REVISED AND RESTATED
COVENANTS AND RESTRICTIONS
OF THE
HOLLEY MOUNTAIN AIRPARK
HOLLEY MOUNTAIN PROPERTY OWNERS ASSOCIATION, INC.

We, Jim D. Collom and wife, JoAnn Collom, being the owners of land in Sections 29 and 30, Township 12 North, Range 13 West, Van Buren County, Arkansas, with the expressed and due and proper concern for the buyers, the surrounding communities, the ecological and environmental considerations and the protection of each of these from the from the undesirable use of residential property, have caused the following covenants to be executed.

PART 1. AREA OF APPLICATION.

The covenants shall apply to all lands sold and located in the property described in Exhibit “A” attached hereto, including that section of the property designated as Holley Mountain Estates.

PART 2. LAND USE AND BUILDING TYPE.

Ecological and environmental factors shall be given important consideration in the planning, and pursuant activity affecting this land. No portion of this land shall be used except for residential purposes. No buildings shall be erected, altered, placed or permitted to remain on this land other than single-family dwellings, not to exceed two and one-half (2 1/2) stories in height, private garage, guest houses, servant’s quarters, and other out buildings incidental to and related to residential use of the premises. Airplane hangars are not to exceed 2 1/2 times the square footage of the residence as described in Part 4 below.

PART 3. ARCHITECTURAL CONTROL.

No building shall be erected or placed or altered on any portion of this land until the construction plans and specifications and a plat showing the location of the structures have been approved by the Architectural Control Committee (A.C.C.) as to quality of workmanship and materials, harmony of external design with existing structures, and as to location with respect to topography, ecological, environmental and taxiway or runway considerations. No pens or wall shall be erected, placed or altered on this land nearer to any street that the minimum building set back line unless approved by the Architectural Control Committee. This also includes all structures intended to be used in confining animals and anything that will restrict movement of aircraft during normal operations of taxing, take offs, and landings.

PART 4. DWELLING SIZE AND QUALITY.

No dwelling shall be permitted on this land, the ground floor area of which, exclusive of one story open porches and garages is less than 1, 800 square feet for one story. It is the intention and purpose of the covenant to assure that all dwellings shall be of a quality of workmanship and materials substantially the same or better than that which can be produced on the date these covenants are recorded for the minimum permitted dwelling size.

PART 5. BUILDING LOCATION

No building shall be located on this land closer than 125 feet from the centerline of the existing runway right of way. No building shall be located within 20 feet of any of the property line. For purpose of this covenant, eaves, steps and open porches shall be considered as a part of a building.
     Any and all out buildings must never be in front of any residence, unless approved by the Architectural Committee.

PART 6. EASEMENTS.
Easements for installation and maintenance of utilities, drainage facilities, and road/taxiways are hereby reserved and shall be 20 foot in width adjacent to any right of way line of any taxiway and 30 foot in width of any runway. Additional emergency easements are reserved adjacent to the above easement along all property lines for temporary construction, repair or maintenance of utilities, drainage facility and roads, taxiways, and runways.

PART 7. TEMPORARY STRUCTURES.

No structure of a temporary character, such as a mobile home (on wheels or a permanent foundation), shacks, tents, basements, barns or storage buildings, shall be used on this land at any time as a residence, either temporarily or permanently, except as provided herein. Small barns or storage buildings can be placed or constructed on the land for animal shelter, for storage or household goods, lawn or garden equipment, providing that said structure does not create an unsightly appearance or detract from the neighborhood and conforms to those requirements contained in part Number 5 above and approved by the Architectural Control Committee.

PART 8. NUISANCES.
No noxious or offensive activity shall be carried on this land, nor shall anything be done thereon which may be or become an annoyance or a nuisance to the neighborhood. Parking and/or outside storage of dismantled, junked or unlicensed motor vehicles or equipment is prohibited. Prior to the period of construction, this land will be left in a state of repair which is equal to or better than that which existed at the time of purchase.
     It is also intended that this covenant apply to any runoff from areas where livestock are kept, either as a result of the natural water shed or one altered by any means or activity.

