TABLE OF CONTENTS PROPERTY DESCRIPTION PAGE 3 PUBLIC OFFERING STATEMENT PAGE 4-5 STATEMENT OF ESTIMATED INITIAL OPERATING BUDGET 6-7

Transcription

1 4101 FLORIDA AVENUE CONDOMINIUM ASSOCIATION, LLP REVISED DECEMBER 15, 2009 TABLE OF CONTENTS PROPERTY DESCRIPTION PAGE 3 PUBLIC OFFERING STATEMENT PAGE 4-5 STATEMENT OF ESTIMATED INITIAL OPERATING BUDGET 6-7 PA G E CONDOMINIUM DECLARATION PAGE 8-25 TYPICAL FLOOR PLANS EXHIBIT A PAGE 26 SCHEDULES 1, 2, 3 AND 4 TO CONDOMINIUM DECLARATION 26 ARTICLES OF INCORPORATION EXHIBIT B PA G E PA G E BY-LAWS EXHIBIT C PAGE CONDOMINIUM RULES AND REGULATIONS EXHIBIT D PA G E PROPERTY DESCRIPTION FOR 4101 FLORIDA AVENUE CONDOMINIUMS ONE CERTAIN LOT OF GROUND, together with all of the building and improvements thereon, and all the rights, ways, privileges, servitudes, appurtenances and advantages thereunto belonging or in anywise appertaining, situated in the CITY OF KENNER, PARRISH OF JEFFERSON, STATE OF LOUISIANA, in that part thereof known as HIGHTWAY PARK SUBDIVISION, in SQUARE NO. 39, BOUNDED by Florida Avenue, 41 st Street (formerly Lake Avenue), Delaware Avenue and 42 nd Street (formerly 24 th Street), designated as LOT 27-A and measuring as follows:

2 LOT 27-A commences 2 feet from the corner of Florida Avenue and 41 st Street (Formerly Lake Avenue) and measures thence 65 feet from Florida Avenue, same in width in the rear, by a depth of feet between equal and parallel lines and is composed of former Lots 27 and 28 and part of former Lot 29, all in accordance to plan of re-subdivision by J.J. Krebs & Sons, dated April 7 th 1977, approved by the City of Kenner on June 13 th, 1977 under Ordinance No. 2077, registered in COB 774, folio 913, copy of which is annexed to an act of sale passed before Lucas J. Giordano, Notary Public, dated October 27 th, 1977, registered in COT 899, folio 913. And further in accordance with survey by Gilbert, Kelly & Couturie, Inc., Surveying & Engineering, dated February 6 th, 1980, said property has the same designation, location and measurements as hereinabove set forth, and resurveyed by Gilbert, Kelly & Couturie, Inc., dated December 16 th, Improvements thereon bear Municipal No FLORIDA AVENUE, KENNER, LOUISIANA Being the same property acquired by 4101 Florida Avenue Condominium Association, LLC from James C. Rogers, III by act before Richard E. Regan, Notary Public, dated January 13 th, 2006, registered in COB 3158 folio 202, Parish of Jefferson, Louisiana. AND A CERTAIN PIECE OF PORTION OF GROUND, together with all of the building and improvements thereon, and all the rights, ways, privileges, servitudes, appurtenance and advantage thereunto belonging or in anywise appertaining, situated in the CITY OF KENNER, PARISH OF JEFFERSON, STATE OF LOUISIANA, in HIGHTWAY PARK SUBDIVISION, in SQUARE NO. 39, BOUNDED by Florida Avenue, 41 st Street (formerly Lake Avenue), Delaware Avenue and 42 nd Street (formerly 24 th Street), designated as LOT 31-A and measuring as follows: LOT 31-A commence sixty-seven (67 ) feet from the corner of Florida Avenue and 41 st Street (formerly Lake Avenue) and measures thence 60 feet front on Florida Avenue, same in width in the rear, by a depth of feet between equal and parallel lines and is composed of former Lot 29 and all of former Lots 30 and 31, all as shown on plan of re-subdivision by J.J. Krebs & Sons, Inc., dated April 7 th, 1977, approved by the City of Kenner on June 13 th, 1977 under Ordinance No. 2077, registered in Instrument No All as more fully shown on survey by Dading, Marques & Associates, Inc., dated June 5 th, 1995, except that 41 st Street in now know as Vintage Drive, which is annexed to COB 2918, folio 297. Resurveyed by Gilbert, Kelly & Couturie, Inc., dated December 16 th, Improvements thereon bear the Municipal No FLORIDA AVENUE, KENNER, LOUISIANA Being the same property acquired by 4101 Florida Avenue Condominium Association, LLC, from James C. Rogers, III by act before Richard E. Regan, Notary Public, dated January 13 th, 2006, registered in COB 3158 Folio 202, Parish of Jefferson, Louisiana.

