STATEMENT OF VALUES - BLANKET COVERAGES AMERICAN FAMILY MUTUAL INSURANCE COMPANY

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1 Applicant or Named Insured: THE HAMLET ASSOCIATION Doing Business As Name (if applicable): STATEMENT OF - BLANKET COVERAGES AMERICAN FAMILY MUTUAL INSURANCE COMPANY Insured Mailing Address: C/O BOLD PROPERTY MANAGEMENT SOLUTIONS PO BOX 5800 AVON, CO Valuation Type: Replacement Cost Effective Date: Policy Number to which Blanket coverages are to apply (N/A if new business): 05XT BUSINESSOWNERS BP The Statement Of Values - Blanket Coverage must be submitted for all new business, coverage changes and value changes. Loss Payment Penalties may apply if property is not insured to at least 80% of replacement cost value at the time of loss. Building Limit Inflation Protection Coverage and Business Personal Property Automatic Increase In Coverage will apply to each renewal. * Blanket Coverages are only available for the following types of property: Buildings, Auxiliary Buildings/Structures, Business Personal Property, Auxiliary Buildings Business Personal Property, Signs, Fences and Antennas. Blanket Coverage applies per property type. Specific rates apply to each item listed in this Schedule. 1 BUILDING NO. 1 BUILDINGS $599,388 2 BUILDING NO. 1 BUILDINGS $599,388 CONTINUED ON NEXT PAGE APPLICANT OR INSURED All property values submitted are 100% of the replacement cost value to the best of my knowledge and American Family can rely upon my statements in providing Blanket Coverages. Signed Name Title Date AGENT I have explained to the insured the Loss Payment Penalties that may apply if the property is not insured to 80% of replacement cost value. Signature Name JOHN D BELL AGENCY, INC. Agent/District Code Date BP Includes copyrighted material of Insurance Services Office, Inc., with its permission Page 01 of 02 Stock No

2 Schedule (continued) Specific rates apply to each item listed in this Schedule. 3 BUILDING NO. 1 BUILDINGS $599,388 4 BUILDING NO. 1 BUILDINGS $545,872 5 BUILDING NO. 1 BUILDINGS $834,862 6 BUILDING NO. 1 BUILDINGS $824,159 BUILDING NO. BP Includes copyrighted material of Insurance Services Office, Inc., with its permission Page 02 of 02 Stock No

3 POLICY NUMBER AMERICAN FAMILY MUTUAL INSURANCE COMPANY MADISON, WISCONSIN BUSINESSOWNERS POLICY DECLARATIONS CUSTOMER BILLING ACCOUNT 05XT NAMED INSURED MAILING ADDRESS THE HAMLET ASSOCIATION C/O BOLD PROPERTY MANAGEMENT SOLUTIONS PO BOX 5800 AVON, CO POLICY PERIOD TO FROM 12:01 A.M. Standard Time at your mailing address shown above. FORM OF BUSINESS CORPORATION In return for the payment of the premium, and subject to all the terms of this policy, we agree with you to provide the insurance as stated in this policy. SECTION I PROPERTY COVERAGE PROVIDED. BLANKET INSURANCE AT THE FOLLOWING DESCRIBED PREMISES ONLY FOR COVERAGES FOR WHICH A LIMIT OF INSURANCE IS SHOWN UNLESS COVERAGE IS PROVIDED BY AN ENDORSEMENT. DESCRIPTION OF PREMISES BUILDING INTEREST PREDOMINANT NUMBER OF UNITS YEAR BUILT 0001 BUILDING NO LEASED TO OTHERS COMMERCIAL BUILDING COST INDEX LEVEL DESCRIPTION OF PREMISES BUILDING INTEREST PREDOMINANT NUMBER OF UNITS YEAR BUILT 0002 BUILDING NO LEASED TO OTHERS COMMERCIAL BUILDING COST INDEX LEVEL 350 AGENT PHONE PAGE 0001 JOHN D BELL AGENCY, INC BRANCH LGP004 RENW 350 HIGHWAY 133 STE ENTRY DATE CARBONDALE, CO BP AF INSURED Stock No Includes copyrighted material of Insurance Services Office, Inc, with its permission

