Document:

When
recorded return to: 

Holland & Hart LLP 

1800 Broadway, Suite 300 

Boulder, CO 80302 

Attention: Beat U. Steiner

SECOND
AMENDMENT TO LEASE AND OPERATING AGREEMENT

          THIS
SECOND AMENDMENT TO LEASE AND OPERATING AGREEMENT (this “Second Amendment”) is dated as of May 4, 2009
by and between INTRAWEST/WINTER PARK OPERATIONS CORPORATION, a Delaware corporation (“Intrawest”), and
WINTER PARK RECREATIONAL ASSOCIATION, a Colorado nonprofit corporation (“WPRA”).

          A.          WHEREAS,
WPRA and Intrawest entered into that certain Lease and Operating Agreement with an effective date of December 23, 2002, recorded
on December 23, 2002, in the real estate records maintained by the of the Office of the Clerk and Recorder for Grand County, Colorado
(the “Records”), at Reception No. 2002-14286, as amended by that certain Lease Exhibit Modification
Agreement dated as of December 20, 2002, and recorded in the Records on December 23, 2002, at Reception No. 2002-014287, as further
amended by that certain Amended and Restated Effective Date Certificate effective as of December 23, 2002, recorded in the Records
on April 25, 2003, 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 in the Records on April 25, 2003, 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 in the
Records on July 9, 2004, at Reception No. 2004-008216 (the “First Amendment” and, collectively with
the other documents referred to in this Recital, the “Lease Agreement”).

          B.          WHEREAS,
WPRA and Intrawest Development Corp. entered into that certain Option Agreement with an effective date of December 23, 2002, recorded
on December 23, 2002, in the Records at Reception No. 2002-041290, as amended by that certain Amendment No. 1 to Option Agreement
also dated as of December 23, 2002, recorded in the Grand County Records on December 23, 2002, at Reception No. 2002-014291, and
that certain Amendment No. 2 to Option Agreement also dated as of December 23, 2002, recorded in the Grand County Records on April
25, 2003, at Reception No. 2003-005112 (the “Original Option Agreement”).

          C.          WHEREAS,
Intrawest Corporation, a corporation continued pursuant to the Canada Business Corporation Act (the “Original Intrawest
Corporation”), executed a Guaranty Agreement dated December 23, 2002, in favor of WPRA to guaranty certain obligations,
including the obligations of Intrawest Holdings under the Additional Consideration Agreement (the “Original Guaranty”).

 

    	A-1

    	 

    

          D.          WHEREAS,
in October 2006, certain private equity funds (collectively, the “Fortress Funds”) managed and/or controlled
by Fortress Investment Group, LLC, a Delaware limited liability company, formed an acquisition entity for the purpose of acquiring
all of the stock of Intrawest Corporation. The acquisition was consummated on October 26, 2006, and Intrawest Corporation amalgamated
with the acquiring entity to form Intrawest ULC, an Alberta unlimited liability company (“Intrawest ULC”),
on October 27, 2006. Following the acquisition, Intrawest ULC restructured the ownership of its assets, as the result of which
Intrawest U.S. Holdings Inc., a Delaware corporation (“Intrawest US Holdings”), became a wholly-owned
subsidiary of Intrawest S.àr.l., a société à responsabilité limiteé, incorporated
under the laws of Luxembourg (“Intrawest S.àr.l.”), directly wholly-owned by INTRAWEST HOLDINGS
S.àr.l., a société à responsabilité limiteé, incorporated under the laws of Luxembourg,
having its registered office at 16, avenue Pasteur, L-2310 Luxembourg, registered with the registry of trade and companies of
Luxembourg under number R.C.S. B 120 197 and having a corporate capital of USD 2,505,500 (“Intrawest Holdings S.àr.l.”).
Intrawest Holdings S.àr.l. also indirectly owns Intrawest ULC. As a result of a further reorganization that occurred in
March 2007, Intrawest Holdings S.àr.l. is owned by Intrawest Cayman Limited Partnership, a partnership managed and/or controlled
by the Fortress Funds. Subsequently, corporate restructurings completed on December 31, 2007 resulted in Intrawest US being owned
fifty-nine percent (59%) by Intrawest S.àr.l. and forty-one percent (41%) by Intrawest Holdings S.àr.l. Intrawest
Operations and Intrawest Development remain wholly-owned subsidiaries of Intrawest Holdings (as defined in the Lease Agreement),
which is a wholly-owned subsidiary of Intrawest US Holdings. The corporate transactions described in this Recital are collectively
referred to as the “Fortress Transaction.”;

          E.          WHEREAS,
following the Fortress Transaction, Intrawest Holdings S.ar.l., and Intrawest US Holdings executed a Guaranty Agreement dated
June 6, 2007, to replace the Original Guaranty (the “New Guaranty”), which, in reliance on the
description of the Fortress Transaction and the organizational structure of the companies and their assets and other matters as
contained in the information provided by Intrawest to WPRA, WPRA accepted.

