Christmas Mountain Association of

Interval Owners, Inc.

Bylaws
Developed by the Board of Directors
2012 2013
Approved during the Annual Meeting held
November 2, 2013

CMAIO Bylaws Approved at Annual Meeting November 2, 2013 Page 1 of 13

 ARTICLE I
PLAN OF INTERVAL OWNERSHIP

1) Purpose. The administration of the CHRISTMAS MOUNTAIN ASSOCIATION OF

INTERVAL OWNERS, INC. (further known as CMAIO) shall be governed by these
Bylaws and all present and future holders of any interest in CMAIO shall hold said interest
subject to these Bylaws as well as to the Rules promulgated thereunder.

2) Applicability. The provisions of these Bylaws are applicable to the Property and the use,
occupancy, sale, lease or other transfer thereon.

3) Office. The office of CMAIO and of the Board of Directors (further known as BOD)
shall be located at The Club at Christmas Mountain, or at such other place as may be
designated from time to time by the BOD. The address of CMAIO is: 100 Christmas
Mountain Road, The Club at Christmas Mountain, Glen, NH 03089

ARTICLE II
INTERVAL WEEK OWNERS ASSOCIATION

1) Composition. All Interval Week Owners, (further known as IWO) acting as a group in
accordance with these Bylaws, shall constitute CMAIO which shall have the responsibility of
administering CMAIO, establishing the means and methods of collecting the assessments for
Common Expenses, arranging for the management of CMAIO, and performing all the acts
that may be required to be performed by CMAIO.
a. Except as to those matters which:
i. these Bylaws specifically require to be performed by the vote of the IWOs
ii. the administration of CMAIO shall be performed by the BOD (as more particularly
set forth in Article III).

2) A. Voting. Each IWO shall be entitled to one vote, per Interval week, at the Annual
Meeting. Except where a greater number is required by these Bylaws, a majority of the votes
of IWOs present, in good standing and entitled to vote, is required to adopt decisions at any
meeting of CMAIO.
B. Voting Requirements. A IWO shall be deemed to be in good standing and
entitled to vote at any annual meeting or at any special meeting of CMAIO if, and only if, he
shall have fully paid all assessments made or levied and due against him and his unit by the
BOD as hereinafter provided at least thirty (30) days prior to the date fixed for such annual or
special meeting.

3) Place of Meeting. Meetings of CMAIO shall be held at The Club at Christmas Mountain, or
at such other suitable place as may be designated by the BOD and stated in the notice of
meeting.

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4) Annual Meeting. Meetings of CMAIO shall be held on the first Saturday in November, or
by agreement of the IWOs at the last Annual Meeting, or on such other date, as may be
designated by the BOD and reflected in the notice provided for in Paragraph 6 below. At
such annual meetings, members of the BOD who are up for renewal or replacement shall be
elected by ballot of the IWOs in accordance with the requirements of Article III.
CMAIO may transact such other business as may properly come before them at such
meetings.

5) Special Meetings. It shall be the duty of the President to call a special meeting of CMAIO if
so directed by resolution of the BOD or by a petition signed and presented to the Manager by
not less than thirty percent (30%) of all IWOs. The notice of any special meeting shall set
forth the purpose, and no business shall be transacted at a special meeting except as stated in
the notice.

6) Notice of Meeting. It shall be the duty of the Manager to mail, by United States mail, a notice
of each annual meeting or special meeting, at least twenty-one (21) days in advance of such
meeting, stating the purpose thereof as well as the time and place where it is to be held, to
each IWO of record, at the current address on record, or at such other address as each IWO
may have designated by notice in writing to the Manager. Alternative notice may be given
by email, text or voicemail if deemed appropriate and timely.

7) Proxies. The votes held by any IWO may be cast pursuant to a proxy executed by or on behalf
of the IWO, or, in cases where the IWO is more than one person, by or on behalf of all such
persons and received by the Board of Directors prior to any meeting. No such proxy shall be
revocable except by actual notice to the person presiding over the meeting, by the IWO or
Owners that it be revoked. A proxy shall be void if it is not dated, if it purports to be revocable
without notice as aforesaid, or if the signature of any of those executing the same has not been
duly acknowledged. A proxy signed by a person other than the IWO will be accepted upon
presentation to the President of documentation which in the sole discretion of the President, he
or she deems sufficient to grant such signators authority to act under the proxy.

