These are excerpts from the Briarwick Condominium By-Laws. If you are an owner and would like a complete copy, please contact KRJ Management.

ARTICLE I

Administration

Section 2: The Association shall be responsible for the management, maintenance, operation and administration of the Condominium Project, the Common Elements and easements.

Members and Voting

Section 3A: Each Unit Owner shall be a member of the Association and no other person or entity shall be entitled to membership.

Section 3B: The share of an Owner in the funds and assets of the Association can not be assigned, pledged or transferred in any manner except as an appurtenance to his Unit in the Condominium Project.

Section 3C: The aggregate number of votes for all Unit Owners shall be on hundred (100), and shall be divided among the respective Unit Owners, in accordance with their respective percentages of ownership interest in the Common Elements.

Section 3D: The vote of each Owner may only be cast by such Owner or by a proxy given by such Owner to his duly authorized representative.

Section 3E: When a quorum is present at any meeting of the Association, the vote of fifty-one percent (51%) or more of the Units present (in person or proxy) at such meeting shall decide any question brought before such meeting.

ARTICLE III

Meetings of Members

Section 2 Annual Meeting: The annual meeting of the Members of the Association, shall be held each year at 7:00 o'clock p.m. on the third Thursday of the month of March.

Section 4 Special Meeting: Special meetings of the Members for any purpose may be called by the President, the Board of Directors or one-tenth (1/10th) of all of the Members entitled to vote a the meetings.

Section 5 Notice of Meetings: Written notice of all meetings of Members shall be mailed to each Member at least thirty (30) days in advance of the meetings.

Section 6 Quorum: The presence in person or by proxy of sixty percent (60%) of the Owners qualified to vote shall constitute a quorum for holding any meeting of the members of the Association. If a quorum is not present, the meeting may be adjourned the same night. After adjournment, fifty percent (50%) of the Owners qualified to vote shall constitute a quorum. A second adjournment may be called and forty percent (40%) of the Owners qualified to vote shall constitute a quorum.

Section 7 Organization: The President shall preside at all meetings of the Members. In his/her absence a Vice President shall preside. If the Vice-president is absent, any Member (or appointed proxy) may call the meeting to order and a chairman shall be elected among the Members present.

Section 8 Proxies: At any meeting of the Members every Member entitled to vote shall be entitled to vote in person or by proxy.

ARTICLE IV

Directors

Section 1 Number and Qualification: The property shall be managed and controlled by a Board of not more than three (3) Directors who shall be elected annually by the Members. Each member of the Board of Directors of the Association must be a member of the Association.

Section 4 Removal: Any Director may be removed at any time with or without cause and another person may be elected to serve for the term at any special meeting of the Members called for the purpose of removal by a vote of a majority of the owners.

Section 5 Vacancies: If a vacancy occurs in the Board of Directors, it may be filled by the affirmative vote of the remaining Directors.

Section 6 General Powers: The Board of Directors may exercise all such powers of the Association and do all such lawful acts and things as are not by Law or by the Articles of Incorporation or by these By-Laws directed or required to be exercised or done by the Members.

ARTICLE VII

Officers

Section 1 Number: The officers of the Association shall be a President, Vice President, Secretary and Treasurer.

Section 2 Election: The officers of the Association shall be elected by the Board of Directors at its first meeting after each annual meeting of the Members.

Section 3 Subordinate Officers: The Board of Directors may appoint other officers who have the authority to perform such duties as the Board of Directors may delegate.

Section 5 Removal: Any Officer elected or appointed by the Board of Directors may be removed by the Board at any time, with or without cause.

Section 7 The President: The President shall be the chief executive officer of the Association; the President shall, when present, preside at all meetings of the Members and Directors, shall have general management of the business of the Association and shall see that all orders and resolutions of the Board of Directors are carried into effect.

Section 14 Management: The Association shall provide for independent management (KRJ Management) with the responsibilities being determined by the Board of Directors.

ARTICLE VIII

Assessments

Section 2A Annual Budget: The Board of Directors of the Association shall establish an annual budget which shall project all expenses for the proper operation, management and maintenance of Briarwick, including a reasonable allowance for contingencies and reserves. Such reserves shall include without Limitation an adequate reserve fund for the replacement of the Common Elements.

