Covenants

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STATA OF GEORGIA GLERA SUFERIOR COURT FILED IN OFFICE COUNTY OF OLARKE CLAREE COUNTY GA.

AMENDED DECLARATION OF CONDOMINIOM ViP I il 053H'RR CAMPOS QUARTERS ONE, A CONDONINIOM BOOX AGILPAGE SIR RECORDED THIS DECLARATION, made this 10th day of SeptoeTBASTLAK DATE partnership having Piedmont Equity Corporation, a Georgia 1986, by Campus Quartere of Athens, Ltd., a Georgia limited corporation, and Edwin P. Brown, Jr. as its sole general partners, and whose addrens is 2430 Rerodian Way, Suito 270, Sayrna, Georgia (hereinafter referred to as "Declarant").

cract or parcel of land (hereinafter refarred to as the HEREAS, Declarant is the fee simple owner of all that "Property"), described in Bihibit "A" attached hereto and by this reference made a part bereof, and the japrovements aituated to the provisions of the Georgia Condominium Act (Official Coda of thereon, and desires to submit the Property and the improvements la. Ann. Titla 44, Chapter 3, Article 3) (harminafter aometimes eferred to as the "Act"): and survey entitled "survey for Campus Quarters One, A Condominium" WHEREAS, the Property is shown on that certain plat of referred ° as the "plat"), recorded in Condoninium giat Book i, prepared by Gregg & Associates, dated June 17, 1986, (hereinaiter Clarke County, Georgia; and in the Office of the Clerk of the Superior Court of drawings entitled "Plans for Campus Quarters One; A Condominiva" WHEREAS, said laprovements are shown on those cartain Plans Drawer No. D, in the Office of the Clerk of the Superior hareinarter referred to as the "Plans"), recorded in Condominim Court of Clarke County, Georgia; and

of Covenanta, Conditions and Restrictions for Campus Quarters One, WHEREAS, Declarant previously entered into a Declarations Court, Clarke County, Georgia; recorded in Deed Book 645, page 11, Office of the Clerk, Superior conilicts with the provisions_contained-herein, the provisions. NOW THEREFORE, Declarant hereby declaren that insofar as 1t..... Restrictiona for Campus Quarters One, recorded in Deed Book. 648, contained in said Declarationa of Covenants, Conditions and Georgia, are delated and the provisions contained herein page 71, Office of the Clerk, Superior Court, Clarke County, 1-20-82 substituted in lieu thereof, and Declarant hereby, declares that mprovements thereon, is hereby submitted and made subjact to tha che Property dascribed in Exhibit At hereta, including the form of ownership set forth in the Act, and la hereby made subject to this Declaration. The Property shall be owned, bald, otherwise encumbered subject to the provisions of the Act and this transferred, sold, conveyed, used, occupied and mortgaged or acceptance of a deed or other conveyance of such interest, whether Declaration, and every grantee of any interest in the Property by reference the Act and this Declaration, and shall be signed by' or not such daed or other conveyance of auch interast shall such person, and whother or not such person shall otherwise consent in writing, shall take subject to the provisions of the nend. 904/175 the sama. Act and this Declaration and shall be deemed to have aasanted to

STATUTORY REFERENCE ARTICLE I

1.01 georgia Condominium Act. This Declaration is madeGeorgia Annotated, known as tha pursuant to Title 44, Chapter 3, Article 3 of the Official Code of

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: 1.02 Definitiona, The terms uaed in this Declaration. unless otherwise specified or unless the context otherwise

requires, shall have the meanings specified in Title 44, Chaptar 3, Article 3 of the Act. In addition, when used in this

Deciaration (unless the context otherwise requires). the folloming mords shall have the following meanings:

(*) "Association" shall mean and refer to Campus Quartera

One Condominium Association, Inc., a non-profit

Georgia corporation, ita successors and. assigna. (b) "Property" shall mean and refer to the real property escribed in ExhibitiA" hereto, which is hereby

submitted to the form of ownership prascribad in the Act and to the provisiona of this Declaration. "By-Laws! shall mean the By-Laws of the Aacciation (c)

which shall be recorded with the Declaration as

Exhibit 'i attached hereto and by this reference sade' a part hereof.

ARTICLE II

PROPERTY RIGHTS

Condominion, Manend Gerared Descet dampus eve. of ta, Clarke County, Georgia, shall be Campus Quarters One, A Condominium. Condominium consists of the Property, described by metes and bounds in Sxhibit "At herato, together with the improvements situated thereon. The 'improvements inolude, but are not limitad to, one (1) building which contains a total of forty (40) Units.

2.02 Description of Unita. Each Unit (including its undivided interest in the Common Elemants in the percentages hereinafter established and delineated) shall for all purposes constitute real property which may be owned in fee simple and which, subject to the provisions of the Act and this Declaration, may be tranaferred, conveyed and encumbered in the same mannar as aay other real property: Such undivided interest in the Common Elementa shall not, be saparated from the Unit to which it

appertains and shall be deaned to be conveyed or encumbered with the Unit even though such interest is not expresely stated or The boundaries of referred to in the conveyancing instrument.

aach Unit shall be deemed to be the walls, floors and/or cailings thereot, as more particularly described in Exhibit "E" attached hereto and by this reference made a part hereof. The location and limensions of the boundaries of each Unit, to the axtent that such boundaries lie within or coincide with the boundaries of every structure which contains or constitutes all or part of any Unit, are dopicted on the Plat and Plans. Prior to the first conveyance of any Unit by Declarant, Declarant will cause a certificate in reforence nade a part hastor, to be etcorded in accordance with the form of Exhibit "O' the provisions of The Units are identified in the Plans by the Unit identifying numbers shown on Exhibit ip" attached hereto and by this reference made a part hereof, which Exhibit also serves to. set forth (1) the approximate area of each Unit; and (11) the allocation of interests in the Common Blenants, voting righta. in the Association and liabilities for Coamon Expenses to each Unit. Units may be subdivided in

2.03 Subdivision of Unita.

accordance with the provisions of the Act.

2.04 Deacription of Limited Common Blements.

Supplementing the provisions of the Act, ownership of each Unit ahall entitle the owner thereof to the exclusive ase of those portions of the Common Liaments consisting of (a) any heating and/or air conditioning compressors, units, components or other apparatus serving much Unit which may be located beyond the boundaries thermoi; (b) any entrancoways, stairways and

appurtanant fixtures and facilities providing direct access to the Units; and (c) any patio or balcony, together with the enclosure therafor, now or hereafter located in whole or in part adjacent to

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• Unit, or any parking spaces or storage facilities designated for the use of a particular Unit or Unita. In the event that any of the items described herein or in the Act serve one or more Units but less than all of the Units in the building, such itese shall ba Limited Common Elements appurtenant to the Unit or Units served thereby.

2.08 Description of Common Blamenta; Due Charges, The Common Ilesents shall consiat of all portions of the Condominium other than the Units, and shall include, without liaitation, the Crated the tart de any che and fros tin to flay to imporaby charges for the use of certain of the Common Elements, including, vithout limitation, the parking, storage and laundry areas.

2.06 pasements. The following easements from each Unit Owner to the other Unit owners, the Association and Declarant are hereby reserved and establiabed. svery Unit Owner, his successors, Use and Enjoyment. legal representatives, heirs and assigns, family, conants and guests, shall have a right and easement of use and enjoyment in and to the Common Blemants (including the right of access, ingress and egress to and from his Unit over thoss portions of the Property deaignated for such purpose) and such emsement shall be appurtenant to and shall pase with the title to every Unit, subjact to the following provision: The right of the Association to control the use; and hereof, which shall include, but not be limited to, enjoyment thereof as provided in Articles VIII and IX the right of the Association to suspend the voting rights of a Unit Owner for any period of time during which an assessment (or any portion of any monthly installment thereof) against his Unit 1s dua and remaina unpaid or for a reasonable time for infraction (b) of the Association's published rules and regulations;

Maintenance and Repair. There shall be an easement through the Unita, the Common Elementa and the Limited Common Elements for the installation, maintanance, epair and replacement of Unita, Common Blamenta an inited Common Elements. Usa of this easamant shal. be only during normal business hours, except that. 'access may be had at any time in the case of emergency; Structural Support. Every portion of a Unit which contributes to the structural support of another Unit shall be burdened with an easement of structural. .... support.... Utilities. The Association shall have the power to ' grant and accept easements over, through and across the Condominium for the installation, maintenance and replacement of utilities and other purposes, and as otherwise provided in the Act; and

(0) General. (1) There shall be a general easement to the Association, ite directora, officera, agenta and employees (including, but not limited to, any manager employad by the Association) to enter upon the Condominium or any portion thereaf in the performance of their respactive duties. Except in the event of amergencies, this sasement is to be exercisad only during normal businass hours and then, whenever practicable, only upon advance notice to and with the permission of the Unit Owner(s) directly affected thereby; (11) Declarant and his duly authorized agenta, representatives and employees shall have an easement for the maintenance of sales offices and/or Model Unite in the Condominium for so long as

Declarant owna any Unit! and (111) Declarant and his duly authorized agents, representatives and employees shall have an easement on and over the Common Klements and the Limited Common Elementa for the purpose of making improvements in and to the Condominium,

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for the purpose of doing any and all things reasonably necessary and proper in connection therewith.

2.07 Allocation of Undivided Intereat in Common

Elements. Pursuant to the provisions of the Act, the undivided interest in the Common Elementa allocated to each Unit is that percentage sat forth in Exhibit D" hereto. The undivided intereat in the Common Elemerits hereby allocated to each Unit ahall not be altered axcept to the extent otharwise expressly provided by the Act or permitted by this Declaration, and any purported transfer, encumbrance or other disposition of that interest without the Unit to which it appertains shall be void. 2,08

Alterations of Unite. subject to the provisions of the By-Laws of the Asgociation. in effect from tina to time, any Unit Owper may make any improvements or alterations to the interior of his Unit that are not of a structural nature and do not impair the structural integrity of any structure or otherwise lessen the support of any portion of the condominius. improvements or alterations of any kind shall be made without the No other Association. prior written approval of the Board of Directors of the

Sabject to the proviaions of this section 2.08, provisions of the Act. boundaries between Units may be relocated in accordance with the reassignment of Limited Common Elements may be made pursuant to 2.09 Reassignment of Limited Common Blements. The the provisions of the Act.

Common Flementa. 2.10 Subsequent Assignsent of Common Klements as Limited In the evant that the Association's Board of Directors should authorize or otherwise provida for the assignment of parking spaces adjacant to the buildings, or storage facilities in various locations within the buildings, am Limited Common Blemente, an amendment to thie Declaration making any such the provisions of the Act. maignment shall be prepared, executed and recorded pursuant tc ny other assignment of Common Elements as Limited Common Blements shall be effected only by recorded pursuant to the provisions of the Act. means of an amendment to this Declaration duly executed and.

ARTICLE IIL

MAINTENANCE AND REPAIR

3.01 Association. Except as may be otherwise

apecifically provided for herein, the responsibility of the Condóminius aball be as follows: Association with respect to the maintenance and repair of the

To maintain in good working order and condition, repair and replace the common Elements; provided, however, that the Association may, Mith the consent of Unit

Owners to which four-fifthe (4/Sthe) of the voting rights of the Association appertain, alter the use or form of the Common Elements, including, without ilmitation, construction of improvements thereon, or elect not to repair or replace any (b) portion of the Common Elements; and

In provide exterior maintenance of the buildings containing the Unite, all as more particulariy provided for in the By-Laws of the Association. Unit Owner (a), The responsibility of a Unit Owner to the maintenance and repair of his Unit, and the n flements' appurtenant thercto, shall be as follows: To maintain, repair and replace all portions of his Unit, and the Limited common Blaments appurtenant therato, except those portions which are to be Leociation: maintained,, rapaired or replaced by the

The responsibility of the Unit owner shall-include the maintenance, repair and

replacement of all fixtures and equipment inatalled in his Unit, as well as the maintenance, repaiz and replacement of the wiring, plumbing, heating ducts and components, the Mindors, acreena and extexior:

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lights, if any, serving hie Unit, except any auch items that are Common Ilesents under tha description (b) of Unit boundaries sot forth in IthibitiA" herato;

Unit and any Limited Comion Klements serving his Unit, To keep in a nemt, olean and sanitary condition his (c) To perform his responsibilitios in such sanner so as

Unita; not to unreasonably disturb other persons in other (d) Not to paint or otherwise decorate or change the outaide appearance of his Unit, any appurtenances thereto or any Limited Common Elements serving his Unit unlass the written consent of the Board of Directors of the Association, or an architectural committee appointed by the Board, la filmt obtained. Intensity of all exterior lights shall be aubject to urther, the dasign, type, location, size, color and (a) control by the Board of Directors of the Association; ro promptly report to the Association or ita agenta

Association is responsible; any defect or need for repairs for which the (*) Not to make any alteration in the portions of his

Unit, and the Limited Common Elemants appurtenant thereto, which are to be maintained by the make any additions thereto, or do anything with Association, or to remove any portion thereaf, or to respect to the extarior or interior of the Unit which soundneas of any Unit without first obtaining the rould or might jeopardize or impair the safety or written consent of the Board of Directors of the Association and all Unit Owners and mortgagees of the Unite affected, nor shall any Unit Owner impair any easement without first obtaining written consent of the Association and of the Unit Owner or Owners and exists; and their mortgagees for whose banefit such easement (g) To pay for the coat of repairing, replacing or cleaning up any item which is the responsibility of the Unit Owner, but which responsibility such Owner fails or refuses to discharge (which the Association shall have the right, but not the obligation, to do), or to pay for the cost of repairing, replacing 'or cleaning up any item which, although the responsibility of the Association, is nacassitated by reason of the willful or negligent act of the Unit Owner, hia family, tenants or guests; with the cost thereof to be specifically assassed against such Unit - Owner in accordance with Section 4.02 of Article IV - hereof and the By-Laws of the Association.

