16933 Royal Coachman Dr Homebook by Suzanne Carvlin, Principal Broker, Licensed in Oregon

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16933 Royal Coachman Dr Sisters, OR 97759

Source: Esri, Maxar, Earthstar Geographics, and the GIS User Community, Deschutes County GIS

0 Date: 12/21/2023

± 160

1 i nc h = 1 88 feet

320 ft

16933 Royal Coachman Dr Sisters, OR 97759

Source: Esri, Maxar, Earthstar Geographics, and the GIS User Community, Deschutes County GIS

0 Date: 12/21/2023

320

± 640

1 i nc h = 7 52 feet

1,280 ft

16933 Royal Coachman Dr Sisters, OR 97759

Source: Esri, Maxar, Earthstar Geographics, and the GIS User Community, Deschutes County GIS

0 Date: 12/21/2023

1,250

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FLOOR PLAN

COUNTY & TAX INFO

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Article I

DUINITIO!fS .......................................................................................... 1

Li 1.2 1.3 1.4

I.20 1.21 1.22 i.23 l.24 1.25 l.26 1.27 l.28 1.29 1.30 1.31 1.32 I.33 1.34 1.35 1.36 1.37

"ASPB!I I.AIRS" .............................................................................. ! 'Area of Comion Responsibility" ............................................................ 1 "Articles of Incorporation" ................................................................ I "Association" .................................................................. , ........... 1 "Base Assessment• .......................................................................... ! "Board of Directors" or "lloard" ..•...•.•.•..•..•••.. , ........ , .•..•.•..•.......•.•....•.... l "Rni 1,1.,,• ......................................................................... ,. ....... 2 "Business" and "Trade" ............................ , ........................................ 2 "By-Laws" .................................................................................. 2 "Class •a• Control Period" ................................................................. 2 "Couon Area" .............................................................................. 2 "Couoo bpenses" ..................................................... , .................... 2 "Couunity-lfide Standard= .................................................................. 2 "Dee!arant" ......... ., ..................................................................... 2 "Design Guidelines• ........................................................................ 2 "Golf Course" .............................................................................. 2 "!aster Plan" .............................................................................. 2 "fta.:iau. llnits" ............................................... , ., .......................... 2 "!!eaber" ................................................................................... 3 "!lo rt gage" ••..••.•.•••••.•••••.••.••.•.•.••••.•.••••.•••.••.••••.••••.•.••.••.••••••••••••• 3 "llortgagee" ................................................................................ 3 "!!ortgagor" .......................... , ..................................................... 3 "lleighborhood" •••.••••.••.•••••••••.••..•••.••.••.••.••.•.•••.••••••••.••••••.•••.••••.••.• 3 "Office of the Count1 Clerk" ............................................................... 3 "Open Space• ............................................................................... 3 •0.11.s· .................................................................................... 3 "Owner" .................................................................................... 3 "Person" ................................................................................... 3 "Phase" .................................................................................... 3 "Pd rate Amenities" ........................................................................ 3 "Properties•................................................. , ............................. 3 "Retail Owner" ............................................................................. 3 'Special Assess1ent • ....................................................................... 3 "Specific Assessaent" ............................................................. , ........ 3 "Snpp!e.ental Declaration" ................................................................. 3 "(foit" ••....•••....•.•.•........ , .•..••............•..•..•.•.........•..•..•......•.•...••. 4 "Voting lle1ber or llenbers" ................................................................. 4

2.1 2.2

Colll!llln Area ................................................................................ 4 Prirate A11enities .......................................................................... 5

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!.7 1.8 1.9 LlO 1.11 1.12

I.13 1.14 1.15 1.16 1.11 1.18

1.19

Article III

!SSOCIATIOJi F!JJCTIOII, !!!!!!l!RSHIP ARD VOTillG RIGHiS ................................................. .. 5

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Pnnetion of Association ............................................................ • .• , •. •.5

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!!e11bership ................................................................................ . 5 Voting ...................................................... , .••••••.•.•••••••••••••••••••• 5

RIGHTS AllD O!lLIGA'l'IOHS OF THE ASSOCIATIO!l ............................................................ 6 4.1 4.2 4.3 4.4

4.5 4,!. 4. 7 4.8

Couon Area .• ., ......................... , .................................................. 6 Persona] Property and Real Property for Conon Use ......................................... 6 Enforce11ent. ............................................................................... 6 I11plied Rights; Board J.uthority ............................................................ 7 Coreromeotal TnterP~t• ,,, ''-··········· ................................................. .l Inde11Dification ............................................................................ 7 Dedication of Gouon Areas ................................................................ .7 Seeurity ................................................................................... 7

!IAllITKM!IGE ................................................................... , ..................... .1

5.I 5.2 5.3 5.4

Article VI

Association's Responsibility ............................................................... 7 Owner's Responsibility ..................................................................... 8 Standard of Perforwnee .................................................................... ll Party Walls and Siailar Structures ......................................................... 9

IISmtAJ!CE ARD C!SIIAL!Y LOSSl!S ........................................................................ 9

6.l 6.2 6.3

6.5

Association Insilrance ...................................................................... 9 O!mers Insurance .......................................................................... 10 Daaage and Destroction .................................................................... 11 Disburs~!!1!llt of Proceeds .................................................................. 11 Repair and Reeonstruction ................................................................. 11

!rtide VII

IIO P!lll'l'IOJ! ........................................ ., ............................. , ................ 11

Article mr

COilllMIIATIOlf . .................................................................................. , .... 11

Article IX

moo.TIO!! m ilfflRAi!L OP PROPERTY............................................................... 12 9. I 9.2 9.3 9.4 9. 5 9.6

Article X

Annexation iithout !pproral of !e111>ersbip ................................................. 12 !nneration iith Approval of !lel!lbersbip .................................................... 12 Withdrawal !If PropertJ .................................................................... 12 Additional Covenants and Easements ........................................................ 12 Aaend~nt .............. .................. ., ............................................... 13 l'ilasing of Construction ................................................................... 13

&SSESS!UTS ......................................................................................... 13

10.l 10.2

Creation of Assesssents ................................................................... 13 Capitaliiation of Asi:ry~i~tion .............................................. ., ............. B 11

.. 0 ?! 6 --') Q? ..,,. 10.3 l0.4 I0.5 10.6 lti.7 10.8 10.9 10.10 10.!1

Date of Couencement of Assessments ....................................................... 14 Computation of Base Assess11ent .............................................. , ............. 14 Reserve Budget and Capital Contribution ................................................... 14 Special Assessments ..................................................................... , .14 Specific Assess1ents ...................................................................... 14 Lilli tat ion of Increases of Assessments .................................................... 15 Failure to Assess ......................................................................... 15 I.ien for AssessEents ....................... , .............................................. 15 Hxe111pt Property ................................ , .......................................... 15

11.1 11.2 11.3 11.4 11.5 11.6 11.7 11.8

General. ................................................................................. .16 Architi!ctnral Re,ielf . ................................ , .................. , ................. 16 Guidelines and Procedures ................................................................. 16 Sub1issioc of Plans and Specifications .................................................... 17 !lo iaiver of Putlll'e Approvals ............................................................. 17 Variance .................................................................................. 17 Limitation of Liability ................................................................... 17 Hnforcement ............................................................................... 18

1 .. 1-;,.1,. YT

Article XII

US!! GUIDELil!HS Ali]) RHSTRICTHJl!S .................................................................... •18

12.l 12.2 12.3 12.4 12.5 12.6

Article XIII

Plan of Derelop1ent; Applicability ; Rffeet. .............................................. 18 Board Power ............................................................................... 18 lle11bers' Power ............................................................................ 19 Owners' Aeknowledgnent. ................................................................... 19 Rights of Ollners .......................................................................... 19 Initial Use Guidelines and Restrictions .............................. ,. ................... 20

MSfflffS ........................... ................................................................ 22

13.1 13.2 13.3 13.4

13.5 13.6 13.7

14.I

14.2 14.3 14.4 14.5 14.6 14.7

\ Easenents of Rncroacuent. ................................................................ 22 l!ase•ents for Utilities, l!tc .............................................................. 22 Baseents to Serve Additional Property .................................................... 22 Easements for Golf Course ................................................................. 22 Haselll!nts for Cross-Drainage .............................................................. 23 Right of Entry .................. , ......................................................... 23 !!aintenance .......................................... , , ................................... 23

llotices of Action ......................................................................... 24 Special FHL.«C Pro,ision ......... , ............. ., . ., •. , .................................... 24 Other Provisions for first Lien Holders ................................................... 25 A1enJeeats to Documents ................................. , ................................. 25 llo Priority ............................................................................... 25 lfotice to Association ..................................................................... 26 !nen<lment by Board ........................................................................ 26 111

14.~

14.9

15 .1 15.2 15 .3 i5. 4 15 .5 15.6

Article XYI

Transfer ...................................... , .•.......•...•..••... ,, .................... 26 Ol!llership and Operation of Golf Course .................................................... 27 Right To lfse ....••......•••.•..•..•..•.•••.•.........•........•..•.•.•......•...•...•.... , 27 View I11pair11ent. ................................................... , ...................... 27 Limitations on Alllendllents .• , .......................................................... " .. 27 Jurisdiction and Coo?Har ion,.

DISPUTE RKSOl-lITIOK Al!D LI!IITATIOII OK LI1ICATIOK .................................................... •27 16.1 iii .i 16.3 16.4 16.5

!rtieie xm

Applicability of Article XIV .............................................................. 26 Failure of !!ortgagee to Respond .........•..........•..........•..••..•.... ,, .••..•..•.•.. •26

Agree1ent to !,oid Costs of Litigation and to Limit Right to Litigate llispntes ....... ,, ,, ,27 Glai1s ............................................................................ .28 l!andatory Procedures For All Other Claills ................................................. 28 Allocation of Costs of Resolving Claims ................................................... 29 l!nforcellent of !lesolution ........... , ..................................................... 29

CIDRAL Pl!OfISIOlfS .................................................................................. 29

17.1 17.2 17 .3 ll.4 11.5 17 .6 11.7 17.8 17.9

l'el'lll ......... , ............................................................................29

A1end1ent .. ............. ., .... , , , , ........................................................ 30 Se,erability .............................................................................. 30 Perpetnities .............................................................................. 30 L.itigatio!l ............... , ................................................................ 30 lfse of the lords "ASPEN [J,H.S~ ............................................................ 31 Coiplianee ................................................................................ 31 Attorne1s' Fees ........................................................................... 31 l!nforcenent of Bonded Obligations ......................................................... 31

- - - - - .... ~ - : : . . = : .,_ ...... .=• ·•

., . ... -

. ..... $ ....1&£! @.....

292 .. 0718 TABLE

Ul!!Bl1 =s:

K.~HIBIT "Bn EXHIBIT •c• l!X!IIIIIT "D£

EXHIBITS

Page First Appearing Land Initiailr snbnitted ............................................................................. l Land Subject to !nne1ation ........................................................................... 2 By-Laws of As!)en Lakes Estate Ol!ners, foe ............................................................ 2 Rules of Arbitration ................................................................................ 29

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. 0719 DECLARATION OF COVENANTS, CONDITIONS, AND RESTRICTIONS FOR ASPEN LAKES

THIS DECLARATION OF COVE!IA!ITS, COKDrTIO!iS, AIID RESTRICTIOIIS FOR ASPEii LAnS ("Declaration") is 11ade this~ day of 1993, by HIB Enterprises, an Oregon partnership {"Declarant"). oedaw;t tI~e~ t!ie :;";:!;;;:;~~:::, !!.::t~!:t!~~~, Prot~t~i.!~ ~nd Conditions for GOLF GO!IRS! RSTATl!S AT ASPB!I LAKKS, recorded in Book f237, Page #1406, in the Official Records in the Office of the County Clerk, Deschutes County, Oregon;

Declarant is still the oner of the real property described in Exhibit "A" and •s• attached to and made part of said Declaration. Declarant, hereby, amends and replaces in its entirety, all language in filing, incl!Jding the title, with this m;mxno!! (lf ~Oi~llAIITS, CO!IDITIO!!S, m USTRIC'UOHS POR ASPEii LA[BS. !leclarant is the olf!ler of the real property described in Bxhibit vA•, which is attached and incorporated by reference. This Declaration i11poses upon the Properties (as defined in Article I) autuail7 beneficial restrictions under a general plan of i11prom1ents for th!! benefit of the owners of each portion of the Properties, and establishes a flexible and reasonable procedure for the overall deTelopent, ad11inistration, 1aintenanee and preserntion of the !>roperties.

Deelarant hereby declares that all of tne property described in Exhi~it "A" and any additional property subjected to this Declaration by Suppleaeata! Declaration (as defined in Article I) shall be held, sold, used and conreyed subject to the following ease11ents, restrictiol!s, covenants, and conditions, which are for the purpose of protecting the value and desirablility of and which shall run with the real property snbject to this Declaration. This Declaration shall be binding on and shall inure to the benefit of all parties having any right, title, or interest in the Properties or any part thereof, their heirs, successors, snccessors-intitle, and assigns.

!rtide I DEPI8IT!OffS

The Terms used in this Declaration shall generally be given their natural, coaonly accepted definitions except as otherwise specified. Capitalized ter.s shall be defined as set forth below. 1.1

"!SPEH w-gs•; The Properties as described in Section L?-L

l.2 "Area of Conon Res11onsibilit1": The Couon Area, together with tl!()se areas, if any, which by the teras of this Declaration, any Supplemental Deciaration or other applicable covenants, or by contract become the responsibility of the Association. 1.3 "Articles of Incorporation" or "Articles": The Articl€s of Incorporation of ASPEii LADS KSTATK OlfifKltS, IIIC. as filed with the Secretary of State, Corporation Division of the Business Registry for the State of Oregon.

!.4

"Association•: ASPEti LADS ESTATE OHl!iS, HfC. an Oregon nonprofit mutual benefit corporation, its successors and

assigns.

1.5 'Base !ssess:rent": levied on all Units to fund Colllllon Expenses for the general benefit of all Units, as particularly described in Sections 10.1, 10.3, and 10.4. 1.6 "Board of Directors" or "Board": The body responsible for administration of the Association, selected as provided in the By-Laifs and generally sening the same role as the board of directors nnder the Oregon iionprofit Corporations Act and the OregoG i.iianned CoDllnitJ ict.

L7 "Ruilrler": Any Person 11hich purchases one or more, Units for the parpose of constructing improvements for later sale to consumers, or parcels of land within the Properties for further subdivision, development, and/or resale in the ordinary course of :rneh ¥rrsvn ts buoiu~oo. 1.8 "Basiness" and "irade": Shall he construed to have their ordinary, generally accepted meanings, and shall include, 11ithout limitation, any occupation, lfork, or activity undertaken on an ongoing basis which invo!Yes the provision of goods or senic~s to Persons other th.an the provider's fa11ily and for which the provider receives a fee, compensation, or other form of consideration, regard!ess of llhether: (a) such activity is engaged in full or part-ti11e, (h) such actirity is intended to or does generate a profit, or (c) a license is required. I.9 "Bv-Laws": The By-Laws of !SPKR LAKES I\SiATM Ol!!IRR~, Hi~. auacheu as i>,iiiiii, •c• at.d i.;.:.,,i;;;,.~~:! br ~:~:~:~:~, 00 they ma; be amended. 1.10 "Class wB• Control Period": 'l'he period of ti1e during which the Glass "B" 11e1lber is entitled to appoint a majority of the 1eabers of the Board of Directors as prorided in Section 3.3 uf the BrLa11s.

1.11 "Cvnon Area•: !11 real and personal property which the Association owns, leases or otherwise bolds possessory or use rights in for the coll!lon use and enjoynent of the Owners. 1.12 "Conon Expenses": The actual and estimated expenses incurred or anticipated to be incurr£d by the Association for the general benefit of all Units, iaclnding any reasonable reser,e, as the Board may find oecessary and appropriate pursuant to this Declaration, the By-Laws, and the Articles of Incorporation. Coilmon Bxpenses shall not include any expenses incurred during the Class •s• Control Period for initial develop11ent, original construction, installation of infrastructure, original capital i11prove11ents, or other original construction costs unless approved by Voting l!e11hers representing a majority of the total Glass "Aff vote of the Association.

1.13 uCo1!Dllnity-'i!ide Standard": The standard of conduct, 11ainte11ance, or other activity generally prevailing throughout the Properties. Such standard may be nore specifically deteniined hy the Board of Directors and the Design Revie11 Couittee. 1.14 •Declarant": m l!IITERPRISllS, an Oregon partnership, or any successor, successor-in-title, or assign 11ho has or takes title to any portion of the property described on Kxhibits "A" or "B" for the purpose of developsent and/or resale in the ordinarJ course of business and 11ho is designated as the lieelarant in a recorded instrullent executed by the imiediately preceding Declarant.

1.15 •oesign Guidelines~: the architectural guidetiues and prn.:.dnres adopted h1 the Desig!l Re,ie, Conittee pursuant to Articie XI and applicable to all Units withill the Properties. 1.16 "C-olf Conrse": Any parcel of land adjacent to or within the Properties which is prirately owned by UB Enterprises, an Oregmi partnership, its sutcessors, successors-in-title, or assigns, and which is operated as a golf course, and all reiated and supporting facilities and i•provements operated in connection 11ith such golf course.

·•t :.

1.17 "!faster Plan•: The !laster Plan for the Development of !SPfill LAIRS as approved by C!l-89-79 &n the 8th day of August, 1989, as it say be a.ended, 11hich plan includes the property described on Exhibit •A• and the property described on Kihibit •n• 11hich \l;odarant aay fro11 ti1e to tii!e anticipate subjecting to this Declaration. The !!aster Plan zay also include subsequent plans approved by Deschutes County for the developnent of all or a portion of the property described on &xhibit •n• llnicit ~,;daraut iio.f fro; ti:~ to tine anticipate subjecting to this Declaration. Inclusion of property on the !laster Plan shall not, under any eircUJlstanees, obligate Dedarant l:o subject such property to this Declaration nor shall the exclusion of property described on Exhibit "B" from the !faster Plan bar its later anneiation in accordance with Article IX. It is anticipated by the !!aster Plan that dedarant 11ay decide iu the future to conrert the Properties rleserihed in this Section to a "Destination Resort" as that tern is defined in the Deschutes County Zoning Ordinance. 1.!8 "!!axillllll Units": The units approved for development under the !.laster Plan approved by CU-89-70 on the 8th day of Angust. 1989, plus the 11axi11um nn;;ber of Units 11hich 11aJ be developed in the property described on Exhibit "B" 1Jnder the zoning 2

• 1

292 .., 0 72 i designation of sucn property from time to time. 1.19

"Member":

1,. Person entitled to ileiibership in the Association,

as provided in Section 3.2.

L2C 1.21

"Mortgagee•: }. beneficiary or bolder of a Mortgage.

1.22

"Mortgagor": Any Person who gives a !lortgage.

i.23 "Neighborhood": 'i'wo or more Units which share interests other than those couon to ail Units. By way of iilustration and not limitation, a condominium, townho11e dnelopment, cluster home developilent, or single-family detached housing developrurnt might eacti be designated as s~parate lleighborhoods, or a Neighborhood may be comprised of more than one housing type with other features in co11J1on. In addition, each parcel of land intended for develcpeent as an1 of the abo,e shall constitute a Keighborliood, subject to diYision into more than one Neighborhood upon development.

1.24

"Office of the County Clerk": The Office of the County Clerk of Deschutes County, Oregon.

1.25 "Open Soace •: Privately owned land designated as "Open Space" and further regulated as such by Deschutes County Zoning Ordinances. Such designation mar be placed on parcels 11ithin the Properties of Aspen Lakes.

1.26

•o.R.S. ": The Oregon Revised Statutes.

1.27 "Owner": One or 11ore Persons who hold the record title to any tlnit, but excluding in all cases anr partr holding an interest 11erel1 as security for the perfonianee of an obligation. If a Unit is sold under a recorded contract of sale, then upon recording of such contract, the purchaser (rather than the fee Ol!iler} 11ill be considered the Owner, if the contract specifieallr so pro,ides.

1.28

"Person": A natural person, a corporation, a partnership, a trustee, or any other legal entity.

1.29 •Phase": All Units simultaneously subjected to this Declaration oy the Deelarant by its encution and recordation of this Declaration and eaeh Declaration in the Office of the County Clerk. The property described in Exhibit "!" of this Declaration shall constitute the first Phase ("Phase I"). 1.30 "Private Amenities": Certain real property and any improve11ents and facilities thereon located adjacent to, in the ricinitr of, or lfithi11 the Properties, which are privately owned and operated by Persons other th.an the Association for reereationai and related purpcses, on a duh 11e1bership basis, nse fee basis, or otherwise, and shall include, without li11itation, the Golf Course, if any. 1.31 •l'roperties•: The real property described in Exhibit "A•, together with such additional property as is subject to this Declaration in accordance lfith Article !X. Exhibit "A" and the Snpple11ental Declaration 11hich subject additional property to the Dedaration shall provide a legal description of the Common Area, if any. 1.32

"Retail Owner": An Owner other than the Declarant or Builder.

1.33

•special AssessJJent": !ssess3ients levied in accordance with Section 10.6.

1.34

"Soecific Assess1ent": i,ssess~ats ie1ied in accordance with Section 10. l.

1.35 •suoplell!ental Declaration": An a11end11ent or supplement to this Declaration filed pursuant to Article iX which subjects additional propertJ to this Declaration, and identifies the G~llllOD Area 11ithin the additional property, if any, and/or imposes, expressly or by reference, additional restrictions and obligations on the land described therein.

-•

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J.j~ "unii: ·: A portion of tile i'roperties, wnetiier improvea or unimproved, wnicr. may iie inliepenrientiy owneri anri conveyeri and which is iotended for development, use, and occupancy as an attached or detached residence for a siQgle family. The term shall refer to the land, if any, iihicil is part of the Unit as well as any improvei.ents thereon, The ten; shall include, by .-ay of illustration but not limitation, condominium units, town~ouse units, cluster ho1tes, patio or zero lot line ho1tes, and single-famil1

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Areas or property dedicated to the public, Ia the case of a building within a condo1tiniu111 or other structure containing liultiple dwellings, each dwelling shall be deened to be a separate Unit. In the case of a parcel of vacant land or land on which i1tprove11ents are under construction, the parcel shall be deemed to contain the number of Units designated for residential use for such parcel on the Master plan or the site plan approved by Declarant, 11hicherer is l!Ore recent, until such ti1te as a subdi,ision plat or condominium plat is filed of record on all or a portion of the parcel. Thereafter, the portion encompassed by such plat shall constitute a separate Unit or Units as determined above and the number of Units on the rel!laining laDd, if an; shall continue to be deter1tined in accordance 11ith this paragraph.

1.37 "Voting l!e!lber or !!embers•; Any O!fller, !!ember, or Declarant representati¥e selected formally or informally as appropriate to represent his/her Unit throngh signature on petitions, or voice or nitten ballot, including proxy, according to the provisions of Section 3.3.

Article II PROPERTY RIGll'lS 2.I Cooon Area, l!very O!lller shall ha,e a right and nonexclusive easement of use, access, and enjoyment in and to the Couon Area, subject to:

{a) This Declaration, the By-!.airs and any other applicabie covenants;

(b) An1 restrictions or liaiitations contained in any deed con,eying such property to the Association; (c) The right of the Board to adopt rules regulating the use and enjoyment of the Common Area, including rules restricting nse of recreational facilities lfithin the Co!llllon Area to occupant of Units and their guests and rules !imiting the nunber of guests who 1ay use the Colll!lon Area;

(d} The right of tile Board to suspend the right of an Owner to use recreational facilities within the CollJ!on Area (i) for any period during !!hick any charge against such Owner's Unit m1ains delinquent, and (ii) for a period not to exceed 30 days for a single violation or for a fonger period in tile case of any continuing violation of the lleclaration, any applicable Supplemental Declaration, the By-Laws, or rules of the Association after notice and a hearing pursuaat to Section 3.23 of the By-Lalls; (e) The right of the Association, acting through the Board, to dedicate or transfer ail or any part of the Comion Area pursuant to Section 4.7;

(f) The right of the Board to i1tpose reasonable membership requim1ents and charge reasonable membership admission or other fees for the use of any recreational facility situated upon t!!e Conon Area; (g) The right of the Board to permit use of any recreational facilities situated on the Col!llon Area by persons other than mrners, their families, lessees and guests upon payment of use fees established by the Board; (h) Th£ right of the Association, acting through the Board, to mortgage, pledge, or hypothecate any or all of its real or personal property as security for money borrowed or debts incurred, subject to the approval requirements set forth in Section 14.2. !ny Owner may extend his or her right of nse and enjoyment to the !lembers of his or her family, perilitted lessees, and social inritees, sobject to reasonable Board regulation. An 0--lfner 11bo bas the right to and does lease his or her Unit shali be deemed to 4

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292 .. 0 72 3 have assigned all such rights to the lessee of s11ch Unit. The initial Co;imon Area as identified in Exhibit "A• shall be conveyed to the Association prior to or in concurrence with the

2.2 Printe Amenities. Access to and use of the Private !ilenities is strictly subject to the rules anrl procedures of the respectire Owners of the Printe Amenities, and no Person gains any right to enter or to use those facilities by virtue of membership in the Association or ownership or occupancy of a Unit. All Persons, including all 011ners, are hereby advised that no representations or 11arranties, either written or oral, have been or are made by the Declarant or any other Person with regard to the nature or size of improvements to, or the continuing ownership or operation of the Prirate Amenities. Ho purportea representai.ivu u, ••"""~, .~~:tee o,~!, in ennfl ict with this Section ~hall be effective without an amend111ent to this Declaration executed or joined into hy the Declarant or the Ol!Der(s) of the Private Amenity( ies} which are the subject thereof. ihe Ollllership vr operation duties of and as to the Private A11eniti;;s may change at any ti!!e and from ti11e to time ty virtue of, but without limitation, {a) tile saie lu ,:,r .;&su;;ptiG;: cf ope~?t!~~~ hr :rn independent entity, (b) conversion of the membership structure to an "equity" club or similar arrange11ent whereby the members of a Private A11enity or an entity owned or controlled thereby become the owner(s) and/or operator{s) of the Private A11e11ity, or {c) the eonve;ance of a i'rivate A11enity to one or more affiliates, shareholders, eilployees, or independent contractors of tile Declarant. !lo consent of the Association or any Owner s!iali be required to effectuate such a transfer or conrersion. Rights to use the Private Allenities will be granted only to such person, and on such terms and conditions, as may be deter11ined by their respective 01mers. Such o,mers shali have the right, fro11 time to ti11e in their sole and absolute discretion and without notice, to a11end or waive the teI11s and conditions of use of their respective Private !Eenities and to terminate use rights altogether.

Articie III ASSOCIATION PliMCTIO!i, Hl!lll!BRSHIP AND VOTI!lG RIGHTS

3.1 function of Association. The Association shall be the entity responsible for management, maintenance, operation and control of the Area of Conon Responsibility. The Association shall be the primary entity responsible for enforcement of this Declaration and such reasonable ruies regulating use of the Properties as the Board 11ay adopt. The Association shall also be responsible for administering and enforcing the architectural standards and controls set forth in this Declaration and in the Design Guideiines, The Association shaii perforJ1 its fuueti;;;;s i~ aeeerda~ee llith this Declaration, the By-Laws, the Articles, and Oregon

law. 3.2 Bellhership. Every Ol!ner shall be a !le11ber of the Association. There shall be only one mellbership per Unit. If a Unit is owned by more th.an one Person, 211 co-Owners shali share the pririieges of such mellbership, subject to reasonabie Board regulation and the restrictions on voting set forth in Section 3.3 and in the By-Laws, and all such co-Owners shall be jointly and severally obligated to perfoni the responsibilities of Owners. The 11e1bership rights and privileges of an 011ner who is a natural person 1ay be exercised by the !!ember or the Member's spouse. The 11embership rights of an 01.-ner ;,hich is a corporation, partnership or other legal entity may be exercised bJ any individual designated from tille to time by the Owner in a written instrument pro,ided to the Si:~rPhry of the Association.

3.3 Votin!'. '.Fne !ssoeiation shall have two classes of 11embership, Class "A" and Class "B", (a} Class "A•: Class "A" llelibers shall be all Owners except the Class •11• l!e111ber, if any. Class "A" !!embers shall have one equal vote for each Unit in which they hold the interest required for 11e11bership under Section 3.2; there shall be only nne vote per !Joit. (b) Class "B": Class "B" !!embers shall be the Dedarant and any lluilder who are Owners. Class "B" !!embers shall b~ e,titl~d to tilree votes for each Unit Oilned. Unless otherwise specified in this Declaration, the By-Laws, or an agreement betl!een 5

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Dedarant and a Builder, the vote for each Unit Olf!led by Builders shall be exercised by the Declarant. shall cease and be converted to Class "A" membership upon the ear!i?.r of the following:

The Class "B" lile11bersbip

(i) When 75% of the Maximum Units are owned hv llPtail Own~r~;

(ii} lS years from the anniversary date of ciosing of escro11 for the first Unit after the first sale to a Retail Ol!ller; provided that the JS-year period for conversion shall be extended an additional five years unless a majority of the Voting Menbers representing Class "A" !le11hers at a special meeting held for such purpose at least 30 days, but not 11ore than 90 days, prior to expiration of the 15-year period, vote not to eztend the IS-year period. Purthernore, if the additional fire-year ~xtension occurs under the preceding sentence, the 20-year period for co~version shall be extended an additional three years unless a majority of the roting !le11bers representing Class "A" !!embers at a special meeting held for sue~ purpose, at le.st ~C, tut uot iiiofe tuan %, days prior to upirnion of the 20-year period, vote not to extend the 20 yearyear period; or (iii) ifhen, in its discretion, the Dec!arant so deteniines. troll and after the happening of these erents, 11hicherer occurs first, the Class •a• !iemher shall be deemed to be a 1 8 Class \4 Member entjt.lPd to on? vot~ fQr u~it i!! ~hi~h it h~!tls the !~te:ezt req!!lrfd fc~ :t;h~~saip uud-:r Z~t.tivu 3.2. Th~ Declaraot shall have a right to disapprove zctioas of the Board and t!'!!mittees as provided in Section 3.18 of the By-Lal!s.

1n the event Class "ll" membership has !!Ot te!'llinated when ilore than 50% of the Ma1i11u11 Units are owned by Retail Owners, the Association shall forll! a "Transitional Advisory Committee" in accordance llith O.R.S. 94.604 and Section 5.3 of the .By-La11s. llo later than when 75% of the llazimum Units are owned by Retail Owners, the Declarant shall call a meeting for the purpose of turning over administration responsibilities to the Association in accordance 11ith O.R.S. 94.609 and 94,616. (e} Exercise of Voting Rights. KHept as otherwise specified in this Declaration or the By-Laws, the vote for each 0 0 Unit 011ned by a Class A !leeber shall be exercised by Voting !leeher, as described within Section 1.37 and th.is Section.

In any situation in which a Member is entitled personally to exercise the vote for his or her Unit and there is 11are than one Ol!ner of a particular Unit, the vote for such Unit shall be exercised as such co-Owners determine among tbemsel,es and advise the secretary of the Association in writing prior to any meeting. Absent such advice, the Unit's vote shall be suspended if more than one Person seeks to e;rercise it.

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4.1 Couon !rea. l'b.e Association, subje~t to the rights of the Olf!lers set fort!! in this Declaration, shall manage and control tke Comion Area and all improvements thereon (including, without Iiilitation, furnishings, equip11eut, and co11110n landscaped areas), and shaII keep it in good, clean, attractive, and sanitary condition, order, and repair, consistent with this Declaration and Coaunitriide Standard. 4.2 Personal Prooerty and Real Property for Common Use. The Association !ilay acquire, hold, and dispose of tangible and intangible personal property and real property. Declarant may convey to the Association i11pro,ed or uni11proved real estate located within the properties described in Exhibits "! • or "B", personal property and leasehold and other property interests. Such property snaH he accepted oJ the associa(ion anrl thereafter shall ile maintained as Co1111100 Area by the Association at its ezpense for the benefit of its Henbers, subject t() any restrictions set forth in the deed. 'l'h~ Declarant shall convey the initial Col!Jlon Area to tlie Association prior to or concurrP.nt wit!i the cooveyance of a Unit to a Retail Ol!ner. 4.3 !!nforceEent. l'!te Association J!ay illpose sanctions for violations of this Declaration, the By-Laws, or rules in accordance with procedures set forth in the By-Laws, including reasonable eonetary fines and suspension of the right to vote and to use any recreational facilities withiu the Common Area. In addition, in accordance with Section 3.23 of the By-Laws, th2 Association may e:i:ercise self-help to cure ,iolations, and 11ay suspend any services it pro,ides to the Unit of any Owner who is more than 30 days delinquent in paying any assessi!i!nt or other charge due the Assvtiation. The Board may seek relief in any court for violation or 6

""' to abate nuisances. '!'he Association, by contract or other agreement, may enforce county ordinances, if applicable, and permit Deschutes County to e~f~rte :tpp! 1.t.~blr ~r<li~a~;:~; £:n th~ P2'~perties f•Jr th~ &~r.~fit ;:;f tb: A.;:;vi:iotivn au<l i~s 5cmhcrs. 4.4 Implied Rights: Board Authority. l'he Assoi:iation may erercise any other right or privilege given to it expressly by this Deciaration or the By-Laws, or reasonably implied from, or reasonab!J necessary to effectuate any such right or privilege. Except as otherwise specifically provided lil this Declaration, the By-Laws, Articles, or by la11, all rights and powers of the Association may be exercised by the Board .itliout a Tote of the ne11bershi~. 4.5 Govern.iental Interests. So long as the Declarant ol!lls any property described on Rxhibits "A" or •s•. the Declarant may designate sites within tile Properties for fire, police, utility facilities, public schools and parks, and other publi: facilities. The sites may include Coi!mon Areas. 4.6 Indemnification. The Association shall indemnify every officer, director, and committee nember against all expenses, includiag co,msel fees, reasonably incurred in connection with any action, suit, or other proceeding (including settlement of any ,uit "' pr;;t;;otiini;, .i.f "l'Prv,eu hy lhe then nomi) to lfnich iie or she may ile a party OJ reason oi heing or having been an officer, director, or couittee me11ber. The officers, directors, and collllittee members shall not be iiable for any mistake of judgnent, negligent or otherwise, except for their olfn individual willful misfeasance, malfeasance, misconduct, or bad faith. The officers and directors shall have no personal liability with respect to any contract or other coillmitment aade or action taken in good faith on behalf of the Association (except to the extent that such officers or directors may also be lle1bers cf the Association). The association shall inde1mify and forerer hold each such officer, director and collllittee llle11ber harmless from any and all liability to others on account of any such contract, co1111it11ent or action. Any right to inde11Dification provided for hereio shall not be exdusi1e of any other rights to which anr present or former officer, director, or coniUee members may be entitled. The A.soeiation shall. as a Comion Expense, maintain adei!nate general liability and officers' and directors' liability insurance to fund this obligation, if such insurance is reasonably arailable. Pursuant to O.lLS. b5.78~, if the Association indemnifies or advances expenses pursuant to this Section or 0.11.S. 65.391-65.40i, the Association shail report the indel!llifieation or adrance in niting to the Ffembers 11ith or before the notice of the next l!eeting of the !!embers. 4. 7 Dfdication of Gomion Areas. 'l'he Association may dedicate portions of the Common Areas to Deschutes County, Oregon or to any other local, state, er federal gorernmental entity, subject to sncb approval as 1ay be required by Section 14.2.

4,8 Security. The Association aay, but shall not be obligated to, maintain or support certain activities within the Properties designed to 11ake the Properties safer than they otherwise 1ight be. HEITHER TH& ASSOCIATHlfi, THE D2CLARAl!1, fiOR Al!Y SUCCESSOR DHCU!l.!!IT SHALL Ill ANY m l!l! CONSIJ)J!R!ID Il!SUltl!RS OR GO!l!Al!TORS OF SECURITY li'ITHIII m: PlWPER'!'ll!S, llOR SHALL ANY OP THI!!! Bl! Bl!LD LIABLE lOR m LOSS OR DWG! BY REASON OP FAILURE TO PROYm ADl!QIIATE SKCIIRITT OR OF I!fEFYECTrfl!lfZSS OP SECURITY MEASURES iJ!lDERT.mN. 110 REPRESffl'A'i'ION OR i!R!U.ll'IT IS MADI! THAT !lif mz PROTHCTIOli SYSTEM, Bffi!GLAR ALAR!! SYSTEll OR OTI!lll! SECURITY SYSTl!!! CAlillOT Bil COIIPRO!IISED OR CIRCffllffiD, !fOR THAT Atn SIICll S\'S!K!!S OR SEC!iRIT'f lllEA.SURliS UlfDKRTAIRII !fILL II! ALL ems Pmm LOSS O!! PROVIDE m DETEC'!IO!f OR PROil!CTHill FOR il!ICH l'IIE SYSTEM IS DESIGNED OR IBTRJIDlil). llACil Olffll!R !CKNOWLRDGES, UNDERST!ll])S .U!D COVKliAliTS TO IllFOR!I ITS TRRAliTS THAT il!K ASSOCIA1IOI, ITS BOm 0.!' DIRRCTORS AlfD CO!lllrTms, i)£CLAIU.1!1, Alm Alf'f SUCCESSOR DECLARAl!1 ARB !iOT Il!SURKRS AND THAT EACH PRRSOI! USillG 1'Hl! PilOP.BRTil!S ASSITT!l!S ALL RISKS FOR LOSS OR D!!IAGl! !O r>mOIIS, TO UNITS AliD TO TH!! COIITF.RTS OF flllT'l'S mITT,iI!I(! PROM ACTS 0.!' THHrn PARTIES.

Article V ~I!ITE!fA!fGE

5.1 Association's Responsibility. The Association shall maintain and keep in good repair the Area of Common Responsibility, lfhith shall include, but need not be lil!ited to:

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(a) all landscaping a~d other flora, parks, signage, structures, and improvements, including any private streets, bike and pedestrian pathways/trails, situated upon the Conon Area; (h) landscaping, sidewalks, street lights and signage within public rights-of-way within or abutting the Properties, and landscaping and other Hora witl!in any public utility easements and conserration easenents within the PropHties (subject to the terms of any easement agreement relating thereto); provided, however, that it shall be the responsibility of each Owner to landscape, irrigate, and !laintain any area within public rights of way bet~een such Owner's Unit and the paved road11ay located in rights of !faJ adjacect to such Owner's Unit froll the date a certificate of occupancy is issued with respect to improvements on ssch Unit. (c) such portions of any additional property included within any Area of Common Responsibility as may be dictated by this lhiclaration, any Supplemental Declaration, or any contract or agree11eni: for maintenance iiie,;;of euleretl ;utv tJ tiii Association; and

(d) any property and faci Ii ti es owned hy the Dedarant and made available, on a temporary or penianent basis, for the primary use and enjoynent of the Association and its !!embers, sucn property and facilities to be identified by written notice frull tht ~t:clc.raut tv t~c .t;o;;~i~ti~n tf; re::.'.!i~ a ;art cf th~ !rea ::f Go!!=~~ R::~r-0n;ibil ity and hP maintain2d by the Association until such tiile as Declarant revokes such pri,ilege of use and enjoyment by 11ritten notice to the Association.

There are hereby reserved to the Association, easelleots over the Properties as necessary to enable the Association to foifill such responsibilities. The Association shall 11aintain the facilities and equip11ent within the Area of Comnon Responsibility in continuous operation, except for reasonable periods as necessary to perform required maintenance or repairs, unless Voting !!embers representing 75% of the Class "A" rotes and the Declarant, as long as the Declarant owns anJ property described on Exhibits "A" or w3•, agree in writing to discontinue such operation. The Association may ;iaintain othH property wnich it does not own, including without limitation publicly olflled property, conserration ease•ents held by nonprofit entities, and other property dedicate~ to pubiic use, if i.ue iloani ilderaiu~, th;,.t su.:h maintenance is necessary or desirable to maintain th;; Colll!1inity-lfide Standard. Except as othenrise specifically pro,ided herein, all costs assoeiated with maintenance, repair and replacement of the Area of ComKln Res!)onsibility shall be a co11110n expense to be allocated a11ong all Units in the 11anner of al!d as part of the Base Assessment, without prejndice to the right of the Association to seek reimbursenent from the U11ner(s) of, or other Person responsible for, certain portions of the Area of Common Responsibility pursi.ant to this Declaration, other recorded covenants, or agreenents with the 011:ler(s) thereof,

5.2 Owner's Responsibility. Each Owner shall maintain his or her Unit and all structures, parking areas, landscaping, and other improre11ents coEprising the Unit in a manner consistent lfith the Co1munity-llide Standard and all applicable covenants unless such 11ainte~ance responsibility is otherwise assm1ed by or assigned to tlie Association pursuant to any Suppleiitental Declaration or other declaration of covenants applicable to such Unit. In addition to any other enforcement rights, if an Oner fails properly to perform liis or her maintenance responsibility, the Assoeiation illay perfor11 such 111aintenance responsibilities and assess all costs incurred by the Association against the unit and the Oirner in accordance lfith Section 10, 7(b). !he Association shall afford the Owner reasonable notice and an opportunity to cure the problem prior to entry, ezcept when entry is required due to an emergency situation . 5.3 Standard of Perfoniance. !!aintenance, as used in this Article, shall include, without linitation, repair and replacement as needed, as lfe!l as such other duties, which may include irrigation, as the Board ;nay rleter11ine necessary or appropriate to satisfy the Coil!lm;ity-lEde Standard, Ali 11aintenance so.all be performed in a manner consistent 11ith the Colll!lunit;-llide Standard and all applicabl;; covenants. llotwitastanding anything to the contrary contai!led herein, the Association, and/or an Ol!ller, shall not be liable for property tlaaage or personal injury occurring on, or arising out of the condition of, propertJ which it does not 0110 unless and only to the extent that it has been nrgligent in the performance of its maintenance responsibilities,

i;'l II

5.4 Party llalls and Similar Structures.

(a) General Rules of Law to Apply. Bach wall, fence, drive11ay or similar structure built as a part of the original construction on the Units which serv~s and/or separates an! two lJnits ~b"Il rt::s'.itct;; a p~i,; ;;lrti,turE, To the extent ,wi inconsistent with the provisions of this Section, the general rules of law regarding party walls and liability for property daotage due to negligence or willful acts of 0111issions shall apply thereto.

