Lincoln Court Home Owners Association
- The Lincoln Court Home Owners Association will maintain and manage snow removal, lawn care and exterior condo maintenance.
- HOA dues will be set to cover long-term maintenance costs and are anticipated to be between $80-$120 a month.
- Lincoln Court roads will be owned and maintained by the City of Fairfield helping keep Association fees low.
Draft HOA Bylaws below.
Lincoln Court Owners Association, Inc.
These Bylaws are established for the purpose of administering and managing the Lincoln Court Owners Association, Inc.
1.01 Incorporation. Lincoln Court Inc. shall be incorporated under Chapter 504A of the Code of Iowa, as a corporation not for profit. The members shall consist of the Unit Owners of the – (Lincoln Court HOA) - , as defined by the Articles of the Declaration of Submission to a Horizontal Property regime for Lincoln Court (hereinafter referred to as the Declaration).
1.02 Members and Voting Rights.
- Upon conveyance by the Developer of all of the Units in the Development to the purchasers thereof, or upon the Developer relinquishing control of the Board, whichever occurs first, each Unit shall have one vote.
- The Owners of each unit shall constitute the members of the Association and membership shall automatically cease upon termination of all interests of the person and Owner. Developer shall be and have the rights of members with respect to unsold Units.
- An Owner of record shall be recognized as a member without further action for so long as he holds an ownership interest. If ownership is acquired but not of record, or if acquired other than by way of conveyance or other formal instrument of transfer (such as by death, judicial act or dissolution), the person acquiring or succeeding to ownership shall present the Board of Directors of the Association evidence satisfactory to it of facts evidencing lawful ownership status prior to exercise of any rights of membership in the Association. (Failure to provide such evidence shall not, however, relieve an Owner of his ownership obligations.) A fiduciary or other official acting in the representative capacity shall exercise all membership rights and privileges of the Owner which he represents.
- If more than one person is the Owner of the same Unit, all such Owners shall be members and remain jointly and severally liable for all membership obligations. In such cases, or if more than one fiduciary or other official is acting in the premises, the votes entitled to be cast by the Owners of that Unit shall be cast by the person named for that purpose on a certificate signed by all such Owners or fiduciaries or other officials and filed with the Board of Directors and such person shall be deemed to hold an ownership interest to such Unit for purposes of voting and determining the representation of such ownership interest at any meeting or for purposes otherwise provided herein. If such certificate is not executed and filed with the Board of Directors, such membership shall not be in good standing and the votes for that Unit shall not be considered in considering a quorum or a vote or for any other purposes until this Bylaw is complied with.
- The Owner of each Unit shall be entitled to one vote on all matters to be determined by the members of the Association either as Owners or as Units, pursuant to the Declaration, including any supplements or amendments thereto. Votes of a single Unit may not be divided. Regardless of the number of Owners of a Unit, there shall only be one vote per Unit.
1.03 Principal Office. Until all Units have been conveyed by Neighborhood Builders and Developers, LLC, hereinafter called "Developer", or until Developer relinquishes control of the Board, the principal office of the Association shall be 61 S Court St, Fairfield, IA 52556. Thereafter the president of the Association shall be the person designated to receive service of process for the Association and the principal office of the Association shall be at such suitable place convenient to the owners as may be designated by the Board. All meetings of the Association shall be held in its principal office unless some other place is stated in the notice.
1.04 Proxy. Such voting Member may be some person designated by such Owner or Owners to act as proxy on his or their behalf and who need not be an Owner. Such designation shall be made in writing to the Board of Directors (hereinafter sometimes referred to as the "Board") of the Association, and shall be revocable at any time by actual notice to the Board of the death or judicially declared incompetence of any designator, or by written notice to the Board by the Owner or Owners so designating. Any of all of such Owners may be present at any meeting of the voting Members and (those constituting a group acting unanimously) may vote or take any other action as a voting Member either in person or by proxy.
