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DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS
FOR BLUE LAKE PLANNED UNIT DEVELOPMENT
FILING NUMBERS I,II, IV, AND V


KNOW ALL MEN BY THESE PRESENTS:

WHEREAS, BLUE LAKE DEVELOPMENT COMPANY, (hereinafter referred to as the "Declarant") is the owner of that real property described on the Plat of the Blue Lake Planned Unit Development Filing I, Reception number 280466, Book number 384, Page number 166, Filing II, Reception number 408518, Book number 512, Page number 339, Filing IV, Reception number 475487, Book number 579, Page number 378 and Filing V, reception number 530894, Book number 634, Page number 839, of the records of the Clerk and Recorder of Eagle County, Colorado; and

WHEREAS, Declarant desires to create a project under the applicable laws of the State of Colorado, and of Eagle County, Colorado, and to establish thereby a plan for the ownership in fee simple of real property estates in residential "lots" as hereinafter defined, and to provide for the ownership, use and maintenance of all the remaining real property hereinafter defined and referred to as the "common areas";

NOW, THEREFORE, Declarant hereby declares that all of the properties described above shall be held, sold and conveyed subject to the following easements, restrictions, covenants, and conditions which are for the purpose of protecting the value and desirability of, and which shall run with the land and be binding on all parties having any right, title, or interest in the above-described properties or any part thereof, their heirs, successors, and assigns, and shall inure to the benefit of each owner thereof.


ARTICLE I

DEFINITIONS

1. Association: "Association" means the Blue Lake Owners" Association, a Colorado non-profit corporation, its successors and assigns.

2. Common Area: "Common Area" means all property (including the improvements thereto) owned by the Association for the common use and enjoyment of the Owners. The Common Area to be owned by the Association at the time of the conveyance of the first lot is described on the Plat of the Blue Lake Planned Unit Development

3. Declarant. "Declarant" means and refers to Blue Lake Development Company, its successors and assigns which successors or assigns shall succeed to the interest of Declarant herein only by express reference hereto.

4. Declaration of Covenants Conditions and Restrictions: "Declaration" means this document being the Declaration of Covenants, Conditions and Restrictions for the Blue Lake Planned Unit Development, and any and all amendments and supplements thereto, if any

5. "Lot" means and refers to any plot of land shown upon any recorded subdivision map of the Properties with the exception of the Common Area

6. First Mortgage: "First Mortgage" shall mean and refer to any unpaid and outstanding mortgage, deed of trust, or other security instrument recorded in the records of the office of the Clerk and Recorder of the County of Eagle, Colorado, having priority of record over all other recorded liens except those governmental liens made superior by statute (such as general and valorem tax liens and special assessments) . "First Mortgage" shall also mean and refer to any executory land sales contract wherein the Administrator of Veterans Affairs, and Officer of the United States of America, is the original seller, whether such contract is recorded or not, and whether such contract is owned by the said Administrator or has been assigned by the said Administrator and is owned by the Administrator's assignee, or a remote assignee, and the land records in the office of the Clerk and Recorder of the County of Eagle, Colorado, show the said Administrator as having the record title to the Lot.

7. First Mortgagee: "First Mortgagee" shall mean and refer to any person named as mortgagee or beneficiary under any First Mortgage (including the Administrator of Veterans Affairs, an Officer of the United States of America, and his assigns under any executory land sales contract wherein the said Administrator is identified -as the seller, whether such contract is recorded or is identified as the seller, whether such contract is recorded or not and the land records in the office of the Clerk and Recorder of the County of Eagle, Colorado, show the said Administrator as having the record title to the Lot) , or any successor to the interest of any such First Mortgage.

8. Owner: "Owner" means and refers to the record owner, whether one or more persons or entities, or a fee simple title to any Lot which is a part of the Properties, including contract sellers, but excluding those having such interest merely as a security for the performance of an obligation.

9. Properties: "Properties" means and refers to that certain real property hereinabove described, and such additions thereto as may hereafter be brought within the jurisdiction of the Association.


ARTICLE II

PROPERTY RIGHTS

1. Description of Lot: Every deed for the conveyance of a Lot and every other instrument affecting title to a Lot may describe that Lot by the number shown on the Plat describing such Lot, with appropriate reference to such Plat and to this Declaration or any supplement thereto as each shall appear in the records of the Clerk and Recorder of Eagle County, Colorado, in substantially the following manner:

Lot _____________ as shown on the plat of the Blue Lake Planned Unit Development

Filing No. _______ appearing in the records of the Clerk and Recorder of Eagle

County, Colorado, as Reception No ____________ and as defined and described in the

Declaration of Covenants, Conditions and Restrictions, for the Blue Lake Planned

Unit Development Filing No. _______ appearing in such records.

Such description shall be construed to describe the Lot and to incorporate all rights incident to ownership of a Lot and all limitations on such ownership as described in this Declaration, and arising under and by virtue of the Articles of Incorporation and By-Laws of the Association.

2. Owners Easements of Enjoyment: Every Owner shall have a non-exclusive right and easement of enjoyment in and to the Common Area which shall be appurtenant to and shall pass with the title to every Lot, subject to the following provisions

(a) The right of the Association, in accordance with its Articles and By-Laws, to borrow money for the purpose of improving the Common Area and, with written consent of the Members entitled to vote two-thirds (2/3) of the votes of each class of membership and 100 percent of all First Mortgagees of Lots (based upon one vote for each First Mortgage owned) , to mortgage said property as security for any such loan; and

(b) The right of the Association to take such steps as are reasonably necessary to protect the Common Area against foreclosure; and

(c) The right of the Association to promulgate and publish rules and regulations which each Member shall strictly comply with; and

(d) The right of the Association as provided in its Articles and By-Laws, to suspend the voting rights and the right of use recreational facilities, if any, of a Member for any period during which any assessment against his Lot remains unpaid and, for a period not to exceed sixty (60) days, for any infraction of its published rules and regulations; and

(e) The right of the Association to dedicate or transfer all or any part of the Common Area to any public agency, authority, or utility for such purposes and subject to such conditions as may be agreed to by the Members, provided that no such dedication or transfer shall be effective unless an instrument agreeing to such a dedication or transfer signed by two-thirds (2/3) of each class of Members and by 100 percent of all First Mortgagees of Lots (based upon one vote for each First Mortgage owned) has been recorded, and unless written notice of the proposed agreement and action thereunder is sent to every Member at least thirty (30) days in advance of any action taken, and unless such dedication or transfer is approved by the County of Eagle, Colorado, or any successor governmental entity having jurisdiction over the Properties, if required by resolutions or ordinances thereof. Provided further that the granting of permits, licenses and easements for public utilities, roads and/or for other public purposes consistent with the intended use of the Common Area and reasonably necessary or useful for the proper maintenance of operation of the Properties or the Association shall not be deemed a transfer within the meaning of this Subsection (e).