8) Quorum. A quorum of the IWOs shall be deemed to be present throughout any meeting,
until adjourned, if persons entitled to cast votes representing more than fifteen percent (15%)
of the total number of weeks owned are present either in person or by proxy at the beginning of
such meeting

9) Order of Business. The order of business at all meetings of CMAIO may be as follows: (a)
roll call; (b) recitation of proof of notice of meeting; (c) review and acceptance of
minutes of preceding meeting; (d) reports of officers; (e) report of BOD; (f) reports of
committees; (g) election of directors, if applicable; (h) unfinished business; and ( i) new
business; any of which may be waived.

10) Conduct of Meeting. The President, or his designated Alternate, shall preside over all
meetings of CMAIO and the Secretary shall keep the minutes of the meeting and shall
record all transactions occurring and all resolutions adopted at the meeting. Roberts Rules
of Order shall govern the conduct of all meetings of CMAIO when not in conflict with
these Bylaws.

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 ARTICLE III
BOARD OF DIRECTORS

1) Powers and Duties. The affairs and business of CMAIO shall be managed by a BOD which shall
have all of the Powers and duties necessary for the administration of the affairs of CMAIO and
may do all such acts and things as are not by these Bylaws directed to be exercised and done by
CMAIO. The BOD shall have the power from time to time to adopt any Rules deemed
necessary for the enjoyment of CMAIO provided that such Rules shall not be in conflict with the
recorded Covenants and Restrictions or these Bylaws. The BOD may delegate to one of its
members [ see section 2, Managing Agent ] the authority to act on behalf of the BOD on all
matters which might arise between meetings of the BOD. In addition to the general duties
imposed by these Bylaws, the BOD shall have the power to, and be responsible for, the
following:
a. Preparation of an annual budget which establishes the assessment of each IWO for the
Maintenance Fees, etc.
b. Making assessments against IWOs to defray the Maintenance Fees of CMAIO,
establishing the means and methods of collecting such assessments from the IWOs,
collecting said assessments, depositing the proceeds thereof in a bank depository which it
shall approve, and using the proceeds to carry out the administration of the Property.
Unless otherwise determined by the BOD, the annual assessments against each IWO for
his proportionate share of the Maintenance Fees shall be payable by January 1st of each
year, or by agreement with the Managing Agent [see section 2] of a Payment plan.
Payment must be no later than 2 weeks before expected use of the Unit.
c. Working with CMCOA (Christmas Mountain Condo Owners Association) to provide for
the operation, care, upkeep, replacement and maintenance of all of the Common Area and
services of CMAIO. Including but not limited to yearly snow plowing, road maintenance,
maintaining a capital reserve fund and miscellaneous matters necessary for the Common
Area.
d. [ see Article III, section 2 ] Designating, hiring and dismissing the personnel
necessary for the maintenance, operation, repair and replacement of appliances, furniture,
etc. within all Units. Providing services for the Property. Where appropriate, providing for
the compensation of such personnel and for the purchase or use of equipment, supplies and
material to be used by such personnel in the performance of their duties. Supplies and
equipment, if purchased, shall be deemed the common property of IWOs.
e. Making and amending Rules respecting the use of the Property and enforcing the
provisions of these Bylaws and other Rules, including recorded Covenants and Restrictions,
and bringing any proceedings which may be instituted on behalf of IWOs.
f. Obtaining and maintaining insurance against casualties and liabilities, as provided in Article
VI of these Bylaws.
g. Maintaining books of account showing the receipts and expenditures of CMAIO.
h. Obtaining a financial statement at the end of each fiscal year.

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2) Managing Agent. The BOD may employ a Manager for a fee or compensation established by the
BOD, to perform such duties and services as the BOD shall authorize, including, but not
limited to, the duties listed in Section 1 of this Article III. The BOD may delegate to the
Manager all of the powers granted to the BOD by these Bylaws; provided that any actions by the
Manager with respect to the powers set forth in paragraph (b) of Section 1 of this Article III shall
require the expressed consent of the BOD. The term of any employment contract for a Manager
shall be Annual, and any such employment contract shall be reviewed annually.

