Page 9 - Kings Point Property Owners Association - 2012 By-Laws

ARTICLE XI

BOOKS AND RECORDS; INSPECTION

Section 1. The books, records, and papers, including financial records, of the Association
shall be open to and reasonably available for examination by an Owner, or a person designated in
a writing signed by the Owner as the Owner's agent, attorney, or certified public accountant
under the terms and conditions of applicable law. The location shall be designated at the
discretion of the Board of Directors.

Section 2. The Board may charge for the costs of compilation, production, and
reproduction of the information requested by a member as allowed by the Texas Property Code
and in accordance with its Reproduction Cost Policy. The Declaration, the Articles of
Incorporation and the By-laws of the Association shall be available for inspection by any
member at the principal office of the Association or at an alternative location designated by the
Board, where copies may be purchased at reasonable cost.

ARTICLE XII

ASSESSMENTS

Section 1. As more fully provided in the Declaration, each member is obligated to pay to
the Association annual and special assessments, which are secured by a continuing lien upon the
property against which the assessment is made. Any assessments not paid when due shall be
delinquent. If the assessment is not paid within thirty (30) days after the due date, the
assessment shall bear interest from the date of delinquency at the rate of eighteen per cent (18%)
per annum, and the Association may bring an action at law against the Owner persoually
obligated to pay the same or foreclose the lien against the property, and interest, costs, and
reasonable attorney's fees of any such action shall be added to the amount of such assessment.
No Owner may waive or otherwise escape liability for the assessments provided for herein by
nonuse of the Common Area or abandomnent of his or her Lot.

Section 2. Any Owner of more than one contiguous Lot is obligated only to pay the
Association annual or special assessments as if the Owner owned one Lot. In the event Owner
sells a contiguous Lot, the Owner shall at closing pay to the Association all past due annual and
special assessments in full for that contiguous Lot. The assessments for the contiguous Lot will
not be considered delinquent and interest, fees, and costs wiIl be waived if the amount due is
paid at closing or within thirty (30) days after the closing date. An Owner is entitled to one vote
per Lot.

ARTICLE XIII
CORPORATE SEAL

The Association will have a seal in circular form having within its circumference the
words: "Kings Point Property Owners Association, Inc."

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