(f) The right of the Association to close or limit the use of the Common Area while maintaining, repairing and making replacements in the Common Area.

(g) The right of the Association to charge reasonable admission and other fees for use of any recreational facility situated upon the Common Area.

(h) The easement into and onto each Lot for access to utility facilities (for service, repair and maintenance) at all times necessary for such service.

3. Delegation of Use: Any Owner may delegate in accordance with the By-Laws, such Owners right of enjoyment to the Common Area to the members of such Owners family, his tenants, or contract purchasers who reside on the property.

4. Nonpartitionability: The Common Areas shall be owned in common by the Association for the common benefit of the Owners as hereinabove provided, and there shall be no judicial or other partition of the Common Areas or any part thereof, nor shall any owner bring any action seeking partition thereof.



ARTICLE III

ASSOCIATION MEMBERSHIP AND VOTING RIGHTS

1. Membership: Every Owner of a Lot which is subject to assessment shall be a Member of the Association. Membership shall be appurtenant to and may not be separated from ownership of any Lot which is subject to assessment and such Membership shall be transferred automatically by the transfer (in whatsoever form) of such Lot. No person or entity other than an Owner may be a Member of the Association.

2. Voting. The Association shall have two classes of voting membership, as follows:

Class A: Class A Members shall be all Owners, with the exception of the Declarant, and shall be entitled to one (1) vote for each Lot owned.

Class B: The Class B Members shall be the Declarant and shall be entitled to three (3) votes for each Lot owned. Class B membership shall cease and be converted to Class A membership on the happening of either of the following events whichever occurs earlier:

(a) When the total votes outstanding in Class A membership equal the total votes outstanding in Class B membership; or

(b) On September 1, 1999.

In the event any Lot is owned by two or more persons, whether by joint tenancy, tenancy in common or otherwise, the membership as to such Lot shall be joined, and a single membership for such Lot shall be issued in the names of all owners, and they shall designate to the Association, in writing at the time of issuance, one person who shall hold the membership and have the power to vote said membership. In the absence of such designation, the Board of Directors of the Association my designate one of the owners as the voting Member. Owners of more than one Lot shall have one Membership in the Association for each Lot owned.

3. Voting Rights and Limitations:

(a) Suspension of Voting Rights. If any Owner, his family or any licensee or invitee violates the Association"s rules, once adopted by the Board after Notice and Hearing, the Board may suspend the right of such person to vote his membership interest, under such conditions as the Board may specify, for a period not to exceed sixty (50) days for each violation.

(b) Annexation, Merger, Consolidation, Dissolution. Upon the written consent of two-thirds (2/3) of each class of Members, the Association and its Properties may be annexed by a municipality, merged or consolidated with another or similar organization, or enlarged, or be dissolved entirely, provided, however, that nothing in this subparagraph (b) shall be construed as requiring the Declarant to obtain approval of the Association in the exercise of Declarant's privilege to annex additional properties. In no event will the Members ever obtain individual ownership of any of the Association's interests.

4. Duties and Responsibilities of the Association: Declarant has caused the Association to be incorporated as a Colorado non-profit corporation. Any purchaser of a Lot shall be deemed to have assented to and ratified the designation and authority of the Association to conduct the management of the Common Area. The Association shall have the following duties, rights and powers:

(a) to promulgate and from time to time supplement and amend reasonable rules and regulations governing the use of the Lots and the Common Areas, which rules and regulations shall be consistent with the rights and duties established in this Declaration.

(b) to maintain irrigation ditches which traverse the property to assure that each such ditch will carry the historical flow of water to which it is legally entitled.

(c) to contract for or otherwise provide trash removal; services on a regular basis to all occupied Lots within the properties and to levy assessments to pay for the same.

(d) to remove the snow from and otherwise maintain the public sidewalks located adjacent to the common areas.

(e) to levy and make assessments, for the following purposes:

(1) to promote the recreation, health, safety and welfare of the owners and the property;

(2) to pay taxes and special assessments levied against the Common Areas;

(3) to provide for care and maintenance of the buildings, grounds, improvements and other Common Areas;

(4) to pay common utility expenses, if any;

(5) to pay the premiums for all insurance which the Association is required or permitted to maintain;

(6) to pay the Association's share, if any, or the cost of insuring against liability resulting from the break or overflow of the Missouri Heights Reservoir (sometimes known as the Spring Park Reservoir) in accordance with agreements between the Declarant and/or the Association and the Missouri Heights Irrigation Company.

(7) to pay wages for Association employees, Association management expenses, legal and accounting fees;

(8) to pay any deficit remaining from any previous assessment period;

(9) to create a reasonable contingency reserve, surplus or sinking fund;

(10) to lease or purchase real or personal property in the performance of its duties;

(11) to repair and replace the Association's facilities, machinery and equipment;

(12) to pay any other expenses and liabilities which may be incurred by the Association for the benefit of the Owners under or by reason of this Declaration, its Articles of Incorporation or By-Laws.

(f) In accordance with its Articles of Incorporation and By-Laws, and upon the prior written approval of a majority of the voting members, to borrow money for the purpose of improving and or maintaining the Common Areas.

(g) to enter into or upon any Lot in case of any emergency originating in or threatening such Lot. An Owner shall permit entry on to his Lot for the purpose of performing installations, alterations or repairs to the mechanical, electrical, or utility services, which, if not performed would affect the use of other Lots; provided, that requests for entry are made in advance and that such entry is at a time convenient to the Owner. In case of an emergency, such right of entry shall be immediate.

(h) to collect delinquent assessments by suit or otherwise and to enjoin or seek damages from the Owners for violation of the Covenants contained herein or the Rules and Regulations as promulgated hereunder.

(i) to employ workmen, janitors and gardeners and others; to contract for services to be performed including those of a Manager; to purchase supplies and equipment, and to enter into contracts and generally to have the powers of a property manager in connection with the matters hereinbefore set forth, except that the Association may not encumber or dispose of the interest of any owner except to satisfy a lien or judgment against such Owner for violation of the Owner's covenants imposed by this Declaration.

(j) to protect and defend the project from loss and damage by suit or otherwise.

(k) to employ counsel, attorneys, and accountants in connection with legal matters of the Association and reports and statements of its books and records, which audits shall be available to Owners for inspection at the Association office.

(l) to invest funds if any, in the hands of the Board of Directors of the Association in excess of reasonable working capital needs, and to credit income derived therefrom to Owners in an equitable manner to offset assessments, of the Association. Each individual Owner shall be furnished, upon request, a statement of annual earnings attributable to Owners from such income received.

(m) to file legal protests with authorities, when requested to do so by a majority of the Owners, against the granting by authorities of zoning or variances as to any property adjoining or within a reasonable proximity of the project which might affect or depreciate the value of the Properties, or any part thereof.

(n) to exercise any right or privilege given it expressly by this Declaration or by law, and every other right, privilege, and power reasonably to be implied from the existence of any right or privilege given it herein or by its Articles of Incorporation or By-Laws or reasonably necessary to effectuate its function and purposes.