3) Number of Directors: The BOD shall be composed of seven (7) persons and two (2) Alternates.
Directors shall consist only of IWOs or spouses of IWOs. These directors shall be elected at
the Annual Meeting of all IWOs.

4) Election and Term of Office. Each director shall be elected for a three (3) year term. At the
expiration of such term, a director may be re-elected for an additional 3-year term or replaced by
electing a new director from those in attendance during the annual owners meeting.

5) Organization Meeting. The first meeting of the members of the BOD following the annual
meeting of CMAIO shall be held immediately after the annual meeting providing a majority of
the whole BOD is present.

6) Regular Meetings. Regular meetings of the BOD will be held at such time and place as shall be
determined, from time to time, by a majority of the directors, but a least four (4) such meetings
shall be held during each twelve (12) month period after the annual meeting of CMAIO. Notice of
regular meetings of the BOD shall be given to each director, personally or by email, at least five
(5) business days prior to the day named for such meeting, except that no notice shall be required
for a regular meeting held immediately after, and at the same place as, the annual meeting of
CMAIO.

7) Special Meetings. Special meetings of the BOD may be called by the President or Secretary on
five (5) business days' notice to each director. Such notice shall be given personally, by email, or
telephone, and such notice shall state the time, place and purpose of the meeting in writing.
Special meetings of the BOD shall be called by the President or Secretary in like manner and on
like notice on the written request of at least two (2) directors.

8) Alternates. Alternates are expected to attend all BOD's meetings; may participate in all discussions;
will serve to establish a quorum at all BOD's meetings; may vote on all motions if fewer than seven
(7) board members are in attendance; and may be appointed to complete a term of a regular board
member should one have to step down before the end of his/her term.

9) BOARD OF DIRECTORS' Quorum. At all meetings of the BOD, a majority of the directors
shall constitute a quorum for the transaction of business, and the acts of the majority of the
directors present at a meeting at which a quorum is present shall be the acts of the BOD.
Attendance may be allowed by conference call.

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10) Vacancies. Vacancies on the BOD caused by any reason other than removal of a director by a
vote of CMAIO shall be filled by vote of the majority of the remaining directors, at a special
meeting of the BOD held for that purpose promptly after the occurrence of any such vacancy,
even though the directors present at such meeting may constitute less than a quorum of the BOD
and each person so elected shall be a director for the remainder of the term of the director so
replaced. The replacement for the vacancy may be selected from the current Alternates of the
BOD.

11) Removal of Directors. A director may be removed with or without cause, and his successor elected,
at any duly called regular or special meeting of CMAIO at which a quorum is present, by an
affirmative vote of two-thirds (2/3rds) of the votes represented and voting. Any director whose
removal has been proposed by IWOs shall be given at least ten (10) days' notice of the calling of
the meeting and the purpose thereof and an opportunity to be heard at the meeting.

12) Availability of Records. The BOD shall make available to all IWOs, mortgagees, and to
insurers or guarantors of any mortgage on a Unit current copies of the Declaration of Covenants
and Restrictions, Bylaws, other rules concerning the books, records and financial statements of
CMAIO. "Available" means available for inspection, upon request, during normal business hours
or under other reasonable circumstances. Any holder, insurer or guarantor of a mortgage on a Unit
shall be entitled, within 15 business days after written request, to a financial statement for the
immediately preceding fiscal year.

13) Licenses and Easements. The BOD on behalf of CMAIO shall work with CMCOA and will have
the power and authority to grant permits, licenses and easements over the Common Area for
utilities, roads, and other purposes reasonably necessary or useful for the proper maintenance or
operation of CMAIO.

14) Compensation. No director shall receive any compensation from CMAIO for acting as such, but
shall be entitled to reimbursement for any out of pocket expenses.

15) Conduct of Meetings. The President, or, in his absence, a president pro tem, elected by the
BOD, shall preside over all meetings of the BOD and the Secretary shall keep the minutes of the
meetings of the BOD, recording therein all resolutions adopted by the BOD and all
transactions and proceedings occurring at such meeting, which minutes shall be filed in the
Record Book of CMAIO.

16) Report of BOARD OF DIRECTORS. The BOD shall present at each annual meeting, and when
called for by vote of CMAIO at any special meeting of CMAIO, a full and clear financial
statement of the business and condition of CMAIO.

