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HomeMy WebLinkAbout904496 RECEIVED DECLARATION OF C O~ ~_N, T~,9 U N T Y CONDITIONS, AND RESTRICTIONS 9 0 k 9 6 ,., !.:m' pi 4 OF NE VAGNER Phase I (Lots 1 through 24) - 24 Lots Total LINCOLN COUNTY, WYOMING The undersigned being the owner of record of the real property described in Exhibit "A" attached hereto, hereby declares that said realty, together with the improvements thereon, is subject to the following Covenants, Conditions and Restrictions. Article I DEFINITIONS o57 - (:C 0£64 ~t )t.~t',_ ........ __PR PAGE__~ As used in this Declaration, and all amendments thereto, unless the context otherwise requires, the following definitions shall prevail: 1.1 Annual Assessments: Defined in Article X. 1.2 Assessment means the payments that some or all of the Lot Owners are required to pay to the Developer or to the Association. 1.3 Assessment Lien: Defined in Article XII. 1.4 Association means a Wyoming non-profit corporation, or such other similar entity formed pursuant to this Declaration which may become responsible for the operation, administration and maintenance of the Development upon Relinquishment by the Developer (defined below). 1.5 Board of Directors shall mean the Directors of the Association. 1.6 Bylaws means the Bylaws of the Association, as they may exist fi.om time to time. 1.7 Common Areas means the portions of the Development not included in the Lots, together with the Star Valley Ranch RV Park Golf Course (hereinafter referred to as the "Golf Course"), and also the common area recreational facilities of the Star Valley Ranch RV Park (hereinafter referred to as the "Recreational Facilities"). 1.8 Common Expenses: Defined in Article X. Buyer's Initials 1 Buyer's Initials 0. 044 6 ,0 65 1.9 Completion of the Development means Iht date when the Developer records a Declaration of Completion with the County Recorder of Lincoln County, Wyoming, declaring (1) that the Development has been fully and finally completed; and (2) that the Developer has sold all of its Lots in the Development. The Developer may develop additional Lots as part of the Development; however, nothing in this Declaration shall be construed to mean that the Developer must develop additional Lots. 1.10 Declaration means this instrument entitled, "Declaration of Covenants, Conditions, and Restrictions," as it may from time to time be amended. 1.11 Developer means LEISURE VALLEY, INC., a Nevada Corporation, and its successors or assigns. After the Developer's Relinquishment to the Association of any or all of the Developer's rights, duties or interests that are established by this Declaration, the term "Developer," as used herein, shall then refer to the Association with respect to the rights, duties and/or interests so transferred and relinquished, unless the context requires otherwise. 1.12 Development shall mean all of the real property described in Exhibit "A" attached hereto and made a part hereof, including all Lots and Common Areas, and shall also include any other additional plat, plats, Lots, Common Areas, or other real property or improvements hereafter recorded as part of the STEWART COUNTRY CLUB ESTATES development in Lincoln County, Wyoming. 1.13 Financial Obligation: Defined in Article X lI. 1.14 Lot means a lot on a plat now or hereafter recorded as part of the Development which is subject to ownership in fee. The foregoing terms include the land of a Lot, all improvements thereon, and all easements and rights appurtenant thereto. 1.15 Lot Owner and Owner of a Lot mean the person, persons, or entity, including the Developer, having fee ownership of a Lot, or having equitable ownership of a Lot pursuant to a long-term real estate installment contract, or having a life estate in a Lot, or having a leasehold interest in a Lot pursuant to a 99-year lease. 1.16 Occupant means the person or persons in possession of a Lot. 1.17 Primary_ residential building Structure and secondary building Structure: See Paragraph 14.2.1 and 14.2.8. 1.18 Relinquishment by the Developer and Developer's Relinquishment shall mean Developer's transfer, relinquishment, assignment, conveyance and/or delegation to the Association of all or any portion of Developer's interest in the Development (including without limitation, the Common Areas, the Unsold Lots or any part thereof, the water systems or any part thereof, the streets or any part thereof, any sewer systems which may be constructed or any part thereof, and/or the recreational facilities or any part thereof) and/or all or any portion of the Developer's Buyer's Initials 2 Buyer's Initials 0£66 rights and/or duties related to the Development (including without limitation, the maintenance responsibilities related to the Common Areas and/or the Unsold Lots). 1.19 Structure: Defined in Article XIV. 1.20 Unsold Lot means any Lot owned by the Developer or the Association, however or whenever acquired or reacquired. Article H SUBMISSION STATEMENT The undersigned, being the owner of record of the real property described in Exhibit "A" attached hereto, hereby declares that said real property, together with the improvements thereon, shall be held, conveyed, hypothecated, encumbered, leased, occupied, built upon or otherwise used, improved or transferred, whether in whole or in part, subject to the covenants, conditions, restrictions, reservations, rights and duties set forth in this Declaration. This Declaration is declared and agreed to be in furtherance of a general plan lbr the division, improvement and sale of the Development and is established for the purpose of enhancing and perfecting the value, desirability and attractiveness of the Development, and every part thereof. All of this Declaration shall run with all Lots, parcels, plats, Common Areas and other real property and improvements in the Development for all purposes and shall be binding upon and inure to the benefit of Developer, the Association and all Lot Owners and their successors and assigns. Any and all covenants, conditions, restrictions, reservations, fights and duties set forth herein are hereby declared to run with the land and are declared to be attached to and part of the title and ownership of each Lot in the Development. Article III NAME The name by which this development is to be identified is: Stewart Country Chlb Estates Article IV IDENTIFICATION OF PLATS 4.1 Plat Designations: For the purpose of identification, all areas of the Development except the Common Areas have been or will be given identifying plat designations and have been or will be subdivided into numbered Lots. The aforesaid identifying designations may also be used as an identifying designation for purposes of Lot ownership Buyer's Initials 3 Buyer's Initials 0904:496 4.2 Additional Units: The Developer contemplates developing approximately 24 or more Lots in Phase I, Plat No. 315-B, described on Exhibit "A" attached hereto, and 48 or more Lots in future Phase II of the Development. Nevertheless, nothing .herein shall require the Developer to develop any number of Lots, nor preclude the Developer from developing or including any Lots, areas, Common Areas, units; or other developments or other real property or improvements as a part of the Development that are different from the original Development. The Developer may make additional Lots, units, areas, Common Areas, developments or other real property or improvements a part of the original Development and may allow or require new purchasers of such additional Lots, units, areas, developments or improvements to become members of the Association. Article V DEVELOPER'S RIG H TS 5.1 Operation: The Developer shall have the right to operate the Development or any portion thereof in addition to selling Lots to individual owners, provided that all use and occupancy provisions of this Declaration will be observed by Lot Owners. 5.2 Reservation of Mineral Rights: The Developer hereby reserves all mineral fights of every kind and nature whatsoever, including oil and gas, with respect to all portions of the Development, including without limitation all Lots and Common Areas. 5.3 Rules and Regulations: The Developer, in its sole discretion, shall have the fight to make and implement rules and regulations governing the Lot Owners concerning the use and operation of the Development. 5.4 Assignability: Unless otherwise provided herein, any and all of the fights, duties and interests of the Developer that are established by this Declaration are assignable to the Association. The Developer shall have the right at any time, and from time to time, within 21 years after the death of the now living last surviving grandchild of Harold P. Stewart, Harold Val Stewart and Michael Joe Stewart, to transfer, assign, relinquish, convey and/or delegate all or any portion of the Development that is owned by the Developer (including without limitation, the Common Areas and/or the Unsold Lots, or any part thereot; the water systems or any part thereof, the streets or any part thereof, the sewer systems or any part thereof, and/or the recreational facilities or any part thereof), and/or all or any portion of the Developer's rights and/or duties related to the Development (including without limitation, the maintenance responsibilities related to the Common Areas and/or Unsold Lots) to the Association (sometimes referred to herein as "Relinquishment by the Developer" or "Developer's Relinquishment"). The Association shall assume and the Developer shall thereafter be relieved of all such fights, duties, maintenance responsibilities, Common Areas, Unsold Lots, systems and portions of the Development so transferred and relinquished. After the Developer's Relinquishment to the Association of any or all of the Developer's rights, duties or interests that are established by this Declaration, the term Buyer's Initials 4 Buyer's Initials "Developer," as used herein, shall then refer to the Association with respect to the rights, duties and/or interests so transferred and relinquished. 5.5 Formation of Association: The Developer shall have the right to organize the Asso- ciation, or the Developer may delegate the responsibility to organize.the Association to the Lot Owners. The Association shall be comprised of the Lot Owners. The Association shall be governed by a Board of Directors which will be comprised of five (5) Directors. At such time as the Developer elects to transfer the Common Areas, or any portion thereof, to the Association, such transfer shall be made subject to the rights of the Lot Owners to continue to utilize the Common Areas. 5.6 Restriction on Formation: Nothing contained in this Declaration shall require the Developer to organize the Association, or require the Developer to transfer, relinquish or assign all or any portion of the Development (including any Common Areas or Unsold Lots), or any of the Developer's rights or duties related thereto, to the Association The Lot Owners may not organize the Association as defined herein without the express written consent of the Developer. 