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8 <br /> Section 3:--Condominium Location. The Property is located on 203 South Greensboro Street, <br /> Carrboro in Orange County, North Carolina. <br /> Section 4:— Maximum Number of Declarant Created Units. The maximum number of Units <br /> that Declarant reserves the right to create is two (2). <br /> Section 5:— Establishment of Units.Declarant does hereby establish within the Property two (2) <br /> Units, and does hereby designate the Units for separate ownership._Pursuant to <br /> that certain Development Agreement between the Town and County,Declarant Town <br /> shall own one (1) Unit and Declarant County shall own one (1) Unit. _Reference is <br /> hereby made to the Plats and Plans for a separate description of the boundaries of <br /> each Unit, identified by number, said Plats and Plans being by this reference <br /> incorporated herein. <br /> Section 6: -_Subdivision of Units. Pursuant to G.S. §47C-2-113 Unit Owners shall be entitled to <br /> subdivide its respective Unit into a maximum of five (5) additional Units. The <br /> Association, at the sole expense of the unit owner, shall prepare-,execute, and record <br /> an amendment to the declaration, including the plats and plans, subdividing the Unit. <br /> Section 7:—_Association Membership. Each Unit Owner shall be a member of the Association. <br /> Section 8:— Limited Common Elements. There are no Limited Common Elements with the <br /> exception of the parking spaces as provided in Article II, Section 3 and the Limited <br /> Common Elements created under Article V. <br /> Sectio 9:--Insurance. Insurance policies upon the condominium (other than title insurance) shall be <br /> purchased by the Association in the name of the Executive Board of the Association, as trustees <br /> for the condominium Unit Owners and their respective mortgagees, if any, as their interest may <br /> appear, and shall provide for the issuance of certificates or mortgage endorsements to the holders <br /> of first mortgages on the condominium Unit(s)secured;and,if the companies writing such policies <br /> will agree, the policies shall provide that the insurer waives its rights of subrogation as to any <br /> claims against condominium Unit Owners, the Association and their respective servants, agents <br /> and guests. _The Association shall maintain replacement cost coverage of the original Building, <br /> Parking Deck <br /> 6 <br />