BY LAWS

OF
ANTIQUITY-CORNELIUS COMMUNITY ASSOCIATION, INC.

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 Table of Contents

ARTICLE I NAME, PRINCIPAL OFFICE, AND DEFINITIONS 4

1.1 Name…………………………………………………………………………. 4
1.2 Principal Office………………………………………………………………. 4
1.3 Definitions……………………………………………………………………. 4

ARTICLE II ASSOCIATION: MEMBERSHIP, MEETINGS, QUORUM, VOTING,

PROXIES…………………………………………………………………………………. 4

2.1 Membership…………………………………………………………………..4
2.2 Place of Meetings……………………………………………………………. 4
2.3 Annual Meetings…………………………………………………………….. 4
2.4 Special Meetings……………………………………………………………..5
2.5 Notice of Meetings…………………………………………………………...5
2.6 Waiver of Notice…………………………………………………………….. 5
2.7 Adjournment of Meetings……………………………………………………5
2.8 Voting………………………………………………………………………… 6
2.9 Proxies……………………………………………………………………….. 6
2.10 Majority………………………………………………………………………6
2.11 Quorum…………………………………………………………………...… 6
2.12 Conduct of Meetings………………………………………………………. 6
2.13 Action Without a Meeting…………………………………………………. 6
2.14 Action by Members…………………………………………………………7

ARTICLE III BOARD OF DIRECTORS: NUMBER, POWER, MEETINGS………. 8

3.1 Governing Body, Composition…………………………………………….. 8

3.2 Number of Directors………………………………………………………… 8
3.3 Directors During Class “B” Control Period……………………………….. 8
3.4 Nomination of Directors……………………………………………………. 8
3.5 Election and Term of Office After Termination of the Class “B” Control. 9

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 3.6 Removal of Directors and Vacancies……………………………………... 9
3.7 Organizational Meetings…………………………………………………… 9
3.8 Regular Meetings…………………………………………………………… 10
3.9 Special Meetings……………………………………………………………. 10
3.10 Notice; Waiver of Notice………………………………………………….. 10
3.11 Quorum of Board of Directors; Telephonic Participation……………… 10
3.12 Compensation ………………………………………………………………11
3.13 Conduct of Meetings………………………………………………………. 11
3.14 Meetings……………………………………………………………………. 11
3.15 Action Without a Formal Meeting………………………………………... 11
3.16 Powers……………………………………………………………………… 11
3.17 Duties……………………………………………………………………….. 12
3.18 Right of Class “B” Member to Disapprove Actions…………………..… 13
3.19 Management……………………………………………………………….. 14
3.20 Borrowing…………………………………………………………………... 14
3.21 Right to Contract…………………………………………………………... 14
3.22 Enforcement……………………………………………………………….. 15

ARTICLE IV OFFICERS……………………………………………………………….. 16

4.1 Officers……………………………………………………………………….. 16
4.2 Election and Term of Office………………………………………………... 16
4.3 Removal and Vacancies…………………………………………………… 16
4.4 Duties………………………………………………………………………… 16
4.5 Resignation………………………………………………………………….. 17
4.6 Compensation……………………………………………………………….. 17

ARTICLE V MISCELLANEOUS………………………………………………………. 18

5.1 Fiscal Year 18

5.2 Parliamentary Rules 18
5.3 Conflicts 18
5.4 Amendment: Effective Date of Amendments 18
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 BYLAWS
OF
ANTIQUITY – CORNELIUS COMMUNITY ASSOCIATION, INC.

Article I
Name, Principal Office, and Definitions

1.1 Name. The name of the corporation shall be ANTIQUITY-CORNELIUS COMMUNITY

ASSOCIATION, INC. (the “Association”).
1.2 Principal Office. The principal office of the Association shall be located in Wilkes County,
North Carolina. The Association may have such other offices, either within or outside the
state of North Carolina, as the Board of Directors may determine or as the affairs of the
Association may require.
1.3 Definitions. The words used in these Bylaws shall be given their normal, commonly
understood definitions. Capitalized terms shall have the same meaning as set forth in the
Recorded Declaration of Covenants, Conditions and Restrictions for Antiquity-Cornelius,
as it may be amended from time to time (the “Declaration”), unless the context indicates
otherwise.