3 PUBLIC OFFERING STATEMENT FOR 4101 FLORIDA CONDOMINIUMS BY BY 4101 FLORIDA AVENUE CONDOMINIUM ASSOCIATION, LLC There is annexed hereto a copy of the Condominium Declaration creating and establishing 4101 FLORIDA ANVENUE CONDOMINIUM ASSOCIATION, LLC. The condominium consists of a total of eight (8) residential units. The copy of the building plan attached hereto as Exhibit A shows the floor plan of each unit and the location of common areas, fountain and gardens. The Articles of Incorporation of 4101 FLORIDA AVENUE CONDOMINIUM ASSOCIATION, INC. are attached as Exhibit C. The By-Laws of 4101 FLORIDA AVENUE CONDOMIUNIU ASSOCIATION, INC. are attached as Exhibit D. The Condominium Rules and Regulations are attached hereto as Exhibit D. A copy of the building plan attached hereto as Exhibit A shows the location of common areas and gardens. The projected operation budget for the Association is annexed hereto. An initial reserve for replacement will be established by the collection of two months assessments at the sale of each unit by Declarant for a total initial reserve of $1, The Declaration, the Articles and By-Laws have been prepared in compliance with the provisions of the Louisiana Condominium Law. Essentially, each unit owner will own, in fee simple, all of the space within the boundaries of his/her unit, together with and undivided interest, owned in common with all other unit owners, in the building and other structures comprising the Condominium and the ground upon which they stand. Schedule 1 to the annexed Condominium Declaration sets forth the undivided percentage interest of each unit owner in the common elements; this percentage is also applicable to determine the obligation of each unit owner for assessment. The management of the Condominium is under the control of the Association, a non-profit corporation of which the unit owners are the sole members. The Association itself is governed by its Board of Directors. Initially, the Board will be comprised of individuals selected and appointed by the Declarant. The Articles and By-Laws provide for transfer of control of the unit owners depending upon the rapidity of sale of the units by the Declarant. The Declaration restricts the control of the Condominium by the Association to matters of administration, and vest in the unit owners and their lender control over all major decisions affecting the condominium and the relationship of the several unit owners. Each owner shall have one vote for each unit owned. Among the powers of the Association is the right to adopt Rules and Regulations for the orderly operation of the Condominium. The initial Rules and Regulations of the

4 Association are annexed as Exhibit D to the Declaration. The Budget sets forth and describes for each unit an amount designated therein as the Monthly Assessment in accordance with the Condominium Declaration. See particularly Paragraph No. 5 and Estimated Initial Operation Budget. Within fifteen (15) days from the receipt of a copy of the Public Offering Statement, a purchases, before conveyance, may cancel and contract to purchase a unit from Declarant. The declarant makes no warranty or representation as to the condition of the improvements or as to their remaining useful life. There are no potential or pending suits against the Association. The Association is not a party to any pending litigation nor is there any unsatisfied judgment outstanding against the Association. Declarant has no knowledge of any pending suits or claims material to the Condominium. During the initial year of operation, the Association will maintain the following insurance coverage on the Condominium Property and for the benefit of unit owners. Hazard and Fire (Building) Liability (Limited Comprehensive, Personal Injury) Flood (Coverage for all Buildings) Total Annual Premium It is the responsibility of each unit owner to purchase and maintain a condominium owner s policy for interiors and provide insurance coverage for the contents and personal liability of his/her unit and any improvements he/she may make to his/her unit, plus coverage for loss assessment. Kenner, Louisiana, this day of October, 2009 LLC 4101 FLORIDA AVENUE CONDOMINIUM ASSOCIATION, BY: JAMES J. MCDANIEL, PRESIDET BY: ANN GIARDINA, SECRETARY/TREASURER STATEMENT OF ESTIMATED INITIAL OPERATION BUDGET OF 4101 FLORIDA AVENUE CONDOMINIUM ASSOCIATION, LLC ANNUALLY MONTHLY

5 Administrative Expenses: Management Fee $ $ Operating Expenses: Common Utilities $ $ Repairs & Maintenance: Building Maintenance & Repairs Contingency $1, $ Lawn Care Services (8 month period) $ $ Fixed Expenses: Insurance Premiums Hazard & Liability Insurance Flood Insurance Termite Contract $ $ Replacement Reserves: Roof, Painting, Repairs $2, $ TOTAL ANNUAL EXPENSES - TOTAL MONTHLY EXPENSES - ALLOCATION BY UNIT TYPE UNIT TYPE PERCENTAGE INTEREST TO TOTAL CONDOMINIUM REGIME ESTIMATED MONTHY PAYMENT 4101 Florida Avenue Unit A 12.5% $ Unit B 12.5% $ Unit C 12.5% $ *Unit D 12.5% $ Florida Avenue Unit A 12.5% $ Unit B 12.5% $ Unit C 12.5% $ **Unit D 12.5% $ *Unit 4101 D receives a $10.00 monthly discount as the electric meter for his unit wills support on common light for parking lot. The Association shall be responsible for maintenance and replacement for light bulb for common light for parking lot. **Unit 4105 D receives a $20.00 monthly discount as the electric meter for this unit will support two common lights for the parking lot and the courtyard. The Association shall be responsible

