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Kelly Park Homeowners Association

COVENANTS, CONDITIONS & RESTRICTIONS

DECLARATION OF ESTABLISHMENT
 OF COVENANTS, CONDITIONS AND
RESTRICTIONS FOR

Index:

ARTICLE I,       DEFINITIONS
ARTICLE II,     ANNEXATION OF ADDITIONAL PROPERTIES
ARTICLE III,    PROPERTY RIGHTS
ARTICLE IV,    MEMBERSHIP AND VOTING RIGHTS
ARTICLE V,     MANAGEMENT AND OPERATION
ARTICLE VI,    COVENANT FOR MAINTENANCE ASSESSMENTS
ARTICLE VII,   EXTERIOR MAINTENANCE
ARTICLE VIII,  DESTRUCTION OF IMPROVEMENTS
ARTICLE IX,    ARCHITECTURAL CONTROL
ARTICLE X,     PARTY WALLS
ARTICLE XI,    GENERAL PROVISIONS
ARTICLE XII,   LEASING OF LOTS
ARTICLE XIII,  MISCELLANEOUS PROVISIONS
ARTICLE XIV,  INSURANCE
ARTICLE XV,   ADOPTION OF BY-LAWS
ARTICLE XVI,  GENERAL
ARTICLE XVII, [Prior Approval]

KELLY PARK

THIS DECLARATION, made this 26th day of October, 1977, by KELLY PARK, a Limited Partnership, hereinafter referred to as "Declarant," being the owner of that certain real property subject to this Declaration, and hereinafter more particularly described.

WITNESSETH

WHEREAS, KELLY PARK, a Limited Partnership, is the owner of the following described property located in the City of Thousand Oaks, County of Ventura, State of California

Lots 1 through 52, Inclusive, and Lots A, B and C of Tract No. 2488-1 as per Map recorded on April 6, 1977 as File No.36933 in Map Book 71, pages 9 through 11, inclusive, of Maps in the Office of the Recorder of said County

and

WHEREAS, it is the desire and intention of the owner to sell and convey interests in said real property by means of a deed similar in form to the one attached hereto marked "Exhibit A" to various individuals subject to certain basic protective restrictions, conditions, COVENANTS, reservations, liens and charges between it and the acquirers or users of said property as hereinafter set forth.

NOW, THEREFORE, Declarant hereby declares that all property described above, together with such additions thereto as may hereafter be made pursuant to Article II hereof, is held and shall be held, conveyed. hypothecated or encumbered, leased,

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rented, used, occupied, and improved subject to the following limitations, COVENANTS, conditions, and restrictions, all of which are declared and agreed upon for the purpose of enhancing and protecting the value, desirability and attractiveness of said property and every part and portion thereof. All of said limitations, COVENANTS, conditions and restrictions are hereby established and imposed upon and for the benefit of said Properties, each and every individual lot hereinafter described, each owner of one or more lots. and the owner of an interest of any kind or character in said Properties. All of said limitations, COVENANTS, conditions and restrictions shall run with the land and shall be binding on all parties having or acquiring a right, title, or interest in said Properties or any part thereof, whether as sole owners, joint owners, lessees, tenants, occupants or otherwise. Each and all said limitations, COVENANTS, conditions and restrictions shall be deemed to be, and shall be construed as equitable servitudes, enforceable by any of the owners of any of said individual lots or any interest in the Properties against I any other owner or owners thereof.

ARTICLE I

DEFINITIONS

Certain terms as used in this Declaration shall be defined as follows, unless the context clearly indicates a different meaning therefore:

     1. Declaration: This Declaration as the same may be amended, changed or modified from time to time.
     2. Project: That real property referred to herein and described above including all structures thereon; provided, however, that should any additions to the Properties be made pursuant to the provisions of Article II hereof, "project," when used herein, shall have the same meaning as "Properties."
     3. Properties: That real property hereinbefore described as the project together with any additions thereto as may hereafter be brought within the jurisdiction of the Association, pursuant to Article II hereof. The Properties may also be known as "KELLY PARK."

