The records shown below are made available solely for general informational purposes. The Coachman's Trail Homeowners' Association makes no representations or warranties as to the accuracy of this information or its legal significance. The information furnished through this medium should not be construed as a certified copy. In situations in which the accuracy and reliability of the information contained in these records is of paramount importance, the user is cautioned not to rely on information made available through this medium, but instead to obtain copies of the record certified as true and correct by the Coachman's Trail Homeowners' Association.

BY-LAWS OF COACHMAN'S TRAIL HOMEOWNERS ASSOCIATION *ARTICLE I NAME AND LOCATION The name of the corporation is Coachman's Trail Homeowners Association, hereinafter referred to as the "Association." The principal office of the corporation shall be located at 11412 Coachman's Way, Raleigh, North Carolina, 27614, but meetings of members and directors may be held at such places within the State of North Carolina, County of Wake, as may be designated by the Board of Directors. ARTICLE II DEFINITIONS Section 1. "Association" shall mean and refer to Coachman's Trail Homeowners Association, its successors and assigns. Section 2. "Properties" shall mean and refer to that certain real property described in the Declaration of Covenants for Common Properties in Coachman's Trail Subdivision affecting Property now within the jurisdiction of the Association and such additions thereto as may hereafter be brought within the jurisdiction of the Association. Section 3. "Common Area" shall mean all real property owned by the Association for the common use and enjoyment of the members of the Association. Section 4. "Lot" shall mean and refer to any plot of land shown upon any recorded subdivision map of the Properties with the exception of the Common Area. Section 5. "Member" shall mean and refer to every person or entity who holds a membership in the Association. Section 6. "Owner" shall mean and refer to the record owner, whether one or more persons or entities, of the fee simple title to any Lot which is a part of the Properties, excluding contract sellers and lending institutions. Section 7. "Declarant" shall mean and refer to Development Associates, Inc., and its successors and assigns. Section 8. "Declaration" shall mean and refer to the Declaration of Covenants for Common Properties in Coachman's Trail Subdivision applicable to the Properties recorded in the office of the Register of Deeds of Wake County, North Carolina. ARTICLE III MEMBERSHIP Section 1. Membership. Every person or entity who is a record owner of a fee or undivided fee interest in any Lot which is subject by covenants of record to assessment by the Association, excluding contract sellers and lending institutions, shall be a member of the Association. The foregoing is not intended to include persons or entities who hold an interest merely as security for the performance of an obligation. No Owner shall have more than one membership. Membership shall be appurtenant to and may not be separated from ownership of any Lot which is subject to assessment by the Association. Ownership of such Lot shall be the sole qualification for membership. As evidence of each Owner's membership, each Owner shall deliver to the office of the Association a photocopy of the page(s) of his deed(s) which contains the name of the member and Lot(s) owned by such member. Notwithstanding anything to the contrary hereinabove, contract sellers, at the option of the Board of Directors, shall become members of the Association on the first day of the thirteenth calendar month after the date on which any said contract seller takes title to a lot. Section 2. Suspension of Membership. During any period in which a member shall be in default in the payment of any annual or special assessment levied by the Association, the voting rights and right to use of the recreational facilities of such member may be suspended by the Board of Directors until such assessment has been paid. Such rights of a member may also be suspended, after notice and hearing, for a period not to exceed thirty (30) days, for violation of any rules and regulations established by the Board of Directors governing the use of the Common Area and Facilities. ARTICLE IV PROPERTY RIGHTS: RIGHTS OF ENJOYMENT Section 1. Each member shall be entitled to the use and enjoyment of the Common Area and facilities as provided in the Declaration. Any member may delegate his rights of enjoyment of the Common Area and facilities to the member of his family who reside on the property Such member shall notify the secretary in writing of the name of any such delegee. The rights and privileges of such delegee are subject to suspension to the same extent as those of the member. *ARTICLE V BOARD OF DIRECTORS: SELECTION: TERM OF OFFICE Section 1. Number and Qualification. The affairs of this Association shall be managed by a Board of twelve (12) directors, three (3) of whom shall be elected by the Class B members, and these three (3) need not be members of the