This Instrument Prepared by and Return to:
Harkavy,
Shainberg, Kosten, & Pinstein, P.A.
530
oak Court Drive, Suite 350
Memphis,
Tenn 38117
FOURTH AMENDMENT TO
DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTONS
OF THE RESIDENTIAL LOTS OF
THE CORDOVA CLUB
This
Fourth Amendment to the Declaration of Covenants, Conditions and Restrictions
of the Residential Lots of The Cordova Club (the "Declaration") is
made and entered into as of this 11th day of December, 1995.
The
undersigned Declarant, in accordance with Article 9.1 of the Declaration, does
hereby publish and declare the following amendments and modifications to the
terms, covenants, conditions, easements, restrictions, uses, reservations,
limitations, liens and obligations set forth in the Declaration, such
amendments and modifications to be as effective as if originally set forth in
the Declaration entered into on April 24, 1991 and recorded in the Register's
Office of Shelby County, Tennessee under Instrument Number CD 8776, as amended
by that certain First Amendment to the Declaration of Covenants, Conditions and
Restrictions of the Residential Lots of The Cordova Club entered into on June
20, 1991 and recorded in the said Register's Office under Instrument Number CG
0157, as amended by that certain
Second Amendment to the Declaration of Covenants, Conditions and Restrictions
of the Residential Lots of The Cordova Club entered into on May 21, 1993 and
recorded in the said Register's Office under Instrument Number DP.0099, and as
amended by that certain Third Amendment to the Declaration of Covenants,
Conditions and Restrictions of the Residential Lots of The Cordova Club entered
into on April 5, 1995 and recorded in the said Register's Office under
Instrument Number EZ 8939.
AMENDMENT AND MODIFICATIONS
1. Article IV shall be amended by the addition of the following Sections:
Section
4.53 Maintenance of Lots During Periods of Construction. Lot Owners are responsible for maintaining their
Lots in a clean and orderly fashion during periods of construction At all times during construction, each Lot
must be provided with the following on each Lot:
(1) Plumbed in sanitary facilities with running
water or portable toilets;
(2) Trash bins adequate to hold, on a temporary
basis, waste building materials and other trash; and
(3) Silt fences sufficiently maintained to
prevent waste, trash, soil and debris from blowing or washing on to other Lots,
lakes, ponds, creeks and the Golf Course.
If, due to multiple residential construction by one Builder in one area,
fewer than one (1) sanitary facility per Lot is adequate, then the
Architectural Committee shall determine the number of such facilities and the
location thereof, in its discretion.
Section
4.54 Maintenance of Roads and Streets. Each Lot Owner shall keep the
roads and streets adjacent to his Lot(s) free of debris, trash, soil, mud and
building materials resulting from the use of such Lot(s) or any construction or
other work thereon.
2. Section 9.1 Amendment and Duration of
Declaration is modified by eliminating the second sentence of the first
paragraph in its entirety and substituting the following therefor:
"The
covenants, restrictions and conditions of this Declaration may be amended
by an
instrument signed by not less than all the Owners of seventy percent (70%)
of the Lots which (a) are then
developed and existing as Lots and (b) are then required by the Association to
pay the assessments set forth in Section 13.1 hereof."
Section
9.1 Amendment and Duration of Declaration is further modified by
eliminating the second paragraph in its entirety and substituting the following
therefor:
"Notwithstanding
anything herein contained to the contrary, Declarant reserves the right until
May 1, 1997 or until seventy-five percent (75%) of the Lots (both developed and
proposed) are sold, whichever shall later occur, to amend this Declaration in
whole or in part, unilaterally and without the consent of any other Owner, to
conform this Declaration to the requirements of Declarant or any governmental
agency, Federal, state or local, and to meet the requirements of any lender or
guarantor, including but not limited to the FRA, VA, FNMA or FHLMC."
