1.1 "Association" shall mean and refer to Kingsley Glen Homeowners Association, Inc., its successors and assigns

 

1.2 "Board" shall mean the Board of Directors of the Association

 

1.3 "Bylaws" shall mean the bylaws of the Association adopted by Declarant, as such bylaws may be amended from time to time

 

1.4 "Common Area" shall mean those Lots, if any, described as part of the Common Area in Exhibit B, including any improvements thereon

 

1.5 "Declarant" shall mean Kingsley Glen, LLC, a Washington limited liability company, its successors and assigns, if such successors and assigns acquire or hold title to all, or any portion of the Property for development purposes

 

1.6 "Development" shall mean the Property, being the land described on Exhibit A, and such additions thereto as may hereafter be subject to the terms of the Declaration, and all improvements and structures now or hereafter placed on the Property

 

1.7 "First Mortgage" and "First Mortgagee" shall mean, respectively (a) a recorded Mortgage on a Lot that has the legal propriety over all other Mortgages thereon, and (b) the holder of a First Mortgage For purposes of determining the percentage of First Mortgagees approving a proposed decision or course of action in cases where a Mortgagee holds First Mortgages on more than one Lot, such Mortgage shall be deemed a separate Mortgagee for each such First Mortgage so held

 

1.8 "Lot" shall mean a parcel of the Property consisting of the following

 

1.8.1  A separate interest in a parcel of real property and all improvements thereon

 

1.8.2 Any easements appurtenant to the real property

 

1.8.3 A membership in the Homeowners Association

 

1.9 "Member" shall mean every person or entity who holds a membership in the Association through ownership in a Lot.

 

1.10 "Mortgage" shall mean a mortgage or deed of trust encumbering a Lot or other portion of the Development   A "Mortgage" shall also mean an installment sales contract in a Lot or other portion of the Development.

 

1.11 "Mortgagee" shall mean the beneficial owner, or the designee of the beneficial owner, of an encumbrance on a Lot created by a Mortgage or deed of trust and shall also mean the vendor, or the designee of a vendor, of a real estate contract for the sale of a Lot.

 

1.12 "Owner" shall mean each person and entity holding a record ownership in a Lot, including the Declarant  The term "Owner" shall not include persons or entities who hold an interest in a Lot merely as security for the performance of an obligation.