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HomeMy WebLinkAbout1.01 Supplemental InformationDecember 15, 2015 Mr. Glenn Hartmann Garfield County Community Development Dept. 108 8th. St, Suite 401 Glenwood Springs, CO 81601 Aspen Glen filing No. 3 Lots WP15/WP16 Amended Final Plat Process Application Dear Glenn: Sorry I made a few mistakes. This is quite a chore for us. In reference to your letter of December 4th, I will offer the following documents: Your requested info per paragraph (1) a. Title and Deed for WP15 WP15Title-Deed.pdf b. Title and Deed for WP16 WP16Title-Deed.pdf Your requested info per paragraph (2) As per my research made for mineral rights, I depended on both pieces of Title Work WP15/WP16 attached. I also used the references on the original plat survey from Tuttle Surveying Services. I have not gone any further. I really do not know where to start on this if you require additional information, but can learn under your advisement. Your requested info per paragraph (3) I am requesting a waiver from providing any improvements to either parcel WP15 or WP16 at the present time. We have no improvements planned presently to the amended parcel WP15A. The Aspen Glen Covenants are recorded as Recp # 719512 on 3-23-2007. I have included them as well on Aspen Glen CC&Rs.pdf. Your requested info per paragraph (4) There will be no changes to drainage, access, utility services, or other applicable provisions of Article 7 Standards proposed at this time. Submitted mylar will reflect this statement. Your requested info per paragraph (5) Scaled vicinity map at 3 miles from center of WP15/WP16, Vicinity Map.pdf. Submitted by: David W. Steele/Judy D. Steele 284 Midland Loop Carbondale, CO 81623 WP15 — WP16 Aspen Glen Application to Garfield County Stewart title December 30, 2014 David W. Steele and Judy D. Steele 284 Midland Loop Carbondale, CO 81623 Mary L Scheurich File No: 01330-52114 Property Address: 27 Special Place, Carbondale, CO 81623 Dear Customer: Stewart Title - Glenwood Springs - Main 1620 Grand Avenue Glenwood Springs, CO 81601 (970) 945-5434 Phone (800) 966-1709 Fax Mary.Scheurich@Stewart.com Congratulations on your recent real estate purchase. Enclosed is your Owner's Title Policy. The policy premium was paid for by the Seller at the time of closing, so there are no monies due from you in this regard. Please review and retain your policy with your other valuable records. We have a permanent file regarding your property and can offer expedient and cost efficient service with your future transactions. In the event you decide to sell or refinance your property in the future, please contact us for special discounts and faster service. You may access all your closing documents through the Internet on SureClose by visiting www.stewartcolorado.com. You may contact your local Escrow Officer for login and password information. Sincerely, Stewart Title - Glenwood Springs - Main If you want information about coverage or need assistance to resolve complaints, please call our toll free number: 1-800-729-1902. If you make a claim under your policy, you must furnish written notice in accordance with Section 3 of the Conditions. Visit our World -Wide Web site at http://www.stewart.com. ALTA Owner's Policy (6/17/06) OWNER'S POLICY OF TITLE INSURANCE ISSUED BY STEWART TITLE GUARANTY COMPANY Any notice of claim and any other notice or statement in writing required to be given the Company under this Policy must be given to the Company at the address shown in Section 18 of the Conditions. COVERED RISKS SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS, STEWART TITLE GUARANTY COMPANY, a Texas corporation, (the "Company") insures, as of Date of Policy and, to the extent stated in Covered Risks 9 and 10, after Date of Policy, against Toss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by reason of: 1. Title being vested other than as stated in Schedule A. 2. Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from (a) A defect in the Title caused by (i) forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation; (ii) failure of any person or Entity to have authorized a transfer or conveyance; (iii) a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered; (iv) failure to perform those acts necessary to create a document by electronic means authorized by law; (v) a document executed under a falsified, expired, or otherwise invalid power of attorney; (vi) a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means authorized by law; or (vii) a defective judicial or administrative proceeding. (b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid. (c) Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land. The term "encroachment" includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land. 3. Unmarketable Title. 4. No right of access to and from the Land. 5. The violation or enforcement of any law, ordinance, permit, or'governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to (a) the occupancy, use, or enjoyment of the Land; (b) the character, dimensions, or location of any improvement erected on the Land; (c) the subdivision of land; or (d) environmental protection if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the extent of the violation or enforcement referred to in that notice. 6. An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice. 7. The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records. 8. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge. Countersigned by: steward title guaranty company Authorized Countersignature Matt Morris President and CEO Stewart Title 97 Main Street, Suite W201 Edwards, CO 81632 Agent ID: 06051A ir Denise C ux Secretary Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No. 01330-52114 Page 1 of Policy Serial No.: 0-9301-003369804 AMERICAN LA N l) f IT 1.1: AS5OCLATION COVERED RISKS (Continued) 9. Title being vested other than as stated in Schedule A or being defective (a) (b) as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer of all or any part of the title to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights laws; or because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights laws by reason of the failure of its recording in the Public Records (i) to be timely; or (ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor. 10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this Policy, but only to the extent provided in the Conditions. EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy, and the Company will not pay Toss or damage, costs, attorneys' fees, or expenses that arise by reason of: 1. (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to (i) the occupancy, use, or enjoyment of the Land; (ii) the character, dimensions, or location of any improvement erected on the Land; (iii) the subdivision of land; or (iv) environmental protection; or the effect of any violation of these laws, ordinances, or governmental 4. regulations. This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5. (b) Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6. 2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8. 5. 3. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed, or agreed to by the Insured Claimant; 1. DEFINITION OF TERMS The following terms when used in this policy mean: "Amount of Insurance": The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy, increased by Section 8(b), or decreased by Sections 10 and 11 of these Conditions. (b) "Date of Policy": The date designated as "Date of Policy" in Schedule A. (c) "Entity": A corporation, partnership, trust, limited liability company, or other similar legal entity. (d) "Insured": The Insured named in Schedule A. (i) the term "Insured" also includes (A) successors to the Title of the Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, or next of kin; (B) successors to an Insured by dissolution, merger, consolidation, distribution, or reorganization; (C) successors to an Insured by its conversion to another kind of Entity; (D) a grantee of an Insured under a deed delivered without payment of actual valuable consideration conveying the Title (1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured. (2) if the grantee wholly owns the named Insured. (3) if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named Insured are both wholly-owned by the same person or Entity, or (4) if the grantee is a trustee or beneficiary of a trust created by a written instrument established by the (a) (b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; (c) resulting in no loss or damage to the Insured Claimant; (d) attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 9 and 10); or (e) resulting in loss or damage that would not have been sustained if the Insured Claimant had paid value for the Title. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the transaction vesting the Title as shown in Schedule A, is (a) a fraudulent conveyance or fraudulent transfer; or (b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. CONDITIONS (e) (f) (g) Insured named in Schedule A for estate planning purposes. (ii) with regard to (A), (B), (C), and (D) reserving, however, all rights and defenses as to any successor that the Company would have had against any predecessor Insured. "Insured Claimant": An Insured claiming loss or damage. "Knowledge" or "Known": Actual knowledge, not constructive knowledge or notice that may be imputed to an Insured by reason of the Public Records or any other records that impart constructive notice of matters affecting the Title. "Land": The land described in Schedule A, and affixed improvements that by law constitute real property. The term "Land" does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is insured by this policy. (h) "Mortgage": Mortgage, deed of trust, trust deed, or other security instrument, including one evidenced by electronic means authorized by law. "Public Records": Records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. With respect to Covered Risk 5(d), "Public Records" shall also include environmental protection liens filed in the records of the clerk of the United States District Court for the district where the Land is located. "Title": The estate or interest described in Schedule A. "Unmarketable Title": Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of marketable title. (i) Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No. 01330-52114 Page 2 of Policy Serial No.: 0-9301-003369804 AMERICAN LAND) IITL[ MSOC$ATfOP CONDITIONS (Continued) 2. CONTINUATION OF INSURANCE The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title. This policy shall not continue in force in favor of any purchaser from the Insured of either (i) an estate or interest in the Land, or (ii) an obligation secured by a purchase money Mortgage given to the Insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT The Insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 5(a) of these Conditions, (ii) in case Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title, as insured, and that might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title. If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured Claimant under the policy shall be reduced to the extent of the prejudice. 4. PROOF OF LOSS In the event the Company is unable to determine the amount of Toss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of Toss. The proof of loss must describe the defect, lien, encumbrance, or other matter insured against by this policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. 5. DEFENSE AND PROSECUTION OF ACTIONS (a) Upon written request by the Insured, and subject to the options contained in Section 7 of these Conditions, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the Insured as to those stated causes of action. It shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs, or expenses incurred by the Insured in the defense of those causes of action that allege matters not insured against by this policy. (b) The Company shall have the right, in addition to the options contained in Section 7 of these Conditions, at its own cost, to institute and prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable to establish the Title, as insured, or to prevent or reduce loss or damage to the Insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable to the Insured. The exercise of these rights shall not be an admission of liability or waiver of any provision of this policy. If the Company exercises its rights under this subsection, it must do so diligently. (c) Whenever the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final determination by a court of competent jurisdiction, and it expressly reserves the right, in its sole discretion, to appeal any adverse judgment or order. 6. DUTY OF INSURED CLAIMANT TO COOPERATE (a) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the Insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, including the right to use, at its option, the name of the Insured for this purpose. Whenever requested by the Company, the Insured, at the Company's expense, shall give the Company all reasonable aid (i) in securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act that in the opinion of the Company may be necessary or desirable to establish the Title or any other matter as insured. If the Company is prejudiced by the failure of the Insured to furnish the required cooperation, the Company's obligations to the Insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. (b) The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of the Company and to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by the authorized representative of the Company, all records, in whatever medium maintained, including books, ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes, and videos whether bearing a date before or after Date of Policy, that reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the Insured Claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect, and copy all of these records in the custody or control of a third party that reasonably pertain to the loss or damage. All information designated as confidential by the Insured Claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the Insured Claimant to submit for examination under oath, produce any reasonably requested information, or grant permission to secure reasonably necessary information from third parties as required in this subsection, unless prohibited by law or govemmental regulation, shall terminate any liability of the Company under this policy as to that claim. 7. OPTIONS TO PAY OR TERMINATION OF LIABILITY In case of a claim under this following additional options: To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the Amount of Insurance under this policy together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment or tender of payment and that the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations of the Company to the Insured under this policy, other than to make the payment required in this subsection, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation. To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant. (i) to pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim insured against under this policy. In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay; or (ii) to pay or otherwise settle with the Insured Claimant the loss or damage provided for under this policy, together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in subsections (b)(i) or (ii), the Company's obligations to the Insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation. OTHERWISE SETTLE CLAIMS; policy, the Company shall have the (a) (b) Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No. 01330-52114 Page 3 of Policy Serial No.: 0-9301-003369804 AMERICAN LAND 1ITL[: AMSCK:IATN)N CONDITIONS (Continued) 8. DETERMINATION AND EXTENT OF LIABILITY This, policy is a contract of indemnity against actual monetary Toss or damage sustained or incurred by the Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. (a) The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of (i) the Amount of Insurance; or (ii) the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by this policy. (b) If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title, as insured, (i) the Amount of Insurance shall be increased by 10%, and (ii) the Insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made by the Insured Claimant or as of the date it is settled and paid. (c) In addition to the extent of liability under (a) and (b), the Company will also pay those costs, attorneys' fees, and expenses incurred in accordance with Sections 5 and 7 of these Conditions. 9. LIMITATION OF LIABILITY (a) If the Company establishes the Title, or removes the alleged defect, lien, or encumbrance, or cures the lack of a right of access to or from the Land, or cures the claim of Unmarketable Title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals, it shall have fully performed its obligations with respect to that matter and shall not be liable for any Toss or damage caused to the Insured. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have n� liability for Toss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals, adverse to the Title, as insured. (c) The Company shall not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY All payments under this policy, except payments made for costs, attorneys' fees, and expenses, shall reduce the Amount of Insurance by the amount of the payment. 11. LIABILITY NONCUMULATIVE The Amount of Insurance shall be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an Insured after Date of Policy and which is a charge or lien on the Title, and the amount so paid shall be deemed a payment to the Insured under this policy. 12. PAYMENT OF LOSS When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be made within 30 days. 13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT (a) Whenever the Company shall have settled and paid a claim under this policy, it shall be subrogated and entitled to the rights of the Insured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person or property, to the extent of the amount of any loss, costs, attorneys' fees, and expenses paid by the Company. If requested by the Company, the Insured Claimant shall execute documents to evidence the transfer to the Company of these rights and remedies. The Insured Claimant shall permit the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or litigation involving these rights and remedies. If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company shall defer the exercise of its right to recover until after the Insured Claimant shall have recovered its loss. (b) The Company's right of subrogation includes the rights of the Insured to indemnities, guaranties, other policies of insurance, or bonds, notwithstanding any terms or conditions contained in those instruments that address subrogation rights. 14. ARBITRATION Either the Company or the Insured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association ("Rules"). Except as provided in the Rules, there shall be no joinder or consolidation with claims or controversies of other persons. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the Insured arising out of or relating to this policy, any service in connection with its issuance or the breach of a policy provision, or to any other controversy or claim arising out of the transaction giving rise to this policy. All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured. All arbitrable matters when the Amount of Insurance is in excess of $2,000,000 shall be arbitrated only when agreed to by both the Company and the Insured. Arbitration pursuant to this policy and under the Rules shall be binding upon the parties. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court of competent jurisdiction. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT (a) This policy together with all endorsements, if any, attached to it by the Company is the entire policy and contract between the Insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of Toss or damage that arises out of the status of the Title or by any action asserting such claim shall be restricted to this policy. (c) Any amendment of or endorsement to this policy must be in writing and authenticated by an authorized person, or expressly incorporated by Schedule A of this policy. (d) Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provisions. Except as the endorsement expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsement, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. 16. SEVERABILITY In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision or such part held to be invalid, but all other provisions shall remain in full force and effect. 17. CHOICE OF LAW; FORUM (a) Choice of Law: The Insured acknowledges the Company has underwritten the risks covered by this policy and determined the premium charged therefor in reliance upon the law affecting interests in real property and applicable to the interpretation, rights, remedies, or enforcement of policies of title insurance of the jurisdiction where the Land is located. Therefore, the court or an arbitrator shall apply the law of the jurisdiction where the Land is located to determine the validity of claims against the Title that are adverse to the Insured and to interpret and enforce the terms of this policy. In neither case shall the court or arbitrator apply its conflicts of law principles to determine the applicable law. (b) Choice of Forum: Any litigation or other proceeding brought by the Insured against the Company must be filed only in a state or federal court within the United States of America or its territories having appropriate jurisdiction. 18. NOTICES, WHERE SENT Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at Claims Department at P.O. Box 2029, Houston, TX 77252-2029. Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No. 01330-52114 Page 4 of Policy Serial No.: 0-9301-003369804 AMERICAN LAND I LE Assoc ALTA OWNER'S POLICY (6/17/06) SCHEDULE A Name and Address of Stewart Title Guaranty Company Title Insurance Company: P.O. Box 2029, Houston, TX 77252 File No.: 01330-52114 Policy No.: 0-9301-003369804 Address Reference: 27 Special Place, Carbondale, CO 81623 (For Company Reference Purposes Only) Amount of Insurance: $102,500.00 Date of Policy: December 30, 2014 at 2:08 PM 1. Name of Insured: David W. Steele and Judy D. Steele 2. The estate or interest in the Land that is insured by this policy is: Fee Simple 3. Title is vested in: David W. Steele and Judy D. Steele 4. The Land referred to in this policy is described as follows: Lot WP15 ASPEN GLEN, FILING NO. 3 According to the final plat thereof recorded February 10, 1998 as Reception No. 520202. County of Garfield, State of Colorado Premium: $657.00 Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No. 01330-52114 CO STG ALTA Owner's Policy Sch A STCO Page 1 of 1 STEWART TITLE GUARANTY COMPANY ALTA OWNER'S POLICY (6/17/06) File No.: 01330-52114 SCHEDULE B EXCEPTIONS FROM COVERAGE Policy No.: 0-9301-003369804 This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) that arise by reason of: 1. Rights or claims of parties in possession, not shown by the public records. 2. Easements, or claims of easements, not shown by the public records. 3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the title that would be disclosed by an accurate and complete land survey of the Land and not shown by the public records. 4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) Minerals of whatsoever kind, subsurface and surface substances, in, on, under and that may be produced from the Land, together with all rights, privileges, and immunities relating thereto, whether or not the matters excepted under (a), (b) or (c) are shown by the Public Records or listed in Schedule B. 6. Water rights, claims or title to water. 7. All taxes for 2014 and subsequent years, which are a lien not yet payable. 8. The effect of inclusions in any general or specific water conservancy, fire protection, soil conservation or other district or inclusion in any water service or street improvement area. 9. Right of the proprietor of a vein or lode to extract and remove his ore therefrom, should the same be found to penetrate or intersect the premises hereby granted, and a right of way for ditches or canals constructed by the authority of the United States, as reserved in United States Patent recorded July 25, 1894 in Book 12 at Page 332 as Reception No. 17522. 10. Easements recorded February 10, 1995 in Book 931 at Page 354 as Reception No. 474356, in Book 931 at Page 374 as Reception No. 474357, in Book 931 at Page 393 as Reception No. 474358, in Book 931 at Page 412 as Reception No. 474359 and in Book 931 at Page 432 as Reception No. 474360. 11. Resolutions by the Board of County Commissioners of Garfield County, Colorado, as follows: 12. A. Resolution No. 92-056 recorded June 29, 1992 in Book 835 at Page 305 as Reception No. 436262. B. Resolution No. 93-121 recorded December 28, 1993 in Book 887 at Page 824 as Reception No. 457154. C. Resolution No. 94-008 recorded February 2, 1994 in Book 891 at Page 620 as Reception No. 458796. D. Resolution No. 94-089 recorded August 9, 1994 in Book 911 at Page 791 as Reception No. 466955. E. Resolution No. 94-139 recorded December 13, 1994 in Book 925 at Page 345 as Reception No. 472058. F. Resolution No. 95-004 recorded January 17, 1995 in Book 929 at Page 64 as Reception No. 473462. G. Resolution No. 96-26 recorded May 9, 1996 in Book 977 at Page 399 as Reception No. 492765. H. Resolution No. 96-06 recorded February 9, 1996 in Book 966 at Page 682 as Reception No. 488797. I. Resolution No. 96-07 recorded February 9, 1996 in Book 966 at Page 686 as Reception No. 488798. J. Resolution No. 2006-79 recorded March 19, 2007 in Book 1903 at Page 967 as Reception No. 719257. Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No. 01330-52114 CO STG ALTA Owner's Policy Sch B SE Page 1 of 2 STEWART TITLE GUARANTY COMPANY ALTA OWNER'S POLICY (6/17/06) SCHEDULE B 13. Agreements recorded April 12, 1992 in Book 827 at Page 636 as Reception No. 433216 and recorded June 29, 1993 in Book 835 at Page 364 as Reception No. 436263. 14. Agreements recorded August 19, 1994 in Book 912 at Page 970 as Reception No. 467450 and recorded August 19, 1994 in Book 912 at Page 973 as Reception No. 467451. 15. All matters shown on the Plat of Aspen Glen Planned Unit Development recorded April 6, 1995 as Reception No. 476330. 16. Matters disclosed on the Final Plat of Aspen Glen Filing No. 3 recorded February 10, 1998 as Reception No. 520202. 17. Master Declaration recorded April 6, 1995 in Book 936 at Page 350 as Reception No. 476328, First Supplemental Declaration recorded July 15, 1997 in Book 1026 at Page 161 as Reception No. 510976, Second Supplemental Declaration recorded November 26, 1997 in Book 1043 at Page 850 as Reception No. 516966, Third Supplemental Declaration recorded February 10, 1998 in Book 1053 at Page 8 as Reception No. 520203, Fourth Supplemental Declaration recorded February 10, 1998 in Book 1053 at Page 30 as Reception No. 520209, Fifth Supplemental Declaration recorded May 1, 1998 in Book 1065 at Page 800 as Reception No. 524479, Sixth Supplemental Declaration recorded May 22, 1998 in Book 1069 at Page 58 as Reception No. 525647, Seventh Supplemental Declaration recorded August 24, 1998 in Book 1084 at Page 943 as Reception No. 531005, Eighth Supplemental Declaration recorded October 26, 1998 in Book 1094 at Page 517 as Reception No. 534299, Ninth Supplemental Declaration recorded August 17, 1999 in Book 1145 at Page 680 as Reception No. 550617, Tenth Supplemental Declaration recorded November 19, 1999 in Book 1161 at Page 293 as Reception No. 555596, Eleventh Supplemental Declaration recorded September 23, 1999 in Book 1151 at Page 877 as Reception No. 552597 and Twelfth Supplemental Declaration recorded December 14, 1999 in Book 1164 at Page 755 as Reception No. 556668; Thirteenth Supplemental Declaration recorded July 17, 2000 in Book 1197 at Page 740 as Reception No. 566379; Fourteenth Supplemental Declaration recorded May 8, 2003 in Book 1467 at Page 910 as Reception No. 626952; and Fifteenth Supplemental Declaration recorded December 21, 2004 in Book 1649 at Page 891 as Reception No. 665692 Amended Declaration of Covenants, Conditions and Restrictions for Aspen Glen recorded March 23, 2007 in Book 1905 at Page 523 as Reception No. 719512. 18. Easement Deed recorded April 6, 1995 in Book 936 at Page 458 as Reception No. 476331. 19. Declaration of Golf Facilities Development, Construction and Operational Easement, recorded April 6, 1995 in Book 936 at Page 314 as Reception No. 476327. 20. Special Warranty Deed and Grant of Easement, recorded December 31, 1996 in Book 1005 at Page 228 as Reception No. 503024. 21. Amended Bylaws of the Homeowners Association at Aspen Glen recorded March 23, 2007 in Book 1905 at Page 577 as Reception No. 719513. Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. At other uses are prohibited. Reprinted under license from the American Land Title Association. File No. 01330-52114 CO STG ALTA Owner's Policy Sch B SE Page 2 of 2 STEWART TITLE GUARANTY COMPANY Anti -Fraud Statement CRS 10-1-128 File No.: 01330-52114 "It is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, denial of insurance and civil damages. Any insurance company or agent of an insurance company who knowingly provides false, incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting to defraud the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the Colorado division of insurance within the department of regulatory agencies." STG Privacy Notice Stewart Title Companies WHAT DO THE STEWART TITLE COMPANIES DO WITH YOUR PERSONAL INFORMATION? Federal and applicable state law and regulations give consumers the right to limit some but not all sharing. Federal and applicable state law regulations also require us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand how we use your personal information. This privacy notice is distributed on behalf of the Stewart Title Guaranty Company and its title affiliates (the Stewart Title Companies), pursuant to Title V of the Gramm -Leach -Bliley Act (GLBA). The types of personal information we collect and share depend on the product or service that you have sought through us. This information can include social security numbers and driver's license number. All financial companies, such as the Stewart Title Companies, need to share customers' personal information to run their everyday business—to process transactions and maintain customer accounts. In the section below, we list the reasons that we can share customers' personal information; the reasons that we choose to share; and whether you can limit this sharing. Reasons we can share your personal information. ' Do we share Can you limit this sharing? For our everyday business purposes— to process your transactions and maintain your account. This may include running the business and managing customer accounts, such as processing transactions, mailing, and auditing services, and responding to court orders and legal investigations. Yes No For our marketing purposes— to offer our products and services to you. Yes No For joint marketing with other financial companies No We don't share For our affiliates' everyday business purposes— information about your transactions and experiences. Affiliates are companies related by common ownership or control. They can be financial and non-financial companies. Our affiliates may include companies with a Stewart name; financial companies, such as Stewart Title Company Yes No . For our affiliates' everyday business purposes— information about your creditworthiness. No We don't share For our affiliates to market to you — For your convenience, Stewart has developed a means for you to opt out from its affiliates marketing even though such mechanism is not legally required. Yes Yes, send your first and last name, the email address used in your transaction, your Stewart file number and the Stewart office location that is handling your transaction by email to optout@stewart.com or fax to 1-800-335-9591. For non -affiliates to market to you. Non -affiliates are companies not related by common ownership or control. They can be financial and non-financial companies. No We don't share We may disclose your personal information to our affiliates or to non -affiliates as permitted by law. If you request a transaction with a non -affiliate, such as a third party insurance company, we will disclose your personal information to that non -affiliate. [We do not control their subsequent use of information, and suggest you refer to their privacy notices.] SHARING PRACTICES How often do the Stewart Title Companies notify me about their practices? We must notify you about our sharing practices when you request a transaction. How do the Stewart Title Companies protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer, file, and building safeguards. How do the Stewart Title Companies collect my personal information? We collect your personal information, for example, when you • request insurance -related services ■ provide such information to us We also collect your personal information from others, such as the real estate agent or lender involved in your transaction, credit reporting agencies, affiliates or other companies. What sharing can I limit? Although federal and state law give you the right to limit sharing (e.g., opt out) in certain instances, we do not share your personal information in those instances. Contact us: If you have any questions about this privacy notice, please contact us at: Stewart Title Guaranty Company, 1980 Post Oak Blvd., Privacy Officer, Houston, Texas 77056 File No.: 01330-52114 Page 1 Revised 11-19-2013 CO STG Endorsement 110.1 Deletion of Exception ALTA Owner ENDORSEMENT ATTACHED TO AND MADE A PART OF POLICY OF TITLE INSURANCE SERIAL NUMBER 0-9301-003369804 Issued by STEWART TITLE GUARANTY COMPANY File No.: 01330-52114 Charge: $65.00 Said Policy is hereby amended by deleting paragraphs 1 - 4 inclusive, of Schedule B. This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy and any prior endorsements, nor does it extend the effective date of the policy and any prior endorsements, nor does it increase the face amount thereof. Signed under seal for the Company, but this endorsement is to be valid only when it bears an authorized countersignature. Countersigned by: Authorized Countersignature Stewart Title 97 Main Street, Suite W201 Edwards, CO 81632 Agent ID: 06051A Endorsement Serial No. File No. 01330-52114 STG CLTA Form 110.1 Deletion of Exception ALTA Owner Stewart title guaranty company E-9851-339424166 Matt Morris President and CEO Denise C . rraux Secretary Page 1 of 1 857739 12/30/2014 02:08:56 PM Page 1 of 1 ' Jean Alberico, Garfield County, Colorado Rec Fee: $11.00 Doc Fee: $10.25 eRecorded WARRANTY DEED State Doc Fee: $10.25 THiS DEED is dated the 2(,1. / day of ��k (` -/)t .i ' 20d SULYN, LLC, a Colorado limited liability company and is made between (whether one, or more than one), the "Grantor" of the County of Pitkin and State of Colorado and David W Steele and Judy D Steele Colorado. the "Grantees`, whose legal address is 284 Midland Loop, Carbondale, CO 81623 of the County of Garfield and State of WITNESS, that the Grantor, for. and In consideration of the sum of One Hundred Two Thousand Five Hundred Dollars and No Cents ( $102,500.00 ), the receipt and sufficiency of which is hereby acknowledged, hereby bargains, sells, conveys and confirms unto the Grantees arrd the Grantees' heirs and assigns forever, not in tenancy in common but in joint tenancy, all the real property, together with any improvements thereon, located In the County of Garfield and State of Colorado described es follows: Lot WP15 ASPEN GLEN, FILING NO. 3 According to the final plat thereof recorded February 10, 1998 as Reception No. 520202. County of Garfield, State of Colorado also known by street address as: 27 Special Place, Carbondale, CO 81623 TOGETHER with all and singular the hereditaments and appurtenances thereto belonging, or in anywise appertaining, the reversions, remainders, rents, issues and profits thereof, and all the estate, right, title, interest, claim and demand whatsoever of the Grantor, either In law or equity, of, in and to the above bargained premises, with the hereditaments and appurtenances; Grantees, and the Grantees' heirs and assigns forever. TO HAVE AND TO HOLD the said premises above bargained and described, with the a ppurtenances, unto the The Grantor, for the Grantor and the Grantor's heirs and assigns, does covenant, grant, bargain, and agree to and with the Grantees, and the Grantees' heirs and assigns: that al the time of the ensealing and delivery of these presents, the Grantor Is well seized of the premises above described; has good, sure, perfect, absolute and indefeasible estate of inheritance, in law, and in fee simple; and has good right, full power and lawful authority 10 grant, bargain, sell and convey the same in manner and form as aforesaid; and that the same are free and clear from all former and other grants, bargains, sales, liens, taxes, assessments, encumbrances and restrictions of whatever kind or nature soever, except and subject to: 2014 taxes and all subsequent years, restrictions, reservations, covenants, easements and rights-of-way of record, if any. And the Grantor shall and wit WARRANT THE TITLE AND DEFEND the above described premises, but not any adjoining vacated street or alley, if any, in the quiet and peaceable possession of the Grantees, and the heirs and assigns of the Grantees, against all and every person or persons lawfully claiming the whole or any part thereof. IN WITNESS WHEREOF, the Grantor has executed this deed on the date set forth above. SULYN LL , A COLORADO LIMITED LIABILITY COMPA Ikins, Manager �-S State of Colorado County of Pitkin / The foregoing instrument was acknowledged before me this 2 t as Manager of SULYN, LLC, A Colorado limited liability company. day of December, 2014 by John R. Elkins PRISCILLA PROHL COOPER NOTARY PUBLIC STATE E. OF COLORADO NOTARY ID #20124063186 My Commission Expires October 2, 2011 WI(ne j�rty hand ana fficial seal. Cts",146 NStary Public My commission expires: Stewart Title File Number: 01330-52114 921 JT WARRANTY DEED (To Joint Tenants) STCO Page 1 Stewart title November 03, 2014 Judy D. Steele and David W. Steele 284 Midland Loop Carbondale, CO 81623 File No: Property Address: Dear Customer: Mary L Scheurich 01330-46964 284 Midland Loop, Carbondale, CO 81623 Stewart Title - Glenwood Springs - Main 1620 Grand Avenue Glenwood Springs, CO 81601 (970) 945-5434 Phone (800) 966-1709 Fax Mary.Scheurich@Stewart.com Congratulations on your recent real estate purchase. Enclosed is your Owner's Title Policy. The policy premium was paid for by the Seller at the time of closing, so there are no monies due from you in this regard. Please review and retain your policy with your other valuable records. We have a permanent file regarding your property and can offer expedient and cost efficient service with your future transactions. In the event you decide to sell or refinance your property in the future, please contact us for special discounts and faster service. You may access all your closing documents through the Internet on SureClose by visiting www.stewartcolorado.com. You may contact your local Escrow Officer for login and password information. Sincerely, Stewart Title - Glenwood Springs - Main If you want information about coverage or need assistance to resolve complaints, please call our toll free number: 1-800-729-1902. If you make a claim under your policy, you must furnish written notice in accordance with Section 3 of the Conditions. Visit our World -Wide Web site at http://www.stewart.conl. ALTA Owner's Policy (6/17/06) OWNER'S POLICY OF TITLE INSURANCE ISSUED BY STEWART TITLE GUARANTY COMPANY Any notice of claim and any other notice or statement in writing required to be given the Company under this Policy must be given to the Company at the address shown in Section 18 of the Conditions. COVERED RISKS SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS, STEWART TITLE GUARANTY COMPANY, a Texas corporation, (the "Company") insures, as of Date of Policy and, to the extent stated in Covered Risks 9 and 10, after Date of Policy, against loss or damage, not exceeding the Amount of Insurance, sustained or incurred by the Insured by reason of: 1. Title being vested other than as stated in Schedule A. 2. Any defect in or lien or encumbrance on the Title. This Covered Risk includes but is not limited to insurance against loss from (a) A defect in the Title caused by (i) forgery, fraud, undue influence, duress, incompetency, incapacity, or impersonation; (ii) failure of any person or Entity to have authorized a transfer or conveyance; (iii) a document affecting Title not properly created, executed, witnessed, sealed, acknowledged, notarized, or delivered; (iv) failure to perform those acts necessary to create a document by electronic means authorized by law; (v) a document executed under a falsified, expired, or otherwise invalid power of attorney; (vi) a document not properly filed, recorded, or indexed in the Public Records including failure to perform those acts by electronic means authorized by law; or (vii) a defective judicial or administrative proceeding. (b) The lien of real estate taxes or assessments imposed on the Title by a governmental authority due or payable, but unpaid. (c) Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land. The term "encroachment" includes encroachments of existing improvements located on the Land onto adjoining land, and encroachments onto the Land of existing improvements located on adjoining land. 3. Unmarketable Title. 4. No right of access to and from the Land. 5. The violation or enforcement of any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to (a) the occupancy, use, or enjoyment of the Land; (b) the character, dimensions, or location of any improvement erected on the Land; (c) the subdivision of land; or (d) environmental protection if a notice, describing any part of the Land, is recorded in the Public Records setting forth the violation or intention to enforce, but only to the extent of the violation or enforcement referred to in that notice. 6. An enforcement action based on the exercise of a governmental police power not covered by Covered Risk 5 if a notice of the enforcement action, describing any part of the Land, is recorded in the Public Records, but only to the extent of the enforcement referred to in that notice. 7. The exercise of the rights of eminent domain if a notice of the exercise, describing any part of the Land, is recorded in the Public Records. 8. Any taking by a governmental body that has occurred and is binding on the rights of a purchaser for value without Knowledge. Countersigned by: Ilathd Authorized Countisiptun Stewart Title 97 Main Street, Suite W201 Edwards, CO 81632 Agent ID: 06051A stewart title guaranty company Matt Morris President and CEO Denise C - rraux Secretary Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No. 01330-46964 Page 1 of Policy Serial No.: 0-9301-002872775 AMI RICAN SAND i17tt A.SSC;CIATI(»4 COVERED RISKS (Continued) 9. Title being vested other than as stated in Schedule A or being defective (a) as a result of the avoidance in whole or in part, or from a court order providing an alternative remedy, of a transfer of all or any part of the title to or any interest in the Land occurring prior to the transaction vesting Title as shown in Schedule A because that prior transfer constituted a fraudulent or preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights laws; or (b) because the instrument of transfer vesting Title as shown in Schedule A constitutes a preferential transfer under federal bankruptcy, state insolvency, or similar creditors' rights laws by reason of the failure of its recording in the Public Records (i) to be timely; or (ii) to impart notice of its existence to a purchaser for value or to a judgment or lien creditor. 10. Any defect in or lien or encumbrance on the Title or other matter included in Covered Risks 1 through 9 that has been created or attached or has been filed or recorded in the Public Records subsequent to Date of Policy and prior to the recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. The Company will also pay the costs, attorneys' fees, and expenses incurred in defense of any matter insured against by this Policy, but only to the extent provided in the Conditions. EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy, and the Company will not pay loss or damage, costs, attorneys' fees, or expenses that arise by reason of: 1. (a) Any law, ordinance, permit, or governmental regulation (including those relating to building and zoning) restricting, regulating, prohibiting, or relating to (i) the occupancy, use, or enjoyment of the Land; (ii) the character, dimensions, or location of any improvement erected on the Land; (iii) the subdivision of land; or (iv) environmental protection; or the effect of any violation of these laws, ordinances, or govemmental 4. regulations. This Exclusion 1(a) does not modify or limit the coverage provided under Covered Risk 5. (b) Any governmental police power. This Exclusion 1(b) does not modify or limit the coverage provided under Covered Risk 6. 2. Rights of eminent domain. This Exclusion does not modify or limit the coverage provided under Covered Risk 7 or 8. 5. 3. Defects, liens, encumbrances, adverse claims, or other matters (a) created, suffered, assumed, or agreed to by the Insured Claimant; (b) not Known to the Company, not recorded in the Public Records at Date of Policy, but Known to the Insured Claimant and not disclosed in writing to the Company by the Insured Claimant prior to the date the Insured Claimant became an Insured under this policy; (c) resulting in no loss or damage to the Insured Claimant; (d) attaching or created subsequent to Date of Policy (however, this does not modify or limit the coverage provided under Covered Risk 9 and 10); or (e) resulting in Toss or damage that would not have been sustained if the Insured Claimant had paid value for the Title. Any claim, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that the transaction vesting the Title as shown in Schedule A, is (a) a fraudulent conveyance or fraudulent transfer; or (b) a preferential transfer for any reason not stated in Covered Risk 9 of this policy. Any lien on the Title for real estate taxes or assessments imposed by governmental authority and created or attaching between Date of Policy and the date of recording of the deed or other instrument of transfer in the Public Records that vests Title as shown in Schedule A. CONDITIONS 1. DEFINITION OF TERMS The following terms when used in this policy mean: (a) "Amount of Insurance": The amount stated in Schedule A, as may be increased or decreased by endorsement to this policy, increased by Section 8(b), or decreased by Sections 10 and 11 of these Conditions. (b) "Date of Policy": The date designated as "Date of Policy" in Schedule A. (c) "Entity": A corporation, partnership, trust, limited liability company, or other similar legal entity. (d) "Insured": The Insured named in Schedule A. the term "Insured" also includes (A) successors to the Title of the Insured by operation of law as distinguished from purchase, including heirs, devisees, survivors, personal representatives, or next of kin; (B) successors to an Insured by dissolution, merger, consolidation, distribution, or reorganization; (C) successors to an Insured by its conversion to another kind of Entity; (D) a grantee of an Insured under a deed delivered without payment of actual valuable consideration conveying the Title (1) if the stock, shares, memberships, or other equity interests of the grantee are wholly-owned by the named Insured. if the grantee wholly owns the named Insured. if the grantee is wholly-owned by an affiliated Entity of the named Insured, provided the affiliated Entity and the named Insured are both wholly-owned by the same person or Entity, or (4) if the grantee is a trustee or beneficiary of a trust created by a written instrument established by the (i) (2) (3) (e) (f) (g) Insured named in Schedule A for estate planning purposes. (ii) with regard to (A), (B), (C), and (D) reserving, however, all rights and defenses as to any successor that the Company would have had against any predecessor Insured. "Insured Claimant": An Insured claiming loss or damage. "Knowledge" or "Known": Actual knowledge, not constructive knowledge or notice that may be imputed to an Insured by reason of the Public Records or any other records that impart constructive notice of matters affecting the Title. "Land": The land described in Schedule A, and affixed improvements that by law constitute real property. The term "Land" does not include any property beyond the lines of the area described in Schedule A, nor any right, title, interest, estate, or easement in abutting streets, roads, avenues, alleys, lanes, ways, or waterways, but this does not modify or limit the extent that a right of access to and from the Land is insured by this policy. (h) "Mortgage": Mortgage, deed of trust, trust deed, or other security instrument, including one evidenced by electronic means authorized by law. "Public Records": Records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge. With respect to Covered Risk 5(d), "Public Records" shall also include environmental protection liens filed in the records of the clerk of the United States District Court for the district where the Land is located. "Title": The estate or interest described in Schedule A. "Unmarketable Title": Title affected by an alleged or apparent matter that would permit a prospective purchaser or lessee of the Title or lender on the Title to be released from the obligation to purchase, lease, or lend if there is a contractual condition requiring the delivery of marketable title. (i) Copyright 2006-2009 American Land Title Association. An rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No. 01330-46964 Page 2 of Policy Serial No.: 0-9301-002872775 .AM[RWCAN ASSOCIATION CONDITIONS (Continued) 2. CONTINUATION OF INSURANCE The coverage of this policy shall continue in force as of Date of Policy in favor of an Insured, but only so long as the Insured retains an estate or interest in the Land, or holds an obligation secured by a purchase money Mortgage given by a purchaser from the Insured, or only so long as the Insured shall have liability by reason of warranties in any transfer or conveyance of the Title. This policy shall not continue in force in favor of any purchaser from the Insured of either (i) an estate or interest in the Land, or (ii) an obligation secured by a purchase money Mortgage given to the Insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT The Insured shall notify the Company promptly in writing (i) in case of any litigation as set forth in Section 5(a) of these Conditions, (ii) in case Knowledge shall come to an Insured hereunder of any claim of title or interest that is adverse to the Title, as insured, and that might cause loss or damage for which the Company may be liable by virtue of this policy, or (iii) if the Title, as insured, is rejected as Unmarketable Title. If the Company is prejudiced by the failure of the Insured Claimant to provide prompt notice, the Company's liability to the Insured Claimant under the policy shall be reduced to the extent of the prejudice. 4. PROOF OF LOSS In the event the Company is unable to determine the amount of loss or damage, the Company may, at its option, require as a condition of payment that the Insured Claimant furnish a signed proof of loss. The proof of loss must describe the defect, lien, encumbrance, or other matter insured against by this policy that constitutes the basis of loss or damage and shall state, to the extent possible, the basis of calculating the amount of the loss or damage. 5. DEFENSE AND PROSECUTION OF ACTIONS (a) Upon written request by the Insured, and subject to the options contained in Section 7 of these Conditions, the Company, at its own cost and without unreasonable delay, shall provide for the defense of an Insured in litigation in which any third party asserts a claim covered by this policy adverse to the Insured. This obligation is limited to only those stated causes of action alleging matters insured against by this policy. The Company shall have the right to select counsel of its choice (subject to the right of the Insured to object for reasonable cause) to represent the Insured as to those stated causes of action. It shall not be liable for and will not pay the fees of any other counsel. The Company will not pay any fees, costs, or expenses incurred by the Insured in the defense of those causes of action that allege matters not insured against by this policy. (b) The Company shall have the right, in addition to the options contained in Section 7 of these Conditions, at its own cost, to institute and prosecute any action or proceeding or to do any other act that in its opinion may be necessary or desirable to establish the Title, as insured, or to prevent or reduce loss or damage to the Insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable to the Insured. The exercise of these rights shall not be an admission of liability or waiver of any provision of this policy. If the Company exercises its rights under this subsection, it must do so diligently. (c) Whenever the Company brings an action or asserts a defense as required or permitted by this policy, the Company may pursue the litigation to a final determination by a court of competent jurisdiction, and it expressly reserves the right, in its sole discretion, to appeal any adverse judgment or order. 6. DUTY OF INSURED CLAIMANT TO COOPERATE (a) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding and any appeals, the Insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding, including the right to use, at its option, the name of the Insured for this purpose. Whenever requested by the Company, the Insured, at the Company's expense, shall give the Company all reasonable aid (i) in securing evidence, obtaining witnesses, prosecuting or defending the action or proceeding, or effecting settlement, and (ii) in any other lawful act that in the opinion of the Company may be necessary or desirable to establish the Title or any other matter as insured. If the Company is prejudiced by the failure of the Insured to furnish the required cooperation, the Company's obligations to the Insured under the policy shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. (b) The Company may reasonably require the Insured Claimant to submit to examination under oath by any authorized representative of the Company and to produce for examination, inspection, and copying, at such reasonable times and places as may be designated by the authorized representative of the Company, all records, in whatever medium maintained, including books, ledgers, checks, memoranda, correspondence, reports, e-mails, disks, tapes, and videos whether bearing a date before or after Date of Policy, that reasonably pertain to the loss or damage. Further, if requested by any authorized representative of the Company, the Insured Claimant shall grant its permission, in writing, for any authorized representative of the Company to examine, inspect, and copy all of these records in the custody or control of a third party that reasonably pertain to the Toss or damage. All information designated as confidential by the Insured Claimant provided to the Company pursuant to this Section shall not be disclosed to others unless, in the reasonable judgment of the Company, it is necessary in the administration of the claim. Failure of the Insured Claimant to submit for examination under oath, produce any reasonably requested information, or grant permission to secure reasonably necessary information from third parties as required in this subsection, unless prohibited by law or govemmental regulation, shall terminate any liability of the Company under this policy as to that claim. 7. OPTIONS TO PAY OR TERMINATION OF LIABILITY In case of a claim under this following additional options: (a) To Pay or Tender Payment of the Amount of Insurance. To pay or tender payment of the Amount of Insurance under this policy together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment or tender of payment and that the Company is obligated to pay. Upon the exercise by the Company of this option, all liability and obligations of the Company to the Insured under this policy, other than to make the payment required in this subsection, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation. To Pay or Otherwise Settle With Parties Other Than the Insured or With the Insured Claimant. to pay or otherwise settle with other parties for or in the name of an Insured Claimant any claim insured against under this policy. In addition, the Company will pay any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay; or (ii) to pay or otherwise settle with the Insured Claimant the Toss or damage provided for under this policy, together with any costs, attorneys' fees, and expenses incurred by the Insured Claimant that were authorized by the Company up to the time of payment and that the Company is obligated to pay. Upon the exercise by the Company of either of the options provided for in subsections (b)(i) or (ii), the Company's obligations to the Insured under this policy for the claimed loss or damage, other than the payments required to be made, shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation. OTHERWISE SETTLE CLAIMS; policy, the Company shall have the (b) (i) Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No. 01330-46964 Page 3 of Policy Serial No.: 0-9301-002872775 AMERICAN LAND TITLE ASSOC .I.lT1i1K CONDITIONS (Continued) 8. DETERMINATION AND EXTENT OF LIABILITY This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the Insured Claimant who has suffered loss or damage by reason of matters insured against by this policy. (a) The extent of liability of the Company for loss or damage under this policy shall not exceed the lesser of (i) the Amount of Insurance; or (ii) the difference between the value of the Title as insured and the value of the Title subject to the risk insured against by this policy. (b) If the Company pursues its rights under Section 5 of these Conditions and is unsuccessful in establishing the Title, as insured, (i) the Amount of Insurance shall be increased by 10%, and (ii) the Insured Claimant shall have the right to have the loss or damage determined either as of the date the claim was made by the Insured Claimant or as of the date it is settled and paid. (c) In addition to the extent of liability under (a) and (b), the Company will also pay those costs, attorneys' fees, and expenses incurred in accordance with Sections 5 and 7 of these Conditions. 9. LIMITATION OF LIABILITY (a) If the Company establishes the Title, or removes the alleged defect, lien, or encumbrance, or cures the lack of a right of access to or from the Land, or cures the claim of Unmarketable Title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused to the Insured. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals, adverse to the Title, as insured. (c) The Company shall not be liable for loss or damage to the Insured for liability voluntarily assumed by the Insured in settling any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY All payments under this policy, except payments made for costs, attorneys' fees, and expenses, shall reduce the Amount of Insurance by the amount of the payment. 11. LIABILITY NONCUMULATIVE The Amount of Insurance shall be reduced by any amount the Company pays under any policy insuring a Mortgage to which exception is taken in Schedule B or to which the Insured has agreed, assumed, or taken subject, or which is executed by an Insured after Date of Policy and which is a charge or lien on the Title, and the amount so paid shall be deemed a payment to the Insured under this policy. 12. PAYMENT OF LOSS When liability and the extent of loss or damage have been definitely fixed in accordance with these Conditions, the payment shall be made within 30 days. 13. RIGHTS OF RECOVERY UPON PAYMENT OR SETTLEMENT (a) Whenever the Company shall have settled and paid a claim under this policy, it shall be subrogated and entitled to the rights of the Insured Claimant in the Title and all other rights and remedies in respect to the claim that the Insured Claimant has against any person or property, to the extent of the amount of any loss, costs, attorneys' fees, and expenses paid by the Company. If requested by the Company, the Insured Claimant shall execute documents to evidence the transfer to the Company of these rights and remedies. The Insured Claimant shall permit the Company to sue, compromise, or settle in the name of the Insured Claimant and to use the name of the Insured Claimant in any transaction or litigation involving these rights and remedies. If a payment on account of a claim does not fully cover the loss of the Insured Claimant, the Company shall defer the exercise of its right to recover until after the Insured Claimant shall have recovered its Toss. (b) The Company's right of subrogation includes the rights of the Insured to indemnities, guaranties, other policies of insurance, or bonds, notwithstanding any terms or conditions contained in those instruments that address subrogation rights. 14. ARBITRATION Either the Company or the Insured may demand that the claim or controversy shall be submitted to arbitration pursuant to the Title Insurance Arbitration Rules of the American Land Title Association ("Rules°). Except as provided in the Rules, there shall be no joinder or consolidation with claims or controversies of other persons. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the Insured arising out of or relating to this policy, any service in connection with its issuance or the breach of a policy provision, or to any other controversy or claim arising out of the transaction giving rise to this policy. All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured. All arbitrable matters when the Amount of Insurance is in excess of $2,000,000 shall be arbitrated only when agreed to by both the Company and the Insured. Arbitration pursuant to this policy and under the Rules shall be binding upon the parties. Judgment upon the award rendered by the Arbitrator(s) may be entered in any court of competent jurisdiction. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT (a) 16. 17. This policy together with all endorsements, if any, attached to it by the Company is the entire policy and contract between the Insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage that arises out of the status of the Title or by any action asserting such claim shall be restricted to this policy. (c) Any amendment of or endorsement to this policy must be in writing and authenticated by an authorized person, or expressly incorporated by Schedule A of this policy. (d) Each endorsement to this policy issued at any time is made a part of this policy and is subject to all of its terms and provisions. Except as the endorsement expressly states, it does not (i) modify any of the terms and provisions of the policy, (ii) modify any prior endorsement, (iii) extend the Date of Policy, or (iv) increase the Amount of Insurance. SEVERABILITY In the event any provision of this policy, in whole or in part, is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provision or such part held to be invalid, but all other provisions shall remain in full force and effect. CHOICE OF LAW; FORUM (a) (b) Choice of Law: The Insured acknowledges the Company has underwritten the risks covered by this policy and determined the premium charged therefor in reliance upon the law affecting interests in real property and applicable to the interpretation, rights, remedies, or enforcement of policies of title insurance of the jurisdiction where the Land is located. Therefore, the court or an arbitrator shall apply the law of the jurisdiction where the Land is located to determine the validity of claims against the Title that are adverse to the Insured and to interpret and enforce the terms of this policy. In neither case shall the court or arbitrator apply its conflicts of law principles to determine the applicable law. Choice of Forum: Any litigation or other proceeding brought by the Insured against the Company must be filed only in a state or federal court within the United States of America or its territories having appropriate jurisdiction. 18. NOTICES, WHERE SENT Any notice of claim and any other notice or statement in writing required to be given to the Company under this policy must be given to the Company at Claims Department at P.O. Box 2029, Houston, TX 77252-2029. Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No. 01330-46964 Page 4 of Policy Serial No.: 0-9301-002872775 AMERICAN I aM l) 1 11 Ai�()C IATIONI ALTA OWNER'S POLICY (6/17/06) SCHEDULE A Name and Address of Stewart Title Guaranty Company Title Insurance Company: P.O. Box 2029, Houston, TX 77252 File No.: 01330-46964 Policy No.: 0-9301-002872775 Address Reference: 284 Midland Loop, Carbondale, CO 81623 (For Company Reference Purposes Only) Amount of Insurance: $1,230,000.00 Date of Policy: October 21, 2014 at 4:30 P.M. 1. Name of Insured: Judy D. Steele and David W. Steele 2. The estate or interest in the Land that is insured by this policy is: Fee Simple 3. Title is vested in: Judy D. Steele and David W. Steele 4. The Land referred to in this policy is described as follows: Lot WP16 ASPEN GLEN, FILING NO. 3 According to the final plat thereof recorded February 10, 1998 as Reception No. 520202 County of Garfield, State of Colorado Premium: $2,684.00 Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Repented under license from the American Land Title Association. File No. 01330-46964 CO STG ALTA Owner's Policy Sch A STCO Page 1 of 1 STEWART TITLE GUARANTY COMPANY ALTA OWNER'S POLICY (6/17/06) SCHEDULE B File No.: 01330-46964 Policy No.: 0-9301-002872775 EXCEPTIONS FROM COVERAGE This policy does not insure against loss or damage (and the Company will not pay costs, attorneys' fees or expenses) that arise by reason of: 1. Rights or claims of parties in possession, not shown by the public records. 2. Easements, or claims of easements, not shown by the public records. 3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the title that would be disclosed by an accurate and complete land survey of the Land and not shown by the public records. 4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 5. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) Minerals of whatsoever kind, subsurface and surface substances, in, on, under and that may be produced from the Land, together with all rights, privileges, and immunities relating thereto, whether or not the matters excepted under (a), (b) or (c) are shown by the Public Records or listed in Schedule B. 6. Water rights, claims or title to water. 7. All taxes for 2014 and subsequent years, which are a lien not yet payable. 8. The effect of inclusions in any general or specific water conservancy, fire protection, soil conservation or other district or inclusion in any water service or street improvement area. 9. Right of the proprietor of a vein or lode to extract and remove his ore therefrom, should the same be found to penetrate or intersect the premises hereby granted, and a right of way for ditches or canals constructed by the authority of the United States, as reserved in United States Patent recorded July 25, 1894 in Book 12 at Page 332 as Reception No. 17522. 10. Easements recorded February 10, 1995 in Book 931 at Page 354 as Reception No. 474356, in Book 931 at Page 374 as Reception No. 474357, in Book 931 at Page 393 as Reception No. 474358, in Book 931 at Page 412 as Reception No. 474359 and in Book 931 at Page 432 as Reception No. 474360. 11. Resolutions by the Board of County Commissioners of Garfield County, Colorado, as follows: 12. A. Resolution No. 92-056 recorded June 29, 1992 in Book 835 at Page 305 as Reception No. 436262. B. Resolution No. 93-121 recorded December 28, 1993 in Book 887 at Page 824 as Reception No. 457154. C. Resolution No. 94-008 recorded February 2, 1994 in Book 891 at Page 620 as Reception No. 458796. D. Resolution No. 94-089 recorded August 9, 1994 in Book 911 at Page 791 as Reception No. 466955. E. Resolution No. 94-139 recorded December 13, 1994 in Book 925 at Page 345 as Reception No. 472058. F. Resolution No. 95-004 recorded January 17, 1995 in Book 929 at Page 64 as Reception No. 473462. G. Resolution No. 96-26 recorded May 9, 1996 in Book 977 at Page 399 as Reception No. 492765. H. Resolution No. 96-06 recorded February 9, 1996 in Book 966 at Page 682 as Reception No. 488797. I. Resolution No. 96-07 recorded February 9, 1996 in Book 966 at Page 686 as Reception No. 488798. J. Resolution No. 2006-79 recorded March 19, 2007 in Book 1903 at Page 967 as Reception No. 719257. Copyright 2006-2009 American Land Title Association. AU rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No. 01330-46964 CO STG ALTA Owner's Policy Sch B SE Page 1 of 2 STEWART TITLE GUARANTY COMPANY 111111111111111 AMI IMAM 14.1% ISM &ANK lAl i::r• ALTA OWNER'S POLICY (6/17/06) SCHEDULE B 13. Agreements recorded April 12, 1992 in Book 827 at Page 636 as Reception No. 433216 and recorded June 29, 1993 in Book 835 at Page 364 as Reception No. 436263. 14. Agreements recorded August 19, 1994 in Book 912 at Page 970 as Reception No. 467450 and recorded August 19, 1994 in Book 912 at Page 973 as Reception No. 467451. 15. All matters shown on the Plat of Aspen Glen Planned Unit Development recorded April 6, 1995 as Reception No. 476330. 16. Matters disclosed on the Final Plat of Aspen Glen Filing No. 3 recorded February 10, 1998 as Reception No. 520202. 