ANGLER MOUNTAIN RANCH HOMEOWNERS ASSOCIATION

ANGLER MOUNTAIN RANCH HOMEOWNERS ASSOCIATION Executive Board of Directors Meeting Saturday, April 22, 2017, 2:00pm 5:30pm MDT PHYSICAL LOCATION Angler Mountain Ranch Yacht Club 367 Fly Line Drive Silverthorne, CO 80498 CONFERENCE CALL INFORMATION* Phone: 515-604-9949 Access Code: 930087# NOTICE As per the Angler Mountain Ranch Homeowners Association governing documents, and Colorado statue, let it be known that the Executive Board of Directors has called a meeting to be held at the time and location noted above. All members are invited to attend and/or speak at this meeting after being recognized by the chair. AGENDA I. Call to Order II. III. IV. Introduction of those present and determination of quorum. Confirmation that previous meeting minutes of, were approved and posted Other Business (Member and/or Committee requested action) A. Approve reorganization of SFH Committee and Executive Board appointees (Glen) Exhibit C B. Decision on 6/10/17 annual meeting: Happy Hour night before or Pot Luck evening of. (Janice) C. Decision required by EB to require Board and Committee participation at all vendor/wildernest meetings. Need to write policy. (Brad) D. Al Barhorst email wrt the crack found in front of 52 Buckskin Ln was observed while walking around, not a fault of snow plowing but should be repaired. Need to write letter to Compass Homes. (EB??) E. Greenspaces cost recovery 1. Al Barhorst email wrt snow removal damage to Buckskin Lane and private driveways. 2. Status of EB action to recover costs that was caused by Greenspaces snow plowing damage to landscaping. Determine if each Neighborhood is responsible to resolving the issue? Process for determining and assessing homeowner damage and cost recovering. (Janice/ Ray) F. Who is Responsible for implementation and Status of repair for Compass Homes adding Neutralizer to TH s and Cabins built after 1/1/11. Cost recovery. (Janice/ Ray) G. Bob Lutz email to EB of March 24 th, 2017 wrt rules and regulations. Need a process for P.O. Box 1069 204 Wildernest Road, Silverthorne, CO 80498 Fax 970.262.0913 General Information 970.513.5600 www.wildernest.com www.wildernesthoa.com

Members to raise an issue and have it resolved quickly (Eric/EB) Exhibit O H. EB proposed authorization of duties and responsibilities to Neighborhood committees. (Janice) Exhibit F I. Status of who is responsible for noxious weed treatment throughout Neighborhoods and Commons. Cost participation of Compass Homes in distributed areas. (Ray/Glenn/Janice/Bob) J. Responsibility (Compass Homes) for adding gravel to parking lot opposite YC. (Bob) K. After reviewing the Declarations, Bylaws, Rules and Policies by a number of HOA members, it can be easily determined that it will be very difficult to Manage the HOA effectivity and efficiently without a significant rewrite of the HOA documents. There are many errors and inconsistences in the HOA documents. It will be a significant cost to our HOA for our Lawyer to rewrite the Documents. The Declarant should be held accountable for fixing the documents and associated costs. A letter has been written to Compass Lawyer but unsent. A strategy needs to be developed to resolve this matter. (Bob) V. Regular Business A. Action List from last meeting (see attached) B. Finance Review of February 2017 Financials 1. Discuss any unresolved January Financials 2. Eric provided Commons FY 17/18 budget Draft 3. Eric will provide Neighborhood FY 17/18 budget Drafts a. Cabins 4/11/17 b. TH May 6 th C. Committee Updates c. SFH At next NC mtg 1. Yacht Club Committee Update (Bob) a. Exhibit L 2. Communications Committee Update (Bob) a. 5 volunteers are needed 3. Lake Management Committee Update (Bob) a. Many interested in serving on Committee b. Obtain EB Approval of Charter Exhibit M 4. Townhomes Committee (Janice) 5. Cabins Neighborhood Committee Update (Ray) 6. SFH Neighborhood Committee Update (Glenn) 7. Commons Update (Bob) 8. Town Of Silverthorne Town Council Update (Joel) VI. Reminder Schedule for Annual Neighborhood and for Saturday June 10 th, 2017 DRAFT Page 2 of 29 April 22, 2017

VII. VIII. A. 8:00 to 10:00am - Single Family Homes B. 10:15am to 12:15pm - Cabins C. 12:45 to 2:45pm - Townhomes D. 3:00 to 5:30pm - Executive Board Schedule Next Recommend Mid May Adjournment DRAFT Page 3 of 29 April 22, 2017

