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HOA Agreement Coppell, Texas 75019 The City With A Beautiful Future 214- 462-9010 MEMORANDUM March 18, 1987 TO: Taryon Bowman, Senior Planning Technician FROM: Steve Goram, Director of Public Works RE: Homeowners Agreement- Vantage Residential Central, Inc. In speaking with the City Attorney, Larry Jackson, I received confirmation that the attached Homeowners Agreement will suffice the needs of the City to ensure that the common landscape areas will be maintained appropriately at the above referenced development. Should you require any additional assistance, please let me know. SGG/sm EXHIBIT A Owner %/ HOMEOWNER'S AGREEMENT THE STATE OF TEXAS ) ) DEED RECORD COUNTY OF DALLAS ) Vantage Residential Central~ Inc. is the owner of property located in Dallas County, Texas, being described on the plat attached hereto and made a part hereof and marked "Exhibit A". Vantage Residential Centrol, Inc. wants to establish reasonable restrictions on the development and use of the property. For the consideration of the mutual benefit to the owner and all future owners of the lots within the property, the following restrictions are placed on every lot and are made a part of every deed. ARTICLE I Definitions The following words, when used in this statement of restrictions and covenants (unless the context shall clearly indicate otherwise), have the following meanings: A. "Association" means the Advantage Self Storage OWNER'S ASSOCIATION, INC. B. "City" shall mean the City of Coppell, Texas or its assignees. C. "Common area" means all of the property designated as a common landscaped area on the plat attached as "Exhibit A" and includes all screening walls adjacent to the public R.O.W. adjoining the subdivision for which this document is applicable. D. "Lots" means the numbered lots as shown on the plat which is attached as "Exhibit A". E. "Owner" means the record owner, "whether by foreclosure or otherwise) of fee simple title to any Lot. F. "Property" means the real property described above. 1 ARTICLE II Association: Creation~ Membership~ B~vlaw~ Section 1. The Association shall be formed as a non-profit corporation in accordance with the laws of the State of Texas. Section 2. All owners shall automatically become members of the Association. Membership in the Association is limited to the owners. Section 3. The Association may adopt by-laws that reasonably regulate the organization and operation of the Association. ARTICLE III Use and Management of Common Areas Section 1. Each owner shall have the nonexclusive right of enjoyment and use of the common areas. This right is an easement and passes with the title to every lot. Section 2. The Association shall maintain, repair, and restore all common areas. The Association shall levy an assessment upon each lot on a pro rata basis for all costs connected with the maintenance of the common areas. Section 3. Each assessment is the personal obligation of the owner of each lot at the time when the assessment is due. The assessment, together with interest and cost of collection including reasonable attorney's fees shall be a lien on the lot and on all improvements on the lot. ARTICLE IV Rights of the Cit~ Section 1. The City shall have the right to perform the maintenance obligations of the Association if the Association fails to reasonably perform its maintenance obligations, and the Association fails to reasonably perform its maintenance obligations within ten (10) days after receipt by the Association of written notice from the City stating the nature and extent of the Association's failure to maintain common areas. Section 2. Upon assuming the maintenance obligation, the City may collect all assessments. Section 3. When the City assumes the maintenance obligation, the City shall have the right of access to maintain the common areas. The Association shall indemnify and hold the City harmless from any and all costs, expenses, suits, demands, liabilities, damages, or otherwise including attorney's fees and costs of suit, in connection with the City maintaining the common areas. Section 4. When the City assumes the maintenance obligation, the Association shall not collect any assessments, and shall have no authority to perform the maintenance obligations. The Association may collect assessments and resume its duties to maintain the common areas when it presents to the City substantial evidence of its willingness and ability to resume its maintenance obligations. ARTICLE V Duration Section 1. These restrictions shall be binding for a period of twenty-five (25) years from the date of this agreement and shall automatically be extended for successive ten (10) year periods unless a written instrument vacating or modifying the agreement is signed by the Mayor and all owners, and filed in the Deed Records at the owners' expense. Section 2. The Coppell City Council after recommendation by the Planning and Zoning Commission may by resolution filed in the Deed Records terminate this agreement if the Council finds physical conditions of the property and the surrounding area have substantially changed to warrant the termination of this agreement. The Mayor shall give notice to each owner not less than ten (10) days before the date set for the Planning and Zoning Commission hearing and the City Council hearing by depositing the notice property addressed and postage paid in the Jnited States Post Office to each owner as the ownership appears on the last approved ]ity Tax Roll. EXECUTED ON THIS _2J_tJl_ day of February , 1987 . Vantage Residential Central, Inc. ~))(~Imb~)~v~dseph G. Beard, Vice President ACKNOWLEDGEMENTS Article 6602, V.A.C.S., enumerates the persons before whom acknowledgements of proofs may be made. (1) Single Acknowledgement THE STATE OF TEXAS COUNTY OF Before me, the undersigned authority, on this day personally appeared , known to me to be the person whose name is subscribed to the foregoing ~nstrument, and acknowledged to me that he executed the same for the purposes and consideration therein expressed. Given under my hand and seal of office on this __ 1~,. . day of Notary Public in and for County, Texas (2) Corporate Acknowledgement THE STATE OF TEXAS COUNTY OF Dallas Before me, the undersigned authority, on this day personally appeared Joseph G. Beard , Vice President of Vantage Residential Central. Inc. , a coproration, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged to me that he executed the same for the purposes and consideration therein expressed, in the capacity therein stated and as the act and deed of said corporation. Given under my hand and seal of office on this 24thday of February , 19_83_. _ / : /.,,Y,:;:... ,. ) :, ,, Notary Public in and form.. Dall~ County, Texas My commission expires 10-29-89.