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• <br />1. This non-profit corporation, (herein "Association") <br />is formed to govern the property situate in the County of <br />Pitkin, State of Colorado, known as the Lazy O Ranch as <br />defined and described in the Plat therefor recorded in Plat <br />Book � at Page ��o�Z of.the records of the Clerk and <br />Recorder of Pitkin County, Colorado. <br />OF <br />LAZY O RANCH HOMEOWNERS' ASSOCIATION <br />ARTICLE I <br />Purposes• Principal Office; Seal <br />�� <br />� <br />� <br />_+ <br />v <br />� <br />� <br />.� <br />2. The principal <br />Association shall be at <br />Boulevard, Northbrook, <br />places of business may <br />resolution of the Board <br />BYLAWS <br />office and place of business of the <br />Otis Development Company, 400 Skokie <br />Illinois 60062. Other offices and <br />be established from time to time by <br />of Directors. <br />� 3. The seal of the Association shall have inscribed <br />thereon the name of the Association, the year of its <br />incorporation and the words "Colorado" and "Seal," and shall <br />be in the form as may be approved by the Board of Directors. <br />ARTICLE II <br />Members <br />1. Membership and voting rights in the Association <br />shall be defined, described and governed by the Protective <br />Covenants for Lazy O Ranch recorded in Book Lj37 at Page �1 �� <br />of the records of the Clerk and Recorder of Pitkin County, <br />Colorado, (hereinafter "the Protective Covenants") the <br />Articles of Incorporation of the Associatio �hesereBnlawsr <br />"the Articles of Incorporation") and by Y <br />Membership in the Association shall terminate without any <br />formal Association action whenever ownership of a lot in the <br />Lazy O Ranch ceases. The termination of inembership shall <br />not relieve or release any former owner from any liab�iih� <br />or obligation owing to the Association or impair any g <br />or remedies which the Association.ma�y ha connected t wit r his <br />owner arising out of or in any Y <br />ownership of a lot and membership in the Association. <br />2. Only members of record on <br />Association shall be entitled to b <br />Association as members in fact, and th <br />not be bound to recognize any equitable <br />T�,., n n.,1 aws 4/13/87 <br />the books of the <br />e treated by the <br />e Association shall <br />or other claim to, <br />