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14 <br /> any Building or Improvement upon any Lot or Common Elements as may be established, amended, <br /> modified, supplemented and/or repealed from time to time by Declarant or the Architectural <br /> Control Committee as provided in ARTICLE XI. <br /> (u) "Improvement"shall mean any improvement,exclusive of any Building or <br /> Street, at any time existing, constructed, erected, installed and/or placed on or upon any Lot or <br /> Common Elements, including,without limitation, any Entry Feature,driveway,parking area,fence, <br /> patio,swimming pool and/or other non-impervious surface area. <br /> (v) "Initial Property" shall mean each of those certain tracts or parcels of land <br /> identified and described on the attached EXHIBIT A. <br /> (w) "Lot" shall mean any tract or parcel of land at any time subdivided from <br /> the Property for separate ownership and residential use as provided in this Declaration and as <br /> shown on the Subdivision Plat. Each Lot shall be assigned a unique identifying number on the <br /> Subdivision Plat. The term "Lot" shall not include any Common Elements or other part of the <br /> Property that has not been subdivided for separate ownership and residential use. <br /> (x) "Member"shall mean any Person who is a member of the Association. <br /> (y) "Owner" shall mean any Person, whether one or more, who holds record <br /> title to any Lot. The term "Owner" shall not include any Person who shall have or acquire (i)an <br /> interest in a Lot merely as security for the performance of an obligation or(ii)a leasehold interest <br /> only in any Lot. The term "Owner"shall include Declarant for so long as Declarant shall own,hold <br /> or retain record title to the Property,or any part thereof,including any Lot. <br /> (z) "Period of Declarant Control' shall mean a period of time commencing <br /> on the date this Declaration is recorded in the office of the Register of Deeds of Orange County, <br /> North Carolina, and continuing thereafter until the earlier of(i) the date of Completion of Sales <br /> or (ii) the date on which Declarant executes and records a Termination of Reserved Declarant <br /> Rights in the office of the Register of Deeds of Orange County,North Carolina for the purpose of <br /> terminating any all rights reserved by Declarant herein (exclusive of any rights that Declarant <br /> may have solely in its capacity as an Owner). <br /> (aa) "Person" or"person" shall mean any natural person, corporation, business <br /> or other trust, partnership, limited liability company, joint venture, association, government, <br /> governmental subdivision or agency,or other legal or commercial entity. <br /> (bb) 'Property" shall mean all of the Initial Property and such Additional <br /> Property, if any, as shall be made subject to the provisions of this Declaration from time to time as <br /> provided in Section 2.02. <br /> (cc) "Rules and Regulations" shall mean such rules and/or regulations <br /> governing access to and/or the use of any Lot, Common Elements, Street and/or Trail as may be <br /> adopted from time to time by Declarant during the Period of Declarant Control or,thereafter,by the <br /> Board of Directors,to the extent not inconsistent with the provisions of this Declaration. <br /> (dd) "Special Assessment" shall mean an assessment levied by the Board of <br /> Directors against any Lot or Lots as provided in Section 8.04 to fund, or to reimburse the <br /> 4 <br />