BY-LAWS OF

 

MOODY POINT CONDOMINIUM II ASSOCIATION, INC.

(THE RIDGE AT MOODY POINT ON GREAT BAY)

 

ARTICLE I - Articles of Agreement

 

The name of the corporation, the objects for which it is established, and the nature of the business to be transacted by it, and the location of its principal place and other places of business shall be as set forth in the Articles of Agreement, as from time to time amended.  The powers of the Corporation and its Directors and members, and all matters concerning the conduct and regulation of the business of the Corporation shall be subject to such provisions in regard thereto, if any, as are set forth in such Articles of Association, and such Articles of Association are hereby made a part of these By-Laws.

 

ARTICLE II - Membership

 

                Section 1.  By-Laws Applicability:

 

All present and future owners of condominiums within the project designated Moody Point Condominium II Association and as shown on a plan entitled "Moody Point Condominium II Association, Incorporated, Revised Final Site Plan, Lots 7 & 8 (being a revision of original Lots 7 & 8), Newmarket, NH,  of record in the Srafford County Registry of Deeds are required to be members of the association and are subject to the regulations set forth in these By-Laws.

 

Section 2.  Personal Applicability:

 

The acceptance of a deed or contract for any such condominium unit will signify that these By-Laws are accepted, ratified, and that there will be compliance with their terms and conditions.

 

By the acceptance of said deed or contract hereinabove set forth, all members of this Association are also required to become and agree to become members of the Moody Point Community Association, which membership and the obligations incident thereto are separate and distinct from the membership and the obligations with respect to this Association.

 

Section 3.  Voting:

 

Each member hereunder shall be entitled to one (1) vote for each condominium unit owned.  If units are in multiple ownership, the owners shall designate in writing to the Secretary of this Association the name of the person authorized to cast the vote for that unit.

 

ARTICLE III - Board of Directors

 

The affairs of the Association shall be conducted by a board consisting of five (5) Directors.

 

Section 1.  Election:

 

At each annual meeting, subject to the  provisions of subparagraph 2 hereof, the Owners shall elect a Board of Directors for the forthcoming year; provided, however, the first Board of Directors elected hereunder may be elected at a special meeting duly called, said Board of Directors to serve until the first annual meeting held thereafter.  At least 30 days prior to any annual meeting, the Board of Directors shall elect a Nominating Committee of not less than three (3) owners, and such committee shall recommend to the annual meeting one (1) nominee for each position on the Board of Directors to be filled at that particular annual meeting.  Nominations for the Board of Directors may also be made from the floor at the annual meeting.

Section 2.  Term:

 

Members of the Board of Directors shall serve for a term of three (3) years; provided that two (2) of the five (5) of the first Board of Directors shall be elected to serve for a one-year term, two (2) members shall serve for a two-year term, and the remaining one (1) member shall serve for a three-year term.

 

Section 3.  Resignation and Removal:

 

Any member of the Board of Directors may resign at any time by giving written notice to the President, and any member may be removed from membership on the Board of Directors by an affirmative vote of 2/3 of the Owners present at a meeting duly called for that purpose.  Whenever there shall occur a vacancy on the Board of Directors due to death, resignation, removal or any other cause, the remaining Directors shall elect a successor Director to serve until the next annual meeting of the Association, at which time said vacancy shall be filled for the un-expired term.

 

Section 4.  Power and Authority of Board of Directors:

 

The Board of Directors, for the benefit of the condominiums and the owners, shall enforce the provisions hereof, and shall acquire and pay for out of the common expense fund hereinafter provided for the following:

 

A.  Water, sewer, garbage collection, snow removal, electrical, telephone and gas and other necessary utility service for the common areas (and to the extent not separately metered or charged to the units).

 

B.  A policy or policies of fire insurance as the same are more fully set forth in Article VIII of the Declaration, with extended coverage endorsement, for the full insurable replacement value of the units and the common areas, payable as provided in Article VII of said Declaration, or such other fire and casualty insurance as the Board of Directors shall determine gives substantially equal or greater protection to the Owners and their mortgagees, as their respective interests may appear, which said policy or policies shall provide for a separate loss payable endorsement in favor of the mortgagee or mortgagees of each condominium, if any.

