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Declaration of Covenants, Conditions and Restrictions Stonebridge

DISCLAIMER:

These covenants are presented here for the convenience of the user and are not the official recorded covenants filed with Bernalillo County. They do, however, reflect as accurately as possible the official covenants. The Stonebridge HomeOwners Association accepts no responsibility for any errors made in typing or formatting of the covenants for use on the Internet or for other distribution. In the event of any dispute, the covenants formally filed with Bernalillo County will be the final authority.


Article I: Definitions

Section 1.1 “Association” shall mean and refer to Stonebridge Homeowners Association, Inc., a New Mexico nonprofit corporation established for the purposes set forth herein.

Section 1.2 “City” shall mean and refer to the City of Albuquerque, Bernalillo County, New Mexico.

Section 1.3 “Common Areas” shall mean and refer to that portion of the Property, if any, including any improvements thereon, conveyed to the Association free and clear of monetary encumbrances for the common use and benefit of the Owners.

Section 1.4 “Common Maintenance Areas” shall mean and refer to the Common Areas, and any areas within public rights-of-way, easements (public and private), private park(s), streets, homeowner tracts, temporary desilting ponds, surge ponds, swimming pool, and any improvements, or landscaping that the Board of Directors of the Association deems necessary or appropriate to maintain for the common benefit of the members.

Section 1.5 “Declarant” shall mean and refer to Centex Homes and its successors and assigns who are designated as such in writing by Declarant, and who consent in writing to assume the duties and obligations of the Declarant with respect to the Lots acquired by such successor or assign.

Section 1.6 “Declaration” shall mean and refer to this Declaration of Covenants, Conditions and Restrictions for Stonebridge, and any amendments and supplements thereto made in accordance with its terms.

Section 1.7 “Lot” shall mean and refer to any of the plots of land indicated upon the recorded subdivision plat(s) of the Property or any part thereof creating single-family homesites, but only if the plot of land ahs in place an infrastructure (including utilities and streets) necessary to allow construction of a single-family home. Common Areas and areas deeded to a governmental authority or utility, together with all improvements thereon, shall not be included as part of the definition of a Lot.

Section 1.8 “Owner” shall mean and refer to the record owner, whether one or more persons or entities, of fee simple title to any Lot, including contract sellers, but excluding those having an interest merely as security for the performance of an obligation.

Section 1.9 “Plat” shall mean and refer to the final plat of Stonebridge, Unit 1, recorded at Document #19999093741, Book 99C, Page 190, Plat Records of Bernalillo County, New Mexico.

Section 1.10 “Property” shall mean and refer to the real property described on Exhibit “A.” and such additions thereto as may be brought within the jurisdiction of the Association and be made subject to this Declaration.

Section 1.11 “Unit” shall mean and refer to any residential dwelling situated upon any Lot.

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Article II: Stonebridge Homeowners Association, Inc.

Section 2.1 Membership. The Declarant and every Owner of a Lot by virtue of ownership of such Lot will be a member of the Association. Membership will be appurtenant to and will not be separated from ownership of any Lot. There will be 2 classes of membership: Class A and Class B, being more particularly described in Section 2.7.

Section 2.2 Funding. Subject to the terms of this Article II, the Declarant for each Lot owned within the Property hereby covenants, and each Owner of any Lot by acceptance of a deed therefore, whether or not it will be so expressed in such deed, is deemed to covenant and agrees to pay to the Association:

Section 2.3 Regular Assessment or Charge.

Section 2.4. Special Assessments for Working Capital Fund, Nonrecurring Maintenance and Capital Improvements. In addition to the annual assessments authorized above, the Association may levy special assessments as follows:

Section 2.5 Non-payment of Assessments: Remedies of the Association. Any assessment not paid within 10 days after the due date will bear interest from the due date at the lesser of, but not to exceed, 18% per annum or the highest rate of interest allowed by New Mexico law, as amended from time to time. The Association will have the authority to impose late charges of $20.00 to compensate for the administrative and processing costs of late payments on such terms as it may establish by duly adopted resolutions, and the Association may bring an action at law against the Owner personally obligated to pay the same. No Owner may waive or otherwise escape liability for the assessments provided for herein by non-use of the Common Maintenance Area or abandonment of his property.

Section 2.6 Subordinated Lien to Secure Payment. To Secure the payment of any assessment established hereby and to be levied on individual Lots as above provided, there is hereby reserved a lien for the benefit of the Association, said lien to be enforceable through appropriate proceedings at law or in equity by such beneficiary; provided, however, that each such lien shall be specifically made secondary, subordinate and inferior to all liens, present and future, given, granted, and created by or at the instance and request of the Owner of any such Lot to secure the payment of monies advanced or to be advanced on account of the purchase price and/or the improvement of any such Lot. Sale or transfer of a Lot shall not affect the assessment lien. However, the sale or transfer of any Lot pursuant to mortgage foreclosure will extinguish the lien of such assessment as to payments which became due prior to such sale or transfer. No sale, foreclosure or transfer will relieve such Lot from liability for any assessments thereafter becoming due or from the lien thereof. The Association will have the right to file notices of liens in favor of such Association in the Official Records of Bernalillo County, New Mexico.

Section 2.7 Voting Rights. The Association will have two classes of voting membership:


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Article III: General Powers and Duties of Board of Directors of the Association

Section 3.1 Purpose of Regular Assessment Fund. The Board of Directors, for the benefit of the Owners, will provide and will pay for out of the regular assessment fund (provided for in Article II above) the following:

Section 3.2 Powers and Duties of the Board of Directors. The Board of Directors, for the benefit of the Owners, will have the following general powers and duties, in addition to the specific powers and duties provided for herein and in the By-laws of the Association: