MASTER DECLARATION OF COVENANTS, CONDITIONS, … › uploads › 5 › 8 › 8 › 5 › 58851205 › ... · THIS MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

DOCN 20110333698 B : 10231 P : 750006/24/2011 03:47:23 PM Page 1 of 154Rec Fee: $1,310.50Martha 0. Haynie, ComptrollerOrange County, FLPU - Ret To: BROAD AND CASSEL

INEZMASTER DECLARATION OF COVENANTS, CONDITIONS,

RESTRICTIONS AND EASEMENTSFOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS INSTRUMENT PREPARED BY:

Sara W. Bernard, EsquireBroad and Cassel390 North Orange Avenue, Suite 1400Orlando, Florida 32801

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TABLE OF CONTENTS

Page

ARTICLE I DEFINITIONS 1

1.1 Definitions 1

ARTICLE II PROPERTY SUBJECT TO DECLARATION 12

2.1 Property 12

2.2 Subsequent Additions to the Property 13

2.3 Other Additions to the Property 13

2.4 Additions by the Master Association 13

2.5 Effect of Filing a Supplement to the Declaration 14

2.6 Withdrawal of Property by Declarant 14

2.7 Declarant's Plans 14

2.8 Interpretation 14

ARTICLE III ASSOCIATION NETWORK 15

3.1 Creation of the Master Association 15

3.2 Creation of a Neighborhood 15

3.3 Governing Documents for a Neighborhood 15

3.4 Rights and Duties of the Sub-Association 16

3.5 Power of the Master Association over Sub-Associations 16

3.6 Power and Authority 17

3.7 Rules and Regulations 17

3.8 Conveyance of Property to and from the Master Association 17

3.9 Articles of Incorporation and Bylaws 18

3.10 Laureate Park Standard 18

3.11 Acts of the Master Association 18

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3.12 Membership in the Master Association 18

3.13 Voting 19

3.14 Current Lists of Owners 19

3.15 Neighborhood Voting Representative 19

3.16 Voting Groups 21

3.17 Board of Directors 21

ARTICLE IV USE RESTRICTIONS AND MAINTENANCE RESPONSIBILITIES 22

4.1 Governmental, Educational and Religious Interests 22

4.2 Assumption of Obligations Under Development Order and PD Ordinance 22

4.3 Use of Property 22

4.4 Prohibited Acts 22

4.5 Common Area 22

4.6 Neighborhood Common Area 26

4.7 Exclusive Common Area 26

4.8 Conveyance to the Master Association 27

4.9 Method of Conveyance 27

4.10 Use of the Common A_rea 28

4.11 Maintenance of the Common Area 30

4.12 Maintenance by the Owner 31

4.13 Maintenance by Owners of Attached Units 32

4.14 Declarant's Reserved Rights 33

4.15 Residential Property Unit 33

4.16 Commercial or Institutional Property Units 34

4.17 Use of Property by the Declarant 34

4.18 Additional Provisions for the Preservation of the Values and Amenities ofLaureate Park 34

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4.19 Imposition of Fines for Violations 39

4.20 Lease of Property Unit 39

4.21 Owners' Acknowledgement and Notice to Purchasers 40

4.22 Protection of Owners and Others 40

4.23 Rule Making Authority 41

ARTICLE V DESIGN REVIEW 42

5.1 Intent 42

5.2 Design Review by Declarant 42

5.3 Design Review Board 42

5.4 Meetings of the Design Review Board 43

5.5 Review of Proposed Development 43

5.6 Design Review Manual 44

5.7 Approval of Submittals 44

5.8 Inspection of Property 45

5.9 Nonliability for Actions 47

5.10 Expenses 48

5.11 Variance 48

5.12 Inconvenience to Owners 49

5.13 Declarant' s Exemption 49

5.14 Enforcement 49

ARTICLE VI EASEMENTS 49

6.1 Easements for Access and Maintenance 49

6.2 Easement for Traffic Signs 50

6.3 Easement for Maintenance, Emergency and Enforcement 50

6.4 Easements for Lake and Pond Maintenance and Flood Water 50

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6.5 Easements for Stormwater Drainage, Retention and Surface WaterManagement System 51

6.6 Utility and Governmental Services Easements 53

6.7 Easement for a District 53

6.8 Communication Services Utility Easements 53

6.9 Easements to Serve Additional Property 54

6.10 Easement for Encroachments 54

6.11 Rights to Stormwater Runoff, Effluent, and Water Reclamation 54

6.12 Easement For Use of Private Streets 54

6.13 Reservation of Easements 55

6.14 Easement for Special Events 55

6.15 Assignments 55

ARTICLE VII ASSESSMENTS 56

7.1 Responsibility 56

7.2 Determination of Base Assessments for Common Expenses 56

7.3 Payment of Base Assessments for Common Expenses 56

7.4 Base Assessments While the Declarant Appoints a Majority of the Board 57

7.5 Bud etin and Allocatin Service Area Ex enses 58

7.6 Special Assessments 58

7.7 Budgeting for Reserves 59

7.8 Specific Assessments 59

7.9 Monetary Defaults and Collection of Assessments 60

7.10 Exempt and Partially Exempt Property 62

7.11 Capitalization of Master Association 62

7.12 Community Enhancement Fee 63

ARTICLE VIII TAXES AND INSURANCE 65

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8.1 Taxes 65

8.2 Insurance 65

8.3 Policy Requirements 66

8.4 Damage and Destruction 67

ARTICLE IX COMMUNICATION SERVICES 68

9.1 Communication Services 68

9.2 Nonliability for Actions 69

9.3 Monitoring Services 69

ARTICLE X DECLARANT RIGHTS AND VETO POWER 70

10.1 Declarant's Rights 70

10.2 Certificate of Termination of Interest 74

ARTICLE XI ENFORCEMENT 74

11.1 Nonmonetary Defaults 74

11.2 Lessees, Occupants and Guests to Comply with Declaration and GoverningDocument 75

11.3 No Waiver 75

11.4 Rights Cumulative 76

11.5 Enforcement By or Against Other Persons 76

11.6 Estoppel Certificate as to Default 76

11.7 Declarant Rights 77

11.8 Enforcement by South Florida Water Management District 77

ARTICLE XII PARTY WALLS AND Party roofs 77

12.1 General Rules of Law to Apply 77

12.2 Party Wall 77

12.3 Party Roofs 78

ARTICLE XIII INDEMNIFICATION 79

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13.1 Indemnification of Officers, Members of the Board or Agents 79

ARTICLE XIV MISCELLANEOUS PROVISIONS 80

14.1 Assignment of Rights and Duties to Master Association 80

14.2 Treated Effluent 80

14.3 Covenants to Run with the Title to the Land 81

14.4 Term of this Declaration 81

14.5 Amendments of this Declaration 81

14.6 Dedication to Public 82

14.7 Governing Law 82

14.8 Invalidation 82

14.9 Usage 82

14.10 Conflict 82

14.11 Notice 83

ARTICLE XV RIGHTS OF LENDERS 83

15.1 Notices of Action 83

15.2 Special FHLMC Provision 83

15.3 Other Provisions for First Lien Holders 84

15.4 Amendments to Documents 84

15.5 No Priority 86

15.6 Notice to Association 86

15.7 Failure of Mortgagee to Respond 86

15.8 Construction of this Article XV 86

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MASTER DECLARATION OF COVENANTS, CONDITIONS,RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS MASTER DECLARATION OF COVENANTS, CONDITIONS,RESTRICTIONS AND EASEMENTS FOR LAUREATE PARK MASTERASSOCIATION, INC. ("Declaration") is made as of the Effective Date (as defined herein), byLAKE NONA LAUREATE PARK, LLC, a Florida limited liability company, with an addressof 9801 Lake Nona Road, Orlando, Florida 32827 ("Declarant").

PREAMBLE

WHEREAS, the Declarant is the owner of certain real property located in OrangeCounty, Florida, as more particularly described in Exhibit "A", attached hereto and incorporatedherein by reference (the "Property"); and

WHEREAS, the Declarant desires to establish a general plan of development for theProperty as a master planned community to be known as "Laureate Park"; and

WHEREAS, this Declaration provides a procedure for future expansion of the Propertyto include such additional property as the Declarant may determine from time to time andprovides for the overall development, improvement, administration, maintenance, preservationand enhancement of the Property and such additional property now and hereafter comprising ofLaureate Park; and

WHEREAS, the Declarant desires to incorporate under the laws of the State of Florida,Laureate Park Master Association, Inc., a not-for-profit Florida corporation (the "MasterAssociation") and will assign to the Master Association certain powers and responsibilities,including, without limitation: (1) the right and responsibility to own, operate, administer,maintain and repair portions of the Property; (2) the right, responsibility and obligation toadminister and enforce the covenants and restrictions contained herein; and (3) the right to dowhatever is reasonably necessary to carry out the intent of this Declaration.

NOW, THEREFORE, the Declarant hereby declares that the Property, shall be held,sold, conveyed, leased and mortgaged subject to all of the covenants, conditions, restrictions,easements, reservations and all other terms and provisions set forth in this Declaration. Allcovenants, conditions, restrictions, easements, reservations and all other terms and provisionscontained in this Declaration are imposed for the benefit of, and shall burden, the Property, andshall run with title to the Property and benefit and be binding upon all Persons having oracquiring any right, title or interest in any portion of the Property.

ARTICLE IDEFINITIONS

1.1 Definitions Unless prohibited by the context in which they are used, thefollowing words, when used in this Declaration, shall be defined as set out below:

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1.1.1 Additional Property shall mean and refer to the land described inExhibit "B" attached hereto and incorporated herein by reference, which is not hereby submittedto the Declaration. All or a portion of said Additional Property may be, but shall not be requiredto be, submitted to the terms and provisions of the Declaration, by the Declarant at a future date,and upon such submission shall become a part of the Property.

1.1.2 Alterations shall have the meaning set forth in Section 5.9.5 hereof.

1.1.3 Articles of Incorporation shall mean and refer to the Articles ofIncorporation of the Master Association, a copy of which is attached hereto as Exhibit "C" andincorporated herein by reference, as it may be amended from time to time.

