Oram Court HOA

Oram Court Bylaws

BYLAWS OF ORAM COURT HOMEOWNERS ASSOCIATION

ARTICLE I
NAME

1.1 NAME. The name of the organization shall be Oram Court Homeowner’s Association, hereinafter called the “Association”. The Association shall file an assumed name certificate with the County Clerk of Dallas County for use of the name Oram Court Homeowner’s Association and through its officers and directors, shall conduct business under such name.

ARTICLE II
PURPOSE AND OWNER OBLIGATION

2.1 PURPOSE. The purpose for which this non-profit Association is formed is to govern the Condominium Property situated in the County of Dallas, State of Texas, which Property is described on Exhibit “A” attached hereto and incorporated herein for all purposes, which by this reference is made a part hereof (hereinafter referred to as the “Property” or the “Project”), and which Property has been submitted to a Regime according to the provisions of the Texas Uniform Condominium Act.

2.2 OWNER OBLIGATION. All present or future owners, tenants, future tenants or any other person who might use the facilities of the Project in any manner, are subject to the regulations set forth in these By-Laws. The mere acquisition or rental of any of the Condominium Units (herein referred to as “Units”) of the Project or the mere act of occupancy of any of said Units will signify that these By-Laws are accepted, ratified and will be strictly followed.

ARTICLE III
DEFINITIONS AND TERMS

3.1 DEFINITIONS OF TERMS, The terms used in these By-Laws, to the extent they are defined in said Declaration, shall have the same definitions as set forth in the Declaration for the Oram Court Condominiums, as the same may be amended from time to time, recorded in the office of the County Clerk of Dallas, Texas.

3.2 MEMBERSHIP. Any person, on becoming an Owner of a Condominium Unit, shall automatically become a Member of this Association and be subject to these By-Laws. Such membership shall terminate without any formal Association action whenever such person ceases to own a Condominium Unit. Such termination shall not relieve or release any such former Owner from any liability or obligation incurred under or in any way connected with Oram Court Homeowner’s Association during the period of such ownership and membership in the Association, or impair any rights or remedies which the Board or Directors of the Association or others may have against such former Owner and Member arising out of or in any way connected with such ownership and membership and the covenants and obligations incident thereto. No certificates of stock shall be issued by the Association, but the Board of Directors, if it so elects, may issue one (1) Membership Card per Unit to the Owner(s) of the Condominium Unit. Such Membership Card shall be surrendered to the Secretary of the Association whenever ownership of the Condominium Unit designated thereon is terminated.

3.3 VOTING. Unit ownership shall entitle the Owner(s) to cast one (1) vote per Unit in the affairs of the Association.

3.4 MAJORITY OF UNIT OWNERS. As used in these By-Laws the term “Majority of Unit Owners” shall mean those owners with fifty-one percent (51%) of the votes entitled to be cast.

3.5 QUORUM. Except as otherwise provided in these By-Laws, the presence in person or by proxy of at least twenty percent (20%) of the “Unit Owners” as defined in Paragraph 3.3 of this Article, shall constitute a quorum for an Association meeting, and fifty percent (50%) of the votes on the Board shall constitute a quorum of the Board for a board meeting.

3.6 PROXIES. Votes may be cast in person or by proxy. Proxies must be filed with the Secretary of the Association before the appointed time of each meeting.

ARTICLE IV
ADMINISTRATION

4.1 DECLARANT CONTROL. Notwithstanding any provision herein to the contrary, and in accordance with Paragraphs 4.2, 4.3 and 4.4 of the Condominium Declaration. AVONDALE LIMITED PARTNERSHIP an Ontario registration, dba Texas Avondale Limited Partnership (hereinafter referred to as the “Declarant”) shall retain control over management of the affairs of the Association for the benefit of the Unit Owners and any First Mortgagees of record and for the purpose of insuring both a complete and timely sellout of seventy-five percent (75%) of the Units, at which time, Declarant’s control shall cease, unless, prior thereto, in the sole opinion of the Declarant, the Project is viable, self-supporting and operational.