5.7 Rental: The Developer and any Lot Owner shall have the right to rent or lease any dwelling or other Structures on their Lots to such persons or entities as they, in their sole discretion, may deem appropriate. Unless otherwise limited by the Developer, all persons or entities who rent a residential building Structure in the Development shall be entitled to use the Common Areas and Recreational Facilities of the Development in the same manner and to the same extent as a Lot Owner, with the exception of the Golf Course where the persons or entities who rent or lease will be charged a green fee to play on or otherwise utilize the Golf Course. The Developer shall have the right to entitle its renters to use its Lots in the Development upon such terms and conditions as the Developer, in its sole discretion, may deem appropriate. Notwithstanding anything herein to the contrary, neither the Developer nor the renters from the Developer shall be required to pay any Assessments in connection with the use, ownership, or rental of any Lot. 5.8 Committees: The Developer shall have the right at any time, and from time to time, to establish and organize such committee(s) as the Developer may deem appropriate to carry out and perform all or any portion of the duties and/or functions of the Developer set forth in this Declaration. Each committee shall have such rights and authority as may be delegated by the Developer; provided however, such rights and/or authority may be withdrawn by the Developer at any time, or from time to time, at the Developer's sole discretion. The Developer shall have the power to appoint the members of each committee or to direct how such members will be selected, and the Developer shall also have the right to remove or replace any member(s) of any committee(s) without cause, and/or to appoint such new or additional member(s) as the Developer may from time to time deem appropriate. Unless otherwise required by the Developer, a decision of the majority of all members of any committee formed pursuant to this paragraph shall constitute a decision of the committee; provided however, the Developer shall have the right, in its sole discretion, to overrule the decision of the majority of the members of any committee on any Buyer's Initials 5 Buyer's Initials 0:9044 ; matter(s) before such committee, and the decision of the Developer on such matter(s) shall be deemed the decision of the committee. Article VI VOTING RIGHTS 6.1 Vote Before Relinquishment: The Lot Owners shall not be entitled to voting rights as enumerated in this Article VI until the Developer's Relinquishment of the Development, or any portion thereof, to the Association. 6.2 Vote Upon Relinquishment: After the Developer's Relinquishment of all or a portion of the Development to the Association as aforesaid, then the members of the Association, including the Developer, shall be entitled to vote as hereinafter set forth. 6.3 Voting in General: Subject to the Developer's right to appoint three (3) Directors as hereinat~er set forth, the Owner of each Lot, including the Developer, will be entitled to one (1) vote for each Lot owned. 6.4 Lot Owner's Voting: The vote of the Owner of a Lot is not divisible, and the Owner of a Lot shah be entitled to no more or no less than one (1) equal vote in the Association for each Lot owned, regardless of whether the Owner is a single person or entity or a group of persons and/or entities. Ifa Lot is owned by more than one (1) person or entity, the owners of said Lot shall designate one of them as a "Voting Member." The designation of the Voting Member shall be provided for by, and subject to, the provisions and restrictions set forth in the Bylaws of the Association. 6.5 Restrictions on Voting Rights: The Owner of a Lot shall not be entitled to vote if such Owner is delinquent in the payment to the Developer or to the Association of Assessments related to the Lot, or if the Owner is otherwise in violation of this Declaration; provided, however, the Developer shall not be required to pay any Assessments in order to vote in connection with its Unsold Lots (as defined above) or in order to appoint three (3) Directors as provided herein. 6.6 Developer's Right to Appoint Directors: Anything contained herein to the contrary notwithstanding, the Developer shah have the fight to appoint three (3) of the five (5) directors of the Association until the Completion of the Development, as defined herein. The Board of Directors of the Association shall not be bound by any vote or resolution of the Lot Owners on any matter so long as the Developer has the right to appoint said three (3) Directors. The Developer shall have the right to remove any of the three (3) Directors appointed by the Developer and replace said Directors from time to time without cause. The rights of the Developer to appoint three (3) of the five (5) Directors of the Association may only be waived by the Developer in writing. The rights of the Developer to appoint three (3) of the five (5) Directors of the Association is not assignable to the Association and need not be waived or assigned to the Association in order to constitute a full and complete "Relinquishment by the Developer" of the Buyer's Initials 6 Buyer's Initials i Development to the Association, as defined herein. Rather, such rights may be held by the Developer after the Developer's Relinquishment of all and every portion of the Development to the Association (up until the Completion of the Development, as provided hereinabove). 6.7 Cumulative Voting: The Articles of Incorporation of the Association shall provide for cumulative voting for all Directors to be elected (excluding the three [3] Directors to be appointed by the Developer as set forth above), such that each Lot Owner is entitled to one (1) vote for each Lot owned multiplied by the number of Directors to be elected. The Lot Owner may then cast all of such voting shares for a single Director or may distribute them among any two (2) or more of them, as he may see fit. For example, if there are live (5) Directors to be elected, (e.g., after the Completion of the Development), each Lot Owner would be entitled to five (5) voting shares for each Lot owned, all of which he may cast for one (1) Director, or he may cast some for one (1) and some for another Director, in any way he chooses. On the other hand, if only two (2) Directors are to be elected, (e.g., prior to the Completion of the Development), each Lot Owner would be entitled to only two (2) voting shares, all of which he may cast for one Director, or he may cast one vote for one director position and his other vote for the other director position in any way he chooses. Article VII AMENDMENTS TO DECLARATION 7.1 Developer's Right to Amend before Sale of 65 Lots: This Declaration may be amended by the Developer at any time prior to the sale of sixty five (65) Lots, with or without the consent of the Association or the Lot Owners. 7.2 Developer's Right to Amend After Sale of 65 Lots: After the sale of sixty-five (65) Lots, the Developer shall have and hereby reserves the right to amend this Declaration, with or without the consent of the Association and/or the Lot Owners, at any time up until the latter of(l) the date of the Developer's Relinquishment to the Association of all and every portion of Developer's right, title and interest in, and rights and duties related to the Development, or (2) the date of the Completion of the Development, as defined herein, provided that: 7.2.1 In no event shall the Developer's right to amend this Declaration exceed a period of twenty-one (21) years after the death of the now living last surviving grandchild of Harold P. Stewart, Harold Val Stewart and Michael Joe Stewart; 7.2.2 The Developer's power to make amendments to this Declaration after the sale of sixty-five (65) Lots shall cease to exist at the latter of (1) the Completion of the Development (as defined herein); or (2) the date of the Developer's Relinquishment to the Association of all and every portion of Developer's fight, title and interest in, and rights and duties related to the Development. Buyer's Initials 7 Buyer's Initials 09044: 6 7.3 Amendment by Lot Owners: After the sale of sixty-five (65) Lots, this Declaration may also be amended by an affirmative vote of not less than fifty percent (50%) of all Lot Owners of the Association, or if no Association has been organized, then by the affirmative vote of not less than fif~ percent (50%) of the Lot Owners; provided, however, if a Lot is owned by more than one (1) person or entity, only one (1) of the Owners of such Lot shall be entitled to vote. However, anything contained herein to the contrary notwithstanding, the Lot Owners may not amend this Declaration at any time prior to (1) the date of the Developer's Relinquishment to the Association of all and every portion of Developer's right, title and interest in, and fights and duties related to the Development, or (2) the Completion of the Development as defined herein, whichever is later, without the written consent of the Developer. 7.4 Developer's Transfer of Amending Rights: The rights of the Developer contained in this Article VII, (a) may not be transferred or assigned by the Developer to the Association, (b) may only be waived by the Developer in writing, and (c) need not be transferred or assigned to the Association or waived in order to constitute a full and complete "Relinquishment by the Developer" of the Development to the Association (as defined herein). Rather, the fights provided in this Article may be held by the Developer after the Developer's Relinquishment to the Association of all and every portion of Developer's right, title and interest in, and rights and duties related to the Development. Article VIII OPERATING ENTITY The Developer is responsible for the operation of the Development and the maintenance of that portion of the Development owned by the Developer (including without limitation the Common Areas) until the Developer's Relinquishment of these rights and duties to the Association. After the Developer's Relinquishment of all or any portion o f the Development to the Association, the Developer shall be relieved of the responsibility to maintain and govern the operation of that portion of the Development so relinquished, and the Association shall assume such rights and duties and shall have all powers and responsibilities relating the operation and maintenance of that portion of the Development so Relinquished by the Developer. Article IX BYLAWS 9.1 Purpose of Bylaws: The Association Bylaws shall provide for the Association's operation and maintenance of those portions of the Development relinquished by the Developer to the Association. 9.2 Amendment of Bylaws: The Bylaws may be amended in the manner provided for therein, but no amendment to said Bylaws shall be adopted which would affect or impair the Buyer's Initials 8 Buyer's Initials validity or priority of any mortgage covering any Lot or Common Area in the Development, or which would be inconsistent with this Declaration. Article X ASSESSMENTS 10.1 Developer's Right to Collect Assessments: The Developer may levy and collect a reasonable monthly, annual, or other periodic Assessment against each Lot Owner (excluding the Developer) to pay (a) the costs and expenses of operating and maintaining the Development, together with the facilities located thereon, (b) the costs and expenses of operating and maintaining the Unsold Lots, together with the facilities (if any) located thereon, (c) the costs and expenses of operating and maintaining the Star Valley Ranch RV Park Golf Course, (d) the costs and expenses of operating and maintaining the common area Recreational Facilities of the Star Valley Ranch RV Park, (e) the costs and expenses necessary to permit the Developer to carry out its duties under this Declaration, and (f) to the extent necessary, the costs and expenses (i) to maintain the roads of the Development, (ii) to remove snow from the roads of the Development, (iii) to maintain the water system of the Development, (iv) to provide water service to the Development, (v) to maintain the sewer system of the Development, (vi) to provide sewer disposal service to the Development, (vii) to provide garbage disposal services to the Development, (viii) to provide cable television service to the Development, and (ix) to provide security to the Development. Notwithstanding the foregoing, the Developer shall have no obligation to provide garbage disposal service, cable television service or security to the Development. The costs and expenses incurred by the Developer in paying the foregoing costs and expenses shall hereinafter be referred to as the "Common Expenses." Alternatively, the Developer may transfer, relinquish and assign such fights and/or duties, or any portion thereof, to the Association; provided, however, that the Developer shall not at any time be liable to pay any deficiency or difference between the amount of Assessments collected and the actual costs and expense of operating and maintaining the Development (i.e., the Common Expenses) as set forth above. 10.2 Transfer of Collection Rights. If the Developer transfers, relinquishes or assigns all or a portion of the Developer's rights and/or duties to levy or collect Assessments to the Association, the AssOciation shall assume such fights and duties from the Developer, which may include, without limitation, the duty to levy and collect the foregoing Assessments against each Lot Owner (other than the Developer); provided; however, alter the Developer's Relinquishment to the Association of all and every portion of Developer's right, title and interest in, and rights and duties related to the Development, the Association shall be entitled to collect all Assessments, as set forth in this Declaration (other than from the Developer). 