1.1.4 Assessment shall mean and refer to any and all charges made by theMaster Association from time to time against each Property Unit within the Property for thepurposes set forth herein, including, without limitation, the Base Assessment, the NeighborhoodAssessment, the Special Assessment, the Specific Assessment and the Service Area Assessment.

1.1.5 Attached Unit shall have the meaning ascribed thereto in Exhibit "G"attached hereto and incorporated herein by reference. Additional capitalized terms relating toAttached Units are defined in Exhibit "G".

1.1.6 Base Assessment shall mean and refer to annual assessments levied bythe Master Association to fund Common Expenses as determined in accordance with Section 7.2.

1.1.7 Board shall mean and refer to the Board of Directors of the MasterAssociation.

1.1.8 Builder shall mean and refer to any person or entity acquiring one ormore Property Units for the purpose of constructing homes or other improvements thereon for re-sale to consumers, or who purchases a Property Unit within Laureate Park for furthersubdivision, development, and/or resale in the ordinary course of its business.

1.1.9 Business Day(s) shall mean and refer to a day (other than a Saturday,Sunday or legal holiday) on which national banks are open for business.

1.1.10 Bylaws shall mean and refer to the Bylaws of the Master Association, acopy of which is attached hereto as Exhibit "D" and incorporated herein by reference, as it maybe amended from time to time.

1.1.11 Certificate of Approval shall have the meaning set forth in Section5.8.4 hereof.

1.1.12 Certificate of Termination of Interest shall mean and refer to aninstrument which has been executed by the Declarant and recorded in the public records of theCounty which specifies rights reserved to the Declarant which are being terminated.

1.1.13 City shall mean and refer to the City of Orlando, Florida, a municipalcorporation organized and existing under the laws of the State of Florida.

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1.1.14 Class "A" Member shall mean and refer to all Owners, with theexception of the Declarant.

1.1.15 Class "B" Member shall mean and refer to the Declarant.

1.1.16 Commercial shall mean and refer to all uses which are not Institutionalor Residential. The term shall not include Common Area or other property dedicated to thepublic unless otherwise provided in the deed conveying such property, in the Declaration or inthe Supplement to the Declaration, in each case pertaining to such property.

1.1.17 Commercial Property Unit shall mean and refer to a Property Unitintended for any type of independent ownership for use and occupancy for Commercialpurposes. A "Commercial Property Unit" shall include, without limitation, any interest in realproperty appurtenant to the ownership of the Commercial Property Unit and all Improvements onor within the Commercial Property Unit.

1.1.18 Common Area(s) shall mean and refer to all real and personal propertyincluding, without limitation, easements and Improvements thereon, if any, which the MasterAssociation owns, leases, otherwise holds possessory or use rights in, or has the obligation tomaintain or assumes other responsibilities therefor, for the common use, benefit and enjoymentof all Owners. Common Area shall also include those areas, if any, which by the terms of thisDeclaration, any Supplement to the Declaration or other applicable covenants, or by contractbecome the responsibility of the Master Association. Common Area is more fully defined anddescribed in Section 4.5. Common Area includes the Exclusive Common Area defined below.

1.1.19 Common Expenses shall mean and refer to all actual and estimatedexpenses incurred or anticipated to be incurred by the Master Association in connection with itsownership, operation, management, maintenance, repair, replacement and use of the CommonAreas, any services contemplated herein (including, without limitation, CommunicationsServices and any costs for the purchase, installation, maintenance and operation of infrastructureto be used to provide Communications Services), any obligations set forth herein, or as may beotherwise determined by the Board, including, without limitation, any reasonable reserve, as theBoard may find necessary and appropriate pursuant to the Governing Documents. CommonExpenses may further include the costs for any services that are defined presently or in the futureunder Florida or federal law, including Federal Communications Commission regulations, ascommunications, cable, broadband or information services.

1.1.20 Communication Services shall have the meaning set forth in Section9.1 hereof.

1.1.21 Community Enhancement Association shall have the meaning set forthin Section 7.12.5 hereof.

1.1.22 Community Enhancement Fee(s) shall mean and refer to the fees leviedupon certain real property transfers within Laureate Park as more specifically set forth in Section7.12.

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1.1.23 Condominium shall mean and refer to all Property Units which havebeen submitted to the condominium form of ownership under a Declaration of Condominiumpursuant to Florida law, and which are subject to the jurisdiction of a Condominium Association.

1.1.24 Condominium Association shall mean and refer to a condominiumassociation organized and existing under the laws of the State of Florida.

1.1.25 Condominium Common Area shall mean and refer to the area or areasexclusively used and owned in common by the Owners of the Property Units in a Condominium,which area or areas are more particularly described in the Declaration of Condominium.

1.1.26 Condominium Property Unit shall mean and refer to a Property Unitlocated within a Condominium, together with its appurtenant share of the undivided interest inthe Condominium Common Area as described in the Declaration of Condominium.

1.1.27 County shall mean and refer to Orange County, Florida, a politicalsubdivision of the State of Florida.

1.1.28 Customer(s) shall have the meaning set forth in Section 9.2 hereof.

1.1.29 Declarant shall mean and refer to LAKE NONA LAUREATE PARK,LLC, a Florida limited liability company, and its successors or assigns who are assigned any ofthe rights, duties, responsibilities or obligations of the Declarant under this Declaration pursuantto a recorded instrument executed by the Declarant, or if previously assigned by the Declarant,then executed by the holder of such rights, duties, responsibilities or obligations.

1.1.30 Declarant's Control Period shall mean and refer to the period from theEffective Date of this Declaration until the first of the following to occur:

(a) three (3) months after ninety percent (90%) of the total number ofProperty Units which may be developed on the Property and Additional Property are owned byClass "A" Members (as set forth in Section 3.13.1) other than Builders. The total number ofProperty Units which may be developed on the Property and Additional Property shall bedetermined from time to time as the number of units allocated by the Declarant to the Propertyand the Additional Property consistent with the maximum entitlements for such units in theDevelopment Order.

(b) fifty (50) years after the date on which the Declaration is recordedin the Official Records of Orange County, Florida; or

(c) when, in its sole and absolute discretion, the Declarant sodetermines

1.1.31 Declaration shall mean this Master Declaration of Covenants,Conditions, Restrictions and Easements for Laureate Park Master Association, Inc., and allamendments or Supplements thereto from time to time, and the covenants, conditions,restrictions, easements, reservations and other provisions hereinafter set forth, which shall

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constitute covenants running with the land, shall be binding on the Property and all Owners of allor any portion thereof.

1.1.32 Declaration of Condominium shall mean and refer to the covenants,conditions, restrictions, easements, reservations and other provisions imposed by a recordedinstrument, which subjects all or a portion of a Parcel or a Property Unit to a condominium formof ownership pursuant to Florida law.

1.1.33 Design Review Board shall mean and refer to one or more Personsdesignated by either the Declarant or the Board, as applicable, to act on such party's behalf withrespect to reviewing applications for design controls as more specifically set forth in Article V.

1.1.34 Design Review Manual shall mean and refer to the architectural,design, construction and development guidelines and review procedures, if any, preparedpursuant to this Declaration for Laureate Park and applicable to the Property as the same may beamended from time to time.

1.1.35 Development Agreement(s) shall mean and refer to the DevelopmentOrder, the PD Ordinance, the applicable Specific Parcel Master Plan and any other agreementswhich may exist between the Declarant and an Owner of a Property Unit.

1.1.36 Development Order shall mean and refer to that certain FourthAmended and Restated Development Order for the Lake Nona Development of Regional Impactdated August 6, 2007, and recorded December 4, 2007, in Official Records Book 9522, Page0525, as amended by that certain First Amendment to Fourth Amended and RestatedDevelopment Order for the Lake Nona Development of Regional Impact, recorded March 26,2008 in Official Records Book 9640, Page 1888, all in the Public Records of Orange County,Florida, as the same may be further amended from time to time. .

1.1.37 District shall mean and refer to the Greeneway Improvement District,as such District may exist from time to time, which has been created under the provisions ofChapter 190, Florida Statutes, and which boundaries may include the Property and AdditionalProperty, as the same may be amended from time to time.

1.1.38 Drainage Areas shall have the meaning set forth in Section 4.5.4hereof.

1.1.39 Effective Date shall mean and refer to the date and time of recording ofthis Declaration in the public records of the County upon which all of the covenants, conditions,restrictions, easements, reservations and all other terms and provisions set forth in thisDeclaration shall become effective.

1.1.40 Eligible Holder shall have the meaning set forth in Section 15.1 hereof.

1.1.41 Estoppel Certificate shall have the meaning set forth in Section 11.6hereof.

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1.1.42 Exclusive Common Area shall mean and refer to a portion of theCommon Area intended for the exclusive use or primary benefit of one or more, but less than all,Property Units, as more particularly described in Section 4.7, and not otherwise designated asCondominium Common Area or Neighborhood Common Area.

1.1.43 Governing Documents shall mean (i) in the case of the MasterAssociation, this Declaration, any amendment or Supplement to the Declaration, the Articles ofIncorporation, the Bylaws, the Rules and Regulations, and the Design Review Manual, as any ofthe foregoing may be amended from time to time, and (ii) in the case of a Sub-Association, or theMaster Association to the extent no Sub-Association is created, the Neighborhood Declaration,any amendment or supplement to the Neighborhood Declaration, the articles of incorporation,the bylaws and the rules and regulations for such Neighborhood, as any of the foregoing may beamended from time to time. In the event of conflict or inconsistency among GoverningDocuments applicable to the Master Association, to the extent permitted by law, the Declarationand any amendment or Supplement to the Declaration, the Articles of Incorporation, the Bylaws,the Rules and Regulations, and the Design Review Manual, in that order, shall control. In theevent of conflict or inconsistency between the Master Association Governing Documents andany Neighborhood Governing Documents, to the extent permitted by law, the Master AssociationGoverning Documents shall control. One Governing Document's lack of a provision withrespect to a matter for which provision is made in another Governing Document shall not bedeemed a conflict or inconsistency between such Governing Documents.

