This Declaration of Covenants, Conditions, and Restrictions is amended on January 22, 2025, at Arlington, Texas, by Olde Town Homeowners Association, Inc., a Texas Non-Profit Corporation (“Declarant”) whose mailing address is 705 Creek Walk Pl, Arlington. This amendment supersedes all previous filed versions as by a vote of the Members of more than sixty-seven percent (>67%) on January 21, 2025.
RECITALS
I. Declarant is the owner of all that certain real property ("the Property") located in Tarrant County, Texas, described as follows:
LOTS 1 THRU 29, BLOCK 1; LOTS 1 THRU 8, BLOCK 2; OLDE TOWN ADDITION, an Addition to the City of Arlington, Tarrant County, Texas, according to the plat recorded in Cabinet A, Slide 6268, Plat Records, Tarrant County, Texas.
2. The Declarant has devised a general plan for the entire Property as a whole, with specific provisions for particular parts and parcels of the Property. This general plan provides a common scheme of development designed to protect and safeguard the Property over a long period.
3. This general plan will benefit the Property in general, the parcels and lots that constitute the Property, the Declarant, and each successive owner of an interest in the Property.
4. Therefore, in accordance with both the doctrines of restrictive covenant and implied equitable servitude, the Declarant desires to restrict the Property according to these covenants, conditions, and restrictions in furtherance of this general development plan.
NOW, THEREFORE, it is declared that all of the Property shall be held, sold, and conveyed subject to the following easements, restrictions, covenants, and conditions.
ARTICLE I
DEFINITIONS
ASSESMENT YEAR
1.01. Assessment Year shall mean the fiscal period between January 1 and December 31 of any given calendar year an assessment is collected. (for instance Assessment Year 2025 is for the REGULAR assessment invoiced in the previous year).
ASSOCIATION
1.02. "Association" means an incorporated association consisting of all Owners, which shall have the duty of maintaining, operating, and managing the Common Area as provided in this Declaration. Each Owner shall become a member of the Association contemporaneously with acquiring a Lot, without any further documentation of any kind. The Association will be incorporated as ''The Olde Town Homeowners' Association, Inc."
BOARD
1.02. "Board" means the Board of Directors of ''The Olde Town Homeowners' Association, Inc.”
BODY
1.03. Body shall mean the entire Association based on ownership as defined within this Document.
COMMON AREA
1.03. "Common Area" means and refers to those areas of land shown on the recorded subdivision plat of the Property and easements intended to be devoted to the common use and enjoyment of the members of the Association and community, including, without limitation, the perimeter security fence and any private roads or drives shown on said plat.
FINES
1.04. Fines shall mean an imposed monetary amount for the violation or Association Declaration of covenants, conditions and restrictions, Bylaws, and or causing the Association to be in violation of State, County, or City regulations, codes, and or requirements.
GENERAL BUSINESS MEETING
1.05. General Business Meeting Clarifies this DOCUMENT at ARTICLE 6, SECTION 6.05 and 6.07(L) to read any meeting of the Association that is routinely held at a frequency of no-less than two (2) times per Assessment year.
LIENHOLDER OR FIRST MORTGAGEE
1.06. "Lienholder' or "First Mortgagee" shall mean the holder of a first mort gage lien on any residence in the development.
LOT
1.07. "Lot" means any of the plots of land shown on the plat and subdivision map recorded in Cabinet A, Slide 6268 of the Plat Records of Tarrant County, Texas (the Map"), on which there is or will be built a single family dwelling. The term "Lot" does not include the Common Area.
NOXIOUS, OFFENSIVE and NUISANCE
1.08. Noxious, Offensive, nuisance clarifies DOCUMENT at ARTICLE 4, SECTION 4.07 to mean any activity, or state of condition as defined by a governmental entity in which the Body and Corporation is responsible toward; including, but not limited to Texas Civil Practice and Remedies Code Title 6: 125, Texas Health and Safety Code Chapter 343, City of Arlington Nuisance Ordinances.
OWNER
1.09. "Owner means the record owner or owners of the fee simple title to any Lot or portion of a Lot in the Property on which there is or will be built a detached single family dwelling. "Own er" includes contract sellers but excludes persons having only a security interest.
