BY-LAWS THE OWNERS: CONDOMINIUM PLAN NO

Transcription

1 BY-LAWS OF THE OWNERS: CONDOMINIUM PLAN NO By-Laws

2 Form 3 Condominium Property Act Section 26 Notice of Change of By-Laws The owners: Condominium Plan No hereby certifies that by a special resolution passed on the 16th day of July, 1999, the By-laws of the Corporation were repealed and replaced as follows: Special Resoluti-0-ii: Be it resolved that the owners, Condominium Plan No repeal the existing By-laws Instrument No , presently governing the affairs of The Owners: Condominium Plan No and replace them with the attached amended By-laws, from and after the date of the resolution. The seal of The..d~wners: Condominium Plan No. /~ day of ~..)z/~f~-~., 1999, in the presence of: affixed on the Director Ig~i 4D!-IT!...!?:S OFFICE

3 INDEX Declaration of Purpose Definitions and Interpretations Signed Resolution Severability Conflict with the Act Duties of Owners Duties of the Corporation Powers of the Corporation Board of Directors Powers of the Board of Directors Duties of the Board of Directors Duties of the Officers of the Board General Meetings Meeting Procedure Voting at Meetings Proxies Violation of By-Laws The Budget and Common Expenses Notices Corporate Common Seal Estoppel Amendment of By-Laws Development Restrictions Debt Retirement on Termination Page By-Laws

4 GENERAL BY-LAWS OF THE OWNERS: CONDOMINIUM PLAN No BE IT AND IT IS HEREBY ENACTED as by-law No. 1 of THE OWNERS: CONDOMINIUM PLAN No , (THE CORPORATION) for the purposes of repealing, replacing, and substituting the registered By-laws change No , presently governing the affairs of THE OWNERS: CONDOMINIUM PLAN No which are set out in Appendix 1 of The Condominium Property Act, R.S.A. 1980, c. C-22, the following By-laws: DECLARATION OF PURPOSE: The restrictions in use have the following purposes: " The Constitution of Canada, by Section 15 of the Canadian Charter of Rights and Freedoms, provides that: (1) Every individual is equal before and under the law and has the right to the equal protection and equal benefit of the law without discrimination and, in particular, without discrimination based on race, national or ethnic origin, colour, religion, sex, age or mental or physical disability. (2) Subsection (1) does not preclude any law, program or activity that has as its object the amelioration of conditions of disadvantaged individuals or groups including those that are disadvantaged because of race, national or ethnic origin, colour, religion, sex, age or mental or physical disability. (d) (e) To provide for the health and safety of Condominium Occupants; To maintain the Common Property and Units in such a manner as to preserve property values; To provide for the peace, comfort and convenience of the Owners and Occupants; To develop a sense of community. By-Laws

5 DEFINITIONS AND INTERPRETATIONS These By-laws have been enacted by "The Owners: Condominium Plan No to replace all previously registered By-laws, and all statutory By-laws. The following definitions shall apply to all parts of these By-laws: (d) (e) (f) (g) (h) (i) "Act" shall mean Condominium Property Act, being Chapter C-22 of the Revised Statues of Alberta, 1980, as amended, and any.statute or statutes to which may be passed in substitution for or replacement of such Act; "Board" means the Board of Managers elected pursuant to these By-laws and as provided for in Section 23 of the Act or any section passed in substitution thereof. Board Members may be referred to as Directors; "By-laws" mean the By-laws of the Corporation, as amended from time to time; "Budget" means a financial statement or plan for the coordination of resources and expenditures of the Corporation for the period July 1st to June 30 th of each year; "Capital Replacement Reserve Fund" means the fund created for the purposes as outlined in By-law # s 80), 11(3); "Common Expense" means all expenses for the performance of the objects and duties of the Corporation and all other expenses specified as Common Expenses in these By-laws. Common Expense may also be described as an Assessment or Condominium Fee; "Common Property" means so much of the Parcel as is not comprised in any Unit shown on the Condominium Plan; "Condominium Plan" means the plan registered under the Act and referred to as Condominium Plan No ; "Corporation" means the Corporation constituted under the Act by the registration of the Condominium Plan; By-Laws

