BOOK 1845 PAGE 541 TO 563
AMENDMENT
TO
RESTATED DECLARATION
OF
AUTUMN RIDGE HOMEOWNERS ASSOCIATION, INC.
APPLICABLE TO AUTUMN RIDGE SUBDIVISION
WHEREAS, the undersigned majority of owners of real property located
in Autumn Ridge Subdivision want to amend the Declarations of
Autumn Ridge Homeowners Association, Inc. which are filed of record
with the Fayette County Clerk's Office in Deed Book 1521, Page
689; Deed Book 1523, Page 403; Deed Book 1652, Page 707; and Deed
Book 1737, Page 510.
WHEREAS, the undersigned, a majority of said owners do hereby
amend the above-described Declarations of Autumn Ridge Homeowners
Association, Inc. as follows:
1. ARTICLE 5, COVENANT FOR MAINTENANCE ASSESSMENTS, Section 7.
BOARD OF DIRECTORS is hereby deleted in its entirety and the following
shall be substituted in its place:
Section 7. BOARD OF DIRECTORS. The Board shall consist of five
(5) members in good standing, selected at large from the membership
of the Corporation, except for the Initial Board which shall consist
of three (3) members who, shall be appointed in the Articles of
Incorporation, and who shall hold office until their successors
are duly elected and qualified. The members of the Initial Board
shall be eligible to serve on any subsequent Board as long as
the Developer shall retain ownership of any Lot of the Property.
The term of each member of the Board shall be two (2) years. Board
terms shall be staggered with three (3) directors being elected
in even-numbered years and two (2) directors elected in odd-numbered
years. The quorum necessary for the election of directors at the
annual meeting shall be the presence, in person or by proxy, of
twenty-five (25) percent of the votes of the membership. Each
member of the Board shall serve no more than three (3) consecutive
two year terms. A vacancy on the Board shall be filled through
appointment by the Board from the membership of the Corporation.
The principal officers of the Association shall be a President,
a Secretary, and a
Treasurer, each of whom shall be elected by the Board annually.
Any officer of the Board may be removed at any time by the affirmative
vote of a majority of the Board. Each officer's term shall be
one year, and may be renewed upon majority vote of the Board.
Each officer shall serve no more than two (2) consecutive one
year terms. The President shall preside at meetings of the Board,
shall have general and active management of the business of the
Corporation and shall see that all orders and resolutions of the
Board are carried out. The Secretary shall record any votes taken,
keep minutes of the proceedings, and shall send notice of meetings
to members of the Corporation when appropriate. The Secretary
shall also keep a current list of all Corporation members and
their addresses. The Treasurer shall maintain the financial records
of the Corporation and shall see that all bills are paid. The
Treasurer shall promptly deposit all assessments or other receipts
of the Corporation in an insured account in a reputable financial
institution in Lexington, Kentucky. Funds belonging to the Corporation
shall not be commingled with the personal assets of the Treasurer
or any other member of the Board. The financial records of the
Corporation shall be kept by the Treasurer and shall be open to
inspection by any member of the Corporation at reasonable hours
during regular business days.
2. ARTICLE 5, COVENANT FOR MAINTENANCE ASSESSMENTS, Section 9.
BUDGET AND ACCOUNTING is hereby deleted in its entirety and the
following shall be substituted in its place:
Section 9. BUDGET AND ACCOUNTING. The Board shall prepare an annual
budget to facilitate the establishment of the amount to be assessed
against the membership of the Corporation for common expenses.
On or before June 30 of each year, the Board shall call an annual
meeting of the members of the Corporation at which a full and
clear statement of the financial condition of the Corporation
shall be given and the annual budget shall be presented for approval.
Such statement shall account for the funds received and disbursed
on behalf of the Corporation during the preceding year. All records
shall be kept in accordance with good accounting practices on
a fiscal year basis beginning the first day of June of each year.
3. ARTICLE 6, GENERAL PROVISIONS, Section 2. NOTICES. is hereby
deleted in its entirety and the following shall be substituted
in its place:
Section 2. NOTICES. Any notice required to be sent to any member
or owner under the provisions of the Restated Declaration and
its, Amendments shall be deemed to have been properly sent when
mailed, postage prepaid or hand delivered to the last known address
of the person who appears as member or owner on the records of
the Corporation at the time of such mailing or delivery.
4. ARTICLE 6, GENERAL PROVISIONS, Section 4. AMENDMENT is hereby
deleted in its entirety and the following shall be substituted
in its place:
Section 4. AMENDMENT. Any provisions of the Declarations and/or
Restated Declarations may be amended by a resolution passed by
a majority of all the votes of the membership authorizing the
principal officers of the Association to sign an instrument amending
said Declarations and/or Restated Declarations in whole or in
part. The votes of the membership shall be one vote per lot regardless
of whether one or more persons are record owners of said lot.
Said amendment shall be effective thirty (30) days after being
recorded in the Fayette County Clerk's Office. Written notice
of a proposed amendment shall be given to every member, either
by mail or hand delivery, at least sixty (60) days in advance
of the meeting at which a vote will be taken on said amendment.
The above Amendment to the Declarations of Autumn Ridge Homeowners
Association, Inc. shall become effective thirty (30) days after
being filed of record with the Fayette County Clerk's Office.
DATED this the ____17____ day of ___November____ 1994.