1.1.44 Government Authorities shall mean and refer to (a) the United States ofAmerica, or any state, county or city, or any political subdivision or public corporate body of anyof the foregoing; (b) any board, bureau, council, commission, department, agency, court,legislative body or other instrumentality of the United States of America, or any state, county,city or political subdivision of any of the foregoing; or (c) any District, specifically excludingany public utility provider unless specifically stated otherwise herein.

1.1.45 Improvements shall mean and refer to all structures of any kindincluding, without limitation, any building, shed, pool, driveway, fence, wall, sign, paving,grading, parking area, building addition, decorative building, alteration, screen enclosure, sewer,drain, conduit, disposal system, recreational facility, landscaping, exterior lighting, landscapedevice or object, and other physical improvements, and any and all modifications, alternations,additions and replacements thereto, located on, or attached or affixed to, the Property, or anyportion thereof.

1.1.46 Institutional shall mean and refer to uses such as, but not limited to,public parks, churches, schools, libraries, museums, governmental facilities, fire and policefacilities.

1.1.47 Institutional Mortgagee shall mean and refer to the Declarant, a bank,savings bank, savings and loan association, insurance company, real estate investment trust, anyother recognized lending institution, or any lender whose loans are guaranteed by the federalgovernment such as FHA/VA, or when loans meet the criteria of FMNA, FHLMC or othersimilar programs, an institutional or governmental holder of a Mortgage which makes, holds,insures or guarantees Mortgage loans in the ordinary course of business.

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1.1.48 Institutional Property Unit shall mean and refer to a Property Unitintended for any type of ownership for use and occupancy for Institutional purposes. AnInstitutional Property Unit shall include, without limitation, any interest in real propertyappurtenant to the ownership of the Institutional Property Unit and all Improvements on orwithin the Institutional Property Unit.

1.1.49 Lake Nona DRI/PD shall mean and refer to the Lake Nona DRI/PDestablished and approved pursuant to the Development Order and the PD Ordinance, as they maybe amended from time to time.

1.1.50 Laureate Park shall mean and refer to the Property subject to thisDeclaration as it may be amended from time to time.

1.1.51 Laureate Park Standard shall mean and refer to the standard of conduct,maintenance, management, operation, use or other activity generally prevailing throughoutLaureate Park. Such standard is expected to evolve over time as development progresses andmay be more specifically determined by the Board, the Declarant and the Design Review Board,if any, established pursuant to Article V of this Declaration.

1.1.52 Master Association shall mean the Laureate Park Master Association,Inc., a not-for-profit Florida corporation, its successors or assigns.

1.1.53 Master Association Trees shall have the meaning set forth in Section4.12.1 hereof.

1.1.54 Medians shall mean and refer to the grassed or landscape islands or theraised hardscaped surface within the Streets.

1.1.55 Member shall mean and refer to a Person entitled to membership in theMaster Association, as provided in Section 3.12.

1.1.56 Mixed-Use Property Unit shall mean and refer to a Property Unit whichis zoned, developed and used for a combination of Residential, Commercial or Institutionalpurposes, which Mixed-Use Property Unit is not capable of separate ownership for each areawithin the Mixed-Use Property Unit zoned, developed and used for Residential, Commercial orInstitutional Purposes. An example of a Mixed-Use Property Unit is a Property Unit with amulti-story building located thereon, wherein the ground floor is zoned, developed and used forCommercial purposes, and the upper floor or floors are zoned, developed and used forResidential purposes, and, wherein such Mixed-Use Property Unit is not a Condominium or thesubject of another legal structure which allows separate ownership of each floor of such buildingzoned, developed and used for different purposes. A Property Unit which is zoned, developedand used for any one of Residential, Commercial or Institutional purposes, shall not be deemed aMixed-Use Property Unit unless it is zoned, developed and used as provided herein. Incidental,secondary or ancillary use of a Property Unit for other than the purposes for which it is zoned,developed and used, shall not cause such Property Unit to be Mixed-Use Property Unit. Forexample, use of a portion of a Residential Property Unit for home office purposes not readilydiscernible by other residents and ancillary to the Residential use of said Property Unit shall notcause said Property Unit to be a Mixed-Use Property Unit.

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1.1.57 Mortgage shall mean and refer to a mortgage, a deed of trust, a deed tosecure debt, or any other form of security instrument affecting title to a Parcel or Property Unit.

1.1.58 Mortgagee shall mean and refer to the holder of a mortgage, a deed oftrust, a deed to secure debt, or any other form of security instrument affecting title to a Parcel orProperty Unit.

1.1.59 Neighborhood shall mean and refer to one or more areas into which oneor more Property Units are treated as a neighborhood for purposes hereof as described in Section3.2. A Neighborhood may include more than one housing type and may include Parcels whichdo not border on each other. If the Master Association provides benefits or services to less thanall Property Units within a particular Neighborhood, then the Master Association may levy aNeighborhood Assessment against just those Property Units for such benefits and services.

1.1.60 Neighborhood Assessments shall mean and refer to assessments leviedagainst the Property Units in a particular Neighborhood or Neighborhoods to fund NeighborhoodExpenses. Neighborhood Assessments may be levied by the Master Association or a Sub-Association, as applicable.

1.1.61 Neighborhood Common Area shall mean and refer to all real andpersonal property, including without limitation, easements and Improvements thereon, if any,which either the Master Association or the Sub-Association, as applicable, owns, leases,otherwise holds possessory or use rights in, or has the obligation to maintain or assumes otherresponsibilities therefor, for the common use, benefit and enjoyment of all Owners within aparticular Neighborhood exclusively. The term Neighborhood Common Area shall specificallyinclude Condominium Common Area wherever in this Declaration the context so allows.

1.1.62 Neighborhood Declaration shall mean and refer to any and allcovenants, conditions, restrictions, easements, reservations and other provisions imposed by arecorded instrument, applicable to a specific Neighborhood, which shall constitute covenantsrunning with the land. The term Neighborhood Declaration shall specifically include aDeclaration of Condominium wherever, in this Declaration the context so allows.

1.1.63 Neighborhood Expenses shall mean and refer to the actual andestimated expenses incurred or anticipated to be incurred by the Master Association or the Sub-Association, whichever is applicable, for the benefit of Owners within a particular Neighborhoodor Neighborhoods, including any reasonable reserve for capital repairs and replacements, andadministrative charges applicable to such Neighborhood or Neighborhoods.

1.1.64 Neighborhood Voting Representative shall mean and refer to therepresentative selected by the Owners within each Neighborhood to be responsible for casting allvotes attributable to Property Units in such Neighborhood on matters requiring a vote of themembership (except as otherwise specifically provided in this Declaration and the Bylaws). Theterm Neighborhood Voting Representative shall include an alternate Voting Representativeacting in the absence of the Neighborhood Voting Representative.

1.1.65 Notice of Noncompliance shall have the meaning set forth in Section5.8.5 hereof.

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1.1.66 Owner(s) shall mean and refer to a record owner of fee simple title toany Property Unit, or portion thereof, located within the Property, but excluding those having aninterest in a Property Unit, or portion thereof, merely as security for the performance of anobligation.

1.1.67 Parcel shall mean and refer to each separately described contiguousportion of the Property, subjected to the encumbrance of this Declaration.

1.1.68 Party Roof shall mean any roof built as part of the original construction(and any replacement thereof) of two or more Property Units, which Property Units areconnected by one or more Party Walls.

1.1.69 Party Wall shall mean any fence or wall built as part of the originalconstruction (and any replacement thereof) of two or more Property Units which is placed on thedividing line or platted lot line between such Property Units, and any wall built as part of theoriginal construction of a Property Unit which is placed on the dividing line between theProperty Unit.

1.1.70 PD Ordinance shall mean and refer to that certain Ordinance of the Cityof Orlando Amending and Restating the Development Requirements for the Lake Nona PlannedDevelopment, recorded January 11, 2008 in Official Records Book 9563, Page 1304, as amendedby that certain Ordinance of the City of Orlando Amending and Restating the DevelopmentRequirements for the Lake Nona Planned Development, recorded March 26, 2008 in OfficialRecords Book 9640, Page 1912, all in the Public Records of Orange County, Florida, as the samemay be further amended from time to time.

1.1.71 Person shall mean and include an individual, corporation, limitedliability company or partnership, governmental agency, business trust, estate, trust, partnership,association, sole proprietorship, joint venture, two or more persons having a joint or commoninterest, or any other legal entity.

1.1.72 Primary Conservation Network or PCN shall mean and refer to thePrimary Conservation Network created within the Lake Nona DRI/PD in accordance withChapter 68, of the Orlando City Code.

1.1.73 Property shall mean and refer to that certain real property being moreparticularly described in Exhibit "A", together with such portion of the Additional Property orsuch other real property as may from time to time be annexed thereto, and excluding any realproperty as may from time to time be withdrawn thereto, in accordance with the provisions ofArticle II of this Declaration.

1.1.74 Property Unit shall mean and refer to each portion of the Propertywhich is capable of independent ownership and conveyance including, without limitation, allCommercial Property Units, Condominium Property Units, Institutional Property Units,Residential Property Units, Mixed-Use Property Units and all Improvements located thereon.Common Areas, Neighborhood Common Areas, or property dedicated to the public or owned byany District shall not be deemed to be a Property Unit. Without limiting the generality of theforegoing and by way of example, each unit comprising of a townhome, triplex, duplex or big

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home which is capable of independent ownership shall each be considered one Property Unit. AProperty Unit may be divided into additional Property Units, but only with the prior writtenapproval of the Declarant, in its sole and absolute discretion, as long as Declarant or any affiliateof Declarant owns any property within the Lake Nona DRI/PD. For example, a Property Unitmay be conveyed to a Builder for the purpose of improving the Property Unit with single-familyor multi-family residential dwelling units. In such case, the Builder may not subdivide or plat (orre-plat) its Property Unit or create a Condominium on its Property Unit, unless the Builderobtains the prior written approval of the Declarant, which may be granted or withheld inDeclarant's sole and absolute discretion as long as Declarant or any affiliate of Declarant ownsany property within the Lake Nona DRI/PD. Upon such platting or creation of a Condominium,each platted parcel or condominium unit shall deemed a Property Unit for purposes of thisDeclaration, provided such platted parcel or condominium unit is capable of independentownership and conveyance and is not part of the Common Areas, Neighborhood Common Areas,common elements in the Condominium, property dedicated to the public or owned by anyDistrict or Government Authorities.

