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1.13 "Occupant " shall mean any person or persons, other than an Owner, in <br /> possession of a Unit. <br /> 1.14 "Owner" shall mean a Person or Entity who owns a Unit, but excluding <br /> contract for deed vendors, mortgagees and other secured parties within <br /> the meaning of Section 515B.1-103(29) of the Act. The term "Owner" <br /> includes, without limitation, contract for deed vendees. <br /> 1.15 "Party Wall" shall mean the interior shared wall between two Units. <br /> 1.16 "Person" shall mean a natural individual, corporation, limited liability <br /> company, partnership, trustee, or other legal entity capable of holding title <br /> to real property. <br /> 1.17 "Plat" shall mean the recorded plat depicting the Property pursuant to the <br /> requirements of Section 515B.2-110(d) of the Act, including any amended <br /> or supplemental Plat recorded from time to time in accordance with the <br /> Act. The Plat recorded with this Declaration is a 505 plat, which meets the <br /> requirements of the Act. <br /> 1.18 "Property" shall mean all of the real property submitted to this Declaration, <br /> including all improvements located thereon. The Property is legally <br /> described in Exhibit A attached hereto. <br /> �... 1.19 "Rules and Regulations" shall mean the Rules and Regulations of the <br /> Association as approved from time to time pursuant to Section 5.6. <br /> 1.20 "Unit" shall mean any platted lot subject to this Declaration, as shown on <br /> the Plat, including all improvements thereon. <br /> Any terms used in the Governing Documents, and defined in the Act and not in this <br /> Section, shall have the meaning set forth in the Act. <br /> SECTION 2 <br /> DESCRIPTION OF UNITS, BOUNDARIES AND RELATED EASEMENTS <br /> 2.1 Units. There are four (4) Units (Units 1-4) that are subject to this <br /> Declaration. All Units are restricted to commercial use as governed by the City of <br /> Pequot Lakes Land Use and Subdivision Ordinance. Each Unit constitutes a separate <br /> parcel of real estate. No additional Units may be created by the subdivision or <br /> conversion of Units pursuant to Section 515B.2-112 of the Act. The Unit identifiers and <br /> locations of the Units are as shown on the Plat, which is incorporated herein by <br /> reference, and a schedule of Units is set forth on Exhibit A attached hereto. The Unit <br /> identifier for a Unit shall be its lot and block number and the subdivision name. By way <br /> of example, Lot 1, Block 1, Sentinel Office Park is Unit 1; Lot 2, Block 1, Sentinel Office <br /> Park is Unit 2, etc. <br /> 3 <br />