6 for maintenance and replacement for light bulb for common lights for parking lot and courtyard. CONDOMINIUM DECLARATION * UNITED STATES OF AMERICA CREATING AND ESTABLISHING * STATE OF LOUISIANA CONDOMINIUM PROPERTY REGIME FOR 4101 FLORIDA AVE. CONDO. ASSOC. LLC * P A R I S H O F JEFFERSON BE IT KNOWN, that on this day of November, 2009 BEFORE ME, the undersigned, duly commissioned and qualified in and for the Parish of Jefferson, state of Louisiana, and in the presence of the witnesses hereinafter named and undersigned; PERSONALLY CAME AND APPEARD: 4101 Florida Avenue Condominium Association, LLC, a Louisiana Limited Company, domiciled and doing business in the Parish of Jefferson, State of Louisiana, appearing herein and through James J. McDaniel and Ann Giardina, its duly authorized members and whose addresses is declared to be 4101 Florida Avenue, Unit D Kenner, Louisiana and 4105 Florida Avenue, Unit D Kenner, Louisiana. Hereinafter referred to as Association, who declared as follows: RECITALS, INTENT AND PURPOSES WHEREAS, the Developer is the owner of certain real property located in the City of Kenner, Parish of Jefferson, State of Louisiana, which property is more fully described on the exhibit titled PROPERTY DESCRIPTION FOR 4101 FLORIDA AVENUE CONDOMINIUM ASSOCIATION, LLC, which is attached hereto. Said land and the improvements hereon and all servitudes thereunto belonging being hereinafter referred to as the Condominium Property. WHEREAS, the Developer intends to and does hereby submit the above described real property, together with all the buildings, improvements and other permanent fixtures of whatsoever kind thereon or to be affixed thereto, and all rights and privileges belonging or in anywise pertaining thereto, to the provisions of the Louisiana Condominium Act (La. Rev. Statue 9: et seq.) for the purpose of establishing a Condominium Property regime with respect thereto; and WHEREAS, the Developer is further desirous of establishing for it won benefit and for the mutual benefit of all further owners or occupants of the property (hereinafter defined) certain mutually beneficial restrictions and obligation with respect to the proper use, conduct and maintenance thereof; and Maintenance thereof; and WHEREAS, the Developer desires and intends that the several owners mortgagees, the occupants and other persons hereafter acquiring and interest in the Property shall, at all times, enjoy the benefits, of, and shall hold their interest subject to the rights, servitudes, privileges and restrictions hereinafter set forth, all of which are declared to be in furtherance of a plan to promote and protect the cooperative aspect of such property and are established for the purpose of enhancing and perfecting the value, desirability and attractiveness thereof. WHEREAS, it is desirable, therefore, that this Condominium Declaration provide the

7 basic requirements to effect such purposes and provide for proper use of the Condominium Property, and the within these basic requirements, as Association, hereinafter referred to, and it Board of Directors, shall have the right and duty to effect and carry out the purposes of this condominium; NOW THEREFORE, the Developer, as the recorded owner of the above described real property, hereby declares on behalf of himself/herself, his/her successors and assigns, as well as on behalf of any and all persons having, acquiring or seeking to have or acquire any interest of any nature whatsoever in and to any part of the Condominium Property as follows: Submission of Property to the Act: Developer does hereby expressly submit the real property described on the exhibit titled Property Description for 4101 FLORIDA CONDOMINIUM to the provisions of the Louisiana Condominium Act. The property and all improvements thereon shall be known as 4101 FLORIDA AVENUE CONDOMINIUM, INC and is more fully shown on the Survey of Land and Buildings, attached hereto as Exhibit A. The Condominium Property form and after the date of recordation of this Condominium Declaration in the Office of the Registrar of Conveyance in and for the Parish in which the property is situated shall be and continue subject to each and all of the terms thereof unit this Condominium Declaration is terminated or abandoned in accordance with the provisions herein contained. I DEFINITIONS UNIT. Any one of those parts of the Condominium improvements, including one or more rooms, as separately described on the attached Survey of Land and Buildings (Exhibit A attached hereto) as unit followed by a municipal address; including all pipes, drains, wires, conduits, ducts, flues, and shafts, plumbing and lighting fixtures, heating and air conditions equipment and built-in-appliances contained within a unit, or public utility lines situated within a unit shall be deemed to be part of said unit. The number of units in the condominium there designated and their descriptions are more particularly described and shown on Exhibit A. PERSON. An natural individual, firm, corporation, partnership, association, trust or other legal entity capable of holding title to immovable property. UNIT OWNER. The Person or persons who own a unit in the Condominium. CONDOMINIUM PARCEL. An individual unit plus its appurtenant percentage undivided ownership interest in the Common Elements and Limited Common Elements of the Condominium. COMMON ASSESSMENT. Those funds required for the payment of Common Expenses of the Condominium, such as the designated cost of maintaining, operating, repairing, and managing the Condominium Property, which from time to time are paid by the unit owners. Each unit owner s percentage share of the Common Expenses is set forth in Schedule 1, unless specifically otherwise provided. ASSOCIATION. A Louisiana non-profit corporation, or any successor entity, composed of all the unit owners and the entity which shall be responsible for the administration, management, regulation and operation of the Condominium Property. The Articles of Incorporation and By-Laws of the Association are annexed hereto and made a part hereof as Exhibits B and C, respectively. BUILDINGS. The improvements located on the land subject to this Condominium Regime.