 

C.  A policy or policies as the same are more fully set forth herein insuring the Board of Directors, the Owners, and the manager against any liability to the public or to the owners (of units and of the common areas, and their invitees or tenants) incident to the ownership and/or use of the condominium, and including the personal liability exposure of the owners, incident to the ownership and/or use of the condominium and including the personal liability exposure of the owners, incident to the ownership and/or use of the project.  Limits of liability under such insurance shall not be less than Three Hundred Thousand ($300,000) Dollars for any one (1) person injured for any one (1) accident, and shall not be less than One Hundred Thousand ($100,000) Dollars for property damage each occurrence (such limits and coverage to be reviewed at least annually by the Board of Directors and increased in its discretion).  Said policy or policies shall be issued on a comprehensive liability basis, and shall provide cross liability endorsement wherein the rights of named insured under the policy or policies shall not be prejudiced as respects his, her, or their action against another named insured.

 

D.  Workmen's Compensation Insurance, to the extent necessary to comply with any applicable laws.

 

E.  The services of a person or firm to manage its affairs (herein called "the Manager") to the extent deemed advisable by the Board of Directors as well as such other personnel or property as the Board of Directors shall determine shall be necessary for the operation of the common areas, whether such personnel are employed directly by the Board of Directors or are furnished by the Manager.

 

F.  Legal and accounting services necessary or proper in the operation of the common areas or of the enforcement or defense of the provisions of the Declaration and/or these By-Laws.

 

G.  Painting, maintenance, repair and all landscaping of the common areas, specifically including maintenance and repairs with respect to the parking areas as designated within the condominium Declaration, and such furnishings and equipment for the common areas as the Board of Directors shall determine are necessary and proper, and the Board of Directors shall have the exclusive right and duty to acquire the same for the common areas; provided, however, that the interior surfaces and the wallboard of each unit shall be painted, maintained and repaired by the owner thereof, all such maintenance to be at the sole cost and expense of the owner.

H.  The maintenance, repair, replacement and  use of the sewer system to the extent that same is located outside of the units and not operated and maintained by the Town of Newmarket and the water system to the extent that same is located outside of the units  and not operated and maintained by the private water company that owns portions of same.

 

I.  Any other materials, supplies, labor, services, maintenance, repairs, structural alterations, insurance, taxes, or assessments which the Board of Directors is required to secure or pay for pursuant to the terms of the Declaration or By-Laws, or which, in its opinion, shall be necessary or proper for the operation of the common areas or for the enforcement of the Declaration, provided that if such materials, supplies, labor, services, maintenance, repairs, structural alterations, insurance, taxes, or assessments are provided for particular units, the cost thereof shall be specially assessed to the owner of such unit or units.

 

J.  Maintenance and repair of any unit, if such maintenance or repair is reasonably necessary in the discretion of the Board of Directors, to protect the common areas or preserve the appearance and/or value of the project, and the owner or owners of said unit have failed or refused to perform said maintenance or repair within a reasonable time after written notice of the necessity of said maintenance or repair delivered by the Board of Directors shall levy a special assessment against the unit of such owner or owners for the cost of said maintenance or repair.

 

K.  The Board of Directors shall have the exclusive right to contract for all goods, services and insurance, payment for which is to be made from the common expense fund.

 

L.  To assist the Board in the orderly conduct of the Association's business and proper enforcement of its Declaration and By-Laws, the Board shall appoint the following committees:

 

(1) ARCHITECTURAL REVIEW COMMITTEE.  This committee shall consist of three (3) members appointed by the Board of Directors, and it shall review all proposed plans and/or requests for additions, alterations and/or new construction, including those pertaining to the common areas, the condominium buildings, and any other appurtenances relative to same.  No walls, fences, pools, terraces, court yards, and/or gardens may be constructed or altered without first having submitted a written request and receiving approval from this committee.  Refusal of approval may be based upon any grounds, including purely aesthetic considerations.  Appeal from any such decision may be made to the Board of Directors.  This committee shall set up such guidelines as it deems necessary and appropriate, and shall be responsible for notifying all unit owners of said guidelines.