Association. Beginning with the first annual meeting of the members after all Class B members have been eliminated, all directors shall be members of the Association. Section 2. Election. At the first annual meeting the Class A members shall elect two (2) directors for a term of one year, two (2) directors for a term of two years, and two (2) directors for a term of three years, and thereafter until their successors are elected and qualified. At the first annual meeting, the Class B members shall elect three (3) members who shall serve until their successors are elected and qualified or until the Class B members are eliminated, whichever shall first occur At the first annual meeting after the elimination of the Class B members, the Class A members shall (in addition to the election of three (3) directors as provided hereinabove) elect one (1) director for a term of one year, one (1) director for a term of two years, and one (1) director for a term of three years; and at each annual meeting thereafter, four (4) directors shall be elected for a term of three years each. Section 3. Removal. Any director may be removed from the Board, with or without cause, by a majority vote of the members of the Association. In the event of death, resignation or removal of a director, his successor shall be selected by the remaining members of the Board and shall serve for the unexpired term of his predecessor. Section 4. Compensation. No director shall receive compensation for any service he may render to the Association in the capacity of director. However, any director may be reimbursed for his actual expenses incurred in the performance of his duties. Section 5. Action Taken Without a Meeting. The directors shall have the right to take any action in the absence of a meeting which they could take at a meeting by obtaining the written approval of all the directors. Any action so approved shall have the same effect as though taken at a meeting of the directors. *ARTICLE VI MEETINGS OF DIRECTORS Section 1. Regular Meetings. Regular meetings of the Board of Directors shall be held monthly without notice, at such place and hour as may be fixed from time to time by resolution of the Board. Should said meeting fall upon a legal holiday, then that meeting shall be held at the same time on the next day which is not a legal holiday. Section 2. Special Meetings. Special meetings of the Board of Directors shall be held when called by the President of the Association, or by any three (3) directors, after not less than three (3) days notice to each director. Section 3. Quorum. A majority of the number of Class A directors shall constitute a quorum for the transaction of business. Every act or decision done or made by a majority of the directors present at a duly held meeting at which a quorum is present shall be regarded as the act of the Board. ARTICLE VII NOMINATION AND ELECTION OF DIRECTORS Section 1. Nomination. Nomination for election to the Board of Directors shall be made by a Nominating Committee. Nominations may also be made from the floor at the annual meeting. The Nominating Committee shall consist of a Chairman, who shall be a member of the Board of Directors, and two or more members of the Association. The Nominating Committee shall be appointed by the Board of Directors prior to each annual meeting until the close of the next annual meeting and such appointment shall be announced at each annual meeting. The Nominating Committee shall make as many nominations for election to the Board of Directors as it shall in its discretion determine, but not less than the number of vacancies that are to be filled. Section 2. Election. Election to the Board of Directors shall be by secret ballot. At such election the members or their proxies may cast one vote in respect to each vacancy. The persons receiving the largest number of votes shall be elected. Cumulative voting is not permitted. The election shall be supervised under the direction of the Nominating Committee which shall establish appropriate rules of procedure. No member of the Nominating Committee shall be nominated for election to the Board of Directors by the Nominating Committee. This does not preclude nomination from the floor. *ARTICLE VIII POWERS AND DUTIES OF THE BOARD OF DIRECTORS Section 1. Powers. The Board of Directors shall have power: To adopt and publish rules and regulations governing the use of the Common Area and facilities, and the personal conduct of the members and their guests thereon, and to establish penalties for the infraction thereof; To exercise for the Association all powers, duties and authority vested in or delegated to this Association not reserved to the membership by other provisions of these By-Laws, the Articles of Incorporation or the Declaration; To declare the office of a member of the Board of Directors to be vacant in the event such member shall be absent from three (3) consecutive regular meetings of the Board of Directors; and To employ a manager, an independent contractor, or such other employees as they deem necessary, and to prescribe their duties. Section 2. Duties. It shall be the duty of the Board of