PROJ00018

• Contract/PO #: C150010
• Contractor Name: Columbine Ranches POA
• Contract Type: Loan
• County: Adams
• Bill Number: SB 99-173
• Loan Projects - Doc Type: Feasibility Study

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because of the negligent acts of its servants, including insurance covering motor vehicles or public
liability, property damage, medical and other similar coverage, it being the intent and purpose of
this provision to limit all payments or settlements in indemnification to the actual proceeds of
insurance policies. No indemnification shall be provided for acts constituting gross negligence, nor
for fraud, nor for more reprehensible conduct. In the event of a settlement, the settlement shall be
approved by the insurance carrier and paid for by the insurance carrier out of the insurance proceeds.
The foregoing rights shall not be exclusive of other rights to which such Director, Officer, agent or
employee may be entitled.

Section 5. The Association hereby undertakes and obligates to provide errors and
omissions insurance coverage to the Directors, Officers, agents and employees of the Association.
The amount of such coverage shall be determined by a majority vote of the Membership but shall
be no less than $1,000,000.

Section 6. The rights of membership are subjec;t to the payment of annual and special
assessments to the Association, the obligation of which assessments and levies is imposed against
each Owner of, and becomes a lien upon, the property against which such assessments and levies
are made, as provided by the declaration of covenants and restrictions to which the properties are
subject and which covenants and restrictions were recorded in 1979 and all recorded amendments
thereafter in the office of the Clerk & Recorder of the County of Adams, State of Colorado.

Section 7. The membership rights of any person whose interest in the properties is
subject to assessment as set forth herein, whether or not he be personally obligated to pay such
assessments, may be suspended by action of the Officers/Directors during the period when the
assessments remain unpaid; but upon payment of such assessments, his rights and privileges shall
automatically be restored.

, ARTICLE m
OFFICERSIDIRECTORS AND THEIR DUTIES

Section I. The Officers/Directors of this Association shall be a President, Vice
President, Secretary, Treasurer and Master of Arms. All OfficersiDirectors shall also serve as the
Board of Directors.

Section 2. The Officers:Directors of this Association may, at their discretion, appoint
one or more Members to be Assistant Secretaries.

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Amended 1l/97