- Quorum. The presence in person or by proxy at any meeting of the voting Members having a majority of the total votes shall constitute a quorum. The acts carried or approved by a majority of the Units represented at a meeting at which a quorum is present shall constitute the acts of the membership unless a different rule is provided herein or by the Declaration or other agreement to which the Association is a party.
- Action. Unless otherwise expressly provided herein, any action may be taken at any meeting of the voting Members upon the affirmative vote of the voting Members having a majority of the total votes present at such meeting.
- Annual Meeting. The first annual meeting of the Association shall be held upon ten (10) days written notice given by the Association that all Units have been conveyed by Developer to the purchasers thereof, or by ten (10) days’ notice by Developer of its desire to relinquish control of the Board, whichever date occurs first. Thereafter, there shall be an annual meeting of the Members on the first Wednesday of October of each succeeding year at 7:30 P.M. at such reasonable place, or other time (not more than thirty (30) days before or after such date) and place, as may be designated by written notice of the Board delivered to the voting Members not less than ten (10) days prior to the date fixed for said meeting.
- Special Meeting. Special meetings of the voting Members may be called at any time after all of the Units have been conveyed by Developer to the purchasers thereof, for the purpose of considering matters which by the terms of the Declaration or the Bylaws of the Association, require the approval of all or some of the voting Members, or for any other reasonable purpose. Said meeting shall be called by written notice, authorized by a majority of the Board, by the President or, in his absence or disability, the Vice President, or by the voting Members having seventy five (75%) percent of the total votes, and delivered not less than five (5) days prior to the date fixed for said meeting. The notices shall specify the date, time and place of the meeting and the matters to be considered.
1.06 Notices of Meetings. Notices of meetings required to be given herein may be delivered either personally or by mail to the persons entitled to vote thereat, addressed to each such person at the address given by him to the Board for the purpose of service of such notice, or the Unit of the Owner with respect to which such voting right appertains, if no address has been give to the Board. The Secretary or his designee shall be responsible for giving the appropriate notice.
Notice shall be deemed to be given if mailed by First Class mail to the member at the address of his/her Unit unless at the time of giving such notice such member had given written direction, delivered to an officer or member of the Board of Directors, specifying a different mailing address to be carried on the rolls of the Association. Notice of any meeting may be waived in writing by the person entitled thereto.
1.07 Board of Directors.
- Election. Except as hereinafter noted in Section 1.07(E) at each meeting, the voting members shall, elect a Board of Directors for the forthcoming year, consisting of not less than three (3) Owners. Each Director shall be elected by a plurality of the votes cast at the annual meeting of the members of the Association. Each person entitled to vote shall be entitled to vote for as many nominees as there are vacancies to be filled by election and may cast only one vote per vacancy. This shall not apply to the initial Board who shall serve until the first annual meeting of the Association.
- Quorum, Term and Compensation. A quorum shall consist of three fourths (3/4) of the members of the Board. Members of the Board shall serve for a term of one (1) year or until their successors are elected. They shall also be entitled to reimbursement of their expenses as authorized by the Board.
- Vacancies and Order. Vacancies in the Board may be filled by majority vote of the remaining members thereof. Except as otherwise provided the Board shall act by majority vote of those present at its meetings when a quorum exists.
- Call. Meetings of the Board may be called, held and conducted in accordance with such regulations as the Board may adopt.
- First Board. Until all of the Units are conveyed by Developer to the purchasers thereof or the Developer shall relinquish control, the Board of Directors shall be selected by Developer, except as provided in Paragraph 1.07(C) of this Article, and Members so selected need not be Unit Owners. Said Directors shall serve until the first meeting of the Members. Provided, however, Developer may in its sole discretion remove any Director so appointed by it and replace such Director with another appointee.
- Officers and Duties. The Board shall elect from among its members a President who shall preside over both its meetings and those of the voting Members, and shall also elect a Vice President, Secretary and a Treasurer, either of whom may or may not be a member of the Board or qualified to be a Member. The Secretary shall keep the Association records, including the minute book wherein the resolutions shall be recorded. The Treasurer shall keep the financial records. (For more specific information see Article IV.)
