That Aspen Springs Development Company, an Arizona corporation, hereinafter referred to as the Developer, being the owner of the following described property situated in the County of La Plata, State of Colorado, to-wit:

MEADOWOOD FARMS and desiring to establish the nature of the use and enjoyment thereof, does hereby declare said premises subject to tile following express conditions, covenants, restrictions and stipulations as to the use and enjoyment thereof, to-wit:

1 . The restrictions hereinafter enumerated shall apply only to Lots One (1) Through Twenty-eight (28).

2. The lots subject to these restrictions as enumerated in Paragraph 1 shall be used only for residential purposes utilizing permanent residential construction, including such garages, carports and outbuildings as are usual and customary, except that the Developer or its assignee, grantee or successor in interest may maintain upon not more than one of said lots at any given time (with said lot to be determined by the Developer) one temporary sales office, with the right of maintenance of said sales office to terminate upon the completion of the initial sale to lot vendees of all of the lots enumerated in Paragraph 1. Except for said exception for a Developer's sales office, no mobile homes, trailers, travel trailers or other temporary residential facilities shall be permitted to be placed or maintained upon any lot enumerated in Paragraph 1. Any residential structure or unit or allowed auxiliary building to be built or placed upon any of said lots must first be approved by the three-member Architectural Committee of the Meadowood Farms Property Owners' Association, selected by the membership of said association at its annual meeting. Application for approval of a proposed residential structure or unit or auxiliary building must be submitted to said Committee, accompanied by plans of the proposed structure, unit or building and a $35.00 application review fee, which will not be returned. The said committee must review said application and make a decision thereon within thirty days after it is submitted, or the application will after expiration of said thirty day period be deemed approved. Approval of such an application shall not be unreasonably withheld by the committee.

3. No structures of any kind shall be erected, altered, placed or permitted nearer than twenty-five feet from any lot line of the lot upon which said structure is located, and no structure shall be permitted to be erected or placed upon, in, within or over any easement or right-of-way reserved by these restrictions if said structure may interfere with the use and maintenance of the intended utilities or facilities. Easements and rights-of-way, as set forth upon the recorded plat for Meadowood farms, are hereby reserved for construction, installation and maintenance of any and all utilities, facilities and services such as electric utility lines, gas lines, drains, sewers, irrigation ditches, roads, water supply lines, telephone, telegraph or the like, necessary or desirable for public health and welfare.

4. Not later than the date upon which initial sale by Developer to lot vendees of seventy-five per cent of the lots enumerated in Paragraph 1 above is completed the Developer shall transfer title to all of the roads within Meadowood Farms set forth in the recorded plat of Meadowood Farms to the Meadowood Farms property Owners' Association, which shall thereafter hold ownership of and have responsibility for maintenance of said roads. Each vendee of a lot in Meadowood Farms shall be a member of the Meadowood farms Property Owners' Association and have one vote for each lot he owns at annual and special meetings of said association. Said association members may adopt by-laws for said association, determine method of assessing or otherwise providing for funds necessary for its activities and responsibilities, establish dates for annual meetings arid methods for calling special meetings, and determine whether to conduct its business as a corporation unincorporated or partnership and for profit or not for profit.

5. The Developer, its successors in interest and assigns, and each and all future lot vendees and owners, covenant and agree that in the event that the proper authorities of the County of La Plata shall determine that the surface and subsurface water in the area is being contaminated by the use of septic tanks or other sewage disposal systems in the area, the then owners of the lots enumerated in Paragraph 1 above shall install, at their own expense, a commercial or private" sewage disposal system, and this covenant shall run with the land.

6. No signs, billboards or advertising structures of any kind, other than those maintained by Developer in connection with its initial sale of lots, shall be erected or maintained without prior approval of the Architectural Committee of the Meadowood Farms Property Owners' Association.

7. No outdoor toilets shall be erected or maintained upon any of the lots subject to these restrictions at any time.

8. No noxious or unlawful activity shall be carried on on any lot, nor shall anything be done thereon which may become a public nuisand or nuisance to the neighborhood. .

9. Notwithstanding any provisions herein contained to the contrary, it shall be expressly permissible for the Developer to maintain upon any lots owned by the Developer, during the period of development and sale of said lots, such facilities as in the sole opinion of the Developer may be reasonably required, convenient or incidental to the development and sale of said lots including, but without limitation, a business office, storage area, construction yards, model homes, and sale office.

Deeds of conveyance for the lots enumerated in Paragraph 1 above may contain the above reservations , covenants, conditions, stipulations and restrictions by referring to this document, but whether or not such reference is made in such deeds , each and all of these reservations, covenants, stipulations,

The Foregoing reservations, covenants, conditions, easements, stipulations and restrictions shall be and be deemed covenants running with the land and shall be binding upon all successive owners of the lots enumerated in Paragraph 1 above until September 1, 1972, at which time said covenants shall automatically be extended for successive periods of ten (10) years each, unless by a vote of the then owners of a majority of the lots in Meadowood Farms it is agreed to change the said covenants and restrictions in whole or in part.

If there shall be a violation or threatened violation of any of said covenants, conditions, stipulations, restrictions, or reservations, it shall be lawful for any person owning real property situated in Meadowood Farms to prosecute any proceeding at law or in equity against any or all persons violating or attempting to violate any such reservations, restrictions, covenants, conditions or stipulations, and either to prevent him or them from so doing, or to recover damages or other dues from such violations; provided. however; that a violation of those covenants, conditions, stipulations, restrictions or reservations, or any one or more or them, shall not affect the lien of any mortgage now of record, or which may hereafter be placed of record upon said lots or any part thereof.