By-Laws
Of Olympus I Homeowners Association

Article I

NAME AND LOCATION.   The name of the corporation is OLYMPUS I HOMEOWNERS ASSOCIATION, hereinafter referred to as the “Association.” The principle office of the corporation shall be located at 17730 Brook Blvd., Bothell, Washington 98012, in the Clubhouse. Meetings of the Members and directors may be held at such places within the state of Washington, County of Snohomish, as may be designated by the Board of Directors.

Article II
Definitions:

SECTION 1.         “Association” shall mean and refer to OLYMPUS I HOMEOWNERS ASSOCIATION, its successors and assigns.
SECTION 2.         “Properties” shall mean and refer to that certain real property described in the Declaration of Covenants, Conditions and Restrictions, 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 Owners.
SECTION 4.         “Lot” shall mean and refer to any plot of land shown upon any recorded subdivision map of the Properties with the exception the Common Area.
SECTION 5.         “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, including contract purchasers, those holding under Deed of Trust, but excluding those having such interest merely as security for the performance of an obligation.
SECTION 6.         “Declarant” shall mean and refer to Boise Cascade Building Co., its successors and assigns if such successors or assigns should acquire more than one undeveloped Lot from the Declarant for the purpose of development.
SECTION 7.         “Declaration” shall mean and refer to the Declaration of Covenants, Conditions and Restrictions applicable to the Properties recorded in the Office of SNOHOMISH COUNTY AUDITOR, EVERETT, WASHINGTON.
SECTION 8.         “Member” shall mean and refer to those persons entitled to membership as provided in the Declaration.

Article III
Meeting of Members
:

SECTION 1.         Annual Meetings.   Amended April 28, 1981. The Annual Meeting of the Members shall be held on the first Tuesday in February at 7:00 PM and each subsequent regular annual meeting of the members shall be held on the first Tuesday of February of each year thereafter, at 7:00 PM. If the day for the Annual Meeting of the Members, is a legal holiday the meeting of the Members will be held at the same hour on the following Tuesday which is not a legal holiday.
SECTION 2.         Special Meetings.   Amended April 28, 1981. Special meetings of the Members may be called at any time by the president or by the Board of Directors or upon written request of one-forth (1/4) of the members who are eligible to vote.
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 a copy of such notice, postage prepaid, at least 15 days before such meeting to each Member entitled to vote thereat, addressed 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 the 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, one-forth (1/4) of the votes of the 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 the 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 IV
Board of Directors:  Selection:  Term of Office:

SECTION 1.         Number.   The affairs of the Association shall be managed by a Board of nine (9) directors, who need not be members of the Association.
SECTION 2.         Term of Office.   At the first annual meeting the members shall elect three directors for a term of one year, three directors for a term of two years and three directors for a term of three years; and at each annual meeting thereafter the Members shall elect three directors for a term of three years.
SECTION 3.         Removal.   Amended April 28, 1981.  Any director may be removed 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 majority of a quorum present or by proxy, at the next regularly scheduled meeting, and shall serve for the unexpired term of his predecessor. Notification of the vacancy shall be made to the membership prior to the next scheduled meeting.
SECTION 4.         Compensation.   A director may receive compensation for any service he or she may render to the Association provided it is a sealed competitive bid. A director may be reimbursed for his actual expenses incurred in the normal performance of his duties as a director. Amended April 28, 1981.
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 V
Nomination and Election of Directors

SECTION 1.         Nomination.   Amended April 28, 1981. Nominations for election to the Board of Directors shall be made by a nominating committee. Nominations may also be made from the floor. The Nominating Committee shall consist of 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 of the Members, to serve from the close of such 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. Such nominations may be made from among members.
SECTION 2.         Election.   Election to the Board of Directors shall be by secret written ballot. At such election the members or their proxies may cast, in respect to each vacancy, as many votes as they are entitled to exercise under the provisions of the Declaration. The persons receiving the largest number of votes shall be elected. Cumulative voting is not permitted.

Article VI
Meeting 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 two directors, after not less than (3) days notice to each director.
SECTION 3.         Quorum.   A majority of the number of 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
Powers and Duties of the Board of Directors

SECTION 1.         Powers.   The Board of Directors shall have the power to:

  1. 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;
  2. suspend the voting rights and right to use the recreational facilities of a member during any period in which such member shall be in default in the payment of any assessment levied by the Association. Such rights may also be suspended after notice and hearing, for a period not to exceed 60 days for infraction of published rules and regulations;
  3. exercise for the Association all powers, duties and authority vested in or delegated to this Association and reserved to the membership by other provisions of these By-Laws, the Articles or Incorporation, or the Covenants, Conditions and Restrictions.
  4. Amended April 28, 1981. declare the office of a member of the Board of Directors to be vacant in the event such member of the Board of Directors shall be absent from two (2) consecutive meetings in any given calendar year of the Board of Directors without due cause.
  5. 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:  

  1. Amended April 28, 1981.  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; Records of the Association shall be available for inspection by any member of the Association after giving reasonable notification to the secretary.
  2. supervise all officers, agents and employees of this Association, and to see that their duties are properly performed;
  3. as more fully provided in the Declaration, to:

    A.   fix the amount of the annual assessment against each Lot at least thirty (30) days in advance of each annual assessment period;
    B.   send written notice of each assessment to every Owner subject thereto at least thirty (30) days in advance of each annual assessment period;
    C.   Amended April 28, 1981. foreclose the lien against any property for which the assessments are not paid within forty-five (45) days after due date or bring an action at law against the owner personally obligated to pay the same.