4 POLICY NUMBER AMERICAN FAMILY MUTUAL INSURANCE COMPANY MADISON, WISCONSIN BUSINESSOWNERS POLICY DECLARATIONS CUSTOMER BILLING ACCOUNT 05XT DESCRIPTION OF PREMISES BUILDING INTEREST PREDOMINANT NUMBER OF UNITS YEAR BUILT 0003 BUILDING NO LEASED TO OTHERS COMMERCIAL BUILDING COST INDEX LEVEL DESCRIPTION OF PREMISES BUILDING INTEREST PREDOMINANT NUMBER OF UNITS YEAR BUILT 0004 BUILDING NO LEASED TO OTHERS COMMERCIAL BUILDING COST INDEX LEVEL DESCRIPTION OF PREMISES BUILDING INTEREST PREDOMINANT NUMBER OF UNITS YEAR BUILT 0005 BUILDING NO LEASED TO OTHERS COMMERCIAL BUILDING COST INDEX LEVEL DESCRIPTION OF PREMISES 0006 BUILDING NO AGENT PHONE PAGE 0002 JOHN D BELL AGENCY, INC BRANCH LGP004 RENW 350 HIGHWAY 133 STE ENTRY DATE CARBONDALE, CO BP AF INSURED Stock No Includes copyrighted material of Insurance Services Office, Inc, with its permission

5 POLICY NUMBER AMERICAN FAMILY MUTUAL INSURANCE COMPANY MADISON, WISCONSIN BUSINESSOWNERS POLICY DECLARATIONS CUSTOMER BILLING ACCOUNT 05XT BUILDING INTEREST PREDOMINANT NUMBER OF UNITS YEAR BUILT LEASED TO OTHERS COMMERCIAL BUILDING COST INDEX LEVEL 350 The Following Applies To All Premises Identified In This Declaration PROPERTY DEDUCTIBLE $25,000 OTHER PROPERTY DEDUCTIBLE(S) OPTIONAL COVERAGE/GLASS DEDUCTIBLE COVERAGE BUILDING - Blanket REPLACEMENT COST $500 LIMIT OF INSURANCE PREMIUM $4,003,057 $3, ADDITIONAL COVERAGE LIMIT OF INSURANCE PREMIUM BUSINESS INCOME ACTUAL LOSS SUSTAINED Property forms and endorsements applying to this premises and made part of this policy at time of issue: Any endorsement followed by a state abbreviation will only apply to coverages within this state. BP BP BP APPLICABLE PROPERTY ENDORSEMENT CHARGES TOTAL ADVANCE PROPERTY PREMIUM $ $3, Property forms and endorsements applying to all premises and made part of this policy at time of issue: Any endorsement followed by a state abbreviation will only apply to coverages within this state. BP BP BP BP INCLUDED SECTION II LIABILITY AND MEDICAL EXPENSES Each paid claim for the following coverages reduces the amount of insurance we provide during the applicable annual period. Please refer to Section II Liability in the BUSINESSOWNERS COVERAGE FORM and any attached endorsements. COVERAGE AGGREGATE LIMIT (OTHER THAN PRODUCTS COMPLETED OPERATIONS) PRODUCTS-COMPLETED OPERATIONS AGGREGATE LIMIT LIMIT OF INSURANCE $4,000,000 $4,000,000 DAMAGE TO PREMISES RENTED TO YOU - ANY ONE PREMISES $50,000 AGENT PHONE PAGE 0003 JOHN D BELL AGENCY, INC BRANCH LGP004 RENW 350 HIGHWAY 133 STE ENTRY DATE CARBONDALE, CO BP AF INSURED Stock No Includes copyrighted material of Insurance Services Office, Inc, with its permission