- Removal of Board Members. Any Board member may be removed from office by affirmative vote of the voting Members having at least three-fourths (3/4) of the total votes, at any special meeting called for that purpose and a successor to fill the unexpired term of a Board member removed may be elected by majority vote of the voting Members at the same meeting or any subsequent meeting called for that purpose.
- Board Liability. The Directors from time to time constituting the Board shall not be liable to the Members for any mistake of judgment or for any acts made in good faith, or omissions to act omitted in good faith as such Directors.
- Voting Rights Suspended. The Board may suspend the voting rights and right to use of the Common Elements and facilities of a Member during any period in which such Member shall be in default in the payment of any assessment levied by the Association. Such rights may also be suspended after notice and hearing for a period not to exceed sixty (60) days for infraction of published rules and regulations. Such suspension shall not prohibit the ingress and egress of Member to his Unit.
- Action Taken Without a Meeting. The Board Members shall have the right to take any action in the absence of a meeting which they could take at a meeting by obtaining the written approval of all the Board members. Any action so approved shall have the same effect as though taken at a meeting of the Board of Directors.
- Expenses. The initial Directors as well as any other Directors shall serve without compensation. However, their expenses, as approved by the members at any annual or special meeting, shall be reimbursed. This provision applies only to the initial Board.
- Organizational Meeting. An organization meeting of a newly elected Board of Directors shall be held within ten (10) days of their election at such place and time as shall be fixed by the Directors at the meeting at which they were elected. No further notice of the organization meeting shall be necessary.
- Regular and Special Board Meetings. A majority of the Board may, by resolution, set the time and place for regular meetings of the Board and no notice thereof shall be required until such resolution is modified or rescinded. Special meetings of the Directors may be called by the President, Vice President, or any two Directors provided not less than two days’ notice shall be given, personally or by mail, telephone, or telegraph, which notice shall state the time, place and purpose of the meeting.
- Committees. The Board of Directors, by resolution approved by all members thereof, may designate from among its members such committees as it deems advisable and by resolution provide the extent and manner to which the same may have and exercise the authority of the Board.
1.08 Conduct of Meetings.
- Conduct of Meetings. The President, or, in his absence or disability, the Vice President, shall preside at each members’ meeting and Board of Directors’ meetings However, if neither the President nor the Vice President is able to preside, a chairman shall be elected by majority vote of the members present at such meeting.
- Participation by Proxy. At any membership meeting, a person holding a member’s proxy to vote shall be permitted to participate in such meeting and shall be permitted to cast such member’s vote on all questions properly coming before such meeting, provided such proxy must be in writing and signed by a member or other person entitled to cast votes, and shall set forth the Unit with respect to which such rights are pertinent, and the period which the proxy is to be in force and effect. Decision of the Board of Directors as to the sufficiency of any proxy for recognition shall be final and not subject to appeal to the members.
- Order of Business. At all meetings, the order of business shall consist of the following:
- Election of Chairman, if required.
- Calling roll and certification of proxies.
- Proof of notice of meeting or waiver of notice.
- Reading and disposal of any unapproved minutes.
- Reports of officers, if applicable.
- Reports of committees, if applicable.
- Election of Directors, if applicable.
- Unfinished business.
- New Business.
POWERS AND DUTIES OF THE BOARD OF DIRECTORS
2.01 General Powers.
All of the powers and duties of the Association shall be exercised by the Board of Directors, including those existing under the common law and statutes and the Declaration. These shall include, but not be limited to, the following:
- The collection of assessments against members for all common expenses.
- Use of the proceeds of assessments in the exercise of its powers and duties.
- The maintenance, repair, replacement and operation of the regime property including all common areas, elements and facilities, and units as applicable, and the making or providing for payment for all such work and approving or delegating to the officers authority to approve vouchers therefore.
