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~LPERN, MYERS, STUART Fax: 719-630-1794 Oct 3 2005 17:10 p. 01

SY-I.A\13 Of

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1/!CTOR!.I. V!l.t..\GE At COLrlR.~DO 8P!\UIIlS \IONEOHN'!:RS' ASSOCIATION, lN(),

ARTICLE ! NAH( AMO f,llCA'rT.O'fl

the na~e of ~he cnlpOiaClon is Vic~oria Village at Colorado Springs l!o'meownera' Aeson:t.ation, 1na., hereinafter' referred to as tl)1o "Auoniatton". the pr1 nclpal of fie~ of· the· cOJ:pO'I'atiorl shall be located at 11>901 Enat llampden Ave~ue, Au~ora, Calb~ado 80014 but lli~etlngs ·of. members and director$ ~~i be· held _at .. sucth placas w-ich-in en a Co1;qu·ct·o· ·springs ml!.tropolita.n· arei, as may be designated by the Board of DirectOr5.

ARTT.CLE T.1 OE Fl \1 T.'l' IONS

S~ction 1. ·~Association" ~h~ll mean and ~efn to VtC"rO\UA VILLAGE AT COLORADO Sl.'RHIGS HOMEOWNERS' A~~IOCtATtON, INC,, its ~uccessots_and GBsign~.

·Section 2, re~l p~oper=y

.. conditions and

' "i'rope~ties" shall mean and t~efet' ·to that certain 'd~ac~:tb<ed in the. nealaracl.on of Covenanra.,

11.e•~i:iations •

Section 3, . "Common A'rea" shall 1aean all real property ownad 'by the A.~soal.ati91\ and for the common ·11ae· .and ·enjoyme·nt ·of r.he

. Owners.

Section ·4·, 11 !.ot 11 shall m.ean a~d .rafer to any plot of t:he land ehoun upon any .recorded subdivision map o~ plat of tbe Proporties with the e~ae,tian of tho Common Area.

Section 5, · ''OWcQt~ ;hall •ean and refet tn the record owner, <~li.e the r one a r mate persons o,r en t a l e • , a f the f e a B 1 t11 p l e tit 1 <l

to any Lot whl.ch ia parr. of the prap~rtie~, including concrac;t sell~rs, but ex~luding thos~ havl·n~ such fn••·~-· ··· .. _ .... _ ......... _.

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ALPERN, MYERS, STUART Fax: 719-630-1794 Oct 3 2005 17:08 P.02

Cle~:k And Reco~:der, El, Paso County, ·r.olorado.

Section 8, "Hetuber" shall lilean and refer to thoso person's entitled to tuembersh!p •• P<OVId~d ln the Declaration;

Socti~n 9, "First }lottgag~" sh.atl mean and refer to any' unpaid and cutstandin~ tuort~age, d••d of trust or dther security. instrument recorded tn tho raoords It th~ a1ftce of th~ Clerk and· Reco.-del." of El Paso County, Co!o.rado, h~vlns priority of re~OI:d ave\' all oCher racoraea lians "'IC<~t ohoso giJVU!\Cl~nrat llens made· superio~ by statute (such "" genora I. ad .,oLorem ta>e l1$ns ·a n d s p e c I a 1 a • s e s s m • n c s ) • " F 1 r s t H o r t g a g • '' f o r p u r p o • e s a f Arttcle tv, Section 9 hereof, shall also .mean and te,er to any executory land s~les contrAct wherein the Adiinistrator of Veteran's Affairs, an oEflcor of the United St•tes of America is the selle~, whether such contrac~ is racordad or not, and whethar such contract 1s owned by the said, administrat:cr o·r has be@n assigned by thQ 5ald administhtor and is owne.d by tha adm~ni­scr~coli's assignee o1~ a remote asslgne·e, and the land records l.n ·the ofHr::e of the Clerk ·and Recorder of El. 'hso County, Coto·· ~ado, shaY said Jdmlqistrator as having record title to the tot,

Seeti'on 10, "F!.rst Hortgagee 1' shall mean and. refer to any pets on ilal!led as a ll\Ortgagee or b•ne fie iary und'e r any Firs~ Hattgage (includJ.ns, for purpoa~s of Anicte tv, se~tion 9 hereof, the Administrator of Ve~era~'s Affairs, an ·officer of ~he United Stace~ of America, nnd his ass.lgns under any executory land sales ~ontract wherein the •aid"Administrator is identified as the seller, whether such contract is recorded or not, and the land records of the! Clerk and 1\ecord~·r of El P.aso County, ·Colorado, show thq ~a1.d Adml.nLstracor as having.'r.ecord eitle .co the Lot) i or any ~ut:ces·'sor to the lnta~est" oE any 91tCh pet~on under such Firat Mottgage •