PENALTIES
1.10. Penalties shall mean a monetary amount charged to a member of the Association for failing to submit payment within thirty (30 days) of due date of fees, fines, dues and or assessments.
PRESIDENT
1.11. President clarifies this DOCUMENT at ARTICLE 1, SECTION 1.07 is a member of the Board that is responsible to the Body and the Corporation for all actions.
QUORUM
1.12. Quorum for the purposes of conducting business shall be defined as one third (1/3) of the Body of the Association based on and pursuant to voting rights established in the Declaration of Covenants §6.06(a).
RAINY DAY FUND
1.13. Rainy Day Fund is a cash account held by the Corporation that is reserved for expenditures of significance that can only be used for the maintenance, repair, preservation, and conservation of the Corporation’s property and chattel.
REGULAR ASSESSMENT
1.14. REGULAR Assessment pursuant to this DOCUMENT at ARTICLE 6, SECTION 6.08, is clarified as the annual monetary requirements required by all members of the Association for the preservation and maintenance of the Association property and streets.
SECRETARY
1.15. Secretary clarifies this DOCUMENT at ARTICLE 1, SECTION 1.07 shall mean a member of the Board that is responsible for the recording of all Corporation actions, meetings, conferences, communications, or similar activities and terms.
SPECIAL ASSESSMENT
1.16. Special Assessment, pursuant to this DOCUMENT at ARTICLE 6, SECTION 6.10 is clarified as special purpose monetary amounts obtained from the members of the Association for specific capital improvement(s) that are not able to be funded from the general revenue or Rainy Day Fund of the Association.
SPECIAL BUSINESS MEETING
1.17. Special Business Meeting clarifies this DOCUMENT at ARTICLE 6, SECTION 6.05 and 6.07(L) shall mean a meeting that requires an item that is not considered during a General Business Meeting and is of importance for the welfare of the Corporation
TREASURER
1.18. Treasurer clarifies this DOCUMENT at ARTICLE 1, SECTION 1.07 shall mean a member of the Board that is responsible for the fiscal oversight and compliance with all aspects of the financial well-being of the Corporation.
CONSTRUCTION AND SALE PERIOD Obsolete and Stricken
"DEVELOPER" Obsolete and Replaced with The Olde Town Owners’ Association Inc and or Board.
ARTICLE 2
ARCHITECTURAL CONTROL
ARCHITECTURAL CONTROL COMMITTEE
2.01. The Olde Town Owners’ Association Inc. shall designate and appoint an Architectural Control Committee consisting of not less than one qualified person, which shall serve at the pleasure of The Olde Town Owners’ Association Inc.
APPROVAL OF PLANS AND SPECIFICATIONS
2.02. The Architectural Control Committee must review and approve in writ- ing all of the following
projects on the Property:
(a) Construction of any building, fence, wall, or other structure.
(b) Any exterior addition, change, or alteration in any building, fence, wall, or other structure.
(c) Any landscaping or grading of any Lot or Lots.
APPLICATION FOR APPROVAL
2.03. To obtain approval to do any of the work described in Paragraph 2.02, an Owner must submit an application to the Architectural Control Committee showing the plans and specifications for the proposed work. Such plans and specifications shall detail the nature, shape, height, materials, colors, and location of the proposed work.
STANDARD FOR REVIEW
2.04. The Committee shall have broad, discretionary authority to interpret and apply these standards. In rejecting an application, the Committee should detail the reasons for rejection and suggest how the applicant could remedy the deficiencies. The Architectural Control Committee shall review applications for proposed work in order to:
(a) Ensure conformity of the proposal with these covenants, conditions, and restrictions and
(b) Ensure harmony of external design in relation to surrounding structures and topography. An application can be rejected for providing insufficient information.
FAILURE OF COMMITTEE To ACT
2.05. If the Architectural Control Committee fails either to approve or reject an application for pro posed work within sixty (60) days after submission, then Committee approval shall not be re quired, and the applicant shall be deemed to have fully complied with this Article.
