| conditions, and restrictions which are for the purpose of protecting the value and desirability of Ptarmigan Business Park P.U.D., and which shall run with the land and shall be binding upon and inure to the benefit of all parties having any right, title, or interest in the Property or any portion thereof, their heirs, personal representatives, successors, and assigns. Additionally, Declarant submits the Property to the provisions of the Act. To the extent this Declaration is silent on a matter covered by the Act, it is intended that the provisions of the Act apply. In. the event the Act is repealed, the Act as it was in effect on the effective date of such repeal shall remain applicable. ARTICLE III DEFINITIONS 1 . General. The following sections define words and phrases which, as used in this Declaration, have the meaning set forth below. In addition, applicable definitions contained in the Act when used herein, have the meaning set forth in the Act except to the extent the Act allows a Declaration to define the same in a different way and this Declaration does so. Defined words and phrases, including both those defined in this Declaration and those defined in the Act, are indicated in this Declaration by capitalizing the first letter of a defined word or of each word in a defined phrase. 2. Act. "Act" means the Colorado Common Interest Ownership Act as the same may be amended from time to time. 3. Architectural Control Committee. "Architectural Control Committee" or "Committee" shall mean the three (3) member committee appointed pursuant to this Declaration, as described in Article VI herein, for the purpose of approving or disapproving all buildings, improvements, landscaping, etc. on the Property. 4. Assessments. "Assessments" means all Common Expense and other Assessments, Special Assessments, and Fines levied by the Executive Board pursuant to this Declaration, the Act, the Bylaws or the Rules and Regulations. 5. Assessment Lien. "Assessment Lien" means the Lien of the Association on a Unit which secures payment of any Assessments due from a Unit Owner in accordance with the provisions of the Act. 6. Association. "Association" means Ptarmigan Business Park Owners Association, a Colorado non-profit corporation, which shall be the Unit Owners' Association for the Property under the provisions of Section 301 of the Act. 7. Building(s). "Building(s)" shall mean and include, but not be limited to, the main portion of any structure built for permanent use on any Lot, including storage facilities permitted by this Declaration. 8. BuildingSite(s), "Building Site(s)" shall mean and refer to that portion of each Lot 2 |