.unr.u r.tr. ME~T!HG Dr HKHB~IS

Section t. .!!E.!!Jat Meau_~ 'rhe first annu~l e111eting of. th~ ~·~be;s shall he hald Y!th'tn one year from the da111 tif :f.ncorpot'ation of the Aosoc!ation, a~d ·~:~ach SIJbaequent regulal:' annual ltlqet.f.ng of tha lllelllbar~ shalt be he.ld on tha .same da'y of the same month oE •~ch year there&fter, a~ the hour of 8:00 · ~.M. If the day !6r·the an1111al meeting of the member~ is a legal hol!da.y, the muting wilt- bo h~ld at the sae~e hour on the first day following which is nat a legal holiday,

Sec~ion 2. ~!al.Meettn!IJ_. Special t~eeti.ngs of the _~a~bers may be called at any tlm~ by tbe president or by ehe Bo~~ord of D1reetora, or upon wrl teen l·equQs t of the' mell!berg who ate ·entitled to vote ane-Eo,,rcb (l/4) ~E all of the votes bf the Cla5s A ~ember~hip. · / .

S<!ction J, N'otice af Heetln!L: \lritten n~tice of each meet-ing of the Qletube~s shall bQ given by, ot· ut tb.; dlrection of, che

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sec~:"et.aqr o~ pers•>n a\leh<nl~ed to .cgll the ·m~et.in$, by 111ailing a. copy ·af su~h nQtt~e, P.oscaga p~~~.1id, ac lou~ 15 day.a hefo~a: such meeting to .es.ch !llember enclcted to vote thet~at, add~eos~d ~o tha •~ember'~ ad4ra&~ last appearinB on tho books of the• A.sa<l~tatl.an, or supptiad by such >n<mb•t to t\a Association fo.r· tha purpose of noti~e; Sud1 n.otice ~hat.l specify the place, day: and hour of che IUettng, ao<t, lo' che casa of a· spe~!at l!l.eet!.ng, tha purpose of meecins•

· Sactlon 4, quQrUEo The pres~nce ac che meeting qf ~•=b~ra en~~asc, or oe proxie• •nticled· to ~asc, one-tentn'

'(l/10) a: the votes of each clasu of membership sh~ll conatituc• a quotum fov any action exc~pt as otherulse provided in. the Arti~les of IncOI:porattcn, th~ neclaratian, or these lly•!.aus·, !f 1 houevu:·, such quoru'm shall nat he preeent or . .-eprnanted at ~ny l!l.eeting, the lllambers ~nettled to veta thereat. shall ha9o p<>wer to adjourn the m11et!ng frorn ~ime tD tima, wi~hou~ no'tl.ce other .~han announeerunt: at the moetl.ng, 11ntil a quo·rum as aEorasaid shall be present or be represo3ted. A rea~nvened maeting shall b~ ~alhd in any ~v~nt no \ac~r than forcy-Hve· (45) day~ fro~ th'''day of adjgurnm•nt.

Sec ·cion 5 • l' roxie u • A~ a l l n1 e e t 1 o g • of. m e·m bet:"· , e a <: h 1 me111ber lllBl' vote tn pHson or by p'ro1ey and 3hall be entttled to

the number of votes oet Eonh in the Ar.~;tchs of tnco~po-rat1on • • ql p~o1d.e$ ahall be 1~ IT'dting an<l fl.hrl wtth tile aecre'tny, · Every !lt'olly .sha.ll be l.'e~overable and shall automa~icatly ce•ae upon canv~yanee by th~ mel!lbe~ of hts Lot,

SQot:lon 6·, Ol,de·r Of 'B11s tness • 'l'lte Ol.'der of business :at illl "t~~aetinss .. of the "'i)i;nera of L<lts a hall bu as ~ollo"s l

(a) (h) ' (e) (d) (.) (f) Cg)

(h) (i) ( j)

Roll call ~roof of notice o~ mddtlng o• wolv~r of noti~• Reading of min11eo~ RQparto of,offlao~s Repor~s of nammiecea~ Electian ot inspectors of election Eledtion of DL~eatot~

