FIVEPINEMESA
BYLAWSOF
THERANCHESATFIVEPINEMESAASSOCIATION
ThesearetheBylawsofTheRanchesatFivePineMesaAssociation,aColoradononprofitcorporation(the"Association").
ARTICLE1
DEFINITIONS,PURPOSES, OFFICES,ASSENT
Section1.1Definitions. Unlessotherwisespecified,capitalizedtermsusedintheseBylawsshallhavethesamemeaningsintheseBylawsassuchtermshaveintheDeclarationofProtectiveCovenants,Conditions,RestrictionsandEasementsforTheRanchesatFivePineMesa,recordedortoberecordedintheofficeoftheClerkandRecorderofRouttCounty, Colorado,asthesamemaybeamended,supplementedorrestatedfromtimetotime(the"Declaration").
Section1.2Purposes. ThespecificpurposesforwhichtheAssociationisformedare setforthintheArticles.
Section1.3Offices. TheAssociationcurrentlyhasitsprincipalofficelocatedat27MainStreet,Suite102,PO Box2450,Edwards,CO81632. TheAssociationmayalsohavedifferentorotherofficesandmaycarryonitspurposesatsuchplaceswithinandoutsidetheStateof ColoradoastheExecutiveBoardmayfromtimetotimedetermine.
Section1.4Assent. AllOwners,allGuests,LesseesandSubownersofanyOwners,allJointUseOwnersandJointUsersandallotherPersonsusingthefacilitiesofTheRanchesatFivePineMesainanymanner,are subjecttotheseBylawsandanyrulesandregulationsadoptedby theExecutiveBoardpursuanttotheseBylaws. ThemereacquisitionorrentalofaLot,themereactofoccupancyoruseofaLot,orthemereactofuseofanyoftheCommonElementsshallconstituteanacceptanceandratificationoftheseBylawsandanagreementtocomplywithsaidrulesandregulations.
ARTICLE2MEMBERSHIP
Section2.1Membership.OwnershipofaLotisrequiredinordertoqualifYformembership intheAssociation.
FVPN_BL.002.wpd
Section2.2RepresentationonExecutiveBoard. IftitletoaLotisheldbyafirm,corporation,limitedliabilitycompany,partnership,association,orotherentity,oranycombinationthereof,orifanyindividualorentityshallhavetitletomorethanoneLot,thenineithercase,thatindividualorentitymayappoint,byawritingfurnishedto theAssociation,adelegatetorepresenteachsuch Lotasacandidatefor,and,if elected,asamemberof,the
ExecutiveBoard. SuchdelegateshallnotvoteasamemberoftheAssociationunlesssuchperson
shallbeappointedbyaproxyexecutedinconformancewithSections3.6and3.7 oftheseBylaws
tocastthevotinginterestof theLotwhichsuchdelegaterepresents.
Section2.3ResponsibilitiesofMembers. AnyPerson,includingDeclarant,onbecominganOwnerofaLot,shallautomaticallybecomeamemberoftheAssociationandbesubjectto these Bylaws. SuchmembershipshallterminatewithoutanyformalAssociationactionwheneversuchPersonceasestoownaLot,butsuchterminationshallnotrelieveorreleaseanysuchformerOwnerfromanyliabilityorobligationincurredunder,orinanywayconnectedwith, theDeclarationoranyoftheotherAssociationDocuments,duringtheperiodofsuchownership, orimpairanyrightsorremedieswhichtheExecutiveBoard,theAssociation,orothersmayhave againstsuchformerOwnerarisingoutofownershipoftheLotormembershipintheAssociationorthecovenantsandobligationsincidentthereto.
Section2.4MembershipCertificates.NocertificatesofstockshallbeissuedbytheAssociation,buttheExecutiveBoardmay,ifitsoelects,issuemembershipcardstoOwnersofLots.AnysuchmembershipcardshallbesurrenderedtothesecretaryoftheAssociationwheneverownershipoftheLotdesignatedonthecardshallterminate.
Section2.5Membership.There shall beoneclassofmembershipconsistingofallOwners,includingDeclarant,solongasDeclarantisanOwner.
Section2.6VotingRights. EachLotshallbeallocatedthatnumberofvotesintheaffairsoftheAssociationwhichisequaltoafraction,thenumeratorofwhichshallbeone andthedenominatorofwhichshallbethetotalnumberofLotswithinTheRanchesatFivePineMesaatthe timeinquestion. TheAssociationshallnothaveavotewithrespecttoanyLotwhichmaybeownedbyit. DeclarantshallbeentitledtovotewithrespecttoLotsownedbyit.MembersoftheAssociationmayexercisesuchvotingrightssubjecttoandinaccordancewiththeprovisionsof
theDeclaration,theseBylawsandtheotherAssociationDocuments.. Subjecttotheprovisionsof
theDeclaration,theseBylawsandtheotherAssociationDocuments,allmembersoftheAssociationshallbeentitledtovoteonallmattersaffectingTheRanchesatFivePineMesa, whicharerequiredbytheDeclarationor theActtobesubmittedtothevoteofthemembers.
Section2.7DeclarantControl. NotwithstandinganythingtothecontrarycontainedintheseBylaw,DeclarantshallbeentitledduringtheDeclarantControlPeriodtoappointandremovethemembersoftheAssociation'sExecutiveBoardandtheofficersoftheAssociation,subjecttothefollowingrestrictions:
2.7.1Notlaterthan60 daysafterconveyancebyDeclaranttoOwnersotherthan Declarantof25%ofallLotswhichmay becreatedpursuanttothisDeclarationwithinportions
ofthePropertyotherthantheJoiningParties'Property,atleastonememberandnotlessthan25%of themembersof theBoardshallbeelectedbyOwnersotherthanDeclarant.
2.7.2Notlaterthan60daysafterconveyancebyDeclaranttoOwnersotherthanDeclarantof50%ofallLotswhichmaybecreatedpursuanttothisDeclarationwithinportions
ofthePropertyotherthantheJoiningParties'Property,notlessthan331
%ofthemembersof
theBoardshallbeelectedbyOwnersotherthanDeclarant.
