Bill of Assurance

That Arns, Incorporated owner of the property hereinafter described, do hereby desire to place upon the following described real property located in Craighead County, Arkansas, to wit: Lots 1-79 of Key Place Addition, Jonesboro, Arkansas, certain restrictions and said property shall be held, owned arid conveyed, subject to and in conformity with the covenants, subject only to amendment of cancellation as hereinafter, provided. Said addition shall be known, designated and hereinafter referred to as Key Place.

1. This property shall be used for residential purposes only and no structure or structures will be erected or permitted on any part thereof other than one detached single family not to exceed two stories in height, together with one attached or detached garage or carport (which may be used for storage, utility rooms, or other ordinary household or gardening purposes, but shall not be used as a separate quarters for servants or employees.
2. An accessory building may not be used for rental purposes.
3. No home occupation or commercial activity of any kind or character shall be permitted on said property or any part thereof, except that small nurseries, gardens, personal services rendered entirely upon the premises and not in conflict with applicable zoning laws shall be permitted but there shall be no sales offices nor promotional activities for the same, and no signs on the premises advertising same.
4. No sign of any kind shall be displayed to public view on said property, with the exception that a single sign shall be permitted of no more than five square feet in area advertising the property during the construction or sale period.
5. No livestock or any description shall be kept on the property or any part hereof, except household pets and domestic animals which are not ordinarily kept for commercial purposes.
6. The ground floor area of the main structure, exclusive of one story open porches and garages, shall be not less than 940 square feet of the floor space in the case of a one-story structure, or less than 1200 square feet of floor space in the case of a one and a half or two story structure.
7. An accessory building may occupy ten percent of the gross lot area, but must be built not less than 10 feet from any adjoining building and except for attached garages, must be built to the rear of the principal building.
8. Only one principal building shall be built on each lot property.
9. Arns, Incorporated will retain architectural control of all exterior colors and materials.
10. No chain link fence shall be placed upon this property without the consent in writing of the owners herein above named. All fences must be wooden unless concealed be wooden fence. No fences except decorative fences shall come closer to the street than the front corners of the home.
11. This property may riot be subdivided.
12. No trailer, basement, tent, shack, garage, barn or other temporary or permanent structure at any time erected on said property, other than the principal dwelling house, shall be used as a residence.
13. No noxious or offensive activity shall be carried on upon said property nor shall anything be done thereon which may be or may become an annoyance or nuisance to the neighborhood.
14. No building shall be erected. placed or altered on this property until the building plans, specifications, exterior color scheme, and plot plan showing the location of such building with respect to existing topography and finished ground elevations have been approved in writing by the owners herein above named. in the event the owners fail to approve or disapprove any plans, specifications, exterior color schemes or plot plans submitted to them as herein required within 30 days after such submission, this covenant shall be deemed to have been met fully.
15. Any and all of the covenants, provisions, or restrictions set forth in this Bill of Assurance may be amended, modified, extended changed or canceled, in whole or in part, by a written agreement signed and acknowledged by the grantors herein (owners herein above named) and the provisions of such instrument so executed shall be binding from and after the date it is duly filed for record in the office of the Circuit Clerk in Jonesboro, Craighead County, Arkansas. The covenants, restrictions, and provisions as contained in this Bill of Assurance shall be deemed covenants running with the land and shall remain in full force and effect unless and until amended or canceled as herein provided.
16. In the event that any of the provisions of this Bill of Assurance shall be different from the requirements of any zoning ordinance now id effect or hereafter enacted, then this Bill of Assurance shall be considered to be amended to conform to the requirements of such zoning ordinance where said requirements shall impose a greater limitation than is herein contained. However, if the provisions of this Bill of Assurance shall impose greater limitations than those contained in such zoning ordinance, then the provisions herein shall control.
17. Invalidation of any restriction set forth herein or any part thereof by order, judgement or decree of any court or otherwise shall not invalidate or affect any of the other restrictions to stay in full force and effect.
18. No building structure may be closer than 7 1/2 feet from any side yard line unless the board of zoning and adjustment would allow.
19. Each home will have brick or masonry front with vinyl siding on all other exterior areas to provide for maintenance free exterior. All homes will have a dimensional asphalt shingle.
20. All plans must be approved by Architectural Control Committee or plans must be furnished by Arns, Incorporated.
21. All parking pads must extend at least 20' beyond rear of home where no garage is being built with the exception of homes in the coves where setbacks may require front load garages or alternatives.
22. Regardless of interpretations, the conditions allowed for id this Bill of Assurance are to protect the integrity of the subdivision by providing for more than one builder to build within the subdivision while maintaining a master planned concept for the entire area such as set backs, plans, exterior materials and fencing. Homogeneous type construction within the same subdivision will create and maintain value for all homes in Key Place.
23. These covenants shall be in full force and effect until January 1, 2029, subject to amendments, modifications, or cancellation as herein above provided.

That, Arns, Incorporated, for the purposes and considerations herein above contained and expressed do hereby join in the Bill of Assurance.

WITNESS our hands this April 12, 1994.