Action List Tasks Assignee Due Date Complete 1. Respond to Emails and phone calls within 2 working days Eric Immediate 2.Respond to requests for paid invoices within 2 working Eric Immediate days 3.Post monthly financials by the 25 th of the month Eric Immediate 4. Post EB Structure chart on Web Eric 3/16/17 yes 5. Provide EB identification of open space property the Eric 3/16/17 yes Neighborhoods and Commons are responsible for. 6.Post 2/10/17 EB approved minutes Eric 3/17/17 yes 6A. Provide Boiler inspection reports to owners Eric 3/23/17 7. Research and provide any cost sharing agreements for roads and bridges Eric 3/23/17 Ponds sign yes 8. Obtain Wildlife Mitigation and Enhancement Plan from Bob 3/23/17 yes Compass Homes mentions in Rules & Regs 9.Assure EB that all welcome packages are being received Eric 3/23/17 TBD by new and resale owners 10.Post new approved YC documents after minor changes Eric/Janice 3/23/17 TBD made by Janice 11.Collection and posting of boat storage fees Eric 3/25/17Fin TBD 11a. Wildernest to perform self-evaluation Eric 3/27/17 TBD 12.Wildernest to get O&M Manual from Compass, Carole Eric 3/30/17 TBD Powers 13. Summary of HOA contracts Eric 3/30/17 TBD 14.Post 3/09/17 Approved EB Min Eric 4/1/17 yes 15.Wildernest waiting to provide Audit when Eric May Mtg Neighborhoods complete Reserve Studies 16. Solution to fire suppression condensate issue Eric/Crane 4/15/17 implemented 17.Developer to provide construction cost of YC Eric 4/22/17 18. Post welcome package contents on Web Eric 4/22/17 19. Post Wildlife policy that is part of our Rules and Regs Eric/Crane 4/22/17 yes 20.Revise Policy of Committee Meeting Conduct per EB Janice 3/16/17 comments and resubmit to EB via email 21. Update on solution to TH s snow storage and Janice 4/22/17 yes drainage issues 22.YC Committee to provide EB inventory of equipment YC Com 3/23/17 yes 23. Register Domain name for AMRHOA.com Stephan 3/23/17 Yes 24.Cabins and TH s need to complete Reserve Study Neigh Bd 4/1/17 25.Neighborhoods to determine cost of Noxious weed Neigh Bd 4/22/17 control 26.Provide Construction and Drainage issues to EB Neigh Bd 5/1/17 27.Develop Neighborhood & Commons Budget Neigh TRS 5/1/17 28.Develop Neighborhood Reserves Usage Neigh TRS 5/1/17 28a. Wildernest Contract has been reviewed Bob 3/1/17 yes 29.Declarants Lawyer, Mark Richmond, has been requested Bob 3/15/17 to investigate and resolve the issues wrt the improper Jan, 17,19 Declarant turnover meeting 30.Ponds are to provide HOA a cost figure to maintaining entrance signs Bob 3/15/17 yes DRAFT Page 4 of 29 April 22, 2017

31.Provide Reserve Expenditure Spreadsheet to Bob 3/19/17 yes Neighborhoods 32.Write Job Description for each board member Bob 3/23/17 yes Exhibit E 33.Call Bank about CD rates for Reserves Balance.15% Bob 3/23/17 yes 34. Assure that the HOA maintains comprehensive Bob/INS 4/22/17 general liability insurance against all claims for personal injury, death, or property damage occurring on Licensed Area with minimum limits of liability of One Million Dollars ($1,000,000) per person, One Million Dollars ($1,000,000) per occurrence and Five Hundred Thousand Dollars ($500,000) property damage. Exhibit J 35.Contact Mark McClure, Terry D Anglelo, Steve Smith, Bob 4/15/17 yes Dave Servinsky about being members of Lake Management Comm (LMC) 36.Draft Lake Management Committee Charter: Bob 4/22/17 yes 36A.Update EB Communications Charter with the Bob 4/22/17 yes addition of Website management 36B Obtain EB Communication Charter Approval, Bob 4/22/17 Website added Exhibit N 37.Present Draft of Commons Budget Bob 4/22/17 38.EB to define Neighborhood Authority, Draft Bob 4/22/17 39.EB and Alternates to review HOA lawyer s material EB, all 3/24/17 yes request to Declarant Lawyer and provide input to Ray, 40.Review and comment on Wildernest Performance, EB 3/30/17 yes 41.Handoff 2015 subrogation to HOA Lawyer so HOA EB 3/30/17 reduces insurance premiums and recovers $5,000 deductible Ray/Danny 42.Meet with Wildernest to review performance EB 4/10/17 TBD 43. HOA lawyer to review documents signed between EB 4/15/17 Ponds and HOA. Ray to provide to Danny, Exhibit J Ray/Danny 44.Verify that Curb and Sidewalk along BE on both sides of EB 4/22/17 the road have been deeded to ToS Ray/Danny 45.Determine cost of Fish badges at closing to all members EB 4/15/17 46.Approve Reserve Expenditure Spreadsheet format by EB 4/22/17 yes EB 47.Review and comment on Property Manger Scope of EB 4/22/17 yes Work, 48. Develop guidelines for Snow storage companies EB 4/22/17 49.Establish YC appraised Value EB Glenn 4/22/17 50.HOA lawyer to review Bylaw Quorum change from EB 4/22/17 66% to Majority, Exhibit D Ray/Danny 51.Appoint HOA lawyer as HOA Bylaws Registered Agent EB 4/22/17 Ray/Danny 52.Change current HOA Bylaws address to HOA Lawyer EB 4/22/17 (Danny Teodoru) address Ray/Danny 53.SFH EB member to meet with ToS Town Council and EB Glenn 4/22/17 request that AMR Trail Head be use for SFH mailbox kiosk.; Report on Meeting results 54.Review and Approved Reserve Policy, Exhibit A EB 4/22/17 DRAFT Page 5 of 29 April 22, 2017