Section 2B Special Assessments: Special assessments may be made by the Board of Directors to meet other needs or requirements of the Association including costs for capital improvements. However, this special assessment shall not be Levied without the approval of at least seventy-five percent (75%) of the Owners.

Section 3 Apportionment of Assessments: All assessments Levied against the Owner to cover expenses of the Association and Condominium Project shall be apportioned among and paid by the Owners in accordance with the undivided percentage of value assigned to each Unit. They shall be due and payable monthly. Assessments in default shall bear interest at the rate of ten percent (10%) per annum from the due date until paid. Any unpaid assessments with accrued interest may, at the option of the Association, be collected out of the sale of the unit. Unpaid assessments shall become a Lien against the Unit.

Section 4 No Exemption: No Owner may exempt himself from Liability for his contribution toward the expenses of the Association and the Condominium Project by waiver of the Use or enjoyment of any of the Common Elements or by the abandonment, sale or other disposition of his Unit.

Section 5 Enforcement: The Association may enforce collection of delinquent assessments by suit at Law and the expenses incurred in collecting unpaid assessments including interest, costs and attorneys' fees shall be chargeable to the Owner in default. The Association may also discontinue the furnishing of any utilities or other services to an Owner in default upon seven (7) days written notice. An Owner in default shall not be entitled to vote at any Association meeting and defaulting Owner's name shall be placed in the announcements of the Association or on a bulletin board of the Association.

ARTICLE IX

Owner Action

Without limiting the other legal rights of any Owner or the Association, Legal action may be brought by the Association at its sole discretion on behalf of the two (2) or more Owners as their respective interest may appear with respect to any cause of action relating to the Common Elements of more than (1) unit.

ARTICLE X

Insurance

Section B: All buildings, improvements, personal property of the Condominium Project and other Common Elements shall be insured against fire and other perils, in an amount equal to the maximum insurable value (based upon replacement cost), excluding the cost of excavations, foundations and footings, as determined annually by the Board of Directors.

Nothing shall require or impose a duty on the Association to maintain insurance on personal items of the Owners of the Units, such personal items to include, but not limited to , jewelry, furniture, household items, or other personal property; such insurance for personal items shall be the sole and express obligation of each Owner.

ARTICLE XI

Reconstruction or Repair

Section 1 Damage and Reconstruction: If less than two-thirds (2/3) of the buildings shall be damaged by fire or any other casualty, then the buildings shall be rebuilt or repaired. If more than two-thirds (2/3) are damaged, then reconstruction shall not be compulsory without the unanimous consent of each Owner and each mortgagee. If decision is made not to reconstruct the buildings, the Land shall be sold and such sale proceeds along with any insurance proceeds shall be distributed to each Owner and his mortgagee, as their interests may appear, in accordance with each Owner's percentage of value in the Condominium project.

Section 2 Reconstruction Guidelines: Reconstruction or repair shall be according to the original plans and specifications for the buildings unless the Owners and their mortgagees shall unanimously decide otherwise.\

Section 3 Owner's Responsibilities: Each Owner shall be responsible for the reconstruction, repair or replacement of the interior of his Unit, including but not limited to, floor coverings, wall coverings, window shades, draperies, interior walls, furniture, furnishings, decorative light fixtures, and all appliances whether or not they are "built-in" to the Unit. Each owner shall also be responsible for the costs not otherwise covered by insurance carried by the Association of any reconstruction, repair or replacement of any portion of the Condominium Project necessitated by his negligence or misuse, or the negligence or misuse by his family, tenants, guests, agents, servants, employees or contractors.

ARTICLE XV

Default

Section 1 Compliance: Failure to comply with these By-Laws, the Articles of Incorporation or adopted rules and regulations of the Association shall constitute an event of default and shall be ground for relief, which may include and action to recover sums due for damages.

Section 2 Attorney Fees: In any proceeding arising because of the alleged default by any Owner, the Association, if successful, shall be entitled to recover the costs of the proceeding including without limitation reasonable attorneys' fees.

ARTICLE XVI

Books and Records

The Association shall keep or cause to be kept detailed books of account showing all expenditures and receipts of the administration of the Condominium Project which shall specify the maintenance and repair expenses of the Common Elements and any other expenses incurred by or on behalf of the Association and the Owners. Such books shall be open for inspection by the Owners and their mortgagees during reasonable working hours on weekdays and shall be audited annually by qualified auditors. The cost of such audit shall be an expense of administration of the Condominium Project.