a party or in which he may become involved, by reason of his being or having served in such capacity on behalf of the Association (or in the case of such Declarant by reason of having appointed, removed, controlled or failed to control members of the Board, or controlled, or failed to control the Association), or incurred in any settlement thereof, whether or not he is a director, officer or member of a committee or serving in such other specified capacity at the time such expenses are incurred.

4.15 Non-Liability for certain chances and Amendments: Neither the Declarant, the Association, nor their successors or assigns shall be liable to, or subject to injunction by, any member or owner or to one another in the event that any change in zoning of the property is sought or obtained, or in the event that any subdivision map amendment or change in density shall be sought and obtained including, but not limited to, any change in the map or in area or density among the various Lots shown on the Map.

4.16 Audit: The Association shall provide a financial statement (which may or may not be audited) for the immediately preceding fiscal year, free of charge to the party so requesting, to any First Mortgagee of a Lot, or any insurer or guarantor of such a First Mortgage, within a reasonable time after written request therefor by any such party.

4.17 Association Books and Records: The Association shall make available to owners, First Mortgagees, and insurers or guarantors of any such First Mortgage, current copies of this Declaration, the Articles of Incorporation, Bylaws, Rules, books, records, and financial statements of the Association. “Available" shall mean available for inspection, upon request, during normal weekday business hours or under other reasonable circumstances.

4.18 Termination of Contracts and Leases of Declarant: The following contracts and leases, if entered into before the Board elected by the owners pursuant to Section 4.3.3 takes office, may be terminated without penalty by the Association, at any time after the Board elected by the owners pursuant to section 4.3.3 takes office, upon not less than ninety days notice to the other party:

4.18.1 Any management contract, employment contract, or lease of recreational or parking areas or facilities;

4.18.2 Any other contract or lease between the Association and Declarant or an affiliate of Daclarant; or

4.18.3 Any contract or lease that is not bona fide or was unconscionable to the Owners at the time entered into under the circumstances then prevailing.

This section does not apply to any lease the termination of which would terminate the planned community created by this Declaration or reduce its size, unless the real estate subject to that lease was included in the planned community for the purpose of avoiding the right of the Association to terminate a lease under this section or a proprietary lease.

4.19 Surplus Funds: Any surplus funds of the Association remaining after payment of, or provision for, expenses, costs, obligations and any prepayment of or provision for reserves shall not be credited to the owners but shall, instead, be added to any reserve accounts maintained by the Association.

4.20 Delegation to Master Association: In accordance with C.R.S. § 38-33.3-220, the Association may delegate any of the powers of the Association described in section 4.12 above to a master association. In such event, upon the termination of the, Period of Declarant Control as such term is defined in the applicable master declaration) all members of the Board of (continued next page)

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