6 (J) (k) "Insurance Trustee" means any company or person authorized to act as an Insurance Trustee under the laws of the Province of Alberta and who may be appointed from time to time on Ordinary Resolution of the Corporation. If no Insurance Trustee is appointed then the Insurance Trustee shall be the Corporation; "Lot or Site" means an area designated as a Unit by the Condominium Plan as defined in the Act; "Mortgagee" means the holder of a mortgage registered against the title to one or more Units in the Condominium Plan; (m) (n) (o) (P) "Ordinary Resolution" means a resolution passed at a properly convened meeting of the Corporation by a simple majority of all the persons present entitled to exercise the powers of voting conferred by the Act or by these By-laws; "Owner" means the Owner of a Unit in the Condominium Plan; "Rules and Regulations" means any rules and regulations established by the Board which may be amended by the Board from time to time as circumstances warrant; "Special Resolution" means a resolution: (i) passed at a properly convened meeting of the Corporation by a majority of not less than seventy five (75%) percent of all the persons entitled to exercise the powers of voting conferred by the Act or by the By-laws; signed by not less than seventy five (75%) percent of all the persons who, at a properly convened meeting of the Corporation, would be entitled to exercise the powers of voting conferred by the Act or the By-laws; (q)!unit Factor" means a Factor for each Unit as more particularly described in the Condominium Plan (so many ten-thousandths of the Parcel); By-Laws

7 (r) Definitions - General (i) Words, terms, phrases, definitions, and expressions not explained in these By-laws and which require definition, shall mean the same as such words, terms, and expressions used in the Act, and where explained, under such pertinent statues of the Province of Alberta. (ii) Whenever words, terms, phrases, and expressions explained or otherwise used in these By-laws mean number, gender or existence of a thing, the same shall mean, without further mention, all numbers, both genders and things as the case may be, subject to precise expression to the contrary. Headings used in these By-laws have been inserted for the purposes of reference only, and are not to be considered or taken into account in construing the terms and provisions of these By-laws. 3. SIGNED RESOLUTION A resolution of the Board in writing signed by all of the members shall be as effective as a resolution passed at a meeting of the Board duly convened and held. Subject to the provisions of the Act, any resolution of the Corporation determined upon or made without a meeting and evidence by writing, signed in person or by proxy as contemplated in these By-laws shall be as valid and effectual as a resolution duly passed at a properly convened meeting of the Corporation and shall take effect and be an Ordinary Resolution, or a Special Resolution, as the case may be, in accordance with the requirement of these By-laws and the Act. 4. SEVERABILITY The provisions of these By-laws shall be deemed independent and severable, and the invalidity in whole or in part of any article, section, part, or provision herein, shall not affect the validity of the whole or remaining articles, parts, sections or provisions herein contained, which shall continue in full force and effect as if the invalid portion had never been included herein. By-Laws

8 CONFLICT WITH ACT Unless expressed herein to the contrary, if and whenever there is a conflict between these By-laws, or any part thereof, and the Act, the Act shall prevail. DUTIES OF OWNER: (The duties and obligations of each Owner under these By-laws are in addition to the duties and obligations imposed upon an Owner under the Act.) An Owner shall: permit the Corporation and its agents, at all reasonable times on 24 hours notice, (except in case of emergency, when no notice is required), to enter his Lot for the purpose of inspecting the same or for maintaining, repairing or renewing utilities, or for the purpose of ensuring that the By-laws are being observed; promptly carry out all work that may be ordered by any competent public or local authority in respect of his Lot, and will pay all rates, taxes, charges, out goings and assessments that may be payable in respect of his Lot; ~ (d) (e) (f) (g) (h) (i) repair and maintain his Lot, and keep it in a state of good repair; use and enjoy the Common Property, common facilities or other assets of the Corporation in a manner that will not unreasonably interfere with the use and enjoyment by other Owners, their families or visitors; not use his Lot, or permit the same to be used, in a manner or for a purpose that will cause his property to become hazardous or unsightly; notify the Corporation promptly of any change of ownership; shall pay promptly when due to the Corporation, all and every assessment for Common Expenses of the Corporation, as are levied or assessed by the Corporation against his Site from time to time; not use his Lot for any purpose other than as a family residence; and comply strictly with these By-laws, and with the Rules and Regulations adopted from time to time. By-Laws

