vimana ermine, } PRISER ibe P982153 : DECLARATION OF | MEMORIAL COVE Lorre 101544219 982153 $0.00 Article | _ Submission: Defined Terms _ Section 1.1 Submission of Real Estate: MEMORIAL LOFTS PARTNERS, LTD., a Texas limited partnership, owner in fee of the real property described in Section 3.1 (the “Property”), hereby submits such real property, together with all easements, rights and _ appurtenances thereto and the building and improvements erected or to be erected thereon, to the.
provisions of the Uniform Condominium Act (Texas Property Code, Chapter 82).
meanings specified in this Section 1.2. Other terms not defined herein or in the Plats and Plans shall have the meaning specified or used in the Act.
Section 1.2 Defined Terms: As used in this Declaration, the following terms have the "Act" means the Uniform Condominium Act (Texas Property Code, Chapter 82), as amended from time to time.
"Association" means the Memorial Lofts Homeowners Association, a Texas nonprofit corporation and condominium association organized under Section 82.101 of the Texas Property Code. ” .
"Declarant" means MEMORIAL LOF TS PARTNERS, LTD., a Texas limited partnership, or its SuCCESSOIS or assigns, provided such successors or assigns are designated in writing by MEMORIAL LOFTS PARTNERS, LTD, as a successor or assign.of the rights of Declarant set ‘forth herein.
"Eligible Insurer" means an insurer or guarantor of a first mortgage secured by a Unit (defined in Article V, below) in the Condominium. An Eligible Insurer must notify the Association in writing of its name and address and inform the Association that it has insured or guaranteed a first security interest in a Unit. It must provide the Association with the Unit number and address
on in writing of its name and address and inform the Association that it has insured or guaranteed a first security interest in a Unit. It must provide the Association with the Unit number and address of the Unit on which it is the insurer or guarantor of a security interest. Such notice may include a request that the Eligible Insurer be given the notices and other rights described in Article XVI.
"Eligible Mortgagee” means a holder of a first mortgage secured by a Unit in the Condominium.
An Eligible Mortgagee must notify the Association in writing of its name and address and inform the Association that it holds a first security interest in a Unit. It must provide the Association with the Unit number and address of the Unit on which it holds a security interest. Such notice “may include a request that the Eligible Mortgagee be given the notices and other tights ‘described in Article XVI ee ng \ Ria Page 1 of 21 t on aa m= e+.
x = om “ t AN ~s mm nh ro) SVasi tA Neesrecestsy Resear, 4 2, 5 .
3 5 2 in| 2 3 = o a2} & a a) fet) a "Property" means the real property described in Section 3-1, together with all easements, rights . and appurtenances ther eto and the buildings and improvements erected or to be erected thereon, submitted to the Provisions of the Act.
Se s at A 5 n > = 3 .¢) 3 e=) o dd.
iS) 5 ° mh E o 2) o 5 fans iS) 8 inium. desi gnated for separate ownership or ed by this Declaration, being more fully described ed herein, the term “Unit” shall have the same 5 5 om o 2g, o RS tro ms ie) . ept as otherwise provid meaning as that set out In the Act.
Ptpmreraspenenernen Article I Names Section 2.1] Condominium : The name of the Condominium js “MEMORIAL COVE f LOFTS” (the “Condominium”), ; Section 2.2 Association: Th € name of the Asso
In the Act.
Ptpmreraspenenernen Article I Names Section 2.1] Condominium : The name of the Condominium js “MEMORIAL COVE f LOFTS” (the “Condominium”), ; Section 2.2 Association: Th € name of the Asso Pr Association, a Texas nonprofit corp.
E . .
ociation is Memorial Lofts Homeowners oration.
Article TT Description of Real Property Section 3.1 Real Property: The Condominium is located in Harris County, Texas. The real property of the Condominium (the “Property”) is more fully described in the legal description attached hereto as Exhibit “A” hereto, pi The Association i ectors. The Association Shall be governed by its governing documents, including (without limitation) its articles and bylaws, as | | amended from time to time. co os Section 4.2 Powers: The Association shal] have ail of the powers provided herein, in its | governing documents, and in the Act.
Page 2 of 21 BEVERLY B. KALEMAN | COUNTY CLERK, HARRIS COUNTY, TEXAS ; CONDOMINIUM RECORDS OF COUNTY CLERK nASersrs fossysunmen cerarwennny agi!
pesemenonsnensing Pretmxetemeven, re prvpmretet, THIS IS PAGE } OF 9 PAGES Article y . REDUCTION 16x CAMERA DESIGNATION MR Units sO Section 5.1 N umber: The number of Units in the Condominium js TWENTY (20). | Section 5.2 Ig entification: The identification number of each Unit is shown on the Plats Or Plans or both.
Section 5.3 Unit Owner Interest: Section 5.4 Boundaries: The boundaries of each Unit are shown on the Plats and Plans and are more Particularly described as the Perimeter walls, floors, ceilings, and balcony of a Unit All lath, furring, wallboard, Plasterboard, plaster, paneling, tiles, wallpaper, paint, finished flooring, and any other materials constituti tuting part of the finished Surfaces are a Part of the Unit,
l lath, furring, wallboard, Plasterboard, plaster, paneling, tiles, wallpaper, paint, finished flooring, and any other materials constituti tuting part of the finished Surfaces are a Part of the Unit, Portions of the perimeter walls, floors Y are a part of the Common » Ceilings or balcon ( interior Partitions, fa Unit are a Part of the Unit.
Article V] Common Elements Section 6.] Limited Common Elements: The following Portions of the building are © designated as Limited Common Elements: , ; ; , , duct, Wire, conduit, bearing wall, bearine column, or any other fixture is Partially within ang partially outside the desj 1 then the portion Servij i of the Genera] Common Elements.
ings, window boxes, doorsteps, stoops, Porches, patios, and exterior doors and Windows or other fixtures designed to serve a single Unit, but located outside the Unit's boundaries, are Limited Common Elements allocated exclusively to that Unit, Page 3 of 21 : 2 EM ss CHE Serer 3 Serene £ : 5.
poorrsennyresye ssusspmencsesiay pirtsensyenrnsey Rerteestey e. The area. improved by the Declarant as storage facilities for Units shall-be a Limited Common Element, the use of which is limited exclusively to the Owner of the Unit to which the Storage space has been assigned by the Association, subject to the _ Rules and Regulations of the Association.
f. Storm windows and storm doors, if any, will be Limited Common Elements of the Unit which they serve. ; 7 g. Certain courtyards, patios, and decks at the entrances to each Unit, the use of which is limited to the Unit, as shown on the P] ats and Plans.
h. Any Common Expenses associ replacement of components or elements a decks, exterior surfaces, trim, siding, doo assessed against the Unit or Units ated with the maintenance, repair,or
ats and Plans.
h. Any Common Expenses associ replacement of components or elements a decks, exterior surfaces, trim, siding, doo assessed against the Unit or Units ated with the maintenance, repair,or ttached to, planted on, or a part of yards, patios, Is, windows, storage area, and elevators shall be 0 which the Limited Common Element is assigned, as ial allocation of such Common Expenses, then those the Units to which it is assigned, — i. Mailboxes, name plates and exterior lighting affixed to the buil ; ding, if any, will be Limited Common Elements allocated to the Units served. ..