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     4. Lots: Each individual lot or plot of land as designated by number on the Map of Tract 2488-1 exclusively owned by a purchaser and improved with a home, excepting those lots designated by letter and being a portion of the Common Area
hereinafter defined.
     5. Additional Property:   Property which may be annexed pursuant to Article II hereof.
     6. Common Area:  Lots A, B and C as shown on Map of Tract 2488-1. To be conveyed to and owned by KELLY PARK HOMEOWNERS ASSOCIATION, a non-profit corporation together with such additional area or areas, if any, as may be designated as common areas on tract maps recorded upon the area which may be annexed pursuant to Article II hereof.
     7. Planned Unit:  Shall include an individual lot with improvements thereon together with membership in the Homeowners Association.
     8. Owner: "Owner" shall mean and refer to the record owner, whether one or more persons or entities, of a fee simple title to any lot which is a part of the Properties including contract sellers, but excluding those having such interest merely as security for the performance of an obligation.
     9. Association:  "Association" shall mean and refer to KELLY PARK HOMEOWNERS ASSOCIATION, a non-profit corporation, its successors and assigns.
     10. Annual Assessment:  That portion of the cost of maintaining, improving, repairing, replacing, operating and managing the Common Area and all other "Common Expenses" charged proportionately to the owner of each respective lot.
     11. Special Assessment:  A charge against a particular owner and his lot equal to the cost incurred by the Association for corrective action performed pursuant to provisions of these Articles and of the By-Laws of the Association plus interest thereon at six percent (6%) per annum from the date of demand for payment.
     12. By-Laws:  The duly adopted By-Laws of the Association as the same may be amended, changed, or modified from time to time. The original By-Laws are made a part hereof and attached hereto as "Exhibit B."
     13. Declarant:  "Declarant" shall mean and refer to KELLY PARK, a Limited Partnership, its successors and assigns if such successors or assigns should acquire more than one undeveloped Lot from the Declarant for the purpose of development.

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ARTICLE II

ANNEXATION OF ADDITIONAL PROPERTIES

Additional residential property in the City of Thousand r Oaks, County of Ventura. described within Exhibits "C'. and "D" attached hereto, incorporated herein and made & part hereof by reference, may be annexed by the Declarant without the consent of members within three (3) years of the date of this instrument, provided that the City of Thousand, Oaks, F. H. A. and V. A., Federal National Mortgage Association or any other governmental or quasi-governmental agency having committed or undertaking to insure, guarantee or purchase home loans secured by liens upon individual lots in Tract 2488-1 determine that the annexation is in accordance with the general plan heretofore approved by them. Only chose agencies who have so committed or undertaken shall be required to so approve. Further additional residential property and Common Area may be annexed to the Properties with the consent of two-thirds (2/3) of each class of members of the Homeowners Association from time to time. It is contemplated that the land described in Exhibit "C" will be the first annexation and, will consist of approximately 48 residential lots together with certain portions thereof to be deeded to KELLY PARK HOMEOWNERS ASSOCIATION to be owned, held, administered and maintained by said Association as a portion of the Common Area to be held for the use and benefit of the owners of lots in Tract 2488-1 and all subsequently annexed properties. It is contemplated that subsequent to the annexation, if such annexation is actually accomplished, of the land described in Exhibit "C," the land described in
Exhibit "D" consisting of approximately 55 residential lots together with certain portions thereof to be deeded to KELLY PARK HOMEOWNERS ASSOCIATION to be owned, held, administered and maintained by said Association as a portion of the Common Area to be held for the use and benefit of the owners of lots in Tract 2488-1 and all subsequently annexed properties, will be annexed to the Project.

A. Upon each annexation of additional properties, a Supplementary Declaration of Covenants, Conditions and Restrictions and Grant of Easement with respect to the Additional Property,

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which shall extend the scheme of this Declaration to the Additional Property, shall be recorded in the same fashion as this Declaration, which Supplementary Declaration:

(1) May contain such complementary additions or modifications of the covenants, conditions and restrictions contained in this Declaration as may be
necessary to subject said Additional Property to this Declaration and which are not inconsistent with the scheme hereof; provided however, that in no event
shall such Supplementary Declaration revoke, modify or add to the provisions hereof except as provided herein.

ARTICLE III

PROPERTY RIGHTS

     (1) Every Owner shall have a right and easement of enjoyment in and to the Common Area which shall be appurtenant to and shall pass with the title to every Lot, subject to the following provisions:

     (a) the right of the Association to suspend the voting rights of an owner for any period during which any assessment against his Lot remains unpaid, and for a period not to exceed thirty days for any infraction of the published rules and regulations after reasonable written notice and an opportunity for a hearing before the Board of Directors of the Association;
     (b) the right of the Association to dedicate or transfer all or any par of the Common Area to any public agency, authority, or utility for such purposes and subject to such conditions as may be agreed to by the members. No such dedication or transfer shall be effective unless an instrument agreeing to such dedication or transfer signed by 2/3rds of each class of members and of 100% of the holders of first mortgage or trust deed liens has been recorded. Provided however, that the Association shall be privileged to grant easements for utilities in, over and upon the common areas without approval of the Association or of the holders of first liens.