2.7.3NotlaterthantheterminationoftheDeclarantControlPeriod,theOwners shallelectaBoardofaleast3members,atleastamajorityofwhomshallbeOwnersotherthanDeclarantordelegatesofOwnersotherthanDeclarantappointedpursuantto
Section2.2.
DeclarantmayvoluntarilysurrenderitsrighttoappointandremovethemembersoftheBoard andtheofficersoftheAssociationpriortotheexpirationoftheDeclarantControlPeriod,but,in
thatevent,Declarantmayrequire,for theremainderoftheDeclarantControlPeriod,thatspecificactionsoftheAssociationortheBoard,asdescribedina recordedinstrumentexecutedbyDeclarant,beapprovedbyDeclarantbeforetheybecomeeffective.
ARTICLE3MEETINGSOFMEMBERS
Section3.1PlaceofMeeting. MeetingsoftheAssociationmembersshallbeheldatsuchplace,withinoroutsidetheStateofColorado,astheExecutiveBoardmaydetermine.
Section3.2AnnualMeeting.Thefirstannualmeetingofthe AssociationmembersshallbeheldwithinoneyearafterthedateoftheadoptionoftheseBylaws.Thereafter,the annualmeetingsoftheAssociationmembersshallbeheldonadateandatatimeselectedbytheExecutiveBoardineachsucceedingyear. ThepurposeoftheannualmeetingsisfortheelectionofDirectorsandthetransactionofsuchotherbusinessoftheAssociationasmayproperlycomebeforethemeetings.
Section 3.3SpecialMeetings.SpecialmeetingsoftheAssociationmembersmaybecalledbythepresidentor the ExecutiveBoard,orbymembersrepresentingatleasttwenty-fivepercent(25%)ofthevotesintheAssociation.
Section3.4NoticeofMeetings.Writtennoticestatingtheplace,dayandhourofeach meeting,a descriptionofanymatterthatmustbeapprovedbythemembersor for whichmembers'approvalis soughtatthemeeting,adescriptionofanymatterwhichamemberintendstoraiseatthemeeting(if requiredundertheColoradoRevisedNonprofitCorporationAct)and,inthecaseofaspecialmeeting,thepurposeor purposesforwhichthemeetingiscalled,shallbetransmittedinaccordancewiththeDeclarationnotlessthanfourteen(14)normorethansixty
(60) daysbeforethedateofthemeeting,byoratthedirectionofthepresident,orthesecretary,
orthepersonscallingthemeetingasprovidedundertheseBylaws,totheregisteredaddressfornoticetotheOwnerofeachLotentitledtoberepresentedbya voteatsuchmeeting(which
registeredaddressshall beasprovidedforintheDeclaration). Attendanceofa memberorsuchmember'svotingrepresentativeappointedpursuanttoSection3.7atanymeetingshallconstituteawaiverof noticeofsuchmeeting,exceptwhensuchmemberor votingrepresentativeattendsameetingfortheexpresspurposeofobjectingtothetransactionofanybusinessbecausethemeetingisnotlawfullycalledorconvened.Before,at,orafteranymeetingofthemembers,anymemberorsuchmember'svotingrepresentativeappointedpursuanttoSection3.7may,in
writing,waivenoticeofsuchmeeting,andsuchwaivershallbedeemedequivalenttothegivingofsuchnotice.
Section3.5AdjournedMeetings. IfanymeetingofAssociationmemberscannotbeorganizedbecauseaquorum,asdefinedinSection3.8,hasnotattended,thememberswhoarepresent,eitherinpersonorbyproxy,mayadjournthemeetingfromtimetotimeuntilaquorumisobtained.
Section3.6Proxies. SubjecttoSection5.2oftheDeclaration,votesmaybecastinpersonorbyproxy,butnoproxyshallbevalidaftereleven(11)monthsfromthedateofitsexecutionunlessotherwiseprovidedintheproxy.ProxiesshallbefiledwiththesecretaryoftheAssociationatorbeforetheappointedtimeofeachmeeting.
Section3.7DesignationofVotingReoresentative--Proxy. IftitletoaLotisheldbyafirm,corporation,limitedliabilitycompany,partnership,association,orotherentity,oranycombinationthereof,aproxymustbeexecutedandfiledwiththeAssociationappointingandauthorizingonepersonoroneofagroupofalternatepersonstoactasthevotingrepresentative of suchLotandcastthevotesallocatedtothatLot. Suchproxyshallbeeffectiveandremaininforce unlessvoluntarilyrevoked,amended,orsoonerterminatedbyits termsorbyoperationoflaw;provided,however,thatwithinthirty(30)days aftersuchrevocation,amendment,ortermination,theOwnershallreappointandauthorizeonepersonoroneofagroupof alternatepersonstoactassuchvotingrepresentative.
Section3.8Quorum. ExceptasotherwiseprovidedintheseBylaws,thepresenceatanAssociationmeetinginpersonorbyproxyofthepersonspossessingsufficientvotestoconstitute25%ofthevotesintheAssociationentitledtobecastshallconstituteaquorum,andsuchpersons presentinpersonorbyproxyshallconstitutethemembersentitledtovoteuponanyissuepresentedatsuchameetingatwhichaquorumispresent. Amajorityofvotesentitledtobecast bysuchpersonspresentinpersonorbyproxyatsuchameetingatwhichaquorumispresent
shallbesufficienttomakedecisionsbindingonallOwners,unlessadifferentnumberormethod
ofvotingisexpresslyrequiredorpermittedbythe Declaration,orisexpresslyrequiredbytheArticles,theseBylawsortheAct.
Section3.9Members'MeetingsbyTelecommunication. Anyorallofthemembersandmembers'votingrepresentatives mayparticipateinanannual,regularorspecialmeetingofthemembersby,orthemeetingmaybeconductedthroughtheuseof,anymeansofcommunicationby whichallpersonsparticipatinginthemeetingmayheareachotherduringthemeeting. Amemberora member'svotingrepresentativeparticipatingina meetingbythismeansis deemedtobepresentinpersonatthemeeting.
