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Section 7. "Owner" shall mean and refer to the record owner, whether one or more persons or entities, of the fee simple title to any Lot, but excluding those having such interest merely as security for the perfonnance of an obligation within the meaning of Section 515B.1-103(29) of the Act. In the event there is an outstanding contract for deed for the purchase of a Lot "Owner" shall refer to the person, whether one or more, or entities who are the contract purchasers in said contract for deed and not the holder of fee simple title. If there exists more than one outstanding contract for deed for the purchase of a Lot "Owner" shall mean and refer to that person or entity who appears as purchaser in the last contract for deed entered into. "Owner" shall also include any person holding a life estate in any Lot. Section 8. "Declarant" shall mean and refer to Mendota Homes Inc.. a Minnesota corporation, and its successors and assigns if such successors or assigns should acquire more that one undeveloped lot from the Declarant for the purpose of development. Section 9. "Declaration" shall mean and refer to this Declaration applicable to the properties recorded in the office of the Registrar of Titles, Ramsev County, Minnesota. Section 10. "Member" shall mean and refer to those persons entitled to membership as provided in this Declaration and the Articles. Section 11. "BuUdine" shall mean and refer to a part of a structure consisting of one or more floors designed and intended for occupancy as a single family residence and located within the boundaries of a Lot. It shall also refer to any single story structure constructed for the sole purpose of acting as a garage. Section 12. "Elieible Morteaeee" shall mean and refer to any person owning a mortgage on any Lot which mortgage is first in priority upon foreclosure to all other mortgages that encumber such unit, and which has requested the Association, in writing, to notify it regarding any proposed actions which requires approval by a specified percentage of the Eligible Mortgagees. Section 13. "Occupants" shall mean and refer to any person or persons other than an Owner in possession of or residing on a Lot. Section 14. "Plat" shall mean and refer to the recorded plat depicting the Property pursuant to the requirements of Section 515B.2-11 O( d) of the Act, and satisfying the requirements of Minnesota Statutes Chapter 505, 508 or 508A, as applicable, including any amended or supplemental Plat recorded from time to time in accordance with the Act. Section 15. "Rules and Reeulations" shall mean and refer to the Rules and Regulations of the Association as approved from time to time pursuant to Article XII hereof. Any tenns used in the governing documents, and defined in the Act and not in this Article shall have the meaning set forth in the Act. 3