ARTICLE IV

COVENANT FOR ASSESSMENTS


1. Creation of the Lien and Personal Obligation for Assessments. The Declarant, for each Lot owned within the Properties, hereby covenants, and each Owner of any Lot by acceptance of a deed therefor, whether or not it shall be so expressed in such deed, is deemed to covenant and agree to pay to the Association: (1) annual assessments of charges, and (2) special assessments for capital improvements, such assessments be established and collected as hereinafter provided. The annual and special assessments, including utilities services charges, if any, together with interest, costs and reasonable attorneys' fees, shall be a charge on the land and shall be a continuing lien upon the property against which each such assessment is made. The lien may be enforced by foreclosure commenced by action of the Board of Directors on the defaulting Owner's Lot by the Association in like manner as a mortgage on real property. In any such foreclosure, the Owner shall be required to pay the costs and expenses of such proceedings, including reasonable attorneys' fees. The Board of Directors may prepare a written notice setting forth the amount of such unpaid indebtedness, the name of the Owner of the Lot and a description of the Lot. Such a notice shall be signed by the President or Vice-President of the Board of Directors and may be recorded in the office of the Clerk and Recorder of the County of Eagle, Colorado. The lien for each unpaid assessment, including utilities service charges, attaches to the property at the beginning of each assessment period and shall continue to be a lien against the property until paid. The costs and expenses for filing any notice of lien shall be added to the assessment for which it is filed and collected as part and parcel thereof. Each such assessment, together with interest, costs and reasonable attorneys fees, shall also be the personal obligation of the persona who as the Owner of such property at the time when the assessment fell due. The personal obligation for delinquent assessments shall not pass to his successors in title unless expressly assumed by them. The Owner further agrees by his acceptance of title to a Lot that the Association shall be vested with the right and power in its own name to take and prosecute all suits which may, in the opinion of the Association, be necessary or advisable for the collection of such delinquent assessments.

2. Homestead Exemption. The lien of the Association for assessments shall be superior to any homestead exemption as is now or may hereafter be provided by Colorado law. The acceptance of a deed to any Lot subject to this Declaration shall constitute a waiver of the homestead exemption as against said assessment lien.

3. Purpose of Assessments. The assessments levied by the Association shall be used exclusively to promote the recreation, health, safety and welfare of the residents of the Lots, and for the improvements, operation and maintenance of the Common Area. The periodic assessment payments may include, as fees in addition to the annual maintenance fee, assessments for payment of utilities service charges, if applicable.

4. Maximum Annual Assessment. Until January 1 of the year immediately following the conveyance of the first Lot to an Owner, the maximum annual maintenance assessment (excluding utilities service charges) shall be One Hundred Twenty and no/100 Dollars ($120.00) per Lot.

(a) From and after January 1 of the year immediately following the conveyance of the first Lot to an Owner, the maximum annual assessment may be increased effective January 1 of each year, without a vote of the membership, in conformance with the rise, if any, in the Consumer Price Index (CPI-U) 1967 = 100) for Denver, Colorado, published by the U.S. Bureau of Labor Statistics, for the preceding year based on the most recent report available as of January 1, or five percent (5%) , whichever is greater.

(b) From and after January 1 of the year immediately following the conveyance of the first Lot to an Owner, the maximum annual assessment for the next succeeding one year and at the end of such period of one year, for each succeeding period of one year, may be increased above that established in a Section 4(a) above by a vote of the Members, provided that any such change shall have the assent of two-thirds (2/3) of the votes of each class of Members who are voting in person or by proxy, at a meeting duly called for this purpose, written notice of which shall be sent to all Members not less than fifteen (15) days nor more than thirty (30) days in advance of the meeting setting forth the purpose of the meeting. The limitations hereof shall not apply to any change in the maximum and bases of the assessments undertaken as an incident to a merger or consolidation in which the Association is authorized to participate under its Articles of Incorporation.

(c) The Board of Directors of the Association may, after consideration of the current maintenance costs and the financial requirements of the Association, fix the annual assessment at an amount less than the maximum.

(d) The Association shall maintain an adequate reserve fund out of the annual assessments for the maintenance, repair and replacement of those elements of the Common Area that must be replaced on a periodic bases.

5. Special Assessments for Capital Improvements. In addition to the annual assessments authorized above, the Association may levy, any assessment year, a special assessment applicable to that year only for the purpose of defraying, in whole or in part, the cost of any construction, reconstruction, repair or replacement of a capital improvement upon the Common Area, including fixtures and personal property related thereto, provided that any such assessment shall have the assent of two-thirds (2/3) of the votes of each class of members who are voting in person or by proxy at a meeting duly called for this purpose.

6. Notice and Quorum for any Action Authorized Under Sections 4 and 5. Written notice of any meeting called for the purpose of taking any action authorized under Sections 4 or 5 of this Article shall be sent to all Members not less than thirty (30) days nor more than sixty (60) in advance of the meeting. At the first such meeting called, the presence of Members or of proxies entitled to cast sixty (60) percent of all the vote of each class of membership shall constitute a quorum. If the required quorum is not present, another meeting may be called subject to the same notice requirement, and the required quorum at the subsequent meeting shall be one-half (1/2) of the required quorum at the preceding meeting. No such subsequent meeting shall be held more than sixty (60) days following the preceding meeting.

7. Uniform Rate of Assessment. Notwithstanding any provision to the contrary in Article IV, Section 4 hereof, both annual and special assessments must be fixed at a uniform rate for all Lots of similar size and value, sufficient to meet the expected needs of the Association, provided that the rate set for the unimproved Lots owned by Declarant or other Owners shall be fixed at five percent (5%) of the minimum assessment rate for the other improved Lots; and further provided, however, than in the event that, while the Class B membership exists, the assessed fees collected for the Association fail to adequately meet Association expenses, then the Declarant must pay sufficient capital up to the full assessed share applicable to the specific property. A Lot shall be considered improved if and when a certificate of occupancy has been issued by the appropriate governmental office, agency or department.

8. Date of Commencement of Annual Assessments: Due Dates. The initial and all subsequent annual assessments provided for herein shall commence on the date of conveyance by Declarant of the first Lot, and shall be made due and payable in twelve (12) monthly installments per annum on such dates as determined by the Board. If the initial assessment installment is not due on January 1 of any year, then the first annual assessment shall be adjusted according to the number of months remaining in the calendar year. Any Owner purchasing a Lot between installment due dates shall pay a pro rata share of the last installment due. The Board of Directors shall fix the amount of the annual assessment against each Lot at least thirty (30) days in advance of each annual assessment period. Written notice of the annual assessment shall be sent to every Owner subject thereto. The Association shall, upon demand, and for a reasonable charge, furnish a certificate signed by an officer of the Association setting forth whether the assessments on a specified Lot have been paid. A properly executed certificate of the Association as to the status of assessments on a Lot is binding upon the Association as of the date of its issuance.

