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Covenants: Pg 4-6

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Section 29: "Rules and Regulations" shall mean and refer to any instruments, however denominated, which are adopted by the Association for the regulation and management of the Common Interest Community, including any amendment to those instruments.

Section 30: "Security Interest" shall mean and refer to an interest in real estate or personal property created by contract or conveyance which secures payment or performance of an obligation. The term includes a lien created by a mortgage, deed of trust, trust deed, security deed, contract for deed, land sales contract, lease intended as security, assignment of lease or rents intended as security, pledge of an ownership interest in an association, and any other consensual lien or title retention contract intended as security for an obligation. "First Security Interest" shall mean and refer to a Security Interest in a Lot prior to all other Security Interests except the Security Interest for real property taxes and assessments made by Larimer County, Colorado, or other governmental authority having jurisdiction over the Common Interest Community.

Section 31: "single-family" shall mean and refer to any individual or group of persons related by blood or marriage or any unrelated group of not more than three (3) persons living together in a Residence.

ARTICLE III. COMMON INTEREST COMMUNITY

Section 1: Name. The name of the Common Interest community is WESTWOOD THIRD SUBDIVISION.

Section 2: Association. The name of the Association is WESTWOOD THIRD HOMEOWNERS ASSOCIATION.

Section 3: Planned community. The Common Interest Community is a planned community.

Section 4: county. The name of every county in which any part of the Common Interest community is situated is Larimer County, Colorado.

Section 5: Legal Description. A legal description of the Real Estate included in the Common Interest Community is set forth on Exhibit "A" attached hereto and incorporated herein by reference.

Section 6: Maximum Number of Lots. The maximum number of Lots that the Declarant reserves the right to create within the Common Interest community is one hundred sixty-five (165).

Section 7: Boundaries of Lots. The boundaries of each Lot are set forth on the Plat of the Real Estate. The Plat sets forth the Lot's Identifying Number. 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 Party Wall between the two (2) units.

Section 8 : Allocated Interests. The Common Expense Liability and votes in the Association shall be allocated among the Owners as follows:

1. Each Lot Owner's share of the Common Expenses shall be a fraction, the numerator of which shall be one (1) and the denominator of which shall be the total number of Lots within the Common Interest community. In determining the total number of Lots within the Common Interest Community, each Duplex Lot shall be considered one (1) Lot until it is divided into two (2) Lots by the recording of a deed separatinq the ownership. Thereafter, the Duplex Lot shall be considered two (2) separate Lots for purposes of determining the total number of Lots within the Common Interest community.
2. Each Owner shall be entitled to one (1) vote for each Lot owned. The Owner of a Duplex Lot shall be entitled to one (1) vote until the Duplex Lot is divided into two (2) Lots by the recording of a deed separating the ownership. Thereafter, the Owner of each of the two Lots created by the division of a Duplex Lot shall be entitled to one (1) vote.

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Section 9: Recording Data. All easements and licenses to which the Common Interest community is presently subject are listed on Exhibit "8" attached hereto and incorporated herein by refer- ence. In addition, the Common Interest Community may be subject to other easements or licenses granted by the Declarant pursuant to the terms of this Declaration.

Section 10: Notice. Notice of matters affecting the Common Interest community may be given to Lot Owners by the Association or by other Lot Owners in the following manner: notice shall be hand delivered or sent prepaid by United states mail to the mailing address of each Lot or to any other mailing address designated in writing by the Lot Owner. Such notice shall be deemed given when hand delivered or when deposited in the United States mail.

ARTICLE IV. ASSOCIATION

Section 1: Authority. The business and affairs of the Common Interest community shall be managed by the Association. The Association shall be governed by its Bylaws as amended from time to time.

Section 2: Powers. The Association shall have all of the powers, authority, and duties permitted pursuant to the Act necessary and proper to manage the business and affairs of the Common Interest community. The Association may assign its future income, including its rights to receive the Common Expense Assessments, only by the affirmative vote of the Lot Owners of Lots to which at least fifty-one percent (51%) of the votes in the Association are allocated at a meeting called for that purpose.

