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ARTICLES OF OROANI2ATION <br />OP <br />MORE FASIILY RANCHBS, LLC <br />I, the undersigned natural persons of the age of eighteen years or <br />Mora, actfng es organisers of a limited liability eompeny under the <br />Colorado Limited Liability Company AM, adopt the following Articles of <br />Orgenlsaticn !br such limited Yabllity omapany: <br />FIRST: The name of the limited IlAbility eampeny fe: <br />MORE PAMILY RANCHES, LLC and its prtndpsl place of <br />business let X1890 Rout! Couhty Road 88A, Poai Ottice <br />Dox 770884, Steamboat Springs, Colorado 80477. <br />SECOND: The period of duration Is S gears LrOm We date of <br />formation. <br />THIRD: The company !a organised tar any legal and lawful <br />purpose pursuant to the Colorado t3ttdtsd Liability <br />Company Act (the "Aet"1, end more spedIIcelly to own <br />a family ranee end mgage in other bastsess aetivIties ae <br />map be permitted by the Act and approved from tbse to <br />Lime by s majority of Hie members. <br />POVRTHc The street address a! the i:dtial registered otftae of <br />the Company le <3890 Roatt Caanty Raad 98A, Foal <br />Off:ce Box 470884, Steamboat 6prtngs, Colorado 80147, <br />and the fnitiel registered agent at sash sddrase is 8biae <br />dtore. <br />FIFTH: Thu ltodted 3Sebiliry company wall ba dissolved upon the <br />oooarrenoe of say of thg following events: <br />la) iehm the period for jthe duration of the Company <br />expires: or <br />(b) By the unanimous written agreement of all the <br />memberes or ' <br />(c) UPOn the death, retirement, resignation. espulaiors, <br />bettkraptcy. or dfaeolatlon of a member or the oecar- <br />renee of my other event which terminates the continued <br />membership of meatbera !n the Camgany, unless there are <br />at feast two ramaining members and the basiaess of she <br />Company to Continued by the unanimous consent of ell <br />the remaining members withlb ninety days alter the <br />event Ieeding to potential tarmf+:etlon. <br />SIXTH: The managemenefs vested in managers. <br />Sbt'ESdi: The trams end business addresses of the initial meaagtr <br />os managers or tf the mahsg~ent is vested in the <br />members, rather than managers, the names and <br />addresses of the member ar members are: <br />19471200!47 M <br />s So. oa <br />SECAETAA7 !>F STATE <br />l2d2-97 12:!9:40 <br />~6 ,. <br />