9. Effect of Nonpayment of Assessments Remedies of the Association. Any assessment, or assessed fee, whether an annual or special assessment of for utility service, not paid with ten (10) days after the due date thereof shall bear interest from the due date at the rate of 18% per annum. The Association may bring an action at law against the Owner personally obligated to pay the same. In addition to such action, or as an alternative thereto, the Association may file with the Clerk and Recorder of Eagle County, a Statement of Lien, setting forth the name of the Owner, the legal description of the Lot, the name of the Association, and the amount of delinquent assessments then owing, which Statement shall be duly signed and acknowledged by the President or Vice-President of the Association, and which shall be served upon the Owner of the Lot by mail to the address of the Lot or at such other address as the Association may have in its records for the Owner of the Lot. Thirty days following the mailing of such notice, the Association may proceed to foreclose the Statement of Lien in the same manner as provided for the foreclosure of mortgages under the statutes of the State of Colorado. (Such Statement shall be in favor of the Association and shall be for the benefit of all other Owners.) In either a personal or foreclosure action, the Association shall be entitled to recover as part of the action, interest, costs and reasonable attorney's fees with respect to the action. No Owner may waive or otherwise escape liability for the assessments provided for herein by nonuse of the Common Area or abandonment of his Lot.

10. Subordination of the Lien to Mortgage The lien of the assessments provided for herein shall be subordinate to the lien of any First Mortgage, including any executory land sales contract wherein the Administrator of Veterans Affairs (Veterans Administration) is seller, whether such contract is owned by the Veterans Administration or its assigns, and whether such contract is recorded or not. Sale or transfer of any Lot shall not affect the lien for said assessment charges except that sale or transfer of any Lot pursuant to foreclosure of any such First Mortgage or any such executory land sales contract, or any proceedings in lieu of foreclosure, including deed in lieu of foreclosure, or cancellation or foreclosure of any such executory land sales contract wherein the Administrator of Veterans Affairs (Veterans Administration) is seller, whether such contract is owned by the Veterans Administration or its assigns, and whether of record or not, shall extinguish the lien of such assessment charges as to payments which became due prior to such sale or transfer, or foreclosure, or any proceeding in lieu thereof, or cancellation or forfeiture of any such executory land sales contract; provided, however, that any such assessment charges, including interest, costs and reasonable attorneys' fees, which are extinguished as provided herein, may be reallocated and assessed to all Lots as a common expense. No such sale, transfer, foreclosure, nor cancellation or forfeiture of any such executory land sales contract shall relieve any Lot from liability for any assessments thereafter becoming due nor from the lien thereof.

11. Exempt Property. The Common area shall be exempt from the lien for assessments created herein.

12. Assessment Reserves. The Association shall levy and collect from each owner, other than Declarant, at the time such owner purchases or acquires a Lot, a sum equal to three (3) times the monthly installment of the current annual assessment for such Lot. Said sum may be used by the Association as working capital, to apply against a delinquent account of an Owner, or emergency needs, and shall be refunded to the Owner (except as hereinafter provided, upon the sale or transfer of such Owner's Lot, less any amounts then due by said Owner upon a settlement sheet adjustment between seller and purchaser. Deficiency amounts in any Owner's account shall be promptly restored upon the Association's request to maintain an amount equal to three (3) times the monthly installment of the current annual assessment for such Owner's Lot. The Declarant shall be required to pay such assessment reserve for any Lot owned by Declarant and upon which there is situate a completed residential structure for which a Certificate of Occupancy has been issued, with sixty (60) days following issuance of said Certificate.


ARTICLE V

INSURANCE

1. Insurance on Common Area. The Association shall maintain insurance covering all insurable improvements located or constructed upon the Common Area. The Association shall maintain the following types of insurance, to the extent that such insurance is reasonably available:

(a) A policy of property insurance covering all insurable improvements located on the Common Area, with a "Replacement Cost Endorsement" providing that any claim shall be settled on a full replacement cost basis without deduction for depreciating, and including an "Inflation Guard Endorsement" and an "Agreed Amount Endorsement". The Association may also purchase a "Demolition Endorsement", and "Increased Cost of Construction Endorsement", a "Contingent Liability from Operation of Building Laws Endorsement" or the equivalent, and/or coverage on personal property owned by the Association. Such insurance as maintained by the Association pursuant to this subsection shall afford protection against at least the following:

(1) loss or damage by fire and other perils normally covered by the standard extended coverage endorsement; and

(2) such other risks as shall customarily be covered with respect to improvements similar in construction, location and use, including all perils normally covered by the standard all risk endorsement, where such is available.

(b) A comprehensive policy of public liability insurance covering all of the Common Area, insuring the Association in an amount not less that $1,000,000. Covering bodily injury, including death of persons, personal injury and property damage liability arising out of a single occurrence. Such coverage shall include, without limitation, legal liability of the insured for property damage, bodily injuries and deaths of persons in connection with the operation, maintenance or use of the Common Area, legal liability arising out of lawsuits related to employment contracts of the Association, and protection against liability for non-owned and hired automobiles; such coverage may also include, if applicable, garage-keeper's liability, liability for property of others, host liquor liability, water damage liability, contractual liability, workmen's compensation insurance for employees of the Association, and such other risks as shall customarily be covered with respect to projects similar in construction, location and use.

(c) A policy providing adequate fidelity coverage or fidelity bonds to protect against dishonest acts on the part of officers, directors, trustees and employees of the Association and all others who handle or are responsible for handling funds of the Association. Such fidelity coverage or bonds shall meet the following requirements:

(1) all such fidelity coverage or bonds shall name the Association as an obligee;

(2) such fidelity coverage or bonds shall contain waivers of any defense based upon the exclusion of persons who serve without compensation from any definition of "employee" or similar expression.

(d) If the Common Area, or any portion thereof, is located within an area identified by the Federal Emergency Management Agency as having special flood hazards, and flood insurance coverage on the Common Area has been made available under the National Flood Insurance Program, then such a policy of flood insurance on the Common Area in an amount at least equal to the lesser of:

(1) the maximum coverage available under the National Flood Insurance Program for all buildings and other insurable property located within the Common Area in a designated flood hazard area; or

(2) one hundred percent (100%) of current replacement cost of all buildings and other insurable property located with the Common Area in a designated flood hazard area.


ARTICLE VI

DESIGN CONTROL COMMITTEE

1. Composition of Committee. The Design Control Committee (hereinafter "DCC" shall consist of three (3) persons appointed by the Board of Directors of the Association.