17) Dispensing with Vote. Any action by the BOD required or permitted to be taken at any meeting
may be taken without a meeting if all of the members of the BOD shall individually or
collectively consent in writing to such action. Such written consent shall be filed with the
minutes of the proceedings of the BOD.

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18) Liability of the BOARD OF DIRECTORS. The members of the BOD shall not be liable to the
IWOs for any mistake of judgment, negligence, or otherwise except for their own individual
willful misconduct or bad faith. The IWOs shall indemnify and hold harmless each of the
Directors from and against all contractual liability to others arising out of contracts made by the
BOD on behalf of the IWOs unless any such contract shall have been made in bad faith or
contrary to the provisions of the Declaration of Covenants and Restrictions or of these Bylaws.
It is intended that the members of the BOD shall have no personal liability (except as IWOs)
with respect to any contract made by them on behalf of the IWOs, unless made in bad faith or due
to willful misconduct or contrary to such provisions.

ARTICLE IV
OFFICERS

1) Designation. The officers of the BOD shall be elected by the BOD from its own membership.
One each: President, Secretary, Treasurer; Treasurer & Secretary may be held by the same
person. Assistants and other necessary positions may be appointed by the board as necessary. [
Note: see Article III, section 2, Manager ]

2) Election/Removal of Officers. The officers of the BOD shall be elected annually at the first
meeting of the BOD following the Annual Owners Meeting. Should a vacancy occur in an office
it may be filled by the BOD by affirmative vote of a majority of the BOD. An officer of the
BOD may be removed at any time by the affirmative vote of a majority of the BOD.

3) President. The President shall be the chief executive officer; the President or the designated
alternate, shall preside at meetings of CMAIO and, if present, at meetings of the BOD; and shall
be an ex officio member of all committees. The President shall have general and active
management of the business of CMAIO and shall see that all orders and resolutions of the board
are carried out. The President shall have all of the general powers and duties which are usually
vested in or incident to the office of President of a Stock Corporation organized under the laws of
the State of New Hampshire.

4) Secretary. The Secretary or his/her designated alternate shall attend all meetings of the BOD and
all meetings of CMAIO, record all proceedings, and make them available to the BOD. These
will then be filed by the Manager in CMAIO office. The Secretary shall perform like duties for
committees when required. The Secretary shall give, or cause to be given, notice of all meetings
of CMAIO, BOD and Committees and perform such other duties as may be prescribed by the
BOD or President. The Secretary, or by his/her direction, the Manager, shall compile and keep
current at the principal office of CMAIO, a complete list of the IWOs and their last known post
office addresses. This list shall be open to inspection by all IWOs and other persons lawfully
entitled to inspect the same at reasonable hours during regular business days.

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5) Treasurer. The Treasurer shall have the custody of all funds and securities that are not under the
control of the Manager, and, with the assistance of the Manager, shall keep full and accurate
records of receipts and disbursements, shall prepare all required financial data, and shall deposit
all monies and other valuable personal property in such depositories as may be designated by the
BOD. The Treasurer shall disburse funds as ordered by the BOD, where possible taking proper
vouchers for such disbursements, and shall render to the President and Directors, at the regular
meeting of the BOD, or whenever they may require it, an account of all of the transactions as
Treasurer to include the financial condition of CMAIO.

6) Agreements, Contracts, Deeds, etc. All agreements, contracts, deeds, leases, checks and other
instruments of CMAIO for expenditures or obligations may be executed by the Treasurer or
Manager of CMAIO or by such other person or persons as may be designated by the BOD.

7) Compensation of Officers. NO OFFICER shall receive any compensation from CMAIO for
acting as such, but shall be entitled to reimbursement for any out of pocket expenses.

ARTICLE V
OPERATION OF THE PROPERTY

1) Determination of Maintenance Fees and Assessments against Owners.

a. Fiscal Year. The fiscal year of CMAIO shall consist of the twelve month period
commencing on October 1 of each year and terminating on September 30 of the
following year. The fiscal year herein established shall be subject to change by the BOD.