Article II

Association: Membership, Meetings, Quorum, Voting, Proxies

2.1 Membership. The Association shall have two (2) classes of membership, Class “A” and
Class “B”, as more fully set forth in the Declaration, the terms of which pertain to membership
are specifically incorporated by this reference.

2.2 Place of Meetings. Meetings of the Association shall be held at the principal office of the
Association or at such other suitable place convenient to the Members as may be designated by
the Board, either within the Properties or a convenient as possible and practical.

2.3 Annual Meetings. The first meeting of the Association, whether a regular or special
meeting, shall be held within one year from the date of incorporation of the Association.
Subsequent regular annual meetings shall be set by the Board so as to occur during the first
quarter of the Association’s fiscal year on a date and at a time set by the Board.

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2.4 Special Meetings. The President may call special meetings. In addition, it shall be the
duty of the President to call a special meeting if so directed by resolution of the Board or upon a
petition signed by Members representing at least 20% of the total class “A” vote in the
Association.

2.5 Notice of Meetings. Written or printed notice stating the place, day, and hour of any
meeting of the Members shall be delivered, either personally or by mail, to each Member
entitled to vote at such meeting, not less than 10 nor more than 60 days before the date of such
meeting, by or at the direction of the President or the Secretary or the officers or persons calling
the meeting.

In the case of a special meeting or when otherwise required by statute or these Bylaws, the
purpose or purposes for which the meeting is called shall be stated in the notice. No business
shall be transacted at a special meeting except as stated in the notice.

If mailed, the notice of a meeting shall be deemed to be delivered when deposited in the United
States mail addressed to the Member at its address as it appears on the records of the
Association, with postage prepaid.

2.6 Waiver of Notice. Waiver of notice of a meeting of the Members shall be deemed the
equivalent of proper notice. Any Member may, in writing, waive notice of any meeting of the
Members, either before or after such meeting. Attendance at a meeting by a Member or the
Member’s proxy shall be deemed waiver by such Member of notice of the time, date, and place
thereof, unless such Member of proxy specifically objects to lack of proper notice at the time the
meeting is called to order. Attendance at a special meeting shall also be deemed waiver of
notice of all business transacted at such meeting unless objection on the basis of lack of proper
notice is raised before the business is put to a vote.

2.7 Adjournment of Meetings. If any meeting of the Association cannot be held because a
quorum is not present, Members or their proxies holding a majority of the votes represented at
such meeting may adjourn the meeting to a time not less than five no more than 30 days from
the time the original meeting was called. At the reconvened meeting, if a quorum is present,
any business may be transacted which might have been transacted at the meeting originally
called.

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2.8 Voting. The voting rights of the Members shall be as set forth in the Declaration and in
these bylaws, and the voting rights and restrictions described in the Declaration are specifically
incorporated herein by this reference.

2.9 Proxies. At all meetings of the Members, Members may vote in person (if a corporation,
partnership or trust, through any officer, director partner or trustee duly authorized to act on
behalf of the Member) or by proxy, subject to the limitations of State of North Carolina law.
Every proxy shall be in writing, dated, signed by the Member or its duly authorized attorney-in-
fact, and filed with the Secretary of the Association prior to any meeting for which it is to be
effective. Except as otherwise specifically provided in the proxy, a proxy shall be presumed to
cover all votes which the Member giving such proxy is entitled to case, and in the event of any
conflict between two or more proxies purporting to cover the same voting rights, the later dated
proxy shall prevail, or if dated as of the same date, both shall be deemed invalid. Every proxy
shall be revocable and shall automatically cease upon conveyance of the Member’s Unit, or
upon receipt of notice by the Secretary of the death or judicially declared incompetence of a
Member who is a natural person, or of written revocation, or upon the expiration of 11 months
from the date of the proxy, unless otherwise provided in the proxy.