- The reconstruction, repair, restoration, or rebuilding of the project and of any units as applicable after casualty; construction of new improvements or alterations if approved; to make and amend regulations respecting the use and occupancy of the property; and to permit or forbid an action or conduct within the discretion committed to them in the Declaration, Bylaws, and Resolutions of the members.
- The enforcement by legal means the provisions of the Bylaws of the Association and Declaration, and to take legal action in the name of the Association and on behalf of its members.
- To contract for the project and to delegate to such manager any or all powers and duties of the Association except such as are specifically required by the Declaration, Bylaws or Resolutions of the members to have approval of the Board of Directors or the membership of the Association.
- To employ, designate and discharge personnel to perform services
required for proper operation of the project.
- Property. A policy or policies of fire insurance with extended coverage, vandalism and malicious mischief endorsements, for the full insurable replacement cost of all improvements on the Property if made by the Association; and on all fixtures, installations or additions comprising the Property as originally constructed or installed including the Unit and all personal property included within the Property except such personal property as may be owned by the Owners; and such other insurance policies as shall afford coverage against such other risks as from time to time customarily shall be covered with respect to buildings similar in construction and use.
The said policy or policies also shall not cover any “upgrades” of fixtures, installations, additions or improvements constructed or installed by or under the direction of the Owners or their successors in interest. The owners are responsible for insuring all personal property owned by them, all “upgrades” of fixtures, installation, additions or improvements, fixtures or improvements installed or constructed by the Owners, and any other property not insured by the Association as required in these By Laws.
Such insurance shall be in a form and amount satisfactory to the first mortgagee of each unit. Such insurance shall be written for the benefit of the Association, the Owners, and the respective mortgagees as their interests may appear and shall provide for the issuance of certificates and mortgage endorsements to the holders of mortgages on the Units. Such insurance policies shall provide that the insurer waives its rights of subrogation as to any claims against the Owners, the Association and their respective employees, servants, agents and guest and shall provide that all proceeds payable as a result of casualty losses shall be paid to the Association and shall be held and disbursed by the Association as defined in Article VIII of the Declaration.
Each Owner may obtain insurance, at his own expense, affording coverage against loss of his personal property and against personal liability, but all such insurance shall contain the same waiver of subrogation as set forth above.
All original policies of casualty insurance purchased by the Association shall be delivered into the possession of the Association. The Association shall upon request certify to any Owner, to any prospective purchaser of a Unit and to any mortgagee or prospective mortgagee of a Unit, a complete statement as to the insurance policies held by it showing the identity of the policies, the expiration dates thereof, and the amount and type of insurance. A uniform fee approved by the Association may be charged by the Association for each certificate furnished.
- Liability. A policy and policies insuring the Association, the members of the Board and the Owners against any liability to the public or to the Owners (of Units and of the Common Elements, and their invitees or tenants) incident to the ownership and/or use of the Common Elements and Units, the liability under which insurance shall be not less than Three Hundred Thousand ($300,000) Dollars for any one person or One Million ($1,000,000) Dollars for any one accident.
- Insurance - Compensation. Workmen's compensation insurance to the extent necessary to comply with any applicable laws.
- To pay the cost of all power, water, sewer and other utility or other services rendered to the Association and not billed directly to the owners of the individual units.
- To conduct all votes or determinations of the members other than at a membership meeting.
- To borrow money from any bank, lending institution or agency for the use and benefit of the Association and to secure the loan or loans by pledge of the assets of the Association, and from time to time to renew such loan and give additional security.
- To do such other acts as are necessary and proper to effect the purpose of the Regime as stated in the Declaration and these Bylaws provided such acts are not otherwise prohibited.