Section3.10Members'ActionbyWrittenBallot. Anyactionthatmaybe takenatanyannual,regularorspecialmeetingofthemembers,exceptforactiontoconsiderratificationofaproposedbudgetforannualorspecialassessmentspursuanttotheDeclaration,maybetakenwithoutameetingiftheAssociationdeliversawrittenballottoeverymemberentitledtovoteonthematter,subjecttoandinaccordancewiththefollowing:
3.10.11Awrittenballotshall: (a)setfortheachproposedactionand(b)provideanopportunitytovotefororagainsteachproposedaction.
3.10.22Approvalbywrittenballotshallbevalidonlywhenthenumberofvotescastbyballotequalsorexceedsthequorumrequiredtobepresentatameetingauthorizingtheaction,andthenumberofapprovalsequalsorexceedsthenumberofvotesthatwouldberequiredtoapprovethematteratameetingatwhichthetotalnumberofvotescastwasthesameasthenumberofvotescastbyballot.
3.10.33Allsolicitationsfor votesbywrittenballotshall:(a)indicatethenumberofresponsesneededtomeetthequorumrequirements;(b)statethepercentageofapprovalsnecessarytoapproveeachmatterotherthanelectionofmembersoftheExecutiveBoard (c)specifythetimebywhichaballotmustbereceivedbytheAssociationinorder tobecounted and
(d)beaccompaniedbywritteninformationsufficienttopermiteachpersoncastingsuchballottoreachaninformeddecisiononthematter.
3.10.4Awrittenballotmaynotberevoked.
3.10.5ActiontakenunderthisSection3.10shallhavethesameeffectasactiontakenatameetingofmembersandmaybedescribedassuchinanydocument.
Section3.11ActionbvUnanimousWrittenConsent. Anyactionthatmaybetakenatanannual,regularorspecialmeetingofthemembers,exceptforactiontoconsiderratificationofaproposedbudgetforannualorspecialassessmentspursuanttotheDeclaration,maybetakenwithoutameetingifmembersentitledtovotethereonunanimouslyagreeandconsenttosuch actioninwriting,subjecttoandinaccordancewiththeprovisionsoftheColoradoRevisedNonprofitCorporationAct.
Section3.12MembersListNotRequired. TheAssociationshallnotbeobligatedtopreparethemembers'listdescribedinSection7-127-201oftheColoradoRevisedNonprofit CorporationAct.
ARTICLE4DIRECTORS,EXECUTIVE BOARD
Section4.1NumberandQualification.TheaffairsoftheAssociationshallbe governedbyanExecutiveBoard,whichshallbeinitiallycomposedofone(1)Director,andwhichmayand/orshallbesubsequentlycomposedofthree(3) Directors,asprovidedinSection4.3.ADirectormaybeanonresidentofColorado,buteachDirectorelectedbythemembers(as
opposedtoanyDirectorappointedbyDeclarantpursuanttoSection2.7)mustbeanOwneroradelegateofanOwner,appointedpursuanttoSection2.2. ADirectorappointedbyDeclarant pursuanttoSection2.7neednotbeanOwneroradelegateappointedpursuanttoSection2.2.
Section4.2InitialExecutiveBoard. Thenameandcurrentaddressoftheoneperson whohasbeenappointedbyDeclarantunderSection2.7toinitiallyactinthecapacityofDirectoruntilhissuccessorisdulyelectedandqualifiedare:
Address
Whitney0.Ward27MainStreet,Suite102,POBox2450
Edwards,CO81632
Section4.3NumberofDirectors.AtsuchtimeastherequirementsofSubsection2.7.1becomeapplicable,thenumberofDirectorsshallbeincreasedtothree(3),and,atanytimepriorthereto,thenumberofDirectorsmaybeincreasedtothree(3),byresolutionoftheExecutiveBoard.
Section4.4TermsofOfficeofDirectors. ThetermofofficeofeachDirectorappointedbyDeclarantunderSection2.7shallbesetas decidedbyDeclarant,subjecttotheterminationprovisionsofSection2.7. ThetermofofficeofeachotherDirectorshallbeuntilthe nextannualmeetingofOwnersaftertheelectionofsuchDirector,oruntilhisorhersuccessorisdulyelectedandqualified,unlesssuchotherDirectorshallsoonerresignorberemovedorotherwisedisqualifiedtoserve.
Section4.5SpecialExecutiveBoardElections. UponanyoftheeventslistedinSection2.7requiringthatanyDirectorbeelectedbyOwnersotherthanDeclarant,aspecialmeetingoftheAssociationshall,ifneeded,becalledtoholdanelectiontoelectanadditionalDirectororDirectors,asapplicable,ortoreplaceaDirectororDirectorsappointedbyDeclarant.
Section4.6ExecutiveBoardElectionsGenerally. Directors,otherthanthoseappointedbyDeclarantpursuanttoSection2.7,shallbeelectedatannualorspecialmeetingsoftheAssociation,exceptasstatedinSection4.8. NominationsofcandidatesfortheExecutiveBoardmaybemadebyanymemberoftheAssociation,anydelegateappointedpursuanttoSection2.2,oranypersonwhoisthenamemberoftheExecutiveBoard. Atanyannualorspecialmeetingof theAssociationatwhichaquorumispresent,thecandidateforaDirectorwhoreceivesthelargestpercentageofallvotesentitledtobecast,inpersonorbyproxy,forsuch Director,shallbeelectedtobesuchDirector.
Section4.7RemovalofDirectors. Atanyannual,regularorspecialmeetingofthemembers,dulycalled,atwhichaquorumispresent,anyoneormoreoftheDirectors(exceptanyDirectorappointedbyDeclarant)mayberemovedwithorwithoutcausebyamajorityofthevotesentitledtobecast,providedthat(a)thenoticeforsuchmeetingshallstatethatthepurposeoroneofthepurposesofthemeetingisremovalofa Director,and(b)thenumberofvotescast
toremovetheDirectorwouldbesufficienttoelectsuchDirectoratameetingtoelectDirectors.