b. Preparation and Approval of Budget. It is the responsibility of the BOD to maintain the
units, repair and replace furniture & fixtures, and estimate the costs of related wages,
materials, insurance premiums, services, supplies and other expenses that are necessary for
this purpose. Such expenses may be declared to be Common Expenses by the
Declaration of Covenants and Restrictions, these Bylaws or a resolution of
CMAIO. Each year the BOD shall adopt a budget for CMAIO, for the coming Fiscal
year, containing an estimate of the total amount which it considers necessary to pay the
cost of maintenance management, operation, repair and replacement of the Units. Such
budget shall also include such reasonable reserves as the BOD considers necessary to
provide a general operating reserve, and reserves for contingencies and replacements.
The BOD shall make reasonable efforts to send to each IWO a copy of the budget, in a
reasonably itemized form which sets forth the amount of the Maintenance Fees
payable by each IWO, at least fifteen (15) days in advance of the Annual Owners Meeting.
The said budget shall constitute the basis for determining each IWO's contribution for the
Units expenses of CMAIO.

c. Assessment and payment of Maintenance Fees. The total amount of the estimated funds
required for the operation of the Units set forth in the budget for the fiscal year adopted
by the BOD shall be assessed against the total ownership of the Units.

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 d. Reserves. The BOD shall build up and maintain an adequate operating reserve, and
reserve for maintenance, of the Units, which shall be funded, as provided for in
subsection (b). At the end of each fiscal year, all funds accumulated during such year for
reserves for replacement of Units shall be placed in a separate bank account, segregated
from the general operating funds, and used only for such purposes. If for any reason,
including non-payment of any IWOs' assessment, the reserves are inadequate, the BOD
may at any time levy a further assessment, and which may be payable in a lump sum or in
installments as the BOD may determine. The BOD shall serve notice of any such further
assessment on all IWOs by a statement in writing giving the amount and reasons
therefore. Such further assessment shall be voted upon at the Annual Owners
Meeting or by such method as determined by the BOD. All IWOs shall be obligated
to pay the amount of such assessment.

e. Working Capital Reserve. The BOD shall establish a working capital fund equal to two
months budgeted Units Maintenance Fees. The fund shall be maintained in a segregated
fund account for the use and benefit of CMAIO.

f. Effect of Failure to Prepare or Adopt Budget. The failure or delay of the BOD to prepare
or adopt the annual budget for any fiscal year shall not constitute a waiver or release in
any manner of a IWO's obligation to pay his/her allocated share of the Maintenance
Fees as herein provided. Whenever the same shall be determined, and in the absence
of any annual budget or adjusted budget, each IWO shall continue to pay the
Maintenance Fees at the current existing rate established for the previous fiscal period
until a new annual or adjusted budget shall have been adopted.

2) Payment of Maintenance Fees. All IWOs shall be obligated to pay the Maintenance Fees
assessed by the BOD pursuant to the provisions of section 1 of this Article V. No IWO may
exempt himself from liability for his contribution toward Maintenance Fees by waiver
of the use or enjoyment of any of the Common Elements or by abandonment of his Unit.

3) Collection of Assessments. The BOD shall take prompt action to collect any assessments for
Maintenance Fees due from any IWO which remains unpaid for more than sixty (60) days
from the due date for payment thereof. See Article IX, section 1e, and Article III, Section 1b.

4) Maintenance and Repair.

a. Except as otherwise provided in Section 4 (b) below, the BOD shall be responsible for the
maintenance, repair and replacement (unless necessitated by the negligence, misuse or
neglect of a IWO, or of a person with said IWO's actual or implied consent, in which
case such expenses shall be charged to such IWO) of all the Units, the costs of which
shall be charged to all owners as a Maintenance Fee.
b. Manner of Repair and Replacement. All repairs and replacements shall be substantially similar to
the original construction and installation, and shall be of first quality.

5) Additions, Alterations or Improvements by BOD. Whenever, in the judgment of the BOD,

the Units shall require additions, alterations or improvements costing in excess of one
thousand dollars ($1,000.00) during any period of twelve (12) consecutive months, and the
making of such additions, alterations or improvements shall have been approved by
IWOs having a majority of the percentage of common interest, the BOD shall proceed
with such additions, alterations or improvements.

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6) Restrictions on use of Units. To assist CMAIO in providing for congenial occupancy, and the
protection of the value of the Units, it is necessary that the BOD have the right and authority
to exercise reasonable controls over the use of the Units. Violation of the recorded
Declaration of Covenants and Restrictions shall not be permitted and the BOD is hereby
authorized to take all steps necessary to prevent or discontinue any violations thereof, all at
the expense of the violator.