ARTICLE 3
EXTERIOR MAINTENANCE
3.01. If an Owner of any Lot fails to maintain the premises in a neat and orderly manner, The Olde Town Owners’ Association Inc. shall have the right, through its agents and employees, to enter the Lot in order to repair, maintain, and restore the Lot, including landscaping, and the exterior of any buildings and other improvements located on the Lot, all at the expense of the Owner.
ARTICLE 4
USE RESTRICTIONS AND ARCHITECTURAL STANDARDS
RESIDENTIAL USE ONLY
4.01. All Lots shall be used for single-family residential purposes only. Single family use consists of use as a dwelling by two or more natural persons who are related by marriage or kinship or by not more than four natural persons who are not related by marriage or kinship.
TYPE OF BUILDINGS PERMITTED
4.02. Except Block 1, Lot 29, No building shall be erected, altered, or permitted on any Lot other than one detached single family dwelling not to exceed two stories in height with a private garage for not more than three (3) automobiles and at least two (2) automobiles and one (1) storage shed in the back yard of each lot that is not observable from the street immediately in the front of the property of the same Lot that proposes the storage shed.
DESIGN, MINIMUM FLOOR AREA, AND EXTERIOR WALLS
4.03. Any residence constructed on a Lot must have a minimum heated and air conditioned square footage of 1100. All building exteriors shall be Hardy-Plank or equal siding, facia, and accent trim with brick and simulated stones accents, if required which have been preselected for use on all homes and structures at Olde Town. In the event that any of these materials becomes unavailable during the period of time that improvements are governed by the Architectural Control Committee, the Committee shall have the authority to substitute a material of like appearance and quality. The one (1) storage shed that is placed on any Lot shall be in good repair at all times, single story, and no larger than one-hundred square feet (100sf) and no taller than eight (8) feet at the highest point of the structure. The shed shall be made of construction grade material that is commercially available. The shed shall not obstruct, hinder, impede or otherwise prohibit access to any rights-of-way, easements, or setbacks on any lot. The shed shall not be habitation for any person, domestic or farm animal, wildlife or fowl at any time.
SETBACKS
4.04. No building shall be located on any Lot nearer to the front Lot line or nearer to the side Lot line than the minimum building setback lines shown on the Map. For purposes of this covenant, eaves, steps, and open porches shall not be considered as a part of the building; provided, however, that this shall not be construed to permit any portion of the building on any Lot to encroach upon another Lot. If two or more Lots are consolidated into a building site in conformity with Paragraph 4.05, these building set back requirements shall apply to the resulting building site as if it were one original, platted Lot.
RESUBDIVISION OR CONSOLIDATION
4.05. Except Block 1: LOT 29 (also known as the common area); no Lot shall be divided, subdivided or resubdivided or split.
EASEMENTS
4.06. Easements for the installation and maintenance of utilities and drainage facilities are reserved as shown on the Map. No utility company, water district, political subdivision, or other authorized entity using these easements shall be liable for any damage done by them or their assigns, agents, employees, or servants, to shrubbery, trees, flowers, or to other property of the Owner situated in the easement.
NOXIOUS OR OFFENSIVE ACTIVITIES PROHIBITED
4.07. No noxious or offensive activity shall be conducted on any Lot that may be or may become an annoyance or nuisance to the neighborhood.
PROHIBITED RESIDENTIAL USES
4.08. No structure not approved for residential use by the Architectural Control Committee, including but not limited to trailers, mobile homes, motor homes, basements, tents, shacks, garages, and other outbuildings and accessory structures, shall be used on any Lot at any time as a residence, either temporarily or permanently.
SIGNS
4.09. Except as provided by Texas law, no signs of any type shall be allowed on a except one sign of not more than five square feet advertising the property for sale or rent.
OIL DEVELOPMENT AND MINING PROHIBITED
4.10. No oil well drilling, development, or refining, and no mineral quarrying or mining operations of any kind shall be permitted on any Lot. No oil well, tank, tunnel, mineral excavation, or shaft shall be permitted on any Lot. No derrick or other structure designed for use in boring for oil, natural gas, or other minerals shall be erected, maintained, or permitted on any Lot.
