AMENDED DECLARATION OF CONVENANTS, CONDITIONS AND RESTRICTIONS

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This is an Amended Declaration of Covenants, Conditions and Restrictions governing use and development of real property, made and executed effective the 7 th day of July, 1981, by Fred R. Heckerman and Mabel K. Heckerman, husband and wife, Trustees under the Declaration of Trust dated January 19, 1979. I. Recitals. Fred R. Heckerman and Mabel K. Heckerman, Trustees, are the owners of more than seventy (70%) percent of the lots in the Hidden Hills Ranches subdivision, Teton County, Wyoming, according to that plat filed September 5, 1978, as Plat No. 348, in the Office of County Clerk of Teton County, Wyoming, hereinafter referred to as the property. Pursuant to the provisions of the Declaration of Covenants, Conditions and Restrictions recorded in Book, 75 of Photo, pages 97-108 in the Office of County Clerk of Teton County, Wyoming, Fred R. Heckerman and Mabel K. Heckerman, Trustees, adopt the following Amended Declaration of Covenants, Conditions and Restrictions. The following covenants, conditions, and restrictions are imposed upon Lots 1 through 25 of the Hidden Hills Ranches Subdivision for the benefit of all lot owners in the subdivision, to protect and enhance the value of the property and every part thereof. II. III. Declaration. Fred R. Heckerman and Mabel K. Heckerman, Trustees, hereby declare that all of the property described in Exhibit A attached hereto shall be owned, sold, conveyed, encumbered, leased, used, occupied and developed subject to the following covenants, conditions, restrictions and easements set forth hereafter, shall run with the property and bind all parties having any legal or equitable interest in the property, and shall inure to the benefit of every owner of any part of the property. Definitions. The following terms and phrases used in these covenants shall be defined as follows: A. Association shall mean the Hidden Hills Ranches Homeowners Association, its successor or assigns. B. Property shall mean the real property described in Exhibit A attached hereto. C. Common Area shall mean all the real property acquired by the Association for the common use and enjoyment of the members of the Association, including any structures or other improvements thereon. D. Lot means a tract of land described as one of the lots on the subdivision plat of the property as recorded in the Office of the County Clerk of Teton County, Wyoming, with the exception of the common area. E. Member means any person or other legal entity who belongs to the Association. F. Owner means the record owner or contract purchaser of a lot, and does not include those having an interest in any lot as security for the performance of an obligation. Page 1 G. Developer means Fred R. Heckerman and Mabel K. Heckerman, Trustees, or their successors or assigns to whom Fred R. Heckerman and Mabel K. Heckerman,

Trustees, transfer or convey their entire remaining ownership of undeveloped lots in the property. IV. Hidden Hills Homeowners Association. A. Membership. Every purchaser or owner of a lot shall be a member of the Association. Membership in the Association shall be appurtenant to each lot, and shall not be subject to severance from the ownership of such lot. B. Voting Rights. There shall be two classes of members of the Association, both of which shall have voting rights. 1. Class A members shall be the owners or contract purchasers of lots, other than the developer. Class A members shall be entitled to one vote for each lot they own or are purchasing. In the event that more than one person owns or is purchasing a lot, all such persons shall be members of the Association, but shall have only one vote collectively for each lot owned or being purchased. In no event shall more than one vote be cast for any single lot. 2. The Class B member shall be the developer, who shall be entitled to one vote for each lot owned of record which is not the subject of a valid purchase contract. C. Members Property Rights in Common Area. Every member shall have a nonexclusive right and easement of enjoyment in and to the Common Area, which right and easement shall be appurtenant to each lot owned or being purchased by such member, and shall be subject to the following conditions: 1. The right of the Association to limit the number of guests of members; 2. The right of the Association to charge reasonable admission or use fees for the use of any recreational facility situated upon the Common Area; 3. The right of the Association, in accordance with its Articles and by-laws, to borrow money for the purpose of purchasing and improving Common Area facilities, and to mortgage or otherwise encumber Common Area property to finance such purchases or improvements; 4. The right of the Association to suspend the right of use of the Common Area facilities of any member for non-payment of lot assessments, or for a period not in excess of thirty (30) days for violations of the Association s rules and regulations governing Common Area facilities; 5. The right of the Association to dedicate or transfer any or all of the Common Area to a public agency or utility for such purpose and subject to such conditions as are established by the affirmative vote of two-thirds (2/3) of the members of both classes. Page 2

