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7 <br />6557.03/12309 <br />parcel map or final map described in a Declaration of Annexation. “Map” may also include any <br />subsequently restated, amended or modified final maps, parcel maps, condominium maps or similar <br />subdivision document. <br /> <br />“Materially Damaged” shall mean and refer to any damage for which the cost of repair or <br />reconstruction, as determined by bids solicited and obtained from at least two (2) licensed contractors <br />selected by the Board, is equal to or greater than One Million Dollars ($1,000,000.00) as adjusted by a <br />fraction whose numerator is the CPI last published as of the date of such damage or destruction and <br />whose denominator is the CPI last published as of the date of recordation of this Declaration. <br /> <br />“Member” shall mean and refer to each Owner holding a membership in the Association as herein <br />provided. <br /> <br />“Mortgage” shall mean and refer to a mortgage or a deed of trust encumbering a Condominium. <br /> <br />“Mortgagee” shall mean and refer to a beneficiary of, or the holder of, a beneficial interest in a <br />deed of trust as well as a mortgagee. <br /> <br />“Mortgagor” shall mean and refer to a Person who encumbers their Condominium with a <br />Mortgage or deed of trust. <br /> <br />“Owner” or “Owners” shall mean and refer to the record holder or, if more than one, holders of <br />title of a Condominium in the Development. This shall include any Person holding a fee simple title to <br />any Condominium, including Declarant, but shall exclude certain contract sellers and Persons having any <br />interest merely as security for the performance of an obligation. If a Condominium is sold in a recorded <br />“real property sales contract”, as defined in Section 2985 of the California Civil Code, to a purchaser who <br />resides in the Unit, the resident purchaser (rather than the contract seller who is the fee owner) shall be <br />considered the Owner so long as that person resides in the Unit as a contract purchaser. <br /> <br />“Person” shall mean and refer to a natural person, a corporation, a partnership, a trustee or other <br />legal entity. <br /> <br />“Phase” shall mean an increment of the Development that is subject to this Declaration, and any <br />subsequent Phase or Phases that may be added to the Development by Annexation. The Property may be <br />developed in two or more Phases. Nothing in this Declaration shall require that the Property be <br />developed in two or more Phases; Declarant and any successor of Declarant shall have the right and <br />option to develop the Property and any portion thereof as a single Phase, in which event the terms of this <br />Declaration describing multiple Phases shall be interpreted in accordance with development of the <br />Property or portion thereof as a single Phase. <br /> <br />“Property” shall have the meaning ascribed thereto in Recital A of this Declaration. The Property <br />shall collectively refer to Parcel 1, Parcel 2 and Parcel 3 shown and described on the Map. <br /> <br />“Public Access Area” shall have the meaning provided in BCDC “Public Access and View <br />Corridor Restriction Document”, as may be amended or supplemented from time to time. <br /> <br />“Public Access and View Corridor Restriction Document” shall mean that certain agreement <br />between the BCDC and Declarant, which was recorded on [___________, 20__], as Instrument No. <br />[_________], in the Official Records, which imposes public access and open space view corridor <br />restrictions on the use of the affected parcels. <br /> <br />7.1.K. - Page 11