Section 6.4 Assignment of Limited Common Ele ments: A Limited Common Element may be reassigned upon the written application to the Ass.
ociation by the Owner(s) whose use of Page 4 of 21 sea poennnencene, | emsrmonai, poe pReEpDMEEED iraetinicnee geepaseenaena - of the Condominium. In case of an emergency, the Limited Common Element is or may be directly affected by the reassi gnment and by the affirmative vote of Owners holding seventy percent (70%) of the total Association vote at a meeting duly called for such purpose. Upon such application and approval of the Owners, the Association shall prepare and execute an amendment to this Declaration reassigning the Limited Common Element. This amendment shall be delivered to the Owners of the Units affected by the reassignment upon payment by them of all costs for the preparation, execution and recordation of 1 become effective upon the execution of the amendment by the Association and the Owner(s) directly affected by such reassi gnment and the recordation of such amendment in the Deed Records of Haris County, Texas.
Article VII Maintenance, Repair, and Replacement Section 7.1 Common Elements: The Common Elements shall be maintained in good
recordation of such amendment in the Deed Records of Haris County, Texas.
Article VII Maintenance, Repair, and Replacement Section 7.1 Common Elements: The Common Elements shall be maintained in good condition by the Association, subject to reasonable wear and tear and casualty. Subject to Section 17.2, the costs and expense for the upkeep and maintenance of the Common Elements shall be a Common Expense of the Unit Owners, and shall be included in the Common Expense Assessments for the usual and ordinary costs and expenses for the maintenance, rep and operation of the Common Elements, and e¢ach Owner shall pay his or her prothereof.
air, upkeep rata share Section 7.2 Units: Each Unit Owner shall maintain, repair, and replace, at his or her own expense, all portions of his or her Unit, except those portions of the Unit required by the Declaration or the Act to be maintained, repaired, or replaced by the Association.
Section 7.3 Right of Access: Each Unit Owner shall afford to the Association and the other Unit Owners, and the agents and employees of each of the Association.and the Unit Owners, access through such Unit Owner's Unit reasonably necessary for the proper maintenance no request or notice is required and the ri ght of entry shall be immediate, and with as much force as is reasonably necessary to gain entrance, whether or not the Unit Owner is present at the time.
Article VIIT Special Declarant Rights, and the Declarant Control Period Section 8.1 Special Declarant Rights: The Declarant reserves the following Special Declarant Rights: a. to complete or make improvements indicated on the Plats and Plans filed with this Declaration: : bh te maintain sales, management, or leasing offices, and models in Units or on
al Declarant Rights: a. to complete or make improvements indicated on the Plats and Plans filed with this Declaration: : bh te maintain sales, management, or leasing offices, and models in Units or on the Common Elements for as long as the Declarant Owns a Unit, subject to the following limitations: Page'5 of 21 - OFF] BEVERLY E COUNTY CLERK, HA} CONDOMINIUM RECOR fenereresig Fostsaonyein warner i i Recpoememton areca (1) no more than four Units owned by the Declarant may be used at any one time as sales, management or leasing offices, or models; (2) offices and models may be located in any Unit of or Jocation within the Condominium and may consist of multiple Units with the same floor plan or any combination of floor plans; and (3) offices and models may: be relocated at any time provided the _ Declarant takes reasonable steps to minimize any disruption to the Unit-Owners caused by such relocation; : d. to use, and to permit others to use, easements through the Common Elements as may be reasonably necessary for the purpose of exercising its rights or discharging the Declarant's obligations under the Act and this Declaration; ¢. to appoint or remove any officer of the Association or any director during the’ period of Declarant control, subject to the provisions of Section 8. 3 of this Declaration; and - ae £ to amend the Declaration as provided in Section 13.2, below.
Section 8.2 Limitations on Special Declarant Rights: Unless sooner terminated bya recorded instrument signed by the Declarant, any Special Declarant Right may be exercised by — the Declarant for the period of time specified in the Act.
AAN Section 8.3 Declarant Control of the Association:
d instrument signed by the Declarant, any Special Declarant Right may be exercised by — the Declarant for the period of time specified in the Act.
AAN Section 8.3 Declarant Control of the Association: a. Subject to Section 8.3 (b), there shall be a period of Declarant control of the Association during which the Declarant, or persons designated by the Declarant, may appoint and remove the officers and members of Board of Directors. The period of Declarant control terminates not later than the earlier of the 120th day after conveyance of seventy-five percent (75%) of the Units (that exist or may be created) to Unit Owners other than the Declarant or three years after the first Unit is conveyed to a Unit Owner other than the Declarant.
b. No later than the 120th day after conveyance of fifty percent (50%) of the Units (that exist or may be created) to unit Owners other than the Declarant, not less than _ one-third of the members of the Board of Directors must be elected by Unit Owners other than the Declarant.
c. Not later than the termination of the period of Declarant control, the Unit Owners shall elect a Board of Directors of at least three members, all of whom shall be Unit Owners or authorized officers of Unit Owners that are not individuals. The Board of Page 6 of 21 pocesanoneeiron, THIS Is REDUCTION Directors shall elect the officers before the 31st day after the date the period of Declarant _ control terminates. The persons elected shall take office on election. : ' Article IX Allocated Interest Section 9.1 Allocation of Interests: The undivided interest in the Common Elements, _. the Common Expense Liability and the number of votes in the affairs of the Association allocated to. each Unit are set forth in Exhibit “B” attached hereto.
divided interest in the Common Elements, _. the Common Expense Liability and the number of votes in the affairs of the Association allocated to. each Unit are set forth in Exhibit “B” attached hereto.
Section 9.2 Formulas for Allocation of Interests: The interests allocated to each Unit have been calculated by using the following formulas: — _a. Undivided Interest in' Elements. The percentage of the undivided interest in the Common Elements allocated to each Unit is based on one share to eac ch Unit compared with the total shares allocated to all of the Units in the Condominium. , Units as permitted elsewhere in this Declaration and the Act.
c. Votes. Each Unit shall have one vote. Any specified percentage, portion or fraction of Unit Owners, unless otherwise stated in the Articles of Incorporation or Bylaws of the Association, means the specified percentage, portion or fraction ofall of © the votes allocated in Exhibit “B”. Any deadlock among the Unit Owners that cannot be.
resolved after a period of 90 days from when the deadlock first arose shall be resolved exclusively by binding arbitration in Houston, Texas in accordance with the commercial arbitration rules of the American Arbitration Association, Article X Plat or Plans Section 10.1 Plat or Plans: A project plat and Unit plans are attached to this Declaration.
as Exhibit “C”. The Property and cond ominium project are sometimes collectively called the “Project.”