2. Authority of DCC. No building, fence, wall or other structure or any attachment to an existing structure, whether a residence, an accessory building, a tennis court, a swimming pool, exterior improvements or attachments, shall be commenced, erected or maintained upon the Properties, nor shall any exterior addition to or change or alteration therein be made and no change in the final grade, nor the installation of any landscaping shall be performed, until the plans and specifications therefor (said plans and specifications to show nature, kind, shape, exterior design, height, materials, color, location of the structure or addition to the structure, plotted horizontally and vertically, location and size of driveways, plan of landscaping, fencing, walls, windbreaks and the grading plan) shall have been first submitted to and approved in writing by the DCC. The DCC shall exercise its best judgment to the end that all attachments, improvements, construction, landscaping and alterations on lands within the Properties, shall conform to be in accordance with the design guidelines adopted and amended from time to time by the DCC.

3. Procedures. The DCC shall approve or disapprove all plans within thirty (30) days after submission. In the event that the DCC fails to approve or disapprove such design and location within thirty (30) days after said plans and specifications have been submitted to it, approval will not be required and this Article will be deemed to have been fully complied with.

4. Vote. A majority vote of the DCC is required to approve a proposed improvement.

5. Records. The DCC shall maintain written records of all applications submitted to it and of all actions taken by it thereon, and such records shall be available to Members for inspection at a reasonable hour of the business day.

6. Liability. The DCC and the members thereof shall not be liable in damages to any person submitting requests for approval or to any Owner by reason of any action, failure to act, approval, disapproval, or failure to approve or disapprove, in regard to any matter within its jurisdiction hereunder.

7. Exemption of Declarant. Nothing in this Declaration shall limit the right of Declarant to complete excavation, grading and construction of improvements on any portion of the Properties, owned by Declarant, or to alter the foregoing or to construct such additional improvements as Declarant deems advisable in the course of development of the Properties, so long as any Lot in the Properties remains unsold, or to use such improvement as a construction office or real estate sales or leasing office. Declarant need not seek or obtain DCC approval of any improvement constructed or placed by Declarant on any portion of the Properties, owned by Declarant, so long as the improvement constructed or placed by Declarant does not substantially deviate from the design guidelines adopted by the DCC.

The rights of Declarant hereunder and elsewhere in these restrictions may not unreasonably interfere with the rights of Lot owners. Declarant's rights hereunder and elsewhere in this Declarant may be assigned by Declarant.



ARTICLE VII

USE RESTRICTIONS

1. General Plan. It is the intention of the Declarant to establish and impose a general plan for the improvement, development, use and Occupancy of the Properties, in order to enhance the value, desirability, and attractiveness of the Properties and to serve and promote the sale thereof.

2. Use of Common Area.

(a) No use shall be made of the Common Area which will in any manner violate the statutes, rules, or regulations of any governmental authority having jurisdiction over the Common Area.

(b) No Owner shall place any structure whatsoever upon the Common Area, nor shall any Owner engage in any activity which will temporarily or permanently deny free access to any part of the Common Area to all Members.

(c) The use of the Common Area shall be subject to such rules and regulations as may be adopted from time to time by the Board of Directors of the Association.

(d) No use shall ever be made of the Common Area which will deny ingress and egress to those Owners having access to Lots only over Common Area and the right of ingress and egress to said Lots by vehicle and otherwise is hereby expressly granted.

3. Minimum Size - Residential Structures. No residential structure containing less than eight hundred and forty (840) square feet of living area (exclusive of garages, carports, patios and unfinished basement areas) shall be located on any Lot within the Properties.

4. Residential Use. Except for the Open Space and Common Area as designated on the final Plat of the Properties, all Lots shall be used for residence purposes only. No business or profession of any nature shall be conducted on any Lot or in any structure constructed thereon except as follows:

(a) Declarant, or its successors or assigns may maintain upon the property during the period of construction and sale of Lots, such facilities as in the sole opinion of the Declarant may be reasonably required, convenient or incidental to such construction and the sale of said Lots, including, but not limited to, a business office, storage area, construction yards and structures, construction trailer, signs, model units and sales office.

(b) The Owner or occupant of a Lot shall be entitled to. (a) maintain a personal or professional library thereon; (b) keep personal business or professional records or accounts thereon; or (c) handle personal business or professional telephone calls or correspondence therefrom.

5. Animals. No horses, cattle, sheep, goats, pigs, rabbits, poultry, or other animals of any description shall be kept or maintained on any Lot except that Owners may keep not more than two (2) dogs and two (2) cats which are bona fide household pets so long as such pets are not kept for commercial purpose and do not make objectionable noises or otherwise constitute a nuisance or inconvenience to any of the residents of the Properties, and in compliance with all existing applicable local ordinances. All such pets shall be kept on a leash when outside of a residential unit on the Properties and shall be kept under the control of the Owner thereof at all times.

6. Temporary Structures. NO temporary house, trailer, tent, garage, or outbuilding shall be placed or erected upon any Lot, and no residence placed or erected upon any Lot shall be occupied in any manner at any time prior to its being fully completed in accordance with approved plans, nor shall any residence when completed be in any manner occupied until made to comply with all requirements, conditions, and restrictions herein set forth; provided, however, that during the actual construction or alteration of a building on any Lot, necessary temporary buildings for storage of materials may be erected and maintained by the person doing such work. The work of constructing, altering or remodeling any building on any part of any Lot shall be prosecuted diligently from the commencement thereof until the completion thereof, and any such construction, alteration or remodeling shall be completed within six (6 months of the commencement thereof; provided that for good cause the DCC may allow an additional six (6) months for the completion of such construction, alteration or remodeling. The provisions of this section shall not preclude the Declarant's construction and sales activities as herein otherwise allowed.

7. Signs. No advertising or signs of any character shall be erected, placed, permitted, or maintained on any Lot other than a name plate of the occupant and a street number and except for a "For Sale" sign not to exceed five (5) square feet in size; except that the Declaration shall be permitted to use larger signs until all Lots are sold to the first Owner (other than to Declarant).

8. Property to be Maintained. Each Lot at all times shall be kept in a clean, sightly, and wholesome condition. No trash, litter, junk, boxes, containers, bottles, cans, implements, machinery, lumber, or other building materials shall be permitted to remain exposed upon any Lots so that same are visible from any neighboring Lot or street, except as necessary during the period of construction. Owners shall maintain the exterior appearance of any residential structure or unit located on their Lot including, by way of example and not limitation, the repair of damaged windows, siding or roof, repair of exterior surfaces, and repainting of unsightly painted surfaces.

In addition, each Lot owner shall be required to remove snow from and maintain in a clean condition at all times, the public sidewalks located in front of and adjacent to such owner's Lot. Upon any Owner failing to remove the snow from and maintain such sidewalks, the Association may, but is not obliged to, perform such maintenance and may specially assess the Lot owner responsible for such maintenance for the expense of the Association's performance thereof.

9. Restrictions on Homes. The following conditions limitations and restrictions shall apply to the construction or placement of homes upon the Properties, to-wit:

(a) Homes containing a minimum of 840 square feet of living area shall be the only allowed residential structure within the Properties; provided, however, accessory buildings such as a "stick built" garage or storage shed may be constructed on a Lot within the Properties.

