Document:

When
recorded return to:

Brownstein
Hyatt Farber Schreck, LLP

410 17th Street, Suite 2200

Denver, Colorado 80202

Attention: Catherine Gale, Esq.

FOURTH
AMENDMENT TO LEASE AND OPERATING AGREEMENT

          THIS
FOURTH AMENDMENT TO LEASE AND OPERATING AGREEMENT (this “Fourth Amendment”) is dated as of January 30th,
2013 by and between INTRAWEST/WINTER PARK OPERATIONS CORPORATION, a Delaware corporation (“Tenant”), and WINTER
PARK RECREATIONAL ASSOCIATION, a Colorado nonprofit corporation (“Landlord”). All recording references contained
herein are to the real estate records maintained by the Office of the Clerk and Recorder for Grand County, Colorado (the “Records”).

          A.          WHEREAS,
Landlord and Tenant entered into that certain Lease and Operating Agreement with an effective date of December 23, 2002, recorded
on December 23, 2002, in the Records at Reception No. 2002-44286, as amended by that certain Lease Exhibits Modification Agreement
dated as of December 20, 2002, and recorded on December 23, 2002, in the Records at Reception No. 2002-014287, as further amended
by that certain Amended and Restated Effective Date Certificate effective as of December 23, 2002, recorded on April 25, 2003,
in the Records at Reception No. 2003-005109, as further amended by that certain Amended and Restated Lease Exhibits Modification
Agreement with an effective date of December 23, 2002, recorded on April 25, 2003, in the Records at Reception No. 2003-005110,
as further amended by that certain First Amendment to Lease and Operating Agreement dated as of July 2, 2004, recorded on July
9, 2004, in the Records at Reception No. 2004-008216, as further amended by that certain Second Amendment to Lease and Operating
Agreement dated May 4, 2009, recorded May 6, 2009, in the Records at Reception No. 2009-004056, and as further amended by that
certain Third Amendment to Lease and Operating Agreement dated May 4, 2009, recorded on May 6, 2009, in the Records at Reception
No. 2009-004072 (as amended, the “Lease Agreement”);

          B.           WHEREAS,
Landlord and Tenant wish to amend the Lease Agreement to clarify certain portions thereof.

          NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant
agree as follows:

          1.            Authorized
Resort Signer(s). Article 1 of the Lease Agreement is amended by adding the following definition:

	 	 
	 	“Authorized
    Resort Signer(s)” shall mean Tenant’s most senior business and financial employee(s) as required
    in the applicable sections of the Lease Agreement. Landlord shall have the right to review such person’s job responsibilities
    and approve such Authorized Resort Signers.

 

	 	 
	 	

    	 

    	 

    

          2.            Leased
Assets. The definition of “Leased Assets” in Article 1 of the Lease Agreement is deleted in its entirety and
replaced by the following:

	 	 
	 	“Leased Assets”
    shall mean all of the Real Property, Improvements, Tangible Personal Property, Intangible Personal Property, Intellectual
    Property, and Water Rights now or hereafter owned, leased, or licensed by Landlord and used or useful in the operation of
    the Winter Park Resort, excluding only cash paid or owing by Tenant to Landlord, proceeds from condemnation or conveyance
    of title in lieu of condemnation (subject to Sections 14.2 and 14.5 of this Agreement) and the Mineral Rights.

          3.            Quarter.
Article 1 of the Lease Agreement is amended by adding the following definition:

	 	 
	 	“Quarter”
    shall mean any period consisting of three consecutive successive months commencing on July 1, October 1, January 1 and April
    1 of the applicable Fiscal Year. The first Quarter shall mean the period commencing on July 1 and the last Quarter shall mean
    the period commencing on April 1.

          4.            Leases
and Subleases. Section 2.1 is amended by ending the last sentence of such section after the phrase “withhold).”
and deleting “unless such action has obtained the prior consent or approval of the Board of Water Commissioners for the
City.”

          5.            Assumption
of Liabilities. The following sentence shall be added as the last sentence in Section 3.2: “For the purposes of this
Section, the Board of Water Commissioners for the City shall not be considered a City agency.”

          6.            Capital
Expenditures. The last sentence of Section 5.3(b) is deleted and replaced with the following sentence:

	 	 
	 	In any Fiscal Year, if Tenant spends
    an amount in excess of the Required Annual Capital Maintenance Amount, such excess shall be credited towards the expenditure
    of the Required Annual Capital Maintenance Amount for the following Fiscal Year(s) (up to a maximum of five (5) Fiscal Years
    on a first in, first out, basis).

