designate depositories for Association funds, designate those officers, agents and or employees who shall have authority to withdraw funds from such accounts on behalf of the Association and cause such persons to be bonded, as it may deem appropriate.
(j) Enter into mortgage agreements and obtain capital debt financing subject to the provisions of the Declaration and Amendments thereto.
(k) Exercise their powers and duties in good faith, with a view to the interests of the Association and to this end adopt appropriate guidelines for action on matters where a potential conflict of interest may exist.
Section 4: Elections and Term of Office. The term of office of the initial Directors appointed by the Declarant shall expire when their successors have been elected at the second annual meeting of members. At the second annual meeting of the members, the term of office of the Directors elected by the Declarant shall be fixed at one (1) year, and the term of office of the Directors elected by the other members shall be fixed at two (2) years unless the membership, by resolution duly made and adopted at such second annual meeting, or at any subsequent annual meeting, elects to fix the term of each Director elected at such meeting at one (1) year. Unless the members shall resolve to fix the term of office of each Director at one (1) year, at the expiration of the initial term of office of each respective Director, his successor shall be elected to serve a term of two (2) years. Directors shall hold office until their successors have been duly elected and qualify. Election to the Board of Directors shall be by secret written ballot. The persons receiving the largest number of votes shall be elected. Cumulative voting shall not be permitted.
Section 5: Vacancies. Vacancies in the Board of Directors caused by any reason other than the removal of a Director by a vote of the members shall be filled by the vote of the majority of the remaining Directors, even though they may constitute less than a quorum; and each person so elected shall be a Director until a successor is elected by the members at the next annual meeting to serve out the unexpired portion of the term. Notwithstanding the foregoing, any vacancy caused by the removal for any reason of a Directors appointed or elected by the Declarant shall be filled by the Declarant.
Section 6: Removal of Directors. At a regular meeting, or special meeting duly called for such purpose, any Director may be removed, with or without cause, by the affirmative vote of the majority of the membership, and a successor may then and there be elected to fill the vacancy thus created, provided that the successor of any removed Director originally appointed or elected by the Declarant pursuant to Section 2 of this Article shall be chosen by the Declarant. Any Director whose removal has been proposed by the members shall be given an opportunity to be heard at the meeting. The term of any Director who becomes more than thirty (30) days delinquent in payment of any assessment shall be automatically terminated and the remaining Directors shall appoint his successor as provided in Section 5 of this Article.
Section 7: Compensation. No compensation shall be paid to Directors for their services as Directors, but Directors may be reimbursed for reasonable expenses incurred by them in the performance of their duties for the Association.
Section 8: Organization Meeting. The first meeting of a newly elected Board of Directors shall be held within ten (10) days of election at such place as shall be fixed by the Directors at the meeting at which such Directors were elected, and no notice shall be necessary to the newly elected Directors in order legally to constitute such meeting, provided a majority of the whole Board of Directors shall be present.
Section 9: Regular Meetings. Regular meetings of the Board of Directors may be held at such time and place as shall be determined, from time to time, by a majority of the Directors, but at least one (1) such meeting shall be held during each fiscal year. Notice of regular meetings of the Board of Directors shall be given to each Director, personally or by mail, telephone or telegraph, at least six (6) days prior to the day named for such meeting.
Section 10: Special Meetings. Special meetings of the Board of Directors may be called by the President on three (3) days' notice to each Director given personally or by mail, telephone, or telegraph, which notice shall state the time, place (as hereinabove provided) and purpose of the meeting. Special meetings of the Board of Directors shall be called by the President or Secretary in like manner and on like notice on the written request of at least one-third (1/3) of the Directors.
Section 11: Waiver of Notice. Before or at any meeting of the Board of Directors, any Director may, in writing, waive notice of such meeting and such waiver shall be deemed equivalent to the giving of such notice. Attendance by a Director at any meeting of the Board of Directors shall be a waiver of notice by him of the time, place and purpose thereof. If all the Directors are present at any meeting of the Board of Directors, no notice shall be required and any business may be transacted at such meeting.
Section 12: Quorum. At all meetings of the Board of Directors, a majority of the Directors shall constitute a quorum for the transaction of business, and the acts of the majority of the Directors present at a meeting at which a quorum was present shall be the acts of the Board of Directors.
