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Page 2 of 51 <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 1.3. "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. A copy of the proposed Bylaws are attached hereto as Exhibit C; <br /> (d) Expenses for the maintenance of the Common Area shown on the recorded plats of <br />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) Expenses for maintaining and repairing the private roads shown on the recorded plats <br />of the Property: <br />51