10.3 Allocation of Assessments. After the Developer's Relinquishment of any portion of the Development to the Association, then the Association shall be entitled to receive from the Assessments levied and collected by the Developer (or by the Association as provided herein) such amounts as the Developer deems necessary for the Association to perform the duties and/or Buyer's Initials 9 Buyer's Initials ,0273 0904496 maintenance responsibilities so relinquished. The Developer will be entitled to any portion of the Assessments thereafter remaining. 10.4 Calculation of Assessments. In order to pay the Common Expenses, the Developer shall have the power to fix and determine, from time to time as hereinafter provided, the monthly, annual or other periodic Assessments per Lot (hereinafter sometimes referred to collectively as the "Annual Assessment[s]") payable to the Developer (either monthly, annually or otherwise, as determined by the Developer), or the Developer may assign such right to the Association. The Annual Assessments for the calendar year 2005 (January 1, 2005 through December 31, 2005) shall be the annual sum of $425 for each Lot Owner. At the beginning of the calendar year 2006 (January 1, 2006 through December 31, 2006) and at the beginning of each and every calendar year thereafter (except as otherwise hereinafter provided), each Lot Owner's Annual Assessments may be increased by the Developer or by the Developer's Assignee by the actual percentage increase in the Common Expenses of the immediately preceding calendar year (the "Prior Year") over the Common Expenses for the calendar year prior thereto, or by an amount equal to Five Percent (5%) of the Common Expenses for the Prior Year, whichever is greater, but not to exceed Ten Percent (10%) of the Common Expenses for the Prior Year. 10.5 Increase for Assessments Greater than that Provided in Paragraph 10.4 Above. Notwithstanding the provisions set forth in Paragraph 104 above, the Annual Assessments may be increased to an amount greater than the amount set forth above in Paragraph 10.4 by a vote of the Lot Owners of the Association taken within the preceding year, provided that any such change shall have the assent of Fifty One Percent (51%) of the LoT Owners present in person or by proxy, or in the event an Association has not been organized, the Annual Assessments may be increased to an amount greater than the amount calculated above by a vote of the Lot Owners, provided that any such change shall have the assent of Fifty One Percent (51%) of the vote of such Lot Owners present in person or by proxy, and further provided that if more than One (1) person or entity owns a Lot, only One (1) of such owners shall be entitled to vote per Lot. The new voted maximum Annual Assessments established by the Lot Owners as hereinafter set forth (hereinafter the "Voted- Maximum Annual Assessment[s]"), may be increased by the Developer or by the Developer's Assignee in accordance with the procedures set forth in Paragraph 10.4 for each and every year thereafter, and may also be further additionally increased under the procedure set forth in the preceding sentence by a vote of Fifty One Percent (51%) of the Lot Owners. ARTICLE Xl Special Assessments for Capital Improvements, Maintenance Fees and Special Assessments 11.1 Developer's Right to Levy_ Special Assessment for Capital Improvements. In addition to the Annual Assessments authorized above, the Developer, so long as it still owns Five (5) Lots in the Development, may without any approval of the other Lot Owners levy, in any calendar year, a Special Assessment for Capital Improvements, applicable to that year only Buyer's Initials 10 Buyer's Initials (payable monthly, annually, or otherwise, as determined by the Developer) for the purpose of defraying, in whole or in part, the costs of any construction, reconstruction, repair or replacement of a capital improvement related to the Development, including fixtures and personal property related thereto; provided, however, that if the Developer does not still own Five (5) Lots in the Development, then such Special Assessment shall require the assent of 50% of the vote of the Lot Owners for approval. 11.2 Maintenance Fee for Water, Sewer and Roads. In addition to the Common Expenses, the Developer will also assess against each Lot a separate maintenance fee (hereinafter referred to as the "Maintenance Fee"), for the purpose of defraying in whole, or in part, the costs and expenses of providing: road maintenance (including snow removal), water system maintenance, water service, sewer system maintenance, and sewer disposal service to the Lots in the Development, which fee, during the calendar year 2005, shall be the sum of Forty Dollars ($40.00) per month, to be paid quarterly at the end of each quarter, which Maintenance Fee may be increased by the Developer in the same manner as the Annual Assessments. Nothing in this paragraph shall preclude the use of a portion of the Annual Assessments to pay for the costs and expenses enumerated in this paragraph, nor shall anything in this paragraph preclude any other Special Assessments to help defray the costs and expenses of' items set forth in this paragraph. 11.3 Water Usage Assessments. It is anticipated that water usage meters will be installed on the water lines servicing the individual Lots in the Development, in which case the Developer may elect to: 11.3.1 Assess all of the costs and expenses of maintaining and operating the water system, as well as the costs and expenses of providing the water to all of the Lot Owners of the Development equally, as part of the Annual Assessment to all of the Lot Owners; 11.3.2 Assess all of the costs and expenses of maintaining and operating the water system, as well as the costs and expenses of providing water to all of the Lot Owners of the Development equally, as part of the Maintenance Fee to all of the Lot Owners, as set forth in Paragraph 11.2 above; 11.3.3 Assess all of the costs and expenses of maintaining and operating the water system, as well as the costs and expenses of providing water, to all of the Lot Owners of the Development, in direct proportion to their respective periodic quantities of water usage as measured by water meters, by making a Water Usage Assessment (monthly, annually or otherwise, as determined by the Developer), to the Lot Owners based upon their respective water usage as determined by the water meter; 11.3.4 Utilize any combination of subparagraph (a) through (c) above; and Buyer's Initials 11 Buyer's Initials 090449fi ' 027" 11.3.5 Assess a water usage surcharge, in an amount to be determined at the discretion of the Developer, against the Lots which use quantities of water in excess of a certain threshold limit or limits, to be determined by the Developer, in the Developer's sole discretion. 11.4 Garbage Disposal Service. It is required that each Lot Owner subscribe to a local garbage disposal service; however, if that does not occur, or if it is otherwise deemed to be necessary by the Developer, the Developer may arrange for garbage disposal service to be provided to any or all of the Lots in the Development, in which case the Developer may assess a Special Assessment against all Lots and Lot Owners so affected in an amount necessary to recoup the actual cost of arranging for or providing for such service, and if such service is provided by the Developer, the Developer shall be entitled to a reasonable reimbursement for all necessary costs incurred, including overhead and a reasonable profit, commensurate with the overhead and profit reasonably charged by a third-party garbage disposal servi ce conducting a business of that kind. 11.5 Security Service. The Developer may provide security service to the Development, in which case the Developer shall be entitled to assess a Special Assessment to recoup the actual costs of providing such service, which may be assessed against each of the Lots in the Development. 11.6 Cable Television Service. The Developer may provide cable television service to the Lots in the Development, in which case the Developer shall be entitled to assess a Special Assessment against each of the Lots in the Development to recoup the costs of installing and maintaining the cable system. 11.7 Assessment Exemption for Developer. The Developer, or the Developer's Assignee, shall never at any time be liable in any amounts for any expenses, costs, Assessments or Financial Obligations as defined in Paragraph 12.1 (including without limitation, Annual Assessments, Special Assessments for Capital Improvement s, Maintenance Fees, and Water Usage Assessments or other Special Assessments), relating to the Development (including Common Areas or any Lot or Lots which it owns or does not own), nor any costs, expenses, or Assessments relating to the use of any Lot or Lots (as defined above) which it owns or does not own, Common Areas or recreational facilities by the Developer's business invitees and guests for any business promotional activities, nor any costs, expenses or Assessments relating to the use of any Lot or Lots which it owns or does not own, Common Areas or recreational facilities by any renters of Unsold Lots fi.om Developer. Notwithstanding anything contained in this Declaration to the contrary, the Developer shall never at any time be liable for or obligated to pay any amounts for any expenses, costs, Assessments or Financial Obligations as defined in Paragraph 12.1, in connection with any Common Areas or Lots which it may initially own, repossess, purchase, trade for, reacquire or otherwise hold title to at any time. Article XH COLLECTION RIGHTS AND REMEDIES Buyer's Initials 12 Buyer's Initials 12.1 Payment of Assessments: Unless otherwise required by the Developer or the Developer's Assignee, all Annual Assessments commencing with the calendar year 2005 shall be due and payable in advance on the first day of January of each and every calendar year. All other Financial Obligations, Assessments and Common Expenses which are owing to the Developer or the Association by the Lot Owners, pursuant to this Declaration, shall be due and payable in a time and manner reasonably required (e.g. monthly, quarterly, annually or otherwise) by the Developer or the Association, whichever may be applicable. The Annual Assessments, Special Assessments of all types, Common Expenses, Maintenance Fees and other Financial Obligations due and owing by a Lot Owner to the Developer or to the Association as provided herein, including without limitation, sums advanced and paid by the Developer or the Association on behalfofa Lot Owner, or sums which may be required to be advanced by the 'Developer or the Association on behalf of a Lot Owner, shall collectively be referred to in this Declaration as the Lot Owner's "Financial Obligations." 12.2 Liens: The Developer or the Developer's Assignee shall have a lien upon each Lot against the Owner of such Lot for any and all of the Lot Owner's unpaid Financial Obligations, as described above, together with interest thereon, and a lien for such unpaid Financial Obligations upon and a security interest in all tangible personal property now or hereafter located upon said Lot (which lien on the Lot and lien on the personal property are sometimes hereafter referred to as the "Assessment Liens" or as a "Lien"), except that the Assessment Lien upon the aforesaid tangible personal property shall be subordinate to any prior bona fide liens of record. 12.3 Interest: Any Financial Obligations of a Lot Owner which are unpaid after the due date shall bear interest at the rate of eighteen percent (18%) per annum, or the highest interest rate that a judgment bears in the State of Wyorning, whichever is greater, from the due date until paid in full,' and the Developer (or the Association, if applicable) may assess a late charge of $5.00 for each event of delinquency. Such interest and late charge shall become a part of the Financial Obligations of the Lot Owner. 