Section 11.31. Assignment. Declarant may assign all or any part of its rights and reservations hereunder to any successor who takes title to all or part of the Master Association Properties in a bulk purchase for the purpose of development and sale. Such successor shall be identified, the particular rights being assigned shall be specified, and, to the extent required, concomitant obligations shall be expressly assumed by such successor, all in a written instrument duly recorded in the records of the Clerk and Recorder of Douglas County, Colorado.

IN WITNESS WHEREOF, the Declarant has executed this Declaration as of the day first above written.

CASTLE PINES LAND COMPANY, a Colorado joint venture consisting of:

VICKERS PROPERTIES, INC., a Colorado corporation

Jack A Vickers III, President



(SEAL)



Attest:

BY DOUGLAS PROPERTIES, INC., a Colorado corporation

By Jack A. Vickers, President



(SEAL)



Attest:

By: Mary Damas, Assistant Secretary