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Is "common boarders" a keyword phrase that searchers would type into a search engine? Does it refer to people who rent a place to live in a boarding house? Or does it refer to the borders between countries?
Were you asking how SE spiders read a page? and whether they read all the content, doing word counts and judging if your keyword phrase is significantly present on the page? ( Yes, they do.)
As far as I can remember of them, they should not affect ranking in any way. The additional code is placed inside a tag in the head which the frontpage extensions interpret. It should have something like "l r" if you have left and right side includes. I cant remember the exact syntax of the tag.
Nonetheless, the shared border is very similar to the "include page" function in frontpage. You may find these useful on your travels bsand, as it means you are unrestricted in regards to your usage of real estate (screen space) without the FP shared borders boxing in your main content.
I use the "include file" function for navigation. It saves you file space and the time it would take to update all the pages manually....just as the shared borders do.
If you look at the source code of your page on the web server, you should be able to see any extra code created by the borders...if there is any....but essentially WYSIWYG in regards to what you see on the screen....the SE spiders will see more or less the same.
FWIW I was using the shared borders with a site with PR6 in Google....so it was on the up when I was using them, I dont think they will harm your rankings at the very least.
Regarding what search engines spiders analyze, you can have a good guess by surfing to your page (using your browser), and doing "view source".
If the html code that displays your "common borders" is visible in "view source", then its a good bet that the search engines will analyze it and consider it for their rankings.