9 o DUTIES OF THE CORPORATION The Corporation shall: (d) (e) (f) control, manage and administer the Common Property, common facilities and other assets of the Corporation for the benefit of all Owners; keep in a state of good and serviceable repair and properly maintain any recreational facilities and other apparatus and equipment used in connection with the Common Property, common facilities or other assets of the Corporation; maintain all common areas, both internal and external, including lawns and gardens, roadways, parking, storage, and laundry areas; maintain and repair, including renewal where reasonably necessary, all utilities owned by the Corporation situated on any Common Property; provide and maintain in force all such insurance as is required by the Act, and on the written request of an Owner or Mortgagee of a Lot, produce to him or a person authorized in writing by him the insurance policies effected by the Corporation and the receipts for the last premiums paid; collect and receive all contributibns toward the Common Expenses paid by the Owners and deposit the same with a financial institution; (g) pay all sums of money properly required to be paid on account of ~ all services, supplies and assessments pertaining to, or for the benefit of the Corporation; (h) (i) have all rights, power and authority as provided by the Act and at law, to recover unpaid contributions assessed and to secure payment of same; and indemnify every manager, officer, director or employee, and his or her heirs, executors and administrators, against all loss, costs, and expenses, including counsel fees reasonably incurred by him in connection with any action, suit or proceeding to which he may be made a party by reason of his being or having been manager or an officer of the Corporation, except as to matte.rs as to which he shall be finally adjudged in such action, suit or proceeding to be liable for gross negligence or willful misconduct. All liability, loss, damage, costs and expenses incurred or suffered by the Corporation by reason, or arising out of, or in connection with the foregoing indemnification provisions shall be treated and handled by the Corporation as Common Expenses. By-Laws

10 o POWERS OF THE CORPORATION (The powers, rights, duties, and obligations given to and imposed upon the Corporation under these By-laws and all pads thereof are in addition to all and any powers, rights, duties, and obligations given to and imposed upon the Corporation Under the Act, and at law.) The Corporation may: (d) (e) (f) (g) (h) purchase, hire or otherwise acquire personal property for use by the Owners in connection with their enjoyment of Common Property, common facilities or other assets of the Corporation; borrow money required by it in the performance of its duties or in the exercise of its powers, provided that each such borrowing or combination of borrowings in excess of 15% of the current year s Budget for Common Expenses shall be approved or ratified by Special Resolution; secure the repayment of money borrowed by it, and the payment of interest, by negotiable instrument or mortgage of unpaid contributions, whether levied or.not, or mortgage of any property vested in it, or by combination of those means; invest as it may determine in separate accounts money in the fund for administrative expenses, or in the Capital Replacement Reserve Fund; make an agreement with an Owner of a Lot for the provision of amenities or services; grant an Owner the right to exclusive use and enjoyment of Common Property, or special privileges for them, the grant to be determinable on reasonable notice, unless the Corporation by resolution otherwise resolves; make Rules and Regulations it considers necessary or desirable from time to time in relation to the enjoyment, safety and cleanliness of the Common Property, common facilities or other assets of the Corporation; do all things necessary for the enforcement of these By-laws and the Rules and Regulations of the Corporation, and for the control, management and administration of the Common Property, common facilities or other assets of the Corporation, generally, including removing privileges in the use of certain facilities, or fixing and collecting fines for contravention of these By-laws, or the Rules and Regulations; By-Laws