Article XI Restrictions on Use, Occupancy, and Alienation Section 11.1 Use Restrictions: Subject to the Special Declarant Rights reserved under Article VII, the following use restrictions apply to all Units and to the Common Elements: Page 7 of 21 _. 9 PAGES enone ety seonecssiesiane sy qromnarpinsonny Frtenenneomerrteg, praca
le VII, the following use restrictions apply to all Units and to the Common Elements: Page 7 of 21 _. 9 PAGES enone ety seonecssiesiane sy qromnarpinsonny Frtenenneomerrteg, praca Deeentceny under Article VII, the following occ Elements.
a. The use of each Unit is restricted to that ofa Single family residence and accessory Uses as permitted herein. Except for those activities conducted as part of the marketing and development Program of the Declarant, no industry, business, trade or commercial activities (other than home professional pursuits to which the public is not invited nor does such usé in any way detract from the residential character of the Project), unscheduled public visits, nonresidential storage, mail or other use of a Unit shall be conducted, maintained or permitted in any part of a Unit, nor shall any Unit be used or rented for transient, hotel or motel purposes.
b. No improper, offensive or unlaw ful use may be made of the Property; Unit Owners shall comply with and conform to all applicable laws and regulations of the United States and the State of Texas and all} ordinances, rules and regulations of the city of Houston, Texas. The Unit Owner violating any such law or ordinance shall hold : harmless the Association and other Unit Owners from all fines, penalties, costsand prosecutions for any violation or noncompliance.
Section 11.2 Occupancy Restrictions: Subject to the Special Declarant Rights reserved upancy restrictions apply to all Units and to the Common a. No Unit Owner shall do any act or permit any act to be done in, on or to any Unit, balcony, patio, parking space, or Common Element which will impair the structural integrity, weaken the support or otherwise adversely affect the building or any-Common Element.
in, on or to any Unit, balcony, patio, parking space, or Common Element which will impair the structural integrity, weaken the support or otherwise adversely affect the building or any-Common Element.
b. No electrical device creating overloading of standard circuits may be used without permission from the Board of Directors. Misuse or abuse of appliances.or fixtures within a Unit which affects other Units or the Common Elements js prohibited, Any damage resulting from such misuse shall be the responsibility of the Unit Owner who .
caused it. Total Electrical usage in any Unit shall not exceed the capacity of the circuits as labeled on the circuit breaker boxes. ; ; c. All Unit Owners shall maintain their Units in a clean and well maintained condition. No storage will be permitted in or outside any Unit in a manner which may permit the spread of fire, odors, or seepage or the encouragement of vermin or which is visible ftom the exterior of the Unit.
d. All fixtures and equipment will be used for the purpose for which they were designed. There shall be no floor load in excess of 50 pounds per square foot, unless special arrangements are made and an engineering determination of floor load capacity in the area of the heavy use is approved by the Association.
e.. A parking space is restricted to occupancy by the owner of the Unit to which — the parking space is a Limited Common Element only for parking of automobiles, Page 8 of 21.
BORER peconmceng, PRS, poets KEmERE IO, prprtencen ferrstetencsry motorcycles, and bicycles, and shall not be used for storage or the parking or storage of _ recreational vehicles, boats, trailers or inoperable vehicles. ; f. Storage of articles is restricted to identified storage areas or the Unit Owner's
be used for storage or the parking or storage of _ recreational vehicles, boats, trailers or inoperable vehicles. ; f. Storage of articles is restricted to identified storage areas or the Unit Owner's Unit. Storage on balconies, patios or other areas visible from the building's exterior is prohibited. Patio furniture, plants and other items that are part of the use and decor of the patio areas, that are visible from outside the Unit, shall conform with the Rules and _ Regulations of the Association, as amended and revised from time to time.
g. No noxious, offensive, dangerous or unsafe activity shall be conducted in any Unit, nor shall anything be done: either willfully or negligently, which may be or become an annoyance or nuisance to the other Unit Owners or occupants. No Unit Owner or occupant shall make or permit any disturbing noises nor do or permit anything to be done.
by others that will interfere with the rights, comforts or convenience of other Unit Owners or occupants.
-h. No animals, birds or reptiles of any kind shall be kept in a Unit, except for a.
maximum of two dogs of gentle disposition (weighing no more than 40 pounds each), or two cats or other household pets, as approved and licensed in writing by the Association as compatible with the Condominium. Pets may not be kept for any commercial purpose.
Any pet causing or creating a nuisance or unreasonable disturbance or noise shal] be permanently removed from the Property upon three days' written notice from the Board of Directors. Each Unit Owner shall hold the Association harmless from any claim resulting from any action of their pets. Seeing eye dogs and hearing ear dogs will be permitted for those persons holding certificates of necessity.
shall hold the Association harmless from any claim resulting from any action of their pets. Seeing eye dogs and hearing ear dogs will be permitted for those persons holding certificates of necessity.
i. All clothes dryers will have lint filters which will remain installed and prevent lint from accumulating in the vent duct. All stove hoods will have grease screens which ~ will remain installed and periodically cleaned and maintained, to prevent grease from timesh accumulating in the vent duct. All such filters and screens will at all times be used and _ kept clean in good order and repair by the Unit Owner.
-j. No signs, window displays or advertising visible from outside a Unit (except for a name plate or sign not exceeding nine square inches in area, on the main entrance | door to each Unit) shall be maintained or permitted in any part of a Unit.
k. No Owner shall erect antennae (subject to the provisions of the Telecommunications Act, US Code Chapter 47 and regulations thereunder), awnings or other exterior attachments, or place any reflective material in the windows of a Unit Or on the Balcony thereof. , Section 11.3 Leasing Restrictions: A Unit may not-be conveyed pursuant to’a aring plan except as a part of the sales program of the Declarant, or for initial occupancy as a part of a binding purchase agreement, All leases and rental agreements shall be in writing and subject to the requirements of the Declaration, the Articles, Bylaws and rules and regulations Page 9 of 21 aa | Seta g § i POARIA My pret Bresette . 1 Fareorncton te of the Association. All leases of a Unit shall automatically be deemed to include a provision that _the tenant will recognize and attom to the Association as landlord, solely for the purpose of
ton te of the Association. All leases of a Unit shall automatically be deemed to include a provision that _the tenant will recognize and attom to the Association as landlord, solely for the purpose of having the power to enforce a violation of the provisions of the Governing Documents against the tenant, provided the Association gives the landlord notice of its intent to so enforce and a reasonable opportunity to cure the violation directly, prior to the commencement of an enforcement action. Each Unit Owner will be responsible for the actions or neglect of his or her tenant(s) (regardless of whether the tenant is also responsible directly to the Association). — Article XII Easements, Licences and Encroachments Section 12.1 Recording Data: All easements and licenses to which the Condominium is currently subject are recited in Exhibit “D” attached hereto. In addition, the Condominium may be subject to other easements or licensed granted by the Declarant pursuant to Article VII of this Declaration. , Section 12.2 Non-Exclusive Easements: A Unit Owner and lessees of Units in the.
