Lakewood Park

Covenants - Article I - Organization of Trusteeship

The original Trustee herein named shall serve for a term ending within three years from the date of the first sale of a lot in the subdivision or when thirty percent(30%) of the lots are sold, whichever occurs first. In the event of the death, resignation or inability of the herein named Trustee to serve in that capacity prior to the expiration of his term, his successor or successors shall be named by a voting majority of the lot owners who shall select and appoint a Trustee or trustees to fill the unexpired term. A successor Trustee or Trustees, except in the case of filling a vacancy, shall be elected for terms of three (3) years each, but a successor Trustee elected to fill a vacancy shall be elected in the manner hereinabove provided.
There shall be an annual meeting of lot owners or purchasers at a convenient place in Coffee County, Tennessee, for the transaction of such business as may properly come before said meeting, on the second Saturday in May of each year. There also will be meetings of lot owners or purchasers on the second Saturday of August, November and February in each year. Notice of the date, time and place of said meeting shall be given by insertion of a notice in the newspaper circulated in Coffee County, Tennessee at least seven (7) days before the date of each meeting, or at the election of the Trustees, notice of said meeting may be given by mailing to each lot owner or purchaser a letter setting forth the date, time and place of said meeting. Special meetings of lot owners or purchasers shall be subject to these same notice requirements.
Election of Trustees, Trustee Qualifications and Eligibility, and Meetings
Elections:
1. There shall be five (5) Trustees.
2. Trustees shall be elected at the Annual Meeting. The Trustee(s) receiving the highest number of votes shall be elected. Upon accepting the position, a Trustee shall take office immediately.
3. Should a vacancy occur, the remaining Trustee's shall appoint a successor to fill the vacant position and serve out the remainder of the term.
4. In order to be eligible to be a Trustee, a property owner must be current on all assessments and be in substantial compliance with all Restrictive Covenants.
5. Former Trustees who did not complete their term as Trustee for any reason other than medical or emergency shall not be eligible to serve as a Trustee.
6. No Felons shall be eligible to be Trustee or server on any committee.
7. The Trustees shall present an accounting of assets and liabilities, monies received and disbursed, and budget at each Annual and quarterly meeting.
8. A property owner is eligible to vote on any matter presented if the property owner is current on all assessments.
Each property owner or purchaser shall be entitled to one (1) vote, for each lot owned or being purchased, which may be cast in person or by absentee ballot. Any property owner who has failed to pay any assessment due and payable shall not serve on or chair any committee. Any business relevant or pertinent to the affairs of the Lakewood Park property, or subdivision thereof, may and shall be transacted at any Annual, Quarterly or Special meeting described above (other than the routine matters which the Trustees perform between meetings). Open door policy be implemented and maintained by the Trustees. The “Open Door Policy” would not forbid trustees from holding closed-door Executive Committee Meeting when deemed necessary in the best interest of the property owners.
Fifty (50) property owners or purchasers and three (3) duly elected or appointed Trustees shall constitute a quorum at any meeting, whether annual, quarterly or special, called for the purpose of conducting business. Fifty one percent (51%) of the property owners or purchasers present at such meeting shall constitute a majority which majority shall cause any vote to pass. The owner or purchaser of each lot shall be entitled to one (1) vote for each full lot owned, which vote may be cast in person or absentee ballot. No major item requiring a majority vote of the property owners can be presented unless it is first described fully in a mail out, so that property owners or purchasers can exercise their right to vote by absentee ballot.
At each annual meeting, the Trustee or Trustees shall render an accounting of all monies received, disbursed and held by them during and at the end of the preceding calendar year.
Voting:
1. A meeting shall be held the second Saturday in March each year at 10:00am at the Lakewood Park office building for the primary purpose of nominating Trustee or Trustees for the office of Lakewood Park Trustee.
2. A property owner must be current on all assessments in order to vote in any election or in any matter presented.
3. A property owner is entitled to one vote per full lot owned.
4. Any voter must present photographic identification prior to voting.
5. A vote must be in person or by absentee ballot.
6. Absentee ballots will be mailed out at the property owner's request. In order to receive an absentee ballot a property owner must:
  1. request the ballot;
  2. provide photographic identification,
  3. provide a self addressed stamped envelope.
7. All ballots issued by Lakewood Park shall be on non-duplicating paper and the number of properties allowed per vote for each property owner shall be displayed on the ballot in non-duplicating ink.
All absentee ballots must be in the Trustee Office on or before the date preceding the annual meeting and opened by the tellers assigned to count the vote. All other ballots will be cast in person on the day of the annual meeting. A voting machine such as used by the county, if available, may be used on election day.