11 (i) (J) subject to the Act, determine the levy for the Capital Replacement Reserve Fund which shall be not less than ten (10%) percent of the total annual Budget, until the reserve reaches an amount that the Board considers sufficient having regard to the type of assets in the plan, and thereafter raise further amounts of replacements of funds from time to time and over a period of time as the Board thinks fit; and join any organization serving the interests of the Corporation and assess the membership fee in the organization as part of the Common Expenses. BOARD OF DIRECTORS The powers and duties of the Corporation shall, subject to any restriction imposed or direction given at a general meeting, be exercised and performed by the Board of Directors of the Corporation. The Board shall be elected by the Owners (18 years or older) and shall consist of not more than 7 members. Where a Lot is owned by more than one person, only one Owner of the Lot shall be a member of the Board at any one time. (d) At each annual general meeting of the Corporation the four (4) members that have completed two (2) consecutive one year terms will resign and four (4) new members will be elected to serve for two terms. The remaining three (3) members that have served one term only will remain on the Board automatically for one more term. At the end of their second term they will resign and three (3) new members will be elected to fill the three (3) vacancies. A retiring member of the Board shall be eligible for re-election. (e) (f) (g) (h) The Corporation may, by resolution at an extraordinary general meeting, remove for cause a member of the Board before expiry of his term of office and appoint another Owner in his place, to hold office until the next annual general meeting. At the first meeting of the Board held after each annual general meeting of the Corporation, the Board shall elect from among its members a chairman, vice-chairman, secretary, and treasurer who shall hold office until the conclusion of the next annual general meeting of the Corporation or until their successors are elected or appointed. The chairman of the Board shall have a casting vote in addition to his original vote. Where the chairman is absent from any meeting of the Board, or vacates the chair during the course of a meeting, the vice-chairman By-Laws t0

12 (i) shall act as the chairman and have all the duties and powers of the chairman while so acting.. In the absence of both the chairman and the vice-chairman, the members present shall from among themselves appoint a chairman for that meeting, who shall have all the duties and powers of the chairman while so acting. At meetings of the Board all matters shall be determined by simple majority vote. 10. POWERS OF THE BOARD OF DIRECTORS The Board shall: meet together bi-monthly (not less than six meetings per year) for the conduct of business, adjourn and otherwise regulate its meetings as it thinks fit, and it shall meet when any member gives the other members not less than 7 days notice of a meeting proposed by him, specifying the reason for calling the meeting, unless the other members agree to waive the notice; employ for and on behalf of the Corporation agents and employees as it thinks proper for the control, management and administration of the Common Property, common facilities or other assets of the Corporation, and the exercise and performance of the powers and duties of the Corporation; and subject to any restriction imposed or direction given at a general meeting, delegate to one or more of its members, or to a member or committee of members of the Corporation, or to its manager, those of its powers and duties it thinks proper, and at any time may revoke such delegation. 11. DUTIES OF THE BOARD OF DIRECTORS (1) The Board shall keep, at the Corporate Office the documents listed, and such documents shall be made available, on request, to an Owner or a person authorized by him, for a fee set bythe Board: (d) a copy of the Act and of the By-laws;... a copy of all special resolutions; a copy of all the legal agreements to which the corporation is a party, including management contracts, insurance policies, insurance trustee agreements, deeds, agreements for sale, leases, licenses, easements or rights of way; a register of the members of the Board; By-Laws

13 (e) (0 (g) (h) a register of the Lot Owners, setting out the lot number, the name of the Owner, the Unit Factor entitlement, the name and address of any Mortgagee who has notified the Corporation, the name of any tenant or lessee and a notation of any assignment by the Owner to the lessee; the annual Budget for each year; the annual audited financial statement; and minutes of all general meetings and of all Board meetings. (2) The Board shall: keep minutes of its proceedings; cause minutes to be kept of general meetings; cause proper books of account to be kept in respect of all sums of money received and expended by it and the matters in respect of which receipt and expenditure take place; (d) prepare proper accounts relating to all money of the Corporation, and the income and expenditure of it; for each annual general meeting; (e) on application of an Owner or Mortgagee, or a person authorized in writing by Nm, make the books of account available for inspection at all reasonable times; (f) file or cause to be filed at the Land Titles Office a notice in the prescribed form of any change in the address for service of the Corporation, and any change of members of the Board; and (g) review annually and update where necessary the "Rules and Regulations" and distribute a copy of any changes to each Lot Owner. (3) The Board shall create and maintain by Common Expense levy a Capital Replacement Reserve Fund for the purpose of repair, replacement and refurbishment of the Common Property and any real or personal property owned by the Corporation, with the Board applying such funds and the proceeds thereo.f from time to time for such purposes. The amount of the lew made in each year for the Capital Replacement Reserve Fund shall be no less than ten (10%) percent of the amount of the Common Expense Budget of the Corporation in each such year. By-Laws

