| Section 1. Existing Property. The real
property which is and shall be held, transferred, sold, conveyed, given, donated, leased,
occupied, and used subject to these Covenants is described as follows:
All that tract or parcel of land, situate, lying and being in
Chesterfield County, Virginia, which is more particularly described in Exhibit
"A" attached hereto and by specific reference made a part hereof.
All of the real property hereinabove described shall sometimes
be referred to herein as the "Existing Property." The Company intends to develop
the Existing Property in accordance with a Master Plan prepared in its Planning Department
and placed on display in its Reception and Sales Office, and other areas. The Company
reserves the right to review and modify the Master Plan at its sole option from time to
time based upon its continuing research and design program. The Master Plan shall not bind
the Company, its successors and assigns, to adhere to the Master Plan in the development
of the land shown thereon. Subject to its right to modify the Master Plan as stated
herein, the Company shall convey to the Association certain properties designated for such
conveyance in Article IV, Section 5 of this Declaration, and, in addition, may at its
option convey to the Association as provided in Article IV those parcels of land
designated on the Master Plan as properties which may be transferred to the Association,
as, in the reasonable exercise of its discretion, it so chooses without regard to the
relative location of such portions or sections within the overall plan. Once conveyed to
the Association, these properties shall become Common Properties or Restricted Common
Properties, as the case may be. The Company shall not be required to follow any
predetermined sequence or order of improvements and development; and, it may bring within
the plan of these Covenants additional lands, and develop the same before completing the
development of the Existing Property. Other than as stated in this paragraph, the Company
shall have full power to add to, subtract from, or make changes in the Master Plan
regardless of the fact that such actions may alter the relative maximum potential voting
strength of the various types of membership of the Association.
Section 2. Additions to Existing Property. Additional
lands may become subject to, but not limited to, this Declaration in the following manner:
(a) Additions. During the period of development, which
shall by definition extend from date to January 1, 1999, the Company, its successors and
assigns, shall have the right, without further consent to the Association, to bring within
the plan and operation of this Declaration: (1) the additional property described in
Exhibit "B" attached hereto, or any property for which such additional property
is exchanged if the property acquired by exchange is contiguous or nearly contiguous to
the "Properties"; and (2) Five Hundred (500) additional acres adjacent to or
near Woodlake if acquired by the Company during the period of development. Such property
may be subjected to this Declaration as one parcel or as several smaller parcels at
different times. The additions of such property authorized under this paragraph may
increase the cumulative maximum number of Residential Lots and Family Dwelling Units
authorized in the Properties and, therefore, may alter the relative maximum potential
voting strength of the various typed of membership of the Association.
The additions authorized under this and the succeeding
subsection shall be made by recording a Supplementary Declaration of Covenants and
Restrictions with respect to the additional property which shall extend the operation and
effect of the Covenants and Restrictions of this Declaration to such additional property.
The Supplementary Declaration may contain such complementary additions and/or
modifications of the Covenants and Restrictions contained in this Declaration as may be
necessary or convenient, in the sole judgment of the Company, to reflect the different
character, if any, of the added properties and as are not inconsistent with the plan of
this Declaration, but such modifications shall have no effect upon the Property described
in Section 1, Article II above, or upon any other additions to the Properties.
(b) Other Additions. Upon approval in writing of the
Association pursuant to a simple majority of the vote of those present at a duly called
meting, the owner of any property who desires to add such property to the plan and
operation of this Declaration and to subject it to the jurisdiction of the Association,
shall record a Supplementary Declaration or Covenants and Restrictions with respect to the
additional property which shall extend the operation and effect of the Covenants and
Restrictions of this Declaration to such additional property. The additions of such
property authorized under this paragraph may increase the cumulative maximum number of
Residential Lots and Family Dwelling Units authorized in the Properties and, therefore,
may alter the relative maximum potential voting strength of the various types of
membership of the Association.
The Supplementary Declaration may contain such complementary
additions and/or modifications of the Covenants and Restrictions contained in this
Declaration as may be necessary or convenient, in the judgment of the Association, to
reflect the different character, if any, of the added properties and as are not
inconsistent with the plan of this Declaration, but such modifications shall have no
effect upon the Property described in Section 1, Article II above, or upon any other
additions to the Properties.
(c) Mergers. Upon merger or consolidation of the
Association with another association, as provided for in the By-Laws of the Association,
its property rights and obligations may, by operation of law, be transferred to another
surviving or consolidated association, or in the alternative, the properties, rights and
obligations of another association may, by operation of law, be added to the properties of
the Association as a surviving corporation pursuant to a merger. The surviving or
consolidated association may administer the Existing Property, together with the Covenants
and Restrictions established upon any other properties, as one plan. No merger or
consolidation shall effect any revocation, change, or addition to the Covenants
established by this Declaration within the Existing Property, including, without
limitation, the maximum limits on Assessments and dues of the Association, or any other
matter substantially affecting the interests of Members of the Association.
(d) Additional lands which become subject to this Declaration
under the provisions of this Section II may in the future be referred to as a part of
Woodlake. Also, the name Woodlake may be used by the Company to refer to other nearby
properties not subject to this Declaration. |