Any property owner who has accepted the nomination for the Office of Trustee shall answer a questionnaire of eligibility. No candidate shall be considered for the Office of Trustee who has a felony or misdemeanor conviction, other than traffic, or is involved in a civil suit against Lakewood Park, present or past.
Roberts Rules of Order along with the Indenture as set forth will be the governing factor of all meetings annual and special.
All adopted resolutions or rules which pertain to changing or modifying the Indenture must be recorded with the Register's Office in Coffee County, Tennessee within six (6) calendar weeks of the respective meeting, annual or special.
At the Trustee election (May, 1993) the candidate receiving the greatest number of votes will be elected for three (3) year term, and the candidate receiving the second highest number of votes will be elected for a two (2) year term, and the candidate receiving the third highest number of votes will be elected for a one year (1) term. Beginning with the annual meeting 1994 one (1) Trustee per year will be elected for a three year term as pursuant to the Original Indenture.

Covenants - Article II - Rights and Powers of Trusteeship

The trusteeship is a legal entity and shall have the capacity and right to sue as such as shall have the right and duty to enforce, either in the Trustee's own name or in the name of any owner within the subdivision, any and all restrictive covenants and restrictions which may now or which may hereafter be imposed upon any of the lots in the Lakewood Park subdivision, either in the form as originally placed or as subsequently amended. It is the intention of the Grantor, and it does so declare, that the Trustee named in this instrument shall be the Trustee for the entire tract and for any portion thereof that may be subdivided and platted into separate lots. The rights and powers of the Trusteeship set forth herein may be enforced by the lot purchasers or owners. The Trustee shall at all times exercise his rights and powers for the sole benefit of lot purchasers and lot owners.
The Trustee shall have the power to construct, reconstruct, improve, contract for, maintain or repair streets or roadways of any kind and qualities upon the several strips of land herein conveyed or to be conveyed to them as the property is subdivided and which are designated on said plats as streets, drives, lanes, roads and walkways, and to repair and maintain any dams, lakes and related facilities to be constructed on the above-described property.
The Trustee shall have the right and power to provide for the plowing or removal of snow from the aforesaid streets, roadways and trailways.
The Trustee shall have the right and power to plant, care for, spray, trim, protect and replant shrubbery and to sow or resow, trim and care for grass in or upon the drives, streets, lanes and roads herein conveyed to him or to be conveyed, or in or upon any other ares of the subdivision.
The Trustee shall have the right and power to provide lights in or on all drives, lanes, circles, streets or roads, and on or at all gateways or entrances, or in such other places in or about the area covered by this indenture as he may in his judgment determine.
The Trustee shall have the right and power to grant easements in, over, along and under the streets, drives, lanes, or roads conveyed to him or any of the purposes set out in Article II hereof. In addition to the foregoing rights and powers, the Trustee shall have the right and power to grant right of way easements to electric, telephone and other utilities in order to permit them to place, replace, construct, reconstruct, operate, repair, maintain and relocate thereon, and in or upon all streets, roads or highways abutting said lands, either above ground or underground or a combination of both a transmission or distribution line or system for the purpose of furnishing service to the above-described premises, and to extend said line or system in the future on and across the above-described tracts that may be subdivided and platted in separate lots to enable the utilities to furnish service to others and the right to have ingress and egress to, from and over the above-described lands, for doing anything necessary or useful for the enjoyment of the easements granted; and to cut and trim trees and shrubbery to the extent necessary to keep them clear of said line or system; to cut down from time to time all dead, weak, leaning or dangerous trees that are tall enough to strike the wires in falling.
The Trustee shall have the right and power to construct, to operate, to lease, to purchase, or in any other manner to construct, or provide for sewers or sewage or wastewater disposal facilities, drainage, water, gas, electricity, street lighting, telephone service, or fire protection facilities to serve all or any part of said above-described tracts, either in their present state or as subdivided, subject to all provisions of applicable law, federal, state and local.