          7.            Statement
of Amount Due. Section 5.6 shall be deleted in its entirety and replaced by the following:

	 	 
	 	Concurrently, with the payment of each
    Revenue-Based Annual Payment required by Section 5.1(d), Tenant shall deliver to Landlord a schedule showing the calculation
    of the amounts due in accordance with the provisions of such section, and setting forth in reasonable detail, the financial
    statement information supporting such calculations. Such schedule shall include a description of the manner in which all allocated
    costs were allocated pursuant to Section 5.5, and

    	2

    	 

    

          9.             Annual
Reports. Section 7.2 shall be deleted in its entirety and replaced by the following:

	 	 
	 	Annual Reports. Not later than
    ninety (90) days after the end of each Fiscal Year, Tenant shall deliver to Landlord and to the City annual report statements
    (in form and substance reasonably satisfactory to Landlord) that include:
	 	 
	 	(a)          Audited
    financial statements of the Tenant prepared by Tenant’s Accountants on a non-consolidated basis, consistent with the
    form and information required to be disclosed by GAAP.
	 	 
	 	(b)          Schedule
    of Gross Revenue and Cash Flow for Annual Payment for the immediately preceding Fiscal Year (or portion thereof) included
    in the Term, which schedule shall specify all Gross Revenue and component items (in summary form) of Cash Flow for Annual
    Payment (EBITA, Required Annual Capital Maintenance Amounts and Required Interest Payments). Such schedule shall be included
    as supplemental information in the audited financial statement of the Tenant and subject to the auditing procedures applied
    in the audit of the basis financial statements, and in the Tenant’s Accountants’ opinion, fairly stated in all
    material respects in relation to the basis financial statements taken as a whole. Additionally, Tenant’s Accountants
    will perform an agreed-upon procedures engagement on the schedule of Gross Revenue and Cash Flow for Annual Payment conducted
    in accordance with attestation standards established by the American Institute of Certified Public Accountants. Such engagement
    shall be completed based upon procedures agreed to by the Tenant and the Landlord, and documented in the annual Accountants’
    engagement letter, which shall set forth the understanding of the terms and objectives of the engagement.
	 	 
	 	(c)          A
    written statement signed by the most senior corporate financial officer that all fees and charges and all allocated costs
    comply with the categories, descriptions, and limitations specified in this Agreement.

          10.           Maintenance
of Records. Section 7.3(d) shall be amended by the deletion of the words “Copper Mountain or”. In addition, a
new paragraph (f) shall be added which states:

	 	 
	 	(f)          During
    the Term of this Agreement, all of the above records are the property of the Tenant and shall be maintained by the Tenant.

          11.          Coverage.
Section 9.1(h) shall be deleted in its entirety and replaced by the following:

	 	 
	 	Such other insurance in amounts as
    Landlord in its reasonable judgment deem advisable for protection against claims, liabilities, damages, risks or perils and
    as at the time are customarily insured against with respect to improvements similar in character, size, general location,
    use and occupancy to the Improvements.

    	4

    	 

    

          12.           General
Insurance Provisions. Section 9.2(f) shall be deleted in its entirety and replaced by the following:

	 	 
	 	Not less than sixty (60) days prior
    to the expiration or anniversary or such policies, Tenant shall deliver to Landlord confirmation that such policies are being
    renewed or replaced, in accordance with all of the provisions of Article IX. An endorsement shall be included with each policy
    providing that the carrier will not cancel for any reason other than the policyholder’s non-payment of premiums or materially
    change or alter the policy without first giving at least forty-five (45) days’ prior written notice to Tenant. Tenant
    agrees to give written notice of any cancellation or change in policy coverage to Landlord and the City’s Director of
    Risk Management promptly upon receipt of such notice from its insurance providers, but in no event later than five (5) business
    days after receipt by the first named insured in such policy of notice of cancellation or change in policy coverage. Tenant
    shall deliver to the City’s Director of Risk Management renewal certificates for such insurance within five (5) business
    days of its inception date.