(b) Only new homes, meeting all current code requirements applicable within the State of Colorado, and HUD or UBC approved, as applicable, shall be constructed or placed on any Lot within the Properties; provided, however, the DCC may approve the placement of a used home within the Properties upon application to the DCC pursuant to the procedures of Article VI of this Declaration and provided the proposed home meets the standard design guidelines as may be adopted and amended from time to time by the DCC.

(c) Any home placed upon any Lot within the Properties shall be placed upon a permanent foundation.

(d) Within seven (7) months following the placement of a home on any Lot within the Properties, the entire Lot must be landscaped in accordance with a landscape plan as approved by the DCC pursuant to the procedures set forth in Article VI above. In addition to such other standards as may be applicable, at least forty percent (40%) of the total area of such Lot shall be in vegetative ground cover approved by the DCC. In addition to and not as a part of such vegetative ground cover requirement, at least two (2) trees selected from a plant list then approved by the DCC, shall be planted on each Lot within the Properties within said seven (7) month period.

(e) Within said seven (7) month period following placement of a home on a Lot within the Properties, a paved driveway and parking area adequate for the parking of two motor vehicles shall be constructed on said Lot. The paving materials used for such area shall be asphalt, concrete or pavers.

10. Lots Not to be Subdivided. No Lot or Lots shall be subdivided, except for the purpose of combining with portions of an adjoining Lot; provided that no additional building site is created thereby. Not less than one entire Lot, as conveyed, shall be used as a building site.

11. Underground Electric Lines. All electric, television, radio, and telephone line installations and connections from a Lot owner's property line to a residence or other structure shall be placed underground, except that during the Construction of a residence the Declarant, and its agents or assigns, may install a temporary overhead utility line which shall be promptly removed upon completion of construction.

12. No Noxious or Offensive Activity. No noxious or offensive activity shall be carried on upon any Lot nor shall anything be done or placed on any Lot which is or may become a nuisance or cause embarrassment, disturbance, or annoyance to others.

13. No Hazardous Activities. No activities shall be conducted on the Properties or within or on improvements constructed on the Properties which are or might be unsafe or hazardous to any person or property. Without limiting the generality of the foregoing, no firearms shall be discharged upon the Properties and no open fires shall be lighted or permitted on the Properties except in a contained barbecue unit while attended and in use for cooking purposes or within a safe and well-designed interior fireplace or except such campfires or picnic fires on areas, if any, designated for such use by the Association.

14. No Annoying Light. Sounds. or Odors. No light shall be emitted from any Lot which is unreasonably bright or causes unreasonable glare; no sound shall be emitted on any Lot which is unreasonably loud or annoying; and no odor shall be emitted on any Lot which is noxious or offensive to others.

15. Restrictions on Parking and Storage. No Lot, driveways, public streets or Association-owned private streets, drives, parking areas, or any part of the Common Area, unless specifically designated by the Association therefor, shall be used as a parking, storage, display or accommodation area for any type of house trailer, camping trailer, boat trailer, hauling trailer, running gear, boat, or accessories thereto, motor driven cycle, truck in excess of three-fourths (3/4) tonage, self contained motorized vehicle, recreational vehicle, or any type of commercial van, except as a temporary expedient for loading, unloading, delivery or emergency. The foregoing limitation shall not be deemed violated by the parking of any such vehicle for a period not to exceed twenty-four (24) hours for unloading, loading or delivery purposes, nor shall such limitation be deemed violated by the parking and use of a trailer, self-contained motorized vehicle or other similar vehicle by a visitor on any Lot for a period not to exceed two (2) weeks. All such vehicles shall otherwise be stored, parked, or maintained wholly within a garage area of the Lot or in an area designated by the Association, the making of such designation to be in the sole discretion of the Association.

Non-operating vehicles (which shall be defined as those incapable of being operated in a normal manner without first being repaired, or those for which current registration has not been obtained) shall not be parked, stored, repaired or maintained on the properties except within an enclosed garage area of a Lot. This restriction, however, shall not restrict trucks or other commercial vehicles within the Properties which are necessary for construction activities or maintenance of the Common Area.

16. Height Restrictions. No structure shall be erected or maintained on any Lot which is in excess of the then current height limitations imposed by the laws and regulations of Eagle County, Colorado.

17. Clothes Lines and Storage. No clothes lines, dog runs, drying yards, service yards, wood piles, or storage areas shall be so located on any Lots as to be visible to public view from a street or the Common Area.

18. Garbage and Refuse Disposal. No garbage, refuse, rubbish, or cuttings shall be deposited on any street or Lot unless placed in a suitable container suitably located, solely for the purpose of garbage pickup. All equipment for the storage of disposal of such materials shall be kept in a clean and sanitary condition.

19. Repair. No activity such as, but not limited to, maintenance, repair, rebuilding, dismantling, repainting, or servicing of any kind of vehicles, trailers, or boats, may be performed on any Lot unless it is done within completely enclosed structures located on the Lot which screens the sight and sound of the activity from the street and from adjoining property. The foregoing restriction shall not be deemed to prevent washing and polishing of any motor vehicle, or motor driven cycle together with those activities normally incident and necessary to such washing and polishing.

20. Tanks No tanks of any kind, either elevated or buried, shall be erected, placed, or permitted upon any Lot.

21. Antennas. No exterior television, radio or other antenna of any sort or any satellite receiving apparatus shall be placed or maintained on any Lot in a manner which makes the same visible from any public street or any portion of the Common Area, except upon the prior written approval of the DCC.

22. Mail Receptacles. Mail receptacles for any Lot shall be subject to such rules and regulations as may be adopted by the Association or the DCC with regard thereto.


ARTICLE VIII

FIRST MORTGAGEES

1. Member and First Mortgagee Approval. Notwithstanding any provision to the contrary set forth elsewhere in this Declaration, the Association shall not:

(a) unless it has obtained the prior written consent of at least sixty-seven percent (67%) of each class of Members and sixty-seven percent (67%) of the First Mortgagees of Lots (based upon one vote for each First Mortgage owned):

(1) by act or omission, change, waive, or abandon any scheme of architectural control, or enforcement thereof, as set forth in this Declaration, regarding the design or maintenance of the Lots, improvements thereon, or the Common Area,

(2) fail to maintain full current replacement cost fire and extended insurance coverage on the Common Area,

(3) use hazard insurance proceeds for Common Area property losses for purposes other than to repair, replace, or reconstruct such property,

(4) by act or omission, seek to abandon, partition, subdivide, encumber, sell, or transfer any common property owned, directly or indirectly, by the Association for the benefit of the Owners (excluding the granting of permits, licenses and easements for public utilities, roads and/or other purposes consistent with the intended use of such common property and reasonably necessary or useful for the proper maintenance or operation of the Properties, or the Association) , or

