Fernbank at Cress Creek


       Unit Owners Association, Inc. .


A Common Interest Community

Excerpts Restated from the Public Offering Statement


      Fernbank Subdivision at Cress Creek Unit Owners Association is organized as a "not for profit" corporation under the laws of West Virginia .  The membership of the Association at all times consists exclusively of all the Unit Owners.


The Association without limitation has the following powers and functions;


1)       To adopt and amend Bylaws and rules and regulations;


2)       To adopt and amend budgets for revenues, expenditures and reserves and on 

           the basis of such budgets to levy and collect assessments for the Common

           Expenses from Unit Owners;


3)       To hire and discharge managing agent and other employees, agents and 

           independent contractors;


4)       To make contracts and incur liabilities;


5)       To regulate the use, maintenance, repair, replacement and modification of

           Common Elements;


6)       To cause additional improvements to be made as part of the Common



7)       To impose liens and make charges for the late payment of assessments

           and to levy fines for violation of the Declaration, Bylaws and rules and



8)       To prepare and deliver resale certificates; and


9)       To exercise any other powers conferred by the Declaration, the Bylaws,

           the Act (i.e. West Virginia Uniform Common Interest  Ownership Act), or

           which may be exercised in West Virginia by legal entities of the same type as

           the Association.



Organization Structure: 


         The management and administration of the affairs of the Association is performed by an Executive Board, which acts in all instances on behalf of the Association, except as provided in the Declaration, the Bylaws, or the Act.  The Executive Board consists of the number of members fixed by the Bylaws, but not in any event less than three (3) members who elect officers consisting of a President, Vice-President, Secretary and Treasurer.  The Executive Board may employ a managing agent to whom it may assign or delegate the responsibility for the performance of the management functions of the Association.  The powers and duties of the Association, officers and managing agent are provided for in the Bylaws.



Allocation of Voting Power Among Unit Owners:


          Each Unit in the Common Interest Community shall have one (1) equal vote. The specified percentage, portion, or fraction allocated to the Unit Owner, unless otherwise stated in the documents, is that specified percentage, portion, or fraction as the number 1 bears to all of the votes as allocated according to the number of Units listed in most current Schedule A-2 of the Declaration. As Units are added to the Common Interest Community, each Unit shall continue to have one equal vote. As additional Units are added to the Common Interest Community, the vote of existing Unit Owners will be diluted.



Rules and Regulations of Association:


       The Unit Owners Association and the Executive Board thereof have authority to promulgate rules and regulations. At this time, other rules and regulations that have been promulgated are the Design Guidelines, Solar Energy System Guidelines, and the Animal Control Rules. Please read about the Restrictions and Guidelines of Most Common Concern. However, certain rules and regulations designated as restrictions on the use and occupancy of Units and of Common Elements are contained in the Declaration and the Bylaws.



Architectural Review Committee:


       The Associations' Bylaws provide that the Executive Board appoint to an Architectural Review Committee at least three (3) members of the Association. Such committee regulates the external design, appearance, use and maintenance of the Common Elements and buildings constructed upon Units, as well as compliance with covenants and restrictions, and has the power to impose fines and issue cease and desist orders to persons whose actions are inconsistent with the provisions of the Act, the Declaration, Bylaws, rules and regulations and resolutions of the Executive Board.  The Architectural review Committee shall also have the authority to interpret Unit instruments and rules and regulations.



Definition of a Common Interest Community


       A Common Interest Community is a Planned Community and is a form of real property ownership in which the Unit Owner is (1) the sole owner of a designated parcel of real estate and the improvements thereon and is (2) a Member of a Unit Owner's Association which owns and maintains the Common Elements and Limited Common Elements within the Common Interest Community.  Each Unit Owner, by virtue of his or her ownership of a Unit, has a proportional vote in the government of the Association equal to each other Unit Owner, and shares proportionately in the common expenses of the Association. A Common Interest Community may also contain Limited Common Elements which consist of those Common Elements which are designated as reserved for the use of less than all of the Units, to the exclusion of all other Units. The expenses attributable to a Limited Common Element are assigned only to those Units to which the Limited Common Element is allocated.


       Each Unit Owner is free at any time to sell or otherwise transfer a Unit, to mortgage a Unit, to have exclusive possession thereof and to be free of any liens arising out of mortgages placed by other Unit owners on theft respective Units. The Unit will be taxed as a separate Unit for real estate tax purposes, and the Unit Owner will not be responsible for the failure of other Unit Owners to pay theft real estate taxes.


       Ownership of a Unit in a Common Interest Community also has characteristics that are not normally associated with home ownership. The administration, maintenance, repair and management of the Common Elements is the responsibility of the Executive Board of the Unit Owners Association which consists of between three (3) and eight (8) individuals who shall be appointed initially by the Declarant and elected subsequently by all of the Unit Owners. A purchaser of a Unit automatically becomes a member of the Unit Owners Association upon his or her purchase. There are certain rules and regulations which may be promulgated by the Declarant or by the Unit Owners Association, or through its governing body, the Executive Board, to which all Unit Owners will be subject and required to comply. Such rules include the regulation of the manner in which the Unit purchaser may use, enjoy and maintain his or her Unit so as not to impair the use and enjoyment of other Unit Owners of their Units.                                            Password: MLK Day

Address: PO Box 1642, Shepherdstown, WV 25443


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