Contents

• Article I: Organization & Membership
• Article II: Officers
• Article III: Maintenance & Repair
• Article IV: Assessments
• Article V: Miscellaneous

Article I
Organization & Membership

SECTION 1. Identity. These are the By-Laws of Cutter Ridge Property owners Association (hereinafter referred to as the "Association"), established to execute and enforce the Covenants and Restrictions for Cutter Ridge Subdivision Phase I & II filed of record with the Faulkner County Circuit Clerk and Recorder on the 15th Day of December, 1993, (Phase I, Record Book Vol. 554, page 145) and the 30th day of January, 1995 (Phase II, Record Book Vol. 589, page 223). These By-Laws shall apply to all of the owners of the following real property.

Lots 1-108, Cutter Ridge addition to the City of Conway, Faulkner County, Arkansas, Plat Recorded on August 8, 1993, for Phase I Book H Page 161, and Plat Recorded on August 25, 1994, for Phase II Book I Page 18 and any recorded amendments thereof. Lots 73, 92, and 100 are excluded from assessment since they are unbuildable AP&L power line easements.

SECTION 2. Members. All owners of the Property shall be members of the Association.

Article 2
Officers

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 legal owners of the Property. Any two or more offices may be held by the same person except the offices of President and Secretary.

SECTION 2. PRINCIPAL OFFICE. The principal office of the Association shall be maintained on the Property described in Section I of this Article.

SECTION 3. APPLICABILITY OF BY-LAWS. The provisions of these By-Laws shall apply to all present and future owners, mortgagees, lessees, and occupants of the property. The acceptance of a deed or conveyance, or the entering into of a lease, or the act of occupancy of the Property shall constitute an acceptance of, and an agreement to be bound by, the provisions hereof and any Rules adopted by the Association as well as any amendments thereto. The legal owners of the Property shall constitute voting members of the Association.

SECTION 4. NOTICE OF MEETINGS. A written or printed notice of every meeting of the Association, stating whether it is an annual or special meeting, the place, date, and hour thereof, and the purpose therefore shall be given by the Secretary or the person or persons calling the meeting at least seven (7) days before the date set for such meeting. The annual meeting of the Association shall be held in October of each year. Notice of meetings shall be given to each owner by (a) leaving the notice with him personally; or, (b) by leaving the notice at his residence or usual place of business; or, (c) by mailing it, postage prepaid, addressed to his residence as it appears on the records of the Association; or (d) if such owner cannot be located by reasonable efforts, by publishing the notice in any newspaper of general circulation in Faulkner County, Arkansas, not more than once, the publication thereof to be not less than three (3) days, no more than seven (7) days prior to the meeting date. If notice is given pursuant to the provisions of this section, the failure of any owner to receive actual notice of the meeting shall in no way invalidate the meeting or any proceedings conducted thereat. The owners of record who are owners according to the records of the Association as of twenty-one (21) days prior to the meeting date, shall be the owners entitled to receive the notice provided herein.

SECTION 5. Majority of Owners. As used in these By-Laws, the term "Majority of Owners" shall mean those owners of at least 51% of the property owners described in the Plats referred to in Article I, Section I.

SECTION 6. Quorum. Except as otherwise provided in these By-Laws, the presence in person or by written proxy of a majority of the owners of the Property shall constitute a quorum at all meetings of the Association.

SECTION 7. Majority Vote. When a quorum has gathered, the vote of a majority of the owners present in person or by proxy at any meeting of the Association, shall be binding upon all owners for all purposes except where a higher percentage vote is required by law or by these By-Laws. A 75% majority vote is required if the Association desires to purchase, lease, or build a structure that requires a one time, special assessment of over $50 per household per year.

SECTION 8. Election of Officers. The officers of the Association shall be elected at the annual meeting by a majority vote of the owners.

SECTION 9. Removal of Officers. Upon an affirmative vote of a majority of property owners, any officer may be removed, either with or without cause, and his successor elected at any regular or special meeting of the Board.

SECTION 10. President. The President shall be the chief executive officer of the Association. He shall preside at all meetings of the Association. He shall have all the general powers and duties usually vested in the office of the President for the Association, including but not limited to power to appoint committees from among the owners from time to time as he or she his discretion decide is appropriate to assist in the conduct of the affairs of the Association.

SECTION 11. 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.

SECTION 12. Secretary. The Secretary shall keep the minutes of all meetings of the Association. He shall have charge of such books and papers as the Board may direct and he shall, in general, perform all duties incident to the office of Secretary of a business corporation organized under the laws of the State of Arkansas.

