In order to maintain the quality and integrity of the Subdivision, it has been determined that each lot owner shall pay monthly an assessment for their lot, as outlined below. The assessments shall begin January 1, 1991. The funds realized from the assessment shall be used in a manner consistent with maintaining the Subdivision and only for the benefit of the homeowners and the Subdivision. The assessment amount will, therefore, being in an amount consistent with such purposes.
     Assessments shall be made for each lot. Once visible signs of construction appear on any lot, then an additional assessment shall be made. Therefore, there will be two classes for assessment purposes. Class One shall consist of assessments against lots only. Class Two shall consist of assessments against lot and house. In the event a lot is purchased or construction is commenced on any day during a month other than the first day of the month, then the assessment shall be prorated for that month.
     Each member is obligated to pay to SFHOA annual and specific assessments, which shall become a lien upon each lot at such time as such assessments shall become delinquent. Any assessments which are not paid within fifteen (15) days after the due date shall be delinquent and shall bear interest from the date of delinquency at the maximum lawful contract rate permitted by applicable law; and SFHOA may bring an action at law against the owner personally obligated to pay the same or foreclose the lien against the lot of the delinquent owner, and interests, costs, and reasonable attorney's fees of any such action shall be added to the amount of such assessment. No owner may waive or otherwise avoid liability for the assessments provided for herein by non-use of the Common Area or abandonment of his lot.
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     Each Director, officer, and employee of SFHOA shall be indemnified by SFHOA against expenses and liabilities (including attorney's fees).

     SFHA recognizes the time, labor and expense involved in the development of the Subdivision. Therefore, SFHOA appoints The McCrory Company as the exclusive listing agent for any property sold in the Subdivision from the date hereof and extending to January 1, 1995. Any lot to be sold in the Subdivision shall be offered for listing with The McCrory Company, which company shall then have thirty (30) days to accept said listing. Said commissions derived for sales shall be at the rate usual and customary for such property located in Hardin County.
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     Section 1. These Bylaws may be amended, at a regular or special meeting of the members, by the affirmative vote of two-thirds (2/3) of the number of votes entitled to be cast by the members.

     Section 2. In the case of any conflict between the Declaration of Covenants and Restrictions and these Bylaws, the Declaration of Covenants and Restrictions shall control.

     IN WITNESS WHEREOF, the undersigned Developer of Shiloh Falls Home Owner's Association has adopted these Bylaws this 1st day of August, 1989.

THE McCRORY COMPANY
Original Signed By: ____________________________
Gary E. McCrory

SHACKLEFORD DEVELOPMENT CORPORATION
Original Signed By: ____________________________
R.P. Shackelford, Jr.

Witnessed 28th day of August, 1989

Recorded 8/28/1989 and noted in Note Book No. 25, Pg 490 and recorded in Deed Book 137, Pg 221, Hardin County Register's Office

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     The undersigned hereby acknowledges that I/We have read the foregoing By-Laws, agree to be bound by all the terms thereof, and that these provisions will be incorporated in the Deed to the Lot in our contract of purchase.

     This ______ day of ______________________________, ________

____________________________

____________________________

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     WHEREAS, THE SHILOH FALLS Homeowners ASSOCIATION, INC. BY-LAWS have been duly filed for record in Deed Book 137, page 221 in the Hardin County Register's Office, and

     WHEREAS, said BY-LAW provide for all lot owners in the Shiloh Falls Development to pay monthly homeowners assessment as reflected in Article XII, and

     WHEREAS, Article V of said BY-LAWS authorizes amendments as provided therein, and

     WHEREAS, at the 1999 regular annual meeting of the Shiloh Falls Homeowners Association, Inc. the following business was enacted upon:

     Upon motion made and duly seconded a vote was taken to amend the bylaws to reflect that dues and assessments to be paid by lot owners as required under Article XII shall be paid on an annual basis and the payment of monthly dues shall be suspended.

     Said motion passes and Article XII was amended to reflect that dues and assessments shall be paid on an annual basis.

     Said resolution is hereby confirmed by the Secretary of said Association on this the 25th day of January, 2001.

Original Signed By: ___________________________
Gary Albertine, Jr., Secretary

Witnessed 25th day of January, 2001

Recorded 1/31/2001 in Record Book 236, Pgs 615
Hardin County Register's Office
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