RUBBISH, TRASH AND GARBAGE
4.11. No Lot shall be used or maintained as a dumping ground for rubbish or trash. All garbage and other waste shall be kept in sanitary containers. There shall be no burning or incineration of trash, garbage, leaves, brush, or other debris.
ANIMALS
4.12. No animals, livestock, or poultry of any kind shall be raised, bred, or kept on any Lot, except that a reasonable number of dogs, cats, or other household pets may be kept, provided they are not kept, bred, or maintained for any commercial purpose.
FENCES, WAILS, HEDGES, AND UTILITY METERS
4.13. Except as provided by Texas law , no fence, wall, hedge, or utility meter shall be placed, or permitted to remain, on any Lot nearer to the street or streets adjoining such Lot than is permitted for the main residence on such Lot, except for decorative subdivision entry fences.
TRUCKS, BUSES, AND TRAILERS
4.14. No truck or bus (except a passenger van for personal use) or trailer shall be left parked in the street in front of any Lot, except for construction and repair equipment while a residence or residences are being built or repaired in the immediate vicinity. No truck or bus (except a passenger van for personal use) or boat or trailer shall be parked on the driveway or any portion of the Lot in such manner as to be visible from the street.
PROHIBITED ACTIVITIES
4.15. No professional, business, or commercial activity to which the general public is invited shall be conducted on any Lot.
WOOD-BURNING STOVES AND FIREPLACES
4.16. No fireplace or wood-burning stove shall be installed or used on any Lot unless it meets the requirements, standards, and recommendations of federal, state or local environmental or air pollution control authority.
POLES, MASTS, AND ANTENNAS
4.17. No poles, masts, antennas, or satellite dishes of any type, size, or height shall be installed on any Lot unless within the envelope of a building approved by the Architectural Control Committee.
ARTICLE FIVE
EASEMENTS
RESERVATION OF EASEMENTS
5.01. All easements and all alleys for the installation and maintenance of utilities and drainage facilities are reserved as shown on the Map. No shrubbery, fence, or other obstruction shall be placed in any easement or alleyway. Right of use for ingress and egress shall be available at all times over any dedicated easement or alleyway for purposes of installing, operating, maintaining, repairing, or removing any utility or any obstruction placed in such easement or alleyway that would interfere with the installation, maintenance, operation, or removal of such utility.
UNDERGROUND ELECTRICAL SYSTEM
5.02. An underground electricity distribution system shall be installed to serve all Lots in the subdivision. The Owner of each Lot, at the Owner's cost, shall furnish, install, and maintain (all in accordance with the requirements of local governmental authorities and the National Electrical Code) an underground service cable and appurtenances from the meter installed on the Lot by the electric company to such point as may be designated by the company on the property line of the Lot. The company furnishing electric service shall make the necessary connection at the property line and at the meter. Each Owner, at the Owner's cost, shall install, furnish, and maintain a meter loop (in accordance with then current standards and specifications of the electric company) for the residence constructed on the Lot. For as long as underground service is maintained, the electric service to each. Lot shall be uniform in character and exclusively of the type known as single-phase 120/240 volt, 3- wire, 60-cycle alternating current.
ARTICLE SIX
ASSOCIATION CREATION
6.01. The Owners shall constitute the Association. Each Owner of a Lot, shall automatically be a member of the Association. Association membership shall be appurtenant to ownership of a Lot, Ownership of a Lot is the sole criterion for membership in the Association.
TITLE TO THE COMMON AREA
6.02. The Olde Town Owners’ Association Inc. hereby covenants for itself, its successors and assigns, that it will maintain and own fee simple title to the Common Area to the Association, free and clear of all encumbrances and liens. The Common Area shall at all times be owned by The Olde Town Owners’ Association Inc or its successors, it being agreed that this restriction is necessary in order to preserve the rights of the Owners with respect to the operation and management of the Common Area.
TRANSFER OF MEMBERSHIP
6.03. Association membership can be transferred to the grantee of a conveyance of a Lot in fee. Membership shall not be assigned, pledged, or transferred in any other way. Any attempt to make a prohibited transfer shall be void.
