THIS DECLARATION OF PROTECTIVE COVENANTS AND AGREEMENTS, made this 12th day of July, 1968, by COLONY DEVELOPERS, INC., a corporation organized and existing under and by virtue of the laws of the state of North Carolina, hereinafter called Developer, and as amended by the owners of two-thirds of the original lots as certified by Linda Sharp, Certified Public Accountant, this 3rd day of August 1992;

WHEREAS, Developer is the owner of the real property described in Article II of this declaration and desires to create thereon a residential community with permanent parks, playgrounds, open spaces, and other common facilities for the benefit of the said community; and

WHEREAS, Developer desires to provide for the preservation of the values and amenities in said community and for the maintenance of said parks, playgrounds, open spaces and other common facilities; and, to this end, desires to subject the real property described in Article II together with such additions as may hereafter be made thereto (as provided in Article II) to the Covenants, Restrictions, easements, charges and liens, hereinafter set forth, each and all of which is and are for the benefit of said property and each owner thereof, and

WHEREAS, Developer has deemed it desirable for the efficient preservation of the values and amenities in said community, to create an agency to which should be delegated and assigned the powers of maintaining and administering the community properties and facilities and enforcing the Covenants and Restrictions and collecting and disbursing the assessments and charges hereinafter created, and