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100 <br /> EXHIBIT B <br /> ARTICLES OF INCORPORATION <br /> OF <br /> WILLIAMS GLEN HOMEOWNERS ASSOCIATION,INC., <br /> a North Carolina Nonprofit Corporation <br /> The undersigned does hereby make and acknowledge these Articles of Incorporation for the purpose <br /> of forming a nonprofit corporation under and by virtue of the North Carolina Nonprofit Corporation Act, <br /> N.C.G.S. §55A-1-01 et La. <br /> ARTICLE I <br /> NAME <br /> The name of the corporation is Williams Glen Homeowners Association,Inc. <br /> ARTICLE II <br /> INITIAL REGISTERED OFFICE AND AGENT <br /> The street and mailing address and county of the initial registered office of the corporation are 320 <br /> Executive Court,Hillsborough,Orange County,North Carolina 27278. The name of the initial registered agent <br /> of the corporation at that address is James W.Parker,Jr. <br /> ARTICLE III <br /> INCORPORATOR <br /> The name and address of the incorporator are James W. Parker, Jr., 320 Executive Court, <br /> Hillsborough,North Carolina 27278. <br /> ARTICLE IV <br /> MEMBERSHIP <br /> Each Person who holds record title to any Lot in Williams Glen, a residential planned community <br /> located in Orange County, North Carolina, as provided in that certain Declaration of Covenants, Conditions, <br /> Restrictions and Easements for Williams Glen recorded or to be recorded in the office of the Register of Deeds <br /> of Orange County, North Carolina, as amended, modified and/or supplemented from time to time (the <br /> "Declaration") and as shown on the recorded plat(s) of survey referenced therein, as same may be amended, <br /> supplemented and/or modified from time to time,shall be and remain a member("Member")of the corporation <br /> for so long as Person shall hold record title to such Lot. No lienholder,judgment creditor, trustee or other <br /> person or entity holding legal or beneficial title to, or any other interest in, any Lot merely as security for an <br /> obligation, or a leasehold interest only in any Lot, shall be qualified for or entitled to membership in the <br /> corporation. All defined terms in the Declaration shall have the same meanings in these Articles of <br /> Incorporation as are ascribed to them in the Declaration unless otherwise expressly defined herein. <br /> ARTICLE V <br /> DISTRIBUTION OF ASSETS UPON DISSOLUTION <br /> Any assets of the corporation shall,upon dissolution of the corporation,be distributed in accordance <br /> with the applicable provisions of the North Carolina Planned Community Act and/or the North Carolina <br /> Nonprofit Corporation Act,as applicable. <br /> 25 <br />