Section 1.1 "Association" shall mean and refer to the Lexington Subdivision HOA, a Washington nonprofit corporation, its successors and assigns.

Section 1.2 "Association Action" shall mean and refer to a written corporate action of the Association in the form of either a bylaw or resolution duly passed by either the Board or the Unit Owners.

Section 1.3 "Board" or "Board of Directors" shall mean and refer to the board of directors of the Association.

Section 1.4 "Common Elements" shall mean and refer to real estate other than a Unit within the Real Property, owned and/or maintained by the Association. As of the date of this Declaration, the Common Elements consist of: All Common Elements depicted on the Map, including without limitation, the roads and sidewalks, and recreational areas, all as identified and/or illustrated on the Map, recorded in the real property records of King County.

 

Section 1.5 "Common Expenses" means the costs incurred by the Association to exercise any of the powers provided for in Chapter 64.90 RCW and this Declaration.

 

Section 1.6 "Declarant" shall mean and refer to the entity described on the first page of this Declaration and its respective successors and assigns. Nothing contained herein shall be deemed or construed by the Association or by any third person, to create the relationship of principal and agent, or a partnership, or a joint venture, or any association between or among any of the signatories hereto.

 

Section 1.7 "Declarant Control Period" shall mean the period of time from the date of recording of this Declaration until the earlier of (a) sixty (60) days after conveyance of seventy-five percent (75%) of the Units that may be created to Unit Owners other than Declarant; (b) two (2) years after the last conveyance of a Unit, except to a dealer; (c) two (2) years after any right to add new Units was last exercised; or (d) the day Declarant, after giving notice in a record to Unit Owners, records an amendment to this Declaration voluntarily surrendering all rights to appoint and remove officers and Board members. A partial delegation of authority by the Declarant of any of its management duties described in the Declaration shall not terminate the Declarant Control Period.

 

Section 1.8 "Declaration" shall mean and refer to this instrument, as the same may be supplemented or amended from time to time.

 

Section 1.9 "Development Right" shall mean and refer to those rights of Declarant reserved in Article 9 and elsewhere in the Declaration.

 

Section 1.10 "Governing Documents" shall mean and refer to this Declaration, the Map, the Articles of Incorporation, Bylaws and rules and regulations of the Association, or any other written instrument by which the Association has the authority to exercise any of the powers to manage, maintain, or otherwise affect Lexington Subdivision, as any of the foregoing may be amended from time to time.

 

Section 1.11 "Map" shall mean and refer to the final plat of Lexington Subdivision recorded under King County recording no. 20180712000436.

 

Section 1.12 "Mortgage" shall mean and refer to any recorded mortgage or deed of trust encumbering one or more of the Units. "First Mortgage" shall mean and refer to a Mortgage with priority over the other Mortgages. "Mortgagee" shall mean and refer to the holder or beneficiary of any Mortgage and shall not be limited to Institutional Mortgagees. As used herein, the term "Institutional Mortgagee" or "Institutional Holder" shall include banks, trust companies, insurance companies, mortgage companies, mortgage insurance companies, savings and loan associations, trusts, mutual savings banks, credit unions, pension funds, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, all corporations, and any agency of department of the United States Government or of any state or municipal government.

 

Section 1.13 "Real Property" shall mean and refer to that certain real property, which is legally described on Exhibit A attached hereto, and such additions thereto as may hereafter be brought within the terms and conditions hereof by an appropriate recording.

 

Section 1.14 "Reserve Account" shall have the meaning set forth in Section 3.12 of this Declaration.

 

Section 1.15 "Reserve Component" shall mean a physical component of Lexington Subdivision which the Association is obligated to maintain, repair or replace, which has an estimated useful life of less than thirty (30) years, and for which the cost of such maintenance, repair or replacement is infrequent, significant and impractical to include in an annual budget.

 

Section 1.16 "Reserve Study Professional" shall mean an independent person who is suitably qualified by knowledge, skill, experience, training, or education to prepare a reserve study in accordance with Chapter 64.90 RCW.

 

Section 1.17 -Significant Assets" shall mean that the current replacement value of the major Reserve Components is seventy-five percent (75%) or more of the gross budget of the Association, excluding the Association's Reserve Account funds.

 

Section 1.18 "Single Family" shall mean and refer to a single housekeeping unit that includes not more than four (4) adults who are legally unrelated.

 

Section 1.19 "Structure" shall include any building, fence, wall, driveway, walkway, patio, garage, storage shed, carport, mailbox, basketball hoop, play equipment, climbing apparatus, swimming pool, rockery, dog run or the like.

 

Section 1.20 "Unit" shall mean and refer to any legally segmented and alienable portion of the Real Property created through subdivision or any other legal process for dividing land and subjected to this Declaration by an appropriate recording, with the exception of Tracts and Common Elements. As indicated on the Map, Lexington Subdivision shall initially include nineteen (19) Units but may include up to fifty (50) units.

 

Section 1.21 "Unit Owner" shall mean and refer to the record owner (whether one or more persons or entities) of a fee interest in any Unit, including the Declarant but excluding Mortgagees or other persons or entities having such interest merely as security for the performance of any obligation. Purchasers or assignees under recorded real estate contracts shall be deemed Unit Owners as against their respective sellers or assignors.