(b) Sharing of Repair and Maintenance. All OwnHs ;,ho make use of the party structure shall share the cost of reasonable repair and maintenance of such structure equaily. (c) Dalilage and Destruction. If a party structure is destroyed or damaged hy fire or other casualty. then to the extent

that sneh n, 11•~~ ;_~ :~': ::~t~t~ ~I ; • .;;,,.uce atui repairea out ot tile proceeds of insurance, any Owner 11ho has used the structure 11ay

restore it. If other Owners subsequently use the structure, they shall contribute to the restoration cost in equal proportions. Bow~ver, Sijch contribution will not prejudice the r-ight to call for a larger contribution from the other users under any rule of lali regarding liahility for negligent or willful acts or omissions. {d) Right to Conctribution Runs iii th L,~d, 'fhe right d ~- C;rnEr ,u i:oairibution from any other Owner under this Section shall he appurtenant to the land and shall pass to such Owner's successors-in-title.

Article VI I!ISORA!iC!i !HD CASUALTY LOSSES 6.1 Association Insurance. The Association, acting through its Board or its duly authorized agent, shall obtain blanket "allri.k" property i!!surance, if reasonably available, for all insurable improvements on the Comion Area and on other portions of the Area of Conon Responsibility to the extent that it has assumed responsibility for maintenance, repair and/or replacel!lent in th~ HP~t of a 1':!ss. '!'!:~ !~~~ciativu ,iall have tiie aurirnrity to and interest in insuring any privately or publicly owned property for which the Association has llaintenance or repair responsibility, Such property shall include, by 11ay of illustration and not li11itation, any insurable improvements on or related to parks, rights-of-ways, ml!dians, easements, and walkways which the .~ssociat.ion is obligated to 11aintain. If blanket "all-risk" corerage is not generallJ available at reasonable cost, then the Association shall obtain fire aild extended coverage, iacluding coverage for vandalism and malicious l'lischief. 'the face amount of the policy shall be sufficient to corer the full replaee&ent r,ost of the insured property. Tile cost of such insurance sha 11 be a Co111Jon Expense to he allocated among all Units subject to assessment as part of the annual Base Assessment.

The Association shall ~~ve n~ i~s~,a~ee w;p~nsibilitJ for anJ part cf any Prirate Anenity property. 'l'he !;soeiation also shall obtain a public liability policy on the Area of CoJIJ!on Responsibility, .insuring the Association and its !!embers for damage or injury caus~d by the negligence of the Association or any of its llfembers, employees, agents, or contractors while acting on its behalf. If generally availahle at reasonable eost, the public liability policy shall have at least a $1,000,0000.00 collbined single limit as respects bodily injory and property damage and at least a $3,000,000.00 limit per occurrence anrl in the aggregate. Premit!lls for aII insurance on the Area of Com;on Responsibility shall be Com1on Expenses and shall he included rn the Rase Assess11ent. '!.'he policies raay contain a reasonable ded11ctihle which shall not be subtracted fro!l the face amount of the poiicy ia determining whether the ~o.ura~ee at least equals the required coverage. In the erent of an insured loss, the deductible shall be treated as a Colll1!on Expense in the same manner as the premiums for the applicahle insurance coverage. However, if the Board reasonably deter11ines, after notice and an opporti!nity to be heard in accordance Kith Section 3.23 of the By-Lalfs, that the loss is the result of the negligence or willful conduct of one or more Oners or oeclipants, then the Board ilay specifically assP,ss the full amount of such deductible against the llnit of sndi Owner or occupant, pursuant to Section 10,l(b).

!!l insurance coverage obtain£d by the Association shall:

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(b) be written in the name of the Association as trustee for the benefitted parties. Policies on the Co;i11on Area shall be for the benefit of the .Association and its lleilbers; (c) rest in the Board, exclusire authority to adjust losses; prorided, however, no ~ortgagee having an interest in sncb losses ilay be ~rohibited from participating in the settlement negotiations, if any, related to the loss; (d) not be brought into contribution witii insurance purciiasea 01 inairiouai u"ner~, octupanl,, u,· liielf llv,, 5.ge«',;

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(e) have an inflation guarrl endorsement, if reasonably available. If the policy contains a co-insurance clau~e, it shail also ha1e an agreed amount endorsement. The Association shall arrange for an annual review of the sufficiency of insurance :.J '!"''-;:f: . . ..: r-.1.uvuS, :t h~1st ':::!le ;;f t.!h~!! ::ust ht: i!: th~ !'~~! e~tat~ inrlll~try and fa!il!~r wjth r.nni:trnetlon 10 the Deschutes County, Oregon area. t,V!'n~5,;;

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(a) be written with a company authorized to do business in Oregon which holds a Best's rating of A or better and is assigned a financial size category of IX or larger as established by A,N. Best Company, Inc., if reasonably available, or, if not :iv2li:1hl:1_ tb..1: !ltJ~t n~~rly t:£p.1i1<!1l!"~t r;itlne whir.h ls available;

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The Board shall use reasonable efforts to secure insurance policies containing endorseillents that: (a) irai,e subrogation as to any claims against the Association's Board, officers, employees, and its manager, the Oll!lers and their tenants, servants, agents, and guests; (b) waive the insurer's rights to repair and reconstruct instead of paying cash;

(cj preclude cancellation, invalidation, suspension, or nonrenewal by the insurer on account of any one of more individual OJJners, or on account of anJ curable defect of violation without prior l!ritten denand to the Association to cure the defect or violation and ailowance of a reasonable ti11e to cure;

(d) exelude individual 0Hners' policies fros consideration under any "other insurance" clause; and

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(e) require at least 30 days prior l!ritten notice to the Association of any canee11ation, substantial 111odification,

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or nonrene!!al.

\ The Association shail also obtain, as a Colll!lon Expense, worker's compensation insurance and e1ployer's liability insurance, if and to the extent required by law; directors' and officers' liabilitJ coverage, if reasonably available, and flood insurance, if advisable,

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ine Association also shall obtain, as a Co111Jon Expense, a fidelity bond or bonds, if generaily available at reasonable cost, coreriag all persons responsible for handling association fonds, The Board shall deteniine the a11ount of fidelity corerage in its best business judgment but, if reasonably available, shall secure coverage equal to not less than one-sixth of the annual Base Assessments on all ffnits plus reserves on hand. Bonds shall contain a l!ai,er of all defenses based upon the exclusion of persons serving withont collpensation and shall require at least 30 days prior notice to the Association of any cancellation, substantial modification, or nonrene11aL

6.2 Oi.uers Jnsgrance. l!y virtu~ of taking title to a Unit, each Ol!Der covenants and agrees with all other Owners and with the Association to carry blanket •all-risk" prop€rt:r insurance on its !Jnit(s) and structures thereon providieg full replace11ent cost coverage less a reasonable dedactible, unless the Association carries such insurance (which they are not obligated to do hereunder).

Each Owner furthH co1enants ana agrees that in the event of damage to, or destruction of, structures on or co11prising his or her Unit, he or she shail proceed promptly to repair or to reconstruct in a 11anner consistent with the original construction or such other plaus and specifications as are approred in acco,dance !!it!! Article XI of this Declaration. Alternatively, the O;rner shall

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clear th~ Unit of all debris and rnrns and maintain the Unit in a neat and attractive, landscaped condition consistent 1,ith the Go111munity-Wide Standard. The Owner shall paJ any costs which are not covered by insurance proceeds.

(a) lmmediate!y after damage or destruction to all or any part of the Properties covered by insurance Kritten in the name of the Association, the Board or its duly authorized agent shall file and adjust all insurance dai11s and obtain reliable and detailed esti11ates of the cost of repair or reconstruction. Repair or reconstruction, as used in this paragraph, means repairing or restoring the property to substantially tile condition in which it existed prior to the damage, a1io11ing for changes or improvements necessitated by changes in applicable building codes.

(h} Any Uamag:e iu 01 destructivt1 v£ ~!i.~ C:;;n:. J.:12! s~~z.!l b~ :-ep1!~ef or re~vns~r1J~t~d 1Jnless thP Members reoresenting at least 75% of the total dass "A" votes and the Declarant, as long as the Declarant 011ns any property described in Kxbibits •A• or ~B• of the Declaration, decide within 60 days after the loss not to repair or reconstruct. !lo Mortgagee shall have the right to participate in the determination of whether the da11age or destruction to the Co11mon Area shall be repaired or reconstructed.

If tit!:~r the i:1s:::1!!te rr~rf?<l~ or rel iahlF and detailed estimates of the cost of repair or reconstruction, or br.th, are not arai!able to the Association within such 60-daJ period, then the period shall be extended untii such funds or information are avaiiable. !!o!!'ever, such extension shall not exceed 60 additional days.

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(c) If determined in the manner de.crihed aboTe that the da11age or destruction to the Comllon Area shall not be repaired or reconstructed and no alternative improvements are authorized, the affected property shall be cleared of all debris and ruins and maintained by the Association in a neat and attractive, landscaped condition consistent llith the Community-Wide Standard. 6.4 Disbursements of Proceeds, Any insurance proceeds remaining after paying the costs of repair er reconstruction, or after such settlement as is necessary and appropriate, shi:1. be retained by and for the benefit of the Association and placed in a capital improvemen.ts account. This is a covenant for th;; bei!efit of Mortgagees and 31ay be enforced by the Mortgagee of any affected Unit. 6.5 Re11air and Reconstruction. If insurance proceeds are insufficient to covH the costs of repair or reconstruction, the Board shall, without a vote of the Voting Members, levy Special Assessments against those Unit Owners responsible for the premiillls for the applicable insurance coverage under Section 6.1.

Article VII KO PARTITIO!! l!xcept as permitted in this Declaration, there shall be no judicial part1t1on of the Col!llOD Area. No Person shail seek any judicial parti.tion unless the Prope,~~-s or such portion thereof ha1e been re11ored from the provisions of this Declaration. This Article shall not prohibit the Board fro11 acquiring and disposing of tangible personal property nor from acquiring and disposing of reai propertJ llhich nay or 11ay not be subject to this Declaration.

Article VIII COtrnH!!l!ATIO!I If a~y part of the Com.on Area shall be taken {or conveyed in lien of and under threat of condenation by the Hoard acting on the written directi!ll! of Voting !lemb~rs representing at least 66 2/3% of the total Class "A" votes in the Association, and of the Dedarant, as long as the Declarant Olllls any property described on Exhibits "A" or •B• of the Dedaration) by any authority ha,ing the power of coadennation or eminent do11ain, each Owner shall be entitled to Kritten notice, The award 11ade for such taking shall be payahie to the Association as trustee for all Owners to be disbursed as follows: ff the taking inrolres a portion of the Couon Area on which i11pro;ements hne been constructed, the Association shall restore or replace such i11prove11ents on the re!llaining land included in the Common Area to the extent available, unless within 60 days after

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292 such taking, the Dedarant, so long as the Declarant owns any prop~rty described in Exhibits "A" or "B" of this Declaration, and Voting ile;bers representing at !east 75t of the total Class "A" rotes in the Association shall otherwise agree. An1 such construction si.~ll be in accordance with plans appro~ed by the Board. The provisions cf Section 6,4 and 6.5 regarding funds for the repair of

1f the taking does not involve any improvements on the Common Area, or if a decision is made not to repair or restore, or rr net funds remain after anJ such restoration or replacement is complete, then such award or net funds shall be disbursed to the Association and used for such purposes as the Board shali determine.

Articie IX AllllllXAilON AlfD Wll'llDltiif!L OF mmn 9.i Annexation Without Approval of !lell!bership. Prior to tbe sale of the first Unit to a Retail Owner, Dedarant may unihterally subject to the provisions of this Declaration ail or portions of the real property described in Exhibit •B• until all property described on Exhibit "B" has been subjected to this Declaratiou or 30 years after the reeording of this D~daration, 11hichever is earlier~ Aiter [he sale of tht! firsi Uu~t iv a Rt:te.i1 Ciiu~;-, nf=:1~:~~t ::!j !!~!1~tera11y ~:1bj~£t ti) th~ provisions of this Declaration all or any portion of the real property described in exhibit "s", until the earlier of (a) the date on 11hich all property described on Exhibit •s• has been subjected to this Declaration, or (b) the later of (i} four years froil the most recent sale to a Retail Owner, or (ii) four years from the date of recording of the most recent Supplenental Declaration to annex additional property. Declarant my transfer or assign this right to annex property, provided that the transferee or assignee is the developer of at least a portion of the real property described in K!hibits "A" or "B" and that such transfer is llellorialized in a llritten, recorded instrument executed by Declarant. llothing in this Declaration shall be construed to require the Deelarant or any successor to annex or derelop any of the proj:ertJ set forth in E1bibit "B" in any manner 11liatsoerer.

Such annexation shall be aeco11plished by filing a SnppleEental Declaration in the Office of the County Clerk describing the property to be annexed and specifically subjecting it tv the terms of this Declaration. Saeli Supplemental Declaration shail not require the consent of !!e1bers, hut shall require the consent of the Ol!Der of such property, if other than Declarant. Any such annexation shall be effective upon the filing for record of such Supplemental Declaration unless otherwise provided therein. 9.2 Annexation iith Approval of !!emhership. The Association or the lleclarant :nay snhje.:t any real property to the provisions of this Declaration !fith the consent of the owner of such propertr, the affirilatire vote of Voting !!embers representing 66 2/3'!. of the Glas. "A• votes of the Association represented at the meeting duly called for such purpose, and the consent of the Declarant so long as Declarant owns property subject to this Declaration or tthieh l!laJ beco11e subject to this Declaration in accordance lfitl! Section 9.1. Sneh annexation shall be accompiished by fiiing a Supplemental Declaration in the Office of the County Clerk describing the property to be annexed and specifically subjecting it to the terms of this Oeclaration. Any such Supplemental Declaration shall be signed by the President and the Secretary of the Association, and by the owner of the annexed property. Any such annexation shall be effeeti,e upon filing unkss other11ise provided therein.

9.3 Withdrawal of Property. The Declarant reserves tbe right to amend this lleclaration so long as it has a right to annex additional property pursuant to this Article, without prior notice and without the consent of any Person, for the purpose of removing property then owned by the Declarant, its affiliates, or the Association froll the coverage of this Declaration, to the extent !lrigio;illy ioduded in error or as a result of any changes in the D.;clarant 's plans for the Properties, provided such withdrawal is not unequivocaily cJntrary to the overall. uniform scheme of develop11ent for the Properties. 9.4 Additional Corenants and Easements. The Declarant nay unilaterally subject any portion of the property submitted to this Declaration initially or by Supplement~! Declaration to additional covenants and easements, including covenants obligating the Association to maintain and insure sueh property on behalf of the Owners and obligating such Owners to pay the costs incurred by the Association. Snch additional covenants and easements shall be set forth in a Supplemental Declaration filed either concurrent with or after the anne.ation of the subject property, and shall require the written consent of the owner(s) of such property, if other

292 .. 0 7 31

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than the Dec!arant. 9.5 AIIEnd.ment. This Article shall not be amended without the prior written consent of Declarant so long as the Declarant owns any property describe in Exhibits "A" or "B".

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Article X ASSESSMRtf'l'S

10.1 Creation of Assessments. The Association is hereby authorized to levy assessments against each Unit for Association expenses as the Board may specifically authorize from time to time. ':I'here shall be three types of assessments for Association expenses: (a) Base Assessments to fund Common Expenses for the general benefit of all units; (b) Special Assessments as described i~ S~•tinn 10.6; ,n~ {r) Speeifie Assessments as described in Section 10.7. Each Owner, by accepting a deed or eutering into recorded contract of saie for any portion of the Properties is deemed to covenant and agree to pay these assessments.

All assessments ( except as otherwise pro,ided in Section 10. 7(b)), together with interest from the due date of such assessment at a rate determined by the Association (not to exceed the highest rate allowed by Oregon Law), late charges, costs, and reasonable attorney fees, shall be a charge and continuing lien upon each Unit whic!t the assessment is made until paid, as more particularly p:rovided in Section iO. 10. Hach such assessment, together wilh interest r laie char~~s 1 tu£t~: dud r:a~vuahlc attvrutj frr1=, ~!:;~ shall be tb.e personal obligation of the Person who was the 01tner of such Unit at the time the assessllent arose. Upon a transfer of title to a Unit, the grantee shall not be liable for any assessments and other charges due at the time of conveyance unless expressly assumed bJ him or her. !lo first Mortgagee 11ho obtains title to a Unit by exercising the remedies provided in its !!ortgage shall be liable for unpaid assessments which accrued prior to such acquisition of title .

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Assessments shall be paid in such manner and on such dates as the Board may establish. If the Board so elects, assessments may be paid in t110 or more installlllents. Unless the Board otherwise provides, the Base Assessment shall be due and payable in advance on the first day of each fiscal year. If any Owner is deiinquent in paying any assessments or other charges lnied on bis or her Unit, the Board may require any unpaid installments of all outstanding assessments to be pa.id in full immediately.

'.l'he Association shall, upon request, fornis!i to afiJ 011ner liable for any type of assessment a certificate in lfriting signe<l OJ an officer of the Ass;,ciation setting forth 11hether such assessment has been paid. Such certificate shall be conclusive evidence of pa111ent. The Association nay require tb.e adrance pa!)lent of a reascnab!e processing fee for t&e issuance of such certificate.

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!lo Owner may ezel!pt hi11se!f or herself froil liability for assessments, by nonuse of Colllllon Area, abandonment of his or her Unit, or any other 11eans. 'lhe obligation to pay assessi;ients is a separate and independent covenant on the part of each Owner. lio aiminution or abatement of assessi!lents or set-off shall be claimed or allowed for any alleged failure of the Association or !loard to take so111e action or perfoni some function required of it, or for inconvenience or discomfort arising from the making of repairs or improvements, or from any other action it takes.

After the comieneement of assessillent paJilents as to any Unit, Declarant, if any, covenants and agrees to pay the full amount of any applicable assessment for each occupied Unit it owns; notwithstanding anything contained herein to the contrarJ, the Declarant shall not be required to pay Base, Special, or Specific Assessments for unoccupied units tnat it owns.

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!!otilithstanding anything to the contrarr herein, tbz Declarant may contribute assessments due from it in services and/or 11aterials ("In-Kind"), rather than in 11oney. The amount by which monetary assessments shall be decreased as a result of any In-Kind contribution shall be the fair market ralue of the contribution. If the Dedarant and the Association disagree as to the value of anJ contribut ioo, the l)eclarant shall supply the Association with a detailed explauation of tb.e service performed and material furnished, and the Asi:ociatio11 ~hall acquire bids for performing like s~nices and furnishing like materials from three (3) independent contractors approved by the Declaranr who are i.i the business of providing such services and materials. If the Association aad the Dec!arant are still unable to agree on the value of the contribution, the 1a!ue shall be deemed to be the arerage of the bids received from the inde;iendent contractors. 10.~ Capitalization of Association. Upon acquisition of record title to each Unit by its first Retail Owner, a contribution 1 -:, .,_..,

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shail he maae DY, or on behalf of, the pur::haser to the working capital of the Association in an amount equal to one-s,rth uf the annual Base Assess!lent per Unit for that Jear. For purposes of this Section, the term "Base Assessment" shall be dee;ned to include the amount as,essed ;;gains~ each U.iiL .l FG ,;t; ,llG~"ti~~ ~f ony a!munts (values) the Association received through any subsidy, ~aintecance agreement, or In-l:ind services or materials, if any. This amount shall he in addition to, not in lieu of, the annual Base Assess.ient and shall not be considered an advance payment of such assessment. This amount shall he deposited into the purchase and sales escrow and disbursed therefrom to the Association for use in covering ope rat ion expenses and other expenses incurred by the Association pursuant to the terms of this Declaration and the By-Laws.

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10.3 Date of Commencement of Assessments. Subject to Section 10.1, the obligation to pay the assessments provided for herein sh~ll commence as to all Units on the earlier of: (a) the first day of the month foilowing the first conveyance of a Unit to a Retail Oiraer; or (h) the first day of the month following conveyance or the Gouon Area ,o i.~t A,~v.:(;;~;;;;. ';l, '"""'1 Assessment shall be adjusted according to the number of days remaining in the fiscai year at the time assesslllents cmm:ience on the Unit. 0

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10,4 Computation of Base Assessment. The Board shail prepare a budget cDvering the estimated Co1mon Expenses during the coming year pursuant to the terms and pro,isions set forLh ~Ii 3,;;;tiui'i 3.2~{f){i) cf th~ By-L~~~, 'l'hP budget shall include a capital contribution to establish a reserve fund in accordance with a budget separately prepared as provided in Section 10.5 The Base Assessment shali be levied equally against all Units subject to assessment and shall he set at a level which is reasonably expected to produce total income for the Association equal to the total budgeted Common Expenses, including reserves. In determining the level of assessments, tile Board, in its discretion, ilaJ consider other sources of funds arailable to the Association. In addition, the Board shall take into account the number of Units subject to assess!llent under Section l0.7(b) on the first day of the fiscal year for which the budget is prepared and the number of Units reasonably anticipated to become subject to ass;,ssment during the fiscal year.

The Board shall send a copy of the budget and notice of the amount of the Rase Assessment for th~ follo;;ir,g F«r tc ~ach (hm~, not less than 45 nor more than 60 days prior to the beginning of the fiscal year for lfhich it is to be effective.

I0.5 Reserve Badget and Capital Contribution. The Board shall annually prepare a reserve budget which takes into account the nnlliber and sature of replaceable assets, the expected life of each asset, and the expected repair or replacement cost and in accordance with O.R.S. 94.595. 'i'he Baard shall set the required capital contribution in an amount sufficient to pernit llleeting the projected needs of the Association, as shown on the budget, 11ith respect both to amount and timing by annuai Base Assessments over the budget period. 10.6 Speeial Assessments. In addition to other authorized assess11ents, the Association may levy Special Assessments from time to tiBe to cover unbadgeted expenses or upet!ses in excess of those budgeted subject to the limitations set forth in Section 10,6. Snch Special Assessment may be levied against the entire membership, if such Special Assessment is for common expenses. Special Assess11ents shali be payable in such nanner and at such times as determined by the Board, and may be payable in installments extending beyond the fiscal year in lfhieh the Special Assessment is approved. 10.7 Speeific Assessments. The Board shall have the poller to levy Specific Assessments against a particular Unit or Units constituting less than ali Units within the Properties as follows: (a) to eover the costs, including overhead and administrative costs, of providing iienefits, iteils, or ser1ic~s to the Unit or occupants thereof upon request of the Owner pursuant to a ;nenu of special services which the Board may from time to time authorize to be offered to Owners (which 1tight include, lfithout li11itation, landscape 11aintenance, band111an service, pool deaning, pest control, etc.), ;,hich assessments may be levied in advance of the prov1s1on of the requested benefit, ite11 or service as a deposit against charges to be incurred by the Owner; and (b) to cover costs incurred in bringing the Onit into compliance with the terms of this Declaration, any applicable Supplemental Declaration, the By-Laws or rules, or costs incurred zs a consequence of the conduct of the Owner or occupants of the lJ~it, their licensees, in,itees, or guests; provided, the iloard shall give the Unit Owner prior written notice and an opportunity for a hearing before leYying a Specific Assessment under this subsection (b).

292 • 0733 10.8 Limitation of Increases of Assessments. Notwithstanding any provision to the contrary, and except for assessment increases necessary for emergencJ situ,tions or to rei11burse the Association pursuant to Section 10.7, the Board may not impose a Base Assessment or Specific Asses,.;ent ,hat is ~ore than 20% greater than each of those assessments for the iiilmediately preceding fiscal year nor i!!!pose a Special Assess!!!e~t ~hi~h i~ the •f.ereeote e.needs 'i! of th• h11d€PtPd Com11on Rx~enses for the current fiscal re~r, llithout a majority vote of a quorUlil vf Voting !!embers representing the !!embers which are subject to the applicable assessment at a meeting or the Associatioe. ~or purposes of this Section, "quorum" 11eans the Voting Members representiPg more than ~0% of the Members which are subject to the applicable assessment. For purposes of this Section, the term "Base Assessment• shall be deemed to include the amount assessed against each Unit plus a pro rata allocation of any amounts the Association received through any maintenance agreement, if any, in effect for the year immediately preceding the year for which the assess11ent is to be increased .

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An e;iergeqcy situation is any one or more ot the following:

(a) an extraordinary expense required b~ an order of a court;

(t,) an extraordinary eipense necessary to repair or l!aintain the Properties or any part of them for which the Association is responsible ii!tere a threat to personai safety on the Properties is discovered; or ( c) an e1traordioary e;:pense necessar; to repair or l!!aintain the Properties or any part of them for which the Association is responsible which could not have been reasonably foreseen by the Board in preparing and distributing the pro forma budget pursuant to Section IC.4. l!oweYer, prior to the imposition or collection of such an assessment, the Board shall pass a resolution containing written findings as to the necessity of the extraordinary expenses involved and why the expense was not or could not ha1e heen reasonably foreseen in the oudgetiilg process. Such resolution shall be distributed to the !!e11bers 11ith the notice of such assess!lent .

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10.9 Failure to Assess. Failure of the Board to fix assess1ent a11ounts or rates or to deliver or !!ail to each owner an assessilent notice shall aot be deemed a 11aiver, modification, or a release of any Owner from the obligation to pay assessment. In such event, eac~ Owner shall continue to pay Base Assessments on the same basis as for the iast year for 11hich an assessment was made, if any, until a nelf assessment is 1ade, at which time the Association ;aay retroactively assess any shortfalls in collections.

10.10 Lien for Assess1Bents. All assessments authorized in this Article shall constitute a lien against the Unit against which they are le,ied until paid, unless othentise specifically precluded in this Declaration. 'l'he lien shall also secure payment of interest, late charges (subject to the limitation of Oregon law), anri costs of co!lection (including attorney fees). Such Lien shall h~ superior to all other liens, except {a) the liens of all ta1es, bonds, assessments, and other teries ll'hich by law would be superior, and {b) the lien or charge of any first llortgage of record (!leaning any recorded Mortgage with first priority over other ~ortgagt$) aade in goo4 faith aud for rah:e. 1hr Assvciatiun ;ai ~ufvrie s~ch lieu, whsn dili~q~~zt, hJ suit, judg:ent, and forec1osure. The lien shall be effective for a period of ten (10) years from the date of filing. The lien shall be filed with the "Office of the County Clerk". 'l'he lien shall be foreclosed pursuant to Chapter 88 or O.R.S.

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The Association may bid for the !Jnit at the foreclosure sale and acquire, hold, lease, mortgage, and conwey the Unit. While (a) no right to vote shall be exercised on its behalf; {b) no assemient shall be levied on it; and (c) each other Unit shall be charged, in addition to its usual assess.1eot, its equal pro rata share of the assessment that would hare been eliarged such Unit had it not been acquired by the Association. The Association 11ay sue for unpaid Comion Expenses and costs without foreclosing or waiving the lien securing the Salle.

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a Unit is owned by the Association following for.,ciosure:

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The sale or transfer of any Unit shall not affect the assess1lent lien or reiiere such iinit from tile iien for any suosequent assessment, However, the sale or transfer of any Onit pursuant to foreclosure of the first !!ortgage shall extinguish the lien as to an;- instalhieats of such assei:sments due prior to such sale or transfer. A Mortgagee or other purchaser of a !Jnit who obtains title pursuant to foreclosure of the !lortgage shall not b-e personally liable for assessments on such Unit due prior to such acquisition

of title. HUI Exempt Property. 'l'he following property shall be exe11pt fro11 par,nent of Base Assessments and Special Assessr,ents:

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s 2 92 ..,, 0734 (a) AU common Areas; (b) Any property dedicated to and accepted by any governmental authority or public utility; and (c) Unoccupied lots owned by Dedarant. In addition, the Declarant shall have the right, but not the obligation, to grant exemptions to certain Persons qualifying for S~ction 501{c) status under the Internal Revenue Code so long as such Persons own property subject to this Declaration for purposes listed in Section 50i(c).

ARCHmCTrrm STANDARDS

11.1 General. No structure shall be placed, erected, or installed upon any Unit, and no i111provements (including staking, clearing, ncavation, gradiag and other site work, exterior alteration of existing improvements, planting or removal of landscaping ::~t~:-idz, ~d i!?,t:!lhti~!? ~r resiov;! ~f 'l~ irrigation syste11) shall take place except in compliance with this Artide and the Design Guidelines and upon approral of the appropriate committee under Section 11,2. Any Owner may remodel, paint or redecorate the interior of structures on his or her Unit without approval, However, 12odifications to the interior of screened porches, patios, and similar portions of a Unit visible fro:n outside the structures on the Unit shall be subject to approval. !lo approval shall be required to repaint the exterior of a stncture in accordance with the originally appro,etl eolor sche!ile or to rebuild in accordance with origina!iy approved plans and specifications. !II dwellings and landscaping construeted or placed on any portion of the Properties shall be designed by and built in accordance with the plans and specifications of a licensed architect or licensed building designer. This iirticle shall not apply to the activities of the Declarant, nor to improveilents to the Common Area by, or on behalf of the Association. This Article may not be amended without the Declarant 's written consent so long as the Declarant owns any land subject to this Declaration or subject to annexation to this Declaration. 11.2 Architectural Review. Responsibility for administration of the Design Guidelines, as defined below, and review of all applica~i.uas for constrnctiGn and =odifitatic!:S :rnder this Artide shali be handled by the couittee as describ~d herein. The !le11bers of tlre co.mittee need not be ae11bers of the Association or representatives of !!embers, and may, but nee<l not, include architects, engineers or similar professionals, whose compensation, if any, shali be established from time to time by the Bo;ird. The Board may establish and charge reasonable fees for review of applications hereunder and may require such fees to be paid in full prior to review. 'l'he Design Re1ie11 Comiittee (DllC) shall consist of at least t&ree, but not more than five persoas. So long as Deelarant, any affiliate of the Declarant, or any Builder Ol!DS any Unit primarily for development and/or saie, the lleciarant retains the right to appoint all members of the DRC, who shall serve at the discretion of the Deelarant. There shall be no surrenrler of this right prior to that time, except in a written instru!!leot in recordable forn executed by Declarant. Upon surrender of such right, the Board of Directors maJ appoint the members of the DRC, who shall serve and may he remored at the discretion of the Board of Directors. The DRC shall have cxciusive jurisdiction over all original. construction on or any modifications, additions, or alterations i!ade to auJ Unit~ u!fned by l)edarant, any affiliates of Decla.rant, any Builder, or Units owned by Retail O!fners.

!i.3 Guidelines and Procedures. The Declarant shall prepare the initial design and development guidelines and application and review procedures ("Design Gu:de!ines") which shall apply to all construction acti1ities within tlie Properties. The Desiga Guidelines may contain general provisions applicable to all of the Properties, as well as specific provisions which vary from one portion of the Properties to another depending upon the location, unique characteristics, and intended use.

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0735 ihe DRC shall adopt such Design Guirleiines at its initial organizational meeting and thereafter shall have sole and full authority to amend them. An, amend!!!ents to the Design Guidelines shail apply to construction and modifications coli!ilenced after the date of such amendlliPnt only and shall not apply to require modifications to or rel!loval of structures previously apJiroved once the approHd construction or modification has commenced. ihe DRC shall 2ake the Design Guidelines available to Owners and Buiiders who seek to engage in development or construction within the Properties and all such Persons shall condu.:c their activities in accordance wit!i such Design Guidelines. At the Declarant's discretion, such Design Guidelines ..ay be recorded in tl,e Office of the County Clerk, in which event the recorded version, as it may unilatera!Iy be amended from tiae to time, shall control in the nent or any dispute as to Nhich version of the Design Guidelines ;;as ia effect at any particular time. 11.4 Submission of Pl.ns and Specifications.

{a) llo construction or improvements shall be col!lllenced, erected, placed or llaintained on any Unit, nor shall any exterior addition, change or alteration be made thereto, until the plans and specifications ("Plans") sboKing site layoi;t, structurai design, exterior elevations, exterior materiais and colors, signs, landscaping, drainage, lighting, irrigation, utility facilities layout, and screening therefor shall ha1e been submitted to and approred in 11riting by the DRC. 'fhe Design Guideiines shaii set forth the protedure for sabo1ission of the Plans.

(b) In reviewing each submission, the DRC may consider visual and environmental impact, ecological compatibility, naturai platforms and finish grade eievation, harmony of external design with surrounding structures and environment, and location in relation to surrounding structures and plant life. The colll!!ittee may require relocation of native plants within the construction site or th€ installation of an irrigation syste;i for the landscaping, including the natural plant life on the Unit, as condition of appro1al of any submission.

ThP DRC shall, within 45 days ~fter receipt of each submjssic>n of the Plans, advise the partJ submitting the same in writing at an ~ddress specified by such party at the tiEe or submission of ( i) the approval of Plans, or (ii) th:e segments or features of the Plans which are deeiled by such co111ittee to be inconsistent or not in conforility with the Declaration and/or the Design Guidelines, the reason for such finding and suggestions for the curing of such objections. In the event th:e committee fails to advise the submitting party by written notice ,;ithin the time set forth above, of either the approval or disapproval of the Plans, approval shall Ile deemed to have been given. !fotice shall be deemed to have been given at the time the envelope containing such notice, properly addressed, and postage prepaid, is deposited with the U.S. Postal Service, registered or certified mail, retnrn receipt requested. Personal deli,ery of such written notice shall, howerer, be sufficient and shall be dee1ed to have been giren at the time of delivery.

(c} If construction does not conence on a project for which Plans have been approved within 12 months of such approval, such approral shall be dee11ed Kithdra1m and it shail be necessary to resubmit the Plans to the DRC for reconsideration. 11.5 llo Waiver of Future !11provals. Rach Ol!ller acknowledges that the members of the DRC will change from time to time and that interpretatio11, application and enforcement of the Design Guidelines may rary accordingl 1 . Approval of proposals, plans and specifications, or drawings for any 11ork done or proposed, or in connection with any other matter requiring approval, shall not be deemed to constitute a 11airer of tile right to withhold appronl as to any similar proposals, plans and specifications, drawings, or other natters subsequently or additionally submitted for approval.

l!.6 fari2!!ce. !he ~RG !!~! a11th(lri1P uriances from com!_l!iance 11ith anr of its guidelines and procedures irhen circ1111stauces such as topography, natural obstructions, hardship, or aesthetic or environmental considerations require, but only in accordance with dcly adopted rules and regulations. Such rariances nay only be granted, howerer, when unique circumstances dictate and no rariaoce shall (a) be effective unless in ,riting; (b} be contrary to this Declaration; or (c) estop the DRC froc1 denying a variance in other circu:11stances. For purposes of this Section, the inability to obtain approval of any go1ernmeotal agency, the issuance of anJ peniit, the cost of eo11pliance, or the terms of any financing shall llot he considered a hardship warranting a variance,

11. 7 Limitation of Liability. Review and approval of any applic.:ition pursuant to tnis Article is Eade on the basis of aesthetic considerations only and the DRC shall not bear any responsibili!y for ensuring the structural integrity or soundness of approved •Merru•>;nn nr o,nA;f;.,~;""", or.r for Pn<nrin~ rQmplian~~ with bailding codes and other gorernmentai requirements. Neither the

292 • n 7 3 6 :t;:!~;-ou~ 1 ~;.;ui:ia~ivu 1 ~val~, iiUj Li,iiiri:~ct: 1 Vi Sl~al~ti vf au1 v: t.:1c fvn:5v;u5 ~;ta~l lit' lirlti J.;c1Vlt: !tH ,my 1nJU!'J, Udatagt-~, or loss arising out of the manner er quality of approved construction on, or modifications to, any Unit.

ll.8 Enforcement. Any structure or improvement placed or made in violation of this Article shall be deemed to be nonccnforRling. Upon W"rit~~~ rf?q:!i:!;t from th~ Board or th€ D€e!arant: ft"!=!n~rs shalt: at th~it mrn i.:ost a::d e!pense, re:?nYr- ~!!~h !:r;!r~ftH"fl" nr i1#;?t"!}T!f~~nt and restore the land to substantially the same condition as existed prior to the nonconforming work. Should an Owner fail to remove and restore as required, the Board or its iiesignees shalt hare the right to enter the property, remove the violation, aod restore the property to substantiaily the same condition as previously existed. All costs, together with t!ie intm,st at the maximum rate then allowed by law, may be assessed against the benefited Unit and collected as a Specific Assessment unless otherwise prohibited 10 this Deciaration. Iny contrar.tor, subcontractor, ager.t, employee, er other invitee of an Owner who fails to comply with the terms and provisions or crris Arcicie and tile l)esign \iuiae1ines may be exciuded by the Board trom the Properties, subject to the notice and hearing prDcedures containd in the By-Laws. In such event, neither the Association, its officers, or directors shall be held liable to any Person for exercising the rights granted by this paragraph. In addition to the foregoing, the Association shall have the authority and standing to pursue aii legal and equitable remedies

i1.9 Building Site. The DRC may establish building areas for each Unit. If so established, construction of a resid~nee shall be restricted to said area, unless the DRC, upon good cause sholin by the Unit Owner, shdl select another suitable building area upon a Unit. Constructing on sueh alternate site shall not interfere i.ith th€ view of any adjacent Unit nor shall it eniroach upon any established Unit setback re4uim1ent.

Article XII USE GiHDELiliES AliD RES'.i'RICTiONS

12.1 Plan of ~evelopment; Applicability; Effect. Declarant has created ASPEN LAKi!S as a residential and recreational development and, in furtherance of i.ts and erery other Oirn.;r's ioterests, has established a general plan of development for ASPEN LAKES as a master planned comruni ty. Tl!e l'roperti es are subject to land developlllent, architectural, and Design Guidelines as set forth in Article XI. The Properties are subject to guidelines and restrictions gorerning land use, individual conduct, and uses of or actions upon the properties as provided in this !rtide XII. This Declaration and resolutions of the Board may estahlish affirmative and negati1e covenants, easements, and restrictions ("Use Guidelines and Restrictions"). All provisions of this Declaration and of any Association rules shall also apply to all occupants, tenants, guests, and invitees of any Unit. An1 lease on any Unit shall proride that the iessee and all occupants of the leased Unit shall be boGnd by the terms of th.is Declaration, the By-Laws, and the rules of the Association.

Oeclarant promulgates ASPH!f LAKES' general pian of development in order to prot€ct all Owners' quality of life anrl collective interests, the aesthetics and environment within the Properties, and the vitality of and sense of col!lllunity within ASPEB LAKES all subject to the Board's al!d the !!emilers' aoi!ity to respond to changes in circumstances, conditions, needs, and desires 11itbin the master planned eolll311lnity.

])eclarant bas prepared initial Use Guidelines and Restrictions lfhich contain general provisions applicable to all of the Properties, as lfeli as spHiric provisions 11hieh may vary !!itbin the Properties depending upon the loc~~ioo, characteristics, and intended nse. Such initia: Use Guidelines and Restrictions are set forth in Section 12.6. Based upon these Use Guidelines and Restrictions, tbe Board shall adept the initial rules at its initial organizational meeting.

12.2 Board Power. Subject to the terms of this Article XU and to its duty of care and undivided loyalty to the Association and its !lel!bers, the Board shall iaple11ent and l!laoage the Use Guidelines and Restrictions through rules which adopt, modify, cancel, limit, create exceptions to, or expand the Use Guidelines and Restrictions. Prior to any such action, the Board shall conspicuously pubiis.i! notite of the proposal at least five business dars prior to the Board 11eeting at 11hieh such action is to be considered. Owners

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0737 snall !lave a reasonable opportunity to be l!eard at a Board l!leeting prior to action being taken. The Roard shall send a copy of any proposed new ruie or a1Jenrl11ent to each Owner at least 30 days prior tc its effective date. ':'he rule shall become effectire unless disapproved at a meeting by Voting Members representing at least 66 2.3% of the totai Class ftArt ittt~ o.ml hj Lhe ,eclararrt ;v long as the Drtlaraut owes pro!Jtrty subject lo this DeeJaration, or ·thich may hecome subje::'t to the Declaration. The Board shall have all po11ers necessary an-i proper, subject to its exercise of sound b~siness judgment and reasonallleness, to effect the powers contained in this Section 12.2. The Board shall provide, without cost, a copy of the Use Guidelines and Restrictions ~nd rules then in effect to any requesting Ne1iber or !!ortgagee.