          13.           Notices.
The notice addresses set forth in Section 18.11 of the Lease Agreement are hereby replaced with the following:

	 	 
	 	To Tenant:
	 	 
	 	Intrawest/Winter Park Operations Corporation
	 	P.O. Box 36
	 	85 Parsenn Road
	 	Winter Park, Colorado 80482
	 	Attention: Gary DeFrange
	 	Facsimile No.: (970) 726-1525
	 	Confirmation No.: (970) 726-1510
	 	 
	 	With copies to:
	 	 
	 	Intrawest Winter Park Operations Corporation
	 	P.O. Box 36
	 	85 Parsenn Road
	 	Winter Park, Colorado 80482
	 	Attention: William Baum
	 	Facsimile No.: (970) 726-1525
	 	Confirmation No.: (970) 726-1523
	 	 
	 	To Landlord:
	 	 
	 	Winter Park Recreational Association

    Trammell Crow Company

    1225 17th Street, Suite 3050

    Denver, Colorado 80202

    Attention: William E. Mosher

    Facsimile No.: (303) 628-1744

    Confirmation No.: (303) 628-7439

    	5

    	 

    

 

	 	 
	 	With copies to:
	 	 
	 	Brownstein Hyatt Farber Schreck, LLP

    410 17th Street, Suite 2200

    Denver, Colorado 80202

    Attention: Catherine Gale, Esq.

    Facsimile No.: (303) 223-1111

    Confirmation No.: (303) 223-1100
	 	 
	 	And to:
	 	 
	 	Denver City Attorney’s Office
	 	1437 Bannock Street, Room 353
	 	Denver, Colorado 80202-5375
	 	Attention: Supervisor, Municipal Operations
	 	Facsimile No.: (720) 913-3180
	 	Confirmation No.: (720) 913-3280

          14.           Defined
Terms. Any capitalized terms contained in this Fourth Amendment that are not defined herein shall have the meaning ascribed
to them in the Lease Agreement.

          15.           No
Further Changes. All other terms and conditions of the Lease Agreement remain in full force and effect.

[THE
REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

    	6

    	 

    

          The
parties have executed this Fourth Amendment to Lease and Operating Agreement to be effective the day and year first above written.

	 	 	 	 	 
	 	LANDLORD:	 
	 	 	 	 	 
	 	WINTER PARK RECREATIONAL

    ASSOCIATION,	 
	 	a Colorado nonprofit corporation	 
	 	 	 	 	 
	 	By:	/s/ William E. Mosher	
	 	Name: 	William E. Mosher	 
	 	Its:	President	 

 

	 	 	 
	STATE OF COLORADO	)	 
	 	)	ss.
	City and COUNTY OF Denver	)	 

          The
foregoing instrument was acknowledged before me this 29th day of January, 2013 by William E. Mosher, as President of
WINTER PARK RECREATIONAL ASSOCIATION, a Colorado nonprofit corporation.

          Witness
my hand and official seal.

          My
commission expires: 9-19-13                              

	 	 	 
	 	/s/ Margaret H. Cawthra
	 	Notary Public

 

	 	 
		[ADDITIONAL SIGNATURE ON FOLLOWING PAGE]

    	7

    	 

    

	 	 	 	 	 
	 	TENANT:	 
	 	 	 	 	 
	 	INTRAWEST/WINTER PARK OPERATIONS

    CORPORATION,	 
	 	a Delaware corporation	 
	 	 	 	 	 
	 	By:	/s/ Gary DeFrange	 
	 	Name: 	Gary DeFrange	 
	 	Its:	Vice
    President	 

 

	 	 	 
	STATE OF COLORADO	)	 
	 	)	ss.
	City and COUNTY OF Denver	)	 

          The foregoing
instrument was acknowledged before me this 29th day of January, 2013 by Gary DeFrange, as V. P. of INTRAWEST/WINTER
PARK OPERATIONS CORPORATION, a Delaware corporation.

          Witness my hand
and official seal.

          My
commission expires: 9-19-13                    

	 	 
	 	/s/ Margaret H. Cawthra
	 	Notary Public

 

	 	 	 
		 	 

    	8When recorded
    return to:
	 
	Brownstein Hyatt
    Farber Schreck, LLP

    410 17th Street, Suite 2200

    Denver, Colorado 80202

    Attention: Catherine Gale, Esq.

FIFTH
AMENDMENT TO LEASE AND OPERATING AGREEMENT

          THIS
FIFTH AMENDMENT TO LEASE AND OPERATING AGREEMENT (this “Fifth Amendment”) is dated as of April 10, 2013
(“Effective Date”) by and between INTRAWEST/WINTER PARK OPERATIONS CORPORATION, a Delaware corporation
(“Tenant”) and WINTER PARK RECREATIONAL ASSOCIATION, a Colorado nonprofit corporation (“Landlord”).
All recording references contained herein are to the real estate records maintained by the Office of the Clerk and Recorder for
Grand County, Colorado (the “Records”). Any capitalized terms contained in this Fifth Amendment that
are not defined herein shall have the meaning ascribed to them in the Lease, as hereinafter defined.