 

(2) BUDGET COMMITTEE.  This committee shall consist of three (3) members appointed by the Board of Directors, and shall be responsible for drafting the proposed annual budget for the Association, reviewing all proposed expenses, and making recommendations to the Board of Directors with respect to fixing the assessments and the method of collecting same so that the Association can best operate in an efficient and orderly manner.  It shall be the responsibility of the Budget Committee, or the Board of Directors should there be no committee appointed, to provide for an adequate reserve fund in the initial and any future budgets.  Said assessments should be set to include an amount for said reserve fund.

 

                Section 5.  Meeting of the Board of Directors:

 

Three (3) members of the Board of Directors shall constitute a quorum; and, if a quorum is present, the decision of a majority of those present shall be the act of the Board of Directors.  The Board of Directors shall annually elect all of the officers of the Association as set forth in Paragraph V of these By-Laws, such offices to be elected from among the members of the Board of Directors.  The meeting for the election of officers shall be held at a meeting of the Board of Directors to be called immediately following the annual meeting of the association of owners.  Other meetings of the Board of Directors may be called, held, and conducted in accordance with such regulations as the Board of Directors may adopt.  The Board of Directors may also act without a meeting by unanimous written consent of its members.

 

                Section 6.  Developer Powers and Functions:

 

Until 75% of the units have been sold, or three (3) years from the date of recordation of the condominium Declaration, whichever is sooner, the rights, duties and functions of the Board of Directors shall, at the option of the Declarant, Moody Point Company, be exercised by said Declarant.  The Declarant shall have the option at any time within the time period set forth above to turn over to the Association the responsibility of electing all of the members of the Board of Directors.

 

ARTICLE IV - Meetings

 

The presence at any meeting of the association of owners of 25% of owners in response to notice to all owners of record given in accordance with Article IV 2 of these By-Laws shall constitute a quorum.  Unless otherwise expressly provided in the Declaration, any action may be taken at any meeting of the association upon the affirmative vote of a majority of the owners present and voting, provided that a quorum is present as provided for above.

 

Section 1.  Annual Meeting:

 

There shall be a meeting of the association during the month of October of each year  at Cushing Road, Newmarket, New Hampshire, or such other reasonable place or time (not more than 60 days before or after such date) as may be designated by written notice of the Board of Directors, delivered to the owners not less than twenty-one (21) days prior to the date fixed for said meeting.  At the annual meeting, the Board of Directors shall present a statement of the common expenses, itemizing receipts and disbursements for the preceding  fiscal year, and the estimated common expenses for the coming fiscal year with the allocation thereof to each owner.  Unless changed by vote of the Association at such annual meeting, or at some subsequent duly called meeting of the Association, the assessment presented by the Board of Directors and determined pursuant to Article VI of these By-Laws shall be the assessment for the fiscal year, subject to the provisions for additional assessment by the Board of Directors pursuant to Article VI, Section 1.A. of these By-Laws. The fiscal year is hereby designated to be August 1 through July 31.  Within ten (10) days after the annual meeting, said statement shall be delivered to the owners not present at said meeting.

 

Section 2.  Special Meetings:

 

Special meetings of the association may be called at any time for the purpose of considering matters which, by the terms of the Declaration, require the approval of all or some of the owners, or for any other reasonable purpose.  Said meetings shall be called by written notice, signed by a majority of the Board of Directors or by the owners having one-third (1/3) of the total votes delivered not less than fifteen (15) days prior to the date fixed for said meeting.  Said notices shall specify the date, time and place of the meeting, and the matters to be considered thereat.

 

ARTICLE V - Officers

 

The officers of the association shall be a President, Vice President, Secretary and Treasurer.  The offices of Secretary and Treasurer may be combined as one (1) office.  All officers, after the Developer shall have relinquished its power to exercise the rights, duties and functions of the Board of Directors pursuant to Article III of these By-Laws, shall be owners of the condominium units in the project.  Officers shall be annually elected by, and may be removed and replaced by, the Board of Directors.  Any officers or other individuals responsible for any association funds shall be subject to Fidelity bond coverage in a minimum amount equal to three (3) months assessments on all units, plus any reserve funds.

 

Section 1.  President:

 

The President shall preside at all meetings of the association and of the Board of Directors, and may exercise the powers ordinarily allocable to the presiding officer of an association, including the appointment of committees not appointed by the Board of Directors.

 

Section 2.  Vice President:

 

The Vice President shall perform the functions of the President in the absence or inability of the President.