ASSESSMENTS ARTICLE IV

4.01 general Obligation. Each Unit Owner shall be Association all sums lawfully assessed by the Association against responsible for and hereby covenants and agrees to pay to the that Unit Owner or Unit, whether for the share of the Common Expenses appertaining to that Unit or otherwise, including those apecial assessments described in Section 4.02 herainbelow, which to time by the Board of Directors of the Association in accordance amasasments ara to be fixed, established and collected from time with this Declaration and the By-Laws of the Association. Pursuant to the Act, such assesaments shall conatitute a lien in favor of the Association on the Unit or Units againat which each such asaassment is lavied, and such assessment, together with the interest on each assessment or installment thereof, and any lien thereof, shall include (a) a late or delinquency charge; (b) ' same was first due and payable; (c) tha costa of collection, elinquency or late charge appertaining therato, from the date the including court coata, the expenses of sala, any expenmas required for the protection and preservation of the Unit and reasonable - attorneys' feas actually incurred; and (d) the fair rental value

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until the sale of that Unit at foreclosure (or ontil satisfaction of the Unit or Units from the tine of the inatitution of suit of the judgment rendered in auch suit), all in accordance with and to the maximum extent permitted by the Act. this Declaration shall constitute served notice of the existence The recordation of of such lien, and no further recordation of any claim of lien for asseasment shall be required. liable for and 4.02 Special Assesaments. Each Owner of a Unit shall be incurred by the Association, as follows: shall pay special assessments for Common Expenses associated with the maintenance, repair, renovation, restoration (a) any Conmon Expenses assassed against the Unit or Units to which that Limited Common or replacemant of any Limited Common Elesent shall ba specially Common Expenses benefiting less than all of the Unita. shall be Blement was assignad at the time such axpenses were nade; (b) any (c) any Common Expenses occasionad by the conduct of less than all specially assessed equitably among all of the Units so benefited; of those entitled to occupy all of the Units or by the licensees. or invitess of any such Uhit or Unita shall be specially against the Unit or Triits, the conduct oi any occupant, 11cehase assessed any other Common Expenees significantly disproportionately or invites of which occasioned any such Common Expenses; and (a) benefiting all of the Units shall be assessed equitably among auch In addition to the special assessment for reconstruction

necessary fixtures and personal property related thereto), or for the cost or repair or replacement of a portion of the common Elemente (including the neceasary fixtures and personal property related thereto), which le for the benefit of all Unit owners in the Condominium as a whole. The Association shall andeavor to anticipate and budget for special assessments, and to collect such

assessment in a lump sum if such payment la in the beat interest of the Association.

Allocation of Liability for Common Expenses. saunt a rurant to Section 4.02 above, ahal be saveded paint the Units in accordance: with the respective percentage allocations of liability for Common Expenses attributable to each Unit ar provided for in Exhibit'"Dr herato.

provided for in for tile i shall be prior and superior to all The lien of the assessment other lians except only (a) ad valoren taxes; (b) the lien of a and to which unit la bject. and a the en of any gortgage 'or secondary purchase money mortgage, if recorded prior to the recording of this Declaration. transfer of any Unit shall not affect the assessment lien; The sale or provided, however; that the sale or transfer of any Unit, which is subject to any such mortgage, pursuant to the forecloaure thereor or a transfar by deed or assignment in lieu of foreclosure, shall extinguiah the lien of such assessments as to the paymants which becane due prior to.the date of such sale or transter. thereof sale or transfer shall relieve the Unit Ownar fros liability for any assessment theretofore or thereafter becoming due,

ARTICIA V INSURANCE

hall obtain and maintain at all times (a) insurance for all of 6:01 general Obligation and Authority. The Asmociation the inourable improvementa on the Property (with the

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Unit Owners or occupants) against loss or damago by fire or other. exception of laprovenanta and batterments made by the respective lazards, including axtended covarage, vandalism and malicious mischief, in an axount consonant with the full replacemant value of such insurable improvements; (b) if there im a stamm boiler in operation on the Property, boiler explosion insurance evidenced by providing, as a minimum, 950,000 per location; (c) fidelity the standard form of boiler and machinery insurance policy and, officers, employees, agents and volunteers responsible for coveraga againat dishonest acta on the part. of its directors, an amount aqual to not less than one and one-half times the handling funds belonging to or administered by the Asmociation in (d) comprehanaive public liability insurance, in amounts. Aasociation's estimated annual operating expenses and reserves; to time, but in no event shall such amounts ba leas than 9500,000 eatablished by the Board of Directors of the Association from time for injury, including death, to a single person, 91,000,000 injury or injuries, including death, arising out of a single for Directors from tima to time. of insurance either required by law or authorized by the Board of occurrence and $50,000 property damage; and (e) such other types

CASUALTY LOSSES ARICLE VI

danage or destruction by fire or other casualty to all or any part' 6.01 Damage and Destruction. Immediately after the Association, the Board of Directors or its duly authorized agent of the Condominium covered by insurance purchased by the shall proceed with the filing and adjustment of all clains arising ander such insurance with respect to property losses of Unit of the Association, Owners other than Declarant pureuant to the terms of the By-Laws

EMINENT DOMAIN ARTICLE VII

7.01 general. The provisions of the Act shall govern be taken by any authority having the power of condemnation or eminent domain. whenever all or any part of the Common Elementa or any Unit shall

1.02 Notice to Unit Owmers and Mortgagees, The Association, immediately upon, having any knowledge of the institution, or threat of institution, of any proceedings or other portion of any Unit or Common Element in-condeanation, 'emdient' action with respeot to the taking of Unite, Common Elements or AnY domain or other proceedings or actions involving any, unit of government or any other person having the power: of eminent domain, therein whose names and addresses have previously been furnished shall notify ali Unit Owners and all mortgagees having an interest notice. Any such mortgages say, if permitted by, law, participate to the Association together with a written request for such'- participate in negotiations, in connection thererith, but shall in any such proceedings or actions or, in any event, say... have no obligation to do so. Notwithstanding the foregoing, if tha Federal Home Loan Mortgage Corporation ('YHLMO") on the Federal National Mortgage Association (FNMA") is the mortgagon of any Unit, the Association shall notify FHLMO or FNMA, as the case for and on behalf of FHLMC or ENMA) in writing of any taking of may be (c/o the institution servicing the mortgage or martgages portion of any Unit 11 the value exceeda $1,000. (1) Common Elemente 1f the value exceeds $10,000, and (11) any

USE RESTRICTIONS ARTICLE VILI

same hereby are, restricted exclusively to residential use. 8.01 Residential Purposes. All Unite shall be, and the used as a residence on any portion of the Property at any time atructures of a temporary character, trailera or tents shall ba Ho either temporarily or permanently.

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8,02 Use Restrictione; Unita Subject to Declaration, By-Laws and Rules, and' Requiationa. Unit Owners and protect the value of the Units, the Property, To assure the harmony of the restrictions set forth in Exhibit' "E" attached hereto and by including all improvements thereon, shall be subject to tha use this reference made a part hereof. The Board of Directors of Regulations governing occupancy and use of the Condominium and the Association is hereby empvared to promulgate Rules and shall supplement and be in addition to the use restrictions set to amend the same from time to time, which Rules and Regulations forth in Exhibit "g" hereto. All present and. future Ownere, tenants and occupants of Unita shall be subject to, and shall comply with, the proviaions of this Declaration, the By-Laws and time. the Rules and Regulations, as they may be amended from time to The acceptance of a deed or conveyance or the antering into of a lease or the entering into occupancy of any Unit shall conatitute an agreement that the provisions of this Declaration, the By-Lawe and the Rules and Regulations, as they may be mended from time to time, are accepted and ratified by such ' owner; tenant or occupant, and all of such provisions shall be bind any person having at any time any interest or astate in deemed and taken to ba covenants running with the land and shall at length in each and every deed or conveyance or lease thereof. such Unit, as though such provisions were recited and stipulated permitted, to lease his. Unit for transient or hotel purposes. 8.03 Leasing Restrictions. No Ohit. Owner shall be Any lease agreement shall-be raquired to provide that the terms of the lease shall be subject in all respects to the provisions of thie Declaration and the By-Lave of the Association, and that any failure by the lassee to comply with the terms of such documents shall be a default under the lease. foregoing there shall be no restriction on the right of any Unit Other then the Owner to lease his Unit; provided, hovever, that prior to the commencement of any such lease, the Unit Owner shall give tha term of the lease. Anything herein to the contrary Association written notice of the name of the lessee and the. notwithstanding.. (1) Declarant shall have the unqualified right to lease upon any terms any Unit, so long as such Unit is unsold Owner of a Unit at a judicial or foreclosure sale conducted with and owned by Declarant; and (11) any person who bacones the any proceedings in lieu thereof, shall have the unqualified respect to a mortgage. on such Unit, or as transfaree pursuant to person who acquires title thereto in such manner; provided, right to lease much Unit so long as such Unit is owned by such Declarant, or such acquiror of title by judicial or foreclosure however, that the occupancy of any Unit by any lasses or Declaration and the By-Lawe of the Association. male, shall be otherwiee subject to the provisions of this

THE CONDOMINIUM ASSOCIATION AND ADMINISTRATION ARTICLE IX a Georgia non-profit membership corporation under the Gaorgia 9.01 goners.. The Association has been incorporated am duly afreotuated, including appointment of the firat Board or Corporation Code.. The organization of the Association has been Directors and election of ita initial officers, Declarant shai. have the right to appoiht or remove any seabar or sembers of the Board of Directors and to elect the initial officers of the

firet of the folloning events occure: (a) the expiration of three (3) years after the recording of this Declaration;

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(b) the date as of which Units to which four-fifths (4/5the) of the undivided interests in the Common Slesents appertain shall hava been convayed by Declarant to Unit Owners other. than a person or persons constituting Declarent, unless Declarant bas an unexpired option to construct additional Units and/or add additional property to the Condominius; or (c) the surrender by Declarant of the authority to appoint and rexove members of the Board of Directors and Officars of the Association by an express amandment to this. Declaration executed and recorded by Declarant.

Except for certain greater than majority voting requiranenta provided herein and in the By-Laws of the

Association, no limitationa or restrictions on the powers of the Association or its Board of Directors are provided herein; provided, however, that so long as Declarant owna Unita

representing undivided ownership in the Common flaments of ten percent (10%) or more, the Association aay not, without the consent of Declarant, (1) make any addition, alteration or improvement to the Common Elements or to any Unit; (11) assass any Common Expenses for the creation of, addition to or

replacement of all or part of any reserve, contingency or surplus fund; (111) enter into any service or maintenance contract for work covered by contracts in existence on the date this Declaration is recorded; or (iv) borxow money for any Owner hail tonic Vote in of the tatic Each Unit membership shall continue during the period of ownership by such Unit Owner.

Pursuant to the proviaions of the Act, the number sat forth in Exhibit "D hereto. I votes in the Association hereby allocatad. to each Unit is am.

Sạid votes shall be cast under such rules and procedures as may ba prescribed in the By-Lama of. the Association, as amended from tine to tind, or by law.

