The Principal office of the Association shall be located in Derry, New Hampshire.
Section 1. Every person or entity who is a record owner of a fee or undivided fee interest in any lot which is subject by covenants of record to assessment by the Association shall be a member of the Association, provided that any such person or entity who holds such interest merely as a security for the performance of an obligation shall not be a member.
Section 2. The rights of membership are subject to the obligation to make payment of initial, annual and special assessments levied by the Association, the obligation of which assessments is imposed against each owner of and becomes a charge upon the property against which such assessments are made as provided in Article V of the Declaration of Covenants to which the properties are subject and which is recorded in Book 2395, Page 1725 of the Rockingham County Registry of Deeds.