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12 <br /> covenants, and conditions,which are for the purpose of protecting the value and desirability of, <br /> and which will run with the title to,the Property and be binding on all parties having any right, <br /> title, or interest in the Property or any part thereof,their heirs, successors, and assigns, and will <br /> inure to the benefit of each owner thereof. <br /> ARTICLE I <br /> DEFINITIONS <br /> Section 1.1. "Association" will mean and refer to Triple Crown Farms Homeowners <br /> Association,Inc., a North Carolina non-profit corporation, its successors, and assigns. <br /> Section 1.2. "Board" or 'Board of Directors" will mean those persons elected or <br /> appointed and acting collectively as the Board of Directors of the Association. <br /> Section I.3. "Common Expenses"will mean and include: <br /> (a) All sums lawfully assessed by the Association against its members; <br /> (b) Expenses declared to be common expenses by the provisions of this Declaration <br /> or the Bylaws; <br /> (c) Hazard, liability, or such other insurance premiums as the Declaration or the Bylaws <br /> may require the Association to purchase; or as the Association may deem appropriate to <br /> purchase; <br /> (d) Expenses for the maintenance of the Recreation Space shown on the recorded plats <br /> of the Property; <br /> (e) Expenses for maintaining the shoulders, including mowing, of the private and public <br /> roads shown on the recorded plats of the Property; <br /> (f) Any other expenses determined by the Board or approved by the Members to be <br /> common expenses of the Association. <br /> Page 2 of 50 <br /> i <br />