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Act (C.R.S. 38-33.3-101, et seq.), to the extent that it applies to the communities created prior to July <br />1, 1992. <br />2.4 Indemnification. To the fullest extent permitted by law, each officer and director <br />of the Club shall be and is hereby indemnified by the Club against all expenses and liabilities <br />including attorneys' fees, reasonably incurred by or imposed upon them in any proceeding as a part <br />of the Club business to which they may be a party, or in which they may become involved, by reason <br />of any settlement thereof, whether or not they are an officer or director of the Club at the time such <br />expenses are incurred pursuant to the indemnification provisions set forth in the Bylaws of the <br />Association. An officer or director who is judged guilty of misfeasance or malfeasance in the <br />performance of his/her duties shali not be entitled to indemnification; .provided, however, that in the <br />event of a settlement, the indemnification shall apply only when the Board approves such settlement <br />as being in the best interests of the Club pursuant to tne indemnification provis2ons set forth in the <br />Bylaws of the Association. <br />2.5 Limitation on Liabilitv. To the fullest extent permitted by law, the Board of <br />Directors, Officers, and any other committees or any members thereof, shall not be personally liable <br />to any Member or other person for any damage, loss or prejudice suffered or claimed on account of <br />any decision, approval or disapproval of plans or specifications (whether or not defective), course <br />of action, act, inaction, omission, error, negligence, or the like made in good faith and which the <br />Board of Directors, or such committees or officers reasonably believed to be within the scope of their <br />respective duties. <br />2.6 Implied Rights and Obligations. The Club may exercise any right or privilege <br />expressly granted to the Club in the Governing Documents, and every othPr right or privilege <br />reasonably implied from the existence of any right or privilege given to the Club under the <br />Goveming Documents or reasonably necessary to effect any such right or privilege. The Club shall <br />perform all of the duties or obligations implied by the express provisions of the Governing <br />Documents or necessary to reasonably satisfy any such duty or obligation. <br />ARTICLE 3 <br />COVENANT FOR MANDATORY DUES <br />3.1 - Creation of Lien and Personal Obligation to Pav Membership Fee and Dues. <br />a. Each Lot Owner agrees to pay to the Club a Membership Fee, Dues, and such <br />other assessments as imposed by the Club, by acceptance of a deed for a Lot within the <br />Community, whether or not it shall be so expressed in any such deed or other conveyance. <br />b. Membership Fees, Dues and other assessments shall be the personal <br />obligation of the Lot Owner of such Lot at the time when the dues, assessments or other <br />charges became or fell due. The personal obligation to pay any past due sums due the Club <br />shall not become an obligation of a successor in title unless expressly assumed by them, and <br />W:\CL[ENTKrnosha Trout CIub�Declantion, Am & Ra - Final.wpd <br />� � March 24, 2000 <br />4 <br />