17. Master Declaration recorded April 6, 1995 in Book 936 at Page 350 as Reception No. 476328, First Supplemental Declaration recorded July 15, 1997 in Book 1026 at Page 161 as Reception No. 510976, Second Supplemental Declaration recorded November 26, 1997 in Book 1043 at Page 850 as Reception No. 516966, Third Supplemental Declaration recorded February 10, 1998 in Book 1053 at Page 8 as Reception No. 520203, Fourth Supplemental Declaration recorded February 10, 1998 in Book 1053 at Page 30 as Reception No. 520209, Fifth Supplemental Declaration recorded May 1, 1998 in Book 1065 at Page 800 as Reception No. 524479, Sixth Supplemental Declaration recorded May 22, 1998 in Book 1069 at Page 58 as Reception No. 525647, Seventh Supplemental Declaration recorded August 24, 1998 in Book 1084 at Page 943 as Reception No. 531005, Eighth Supplemental Declaration recorded October 26, 1998 in Book 1094 at Page 517 as Reception No. 534299, Ninth Supplemental Declaration recorded August 17, 1999 in Book 1145 at Page 680 as Reception No. 550617, Tenth Supplemental Declaration recorded November 19, 1999 in Book 1161 at Page 293 as Reception No. 555596, Eleventh Supplemental Declaration recorded September 23, 1999 in Book 1151 at Page 877 as Reception No. 552597 and Twelfth Supplemental Declaration recorded December 14, 1999 in Book 1164 at Page 755 as Reception No. 556668; Thirteenth Supplemental Declaration recorded July 17, 2000 in Book 1197 at Page 740 as Reception No. 566379; Fourteenth Supplemental Declaration recorded May 8, 2003 in Book 1467 at Page 910 as Reception No. 626952; and Fifteenth Supplemental Declaration recorded December 21, 2004 in Book 1649 at Page 891 as Reception No. 665692 Amended Declaration of Covenants, Conditions and Restrictions for Aspen Glen recorded March 23, 2007 in Book 1905 at Page 523 as Reception No. 719512. 18. Easement Deed recorded April 6, 1995 in Book 936 at Page 458 as Reception No. 476331. 19. Declaration of Golf Facilities Development, Construction and Operational Easement, recorded April 6, 1995 in Book 936 at Page 314 as Reception No. 476327. 20. Special Warranty Deed and Grant of Easement, recorded December 31, 1996 in Book 1005 at Page 228 as Reception No. 503024. 21. Amended Bylaws of the Homeowners Association at Aspen Glen recorded March 23, 2007 in Book 1905 at Page 577 as Reception No. 719513. Copyright 2006-2009 American Land Title Association. All rights reserved. The use of this Form is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. File No. 01330-46964 CO STG ALTA Owner's Policy Sch B SE Page 2 of 2 STEWART TITLE GUARANTY COMPANY Anti -Fraud Statement CRS 10-1-128 File No.: 01330-46964 "It is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, denial of insurance and civil damages. Any insurance company or agent of an insurance company who knowingly provides false, incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting to defraud the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the Colorado division of insurance within the department of regulatory agencies." STG Privacy Notice Stewart Title Companies WHAT DO THE STEWART TITLE COMPANIES DO WITH YOUR PERSONAL INFORMATION? Federal and applicable state law and regulations give consumers the right to limit some but not all sharing. Federal and applicable state law regulations also require us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand how we use your personal information. This privacy notice is distributed on behalf of the Stewart Title Guaranty Company and its title affiliates (the Stewart Title Companies), pursuant to Title V of the Gramm -Leach -Bliley Act (GLBA). The types of personal information we collect and share depend on the product or service that you have sought through us. This information can include social security numbers and driver's license number. All financial companies, such as the Stewart Title Companies, need to share customers' personal information to run their everyday business—to process transactions and maintain customer accounts. In the section below, we list the reasons that we can share customers' personal information; the reasons that we choose to share; and whether you can limit this sharing. Reasons we can share your personal information. Do we share Can you limit this sharing? For our everyday business purposes— to process your transactions and maintain your account. This may include running the business and managing customer accounts, such as processing transactions, mailing, and auditing services, and responding to court orders and legal investigations. Yes No For our marketing purposes— to offer our products and services to you. Yes No For joint marketing with other financial companies No We don't share For our affiliates' everyday business purposes— information about your transactions and experiences. Affiliates are companies related by common ownership or control. They can be financial and non-financial companies. Our affiliates may include companies with a Stewart name; financial companies, such as Stewart Title Company Yes No For our affiliates' everyday business purposes— information about your creditworthiness. No We don't share For our affiliates to market to you — For your convenience, Stewart has developed a means for you to opt out from its affiliates marketing even though such mechanism is not legally required. Yes Yes, send your first and last name, the email address used in your transaction, your Stewart file number and the Stewart office location that is handling your transaction by email to optout@stewart.com or fax to 1-800-335-9591. For non -affiliates to market to you. Non -affiliates are companies not related by common ownership or control. They can be financial and non-financial companies. No We don't share We may disclose your personal information to our affiliates or to non -affiliates as permitted by law. If you request a transaction with a non -affiliate, such as a third party insurance company, we will disclose your personal information to that non -affiliate. [We do not control their subsequent use of information, and suggest you refer to their privacy notices.] SHARING PRACTICES How often do the Stewart Title Companies notify me about their practices? We must notify you about our sharing practices when you request a transaction. How do the Stewart Title Companies protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer, file, and building safeguards. How do the Stewart Title Companies collect my personal information? We collect your personal information, for example, when you ■ request insurance -related services • provide such information to us We also collect your personal information from others, such as the real estate agent or lender involved in your transaction, credit reporting agencies, affiliates or other companies. What sharing can I limit? Although federal and state law give you the right to limit sharing (e.g., opt out) in certain instances, we do not share your personal information in those instances. Contact us: If you have any questions about this privacy notice, please contact us at: Stewart Title Guaranty Company, 1980 Post Oak Blvd., Privacy Officer, Houston, Texas 77056 File No.: 01330-46964 Page 1 Revised 11-19-2013 CO STG Endorsement 110.1 Deletion of Exception ALTA Owner ENDORSEMENT ATTACHED TO AND MADE A PART OF POLICY OF TITLE INSURANCE SERIAL NUMBER 0-9301-002872775 Issued by STEWART TITLE GUARANTY COMPANY File No.: 01330-46964 Charge: $65.00 Said Policy is hereby amended by deleting paragraphs 1 - 4 inclusive, of Schedule B. This endorsement is made a part of the policy and is subject to all of the terms and provisions thereof and of any prior endorsements thereto. Except to the extent expressly stated, it neither modifies any of the terms and provisions of the policy and any prior endorsements, nor does it extend the effective date of the policy and any prior endorsements, nor does it increase the face amount thereof. Signed under seal for the Company, but this endorsement is to be valid only when it bears an authorized countersignature. Countersigned by: fikAlut-NIA44 Authorized Cautttersigature Stewart Title 97 Main Street, Suite W201 Edwards, CO 81632 Agent ID: 06051A Endorsement Serial No. File No. 01330-46964 STG CLTA Form 110.1 Deletion of Exception ALTA Owner steward title guaranty company E-9851-349944070 Matt Morris President and CEO Denise C - rraux Secretary Page 1 of 1 85503410/21/2014 09:01:06 AM Page 1 of 1 rd Jean Alberico, Garfield County, Colorado Rec Fee: $11.00 Doc Fee: $123.00 eRecorded WARRANTY DEED State Doc Fee: $123.00 Recording Fee: $11.00 THIS DEED is dated the 20th day of October, 2014, and is made between Earle L. Wingo and Candace L. Wingo (whether one, or more than one), the "Grantor" of the County of Garfield and State of Colorado and Judy D. Steele and David W. Steele the "Grantees", whose legal address is 284 Midland Loop, Carbondale, CO 81623 of the County of Garfield and State of Colorado. WITNESS, that the Grantor, for and in consideration of the sum of One Million Two Hundred Thirty Thousand Dollars and No Cents ( $1,230,000.00 ), the receipt and sufficiency of which is hereby acknowledged, hereby grants, bargains, sells, conveys and confirms unto the Grantees and the Grantees' heirs and assigns forever, not in tenancy in common but in joint tenancy, all the real property, together with any improvements thereon, located in the County of Garfield and State of Colorado described as follows: Lot WP16 ASPEN GLEN, FILING NO. 3 According to the final plat thereof recorded February 10, 1998 as Reception No. 520202 County of Garfield, State of Colorado also known by street address as: 284 Midland Loop, Carbondale, CO 81623 TOGETHER with all and singular the hereditaments and appurtenances thereto belonging, or in anywise appertaining, the reversions, remainders, rents, issues and profits thereof, and all the estate, right, title, interest, claim and demand whatsoever of the Grantor, either in law or equity, of, in and to the above bargained premises, with the hereditaments and appurtenances; TO HAVE AND TO HOLD the said premises above bargained and described, with the appurtenances, unto the Grantees, and the Grantees' heirs and assigns forever. The Grantor, for the Grantor and the Grantor's heirs and assigns, does covenant, grant, bargain, and agree to and with the Grantees, and the Grantees' heirs and assigns: that at the time of the ensealing and delivery of these presents, the Grantor is well seized of the premises above described; has good, sure, perfect, absolute and indefeasible estate of inheritance, in law, and in fee simple; and has good right, full power and lawful authority to grant, bargain, sell and convey the same in manner and form as aforesaid; and that the same are free and clear from all former and other grants, bargains, sales, liens, taxes, assessments, encumbrances and restrictions of whatever kind or nature soever, except and subject to: 2014 taxes and all subsequent years, restrictions, reservations, covenants, easements and rights-of-way of record, if any. And the Grantor shall and will WARRANT THE TITLE AND DEFEND the above described premises, but not any adjoining vacated street or alley, if any, in the quiet and peaceable possession of the Grantees, and the heirs and assigns of the Grantees, against all and every person or persons lawfully claiming the whole or any part thereof. IN WIT ESS ,� EREOF, the Grantor has executed this deed on the date set forth above. Earle L. Ingo State of Colorado County of Garfield 2.3p.dgCe Ingo The foregoing instrument was acknowledged before me this 20th day of October, 2014 by Earle L. Wingo and Candace L. Wingo. MARY L. SCHEURICH NOTARY PUBLIC STATE OF COLORADO NOTARY ID #19974007964 Py Commission Expires May 22, 2017 Witness my hand and se I. Notary Pablic Mary L. Scheurich My commission expires: Stewart Title File Number: 01330-46964 921 JT WARRANTY DEED (To Joint Tenants) STCO Page 1 January 5, 2016 Mr. Glenn Hartmann Garfield County Community Development Dept. 108 8th. St, Suite 401 Glenwood Springs, CO 81601 Aspen Glen filing No. 3 Lots WP15/WP16 Amended Final Plat Process Application Dear Glenn: In reference to your additional information requested in your email dated December 30, 2015: 1. An email from your title company indicating that there are no liens on the property (Lots WP15 and WP16). 2. An additional statement on your mineral rights research from you or a professional working for you, indicating that your mineral rights research included review of the records in Clerk and Recorders Office. I am supplying you with document "Steele OE.pd1" in reference to item (1) above, No Lien(s) statement from Stewart Title company, lots WP16/WP15 and this document Steele1516 In reference to item (2) above, I appeared personally today at 9:45AM and signed in at the Recording Office at Garfield County on Floor 2. I examined the electronic exhibits on the Garfield County dating back to 1883, Book 1 concerning the mineral rights of my properties residing within Aspen Glen Filing 3, reception number 520202. I have concluded that the mineral right owners are as depicted on my Amended Final Plat Application to join WP15/WP16. My research shows ownership to mineral rights to: Leoins P. Chuc and Neva M Chuc, 12/26/58 book 314 page 160, Estate of Caesar J. Chuc, 9/26/61 book 336 page 570, Ella J. Chase, 6/12/51 book 800k 258 page 594, and William Walter Gentry, 5/8/50 book 250 page 271 to the best of my abilities. I agree to the mineral right ownership(s) as depicted upon my Amended Final Plat Application also derived from Tuttle Surveying Services. Submitted by: David W. Steele/Judy D. Steele 284 Midland Loop Carbondale, CO 81623 WP15 — WP16 Aspen Glen Application to Garfield County stewart title Stewart Title - Vail P.O. Box 503 97 Main Street, Ste W-201 Edwards, CO 81632 WRITTEN OWNERSHIP AND ENCUMBRANCE REPORT Order No. 01330-72725 Date: December 31, 2015 Customer Reference: 284 Midland Loop Carbondale, CO 81623 LEGAL DESCRIPTION: Lot WP15 and Lot WP16 ASPEN GLEN, FILING NO. 3 According to the final plat thereof recorded February 10, 1998 as Reception No. 520202, County of Garfield, State of Colorado APPARENT OWNER OF RECORD: David W. Steele and Judy D. Steele Deeds of Trust, Mortgages and Liens which purport to affect the above described property, as disclosed by the records of the Clerk and Recorder of Garfield County, Colorado, through the effective date of December 23, 2015: 1. None. The liability of Stewart Title, its affiliates and associates, for any errors or omissions affecting or relating to the information appearing in this report is strictly limited to the amount paid for this report. The aforementioned liability is limited to the customer who ordered this report. There are no expressed or implied warranties assuring or representing that this report is reliable for title information, and therefore, should be verified by a Commitment for Title Insurance. No representation is made as to the completeness, validity, or legal sufficiency of the documents referenced herein, nor have any of such documents been examined to determine whether or not there are any exceptions, reservations, encumbrances or other matters which might be detrimental to Title. No search has been made for any reservations, restrictions, covenants, easements, rights of way, mineral interests, water rights, and any other encumbrances which are not a deed of trust, mortgage or lien. Authorized Representative of Stewart Title Order No.: 01330-72725 Written OE Report STCO Page 1 of 1 1111141 G4+! I+101 LI16 VI t Clod 11III Reception4: 719512 133/23/2007 oROFee:$271. 5 00BOocCFee: 0. 00 GPRF[ELDeCC$NTY CO AMENDED DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR ASPEN GLEN 1111 IMINWRIL 1111 Reception: 719512 03123)20C? Cia 45 55 PM 9:1905 D;0524 Jean Alber.co 2 o: 54 Rec Fee 5271 OD Doc Fee 0 00 G=SIELD COJNTY CO AMENDED DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR ASPEN GLEN Table of Contents ARTICLE 1 1 GENERAL 1 1.1 Community Area 1 1.2 Purposes of Declaration. 1 1.3 Declaration 1 1.4 Roaring Fork River 2 ARTICLE 2 2 DEFINITIONS 2 2.1 Act 2 2.2 Administrative Functions 2 2.3 Annexable Property 2 2.4 Articles of Incorporation 2 2.5 Assessment, 2 2.6 Association. 2 2.7 Association Properties 2 2.8 Board of Directors 3 2.9 Budget 3 2.10 Building Envelope 3 2.11 Bylaws 3 2.12 Common Area, 3 2.13 Common Assessment. 3 2.14 Community Area 3 7 2.15 Country Club Property 3 2.16 County 4 2.17 C.R.S. 4 2.18 Declaration 4 2.19 Deed of Trust 4 2.20 Design Review Committee. 4 2.21 Developer 4 2.22 Golf Course Easement 4 2.23 Homeowners 4 2.24 Improvement 4 2.25 Improvement to Property. 4 1111IiMY N11+.I10dtkltr1 NM WAN 111H Reception#: 719512 03/23/20r 312354 Re° Oa 4E POS Doc e:052060 Jean =.r^.UNTY CO 226 License Agreement 4 2.27 Lease. 4 2.28 Lot 5 2.29 Maintenance Funds. 5 2.30 Member 5 s: 2.31 Mortgage 5L_ 2.32 Mortgagee. 5 2.33 Mortgagor. 2.34 Notice and Hearing 5 2.35 Notice of Completion 5 2.36 Owner 5 2.37 Permitted Exceptions. 5 2.38 Person 5 2.39 Planned Community 5 2.40 Plat 6 2.41 Public Functions 6 2.42 Public River Park 6 2.43 P.U.D. for Aspen Glen 6 2.44 Record or Recorded 6 2.45 Reimbursement Assessment 6 2.46 River 6 2.47 Rules and Regulations 6 2.48 Special Assessment. 6 2.49 Subassociation. 7 2.50 Supplemental Declaration 7 2.51 Supplemental Plat 7 ARTICLE 3 7 GENERAL RESTRICTIONS APPLICABLE TO COMMUNITY AREA 7 3.1 Maintenance of Community Area O - 3.2 Property Uses 7 3.3 Construction Type 8 3.4 Building Envelopes 8 3.5 No Noxious or Offensive Activity. 8 3.6 Annoying Sounds or Odors. 8 3.7 No Hazardous Activities 8 3.8 No Unsightliness. 8 3.9 weeds 8 3.10 Restrictions on Garbage and Trash 9 3.11 Animals 9 3.12 No Temporary Structures 9 1111 hri11110114811h1+Wk 14.MHIr YRI 1 III Receptionp: 719512 03/2312007 04.46'.66 P," 6.1905 P:0526 Jean Alberioo 4 of 54 Rec Fee $27".E3 Doc Fee .0.00 G9RFIELD COUNTY CO 3.13 Restriction on Antennae, Pipes, Utility Lines and Transmitters 9 3.14 Restrictions on Signs and Advertising 9 3.15 Restrictions on Mining or Drilling. 10 3.16 Wells. 10 3.17 Maintenance of Drainage 10 3.18 Compliance with Insurance Requirements. 10r. 3,19 Compliance with Laws. 10 3.20 Further Subdivision of Lots 10 3.21 Restrictions on Sewage Disposal Systems. 10 3.22 Restrictions on Water Systems 10 3.23 Restoration in the Event of Damage or Destruction. 11 3.24 Storage. 11 3,25 Vehicle Repairs. 11 3.26 Storage of Gasoline and Explosives, Etc. 11 3.27 Trailers, Campers, Recreational and Junk Vehicles 11 3.28 Fences Prohibited. 11 3.29 Air Conditioning and Heating Equipment/Solar Collecting Devices 12 3.30 Leases 12 3.31 Lakes. 12 3.32 Easements; Utilities 12 3.33 Landscaping 13 3.34 Tennis Courts and Basketball Goals 13 3.35 Swimming Pools and Pool Equipment. 13 3.36 Outside Lighting 13 3,37 Camping and Picnicking 13 3.38 Prohibition On Use of Pesticides 14 3,39 Fire Protection Systems 14 3.40 Engineering and Soils Reports 14 3.41 Irrigation Systems and Ditch Laterals 14 3,42 Duplex Units 15 ARTICLE4 15 ARCHITECTURAL APPROVAL 15 4.1 Approval of Improvements Required. 15 4.2 Improvement to Property Defined 15 4.3 Membership of Committee. 16 4,4 Establishment of Subcommittees 16 4,5 Address of Design Review Committee 16 4.6 Submission of Plans 16 4.7 Criteria for Approval 16 4.8 Design Guidelines 17 u 1111F.1 11111.111'1N 11111 Reception#. 719512 03/2312007 2446'.55 °M B.'905 P'.0527 dean PIDerIco 5 of 54 Rec Yee $271 00 Doc=ee.©.DC GRRFIELC COUNTY OC 4.9 Design Review Fee 17 4.10 Decision of Committee. 17 4.11 Failure of Committee to Act on Plans 17 4.12 Completion of Work After Approval 17 4.13 Notice of Completion 18 4,14 Inspection of Work 18 4,, 4.15 Notice of Satisfactory Completion of Improvement to Property. 18 4.16 Notice of Noncompliance 18 4.17 Performance Guaranty for Noncompliance or Incompletion. 18 4.18 Failure of Committee to Act After Completion 19 4.19 Appeal to Board of Directors of Finding of Noncompliance. 19 4.20 Correction of Noncompliance. 19 4.21 No Implied Waiver or Estoppel 20 4.22 Committee Power to Grant Variances. 20 4,23 Meetings of Committee 20 4.24 Records of Actions 20 4.25 Estoppel Certificates. 20 4.26 Nonliability of Committee Action 20 4.27 Constnrction Period Exception 21 ARTICLE 5 21 ASSOCIATION PROPERTIES 21 5.1 Members' Rights of Use and Enjoyment Generally. 21 5.2 Allocation of Interests in Common Elements and Association Properties 21 5.3 Right of Association to Regulate Use. 21 5.4 No Partition of Association Properties 21 5.5 Liability of Owners for Damage by Member 21 5.6 Association Duties if Damage, Destruction, or Required Improvements 22 5.7 Association Powers in the Event of Condemnation 22 5.8 Title to Association Properties on Dissolution of Association 22 5.9 Roaring Fork River 23 5.10 Title to Country Club Property 23 ARTICLE 6 23 DEVELOPERS RIGHTS AND RESERVATIONS 23 6.1 Period of Developer's Rights and Reservations 23 6.2 Right to Construct Additional Improvements on Developer's Properties 23 6.3 Developer's Rights to Use Association Properties in Promotion and Marketing of Community Area. 23 6.4 Developer's Rights to Complete Development of Community Area 24 6.5 Developer's Rights to Grant and Create Easements 24 6.6 Developer's Right to Convey Additional Property 24 IFI CIA%VI. a 1I.MJ IMI 11111 Reception#: 719512 03./23/20557 0C:46.55 PM R..1905 F.0528 dean RLberiee 6 of 54 Rec Fee:6271.00 Jaa Fee.2.00 GRRF:ELO COUNT 00 6.7 Annexation of Additional Properties 24 6.8 Annexation of Additional Unspecified Real Estate. 26 6.9 Withdrawal of Annexed Property, 26 6.10 Expansion or Contraction of Annexable Property. 26 6.11 Creation of Drainage Easements, 26 5, 6.12 Subdivision of Lots. 27 t 6.13 Expansion of Permitted Property Uses 27 ARTICLE 7 27 ASSOCIATION OPERATION 27 7.1 Association 27 7.2 Association Board of Directors 27 7.3 Membership in Association 28 7.4 Voting Rights of Members. 28 Determination of Member Voting Privileges 28 7.6 Registration of Owners. 28 ARTICLE 8 28 DUTIES AND POWERS OF ASSOCIATION 28 8.1 General Duties and Powers of Association. 28 8,2 Duty to Accept Property and Facilities Transferred to Association. 28 8.3 Landscaping Easement 29 8.4 Duty to Manage and Care for Association Properties 29 8.5 Duty to Pay Taxes 29 8,6 Duty to Maintain Casualty Insurance 29 8.7 Duty to Maintain Liability Insurance 30 8.8 General Provisions Respecting Insurance 30 8.9 Maintenance of Fidelity Insurance 30 8.10 Other Insurance and Bonds 31 8.11 Duty to Prepare Budgets. 31 8.12 Duty to Levy and Collect Assessments. 31 8.13 Duty to Keep Association Records 31 8.14 Duties with Respect to Design Review Committee Approvals 31 8.15 Power to Acquire Property and Construct Improvements 31 8.16 Power to Adopt Rules and Regulations 31 8.17 Power to Enforce Declaration and Rules and Regulations 32 8.18 Power to Grant Easements 32 8.19 Power to Convey and Dedicate Property to Governmental Agencies 32 8,20 Power to Borrow Money and Mortgage Property 32 8.21 Power to Engage Employees, Agents, and Consultants. 33 8.22 General Corporate Powers 33 8.23 Power to Provide Public Functions 13 VIII IWYL VY,i,IfN M 0M 1111 Receptionp'. 719512 32/23/2007 04'.46'.55 PM B.1305 P:0529 Jean f;berlco 7 of 54 Feo Fee:$271.00 Doc Fee:0. CO GRRFIE_0 COUNTY CO 8.24 Power to Provide Services to Subassociations. 33 8.25 Power to Provide Special Services to Members 33 8.26 Power to Charge for Association Properties, Facilities and Services 34 8.27 Power to Employ Managers 34 8.28 Powers Provided by Law. 34, - ARTICLE 9 34 ASSESSMENTS, BUDGETS, AND FUNDS 34 9.1 Maintenance Funds To Be Established 34 9.2 Establishment of Other Funds. 34 9.3 Deposit of Common Assessments to Maintenance Funds 35 9.4 Other Deposits to Maintenance Funds 35 9.5 Disbursements from Maintenance Funds. 35 9.6 Authority for Disbursements 35 9.7 Common Assessments. 35 9.8 Apportionment of Common Assessments. 35 9.9 Funding of Reserve Funds 35 9.10 Supplemental Compton Assessments. 36 9.11 Annual Budgets. 36 9.12 No Disbursements To Abate Adjoining Nuisances or Zoning Amendments 36 9.13 Payment of Assessment. 37 9.14 Failure to Fix Assessment 37 9.15 Special Assessments for Capital Expenditures 37 9.16 Reimbursement Assessments 37 9.17 Late Charges and Interest. 37 9.18 Attribution of Payments 37 9.19 Notice of Default 38 9.20 Remedies to Enforce Assessments 38 9.21 Lawsuit to Enforce Assessments 38 9.22 Lien to Enforce Assessments 38 9.23 Estoppel Certificates 38 9.24 No Offsets 39 ARTICLE 10 39 SPECIAL PROVISIONS 39 10.1 Wetlands Protection 39 10.2 Air Quality Restrictions 39 10.3 Fencing 40 10.4 Duration and Enforceability 40 ARTICLE 11 40 MISCELLANEOUS 40 VIII Nil hYt' re ririilil'M4 11111 Recepl long: 719512 33/23/2007 04:4a:ss P1 16 1905 P.0530 Jean Plbertoo 5 of 54 Reo Fee:$271.00 Doc Pee 0.OE CPRFIELD COUNTY 00 11.1 Tenn of Amended Declaration 40 11.2 Amendment of Declaration by Members 40 11.3 Amendment of Articles and Bylaws. 41 11.4 Alternative Dispute Resolution. 41 11.5 Special Rights of First Mortgagees 41 11.6 Priority of First Mortgage Over Assessments 41 t, 11.7 First Mortgagee Right To Pay Taxes and Insurance Premiums 41 11.8 Association Right to Mortgage Information 41 11.9 Golf Course Facilities. 42 11.10 Damage Caused by Golf Course Facilities 42 1.11 Notices. 42 11.12 Persons Entitled To Enforce Declaration 42 11.13 Violations Constitute a Nuisance 43 11.14 Enforcement of Self -Help 43 11.15 Violations of Law 43 11 16 Remedies Cumulative 43 1 L 17 Costs and Attorneys' Fees 43 1 L 18 Limitation on Liability 43 11.19 No Representations or Warranties 43 11.20 Liberal Interpretation 43 11.21 Governing Law 44 11.22 Colorado Common Interest Ownership Act 44 11.23 Severability 44 11.24 Number and Gender 44 1125 Captions for Convenience 44 11 26 Mergers or Consolidations 44 1127 Disclaimer Regarding Safety 44 11.28 Notice to Buyers 44 EXHIBIT "A" 46 ACKNOWLEDGEMENT 46 IIIIIliglikLAMLWNLAi W1111III Reception#: 719512 03123(2007 04 46:55 PM B_1905 P:0531 Jean Plberico 9 c1 54 Rec Fee :5271.00 Doc Fee 00 GRRF:ELD COUNT" CO AMENDED DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR ASPEN GLEN THIS AMENDED DECLARATION OF COVENANTS; CONDJTIONS AND RESTRICTIONS ,_ FOR ASPEN GLEN ("Amended Declaration") is made as of this /zit/day of,!i,cLH . 2007, by the Homeowners Association of Aspen Glen, a Colorado nonprofit corporation (the `Association"). ARTICLE 1 GENERAL 1.1 Community Area. The Homeowners of Aspen Glen ("Homeowners') and the Association are the owners of certain parcels of land located in the County of Garfield, Colorado, commonly known as Aspen Glen (the "Community Area"). Aspen Glen Golf Company, the original developer of Aspen Glen ("Developer") has transferred control of the Board of Directors of the Association to the Homeowners and transferred certain Conunon Area to the Association. The original Declaration (recorded in Garfield County on April 6, 1995, Reception No. 476328) written by the Developer does not reflect the current status of Aspen Glen as a community and does not incorporate changes in Colorado law occurring in the Colorado Homeowners Protection Act of 2005. The Homeowners and the Association wish to fully amend and restate the Declaration for the benefit of the Aspen Glen community. 1.2 Purposes of Declaration. This Amended Declaration is executed (a) in furtherance of a common and general plan for the Community Area; (b) to protect and enhance the quality, value; desirability and attractiveness of the Community Area; (c) to provide for an Association as a vehicle to hold, maintain, care for and manage the Common Area, including internal landscaped areas which will benefit all Owners of Lots; (d) to define the duties, powers and rights of the Association; (e) to define certain duties, powers and rights of Owners of Lots within the Community Area; and (0 to comply with and effectuate the terms and provisions of the Act as modified by the Colorado Homeowners Protection Act. 1.3 Declaration. The Community Area and all property which becomes subject to this Amended Declaration shall, from the date the same becomes subject to this Amended Declaration; be owned, held, transferred, conveyed, sold, leased, rented, hypothecated, encumbered, used, occupied, maintained, altered and improved subject to the covenants, conditions, restrictions; limitations, reservations, exceptions, equitable servitudes and other provisions set forth in this Amended Declaration, for the duration hereof, all of which are declared to be part of, pursuant to, and in furtherance of a common and general plan of development, improvement, enhancement and protection of the Community Area. Notwithstanding the foregoing, in no event shall the Annexable Property, or any portion thereof, be decreed to be burdened by, or subject to, the terms of this Amended Declaration until such property has been annexed to the Community Area. The provisions of this Amended Declaration are intended to and shall tun with the land, and until their expiration in accordance with the terms hereof, shall bind, be a charge upon and inure to the mutual benefit of (a) the Community Area and all property which becomes part of the Community Area, and each part or parcel thereof, (b) the Association and its successors and assigns, and (o) all Persons having or acquiring any right, title or interest in any property which is or becomes part of the Community Area, or any part or parcel thereof, or any Improvement thereon, and their heirs, personal representatives, successors and assigns. This Amended Declaration shall be Recorded �1111�5 Klink aUJRlark IfIL'I rIWi'VI 11111 Reception#: 719512 03,23/2007 04':43.55 PM 3'.1905 F.0532 Jean Rlberbo 10 01 54 Rec Fee :$271.00 Doc Fee '.©.0© G RFIELD COUNTY CO in the county and shall be indexed in the Grantor's and Grantee's index in the name of the Association. 1.4 Roaring Fork River. To the extent the Community Area shall abut the River, the terms and provisions of this Amended Declaration shall be subject to the rights of the general public to use the River for passage through the Community Area by use of flotation devices only. ARTICLE 2 DEFINITIONS Unless otherwise expressly provided herein, the following words and phrases when used in this Amended Declaration shall have the meanings hereinafter specified. 2.1 Act. "Act" shall mean the Colorado Common Interest Ownership Act as provided in C.R.S. 38-33.3-101, et seq., as amended by the Colorado Homeowners Protection Act of 2005 and as the sane may be amended from time to time. 2.2 Administrative Functions. "Administrative Functions" shall mean all functions as are necessary and proper under this Amended Declaration and shall include, without limitation, providing management and administration of the Association; providing architectural review services under Article 4 hereof; incurring reasonable attorneys' fees and accountants' fees; obtaining errors and omissions insurance for officers, directors; and agents of the Association; obtaining fidelity bonds for any Person handling funds of the Association; paying taxes levied against the Association Properties; incurring filing fees, recording costs, and bookkeeping fees; obtaining and maintaining offices and office furniture and equipment; and performing other such reasonable and ordinary administration tasks associated with operating the Association as determined by the Board of Directors from time to time. 2.3 Annexable Property. "Annexable Property" shall mean that real property which is subject to the P.U.D. for Aspen Glen and which is not initially made subject to the terms and provisions of this Amended Declaration. The real property which comprises the Annexable Property may include such other property which may be annexed to and made a part of the Community Area, as more particularly provided herein. 2.4 Articles of Incorporation. "Articles of Incorporation" shall mean the Articles of Incorporation of The Homeowners Association at Aspen Glen, which have been filed with the office of the Secretary of State in the State of Colorado, as the same may be amended from time to time. 2.5 Assessment. "Assessment" shall mean a Common Assessment, Special Assessment or Reimbursement Assessment. 2.6 Association. "Association" shall mean The Homeowners Association at Aspen Glen, a Colorado nonprofit corporation, its successors and assigns. 2.7 Association Properties. "Association Properties" shall mean: (a) all real and personal property, including Improvements now or hereafter owned by the Association; (b) all Common Areas, now or hereafter owned by the Association; or (c) all real or personal property with respect to which the Association holds an easement or license for the use, care, or maintenance thereof_ or for which the Association has a right or duty to maintain, and which property is held for the common use and enjoyment of the Members pursuant to the terms and provisions of this Amended Declaration. The 1111 rd LII li+{M'I '1III Receptientl: 719512 03/23/2607 04 46.-5 PM B:1905 ?.0533 Jean Rlber.co 11 of 54 Rao `ee.$271 00 Doc Fee .2.00 GRRF[EL0 060N'v CO Association Properties are subject to the Permitted Exceptions, including, but not limited to, the Golf Course Easement. 2.8 Board of Directors. "Board of Directors" or "Board" shall mean the Board of Directors of the Association. 2.9 Budget. "Budget" shall mean a written itemized estimate of the expenses to be incurred by the Association in performing its functions under this Amended Declaration and prepared pursuant to e' Section 9.11 of this Amended Declaration. 2.10 Building Envelope. "Building Envelope" shall mean that portion of each Lot which is designated on the Plat as suitable for construction of habitable living thereon. As more fully provided herein, all Improvements to be constructed on a Lot, with the exception of Improvements which are necessary to facilitate ingress to and egress from a Lot or Improvements which are otherwise expressly authorized by the Design Review Committee, shall be located within the Building Envelope designated for such Lot. 2.11 Bylaws. "Bylaws" shall mean the Bylaws of the Association which have been adopted by the Board of Directors of the Association, as the same may be amended from time to time. 2.12 Common Area. "Common Area" shall mean any portions of the Community Area designated on the Plat as Common Area or Open Space and which is owned or maintained by the Association for the common use and enjoyment of the Owners, including, but not limited to, all streets, lanes, alleys, rights-of-way, roads, entry ways, guard houses, entry features, sidewalks, pathways, trails (to the extent not included within a Lot, and if so included, an easement which is Common Area shall be deemed to exist therefor), gardens or other open space, and such other easements for the use and benefit of the Owners as may be provided in this Amended Declaration. Such Common Area may be owned: (a) by the Association; (b) in undivided interests by certain Owners; or (c) separately by individual Owners over which the Association may have an easement for maintenance purposes. 2.13 Common Assessment. "Common Assessment" shall mean the assessments made for the purpose of covering the portion of the annual costs of operating the Association, including, but not limited to, expenses incurred in connection with any authorized function of the Association, which are to be paid by each Owner to the Association for the purposes provided herein and charged to such Owner and to the Lot of such Owner. 