(annual meetings only) Unfinished busJ.'nea• Nell buainess A.djou~nment

. AR'!'!CLE tV BOARD OF 0 tal!:CTORS: Set, ~GHON: 'fUll oF 0 Ht CE

.~ hction l. .!!..':!:~· 'rhe affairs ae this Aasociat.i~n shall l:ie 111ana~ed by a Board of three (1) Olr•acors Yho nead not be m~mbors Qf the A.•aoaiacian, (tb~ number o1 Dlre~coro ~ay b~.inoreaoed ~ 0 n • e "''> r e than • a van (7 ) by t I\~ a K 1. a t 1 n g ll 1 ~ e" to. r • , b u t ·"us ~ ocherll1sa b.e ~hat\ged· by 'lm~ndmoncs co th~ By-Lalla of· this AuoctaeiQn,)

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6~ation 2, term cif Offlae. Ac 'tile first annual meeting the: memb~S'aii';rf"alecc;;n;(rrnr;..CCtJr fqr II t•ttl of o·ne (l)·yea~, one (l) Direc~ar 'for a torm oJ twa (2) years and nne (I) DLr•ccor· for a cert1 of ~lHee (3) years l nnd ac oach unnua\ meeting ther•­•fter the ~emb~r• shall el•ct Directors !or a t•rm oe threo (J) years; to fill the vacanclos creacod by oxrlred terms or new Dl~ectors as ~ijq11lrad by th• Board,

Sl!~tion 3. Reniovat. Ally Dlr•ct~L-· rnay he removed from the. Board uith or'without cause, by a mojorlty vo~• of the aamb-rs of

'the Asao~l.ation. · h, ~ha evol\t <>f d•o•h, re•lgnatlcn or r~IIlova.l oE a diree~or, his aucc•••cr shall bo sol•cted by the remainin~ members of the Boa~d lnd shall serve for the unexpired ter111 oi hi. s pre dec e s so i:; provided , h o t1 eve r , t h' t 1E any D i r e.n to 1'

appointed by Declar!t.nt is r~moved .as afore•aid, hls s·u·cce.ssor shall be appointed by Dealarunt and 'Silall s~rva. fo~ th~ unexpfr~d ~Erm of his predecessor,

Sqation 4. _J:ompan~.~lli.n_. No· Plrecte~r shall receive compensation for any servic~ h• way render co 'the Association. However, any Director may u~ reluibllrs~d 'fnr his .actual al<penaes· ineurr~d in the performance of ·hI~ J11t l.es •'

s~~t~on 5, ~lon Takell.Ji.L~.£!.~!.!-t_L!f.<:.~_!J .. !!lL:. 'l'he Oirer.tor~ shall have tha right to oke auy accinn In the abaance of a mee~ing whilh they could take '•c a m~etlng by obtaining the. Wl'ittal\ approval:. o.f all ch~ nt.reccors. Any a<:tio.n 'so. approvad $hall have the same af'fe¢t as though taken at a m~et Lng. of the DLre~tors.

Annr;J,E v NOH!N~TtON ANn EL!CT!I)H OF DIRECTORS

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S~e~ion l, Nomination. Hlllllilllitloll e~l~ ul~ctian to the Board of lliractors.ah.i'i'T"'be <o~a~u by" ti•Jo•lln•oLn~ C:owr4itte~. NO!Il1na­t1ona may also be m~de from tll~ fln<>r uc ti•• ann11al ~eetlng, Tha lo~1nating Commi~te~ shalt consl~c of ~ ahalrman, who shall he a. llleltlher of the Boa.rd of Di~~ccors, and l:wo or more .members of the Auaociation. tbQ Nominattnn Gornrnlti~! shall be app~lnted by the Bou·p o.t·Directo~s· pdor to each annual meec!ng.o'f the 111embers, to serve from tha closQ ·of suc\1 annual meeting until the cloQe of the next. artn\lal 111eetl.ng and Ull~h appalntment sh,a,ll be announced at <Uo:h annuat.meei:irtg,. The NanlfnacJ.ng Colllrni.ttee ahall make as many nO<Uinations for atectltln to tho Boa.rJ of Dir~ctors as tc shall in ita disaration ~etermil1e, hut noc less than the number oE var:ancias t·hat a~e to lie U lle.t. Suc!1 uomlnH!.on• may be made from among <Uembers or non-rn~mber• .

. Saetion 2. Ele"tiQn, Election c·a· the. Board. of 011:'eatars shall be by sec~ec-wr~ .balloc, At •11c\i otaonon th~ memb.•r• 01:" Chair princ!e$ may ~ast, lll rosp•cc t'o •ach Y.O<;ancy, aa lllany votes a a th<ry are ontine<l co oxut·c I"" 11nder the prov is ion•

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thQ Oeclaration and Artlcla• ni lnunrp<lrocfan, Tile persons teca:!.v1ng the large,st I\tlNI><n ni voteu ~hall be elected.