2.10 Majority. As used in these Bylaws, the term “majority” shall mean those votes, owners, or
other group, as the context may indicate, totaling more than 50% of the total eligible number.

2.11 Quorum. Except as otherwise provided in these Bylaws or in the Declaration, the
presence, in person or by proxy, of Members representing 20% of the total Class “A” and Class
“B” votes in the Association, that are entitled to vote on any matter to be decided at said
meeting, and the presence of a duly appointed representative of the Class “”C” Member shall
constitute a quorum at all meetings of the Association.

2.12 Conduct of Meetings. The President shall preside over all meetings of the Association.
The Secretary shall keep the minutes of the meetings and record in a minute book all
resolutions adopted at such meetings, as well as maintain a record of all transactions occurring
at such meetings.

2.13 Action Without a Meeting. Any action required or permitted by law to be taken at a
meeting of the Members may be taken without a meeting, without prior notice and without a vote
if written consent specifically authorizing the proposed action is signed by Members holding at

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least the minimum number of votes necessary to authorize such action at a meeting if all
Members entitled to vote thereon were present. Such consents shall be signed within 60 days
after receipt of the earliest dated consent, dated and delivered to the Association at its principal
place of business in the State of North Carolina. Such consents shall be filed with the minutes
of the Association, and shall have the same force and effect as a vote of the Members at a
meeting. Within 10 days after receiving authorization for any action by written consent, the
Secretary shall give written notice to all Members entitled to vote who did not give their written
consent, fairly summarizing the material features of the authorized action.

2.14 Action by Members. Except as may be otherwise specifically set forth in the Declaration,
the Articles or these Bylaws, the vote of a majority of all votes entitled to be cast by the
Members, present or represented by legitimate proxy at a legally constituted meeting at which a
quorum is present, shall be the act of the Members. Notwithstanding the above, and anything to
the contrary in the Declaration of the North Carolina Planned Community Act, no judicial or
administrative proceeding shall be commenced or prosecuted by the Association unless
approved by a vote or no less than seventy-five percent (75%) of all votes entitled to be case by
the Class “A” Members, which vote is taken at a duly held meeting of the Members at which a
quorum is present, and unless approved by the Class “B” members so long as such a Member
exists, all in accordance with these Bylaws and the Declaration. The immediately preceding
sentence shall not apply, however, to (a) actions brought by the Association to enforce the
provisions of the Declaration; (b) the imposition and collection of assessments, charges or other
fees hereunder; (c) proceedings involving challenges to ad valorem taxation; (d) counter claims
brought by the Association in proceedings instituted against it; (e) actions brought by the
Association against any contractor, vendor, or supplier of goods or services to Antiquity-
Cornelius; or (f) actions initiated by the Class “B” Control Period. Prior to putting to a vote of the
Members any claim on behalf of the Association against the Declarant, the Board must obtain
from a licensed attorney and distribute to the Members a detailed cost-benefit analysis relating
to such claim, which cost-benefit analysis must include at least the following; (a) the nature and
extent of the claim and the prospects of winning or losing the claim; (b) the prospects of settling
the dispute early; (c) the cost of prosecuting the claim; and (d) the effect of pending litigation on
resales and on hoe refinancing in the Village Property. Prior to obtaining the consent of the
Members in accordance with this subsection, the Association must also provide written notice to