(5) change the method of determining the obligations, assessments, dues or other charges which may be levied against an Owner;

(b) unless it has obtained the prior written consent of at least sixty-seven (67%) of each class of Members and fifty-one percent (51%) of the first Mortgagees of Lots (based upon one vote for each First Mortgage owned):

(1) add or amend any material provision of this Declaration, the Articles of Incorporation or By-Laws of the Association, which establish, provide for, govern or regulate any of the following, provided that such additions or amendments shall not be considered material if they are for the purpose of correcting technical errors or for clarification only and further provided that this subsection (1) shall not apply to amendments to this Declaration, the Articles of Incorporation or By-Laws of the Association made as a result of destruction, damage or condemnation of the Properties or of the improvements thereon, or to a reallocation of interests in the Common Area which might occur pursuant to any plan of expansion or phased development of the Properties:

(A) voting;

(B) assessments, assessments liens or subordination of such liens;

(C) reserves for maintenance, repair and replacement of those elements of the Common Area which must be maintained, repaired or replaced on a periodic basis;

(D) insurance, including but not limited to fidelity bonds;

(E) rights to use of the Common Area;

(F) responsibility for maintenance and repair of any portion of the Properties;

(G) expansion or contraction of the Properties or the addition, annexation or withdrawal of property to or from the Properties;

(H) boundaries of any Lot;

(I) interests in the Common Area;

(J) convertability of Lots into Common Area or of Common Area into Lots;

(K) leasing of Lots;

(L) imposition of any right of first refusal or similar restriction on the right of any owner to sell, transfer or otherwise convey his Lot;

(M) any provision which are for the express benefit of First Mortgagees, or insurors or guarantors of First Mortgages; or

(2) effectuate any decision to terminate professional management and assume self-management of the Association, when professional management has previously been required by any First Mortgagee of a Lot or insuror or guarantor of such a First Mortgage;

(c) unless it has obtained the prior written consent of at least sixty-seven percent (67%) of the First Mortgagees of Lots (based upon one vote for each First Mortgage owned) , terminate the legal status of the Properties as a planned unit development, provided that this subsection (c) shall not apply to amendments to this Declaration, the Articles of Incorporation or By-Laws of the Association made as a result of destruction, damage or condemnation of the Properties or improvements thereon;

(d) unless it has obtained the prior written consent of at least fifty-one percent (51%) of the First Mortgagees of Lots (based upon one vote for each First Mortgage owned):

(1) restore or repair the Common Area, or any portion thereof, including but not limited to improvements located thereon, after a partial condemnation or damage due to an insurable hazard, other than substantially in accordance with this Declaration and the most recent plans and specifications of the Common Area and the construction of improvements thereon;

(2) terminate the legal status of the Properties after a substantial taking in condemnation of the Properties.

2. Notice of Action. Upon written request to the Association, identifying the name and address of the First Mortgagee or insuror or guarantor of the First Mortgage and the residence address of the property which is subject to such First Mortgage, each such First Mortgagee of a Lot, or insuror or guarantor of such a First Mortgage, shall be entitled to timely written notice of:

(a) any condemnation loss or casualty loss which affects a material portion of the Common Area;

(b) any delinquency in the payment of assessments or charges owed to the Association by the owner of the Lot subject to a First Mortgage held, insured or guaranteed by such First Mortgagee, insuror or guarantor, or any default by such Owner in any obligation under the Declaration, Articles of Incorporation or By-Laws of the Association and the Board of Directors of the Association has actual knowledge of such default, when such delinquency and/or default remains uncured for a period of sixty (60) days;

(c) any lapse, cancellation or material modification of any insurance policy or fidelity bond maintained by the Association;

(d) any proposed action which would require the consent of a specified percentage of First Mortgagees as provided in this Article VIII.

3. Accounting. The Association shall provide a financial statement for the immediately preceding fiscal year, free of charge to the party so requesting, to any First Mortgagee of a Lot, or any insuror or guarantor of such First Mortgage, within a reasonable time after written request therefor by any such party.

4. Association Books and Records. The Association shall make available to Owners, First Mortgagees of Lots, and insurors or guarantors of any such First Mortgage, current copies of this Declaration, and the Articles of Incorporation, By-Laws, rules and regulations, books, records and financial statements of the Association. "Available" shall mean available for inspection, upon request, during normal weekday business hours or under other reasonable circumstances.


ARTICLE IX

GENERAL PROVISIONS

1. Enforcement. The Association or any Owner shall have the right to enforce, by any proceeding at law or in equity, all restrictions, conditions, covenants, reservations, liens, and charges now or hereafter imposed by the provisions of this Declaration. Failure by the Association or by any Owner to enforce any covenant or restriction herein contained shall in no event be deemed a waiver of the right to do so thereafter.

2. Severability. Invalidation of any of these covenants or restrictions by judgment or court order shall in no way affect or limit any other provisions which shall remain in full force and effect.

3. Conflicts of Provisions. In case of conflict between this Declaration and the Articles of Incorporation or the By-Laws, this Declaration shall control.

4. Condemnation. In the event proceedings are initiated by any government or agency thereof, seeking to take by eminent domain the Common Area, any part thereof or any interest therein, or any improvement thereon or any interest therein, with a value (including loss of value to the balance of the Common Area and improvements thereon), as reasonably determined by the Association in excess of $10,000.00, the Association shall give prompt written notice thereof, including a description of the part of or interest in the Common Area or improvements thereof sought to be so condemned, to all First Mortgagees of Lots, Owners, and to the Declarant. The Association shall have full power and authority to enter into and to defend in said proceedings after giving all First Mortgagees of Lots, Owners, and Declarant at least fifteen (15) days' prior written notice thereof.

In the event, following such proceedings, there is such a taking in condemnation or by eminent domain of a part of all of the Common Area, the award made for such taking, if such award is sufficient to repair and restore any portion of such taken Common Area, shall be applied by the Association to such repair and restoration. If such award is insufficient to repair and restore any portion of such taken Common Area, or if the full amount of such award is not expended to repair and restore such taken Common Area, the Association shall disburse the net proceeds of such award to the Owners, the Owners of each Lot receiving one (1) share, provided that the Association shall first pay out of the share of each Lot the amount of any unpaid liens or encumbrances on the Lot in the order of the priority of such liens or encumbrances, and further provided that such proceeds may be allocated to the Owners of each Lot in some manner other than one (1) equal share per Lot if the Association determines that such other manner of allocation would be more equitable. No provision of this Declaration or of any other document relating to the Properties shall be deemed to give an Owner or any other party priority over the rights of any First Mortgagee of a Lot in the case of a distribution to an Owner of insurance proceeds or condemnation award for losses to or taking of Lots or Common Area, or both.

5. Annexation. Additional property (including Common Area) may be annexed to the Properties with the consent of two-thirds (2/3) of each class of members.