4.2 ASSOCIATION RESPONSIBILITIES. The Owners of the Units will constitute the members of the Association, who will have the responsibility of administering the Project through a Board of Directors.

4.3 PLACE OF MEETING. All annual and special meetings of the Association shall be held at the principal office of the Association or at such other suitable and convenient place as may be permitted by law and from time to time fixed by the Directors and designated in the notices of such meetings.

4.4 ANNUAL MEETINGS. Annual meetings shall be held the last Monday in January of each year or at such other suitable and convenient time as may be permitted by law and from time to time fixed by the Directors and designated in the notices of such meetings. The first (1st) annual meeting shall be called by Declarant after the end of the Declarant Control Period.

[4.4 was amended in January 2004. Prior to that time 4.4 read as follows
4.4 ANNUAL MEETINGS. Annual meetings shall be held the first Saturday of May each year. The first (1st) annual meeting shall be called by Declarant after the end of the Declarant Control Period.]

4.5 SPECIAL MEETING. It shall be the duty of the President to call a special meeting of the Owners as directed by resolution of the Board of Directors or upon a petition signed by at least one-tenth (1/10th) of the Owners and presented to the Secretary. The notice of any special meeting shall state the time and place of such meeting and the purpose thereof. No business shall be transacted at a special meeting except as stated in the notice unless by consent of four-fifths (4/5) of the Owners present, either in person or by proxy.

4.6 NOTICE OF MEETINGS. The Secretary shall mail notices of annual and special meetings to each Member of the Association, directed to his or her last known post office address, as shown on the records of the Association, by uncertified mail, postage prepaid. Such notice shall be mailed not less than ten (10) days nor more than twenty (20) days before the date of such meeting and shall state the date, time and place of the meeting and the purpose or purposes thereof. In lieu of mailing notice as herein provided, such notice may be delivered by hand or left at an Owner’s residence in his or her absence. If requested, any Mortgagee of record or its designee may be entitled to receive similar notice.

4.7 ADJOURNED MEETING. If any meeting of Owners cannot be organized because a quorum has not attended, the Owners who are present, either in person or by proxy, may adjourn the meeting from time to time until a quorum is attained.

4.8 ORDER OF BUSINESS. The order of business at all meeting of the Owners of Units shall be as follows:

a. Roll call.

b. Proof of notice of meeting or waiver of notice.

c. Reading of minutes of preceding meeting.

d. Reports of Officers.

e. Reports of Committees.

f. Election of Directors.

g. Unfinished business.

h. New business.



ARTICLE V
BOARD OF DIRECTORS

5.1 NUMBER AND QUALIFICATIONS. The affairs of this Association shall be governed by a Board of Directors composed of three (3) persons. The Declarant shall control the Board, until such time as fifty percent (50%) of the Units are sold, then in that event at least fifty percent (50%) of the Board shall be comprised of Unit Owners, and these Bylaws shall be amended to reflect the new Board.

5.2 POWERS AND DUTIES. The Board of Directors shall have the powers and duties necessary for the administration of the affairs of the Association and for the operation and maintenance of a residential Condominium Project. The Board of Directors may do all such acts and things that are not by these By-Laws, by the Articles of Incorporation of the Association or by the Condominium Declaration for Oram Court Condominiums directed to be exercised and done by the Owners.