Directors: To cause to be kept a complete record of all its acts and corporate affairs and to present a statement thereof to the members at the annual meeting of the members or at any special meeting. To supervise all officers, agents and employees of this Association and to see that their duties are properly performed; As more fully provided herein and in the Declaration; To fix the amount of the annual assessment against each Lot at least thirty (30) days in advance of each annual assessment due date, as hereinafter provided in Article XII, and To send written notice of each assessment to every Owner subject thereto at least thirty (30) days in advance of each annual assessment due date; To issue, or to cause an appropriate officer to issue, upon demand by any person, a certificate setting forth whether any assessment has been paid. Such certificate shall be conclusive evidence of any assessment therein stated to have been paid; To procure and maintain adequate liability insurance, and to procure adequate hazard insurance on property owned by the Association; To cause all officers or employees having fiscal responsibilities to be bonded, as it may deem appropriate; To cause the Common Area to be maintained in an attractive manner. *ARTICLE IX COMMITTEES Section 1. The Board of Directors shall appoint such committees as the Board deems appropriate in carrying out the purposes of the Association, such as, but not limited to: A Recreation Committee which shall advise the Board of Directors on all matters pertaining to the recreational program and activities of the Association and shall perform such other functions as the Board, in its discretion, determines: A Maintenance Committee which shall advise the Board of Directors on all matters pertaining to the maintenance, repair or improvement of the Properties, and shall perform such other functions as the Board in its discretion, determines: A Publicity Committee which shall inform the members of all activities and functions of the Association and shall, after consulting with the Board of Directors, make such public releases and announcements as are in the best interests of the Association; A Finance Committee which shall prepare annual budget and approve any variances from original budget. It shall audit internally the financial records of the Association on a quarterly basis; make available for distribution to membership the monthly income and expense statements as submitted by the Treasurer. It shall also make arrangements for an outside audit at least annually. This Committee shall have every right to call on the Treasurer for other financial information as needed. The Executive Committee, consisting of the Chairperson of the Standing Committees, the First Vice-President and the Treasurer, shall meet monthly to hear reports of each Chairperson, to hear any complaints received by a Committee for proper disposition, and offer recommendations to the Board involving community policy or business. An Architectural Committee shall review for recommendations of approval to declarant landscaping specifications for additions, alterations or changes to structure. A Nominations Committee shall prepare for presentation to the membership at the annual meeting a slate of candidates for election to the Board of Directors consisting of as many candidates as it shall, in its discretion, determine but not less than the number of vacancies that are to be filled. This committee shall consist of a Chairperson, who shall be a member of the Board of Directors, and two or more members of the Association. The Nomination Committee shall be appointed by the Board of Directors, and it shall be responsible for developing the ground rules under which the election shall be held. The Nominations Committee Chairperson shall preside over the election meeting. Section 2. It shall be the duty of each committee to receive complaints from members on any matter involving Association functions1 duties, and activities within its field of responsibility. It shall refer them to the Executive Committee with recommendations for further action. It shall be the responsibility of the Board of Directors to fill all vacancies occurring on Standing Committees. *ARTICLE X MEETINGS OF MEMBERS Section 1. Annual Meetings. The annual meeting of the members shall be held between January 1 and March 15 of each year at such time and place as is fixed by the Board of Directors. Section 2. Special Meetings. Special meetings of the members may be called at any time by the President or by three members of the Board of Directors, or upon written request of the members who are entitled to vote one-fourth (<) of the votes of the Class A membership. Section 3. Notice of Meetings. Written notice of each meeting of the members shall be given by, or at the direction of, the secretary or person authorized to call the meeting, by mailing or delivering a copy of such notice at least ten (10) days before such meeting to each member entitled to vote thereat, to the member's address last appearing on the books of the Association, or supplied by such member to the Association for the purpose of