Page 3 D. Covenants for Maintenance Assessments. 1. Purpose of Assessments. The assessments levied by the Association shall be used exclusively for the health, safety, welfare and recreation of the members and for improvement and maintenance of common areas and access roads. The Association shall conform to the non-profit limitations set forth in the Association s Articles of Incorporation and By-laws in the expenditure of any funds received by the Association. 2. Determination of Annual Assessments, Maximum Annual Assessments, Due Date of Assessments. a) The Board of Directors of the Association shall, after consideration of the current maintenance costs, fix the annual assessments for each lot at an amount sufficient to finance the succeeding year s maintenance obligations. Maintenance obligations shall include snow removal from common roads, grading and other maintenance of common roads, repair and maintenance of fences around the exterior boundaries of the property, payment of the salary of the resident gatekeeper and such other common area facilities as may be established by the Board of Directors of the Association. b) The maximum annual assessment from January 1, 1979 until January 1, 1981 shall be $600.00 per lot. Thereafter, the Board of Directors of the Association may increase or decrease the maximum annual assessment to conform to the actual maintenance obligations of the Association. c) Assessments shall commence on January 1, 1979, and shall be payable on or before the first day of each month in advance. 3. Special Assessments for Capital Improvements. In addition to the annual assessments the Association may levy a special assessment for the purpose of paying part or all of the costs of construction, re-construction or replacement of any capital improvements located upon the Common Area, including necessary fixtures or personal property related thereto. Any special assessment shall apply only to the year in which it is set. Any special assessments shall require the prior approval of two-thirds (2/3) of the members of each class. 4. Uniform Rate of Assessment. Both annual and special assessments shall be fixed at a uniform rate for all lots subject to assessment. 5. Property Exempt from Assessment. The following property subject to the declaration shall be exempt from annual and special assessments: a) all lots owned by the developer which are unimproved;

V. Architectural Control. b) the Common Area; c) any portion of the property which is dedicated to and accepted by a local public authority; d) any lot owned by a charitable or non-profit organization exempt from taxation under the laws of the United States, except that any such lot which is actually devoted to dwelling use shall not be exempt from assessment. 6. Assessments both lien and personal obligation. The annual and special assessments authorized in the declaration shall be a lien upon the lot against which they were assessed, and the Association shall have the right to file a notice of deficiency in the Office of County Clerk of Teton County at any time after any assessment is overdue for more than 15 days. Any notice of deficiency shall identify the lot and owner or purchaser thereof and the amount of the deficiency. The Association shall file a notice of satisfaction in the Office of the County clerk only after the lot owner or purchaser has paid the deficiency and all costs incurred by the Association in collection, including attorneys fees, recording fees and interest upon the deficiency computed at the rate of 10% from the due date of the assessment. Each assessment shall also be the personal obligation of the lot owner or purchaser on the due date of the assessment. The Association shall have the right to collect any assessment from the person who was the owner or purchaser on the date of assessment. Any person who fails to pay an assessment shall also be liable for interest and attorneys fees and costs incurred by the Association in collecting the unpaid assessment. A. Architectural control shall be exercised by the architectural committee. The architectural committee shall be composed of three or more members. The initial architectural committee shall be appointed by the Board of Directors of the Association, shall be composed of three persons and shall serve until two-thirds (2/3) of the lots have been sold, after which time the architectural committee shall be elected by the members of the Association. Only members of the Association shall be eligible for election to the architectural committee except that the initial committee may contain not more than one person who is not an owner or purchaser of a lot. Page 4 B. The architectural committee shall review and approve plans and specifications for buildings and other lot development when the plans and specifications are determined by the architectural committee to be in conformity with the requirements hereof, and shall issue building permits for all land development activities. The architectural committee may grant variances from the requirements

