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the Declarant shall hold or retain a legal or equitable interest in at least one (1 ) Unit. Notwithstanding the <br /> foregoing, the term "Owner" shall not include any person who acquires (i) a legal or equitable interest in <br /> any Unit as security for an obligation, or (ii) a leasehold interest in any Unit, or (iii) an option, right of <br /> first refusal or other right to acquire or possess any Unit on a future date. <br /> (t) Period of Declarant Control. "Period of Declarant Control" shall mean the <br /> period of time commencing upon the recordation of this Declaration in the Office of the Register of <br /> Deeds of Orange. County, North Carolina, and continuing thereafter up to, through and including the date <br /> as of which all Units have been conveyed of record to persons other than the Declarant. <br /> (u) Plat and Plans. "Plat and Plans" shall mean the plat(s), plans and specifications <br /> for the Condominium, ' including, without limitation, the Building, the Units, the Improvements and the <br /> Common Elements, as recorded in the Office of the Register of Deeds of Orange County, North Carolina, <br /> in Plat Book , Page(s) , as same may be amended, modified and/or supplemented <br /> from time to time. <br /> (v) RpgRq&. "Property" shall mean that certain tract or parcel of land located in <br /> Hillsborough, Orange County, North Carolina, and more particularly described on the attached E7IMIT <br /> (w) Rules and *R ations . "Rules and Regulations" . shall mean such rules . and <br /> regulations regarding the use and occupancy of the Units and the Common Elements as may be adopted <br /> by the Declarant during the Period of Declarant Control or, thereafter, by the Association as provided in <br /> this Declaration. . <br /> (x) Special Assessment. "Special Assessment" shall mean any charge to or <br /> assessment against any Unit or Units made or levied by the Association to fund any extraordinary expense <br /> or capital need of the Association or the Property. <br /> (y) Unit. "Unit" shall mean a physical portion of the Building designated for <br /> separate ownership or occupancy, the boundaries of which are described in the Plat and Plans and in this <br /> Declaration. <br /> -25- <br />