12.3 !!embers' Power. 'l'he Voting !!embers, at a meeting duly called for such purpose as provided in Section 2.4 of the By-Laws, maJ adopt, repeal, modifJ, fo1it, and expand use Guidelines and Restrictions and il!lple:nenting rules b1 a Yote of 66 2/1% of the total Class "A• votes and the approvai of the Declarant so long as the Declarant owns property subject to this Declaration or which may become subject to tile Declaration, 12.4 Owners' AcknowledgIDent. All C;;ners are subject to the Use Guidelines and Restrictions and are given notice that (a) their ability to use their pri,ately owned property is limited thereby, and (b) the Board :nay add, delete, modify, create exceptions to, or amend the Use Guidelines and Restrictions in accorrlance wita Sections 12.2, 12.3, and 17.2. Each Oimer by acceptance of a deed ad-.no11iedges and agrees that t!i.e use and enjoJl!ent and marketabilitJ of his or her propertJ can be aifeeted by this provision and that the Use Guidelines and Restrictions and rules may change from time to time. 12.5 Rights of O!!ners. Except as !lay he specifically set forth in Section t2.6, the Board may not adopt any rule in violation of the following provisions:

(a) Equal Treatment. Similarly situated Owners and occupants shall be treated similarly. (b) Household Comoosi.tion. lfo rule shall interfere with the freedom of occapants of Units to determine the composition of their households, except that the Association shall nave the power to require that all occupants be menbers of a single housekeeping unit and to li11it the total nn111ber of occupants pet'llitted in each Unit on the basis of the size and facilities of the Unit and its fair share use of the Comion Area, including parkicg.

{e) Activities iithin Unit. No rule shall interfere with the activities carried on within the confines of Units, except that the Association :aay pro!iibit activities not normally associated with property restricted to residential use, anrl it i!lBJ restrict or prohibit any activi.ties that create monetary costs for the Association or other Oimers, that create a danger to the health or safetJ of occupants of other Units, that generate enessive noise or traffic, that create unsightiy conditions visible outside the Unit, that block the views from other Units, or that create an unreasonable source of annoyance. (d) Pets. Ho rule prohibiting the keeping of ordinary household pets shall be adopted over the objection of any affected Owner expressed in writing to the Association. The Association may adopt reasonable regulations designed to minimize daJJage and disturbance to other Owners and occupants, including regulation requiring daii!age deposits, waste remoral, leash controls, noise controls, occupancy limits based on size and facilities of the !lnit, and fair sh.,r~ us~ Qf the G9!!!'{1~ Area, liothi!!g l!! this ;,~~isi~!l shail prerent the Association from requiring re11oral of any animal that represents an actual theat to the health or safety of r~sidents ilF frol! requiring abatement of any nuisanc€ or unreasonable source of annoyance. (e) Allocation of llurde3s and Benefits. The ioitial allocation of financial burdens and rights to use Gom11on Areas among the various Units shal1 not be changed to the detriment of any Owner over that Owner's objection expressed in writing to the Association. Nothing in this provision shaU preYent the Association frolli changing the Co1!lilOD Areas arailable, fro11 adopting generally applicable rules for use of Collii!on Areas, or from denying use privileges to those who abuse the Conon Area, violate rules of this Declaration, or fail to pay asses~ments. 'i'b.is provision does net affect the right to increase the amount of assessilents as

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(£) Ri•hts to Develop. No rule or actions by the Association or Board shall unreasonably impede Declannt 's right to de,elop Hi accordance with the Master Plan. 12.6 Initial Ose Guidelines and Restrictions. (a) General. The Properties shall be used only for residential, recreational, and related purposes (which may include, liithout limitaticn, offices for any property aranager retained by the Association or business offices for the Deelarant or the Association consistent 11ith this Declaration and any Supplemental Declaration). (b) Restricted Activities, The fol1011ing activities are prohibited Hithio the Properties unless expressly authorized by, and then sulJJect to such comiitions a; ,;.,1 1, i:._;;Jc:c:! b7, B~~rd:

(i) posting of signs of any kind except those required by la1, including posters, circulars and biliboards, provided that the Deelarant shali be entitled to post signs consistent with the development concept; (i.i) p~,E~g of r,:,~.,;,rcial 1ehicles, recreational vehicles, Mhile homes, boats or other l!atercraft, or other oversized vehicles, stored vehides or inoperable vehicles in places other than enclosed garages; {iii) subdivision of a Unit into t110 or more Units after a subdivision plan including such Unit has been ap?rored and filed with the appropriate gorernmental authority, or changing the boundary lines of any Unit, except that the Declarant shatl ile pmiitted to subdi1ide or change the boundary lines of Units which owns;

(i,) active use of lakes, ponds, streams, or other bodies of Kater withiu the Properties or within any Golf Course, ~xcept tliat the owner of the Golf Cours~ and its agents: successors and assigns, shall have the exclusive right and easement to retrie1e golf balls from hodies of water within the Common Areas which are within range of golf bails hit fro:: the Golf Course. 'l'he Association shall not be responsible for any !vss, damage, or inj,.;ry t(i any person or property arising out of the authorized or unauthorized use of lakes, ponds, stream; or other bodies of lfater 11ith~n or adjacent to the Properties;

{v) operation of a fraetion-sharing program exceeding five Owners whereby the right to exelusi ve use of the Unit rotates among participants in the program on a fixed or floating tiie schedule over a period of years, except that Declarant and its assigns iilay operate such a program with respect to Units ;ihich it owns; (vi) occupancy of a Unit by 1iore than a single fanily. For purposes of this restriction, a single family shall De rlefi~ed as any u~her vf p2rso~s relat€d by ~1ood, adoption, or marriage li?ing with not more that one person who is not so related as a single household Ufiit, or no more than three persons irho an, not so related living together as a single household unit; (vii) capturing, trapping or kilE~g wildlife llithin the properties, e1cept in circ®stances posing an i;iminent threat to the safety of persons using the Properties, and raising, breeding or keeping animals, livestock, or poultry of a!ly kind, except that a reasonable ;iu.:ber of dogs, cats, or other ns11al and comion household pets llay be permitted in a Unit. However, those pets which are permitted to roam free, or, in the sole discretion of tile Board, make objectionable noise, endanger the health or safety of, or constitute a nuisance or inconvenience to the occupants of other Units shall be rellOVed upon request of the Board. 1£ the pet 011ner fails to honor such re~uest, the Board may remove the pet; (,iii) activities which materially disturb or destroy tile vegetation, wildlife, or air quality within the properties, or lfhidi use e!cessive amounts of ;iater, or which result in unreasonable ievels of sound or light pollution; (ix) any construction, erection, er placement of ornamentation or other objects or equipment, permanently or temporarily, Oii the outside portions of the Unit, whether such portion is improved or uni11proved;

(Ii the discharge of firearas within the Properties is prohibited. '!'he term "firearms' includes B-B guns,

peLec guns, bows and arro11s, and other firearllls of a]l types, regardless of size. ~oti'!ithstandi!ig anyt:iing to tte cont:-a:y contained herein, or in the By-Laws, the Association sha:l not he obligated to take action to enforce this provision; and {xi) Any businesst trade, garagf sa:e, moving sa1e. rummage sale~ or si~i!ar activity! except that an Owner or occupant res1aing en a Unit may conduct business activities within the Unit so long as {a) the existence or operation of the t.usiness ac:ivity is not apparent or detectable hy sight, sound, or smell from outside the Unit; (b) the husi~ess ac~ivity conforms to all zoning requirements for the Properties; (c) the business activity does not involve regular visitation of the Gait by clients, :;ustoaers, suppliers, or other business invitees Dr door-to-door solicitation of residents of ~he Properties; and (d) the business actirity is consistent with the residential character of the Properties and does not constitute a nuisance, or a hazardous or offensive ~se, or threaten the security or safety of otller residents of :he Properties, as may je determined in the sole discretion of the &oarci.

This sabsect.ion shall not apply to any activity conducted by the Declarant or a Builder approved by the Declarant with respect to its tlerelopment and saie of the Properties or its ',;se oi any Units which it owns within the Properties, incluriing the operation of a timeshare or similar progra&. The leasing of a Unit shall not be considered a bnslness or rrad£ wirhi11 th~ rru~a~i1ie of thiF ~ub~~~tio!!. "Leasing", £tJ~ p!!!p:Jses of this Declaration, is defined as regular, eiclusire occupancy of a Unit 01 any person other than the Owner, for 11hich the Owner recei1es any consideration or benefit, including but not limited to a fee, ser¥icet gratuity, or emolument. Un.its may be ~eased oniy in their entirety. /lo fraction or portion iay be leased. No structure on Unit other than the primary residential dwelling shall he leased or otheriise occupied for resideatial purposes, There shall he no subleasing of llni ts or assignment of leases unless prior written approral is obtained from the Board. All leases shall be in writing.

!lo transient tenants may he accomiodated in a Unit and all leases shail be for an initial term of no less than 30 days, e?cept: (a) with the prior li,itten consent of the Board, or (b) as initially authorized by Declarant in Exhibit 'A" or a Supplemental Declaration for Units located iithin certain areas. The Owners may not amend this provision to prohibit leasing of Units within certain areas at:thorizetl by Dedaraut for rental to transient tenant~ and for a tern less than 30 days until: (a) 75% of the Units ;;itain a particular area are 011ned lly Retail Oi!ners, and (h) with approval of 75% of the Class "A" !!embers, other than the Declarant, 11ithin t!iat particular area. Notice of any lease, together ifith su~h additional inforillation as !lay be required by the Board, shall be given to the Board hy the Unit C1mer within ten (10} days of execlition of the lease. The Ol!ner 1mst make available to tbe leasee copies of the Declaration, By-I,ai,s, and the rules and regulations. 'l'he Board :nay adopt reasonable rules regulating leasing and subleasing. (c) Prohibited Conditions, '!he follolfing shall be prohibi.tec 11it!!in the Properties:

{i} exterior a11tennas, aer1a1s, satellite dishes, or other appc.ratus for the transmission or reeeption of tele,ision, radio, satellite, or other signals of any kind unless completely contained within the dwelling on the Unit so as not to be visible from outside the dwelling or otherwise approved pursuant to Article XI; provided the Declarant and the Association snali hare the right, without obligation, to erect or install and Mintain such apparatus for the benefit of all or a portion of the P:-operties; {ii) sprinklH or irrigation systeras or wells of any type which draw upon iater from creeks, streaJJs, pollrls, or other ground or surface waters lfithin the Properties; except that Peclarant, the Association wl the Golf Course shall hare tile :i&bt tc 1.-vL.t. . . t aut! rl:Y~J.i. Stv.u, n-di.c;:. .t~b.~ff ;.;.v:n oL,:;;teo a.:.;d: vt~c.t hcu.rl .,UL~Q.l.,'C;)' fi..·J. ~!J.~5~t~u1: c.lltl l/l.~t:L _puq,u~c,:>;

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hedges, !!alls, riog runs, ani:a.,l pens, or fences of any kind on anJ Unit except as approved in

aieordance with Article XI;

(iv) open garage doors. Garage doors shall remain closed at .. 11 times eicept ;ihen entering and exiting CLJ.J.

the garage; and

(v) ercessive exterior lig~tiag on any Vnit. ':'he Board sh.all in its sole discretion determine whether any

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e!ter:or lighting 1s excessi,e. Exterior lighting sl!all he screened as set forth in th£ Design Gui.rleliues.

Ar~icle XIII EASEMEll'IS ~3.i Easements of Bncroadrnent. There shall be reciprocal appurtenant easements of encroachment, and for .maintenance and use cf any permitted encroachment, between each unit and any adjacent Coiiil!on Area and het11~en adjacent Units dl!e to the unintentional ~lacerent or settling or shifting of the improvement constructed, reconstr~cted, or altered thereon (in accordance with the terms of :hese restrictions) to a distance of not more than three feet, as measured from any point on the coiil:non boundary along a line perpendicular to si;ch boundary. However, in no event shall an easement for encroachment exist if such encroachment occurred due to l'fii.i.ful anu kuv?i~i:!S l.VI:~~i::~ VZ: ~~;: r:~~ :!" 1:~~!! ~~~:'f!~dg~ Prtn.:i:in: of ~n Own~r o::euoant. or the Associatior:.

13.2 Easements for Utilities, Rte. There are hereby reserved unto Declarant, so long as the Declarant 01rns any property <lescribetl on &!hioits "A' or "B" of this Declaration, the Association, aod the designees of each {wnich !lay include, without limi.tction! resehut~s ~ou!lty, Oregon and any uti~ity) access and maintenance easeme~ts 1!.pon, across, over, and under all of the P~vp~r:ies tc the e!t~!!t !"f=sr.n;bl; ni:-cessary for the purpose of replacing, repairing, and maintaining cable television systems, nas:er tele,i sio11 2ntem:a syste!ls, security aad siBilar systems, roads, wallli,ays, bicycle patlrways, trails, ponds, wetlands, irrigation systems, drainage systems, street lights, signage, and all utilities, including, but not limited toJ water, sewers, meter boxes, telephone, gas and electricity 1 and for the purpose of installing any of the foregoing on property ~hich it owns or 1ithia ea&eflents designated for such purposes on recorded plats of the Properties. ihis easement shall not entitle the holders to construct or install a;iy of tlH, foregoing systens, facilities, or utilities over, under or through any existing dwelling on a Unit, and any dallage to a Unit resulting from the exercise of tnis easement shall pronptlJ be repaired by, anrl at the upense of, the person exercising the easement. The nercise of this easement shall not unreasonably interfere with the use of any Onit and, except in an emerger:cy, entry onto anJ Unit shall be made onlJ after reasonable notice to the Owner or occupant. 1

Declarant specifical1t grants to th~ lvta.l water supplier, electric eo!pany, tfl~phone company 1 cable iV companyi and natural gas supplier easeinents across the Properties for ingress, egress, installation, reading, replacing, repairing, and maintaining utilit1 ;aeters and boxes. Howe.er, the exercise of this ease!!ent shall not extend to pemitting entry into the dwelling on any unit, nor shall any utilities De installeri or relocated orr the Properties, except as approved bJ the Declarant.

i3.3 Easements to Serve Additional Pronerty. The Dedarant hereby reserves for itself and its duly authorized agents, representati res, e;nployees, successors, assigns, licensees, anrl mortgagees, an easement oret the Common Area for the purposes of enjoY)leat, use, access, anJ development to the property described in E:d1ibit "B", whether or not such property is 'llade subject to ~hs ll~d;;ration. '!his ease!!le!!t in~l'ld~,;, but is not limited to, a right of ingress and egress over the Coiililon Area for construction of roads and for connecting and installing utilities on such property. Declarant agrees that it and its successors or assigns shall be responsible for any daaage caused to the Couon Area as a result of vehicular traffic connected 11ith de,flop;ient of such property. ,eclarant fother agrees that if the easeeent is exercised for permanent access to such property and such property or any portion ther;;of is n~t 11ade subject to this Declaration, the Declarant, its successors or assigns shall enter into a reasonable agreemeut with the Association to share the cost of naintenance of any access roadway serving such property.

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13.4 Easements for Golf Course.

(a) Every Unit and the Comion Area are burdened ;iith an easement permitting golf balls unintentionally to come upon such Coimon Area and linits anc; for goifers at rtasouah1€ ti~~ and in a reasonable manner to coll!€ upon the Common Area or the ezterior portions of a unit to re~rieve errant golf balls; provided, l!owe,er, if any Ilnit is fenced or walled, the golfer shall seek tlie Oi!!!er' s per;iissiNl before entry. 'l'he existence of this easei!eDt shall not reline golfers of liability for damage caused by errant golf l>alis. Under no circUJ1stances shall any cf the follo;iing Persons be held liable for any da11age or injury resulting from errant golf halls or the e:rercise of this easement: the Declarant; the Association or its Meiilbers (in their capacity as such); KMB Enterprises, its successors, successors-in-title to the Golf Course, or assigns; any successor Declarant; any Builder or contractor (in their capacities as such;; any officer, director or partner of any of the foregoing, or any officer or director of anJ partner, (b) '.:he Owner of the Golf Course, its respective agents, successors and assigns, shall at all ti!iles have • right and

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non-ezdusive easement of access and use over those portions of the Colll!lon Areas reasonably necessary, with or without the use of vebirles ;md equipment, for the operation, :naintenance, repair anc replacement of the Golf Course.

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r!::, The P:~pertl~s i!!erl!ately arlja!:ent to th£! ~olf Go:_;rs1: i;rEl hPrPhy hnrdPn~d ~ith a non-exclusive easement in favor o: the Gol: Course for overspray of 11ater fro:n any irrigation system serving the Golf Course, Under no circumstances shall the Association or the Owners of the Golf Course be held liable for any damage or injtry resulting from such overspray or ~he exercise or ~his ease;;ienc. (d) 'i'he Owner of the Golf Coarse, its respective agents, successors and assigns, shall have a perpetual, exclusive easement of acc~ss orer the properties for the purpose of retrieYing golf balls from bodies of water within the Common Areas lying reasonably ~ithin range of golf bails hit Erom the Golf Course. {e) The Ol!ner of the Golf Course, its respective agents, successors and assigns, as 11eil as its guests, inritees, e;iployees, and authorized users of the Golf Course, shall at all times have a right and non-exclusive ease11ent of access and use over all roadllays and golf cart paths, if any, tocated or to be located 11ithin the Properties at reasonable times before, during and after golf tournaJ!i!nts and other similar functions heid at the Golf Course.

(f) The Owner of the Golf Course, its respective agents, successors and assigns, shall have a perpetual non-exclusive easenent, to the extent reasonably necessary, over the Properties, for the installation, operation, IDaintenan~e, repair, replacement, nonitori.ng and controlli!ig of irrigation systems and equipment, induding without iimitation l!ells, pumps anrl pipelin.,s, sening all or portions of the Golf Course.

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{g) 'l'b.e Olfller of the Golf Course, its respective agents, successors and assigns, shall ilave a perpetual, non-exclusive easemeEt to the extent reasoliably necessary, orer the Properties for the installation, maintenance, repair, replacement and monitoring of utility lines, 11ires, drainage pipelines and pipelines, serving all er portions of the Golf Course. (h) The Properties are hereby burdened 11ith easeJ1ents in faror of the Golf Coarse for natural drainage of storm water runoff froi! the Go If Co1.trse.

{i) The properties are hereby burdened witil easements in favor of the Goif Course for golf cart paths serving the Golf Course. under no circumstances shall the Association or the Olfners of the Golf Course be held liallle for any dai!lage or injury resulting from the exercise cf this east:ment4

(j) The Owner of the Gulf Course, its respective agents, successors and assigns, as well as its guests, invitees, ~mployees, and authorized users of the Golf Course, shall at all tiies hare a right aed nvu-esclusi;e ease:~ut to ~CtQSS a~d usf! o,~r t!ie golf cart paths located iii.th.in the Properties. 13.5 Easement for Cross-Drainage. Every Unit and the Comion Area shall be burdened 11ith easements for natural drainage of stor:n water n;noff fro!! other portions of the Properties, proridea no person shall alter the natural drainage on any Unit so as to materially increase the drainage of sto!'ll water onto adjacent portions of the Properties without the consent of the Owner uf the affected propert;.

13.6 Right of Entry. The Association shall have the right, but not the obligation, to enter upon any Unit for emergency, security, and safety reasons, to perform maintenance pnrsuant to Article 'f hereof, and to inspect for the purpose of ensuring compliance with this Declaration, any SuppleJ1ental Declaration, By-Laws, and rules, which right may be exenised by any iiemher of the Board, t!ie Association, officers, agents, e:aployees, and managers, and all policemen, firemen, ambulance personnel, and similar emergency personnel in the performance of their duties. Except in an el!ergeney situation, entry shall only be during reasonable hours and after notice to the Olfner. This right of entry shall include the right of the Association to enter upon any llnit to cure any conditions v'nich may increase the possibility of a fire or other hazard in the event an Ir.mer fails or refuses to cure the condition 11ithin a reasonable ti11e after requested by the Hoard, but snall not authorize entry into any single fa111i.ly detacb.etl d11eiling llithout permission of the Ol!ller, E.icept by e11ergency personnel acting in their official capacities. 13.7 Maintenance. Soae lots in this development are located adjacent to the Golf Course located 11ithin the Properties. 011ners

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292 shall recognize that the proper maintenance of the Golf Course requires the use of mechanized equipment such as tractors, lalfll mmiers, fertilizer andior pesticide applicators, antl sprinkler systems, etc., Some of this equipment must be operated iu the ecrly :11ornirrg hours or late in the evening when the Golf Course is not in use. By acquiring a Unit which is located near the Golf Course, each such Person ~onsents to the 1!S€ of such equipl!lent in a manner 1thicb. is customary in the operation ot Golf Courses ii1 tile General Oregon area. Proper golf course 11:aintenance requires adequate pest managenent. The golf course operator shail he allowed to take any actions necessarJ to control pests on the Golf Course or adjacent Properties without any interference.

!IOR'IGAGE mmroMS The following provisions are for the benefit of holders, insurers and guarantors of first Mortgages on Units in the Properties, The provisions to this Article appiy to both this Deciaration and to the By-Laws, not11ithstanding any other provisions contained

14.1 Notices of Action . •\n institutional holder, insnrer, or guarantor of a first Mortgage i;ho provides written request to the Association {such request to state the nase and address of such holder, insurer, or guarantor aod the street address of the Unit to which its ?Jortgage relates, thereby becoming an "Eligible Holder"), will be entitled to timely written notice of: {a) any condellllation loss or any casuaitJ loss 1rhieh affects a material portion of the Properties or 11hich affects any Onit on !ihich there is a first !!ortgage held, insured, or gnaranteed by such Eligible Holder;

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(b) any delinquency in the paJment of assem1ents or charges 011ed by a Unit subject to the !lortgage of such Eligible ffolder 1 wfiere snc!l delinquenr;y ha.s toutiuue& for a perivd vf 5C ~&ys, c: :my cthe: Y!~latio!! ~f tb~ D~r1~!'atio~ or Ry-I.a.vs rP.Iating to such Unit or the Owner or occupant which is not cured 11ithin 60 days. !lotllithstanding this prorision, any holder of a first Mortgage is entitled to written notice upon reque;t fron the Association of any default in the performance by an Olfner of a Unit of any obligation under the Declaration or BrLns 11hich is not cured 11ithin 60 da1s; (e) any lapse, cancellation, or i!laterial modification of any insurance policy maintained by the Association; or (d) any proposed actio~ 11hich ilould require the consent of a specified percentage of Eligible Holders.

14.2 Speeiai Fl!IJ!C Provision. So iong as required by the Federal Ho11e Lean l!ortgage Corporation, the following provisions appiy in addition to and not in lieu of the foregoing. Unless at least 66 2/3% of the first !lortgagees or !!eJCbers representing at least 66 2/3% of the total Association entitled to vote, consent, the Association shall not: (a) by act or 01ission seek to abandon, partition, suhdiride, encumber, sell, or transfer all or an1 portion of the real property comprising the CoJmon Area which the Association olfl!s, directly or indirectly (the granting of easements for public utilities or other si:nilar purposes consistent 11ith the intended use of the Common Area shall not be deemed a transfer 11ithin the ileaning of this subsection); {b) change the method of detentining Lile utligatiuu5, a5;c5s;eutDr d~~o, or cth~r ~hi:ge~ ~hieh !?J ht: l13!ied ag~i11~t an G1f1H~r of a Unit;

(c) by act or 01iiss.ion change, l!aive, or abandon any sche1e of regulation or enforcement pertaining to architectural design, e1terior appearance or maintenance of Units and ~he Comion Area {the issuance an<l amendment of architectural standards, procedures, ruies and regnlations, or use restrictions shail not constitute a change, waiver, or abandonme!lt l!ithin the meaning of this pro1ision); (d) fail to aaiat«in insurauce, as required by this ])eclaratioa; or

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(e) use hazard insurance proceeds from any Comion Area losses for purposes other tnan the repair, replacellent, or

;;;.!.;)~ ;Vl. 1..5a5cb m111, JVllll.~J Vi bJ.UQ.tJ, pa.:; Ldit'S r,r UUltr c~argl'.:s '11.1: LU uerai.Hi:. .1.U~ !'!~: . . mn; Vl ~C\,,Ulllt:' a \,,~(Ht51; against the Comion Area and may pay orerdue premiums on casualty insurance policies or secure new casualty insurance co1erage upon the lapse of an Association policy, and first Mortgagees making such payment shall be entitled to immediate reimbursement from the Association. ~O::ft=

14.3 Other Provision for First Lien Holders. To the extent possible under Oregon Law:

•·I·' .. {a) any restoration or repair of the Properties after a partial condelllnation or damage due to an insurable hazard shall be perfo!'iled substantially in accordance Ni th this Declaration and the original plans and specification unless approval is obtained from tb.e 8ligible Holders of the first i'!ortgages on Units to i!hieh at least 51% of the rotes of Units subject to Mortgages i:.eld by snch Biigible Holders are allocated.

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{b} any election to terminate the Assaciation after substantial destruction or a substantial taking in condemnation shall require the appro1al of the Eligible Holders of first !lortgages on Units to which at imt SU of the rotes of Units subject

to Mortgages held by such llligible Holders are allocated.

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t4.4 .!11entl2ents to Documents. '!he folloNing prorisions do not apply to amendments to the constituent docunents or termination of the Association nade as a result of destrnction, danage, or conde11Dation pursuant to Section i4.3(a) and (b), or to the addition of land in accordance lfith Article rx.

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(a} !he consent of Voting !!embers representing at least 66 2/3% of the Class "A• votes and of t!ie Declarant, so long as it ol!ns anJ land subject to this Declaration, and the approval of the eligible holders of first Mortgages on Units to 11hich at least 66 2/3% of the votes of llnits subject to a !lortgage appertain. shali be required to terminate the Association.

•

(b) The consent of Voting Members representing at least 66 2/3% of the Class "A" Yotes and of the Declarant, so iong as it ol!lls any land subject to this Declaration, and the approval of Eligible Holders of first Mortgages on Units to which at least 51% of the rotes of Units subject to a ~ortgage appertain, shal.l he required to materially amend any prorisions of the Declaration, By-Laws, or Articles of Incorporation, or to add any material provisions thereto which establish, provide for, govern, or regulate any of the following:

(i) (ii)

voting; assessments, assessment liens, or subordination of such liens; ( iii) resenes for maintenance, repair, and replacellent of the Conon Area; (iv) insurance or fideiity bonds; (r) rights to use the Couon Area; ( vi) responsibility for maintenance and repair of the Properties; (vii) expansion or contraction of the Properties or the addition, annexation, or 11ithdra1al of Properties to or from the Association; {,iii} boundaries of any !/nit; (iz) leasing of !!nits; {r} iMposition of any right of first refusal or similar restriction of the right of any Owner to sell, transfer, or othenrise conrey his or her Unit; (xi) estab1isl!llent of se!f-·management by the .Association where professional management has been required by an Kligihie Holder; or (xii} any provisions included in the Declaration, By-Lalfs, or Articles of Incorporation which are for the express benefit of holders, guarantors, or insurers of first Mortgages on Uni.ts.

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14.5 !lo Priority. No provision of this Declaration or the By-Laws gives or shall be construed as giving any Owner or other party priority onr any rights of the first Mortgagee of any Unit in the ease of distribution to such Cwner of insurance proceeds or condeimation awards for losses to, or a taking of, the Comion Area.

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14.6 Notice to Association. upon request, each Ollller shall be obligated to furnish to the Association the na11e and address of the holder of any Piortgage encuti.>ering such Ol!ner's tinit. l'!,i Al:!endmeni: Df Board. Shouid the Federal iiational iiortgage Association or ~he teGera1 Jicme Loan iiortgage Corporation subsequently delete any of its respective requirements 11hich necessitate the provisions of this Article or make any such requirements less stringent, the Board, without approval of the Otlllers, 11ay record an amendment to this Article to reflect such changes.

i4.8 Apolicability of Articie XIV. Nothing contained in this Article shall be construed to reduce the percentage ,ote that must other11ise be obtained under the Declaration, By-Lalfs, or Oregon law for any of the acts set out in this Article. 14.9 Failure of !lorteaeee _to_R~D~Q_!!_G_,_ Anr Mortgagee who reeei1es a written r~'il!est fro!! th• ij"~'~ tn r••!'~~4 tn, or r,')n~~~t to, any action shall be deemed to ha,e approved sueh action if the Association does not receive a 11ritten response froll the Mortgagee within thirty {30) days of the date of t::.e Association request, pro,ided such request is de!i,ered to the Mortgagee by certified or registered Eail, return receipt requested,

Article XV ilECL.lli.111 'S RIGHTS 15.1 Transfer. Any or all of the special rights and obligations ~f the l.leclarant set forth in this Declaration or the By-Laws ma1 be transferred to other Persons, pro,ided that the transfer shall not reduce an obligation nor enlarge a right beyond that

contained in this Declaration or the By-Laws. llo such transfer shall be effective uniess it is in a written instrllllent signed by the Deelarant and dul1 recorded in tl!e Office of the County Clerk. l!othing in this Declaration shall be construed to require Declarant or any successor to develop any of the property set forth in Exhibit "B" in any manner whatsoever. So long as construction and initial sales of Units shall continue, the Declarant aod Builders authorized OJ Declarant say maintain and carry on upon portions of the ColilJlOD Area such facilities and activities as, in the sole opinion of the Declarant, may he reasonablJ required, couenient, or incidental to the construction or sale of such Units, including but not li11ited to busin~i;s offices, signs, llOdel units, and sales offices. The Declarant's or Builder's unilateral right to use the Common Area for the purposes stated in this paragraph shall not be exclosi,e and shall not unreasonably interfere lfith use of such Cou.on Areas bJ Owners uuiess leased pursuant to a lease agreement with the Association providing for pa111ent of reasonable rent.

No Person shall record any declaration of co,enants, :ond it ions and restrictions, or declaration of condo11iniu11 or si1ilar instrllllent affetting any portion of tize Properties without Declarant 's review and written consent. Any atte11pted recordation without such consent shall result in such instrunent being roid and of ~o force and effect unless subsequently approred by recorded consent signed by the Declarant. 'l'he Declarant, i!! its sole discretion, nay convert all or part of the Properties in Exhibits "A" and/or 'B" to a "mini destination resort" or "destination resort" ("Resort") as those te111S are now or hereafter defined in the Deschutes Coant1 Zoning Ordinance or any other applicable ordinance. If additional or substitute restrictions are appropriate or required under the Resort designation, the Declarant shall hare sole discretion in making those cb.anges, By purchasing a Unit in ASPEil LAIES each Ol!ner expressly consents to snch conversion to Resort status and to snch additional or substitute restrictions and no further consent shall be required fro11 any Ol!ner. Howe,er, these additional or snbstitute restrictions shall not applJ to those !/nits in Section 1, Township 15 South, Range IO Kast; of the iilla11ette J!eridi~n 7 ':!t~pt ~s !:!.! b~ n!1~~~S~!J t~ ~stah!!sh !eighh~rhz~tl~ 2.~ :!~~c:-ibed i~ Seetic: 1.23 cf thi~ !leclaration. This Artide ;aay not be amended witliout the written consent of the Declarant. l'he rights contained in this Article shall terEinate upon the earlier of (a) 40 years after the conre7ance of a Unit to a Retail Owner, or (b) upon recording by Oeclarant of a i,ritten statement that all sales activity has ceased. Thereafter, the Declarant or Builders 11ay continue to use the Coilllon Areas for purposes stated in this Section only pursuant to a rental or lease agreement between the Declarant or sue~ Builder and the !ssoeiation which provides for rental paYJlents based on the fair market rental 1alue of any such portion ~f the Co111on Areas.

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15.2 Ownershin and Operation of Golf Course. All Fcersons, including all Owners, are hereby advised that no representations or rarraocies nave been or are lll!de bJ the Declarant or any other Person with regard to the continuing existence, ownership or operation of the Golf Course, if any, and no purported representation or 11arraoty in such regard, either written or oral, shall ever ile effect ire Kithout an a11eniilllent to this Declaration executed or joined into by the Oeclarant. Further, tile o,mership aod/or operation of the Golf Course, if any, l!lay change at any time and froll time to time by virtue of, but 11ithout !imitation, (a) the sale to, or assumption of operations of tne Golf Course b1 an independent entit1 or entities; (b) the creation or conversion of the Ol!llership and/or operating structure of the Golf Course to an "equity° club or similar arrangement whereby the Golf Course or the rights to operate it are transfem!d to an entity which is owned or controlled by its memllers; or (c) the transfer of 011nership or control of the Golf Course to one or more affiliates, shareholders, employees, or independent eontractors of the Declarant. lio consent of the Association or aay Ol!ner shall be required to effectuate such transfer or conversion.

15.3 Right to Use. Neither llellhership in the Association nor Ownership or occupancy of a Unit shall confer any ownership intere~t in or right to use the Golf Course. Rights to use the Golf Course wii.l be granted only to such persons, and on such terms and conditions, as may be determined from tine to time by the 011ner of the Golf Gourse. The owner of the Golf Course shall have the right fro11 time to tille in its sole anrl absolute discretion and 1fithout notice, to allend or 1!aive the ter1s and conditions of use of the Golf Course, including without limitation eligibility for and duration of use rights, categories cf us;, an~ ~!t~~t 11f •m pri1ileges, and nullber of users, and shall atso hare the right to resene use rights and to terlllinate use rights altogether, subject to the prorisions of any outstanding membership docUJ1ents, 15.4 fie1f l!either the Declarant, the Association nor the oner or operator of the Golf Course guarantees or represents that aay vier over and across the Golf Course fro11 adjacent Units will be preserved without illpairment. The 011ner of the Golf Course, if an1, shalt hue no obligation to prune or thin trees or other landscapiag, and shall hare the right, in its sole and absolnte discretion, to add trees and other landscaping to the Goif Course from til!e to ti1e. In addition, the 011ne:r of the Golf Course ataJ, in its sole and absolute discreti!m, change the location, configuration, size and eleration of t~e tees, bunkers, fairways and greeni; on tb.e Golf Course froll ti1e to time. Any sucb. additions or changes to the Golf Course mar diminish or obstruct any view

Declarant may ch~se to, but is not required to, construct a Club House facility to service the Golf Course. 'fo enable that facility to enjoy a rielf of tke Cascade Mountain llange, it car be necessarJ to reaore or prune certain trees and Yegetation on Co'l!llon Area, Units nllllbered 1 through 3, 19 through 23, and 35 through 43 on plat no. 90-727 "Golf Course Estates At Aspen Lakes" Descl!.ntes Coant1, Oregon. Builders or Owners of said lets herebJ agree to the remo,al of or pruning of suck trees and Yegetation on said lots as aay be necessary for operator of said Golf Course to obtafo and preserve views of the Cascade Range fro11 Club House facility.

15.5 Li11itatioos on bendments. In recognition of the fact that the prorisions of this Article are for the benefit of the Olfner of the Golf Course, no amendment to this Article, and no aendment in derogation of any rights reserved or granted to the o1!ller of the Golf Course b1 other pro,isions of this l)eclar.,tion, llliJ be ude without the written approral of the o1fner of the Golf Course. The foregoing shall not apply, holfe,er, to a11end11ents JJade by the lleelarant. 15.6 Jurisdiction and Cooperation. It is the Declarant's intentiol! that the Association and the o1!oer of the Golf Course shall cooperate to the aariilllll e1tent po.sibie in the operation of the Properties and the Golf Course. Each shall reasonably assist tile other ia upholding the CoJllllnitriide Standard. The Association shall hare no po1!er to promulgate rules and regulations affecting activities on or use of the Golf Course.

Article XVI DISPIJ'I& RESOLUTIOli AND r.I!II'iATIOK OH LI'HGATIO!I 1&.1 Agreement to Aroid Costs of Litigation and to Limit light to Litigate Disputes. The Association, ileclarant, Oiners, all Persons subject to this Declaration, and any Person oot otllerwise subject to this Declaration lfho agrees to sub1it to this Article (collectively, "Bound Parties"). agree to encourage the a11icable resolution of disputes invohing the Properties, and to avoid the e.ational and financial costs of litigation if 1t all possible. Accordingl1 ,each Bound Part1 corenants and agrees that all claims, ~riPv~nr.pi;: 9r 4.!~p!!t~f b~t!!~~!! S:.!!!h B~!!.~d Party a:d :!:j ct!ler !fo:ud P;rt; iuTolYiii& the ~ruperti~~, intiud.ing without 1.i1.1itation

0746 claims. £riennr.es nr d;•r 11 t•~ ~~!~!:'.~ :f ;;~ ~;;! .. ~l;, 6 tu <nt ~nierprerarion, app.iication or enforcenent of th.is Declaration, the Ry-Laws, the Association rules, or the Articles of Incorporation {collectively "Claim"), except for those claims authorized in Section i6.2, shall be subject to the procedures set forth in Section 16.3.

(a) any suit by the Association against any Bound Party to enforce the provisions of Article X;

(b) anJ suit bJ the Association to obtain a tenporary restraining order {or equiraient emergenc7 equitable relief) and such other anciilary relief as the court may deem necessary in order to maintain the status quo and preserve the Association's ability to enforce the pro,isions of Article Xi and Article XH; and {;;) au1 ,u.it between mers (other than Declarant) seeking redress on the basis of a Claim which Kould constitute a course of action under the la11 of the State of Oregon in the absence of a Clai11 based on the Declaration, By-ias, Articles or rules of the issociation, if the a11onnt in controversy exceeds $5,000.00.

Any Round Party hariag ac Exempt Clain may sub11it it to the aiternatire dispute resolution procedures set forth in Section i6.3, hut there shall be no onlii:~ti~!! t~ ~c sc.

16.3 Mandatory Procedures For !11 Other Claims. Any l!onnd Party having a Claim ("Claimant") against any other Bound Party ("Respondent"), other than a Claim e:mipted frol! this provision OJ Section 16.2, shall Dot file suit in any court or initiate any proceeding before any administrative tribunal seeking redress or resolution of such Claim until it has complied with the follolfing procedures; (a)

Rotiee.

The Claimant shall notify each Respondent in writing of the Claim ("Notice"), stating plainly and

concisely:

(i) the nature of the Clai1., including date, time, fo.:ation, persons inYolved, ~P~pqntl€nt~ 's ~<lle i: tl:.2 Ciai1 and the prorisions of this Dedaration, the By-1,a;rs, the rules, the Articles of Incorporation or other authority out of which the Claim arises; {ii) the basis of the Claim {i.e., the provisions of the Declaration, By-Las, rules or Articles triggered by th.e Claim); {iii) what Claimant irants Respondent to do or not do to resolve the Clain; and

(iv} that Claimant wishes to resolve the Claia by mutual agreement 11ith Respondent, and is willing to meet in person with Respondent at a 11utual1y agreeable time and place to discuss in good faith ways to resolve the Clai1 .

(b) llegotiation.

(i) Each Claimant and Respondent {"Parties") shall 11ake every reasonable effort to 11eet in person and confer for the purpose of resohing the Glai11 by good faith negotiation. (ii) Upon receiyt of a written request from any Party, acc011panied by a copy of the llotice, the Board 11ay apt!Oint a representati,e to assist the Parties io r.sohing the dispute b1 negotiation, if in its discretion it believes its efforts will be beneficial to the Parties and to the welfare of the commnity. {c} !iediation.

(i} If the Parties do not resolve the Glai11 through negotiation within 30 days of the date of the Notice (:ir 1ithi!l sach other period as 1ay be agreed upon b1 the Parties) {"Teraination of Hegotiations"), Claimant shall ita,e 30 additional days 11ithin which to subnit the Claill to mediation under the auspices of the lfeighbor!iood ~ediation ~ater in Portlaod,Oregon, or such other independent agency providing similar senices upon which the parties -.ay 11ntually agree. (ii) If Claimant does not snb11it the Claim to mediation within 30 days after 'lerninatioa of liegotiations, Claimant shall be deemed to have waived the Clain, and Respondent shall be released and discharged fro11 any

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.. 0747 and all liability to Clan1ant on account oi sucir (;.iai11; pru,i&.~, .~,:;: ..6 ~;,~;:i~ .~:!l ::le:!~e 1i.,hore• Respondent fro11 any liability to Persons not a Party to the foregoing proceedings. (iii) If the Parties do not settle the Clai; within 30 days after suhl!lission of the matter to the mediation process, the 11ediator shall, llithin file dars of the ter11ination of the 2ediation proceedings, provide the 1 Parties witli a written uuu-biu~itg itto~er:dati~n fnr r~r:~hiti~n ef t~e C!ai~ ("~ediator s Reconendationa). (d) Pinal and Binding Arbitration.

(i) If tb.e Parties do not agree in writing to accept the Mediator's Reconendation within 10 days after receipt of notice thereof, the Ciaimant shall b.are 30 additional days to sub11it the Clai1 to arbitration in accordance with the Rules of Arbitration contained in l!xhibit "D" or the Claim shall he deemed abandoned, ::~!! q~srond~n• ~h~ll b~ r~leased and dischari;ed from any and all liability to Claimant arising out of such Claim; pro,ided ncthing herein shall release or discharge Respondent fro11 any iiability to l'ersons not a Party to the foregoing proceedings. (ii) This subsection (d) is an agree11ent of the Bound Parties to arbitrate all Clai11s except BxeJ1pt Claims and is specifically enforceable under the applicable arbitration lav of the State of Oregon. The arbitration award (the "!ward") shall be final and binding, and judgment may be entered upon it in any court of competent jurisdiction to tile fuiiest extent per11itted uader the la;;. of the Stat~ ::f Crege:. i6.4 Allocation of Costs of Resolving ClaiJ1s.

