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092 <br /> NOW, THEREFORE, in consideration of the premises and covenants <br /> contained herein, the Company declares that the real property described <br /> above is and shall be held, transferred, sold, conveyed, leased, <br /> occupied and used subject to the covenants, restrictions, conditions, <br /> easements, charges, assessments, affirmative obligations, and liens <br /> (sometimes referred to as "The Covenants") hereinafter set forth, and <br /> Said covenants shall run with the land and be binding on all persons <br /> claiming under and through the Declarant. <br /> ARTICLE I <br /> DEFINITIONS: <br /> Section 1. The following words and terms, when used in this <br /> Declaration, or any Supplemental Declaration, shall have the following <br /> meanings: <br /> (a) "Association" shall mean and refer to the St:rrEx RUN PROPERTY <br /> OWNERS' ASSOCIATION, INC. , a North Carolina non-profit organization. <br /> (b) "Owner" shall mean and refer to the record owner, whether one <br /> or more persons, firms, association, corporations, or other legal <br /> entities, of the fee simple title to any tract situated upon the <br /> Properties, but, notwithstanding any applicable theory of a mortgage, <br /> shall not mean or refer to the mortgagee, its successors or assigns, <br /> unless and until such mortgagee has acquired title pursuant to <br /> foreclosure or a proceeding in lieu of foreclosure; nor shall the term <br /> "Owner" mean or refer to any lessee or tenant of an owner. <br /> (c) "Properties" shall mean and refer to that certain real <br /> property hereinbefore described, and such additions thereto as may <br /> herPAfter be brought within the jurisdiction of the Association, as are <br /> subjected to this Declaration or any Supplemental Declaration. <br /> (d) "Common Properties" shall mean and refer to those areas of <br /> land with any improvements thereon which are deeded to the Association <br /> and designated in said deed as "Common Properties." The term "Common <br /> Properties" shall also include any personal property acquired by the <br /> Association if said property is designated as "Common Property." All <br /> common properties are to be devoted to and intended for the common use <br /> and enjoyment of the owners, subject to the fee schedules and operating <br /> rules adopted by the Association. <br /> (e) "Lot (tract)" shall mean and refer to any improved or <br /> unimproved parcel of land, shown upon any recorded subdivision map of <br /> the Properties, intended for the construction of a detached single <br /> family dwelling and for stable, excluding any "Common Properties," as <br /> heretofore defined. <br /> (f) "Member" shall mean and refer to all owners as heretofore <br /> defined. <br /> (g) "Company" shall mean and refer to Setter Run Property Owners' <br /> Association, Inc. , its successors and assigns. <br />