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ARTICLE I. <br />DEFINITIONS <br />261608009 4 <br />The following words, phrases or terms used in this Declaration shall have the following <br />definitions: <br />1. "Annual Assessment" shall mean the charge levied and assessed each year against <br />each Lot and Owner. <br />2. "Architectural Committee" shall mean the committee of the Association to be <br />created pursuant to Article II, paragraph 3 below. <br />3. "Articles" shall mean the Articles of Incorporation of the Association as the same <br />may, from time to time, be amended or restated. <br />4. "Assessment" shall mean an annual assessment or special assessment upon each <br />Lot and Owner. <br />5. "Assessment Lien" shall mean the lien created and imposed by Article III, <br />paragraph 5. <br />6. "Association" shall mean PONDEROSA LAKE ESTATES HOMEOWNERS <br />ASSOCIATION, INC., which has been incorporated as a non - profit Nebraska corporation, its <br />successors and assigns. <br />7. "Board" shall mean the Board of Directors of the Association. <br />8. "Bylaws" shall mean the Restated Bylaws of the Association and any <br />amendments or supplements or additional restatements to such bylaws. <br />9. "Common Area" shall mean: Out Lots A,B,C- 1,C- 2,C -3,C -4 and C -5 in <br />PONDEROSA LAKE ESTATE SUBDIVISION, Out Lots A and B in PONDEROSA LAKE <br />ESTATES THIRD SUBDIVISION, Lot 5 Block 2 and Out Lots A,B,C- 1,C -2,C -3 and C -4 in <br />PONDEROSA LAKE ESTATES FOURTH SUBDIVISION, and Out Lots A,B,C -1 and C -3 in <br />PONDEROSA LAKE ESTATES FIFTH SUBDIVISION, all additional real estate acquired by <br />the Association which is dedicated as common area, and all existing and future improvements <br />thereon all of which are, or will be owned by the Association. The Association reserves the right <br />to acquire Real Estate consistent with these Covenants that is not dedicated as Common Area <br />10. "Dwelling" shall mean any building or portion of a building situated upon a Lot <br />4 <br />