3. Article
XIII shall be amended as follows:
Section
13.1 "Assessments" is modified by eliminating the first
paragraph in its entirety and substituting the following therefor:
"Each
Owner, inclusive of Declarant, provided Declarant is an Owner, shall be
obligated to pay a proportionate share of the expenses of the administration
and operation of the Association and Feature Areas and of other expenses
incurred in conformity with the Bylaws or this Declaration. Assessments for
this purpose shall be imposed by the Board of Directors to meet the Common
Expenses. The assessments shall be made prorate according to each Owner's
voting fight in the Association unless, in its reasonable discretion, the Board
of Directors shall, by two thirds vote thereof, determine that another method
of proration of an Owner's share of the total assessment is equitable.
Assessments for the estimated Common Expenses shall be due annually and payable
in full in advance, and shall be paid on April 1st of each year or thirty (30)
days after the date of the statement mailed by the Treasurer of the
Association, whichever is later. Failure to pay on time will result in late
fees and penalties as determined by the Board of Directors, authority for which
is granted to the Board and the Association. The Manager or Board of Directors
shall prepare and deliver or mail to each Owner an itemized annual budget
and/or accounting of expenses showing the various estimated or actual expenses
for which the assessments are made."
Section
13.2 Special Assessment is eliminated in its entirety and the following
substituted
therefor:
"The
Board of Directors shall have the right during any calendar year to levy and
assess against all of the Owners, or any segment thereof based upon location
within a particular section of the Property, a special assessment for such
purpose or purposes, m accordance with this Declaration, as may be necessary to
keep the Property or any portion thereof as a first class residential
subdivision or community, in the Board's sole discretion. Such special
assessment shall be equitably borne by the Owners so assessed and shall be due
and payable as determined by the Board of Directors.
Section
13.3 Assessment Reserves is eliminated in its entirety and the following
substituted therefor:
"Section
13.3 Assessment Reserves Escrow. The Association may require the Owners,
or any segment thereof based upon location within a particular section of the
Property, to deposit with the Association an amount not exceeding one-half of
the amount of the then estimated annual assessment, which sum shall be
maintained as a reserve to be used for repairs, improvements or replacements.
Such amounts shall be held in one or more escrow or trust accounts in financial
institutions of the Board's choice, in it sole discretion, at rates of interest
and upon other terms as shall be acceptable to the Board in its sole
discretion. Such an advance payment shall not relieve an Owner from making the
regular payment of the assessment as the same comes due. Upon the transfer of
its Lot, an Owner shall not be entitled to a credit from the Association for
any unused portion thereof.
The
following is added as an additional provision:
Section
9.18 Conveyance of Common Areas. In accordance with VA and/or FHA
requirements, all areas designated as common areas or common open spaces shown
on the recorded plats depicting the single family residential Lots of The
Cordova Club P.D. or undeveloped areas to be developed into single family lots,
to the extent such are owned by Declarant on the date of conveyance, shall be
transferred and conveyed, by Deed, in fee simple, to Cordova Club Owners'
Association, Inc. no later than February 1, 1998.
IN
WITNESS WHEREOF, the following persons or legal entities, have executed this
Fourth Amendment to the Declaration of Covenants, Conditions and Restrictions
of the Residential Lots of The Cordova Club on the day and year first above
written.
ESSENJAY
AND ASSOCIATES,
a
California Limited Partnership
By: CORDOVA CLUB MANAGEMENT,
INC.
It’s
General Partner
By: BJORN
G. SAO \President
Approved:
CORDOVA
CLUB OWNERS' ASSOCIATION, INC.
By:
President
Date: December 11, 1995
STATE
OF TENNESSEE COUNTY OF SHELBY
On
this _________ day of December, 1995, before
me personally appeared BJORN G. SAO, President of THE CORDOVA CLUB MANAGEMENT,
INC., said corporation being general partner of ESSENJAY AND ASSOCIATES, a
limited partnership, and said person to me known to be the person who executed
the foregoing instrument on behalf of said corporation for said limited
partnership, and who acknowledged said execution to be the free act and deed of
said corporation and said limited partnership. Witness my hand and official
seal.
Notary Public
My
Commission expires:
By:
President
Date: December 11, 1995