12.4 Attorney's Fees and Costs: The Developer (or the Association, if applicable) shall be entitled to recover from each Lot Owner any costs and/or attorney's fees that it incurs incident to the collection of any Financial Obligations of said Lot Owner, together with any costs, expenses or monies advanced by the Developer or the Association for taxes or payment towards superior mortgages, liens or encumbrances which may be required to be advanced by the Developer or the Association in order to preserve and protect its Assessment Liens, and all such sums paid or advanced by the Developer or the Association shall become a part of the applicable Lot Owner's Financial Obligations. 12.5 Foreclosures: The Developer (or the Association, if applicable) may take such action as it deems necessary to collect any unpaid Financial Obligations, including without limitation, legal action, foreclosure of Assessment Liens, or settlement and compromise. All Assessment Liens will be governed by the laws of the State of Wyoming. The Developer (or the Association, if applicable) shall be entitled to bid at any sale held pursuant to a suit of foreclosure on an Assessment Lien, and the Developer (or the Association, if applicable) may obtain a cash Buyer' s Initials 13 Buyer's Initials 0£'?? credit against its bid for all sums due to the Developer or the Association covered by the Assessment Lien on the Lot. The Developer (or the Association, if applicable) shall be entitled to appoint a receiver to collect any Financial Obligations that are due from a Lot Owner. 12.6 Rental in Lieu of Foreclosure: The Developer (or the Association, if applicable) shall have the fight, in lieu of foreclosure, if it deems it prudent, to take possession of a Lot encumbered by an Assessment Lien and offer the same for rental. The Developer (or the Association, if applicable) shall credit one-half (½) of the proceeds, if any, of such rental toward payment of the Assessment Lien established by the default of the Owner of said Lot. The remaining one-half (½) of the proceeds of such rental shall be paid to the Developer (or the Association, if applicable) as its charge for acting as a rental agent. The Developer or the Association may also remove any movable improvement or personal property in place on such Lot if necessary to carry out its right of rental, and place the same in storage, all without liability to the Lot Owner. The Lot Owner shall thereafter be liable to the Developer or the Association for storage fees related thereto. The Developer or the Association's selection of this mode of procedure to obtain payment of an Assessment Lien shall not be exclusive and the Developer or the Association may, at any time, proceed in foreclosure or elect to proceed in any other lawful manner against the Lot Owner. 12.7 Subordination: Any liens created by this Article XII shall be subordinate to the lien of any Mortgage or Deed of Trust held by the Developer (or other purchase money lender) and the rights of the Developer as seller under any real estate sales contract. Moreover, a sale or transfer of a Lot pursuant to a foreclosure or forfeiture of any Mortgage, Deed of Trust, or contract held by the Developer, or pursuant to any contract lbr deed or proceeding in lieu thereof, shall extinguish the Assessment Lien as to payments which became due prior to such sale or transfer, provided that any excess sale proceeds shall be applied to the payment of the Assessment lien. No foreclosure or forfeiture as aforesaid shall relieve any Lot from an Assessment Lien for any Financial Obligations thereafter becoming due or sh all release any Lot Owner from his or her personal liability to pay unpaid Financial Obligations. The Lot Owner's sale or transfer of any Lot shall not affect the Assessment Lien. 12.8 Payment of Financial Obligations after Foreclosure: Except as provided above, any person who acquires an interest in a Lot, including without limitation, persons acquiring title by operation of law, including purchasers at judicial sales, shall not be entitled to occupancy of a Lot or enjoyment of the Common Areas until such time as all unpaid Financial Obligations due and owing by the former Owner of the Lot have been paid Article XllI Utilities 13.1 Developer's Regulation of Services: The Developer shall not be required to provide garbage disposal service, security service or cable service for cable television and related uses, but if it elects to provide the same, then except as may otherwise be provided herein, the Developer Buyer's Initials 14 Buyer's Initials .0278 shall determine the frequency and extent thereof, and the Developer may enter into a contract or contracts with any firm, person, or corporation, including the Developer, for the maintenance and repair of the Common Areas and Unsold Lots, and/or tbr the purpose of providing garbage disposal service, security service, and/or cable se~wice, il' the Developer elects to do the same. Additionally, the Developer may enter into a contract with the owners of any public utility for the furnishing of such public services. The Developer may, from time to time, enter into long-term leases for the use of such public service utilities or may purchase the same outright, and thereafter the said facility will become a part of the Common Area facilities. 13.2 Water: Domestic water will be provided to the Development by a common central water system. No Lot Owner shall be permitted to drill a well in the Development for purposes of obtaining water for any Lot therein. A water connection fee of $600 shall be assessed to each Lot Owner at the time of the hook up to the central water system, which amount may be increased from time to time at the discretion of the Developer. Each Lot Owner may be assessed as provided in Articles X, XI and XII for the costs and expenses of maintaining and operating the water system as well as the costs and expenses of providing water. In addition, the Developer may also, from time to time, limit the amount of water usage at each Lot. 13.3 Sewer: The Developer has installed a central sewer system for sewage disposal for Development. Lot Owners will not be allowed to install their own private sewage disposal system (such as septic tanks) on any Lot. East Lot Owner may be assessed as provided in Articles X, XI and XII for the costs and expenses of maintaining and operating the sewer disposal system as well as the costs and expenses of providing sewage disposal service. 13.4 Electricity and Telephone Service: Electrical wiring and telephone wiring will be installed in or adjacent to the streets of the Development by the Developer (the "Distribution Lines"); however, all costs and expenses incurred by a Lot Owner in connecting onto the Distribution Lines and all costs and expenses associated with maintaining electrical and telephone lines between the Distribution Lines and the point of usage shall be at the sole cost and expense of the applicable Lot Owner. Moreover, each Lot Owner shaU be responsible to make his own arrangements and agreements with the respective public utility companies for the purpose of initiating service, and for continued service thereafter. No electrical transmission lines or telephone lines shall be allowed in the Development above the ground within the Development, except for the existing electrical transmission lines on the southern and southwesterly boundaries of the Development. 13.5 Cable Television: Cable television service is not proposed for the Development; however, the Developer may elect at any time to make arrangements for such service, on such terms and conditions as it may deem appropriate, in which case each Lot Owner may be assessed as provided in Articles X, XI and XII for the costs and expenses of maintaining and operating the cable television system as well as the costs and expenses of providing cable television service. 13.6 Garbage: No solid waste disposal service is proposed by the Developer for the Development, and therefore, all Lot Owners shall be required to subscribe to a local garbage Buyer's Initials 15 Buyer's Initials 0904496 '- 0279 disposal service to remove their trash, refuse and solid waste from the Development to a sanitary landfill or other disposal site approved by applicable governmental authorities. Prior to removal from the Development, each Lot Owner shall keep and store all trash, refuse and solid waste in solid waste containers suitable for those purposes, and in compliance with such rules as the Developer may adopt from time to time, including a provision that all trash, refuse and solid waste be deposited for pickup in common designated collection containers. No outside burning of any trash, refuse or solid waste materials shall be allowed at any time in the Development. When a Lot Owner contracts for the removal of trash, refuse and solid waste from his Lot, then the cost thereof shall be paid by the Lot Owner, in accordance with the rates and billing procedures of the company which collects and disposes of the same. Notwithstanding the foregoing, the Developer reserves the right to contract for trash, refuse and solid waste disposal services, when and if deemed necessary by the Developer, in which case each Lot Owner shall be required to either pay the disposal company directly according to its rates and billing procedures, or pay the Developer the applicable fees required to pay for said services, pursuant to a Special Assessment which may be assessed and collected by the Developer for the same as provided in Articles X, XI and XH. 13.7 Restriction on Trash Accumulation: No trash, rubbish, garbage, refuse, solid waste, debris, organic or inorganic wastes, dead animals, scrap metal, junk cars or equipment, or the like, shall be permitted to accumulate on any Lot or any street adjacent thereto, but shall be promptly and efficiently disposed of, and no vacant or other Lot shall be used as a dump ground or burial pit for any of the foregoing items. 13.8 Street Maintenance: THERE SHALL BE NO PUBLIC MAINTENANCE OF STREETS OR ROADS IN THE DEVELOPMENT. The streets in the Development shall be part of the Common Area, and shall be maintained through the payment of Annual Assessments, Maintenance Fees or Special Assessments for Capital Improvements as provided in Articles X, XI and XII. During winter months, reasonable snow removal service will be provided. Notwithstanding anything contained herein to the contrary, in the event any Lot Owner (other than Developer), connects onto any of the utilities described in this Article XIH, and such connection requires cutting across, removing or otherwise disturbing any portion of any street in the Development, then the Lot Owner requesting the utility connection (other than the Developer), shall, in addition to any and all other connection fees which may be required to be paid hereunder or otherwise, also pay the full cost and expense of restoring the street within the Development to its condition immediately prior to the excavation or disrupt ion thereof, including without limitation, the replacement of pavement surfaces, concrete surfaces, seal and chip surfaces, and the like, which costs and expenses must be paid in advance, prior to the installation of the utility hookup and prior to the disturbance of the applicable street; provided, however, in the event said costs and expenses are for any reason not collected or paid in advance, then the Developer may (but shall not be required), to restore the applicable street and/or pay the cost of restoring the same, and then seek reimbursement for said costs and expenses from the applicable Lot Owner, which unpaid costs and expenses shall be a Lien upon the applicable Lot which may be collected in the same manner as any other unpaid Assessment, pursuant to the terms of this Declaration. Buyer's Initials 16 Buyer's Initials 0904496 0'"'"8 0 13.9 Firefighting Response: Onsite f, refighting facilities are not proposed for the Development; however, firefighting services are currently available to the Development by the Thayne, Wyoming, Volunteer Fire Department. Fire hydrants will be installed and available in the Development. Buyer' s Initials 17 Buyer' s Initials 0:9044 6 Article X1V ARCHITECTURAL APPROVAL OF CO N STRUCTION PLANS 14.1 Approval from Developer: No 'construction or material alteration of any improvement on any Lot, including, without limitation, any house, cabin, garage, outbuilding, storage shed, fence, wall, satellite dish, antenna, flagpole or propane tank, and the like (hereinafter collectively referred to as a "Structure"), may be commenced