          A.          WHEREAS,
Landlord and Tenant entered into that certain Lease and Operating Agreement with an effective date of December 23, 2002, recorded
on December 23, 2002, in the Records at Reception No. 2002-14286; as amended by that certain Lease Exhibits Modification Agreement
dated as of December 20, 2002, and recorded on December 23, 2002, in the Records at Reception No. 2002-014287; as further amended
by that certain Amended and Restated Effective Date Certificate effective as of December 23, 2002, recorded on April 25, 2003,
in the Records at Reception No. 2003-005109; as further amended by that certain Amended and Restated Lease Exhibits Modification
Agreement with an effective date of December 23, 2002, recorded on April 25, 2003, in the Records at Reception No. 2003-005110;
as further amended by that certain WPRA First Amendment to Lease and Operating Agreement dated as of July 2, 2004, recorded on
July 9, 2004, in the Records at Reception No. 2004-008216; as further amended by that certain Second Amendment to Lease and Operating
Agreement dated May 4, 2009, recorded May 6, 2009, in the Records at Reception No. 2009-004056; as further amended by that certain
Third Amendment to Lease and Operating Agreement dated May 4, 2009, recorded on May 6, 2009, in the Records at Reception No. 2009-004072;
and as further amended by that certain Fourth Amendment to Lease and Operating Agreement dated January 30, 2013, recorded on January
30, 2013 in the Records at Reception No. 2013-000928 (as amended, the “Lease”);

          B.          WHEREAS,
the Tenant operates the Rental Shop on the Zephyr Property, which serves primarily as a shop that, among other things, rents mountain
sports recreational equipment and sells lift tickets to the Winter Park Resort associated therewith, which activities constitute
“Resort Operations” under the Lease.

          C.          WHEREAS,
the Lease was amended to (i) allow Tenant to operate the Rental Shop and to permit ownership of the Rental Shop by a party other
than Landlord for a certain period of time until such time as the Rental Shop was sold to a third party, and (ii) enable the placement
of certain restrictive covenants on the title of all or portions of the Zephyr Property that would continue to remain effective
after conveyance to a third party.

	 	 
	 	

    	 

    	 

    

          D.          WHEREAS,
the Rental Shop has not been sold to a third party and Landlord and Tenant agreed that (i) the Rental Shop shall be conveyed to
Landlord and upon such conveyance the Rental Shop shall be included in the Lease as a “Leased Asset” as that
term is defined in the Lease, and (ii) that certain restrictive covenants shall be placed on that portion of the Zephyr Property
which excludes the Rental Shop and Unit 1701, which is a residential unit (the “Remaining Zephyr Property”).

          NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant
agree as follows:

          1.          Additional
Leased Assets. The following portion of Section 2.5 of the Lease as set forth below in the First Amendment to Lease is
hereby deleted:

	 	 	 
	 	Notwithstanding anything to the contrary
    in Section 23 of the Lease, for the period from June 15, 2004 through June 30, 2009 (or, if earlier, immediately prior to
    termination of the Lease), the term “Additional Leased Assets” when used in Section 2.5 shall not include the
    property described on Exhibit A attached to the First Amendment to Lease dated as of June 15, 2004 (the “Zephyr Property”).
    To the extent that Intrawest Retail owns any of the Zephyr Property on or after June 30, 2009 (or, if earlier, immediately
    prior to termination of the Lease), it shall be Additional Leased Assets for purposes of Section 2.5 to the extent such property
    would constitute property used in Resort Operations.	 
	 	 	 
	 	The following language is substituted
    in its place:	 
	 	 	 
	 	Upon the conveyance of the Rental Shop
    to Landlord, the Rental Shop which is legally described on Exhibit A attached to this Fifth Amendment shall
    be a Leased Asset under the Lease.	 

          2.          First
Amendment Provisions Upon the conveyance of the Rental Shop to Landlord, the provisions of Sections 3, 4, 5 and 6 of the
First Amendment to Lease shall automatically be deleted without further action; provided however that the deed conveying the Rental
Shop to Landlord shall not be recorded until after Heritage Title Company has recorded a certain declaration of restrictive covenant
on the Remaining Zephyr Property.