 

 

 

 

Section 3.  Secretary:

 

The Secretary shall keep minutes of all proceedings of the Board of Directors and of the meetings of the association, and shall keep such books and records as may be necessary and appropriate for the records of the association and its Board of Directors.

 

Section 4.  Treasurer:

 

The Treasurer shall be responsible for the fiscal affairs of the association, but may delegate the daily handling of income and expense payments to the authorized manager of the condominiums.

 

ARTICLE VI - Common Expenses

 

Section 1.  Assessments:

 

A.  Within thirty (30) days prior to the Annual Meeting, the Board of Directors, acting in conjunction with the Budget Committee, shall estimate the net charges to be paid during the following year (including a reasonable provision for working capital, contingencies and replacements, and less any expected income and any surplus from the prior year's operation).  Said estimated cash requirement shall be assessed to the owners pursuant to the percentages set forth in the Declaration. The Declarant shall be responsible for assessments against all unsold units from the date of the recording of the declaration at the registry of deeds, whether or not said units are completed or started.  Provided, however, that the share of the common expenses and common profits attributable to any unit declared to have been untenantable for over 60 days because of damage due to casualty or fire by the Board of Directors of the Association of Unit Owners, shall be abated until said untenantable unit is determined to be tenantable by the Board of Directors. During such periods of abatement, the share of the common expenses and common profits attributable to such unit or units shall be prorated  and borne among the remaining completed units in the shares which their shares in the common areas bear to each other.  In the event of foreclosures by an institutional mortgagee holding a mortgage constituting a first lien on a unit within the condominium, said mortgagee shall be exempt from payment of any assessment due prior to foreclosure.  Said delinquent assessments may be reallocated as a common expense payable by all unit owners.

 

If said sum estimated proves inadequate for any reason, including non-payment of any owner's assessment, the Board of Directors may at any time levy a further assessment, which shall be assessed to the owners in like proportions, unless otherwise provided herein.  Each owner shall be obligated to pay assessments made pursuant to this paragraph to the Board of Directors in equal monthly installments on or before the first day of each month during such year or in such other reasonable manner as the Board of Directors shall designate.

 

B.  The rights, duties and functions of the Board of Directors set forth in this paragraph shall be exercised by the Declarant for the period ending thirty (30) days after the election of the first Board of Directors hereunder.

 

C.  The omission by the Board of Directors before the expiration of any year, to fix the assessments hereunder for that or the next year, shall not be deemed a waiver or modification in any respect of the provisions of the Declaration or a release of the owner from the obligation to pay the assessments or any installment thereof for that or any subsequent year, but the assessment fixed for the preceding year shall continue until a new assessment is fixed.  Amendments to this paragraph shall be effective only upon unanimous written consent of the owners and their mortgagees.  No owner may exempt himself from liability for his contribution towards the common expenses by waiver of the use or enjoyment of any  of the common areas or by abandonment of his unit.

 

D.  The manager or Board of  Directors shall keep detailed, accurate records in chronological order of the receipts and expenditures affecting the common areas, specifying and itemizing the maintenance and repair expenses of the common areas, and any other expenses incurred.  Records and vouchers authorizing the payments involved (and all current documents and financial statements) shall be available for examination by any owner and/or institutional mortgagee holding mortgages constituting first liens on units within the condominium upon request and during normal business hours.

 

 

 

 

Section 2.  Default in Payment of Assessments:

 

Each monthly assessment and each special assessment shall be separate, distinct, and personal debts and obligations of the owner against whom the same are assessed at the time the assessment is made, and shall be collectible as such.  Suit to recover a money judgment for unpaid common expenses shall be maintainable without foreclosing or waiving the lien securing same.  Each assessment not paid when due shall accrue a late charge in the amount of $15. Ten (10) days after due date, unit owners will be notified in writing by certified mail of the delinquency, at which time an additional fee of $25 will be assessed against said account.  Thirty (30) days after the due date, a lien will be placed against the unit.  Thereafter, interest at the rate of 18% per annum shall be assessed.  The amount of the assessment, whether regular or special, assessed to the owner of any condominium, plus fees as herein set forth, and costs including reasonable attorneys' fees, shall become a lien upon such condominium upon recordation of a notice of assessment by the Board of Directors.  The said lien for nonpayment of common expenses shall have priority over all other liens and encumbrances, recorded or unrecorded, except:

 

(1) Tax and special assessment liens on the unit in favor of any assessing body and special district,                                    and

 

(2) All sums unpaid on a first mortgage of record on the unit.