2.14 Community Area. "Community Area" shall mean the real property commonly known as Aspen Glen (excluding the Country Club Property), subject to the Permitted Exceptions, and such other real property which may be made subject to this Amended Declaration, from time to time, together with all rights and subject to all obligations, of the Association granted in and to any property pursuant to (a) the Fisherman Easement; (b) the Public River Park as identified on the P.U.D. for Aspen Glen; (c) the Golf Course Easement; and (d) the License Agreement. 2.15 Country Club Property. "Country Club Property" shall mean that certain property which is located adjacent to the Community Area, which is owned by the Country Club Owner. In no event shall the Country Club Property be deemed a portion of the Community Area or the Association Properties, and no Owner or Member shall have any rights or privileges in the Country Club Property, except for (a) such limited ingress and egress rights as may be expressly provided in the License Agreement; or (b) the right to become a member in any golf or country club being operated on the Country Club Property due to their ownership of a Lot, or as Members of the Association. Notwithstanding anything to the contrary contained herein, every Owner of a Lot within the Community 1111 IPPIl9UU L C{! ieN rcarn5'hl''a 11 II Reception4: 719512 03/23/2007 04 .46 55 PM 8.1905 0.0534 Jean Albanioo 12 o` 54 Reo Fee -$271.02 0oc Fee 0.00 GPRFIELD COUNTY CO Area shall be permitted to become a member of any golf or country club being operated on the Country Club Property; provided; however, that such Owners shall be subject to the same membership requirements, fees and dues structures and such other rules and regulations as are applicable to other members of such club or facility_ 2.16 County. "County" shall mean Garfield County, Colorado. 2.17 C.R.S. "C.R.S" shall mean Colorado Revised Statutes as amended from time to time. 2.18 Declaration. "Declaration" or `Amended Declaration" shall mean this instrument as it may be amended from time to time. 2.19 Deed of Trust. "Deed of Trust" shall mean a Mortgage. 2.20 Design Review Committee. "Design Review Committee" shall mean the Committee provided for in Article 4 of this Amended Declaration. 2.21 Developer. "Developer" shall mean the Aspen Glen Golf Company, the original developer of Aspen Glen. 2.22 Golf Course Easement. "Golf Course Easement" shall mean that certain Grant of Golf Facilities Development, Construction and Operational Easement, which easement creates for the benefit of the Country Club Property, and the guests, members, employees, and permittees of the Country Club Owner, certain rights in and to easements created over and across portions of the Community Area and creates for the benefit of the Community Area, the Owners and Members a license for ingress and egress over and across certain portions of the Country Club Property, all as more particularly described therein. 2.23 Homeowners. `Homeowners' shall mean all Members of the Homeowners Association of Aspen Glen and shall mean all Persons who constitute Owners of Lots. 2.24 Improvement. "Improvement" shall mean all structures and any appurtenances thereto of every type or kind, including, but not limited to, dwelling units, buildings, outbuildings, swimming pools, patio covers, awnings, painting of any exterior surfaces of any visible structure, additions, walkways, outdoor sculptures or artwork, sprinkler pipes, garages, carports, roads, driveways, puking areas, fences, screening walls, retaining walls, stairs, decks, fixtures, landscaping, hedges, windbreaks, plantings, planted trees and shrubs, poles, signs, exterior tanks, solar equipment, exterior air conditioning and water softener fixtures. 2.25 Improvement to Property. "Improvement to Property" shall mean any Improvement, change, alteration, or addition to any property within the Community Area. "Improvement to Property" shall include, but not be limited to those improvements more particularly described in Section 4.2 of this Amended Declaration. 2.26 License Agreement. "License Agreement" shall mean that certain Pedestrian Egress and Ingress License for the benefit of the Lot owners in the Community Area, which agreement grants to Lot owners a revocable license for egress and ingress over and across certain portions of the Country Club Property, all as more particularly described therein. 2.27 Lease. "Leasej1 shall mean and refer to any agreement for the leasing or rental of a dwelling unit located on a Lot, and shall specifically include, without limitation, a month-to-month rental. 4 1111 MMICRE119%1 ,1411 dc11itik111III Reoeptiont: 719512 03123(2007 04:46-55 PM 2.19©5 P_0536 Jean Alba -loci 13 cf 54 Rea Fee e271.00 Doc Fee .0.©0 GPR4ELD COLNTY CO 2.28 Lot. "Lot" shall mean anv lot within the Community Area which is shown upon any Recorded Plat, Supplemental Plat, or any other parcel of land which may be sold or conveyed without violation of the provisions of Colorado law pertaining to the subdivision of land. For purposes of conforming the terms and provisions of this Amended Declaration to the terms and conditions of the Act, the term Lot" shall be analogous to the term "Unit," as that term is defined in the Act. The term "Lot" shall include townhome and condominium units and each individual unit within a duplex unit created within the Community_ Area but shall not include any property owned by a public body or the Association Properties. 2.29 Maintenance Funds. "Maintenance Funds" shall mean the accounts into which the Board shall deposit monies paid to the Association and from which disbursements shall be made in the performance of the functions of the Association pursuant to Article 8 hereof. 2.30 Member. "Member" shall refer to the members of the Homeowners Association of Aspen Glen and shall mean the Person, or if more than one, all Persons collectively who constitute the Owner of a Lot. 2.31 Mortgage. "Mortgage" shall mean any mortgage or deed of trust or other such instrument, given voluntarily by the Owner of a Lot, encumbering the Lot to secure the performance of an obligation or the payment of a debt and which is required to be released upon performance of the obligation or payment of the debt. The term "Deed of Trust" when used herein shall be synonymous with the term "Mortgage." 2.32 Mortgagee. "Mortgagee" shall mean a morteagee under a Mortgage or a beneficiary under a Deed of Trust, as the case may be, and the assignees of such mortgagee. 2.33 Mortgagor. "Mortgagor" shall mean the Person who mortgages his or its property to another (i.e., the maker or grantor of a Mortgage). The term "Mortgagor" shall include a trustor or grantor under a Deed of Trust, 2.34 Notice and Hearing. "Notice and Hearing' shall mean a written notice and public hearing before the Board of Directors or a Tribunal, as defined in the Bylaws, appointed by the Board, in the manner provided in the Bylaws. 2.35 Notice of Completion. "Notice of Completion" shall mean written notice to the Design Review Committee of the completion of any Improvement to Property pursuant to Article 4 of this Declaration. 2.36 Owner. "Owner" shall mean the Person, including Developer, or, if more than one, all Persons collectively, who hold fee simple title of Record to a Lot, including sellers under executory contracts of sale and excluding buyers thereunder. 2.37 Permitted Exceptions. "Permitted Exceptions" shall mean all encumbrances, liens, restrictions, easements and other items of record which encumber the Community Area, including, but not limited to. the Golf Course Easement. 2.38 Person. "Person" shall mean a natural person, a corporation, a partnership, or any other entity capable of holding title to real property pursuant to the laws of the State of Colorado. the Act. 2.39 Planned Community. "Planned Community" shall have the same meaning as set forth in 5 1III11111Ws rillIfilger6liMMiYil1IIII Reception#719512 03123/2007 ,446:56M B.1955 P.0536 Jean 9tberioc 14 of 54 Reo Fee $271 Doc Fee'.0.00 GRRFSLB CCIV'Y CO 2.40 Plat. "Plat" shall mean and include the land survey plat (and anv amendments thereto) which depicts all or a portion of the Community Area and which further depicts and locates thereon the location of Lots, Building Envelopes, Common Areas, and such other items as may be required by the Act. The Plat, and anv amendments or supplements thereto, are hereby incorporated herein and made a part hereof by reference. For the purposes of this Amended Declaration, the term "Plat" shall also mean and include each Supplemental Plat recorded for the purposes of annexing all or a portion of the r� Annexable Property to the Community Area. 2.41 Public Functions. "Public Functions" shall mean and include, but not be limited to, the act of providing, installing, operatinu, administering, managing, and overseeing public services and functions for the benefit of Owners, including repairs, replacements and maintenance obligations commonly associated with municipal or other local governmental or quasi-govermnental organizations, including, without limitation, repair and maintenance of streets, sidewalks, bicycle and pedestrian paths and walkways, security, including the provision of gated entrances and guard houses, animal control, vegetation control, insect and pest control, television service, parking facilities, public transportation facilities, including paths and trails, street cleaning, snow removal, signage, including entry monuments, hating, including seasonal lighting, project and perimeter fencing, landscape walls, landscaping services and facilities, drainage facilities, including retention and detention ponds, trash and solid waste disposal services, including recycling programs, utility services, and such other services, functions and activities, as are deemed appropriate by the Board of Directors. 2.42 Public River Park. "Public River Park" shall mean that area designated on the P.U.D. for Aspen Glen approved by the County as a Public River Park for the use and enjoyment of the public, together with such rights of access over and across those portions of Association Properties as may be necessary to obtain access from public rights-of-way to and from the Public River Park. 2.43 P.U.D. for Aspen Glen. The "P.U.D. for Aspen Glen" shall mean that certain Planned Unit Development plan for Aspen Glen as approved by that certain Resolution No. 92-056 - Resolution Concerned with the Approval of an Application of the Aspen Glen Golf Company, Ltd. for the Aspen Glen Planned Unit Development Rezoning and Approval of its Plan dated June 29, 1992 and recorded at Reception No. 436262 in the records of the Clerk and Recorder of Garfield County, Colorado, and as the same may be fitrther amended from time to time. 2.44 Record or Recorded. "Record" or "Recorded" shall mean the filing for record of anv document in the office of the Clerk and Recorder of the County. 2.45 Reimbursement Assessment. "Reimbursement Assessment" shall mean a charge against a particular Owner and his Lot for the purpose of reimbursing the Association for expenditures and other costs of the Association in curing any violation, directly attributable to the Owner, of the Declaration or the Rules and Regulations, pursuant to Section 9.16 hereof, together with late charges and interest as provided for herein. 2.46 River. "River" shall mean the Roaring Fork River. 2.47 Rules and Regulations. "Rules and Regulations" shall mean the rules and regulations and policies adopted by the Board of Directors in the form of policy statements, as provided in Section 8.16 of this Amended Declaration. 2.48 Special Assessment. "Special Assessment" shall mean a charge against each Owner and his Lot representing a portion of the costs of the Association for the purpose of funding capital repairs, 6 1111 h ?ig,S ,1111,4 illiriAbkiNiiY111111 Reception#'. 719512 ©3/23120©7 04-4655 P 3.1955 P.0537 Jean'. Lberaco 15 of 34 Pec Fee $27 20 Doc Pee 0.02 CRRF15_D COUNT`; CO maintenance, replacements, and Improvements, or for anv other purpose authorized by the Board of Directors as provided herein. 2.49 Subassociation. "Subassociation" shall mean any Colorado corporation, nonprofit corporation, or unincorporated association, and its successors and assigns, organized and established or authorized pursuant to, or in connection with, one or more Supplemental Declarations and of which the Fez membership is composed of Owners of Lots within all or part of the area covered by such Supplemental xy Declarations. 2.50 Supplemental Declaration. "Supplemental Declaration" shall mean a written instrument containing covenants, conditions, restrictions, reservations, easements, or equitable servitudes, or any combination thereof, which may be recorded on any portion of the Annexable Property in accordance with Section 6.7 of this Amended Declaration. 2.51 Supplemental Plat. "Supplemental Plat" shall mean and include any land survey plat which is Recorded by Developer for the purpose of annexing the property described therein to the Community Area. ARTICLE 3 GENERAL RESTRICTIONS APPLICABLE TO COMMUNITY AREA All real property within the Community Area shall be held, used, and enjoyed subject to the following limitations and restrictions set forth in this Amended Declaration. The strict application of the following limitations and restrictions in any specific case may be modified or waived in whole or in part by the Design Review Committee if such strict application would be unreasonably or unduly harsh under the circumstances. Any such modification or waiver must be in writing or be contained in written guidelines or rules promulgated by the Design Review Committee. Violation of this Article by an Owner shall permit the Association, after Notice and Hearing, to enter on the Lot of the Owner and cure the violation or cause compliance with this provision and to levy and collect a Reimbursement Assessment for the costs and expenses of the Association in so doing; provided, however, that there shall be no entry, into the interior of an Improvement intended for human occupancy without the consent of the Owner thereof unless a clear emergency exists. 3.1 Maintenance of Community Area. No property within the Community Area shall be permitted to fall into disrepair, and all property within the Community Area, including any Improvements and landscaping thereon, shall be kept and maintained in a clean, attractive, and sightly condition and in good repair. Maintenance, repair, and upkeep of each Lot shall be the responsibility of the Owner of the Lot. Maintenance, repair, and upkeep of Association Properties shall be the responsibility of the Association. 3.2 Property Uses. Except as otherwise provided in Article 6 hereof, all Lots shall be used for private residential purposes and no dwelling unit erected or maintained within the Community area shall_be used or occupied for any purpose other than for a single-family attached or detached dwelling or a duplex unit unless constructed within the area designated on the P.U.D. for Aspen Glen as "Club Villas" (some of which are now commonly called the "Peaks`). Notwithstanding the foregoing, business activities associated with the sale of Lots or residences constructed thereon shall be allowed. In addition, in-home businesses or occupations not involving the servicing of customers or employees, other than the Owners, shall be allowed, provided such activities are conducted solely within the residence and do not VIII IW'S Wil lr� �4l 56110i11,1111,1111101456:V1 11111 Reception9: 719512 33/23/2907 04 4655 PM B. 1905 0.©539 Bean Piberloo 15 of 54 Rao Fee .$271.0D Doc Fee 0 C GPRF:ELD OOUN 5 CO create or result in any nuisance or any unreasonable, unwarranted, or unlawful use or interference with public or private rights, including, but not limited to, umeasonable or unwarranted use or interference with streets, excessive traffic or parking requirements, rights-of-way, or sidewalks, or in any other offensive or noxious activities. Bed and Breakfast operations shall not be permitted. 3.3 Construction Type. All construction shall be new. No building previously used at ,— another location nor any building or structure originally constructed as a mobile dwelling or structure may x' be moved onto a Lot, except as expressly hereinafter provided for temporary buildings. All roofs on Improvements located west of Garfield County Road 109 shall be constructed of fire retardant shingles or other material of at least the same degree of fire retardant. The foregoing restriction shall be set forth as a Plat note on the Plat for all Lots located west of Garfield Country Road 109, and shall constitute a covenant running with said Lots in perpetuity and shall not be affected by the termination, amendment or other modification of this Amended Declaration. The foregoing restriction shall be enforceable in the same manner as the other Special Conditions set forth in Article 10 hereof In addition to the foregoing, an engineered foundation shall be required for all residential dwelling units constructed within the Community Area. 3.4 Building Envelopes. All Improvements to be constructed on a Lot, with the exception of Improvements which are necessary to facilitate ingress to and egress from a Lot or Improvements which are otherwise expressly authorized by the Design Review Committee, shall be located within the Building Envelope designated for such Lot. 3.5 No Noxious or Offensive Activity. No noxious or offensive activity shall be carried on upon any property within the Community Area, nor shall anything be done or placed thereon which is or may become a nuisance or cause an unreasonable embarrassment, disturbance, or annoyance to others. 3.6 Annoying Sounds or Odors. No sound or odor shall be emitted from any property within the Community Area which is noxious or unreasonably offensive to others. Without limiting the generality of the foregoing, no exterior speakers, homs, whistles, bells, or other sound devices, other than security devices used exclusively for security purposes, shall be located or used on any property except with the prior written approval of the Design Review Committee. 3.7 No Hazardous Activities. No activity shall be conducted on, and no Improvement shall be constructed on, any property within the Community Area which is or might be unsafe or hazardous to any Person or property. Without limiting the generality of the foregoing, no firearms shall be discharged upon any property within the Community Area and no open fires shall be lighted or permitted on any property within the Community Area except in a contained barbecue unit while attended and in use for cooking purposes or within a wood burning stove designed to prevent the dispersal of burning embers which stove has previously been approved by the Design Review Committee; in accordance with the provisions hereof. 3.8 No Unsightliness. All unsightly structures, facilities, equipment, objects, and conditions shall be enclosed within a structure, including snow removal equipment and garden or maintenance equipment except when in actual use. No laundry or wash shall be dried or hung outside any dwelling unit. 3.9 Weeds. All yards and open spaces and the entire area of every Lot on which no building has been constructed shall be maintained in accordance with standards to be established by the Design Review Committee. In addition, each Lot shall be kept free from brush or other growth or trash which, in the reasonable opinion of the Design Review Committee, is unsightly or causes undue danger of fire. Notwithstanding the foregoing, the Design Review Committee shall be authorized to permit landscaping 8 IIII RPI risirk'Y 34 11111 Recepliand: 719512 03/23/2007 04'46'55 P1 B:i936 9:0539 Jear. Plberioo 17 of SJ Rec Fee:$2]1.00 Dos Fee D.00 GARFIELD COJNTY CO on a Lot in accordance with a landscaping plan approved by the Design Review Committee in accordance with the provisions hereof. 3.10 Restrictions on Garbage and Trash. No refuse, garbage, trash, lumber, grass, shrub or tree clippings, plant waste, compost, metal, bulk materials, scrap, refuse, or debris of any kind shall be kept, stored, or allowed to accumulate on any Lot except within an enclosed structure or appropriately f, screened from view, except that any container containing such materials may be placed outside at such times as may be necessary to permit garbage or trash pickup. 3.11 Animals. No animals, live stock or poultry of any kind shall be raised, bred or kept on any Lot, except that domesticated birds or fish and other small domestic animals permanently confined indoors will be allowed. No other animals, except an aggregate of not more than three domesticated animals (e.g., two cats and one dog) per Lot, will be permitted within the Community Area; provided that (a) such animals are not kept, bred, or maintained for any commercial purpose; (b) such animals must be fenced or restrained at all times within a Lot; (c) only one dog will be allowed for each residential dwelling unit located within the Aspen Glen P.U.D; (d) any Owner constructing a residential dwelling unit to the west of County Road 109 in the two acre zone district that chooses to have a dog shall c6hstruct a fenced kennel approved by the Design Review Committee prior to obtaining a certificate of occupancy for such residential dwelling unit; and (e) no dogs whatsoever shall be permitted on those Lots adjacent to or included within any Eagle Nest Overlay Protection Zone(s) as may be designated on the P.U.D. for Aspen Glen or any Plat for any portion thereof, so long as such Eagle Nest Overlay Protection Zone remains in effect. All Lots so restricted shall be specifically identified on the Plat therefor. Following termination of any Eagle Nest Overlay Protection Zone, the restriction contained in subparagraph (e) above shall be lifted and the general provisions limiting pets set forth herein shall apply to those Lots. No animal of any kind shall be permitted which in the opinion of the Design Review Committee makes an unreasonable amount of noise or odor or is a nuisance. All household pets shall be controlled by their Owner and shall not be allowed off the Owner's Lot except when properly leashed and accompanied by the pet Owner or his representative. Each Owner of a household pet shall be financially responsible and liable for any damage or destruction caused by said household pet and shall be personally and financially responsible for any clean-up related to such pet. 3.12 No Temporary Structures. No tent, shack, temporary structure, or temporary, building shall be placed upon any property within the Community Area except with the prior written consent of the Design Review Committee obtained in each instance. 3.13 Restriction on Antennae, Pipes, Utility Lines and Transmitters. Pipes for water, gas sewer, drainage, or other purposes, and utility meters or other utility facilities shall be kept and maintained, to the extent reasonably possible, underground or within an enclosed structure. No exterior radio antenna, television antenna, or other antenna of any type shall be erected or maintained in the Community Area. Satellite dishes of 24" or less may be allowed with the approval of the Design Review Committee. No electronic or radio transmitters of any kind other than garage door openers or cordless telephones shall be operated in or on any structure or within any Lot except as may be approved by the Design Review Committee. 3.14 Restrictions on Signs and Advertising. No sign, poster, billboard, advertising device, or display of any kind shall be erected or maintained anywhere within the Community Area so as to be evident to public view, except: (a) any builder, architect or landscape architect may, during initial construction, utilize one standard sign; and (b) development related signs owned or erected by Aspen Glen Golf Company or its successor, which shall be permitted. "For Sale" or "For Rent" signs shall not be permitted. 9 1111 PLM !JIt1Y4,13/4tR ,1117!#111 llh'id 11111 Receptiont: 719512 03/23/2007 04:46'55 PM B.1905 P.554© Jean Albertco 18 a` 54 Rec Fee'.$271.00 Doc Fee 9.©© GPRFIELD .AUNTY CO 3.15 Restrictions on Mining or Drilling. No property within the Community Area shall be used for the purpose of mining, quarrying, drilling, boring, or exploring for or removing oil, gas, or other hydrocarbon, minerals, rocks, stones, gravel, or earth, except drilling, exploring for, or removing underground water by Developer or any Person designated by the Association. 3.16 Wells. No well from which water is produced shall be dug, nor shall storage tanks or s, reservoirs be made or operated anywhere in the Community Area; provided, however. the Associations, shall have such right, but not the obligation, in connection with its performance of Public Functions to drill wells, provided further that nothing herein shall prevent the drilling of, the installation of wells, or the construction and maintenance of water storage tanks by the Association or any special district in which the Community Area is located, for purposes of providing water to the Community Area and adjacent areas. 3.17 Maintenance of Drainage. There shall be no interference with the established drainage pattern over any property within the Community Area, except as approved in writing by the Design Review Committee. Approval shall not be granted unless provision is made for adequate alternate drainage. The "established drainage pattern" shall mean the drainage pattern which exists at the time the overall grading of any property is completed and shall include any established drainage pattern shown on any plans approved by the Design Review Committee. The established drainage pattern may include the drainage pattern: (a) from Association Properties over any Lot; (b) from any Lot over the Association Properties; (c) from any property owned by the County or other Persons over any Lot; (d) from any Lot over property owned by the County or other Persons; (e) from any Lot over another Lot, or (f) from the Country Club Property over any portion of the Community Area. 3.18 Compliance with Insurance Requirements. Except as may be approved in writing by the Board of Directors, nothing shall be done or kept on property within the Commmnity Area which may result in a material increase in the rates of insurance or would result in the cancellation of any insurance maintained by the Association. 3.19 Compliance with Laws. Nothing shall be done or kept on any property within the Community Area in violation of any law, ordinance, rule, or regulation of any govemmental authority having jurisdiction. 3.20 Further Subdivision of Lots. The Owner of a Lot shall not fiirther subdivide a Lot. Notwithstanding the foregoing, the Owners of Lots D 1 through 1345, Aspen Glen Filing No. 1, shall be entitled to subdivide a duplex lot and construct a duplex dwelling. The Owner of any Lot which is permitted to subdivide a Lot for the purpose of constructing duplex homes, townhomes, condominiums or villas pursuant to the provisions hereof, the Aspen Glen P.U.D. or the Supplemental Declaration annexing such Lot to the Community Area, shall be permitted to subdivide such Lot only in accordance with the terms and provisions of this Amended Declaration and the Supplemental Declaration annexing such Lot to the Community Area, if applicable. Upon the resubdivision of any Lot in accordance with the terms and conditions contained herein. each Owner's undivided interest in the Common Areas and the Association Properties shall be allocated in accordance with the provisions of Section 5.2 hereof 3.21 Restrictions on Sewage Disposal Systems. No cesspool, septic tank, or other individual sewage disposal system shall be installed within the Community Area. 3.22 Restrictions on Water Systems. Except as provided in Section 341 hereof, no individual water supply system shall be installed or maintained for any property within the Community Area. 10 ■III P1 EL 1101,14 )110 Ieiri, {h N''d 11111 Reception#: 719512 03/23/2007 0446 55 PM B:1905 P 05Ci Jean R1berico '9 a` 54 Rec Fee .$271.00 Doc Fee.0. .0 G°RFIELD COUNTY CC 3.23 Restoration in the Event of Damage or Destruction. In the event of damage or destruction of anv Improvement on any Lot, the Owner thereof shall cause the damaged or destroyed Improvement to be restored or replaced to its original condition or such other condition as may be approved in writing by the Design Review Committee, or the Owner shall cause the damaged or destroyed Improvement to be demolished and the Lot to be suitably landscaped, subject to the approval of the Design Review Committee, so as to present a pleasing and attractive appearance. Such Improvements shall be repaired, restored or otherwise demolished and suitably landscaped within an established time frame set forth in design review guidelines promulgated by the Design Review Committee. 3.24 Storage. No building materials shall be stored on any Lot except temporarily during continuous construction of an Improvement. 3.25 Vehicle Repairs. No maintenance, servicing, repair, dismantling, or repainting of any type of vehicle, boat, machine, or device may be carried on, except within a completely enclosed structure which screens the sight and sound of the activity from the street and from other Lots. 3.26 Storage of Gasoline and Explosives, Etc. No Lot shall be used for the storage of explosives, gasoline, or other volatile and/or incendiary materials or devices or any materials deemed hazardous substances under applicable environmental laws, rules, or regulations. Gasoline or fuel for Owner's lawn mower, snowblower, and the like may be maintained on an incidental basis on the Lot in an amount not to exceed five (5) gallons. 3.27 Trailers, Campers, Recreational and Junk Vehicles. No boat, camper (on or off supporting vehicles), trailer, tractor, truck, industrial or commercial vehicle (both cabs or trailers), towed trailer unit, motorcycle, disabled, junkor abandoned vehicles, motor home, mobile home, recreational vehicle, or any other vehicle, the primary purpose of which is recreational, sporting, or commercial use, shall be parked or stored in, on, or about any Lot or street within the Community Area, except within the attached garage or unless such vehicles are concealed from view and the screening of such vehicles has been approved by the Design Review Committee. For the purposes of this covenant, any 314 -ton or smaller vehicle, commonly known as a pickup truck, shall not be deemed a commercial vehicle or truck. The Association shall have the right to enter an Owner's Lot to remove and store, at Owner's expense, vehicles in violation of this Section. Any such Owner shall be entitled to 30 days written notice prior to such action by the Association. No snowmobile or recreational vehicle powered by an internal combustion engine may be operated within the Community Area except for purposes of ingress and egress and only across designated streets and rights-of-way. In addition to the foregoing, the Association shall have the power to promulgate reasonable rules concerning the type and use of golf carts within the Community Area and Common Areas, which rules may be subject to the rights and restrictions contained in the Golf Course Easement. In accordance with the foregoing, the Association shall have the right to prohibit the use of golf carts owned by Owners (but not golf carts owned or leased by the Country Club Owner) on all streets, roads, rights-of-way, and cart paths within the Community Area. 3.28 Fences Prohibited. Fences along or adjacent to the boundary or lot line may be prohibited on some or all of the Lots, as identified on the Plat for such Lots or pursuant to criteria established by the Design Review Committee or Golf Course Easement. On any lots where fences are permitted, the fence may only be constructed upon the prior written approval of the Design Review Committee and in conformance with standard design specifications previously approved by the Design Review Committee, or as provided in the Golf Course Easement. Privacy fences, security fences, and fences for screening purposes may also be prohibited. To the extent they are permitted, they shall also be approved by the Design Review Committee and constructed in conformance with standard design 11 1111IW51�1�h�f��*laMtilf+hf Il7041CIt 'L11III Reception#: 719512 03122f2007 E4 46:55 on B.1205 P.0542 Jean etbe,lco 20 of 54 Rec Fee :$271.00 Doc Fee .0.00 DORF:EDO COUNTY GO specifications previously approved by the Design Review Committee and as provided in the Golf Course Easement, The Association, through the Design Review Committee, shall have the right to prohibit the construction or maintenance of fences on those Lots which abut the Country Club Property in accordance with the terms of the Golf Course Easement. 3.29 Air Conditioning and Heating Equipment/Solar Collecting Devices. No heating, airs, conditioning, air movement, solar collection (e.g., swamp coolers) or refrigeration equipment shall be placed, allowed, or maintained ancwhere other than on the ground; provided, however, that solar units meeting all governmental guidelines for residential uses may be located on the roof if (a) such solar unit is built into and made an integral part of the roof flashing or the structure of any house constructed on such Lot, and (b) such solar unit is specifically approved by the Design Review Committee in accordance with Article 4 below. The type, size, location, and necessary screening for any proposed solar collection device shall be submitted to the Design Review Committee in accordance with its established procedures and the Design Review Committee shall have the authority to approve, conditionally approve, or disapprove the proposed collection device in accordance with the terms and provisions hereof Notwithstanding the foregoing, in no event will the terms and provisions of this Amended Declaration be deemed to prohibit the use of solar collection devices within the Community Area and in no event shall the Design Review Committee unreasonably restrict the right to use solar collection devices by any Owner of a Lot within the Community Area. 3.30 Leases. Any Owner shall have the right to Lease his Lot under the following conditions: 3.30.1 All Leases shall be in writing; 3 30.2 All Leases shall be for a Lot with a completed residence thereon; 3.30.3 All Leases shall provide that the terms of the Lease and lessee's occupancy of the Lot shall be subject in all respects to the provisions of this Amended Declaration, and the Articles of Incorporation, the Bylaws, and the Rules and Regulations of the Association, and that any failure by the lessee to comply with any of the aforesaid documents, in any respect, shall be a default under the Lease; and 3.30.4 Each Owner shall notify the Association immediately upon the leasing of his Lot, and register with the Association both the name(s) of the tenant(s) and new mailing information for notices to be sent from the Association directly to such Owner. 3.31 Lakes. No swimming or boating activities shall be conducted on any lakes or ponds located within the Community Area. Fishing may be allowed, but only in accordance with the provisions of the Rules and Regulations. 