7) Rules. Rules concerning the operation and use of the Units may be circulated and amended
by the BOD, provided that such rules are not contrary to or inconsistent with the Declaration
of Covenants and Restrictions or these Bylaws. Copies of the Rules shall be furnished by
the BOD to each IWO prior to the time when the same shall become effective.

ARTICLE VI
INSURANCE

1) [ see article III section 1 (f) ] The BOD shall seek to obtain the following insurance as
determined by the BOD to protect CMAIO, the BOD, the Manager and any agents or
employees of CMAIO.

(a) Liability Insurance

(b) Workmens Compensation

(c) Any other such insurance as determined by the BOD.

ARTICLE VII
AMENDMENT TO BYLAWS

1) Amendments. These Bylaws may be modified or amended only at an Annual Meeting or

Properly Noticed Special meeting. In the notice of an annual Meeting or Special Meeting at
which a proposed amendment is to be considered, a copy of the proposed amendment shall be
included in such notice. The vote required to change or Amend the Bylaws will be by a 75% vote
of persons qualified and eligible to cast votes present either in person or by proxy at any Annual
Meeting or properly noticed Special Meeting. Furthermore, notwithstanding the foregoing, so
long as CMAIO or its successor Association or its successor is the Owner of one or more
Units no amendment to these Bylaws may be adopted which could interfere with the
construction, display, sale, lease or other disposition of such Unit or Units.

2) Recording. A modification or amendment of these Bylaws shall become

effective only when it has been duly recorded in the Carroll County Registry
of Deeds.

3) Conflicts. No modification or amendment of these Bylaws may be adopted which

shall be inconsistent with the provisions of the Declaration of Covenants and
Restrictions.

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 ARTICLE VIII
NOTICE

1) Manner of Notice. All notices, demands, bills, statements or communication provided for or
required under these Bylaws shall be in writing and shall be deemed to have been duly given
if delivered personally, or if sent by U.S. Mail, return receipt requested, first class postage
prepaid (except for monthly bills for common expenses which may be sent by first class mail
postage prepaid), email, or any other suitable electronic method:
a. if to a IWO, at such address as the IWO may have designated by notice in writing to
the Manager, or
b. if to CMAIO, the BOD or the Manager at the principal office of the Manager or at
such other address as shall be designated by notice in writing to the IWOs pursuant
to this Section.

2) Waiver of Notice. Whenever any notice is required to be given under the provisions of
statutes, of the Declaration of Covenants and Restrictions or of these Bylaws, a waiver
thereof, in writing, signed by the person or persons entitled to such notice, whether signed
before or after the time stated therein, shall be deemed equivalent thereto.

ARTICLE IX
COMPLIANCE AND DEFAULT

1) Relief. Each IWO shall be governed by, and shall comply with, all of the terms of the
Declaration, these Bylaws and any amendments of the same. A default by a IWO shall
entitle CMAIO acting through the BOD or the Manager, to the following relief:

a. Legal Proceedings. Failure to comply with any of the terms of the Declaration
of Covenants and Restrictions and these Bylaws shall be grounds for legal action,
which may include action to recover any sums due for money damages, injunctive
relief, foreclosure of the lien for payment of all assessments, any other relief
provided for in the Declaration of Covenants and Restrictions, these Bylaws, or
any combination thereof, and any other relief afforded by a court of competent
jurisdiction. The foregoing actions for relief may be sought by CMAIO, the BOD, the
Manager, or, if appropriate, by the aggrieved IWO.

b. Additional Liability. Each IWO shall be liable for the expenses of all maintenance,
repair or replacement rendered necessary by his/her acts, neglect or carelessness or
the act, neglect or carelessness of any member of his family or his tenants, guest,
employees, agent or invitees, but only to the extent that such expense is not covered by
the proceeds of insurance carried by the BOD. Nothing contained herein,
however, shall be construed as modifying any waiver by an insurance company of
its rights of subrogation.

c. Costs of Attorney's Fees. In any proceeding arising out of any alleged default by an
IWO, the prevailing party shall be entitled to recover the costs of the
proceeding, reasonable attorneys' fees and interest as may be allowed by law .