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     (2) Any owner may delegate, in accordance with the by-laws, his right of enjoyment to the Common Area and facilities to the members of his family, his tenants, or contract purchasers who reside on the property, provided that the use of the recreation area and appurtenant facilities shall be limited to occupants of the development and their guests only, and said area and facilities may not be rented to any person whomsoever.
     (3) The owners of the respective lots agree that if any portion of the common areas encroaches upon the lots, a valid easement for the encroachment and for the maintenance of same, so long as it stands, shall and does exist. In the event any structure is partially or totally destroyed, and then rebuilt, the owners of lots agree that minor encroachment of parts of the common areas due to construction shall be permitted and that valid easements for said encroachment and the maintenance thereof shall exist.
     (4) That the owners of lots covenant and agree that the administration of the common areas and the Association shall be in accordance with the provisions of this Declaration and the By-Laws of the Association which are made a part hereof and attached as "Exhibit B."
     (5) The individual grant deeds to lots shall reserve to the Grantor a non-exclusive easement of enjoyment in and to the common area of the Project which shall be appurtenant to and inure to the benefit of the Additional Property and shall be granted to the owners of lots within the Additional Property on their individual grant
deeds. and which Declarant hereby COVENANTS and agrees to convey to the owners of lots in the Project as a class in the event the Additional Property is not made subject to this Declaration pursuant to Article II hereof or is sold or otherwise transferred otherwise than pursuant to the development thereof as a part of this planned unit development.

ARTICLE IV

MEMBERSHIP AND VOTING RIGHTS

Section 1. Every owner of a lot which is subject to assessment shall be a member of the Association. Membership shall be appurtenant to and may not be separated from ownership of any Lot which is subject to assessment.

Section 2. The Association shall have two classes of voting membership:

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Class A. Class A members shall be all owners, with the exception of the Declarant, and shall be entitled to one vote for each Lot owned. When more than one person
holds an interest in any Lot, all such persons shall be members. The vote for such Lot shall be exercised as they determine, but in no event shall more than one vote be counted with respect to any lot.
Class B. The Class B member (a) shall be the Declarant and shall be entitled to three (3) votes for each Lot owned in the Project, including lots in properties
annexed pursuant to Article II hereof. The Class B membership shall cease and be converted to Class A membership as to the original Project and as to each
subsequently annexed parcel, pursuant to Article II hereof, on the happening of either of the following events, whichever occurs earlier:

     (a) when the total votes outstanding in the Class A membership equal the total votes outstanding in the Class B membership, or
     (b) on December 3l, 1978.

ARTICLE V

MANAGEMENT AND OPERATION

     (a) The Properties and improvements thereon, to be known and designated as KELLY PARK, shall be organized and operated as a planned unit residential development. The owners shall be members of an incorporated non-profit association, and an organization meeting of such owners shall be held within 45 days after the closing of the sale of 51% of the lots has been consummated, or six months from the date of the closing of the sale of the first lot, whichever shall first occur. Thereafter, annual meetings of such owners shall be held at a time as provided in the By-Laws. Provision also may be made in the By-Laws, hereinafter referred to, for the calling of special meetings of the owners. At any such meetings of the owners, whether annual or special, the owner or owners of each lot shall be entitled to cast only one (1) vote for each lot. At any such meetings, Declarant shall be deemed to be the owner of any and all lots then unsold, and shall be entitled to vote as a Class B member until such membership

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terminates by the provisions hereof and thereafter shall be entitled To one (1) vote for each such individual lot then owned by Declarant.
     (b) The Homeowners' Association is charged with the management and maintenance of all of the common area.
     All improvements located within the common area, such as landscaping, parks, recreational facilities, travel ways, and parking areas shall be maintained in a safe condition and a state of good repair.
     The Association shall have the right to establish standards of maintenance to be adhered to by members of the Association. Such standards of maintenance shall be established by a vote of a quorum as provided for the establishment of special assessments for capital improvements.
     After the establishment of standards of maintenance by the Association, in conformity with their procedures for establishment of a special assessment, the Association shall be obligated to adhere to the standards of maintenance established
by the Association.
     Any failure to maintain such improvements located within the common area shall be unlawful, and a nuisance endangering the health, safety and general welfare of the public, and a detriment to the surrounding community.
     (c) Notwithstanding anything in this Declaration to the contrary and prior to the organizational meeting of the lot owners, the original Board of Directors of the Association shall be five in number commencing at the time of the recordation of this document and continuing until successors are elected. Said Board shall be composed of:
1. ALVIN R. STITCH
2. ALICE E. STITCH
3. DOWEL E. HILL
4. JUNE HILL
5. RUTH HATCHER
During the above period of time, said members of the Board shall serve at the pleasure of Declarant and may be removed from office ac any time by Declarant, and during said period Declarant shall, have authority, in its sole discretion, to fill any vacancies created or existing on said Board. At the organizational meeting all five directors shall be elected to serve for the term until their successors are elected at the first annual meeting as prescribed by the By-Laws.

