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v) Mortgagee. The term "Mortgagee" shall mean a mortgagee,
<br />beneficiary, and/or secured party under a Mortgage.
<br />vi) Owner and Owners. The term "Owner" or "Owners" shall refer
<br />to County, City, and all successor fee title owners to all or any portion of Stapes Ranch Property
<br />and their successors in interest, including, without limitation, CLC, and Hendrick. In the event a
<br />Lot is divided into one or more legal lots, each of such separate legal lots shall thereafter be
<br />considered to be a Lot and the Owners of each such legal lot shall be an Owner.
<br />(A) If a Lot is owned by more than one person or entity, the
<br />person(s) or entity(ies) holding at least fifty -one percent (51 %) of the ownership interest in the
<br />Lot shall designate one of their number to represent all Owners of the Lot and such designated
<br />person or entity shall be deemed the Owner of such Lot for the purpose of this Declaration.
<br />(B) The lessee of a Lot or portion of a Lot under a ground lease
<br />or other lease agreement shall be deemed to be the Owner of such Lot or portion thereof for the
<br />purposes of this Declaration so long as such lessee is designated as the "Owner" in writing and a
<br />copy of such designation is delivered to the then current Owners at the time of the designation.
<br />ARTICLE 2
<br />STAPLES RANCH PROPERTY SUBJECT TO DECLARATION
<br />Subject to the following paragraph, County does hereby establish and declare that Staples
<br />Ranch Property and every portion thereof (including Lots 1 through 7, Street A, and Stoneridge
<br />Drive) shall be owned, held, conveyed, transferred, divided, sold, leased, rented, encumbered,
<br />developed, improved, maintained, repaired, occupied and used subject to the covenants,
<br />conditions, restrictions, rights, liens, charges and other provisions set forth in this Declaration,
<br />which, to the extent imposed on the Lots, Street A, and Stoneridge Drive: (a) are mutual,
<br />beneficial and equitable servitudes in favor of and for the mutual use and benefit of Staples
<br />Ranch Property and each portion thereof; and (b) are hereby expressly declared to be binding
<br />upon Staples Ranch Property and each portion thereof (including Lots 1 through 7, Street A, and
<br />Stoneridge Drive) and shall run with the land and each and every part thereof, inure to the benefit
<br />of and be a burden upon Staples Ranch Property and each portion thereof and shall bind the
<br />respective heirs, successors, representatives, and assigns of the Owners of Staples Ranch
<br />Property and any portions thereof. Upon recordation of this Declaration in the Official Records
<br />of Alameda County, California, any conveyance, transfer, sale, hypothecation, assignment, lease
<br />or sublease made by County and by any Owner of any portion of Staples Ranch Property, shall
<br />be and hereby is deemed to incorporate by reference the provisions of this Declaration, as the
<br />same may from time to time be amended.
<br />The provisions of the preceding paragraph to the contrary notwithstanding, this
<br />Declaration shall not encumber those portions of Lots 5 and 6 indicated on Exhibit B as "Areas
<br />Not Subject to Declaration" after the date such portions are conveyed to owners of properties
<br />adjacent to Vermont Place, Pleasanton, California.
<br />A -1 -3
<br />000299.0044\1093337.6
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