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all Members which notice shall (at a minimum) include (1) a description of the nature of the
claim, (2) a description of the attempts of the Declarant to correct such claim and the
opportunities provided to Declarant to correct such claim, (3) a certification from an engineer
licensed in the State of North Carolina that such claim is valid along with a description of the
scope of work necessary to cure such claim and a resume of such engineer, (4) the estimated
cost to repair such claim, (5) the name and professional background of the attorney proposed to
be retained by the Association to pursue the claim against Declarant and a description of the
relationship between such attorney and member(s) of the Board (if any), (6) a description of the
fee arrangement between such attorney and the Association, (7) the estimated attorney’s fees
and expert fees and costs necessary to pursue the claim against Declarant and the source of
the funds which will be used to pay such fees and expenses, (8) the estimated time necessary
to conclude the action against Declarant, (9) an affirmative statement from the Board that the
action is in the best interest of the Association and its Members and (10) a statement from the
Board that there are no fees paid to the Board or management parties as a result of the referral
to any attorney or licensed professional.

Article III

Board of Directors: Number, Powers, Meetings

A. Composition and Selection.

3.1 Governing Body, Composition. The affairs of the Association shall be governed by a
Board of Directors, each of whom shall have one equal vote. Directors need not be Members.
The Board of Directors shall have the authority to delegate any of its duties to agents,
employees, committees, or others; provided, however, in the event of such delegations, the
Board of Directors shall remain responsible for any action undertaken by such delegate.

3.2 Number of Directors. The number of directors shall be five.

3.3 Directors During Class “B” Period. Until termination of the Class “B” Control Period, all of
the directors shall be selected by the Class “B” Member acting in its sole discretion and the
same shall serve at the pleasure of the Class “B” Member.

3.4 Nomination of Directors. Except with respect to directors selected by the Class “B”
Member, nominations for election to the Board shall be made from the floor. All candidates shall

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have a reasonable opportunity to communicate their qualifications to the members and to solicit
votes.

3.5 Election and Term of Office After Termination of the Class “B” Control Period. At the first
annual meeting of the membership after the termination of the Class “B” Control Period, the
Class “A” Members together shall elect all members of the Board of Directors. The Members
shall elect two (2) directors for a term of one year and three (3) directors for a term of two (2)
years, and at each annual meeting thereafter, the Members shall elect for a term of two (2)
years the number of directors whose terms are expiring.

Each Class “A” Member and each Class “B” Member shall be entitled to cast, with
respect to each vacancy to be filled by the votes of the same, the total number of votes to which
each such Member is entitled under the Declaration. Cumulative voting shall not be permitted.
The candidate(s) receiving the most votes shall be elected. The directors shall hold office until
their respective successors have been elected. Directors may be elected to serve any number
of consecutive terms, but no more than one term per election.

3.6 Removal of Directors and Vacancies. Any director elected by the Class “A” Members
may be removed, with or without cause, by the vote of such Members holding a majority of the
votes entitled to be cast for the election of such director. Any director whose removal is sought
shall be given notice prior to any meeting called for that purpose. Upon removal of a director, a
successor shall be elected by the Members entitled to elect the director so removed to fill the
vacancy for the remainder of the term of such director.

In the event of the death, disability, or resignation of a director, the Board may declare a
vacancy and appoint a successor to serve until the next annual meeting, at which time a
successor shall be elected to serve the remaining portion, if any, of the term of the director who
created the vacancy.

This Section shall not apply to directors appointed by the Class “B” Member. The Class
“B” Member shall be entitled to appoint a successor to fill any vacancy on the Board resulting
from death, disability or resignation of a director appointed by the Class “B” Member.

B. Meetings.

3.7 Organizational Meetings. The first meeting of the Board following each annual meeting
of the membership shall be held within 30 days at such time and place as to the Board shall fix.
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3.8 Regular Meetings. Regular meetings of the Board may be held at such time and place as
the majority of the directors shall determine, but at least four such meeting shall be held each
fiscal year with at least one per quarter.

3.9 Special Meetings. Special meetings of the Board shall be held when called by written
notice signed by the President, Vice President, or by any two directors.