55.Review Bylaw 5 th member change, Exhibit B EB all 4/22/17 56.EB to provide Construction and Drainage issues to EB EB 6/1/17 for common property 57.Negotiate and Sign new Contract with Waste EB Ray 6/1/17 Management (Currently signed by Wildernest) 58.Draft Fish Badge Policy EB LMC 6/1/17 59. Review our Declaration article 7.3 with HOA lawyer Exhibit K EB Ray/Danny 6/1/17 DRAFT Page 6 of 29 April 22, 2017

Exhibit A ANGLER MOUNTAIN RANCH HOA RESERVE STUDY POLICY 2/25/2017 It is the Policy of the AMR HOA to review the initial Reserve Study, completed at turnover from the declarant, every 3 years for each of the three neighborhoods and Commons area to ensure the dues being collected are adequate to pay for future repairs and replacement. A Reserve Study will be re-commissioned at the discretion of the Neighborhood Boards and the Executive Board (for Commons) every 6 years. The new Reserve Study, if required, will be reviewed every 3 years to ensure the dues being collected are adequate to pay for future repairs and replacement. Cost Inflation factors will be determined every 3 years based on National and Local data. Funds Interest Rates will be determined every 3 years based on current rates the reserve funds are receiving. Dues required will be based on the highest replacement/repair value shown in the Reserve Study. Years between repair and replacement will be adjusted based on actual history. Any short falls during Reserve Study reviews will be immediately identified and an action plan created to overcome the short fall in the shortage amount of time possible, either by increasing the dues or creating an assessment. Executive Board DRAFT Page 7 of 29 April 22, 2017

Exhibit B Amendments to Article VI of the AMR Bylaws (DRAFT) Article VI to be replaced in its entirety by the following Article VI Executive Board; Selection; Term of Office Section 6.01 Number and Qualification the affairs of the Association will be managed by an Executive Board consisting of five (5) Executive Board members. The Executive Board members will be Class A Members of the Association or the delegates of Class A Members appointed by proxy. Three (3) Executive Board members shall be from each of the Three (3) Neighborhood Boards, one Neighborhood Representative for each of the three Neighborhoods referenced in the Supplemental Declarations (Cabins, Townhomes, and Single Family Homes). The Neighborhood will select another Member to serve as an alternate Neighborhood Representative on the Executive Board. In the event a Neighborhood Representative is absent from any Executive Board meeting or otherwise unable to participate in Board functions, the alternate Neighborhood Representative will be entitled to serve as an Executive Board member. Two (2) Executive Board Members shall be At Large Members to represent all Members. At Large members shall initially be elected at the FY2017-2018 annual meeting. Both At Large members cannot be from the same neighborhood. The number of Members on the Executive Board will be established from time to time by amendment to these Bylaws. The following Sections are deleted in its entirety: Section 6.02 Executive Board Members During Class B Control; Section 6.03 Voting Groups Election of Executive Board Members as Lots Close; Section 6.04 Relinquishment of Declarant Control; Section 6.05 Term of Office of Executive Board Members After Period of Class B Control.; Section 6.06 Removal of Executive Board Members; Section 6.07 Vacancies; Section 6.08 Compensation. The following Sections are NEW Section 6.02 Term of Office of Executive Board Members the three Neighborhood Representatives shall be appointed by their Neighborhood Committee and serve their Executive Board term coincident with their Neighborhood term. Each Neighborhood Representative shall have a different Neighborhood term. One At Large member shall initially serve for a term of two (2) years, the other for a term of three (3) years. After the initial two (2) year term, both At Large Terms shall be three (3) years. Section 6.03 Removal of Executive Board Members. Any at large Executive Board member other than one appointed by Declarant may be removed, with or without cause, at any regular or special meeting of the Association by a majority of the Voting Members. Any Neighborhood Representative or alternative may be removed by a majority of Neighborhood Owners. A successor to any Executive Board member removed may be elected at such meeting to fill the vacancy created by removal of the Executive Board member. An Executive Board member whose removal is proposed by the Members DRAFT Page 8 of 29 April 22, 2017

will be given notice of the proposed removal prior to the date of such meeting and will be given an opportunity to be heard at such meeting. Section 6.04 Vacancies. Any vacancy of an at large seat occurring on the Executive Board, other than removal by the Members, may be filled by the affirmative vote of a majority of the remaining Executive Board members, though less than a quorum of the Executive Board. Any vacancy of a Neighborhood Representative seat on the Executive Board will be filled by the alternate Neighborhood Representative, and a new alternate will be appointed by the Neighborhood Committee to serve for the balance of the term of the replaced Neighborhood Representative. Section 6.05 Compensation. No Executive Board member will receive compensation for service as an Executive Board member unless approved by a majority vote of the Members. However, any Executive Board member may be reimbursed for actual, reasonable expenses incurred on behalf of the Association. Nothing herein shall prohibit the Association from compensating an Executive Board member, or any entity with which an Executive Board member is affiliated, for services or supplies furnished to the Association in a capacity other than as an Executive Board member pursuant to a contract or agreement with the Association, provided that such Executive Board member s interest was made known to the Board prior to entering into such contract and such contract was approved by a majority of the Executive Board, excluding the interested Executive Board Member. DRAFT Page 9 of 29 April 22, 2017

