"Section (X), Rights of the Town of Mount Airy:
The Declarant hereby grants to the Town of Mount Airy, a municipal
corporation, the right at its discretion to audit the financial records
of the Association not more often than annually, the cost of the audit
to be an expense of the Association, and upon recommendation to the
Town of Mount Airy of any certified public accountant engaged by it
for such purpose, to levy special assessments sufficient for the purpose
of insuring the maintenance of common areas."
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"At the next annual meeting after 25% of the
units have been sold by the developer, the Class A membership shall
be entitled to elect such number of directors as will equal not less
than 20% of the entire Board as then provided for; at the next annual
meeting after 50% of the units have been sold by the developer, the
Class A members shall be entitled to elect such number of members
as will equal not less than 40% of the membership of the Board as
then constituted, and at the next annual meeting, to occur after 75%
of the units have been sold by the developer or within 7 1/2
years of the incorporation of the Association, the Class A members
shall be entitled to elect all members of the directors of the Board
as then constituted."
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(a)
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"The area shown as Parcel(s) _____, containing
_____ acres is to be conveyed to the (name of Homeowners' Association)
by deed intended to be recorded simultaneously herewith." and
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(b)
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"The 'Articles of Incorporation,' 'Bylaws' and
'Declaration of Covenants, Conditions and Restrictions' of the (name
of Homeowners' Association) are intended to be recorded simultaneously
herewith." or
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(c)
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"The 'Articles of Incorporation,' 'Bylaws' and
'Declaration of Covenants, Conditions and Restrictions' of the (name
of Homeowners' Association) were recorded on (date.)"
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