- Satisfaction of Liens. To pay any amount necessary to discharge any mechanic's lien or other encumbrance levied against the entire Property or any part thereof which may in the opinion of the Association constitute a lien against the Property or against the Common Elements, rather than merely against the interest therein or particular Owners. Where one or more Owners are responsible for the existence of such lien, they shall be liable for the cost of discharging it and any costs incurred whatsoever by the Association by reason of said lien or liens shall be allocated fairly among such Owners upon the sole judgment of the Board of Directors and shall be specially assessed to such Owners.
- Expenses Due to Owner's Neglect. To maintain and repair any Unit if such maintenance or repair is necessary, in the discretion of the Association, to protect the Common Elements, or any other portion of the complex, and the Owner or Owners of said Unit have failed or refused to perform said maintenance or repair within a reasonable time after written notice of the necessity of said maintenance or repair delivered by the Association to said Owner or Owners, provided that the Association shall levy a special assessment against such Unit Owner for the cost of said maintenance or repair.
- Entry Within Units. To enter any Unit when necessary in connection with any maintenance or construction for which the Association is responsible. Such entry shall be made with as little inconvenience to the Owners as practicable, and any damage caused thereby shall be repaired by the Association at the expense of the maintenance fund.
- Capital Additions or Improvements Limited. To acquire and pay for out the maintenance fund any capital addition or improvement (other than for purposes of replacing or restoring portions of the Common Elements and the Units, subject to all the provisions of the Declaration) having a total cost in excess of Two Thousand ($2,000) Dollars. However, the Association shall not authorize any structural alterations, capital additions to, or capital improvements of the Common Elements requiring an expenditure in excess of Two Thousand ($2,000) Dollars, not covered by insurance, without in each case obtaining the prior approval of the voting Members holding ninety (90%) percent of the total votes.
- Adoption of Rules and Regulations. To adopt such reasonable rules and regulations as it may deem advisable for the maintenance, conservation and beautification of the Property, and for the health, comfort, safety and general welfare of the Owners and occupants of said Property. Written notice of such rules and regulations shall be given to all Owners and occupants and the entire Property shall at all times be maintained subject to such rules and regulations.
2.02 Service of Employees. The services of any person or firm employed by the Association.
2.03 Buildings and Grounds. Landscaping, gardening, mowing, snow removal, painting, cleaning, tuckpointing, maintenance, decoration, repair and replacement of the Common Elements (but not including the interior surfaces of any of the Units, which the Owner shall paint, clean, decorate, maintain and repair and may remodel or alter) and such furnishings and equipment for the Common Elements as the Association shall determine are necessary and proper, and the Association shall have the exclusive right and duty to acquire the same for the Common Elements.
2.04 Miscellaneous. Any other materials, supplies, furniture, labor, services, maintenance, repairs, structural alterations, insurance or assessments which the Association is required to secure or pay for pursuant to the terms of these restrictions or by law or which in its opinion shall be necessary or proper for the maintenance and operation of the Property as a first class residential area or for the enforcement of these restrictions and the restrictions in the Declaration.
3.01 Annual Budget.
- Annual Budget. After the first annual meeting of the members as provided in 1.05(C), each year on or before December 1st, the Board shall estimate the total amount necessary to pay the cost of wages, materials, insurance, services and supplies which will be required during the ensuing calendar year for the rendering of all services, together with reasonable amount considered by the Board to be necessary for a reserve for contingencies and capital replacements, and shall on or before December 15th, notify each Owner in writing as to the amount of such estimate, with reasonable itemization thereof. On or before January 1st of the ensuing year, and the 1st of each and every period of said year, each Owner shall be obligated to pay to the Association or as it may direct its proportionate share of the assessment made pursuant to this paragraph. The portion of each such periodic assessment payment attributable to reserves shall be deemed a contribution by the Owner to the capital of the Association. A reasonable late charge (not exceeding $2.00 per day or 2% per month) may be added to such assessments by action of the Board after the fifth (5th) day of each month in which said assessment is due. On or before January 31st of each calendar year, the Association shall supply to all Owners an itemized accounting of maintenance expenses for the preceding calendar year actually incurred and paid together with a tabulation of the amounts collected pursuant to the estimates provided, and showing the net amount over or short of the actual expenditures plus reserves. Any amount accumulated in excess of the amount required for actual expenses and reserves shall be credited to the next periodic installment due from each Unit Owner under the current year's estimate in proportion to his assessment for the preceding year, until exhausted, and any net shortage shall be added in like proportion to the installments due from each Unit Owner in the succeeding six months after rendering of the accounting.