5.3 OTHER POWERS AND DUTIES. The Board of Directors shall have the following duties

a. To administer and enforce the covenants, conditions, restrictions, uses, limitations, obligations and all other provisions set forth in the Condominium Declaration.

b. To adopt and amend rules regulating the use, occupancy, leasing or sale, maintenance, repair, modification, and appearance of units and common elements, to the extent the regulated actions affect common elements or other units.

c. To adopt and amend rules regulating the collection of delinquent assessments and the application of payments.

d. To adopt and amend rules regulating the termination of utility service to a unit, the owner of which is delinquent in the payment of an assessment that is used, in whole or in part, to pay the cost of that utility.

e. To establish, make and enforce compliance with rules and regulations necessary for the orderly operation, use and occupancy of this Condominium Project. (A copy of such rules and regulations shall be delivered or mailed to each Member promptly upon the adoption thereof.)

f. To keep in good order, condition and repair all of the General and Limited Common Elements and all items of personal property used in the enjoyment of the entire Premises.

g. To insure and keep insured all of the insurable Common Elements of the Property in an amount equal to their maximum replacement value, as provided in the Declaration. Further, to obtain and maintain comprehensive liability insurance covering the entire Premises in amounts not less than One Million and No/100 Dollars ($1,000,000.00) per person, Three Hundred Thousand and No/100 ($300,000.00) per accident and Fifty Thousand Dollars ($50,000.00) property damages, plus One Million Dollars ($1,000,000.00) umbrella policy. To insure and keep insured all the fixtures, equipment and personal property acquired by the Association for the benefit of the Association, the Owners of the Condominium Units and their First Mortgagees.

h. To fix, determine, levy and collect the monthly prorated assessments to be paid by each of the Owners plus reasonable late charges, returned check fees, and interest at the highest rate allowed by law for delinquent assessments; and by majority vote of the Board to adjust, decrease, or increase the amount of the monthly assessments subject to provisions of the Declaration; to levy and collect special assessments in order to meet increased operation or maintenance expenses or costs, and additional capital expenses. All monthly or other assessments shall be in itemized statement form and shall set forth in detail the various expenses for which the assessments are being made.

i. To collect delinquent assessments by suit or otherwise and to enjoin or seek damages from an Owner, as provided in the Declaration and these By-Laws.

j. To protect and defend the entire Project from loss and damage by suit or otherwise.

k. To borrow funds in order to pay for required expenditures or outlay, to execute all such instruments evidencing such indebtedness which shall be the several obligations of all the Owners in the same proportion as their interest in the Common Elements.

l. To enter into contracts within the scope of their duties and power.

m. To establish a bank account for the common treasury for all separate funds which are required or may be deemed advisable by the Board of Directors.

n. To keep and maintain full and accurate books and records showing all of the receipts, expenses or disbursements and to permit examination thereof at any reasonable time by each of the Owners and any First Mortgagee of a Unit and guarantor and insurer of a first mortgage on a Unit, and to cause a complete audit of the books and accounts by a competent accountant, once each year. The Association shall cause to be prepared and delivered annually to each Owner a financial statement showing all receipts, expenses or disbursements since the last such statement. Such audited financial statements shall be available to any First Mortgagee of a Unit and any guarantor or insurer of a first mortgage on a Unit, on request, within ninety (90) days following the fiscal year end of Project. Audited financial statements shall be available at the expense of the requesting Owner or Mortgagee.

o. To meet at least once each quarter.

p. To designate the personnel necessary for the maintenance and operation of the General and Limited Common Elements.

q. To instigate litigation on behalf of two or more owners related to the common elements of two or more Condominium Units.

r. To make available to all Unit Owners, lenders and holders, guarantors and insurers of the first mortgage on any Unit, current copies of the Declaration, By-Laws and other rules governing the condominium, upon request by the appropriate party, during normal business hours.

s. In general, to carry on the administration of this Association and to do all of those things, necessary and reasonable, in order to carry out the communal aspect of Condominium ownership.

5.4 ELECTION AND TERM OF OFFICE. The board shall consist of five (5) persons. Upon election, each director shall serve a term of two (2) years. Three (3) Directors shall be elected in odd-numbered years. Two (2) Directors shall be elected in even numbered years. A Director takes office upon the adjournment of the meeting or balloting at which he is elected or appointed and, absent death, ineligibility, resignation, or removal, will hold office until his or her successor is elected or appointed. The number of Directors may be changed by amendment of these bylaws, but shall not be less than three (3).