Exhibit C As I read the Bylaws and Declarations, the following needs to happen. David S. has provided an Email resigning from the EB and SFH Committees. Since David S. has resigned from the EB, the Executive Board appoints his replacement, the SFH's alternate, you, to fill his place until the end of the Community-Wide (CW) meeting (6/10/17). This will be confirmed at the 4/22/17 EB meeting. The SFH Committee appoints a replacement until the next SFH annual meeting (6/10/17). The SFH committee is appointing Nathan Glassman. The SFH Committee needs to determine the officers for the SFH at the next SFH general meeting (date TBD). I would recommend you to be President for consistency, Nathan be VP and you find an additional member to be Sec/Tr. At the next SFH annual meeting (6/10/17), the SFH members must elect two new Committee members, determine all officer positions and terms, present a budget to the EB for approval, and appoint an EB member and EB alternate to serve on the FY17/18 EB. The EB representative will take that position at the first EB meeting after the above CW meeting. You have also appointed Nathan to be chair of the SFH Design and Review Committee. Eric, please change Board and Committee Names on Web and confirm DRAFT Page 10 of 29 April 22, 2017

Exhibit D Amendment to Article VII of the AMR Bylaws (DRAFT) ARTICLE VII MEETINGS OF THE EXECUTIVE BOARD The following section is changed from two-thirds (2/3) to majority. Section 7.03 Quorum. A quorum is deemed present throughout any meeting of the Executive Board if persons entitled to cast majority of the votes on the Board are present at the beginning of the meeting. DRAFT Page 11 of 29 April 22, 2017

Exhibit E; Job Descriptions (DRAFT) JOB DESCRIPTIONS OF AMR OFFICERS AND THEIR DUTIES Duties. The duties of the officers are as follows: (Bylaws Section 9.08) (a) President: The President will preside at all meetings of the Association and of the Board; see that orders and resolutions of the Board are carried out; sign all leases, mortgages, deeds and other written instruments; co-sign all promissory notes; cause to be prepared and execute, certify and record amendments to the Declaration on behalf of the Association; and exercise and discharge such other duties as may be required of the President by the Board. Be EB representative to Neighborhood Boards Yearly negotiate Property Management Contract and sign Yearly meet with Property Management Company Executives and provide yearly Performance Evaluation; Discuss Plan of Action to improve performance if necessary. Be Lead Arbiter for all Neighborhood disputes Sign Tax return (b) Vice-President: The Vice-President will act in the place and instead of the President, in the event of his/hers absence, inability or refusal to act, and will exercise and discharge such other duties as may be required by the Board. Be EB Representative to Yacht Club Committee Be EB Representative of future EB Committees as assigned Be Liaison to HOA lawyer (c) Secretary. The Secretary will record the votes and keep the minutes of the meetings and proceedings of the Board and of the Members; keep the corporate seal of the Association and place it on all papers requiring the seal; serve notice of meetings of the Board and of the Members; keep appropriate current records listing the Members together with their addresses; and perform such other duties as required by the Board. Be EB representative to Neighborhood Board Secretaries Be EB Representative to Communications Committee Be EB Representative of future EB Committees as assigned Be EB representative to Webmaster Prepare yearly evaluation of Property Manager for EB President with regards to Website management, Meeting minutes and Notices management, HOA documents management, HOA membership management Prepare all Documents required to change and update By Laws and other HOA documents Monitor Town Of Silverthorne Meetings Identify Neighborhood responsibilities that are delinquent and affect the HOA Maintain Commons O&M manuals and Warranties (d) Treasurer. The Treasurer will receive and deposit in the appropriate bank accounts all monies of the Association and will disburse such funds as directed by resolution of the Board; sign all checks of the Association unless the Executive Board specifically directs otherwise, and co-sign all promissory notes of the Association; keep proper books of account; at the direction of the Board, cause an annual audit of the Association books to be made by a public accountant at least once in every three fiscal years; and prepare an annual budget and a statement of income and expenditures to be presented to the Members at their regular annual meeting, and deliver or make copies available to each of the Members. Be EB representative to Neighborhood Boards Treasurers DRAFT Page 12 of 29 April 22, 2017

Prepare yearly evaluation of Property Manager for EB President with regards to management of financial documents Maintain Property Manager Scope of Work for EB president Yearly review Reserve Study and Reserve funds usage for Commons Yearly review Reserve Study and Reserve fund usage with Neighborhood Treasurers Every 3 years, determine if HOA Reserve Study by independent specialist is necessary Yearly review Insurance with Provider Yearly review all EB contracts for EB President signature Yearly review Neighborhood Budgets with Neighborhood Treasurers Yearly create Commons Budget Yearly create dues amount required by Neighborhood units Yearly prepare HOA Tax Return for EB President Monthly manage Commons Reserve Investment Funds rate of return Monthly review Commons financial reports and correct with Property Manager Monthly sign all invoices prior to payment that exceed $3,000. Monthly inform Neighborhood Treasurers when Neighborhood Financial Reports are available Every five (5) years, conduct an Audit of Commons finances with independent Auditor (e) At Large Members Be EB Representative to Members that have complaints Be EB Representative of Lake Management Committee Be EB Representative of Wildlife Compliance Be EB Representative of future EB Committees as assigned Be responsible for recruiting HOA volunteers Be advisor to EB on issues of Bylaws, Rules and Regulations, Declarations Be responsible for bring up issues to the EB about General Appearance of Neighborhoods and Commons Perform duties as assigned by EB DRAFT Page 13 of 29 April 22, 2017