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     (d) Notwithstanding anything herein to the contrary, Declarant, its agents, successors or assignees may operate and maintain upon said property a model complex, together with parking areas and/or real estate sales and development business and may place, erect and maintain upon said property such customary sales and advertising signs, offices and parking areas as is usual and reasonable for such real estate sales and development operation until all lots within Tract 2488-1 and all lots within the additional properties if annexed under Article II hereof have been sold and conveyed to grantees, or until June 30, 1980, whichever shall first occur.
     (e) Notwithstanding anything herein to the contrary, Declarant, its agents, employees, contractors. subcontractors and other authorized personnel reserves unto itself the right to enter in and upon the property and to perform work and all related activities, and other acts required therein in order to complete: (1) construction of the homes and improvements upon all of Tract 2488-1 and additional property if annexed pursuant to Article II hereof; (2) to perform work required by governmental agencies having jurisdiction over the project. It is expressly provided that no lot owner shall in any manner interfere with any of the
foregoing activities of the Declarant.
     (f) As a part of the overall program of development of the project, together with the contemplated development of Tract 2488-1 and additional properties and the homes and improvements thereon and to encourage the marketing thereof the Declarant shall have the right of reasonable use of the common areas including all of the Recreation Facilities without charge during the sales and construction period upon the subject property and the additional properties to aid in its marketing activities until June 30, 1980 or until all of the lots within he project have been sold to individual buyers, whichever shall first occur. Such use by the Declarant shall not unreasonably interfere with the use of the common area by the members of the Association.

ARTICLE VI

COVENANT FOR MAINTENANCE ASSESSMENTS

     1. Creation of the Lien and Personal Obligation of Assessments. The Declarant, for each lot owned within the

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Properties, hereby COVENANTS, and each Owner of any lot by acceptance of a deed therefor, whether or not it shall be so expressed in such deed, is deemed to covenant and agree to pay to the Association (1) annual assessments or charges, and (2) special assessments for capital improvements. such assessments to be established and collected as hereinafter provided. The annual and special assessments, together with interest, costs, and reasonable attorney's fees, shall be a charge on the land and shall be a continuing lien upon the property against which each such assessment is made. Each such assessment, together with 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.
     2. Purpose of Assessments. The assessments levied by the Association shall be used exclusively to promote the recreation, health, safety, and welfare of the residents in the Properties and for the improvement and maintenance of the Common Area situated upon the properties.
     3. Maximum Annual assessment.  Until January 1 of the year immediately following the conveyance of the first lot to an owner, the maximum annual assessment shall be such as is set forth in the budget approved by the Department of Real Estate, prorated for each lot and prorated for the number of months remaining until January 1 of said year.

(a) From and after January 1 of the year immediately following the conveyance of the first Lot to an owner, the maximum annual assessment may be increased each year as follows:

     (1) If the maximum annual assessment is $500 or less, the increase shall not exceed 10% above the maximum assessment for the previous year without vote of the membership.
     (2) If the maximum annual assessment exceeds $500 the increase shall not exceed 5% above the maximum assessment for the previous year without a vote of the membership.

(b) From and after January 1 of the year immediately following the conveyance of the first lot to an Owner, the maximum annual assessment may be increased above 10% by the vote or written assent of

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2/3 of each class of members who are voting in person or by proxy at a meeting duly called for this purpose.
     (c) The Board of Directors may fix the annual assessment at an amount not in excess of the maximum.

     4. Special Assessment for Capital Improvements.  In addition to the annual assessments authorized above the association 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, repair or replacement of a capital improvement upon the Common Area, including fixtures and personal property related thereto, provided that any such assessment shall have the vote or written assent of two-thirds (2/3) of each class of members who are voting in person or by proxy at a meeting duly called for this purpose.

     5. Notice and Quorum for Any Action Authorized Under Paragraphs 3 and 4. Written notice of any meeting called for the purpose of taking any action authorized under Paragraphs 3 or 4 shall be sent to all members not less than 30 days nor more than 60 days in advance of the meeting. At the first such meeting called, the presence of members or of proxies entitled to cast sixty percent (60%) of all the votes of each class of membership shall constitute a quorum. If the required quorum is not present, another meeting may be called subject to the same notice requirement, and the required quorum at the subsequent meeting shall be one-half (1/2) of the required quorum at he preceding meeting. No such subsequent meeting shall be held more than 60 days following the preceding meeting.

     6. Uniform Rate of Assessment. Both annual and special assessments for capital improvements must be fixed at a uniform rate for all Lots and may be collected on a monthly basis.

     7. Date of Commencement of Annual Assessments:  Due Dates. The annual assessments provided for herein shall commence as to

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all Lots on the first day of the month following the conveyance of the Common Area. The first annual assessment shall be adjusted according to the number of months remaining in the calendar year. The Board of Directors shall fit the amount of the annual assessment against each Lot at least thirty (30) days in advance of each
annual assessment period. Written notice of the annual assessment shall be sent to every Owner subject thereto. The due dates shall be established by the Board of Directors. The Association shall, upon demand, and for a reasonable charge, furnish a certificate, signed by an officer of the Association setting forth the whether the assessments on a specified Lot have been paid. A properly executed certificate of the Association as to the status of assessments on a lot is binding upon the Association as of the dace of its issuance.

     8. Effect of Nonpayment of Assessments: Remedies of the Association.
     (a) Any assessment not paid within thirty (30) days after the due date shall bear interest from the due date at the rate of 6% per annum. The Association may bring an action at law against the Owner personally obligated to pay the same, or foreclose the lien against the property. No owner may waive or otherwise escape liability for the assessments provided for herein by non-use of the Common Area or abandonment of his Lot.