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C~mula~lv~ vaetng ls not perMl~ted:

ART.·tC!,I\ Vt MEtT!HGS or O(IBCT.ORS

Se<:ti~n L: . Ttegt1lar Heet!np,. Raguta~ me<>eings or Ch~ aoe1:'cl of Dire~~o's shall b~ hdld onontorly .wichouc· noci~e., at suoil. place ~nd hou1:' as may be fiK~d from time to time •r r~~olucion of the Boat'd. Shollld said :neectns fall 11pan a Legat holiday, then· t h a c me" c ~ n g • hall be .. he 1 d a t c h ~ H rn e t 1 rn e an the n • X t d a Y 4"h l c h is n~t a la~al holiday,

SeQtian 2 •. Speeial Meetings~ Special meetings of the 'Soard of. Di1:'acccra ahall b-. hd<l wh~n calhd by the pre•tdenc .oe thQ Ao~()ciation, or b·~ any two directors, after not less thar> three (3) day's .~otle~ to aach Director. ·

s'aotian 3 ,' · ~•co1;um. A majority of the number o.£ clirect·on:· ah~ll constitute a quorum·for the transAction df bualn~sa. eve11 act or deatsion dono or made by a ·majority of the direetori present et a duly held meeting ac which ·a quorum is present shall. be regarded a$ th~ let of the Board, .

AR'rlt;J.~ V!.l POWEllS AND DUTtES OJ!' TilE· B!l~RI1 OF'O!UCTOR-S

to; SQction 1. The R<><lrd of .Olrer.tcrs all have power··

(a)· a.dopc an4 pllblish rules and regulations go·vu·ntng \ the Comtaon A1:'ea and facilities, and ~he personal ~ond·uc:t cie tl).e' mambers and t\utr guests thereon, and co aacablisll penalties for the .inf~aation tl\e~eo(:

( b') s.us'p~~d th1l vac:lng right~ and righc to use of t·ho roi<:~eational faailities llf a m~wbe~ <l11~.tng. any period 1·n whi'ch sueh'mambar sh~tl' be in dofa11lt in the pay~enc of ~ny asse~~ment levl.ecl by the. Aai!O'Qiation. Su~h right may also ·he auspendeq afte1:' nocie.a e.nd heal.'ina, tor a pij~J.ad 110t to· excee'd sixty (60)' days· t~t !nlraction of published rul~s &nd regulations;

(e.) exGr=iao for the Aoaoclati~n al( powe~s, d~tias and authority vested in or doLegocod co this ,Asso~iation and nat ~·sarvecl to the memb~rshlp by OCII~r provi~Lona or ~hsse Ri-Laws,

.the Articles of ~~~~~por•tion, or ihe Doalar~ciani

~ (d). <le~lare the ~fUco ~fa mamber of the Boa,-d of 0it'l3ctors to be va~e.nt i.n the event ouch .~e!llber ~hall he abeen·c ftom three (3)· aons;au~lve reg11lar meetings oE the Soard of Directors; and ·

V (e) employ ~ toartager, an J.ndependent conttaeca,,· or such other employees as they d<eoa noco.saary

1 and tio praac.t"ibe their du~ies,

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Sec·tion 2. ot.~actots· to:

Duties. l t s h il 1 t b" t h ~ rl u ". y o E the B 0 a l." d of

(a) c~usq to be kepc a compl~ce record of all its act~ and corporate affairs and to pr~sont a statement thereof to th<i lllembq~a at ~h$ annual m~etlng cl~ the melllbers, or at any· spec:!~l ma~cing when auch s~·~~men~ l~ rdqt:B~tad ln writing by one~fourth (l/4) of the Class l membars who are enc~tled ~o vo~eJ

(b) supuvise at l oEf.i~ers, agents and this Association, and to see thac thelc duties performed;

emplcyeu o·f a.:e prope~;ly

(a) as moie fully provided in the Declaration tQI

(I) fix the amoun c o.f ·the annua t ausesam.ent against each l.ot at least th:lrty (30) days in advance of each annual assessment period;

(2) send vritten. no~ lee of each . usesnent to every O~nu ~11bject thereto u 1east 'thirty 00) dnys in a<lvanc~ of uch annual assessment period; and

(3) for~cloae tbe·lien against any property for which aesessments are no't paid within ninety (90) days after due dat~ or to bl;'1ng an act!oln ·at law against the o~·ner personally obligated to pay the same.