9.03 Meetings. Meetings of the members of the

Association shall be held in accordance with the provisions of the Association's By-Laws, and in any event not lass frequently than annually.

At the annual meeting, reports of the affairs, finances and budget projections. of the Association shall be sade to the Unit Owners.

9-04 Rules and Regulationa, Remsonable regulationa concerning the use of the Units, appurtenances thereto and the Common Elements may be made and amended from time to time by the Board of Directors of the Aasociation; provided, however, that copies of such regulations and amendmente thereto shall be furnished by the Association to all Onit Owners. Failure to abide by any such regulation, rule or requirement shall be grounds for any action by the Association'or any äggrieved Unit Owner to recover damages, or obtain injunctive and equitable relief or both.

9.06 Liability. To the extent obtainable, the

Association shall maintain public liability insuranca coverage for the Directors and Officers of the Association. Further, each Director and each Officer of the Asapciation shall be held harmless by the Unit Owners from expense, lose or liability by reason of having served as such Director or as such Officer and shall be indemnified by all the Unit Owners (as a Common Expense) againat all expenses and liabilities, including reasonable attorney's fees, incurred by or imposed upon him in connection with any proceeding to which he may ba a part, or have become involved by reason of being such Director or such Officer, whether or not he is a Director or Officer at the time such expenses are incurred, except in such cases wharain the expenses and liability arise from a proceeding in which such Director or such officer is adjudged guilty of willful

misfeasance or malfeasance in the performance of his duties; provided, however, that in the event of a settlement or the

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acceptance of a plea nolo contendre, the indemnification shall apply only when the Board of Directors approves auch settlement Association. or plea and reimbursement as being in the best interests of the

9.06 Compeneation. No Diractor or Officer of the Association shall receive any fee or compensation for servicas performed by hiu unlass such fee or compensation is first fixed by a resolution adopted by a majority vote of the Unit Owners present in person or by proxy at a aeating duly called and held tor such purpose.

ARTICLE X

GENERAL PROVISIONS

10.01 Status of Declarant.. Notwithstanding anything to the contrary in this Declaration or in the Articles of

Incorporation or the By-Laws of the Association, Declarant hereby retains the right to appoint and remove any member or members of the Board of Directors of the Association and any Officer or Article IX of this Dẹclaration. 0fficers of the Association, as provided for in Section 9.01 of

: Ivery grantee of any interest ir the Gondominium, by acceptance of a deed or other convayance of such interest, agreed that Declarant shall have such authority to of the Association. appoint and remove members of the Board of Directors and Officers

Upon the expiration of the period of Declarant's right to control the Association pursuant to said Section 9.01 of Article X, auch right to control shall automatically pass to the Unit Owners (including Declarant if Declarant then owns one (1) or more Units).

During the period of Declarant's control, Declarant shall be jointly responsible and: liable with the members of the Board of Directors and Officers to the Unit Owners for the books, recorde and accounts of the Association being in propar order, State of Georgia and the Association being. in good standing undar the lans of the conducted in a prudent and businesslike manner; and Declarant the affairs of the Association being shall not be insulated againat liability to the Unit Ownera bacause any act, omission or matter complained of during such period of control may have been done, omitted or permitted by or on behalf of the Association as a corporate entity. Nothing herein bontained shall. make any succeasor to Declarant

responsible or subject to liability by operation of law or through purchase of Declarant's interest in the Property (or any part thereof) at foreclosure or any proceeding in lieu thereof for any act,-omission or matter occurring; or arising from any act, omission or matter occurring, prior to the time such aucceasor succeeded to the intereat of Declarant.

Any management contract, lease of recreational area or facilities, if any, or any other contract or lease executed by or on bebalf of the Association during the period of Declarant's right to control the Association shall be subject to cancellation and termination at any time during the twelve (12) months next immediately following the expiration of such control period by the affirmative vote of the Unit Owners of Units to which a majority of the votes in the Association appertain, unless the Unit Ownara by a like majority shall have theretafore, following the expiration of such control period, expresaly ratified and approved the same.

10.02 Amendment. So long as the same shall not (a) advermely affect the title to any Unit owner's Unit; (b) change the percentage or fraction of undivided ownership interest, in and to the Common Blementa of the Condominius appurtenant to any Unit Owmar's Unit; (c) materially altar or change any Unit owner's Fight to the use and enjoyment of his Unit or the Common Elements as set forth in this Declaration; or (d) othervise make any material change in this Dealeration, each Unit Owner agrees that, 1f requested to do so by Declarant, such Unit Owner will consent to the asendment of thie Declaration (1) if such amendment 1a

-10-

.. BRI501

Page 11

necessary to bring any provision hereof into compliance with any determination which shall be in conflict theremith; (11) if much applicable governmental statute, rule, regulation or judicial amendment is necessary to anable any reputable title insurance company to issue title inmurance coverage with respect to the Units subject to this Declaration; (111) 1f such amendment ia required by an institutional or governmental lender or purchaser of mortgage loane, including, for example, THIMC or INMA, to enable such lender or purchaser to make or purchase mortgage loans on the Unit subject to this Declaration; or (iv) if any such amendment is necessary to enable any governmental agency or reputable private insurance company to insure mortgaga loans on the Onits subjact to this Declaration. Declaration may also be ampeded at any time hed from time to time by the assent of Unit Owners having at lemat two-thirds 2/3rds) of the total vote of the Association; provided, control nowever, that during such time Declarant has the richt to the Association pursuant to Section 9.01 of Article IX, such amandment shall require the agreement of Declarant and Association appertain, exclualve of any vote or votes Unit Owners to which tro-thirds (2/3rds) of the votes in the appertaining to any Unit or Unite then owned by Declarant. any provision in this Saction 10.02 to the contrary Autwithstanding, no amendment to this Declaration shall alter, modify, change or rescind any right, title, intereat or mortgage affecting any of the Unita in the Condominium, unlass privilege herein granted or afforded to the holder of any this Declaration may be proposed by Declarant, the Board of such holder shall consent thereto in writing. Amendments to Owners having at least thirty percent (30%) of the total votes Directors of the Association or by petition signad by Unit. of the Association. Agreement of the required majority of Unit by their execution of the amendment, or, in the alternative and Owners to any amendment of this Declaration shall be evidenced the Association pursuant to Section 9.01 of Article IX; by the provided that Declarant does not then have the right to control Secretary of the Aasociation attached to or incorporated in an sworn atatement of the President, any Vice President or it le stated unequivocally that agreement of the require Any amendment executed by the Association, in which sworn statement majority of Unit Owners was otharwise lawfully obtained. such amandmant of this Declaration shall become effective only Mhen recorded, or at such later date as may be specified in the amendment itself. The written consent of any, mortgages required with respect to auck amandment shall also be recorded with such amendment.

10,09 Righte of Third Parties, This Declaration shall benefit of Declarant, the Unit Owners and their mortgagees as be recorded pursuant to the provisions of the Act for the herein provided, and by such recordation no adjoining proparty owner or third party shall have any right, title or interest whatsoever in the Condominium, or in the operation or continuation thereof or in the enforcement of any of the their mortgagees as herein provided, the Onit Owners shall have provisions hereof, and, subject to the rights of Declarant and the right to cancel, extend, modify, amend or otherwias change the provisions of this Declaration without the consent, permission or approval of any adjoining owner or third party; 10.04 Termination. The Condominium shall be terminated four-fifths (4/5ths) of the votes ih the Association appertain only by the agreement of Unit Owners of Units to which and all mortgagees of such Units; provided, however, that during such time, if any, as Declarant has the right to control the Association pursuant to Section 9.01 of Article IX, such

-11~

Page 12

agreement shall be that of Declarant and Unit Owners of Units to which four-fifths (4/5ths) of the votes in the Association appertain, exclusive of any vote or votes, appurtenant to any Unit or Units then owned by Declarant, and the mortgagees of such Uhits. Agreement of the required percentage of Unit Owners and their mortgagses to termination of the Condominium shall ba evidenced by their execution of a termination agreement. AnY such termination agreement shall become effectiva only when recorded or at such later data as may be specifiad therein. pon the affective date of a termination agreement, all of the property constituting the Condominium shall be owned by the Unit Owners as tenanta-in-common in proportion to their respective undivided interest in the Common Elements immediately prior to such affoctive date. As long as such tenancy-in-common laste, however, each Unit Owner and his heirs, representatives, successors and assigns, shall have the same right of occupancy and use of that portion of said property which formerly constituted his Unit and Limited Conmon Elements appurtenant chereto, if any, as existed immediataly prior to teraination, and a non-exclusive right to use that portion of said proparty which formerly constituted Common Elements other than Limited Common Elementa. Upon the effective date of a termination agreement, any rights the Unit Owners may have to the assets of the Association shall be in proportion to their respective undivided interest in the Common Elements immediately prior to such effective date, and any distribution thereof to the Unit Owners shall be to such Owners and their mortgagees aa their interest may appear. Upon the effective date of a taraination deemed to agreement, mortgages and liens affecting each Unit shall be be transferred in accordance with theix existing priorities to the undivided intereat of the Unit ower in tha property which formerly constituted the Condominium. After the effective date of a termination agreement, and except as othermiae expressly provided in the Act, the property which formerly constituted the Condominium and the rights and obligatione of the former Unit owners with respect therato shall be subject to and governed by the laws of' the State of Georgia pertaining to tenancies-in-common, as long as auch tenancy-in-common lasta.

10.05 Withdrawal of Submitted Property, Subritted property may be withdrawn from the Condominium only in strict accordance with the provisions of the Act.

10.06 Enforcement. Each Unit Owner shall comply strictly with the-By-Lave and with the administrative Rules and Regulationa adopted pursuant thereto, as either of the same may be lawfully amended from time to time, and with the covenants, conditions and restrictiong set forth in thia Declaration and/or in the deed to his Unit. In the event of a violation or breach; or threatened violation or breach, of any of the same, eclarant, the Association and/or any aggrieved Unit Owner, jointly and severally, shall have the right to procead at law or in equity to compel compliance therewith or to prevent a threatened violation or breach thereof. Should Declarant or the Association saploy legal counsel to enforce any of the

foregoing, all costs incurred in connection with such

enforcement, including a reasonabla fee for counsel, shall be paid by the violating Unit Owner. Inasmuch as the anforcement of the provisions of this Declaration and the By-Laws and such adminiatrativa rules and regulations is essential for the effectuation of the general plan of developsent contemplated hereby and for the protection of present and future Unit Owners, it is hereby declared that any breach thereof cannot be adaquately compensated by recovery of damages, and that • Declarant, the Association or any aggrieved Unit owner, in

Page 13

addition to all other remedias, shall be entitled by injunctive relief to restrain any such violation or breach or threatanad . violation or breach. Purther, in any case of flagrant or capeated violation by a Unit Owner, then, in addition to the coregoing remedies, the Board of Directors of the Association may lavy suamary charges against the Unit Owner for much violation, provided that no summary charges may be lavied for more than $25.00 for any one violation; but each day or time a violation 1a continued or repeated after written notice is given to the Unit Owner to cease and desist, it shall be considered a separate violation. a Unit Owner as if such charges were a Common Expense owed by the Collection of summary charges say be enforcad againat Unit Owner involved. No delay, failura or omission on the part of Declarant, the Asmociation or any aggrieved Unit Owner in exercising any right, power or remedy herein provided' ahall ba conatrued as an acquiescence therain nor shall be doexed a waiver of the right to do so thereafter as to the sams violation or breach, nox as to a violation or breach occurring prior to or subsequent thereto, and shall not bar or affact its enforcenent. or maintained by anyone whatsoever against Daclarant or the No right of action shall accrue nor shall any action be brought Association for or on account of any failure to bring any action on account of any violation or breach, or threatened violation or breach, of the provisions and regulations, however long continued, nor for the imposing of provisions which nay be unenforceabla.

10.07 Acceptance of Improvements. Declarant warranta that the improvementa on the Property hava been completed in substantial conformity with the Plans. warranties or representations with respect to the Property or the Declarant makes no other improvaments thereon except as may be specifically provided in the contract for purchase and sale of any Unit and the warranties of title contained in the deed of conveyance. 10.08 Duration.

herein provided, the provisions of this Declaration shall run Unless the Condominium is terminated as with and bind the Property and shall be and romain in affect perpetually to the extent permitted by Georgia law; provided, however, that so long as Georgia law limits the period during which covenante restricting lands to certain uses may run, any provisions of this Declaration affected theraby shall run with and bind the Property so long as permitted by such law, and it shall be the duty of the Board of Directors of the Association to cause this Declaration to be amended of record when necessary by majority of the voting filing a document bearing the gignatures of Unit Owners having a and newly adopting such provisions in order that the same may interest in the Condominium reaffirming continue to ba covenants running with the land of tha

al1. Condominium; such adoption by a majority shall ba binding on made subject to this Declaration, by 'acceptance of a deed or Every purchaser or grantee of any interast in any property thie Declaration shall run with and bind the Property as provided other conveyance therefor, thereby agrees that the provialone of hereby.