Condominium, and the members of their families and servants residing in their Units, and their guests and invitees, shall have a valid non-exclusive easement for the use of the Common Elements, subject to reasonable regulation in the Rules and Regulations of the Association; provided, however that the Association may temporarily suspend the Unit Owner's rights under ° the easement for the failure to pay assessments or to abide by the Association's Rules and Regulations for use of the Common Elements and facilities.
Section 12.3 Right of Ingress and Egress: A Unit Owner has an unrestricted right of ©
assessments or to abide by the Association's Rules and Regulations for use of the Common Elements and facilities.
Section 12.3 Right of Ingress and Egress: A Unit Owner has an unrestricted right of © ingress and egress to his or her Unit. Such right of ingress and egress is perpetual and passes with .
the transfer of ownership of the Unit (even if no reference to such rights are made in the deed transferring ownership in such. Unit) and may not be partitioned or separated from the ownership of such Unit. _ Section 12.4 Encroachments: To the extent that the construction, reconstruction, repair, shifting, settlement, or other movement of any portion of the improvements results in a Unit or Common Element encroaching on another Unit or Common Element, a valid easement for both the encroachment and its maintenance shall exist for the entire period during which such encroachment exists; provided, however, that a valid easement for the encroachment and its maintenance shall not exist if the physical boundaries of a Unit after the construction, reconstruction, repair, shifting, settlement, or other movement of any portion of the improvements is not in substantial accord with the description of those boundaries as described in this Declaration.
Article XTIT Amendment of Declaration Section 13.1 Amendment by Unit Owners: Except as otherwise provided by the Act of this Declaration, and as limited by Article XVI of this Declaration, this Declaration, including Page 10 of 21 nsw, pxemereeri ernment Reon recawonipeney Foremobetassisy ERE iomd ot td NANO Sr eg condemnation or casualty loss that a nay be amended only by vote or agreement of Unit Owners to which at least 0) of the votes in the Association are allocated, or any larger majority this
NANO Sr eg condemnation or casualty loss that a nay be amended only by vote or agreement of Unit Owners to which at least 0) of the votes in the Association are allocated, or any larger majority this > Act.
Amendments by Board of Directors or Declarant: The Board of arant, if the Declarant owns a Unit that has never been occupied, may Unit Owners or approval of the Association amend the Declaration in any | meet the requirements of the Federal National Mortgage Association, the age Corporation, the Federal Housing Administration, or the Veterans Article XIV Amendments of Bylaws .
Amendment of Bylaws: Except as otherwise provided by law or this .
_mited by Article XVI of this Declaration, the Bylaws may be amended only _ of Members representing at least a majority of the vote to be cast at a quorum is obtained.
Article XV Termination Cermination: Any action to terminate the legal status of the Condominium " uction or condemnation occurs must be agreed to by Unit Owners who fy percent (80%) of the votes in the Association and by at least fifty-one ible Mortgagees. Notwithstanding any lower requirement permitted by this t, any actions to terminate the legal status of the Condominium for reasons — destruction or condemnation of the Property must be agreed to by Unit t at least eighty percent (80%) of the votes in the Association and by at (70%) of Eligible Mortgagees. Subject to the foregoing, termination of the 9€ accomplished only in accordance with Section 82.068 of the Act.
Article XVI Mortgage Protection fotice of Actions: The Association shall give timely written notice to each gible Mortgagee of: ffects a material portion of the REDUCTION or COUNT) property or applicable Unit;
VI Mortgage Protection fotice of Actions: The Association shall give timely written notice to each gible Mortgagee of: ffects a material portion of the REDUCTION or COUNT) property or applicable Unit; delinquency in the payment of assessments or charges owed by the Unit FI ian sixty (60) days past due as to the applicable Unit; y Page 11 of 21 THIS 3 ne) Y fpavoneniece oi i FY pmceconntenty pcvenseerntesiby | ‘ARRIS COUNTY, TEXAS ¢. any lapse, cancellation, or material modification of any insurance policy ca maintained by the Association; and d: any proposed action that requires the consent of a specified percentage of Eligible Mortgagees, _ Section 16.2 Consents: in oe a. Notwithstanding any requirements permitted by this Declaration or the Act, no amendment of any material provision of the Governing Documents by the Association or ra the Unit Owners described in this Section shall be effective without notice as required by’ Section 16.1 above, without the vote of at least seventy percent (70%) of the Unit Owners (or any greater Unit owner vote required in this Declaration of the Act). A change to any of the following would be considered material: (1) voting rights; (2) increases in assessments that raise the previously assessed amount by more than 25%; assessment liens, or priority of assessment liens; (3) responsibility for maintenance and repairs; (4) reallocation of interests in the General or Limited Common Elements, or rights to their use; .
(5) redefinition of any Unit boundaries: (6) convertibility of Units into Common Elements or vice versa or the combining of two or more adjacent Units by any Owner other than the Declarant; (7) expansion or contraction of the Condominium, or the addition,
lity of Units into Common Elements or vice versa or the combining of two or more adjacent Units by any Owner other than the Declarant; (7) expansion or contraction of the Condominium, or the addition, . ae . . - annexation, or withdrawal of property to or from the Condominium; (8) hazard or fidelity insurance requirements; (9) imposition of any restrictions on the leasing of Units; (10) imposition of any restrictions on a Unit Owner's right to sell or transfer his or h it; B KAUF ansfer his or her Un s C. (11) restoration or repair the Condominium (after damage or partial ‘ORDS OF COUNTY CLERK condemnation) in a manner other than that specified in the Governing Documents; 180006 or , er -_ a . . eee ; * OVE LoFTs as Page 12 of 21 _§ OF 9 PAGES teRA DESIGNATION MRGI RpEeneasi Peavey 3 Rewerseyatny locos ecieee | pomeemesoea, patveemaney, etter seromenenngeninay (12) any provisions that expressively benefit the mortgage holders, or.
guarantors, Section 16.3 Financial Statements: To the extent the Association does not have an audited financial statement, any Eligible Mortgagee or Eligible Insurer shall have the right to- have an audited financial statement prepared at its own expense.