Section 13: Action without Meeting. Any action by the Board of Directors required or permitted to be taken at any meeting may be taken without a meeting if all of the members of the Board of Directors shall individually or collectively consent in writing to such action. Such written consent or consents shall be filed with the minutes of the proceedings of the Board of Directors.
Section 14: Fidelity Bonds. The Board of Directors may require that all officers and employees of the Association holding or responsible for corporate or trust funds shall furnish adequate fidelity bonds. The premiums on such bonds shall be paid by the Association.
Section 1: Designation. The principal officers of the Association shall be a President, a Vice President, a Secretary, and a Treasurer, all of whom shall be elected by the Board of Directors. The officers of the Association must be members of the Association except for assistant secretaries, who need not be members. The Directors may appoint an assistant secretary and such other officers as in their judgment may be necessary. Only the offices of Secretary and Treasurer may be filled by the same person.
Section 2: Election of Officers. Upon an affirmative vote of a majority of the members of the Board of Directors, any officer may be removed either with or without cause, and his successor elected at any regular meeting of the Board of Directors, or at any special meeting of the Board of Directors called for such purpose.
Section 4: President. The President shall be the chief executive officer of the Association. He shall preside at all meetings of the members. He shall have all of the general powers and duties that are usually vested in the office of president of a corporation, including, but not limited to, the power to appoint committees from among the membership from time to time as he may, in his discretion, decide is appropriate to assist in the conduct of the affairs of the Association.
Section 5: Vice President. The Vice President shall take the place of the President and perform his duties whenever the President shall be absent or unable to act. If neither the President nor the Vice President is able to act, the Board shall appoint some other member of the Board to do so on an interim basis. The Vice President shall also perform such other duties as shall from time to time be delegated to him by the Board of Directors.
Section 6: Secretary. The Secretary shall keep the minutes of all meetings of the Board of Directors and the minutes of all meetings of the members of the Association; he shall have custody of the seal of the Association; he shall have charge of the membership transfer books and such other books and papers as the Board of Directors may direct; and he shall, in general, perform all duties incident to the office of Secretary of a corporation.
Section 7: Treasurer. The Treasurer shall have the responsibility for corporate funds and securities and shall be responsible for keeping full and accurate accounts of all receipts and disbursements in books belonging to the Association. He shall be responsible for the deposit of all moneys and other valuable effects in the name, and to the credit, of the Association in such depositaries as may from time to time be designated by the board of Directors.
Section 1: Assessments. The Association shall have the right to assess each parcel of land and owner thereof on a pro rata basis as the number of acres in each parcel bears to the total number of acres included in Ranch Colony and covered by the restrictive covenants exclusive of lands owned by the Association. The assessments shall be used by the Association for common expenses of Ranch Colony, including but not limited to, the maintenance of the private streets and drives, maintenance of the drainage facilities, improvements to and maintenance of common facilities, costs of operating the Association, insurance premiums as may be appropriate, legal fees, accounting fees, and any and all other costs incidental and necessary for the fulfillment and enforcement of these restrictive covenants.
Each owner of any parcel in Ranch Colony, by the acceptance of a deed therefore, whether or not it shall be so expressed in such deed, is deemed to covenant and agree to pay to the Association all assessments levied by the Association pursuant to its charter and by-laws. All assessments shall be a charge upon the land and shall be a continuing lien upon the parcel against which each assessment is made. Each such assessment shall also be the personal obligation of the person who is an owner of such parcel at the time such assessment fell due.
Section 2: Effects of Not Paying the Assessment. If any assessment is not paid in the date when due, then such assessment may, at the option of the Association, bear interest at the rate of ten (10) percent per annum from the date it becomes delinquent. The Association shall have a lien upon the parcel against which the assessment was made. The lien shall be enforceable under the laws of the State of Florida in the same manner as though it were a mortgage securing a note. The Association shall have the right to institute a suit in the nature of a mortgage foreclosure against the parcel and the owners thereof for the collection of the assessment, together with interest and all costs of collection, including a reasonable attorney's fee. The Association may obtain a judgment of foreclosure and may sell the property at public sale all in accordance with the laws of the State of Florida.
Section 1: Notice of Transfer. The Transfer of any parcel is required to give written notice to the Association of such transfer. Unless such notice is given, the Association has the right to treat the transferor as the sole legal owner.
