in which the Property is located; provided however, that the Period of Declarant Control will expire and terminate no later than either 60 days after conveyance of 75% of the Lots that may be created to owners other than the Declarant, two (2) years after the last conveyance of a Lot by the Declarant in the ordinary course of business, or two (2) years after any right to add Additional Lands to this Declaration was last exercised. Notwithstanding the foregoing, the Declarant may voluntarily (i) terminate the Period of Declarant control, which election shall be in the sole discretion of the Declarant; and/or (ii) surrender the right to appoint and remove officers and members of the Beard before termination of the Period of Declarant control, but in that event, the Declarant may require, for the duration of the Period of Declarant Control, that specified actions of the Association or the Board, as described in a recorded instrument executed by the Declarant be approved by the Declarant before they become effective.

1.1.25 "Person" means a natural individual or any other entity with the legal right to hold title to real property.

1.1.26 "Plans and Specifications" means any and all documents designed to guide or control the construction of an Improvement including, but not limited to, those indicating size, shape, configuration or materials; all site plans; excavation and grading plans; foundation plans; drainage plans; landscaping and fencing plans; elevation drawings; floor plans; specifications on all building products and construction techniques; samples of exterior colors; plans for utility services and all other documentation or information relevant to the particular improvement.

1.1.27 "Property" means initially all of the real property described on attached Exhibit A along with any and all Improvements now in place or hereafter constructed thereon. The Property also includes Additional Lands which have been subjected to this Declaration by Declarant or by others with Declarant's written consent pursuant to section 2.2.

1.1.28 "Records" means the official real property records of Douglas County, Colorado; "to Record" means to file for recording in the Records; and "of Record" and "Recorded" means having been recorded in the Records.

1.1.29 "Recreation Areas" means all common Areas designated by Declarant as such to be held for recreational purposes for the benefit of all members and the benefit of the Property as a whole; provided, however, that access to any area or facility may be limited to dues-paying members, subject to fees and other charges, or otherwise conditioned or restricted, and made available to non-members, all on such terms and conditions as the Board may determine.

1.1.30 "Regular Assessments" means those Assessments levied by the Association pursuant to Section 4.8.

1.1.31 "Restrictions" means (i) this Declaration as amended from time to time; (ii) the Rules from time to time in effect; and (iii) the Articles and Bylaws of the Association from time to time in effect.

1.1.32 "Rules" means the rules adopted by the Board pursuant to section 4.12.9, as they may be amended from time to time.

1.1.33 "Security Interest" means an interest in real estate or personal property created by contract or conveyance which secures payment or performance of an obligation. The term includes a lien created by a mortgage, deed of trust, trust deed, security deed, contract for deed, land sales contract, lease intended as security, assignment of lease or rents intended as security, pledge of an ownership interest in an association, and any other (continued next page)

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