Section 16.4 Working Capital: a. The Declarant shall establish a working capital fund to meet unforeseen expenditures or to purchase or provide any additional equipment or service. The initial working capital fund established by the Declarant for the benefit of and to be funded by the Association shall be in an amount that is at Jeast equal to.two. months of estimated Common Expenses for each Unit. Each Unit's share of the working capital fund may be collected either at the time the'sale of the Unit is closed or when the control of the ~
to.two. months of estimated Common Expenses for each Unit. Each Unit's share of the working capital fund may be collected either at the time the'sale of the Unit is closed or when the control of the ~ - Condominium is transferred to the Unit Owners, whichever is earlier. Any amounts paid into the working capital fund shall not be considered as advance payments ofregular Common Expense assessments. The working capital fund shall be transferred to the - Association for deposit to a segregated fund for use by the Association when control of _ the Association is transferred to the Unit Owners.
b. The Declarant shall not use this working capital fund to defray any of its expenses, reserve contributions, or construction costs or to make up any budget deficits while it is in control of the Association. Upon sale of an unsold Unit, the Declarant shall be entitled to reimburse itself for any funds it paid to the Association for an unsold Unit's .
share of the working capital find by using funds collected at closing when the Unit is sold. : Section 16.5 Reserve Fund: The Association shall maintain an adequate reserve fund for the maintenance and repair of the Common Elements, which shall be finded from regular monthly assessments for the Common Expenses.
Section 16.6 Insurance Requirements: The Association shall purchase and maintain policies of insurance and fidelity bond coverage as the Board of Directors of the Association may determine from time to time, subject to the requirements of Section 82.111 of the Act.
_ Article XVII Assessment and Collection of Common Expenses Section 17.1 Apportionment of Common Expenses: Except as otherwise provided by the Act or this Declaration, all Common Expenses shall be assessed against all Units in
and Collection of Common Expenses Section 17.1 Apportionment of Common Expenses: Except as otherwise provided by the Act or this Declaration, all Common Expenses shall be assessed against all Units in accordance with their Article IX, Section 9:2.b. of this Declaration.
OFFICE OF BEVERLY B. KAUFMAN Pagel3of 21 - COUNTY CLERK, HARRIS COUNTY CONDOMINIUM RECORDS OF COUN faces cade £ a PROSE teense siereoxmseoraty ° H Htenqarompen petnrreccosneny ‘ i ReSRIRTONREN } Section 17.2 Common Expenses Attributable to Fewer than all Units: a. Any Common Expenses associated with the maintenance, repalr, or replacement of components or elements attached to, planted on, ora part of yards, patios, decks, exterior surfaces, trim, siding, doors, windows, storage area, and elevators shall be assessed against the Unit or Units to which the Limited Common Element is assigned as a Common Expense assessment. If any such Limited Common Element is assigned to more than one Unit, the Common Expenses attributable to the Limited:Common Element shall be assessed and allocated among such Units as provided in this Article XVI and in Section 6.2, above. oe b. Any Common Expense associated with the maintenance, repair, or replacement : of any chimney shall be assessed against the Unit served by such chimney. .
c. Any Common Expense for services provided by the Association to an individual Unit at the-request of the Unit Owner shall be assessed against that Unit.
d. Any insurance premium increase attributable to a particular Unit by virtue of activities in or construction of the Unit shall be assessed against that Unit..
e. Ifa Common Expense is caused by the misconduct of a Unit Owner, the Association may assess that expense exclusively against the Unit Owner's Unit.
of the Unit shall be assessed against that Unit..
e. Ifa Common Expense is caused by the misconduct of a Unit Owner, the Association may assess that expense exclusively against the Unit Owner's Unit.
f. Fees, charges, taxes, impositions, late charges, fines, collection costs and .
. interest charged against a Unit Owner pursuant to the Governing Documents and the Act are enforceable as Common Expense assessments.
Section 17.3 Responsibility for Assessment of Common Expenses: The Board of . Directors shall be responsible for levying and collecting general and special assessments for Common Expenses. For purpose of this Article XVI, "assessments" means regular and special assessments (including payments or obligations to reserve accounts), dues, fees, charges, interest late fees, fines, collection costs, reasonable attorneys’ fees, and any other amount due to the Association by the Unit Owner or levied against the Unit by Association, all of which are enforceable as assessments under Section 82.113 of the Act.
?
Section 17.4 Lien: The Association has a lien on a Unit for a Common Expense assessment levied against the Unit or fines imposed against its Unit Owner from the time the Common Expense assessment or fine becomes due. Fees, charges, late charges, fines and interest charged pursuant to a Common Expense assessment, if payable in installments, the full amount of the assessment is a lien from the time the first installment becomes due.
A lien for Common Expense assessments will not be affected by the sale or transfer of the Unit, unless a foreclosure of a first mortgage is involved, in which case the foreclosure will extinguish the lien for any assessments that were payable before the foreclosure sale, but will not relieve any
unless a foreclosure of a first mortgage is involved, in which case the foreclosure will extinguish the lien for any assessments that were payable before the foreclosure sale, but will not relieve any subsequent Unit Owner from paying further assessments.
Page 14 of 21 PrarsatsretRe q 3 Frauen emery 1 i i Passomanasesrgy sirecatesrney repeater werner phuritoressicory THISISPAGE 4 OF g Section 17.5 Lien Priority: The Association's lien for assessments has priority over any other lien, except as otherwise provided in Section 82.113(b) of the Act. Without limiting anything in the preceding sentence, The Association’s lien for assessments is automatically subordinate, Junior and inferior to any lien or right in the Property held by an Eligible Mortgagee. This subordination is automatic and requires no action by any person to become effective and it is not affected by the date on which the Eligible Mortgagee’s lien or interest in the property is created or renewed.
Section 17.6 Commencement of Common Expense Assessments: Monthly Common Expense assessments shall begin on the date of closing ofa conveyance to'a Unit Owner other than the Declarant and shall be due, in advance, on the first day of each subsequent calendar month thereafter, without notice or demand of any kind. Declarant shall pay the pro rata share of _ assessments for all unsold Units beginning one hundred eighty (180) days after the first Unit is conveyed and continuing thereafter until Declarant has sold or conveyed all Units owned by Declarant. The initial periodic Common Expense assessment shall be not less than $200.00 pet Unit per month. On or before the date of the closing, the following shall be due: The first
Units owned by Declarant. The initial periodic Common Expense assessment shall be not less than $200.00 pet Unit per month. On or before the date of the closing, the following shall be due: The first monthly. assessment, in full; and an initial reserve assessment in an amount: equal to two (2) monthly assessments as a reserve for capital expenditures as set forth in Section 16.4(a) of this Declaration. If the closing date is. not on the first day of the month, then the second regular monthly assessment will be prorated, based upon the date of the closing and the number of days remaining in the month in which the closing occurs.
