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Covenants: Pg 1-3

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THIS DECLARATION OF COVENANTS, CONDITIONS, AND RESTRICTIONS FOR WESTWOOD THIRD SUBDIVISION is made and entered into this 4th day of November, 1997, by L. J. SCHUSTER LLC, a Colorado 1imited liability company, hereinafter referred to as "the Declarant."

RECITALS

1. The Declarant is the owner of that certain real property located in the County of Larimer, State of Colorado legally described on Exhibit "A" attached hereto and incorporated herein by reference ("the Real Estate" )
2. The Declarant desires to create a Common Interest community on the Real Estate, pursuant to the Colorado Common Ownership Act, section 38-33.3-101, et seq., Colorado Revised Statutes, as it may be amended from time to time ("the Act"), in which portions of the Real Estate will be designated for separate ownership and the remainder of which will be owned by an Association of Lot Owners.
3. The Declarant has caused to be incorporated under the laws of the State of Colorado WESTWOOD THIRD HOMEOWNERS ASSOCIATION, a nonprofit corporation, for the purpose of exercising the functions herein set forth.

ARTICLE I. SUBMISSION OF REAL ESTATE

The Declarant hereby publishes and declares that the Real Estate shall be held, sold, conveyed, transferred, leased, sub- leased, and occupied subject to the following easements, covenants, conditions, and restrictions which shall run with the Real Estate and shall be binding upon and inure to the benefit of all parties having any right, title, or interest in the Real Estate or any portion thereof, their heirs, personal representatives, successors, and assigns. Additionally, Declarant hereby submits the Real Estate to the provisions of the Act. In the event the Act is repealed, the Act on the effective date of this Declaration shall remain applicable.

ARTICLE II. DEFINITIONS

Section 1: "Allocated Interests" shall mean and refer to the Common Expense Liability and votes in the Association.

Section 2: "Approval" or "Consent" shall mean securing the prior written approval or consent as required herein before doing, making, or suffering that for which such approval or consent is required.

Section 3: "Architectural Control Committee" shall mean and refer to the committee established to review and approve plans for the construction of improvements on Lots as set forth in Article VIII of this Declaration.

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Section 4: "Association" or "Lot Owners' Association" shall mean and refer to Westwood Third Homeowners Association organized and existing under section 38-33.3-301 of the Act.

Section 5: "Bylaws" shall mean and refer to any instruments, however denominated, which are adopted by the Association for the regulation and management of the Association, including amendments to those instruments.

Section 6: "Common Elements" shall mean and refer to any real estate within the Common Interest Community owned or leased by the Association, other than a Lot.

Section 7: "Common Expense Liability" shall mean and refer to the liability for Common Expenses allocated to each Lot pursuant to this Declaration.

Section 8: "Common Expenses" shall mean and refer to expenditures made or liabilities incurred by or on behalf of the Association, together with any allocations to reserves. "Common Expenses" shall include, by example and not limitation, the cost of maintenance of the open space; tot lot; tot lot equipment; tracts; median on LuAnn Drive; pedestrian bridges; bike path, monument sign; and fencing built by the Developer as required on the final development plan.

Section 9: "Common Interest Community" shall mean and refer to the Real Estate described on Exhibit "A" attached hereto and incorporated herein by reference.

Section 10: "Dealer" shall mean and refer to a Person in the business of selling Lots for such Person's own account.

Section 11: "Declarant" shall mean and refer to any Person or group of Persons acting in concert who:

1. As a part of a common promotional plan, offers to dispose of to a Purchaser such Declarant's interest in a Lot not previously disposed of to a Purchaser; or
2. Reserves or succeeds to any Special Declarant Right.

Section 12: "Declaration" shall mean and refer to this Declaration, including any amendments hereto and also including, but not limited to, plats of the Real Estate recorded in the Clerk and Recorder's office of Larimer County, Colorado.

Section 13: "Dispose" or "Disposition" shall mean and refer to a voluntary transfer of any legal or equitable interest in a Lot, but the term does not include the transfer or release of a security interest.

Section 14: "Duplex" shall mean and refer to a building constructed on a Lot consisting of two (2) separate residential units joined by a Party Wall, each unit intended for use and occupancy by a single family.

Section 15: "Duplex Lot" shall mean and refer to a Lot upon which a Duplex has been or may be constructed.

Section 16: "Executive Board" shall mean and refer to the Executive Board of the Association.

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Section 17: "Identifying Number" shall mean and refer to a symbol or address that identifies only one (1) Lot in the Common Interest community.

Section 18: "Insurer" shall mean and refer to any governmental agency or authority that insures or guarantees a Mortgage and who has provided written notice of such interest to the Association.

Section 19: "Lot" shall mean and refer to a physical portion of the Common Interest community which is designated for separate ownership or occupancy and the boundaries of which are described in or determined from the Declaration. A Duplex Lot may be divided into two (2) Lots without amending the Plat or this Declaration by recording a deed separating the ownership of the Duplex Lot along the common wall between the two (2) units.

Section 20: "Lot Owner" shall mean and refer to the Declarant or other Person who owns a Lot but does not include a Person having an interest in a Lot solely as security for an obligation. The Declarant is the Owner of any Lot created in the Declaration until that Lot is conveyed to another Person. Upon the division of a Duplex Lot into two (2) Lots, the Owner of each of the two Lots created shall be considered a Lot Owner.

Section 21: "Mortgagee" shall mean and refer to any Person who has a security interest in a Lot and who has provided written notice of such interest to the Association.

Section 22: "Party Wall" shall mean and refer to any wall which is built as a part of the original construction of a Duplex (or as a subsequent restoration or replacement of such original construction) and which divides the two units.

Section 23: "Person" shall mean and refer to a natural person, a corporation, a partnership, an association, a trust, or any other entity or combination thereof.

Section 24: "Plat" shall mean and refer to the Plat of the Real Estate recorded in the office of the Clerk and Recorder of Larimer county, Colorado, and all recorded amendments thereto.

Section 25: "Purchaser" shall mean and refer to a Person, other than a Declarant or a Dealer, who, by means of a transfer, acquires a legal or equitable interest in a Lot, other than:

1. A leasehold interest in a Lot of less than forty (40) years, including renewal options, with the period of the leasehold interest, including renewal options, being measured from the date the initial term commences; or
2. A Security Interest.

Section 26: "Real Estate" shall mean and refer to the Real Estate described on Exhibit "A" attached hereto and incorporated herein by reference.

Section 27: "Residence" shall mean and refer to a residential dwelling constructed on a Lot. The term "Residence" shall include a Duplex.

Section 28: "Residential Use" shall mean and refer to use for dwelling purposes but does not include Lots primarily used for commercial income from, or service to, the public.