Exhibit F According to Declaration 3.2 Rule making authority (b) AND According to By Laws Sec 5.02 (d) Rules: By unanimous vote or written consent the Neighborhood Committee may adopt rules to govern the Neighborhood Association which must conform to the Community Wide Standards applicable to Angler Mountain Ranch. Until the termination of the Period of Class B Control, the Executive Board must approve such Neighborhood rules. Below the Executive Board clarifies the Neighborhood Committees the following Authority and Duties: 1. Enforce all Neighborhood Covenants, Restrictions and Easements within Neighborhood according to HOA Documents 2. Create higher or stricter standards and rules for Neighborhood Covenants, Restrictions and Easements with a member approval vote of 60%. 3. Adopt policies, rules and regulations that are required to govern Neighborhood with a member approval vote of 60%. 4. Enforcement of all Neighborhood policies, rules and regulations 5. Elect Neighborhood Representative and alternate to represent Neighborhood on Executive Board 6. Develop and approve budgets for Neighborhood operating and reserve funds and submit for EB approval two weeks prior to annual meeting. 7. Perform all Financial Neighborhood tasks 8. Govern all tasks required to manage, maintain and repair Neighborhood Landscaping, Properties, and Structures 9. Sign contracts with vendors that are required to do work only within Neighborhood. If vendor performs the same type of work within other neighborhoods, the neighborhoods should work together to obtain consistency and best pricing, but are not required to do so. Invoicing and approval process should be performed by neighborhood. 10. Approve invoices of vendors for payment. 11. Perform all Design, Review and Approval Tasks required within Neighborhood. DRAFT Page 14 of 29 April 22, 2017

12. The Neighborhood is allowed to work with the Community Wide Property Manager on Neighborhood projects. 13. As stated in By Laws Sec 8, the Neighborhood is not allowed to perform any additional duties or responsibilities unless stated above, such as signing a contract with a different Property Manager, suspend members (Sec 8.05) nor levy assessments (Sec 8.02) DRAFT Page 15 of 29 April 22, 2017

Exhibit J: Landscaping and Monument Sign Agreement THIS LANDSCAPING AND MONUMENT SIGN AGREEMENT ( Agreement ) is made by the THE PONDS AT BLUE RIVER OWNERS ASSOCIATION, INC, a Colorado nonprofit corporation, whose address is C/O Summit Resort Group, PO Box 2590, Dillon, CO 80435, ("Ponds"), and ANGLER MOUNTAIN RANCH HOMEOWNERS ASSOCIATION, a Colorado nonprofit corporation, whose address is PO Box 5265, Frisco, Colorado 80443 ( Angler ). RECITALS: A. The Town of Silverthorne ( Town ) is the owner of certain real property located within the County of Summit, State of Colorado, more particularly described as Bald Eagle Road, Robin Drive and Allegra Lane public rights-of-way as shown on the plat for the Ponds at Blue River and shown on Exhibit A (the "Licensed Area"). B. The Ponds is the homeowners association for the residential condominium project located adjacent to Bald Eagle Road, Robin Drive and Allegra Lane, The Ponds at Blue River ( PBR ). Angler is the homeowners association for the residential planned community located east of the Ponds at Blue River, Angler Mountain Ranch ( AMR ), with Bald Eagle Road as its primary access. C. The original developer of the Ponds at Blue River was allowed to install landscaping, irrigation, and a Subdivision Entrance Sign within the Bald Eagle right-of-way. A License Agreement was never created for these private improvements in the Town right-of-way. D. The Ponds desires to add landscaping to the Town right-of-way in addition to the existing landscaping, irrigation system, and Subdivision Entrance Sign currently within the Bald Eagle right-of-way. E. The Ponds and Angler desire to enter into this agreement to confirm the terms and conditions of their rights and duties within the Licensed Area. FOR AND IN CONSIDERATION OF the mutual promises and covenants contained herein, the parties agree as follows: 1. Use of License Area The Ponds and Angler will each be entitled to use the Licensed Area to install and maintain signs for the PBR and AMR projects only in the location of the existing monument sign, subject to the limitations of use for the Licensed Area as provided in the License Agreement(s) and the site plan granted by the Town DRAFT Page 16 of 29 April 22, 2017

as shown on the attached Exhibit A. The Ponds will also maintain landscaping within the Bald Eagle right of way from Highway 9 past the intersection of Bald Eagle and Allegra Lane ( the Entry Islands ) on the Licensed Area for benefit of both parties subject to the conditions and reimbursement obligation set forth below. The Ponds may use the remainder of the Licensed Area for landscaping as permitted in its License Agreement for the benefit of PBR. 2. Limitations on Use of the Licensed Area a. The Licensed Area may be used only for the following purposes: installation and maintenance of landscaping, installation and maintenance of landscape irrigation, and two (2) Entry Monument signs as described in Exhibit A. The signs will be lighted and holiday lighting will be permitted. b. The Ponds shall install landscaping and irrigation improvements within the Licensed Area in accordance with the approved Site Plan. The Ponds shall maintain the landscaping and lighting improvements within the Licensed Area including but not limited to, general upkeep, irrigation, weed removal, maintenance and repair. Irrigation lines shall be permitted and constructed according to the approved Site Plan. c. The Ponds shall maintain its Entry Monument Sign, and Angler shall maintain its Entry Monument Sign within the Licensed Area, to the reasonable satisfaction of the Town and the other association. d. Upon termination of the License for any reason, the Town has the right to require the licensee to remove all or any portion of the improvements that it deems appropriate. Any remaining improvements shall become and remain the property of the Town. e. The parties use of the Licensed Area shall always and continuously be in compliance with all applicable Federal, State and local rules and regulations, specifically including those contained in the Silverthorne Town Code and associated regulations. 3. Cost reimbursement a. The Ponds will as part of its annual budget process notify Angler of projected work and costs to install and maintain landscaping, irrigation, lighting and liability insurance within the Licensed Area and provided on the approved site plan and License Agreement. Angler will have a right to review and comment on the proposed work and costs at least 15 days before it is adopted. Unless written comments are received within such notice period Angler will be deemed to have consented to such proposed work and costs. In event of any objection by Angler a landscaping committee will be created by the parties with equal representation for both associations to resolve appropriate work, maintenance and insurance issues. If the committee can not reach agreement as DRAFT Page 17 of 29 April 22, 2017

