Agenda - 06-11-1985 - Laserfiche WebLink

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Members not present may give their written assent to the action taken thereat. Section Two. If, within five (5) years of the date of incorporation of this Association, the Declarant should develop additional land within the property described in Exhibit A as hereinabove provided in Article I, such land may be annexed by the Declarant in the manner provided in Article I without the consent of Members, provided that the Federal Housing Administra- tion and the Veterans Administration determine that the annexa- tion is in accord with the general plan heretofore provided by them. Section Three. Annexation of additional Properties shall be accomplished by recording in the County Registry a Declaration of Annexation, duly executed by the Declarant, if the Declarant has the right to annex pursuant to Section Two above (and by the Association if pursuant to Section One above), describing the lands annexed and incorporating the provisions of this Declaration, either by reference or by fully setting out said provisions of this Declaration. The additional lands shall be deemed annexed to the Properties on the date of recordation of the Declaration of Annexation, and in the case of an annexa- tion by the Declarant, no action or consent on the part of the Association or any other person or entity shall be necessary to accomplish the annexation except the City of Carrboro, if re- quired by its ordinances. Section Four. Subsequent to recordation of the Decla- ration of Annexation by the Declarant, the Declarant shall deliver to the Association one or more deeds conveying any Common Area within the lands annexed as such Common Area is developed. ARTICLE VII INSURANCE Section One (a) Liability. Public liability insurance shall be secured by the Association with limits of liability of no less than One Million Dollars ($1,000,000.00) -10-