In providing for such services or facilities, the Trustee may himself make use of or he may convey, transfer or assign whole or partial rights in and to the easements created by this indenture, or easement created and set out on the plats of the subdivision of the within described tracts.
The Trustee shall have the right and power to provide for and maintain tennis courts, playgrounds, gateways, entrances, drinking fountains, lakes and related facilities, streams and other ornamental or recreational features in said subdivision on any lands set aside for the general use of the owners of the lots in said subdivision or to which the said owners have access. The Trustee shall have the right and power to construct or maintain such boat dock facilities as he may deem necessary for the use and benefit of owners of lots in said subdivision on the above-described property. The Trustees shall have the power to regulate speed with a no wake policy, with no motor size restriction.

The Trustees shall have the right and power to provide for and maintain tennis courts, playgrounds, gateways, entrances, drinking fountains, lakes and related facilities, streams and other ornamental or recreational features in Lakewood Park and on any of the lands set aside for the general use of the owners of the lots in Lakewood Park.
The Trustee shall have the right and power to care for and maintain any and all vacant lots and the lake and lakefront in said subdivision, remove weeds and cut grass thereon, to pick up and remove therefrom loose materials, trash and rubbish of all kinds, and to do anything and all other things necessary or desirable in the judgment of the Trustee to keep such vacant and unimproved property and said lake and lakefront neat in appearance and in good order. After construction of improvements on a lot if the lot owner does not mow and keep his lot free of weeds, the Trustee reserves the right to mow and clean up said lot and to charge such owner a reasonable fee for this service. In addition, the Trustee shall have the right to cause all wastewater disposal facilities on lots to be pumped so as to assure compliance with Health Departments regulations and standards. Failure to pay the charge where it has become necessary to mow and clean said lot or to pump wastewater and sewage shall give the right to the Trustee, or his agent, to place a lien against the property for this service and to collect therefor in an action in debt. The Trustee shall also have the right to remove debris, trash, or any unsightly accumulation of materials or junk from lots upon giving lot purchasers or owners fifteen (15) days prior written notice of his intention to do so.
At no time shall the term of a contract for the purchase of equipment or a note for borrowing money exceed the term of three years. Expenditures on a single item should not exceed $5000 without being voted on and approved by the property owners except in case of emergency.
Boat Docks:
Property owners whose property adjoins a lake shall be allowed no more than one boat dock per lot. The boat dock shall be no larger than 8x20. Any existing boat docks larger than 8x20 are exempt from the size requirements. Prior to construction beginning on any boat dock, property owners are required to submit the plans and materials to the Trustees for approval. The Trustees shall have thirty (30) days to approve or deny the request. Should the Trustees deny the request, the Trustees shall notify the property owner in writing of the reasons for the denial. Should the Trustees not approve the request within the thirty (30) days allowed, the request shall be deemed approved. All boat docks shall be kept in good repair, kept clean and properly anchored. All property owners shall have the use of any boat dock for fishing.
Boats and Watercraft:
The Trustees shall have the power and authority to regulate speed on any of the lakes and waterways within Lakewood Park. Airboats, jet skis, and water skiing are strictly prohibited.

