NORTH MADISON COVENANTS - Laserfiche WebLink

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20. The developer of North Madison Crossing herein referred to is Swinney Brothers Excavating, Inc., or its successor or transferee. 21. All owners of equitable owners, shall be of such owners known as Corporation. a. One voting membership shall exist for each lot, including all owners, whether legal or equitable, and regardless of the number, or form of tenancy. the various lots, whether legal or members of an incorporated assoçiatiqn North Madison Crossing Home Owners I b. The corporation shall be incorporated upon the sale by developer of 75% of the lots and shall continue so long as the covenants and restrictions remain in full force and effect: the invalidity of any particular provision shall not act to invalidate any other provision or terms of the corporation. c. The developer shall corporation, and shall appoint Directors consisting of three to incorporate the an initial Board of five members. d. The annual meeting of the membership of the corporation shall be upon ten days notice to the various lot owners, no later than March 31 each year after 75% of the lots have been sold and conveyed by the developer. Notice shall be sent to the owners as disclosed by the records of the Auditor of Morgan county. The agenda shall include the election of a new Board of Directors, and the setting of new levies, among other matters. '-' e. The corporation shall have the responsibility for contracting with REMC, or the applicable electric utility, for maintenance of the street lights and payment of the utility bill therefore. The corporation shall also be responsible for maintenance and repair of the retention areas and the storm and water drainage systems. Assessments of the owners shall be determined at the annual meeting in an amount sufficient to fund these requirements annually, and shall be divided and assessed amongst the lots for all owners. All such assessments shall be due and payable on or before June 1, following such annual meeting and assessment determination. If the assessment is not paid by a lot, there shall be a lien upon the real estate of the owners of said lot, which may be foreclosed in the name of the corporation by judicial proceeding as real estate mortgages are foreclosed, together with prejudgment interest, attorney fees, and costs of collection, without relief from valuation and appraisement laws.