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093 <br /> ARTICLE II <br /> Section 1. - Existing Property. The real property which is, and <br /> shall be held, transferred, sold, conveyed, leased and occupied, <br /> subject to these covenants, is located in Orange County, North <br /> Carolina, and is more particularly described hereinabove. All of the <br /> real property hereinabove described shall hereinafter be referred to as <br /> "Existing Property." <br /> Section 2. - Additions to Existing Property. Additional lands may <br /> become subject to this Declaration in the following manner: <br /> (a) Additions_ . The Company, its successors and assigns, including <br /> the Association, shall have the right to bring within the plan and <br /> operation of this Declaration, additional later acquired properties as <br /> future stages of the development. <br /> The additions authorized under this and the succeeding subsection, <br /> shall be made by filing of record of Supplementary Declaration of <br /> Covenants and Restrictions with respect to the additional property <br /> which shall extend the operation and effect of the Covenants and <br /> Restrictions of the Declaration to such additional property. <br /> The Supplementary Declaration may contain such complementary <br /> additions and modifications of the covenants and restrictions contained <br /> in this Declaration as may be necessary or convenient, and in the <br /> judgment of the Company to reflect the different character, if any, of <br /> the added properties and as are not inconsistent with the Plan of this <br /> Declaration. <br /> (b) Other Additions. Upon approval in writing of the Association <br /> pursuant to two-thirds of the vote at a duly called meeting, the owner <br /> of the property other than the Company who desires to add it to the <br /> plan of these covenants and to subject it to the jurisdiction of the <br /> Association, may file or record a Supplementary Declaration of <br /> Covenants and Restrictions with respect to the additional property <br /> which shall extend the operation and effect of the covenants and <br /> restrictions of the Declaration of such additional property. <br /> The Supplementary Declaration may contain such complementary <br /> additions and modifications of the covenants and restrictions contained <br /> in this Declaration as may be necessary or convenient, in the judgment <br /> of the Company, to reflect the different character, if any, of the <br /> added properties and not inconsistent with the Plan of this <br /> Declaration. <br /> (c) Mergers. Upon a merger or consolidation of the Association <br /> with another association as provided for in the By-Laws of the <br /> Association, its properties, rights and obligations may, as operation <br /> of Law, be transferred to another surviving or consolidated <br /> association, or, in the alternative, the properties, rights and <br /> obligations of another association may, by operation of law, be added <br /> to the properties of the Association as a surviving corporation <br /> pursuant to a merger. The surviving or consolidated association may <br /> administer the covenants and restrictions established by this <br />