1.1.75 Provider shall have the meaning set forth in Section 9.1 hereof.

1.1.76 Recreational Facilities shall have the meaning set forth in Section 4.5.2hereof.

1.1.77 Residential shall mean and refer to use and occupancy for purposes of aresidence or dwelling.

1.1.78 Residential Property Unit shall mean and refer to a Property Unit,which is capable of independent ownership and conveyance, and which is intended fordevelopment, use and occupancy for Residential purposes. Residential Property Unit shall,unless otherwise specified, include within its meaning, by way of illustration, but not limitation,Residential Condominium Property Units, single family detached units, and single familyattached units, so long as such units are capable of independent ownership and conveyance. Forpurposes of this Declaration, a "Residential Property Unit" shall also include a ResidentialRental Property, except to the extent otherwise provided herein. A "Residential Property Unit"shall include, without limitation, any interest in real property appurtenant to the ownership of theResidential Property Unit and all Improvements on or within the Residential Property Unit.Property Units in a model center, which are used on an interim basis for sales purposes, butwhich will be occupied or sold in the future for Residential use, shall be deemed ResidentialProperty Units for purposes of this Declaration.

1.1.79 Residential Rental Property shall mean and refer to a ResidentialProperty Unit, or a portion thereof, owned by an Owner and zoned, developed and used foroccupancy as a multi-family rental apartment project. The term shall refer to the land, if any,which is part of the Residential Rental Property as well as any Improvements thereon, whetherimproved or unimproved. Only property and improvements zoned for, developed, and used as amulti-family rental apartment project shall be Residential Rental Property. Residential RentalProperty shall be assigned a number of Property Units for Assessment liability to the MasterAssociation and voting rights for the Owner as a Member of the Master Association at the timesuch Residential Rental Property is submitted to the terms of this Declaration, pursuant to Article

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II of the Declaration. Provided, however, in the event that a Property Unit which is a ResidentialRental Property is converted by the Owner thereof to the Condominium form of ownership, theResidential Rental Property shall, upon filing of a Declaration of Condominium, cease to be aResidential Rental Property, and each residential dwelling unit in the Condominium which iscapable of independent ownership and conveyance, shall become a Property Unit. The Ownersof such Property Units shall become Class "A" Members with the rights and obligations of Class"A" Members. Such conversion shall require the written consent of the Master Association. Inaddition, the Declarant's prior written consent to such conversion shall be necessary during theDeclarant's Control Period.

1.1.80 Rules and Regulations shall have the meaning set forth in Section 3.7hereof.

1.1.81 Service Area shall mean and refer to two or more Property Units, orany combination thereof, to which an Exclusive Common Area is assigned, as described inSection 4.7, or which receives benefits or services from the Master Association which are notprovided to all Property Units, as determined by the Master Association, in its sole and absolutediscretion. A Property Unit may be part of more than one Service Area and there may be anoverlap of Service Areas.

1.1.82 Service Area Assessment shall mean and refer to an assessment leviedagainst the Property Units in a particular Service Area to fund Service Area Expenses, asdescribed in Section 7.5.

1.1.83 Service Area Expenses shall mean and refer to the actual or estimatedexpenses incurred or anticipated to be incurred by the Master Association in the delivery ofbenefits or services to the Owners and occupants of Property Units within a particular ServiceArea.

1.1.84 Special Assessment shall mean and refer to an assessment levied inaccordance with Section 7.6.

1.1.85 Specific Assessment shall mean and refer to an assessment levied inaccordance with Section 7.8.

1.1.86 Specific Parcel Master Plan shall mean and refer to a Specific ParcelMaster Plan as provided Chapter 68, of the Orlando City Code, as it may be amended from timeto time, pertaining to all or a portion of the Property, and which may or may not include all or aportion of the Additional Property. The Declarant is not obligated to submit property shown on aSpecific Parcel Master Plan to the Declaration. In addition, the Declarant may submit propertyto the Declaration which is not shown on a Specific Parcel Master Plan. There may be one ormore Specific Parcel Master Plans which pertain to the Property.

1.1.87 Streets shall mean and refer to any private streets or publicly dedicatedstreets (inclusive of any bridge and alleys) located within Laureate Park or which provide accessto Laureate Park.

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1.1.88 Streetscape shall mean and refer to the entire area within the limits ofthe right-of-way of a Street, excluding that portion which is paved or otherwise improved andintended for motorized vehicular traffic (e.g. a bridge), which may include, without limitation,sidewalks, bikeways, trails, landscaping and related irrigation, walls, berms, swales, signage,light fixtures, conduits, landscape lighting and street furniture.

1.1.89 Sub-Association shall mean and refer to any property ownersassociation, homeowners association, Condominium Association, or other such entity, itssuccessors and assigns for any particular Neighborhood or Neighborhoods. The relationship ofthe Sub-Association(s) to the Master Association is more particularly described in Article III ofthis Declaration. This Declaration does not require the creation of any Sub-Association.

1.1.90 Submittals shall include all plans, drawings, plats, pictures, materialsamples, engineering studies, traffic studies and analysis, specifications and any other documentsor information required by the Design Review Manual or required by the Design Review Board,or the Declarant, if the Declarant has not delegated such right in writing to the Design ReviewBoard.

1.1.91 Supplement shall mean a document and the exhibits thereto whichwhen recorded in the Public Records of the County, amends, supplements or modifies any termsof this Declaration and/or adds real property to, or withdraws real property from, the provisionsof this Declaration.

1.1.92 Surface Water Management System shall mean and refer to the mastersurface water management system serving the Property consisting of any swales, inlets, culverts,retention ponds, detention ponds, outfalls, storm drains, pump stations, connecting pipes,mitigation areas, conservation areas and similar systems used in connection with the retention,detention, drainage and control of surface water, exclusive of the PCN.

1.1.93 Use Restrictions shall mean and refer to the use restrictions attachedhereto as Exhibit "E" and incorporated herein by referenced, as may be amended from time totime.

1.1.94 Voting Group shall mean and refer to one or more NeighborhoodVoting Representatives, or a group of Members, who vote on a common slate for electingmembers of the Board as provided in Section 3.16.

1.1.95 Work shall have the meaning set forth in Section 5.5 hereof.

ARTICLE IIPROPERTY SUBJECT TO DECLARATION

2.1 Property. All of the Property is, and shall be subject to the encumbrance,operation and effect of this Declaration and any Supplement to the Declaration which may besubsequently applicable thereto, and the Property shall be transferred, demised, sold, conveyedand occupied subject to the terms of this Declaration.

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2.2 Subsequent Additions to the Property. At any time during Declarant's ControlPeriod, the Declarant, in its sole and absolute discretion, shall have the right, but not theobligation to submit or cause to be submitted, Additional Property or any portion thereof, to theencumbrance, operation and effect of this Declaration. Each such submission of AdditionalProperty, or a portion thereof, to this Declaration shall be made by a Supplement to theDeclaration describing the portion of the Additional Property being subjected to the terms of theDeclaration, and need only be executed by the Declarant, and the owner of such portion of theAdditional Property, if not the Declarant, and shall not require the execution or consent of theMaster Association, any Sub-Association, any Owners, any Neighborhood VotingRepresentative, any Mortgage or lien holders or any other Person whatsoever. The Supplementto the Declaration shall describe the Additional Property, or portion thereof, which is beingsubjected to this Declaration, and shall contain such other terms and provisions as the Declarantmay determine, in its sole and absolute discretion. Such Supplement to the Declaration shall berecorded in the public records of the County. Upon submission of all or any portion of theAdditional Property to the Declaration by the Declarant pursuant to a Supplement to theDeclaration, such Additional Property, or portion thereof, shall be subject to the encumbrance,operation and effect of the Declaration and any other terms and provisions in any applicableSupplement to the Declaration. Such Additional Property, or portion thereof, submitted by theDeclarant to the Declaration shall be considered to be part of the "Property" (as that term appearsin this Declaration, as it may be amended from time to time, except to the extent otherwiseprovided in said Supplement), from and after the recordation of the Supplement to theDeclaration submitting the Additional Property, or any portion thereof, to the terms of theDeclaration.

2.3 Other Additions to the Property. At any time during Declarant's Control Period,the Declarant, in its sole and absolute discretion, shall have the right, but not the obligation, tosubmit or to cause to be submitted, other real property not now included within the AdditionalProperty to the encumbrance, operation and effect of this Declaration. Each submission of suchreal property to this Declaration shall be made by a Supplement to the Declaration describingsuch real property being subjected to the terms of the Declaration, and need only be executed bythe Declarant, and the owner of such real property if not the Declarant, and shall not require theexecution or consent of the Master Association, any Sub-Association, any Owners, anyNeighborhood Voting Representative, any Mortgage or lien holders, or any other Personwhatsoever. The Supplement to the Declaration shall describe the real property which is beingsubjected to this Declaration, and shall contain such other terms and provisions as the Declarantmay determine, in its sole and absolute discretion. Such Supplement to the Declaration shall berecorded in the public records of the County. Upon submission of such real property to theDeclaration by the Declarant pursuant to a Supplement to the Declaration, such real propertydescribed therein shall be subject to the encumbrance, operation and the effect of the Declarationand any other terms and provisions in any applicable Supplement to the Declaration. Such realproperty submitted by the Declarant to the Declaration shall be considered to be part of the"Property" (as that term appears in this Declaration, as it may be amended from time to time,except to the extent otherwise provided in said Supplement), from and after the recordation ofthe Supplement to the Declaration submitting such real property to the terms of the Declaration.

2.4 Additions by the Master Association. The Master Association may submitproperty to the provisions of this Declaration by recording a Supplement to the Declaration

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describing the additional property to be submitted to the Declaration. Additions by the MasterAssociation shall require the affirmative vote or written consent of Neighborhood VotingRepresentatives representing more than seventy-five percent (75%) of the Class "A" votes of theMaster Association represented at a duly called meeting for such purpose at which a quorum ispresent, and the consent of the owner of such property being submitted. In addition, so long asDeclarant's Control Period has not expired, the Declarant's written consent shall be required,which consent shall be in the Declarant's sole and absolute discretion. The Supplement to theDeclaration shall be signed by the President and Secretary of the Master Association, by theowner of the property being submitted to the terms of the Declaration, and by the Declarant, ifthe Declarant's consent is required.