Atsuchmeeting,asuccessorDirectororDirectorsmaythenandtherebeelectedbymemberstofillthevacancyorvacanciesthuscreated. AnyDirectorwhoseremovalhasbeenproposedshallbegivenanopportunitytobeheardatanysuchmeeting. TheExecutiveBoardshalldesignatebyresolutionormotionwhensuchmeetingshallbeheldaftersuchmeetingis properlysetorcalledinaccordancewiththeseBylawsandColoradolaw.
Section4.8Vacancies. AnyvacancyoccurringintheExecutiveBoardmaybefilledbytheaffirmativevoteofamajorityof theremainingDirectors,thoughlessthanaquorumoftheExecutiveBoard. ThetermoftheDirectorsoelectedshallbecoincidentwiththetermofthereplacedDirector.
Section4.9QuorumofDirectors/Directors'VotebyProxy.AmajorityofthenumberofDirectorsfixedfromtimetotimebytheseBylawsshallconstituteaquorumforthetransactionofbusiness.AnyactbyaquorumoftheDirectorsshallbetheactoftheExecutiveBoard.Forpurposesofdeterminingaquorumwithrespecttoaparticularproposal,andforpurposesofcastingavotefororagainstaparticularproposal,aDirectorshallbedeemed tobepresentatameetingandtovoteiftheDirectorhasgrantedasignedwritten proxytoanotherDirectorwhoispresentatthemeeting,authorizingtheotherDirectortocastthevotethatisdirectedtobecastbythewrittenproxywithrespecttotheparticularproposalthatisdescribedwithreasonablespecificityintheproxy.ExceptasprovidedinthisSection4.9andaspermittedbySection4.12,Directorsmaynotvoteorotherwiseactbyproxy.
Section4.10PlaceandNoticeofDirectors'Meetings. Anyannual,regularorspecialmeetingsoftheExecutiveBoardmaybeheldatsuchplacewithinoroutsidetheStateofColoradoanduponsuchnoticeastheExecutiveBoardmayprescribe. AttendanceofaDirector atanymeetingshallconstituteawaiverofnoticeofsuchmeeting,exceptwhenaDirectorattendsameetingfortheexpresspurposeofobjectingtothetransactionofanybusinessbecausethemeetingisnotlawfullycalledorconvened. Before,at,orafteranymeetingoftheExecutive Board,anymemberoftheExecutiveBoardmay,inwriting,waivenoticeofsuchmeeting,andsuchwaivershallbedeemedequivalenttothegivingofsuchnotice.Neitherthebusinesstobetransactedat,northepurposeof,anyannual,regularorspecialmeetingoftheExecutiveBoardneedbespecifiedinthewaiverofnoticeofsuchmeeting.
Section4.11Directors'MeetingsbyTelecommunications. TheExecutiveBoardmaypermitanyDirectortoparticipateinanannual,regularorspecialmeetingby,orconductthemeetingthroughtheuseof,anymeansofcommunicationby whichallDirectorsparticipatingmayheareachotherduringthemeeting. ADirectorparticipatingina meetingbythismeansshallbedeemedtobepresentinpersonatthemeeting.
Section4.12ExecutiveBoardActioninLieuofMeeting. AnyactionrequiredorpermittedtobetakenbytheExecutiveBoardatameetingoftheExecutiveBoardmaybetakenwithoutameetingifeachandeverymemberoftheExecutiveBoardinwritingeither(a)votesforsuchaction,or(b)votesagainstsuchactionor(c)abstainsfromvotingandwaivestherighttodemandthatameetingbeheld,subjecttoandinaccordancewiththefollowing:
4.12.1TheaffirmativevoteforsuchactionmustequalorexceedtheminimumnumberofvotesthatwouldbenecessarytotakesuchactionatameetingatwhichallofthemembersoftheExecutiveBoardtheninofficewerepresentandvoted.
4.12.2NoactiontakenshallbeeffectiveunlessdoneinwritinganddescribingtheactiontakenandotherwisesatisfyingtherequirementsofthisSection4.12,signedbyallmembersoftheExecutiveBoardandnotrevokedpursuanttoSubsection4.12.3,arereceivedbytheAssociation(includingelectronicallytransmittedfacsimileorotherformof wireorwireless communication). ActiontakenpursuanttothisSection4.12shallbeeffectivewhenthelastwritingnecessarytoeffecttheactionisreceivedbytheAssociation,unlessthewritingsdescribingtheactiontakensetforthadifferenteffectivedate.
4.12.33 AnymemberoftheExecutiveBoardwhohassignedawritingpursuanttothisSection4.12mayrevokesuchwritingbya writingsignedanddatedbysuchmemberdescribingtheactionandstatingthatthepriorvotewithrespecttheretoisrevoked; provided, however,suchwritingmustbereceivedbytheAssociationbeforethelastwritingnecessarytoeffecttheactionis received.
4.12.4ActiontakenpursuanttothisSection4.12shallhavethesameeffectasactiontakenatameetingoftheExecutiveBoardandmaybedescribedassuchinanyrecordoftheAssociation.
4.12.5AllsignedwritteninstrumentsnecessaryforanyactiontakenpursuanttothisSection4.12shallbefiledwiththeminutesofthemeetingsoftheExecutiveBoard.
Section4.13PowersandDuties. TheExecutiveBoardshallhavethepowersanddutiesnecessaryfortheadministrationoftheaffairsof theAssociation,andfortheoperationandmaintenanceofafirstclasscommoninterestownershipplannedcommunity. TheExecutive
BoardmaydoallactsandthingsasarestatedintheDeclarationtobedonebytheExecutiveBoardandmaydoallsuchactsandthingsforandonbehalfoftheAssociationasarenotbylaw,theAct,theArticlesor theDeclarationeitherprohibitedordirectedtobeexercisedanddonebyotheraction,orinanothermanner,or bytheOwners.
Section4.14OtherPowersandDuties. WithoutlimitingthegeneralityofthepowersanddutiessetforthinSection4.13,theExecutiveBoardshallbeempoweredandshallhavethepowersanddutiesasfollows:
4.14.1Toadministerandenforcethecovenants,conditions,restrictions,easements,reservations,rights-of-way,uses,limitations,obligations, andallotherprovisionssetforthintheDeclaration,theotherAssociationDocumentsandinanyJointUseInstrument.