to appropriate work and costs by March 1 of each calendar year then the dispute resolution policy adopted by the Ponds, attached as Exhibit B will apply to the extent practicable to resolve the dispute without acrimony in a timely manner. b. Angler will reimburse The Ponds for the estimated maintenance costs of the Entry Monumentation Island no later than April 1 of each calendar year. Actual cost overruns or savings from the budget will be paid by or reimbursed to Angler within ninety (90) days after the end of each calendar year. Angler s share will be a proration based upon the number of platted units in AMR as of January 1 of each year divided by the total number of units in both Angler and the Ponds. 4. Insurance The Ponds and Angler agree at all times during the term of this Agreement to cause to be maintained comprehensive general liability insurance against all claims for personal injury, death, or property damage occurring on Licensed Area with minimum limits of liability of One Million Dollars ($1,000,000) per person, One Million Dollars ($1,000,000) per occurrence and Five Hundred Thousand Dollars ($500,000) property damage. Both parties shall provide a certificate of insurance to the Town or the other party upon request.. DRAFT Page 18 of 29 April 22, 2017

Exhibit K DRAFT Page 19 of 29 April 22, 2017

Exhibit L a. 2017/18 Operating Budget expenses determined b. 2016/17 max $2000 expenses approved for motion detectors, installation of cabinet and microwave, electrical, tablecloth, and paint of boiler room. c. Exploring solutions for front door threshold. Need to find a fix and get Compass to fix it. d. Need to explore getting Compass to add gravel to parking spots across from YC. e. Committee to discuss garbage can and mailbox kiosk possibilities. f. Exploring costs of timer on fire place; 3 inside and 3 outside cameras with 7 day recorder; and gravel entrance to lake under YC. DRAFT Page 20 of 29 April 22, 2017

Exhibit M ANGLER MOUNTAIN RANCH HOMEOWNERS ASSOCIATION Executive Board Committee Charter Name of Committee: Lake Management Committee Formed March 2017 Formation: This committee was formed at the request of the Executive Board to assist the board in developing a plan for managing the Lake for all AMR members. Reporting Level: Executive Board The findings and recommendations of this committee will be presented to the Executive Board and are non-binding. Tasks to be completed: Review all AMR documents (Declarations, etc.) and determine AMR s responsibilities with respect to the Lake. Review State, County, and City Laws with respect to the Lake Create a process for working with other Neighborhoods that share the Lake. Create a policy for maintaining the water quality of the Lake. Create a policy for maintaining the correct amount of fish in the Lake. Create a policy for controlling overuse of the lake by boats and anglers. Create a policy for controlling access to the Lake with piers, ramps, etc. Create a policy for controlling the shore line of the Lake. Create a policy for drainage of streams and hot tubs into the Lake. Create a process and budget for restocking the Lake. Create a policy and process for distribution of Fish badges. Coordinate with other users of the Lake. Explore the possibilities of fishing tournaments. DRAFT Page 21 of 29 April 22, 2017

Committee Makeup: Number of Members: 5 or 7; including at least 1 of each of the following: One member from each Neighborhood Full-time (primary) residents Seasonal residents, who are here for 1 month or longer at least once during most years Weekenders, who are here for short periods, usually less than 1 month at a time Executive Board Designee Required: Yes 1 member will be selected to serve as Chair and is responsible to run the Committee and the Committee meetings. 1 member will be selected to serve in the role of Secretary and is responsible for producing minutes. Committee members will follow Code of Conduct, Voting and Documentation policy included at the end of this document. Members OF COMMITTEE: Joel Wilson 303-956-2958 Dave Jansen 381 Fly Line Drive (303) 579-3457 Mark McClurg 719-310-8627 Dave Servinsky 813 503 3804 Roy Topping 85 Buckskin LN Mark Heminghous Bob Cardwell (Exec Board liaison, full-time) 770-366-3399 127 Fly Line Dr DRAFT Page 22 of 29 April 22, 2017

Requirements: The Executive Board will review and approve the recommendations before implementation. Terms of Service: Members are asked to serve 1-year terms to be appointed annually by the Executive Board at the Annual General Meeting. Charter Reviewed: Annually; next review is in June 2018. ANGLER MOUNTAIN RANCH HOMEOWNERS ASSOCIATION POLICY REGARDING COMPOSITION AND CONDUCT OF COMMITTEES Adopted by Executive Board March 13, 2017 Purpose: To ensure Committee members work together effectively and amicably to fulfill the goals of the committee. To ensure Committees represent all types of residents and varying perspectives. To meet this goal, Committees should be composed of: o o o o Full-time (primary) residents Seasonal residents, who are here for 1 month or longer at least once during most years Weekenders, who are here for short periods, usually less than 1 month at a time Individuals who are known to have varying perspectives of the Committee topic, if applicable 1. Community-wide Committee Composition Committee members will be selected by the Executive Board. Members may be asked to serve or may volunteer. The Executive Board will attempt to select Committee members that meet the composition described below. The Board should make an effort to include varying perspectives of the topic which the Committee will be addressing. Committees established for the entire AMR community will be composed of between 5 and 10 members to include at least: 1 member from the Executive Board 1 member from Single Family Homes neighborhood 1 member from Cabins neighborhood DRAFT Page 23 of 29 April 22, 2017

