“Dwelling Unit” shall mean and refer to any detached single-family residential dwelling constructed or to be constructed on or within a Lot. “Bylaws” shall mean and refer to the Bylaws of the Association as amended from time to time. “Board of Directors” or “Board” shall mean the board of directors of the Association. “Association” shall mean and refer to Seven Glens Homeowners Association, Inc. “ARC” shall mean the Architectural Review Committee established pursuant to Section 3.1 of this agreement. “Agreement” means this Amended and Restated Declaration of Protective covenants, Restrictions and Reservations. “Act” means the North Carolina Planned Community Act as found in Chapter 47F of the North Carolina General Statutes, as the same may be amended from time to time. NOW THEREFORE, in consideration of the premises and for the advantage and benefit which the Association, the Subdivider, and all present and future owners will receive from the sale and ownership of the Lots in a restricted subdivision and to establish a revised general scheme of development for the Subdivision, the Association, Subdivider, Owners and their heirs, legal representatives, successors and assigns, covenant, agree and hereby restrict the Subdivision as follows: WHEREAS, the Subdivider desires, in accordance with the terms and conditions contained herein, to transfer all of Subdivider’s retained rights of control over certain Phases of the Subdivision to the Association for the benefit of the Subdivision and for the benefit of all present and future purchasers and owners of Lots in the Subdivision, and the Association desires to assume such control and WHEREAS, the parties desire to impose upon the Lots in the Subdivision certain mutual and beneficial restrictions, covenants, conditions, and charges for the benefit and complement of all Lots in order to promote the best interest and protect the investments of all present and future owners of Lots in the Subdivision and WHEREAS, the parties hereto intend and agree that the restrictions and other agreements contained in this Agreement shall apply to all present and future owners of Lots in the Subdivision and shall supersede and replace in their entirety the restrictive covenants applicable to the Subdivision, including, without limitation, those certain instruments recorded in the Office of the Register of Deeds for Madison County, North Carolina as more particularly described in Exhibit B and WHEREAS, in accordance with the Act, upon the affirmative vote of a greater than 67% majority of the members of the Association, including the Developer, the parties hereto have determined to amend the Declaration by deleting it in its entirety and in lieu thereof adopting this Agreement as the sole declaration applicable to the Subdivision and WHEREAS, the Subdivider, the Association, and the Owners in accordance with North Carolina General Statutes Section 47F-1-102(d), have amended the Declaration to provide that the Subdivision shall be subject to the North Carolina Planned Community Act (the “Act”), as the same may be amended from time to time, said amendment having been recorded in Deed Book 358, at, of the Madison County Register and WHEREAS, The Subdivider has previously recorded a Declaration of Protective Covenants, Restrictions and Reservations in the Office of the Register of Deeds for Madison county, North Carolina, including certain amendments thereto, as more particularly described on Exhibit B attached hereto and incorporated herein by reference (the “Declaration”) to, be applicable to the Subdivision and WHEREAS, the Subdivider, as developer of that certain tract of land described in Deed Book 165, and Deed Book 266, reflected on the certain plats recorded in the Office of the Register of Deeds for Madison County, North Carolina, said land and plats being more particularly described on Exhibit A attached hereto and incorporated herein by reference, and said tract being commonly known as Seven Glens Subdivision (the “Subdivision”), has developed the Subdivision in separate segments being referred to as a “Phase” and (Association), and all persons, firms, and corporations now owning or hereafter acquiring lots within the subdivision known as Seven Glens Subdivision. (Subdivider), Seven Glens Homeowners Association, Inc. THIS AMENDED AND RESTATED DECLARATION OF PROTECTIVE COVENANTS AND RESERVATIONS SEVEN GLENS SUBDIVISON (hereinafter “Agreement”) made and entered into as of the 8th day of July, 2006, by and among Pheasant Run, Inc.
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