notice. Such notice shall specify the place, day and hour of the meeting and, in case of a special meeting, the purpose of the meeting. Section 4. Quorum. The presence at the meeting of members entitled to cast, or of proxies entitled to cast, forty percent (40%) of the votes of the Class A membership shall constitute a quorum for any action except as otherwise provided in the Articles of Incorporation, the Declaration, or these By-Laws. If, however, such quorum shall not be present or represented at any meeting, the members entitled to vote thereat shall have power to adjourn the meeting from time to time without notice other than announcement at the meeting, until a quorum as aforesaid shall be present or be represented. Section 5. Proxies. At all meetings of members, each member may vote in person or by proxy. All proxies shall be in writing and filed with the secretary. Every proxy shall be revocable and shall automatically cease upon conveyance by the member of his Lot. *ARTICLE XI OFFICERS AND THEIR DUTIES Section 1. Enumeration of Offices. The officers of this Association shall be a President, First Vice-President, and Second Vice-President, who shall at all times be members of the Board of Directors, a Secretary, and a Treasurer, and such other officers as the Board may, from time to time, by resolution create. Section 2. Election of Officers. The election of officers shall take place at the first meeting of the Board of Directors following each annual meeting of the members. Section 3. Term. The officers of this Association shall be elected annually by the Board and each shall hold office for one (1) year unless he shall sooner resign, or shall be removed, or otherwise disqualified to serve. Section 4. Special Appointments. The Board may elect such other officers as the affairs of the Association may require, each of whom shall hold office for such period, have such authority, and perform such duties as the Board may, from time to time, determine. Section 5. Resignation and Removal. Any officer may be removed from office with or without cause by the Board Any officer may resign at any time by giving written notice to the Board, the President or the Secretary. Such resignation shall take effect on the date of 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. Section 6. Vacancies. A vacancy in any office may be filled in the manner prescribed for regular election by the Board of Directors. The officer shall serve for the remainder of the term of the officer he replaces. Section 7. Multiple Offices. No person shall simultaneously hold more than one of any of the other offices except in the case of special offices created pursuant to Section 4 of this Article. Section 8. Duties. The duties of the officers are as follows: The President shall preside at all meetings of the Board of Directors and all meetings of the members; shall see that orders and resolutions of the Board are carried out; shall sign all leases, mortgages, deeds and other written instruments and shall co-sign all checks and promissory notes. The First 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. The Second Vice-President shall act in place and stead of the First Vice-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. The Secretary shall record the votes and keep the minutes of all meetings and proceedings of the Board and of the members; keep the corporate seal of the Association and affix it on all papers requiring said seal; serve notice of meetings of the Board and of the members; 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 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 of Directors; shall sign all checks and promissory notes of the Association, and keep proper books of account. *ARTICLE XII ASSESSMENT Section 1. Creation of the Lien and Personal Obligation of Assessments. By the Declaration, each member is deemed to covenant and agree to pay to the Association: (1) annual assessments or charges, and (2) special assessments as might be voted from time to time. The annual and special assessments, together with such interest thereon and costs of collection thereof, as hereinafter provided, 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 such interest, costs, and reasonable attorney's fees shall also be the personal obligation of the person who was the Owner of such Property at the time when the assessment fell due. Section 2. Purpose of Assessments. The assessments levied by the Association shall be used exclusively for the purpose of promoting the recreation, health, safety and welfare of the residents in the Properties and in particular for the improvement and maintenance of the Properties, services and facilities devoted to this purpose and related to the use and enjoyment of the Common Area, and of the homes situated upon the Properties. Section 3. Determination of Annual Assessments. After consideration of current maintenance costs and future needs of the Association, the Board of Directors shall fix the annual assessment at an amount not in excess of the maximum. Section 4. Special Assessments. 