(d) !sque,. or e~ qause an appropriate officer Co !~cue, ~pon de~and by anp parson, a c~rctftcate setting forth whether or nee any aaseument has been paid. A' t"eason"bl~ charge ,.,..,. be !Dad·e by th.a. Board for the ·Lssnance of these certiHcatiu. If· cere1ficata ·States· an ~•~essment h•s been paid, sue~ certificac~ shall be ~onclustve evidence af such paym,nt;

(e) p~6cure and ~aintain adequate liability and h~=ard insuranc~ 'on propercy· owned by tl1e Association;'

( f ) c'a us e a 11 o f f ice 'r s o r amp loy I! es h a v 1 n g f i a c a 1 responsib!litiqs to be bondad, as it lllay deem app~opciate;

(g) cause t~e CornmQn Aran to be maintained.

ART1CU VUt O)"F!CERS AND THEIR D!IT!ES

Sec.U.an l. !nu111eue.ton aE n.£.0..£!-~· Tho offlc....-s of this Association shall be a p~osi•l•nt and vio•-.Proaident, who shstl.a.t all ti=•• be members o! the Hoa~d at Directors, a aec~etiry, and a treasurer, and ~l!ch. Qtl\er a( r l.ce r" as the E<>ard 111ay from t!llle

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., ' to' time by r~sotuei~n c~oata.

Sllction L .. J1.1ec:t:16n of OHice.u_. 'l:ha ele~tion of office\'R shall ~aka place at the fi~H mHUng oE the Board of ntrecto~;a,. falLo~lng aach annual meeting of thd meNbars,

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Section 3, To~~. tha oEEic"~" of this Assocl~tion shall be elected annually-iiYl:he Uaa~d •nJ each sh.ll'L hold of!ico for 11ne (l) year unlus he shall soon•r ~•sign, n~ shall be removed, a:r o~h~rwiae disqua11Elnd to s"~v~. ·

Section 4, _Spee!al .l.ppo!ntment, The Board ma)' elect aua·h other offiaua as Cha affa.Lrs of the A$socia~ian may· requi"'~• each of wham s\\,.11 hold oret~e !nl' ~uch period, have sue.h authority, and perform such duties a< the Board may, from time to ~~me, dee~rmine.

' S•ctlon S, ReslS!•ttan and R~mnvat. Any officer may be rattoved fro.m oe!'ice with or wCt'(l";;-;;·~~-we by ~he aaard, An'f, af~icer may rea1gn a~ any time givtng wr-itten notic~ to th~. Board, ~he, pr·Uio:lent or the secre'"ry. S'llch. ~esl.gna~ion shall take effect o~ the date of receipt of such not,ce or at any l•te~ time speci'fied .the1:ein 1 and untes~ othert.t!.sa •?ed .. fted the'Cel.n, the accep~ance· of such r~signation shall no~ be nece~aar7 to mpke· !.t e~~a,.tive,

!~etion 6, V•aanales, A vacancy in any offiae ~ay be ·filled by appoia.~me~t -by the Board. '!he office..-· appointQd ·to· sui:tl v~caa.ey shall serve for the re~ainder·af .th~ term of the offiae~ he raplaaes.

See.t:lon 7. _Multiple. Offices. '!'he· Qef'ic~a of secretary a.:nd· ~~qasurar may be held by tho same person. No person shall: ~!multanllously hc)ld mq~e than on• of any oc the ot\1e~· aff1c:oa axcop~ ia. the =~se of special o!fice• o~aated p11rs~ant 'to Seo~1on: 4 of this A~tic:l~.

Sect ton 8, follows:

Duties, The duties oE the otfloers a~e as'

(a)· President. tha president shall preside ae elt: meetings of' the Boat'd oe nir~ctors; shat'l sea that: orders ancl·. resolutions of the Bo~~d are carrled o~ti shall sl~n all lease~, mattgages, dead~ aud other writt~n·tn~cruments an~ shall co-sign· all chec~s. and ppQmi~sory natea of the Association, The· ?resident shalt· P.repare and subml~ to the Members at each annual meeting an annual·rapalt ~f the ~lfalr• of 't\1a Association.