3.10 Notice; Waiver of Notice.

(a) Notice of meetings of the Board of Directors shall specify the time and place of the
meeting and, in the case of a special meeting, the nature of any special business to be
considered. The notice shall be given to each director by: (i) personal delivery, (ii) first class
mail, postage prepaid, (iii) telephone communication, either directly to the director or to a person
at the director’s office or home who would reasonably be expected to communicate such notice
promptly to the director, or (iv) facsimile with confirmation of transmission.

(b) The transactions of any meeting of the Board, however called and noticed or
wherever held, shall be as valid as though taken at a meeting duly held after regular call and
notice if (i) a quorum is present and (ii) either before or after the meeting each of the directors
not present signs a written waiver of notice, a consent to holding the meeting, or an approval of
the minutes. The waiver of notice or consent need not specify the purpose of the meeting.
Notice of a meeting shall also be deemed given to any director who attends the meeting without
protesting before or at its commencement about the lack of adequate notice.

3.11 Quorum of Board of Directors: Telephonic Participation. At all meetings of the Board, a
majority of the directors shall constitute a quorum for the transaction of business. Directors may
establish a quorum by use of a telephone conference provided all directors participating in the
meeting can hear each other. The votes of a majority of the directors present at a meeting at
which a quorum is present shall constitute the decision of the Board, unless otherwise
specifically provided in these Bylaws or the Declaration.

If any meeting of the Board cannot be held because a quorum is not present, the director
present at such meeting may adjourn the meeting to a time not less than five nor more than 30
days from the date of the original meeting. At the reconvened meeting, if a quorum is present,
any business which might have been transacted at the meeting originally called may be
transacted without further notice.
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3.12 Compensation. No director shall receive any compensation from the Association for
acting as such unless approved by Members representing a majority of the Class “A” votes in
the Association at a regular or special meeting of the Association. Any director may be
reimbursed for expense incurred on behalf of the Association upon approval of a majority of the
other directors. Nothing herein shall prohibit the Association from compensating a director, or
any entity with which a director is affiliated, for services or supplies furnished to the Association
in a capacity other than as a director pursuant to a contract of agreement with the Association,
provided that such director’s interest were made known to the Board prior to entering into such
contract and such contract was approved by a majority of the Board of Directors, excluding
interested director.

3.13 Conduct of Meetings. The President shall preside over all meetings of the Board, and the
Secretary shall keep a minute book of Board meetings, recording all Board resolutions and all
transactions and proceedings occurring at such meetings.

3.14 Meetings. Meetings of the executive board shall be held as provided by these Bylaws.
At regular intervals, the executive board shall provide unit owners an opportunity to attend a
portion of an executive board meeting and to speak to the executive board about their issues
and concerns. The executive board may place reasonable restrictions on the number of
persons who speak on each side of an issue and may place reasonable time restrictions on
persons who speak.

3.15 Action Without a Formal Meeting. Any action to be taken at a meeting of the directors or
any action that may be taken at a meeting of the directors may be taken without a meeting if a
consent in writing, setting forth the action so taken, shall be signed by all of the directors, and
such consent shall have the same force and effect as a unanimous vote.

C. Powers and Duties.

3.16 Powers. The Board of Directors shall have all of the powers and duties necessary for the
administration of the Association’s affairs and for performing all responsibilities and exercising
all rights of the Association as set forth in the declaration, these Bylaws, the Articles, and as
provided by law, including without limitation the power/authority to appoint committees to assist
the Board in carrying out its responsibilities. The Board may do or cause to be done all acts and

11
things as are not by the Declarations, Articles, these Bylaws or State of North Carolina law
directed to be done and exercised exclusively by the Members.