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 or reconstruction, unexpected repair or replacement of a described capital improvement upon the Common Area, including the necessary fixtures and personal property related thereto, provided that any such assessment shall have the assent of two-thirds (2/3) of the votes of Class A members who are voting in person or by proxy at the annual meeting or at a meeting duly called for this purpose, written notice of which shall be sent to all members not less than twenty (20) days nor more than sixty (60) days in advance of the annual or special meeting setting forth the purpose for which the special assessment will be considered. The amount of the proposed special assessment need not be stated. For the purpose of acting under this Section 4, the presence at the meeting of members or of proxies, entitled to cast sixty percent (60%) of the 1 total vote of the Class A membership shall constitute a quorum. For the purpose of this subsection only, no vote shall be cast under Class B. Section 5. Uniform Rate. Both annual and special assessments must be fixed at a uniform rate for all Lots. Section 6. Date of Commencement of Annual Assessments: Due Dates. The first annual assessment shall be for the balance of calendar year 1976. Thereafter, the Board of Directors shall fix the amount of the annual assessment against each Lot at least thirty (30) days in advance of each annual assessment due date. 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 at any time furnish a certificate in writing1 signed by an officer of the Association, setting forth whether the assessments on a specified Lot have been paid. Such certificate shall be conclusive evidence of payment of any assessment therein stated to have been paid. Section 7. Effect of Non-Payment of Assessments: remedies of the Association. Any assessments which are not paid when due shall be delinquent If the assessment is not paid within thirty (30) days after the due date, the assessment shall bear interest from the date of delinquency at the rate of twelve percent (12%) per annum, and the Association may bring action at law against the Owner personally obligated to pay same, and interest, costs, late payment charges and reasonable attorney's fees or any such action shall be added to the amount of each assessment. 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. Section 8. Subordination of the Lien to Mortgages. The lien of the assessments provided for herein shall be subordinate to the lien of any mortgage or mortgages. Sale or transfer of any Lot shall not affect the assessment lien. However, the sale or transfer of any Lot which is subject to any mortgage, pursuant to a decree of foreclosure under such mortgage or any proceeding in lieu of foreclosure thereof, shall extinguish the lien of such assessments as to payments thereof which became due prior to such 1 sale or transfer. No sale or transfer shall relieve such a Lot from liability for any assessments thereafter becoming due or from the lien thereof. Section 9. Exempt Property. The following property subject to the Declaration shall be exempt from the assessments created therein: (a) all properties dedicated to and accepted by a local public authority, (b) the Common Area, and (c) all properties owned by a charitable or nonprofit organization exempt from taxation by the laws of the State of North Carolina. However, no land or improvements devoted to dwelling use shall be exempt from said assessments. ARTICLE XIII BOOKS AND RECORDS The books, records and papers of the Association shall by appointment be subject to inspection by any member. The Declaration, the Articles of Incorporation and the By-Laws of the Association shall be available for inspection by any member at the principal office of the Association. ARTICLE XIV CORPORATE SEAL The Association shall have a seal in circular form having within its circumference the words "Coachman's Trail Homeowners Association" and in its center the words "Corporate Seal." ARTICLE XV AMENDMENTS Section 1. Any portion or all of these By-Laws may be amended from time to time by a two-thirds (2/3) vote of the members of the Board of Directors after thirty (30) days written notice of the proposed change except Articles I and II; Article III, Section 1; Article IV; Article V, Sections 2 and 4; Articles XII and XIII. These Articles may be amended by two-thirds (2/3) vote of a quorum of members present in person or by proxy. Section 2. In the case of any conflict between the Articles of Incorporation and these By-Laws, the Articles shall control; and in the case of any conflict between the Declaration and these By-Laws1 the Declaration shall control. ARTICLE XVI MISCELLANEOUS The fiscal year of the Association shall begin on the first day of January and end on the 31st day of December of every year1 except that the first fiscal year shall begin on the date of incorporation. IN WITNESS WHEREOF, we, being all of the Directors of the Coachman's Trail Homeowners Association, have hereunto set our hands this ________________day of______________, 19______. *These particular Articles were amended at the general membership meeting of November 28, 1978.