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45 <br /> EXHIBIT C <br /> INITIAL BYLAWS OF <br /> HAVENSTONE HOMEOWNERS ASSOCIATION,INC., <br /> a North Carolina Nonprofit Corporation <br /> ARTICLE I <br /> NAME <br /> Section 1.01 Name. The name of the corporation is � Homeowners <br /> Association, Inc.(the "Corporation"). <br /> ARTICLE II <br /> OFFICES <br /> Section 2.01 Principal Office. The principal office of the Corporation shall be located <br /> at the address provided in the Articles of Incorporation or at such other place in the State of North <br /> Carolina as may be designated from time to time by the Board of Directors. <br /> Section 2.02 Registered Office. The registered office of the Corporation required by <br /> law to be maintained in the State of North Carolina may be, but not need be, identical with the <br /> principal office. <br /> Section 2.03 Other Offices. The Corporation may have offices at such other places, <br /> either within or without the State of North Carolina as the Board of Directors may from time to time <br /> determine or as the affairs of the Corporation may require. <br /> ARTICLE III <br /> MEMBERSHIP <br /> Section 3.01 Membership. Any Person who holds record title to any Lot located in <br /> 11MMINuM a residential planned community located in Orange County, North Carolina as <br /> provided in the Declaration of Covenants, Conditions, Restrictions and Easements for� <br /> recorded or to be recorded in the office of the Register of Deeds of Orange County,North Carolina, <br /> as same may be amended,supplemented and/or modified from time to time(the"Declaration'),and <br /> the recorded plat(s) of survey referenced therein shall be and remain a member("Member") of the <br /> Corporation for so long as such Person shall hold record title to such Lot. No lienholder,judgment <br /> creditor, trustee or other Person holding legal or beneficial title to, or other interest in, any Lot <br /> merely as security for an obligation, or holding only a leasehold interest in any Lot, shall be <br /> qualified for or entitled to membership in the Corporation. All defined terms in the Declaration <br /> shall have the same meanings in these Bylaws unless otherwise defined herein. <br /> 35 <br />