ARTICLE XIV

Each Shareholder of the Corporation enjoys the privilege of constructing, maintaining and enjoying the exclusive use of not more than one residential structure and one adjacent outbuilding within the physical boundaries of the real property ("Land") owned by the Corporation. Further, the Corporation has built certain improvements for the non- exclusive use of the Shareholders (the "General Improvements"). The Land, the Cabins, the General Improvements and all other assets of the Corporation are collectively referred to herein as the "Ranch."

The Corporation on behalf of the Shareholders has filed for record with the Summit County Recorder's Office and has previously agreed by contract to be subject to certain restrictive covenants and conditions applicable to the Ranch.

The Corporation has been properly incorporated by action of the State of Utah and has, by and through its duly appointed Board who is its authorized representative, reviewed these bylaws and determined that it is in the best interests of the Corporation and the shareholders that these bylaws be approved and adopted by the Corporation.

The Board has the responsibility and authority to bind the Shareholders in certain circumstances. The shares of the Corporation shall be held, sold and conveyed subject to easements, restrictions, covenants, conditions and management policies which are for the purpose of protecting the value and desirability of the Ranch and be binding on parties having any right, title or interest in the shares, their heirs, successors and assigns, and shall inure to the benefit of both the Corporation and each Shareholder thereof.