M E M B E R S H I P A G R E E M E N T F O R D E E D R E S T R I C T E D M E M B E R

M E M B E R S H I P A G R E E M E N T F O R D E E D R E S T R I C T E D M E M B E R

I r o n b r i d g e G o l f C l u b

4 3 0 I r o n b r i d g e D r i v e G l e n w o o d S p r i n g s , C O 8 1 6 0 1

( 9 7 0 ) 3 8 4 - 0 6 3 0

I. INFORMATION

Applicant's Name

Social Security Number Birth Date

Spouse's Name Birth Date

Social Security Number Anniversary Date

Local Address Out of Town Address Billing E-mail Address Club Communications E-mail Address

Telephone: Telephone:

Local Residence ( ) Out of Town ( )

Fax Number ( )

Unmarried children under the age of 25:

Name Birth Date Charge Privileges

Yes No

Yes No

Yes No

II. APPLICATION FOR MEMBERSHIP

I hereby apply for Deed Restricted Member status in Ironbridge Golf Club (the “Club”) under the Deed Restricted Membership that is associated with the residence I own and request that said Deed Restricted Membership be activated.

III. PAYMENT OF DUES, FEES AND CHARGES

I understand and acknowledge that the dues payable to the Club for the Deed Restricted

Membership shall be paid to the Club by Ironbridge Property Owners’ Association, a Colorado nonprofit corporation (the “Association”), which is the property owners association for the Ironbridge Community, pursuant to that certain Ironbridge Golf Club Deed Restricted Membership Agreement between LB Rose Ranch LLC, a Delaware limited liability company (the “Company”) doing business as Ironbridge Golf Club and the Association (the “Association-Club Agreement”). I further understand and acknowledge that the dues payable with respect to the subject Deed Restricted Membership are payable by the Association whether the Deed Restricted Membership is active or not.

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I certify that the below listed card is issued to me and agree that all disputes on my credit/debit card account relating to the Club will be promptly brought to the Club's attention. I understand that I am obligated to keep a valid approved credit/debit card on file with the Club at all times and that I am responsible for any amounts that are not paid by the credit/debit card company.

Card Type _______________________________________

Card Number ____________________________________ Exp. Date ____________________________

Cardholder Signature ______________________________

- OR –

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In the event that any amounts owed to the Club are not paid on a timely basis, I understand that I may be charged a late payment charge in accordance with the Rules and Regulations.

IV. ACTIVATION FEE

If I am an initial property purchaser in the Ironbridge Community, I understand that no

activation fee is required to be paid in order to activate the Deed Restricted Membership associated with my residence in Ironbridge. If I am not an initial purchaser, I am required to pay an activation fee established by the Club. The current activation fee is $500 and is payable with the submission of this Membership Agreement. The activation fee is non-refundable.

V. ACKNOWLEDGMENT OF MEMBERSHIP RIGHTS

I acknowledge that a Deed Restricted Membership in the Club permits the member to use the Club Facilities referred to in the Membership Plan in accordance with the Membership Plan and the Rules and Regulations. Membership in the Club is not an investment in the Company referred to below, or the Club Facilities, and does not give a member a vested or prescriptive right or easement to use the Club Facilities. Membership in the Club does not provide a member with an equity or ownership or any other property interest in the Company or the Club Facilities. A member only acquires a revocable license to use the Club Facilities in accordance with the terms and conditions of the Membership Plan and Rules and Regulations, as the same may be amended from time to time, and this Membership Agreement. All rights and privileges of members under the Membership Plan, the Rules and Regulations and this

Membership Agreement are subordinate to the lien of any mortgage encumbering the Club Facilities from time to time.