5.5 VACANCIES. Vacancies on the Board of Directors caused by any reason other than the removal of a Director by a vote of the Association shall be filled by vote of the majority of the remaining Directors, even though they may constitute less than a quorum. Each Director so elected shall serve out the remaining term of his or her predecessor.

5.6 REMOVAL OF DIRECTORS. At any regular or special meeting duly called, any one (1) or more of the Directors may be removed with or without cause by a majority of the Owners, and a successor may then and there be elected to fill the vacancy thus created. Any Director whose removal has been proposed by the Owners shall be given an opportunity to be heard at the meeting.

5.7 ORGANIZATION MEETING. The first (1st) meeting of a newly elected Board of Directors shall be held within ten (10) days of election at such place as shall be fixed by the Directors at the meeting at which such Directors were elected, and no notice shall be necessary to the newly elected Directors in order legally to constitute each such meeting, providing a majority of the whole Board shall be present.

5.8 REGULAR MEETINGS. Regular meetings of the Board of Directors may be held at such time and place as shall be determined, from time to time, by a majority of the Directors, but at least four (4) such meetings shall be held during each fiscal year. Notice of regular meetings of the Board of Directors shall be given to each Director, personally, by mail, telephone or telegraph, at least three (3) days prior to the day named for such meeting.

5.9 SPECIAL MEETINGS. Special meetings of the Board of Directors may be called by the President or Secretary, or upon the written request of at least two (2) Directors. The President or Secretary will give three (3) days’ personal notice to each Director by mail, telephone or telegraph, which notice shall state the time, place (as hereinabove provided) and purpose of the meeting.

5.10 WAIVER OF NOTICE. Before or at any meeting of the Board of Directors, any Director may in writing, waive notice of such meeting and such waiver shall be deemed equivalent to the giving of such notice. Attendance by a Director at any meeting of the Board shall be a waiver of notice by him of the time and place thereof. If all the Directors are present at any meeting of the Board, no notice shall be required and any business may be transacted at such meeting.

5.11 BOARD OF DIRECTOR’S QUORUM. At all meetings of the Board of Directors, a majority of Directors shall constitute a quorum for the transaction of business, and the acts of the majority of the Directors present at the meeting at which a quorum is present shall be the acts of the Board of Directors. If, at any meeting of the Board of Directors, there is less than a quorum present, the majority of those present may adjourn the meeting from time to time. At such reconvened meeting at which a quorum is present, any business which might have been transacted at the meeting as originally called may be transacted without further notice.

5.12 FIDELITY BONDS. The Board of Directors may require that all officers and employees of the Association handling or responsible for Association funds shall furnish adequate fidelity bonds. In no event may the aggregate amount of the bond be less than a sum equal to three (3) months aggregate assessments plus reserve funds. The premiums on such bonds shall be paid by the Association. The Association shall be named as obligee and the bonds shall provide that they may not be canceled or substantially modified without at least ten (10) days prior written notice to the Association. The bond shall contain waivers by the issuers of the bonds of all defenses based on exclusion of persons serving without compensation.

5.13 COMPENSATION. No Member of the Board of Directors shall receive any compensation for acting as such.

5.14 ACTIONS WITHOUT A MEETING. Notwithstanding any other provision of these By-Laws, any action required or permitted to be taken at a meeting of the Board of Directors may be taken without a meeting if a consent in writing, setting forth the action so taken, is signed by all of the members of the Board of Directors, as the case may be. Such consent shall have the same force and effect as a unanimous vote at a meeting.

ARTICLE VI
OFFICERS

6.1 DESIGNATION. The officers of the Association shall be a President, a Vice-President, a Secretary and a Treasurer, all of whom shall be elected by the Board of Directors. Any person may hold two or more offices except the President and any Vice-President shall not also be a Secretary or Assistant Secretary.