          F.          WHEREAS,
as a result of the Fortress Transaction, Intrawest Holdings and WPRA entered into an Amendment to Additional Consideration Agreement
in the form set forth in Exhibit B attached hereto and made a part hereof (the “Additional Consideration Agreement
Amendment”).

          G.          WHEREAS,
on September 24, 2007, WPRA recorded the Winter Park Village Core Final Plat for Lot 4, the Village at Winter Park Resort Minor
Subdivision.

          H.          WHEREAS,
Intrawest Development Corp. exercised its option under the Original Option Agreement to purchase Lots B, C, D, E, F, G and N of
Lot 4 (the “Village Core Parcels”), the Village at Winter Park Resort Minor Subdivision and assigned
its option to purchase the Village Core Parcels to IW/WP Village Core Development Company, a Delaware limited liability company
(“IW/WP Village Core”), and WPRA conveyed the Village Core Parcels to IW/WP Village Core pursuant to that certain
Statutory Special Warranty Deed recorded in the Records on September 24, 2007 at Reception No. 2007010742.

    	 

    	 

    

          I.          WHEREAS,
in order to correct the alignment of the lot lines of certain of the Village Core Parcels, and Lot 1 of Lot 4, the Village at
Winter Park Resort Minor Subdivision, which is owned by WPRA (the “Lot Line Adjustment”), IW/WP Village
Core deeded certain parcels of real property purchased by IW/WP Village Core as part of the Village Core Parcels, which are described
on Exhibit A, attached hereto (the “Lot Line Adjustment Property”), back to WPRA
pursuant to that certain Statutory Special Warranty Deed dated May 4, 2009 and recorded in the Records on May 6, 2009 and WPRA
deeded certain parcels of real property to IW/WP Village Core.

          J.          WHEREAS,
WPRA and Intrawest Development Corp. amended and restated the Original Option Agreement pursuant to that Amended and Restated
Option Agreement dated January 15, 2008, and recorded on January 15, 2008, in the Records at Reception No. 2008000441.

          K.         WHEREAS,
Intrawest has purchased the Zephyr Property as that term is defined in the First Amendment.

          L.          WHEREAS,
Intrawest continues to operate the Rental Shop (as that term is defined in the First Amendment) in the Zephyr Property.

          M.         WHEREAS,
pursuant to the terms of the First Amendment, WPRA agreed to allow intrawest to keep title to the Rental Shop until June 30, 2009.

          N.         WHEREAS,
Intrawest has requested an extension of the time during which Intrawest may sell the Rental Shop to a third party, and WPRA has
agreed to grant to Intrawest an extension of time to keep the Rental Shop and endeavor to sell it to a third party as set forth
below.

          O.         WHEREAS,
WPRA has determined that this Second Amendment to Lease has no adverse financial effect on the interests of the City and County
of Denver (the “City”) for whom WPRA is an agent under the terms of that certain Supplemental Agreement No. VII between
them dated October 4, 2002 as amended from time to time, and approved by City and County of Denver Ordinance No. 798, Series of
2002, for the reasons set forth in the First Amendment.

          P.          WHEREAS,
WPRA and Intrawest wish to amend the Lease Agreement to reflect: (i) the replacement of the Original Guaranty with the New Guaranty;
(ii) the Lot Line Adjustment; (iii) the Amended and Restated Option Agreement; and (iv) an extension of the time in which Intrawest
must sell the Rental Shop.