Covenants - Article III - Assessments by the Trustee

The Trustee and his successors are hereby authorized, empowered and granted the right to make assessments upon and against the said several lots and said parcels of land in the subdivision for the purpose and at the rates and on the conditions hereinafter provided:
1. To make an uniform annual assessment (except as hereinafter provided) of Sixty Dollars ($60.00) per lot per year upon and against the several lots or parcels of land in said subdivision for the purpose of carrying out the general duties and powers of the Trustee as described herein and for the further purpose of enabling the Trustees to defend and enforce the Restrictive Covenants as hereinafter described. The uniform annual assessment shall be made as of November 15th each year.
2. To make special assessments if, at any time, this agreement shall consider it necessary to make any expenditures requiring an assessment, in addition to the assessments above provided. In such event he shall transmit in writing to the owners of lots, for their approval, an outline of the plan for the project contemplated and the estimated amount required for completion of same and the total assessment required. If such project and the assessment so stated be approved at a meeting of the lot owners, duly called and held in the manner provided by this Indenture, the Trustee shall notify all owners of the said tracts of the additional assessments. At no time shall any special assessment exceed Twenty-five ($25.00) per lot per year, and said assessment shall be charged for each lot owned, (regardless of how many lots owned).
3. The assessments made by the Trustee shall apply to all lots owned by the developer that have been offered and are unsold as of the assessment date so that the assessments hereunder shall apply to the developer on the same basis as other lot purchasers and owners.
All assessments, either general or special, made by the Trustee for the purposes hereinabove enumerated shall be made in the manner and subject to the following procedure, to-wit:
1. Notice of all assessments by be given by mail addressed to the last known or usual post office address of the holder of legal title or lot purchaser and deposited in the United States mail, postage prepaid, or may be given by posting a brief notice of the assessment upon the lot itself. Service in either of the above methods shall be sufficient.
2. Every assessment shall become due and payable within thirty (30) days after notice is given as hereinabove provided. From and after the date when said payment is due, it shall bear interest at the rate of ten percent (10%) per annum until paid, and such payment and interest shall constitute a lien upon said lot and said lien shall continue in full force and effect until said amount is fully paid. At any time after the levying of an assessment and its entry in the Trustee's minutes, The Trustee may, in addition, execute and acknowledge an instrument reciting the levy of the assessment with respect to any one or more lots and cause same to be recorded in the office of the Recorder of Deeds, and the Trustee may, upon payment, cancel or release any one or more lots from the liability of assessment (as shown by the recorded instrument) by executing, acknowledging and recording (at the expense of the owner of the property affected) a release of such assessment with respect to any lot or lots affected, and the Trustee shall cause to be noted from time to time in corporate minutes of his proceedings, the payment made on account of assessments. The Trustee may institute proceedings to foreclose the lien imposed by the failure to pay assessments under this instrument in a court of competent jurisdiction. Lot purchasers and owners may also enforce this Article for the failure to pay lot assessments. The Trustees may institute proceeding to foreclose the lien imposed by the failure to pay the assessments under the instrument in a Court jurisdiction. Any expenses of collection, including but not limited to collection agency, attorney's fee, court cost, and private process fees, will be at the expense of the lot owner and will be in addition to the past due assessments, regular or special, plus interest.