8 COMMON ELEMENTS. All that part of the Condominium Property (movable or immovable property) which is not within or part of the individual units as such units are shown on the attached Survey of Land and Building (Exhibit A ) or described herein, or which exist within units by virtue of a servitude created herein. Each unit s undivided percentage ownership interest in the Common Elements of the Condominium shall be as set forth in Schedule A, attached hereto. Those Common Elements, the use of which is reserved solely for one or more designated units, are described in Exhibit A and herein as limited Common Elements. Common Elements shall include the land and all foundations; stabs; main wall; roofs; gutters; downspouts; water, sewer, electric, gays and other utility lines and sidewalks; driveways, parking areas; patios; fences; air condition compressor; porches; exterior lighting fixtures; exteriors electric outlets; exterior doors, exterior shutters; windows; exterior screens; exterior sliding glass doors; exterior faucets; exterior balconies; brick fences; outside mailboxes; metal gates; canopies; plants, trees, and shrubs; and all servitudes in favor of the Condominium Property. Those Common Elements, which shall be Limited Common Elements shall include the following: The land, slab and foundation under each unit and the patio and patio fences of each unit, and the designated parking area of each unit, all as shown on Exhibit A, shall be limited Common Elements reserved for the exclusive use of that unit owner, Exterior lighting, fixtures, exterior electrical outlets and faucets, plants, trees and shrubs, which are located in the designated patio area of a unit shall be Limited Common Elements reserved for the exclusive use of that unit owner, The structural portion of a building located within the boundaries of a unit, The air conditioning compressor and lines, the mailbox, the utility meter, exterior doors, windows and exterior screens, which serve only one unit or which are annexed to the exterior of only one unit shall be Limited Common Elements reserved for the exclusive use of that unit owner. A unit owner s right with respect to his/her Limited Common Elements shall not be altered without prior written approval of the Board of Directors. COMMON EXPENSES. The Association shall have the right and the obligation to assess unit owners for all common expenses, which expenses shall include, but are not limited to, the actual or estimated cost of: Ad valorem taxes and other taxes of all kinds which are levied against the Condominium Property and which are not levied against an individual unit or unit owner; Maintenance, management, operation, repair and replacement of Common Elements and those parts of the unit and Limited Common Elements as to which, pursuant to other provisions hereof, it is the responsibility of the Association to maintain, repair and replace; Utilities incurred in operation of Common Elements not otherwise paid by any individual unit owner or owners; Management and administration of the Association, including, without limited the same, any compensation paid by the Association to a managing agent, accountants, attorney and other employees; Liability and casualty insurance carried by the Association with respect to designated parts of the Condominium Property; Any service, garbage, utility, sewerage and water charger to the units not individually billed to each unit, hereinafter referred to as Sewerage and Water Charges; Any other item held by or in accordance with this Condominium Declaration or recorded

9 amendment hereto to be a Common Expense. COMMON SURPLUS. The excess of all receipt of the Association, including but not limited to common assessment, rents, profits and revenue on account of the Common Elements, if any, over the amount of Common Expenses. Each unit s percentage interest in the common surplus shall be the same as such unit s percentage obligation for the payment of the Common Expenses assessed by the Association (See Schedule 4 attached hereto). CONDOMINIUM DOCUMENT. The Condominium Declaration and the Exhibits annexed hereto as the same from time to time may be amended. Said Exhibits are as follows: Exhibit A Exhibit B Exhibit C Exhibit D Schedule 1 Schedule 2 Schedule 3 Schedule 4 Survey of Land and Building Articles of Incorporation of the Association By-Laws of the Association Rules and Regulations of the Association Percentage obligations for common expense assessments of individual units Percentage of undivided ownership of the Common Elements appurtenant to each unit Percentage obligations for payment of casualty and public liability insurance carried on the Property Percentage of common surplus shared by each unit CONDOMINUM PROPERTY. The land in the Condominium and all improvements thereon and all servitudes appurtenant thereto. II. USE OF COMMON ELEMENTS The Common Elements shall be used in accordance with and subject to the following provisions: Covenant against Partition. In order to effectuate the intent hereof and to preserve the Condominium and the Condominium method of ownership, the Common Element shall remain undivided and no person, irrespective of the nature of his/her interest in the Common Element, shall bring any action or proceeding for partition or division of the Common Element or any party thereof until the termination of the Condominium Regime established by this Condominium Declaration in accordance with provisions herein elsewhere contained. Rules and Regulations Promulgated by Association. No person shall use the Common Elements or any part thereof in any manner contrary to or not in accordance with such rules and regulations pertaining thereto as from time to time may be promulgated by the Association, (The initial Rules and Regulation of the Association are attached hereto as Exhibit D ), without in any manner intending to limit the generality of the foregoing, the