6.2 ELECTION OF OFFICERS. The officers of the Association shall be elected annually by the Board of Directors at the organizational meeting of each new Board and shall hold office at the pleasure of the Board.

6.3 REMOVAL OF OFFICERS. Upon any affirmative vote of a majority of the members of the Board of Directors, any officer may be removed, either with or without cause, and his or her successor elected at any regular meeting of the Board of Directors, or at any special meeting of the Board called for such purpose.

6.4 PRESIDENT. The President shall be the chief executive officer of the Association. He or she shall preside at all meetings of the Association and of the Board of Directors. He or she shall have all of the general powers and duties which are usually vested in the office of president of an association, including but not limited to the power to appoint committees from among the Owners from time to time as he or she may in his or her discretion decide is appropriate to assist in the conduct of the affairs of the Association. The President shall sign, with the Secretary or an Assistant Secretary, certificates of membership, any deeds, mortgages, bonds, contracts or other instruments which the Board of Directors has authorized him to execute, except in cases where the signing and the execution thereof has been expressly delegated by the Board of Directors to some other officer or agent of the Association, or shall be required by law to be otherwise signed or executed. The President shall not have the power to bind the Association to any employment agreement on behalf of the Association unless such employment agreement has been expressly approved and authorized in advance by Resolution of the Board of Directors. In the event that any such employment agreement provides for the Association employing any person who at the time of such employment or at any time during such employment is an officer of the Association, then no provision of such contract purporting to amplify the authority of such officer beyond the authority set out in these By-Laws shall be valid or effective unless these By-Laws are amended in a manner consistent with such employment agreement; and the mere signing of such an employment agreement on behalf of the Association and its approval at a meeting of the Board of Directors or the Association shall not constitute an amendment of these By-Laws. In the event any such employment agreement (whether or not these By-Laws be amended incident thereto) limits or qualifies the authority of any such officer in a manner inconsistent with these By-Laws, then the provisions of such employment agreement limiting or qualifying such authority and imposing such duties shall be valid and effective notwithstanding any inconsistency between the provisions of the employment agreement and the provisions of these By-Laws.

6.5 VICE-PRESIDENT. The Vice-President shall have all the powers and authority to perform all the functions and duties of the President, in the absence of the President, or his or her inability for any reason to exercise such powers and functions or perform such duties, and also perform any duties he or she is directed to perform by the President or the Board of Directors.

6.6 SECRETARY.

a. The Secretary shall keep the minutes of all meetings of the Board of Directors and the minutes of all meetings of the Association. He or she shall have charge of such books and papers as the Board of Directors may direct and shall co-sign all instruments of conveyance; and he shall, in general, perform all the duties incident to the office of the Secretary.

b. The Secretary shall compile and keep up to date at the principal office of the Association a complete list of Members and their last know addresses as shown on the records of the Association. Such list shall show opposite each Member’s name, the number of Members living in any unit and the covered parking space or garage assigned for use in connection with such Unit. Such list shall be open to inspection by Members and other persons lawfully entitled to inspect the same at reasonable times during regular business hours.

6.7 TREASURER. The Treasurer shall receive and deposit in appropriate bank accounts all money of the Association and shall disburse such as directed by resolution of the Board of Directors; provided, however, that a resolution of the Board of Directors shall not be necessary for disbursements made in the ordinary course of business conducted within the limits of a budget adopted by the Board of Directors, including authority to: co-sign all checks; keep proper books of account; cause an annual statement of the Association’s books to be made at the completion of each fiscal year; prepare an annual budget and a statement of income and expenditures to be presented to the Membership at its regular annual meeting, and deliver a copy of each to the members; and perform all other duties assigned to him by the Board of Directors.


ARTICLE VII
MANAGEMENT CONTRACT

7.1 MANAGEMENT COMPANY. The Board of Directors any enter into an engagement agreement with a management company at a rate of compensation agreed upon by the Board of Directors. In accordance with the Declaration and these By-Laws, the management company shall have, but shall not be limited to, the following functions, duties and responsibilities:

a. FISCAL MANAGEMENT.