     (b) In the event of default by any owner in the payment of any maintenance assessment, the Board of Directors will notify all persons and firms holding a mortgage or deed of trust secured by any lot in this project.
     (c) If any such default is cured prior to the commencement of legal action to enforce such claim or lien, then upon demand of the owner or his successor and payment of a reasonable fee, the Board of Directors shall cause to be recorded a further notice or certificate setting forth the satisfaction of such claim and release of such lien. The Board of Directors shall give notice of this action to all known trust deed holders on lots within the Project.
     (d) In addition to the right to such lien, the remaining owners or any of them, or any member of the Board of Directors,  acting on behalf of all the owners, shall be entitled to bring legal action for damages against any other who shall be in default
for the performance of any of the covenants, conditions and

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restrictions herein contained including, but not limited to the covenant to pay said maintenance charges, to enjoin any violation of this Declaration or of the By-Laws or to prosecute any other appropriate legal or equitable action that may be necessary or expedient in the premises. Any judgment rendered against any such
defaulting owner may include a reasonable attorney's fee to be fixed by the Court.
     (e) Prior to the holding of the organization meeting, at which time control and operation of the entire Project shall be turned over to the owners, the Declarant shall have the authority and responsibility for the management, supervision and control of all of the common area, and also of all unsold individual lots within the Project. During the period from the date of execution of a binding contract for the purchase of any lot until the date of recording of a conveyance of said lot to the purchaser or  purchasers thereof, the Declarant shall continue to have authority and responsibility for its maintenance and shall have the exclusive right of possession of the individual lot contained therein, unless otherwise provided in the contract of sale; provided however, that during such period, the Declarant shall have no authority to make any structural alteration to, or any extraordinary expenditure in connection with said lot without the prior consent of the purchaser or purchasers.
     (f) From and after the date of recordation of a deed to the first purchaser of an interest in the Project, the Declarant shall collect from each purchaser on or about the first day of each month, his pro-rata share of maintenance costs incurred.
Maintenance charges for fractions of any month involved shall be pro-rated. The Declarant shall pay its full pro-rata share of said maintenance charges on all unsold lots in the project. The Declarant shall have authority to expend therefrom necessary funds for required maintenance of the common area of said project or for the common benefit of all the owners. No expenditure may be made from said account for the cost of any labor and/or material required in connection with the construction of any part or portion of said project or any of the improvements on said land, which are part of the original plans and specifications therefor. Within thirty (30) days following the organization meeting, the Declarant shall be required to present to the owners a written financial statement of the deposits in and withdrawals from said

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account from the date of establishment thereof, and any surplus remaining in said account from the date of establishment thereof, and any surplus remaining in said account belonging to the owners shall be turned over to the Board of Directors, or to such officer or agent as shall be designated by the Board of Directors.
     (g) After the organization meeting the Declarant shall be obligated to pay to the Board of Directors a maintenance charge, as hereinbefore provided, for each unsold lot.

     9. Subordination of the Lien to Mortgages. The lien of the assessments provided for herein shall be subordinate to the lien of any first mortgage or first deed of trust. Sale or transfer of any Lot shall not affect the assessment lien. However, the sale or transfer of any Lot pursuant to mortgage foreclosure or any proceeding in lieu thereof, shall extinguish the lien of such assessments as to payments which became due prior to such sale or transfer. No sale or transfer shall relieve such Lot from liability for any assessments thereafter becoming due or from the lien thereof.

ARTICLE VII

EXTERIOR MAINTENANCE

     1. Each owner of a lot shall cause the exterior of the home and improvements upon said Lot to be maintained in a safe, sightly and first class condition.
     2. In the event an owner of any Lot in the properties shall fail to maintain the premises and the improvements situated thereon in a manner satisfactory to the Board of Directors, the Association, after approval by two-thirds (2/3) vote of the Board of Directors, and after notice to the owner, shall have the right, through its agents and employees, to enter upon said parcel and to repair, maintain, and restore the lot and the exterior only of the buildings, and any other improvements erected thereon to a good, first class condition. The cost of such exterior maintenance shall be added to and become part of the assessment to which such Lot is subject. There shall be no entry into a dwelling unit without the express consent of the owner.
     3. Limitation of Authority.  The Association shall not have the right to establish standards of maintenance as to the

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interior of any dwelling located upon any lot. The standards of maintenance as set forth herein, shall be only to exterior portions of the premises constructed, and to landscaping and maintenance of yard areas between the street and the setback line, of any residential lot.

ARTICLE VIII

DESTRUCTION OF IMPROVEMENTS

     (a) In the event of partial destruction of any portion of the common area within the project it shall be the duty of the Board of Directors to restore and repair the same to is former conditions, as promptly as practicable and in a lawful and workmanlike manner. The proceeds of any insurance written pursuant to Article XIV hereof shall be made available for such purpose and any deficiency in funds shall be the subject of a special assessment uniformly assessed against all lots as provided in Article VI Paragraph 4 hereof.