10 Association shall have the right, but not the obligation, to promulgate reasonable rules and regulations limiting the use of the Common Elements to member of the Association and their respective families, guest, invitees and servants. Maintenance. Except as otherwise provided herein with respect to Limited Common Elements, the maintenance, repair, replacement, management and operation of the Common Elements shall be the responsibility of the Association. Expense of Maintenance. Expenses incurred or to be incurred for the maintenance, repair, replacement, management and operation of the Common Elements shall be collected from unit owners as assessed, in accordance with provision contained in Article X hereof. Use of Common Elements. Subject to the rules and regulations from time to time pertaining thereto, all unit owners may use the Common Elements in such manner as will not restrict, interfere with or impede the use thereof by other unit owners. Limited Common Elements as set out on the annexed Exhibit A May only be used by the unit owner for whose use same in intended as set out on the annexed Exhibit A and as herein provided. Alterations and Additional Improvements. The Association shall have the right to make or cause to be made such alterations and additional improvements to the Common Elements, (Which do not prejudice the rights and property of any unit owner unless his/ her written consent has been obtained), provided the making of such alterations and improvements are first approved by the affirmative vote of seventy-five (75%) percent of the unit owners. The cost of such alterations and additional improvements shall be assessed as Common Expenses. Notwithstanding anything above to the contrary, the Association shall have the authority to effect alterations and additional improvements to the Common Elements having a cost greater than five (5%) percent of the then appraised value of the Condominium Property only in the event all of the unit owners approve the improvements. Undivided Shares of Unit Owners in Common Elements. The share of the unit owners in the Common Elements shall be in the respective percentages set forth in Schedule 2 annexed hereto and may be altered only by amendment executed in form from recording by one-hundred (100%) percent of all of the unit owners. No such alteration shall affect a prior recorded mortgage unless written consent of the holder of such mortgage is obtained and recorded. Common Elements Appurtenant. The undivided share of a unit owner in the Common Elements is appurtenant to the unit owner by him/her, and inseparable from ownership of the unit, and shall not be the object of any action for partition or division of the common ownership established by this Condominium Declaration. III MAINTENANCE AND REPAIR OF UNITS AND COMMON ELEMENTS The Association. Except as otherwise provided herein, the Association, at its expense, shall be responsible for maintenance, repair and replacement of the Common Elements. Individual Unit Owners. The individual unit owner, at his/her expense, shall be responsible for the maintenance, repair and replacement of his/her respective unit, including the maintenance, repair or replacement of the following which are located within his/her unit: plumbing fixtures, water heaters, furnaces, lighting fixtures, refrigerators, air conditioning and heating equipment, dishwasher, disposals, ranges and utility lines that may be in and service his/her unit, and including the maintenance, repair and replacement of floors, ceilings, and the interior of all walls, but excluding the foundation, slab, ceiling joist and roofs. In addition, the individual unit owner shall be responsible for the maintenance, repair and replacement of the following Common

11 Elements which are reserved for his/her exclusive use: The exterior lighting fixtures; exterior electrical outlets and faucets; plants, trees and shrubs which are located in the patio area of his/her unit; the structural portion of a building located within the boundaries of his/her unit; the air conditioning compressor and lines; the mailbox; the hardware on his/her exterior door; and window glass and screens. Patio fences separating the patios of two unit s owners shall be the joint responsibility of both unit owners. No unit owner shall impair any servitude without first obtaining the written consent of the Association and of the unit owner or owners for whose benefit such servitude exist. Any repairs or damages to a unit not covered by insurance will be the responsibility of the individual unit owners and not the responsibility of the Association. VI APPURTENANCES AND SERVITUDES Immovable Property. Each unit as shown on the Survey of Land and Building (Exhibit A ), together with all appurtenance thereto, and particularly its appurtenant undivided percentage ownership interest in the Common Elements, shall, for all purposes, constitute a separate parcel of immovable property which may be owned in complete ownership in the same manner as any other parcel of immovable property, independently of all other parts of the Condominium Property, subject only to the provisions of this Condominium Declaration. Unit Boundaries. The unit improvements shall be bounded as to both horizontal and vertical boundaries as shown on the annexed Exhibit A subject to such encroachments whether the same exist now or are created by settlement or movement of the said unit improvements, or permissible repairs, reconstruction or alteration. Appurtenances. Each unit shall included and the same shall be transferred with each unit as an inseparable appurtenance thereto, whether or not separately described, conveyed or encumbered, all of the rights, title and interest and obligation of a unit owner in and to the Condominium Property, which shall include but not limited to: Common Elements, an undivided percentage share of the ownership of the Common Elements, such undivided share to be that percentage set forth in Schedule 2 ; The exclusive right to use certain Limited Common Elements as provided in this Declaration, and servitudes for the benefit of the unit; Association membership and a proportionate amount of any Common Surplus or other assets held by the Association for the benefit of the unit owners, including all rights, privileges and obligations of the prior owner in the Association; The following servitudes which shall exist from one unit owner to every other unit owner and to the Association; Ingress and Egress. Servitudes on, over and through the Common Elements for ingress and egress for all person making use of such Common Elements in accordance with the terms of the Condominium Declaration. Maintenance, Repair and Replacement. Servitudes through the units and Common Elements and Limited Common Elements for the existence, maintenance, repair and replacement of portions of the units and Common Elements and Limited Common Elements. Use of these servitudes however, for access to the individual units shall be limited to reasonable hours, except that access may be had by agents of the Association at any time in case of emergency. Servitudes through the units and Common Elements and Limited Common Elements for