(1) Prepare annual operating budget detailed to reflect expected operation expenses for each month. This budget is established to show expected recurring receipts and operating disbursements. It is further used for comparison with actual monthly income and expenditures.

(2) Prepare five (5) year sinking fund reserve budget projections for capital expenditures on items recurring only periodically, i.e., painting, etc., for Common Elements.

(3) Prepare monthly operating and cash position statements and statements concerning sinking fund reserve accounts.

(4) Analyze and compare operating receipts and disbursements against the Board-approved budget. Where a significant variation is shown (10% above or below the budgeted amount), prepare explanations of variations from budgeted figures. Suggest corrective recommendations, if applicable.

(5) Collect maintenance fees and special assessments; deposit them in checking, savings or other income producing accounts on behalf of the Board and maintain comprehensive records thereof. Establish individual checking and sinking fund reserve accounts, as directed by the Board.

(6) Mail notices of delinquency to any Owner in arrears, and exert reasonable effort to collect delinquent accounts.

(7) Examine all expense invoices for accuracy and pay all bills in accordance with the terms of the property management agreement.

(8) Prepare year-end statement of operations for Owners.

b. PHYSICAL MANAGEMENT.

(1) Assume full responsibility for maintenance and control of Common Area Improvements and equipment. Maintain the property in constant repair to reflect Owner pride and to insure high property values in accordance with the provisions of the operating budget, as approved by the Board of Directors.

(2) Enter into contracts and supervise services for lawn care, refuse hauling, pump maintenance, etc., as approved in operating budgets.

(3) Select, train and supervise competent personnel, as directed by the Board.

(4) Compile, assemble and analyze data; and prepare specifications and call for bids for major improvement projects. Analyze and compare bids, issue contracts and coordinate the work; maintain close and constant inspection to ensure that work is preformed according to specifications.

(5) Perform any projects with diligence and economy in the Board’s best interest.

c. ADMINISTRATIVE MANAGEMENT.

(1) Inspect contractual services for satisfactory performance. Prepare any necessary compliance letters to vendors.

(2) Obtain and analyze bids for insurance coverage specified in these By-Laws, recommend modifications or additional coverages. Prepare claims when required and follow up on payment; act as Board’s representative in negotiating settlement.

(3) Exercise close liaison and supervision over all personnel to ensure proper operational maintenance and to promote good Management-Resident-Owner relationships.

(4) Act as liaison for the Association in any negotiations or disputes with local, federal or state taxing agencies or regulatory bodies.

(5) Exercise close supervision over hours and working conditions of employed personnel to ensure compliance with Wage and Hour and Worker’s Compensation Laws.

(6) Assist in resolving individual Owner’s problems as they pertain to the Association, Common Elements and governing rules and regulations.

(7) Represent an absentee Owner when requested.

(8) Administer the Condominium Project in such a way as to promote a pleasant and harmonious relationship within the complex for all Owners, Residents and Tenants alike.


ARTICLE VIII
INDEMNIFICATION OF OFFICERS AND DIRECTORS

8.1 INDEMNIFICATION. The Association shall indemnify every Director or officer, his or her heirs, executors and administrators, against all loss, cost and expense, including counsel fees, reasonably incurred by him or her in connection with any action, suit or proceeding to which he or she may be made a party by reason of his or her being or having been a Director or officer of the Association, except in matters of gross negligence or willful misconduct. In the event of a settlement, indemnification shall be provided only in connection with such matters in which the Association is advised by counsel that the person to be indemnified has not been guilty of gross negligence or willful misconduct in the performance of his duty as such Director or officer in relation to the matter involved. The foregoing rights shall not be exclusive of other rights to which such Director or officer may be entitled. All liabilities, losses, damages, costs and expenses incurred or suffered by the Association in connection with the foregoing indemnification provision shall be treated and handled by the Association as Common Expenses; provided, however, nothing contained in this Article VIII shall be deemed to obligate the Association to indemnify any Member or Owner of a Condominium Unit, who is or has been a Director or officer of the Association, with respect to any duties or obligations assumed or liabilities incurred by him or her under and by virtue of the Condominium Declaration for Oram Court Condominiums as a member or Owner of a Condominium Unit covered thereby.