          NOW,
THEREFORE, in consideration of the covenants contained in the Lease Agreement, the mutual agreement of WPRA and
Intrawest and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, WPRA and
Intrawest agree as follows:

    	 

    	 

    

           1.      Definitions.
The definitions in the Lease Agreement shall be changed for all purposes as follows:

                    a.          The
definition of Additional Consideration Agreement in Article I of the Lease Agreement shall be amended to refer to such agreement
as amended by the Additional Consideration Agreement Amendment.

                    b.          The
definition of Intrawest Corporation in Article I of the Lease Agreement shall be amended and restated in its entirety as follows:

	 	 
	 	         “Intrawest
    Corporation” shall mean Intrawest Holdings S.àr.I., a société à responsabilité
    limitée, incorporated under the laws of Luxembourg, which is the ultimate parent entity of Intrawest US Holdings
    and Intrawest Holdings.

                    c.          The
following definition shall be added to Article I of the Lease Agreement:

	 	 
	 	         “Intrawest
    US Holdings” shall mean Intrawest U.S. Holdings, Inc., a Delaware corporation, which is the parent corporation
    of Intrawest Holdings.

                    d.          The
definition of the term “Option Agreement” in Article I of the Lease Agreement shall be amended and restated in its
entirety as follows:

	 	 
	 	         “Option
    Agreement” shall mean that certain Amended and Restated Option Agreement by and between Landlord
    and Intrawest Development Corp. dated January 15, 2008 and recorded in the real property records of the Office of the Clerk
    and Recorder of Grand County, Colorado at Reception No. 2008000441, whereby Landlord and Intrawest Development Corp. have
    agreed that Intrawest Development Corp. shall have the option to purchase certain parcels of the Real Property upon the terms
    and conditions contained therein, as the same has been and hereafter may be amended from time to time.

                    e.          The
definition of the term “Parent Guaranty” in Article I of the Lease Agreement shall be amended and restated in its
entirety as follows:

	 	 
	 	         “Parent
    Guaranty” shall mean that certain Guaranty Agreement dated June 6, 2007, between Intrawest Holdings
    S.ar.l, Intrawest US Holdings and WPRA, pursuant to which Intrawest Holdings S.ar.l. and Intrawest US Holdings have guaranteed
    certain of the obligations of Tenant under this Agreement, of Intrawest Holdings under the Additional Consideration Agreement,
    and Intrawest Development Corp. under the Option Agreement.

           2.      Guaranty.
Section 5.7 of the Lease Agreement is hereby amended to add the words “and Intrawest US Holdings” after the
words “Intrawest Corporation” in the title and body of such section.

    	 

    	 

    

           3.         Affiliate
Lenders. Section 10.7(b) of the Lease Agreement is hereby amended to add the words “Intrawest US Holdings,”
after the words “Intrawest Holdings” in clauses (i) and (iii) of such section.

           4.         Legal
Opinions. Section 12.l(b)(ii) of the Lease Agreement is hereby amended in its entirety to read as follows:

	 	 
	 	            “(ii)
    (A) United States legal counsel to Intrawest US Holdings has delivered its opinion in form and substance satisfactory to Landlord,
    addressed to the Landlord and the City, stating that the Parent Guaranty is the valid, binding and enforceable obligation
    of Intrawest US Holdings, enforceable in accordance with its terms, subject only to standard defenses of a nature as would
    apply under Colorado law; and (B) Luxembourg legal counsel to Intrawest Corporation shall have delivered, on or before May
    18, 2009, its opinion in form and substance satisfactory to Landlord, addressed to the Landlord and the City, stating that
    the Parent Guaranty is the valid, binding and enforceable obligation of Intrawest Corporation, enforceable in accordance with
    its terms, subject only to standard defenses of a nature as would apply under Colorado law.”

           5.         Evidence
of Corporate Authorization. The first sentence of Section 12.1(e)(iii) of the Lease Agreement is amended to read
as follows:

	 	 
	 	            “Landlord
    shall have received a copy of resolutions duly adopted by the boards of directors of Intrawest Corporation and Intrawest US
    Holdings authorizing the execution and delivery of the Parent Guaranty, duly certified, as of the date of the Parent Guaranty,
    by the secretary or assistant secretary of Intrawest Corporation and Intrawest US Holdings, as applicable.”

