Article 4-5 of the Bylaws

plus Exibit B Rev 2012

ARTICLE 4 MEMBERS

4.1 Members

Every Owner may be a voting Member of the Association upon payment of Membership Dues. The foregoing is not intended to include persons or entities who hold an interest merely as security for the performance of an obligation. However, only owners of a "Fee Simple" interest shall be entitled to voting membership.No owner shall have more than one membership. Membership shall be appurtenant to and may not be separated from ownership, and ownership of an interest in any Lot, or ownership of an un-subdivided tract of four acres or more shall be the sole qualification for the privilege of membership upon the payment of dues.

4.2 Membership

Membership shall be purely voluntary for any owner during any given year. However, any owner not maintaining or being delinquent in membership shall have no rights, privileges or use of Common Lands. Should any owner who has membership in the Association sell that owner's property or not desire to continue such membership, it shall forthwith be canceled and all prepaid dues forfeited to the Association.

ARTICLE 5 LICENSEES

5.1 Licenses to Rental Property Tenants

Tenants who rent housing in the Ranch may be granted a license from the Association whether or not the owner of the property is a current

Member. Upon application to the Board and payment, a tenant may become a Licensee of the Bar-K Association for the current fiscal year. these Licensees shall be entitled to use of Association property in a manner similar to that of members, but may not be elected to the Board of Directors, shall have

no voting rights in the Association and shall not be allowed to graze or stable animals on the CommonLands. (See Exhibit B)

5.2 Licenses to Adjacent Property Owners

Special Licenses may be granted to people owning land adjacent to the Ranch, whose only access to their property is via the roads through the

Ranch which are maintained by Boulder County. This grant of License by the Board will be subject to the terms and conditions of the License Agreement (see Exhibit B) and may be revoked by the Association at any time with or without cause. These Licensees shall be entitled to use of Association

property in a manner similar to that of members, but may not be elected to the Board of Directors, shall have no voting rights in the Association and shall not be allowed to graze or stable animals on the Common Lands. (See Exhibit B)