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BY-LAWS

OF

GREYSTONE ASSOCIATION

ARTICLE I

NAME AND LOCATION. The name of the corporation is Greystone Association, herein referred to as the "Association". The principal office of the corporation shall be located at Raleigh, North Carolina, but meetings of members and directors may be held at such places within the State of North Carolina, County of Wake, as may be designated by the Board of Directors.

ARTICLE II

SECTION ONE. "Association" shall mean and refer to Greystone Association, its successors and assigns.

SECTION TWO. "Properties" shall mean and refer to that certain real property described in the Declaration of Covenants, Conditions and Restrictions affecting property now within the jurisdiction of the Association and such additions thereto as may hereafter be brought within the jurisdiction of the Association.

SECTION THREE. "Common Area" shall mean all real property owned by the Association for the common use and enjoyment of the members, or designated classes of members, of the Association, including greenways and recreational areas.

SECTION FOUR. "Lot" shall mean and refer to any plot of land shown upon the last recorded subdivision map of the Properties on which such plot appears (provided said map has been approved by Declarant), with the exception of the Common Area, privately owned recreation areas, apartment areas and new residential areas.

SECTION FIVE. "Lot in Use" shall mean and refer to any lot on which a dwelling unit, other than an apartment has been fully constructed and occupied as a dwelling unit.

SECTION SIX. "Member" shall mean and refer to every person or entity who holds a membership in the Association.