ARTICLE XV

Section 1. Shareholders' Easement of Enjoyment. Subject to the rules and regulations as established from time to time by the Board, every Shareholder shall have a right and easement of enjoyment in and to the Land as it now exists or may be acquired, which shall be appurtenant to and shall pass with each share of the corporation's stock, subject to the following provisions:

(a) The right of the Corporation to charge reasonable fees for the use of the Land and any recreation or other facility situated upon the Land;

(b) The right of the Corporation to suspend the voting rights and right to the use of the Land and any facilities by a Shareholder for any period during which any assessment against such Shareholder's Share remains unpaid for a period exceeding sixty (60) days and/or for any infraction of its rules and regulations as set forth in these bylaws and as may be published by the Board. The foregoing shall not be construed to prevent a shareholder from ingress and egress to his/her Cabin.

(c) The right of the corporation to dedicate or transfer all or any part of the Land to any public agency or authority for such purposes and subject to such conditions as may be agreed to by the Shareholders. No such dedication or transfer shall be effective unless an instrument approved by two--thirds (2/3) of the Shareholders as defined herein agreeing to such dedication or transfer has been recorded.

Section 2. Delegation of Use and Voting Rights. Any Shareholder may delegate his right to enjoyment of the Land and facilities of the Ranch to the members of his family and to invited guests, subject to regulation by the Board.