Bylaws

The Board may act in all instances on behalf of the Association, except as specifically prohibited by statute, the Articles of Incorporation, the Declaration, its charter, these Bylaws or the laws of North Carolina. The powers and duties of the Board shall specifically include, but not be limited to, the following:

Powers

a. To make and collect general, special and individual assessments and establish the time within which payment of such assessments are due;

b. To use and expend the assessments collected to maintain, care for, manage and preserve the Common Areas, except those portions thereof which are required to be maintained, cared for and preserved by the Owners;

c. To procure, maintain and pay premiums on insurance policy(s) and equivalent against loss as part of the Common Expenses;

d. To contract for the management of the Association and to delegate to such manager, employee or contractor all powers and duties of the Association except those specifically required by the Declaration to have specific approval of the Board of Directors or the membership of the Association;

e. To employ and compensate such personnel as may be required for the maintenance and preservation of the property, including but not limited to accountants, architects, attorneys and contractors;

f. To make and amend rules and regulations governing the properties within the Association including but not limited to Common Areas, Limited Common Areas, Lots, facilities and the conduct of the Lot Owners, their tenants and guests;

g. To enforce the provisions of the Bylaws, the Articles of Incorporation, the Declaration and the rules and regulations promulgated thereunder by any legal means including the levy of a Lot Owner’s lien on the common areas and facilities as well as the assessment of penalties, which shall include fines not limited to fines for violations and late charges for delinquent accounts;

h. To acquire, rent or lease a Lot in the name of the Association or its designee;

i. To enter into alternative dispute resolution, including mediation and arbitration;

j. To adopt an annual budget for the Association;

k. To impose and receive any payments, fees or charges for the use, rental or operation of the Common Areas or Elements;

l. To purchase equipment, supplies and materials required in the maintenance, repair, replacement, operation and management of the property over which the Association has responsibility;

m. To pay bills for goods and services required in meeting the responsibilities of the Association;

n. To foreclose any unpaid assessments and liens resulting therefrom against any property for which assessments are not paid within thirty (30) days after the due date or to bring an action at law that same to recover, or otherwise enforce the debt to pay the same;

o. To exercise all authority in connection with Common Area and Lot use restrictions, including but not limited to the authority to enforce use restrictions applicable to Common Areas and Lots, to enact rules and regulations relating to the use of Common Areas and Lots by Lot Owners, tenants, guests and others and to establish and collect fines for breaches of such restrictions and the rules and regulations;

p. To exercise all authority to grant easements over the Common Areas;

q. To delegate to any person or entity any powers not prohibited by law, the Articles of Incorporation, or the Declaration to be delegated;

r. To sue and be sued, complain and defend in the Association name;

s. To have a corporate seal, which may be altered at will, and to use it, or a facsimile of it, by impressing or affixing it on any other manner reproduced;

t. To purchase, receive, lease or otherwise acquire and own, hold, improve, use, alienate interest in property, whether real property or any legal or equitable interest in property, wherever located;

u. To sell, convey, mortgage, pledge, lease, exchange and otherwise dispose of all or any part of its property, subject to the provisions in the Declaration;

v. To purchase, receive, subscribe for, or otherwise acquire; own, hold, vote, use, sell, mortgage, lend, pledge or otherwise dispose of and deal with shares or other interests in, or obligations of, any other entity;

w. To make contracts and guarantees, incur liabilities, borrow money, issue its notes, bonds, and other obligations, and secure any of its obligations by mortgage or pledge on any of its property, franchises or income;

x. To lend money, invest and reinvest its funds, and receive and hold real and personal property as security for repayment;

y. To make donations for the public welfare or for charitable, religious, cultural, scientific or educational purposes, and to make payments or donations not inconsistent with law or other purposes that further the Association’s interest;

z. To exercise all other powers that may be exercised in this state by legal entities of the same type as the Association;

aa. To have and to exercise any and all powers, rights and privileges which a corporation organized under the Non-Profit Corporation Law of the State of North Carolina by law may now or hereafter have or exercise;

Duties of the Board of Directors shall be as follows:

a. To cause the Common Areas to be maintained, repaired and replaced as necessary, and to assess the members to recover the cost of the upkeep of the Common Areas;

b. To keep a complete record of all its acts and corporate affairs and to send a statement thereof to the membership at the annual meeting, or at any special meeting when such statement is requested in writing by 20% of the members;

c. To supervise all officers, agents and employees of the Association, and see that their duties are properly performed;

d. To fix the amount of the annual assessment at least thirty (30) days in advance of each annual assessment period based on the projected budget for the annual assessment period and pursuant to the provisions set forth in the Declaration;

e. To send written notice of each assessment to every member at least thirty (30) days in advance of the due date for each annual assessment;

f. To issue, on having issued for a reasonable charge, a certificate setting forth whether or not any assessments has been paid; provided, however, that if a certificate states that an assessment has been paid, such certificate shall be conclusive evidence of such payment as to all parties except the member and Lot Owner on the date of the certificate;

g. To procure and maintain at all times, hazard insurance on the property owned by the Association as well as all property for which the Association has a duty to maintain, and liability insurance which in the Board’s judgment is adequate to protect the Association;

h. To hold the Organizational meeting of the newly elected Board of Directors within ten (10) days of their election;

i. To pay all taxes and assessments against Association property;

j. To select depositories for the Association’s funds and to determine the manner of receiving, depositing and disbursing Association funds and the form of check and the person or persons by whom the same shall be signed as otherwise provided in these Bylaws;

k. To assume upon acceptance of a map showing any real property within Ashton Place At Brunswick HOA, INC. all water, sewer, land use and utility permits, agreements and easements between the Declarant and any government agency or department or public or private utility company, including all duties, obligations, rights and privileges of the Declarant under such permits, agreements and easements and such conveyance between Ashton Place At Brunswick HOA, INC. and the Declarant;

l. Such other duties as may from time to time be deemed necessary and that are not otherwise prohibited by statute, the Articles of Incorporation or the Declaration.