2.5 Effect of Filing a Supplement to the Declaration. A Supplement to theDeclaration shall be effective upon recording unless otherwise specified therein.

2.6 Withdrawal of Property by Declarant. Until the expiration of the Declarant'sControl Period, Declarant reserves the right to remove any portion of the Property from thecoverage, terms, conditions and effects of this Declaration. Such Supplement shall not requirethe consent of any Person whatsoever other than the written consent of the Owner(s) of theproperty to be withdrawn, if not the Declarant. Withdrawals shall be accomplished by filing aSupplement to the Declaration describing the real property to be withdrawn and shall becomeeffective when such Supplement to the Declaration is filed in the public records of the County.

2.7 Declarant's Plans. The Declarant's plans for the development of the Property aredynamic in nature and may be modified and amended from time to time during the course ofdevelopment and sale of the Property. The Declarant shall not be bound to develop the Property,any Additional Property or any other real property, nor to develop in any particular manner theProperty, any Additional Property or any other real property, nor shall the Declarant beprohibited from developing the Property, any Additional Property or any other real property inany particular manner

2.8 Interpretation. Nothing contained in this Declaration, or in any Supplement tothis Declaration, shall be interpreted to (a) require the Declarant or any other Person to submitany Additional Property or other real property to the encumbrance, operation and effect of thisDeclaration, or (b) prevent any Additional Property or other real property not submitted to theencumbrance, operation and effect of this Declaration, from being submitted to another,independent declaration or scheme of development, even though such Additional Property orother real property may be owned by the Declarant. Further, nothing contained in thisDeclaration shall be deemed to encumber or otherwise affect the Additional Property or anyportion thereof, or any other real property (not a part of the Property), in any manner whatsoever,unless and until such time as a Supplement to the Declaration shall submit or cause to besubmitted, the Additional Property or any portion thereof, or any other real property (not a partof the Property) to the encumbrance, operation and effect of this Declaration in accordance withthe provisions of Sections 2.2, 2.3, or 2.4.

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ARTICLE IIIASSOCIATION NETWORK

3.1 Creation of the Master Association. The Declarant has formed the MasterAssociation for the purpose, among other things, of exercising the powers and responsibilitiesprovided herein, including, without limitation, the right and responsibility to own, lease, license,manage, operate, administer, maintain and repair portions of the Property (including, withoutlimitation, the Common Area), and the right, responsibility and obligation to administer andenforce this Declaration in accordance with the rights of the Master Association provided hereinor which may be assigned to it from time to time by the Declarant, or as may otherwise beprovided by law. The Master Association shall also have such other powers and duties as areprescribed by the Governing Documents, and shall perform its obligations in accordance with theGoverning Documents and applicable law. Each Owner shall have only those rights as may beprovided in the Governing Documents.

3.2 Creation of a Neighborhood. Every Property Unit shall be located within aNeighborhood. Unless and until additional Neighborhoods are established, the Property shall beconsidered a single Neighborhood governed by the Master Association. Subject to the termshereof, the Property Units within a particular Neighborhood may be subject to covenants,restrictions, reservations and easements in addition to those contained in this Declaration and, ifrequired by law or if the Declarant otherwise approves, the Owners within the Neighborhoodmay be members of a Sub-Association in addition to the Master Association. This Declarationor any Supplements to this Declaration, may assign a Property Unit to a specific Neighborhoodwhich may be then existing or newly created. Until the expiration of the Declarant's ControlPeriod, the Declarant may unilaterally, without the consent or approval of any Personwhatsoever, by Supplement to this Declaration, create Neighborhoods or re-designateNeighborhood boundaries, or add or subtract an additional Parcel or Property Unit, to or from aNeighborhood.

3.3 Governing Documents for a Neighborhood. The Governing Documents for anyand all Neighborhoods shall be subordinate to the Governing Documents for the MasterAssociation, and the rights and obligations of any and all Sub-Associations shall be subject andsubordinate to the rights and obligations of the Master Association, and may not be contradictorythereto or inconsistent therewith. A Sub-Association may be organized with respect to specifiedParcels or Property Units comprising of a Neighborhood. All Governing Documents of eachNeighborhood must be approved by the Declarant, in the Declarant's sole and absolutediscretion, prior to the recording the same in the public records of the County. Unless theNeighborhood Declaration and all other Governing Documents relating to a Neighborhood areapproved by the Declarant prior to their recording, they shall be considered null and void andshall not be enforceable. The approval by the Declarant shall be evidenced by the signature of anofficer of the Declarant on each Governing Document so approved. The Declarant may charge areasonable fee to review such Governing Documents. After the Declarant's Control Periodexpires, the Master Association shall be the party required to approve such GoverningDocuments and the Master Association shall have the same right to charge a reasonable fee forsuch review. Notwithstanding, the right of the Declarant (or the Master Association, after theDeclarant's Control Period expires) to approve all Governing Documents for a Neighborhood,the Declarant (or the Master Association, as applicable) shall have no liability, obligation or

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responsibility whatsoever with respect to such Governing Documents or the terms and provisionsthereof. The foregoing approval rights of the Declarant or the Master Association, as applicable,shall also apply to any amendment of or supplement to, such Governing Documents for aNeighborhood.

3.4 Rights and Duties of the Sub-Association. If applicable, each Sub-Associationshall: (a) abide by this Declaration and cause all Owners of Property Units in said Neighborhoodto abide by this Declaration; (b) enforce its Neighborhood Declaration or other deed and userestrictions for property located within the Neighborhood or subject to its control or jurisdiction;(c) maintain its Neighborhood Common Areas and other real property under its control orjurisdiction in good condition and repair; (d) administer the Sub-Association's affairs inaccordance with the terms of the applicable Governing Documents and applicable law; and (e)perform such other duties as are prescribed by its Governing Documents or which may beassigned to it from time to time by the Master Association or the Declarant.

3.5 Power of the Master Association over Sub-Associations. The Master Associationshall have the absolute power to veto any action taken or contemplated to be taken by a Sub-Association, and shall have the absolute power to require specific action to be taken by any Sub-Association. The Master Association shall receive the same notification of each meeting of themembers of a Sub-Association or board or committee thereof required to be given for same bythe Governing Documents of such Sub-Association, and a representatives of the MasterAssociation shall have the unrestricted right, but not the obligation, to attend any such meeting.If proper notice is not given to the Master Association, any action taken at such meeting shall beconsidered null and void and of no force and effect.

By way of illustration and not as a limitation, the Master Association may: (a)veto any decision or action of a Sub-Association; (b) require specific action to be taken by anySub-Association in connection with its obligations and responsibilities, (c) require specificmaintenance, repair, replacement, removal or aesthetic changes to be performed to the propertygoverned by a Sub-Association; or (d) require that a proposed budget of a Sub-Associationinclude certain items and that expenditures be made therefor. In the event that a Sub-Associationshould fail or refuse to properly exercise its responsibility with respect to any matter (asdetermined by the Master Association, in its sole and absolute discretion), the MasterAssociation shall have, and may exercise, the Sub-Association's right of approval, disapproval orenforcement as to the matter. If the Sub-Association fails to comply with any requirements setforth by the Master Association, the Master Association shall have the right to take action onbehalf of the Sub-Association and shall levy a Specific Assessment in an amount adequate torecover the Master Association's costs and expenses (including administrative, legal andaccounting costs and expenses) associated with the taking of the action. The SpecificAssessment shall be levied against all Parcels and Property Units subject to the jurisdiction of theSub-Association unless the Neighborhood Governing Documents provide a different manner ofallocating such Specific Assessment, if the Sub-Association had acted in accordance with itsGoverning Documents. Such Specific Assessment shall be allocated against such PropertyUnits, in the manner provided for assessments by the Governing Documents for the Sub-Association, and in the event no such provision exists, then as provided in Exhibit "F" attachedhereto and incorporated herein by reference.

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3.6 Power and Authority. The Master Association shall have the power and authorityto enter into contracts, leases, licenses, franchises or service agreements on a nonexclusive orexclusive basis to provide necessary outside services to the Owners, and, shall also have thepower to accept and assume such contracts, leases, licenses, franchise or service agreements asthe Declarant may enter into and subsequently assign to the Master Association. By way ofillustration and not as a limitation, the Master Association may enter into contracts for garbageand waste collection, security and/or security monitoring, cable television, multi-channel video,high speed internet and/or voice communications systems and services, landscape maintenanceand other common services; provided, however, any such contracts, leases, licenses, franchisesor service agreements shall not violate the provisions of Article IX. The Master Associationshall provide for payment of the cost and expense of such services by Assessment pursuant toArticle VII, or provide for direct billing to each Owner or Sub-Association.

3.7 Rules and Regulations. The Master Association shall have the power andauthority to promulgate and enforce such rules and regulations consistent with this Declarationas it may deem to be in the best interest of the Owners from time to time ("Rules andRegulations"). A copy of all Rules and Regulations established hereunder and any amendmentsthereto shall be made available, upon request, to Owners by the Master Association uponpayment by the requesting party of such fee to the Master Association as it may promulgate tocover the cost and administrative expense to supply same. Failure of an Owner to obtain a copyof the Rules and Regulations shall not excuse such Owner from the requirement to abide by theRules and Regulations. Such Rules and Regulations, and all covenants, conditions, restrictions,easements, reservations and other provisions contained in this Declaration and anyNeighborhood Declarations, including without limitation, all architectural and use restrictionscontained herein, may be enforced by legal or equitable action of the Master Association againstall Owners and any occupants or lessees of a Property Unit. Any lease of any Property Unit shallprovide or be deemed to provide that the lessee and all occupants of the leased Property Unitshall be bound by the terms and provisions of the Declaration and the Governing Documents.Sanctions for violations of Rules and Regulations may include reasonable monetary fines andsuspension of any applicable right to vote, and the right to use of the Common Area by anOwner, its guests, invitees or lessees. Prior to any decision to suspend any applicable votingrights, or the right to use of the Common Area, or to impose a monetary fine, the Board shallsend the Owner at the address of such Owner on file with the Master Association, notice of themeeting of the Board at which such decision is contemplated to be made, and provide suchOwner the opportunity to be heard pursuant to the provisions of the Governing Documents. Inaddition, the Master Association, through the Board, may, by contract or other agreement,enforce City, County or other Government Authority ordinances, or permit the City, County, orother Governmental Authorities to enforce ordinances pertaining to the Property.