- Reserve Funds. The Association shall build up and maintain a reasonable reserve for contingencies and replacement. Extraordinary expenditures not originally included in the annual estimate which may become necessary during the year, shall be charged first against such reserve. If said "estimate cash requirement" proves inadequate for any reason, including non-payment of any Owner's assessment, the Association may at any time levy a further assessment, which shall be assessed to the Owners according to the formula set forth in preceding paragraph 3.01(A). The Association shall serve notice of such further assessment on all owners by a statement in writing giving the amount and reasons therefor, and such further assessment shall become effective with the periodic maintenance payment which is due more than ten (10) days after delivery or mailing of such notice of further assessment. All Owners shall be obligated to pay the adjusted periodic assessment. The reserve fund shall be the property of the Association and no part thereof shall be refunded to any Member.
- Revised Yearly Assessments. When the first Board takes office hereunder, the Association shall determine the "estimated cash requirement", as hereinabove defined, for the period commencing thirty (30) days thereafter and ending on December 31 of the same calendar year. Assessments shall be levied against the Owners during said period as provided in paragraph 3.01(A) of this Article.
- Delays in Establishing Revised Assessments. The failure or delay of the Board or the Association to prepare or serve the annual or adjusted estimate on the Owner shall not constitute a waiver or release in any manner of such Owner's obligation to pay the assessment as herein provided, whenever the same shall be determined, and in the absence of any annual estimate or adjusted estimate, the Owner shall continue to pay the assessment at the then existing monthly rate established for the previous period until the assessment which is due more than ten (10) days after such new annual or adjusted estimate shall have been mailed or delivered.
- Accounting. The Association shall keep full and correct books of account and the same shall be open for inspection by any Owner or any representative of an Owner duly authorized in writing, at such reasonable time or times during normal business hours as may be requested by the Owner.
- Funds Collected. All funds collected hereunder shall be held and expended by the Association for the purposes designated herein.
- Owner in Default. If an Owner is in default in the payment of any assessment for thirty (30) days, the Association may at its option accelerate all monthly payment for the balance of the budget period and may bring suit for and on behalf of itself and as representative of all Owners, to enforce collection thereof or to be added to the amount due the costs of said suit, together with legal interest at the rate provided by law on open accounts and reasonable attorneys' fees to be fixed by the Court. The amount of any delinquent and unpaid charges or assessments, interest, costs and fees as above provided shall be and become a lien or charge against the Unit Ownership of the Owner involved when payable and may be foreclosed as in the case of foreclosure of liens against real estate. Said lien shall take effect and be in force from and after the time of filing a notice of such lien of record in the Office of the Recorder of Van Buren County, Iowa and not before, as to all creditors and subsequent purchasers without actual notice. No Owner may waive or otherwise escape liability for the assessments provided for herein by non-use of the Common Elements or abandonment of any Unit. Amendments to this paragraph 3.01g shall only be effective upon written consent of members having seventy (70%) percent of the votes and their mortgagees.
- Proration of Common Expense. So long as Developer shall own one or more Units the cost of maintaining the Common Elements shall be equitably prorated between the Owners (including the Developer) of completed Units.
- Proportionate Share by Unit Buyer. Each Unit buyer shall be liable for a proportionate share of the cost of maintaining the Common Elements from the date of the conveyance of a Unit to him which shall be payable monthly. Such cost shall be a proportionate share of the actual costs as determined by the Board of Association and shall continue until a permanent budget is arranged as hereinafter provided.