ARTICLE IX

ARCHITECTURAL CONTROL

No building, fence, wall or other structure shall be commenced, erected or maintained upon the Properties, nor shall any exterior addition to or change or alteration therein be made until the plans and specifications showing the nature, kind, shape, height, materials, and location of the same shall have been submitted to and approved in writing as to harmony of external design and location in relation to surrounding structures and topography by the Board of Directors of the Association, or by an architectural committee composed of three (3) or more representatives appointed by the Board. In he event said Board, or its designated committee, fails to approve or disapprove such design and location within thirty (30) days after said plans and specifications have been submitted to it, approval will not be required and this Article will be deemed to have been fully complied with.

ARTICLE X

PARTY WALLS

     Section 1. General Rules of Law to Apply. Each wall which

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is built as a part of the original construction of the homes upon the Properties and placed on the dividing line between the Lots shall constitute a party wall, and, to the extent not inconsistent with the provisions of this Article, the general rules of law
regarding party walls and liability for property damage due to negligence or willful acts or omissions shall apply thereto.
     Section 2.  Sharing of Repair and Maintenance. The cost of reasonable repair and maintenance of a party wall shall be shared by the Owners who make use of the wall in proportion to such use .
     Section 3. Destruction by Fire or Other Casualty. If a party wall is destroyed or damaged by fire or other casualty, any Owner who has used the wall may restore it, and if the other Owners hereafter make use of the wall they shall contribute to the cost of restoration thereof in proportion to such use without prejudice, however, to the right of any such Owners to call for a larger contribution from the others under any rule of law regarding liability for negligent or willful acts or omissions.
     Section 4. Weatherproofing. Notwithstanding any other provision of this Article, an Owner who by his negligent or willful act causes the party wall to be exposed to the elements shall bear the the cost of furnishing the necessary protection against such elements.
     Section 5. Right to Contribution Runs With Land. The right of any Owner to contribution from any other Owner under this Article shall be appurtenant to the land and shall pass to such Owner's successors in title.
     Section 6.  Arbitration. In the event of any dispute arising concerning a party wall, or under the provisions of this Article, each party shall choose one arbitrator, and such arbitrators shall choose one additional arbitrator, and the decision shall be by a majority of all the arbitrators.

ARTICLE XI

GENERAL PROVISIONS

     1. Enforcement. The Association, or any Owner, shall have the right to enforce. by any proceeding at law or in equity, all restrictions, conditions, covenants, reservations, liens and

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charges now or hereafter imposed by the provisions of this Declaration. Failure by the Association or by any Owner to enforce any covenant or restriction herein contained shall in no event be deemed a waiver of any right to do so thereafter.
     2. Term of this Declaration and Amendment Thereto. The covenants and restrictions of this Declaration shall run with and bind the land, for a term of twenty (20) years from the date this Declaration is recorded, after which time they shall be automatically extended for successive periods of ten (10) years. This Declaration
may be amended at any time by an instrument signed by not less than seventy-five percent (75%) of the lot Owners. Any amendment must be recorded. This Declaration may not be terminated or amended at any time without the consent of the City Council of the City of Thousand Oaks.
     3. The Board of Directors shall have the power to enter upon any lot when necessary in connection with maintenance or construction for which the Association is responsible.
     4. Each owner shall be liable to the Association for any damage to the common areas or any equipment thereon which may be sustained by reason of the negligence of said owner, or his children, or of his guests, or invitees, to the extent of liability as determined under California Law, and further to the extent that any such damage shall not be covered by insurance.
     5. The garages are to be used only for the parking of cars, boats or similar items for storage purposes. They are not to be converted for any items of living or recreational activities.
     6. No lot owner shall install or maintain any exterior radio or television antenna upon his lot. All radio or exterior antenna shall be either indoor or by central system.
     7. No Trade or business activity, nor any activity obnoxious or offensive to residential use, shall be conducted or permitted, nor shall any shack or other temporary structure for occupancy be constructed or maintained in or upon any lot
or portion of the common area in the project.
     8. The following conditions as contained in the Conditions of Approval of City of Thousand Oaks for R. P. D. 75-141 shall be adhered to by all Lot owners as to their respective lots.

     (a) That all yard setbacks to the dwelling units and patio enclosures from the perimeter street shall be a minimum of twenty (20) feet and there shall be a minimum

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BOOK 4982, PAGE 408

separation between dwelling units of seventeen (17) feet.
     (b) That yard walls or patio walls shall be constructed of a decorative slumpstone block or brick materials with rough textured stucco for patio enclosures exposed to the frontage street. Wood fencing may also be used, including stained grapestake for units within the project interior. That prior to the construction of any other walls or fences on any portion of the subject property, plans shall be submitted indicating the location, building materials, and design of the walls or fences for approval by the Planning Director.
     (c) That all covered parking spaces shall be fully enclosed two car garages with an unobstructed area of 18' x. 20 '. That the depth of the driveways from the street shall be 20 feet.
     (d) That enclosed yards shall be provided for all duplex dwelling units with a minimum dimension of fifteen (15') feet and a minimum area of five hundred (500) square feet. The single-family dwelling units shall have minimum yard areas in accordance with RPD zone requirements (minimum 1,200 square feet with a 20-foot dimension) .
 