3.8 Conveyance of Property to and from the Master Association. The Declarant mayconvey to the Master Association, and the Master Association shall accept, personal property andfee title, leasehold, easements or other property interests in any real property, improved orunimproved. Upon Declarant's written request, the Master Association shall reconvey to theDeclarant for no consideration, any portions of the Common Area which the Declarant originallyconveyed to the Master Association to the extent conveyed by the Declarant in error or neededby the Declarant to make minor adjustments in property lines. From time to time, the MasterAssociation may convey portions of the Common Area to the District, to the City, or to other

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Government Authorities, without prior approval of the Members; provided, however, theDeclarants' prior written consent shall be required for any such conveyances during theDeclarant's Control Period which consent shall be in the Declarant's sole and absolutediscretion. Conveyances of Common Area to the District, the City, or to other GovernmentAuthorities, shall be subject to the application and scope of this Declaration (except as otherwiseset forth in a Supplement to this Declaration).

3.9 Articles of Incorporation and Bylaws. The Articles of Incorporation and Bylawsare subject to amendment in accordance with their respective provisions, and it is not necessaryto amend this Master Declaration in order to amend the Articles of Incorporation or Bylaws;provided, however, neither the Articles of Incorporation nor the Bylaws may, for any reason, beamended or otherwise changed or interpreted so as to be contradictory or inconsistent with thisDeclaration. In the event of any inconsistency, the provisions of this Declaration shall prevail.

3.10 Laureate Park Standard. The Master Association shall uphold the Laureate ParkStandard for the Property.

3.11 Acts of the Master Association. Unless the approval or action of a certain specificpercentage of the Members and/or the Board is required in this Declaration or the GoverningDocuments, all approvals, actions, duties and powers required or permitted to be given or takenby the Master Association shall be given or taken by a majority of the members of the Boardpresent in person (which may include by telephonic or other communication) or by proxy, at aduly called meeting of the Board at which a quorum is present, without the requirement forapproval by the Members or any other Person whatsoever, except for the Declarant during theDeclarant's Control Period or as otherwise specifically provided in the Governing Documents.All of the duties and powers of the Master Association existing under Chapter 617, FloridaStatutes, this Declaration and the Governing Documents shall be exercised exclusively by theBoard. The Board may so approve and act through the proper officers of the Master Associationwithout a specific resolution, or may delegate the authority to manage the affairs of the MasterAssociation to one or more managers or management companies upon terms as they deemappropriate. When an approval or action of the Master Association is permitted to be given ortaken, such action or approval may be conditioned in any manner the Master Association deemsappropriate, or the Master Association may refuse to take or give such action or approval,without the necessity of establishing the reasonableness of such conditions or refusal, except asherein specifically provided to the contrary.

3.12 Membership in the Master Association. Every Owner shall be a Member of theMaster Association. There shall be only one Member per Property Unit. However, if a PropertyUnit is subdivided or otherwise divided into additional Property Units in accordance with theterms of this Declaration, then each such Property Unit shall have one member. If a PropertyUnit is owned by more than one Person, all co-Owners shall share the privilege of suchmembership as a single member, subject to reasonable Board regulation and the restrictions onvoting set forth herein and in the Bylaws, and all such co-Owners shall be jointly and severallyobligated to perform the responsibilities of Owners.

The membership rights and privileges of an Owner who is a natural person maybe exercised by the Owner or the Owner's spouse. The membership rights of an Owner which is

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not a natural person may be exercised by any officer, director, partner, or trustee, or by any otherindividual designated from time to time by the Owner in a written instrument provided to theSecretary of the Master Association. Notwithstanding anything to the contrary provided herein,all voting rights of a Member shall be exercised by that Member's Neighborhood VotingRepresentative (except as specifically provided in this Declaration and the Bylaws).

3.13 Voting. The Master Association shall have two classes of membership, whichshall include Class "A" Members and the Class "B" Member.

3.13.1 Class "A" Members. Class "A" Members shall be all Owners. EachClass "A" Member shall have the number of votes as provided in Exhibit "F". No votes shallbe exercised on account of any property which is totally exempt from assessment under Section7.11.1.

3.13.2 Class "B" Member. The sole Class "B" Member shall be theDeclarant. The rights of the Class "B" Member under this Declaration and the Bylaws arespecified elsewhere in the Declaration and the Bylaws. Subject to the provisions of the Bylaws,during the Declarant's Control Period, the Class "B" Member shall appoint all members to theBoard. The Class "B" Member may assign and transfer its Class "B" membership status. TheClass "B" membership shall terminate upon the expiration or earlier termination of theDeclarant's Control Period, or when, in its discretion, the Class "B" Member so determines anddeclares in an instrument recorded in the public records of the County. Upon termination of theClass "B" membership, the Declarant shall become a Class "A" Member and entitled to Class"A" votes for all Property Units which it owns.

3.14 Current Lists of Owners. Each Sub-Association shall provide the MasterAssociation with the names and addresses of all Members who are subject to the jurisdiction ofthat Sub-Association and shall notify the Master Association in writing each time there is achange in the name and/or mailing address of a member of that Sub-Association. To the extentthere is no separate Neighborhoods established, all Owners of a Property Unit shall provide theMaster Association with its name and address, and shall notify the Master Association in writingeach time there is a change in the name and/or mailing address of the Owner of such PropertyUnit. Failure of a Sub-Association or Owner of a Property Unit not subject to the jurisdiction ofa separate Sub-Association to notify the Master Association of the foregoing requiredinformation shall result in a Specific Assessment levied by the Master Association against allMembers of the Sub-Association and/or the Owners of Property Units, as applicable, in violationof this provision for the costs and expenses incurred by the Master Association as a result of suchfailure.

3.15 Neighborhood Voting Representative. Due to the number of Property Unitswhich may be developed in Laureate Park, a representative form of voting shall be employed inorder to facilitate the conduct of the Master Association business, communication among theDeclarant, Board and Owners, and the smooth administration of Laureate Park in the event morethan one Neighborhood is created hereunder. Each Neighborhood shall elect a VotingRepresentative who shall be responsible for casting all votes attributable to Property Unitsowned by Class "A" Members in the Neighborhood on all Master Association matters requiringa membership vote, except as otherwise specified in the Governing Documents. In addition,

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each Neighborhood shall elect an alternate Neighborhood Voting Representative to act in theabsence of a Neighborhood Voting Representative. The Neighborhood Voting Representativeand alternate Neighborhood Voting Representative from a Neighborhood shall each be Ownersof a Property Unit in such Neighborhood in good standing. No Owner of an InstitutionalProperty Unit shall be deemed eligible to vote and shall not become a Neighborhood VotingRepresentative unless such Owner agrees to pay Assessments to the Master Association and tocomply with all terms and provisions of this Declaration to which an Institutional Property Unitmay otherwise be exempt. Neighborhood Voting Representatives may cast their votes as they, intheir discretion, deem appropriate or as otherwise required under the applicable GoverningDocuments for the Neighborhood. Neighborhood Voting Representatives are subordinate to theBoard, and their responsibility and authority does not extend to policymaking, supervising, orotherwise being involved in Master Association governance beyond voting on matters put to avote of the Members. If applicable, each Sub-Association shall provide the Master Associationwith the list of names and addresses of the Neighborhood Voting Representatives and thealternate Neighborhood Voting Representatives and any change in names and/or addresses.

3.15.1 Election of a Neighborhood Voting Representative. The first electionof a Neighborhood Voting Representative from a Neighborhood shall occur within one (1) yearafter the first conveyance of a Property Unit in the Neighborhood to an Owner other than aBuilder. Thereafter, the Board shall call for an election of a Neighborhood VotingRepresentative every two years. Votes may be cast as determined by the Board. However, uponwritten petition signed by Members holding at least ten percent (10%) of the Class "A" voteswithin any Neighborhood, the election for the Neighborhood Voting Representative for suchNeighborhood shall be held at a special meeting. The presence, in person or by proxy, ofMembers representing at least ten (10%) of the total Class "A" votes in the Neighborhood shallconstitute a quorum at any Neighborhood meeting to elect a Neighborhood VotingRepresentative. In the event of the failure to obtain a quorum, the Board may appoint aNeighborhood Voting Representative or alternate Neighborhood Voting Representative torepresent the Neighborhood until a successor is elected. Candidates for election as aNeighborhood Voting Representative may be nominated by the Board, a nominating committeethe Board appoints, or by Owners in the manner provided by the Board. For any election of aNeighborhood Voting Representative, an Owner of a Property Unit in a Neighborhood shall havethe number of votes provided in Exhibit "F" to this Declaration. The candidate who receivesthe greatest number of votes shall be elected as the Neighborhood Voting Representative and thecandidate receiving the next greatest number of votes shall be elected as the alternateNeighborhood Voting Representative. The Neighborhood Voting Representative and thealternate Neighborhood Voting Representative shall serve until their successors are elected. ANeighborhood Voting Representative may serve no more than two consecutive terms.

3.15.2 Vacancy. If there is vacancy in the position of Neighborhood VotingRepresentative for any Neighborhood, the Board may appoint a Neighborhood VotingRepresentative or alternate Neighborhood Voting Representative to represent such PropertyUnits in such Neighborhood until a successor is elected.

3.15.3 Removal of Neighborhood Voting Representative. Any NeighborhoodVoting Representative may be removed, with or without cause, upon the vote or written petition

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of Owners of Property Units holding at least a majority of the votes in such Neighborhoodrepresented by the Neighborhood Voting Representative.