12 all necessary facilities for the furnishing of utility services within the units, which facilities shall include but not limited to, conduits, ducts, plumbing and wiring, provided that servitudes through the units for said facilities shall be located, as far as practicable, where said facilities presently exist. V USE, RESTRICTIONS AND CONDITIONS In order to provide for a congenial occupation of the units and Condominium Property and to provide for the protection and maintenance of the market value of the units, the use of the Condominium Property shall be restricted in accordance with the following provisions: Single Family Residential Use. The units shall be used for single-family residences occupied by a maximum of two adult s residents and their children. No unit may be used for commercial purposes and only with the express written consent of the Board of Directors of the Association and all individual unit owners. Common Elements. The Common Elements shall be used for the purposes for which the same are reasonably intended and for the enjoyment of the unit owners and their invitees, as provided in this Declaration. Approval of Occupancy, Sale or Lease. No unit owner may alienate his/her interest in a unit by sale or lease without first complying with the requirements set forth in Article VI hereof. Nuisances. No nuisances shall be allowed upon the Condominium Property nor shall any use or practice be allowed which is a source of annoyance to residents or which interferes with the peaceful possession and proper use of the Condominium Property by its residents. All parts of the Condominium Property shall be kept in a clean and sanitary condition, an no rubbish, refuse or garbage allowed to accumulate nor any fire hazard allowed to exist. No unit owner shall permit any use of his/her unit or of the Common Elements which will increase the premium rate of casualty or liability insurance upon those portions of the Condominium Property insured by the Association, except with the express approval of the Association. Lawful Use. No immoral, improper, offensive or unlawful use shall be made of the Condominium Property or any part thereof and all valid laws, zoning ordinances and regulations of all governmental bodies having jurisdiction thereof shall be observed. The respective responsibilities of unit owners and the Association of complying with the requirements of governmental bodies which require maintenance, modification or repair of the Condominium Property shall be the same as hereinabove provided for the maintenance and repair of that portion of the Condominium Property subject to such requirements. Interpretation. IN interpreting deeds, mortgages and building plans and specification, the existing physical boundaries of a unit reconstructed in substantial accordance with the original plans thereof shall be conclusively presumed to be its boundaries rather than the metes and bounds expressed in the deed, mortgage and building plans and specification, regardless of settling or lateral movement and regardless of minor variance between boundaries shown on the building plans and specifications or in the deed and those of the units. Rules and Regulations. Reasonable Rules and Regulations concerning use of the Condominium Property may be promulgated by the Association as hereinabove set forth: provided, however, that copies of such Rules and Regulations are furnished to each unit owners prior to the time that the same become effective. The initial Rules and Regulations, which shall be deemed effective until amended by the Association, are annexed thereto and made a part hereof as Exhibit D. Any amendments thereto shall be recorded in the Conveyance Office of the Parish in which the property is situated as

13 amendments to said Exhibit D and shall be affected in accordance with the procedures set forth in the By-Laws of the Association. Developer s Use. Until the Developer has sold all of the units, neither the unit owners nor the Association nor the use by the Association of the Condominium Property shall interfere with the sale of the units remaining unsold. The developer may make such use of the unsold units and Common Elements as may facilitate such sale, including, but not limited to, showing the Condominium Property and the display of signs advertising the units for sale. VI RESTRAINTS ON CONVEYANCE OF CONDOMINIUM PARCLES The sale, lease and mortgaging of units by persons other than the Developer shall be subject to the following provisions until the Condominium Declaration is terminated in accordance with provisions herein elsewhere contained, or until the units are no longer tenantable, whichever first occurs: No unit owner shall be permitted to sell, convey, mortgage or lease his/her unit unless or until he/she shall have paid in full any assessments against his unit, and shall have satisfied all liens outstanding, except conventional mortgages. Any lease of a unit shall provide that the Association shall have the authority to act as the unit owner s or lessor's agent in enforcing any compliance with either the terms of the lease or the Rules and Regulations of the Association. VIII ADMINISTRATION The administration of the Property, including, but not limited to, the acts required of the Association, shall be governed by the following provisions: The Association shall be organized as a non-profit corporation, the members of which are unit owners with a Board of Directors elected by said unit owners. The By-Laws of the Association shall be in the form attached as Exhibit C until such are amended in the manner provided therein. The Rules and Regulations of the Association shall be in the form attached as Exhibit D until such are amended. The duties and powers of the Association shall be those set forth in this Condominium Declaration and in the Articles of Incorporation, Rules and Regulations and the By-Laws of the Association, together with those reasonably implied to effect the purpose of the Association and this Condominium Declaration; provided, however that if there are conflicts or inconsistencies between this Condominium Declaration and the Articles, By- Laws or the Rules and Regulations, the terms an provisions of this Condominium Declaration shall prevail and the unit owners herby covenant to vote I favor of such amendments in the Articles, By-Laws and Rules and Regulations as will remove any such conflicts or inconsistencies. The powers and the duties of the Association shall exercise in the manner provided by the By-Laws and the Rules and Regulations an any duties or rights of the Association which are granted by or to be exercised in accordance with the provisions of this Declaration of this Condominium Declaration shall be exercised except that whenever this Condominium Declaration requires the act or approval of the Board of Directors of the Association, such act or approval must be that of the Board done or given in accordance with the procedures provided in the Articles or the By-Laws. Notice of demands, for any purpose, shall be given by the Association to unit owners and by any unit owner to the Association and other unit owners in the manner provided for