4.14.2ToadoptandamendfromtimetotimerulesandregulationsgoverningtheuseoftheLots,theuseandoperationoftheCommonElements,andtheimpositionof latecharges,finesandpenaltiesrelatingtoviolationsofanyoftheprovisionsoftheAssociationDocuments,asprovidedintheDeclaration.
4.14.3Tokeepingoodorder,condition,andrepairtheCommonElements,asandtotheextentpermittedintheDeclaration.
4.14.4Todesignateandremovepersonnelnecessaryfortheoperation, maintenance,repair,andreplacementoftheCommonElements.
4.14.5Inaccordancewiththe termsoftheDeclaration,toobtainandmaintainineffecttheinsurancecoveragespecifiedintheDeclarationtotheextentthatinsuranceisavailablefromreputablecarriersatcostswhicharenotdemonstrablyunreasonable.
4.14.6SubjecttothebudgetingprocedurescontainedintheDeclaration,tofix,determine,levy,andcollecttheannualAssessmentstobepaidbytheOwners,andtoadjust, decrease,orincreasetheamountoftheAssessments.
4.14.7TolevyandcollectspecialAssessmentsasprovidedintheDeclaration.SpecialassessmentsarecurrentlyrestrictedundertheAct.
4.14.8TolevyandcollectdefaultAssessmentsasprovided intheDeclaration.
4.14.9Tolevyandcollectfines fortheviolationofanyoftheprovisionsoftheAssociationDocuments,asprovidedinthe Declaration.
4.14.1010TocollectdelinquentAssessmentsbysuitorotherwise,toimposeandcollectlatecharges,interest,costsandattorneys'fees,andtoenjoinorseekdamagesfromanOwner,allasprovidedin theDeclaration.
4.14.11TosuspendthevotingrightsofanOwnerforfailuretocomplywithanyoftheAssociationDocuments,whichsuspensionisherebydeemedtobereasonable,solongassuchsuspensionismadepursuanttoa procedurethatisfairandreasonableandiscarriedoutingoodfaith.
4.14.12ToprotectanddefendTheRanchesatFivePineMesafromlossanddamagebysuitorotherwise.
4.14.13SubjecttorestrictionsasmaybesetforthintheDeclarationandtheAct,toborrowfundsandgivesecuritythereforinordertopayforanyexpenditureoroutlayrequiredpursuanttotheauthoritygrantedbytheprovisionsoftheDeclarationandtheseBylawsandtoauthorizetheappropriateofficerstoexecuteallsuchinstrumentsevidencingsuchindebtednessandsecurityastheExecutiveBoardmaydeemnecessary,andsuchindebtednessshallbe theseveralobligationsofalltheOwnersinthesameproportionsastheysharetheCommon Expenses;provided,however,thattheExecutiveBoardshallnotborrowmorethan$10,000.00orcausetheAssociationtobeindebtedonaloanformorethan$10,000.00atanyonetime
withoutthepriorapprovalofatleastamajorityofthevotesintheAssociation. TheActcurrently
restrictstheconveyanceorencumbranceoftheCommonElementspursuanttoSection38-33.3-312oftheAct.
4.14.1414 Tobuyorotherwiseacquire,sellorotherwisedisposeof,mortgageorotherwiseencumber,exchange,lease,hold,use,operateandotherwisedealwithandin,real,personalandmixedpropertyofallkinds,andanyrightorinteresttherein,foranypurposeoftheAssociation,subjecttotheDeclarationandtheAct. TheActcurrentlyrestrictstheconveyanceorencumbranceoftheCommonElementspursuanttoSection38-33.3-312oftheAct.
4.14.15Toenterintocontractswithinthescopeoftheirdutiesandpowers,provided,however,thatanycontractwithamanagingagentorformanagementoftheCommon Elements,oranycontractprovidingforservicesoftheDeclarantoranaffiliateoftheDeclarant,maynotexceedthree(3)yearsandanysuchcontractwithamanagingagentortheDeclarantoranaffiliateofthe DeclarantmustprovideforterminationwithoutpenaltybytheExecutiveBoardattheexpirationoftheDeclarantControlPeriod,uponnolessthanninety(90)days'notice,as morefullysetforthinSection38-33.3-305oftheAct.
4.14.16Toestablishbankaccountswhichareinterestbearingornon-interestbearing,asmaybedeemedadvisablebytheExecutiveBoard.
4.14.17Tokeepandmaintaindetailed,fullandaccuratebooksandrecordsshowinginchronologicalorderallofthereceipts,expensesordisbursementspursuanttoappropriatespecificityanditemizationandtopermitinspectionthereofasisprovidedin theDeclarationandtheseBylawsand,uponthevoteof two-thirdsofthevotesintheAssociation,tocauseacompleterevieworaudittobemadeof thebooksandrecordsbyacompetentcertifiedpublicaccountant.
4.14.1818Toprepareanddeliverannuallytoeachmemberastatement showingallreceipts,expenses,ordisbursementssincethelastsuchstatement,includingdepreciationandothertaxinformation.
4.14.19TocollectworkingcapitaldepositsfromeachLotOwnerwhopurchases a Lot,onbehalfoftheAssociationasprovidedintheDeclaration.
4.14.20Ingeneral,toperformallotheractspermittedundertheActtocarryontheadministrationoftheAssociation,and,subjecttotheAct,toperformallotheractspermittedorrequiredbytheDeclaration,andtodoallthosethingsnecessaryandresponsibleinordertocarryoutthecommunalaspectsofplannedcommunityownershipandthepropergovernanceandoperationoftheAssociationandTheRanchesatFivePineMesa,allinaccordancewiththeDeclarationandtheAct.
Section4.15ManagingAgent. The ExecutiveBoardmayemployfor theAssociationamanagingagentatacompensationestablishedbytheExecutiveBoard,toperformsuchdutiesandservicesspecifiedinSections4.13and4.14astheExecutiveBoardshallauthorize;provided,however,thatthe ExecutiveBoardindelegatingsuchdutiesshallnotberelievedofitsresponsibilityundertheDeclarationortheAct.