Covenants - Article IV - Restrictive Covenants

These covenants are applicable to the entire Lakewood Park subdivision, shall run with the land and shall be binding upon all parties hereto and all persons claiming under them including lot purchasers and owners. The use and enjoyment of each lot in the subdivision is subject to the rights and powers of the Trustee and Trusteeship established in this instrument and these restrictive covenants, or as the same may be hereafter be amended. These restrictive covenants are mutually enforceable by the Trustee and each lot purchaser or owner and shall be applied uniformly to every lot.
All building sites in the part or parts of the subdivision designated as “residential” shall be limited to one (1) single family dwelling. All constructed dwellings shall face the street or road upon which the lot fronts and not part thereof shall be nearer than twenty-five (25) feet from the front lot line, and the distance from each side the dwelling shall be no closer than five (5) feet from the side of the line of said lot and be constructed of new materials. When the lot topography is not conducive to these limits, the Trustees may allow a variance therefrom. No constructed dwelling shall be constructed on any lot purchased in the subdivision with less than 1000 square feet of floor space on the ground floor living area excepting porches and porticoes. Shed roofs will be allowed over campers and shall be made of new materials. A drawing of proposed shed roof must be provided with permit request. Minimum side height will be no less than eight (8) feet. No basement shall be occupied until living accommodations are completed. Any improvements shall be completed on the exterior within six months after construction starts. All other structures shall be in the rear of the living accommodations and shall be sightly, of neat construction, and of a character to enhance the value of the property. A garage may be constructed separately or attached to the dwelling, but must be of the same construction material as the living accommodations, and the exterior of it must be finished in the same manner as the living accommodations. Mobile, modular or manufactured homes shall be no less than 720 square feet and no older than five (5) years old at time of placement on approved lot. A permit request must be obtained from the office and must be approved at least two (2) weeks prior to entering the park. Used mobile, modular or manufactured homes must be in satisfactory appearance and will be inspected by the Trustees. No commercial or business other than those of the grantor shall be constructed within the subdivision. No permanent structures shall be permitted in the part or parts of the subdivision designated as “camper” or for campers only. Any building, mobile home or camper must be approved by the Trustee in writing before built or located on the lot. Campers and mobile homes shall be of commercial manufacture. This excludes converted business trucks and vans. Camper shells are not permitted to be removed from a vehicle and place on the lot. Pending the construction or placement of a mobile home or constructed dwelling, lot purchasers may, at the discretion of the Trustee, use a motor home or camper of an approved character on a temporary basis.
1. No tractor trailers will be permitted on the roadways of the park. Occasionally it may be necessary for the property owner residing in the park to drive a heavy truck to his residence. At no time shall semi trucks, except delivery be permitted on the roadways of the park. Only property owners or purchasers residing in Lakewood Park are permitted to park their semi trucks or trailers in the designated parking area at the front of the park.
2. Approved driveway tiles or culverts shall be ten (10) inches in diameter or larger. Any other type construction must be approved by the Trustees.
Before improvements are erected on any lot purchased in the part or parts of the subdivision designated as “residential”, the lot owner or purchaser shall first apply for and obtain a permit for the installation of approved sewage or wastewater disposal facilities from the Trustee and the Department of Health of Coffee County. The only authorized means of wastewater and sewage disposal for residential lots will be septic tank system of approved design and construction. Those lots on which a two bedroom home or mobile home is proposed to be build or located shall have a septic tank of at least 750 gallon capacity and those for a three bedroom home or mobile home shall have at least a 900 gallon capacity. No home or mobile home shall be constructed on any soil with a percolation rate greater than 75 MPI. Septic tank systems shall not pollute adjoining property. The only approved on-site method of wastewater or sewage disposal in the part or parts of the subdivision designated as “camper” is by means of collection in individual, portable holding tanks and discharge into a county approved collection facility to be constructed by the Grantor and to operated and maintained by the Trustee. No below ground holding tanks are permitted per county and/or state laws. This collection facility shall be used only by purchasers and owners of camper lots. The Trustee shall maintain periodic inspections of all sewage disposal facilities. Upon the failure of an lot purchaser or owner to properly maintain any sewage disposal facility in accordance with the standards set forth in this paragraph and in the permit for construction granted by Trustee, the Trustee shall then and there, on behalf of all the other owners, take such action a shall be necessary to restore the facility to approved standards all at the expense of the owner, including, but not limited to, the costs of an action for injunctive relief, debt, damages, or causing sewage disposal and facilities to be pumped out. Lot purchasers and owners may also enforce the restrictions in this paragraph.
Lot purchasers or owners may drill individual water wells provided that the wells are cased and sealed with grouting or other appropriate material to comply with local law. Written evidence shall be provided to the Trustee by the lot purchasers or owners that individual drilled wells conform to these standards.