hereof only after specific written findings by the architectural committee that the applicant for building permit cannot conform to any requirement hereof without suffering extraordinary hardship which is not caused by the actions of the applicant, and that granting the variance will not adversely affect the value, use or occupancy of any other lot. VI. Building Permits. A. No building, structure, sign, fence or improvement of any kind shall be erected, altered, placed or permitted to remain on any lot or other portion of the property and no construction activities or removal of trees or other vegetation shall be commenced until a building permit has been issued there for. B. Duplicate sets of plans and specifications for any lot improvement or alternation, including tree removal shall be submitted to the architectural committee. Plans shall include a plot plan indicating the portion of the lot upon which improvements or construction activities are proposed. Sufficient information shall be submitted to demonstrate compliance with all the requirements of this declaration. C. The architectural committee shall retain one of the sets of plans and shall return the second to the applicant after action has been taken thereon. The architectural committee shall take action within sixty (60) days after a complete submission of plans and specifications, and failure of the architectural committee to act within said period will constitute automatic approval of the proposed construction or related activity. D. In addition to reviewing any plans and specifications for conformity with the requirements of this declaration, the architectural committee shall consider the external design of any proposed structure and its proposed location in relation to surrounding structures and topography, and determine whether the construction and location adequately conform to the rural setting and individual privacy of the property. VII. Construction and Use Restrictions. A. Land Use-Building Type. None of the property shall be used for other than residential or ranch uses compatible with residential uses. No building shall be erected, altered, placed or permitted to remain on any lot other than one single family dwelling, its associated outbuildings including a barn and garage (3 car maximum) and one guest house. No lot shall be used or allowed to be used for any commercial or industrial use. B. Completion of Construction of Improvements. The exterior construction of any structure shall be completed not later than the end of the calendar year following the commencement of construction. If construction progress is interrupted the construction site shall be cleaned up and maintained in a neat and orderly fashion. Page 5

C. Building Standards. Only new construction or alteration of existing construction shall be permitted, except that the existing log structure which serves as the gatehouse to the property shall be permitted. All buildings and fencing shall be western in style, character, design and architecture. The exterior of each building shall be wood, or stone, or brick or stucco, or other materials suitable to buildings of ranch or rural character, but in no event shall any such exterior be of plastic, metal or exposed concrete or cinder block, painted or unpainted, in excess of thirty (30%) percent of the total area of the exterior walls. All roofs must be constructed of fireproof materials of at least a class A fireproof rating, and all roof materials and colors must be approved by the Architectural Committee. A single family residential structure shall have no less than one thousand (1000) square feet on the main floor of said such structure. No building of any type shall be erected, altered, placed or permitted to remain upon any lot which shall exceed a height of two (2) stories. All construction and alternation shall comply with the provisions of the following standard codes or their official amendment: Uniform Building Code, National Plumbing Code, National Electrical Code, National Fire Protective Association. In the event that the State of Wyoming or Teton County impose regulations or restrictions more stringent than the provisions of the codes described herein, the provisions of state and local law shall govern. D. Prohibited Structures. No trailer or mobile home, tent, camper or any other structure of a temporary or mobile nature, shall be erected, placed or used on any lot as a place of residence or habitation, either temporarily or permanently; provided, however, that a mobile home or trailer may be placed and allowed to remain upon a lot as a temporary residence during periods of construction. Any such mobile home or trailer shall be removed within thirty (30) days after construction has been completed. If the construction of a residence is not completed within a twelve month period, any mobile home or trailer on such lot shall be removed within 10 days after a written demand has been sent by the Architectural Committee. This paragraph shall not prevent or prohibit the temporary placement of tents upon any lot for private family use for short periods of time, which tents are used for recreational purposes rather than residential purposes. No teepees whatsoever shall be allowed on any lot. The term trailer or mobile home used in this paragraph shall include any building or structure with wheels and/or axles and any vehicle, used or constructed so as to permit in normal use its being towed, used or transported without the use of a separate trailer, and constructed in a manner to allow occupancy thereof as a dwelling or sleeping place, and shall include any such structure after its wheels and/or axles have been removed, but shall not include pre-built permanent homes of western architectural style and character which have been approved by the architectural committee. E. Building Location Setbacks. The setback requirements for building locations upon any lot shall conform to the performance standards established in the Comprehensive Plan and Implementation Program of Teton County. Page 6 F. Lot Splits. No lot splits of any lot shall be authorized or allowed.