           6.         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: ______________
	 	 	Confirmation No.: 303 377 7113
	 	 	 
	 	And to:	Intrawest/Winter Park Operations
	 	 	c/o Suite 800, Burrard Street
	 	 	Vancouver, British Columbia V6C 3L6
	 	 	Attention: Chief Legal Officer
	 	 	And Corporate Treasurer
	 	 	Facsimile No.: (604) 669-0605
	 	 	Confirmation No.: (604) 669-9777

    	 

    	 

    

	 	 	 
	 	And to:	c/o 46th Floor
	 	 	1345 Avenue of the Americas
	 	 	New York, NY 10105
	 	 	Attention: General Counsel
	 	 	Facsimile No: ____________________
	 	 	Confirmation No.: ________________
	 	 	 
	 	And to:	Jacobs Chase Frick Kleinkopf & Kelley, LLC
	 	 	1050 Seventeenth Street, Suite 1500
	 	 	Denver, Colorado 80265
	 	 	Attention: Robert P. Detrick
	 	 	Facsimile No.: (303) 685-4869
	 	 	Confirmation No.: (303) 685-4800
	 	 	 
	 	To WPRA:	Winter Park Recreational Association
	 	 	c/o Triton Investment Company
	 	 	1490 Lafayette Street, Suite 404
	 	 	Denver, Colorado 80218
	 	 	Attention: Don Bailey
	 	 	Facsimile No.: (303) 830-7851
	 	 	Confirmation No.: (303) 830-3500
	 	 	 
	 	With copies to:	Holland & Hart LLP
	 	 	One Boulder Plaza
	 	 	1800 Broadway, Suite 300
	 	 	Boulder, CO 80302
	 	 	Attention: Beat U. Steiner
	 	 	Facsimile No.: (303) 473-2720
	 	 	Confirmation No.: (303) 473-2736
	 	 	 
	 	And to:	Denver City Attorney’s Office
	 	 	City and County of Denver
	 	 	1437 Bannock Street, Room 353
	 	 	Denver, Colorado 80202-5375
	 	 	Attention:. Supervisor of Land Use and Revenue
	 	 	Facsimile No.: (720) 913-3180

            7.        Lot
Line Adjustment Property. Landlord and Tenant hereby agree that the Lot Line Adjustment Property is subject to
the Lease Agreement, and subject to the terms and conditions set forth in the Lease Agreement, from and after the date the same
is conveyed from TW/WP Village Core to WPRA, Landlord hereby leases to Tenant the Lot Line Adjustment Property and Tenant hereby
leases the same from Landlord.

    	 

    	 

    

           8.         Additional
Leased Assets. The provisions of Section 2.5 of the Lease Agreement added by Section 2 of the First Amendment are
amended as follows:

          Notwithstanding
anything to the contrary in Section 2.5 of the Lease, upon payment by Intrawest to WPRA of Five Thousand Dollars ($5,000), for
the period from June 15, 2009 through the earliest to occur of (i) the sale of the portion of the Zephyr Property occupied by
the Rental Shop to a third party, (ii) June 30, 2010 (the “Expiration Date”), and (iii) immediately prior to termination
of the Lease, the term “Additional Leased Assets” when used in Section 2.5 shall not include the portion of the Zephyr
Property occupied by the Rental Shop. Provided there is then no Event of Default by Intrawest or event which with the passing
of time of giving of notice or both would constitute an Event of Default by Intrawest, Intrawest shall have the right to extend
the Expiration Date for two additional one year periods upon giving notice to WPRA of its intent to extend the Expiration Date
not less than sixty (60) days prior to the Expiration Date together with a payment of Ten Thousand Dollars ($10,000) for the first
extension, and Twenty Thousand Dollars ($20,000) for the second extension. In no event may the Expiration Date be extended beyond
June 30, 2012. To the extent that Intrawest owns any of the Zephyr Property on or after the Expiration Date, it shall be Additional
Leased Assets for purposes of Section 2.5 to the extent such property would constitute property used in Resort Operations.

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

          14.          No
Further Changes. All other terms and conditions of the Lease Agreement (including, without limitation, the First Amendment)
remain in full force and effect.

[THE
REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]

    	 

    	 

    

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

	 	 	 
	 	WINTER PARK RECREATIONAL ASSOCIATION,
	 	a Colorado nonprofit corporation
	 	 	 
	 	By:	/s/ Don Bailey
	 	 	Don Bailey, President

 

	 	 
	STATE OF COLORADO	)
	 	) ss
	CITY AND COUNTY OF DENVER	)

          The
foregoing instrument was acknowledged before me this 21st day of April,
2009 by Don Bailey, as President of WINTER PARK RECREATIONAL ASSOCIATION, a Colorado nonprofit corporation.

