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authorized, or to be authorized, to transact business in the State of Colorado,together <br /> with its successors and assigns. <br /> Section L3 "Board" shall mean the govenvng board of the Association, the <br /> members of which shall be elected in accordance with the Bylaws of the Association. <br /> Section 1.4 "13�v��s79 shall mean the bylaws of the Association,which have <br /> been or shall be adopted by the Board, as such bylaws may be amended from time to <br /> time. <br /> Section 1.5 "Common Assessment" shall mean the charge against each Owner <br /> and his lot,representing a portion of the total costs to the Association of maintaining, <br /> improving,repairing,replacing, managing and operating the Property, which charge is to <br /> be paid uniformly and equally by each Owner to the Association, as provided herein. <br /> Section 1.6 "Common Expense" shall mean the actual and estimated costs of <br /> Maintainin;the roads within Sun River Ranch and other such costs as may be required <br /> by the Board. <br /> Section 1.7 "1Decl araant" shall refer to the F.R. funding Corp.,their successors <br /> and assigns, so long as Declarant assigns such rights of Declarant hereunder to any such <br /> successor or assignee by an express written assignme€it. <br /> Section 1.8 "Declaration" shall mean this instrument as it may be amended from <br /> time to time. <br /> Section 1.9 "Lot" shall refer to any lot of not less than 35 acres as shown on the <br /> record of survey filed with the County of Ifueriano. Declarant may, prior to January 1, <br /> 2007, add property to Sun laver Ranch which parcels will be governed by these <br /> protective covenants. <br /> Sections 1.10 "Member" small mean any person or entity holding a membership <br /> in the Association as provided herein. <br /> Section 1.11 "Owner" shall mean the person or persons or other legal entity or <br /> entities, holding fee simple interest of record to any lot , including sellers under executory <br /> contracts of sale,but excluding those other than such sellers having such interests merely <br /> as security for the performance of an obligation. <br /> Section 1.12 "i�ao o y" shall mean Sun River Ranch as shown on the record of <br /> survey filed with the County of Huerfano. <br /> Declaration ofCoveuauls,Condiroas <br /> And Restrictions of F.R.Funding Corporation—Page 2 <br /> I <br />