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200506087 ARTICLE I. DEFINITIONS The following words, phrases or terms used in this Declaration shall have the following definitions: 1. "Annual Assessment" shall mean the charge levied and assessed each year against each Lot, Owner or lessee. 2. "Architectural Committee" shall mean the committee of the Association to be created pursuant to Article II, paragraph 3 below. 3. "Articles" shall mean the Articles of Incorporation of the Association as the same may, from time to time, be amended or supplemented. 4. "Assessment" shall mean an annual assessment or special assessment. 5. "Assessment Lien" shall mean the lien created and imposed by Article III, paragraph 5. 6. "Association" shall mean BELLAMY'S SUBDIVISION HOMEOWNERS ASSOCIATION, INC., which has been incorporated as a non - profit Nebraska corporation, its successors and assigns. 7. "Board" shall mean the Board of Directors of the Association. 8. "Bylaws" shall mean the bylaws of the Association and any amendments or supplements to such bylaws. 9. "Common Area" shall mean: Outlots A, B, C and D all in Bellamy's First Subdivision, as set forth in said plat, and all improvements hereinafter constructed by the Association. The Common Area described in this paragraph shall be conveyed to the Association by the time of conveyance of the first lot subject to this Declaration and subject to any adjustment in such areas as may be made by recorded instruments. Any easements may be granted or created on a recorded subdivision plat or tract declaration or by a deed or other conveyance accepted by the Association. 10. "Declarants" shall mean John P. Bellamy and Bonnie S. Bellamy, husband and wife, and their successors and assigns, if such successors or assigns acquire more than one undeveloped lot from Declarants for the purpose of resale and execute and 2