Section 1: Elections Committee. The Board shall appoint an Elections Committee no later than two (2) months prior to the annual meeting date. The Committee shall consist of a chairman, who may not be a Director, and at least four (4) members, none of who shall be candidates for office. It shall be the duty of the Committee to provide supervision of the nomination and election of directors in accordance with procedures adopted by the Board and placed in the Minute Book.
Section 2: Architectural Review Board. The Association shall always have an Architectural Review Board.
(a) Composition. The Architectural Review Board shall always be comprised of no less than three (3) nor more than five (5) persons, all of whom shall be members. A quorum for Committee action shall be two-thirds (2/3) of the members of the Committee. Members of the Committee shall be appointed by and serve at the pleasure of the Board of Directors.
(b) Duties. It shall be the duty of the Committee to regulate the external design, appearance, location, and maintenance of all structures in Ranch Colony and to regulate the uses of Ranch Colony, as further required or described in the Declaration and Amendments.
(c) Procedures. The Committee shall formulate general guidelines and procedures and submit them for confirmation to the Board of Directors. Such guidelines and procedures shall be considered adopted policy of the Board unless rejected by a two-thirds (2/3) vote of the Board within thirty (30) days of the date of submittal. The adopted guidelines and procedures shall be incorporated in the Minute Book and the Committee shall act in accordance with such guideline and procedures.
(d) Approvals, etc. Upon approval by Architectural Review Board of any plans and specifications submitted pursuant to the provisions of the Declaration and Amendments, a copy of such plans and specifications as approved shall 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 applicant submitting the same. In the event the Architectural Review Board fails to approve or disapprove any plans and specifications which may be submitted to it pursuant to the provisions of the Declaration and Amendments within thirty (30) days after such plans and specifications (and all other materials and information required by the Architectural Review Board) have been submitted to it in writing, then approval will not be required and this Article VIII will be deemed to have been fully complied with.
(e) Limitations. Construction or alterations in accordance with plans and specifications approved by the Architectural Review Board pursuant to the provisions of this Section shall be commenced within six (6) months following the date upon which the same are approved by the Architectural Review Board (whether by affirmative action or by forbearance from action, as in Paragraph (d) of this Article provided), and shall be substantially completed within eighteen (18) months following the date of commencement, or within such longer periods as the Architectural Review Board 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 Review Board 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 Review Board. Approval for use on any parcel of any particular plans and specifications or design shall not be construed as a waiver of the right of the Architectural Review Board to disapprove such plans and specifications, or any elements or features thereof, in the event such plans and specifications are subsequently submitted for use upon any other parcel or parcels.
(f) Certificate of Compliance. Upon the completion of the construction or alteration of any building, fence, wall or other improvements or structure in accordance with plans and specifications approved by the Architectural Review Board in accordance with the provisions of this Article, the Architectural Review Board shall, at the request of the Owner thereof, issue a certificate of compliance which shall be prima facie evidence that the building, fence, wall, or other improvements or structure referenced in such certificate have been approved by the Architectural Review Board and constructed or installed in full compliance with the provisions of this Article and with such other provisions and requirements of these By-Laws and the Declaration and Amendments as may be applicable.
(g) Rules and Regulations. The Architectural Review Board may from time to time adopt and promulgate such rules and regulations regarding the form and content of plans and specifications to be submitted for approval and may publish such statements of policy, standards, guidelines and/or establish such criteria relative to architectural styles or details, or other matters, as it may consider necessary or appropriate. No such rules, regulations, statements, criteria or the like shall be construed as a waiver of the provisions of this Section or any other provision or requirement of the Declaration and Amendments.
(h) Appeal. Any owner applicant aggrieved by a decision of the Architectural Review Board shall have the right to appeal that decision to the Board of Directors within thirty (30) days of such decision, in which event the Board shall give notice of the appeal to all owners whose parcels lie, in whole or in part, within one hundred feet (100') from the boundaries of the aggrieved owner's parcel. If requested by any such owner or the aggrieved applicant, within five (5) days of the notice, the Board, after giving at least ten (10) days' written notice thereof to all persons entitled to notice of the original application, shall hold a public hearing with respect to such application. The Board of Directors may reverse or modify the decision of the Architectural Review Board by a note of two-thirds (2/3) of those Directors present and voting. Failure to appeal within the aforementioned thirty (30) day period shall be deemed a waiver of the right to appeal.