 

All or any of the above late fees may, in the discretion of the Board of Directors, be waived for good cause shown.

 

A certificate executed and acknowledged by a majority of the Board of Directors stating the indebtedness secured by the lien upon any condominium created hereunder shall be conclusive upon the Board of Directors and the owners as to the amount of such indebtedness on the date of the certificate, in favor of all persons who rely thereon in good faith, and such certificate shall be furnished to any owner or any encumbrancer or prospective encumbrancer of a condominium upon request at a reasonable fee not to exceed $10.  Unless the request for a certificate of indebtedness shall be complied with, within ten (10) days, all unpaid common expenses which become due prior to the date of the making of such request shall be subordinate to the lien held by the person making the request; or, in the case of a purchaser, such purchaser shall take title free and clear of such lien.  Any encumbrancer holding a lien on a condominium may pay any unpaid common expenses payable with respect to such condominium, and upon such payment, such encumbrancer shall have a lien on such condominium for the amounts paid of the same rank as the lien of his encumbrance.

 

Upon payment of a delinquent assessment concerning which such certificate has been so recorded, or other satisfaction thereof, the Board of Directors shall cause to be recorded in the same manner as the certificate of indebtedness a further certificate stating the satisfaction and the release of the lien thereof.  Such lien for nonpayment of assessment may be enforced by sale by the Board of Directors or by a bank or trust company or title insurance company authorized by the Board of Directors, such sale to be conducted in accordance with the provisions of law applicable to the exercise of powers of sale or foreclosure in deed of trust or mortgages or in any manner permitted by law.  In any foreclosure sale, the owner shall be required to pay the costs and expenses of such proceedings and reasonable attorneys' fees.

 

ARTICLE VII - Audit

 

Any owner and/or institutional mortgagees holding mortgages constituting first liens on units within the condominium may at any time, at his or its own expense, cause an audit or inspection to be made of the books and records of the manager or Board of Directors.  The Board of Directors, at its discretion and as a common expense, may obtain an audit of all books and records pertaining to the condominium and furnish copies thereof to the owners.

 

ARTICLE VIII - Restrictions and Requirements

 

These restrictions and requirements regarding the use and maintenance of the units and common areas and facilities are in keeping with and/or in addition to those imposed by the Declaration, and are as follows:

 

A.  Each unit owner shall be required to clean, repair and replace all glass, outside lights, outside water and electrical outlets, and all doors appurtenant to his unit, although such glass, outside lights, outside water and electrical outlets and doors may be common areas.

 

B.  Each unit owner shall have the right, at his own expense, to paint and repaint, tile, wax, paper, or otherwise refinish and decorate the inner surfaces of the walls, floors, ceilings and doors bounding his unit.

 

C.  Each unit owner shall immediately notify the Board of Directors, or a member thereof, of any damage to or malfunction of any pipe, wire, or other utility installation which is a common area within his unit.

 

D.  Each unit owner shall, at his own expense, keep the limited common areas appurtenant to his unit in a clean and sanitary condition.  All rubbish and trash shall be deposited in an area dumpster to be provided by the association.

 

E.  No unit owner shall, without first applying to and obtaining the written consent of the Architectural Review Committee, make or permit to be made any structural alteration in or to his unit or in or to any part of the building housing his unit or to the common areas.  Nor shall any unit owner take any action, or permit any action to be taken, that will impair the structural soundness or integrity or safety of any building or other structure in the condominium development, without first applying to and obtaining written consent of said committee.

 

F.  No unit owner shall paint or decorate any portion of the exterior of any building or other structure in the condominium development or any common area or limited common area therein, without first applying to and obtaining the written consent of the Architectural Review Committee.

 

G.  No unit owner shall post, or allow to be posted, any advertisements, signs, notices or posters of any kind in or on any part of the condominium property other than on a bulletin board provided by the association for that purpose.