G. Signs. No signs of any kind shall be displayed to public view on any lot, except: 1. a sign advertising the premises for sale or rent which shall not exceed a surface area of six (6) square feet; 2. A sign identifying the owner or occupant of a residence, which sign shall not have a surface area exceeding three (3) square feet; 3. Any light used to illuminate any permitted sign shall be located so as to reflect the light away from the nearest residence or residences, and away from the vision of any motorist upon a common road; 4. All signs must be approved by the architectural committee. H. Excavation, Mining and Other Mineral Activities Prohibited. No excavation for stone, sand, gravel or earth shall be made upon any lot, except as such excavation may be necessary in connection with the construction of approved improvements thereon. No other mineral activity, including oil drilling, oil development operations, quarrying or other mining operation of any kind shall be permitted on any lot. I. Wildlife Protection. It is recognized by the developers of the property, and by purchasers of lots therein through their acceptance of this declaration, that many wildlife species live on or migrate through the property during various times of the year, including late fall and spring migration movement to and from the South Park Elk Feed Ground. The developers and lot owners desire to maintain as much existing habitat as possible in its natural and unspoiled condition, so that the needs and requirements of wildlife use are intended to protect, preserve and maintain as much as possible, existing wildlife habitat: 1. No owner of any lot shall remove or alter, or allow others to remove or alter any of the existing vegetation thereon, except as is absolutely essential to the clearing and preparation of such lot for the sole purpose of constructing authorized building thereon or roads thereto; 2. Any fencing erected on or within the boundaries of any lot shall be designed and constructed to allow the movement of deer, elk and moose across it; 3. No lot owner shall be entitled to any compensation from the Association or the developer, or their successors or assigns, for damage caused as a result of wildlife activities. By purchasing a lot in the property, the owner or purchaser is expressly accepting any risk of damage to property or person which may result as a consequence of contact with wildlife which may utilize or migrate through the property. Page 7 J. Fences. Except as otherwise provided in this subparagraph, only pole fences may be erected on any lot. Hedges not over six (6) feet in height will be allowed. Other

