12. Initial Management. The Initial Board of Directors has entered or will hereafter enter into a management agreement with Centex (or a corporation or other entity affiliated with Centex or if Centex or an affiliate of Centex is unwilling to perform such services, then by a company selected by Declarant) for a term not to exceed three (3) years with either Declarant or the applicable manager having the right to terminate such management agreement upon ninety (90) days' notice to the other party. Under such management agreement, the applicable manager will provide supervision, management and maintenance of the Common Area: and in general, perform all of the duties and obligations of the Corporation. Such management agreement may be renewed by the parties for additional terms of three (3) or less years. In the event manager terminates such management agreement as provided in this Paragraph 12 the Corporation shall thereupon and thereafter resume performance of all of its duties and obligations of the manager or employ a new management company. Notwithstanding anything to the contrary contained herein, so long as a management agreement between the corporation and Centex (or its affiliate as appropriate) is in effect, Centex (or its affiliate as appropriate) shall have and Centex hereby reserves to itself (or to its affiliate as appropriate), the exclusive right to manage all the Real Estate that has been subjected to a Recorded Plat and perform all the duties of the Managing Agent as set forth in Paragraph 11(f). For such services Centex (or its affiliate as appropriate) shall receive a fee in an amount agreed upon by the Board of Directors.

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