10.09 Limitations. Anything herein to the contrary notwithstanding, unless at least two-thirds (2/arda) of the first mortgagees (based upon one (1) vote for each first mortgage owned) or Unit Owners (other than Declarant) have given their prior written approval, the Association shall, not be entitled to: (a)

Condominium; By act or omission, ssek to abandon or terminate the (b) Change the pro-rata interest or obligations of any

Unit for the purpose of: (1) levying assessmenta or charges or allocating distributions of hazard determining the pro-rata share of ownership of aach insurance proceeda or condemnation awarda, or (i1) Unit in the Common Elementa;

Page 14

( c) Partition or subdivide any Unit, except as provided in Section 2.03 of Article II hereof;

By act or omission, seek to abandon, partition, subdivide, encumber, sell or transfer the Common glements; provided, however, that the granting of easements for public utilities or for other public purposes consistent with the intended use of the deemed a transfer within the meaning of this Common Elementa by the Condominium shall not be Use hazard insurance proceeda for losses to any Condominium Property (whether to Unita or to Common Elements) for other than repair, replacement or reconstruction of such Property, except as provided by statute in case of subatantial loss to the Units and/or Common Elements of the Condominium. Declaration shall not be deemed to give any Unit Owner, or any Anything herein to the contrary notwithstanding, this other party, priority over any rights of the first mortgagee of a Unit pursiant to its mortgage in the cass of a distribution to losses to or taking of any portion of any Unit or the Common auch Unit Owner of insurance proceeds or condemnation awards for Elementa.

Gender and Granmar, The singular wherever used herein shall be construed to mean the plural when applicable, and the ecessary grammatical changes required to make the provisione hereaf apply either to corporations or individuals or to man or women shall in all cases be assumed as though in each case fully axpressed.

10.11 Captiona. The captions of each Article and Section hereof as to the contents of each Article and Section are insarted only for convenience and are in no way to be construed as defining, limiting, extending or otherwise modifying or adding to the particular Article or Section to which they rafer.

10.12 Whenever possible, sach provision of this Declaration shall be interpreted in such manner as to ba this Declaration to any person or to any property shall be effective and valid, but if the application of any provisions of prohibited or held invalid, such prohibition or invalidity shall not affect any other provision or the application of any provision which can be given effect without the invalid provision or application, and to this and the provisions of thie Declaration are declared to be severable. forth or provided for in this Declaration shall be construed 10.19 Interpretation. In all cases, the proviaions sat Tie de ca peel p1aт developatten the pror sou foret intent of the general plan of development. shall be liberally interpreted and, if necessary, shall be st xtended or enlarged by implication as to mike then fully effactive.

10.14 Controlling Law. The terme and conditions of this Declaration shall be governed by the laws of the State of Georgia. 10.15 Buser. Laquire, Forteon, Bentley and Griffin, P.A.,. 440 College Author. This Declaration was prepared by Made A. Avenue North, Suite 220, Athena, GA 30619. 20.18

Recorgation. This Declaration la to be recorded in the Office of the Clerk of the Superior Court, Clarke County, Georgia, pursuant to the Act,

Page 15

IN HITNESS WHEREOF, Declarant has caused this instrument above written. to be properly axecuted and sealed the day, month and yoar firat

CAMPUS QUARIERS OF ATHENS, LID. BY Sun four - (SEAG) Edwin P. Brown, JI., General partner

Piedmont Equity Corporation, Senaral Partner

Its Vice President

Signed, sealed and dalivered

in the gi

Witnes

_Nati Public solary Publla, Gnarria Stals al-Lan

•y Comi nission Epiras Juna 17, 1982

1986.

Page 16

EXHIBIT A" TO

AMENDED DECLARATION OF CONDOMINIUM FOR

CAMPUS QUARTERS ONE, A CONDOMINIUM

LEGAL DESCRIPTION

All that tract or parcal of land; together with all

aide of East Campus Road in the 1467th G.M.D., Clarke County, improvements thereon, altuate, lying and being on the southerly Georgia, being more particularly described as follows: Beginning at an iron pin found on the southarly side of the right-of-way of East Campus Road, eaid iron pin being located South 74 degrees 59 minutes 31 seconds East 110.96 feet from an iron pin found on the northerly side of the right-of-way of Last Campus Road, the latter iron pin found being located 611.0 side of the right-of-way of fast Campus Road from the feet along the back of tha sidawalk running along the northerly aide of the right-of-way of East Campus Road and running thence conterline, of Milledge Extension; thence leaving the southerly along property now or formerly of the University of Georgia South 05 dagrees 54 minutes 31 seconds Bast 175.08 feet to an Julia M. Wilkinson. Estate South 84 degrees 49 minutes 08 iron pin found; thence along property now or formerly of the seconds West'264.39 feat to an iron pin found; thenca along property now or formerly of Dogwood company North 16 degrees. 45 ainutes 51 saconds Neat 127.40 feet to an iron pin foand. on: the southerly. side of the right-of-way of fast Campus Road; thance along the southerly side of the right-of-way of fast: Campus. Road North 74 degrees 58 sinutas 00 seconds Rast 292.10 feet: to. the beginning iron pin found.

Page 17

AMENDED DECLARATION OF COHDOMIHIOM FOR EXHIBIT "B" TO

CAMPUS QUARTERS ONE, A CONDOMINIUM.

UNIT BOUNDARIES

Kach Unit shall have as a lower horizontal boundary the horizontel plane of the upper surface of the concrete alab which serves as the alternative, the horizontal plane of the upper surface of the the floor for that unit' (in the case of ground floor units) or in upper unit). Joists which serve as floor joists for the unit (in the case of an horizontal plane of the lower surface of the joista which support The upper horizontal boundary of a unit shall be the the floor of the unit abova or the horizontal plane of the lower surface of the flooz joists for the attic space beneath the roof of the building (in the case of a top floor Unit). as well am the roof, the decking and rafters supporting the roof (Said Joists, and the attic space being Common Elements). artical boundarias of a Unit shall be the interior unfinished The perimetrical or interior conzon walla betwaen unite. In interpreting deeds and surface of the outside walls of the Unit and the canterline of plans, the exiating phyaical boundaries of a Unit as originally constructed or of a Unit reconstructed in substantial accordance be ite boundaries, rather than the metas and bounds expressed in with the original plans thareof shall be conclusively presumed to how on the plan or in a deed and those of the Unit. Extarior uny deed or plan, regardless of settling or lateral boundaries doors and exterior glass surfaces, such as windowa serving a Unit, shall be included within the boundaries of the Unit. Also, compressor and condenser for an air-conditioner. and appliances heating and air-conditioning systems serving a Onit, auch as the and plumbing fixtures within a Unit shall be construed to be a part of the Unit. pipes, bearing walls, bearing columns, or any other apparatus lle If any chutes, flues, ducts, conduits, wires, partially within and partially outside of the designated boundaries of a Unit, shall be deemed a part of that Unit, while any portions thereof any portions thereof serving only that Unit shall be deemed a part of the Common Elementa. serving more than one Unit or any portion of the Common Blements

Page 18

AMENDED DECLARATIOH OF CONDOMINION POR

CAMPUS QUARTERS ONE, A CONDONINIUM

CERIT FI CATIOH

STATE OF GRORGIA

COUNTY OF CLARKE

AEPORE ME came in person Chip Elloitt, AIA of Elliott and Associates, P.C., who, having bear duly sworn, on oath says as follows:

That he la a Registered Architect in the State of Georgia, and that He 1e familar with "Campus Quarter One, a Condominium" located at 655 Fast Campus Road, Clarke County, Georgia and that to the beat of hie kowledge and in his professional opioion:

(a) that the exterior walls and roof of the structure are in place as shown on the plans indentified below;

(b) that the walls, floorm and callings as shown on the plans constitute the horizontal and vertical boundaries of each anit and are constructed in a mannar to as to clearly establish the physical boundaries of such uniti (a) that the plans "plans of Campus Quarters One, a Condominim" are to be filed In the Office of the Clerk of the Superiox Court of Clarke County, Georgia, simultaneously with the filing of the Declaration will be attached to such Declaration. of Condominium for Campus Quarters Ona, a Condoninina, and this cartificate sworn to and subscribed batore me this 8 day of Sepharde, 1986.

Chip Blllott

Thofficial Witness

chey 230-7 Sopt, 1986

N07Age / Publia

HIAL SEALI mion Ixpiration Datei

VOL o court :, Georgia

May: 14, 1990

Page 19

EXHIBI PẠỊ TO

NOILVMHOENI TINO KOININOONOS

PERCANTAGX SALOA NI LENINI UNIT NO. TING Va SENNI NONNOO

400 2.5x 400 2.5% 400 2.5% 400 2.5X 400 2,5% 400 2,-X 400 2.8X 400 2.5X 400 2.5% 40Q 2.5K 400

NONNNMN

**

2

2_5%

Ạạ / 664 P:OE.300

Page 20

AMENDED DECLARATION OF CONDOMINIUM FOR PARIBIT "EM TO CAMPUS QUARTERS ONE, A CONDOMINIUM 1. USE RESTRICTIONS

conducted on the portions of the Property designated for Business Activities. No business activities shall be not apply to the business activities, signs and billboards of residential use: provided, however, the foregoing restriction shall Declarant holda any Unit primarily for sale to third parties. Declarant, its agenta or assigns, during the sale period in which no "For Sale" or 2. Except as may be required by legal proceedings, kind shall be maintained or permitted on any portion of the " or por Rent signe or advertieing posters of any Directors of the Association first having been obtained. Property without the express written peraiasion of. the Board of approval of signs and posters-shall be upon such conditions as may Tha from time to time be determined by the Board of Directors; provided, however, this provision shall not apply to Declarant. Approval for signs and advertising material for commercial space shall not be unreasonably withheld and shall be deemed granted if has been submitted to the Association.. not disapproved within ten (10) days after written request therefor number of generally recognized house pete, shall be kept af No animals or birds, other than a reasonable maintained on any portion of the Property, and then only if they are kept or maintained solely as dosestic pets and not for unreasonable amount of npise, or to become a nuisance. No commercial purposes. No animal or bird shall be allowed to make an Unit. bird shall structure for the care, housing or confinement of any animal or be constructed or maintained outaide any area serving a: Common Elemants. Pete shall be under leash when walked or exercised in the Failure to use a leash as required herein will Association for the firat and second offenses, said fine to be result in a fine being levied againat. the Unit owmer by the determined by the Association. In case of a third such offense by any Unit Owner, any necessary action may be taken by the of the pat. Association, including, without limitation, assessing a greater. fine againat the Unit Owner or requiring the Unit Owner to dispose herein shall constitute a lien in favor of the Association on that Any fine assessed against a Unit Owner as provided 1.01 of Article IV of the Declaration. Upon the written request of Unit Owner's Unit in the same manner as that enumerated, in Section any Unit Owner, the Board of Directors of the Association shall conclusively determine, in its sole and absolute discretion, bird is a ganerally recognized house pet, or a nuisance, whether for the purposes of this section, a particular animal or Further, notwithstanding the foregoing provisions hereoi, no the number of animals. or birda in any Unit is unreasonable. or whether. bird shall be constructed or maintained within any area which is structure for the care, housing or confinement of any animal or not fully enclosed unless the same shall be approved in writing by the Board of Directors of the Association. enjoyment of the Common Elements and facilities by the Unit Owners, Use Of Common Areas and Facilities. The use and whall be subject to such reasonable rules and regulations as may be their families, visitors, gueats, custoners, servanta and agenta, Daclaration and By-Lame of the Association. It la expressly made and amended fror time to time. in accordance with the acknowledged and agreed by sil parties concerned that this section' le for the mutual benefit of all Unit owners in the Condominium and is necemmary for the protection of Unit Owners.

Page 21

trang incion of reception of television inala, radio signale, or No antanna or other device for the maintained outdoors on any portion of the Property, whether any form of alactromagnetic radiation shall be erected, used or however, Declarant and the Association shall have the right to attached to a building or structure or otherwise, provided, erect, conatruct and saintain such devices.