THE CLUB RESERVES THE RIGHT, IN ITS SOLE DISCRETION, TO TERMINATE OR MODIFY THE MEMBERSHIP PLAN AND THE RULES AND REGULATIONS, TO RESERVE MEMBERSHIPS, TO SELL, LEASE OR OTHERWISE DISPOSE OF THE CLUB FACILITIES IN ANY MANNER WHATSOEVER AND TO ANY PERSON WHOMSOEVER, TO ADD, ISSUE, MODIFY OR TERMINATE ANY TYPE OR CATEGORY OR CLASS OF MEMBERSHIP, TO RECALL ANY

MEMBERSHIP AT ANY TIME FOR ANY OR NO OTHER REASON WHATSOEVER, TO

DISCONTINUE OPERATION OF ANY OR ALL OF THE CLUB FACILITIES, TO CONVERT THE CLUB INTO A MEMBER-OWNED CLUB, AND TO MAKE ANY OTHER CHANGES IN THE TERMS AND CONDITIONS OF MEMBERSHIP OR THE CLUB FACILITIES AVAILABLE FOR USE BY

IS ENTITLED TO ANY REFUND UNDER THE MEMBERSHIP PLAN. THE CLUB’S

DISCONTINUANCE OF OFFERING A TYPE, CATEGORY OR CLASS OF MEMBERSHIP SHALL NOT CONSTITUTE THE TERMINATION OF THAT TYPE, CATEGORY OR CLASS OF

MEMBERSHIP.

In the event of termination of the Membership Plan, termination of all of the memberships in a given category, recall of a membership or the permanent discontinuance of operation of all or

substantially all of the Club Facilities, the affected member(s) will be entitled to a refund of the applicable membership deposit or initiation fee they actually paid to join the Club within 30 days. The Club is not required to refund any activation fees under any circumstances. In the event that the Club Facilities are sold and the buyer assumes liability for the repayment of the membership deposit or initiation fee, the undersigned shall look solely to the new owner for repayment and the seller of the Club Facilities shall be released from all liability therefor. In the event of a sale of the Club Facilities (other than a foreclosure sale), the buyer shall take title subject to the terms and provisions of the then existing Membership Plan.

Neither the Company nor its affiliates shall have any liability whatsoever to the members in the event the Club Facilities are not constructed.

The foregoing rights on the part of the Club are, with respect to Deed Restricted Members, subject to the terms of the Association-Club Agreement. Upon expiration or termination of the Association-Club Agreement, Deed Restricted Members can continue as such under the Membership Plan and Rules and Regulations, as they may be amended, by paying the required dues, fees and charges. Notwithstanding the foregoing, however, upon expiration or termination of the Association-Club Agreement, the Club shall have all of the rights set forth herein and in the Membership Plan with respect to all members, including without limitation, the right to terminate the Membership Plan, the right to terminate any type, category or class of membership, the right to recall any membership at any time for any or no reason whatsoever, the right to discontinue operation of any or all of the Club Facilities and the right to convert the Club into a member-owned club.

I hereby acknowledge that the use of the Club Facilities and any privilege or service incident to Deed Restricted Member status is undertaken with knowledge of risk of possible injury. I hereby accept any and all risk of injury to myself, my guests and my family sustained while using the Club Facilities or while involved in any event or activity incident to Deed Restricted Member status in the Club. I agree to release and indemnify the Company doing business as the Club, any manager of the Club Facilities, their affiliates, their successors and assigns and their respective directors, officers, partners, members,

shareholders, employees, representatives and agents and the members of the advisory Board of Governors of the Club and any Club committee in accordance with the provisions of the Rules and Regulations of the Club and the Membership Plan.

VI. MEMBERSHIP PLAN DOCUMENTS

I hereby acknowledge receipt of Ironbridge Golf Club Membership Plan and the Rules and Regulations and that I have read and understand them, and agree to be bound by the terms and conditions thereof as the same may be amended from time to time by the Club. I further acknowledge that I am not relying on any oral representations in acquiring a membership in the Club.

This Membership Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Colorado without giving effect to principles of conflicts of law.

If the prospective member is married, the signatures of both the Applicant and spouse are required.

An Addendum to this Agreement:

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Dated: ,

Applicant's Signature

Printed Name

Dated: ,

Spouse's Signature Printed Name

This Membership Agreement shall not be binding on the Club until the acceptance below is signed.

ACCEPTED BY:

LB ROSE RANCH LLC, d/b/a IRONBRIDGE GOLF CLUB By:

Authorized Representative Printed Name:

Dated:

IRONBRIDGEGOLFCLUB 430IRONBRIDGE DRIVE GLENWOOD SPRINGS,CO 81601

(970) 384-0630