Jefferson Place Homeowners Association

Association By-Laws

Article I, NAME AND LOCATION

The name of the corporation is Jefferson Place Residential Homeowners Association of Pensacola, Inc. (herein the "Association") The principal office of the corporation shall be located at 3211 Braxton Circle, Pensacola, Florida, but meetings of members and directors may be held at such places with in State of Florida, County of Escambia as may be designated by the Board of Directors.

ARTICLE II, DEFINITIONS

SECTION 1. "Association" shall mean and refer to Jefferson Place Residential Homeowners Association of Pensacola, Inc., its successors and assigns.

SECTION 2. "Properties" shall mean and refer to that certain real property described in the Declarations of Vovenants, Conditions and Restrictions.

SECTION 3. "Common Area" shall mean all real property (including the improvements thereto) which the Association members have the right to use and enjoy and also all rights of easement and license.

SECTION 4. "Lot" shall mean and refer to any building site located within the Property described in any recorded subdivision map of the Properties with the exception of the Common Area.

SECTION 5. "Owner" shall mean and refer to the record owners, whether one or more persons or entities, of the fee simple title to any lot or building site which is a part of the Properties, including contract sellers, but excluding those having such interest merely as a securithy for the performance of an obligation.

SECTION 6. "Declarant" shal mean and refer to Jefferson Place Investors Group, a Florida Joint Venture Partner ship comprised of Bowers Contractors, Inc., a Florida Corporation, and Allied Capital Investments, Inc., a Florida Corporation, or its successors.

SECTION 7 "Declaration" shall mean and refer to the Declaration Of Covenants, Conditions and Restrictions applicable to the Properties recorded in the Office of the Comptroller of Escambia County, Florida.

SECTION 8. "Member" shall mean and refer ot those persons entitled to membership as provided in the Declaration.