{a) Bach Party shall bear all of its own costs incurred prior to and during the proceedings described in Section 16.3 (a), (b), and ( c). inciuding the fees of its attorney or other representatiYe. Kach Party shall share equally all charges rendered liy the aediator(s) pnrsnant to Section 16.3(c). (b) Each Party shall bear all of its Oifll costs (including the fees of its attorney or other representatin) inenrred aft~i.' tlie t~r.i;;.;;tiuil of ::trli:ticn uru!e!' ~~ttfon !6,3(~) and shall share equalb in the costs of conducting the arbitration proceeding (colleetiiely, uPost Mediation Costs"), except as otherwise pro,ided in this subsection; provided, however, if the Claim is rejected in 11hole or in part, the Clainant shail pay all Post Mediation costs, including the costs incurred by the Respondent.

16.5 &nforcsent of iesolution. If the Parties agree to resolve any Claili through negotiation or i!ediation in accordance llith Section 16.3 and any Party thereafter fails to abide br the terns of such agreement, or if the Parties agree to accept the Allard following arbitration and any Party thereafter fails to comply •ith such Avard, then any other party 11ay file suit or initiate adllinistratire proceedings to enforce such agree11ent of Allard withont the need to again comply with the procedures sH forth in Seetit>n H ,3, fo such event, the Party taking action to enforce the agreement or !nrd shall be entitled to recover froll the nonco1plying Party (or if than one non-coaplying Part1, fro;: all such Parties pro rata) all costs incurred in enforcing such agree11ent or !ward, including llithont lillitation attorney fees and court costs.

Article XnI Gl!B!!ll!L Pll.OYISIOIIS 17.1 Term. This Declaration shall rnn •itb. and bind the Properties, and shall inure to the benefit of, and shall be enforceable by the Association or any Oirner, their respective legal representatives, heirs, successors, and assigns, for a ten of 40 years froll cile tlate i:iiis uecla,.itivii is .:e,v~d. ifte:- ~u~h ti~, thi~ ll,,daration shall b~ autoutically utended for snceessin periods of 10 years, unless an instrument in writing, signed by a of the the Owners, has been recorded within the year preceding each exte~sion, agreeing to 11!end, in ,hole or in part, or teraioate this Declaration, in which case this Declaration shall be allended or temnated as specified tl!erein.

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292 ii.2 amenriment.

(a) By Dedarant. {!} rri.vr t;; the eOliveyance of the first Unit to a ltetai I Owner, Dedarant 1ay uni laterally amend this Declaration. After the eon,eyane~ of an1 Unit, the Declarant 1a1 unilaterally allend this Declaration if such a11end11ent is; {i) necessary to bring any provision into co11pliance with any applicable governllental statute, rule, regulation, or judicial deterEination; (ii) necessary to enable any reputable title insurance co&pany to issue title insurance coverage on the llnits; p;n !'el[?!!:"::! :r .,;; i;;.~1 ...i.luui11 ur g(mrllllenrai iender, purchaser, insurer or guarantor of Mortgage loans, including for the federal National Mortgage Association or Federal Holle Loan llortgage Corporation, to enable it to make, purchase, insure or guarantee Mortgage loan& on the !inits; or (iv} otherwise necessary to satisfy the requirements of any goverullental agency for approval of this !Jeelaration, This Declaration may be al!ended in accordan~~ 11ith s~~ti~n 17.2(h).

{2} Declarant may at any tiae amend this Declaration lfithout consent of Owners, Board, or !ssociatio1t in connection with any eonrersion of the property to a Oestination Resort as allowed in Section 15 .1 herei!l. (b) .By Owners. Unless the Declarant has the right to amend this Declaration in accordance 1rith Section 17 ,2(a), this ~claration tay be aaended only b1 the affo:aatire rote or written consent, or an1 coabioation thereof, of Voting lle11bers representing 75% of eaelt claES of !!embers. After conversion of the Class "B" 11e1bership to Class "!" 11e:z;bership, the Declaration 11ay be amended by the rote or •ritten consent of the Yoting melhers representing at ieast (a) 75% of tb.e l!ellbers; and (b) 75% of the other than the Declarant. fo addition, the approval requirements set forth in Article XJV hereof shall be 11et if applicable. liotvithstanding the abore, the percentage of rotes necessary to azend a specific clause shall not be iess than the prescribed percentage of affirutire votes reqnired for action to be taken under that clanse.

(c} Validity and Effective Date of hendaents. !Jienlbients to this Declaration shall becae effective upon their being recorded in the Office of the County Clerk unless a later effectire date is specified therein. Any procedural challenge to an amendJlent 1111st be ude 1ithin one year of its recording or such a1endllent shall be presU11ed to have been nlidly adopted. In no erent snail a change of conditions or circUJ1stances op~rl!t~ to ?!!e!ld aii; prcri::i~n. ;;f thfa Declaration.

If an Owner consents to any aendlent to this Declaration or the By-La11s, it •ill be condusiveiy presn11ed that such Orner has the anthorit1 to so consent, and no contrary prorision in any !!ortgage or contract between the O•ner and a third part1 will affect the validity of such aeruiRnt. lfo a11endaent 1ay reJote, or lllldify any r.ight or privilege of the J)eclarant without the lfritten consent of the Declarant Gr the assignee of such right or pririlege.

17.3 Severahility. Invalidation of any pro,ision of th.is Declaration, in whole or in part, or any application of a provision of this Deeiaration by jm!~!!t !:!!" ee::~t crder ;;hall in iiu rra1 affect ociler pro,isions or applications.

17 .4 Pe!"petuities. If an1 of the covenants, conditions, restrictions, or other provisions of the Declaration shall be unlawful, roid, or ,oidaille for ,ioiation of tb.e role against perpetuities, th.en sueh prorisions sh.al! continue ooly until t11enty-one years after the death of the last sunivor of the now living descendants of Elizabeth II, Queen of :England. 17 .S Litigatiou. /io judicial or ad1inistrati,e proceeding shall. be coueneed or prosecuted by the Association unless appro,ed by Voting Ke1bers representing at least a uajority of a quol'U!I of the Class "!" Me1bers. This Secti:::: shall not apply, however, to (a) actions brought by the Association to enforce the pro,isions of this Oeelaration (iocluding, lfithont li.11itation, the foreclosure

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of liens); (b) the impositions and eoilection of assessments as provided in Article X; (c) proceedings invoiving challenges to _gg_ valore11 taxation; or {d) counterclaims brought by the Association in proceedings instituted against it. This Section shall not be ll~lf~s ~11eh a?!l!mi!!ent is apl)!'O?~d l:>y th~ perrn!tage of •ot~s, and pursuant to the salile procedures, necessary to institute proceedings as pro,ided above. 'l'his provision shall appi1 in addition to the pro,isions of Article XVI, if applicable. 17.6 Use of th.e Words "ASPE!l WES". Ho Person shall use the words "ASPl!li WHS" or any derivative, or any other teru which Declarant 1ay select as the name of this derelop11ent or any component thereof, in an1 printed or proiiotional 1aterial llithout the Declarant' s prior written consent. However, Owners may use the words "ASPEJI L!KBS" in printed or promotional 1atter solely to specify that particular property is located within the Properties and the Association shall be entitled to use the l!Ords "ASPBli LAIRS" in its naJ1e. 17.7 Co1pliance. Every Owner a!!d occupant of any Unit shall comply with this l)eclaration, the By-Laws, and the rules of the Association. Failure to co11pl1 shall be grounds for an action to reco,er suss due, for damages or injunctive relief, or for any other re11edy available at law or in equity, by the Association or, in a proper case, by an aggrieved Unit Owner(s). 1

17,8 Atturu~J5 Fe~s. lu th~ cf ~: ::tic: ir.~tit~terl tc eufl)re~ 2.!!! -='f th~ pr'}Ti~i()ns ~ontained in this Declaration, the Articles of Incorporation or the BrLaws, the party prevailing in such action shall be entitled to recover fro11 the other party thereto as part of the judg~nt, reasonable attorneys' fees and costs of such suit. ID the erent the Association is a preniling party in sneh action, the .mount of snch attorneys' fees and costs shall be a Special AssesS11ent with respect to the Unit(s) inolved in the action. 17.9 Rnforn:11ent of Bonded Obligations. In the event improve11ents to the Comion Area have not been completed as nay be required according to approral pro,isions co,edng the Properties by Deschutes Count1 or other go1ern11ent entitJ authorizing the conencement of Unit sales (Coueneenent of Sales} and the Association, as a result of snch lack of co1pletion, is an obligee under a bond or other arrange1ent ("Bond") to secure perforaaoce of the eonit.ent of th.e Deelarant or a Builder to collplete sueh i11proreents, the folioving shall apply:

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(a) The Board shall consider and vote upon the question of action by the Association to enforce the obligations under 1 the Bond 11ith respect to an1 i11Pro,e11ents for which a "lotice of Cowpletion has not been filed within 60 da1s after the eo1pletion date specified for sneh i11prove11ent in the •~lanned Constrnetion Statement" appended to the Bond. If the Association has given an e1tension in writing for t~e eo1pletion of any Conon Area iapro,eaent, the Board shall consider and ,ote on the aforesaid question if a "Notice of Completion• has not been filed within 30 days after the e1piration of snch an extension.

(b) In the erent the Board deter.ines not to ioitiate action to enforce the obligation under the Bond or in the ennt the Board fails to consider and vote upon such question as provided above, the Board shall eall a special 1eeting of the -Owners for the purpose of voting to o,erride such decision or snch failure to act b1 the Board. Such neeting shall be called according to the provisions of the By-Lairs dealing with special 1eetings, but in any e,ent, sneh 1eeting shall be held not less than 35 nor 11ore than 45 dars after receipt b1 the Board of a petition for such neeting, signed b1 Yoting llelbers representing not less than 5% of the !!embers of the Association. (e} ~oting l!e1bers, other than the Declarant, sha11 be entitled tc; vote at such a 1eeting. A vote at such 1eeting of a Jlajority of the roting !!embers, other than neclarant, to take action to enforce the obiigations nnder the Bond shall be deeaed to be the decision of the Association, and the Board shall thereafter implement such decision by initiating and pursuing appropriate aetio& in the nae of th~ Assotiation.

292 "": 0 7 50 Ill WITHl!SS il!KRl!OP, the undersigned Deelarant has executed this Amended Declaration this _k__ day of l/110-r(

0, , 1993.

[l!B Kti1ERPRfSES, an Oregon Partnership 17204 Hwy 126

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STAIR 0¥ ORRGOii, ~ou_9..V of Deschutes, ss: On i 1993, the undersigned, a liotary Pnblic in and for said County and State, personally appeared 1 • "kno11n to se to he a partner of the partnership that executed the within instrument and acknowledged to lie that snch _artnership executed the same.

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SU.TK OF ORCO!I, Conat1 of l)eschntes, ss: On i99?, the undersigned, a l!otary Public in and for said County and State, personally appeared l)\Qu( t l J, kn01!1! to me to be a partner of the partnership that executed the within instruaent and ad:nowledged to me that s;i;:rtnership executed the same.

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STAT! OP ORHGOI, C9u_n;y of Deschutes, ss: On 3 f '6 , 1993, the undersign~d, a Notary Public in and for said County and State, personally appeared ,.b\JQ>:,. L\, <_ kno11n to me to be a partner of the partoershi!) that exer.rit~rl thP within instru!!~!!t ,!!tl acknowledged to me that\Jsuch partnership ezecl!ted the same.

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292 .,., 0751 EXHIBIT "A" Lots One (l) through Porty-three (Bj, rights of wa1 for pri,ate roads designated as Brian Drive, Joseph Court, !lattlie11 Dri,e, and Panela Drive, inclusi?e cf GOLP COllkSR llST!1'1!S Al' ASPEii LAKi!S, Deschutes County, Oregon.

EXHIBIT Ali of the following described property, or any di,ision of, or new mapping thereof: (1} l'racts ! and ii, inclusive of GOLP COUlSJ! BSl'!l'l!S AT !SPJ!Ji L!lllS, Deschutes ConntJ, Oregon; (2) Tracts A and B, inclusire of THE II!! AT ASPl!f !JlKS, Deschutes Connt1, Oregon; (3) tots One (1) through Ten (iO) in Block Sem (7}, Lots One (1) through Smn (7) in Block Bight (8), Lots One (1) through Fourteen {14) in Block lfine {9), inclusire of iIJ.D llORSR lliOOiS, Deschutes County, Oregon; {4) any real property now 0111ed or hereafter acqnired by lleciarant !fithin One (1) zile of the peri•eter boundary of the above described propert1, Such property, if not now owned, ust be acquired lfitl!in Ten {IO) 1ears of the date of recording of these restrictions.

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BY-LAWS

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ASPEN -

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LAKES

ESTATE

OWNERS,,.

INC.

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292

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TABLE

1.1 i.2 1.3

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CONTENTS

Rae .......................................................................................! Prilleipal Office ........................................................................... l Definitions ........ , ....................................................................... 1

Article II. ............................. , ................................... ,. ••••••••••• ,. .••••••••••••••••••• 1 2.1 l!elbership ........................................... , ..................................... 1 2.2 Place of lleetiags .......................................................................... 1 2.3 Annual l!eetings ............................................................................ 1 2.4 Sptcial lleetings ........................................................................... 1 2.S lotiee cf lleetings ......................................................................... 1 2.6 laifer of lotiee ........................................................................... 2 2.7 !djonruent of lleetings .................................................................... 2

2.ii 2. 9 2.10 2.11 2.12 2.13

Proxies .................................................................................... 2 llajority ................................................................................... 2 Quoru ..................................................................................... 2 Colldact of lleetings .... .................................................................... 2 Action lithout a l!eet:llg ............................. ...................................... 2

Article III. ...................................................................................................J 3.1 Governing Body; Co~sition ................................................................ 3 3.2 luber of Dir:ectors ............ ,. ............. ,. ........................................... 3 3.3 Directors ll:iring Class •1• Control Period .................................................. 3 3.4 llaiution of Directors .................................................................... 3 3,5 lleetion 111d Tera of Office ................................................................ 3 3.6 ieaonl of Cirectors ud facaoeies ......................................... ................ 4 3.7 Organintional l!eetings ................................................................... •4 3.8 ieplar lleetiags ........... ................................................................ 4 3.9 Special lleetings ............................................................ ...............4 3.10 fairer of lotice ........................................................................... S 3.1! Qaoru of Joard of Directors ............................................................... 5 3.12 Coapeasatioa .............................................................................. •5 3.13 Conduct of lleetings ........................................................................ S 3.14 Opu lleetings .............................................................................. 5 3.15 Action fithont a Foml !lesti;;g ............................................................ 5 3.16 Powers ..................................................................................... 5 3.17 Duties ..................................................................................... 6 3.18 light of Class •1• llelber to tisappron Actions ............................................ 6 3.19 llaugeHDt ................................................................................. 7 3.20 Accouts and Reports ....................................................................... 7 3.21 l!orrowing .................................................... , ............................. 9 3.22 iights of the Assoeiatioa .................................................................. 9 3.'.B hforceaent ............................................................. , ..................9 3.24 Prohibited Acts ........................................................................... 10 Article Ii .................................................................................................... 11 4.1 Officers .................................................................................. 11

4.2 4.3

foling ..................................................................................... 2

Election and Tera of Office .............................................. , ................ 11 iew>ul and facaaeies ..................................................................... 11

232 4.4 4.5 4.6 4.i

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Powers and Duties., ....................................................................... 11 Resignation ........................... , .•••••••.•....••••..•...•.•....•••••..•..••.••..•.• 11 !gree1ents, Contracts, fleeds, Leases, Cheeks, lite ......................................... 12 toll!ll!nsation ••.•• , .••..• , ••.•••.•••.•••• , •••...••••.••••••.•.....•...••.••..••..• , .•.. , ... 12

Article¥ .................................................................................................... .12

5.1 5.2 5.3

General. ................................................................................... 12 Co,enants Conittee ....................................................................... 12 Transitional Ad,isor7 Couittee ........................................................... 12

c••··'"·········· .............. ,. ............ ,................. ,............ 12 liscal fear ............................................................................... 12 Parliaaentary iules ...................................................................... .12 Conflicts .................................. •....... •· ..................................... 12 Books and !lecords ................... , ................................. •................... 12 (a) Inspection b7 !leabers and !lortgagees ................................................. 12 (b} Rules for Inspection ................................................................. 13 (c) Inspect ion b7 Directors .......................................... • . •••....... • .•.••• .13 llotiees ................................................................................... 13

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,.3 6.4

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Aaendaents .................................................... , ••••••• •... • ••••••• • ••• • •• .13

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OF ASPRN

LAKES

ESTATE

OWNERS,

INC.

ARTICLE I lw. Principal Office. ud Definitiou

1.1 lfaae. The naae of the Association shall he Aspen takes &state Owners, Inc. ('Association"). I~i frineipai Office. Ifie principai oifice oi I.he Associat.ion ;u tilE Staie uf ~1~5vu oha!! bl! i~ ~:tth~tes Ce!!!!:, Oregon. The Association 1a1 hare such other offices, either within or outside the State of Oregon, as the Board aar deter11ine or as the affairs Gf the Association aay require.

1.3 llefinitions. The words used in these .By-laws shall be gi,ell their noml, cononly understood definitions. Capitalited terii ;;l;all • ., tl.~ :;;~ =::::i.:g a!; ~et fort!!. i~ t!!~ J!danti<>~ Qf Co,~nants, Conditions, and lestrictions for Aspen Lakes filed in the Office of the Country Clerk (•Declaration"), unless the conte1t indicates othenrise.

AITICLK II J.ssociation: llelhenhip. lleetim. horn. Jotiu. Proxies 2.1 lleabership. 'lhe Association shall hue tro classes of ae1bership, Class "A" aod Class •e•, as aore full1 set forth in the »eclaratio11, the teras of which pertaining to aeabership are incorporated by reference. 2.2 Place of lleeti11u. Beetiags of tile Association shaii be helu at the priueipil ;;ffiec ;;f tli.~ Ass;;tiatios ~r :t :::eh other suitable place convenient to the lleabers as aay be designated by the Roard either within the Properties or as convenient thereto as possible and practical.

2.3 Annual lleetings. The fint •eeting of the Association, whether a regnlar or speciai 1eeting, shall be held within 45 days after rile corm,ance of 51% of the Ueits in the Properties to Retail Owners, bat not later than si1 aonths after the first con,eyance of Unit to a J.etail Orner after Coueneeaent of Sales. Snbsequent regular annual aeetings shall be set by the Board so as to occur at least 30 dars but not aore than 120 days before the close of the Association' r; fiscal rear on a date and at a tile set bJ the Board. 2.4 Special lleetings. 'fhe President aay call special 1eetings. In addition, it shall be the duty of the President to call a special if sc directed hr resolntiOll of tl!e Board or upon a petitioa signed b1 feting llnbers representing at least 10% of the Belbers of the Association. In accordance rith O.i.S. 94.616, the Association shall call a special 1eeting not later than 120 dars after the Class •g• aeabersbip has for the purpose Gf turning o,er responsibilit1 to the AssociatiOJI. If the Deelarant fails to call the 1eeting, the Te1porary !d,isory Couittee, if any, or any Orner aay cail the 1eeting ia accordance witk O.i.S. 94.609.

2.5 liotiee of lleetings. Written or printed notice stating the place, day, and hour of any eeting of the Voting lie.tiers shall be delirered, either personaHr or b7 to each Jotiog Reiher encitiea to rote at such not leiili tlidii 10 ;;;;;: iw,e ti.a;; 50 days before the date cf such 1eeting, by or at the direction of the .President, or the Secratary, or the officers, or persons calling the 1ee ting. In the case of a special 1eeting or when otherwise required by statute or these lly-LalfS, the purpose or purposes for which the is called slnll be stated in the notice, !o business shall be transacted at a special eetiog ucept as stated in tie notice.

If .ailed, the notice of a

shall bl! dm1ed to be deli,ered when deposited in the United States

addressed to the

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foting !!e!!ber at his or her address as it appears on the records of the Association, 11ith postage prepaid. 2,~ ¥:d?er !!f !fotie2. ~ai~"r of notice of a 1eeting of the Yoting lle1bers shall be deeaed the equiulent of proper notice. Any Voting !!ether aay, in writing, wain notice of any aeetiog of the fleahers, either before or after such 1eetieg. Attendaiitc .. t a 1eeting by a Voting lle1ber shall be deemed waiver by such Voting lle1ber of notice of the tiae, dite, and place thereof, unless such Voting lleaher specifically objects to lack of proper notice at the ti1e the aeeting is called to order. Attendance at a special 11eeting also shall be deeted wai,er of notice of all business transacted unless an objection on the basis of lack. of proper notice is raised he fore tile business is pnt to a ,ote • 2.7 Adiour!llent of !!eetings. If any aeeting of the Association cannot be held beeause a quort111 is not present, a aajority of the Joting Seibers wilo are preseni ai ~uch ie;;tiii& ;;;..; :djo::..: tl:e ~ttfog tt> ti~e ~ot le£s than 5 nor aore than 30 days fro1 the ti1e the original aeeting ns called. !t the reconvened 1eeting, if a quorua is present, any bnsiness 1ay he transacted llhicb 1ight hue been transacted at the aeeting origiaally called. If a ti1e and place of reconrn1ing the 1eeting is not fixed b1 those in attendance at the original 1eeting or if for any reason a new date is fired for recouening the aeeting after adjonrn11ent, notice of the tiae and place for reconrening the aeeting shall be gi,en to Voting !leabers in the aanner prescribed for regular aeetings.

The Voting Kelbers present at a duly cailed or held .eeting at llhich a quort111 is present 1ay continue to do business untii a4journent, notvitbstanding the withdrawal of enough Yoting !leabers to lean less than a quora, pro,ided that foting !le1bers representing at least 25% of the l!eabers of the Association reaain in attendance, and provided that any action taken is approved by at least a aajority of the ,otes required to constitute a quorua • 2.8 Voting. The voting rights of the 8nhers .hall be as set forth in the Declaration, and such ,oting rights prnisions are specificall1 incorporated b1 refereaee. Voting of the Joting lleahers at a 1eetiog aay he by ,oice or ballot, except the election of directors 1bich shall he by secret lfI'itten balfot • 2.9 Pro1ies. toting fteahers uy Tote by proxy. lo pro11 shall b~ nlid tiilless it aeets the requireaent of O.i.S. 94.660 and is signed by the Owner or his or her duly authorized attornerin-faet, dated, and filed 1ith the Secretary of the Association prior to an1 aeeting for which it is to be effecti,e. Ko prox1 shall be nlid after one year its date of execution unless otherKise specified ia the proIJ. 2.10 llajority. As used in these BrI.aws, the tera "aajority• shall aean those votes, 011ners, or other group as the context n1 indicate totaling acre thaa 50% of the total eligible nuaber 11hether represented in person or by pro1y. 2.li YIIOiliii· h;;ept a; .itherwise pro?ided in these By-Las or in the Declaration, the presence of the Voting lfeahers representing a aajority of the total Totes in the Association shall constitute a quorn at all 1eetings of the Association 1eabership, whether personally present or present by proIJ. 2.12 Conduct of !!eetings. The President shall preside onr all aeetings of the Association, and the Secretary shall keep the •inutes of the aeeting and record in a 1itnte boot all resolutions adopted at the aeeting, as well as a reeord of all transactions occurring at the aeeting. 2.13 Action iithout a lfeeting. Any action r~uired or peraitted by lav to be taken at a aeeting of the ae1bership aay be taken without a aeeting, without prior notice and without a ,ote if written consent specifically authorizing the proposed action is signed by Voting llelbers holding at least tile ainilll!a n1111ber of iote;; ;;ecessary tc a:t!:criie S!!el! a~tion 11-t a l!!eting if all Voting lle1bers eatit1ed to Jote thereon were i,resent. Such consents shall be signed 11ithin 60 da7s after receipt of the earliest dated consent, dated and delitered t!! t!ie Association at its principal place of business in the State of Oregon. Such consents silall be filed with the 1in11tes of the Association, and shall na,e the sa1e force and effect as a unaniaous Tote of the 'foting !!eahers.

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A!Ulvb.il 111

Board of Directors: luber. Ponrs. !eetings A. Co1position and Selection.

3.1 Governing llcdy: Co1position. 'l'he affairs of the Association shall be governed by a Board, each of whoa shall have one equal rote. Kzcept lfith respect to directors (a) appointed by the Class •e• !letber during the Class 'B' Control Period pursuant to Section 3.3, (b) eleeted by the Class "B" !!mer after the expiration of the Class "B" control Period or (c) elected by the Class "A• votes held by Oeclarant after the eoDJersion of the Class 'R" ae1bership to Class 1 A1 aelhership pursuant to Section 3.3(b) of the l)eclaration, the directors shall be l!etbers or spouses of such l!e11bers; provided, hore,er, no person and his or her spouse aay serve on the Board at the sue ti1e. In the case of a !le1ber whick is not a natural person, any officer, director, partner or trust officer of sneh !!e11ber shall be eligible to sene as a director unless otherwise specified by lll'itten notice to the Association aigned 01 sncii l!eaber. iio !ie1ber 121 hare aore titan one such representati,e on the Board at a tiae, ueept in the case of directors (a) appointed by the Class "B" i!e11ber during the Class •1• Control Period pursuant to Section 3.3, (b) elected by tb.e Class •g• l!e1ber 1 1 after the expiration of the Class 8 Control Period, or (c) elected by the Class "A• ,otes held by Oeclarant after the conrersion 0 of the Class "B• 1e1bership to Class "! 1eBbersh.ip pursuant to Section 3.3(b) of the Declaration.

!.2 !u•her ¢! Bh:~et~~:~ Th~ vuabct vf dii'eetur5 iu tiie Assvciatiun shall he not less than three oor tilan se,en., as pro,ided in Section 3.5. The initial Board shall consist of three directors as identified in the Articles of Incorporation. 3.3 Directors During Class "B" Control Period. Subject to the pro,isions of Section 3.S, the directors shall be appointed b1 the Class •11" Beaber acting in its sole discretion and shall ser,e at the pleasure of the Class •s• l!ellber until the first to occur of the foUoiring: {a) when 75% of the lla:rimia Druts ha,e eertificates of occupancy issued thereon and have been conveyed to Retail Oners; (b) Fifteen Jears froa the anni,ersary date of the conreyance of the first unit to a Retail Owner after the Coaeoee11ent of Saies, e1:espt as provided for in Section 3.3{b)(ii) of the Deciaration or; (c) when, in its discretion, the Class •1• !leaber so deteraines. 3.4 lloai!latiou of Directors. l!Ieept with respect to directors selected by the Class 'B" llemher, or the Declarant, as the case 'the lf01inati11g Coaittee shall consist of a Chairun, who shall be a ae1ber af the Board, and three or ll'Jre Beabers or representatives of lleabers. The lfolinating Couittee shall be appointed by the Board not less than 30 days prior to each annul aeeting of the Yotiog llmers tv serve a tent of one jear or until their sueeessors are appointed, and such appoint»ent shall be annouMed at each such annlllll teeting. 'fie loainatiag Goaittee shail 1aie as an1 noaination.s for election to the 8Gard as it shall in its discretion deter1ine, hut in nent less than the ouaber of ;,ositions to be filled fro.111 each slate as pro,ided in Seetion 3.5. The l101inating Co111ittee shail 1101i11ate directors to be elected bJ the foting lleabers. lfo1ioatio&s shall also hue a reasonable opportunity to counnicate their qnalifa:ations to the Voting l!elhers and to solicit votes. u1 be, pursaant to Section 3.i, no.iaations for election to the Board shall be aade b1 a Mo1inating Conittee.

3.5 Election and Tent of Office. ltotrithstanding any other prorision of these By-Laws {a} ii thin one year after the first Unit is eone1ed to a letail Oner, the President shall eall a special 1eeting to be held at irhich tire ioting llelhers representing the Class 'A" fleabers, other than the Declarant, sh.all elect one of the threl! directors. !he ieaaining tiro directors shall ht appointees of the Class "B" lletber. Tile director elected by the Yoting Beabers shall not be subject to reaoYal by the Class •s• aeaber and shall he elected for a tera of tiro years or until the happening of the erent described in suliseetion {b) llelOi!, whichever is shorter. If such director's teB expires prior to the happening of the event described in subsection {b) belor, a saeeessor shall be elected for a like tera. (b) iithin 30 days after the tiae that ietail Owners own 50% of the llui11n1 Units, or whenever the Class "B" !lenber earlier deteraines, the Board shall. be increaud to file directors. The President shall cal! a special aeeting at 1thich ioting !leahers representing t!!.e Ciass '!" !!ethers, other than the Deelarant, shall be entitled to e!eet two of the fiye directors, who shall serve

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as at-iarge Qirectors. Ille remaining tD.ree <iirectors silaij De appointees of tile ~ia~s ait 1ue Ui1-ector1, tiet:icU U1 ~Ut Voting !!e11.bers shall not be snbject to reaonl by the C!ass •s• lle1ber and shall be elected for a ter1 of two years or until the happening of the event described in subsection (c) below, whichever is shorter. If Sllch directors' tel"JI& erpire prior to the happening of the e,ent described in subsection (c) below, sueeessors shall be elected for a like tera. (c) iithin 120 days after the teniination of the Class "B" Control Period, the Board shall be increased to seven directors. The President shall call a aeetiog at wb.ich all directors shall be elected as follows: Subject to subsection (d) below, the directors shall be elected by Voting representing both Class "A" and Class •s• Members. The of the directors shall be elected for a of two years and the re11aining directors shaH be elected (or appointed as the case aay be p11rsuant to subsection (d) beiow} for a ters of one year, lfith each teni to e1pire at the neit annual aeeting after the two-year or one-year period, as applicable. Snccessor directors shall be elected (or appointed as the case aay be pursnant to subsection (d) !ielo!f) at anouai 1eetings to serve for t;:o-year Tnere shall be no eUB1llative ,oting. The candidates receiving the ,otes shall be elected. Por the first election held pursuant to this subsection, of the elected candidates, those reeeiTing the ,otes shall sene for t110 years. The directors elected by the Voting lle1bers shall hold office until their respective successors have been elected. Directors 1ay be elected to serre any nn1ber of wnsecuti,e tem. (d) After the Class "B" Control Period, the Declarant shall have the right to appoint or elect at least 20% of the Board as long as the Declarant has the po1er to annu propert7 pursuant to Article IX of the Declaration. 3.6 of Directors and Vacancies. !ny director elected by the Voting lle1bers aay be reaoved, with or without cause, by the ,ote of Yoting holding a 1ajorit7 of the ,otes entitled to be cast for the election of such director. Arly director whose is sought shall be gilen 11otice prior to any 1eeting called and noticed for that purpose. Adirector who was elected solely by the ,otes of Joting representing Class "A• Ke1bers (other than the Deelarant), be reao,ed fros Office prior to the e:rpiration of his or her only by the votes of Voting lleabers representing a of the Class "! • (other than the lieelarant). Upon of a director, a successor shall be elected by the fating entitled to elect the director so to fill tile vacancy for the of the tera of such director. Arly director elected b7 the Yoting who has three eonsecnti,e unei:cnsed absences Board or 1ho is than 30 days delinqnent in the of any or other charge due the Association, 1ay be reaoJed by a of the directors present at a regular or special aeetint at which a qoor111 is prese&t, and a successor UJ be appointed b1 the Board to fill the vacancy for the reminder of the tera. In the event of the death, disability, of resignation of a director, the Board declare a vacancy and appoint a successor to fiH the ncancJ until t~e next annuai at 1ilich the foting entitied to fiii such directorship elect a snecessor for the of the

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B. Keetiags 3.7 Organiutional IJeetings, l'he first meeting of the Board following each annual aeeting of the 1e1bership shall be held within 10 da1s thereafter at such ti1e and ?lace as the Board shall fiI. 3.8 l!.egular Keetings. iegular of the Board aay be held at such time and place as a aajority of the dire~tors shall but at least four such shall be held during each fiscal year ,ith at least oee per quarter. llotice of the tiAe and place of the shall be posted in a proainent place within the Properties and coaunicated to directors not less than four da.rs prior te the pro,ided, howenr, notice of a need not be gi,en to any director irho has signed a 11airer of 0-0tice or a written coimrnt to holding of the 1eeting. 3.9 Special Keetings. Special 11eetings of the Board shall be held when called by 11ritten notice signed by the President or by aaJ two directors. 'l'he notice shall specify the and place of the aeeting a11d the nature of any special business to be considered. l'he notice shall be given to each director by: (a) personal delinry; (b} first class aail, postage prepaid; (c) telephone connnieation, either directly to the director or to a person at the director's office or ho1e who 1ould reasonabl1 be -1.

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expected to eomrunicate such notice pro11ptly to the director, or (d) telegra11, charges prepaid. All snch notices shall be given at tbe director's telephone nu1ber or sent to the director's address as shown on the records of the Association, Notices of special 11eetings of the Board shall be posted in a prol!inent place l!ithio the Properties. Botices sent by first class mail shall be deposited into a Unit~d States 1aiibo1 ai least four husiuess da;a *fvr~ th~ ti•~ set f~r ~1:ti::g. M~tie~:. gi?e!! by p~r~~!!il d@li,ery: telephone, or telegraph shall be delivered, telephoned, or given to the telegraph coapany at least 72 hours before the ti11e set for the 1eetiag.

3.10 l!aiver of tiotice. The transactions of any 1eeting of the Board, however called and noticed or wherever held, shall be as ,alid as though taken at a aeeting dub held after regnlar call and notice if (a) a quoru• is present, and (b) either before or after the aeeting each of the directors not present signs a written waiver of notice, a consent to holding the 11eeting, or an approval of th~ •ioctes. The wai,er of notice or consent need not specify the purpose of the meeting. Notice of a 11eeting also shall be deeaed given to any director who attends the aeeting without protesting before or at its couencenent about the lack oi adequate notice.

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3.11 Ouoru11 of Board of Directors. At all 1eetings of the Board, a ujority of the directors shall constitute a quorlllll for the transaction of business, and the ,otes of a aajoritJ of the directors present at a aeetiug at which a quornr. is present shall constitute the decision of the Board, unless otherwise speeificaliy pro,ided in Lhetie ll,-1.:.w;, u:r tlie ~,darati.;;;. /; »~~ti:g it ~!rid, a q11orn is initiall1 present 1a1 continue to traasact business, notwithstanding the withdrawal of directors, if anJ action taken is approved by at least a aajority of the required qnom for that aeeting. If any 1eeting of the Board cannot be held because a qnoru• is not present, a aajoritJ of the directors present at such adjourn the aeeting to a tie not less than fire nor than 30 days the date of the original !t the reconvened 1eeting, if a qnoruJI is present, any business which night hne been transacted at the aeeting originally called be transacted without further notice.

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3.12 Compensation. lio director shall recei,e any co1pensation fro1 the Association for acting as such unless appro,ed by Voting llellbers representing a of the total Class •A• Totes in the Association, other than the Deelarant, at a regular or special of the Association. Ally director aay be reiwbursed for e1penses incurred on behalf of the Association upon approval of a ujoritJ of the other directors. Nothing herein shall prohibit the Association coapensating a director, or anJ e11tit1 with 1hieh a director is affiliated, for senices or supplies furnished to the Association in a capacity other than as a director pursuant to a eoatract or rith the Association, pro,ided that such director's interest was ino1n to the Board prior to entering into such contract and such contract ra& approved by a aajority of the Board, e1eluding the interested director. 3.13 Conduct of !!eetings. The President shall preside o,er all aeetings of the Board, and the SecretarJ shall k;;,:p a ainute book of 1eetings of the Board, recording ail resolutions adopted by the Board and all transactions and proceedings oceurring at such

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3.14 Open Meetings. Snbject to the pro,isions of Section 3.15, all aeetings of the Board shall be open to all Voting Nenbers, hnt a Yoting !ellber other than directors JUJ not participate in an1 discussion or deliberation unless pet'Tlission to speak is requested on his or her behalf by a director. In such case, the President ny li•it the tiae any Voting lleaber aay speak. llot1ithstandiag the abore, the President 11a1 adjourn a111 ueting of the Board and recon,ene ia execntire session, ndndiq Yoting l!eabers, to discnss aatters of a iensitin natare, such as pending or threatened litigation, personnel tatters, etc.

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3.15 Action lithont a Poraal fleeting. A111 action to be taken at a meeting of the directors or aoJ action that be taken at a teeting of the directors aaJ be taken without a if a consent in irriting, setting forth the aetion so taken, shall be sigl!ed b1 a!l ,:,f th11 directors, and suclt co11sent shall hne the sue force and effect as a onanitous ,ote. Written consent or coiweats shall be filed with the 1inutes of the proceedings of the Board. An explanation of the action to be taken or actually taken bJ tl!t Board shall be gi,ea to the of the Association 11ithin three da1s after all 11ritten consents hue been obtained. '!he explanation shall lie giTeu in the sue as provided in the By-Laws for the giving of notice of regular meetings of the Board. Pailure to gi,e notice shall not render the action to be taken or actuallJ taken inralid. C. Powers and Duties 3.16 Powers. Tlle Be:!rd shall have all of the powers and duties necessary for the administration of the Association's affairs 2!!tl for ~tl!l~ing all res!)onsibilities and exercising all rights of tile Association as set forth ia the Declaratioa, these Sy-Las,

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0760 the Articles, and as provided by law. The Board aay do or cause to be done all acts and things as are not by the Declaration, Articles, these By-Laws, or Oregoa law directed to be done and uereised eulusi,ely by the Voticg !leabers or the l!le1bership generally, 3.li !)uties. The duties cf the Board shall inclnde without liaitatim1:

(a) preparation and adoption of annual budgets and establishiog each 0;,mer's share of the Conon Expeoses; (b) le,ying and collectillg assess11ents fro1 the Owners to fund the Coaon Expenses;

(c) proriding for the operation, care, upkeep, and sainteoance of the Area of Gouon Responsibilit1; {~} ~e6i 5u.. i.ing, lli.rilli, aoo the personnel necessary to carry ont the rights and responsibilities of the Association and where appropriate, pro,iding for the eoapensation of such personnel and for the purchase of eqnipnent, supplies, and uterials to be used ~1 such personnel in the perfo!l!ance of their duties; (e) depositing all fonds recei,ed on behalf of the Association in a bank depositor, which it shall approve, and using such funds to operatP. th~ lsJ:nr.i~tinn~ p,.nvldod, a!J !'!Se!'!~ f?!!d ~y he ~e~csit~d, i: the dir~etc:-~' ~;t huGiue;ii j~gieut, iu

depositories other than banks;

(f} ming and a.ending rnles and regulations; {g} opening of banl aecoants on beltalf of the Association and designating the signatories required; (h) ming, or contracting for the of, repairs, additions, and Area in accordance with the Deciaratioa and tllese 1,-!.a,s;

I '

to, or alterations of, the Gouoo

(i) enforcing by legal the pro,isions of the Declaration, these lrLairs, and the rules adopted by it and bri:;gillg an1 proceediags which he instituted on belialf of, or against, the 0!fDers concerning the Association; {j) obtaining and ea.rryillg property and liability insuranc2 and fidelity bonds, as provided in the Declaration, paying tile cost thereof, and fili11g and adjusting daias, as appropriate; (k) payillg the cost of all service rendered to the Association or its l!eabers and not cliargeable directly to specific Oners;

(1) keeping books rith detailed acconnts of the receipts and e1penditures of the Association; aaiing uailable to any prospecti're purchaser of a llnit, any Oner, and the holders, insurer~, and guarantors of any llortgage on any Unit, current copies of the Declaration, the Articles of Incorporation, the By-Lass, rules and all other books, records, aod financial stateents of the Association; (n) pemtting utilitJ suppliers to use portions of the Couon !rea reasonably necessary to the ongoing or operation of the properties;

(oj indeimifying a director, officer or coaittee 1elber, or forer director, officer or conittee of the Associati1;n to the extent such indel!litJ is required b1 Oregon law, the Articles uf Incorporation and the Declaration; and (p)

assisting in the resolution of disputes between owners and others with;)::t litigation, as set forth in the

lledaration.

3.18 Right of Class •n• Be1ber to Disapprove Actions. Until 75% of the units are olll!ed hy Retail Owners, the Declaraot shall hne a right to disappro,e aDJ action, polic1 or of the Association, the Board and an1 coaittee which, in the judpent of the ilecfarant, would tend to impair rights of the liedarant or Builders llllder the Declaration or these By-laws, or interfere with

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development, construction of any portion of the Properties, or di1inish the level of services being provided by the Association.

llo snch action, polie7 or progra1 shall

(b) The Declarant shall be given the opportucit1 at any saeh 1eeting to join in or to have its representati,es or agents Join in discussion tl!e floor of an1 prospeetin action, policy, or program 11h.ich 11011ld be subjeet tu tli;; 1ight of dis;;ppro1al set forth lierein. The Dedarant, its representatiTes or agents shall its concerns, thoughts, and suggestions known to the Board and/or tile of the subject couittee. The Declarant shall han and is hereby granted a right to disapprove any sue& action, polic1, or progra authorized b7 the Association, the Board or any couittee thereof, if Board, conittee, or Association appro,al is necessary for snch action. This right 11ay be nercis~ by the Deelarant, its successors, assigns, representati,es, or agt:ati at GUj' ti~ 1e d:j: f~l!t::i:g th~ :eeti:g ~e!d p!!!'S~!!t t'.:' th~ prQ1'~$io11s hereof This ri!ht to disappro,e may be used to block proposed actions but shall not ertend to the requiring of any action or counteraction on behalf of an1 co.uittee, or the Board or the Association. The Dedarast sball not use its right to disappro,e to reduce the lnel of senices which the Association is obiigated to provide or to prevent capital repairs or any expenditure required to co1ply with applicable laws and regulations.