Section4.16Directors'Compensation. DirectorsshallnotbepaidanycompensationfortheirservicesperformedassuchDirectorsunlessaresolutionauthorizingsuchremunerationshallhavebeenadoptedbytheAssociation.EachmemberoftheExecutiveBoardshallreceive reimbursementforactualandreasonabletransportation,meals,andlodgingexpensesforattendanceatanyannual,regularorspecialmeetingoftheExecutiveBoard,andforotheractualandreasonableexpensesincurredinconnectionwiththeperformanceofhisorherdutiesof officeasamemberoftheExecutiveBoard.
ARTICLE5OFFICERSANDTHEIRDUTIES
Section5.1Enumerationof Officers. TheofficersoftheAssociationshallbeapresident,vice-president,secretary,andtreasurer,andsuchotherofficersastheExecutiveBoardmayfromtimetotimebyresolutioncreate, includingbutnotlimitedtoadditionalvicepresidentsandassistantsecretariesandassistanttreasurers. ThepresidentmustbeamemberoftheExecutiveBoard.
Section5.2ElectionofOfficers. TheelectionofofficersshalltakeplaceatthefirstmeetingoftheExecutiveBoardandthereafteratthefirstmeetingoftheExecutiveBoardfollowingeachannualmeetingofthemembers.
Section5.3Term.TheofficersoftheAssociationshallbeelectedannuallybytheExecutiveBoardandeachshallholdofficeforoneyear,oruntilhisorhersuccessorisdulyelectedandqualified,unlesssuchofficershallsoonerresignor beremovedorotherwise disqualifiedtoserve.
Section5.4SpecialAppointments.TheExecutiveBoardmayelectsuchotherofficers astheaffairsoftheAssociationmayrequire,eachofwhomshallholdofficeforsuchperiod,have suchauthority,andperformsuchdutiesas theExecutiveBoardmayfromtimetotimedetermine.
Section5.5ResignationandRemoval. AnyofficermayberemovedfromofficewithorwithoutcausebytheExecutiveBoard.Anyofficermayresignatanytimebygivingwritten
noticetotheExecutiveBoard,thepresident,orthesecretary. Suchresignationshalltakeeffect
onthedateofreceipt ofsuchnoticeoratanylatertimespecifiedtherein,andunlessotherwisespecifiedtherein,theacceptanceofsuchresignation shallnotbenecessarytomakeiteffective.
Section5.6Vacancies.Avacancyinanyofficemaybefilled byappointmentbytheExecutiveBoard. Theofficerappointedtosuchvacancyshallservefortheremainderofthetermoftheofficerheorshereplaces.
Section5.7MultipleOffices.Anytwoormoreofficesmaybe heldby thesame person,exceptthatatsuchtimeastherearethree(3)Directors,theofficesofpresidentandsecretaryshallbeheldbyseparatepersons.
Section5.8Duties. Thedutiesoftheofficersareasfollows:
5.8.11President. Thepresidentshallbethechief executiveofficeroftheAssociation.ThepresidentshallpresideatallmeetingsoftheAssociationandoftheExecutiveBoard. ThepresidentshallhavethegeneralandactivecontroloftheaffairsandbusinessoftheAssociationandgeneralsupervisionofitsofficers,agentsandemployees,andshallperformsuchdutiesasmaybeassignedtohimorherbytheExecutiveBoard. Thepresidenthastheauthority toprepare,execute,certifyandrecorddocumentsreflectingamendmentstotheDeclarationwhichareproperlymadepursuanttotheprovisionsoftheDeclaration.
5.8.2Vice-President. Thevice-presidentorvice-presidents,ifthereare morethanone,shallassistthepresidentandshallperformsuchdutiesasmaybeassignedtohimorher,orthem,bythepresidentor bytheExecutiveBoard. Intheabsenceof thepresident,thevicepresidentshallhavethepowersandperformthedutiesofthepresident.
5.8.3Secretary. ThesecretaryshallkeeptheminutesoftheproceedingsofthemembersandtheExecutiveBoard. ThesecretaryshallseethatallnoticesaredulygiveninaccordancewiththeprovisionsoftheseBylaws,theDeclarationandas requiredbylaw. ThesecretaryshallbecustodianofthecorporaterecordsandofthesealoftheAssociationandaffixthesealtoalldocumentswhenauthorizedbytheExecutiveBoard. ThesecretaryshallkeepattheAssociation'sregisteredofficeorprincipalplaceofbusinesswithinoroutsideColoradoarecordcontainingthenamesandregisteredaddressesofallmembers,thedesignationoftheLotownedbyeachmember,and,ifsuchLotismortgaged,thenameandaddressofeach MortgageeofwhichtheAssociationhasreceivedwrittennotice.Thesecretaryshall,ingeneral,performalldutiesincidenttotheofficeofsecretaryandsuchotherdutiesasfromtimetotimemaybyassignedtohimorherbythePresidentorbytheExecutiveBoard. Assistantsecretaries,if any,shallhavethesamepowersanddutiesasthesecretary,subjecttosupervisionbythesecretary.
5.8.4Treasurer.Thetreasurershallbethe principalfinancialofficeroftheAssociationandshallhave thecareandcustodyofallfunds,securities,evidencesofindebtedness andothersuchpersonalpropertyoftheAssociationandshalldepositthesameinaccordancewiththeinstructionsoftheExecutiveBoard. Thetreasurershallreceiveandgivereceiptsand acquittancesformoniespaidinonaccountoftheAssociation,andshallpayoutofthefundsonhandallbills,payrollsandotherjustdebtsoftheAssociationofwhatevernatureuponmaturity.
Thetreasurershallperformallotherdutiesincidenttotheofficeofthetreasurerand,upon
requesttotheExecutiveBoard,shallmakesuchreportstoitasmayberequiredatanytime. Thetreasurershall,ifrequiredbytheExecutiveBoard,givetheAssociationabondinsuchsums andwithsuchsuretiesasshallbesatisfactorytotheExecutiveBoard,conditioneduponthefaithfulperformanceofhisorherotherdutiesandfortherestorationtotheAssociationofallbooks,papers,vouchers,moneyandotherpropertyofwhateverkindinhisorherpossessionorunderhisorhercontrolbelongingtotheAssociation. Thetreasurershallhavesuchotherpowersand performsuchotherdutiesasmaybefromtimetotimeprescribedbytheExecutiveBoardorthepresident. Assistanttreasurers,ifany,shallhavethesamepowersanddutiesasthetreasurer,subjecttothesupervisionofthetreasurer.