on any Lot without first obtaining architectural approval of the construction (or material alteration) of the Structure from the Developer, which approval shall not be unreasonably withheld In order to obtain approval for the construction or alteration ora Structure pursuant to this Article, the Lot Owner shall submit to the Developer two (2) copies of the site plan design, architectural building plans (including a scaled floor plan), exterior elevations indicating height, a list of exterior materials for all Structures, the locations and dimensions of all garages, porches, decks, stoops, chimneys, vents, doors, windows, trim, fences, walls, satellite dishes, antennae, flagpoles, propane tanks (and the like) and special architectural features, together with an indication of all construction materials and colors, and samples of all exterior building materials, and a landscape plan for all new construction and all material alterations which affect existing landscaping. Written construction permits authorized by the Developer shall be required for any new construction or any material alteration of any improvement on any Lot authorized herein, together with written approval of the finished construction. One copy of the plans and related data shall be retained by the Developer for its records, and the other copy shall be returned to the Lot Owner indicating approval and any modifications required for construction of the Same. The Developer shall act upon an application for approval of such plans within thirty (30) days, and a $100 fee shall be assessed for plan review. The Developer may from time to time, adopt rules and regulations, to be known as "Architectural Rules and Regulations" for the purpose of giving guidance to the Lot Owners concerning the preparation of plans, specifications and related data. These restrictions are for the purpose of providing a uniform plan for the construction and maintenance of the Development with the intent of establishing a country ranch-style atmosphere with homes that are compatible with each other in design and appearance. Any approval given by the Developer shall not constitute a warranty, express or implied, of compliance with any applicable building or safety codes or ordinances, or for any other purposes other than the authority for the Lot Owner submitting the plans to commence construction. Moreover, approval of any plans by the Developer shall not constitute a representation, warranty or guarantee, whether express or implied, that such plans and specifications comply with good engineering design or with zoning, or other governmental regulations or restrictions. By approving such :~lans and specifications, neither the developer nor any of its agents assume any liability or responsibility therelbr, or for any defect in the Structure constructed from such plans or specifications. Neither the Developer nor any of its agents shall be liable to any Lot Owner, occupant or other person or entity for any damage, loss or prejudice suffered or claimed on account of (a) the approval or disapproval of any plans, drawings and specifications, whether or not defective, or (b) the construction or performance of any work, whether or not pursuant to the approved plans, drawings and specifications. 14.2 Structural Improvements: All Structures and structural improvements in the Development shall be constructed and maintained as hereinafter set forth: Buyer's Initials 18 Buyer's Initials o o44 (; .,. 0282 14.2.1 Structure Restrictions: Structures shall be constructed of new materials. Prebuilt- modular homes shall not be permitted. All building type Structures shall require a Lincoln County, Wyoming, Building Permit. No primary residential building Structure shall have a main (or ground) floor area (exclusive of one-story porches, carports or garages) of less than 1,250 square feet; except that a variance from this requirement may be granted by the Developer. No building Structure (of any kind) shall exceed two (2) stories above ground (excluding a basement) and or exceed thirty (30) feet in height above the finish grade level, whichever is less (i.e., whichever is less in elevation). On Lots 1 through 24 of Phase 1, Plat No. 315-B, described on Exhibit "A" attached hereto, and on Lots 25 through 48 of future Phase H of the Development, no building Structure shall exceed one (1) story above ground (excluding a basement) or 25 feet in height above finish grade level, whichever is less (i.e., whichever is less in elevation). Building height shall be measured from the lowest existing grade to the highest point of the roof structure, but shall not include chimneys, vents, weather veins or antennas. The setbacks for all building Structures on Lots 1 through 24 of Phase I, Plat No. 315-B, described on Exhibit "A" attached hereto, and on Lots 25 through 41 of future Phase II of the Development shall be as follows: (a) setbacks from any street must be a minimum of 25 feet from the Lot line bordering the street, (b) side yard setbacks must be a minimum of 15 feet from Lot lines, and (c) rear yard setbacks and setbacks bordering the Golf Course shall be a minimum of 40 feet, unless a more restrictive setback is required by the subdivision map of the Development. The setbacks for all building Structures on Lots 42 through 72 of future Plat II of the Development shall be as follows: (a) setbacks from any street must be a minimum of 25 feet from the Lot line bordering the street, (b) side yard setbacks must be a minimum of 5 feet from Lot lines, and (c) rear yard setbacks and setbacks bordering the Golf Course shall be a minimum of 40 feet, unless a more restrictive setback is required by the subdivision map of the Development. The location of all building Structures on any Lot in the Development shall first be approved by the Developer prior to the construction thereof, which approval shall not be unreasonably withheld. The Developer shall have authority to grant a variance with respect to the setback requirements set forth herein upon a showing of hardship, resulting from an irregular Lot shape, irregular topographic conditions, or other unique and/or unusual circumstances or conditions. 14.2.2 Exterior Materials and Finishes: The materials on the exterior of any building Structures shall be new material, except for architectural detailing, which may utilize "used" materials; provided, however, that used materials shall be approved by the Developer. Approved exterior finish material for building Structures shall include wood, redwood, cedar, log, stucco with wood accents, brick, rock, cement plank siding, and natural wood siding, except that glossy painted finishes shall not be permitted. Exterior finishes may include semi-transparent heavy body stains, pigmented preservatives or clear non-glossy preservatives. Submission of samples of exterior materials is a condition precedent to the Developer' s approval of any plan or construction, and the owner shall use materials which are identical to the samples submitted, or which do not materially vary therefrom. All exposed metal shall have a dull colored finish, or shall be of a flat color anodized or painted. No geodesic domes, underground Structures or berm-type homes shall be permitted, except that a traditional basement shall be permitted which has an approved 1 or 2 story above-ground home situated on top of:he basement. Buyer's Initials 19 Buyer's Initials :. t 0 83 14.2.3 Roofs: Roofs shall have a minimum overhang of'sixteen inches (16") and shall have a pitch of not less than 5-12. Solar collectors shall not be considered to be roofs. Permitted roofing materials shall be shake, composition, tile, slate, or tin which is neutral or earthtone in color. All roofing materials, color~ and designs must be submitted to the Developer for approval, and the Lot Owner shall use materials which are identical to the samples submitted, or which do not materially vary therefrom. 14.2.4 Antennas: All television, radio and other antennas and satellite dishes shall be located so as to be inconspicuous in their location, and all such antennas, including television antennas, satellite dishes, and ham radio antennas must be approved by the Developer. 14.2.5 Solar Collectors: Solar collectors may be of any construction material or pitch required for efficient operation; however, they shall not be placed on a Structure in a manner which may cause unreasonable or objectionable glare to any neighboring residence. Solar collectors shall be integrated into the Structure of a residence, garage, carport or accessory building, and shall not be free-standing. Solar collectors shall be permitted only upon specific approval of the Developer. 14.2.6 Foundations: Exposed foundations ofconcrete or other masonry materials shall not have an exposed surface which exceeds a height of twelve inches (12") above the finished grade of the Structure, unless approved by the Developer. All concrete that extends twelve inches (12") or more above ground level shall be coated with stucco, plaster, covered by rock or brick, or painted with a color which blends with its natural surroundings. 14.2.7 Secondary Structures: Secondary Structures on a Lot shall match the external design of the main Structure, and shall be made of the same basic material as the primary Structure. 14.2.8 Single Family Dwellings: No residential building Structure shall be erected, placed, altered or permitted to remain on any Lot other than a residential building Structure which is designed and used solely for a single family residence and their guests. No multi-family residential building Structures shall be permitted in the Development, including without limitation, multi-family Structures such as duplexes, fourplexes or apartment buildings. No more than one (1) primary residential building Structure :ogether wit~ one ( 1 ) attached garage, and one (1) detached non-residential building Structure, such as a shop, detached garage, motor-home garage, or other outbuilding may be constructed on any Lot in the Development; provided, however, that any such non-residential building Structure, shall be n0'ia.~ger than 1,200 square feet and shall be located within twenty feet (20') of the primary residential building Structure, and said detached non- residential building Structure must be architecturally the same as the primary residential building Structure, by using the same apprOved siding and roofing as the primary residential building Structure. Buyer's Initials 20 Buyer's Initials 09044 ) 0284 14.2.9 Occupancy: No residential building Structure on any Lot may be used for dwelling purposes unless and until all sanitary facilities and utilities have been permanently installed, and the residential building Structure is substantially completed. No tent, shack, tepee, trailer, motor home, camper, pop-up, recreational vehicle or other outbuilding placed on a Lot shall at any time be used as a residence either temporarily'or permanently. 14.2.10 Fencing: No fencing will be allowed within the Development, except for: (a) a small side yard dog run fence which must not exceed t'our (4) feet in height, the design and extent of which must be approved by the Developer, (b) the exterior Development boundary fence that currently exists or that the Developer may install in the lhture, and (c) a uniform see-through fence, which may be constructed within twenty five feet (25') of the borderline of all of the Lots which adjoin the Star Valley Ranch RV Park Golf Course (on the "Lot side" thereof), such that the fence shall encroach upon each such Lot by a distance of approximately twenty five feet (25') from such borderline (hereinafter the "Golf Course Borderline Fence"), which Golf Course Borderline Fence may be constructed by the Developer at any time the Developer may elect to construct the same, and the cost of construction and the maintenance thereof shall be borne by the adjoining Lot Owners in direct proportion to the length of the fence on each Lot, as compared to the total length of such Golf Course Borderline Fence. 