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WHEREAS, the Property does not include any Shoreland, as that term is defined in <br /> Minn. Stat. §103F.205. <br /> THEREFORE, Declarant hereby declares that this Declaration shall constitute <br /> covenants to run with the Property described herein, and that the Property shall be owned, used, <br /> occupied and conveyed subject to the covenants, restrictions, easements, charges and liens set <br /> forth herein, which are for the purpose of protecting the value and desirability of and shall run <br /> with the Property, and shall be binding upon all persons owning or acquiring any right, title or <br /> interest in the Property, and their heirs, personal representatives, successors and assigns, and <br /> shall inure to the benefit of each owner thereof. <br /> SECTION 1 <br /> DEFINITIONS <br /> The following words when used in the Governing Documents shall have the following <br /> meanings (unless the context indicates otherwise): <br /> 1.1 "Assessment" shall mean and refer to any assessment for Common Expenses, <br /> determined by the Board, and levied by the Association, pursuant to the <br /> Governing Documents. <br /> 1.2 "Association" shall mean Peltier Estates Homeowners' Association, a nonprofit <br /> corporation which has been created pursuant to Chapter 317A of the laws of the <br /> State of Minnesota. <br /> 1.3 "Board" shall mean the Board of Directors of the Association as provided for in <br /> the By-Laws. <br /> 1.4 `By-Laws" shall mean the By-Laws governing the operation of the Association, <br /> as amended from time to time. <br /> 1.5 "City„ shall mean the City of Centerville, a Minnesota municipal corporation. <br /> 1.6 "Common Elements" shall be owned by the Association for the common benefit <br /> of the Owners and Occupants. The Common Elements include that real property <br /> identified as Common Elements on Exhibit A, attached hereto, and all <br /> improvements located thereon, and are further described in Section 3.1, below. <br /> 1.7 "Common Expense" shall mean and include all expenditures made or liabilities <br /> incurred by or on behalf of the Association and incident to its operation, including <br /> without limitation allocations to reserves and those items specifically identified as <br /> Common Expenses in the Declaration or By-Laws. <br /> 2 <br /> 022818 <br />