3.32 Easements; Utilities. All Streets, pedestrian ways and easements shown on the Recorded Plat for any portion of the Community Area have been reserved for the purposes indicated on such Plat. No Owner may erect any structure of any type whatsoever in such easement areas, nor may an Owner use the surface of such easement areas for any private use, other than landscaping which will not interfere with the use of said easement by the entities for whose benefit it has been reserved. With respect to such easement areas, as well as any other such easement areas described on a Plat or within recorded easement documents, any and all bona fide public utility service companies, including, but not limited to, Roaring Fork Water and Sanitation District, Public Service Company of Colorado, Holy Cross Electric Association, Inc., Rocky Mountain Natural Gas, Qwest Communications and the Country Club Owner pursuant to the Golf Course Easement, shall have the right of access, ingress, egress, and use of such easement areas for the installation and maintenance of utility facilities. Except as to special street lighting 12 KIM RIM 11111 RecepUiontl: 719512 D3/23;2027 04:46 -5 PM B:1905 P:0543 Jean Ploertoo 21 o` 54 Rec. Fee .$271.00 Doc Fee 0.0© 6PRFIELD COUNTY CO or other aerial facilities which may be required by the County or may be required by the franchise of any utility company, no aerial utility facilities of any type (except meters, risers, service pedestals and other surface installations necessary to maintain or operate appropriate underground facilities) shall be erected or installed within the Community Area, whether upon Lots, easements, streets, or rights-of-way of any type, either by a utility company or any other person or entity, (including but not limited to anv person owning or acquiring any part of the Community Area) and all utility service facilities (including but not limited to water, sewer, gas, electricity and telephone) shall be buried underground, ander recreational s' easements, Common Areas, streets, or other utility easement areas for the purpose of serving any structure located on any part of the Community Area. 3.33 Landscaping. Each Lot shall be fully landscaped within one hundred eighty (180) days of the date on which a certificate of occupancy is obtained for the residence, subject to excusable delays as determined by the Design Review Committee due to weather. The landscaping of each Lot shall be primarily indigenous plant life from an established plant list as established by the Design Review Conmiittee. Home lawns shall be of an identical or very similar insect resistant blend as rough grasses naturally occurring in the area and such grasses shall be subject to guidelines promulgated by the Design Review Committee. No landscaping plan shall be implemented until approval of the Design Review C3mmittee has been obtained. Each Owner shall maintain the landscaping upon such Owner's Lot in good condition. Home lawns and Common Areas shall be irrigated with surface waters wherever practical. Irrigation shall be limited to three days a week after establishment of such lawns. Each Owner shall diligently maintain, cultivate, husband, protect and preserve the shrubs and trees upon his Lot, including, without limitation, the removal of dead branches, dead brush and performance of other tasks calculated to remove or eliminate material which constitutes or creates a fire hazard. Each Owner shall cooperate with the Association in its brush clearing and fire protection husbandry program for reduction of fire hazard on Common Areas. Nothing in this Amended Declaration shall require cultivated vegetation to consist primarily of turf grass. The Design Review Committee shall not prohibit or limit xeriscape or prohibit or limit the installation or use of drought -tolerant vegetative landscapes. 3.34 Tennis Courts and Basketball Goals. Tennis courts shall not be permitted on Lots unless a variance is received from the Design Review Committee. A variance would only be considered if the applicant owns two adjacent lots, where one lot is to be used for the purpose of a tennis court and the Design Review Committee is completely satisfied that the tennis court is thoroughly screened from all neighbors' views. Basketball goals, backboards and nets shall not be allowed unless a variance is received from the Design Review Committee. A variance would only be considered if the applicant can demonstrate that basketball hoop and backboard is thoroughly screened from all neighbors' views and the basketball hoop and backboard would create no adverse noise impact on any neighbor. 3.35 Swimming Pools and Pool Equipment. No pool may be erected constructed or installed without the prior written consent of the Design Review Committee. Above -ground pools are expressly prohibited. All pool service equipment shall be fenced and located in either (a) a side yard between the front and rear boundaries of the dwelling, or (b) in the rear yard adjacent to the dwelling; and shall not be visible from any residential street within the Community Area. 3.36 Outside Lighting. All exterior lighting installed or maintained on any dwelling unit located on a Lot shall be placed so that the light source is not visible from the dwelling on any neighboring Lot, any Common Area, or the Clubhouse. The Design Review Committee may establish various standards for exterior lighting including, without limitation, standards for hue and intensity. 3.37 Camping and Picnicking. No camping or picnicking shall be allowed within the Common Areas except in areas designated for such purpose. 13 •III N 5Kilgii+ hPL 14111I110;51 hJ34;hi1t1NNIIRd 111111 Recepliond: 719512 03/23)2007 04.45-55 PN 2..19©5 0'.0544 5ean P15.ertoo 22 o` 54 Rec Fee 5271.©00 Doc Fee:0.00 FFRFIELD COUNTY 00 3.38 Prohibition On Use of Pesticides. Use of pesticides, herbicides, fertilizers and fungicides shall be prohibited on that portion of any Lot located within twenty feet (20') of the River. The purpose of limiting or prohibiting use of pesticides, herbicides, fertilizers, or fungicides on such portion of the Lots abutting the River shall be to minimize the possible contamination from runoff of such chemicals into the River. Except as provided above, the use of pesticides approved by the Design Review Committee shall be allowed three times annually for the control of weeds. In addition to the foregoing, c. only natural organic based fertilizers shall be used on home lawns and gardens. A maximum of three applications shall be allowed annually. 3.39 Fire Protection Systems. In the event that a dwelling unit or other Improvement constructed upon a Lot is 4.800 square feet or larger, the Owner of such Lot shall be required to install a fire protection sprinkler system within such dwelling unit or Improvement. Such fire protection sprinkler system shall be approved by the Design Review Committee in accordance with all applicable fire codes and the terms and provisions hereof or shall be installed in compliance with Design Guidelines previously established by the Design Review Committee. 3.40 Engineering and Soils Reports. Certain Lots may be subject to geologic and hydraulic hazards. All Improvements shall require the submittal of an engineering report addressing soils and geology conditions, foundation design and drainage prepared by a registered professional engineer. AU Lot development, including Improvement construction, shall be conducted in accordance with engineer's stipulations. 3.41 Irrigation Systems and Ditch Laterals. Certain irrigation ditch laterals are currently located or may be constructed (a) within easements areas located upon certain Lots; (b) upon Association Properties; or (c) in areas adjacent to certain Lots or Association Properties ('Ditch Laterals'). In no event shall any Owner be entitled to install irrigation systems which divert water from the Ditch Laterals or make any modifications to the Ditch Laterals without the prior written approval of the Design Review Committee. In addition, in no event shall any Owner obstruct or impede the flow of water through any Ditch Lateral. Except as otherwise provided herein, no permanent or temporary Improvements (including, without limitation, landscaping and fencing) shall be constructed by an Owner within or upon any Ditch Lateral or drainage or irrigation easement located within, or adjacent to, the Community Area. In the event that an Owner desires to construct any Improvement within or upon any such Ditch Lateral or drainage or irrigation easement, such Owner shall submit the plans for such Improvements to the Design Review Committee in accordance with the terms and provisions of Article 4 hereof. In the event the Design Review Committee approves the plans for the proposed Improvements in accordance with the provisions of Article 4 hereof, the Owner of such Lot may construct such Improvements in accordance with the plans approved by the Design Review Committee; provided, however, that in the event that such Improvements are damaged or destroyed in any manner by the Association, the Country Club Owner, or any agent, employee, contractor, subcontractor, concessionaire or invitee thereof, then the Owner of such Lot shall be obligated to repair or replace such Improvement at such Owner's sole cost and expense. IN ACCORDANCE WITH THE FOREGOING, AND NOTWITHSTANDING ANYTHING IN THIS AMENDED DECLARATION TO THE CONTRARY, IN NO EVENT SHALL THE ASSOCIATION OR THE COUNTRY CLUB OWNER BE OBLIGATED FOR ANY LOSS, DAMAGE, COST OR EXPENSE INCURRED BY ANY OWNER FOR DAMAGE OR DESTRUCTION TO ANY IMPROVEMENT LOCATED WITHIN OR UPON ANY DITCH LATERAL OR ANY DRAINAGE OR IRRIGATION EASEMENT AND THE CONSTRUCTION OF ANY IMPROVEMENT WITHIN SUCH AREAS SHALL BE AT THE RISK OF SUCH OWNER. In the event that an Owner desires to construct any Improvement within or upon any Ditch Lateral or any drainage or irrigation easement, the Association hereby disclaims any obligation or potential liability regarding the maintenance, operation and repair of the Ditch Laterals except as may be provided by separate agreement between the Country Club Owner and the Association. All Owners hereby assume any risk involved with respect to Ditch 14 11111i1J 1+0,1,1 .511e.1K'LWYklrait M101111111 Receptienk 719512 03123/2307 04.46:55 RN 8.13006 P.DE46 Jear Plberioc 23 of 64 Rec Fee :$271.00 Doc Fee .0.30 GPRF ELD CONK CO Laterals and hereby acknowledge that the Association shall have no responsibility or liability of any kind to any Owner who incurs any loss, damage, cost or expense arising from or related to such Ditch Laterals, including, but not limited to, any loss or damage caused by flooding. In accordance with the foregoing, such Owners, on behalf of themselves and their successors and assigns, by acceptance of a deed, acknowledge their assent to the provisions hereof, and hereby release the Association, and each of their officers, directors, partners, agents, employees, stockholders and contractors, from and against any and all _ obligations, claims, demands, liabilities, costs, expenses, attorneys' fees, or causes of action of any kind:, whatsoever, whether arising prior or subsequent to the date hereof, whether known or unknown, based k- upon, arising out of, or in any manner related to, the Ditch Laterals. 3.42 Duplex Units. In addition to such other design criteria as the Design Review Committee may establish, no duplex unit shall be constructed within the Community Area such that one unit located in the duplex unit is the architectural mirror image of the adjacent unit in such duplex unit. In addition to the foregoing, in all duplex units constructed in the Community Area, the floor area square footage of one unit within such duplex unit shall not exceed forty percent (40%) of the total floor area square footage of the total two unit dwelling. Prior to the approval of building plans by the Design Review Committee, the Owner of said duplex lot shall submit to the Design Review Committee a "Duplex Common Area Xgreement" for review and approval in accordance with the terms and provisions of Article 4 hereof Each Duplex Common Area Agreement shall provide for the allocation of common costs and expenses among the Owners of units within such duplex unit, including costs or expenses arising from or related to: (a) the damage or destruction of improvements or structures common to both units within the duplex unit, including, but not limited to, the foundation of such duplex unit, supporting walls, ceilings and roofs; (b) the maintenance, repair or replacement of utility systems which service both units within the duplex unit including, but not limited to, water, sewer, electrical and gas systems; (c) the complete destruction of the duplex unit; (d) the regular maintenance and upkeep of all exterior surfaces; and (e) such other matters which may be peculiar to the particular duplex unit, including, but not limited to, the maintenance of yards and landscaping common to both units comprising the duplex. The Design Review Committee shall have the authority to require the Duplex Common Area Agreement to contain such additional terms and provisions as it deems reasonable or practical. The same time periods and standards for the approval of Improvements shall apply to the Design Review Committee's review of all Duplex Common Area Agreements submitted to the Design Review Committee hereunder. Prior to issuance of a certificate of occupancy for a duplex unit constructed within the Community Area, the Owner of the Lot upon which such duplex unit is constructed shall record in the records of the Clerk and Recorder of the County the "Duplex Common Area Agreement" as approved by the Aspen Glen Design Review Committee. ARTICLE 4 ARCHITECTURAL APPROVAL 4.1 Approval of Improvements Required. The approval of the Design Review Committee shall be required for any Improvement to Property on any Lot, except (a) where approval is not reasonably required to carry out the purposes of this Amended Declaration as determined by the Design Review Committee; (b) where prior approval of Improvements to Property may be waived or certain Improvements to Property may be exempted in writing or under written guidelines or rules promulgated by the Design Review Committee, and (c) construction of Improvements pursuant to the Golf Course Easement. 4.2 Improvement to Property Defined. "Improvement to Property' requiring approval of the Design Review Committee shall mean and include, without limitation, any of the following occurring 15 1111111+114 %Ii4CAYVAITNiVI Nd 1I III Reception#'. 719512 C3/23/2007 24 26 55 PM B.1905 P.0646 Jean PLbe-inn 24 of 54 Ren Fee :$271.00 roc Fee -0.00 GARFIELD CO.NTY CO within the Community Area. (a) the construction, installation, erection, or expansion of any building, structure, or other Improvement, including utility facilities and fences; (b) the demolition, destruction or removal, by voluntary action, of any building, structure, tree, vegetation or other Improvement; (c) the grading, excavation, filling, or similar disturbance to the surface of the land including, without limitation, change of grade, change of ground level, change of drainage pattern, or change of stream bed; and (d) any change or alteration of any previously approved Improvement to Property, including any change of exterior appearance, color, or texture occurring. 4.3 Membership of Committee. The Design Review Committee shall consist of five (5) members, all of whom shall be appointed by the Board of Directors. Members of the Design Review Committee may but shall not necessarily be Members of the Association. Members of the Design Review Committee appointed by the Board of Directors may be removed at any time by the Board, and shall serve for such term as may be designated by the Board or until resignation or removal by the Board. The Association may at any time and from time to time change the authorized number of members of the Design Review Committee, but the number of members shall not be less than three (3). 4.4 Establishment of Subcommittees. The Design Review Committee shall have the right to establish subcommittees ("Covenant Committees") to review the modifications to Improvements upon Lots after the initial construction thereof has been completed and a certificate of occupancy has been issued thereon, and for enforcement of compliance with this Amended Declaration and any Supplemental Declaration applicable to a Lot. For purposes of this Amended Declaration, all references to the Design Review Committee shall also refer to any Covenant Committee established by the Design Review Committee. The procedures for establishment, the rights and duties thereof, and the limitations thereon shall be established and adopted by the Design Review Committee. 4.5 Address of Design Review Committee. The address of the Design Review Committee shall be at the principal office of the Association. 4.6 Submission of Plans. Prior to submission of building plans to the County for a building permit when applicable and prior to commencement of work to accomplish any proposed Improvement to Property, the Person proposing to make such Improvement to Property ('Applicant') shall submit to the Design Review Committee at its offices such descriptions, surveys, plot plans, drainage plans, elevation drawings, construction plans, specifications, and samples of materials and colors as the Design Review Committee shall reasonably request showing the nature, kind, shape, height, width, color, materials, and location of the proposed Improvement to Property. The Applicant shall be entitled to receive a receipt for the same from the Design Review Committee or its authorized agent. The Design Review Committee may require submission of additional plans, specifications, or other information prior to approving or disapproving the proposed Improvement to Property. Until receipt by the Design Review Committee of all required materials in connection with the proposed Improvement to Property, the Design Review Committee may postpone review of any materials submitted for approval. 4.7 Criteria for Approval. The Design Review Committee shall approve any proposed Improvement to Property only if it deems in its reasonable discretion that the Improvement to Property in the location indicated will not be detrimental to the appearance of the surrounding areas of the Community Area as a whole; that the appearance of the proposed Improvement to Property will be in harmony with the surrounding areas of the Community Area; that the Improvement to Property will not detract from the beauty, wholesomeness, and attractiveness of the Community Area or the enjoyment thereof by Owners_ that the upkeep and maintenance of the proposed Improvement to Property will not become a burden on the Association; and that the proposed Improvement to Property does not affect the drainage plan for the Community Area or any portion thereof. The Design Review Committee may 16 III! IIsi Wi1151,N4, Uil1,101111;u1ti EI1{hNLhN1I III ReceptionP: 719512 03/23/2207 04.46:55 PM B:'9Z5 P;0547 Jean Pfberioo 2s of 54 Rea Fee.$271.00 Dos Fee:0 10 GPRF E'D COUNT" CO condition its approval of any proposed Improvement to Property upon the making of such changes therein as the Design Review Committee may deem appropriate. 4.8 Design Guidelines. The Design Review Committee may issue standards or rules ("Design Guidelines") relating to the procedures, materials to be submitted, fees, and additional factors which will be taken into consideration in connection with the approval of any proposed Improvement to Property. The Design Guidelines may specify circumstances under which the strict application of'' limitations or restrictions under this Amended Declaration (which are not substantial or material in nature)will be waived or deemed waived in whole or in part because of a change in applicable laws or because strict application of such limitations or restrictions would be unreasonable or unduly harsh under the circumstances. The Design Guidelines may waive the requirement for approval of certain Improvements to Property or exempt certain Improvements to Property from the requirement for approval, if such approval is not reasonably required to carry out the purposes of this Amended Declaration and such Improvements are not substantial in nature 4.9 Design Review Fee. The Design Review Committee may, in the Design Guidelines, provide for the payment of a fee to accompany each request for approval of any proposed Improvement to 1*operty. The Design Review Committee may provide that the amount of such fee shall be uniform for similar types of any proposed Improvement to Property or that the fee shall be determined in any other reasonable manner, such as based upon the estimated cost of the proposed Improvement to Property. The Design Committee may further provide that the amount of any such design review fee include engineering consultant and other fees reasonably incurred by the Association in reviewing any proposed Improvement to Property. 4.10 Decision of Committee. Any decision of the Design Review Committee shall be made within thirty (30) days after receipt by the Design Review Committee of all materials required by the Design Review Committee, unless such time period is extended by mutual agreement. The decision shall be in writing and if the decision is not to approve a proposed Improvement to Property, the reasons therefor shall be stated. The decision of the Design Review Committee shall be promptly transmitted to the Applicant at the address furnished by the Applicant to the Design Review Committee. 4.11 Failure of Committee to Act on Plans. Any request for approval of a proposed Improvement to Property shall be deemed approved, unless disapproval or a request for additional information or materials is transmitted to the Applicant by the Design Review Committee within thirty (30) days after the date of receipt by the Design Review Committee of all required materials. 4.12 Completion of Work After Approval. Following the approval of any proposed Improvement by the Design Review Committee, the proposed Improvement shall be completed by such Owner: (a) as promptly and diligently as possible but in no event in excess of the time periods set forth below; (b) in substantial conformance with all plans and specifications and other materials presented to the Design Review Committee; and (c) in accordance with any and all conditions imposed by the Design Review Committee. In accordance with the foregoing, all improvements approved by the Design Review Committee shall be completed (a) within 18 months from the date of approval of such Improvements by the Design Review Committee; provided, however, that any and all landscaping and/or gardening approved by the Design Review Committee which is related to the construction of the initial dwelling unit for a Lot shall be completed within 180 days of the issuance of the certificate of occupancy for such dwelling unit or within 18 months after the approval of the plans for such dwelling unit by the Design Review Committee, whichever is sooner; or (b) within such time period as the Design Review Committee may otherwise prescribe. In all cases, the Design Review Committee must issue a "Notice of Satisfactory Completion of Improvement to Property" or a "Conditional Notice of Satisfactory Completion of Improvement to Property" prior to the application for an issuance of a certificate of occupancy, from the 17 11111 rd K R &M IWIN'h1141 IMATItthIli 11111 Receptiond: 719512 02/2SJ2007 01.46:55 B.12.05 P:0548 Jean 9lberioo 26 of 54 Rec Fee $271.00 Deo Fee:5.00 cPFF:=Lo COUNTY co County. Failure to comply with the terms and conditions of this provision shall constitute noncompliance with the terms and provisions of this Amended Declaration and the Association shall have the right to invoke all rights and remedies provided to the Association hereunder, including, but not limited to, the imposition of fines and penalties in accordance with paragraph 8.17 hereof. 4.13 Notice of Completion. Upon completion of the Improvement to Property, the Applicant ,T. shall give written Notice of Completion to the Design Review Committee. Until the date of receipt of.. such Notice of Completion, the Design Review Committee shall not be deemed to have notice of completion of such Improvement to Property. 4.14 Inspection of Work. The Design Review Committee or its duly authorized representative shall have the right to inspect any Improvement to Property prior to or after completion, provided that the right of inspection shall terminate fourteen (14) days after the Design Review Committee shall have received a Notice of Completion from Applicant. 4.15 Notice of Satisfactory Completion of Improvement to Property. After inspection of the Improvement to Property, the Design Review Committee will issue a Notice of Satisfactory Completion of Improvement to Property if the Improvements were completed in conformity with the plan, description, and materials furnished to and approved by the Design Review Committee, and any conditions imposed by the Design Review Committee. Upon such receipt of Notice of Satisfactory Completion of Improvement to Property, the Applicant may proceed to request a certificate of occupancy from the County. 4.16 Notice of Noncompliance. If, as a result of inspections or otherwise, the Design Review Committee finds that any Improvement to Property has been done without obtaining the approval of the Design Review Committee or was not done in complete conformity with the description and materials furnished to, and any conditions imposed by, the Design Review Committee or was not completed within eighteen (18) months after the date of approval by the Design Review Committee or such shorter period as specified herein or in writing by the Design Review Committee, the Design Review Committee shall notify the Applicant in writing of the noncompliance, which notice shall be given, in any event, within fourteen (14) days after the Design Review Committee receives a Notice of Completion from the Applicant. The notice shall specify the particulars of the noncompliance and shall require the Applicant to take such action as may be necessary to remedy the noncompliance. If a Notice of Noncompliance has been issued by the Design Review Committee, the Applicant may post a Performance Guaranty, as herein after defined, sufficient to bring the Improvement to Property into compliance with the Design Review Committee; provided however, that the Design Review Committee shall not be required to accept such Performance Guaranty. Such Performance Guaranty must be in an amount sufficient to remedy any noncompliance, as determined by the Design Review Committee in its sole and absolute discretion After posting such Performance Guaranty with the Association, the Design Review Committee may then issue a Conditional Notice of Satisfactory Completion of Improvement to Propertv. Such Conditional Notice shall grant authorization for the Applicant to request a certificate of occupancy from the County. 4.17 Performance Guaranty for Noncompliance or Incompletion. If the Applicant wishes to apply for and obtain a certificate of occupancy from the County prior to completion of landscaping and/or prior to correction of a minor noncompliance, the Applicant may request to post a bond, letter of credit or cash escrow in an amount equal to the estimated cost of completing such work ("Performance Guaranty"); provided however the Design Review Committee shall not be required to accept such Performance Guaranty. The Performance Guaranty shall be used by the Association to ensure completion of such work in accordance with the time periods for completion established hereunder and the plans for such work as approved by the Design Review Committee. The form, content and terms of the Performance Guaranty shall be determined by the Design Review Committee in its sole and absolute 18 1111 FA KAMM Ili It4 14!hII '.!i !# 'Mld 11111 Receplionq: 719512 03/23/2007 0ff 56 55 PM 8.1905 P.0542 5ean Rloertco 27 of 54 Rec Fee 5271.00 Doc Fee .0 00 GRFIELD COUNTY CO discretion. If the Design Review Committee accepts the Performance Guaranty for the completion of landscaping and/or remedy of noncompliance, then the Design Review Committee shall issue a Conditional Notice of Satisfactory Completion to Improvement to Property. Such Conditional Notice shall grant authorization for Applicant to request a certificate of occupancy from the County. All premiums, costs and expenses related thereto shall be the obligation of the Owner. Any surety or financial institution issuing a payment and performance bond or letter of credit hereunder shall be authorized to do v business in Colorado and shall be acceptable to the Design Review Committee. If any Owner fails to,. complete the landscaping work or fails to remedy the noncompliance, in accordance with the provisions of the Amended Declaration, subject to delays beyond the reasonable control of such Owner, the Association is authorized under the provisions of the Amended Declaration to enter upon the Lot of such Owner to complete the landscaping work and or remedy the noncompliance in accordance with the plans therefore, draw upon the Performance Guaranty for all costs incurred by the Association relating to the completion of the landscaping work or relating to the remedy of noncompliance and levy a Reimbursement Assessment against such Owner for all costs and expenses incurred by the Association in completing such landscape work or in remedying such noncompliance which are not otherwise covered by the Performance Guaranty, including any costs and expenses of collection and attorneys' fees. Upon sgtisfactory completion of landscaping and/or remedy of noncompliance, the Applicant shall give written Notice of Completion to the Design Review Committee as outlined in Article 4.15 herein. If the Design Review Committee finds the Improvements satisfactory, a Notice of Satisfactory Completion of Improvernents to Property shall be issued by the Design Review Committee within fourteen (14) days of receipt of Notice of Completion and any funds being held by the Association as a Performance Guaranty shall be released to Applicant within seven (7) days of the issuance of the Notice of Satisfactory Completion of Improvements to Property. 4.18 Failure of Committee to Act After Completion. If; for any reason other than the Applicant's act or neglect, the Design Review Committee fails to notify the Applicant of any noncompliance within fourteen (14) days after receipt by the Design Review Committee of written Notice of Completion from the Applicant, the Improvement to Property shall be deemed in compliance if the Improvement to Property was, in fact, completed as of the date of Notice of Completion and the Applicant may proceed to request a certificate of occupancy from the County. 4.19 Appeal to Board of Directors of Finding of Noncompliance. If the Design Review Committee gives any Notice of Noncompliance, the Applicant may appeal to the Board of Directors by giving written notice of such appeal to the Board and the Design Review Committee within thirty (30) days after receipt of the Notice of Noncompliance by the Applicant. If, after a Notice of Noncompliance, the Applicant fails to commence diligently to remedy such noncompliance, the Design Review Committee shall request a finding of noncompliance by the Board of Directors by giving ccritten notice of such request to the Association and the Applicant within sixty (60) days after delivery to the Applicant of a Notice of Noncompliance from the Design Review Committee. In either event, the Board of Directors shall hear the maker in accordance with the provisions of the Bylaws for Notice and Hearing, and the Board shall decide whether or not there has been such noncompliance and, if so, the nature thereof and the estimated cost of correcting or removing the same. 4.20 Correction of Noncompliance. If the Board of Directors determines that a noncompliance exists, the Applicant shall remedy or remove the same within a period of not more than forty-five (45) days from the date of receipt by the Applicant of the ruling of the Board of Directors. If the Applicant does not comply with the Board ruling within such period, the Board may, at its option, record a Notice of Noncompliance against the real property on which the noncompliance exists, may enter upon such property and remove the noncomplying Improvement to Property, or may otherwise remedy the noncompliance, and the Applicant shall reimburse the Association, upon demand, for all expenses incurred therewith. If such expenses are not promptly repaid by the Applicant or Owner to the 19 •III IWyW4Chl14Ishllb'I1ihlOa'tagi 1111III Reception#: 719512 03123(2007 04 46'..5 PM 9:193 P.65ce Jean Fiberloo 28 of 54 Rec Fee $2T1. eC Doc gee ©.C9 GPRFIEUD COUNTY 00 Association, the Board may levy a Reimbursement Assessment against the Owner of the Lot for such costs and expenses. The right of the Association to remedy or remove any noncompliance shall be in addition to all other rights and remedies which the Association may have at law. in equity, or under this Amended Declaration. The Applicant and Owner of the Lot shall have no claim for damages or otherwise on account of the entry upon the property and removal of the noncomplying Improvement to Property. 4.21 No Implied Waiver or Estoppel. No action or failure to act by the Design Review,, Committee or by the Board of Directors shall constitute a waiver or estoppel with respect to future action by the Design Review Committee or the Board of Directors with respect to any Improvement to Property. Specifically, the approval of the Design Review Committee of anv Improvement to Property shall not be deemed a waiver of any right or an estoppel to withhold approval or consent for any similar Improvement to Property or any similar proposals, plans, specifications, or other materials submitted with respect to any other Improvement to Property. 4.22 Committee Power to Grant Variances. The Design Review Committee may authorize variances from compliance with any of the provisions of this Amended Declaration, including restrictions upon height, size, floor area, or placement of structures or similar restrictions, when circumstances such as topography, natural obstructions, hardship, aesthetic or environmental consideration may require. Such variances must be evidenced in writing and shall become effective when signed by at least a majority of the members of the Design Review Committee. If any such variance is granted, no violation of the provisions of this Amended Declaration shall be deemed to have occurred with respect to the matter for which the variance was granted; provided, however, that the granting of a variance shall not operate to waive any of the provisions of this Amended Declaration for anv purpose except as to the particular property and particular provision hereof covered by the variance, nor shall the granting of a variance affect in any way the Owner's obligation to comply with all governmental laws and regulations affecting the property concerned, including, but not limited to, zoning ordinances and setback lines or requirements imposed by any governmental authority having jurisdiction. 