Page 8 fences or walls may be erected and maintained to screen a service area, patio, swimming pool or other improvement directly related to a main residential structure, but such fences shall be limited to the materials prescribed for buildings herein, shall be no more than six (6) feed in height, shall be constructed within setback limits for any main structure, and shall conform to the wildlife protection requirements set forth in this declaration. All fences located on the exterior boundaries of the property will be constructed of barbed wire, will be maintained by the Homeowners Association, and shall include provision for wildlife crossings in accordance with this declaration. K. Removal of Trees. No trees shall be cut down or removed from any lot, except as is absolutely essential for clearing and preparation of such lot for construction of authorized improvements. The written approval of the architectural committee shall be required prior to any tree removal from any lot. L. Nuisances. No noxious or offensive activity shall be carried on upon any lot, nor shall anything be done on any lot which may become an annoyance or nuisance to other lot owners. Without limiting the generality of the foregoing, no laundry, clothing, rags or similar material shall be hung or displayed upon the eaves, doors or any portion of any building which is visible from the common roads on the property or from neighboring residential dwellings. Clothes and other articles may be dried in a yard enclosed by a lattice fence or other enclosure approved by the architectural committee. M. Livestock Pets. No animals, pets or livestock shall be kept or maintained upon any lot except as provided herein. Any animals or livestock authorized to be kept upon any lot shall be restrained and located so that they do not cause a nuisance to neighboring lot owners, and so that their presence or activities do not harass or endanger wildlife. Not more than two (2) dogs may be kept or maintained per lot. Cats may be kept or maintained provided that they are restrained or controlled so as not to harass or endanger wildlife. Horses may be kept and maintained within any enclosure or structure which has been approved by the architectural committee. The owner of any lot may keep or maintain two (2) horses, and may keep or maintain one (1) additional horse for each two (2) acres of lot size beyond four (4) acres. All animals kept or maintained upon any lot shall not be kept, bred or maintained for any commercial purpose. If any dog or dogs are caught or identified chasing or harassing livestock, wildlife or people, the Board of Directors of the Association shall have the authority to have such animal or animals immediately impounded at any convenient location, and shall have the further authority to assess a penalty against the owner of such animals of not more than $50.00 plus costs of impoundment. If any such animal is identified or caught chasing or harassing livestock, wildlife or people on a second occasion, the Board of Directors shall have the authority to have such animal or animals immediately destroyed or impounded, the determination of disposition being in the sole discretion of the Board of Directors of the Association. In the event

that such animal or animals are impounded, the Board of Directors of the Association shall have the authority to assess a penalty of not more than $100.00 per animal, plus costs of impoundment. No owner of any animal impounded or destroyed pursuant to the provisions of this paragraph shall have any right against the Board of Directors of the Association, any member thereof or the Association for any damage or loss alleged to have been suffered as a result of the impoundment or destruction of such animal. N. Waste Disposal. All exterior garbage containers, which shall have a capacity of 35 gallons or more, shall be screened from view. No trash, burn piles, ashes, rubbish, junk, inoperative vehicles and no other unsightly items of property or waste shall be collected, placed or permitted to remain on any lot. Each owner or purchaser shall do all other things necessary to keep any lot in neat and good order, and in the event that the owner or purchaser shall permit or cause any rubbish, debris or trash to be placed upon any lot, the architectural committee or such person or persons as the architectural committee may designate, may enter upon such lot and remove the rubbish, debris or trash there from. The owner or purchaser of any such lot shall be liable for the costs incurred by the architectural committee for enforcing full compliance herewith, and the entry of any person or persons pursuant to a directive of the architectural committee under this paragraph shall not be deemed to be a trespass of any kind. The architectural committee shall not authorize any clean-up activities upon any lot unless the owner or purchaser has been given not less than five (5) days notice in writing prior to the proposed entry and clean-up activities. No burning of trash shall be allowed upon any lot. O. Boats, Campers, and Vans. No boats, trailers, campers, vans, automobiles or trucks shall be parked or stored on the common roadways and streets of the property, or in the driveway of any lot or upon any portion of any lot which is visible from any common street or roadway. P. Slopes and Terraces. All slopes and terraces on any lot shall be maintained so as to prevent any erosion there from on to common streets or adjoining lots or common areas. Q. Water system. Each residential structure shall be connected to a private water supply system at the sole expense of the owner or purchaser, and such water supply system shall conform to all applicable standards adopted there for by the State of Wyoming, the County of Teton or any other regulating agency. All water supply systems must be approved by the architectural committee prior to installation. R. Sewage Disposal. Each residential structure shall be connected to a private waste disposal system at the owner s or purchaser s sole expense. Such waste disposal systems shall conform to all applicable standards including those promulgated by the State of Wyoming or County of Teton. No outdoor toilets shall be permitted. Conditions upon particular lots on the property may prevent the use of conventional Page 9