3.17 Duties. The duties of the Board shall include, without limitation:

(a) preparing and adopting annual budgets in which there shall be established each
Owner’s share of the Common Expenses;

(b) assessing and collecting such assessments from the Owners;

(c) providing for the operation, care, upkeep, and maintenance of the Area of
Common Responsibility;

(d) designating, hiring, and dismissing the personnel necessary to carry out the rights
and responsibilities of the Association and, where appropriate, providing for the
compensation of such personnel and for the purchase of equipment, supplies, and
materials to be used by such personnel in the performance of their duties;

(e) depositing all funds received on behalf of the Association in a bank depository
which it shall approve, and using such funds to operate the Association; provided,
any reserve fund may be deposited, in the directors’ best business judgment, in
depositories other than banks;

(f) making and amending Restrictions and Rules in accordance with the Declaration;

(g) opening bank accounts on behalf of the Association and designating the
signatories required;

(h) making or contracting for the repairs, additions, and improvements to or alterations
of the property of the Association in accordance with the Declaration and these
Bylaws;

(i) enforcing by legal means the provisions of the Declaration, these Bylaws, and the
rules adopted by it and bringing any proceedings which may be instituted on
behalf of or against the Owners concerning the Association;

(j) obtaining and carrying insurance against casualties and liabilities, as provided in
the Declaration; paying the cost of the premium thereof; and filing and adjusting
claims, as appropriate;

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(k) paying the cost of all services rendered to the Association or its Members, which
are not directly chargeable to Owners;

(l) keeping books with detailed accounts of the receipts and expenditures affecting
the Association and its administration and specifying maintenance, repair, and
other expenses incurred;

(m) indemnifying a director, office or committee member, or former director, officer or

committee member of the Association to the extent such indemnity is required by
State of North Carolina law, the Articles of Incorporation, or the Declaration; and

(n) appointing an architectural review committee in accordance with the terms of

Article IV of the Declaration.

3.18 Right of the Class “B” Member to Disapprove Actions. So long as the class “B”
membership exists, the Class “B” Member shall have a right to disapprove any
action, policy or program of the Association, the Board or any committee which, in
the sole judgment of the Class “B” Member, would tend to impair rights of the
Declarant under the Declaration or these Bylaws, or interfere with development of
or construction on any portion of the Properties, or diminish the level of services
being provided by the Association.

(a) The Class “B” Member shall be given written notice of all meetings and
proposed actions approved at meetings (or by written consent in lieu of a meeting)
of the Association, the Board or any committee. Such notice shall be given by
certified mail, return receipt requested, or by personal delivery at the address it
has registered with the Secretary of the Association, and shall comply as to Board
meetings with sections 3.8, 3.9, and 3.10 and which notice shall, except in the
case of the regular meetings held pursuant to the Bylaws, set forth in reasonable
particularity to be followed at such meeting; and

(b) The Class “B” Member shall be given opportunity at any such meeting to join in or
to have its representatives or agents join in discussion from the floor of any
prospective action, policy, or program which would be subject to the right of
disapproval set forth in this Section.

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 No action, policy, or program subject to the right of disapproval set forth in this
Section shall become effective or be implemented until and unless the
requirements of subsections (a) or (b) above have been met.

The Class “B” Member, its representative or agents shall make its concerns,
thoughts, and suggestions known to the Board and/or the members of the subject
committee. The Class “B” Member, acting through any officer or director, agent or
authorized representative, may exercise its right to disapprove at any time within
10 days following the meeting at which such action was proposed or, in the case
of any action taken by written consent in lieu of a meeting, at any time within 10
days following receipt of written notice of the proposed action. This right to
disapprove may be used to block proposed actions but shall not include a right to
require any action or counteraction on behalf of any committee, or the Board or the
Association. The Class “B” Member shall not use its right to disapprove to reduce
the level of services which the Association is obligated to provide or to prevent
capital repairs or any expenditure required to comply with applicable laws and
regulations.

3.19 Management. The Board may retain for the Association a professional
management agent or agents at such compensation as the Board may establish,
to perform such duties and services as the Board shall authorize.

