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