6 POLICY NUMBER AMERICAN FAMILY MUTUAL INSURANCE COMPANY MADISON, WISCONSIN BUSINESSOWNERS POLICY DECLARATIONS CUSTOMER BILLING ACCOUNT 05XT LIABILITY - EACH OCCURENCE LIMIT $2,000,000 PREM PREM PREM PREM PREM PREM 0001 BLDG 001 MEDICAL EXPENSES - ANY ONE PERSON $5, BLDG 001 MEDICAL EXPENSES - ANY ONE PERSON $5, BLDG 001 MEDICAL EXPENSES - ANY ONE PERSON $5, BLDG 001 MEDICAL EXPENSES - ANY ONE PERSON $5, BLDG 001 MEDICAL EXPENSES - ANY ONE PERSON $5, BLDG 001 MEDICAL EXPENSES - ANY ONE PERSON $5,000 PREMIUM BASIS RATE ADVANCE PREMIUM 0001 BUILDING NO UNITS $ BUILDING NO BUILDING NO BUILDING NO BUILDING NO BUILDING NO UNITS $ UNITS $ UNITS $ UNITS $ UNITS $5.00 APPLICABLE BUSINESS LIABILITY ENDORSEMENT CHARGES TOTAL ADVANCE BUSINESS LIABILITY PREMIUM $ $ Liability forms and endorsements applying to all premises and made part of this policy at time of issue: Any endorsement followed by a state abbreviation will only apply to coverages within this state. BP BP BP BP BP BP BP BP BP BP BP BP BP CO BP BP IL TOTAL ADVANCE BUSINESS PREMIUM This premium may be subject to adjustment. $4, AGENT PHONE PAGE 0004 JOHN D BELL AGENCY, INC BRANCH LGP004 RENW 350 HIGHWAY 133 STE ENTRY DATE CARBONDALE, CO BP AF INSURED Stock No Includes copyrighted material of Insurance Services Office, Inc, with its permission

7 POLICY NUMBER AMERICAN FAMILY MUTUAL INSURANCE COMPANY MADISON, WISCONSIN BUSINESSOWNERS POLICY DECLARATIONS CUSTOMER BILLING ACCOUNT 05XT Forms and endorsements applying to property and liability at all premises and made part of this policy at time of issue: Any endorsement followed by a state abbreviation will only apply to coverages within this state. BP IN BP BP BP BP BP BP BP BP BP AUTHORIZED REPRESENTATIVE ABCDEFGH COUNTERSIGNED LICENSED RESIDENT AGENT AGENT PHONE PAGE 0005 JOHN D BELL AGENCY, INC BRANCH LGP004 RENW 350 HIGHWAY 133 STE ENTRY DATE CARBONDALE, CO BP AF INSURED Stock No Includes copyrighted material of Insurance Services Office, Inc, with its permission

