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20050415000131490 RIC <br /> Bk:RB3721 P9:520 <br /> 04115!2005 12:39:54PM 8123 <br /> Campus, DTCC Property that would be acceptable under the Orange County Campus, DTCC <br /> Property Design Guidelines as amended herein. <br /> 4.02. Waterstone Owners' Association. It is anticipated that there shall be established <br /> under a master declaration for the Waterstone Project, a Waterstone Owners' Association (the <br /> "Owners' Association'), which may be established as a North Carolina non-profit membership <br /> corporation, and which Owners' Association may be comprised of member owners having <br /> voting rights in said Owners' Association. Nothing in this Declaration shall be construed as <br /> requiring that any owner of the Orange County Campus, DTCC Property shall be a member of <br /> such Owners' Association or that any such owner be required to pay and fees,dues, as <br /> or special assessments established or imposed by the Owners' Association. That said, to the <br /> extent a master declaration is recorded so as to encumber the Orange County Campus, DTCC <br /> Property, and to the extent that an Owners' Association is created for properties covered by that <br /> master declaration, the owner of the Orange County Campus, DTCC Property shall, in such <br /> owner's sole discretion, have the right to become a voting and dues-paying member of that <br /> Owners' Association, subject to all applicable rules and regulations governing such members. <br /> ARTICLE 5 <br /> MISCELLANEOUS <br /> 5.01. Independence of Provisions. The provisions and Covenants contained in this <br /> Declaration shall be deemed independent and severable. Invalidation or partial invalidation of <br /> any provision or Covenant in this Declaration by judgment or court order shall not affect any <br /> other contained in this Declaration, and the remaining provisions and Covenants shall remain in <br /> full force and effect. <br /> 5.02. Amendment. The provisions and Covenants in this Declaration may be amended <br /> or terminated at any time in the sole discretion of Declarant, its successors or assigns,including <br /> but not limited to any subsequent Owners' Association as may be established for the Waterstone <br /> Project. Provided, however, no such amendment shall prohibit use of the Orange County <br /> Campus, DTCC Property as provided for herein, and no such amendment shall prohibit project <br /> design on the Orange County Campus, DTCC Property that would be acceptable under the <br /> Orange County Campus, DTCC Property Design Guidelines as amended herein. No such <br /> amendment(s) shall become effective until the instrument evidencing such change has been filed <br /> of record. To the extent necessary, any owner of the Orange County Campus, DTCC Property <br /> shall cooperate by joinder to take such actions as are necessary and proper to amend or terminate <br /> this Declaration, provided however, that in no event shall any such owner be required to join in <br /> or approve an amendment which would prohibit the use of the Orange County Campus, DTCC <br /> Property, or the design of a project located thereon, as allowed for hereunder. <br /> 5.03 Enforcement/Violations. The Covenants contained herein are enforceable only <br /> by Declarant, its successors or assigns, including but not limited to any subsequent Owner's <br /> I <br />