          WITNESS
my hand and official seal.

          My
commission expires: October 23, 2011

	 	 	 
		 	/s/ Beat U. Steiner
	 	Notary Public
	 	 

    	 

    	 

    

 

	 	 	 	 	 
	 	INTRAWEST/WINTER PARK OPERATIONS
	 	CORPORATION, a Delaware corporation
	 	 	 	 	 
	 	By:	/s/ Gary DeFrange
	 	Name:	Gary DeFrange
	 	Title:	Vice President

 

	 	 
	STATE OF COLORADO	)
	 	) ss
	COUNTY OF GRAND	)

          The
foregoing instrument was acknowledged before me this 24th day of April 2009 by Gary DeFrange, as Vice President of
INTRAWEST/WINTER PARK OPERATIONS CORPORATION, a Delaware corporation.

	 	 	 
	 	 	 
	          WITNESS
    my hand and
    official seal.	My
    Commission Expires

    11/01/2012	 

 

	 	 	 	 
	          My
    commission expires: 	/s/ [illegible]		 
	 	 	 	 
	 	 	 	Notary Public
	 	 	 	 	 

    	 

    	 

    

 

Exhibit
A

to

Second Amendment to Lease and Operating Agreement

Lot
Line Adjustment Property

The
real property located in the County of Grand and State of Colorado described as all those portions of Lot G, Exemption No. 1 Winter
Park Village Core, Town of Winter Park, County of Grand, State of Colorado, according to the plat thereof recorded on or about
the date of this Second Amendment to Lease and Operating Agreement that were not previously conveyed from WPRA to IW/WP Village
Core pursuant to that certain Special Warranty Deed dated September 18, 2007, and recorded in the real property records of the
Clerk and Recorder of Grand County, Colorado at Reception No. 2007010742.

    	 

    	 

    

Exhibit
B

to

Second Amendment to Lease and Operating Agreement

AMENDMENT
TO ADDITIONAL CONSIDERATION AGREEMENT

          THIS
AMENDMENT TO ADDITIONAL CONSIDERATION AGREEMENT (this “Amendment”) is dated as of_________, 2009 by and between
INTRAWEST/WINTER PARK HOLDINGS CORPORATION, a Delaware corporation (“Intrawest Holdings Corp.”), and WINTER
PARK RECREATIONAL ASSOCIATION, a Colorado nonprofit corporation (“WPRA”), for itself and as agent for the City
and County of Denver, a Colorado municipal corporation.

          Q.          WHEREAS,
WPRA and Intrawest Holdings Corp. entered into that certain Additional Consideration Agreement dated December 23, 2002, (the “Additional
Consideration Agreement”).

          R.          WHEREAS,
Intrawest Corporation, a corporation continued pursuant to the Canada Business Corporation Act (“Intrawest Corporation”),
executed a Guaranty Agreement dated December 23, 2002, in favor of WPRA to guaranty certain obligations, including the obligations
on Intrawest Holdings Corp. under the Additional Consideration Agreement (the “Original Guaranty”),

          S.          WHEREAS,
in October 2006, certain private equity funds managed by Fortress Investment Group LLC, a Delaware limited liability company formed
an acquisition entity for the purpose of acquiring all of the stock of Intrawest Corporation and through a restructuring of asset
ownership, from October 2006 to March 2007, in conjunction with the acquisition (the “Fortress Transaction”),
Intrawest U.S. Holdings Inc., a Delaware corporation (“Intrawest US Holdings”), which wholly-owns Intrawest
Holdings Corp., became a wholly-owned subsidiary of Intrawest S.àr.l., a société à responsbilité
limitée, incorporated under the laws of Luxembourg and directly wholly-owned by Intrawest Holdings S.àr.l.,
a société à responsabilité limitée, incorporated under the laws of Luxembourg, (“Intrawest
Holdings S.àr.l”)(59%) and Intrawest Holdings S.àr.l. (41%); and

          T.          WHEREAS,
following the Fortress Transaction, Intrawest Holdings S.ar.l., and Intrawest US Holdings executed a Guaranty Agreement dated
June 6, 2007, to replace the Original Guaranty (the “New Guaranty”).

