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Subsequent to the completion of the last residence in the "Developer Property", the initial <br />committee members shall resign and be replaced by members elected by the "Developer Property" <br />owners. Said committee, containing three(3) members, shall function to enforce these covenants. <br />The terms of office shall be determined by the owners of the "Developer Property" at the time of <br />the initial election and subsequent elections. <br /> <br />AGREEMENTS <br /> <br />The Declarants do hereby subject the "Developer Property" to the following covenants, <br />conditions and restrictions, hereby specifying that this Declaration shall constitute covenants <br />running with the land and shall be binding on the Deelarants, and their respective successors and <br />assigns, and all subsequent Owners of all or any portion of the "Developer Property" and <br />improvements thereon, together with their respective grantees, successors, assigns, heirs, <br />executors, administrators and devisees: <br /> <br />(1) <br /> <br />No Lot within the "Developer Property" shall be used except for residential purposes <br />only. No improvement or structure other than a single-family dwelling, together with <br />appurtenant garage, fence, swimming pool, barn or accessory like siding and roof <br />structure, may be erected, placed or maintained on any Lot or portion thereof within the <br />"Developer Property". <br /> <br />(2) <br /> <br />Building located on Lots within the "Developer Property" shall not be rented by the <br />Owners thereof for transient or hotel purposes, which shall be defined as (i) rental for any <br />period less than thirty (30) days or (ii) any rental if the occupants of the building are <br />provided customary hotel services, such as room service for food and beverage, maid <br />service, furnishing laundry, linen and bellboy service. Other than the foregoing <br />obligations, the Owners of the respective Lots shall have the absolute fight to lease the <br />buildings located thereon provided that said lease is in writing and is expressly made <br />subject to compliance by the tenant with all of the provisions of the Declaration. <br /> <br />(3) <br /> <br />No Owner or his tenants or their respective families or guests may store, locate, or park <br />for more than four (4) consecutive hours, any trucks in excess of 4,000 pounds gross <br />weight, or unlicensed or inoperable vehicles, on any portion of the "Developer Property", <br />including the public streets serving and adjacent to the "Developer Property". <br /> <br /> <br />