14 12. DUTIES OF THE OFFICERS OF THE BOARD The following duties are assigned to the officers; however, the Board may make other allocations: (1) The chairman, or in the event of his absence or disability, the vicechairman: is responsible for the daily execution of the business of the Corporation; shall act as chairman of the meetings of the Board. (2) The secretary, or in the event of his absence or disability, another member of the Board designated by the chairman: shall record and maintain all the minutes of the Board, and. all meetings of the Corporation; and shall record votes for and against on all decisions; is responsible for all the correspondence of the Corporation; and shall carry out his duties ~]nder the direction of the chairman and the Board. (3) The treasurer, or, in the event of his absence or disability, another member of the Board designated by the chairman: (d) shall receive all monies paid to the Corporation and deposit it as the Board may direct; properly account for the funds of the Corporation and keep such books as the Board may direct; present to the Board when required to do so by the Board, a full detailed account of receipts and disbursements of the Corporation; and prepare for submission at the Annual General Meeting, a Budget for the forthcoming fiscal year.of the Corporation, andif required by Ordinary Resolution of the members of the Corporation, an audited statement for the most recently completed fiscal year of the Corporation. The secretary and treasurer may, on resolution of the Board, enter into an agreement to allow an independent agent to carry out their duties provided that the secretary and treasurer, as the case may be, supervise those duties assigned to the agent. By-Laws

15 (4) (5) All acts done in good faith by the Board are, notwithstanding it is afterwards discovered that there was some defect in the appointment or continuance in office of a member of the Board, as valid as if the member had been properly elected or appointed or had properly continued in office. Subject to provisions in the Act, a member of a Board is not personally liable for an act done in good faith in carrying out his duties as a member of the Board. 13. GENERAL MEETINGS (1) (2) (3) (4) Annual general meetings shall be held once in each year, and not more than 15 months shall elapse between one annual general meeting and the next. General meetings other than the annual general meetings shall be called extraordinary general meetings. The Board may, whenever it thinks proper, and shall on a requisition in writing by Owners 0r Mortgagees of 25% of the Lots, within 2 weeks after the requisition, convene an extraordinary general meeting. Seven days notice of every general meeting specifying the place, date and hour of the meeting, and in case of special business the general nature of that business, shall be given to all Owners and first Mortgagees who have notified their interests to the Corporation. Accidental omission to give notice to an Owner or to a first Mortgagee or failure to receive the notice by an Owner does not invalidate proceedings at the meeting. 14. MEETING PROCEDURE (1) (2) (3) All business shall be deemed special that is transacted at an annual general meeting, with the exception of the consideration of accounts and election of members to the Board, or at an extraordinary meeting. Save as in these By-laws otherwise provided, business shall not be transacted at a general meeting unless a quorum of persons entitled to vote is present at the time when the meeting proceeds to business. One quarter of the persons entitled to vote present in person or by proxy constitutes a quorum. By-Laws t4

16 (4) (5) (6) If within ½ hour from the time appointed for a general meeting a quorum is not present, the meeting stands adjourned to the same day in the next week at the same place and time. If at the adjourned meeting a quorum is not present within ½ hour from the time appointed for the meeting, the persons entitled to vote present constitute a quorum. The chairman of the Board shall be the chairman of all general meetings. In his absence from the meeting or in case he vacates the chair, the vice-chairman of the Board shall act as chairman. In other cases, the meeting shall appoint a chairman. The order of business at general meetings, and as far as is appropriate for extraordinary general meetings, shall be: (d) (e) (O (g) (h) d) (k) call to order by the chairman; calling the roll, certifying proxies and issuing a voting card for each Lot represented at the meeting; filing proof of notice of meeting or waiver of notice; reading and disposing of any unapproved minutes; reports of officers and committees; financial report; appointment of auditor; ~ unfinished business; new business; election of Board members; and adjournment. 15. VOTING AT MEETINGS (2) (3) (4) At a general meeting a resolution by the vote of the meeting shall be decided on a show of a voting card, unless a poll is requested by an owner present in person or by proxy. A request for a poll may be withdrawn. Unless a poll is requested, a declaration by the chairman that a resolution has, on the show of voting cards, been carried is conclusive evidence of the fact without proof of the number of proportion of votes recorded in favour of or against the resolution. A poll, if demanded, shall be taken in whatever manner the chairman thinks proper, and the result of the poll shall be deemed to be the resolution of the meeting at which the poll was requested. In the case of a tie vote, whether on a show of voting cards or on a poll, the chairman of the meeting is entitled to a casting vote in addition to his original vote. By-Laws