PART 9. SIGNS.

One professional sign shall be allowed on each lot, which identifies the profession or occupation of the owner. No other signs may be displayed to the public view on this land except one professional sign of not more than two square feet, one sign of not more than five square feet advertising the property for sale, or signs 8 square feet used by a builder to advertise the property during the construction of sale period. This restriction does not apply to signs used by Developer during the initial sales.

PART 10. LIVESTOCK, POULTRY AND WILDLIFE.

No animals, livestock, poultry or wildlife under domestic means shall be raised, bred or kept on this land for any commercial purposes. Horses, cows, sheep, or goats may be kept on this land in reasonable numbers.
     Reasonable numbers for this purpose is generally interpreted as not more than two animal units per acre of land. Cats, dogs, and other household pets may be kept. Each dog will have a collar with attached identification tag. All cats and dogs will have a tag indicating a current rabies shot. In all cases, the applicable provisions of Part 3 and Part 8 are applicable to this covenant.

PART 11. SIGHT DISTANCE AT INTERSECTIONS.

No fence, wall, hedge shrub planting or other obstruction which restricts sight lines or wing tip clearances shall be placed or be permitted to remain on any land which has a roadway on two sides within the triangular area formed by the roadway property lines and the line connecting them at points 40 feet from the intersection of the roadway/taxiway/runway lines, or in the case of rounded corners, property owners, from the intersection of the roadway property lines extended. The same sight line restriction limitations shall apply on this land within 20 feet from the intersection of a roadway property line with the edge of a driveway, taxiway, or runway. No tree shall be permitted to remain within such distances of such intersections unless the foliage line is maintained at sufficient height to prevent obstruction of the sight lines and wing tip clearance.

PART 12. SANITATION.

Approval of the Van Buren County Health Department shall be obtained prior to beginning construction of any improvements upon any property subject to these covenants. Every well, spring or other ground or water supply, and all appurtenances thereto, shall be located, constructed, drilled, and tested as required by the statutes of the State of Arkansas and/or the rules and regulations of the Arkansas State Board of Health. The siting of ponds and dams will be subject to the approval of the Architectural Control Committee.
     Each dwelling and every accessory structure intended for human habitations shall be connected with a private sanitary sewage disposal system, all portions of which shall be installed, constructed, inspected and approved in strict compliance with the minimum specifications of the statutes of Arkansas and/or the rules and regulations of the Arkansas State Board of Health.

PART 13. HOLLEY MOUNTAIN PROPERTY OWNERS ASSOCIATION, INC.  
For the purpose of maintaining areas to be used in common with other residents and owners of property in the addition, the roads, runways, taxiways, the runway lights, drainage and such other activities and undertakings as may be for the general use and benefit of owners and residents of the property, each and every tract owner, in accepting a conveyance of any tract of land contained in Exhibit A agrees to and shall become a member of the HOLLEY MOUNTAIN PROPERTY OWNERS ASSOCIATION, Inc., a non-profit corporation, and be subject to the duly enacted By-Laws, rules, and membership fees of the association as amended from the time to time by the Board of Directors.  Immediately upon conveyance of a tract or tracts of land to a new owner, said owner shall be automatically enrolled as a voting and dues paying member of the Holley Mountain Property Owners Association, Inc. with all rights, privileges and duties thereof and will automatically be subject to the provisions of the Association By-Laws and such other Association Rules and Regulations as may be applicable.  Each tract owner may thereafter be referred to as either “member” or “property owner,” or simply “owner.”

PART 14. LIEN FOR MEMBERSHIP DUES.
All owners of property in the development shall pay the required dues to the Holley Mountain Property Owners Association, Inc. promptly when the same become due, and in the event of failure to pay the same promptly when the same become due, such dues shall constitute a lien upon the property owned by such owner in the development and the same may be enforced in equity as in the case of any lien foreclosure authorized in the State of Arkansas.

