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200106596 <br />7. "Board" shall mean the Board of Directors of the <br />Association. <br />8. "Bylaws" shall mean the bylaws of the Association and <br />any amendments or supplements to such bylaws. <br />9. "Common Area" shall mean: Outlots A, B, Cl and C3 of <br />Ponderosa Lake Estates Fifth Subdivision, and all improvements <br />hereafter constructed by the Association. The Common Area <br />described in this paragraph shall be conveyed to the Association <br />by the time of conveyance of the first lot subject to this <br />Declaration and subject to any adjustment in such areas as may be <br />made by recorded instruments. The easements may be granted or <br />created on a recorded subdivision plat or tract declaration or by <br />a deed or other conveyance accepted by the Association. <br />10. "Declarants" shall mean James B. Baldwin and Mary <br />Maxine Baldwin and their successors and assigns, if such <br />successors or assigns acquire more than one undeveloped lot from <br />Declarants for the purpose of resale and execute and record a <br />supplemental declaration declaring itself as a succeeding <br />Declarant hereunder provided. <br />11. "Dwelling" shall mean any building or portion of a <br />building situated upon a lot designed and intended for use and <br />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 />3 <br />