MANAGEMENT OF ASSOCIATION
6.04. The Association shall be incorporated as a nonprofit corporation. The Association shall be managed by the Board pursuant to the procedures set forth in the Association's articles of incorporation and bylaws, subject to this Declaration.
MEMBERSHIP VOTING, ELECTIONS, AND MEETINGS
6.05. There shall be at least two (2) meetings of the membership each calendar year. The first meeting shall be prior to January 30 of each calendar year where the newly elected Board will be confirmed pursuant to the governing Texas codes and the Bylaws of the ASSOCIATION. At that meeting, the Owners shall confirm a Board consisting of three (3) directors, vote on any other matters the Board chooses to place before the membership, and discuss any matter of Association business that the Board or any Owner wishes to bring before the entire membership.
VOTING RIGHTS
6.06. The Association shall have one (1) class of voting membership:
Class A. Class A Members shall be all Owners, and shall be entitled to one (1) vote for each Lot Owned. When more than one (1) person holds such interest in any Lot, all such persons shall be Members. The vote for such Lot shall be exercised as they among themselves determine, but in no event shall more than one (1) vote be cast with respect to any Lot.
DUTIES AND POWERS OF BOARD
6.07. Through the Board, the Association shall have the following powers and duties:
(a) The Board shall have the responsibility and authority to conduct general business on behalf of The Olde Town Owners’ Association Inc. in all general manners without needed consideration from The Body while working with appropriate municipalities and or government agencies to ensure proper and efficient management of the Association, Corporation, streets, public land and water ways.
(b) General matters shall be in the scope of business transactions that include utility payments, fiscal management, common area maintenance expenses, general repairs, litigation management, Federal, state county, and city compliance, and or The Olde Town Owners’ Association owned property insurance declarations and recoveries.
(c) The Board of Directors shall not encumber, obligate, or otherwise accrue any liability into a future Assessment year by being prohibited from entering into any contractual relationship, agreement, memorandum of understanding or other similar obligatory instruments for more than one Assessment Year,
i. AND No such instruments shall be initiated after November 1 of any assessment year, AND all contracts, memorandums of understanding, and or work-order agreements shall expire on December 31 of each assessment year.
(d) The Board of Directors shall establish and thereafter maintain a Rainy-Day Fund as prescribed by The Olde Town Association Inc’s. Bylaws that shall be a restricted reserve account that is not to fund general obligations, debts of the organization, or other ordinary or discretionary activities.
i. Furthermore, the Rainy-Day Fund shall be used prior to a Special Assessment for a capital improvement or other extraordinary circumstances, such as Act of God, terrorism or war and may be used in conjunction with an insured casualty loss and valid insurance claim as a co-pay or deductible to restore, remediate, and or repair the property of the Corporation.
(e) To adopt rules and regulations to implement this Declaration and the Association's bylaws.
(f) To enforce this Declaration, the bylaws, its rules and regulations.
(g) To elect officers of the Board and select members of the Architectural Control Committee when that power devolves to the Board.
(h) To delegate its powers to committees, officers, or employees.
(i) To prepare a balance sheet and operating income statement for the Association and deliver a report to the membership at its annual meeting.
(g) To establish and collect regular assessments to defray expenses attributable to the Association's duties, to be levied against each Owner.
(h) To establish and collect special assessments for capital projects or improvements or other purposes.
(i) To file liens against unit Owners because of nonpayment of assessments duly levied and to foreclose on those liens.
(j) To receive complaints regarding violations of this Declaration, the bylaws, or the rules and regulations.
(k) To hold hearings to determine whether to discipline Owners who violate this Declaration, the bylaws, or the rules and regulations.
(l) To give reasonable notice to all Owners of all annual meetings of the membership and all discipline hearings.
(m) To hold regular meetings of the Board at a minimum of semi-annually per assessment year.
(n) To manage and maintain in a state of high quality and in good repair the private street, common areas and common walkways as well as the perimeter walls of the property, irrigation system, street medians and/or security systems common to the property, including mowing, edging and care of trees and shrubbery.
(o) To pay taxes and assessments that are or could become a lien on the Common Area.