          U.          WHEREAS,
WPRA and Intrawest Holdings Corp. wish to amend the Additional Consideration Agreement to reflect the replacement of the Original
Guaranty with the New Guaranty.

    	 

    	 

    

          NOW,
THEREFORE, in consideration of the covenants contained in the Additional Consideration Agreement, the mutual agreement
of WPRA and Intrawest Holdings Corp. and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, WPRA and Intrawest Holdings Corp. agree as follows:

          15.          Recitals.

                         a.          The
following sentence shall be added to the fourth recital of the Additional Consideration Agreement:

              “The
guaranty agreement from Intrawest Corp. has been replaced by a Guaranty Agreement dated June 6, 2007, from Intrawest Holdings
S.àr.l., a société à responsabilité limitée, incorporated under the laws of Luxembourg,
and Intrawest U.S. Holdings, Inc., a Delaware corporation, to WPRA, which guarantees, among other obligations, the payment obligations
of Intrawest Holdings Corp. under this Agreement.”

          16.          Notices.
The notice addresses set forth in Section 12 of the Additional Consideration Agreement are hereby replaced with
the following:

	 	 	 	 
	 	To Intrawest Holdings Corp.:	 	Intrawest Corporation
	 	 	 	c/o Suite 800, Burrard Street
	 	 	 	Vancouver, British Columbia V6C 3L6
	 	 	 	Attention: Chief Legal Officer And Corporate Treasurer
	 	 	 	Facsimile No.: (604) 669-0605
	 	 	 	Confirmation No.: (604) 669-9777
	 	 	 	 
	 	And to:	 	Jacobs Chase Frick Kleinkopf & Kelley, LLC
	 	 	 	1050 Seventeenth Street, Suite 1500
	 	 	 	Denver, Colorado 80265
	 	 	 	Attention: Robert P. Detrick
	 	 	 	Facsimile No.: (303) 685-4869
	 	 	 	Confirmation No.: (303) 685-4800
	 	 	 	 
	 	To WPRA:	 	Winter Park Recreational Association
	 	 	 	c/o Triton Investment Company
	 	 	 	1490 Lafayette Street, Suite 404
	 	 	 	Denver, Colorado 80218
	 	 	 	Attention: Don Bailey
	 	 	 	Facsimile No.: (303) 761-3377
	 	 	 	Confirmation No.: (303) 839-3500
	 	 	 	 
	 	With copies to:	 	Winter Park Recreational Association
	 	 	 	c/o Elizabeth Orr, Secretary
	 	 	 	1201 William Street, 13C
	 	 	 	Denver, Colorado 80218
	 	 	 	 
	 	 	 	and

    	 

    	 

    

 

	 	 
	 	Denver City Attorney’s Office
	 	1437 Bannock Street, Room 353
	 	Denver, Colorado 80202-5375
	 	Attention: Supervisor of Land Use and Revenue
	 	Facsimile No.: (720) 913-3180
	 	Confirmation No.: (720) 913-3280
	 	 
	 	and
	 	 
	 	Holland & Hart LLP
	 	One Boulder Plaza
	 	1800 Broadway, Suite 300
	 	Boulder, CO 80302
	 	Attention: Beat U. Steiner
	 	Facsimile No.: (303) 473-2720
	 	Confirmation No.: (303) 473-2736

          17.          Defined
Terms. Any capitalized terms contained in this First Amendment that are not defined herein shall have the meaning
ascribed to them in the Additional Consideration Agreement.

          18.          No
Further Changes. All other terms and conditions of the Additional Consideration Agreement remain in full force
and effect.

          The
parties have executed this Amendment to Additional Consideration Agreement to be effective the day and year first above written.

	 	 	 
	 	WINTER PARK RECREATIONAL

    ASSOCIATION, a Colorado nonprofit 

corporation
	 	 	 
	 	By:	 
	 	 	Don Bailey, President

    	 

    	 

    

 

	 	 
	STATE OF COLORADO	)
	 	) ss
	CITY AND COUNTY OF DENVER	)

          The
foregoing instrument was acknowledged before me this _____ day of ___________, 2009 by Don Bailey, as President of WINTER PARK
RECREATIONAL ASSOCIATION, a Colorado nonprofit corporation.

          WITNESS
my hand and official seal.

