4.5.23 PB Packet - Final - Laserfiche WebLink

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103 membership cease and be converted to the Class I membership(which election may be made,if at all,upon Declarant giving written notice of its election to the Board). The earliest to occur of(a) or(b)above shall herein be referred to as the"Turnover Date." After the Turnover Date and for so long as Declarant owns any part of the Property, Declarant shall be a Class I Association Member. Section 4. Availability of Documents . The Association shall maintain current copies of the Declaration,the Bylaws and other rules concerning the Project as well as its own books,records, and financial statements available for inspection by all Owners,Mortgagees and insurers and guarantors of Mortgages that are secured by Lots. All such documents shall be available during normal business hours upon reasonable notice and stated purpose. In addition,any Mortgagee may,at its own expense,have an audited statement prepared with respect to the finances of the Association. Section 5. Management Contracts . The Association is authorized and empowered to engage the services of any person, firm or corporation to act as managing agent of the Association at a compensation level to be established by the Board and to perform all of the powers and duties of the Association. The managing agent may be an affiliate of Declarant. Any such contract shall be terminable by the Association with or without cause upon sixty (60) days prior written notice to the manager without payment of a termination fee. Section 6. Maintenance . Prior to their acceptance for public maintenance, the Roadways shall be maintained by the Association. Such maintenance shall include repair and reconstruction, when necessary. Maintenance of the Roadways shall conform to the standard of maintenance (if one is ascertainable)which would be required by the North Carolina Department of Transportation or other governmental entity before it would accept such Roadways for maintenance. The Common Areas and the Maintenance Areas, together with all utilities, easements and amenities located therein and not otherwise maintained by public entities or utilities or any other party as provided herein, shall be maintained by the Association as more particularly described below: (a) Maintenance of the entryways to the Project and other monumentation,walls and fencing shall include maintenance,repair and reconstruction,when necessary,of the entrance monuments, fencing,walls,signage,irrigation,planters and lighting located thereon and providing and paying for landscaping,utility charges for irrigation and lighting of the entrance monuments and signage located thereon. (b) To the extent not maintained by the North Carolina Department of Transportation or other governmental entity,as the case may be,the Association shall maintain or cause to be maintained the swales and medians and associated landscaping and related improvements along and within the Roadways. 10