3.16 Voting Groups. Prior to the expiration of the Declarant's Control Period, theDeclarant may combine different Neighborhoods into Voting Groups for any purpose. VotingGroups shall be designated to promote representation on the Board by groups with dissimilarinterests and to avoid particular groups dominating the Board due to the number of votes held bysuch groups. The Declarant shall unilaterally establish Voting Groups, if at all, without theconsent or approval of any Person whatsoever, by recording a Supplement to the Declarationidentifying the Voting Groups by legal description or other means by which the property withinthe Voting Groups can clearly be determined. The Declarant may amend such designations atany time and from time to time during the Declarant's Control Period in the same manner. Inany event, each Voting Group shall elect an equal number of directors to the Board after theDeclarant's Control Period. After expiration of the Declarant's Control Period, the Board, withthe approval of Neighborhood Voting Representatives together representing a majority of theClass "A" votes in the Master Association, may create one or more Voting Groups, or changeexisting Voting Groups, by recording a Supplement to the Declaration, or amending a previousSupplement to the Declaration. For purposes of this Section 3.16, other than the mannerauthorized herein to establish Voting Groups, no further consent or approval of any Personwhatsoever shall be required, except the Declarant prior to expiration of the Declarant's ControlPeriod which shall be in the Declarant's sole and absolute discretion. Until such time as VotingGroups are established, the Property shall be without the requirement of a Neighborhood VotingRepresentative. After Voting Groups are established, any portion of the Property not assigned toa specific Voting Group shall collectively constitute a single Voting Group.

3.17 Board of Directors. The Master Association shall be governed by the Board whichshall be appointed, designated or elected, as the case may be, as follows:

3.17.1 Appointed by the Declarant. The Declarant shall have the right toappoint all members of the Board during the Declarant's Control Period, in Declarant's sole andabsolute discretion, and such Board members shall serve at the pleasure of the Declarant.

3.17.2 Election of the Board. After the Declarant no longer has the right toappoint all members of the Board under Section 3.17.1, or earlier if the Declarant so elects, then,and only then, shall the members of the Board be elected as provided in the GoverningDocuments.

3.17.3 Vacancies. A member of the Board may be removed and vacancies onthe Board shall be filled in the manner provided by the Governing Documents. However, anymember of the Board appointed by the Declarant may only be removed by the Declarant, andany vacancy on the Board of a member appointed by the Declarant shall be filled by theDeclarant.

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ARTICLE IVUSE RESTRICTIONS AND MAINTENANCE RESPONSIBILITIES

4.1 Governmental, Educational and Religious Interests. So long as the Declarant orany affiliate of the Declarant owns any portion of the Property, the Declarant may designate siteswithin the Property for Institutional use including, without limitation, government, education orreligious activities and interests, fire, police, utility facilities, schools or education facilities,houses of worship, parks, recreation and other public facilities. The sites may include CommonAreas and in such case, the Master Association shall dedicate and convey such sites as directedby the Declarant, and no approval of the Members or any Person whatsoever shall be required.

4.2 Assum tion of Obli ations Under Development Order and PD Ordinance. TheDeclarant shall have the right to assign to the Master Association any of its continuingobligations or responsibilities under the Development Order, the PD Ordinance or any SpecificParcel Master Plan for the Property, and the Master Association shall accept, assume and fulfillsuch obligations and responsibilities. The Master Association shall indemnify and hold theDeclarant harmless from any liability which may result therefrom, including any legal fees andcosts incurred by the Declarant in defending itself or enforcing its rights hereunder.

4.3 Use of Property. The use of the Property by the Owners shall comply with theGoverning Documents, all laws, and any and all permits, licenses or other documents that maybe applicable to the Property from time to time including, without limitation, the DevelopmentOrder, the PD Ordinance and any applicable Specific Parcel Master Plan.

4.4 Prohibited Acts. No Owner shall submit a request for rezoning or for anamendment, variance or modification to the Development Order, PD Ordinance, any SpecificParcel Master Plan or other land use approvals or permits, without the express prior writtenconsent of the Declarant, which may be withheld in the sole and absolute discretion of theDeclarant.

4.5 Common Area. The Common Area shall be deemed to include (i) those areaswhich are designated as such on any recorded subdivision plat of the Property, or any portionthereof; (ii) those areas which are otherwise dedicated, conveyed, leased or licensed for thecommon use and enjoyment of all Owners or which the Master Association otherwise possesses;(iii) those areas of the Property for which the Master Association or the Owners have use rights,whether by agreement or otherwise; (iv) those areas which the Declarant may designate as such;and (v) those areas the maintenance of which or other responsibility for which resides in theMaster Association as provided in this Declaration, is transferred to the Master Association bythe Declarant or is otherwise assumed by the Master Association. The term "Common Area"shall also include any and all Improvements located on the real property classified as "CommonArea." The Common Area shall be distinguished from the Neighborhood Common Area.Neighborhood Common Area shall be for the exclusive use of the Owners of Property Units of aparticular Neighborhood. By way of illustration and not as to a limitation, the Common Areamay include:

4.5.1 Streets and Streetscape. Except as otherwise assumed by the City, theDistrict, or other Government Authorities (or utility providers) or as otherwise set forth herein,

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the Master Association shall be responsible for the maintenance, repair and replacement of anyStreets owned by the Master Association and Streetscape lying within the medians of any Streetsowned by the Master Association. The Master Association shall have the right, but not theobligation, in its sole and absolute discretion, to either maintain or supplement the cost ofmaintenance of all Streets and Streetscape within the medians, or abutting the Streets, and of thedecorative elements of any bridge in a Street, at a higher level than that of the City, the Districtor other Government Authorities (or utility providers), or as otherwise required herein, for thepurpose of said maintenance, operation, repair and replacements and/or supplementedmaintenance, operation, repair and replacement. The Declarant and/or the Master Associationmay enter into a maintenance agreement with the City, the District or other GovernmentAuthorities (or utility providers) for the purpose of said maintenance, operation, repair andreplacement and/or supplemented maintenance, operation, repair and replacement. If theDeclarant initially enters into such an agreement, that agreement may be assigned in whole or inpart to the Master Association, and the Master Association shall be responsible to perform theobligations under the agreement so assigned. To the extent the Master Association has the rightor obligation to maintain, repair or replace such areas, such areas shall be considered part of the"Common Area" even though not owned by the Master Association.

To the extent applicable and except as otherwise assumed by the City, theDistrict, or other Government Authorities (or utility providers), each Owner, at such Owner'ssole cost and expense, (unless assumed by the Master Association or a Sub-Association) shallmaintain, mow, irrigate, prune and replace all landscaping (including, without limitation, all sodand trees) lying within the right-of-way of adjacent public streets (including streets owned by theDistrict), private streets, lakes and ponds, and alleys between the Property Unit boundary and thecurb of such public street, private street or alley, and between the Property Unit boundary and thewaters of any lake or pond, in a manner consistent with the Laureate Park Standard. If such areasare adjacent to a condominium, then the applicable Sub-Association or Owners thereof shall beresponsible for the above obligations, or if such areas are adjacent to Attached Units, theapplicable Service Area shall be responsible for the above obligations. The Master Associationshall be responsible for any cost for the upgraded maintenance and operation of the streetlighting for the Streets, except as otherwise assumed by the City, the District or any otherGovernment Authorities (or utility providers). The Master Association shall not be responsiblefor the upgraded cost for installation of street lighting, unless the Master Association so agrees,in its sole and absolute discretion. The right of the Owners to use the Streetscape shall be inaccordance with its intended use, and shall include, without limitation, pedestrian travel,walking, jogging or running, horseback riding, skating, bicycle riding, and similar activities,within that portion of the Streetscape reasonably intended for such purposes. An Owner shall beexpressly prohibited from unilaterally modifying, altering or changing any Streetscape(including, without limitation, all sod and trees lying within the right-of-way of adjacent publicstreets (including streets owned by the District), private streets, lakes and ponds, and alleysbetween the Property Unit boundary and the curb of such public street, private street or alley, andbetween the Property Unit boundary and the waters of any lake or pond) without the prior writtenconsent of the Master Association in each instance. If an Owner modifies, alters or changes anyStreetscape in violation of the restrictions set forth herein, such Owner, at its expense, shall beobligated to promptly restore the Streetscape to its pre-existing condition using the same orsubstantially similar type, quality and size of materials to the greatest extent possible.

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In addition to any other enforcement rights, if an Owner or Sub-Association failsto properly perform his, her or its maintenance responsibilities under this Section 4.5.1, theMaster Association may perform such maintenance responsibilities and assess all costs incurredby the Master Association as a result thereof against the benefited Property Unit(s) and itsOwner(s) in accordance with the terms hereof. In the event of a failure of a Sub-Association toproperly perform its maintenance responsibilities, any resultant assessment may be imposedagainst all Units under the jurisdiction of such Sub-Association as provided herein. The right ofthe Master Association to enter any Property Unit to perform such maintenance is granted to theMaster Association pursuant to the terms hereof. The Master Association shall afford the Owneror the Sub-Association at least fourteen (14) day's written notice and an opportunity to cure theproblem prior to entry, except when entry is required due to an emergency situation

4.5.2 Recreation Areas. Recreation areas, if any, include those portions ofthe Property designated for recreational use by the Declarant during the Declarant's ControlPeriod or by the Master Association after the expiration of the Declarant's Control Periodprovided that the Declarant has consented in its sole and absolute discretion so long as theDeclarant or any affiliate of the Declarant owns any portion of the Property. Recreation areasshall be used only for recreational purposes in a manner consistent with any Improvement ofsuch recreation area, subject to the Rules and Regulations of the Master Association. TheDeclarant, in its sole discretion, during the Declarant's Control Period, or the Master Associationafter the expiration of the Declarant's Control Period provided that the Declarant has consentedin its sole and absolute discretion so long as the Declarant or any affiliate of the Declarant ownsany portion of the Property, shall determine the manner of making Improvements in recreationareas and the use thereof, and may, in its sole and absolute discretion, charge a user fee for all ora portion of such recreation areas. A portion of the lands in Laureate Park may, but shall not beobligated to be, utilized for an equestrian center, equestrian trails, swim club, health and fitnesscenter and other recreational facilities (collectively, the "Recreational Facilities"). TheRecreational Facilities, if any, shall be operated and maintained by the Master Association as aCommon Expense. The Master Association shall have the right to enter into use agreements orsimilar types of agreements with Persons who are not Owners in order to provide such Personsthe right to use all or any portion of the Recreational Facilities for a specified fee. The Declarantshall also have the right to enter into such agreements and assign them to the Master Associationduring the Declarant's Control Period. Portions of the Recreational Facilities may be open to useby the general public, and, as a result, there may be use of those Recreational Facilities orportions thereof, by Persons who do not pay a fee to the Master Association for such use;provided, however, any pool facilities included within the Recreational Facilities shall not bemade available to the general public without the payment of a fee to the Master Association.THE PRESENT OR FUTURE USE OF ANY PORTION OF THE PROPERTY WITHINLAUREATE PARK FOR THE RECREATIONAL FACILITIES MAY BE DISCONTINUEDOR SUSPENDED AT ANY TIME BY ITS OWNER, AND, AT SUCH TIME, SUCHRECREATIONAL FACILITIES MAY BE USED FOR SUCH OTHER PURPOSES AS THEOWNER THEREOF MAY DECIDE, SUBJECT TO THE CONSENT AND APPROVAL OFTHE DECLARANT DURING SUCH TIME AS THE DECLARANT OWNS ANY PORTIONOF THE PROPERTY.