(p) To pay the costs of any liability insurance and fire insurance on the Common Area and any liability insurance for members of the Board.
(q) In addition to other remedies, the Board shall have the authority and responsibility to issue and collect fines and or penalties as described in Rules and Regulations of the ASSOCIATION.
(i) Penalties shall be assessed for non-payment of Assessments as defined by this document.
(ii) Fines shall be an The Olde Town Owners’ Association Inc’s. enforcement action in a monetary amount imposed for an action that requires Member(s), and or their guests, renters, or dwellers of a residence to cease, remediate or otherwise correct their deficiency for non-compliance with this Document, and or the rules, and or regulations of The Olde Town Owners’ Association Inc.
PURPOSE OF ASSESSMENTS
6.08. The assessments levied by the Association shall be used exclusively for the purpose of promoting the recreation, health, safety and welfare of the residents of the Property and the larger community and in particular for the improvement and maintenance of the Property, the Common Area and services and facilities relating to the use and enjoyment thereof and of the homes situated thereon. Assessments shall include, but are not limited to, funds to cover actual Association costs for all taxes, insurance, repair, replacement and maintenance of the Common Area as herein authorized or as may from time to time be authorized by the Board of Directors; legal and accounting fees, costs incurred in any condemnation hearing, and any fees for management services; and the cost of other facilities and service activities, including, but not limited to mowing grass, grounds care, sprinkler system, landscaping, road and median maintenance, garbage pickup areas, if any, and other charges required by this Declaration of Covenants, Conditions and Restrictions or that the Board of Directors of the Association shall determine to be necessary to meet the primary purpose of the Association, including the establishment and maintenance of a reserve for repair, maintenance, taxes and other charges as specified herein.
(a) Until such time Assessment amounts are expressed in the Bylaws of the Association, the annual assessment shall be equal to or less than Eight-Hundred and Thirty-five Dollars ($835.00) per year.
(b) This Assessment may only be modified after the transfer and acceptance of this section within The Olde Town Owners’ Association Inc’s. Bylaws.
(c) Upon such time, Article 6.08(b) is rescinded on December 31 of the same year in which the Bylaws have been adopted. This Assessment shall be titled REGULAR ASSESSMENT and used forthwith subject to the requirements and restrictions of all dedicatory documents of The Olde Town Owners’ Association Inc. and only amendable pursuant to Article 7, Section 7.04 of this Document.
CREATION OF THE LIEN AND PERSONAL OBLIGATION OF ASSESSMENTS
6.09. The Olde Town Owners’ Association Inc, for each Lot owned within the Property, hereby covenants, and each Owner of any Lot by acceptance of a deed therefor, whether or not it shall be expressed in any such deed or other conveyance, is deemed to covenant and agree to pay to The Olde Town Owners’ Association Inc.:
(a) annual assessments or charges, and
(b) special assessments for capital improvements, such assessment to be fixed, established and collected as hereinafter provided. The annual and special assessments, together with such interest thereon and cost of collection thereof, as hereinafter provided, shall be a charge on the land and shall be secured by a continuing lien upon the property against which each such assessment is made. Each such assessment, together with such interest, costs and reasonable attorney's fees shall also be the personal obligation of the person who was the Owner of such property at the time when the assessment fell due. The personal obligation for delinquent assessments shall not pass to his successors in title unless expressly assumed by them.
SPECIAL ASSESSMENTS FOR CAPITAL IMPROVEMENT
6.10. Upon depletion of the Rainy-Day Fund, and in addition to the annual assessment authorized above, The Olde Town Owners’ Association Inc. may levy, in any assessment year, a special assessment applicable to that year only, for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction or unexpected repair or replacement of a described capital improvement upon the Common Area, including the necessary fixtures and personal property related thereto, provided that any such assessment shall have the written approval of the Owners entitled to cast two-thirds (2/3) of the votes of each class of the Association.
(a) Capital Improvements that require more than TWO-THOUSAND Dollars ($2000.00) in total cost of the project shall only be approved by the Board by obtaining more than fifty-one percent vote (51%) from the Body or sixty-seven percent (67%) of any quorum from a Regular or Special Business Meeting.
