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43 <br /> Section 2.8. "Lot Owner" or "Owner" will mean and refer to the record owner, <br /> whether one or more persons or entities, of a fee simple title to any Lot which is a part of the <br /> Property, including contract sellers, but excluding those having such interest merely as security <br /> for the performance of an obligation. <br /> Section 2.9. "Recreation Space" will be the areas designated as such on the plats describing <br /> the Property. <br /> Section 2.10. "Person" will mean and refer to any individual, corporation, partnership, <br /> association,trustee or other legal entity. <br /> Section 2.11. "Member" means each Owner or Lot Owner having membership in the <br /> Association. <br /> ARTICLE III <br /> OFFICES <br /> Section 3.1. The principal office of the Association will be located at 2807 Homestead Road, <br /> Chapel Hill,North Carolina 27516. <br /> Section 3.2. The registered office of the Association may be, but need not be, identical with <br /> the principal office, but will be located in North Carolina. <br /> ARTICLE IV <br /> ASSOCIATION OF LOT OWNERS <br /> Section 4.1. Members. The qualification of Members, the manner of their admission <br /> to membership and termination of such membership will be as set forth in the Articles of <br /> Incorporation of the Association and the Declaration. <br /> Section 4.2. Annual Meetings. An annual meeting of the Association will be held for <br /> the purpose of electing Members of the Board of Directors and for the transaction of such other <br /> Page 31 of 50 <br />