septic systems and special systems may be required. No waste disposal system shall be installed without the prior approval of the architectural committee. S. Utilities. All utilities, service lines and fuel storage tanks shall be installed underground. All power hook-ups from the feed lines within the common roadways shall be completed underground, at the purchaser s or owner s sole expense. T. Discharge of Firearms. No firearms shall be discharged on any lot within the Hidden Hills Ranches Subdivision. U. Common Roads. All common roads on the property shall be private roads, and maintenance and snow removal shall be accomplished by the Association. A fifteen (15) mile per hour speed limit shall be applied to all vehicles upon common roads. V. Exterior Boundary Easements. There shall be a utility and equestrian easement along the exterior boundary of each lot as set forth upon the plat of the Hidden Hills Ranches Subdivision. The pedestrian and equestrian and utility easement shall be ten (10) feed in width, and shall be reserved for the purpose of constructing, maintaining or repairing thereon, any bridle paths, parkways or park areas, underground utilities, storm water drains or exterior fences. The pedestrian, utility and equestrian easement shall be open at all times to the developer, the Association, and all lot owners. VIII. Violations Enforcement Costs. The conditions and limitations upon the use of land set forth in this declaration shall be enforceable by the Association or any lot owner who is a member thereof. Every lot owner within the Hidden Hills Ranches Subdivision, as a result of purchasing his or her lot or lots, hereby consents to the entry of an injunction against him or her, or his or her tenants or guests, to restrain and terminate any violation of these covenants and conditions. Any lot owner who uses or allows his or her lot to be used in violation of these covenants and conditions agrees to pay all costs incurred by the Association or any member thereof in enforcing the terms and conditions of these covenants and conditions, including all attorney s fees. Every lot owner shall be authorized to institute legal proceedings to enjoin a violation of any term or condition of this declaration. IX. Duration of Declaration: Amendment and Modification. All of the conditions, covenants and restrictions set forth herein shall continue and remain in full force and effect at all times against the property and the owners and purchasers thereof, subject to the right of change or modification hereinafter provided until January 1, 1997, and shall as then enforced be continued for a period of twenty years, and thereafter for successive periods of twenty years, and thereafter for successive periods of twenty years each without limitation, unless within six months prior to January 1, 1997, or within the six months prior to the expiration of any successive twenty-year period thereafter, a written agreement executed by seventy per cent of the then record lot owners of the property is placed on record in the Office of the County Clerk of Teton County, by the terms of which agreement any of the said Page 10

conditions or covenants are changed, modified, or extinguished, in whole or in part, as to all or any part of the property subject thereto, in the manner and to the extent therein provided, except that the provisions of paragraph VII.F. shall not be subject to modification or termination unless the written consent or the Snake River Associates, or their successors or assigns, to such modification or termination is included with the required lot owner consents and filed of record in the Office of County Clerk of Teton County, Wyoming, and, in the absence of such consent from the Snake River Associates or their successors or assigns, the provisions of paragraph VII.F. shall be automatically renewed for successive twenty-year periods without limitation. In the event that any such agreement of change or modification is duly executed and recorded, the original conditions and covenants, as therein modified, shall continue in force for successive periods of twenty years each, unless and until further changed, modified or extinguished in the matter herein provided for. X. Severability. Any decision by a Court of competent jurisdiction invalidating any part or paragraph of this declaration shall be limited to the paragraph or paragraphs affected by the decision of the Court, and the remaining paragraphs and terms, conditions and covenants shall remain in full force and effect. IN WITNESS WHEREOF, Fred R. Heckerman and Mabel K. Heckerman have set their hands below, effective as of the date first set forth above. Fred R. Heckerman Mabel K Heckerman STATE OF CALIFORNIA ) ) ss. COUNTY OF LOS ANGELES ) The foregoing instrument was acknowledged before me by Fred R. Heckerman and Mabel K Heckerman, husband and wife, as Trustees under that instrument dated January 19, 1979, this 26 th day of August, 1981. Witness my hand and official seal. My Commission expires: Notary Public Toni Daguimol Page 11