Section 17.7 No Waiver of Liability for Common Expenses: No Unit Owner may become exempt from liability for payment of Common Expense assessments by virtue of the Owner’s failure or refiisal to use or enjoy all or any portion of the Common Elements, or by abandonment of the Unit against which the Common Expense assessments are made.
Section 17.8 Personal Liability of Unit Owners: The Unit Owner of a Unit, at the time a Common Expense assessment or portion of the assessment is due and payable, is personally or refusal of a successor in title to the Unit to assume such obligation shall not in any way diminish or impair the lien created hereunder.
Section 17.9 Remedies for Failure to Pay Assessments: The Association's remedies for a Unit Owner's failure to pay, assessments levied by the Association include, but are not necessarily limited to, those remedies set forth in Section 82.102 and 82.113 of the Act.
Page 15 of 21 a shesecnpsasyn FRET, t Ree getenetvanvasttg “MRGI Article XVUT Interest Rate Assessments: In the event of default in the payment of any monetary obligation to the Association, a Unit Owner shall be obligated to pay interest on
getenetvanvasttg “MRGI Article XVUT Interest Rate Assessments: In the event of default in the payment of any monetary obligation to the Association, a Unit Owner shall be obligated to pay interest on inci » al a rate to be determined, from time to time, by the: Board of Directors, not to exceed the maximum permitted by law, .
Section 18.2 Default Interest Rate: If the Board of Directors shall refuse or fail, from " time to time, to determine a rate of interest, the rate of interest shall be eighteen percent (18%) per annum, not to exceed the maximum rate permitted by law.
Article XIX Right to Assign Future Income Section 19.1 Right to Assign Future Income: The Association may assign its right to.
future income, including the right to-receive Common Expense assessment, only by the affirmative vote of Unit Owners to which at least fifty-one percent (51%) of the votes in the Association are allocated, at a meeting called for that purpose, and only after payment of all accrued and outstanding expenses and after making provision for the operating expenses of the Condominium for the period during which the right to future income including the right to receive Common Expense assessments, has been assigned. , Article XX Persons and Units Subject to Governing Documents Section 20.1 Compliance with Governing Documents; Uniform Applicability: All Unit Owners, tenants, morigagees and occupants of Units shall comply with the Governing Documents. The acceptance of a derd or the exercise of any incident of ownership or the entering — into of a fease or the occupancy of a Unit constitutes an acceptance of the benefits of this Declaration and an agreement that the provisions of the Governi
any incident of ownership or the entering — into of a fease or the occupancy of a Unit constitutes an acceptance of the benefits of this Declaration and an agreement that the provisions of the Governi ratified by that Unit Owner, tenant, mortgagee or occupant: To the extent there are unsold Units more Units, the Declarant shall be subject to the provisions of the Governing Documents.
Section 20.2 Adoption of Rules: The Board of Directors may adopt, amend and repeal] rules and regulations (referred to herein as the “Rules” or the “Rules and Regulations”) regarding the use and occupancy of Units as it affects the Common Elements, the Limited Common Elements and the activities of occupants.
Page 16 of 21 PRB 3 ENT USEROT TS Pence teat prrennensnssiom preswerenese, eransarknes, Settee Article XXI Damage to or Destruction of Property — ; Section 21.1 Duty to Restore: Subject to Section 82.111 of the Act, a portion of the Condominium for which insurance is required under Section 82.111 that is damaged or destroyed _ -must be repaired or replaced promptly by the Association unless: a. the Condominium is terminated; b. repair or replacement would be illegal under any state or local health or safety statute or ordinance; or c. at least eighty percent (80%) of the Unit Owners (including each Unit Owner.
of a Unit or assigned Limited Common Element that will not be rebuilt or repaired, and Eligible Mortgagees) vote to not rebuild. , Section 21.2 Cost: The cost of repair or replacement in excess of insurance proceeds and reserves is a Common Expense.
Article XXII Condemnation Section 22.1 Condemnation: If part or all of the Condominium is taken by any governmental unit or agency, or any other person or company having the authority of eminent
ense.
Article XXII Condemnation Section 22.1 Condemnation: If part or all of the Condominium is taken by any governmental unit or agency, or any other person or company having the authority of eminent _ domain, all compensation and damages for and on account of the taking shall be payable in accordance with Section 82.007 of the Act. .
Article XXUII Rights of Action Section 23.] Rights of Action: The Association and an aggrieved Unit Owner shall have a night of action against the Declarant, a Unit Owner or any other person who fails to comply with the provisions of the Governing Documents or the decisions ‘Unit Owner has a right of action against the Association for a violation of the Governing. Documents or the decision of the Association. Prior to and as a condition to exercising such right of action against the Association, each Unit Owner agrees to give each Eligible Mortgageé holding a lien or claim against such Unit or any Unit that is owned by Declarant at least thirty (30) days. prior written notice of such claim.
Section 23.2 Arbitration: Any controversies, claims or disputes involving Declarant, the...
Association, the General Contractor for Declarant, or any Unit Owner which cannot be resolved by good faith negotiations shall be resolved by mandatory and binding arbitration administered . by the American Arbitration Association (the "AAA") pursuant to the Federal Arbitration Act .Page 17 of 21 Bir Royensomnya, % G .
[Benmueynesety, fiotennenesimey, exes (Title 9 of the United States Code) in accordance with the Commercial Arbitration Rules of the ‘AAA. If Title 9 of the United States Code is inapplicable to any such claim or controversy for any reason, such Arbitration shall be conducted pursuant to the Texas General Arbitration Act
les of the ‘AAA. If Title 9 of the United States Code is inapplicable to any such claim or controversy for any reason, such Arbitration shall be conducted pursuant to the Texas General Arbitration Act and.in accordance with the Commercial Arbitration Rules of the AAA. All decisions by the Arbitrator shall be final, and any judgment upon the award rendered by the Arbitrator may be confirmed, entered and enforced in any court having proper jurisdiction. .