14 notices to members of the Association contained in the Articles or the By-Laws or the Association. All income received by the Association may, within the discretion of the Board of Directors, be used for the purpose of reducing prospective Common Expenses (Prior to establishing the annual assessment for Common Expenses), or to establish such reserves as the Board of Directors may in their discretion determine. VIII INSURANCE The insurance which shall be carried upon the Condominium Property shall be governed by the following provisions: Authority to Purchase. Casualty and public liability insurance policies upon the Condominium Properly (except as hereinafter allowed) shall be purchased by the Association for the benefit of the Association and the unit owners and their respective mortgagees as their respective interest may appear and shall provide for the issuance of certificates of insurance endorsements to the holders of mortgages of the units or any of them. Such policies and endorsements shall be deposited with the Association. Unit Owners. Each unit owner may obtain insurance at his/her own expense, affording additional coverage upon his/her Condominium Parcel and upon his/her personal property and for his/her personal liability and as may be required by law. Unit owners shall be required to file copies of any such individual unit owner s policies with the Association within sixty (60) day following purchase of any such policy. Coverage. Casualty. The unit improvements and all other insurable improvements upon the Condominium Property and all personal property as may be owned by the Association shall be insured by the Association in an amount equal to the maximum insurable replacement value thereof (exclusive of excavation and foundations) as determined at least every three(3) year thought an appraisal by the insurance company affording such coverage. Such coverage shall afford protection against: Loss or damage by fire and other hazards covered by the standard extended coverage endorsements; Such other risks as from time to time customarily shall be covered with respect to properties similar in construction, location and use as the property, including but not limited to, vandalism malicious mischief, windstorms, flood and water damages, provided that the amount of coverage for these risks shall be determined by the Board of Directors in its sole discretion. Public Liability Insurance. In such form and in such amounts as shall be required by the Association. Casualty Insurance. Coverage of units shall included to the extent obtainable, glass insurance, water damage insurance, and such other insurance as the Board of Directors may determine. Each policy shall contain a Louisiana Standard Mortgagee Clause in favor of each mortgagee of a unit which shall provide that the loss, in any, there under shall be payable to such mortgagee as its interest may appear, subject, however, to the loss payment provisions in favor of the Association as hereinafter set forth. Premiums. Premiums upon insurance policies purchased by the Association shall be paid by the Association and charged to the individual unit owners as a Common Expense, in

15 the percentages set forth in Schedule 3 hereof. All insurance which the Association is obligated by this Condominium Declaration to obtain, shall be written for the benefit of the Association insuring each unit owner, and his/her mortgagee, if any, both of whom shall be a beneficiary, even though not expressly named, in the percentages of fractions established in Schedule 3 of this Declaration. In the event of loss, the Association is irrevocably designated as trustee of each of the unit owners for the purpose of adjusting losses with the carrier on any master policy, and shall have full control of the proceeds received for casualty loss for the purpose of reconstruction of the building. The Association shall be required to make every effort to secure insurance policies providing: That any Master Policy or policies collectively insuring the units and Common Elements not e cancelable, invalidated or suspended on account of the conduct of the individual init owners, or their respective families, servants, agents and guest, or on account of the conduct of the Association of its agents without prior written demand that the Association cure the defect; The any no other insurance clause in policies carried by the Association exclude unit owners policies from consideration; That insurance policies carried by the Association exclude unit owners policies from consideration; That insurance policies carried by the Association not be called into proration or contribution with any additional insurance policies taken out by any individual unit owner. In the event a unit owner may carry property or liability insurance individually upon his/ her interest in the Condominium, which, in case of lose, results in proration of insurance proceeds between the master policy carried by the Association and the individual unit owner s insurer, the proceeds available under the unit owner s policy shall be payable to the Association, who is irrevocably designated as Trustee of each insuring unit owner for the purpose of reconstruction. Any over-plus remaining upon completion of reconstruction directly affecting any such unit owner shall there upon be paid by the Association to such unit owner. Proceeds on account of damage to units shall be held in the following undivided shares: When the improvements are to be restored for the owners of damaged units in proportion to the cost of repairing the damage suffered by each unit owner, which cost shall be equitably and reasonably determined by the Association. When the improvements are not to be restored an undivided share for each unit owner, such share being the same as the undivided percentage share listed in Schedule 3 hereof. Proceeds on account of damage to Common Elements shall be held in undivided shares for each unit owner, such shares being the same as the undivided share in the Common Elements appurtenant to his/her unit (Schedule 2 ). Insurance Trustee of the Distribution of Proceeds. Proceeds of insurance policies received by the Association shall be distributed to or for the benefit of the beneficial owners in the following manner: Expense of the Trustee. All expenses of any Insurance Trustee shall be first paid or