(b) Furthermore, The Board shall not expend any Association funds for any project that has costs in excess $2000.00 without the Body’s affirmative vote more than fifty-one percent vote (51%) from the Body or sixty-seven percent (67%) of any quorum from a Regular or Special Business Meeting; AND,
(c) the Board shall not enter any Capital Project or Capital Improvement contracts, memorandums of understanding, and or work-order agreements after November 1 of any assessment year except for instances of insurance casualty claims for The Olde Town Owners’ Association Inc’s. property and or equipment; AND,
(d) Withstanding insured casualty claims, All Capital Improvement or Project contracts, memorandums of understanding, and or work-order agreements shall be terminated on December 31 of each assessment year.
SUBORDINATION OF THE LIEN TO MOIUGAGES
6.11. The lien securing the assessments provided for herein shall be subordinate to the lien of any duly recorded purchase money or first mortgage. Sale or transfer of any Lot shall not affect the assessment lien. However, the sale or transfer of any Lot which is subject to any mortgage, pursuant to a decree of foreclosure under such mortgage or any proceeding in lieu of foreclosure thereof, shall extinguish the lien of such assessments as to payment thereof which became due prior to such sale or transfer, except for its prorata share resulting from a reallocation among all Lot Owners. No sale or transfer shall relieve such Lot from liability for any assessment thereafter becoming due, according to the terms herein provided.
ARTICLE SEVEN
GENERAL PROVISIONS ENFORCEMENT
7.01. The Olde Town Owners’ Association Inc. or any Owner shall have the right to enforce, by any proceeding at law or in equity, all restrictions, conditions, and reservations imposed by this Declaration. Failure to enforce any covenant or restriction shall not be deemed a waiver of the right of enforcement either with respect to the violation in question or any other violation. All waivers must be in writing and signed by the party to be bound.
SEVERABILITY
7.02. Invalidation of any one of these covenants or restrictions by judgment or court order shall in no way affect any other provision, and all other provisions shall remain in full force and effect.
COVENANTS RUNNING WITH THE LAND
7.03. These easements, restrictions, covenants, and conditions are for the purpose of protecting the value and desirability of the Property. Consequently, these Covenants shall run with the real property and shall be binding on all parties having any right, title, or interest in the Property in whole or in part, and their heirs, successors, and assigns. These easements, covenants, conditions, and restrictions shall be for the benefit of the Property, each Lot, and each Lot Owner.
DURATION AND AMENDMENT
7.04. The covenants, conditions, and restrictions of this Declaration shall be effective for a term of twenty (20) years from the date this Declaration is recorded, after which period the covenants, conditions, and restrictions shall be automatically extended for successive periods often (10) years subject to termination by an instrument signed by more than fifty percent (50%) of the Owners,
(a) The covenants, conditions, and restrictions of this Document may be amended at any time by an instrument signed by more than sixty-seven percent (67%) of the Owners. Neither any amendment nor any termination shall be effective until recorded in the deed records of Tarrant County, Texas, and all requisite governmental approvals, if any, have been obtained.
(b) The Olde Town Owners’ Association Inc. reserves the right, without joinder or consent of any Owner of Mortgagee, to amend this Declaration or the By-Laws by an instrument in writing duly signed, acknowledged and filed for record, for the purpose of resolving or clarifying any ambiguities or conflicts herein, or correcting any inadvertent misstatements, errors or omissions herein, or to comply with the requirements of Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Veterans Administration, or Federal Housing Administration, provided that no such amendment shall change the vested property rights of any Owner.
ATTORNEYS' FEES
7.05. If any controversy, claim, or dispute arises relating to the instrument, its breach, or enforcement, the prevailing party shall be entitled to recover from the losing party reasonable expenses, attorneys' fees, and costs.
LIBERAL INTERPRETATION
7.06. This Declaration shall be liberally construed to effectuate its purposes of creating a uniform plan for the Property subject to the Laws, Codes, Regulations of Texas, and Tarrant County, and the City of Arlington, Texas.
END OF DOCUMENT
__________________________________________________________________________________