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 d. No Waiver of Rights. The failure of CMAIO, the BOD, the Manager, or of any
IWO to enforce any right, provision, covenant, or condition which may be
granted by the Declaration of Covenants and Restrictions or these Bylaws shall
not constitute a waiver of the right of CMAIO, the BOD, the Manager, or any IWO
to enforce such right, provision, covenant or condition in the future.

e. The Event of Default. In the event of a default of Maintenance Fees, by any IWO,
which continues past the date of the Owners Annual Usage Period, such IWO shall be
obligated to the following:

i. Communicate with the Manager to advise whether things are OK.

ii. Work with the Manager to negotiate the payments, partial payments and/or time
schedules for the payments.
iii. The IWO will not be allowed usage of his Unit without payment.
iv. Upon two (2) successive defaults in payment of Maintenance Fees or any other
duly assessed fees, the IWO's right to use and occupy his or her Interval Week or
Weeks shall terminate.

f. Abatement and Enjoinment of Violations By IWOs. The violation of any rule or

regulation adopted by the BOD, or the breach of any Bylaws contained herein, or the
breach of any provision of the Declaration of Covenants and Restrictions, shall give
the BOD or the Manager the right, in addition to any other rights set forth in these
Bylaws:
i. to instruct, halt or remedy, by appropriate legal proceedings, either at law or in
equity, the continuance of any such breach; or
ii. to suspend or limit the right of the IWO committing the violation to use any part
of the Unit during the continuance of such violation.
iii. to assess IWOs such fines or supplemental fees as included in the Bylaws,
Declarations of Covenants and/or rules.

ARTICLE X
RESALE OF UNITS

1) In the event of the resale of a Unit by a IWO, the President or his designee/designate shall,
upon written request from the prospective Owner, within 10 business days furnish:
a. A statement of any capital expenditures and major maintenance expenditures anticipated
within the current fiscal year.
b. A statement of the status and amount of any reserve for the major maintenance or
replacement fund and any portion of such fund earmarked for any specified project by the
BOD.
c. A copy of the income statement and balance sheet of CMAIO for the last fiscal year for
which such statement is available.
d. A statement of the status of any pending suits or judgments in which CMAIO is a
party/defendant.
e. A statement setting forth what insurance coverage is provided for all IWOs by CMAIO.
f. A copy of the condominium declaration, by-laws, and any formal rules of the association.
g. A statement of the amount of monthly and annual fees, and any special assessments made
within the last 3 years.

CMAIO Bylaws Approved at Annual Meeting November 2, 2013 Page 12 of 13

 ARTICLE XI
SEVERABILITY AND
MISCELLANEOUS PROVISIONS

1) Severability. These Bylaws are intended to comply with the requirements of the State
of New Hampshire. In case any of the Bylaws are in conflict with the provisions of any of
its statutes, the provisions of the statutes will apply. If any provisions of these Bylaws, or
any section, sentence, clause, phrase or word or the application thereof in any
circumstance are held invalid, the validity of the remainder of these Bylaws shall not be
affected thereby and to this end, the provisions hereof are declared to be severable.

2) WAIVER. No restriction, condition, obligation or provision of these Bylaws shall be

deemed to have been revoked or waived by reason of any failure or failures to enforce the
same.

3) CAPTIONS. The captions contained in these Bylaws are for convenience only and are not
part of these Bylaws and are not intended in any way to limit or enlarge the terms and
provisions of these Bylaws.

4) GENDER, etc. Whenever in these Bylaws the context so requires the singular number shall
include the plural and the converse; and the use of any gender shall be deemed to include all
genders.

APPENDIX

There are several words or phrases which are standardized.

1. IWO Interval Week Owners (per the original Articles of Agreement)
2. CMAIO - CHRISTMAS MOUNTAIN ASSOCIATION OF INTERVAL OWNERS, INC.
3. BOD Board of Directors
4. Maintenance Fees annual fees for CMAIO
5. Unit the inside of the weekly ownership
6. Common Area the lawn, sidewalks, driveways, roof, stairs, painting, etc.
a. Referred to as Covenants and Restrictions in Bylaws
7. Bylaws this is the most commonly used use of the word.
8. CMCOA (Christmas Mountain Condo Owners Association)

Declaration of Covenants and Restrictions essentially the rules of CMCOA

CMAIO Bylaws Approved at Annual Meeting November 2, 2013 Page 13 of 13