Section 1. "Association" shall mean the LAKE MERIDIAN VILLAGE OWNER'S ASSOCIATION, ITS SUCCESSORS AND ASSIGNS.

 

Section 2. "Owner" shall mean the record owner, whether one or more persons or entities, of a free simple title to any Lot which is a part of the Properties, including parties to real estate contracts, but excluding all parties whose interest is primarily security for the performance of an obligations.

 

Section 3.  "The Properties" means the land legally described in Exhibit "A" hereto which includes all the Lots and Common Property, all of which is subject to this Declarations, plus any other property which, as hereinafter provided for, is brought within the jurisdiction of the Associations.

 

Section 4. "Townhouse", "Dwelling Unit", "Lot", "Common Property". The properties are zoned PUD (Planned Unit Development) and shall be used in compliance with regulations established by the County of King with respect to such a district, and in accordance with the site plan for the properties heretofore approved by the County council of the County of King. The site plan contemplates the erection of 18 townhouse structures encompassing a total of 60 dwelling units. A "Townhouse" means a building containing two or more dwelling units which share one or more common walls with other dwelling units and with each dwelling unit individually occupying an individually owned lot. A "Dwelling Unit" means any portion of a townhouse designed and intended for use and occupancy as a residence by a single family. A "Lot" means any plot of land shown upon the recorded subdivision map of the properties with the exception of the Common Properties. The recorded subdivision map of the properties shows 60 of such lots. "Common Property" means all the properties described in Exhibit "A" except the Lots and Dwelling Units. The common property may be retained and owned by the developer during the development period and will thereafter be owned by the Association for the common use and enjoyment of the members of the Association.

 

The property in Exhibit "A" covers, however, only 20 dwelling units contained in townhouse structures, with declaration purchasing the additional property shown on the site plan but having title only to the property contained in Exhibit "A". At such time as the declarant secures title to a portion or all of the additional property shown on the site plan, then he shall make the additional property or properties subject to the covenants, conditions, and restrictions contained in this Agreement by recording a Declaration of Covenants, Conditions, and Restrictions identical to this set of covenants, conditions, and restrictions as they may be amended at such time, being the intent if declarant to have the entire project subject to the same covenants, conditions, and restrictions at such time as he secured fee title to the remaining properties. At such time as the common properties are transferred to the Association, the transfer shall be of such portion of the common properties shown on the site plan as are owned at that time by the declarant. If the declarant later secures title to the additional common properties as depicted on the site plan, then at the completion of the development period for such additional property, the additional common properties shall be conveyed by the declarant to the Association.

 

Section 5.  "Developer" means THOMAS J. BURKE, his successors and assigns, sometimes also referred to as Declarant.

 

Section 6.  The term "Development Period" means that period of time from the date of recording this Declaration until the date on which 16 of the lots have been sold by the developer (declarant), or until three (3) years from the date of recording hereof, whichever shall first occur.