ARTICLE XII

LEASING OF LOTS

The owner of any lot in the project may lease his lot

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BOOK 4982, PAGE 409

and improvements thereon provided such lease shall be in writing and the terms of said lease shall be subject in all respects to the provisions of this Declaration, the Articles of incorporation of the Homeowners Association and the By-Laws of said Association, and shall provide that any failure by the lessee to comply with the terms of such documents shall be a default under the lease.

ARTICLE XIII

MISCELLANEOUS PROVISIONS

The following miscellaneous provisions hereinafter set forth are and are intended to be controlling over any of the other provisions contained in these Covenants, Conditions and Restrictions that may be in conflict with the following special provisions:
     (a) Each purchaser, by accepting a deed or a valid contract of sale to any lot accepts the same, subject to all of the covenants, conditions, and restrictions herein contained and agrees to be bound by each and all thereof.
     (b) The provisions of this declaration shall be liberally construed to effectuate its purpose of creating a uniform plan for the operation of a Planned Unit Development project.
     (c) No breach of any provision herein contained nor the enforcement of any assessment lien as provided herein shall defeat or render invalid the lien of any first mortgage or first deed of trust made in good faith and for value, but all of the provisions shall be binding upon and shall be effective against any owner whose title is derived through foreclosure or trustee's sale, or otherwise.
     (d) Where the mortgagee of a first mortgage of record or other purchaser of a lot obtains title to the lot as a result of foreclosure of the first mortgage, such acquirer of title, his successors and assigns, shall not be liable for the share of the common expenses or assessments by the Association chargeable to such lot which became due prior to the acquisition of title to such lot by such acquirer. Such unpaid share of common expenses or assessments shall be deemed to be common expenses collectable from all of the lots including such acquirer, his successors and assigns.
     (e) The provisions hereof shall be deemed independent and severable, and the invalidity or partial invalidity or enforceability of any of the provisions hereof shall not affect

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BOOK 4982, PAGE 410

the validity of the remaining provisions.
     (f) Each remedy provided for in this Declaration shall be cumulative and not exclusive.
     (g) This Declaration shall inure to the benefit of and be binding upon the successors and assigns of Declarant and to the heirs, personal representatives, grantees, lessees, successors and assigns of the owners.
     (h) A first mortgagee, upon request, is entitled to written notification from the homeowners association of any default in the performance by the individual unit mortgagor of any obligation under the Planned Unit Development documents which
is not cured within sixty (60) days.
     (i) Any first mortgagee who obtains title to a unit in the Planned Unit Development pursuant to the remedies provided in the mortgagee, or foreclosure of the mortgage, or Deed (or Assignment in Lieu of Foreclosure), shall be exempt from any "right of first refusal."
     (j) Unless at least seventy-five percent (75%) of the first mortgagees (based upon one vote for each first mortgage owned), or owners (other than the sponsor, developer, or builder) of the individual units in this Planned Unit Development have
given their prior written approval, the Kelly Park Homeowners Association. a non-profit corporation. shall not be entitled to

     (1) by act or omission seek to abandon, partition, subdivide, encumber, sell or transfer real estate or improvements thereon which are owned, directly or indirectly, by such association, for the benefic of the units in the Planned Unit Development ("Planned Unit Development common property").
     The granting of easements for public utilities or for other public purposes consistent with the intended use of such property by the Planned Unit Development shall not be deemed a transfer within the meaning of this clause;
     (2) change the method of determining the obligations, assessments, dues or other charges which may be levied against a Planned Unit Development unit owner;
     (3) by act or omission change, waive or abandon any scheme of regulations, or enforcement thereof.

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BOOK 4982, PAGE 411

pertaining to the architectural design or the exterior appearance of units, the exterior maintenance of units, the maintenance of party walls or common fences and driveways, or the upkeep of lawns and plantings in the Planned Unit Development;
    (4) fail to maintain Fire and Extended Coverage on insurable Planned Unit Development common property on a current replacement cost basis in an amount not less than one hundred percent (100%) of the insurance value (based on current replace!1ent cost);
     (5) use hazard insurance proceeds for losses to any Planned Unit Development common property for other than the repair, replacement or reconstruction of such
improvements.

