0wner(s) definition
0wner(s) means and refer to the record owner (other than DEVELOPER), whether one or more persons or entities, of fee simple title to any lot which is a part of the Developer Watershed Property, including persons having a life estate or similar interest and other parties or entities having a leasehold interest in any portion of the Wa�ershed Property pursuant to written ground leases having a term of greater than five (5) years. The term "Owner{s)" shall exclude parties having an interest merely as security for the payment or performance of an obligation, except that any such party shall be included if it forecloses its mortgage or other security interest and becomes the owner of a portion of the Developer Watershed Property by purchasing it at the foreclosure sale.