No debris, trash or unsightly accumulation of materials or junk shall be allowed to remain on the premises and outside storage facilities will be permitted only if prior approval thereof has been obtained from the Trustee in writing.
All material used for the construction of the outside of the dwelling shall be new, and construction must be completed within six (6) months from the commencement of said construction of any type.
No building shall be constructed below the 99.33 foot elevation line notwithstanding other provisions herein. No basement in the dwelling shall be occupied until the dwelling is completed. All buildings must be finished on the outside. All building plans must be approved by the Trustee of said subdivision in writing prior to their construction. Minimum square footage for buildings constructed on each lot shall be determined by the amount of square footage listed in the recorded plat of each section of the development.
No signs may be placed or maintained on any lot other than the name or address of the owner, which signs shall be no larger than two (2) feet long and one (1) foot wide exempting real estate or auction signs. Permits must be obtained from the Trustees for placement of these signs. Each lot must be mowed and kept free of weeds and underbrush for the general appearance for the subdivision and prevention of fire.
No animals shall be kept, maintained or raised on said premises except house pets, which shall be kept on a leash when on said premises when not in an enclosure. No poultry or livestock such as horses, cattle or pigs, shall be allowed within the confines of the subdivision. No noxious or offensive activity shall be carried on any lot nor shall anything be done thereon which may be or become a nuisance or annoyance.
Dogs will be considered vicious if any one of the following elements are present:
- Any dog with a know propensity, tendency, or disposition, or whose conduct indicates the same; to attack unprovoked, to cause injury to, or otherwise threaten the safety of human beings or animals.
- Any dog which, without provocation, attacks or bites, a human being or domestic animal.
- Any dog owned or harbored primarily or in part for the purpose of dog fighting, or any dog trained for dog fighting.
Specifically pertaining to the pit bull breed of dog:
- No person shall permit a pit bull breed or mix to go outside it's kennel or pen unless such dog is securely leashed with a leash no longer than four (4) feet in length.
- No person shall permit such dog to be kept on a chain, rope, or other type of leash outside its kennel or pen unless a person of suitable age and discretion is in physical control of the leash.
- Such dogs may not be leashed to inanimate objects such as trees, posts, buildings, or structures.
- In addition, all pit bull dogs on a leash outside the animal's kennel, must be muzzled by a muzzling device sufficient to prevent such dog from biting persons or other animals.
- All structures used to confine pit bull dogs must be locked with a key or combination lock when such animals are within structure and the structure must have a secure floor attached to the sides of the pen or the sides of the pen must be embedded in the ground no less than two (2) feet.
- All owners, keepers, harborers or possessors, or pit bull dogs must provide proof to the office of Lakewood Park of public liability insurance in a single incident amount of $50,000.00 for bodily injury to or death of any person or persons or for damage to property owned by a persons which may result from owning, possessing, keeping or maintaining of such dog. Such insurance policy shall provide that no cancellation of the policy will be made unless ten (10) days written notice is first given to the office of Lakewood Park.
Pertaining to dogs in general:
- All dog owners shall display in a prominent place on their premises a sign easily readable by the public using the words “Beware of Dog”. In addition, a similar sign is required to be placed on the kennel or pen of vicious dogs.
- No dog shall be allowed to roam freely of the owner's property.
- Any dog found to be the subject of a violation of this guideline shall be subject to immediate seizure and impoundment. Coffee County Animal Control will have the authority to pick up dogs they find roaming throughout the park and the Office Manager or Trustees shall have the authority, without recourse, to sign such release papers as required by Animal Control.
- Any person who violates this covenant shall pay all expenses, including sums for shelter, food, handling, veterinary care, and expert testimony, which are necessitated by the person's failure to abide by the provisions of this guideline.
The lot purchasers and lot owners shall have the right to use all land delineated, set apart or deeded to the Trustee by the Grantor as roads, streets, drives, lanes, circles or other means of ingress or egress within the subdivision.
Each lot purchaser or owner shall timely pay the assessments provided for in Article III of this instrument or be subject to having a lien imposed upon their property by the Trustee which may, upon due notice, be foreclosed by the Trustee in Accordance with said Article or by lot purchasers and owners for the mutual benefit of the lots in the subdivision.
Any property leased or rented in the Lakewood Park Subdivision shall be kept in a neat and presentable condition, including structures and grounds. If a property owner chooses to rent or lease their property, the property owner(s) shall be fully responsible for the conduct of their renters. That all property owners be responsible for damages to Park Property and/or Park owned equipment. Damage done either by the property owner, their guests or by any person or company hired by the owner, will be the responsibility of the owner. The owner will be charged and expected to pay for any repairing or replacing damaged property.
The sale of alcoholic beverages for on site consumption shall be prohibited within the confines and boundaries of Lakewood Park Subdivision, grandfather clause withstanding for holders of current license.
All business establishment shall provide and fund their own dumpsters and arrange for pickup, rather than using the dumpsters now on site provided for household waste only.
These covenants are several. Invalidation of any of said covenants by judgment or court order shall in no way affect any of the other provisions, which shall remain in full force and effect.