	 	 	 	 
	 	My commission expires: 	 	 

 

	 	 
	 	Notary Public

	 	 	 	 	 	 
	 	INTRAWEST/WINTER PARK HOLDINGS

    CORPORATION, a Delaware corporation	 
	 	 	 	 
	 	By:	 	 	 
	 	Name:	 	 
	 	Title:	 	 	 

 

	STATE OF ________________	)
	 	) ss
	COUNTY OF ______________	)

          The
foregoing instrument was acknowledged before me this ____ day of ____________, 2009 by ____________________, as _____________
of INTRAWEST/WINTER HOLDINGS CORPORATION, a Delaware corporation.

          WITNESS
my hand and official seal.

	 	 	 	 
	 	My commission expires: 	 	 

 

	 	 
	 	 
	 	Notary PublicRECEPTION#: 2009004072,
    05/06/2009 at
	 	12:56:16 PM,
    
	 	1 OF 6, R $31.00,
    Additional Names Fee: 
	 	Doc Code:AMD
	When recorded
    return to:	Sara L. Rosene,
    Grand County Clerk,
	Holland &
    Hart LLP	Colorado
	1800 Broadway,
    Suite 300	 
	Boulder, CO 80302	 
	Attention:
    Beat U. Steiner	 

THIRD
AMENDMENT TO LEASE AND OPERATING AGREEMENT

                       THIS
THIRD AMENDMENT TO LEASE AND OPERATING AGREEMENT (this “Third Amendment”) is dated as of May 4, 2009 by
and between INTRAWEST/WINTER PARK OPERATIONS CORPORATION, a Delaware corporation (“Intrawest”), and
WINTER PARK RECREATIONAL ASSOCIATION, a Colorado nonprofit corporation (“WPRA”). All recording references
contained herein are to the real estate records maintained by the Office of the Clerk and Recorder for Grand County,
Colorado.

          A.          WHEREAS,
WPRA and Intrawest entered into that certain Lease and Operating Agreement with an effective date of December 23, 2002, recorded
on December 23, 2002, at Reception No. 2002-14286, as amended by that certain Lease Exhibit Modification Agreement dated as of
December 20, 2002, and recorded on December 23, 2002, 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, 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, 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, at Reception No. 2004-008216 as further amended by
that certain Second Amendment to Lease and Operating Agreement recorded prior to this Third Amendment (the
“Lease Agreement”);

          B.          WHEREAS,
WPRA and Intrawest/Winter Park Development Corporation, a Delaware corporation (“Intrawest Development”), entered
into that certain Option Agreement with an effective date of December 23, 2002, recorded on December 23, 2002, in the Records
at Reception No. 2002-041290, as amended by that certain Amendment No. 1 to Option Agreement also dated as of December 23, 2002,
recorded in the Grand County Records on December 23, 2002, at Reception No. 2002-014291, and that certain Amendment No. 2 to
Option Agreement also dated as of December 23, 2002, recorded in the Grand County Records on April 25, 2003, at Reception No.
2003-005112 (the “Original Option Agreement”);

          C.          WHEREAS,
Intrawest Development exercised its option under the Original Option Agreement to purchase Lots B, C, D, E, F, G
and N, Winter Park Village Core (the “Village
Core Parcels”), according to the Final Plat recorded by WPRA on September
24, 2007 at Reception No. 2007010733 (the “Original Plat”), and assigned its option to purchase the Village
Core Parcels to IW/WP Village Core Development Company, a Delaware limited liability company
(“IW/WP Village Core”), and WPRA conveyed the Village Core Parcels to IW/WP Village Core pursuant
to that certain Statutory Special Warranty Deed recorded in the Records on September 24, 2007 at Reception No. 2007010742.

 

    	1

    	 

    

          D.          WHEREAS,
various lots created by the Original Plat were reconfigured by Exemption
No. 1, Winter Park Village Core (the
“Exemption 1 Plat”)
recorded by WPRA prior to this Third Amendment..

          E.          WHEREAS,
Lot H (“Original Lot H”), Winter Park Village Core, according to the Original Plat, as amended by the Exemption
#1 Plat, is owned by WPRA.