4.23 Meetings of Committee. The Design Review Committee shall meet from time to time as necessary to perform its duties hereunder. The Design Review Committee may from time to time, by resolution in writing adopted by a majority of the members, designate a Committee Representative (who may but need not be one of its members) to take any action or perform any duties for or on behalf of the Design Review Committee, except the granting of approval to any Improvement to Property and granting of variances. The action of such Committee Representative within the authority of such Committee Representative or the written consent or the vote of a majority of the members of the Design Review Committee shall constitute action of the Design Review Committee. 4.24 Records of Actions. The Design Review Committee shall report in writing to the Board of Directors all final actions of the Design Review Committee, and the Board shall keep a permanent record of such reported action. 4.25 Estoppel Certificates. The Board of Directors shall, upon the reasonable request of any interested Person and after confirming any necessary facts with the Design Review Committee, famish a certificate with respect to the approval or disapproval of anv Improvement to Property or with respect to whether any Improvement to Property was made in compliance herewith. Any Person, without actual notice to the contrary, shall be entitled to rely on said certificate with respect to all matters set forth therein. 4.26 Nonliability of Committee Action. There shall be no liability imposed on the Design Review Committee, any member of the Design Review Committee, any Committee Representative, the Association, or any member of the Board of Directors for any loss, damage, or injury arising out of or in 20 1111PII HiihVithIlliArliiIIA1?R141,{GiitiNi1IIII Reception#' 719512 q;=erico 003123120©7 0446'.5= PM 3.1905 9'.0551 Lean 29 of 54 Rec Fee $271 .©© Jae Fee.0. 00 GPRFIELD COUNTY CO any way connected with the performance of the duties of the Design Review Committee unless due to the willful misconduct of the party to be held liable. In reviewing any matter, the Design Review Committee shall not be responsible for reviewing, nor shall its approval of an Improvement to Property be deemed approval of the Improvement to Property from the standpoint of safety, whether structural or otherwise, or conformance with building codes or other governmental laws or regulations. In accordance with the foregoing, any Owner seeking the approval of the Design Review Committee for any matter shall provide the Design Review Committee with a written waiver reaffirming the foregoing and releasing the Design'' : Review Committee, any Member of the Design Review Committee, any Committee Representative, the Association and any member of the Board of Directors from any and all liability arising from or related to the Design Review Committee's approval of such Improvement 4.27 Construction Period Exception. During the course of actual constmction of any permitted structure or Improvement to Property, and provided construction is proceeding with due diligence, the Design Review Committee shall temporarily suspend the provisions contained in this Amended Declaration as to the property upon which the construction is taking place to the extent necessary to permit such construction, provided that, during the course of any such construction, nothing is done which will result in a violation of any of the provisions of this Amended Declaration upon completion of construction and nothing is done which will constitute a nuisance or unreasonable interference with the use and enjoyment of other property. The Design Review Committee shall promulgate rules and regulations concerning the use of temporary sanitary facilities and trash dumpsters, type of construction vehicles allowed on and use of the streets, roads, and rights-of-way located within the Community Area and Association Properties, and other activities associated with the construction of Improvements to Property, provided said rules and regulations shall not interfere with the rights existing under the Permitted Exceptions. ARTICLE 5 ASSOCIATION PROPERTIES 5.1 Members' Rights of Use and Enjoyment Generally. Unless otherwise provided in this Amended Declaration, all Members, their immediate family, dependents, and their guests may use the Association Properties, subject to the provisions of the Rules and Regulations. 5.2 Allocation of Interests in Common Elements and Association Properties. The undivided interest of each Owner in the Association Properties, including the undivided interest of each Owner in the Association Common Areas, shall be expressed as a percentage, the numerator of which = shall be one and the denominator of which shall be the number of Lots located in the Community Area at any given time. 5.3 Right of Association to Regulate Use. The Association, acting through the Board, shall have the power to regulate use of Association Properties to further enhance the overall rights of use and enjoyment of all Members through the promulgation of the Rules and Regulations, subject to the rights contained in the Golf Course Easement. 5.4 No Partition of Association Properties. No Owner shall have the right to partition or seek partition of the Association Properties or any part thereof. 5.5 Liability of Owners for Damage by Member. Each Owner shall be liable to the Association for any, damage to Association Properties or for any expense or liability incurred by the 21 1111P1 1,111'Wit, hN11III I Reception#: 719512 03!23/2007 04:46.5E PM B..1906 P:0552 jean A:berico 30 of 54 Rec Fee.$271. CO Doo Fee:O CO GARF:5LD COUNTv 00 Association which may be sustained by reason of the negligence or willful misconduct of such Owner or any Person using the Association Properties through such Owner and for any violation by such Owner or any such Person of this Amended Declaration or any Rule and Regulation adopted by the Association. Each Owner shall indemnify and hold the Association harmless from any and all loss, damage, expense, or liability arising from any negligence or willful misconduct of any Owner or Persons using the Association Properties through such Owner. The Association shall have the power, as elsewhere provided in this Amended Declaration, to levy and collect a Reimbursement Assessment against a Member, after Notice and Hearing, to cover the costs and expenses incurred by the Association on account of any such damage or any such violation of this Amended Declaration or of such Rules and Regulations or for any increase in insurance premiums directly attributable to any such damage or any such violation. 5.6 Association Duties if Damage, Destruction, or Required Improvements. In the event of damage to Association Properties by fire or other casualty or in the event any governmental authority shall require any repair, reconstruction, or replacement of any Association Properties, the Association shall have the duty to repair, reconstruct, or replace the same, to the extent funds are available to do so. Any insurance proceeds payable by reason of damage or destruction of Association Properties by fire or other casualty shall be paid to the Association and shall be used, to the extent necessary, to pay the costs orrepair, reconstruction, or replacement. If funds from insurance proceeds or from reserves for replacement are insufficient to pay all costs of repair, reconstruction, or replacement of improvements damaged or destroyed, or if the Association is required to make repairs, replacements, or improvements by governmental authorities, the Association may, in order to make up any deficiency in the insurance proceeds or to pay for the required repair, replacement, or improvement, leve a Special Assessment in accordance with Section 9.15, or if a Member or group of Members is liable for such damage, levy a Reimbursement Assessment against the Member or group of Members responsible therefor, to provide the additional funds necessary. Repair, reconstruction, or replacement of Association Properties shall be done under such contracting and bidding procedures as the Association shall determine are appropriate. If insurance proceeds available to the Association on account of damage or destruction exceed the cost of repair, reconstruction, and replacement, the Association may use the same for future maintenance, repair, improvement, and operation of other Association Properties or anv other use deemed appropriate by the Board. 5.7 Association Powers in the Event of Condemnation. If any Association Properties or interests therein are taken under exercise of the power of eminent domain or by private purchase in Lieu thereof, the award in condemnation or the price payable shall be paid to the Association, except to the extent payable to any other Person with an interest in such property, including anv Mortgagee of such property. The Association shall have the exclusive right to participate in such condemnation proceedings and to represent the interests of all Owners or other Persons therein. Any award or funds received by the Association shall be held by the Association in the Maintenance Fund as determined by the Board, as a reserve for future maintenance, repair, reconstruction, or replacement of Association Properties or may be used for Improvements or additions to or operation of Association Properties or such other uses deemed appropriate by the Board. Except as may otherwise be provided by the Act, no Owner shall be entitled to participate as a party or otherwise in any condemnation proceedings nor to receive any proceeds therefrom. 5.8 Title to Association Properties on Dissolution of Association. In the event of dissolution of the Association, the Association Properties shall, to the extent permitted by law and reasonably possible, be conveyed or transferred to an appropriate public, govermnental or quasi - governmental agency or organization or to a nonprofit corporation, association, trust, or other organization, to be used, in anv such event, for the common benefit of Owners for similar purposes for which the particular Association Property was held by the Association. To the extent the foregoing is not possible, the Association Properties shall be sold or disposed of and the proceeds from the sale or 22 1111Fd CLWif 101111 tiI1iKrit:M4i'h 111 iu Reception# 719512 03/23/2007 Oa:66.55 PM 3.190 P:0563 Jea, Pibe-ioo 31 of 54 Rec Fee $271.00 Doc Fee 0.00 GARFIELD COLNTY CO disposition shall be distributed to Members in proportion to each Member's interest in the Association Properties as heretofore allocated. 5.9 Roaring Fork River. In accordance with certain rights of the general public to use navigable streams and to the extent the Community Area shall abut the River, the terms and provisions of this Amended Declaration shall be subject to the rights of the general public to use the River for passage c through the Community Area by use of flotation devices only, in accordance with the terms and provisions of a dedication previously executed by the original developer of Aspen Glen. 5.10 Title to Country Club Property. Neither the Association nor any Owner shall have any right, title or interest whatsoever in the Country Club Property or the operations conducted on the Country Club Property, including, but not limited to, equity rights, prescriptive easements, use rights to use the improvements, or the right to the continued operation of any improvements located on the Country Club Property, except for those limited ingress/egress rights across certain specific areas of the Country Club Property expressly provided in the License Agreement. Notwithstanding the foregoing, every Owner of a Lot within the Community Area shall be permitted to become a member of any golf or country club being operated on the Country Club Property; provided; however, that such Owners shall be subject to the same membership requirements, fees and dues structures and such other rules and regulations as are applicable to other members of such club or facility. ARTICLE 6 DEVELOPER'S RIGHTS AND RESERVATIONS 6.1 Period of Developer's Rights and Reservations. Aspen Glen Golf Company (`Developer") retains, and reserves certain rights as hereinafter set forth with respect to the Association and properties owned by Developer within the Aspen Glen Community ("Developer Properties") until (a) the time that the last Lot which may be created within, the Community Area has been sold and conveyed by Developer to persons other than Developer and a certificate of occupancy has been issued for the residence constructed thereon, or (b) the date which is thirty (30) years from Recordation of the original Declaration, whichever event occurs first. The rights and reservations hereinafter set forth shall be deemed excepted and reserved in each conveyance of property by Developer to the Association whether or not specifically stated therein and in each deed or other instrument by which any property within the Community Area is conveyed by Developer. The rights, reservations, and easements hereinafter set forth shall be prior and superior to any other provisions of the Declaration and Amended Declaration and may - not, without Developer's prior written consent, be modified, amended, rescinded, or affected by any amendment of this Amended Declaration. Developer's consent to any one such amendment shall not be construed as consent to any other subsequent amendment. 6.2 Right to Construct Additional Improvements on Developer's Properties. Developer has the right, but shall not be obligated to, construct additional Improvements on Developer's Properties in accordance with this Amended Declaration for the improvement and enhancement thereof and for the benefit of the Association and Owners. Developer shall convey or transfer such Improvements to the Association and the Association shall be obligated to accept title to, care for, and maintain the same as Association Properties as elsewhere provided in this Amended Declaration. 6.3 Developer's Rights to Use Association Properties in Promotion and Marketing of Community Area. Developer shall have and hereby reserves the right to reasonable use of the Association Properties and of services offered by the Association in connection with the promotion and 23 1111 N' d MillikiLl41L1}'BIIIIEWI 1411:hlla 1111 Reception#' 719512 63/23120007 04146;55 PN $.1965 P.005c4 Jean P_Sertco 32 of 54 Rec Fee.$91.00 Doo Tee.0.0¢ GARFIELD COUNTY CO marketing of the Community Area. Without limiting the generality of the foregoing, Developer may (a) erect and maintain on any part of the Association Properties such signs, temporary buildings, and other structures as Developer may reasonably deem necessary or proper in connection with the promotion, development, and marketing of Developer Properties within the Community Area; (b) use vehicles and equipment on Association Properties for promotional purposes; (c) permit prospective purchasers of property within the boundaries of the Community Area who are not Owners or Members of the ra Association to use Association Properties at reasonable times and in reasonable numbers; (d) refer to the Association Properties and to the Association and services offered by the Association in connection with the development, promotion, and marketing of property within the boundaries of the Community Area; (e) to maintain sales offices, management offices and models within the Community Area upon Developer Properties in such sizes and at such locations as determined by Developer in its sole and absolute discretion. 6.4 Developer's Rights to Complete Development of Community Area. No provision of this Amended Declaration shall be construed to prevent or limit Developer's rights to complete development of property within the boundaries of the Community Area; to construct or alter Imyrovements on Developer Properties within the Community Area, including temporary buildings; to maintain model hones, temporary buildings, construction trailers, or offices for construction or sales purposes; or similar facilities on Developer Properties; or to post siens incidental to development, construction, promotion, marketing, or sales of property within the boundaries of the Community Area. Nothing contained in this Amended Declaration shall limit the right of Developer or require Developer to obtain approvals (a) to excavate, cut, fill, or grade Developer Properties or to constmct, alter, demolish, or replace any Improvements on Developer Properties; (b) to use any structure on Developer Properties as a construction, model home, or real estate sales office in connection with the sale of any property within the boundaries of the Community Area; or (c) to require Developer to seek or obtain the approval of the Design Review Committee or of the Association for any such activity or Improvement to Property on Developer Properties. Nothing in this Amended Declaration shall limit or impair the reserved rights of Developer as elsewhere provided in this Amended Declaration. 6.5 Developer's Rights to Grant and Create Easements. Developer shall have and hereby reserves the right to grant or create temporary easements or to relocate existing easements for (a) access to and egress from or through the Community Area (including, without limitation; access to the Country Club Property or Public River Parks); (b) utilities, including, but not limited to, water, sewer and electrical lines, (c) drainage, including, but not limited to, drainage and ditch lateral easements; (d) additional specific easements pursuant to the Golf Course Easement; (e) access across private roads located within the Community Area to the Annexable Property; and (f) other purposes incident to the development and sale of the Community Area (collectively the "Easements"). Such Easements may be located by Developer in, on, under, over, and across Lots within the Community Area so long as such easements do not lie within any Building Envelope. Developer shall further have the right to grant to public or quasi -public entities the right to construct certain storage or other similar facilities on the Common Areas in connection with the provision of utilities or other services to the Community Area. Any such facilities so located, and all distribution lines located in any easements created pursuant to the provisions hereof, or otherwise, shall, in all events, belong to the provider of such services. 6.6 Developer's Right to Convey Additional Property. Developer has the right, but not the obligation to, convey additional real property and Improvements thereon to the Association in accordance with this Amended Declaration. 6.7 Annexation of Additional Properties. 6.7.1 Right to Annex Additional Property. Developer shall have and hereby 24 tilll Nil W+Wei 1 ' llih II47eY(''ki ff III Receptions: 719512 03/23)2307 04:46'.55 PM 3.19©5 P:0555 Jean Rlberloo 33 of 54 Fee Fee $2'1.00 Coo Fee ':0.00 GoRFIELD DDJNTV CO reserves the right, for a period of thirty (30) years from the date of the Recording of the original Declaration to annex the Annexable Property to the Community Area. In accordance with the foregoing, each Owner of a Lot hereunder hereby grants to Developer the right to annex the Annexable Property to the Community Area and to modify such Owner's right to the Common Area accordingly, as more particularly set forth in this Paragraph 6.7. Notwithstanding the foregoing, Developer is authorized to convey portions of the Annexable Property as it may s: acquire, prior to its annexation hereto, to such third party or parties as it may deem appropriate, whether for purposes consistent with the Amended Declaration or otherwise. Developer makes no assurances that all or any portion of the Annexable Property will be added to this Amended Declaration and Developer reserves the right to annex all or any portion of the Annexable Property to the Community Area in any order it deems fit in its sole and absolute discretion. Any such annexation shall not make or constitute any amendment or modification to this Amended Declaration except as may otherwise be provided herein. The annexation of additional real property to the Community Area shall be accomplished by the Sling for record by Developer with the Clerk and Recorder of the County, and the county in which the Annexable Property is located if different than the County, a Supplemental Declaration containing a legal description of the land area to be added to the Community Area, together with any Supplemental Plats applicable thereto. The Supplemental Declaration shall incorporate the covenants, conditions and restrictions set forth herein and contain such additional covenants, conditions and restrictions as may be applicable to the property annexed thereby, including any special or particular uses thereof In addition, the Supplemental Declaration shall provide whether or not the Lots located in the property annexed thereby (the "Annexed Property") shall be subject to the jurisdiction of a Subassociation or shall not be subject to the jurisdiction of a Subassociation. The annexation of the Annexable Property may be accomplished by successive Supplemental Declarations, in no particular or pre -established order, and may provide that the property annexed thereby is to be phased so that it is to be made subject to this Amended Declaration at different times. Any such Supplemental Declaration may impose on the Annexed Property described therein additional covenants, conditions, restrictions, limitations, reservations, exceptions, equitable servitudes, and other provisions than those set forth in this Amended Declaration, taking into account the unique and particular aspects of the proposed development of the Annexed Property covered thereby. Furthermore, the Developer shall have the right to reserve in such Supplemental Declaration any such development right which is necessary or appropriate to complete the development of the Annexed Property- or which is otherwise necessary to meet the unique and particular aspects of the Annexed Property. A Supplemental Declaration may provide for a Subassociation of Owners within the Annexed Property described in the Supplemental Declaration and for the right of the Subassociation to assess such Owners. Upon Recordation of a Supplemental Declaration, the Annexed Property shall be subject to all of the covenants, conditions, restrictions, limitations, - reservations. exceptions, equitable servitudes, and other provisions set forth in this Amended Declaration, except to the extent specifically stated in the Supplemental Declaration, but in no event shall the covenants, conditions and restrictions of such Supplemental Declaration be less stringent than those set forth herein. 6.7.2 Effect of Expansion. In the event any real property is annexed to the Community Area as provided herein, the definitions used in this Amended Declaration shall be automatically expanded to encompass and refer to the Community Area as expanded; e.g., "Conununity Area" shall mean the real property- described herein plus any additional real property, annexed thereto; similarly, "Common Area" and "Lots" shall include those areas as described herein as well as those so designated on any Supplemental Declaration or Supplemental Plat relating to any real property which is annexed pursuant to this Paragraph 6.7. References to this Amended Declaration shall mean this Amended Declaration as so supplemented by any Supplemental Declaration. Every Owner of a Lot in the area annexed to the Community Area 25 ■III h'P:DFLU4L114'1i4,I0011lKlVI 111 111 Reception@' 719512 03/23/2007 C4:i6:55 PM 51905 P'.0556 Jean Albertoo 34 of 54 Reo FeeoS271.02 Doc Fee.0.00 G?RFIELD CJ.MTY CO shall, by virtue of ownership of such annexed property and upon recordation of the Supplemental Declaration annexing such property to the Community Area, be a member of the Association and shall be entitled to the same rights and privileges and subject to the same duties and obligations as any other Association Member. The recording of the Supplemental Declaration with the Clerk and Recorder of the County, and the county in which the annexed property is located (if different than the County), shall operate automatically to grant, transfer, and convey to all Owners of Lots located within the Community Area, and Owners of Lots within the annexed property thereto,,__ their respective, appurtenant, undivided rights, titles, interests, privileges, duties and obligations in and to both the existing Common Area and any additional common area added to the existing Common Area by virtue of such annexation, if any. Annual assessments for Lots within the area annexed to the Community Area shall commence as of the date of the Recording of the Supplemental Declaration and shall be prorated as of such date. Upon the annexation of any Annexable Property to the Community Area. each Owner's undivided interest in the Common Areas and the Association Properties shall be reallocated in accordance with the provisions of Section 5.2 hereof Upon recording of the Supplemental Declaration and any other supplemental plat with the Clerk and Recorder of the County, and the county in which the annexed property is located if different than the County, the additional Lots and Common Area shall be subject to the terms and provisions of this Amended Declaration. 6.8 Annexation of Additional Unspecified Real Estate. Developer has the right for thirty years after the recording of the original Declaration, to annex additional unspecified real estate to the Community Area to the fullest extent permitted by the Act. 1n the event that Developer elects to annex such additional property, Developer shall annex such property to the Community in accordance with the provisions of this Amended Declaration entitled `Annexation of Additional Properties.' 6.9 Withdrawal of Annexed Property. Annexed Property for which a Supplemental Declaration has been Recorded may be withdrawn from the Community Area and from this Amended Declaration by Developer at any time prior to the time any Lot contained therein has been conveyed to a third party. Such withdrawal may be accomplished by the execution, acknowledgment, and Recordation of a Notice of Withdrawal. The Notice of Withdrawal (a) shall be executed and acknowledged by the Owner of the Annexed Property; (b) shall, if the Annexed Property is not then owned by Developer, contain the executed and acknowledged written consent of Developer for so long as Developer owns any property in the Community Area and has the power to annex additional property to the Community Area; (c) shall contain an adequate legal description of the Annexed Property; (d) shall contain a reference to the Supplemental Declaration for the Annexed Property which reference shall state the date thereof, the date of Recordation thereof, and the book and page of the Records in the office of the Clerk and Recorder of the county where the Supplemental Declaration was Recorded; and (e) shall contain a statement and - declaration that the Annexed Property is withdrawn from the Community Area and shall not be thereafter subject to this Amended Declaration or the Supplemental Declaration for the Annexed Property. The withdrawal shall be effective upon Recording of the Notice of Withdrawal and, upon Recording of the Notice of Withdrawal, the annexed property described therein shall no longer be part of the Community Area or subject to this Amended Declaration or to the Supplemental Declaration for the Annexed Property. 6.10 Expansion or Contraction of Annexable Property. Subject to any limitations of the Act, the Annexable Property may be expanded or contracted to add or delete real property effective upon the Recordation of a written instrument, executed by Developer, describing such real property and declaring that such real property shall thereafter be added to or deleted from the Annexable Property. 6.11 Creation of Drainage Easements. Notwithstanding anything so forth herein to the 26 1111K MCALl4hl4Rl6rAVI 11111 Reaeptianp; 719512 93/2312007 C4 e6 55 PM B.19D5 P.05557 Jean eiberioo 35 of 5c Ree Fee .5275.99 Doo Fee C.CO GRRF:ELD COUNT' CO contrary, Developer shall have the right to enter into such easements and rights-of-way which provide for the use of the Association and Owners to retain drainage facilities that may be located outside the Community Area. Such easements may contain the obligation of the Association to bear a proportionate cost of cons/meting and maintaining any such facilities that are for the benefit of the Association including, without limitation the construction and maintenance of drainage ponds and lakes located on the Country Club Property. The existence of such easements shall in no way be construed as creating any i rights of Owners to use or gain access to such ponds or lakes. As of the date of this Amended Declaration it is contemplated that the Association will bear thirty percent (30%) of the costs and expenses related to the maintenance and repair of those drainage ponds, facilities and lakes located on the Country Club Property and which benefit the Community Area and that the Country Club Owner shall bear the remaining seventy percent (70 %) of such costs and expenses. 6.12 Subdivision of Lots. Developer shall have and hereby reserves the right to resubdivide the space within any of Developer's Properties located within the Community Area to create additional Lots; provided, however, that the maximum number of Lots within the Community Area shall not exceed 643 until such time as Developer has caused the annexation of the Additional Annexable Property, or any portion thereof, to the Community Area; and provided further that such subdivision is completed in corhpliance with County subdivision requirements. Upon the resubdivision of any Lot in accordance with the terms and conditions contained herein, each Owner's undivided interest in the Common Areas and the Association Properties shall be reallocated in accordance with the provisions of Section 5.2 hereof. 6.13 Expansion of Permitted Property Uses. Notwithstanding anything to the contrary contained herein. Developer reserves the right to expand the permitted uses for Developer's Properties provided in Section 3.2 hereof provided that such uses: (a) are consistent with Developer's overall development plan for the Community Area; (b) are consistent with the P.U.D. for Aspen Glen as the same may be amended from time to time; and (c) are in accordance with County rules, regulations, requirements and approvals. ARTICLE 7 ASSOCIATION OPERATION 7.1 Association. The Association has been formed as a Colorado nonprofit corporation under the Colorado Nonprofit Corporations Act. The Association was organized prior to the date the first Lot was conveyed to a Purchaser, as that term is defined in the Act. The Association shall have the duties, powers, and rights set forth in the Act, the Colorado Nonprofit Corporation Act, this Amended Declaration and in its Articles of Incorporation and Bylaws. As more specifically set forth hereinafter, the Association shall have a Board of Directors to manage its affairs. The Board of Directors shall be elected by Owners acting in their capacity as Members of the Association. 7.2 Association Board of Directors. The affairs of the Association shall be managed by a Board of Directors. The number, term, and qualifications of the Board of Directors shall be fixed in the Articles of Incorporation and Bylaws. The Board of Directors may, by resolution, delegate portions of its authority to officers of the Association, but such delegation of authority shall not relieve the Board of Directors of the ultimate responsibility for management of the affairs of the Association. Action by or on behalf of the Association may be taken by the Board of Directors or any duly authorized executive committee, officer, agent, or employee without a vote of Members, except as otherwise specifically provided in this Amended Declaration. 27 •IIIIW'1 KleiNtlhlileinrikrilini+tGdh hill 11111 Receplion5:: 719512 03/23/2007 04.46-55 PW B.i305 P.0558 Jean 4lberloo 36 of 54 Rea Fee.$271.00 Doc Fee.5.00 GRRF:aLD COUNT" CO 7.3 Membership in Association. Each Owner of a Lot within the Community Area shall be a Member of the Association. There shall be one Membership in the Association for each Lot within the Community Area. The Person or Persons who constitute the Owner of a Lot shall automatically be the holder of the Membership appurtenant to that Lot, and the Membership appurtenant thereto shall automatically pass with fee simple title to the Lot. Membership in the Association shall not be assignable separate and apart from fee simple title to a Lot except that an Owner may assign some or all of his rights as an Owner and as a Member of the Association to a tenant or Mortgagee and may arrange for a tenant to perform some or all of such Owner's obligations as provided in this Amended Declaration, but no Owner - shall be permitted to relieve himself of the responsibility for fulfillment of the obligations of an Owner under this Amended Declaration. 7.4 Voting Rights of Members. Each Member shall have the right to cast one vote for each Lot owned by such Member in accordance with the Bylaws, provided in no event shall there be more than one (1) vote per Lot. If title to a Lot is owned by more than one (1) Person. such persons shall collectively vote their interest as a single vote. 7.5 Determination of Member Voting Privileges. Notwithstanding anything to the contrary contained herein, only Members whose voting rights are in good standing under the Association's Bylaws (e.g., voting rights which have not been suspended as provided therein) shall be entitled to vote on Association matters. In accordance therewith, any and all provisions contained herein requiring the approval of a requisite percentage of Members of the Association shall be deemed satisfied when the requisite percentage of Members entitled to vote has been met. 7.6 Registration of Owners. Each Owner shall register with the Association upon such Owner's acquisition of a Lot within the Community Area. Such registration shall be completed by such Owner at the time such Owner closes the purchase of a Lot within the Community Area and shall be delivered to the Association within seven days of the date of such closing. Such registration shall be in a form prescribed by the Association and shall include: (1) a mailing address where notices or demands intended to be served upon such Owner may be mailed by the Association; (2) a designation of a voting representative for such Lot; and (3) an acknowledgement that such Owner has• (a) received a copy of this Amended Declaration and the Bylaws of the Association; (b) that such Owner has read and understands the same: and (e) that such Owner is bound by the terms and provisions of the Amended Declaration and the Bylaws. ARTICLE 8 DUTIES AND POWERS OF ASSOCIATION 8.1 General Duties and Powers of Association. The Association has been formed to further the common interests of the Members. The Association, acting through the Board or persons to whom the Board has delegated such powers, shall have the duties and powers hereinafter set forth and, in general, the power to do anything that may be necessary or desirable to further the common interests of the Members, to maintain, improve, and enhance the common interests of the Members, to maintain, improve, and enhance Association Properties, and to improve and enhance the attractiveness, aesthetics, and desirability of the Community Area. 8.2 Duty to Accept Property and Facilities Transferred to Association. The Association has accepted title to real property, including any Improvements thereon and personal property transferred to the Association by Developer, and equipment related thereto, together with the responsibility to 28 1111titi�i�w o�awir i r x�+�rMa�,i�iui Reception#: 719512 03;23/2997 04;45 55 0111 B.19©5 P:0559 Jean Rlbertco 37 of 54 Rec Fee '.