3.20 Borrowing. The Association shall have the power to borrow money for any legal
purpose; provided, the Board shall obtain the approval of Class “A” Members
holding at least 51% of the votes in the Association represented in person or by
proxy at a duly constituted meeting if the proposed borrowing, together with all
other debt incurred within the previous 12 month period, exceeds or would exceed
5% of the budgeted gross expenses of the Association for that fiscal year.
Notwithstanding the foregoing, no vote or approval of the Members shall be
required in conjunction with the Assessment Loan defined in Section 8.1 (f) of the
Declaration.

3.21 Right to Contract. The Association shall have the right to contract with any Person
for the performance of various duties or functions. This right shall include, without

14
 limitation, the right to enter into common management, operational, or other
agreements with trusts, condominiums, cooperatives, or other property owners or
similar associations, within and outside the Properties; provided, any common
management agreement shall require the consent of a majority of the total number
of directors of the Association.

3.22 Enforcement. In addition to such other rights as are specifically granted under the
Declaration, the Board shall have the power to impose monetary fines, which shall
constitute a lien upon the Unit of the violator, and to suspend an Owner’s right to
vote for violation of any duty imposed under the Declaration, these Bylaws, or any
Association rules. In addition, the Board may suspend any services provided by
the Association to an Owner or the Owner’s Unit if the Owner is more than 30 days
delinquent in paying any assessment or other charges owed to the Association.
The failure of the Board to enforce any provision of the Declaration, Bylaws, or any
rule shall not be deemed a waiver of the right of the board to do so thereafter.

(a) Notice. Prior to the imposition of any sanction hereunder or under the
Declaration, the Board or its delegate shall serve the alleged violator with written
notice describing (i) the nature of the alleged violation, (ii) the proposed sanction to
be imposed, (iii) a period not less than 10 days with which the alleged violator or
its representative may present a written request for a hearing to the Board; and (iv)
a statement that the proposed sanction shall be imposed as contained in the
notice unless a challenge is begun within 10 days of the notice. If a timely
challenge is not made, the sanction stated in the notice shall be imposed;
provided, the Board may, but shall not be obligated to, suspend any proposed
sanction if the violation is cured within a 10-day period. Such suspension shall not
constitute a waiver of the right to sanction future violations of the same or other
provisions and rules by any Person.

(b) Hearing. If a hearing is requested within the allotted 10-day period, the
hearing shall be held before the Board in executive session. The alleged violator
shall be afforded a reasonable opportunity to be heard. The minutes of the
meeting shall contain a written statement of the results of the hearing and the
sanction, if any, imposed.
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 (c) Additional Enforcement Rules. Notwithstanding anything to the contrary in
this Article, the Board may elect to enforce any provision of the Declaration, these
Bylaws, or the rules of the Association by self-help, or by suit at law or equity to
enjoin any violation or to recover monetary damages or both, without the necessity
of compliance with the procedures set forth above. In any such action, to the
maximum extent permissible, the Owner or occupant responsible for the violation
of which abatement is sought shall pay all costs, including reasonable attorney’s
fees actually incurred. Any entry onto a Unit for the purpose of exercising this
power of self-help shall not be deemed a trespass.

Article IV

Officers

4.1 Officers. The officers of the Association shall be a President, Vice President,
Secretary, and Treasurer. The President and Secretary shall be elected from
among the members of the Board; other officers may, but need not be members of
the Board. Any two or more offices may be held by the same person, except the
offices of President and Secretary.

4.2 Election and Term of Office. The Board shall elect the officers of the Association
at the first meeting of the Board following each annual meeting of the Members, to
serve until their successors are elected.

4.3 Removal and Vacancies. The Board may remove any officer whenever in its
judgment the best interests of the Association will be served, and may fill any
vacancy in any office arising because of death, resignation, removal, or otherwise,
for the unexpired portion of the term.