5 - Exterior Appearance.

harmonious appearance throughout the Condominius, no awnings, shades or screens shall be attached to, hung or used on the consent of the Board of Directors of the Association. exterior of any window or door of a Unit without the prior written foil or other reflective material shall be used on any windows Further, no for air-conditioning units be installed. aun screens, blinds or any other purpose, nor shall any window any window or door ahall be white or off-white. Windmills, solar and other window treatments visible from the exterior of a Unit on drying or airing clothes are specifically prohibited and shall not panels and outside clothes lines or other outaide facilities for shall any clothing, rugs or any other item be hung on a railing or be erected placed or maintained on any portion of the Property, nor fence enclosing any deck, porch or patio.

(including both those mounted as a part of the original location, size, intensity and color of all exterior lights construction of tha Property or otherwise in place at the time of conveyance of a Unit to an Owner and thoss mounted with the consent Board of Directors. of the Board of Directors) shall be subject to the control of the

Nuisances. No rubbish'or debris. of any kind shall be Property, and no odors shall be permitted to arise therefros, so we dumped, placed or permitted to accumulate upon any portion of the to render any portion thoreof unsanitary, unsightly, offanaive or. detrimental to persons using or occupying other. portions of' property. No nuisance shall be permittad to axiat or operate upon‹ the. any portion of the Property'so as to be offensive or detriaental to persons using or occupying other portions of the Praperty. limiting the generality of any of the foregoing provisions, no Without exterior speakers, horns, whistles, bella or other sound devices, except security devices used exclusively for security purposes, shall be located, used or placed on the Property. Any Unit Owner (or his family, servants, agents or guests) who shall dump or place any trash or debris upon any portion of the Property shall be liable to tha Association for the actual cost of the remaval hereof or the sum of 925.00 whichaver is greater, and the same next coming due to which the Unit Owner 1s subject. shall be added to and becone part of that portion of any assesament

9 - Frohibited Activities. Noxious or offensive activities shall not ba carried on in any Unit or in the Coamon Elements and facilities. Each Unit Owner, his fanily, viaitors, guests, customers, servants and agents shall refrain from any act or use of his Unit or the Common Elements and facilities which could to the occupants of the Units, or which could result in the reasonably cause embarrassment, discomfort, annoyance or nuisanca Elemente and facilities, or which would be in violation of any law cancellation of insurance on any Unit or any portion of the Common or governmental code or regulation.

hereby specifically provided that the following uses shall be Without limiting the generality of the foregoing, it ia halla, and/or (3) distribution or aale of litarature or any other (1) game rooms, (2) cance designed primarily for adult entertainment. activity which may be considered lewd, indecent, pornographic or

-2~1

Page 22

hobbies or other attituding sonically, without The pureuit of limiting the generality of the. foregoing, the assembly and disasgembly of notor vehicles and other mechanical davices, which might tend to cause disorderly, unsightly or unkempt conditions, shall not be pursued or undertaken on any portion of the Property.

No Discrimination. No action shall at any time be caken by the Association or its Board of Directors which in any manner would discriminate against any Unit Owner or Unit Gwners in favor of any other Unit Owner or Unit Ompere.

12 - Governmental Regulations. All governmental building codes, health regulationa, zoning restrictions and the likeapplicable to the Property aball be observed. conflict batween any proviaion: of any such governmental coda, In the event of any regulation or restriction and any provision of this Declaration, the sore restrictive provision shall apply,

13. Sale Period. Notwithstanding any provisions contained in the Declaration to the contrary, it shall be expresaly peraiseible for Declarant and its duly authorized agenta, representatives and employees to maintain and carry on, during the period of the sale of the Units, upon such portion of the Property as Declarant say deem nécessary, such facilities and activities as in the sole opinion of Daclarant may be ressonably required,. convenient or incidental to the renovation and sale of said Unite, including; but without limitation, offices, signs and sodel. Unite, the right to maintain and carry on such facilities and activities shall include specifically the right to use a model Onit and. parking faoilities adjacent thereto for such porposes.

Covenants Amendment 1

Page 1

Deed Doc: AGRE

Recorded 04/12/2005 01:42PM Geargia Intungible Tax Paid: $0.00 Heverly Logan COA

Clerk Superor Court, Athen-Clake County, Ga. BE 02847 PE 0016-0017

STATE OF GEORGIA THIS INSTRUMENT WAS PREPARED BYANDSHOULD BE

RETURNED TO:

COUNTY OF CLARKE MICHAEL A. MORRIS, ESQUIRE

440 COLLEGE AVENUE NORTH BLASINGAME, BURCH, GARRARD, BRYANT & ASHLEY P.C. P.O. BOX 832

ATHENS, GA 30603

(706) 354-4000

CLERK: PLEASE CROSS REFERENCE TO DEED BOOK 664, PAGE 312

AMENDMENT TO DECLARATION OF CONDOMINIUM FOR

STUDIO FORTY, A CONDOMINIUM

(FORMERLY KNOWN AS CAMPUS QUARTERS ONE)

IN ATHENS-CLARKE COUNTY, GEORGIA

THIS Amendment to Declaration of Condominium is made this the 2 day of April, 2005, by STUDIO FORTY, L.L.C. and is made for the purpose of amending the Declaration of Condominium for Campus Quarters One, a condominium in Athens-Clarke County, Georgia.

WITNESSETH:

WHEREAS, Campus Quarters One, a condominium in Athens-Clarke County, Georgia (the "Condominium*) was created and formed by submission of certain real property to the condominium form of ownership by (1) Declaration of Covenants, Conditions and Restrictions for Campus Quarters One recorded at Deed Book 645, page 71; (2) Amended Declaration of Condominium for Campus Quarters One, a condominium recorded at Deed Book 664, page 312; (3) First Amendment to Declaration for Campus Quarters One recorded at Deed Book 904, page 175, and (4) Amendment to Declaration of Condominium for Campus Quarters One recorded at Deed Book 2841, page 135, all Athens-Clarke County, Georgia Records (collectively the ADeclaratione); and

WHEREAS, Studio Forty, L.L.C. is the owner of all forty (40) units in the Condominium and is desirous of amending the Declaration to add a provision.

THEREFORE, for an in consideration of One Dollar ($1.00) and other good and valuable consideration, said Declaration is amended to make the following changes

Page 2

The following provision shall be added to the Declaration:

PE 0017 If at any time, Declarant, the Association or the owner of any Unit desires to enter

into a contract or agreement with a professional management company, such

contract or agreement and not exceed three (3) years in duration, must allow, upon

ninety (90) days' written notice to the other party, termination by either party without

cause and without payment of any termination fee.

E: 02847 2.

Section 1 of the First Amendment to Declaration for Campus Quarters One, a Condominium, recorded at Deed Book 904, page 175, Athens-Clarke County, Georgia Records, shall be deleted in Its entirety.

3.

Except as modified herein, all provisions of the Declaration are ratified and republished by reference with it being the intention of this Amendment to add the provision set forth in Paragraph 1 above and delete the provision referenced in Paragraph 2 above.

IN WITNESS WHEREOF, the duly authorized members of Studio Forty, L.L.C. have set their hands and affixed their seals to this Amendment on the date and year first above written.

STUDIO FORTY, L.L.C.

By: Now Aden _(SEAL)

Michael W. Adams, Member

By:

Judith 0. Ad fams, Member

By: _(SEAL)

Cindy Karp, Me erbe

By: _(SEAL)

Johr rison, Member

Signed, sealed and

delivered in the presence of:

Inofficial Witnes

Leo Sh

Notary Public

HONES MONT

NOTARY

A MAY 28T 2005

Page 3

Deed Doc: CHDO

Beverly Logan

Clerk Superior Court, Athens-Clake County, Ga. BL 02841 Pg 0135-0136

STATE OF GEORGIA THIS INSTRUMENT WAS PREPARED BY AND

SHOULD BE RETURNED TO:

COUNTY OF CLARKE MICHAEL A. MORRIS, ESQUIRE

BLASINGAME, BURCH, GARRARD, BRYANT & ASHLEY P.C. 440 COLLEGE AVENUE NORTH

P.O. BOX 832

ATHENS, GA 30603

(706) 354-4000

CLERK: PLEASE CROSS REFERENCE TO DEED BOOK 664, PAGE 312

AMENDMENT TO DECLARATION OF CONDOMINIUM FOR

CAMPUS QUARTERS ONE

IN ATHENS-CLARKE COUNTY, GEORGIA

THIS Amendment to Declaration of Condominium is made this the 29 day of March, 2005, by STUDIO FORTY, L.L.C. and is made for the purpose of amending the Declaration of Condominium for Campus Quarters One, a condominium in Athens-Clarke County, Georgia.

WITNESSETH:

WHEREAS, Campus Quarters One, a condominium in Athens-Clarke County, Georgia (the "Condominium") was created and formed by submission of certain real property to the condominium form of ownership by (1) Declaration of Covenants, Conditions and Restrictions for Campus Quarters One recorded at Deed Book 645, page 71; (2) Amended Declaration of Condominium for Campus Quarters One, a condominium recorded at Deed Book 664, page 312; and (3) First Amendment to Declaration for Campus Quarters One recorded at Deed Book 904, page 175, all Athens-Clarke County, Georgia Records (collectively the Declaratione); and

WHEREAS, Studio Forty, L.L.C. is the owner of all forty (40) units in the Condominium and is desirous of changing the name of the Condominium to Studio Forty, a condominium.

THEREFORE, for an in consideration of One Dollar ($1.00) and other good and valuable consideration, said Declaration is amended as follows:

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EL: 02841 PE 0130

Studio Forty, L.L.C. as owner of all units and common elements in Campus Quarters One, a condominium hereby modify and amend the Declaration by changing the name of the condominium development to Studio Forty, a condominlum in Athens-Clarke County, Georgia and by modifying and amending the name of the Condominium Association to Studio Forty Condominium Owners Association, Inc. with the filing Articles of Amendment with the Secretary of State of Georgia.

2.

Except as modified herein, all provisions of the Declaration are ratified and republished by reference with it being the intention of this Amendment to change the name of the Condominium.

IN WITNESS WHEREOF, the duly authorized members of Studio Forty, L.L.C. have set their hands and affixed their seals to this Amendment on the date and year first above wrilten.

STUDIO FORTY, L.L.C.

MWAdorns _(SEAL) Michael W. Adams, Member ma

Judith, L. _(SEAL) Judith c, Adaris, Member

(SEAL) Cindy Karp, Member

_(SEAL) John Morrison, Member

Signed, sealed and

delivered in the presence of:

Unofficial Witness

Notary Public

CLAMORA

NOTARY

Bylaws

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EXHIBITIO" TO

AMENDED DECLARATION OF CONDOMINIOM FOR

CAMPUS GEARTERS ONE, A COMPOMINIUM

BY-LAHS OF

CAMPUS QUARTERS ONE CONDOMIRIOM A9BOCIATZON, INC,

ARTIOLE I

PLAN OF UNIT OWNERSHIP

Section 1. Unit Ownership. The property jocated on Fast Campus Drive, Athene, Olarke County, Georgia (hereinafter called the "Property") is to be subaitted to the provisions of the Geargis Condominium Act (the "Act") by Declaration recordad in the Office of the Clerk of the Superior Court of Clacke County, Georgie and thersafter shall ba known as Campus Quarters One, A Condominium (hersinafter called the "Condominium"). Torms defined in the Act and the Declaration shall have such defined meanings when used herein unlass the context otherwise requires.

Section 2. Applicability of By-Laws. The provisions of these By-Laws are applicable to the Property of the Condominium and to the use and occupancy thereof. The term "Property" as used herein shall include the land, the buildings and all other

improvementa thereof (including the units and the common elements), and all easements, rights and appurtenances balonging thereto, and all other property, personal or mixed, intended for use in

connection therewith, all of which are intended to be aubaitted to the provisions of the Act.

Section 3. Application. All present and future owners, mortgagees, lessees and occupants of units and their employees, and any other persons who may ues the facilities of the Property in any and Regulations. manner are subject to these By-Laws, the Declaration and the Rules

The acceptance of a deed or conveyance or the entering into of a lease or the act of occupancy of a unit shall constitute an agreement that, these By-Laws, the Rules and Regulations and the provisions of the Declaration, as they may be amended from tims to time, are accepted, ratified and will be complied with.

place of pies as the card of hirector he fine to time Section 4. The Asaociation may have offices at auch appoint or the business of the Association, may requice or make. available.

ARTICLE II

BOARD OF DIRECTORS

Section 1. Number and Qualification. The affaire of the Association shall be governed by a Board of Directora. The Board as Directors shall be composed of at least three (3) but not more than gaven (7) persons, as may be determined from time to time by resolution of the Board of Directors, all of whom shall be appointed and subject to removal by the Declarant until such time as his authority to so appoint and remove members of the Board of Directors the expiration the period of the tearth. lace tatontrol the Association, the Declarant or any member of the Association ahall call a special meeting of the members for the purpose of electing a new Board of Directors which shall be alected by the members. A11 directors shall be Unit Ownars (which shall include, without One of pee of such omers of designes of the booleran Onit during the period in which the Declarant, retains the right to control the Association. Any individual who would not be eligible to serve as a director were he not a shareholdar, director, officer, partner or trustee as aforesaid shall be disqualifiad from

continuing in office if he ceases to maintain such affiliation.

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Section 2. Powers and Duties. The Board of Directors ahall affeirs of the Association and may do all such acts and things have the powers and duties necessary for the adainistration of the except'am by law or by the Declaration or by these By-Laws may not be delegated to the Board of Directors by the Unit Owners. . powers and duties of the Board of Directors shall include but shall Sụch . not be limited to the following:

flements. Operation, care, upkeep and maintenance of the Common (D) Determination of the Common Expenses required for the limitation, the operation and maintanance of the affairs of the Association, including, without (G) Collection of the Common Charges and Expenses from the

Unit Owners.

(d) Employment and dismissal of the personnel necessary for the maintenance and operation of the Common Elementa. Adoption and amendment of Rules and Regulations Property. covering the details of the operation and we of the (*) Opening of bank aacounts on behalf of the Association and designating the signatories required therefor. (g) Imposing charges and establishing regulations for the areas and laundry facilities. use of Common Blements auch as parking areas, storage be, a trance poet the alt, ng the units, pursuant to the provision of the Declaration and of Article VI hereof.

(2) Making of repaira, additions and improvements to or and restoration of the Property in accordance with the alterations of the Property and making of repairs to destruction by fire or other casualty, or as a result other provisions of these By-Laws after damage or of condemnation or eminent domain proceedings. (9) Borrowing money on behalf of the Association when required in connection with the operation, care, upkeep and maintenance of the Common Elements, provided, howaver, that (1) the borrowing of any sum in excesa of 920,000 shall be approved by an affirmative vote of the members holding not less than 75% of the outstanding votes of the Association at a meeting duly called and neld; and (11) no lien to secure repayment oi any sum interest in the Common Elementa without the consent of By-Lawa, so long as the Declarant shall continue to own unita Notrithstanding anything to the contrary contained in these more, the Board of Directors may not, without the Declarant's prior representing undivided ownership in the Common Elements of 10% or to the Common Blaments or to any unit, (11) assess any Conmon written consent, (1) make any addition, alteration or improvement Charges for the creation of, addition to or replacement of all or part of a reserve, contingency or surplus fund, (111) enter into any service or maintenance contract for work not covered by (1v) borrow monay on behalf of the Assoctation.-. contracta in existence on the date the Declaration la recorded, or Directors may saploy for the Condominium a managing agent and/or a Seotion 3. Managing Agent and Manager. The Board of manager, at a compensation established by the Board of Directors, to perform such duties and services as the Board of Diractors shall

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Article II.

managing agent all of the powers granted to the Board of Directors by these By-Laws other than the powers set forth in subdivisions (b), (e), (I) and (J) of Section 2 of this Article II.

Saction 4. hection and fern of Office. Except in the case of directors appointed by the Declarant under the provisions of

respective successors shall have been elected by the seabera. Directors appointed by the Declarant shall serve at the pleasure of any time and from time to tine.. the Declarant and may be removed and replaced by the Declarant at

Romoval of Directora by Membera; Resignationa, Except for directors appointed by the Declarant, at any regular or special meating of members of the Association, any one or more of the members of the Board of Directors may ba removed with or without cause upon a majority vote of all votes to which members are entitled and a succeasor may then or thereafter be alected to fill the vacancy thus created.

Directors whose removal has been proposed by the Unit Owners ahall be given an opportunity to be heard at the meeting. Any director may resign at any time and shall ba deesed to have reaigned upon any disposition of his or his spouse's unit or cassation of the relationships described in Section 1 of this Article II.

Vacancies in the Board of Directors caused by any reason, other than the removal of a aember thereof by a vote of the members or by the Declarant, shall be filled by vote of a majority of the remaining directors at a special meeting of the Board of Directors held for that purpose promptly after the occurrence of any such vacancy, even though the members present at such meeting say constitute less than a quorum, and each person so alected shall be a member of the Board of Directors for the remainder of the term of the predecessor member and until a . successor shall be elected at the next annual meating of the

Section 7. Organization Meeting, The firat meeting of the Board of Directors following the annual meeting of the membars place be chail de it by a gority of the die tore, and to placa as shall be fixed by a majority of tha notice shall be necessary to the newly elected directors in order legally to constitute such meeting, providing a majority of the whole Board of Directors shall be present thereat.

Section 8. Regular Meetinge, Regular metinga of the Board of Directors may be held at such time and place as shall be

Directors shall be given to each director, by mail or telegraph, at meeting. leaat three (3) business daye prior to the day named for such

Section 9. Special Meetings. Speaial meetings of the Board of Directors may ba called by the Presidant on twenty-four (24) hours' notice to each director, given by mail, telaphone or talegraph, which notice shall state the time, place and purpose of the meeting.

Special meetings of the Board of Directors shall ba called by the President or Secretary in like manner and on like. notice on the written request of any director.

Any diractor may at any time waive notica of any meeting of the Board of Diractors in writing, and such waiver shall be deemed equivalent to the giving of such notice. Attendance by a director af any meeting of the Board -

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ahall constitute a waiver of notice by him of the time and place thereof. If all the members of the Board of Directors are present at any meeting of the Board, no notice shall be required, and any businesa may be transacted at such meeting.

Section 11. Quorum of Board of Diractors. At all meatinge of the Board of Directors, a majority of the members thereof shall constitute a quorum for the transaction of busineas, and the votes of a majority of the directors present at a meating at which a quorus is prasant shall constitute the decision of the Board of Directors. If at any meeting of the Board there shall be leas than a quorum present, a majority of those present may adjourn tha nesting at any ting and from time to time. At any such adjourned meeting at which a quorum is present, any businass which might have been transacted at the meating originally called, may be transacted without further notice.

Saction 12. Compensation. No member of the Board of

Directors shall receive any compensation from the Association for acting as such.

ARTICLE III

MEMBERS OF THE ASSOCIATION

Members. Each owner of a unit in the

do eaboratip sall concing during the ported of omersip by auch Unit Owner.

Section 2. Annual Meetings. Within '30 days after the closing of title to at least three (3) units, but not later than hree years from the date hereof, the Declarant ahall call the dirst meating of the members. Thereafter, annual meetings of the meabers shall be held on the ist day of _ of each

Sunday or legal

on the next succeading Monday or business day, whichever shall firat occur. Except during the period when the Declarant retains the right to appoint and remove directors, at such meetinga the Board of Directors shall be elected by the members. The members may transact such othar business at such meetings as may properly come before them.

Section 3. Place of Moetings. Meetings of the members ahall be held at such suitable place convendent to the Unit ownars -' So a by the one of ye as may be designated by the Board of Directors.

It shall be the duty of the President to call a special meeting of the members if ab directed by (1) resolution of the Board of Directors, (11) within thirty (30) days following the expiration of the Declarant's right to control the Association, or (111) upon a petition signed and

presented to the Secretary by Unit Owners entitled to at least 16% of the total votes of all members, The notice of any spacial meeting shall state the time and place of such meeting and the purpose thereat.

Section 5. Notice of Meetings. ' It shall be the duty of the Secretary to mail a notice to each member of record of each annual or regularly scheduled neating of the members at least twenty-one (21) days in advance of such meating, and in the case of special meetings notice shall be given at least seven (7) days in advance of such mostings. rach notice of nesting ahall state the purpose thereof, as well as the time and place where it in to be held. If the purpose of any meeting shall be to act. upon a proposed amendment to the Declaration or to these By-Laws, the notice of meating shall be mailed at least thirty (30) days prior to much meeting. All notices of meetinge shall be delivered

personally or sont by united States mail, poatage prepaid, to all. Unit Owners of record at such address or addresses as any oi them may bave designated to the Sacretary, or, if no other addresa bas bean ao designated, at the address of their raspective mite.

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Section 6. Adiourment of Meating, If any meeting of members cannot be held because a quorus has not attended, a cajority in voting interest of the members who are present at mach meeting, either in parson or by proxy, say adjourn the seating to a time not leas than forty-eight (48) hours from the time the original meeting was called.

Section 7. Title to Unita. Title to units say be taken in the name of an individual or in the names of two or more persons; as tenants-in-common, or in the name of a corporation or partnership or in the name of a fiduciary.

to cast the votes appurtenant to such unit at all meatings of members. By-Lawa, the presence in person or by proxy of members having a Except as otherwise provided in these constitute a quorum at all meetings of tha members. majority of the total authorized votes of all Unit Owners shall

Section 10. Presiding Officer. The Presidant, or in his absence the Vice Preaident, shall serve as chairian of overy meeting of members unless some other person is alacted to serve am chairman by a majority of the votes represented'at any auch meeting. The presiding officer shall appoint such other persons as he deems required to assist with the conduct of the meeting.

ARTICLE IV

OFFICERS

Association shall be the President, Section 1. Designation. The principal officers of the the Secretary and the Treasurer, all of whom shall be alacted by sy and the p one or more Vice Presidents, the Board of Directors.

The officers of the Association shall be elected annually by the Board of Directors at the organizational meating of each new Board of Directors, and shall hold office at the pleasure of the Board of Directors.

Section 3. Removal of Officers, Upon the affirmative vote of a majority of the members of the Bbard öf Directors, any officer may be removed, either with or without cause, and his succeasor may be alected at any regular meeting of the Board of Diroctors, or at • board of pie any special meeting of the Board of Directors called for such

Section 4. President. The President shall be the chief executive officar of the Association. He shall preside at all meatings of the Unit Owners and the Board of Directors. He shall have all of the general powers and duties which are incident to tha office of president of a corporation organized under the Georgia Non-profit Corporation Code.

Section 5. The Vice President shall take the place of the President and perform his dutdes whenever the President shall be abeont or unable to act. If neither the President nor the Vica President is able to act, the Board of Directors shall appoint some other member of the Board of Directors to act in the place of the President on an intarin basia. President shall alao perform such other duties as shall from time The Vice President. to time ba delegated to him by the Board of Diractors or by the ' of all Sectings of the Unit omars and of the Board of Directors; Secretary. The Secretary shall keep the minutes shall have charge of such books and papers as the Board of Directors may direct; and shall, in general, perform all the duties incident to the office of secretary of a corporation organized under the Georgia Non-profit Oorporation Code.

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remponsiblity for Asiation funds and securities and shall be Section 7. The Treasurer shall have the responaible for keeping full and accurate financial recorda and books of account showing all recaipts and disbursements,

the preparation of all required financial data. He shall be responmible for the deposit of all moneys and other valuable effects in the name of the Board of Diractors, or the managing agent, in such depositories as may from time to time be designated the duties incident to the office of treasurer of a corporation by the Board of Directors, and he aball, in general, perform all organized under the Georgia Non-profit Corporation Code.

Section 8. Compenaation of Officers. No officer shall receive any compensation from the Association for acting as such.

ARTICLE V

OPERATION OF THE PROPERTY

Augiant Unit Owners, Section 1. Determination of Common Expenses and Asseesments

I the calendar year unlees otherwise determined by the fiscal Year. The fiscal year of the Association shall Board of Directors.

(b) Preparation and Approval of Budget.

(1) Prior to the commencement of each fiscal year (except for the initial fiscal year), the Board of Directors shall adopt a budget for the Association containing an estimate of the total amount considered necessary to pay the cost of

maintenance, management, operation, repair and replacemant of the Common Elementa and those parts of the units as to which it is the responaibility of the Board of Directors to maintain, repair and replace, and the cost of wages, materials, insurance premiums, services, supplies and other expenses that may be declared to be Common Expenses by the Act, the Declaration, these By-Laws or a resolution of the members of the Association and which will be required during the ensuing fiscal year for the administration, operation, maintenance and repair of the Property and the rendering to the Unit owners of all related services..