  4. issue, or to cause an appropriate officer to issue, upon demand by any person, a certificate setting forth whether or not any assessment has been paid. A reasonable charge may be made by the Board for the issuance of these certificates. If a certificate states an assessment has been paid, such certificate shall be conclusive evidence of such payment;
  5. procure and maintain adequate liability and hazard insurance on property owned by the Association;
  6. cause all officers or employees having fiscal responsibilities to be bonded, as it may deem appropriate;
  7. cause the Common Area to be maintained.

Amendment to Declaration of Covenants, Conditions and Restrictions; Dated January 4, 1975; Recorded June 26, 1976.

There shall be added to the Declaration a new Section #3, which new section shall provide as follows:

SECTION 3.         Indemnification.   The corporation or Association (hereinafter the “Association”) shall indemnify every officer or director of the Association against any and all expenses, including reasonable council fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by or imposed upon any officer or director in connection with any action, suit or any other proceeding to which he may be made a party by reason of being or having been an officer or director at the time such expenses are incurred. The officers and directors of the Association shall not be liable to the members of the Association for any act, error, omission, mistake of judgment, except for their own individual willful misconduct, intentional act of bad faith or intentional act to defraud. The officers and directors of the Association shall have no personal liability with respect to any contract or other commitment made by them, in good faith, on behalf of the Association (except to the extent that such officers or directors may also be members of the Association) and the Association shall indemnify and forever hold each officer and director free and harmless against any and all liability to others on account of such contract or commitment. Any rights to indemnification provided for herein shall be in addition to any rights to which any officer or director of the Association, or former officer or director of the Association may be entitled.

Article VIII
Officers and their Duties

SECTION 1.         Enumeration of Offices.   The officers of the Association shall be president and 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 three (3) years 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 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 by appointment by the Board. The officer appointed to such vacancy shall serve for the remainder of the term of the officer he replaces.
SECTION 7.         Multiple Offices.   The offices of secretary and treasurer may be held by the same person. 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;

PRESIDENT

  1. The president shall preside at all meetings of the Board of Directors; 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.

VICE-PRESIDENT

  1. The 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.

SECRETARY

  1. 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 to 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.

TREASURER

  1. 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; keep proper books of account; cause an annual audit of the Association books to be made by a public accountant at the completion of each fiscal year; and shall prepare an annual budget and a statement of income and expenditures to be represented to the membership at its regular annual meeting, and deliver a copy of each to the members.

ARTICLE IX
COMMITTEES

The Association shall appoint an Architectural Control Committee, as provided in the Declaration, and a Nominating Committee, as provided in these By-Laws. In addition, the Board of Directors shall appoint other committees as deemed appropriate in carrying out its purpose.

ARTICLE X
BOOKS AND RECORDS

The books, records and papers of the Association shall at all times, during reasonable business hours, 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, where copies may be purchased at a reasonable cost.

ARTICLE XI
ASSESSMENTS

As more fully provided in the Declaration, each member is obligated to pay the Association annual and special assessments which are secured by a continuing lien upon the property against which the assessment is made.  Any assessments which are not paid when due shall be delinquent.  If the Assessment is not paid within forty-five (45) days after the due date, the assessment shall bear interest from the date of delinquency at the maximum legal rate, and the Association may bring an action at law against the Owner personally obligated to pay the same or foreclose the lien against the property, and interest, cost, and reasonable attorney’s fees of any such action shall be added to the amount of such 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.

ARTICLE XII
CORPORATE SEAL

The Association shall have a seal in circular form having within its circumference the words: OLYMPUS I HOMEOWNERS ASSOCIATION.

ARTICLE XIII
AMENDMENTS

SECTION l.         Amended April 28, 1981. These By-Laws may be amended at a regular or special meeting of the members, by a majority vote of one-third (1/3) of the membership 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-Laws, the Declaration shall control.

ARTICLE XIV
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 year, except that the first fiscal year shall begin on the date of incorporation.

CERTIFICATION

I, the  undersigned, do herby certify:
     THAT I am the duly elected and acting secretary of the OLYMPUS I HOMEOWNERS ASSOCIATION, a Washington corporation, and
     THAT the foregoing By-Laws constitute the original By-Laws of said Association, as duly adopted at a meeting of the Board of Directors thereof, held on the       day of     , 1969.
     IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the seal of said association this       day of      , 1969.

                                                                                                                        _________________________
                                                                                                                                      Secretary