COVENANTS

Article XI - The Cordova Club

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Cordova Club Owner's Association

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ARTICLE XI

 

The Association

11.1     General Purposes and Powers. There shall be established an Association of the Owners for the purpose of promoting the goals of this Declaration for the mutual benefit of the Owners. The Association, through its Board of Directors, shall perform functions and manage the Property as provided in this Declaration so as to further the interests of the Owners. It shall have all powers necessary or desirable to effectuate such purposes.

11.2     Membership. The Owner of a Lot shall, upon becoming an Owner, become a member of the Association. Said membership shall automatically pass with fee simple title to a Lot. Each Owner shall be entitled to the benefits (subject to an Owner's complying with the dictates of this Declaration, the Articles and Bylaws) and shall be subject to the burdens relating to membership. If the fee simple title to a Lot is held, of record, by more than one Person, each such Person shall be a member of the Association. Membership shall be appurtenant to and may not be separated from ownership of any Lot, such ownership being the only qualification for membership.

11.3     Voting of Owners. The Owner (aggregate of all Persons owning a Lot) of each Lot shall be entitled to one vote per Lot owned. Therefore, the one vote attendant to a particular Lot so owned must be voted as a single vote and may not be divided among the individual Persons who comprise the ownership of the same Lot. Notwithstanding the above, the Declarant shall have 2.5 votes per Lot owned by it until such time as seventy percent (70%) of the total number of Lots projected by Declarant to be developed have been conveyed to Persons other than the Declarant, or January 1, 1997, whichever shall first occur.

11.4     Board of Directors. The affairs of the Association shall be managed and governed by a Board of Directors which may by resolution delegate any portion of its responsibility to an executive committee, or to a member of the Board, or to a manager for the Association. There shall be not less than three (3) nor more than twenty-five (25) members of the Board of Directors, the specific number to be set forth from time to time in the Bylaws, all of whom shall be Owners, except those appointed by the Declarant in accordance with this Declaration.

All members of the Board of Directors shall be appointed by Declarant until such time as more than 70% of the total number of Lots by Declarant projected to be developed have been conveyed to Persons other than the Declarant, or January 1, 1997, whichever shall first occur. Therefore, the Owners may not elect or remove a member of the Board until either of such events has occurred. The Board shall, in addition to all other duties and responsibilities, be empowered to promulgate reasonable and non-discriminatory rules and regulations for the use of the Property and Common Areas.

11.5     Bylaws and Articles. The purposes and powers of the Association and the rights and obligations with respect to Owners set forth in this Declaration may be and shall be amplified by provisions of the Articles of Incorporation and Bylaws of the Association. A copy of the Articles of Incorporation and Bylaws of the Association are attached hereto as Exhibits E and F which shall be governed and may be modified pursuant to the laws of the State of Tennessee.

 

 

 

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