Inltial fiacal year, the Board of Directors shall adopt a budget and impose assessments at auch time sole discretion. on such basis as the Board shall determine in ita (2) Such budget shall also include such reasonable amounts as the Board of Directors considers necessary to provide working capital, a general and replacements. operating reserve and reserves for contingencies send to each Unit Owner a copy of' The Board of Directors shall reasonably itemized form which sets forth the the budget in a amount of the Common Expenses and any budgeted special' assessment payable by each Unit Owner. Such budget shall constitute the basia for determining each Unit Owner's assessment for the year. Common Expanses of the Association for such fiscal Absceament and Payment of Common Expenses. The total amount of the estimated funds required for the operation of the Froperty set forth in the budget adopted by the Board of Directors (other. than amounts of budgeted special assesements) shall

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to his allocabla share of liabilities for Common be assessed against each Unit Owner in proportion Expenses as provided in the Declaration, and together with the amount of any budgeted spocial againat each Unit Owner's unit. On or before the assessmenta applicable to any unit, shall be a lien initial fiscal year), and the first day of each first day of each fiscal yoar (oxcept for the month in such fiscal year, each Unit Owner shall be obligated to pay to the Board of Directors or to the Managing Agent (as deterained by the Board of Directors), one-twelfth of the total of such assessment, incinding budgeted apecial assessments. Within aixty (60) days after the and supply to all Unit Owners an itemized accounting of of each fiscal year, the Board of Directors shall incurred and paid, together with a tabulation of the Common Expenses for such fiscal year actually the amounts collected pursuant to the budget adopted by the Board of Directors for such fiacal the actual expenditures plus reservas. year, and showing the net amount over or short of accumulated in excese of the amount required for Any amount Directors deems it advisable, be either distributed actual expenses and reserves shall, if the Board oi to the Unit Owners according to each Onit Owner's share of liability for Common Expenses or credited Common Expenses to the next monthly installments according to each owner's share of liability for year's budget, until exhausted. Any net shortage due from Unit Owners under the current fiscal in accordance with their share of liability for shall be assessed promptly againet the Unit Owners Common Expenses and shall be payable in full with . payment of the next monthly asaessment due. Notwithstanding anything herein to the contrary, ny surplus or deficit with respoct to a special sasessment shall be distributed, creditad or assessed to or against the Unit Owner againat whom In the avent the Association incurs expenses not the special assassment was made. assessed under the Declaration, the Board of included in the budget which may be specially Directors may specially assess and collect such expenses at any time during the fiscal year. If . posaibla,- the Board of Directors will cuuse auch unbudgeted special assesaments to be paid in equal (12) months; but nothing herein shall prevent the Installments over a period of not less than twelve ' Board from requiring payment in a lump sum if the interesta of the Association so require. (d) Reserves. The Board of Directors shall build up and maintain reasonable reserves for working capital, operations, contingencies and replacements. the annual budget, which may become neceasary during extraordinary expendituras not originally includad ir the year, shall be charged first against such reserves, unless the same are subject to special assessment. non-payment of any Unit Owner's assessment, the Board the raserves are inadequate for any reason, including of' Directors may, at any time levy a further sasessment, which shall be assessed against the Unit Owners liability for Common Expenses. according to their respectivé allocable shares of shall serve notice of any such further assessment on The Board of Directors all Unit Owners by a atatement in writing giving the amount and reasons therefor, and such, further notice, become affective with the next monthly payment aasessment shall, unless otherwise specified in the

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which la due more than ten (10) days after the delivery such notice of further assessment. Il be obligeted to pay the adjusted monthly amount All Unit Owners stallments, the amount of auch assessment. if such further assessment is not payable in sassment shall be a lien as of the effective date as Such at forth in the preceding paragraph (c).

Initial Assessment.

(1) After the Board of Directors named in the Articles the budget, as defined in this Section 1, for the of Incorporation takes office, it shall determine was created by filing of the Declaration and ending period commencing as of the date the condominium on the last day of the fiscal year in which such election occura. Assessments shall be leviad at against the Unit Owners during such periods as the direction of the Board and shall become a lien (2) provided in paragraph (c) of this Section 1. as the agont of the Board of Directors, miil collect from sach initial purchasex assessmenti equivalent to three-twelfthe (3/12the) at the time of settlement on his unit an "initial The Declarant will deliver the funds so collected of the annual assessment applicable to the unit. general operating fund for the Association. Such to the Board of Directors to provide an initial initial assessment shall not constitute any portion of the annual assessment of Unit Owners for the initial fiscal year or for any other fiscal year which shall be assessed and collected as provided herein and paragraph (c) of this Section 1. (*) Effect of Failure to Propare or Adopt Budget, The failure or delay of the Board of Directors to prepare or adopt a budget for any fiscal year shall not Owner's obligation to pay his allocable share of the constitute a waiver or release in any manner of a Unit Common Expenses as harein provided whenever the same shall be determined and, in the absence of any: annual budget or adjusted: budget, each Unit Owner shall continue to pay each monthly inatallaant at the monthly receipt of the notice of the new monthly payment which rate established for the previous fiscal year until adjuated budget shall have been delivered. 1a due more than ten (10) days after ench new annual fi (g) Accounts: All sums collected by the Board of Directors Mith respect to assessmenta against the Unit Owners or from any other source may be commingled into a single fund.

shall pay the Common Expenses assessed by the Board of Directora Section 2. Payment of Common Expenses, Each Unit Owner'. porsuant to the proviadone of Section 1 of this Article V. No Unit Owner may exempt himoelf from liability for his contribution toward Common Elements or by abandonment of his unit. Prior to or at the Common Expenses by waiver of the use or enjoyment of any of the tine of. any conveyance of a unit, all liens, unpaid charges and assessments shall be paid in full and discharged. The purchaser of Owner for all unpaid assessments against the latter for his • unit shall be jointly and severally liable with the selling Unit proportionate share of the Common Expenses up to the time of such recordation, without prejudice to the purchaser's right to recover from the selling Unit owner amounts paid by the purchaser therefor; provided, however, that statement setting forth the amount of the unpaid. assessments any much purchasar shall be antitled to a against the selling Unit Owner within five (8) days following

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a written requast therefor to the Board of Directors or Managing Agent, and such purchaser shall not be liable for, nor shall the unit conveyed be subject to lien for, any unpaid assessmants in. excess of the amount therein sat forth; and provided furthet, that each mortgages who comes into possession of a unit. by virtua of foreclosure or by deed or assignment in lieu of foreclosure, or any purchaser at i foreclosure sale, shall take the unit free of any claims for unpaid assessments or charges against such unit which accrue prior to the time such mortgages comes into posseasion thereof.

Section 3. Collection of Assessmenta, The Board of Directors or the Managing Agent, at the request of the Board of Directors, shall take prompt action to collect any asaessments for Common Expenses due from any Unit Owner which remain unpaid for more than thirty (30) days from the due date for paymant thereof. Any assessment, or installment thereof, not paid within 'ten (10) days after the due date shall (a) subject the delinquent Unit Owner to the imposition of a late charge in an amount not in excess of the greater of Ten Dollars ($10.00) or ten percent (10%) of each assessment or installnent thereof not paid when due, as determined relating thereto, bear interest from the date the same was first from time to time by the Association, (b) with any late charge due and payable at the maximum rate of interest allowed by lar, (c) antitle the Association to collact from the delinquent Unit Owner' all costs of collection including court costs, expenses of sale, expenses required for the protaction and preservation of the delinquent ormer s unit and remsonable attorney's fees actually incurred, and (d) entitle the Association to collect from the delinquent Unit Owner the fair rental value of such Unit Owner's unit from the time of the institution of suit until the sals of the otharrisa satisfied. unit at foreclosure or until the jndguent rendered in auch suit is

Section 4. Statement of Common Expenses. The Board of Directors shall promptly provide any Unit owner, contrict purchaser or mortgagee so requesting the same in writing with a written atatement of all unpaid assessments for Common Expenses due from such Unft Owner.

•Section 5. Maintenance; Repair, Replacement and Other Common Expenses.

(a) By the Board of Directors, The Board of Directors shall be responsible for the maintenanca in good all of working order and condition; repair and replacement of the Common Elementa as defined herein or in the Declaration, whather located inside or outside of the unita, the cost of which shall be charged to Unit Owners as a Common Expense in accordance with the provisions of this Article V; provided, howeves, each Unit Owner shall perform normal maintenance on any that portion of the remaining Common Elements which the Board of Directors pursuant to the Rules and

Regulations has given him pernission to utilize, including without limitation the items enumerated in subsection (b) hereof. Notwithatanding anything herein to the contrary, the Association, with the approval of Unit Owners having seventy-five percent (78%) or more of the voting power of the Association, may alter or modify the form or use of any portion or the Common Elemente or elect not to, repair or replace the same. (b) By the Unit Owner.

(1) Each Unit Omar shall keep his unit and its equipment, appliances and appurtenances (including Liaited Common Blements) in good order, condition and repair and in a clean and sanitary condition, and shall do all redecorating, painting and varnishing which may at jany time be necessary to maintain the good appearance and condition of his

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responsible for all damage to any other units or to unit. In addition, each Unit Owner shall be make any of the repairs required by this Section the Common Elemente resulting from his failure to 5. Bach Unit Owner shall perform his responsibility in such manner as shall not Unit Owners. unreasonably disturb or interfere with the other Each Unit owner shall promptly report to the Board of Directors or to the Managing Agent any defect or need for repairs for which the Board (2) of Directors is responsible.

Any Unit Owner permitted by the Board of Directors to usa a specific portion of the Common Blaments for storage or other purposes is responsible for the maintenance. and care of such portion and shall use such portion in a safe and sanitary mannar. of Directora. section 5. Additiona, Alterationa or Improvements by Board.. the Combon Elements shall require additions, alterations or Whenever in the judgment of the Board of Directors during any period of twalve (12) consecutive months, and the making improvements costing in excess of Ten Thousand Dollars (910,000) approved by a majority of the voting interests of the members of of such additions, alterations or improvementa shall have been the Association, the Board of Directors shall proceed with such additions, alterations or improvementa and' shall assess all Unit Ownets for the cost thereof as a Common: Exgense. lterations or improvementa costing Ten: Thousand Dollars (810, 000) Any additions, made by the Board of Directors without approval of the Unit Ownera or less during any period of twelve (12) consecutive months say be and the coat. thereof shall constitute ar Common Expense.

ownera. Section ?. Additions, Alterationa or Improvementa by Unit altaration or improvement in or to his unit without the prior No Unit Owner shall make any structural addition, written consent of the Board of Directors or the committee thereaf in charge of architectural control. No: Unit owner shall paint or nor shall any Unit owner paint or alter the exterior of any alter the exterior of his unit, including the doors and windows, Directors, The Board of Diractors shall. be obligated to answer any building, without the prior written consent of the Board of structural addition, alteration or improvement (by painting or written request by a Unit owner for approval of a proposed after such request, and' fällure to do so within the stipulated time otherwise) in such Uhit Owner's unit within forty-five (45) daye pie on to una governtal story for a peat to a a any unit requires exacution by the Association; and provided consent such atructural addition, alteration or improvement in or to any shall be executed on behalf of the Association by the Board of has been given by the Board of Directors, then the application Directora only, however, without incurring any liability on the part of the Board of Directors or any director to any contractor, alteration or improvemant, or to any person having claim for injury aubcontractor or materialman 'on account of such addition, provisions of the Declaration and the approval of any mortgages of to parson or damage to property arising therefrom. Subject to the much affected units, the Board of Directors and any. Unit Owner affected, any unit may be altered so as to relocate the boundarias between ouch unit and any adjoining units. The Secretary shall record any necessary amendment to the.Daciaration to affact such action. The provisions of this Section 7 shell not apply to units shall bave been recorded; grovided, homever, that the Declarant's owned by the Declarant until deeds of conveyance of such unita

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with the existing unite. construction or alterations shall be architecturally compatible make such alterations without the consent of the Board of The Declarant shall heve the right to . application required. Directors, and the Board of Directors shall execute any auch

Section a. Use of Units and Common Blaments,

used sa follows: (a) Lach unit and the Common Elsaents shall be occupied and

(1) Units shall not be used for any purposes except housing and the related common purposes, axcept usage shall at all times conform to the provisions those for which the Property was designed, and all of the Declaration, By-laws, and Use Restrictions of Campus Quarters Ona, A Condominium and such reasonable rules, regulations and restrictione as may be established by the Directors of the Association.