SECTION 13. Treasurer. The Treasurer shall have the responsibility for Association funds and securities, and shall be responsible for keeping full and accurate financial records and books of account showing all receipts and disbursements, and he shall prepare all required financial statements. An informal accounting shall be provided with each annual assessment. He shall be responsible for the deposit of all moneys and other valuable effects in the name of the Association, or its designee, in such depositories as may from time to time be designated by the Association.

SECTION 14. Agreements, Contracts, Deeds, Checks, Etc. All agreements, contracts, deeds, leases, checks, and other instruments affecting the Regime or the Association shall be executed by two of the following officers: The President, Vice-President, Secretary, or the Treasurer of the Association.

SECTION 15. Compensation of Officers. No officer shall receive compensation from the Association for acting as such.

Article 3
Maintenance & Repair

SECTION 1. Responsibility of the Association. The Association shall be responsible for the maintenance, repair, and replacement of:

Shrubbery and grass areas maintenance outside the subdivision wall and on Lots 73, 92, & 100, approved subdivision signage; and such other items as may be approved from time to time by the members.

Article 4
Assessments

SECTION 1. Assessments. Annual assessments for the common expenses shall be made in advance on or before April 10; and special assessments may be made at such times, and payable at such times, as in the judgment of the majority of the owners, may be required for the property management and maintenance of the Association property. Each owner shall be liable for his share of the assessments as determined by his percentage of ownership of property. The total of the annual assessment shall be in the amount determined by the officers and approved by a majority vote of the owners and shall include the estimated common expenses for the year, and a reasonable allowance for contingencies and reserves. If an annual assessment is not made as required, an installment in the amount required by the last prior annual assessment shall be due upon each assessment installment date until changed by a new assessment. Initial membership assessment is $5.00 per month per member, paid quarterly or annually. The time period starts on the first day of the first month after closing and occupation of home.

SECTION 2. Liability. Each owner shall be jointly and severely liable for all unpaid assessments due and payable.

SECTION 3. Delinquent Assessments. The assessments against all property owners shall be set forth in a roll of the property which shall be available in the office of the Association for inspection at all reasonable times by the owners or their duly authorized representatives. The rolls shall contain a list of each property, the name and address of the owner thereof, and the assessment paid and unpaid. Each such assessment shall be the personal obligation of the owner. The association can place a lien against properties for unpaid assessments.

Article 5
Miscellaneous

SECTION 1. Notices. All notices to the Association shall be sent by registered or certified mail to the office of the Association or to such other address as the officers may hereafter designate from time to time. All notices to any owner shall be sent by ordinary first class mail to his property or to such other address as may have been designated by him from time to time, in writing, or to the secretary. All notices shall be deemed to have been given when mailed, except notices of change of address which shall be deemed to have been given when received. Notice of meetings shall be given in the manner set forth in Article 2, Section 4.

SECTION 2. Architectural Standards. The architectural requirements set forth in the covenants and restrictions described in Article 2, 3, 4, & 18 PERTAINING TO PRIMARY STRUCTURE, SECONDARY STRUCTURES AND FENCES, shall continue in full force and effect and are incorporated herein by reference. The officers of the Association (or their designees) shall enforce the Architectural Standards. Any legal action to enforce the standards shall be agreed upon by a majority vote of the association members.

SECTION 3. Severability. The provisions hereof shall be deemed to be severable, and the invalidity, partial invalidity or unenforceability of any one portion or provision of these By-Laws shall not affect the validity or enforceability of any other provision hereof.

SECTION 4. Captions. The captions contained in these By-Laws are inserted only as a matter of convenience and for reference and no way define, limit, or prescribe the scope of these By-Laws or the intent any of any provision thereof.

SECTION 5. Gender. The use of the masculine gender in these By-Laws shall be deemed to include the feminine gender and the use of the singular shall be deemed to include the plural, and visa versa wherever the context so requires.

SECTION 6. Waiver. No restriction, condition, obligation or provision contained in these By-Laws shall be deemed to have been abrogated or waived by reason of any failure to enforce the same regardless of the number of violations or breaches thereof which may occur.

SECTION 7. Interpretation. The provisions of these By-Laws shall be liberally construed to effectuate their purpose of creating a uniform plan for the development and operation of CUTTER RIDGE Property Owners Association. Whenever in these By-Laws it is provided that any person shall or will make any payment or perform or refrain from performing any act or obligation, each such provision shall, even though not so expressed, be construed as an expressed agreement to make such payment or to perform or not to perform, as the case may be, such act or obligation.

SECTION 8. Amendment. These By-Laws may be amended, modified, or revoked from time to time by two-thirds vote of a quorum of owners of the property; and provided that no modification of or amendment to these By-Laws shall be valid unless set forth in a recorded instrument which shall be recorded in the office of the Circuit Clerk and Ex-Officio Recorder of Faulkner County, Arkansas.

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