Every person or entity owning any Lot which is subject by covenants of record to assessment by the Association, including parties to real estate contract shall be members of the Association. The foregoing is not intended to include persons or entities holding an interest primarily in security for the performance of an obligation. Membership shall be appurtenant to and may not be separated from ownership of Lots subject to assessment by the Association. Ownership of such Lot shall be the sole qualification for membership. An Owner is entitled to one membership for each lot owned.