8 THIS ENDORSEMEN T CHANGE S THE POLI CY. PL EASE READ I T CAREFULLY. UNMATCHED PROPERTY DAMAGE EXCLUSION ENDORSEMENT AND APPRAISAL CHANGES BUSINESSOWNERS BP This endorsement modifies insurance provide d under the follow ing: BUSINESSOWNERS COVERAGE FORM A. The Following i s Added to E. Property Los s Condition s: 9. Undamaged material We wil l not pay to repair or replace undamaged material due to mismatch between undamage d material and new material used to repai r or replace damaged material. We do not cover the loss in value to any property due to mis match betwee n undamage d materia l and new material used to repair or replace damaged mat erial. B. E. Property Loss Conditio ns 2. Appraisal is replaced by: 2. Appraisal This applie s after we confirm tha t the dam age due to a loss is covered. If you and we fail to agr ee on the dollar amount of the damage, eithe r may demand that such amount be set by apprais al. In this event, each party will choose a competent and disinterested appraiser within 20 days after receiving a written request from the other. Each appraiser wil l separatel y set the dollar amount of the damage. Such amounts must be determined according to all terms of this policy including those in Sectio n I Property E.5 Lo ss Payment. If both appraisers submit w ritten reports to us of their agreement o f the amo unt, such amount will be the dollar amoun t of the damage. If they fail to agree withi n 20 days, they mus t choose a competent and disinterested umpire. If they canno t agree on the choice within 20 days, you and we must jointly request that the choice of a competen t and disinterested umpire be made by a judg e of a court having jurisdiction. The apprais ers will then submit their differences to the umpire. Writte n agreement signed b y any two of these three wil l set the dollar amount of the dam age. The appraisal determinatio n of dolla r amount o f the damage i s binding upon you and us. This appraisal process and authority granted to the appraisers and the umpire can only be expanded and modifie d by written mutual consent signed by you and us. We wil l pay our appraiser. You wil l pay your appraiser. Other expenses and the compensatio n of the umpire wil l be paid equall y by you and us. Appraisal does not waive our rights. The appraisers and umpires are not authorized to determine coverage, exclusions, conditions, forfeiture provision s, conditions precedent, o r any other contractual issues that may exist betwee n you and us. The appraisal award cannot be used by either you or us in any proceeding concerning coverage, exclusion s, forfeiture provisions, conditions precedent, or othe r contractual issues. However, once contractual liability is admitte d or determine d independent of the appraisal process, the appraisal award is bindin g upon you and us. Interest will not accrue on any award or judgmen t for the recovery of mone y set by appraisal unt il that time. BP Includes copyrighted ma terial of Insurance Services Office, Inc., with its permission. Stock No

9 POLICY NUMBER: 05XT THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. ADDITIONAL INSURED MANAGERS OR LESSORS OF PREMISES BUSINESSOWNERS BP This endorsement modifies insurance provided under the following: BUSINESSOWNERS COVERAGE FORM SCHEDULE A. Designation Of Premises (Part Leased To You): B. Name Of Person Or Organization (Additional Insured): CROSSROADS REALTY PO BOX 1292 VAIL CO CROSSROADS REALTY PO BOX 1292 VAIL CO CROSSROADS REALTY PO BOX 1292 VAIL CO CROSSROADS REALTY PO BOX 1292 VAIL CO CROSSROADS REALTY PO BOX 1292 VAIL CO CROSSROADS REALTY PO BOX 1292 VAIL CO Information required to complete this Schedule, if not shown above, will be shown in the Declarations. A. The following is added to Paragraph C. Who Is An Insured in Section II Liability: 3. The person or organization shown in the Schedule is also an insured, but only with respect to liability arising out of the ownership, maintenance or use of that part of the premises leased to you and shown in the Schedule. B. The following exclusions are added to Section II Liability: This insurance does not apply to: 1. Any "occurrence" that takes place after you cease to be a tenant in the premises described in the Schedule. 2. Structural alterations, new construction or demolition operations performed by or for the person or organization designated in the Schedule. BP ISO Properties, Inc., 2004 Stock No