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until and unless:

(a) The Declarint shall have been given 11ritten notice of all meetings and proposed actions approved at of the Association, tile Board or an1 couittee thereof b7 certified return receipt requested, or b7 personal deli,ery at the address it has registered with the Secretary of the Association, as it 11ay change ti11e to time, which notice complies as to the Board aeetings with Sections J.8, 3.9 and 3.10 ot these B,-Laws and 1hich notice shali, except in the ease of the regular meetings held pursuant to the By-Lairs, set forth in reasonable particularity the agenda to be folloued at said meeting; and

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without the e1press 1ritten consent of the Declarant until 75% of the lla1i11llll

3.19 llanage•ent. The lloard 1ay employ for the Association a professionai 11anage1ent agent or agents at such as the Board aa7 establish, to such dntier; and serrices as tile Board shal.l authorize. The Board delegate such powers as are necessary to ~rfot11 the aanager's assigned duties, but shall not delegate policy ming authority or those duties set forth in Sections 3.17(a) and 3.17{i). The Deelarant, or 31! affiliate of the &eclarant, 1ay be e1plo1ed as aanagin;; agent or unager. The Board aay delegate to one of its the authority to act on behalf of the Board on all aatters relating to the llnties of the aanaging agent or aanager, if an1, which sight arise bet1ee11 aeetings of the Board. The Association sh.all !lot be bound, either directly or indirectly, by any 1anage1ent contract executed during thj! Class •11• Control reriorl unless s11ch contract contains a right of e1ereisable by the Association, with or lfithont cause and without penalty, at any after terunation of the Class "B" Control .Period upon not than 30 days vritten notice.

3.20 Accounts aod ieports. The lo1lo1ing specifically deterunes othenrise:

standards of perforaance shall be followed unless the Board by resolution

(a) accrual accounting, as defined by generally accepted accounting principles, shall be {b) accounting and controls should

to gene,ally accepted aeeonnting principles;

(c) cash accollllts of the Association sha11 not be eouingled lflth any other acecunts; {d) r,;; relllll!eration i;hall be accepted b1 the 11anagiag agent rendors, independent contractors, or others pro,iding goods or senices to the Association, lhether in the of couissions, finder's fees, seniee fees, prizes, gifts, or otherwise; an1thing of 1alue recei,ed shall benefit the Association;

(e) any financial or other interest @l!ich the aanaging agent Association shall be disclosed to the &oard; L

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hne in any fit11 providing goods or services to the

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~!;~ f;!!:::::;; fi::c::~1e~ lleilbers of the Association:

.-~J~t•rl infoniation shall he re~ularly prepared and distributed by the Board to all

{i) The Board shall cause a "Capital Budget" and a "Co11on Bxpense Budget" (collecti,eiy referred to as the "Bgdget") for ~he Association, to be prepared for each fiscal year of the Association, a COPT of 11hich shall be distributed to each lle1ber of the Association not less than 45 nor 1ore than 60 days before the beginning of tile fiscal year tu ,hid; the 5;.d6d relates. A copy of the Budget shall be distributed personally or b7 11ail or other nanner reasonably designed to pro,ide delirery to each of the lle1bers of the Association. The Budget shall include the following

(A) the

rnenue and expenses of the Association on an accrual basis for the

fiscal year; (ii) i.u~ iiiiiuimt .;f t!.E t~t .. l .:as!: resei:Y~f '!! th~ •••or.iation currently available for the or aajor repair of the Area of Conon Responsibility and for contingeneies;

(C) an esti1ate of the current replacement costs of the estiaated reuining useful life of, and the 11ethods of fonding to defray future repair, or additions to, those 11ajor co1ponents of the Area of Conon i~;~;:;ihility; ?~d (D) a general establishlent of reserns to defray the future repair, lesponsibility.

setting forth the procedures 11Sed by the Board in the calculation and or additions to of the Area of Couon

(E) a disclosure that the Declarant or a Builder is contributing •in kind" seniees or parsuant to a tontract with the Association, if any, and that their obligation be reduced or abated by the allOUllt of the agreed nine of such services of and (P)

a disciosure stateE2r.t that a s!lbtidy eo!!.tra~t e!ists between the Declarant and the

Association, if that is the case. The Budget shall hecoae effective nnless disapproved at a eeting of the Voting lleabers representing at least a ujority of the 8abers of the Association. There shall. be no obligation to call a 1eeting for the purpose of considering the Budget except on petition uf the Voting llellbers as provided for special aeetings in Section 2.4 of the By-Laws, which petition mt hf presented to the Bo.rd within 10 days of de!i,ery of the notice of assessaents, In the e1ent the proposed budget is disapprond or the Board fails for any reason to deternne the Budget for any year, then and until such as a Budget shall have been as provided herein, the Budget in effect for the i=:tdiately preceediag reir shall continue for the current year. \\ In lien of distributing the Budget as specified in the abo,e paragraphs of this Section 3.20, the Board elect to distribute a sumiarr of the lludget ("Sllllar1") to all its with a written notice that the Budget is anilable at the business office of the Association or at another suitable location 11ithi!l the bonndaries of the Properties and that copies will be provided upon request at the expense of the Association. if any !!ether requests a cop1 of the Budget, the Association shall proride such copy to the !!ember by first-class United States mail and deli,er such copy within five days of such request. The written notice that is distributed to each of the Members shall be in at least 10 point bold type oc the front page of the Snuary.

In the event the Board elects to distribute the llndget, upon written request for the Association's most recent Budget by any Member, the Assceiation shali, within iu aays oi the mailing uf d;;li,er; of th€ r~q:~i;t, proYi.rle to a!!y !!e~ber of the Association a copy of the llndget. The Association ny charge a fee for this service, which shall not e1ceed the reasonable cost to prepare and reproduce tfl.€ iludget. (ii) l'he Board shal! cause an annual report ("Financial Stateaent") to be prepared in accordance with generally ac~epteii accounting principles to be distributed to each Member of the Association lfithin 120 days after close of the Association's fiscal year. A copy of the Financial Statement shall be distributed personally or by 1ail or other manner reasonably designed to provide deli,ery to each of the of the Association, and Eball consist of:

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292 • 0 763 (A) a balance sheet as of the end of the fiscal year; (B) aa ineo11e and expense statement for the fiscal Jear (This operating Statement shall include a schedule of assessments received and receivables identified by the numbers of the Units and the names of the Owners assessed.); and (C) a statement of cnanges in financial position for the fiscal year. The Financial Stateaent shall be prepared b1 an independent accountant for an1 fiscal year in 11hich the gross income to the

!~=~~:=.::~: ~:zi;;e:: $?5,~~~-~~- !: !:: ~i~itiitiz.l ~t;~~;;:;;~ i; ;c~ r;~t'ur;:d h; ;; iii:~~~~t~~t ;cco~rituu!., i~ ~t;!! ;a ;:cviiy~4ii:~ h1 the certificate of an authorized officer of the Association that the statenents 11ere prepared 11ithout independent audit or re,iew of the books and records of the Association. (iii) The Board shall do the folloi,ing not less frequently than quarterly:

(A) cause a cnrrent reconciliation of the Association's operaticg accounts to be made and rnie11 the same;

{B) cause a current reconciliation of the Association's resene accounts to be made and reriew the sue;

{C) review the current year's actual reserve revenues and expenses compared to the current year's Budget; fl\'\

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Association has its operating and resene accounts;

(E) review an ineome and expense Statement for the Association's operating and reserve accounts; and

(P) review the delinquency report listing all Owners wli.o are delinquent in paying any assessments at the time of the report and describing the status of an1 action to collect such assessments which remain delinquent. (An1 assessment or i.. ttalh>Pnt th~m>f ~b,11! b~ r!rn~idere<! to!!~ deii!!'l1!!'!!t Q!! tl!c> 15th d~y folloi~i!!E the d!!e •fat~ 1_mlt>$; otbm1i~e detm1foed by t!;e Board.)

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(i,} A. statement of the Association's policies and practices in enforcing its remedies against Mellhers for default in the paJ11Ent of assessments, including the recording and foreclosing of liens against Units, to be distributed to !!embers of the Association with.in 60 days before the beginning of each fiscal year. 3.21 Borrowing. '.l'he Association shall hare the power to borro1 :aoney for the purpose of maintenance, repair or restoration of the Area of Coaon iesponsibility without the a!Jpravai of the fating l!eabers. The Board shall also have the power to borrol! 11oney for other purposes; prorided, that the proposed borrowing is for the purpose of 11odif1ing, iaproring or adding amenities to the Area 11 01 vvaon i.e~pono.:.ai11L1~ Suell Uurrowiot tillall De in accorUante wii.h Seciion 3.24{a), Uuting tht: CLibb •» Wuirvi !eriud, uo !fort~age lien sl!all be placed on auJ portion of the Couon Area 11ithout the affiruti,e rote or written consent of foting !le11bers reprem;ting at i£ast a sajorit:r of the lle11bers other than the lleclarant. 3.22 Rights of the Association. The Association shall hne the right to contract 11ith an1 Person for the perfomnee of rarious duties and f!lllctions. This right shall include, lfithout linitation, the right to enter isto eouon management, operational, or other agree111uts with trusts, condo!!ininns, eooperati,es, other 01ners or residents associations, both lfitbin and outside the Properties. Sneh agreeilents shall require the consent of a majority of the total nl!Rber of directors of the Association.

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the power to impose reasonable fines. A fine, other than a penalty for nonpaJJ!ent of assessments, shall not constitute a lien U?On the Unit of the Yiolating 011ner. The Board shall also ha1e the power to suspend an Owner's right to ,ote or any person's right to use the Coaiao11 Area for ,iolation of any duty imposed under the Declaration, these By-Laws, or any rules and regulations duly adopted hereunder; pro,ided, hoie,er, nothing ht:reiu silail authorize Bf;~r<l t;; lisit i!!gr~e; ;~d ~ire~~ tc or fro! a Unit or to suspend an 01f!ler's right to vote due to nonpaJJ!ent of assessments. In addition, the Board may suspend any service provided by the Association to an 011ner or the Owner's Unit if the Owner is more than 30 days delinquent in paying any assessment or other charges owed to the Association. In the e,ent that any occupant, guest or invitee of a Unit ,iolates the Declaration, By-Laws, or a rule and a fine is imposed, the fine shall first be assessed against the occupant; pro,ided, however, if the fine is not paid by the occupant within the time period set by the iloard, the Owoer shail pay the fine upon notice from the Association. The failure of the Board to enforce aay provision of the Declaration, By-Laws, or any rule shall not be deemed a wai,er of the rigllt of the Board to do so thereafter. (a) Notice. Prior to i11position of any sanction hereunder or under the Declaration, the Board or its delegate shail serH the alleged ,iolator with written notice describing (i) the nature of the alleged ,iolation, (ii) the proposed sanction to be imposed, (iii) a period of not less than 15 days within which the alleged violator may present a llritten request for a hearing to the lloard or the Covenants Comiittee, if any, appointed pursuant to Article,; and (i,) a state11eot that the proposed sanction shall be inposed as contained in the notice unless a challenge is begun within 15 days of the notice. If a timely challenge is not 11ade, the sanction stated in tb.e notice shall be i1posed; pro,ided the ~oara or tiie Connauts Couitt;;;; ii4J, t;;t sh.;11 ilvt b~ obli;;atei to, suspend any proposed sanction if the violation is cured within the 15 day period. Such suspension shall not tonstitute a wai,er of the right to sanction future violations of the sane or other pro,isions and rules bJ any Person. (b) Hearing. If a hearing is requested within the ailotted 15 day period, the hearing shall be held before the Co,enants Gonittee, if any, or if none, before the Board in executi,e session. The alleged ,iolator shall be afforded a reasonable opportunity to be heard. Prior to the effeetiYeness of any sanction hereunder, proof of proper notice shall be placed in the minutes of the 111eeting. Sueh proof shall be deemed adequate if a copy of the notice, together llith a statement of the date and manner of delivery, is entered by the officer, director, or agent who delivered such notice. The notice requirement shall be deemed satisfied :.f the ?!leg~~ !i~l,tor a!'pears at the 11eetiGg. The 11inutes of the 11eeting shall contain a written statenent of the results of the h~aring and the sanction, if any, i~osed. {c) Appeal. Following a hearing before the Go,enants C-0111ittee, the ,iolator shall have the right to appeal the decision to the lloard. To perfect this right, a written notice of appeal be receind by the manager, President, or Secretar, of tile Association within 10 days after the hearing date. (d} Additional Enforcement Rights. ilotwithstanding anythiug to the eontrary in this Article, the Board 11ay elect to enforce an pro,ision of the Declaration, these lly-I,a11s, or the rules of the Associatiou by seif-help (specifically including, bat not limited to, the towing of vehicles that are in violation of parking rules and regulations; however, oniy in accordance 11itb. any applicable ordinances of the County of Deschutes, if applicable) or, following co11pli.a!lce irith the procedures set forth in Article XVI of the Deciaration, by suit at law or in equity to enjoin any Yiolation to recoYer monetary damages or both without the necessity of coipiianee 11ith the procedure set forth abore. In any such action, to the aaxinu11 extent pen;issible, the Owner or occupant responsible for the Yiolation of which abate11ent is sought shall pay all costs, including reasonable attorney's fees actnaily incurred. 3.24 Prohibited !et&. The !foard shall not take any of the following actions except 11ith tbe written consent or rote of the Voting Members representing at least a majority of the He11bers other than the Declaraot: (~) ta! i!!e!!r aggr~g;t~ e!p~n,ji tures for capital i11prom1ents to tb.e Area of Couon Responsibility in any fiscal year in eicess of 5% of the budgeted Conon R:i:penses of the Association for that Fiscal year;

ih) to sell during any fiscal year propertJ of the Association haring an aggregate fair market ralue greater than 5% of the budgeted Coeon Expenses of the Association for that fiscal year; (e) to pay compensation to directors or officers of the Association for serrice perfonied in the conduct of tile Association's business; pro,ided, however, the Roard may cause a director or officer to be reimbursed for expenses incurred in carrying on tile business of the Association;

292 (ai to enter into a contract uth a tlurd Person wherein tbe third Person 11111 turn1sh goods or services tor a term longer than one year 11ith the fol1011ing exceptions:

(i) a management contract, the terms of which have been approved by the U. S. Department of Veterans Affairs

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(ii) a contract with a pui>lic utility co11pany, if the rates charged for the materials or services are regulated by the Public Utilities Co1111ission; pro,ided, ho11ner, the terns of the contract 5hall not exceed the shortest term for ~hich a supplier will contract at the regulated rate; (iii} prepaid casualty and/or liability insurance policies not to exceed three year& duration, provided that the policy !)rn1its short rate cancellation by the insured;

(iv) lease agree11ents for laundry room fixtures and equipment of a duration not to exceed five years, pr,)rided that the lessor is not an entity in which Deelarant has a direct or indirect interest of 10% or more; (,} agreements for eahle teievision seniees and equip11ent or satellite teievision services and equipment not to exceed fire years duration, pr,nided that this supplier is not an entity in which Declarant has a direct or indirect interest of i0% or i!ore; {vi) agreements for sale or lease of burglar alani and fire alarm equipment, installation and services thereof, not to exceed fi,-e Jears duration, pro,ided that the supplier is not an entity in which Declarant has a direct or indirect interest of 10% or 10re. {e) no contract with the Association negotiated by lleelarant shall exceed a tern of one year except as may otherwise

oe prorided in paragraph (d) of this Section.

All'ICLK IV Officers 4.i Officers. The officers of the Association shall be a President, Vice President, Secretary, and Treasurer. The President, fice President, Secretary and Treasurer shall be elected fro11 anong the ae11bers of the Board. '!be Board taf appoint such other officers, including one or 110re .Assistant Secretaries and one or 11ore Assistant Treasurers, as it shall deem desirabie, such officers to hare the authorit1 and perfoni the duties prescribed by the Board. Any two or 11ore officu 1ay be held by the same perzon, except the offices of President and Secretary.

4.2 l!lection and Tera of Office. The officers of the Association shall be elected annually by the Board at the first meeting of the lloard follo11ing each annual 1.eeting of the elbership, as set forth in Article III. 4.3 .lteaonl and Vacancies. Any officer aay be reao1ed by the Board whenever in its jndg»ent the best interests of the Association 11il1 be sened therebr. AVacancy in any office arising becaase of death, resignation, rel.Ora!, or otherwise 11a1 be filied by the Board for the unerpired portion of the teI'I!. 4.4 Powers and Dntiei. The officers of the Association shall eaeh ha,e sueh powers and duties as generally pertain to their re;pectire gffo:ei, as nll as such porers and duties as ur specificall1 be conferred or iaposed br the board. The Pmident shall be the chief exeeutin ;,fficfr of the !si;ociation. ?he Treasurer shall ha,e primary responsibility for the preparation of the budget as pro,ided for in the Declaration aad ur delegate all or part of the preparation and notification duties to a finance couittee, anagesut agent, or both. 4.5 lesication. Any officer aay resign at any tiae by gi,ing nitten notice to the Board, the President, or the Secretary. Such resignation shall tale effect on the date of the receipt of such eotice or at aer later ti1e specified therein, and ualess

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othet'lfise specified therein, the acceptance of sllch resignation shall not be necessary to aai.e it effecti,e. 4.6 !!!'..ee~~i- Contracts. Deeds. Leases. Cheei::s... Bt~. Ill agr!>c1>~~ts, eontracts, deeds, leases, ehecks, and other instruments of the Association (other than for the lfithdrawal of resene funds} shall be executed by at least t10 officers or b1 such other person or persons as uy be designated by resolution of the Board. The Board shall require signatures for the withdra11al of reserve funds of either t10 1e11bers of the Board or a of the Board and officer of the Association who is not also a 1e1ber of tl!e Board. For purposes of this section, "resene funds" aeans 110nies the Board has identified in the Budget to defray the future repair or of, or additions to, those aajor itelS •hich the Association is obligated to 1aintaio.

Co1peasation of officers shall be subject to the saae li1itations as co1pensation of directors nnder Section .. ..... .4.7 C-011pensation. ,

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ilTICLl! V Coaitt,u 5.1 Ceneral. The lloard ay appoint such eonittees a& it dee1s appropriate to such tasks and to serve for such periods as the Board designate by resolution, Kach coaittee shall operate in aceordance 1ith the trn1s of such resolution.

5.2 Co,enants Conittee. In addition to any other coaittees which the Board ny estabiish pursuant to Section S.1, the Board Acting in accordance rith the provisions of the Jedaration, these By-LalfS, and resolutions the Board adopt, the Co,enants Gonittee, if established, shall be the bearing tribunal of the Association and shall conduct all hearings held pursuant to Sectioa 3.23 of these By-Laws.

aay appoint a Conaa11ts Couittee consisting of at least three and no 11ere than senn Reiber&,

5.3 Transitional Ad,isory Couittee. In addition to any other eoaittees appointed as provided above, the Board shall establish piirsuant co O.i.~. 5i.ou4, a 'fransitioul Ad,isor1 Conictee when aore i:iiao SO% of i:he iiuiat111 iiniili are orn~ b1 ietail llwiiHS ud Class "!I" has not yet ter1inated.

ARTICLE VI lli1cellaneou 6.1 Fiscal Year. The fiscal year of the Association shall be set by resolution of the Board. In the absence of a resolution,

6.2 Parliae!l.tary illles. heept as uy be IOdified by Board resolution, iobert 's Rules of Order (enrrent edition) shall govern the eo11duct of Association proceedings ,hen not ia conflict 'lith Oregon lus, the Articles of Incorperation, the Declaration, or thl!se l!rtaws.

6.3 Conflicts. If there are conflicts betlfeen the pro,isions of Oregon lar, the Articles of Incorporation, the Declaration, and tl!ese B,-Lan, the prorisio!IS of Oregon law, the Declaration, the Articles of Incorporation, a;d the By-Lan (in that order) shall prevail. li.4 Books and leeord1. {a) ll!S!Jection by l!esbers and Mortgagees. The Board shall me auilable for inspection and copying by any holder, insurer or guarantor of a first llortgage on a Unit, a111 !!elber, or the duly appointed representati Te of an1 of the foregoing at anr reasonable ti1e and for a purpose reasonably related ti; his or her interest in a unit: the Declaration, l!y-La11S, and Articles of Incorporation, aa1 uendaents to the foregoing, the rules of the Association, the register, the aost recent Financial State1ent, the current Budget, books of aceotlllt, aud the of meetings of the the Board, and eonittees. The Board shall pro,ide for sach inspect ioa to take place at the office of the Association or at such other place within the Properties as the Board shall designate.

292 .., 0 76 7

., _·_-_-'·I .·~

{b) Rules for Inspection. The Board shall establish reasonable rules with respect to: {i) notice to be giren to the custodian of the records;

(ii) hours and days of the week when snch an inspection may be nade; and P·

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{iii) payw.ent of the cost of reproducing copies of docn1eatG requested.

(c} Inspection by Directors. Every director shall hau the absolute right at any reasonable ti11e to inspect all books, records, and docu1ents of the Association aod the phrsical properties owned or eontroUed by the Association. The right of inspection by a director includes the right to take a copy of relevant docuents at the expense of the Association. 6.5 lfotices_,_ Unless otherwise pro,ided in these Br!.aws, ..11 notices, deaands, bills, state11ents, or other eo111unications under these Ry-Laws shall be in writing and shall be dee1ed to have been duly given if delivered personally or if sent by United States aail, first class postage prepaid; (a) if to a l!ellher or Voting l!ellher, at the address which the lle1ber or Voting l!e1ber has designated in writing and filed with the Secretarr or, if oo such addreas has been designateti, at the address of the Unit of sneb !le11ber or Voting llesber; or (b) if to the Association, the Board or the aanaging agent, at the principal office of the Association or the aanagiog agent, if anr, or at sach other address as skaH be designated by notice in writing to the !!embers pursuant to this Section.

6.6 .&ilend.ent.

{a) Br lleclarant Prior to the coneyance of the first Unit to a Retail 01111er and prior to Coueneeaent of Sales, the Deelarant uy unilateralir aend these By-Lavs. After the conreJance of anr !Jnit, the Deelarant 1a1 unilaterallr aend these By-I.an at any tiae if such uend.ent is;

(i) ;;ecessary to bring any provision hereof into coapliance with any applicable governlll!ntal statutes, rule or regulation, or jndicial deteraination; (ii) necessary to enable any reputable title insurance coapany to issue title insurance eo,erage on the llnits; (iii) reqnired by an institutional or gonrn11enta1 lender or purchaser of •ortg&ge loans, including, for exaaple, the Federal liational 8ortgage Association or Pederal Loan !ortgage Corporation, to enable such lender or pnrehaser to me or purchase aortgage loans on the Units; or {i,) otherlfise necessary to enable anr go1ern1ental agency or reputable printe iasuranee coapany to insure mortgage loans on the Units; provided, hOllever, any such uendaent shall not adversely affect the ti tie to any Uoit nnless the affected Owner shall consent thereto in writing, {b) By Babers Generally. Brcept as provided above, these By-Laws ny be nended only by the affiraati,e vote or written consent, or any coabinatioo thereof, of foting llelhers representing 51% of each class of !e1bers. After conersion of the Clas, •1• 1ellhership to Class •! • aeabership, these By-Laws 1ay be uended by the ,ote or written consent of the Voting representing at least: (a} 75% of the lleabers; aod (b) 75% of the llellhers other than the Declarant. In addition, the appronl reqnireaents set forth in Article IIV of the Declaration shall be 1et, if applicable. liotwithstanding the abon, the percentage of ,otes neeessary to aaead a specific dause shall not be less than the prescri~d percentage of affi111atire ,otes required for aeticn to b€ taken nnder that clause. (c) Vaiidity and Effective Date of !lenaents. !mel!daents to these BrI.avs shall !ieeoae effecthe upon recordation in the Office of The Countr Clerk unless a later effecti1e date is specified therein. Aor procedural challenge to an a1end1ent 1ast be aade within six aonths of its reeordation or such aaend.ent shall be pres;aed tG have been validly adopted. In no event shall a change of conditions or circlltitaneu operate to atend asr prorisions of these B,-tavs •

&ILLal 0768 If an Owner consents to any mnd1ent to the Declaration or these By-Laws, it will be eonclusifely tl!at such Ol!ller has the Authorit1 so to eonsent a11d no cootrar1 pro,ision in any !fortgage or contract between the Owner and a tilird part1 rill affect the validity of such aendment. 80 aendnent 11ay re11ove, revoke, or •odify any right or privilege of Dedarant without the written consent of Declarant or the assignee of snch right or pri,ilege.

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That I a the doly elected and acting Secretary of the Association; That the foregoing By-Laws coastitute the original By-Laws of said Association, as duly adopted at a held on the _ _day of_ _ _ _ _ _ _ _ _ _ _ _ __

of the Board thereof

Ill iITTISS ilm!OP, I hue hereunto s11bscribed 'IJ nae and affi1ed the seal of said Association tbis_ _day of.__________, 1993.

Secretary

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292 .. 0 769 EXHIBIT "Dn Rules of Arbitration

"' Clai:;;ar.t sliall sub21it a Clai11 to arbitration uorler these Rules by giving written notice to all other Parties stating plainly and concisely the nature of the Claim, the re1ed1 sought and Claimant's desire to sab1it the Claim to arbitration ("Arbitration Bot ice"). 2. Rach Party shall select an arbitrator ( "Party Appointed Arbitrator"}. The Party appointed Arbitrators shall, by agreement, select one or t110 neutral arbitrators ("l!entral(s)") so that the total arbitration panel ("Panel") has an odd nuaber of arbitrators. If any Party fails to appoint Party Appointed Arbitrator within 20 days from the date of the Arbitration llotice, the remaining arbitrators shall conduct the oroceedin,s. sel~~ti~g ;; llD•!~'"~l ia r!:~!: of ~i::!.:g ?:rt; A~rciii~irl Arti~,a~vt ;~e a~utral arbitrator(s} shall select a chairperson- ("Chair"}. . -C

3. If the Panei is not selected under Rule 2 l!ithin 45 days from the date of the Arbitration llotice, Claimant nay notify the Oregon chapter of The Conunit1 Assoeiation Institute, l!hicll shall appoint ooe !leutral ("Appointed Neutral"), ootif;iug the Appointed lleutral and aU Parties in writing of such appointllent. The Appointed Beutral shall thereafter be the sole arbitrator ("Arbit,r~t<.>r"L and aa1 Part1 Appoitted Arbitrators or their designees shall hare no further d11ties in,ohing the arbitr;;tion proceedings. 4. !lo person 11ay serve as a lleutral in any arbitration 1l!lder these Rules in which that person has any financial or personal interest in the result of the arbitration. Any person designated as a llentral shall iuediatel7 disclose in 1riting to all Parties any cirelltitances likely to affect of the arbitration I including any bias or financial or personal interest in the ("Bias Disclosure"). If anJ Part; objects to the serrice of any Neutral after receipt of that lfoatral 's llias Disclosure, such Seutral shail he replaced in tb.e sue manner in which that Reutral was selected.

5. The Arbitrator or Chair, as the case DJ be, ("Arbitrator") shall fix the date, of the hearill!l shall he within the Properti~~ 1Jn!'!~~ ot!!.!~ise sgr<:ed !;y tht Partiis.

and place for the hearing. The place

Any Part1 aa1 be represented 01 an attorne1 or other authorized representati,e throughout the arbitration proeeediegs.

!11 persons who, in the jndge11ent of the Arbitrator, have a direct interest in the arbitration are entitled to attend

hearings.

.,,-. l -

)1~1

There shall be no stenographic record of the proceedings.

9. Tue !tearing shail contlncted in 1rhate,er 11ill, in the Arbitrator's jadge11ent, most fairl1 and ei:peditiow;l1 the fol! presentatiou of the Hidence and argUHnts of the Parties. 10. The Parties lll!J offer such ttidence and uterial as is relerant to the and shall produce such additional eridence as the Arbitrator dee11 necessary to reach an understanding and deteraination of the Clai1. The Arbitrator shall he the sole jndge of tile relerance and uteriality of an1 nidence offered, and to the legal rules of eridence shall not be neeessar7. The Arbitrator shall be anthorixed, but not required, to aoinister oaths to 1itnesses.

11. The Arbitrator shall declare the hearings closed rhen satisfied the record is 12. Il.tere 11i1l be no posthearing briefs.

i3. 'The !ward snaH be rendered i111ediately following the close of the hearing, if possible, and no later than 14 days froll tile close of the hearing, unless otherrise agreed b7 the Parties. The Airard shall be in writing, shall be signed b1 the Arbitrator and aekno11ledged ~fore a notary publie. If the Arbitrator believes an opinion is necessary, it shall be in suuary form. 14. If there is 10re than one arbitrator, all decisions of the Panel and the Award shall be by

rote.

15. Each Party agrees to accept as legal deli.ery of the Award the deposit of a true copy in the 11ail addressed to that Party or its attcrne1 at the address co111111nicated to tiie Arbitrator at the hearing.

519 - 0088

SUPPLEMENTAL DECLARATION TO ANNEX CERTAIN PROPERTY AND SUBJECT THE SAME TO CERTAIN COVENANTS

hereby subjects the property described below to the original covenants and restrictions referred to above: Golf Course Estates at Aspen Lakes Phase 2, Deschutes County, Oregon, as shown on the official plat thereof and as described as follows: Lots Forty.four (44) through Seventy-seven (77), GOLF COURSE ESTATES AT ASPEN LAKES PHASE 2, Deschutes County, Oregon. DATED:

Vtl TZ:6'c-7<:_ ,.?'.8

1998.

dt:&~:?:-MATTHEw US, Managing Member Aspen Lakes, LLC, Declarant STATE OF OREGON County of Deschutes

) ) )

On Cl[?ri&r ?f' , '

, 1998, personally appeared before me the above named

Matthew Cyrus, Managing Member of Aspen Lakes, LLC, Declarant, and acknowledged the foregoing instrument to be his voluntary act. OFFICIAL SEAL VICKIE A RUSSELL ,, tiOTARY PUBLIC-OREGON COMMISSION NO. o,i!IQll6 MY COMMISc,->'."lN F.XPIRES NOV. 19, 19119

MERRIi.i.. O'S\!U.IVAN, MACRIT('IIIL PEll'RSE, & DIXON, I.I.I'

Supplemental Declaration

,\ TTORSfYS AT 1,-\W 11)7\i"\W 1msD Sf, qHE ,l'j) Ui'.Sll, OR 97'.'IJI

Page 1

519 ~0099

STATE Of OREGON ) COUNTY OF DISCNUTIS ) SS. I, MARY SUI PENHOLLOW, COUNTY CllllK AND RICORDIR OF CONVIUNCIS, IN AND FOR SAID COUNTY, DO HIRIBT CERTIFY THAT THI WITHIN INSTRUMENT WAS Rl(ORDID THIS DAY:

98 OCT 29 PH Ip 10 MARY SUE l'LWIOLLO\li COUNTY CLERK

(Y1~~

BY ____ - ·

_ _ _ _ DEPUTY

No. 98•·1S'i'~J8 m_/5,-: __ DESCHUTES COUNTY OFFICIAl RECORDS

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DESCHUTES COUNTY OFFICIAL RECORDS NARY SUE PENHOLLOW, COUNTY CLERK

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07/24/2002 10: 53: 37 AM

NARSHA

,a.oo ,11.00 ,10.00 ,1.00

SUPPLEMENTAL DECLARATION TO ANNEX CERTAIN PROPERTY AND SUBJECT THE SAME TO CERTAIN COVENANTS

Pursuant to Sections 1.17 and 9.1 of the original Covenants and Restrictions of the Golf Course Estates at Aspen Lakes Subdivision which were recorded in Book 292 Pages 713 through 769 on March 9, 1993 in the Deschutes County Records, the Declarant hereby subjects the property described below to the original covenants and restrictions referred to above: Golf Course Estates at Aspen Lakes Phase 3, Deschutes County, Oregon, as shown on the official plat thereof and as described as follows: Lots Seventy-Eights (78) through Ninety-Six (96), GOLF COURSE ESTATES AT ASPEN LAKES PHASE 3, Deschutes County, Oregon. DATED:

7- .:23-

2002

MATTHEW K. CYRUS, RIZED MEMBER SISTERS AGGREGATE & CONSTRUCTION, LLC STATE OF OREGON County of Pe cutes I/•"

c:! 3 do., .;i_

, 2002, personally appeared before me the above named Mat K. Cyrus, as Authorized Member of SISTERS AGGREGATE CONSTRUCTION, LLC, Declar ?t, fia'acknowledged the foregoing instrument to be his voluntary act. / //;

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···

OFFICIAL SEAL CHERYL A WILLIAMS NOTARY PUBLIC-OREGON COMMISSION NO. 358276

OMMISSION EXPIRES MAY 30 2

Supplemental Declaration

for Oregon

~)/3t

91-1663~

237

""1406

DECLARATIONS, RESTRICTIONS, PROTECTIVE COVENANTS AND CONDITIONS FOR GOLF COURSE ESTATES AT ASPEN LAKES WHEREAS, the Declarant KMB Enterprises, a partnership, filed the Declarations, Restrictions, Protective Covenants and Conditions for GOLF COURSE ESTATES AT ASPEN LAKES, recorded in Volume ___ , Page ___ , Official Records of Deschutes County, Oregon; WHEREAS, the Declarant is still the owner of all the real property described in Exhibits A and B attached to and made a part of said Declaration; WHEREAS, Declarant is the owner of the real property described in Exhibit "A", attached hereto and incorporated herein by reference. Declarant intends by this Declaration to impose upon the Properties mutually beneficial restrictions under a residential property within GOLF COURSE ESTATES AT ASPEN LAKES, the planned unit development made subject to this Declaration and any future amendments thereto by the recording of this Declaration; NOW, THEREFORE, Declarant hereby declares that all the Properties described in Exhibit "A" and any additional property as may by subsequent amendment be added to and subjected to this Declaration 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 real property subjected to this Declaration and which shall be binding on all parties having any right, title, or interest in the described Properties or any part thereof, their heirs, successors, successors-in-title, and assigns, and shall inure to the benefit of each owner thereof.

ARTICLE I.

DEFINITIONS

Section 1. "Additional Land" shall mean and refer to additional real property subject tc Declarant's unilateral right of annexation as provided elsewhere in this Declaration, which property is more particularly described in Exhibit "B", attached hereto and incorporated throughout this Declaration by reference. Section 2. "Board" shall refer to the Board of Directors of the ASPEN LAKES HOMEOWNERS ASSOCIATION.

Declarations, Restrictions, MERRILL, O'SULLIVAN, M_A.CRJTCH!E & PETERSEN Protective Covenants & Conditions ATTORNEYS AT LAW 1070 NW BONO

SUITE 303 BEND. OREGON 9770 i

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Section 3. "Bylaws" shall refer to the Bylaws of ASPEN LAKES HOMEOWNERS ASSOCIATION. Section 4. "Common Area" shall mean all real and personal property now or hereafter owned by the Association for the common use and enjoyment of the Owners. Section 5. "Common Expenses" shall mean and include the actual and estimated expenses of operating the Association, including any reasonable reserve, all as may be found to be necessary and appropriate by the Board pursuant to the Declaration, the Bylaws, and the Articles of Incorporation of the Association. Section 6. "Eligible Mortgage Holder" shall mean a holder, insurer, or guarantor of a first mortgage on a unit who has requested notice of certain matters from the Association as hereinafter and in the Association's Bylaws provided. Section 7. "Eligible Votes" shall mean those votes available to be cast on the issue at hand. A vote which is for any reason suspended is not available to be cast. Section 8. "Lot" shall mean a portion of the Properties other than the Common Area intended for any type of independent ownership and use as may be set out in this Declaration and as shall be shown on the plats filed with this Declaration or amendments thereto. Where the context indicates or requires, the term Lot includes any structure on the Lot. Section 9. "Member" shall mean and refer to a person or entity entitled to membership in the Association, as provided herein. The Association shall have one class of member, Class A. Section 10. "Mortgage" means any mortgage, deed to secure debt, and any and all other similar instruments used for the purpose of conveying or encumbering real property as security for the paymant or satisfaction 0£ an obligation. Section 11. "Mortgagee" shall include a beneficiary or holder of a deed of trust, as well as a mortgagee. Section 12. "Mortgagor" shall include the truster of a deed of trust, as well as a mortgagor. Section 13. "Open Space" - That property as shown in the recorded plat of Golf Course Estates at Aspen Lakes as "open space" which can be used in the same manner as "open space" is defined in the Deschutes County Zoning Ordinance under 4.090 either as a direct or conditional use.

Declarations, Restrictions, MER-RILL, OtSu11rvAN, MAcRrrcHIE & PETERSEN Protective Covenants & Cond1t1ons ATTORNEYS AT L,4.W 1070 NW BOND

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Section 14. "Owner" shall mean and refer to the record owner, whether one or more persons or entities, of any Lot which is part of the Properties, but excluding any party holding the fee simple title merely as security for the performance of an obligation. Owner shall include the Declarant. Section 15. "Person" means a natural person, a corporation, a partnership, trustee, or other legal entity. Section 16. "Property or Propertiesn shall mean and refer to the real property described on page one of this Declaration and such additional real property as may be added in accordance with Article V. Section 17. "Subsequent Amendment" shall mean an amendment to this Declaration which adds additional property to that covered by this Declaration. Such Subsequent Amendment may, but is not required to impose, expressly or by reference, additional restrictions and obligations on the land submitted by that Amendment to the provisions of this Declaration. ARTICLE II.

PROPERTY RIGHTS

Section l. OWNER'S EASEMENT OF ENJOYMENT. Every Owner shall have a right and easement of ingress and egress, use and 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 Declarant, with regard to the Properties which may be owned for the purpose of development, to grant easements in and to the Common Area contained within the respective Properties to any public agency, authority, or utility for such purposes as benefits only the Properties or portions thereof and Owners or Lots contained therein; (b) The right of the Association to dedicate or transfer all or any portion 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 of the Association. No such dedication or transfer shall be effective unless an instrument agreeing to such dedication or transfer has been approved by at least two-thirds (2/3) of the Class A members of the Association which are present or represented by proxy are entitled to cast at a meeting duly called for such purpose.

Declarations, Restrictions, MERRILL, O'SULLNA.N, .M.ACRITCHIE & PETERSEN P-rn+,i::,r.-t- i ue Covenants & Conditions ATTORNEYS AT LAW 1 070 N_W. BOND

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Article II, Section l(b) may not be amended without the written consent of Declarant. Declarant shall convey the Common Area to the Association upon recordation of this Declaration. Declarant does not contemplate making any improvements to the Common Area. Section 2. OWNER'S RIGHT TO INGRESS, EGRESS, AND SUPPORT. Each Owner shall have the right to ingress and egress over, upon, and across the Common Area necessary for access to his or her Lot and shall have the right to lateral support for his or her Lot, and such rights shall be appurtenant to and pass with the title to each Lot. Section 3. USE OF LOTS. Except as may be otherwise expressly provided in this Declaration, each Lot shall be used for residential purposes only; no trade or business of any kind may be conducted. Lease or rental of a Lot or any building thereon for residential purposes shall not be considered to be a violation of this covenant, so long as the lease is in compliance with reasonable rules and regulations as the Board of Directors may promulgate. Any lessee or tenant shall in all respects be subject to the terms and conditions of this Declaration, the Bylaws, and the rules and regulations adopted hereunder. Section 4. RULES AND REGULATIONS. The Board of Directors may establish reasonable rules and regulations concerning the use of the Common Area, facilities located thereon, and individual Lots~ Copies of such regulations and amendments thereto shall be furnished by the Association to all Owners prior to the rule's effective date. Such regulations shall be binding upon the owners, their families, tenants, guests, invitees, and agents until and unless such regulation, rule, or requirement shall be specifically overruled, cancelled, or modified by the Board or the Association in a regular or special meeting by the vote of members holding a majority of the total votes in the Association. The Board shall have the authority to impose reasonable monetary fines and other sanctions, and monetary fines may be collected by lien and foreclosure as provided in Article VII. ARTICLE III.

MEMBERSHIP AND VOTING RIGHTS

Section 1. MEMBERSHIP. Every person or entity who is the record owner of a fee interest, or contract vendee, in any Lot that is subject to this Declaration shall be deemed to have a membership in the Association. Membership shall be appurtenant to and may not be separated from such ownership. The foregoing is not intended to include persons who hold an interest merely as security for the performance of an obligation, and the giving of a security interest shall not terminate the Owner's membership. Declarations, Restrictions, MERRILL, ffSULLIVA.1'/, .MACRrrCHIE & PETERSEN Protective Covenants & Conditions ATTORNEYS AT LAW i070NW BOND SUITE 303

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237 .. 1410 No Owner, whether one or more persons, shall have more than one (1) membership per Lot owned. In the event the Owner of a Lot is more than one person or entity, votes and rights of use and enjoyment shall be as provided herein. The rights and privileges of membership, including the right to vote, may be exercised by a Member or the Member's spouse, but in no event shall more than one (1) vote be cast for each Lot. Section 2. VOTING. Each Owner shall be a member and each member shall be entitled on all issues to one (1) vote for each Lot in which they hold the interest required for membership by Section 1 hereof; there shall be only one (1) vote per Lot; provided, however, no vote shall be cast or counted for any Lot not subject to assessment. When more than one person or entity holds such interest in any Lot, the vote for such Lot shall be exercised as those persons or entities themselves determine and advise the Secretary of the Association prior to any meeting. In the absence of such advice, the Lot's vote shall be suspended in the event more than one person or entity seeks to exercise i t . Any Owner of Lots which are leased may, in the lease or other written instrument, assign the voting right appurtenant to that Lot to the lessee, provided that a copy of such instrument is furnished to the Secretary prior to any meeting. ARTICLE IV.

