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In consideration of the mutual benefits to be derived by the Owners and any purchaser or <br />purchasers, their heirs, devisees, personal representatives and assigns, the Owners stipulate and <br />agree that any and all of the Lots in the Real Estate as surveyed and platted and more particularly <br />described as recorded in the office of the Register of Deeds, Hall County, Nebraska, that are <br />sold, transferred and conveyed, shall be and are subject to the following protective covenants, <br />restrictions and conditions. All covenants, restrictions and conditions shall run with the land and <br />are as follows: <br />1. Lots Affected, Use of Lots. All Lots in the above described Real Estate shall be <br />known and described as residential lots. No apartment house shall be built on any residential lot, <br />and no basement house shall be built on any residential lot. No structure shall be erected, <br />altered, placed or permitted to remain on any residential lot other than one (1) Dwelling with an <br />5 <br />202608009 <br />designed and intended for use and occupancy as a residence by a single family or any building or <br />portion of a building situated on a Lot reserved for townhouses. <br />11. "Lake Lot" shall mean all Lots that abut Ponderosa Lake. <br />12. "Lot" shall mean any lot in the Real Estate. <br />13. "Member" shall mean an Owner of a Lot in the Real Estate. All Owners are Class <br />A Members. <br />14. "Permitted Estate Lot" shall mean the Estate Lots described as Blocks 3, 4 and 5 <br />Ponderosa Lake Estate Subdivision and Lot 1 Ponderosa Lake Estates Sixth Subdivision. <br />15. "Ponderosa Lake" shall mean the lake as described in the plats for the Ponderosa <br />Lake Estates Subdivisions including the land underlying such lake. <br />16. "Ponderosa Lake Estates Homeowners Association Rules and Regulations" shall <br />mean the rules and regulations adopted by the Board pursuant to Articles II and III. <br />17. "Owner" shall mean the record owner, whether one or more persons or entities, of <br />a fee simple title to any Lot. Owner may include a person or persons or entities under a recorded <br />land contract or installment sale contract if the record owner executed a release and transfer of <br />his or her voting rights to the contract purchaser. Others having a lien or interest merely as <br />security for the performance of an obligation are not owners. <br />ARTICLE II. <br />COVENANTS, RESTRICTIONS AND CONDITIONS <br />