17 (5) (6) (7) (8) On a show of hands, an Owner shall indicate his vote by showing his voting card. On a show of hands or on a poll, votes may be given either personally or by proxy. Except in cases where a Special Resolution is required, an Owner is not entitled to vote at a general meeting unless all contributions payable for his Lot have been paid. Where Owners are entitled to successive interests in a Lot, the Owner entitled to the first interest is alone entitled to vote, whether on a show of hands or a poll. An Owner who is a trustee is entitled to exercise the vote for the Lot. The persons beneficially interested may not vote. 16. PROXIES (1) (2) (3) An instrument appointing a proxy shall be in writing signed by the appointer or his attorney, and may be either general or for a particular meeting. A proxy need not be an Owner. Notwithstanding the provisions of these By-laws on appointment of a proxy, where the Owner s interest is subject to a registered mortgage and where the mortgage provides that the power of vote conferred on an Owner under th~ Act may be exercised by the Mortgagee and where the Mortgagee has given written notice of his mortgage to the Corporation, no instrument or proxy shall be necessary to give the Mortgagee the power to vote. The Mortgagee shall indicate his presence at the calling of the roll and he, rather than the Owner, shall be issued a voting card. 17. VIOLATION OF BYLAWS (1) An infraction or violation of these By-laws or any Rules and Regulations established under them on the part of an Owner, his employees, agents, invitees or tenants may be corrected, remedied or cured by the Corporation. Any costs or expense so incurred by the Corporation shall be charged to that Owner and shall be added to and become a part of the assessment of that Owner for the month next following the date on which the costs or expense are incurred, but not necessarily paid by the Corporation, and shall become due and payable on the date of payment of the monthly assessment. (2) The Corporation may recover from an Owner by any means allowed under the Act money which the Corporation is required to expend as a result of an act or omission by the Owner, his employees, agents, invitees or tenants, or an infraction or violation By-Laws

18 of these By-laws or any Rules or Regulations established under them. 18. THE BUDGET AND COMMON EXPENSES (2) (3) (4) (5) (6) (7) (8) Once adopted by the Board, a copy of the Budget, together with a statement or notice setting forth each Owner s assessment, on a Site-by-Site basis, with respect thereto shall be delivered or mailed by the Board to each Owner. Once the Budget is approved the Common Expense shall be divided equally among all Lots within the project. The resulting individual equal expense shall be the assessment levied on each Lot and payable by its Owner. Upon receipt of assessment for Common Expenses, each Owner is responsible for payment. The Board will follow established collection procedures (outlined in the Rules and Regulations) concerning interest and penalties and other fees for late payment of assessment. Should the Board be unable to provide the Corporation with an approved Budget for the ensuing fiscal year, Owners will be required to maintain monthly payments at the same rate as for the preceeding fiscal year until such Budget is approved and current assessments are established. No Owner can exempt himself from liability for his contributions toward his assessments for contributions to Common Expenses by waiver of the use and enjoyment of any of the Common Property or by vacating or abandoning his Site, or in any manner whatsoever. If at any time it appears that the annual assessments towards the Common Expenses will be insufficient to meet the Common Expenses, the Corporation may assess and collect a special contribution against each Lot in an amount sufficient to cover the additional anticipated Common Expenses. The Corporation shall give notice of such further assessment to all Owners which shall include a written statement setting out the reasons for the assessment and each assessment shall be due and payable by each Owner thirty (30) days from date of billin.g. The Corporation shall have all right, power and authority as provided by the Act, and at law, to recover unpaid contributions assessed and to secure payment thereof. 19. NOTICES (1) Unless otherwise specifically stated in these By-laws, delivery of any notice required to be given under this Act or under these By- By-Laws