$271.©0 Doc Fee:0.00 ;ARFIELO COUNTY CO perform any and all Administrative and Public Functions associated therewith. Any property or interest in property transferred to the Association by Developer shall be within the boundaries of the Community Area; provided, however, that Developer shall be entitled to transfer and convey the beneficial use of an easement, subject to, any obligations thereunder, located outside of the Community Area but which benefits the Association and the Owners. Any property or interest in property transferred to the Association by Developer shall, except to the extent otherwise specifically approved by resolution of the Board of Directors, be transferred to the Association free and clear of all monetary obligations, Liens and ,__ encumbrances (other than the lien of property taxes and assessments not then due and payable), but shall be subject to the terms of this Amended Declaration, and easements, covenants, conditions, restrictions, and equitable servitudes or other encumbrances of record. Except as otherwise specifically approved by resolution of the Board of Directors, no property or interest in property transferred to the Association by Developer shall impose upon the Association any obligation to make monetary payments to Developer or any affiliate of Developer, including, but not limited to, any purchase price, rent, charge, or fee. 8.3 Landscaping Easement. Developer previously established for the benefit of itself and the Association a nonexclusive easement for landscaping maintenance purposes over that portion of the Lots fronting the streets, roads and rights-of-way within the Community Area. hi accordance with the foregoing, the Association shall have the right, but not the obligation, to install landscaping and irrigation facilities in areas designated for such purposes on the Plat or any Supplemental Plat annexing property to the Community Area (the "Landscaping Easement). The Association shall have the right, but not the obligation, to plant, maintain, and replace landscaping within any portion of the Landscaping Easement as it determines, for any period that it desires. The Association can commence or terminate its landscaping maintenance, for any portion of the Landscaping Easement, as it chooses, and can recommence or cease landscaping maintenance from time to time, in its sole discretion. During any period the Association chooses not to maintain the landscaping within all or any portion of the Landscaping Easement, the Owners of Lots for such areas shall have the obligation to maintain the landscaping within the Landscaping Easement, in accordance with the provisions of Section 3.1 of this Amended Declaration. Should any Owner fail to maintain the landscaping within the Landscaping Easement, during a period in which the Association is not maintaining such landscaping, the Association shall have the right to enter onto such Lot Owners property and maintain the landscaping, and charge such Lot Owner with the cost of such maintenance, as provided in Article 3. 8.4 Duty to Manage and Care for Association Properties. The Association shall manage, operate, care for, maintain, and repair all Association Properties and keep the same in an attractive and desirable condition for the use and enjoyment of the Members. 8.5 Duty to Pay Taxes. The Association shall pay all taxes and assessments levied upon the Association Properties and all taxes and assessments payable by the Association. The Association shall have the right to contest any such taxes or assessments provided that the Association shall contest the same by appropriate legal proceedings which shall have the effect of preventing the collection of the tax or assessment and the sale or foreclosure of any lien for such tax or assessment and provided that the Association shall keep and hold sufficient funds to pay and discharge the taxes and assessments, together with any interest and penalties which may accrue with respect thereto, if the contest of such taxes is unsuccessful. 8.6 Duty to Maintain Casualty Insurance. The Association shall obtain and keep in full force and effect at all times, to the extent reasonably obtainable, property insurance on all insurable Association Properties, including, but not limited to, improvements and personal property owned by the Association or that may be owned by the Association in the future. Such insurance shall be for broad form covered causes of loss, including casualty, fire, and extended coverage insurance with respect to all insurable Improvements and personal property owned by the Association including if available at 29 1111 rd III Reception#'. 719512 03/2312007 24:.6:53 PM 8.1905 P.0560 Jean Plbe-loo 38 of 54 Rec Fee :$271.00 Doc Fee .0.00 GP.FIEL0 OOJ%TY CO reasonable cost, coverage for vandalism and malicious mischief. Such insurance shall. to the extent reasonably obtainable, be for the full insurable replacement cost of the insured property, less applicable deductibles at the time the insurance is purchased and at each renewal date, exclusive of land, excavation, foundations and other items normally excluded from property policies. 8.7 Duty to Maintain Liability Insurance. The Association shall obtain and keep in full ., force and effect at all times, to the extent reasonably obtainable, general iability insurance against claims and liabilities arising in connection with the ownership, existence, use, or management of the Association Properties and covering public liability for bodily injury and property damage and, if the Association owns or operates motor vehicles, public liability for bodily injury and property damage arising as a result of the ownership and operation of motor vehicles. Such liability insurance for other than motor vehicle liability shall, to the extent reasonably obtainable, (a) have limits of not less than Five Hundred Thousand Dollars ($500,000.00) per person and One Million Dollars ($1,000,000.00) per occurrence; (b) insure the Board. the Association, the Manager, if any, and their respective employees, agents and all Persons acting as agents; (c) include the Members as an additional insured, but only for claims and liabilities arising in cgpnection with the ownership, existence, use or management of Association Properties; and (d) cover claims of one or more insured parties against other insured properties. 8.8 General Provisions Respecting Insurance. Insurance obtained by the Association may contain such deductible provisions as good business practice may dictate. If the insurance described is not reasonably available, or if any policy of such insurance is cancelled or renewed without a replacement policy therefor having been obtained by it, the Association shall promptly cause notice of that fact to be delivered to all Members. The Association may carry any other type of insurance it considers appropriate in amounts it deems appropriate, to insure the interests of the Association. Insurance policies carried pursuant to Sections 8.6 and 8.7 shall provide that (a) each Member is an insured Person under the policy with respect to liability arising out of such Member's interest in the Association Properties or membership in the Association; (b) the insurer waives its right of subrogation under the policy against the Association, each Member, and any Person claiming by, through, or under such Member or any other director, agent, or employee of the foregoing; (c) no act or omission by any Member, unless acting within the scope of such Member's authority on behalf of the Association, will void the policy or be a condition to recovery under the policy; and (d) if at the time of a loss under the policy, there is other insurance in the name of a Member covering the same risk covered by the policy, the Association's policy shall be the primary insurance. The Association may adopt and establish written nondiscriminatory policies and procedures relating to the submittal of claims, responsibility for deductibles, and any other matters of claim adjustment. To the extent the Association settles claims for damages to real property, it shall have the authority to assess negligent Owners causing such loss or benefiting from such repair or restoration for all - deductibles paid by the Association. Insurance policies and insurance coverage shall be reviewed at least annually by the Board of Directors to ascertain whether coverage under the policies is sufficient in light of the current values ofthe Association Properties and in light of the possible or potential liabilities ofthe Association. The aforementioned insurance may be provided under blanket policies covering the Association Properties. In no event shall insurance coverage obtained or maintained by the Association be bought into contribution with insurance purchased by Owners, occupants or their Mortgagees. 8.9 Maintenance of Fidelity Insurance. k the event the Board of Directors delegates its powers with respect to collection, deposit, transfer, or disbursement of Association funds to other persons or to a managing agent, as authorized by these Bylaws and the Colorado Common Interest Ownership Act, then in connection with such delegation of powers, the Board of Directors shall require a. That the other persons or managing agent maintain fidelity insurance coverage or a bond in an amount not less than $50,000 or such higher amount as the Board of Directors or Executive Committee 30 11111 El 1NVI 'V l?rlIV: ,fi 4041!i+rnro' «I 111 ii i Reception#: 719512 03123;2007 0446.55 PM 9.1906 o:056'1 Jean Albenico 30 of 54 Rec Fee 5271.00 Doc Fee .0.00 OGRFIELD COUNTY 00 may require; b. That the other persons or managing agent maintain all fiords in accounts of the Association separate from the funds and accounts of other associations managed by the other persons or managing agent and maintain all reserve accounts of each association so managed separate from operational accounts of the Association; and c. That an annual accounting for Association funds and a financial statement be prepared and presented to the Association by the managing agent, a public accountant, or a certified public accountant. 8.10 Other Insurance and Bonds. The Association shall obtain such other insurance as may be required by law, including workmen's compensation insurance, and shall have the power to obtain such other insurance and such fidelity, indemnity, or other bonds as the Association shall deem necessary or desirable. 8.11 Duty to Prepare Budgets. The Association shall prepare Budgets for the Association as elsewhere provided in this Amended Declaration. 8.12 Duty to Levy and Collect Assessments. The Association shall levy and collect Assessments as elsewhere provided in this Amended Declaration. 8.13 Duty to Keep Association Records. The Association shall keep financial records sufficiently detailed to enable the Association to comply with the Act, including, but not limited to, financial records sufficiently detailed to provide a statement setting forth the amount of any unpaid Assessments currently levied against an Owner. 8.14 Duties with Respect to Design Review Committee Approvals. The Association shall perform functions to assist the Design Review Committee as elsewhere provided in this Amended Declaration. 8.15 Power to Acquire Property and Construct Improvements. The Association may acquire property or interests in property for the common benefit of Owners including Improvements and personal property. The Association may construct Improvements on property° and may demolish existing Improvements. 8.16 Power to Adopt Rules and Regulations. The Association may adopt, amend, repeal, and enforce Rules and Regulations and policies as may be deemed necessary or desirable with respect to the interpretation and implementation of this Amended Declaration, the operation of the Association, the use and enjoyment of Association Properties, and the use of any other property within the Community Area, including Lots. Any such Rules and Regulations and policies shall be effective only upon adoption by resolution of the Board of Directors. Notice of the adoption, amendment, or repeal of any Rule or Regulation or policy shall be given in writing to each Member at the address for notices to Members as elsewhere provided in Section 11.11 of this Amended Declaration or the Bylaws, and copies of the currently effective Rules and Regulations and policies shall be made available to each Member upon request and payment of the reasonable expense of copying the same. Such Rules and Regulations and policies can also be provided through the Association's web page. Each Member shall comply with such Rules and Regulations and policies and shall see that Persons claiming through such Member comply with such Rules and Regulations and policies. Such Rules and Regulations and policies shall have the same force and effect as if they were set forth in and were part of this Amended Declaration. In the event of conflict between the Rules and Regulations and policies and the provisions of this Amended Declaration, the provisions of this Amended Declaration shall prevail. Such Rules and Regulations and 31 1111 VII Fu } Iw4MA 1V, k IdMnetihhll 1111 Receptiong: 719512 03/23/2027 34:46'.55 FM B:1905 P.6562 dean PLbe-uso 40 of 54 Rec Fee :$271.000 Doo Fee :C 00 GRRFIELD COL TY CO policies may contain provisions relating to control over limiting access to the Community Area to Owners, their guests and invitees, establishing traffic safety and parking regulations and a system of fines for noncompliance, provided in no event shall the Rules and Regulations and policies limit or prohibit access of guests, invitees, or employees of the Country Club Owner, or interfere, restrict or amend the rights and privileges granted in the Golf Course Easement. 8.17 Power to Enforce Declaration and Rules and Regulations. The Association shall have the power to enforce the provisions of this Amended Declaration and the Rules and Regulations and policies and shall take such action as the Board deems necessary or desirable to cause such compliance by each member and each Person claiming by, through, or under such Member ("Related User"). Without limiting the generality of the foregoing, the Association shall have the power to enforce the provisions of this Amended Declaration and the Rules and Regulations and policies by any one or more of the following means: (a) by entry upon any property within the Community Area after Notice and Hearing (unless a bona fide emergency exists), without liability to the Owner thereof or the Association, for the purpose of enforcement or causing compliance with this Amended Declaration or the Rules and Regulations and policies; (b) by commencing and maintaining actions and suits to restrain and enjoin any breach or threatened breach of the provisions of this Amended Declaration or the Rules and Regulations and policies, by mandatory injunction or otherwise; (c) by commencing and maintaining actions and suits to recover damages for breach of any of the provisions of this Amended Declaration or the Rules and Regulations and policies; (d) by suspension, after Notice and Hearing, of the voting rights of a Member during and for up to ten (10) days following any breach by such Member or a Related User of such Member of this Amended Declaration or the Rules and Regulations and policies, unless the breach is a continuing breach in which case such suspension shall continue for so long as such breach continues: (e) by levying and collecting, after Notice and Hearing, a Reimbursement Assessment against any Member for breach of this Amended Declaration or the Rules and Regulations and policies by such Member or Related User of such Member; and (f) uniformly applied fines and penalties, established in advance in the Rules and Regulations and policies of the Association, from any Member or Related User for breach of this Amended Declaration or the Rules and Regulations and policies by such Member or Related User of such Member. In the event that the Association fails to enforce the provisions of this Amended Declaration as provided for herein, each Member shall, upon thirty (30) days written notice to the Association, have the power (a) to enforce the provisions hereof by commencing and maintaining actions and suits to restrain and enjoin any breach or threatened breach of the provisions of this Amended Declaration, by mandatory injunction or otherwise; or (b) to commence or maintain actions and suits to recover damages for breach of any of the provisions of this Amended Declaration. 8.18 Power to Grant Easements. The Association shall have the power to grant access, utility, drainage, water facility, and such other easements in, on, over, or under Association Properties as it deems necessary or desirable for the benefit of the Community Area. The Association shall have the further power to designate portions of the Association Properties as limited common elements for the benefit of specific Lot owners. 8.19 Power to Convey and Dedicate Property to Governmental Agencies. The Association, with the approval of Members representing at least sixty-seven percent (67 %) of the Owners entitled to vote, shall have the power to grant, convey, dedicate, or transfer any Association Properties or facilities to any public, governmental or quasi -governmental agency or authority for such purposes and subject to such terms and conditions as the Association shall deem appropriate. Further, to the extent that any easement or right-of-way is required under or across any Association Properties which would not impair or hinder the use thereof, the Association shall have the right to grant or convey the same without the consent of the Members. 8.20 Power to Borrow Money and Mortgage Property. The Association shall have the 32 11111K MICNICItli 11 II I Reception#: 719512 03/23/2035 04 46 55 PM 5.1935 P:3563 Jean Rlbenico 4'1 o` 54 Rec Fee $2-1.00 Doc Fee:0.00 3cRFIELD COUNTY CO power to borrow money and, with the approval of Members representing at least sixty-seven percent (67%) of the Owners entitled to vote, to encumber Association Properties as security for such borrowing, subject to provisions elsewhere contained in this Amended Declaration with respect to required approvals and consents to such action. An Agreement to convey, or subject the Association Properties to a security interest in accordance with this Section and Section 8x19 above shall be evidenced by the execution of an agreement, or ratification thereof, in the same manner as a deed, by the requisite number of Owners. The agreement shall specify a date after which the agreement will be void unless recorded before that date and =' shall be effective upon Recordation. 8.21 Power to Engage Employees, Agents, and Consultants. The Association shall have the power to hire and discharge employees and agents and to retain and pay for management, (e.g., management company), legal and accounting services as may be necessary or desirable in connection with the perfomrance of any duties or the exercise of any powers of the Association under this Amended Declaration. 8.22 General Corporate Powers. The Association shall have all of the ordinary powers and rights of a Colorado corporation formed under the Colorado Nonprofit Corporation Act, including, without limitation, entering into partnership and other agreements, subject only to such limitations upon such powers as may be set forth in this Amended Declaration or in the Articles of Incorporation or Bylaws. The Association shall also have the power to do any and all lawfid things which may be authorized, required, or permitted to be done under this Amended Declaration or the Articles of Incorporation or Bylaws and to do and perform any and all acts which may be necessary or desirable for, or incidental to, the exercise of any of the express powers or rights of the Association under this Amended Declaration and the Articles of Incorporation or Bylaws. 8.23 Power to Provide Public Functions. The Association shall have the power to acquire, contract, operate, manage, maintain, repair, and replace public facilities and to provide Public Functions as defined in this Amended Declaration The Association may enter into such cooperative agreements and arrangements as it may deem necessary and appropriate with any provider of utilities or public services to Owners, including any special municipal or quasi -municipal districts created for the purpose of providing such services. 8.24 Power to Provide Services to Subassociations. The Association shall have the power to provide services to Subassociations. Such services to any Subassociation shall be provided pursuant to an agreement in writing between the Association and such Subassociation which shall provide for the payment by such Subassociation to the Association of the reasonably estimated expenses of the Association of providing such services to the Subassociation including a fair share of the overhead - expenses of the Association. Services which may be provided to a Subassociation may include, without limitation, (a) the construction, care, operation, management, maintenance, repair, and replacement of Improvements owned by the Subassociation; (b) the providing of Public Functions to the area covered by the Subassociation; (c) the enforcement of the provisions of any Supplemental Declaration for on behalf of and in the name of the Subassociation; (d) the collection of assessments for, in the name of, and on behalf of a Subassociation; (e) the payment of taxes for a Subassociation with funds of the Subassociation; (f) the obtaining of insurance for a Subassociation; (g) the collection of charges for use of facilities of a Subassociation; and (h) the appointment and supervision of a Manager or Managers for a Subassociation. 8.25 Power to Provide Special Services to Members. The Association shall have the power to provide services to a Member or group of Members. Any service or services to a Member or group of Members shall be provided pursuant to an agreement in writing, or through one or more Supplemental Declarations, which shall provide for payment to the Association by such Member or group of Members 33 1111 11101:11f:'CIiMi44 414' 4'kik:V11I III Receptionp: 719512 03/23/2207 04.46 55 ?M B.1205 P.D564 Jean Piberlro 42 of 54 Rec Fee .$271.00 Doc Fee ,00 GARFIELD COLUY CO of the reasonably estimated costs and expenses of the Association of providing such services, including a fair share of the overhead expenses of the Association and shall contain reasonable provisions assuring that the obligation to pay for such services shall be binding upon any heirs, personal representatives, successors and assigns of the Member or group of Members and that the payment for such services shall be secured by a lien on the property of the Member or -group of Members. 8.26 Power to Charge for Association Properties, Facilities and Services. The Association shall have the power to establish reasonable and uniformly applied charges for the use of Association Properties, facilities and services. The charges may include reasonable admission or other fees for any special or extraordinary use of Association Properties, facilities or services of the Association such as special parking privileges, special recreation facilities, conference rooms, instruction, day care or child care services, or similar uses beyond the ordinary use of Association Properties, facilities, and services. Such charnes or fees shall be set forth in schedule of charges and fees adopted from time to time by the Board of Directors. No fees or charges shall be levied on Members, guests, or invitees of the Country Club Property for their ingress or egress across the Common Areas, as prodded in the Golf Course Easement. 8.27 Power to Employ Managers. The Association shall have the power to retain and pay for the services of a Manager or Managers to undertake any of the management or Administrative Functions, Recreation Functions, or Public Functions for which the Association has responsibility under this Amended Declaration to the extent deemed advisable by the Association, and may delegate any of its duties, powers, or functions to any such Manager. Any contract or agreement with any such Manager shall be terminable by the Association for cause on no more than thirty (30) days prior written notice, and shall be terminable by the Association without cause and without payment of a termination fee on no more than ninety (90) days prior written notice. Any such contract or agreement shall be for a term of no more than one (I) year and may be subject to renewal for succeeding terms of no more than one (1) year each. Notwithstanding any delegation to a Manager of any duties, powers, or functions of the Association, the Association and its Board of Directors shall remain ultimately responsible for the performance and exercise of such duties, powers, and functions. 8.28 Powers Provided by Law. In addition to the above -referenced powers, the Association shall have full power to take and perform any and all actions which may be lawfully taken by the Association under the Colorado Nonprofit Corporation Act and the Colorado Common Interest Ownership Act. ARTICLE 9 ASSESSMENTS, BUDGETS, AND FUNDS 9.1 Maintenance Funds To Be Established. The Association may establish and maintain the following separate Maintenance Funds: (a) an Administrative Functions Operating Fund; and (b) an Administrative Functions Reserve Fund. The Maintenance Funds shall be established as one or more trust savings or trust checking accounts at any financial institution in which deposits are insured by an agency of the federal government. Notwithstanding anything else to the contrary contained herein, in no event shall the Association be required to apply any surplus funds of the Association remaining after payment of or provision for common expenses, or any prepayment of or provision for reserves, against any Members' future Common Assessment or return such surplus funds to the Members. 9.2 Establishment of Other Funds. The Association may establish other funds as and when 34 •III PIPh}11lfi141i1fit G1I4741011'tih1•III Reception#: 719512 03/23/200' 04 45:55 PM B:1900 P:0505 Jean Rlberico 43 of 54 Pea Fee :$27'.90 Doc Fee.0.00 GPRFIEL9 COUNTY 0C needed. Nothing herein shall limit, preclude, or impair the authority of the Association to establish other funds for specified purposes authorized by this Amended Declaration. If the Association establishes anv additional finds, the Board shall designate an appropriate title for the fund to distinguish it from other funds maintained by the Association. 9.3 Deposit of Common Assessments to Maintenance Funds. Monies received by the i Association from Common Assessments shall be deposited in the Maintenance Funds in accordance with the following provisions: (a) there shall be deposited to the Administrative Functions Operating Fund that portion of the Common Assessments which, according to the Association Budget for the year, was budgeted for operating costs and expenses of the Administrative and Public Functions; and (b) there shall be deposited to the Administrative Functions Reserve Fund that portion of the Common Assessments which were budgeted for the Reserve Fund for Administrative and Public Functions. 9.4 Other Deposits to Maintenance Funds. The Association shall deposit monies received by the Association from sources other than Common Assessments in the Maintenance Fund determined by the Board of Directors to be most appropriate. For example, the Reimbursement Assessments shall be deposited to the Maintenance Fund from which the costs and expenses were or will be paid which form the -basis for the Reimbursement Assessments; and Special Assessments for capital repairs, maintenance, replacements, and Irnprovements shall be deposited to the Reserve Fund from which such capital costs have been or will be paid. Interest and late charges received on account of delinquent assessments may be allocated among the Maintenance Funds in the same proportions as the delinquent assessments were allocated or, at the discretion of the Board of Directors, may be allocated to any one or more of the Maintenance Funds or other funds. 9.5 Disbursements from Maintenance Funds. All amounts deposited in the Maintenance Funds shall be used solely for the common benefit of all the Members for purposes authorized by this Amended Declaration. Disbursements from particular Maintenance Funds shall be limited to specified purposes as follows: (a) disbursements from the Administrative Functions Operating Fund may be made for such purposes as are necessary or proper under this Amended Declaration, except those purposes for which disbursements are to be made from other Maintenance Funds; and (b) disbursements from the Administrative Functions Reserve Fund shall be made solely for purposes of funding those Administrative Functions which cannot be expected to recur on an annual or more frequent basis. 9.6 Authority for Disbursements. The Board shall have the authority to make or to authorize an agent to make disbursements of anv monies in the Maintenance Fund. 9.7 Common Assessments. For each calendar year, the Association may levy Common Assessments against Owners of the Lots. Each Owner shall be obligated to pay the Common Assessments levied against and allocated to such Owner and the Lot of such Owner, as hereinafter provided. 9.8 Apportionment of Common Assessments. For purposes of assessing the Common Assessments, each Lot shall constitute one (1) Unit regardless of the size, value, location, or use of such Lot. The amount of the Common Assessment for any year, payable by the Owner of such Lot. shall be computed by multiplying the total amount to be raised by the Common Assessments for that year, as shown in the Association Budget for that year, by a fraction, the numerator of which is one (1) and the denominator of which is the total number of Lots in the Community Area as of the first day of that calendar year. 9.9 Funding of Reserve Funds. The Board, in budgeting and levying assessments, shall endeavor, whenever possible, to fiord the Administrative Functions Reserve Fund by regularly scheduled payments, included as part of the Common Assessments, rather than by large Special Assessments. 35 1111 F K lMtu ,iL4xa04.1{rMnr'ta 11111 Reception#: 719512 44/23/2007 2446.^5 PM 2.1905 P.00566 Jean Rlberico of 54 Reo Fee:$271.00 000 Fee:0.00 GRRFrELD OODOPTY CO Amounts in the Administrative Functions Reserve Fund may be used in the discretion of the Board of Directors, from time to time, for any purpose for which a Common or Special Assessment may be used. 9.10 Supplemental Common Assessments. If the estimated sums prove inadequate for any reason, including nonpayment of any Owner's Common Assessment, the Board may, from time to time, levy a Supplemental Common Assessment for any of the Maintenance Funds. Such Supplemental r. Common Assessment shall be assessed against the Owner of each Lot, in the same manner Common Assessments are originally assessed each year by the Board with respect to the particular Maintenance Fund. Written notice of any change in the amount of any annual Common Assessment shall be sent to every Owner subject thereto, not less than thirty (30) days prior to the effective date of such change. 9.11 Annual Budgets. The Board of Directors shall cause to be prepared, at least sixty (60) days prior to the commencement of each calendar year, a Budget for such calendar year, including a reasonable provision for contingencies and deposits into the Administrative Functions and Reserve Funds. The Budget shall show, in reasonable detail, the categories of expenses and the amount of expenses in each Maintenance Fund, and shall reflect any expected income of the Association for the coming calendar year and any expected surplus from the prior year and any existing surplus in any Reserve Fund. The Budget may include an amount for contingencies and amounts deemed necessary or desirable for deposits to create, replenish, or add to the proper Reserve Fund for major capital repairs, replacements, and improvements for Association Properties. Within thirty (30) days after the adoption of any Budget, the Board shall cause a copy of the Budget to be distributed to each Member, shall cause a copy of the Budget to be posted at the principal office of the Association, and shall set a date for a meeting of the Owners to consider ratification of the Budget not Less than fourteen (14) nor more than sixty (60) days after mailing or other delivery of the summary. Such meeting may be concurrent with the annual meeting of Members as provided in the Bylaws. Unless at that meeting a majority of the Owners entitled to vote reject the Budget, the Budget shall be deemed ratified, whether or not a quorum is present. In the event the Budget is rejected; the periodic Budget last ratified by the Owners must be continued until such time as the Owners ratify a subsequent Budget proposed by the Board. In the event the Association does not have an address for any Member, such posting shall be deemed delivered to any such Member. At such time as the Association publishes a newsletter for Members, the Budget shall be published in such newsletter. Copies of the Budget shall be made available by the Association to any Members requesting a copy of the same upon payment of the reasonable expense of copying the same. The Association shall also make the following information available, as updated each year, within ninety (90) days after the end of its fiscal year: (a) the date on which the fiscal year commences; (b) the operating budget for the current year; (c) a list, by unit type, of the Associations current assessments; (d) its annual financial statements, including any amounts held in reserve for the fiscal year immediately preceding the current annual disclosure; (e) the results of any financial audit or review for the prior fiscal year; (0 a list of all Association insurance policies, including company names, deductibles, expiration dates and additional named insureds; (g) Bylaws, Articles and Rules and Regulations and policies; (h) minutes of Board and Member meetings for the prior year; and (1) responsible governance policies adopted under Colorado law. The financial statements of the Association shall be reviewed by an independent public accountant and an audit based upon such review shall be included in the annual report at least once every two years. Such information can be provided through the Association's web page, by maintaining hard copies at the Association's principal place of business or by mail or personal delivery. 