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