16 provisions made therefore. Reconstruction or Repair. If the damage for which the proceeds are paid is to be repaired or reconstructed, the proceeds shall be paid to the Association to defray the cost thereof as elsewhere provided. Any proceeds remaining after defraying such cost shall be distributed to the beneficial owners, remittances to unit owners and their mortgagees being payable jointly to them. The forgoing is a covenant for the benefit of any mortgagee of a unit any may be enforced by such mortgages. Failure to Reconstruct or Repair. If it is determined in the manner elsewhere provided that the damage for which the proceeds are paid not be reconstructed or repaired, the remaining proceeds shall be distributed to the beneficial owners, remittances to unit owners and their mortgagees being payable jointly to them. The foregoing is a covenant for the benefit of any mortgagee of a unit and may be enforced by such mortgagee. Certificate. IN making distributions to unit owners and their mortgagees, the Insurance Trust, if any, may rely upon a certificate of the Association as to the names of the unit owners and their respective percentage shares of the distribution. IX RECONSTRUCTION OR REPAIR AFTER CASUALTY Determination to Reconstruct or Repair. If any part of the Condominium Property shall be damaged by casualty, where nor not is shall be reconstructed or repaired shall be determined in the following manner: Common Elements. If the damaged improvement is a Common Element, the damaged property shall be reconstructed or repaired, unless it is determined in the manner elsewhere provided that the Condominium shall be terminated. Individual Units. Partial Destruction. If the damage does not render more than one-half (1/2) of the units untenantable as found by the Board of Directors of the Association, the damaged property shall be reconstructed or repaired unless within sixty (60) days after the casualty, it is determined by agreement in the manner elsewhere provided that the Condominium shall be terminated. Total Destruction. If the damage renders one-half (1/2) or more of the unit untenantable as found by the Board of Directors of the Association, then the damaged property will not be reconstructed or repaired and the Condominium will be terminated without agreement as elsewhere provided, unless sixty (60) days after the casualty, the owners of fifty-one (51%) percent of the Common Elements agree in writing to such reconstruction or repair. Reconstruction. Any reconstruction or repair shall be substantially in accordance with the condition and location and size as existed immediately prior to the occurrence of the casualty causing such damage; or is such reconstruction is impossible, then according to plans and specifications approved by the Board of Directors of the Association, and, if the damaged property is solely to individual units, by the owners of all damaged units therein, which approvals shall not be unreasonable withheld. Responsibility. If the damage is only to those parts of one unit for which the responsibility of maintenance and repair is that of the unit owner, then the unit owner shall be responsible for reconstruction and repair after casualty. In all other instances, the responsibility of reconstruction and repair after casualty shall be that of the Association. Estimate of Cost. Immediately after a determination to rebuild or repair damage to property for which the Association has the responsibility of reconstruction and repair, the Association shall obtain reliable and detailed estimates of the cost to rebuild or repair.

17 Assessments. If the proceeds of insurance are not sufficient to defray the estimated cost or reconstruction and repair by the Association, or if at any time during reconstruction and repair, or upon completion of reconstruction or repair, the funds for the payment of the cost thereof are insufficient, assessments shall be made against the unit owners who own the damaged units, and against all unit owners in the case of damage to Common Elements, in sufficient amounts to provide funds for the payment of such cost. Such assessments against unit owners for damages to units shall be in proportion to the cost of reconstruction and repair of their respective units. Such assessments on account of damage to Common Elements shall be in proportion to the unit owner s share in the Common Elements. Construction Funds. The funds for payment of cost of reconstruction and repair after casualty, which shall consist of proceeds of insurance held by the Insurance Trustee and funds collected by the Association from assessments against unit owners, shall be disbursed in payment of such cost in the following manner: Association. If the total of assessments made by the Association in order to provide funds for payment of costs of reconstruction and repair which is the responsibility of the Association is more than $5, (five thousand dollars), then the sums paid upon such assessments shall be deposited by the Association with the Insurance Trustee. In all other cases, the Association shall hold the sums paid upon such assessments and disburse the same in payment of the costs of reconstruction and repair. Insurance Trustee. The proceeds of insurance collected on account on a casualty, and the sums deposited with the Insurance Trustee by the Association from collections of assessments against unit owners on account of such casualty, shall constitute a construction fund which shall be disbursed in payment of the cost of reconstruction and repair in the following manner: Unit Owner. The portion of insurance proceeds representing damage for which the responsibility for reconstruction and repair lies with a unit owner shall be paid to the unit owner, or if there is a mortgagee endorsement as to such unit then the unit owner and the mortgagee jointly, who may use such proceeds as they may be advised. Association Lesser Damage. If the amount of the estimated cost of reconstruction and repair which is the responsibility of the Association is less than $5, (five thousand dollars), then the construction fund shall be disbursed in payment of such cost upon the order of the Association; provided, however, that upon request to the Insurance Trustee by a mortgagee which is a beneficiary of an insurance policy the proceeds of which are included in the construction fund, such fund shall be disbursed in the manner hereafter provided for the reconstruction and repair of major damage. Association Major Damage. If the amount of the estimated cost of reconstruction and repair which is the responsibility of the Association is more than $5, (five thousand dollars), then the construction fund shall be disbursed in payment of such costs in the manner required by the Board of Directors of the Association and a licensed, bonded general contractor. Surplus. It shall be presumed that the first monies disbursed in payment of cost of reconstruction and repair shall be form insurance proceeds. If there is a balance in the construction fun after payment of all cost of the reconstruction and repair for which the fund is established, such balance shall be distributed to the beneficial owners of the fund in the same proportion as they contributed to the fund; except, however, that the part of a distribution to a beneficial owner which is not excess of assessment paid by such owner into construction fund shall not be made payable to any mortgagee. X ASSESSMENTS