ARTICLE IX
OBLIGATIONS OF THE OWNERS

9.1 ASSESSMENTS. All Owners shall be obligated to pay the monthly assessments imposed by the Association to meet the Common Expenses as defined in the Declaration. The assessments shall be made pro rata according to the proportionate share of the Unit Owner in and to the Common Elements and shall be due monthly in advance. A Member shall be deemed to be in good standing and entitled to vote at any annual or special meeting of Members, within the meaning of these By-Laws, only if he or she is current in the assessments made or levied against him or her and the Condominium Unit owned by him or her.

9.2 GENERAL.

a. Each Owner shall comply strictly with the provisions of the Condominium Declaration for Oram Court Condominiums.

b. Each Owner shall always endeavor to observe and promote the cooperative purposes for which the Project was built.

9.3 USE OF GENERAL COMMON ELEMENTS AND LIMITED COMMON ELEMENTS. Each Owner may use the General Common Elements and the Limited Common Elements in accordance with the purposes for which they were intended.

9.4 RESTRICTION OR OBSOLESCENCE. Each Owner shall, if necessary, execute a power of attorney in favor of the Association, irrevocably appointing the Association his or her Attorney in Fact to deal with the Owner’s Condominium Unit upon its destruction, obsolescence or condemnation, as is provided in Paragraph 6.1 of the Condominium Declaration.

9.5 RIGHT OF FIRST REFUSAL. In the event that a Unit is posted for sale, placed on the market for sale or becomes the subject of any other method which would result in a permanent transfer of ownership, each Owner shall provide the Association with a 30 day right of first refusal to purchase the property before he or she offers it for sale to others, as may be permitted by law. [Provision added by amendment of the Bylaws in January, 2004]

Notwithstanding the foregoing, this right of first refusal will not adversely impact the rights of any mortgagee of a Unit (or any mortgagee’s assignee) to: (a) foreclosure or take title to a Unit pursuant to the remedies in the mortgage; (b) accept a deed or assignment in lieu of foreclosure in the event of a default by a mortgagor; and/or (c) sell or lease a Unit acquired by the mortgagee or its assignee.  [Provision added by amendment of the Bylaws on August 25, 2010.]

9.6 UNIT INSURANCE. All Owners shall be obligated to insure and keep insured all insurable elements of the Property which are the owner’s sole responsibility in an amount not less than 40% of their certified improvement value, as determined by the Dallas Central Appraisal District within the preceding two (2) calendar years and as may be permitted by law. A Member shall be deemed to be in good standing and entitled to vote at any annual or special meeting of Members, within the meaning of these By-Laws, only if he or she has provided the Association with proof of insurance (in an amount not less than 40% of their certified improvement value, as determined by the Dallas Central Appraisal District within the preceding two (2) calendar years) within 30 days of the commencement of the said insurance. Any Owner who fails to provide this proof of insurance within 30 days of the commencement of the insurance shall be subject to a fine of $30, and shall be required to provide the said proof of insurance immediately. Any Owner who fails to provide proof of insurance within a 30 day period following being made subject to a fine of $30, shall be subject to a fine equal to the total amount of the insurance premium paid for the insurance carried on the unit in the previous year. In the event of insurance having not been carried in the previous year, the Owner shall be subject to a fine equal to the average total amount of the insurance premium paid by Owners of units of an equivalent size within the Membership.
[Provision added by amendment to the Bylaws in January, 2004]

