Section 2.31. "Improvement" shall mean all Buildings and structures, parking areas, loading areas, fences, walls, hedges, plantings, poles, driveways, ponds, lakes, recreational facilities, signs, changes in any exterior color or shape, excavation and all other site work including without limitation grading, road construction, utility improvements, removal of 'trees or plantings and so forth, and any new exterior construction or exterior improvement which may not be included in the foregoing. Improvement does not include turf, shrub, or tree repair or replacement of a magnitude which does not change exterior colors or exterior appearances. "Improvement' does include both original improvements and all later changes and improvements.

Section 2.32. "Maintenance Fund" shall mean the fund created by Assessments and fees levied pursuant to Article VIII hereof to provide the Master Association with the funds it requires to carry out its duties hereunder.

Section 2.33. "Manager" shall mean such person or entity retained by the Master Association to perform certain functions of the Master Association pursuant to this Declaration.

Section 2.34. "Master Association" shall mean the Castle Pines North Association, Inc., a Colorado nonprofit corporation, or any successor thereof by whatever name, charged with the duties and obligations hereinafter set forth.

Section 2.35. Master Association Area" shall mean the First Subdivision, together with any real property which hereafter becomes subject to this Declaration pursuant to the provisions of Article III hereof.

Section 2.36. Master Association Properties" shall mean all real and personal property, including Improvements, now or hereafter owned by the Master Association or with respect to which the Master Association holds an easement for the use, care or maintenance thereof, held for the common use and enjoyment of all or certain of the Owners as provided herein and/or for other purposes as may be permitted by this Declaration.

Section 2.37. "Member" shall mean any person or entity holding membership in the Master Association.

Section 2.38. "Mortgage" shall mean any mortgage, deed of trust, or other document pledging a Privately Owned Site or interest therein as security for the payment of a debt or obligation. "Mortgage' shall also mean any executory land sales contract wherein the Administrator of Veterans Affairs, an Officer of the United States of America, is identified as the seller, whether such contract is recorded or not, and whether such contract is owned by the said Administrator or has been assigned by the said Administrator and is owned by the Administrator's assignee or by a remote assignee, and whether or not the land records in the office of the Clerk and Recorder of the County of Douglas, State of Colorado, show the said Administrator as having the record title to the Privately Owned Site. First Mortgage means any Mortgage which is not subject to any lien or encumbrance except liens for taxes or other liens which are given priority by statute.