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4 <br /> conditions of the Town and County executed Development Agreement Regarding South <br /> Greensboro Street Property dated the 4th day of December, 2017, and any amendments thereto; <br /> and <br /> WHEREAS, Declarant desires and intends by the filing of this Declaration, to submit the <br /> above-described property and all improvements constructed, together with all appurtenances <br /> thereto, to the provisions of the North Carolina Condominium Act (Chapter 47C,North Carolina <br /> General Statutes); <br /> NOW, THEREFORE, Declarant hereby declares that all of the Property described above <br /> shall be held, sold and conveyed subject to the following easements, restrictions, covenants, and <br /> conditions, which shall run with the real property and be binding on all parties having any right, <br /> title or interest in the described properties or any part thereof, their heirs, successors and assigns, <br /> and shall inure to the benefit of each owner thereof. <br /> PART 1 <br /> DEFINITIONS <br /> The Definitions set forth in N.C.G.S. §47C-1-103 shall apply to this Declaration and are <br /> incorporated herein, except that the terms listed below shall have the specific meanings stated: <br /> Section 1: "Allocated interests" means the undivided interest in the Common Elements, <br /> Common Expense liability and votes in the Association, allocated to each Unit. <br /> The initial Allocated Interests are shown on Exhibit B. <br /> Section 2: "Association" means Drakeford Library Complex Condominium Owners <br /> Association, an unincorporated non-profit association, its successors and assigns. <br /> Section 3: "Bylaws" means the Bylaws of the Association as they may be amended from <br /> time to time. A copy of the initial Bylaws is attached hereto as Exhibit C. <br /> Section 4: "Common elements" means all portions of a condominium other than the Units. <br /> Section 5: "Common expense liability" means the liability for common expenses allocated <br /> to each unit pursuant to G.S. 47-2-107. <br /> Section 6: "Condominium" means "Drakeford Library Complex Condominium Project", it <br /> being real estate, portions of which are designated for separate ownership by the <br /> Town and County and the remainder of which is designated for common <br /> ownership solely by the Town and County owners of those portions. The <br /> 2 <br />