14.2.11 Signs: No real estate signs (including without limitation "For Sale"signs), political signs, or other signs of any kind (including without limitation, billboards, posters or other advertising devices of any kind or character),, shall be erected or displayed upon any of the Lots in the Development at any time if they are visible from any street in the Development or from any other Lot in the Development (including signs which may be located inside of a building Structure which are visible through a window), except promotional signs by the Developer, and signs of an approved type and size displayed to identify streets and signs to identify the occupants of a residential building Structure. The Developer may grant a variance fora "For Sale" sign, provided it is constructed and displayed in accordance with any restrictions and/or specifications given by the Developer. 14.2.12 Clotheslines: No outside clotheslines or other outside clothes drying will be permitted in the Development. 14.2.13 Outdoor Lights: Any outdoor lighting used to illuminate any portion of a building structure or Lot shall be designed so that the illumination therefrom shall be reasonably contained within the legal boundary of the Lot illuminated. Outdoor lights shall be allowed as long as they are not unreasonably bothersome to adjacent Lot Owners; provided, however, that such lighting must be included in a landscape design submitted to the Developer. 14.2.14 Propane Tanks: Propane tanks must not exceed 1,000 gallons in capacity, must be fifteen (15) feet away from all building Structures and property lines, and may not be farther than twenty feet (20') away from the building Structure served thereby. All propane tanks must be buried, and the location and type thereof must be approved by the Developer. Buyer's Initials 21 Buyer' s Initials 0 044 6; --O, Sa 14.2.15 Flagpoles: Flagpoles shall not be more than twenty feet (20') in height above the finished floor grade of any building Structure and the base thereof must be buried in the ground to a depth equal to at least ten percent ,(10%) of the pole height. Additionally, the flagpole shall be no more than three inches (3") in diameter a; its base, and shall be made of anodized or brushed aluminum, fiberglass or white painted steel. Maximum flag dimensions shah be four feet (4') by eight feet (8'). Each Lot Owner shall be allowed only one (1) flagpole, and no more than two (2) flags may be displayed thereon at any given time. 14.2.16 Miscellaneous Structures: No windmill s, windsocks or electric fences shall be permitted in the Development. Additionally, no fuel tanks shall be permitted except for propane tanks as otherwise provided in this Declaration. 14.2.17 Variances: The Developer may grant variances to the restrictions contained herein when required because of personal handicaps, uniqueness of a Lot shape, Lot elevation or Lot location or for any reason determined materially relevant by the Developer, as long as the end result is consistent with the theme, spirit and overall concept of the Development. The Developer has full authority to grant a variance to any rule or regulation contained in this Article. 14.3 Time Constraint on Construction: Any Structure to be erected in accordance with approval so given must be erected and completed within two (2) years of approval or a new approval must be obtained. If any Structure is begun and not completed within 18 months of the commencemem of construction, and in the sole judgment or' the Developer is of an offensive or unsightly appearance, the Developer may take such action as may be necessary in its judgment to improve the appearance so as to make the Structure harmonious with other Structures in the Development, including completion of the exterior of the Structure, landscape, screening or covering of the Structure, or any combination thereof, or similar actions, and the amount of any expenditures made in so doing shall be a lien on the applicable Lot which may be enforceable by an action at law. 14.4 Violation of Approved Plans: If it is determined by the Developer that work completed on any Lot in the Development has not been completed in compliance with the final plans approved by the Developer, then the Developer, or its Assignee, may notify the Lot Owner in writing of such non-compliance within thirty (30) days of inspection, specifying in reasonable detail the particulars of the non-compliance, at which time the Developer may require the Owner to remedy the same. The Developer shall have the fight to enter upon any Lot in the Development to determine compliance with approved plans with respect to any construction on any Lot in the Development. If within thirty (30) days after notification ot' an item of non-compliance on any given Lot the Lot Owner thereof fails to remedy the same or shall fail to commence and continue diligently toward achieving compliance, then inthat event the Developer, or its Assignee, shall have the right to (a) remedy any such item of non-compliance by taking any and all action which it deems appropriate to remove and/or correct the same, without being deemed guilty of trespass by reason thereof, (b) impose and take any action necessary to collect a fine up to an amount which shall not exceed ten percent (10%) of the cost of achieving compliance as aforesaid, ©) seek Buyer's Initials 22 Buyer's Initials 028 6 injunctive relief, and (d) take any action necessary to collect and recover all costs and expenses incurred in remedying the item(s) of non-compliance. All of the above-described costs and expenses (including any fine which may be imposed by the Developer or its Assignee) shall be a lien against the applicable Lot that may be collected as a Financial Obligation of the Lot Owner by the Developer if such is not paid within ten (10) days after receipt by the Lot Owner of a written demand therefor from the Developer. Article XV INSURANCE PROVISIONS 15.1 Liabili _ty Insurance: At the time of the Developer's Relinquishment of all or any portion of the Development to the Association, the Board of Directors of the Association shall obtain and keep in force Public Liability and Property Damage insurance covering all of the Common Areas (and Unsold Lots, if any) which have been transferred to the Association and insuring the Lot Owners, as their interests appear, in such amounts as the Association may determine from time to time, provided that the minimum amount of coverage shall be $250,000 for one person, $500,000 per incident, and $100,000 property damage. Premiums for the payment of such insurance shall be paid by the Association as a Common Expense. 15.2 Casualty_ Insurance: After the Developer's Relinquishment of all or any portion of the Development to the Association, the Association shall obtain and keep in force Fire and Extended Coverage Insurance and Vandalism and Malicious Mischief Insurance insuring all of the common insurable improvements (including any improvements on Unsold Lots which have been transferred to the Association) within the Development, including personal property owned by the Association, from a company acceptable to the Board of Directors of the Association, in an amount determined by the Board of Directors. The premiums for such coverage and other expenses in connection with said insurance shall be paid by the Association as a Common Expense. All policies purchased by the Association shall be for the benefit of the Association, and: 15.2.1 It shall be presumed that the first monies disbursed in payment of any costs of repair and restoration shall be made from the insurance proceeds, and if there is a balance in the funds after' payment of all costs of the repair and restoration, such balance shall be distributed to the Association's General Fund for payment of Common Expenses. 15.2.2 Any repair and restoration must be substantially in accordance with the plans and specifications for the original improvements, or according to the plans approved by the Board of Directors of the Association. 15.2.3 Such other insurance may be carried as the Board of Directors of the Association shall determine in its discretion from time to time to be desirable. 15.2.4 Each individual Lot Owner shall be responsible for purchasing at his own expense any liability insurance he may deem necessary to cover accidents occurring upon his own Lot, and for insuring his personal property. Buyer's Initials 23 Buyer's Initials 09044 fi Article XVI USE AND OCCUPANCY 16.1 Lot Restrictions: All Lots shall be restricted in their use and.occupancy as follows: 16.1.1 Businesses: No Lot or any Structure or improvement erected thereon shall at any time be used for the purpose of any trade, profession, manufacturing or commercial business of any description, nor for hospitals, duplexes, apartment houses or any other multiple dwelling houses; provided, however, that the foregoing shall not be construed so as to prevent the Devel- oper from designating certain areas reserved to it as commercial for its use in supplying goods and services to the Lot Owners in the Development, or for its use in connection with the sale of Lots or other property, whether inside or outside of the Development. 16.1.2 Annoyances: No illegal activities or activity which constitutes a nuisance (including any and all activities which cause excessive and/or disturbing noises, smells, dangers, or unSightly conditions), shall be conducted or maintained on any Lot in the Development, including without limitation, any activities which are the source of unreasonable annoyance to residents or which interfere with the peaceful possession and proper use of the Development by its residents. Complaints concerning an alleged violation of this restrictive covenant may be brought to the attention of the Developer in writing, and its decision concerning the matter shall be final. 16.1.3 Mining: No mining or other mineral exploration or development activities shall be permitted within the Development, including the removal of gravel; provided, however, that excavation for landscape purposes may be permitted with the prior written approval of the Developer, and exploration, drilling and removal ofoil and gas shall be permitted by the Developer. 16.1.4 Weeds: Lot Owners shall take all action necessary to control noxious weeds as defined by the Lincoln County, Wyoming Weed and Pest Control Board and/or the Developer. Because the timing for effective control of noxious weeds is very critical, ifa Lot Owner fails to respond immediately to a written request for weed control from the Developer, the Developer shall have the right to contract for such control services, and the company so contracted shall have the right to enter upon such Lot to treat noxious weeds without any liability for trespass or damages, unless grossly negligent. In the event that the Developer provides for noxious weed treatment as described herein, the Owner of a Lot which is treated for noxious weed control shall pay all costs incurred by the Developer', and the Developer shall have a lien against said Lot for the costs incurred, which may be enforced by an action at law against the Lot Owner. 16.1.5 Agricultural Operations: The growing and harvesting of commercial crops will not be allowed in the Development. Personal gardens shall be permitted if they are included in or added to the landscape plan of the Lot, are no larger than one-quarter (1/4) acre in size, and approved by the Developer. Buyer's Initials 24 Buyer's Initials 16.2 Animals: The following restrictions shall apply to animals kept at the Development: 16.2.1 Dogs and other Domestic Pets: Dogs and other domestic pets (hereinafter "pets") shall be controlled and restrained at all times and shall not be allowed to run at large on any portion of any Lot. All pets shall be kept on a leash'if they are allowed outside of any enclosed structure. Lot Owners shall'not permit the fecal material from any pets to accumulate on their Lot, but rather shall promptly clean up any such material and dispose of the same. In the event a pet trespasses onto a neighboring Lot, the Developer and/or the adjacent Lot Owner may restrain and/or remove the same, in which case the owner of the pet shall bear the full cost of said restraint and/or removal. Pets which exhibit a vicious character and/or a propensity to bark loudly for unreasonable periods of time shall not be permitted in the Development, and in no event shall more than two (2) adult dogs bekept on any Lot. The Developer may require any outside housing for pets to be surrounded by a small side yard dog run fence which must not exceed four feet (4') in height, the design and extent of which must be approved by the Developer. Any Lot Owner having a complaint concerning the pets of another Lot Owner, may submit a written complaint to the Developer, and if the Developer determines that the pet owner has violated any of the terms of this Declaration concerning pets, or any other reasonable rules concerning the keeping of pets at the Development which may hereafter be promulgated by the Developer, then the Developer may issue a written reprimand to the pet owner, and in the event the Developer issues three (3) written reprimands to any given pet owner within a one-year time period, then such pet owner shall no longer be permitted to keep such pet in the Development. 