10 POLICY NUMBER: 05XT THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. HIRED AUTO AND NON-OWNED AUTO LIABILITY BUSINESSOWNERS BP This endorsement modifies insurance provided under the following: BUSINESSOWNERS COVERAGE FORM A. Hired Auto Liability: Coverage B. Non-Owned Auto Liability: SCHEDULE Information required to complete this Schedule, if not shown above, will be shown in the Declarations. Additional Premium INCLUDED INCLUDED A. Insurance is provided only for those coverages for which a (2) "Bodily injury" arising out of and in the course of specific premium charge is shown in the Declarations or in the domestic employment by the insured unless Schedule. benefits for such injury are in whole or in part 1. Hired Auto Liability either payable or required to be provided under any workers compensation law. The insurance provided under Paragraph A.1. Business Liability in Section II Liability, applies to "bodily injury" b. "Property damage" to: or "property damage" arising out of the maintenance or (1) Property owned or being transported by, or rented use of a "hired auto" by you or your "employees" in the or loaned to the insured; or course of your business. (2) Property in the care, custody or control of the 2. Non-Owned Auto Liability insured. The insurance provided under Paragraph A.1. Business 2. Paragraph C. Who Is An Insured in Section II Liability in Section II Liability, applies to "bodily injury" Liability, is replaced by the following: or "property damage" arising out of the use of any "non- 1. Each of the following is an insured under this owned auto" in your business by any person. endorsement to the extent set forth below: B. For insurance provided by this endorsement only: a. You; 1. The exclusions, under the Paragraph B.1. Applicable To b. Any other person using a "hired auto" with your Business Liability Coverage in Section II Liability, permission; other than Exclusions a., b., d., f. and i. and the Nuclear c. Energy Liability Exclusion, are deleted and replaced by the For a "non-owned auto": following: (1) Any partner or "executive officer" of yours; or a. "Bodily injury" to: (2) Any "employee" of yours (1) An "employee" of the insured arising out of and in but only while such "non-owned auto" is being the course of: used in your business; and (a) Employment by the insured; or d. Any other person or organization, but only for their liability because of acts or omissions of an insured (b) Performing duties related to the conduct of under a., b. or c. the insured's business; or above. 2. None of the following is an insured: (2) The spouse, child, parent, brother or sister of that "employee" as a consequence of Paragraph (1) a. Any person engaged in the business of his or her above. employer for "bodily injury" to any co-"employee" This exclusion applies: of such person injured in the course of employment, or to the spouse, child, parent, (1) Whether the insured may be liable as an employer brother or sister of that co-"employee" as a or in any other capacity; and consequence of such "bodily injury", or for any (2) To any obligation to share damages with or repay obligation to share damages with or repay someone else who must pay damages because of someone else who must pay damages because of injury. the injury; This exclusion does not apply to: b. Any partner or "executive officer" for any "auto" (1) Liability assumed by the insured under an "insured owned by such partner or officer or a member of contract"; or his or her household; Page 1 of 2 BP ISO Properties, Inc., 2004 Stock No

11 c. Any person while employed in or otherwise C. The following additional definitions apply: engaged in duties in connection with an "auto 1. "Auto Business" means the business or occupation of business", other than an "auto business" you selling, repairing, servicing, storing or parking "autos". operate; 2. "Hired Auto" means any "auto" you lease, hire, rent or d. The owner or lessee (of whom you are a borrow. This does not include any "auto" you lease, hire, sublessee) of a "hired auto" or the owner of a rent or borrow from any of your "employees", your partners "non-owned auto" or any agent or "employee" of or your "executive officers" or members of their any such owner or lessee; or households. e. Any person or organization for the conduct of any 3. "Non-Owned Auto" means any "auto" you do not own, current or past partnership or joint venture that is lease, hire, rent or borrow which is used in connection with not shown as a Named Insured in the your business. This includes "autos" owned by your Declarations. "employees", your partners or your "executive officers", or members of their households, but only while used in your business or your personal affairs. Page 2 of 2 BP ISO Properties, Inc., 2004 Stock No

12 POLICY NUMBER: 05XT THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY. BUILDING AND BUSINESS PERSONAL PROPERTY CHANGES BUSINESSOWNERS BP This endorsement modifies insurance provided under the following: BUSINESSOWNERS COVERAGE FORM SCHEDULE* Auxiliary Auxiliary Buildings Business Premises Building Building/ Personal Property No. No. Auxiliary Building/Structure Description Structure Limit Limit * Information required to complete this Schedule, if not shown on this endorsement, will be shown in the Declarations. Page 1 of 2 BP Includes copyrighted material of Insurance Services Office, Inc., with its permission. Stock No