          3.          Condominium
Assessments. Tenant expressly agrees that pursuant to the Lease, it shall be responsible for the timely payment of all
condominium assessment and charges related to the Retail Shop as a Leased Asset under the Lease

          4.          No
Further Changes. All other terms and conditions of the Lease remain in full force and effect.

[THE
REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

    	2

    	 

    

          The
parties have executed this Fifth Amendment to Lease and Operating Agreement to be effective the day and year first above written.

	 	 	 	 
	 	LANDLORD:
	 	 
	 	WINTER PARK RECREATIONAL

    ASSOCIATION,
	 	a Colorado nonprofit corporation
	 	 
	 	By:	/s/ William E. Mosher	 
	 	Name: William E. Mosher
	 	Its: President

 

	 	 
	STATE OF COLORADO	)
	 	) ss.
	COUNTY OF DENVER	)

          The
foregoing instrument was acknowledged before me this 15th day of March, 2013 by William E. Mosher, as President of WINTER PARK
RECREATIONAL ASSOCIATION, a Colorado nonprofit corporation.

          Witness
my hand and official seal.

          My
commission expires: __________________________

	 	 	 
		 	/s/ Karen Rae Smith
	 
	 	Notary Public

[ADDITIONAL
SIGNATURE ON FOLLOWING PAGE]

    	3

    	 

    

	 	 
	 	TENANT:
	 	 
	 	INTRAWEST/WINTER PARK OPERATIONS

 CORPORATION,
	 	a Delaware corporation

	 	 	 	 
	 	By: 	/s/ Gray DeFrange	 
	 	Name:  Gray DeFrange
	 	Its:  Vice President

	 	 
	STATE OF COLORADO	)
	 	) ss.
	COUNTY OF GRAND	)

          The
foregoing instrument was acknowledged before me this 14th day of March, 2013 by Gary DeFrange, as Vice President of
INTRAWEST/WINTER PARK OPERATIONS CORPORATION, a Delaware corporation.

          Witness
my hand and official seal.

          My
commission expires: November 1, 2016     

	 	 	 
		 	/s/ William J. Baum
	 
	 	Notary Public

[ADDITIONAL
SIGNATURE ON FOLLOWING PAGE]

 

    	4

    	 

    

EXHIBIT
A

Legal
Description of Rental Shop

Commercial
Unit 1 - Amended, Zephyr Mountain Lodge, Grand County, Colorado, according to the Declaration of Covenants, Conditions and Restrictions
for Zephyr Mountain Lodge, recorded in the real estate records of Grand County, Colorado on January 20, 2000 at Reception No.
2000000627, as amended by that certain First Amendment to Declaration of Covenants, Conditions and Restrictions for Zephyr Mountain
Lodge, recorded in the real estate records of Grand County, Colorado on February 2, 2000 at Reception No. 2000000996 and by that
certain Second Amendment to Declaration of Covenants, Conditions and Restrictions for Zephyr Mountain Lodge, recorded in the real
estate records of Grand County, Colorado on February 24, 2000 at Reception No. 2000001791 and by that certain Third Amendment
to Declaration of Covenants, Conditions and Restrictions for Zephyr Mountain Lodge, recorded in the real estate records of Grand
County, Colorado on June 18, 2001 at Reception No. 2001005595 and by that certain Fourth Amendment to Declaration of Covenants,
Conditions and Restrictions for Zephyr Mountain Lodge, recorded in the real estate records of Grand County, Colorado on August
13, 2002, at Reception No. 2002008452 and by that certain Fifth Amendment to Declaration of Covenants, Conditions and Restrictions
for Zephyr Mountain Lodge, recorded in the real estate records of Grand County, Colorado on May 13, 2004, at Reception No. 2004005668
and the Zephyr Mountain Lodge Condominium Map recorded in the real estate records of Grand County, Colorado on January 20, 2000
at Reception No. 2000000628 and amended by certain First Amendment to Zephyr Mountain Lodge Condominium Map recorded in the real
estate records of Grand County, Colorado on February 2, 2000 at Reception No. 2000000997 and by that certain Second Amendment
to Zephyr Mountain Lodge Condominium Map recorded in the real estate records of Grand County, Colorado on February 24, 2000 at
Reception No. 2000001790 and by that certain Third Amendment to Zephyr Mountain Lodge Condominium Map recorded in the real estate
records of Grand County, Colorado on August 13, 2002 at Reception No. 2002008451, containing approximately 8,057 square feet more
or less.

    	A-1

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