6. Mechanics Lien Rights. No labor performed or materials furnished for the use in connection with any Lot with the consent or the request of an Owner, his agent or subcontractor shall create any mechanic's lien or right to file a Statement of Mechanic's Lien against the Lot of any Owner, or against any interest in the Common Area. Each Owner shall indemnify and hold harmless each of the other Owners from and against all liability arising from the claim of any lien against the Lot of any other Owner or against the Common Areas for construction performed or for labor, materials, services or other products incorporated in an Owner's Lot at such Owners consent or request.

7. Duration. Revocation. and Amendment Each and every provision of this Declaration shall run with and bind the land for a term of twenty (20) years from the date of recording of this Declaration, after which time this Declaration shall be automatically extended for successive periods of ten (10) years each. This Declaration may be amended or revoked during the first twenty (20) year period, and during subsequent extensions thereof, by an instrument approved in writing by not less than seventy-five percent (75%) of the Members of all classes and by seventy-five percent (75%) of the First Mortgagees of Lots, who have given the Association notice of their interest in any Lot. Such amendment or revocation shall be effective when duly recorded; provided, however, that any amendment or revocation must comply with the Statutes of Colorado, or of any' successor governmental entity having jurisdiction over the Properties in existence at the time such amendment becomes effective. The manner in which assessments are levied shall not be altered, except with the express written consent of all Members of all classes and all First Mortgagees of Lots.

Notwithstanding anything to the contrary contained in this Declaration, if Declarant shall determine that any amendments to this Declaration or any amendments to the Articles of Incorporation or By-Laws of the Association shall be necessary in order for existing or future mortgages, deeds of trust or other security instruments to be acceptable to the Veterans Administration, the Federal Housing Administration of the U.S. Department of Housing and Urban development, the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, then subject to the following sentence of this Section, Declarant shall have and hereby specifically reserves the right and power to make and execute any such amendments without obtaining the approval of any Owners of First Mortgagees. Each such amendment of this Declaration or of the Articles of Incorporation or By-Laws shall be made, if at all, by Declarant prior to (a) conveyance of the last Lot by Declarant to the first Owner thereof (other than Declarant) or (b) September 1, 1999, whichever event shall first occur; and if either the Veterans Administration or the Federal Housing Administration of the U.S. Department of Housing and Urban Development is a guarantor or insuror of any first mortgage, such amendment must contain thereon the written approval of such guarantor or insuror.

8. Registration by Owner of Mailing Address. Each Owner shall register his mailing address with the Association, and all notices or demands intended to be served upon an Owner shall be sent by either registered or certified mail, postage prepaid, addressed in the name of the Owner at such registered mailing address except for monthly statements and other routine notices which shall be sent by regular mail. All notices, demands or other notices intended to be serviced upon the Board of Directors of the Association or the Association shall be sent by certified mail, postage prepaid, to Suite A, 0189 JW Drive, Carbondale, Colorado, 81623, until such address is changed by a notice of change of address mailed to each Owner by the Association.

9. FHA/VA Approval. As long as there is a Class B membership, and as long as either the Federal Housing Administration or the Veterans Administration are a guarantor or insuror of any first mortgage, the following actions will require the prior approval of such guarantor or insuror: annexation of additional properties, mergers and consolidations, mortgaging of Common Area, dedication of Common Area, and amendment of this Declaration.



AMENDMENT TO MASTER DECLARATION OF
COVENANTS, CONDITIONS AND RESTRICTIONS
FOR BLUE LAKE PLANNED UNIT DEVELOPMENT FOR FILING NO. V

KNOW ALL MEN BY THESE PRESENTS:

WHEREAS, VANTEX ENTERPRISES, INC. is the Owner of that certain real property described on the plat of Blue Lake Planned Unit Development Filing No. V, recorded as Reception No. 530894 in the records of the clerk and recorder of Eagle County, Colorado (the "Property");

WHEREAS, the Declaration of Covenants, Conditions and Restrictions for Blue Lake Planned Unit Development, dated April 20, 1984, is recorded in Book 384 at Page 166 as Reception No. 280471 of the Eagle County, Colorado, record (hereinafter the "Master Declaration"); and

WHEREAS, Vantex Enterprises, Inc. is the successor in interest to all rights of the declarant under the Master Declaration; and

WHEREAS, The Master Declaration empowers the Declarant to annex, add and include additional property, at any time within ten years of the date of the Master Declaration, in accordance with the general development plan for Blue Lake Planned Unit Development; and

WHEREAS, the Blue Lake Planned Unit Development presently consists of the original Filing No. I and Filing Nos. II, III and IV, which have been successively annexed, made a part of and included within the development.

NOW THEREFORE, the undersigned declares as follows:

1. The Property described in the plat of Blue Lake Planned Unit Development Filing No. V is hereby annexed to and included within the Blue Lake Planned Unit Development and shall be deemed a part thereof.

2. The Master Declaration shall apply to the Property shown on the plat of Blue Lake Planned Unit Development Filing No. V and to all parties hereafter acquiring any interest therein or thereto, the same as if such Property had been included within the original plat and filing.

3. All common areas shown on the plat of Blue Lake Planned Unit Development Filing No. V, together with and subject to the easements, rights and obligations shown on said plat, shall be owned and are hereby dedicated to BLUE LAKE OWNERS' ASSOCIATION, the non-profit corporation previously established in conjunction with the initial filing for Blue Lake Planned Unit Development. Such common areas are declared merged with the common areas shown on the previously recorded plats for Filing Nos. I, II, III and IV, all of which common areas are set aside for the benefit of said Association and its members.

4. Every deed for the conveyance of a lot in Filing V and every other instrument affecting title to a Lot may describe that Lot by number shown on the plat describing such Lot, with appropriate reference to such plat and to this Amendment to the Master Declaration, in substantially the following manner:

Lot as shown on the plat of Blue Lake Planned Unit Development Filing No. V, appearing in the records of the clerk and recorder of Eagle County, Colorado as Reception No. and as defined and describe in the amendment to Master Declaration of Covenants and Restrictions for Blue Lake Planned Unit Development for Filing No. V, appearing in such records.

Such description shall be construed to describe the Lot and to incorporate all rights incident to ownership of a Lot and all limitations on such ownership as described in the Master Declaration, and arising under and by virtue of the Articles of Incorporation and By-Laws of BLUE LAKE OWNERS' ASSOCIATION.

5. The minimum annual assessment as described and defined in Article IV, Section 4 of the Master Declaration has been periodically increased by the said Association in accordance with the terms of said Section 4.

Until January 1 of the year immediately following the conveyance of the first Lot in said Filing V to an Owner, the maximum annual maintenance assessment (excluding utility service charges) shall be two hundred fifty-two dollars ($252.00) per Lot. Thereafter, such annual assessment shall be subject to adjustment in accordance with the terms and provisions of the Master Declaration.


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Blue Lake Owner's Association
0189 JW Drive, Carbondale, CO 81623 • 970-963-1300

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