Covenants - Article V - Amendments

For and during the period provided for the term of the original Trustee in Article I the provisions of this indenture may be modified or amended by the joint and concurrent action of the Grantor and the Trustee hereunder for the mutual benefit of all lots, lot purchasers and lot owners.
From and after the termination of the original Trustee as prescribed in Article I of this indenture, the Restrictive covenants may be modified or amended by vote of the property owners as provided in Article I, Paragraph 4 of the Original Indenture as amended.
No person shall be entitled to vote for any purpose provided in this indenture unless he or she is an owner or purchaser of a lot or lots, nor shall any owner or purchaser be entitled to vote unless he or she shall have fully paid all assessments which may be lawfully made by the Trustees against his or her property.

Trust Indenture and Restrictive Covenants and Conditions Pertaining to a Subdivision of Land in Coffee County, Tennessee

Property

KNOW TO ALL MEN BY THESE PRESENTS, that WHEREAS, National Development Company, Inc dba N.D.C, Inc., a Texas Corporation, is the owner of certain real property located in Coffee County, Tennessee, and described as follows:

LAND in the 2nd Civil District of Coffee County, Tennessee, described according to a survey made by Alton C. Morris, P.E., R.L.S. 1064, dated July 30, 1983, as follows:

Beginning in the northerly margin of Old McMinnville-Shelbyville Road, also know as Gnat-McBrides Branch Road, (OM-SR) at a post at the southeast corner of Merriman's property; thence with the easterly line of Merriman's property and a fence, north 10° 55' 21” east 536.35 feet to a corner post at the southeast corner of H. Duke's property: thence with lines of H. Duke's property and a fence: (1)north 8° 10' 57” east 220.78 feet to a post, (2) north 4° 29' 13” east 455.18 feet to a post, (3) north 4° 42' 21” east 551.39 feet to a post, (4) north 3° 18' 09” east 335.06 feet to an old corner post at M.T. Lewis' former northwest corner, (5) north 2° 23' 37” east 883.96 feet to a post, (6) north 2° 24' east 298.89 feet to an iron pin at the corner post, hereinafter referred to as Reference Point “A”, and (7) north 86° 30' 46” west 2199.73 feet to a corner post at the northeast corner of J. Duke's property; thence with the northerly line of J. Duke's property and a fence, north 86° 49' 46” west 1808.74 feet to a corner post at the northeast corner of Goad's property; thence with the northerly line of Goad's property and a fence, north 86° 35' 34” west 1076.87 feet to an iron rod in the easterly line of Hockett's property; thence with the easterly line of Hockett's property, marked, and then continuing with the easterly line of the Gilley and Thomas property and a fence, north 3° 24' 40” west 3543.21 feet to a corner post; thence with the northerly line of the Gilley and Thomas property and a fence, north 84° 56' 17” west 1482.98 feet to a corner post in the easterly line of Smith's property; thence with the easterly line of Smith's property, marked, and continuing with the easterly line of Logan's property, north 11° 23; 16” east 2353.44 feet to an iron pin at the southwest corner of Keaner's property; thence with the southerly line of Keaner's property, marked, south 83° 03' 17” east 2082.14 feet to a corner post at the southwest corner of Fults' property; thence with the southerly line of Fults' property and a fence, south 89° 41' 59” east 1634.02 feet to an iron pin at the northwest corner of M. B. Jernigan's property; thence with lines of M. B. Jernigan's property: (1) south 0° 11' 12” east 414.75 feet to a 2 inch iron pipe, (2) north 89° 49' 02” east 1053.22 feet to an iron pin, and (3) north 1° 37' 41” west 215.29 feet to a point at the southwest corner of the southerly terminous of the 25 foot right of way, hereinafter referred to as Reference Point “B”; thence with the southerly margin of said 25 foot right of way, north 88° 22' 19” east 25.00 feet to an iron pin; thence with the easterly margin of said 25 foot right of way, north 1° 37' 41” west 199.40 feet to an iron pin at the southwest corner of Newell's property; thence with the southerly line of Newell's property, north 89° 44' 37” east 2259.80 feet to a pipe in Morgan's westerly line; thence with Morgan's westerly line and continuing with a westerly line of Vincion's property, both marked, south 3° 36' 55” west 1092.68 feet to a marked black gum tree; thence with a westerly line of Vincion's property, the westerly lines of Moore's and Prater's properties and a westerly line of Curtis Moore's property, a marked line, south 7° 35' 09” west 4996.74 feet to an iron pin located north 7° 35' 09” east 75.00 feet from Reference Point “A”; thence with lines of Curtis Moore's property, (1) south 85° 00' 26” east 75.08 feet to a stake, (2) south 7° 35' 09” west 75.00 feet to a stake, (3) south 2° 24' west 295.49 feet to a stake and (4) south 2° 23' 37” west 885.47 feet to a stake at M. T. Lewis' new northwest corner; thence with westerly lines of M. T. Lewis' property: (1) south 3° 18' 09” west 335.39 feet to a stake, (2) south 4° 42' 21” west 552.16 feet to a stake, (3) south 4° 29' 13” west 457.46 feet to a stake, (4) south 8° 10' 57” west 225.01 feet to a stake and (5) south 10° 55' 21” west 528.26 feet to a stake in the northerly margin of OM-SR; thence with the northerly margin of OM-SR, north 86° 35' 40” west 75.65 feet to the point of beginning, containing 823.05 acres, more or less.