(b) Vlce-P'I'eaiclent, the' vtc•-vresident shalL aa t in the pta~e·and stead o! thd r•••idenc Ln t\1< event of hLf absenae; i!ubtltt:)' o>:. refuse? t<l act, a1\d shall u><erohe and. di•ch~rge s u t! h o t h e r d u t 1 • s a a JU'a y b ~ r a q 11 1 < ~ J J> f. h l111 l> y ~ h o Boa o d ,

Tho ""'""""~Y shall tecard the 110tes

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and l<.eep the minutes· oe aU rri~ettngs a.~<l prnet!edtngs of the Hoard and of the 'me111baro; keep the Gorpcrn~'e seal of the Auaciat:!c,n and af!lx: !t Qn aU pape•s re~uLrlng ·said sQal;· serve notice of l!l$etings of 'the Board and of the mo10b•rs; keep app~op~iate current. records showing tha. mombor• of tho l•s.sociatian togethar with their addresse•, and shall perEorm such othe~ dutle$ as required by the Board.. ·

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(~) trusun·r, The treaGtHH 'shall rece!~~ and deposit tn appropriate b·ank a"counts alt 11101\tes ,,f the Atlsociacion and shal'l disburse such tu11d~ u dl.recte<! by ·resolution of the Board, of Directors; shall sign all checks and ~romiss6ry notes of th• Associatio.n; \le~p pr'op~r books ol; ac<:oulit; cause an annual audt·c or other financial statement of tho Association books to be mad~ by a ptiblic accoun~ant at the. co~plet!on of each fiscal y~a~l an~ shall pra~are an annual budget and. a stat~ment of ·income and I!:X]l~ndBur.e! to bt! pruonted to th'• membership' at its rellular annual meeting, and deliver a copy of each 'co the member~.

AR'r!Cl.,~ !X COf!HIT1:EE~

The A~sociation shall ·appalnc an Arch1Cectur~l Control Ccm~ittee; ~e provtd~d ln th~ Deala~atlon, 'nd a. Nominatin~ Cqmmittee, a~ provided in these Uy-Laws, ·tn addition, the Board ~e Di~ecto~s shall. appoint ather commf~teeo ·as deemed •pproprlat~ in eariying out its purpo$e.

A!tT!CT,E X »OOKS AND RECORDS

the. baoka, r~aol.'ds. and paper• of the Auo~:iaUon shall .at all' ti111es 1 du~ing r~asonable bttsinas" hottrs, b~ subject to inspqati~n· by any meulber, The. Deol:natio·n, the Arttcl•IS ·of !ncor·poratioll· and .the· By-Laws ,~f the Associatto!\ shall be 'available' fori inspection by ,ny ·~i~her, prospect rue purchas~r, Fi~st Mortgagee,: l.n$urer or. guarantot: at a Firat .Hot'·~ gage on .a Loc, ac the· p~1ncipal oCfio~ of the As~oalatlon, whe;e uopte~ ~ay be pu~chased ~t t'a~scnable eose,

:t'he boak.s and reeorda of the A'ss~>ctation will be 111aintained in accordance with generally accepted a-ccnatitlng .Principles.. All. reserve funds ~hall be segregated ln sepa·rate r.eserve a<>aounts and shall ndt be usad for operactn 1 P••rpases,

ART!CLe~ KT. INDEMN'!FICAT!ON 0~ ll'f.l\~G'rol\5 ANn OFFICEI\S

. The A~aoc&atlonJshall indo•ntfy eve•y di~ecco~; officer, aeent or employee, 'lofld ~ny forma< dlreocqr, officer, BSOll~, or employee agginst loss, cases, and eKp~n~e, lncludlng counsel fees r~asanably lnuurred in connectlon wlth ady action, suit, or proceeding Co which· ~uch parson may b~ m•~• a pa~ty by reason of. being, or ha11tng h•1en sucli rilrut:tor, oUicar, agent or emp,tayee

ALPERN, MYERS, STUART FaK:71 9-630-1794 Oct 3 2005 17:09 P.09

I ' of' cne Auoctacton, except ~s •a matters .as to which such parson shall b.Q ·finally adjudged to be \.Hbie. fot gross Mgligenc~ <l,t' ~taud, A.n·y ~uc\'r llnd·atunUtcation shQll ba \.i.~lito<l c·o and may on~y

I . he paid out of the insurance proaeod~ provided by an tnsurar !ufni•hing OfficQrs and Directors .Errors and ·om~alsstons insurance ~ovarasQ and aap pch~t insurance pro~eccing the Aosoclatlon erom· liability because of the negligent apes of lcs servant~, inalud~ ing· inaur'!n<le .. ,covij~ing lllotor vehicl•' for pubt:tc · lis.b.ilicy, p~opafty 4i~a&ge 1 · m~diaal and oeh•r similar c~ver~ge, 1~ being chs. intent and pu~:po· .. a ~f ~\1111 p~o'll•lon ·to \.tmit •11 payments or;· aecclellle.nts in 1ndl'lmn1fioac lon ~o the actuaL p~oc:eeds of· insuraqce policle~. ·