‘Article XXIV Miscellaneous Section 24.1 Appointment of Attorney in Fact: Each Unit Owner, by acceptance of a deed or other instrument of conveyance from Declarant or from any Unit Owner or grantor resulting in ownership ofa Unit shall be deemed to appoint the Association as his or her true and lawful attorney-in-fact (which shall be deemed to be irrevocable power of attorney coupled with an interest and not voidable due to-the incapacity or disability of an Unit Owner) to act in connection with all matters concerning the maintenance of insurance policies and the destruction, repair or obsolescence of the Condominium, in-whole or in part. Without limiting the generality .
of the foregoing, the Association, by and throngh its President or Vice President, shall have full .
power and authority to purchase and maintain such insurance, to collect and remit the premiums therefore, to collect proceeds, to institute and prosecute litigation or arbitration, to pay all costs associated with its activities as Common Expenses (to the extent the proceeds received from such _ insurance are not adequate to pay such costs), to administer the distribution of such proceeds in connection with any reconstruction or repair, to distribute any remaining proceeds to Unit
from such _ insurance are not adequate to pay such costs), to administer the distribution of such proceeds in connection with any reconstruction or repair, to distribute any remaining proceeds to Unit Owners and their mortgagees (subject to the provisions of the Governing Documents and the Act) as their interests may appear, to execute releases of liability, and to execute all documents and to do all things on behalf of the Unit Owners and the Condominium as shall be necessary or convenient to the accomplishment of the foregoing; and any insurer may deal exclusively with the Association in regard to such matters (other than exercising any voting rights in determining whether to repair or reconstruct). The Association shal] not be responsible for procurement or maintenance of any insurance covering the contents or the interior of any Unit or covering the liability of any Unit Owner for occurrence not caused or connected with the Association's operation, maintenance or use of the Condominium, Section 24.2 Each Owner Responsible for Security: The Association and/or Declarant (including their respective agents, officers, directors and employees) (collectively, called “Indemnified Parties”) shall not in any way be considered to be an-insurer or guarantor of security or safety within the Property. Neither shall the Indemnified Parties be held liable for any loss or damages by reason of failure to provide adequate security or ineffectiveness of security measures undertaken. The Indemnified Parties do not represent or warrant that any fire protection, burglar alarm systems, access contro] systems, patrol services, surveillance equipment, monitoring devices, or other security systems (if any are present) will prevent loss by
hat any fire protection, burglar alarm systems, access contro] systems, patrol services, surveillance equipment, monitoring devices, or other security systems (if any are present) will prevent loss by fire, smoke, burglary, theft, hold-up or otherwise; nor that fire protection, burglar alarm systems, access control systems, patrol services, surveillance equipment, monitoring devices or other security systems will in all cases provide the detection or protection for which the system is Page 18 of 2] designed or intended. The Indemnified Parties are not an insurer and each owner and occupant of any Unit and each tenant, guest and invitee of any Owner assumes all risks for loss or damage to r 7 _ persons, to Units and to the contents of Units and acknowledges that the Indemnified Parties bo have made no representations or warranties nor have any owner, occupant, tenant, guest or invitee relied upon any representations or warranties, expressed or implied, including any Spee, undertaken within the Property.
PRISEIRIORY, yee, Pla the Governing Documents so requires.
sernetmesgtn, warranty or merchantability or fitness for any particular purpose, relative to any fire protection, burglar alarm systems, access control systems, patrol services, surveillance equipment, monitoring devices or other security systems recommended or installed or any security measures Section 24.3 Captions: The captions contained in the Governing Documents are inserted .
only as a matter of convenience and for reference, and in no way define, limit or describe the scope of the Governing Documents or the intent.of any provision thereof.
Section 24.4 Gender: The use of the masculine gender refers to the feminine gender, and
in no way define, limit or describe the scope of the Governing Documents or the intent.of any provision thereof.
Section 24.4 Gender: The use of the masculine gender refers to the feminine gender, and vice versa, and the use of the singular includes the plural, and vice versa, whenever the context of _ Section 24.5 Waiver: No provision contained in the Governing Documents is abrogated or waived by reason of any failure to enforce the same, irrespective of the number of violations or breaches which may occur.
eipesetomeresn Section 24.6 Invalidity: The invalidity of any of the Governing Documents does not Pores, force and effect.
sre rep sien, which form an integral part hereof: Exhibit “A” - Description of the Property Exhibit “B” - Allocation of Interests poo. Exhibit “C”’ - Project plat and Unit plans boo Exhibit “D” - Easements and licenses [end of text - next page contains si gnatures] Page 19 of 21 impair or affect in any manner the validity, enforceability or effect of the remainder, and ifa provision is im arid, all of the other provisions of the Governing Documents shall continue in full” Section 24.7 List of Exhibits: Attached hereto are the following exhibits and attachr=nts.
| -OFFICE.OF BEVERLY B. KAUFMAN COUNTY CLERK, HARRIS COUNTY, TE (CONDOMINIUM RECORDS OF COUNTY | ie] CODE. 180008 MEMORIAL COVE LOFTS THIS IS PAGE 5 OF 9 PAGES REDUCTION 16 CAMERA DESIGNATIO ieee IN WITNESS WHEREOF, the Declarant has caused this Declaration to be executed by a general MEMORIAL LOFTS PARTNERS, LTD. .
By: MEMORIAL LOFTS MANAGEMENT, L.L.C., its general p A. RICHARD WILSON, President and Manager MORTGAGEE'S CONSENT _ The undersigned, Citizens National Bank of Texas, (the "Holder"), is the holder of the
: MEMORIAL LOFTS MANAGEMENT, L.L.C., its general p A. RICHARD WILSON, President and Manager MORTGAGEE'S CONSENT _ The undersigned, Citizens National Bank of Texas, (the "Holder"), is the holder of the Memorial Lofts Partners, Ltd. and payable to the order of Holder, in the original principal amount of $4,800,000,00 (the ‘Development Loan”), which indebtedness is secured, among other things, by the following liens (collectively called “Development Mortgage Lien”): a Deed of Trust and Sécurity Agreement executed by Memorial Lofts Partners, Ltd. to Ralph Williams, Trustee for the benefit of Holder, dated on even date with the Promissory Note, and covening the Property described in this Declaration. Holder hereby consents to the placement of the liens, assessments, easements, restrictions and covenants contained in this Declaration and affecting the Property covered by the Deed of Trust described above, and further agrees that this Declaration and the rights and estates created hereby shall not be terminated upon the foréclosur of the lien securing the payment of the Development Loan described in this paragraph. | Notwithstanding anything in this paragraph to the contrary, this consent does not alter or affect the subordination described in Section 17.5 of this Declaration, but the lien that secures the payment of Assessments is and shall at all times be subordinate, junior and inferior to liens that secure the payment of the Development Loan, including (without limitation) the Development Mortgage Lien. Neither shall this consent alter or affect the obligation of a person to give the notices required under Section 16.1 and/or Section 23.1 of this Declaration. Holder shall, for all.
ent Mortgage Lien. Neither shall this consent alter or affect the obligation of a person to give the notices required under Section 16.1 and/or Section 23.1 of this Declaration. Holder shall, for all.
purposes hereunder, be considered to be an “Eligible Mortgagee,” as described herein. Holder is ‘ deemed to have fully complied with the requirements of 16.1(b). Nothing herein shall impose .
any obligation upon Holder to perform any obligation of the Declarant or any developer or future owner of the Property hereunder, and in the event of a foreclosure of Holder’s liens against the Property (or any portion thereof), the Holder shall not be liable for any of the Declarant’s obligations hereunder, .