     (k) First mortgagees shall have the right to examine the books and records of Kelly Park Homeowners Association or any entity which owns the common property of the Planned Unit Development.
     (1) First mortgagees of units in the Planned Unit Development may jointly or singly pay taxes or other charges which are in default and which may or have become a charge against any Planned Unit Development common property and may pay overdue premiums on hazard insurance policies, or secure new hazard insurance coverage on the lapse of a policy, for such property, and first mortgagees making such payments shall be owed immediate reimbursement therefor from Kelly Park Homeowners Association. Entitlement to such reimbursement is based upon this provision, and Kelly Park Homeowners Association shall execute an agreement
in favor of all first mortgagees of units in this Planned Unit Development and shall make an original and/or certified copies of such agreement available to any first mortgagee and/or to any seller of first mortgages to Federal Home Loan Mortgage
Corporation at any time such is requested.
     (m) No provision of the Kelly Park Homeowners Association Articles of Incorporation or of this Declaration of Establishment of Covenants, Conditions and Restrictions for Kelly Park, or of any by-Laws or any similar instruments pertaining to this Planned Unit Development or to units therein, shall give a unit owner or
any other party, priority over any rights of institutional first

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BOOK 4982, PAGE 412

mortgagees or holders of any equivalent security interest on a unit in this Planned Unit Development pursuant to their mortgages in the case of a distribution to unit owners of insurance proceeds or condemnation awards for losses to or a taking of Planned Unit Development common property. The Association shall give timely notice to all such institutional holders of the pendancy of any such condemnation proceeding or claim for insurance proceeds.
     (n) Association dues or charges shall include an adequate reserve fund for maintenance, repairs and replacement of those elements of the common property that must be replaced on a periodic basis, and shall be payable in regular installments rather than by special assessments.

ARTICLE XIV

INSURANCE

     (a) Adequate public liability insurance for common areas, and fire insurance upon structures thereon for the full insurable value shall be obtained and hereafter maintained by the Board of Directors for the benefit of the Board, the owners, and the encumbrances upon the project or any part thereof as their interests may appear. Each owner shall provide insurance on his lot and on his personal property, and any necessary repairs or maintenance to such lot and the improvements thereon shall be
the responsibility of the owner thereof. Nothing herein contained shall preclude any individual owner from carrying any public liability insurance as he may deem desirable to cover his individual liability for damage to person or property occurring on his individual lot, or elsewhere upon the properties.
     (b) The Board of Directors may purchase from maintenance funds such other insurance as it may deem necessary, including but not limited to, plate glass insurance, fidelity bonds, and workmen's compensation.
     (c) The Board of Directors is hereby granted the duty and authority to establish policy and guidelines to be followed by the president and Vice President of the Association who shall have the authority to negotiate loss settlements with the appropriate insurance carriers regarding any insurance on common areas

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BOOK 4982, PAGE 413

and their operation. The President or the Vice President of the Association may sign a loss claim form and release form in connection with the settlement of a loss claim, and the signature of either shall be binding on all of the Owners.

ARTICLE XV

ADOPTION OF BY-LAWS

The owners shall have the right adopt and amend reasonable By-Laws at a regular or special meeting of the members by a vote of a majority of a quorum of members present in person or by proxy, except that the Federal Housing Administration and
the Veterans Administration shall have the right to veto amendments while there is Class B membership, and subject to the provisions and restrictions contained elsewhere in the Declaration. To the extent that any provision of the By-Laws which may be adopted by the owners shall conflict with the provisions of this Declaration. the provisions of this Declaration shall control.

ARTICLE XVI

GENERAL

     (a) The record owners of seventy-five percent (75%) of  all the lots may at any time after the first organization meeting modify, amend, augment or delete any of the provisions of this Declaration except that any of the following amendments, to be
effective must be approved in writing by the record holders of all first encumbrances on all lots at the time of such amendment:
     1. Any amendment which affects or purports to affect the validity or priority of encumbrances.
     2. Any amendment which requires the written consent of all the record holders of encumbrances shall be signed and sworn to by all such encumbrancers. When recorded, it shall be noticed that such amendment has been so approved.
     3. Any amendment which affects the obligation (a) of the Homeowners' Association to manage and maintain all of the Common Areas, private streets, and parking easements in accordance with the standards determined by the Homeowners' Association; (b) affect the obligation of each Owner to automatically become

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BOOK 4982, PAGE 414

and remain at all times a member of the Homeowners Association; (c) which affects the right and duty to levy and collect assessments for the operation and maintenance of the Project and to enforce collection thereof by lien procedures. Those amendments described in this subparagraph 3 shall have the written approval
of the City Council of Thousand Oaks before becoming effective in addition to the other approvals required by Paragraph (a) of this Article XVI.

ARTICLE XVII

     As long as there is a Class B membership, the following actions will require the prior approval of the Federal Housing Administration and the Veterans Administration: Annexation of additional properties, dedication of Common Areas, amendment of this Declaration of Covenants, Conditions and Restrictions, mergers and consolidations and special assessments.
 

IN WITNESS WHEREOF, Declarant has executed this instrument on the 1st day of November, 1977.

KELLY PARK, a Limited Partnership

BY VENTURA DEVELOPMENT CO.,
General Partner

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