Section 3: Other Committees. The Board may appoint such other committees as it deems appropriate to carry out its purposes.
Section 1: Amendment. Subject to the Declaration and Amendments, the Articles of Incorporation and applicable law, these By-Laws may be amended by the affirmative vote of a majority of the members at any meeting of the members duly called for such purpose. Amendments may be proposed by the Board of Directors, or by petition signed by members representing at least thirty percent (30%) of the total number of parcels. A description of any proposed amendment shall accompany the notice of any regular or special meeting at which such proposed amendment is to be voted upon.
Section 1: Conflict. These By-Laws are subordinate and subject to all provisions of the Declaration and Amendments and the Articles of Incorporation. All of the terms hereof, except where clearly repugnant to the context, shall have the same meaning as in the Declaration and Amendments. In the event of any conflict between these By-Laws and the Declaration and Amendments, the provisions of the Declaration and Amendments shall control.
Section 2: Notices. Unless another type of notice is herein elsewhere specifically provided for, any and all notices required or permitted hereunder shall be given in writing.
Section 3: Severability. In the event any provision or provisions of there By-Laws shall be determined to the invalid, void or unenforceable, such determination shall not render invalid, void or unenforceable any other provisions hereof.
Section 4: Waiver. No restrictions, condition, obligation or provision of these By-Laws shall be deemed to have been abrogated or waived by reason of any failure or failures to enforce the same.
Section 5: Captions. The captions contained in these By-Laws are for convenience only and are not a part of these By-Laws and are not intended in any way to limit or enlarge the terms and provisions of these By-Laws.
Section 6: Gender. Whenever in these By-Laws the context so requires, the singular number shall include the plural and the converse and the use of any gender shall be deemed to include all genders.
WHEREAS, RANCH COLONY PROPERTY OWNERS ASSOCIATION, INC. (the Association), a Florida corporation, operates under By-Laws; and
WHEREAS, under Article IX, said By-Laws may be amended by the affirmative vote of a majority of the members at a meeting of the members duly called for such purpose; and
WHEREAS, a special Meeting of the Association was held on November 29, 1990, in accordance with Article IX of the By-Laws, with a specific purpose of voting on and Amendment to Article VI, Section 1, of the By-Laws; and
WHEREAS, the special Meeting of November 29, 1990, was convened and a quorum was established at said Meeting; and
WHEREAS, the vote of the membership at said Meeting for the Amendment to Article VI, Section 1, of the By-Laws was voted upon and one hundred percent (100%) of the balloting favored the Amendment, there being no negative votes;
NOW, THEREFORE, the By-Laws of RANCH COLONY PROPERTY OWNERS ASSOCIATION, INC. are amended in the following respects:
1. Article VI Assessmentes, shall be amended to read as follows:
Section 1: Assessments. The Association shall have the right to assess each parcel of land and owner thereof on a pro-rata basis as the number of acres in each parcel bears to the total number of acres included in Ranch Colony and covered by the restrictive covenants exclusive of lands owned by the Association. The assessments shall be used by the Association for the common expenses of Ranch Colony, including but not limited to, the maintenance of the private streets and drives, maintenance of the drainage facilities, cost of operating the Association, insurance premiums as may be appropriate, legal fees, accounting fees, and any and all other costs incidental and necessary for the fulfillment and enforcement of restrictive covenants. However, the Association shall not use moneys from assessments for capital expenditures in excess of $5,000.00 without first obtaining approvement of said expenditure in excess of $5,000.00 from a majority of the Association.
Each owner of any parcel in Ranch Colony, by the acceptance of a deed therefore, whether or not it shall be so expressed in such deed, is deemed to covenant and agree to pay to the Association all assessments levied by the Association pursuant to its charter and By-Laws. All assessments shall be a charge upon the land and shall be a continuing lien upon the parcel against which each assessment is made. Each such assessment shall also be the personal obligation of the person who is an owner of such parcel at the time such assessment fell due.
2. The Association hereby reaffirms and ratifies all other terms, conditions and covenants provided for in the By-Laws of RANCH COLONY PROPERTY OWNERS ASSOCIATION, INC. and they shall remain in full force and affect.
IN WITNESS WHEREOF, the proper officers of the Association have set their hands and seal this 30 day of December, 1991.
RANCH COLONY PROPERTY OWNERS ASSOCIATION, INC.