Page 20 of 21 rie THE STATE OF TEXAS “ COUNTY OF HARRIS : Go personally appeared A. RICHARD WILSON, President and Manage? of MEMORIALLOFTS poe MANAGEMENT, L.L.C., known to me to be the person whose name is subscribed to the bo5 8 foregoing instrument, and acknowledged to me that he executed the same on behalf of such a corporation.
_ , et ee ee ort ——. Drees?
“Ys, PEGGIEHARRISON Pops. wa 4 Notary Public, Stats of Texas f [ _ -. 4 2 Hy Co ion Expires "2-20-2005 THE STATE OF TEXAS © po COUNTY OF HARRIS Before me, the undersigned authority, on this fom day of APRIL , 2004 | , ‘personally appeared o me to be the person whose name is subscribed to the National Bank of Texas, known t a foregoing instrument, and acknowledged to me that he executed the same on behalf of same.
be ‘My commission expires: —. By: Mary. ( f WAGAGLC Se’) a ae oo, | Notary Public, State of Texas 3. My Comission Expire
f of same.
be ‘My commission expires: —. By: Mary. ( f WAGAGLC Se’) a ae oo, | Notary Public, State of Texas 3. My Comission Expire es #2: APRIL 29, 2003 peer Page 21 of 21 EXHIBIT A a PROPERTY DESCRIPTION: Lot three (3) of Glen Cove Subdivision, a subdivision in Harris County, Texas according. .
Po to the plat thereof as recorded in Volume 1163, Page 98 of the Deed Records of Harris : eer ; County, Texas, * oo : parepsscy Premmeresrens, : ‘OFFICE OF a CS COUNTY CLERK, HARRIS COUNTY, TEXAS po. _ CONDOMINIUM RECORDS OF COUNTY CLERK REDUCTION 16% Caysep a DESIGNATION MRGI Mar O07 O1 O2:33p os, Unit Identification Undivided Interests Liability for No. in Common Flements Common expense Page 21 of 21 OFF? tes ote xy.
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Papeete, prnssreansasety sass, pevosases Pircemecsnenevi sedensecrsisetyens sennceney ERA [eciameeatar SORTA i esregearsreey Eero _AL COVE LOFTS: _GE 9 OF 9 PAGES © SAMERA DESIGNATION MRGI st ANT PROVISON REREM WICK RESTRICTS THE SALE, RENTAL OR BSE OF THEDESCRBED REAL.”
PROPERT! BECAUSE OF COLON OR RACE 5 WALDO 39 SUENPORCE RICE papER FESEBALLAW, THE STATE OF TEXAS COUNTY OF HARRIS thee oi ceraly Dat die nerve int ot FLED i Fle Hon by Seawance ot a dam ind al be ing steeped Sarvon OY a6; and Sit doty NECORDED. Wb be Oficial Pbk Recanis HAS Proper Has County, Teves on HARRIS COUNTY, TEXAS eopsenaaipy sorvenn Piette x Rives seen, RECORDER'S MEMORANDUM: an At the time of recordation, this instrument was ws ; found to be inadequate for the best Photographic reproduction because of ilegibility, carbon or photo copy, discolored Paper, etc. All blockouts, additions and changes were present at the time the instrument was filed and recorded, .Poasstenenet prssrenrewnesy Prempro H RESTRICTS ANY prowis! RENTAL. OR USE DESCRIBED REAL PROP INVALID AND is | R BLE UNI L LAW.
ce ORCEABLE UNDER FEDERA pomnconnncery sRanpateereEI Beyeexisiion Roceores premiere REDUCTI gE: x k MEMORIAL COVE LOFTS PROPOSED BUDGET 2001 OPERATING EXPENSES 5158 Bank Charges 150 13 | 0.63 0.18%
TING EXPENSES 5158 Bank Charges 150 13 | 0.63 0.18% 5235 Elevator Maintenance 6,009 500 25.00! 1.01 7.16% 20 Units = Square Feet 5330. Janitorial fr 4t5ero [1,300 | 65.00 Sa er 2.62} 18.61% 5340 -Landscape 5.01% 5350 Legal/Professional 0.57% 5355 Life Safety Inspections - 0.36% 5360. Management Expense 1.81 | 12.88% 5370 Meeting Expense . 0.72% 5400 Office Supplies 0.72%.
5420 Pager Service 0. 42 0. 02 | 0.12% — 5590 Telephone - 1,200, 200 | 550 5.00 0.20 1.43% Total Expenses. $83, 52C $6985 $349.25 14.07 100.00% ~ Surplus/(Deficit) SO $0 $0 0.00 0.00% rice PROPOSED BUDGET 2001 oo CALCULATION OF RESERVES (REPLACEMENT FUND) = . , RESERVES ESTIMATED — REMAINING CAPITAL -@ REPLACEMENT LIFE CONTRIBUTION - 01/01/2004 COST “YEARS 2001 _ 3305 Air Conditioning 0 12,000 10 4,200 Po 3310 Building Exteriors ¢ 15,000 8. 1,875 BN 3315 Building Interiors 0 18,000 12 1,500 3320 Elevator © 0 18,000 42 1,500, ee 3340 Landscape 0 42,000 8 — 4,500.
“4, 3395- Roof 0 40,000 20. 2,000 a re rrr = CALCULATION OF ASSESSMENTS [ ; 2001 ; ‘Year Month —- Average ae % of me . Assessment (Unit . ae Total | Operating Fund $83,450 $6,955 § 347.75 oo" Bg. 71% SIRRACRNIET A, H PLOSNTLYS
| Operating Fund $83,450 $6,955 § 347.75 oo" Bg. 71% SIRRACRNIET A, H PLOSNTLYS cSERCUIENSI.
f # Aeeweronngeom, eomneorenceny Satan, saeeroacesenty Bs [Prenseronerton, ASE a 4 Pamaverssta of Memorial Cove Lofts, as further de orial Cove Lofts” , as filed in the . County, Texas, Film Code 180004, on April 11, 2001.
Exhibit "B" to NEW RESIDE Seifer: Memorial Lofts Partne EXHIBIT "A" (Description of The Unit) INTIAL CONDOMIN 1UM PURCHASE CONTRACT Te fined in the “Declaration of Condominium Records of County Clerk of Harris Memorial Loft Condominiums earreesey ' a 3 sete, $ SORES seen TEN, promanay sPrarsexcesny = seercnay ni seEMAsepes Fobomssishoses rere pphoseneset sven see ay en pte oeens hy pee EXHIBIT "A" _ Description of The Unit) Unit | of Memorial Cove Lofts, as further defined in the “Declaration of Memorial Cove Lofts”, | > County,.Texas, Film Co Exhibit "B" to NEW RESIDENTIAL CONDOMINIUM PURCHASE CONTRACT Seller: Memorial Lofts Partners, Ltd/Buyer: as filed in the Condominium Records of County: Clerk of Harris de 180004, on April 11, 2001. | - Se Memorial Loft Condominiums Page | of Exhibit “B” enn