No tndemniHcat~.on :<halt be pro,.idect for acts const!.tutlng s~oa~ .negligence, nor for fraud, nor foe· more r·eprehanaible· eondu.,t,

No officer, director, agent o; emplc~oe·a~ the De~larant, ita aua.,esso•s or a~signs, nar of any managtng agent who fs an ind~~endent contractor, nor of any other Independent conttactor 1 uhalt be· prote.c:ted by these indemnification p~ovision$ no.l" by any insq~aace policies obtaln~d by th~ AssocLation in r~lation: t h e r e C o , bu t a ~ y s u o h D r o t e c t l a 1'1 lli t h E~ s o 1 e a n d s e pat' a t a respons:l.bil1ty a( the D~olarant, its sue~ea sen and .assign·s 1 any: managing agent who is an independent <!Ontt~ctor, or any othar independent caatrac:tor as one of their QXpenaes of .do.ing bunine.ss,

In the " approved by

card.er ouc

~vont of'a settlamen~, the tn~uran1a ~arrier, and of the insurance praaoa~o.

the setttecH>.nt pa·id eor by tl\lil

shall be insur;;n.:e

.~

AitTt cr.c: x n ASSESSHENTS

As lllar·e ~\Illy pr<Wided tn the Oonl~ra cion•, each !!l~mbet: is 1

obll.gatad ~o pay . to the Assoclattcn annual and· zq>e~ial; , assess~ent• which are securod bz a conilnuing )ien .upon the· p~ope~ty against wbiah. the aaae1sment i~ mad~~ Any ass~Sl~en~s lo11\1¢h !!:a not paid when due shall he delinquant. !f the· a5se~sment 1i n6t paid within thirty (30) da~a ~fter the.due dllte, thQ· a~sess·rnent 5h.all be subJect to a monthly late cbiug~ ancl Ghllll beat intere~t from t!1o o!atte of detin.quency at. the rate

· o£ t"elve P•H•a.n!: (!2.!!:) per· ann11m, and t~e As:s~clation may bting an action &t law· agai:"'t the Ownez~ p~roonall:r .obligated to .pay th! same or foreclose tha lien •Bainsr. the property, and interest, late char~es, costa, and rea5onabla ateo~~~ys 1 fe~$ at a11y suc;h ace ion· uhall be added to the amount of such. assess.,..,nt. No avnew may ~aive or otheru:tse e~cape liabil~ey fot the ~sse~ument~ P~OV1ded lor herein by nonwtiSe o! t~· Common Area or ~bandonl4~nc of his Lot, · ·

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ALPERN, MYERS, STUART Fax:719-630-1794 Oct 3 2005 17:09

ART!CL~ Xlr.t . CllRPOI\ATe :;gAf.

the Assa~tatton sh~ll havo n s~Jl. in clrcutar uithin tt~ circumference tho words: ''VICTORIA COLORADO SPRINGS HOHBOWH~RS A~SOGIATIOH,. INC, NONhOFIT",

ARTT.t:l,r. XtV All E II n f! ;: trr S

P. 10

farm ha.v.tng 'li!.LAGE AT CO!,ORADO

See·tion !. 11-y~t.aws, Subject to th~ terma and conditions of. lr~i~le X(b) of ~he· Articles of rncorporatlon o! tha Association, these Sy-.Laws may ba amendect by tho members of the .Assoct·ation. and no ame,ndltll!nt shall lle efEectl.ve uttleH· approved, H a duly· authorized llleettns eallsd for such .purpose, by at lust sixty­a even peT: cent ( 6 7% ) o f ea c \\. c .l a u . o E '" ~ 1~.b e ~ s 1 and e a a h no H a" o !; . any meeting· there'foH Ghall specl.fy the nHu~e and ~ext ·of an)'' proposed amandment Dr amendments, ••copt that the Federal Rousl~g.· Administra~ion or· the Veterans Admlnl.stration shall h•v~ the: right to veto amendments wl•lla there ·la a Class B memb~rsh1p;

Seet!on 2 •. Ccm!tict r.ontrot·. In·· th~ case of any conflict;· between the Arthle$ of Inc~;o·rat .. lon an<! ·c:huij By-Lawa

1 the:

A.rticlu shall control;. a·n,d J.n the aa'se· of any conflict betwee11: tha Dectaration and these. Hy-Laus, the Declaratloo shall control~

ARTT.CI,~ JCV MORTQAGES

SQction 1, Notice oE A~sociotion. Every O~ner who 1!\0I!'tgages, so lis, :t'ranofer• or !-~-;;-"••· )lis- !.at ehall notity the Asso.~iat:lon by .gi·dng the name and· address of his First Martgaga0 1 purchase·r, transfer•~ o::- lesaeo t<l the Preai·denc of the As·sa~iat.icn, the Association shaU. mo.tnta:ln such inforotat.ion in a book entitl~d ''First Martgaaes of Lot$".