MAINTENANCE

Section 1. ASSOCIATION'S RESPONSIBILITY. The Association shall maintain and keep in good repair the Common Area, such maintenance to be funded as hereinafter provided. This maintenance shall include, but not be limited to, maintenance, repair and replacement, subject to any insurance then in effect, 0£ all landscaping and other flora, structures, and improvements situated upon the Common Area. Section 2.

OWNER'S RESPONSIBILITY.

Section 1 of this Articl.e,

Except as provided in

all maintenance of tt1e Loe arid all

part of the residence thereon shall be the responsibility of the Owner, and each Owner shall maintain and keep in good repair such property and improvements. ARTICLE V.

ANNEXATION OF ADDITIONAL PROPERTY

Section 1. ANNEXATION WITHOUT APPROVAL OF CLASS A MEMBERSHIP. As the owner thereof or, if not the owner, with the consent of the owner thereof, Declarant shall have the unilateral right, privilege, and option, from time to time at any time until December 31, 2000, to subject to the provisions of this Declaration and the jurisdiction of the Association all or any portion Declarations, Restrictions, MERRILL O'SULLI\',-\.\. M.-\CRrrCHiE & PETERSE\ Protective Covenants & Conditions ATTORNEYS AT!. AW

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of the improved and unimproved real property described in Exhibit "B" attached hereto and by reference made a part hereof by filing in the Deschutes County, Oregon records, an amendment annexing such property. Such amendment to this Declaration shall not require the vote of members. Any such annexation shall be effective upon the filing for record of such amendment unless otherwise provided therein. Declarant shall have the unilateral right to transfer to any other person the right, privilege, and option to annex additional property which is herein reserved to Declarant. Section 2. The rights reserved unto Declarant to subject additional land to the Declaration shall not be implied or construed so as to impose any obligation upon Declarant to subject any of such additional land to this Declaration or to the jurisdiction of the Association nor any obligation, if subjected, to build housing of the same type, design, or materials. If such additional land is not subjected to this Declaration, Declarant's reserved rights shall not impose any obligation on Declarant to impose any covenants and restrictions similar to those contained herein upon such additional land, nor shall such rights in any manner limit or restrict the use to which such additional land may be put by Declarant or any subsequent owner thereof, whether such uses are consistent with the covenants and restrictions imposed hereby or not. Section 3. ANNEXATION WITH APPROVAL OF MEMBERSHIP. Subject to the consent of the owner thereof, upon the written consent or affirmative vote of a majority of the Members, the Association may annex real property other than that shown on Exhibit "B", and following the expiration of the right in Section l, the properti.es shown on Exhibit "B" to the provisions of this Declaration and the jurisdiction of the Association by filing of record in the Official Records of the County of Deschutes, Oregon, a Subsequent Amendment in respect to the Properties being annexed. Any such Subsequent Amendment shall be signed by the President and the Secretary of the Association, and the owner of the properties being annexed, and any such annexation shall be effective upon filing unless otherwise provided therein. The time within which and the manner in which notice of any such meeting of the Members of the Association, called for the purpose of determining whether additional property shall be annexed, and the quorum required for the transaction of business at any such meeting, shall be as specified in the Bylaws of the Association for regular or special meetings, as the case may be. Section 4. ACQUISITION OF ADDITIONAL COMMON AREA. Declarant may convey to the Association additional real estate, improved or unimproved, located within the properties described in Exhibits Declarations, Restrictions, MERRILL O'SL'LLIV:\.\, MAcRrrrnlF. & PETERSE:-: Protective Covenants & Conditions ATTORNEYS AT LAW

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"A" or "B" which upon conveyance or dedication shall be accepted by the Association and thereafter shall be maintained by the Association at its expense for the benefit of all its Members. Section 5. AMENDMENT. This Article shall not be amended without the written consent of Declarant, so long as the Declarant owns any property described in Exhibits "A" or "B". RIGHTS AND OBLIGATIONS OF THE ASSOCIATION

ARTICLE VI.

Section 1. COMMON AREA. The Association, subject to the rights of the Owners set forth in this Declaration, shall be responsible for the exclusive management and control of the Common Area and all improvements therein, and shall keep i t in good, clean, attractive, and sanitary condition, order, and repair, pursuant to the terms and conditions of this Declaration and the Bylaws. Section 2. SERVICES. The Association may obtain and pay for the services of any person or entity to manage its affairs or any part thereof, to the extent i t deems advisable, as well as such other personnel as the Association shall determine to be necessary or desirable for the proper operation of the Properties, whether such personnel are furnished or employed directly by the Association or by any person or entity with whom or with which i t contracts. The Association may obtain and pay for legal and accounting services necessary or desirable in connection with the operation of the Properties or the enforcement of this Declaration. The Association may, but shall not be required to, arrange as an Association expense with third parties to furnish water, trash collection, sewer service, and other common services to each Lot. PERSONAL PROPERTY AND REAL PROPERTY FOR COMMON Section 3. The Association, through action of its Board of Directors, m~v ~~n,drQ hn1d_ and dignnRe of tanaihle and intanaible ----_,L --~----;, -----personal property and real property. The Board, acting on behalf of the Association, shall accept any real or personal property, leasehold. or other property interests located within the properties described in Exhibit "A" or "B" conveyed to i t by the Declarant. USE.

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Section 4. IMPLIED RIGHTS. The Association may exercise any other right or privilege given to i t expressly by this Declaration or the Bylaws, and every other right or privilege reasonably to be implied from the existence of any right or privilege given to i t herein or reasonably necessary to effectuate any such right or privilege.

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Section 5. SELF-HELP. In addition to any other remedies provided for herein, the Association or its duly authorized agent shall have the power to enter upon a Lot or any portion of the Common property to abate or remove, using such force as may be reasonably necessary, any erection, thing or condition which violates this Declaration, the Bylaws, the rules and regulations, or the use restrictions. Unless an emergency situation exists, the Board shall give the violating Lot Owner ten (10) days written notice of its intent to exercise self-help. All costs of self-help, including reasonable attorney's fees actually incurred, shall be assessed against the violating Lot Owner and shall be collected as provided for herein for the collection of assessments. Section 6. RIGHT OF ENTRY. The Association shall have the right, in addition to and not in limitation of all the rights i t may have, to enter onto lots for emergency, security, or safety purposes, which right may be exercised by the Association's Board of Directors, officers, agents, employees, managers and all policy officers, firefighters, ambulance personnel, and similar emergency personnel in the performance of their respective duties. Except in an emergency situation, entry shall only be during reasonable hours and after reasonable notice to the owner or occupant of the Lot.

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ARTICLE VII.

Section 1. PURPOSE OF ASSESSMENT. The assessments provided for herein shall be used for the general purposes of promoting the recreation, health, safety, welfare, common benefit, and enjoyment of the Owners and occupants of Lots, including the maintenance of real and personal property, all as may be more specifically authorized from time to time by the Board of Directors.

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Section 2. CREATION OF ASSESSMENTS. Each Owner of any Lot, by acceptance of a deed tharefor, whether or not i t shall be so expressed in such deed, covenants and agrees to pay to the Association: (a) annual assessments or charges; {b) special assessments, such assessments to be established and collected as hereinafter provided; and (c) specific assessments against any particular Lot which are established pursuant to the terms of this Declaration, including but not limited to reasonable fines as may be imposed in accordance with the terms of this Declaration. All such assessments, together with late charges, interests, not to exceed the maximum legal rate, costs, and reasonable attorney's fees actually incurred, shall be charges on the land and shall be a continuing lien upon the Lot against which each assessment is made.

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Section 3. COMPUTATION OF ASSESSMENT. It shall be the duty of the Board to prepare a budget covering the estimated costs of operating the Association during the coming year, which shall include a capital contribution or reserve in accordance with a capital budget separately prepared. The Board shall cause the budget and the assessments to be levied against each Lot for the following year to be delivered to each member at least thirty (30) d3ys prior to the end of the current fiscal year. The budget and the assessment shall become effective unless disapproved at a meeting by a Majority of the Owners. Notwithstanding the foregoing, however, in the event the membership disapproved the proposed budget or the Board fails for any reason so to determine the budget for the succeeding year, then and until such time as a budget shall have been determined, as provided herein, the budget in effect for the then current year shall continue for the succeeding year. Section 4. SPECIAL ASSESSMENTS. In addition to the other assessments authorized herein, the Association may levy special assessments in any year. So long as the total amount of special assessments allocable to each Lot does not exceed One Hundred Dollars ($100.00) in any one fiscal year, the Board may impose the special assessment. Any special assessment which would cause the amount of special assessments allocable to any Lot to exceed this limitation shall be effective only if approved by a Majority of the Class A. members. Special assessments shall be paid as ,determined by the Board, and the Board may permit special assessments to be paid in installments extending beyond the fiscal year in which the special assessment is imposed. Section 5. LIEN FOR ASSESSMENTS. All sums assessed against any Lot pursuant to this Declaration, together with late charges, interest, costs, and reasonable attorney's fees actually incurred, as provided herein, shall be secured by a lien on such Lot in favor of the Association. Such lien shall be superior to all other liens and encumbrances on such Lot, except for (a) liens :for ad valorem ta~es; er ( b) l.ie!!.~ :for al]_ s1Jms 1..1npaid on a first Mortgage or on any Mortgage to Declarant duly recorded in the land records of Deschutes County, Oregon, and all amounts advanced pursuant to such Mortgage and secured thereby in accordance with the terms of such instrument. All other persons acquiring liens or encumbrances on any Lot after this Declaration shall have been recorded in such records shall be deemed to consent that such liens or encumbrances shall be inferior to future liens for assessments, as provided herein, whether or not prior consent is specifically set forth in the instruments creating such liens or encumbrances. Section 6. EFFECT OF NONPAYMENT OF ASSESSMENTS: REMEDIES OF THE ASSOCIATION. Any assessments which are not paid when due Declarations, Restrictions, MERRILL, 0 1SULLIVA..~, MACR.11CHIE & PETERSEN Protective Covenants & Conditions ATTORNEYS AT LAW i070 N.W. BOND

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shall be delinquent. Any assessment delinquent for a period of more than ten (10) days shall incur a late charge in an amount as the Board may from time to time determine. The Association shall cause a notice of delinquency to be given to any member who has not paid within ten (10) days following the due date. If the assessment is not paid within thirty (30) days a lien, as herein provided, shall attach and, in addition, the lien shall include the late charge, interest not to exceed the maximum legal rate on the principal amount due, and all late charges from the date first due and payable, all costs of collection, reasonable attorney's fees actually incurred, and any other amounts provided or permitted by law. In the event that the assessm~~t remains unpaid after sixty (60) days, the Association may, as the Board shall determine, institute suit to collect such amounts and to foreclose its lien. Each Owner, by acceptance of a deed or as a party to any other type of a conveyance, vests in the Association or its agents the right and power to bring all actions against him or her personally for the collection of such charges as a debt or to foreclose the aforesaid lien in the same manner as other liens for the improvement of real property. The lien provided for in this Article shall be in favor of the Association and shall be for the benefit of all other Owners. The Association, acting on behalf of the Owners, shall have the power to bid on the Lot at any foreclosure sale or to acquire, hold, lease, mortgage, or convey the Lot. No Owner may waive or otherwise except liability for the assessments provided for herein, including by way of illustration but not limitation, abandon.~ent of the Lot. All payments shall be applied £irst to costs and attorney's fees, then to late charges, then to interest, then to delinquent assessments, then to any unpaid installments of the annual assessment or special assessments which are not the subject matter 0£ suit in the order of their coming due, and then to any unpaid installments of the annual assessment or special assessments which are the subject matter of suit in the order of their r.nm i ng n11= _

Section 7. RESERVE ACCOUNT AND CONTRIBUTION. The Board of Directors shall annually prepare a capital budget which shall take into account the number and nature of replaceable assets, the expected life of each assets, and the expected repair or replacement cost. The Board shall set the required capital contribution, if any, in an amount sufficient to permit meeting the projected capital needs of the Association, as shown on the capital budget, with respect to both amount and timing by annual assessments over the period of the budget. The capital contribution required shall be fixed by the Board and included within the budget and assessments, as provided in Section 3 of this Article. A copy of the reserve account budget shall be distributed to each member in the same manner as the operating budget. Declarations, Restrictions, 1 f\.1ERPJLL, 0 SULLIVAi~, ~,iACRITCHIE & PETERSEN Protective Covenants & Conditions ATTORNEYS AT LAW 1070NW BONO

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237 • 1416 Section 8. SUBORDINATION OF THE LIEN TO FIRST DEEDS OF TRUST AND FIRST MORTGAGES. The lien of the assessments, including interest, late charges, costs (including attorney's fees) provided for herein, shall be subordinate to the lien of any first Mortgage upon any Lot. The sale or transfer of any Lot shall not affect the assessment lien. However, the sale or transfer of any Lot pursuant to judicial or nonjudicial foreclosure of a first Mortgage shall extinguish the lien of such assessments as to payments which became due prior to such sale or transfer. No sale or transfer shall relieve such Lot from lien rights for any assessments thereafter becoming due. Where the Mortgagee of a first Mortgage of record or other purchaser of a Lot obtains title, his or her successors and assigns shall not be liable for the share of the common expenses or assessments by the Association chargeable to such Lot which became due prior to the acquisition of title to such Lot by such acquirer. Such unpaid share of common expenses or assessments shall be deemed to be common expenses collectible from all the Lots, including such acquirer, his or her successors and assigns. Section 9. CAPITALIZATION OF ASSOCIATION. Upon acquisition of record title to a Lot from Declarant, each Owner shall contribute to the capital of the Association an amount equal to onesixth (1/6) of the amount of the general assessment for that Lot as determined by the Board. This amount shall be deposited by the buyer into the Purchase and Sales Escrow and disbursed therefrom to the Association. Section 10. DATE OF COMMENCEMENT OF ANNUAL ASSESSMENTS. The annual assessments provided for herein shall commence as to all Lots then existing and subject to assessment under the Declaration on the first day of the month following the conveyance of the first Lot by the Declarant and shall be due and payable in a manner and on a schedule as the Board of Directors may provide. The first annual assessment shall be adjusted according to the number of months then remaining in that fiscal year. The date any Lot becomes subject to assessment hereunder shall be the date on which the Let bcGc~es subject to the Declaration. ARTICLE VIII.

ARCHITECTURAL STANDARDS

The Board of Directors shall have the authority and standing, on behalf of the Association, to enforce in courts of competent jurisdictions decisions of the Committee established in this Article. This Article may not be amended without the Declarant's written consent, so long as the Declarant owns any land subject to this Declaration or subject to annexation to this Declaration.

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No construction, which term shall include within its definition staking, clearing, excavation, grading, and other site work, and no plantings or removal of plants, trees, or shrubs shall take place except in strict compliance with this Section, until the requirements thereof have been fully met, and until the approval of the appropriate Committee has been obtained.

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Section l. ARCHITECTURAL REVIEW COMI-'IITTEE. The Architectural Review Committee (ARC) shall have exclusive jurisdiction over all original construction on any portion of the Properties and jurisdiction over modifications, additions, or alterations made on or to existing Residential Lots and the common area, if any, appurtenant thereto. The ARC shall prepare and, on behalf of the Board of Directors, shall promulgate design guidelines and application procedures. The standards and procedures shall be those of the Association, and the ARC shall have sole and full authority to prepare and to amend the standards and procedures. It shall make both available to Owners, builders, and developers who seek to engage in development of or construction upon all or any portion of the Properties and who shall conduct their operations strictly in accordance therewith. Until all the Properties contained in Exhibit "B" have been conveyed to purchasers in the normal course of development and sale, or until the right of the Declarant to submit such properties expires, the Declarant retains the right to appoint all members of the ARC, which shall consist of at least three (3), but no more than five (5) persons. There shall be no surrender of this right prior to that time, except in a written instrument in recordable form executed by Declarant. Upon the expiration of such right, the Board of Directors shall appoint the members. In the event any dispute sAall arise between the ARC and any property owner within the subdivision and if the same cannot be resolved by negotiations between the parties, each party agrees to submit such dispute to binding arbitration pursuant to the rules of the American Arbitration Association. If the parties cannot agree upon a single arbitrator, each shall choose an arbitrator and the two so chosen shall select a third. The decision 0£ any two shall be bindi~g upon the parties. No court appeal of w~y such dec~s~on rendered pursuant to arbitration shall be permitted. ARTICLE IX.

MORTGAGEE RIGHTS

The following provisions are for the benefit of holders, insurers, or guarantors of first mortgages on Lots in GOLF COURSE ESTATES AT ASPEN LAKES. To the extent applicable, necessary, or proper, the provisions of this Article IX apply to both this Declaration and to the Bylaws of ASPEN LAKES HOMEOWNERS ASSOCIATION. Where indicated, these provisions apply only to eligible holders, as hereinafter defined.

Declarations, Restrictions, MERruu, O'SuuIVAN, MAcRrrcHIE & PETIRSrn Protective Covenants & Conditions ATTORNEYS AT LAW 1070 N.W. 90ND SUlTE 303

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Section 1. NOTICES OF ACTION. An institutional holder, insurer, or guarantor of a first mortgage, who provides written request to the Association (such request to state the name and address of such holder, insurer, or guarantor and the lot number), (therefore becoming an eligible holder), will be entitled to timely written notice of: (a)

Any proposed termination of the Association;

(b) Any condemnation loss or any casualty loss which affects a material portion of the Properties or which affects any Lot on which there is a first mortgage held, insured, or guaranteed by such eligible holder; (c) Any delinquency in the payment of assessments or charges owed by an Owner or a Lot subject to the mortgage of such eligible holder, insurer, or guarantor, where such deficiency has continued for a period of sixty (60) days; (d) Any lapse, cancellation, or material modification of any insurance policy or fidelity bond maintained by the Association; or (e) Any proposed action which would require the consent of eligible holders, as required in Section 2 and 3 of this Article. Section 2. OTHER PROVISIONS FOR FIRST LIEN HOLDERS. extent possible under Oregon law:

To the

(a) Any restoration or repair of the Properties after a partial condemnation or damage due to an insurable hazard shall be substantially in accordance with this Declaration and the original plans and specifications unless the approval of the eligible holders of first mortgages on Lots to which at least fifty-one percent (51%) of the votes of Lots, subject to mortgages held by such eligible holders are allocated, 1s obta1ned. (b) Any election to terminate the Association after substantial destruction or a substantial taking in condemnation must require the approval of the eligible holders of first mortgages on Lots to which at least fifty-one percent (51%) of the votes of Lots, subject to mortgages held by such eligible holders, are allocated. Section 3. AMENDMENTS TO DOCUMENTS. The following provisions do not apply to amendments to the constituent documents or termination of the Association made as a result of destruction, damage, or condemnation pursuant to Section 2(a) and (b) in this Article, or to the addition of land in accordance with Article v. Declarations, Restrictionsr MER.RILL, 0 SULLIVAi\l, MACRrrCHIE & PETERSEN Protective Covenants & Conditions ATTORNEYS AT LAW

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• 1419 (a} The consent of at least seventy-five percent (75%) of the members and the approval of the eligible holders of first mortgages on units to which at least seventy-five percent (75%) of the votes of units subject to a mortgage appertain, shall be required to terminate the Association. (b) The consent of at least seventy-five percent (75%) of the members and the approval of eligible holders of first mortgages on Lots to which at least fifty-one percent (51%) of the votes of Lots subject to a mortgage appertain, shall be required materially to aroend any provisions of the Declaration, Bylaws, or Articles of Incorporation of the Association, or to add any material provisions thereto, which establish, provide for, govern, or regulate any of the following: (i) Voting; (ii) Assessments, assessment liens, or subordination of such liens; (iii) Reserves for maintenance, repair, and replacement of the Common Area; (iv)

Insurance or fidelity bonds;

(v)

Rights to use of the Common Area;

(vi) Responsibility for maintenance and repair of the Properties;

(vii) Expansion or contraction of the Properties of the addition, annexation, or withdrawal of Properties to and from the Association; (viii) (ix)

Boundaries of any Lot; Leasing of Lots;

(x) Imposition of any right of first refusal or similar restriction of the right of any Owner to sell, transfer; or otherwise convey his or her Lot; (xi) Establishment of self-management by the Association where professional management has been required by an eligible holder; or

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(xii) Any provisions included in the Declaration, Bylaws, or Articles of Incorporation which are £or the express benefit of holders, guarantors, or insurers of first mortgages on Lots. Declarations, Restrictions, MERRILL, O'SULLIVAN, MACRITCH1E & PETERSEN Protective Covenants & Conditions ATTORNEYS AT LAW 1070 N.W BOND

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237 .. 1420 Section 4. SPECIAL FHLMC PROVISION. So long as required by the mortgage corporation, the following provisions apply in addition to and not in lieu of the foregoing three Sections of this Article. Unless two-thirds (2/3) of the first mortgages or Owners give their consent, the Association shall not: (a) By act or omission seek to abandon, partition, subdivide, encumber, sell or transfer the Common Area which the Association owns, directly or indirectly (the granting 0£ easements for public utilities or for other public purposes consistent with the intended use of the Properties shall not be deemed a transfer); (b) Change the method of determining the obligations, assessments, dues, or other charges which may be levied against an Owner; (c) Change the method of determining the obligations, assessments, dues, or other charges which may be levied against an Owner; (d) Fail to maintain fire and extended coverage insurance, as required by this Declaration; or (e) Use hazard insurance proceeds for any Common Area losses for other than the repair, replacement, or reconstruction of such Properties. The provisions of this Section 4 shall not be construed to reduce the percentage vote that must be obtained from mortgages or Owners where a larger percentage vote is otherwise required for any of the actions contained in this Section. First mortgagees may, jointly or singly, pay taxes or other charges which are in default and which may or have become a cha~ge agai~st the Common Area and may pay overdue prem~ums on casualty insurance policies, or secure new casualty insurance coverage upon the lapse of a policy, for the Common Area, and first mortgagees making such payments shall be entitled to immediate reimbursement from the Association. It is Declarant's intention that the development qualify for the possible sale of mortgages encumbering Lots to the Federal National Mortgage Association and/or the Federal Home Loan Mortgage Corporation. The requirements contained in this Section are to effectuate that purpose. Should either the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association subsequently delete any of their respective requirements which necessitate the provisions of this Section or make

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237 ... 1421 any such requirements less stringent, this Section shall automatically be amended to reflect such changes. ARTICLE X.

GENERAL PROVISIONS

Section 1. DURATION. The covenants and restrictions of this Declaration shall run with and bind the Properties, and shall insure to the benefit of and shall be enforceable by the Association or the Owner of any Properties subject to this Declaration, their respective legal representatives, heirs, successors, and assigns, for a term of thirty (30) years from the date this Declaration is recorded, after which time they shall be automatically extended for successive periods of ten (10) years, unless an instrument in writing, signed by a majority of the then Owners, has been recorded within the year preceding the beginning of each successive period of ten (10) years, agreeing to change said covenants and restrictions, in whole or in part, or to terminate the sameo Section 2. AMENDMENT. This Declaration may be amended unilaterally at any time and from time to time by Declarant (a) if such amendment is necessary to bring any provision hereof into compliance with any applicable governmental statute, rule or regulation, or judicial determination which shall be in conflict therewith; or (b) if such amendment is required by an institutional or governmental lender or purchaser of mortgage loans, including, for example, the Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, to enable such lender or purchaser to make or purchase mortgage loans on the Lots subject to this Declaratio~; provided, however, any such amendment shall not adversely affect the title to any Owner's lot, unless Owner shall consent thereto in writing. In addition to the above, this Declaration may be amended upon the affirmative vote or written consent, or any combination thereof, of at least seventy-five percent (75%} of the members. Amendments to this Decl~r~tion shall become effective upc~ recordation in the Deschutes County, Oregon records, unless a later effective date is specified therein. Section 3. INDEMNIFICATION. The Association shall indemnify every officer and director against any and all expenses, including counsel fees, reasonably incurred by or imposed upon any officer or director in connection with any action, suit, or other proceeding (including settlement of any suit or proceeding, if approved by the then Board of Directors) to which he or she may be a party by reason of being or having been an officer or director. The officers and directors shall not be liable for any mistake of judgment, negligent or otherwise, except for their own individual willful misfeasance, malfeasance, misconduct, or bad Declarations, Restrictions, MERRILL, 0 Sl!LLIVAN, MAcRrrcHIE & PETERSEN Protective Covenants & Conditions ATTORNEYS AT LAW

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237 - 1422 faith. The officers and directors shall have no personal liability with respect to any contract or other commitment made by them, in good faith, on behalf of the Association {except to the extent that such officers or directors may also be Members of the Association), and the Association shall indemnify and forever hold each such officer and director free and harmless against any and all liability to others on account of any such contract or commitment. Any right to indemnification provided for herein shall not be exclusive of any other rights to which any officer or director, or former officer or directors, may be entitled. The Association shall, as a common expense, maintain adequate general liability and officers' and directors' liability insurance to fund this obligation, if such insurance is reasonably available. Section 4. EASEMENTS FOR UTILITIES. There is hereby reserved to the Association blanket easement upon, across, above, and under all property within GOLF COURSE ESTATES AT ASPEN LAKES for access, ingress, egress, installation, repairing, replacing, and maintaining all utilities serving GOLF COURSE ESTATES AT ASPEN LAKES or any portion thereof, including but not limited to gas, water, sanitary sewer, telephone and electricity, as well as storm drainage and any other service such as, but not limited to a master television antenna system, cable television system, or security system which the Association might decide to have installed to serve GOLF COURSE ESTATES AT ASPEN LAKES. It shall be expressly permissible for the Association or its designee, as the case may be, to install, repair, replace, and maintain or to authorize the installation, repairing, replacing and maintaining of such wire, conduits, cables and other equipment related to the providing of any such utility or service. Should any part furnishing any such utility or service request a specific license or easement by separate recordable document, the Board shall have the right to grant such easement. Section 5. GENDER AND GRAMMAR. The singular, wherever used herein, shall be construed to mean the plural, when applicable, and the use of the masculine pronoun shall include the neuter and feminine. Section 6. SEVERABILITY. Whenever possible, each provision of this Declaration shall be interpreted in such manner as to be effective and valid, but if the application of any provision of this Declaration to any person or to any property shall be prohibited or held invalid, such prohibition or invalidity shall not affect any other provision or the application of any provision which can be given effect without the invalid provision or application, and, to this end, the provisions of this Declaration are declared to be severable.

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237 ,,. 1423 Section 7. CAPTIONS. The captions of each Article and Section hereof, as to the contents of each Article and Section are inserted only for convenience and are in no way to be construed as defining, limiting, extending, or otherwise modifying or adding to the particular Article or Section to which they refer. Section 8. TRANSFER OF ADMINISTRATIVE RESPONSIBILITY. On June 15, 2000, or not later than 120 days after lots representing sevanty-five percent (75%) of the votes have been conveyed, whichever shall first occur, Declarant shall call a meeting for the purpose of turning over administrative responsibility for GOLF COURSE ESTATES AT ASPEN LAKES to the Association. Notice shall be as provided in the Bylaws. At the meeting, Declarant shall turn over to the Association the responsibility for the administration of GOLF COURSE ESTATES AT ASPEN LAKES and the Association shall accept the administrative responsibility from the Declarant as provided in ORS 94.616. Not later than the 60th day after the Declarant has conveyed the lots representing fifty percent (50%) of the votes in GOLF COURSE ESTATES AT ASPEN LAKES, the Declarant shall call a meeting of owners for the purpose of selecting a transitional advisory committee to assist in the transfer of administrative authority. IN WITNESS WHEREOF, the undersigned Declarant has executed this Amended Declaration this _Lif-µ.. day of -.Ju , 1991. KMB ENTERPRIS S, a partnership

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On Ju,ru, lt/ , 1991, the undersigned, a Notary Public in and for said County and State, personally appeared f:?y:; a. V\ ( ~v I J s. , known to me to be a partner of the partnershipat executed the within instrument and acknowledged to me that such corporation executed the same.

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Notary Public for OregonL My Commission Expires: 01.3

Declarations, Restrictions, MEPJULL, OJSULLIVAN, MAcRrrCHIE & PETERSEN Protective Covenants & Conditions ATTORNEYS AT LAW 1070 N.W. SOND

SUITE 303 BEND OREGON 97701

1·

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Page 18 rle/kmbDec/njr

237 STATE OF OREGON County of

142 4

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Desch u-tes

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, 1991, the undersigned, a Notary Public On in and for said County and State, personally appeared fVld1ihl!,,oJ {2,<.j YU r ___________________ , known to me to be a partner of th-~ partnership that executed the within instrument and acknowledged to me that such corporation executed the same.

Notary Public for Oregon . My Commission Expires: q (/!f STATE OF OREGON

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County of ~U,'lu_tR._ S

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tqq

) ss.

On " /u,,J.&i / 1991, the undersigned, a Notary; Public in and for said County and State, personally appeared C14n1s __________________, known to me to be a partner or the partnership that executed the within instrument and acknowledged to me that such corporation executed the same.

Ke;h

Notary Public for Oregon~. Commissi.on Expires: 9J:1i 93

Declarations, Restrictions, MERRILL, 0 SumvAN, MAcRrrcmE & PETERSEN Protective Covenants & Conditions ATTORNEYS AT LAW

Page 19

1070 N.W BOND

SUITE 303 BEND. OREGON 97701

rle/kmbDec/njr

237

1 425

...

EXHIBIT "A" Lots One (1) through Forty-three (43) and Private Ways, inclusive of GOLF COURSE ESTATES AT ASPEN LAKES, Deschutes County, Oregon.

EXHIBIT "B" All the following described property, or any division of new maping thereof: Tracts A and B, inclusive of GOLF COURSE ESTATES AT ASPEN LAKES, Deschutes County, Oregon. Lots One (1) through Ten (10) in Block Seven (7), Lots One (1) through Seven ( 7), in Block Eight ( 8), Lots One ( 1) through Fourteen (14) in Block Nine (9), inclusive of WILD HORSE MEADOWS, Deschutes County, Oregon. Lots One (l) through Nineteen (19), Tracts A, B, and C, inclusive of THE RIM AT ASPEN LAKES, Deschutes County, Oregon.

STATE OF OREGON ) ss. COUNTY OF DESCHUTES ) I

:..::~~:!:

MARY SUE PENHOLLOW, couic"""i1 Ci= :.~ 1

RECORDER OF CONYEl~~ COUNTl, DO HEREBY ..__. ••.- • IMSTitUMENT WAS tiCORDlD THIS DAY:

9 i JUN I 7 AM 9: 18

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OESCHUffi COUIU''I OffKIAL tiCOROS

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SUPPLEMENTAL DECLARATION TO ANNEX CERTAIN PROPERTY AND SUBJECT THE SAME TO CERTAIN COVENANTS

Pursuant to Sections 1.17 and 9.1 of the original Covenants and Restrictions of the Golf Course Estates at Aspen Lakes Subdivision which were recorded in Book 237, Pages 1406-1425, on June 17, 1991 in the Deschutes County Records, the Declarant hereby subjects the property described below to the original covenants and restrictions referred to above as they may have been amended from time to time: Golf Course Estates at Aspen Lakes Phase IV, Deschutes County, Oregon, shown on the official plat thereof as described as follows: Lots Ninety-Eight (98) through One Hundred Seventeen (117), Golf Course Estates at Aspen Lakes Phase IV, Deschutes County, Oregon. , 2005.

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MATTHEWcr-~anaglng Member Aspen Lakes, LLC, Declarant STATE OF OREGON County of Deschutes On

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J a.n UM y 5

,2005, personally appeared before me the above named

Matthew Cyrus, Managing Member of Aspen Lakes, LLC, Declarant, and acknowledged the foregoing instrument to be his voluntary act.

OFFICIAL SEAL

SHELLEY CRISTIANO

NOTARY PUBLIC· OREGON COMMISSION NO, 370783 MY COMMISSION EXPIRES JUL 22 20D7

DESCHUTES COUNTY OFFICIAL RECORDS NANCY BLANKENSHIP, COUNTY CLERK

IIWJIWJWlU1~!,!L 04:00~::·: 11 1 ~\

After recording, retum tQ .--7 Amerftffle C\JJ '15 OREGON AVENUE, BEND

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MERRILL O'SULLIVAN, LLP

Supplemental Declaration

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ATTORNEYS AT LAW 1070 NW BOND STREET, SUITE 303 BEND, OR 97701

Page 1 I\Server\data\WPDOCSIMMMICLIENTS\Cyrus\Sup Dec.doc

SUPPLEMENTAL DECLARATION TO ANNEX CERTAIN PROPERTY AND SUBJECT THE SAME TO CERTAIN COVENANTS Pursuant to Sections 1.17 and 9.1 of the amended Covenants and Restrictions of the Golf Course Estates at Aspen Lakes Subdivision which were recorded in Book 292, Pages 713-769 on March 9, 1993, in the Deschutes County Records, the Declarant hereby subjects the property described below to the original covenants and restrictions referred to above as they may have been amended from time to time: Golf Course Estates at Aspen Lakes Phase IV, Deschutes County, Oregon, as shown on the official plat thereof as described as follows: Lots NinetyEight (98) through One Hundred Seventeen (117), Golf Course Estates at Aspen Lakes Phase IV, Deschutes County, Oregon. DATED:

sqd-emb« ::,,~, 2006.

ging Member Aspen Lakes, LLC, Declarant STATE OF OREGON County of Deschutes On

) ) )

£.epf. l2-

, 2006, personally appeared before me the above named

Matthew Cyrus, Managing Member of Aspen Lakes, LLC, Declarant, and acknowledged the foregoing instrument to be his voluntary act.

DESCHUTES COUNTY OFFICIAL RECORDS NANCY BLANKENSHIP, COUNTY CLERK

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IIIIIIII II IIII IIIIIII IIIII Ill 11111111111111111111 00411710200800&4!220010011

After recording, return to Amerititle

15 OREGON AVENUE, BEND ·--?'~V-v.:0

Supplemental Declaration

D-CCR IN S!.OO S11.OO $10.00 S!.OO

s31 ,00

09/22/2006 04:04:17 PM

MERRILL O'SULLIVAN, LLP ATTORNEYS AT LAW 1070 NW BOND STREET, SUITE 303 seND, oR 97701

u,~,,

Page 1 \\Serverldata\WPDOCSIMMMICLIENTS\Cyrus\Sup Dec 9-1-06.doc

RESERVE ANALYSIS REPORT

Aspen Lakes Sisters, OR Report Period: Jan 01, 2023 - Dec 31, 2023

SRV 600 B Street, Ste 300, San Diego, CA, 92101 info@smartproperty.com | 877-864-8955 | http://www.smartproperty.com

TABLE OF CONTENTS

Reserve Study Introduction

Executive Summary

Component Inventory

Anticipated Expenditures (5 Years)

Funding Models

Current

100% in 10 Years

Ladder Funding

Minimum Threshold

Percent Funded Analysis

Reserve Allocation Report

Anticipated Expenditures (30 Years)

Component Photos & Details

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Reserve Study Introduction

Units: 116 | Start Date: 1/1/2023

The purpose of the Reserve Analysis Report is to help you better understand what you own, in order to develop a financial plan, and adequately budget to pay for future expenses. It consists of a component inventory, life cycle assessment, snapshot of current financial condition, and multiple funding plan options that give you more customization in selecting a strategy that's right for you.

What Should I Expect In My Reserve Analysis Report? By definition, the reserve analysis report is a budget-planning tool, which identifies the current status of the reserve fund and provides a stable and equitable funding plan to offset the anticipated expenditures of tomorrow. The contents are based on estimates of the most probable current replacement costs and remaining useful lives. Accordingly, the funding plans reflect judgments based on circumstances of the most likely replacement costs and the assumption of regular maintenance of useful and remaining lives. The property may elect to adopt any of the funding plans presented, or may implement some variation developed from the reserve analysis. The report includes the following: Executive Summary: Provides project description, financial information, assumptions used in calculations, key indicators of current funding plan, and category summary of expenditures. Anticipated Expenditures: Includes expenditures associated with the components you will refurbish, replace or repair in a given year. Component Inventory: Includes the useful life and remaining life of each component, current replacement cost, projected annual expenditures, and source of component information. Percent Funded Analysis: Provides a snapshot of the financial condition on a component basis by looking at how much you have in reserves vs. how much you should ideally have. Reserve Allocation: A comparison of your reserve allocation based on a component level across multiple funding plan options. Summary of Funding Plans: An overview of different funding plans that include key performance indicators of financial strength. The funding plans may include: - Current Funding / Adopted Funding: This funding model projects the reserve fund over the next 20-30 years based on a funding level equal to the Association's current assessments for reserve assets. - Baseline Funding: Baseline Funding is "a reserve-funding goal of allowing the reserve cash balance to never be below zero during the cash flow projection." Since reserve cash balance is the numerator in percent-funded calculations, Baseline Funding can also be described as not allowing percent funded to drop below zero. - Threshold Funding – Minimum $/%: A funding model designed to provide the lowest annual funding feasible over the next 30 years which will meet all reserve requirements as they occur. This plan is calculated in which a minimum annual contribution is sought with the constraint that the ending reserve balance or percentage for each year (1 through 30) must be greater than or equal to a specified dollar or percent funded amount. The calculation takes into consideration only the immediate total annual expense requirements. Due to this fact, annual allocations may fluctuate widely from year to year. This plan provides a minimal contingency for unanticipated emergency expenditures. Baseline Funding is a form of Threshold Funding where the minimum balance is $1.00 for the duration of the report. - Target Funding: A funding model designed to achieve a specific goal (percentage) over a projected time frame. Example of a typical target funding model would be “Target Funding – 100% in 10 Years”. This example is designed to achieve the fully funded mark of 100% in year 10. Once the target is hit, the model will then adjust to maintain this level of funding for the remaining years of the report. The target and designated time frame can be adjusted to meet specific requirements of a property. - Full Funding: A full funding model is designed to achieve and maintain a funding goal near or at 100%. This model can be calculated by designating a specific time frame to hit the 100% funded level (see Target Funding). - Ladder Funding: A funding plan designed to incorporate varying funding percent increases or dollar amounts to meet specific funding goals or expense requirements. This funding model may incorporate varying contribution percentage increases at different intervals throughout the projected time frame. SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Reserve Study Introduction

Units: 116 | Start Date: 1/1/2023

- Compliance Funding / Statutory Funding: Funding model designed to comply with specific state statute requirements. These will vary from state to state.

How Do I Read My Reserve Study? Here are four easy steps to help you better understand your reserve study so you can use it as an effective tool to budget and plan for your future needs. Step One (1): Understand What You Own. First things first. Whether you are evaluating the need to increase your reserve contributions or leaving them the same, everybody wants to know – “where is the money going ?” Typically, 3 to 5 categories make up 80 % to 90 % of the anticipated expenditures.Review the Executive Summary and Component Inventory to understand what you own. Step Two (2): Review Your Upcoming Anticipated Expenditures. It’s important to evaluate what projects are expected for repair, refurbishment, and/or replacement within the next 3 to 5 years. Review the Anticipated Expenditures report and if you don’t agree or don’t plan to complete those improvements, make sure your component inventory is adjusted accordingly. Step Three (3): Analyze Your Current Funding Plan. Always look to see if your Current Funding Plan is solvent. In other words, are you going to run out of money? Look to see if your current reserve contributions meet your anticipated expenditures over the life of the plan? If yes, great! If not, look at the year the ending reserve balance goes negative (the plan runs out of money), see what the anticipated expenditures driving the shortfall are, and make adjustments accordingly. Step Four (4): Adopt a Funding Plan that Meets Your Needs. We believe it’s important to give you options. That’s why we designed the Summary of Funding Plans for you to review. We show you what you are currently contributing to reserves, and let you compare to a minimum threshold amount, as well as a more conservative approach of 100% reserve funding in 10 years. If you don’t like those options we also give you the flexibility to create your own customized funding plans.

What Does Percent Funded Mean? This is an indicator of your financial strength. The ratio of Starting Reserve Balance divided by Fully Funded Reserve Balance is expressed as a percentage. Calculating percent funded is a three-step process. First, Calculate the fully funded balance (FFB) for each component. Per National Reserve Study Standards, FFB = Current Cost X Effective Age / Useful Life. Second, sum the individual component FFB values together for a property total. Third, divide the actual (or projected) total reserve balance by the property total FFB. Important to note, the percent funded is calculated relative to the fiscal year end. The higher the percentage is, the stronger or healthier your reserve fund is and the more confidence you’ll have to pay for future repairs. If your Reserve Fund Balance equals the Fully Funded Reserve Balance, the reserve fund would be considered fully funded, or 100% funded. This is considered an ideal amount. Think of the Reserve Fund Balance as the gas in your tank and the Fully Funded Reserve Balance as the ideal amount you need to fund your road trip. It's okay if the two don't match perfectly. Usually 70% funded or above is considered strong or healthy.

