THIS DECLARATION, made and entered into as of the 5^th day of September, 1996, by MARBREY LANDING, L.L.C., a North Carolina Limited Liability Company, maintaining it's principal office and place of business in Durham County, North Carolina, hereinafter referred to as "Declarant."

WHEREAS, Declarant is the owner of certain property ("Property") in the County of Durham, State of North Carolina, which is located in said County and State and more particularly described as set fourth on Schedule "A" annexed and attached hereto, made a part hereof and incorporated herein by reference as fully and to the same extent as if said description were set forth herein verbatim in words and figures; and

WHEREAS, Declarant has set aside certain lands for the use and benefit of the owners and occupants of the overall Property on a portion of the Property (the "Common Area"), which lands are to be owned and maintained by MARBREY LANDING HOME OWNERS ASSOCIATION, INC. (the "Owners Association") a North Carolina non-profit corporation; and

WHEREAS, it is the desire of Declarant to submit the "Property" to the terms, provisions and conditions of this Declaration:

NOW, THEREFORE, Declarant hereby declares that the "Property" (Schedule "A" hereof) as herein described and referred to shall be held, sold and conveyed subject to the following easements, restrictions, covenants, and conditions, which are for the purpose of protecting the value and desirability of, and which shall run with, said real property and be