5cc:tian · 2~ J!.2.!:1eQ ·of Dera~ Upo'n urinen. 'request of· a Pirat ·Mortga'gae, insurer or guar•ntor of a ·rirn Mortgage ·on a tot, the 'Association shall. ~erort any aosess~aent which re·maips unpaid for over thi:ty (30) days nr any other .default of ari ~wner Which rel!lains unc~rqd for 9ver ~hlrty (30) d~y~.

Be c t ion 3 • ..l!l!loe e t ion a f n ~.i!.!HiL~l!-~Sll!!..: each Heoa be r and any First Mortgagee of a Lat sl•qll have the rlgh~ to Inspect· the boo·k~ and rece~rda· of the Assoc!a tion during reasonable b11siniSS hours.

Se.ction 4, .l..!.l1!/cial ~~~ F~om and afte.r .the tima when t n a r <1 e :d st s · fifty (50) o ~ · "'or •· Lots l n the Pro j e ~ t , "n y l'i r • t. 'Mortgagee, insurer <H guarantor rlf a Flrsc .Hongage on a Lot

1 upon write~n roquo•t, shall ha antltla<l .en receive froe of ~harge vithin ninety (90) <lAys frow tloa and ol tho fiscal year oe ch ..

II)

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ALPERN, MYERS, STUART FBx: 719-630-1794 Oct 3 2005 17:09 p. 11

.·'

A.s1

uac:.iation, an 11nnual, audi~ed ftnanc.tal sea~ement ·o~ ~he'· ' A.uac:.f.acion; p~.o~r.i,cled, ho~<~vu, thH un~.i.l such t:·l.me ch,c(

A.saoc:tat"ion shall ba und·e: no cbltg~~·!on to have an aud.!tacC ff.nanet&l Hatameuc p~opa~ed untess l.c first: recaivas· a ~otrn~e~~ re~uest 'tlluefol:' fto111 "'" luu Hfty-one percent (Sl%) of the' l"irst Mct<t·gagus o~ t.ots 1 and f11~th~r provi.ded that the'. requesting l'irsc Mortgagees 'mus~. baar th~ e><pense of prepart11g the nud1cad financial •catament.

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SQction. 5. J~at1ce of N'eetings, A.ny Ftut Mortsa~ee o~ a ·tot, upon written request, ehall be •ntieled to w~itten no~ice of'

a1l Aaso~ta~1on 'maeti~gs arid be. permitted .to send a. rQpresentat~ve co su~h meetings,

A.RT!CL~ XVI HtSCELLA.NEOUS

Th'~ ft'si:al year .of I he Assodanc)'l. ~h~tl b~gin on the. H-r~;t day of Jan~ary and end ~n the' Jl~t day of Decemb~~ of ev~ry yaar, eKcepc th~t the fir$t fisdal·yaar •hall begin on thq date of ineorpo-ratio·n. · ·

.!N II!TN'!:SS WHEator,· ••e, being ·all of the Di~eeto~a of: ~he V!CTOUA .. VlLUclli: AT OO'LORADO SPRINGS HOH!lOWN1!11.S' ASSOCIATION

1 INC, have hHeunto sH our hands · thts . ·day· of'· 19 • -

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ALPERN, MYERS, STUART Fax:719-630-1794

STATi OF COLORADO

COUNT'! 01?

...... ;

) ) • a • )

Oct 3 2005 1 7: 09

fo~egatng uas a~know\edged "befo~e me this of· ___ _o_ 19 __ , by - •. -..---~----------w-..-~-------------·----' an

W1tn~ss my hand and official seat.

[s II ALl

p. 12

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Add res • ~------'----

CEI!.Tti1!CATION

~,.the un.ersisned, do he~eby certify.;

. da.y:

.THAT t· am .the dulf elaeted and acting SQC~ata.ry of ~he.·

~NAT the for4go1ng ly-Law~ con~titut~ the origi~al.· By•Laws of said Assa•&atlon, as duly adopted. at.A meeei~g of.~he Board of Diuc:ti:iu therec1f, · hi!ld on ~he day or.

19 . • . _......_ ______ , ,. - ..

tN ll't'l'NE!SS ll'llEREO~, t have he~:eunto ·aubs·oribe<l lilY 'lllsllle and «ffi~e<l the seal of ~aid Asspaiat!~n this day of

19 __ •

I Secretary

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