16.2.2 Poultry_ and other Commercial Animals: Except for pets as herein defined, no Lot Owner shall keep any poultry or farm or other commercial animals on any Lot in the Development. 16.2.3 Domestication of Wild Animals: The act of domesticating wild animals (including without limitation the act of"breaking horses") shall not be permitted at any time upon any Lot or other portion of the Development. 16.3 Firearms: No hunting of any kind or discharge of any firearms of any nature whatsoever (including without limitation the discharge of any rifle, shotgun, pistol, black powder rifle, pellet gun, BB gun, crossbow, bow and arrow, and the like) shall be permitted at any time in the Development. 16.4 Fireworks: Except with the prior approval of the Developer, no fireworks of any kind or nature shall be stored upon, detonated or otherwise hsed at any location in the Development. 16.5 Fire Protection: In order to protect the Structures located on the Development from damage by fire, the Developer may adopt reasonable fire protection restrictions and regulations, including but not limited to the following: 16.5.1 The maintenance of spark arresters on chimneys. Buyer's Initials 25 Buyer's Initials 0,'28 9 16.5.2 Maintenance of an externally accessible fire "tool box" (including a fire extinguisher) at each residential Structure. 16.5.3 Maintenance at each dwelling Structure of an externally accessible water hose (equipped with a fire nozzle), 250 feet in length, connected to a primary or auxiliary water system. 16.5.4 Prior Approval by the Developer of all barbeque sites and barbeque devices (whether stationary or portable). 16.5.5 A prohibition of all outdoor burning of grass, refuse or other outside fires, except as specifically approved by the Developer. 16.5.6 Correction by Lot Owners of all fire hazards and/or conditions which could result in fire hazards, as determined by the Developer. 16.6 Wood Cutting: There shall be no tree cutting and/or removal of timber located on any Lot on the Development, with the exception of the removal of timber located in the area of an approved building construction site, and with the further exception of the removal of so-called "dead fall" or diseased trees after obtaining written approval from the Developer. 16.7 .Speed Limit: The speed limit for all motorized vehicles operating within the subdivision shall be a maximum of 20 miles per hour, unless otherwise changed by the Developer. 16.8 Non-operative Vehicles and Equipment: Non-operative, wrecked, junked or otherwise unusable motor vehicles, motorized equipment and non-motorized equipment shall not be stored or otherwise kept on any Lot or Common Area within the Development, unless kept inside of a closed building so as to not be visible fi.om the outside; provided, however, that antique farm or ranch equipment may be displayed outdoors in the Development if specifically approved in writing by the Developer. 16.9 Lawn, Garden and Yard Equipment: Any and all lawn, garden and yard equipment, whether motorized or non-motorized, must be stored inside of buildings, specifically approved in writing for that purpose by the Developer. 16.10 Recreational Vehicles and Trailer Storage: Recreational vehicles, motor homes, trailers, campers, pop-up trailers, boats, water craft, snowmobiles, three and four wheel all terrain vehicles, fifth-wheel trailers, all terrain vehicles, and the like, may be stored in a neat and orderly fashion on a Lot in the Development if they are parked within twenty (20') of and parallel to the principal residential Structure on a concrete slab or such items may be stored in a garage or motor home garage as described in paragraph 14.2.8. 16.11 Water Rights: Any adjudicated water right s of record in connection with the real property located within the Development are to be abandoned. Buyer's Initials 26 Buyer's Initials O 044Bfi 0 ©90 16.12 Lot Division: No Lot in the Development, as shown on the subdivision map, shall be divided. 16.13 Homestead Exemption Laws: All rights under and by virtue of the Homestead Exemption Laws of the State of Wyoming have been waived and released in connection with the Development. 16.14 Outdoor Toilets: No outdoor toilet, privy or outhouse shall be installed, permitted, allowed or maintained on any Lot on either a permanent or a temporary basis except that a temporary portable outdoor toilet, privy or outhouse may be used during construction of a residential building Structure. 16.15 Developer's Right to Clean Lots: All parts of each Lot shall be kept in a clean and sanitary condition, and no trash, rubbish, garbage, refuse, solid waste debris, organic or inorganic wastes, dead animals, scrap metal, junk cars, equipment or the like shall be allowed to accumulate or any fire hazard allowed to exist. The Developer shall have the right, but not the duty, to clean any Lot found in violation of this provision and to charge the expense of cleaning to the Lot Owner responsible therefor, and to collect said expense in the same manner as delinquent Financial Obligations owed to the Developer. 16.16 All Terrain Vehicles: No motorcycles, three-wheel vehicles, four-wheel all terrain vehicles or dune buggies may be driven in the Development unless they are street legal and the noise level thereof is acceptable to the Developer or its representative. 16.17 Parking: It is the intent of the Developer to restrict on-street parking as much as possible. Vehicles of all Lot Owners, Lessees and Residents, and of their employees, guests and invitees shall not obstruct the usage of any street in the Development, and shall be kept in garages, carports, residential driveways of the Lot Owner, and in other designated parking areas wherever and whenever such facilities are sufficient to accommodate the number of vehicles at a Lot; provided, however, that this Paragraph shall not be construed to permit the parking in the above- described areas of any vehicle whose parking in the Development may otherwise be prohibited or the parking of any inoperable vehicle. 16.18 Common Areas: No person shall use the Common Areas or any part thereof, or a Lot or any part thereof, in any manner contrary to or not in accordance with such rules and regulations pertaining thereto as from time to time may be promulgated by the Developer or the Association. 16.19 Right of Entry: During reasonable hours and u pon reasonable notice to the Owner or other occupant ora Lot, the Developer, or any authorized representative of the Developer shall have the right to enter upon and inspect any Lot and the improvements thereon, except for the interior portions of any completed residential building Structure, for the purpose of ascertaining whether or not the provisions of this Declaration have been or are being complied with, and such persons shall not be deemed guilty of trespass by reason of such entry. Buyer's Initials 27 Buyer's Initials 0904496 16.20 Reservation of Common Areas: The Developer reserves the right to require reservations for the use of any recreational Common Area of the Development, and further reserves the right to charge a fee to reserve and/or use the recreational Common Area if and when deemed necessary. Each Lot Owners' fight to the use of the recreational Common Areas of the Development shall be restricted to their immediate'and extended family, tenants, lessees and guests; however, the Developer shall have the right to reasonably limit the number of guests which may be invited to use such facilities. The Developer shall have the right to establish additional rules and regulations regarding the use of the recreational Common Areas of the Development, including if deemed appropriate, a requirement that all minor children be escorted by a resident adult in all or part of the recreational Common Areas of the Development. The Developer shall also have the right to establish separate and/or additional fees for Lot Owners and/or guests of Lot Owners who utilize the recreational Common Areas of the Development. No one shall obstruct any recreational Common Areas by either parking vehicles, equipment or other items thereon which may restrict the use thereof. No one shall place or store any items of any nature whatsoever within the Common Areas of the Development without the prior written consent of the Developer. 16.21 County_ Regulations: These covenants are not enforced by the County of Lincoln, State of Wyoming. All development must comply with Lincoln County Land Use Regulations. 16:22 Right to Prosecute: These restrictions shall be considered as covenants running with the land, and shall bind all purchasers of any Lots in the Development, and their heirs, executors, administrators, successors, and assigns, and if said Lot Owners, or any of them, their heirs, execu- tors, administrators, successors or assigns shall violate or axtempt to violate any of the covenants or restrictions herein contained, it shall be the right of any person or persons owning any Lot in the plat in which said Lot is situated to prosecute any proceeding at law or in equity against the person or persons violating or attempting to violate any such covenant or restriction and either to prevent him or them from so doing or to recover damages for such violation, including costs of the suit and a reasonable attorney's fee. Nothing herein shall preclude the Developer from filing different or additional restrictions on future plats associated with or contiguous to the Bridget View Ranches Development. 16.23 Acts Which Increase Insurance Rates: No Lot Owner shah permit or suffer anything to be done or kept in or on his Lot which will increase the rate of insurance on the Development property. Buyer's Initials 28 Buyer's Initials 0 9044 9G 0c'92, Article XVH Easements 17.1 Private Roads: Country Club Way and Fairway Avenue, as shown on the subdivision map of the Development are private roads with a non-exclusive right-of-way granted to each Lot Owner, such that the Owners of Lots shall have a right-of-way for ingress and egress over and across all roadways within the Development, except such roadways as Developer may develop or designate for special purposes, such as maintenance or loading. 17.2 Utilities and Drainage: Easements for utilities and drainage identical in location to the streets shown on the subdivision map of the Development and certain 1 O-foot wide easements along certain of the sides of the Lots and along the rear of each Lot of the Development, as shown on the subdivision map thereof, are reserved for the underground installation of water, sewer, power, telephone cable, cable television, storm water drainage and other utilities appurtenant to the Development and/or for any adjacent property. 17.3 Encroachments: The respective Owners of the Lots shall be deemed to agree that if any portion of the improvements on any Unsold Lot or Common Area encroach upon an adjacent Lot, a valid easement for such encroachment and maintenance of the same, so long as it stands, shall and does exist. 17.4 Cart Path: An easement is hereby reserved for a minimum 12-foot wide cart path which shall be located on the common property line between Lots 13 and 14. One half(6 feet) of said easement shall be on Lot 13 and one half(6 feet) shall be on Lot 14. This easement will allow golf'carts access from Fairway Avenue to the Star Valley Ranch RV Park Golf Course. 17.5 Miscellaneous Easements: The Development is also subject to other easements, rights-of-way, and encumbrances which are shown in the records of Lincoln County, Wyoming and/or on the subdivision map of the Development. 