          F.          WHEREAS,
in order to correct the alignment of Original Lot H and certain of the Village Core Parcels that are adjacent to Original Lot
H, the Exemption No. 2, Winter Park Village Core (the “Exemption 2 Plat”) was recorded prior to this Third
Amendment (the “Lot Line Adjustment”). In connection therewith, IW/WP Village Core deeded the portions of the
Village Core Parcels more particularly described on Exhibit A, attached hereto (the “Lot Line Adjustment
Property”), back to WPRA pursuant to that certain Statutory Special Warranty Deed recorded prior to this Third Amendment;

          G.          WHEREAS,
WPRA and Intrawest wish to amend the Lease Agreement to reflect the modifications made by the Lot Line Adjustment;
and

          H.          WHEREAS,
WPRA and Intrawest also wish to amend certain provisions regarding insurance coverage in the Lease Agreement.

          NOW,
THEREFORE, in consideration of the covenants contained in
the Lease Agreement, the mutual agreement of WPRA and Intrawest and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, WPRA and Intrawest agree as follows:

          1.          Lot
Line Adjustment Property. Landlord and Tenant hereby agree that the Lot Line Adjustment Property is subject to
the Lease Agreement, and subject to the terms and conditions set forth in the Lease Agreement, from and after the date the same
is conveyed from IW/WP Village Core to WPRA, Landlord hereby leases to Tenant the Lot Line Adjustment Property and Tenant hereby
leases the same from Landlord.

          2.          Insurance
Coverage.

                       a.          The
seventh sentence of Section 9.1(a) of the Lease Agreement is amended to read, in its entirety, as follows: “Tenant shall
be named insured, with Landlord and City named as loss payees, as their interests may appear on all applicable property insurance
policies.”

                       b.          Section
9.1 (b) of the Lease Agreement is amended by the addition of the following sentence at the end thereof: “All such Commercial
General Liability Insurance policies, including primary, excess and umbrella policies shall include a waiver of rights of subrogation
against Tenant, Landlord and City.”

    	2

    	 

    

                       c.          The
last sentence of Section 9.2(g) is amended to read, in its entirety, as follows: “Tenant shall deliver to the City’s
Director of Risk Management and Landlord renewal certificates for such insurance within five (5) business day of its inception
date.”

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

          4.          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]

    	3

    	 

    

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

	 	 	 	 	 	 
	 	WINTER PARK RECREATIONAL
    ASSOCIATION,

    a Colorado nonprofit corporation
	 	 	 	 
	 	By:	/s/ Don Bailey
	 	 	Don Bailey, President
	 	 	 	 	 
	 	INTRAWEST/WINTER PARK OPERATIONS

    CORPORATION, a Delaware corporation
	 	 	 	 
	 	By: 	/s/ William J. Baum
	 	Name:	William J. Baum
	 	Title:	Assistant Secretary

 

    	4

    	 

    

 

	 	 
	STATE OF COLORADO	)
	 	) ss
	CITY AND COUNTY OF DENVER	)

          The
foregoing instrument was acknowledged before me this 29th day of April 2009 by Don Bailey, as President of WINTER PARK
RECREATIONAL ASSOCIATION, a Colorado nonprofit corporation.

          WITNESS
my hand and official seal.

	 	 	 	 
	 	My commission expires: 	 	 

 

	 	 	 
		 	 
	 	
	 	/s/ Kathleen Wannamaker
	 	Notary Public
	 	 
	 	 
	STATE OF COLORADO	)	 
	 	) ss	 
	COUNTY OF GRAND	)	 

          The
foregoing instrument was acknowledged before me this 2nd day of Aug 2009 by William J. Baum, as Assistant Secretary
of INTRAWEST/WINTER PARK OPERATIONS CORPORATION, a Delaware corporation.

          WITNESS
my hand and official seal.

          My
commission expires: March 22, 2010

	 	 
		/s/ Beat U. Steiner
	Notary Public

    	5

    	 

    

 

EXHIBIT
A

(Attached
to and forming a part of Third Amendment to Lease and Operating Agreement)

LEGAL
DESCRIPTION OF THE LOT LINE ADJUSTMENT PROPERTY

 

All those
portions of Lot H, Exemption No. 2, Winter Park Village Core, Town of Winter Park, County of Grand, State of Colorado, according
to the plat thereof, recorded on or about the date of the Third Amendment to which this Exhibit A is attached, that were previously
conveyed from Winter Park Recreational Association to IW/WP Village Core Development Company, LLC pursuant to that certain Special
Warranty Deed dated September 28, 2007, and recorded in the real property records of the Clerk and Recorder of Grand County, Colorado
at Reception No. 2007010742.

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