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78 <br /> insurance, administration (including compensation of a management agent, if any) and allocations for <br /> reserves. <br /> (o) "Community" shall mean "Williams Glen", a residential planned community <br /> developed or to be developed upon the Property in accordance with the Subdivision Plat and the provisions of <br /> this Declaration. The Community shall include each Lot,the Common Elements, each Street, each Building, <br /> each Improvement (as hereinafter defined) and each easement established, conveyed and/or reserved in this <br /> Declaration. <br /> (p) "Completion of Sales" shall mean the earlier of(i) the record conveyance of all <br /> Lots in the Community to purchasers other than a builder,Declarant or a successor to Declarant hereunder,or <br /> (ii)Declarant's execution and recording of a Notice of Termination of Sales in the office of the Register of <br /> Deeds of Orange County,North Carolina. <br /> (q) "Declarant" shall mean Lawrence Road Partners, LLC, a North Carolina limited <br /> liability company,its successors and/or assigns. <br /> (r) "Declaration" shall mean this Declaration of Covenants, Conditions, Restrictions <br /> and Easements for Williams Glen as amended, modified and/or supplemented by any Supplemental <br /> Declaration(as hereinafter defined). <br /> (s) "Entry Feature" shall mean any permanent identification sign or monument <br /> installed and/or erected on any Common Elements at or near an entrance to the Community. <br /> (t) "Guidelines" shall mean such architectural and site design guidelines, standards <br /> and/or specifications pertaining to the design, construction, alteration and/or location of any Building or <br /> Improvement upon any Lot or Common Elements as may be established, amended, modified, supplemented <br /> and/or repealed from time to time by Declarant or the Architectural Control Committee as provided in <br /> ARTICLE XI. <br /> (u) "Improvement"shall mean any improvement,exclusive of any Building or Street, <br /> at any time existing, constructed, erected, installed and/or placed on or upon any Lot or Common Elements, <br /> including,without limitation, any Entry Feature, driveway,parking area, fence,patio, swimming pool and/or <br /> other non-impervious surface area. <br /> (v) "Initial Property"shall mean all of that certain tract or parcel of land identified and <br /> described on the attached EXHIBIT A. <br /> (w) "Lot" shall mean any tract or parcel of land at any time subdivided from the <br /> Property for separate ownership and residential use as provided in this Declaration and as shown on the <br /> Subdivision Plat. Each Lot shall be assigned a unique identifying number on the Subdivision Plat. The term <br /> "Lot"shall not include any Common Elements or other part of the Property that has not been subdivided for <br /> 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 title to <br /> any Lot. The term "Owner" shall not include any Person who shall have or acquire (i) an interest in a Lot <br /> merely as security for the performance of an obligation or(ii)a leasehold interest only in any Lot. The term <br /> "Owner"shall include Declarant for so long as Declarant shall own,hold or retain record title to the Property, <br /> or any part thereof,including any Lot. <br /> (z) "Period of Declarant Control" shall mean a period of time commencing on the <br /> date this Declaration is recorded in the office of the Register of Deeds of Orange County,North Carolina, <br /> and continuing thereafter until the earlier of(i) the date of Completion of Sales or (ii) the date on which <br /> Declarant executes and records a Termination of Reserved Declarant Rights in the office of the Register of <br /> 3 <br />