Agenda 6-a - Major Subdivision Preliminary Plat Application

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12 ARTICLE I DEFINITIONS Section 1.01 Definitions. Each of the following terms shall have the meaning ascribed to it when and as used in this Declaration: (a) "Act" shall mean the North Carolina Planned Community Act, Chapter 47F of the General Statutes of North Carolina, as same may be amended, modified and/or supplemented from time to time. (b) "Additional Property" shall mean any tract(s) or parcel(s) of land, exclusive of the Initial Property, that Declarant shall, at any time during the Period of Declarant Control (as hereinafter defined), make subject to the provisions of this Declaration for the purpose of creating additional Lots, Common Elements and/or Streets (as hereinafter defined) as provided in Section 2.02. (c) "Anrfual Assessment" shall mean an assessment levied each calendar year by the Board of Directors (as hereinafter defined) against each Lot to pay the Common Expense Liability (as hereinafter defined) allocated to each such Lot as provided in this Declaration and in the Bylaws(as hereinafter defined). (d) "Architectural Control Committee" shall mean a committee established pursuant to the provisions of ARTICLE XI for the purposes as set forth in ARTICLE XI. (e) "Articles of Incorporation" shall mean the Articles of Incorporation of the Association as same may be amended and/or modified from time to time as provided therein. The initial Articles of Incorporation shall be substantially in the form attached as EXHIBIT B. (f) "Assessment" shall mean any Annual Assessment or Special Assessment (as hereinafter defined). (g) "Association" shall mean Havenstone Homeowners Association, Inc., a North Carolina nonprofit corporation,its successors and/or assigns. (h) "Board of Directors" shall mean the board of directors of the Association. (i) "Building" shall man any residential building, detached garage, non- residential building(e.g., community center, office and/or recreation building), shed or outbuilding at any time existing, constructed, erected, installed and/or placed on or upon any Lot or Common Elements. (j) "Bylaws" shall mean the initial bylaws of the Association as same may be amended and/or modified from time to time as provided therein. The initial Bylaws shall be substantially in the form attached as EXHIBIT C. (k) "Charge" shall mean any late payment charge, interest on a delinquent Assessment or any other cost, charge or expense, including reasonable attorneys' fees, incurred by the Association or its management agent or other representative to collect any delinquent Assessment and/or foreclose any Assessment lien,as provided in this Declaration. 2