Section 3: Declarant Control. The Declarant, or persons designated by the Declarant, may appoint and remove the officers and members of the Executive Board of the Association for a period of ten (10) years after this Declaration is recorded in the office of the Clerk and Recorder of Larimer County, Colorado. The period of Declarant control as herein set forth is subject to the limitations of section 38-33.3-303(5) of the Act.

ARTICLE V. SPECIAL DECLARANT RIGHTS

Section 1: Special Declarant Rights. Declarant hereby reserves the right for a period of ten (10) years after this Declaration is recorded in the office of the Clerk and Recorder of Larimer County, Colorado, to perform the acts and exercise the rights hereinafter specified ("the special Declarant Rights"). Declarant's Special Declarant Rights include the following:

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1. Completion of Improvements. The right to complete improvements indicated on the Plat.
2. Sales, Management, and Marketing The right to maintain two (2) sales offices, one (1) management office(2) sales offices, one (1) management office, signs advertising the Common Interest Community, and models. The Declarant shall have the right to determine the number of models and the size and location of the sales offices, management office, and models. The Declarant shall also have the right to relocate the sales offices, management office, and models from time to time at its discretion. After the Declarant ceases to be the Owner of a Lot, the Declarant shall have the right to remove any sales office, management office, or model from the Common Interest Community.
3. Construction Easements. The right to use easements through the Common Elements for the purpose of making improvements within the Common Interest community or within Real Estate which may be added to the Common Interest community.
4. Merger. The right to merge or consolidate a Common Interest community with another Common Interest Community of the same form of ownership.
5. Control of Association and Executive Board. The right to appoint or remove any officer of Association or any Executive Board member.
6. Dedications. The right to establish, from time to time, by dedication or otherwise, utility and other easements over, across, and upon the Common Elements for purposes including, but not limited to, streets, paths, walkways, drainage, recreation areas, parking areas, and to create other reservations, exceptions, and exclusions over, across, and upon the Common Elements for the benefit of and to serve the Lot Owners within the Common Interest Community.

Section 2: Rights Transferable. Any Special Declarant Right created or reserved under this Article for the benefit of the Declarant may be transferred to any Person by an instrument describing the rights transferred and recorded in Larimer County, Colorado. Such instrument shall be executed by the transferor Declarant and the transferee.

ARTICLE VI. ASSESSMENT FOR COMMON EXPENSES

Section 1: Personal Obligation of Owners for Common Expenses. The Declarant, for each Lot owned, hereby covenants, and each Owner of any Lot by acceptance of a deed therefore, whether or not it shall be so expressed in such deed, is deemed to covenant and agree to pay to the Association Common Expense Assessments imposed by the Association to meet the estimated Common Expenses.

Section 2: Purpose of Assessment. The Assessments levied by the Association shall be used exclusively to promote the recreation, health, safety, and welfare of the Owners and for the improvement and maintenance of the Common Elements.

Section 3: Amount of Assessment. The amount of the Assessment for the estimated Common Expenses which shall be paid by each Owner shall be determined by dividing the aggregate sum the Association reasonably determines to be paid by all Owners by the total number of Lots within the Common Interest Community, and the Owner of each Lot shall pay his proportionate share of such aggregate sum. In determining the total number of Lots within the common Interest community, each Duplex Lot shall be considered one (1) Lot until it is divided into two (2) Lots by the recording of a deed separating the ownership. Thereafter, the Duplex Lot shall be considered two (2) separate Lots for purposes of determining the total number of Lots within the Common Interest Community. Until a Duplex Lot is divided into two (2) Lots by separation of ownership, the Owner of the Duplex Lot shall pay the Assessment for one (1) Lot. After a Duplex Lot is divided into two (2) Lots, the Owner of each of the two Lots created shall pay the Assessment for one (1) Lot.