- Method of Proration. Proration of costs, expenses, and assessments as provided herein shall be divided in the following manner: Each unit shall pay a percentage of said total fees equating to their unit’s living space square footage.
- Mortgagee and Lien Rights. The provisions of this Article III relating to assessments and liens arising therefrom shall be inapplicable as to any party who or which by reason of foreclosure of a first mortgage or voluntary conveyance in lieu of foreclosure of a first mortgage shall become a Unit Owner (or Unit buyer within the purview of the said Article III).
3.03 Fiscal Management.
- The Board of Directors shall adopt a budget for each fiscal year which shall include the estimated funds required to defray the common expenses and to provide and maintain funds as set out and discussed in the Declaration.
- The holder of a first mortgage on any Unit, upon its filing written request with the Association, shall be given written notice by the Association of the nonperformance of a mortgagor’s obligations under these Bylaws, the Declaration or other documents, which is not cured within thirty (30) days.
- All sums assessed but unpaid, including but not limited to, interest with respect to a Unit or against a Unit Owner shall constitute a lien on such unit prior to all other liens except:
- Tax liens on the Unit in favor of any assessing Unit and special district, and
- All sums unpaid on the first mortgage of record.
Said lien may be foreclosed by the Association in which event the Owner shall be required to pay a reasonable rental for the Unit. In the event the Association forecloses on any lien, the Owner or Owners of such Unit, by their membership in this Association, specifically waive any rights to delay or prevent foreclosure which he or they may have against the Association by reason of the Homestead Exemption. The Association may sue for money judgment for unpaid assessments and interest or sums due without foreclosing or waiving any lien which it holds.
- If a mortgagee of a Unit obtains title as a result of foreclosure of a first mortgage, such mortgagee, not its successors or assigns, shall be liable for the assessments chargeable to such Unit, due prior to the acquisition of title legal or equitable. The Owner of a Unit pursuant to a voluntary conveyance or by inheritance or devise shall be jointly and severally liable with the grantor or prior Owner for all unpaid assessments against the grantor or prior owner, but without prejudice to the right of such grantee or devisee to recover from the grantor the amounts paid therefor. The grantee or other successor in interest of an individual subject to a levy of an assessment on account of default shall be liable for any such special assessment.
3.04 Bank. The depository of the Association shall be such bank or banks as shall be designated from time to time by the Directors and in which the moneys of the Association shall be deposited. Withdrawal of money from the accounts shall only be by checks signed by such persons as are authorized by the Directors.
3.05 Audit. An audit of the accounts of the Association may be made annually by a bookkeeper and a copy of the report shall be furnished to each member not later than sixty (60) days after the close of the fiscal year for which the report is made.
The officers of the Association shall be the President, who shall be a Director, a Vice President, who shall be a Director, and a Treasurer and Secretary which offices may be filled by one person, who need not be either a director or member, all such officers shall be elected annually by the Board of Directors and may be peremptorily removed and replaced by the vote of two-thirds of the Directors at any meeting. The initial officers and their successors, until the first annual meeting, shall be chosen by the initial Board of Directors and shall serve until the first annual membership meeting. The Board of Directors may, from time to time, create and fill other offices and designate the powers and duties thereof. Each officer shall have the powers and duties usually vested in such office, and such authority as is committed to the office by the Bylaws or by specific grant from the Board, but subject to all times to the provisions of the Bylaws and to the control of the Board of Directors.
4.01 President. The President shall be the Chief Executive Officer of the Association. He shall preside at all membership meetings and meetings of the Board of Directors and shall have power to appoint committee from among the members to assist in the conduct of the affairs of the Association and the Development Parcel.
4.02 Vice President. The Vice President shall preside over the membership meetings in the absence or disability of the President, and shall otherwise exercise the powers and duties of the President in the event of the absence or disability of the President and shall generally assist the President and exercise such other powers and duties as are prescribed by the Directors.
