“Association” and “Homeowners Association” shall both mean and refer to “MAGNOLIA LAKES DEVELOPMENT HOMEOWNERS ASSOCIATION, INC.”, a not-for-profit corporation organized under the laws of the State of Florida, its successors and assigns, and the terms may be used interchangeably from time to time herein.

“Builder” shall mean an owner of one or more developed but unimproved lots purchased for the purpose of the construction of a single family residential dwelling unit for sale, and who holds a license for such construction.

Common Area(s)” for the purposes of this Declaration shall mean those portions of the Subdivision named as A, B, D, E & F on the plat of Magnolia Lakes as recorded in the Public Records of Brevard County, Florida, which are intended for the common use and benefit of all Owners of the Association. Additional parcels may be added to the Common Areas in the future.

“Conservation Easement Area(s)” shall mean and refer to those Common Areas designated as such as shown on the plat, if any. Additional parcels may become Conservation Easement Areas in any subsequent phases as added to the Subdivision.

“Declarant” and “Developer” shall mean and refer to MAGNOLIA LAKES DEVELOPMENT COMPANY, INC., its successors and assigns

“Landscape Buffer” shall mean all subdivision walls erected by the developer, his successor(s) in interest or the Association, (including the improvements thereto).

“Lot”, whether or not capitalized, shall mean each lot platted as such in the Subdivision, the total number of which may increase if subsequent phases are platted and added to the Subdivision.

“Owner” shall mean each person or entity who owns record title to a Lot, excluding those having such title merely as security for performance of an obligation as described in Chapter 697, Florida Statutes.

“Subdivision” shall mean that property platted as MAGNOLIA LAKES Subdivision, the legal description of which is attached hereto as Exhibit “A”, and such other property as may be brought within the jurisdiction of the Association and as may be submitted to this Declaration. It is Developer’s intent that only a portion of the total Subdivision be made subject to this Declaration at this time and to make additional property subject to this Declaration subsequently in phases.

“Surface Water or Stormwater Management System” means a system which is designed and constructed or implemented to control discharges which are necessitated by rainfall events, incorporating methods to collect, convey, store, absorb, inhibit, treat, use or reuse water to prevent or reduce flooding, overdrainage, environmental degradation, and water pollution or otherwise affect the quantity and quality discharges from the system, as permitted pursuant to Chapters 40C-4, 40C-40, or 40C-42, F.A.C.