Shadow Lake Village Condominium Association
BY-LAWS

Table of Contents

ARTICLE I APPLICABILITY, MEMBERS, MEMBERSHIP, AND DEFINITIONS. 1

SECTION 1. APPLICATION. 1

SECTION 2. RESPONSIBILITY. 1

SECTION 3. DEFINITIONS. 1

SECTION 4. LIMITATION ON RIGHTS AND USES. 2

SECTION 5. MEMBERSHIP CARD. 2

SECTION 6. PROTECTIVE AGE COVENANT. 3

SECTION 7. IMMUNITY OF THE ASSOCIATION. 3

ARTICLE II PRINCIPAL OFFICE. 3

ARTICLE III MEETINGS AND VOTING.. 4

SECTION 1. MEETING PLACE. 4

SECTION 2. MEETINGS. 4

A. Workshop Meetings. 4

B. Business Meetings. 4

C. General Meetings. 4

D. Special Meetings. 5

SECTION 3. NOTICE OF MEETINGS. 5

SECTION 4. ORDER OF BUSINESS. 5

SECTION 5. LIST OF MEMBERS. 5

SECTION 6. VOTING RIGHTS. 5

SECTION 7. VOTING ELIGIBILITY. 5

SECTION 8. NOMINATIONS AND MOTIONS. 6

SECTION 9. METHOD OF VOTING. 6

SECTION 10. NECESSARY MAJORITIES. 7

ARTICLE IV OBLIGATIONS OF MEMBERS. 7

SECTION 1. PERSONAL RESPONSIBILITY. 7

SECTION 2. REIMBURSEMENT TO THE ASSOCIATION. 7

SECTION 3. FINANCIAL LIABILITY. 8

SECTION 4. PAYMENT OF ASSESSMENTS. 8

SECTION 5. LIABILITY. 8

SECTION 6. DELINQUENT ACCOUNTS. 8

SECTION 7. PRIOR CLAIM. 8

SECTION 8. BUYER'S LIABILITY. 9

SECTION 9. STRUCTURAL MODIFICATIONS OR ALTERATIONS. 9

SECTION 10. ACCESS TO DWELLING UNIT. 9

SECTION 11. COMPLIANCE WITH BY-LAWS AND RULES AND REGULATIONS. 9

SECTION 12. NOTICE OF SALE OR RENTAL. 10

ARTICLE V BOARD OF TRUSTEES. 10

SECTION 1. GOVERNING BOARD. 10

SECTION 2. MAKE UP OF THE BOARD. 10

SECTION 3. VACANCY. 10

SECTION 4. REMOVAL. 10

SECTION 5. MEETINGS. 11

SECTION 6. WAIVER OF NOTICE. 11

SECTION 7. QUORUM. 11

SECTION 8. DUTIES AND POWERS OF THE BOARD. 11

A. Property Management 12

B. Financial Management 12

C. Personnel Management 13

D. Rules and Regulations. 13

E. Insurance. 14

F. Committees. 14

SECTION 9. CONDOMINIUM REPRESENTATIVES (CONDO REPS). 15

A. Purpose. 15

B. Nomination and Election. 16

C. Term of Office. 16

D. Organization. 16

E. Responsibilities. 16

ARTICLE VI DAMAGE TO BUILDINGS: RECONSTRUCTION, DEMOLITION, REPLACEMENT, AND INSURANCE. 16

SECTION 1. DAMAGE PROCEDURES. 16

SECTION 2. RECONSTRUCTION. 17

A. Decision to Rebuild. 17

B. Decision Not to Rebuild. 17

SECTION 3. SALE. 17

SECTION 4. DEMOLITION AND/OR REPLACEMENT. 17

SECTION 5. INSURANCE. 18

A. PROPERTY INSURANCE.. 18

B. WORKERS' COMPENSATION & EMPLOYERS LIABILITY.. 19

C. COMPREHENSIVE LIABILITY.. 19

D. AUTOMOBILE LIABILITY.. 19

E. EMPLOYEE DISHONESTY.. 19

F. DIRECTORS & OFFICERS LIABILITY.. 19

ARTICLE VII OFFICERS. 19

SECTION 1. OFFICERS. 19

SECTION 2. ELECTION. 19

SECTION 3. DUTIES OF THE PRESIDENT.