1 member from Townhomes neighborhood The members should represent all types of members as follows, distributed among neighborhoods: Full-time residents Seasonal residents Weekend residents 2. Neighborhood Committee Composition Committee members will be selected by the neighborhood Board of Directors. Members may be asked to serve or may volunteer. The Board should make an effort to include varying perspectives of the topic which the committee will be addressing. Where possible, a combination of full-time residents, seasonal residents and weekend residents will be included. 3. Committee Roles One Committee member will be selected to serve in the role of Chair and is responsible to run the Committee and the Committee meetings. One Committee member will be selected to serve in the role of Secretary and is responsible for producing minutes. 4. Code of Conduct for all HOA Business and Committees Add the following language to each Committee charter, or attach this document to each Committee charter and include by reference: The AMR Policy Regarding Conduct of Meetings shall apply to all verbal communication among Committee members, whether in person or remote, or written, such as emails and text messages. The policy states Personal attacks, whether physical or verbal, and offensive language will not be tolerated. Courteous behavior is mandatory. If a member is accused of violating the Member Conduct code above, the respective Board (community wide or neighborhood) will hold a hearing where the accused member may be heard. If the Board determines that the code has been violated, the Board may restrict the member s participation in that committee. 5. Voting Prior to meeting with their associated board and presenting a recommendation, all Committee members should vote. Minimally the vote results will be presented to the Board. Recommendations to the respective Board will be in writing and will include an anonymous vote tally on each recommendation and the rationale for each vote, including rationale for any dissenting votes. DRAFT Page 24 of 29 April 22, 2017

A unanimous vote is favorable, but not necessary. The Vote is non-binding. The associated board will consider the recommendations and information provided by the Committee when making any associated decisions. 6. Documentation To ensure committee communication, minutes of each committee meeting will be created by the Secretary of the Committee and shall be distributed in writing within 72 hours to all Committee members. Committee members may recommend modifications to the documentation or approve it in its entirety. The minutes shall be a unanimous consensus of all committee members. Such documentation shall be maintained and made accessible to all affected AMR owners. Other in-person, phone, email or other communication with members of the Committee concerning Committee matters shall be documented by the participants and shall be shared with all Committee members via email within 3 days of such communication. DRAFT Page 25 of 29 April 22, 2017

Exhibit N Angler Mountain Ranch Homeowners Association Executive Board Committee Charter Name of Committee: Communications Committee Formed June 11, 2016 Charter Revised March 2017 Formation: This committee was formed at the request of the Executive Board to assist the board in developing a plan for communication to all AMR members. Revision: The charter was revised to reflect the newly adopted Committee Composition and Code of Conduct policy and to split the committee into two sub committees, one for the Newsletter and one for a Website. Reporting Level: Executive Board The findings and recommendations of this committee will be presented to the Executive Board and are non-binding. Tasks to be completed: NEWSLETTER SUBCOMMITTEE Create a procedure for requesting, collecting, proofing, obtaining approvals, and distributing newsletter articles. Create a submission form for articles Create a newsletter format, to be distributed quarterly, containing informational pieces not typically covered by official communication from the board or management. Create a procedure for sending out informational pieces as necessary. WEBSITE SUBCOMMITTEE TBD Committee Makeup: Number of Members: 5 or 7; including at least 1 of each of the following: One member from each Neighborhood Full-time (primary) residents Seasonal residents, who are here for 1 month or longer at least once during most years Weekenders, who are here for short periods, usually less than 1 month at a time Executive Board Designee Required: Yes 1 member will be selected to serve as Chair and is responsible to run the Committee and the Committee meetings. 1 member will be selected to serve in the role of Secretary and is responsible for producing minutes. Committee members will follow Code of Conduct, Voting and Documentation policy included at the end of this document. Members OF NEWSLETTER SUBCOMMITTEE: David Muelken (Weekender) Terry D Angelo (Weekender) Bob Cardwell (Board liaison, full-time) Members OF WEBSITE SUBCOMMITTEE: Bob Cardwell (Board liaison, full-time) DRAFT Page 26 of 29 April 22, 2017