13 Section I - Property is amended as follows: (a) Made a part of the described building you A. Paragraph A.1. Covered Property is replaced with the occupy but do not own; and following: (b) You acquired or made at your expense but Covered Property includes Building as described under cannot legally remove; Paragraph a. below, Business Personal Property as (4) Leased personal property for which you have a described under Paragraph b. below, Auxiliary contractual responsibility to insure, unless Buildings/Structures as described under Paragraph c. otherwise provided for under Paragraph 1.b.(2); below, Auxiliary Buildings Business Personal Property as and described under Paragraph d. below, or all four, (5) Exterior building glass, if you are a tenant and no depending on whether a Limit of Insurance is shown in the Limit of Insurance is shown in the Declarations Declarations for that type of property. Regardless of for Building property. The glass must be owned whether coverage is shown in the Declarations for by you or in your care, custody or control. Buildings, Business Personal Property, Auxiliary c. Auxiliary Buildings/Structures, meaning the auxiliary Buildings/Structures, Auxiliary Buildings Business buildings/structures described in the above Schedule Personal Property, or all four, there is no coverage for located at the premises shown in the Declarations, property described under Paragraph A.2. Property Not including: Covered. (1) Completed additions; a. Building, means the described building shown in the Declarations, including: (2) Fixtures; - (1) Completed additions; (3) Permanently installed: (2) Fixtures, including outdoor fixtures; (a) Machinery; and (3) Permanently installed: (b) Equipment; (a) Machinery; and (4) Personal property owned by you that is used to maintain or service the auxiliary buildings/ (b) Equipment; structures, including: (4) Your personal property in apartments, rooms or (a) Fire extinguishing equipment; common areas furnished by you as landlord; (b) Floor coverings; and (5) Personal property owned by you that is used to maintain or service the described building or the (c) Appliances used for refrigerating, ventilating, premises, including: cooking, dishwashing or laundering; (a) Fire extinguishing equipment; (5) If not covered by other insurance: (b) Outdoor furniture; (c) Floor coverings; and (a) Additions under construction, alterations and repairs to the auxiliary buildings/structures; (b) Materials, equipment, supplies and temporary (d) Appliances used for refrigerating, ventilating, structures, on or within 100 feet of the cooking, dishwashing or laundering; auxiliary buildings/structures, used for making (6) If not covered by other insurance: additions, alterations or repairs to the auxiliary (a) Additions under construction, alterations and buildings/structures. repairs to the described building; d. Auxiliary Buildings Business Personal Property (b) Materials, equipment, supplies and temporary located in or on the auxiliary buildings/structures structures, on or within 100 feet of the described in the above Schedule located at the described premises, used for making premises shown in the Declarations, including: additions, alterations or repairs to the (1) Property you own that is used in your business; described building. (2) Property of others that is in your care, custody or b. Business Personal Property located in or on the control, except as otherwise provided in Loss described building at the premises shown in the Payment Property Loss Condition E.5.d.(3)(b); Declarations or in the open (or in a vehicle) within 100 (3) Leased personal property for which you have a feet of the described premises, including: contractual responsibility to insure, unless (1) Property you own that is used in your business; otherwise provided for under Paragraph 1.b.(2). (2) Property of others that is in your care, custody or B. The following is added to E.3., Property Loss Conditions control, except as otherwise provided in Loss Duties In the Event of Loss or Damage: Payment Property Loss Condition E.5.d.(3)(b); (10) Keep records of your property in such a way that we can (3) Tenant's improvements and betterments. accurately determine the amount of any loss. Improvements and betterments are fixtures, alterations, installations or additions: Page 2 of 2 BP Includes copyrighted material of Insurance Services Office, Inc., with its permission. Stock No

PO BOX 3255 MONTROSE, CO TO CORPORATION

PO BOX 3255 MONTROSE, CO TO CORPORATION POLICY NUMBER AMERICAN FAMILY MUTUAL INSURANCE COMPANY MADISON, WISCONSIN 53783-0001 BUSINESSOWNERS POLICY DECLARATIONS CUSTOMER BILLING ACCOUNT 05XM927103 015-289-471 85 NAMED INSURED MAILING ADDRESS