4.4 Duties. The duties of the officers, unless otherwise stated by a resolution of the
board, are as follows:

(a) President: The President shall be the principal executive officer of the
Association, and subject to the control of the Board, shall supervise and control
the management of the Association. The President shall preside at all meetings of
the Board; shall see that orders and resolutions of the Board are carried out; shall

16
 sign all leases, mortgages, deeds, promissory notes and other written instruments
and may co-sign all checks.

(b) Vice-President: The Vice-President shall act in the place and stead of the
President in the event of his absence, inability or refusal to act, and shall exercise
and discharge such other duties as may be required of him by the Board.

(c) Secretary: The Secretary shall record the votes and keep the minutes of all
meetings and proceedings of the Board and of the Members, shall keep the
corporate seal of the Association and affix it on all papers requiring said seal, shall
serve notice of meetings of the Board and of the Members, shall keep appropriate
current records showing the members of the Association together with their
addresses, and shall perform such other duties as required by the Board. The
Secretary shall also prepare, execute, certify, and record amendments to the
Declaration, with respect to any such amendments which, under the terms of the
Master Declaration, are required to be prepared, executed, certified, or recorded
by the Association.

(d) Treasurer: The Treasurer shall receive and deposit in appropriate bank
accounts all monies of the Association and shall disburse such funds as directed
by resolution of the Board, shall sign all checks and promissory notes of the
Association, shall keep proper books of account, and shall prepare an annual
report to be presented to the membership at its regular annual meeting, and
deliver a copy of each to the Members.

4.5 Resignation. Any officer may resign at any time by giving written notice to the
Board of Directors, the President, or the Secretary. Such resignation shall take
effect on the date of the receipt of such notice or at any later time specified
therein, and unless otherwise specified therein, the acceptance of such resignation
shall not be necessary to make it effective.

4.6 Compensation. Compensation of officers shall be subject to the same limitations

as compensation of directors under Section 3.12.

Article V

Miscellaneous
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5.1 Fiscal Year. The fiscal year of the Association shall be set by resolution of the
Board of Directors. In the absence of a resolution, the fiscal year shall be the
calendar year.

5.2 Parliamentary Rules. Except as may be modified by Board resolution, Robert’s

Rules of Order (current edition) shall govern the conduct of Association
proceedings when not in conflict with State of North Carolina law, the Articles of
Incorporation, the Declaration, or these Bylaws.

5.3 Conflicts. If there are conflicts between the provisions of North Carolina law, the
Articles of Incorporation, the Declaration, and these Bylaws, the provisions of
State of North Carolina law, the Declaration, the Articles of Incorporation, and the
Bylaws (in that order) shall prevail.

5.4 Amendment: Effective Date of Amendments.

(a) The Class “B” Member shall have the right to unilaterally amend these
Bylaws for any purpose during the Class “B” Control Period.

(b) Except as provided above, these Bylaws may be amended only by

affirmative vote or written consent, or any combination thereof, of Members
representing at least 51% of the total Class “A” votes in the Association and the
consent of the Class “B” Member, as long as such membership exists. However,
the percentage of votes necessary to amend a specific clause shall not be less
than the prescribed percentage of affirmative votes required for action to be taken
under that clause.

(c) Amendments of these Bylaws shall become effective upon recordation in

the Official Records unless a later effective date is specified therein. Any
procedural challenge to an amendment must be made within six months of its
recordation or such amendment shall be presumed to have been validly adopted.
In no event shall a change of conditions or circumstances operate to amend any
provision of these Bylaws.

If any Owner consents to any amendment of the Declaration or these Bylaws; it

will be conclusively presumed that such Owner has the authority so to consent and

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 no contrary provision in any Mortgage or contract between the Owner and a third
party will affect the validity of such amendment.

No amendment may remove, revoke, or modify any right or privilege of, nor
impose any obligation upon, the Class “B” Member without the written consent of
the Class “B” Member, or the assignee of such right or privilege.

Adopted by the Antiquity-Cornelius Community Association Board of Directors on February 18, 2016.

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