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Page 33 of 51 <br />modified, for detached single-family residential use, all designated for separate ownership and <br />occupancy. <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."Common Area" will be the areas designated as such or referred to as “Open <br />Space” and/or “Open Space Easement” on the plats describing 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 />82