ARTICLE6INDEMNIFICATION
Section6.1Indemnification. TothefullestextentnotexpresslyprohibitedbylawandconsistentwiththeArticlesandtheDeclaration,theAssociationshallindemnifyeverycurrentandfannerDirectorandofficeroftheAssociation,everycurrentandformermemberofacommitteeoftheAssociation,everycurrentandformermemberoftheDesignReviewBoard,everycurrent andformeremployeeoragentoftheAssociationortheDesignReviewBoard,andeverypersonwhoservesorhasservedattherequestoftheAssociationasamanager,director,officer,partner, trustee,employee,fiduciaryoragentof anyotherforeignordomesticcorporationorofanypartnership,jointventure,trust,orother enterpriseoremployeebenefitplan,againstanyliabilityassertedagainstand anyliabilityandexpense incurredbysuchpersoninconnectionwithholdingsuch position.IndemnificationunderthisSectionshallnotextend,inanyevent,toanyactoromissionoccurringpriortothedateofincorporationoftheAssociation.
Section6.2Settlement. Intheeventofasettlement,indemnification shallbeprovidedonlyinconnectionwithsuchmatterscoveredbythesettlementastowhichtheAssociationisadvisedbycounselthatthepersontobeindemnifiedisentitledtoreceiveindemnification fromtheAssociation, pursuant totheArticles,theDeclaration andapplicablelaw.
Section6.3IndemnificationRightsNotExclusive. TheforegoingrightsshallnotbeexclusiveofotherrightstowhichsuchDirectororofficerorotherpersonmaybeentitled.
Section6.4Indemnification CostsAreCommonExpense. Allliability,loss,damage,costandexpensearisingoutoforinconnectionwiththeforegoingindemnification provisionsshallbetreatedandhandledbytheAssociationasaCommonExpense.
Section6.5RighttoImposeConditionstoIndemnification. TheAssociation shallhavetherighttoimpose,asconditionstoanyindemnification provided orpermittedinthisArticle6,suchreasonablerequirements andconditionsastheExecutiveBoard deemsappropriateineachspecificcaseandcircumstance including, without limitation, anyoneormoreofthefollowing:(a)thatanycounselrepresentinganindemnified personinconnectionwiththedefenseorsettlement ofanyclaimorproceedingshallbecounselmutuallyagreeabletotheindemnified personandto theAssociation; (b)thattheAssociationshallhavetheright,atitsoption,toassumeandcontrolthedefenseorsettlementofanyclaimorproceeding made,initiatedorthreatened againstanindemnifiedperson;and(c)thattheAssociation shallbesubrogated,totheextentofany
paymentsmadebywayofindemnification, toallofanindemnifiedperson'srightofrecovery,andthatanindemnifiedpersonshallexecuteallwritingsanddoeverythingnecessarytoassuresuchrightsofsubrogationtotheAssociation .
ARTICLE7BYLAWS
Section7.1Amendments.ExceptasprovidedinSection7.2,anyprovisionoftheseBylawsmaybeamendedoreliminatedbyavoteofamajorityofaquorumoftheExecutive
Boardatanannual,regularorspecialmeetingoftheExecutiveBoard. ExceptasprovidedinSection7.2,anyprovisionoftheseBylawsmayalsobeamendedoreliminatedbythemembersasprovidedinSection7-130-201oftheColoradoRevisedNonprofitCorporationAct.
Section7.2DeclarantConsenttoAmendmentRequiredDuringDeclarantControlPeriodandCertainOtherTimes/CertainAmendmentsNotPermitted.NotwithstandinganythingtothecontrarycontainedinthisArticle7 orelsewhereintheseBylaws,noprovisionoftheseBylawsmaybeamendedoreliminatedduringtheDeclarantControlPeriodor duringanyperiodthereafterwhenDeclarantownsanyinterestinanyparttheProperty,withoutthewrittenconsent
.ofDec.iarant,and,furthermore,noamendmentoreliminationofanyprovisionoftheseBylaws
shallshortenthetermofanyDirector,ordeleteanyprovisionwhichmustbecontainedintheseBylawsunderthetermsoftheAct,orconflictwiththeAct,theArticlesortheDeclaration.
Section7.3ComplianceWiththeAct. TheseBylawsareintendedtocomplywiththerequirementsoftheAct,whichiscommonlyknownastheColoradoCommonInterestOwnershipAct. TotheextentthatanyprovisionoftheseBylawsconflictswithanyprovisionoftheAct, suchprovisionoftheActshallgoverntheAssociationinstead.
Section7.4ConflictBetweenDocuments. InthecaseofanyconflictbetweenanyprovisionsoftheArticlesandanyprovisionsoftheseBylaws,theprovisionsoftheArticlesshallcontrol;andin thecaseofanyconflictbetweenanyprovisionsoftheDeclarationandanyprovisionsoftheseBylawsoroftheArticles,theprovisionsoftheDeclarationshallcontrol.
ARTICLE8NONPROFIT CORPORATION
TheAssociationisnotorganizedforprofit. NomemberoftheAssociation,memberoftheExecutiveBoard,orpersonfromwhomtheAssociationmayreceiveanypropertyorfundsshallreceiveorshallbelawfullyentitledtoreceiveanypecuniaryprofitfromtheoperationsoftheAssociation,andinnoeventshallanypartofthefundsorassetsoftheAssociationbepaidasadividend,orbedistributedto,orinuretothebenefitof,anymember,officerorDirectoroftheAssociation.Theforegoing,however,shallneitherpreventnorrestrict:(a)reasonablecompensationbeingpaidtoanymember,officerorDirectoroftheAssociationactingas anagent oremployeeoftheAssociationforservicesrenderedineffectingoneormoreofthepurposesoftheAssociation,or(b)anymember,officerorDirectoroftheAssociationbeingreimbursedfor
hisorheractualandreasonableexpensesincurredinconnectionwiththeadministrationofthe
affairsoftheAssociation.