PART 15. SUBORDINATION OF LIEN FOR MEMBERSHIP DUES.
The liens herein retained for membership dues to the Holley Mountain Property Owners Association, Inc. are hereby made expressly inferior and subordinate to valid and bona fide mortgages and deeds of trust or retained vendor’s liens securing obligations of owners of any of the tracts in the addition up to the time of sale at foreclosure of any such mortgage, deed of trust or vendor’s lien and for a period of six (6) months thereafter or until the residence upon such property is occupied, whichever date shall first occur, after which time monthly membership dues shall thereafter accrue as a lien upon such tract in the identical form and manner as prior to the foreclosure sale of the property involved. This subordination shall be construed to apply not only to the original, but to all successive mortgages, deeds or trust, and vendor’s liens given by property owners to secure obligations, together with all extensions and renewals thereof.

PART 16. DELETED .

PART 17. ABSENTEE OWNERSHIP PROHIBITED.

Absentee ownership is prohibited. Lots shall be owned and occupied by the legal titleholder in fee simple, or members of the immediate family of the owners(s).

PART 18. PERSONS BOUND BY THESE COVENANTS.
All persons or corporations who now own or shall hereafter acquire any of the tracts in this development shall be deemed to have agreed and covenanted with the owners of all other tracts in this addition and with its or their heirs, successors and assigns to conform to and observe the restrictions, covenants and stipulations contained herein for a period of 25 years from the date these Revised and Restated Covenants and Restrictions are recorded, and these covenants shall thereafter automatically extend in effect for successive periods of 10 years unless prior to the end of the original term or any successive term of the application hereof a majority of the then owners of tracts in the development agree to the amendment or removal of these covenants in whole or in part. These covenants may be amended at any time by the owners of 75% of the tracts in the development. No changes in these covenants in the manner herein set forth shall be valid unless the same shall be placed of record in the office of the Recorder of Van Buren County, Arkansas, duly executed and acknowledged by the requisite number of owners.

PART 19. RIGHT TO ENFORCE.

The covenants, agreements and restrictions herein set forth shall run with the title to the tracts in this addition and bind the present owners, their heirs, successors and assigns, future owners through or under them shall be taken to hold, agree, and covenant with the owners of other tracts in the addition, their heirs, successors and assigns, and with Owners, as to the covenants and agreements herein set forth and contained. None shall be personally binding on any person, persons, or corporations except with respect to breaches committed during its, his or their holding of title to tracts in the addition. Any owner or owners of tracts in this Addition or Owners, expressly agrees and covenants that any breach of these covenants shall constitute irreparable harm and shall have the right to sue for and obtain an injunction, prohibitive or mandatory, to prevent the breach of or to enforce the observance of any of the covenants, agreements or restrictions contained herein together with any other rights to which they might otherwise be entitled under the laws of the State of Arkansas. The invalidation of any one of these covenants, restrictions or agreements herein contained by the order of a court of competent jurisdiction shall in no way affect any of the other provisions hereof which will remain in full force and effect.

ARCHITECTURAL CONTROL COMMITTEE


A. MEMBERSHIP. The Architectural Control Committee is composed of a minimum of three members and a maximum of seven members. Holley Mountain Property Owners Association, Inc. in accordance with its Bylaws shall appoint the members of the Architectural Control Committee.

B. PROCEDURE. The Committee’s approval or disapproval as required in these covenants shall be in writing. In the event the committee, or its designated representative, fails to approve or disapprove within 30 days after plans and specifications have been submitted to it. Approval will not be required and the related covenants shall be deemed to have been fully complied with.

C. ENFORCEMENT. Enforcement shall be by proceedings at law or in equity against any person or persons violating or attempting to violate any covenants either to restrain violation or to recover damages.

D. SEVERABILITY. Invalidation of any one of these covenants by judgment of court order shall in no way affect any of the other provisions which shall remain in full force and effect.

WITNESS MY HAND on this 26th day of July 2004.

Holley Mountain Property Owners Association, Inc.
_______________________
JoAnn Collom, Secretary

"Copy"
Original documents signed and filed with Van Buren County, Arkansas.