ARTICLE X
AMENDMENTS TO PLAN OF CONDOMINIUM OWNERSHIP

10.1 BY-LAWS.

a. After relinquishment of Declarant Control of the Association, as set forth in Article IV of the Declaration, these By-Laws may be amended by the Association at a duly constituted meeting for such purpose, and no amendment shall take effect unless approved by Owners representing at least sixty seven percent (67%) of the aggregate interest of the undivided Ownership of the Common Elements except for those amendments provided for in Article VIII of the Declaration, which shall require the approval of Owners and Mortgagees as provided therein. In no event shall the By-Laws be amended to conflict with the Declaration. In the event of a conflict between the two (2) documents, the Declaration shall control.

b. Until relinquishment of Declarant Control of the Association, these By-Laws may be unilaterally amended by the Declarant to correct any clerical or typographical error or omission, or to change any provisions to meet the requirements of the Federal Home Loan Mortgage Corporation, Veterans Administration or Federal Housing Administration.


ARTICLE XI
MORTGAGES

11.1 NOTICE TO ASSOCIATION. An Owner who mortgages his Unit shall notify the Association through the President of the Association giving the name and address of his mortgagee. The Association shall maintain such information in books entitled “Mortgagees of Condominium Units”.

11.2 NOTICE OF UNPAID ASSESSMENTS. The Association shall, at the request of a Mortgagee of a Unit, report any unpaid assessments due from the Owner of a Unit.


ARTICLE XII
COMPLIANCE

12.1 LEGAL REQUIREMENTS. These By-Laws are set forth to comply with the requirements of the Texas Uniform Condominium Act as set forth in Chapter 82 of the Texas Property Code. If any of these By-Laws conflict with the provisions of said statute, it is hereby agreed and accepted that the provisions of the statute will apply.


ARTICLE XIII
NON-PROFIT ASSOCIATION

13.1 NON-PROFIT PURPOSE. This Association is not organized for profit. No Unit Owner, Member of the Board of Directors or person from whom the Association may receive any property or funds shall receive or shall be initially entitled to receive any pecuniary profit from the operation thereof, and in no event shall any part of the funds or assets of the Association be paid as a salary or as compensation to, or distributed to or inure to the benefit of any Member of the Board of Directors; provided, however, always (1) that reasonable compensation may be paid to any Member while acting as an employee of the Association for services rendered in the effecting one or more of the purposes of the Association and (2) that any Member of the Board of Directors may, from time to time, be reimbursed for his actual and reasonable expenses incurred in connection with the administration of the affairs of the Association.


ARTICLE XIV
PRINCIPAL OFFICE

14.1 ADDRESS. The principal office of the Association shall be located at the Oram Court Condominiums, but may be located at such other suitable and convenient place as shall be permitted by law and designated by the Directors.


ARTICLE XV
EXECUTION OF INSTRUMENTS

15.1 AUTHORIZED AGENTS. The persons who shall be authorized to execute any and all instruments of conveyance or encumbrance, including promissory notes, shall be the President with the co-signature of the Secretary of the Association.





ARTICLE XVI
CORPORATE SEAL

16.1 CORPORATE SEAL. If required by applicable law, the Directors shall provide a corporate seal which shall be circular in form and shall have inscribed thereon the name of the Association.

CERTIFICATE


I HEREBY CERTIFY, that the foregoing is true, complete and correct copy of the By-Laws of Oram Court Homeowner’s Association, as adopted by the duly appointed Board of Directors by way of Unanimous Consent of the Board of Directors of Oram Court Homeowner’s Association in Lieu of First Meeting dated of even date herewith.

IN WITNESS WHEREOF, I hereunto set my hand, this the _____ day of ___________, 1996.


CAO REALTY, A NOMINEE FOR AVONDALE LIMITED PARTNERSHIP, an Ontario registration, dba Texas Avondale Limited Partnership


By:______________________________________
Its:______________________________________