17.6 No County Maintenance: THERE SHALL BE NO PUBLIC MAINTENANCE OF STREETS OR ROADS IN THE DEVELOPMENT. In accordance with Section 18-5-306 (a)(x), Wyoming Statutes, 1977, as amended, certain streets, alleys or roadways within the subdivision may remain private, in which case the Board of County Commissioners of Lincoln County, Wyoming, will be under no obligation to repair, maintain or accept any dedication of such road to public use. Article xvm MAlhNTENANCE AND ALTERATIONS Buyer's Initials 29 Buyer's Initials 0904496 0 93 There shall be no material alterations or substantial additions to the Common Areas or Limited Common Areas except as hereinabove provided, or except as the same are authorized by the Developer. The costs of the alterations or additions shall be assessed as Common Expenses. Where any alterations or additions, as aforedescribed, are excl asively or substantially exclusively for the benefit of the Lot Owner(s) requesting or'using same, then the cost of such alterations or additions may be Assessed against and collected solely fi-om the Lot Owner(s) exclusively or substantially exclusively benefitting therefrom, and the Assessment shall be levied in such proportion as may be determined as fair and equitable by the Developer. Where alterations or additions are to be assessed and collected solely from the Lot Owners exclusively or substantially exclusively benefitting therefrom, said alterations or additions shall only be made when authorized by the Developer and ratified by not less than seventy-five percent (75%) of the total votes of the Lot Owners exclusively or substantially exclusively benefitting therefrom, and where said Lot Owners are ten (10) or less, the approval of all but two shall be required. Article XIX MISCELLANEOUS PROVISIONS 19.1 Public Utility Lines: The Owners of the respective Lots shall not be deemed to own pipes, wires, conduits, roads, sewage connections, etc., or other utility lines running through the Lots which are utilized by or serve more than one Lot, which items are, by these presents, made a part of the Common Area facilities. 19.2 Exemption from Liability: No Owner of a Lot may exempt himself from liability for his contribution toward the Common Expenses or any Assessments by waiver of the use and enjoyment of any of the Common Area facilities or by the abandonment of his Lot. 19.3 Tax Assessment: At such time as a deed to a Lot is recorded, Lincoln County will place the Owner of the Lot on the tax rolls. It will be the responsibility of the Owner of the Lot to obtain tax notices and information from the Tax Assessor of the County or other appropriate governmental authorities having jurisdiction over the same. Nothing herein shall be construed, however, as giving to the Lot Owner the fight of contribution or any fight of adjustment against any other Lot Owner on account of any deviation by the taxing authorities for the valuations prescribed, and each Lot Owner shall pay such ad valorem taxes and Special Assessments as are separately assessed against his Lot. 19.4 Sales Office: The Developer may but shall not be required to construct a sales office and/or model homes on or about the Development for its use in connection with its sale and promotional activities. The Developer may, for a period of five (5) years (or longer if needed for sales and/or promotional purposes), operate a sales office and/or model homes to sell any of the Developer's Unsold Lots in the Development; provided, however, if any such sales office Structures or model homes otherwise meet the requirement s o fa building Structure ora permanent nature as described in this Declaration, then it may remain permanently on a Lot in the Development. Upon the Completion of the Development or the Developer's Relinquishment of Buyer's Initials 30 Buyer's Initials all and every portion of the Development to the Association, or at such earlier time as the Developer determines, the Developer may elect to sell the sales office Structures and/or model homes to anyone the Developer chooses. 19.5 Maintenance of Common Areas: TheDeveloper will maintain the Common Areas, water system and roadways, sewer systems, within any particular plat or phase in the Development until such time as the Developer's Relinquishment of such rights and duties to the Association. The Association will be obligated to assume such rights and duties including without limitation the maintenance of the CommOn Areas, water system and roadways (and sewer systems, if any) or any portion thereof, within any plat or phase of the Development upon Relinquishment by the Developer. 19.6 Recreational Facilities: The Developer may but shall not be required to construct various recreational facilities in the Development. Upon the completion of any of said facilities, the Developer shall have the fight to convey the same to the Association and the Association shall be obligated to thereat~er maintain said facilities at its own expense. The Developer shall be entitled to utilize all of said facilities for itself and/or its renters, business invitees and guests, and without cost until the Completion of the Development as defined herein, or until Developer's Relinquishment of all and every portion of the Development to the Association, whichever is later. 19.7 Covenants Run With the Land: All provisions of this Declaration and Exhibits attached hereto and Amendments thereof shall be construed to be covenants running with the land, and of every part thereof and interest therein, including, but not limited to, every Lot and the appurtenances thereto, and every Lot Owner and claimant of the property or any part thereof or of any interest therein and his heirs, executors, administrators, successors and assigns shall be bound by all of the provisions of said Declaration. 19.8 Notices: Whenever notices are required to be sent hereunder, the same may be delivered to Lot Owners either personally or by mail addressed to such Lot Owners at General Delivery, Thayne, Wyoming 83127, with a copy thereof to any other address specified by the Lot Owner in writing and delivered to the Association. Proof ot' such mailing or personal delivery by the Association shall be given by the affidavit of the person mailing or personally delivering said notices. NOtices to the Developer shall be delivered by mail to the Developer at P.O. Box 635, Thayne, Wyoming 83127, and to such other place as may be designated by the Developer. 19.9 Change of Mailing Address: Any Lot Owner may change his or its mailing address by giving written notice to the Developer. Notices required to be given to the personal representative of a deceased owner or devisee may be delivered either personally or by mail to such party at his or its address appearing in the records of the Court wherein the estate of such deceased Owner is being administered. 19.10 Liberal Interpretation of this Declaration: Whenever the context so requires, the use of any gender shall be deemed io include all genders, and the use of the singular shall include the plural, and the plural shall include the singular. The provisions of this Declaration shall be Buyer's Initials 31 Buyer's Initials liberally construed to effectuate its purpose of creating a uniform plan for the operation of the Development. 19.11 Captions: The captions used !.n :Iris Declaration and in the Exhibits annexed hereto are inserted solely as a matter ofconvepJence and shall not be relied upon and/or used in construing the effect or meaning of any of the text of this Declaration or the Exhibits annexed hereto. 19.12 Unenforceable Covenants: Ifanycovenant, term, provision or other element of this Declaration or the Bylaws referred to hereie_, or the application thereby in any circumstances is held invalid or unenforceable for any reason whatsoever, the same shall not be deemed to affect, alter, modify or impair in any manner whatsoever any other term, provision, covenant, or element of this Declaration, which shall thereafter remain in fi.d! force and effect. 19.13 Owners: Every Lot Owner, occupant or lessee ora Lot (except for the Developer), whether he has acquired his ownership or interest by purchase, gift, conveyance, transfer, operation of law, or otherwise, shall be boufid by the Byiaws of said Association, the Articles of Incorporation of the Association, and by the provisions of this Declaration. 19.14 Lot Rental by Developer: Except as otherwise provided in paragraph 12.6, in the event the Developer agrees to rent a Lot on behalf of a Lot Owner, then in that event the rental income will be paid to the Developer and credited first to any accrued charges and/or Financial Obligations against the Lot, and the excess (less Developer's fee), if any, shall then be paid to the Lot Owner. 19.15 Relinquishment to the Association: Upon the Developer's Relinquishment of all and every portion of the Development (including without limitation the Common Areas and Unsold Lots), and all assignable rights and duties appurtenant thereto, to the Association pursuant to this Declaration, all assignable rights and duties of the Developer as described in this Declaration shall pass to the Association, except as otherwise reserved by the Developer at the time of the Developer's Relinquishment. 19.16 Rule Against Perpetuities: To the extent that any right, duty or interest herein may otherwise violate the rule against perpetuities, then in that event, such right, duty or interest shall permanently vest in the person or. entity then holding such right, duty or interest twenty-one years after the death of the now living last surviving grandchild ofI larold P. Stewart, Harold Val Stewart and Michael Joe Stewart. 19.17 Lot Transfer Fee: Upon the sale, transfer or conveyance of a Lot, after the initial sale of the Lot by the Developer, a Lot tt-ansfer fee of $250.00 shall be paid to the Developer to defray the costs associated with cSang{ng the name of the Lot Owner on the records of the Developer. ' ' " Buyer's Initials 32. Buyer's Initials _ 0£96 IN WITNESS WHEREOF, LEISLIRE VALLEY, 1NC., caused this Declaration to be signed in its name by its President this 2004. Nevada corporation, has ~1 day of November, LEISURE VAI,t, EY, INC., aNevada Corporation. By: Harokt P. Stewart, President STATE OF WYOMING COUNTY OF LINCOLN On this I in and for said County day of November, 2004, before me, the undersigned, a Notary Public and State, personally appeared ttAROLD P. STEWART, who acknowledged himself to be the President of LEISURE VAI,I,EY, INC., a Nevada corporation, and that he, as such officer, being authorized so to do, executed the foregoing instrument for the purposes therein contained. WITNESS my hand and official seal. l~otary PUBLI~ in ~d for said County and State Buyer's Initials 32 Buyer's Initials 0904496 EXHIBIT"A" :"" 0 '97' PROPERTY DESCRIPT 10 N All Lots of Stewart Country Club Estates, Phase 1, Plat No. 315-B, located in Lincoln County, Wyoming, recorded on April 14, 2004, as Instrument No. 898491, also described as follows: PART OF GLO LOT 1 OF SECTION 1, TOWNSHIP 34 NORTH, RANGE 119 WEST, LINCOLN COUNTY, WYOMING, DESCRIBED AS FOLLOWS: BEGINNING AT THE SPIKE ON THE NORTH LINE OF SAID SECTION 1, NORTH 90° 00' 00" WEST 954.25 FEET, FROM THE NORTHEAST CORNER OF SAID SECTION 1; THENCE SOUTH 32° 08' 10" WEST, 936.26 FEET, TO A POINT; THENCE NORTH 89° 33' 55" WEST, 209.81 FEET, TO A POINT; THENCE NORTI I 00° 00' 00" EAST, 80.10 FEET, TO A POINT; THENCE NORTH 89° 33' 55" WEST, 120.00 FEET TO A POINT; THENCE SOUTH 00° 02' 45" WEST, 221.99 FEET TO A POINT; TI IENCE NORTH 89° 33' 55" WEST, 198.05 FEET, TO A POINT ON THE EAST LINE OF STAR VALLEY RANCH PLAT NO. 5 OF RECORD IN THE OFFICE OF THE CLERK OF LINCOLN COUNTY AS PLAT NO. 177; THENCE NORTH 00° Off 02" WEST, 930.68 FEET, ALONG SAID EAST LINE, TO ABRASS CAP ON THE NORTH LINE OF SAID SECTION 1; Tt IENCE NORTH 90° 00' 00" EAST, 1026.05 FEET, ALONG SAID NORTH LINE, TO THE SPIKE OF BEGINNING; ENCOMPASSING AN AREA OF 14.54 ACRES, MORE OR LESS; THE BASE BEARING FOR THIS SURVEY IS NORTH OF THE NORTHEAST QUARTER (NE1/4) OF SAID SECTION 1, BEING NORTH 90° Off 00" EAST. COMPLETE THE FOLLOWING FOR EACH LOT SAI,E: I/WE ACKNOWLEDGE RECEIPT OF A COPY OF TH I S DECLARATION, AND THAT I/WE HAVE DISCUSSED EACH OF THE PROVISIONS HEREIN WITH THE DEVELOPER/SELLER'S SALES STAFF, AND THAT NO REPRESENTATIONS OR WARRANTIES THAT ARE INCONSISTENT WITH TillS DECLARATION HAVE BEEN MADE. LOT NUMBER BUYER: BUYER DATE: DATE: BUYER: BUYER DATE: DATE: AGENT REPRESENTING DEVELOPER/SELLER BY: DATE: Buyer' s Initials 34 Buyer's Initials