 

H.  All pets, whenever they are outside of its owner's unit, shall be on a leash or otherwise suitably restrained.  No pets shall be allowed by their owners to become a nuisance or otherwise interfere with any other owner's peaceful enjoyment of his unit and/or the common areas.  Complaints with respect to pet problems shall be directed to the Board of Directors which shall notify the owner of this violation.  If this problem is not corrected to the Board's satisfaction, the Board shall have the right to proceed with having said pet removed from the premises.

 

In addition thereto, all pet owners shall be required to register their pet with the Board of Directors, and shall also be required to pay a special annual assessment of $50, said sum to be used specifically for payment of damages caused by unidentified pets.  There shall be a maximum of two (2) household pets per unit, unless special exception is applied for and granted by the Board of Directors.  The initial annual assessment shall be paid for at transfer of ownership of said unit.  Annual assessment billing for pet owners shall be determined by the Board of Directors as to date of billing, due date, and any late fees which may accrue.

 

I.  No person shall cause  or permit anyone else to do anything which would interfere with the rights, comforts, convenience of other persons or which would injure or damage any part of the condominium.

 

J.  The association  shall have the irrevocable right to be reasonably exercised by the Board of Directors, or its agents, to enter any unit when necessary in connection with any repair, maintenance, landscaping or construction for which the Board of Directors is responsible, and shall have the irrevocable right, to be reasonably exercised by the Board of Directors or its agents, to enter any unit for purpose of making emergency repairs necessary to prevent damage to other parts of the condominium development. Such entry shall be made with as little   inconvenience to the unit owner as practicable, and any damage caused thereby, or expenses in connection therewith, shall be repaired or satisfied by the Board of Directors out of the common expense fund.

 

K.  No window-mounted air conditioning units shall be allowed.

 

L.  Each unit owner shall be responsible within ten (10) days after occupancy to properly dress all windows and glass door units with draperies, curtains, or other acceptable window coverings such as shades and blinds. Blankets, sheets, and material remnants will not be acceptable.

 

M.  There shall be no discharging of firearms within any of the condominium areas, specifically including, but not limited to, all common areas.

 

N.  No vehicles shall be used on any common areas, except as means of ingress or egress on roadways only.  Provided, further, that no off road recreational vehicles, specifically including without limiting, snow machines three-wheeled vehicles, so-called dirt and mini-bikes, or other recreational vehicles, shall be driven on said roadways or on any of the common areas.

 

O.  The units shall be heated with the heating system provided with the unit.  No other wood, coal, gas, kerosene or other combustible supplemental heating system or equipment shall be allowed.

 

P.  The association shall comply with  and be responsible for enforcing all reservations, covenants, and restrictions placed upon the condominium property by the Declarant.

 

ARTICLE IX - Amendments

 

These By-Laws, except as otherwise provided herein, may be amended by a vote of 2/3 of the unit owners and consent of 51% of institutional mortgagees holding mortgages constituting first liens on units within the condominium. Such amendment shall be effective upon the recording in the office of the Registry of Deeds of Rockingham County, State of New Hampshire, an instrument of amendment in writing, acknowledged and recorded as provided by New Hampshire RSA 356-B, subject to the following:

 

A.  Notice of the subject matter of a proposed amendment shall be included in the notice of any meeting at which the proposed amendment is to be considered.

 

B.  No amendment shall change any unit or share of the common areas appurtenant to such unit, or increase an owner's share in the common areas, except such rights as are otherwise reserved to the Declarant under the option to expand or the rights relative to the convertible land, unless all the record owners of the units, whether the same be built or unbuilt, and all the record owners of mortgages thereon, shall join in the execution of the amend­ment; however, anyone dealing with the association or attempting to establish title to a particular unit, in the absence of actual knowledge or discrimina­tion on the part of the association, may conclusively rely upon the validity and legality of any amendment of these By-Laws recorded in the Rockingham County Registry of Deeds if said amendment is signed, acknowledged, and recorded in compliance with RSA 356-B.

 

The foregoing were adopted as the By-Laws of the Moody Point Condominium II Association, Inc., a voluntary corporation organized under the laws of the State of New Hampshire, at the first meeting of the Board of Directors held on    (May 10)     , 1992.

 

APPROVED:

 

 

(L/S)   (Valerie Shelton)_______

President

 

 

                                                                                                    (L/S)      (Becky I. Benvenuti)_______

                                                                                                   Secretary

 

 

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Amendments: