STATEMENT OF VALUES - BLANKET COVERAGES AMERICAN FAMILY MUTUAL INSURANCE COMPANY

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1 STATEMENT OF VALUES - BLANKET COVERAGES AMERICAN FAMILY MUTUAL INSURANCE COMPANY Applicant or Named Insured: THE CENTENNIAL OWNERS ASSOCIATION Doing Business As Name (if applicable): Insured Mailing Address: PO BOX ASPEN, CO BUSINESSOWNERS BP Valuation Type: Replacement Cost Effective Date: Policy Number to which Blanket coverages are to apply (N/A if new business): 05XR 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 FREE SILVER CT ASPEN CO OCCUPANCY *PROPERTY TYPE VALUES BUILDINGS $3,232,956 2 BUILDING NO FREE SILVER CT ASPEN CO OCCUPANCY *PROPERTY TYPE VALUES BUILDINGS $1,935,221 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 JAMES LORD 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 FREE SILVER CT ASPEN CO OCCUPANCY *PROPERTY TYPE VALUES BUILDINGS $3,415,095 4 BUILDING NO FREE SILVER CT ASPEN CO OCCUPANCY *PROPERTY TYPE VALUES BUILDINGS $1,935,221 5 BUILDING NO TEAL CT ASPEN CO OCCUPANCY *PROPERTY TYPE VALUES BUILDINGS $2,914,214 6 BUILDING NO TEAL CT ASPEN CO OCCUPANCY *PROPERTY TYPE VALUES BUILDINGS $3,187,421 7 BUILDING NO TEAL CT ASPEN CO OCCUPANCY *PROPERTY TYPE VALUES BUILDINGS $1,593,711 BP Includes copyrighted material of Insurance Services Office, Inc., with its permission Page 02 of 02 Stock No

3 BUSINESSOWNERS POLICY Non-assessable policy Issued by AMERICAN FAMILY MUTUAL INSURANCE COMPANY, S.I American Pkwy Madison WI (608) Member of American Family Insurance Group BP Stock No

4 THIS POLICY CONSISTS OF: - DECLARATIONS - BUSINESSOWNERS COVERAGE FORM - APPLICABLE FORMS AND ENDORSEMENTS Notification of changes to the Businessowners Policy that occur during the policy term will be made using a change endorsement that is issued by us and made a part of this policy. Whenever the sentence "Information required to complete this Schedule, if not shown on this endorsement, will be shown in the Declarations" appears in an endorsement attached to this policy, the sentence is changed to read: Information required to complete this Schedule, if not shown on this endorsement, will be shown in the Declaration or on a change endorsement issued by us, and made a part of this policy. Includes copyrighted material of Insurance Services Office, Inc., with its permission. BP Page 2 of 4 Stock No

5 POLICY NUMBER AMERICAN FAMILY MUTUAL INSURANCE COMPANY, S.I. MADISON, WISCONSIN BUSINESSOWNERS POLICY DECLARATIONS CUSTOMER BILLING ACCOUNT 05XR NAMED INSURED MAILING ADDRESS THE CENTENNIAL OWNERS ASSOCIATION PO BOX ASPEN, 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. ALL PROPERTY COVERAGES ARE SUBJECT TO THE FOLLOWING: COVERED CAUSES OF LOSS SECTION I PROPERTY SPECIAL - RISK OF DIRECT PHYSICAL LOSS COVERAGE LIMIT OF INSURANCE PREMIUM OPTIONAL COVERAGE EMPLOYEE DISHONESTY ADDITIONAL COVERAGE - HIGHER LIMITS FORGERY AND ALTERATION $100,000 $ $100,000 $83.00 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 OCCUPANCY NUMBER OF UNITS YEAR BUILT 0001 BUILDING NO FREE SILVER CT ASPEN CO LEASED TO OTHERS COMMERCIAL BUILDING COST INDEX LEVEL DESCRIPTION OF PREMISES 0002 BUILDING NO FREE SILVER CT ASPEN CO AGENT PHONE PAGE 0001 JAMES LORD BRANCH KJR022 RENW 827 RAILROAD AVE ENTRY DATE RIFLE, CO BP AF INSURED Stock No

6 POLICY NUMBER AMERICAN FAMILY MUTUAL INSURANCE COMPANY, S.I. MADISON, WISCONSIN BUSINESSOWNERS POLICY DECLARATIONS CUSTOMER BILLING ACCOUNT 05XR BUILDING INTEREST PREDOMINANT OCCUPANCY NUMBER OF UNITS YEAR BUILT LEASED TO OTHERS COMMERCIAL BUILDING COST INDEX LEVEL DESCRIPTION OF PREMISES BUILDING INTEREST PREDOMINANT OCCUPANCY NUMBER OF UNITS YEAR BUILT 0003 BUILDING NO FREE SILVER CT ASPEN CO LEASED TO OTHERS COMMERCIAL BUILDING COST INDEX LEVEL DESCRIPTION OF PREMISES BUILDING INTEREST PREDOMINANT OCCUPANCY NUMBER OF UNITS YEAR BUILT 0004 BUILDING NO FREE SILVER CT ASPEN CO LEASED TO OTHERS COMMERCIAL BUILDING COST INDEX LEVEL DESCRIPTION OF PREMISES BUILDING INTEREST PREDOMINANT OCCUPANCY NUMBER OF UNITS YEAR BUILT 0005 BUILDING NO TEAL CT ASPEN CO LEASED TO OTHERS AGENT PHONE PAGE 0002 JAMES LORD BRANCH KJR022 RENW 827 RAILROAD AVE ENTRY DATE RIFLE, CO BP AF INSURED Stock No

7 POLICY NUMBER AMERICAN FAMILY MUTUAL INSURANCE COMPANY, S.I. MADISON, WISCONSIN BUSINESSOWNERS POLICY DECLARATIONS CUSTOMER BILLING ACCOUNT 05XR COMMERCIAL BUILDING COST INDEX LEVEL 362 DESCRIPTION OF PREMISES BUILDING INTEREST PREDOMINANT OCCUPANCY NUMBER OF UNITS YEAR BUILT 0006 BUILDING NO TEAL CT ASPEN CO LEASED TO OTHERS COMMERCIAL BUILDING COST INDEX LEVEL DESCRIPTION OF PREMISES BUILDING INTEREST PREDOMINANT OCCUPANCY NUMBER OF UNITS YEAR BUILT 0007 BUILDING NO TEAL CT ASPEN CO LEASED TO OTHERS COMMERCIAL BUILDING COST INDEX LEVEL 362 The Following Applies To All Premises Identified In This Declaration POLICY PROPERTY DEDUCTIBLE $10,000 OTHER PROPERTY DEDUCTIBLE(S) OPTIONAL COVERAGE/GLASS DEDUCTIBLE COVERAGE BUILDING - Blanket REPLACEMENT COST $500 LIMIT OF INSURANCE PREMIUM $18,213,839 $18, 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 INCLUDED AGENT PHONE PAGE 0003 JAMES LORD BRANCH KJR022 RENW 827 RAILROAD AVE ENTRY DATE RIFLE, CO BP AF INSURED Stock No

8 POLICY NUMBER AMERICAN FAMILY MUTUAL INSURANCE COMPANY, S.I. MADISON, WISCONSIN BUSINESSOWNERS POLICY DECLARATIONS CUSTOMER BILLING ACCOUNT 05XR APPLICABLE PROPERTY ENDORSEMENT CHARGES TOTAL ADVANCE PROPERTY PREMIUM $ $19, 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 SECTION II LIABILITY AND MEDICAL EXPENSES Except for Damage To Premises Rented To You, 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 LIABILITY - EACH OCCURENCE LIMIT PREM PREM PREM PREM PREM PREM PREM $2,000, 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, BLDG 001 MEDICAL EXPENSES - ANY ONE PERSON $5,000 PREMIUM BASIS RATE ADVANCE PREMIUM 0001 BUILDING NO UNITS $ BUILDING NO BUILDING NO BUILDING NO UNITS $ UNITS $64.00 AGENT PHONE PAGE 0004 JAMES LORD BRANCH KJR022 RENW 827 RAILROAD AVE ENTRY DATE RIFLE, CO BP AF INSURED Stock No

9 POLICY NUMBER AMERICAN FAMILY MUTUAL INSURANCE COMPANY, S.I. MADISON, WISCONSIN BUSINESSOWNERS POLICY DECLARATIONS CUSTOMER BILLING ACCOUNT 05XR UNITS $ BUILDING NO BUILDING NO BUILDING NO UNITS $ UNITS $ UNITS $34.00 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 CO BP BP IL TOTAL ADVANCE BUSINESS PREMIUM This premium may be subject to adjustment. $19, 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 JAMES LORD BRANCH KJR022 RENW 827 RAILROAD AVE ENTRY DATE RIFLE, CO BP AF INSURED Stock No

10 THIS ENDORSEMEN T CHANGE S THE POLI CY. PLEA SE READ I T CAREFULLY. COLORAD O CHANGES This endorsement modifies insurance provide d under the following: BUSINESSOWN ERS COVER AGE FORM BUSINESSOWNERS BP A. Section II- Liability is amended as follo ws: The term 3. Paragraph C. Concealment, Misrepresentation "spouse" is replaced by the following: Or Fraud is replaced by the follow ing: Spou se or party to a civil union recognized under C. Concealment, Misrepresentation O r Fraud Colorado law. We wil l not pay for any loss or damage in any B. Section Ill - Commo n Policy Conditions i s amended case of: as follows: 1. Concealm ent or misrepresentation of a 1. Paragraph A.2. Cancellation is replaced by the material fact; or following: 2. Fraud; 2. If thi s policy ha s been in effect for less than 60 Committed b y you o r any other insured at any days, we may cancel this policy by mailin g or time and relat ing to coverage under thi s poli cy. deli vering to the first Named Insured written notice of cancellat ion at least: 4. The following Paragraph is added and supersedes any other provisio n to the contrary: a. 10 days before the effective date of cancellat ion if we cancel fo r nonpayment NONRENEWAL of premium; or If we decide not to renew this poli cy, we will mail b. 30 days before the effective date of through first-class mail to the first Named Insured cancellat ion if we cancel for any other shown in the Declarations written no- tice of the reason. nonrene wal at least 45 days before the expiration date, or its anniversary date i f it is a policy written 2. The followin g is added to Paragraph A. for a term of more than one year or with no fixed Cancellation: expiration date. 7. Cancellation of Polici es in Effect for 60 If notice is mail ed, proof of mailin g wil l b e sufficient Days or More proof of notice. a. If thi s policy has been i n effect for 60 days 5. The following pa ragraph is adde d: or more, or is a renewal of a policy we issued, we may cancel thi s policy by INCREAS E IN PREM IUM OR DECREAS E IN mailing through first-class mai l to the first COVERAGE Named Insured written notice of We will not increase the premium unilaterally or cancellation: decrease the coverage benefits on renewal of this (1) Including the actua I reason, at least policy unless w e mai l through first-class m ail written 10 days before the effective date of notic e of our intention, includin g the actual reason, cancellat ion, if we cancel for to the first Named lnsured' s last maili ng address nonpayment of premiu m; or known to us, at least 45 days before the effective date. (2) At least 45 days before the effective date of cancellatio n if we cancel for Any decrease in coverage during the policy term any other reason. must be based on one or more of the following reasons: We may only cancel thi s policy based on one o r more of the following reasons: a. Nonpayment of premi um; (1) Nonpayment of premi um; b. A false statement knowingl y made by the insured o n the application for insurance; or (2) A false statement knowingly made by the insured on the application for c. A substantia l change in the exposure or risk insurance; or other than that indicated in th e application and underwritten as of the effectiv e date of the (3) A substantial chang e in the poli cy unless the first Named Insured has exposure or risk other than that notif ied us of the change and we accept such indicated in the applicatio n and change. under written as of the effective date If notice is mailed, proof of mailing wil l be of the policy unless the first Named sufficient proof of notic e. Insured has notified u s of the change a nd we accept such chang e. BP ISO Proper ties, Inc., 2013 Stock No

11 POLICY NUMBER: 05XR 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

12 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

13 POLICY PERIOD - RENEWAL OF COVERAGE Insurance begins and ends at 12:01 A.M., Standard Time, at your mailing address and for the policy period shown in the declarations. The first Named Insured shown in the declarations may continue this policy for successive policy periods by paying the required premium on or before the effective date of each renewal policy period. If the premium is not paid when due, this policy expires at the end of the last policy period for which the premium was paid. The premium for each policy period will be based on our current rates and rules. If this policy replaces coverage in other policies terminating at 12:00 Noon (standard time) on the inception date of this policy, this policy shall be effective at 12:00 Noon (standard time) instead of at 12:01 A.M., Standard Time. Includes copyrighted material of Insurance Services Office, Inc., with its permission. BP Page 3 of 4 Stock No

14 Special Provisions for American Family Mutual Insurance Company, S.I. Policyholders 1. MEMBERSHIP AND VOTING Whil e this policy is in force, each insured name d in the Declarations is considered an owner or policyholde r and a member of the American Family Insurance Mutua l Holdin g Company (AFIMHC) of Madison, Wisconsin. As a member, you are entit led to one vote at all meetin gs either in person or by proxy. You can only cast one vote regardless of the number of policies or coverage you purchased. If two or more persons qualify as a membe r under a sing le policy, they are considered one membe r for purposes of voting. The owner of a group policy wil l have one vote regardless of the number of persons insured or coverage purchased. Fractional voting is not allowe d. If you are a minor, any vote will be given to your parent or legal guardian. 2. ANNUAL MEETINGS The Annua l Meetings are held at the Home Office: 6000 American Parkway, Madison, Wisconsin, on the first Tuesday of March at 2:00 P.M. Central Standa rd Time. Notice i n this policy shall be sufficient notification. 3. DIVIDENDS If any dividends are declared, you wil l share in the m according to la w and under conditions set by the Board o f Directors. This policy is signed at Madison, Wisconsin, on our behalf by our President and Secretary. If it is required by law, it is countersigned on the declarations by our authorized representative. ABCDEFGHIJKLMNOP This is not a complete and valid contract without accompanying DECLARATIONS properly executed. BP Page 4 of 4 Stock No

STATEMENT OF VALUES - BLANKET COVERAGES AMERICAN FAMILY MUTUAL INSURANCE COMPANY

STATEMENT OF VALUES - BLANKET COVERAGES AMERICAN FAMILY MUTUAL INSURANCE COMPANY 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