This association includes all of the owners of all of the property in what is currently known as Greywalls, as it is presently defined or may be defined in the future. At this time the association is inactive and will not be activated until we have 20 homeowners in residence. Until activation, The Reed's Landing Corporation will hold title to all common properties and provide the services normally provided by the community association. Upon activation, the association members, which includes The Reed's Landing Corporation, will pay annual dues of $600 for a house and Lot, $300 for a vacant lot and $25 per acre for unsubdivided land. Dues may be paid annually in advance by check or quarterly in advance by credit card. As a guard against inflation, the Board of Directors may increase the maximum regular annual assessment, but does not have to operate at the maximum level unless services dictate. An annual budget will be prepared by the Board of Directors for members information. Special assessments require a majority vote in a membership referendum.

The association is responsible for the maintenance of security in Greywalls. This includes the gatehouse currently used as a sales center by The Reed's Landing Corporation. Our secretary presently operates the guard gate during normal hours and the gate is controlled electronically at other times. Ultimately, she will be replaced by guards who will maintain this location. The association is responsible for road maintenance in Greywalls through their dues. Each year a portion of the memberships' dues will be set aside to establish a road maintenance fund in insure high quality roads in Greywalls. Contributions of $3,000/per mile per year will be made by the association into this fund which will be allowed to grow and accure interest. The assocition will hold title to common property transferred to it by The Reed's Landing Corporation. This common property currently includes the gatehouse/grounds and the roads. Other common property will be transferred as the development progresses. Along with the ownership of all common property comes the responsibility for landscaping. All plantings, grass,flowers, etc. at the gatehouse and along the roadsides are maintained by the Association.

This is a brief synopsis of the information contained in the covenants and restrictions. For additional information and greater detail, please refer to the recorded documents.