THIRD AMENDMENT TO CONDOMINIUM DECLARATION

AND PLAN OF VACATION OWNERSHIP

FOR

GRAND TIMBER LODGE

BACK TO CONDOMINIUM DECLARATION


This Third Amendment (the "Third Amendment") to the Condominium Declaration and Plan of Vacation Ownership for Grand Timber Lodge, as amended (the "Declaration") is made and executed this __day of___________, 2000, by Gold Point Lodging and Realty, Inc., a Colorado corporation d/b/a Grand Timber Development Company (hereinafter "Declarant").

RECITALS

1. The Declaration dated April 21, 1999 was recorded April 21, 1999 at Reception No.593269 in the Summit County, Colorado public records (the "Records"). Capitalized terms used herein without further definition have the meanings given to them in the Declaration.

2. The Condominium Plat and Map of Grand Timber Lodge (the Map) was recorded April 21, 1999 at Reception No. 593268 in the Records. The Map includes a parcel of Real Estate labeled Remainder of Tract Al Expansion Property which is subject to Expansion and Development Rights.

a. A First Amendment (the First Amendment) to the Declaration dated June 15, 1999 recorded August 2, 1999 at Reception No. 601793 in the Records and a First Supplement to the Map recorded August 2, 1999 at Reception No. 601792 in the Records added a portion of the Tract Al Expansion Property to the Project.

b. A Second Amendment (the Second Amendment) to the Declaration dated _______ 2000 recorded __________, 2000 at Reception No. ________ in the Records and a Second Supplement to the Map recorded _________, 2000 at Reception No. _______ in the Records added an additional portion of the Tract Al Expansion Property to the Project.

c. Pursuant to the rights reserved to Declarant in Article 16 of the Declaration,
Declarant desires to subject the real estate described on Exhibit A (the Expansion Property) to the
Declaration, to create additional Condominium Units and Common Elements on the Expansion
Property, to reallocate the Allocated Interests on Exhibit B to the Declaration and to amend
Exhibit E to the Declaration to submit additional Units to The Plan of Vacation Ownership.

d. Declarant has contemporaneously with the recording of this Third Amendment filed a Third Supplement to the Map showing the location of the Improvements constructed on the Expansion Property.

NOW, THEREFORE, Declarant hereby declares and publishes as follows:

CO_DOCS_A6O512v1 11/14/00 1:02PM

The undersigned hereby consents to the execution and recording of the foregoing Third Amendment and hereby subordinates the lien of its Deed of Trust, recorded October 10, 1997 under Reception No. 549600 in the records of Summit, County, Colorado, to this Third Amendment and the effect hereof
Dated this ___ day of , 2000.

TEXTRON FINANCIAL CORPORATION

By:

Title

STATE OF

COUNTY OF


Subscribed to and sworn to before me this day of , 2000, by _____________

________________ of Textron Financial Corporation.

as

Witness my hand and official seal.

 

NOTARY PUBLIC


My Commission Expires:
CO_DOCS_A6O512v1 6/13/00 2 :42 PM

 

MORTGAGEE'SCONSENT

EXHIBIT A

TO

THIRD AMENDMENT TO DECLARATION

LEGAL DESCRIPTION OF EXPANSION PROPERTY

[To be provided]

CO_DOCS_A6O512v1 Exhibit A- 1 6/13/002 :42 PM

Unit No.

No. of Bedrooms

Percentage share of Common Elements

Vote in the Affairs of the Association

Vacation Estates Undivided Interest in Vacation Unit

111

2

1.64

52

1/52

112

2

1.64

52

1/52

121

2

1.64

52

1/52

122

2

1.64

52

1/52

123

2

1.64

52

1/52

124

2

1.64

52

1/52

131

3

2.46

52

1/52

132

2

1.64

52

1/52

133

3

2.46

52

1/52

134

2

1.64

52

1/52

211

2

1.64

52

1/52

212

2

1.64

52

1/52

213

3

2.46

52

1/52

214

2

1.64

52

1/52

215

2

1.64

52

1/52

216

2

1.64

52

1/52

221

2

1.64

52

1/52

222

2

1.64

52

1/52

223

3

2.46

52

1/52

224

2

1.64

52

1/52

225

2

1.64

52

1/52

226

2

1.64

52

1/52

231

2

1.64

52

1/52

232

2

1.64

52

1/52

311

2

1.64

52

1/52

312

2

1.64

52

1/52

313

2

1.64

52

1/52

314

3

2.46

52

1/52

315

2

1.64

52

1/52

321

2

1.64

52

1/52

322

2

1.64

52

1/52

323

2

1.64

52

1/52

324

2

1.64

52

1/52

325

2

1.64

52

1/52

326

2

1.64

52

1/52

331

2

1.64

52

1/52

332

3

2.46

52

1/52

333

2

1.64

52

1/52

334

2

1.64

52

1/52

335

2

1.64

52

1/52

411

2

1.64

52

1/52

412

2

1.64

52

1/52

413

2

1.64

52

1/52

414

3

2.46

52

1/52

415

3

2.46

52

1/52

416

2

1.64

52

1/52

421

2

1.64

52

1/52

422

2

1.64

52

1/52

423

2

1.64

52

1/52

424

3

2.46

52

1/52

425

3

2.46

52

1/52

426

2

1.64

52

1/52

431

2

1.64

52

1/52

432

2

1.64

52

1/52

433

2

1.64

52

1/52

434

2

1.64

52

1/52

 

 

100 percent

 

 

EXHIBIT C

TO

THIRD AMENDMENT TO DECLARATION

EXHIBIT E

UNITS SUBMITTED TO PLAN OF VACATION OWNERSHIP


Units Submitted:

Units 121, 122, 123. 124. 131. 132, 133, 134,211,212,214,215,216,213,221,222.223,224. 225, 226, 231, 232, 311,312,313,314,315,321,322,323,324.325,326,331,332,333,334, 335411.412,413,414,415,416 421 422, 423, 424, 425, 426, 431, 432, 433 and 434

3 Bedroom Units:

Vacation Estates in Units 131, 133, 213, 223, 314, 332, 414, 415, 424 and 425 are comparable

2 Bedroom Units:

Vacation Estates in Units 121, 122. 123, 124, 132, 134 211, 212, 214, 215, 216, 221,222. 224,
225, 226, 231 and 232, 311, 312, 313, 315, 321, 322 323 324 325 326, 331, 333, 334, 335,
411, 412, 413, 416, 421, 422, 423, 426, 431, 432, 433 and 434 are comparable

Originals recorded with the Summit County Clerk & Recorders Office. Hard copies are also
available upon request with Grand Timber Lodge.

 

CO_ DOCS_A6O512v1 Exhibit C- I 11/14/00 1:11 PM

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