| materials, together with irrigation/sprinkler systems associated with the same, all harmoniously combined with other Improvements. 18. Limited Common Element. "Limited Common Element" means a portion of the Common Elements allocated by the Declaration or by operation of Section 38-33.3-202 (I)b or (I)d for the exclusive use of one or more Units but fewer than all of the Units. 19. Lot. "Lot" means a Lot as platted on the Planned Community Plat. See "Unit" below. 20. Member. "Member" or "Members" shall mean and refer to each Owner of a Unit that is subject to assessment hereunder. Membership in the Association shall be appurtenant to, and may not be separated from, ownership of a Unit. 21. Mortgagee and First Mortgagee. "Mortgagee and First Mortgagee" means any Person
who has a Security Interest in a Unit who has provided written notice of such interest to the Association. "First Mortgagee" shall mean a Mortgagee who has a First Security Interest in a Unit. 22. Occupant(s). "Occupant(s)" shall mean and refer to an entity, whether an individual, corporation, joint venture, trust, limited liability company, partnership, or association, or other recognized legal entity, which has purchased, leased, or otherwise legally acquired the right to occupy and use any Unit or Lot, whether or not such a right is exercised. 23. Owner. "Owner" or "Owners" shall mean and refer to the record Owner, whether one or more persons or entities, of a fee simple title to any Unit, including contract sellers, but excluding those having such interest merely as security for the performance of an obligation. 24. Planned Community Plat. "Planned Community Plat" means the Plat of Ptarmigan Business Park P.U.D., Lots 1 through 8, Tracts, C, F, G, H and 1, and Development Property, and contains additional information required by the Act. 25. Property. "Property" means Ptarmigan Business Park P.U.D., Lots I through 8, and Tracts C, F, G, H and I. 26. Special Assessments. "Special Assessments" means the Assessments for capital improvements described in Article IX, paragraph 3 of this Declaration. 27. Unit. "Unit" means a physical portion of the common interest community which is designated for separate ownership or occupancy and the boundaries of which are described in or determined from the Declaration. Units are designated as "Lots" on the Planned Community Plat and are sometimes referred to as "Lots" in this Declaration to provide appropriate context. 4 |