19 (2) (3) (4) laws shall be well and sufficiently given if mailed to the Owner at the address of his Lot or if left with him or Some adult person at that address. A notice given by post shall be deemed to have been given 5 working days after it is posted. An Owner may at any time in writing advise the Corporation of a change of address at which notice shall be given, and thereafter the address specified shall be deemed to be the address of the Owner for the giving of notices. The word "notice" shall include any request, statement or other writing required or permitted to be given by the Corporation to the Owner of the Lot. 20. CORPORATE COMMON SEAL The Corporation shall have a common seal, which shall not be used except by authority of the Board. Every instrument to which the seal is affixed, will be signed by two (2) members of the Board or by the Board s designated agent. 21. ESTOPPEL Any certificates as to an Owner s position with regard to contributions, expense assessments or otherwise, issued by an officer of the Corporation or the manager shall be deemed an Estoppel Certificate and the Corporation and all of the Owners shall be estopped from denying the accuracy of such certificate against any Mortgagee, purchaser or other person dealing with the Site Owner but this shall not prevent the enforcement against the Site Owner incurring the said expense of all obligations of the said Site Owner whether improperly stated in such Estoppel Certificate or not. 22. AMENDMENT OF BY-LAWS These Byqaws; or any part hereof, may be added to, amended or repealed by Special Resolution of the Corporation and not otherwise, and the Corporation shall cause to be prepared and distributed to each Owner and Mortgagee a notice or memorandum of any proposed amendments, addition or repeal thirty (30) days prior to the date of any such Special Resolution and thereafter provide each such Owner or Mortgagee with a copy of any registered amendment, addition or repeal. By-Laws

20 23. DEVELOPMENT RESTRICTIONS The M.D. of Brazeau will have ultimate authority regarding the year flood plain, and the granting of Development Permits. Each Owner may have or may construct on his Site (subject to the By-laws and the Rules and Regulations) a house, cabin, chalet, recreation vehicles including travel trailers, motorhomes, truck campers, tent trailers, raised roof vans and park models as wel! as a garage and a storage shed. 2. Residences and Out Buildings: (d) No more than one residence will be allowed per Site. No development or construction shall be undertaken (whether permanent or temporary), on any Site, w~thout the owner having secured a Condominium Development Permit and the M.D. of Brazeau Development Permit. The Board will establish Rules and Regulations governing the size, design, appearance, and location of all buildings constructed or installed on any given Site. No commercial/warehouse/industrial type of structures will be allowed on any privately owned Lot. 3. Specific Area Restrictions: Willow Ridge Sites 1 to 71 Basements allowed. Poplar Point Sites 72 to 108 No basement development shall be permitted on Lots 78 to 84 inclusive. Lots 78 to 84 inclusive are located either partially or entirely within the 1:100 year flood plain. Aspen Grove Sites 109 to 127 By-Laws

21 Lots 122 to 127 require a fence for safety across rear of property, to be approved by Alberta Environment. (d) Aspen Hill Basements allowed. Sites 128 to 138 (e) Cedar Glen Sites 139 to 167 No basement development will be permitted. Lots 143 to 154 inclusive must retain a 15 foot vegetation buffer along east site boundary line. Lot numbers inclusive and 167 are located either partially or entirely within the 1:100 year flood plain. (0 Oak Place Sites 168 to 172 No basement development shall be permitted. These lots are located either partially or entirely within the year flood plain. o General Area Restrictions (d) (e) (f) The first floor level of any buildings existing at the time of registration of the Condominium Plan shall be raised to an elevation which is at least equal to the year flood plain, plus an additional freeboard satisfactory to the Department of the Environment (Alberta). There shall be no disturbance of any existing vegetated areas which may adversely affect soil stability of any escarpment areas without soil testing. The ground floor elevations of all residential structures shall be at least 0.5 meters above the year flood plain. No permanent structures shall be built where the ground elevation is less than the year flood plain. There shall not be any electrical or mechanica! connections below 0.5 meters above the year flood plain. There shall be no sanitary sewage disposal fields. By-Laws

22 24. DEBT RETIREI~IENT ON TERMINATION Upon termination of the Condominium status for any purpose, all debtors of the Corporation shall first be paid out of the assets and the balance of the assets, if any, shall be distributed to the Owners in the same manner as all assessments were levied (equally among all Lot Owners). By-Laws

23

24