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By-Laws |
ARTICLE IX
Management and Expenses
Section 1. Management and Common Expenses. The Association, acting by and through its Board of Directors, shall manage, operate and maintain the Common Areas for the benefit of Members and the community, shall enforce the provisions of these By-Laws and the Declaration and pursuant thereto shall have the authority to pay:
Section 2. Management Agent. The Board of Directors may by resolution delegate any of its ministerial duties, powers or functions to a Management Agent. The Association and the Board of Directors shall not be liable for any omission or improper exercise by a Management Agent of any such duty, power or function so delegated.
Section 3. Easements for Utilities and Related Purposes. The Board of Directors is authorized and empowered to grant such licenses, easements, or rights-of-way for sewer lines, water lines, electrical cables, telephone cables, gas lines, storm drains, underground conduits or such other purposes related to the provision of public utilities to the Common Areas as may be considered necessary and appropriate by the Board of Directors for the orderly maintenance, preservation and enjoyment of the Common Areas and for the preservation of the health, safety, convenience or welfare of Members, their licensees or invitees.
Section 4. Association Rules. There shall be no violation or any rules for the use of the Common Areas or other Association rules, which may from time to time be adopted by the Board of Directors and promulgated. Hurricane Haven Owners, Inc. is intended to be a non-profit corporation, organized and existing for the mutual benefit of its members. The officers, directors, representatives, agents and employees shall refrain, to the extent that they may without substantially abandoning or varying from the essential purpose and function of the corporation, from any action or activity which shall prevent or compromise in any way or to any degree such status of the corporation or its right to receive donations which may be tax deductible, or which may jeopardize its status as an organization whose receipts are exempt from income taxation of every kind. To that end, the Board of Directors may authorize and direct the diverting or split off of or the disassociation with any activity or projects which may be, or may be in its opinion, susceptible to being construed as a profit making business activity. No activities shall inure to the pecuniary gain of its members or officers and which shall not be authorized to distribute gains, profits, dividends or assets to any such person, but shall be irrevocably dedicated to social, educational, charitable or beneficial purposes.
ARTICLE X
Insurance
Section 1. Insurance. The Board of Directors shall obtain and maintain, to the extent available, at least the following insurance:
Section 2. Limitations. Any insurance obtained pursuant to the requirements of this Article X shall be subject to the following provisions:
a) All operating expenses of the Common Areas including services furnished; and
b) The cost of necessary management and administration, including fees paid to any Management Agent; and
c) Taxes and assessments levied against the Associaton or upon any property which it may own or which the Association is otherwise required to pay; and
d) The cost of fire and extended liability insurance on the Common Areas and the cost of such other insurance as the Association may procure; and
e) The cost of furnishing water, electricity, garbage and trash collection, or other utilities, to the Common Areas; and
f) The cost of funding all reserves established by the Association, including, when appropriate, a general operating reserve or a reserve for replacements; and
g) The cost of repairs, maintenance and replacement of the Common Areas; and
h) The cost of landscaping and maintenance of landscaping.
Section 2. Management Agent. The Board of Directors may by resolution delegate any of its ministerial duties, powers or functions to a Management Agent. The Association and the Board of Directors shall not be liable for any omission or improper exercise by a Management Agent of any such duty, power or function so delegated.
Section 3. Easements for Utilities and Related Purposes. The Board of Directors is authorized and empowered to grant such licenses, easements, or rights-of-way for sewer lines, water lines, electrical cables, telephone cables, gas lines, storm drains, underground conduits or such other purposes related to the provision of public utilities to the Common Areas as may be considered necessary and appropriate by the Board of Directors for the orderly maintenance, preservation and enjoyment of the Common Areas and for the preservation of the health, safety, convenience or welfare of Members, their licensees or invitees.
Section 4. Association Rules. There shall be no violation or any rules for the use of the Common Areas or other Association rules, which may from time to time be adopted by the Board of Directors and promulgated. Hurricane Haven Owners, Inc. is intended to be a non-profit corporation, organized and existing for the mutual benefit of its members. The officers, directors, representatives, agents and employees shall refrain, to the extent that they may without substantially abandoning or varying from the essential purpose and function of the corporation, from any action or activity which shall prevent or compromise in any way or to any degree such status of the corporation or its right to receive donations which may be tax deductible, or which may jeopardize its status as an organization whose receipts are exempt from income taxation of every kind. To that end, the Board of Directors may authorize and direct the diverting or split off of or the disassociation with any activity or projects which may be, or may be in its opinion, susceptible to being construed as a profit making business activity. No activities shall inure to the pecuniary gain of its members or officers and which shall not be authorized to distribute gains, profits, dividends or assets to any such person, but shall be irrevocably dedicated to social, educational, charitable or beneficial purposes.
ARTICLE X
Insurance
Section 1. Insurance. The Board of Directors shall obtain and maintain, to the extent available, at least the following insurance:
- a) Casualty or physical damage insurance in an amount equal to the full
replacement value, i.e., 100% of "replacement cost", on improvements on the Common Areas with an "agreed amount" endorsement, if reasonably available, and without deduction or allowance for depreciation, such coverage to afford protection against at least the following:
1) loss or damage by fire or other hazards covered by the standard extended coverage endorsement;
2) such other risks as shall customarily be covered with respect to property similar in construction, location and use as the Board of Directors may from time to time determine, including, but not limited to, vandalism, malicious mischief, windstorm, water damage, machinery explosion or damage; and
b) Public liability insurance in such amounts and in such form as may be considered appropriate by the Board of Directors incident to the ownership or use of the Common Areas or any portion thereof; and
c) Workmen's compensation insurance to the extent necessary to comply with any applicable law; and
d) Such other policies of insurance, including insurance for other risks of a Similar or dissimilar nature, as are or shall hereafter be considered appropriate by the Board of Directors.
Section 2. Limitations. Any insurance obtained pursuant to the requirements of this Article X shall be subject to the following provisions:
a) All policies shall be written with a company or companies licensed to do business in the state of North Carolina and holding a rating of "BBB+" or better in Best's Insurance Guide.
b) Exclusive authority to negotiate losses under policies shall be vested in the Board of Directors or its authorized representatives.
c) All policies shall provide that such policies may not be cancelled or substantially modified without at least thirty (30) days' prior written notice to any and all insureds named therein, including any and all first mortgages of record of Common Areas.
d) If reasonably available, all policies shall contain a waiver of any defenses based upon co-insurance or invalidity arising from the acts of the insured.