What Are The Assumptions Used In The Reserve Analysis? Assumptions are applied in calculating the inflation rate, average interest rate, and rate of reserve contribution increases over the duration of funding plan. The inflation rate is the percentage rate of change of a price index over time. Future-cost calculations include an assumed annual inflationary factor, which is incorporated into the component inventory, anticipated expenditures, and reserve funding projections. Typically the cost of goods and services will increase over time, so the analysis wants to take that into consideration as it projects long-term, future costs. The current replacement cost of each common area component will be annually compounded by the inflation rate selected. Historical inflation rates in this industry are about 3%, but users can increase or decrease the rate depending on the applicable economic climate. These costs should be updated and reincorporated into your reserve analysis on an ongoing basis.

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Reserve Study Introduction

Units: 116 | Start Date: 1/1/2023

For planning purposes, interest is applied to the average annual reserve balance represented in the reserve funding plans. Reserve funds deposited in certificates of deposit or money market accounts will generate interest income, increasing the reserves. Interest rates can be pegged to current bank rates or CD rates. Obviously, a lower rate is more conservative for planning purposes. Note that income from the reserve and operating accounts is taxable to an association, even if the association is established as a nonprofit organization. Adjustments to the operating budget may be required to account for applicable federal and state taxes. Annual reserve contribution increases are assumed in the reserve funding plans provided for future projections. Generally, this is established at the same rate as inflation with the school of thought being that contributions will, at a minimum, be raised to pace inflationary increases in the cost of goods and services. However, it’s important for users to be realistic. If users set it to 3% and then do not increase the annual reserve contributions by 3% annually, there will be a shortfall. If there is no plan or expectation to increase reserve contributions, it is best to leave at zero to develop a more realistic plan.

What Methodology Is Used to Perform the Reserve Analysis? The Cash Flow Method of calculation is utilized to perform your Reserve Analysis. In other words the reserves are ‘pooled’ together into one reserve account. This is a method of developing a reserve funding plan where contributions to the reserve fund are designed to offset the projected annual expenditures from year to year. At any given point in time using the Cash Flow Method, all components are funded equally in relation to the overall percent funded. If you are 88% funded, all of your components are equally funded at 88%. This method gives you the flexibility to pursue a solvent, reasonably funded reserve plan when multiple components on different life cycles exist. It allows for minor adjustments to the reserve plan without worry of funding shortfalls. If one or more of the anticipated expenditures are slightly higher than expected there should be cushion to absorb the shortfall and avoid a special assessment or the need to borrow money.

Disclosure The Reserve Analysis report is to be used only for the purpose stated herein, any use or reliance for any other purpose is invalid. The analysis provided is applicable as of the report completion date, and those items, which are not expected to undergo major repair or replacement within the duration of the report, have been defined as 'life of the project' and may not be included. It is imperative that these components be reviewed annually to consider the impact of changing conditions. Adjustments to the component useful lives and replacement costs should be made whenever the rate of deterioration has changed or when there have been significant changes in the cost of materials and/or labor. Some assumptions have been made about costs, conditions, and future events and circumstances that may occur. Some assumptions inevitably will not materialize and unanticipated events and circumstances may occur subsequent to the date of this report. Therefore, the actual replacement costs and remaining lives may vary from this report and the variations could be material. No conclusion or any other form of assurance on the reserve funding plans or projections is provided because the compilation of the reserve funding plans and related projections is limited as described above. No responsibility to update this report for events and circumstances occurring after the date of this report is assumed. The lack of reserve funding, or funding the reserve below the baseline funding, or the failure to fund some components, or the failure to include a component in the Reserve Study may, under some circumstances, require the association to (1) increase future reserve contributions, (2) defer major repair, replacement, or maintenance, (3) impose special assessments for the cost of major maintenance, repair, or replacement, or (4) borrow funds to pay for major maintenance, repair, or replacement. The site visit of the community is a limited scope visual inspection of all accessible common areas, or visible from the street, or other common areas. Hidden components, such as but not limited to, irrigation system, vault, and stormwater facilities, electric, plumbing, utility, structural, foundations, construction defects known or unknown, are not included in the scope of this reserve study. The site visit does not include any destructive or other testings. Measurements are taken on the field and/or using satellite mapping. The Reserve Study may not include all common and limited common element components that will require major maintenance, repair, or replacement in future years. Construction pricing, costs, and life expectancies included in the reserve study may have been obtained from numerous vendors, SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Reserve Study Introduction

Units: 116 | Start Date: 1/1/2023

contractors, historical data and costs, proposals and quotes obtained; and our general experience in the field with similar components or projects. Data and information obtained from previous reserve studies provided by the client were not audited and the client is considered to have deemed previous reserve studies accurate and reliable. This Reserve Study is provided as guidance for budgeting and planning purposes and not as an accounting tool. The information provided by the Board Members or official representative(s) of the Association, contractors, vendors, or other supplies about the financials, the actual or projected reserve balance, physical details and/or quantities of the components, or historical issues/conditions will be deemed reliable and is not intended to be used for the purpose of any type of audit, quality/forensic analysis, or background checks of historical records. Therefore, the information provided to us has not been independently verified or audited.

Glossary of Terms: Annual Fully Funded Requirement: This is a theoretical value represented in the Percent Funded Analysis report per component. It’s also considered the annual accrued depreciation. In other word it's the ideal amount required to Fully Fund the replacement on an annual basis. The amount is calculated based on the useful life and replacement cost and makes no adjustment to eliminate any current reserve deficits. Annual Reserve Contributions: The total assessments, fees, or dues are apportioned between annual operating costs (paying for trash, water, utilities, maintenance, insurance, management fees) and the money you are setting aside every year to pay for anticipated expenditures. This value should not include interest earned as that is already calculated into the reserve funding plans. Our Reserve Analysis Report compares the annual reserve contributions vs. the anticipated expenditures over the duration of the reserve funding plan. Component: Components are all the different common parts of the property (that typically an HOA would be responsible for). They are everything from the roof to asphalt or concrete to decking and balconies to landscaping, lighting, and painting. All of these things need to be repaired or replaced eventually. Our Reserve Analysis Report provides estimates of those current replacement costs to help determine how much money will be required in the bank to pay for them eventually. Fully Funded Reserve Balance: The Fully Funded Reserve Balance is the total accrued depreciation. In other words it’s the amount of life “used up” for each one of your components translated into a dollar value. This is calculated by multiplying the fractional age of each component by its current estimated replacement cost, then adding them all together, otherwise known as straight-line depreciation. Its purpose is to help you measure the strength of your reserve fund. Here’s a simple example not taking interest and inflation into consideration: If the association’s reserve study says replace the roof every 10 years at a cost of $100,000, Fully Funded does not mean $100,000 is required today. It means that $10,000 is required in the bank this year, $20,000 next year, $30,000 the following year, and so on until you have $100,000 on the 10th year when the roof is scheduled to be replaced. Reserve Balance: This is how much money you have in the bank set aside for reserves at a given point in time, like at the start of each fiscal year called ‘Starting Reserve Balance’ or at the end of the fiscal year called ‘Ending Reserve Balance.’ It can also be the reserve accumulated to date, like in the Percent Funding Analysis report where each component has an ‘Accumulated Reserve Balance’ value. Reserves are the money set aside for anticipated common area expenses. The reserve account (also called cash reserves or reserve funds) is funded by dues collected from owners (like HOA fees). Just like an emergency fund or a rainy-day fund to cover personal expenses if the car breaks down or the kitchen sink leaks, HOAs with commonly owned space like condominiums must set aside a healthy percentage of funds every year to plan for the future. Without it, paying for big expenses becomes difficult. It may require a special assessment to raise the funds to pay for a repair, putting an oversized financial burden on owners. Or a capital improvement loan may be required. The Reserve Analysis report will help figure out a sufficient amount of money to put away in reserves each year to pay for those eventual expenses. Usually a 70% funded reserve balance or above is considered strong. Remaining Useful Life (RUL): Remaining useful life is how many remaining years of use a component should have left before it has SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Reserve Study Introduction

Units: 116 | Start Date: 1/1/2023

to be replaced. For example, if the useful life of your roof is 20 years and it is five years old, the remaining useful life would be 15 years. Replacement Contingency %: The replacement contingency percentage is a budgeting option that gives you the flexibility to determine the amount or percentage to fund replacements. This gives you more control to establish the funds available to make the necessary repairs on a cycled basis. For example, the retaining walls may be estimated to be replaced over 25 years, but the budget may call to phase the replacement in stages of 20% every five years. It may be determined to only account for that percentage of the replacement cost in your budget. Source: These are the source(s) utilized to obtain component repair or replacement cost estimates and can be reviewed on the Component Inventory report. Useful Life (UL): Useful life is how many years a component is expected to be in use from the time it’s new (or refurbished); to the time it has to be replaced. For example, the roof – depending on what kind it is – might have a useful life of 20 years. After 20 years, you’d expect to replace it.

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Aspen Lakes

Executive Summary

Units: 116 | Start Date: 1/1/2023

Property Description

Financial Summary

Property Name:

Aspen Lakes

Starting Reserve Balance:

$624,000

Location:

Sisters, OR

Fully Funded Reserve Balance:

$621,653

Project Type:

Privately Owned

Percent Funded:

100%

Current Replacement Cost:

$807,335

Deficit/Surplus vs. Fully Funded Reserve:

$2,347 or

Homes Number of Units:

116

Age of Project:

30 Year(s)

$20.23 Per Unit Avg

Assumed Inflation, Interest & Rate of Annual Reserve Contribution Increase Funding and anticipated expenditures have been computed with a time value of money approach with the following rates: Inflation:

Interest:

Annual Reserve Contribution Increase:

3.00 %

1.50 %

Varies

Applied to the anticipated expenditures

Applied to the average annual reserve balance

See individual funding models

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Executive Summary

Units: 116 | Start Date: 1/1/2023

Summary of Funding Plans Recommended funding plan

Funding Plans

Annual

Monthly

Meet All

1st Year of

Average Reserve

Average Percent

Reserve

Anticipated

Reserve Deficit

Balance Over

Funded Over

Contributions

Expenditures During

(if Applicable)

30 Years

(Avg. Per Unit)

Next 30 Years

Current

$63,300

$45.47

Yes

N/A

$941,250

135%

100% in 10 Years

$54,345

$39.04

Yes

N/A

$707,185

102%

Ladder Funding

$63,300

$45.47

Yes

N/A

$764,788

115%

Minimum Threshold

$39,736

$28.55

Yes

N/A

$226,252

37%

Current

100% in 10 Years

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Ladder Funding

Minimum Threshold

Aspen Lakes

Executive Summary

Units: 116 | Start Date: 1/1/2023

Expenditures by Category Current Replacement Cost: $807,335.00

Equipement

3-3

RUL

1-1

Current

Accumulated

Annual Fully

Fully Funded

Annual

Replacement

Reserve

Funded

Reserve

Cost

Balance

Requirement

Balance

Contribution

$630

$422

$210

$420

$282

Fencing / Security

10-10

2-2

$740

$594

$74

$592

$99

Gates

10-10

0-7

$12,456

$6,913

$1,246

$6,887

$1,671

Pool / Spa

2-20

0-11

$68,901

$52,014

$4,749

$51,818

$6,369

Recreation Center

4-30

0-7

$51,739

$44,429

$4,277

$44,262

$5,736

Streets / Asphalt

2-30

0-12

$665,178

$513,150

$35,352

$511,220

$47,412

Tennis Courts

5-6

0-1

$7,691

$6,478

$1,291

$6,453

$1,731

Totals

$807,335

$624,000

$47,198

$621,653

$63,300

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Inventory

Units: 116 | Start Date: 1/1/2023

Current Replacement Cost: $807,335 Component

GL Code

Project

RUL

Unit Price Quantity

Number

Current

Anticipated

Replacement

Expenditures

Source

Cost Equipement Dog Waster Station

$630.00 / Total

$630

$649

Totals

$630

$649

User

Fencing / Security Security System

$740.00 / Total

$740

$785

Totals

$740

$785

User

$2,652.00 / Total

$2,652

$3,262

User

Gates Golden Stone Key Pad

Golden Stone Masonry

$1,500.00 / Total

$1,500

User

Lady Caroline Key Pad

$2,652.00 / Total

$2,652

$3,262

User

Lady Caroline Masonry

$1,500.00 / Total

$1,500

User

Royal Coachman Masonry

$1,500.00 / Total

$1,500

User

Royal Coachmen Key Pad

$2,652.00 / Total

$2,652

$3,262

User

Totals

$12,456

$14,285

Pool / Spa Pool Chairs

$757.00 / Total

$757

User

Pool Decking Replacement

$4,426.00 / Total

$4,426

$4,696

User

Pool Decking Sealing

$770.00 / Total

$770

User

Pool Fence

$12,732.00 / Total

$12,732

$13,507

User

Pool Filters

$3,500.00 / Total

$3,500

$3,713

User

Pool Heater - Main Pool

$2,122.00 / Total

$2,122

User

Pool Heater Spa

$1,273.00 / Total

$1,273

User

Pool Heater Wading Pool

$1,273.00 / Total

$1,273

User

Pool Pumps

$2,122.00 / Total

$2,122

User

Pool Replaster

$21,218.00 / Total

$21,218

$22,510

User

Pool Replaster Spa

$3,605.00 / Total

$3,605

$4,990

User

Pool Replaster Wading Pool

$1,273.00 / Total

$1,273

$1,351

User

Pool Tile Work

$13,300.00 / Total

$13,300

$18,410

User

Spa Pump

$530.00 / Total

$530

$652

User

Totals

$68,901

$78,146

Recreation Center Appliances

$1,061.00 / Total

$1,061

User

Exercise Room TV

$200.00 / Total

$200

$212

User

Exterior Paint

$5,835.00 / Total

$5,835

User

Furniture

$5,304.00 / Total

$5,304

User

Interior Paint

$3,183.00 / Total

$3,183

User

New Roof

$31,700.00 / Total

$31,700

$38,987

User

Office Furniture

$1,273.00 / Total

$1,273

User

Refinish Floors

$3,183.00 / Total

$3,183

User

Totals

$51,739

$59,038

Streets / Asphalt Crack Seal All Roads

0 $10,000.00 / Total

$10,000

User

Road Overlay

5 $146,000.00 / Total

$146,000

$169,254

User

Road Overlay

$19,852.00 / Total

$19,852

$23,014

User

Road Overlay Caddis CT

$7,369.00 / Total

$7,369

$10,506

User

Road Overlay Golden Stone

10 $185,117.00 / Total

$185,117

$248,782

User

Road Overlay Green Drake

5 $60,700.00 / Total

$60,700

$70,368

User

Road Overlay Royal

7 $185,803.00 / Total

$185,803

$228,514

User

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Aspen Lakes

Component Inventory Component

GL Code

Units: 116 | Start Date: 1/1/2023 Project

RUL

Unit Price Quantity

Number

Current

Anticipated

Replacement

Expenditures

Source

Cost Coachman Road SS Caddis Ct

$1,795.00 / Total

Road SS Damsel Fly

Road SS Golden Stone

$1,444.00 / Total

$12,349.00 / Total

Road SS Golden Stone

$12,349.00 / Total

Road SS Lady Caroline

$7,400.00 / Total

Road SS Royal Coachman

$15,000.00 / Total

$1,795

$1,904

User

$1,444

User

$12,349

User

$12,349

User

$7,400

User

$15,000

$15,914

User

Totals

$665,178

$811,798

Tennis Courts Tennis Court Nets

$265.00 / Total

$265

User

Tennis Court Resurface

$7,426.00 / Total

$7,426

$7,649

User

Totals

$7,691

$7,914

Measure key : SF = Square Feet , EA = Each , SY = Square Yard(s) , LF = Linear Feet , ALW = Allowance , BLD = Building(s) , CY = Cubic Yard(s) , LT = Lot , PLC = Place(s) , SQ = Square(s) , TN = Ton(s), LS = Lump Sum

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Aspen Lakes

Anticipated Expenditures (5 Years)

Component

Location

GL Code

Units: 116 | Start Date: 1/1/2023

Project Number

Category

Current

Anticipated Expenditures

Replacement Cost 2023 Appliances

Recreation Center

$1,061

Crack Seal All Roads

Streets / Asphalt

$10,000

Exterior Paint

Recreation Center

$5,835

Furniture

Recreation Center

$5,304

Gates

$1,500

Golden Stone Masonry Interior Paint Lady Caroline Masonry Office Furniture

Recreation Center

$3,183

Gates

$1,500

$1,500 $1,273

Recreation Center

$1,273

Pool Chairs

Pool / Spa

$757

Pool Decking Sealing

Pool / Spa

$770

Pool Heater - Main Pool

Pool / Spa

$2,122

Pool Heater Spa

Pool / Spa

$1,273

Pool Heater Wading Pool

Pool / Spa

$1,273

Pool Pumps

Pool / Spa

$2,122

Refinish Floors

Recreation Center

$3,183

Road SS Damsel Fly

Streets / Asphalt

$1,444

Road SS Golden Stone

Streets / Asphalt

$12,349

Road SS Golden Stone

Streets / Asphalt

$12,349

Road SS Lady Caroline

Streets / Asphalt

$7,400

Gates

$1,500

Tennis Courts

$265

Total for 2023:

$76,463

Royal Coachman Masonry Tennis Court Nets 2024 Dog Waster Station

Equipement

$630

$649

Tennis Court Resurface

Tennis Courts

$7,426

$7,649

Total for 2024:

$8,298

$10,609

2025 Crack Seal All Roads

Streets / Asphalt

$10,000

Exercise Room TV

Recreation Center

$200

$212

Pool Chairs

Pool / Spa

$757

$803

Pool Decking Replacement

Pool / Spa

$4,426

$4,696

Pool Fence

Pool / Spa

$12,732

$13,507

Pool Filters

Pool / Spa

$3,500

$3,713

Pool Replaster

Pool / Spa

$21,218

$22,510

Pool Replaster Wading Pool

Pool / Spa

$1,273

$1,351

Streets / Asphalt

$1,795

$1,904

Road SS Caddis Ct

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Aspen Lakes

Anticipated Expenditures (5 Years) Component

Location

GL Code

Units: 116 | Start Date: 1/1/2023 Project Number

Category

Current

Anticipated Expenditures

Replacement Cost Road SS Royal Coachman

Streets / Asphalt

$15,000

Security System

Fencing / Security

$740

$15,914 $785

Total for 2025:

$76,004

Total for 2026:

$10,000

$11,255

2026

2027 Crack Seal All Roads

Streets / Asphalt

Dog Waster Station

Equipement

$630

$709

Exterior Paint

Recreation Center

$5,835

$6,567

Pool Chairs

Pool / Spa

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$757

$852

Total for 2027:

$19,384

Aspen Lakes

Current

Units: 116 | Start Date: 1/1/2023

Annual Reserve Contribution Increase of 3%

This plan represents a first-year reserve contribution of $63,300 or $45.47 monthly per unit. This funding model incorporates an annual component inflation factor of 3% per year, an average interest rate of 1.5% per year, and assumes an annual reserve contribution increases of 3%. Based on the projected starting reserve balance of $624,000 as of Jan 1, 2023, this plan will meet all anticipated expenditures as they occur. If maintained, this plan should be reviewed annually and adjusted accordingly to ensure all future expenditures will be funded.

Year

Total Reserve Funds

Anticipated Expenditures

Ending Reserve Balance

Annual

Monthly

Starting

Interest

Total

Anticipated

Ending

Fully Funded

Percent

Reserve

Earned

Reserve

Expenditures

Reserve

Funded

Contributions

Balance

$76,463

$620,098

$610,159

Funds

(Avg. Per Unit) 2023

$63,300

$45.47

$624,000

$9,261

$696,561

2024

$65,199

$46.84

2025

$67,155

$48.24

2026

$69,170

2027

$71,245

2028

102%

$620,098

$9,728

$695,026

$8,298

$686,728

$669,990

102%

$686,728

$10,235

$764,117

$76,004

$688,113

$663,380

104%

$49.69

$688,113

$10,840

$768,124

$736,403

104%

$51.18

$768,124

$11,911

$851,279

$19,384

$831,896

$793,246

105%

$73,382

$52.72

$831,896

$10,758

$916,036

$302,720

$613,316

$561,598

109%

2029

$75,584

$54.30

$613,316

$9,670

$698,570

$12,844

$685,725

$623,264

110%

2030

$77,851

$55.93

$685,725

$8,433

$772,009

$324,927

$447,083

$367,076

122%

2031

$80,187

$57.61

$447,083

$7,150

$534,419

$21,018

$513,401

$418,023

123%

2032

$82,592

$59.33

$513,401

$8,320

$604,313

$493,993

122%

2033

$85,070

$61.11

$604,313

$7,264

$696,647

$325,157

$371,491

$239,235

155%

2034

$87,622

$62.95

$371,491

$6,054

$465,167

$23,400

$441,766

$289,603

153%

2035

$90,251

$64.84

$441,766

$6,858

$538,875

$59,449

$479,426

$306,370

156%

2036

$92,958

$66.78

$479,426

$7,800

$580,184

$11,831

$568,354

$374,767

152%

2037

$95,747

$68.78

$568,354

$8,972

$673,073

$36,169

$636,904

$422,289

151%

2038

$98,619

$70.85

$636,904

$9,874

$745,397

$55,853

$689,544

$453,168

152%

2039

$101,578

$72.97

$689,544

$10,898

$802,020

$27,636

$774,384

$516,309

150%

2040

$104,625

$75.16

$774,384

$12,085

$891,093

$42,116

$848,977

$568,770

149%

2041

$107,764

$77.42

$848,977

$13,406

$970,147

$18,313

$951,834

$649,732

146%

2042

$110,997

$79.74

$951,834

$15,004

$1,077,835

$14,126

$1,063,708

$739,919

144%

2043

$114,327

$82.13

$1,063,708

$15,973

$1,194,008

$112,042

$1,081,966

$734,515

147%

2044

$117,757

$84.60

$1,081,966

$16,929

$1,216,652

$24,472

$1,192,179

$821,781

145%

2045

$121,289

$87.13

$1,192,179

$17,754

$1,331,223

$138,479

$1,192,744

$796,950

150%

2046

$124,928

$89.75

$1,192,744

$18,828

$1,336,500

$916,802

146%

2047

$128,676

$92.44

$1,336,500

$20,760

$1,485,935

$33,728

$1,452,207

$1,008,389

144%

2048

$132,536

$95.21

$1,452,207

$22,108

$1,606,851

$89,264

$1,517,587

$1,048,485

145%

2049

$136,512

$98.07

$1,517,587

$23,340

$1,677,440

$59,656

$1,617,784

$1,123,335

144%

2050

$140,608

$101.01

$1,617,784

$24,897

$1,783,288

$56,601

$1,726,688

$1,206,722

143%

2051

$144,826

$104.04

$1,726,688

$26,465

$1,897,979

$69,500

$1,828,478

$1,282,563

143%

2052

$149,171

$107.16

$1,828,478

$28,546

$2,006,195

$1,435,602

140%

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Aspen Lakes

100% in 10 Years

Units: 116 | Start Date: 1/1/2023

Target - 100% Funded in 10 Years

This plan represents a first-year reserve contribution of $54,345 or $39.04 monthly per unit and is calculated to achieve the target funding goal of 100% in 10 years. Upon meeting the designated target, the funding will adjust to maintain this percentage for the remaining years. Assumptions used in this model include a component inflation factor of 3% per year, annual average interest rate of 1.5% per year and a varied annual contribution rate calculated to meet target requirements.

Year

Total Reserve Funds

Anticipated Expenditures

Ending Reserve Balance

Annual

Monthly

Starting

Interest

Total

Anticipated

Ending

Fully Funded

Percent

Reserve

Earned

Reserve

Expenditures

Reserve

Funded

Contributions

Balance

$76,463

$611,076

$610,159

100%

Funds

(Avg. Per Unit) 2023

$54,345

$39.04

2024

$55,975

$40.21

2025

$57,655

$41.42

2026

$59,384

$42.66

2027

$61,166

2028

$63,001

$624,000

$9,194

$687,539

$611,076

$9,524

$676,575

$8,298

$668,278

$669,990

100%

$668,278

$9,887

$735,819

$76,004

$659,815

$663,380

99%

$659,815

$10,343

$729,542

$736,403

99%

$43.94

$729,542

$11,256

$801,964

$19,384

$782,580

$793,246

99%

$45.26

$782,580

$9,941

$855,522

$302,720

$552,802

$561,598

98%

2029

$64,891

$46.62

$552,802

$8,682

$626,375

$12,844

$613,531

$623,264

98%

2030

$66,837

$48.02

$613,531

$7,267

$687,635

$324,927

$362,709

$367,076

99%

2031

$68,843

$49.46

$362,709

$5,799

$437,351

$21,018

$416,332

$418,023

100%

2032

$70,908

$50.94

$416,332

$6,777

$494,017

$493,993

100%

2033

$71,388

$51.28

$494,017

$5,507

$570,912

$325,157

$245,756

$239,235

103%

2034

$73,530

$52.82

$245,756

$4,062

$323,348

$23,400

$299,947

$289,603

104%

2035

$75,736

$54.41

$299,947

$4,621

$380,304

$59,449

$320,856

$306,370

105%

2036

$78,008

$56.04

$320,856

$5,309

$404,172

$11,831

$392,342

$374,767

105%

2037

$80,348

$57.72

$392,342

$6,216

$478,906

$36,169

$442,737

$422,289

105%

2038

$82,758

$59.45

$442,737

$6,843

$532,338

$55,853

$476,485

$453,168

105%

2039

$85,241

$61.24

$476,485

$7,579

$569,306

$27,636

$541,669

$516,309

105%

2040

$87,798

$63.07

$541,669

$8,468

$637,935

$42,116

$595,819

$568,770

105%

2041

$90,432

$64.97

$595,819

$9,478

$695,730

$18,313

$677,417

$649,732

104%

2042

$93,145

$66.91

$677,417

$10,754

$781,316

$14,126

$767,189

$739,919

104%

2043

$95,940

$68.92

$767,189

$11,387

$874,516

$112,042

$762,474

$734,515

104%

2044

$98,818

$70.99

$762,474

$11,995

$873,286

$24,472

$848,814

$821,781

103%

2045

$101,782

$73.12

$848,814

$12,457

$963,054

$138,479

$824,575

$796,950

103%

2046

$104,836

$75.31

$824,575

$13,155

$942,565

$916,802

103%

2047

$107,981

$77.57

$942,565

$14,695

$1,065,242

$33,728

$1,031,514

$1,008,389

102%

2048

$111,220

$79.90

$1,031,514

$15,637

$1,158,371

$89,264

$1,069,107

$1,048,485

102%

2049

$114,557

$82.30

$1,069,107

$16,448

$1,200,112

$59,656

$1,140,457

$1,123,335

102%

2050

$117,994

$84.77

$1,140,457

$17,567

$1,276,018

$56,601

$1,219,417

$1,206,722

101%

2051

$121,533

$87.31

$1,219,417

$18,682

$1,359,632

$69,500

$1,290,131

$1,282,563

101%

2052

$125,179

$89.93

$1,290,131

$20,291

$1,435,602

100%

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Aspen Lakes

Ladder Funding

Units: 116 | Start Date: 1/1/2023

Variable Annual Increase Funding Model

This plan represents first-year reserve contribution of $63,300 or $45.47 monthly per unit and incorporates the following variable annual increases in funding: 3% in years 1-5, 1% in years 6-30. If maintained, this plan will meet all anticipated expenditures as they occur over the projected 30 years. If designated future year increases are not maintained the association may be unable to meet all future expense requirements. If adopted, this plan should be reviewed annually and adjusted accordingly to ensure all funding goals and expectations are being met.

Year

Total Reserve Funds

Anticipated Expenditures

Ending Reserve Balance

Annual

Monthly

Starting

Interest

Total

Anticipated

Ending

Fully Funded

Percent

Reserve

Earned

Reserve

Expenditures

Reserve

Funded

Contributions

Balance

Funds

(Avg. Per Unit) Duration: 5 years

Rate of Annual Reserve Contribution Increases: 3.00%

Additional Funds To Reserves: $0.00

2023

$63,300

$45.47

$624,000

$9,261

$696,561

$76,463

$620,098

$610,159

102%

2024

$65,199

$46.84

$620,098

$9,728

$695,026

$8,298

$686,728

$669,990

102%

2025

$67,155

$48.24

$686,728

$10,235

$764,117

$76,004

$688,113

$663,380

104%

2026

$69,170

$49.69

$688,113

$10,840

$768,124

$736,403

104%

2027

$71,245

$51.18

$768,124

$11,911

$851,279

$19,384

$831,896

$793,246

105%

2028

$73,382

$52.72

$831,896

$10,758

$916,036

$302,720

$613,316

$561,598

109%

2029

$74,116

$53.24

$613,316

$9,659

$697,091

$12,844

$684,247

$623,264

110%

2030

$74,857

$53.78

$684,247

$8,388

$767,492

$324,927

$442,565

$367,076

121%

2031

$75,606

$54.31

$442,565

$7,048

$525,219

$21,018

$504,201

$418,023

121%

2032

$76,362

$54.86

$504,201

$8,136

$588,698

$493,993

119%

Duration: 25 years

Rate of Annual Reserve Contribution Increases: 1.00%

Additional Funds To Reserves: $0.00

2033

$77,125

$55.41

$588,698

$6,970

$672,793

$325,157

$347,637

$239,235

145%

2034

$77,897

$55.96

$347,637

$5,623

$431,157

$23,400

$407,756

$289,603

141%

2035

$78,675

$56.52

$407,756

$6,261

$492,692

$59,449

$433,244

$306,370

141%

2036

$79,462

$57.08

$433,244

$7,006

$519,712

$11,831

$507,881

$374,767

136%

2037

$80,257

$57.66

$507,881

$7,949

$596,087

$36,169

$559,918

$422,289

133%

2038

$81,059

$58.23

$559,918

$8,588

$649,565

$55,853

$593,712

$453,168

131%

2039

$81,870

$58.81

$593,712

$9,312

$684,895

$27,636

$657,258

$516,309

127%

2040

$82,689

$59.40

$657,258

$10,163

$750,110

$42,116

$707,994

$568,770

124%

2041

$83,516

$60.00

$707,994

$11,109

$802,619

$18,313

$784,306

$649,732

121%

2042

$84,351

$60.60

$784,306

$12,291

$880,948

$14,126

$866,821

$739,919

117%

2043

$85,194

$61.20

$866,821

$12,801

$964,817

$112,042

$852,774

$734,515

116%

2044

$86,046

$61.81

$852,774

$13,253

$952,074

$24,472

$927,602

$821,781

113%

2045

$86,907

$62.43

$927,602

$13,527

$1,028,036

$138,479

$889,557

$796,950

112%

2046

$87,776

$63.06

$889,557

$14,002

$991,335

$916,802

108%

2047

$88,654

$63.69

$991,335

$15,282

$1,095,270

$33,728

$1,061,542

$1,008,389

105%

2048

$89,540

$64.32

$1,061,542

$15,925

$1,167,007

$89,264

$1,077,743

$1,048,485

103%

2049

$90,435

$64.97

$1,077,743

$16,397

$1,184,576

$59,656

$1,124,920

$1,123,335

100%

2050

$91,340

$65.62

$1,124,920

$17,134

$1,233,394

$56,601

$1,176,793

$1,206,722

98%

2051

$92,253

$66.27

$1,176,793

$17,823

$1,286,869

$69,500

$1,217,369

$1,282,563

95%

2052

$93,176

$66.94

$1,217,369

$18,959

$1,329,504

$1,435,602

93%

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Aspen Lakes

Minimum Threshold

Units: 116 | Start Date: 1/1/2023

Min Balance: $45,000 (5% of Current Replacement Cost)

This plan represents the minimum annual reserve contribution of $39,736 or $28.55 monthly per unit for the first year of implementation to meet all future anticipated expenditures each year over the next 30 years. The minimum threshold amount is calculated by ensuring the ending reserve balance is equal to or greater than $45,000 (or 5% of the current replacement cost) over the duration of the plan. The annual reserve contributions may also fluctuate from year to year because the plan only takes into consideration meeting anticipated expenditures.

Year

Total Reserve Funds

Anticipated Expenditures

Ending Reserve Balance

Annual

Monthly

Starting

Interest

Total

Anticipated

Ending

Fully Funded

Percent

Reserve

Earned

Reserve

Expenditures

Reserve

Funded

Contributions

Balance

$596,358

$610,159

Funds

(Avg. Per Unit) 2023

$39,736

$28.55

$624,000

$9,085

$672,821

$76,463

98%

2024

$40,928

$29.40

$596,358

$9,190

$646,476

$8,298

$638,178

$669,990

95%

2025

$42,156

$30.28

$638,178

$9,319

$689,653

$76,004

$613,649

$663,380

93%

2026

$43,421

$31.19

$613,649

$9,530

$666,600

$736,403

91%

2027

$44,723

$32.13

$666,600

$10,189

$721,512

$19,384

$702,128

$793,246

89%

2028

$46,065

$33.09

$702,128

$8,607

$756,800

$302,720

$454,080

$561,598

81%

2029

$47,447

$34.09

$454,080

$7,071

$508,598

$12,844

$495,753

$623,264

80%

2030

$48,870

$35.11

$495,753

$5,366

$549,989

$324,927

$225,063

$367,076

61%

2031

$50,336

$36.16

$225,063

$3,596

$278,995

$21,018

$257,977

$418,023

62%

2032

$51,846

$37.25

$257,977

$4,259

$314,082

$493,993

64%

2033

$53,402

$38.36

$314,082

$2,673

$370,157

$325,157

$45,000

$239,235

19%

2034

$40,024

$28.75

$45,000

$800

$85,824

$23,400

$62,424

$289,603

22%

2035

$41,225

$29.62

$62,424

$800

$104,449

$59,449

$45,000

$306,370

15%

2036

$42,462

$30.50

$45,000

$905

$88,367

$11,831

$76,536

$374,767

20%

2037

$43,736

$31.42

$76,536

$1,205

$121,477

$36,169

$85,308

$422,289

20%

2038

$45,048

$32.36

$85,308

$1,199

$131,554

$55,853

$75,701

$453,168

17%

2039

$46,399

$33.33

$75,701

$1,276

$123,377

$27,636

$95,740

$516,309

19%

2040

$47,791

$34.33

$95,740

$1,479

$145,010

$42,116

$102,894

$568,770

18%

2041

$49,225

$35.36

$102,894

$1,775

$153,894

$18,313

$135,581

$649,732

21%

2042

$50,702

$36.42

$135,581

$2,308

$188,591

$14,126

$174,465

$739,919

24%

2043

$52,223

$37.52

$174,465

$2,168

$228,856

$112,042

$116,814

$734,515

16% 18%

2044

$53,789

$38.64

$116,814

$1,972

$172,575

$24,472

$148,103

$821,781

2045

$55,403

$39.80

$148,103

$1,598

$205,105

$138,479

$66,626

$796,950

2046

$43,222

$31.05

$66,626

$1,324

$111,172

$916,802

12%

2047

$44,519

$31.98

$111,172

$1,749

$157,439

$33,728

$123,711

$1,008,389

12%

2048

$45,855

$32.94

$123,711

$1,530

$171,096

$89,264

$81,832

$1,048,485

2049

$47,230

$33.93

$81,832

$1,134

$130,196

$59,656

$70,541

$1,123,335

2050

$48,647

$34.95

$70,541

$998

$120,186

$56,601

$63,586

$1,206,722

2051

$50,106

$36.00

$63,586

$808

$114,500

$69,500

$45,000

$1,282,563

2052

$51,610

$37.08

$45,000

$1,062

$97,672

$1,435,602

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Percent Funded Analysis

Units: 116 | Start Date: 1/1/2023

Current Percent Funded: 100% Component

RUL

Effective

Current

Starting

Annual

Fully

Annual

Age

Replacement

Reserve

Fully

Funded

Reserve

Cost

Balance

Funding

Reserve

Contrib.

Reqmt.

Balance

EQUIPEMENT Dog Waster Station

$630

$422

$210

$420

$282

Total

$630

$422

$210

$420

$282

$740

$594

$74

$592

$99

Total

$740

$594

$74

$592

$99

$356

FENCING / SECURITY Security System

GATES Golden Stone Key Pad

$2,652

$799

$265

$796

Golden Stone Masonry

$1,500

$1,506

$150

$1,500

$201

Lady Caroline Key Pad

$2,652

$799

$265

$796

$356

Lady Caroline Masonry

$1,500

$1,506

$150

$1,500

$201

Royal Coachman Masonry

$1,500

$1,506

$150

$1,500

$201

Royal Coachmen Key Pad

$2,652

$799

$265

$796

$356

Total

$12,456

$6,913

$1,246

$6,887

$1,671

$757

$760

$379

$757

$508

POOL / SPA Pool Chairs

Pool Decking Replacement

$4,426

$3,998

$221

$3,983

$297

Pool Decking Sealing

$770

$773

$154

$770

$207

Pool Fence

$12,732

$11,502

$637

$11,459

$854

Pool Filters

$3,500

$3,162

$175

$3,150

$235

Pool Heater - Main Pool

$2,122

$2,130

$303

$2,122

$407

Pool Heater Spa

$1,273

$1,278

$182

$1,273

$244

Pool Heater Wading Pool

$1,273

$1,278

$182

$1,273

$244

Pool Pumps

$2,122

$2,130

$212

$2,122

$285

Pool Replaster

$21,218

$19,168

$1,061

$19,096

$1,423

Pool Replaster Spa

$3,605

$965

$240

$961

$322

Pool Replaster Wading Pool

$1,273

$1,150

$64

$1,146

$85

Pool Tile Work

$13,300

$3,560

$887

$3,547

$1,189

Spa Pump

$530

$160

$53

$159

$71

Total

$68,901

$52,014

$4,749

$51,818

$6,369

$1,061

$1,065

$106

$1,061

$142

RECREATION CENTER Appliances

Exercise Room TV

$200

$120

$40

$120

$54

Exterior Paint

$5,835

$5,857

$1,459

$5,835

$1,956

Furniture

$5,304

$5,324

$758

$5,304

$1,016

Interior Paint

$3,183

$3,195

$455

$3,183

$610

New Roof

$31,700

$24,395

$1,057

$24,303

$1,417

Office Furniture

$1,273

$1,278

$85

$1,273

$114

Refinish Floors

$3,183

$3,195

$318

$3,183

$427

Total

$51,739

$44,429

$4,277

$44,262

$5,736

STREETS / ASPHALT Crack Seal All Roads

$10,000

$10,038

$5,000

$10,000

$6,706

Road Overlay

$146,000

$122,126

$4,867

$121,667

$6,527

Road Overlay

$19,852

$16,606

$662

$16,543

$887

Road Overlay Caddis CT

$7,369

$2,959

$368

$2,948

$494

Road Overlay Golden Stone

$185,117

$123,877

$6,171

$123,411

$8,276

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Percent Funded Analysis Component

Units: 116 | Start Date: 1/1/2023 UL

RUL

Effective

Current

Starting

Annual

Fully

Annual

Age

Replacement

Reserve

Fully

Funded

Reserve

Cost

Balance

Funding

Reserve

Contrib.

Reqmt.

