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Section 1.17. Owner(s) or Lot Owners shall mean and refer to (1) the record owner, whether one or more persons or entities, or (2) the holder of equitable or beneficial title (or legal title if same has merged) of any Lot under an executory contract for the sale of real property. The foregoing does not include persons or entities who hold an interest in any Lot merely as security for the performance of an obligation, or a lessee or tenant of an Owner as defined above.

 

Section 1.18. Person shall mean a natural individual or any other entity with the legal right to hold title to real property.

 

Section 1.19. Plat shall mean the Subdivision Plat covering the property.

 

Section 1.20. Property or Subdivision shall mean all that real property identified in the Plat and legally described in Exhibit A attached hereto and incorporated herein by reference.

 

Section 1.21. Reconstruction Assessments shall mean those assessments levied by the Association against all Lot Owners to cover the costs of repair or replacement of damaged or destroyed parts of the Common Areas when insurance proceeds are insufficient to cover the costs of the same.

 

Section 1.22. Rules shall mean the rules adopted by the Board pursuant to the Bylaws.

 

Section 1.23. Special Assessments shall mean those assessments which the Association may levy for the purpose of defraying in whole or in part, the cost of any construction, reconstruction, repair or replacement of capital improvement upon the Common Areas, including fixtures and personal property related thereto, provided that such assessment shall have the assent of the Members set forth in Section 6.04 herein.

 

ARTICLE II

GENERAL RESTRICTIONS

All property within the Subdivision shall be held, used and enjoyed subject to the following limitations and restrictions.

 

Section 2.01. Insurance Rates. Nothing shall be done or kept on any Lot or upon the Common Areas which will increase the rate of or which will result in the cancellation of insurance on any such property or which would be in violation of any law.

 



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