ARTICLE9COMMITTEES
TheExecutiveBoardmayappointsuchcommitteesoftheAssociationasitdeemsappropriateincarryingoutits purposes.
ARTICLE 10
BOOKSANDRECORDS; STATEMENTOFACCOUNT
Section10.1Inspection. ThebooksandrecordsoftheAssociationshallbeavailableforinspectionbythemembersoftheAssociationandtheirrespectivedesignees,andbytheofficersandDirectorsoftheAssociationandtheirrespectivedesignees,attheofficewheresuchbooks andrecordsare kept,wherecopiesmaybepurchasedata reasonablecost,asestablishedfromtimetotimebytheExecutiveBoard.
Section10.2StatementofAccount. Statementsof accountforeachLotshallbe furnishedbytheAssociationinaccordancewithSection6.15 oftheDeclaration.
ARTICLE11CORPORATESEAL
TheAssociationmayhaveasealorstampincircularformhavingwithinitsformthewords:"Association."
ARTICLE 12FISCALYEAR
Thefiscal yearoftheAssociationshallbedeterminedbytheExecutiveBoardandshallbesubjecttochangebytheExecutiveBoard.
ARTICLE13MISCELLANEOUS
Section13.1FidelityInsuranceorBond;SegregationofAssociationFunds HeldbyThirdParties. IfanyoftheAssociation'sDirectors,officers,employees,oranyOwners,handleorareresponsibleforhandlingfundsbelongingtooradministeredbytheAssociation,the
Associationshallmaintain,tothe extentreasonablyavailable,fidelityinsurance orafidelitybond
withrespecttosuchpersons,inanamountnotlessthantwo(2) months'scurrentAssessments,plusreserves,as calculatedfromthe then-currentbudgetoftheAssociation. IfamanagingagentoranypersonwhoisnotdescribedinthefirstsentenceofthisSection13.1handlesoris responsibleforhandlingfundsbelongingtooradministeredbytheAssociation,includinganycollection,deposit,transferordisbursementofsuchfunds,thentheAssociationshallmaintain,orshallrequirethemanagingagentor suchpersontomaintain,fidelity insuranceorafidelitybondwithrespecttothemanagingagentorsuchperson,inanamountnotlessthantwo(2) months'scurrentAssessments,plusreserves,ascalculatedfromthethen-currentbudgetoftheAssociation,butinnoeventless than$50,000.00. EachpolicyoffidelityinsuranceandeachfidelitybondshallnametheAssociationastheinsuredorobligee,asthe casemaybe,andshallcontain waiversbytheissuerofalldefensesbasedupontheexclusionofpersonsservingwithoutcompensationfromanydefinitionof"employees,"orsimilartermsorexpressions. Inadditiontotheforegoingrequirementsrelatingto fidelityinsuranceorfidelitybonds,ifthemanagingagentoranypersonwhoisnotdescribedin thefirstsentenceofthisSection13.1handlesorisresponsiblefor
handlingfundsbelongingtooradministeredbytheAssociation,all fundsandaccountsbelongingtooradministeredbytheAssociationheldbythemanagingagentor suchpersonshallbekeptinanaccountseparatefromthefundsofotherpartiesheldbysuchmanagingagentorperson,and
allreservesof theAssociationshallbekeptinanaccountseparatefromtheoperationalaccountof
theAssociation.
Section13.2OrderofBusiness.TheorderofbusinessatallmeetingsoftheExecutiveBoardorthemembersshallbeasfollows:
(a)Rollcall;
(b)Statementofcompliancewithproceduresfornoticeofmeetingorwaiverofnotice;
(c)Readingofminutes;
(d)Reportsofofficers,ifapplicable;
(e)Reportsofcommittees,ifapplicable;
(f)ElectionofDirectors,ifapplicable;
(g)Election ofofficers,ifapplicable;
(h)Unfinishedbusiness;
(i)Newbusiness;and
(j)Adjournment.
Section13.3RulesofMeetings. TheExecutiveBoardmayprescribereasonablerulesfortheconductofallmeetingsoftheExecutiveBoardandofthemembers,andintheabsenceofsuchrules,Robert'sRulesofOrdershallbeused.
Section13.4Captions. Thecaptionsandheadingsin these Bylawsare forconvenience onlyandshallnotbeconsiderediriconstruinganyprovisionoftheseBylaws.
Section13.5NumbersandGenders:UseofWordIncluding:MeaningofRulesandRegulations.Wheneverusedherein,unlessthecontextshallotherwiseprovide,thesingularnumbershallincludetheplural,thepluralnumbershallincludethesingularand theuse ofanygendershallincludeall genders,asthecontextmayrequire.Wheneverin theseBylawstheterm "including"isusedby itself,followedbyexamples,suchtermshallmean"includingbutnotlimitedto,"eventhoughsuchadditionalqualifyingwordsarenotused.Wheneverin theseBylawstheterm"rulesandregulations"isused,suchtermshallmeanrules,regulations,proceduresandpolicies. ·
Section13.6NoPurchaseofMembershipInterest. NoactionbytheAssociationpursuanttotheexerciseanyofitsforeclosureandotherrightsunderArticleVIoftheDeclaration shallbeconsideredapurchaseofamembershipinterestinthe AssociationunderSection7-126-303oftheColoradoRevisedNonprofitCorporationAct.
CERTIFICATION
I,theundersigned,doherebycertify:
ThatIamthedulyelectedandactingsecretaryofTheRanchesatFivePineMesa Association,aColoradononprofitcorporation;and
ThattheforegoingBylawsconstitutetheoriginalBylawsofthatAssociation,as duly adoptedbywrittenactionoftheExecutiveBoardandofthesolememberofthatAssociation,on
the1/Kdayof00CV·
INWITNESSWHEREOFJ._.havehereuntosubscribedmynameandaffixedthesealofsaidAssociationthis /1#.-of V ,oUJM.
pmAL]
Name:cuMJ?v£c, o.U/rrt<o
Secretary
CertificationPage
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