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200106596 <br />12. "Ponderosa Lake" shall mean the lake in Ponderosa Lake <br />Estates Subdivision and Ponderosa Lake Estates Third and <br />Fourth Subdivisions, including the land underlying such lake. <br />13. "Lot" shall mean any one of lots in the Real Estate. <br />14. "Member" shall mean an Owner of a Lot in the Real <br />Estate. <br />15. "Ponderosa Lake Estates Homeowners Association Rules <br />and Regulations" shall mean the rules adopted by the Board <br />pursuant to Articles II and III. <br />16. "Owner" shall mean the record owner, whether one or <br />more persons or entities, of a fee simple title to any Lot. <br />Owner may include a person or persons or entities under a <br />recorded contract if the record owner executed a release and <br />transfer of his or her voting rights to the contract purchaser. <br />Others having an interest merely as security for the performance <br />of an obligation are not owners. In the case of Lots wherein the <br />fee simple title is vested of record in a trustee pursuant to <br />Nebraska Revised Statutes, Section 30 -2801, et. seq., legal title <br />shall be in the trustor. <br />ARTICLE II. <br />COVENANTS, RESTRICTIONS AND CONDITIONS <br />In consideration of the mutual benefits to be derived by the <br />Owners of Ponderosa Lake Estates Fifth Subdivision and any <br />4 <br />