Requirements: The Executive Board will review and approve the recommendations before implementation. The Executive Board will review and approve all Newsletters prior to sending to membership. Terms of Service: Members are asked to serve 1-year terms to be appointed annually by the Executive Board at the Annual General Meeting. Charter Reviewed: Annually; next review is in June 2018. ANGLER MOUNTAIN RANCH HOMEOWNERS ASSOCIATION POLICY REGARDING COMPOSITION AND CONDUCT OF COMMITTEES Adopted by Executive Board March 13, 2017 Purpose: To ensure Committee members work together effectively and amicably to fulfill the goals of the committee. To ensure Committees represent all types of residents and varying perspectives. To meet this goal, Committees should be composed of: Full-time (primary) residents Seasonal residents, who are here for 1 month or longer at least once during most years Weekenders, who are here for short periods, usually less than 1 month at a time Individuals who are known to have varying perspectives of the Committee topic, if applicable Community-wide Committee Composition Committee members will be selected by the Executive Board. Members may be asked to serve or may volunteer. The Executive Board will attempt to select Committee members that meet the composition described below. The Board should make an effort to include varying perspectives of the topic which the Committee will be addressing. Committees established for the entire AMR community will be composed of between 5 and 10 members to include at least: 1 member from the Executive Board 1 member from Single Family Homes neighborhood 1 member from Cabins neighborhood 1 member from Townhomes neighborhood The members should represent all types of members as follows, distributed among neighborhoods: Full-time residents Seasonal residents Weekend residents Neighborhood Committee Composition Committee members will be selected by the neighborhood Board of Directors. Members may be asked to serve or may volunteer. The Board should make an effort to include varying perspectives of the topic which the committee will be addressing. Where possible, a combination of full-time residents, seasonal residents and weekend residents will be included. Committee Roles One Committee member will be selected to serve in the role of Chair and is responsible to run the Committee and the Committee meetings. DRAFT Page 27 of 29 April 22, 2017

One Committee member will be selected to serve in the role of Secretary and is responsible for producing minutes. Code of Conduct for all HOA Business and Committees Add the following language to each Committee charter, or attach this document to each Committee charter and include by reference: The AMR Policy Regarding Conduct of Meetings shall apply to all verbal communication among Committee members, whether in person or remote, or written, such as emails and text messages. The policy states Personal attacks, whether physical or verbal, and offensive language will not be tolerated. Courteous behavior is mandatory. If a member is accused of violating the Member Conduct code above, the respective Board (community wide or neighborhood) will hold a hearing where the accused member may be heard. If the Board determines that the code has been violated, the Board may restrict the member s participation in that committee. Voting Prior to meeting with their associated board and presenting a recommendation, all Committee members should vote. Minimally the vote results will be presented to the Board. Recommendations to the respective Board will be in writing and will include an anonymous vote tally on each recommendation and the rationale for each vote, including rationale for any dissenting votes. A unanimous vote is favorable, but not necessary. The Vote is non-binding. The associated board will consider the recommendations and information provided by the Committee when making any associated decisions. Documentation To ensure committee communication, minutes of each committee meeting will be created by the Secretary of the Committee and shall be distributed in writing within 72 hours to all Committee members. Committee members may recommend modifications to the documentation or approve it in its entirety. The minutes shall be a unanimous consensus of all committee members. Such documentation shall be maintained and made accessible to all affected AMR owners. Other in-person, phone, email or other communication with members of the Committee concerning Committee matters shall be documented by the participants and shall be shared with all Committee members via email within 3 days of such communication. DRAFT Page 28 of 29 April 22, 2017

Exhibit O AMR Membership Complaint and Resolution Process Draft 4/12/17 When an active Member of the AMR HOA association has an issue (violation of governing documents or government laws) that they want to bring to the attention of the HOA Leadership, they should be guided by the following process. 1. Identify the AMR Rule, Policy, Bylaw, Declaration, or Town of Silverthorne(ToS), Summit County(SC) or Colorado (CO) law that was violated. All HOA and Colorado rules and laws are posted on the HOA Website. ToS and SC rules and laws are posted on their websites. 2. Document the day and time that the alleged violation occurred. Identify the member or vendor who violated the rule. Pictures are better than heresay. 3. If a member is involved in the violation of the AMR rule, policy, Bylaw, or Declaration, the observing member should have a one on one conversation to make the violating member aware of the HOA rule and where it is posted. If no corrective action is taken or a disagreement exists after 5 days, the observing member should send an email documenting the issue to the Neighborhood Committee with a copy to the Property manager. The Neighborhood committee will assign a Committee member to investigate the issue and respond back to the observing member with an action plan within 7 working days. If the Neighborhood Committee determines that the violation affects more than one Neighborhood, the EB will be notified and be responsible for the action plan and resolution. If the observing member does not here from the Neighborhood committee within 7 days, they should forward their original email to the Executive Board. The EB Secretary will follow-up with the Neighborhood Committee. 4. If a vendor is involved with the violation, the observing member should send an email to the Neighborhood Committee with a copy to the Property Manager. The Neighborhood committee will assign a Committee member to investigate the issue and respond back to the observing member with an action plan within 7 working days.. If the Neighborhood Committee determines that the violation affects more than one Neighborhood, the EB will be notified and be responsible for the action plan and resolution. If the observing member does not here from the Neighborhood committee within 7 days, they should forward their original email to the Executive Board. The EB Secretary will follow-up with the Neighborhood Committee. 5. If a member is involved in the violation of a CO, ToS or SC law, the observing member should have a one on one conversation to make the violating member aware of the laws and where it is posted. If no corrective action is taken or a disagreement exists after 5 days, the observing member should file a complaint with the proper Government authority. The HOA is not responsible for enforcement of Government laws. 6. The Neighborhood Committee and/or Executive Board will address the issue at all future meetings and track the issue until it is resolved. 7. Declarations Article Xlll provides the members and HOA a legal process for resolving disputes. Hopefully the above guidelines will resolve 99.9% of the issues without legal costs. DRAFT Page 29 of 29 April 22, 2017