(2) Nothing ahall be done or kept in any unit or in the Common Elements which will increase the rate of applicable for residential use without the prior insurance for the Property or any part thareof written consent of the Board of Directors. No Unit Owner shall permit anything to be done or kept in his unit or in the Common Elements which will. result. in the cancellation of insurance on the violation of any law, regulation. or administrative Property or any part thereof or which would be in Elements. ruling. No waate will be committed in the Common No immoral, improper, offensive or unlawtul use shall be made of the Property or any part thereof, and all valid laws, zoning, ordinances and regulations of all goverpmental agencies having juriadiction thereof shall be observed, : AlI laws,. ordera, rules, regulationa or requirementa of governmental agency having jurisdiction theraof any relating to any portion of the Property shall be complied with, by and at the sole axpense of the shall have the obligation to maintain or repair Unit Owner or the Board of Divectors, whichever such portion of the Property, and, if the latter, then the coat of such compliance shall be a Common (4) Nöthing shall be altered or constructed in or prior written consent of the Board of Diractors. removed from the Common flaments except upon the The Common Elements shall ba used only for the furnishing of the services and facilities for which the same are reasonably suited and which are (G) No trailers, campers or boats may be parked on the incident to the use and occupancy of the units. Property, unleas the Board of Directors shall desigrate an area within the parking areas exclusively for such purposes. No junk or derelict vehicle or other vehicle on which current registration plates are not displayed shall be kept upon any of the Common Elements. used in his unit which are billed directly to such Each Unit Owner shall pay for utilities conaumed or unit through separate meters. The coat of utilities serving the Common Elements and of ' utilities serving unite through meter systems other than separate meters for'each unit shall be Common Expenses.

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(8) No Unit Owner shall place or cause or permit to be placed on or in the public halla, stairwaya or other Common Blements (other than in the areas designated ad storage areas) any furniture, packages or objects of any kind. The balla and stairways shall be used for no purpose other than for normal transit. Each unit and the Common Elaments shạll be occupied and used in compliance with the Rules and Regulations which may be promulgated and amended by the Board of Directora from time to time. Coples if the Rules and Regulations shall be furnished by the Board of Directore to each Unit Ower. Amendments to the Rules and Regulationa shall be conspicuously posted prior to the time when the same ahall become effactive, and copies thereof shall be furnished to each Unit Owner upon request.

Section 9. Right of Access. A Unit Owner shall grant a right of sccess to his unit to the manager and/or the managing agent and/or any other person authorized by the Board of Directors, the manager or the managing agent, for the purpose of making inspections or for the purpose of correcting any condition originating in his unit and threatening another unit or the Common Elementa, or for the purpose of perforuing installatione,

alterations or repairs to the mechanical or electrical services or other Common Elamenta, or to correct any condition which violates the provisions of any mortgage covering another unit, provided that requeata for entry are made in advance and that any auch antry la at a time reasonably convenient to the Unit Owner and further provided that such right shall be exercised in auch a manner as residential purpases. will not unreasonably interfere with the use of the units for shall be immediate, whether the Unit Ownar is present at the time In case of an amergency, such right of antry or not.

ARTICLE VI

INSURANCE AND CASUALTY LOSSES

Section 1. Insurance. The Association shall obtain and maintain at all times (i) insurance for all of the insurable' improvementa on the Property (with the exception of improvements and betterments made by the respective Unit Ownars or occupanta) againat loss or damage by fire or other hazarda, including extended doverage, vandalism and malicious mischief in an amount sufficient to cover the full replacement costs of any repair or reconstruction in the event of damage or destruction from any such hazard; (11) 11 the Condominium has a boiler, boiler explosion insurance evidenced by the standard form of boiler and machinery insurance policy and providing as a minimum, 950,000 per accident per lacation; (111) fidelity coverage against dishonest acts on the part of the directora, officers, managers, employees or other persons handling funds belonging to or administered by the Association, naming: the Association as the insured and in an amount not less than 1-1/2 times the Association's estimated annual operating expenses and reserves; and (iv) a comprehensive public liability policy covering all Common Elements in the Condominium and all darage or injury caused by the negligence of the Association, its ofiicers,

directors, agenta, employees, all Unit Ownera and other persona entitled to occupy any unit or other portion of the Condominius, with cross liability endorsement to cover liability of the Undt Owpers as a group to a Unit Owmer and a taeverability of interest" endorsement which shall preclude the insurer froa denying the claja of a Unit Owner because of the negligent acts of other Unit Owners. or the Association, which public llability policy shall be in mounts authorized from time to. tiza by the Board of Directors not less than $500,000,00 for injury, including death, to one

individual, 41,000,000,00 for injury or injuries, including death, arising out of a single occurrence, and $50,000,00 property

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and hired autosobile and liability for property of others. dasage, including rater damage liability, liability for non-owned Association shall also obtain and maintain such other insurance as The determine to be in the bast interests of the Association and the may be required by applicable law or as the Board of Directors say Init Owners. Ixpensas not specially assessed. Premiums for all such insurance shall be Coumon obtained by the Association shall be written in the name of the All such insurance: coverage Association as trustes for each of the Unit Owners in their respective percentages of undivided intarest in and to the Conson hereinafter set forth: Elements. Such insurance shall be governed by the provisions

(a) All policies shall be written with a reputable company

Georgia. companies licensed to do buainess in the State'of (b) All policies shall be for the benefit of the interests may appear, and the Association shall: be the Association, the Owners and their mortgagees as their' named insured.

(c) Provision shall be made for the issuance of a nortgages, if any, which shall specify the certificate of insurance to each Unit Owner and his the particular Unit Owner's interest in the property. proportionate amount of such insurance attributable to (d) Exclusive authority to adjust losses under policies hereafter in force on the property shall be vested in the Association; provided, howaver, that no settlement negotiations, if any, related thereto, and mortgagee may be prohibited from participating in the the proceeds of the insurance shall be paid to the Association for the use and benefit of the mortgagees as their interest way appear.

maintained by the Association hereunder be brought into In no event shali the insurance coverage obtained and contribution with insurance purchamed by individual Unit Owners or their mortgagees. Owner at his own expense to provide, as he sees fit, It shall be the individual responsibility of aach Unit title insurance on his individual unit, public liability insurance, theft-and other insurance covering Improvements, betterments and personal property damage and loss. (g) Any Unit Owner who obtains an individual insurance with the Association within thirty (30) days after policy shall file a copy of each such individual policy (h) The Association shall conduct an annual insurance review to determine that the insurance maintained by the Association is adequate to meet the requirements of this Declaration.

(1) The Association shall make reasonable effort to secure following: insurance policies that will provide for the claims against the Associatiop, any oificer, diractor, (1) a waiver of subrogation by the inaurer as to any and their employees, agente, tenants and invitees and agent or employee of the Association, the Unit Owner? of any defenses based on co-insurance or in invalidity arising from the acta of the insured; and reconstruct instead of paying cash; (3) that the (2) a waiver by the insurer of its right to repair policy on the property cannot be cancelled, invalidated

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or suspended on account of the conduct of any officer, director, agent or employee of the Association without to cure the defect and the allowance of a reasonable a prior demand in writing delivered to the Association time thereafter within which the defect may be cured by he Association, any Unit Owner or mortgagee; exclude individual Unit Owner's policies fron 41 that any "other insurance" clause in the policy considaration;

(5) that coverage may not be cancelled or

substantially modified (including cancellation for non-payment of premium) without at least thirty (30) days' prior written notice to any and all insureds, behalf of the Federal National Mortgage Association or including the institutions servicing mortgages on the Fedbral Home Loan Mortgage Corporation; and act or neglect of the Owners of the units when said act (6) that coverage mill not be prejudiced by either or neglect is not within the control of the

'Association, nor by any failure of the Association to comply with anywarranty or condition regarding any portion of the premises over which the Association has no control. Section 2. Handling of Casualty Insurance Proceeds, A11 aball provide that proceeds covering the property losses shall be insurance policies purchased by and in the name of the Association paid to the Association. The Association shall receive such for the benefit of the Unit Owners and their mortgagees in proceeds as are paid and delivered to it and hold the same in trust Ownera in and to the Common Elementa. accordance with the respective undivided interests of the Unit portion thereof as may be required for such purpose, shall be Such proceeds, or such disbursed by the Association in payment of ropairs or

reconstruction as hereinafter provided. Any proceeds remaining after defraying all costs of repairs or reconstruction shall be dimbursed to the beneficial Unit Owners, remittances to Onit Owners and their mortgagees being payable jointly to tham. the damage or destruction for which the proceeds ars paid shall not Kotwithstanding the foregoing, in the event of a deteraination that be repaired or reconstructed, such proceede shall be disbursed to such persons as hereinaftar provided.

Section 3. Damage and Destruotion.

(.) Immediately after any damage or destruction by fire or other casualty to the property covered by inaurance written in the name of the Association, the Association shall proceed with the filing and adjustment of ,all claima arising under such insurance and obtain rellable and detailed estimates of the cost of repair or Repair or reconstruction, ma used in this paragraph, reconatruction of the damaged or destroyed property. means repairing or restoring the property to

subatantially the same condition in which it existed prior to the fire or ither casualty with each unit and horizontal boundaries as before. the Common Blements having the same vertical and (b) Immediately after substantial damage or destruction by fire or other casualty to any part of the property, the Association shall provide written notice of same to each mortgages having an interest therain whose nama Association together with a written requast for such and address have theretofore been furnished to the notice. Notwithstanding the foregoing, i1 the redaraj lose Loan Mortgage Corporation ("FHLMO") or tha Jedara] National Mortgago Association ("FMMA") is the mortgagee of any unit, the Association shall notify FHCHC or TAMA, as the came may be (c/o the inatitution servicing the mortgage of mortgages for and on behalf of FHIMO of

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PNHA, am the case may be), in writing of any loas to the Cosmon Elements 1f such loss exceeds $10,000.00, and of any loss to a unit covered by a mortgage owned' in whole or in part by PHENO or INMA 1f auch loss exceeds 91,000.00.

(c) Any damage or destruction shall be repaired or reconstructed unless:

provisions of the Act; (1) the condominium la terminated pursuant to the is withdrawn from the condominius pursuant, to the (2) the damaged or destroyed portion of the property provisions of the Act; or

anita, if any, together with the Unit Owners of other (3) the Unit Owners of the damaged or destroyed units to which tho-thirds of the votes in the Association appertain, exclusive of the votes appertaining to any damaged or destroyed unita, agree destruction. not to repair or reconstruct such damage or

conclusively made within a period of time which shall Any such determination shall be in no event exceed ninety (90) days after tha casualty. Should a detarmination be made to terminate the Condominium, withdraw from the Condominium the damaged portion of the property or not to repair or above, then such damaged or destroyed unit shall not be reconatruct the damage or dastruction as provided interest in the Common Elements appertaining to that repaired or reconstructed and the entire undivided unit shall thenceforth appertain to the remaining units, baing allocated to them in proportion to their undivided interest in the Common Biements inmediately. such damaged or destroyed unit, including the land prior to such allocation; and any remaining portion of Association and liability for assesszents Shall be a part of the Common Elements. Votes in the allocated to them in proportion to their relative thereupon appertain to the remaining units, being voting strangth in the Association and liability for assessments immediately prior to such allocation. any damaged Common Elements shall not be repaired or If restored; then the net insurance proceeds appertaining thereto shall be divided among the Unit Owners in Elemente. If any damaged unit shall not be repaired or accordance with their percent interasts In the Common restored, then after deducting therefrom a reasonable amount to be paid to the Association to cover the expenses of cleaning up and landscaping the area where the damaged unit was located, the net insurance Owner and such mortgagee jointly, who shall usa auch proceeds appertaining thereto shall be paid to tha proceeds as they alone may determine.

Section 4. Repair and Reconstruction. If the damage of destruction for which the insurance procaeds are paid is to be repaired or reconatructed, then the net proceeds shall be diapuraed to defray the cost of such repairs or reconstruction as herein provided. be distributed to the beneficial Owners thereof, as determined in Any proceeda remaining after defraying such costs shall accordance with the provisions of Section 3(c) of this Anticle VI; said remittances to Unit Ownera and thelr mortgagees baving mortgagee endorsements, baing payable jointly to them, shall be used as they alone may determine. If the damage or destruction for which the insurance proceeds are paid is tô be repaired or reconatructed and such proceeds are pot sufficient to defray the sufficient amounts to provide funds to pay such excess cost of cost thereof, the Association shall levy a special assessment in like manner at any time during or following the completion of any repair or reconstruction. Additional assessments may be made in

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