Balance

Road Overlay Green Drake

Road Overlay Royal Coachman Road SS Caddis Ct

$60,700

$50,774

$2,023

$50,583

$2,714

$185,803

$142,987

$6,193

$142,449

$8,306

$1,795

$1,081

$359

$1,077

$481

Road SS Damsel Fly

$1,444

$1,449

$289

$1,444

$387

Road SS Golden Stone

$12,349

$12,396

$2,470

$12,349

$3,312

Road SS Golden Stone

$12,349

$12,396

$2,470

$12,349

$3,312

Road SS Lady Caroline

$7,400

$7,428

$1,480

$7,400

$1,985

Road SS Royal Coachman

$15,000

$9,034

$3,000

$9,000

$4,023

Total

$665,178

$513,150

$35,352

$511,220

$47,412

TENNIS COURTS Tennis Court Nets

$265

$266

$53

$265

$71

Tennis Court Resurface

$7,426

$6,212

$1,238

$6,188

$1,660

Total

$7,691

$6,478

$1,291

$6,453

$1,731

Totals

$807,335

$624,000

$47,198

$621,653

$63,300

Percent Funded Calculations: Effective Age (Column C): (A) - (B) = (C). Starting Reserve Balance (Column E): G (Individual) / G (Total) * E (Total) = E (Individual). Annual Fully Funding Requirement (Column F): (D) / (A) = (F). Fully Funded Reserve Balance (Column G): (C) * (F) = (G)

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Reserve Allocation Report Component

Units: 116 | Start Date: 1/1/2023 GL Code

Current

Minimum Threshold

100% in 10 Years

Ladder Funding

$282

$177

$242

$282

$177

$242

$282

$99

$62

$85

$99

$62

$85

$99

Golden Stone Key Pad

$356

$223

$305

$356

Golden Stone Masonry

$201

$126

$173

$201

Lady Caroline Key Pad

$356

$223

$305

$356

Lady Caroline Masonry

$201

$126

$173

$201

Royal Coachman Masonry

$201

$126

$173

$201

Royal Coachmen Key Pad

$356

$223

$305

$356

$1,671

$1,049

$1,434

$1,671

$508

$319

$436

$508

Pool Decking Replacement

$297

$186

$255

$297

Pool Decking Sealing

$207

$130

$177

$207

Pool Fence

$854

$536

$733

$854

Pool Filters

$235

$147

$201

$235

Pool Heater - Main Pool

$407

$255

$349

$407

Pool Heater Spa

$244

$153

$209

$244

Pool Heater Wading Pool

$244

$153

$209

$244

Pool Pumps

$285

$179

$244

$285

Pool Replaster

$1,423

$893

$1,222

$1,423

Pool Replaster Spa

$322

$202

$277

$322

Pool Replaster Wading Pool

$85

$54

$73

$85

$1,189

$746

$1,021

$1,189

$71

$45

$61

$71

$6,369

$3,998

$5,468

$6,369

Appliances

$142

$89

$122

$142

Exercise Room TV

$54

$34

$46

$54

Exterior Paint

$1,956

$1,228

$1,680

$1,956

Furniture

$1,016

EQUIPEMENT Dog Waster Station Total FENCING / SECURITY Security System Total GATES

Total POOL / SPA Pool Chairs

Pool Tile Work Spa Pump Total RECREATION CENTER

$1,016

$638

$872

Interior Paint

$610

$383

$524

$610

New Roof

$1,417

$890

$1,217

$1,417

$114

$71

$98

$114

Office Furniture Refinish Floors

$427

$268

$366

$427

$5,736

$3,601

$4,925

$5,736

Crack Seal All Roads

$6,706

$4,209

$5,757

$6,706

Road Overlay

$6,527

$4,097

$5,604

$6,527

Road Overlay

$887

$557

$762

$887

Road Overlay Caddis CT

$494

$310

$424

$494

Road Overlay Golden Stone

$8,276

$5,195

$7,105

$8,276

Road Overlay Green Drake

$2,714

$1,703

$2,330

$2,714

Road Overlay Royal Coachman

Total STREETS / ASPHALT

$8,306

$5,214

$7,131

$8,306

Road SS Caddis Ct

$481

$302

$413

$481

Road SS Damsel Fly

$387

$243

$333

$387

Road SS Golden Stone

$3,312

$2,079

$2,844

$3,312

Road SS Golden Stone

$3,312

$2,079

$2,844

$3,312

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Reserve Allocation Report Component

Units: 116 | Start Date: 1/1/2023 Current

Minimum Threshold

100% in 10 Years

Road SS Lady Caroline

GL Code

$1,985

$1,246

$1,704

$1,985

Road SS Royal Coachman

$4,023

$2,526

$3,454

$4,023

$47,412

$29,762

$40,705

$47,412

Total

Ladder Funding

TENNIS COURTS Tennis Court Nets Tennis Court Resurface

$71

$45

$61

$71

$1,660

$1,042

$1,425

$1,660

Total

$1,731

$1,087

$1,486

$1,731

Totals

$63,300

$39,736

$54,345

$63,300

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Anticipated Expenditures (30 Years)

Component

Location

GL Code

Units: 116 | Start Date: 1/1/2023

Project Number

Category

Current

Anticipated Expenditures

Replacement Cost 2023 Appliances

Recreation Center

$1,061

Crack Seal All Roads

Streets / Asphalt

$10,000

Exterior Paint

Recreation Center

$5,835

Furniture

Recreation Center

$5,304

Gates

$1,500

Golden Stone Masonry Interior Paint Lady Caroline Masonry Office Furniture

Recreation Center

$3,183

Gates

$1,500

$1,500 $1,273

Recreation Center

$1,273

Pool Chairs

Pool / Spa

$757

Pool Decking Sealing

Pool / Spa

$770

Pool Heater - Main Pool

Pool / Spa

$2,122

Pool Heater Spa

Pool / Spa

$1,273

Pool Heater Wading Pool

Pool / Spa

$1,273

Pool Pumps

Pool / Spa

$2,122

Refinish Floors

Recreation Center

$3,183

Road SS Damsel Fly

Streets / Asphalt

$1,444

Road SS Golden Stone

Streets / Asphalt

$12,349

Road SS Golden Stone

Streets / Asphalt

$12,349

Road SS Lady Caroline

Streets / Asphalt

$7,400

Gates

$1,500

Tennis Courts

$265

Total for 2023:

$76,463

Royal Coachman Masonry Tennis Court Nets 2024 Dog Waster Station

Equipement

$630

$649

Tennis Court Resurface

Tennis Courts

$7,426

$7,649

Total for 2024:

$8,298

$10,609

2025 Crack Seal All Roads

Streets / Asphalt

$10,000

Exercise Room TV

Recreation Center

$200

$212

Pool Chairs

Pool / Spa

$757

$803

Pool Decking Replacement

Pool / Spa

$4,426

$4,696

Pool Fence

Pool / Spa

$12,732

$13,507

Pool Filters

Pool / Spa

$3,500

$3,713

Pool Replaster

Pool / Spa

$21,218

$22,510

Pool Replaster Wading Pool

Pool / Spa

$1,273

$1,351

Streets / Asphalt

$1,795

$1,904

Road SS Caddis Ct

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Anticipated Expenditures (30 Years) Component

Location

GL Code

Units: 116 | Start Date: 1/1/2023 Project Number

Category

Current

Anticipated Expenditures

Replacement Cost Road SS Royal Coachman

Streets / Asphalt

$15,000

Security System

Fencing / Security

$740

$15,914 $785

Total for 2025:

$76,004

Total for 2026:

$10,000

$11,255

2026

2027 Crack Seal All Roads

Streets / Asphalt

Dog Waster Station

Equipement

$630

$709

Exterior Paint

Recreation Center

$5,835

$6,567

Pool Chairs

Pool / Spa

$757

$852

Total for 2027:

$19,384

2028 Pool Decking Sealing

Pool / Spa

$770

$893

$146,000

$169,254

Road Overlay

Streets / Asphalt

Road Overlay

Streets / Asphalt

$19,852

$23,014

Road Overlay Green Drake

Streets / Asphalt

$60,700

$70,368

Road SS Damsel Fly

Streets / Asphalt

$1,444

$1,674

Road SS Golden Stone

Streets / Asphalt

$12,349

$14,316

Road SS Golden Stone

Streets / Asphalt

$12,349

$14,316

Road SS Lady Caroline

Streets / Asphalt

$7,400

$8,579

Tennis Court Nets

Tennis Courts

$265

$307

Total for 2028:

$302,720

$10,000

$11,941

$757

$904

Total for 2029:

$12,844

$630

$775

2029 Crack Seal All Roads Pool Chairs

Streets / Asphalt Pool / Spa

2030 Dog Waster Station

Equipement

Exercise Room TV

Recreation Center

$200

$246

Furniture

Recreation Center

$5,304

$6,523 $3,262

Golden Stone Key Pad Interior Paint Lady Caroline Key Pad New Roof

Gates

$2,652

Recreation Center

$3,183

$3,915

Gates

$2,652

$3,262

Recreation Center

$31,700

$38,987

Pool Heater - Main Pool

Pool / Spa

$2,122

$2,610

Pool Heater Spa

Pool / Spa

$1,273

$1,566

Pool Heater Wading Pool

Pool / Spa

$1,273

$1,566

Road Overlay Royal Coachman

Streets / Asphalt

$185,803

$228,514

Road SS Caddis Ct

Streets / Asphalt

$1,795

$2,208

Road SS Royal Coachman

Streets / Asphalt

$15,000

$18,448

Gates

$2,652

$3,262

Pool / Spa

$530

$652

Royal Coachmen Key Pad Spa Pump Tennis Court Resurface

Tennis Courts

$7,426

$9,133

Total for 2030:

$324,927

2031 Crack Seal All Roads

Streets / Asphalt

$10,000

$12,668

Exterior Paint

Recreation Center

$5,835

$7,392

Pool Chairs

Pool / Spa

$757

$959

Total for 2031:

$21,018

2032

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Anticipated Expenditures (30 Years) Component

Location

GL Code

Units: 116 | Start Date: 1/1/2023 Project Number

Category

Current

Anticipated Expenditures

Replacement Cost Total for 2032:

2033 Appliances

Recreation Center

$1,061

$1,426

Crack Seal All Roads

Streets / Asphalt

$10,000

$13,439

Dog Waster Station

Equipement

$630

$847

Gates

$1,500

$2,016 $2,016

Golden Stone Masonry Lady Caroline Masonry

Gates

$1,500

Pool Chairs

Pool / Spa

$757

$1,017

Pool Decking Sealing

Pool / Spa

$770

$1,035 $2,852

Pool Pumps

Pool / Spa

$2,122

Refinish Floors

Recreation Center

$3,183

$4,278

Road Overlay Golden Stone

Streets / Asphalt

$185,117

$248,782

Road SS Damsel Fly

Streets / Asphalt

$1,444

$1,941

Road SS Golden Stone

Streets / Asphalt

$12,349

$16,596

Road SS Golden Stone

Streets / Asphalt

$12,349

$16,596

Road SS Lady Caroline

Streets / Asphalt

$7,400

$9,945

Gates

$1,500

$2,016

Tennis Courts

$265

$356

Total for 2033:

$325,157

Royal Coachman Masonry Tennis Court Nets 2034 Pool Replaster Spa

Pool / Spa

$3,605

$4,990

Pool Tile Work

Pool / Spa

$13,300

$18,410

Total for 2034:

$23,400

$14,258

2035 Crack Seal All Roads

Streets / Asphalt

$10,000

Exercise Room TV

Recreation Center

$200

$285

Exterior Paint

Recreation Center

$5,835

$8,319

Pool Chairs

Pool / Spa

$757

$1,079

Road Overlay Caddis CT

Streets / Asphalt

$7,369

$10,506

Road SS Caddis Ct

Streets / Asphalt

$1,795

$2,559

Road SS Royal Coachman

Streets / Asphalt

$15,000

$21,386

Security System

Fencing / Security

$740

$1,055

Total for 2035:

$59,449

2036 Dog Waster Station

Equipement

$630

$925

Tennis Court Resurface

Tennis Courts

$7,426

$10,905

Total for 2036:

$11,831

2037 Crack Seal All Roads

Streets / Asphalt

$10,000

$15,126

Furniture

Recreation Center

$5,304

$8,023

Interior Paint

Recreation Center

$3,183

$4,815

Pool Chairs

Pool / Spa

$757

$1,145

Pool Heater - Main Pool

Pool / Spa

$2,122

$3,210

Pool Heater Spa

Pool / Spa

$1,273

$1,926

Pool Heater Wading Pool

Pool / Spa

$1,273

$1,926

Total for 2037:

$36,169

2038 Office Furniture

Recreation Center

$1,273

$1,983

Pool Decking Sealing

Pool / Spa

$770

$1,200

Road SS Damsel Fly

Streets / Asphalt

$1,444

$2,250

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Anticipated Expenditures (30 Years) Component

Location

GL Code

Units: 116 | Start Date: 1/1/2023 Project Number

Category

Current

Anticipated Expenditures

Replacement Cost Road SS Golden Stone

Streets / Asphalt

$12,349

$19,239

Road SS Golden Stone

Streets / Asphalt

$12,349

$19,239

Road SS Lady Caroline

Streets / Asphalt

$7,400

$11,529

Tennis Court Nets

Tennis Courts

$265

$413

Total for 2038:

$55,853

$10,000

$16,047

2039 Crack Seal All Roads

Streets / Asphalt

Dog Waster Station

Equipement

$630

$1,011

Exterior Paint

Recreation Center

$5,835

$9,363

Pool Chairs

Pool / Spa

$757

$1,215

Total for 2039:

$27,636

2040 Exercise Room TV Golden Stone Key Pad Lady Caroline Key Pad

Recreation Center

$200

$331

Gates

$2,652

$4,383 $4,383

Gates

$2,652

Road SS Caddis Ct

Streets / Asphalt

$1,795

$2,967

Road SS Royal Coachman

Streets / Asphalt

$15,000

$24,793

Gates

$2,652

$4,383

Pool / Spa

$530

$876

Total for 2040:

$42,116

$10,000

$17,024

Royal Coachmen Key Pad Spa Pump 2041 Crack Seal All Roads Pool Chairs

Streets / Asphalt Pool / Spa

$757

$1,289

Total for 2041:

$18,313

2042 Dog Waster Station

Equipement

$630

$1,105

Tennis Court Resurface

Tennis Courts

$7,426

$13,022

Total for 2042:

$14,126

2043 Appliances

Recreation Center

$1,061

$1,916

Crack Seal All Roads

Streets / Asphalt

$10,000

$18,061

Exterior Paint

Recreation Center

$5,835

$10,539

Golden Stone Masonry

Gates

$1,500

$2,709

Lady Caroline Masonry

Gates

$1,500

$2,709

Pool Chairs

Pool / Spa

$757

$1,367

Pool Decking Sealing

Pool / Spa

$770

$1,391

Pool Pumps

Pool / Spa

$2,122

$3,833

Refinish Floors

Recreation Center

$3,183

$5,749

Road SS Damsel Fly

Streets / Asphalt

$1,444

$2,608

Road SS Golden Stone

Streets / Asphalt

$12,349

$22,304

Road SS Golden Stone

Streets / Asphalt

$12,349

$22,304

Road SS Lady Caroline

Streets / Asphalt

$7,400

$13,365

Gates

$1,500

$2,709

Tennis Courts

$265

$479

Total for 2043:

$112,042

$9,867

Royal Coachman Masonry Tennis Court Nets 2044 Furniture

Recreation Center

$5,304

Interior Paint

Recreation Center

$3,183

$5,921

Pool Heater - Main Pool

Pool / Spa

$2,122

$3,948

Pool Heater Spa

Pool / Spa

$1,273

$2,368

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Anticipated Expenditures (30 Years) Component

Location

GL Code

Units: 116 | Start Date: 1/1/2023 Project Number

Category

Current

Anticipated Expenditures

Replacement Cost Pool Heater Wading Pool

Pool / Spa

$1,273

$2,368

Total for 2044:

$24,472

2045 Crack Seal All Roads

Streets / Asphalt

$10,000

$19,161

Dog Waster Station

Equipement

$630

$1,207

Exercise Room TV

Recreation Center

$200

$383

Pool Chairs

Pool / Spa

$757

$1,450

Pool Decking Replacement

Pool / Spa

$4,426

$8,481

Pool Fence

Pool / Spa

$12,732

$24,396

Pool Filters

Pool / Spa

$3,500

$6,706

Pool Replaster

Pool / Spa

$21,218

$40,656

Pool Replaster Wading Pool

Pool / Spa

$1,273

$2,439

Streets / Asphalt

$1,795

$3,439

Road SS Royal Coachman

Streets / Asphalt

$15,000

$28,742

Security System

Fencing / Security

$740

$1,418

Total for 2045:

$138,479

Total for 2046:

Road SS Caddis Ct

2046

2047 Crack Seal All Roads

Streets / Asphalt

$10,000

$20,328

Exterior Paint

Recreation Center

$5,835

$11,861

Pool Chairs

Pool / Spa

$757

$1,539

Total for 2047:

$33,728

$630

$1,319

2048 Dog Waster Station

Equipement

Pool Decking Sealing

Pool / Spa

$770

$1,612

Road SS Damsel Fly

Streets / Asphalt

$1,444

$3,023

Road SS Golden Stone

Streets / Asphalt

$12,349

$25,856

Road SS Golden Stone

Streets / Asphalt

$12,349

$25,856

Road SS Lady Caroline

Streets / Asphalt

$7,400

$15,494

Tennis Court Nets

Tennis Courts

$265

$555

Tennis Court Resurface

Tennis Courts

$7,426

$15,548

Total for 2048:

$89,264

$10,000

$21,566 $1,633

2049 Crack Seal All Roads

Streets / Asphalt

Pool Chairs

Pool / Spa

$757

Pool Replaster Spa

Pool / Spa

$3,605

$7,775

Pool Tile Work

Pool / Spa

$13,300

$28,683

Total for 2049:

$59,656

2050 Exercise Room TV Golden Stone Key Pad Lady Caroline Key Pad

Recreation Center

$200

$444

Gates

$2,652

$5,891

Gates

$2,652

$5,891

Road SS Caddis Ct

Streets / Asphalt

$1,795

$3,987

Road SS Royal Coachman

Streets / Asphalt

$15,000

$33,319

Royal Coachmen Key Pad

Gates

$2,652

$5,891

Spa Pump

Pool / Spa

$530

$1,177

Total for 2050:

$56,601

$10,000

$22,879

2051 Crack Seal All Roads

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Streets / Asphalt

Aspen Lakes

Anticipated Expenditures (30 Years) Component

Location

GL Code

Units: 116 | Start Date: 1/1/2023 Project Number

Category

Current

Anticipated Expenditures

Replacement Cost Dog Waster Station

Equipement

$630

$1,441

Exterior Paint

Recreation Center

$5,835

$13,350

Furniture

Recreation Center

$5,304

$12,135

Interior Paint

Recreation Center

$3,183

$7,282

Pool Chairs

Pool / Spa

$757

$1,732

Pool Heater - Main Pool

Pool / Spa

$2,122

$4,855

Pool Heater Spa

Pool / Spa

$1,273

$2,913

Pool Heater Wading Pool

Pool / Spa

$1,273

$2,913

Total for 2051:

$69,500

Total for 2052:

2052

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Equipement

Reserve Component

Dog Waster Station Useful Life

3 Year(s)

Replacement %

100.00%

Remaining Life

1 Year(s)

Quantity / Units

1 Total

Date in Service

2021

Unit Price

$630.00 / Total

Effective Age

Current Cost

$630

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$422

Cost Center

Annual Fully Funding

$210

Requirement Project Number

Fully Funded Reserve Balance $420

Owner

Annual Reserve Contribution $282

Fencing / Security

Reserve Component

Security System Useful Life

10 Year(s)

Replacement %

100.00%

Remaining Life

2 Year(s)

Quantity / Units

1 Total

Date in Service

2015

Unit Price

$740.00 / Total

Effective Age

Current Cost

$740

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$594

Cost Center

Annual Fully Funding

$74

Requirement Project Number

Fully Funded Reserve Balance $592

Owner

Annual Reserve Contribution $99

Gates

Reserve Component

Golden Stone Key Pad Useful Life

10 Year(s)

Replacement %

100.00%

Remaining Life

7 Year(s)

Quantity / Units

1 Total

Date in Service

2020

Unit Price

$2,652.00 / Total

Effective Age

Current Cost

$2,652

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$799

Cost Center

Annual Fully Funding

$265

Requirement Project Number

Fully Funded Reserve Balance $796

Owner

Annual Reserve Contribution $356

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Reserve Component

Golden Stone Masonry Useful Life

10 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2013

Unit Price

$1,500.00 / Total

Effective Age

Current Cost

$1,500

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$1,506

Cost Center

Annual Fully Funding

$150

Requirement Project Number

Fully Funded Reserve Balance $1,500

Owner

Annual Reserve Contribution $201

Reserve Component

Lady Caroline Key Pad Useful Life

10 Year(s)

Replacement %

100.00%

Remaining Life

7 Year(s)

Quantity / Units

1 Total

Date in Service

2020

Unit Price

$2,652.00 / Total

Effective Age

Current Cost

$2,652

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$799

Cost Center

Annual Fully Funding

$265

Requirement Project Number

Fully Funded Reserve Balance $796

Owner

Annual Reserve Contribution $356

Reserve Component

Lady Caroline Masonry Useful Life

10 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2013

Unit Price

$1,500.00 / Total

Effective Age

Current Cost

$1,500

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$1,506

Cost Center

Annual Fully Funding

$150

Requirement Project Number

Fully Funded Reserve Balance $1,500

Owner

Annual Reserve Contribution $201

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Reserve Component

Royal Coachman Masonry Useful Life

10 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2013

Unit Price

$1,500.00 / Total

Effective Age

Current Cost

$1,500

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$1,506

Cost Center

Annual Fully Funding

$150

Requirement Project Number

Fully Funded Reserve Balance $1,500

Owner

Annual Reserve Contribution $201

Reserve Component

Royal Coachmen Key Pad Useful Life

10 Year(s)

Replacement %

100.00%

Remaining Life

7 Year(s)

Quantity / Units

1 Total

Date in Service

2020

Unit Price

$2,652.00 / Total

Effective Age

Current Cost

$2,652

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$799

Cost Center

Annual Fully Funding

$265

Requirement Project Number

Fully Funded Reserve Balance $796

Owner

Annual Reserve Contribution $356

Pool / Spa

Reserve Component

Pool Chairs Useful Life

2 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2021

Unit Price

$757.00 / Total

Effective Age

Current Cost

$757

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$760

Cost Center

Annual Fully Funding

$379

Requirement Project Number

Fully Funded Reserve Balance $757

Owner

Annual Reserve Contribution $508

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Reserve Component

Pool Decking Replacement Useful Life

20 Year(s)

Replacement %

100.00%

Remaining Life

2 Year(s)

Quantity / Units

1 Total

Date in Service

2005

Unit Price

$4,426.00 / Total

Effective Age

Current Cost

$4,426

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$3,998

Cost Center

Annual Fully Funding

$221

Requirement Project Number

Fully Funded Reserve Balance $3,983

Owner

Annual Reserve Contribution $297

Reserve Component

Pool Decking Sealing Useful Life

5 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2018

Unit Price

$770.00 / Total

Effective Age

Current Cost

$770

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$773

Cost Center

Annual Fully Funding

$154

Requirement Project Number

Fully Funded Reserve Balance $770

Owner

Annual Reserve Contribution $207

Reserve Component

Pool Fence Useful Life

20 Year(s)

Replacement %

100.00%

Remaining Life

2 Year(s)

Quantity / Units

1 Total

Date in Service

2005

Unit Price

$12,732.00 / Total

Effective Age

Current Cost

$12,732

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$11,502

Cost Center

Annual Fully Funding

$637

Requirement Project Number

Fully Funded Reserve Balance $11,459

Owner

Annual Reserve Contribution $854

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Reserve Component

Pool Filters Useful Life

20 Year(s)

Replacement %

100.00%

Remaining Life

2 Year(s)

Quantity / Units

1 Total

Date in Service

2005

Unit Price

$3,500.00 / Total

Effective Age

Current Cost

$3,500

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$3,162

Cost Center

Annual Fully Funding

$175

Requirement Project Number

Fully Funded Reserve Balance $3,150

Owner

Annual Reserve Contribution $235

Reserve Component

Pool Heater - Main Pool Useful Life

7 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2016

Unit Price

$2,122.00 / Total

Effective Age

Current Cost

$2,122

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$2,130

Cost Center

Annual Fully Funding

$303

Requirement Project Number

Fully Funded Reserve Balance $2,122

Owner

Annual Reserve Contribution $407

Reserve Component

Pool Heater Spa Useful Life

7 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2016

Unit Price

$1,273.00 / Total

Effective Age

Current Cost

$1,273

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$1,278

Cost Center

Annual Fully Funding

$182

Requirement Project Number

Fully Funded Reserve Balance $1,273

Owner

Annual Reserve Contribution $244

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Reserve Component

Pool Heater Wading Pool Useful Life

7 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2016

Unit Price

$1,273.00 / Total

Effective Age

Current Cost

$1,273

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$1,278

Cost Center

Annual Fully Funding

$182

Requirement Project Number

Fully Funded Reserve Balance $1,273

Owner

Annual Reserve Contribution $244

Reserve Component

Pool Pumps Useful Life

10 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2013

Unit Price

$2,122.00 / Total

Effective Age

Current Cost

$2,122

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$2,130

Cost Center

Annual Fully Funding

$212

Requirement Project Number

Fully Funded Reserve Balance $2,122

Owner

Annual Reserve Contribution $285

Reserve Component

Pool Replaster Useful Life

20 Year(s)

Replacement %

100.00%

Remaining Life

2 Year(s)

Quantity / Units

1 Total

Date in Service

2005

Unit Price

$21,218.00 / Total

Effective Age

Current Cost

$21,218

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$19,168

Cost Center

Annual Fully Funding

$1,061

Requirement Project Number

Fully Funded Reserve Balance $19,096

Owner

Annual Reserve Contribution $1,423

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Reserve Component

Pool Replaster Spa Useful Life

15 Year(s)

Replacement %

100.00%

Remaining Life

11 Year(s)

Quantity / Units

1 Total

Date in Service

2019

Unit Price

$3,605.00 / Total

Effective Age

Current Cost

$3,605

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$965

Cost Center

Annual Fully Funding

$240

Requirement Project Number

Fully Funded Reserve Balance $961

Owner

Annual Reserve Contribution $322

Reserve Component

Pool Replaster Wading Pool Useful Life

20 Year(s)

Replacement %

100.00%

Remaining Life

2 Year(s)

Quantity / Units

1 Total

Date in Service

2005

Unit Price

$1,273.00 / Total

Effective Age

Current Cost

$1,273

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$1,150

Cost Center

Annual Fully Funding

$64

Requirement Project Number

Fully Funded Reserve Balance $1,146

Owner

Annual Reserve Contribution $85

Reserve Component

Pool Tile Work Useful Life

15 Year(s)

Replacement %

100.00%

Remaining Life

11 Year(s)

Quantity / Units

1 Total

Date in Service

2019

Unit Price

$13,300.00 / Total

Effective Age

Current Cost

$13,300

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$3,560

Cost Center

Annual Fully Funding

$887

Requirement Project Number

Fully Funded Reserve Balance $3,547

Owner

Annual Reserve Contribution $1,189

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Reserve Component

Spa Pump Useful Life

10 Year(s)

Replacement %

100.00%

Remaining Life

7 Year(s)

Quantity / Units

1 Total

Date in Service

2020

Unit Price

$530.00 / Total

Effective Age

Current Cost

$530

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$160

Cost Center

Annual Fully Funding

$53

Requirement Project Number

Fully Funded Reserve Balance $159

Owner

Annual Reserve Contribution $71

Recreation Center

Reserve Component

Appliances Useful Life

10 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2013

Unit Price

$1,061.00 / Total

Effective Age

Current Cost

$1,061

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$1,065

Cost Center

Annual Fully Funding

$106

Requirement Project Number

Fully Funded Reserve Balance $1,061

Owner

Annual Reserve Contribution $142

Reserve Component

Exercise Room TV Useful Life

5 Year(s)

Replacement %

100.00%

Remaining Life

2 Year(s)

Quantity / Units

1 Total

Date in Service

2020

Unit Price

$200.00 / Total

Effective Age

Current Cost

$200

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$120

Cost Center

Annual Fully Funding

$40

Requirement Project Number

Fully Funded Reserve Balance $120

Owner

Annual Reserve Contribution $54

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Reserve Component

Exterior Paint Useful Life

4 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2019

Unit Price

$5,835.00 / Total

Effective Age

Current Cost

$5,835

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$5,857

Cost Center

Annual Fully Funding

$1,459

Requirement Project Number

Fully Funded Reserve Balance $5,835

Owner

Annual Reserve Contribution $1,956

Reserve Component

Furniture Useful Life

7 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2016

Unit Price

$5,304.00 / Total

Effective Age

Current Cost

$5,304

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$5,324

Cost Center

Annual Fully Funding

$758

Requirement Project Number

Fully Funded Reserve Balance $5,304

Owner

Annual Reserve Contribution $1,016

Reserve Component

Interior Paint Useful Life

7 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2016

Unit Price

$3,183.00 / Total

Effective Age

Current Cost

$3,183

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$3,195

Cost Center

Annual Fully Funding

$455

Requirement Project Number

Fully Funded Reserve Balance $3,183

Owner

Annual Reserve Contribution $610

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Reserve Component

New Roof Useful Life

30 Year(s)

Replacement %

100.00%

Remaining Life

7 Year(s)

Quantity / Units

1 Total

Date in Service

2000

Unit Price

$31,700.00 / Total

Effective Age

Current Cost

$31,700

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$24,395

Cost Center

Annual Fully Funding

$1,057

Requirement Project Number

Fully Funded Reserve Balance $24,303

Owner

Annual Reserve Contribution $1,417

Reserve Component

Office Furniture Useful Life

15 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2008

Unit Price

$1,273.00 / Total

Effective Age

Current Cost

$1,273

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$1,278

Cost Center

Annual Fully Funding

$85

Requirement Project Number

Fully Funded Reserve Balance $1,273

Owner

Annual Reserve Contribution $114

Reserve Component

Refinish Floors Useful Life

10 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2013

Unit Price

$3,183.00 / Total

Effective Age

Current Cost

$3,183

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$3,195

Cost Center

Annual Fully Funding

$318

Requirement Project Number

Fully Funded Reserve Balance $3,183

Owner

Annual Reserve Contribution $427

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Streets / Asphalt

Reserve Component

Crack Seal All Roads Useful Life

2 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2021

Unit Price

$10,000.00 / Total

Effective Age

Current Cost

$10,000

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$10,038

Cost Center

Annual Fully Funding

$5,000

Requirement Project Number

Fully Funded Reserve Balance $10,000

Owner

Annual Reserve Contribution $6,706

Reserve Component

Road Overlay Useful Life

30 Year(s)

Replacement %

100.00%

Remaining Life

5 Year(s)

Quantity / Units

1 Total

Date in Service

1998

Unit Price

$146,000.00 / Total

Effective Age

Current Cost

$146,000

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$122,126

Cost Center

Annual Fully Funding

$4,867

Requirement Project Number

Fully Funded Reserve Balance $121,667

Owner

Annual Reserve Contribution $6,527

Reserve Component

Road Overlay Useful Life

30 Year(s)

Replacement %

100.00%

Remaining Life

5 Year(s)

Quantity / Units

1 Total

Date in Service

1998

Unit Price

$19,852.00 / Total

Effective Age

Current Cost

$19,852

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$16,606

Cost Center

Annual Fully Funding

$662

Requirement Project Number

Fully Funded Reserve Balance $16,543

Owner

Annual Reserve Contribution $887

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Reserve Component

Road Overlay Caddis CT Useful Life

20 Year(s)

Replacement %

100.00%

Remaining Life

12 Year(s)

Quantity / Units

1 Total

Date in Service

2015

Unit Price

$7,369.00 / Total

Effective Age

Current Cost

$7,369

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$2,959

Cost Center

Annual Fully Funding

$368

Requirement Project Number

Fully Funded Reserve Balance $2,948

Owner

Annual Reserve Contribution $494

Reserve Component

Road Overlay Golden Stone Useful Life

30 Year(s)

Replacement %

100.00%

Remaining Life

10 Year(s)

Quantity / Units

1 Total

Date in Service

2003

Unit Price

$185,117.00 / Total

Effective Age

Current Cost

$185,117

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$123,877

Cost Center

Annual Fully Funding

$6,171

Requirement Project Number

Fully Funded Reserve Balance $123,411

Owner

Annual Reserve Contribution $8,276

Reserve Component

Road Overlay Green Drake Useful Life

30 Year(s)

Replacement %

100.00%

Remaining Life

5 Year(s)

Quantity / Units

1 Total

Date in Service

1998

Unit Price

$60,700.00 / Total

Effective Age

Current Cost

$60,700

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$50,774

Cost Center

Annual Fully Funding

$2,023

Requirement Project Number

Fully Funded Reserve Balance $50,583

Owner

Annual Reserve Contribution $2,714

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Reserve Component

Road Overlay Royal Coachman Useful Life

30 Year(s)

Replacement %

100.00%

Remaining Life

7 Year(s)

Quantity / Units

1 Total

Date in Service

2000

Unit Price

$185,803.00 / Total

Effective Age

Current Cost

$185,803

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$142,987

Cost Center

Annual Fully Funding

$6,193

Requirement Project Number

Fully Funded Reserve Balance $142,449

Owner

Annual Reserve Contribution $8,306

Reserve Component

Road SS Caddis Ct Useful Life

5 Year(s)

Replacement %

100.00%

Remaining Life

2 Year(s)

Quantity / Units

1 Total

Date in Service

2021

Unit Price

$1,795.00 / Total

Effective Age

Current Cost

$1,795

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$1,081

Cost Center

Annual Fully Funding

$359

Requirement Project Number

Fully Funded Reserve Balance $1,077

Owner

Annual Reserve Contribution $481

Reserve Component

Road SS Damsel Fly Useful Life

5 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2019

Unit Price

$1,444.00 / Total

Effective Age

Current Cost

$1,444

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$1,449

Cost Center

Annual Fully Funding

$289

Requirement Project Number

Fully Funded Reserve Balance $1,444

Owner

Annual Reserve Contribution $387

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Reserve Component

Road SS Golden Stone Useful Life

5 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2018

Unit Price

$12,349.00 / Total

Effective Age

Current Cost

$12,349

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$12,396

Cost Center

Annual Fully Funding

$2,470

Requirement Project Number

Fully Funded Reserve Balance $12,349

Owner

Annual Reserve Contribution $3,312

Reserve Component

Road SS Golden Stone Useful Life

5 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2018

Unit Price

$12,349.00 / Total

Effective Age

Current Cost

$12,349

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$12,396

Cost Center

Annual Fully Funding

$2,470

Requirement Project Number

Fully Funded Reserve Balance $12,349

Owner

Annual Reserve Contribution $3,312

Reserve Component

Road SS Lady Caroline Useful Life

5 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2018

Unit Price

$7,400.00 / Total

Effective Age

Current Cost

$7,400

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$7,428

Cost Center

Annual Fully Funding

$1,480

Requirement Project Number

Fully Funded Reserve Balance $7,400

Owner

Annual Reserve Contribution $1,985

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

Aspen Lakes

Component Photos & Details

Units: 116 | Start Date: 1/1/2023

Reserve Component

Road SS Royal Coachman Useful Life

5 Year(s)

Replacement %

100.00%

Remaining Life

2 Year(s)

Quantity / Units

1 Total

Date in Service

2020

Unit Price

$15,000.00 / Total

Effective Age

Current Cost

$15,000

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$9,034

Cost Center

Annual Fully Funding

$3,000

Requirement Project Number

Fully Funded Reserve Balance $9,000

Owner

Annual Reserve Contribution $4,023

Tennis Courts

Reserve Component

Tennis Court Nets Useful Life

5 Year(s)

Replacement %

100.00%

Remaining Life

0 Year(s)

Quantity / Units

1 Total

Date in Service

2018

Unit Price

$265.00 / Total

Effective Age

Current Cost

$265

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$266

Cost Center

Annual Fully Funding

$53

Requirement Project Number

Fully Funded Reserve Balance $265

Owner

Annual Reserve Contribution $71

Reserve Component

Tennis Court Resurface Useful Life

6 Year(s)

Replacement %

100.00%

Remaining Life

1 Year(s)

Quantity / Units

1 Total

Date in Service

2018

Unit Price

$7,426.00 / Total

Effective Age

Current Cost

$7,426

Source

User

Inflation Rate

3.00%

GL Code

Starting Reserve Balance

$6,212

Cost Center

Annual Fully Funding

$1,238

Requirement Project Number

Fully Funded Reserve Balance $6,188

Owner

Annual Reserve Contribution $1,660

SRV info@smartproperty.com | 877-864-8955 | www.smartproperty.com

SEPTIC

Certificate of Satisfactory Completion Deschutes County Community Development Department

Permit #: 247- S63069

Job Location -Address: 16933 Royal Coachman Dr. Tax Lot:

15- 10- 01B0

TL 3400

Owner( s):

Hullum, Don R.

Installer:

Stephen Pilling Excavation

City: Sisters Serial: 196061

DEQ License #:

38072

Type of Work: New Construction

Septic System Type: Tank Material &

Standard

Capacity: 1500 gal concrete

Drain Field Media:

Drain Line Length

350

Trench Depth:

In accordance with Oregon Revised Statute 454. 66 and Oregon Administrative Rules 340- 71, this Certificate is

issued as evidence of satisfactory completion and installation of components as described in the permit at the location identified. Authorized

Comments:

Signature X

Date:

12./ 6 / 13

SEPTIC PRECOVERINSPECTION

REQUEST AND NOTICE FORM ( AS-BUILTFORM)

All septic system inspections are to be requested through the county' s Interactive Voice Recording ( IVR) system at 317- 3174.

Deschutes County then has seven days to complete the inspection. Complete and submit this form to a Deschutes County

Community Development Department ( CDD) office prior to the precoverinspection. Incomplete or inaccurate forms will not be approvable. Use the space below for the As- Built drawing and complete the Materials Listing section and Installer Info section on backside of this form. This form can be faxed or mailed to a CDD office: Bend: 117 NW Lafayette Ave Bend, OR 97701

SEPTIC

Fax # 385- 1764

Redmond:

3800 SW Airport Way Redmond, OR 97756

Fax # 923- 3097

La Pine:

51340 S. Hwy 97 La Pine, OR 97739

Fax ax/

PERMIT #

S- i' p3c (

INSTALLER PHONE #

PERMIT JOB ADDRESS l6,7 3 &

cm,

J `"

536- 5851/

Wo- e5-e5 55 J

Onadi makt ( 7r

AS - BUILT DRAWING

Show at LEAST the following: North arrow, all system major components ( see back side of this form for major components),

proposed &

existing adjacent structures/ driveways/ utility lines, future replacement area( s) as shown on

approved plot plan, and lengths of drainlines & effluent transport sewers. Show distances between system components

and to wells, structures/ driveways/ utility lines, and nearest property lines & bodies of waters-- if within 150' of initial

and reserve system areas. Note existing septic system components such as tanks, drainfie/ds, etc as "existing';}

gdc. 120108

COMPLETE BOTH SIDES OF THIS FORM ->->->->

Septic Permit # S-

630( 0?

DEQ INSTALLERS

COMPLETEPLTHIS

SECTION:

3 7' ) (

DEQ LICENSE #

Property owner ( Permittee) or X Licensed D.E.Q. Installer

Construction By: ( Check One) Business

Name:

DEQ CERTIFICATION #

I certify the information provided in this notice is correct, and that the constructi. regulatingtate

construction

o on- site sewage disposal systems ( OA ..

66uGCl, 1-/6-

vC ((

3 of SIGNEE RT — of this syste r .

p }

s in accordance with the permit and rules 3)

te0 A 1, Divi

NAME: PRINT

MATERIALS LISTING SECTION: List only pro

MAJOR COMPONENT

TOTALS

Septic Tank

PR • DUCT SPE

D( X)

Dosing Septic Tank

Gallons

Manufacturer

Ctai U

Gallons

tei, i Manufacturer /

Two Compartment)

Check:

Dosing Tank

Gallons

Effluent Filter

of:

Pumps:

of Each:

I .

ON INFO • MATION

i•

Flow- Thru or

Baffled ( up & over sanitary

Manufacturer

tee)

Manufacturer/ Model # Pump Manufacturer

Pump Packages

Supplier

Dosing Timer

Pump Model Numbers Timer Manufacturer & Model #

Control Box

Box Manufacturer &

Swing Check Valve

Valves

Model #

Manufacturer &

Model # s

Anti - Siphon Valve ATT Unit:

of Each:

Manufacturers

Advantex Multi -Flo

Make/ Model # s

Whitewater Puraflo

Suppliers

MicroFast Effluent Sewer Pipe

Gravity or Pressurized)

Ft.

Pipe Supplier Pipe Diameter

Tracer Wire

C( (

inch s

STM #

on Pipe 30-3e(

Min. 18 gauge, Green)

Switching Valve Spring Check Valve Sandfilter

of:

Valve Manufacturer &

Container:

Container Sidewail Material:

Dimensions

Ft x

Sq. Ft.

Liner

Size:

Fabric Manufacturer Liner Manufacturer &

DEQ Pea Gravel DEQ Sand Media

Yds.

Pea Gravel Supplier

Yds.

Sand Media

Pressurized

Ft.

Pipe Supplier

Laterals

Orifice Spacing

Ft.

Drop Boxes

of:

Distribution Boxes

of:

Type Model #

Supplier

Pipe Diameter

Junction Boxes & Piping:

Manufacturer & Check:

Overflow & Header Piping Media:

Check One

3/4" Plywood

3/4" OSB ( all edges sealed)

Filter Fabric

Drain

Model #

of:

Drain Rock

Ft.

ASTM #

Yds.

Rock Supplier

c?, C)

Concrete

or )

ASTM #

Ft.

Pipe Supplier

Filter Fabric

Ft.

Pipe Diameter (

on Pipe

a,1liplc,,

C Poly/ `

on Pipe

Perf Pipe

ASTM #

inches) Supplier

Pipe Diameter (

inches)

on Pipe

Fabric Manufacturer Drain Media:

Chambers-

Infiltrator ( 4' chambers) Infiltrator ( HanCor

8' 4" chambers)

of chambers A7

BioDifuser ( 7' 2" chambers)

Ft. Ft.

Drain Media: Cylinders EZ Flow

30 i i

pf ( Mesh Supplier ( y/(%

Ft. Ft.

350

Type

Chamber Supplier

Ft.

Arc 18 ( 5' chambers)

Wire Mesh

inches)

EZ Flow Supplier Ft.

Check one of the following:

Model 1201P ( Single cylinder installation in each drainline) Filter Fabric

Model 1202P ( 2 side by side cylinders installation in each drainline) Fabric Manufacturer

Type

If not already " stitched" onto cylinders by manufacturer) Pressurized

Drainfields:

Drainline Piping Capping Fill Drainfield Mt' l

Pipe Supplier Ft.

Yds.

Pipe Diameter ( Supplier:

inches)

ASTM #

on Pipe

CC&RS

ZONING REGULATIONS

ADDITIONAL DOCUMENTS

SELLER DISCLOSURES

LOCAL ATTRACTIONS

SCHOOLS

DEMOGRAPHICS