TOGETHER with a nonexclusive permanent easement, appurtenant to said 823.05 acre tract, and any and all parts thereof, for the purpose of providing ingress thereto and egress therefrom from and to Hollow Springs Road, (HSR) and for the purpose of connecting said 823.05 acre tract, and any and all parts there of, to such utilities as may be available at HSR, now or in the future, over, across and through the following described property:

LAND in the 2nd Civil District of Coffee County, Tennessee, described according to said survey as follows:

Beginning at Reference Point “B”; thence with lines of said 823.05 acre tract, north 88° 22' 19” east 25.00 feet to an iron pin and north 1° 37' 41” west 199.40 feet to an iron pin at the south west corner of Newell's property, north 4° 30' 11” east 485.55 feet and north 4° 30' 36” east 459.09 feet to the southerly margin of HSR; thence with the southerly margin of HSR, north 85° 29' 24” west 25.00 feet to a corner post at the northeast corner of Fult's property; thence with westerly lines of Fults' property and a fence, south 4° 30' 36” west 459.09 feet and south 4° 30' 11” west 487.63 feet to an iron pin; thence south 1° 37' 41” east 215.29 feet to the point of beginning, containing 0.66 acres, more or less.

BEING part of the property conveyed to Wiley G. Jernigan and wife, Faye B. Jernigan, by deed from Woiley G Jernigan et recorded in Deed Book 181, page 875, in the Register's Office for said County, and all of the property conveyed to Wiley G. Jernigan and wife, Faye B. Jernigan, by deed from Wiley G. Jernigan, et al., recorded in Deed Book 181, page 879, said Register's Office; and

WHEREAS, this indenture is made and entered into this 2nd date of November, 1983, by and between National Development Company, Inc., party of the first part, hereinafter called “Grantor”, and R. L. Erkenbeck, party of the second part, hereinafter referred to as “Trustee”, being the trustee of the Lakewood Park Trusteeship; and

WHEREAS, Grantor is in the process of developing said land into a subdivision for living and recreational purposes and developing a lake and other facilities for living and for recreational enjoyment by the future lot owners in said development, which said development shall be know as “Lakewood Park” and which said development shall be developed in several parts with a separate plat for each part thereof as it is developed; and

WHEREAS, the Grantor is desirous of promoting and enhancing the value of said tracts of lane by stabilizing residential values and establishing recreational and related facilities therein; and

WHEREAS, the Grantor believes that the creation of a trust of certain of the property rights in said tract and the establishment of certain use restrictions is the most beneficial means of accomplishing this purpose; and

WHEREAS, it is the purpose and intention of this indenture to preserve said tract of land as a restricted residential recreational neighborhood and to protect the same against certain uses by the adoption of a common neighborhood plan and scheme of restrictions; to apply that plan and restrictions, not only to all of the land and every parcel thereof as it may be sold from time to time, but also in favor of all other parcels within the area of the hands of the present or subsequent owners thereof, and to mutually benefit, guard and restrict the present and/or future title holders or occupants of any and all said parcels and to foster the health, welfare and safety of all who own lots or reside in said area; and

WHEREAS, all reservations, limitations, conditions, easements and covenants herein contained, any and all of which are hereafter termed “Restrictive Covenants” or “Restrictions” are jointly or severally for the benefit of all persons who may purchase, hold or won, from time to time, any of the several lots covered by this instrument, and are intended to run with the land and be mutually enforceable;

NOW, THEREFORE, IN CONSIDERATION of the premises and of the mutual premises, covenants and agreements contained herein and the sum of One Dollar ($1.00) to party of the first part in hand paid by the party of the second part, the receipt of which is hereby acknowledged, and further, in consideration of the advantages to accrue to the party of the first part, as well as to future owners of said lots into which said tract may be subdivided, and with the agreement and consent of the party of the second part to act as Trustee hereunder, the part of the first part agrees as follows:

The party of the first part or the Grantor, shall contemporaneously with the recording of each platted subdivision of the above described land, grant, bargain, sell, convey, transfer, assign and set over unto the said Trustee, his successors and assigns, all singular and the several strips and parcels of land which are to be delineated and set apart as drives, lanes, circles, streets or roads on said plat of said subdivisions, together with the lakes, dams, and related facilities and facilities for disposal or wastewater in the subdivision to be constructed by Grantor on said above-described land, and said Grantor, upon the consideration heretofore recited, does also hereby agree to create, reserve and transfer, assign and grant the Trustee easements for the purposes set forth in Article III hereof, over, across, through and under all of the lots in said subdivision as marked out and set out on said plats to be filed for the subdivision of said land, including all easements and roadways. TO HAVE AND TO HOLD all of the foregoing to the Trustee, his successors and assigns, IN TRUST, upon the uses and purposes, for the term and upon the conditions hereinafter set forth in this indenture. As used herein, the word “Trustee” or “Trusteeship” shall mean either a single Trustee or join Trustees.