9.12 No Disbursements To Abate Adjoining Nuisances or Zoning Amendments. Nothing in this Amended Declaration shall be construed so as to permit the Association to use any Assessments to abate any annoyance or nuisance emanating from outside the physical boundaries of the Community Area or to dispute any change to the zoning or assessment of any property adjacent to or outside the boundaries of the Community Area. 36 ]III MAYA IUhilri41I+ 16U VI 11111 Reception8: 719512 03123/2007 00:45:55 PM 3:1905 P:0567 Jean R1be'Ioo 45 cf 54 Rec Fee.$271. DD Doc Fee:0.00 G.RFIELD ODJNTY CO 9.13 Payment of Assessment. Common Assessments shall be due and payable in advance to the Association by the assessed Member on or before the first day of each calendar month, or in such other manner and on such other dates as the Board of Directors may designate in its sole and absolute discretion. Notice of the amount of the Common Assessments shall be given to each Member prior to January 1 of each year. 9.14 Failure to Fix Assessment. The failure by the Board of Directors to levy an Assessment for any year shall not be deemed a waiver or modification with respect to any of the provisions of this Amended Declaration or a release of the liability of any Member to pay Assessments, or any installment thereof, for that or any subsequent year. No abatement of the Common Assessment or any other Assessment shall be claimed or allowed for inconvenience or discomfort arising from the making of repairs or Improvements to Association Properties or from any action taken to comply with any law or any determination of the Board of Directors or for any other reason. 9.15 Special Assessments for Capital Expenditures. In addition to Common Assessments, the Board of Directors may, subject to the provisions of this Section, levy Special Assessments for the purpose of raising funds not otherwise provided under the Budget from Common Assessments to cofstruct or reconstruct, repair, or replace capital Improvements upon Association Properties, including necessary personal property related thereto; to add to the Association Properties; to provide for necessary facilities and equipment to offer the services authorized in this Amended Declaration; or to repay any loan made to the Association to enable it to perform the duties and fimctions authorized in this Amended Declaration. The Board of Directors shall not levy Special Assessments without the vote of the Members representing at least a majority of the Owners of Lots subject to the Special Assessment who are entitled to vote. The Association shall notify Members in writing of the amount of any Special Assessment and of the manner in which, and the dates on which, any such Special Assessment is payable and the Members shall pay any such Special Assessment in the manner so specified. 9.16 Reimbursement Assessments. The Board of Directors may, subject to the provisions hereof, levy an Assessment against any Member if the willful or negligent failure of the Member or a Person claiming through the Member to comply with this Amended Declaration, the Articles of Incorporation, the Bylaws, or the Rules and Regulations shall have resulted in the expenditure of funds by the Association to cause such compliance including, but not limited to, court costs and attorneys' fees. Such Assessment shall be known as a Reimbursement Assessment and shall be levied only after Notice and Hearing, The amount of the Reimbursement Assessment shall be due and payable to the Association thirty, (30) days after notice to the Member of the decision of the Board of Directors that the Reimbursement Assessment is owing. 9.17 Late Charges and Interest. If any Common Assessment, Special Assessment, or Reimbursement Assessment or any installment thereof is not paid when due, the Member obligated to pay the Assessment may be required to pay a reasonable late charge to be determined by the Board. Any Assessment or installment of an Assessment which is not paid when due shall bear interest from the date said Assessment was due at the highest rate then established by statute in Colorado for interest on damages for personal injury or on judgments in other actions, whichever is higher, but in no event less than eighteen percent (18 %) per annum simple interest. 9.18 Attribution of Payments. If any installment of a Common Assessment payment is less than the amount assessed and the palnlent does not specify the Maintenance Fund or Funds into which it should be deposited, the receipt by the Association from that Owner shall be credited in the following order of priority: (a) to the Administrative Functions Reserve Fund until that portion of the Common Assessment has been satisfied; and (b) to the Administrative Functions Operating Fund. In each of the foregoing cases, receipts shall be credited first to interest, attorneys' fees and other costs of collection, and 37 VIII �r� IUi1 ��rflGW G44CI�YIiVI litTriVATiNul 11111 Reception#: 719512 03/23/2007 04:46.55 PM 8..1905 P-0568 Jea-i Rlbe,io: 46 of 54 Rec Fee:$261.00 Goo Fee -0.00 GARFIELD COUNTY CO next to principal reduction, satisfying the oldest obligations first, followed by more current obligations, in accordance with the foregoing order of priority. 9.19 Notice of Default. Except as otherwise provided herein, if any Common Assessment, Special Assessment, or Reimbursement Assessment or any installment thereof is not paid within ten (10) days after its due date, the Board of Directors may, but shall not be obligated to, mail a notice of default ("Notice of Default") to the Owner and to each first Mortgagee of the Lot who has requested a copy of the notice. The notice shall specify (a) the fact that the installment is delinquent; (b) the action required to true the default; (c) a date, not less than thirty (30) days from the date the notice is mailed to the Member, by which such default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in (i) acceleration of the balance of the Assessment or the installments of the Assessment for the then current calendar year, if applicable, and (ii) the filing and foreclosure of the lien for the Assessment against the Lot of the Member. The notice shall further inform the Member of any right to cure the default and of any right to bring a court action to assert the nonexistence of a default or any other defense of the Member. If the delinquent Assessment and any late charges or interest thereon are not paid in full on or before the date specified in the notice, the Board, at its option, may declare all of the unpaid balance of the Assessment to be immediately due and payable without further demand, if applicable, and may enforce the collection of the Assessment and all charges and interest thereon in any manner authorized by Iaw in this Amended Declaration, subject to the protection afforded to Mortgagees under this Amended Declaration. 9.20 Remedies to Enforce Assessments. Each Assessment levied hereunder shall be a separate, distinct, and personal debt and obligation of the Owner or Member against whom the same is assessed. In the event of a default in payment of any Assessment or installment thereof, whether Common, Special, or Reimbursement. the Board may, in addition to any other remedies provided under this Amended Declaration or by law, enforce such obligation on behalf of the Association by suit or by filing and foreclosure of a lien as hereinafter provided. 9.21 Lawsuit to Enforce Assessments. The Board may bring a suit at law to enforce any Assessment obligation. Any judgment rendered in such action shall include any late charges, interest, and other costs of enforcement, including reasonable attorneys' fees in the amount as the court may adjudge, against the defaulting Owner or Member. 9.22 Lien to Enforce Assessments. Pursuant to and in accordance with the Act, the Association shall have a statutory lien on a Lot for anv Assessment levied against that Lot, or fines imposed against its Owner, from the time the Assessment or fine becomes due. All fees, charges, late charges, attorneys' fees, fines and interest outstanding from such Owner shall be included in such lien. The lien created hereby and under the Act shall be prior to any declaration of homestead rights recorded after the time that the Lot becomes a part of the Community Area and shall have the priority attached to such lien under the Act and under Colorado law. The lien shall continue until the amounts secured thereby and all subsequently accruing amounts are fully paid or otherwise satisfied. Unless paid or otherwise satisfied, the lien may be foreclosed in the manner for foreclosure of mortgages in the State of Colorado or in any other manner provided under Colorado law. 9.23 Estoppel Certificates. Upon the written request of any Member and any Person with, or intending to acquire, any right, title, or interest in the Lot of such Member, the Association shall famish a written statement setting forth the amount of any Assessments or other amounts, if any, due and accrued and then unpaid with respect to a Lot and the Owner thereof, and setting forth the amount of any Assessment levied against such Lot which is not yet due and payable. Such statement shall, with respect to the Person to whom it is issued, be conclusive against the Association and all Persons for all purposes, that no greater or other amounts were then due or accrued and unpaid and that no other Assessments have 38 111! pod r t rrm'ka •I III Reception#: 719512 47/23/2007 en lbe_co 54 Re©FF e:$271.00 Do46 55 PM 9 ©7Fee 5 F I0.009 G GPRFIELDrCOUNTY CO been levied. 9.24 No Offsets. All Assessments shall be payable in the amounts specified in the levy thereof, and no offsets or reduction thereof shall be pemitted for any reason including, without limitation, any claim that the Association or the Board of Directors is not properly exercising its duties and powers under this Amended Declaration. ARTICLE 10 SPECIAL PROVISIONS 10.1 Wetlands Protection. All areas determined by the County or anv governmental agency having jurisdiction over the Community Area to be wetlands will be designated as such on the applicable Final Plat. All areas designated as wetlands on any such Final Plats or as exhibits to deeds containing wetlands shall be preserved in their present natural character and condition to as great a degree as possible. In furtherance of this objective, the following additional restrictions have been imposed: 10.1.1 No removal of trees and shrubs shall be allowed within areas designated as wetlands: 10.1.2 No domestic animals of anv kind shall be allowed to enter upon or to graze in areas designated as wetlands; 10.1.3 No filling or excavating of any kind shall be allowed in areas designated as wetlands; 10.1.4 No activity within the wetlands that will modify or in any way change the character of the wetlands shall be allowed; 10.1.5 The land designated as wetlands shall not be subdivided or have its exterior boundaries changed in any way; 10.1.6 No Building Envelope for any Lot shall be located within anv area designated as wetlands. 10.2 Air Quality Restrictions. In order to protect against the degradation which occurs to air quality as a result of the utilization of wood-buming devices, the following restrictions are imposed: 10.2.1 No open hearth solid fuel fireplaces will be allowed anywhere within any new dwelling units located with the Community Area. 10.2.2 All dwelling units within the Community Area will be allowed an unrestricted number of natural gas burning fireplaces or appliances. 10.2.3 All dwelling units within the Community Area will be allowed one (1) new wood -burning stove as defined by C.R.S. 25-7-401 et seq., and the regulations promulgated thereunder. 10.2 .4 The foregoing air quality instructions shall be included as plat notes on all 39 1IIII['r1IL}VIKI1/201111 irliTh#'AI11III Recept Ion#: 719512 03/2312007 Oc.46:55 PI Be'9 5 P:C570 Jean Albedo° G8 :` 54 Rec Fee $271.00 DSO Fee:0.00 GARFIELD COUNTY CO Fatal Plats of the Property. 10.3 Fencing. No fences along or adjacent to Lot lines shall be allowed on any Lots west of County Road 109, and such other Lots on which such fences are prohibited by plat restrictions or notes or by the Design Review Committee in its sole discretion. Further, plats may contain restrictions against placement or types of fencing permitted on certain Lots which abut the Country Club Property. z 10.4 Duration and Enforceability. The restrictions set forth in this Article 10 shall constitute covenants running with the Community Area, and shall be binding upon the Owners and all other persons and parties claiming through the Owners and shall be for the benefit of and limitations upon all future Owners of the Property. Notwithstanding any other provision of this Amended Declaration, all use restrictions set forth in this Article I0 may be set forth in individual deeds to Lots and shall be enforceable in perpetuity and shall not be amended or terminated by action of the Owners nor by any provision for termination of this Amended Declaration. The restrictions of these special environmental use restrictions shall be enforceable in any and all manners provided in this Amended Declaration by any Owners or by any County, State or Federal agency charged with preservation of the affected areas. Any such enforcement action shall entitle the enforcing party to recovery of damages equal to the cost of restoration o£the Property, but not less than $1,000.00, and such enforcing party shall be entitled to an award of its reasonable attorneys' fees and costs of enforcement, including but not limited to, court costs, expert witness fees, and cost of depositions and exhibits. ARTICLE 11 MISCELLANEOUS 11.1 Term of Amended Declaration. Unless amended as herein provided, and except for those provisions set forth in Article 10 hereof, each provision contained in this Amended Declaration shall continue and remain in full force and effect until December 31, 2050, and thereafter shall be automatically extended for successive periods of ten (10) years each unless terminated by the vote, and written ballot, of Members holding at least sixty-seven percent (67 %) of the Members of the Association. In the event this Amended Declaration is terminated, the termination of this Amended Declaration shall be evidenced by a termination agreement ("Termination Agreement"), or ratification thereof, executed by the requisite number of Owners. The Termination Agreement shall specify a date after which the Termination Agreement will be void unless Recorded before such date. The Termination Agreement shall be recorded and the termination of this Amended Declaration shall be effective upon such Recording 11.2 Amendment of Declaration by Members. Except as otherwise provided in this Amended Declaration, including Section 6.1, and subject to provisions elsewhere contained in this Amended Declaration requiring the consent of Developer or others, any provision, covenant, condition, restriction, or equitable servitude contained in this Amended Declaration may be amended or repealed at any time and from time to time upon approval of the amendment or repeal by Members of the Association holding at least sixty-seven percent (67 %) of the Members. The approval of any such amendment or repeal shall be evidenced by the certification by the Members to the Board of Directors of the Association of the votes of Members. The amendment or repeal shall be effective upon the Recordation of a certificate, executed by the President or a Vice President and the Secretary or an Assistant Secretary of the Association setting forth the amendment or repeal in full and certifying that the amendment or repeal has been approved by the Members. Any Amendment to the Declaration made hereunder shall be effective only when Recorded. All amendments hereto shall be indexed in the Grantee's index in the name of the Association and in the Grantor's index in the name of each Person executing the arnendment. 40 1111 MI Mi0t1 %i Nfff{It0'dCd hHM'M'"d 11111 Receptiond: 719512 03/2312007 04.43..55 PM 2.1905 F.0571 Jean R1be-1n 49 of 54 Rep Fee.$271 00 Loc Fee'.c-00 GRRFrRO COUN-Y CO 11.3 Amendment of Articles and Bylaws. The Articles of Incorporation and Bylaws may be amended in accordance with the provisions set forth in such instruments or, in the absence of such provisions, in accordance with applicable provisions of the Colorado Nonprofit Corporation Act. 11.4 Alternative Dispute Resolution. Except as may otherwise be provided herein and after exercising all rights and remedies provided hereunder or under the Bylaws, any claim, controversy, or s' dispute over any Special Assessment or Reimbursement Assessment, or any decision of the Design Review Committee, or any other matters as the Association and the affected party may agree, shall be resolved by binding arbitration in accordance with the Colorado Arbitration Act. The parties to such dispute shall agree upon a single arbitrator who shall be an experienced operator or manager of a Planned Community. In the event the parties are unable to agree upon an arbitrator within sixty (60) days after written notice, the presiding Judge of the District Court of the County shall appoint an arbitrator qualified as set forth herein upon application by a party. Judgment upon the determination of the arbitrator shall be entered by the District Court for the County. Any and all discovery conducted in conjunction with such arbitration shall be in accordance with the limited discovery provisions of the Colorado Rules of Civil Procedure. 11.5 Special Rights of First Mortgagees. Any First Mortgagee (meaning a Mortgage with first priority over other Mortgages) of a Mortgage encumbering any Lot in the Community Area, upon filing a written request therefor with the Association, shall be entitled to (a) written notice from the Association of any default by the Mortgagor of such Lot in the performance of the Mortgagor's obligations under this Amended Declaration, the Articles of Incorporation, the Bylaws, or the Rules and Regulations, which default is not cured within sixty (60) days after the Association learns of such default; (b) examine the books and records of the Association during normal business hours; (c) receive a copy of financial statements of the Association including any annual financial statement within ninety (90) days following the end of any fiscal year of the Association; (d) receive written notice of all meetings of Members; (e) designate a representative to attend any meeting of Members; (f) receive thirty (30) days' written notice prior to the effective date of any proposed material amendment to this Amended Declaration, the Articles of Incorporation, or the Bylaws; and (g) receive immediate written notice as soon as the Association receives notice or othenvise learns of any damage to the Association Properties if the cost of reconstruction exceeds Ten Thousand Dollars ($10,000.00) and as soon as the Association receives notice or otherwise learns of any condemnation or eminent domain proceedings or other proposed acquisition with respect to any portion of the Association Properties. 11.6 Priority of First Mortgage Over Assessments. Except as may othenvise be provided by the Act, each First Mortgagee of a Mortgage encumbering a Lot who obtains title to such Lot pursuant to the remedies provided in the Mortgage, by judicial foreclosure, or by deed or assignment in lieu of foreclosure shall take title to the Lot free and clear of any claims for unpaid Assessments or charges against such Lot which accrued prior to the time such holder acquires title to such Lot. Nothing herein relieves such First Mortgagee from responsibility for subsequent Assessments or charges against such Lot after such time the holder acquires title to such Lot. 11.7 First Mortgagee Right To Pay Taxes and Insurance Premiums. Any such First Mortgagee or any such First Mortgagee, jointly or singly, shall be entitled to pay any taxes or other charges which are in default and which may or have become a charge against any of the Association Properties and may pay any overdue premiums on hazard insurance policies for any Association Properties, and the First Mortgagees making such payments shall be entitled to immediate reimbursement therefor from the Association. 11.8 Association Right to Mortgage Information. Each Owner hereby authorizes any Firs 41 1111 K1111011l, tIiESIIiF'lOrlfPi'h'hlld11III Receptionh: 719512 0312312007 04:46;55 PN B.19D5 P:0572 Jean Albertoo 5D of 54 Reo Fee $27'..00 Doc Fee:O.00 GARFIELD COUNTY CC Mortgagee holding a Mortgage on such Owner's Lot to furnish information to the Association concerning the status of such First Mortgage and the loan which it secures. 11.9 Golf Course Facilities. In no event shall the Country Club Property be deemed a portion of the Community Area or the Association Properties, and no Owner or Member shall have any rights or privileges in the Country Club Property, except for: (a) such limited ingress and egress rights as may be expressly provided in the License Aareetnent; or (b) any membership or usage rights resulting from voluntary membership by an Owner in any golf, or country club being operated on the Country Club Property. Notwithstanding anything to the contrary contained herein, every Owner of a Lot within the Community Area shall be permitted to become a member of any golf, or country club facilities ("Country Club Facilities") being operated on the Country Club Property; provided, however, that such Owners shall be subject to the same membership requirements, fees and dues structures and such other rules and regulations as are applicable to other members of such Country Club Facilities. Accordingly, rights to use any such Country Club Facilities shall be on such terms and conditions as may be promulgated from time to time by the Country Club Owner. The Country Club Owner shall have the right, from time to time, in its sole discretion and without notice, to amend or waive the terns and conditions of use of the Country Club Facilities, specifically including, without limitation, the terms of and eligibility for use, privileges available to use, the categories of membership, and the number of users permitted to use the Country Club Facilities, and to reserve use rights for certain persons in the Country Club Facilities. 11.10 Damage Caused by Golf Course Facilities. Each Owner of a Lot within the Community Area, hereby acknowledges that the existence of a golf course on the Country Club Property is highly beneficial and desirable to the Community Area. However, each Owner, by its purchase of a Lot within the Community Area, hereby acknowledges and agrees that portions of the Community Area located adjacent to the Country Club Property, including Lots upon which dwelling units are located, are subject to the risk of damage or injury related to the use and operation of the Country Club Property as a golf course. In accordance with the foregoing, the Association and each Owner of a Lot within the Community Area hereby releases Country Club Owner, its successors and assigns from and against any and all liability, loss, damage, cost or expense arising from or related to the operation of a golf course on the Country Club Property, including, but not limited to, any damage or injury caused by errant golf balls in, on or around the Community Area. The Association and the Owners of Lots within the Community further agree to indenmify and hold Country Club Owner, its successors and assigns, harmless from and against any and all claims, actions, costs, expenses or liability arising from or related to the operation of a golf course on the golf course property including, but not limited to, any damage or injury caused directly or indirectly by golf balls flying, landing, hitting or resting in or around the Common Area or such Owners' respective Lots. The obligation to indemnify, defend and hold harmless contained herein shall pass with title to each portion of the Community Area, and once any Owner of a Lot within the Community Area has conveyed title to such Lot, such obligation shall cease as to that Owner for all subsequent occurrences and such obligation shall pass to the new owner. 11.11 Notices. Any notice permitted or required to be given under this Amended Declaration shall be in writing and may be given either personally or by mail, e-mail, telephone, or telegraph. If served by mail, each notice shall be sent postage prepaid, addressed to any Person at the address given by such Person to the Association for the purpose of service of such notice, or to the Lot of such Person if no address has been given to the Association and shall be deemed given, if not actually received earlier. at 5:00 p.m. on the second business day after it is deposited in a regular depository of the United States Postal Service. Such address may be changed from time to time by notice in writing to the Association. The Association shall provide notice of meetings by electronic mail to those Members who request such and provide an e-mail address. 11.12 Persons Entitled To Enforce Declaration. The Association, acting by authority of the 42 1111 VIIk IU NIL l PM,IRI i P Will 11111 Reception9: 719512 0312312007 04:46.55 PM 9:1905 ?'0573 Jean Rlber:co 51 of 54 Re? Fee:5271 00 Doc Fee'.0.00 GP.RPIELD CO NTY CO Board, and any Member of the Association entitled to vote (as more fully provided herein) shall have the right to enforce any or all of the provisions, covenants, conditions, restrictions, and equitable servitudes contained in this Amended Declaration against any property within the Community Area and the Owner thereof. Notwithstanding the foregoing, prior to the enforcement of the terms and provisions of this Amended Declaration by any Member, such Member shall provide the Association with 30 days prior written notice of such Member's intention to do so. Such notice will state such Member's claim for enforcement under the Amended Declaration. In the event the Association fails to initiate action on such Member's claim for enforcement within 30 days of the Association's receipt of such notice, such Member shall be entitled to proceed with the enforcement of such claim individually. The rights of enforcement provided herein shall include the right to levy fines and/or penalties as the Board may reasonably determine and/or bring an action for damages as well as an action to enjoin any violation of any provision of this Amended Declaration. 11.13 Violations Constitute a Nuisance. Any violation of any provision, covenant, condition, restriction, and equitable servitude contained in this Amended Declaration, whether by act or omission, is hereby declared to be a nuisance and may be enjoined or abated, whether or not the relief sought is for negative or affirmative action, by any Person entitled to enforce the provisions of this Amended Declaration. 11.14 Enforcement of Self -Help. The Association, or any authorized agent of either of them, may enforce, by self-help, any of the provisions, covenants, conditions, restrictions, and equitable servitudes contained in this Amended Declaration, provided such self-help is preceded by Notice and Hearing as set forth in the Bylaws. 11.15 Violations of Law. Any violation of any federal, state, municipal, or local law, ordinance, rule, or regulation, pertaining to the ownership, occupation, or use of any property within the Community Area is hereby declared to be a violation of this Amended Declaration and shall be subject to any and all enforcement procedures set forth in this Amended Declaration. 11.16 Remedies Cumulative. Each remedy provided under this Amended Declaration is cumulative and not exclusive. 11.17 Costs and Attorneys' Fees. In any action or proceeding under this Amended Declaration, the prevailing party shall be entitled to recover its costs and expenses in connection therewith including reasonable attorneys' fees. 11.18 Limitation on Liability. The Association, the Board of Directors, the Design Review Committee and any Member, agent, or employee of any of the same shall not be liable to any Person for any action or for any failure to act if the action or failure to act was in good faith and without malice. 11.19 No Representations or Warranties. No representations or warranties of any kind, express or implied, shall be deemed to have been given or made by the Association or its agents or employees in connection with any portion of the Community Area, or any Improvement thereon, its or their physical condition, zoning, compliance with applicable laws, fitness for intended use, or in connection with the subdivision, sale, operation, maintenance, cost of maintenance, taxes or regulation thereof, unless and except as shall be specifically set forth in writing herein, in any purchase agreement executed by the Association, or in any closing document related thereto. 11.20 Liberal Interpretation. The provisions of this Amended Declaration shall be liberally construed as a whole to effectuate the purpose of this Amended Declaration. 43 VIII hw� 141led 1111 Receptian9: 719512 03'2312007 C4':46:5 PM B:1905 P.f�'74 dear Plberloc 62 of 54 Reo ree'.$271.00 Dov Fee.0 00 CPRF:ELD COON,mt CO 11.21 Governing Law. This Amended Declaration shall be construed and governed under the laws of the State of Colorado. 1L22 Colorado Common Interest Ownership Act. In the event that any of the terms and conditions of this Amended Declaration are in conflict or inconsistent with the terms and conditions of the Colorado Common Interest Ownership Act, the terms and conditions of the Act shall control. All terms and provisions contained herein, to the extent possible, shall be construed in accordance with the terms and provisions of the Act. 11.23 Severability. Each of the provisions of this Amended Declaration shall be deemed independent and severable, and the invalidity or unenforceability or partial validity or partial enforceability of the provisions or portion thereof shall not affect the validity or enforceability of any other provision. 11.24 Number and Gender. Unless the context requires a contrary construction, the singular shall include the plural and the plural the sineular, and the masculine, feminine, or neuter genders shall each include the masculine, feminine, and neuter genders. 11.25 Captions for Convenience. The titles, headings, and captions used in this Amended Declaration are intended solely for convenience of reference and shall not be considered in construing any of the provisions of this Amended Declaration. 11.26 Mergers or Consolidations. Upon a merger or consolidation of the Association with another association, its properties, rights, and obligations may, by operation of law, be transferred to another surviving or consolidated association or, alternatively; the properties, rights, and obligations of another association may, by operation of law, be added to the properties, rights and obligations of the Association as a surviving corporation pursuant to a merger. The surviving consolidated association may administer and enforce the covenants, conditions, and restrictions established by this Amended Declaration governing the Property, together with the covenants and restrictions established upon any other property, as one plan. 11.27 Disclaimer Regarding Safety. THE ASSOCIATION HEREBY DISCLAIMS ANY OBLIGATION REGARDING THE SECURITY OF ANY PERSONS OR PROPERTY WITHIN THE COMMUNITY AREA. ANY OWNER OF PROPERTY WITHIN THE COMMUNITY AREA ACKNOWLEDGES THAT THE ASSOCIATION IS ONLY OBLIGATED TO DO THOSE ACTS SPECIFICALLY ENUMERATED HEREIN, OR IN THE ARTICLES OF INCORPORATION AND BYLAWS, AND IS NOT OBLIGATED TO DO ANY OTHER ACTS WITH RESPECT TO THE SAFETY OR PROTECTION OF PERSONS OR PROPERTY WITHIN THE COMMUNITY AREA. 11.28 Notice to Buyers. Every Seller of a Lot in Aspen Glen shall notify the Buyer that Aspen Glen is a common interest community and shall, at the Seller's expense at the earlier of (i) ten (10) days prior to closing; or (ii) the title deadline, mail or deliver to Buyer: (i) the Bylaws and Rules of the Association; (ii) the Amended Declaration; (iii) Party Wall Agreements, if any; (iv) minutes of the most recent annual homeowners meeting; (v) minutes of Board meetings within the last six (6) months; (vi) the Association's operating budget (vii) the Association's annual income and expenditures statement; and (viii) the Association's annual balance sheet. The Seller shall be required to obtain from Buyer a signed acknowledgement and to deliver a copy of such to the Association in substantially the form as attached hereto as Exhibit "A". 44 1111 r 1IIII Reception#: 719512 03/2312007 04 46.55 PM E'. 1905 P 0575 Jean Rlber_co 53 of 54 Rec Fee .32]1.66 Doc Fee .0.00 GcRFIELD COUNTY CO IN WITNESS WHEREOF, the Homeowners Association has executed this Amended Declaration the day and year first above written. STATE OF COLORADO ) SS. THE ASPEN GLEN HOMEOWNERS ASSOCIATION, a Colorado noofit corporation Bv�i Title: President COUNTY OF GARFIELD)nil The foregoing instrument was acknowledged before me this 11--) day of / / ff.lC (?2007, by ENS 1.0 drew S� as President of The Aspen Glen Homeowners Association, a Colorado non- profit corporation. WITNESS my hand and official seal. My commission expires o-31— I O Notary Public 45 Ilk !Pi w01u9i1Vui11f.ifalliq 4111Airr1,h11111 iii Reception#: 719512 03123/2OE7 04:46:55 P'1 5.1995 P:0576 Aeon R:aerioo 54 ci 54 Rep Fee $271 00 Doc Fee '.0.DC GRRFIELD COUNTY CC EXHIBIT `1A" ACKNOWLEDGEMENT THE BUYER HEREBY ACKNOWLEDGES THAT THE BUYER HAS RECEIVED COPIES OF THE , AMENDED DECLARATION, COVENANTS, CONDITIONS AND RESTRICTIONS, AMENDED BYLAWS, AND RULES AND REGULATIONS OF THE ASPEN GLEN COMMUNITY ASSOCIATION AND THE BUYER UNDERSTANDS THAT THESE DOCUMENTS CONSTITUTE AN AGREEMENT BETWEEN THE ASSOCIATION AND THE BUYER BY SIGNING THIS STATEMENT, THE BUYER ACKNOWLEDGES THAT THE BUYER HAS READ AND UNDERSTANDS THE ASSOCIATION'S AMENDED DECLARATION, COVENANTS, CONDITIONS AND RESTRICTIONS, AMENDED BYLAWS, AND RULES AND REGULATIONS. THE BUYER ALSO UNDERSTANDS THAT BY COMPLETING THIS PURCHASE, THE BUYER IS RESPONSIBLE FOR PAYING ASSESSMENTS TO THE ASSOCIATION. IF THE BUYER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO COLLECT THE DEBT. THE BUYER ALSO UNDERSTANDS THAT ANY CHANGE TO THE EXTERIOR OF THE PROPERTY MAY BE SUBJECT TO ARCHITECTURAL REVIEW AND APPROVAL. FAILURE TO SECURE SUCH REVIEW AND APPROVAL COULD BE A VIOLATION OF THE AMENDED DECLARATION AND COULD RESULT IN REMEDIAL ACTION BEING TAKEN BY THE ASSOCIATION. IN WITNESS WHEREOF, the Buyer has executed this Acknowledgement as of the date set forth beneath their signature, Printed Name Dated: ALT-Misc-AspenGlenCCRs 46 Mink Vinufww4;;;;Itriv nAral.012114145117111* 4L391111 z7: Tjair* • ."kwa :. tft.,A,!Eifravikl Q��r,�� ,fir Iwo Imn, , ` IIIuuII�, �•� STEELE, DAVID W & JUDY 284 MIDLAND LOOP 239319203015 STEELE, JUDY D & DAVID 284 MIDLAND LOOP 239319203016 19 30 Garfield County CO Date Printed: December 17, 2015 0 \`\ 1000 2000 3000 4000 vv I I I �o Feet This map is for illustrative purposes only and does not represent a survey. It is provided 'as is' without warranty o any representation of accuracy, timeliness or completeness. The user acknowledges and accepts all inherent limitations of the maps and data, including the fact that the maps and data are dynamic and in a constant state o revision, maintenance, and correction. No liability is assumed by Garfield County as to the accuracy of the data delineated herein.