4.03 Secretary. The Secretary shall keep the minutes of all proceedings of membership meetings and Directors’ meetings and shall have custody and control of the Minute Book of the Association and shall keep or be in charge and control of the records of the Association. The Secretary shall be responsible for giving all notices as required in the operation of the Association.
4.04 Treasurer. The Treasurer shall have control of the funds and other property of the Association and shall keep the financial books and records thereof.
4.05 Compensation. No officers of the Association shall be compensated for serving in said capacity. This provision shall not preclude the Board of Directors from employing a Director as an employee, nor the contracting with a Director for management of the Regime.
4.06 Signatures Required. Any instrument affecting an interest in real property may be executed by the President or Vice President and one other officer upon authorization of the Directors or in such manner as the Directors may otherwise direct.
AMENDMENTS AND MISCELLANEOUS
5.01 Amendments to Bylaws. Except as otherwise provided in any of these Bylaws or the Declaration and except Section 1.02 of Article I hereof, the Bylaws may be amended only upon the affirmative vote of three-fourths (3/4) of the Members entitled to vote at any regular or special meeting of the Members, provided that notice of the proposed amendment is given to all Members in writing at least ten (10) days prior to such meeting. Section 1.03 of Article I hereof may not be amended except by unanimous consent of all Unit Owners.
An amendment to these Bylaws shall constitute an amendment to the Declaration. Upon such recording, said amendment shall be effective against all persons having an interest in a Unit or the project regardless of whether said person had such interest at the time said amendment was adopted.
5.02 Terms. All terms used in these Bylaws shall have the same meaning as those defined in the Declaration.
5.03 Singular, Plural and Gender. Whenever the context so permits or requires the use of the singular, singular shall include the plural, the plural the singular, and the use of any gender shall include all genders.
5.04 The invalidity of any portion or provision of these Bylaws shall not affect the validity of the remaining provisions or portions hereof.
5.05 The Board of Directors may require fidelity bonds from all directors, officers, or agents handling or responsible for Association funds and the expense of such bonds shall be common expense of the Association.
5.06 The Association shall at all times maintain separate and accurate written records of each Unit and Owner and the address of each, and setting forth the status of all assessments, accounts and funds pertinent to that Unit and Owner. Any person other than a Unit Owner may rely on a certificate made from such records by an officer or agent of the Association as to the status of all assessments and accounts.
5.07 Each member shall have the obligations as such member as are imposed on him by the documents as an Owner, and no member shall have any power or authority to incur a mechanic’s lien or other lien effective against the project except as the same may attach only against his interest therein.
5.08 The Board of Directors may, in its discretion, issue written evidence of membership, but the same shall be evidence thereof only and in no manner shall be transferable or negotiable, and the share of the member in the assets of the Association cannot be assigned, hypothecated, or transferred in any manner except as appurtenant to such assignment, hypothecation or transfer of the Unit.
5.09 No provision or restriction otherwise void by reason of application of the Rule Against Perpetuities or Section 558.68 of the 2013 Code of Iowa, as amended, shall continue for a period longer than the life of the last to survive of the Owners or partners of the Declarant, and their children in being, at the time of the initial recording of the Declaration of Condominiums and twenty-one (21) years thereafter.
Unless the contest otherwise requires, the terms used herein shall have the meaning as follows:
6.01 Person. The term “person” shall include an individual, a corporation, or other legal entity or its representative.
6.02 Owner. The record Owner or Owners, if more than one, including so long as a Unit remains unsold, Developer.
6.03 Unit. A single residential Unit of the project described as Lincoln Court, a “Horizontal Property Regime” under Chapter 499B of the 2003 Code of Iowa, recorded Image ______________ in the Jefferson County, Iowa, Recorder’s records.
6.04 Common Expenses. The term “common expenses” shall include:
- Expenses of administration, expenses of insurance, expenses of maintenance, operation, repair or replacement of common elements, and the portions of Units to be maintained by the Association.
- Expenses declared common expenses by the Declaration or these Bylaws.
- Any valid charge against the project as a whole.