4.5.3 Open Spaces. Open spaces mean those portions of the Propertydesignated as open spaces by the Declarant during the Declarant's Control Period or by the

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Master Association after the Declarant's Control Period provided that the Declarant hasconsented in its sole and absolute discretion so long as the Declarant or any affiliate of theDeclarant owns any portion of the Property. The Declarant during the Declarant's Control Periodshall have the absolute right, in its sole discretion, to modify its plan for beautification ofLaureate Park and specifically to modify the appearance of open spaces; and thereafter theMaster Association shall have the same right as long as the general quality of such beautificationplan is not diminished. If the Master Association does modify the appearance of open spaces in amanner which diminishes the general quality of the beautification plan instituted by theDeclarant, the Declarant shall have the right to bring legal action to force the Master Associationto correct the appearance of such open spaces as long as the Declarant owns any portion of theProperty.

4.5.4 Surface Water Management Systems and the PCN. The Surface WaterManagement System and the PCN (collectively, the "Drainage Areas") shall be kept andmaintained for irrigation, drainage, conservation, mitigation or beautification purposes in amanner consistent with the Declarant's original design and in accordance with the requirements,permits and approvals of the applicable Government Authorities. The Master Association shallbe responsible for the maintenance, operation, and repair of the Surface Water ManagementSystem. Maintenance of the Surface Water Management System shall mean the exercise ofpractices which allow the systems to provide drainage, water storage, conveyance or othersurface water management capabilities permitted by the South Florida Water ManagementDistrict. Any repair or reconstruction of the Surface Water Management System shall be aspermitted or, if modified, as approved in writing by the South Florida Water ManagementDistrict. If wetland mitigation, monitoring, restoration or creation is required, the MasterAssociation shall be responsible to carry out this obligation, including complying with all of theSouth Florida Water Management District permitting requirements associated with wetlandmitigation, maintenance, and monitoring. Except as otherwise waived by the Declarant inwriting, or assumed by the City, the District or other Government Authorities, the MasterAssociation shall also maintain the areas around the ponds which are a part of the Surface WaterManagement System (provided such areas are not included within a Property Unit which shall bethe Owner's responsibility) and the aquatic vegetation within said ponds. Such maintenanceshall not include any structural components or systems of the Surface Water ManagementSystem, unless the City, the District or other Government Authorities, do not assume theobligation to maintain same. Except as otherwise waived by the Declarant in writing, orassumed by the City, the District or other Government Authorities, the Master Association shallmaintain the portion of the upland buffer areas in the PCN which are used by the MasterAssociation and the Owners for paths, equestrian trails and other permitted recreational purposesand as otherwise necessary to maintain the Laureate Park Standard. The Surface WaterManagement System and its location may not be modified or relocated without the appropriatepermit modification and the prior written consent of the Declarant, so long as the Declarant orany of its affiliates owns any real property in the Lake Nona DRI/PD. In the event of adissolution or termination of the Master Association, property owned by the Master Associationcontaining all or part of the Surface Water Management System shall be transferred only toanother not-for-profit corporation or dedicated to the appropriate Government Authorities,agreeing to accept such conveyance or dedication, together with the requirement to operate andmaintain the Surface Water Management System and the upland buffer areas in the PCN asprovided herein. Neither the Declarant, the Master Association nor any Neighborhood

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Association shall be obligated to provide supervisory personnel or lifeguards for the pondsincluded within the Surface Water Management System, unless otherwise specifically agreed toby the Master Association.

4.5.5 Parks. Parks mean those portions of the Property designated as such bythe Declarant during the Declarant's Control Period or by the Master Association after theDeclarant's Control Period provided that the Declarant has consented in its sole and absolutediscretion so long as the Declarant or any affiliate of the Declarant owns any portion of theProperty, by the applicable Specific Parcel Master Plan, by plat or otherwise, which may or maynot be dedicated to or owned by the City, the District or the Master Association, and allimprovements located thereon. The Parks shall be maintained and repaired by the MasterAssociation, except as otherwise waived by the Declarant or assumed by the City or the District.Parks located within Neighborhoods shall be deemed Common Area, and not NeighborhoodCommon Area, unless otherwise designated by the Master Association. In such case, the parkshall be maintained by the Master Association unless the Declarant or the Master Associationrequires, in its sole and absolute discretion, to have the park maintained by such Sub-Association. To the extent a park is a regional or community park maintained by the City, orother Government Authorities, the Master Association shall not be obligated to maintain andrepair same; provided, however, the Master Association may elect, in its sole and absolutediscretion, to supplement the cost of maintenance and repair at a higher level than that of the Cityor other Government Authorities.

4.5.6 Public Improvements. Public improvements made by the Declarant forthe benefit of the County, the City, the District or any other Government Authorities that are notmaintained at the expense of the general public and which the Master Association, in its sole andabsolute discretion, elects to maintain, or elects to maintain at a higher level than that of theCounty, the City, the District or any Government Authorities.

4.5.7 Other Improvements. Such other property or improvements whichbenefit the Property or any portion thereof which the Declarant shall determine, so long as theDeclarant or any affiliate of the Declarant owns any portion of the Property.

4.6 Neighborhood Common Area. The Neighborhood Common Area shall not bedeemed to be a part of the Common Area except as provided by this Declaration.

4.7 Exclusive Common Area. Certain portions of the Common Area may bedesignated as Exclusive Common Area and reserved for the exclusive use or primary benefit ofOwners, occupants lessees, and invitees of Property Units within a particular Service Area orwithin a Neighborhood as set forth in a Supplement to the Declaration, in a deed conveying suchExclusive Common Area to the Master Association, or on the plat of such Exclusive CommonArea or otherwise. By way of illustration and not limitation, Exclusive Common Areas mayinclude entry features, recreational facilities, landscaping, landscaped medians, driveways,alleys, cul-de-sacs, ponds, mews and other portions of the Common Area within a particularService Area. All costs associated with maintenance, repair, replacement, and insurance ofExclusive Common Areas shall be assessed as a Service Area Assessment against the Owners ofthe Property Units to which the Exclusive Common Area is assigned. The Declarant, during theDeclarant's Control Period, may from time to time grant to additional Property Units the right to

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use certain Exclusive Common Areas, and may assign a Common Area as an ExclusiveCommon Area and reassign an Exclusive Common Area as a Common Area. Thereafter, aportion of the Common Area may be assigned and re-assigned as Exclusive Common Area uponapproval of Neighborhood Voting Representatives representing a majority of the votes ofMembers whose Property Units are affected by the proposed assignment or reassignment. TheMaster Association may permit Owners of other Property Units to use all or a portion of theExclusive Common Area upon payment of user fees, which fees shall be used to offset theService Area Expenses attributed to such Exclusive Common Area.

4.8 Conveyance to the Master Association. The Declarant shall have the right toconvey title to any property owned by it, or any interest therein, to the Master Association asCommon Area. The Declarant may also convey or assign to the Master Association anymaintenance responsibilities the Declarant has undertaken involving portions of the Property notwithin Common Area, and real and personal property not within the defined "Property" butcontiguous to portions of the Property. As an example, the Declarant may, but shall not beobligated to, maintain the Streetscape within Laureate Park, or the upland buffer area of thePCN, even though such areas may not be included within the Property, and may assign suchobligations to the Master Association.

The Declarant may require the Master Association, by written notice to theMaster Association, to operate and/or maintain as Common Area, any property owned by theDeclarant which the Declarant intends to convey in the future (or transfer an interest or use orpossessory right therein in the future) to the Master Association. In that event, such propertyshall be deemed Common Area even though not yet owned by the Master Association (or aninterest or use or possessory right therein has not yet been transferred to the Master Association).If the Declarant thereafter determines not to convey the property (or transfer an interest or use orpossessory right therein) to the Master Association as Common Area, the Declarant shall sonotify the Master Association in writing, and thereafter such property shall no longer be deemedto be Common Area, and the Master Association will no longer have any obligation or right tooperate and/or maintain such property, except as otherwise specifically agreed or providedherein. The Declarant shall not have the obligation to develop and/or convey any property (ortransfer an interest or use or possessory right therein) to the Master Association as CommonArea. If the Declarant desires to convey any property (or transfer an interest or use or possessoryright therein) to the Master Association, the timing and method of the conveyance (or transfer ofan interest or use or possessory right therein) shall be in the sole and absolute discretion of theDeclarant. Once any portion of the Common Area is conveyed (or transfer of an interest or use orpossessory right therein occurs) to the Master Association or any maintenance responsibilitiesare assigned to the Master Association, the Master Association shall assume all obligationsrelating to such Common Area and/or maintenance responsibilities, and further shall indemnifyand hold the Declarant harmless from any liability which may result therefrom, including anylegal fees and costs incurred by the Declarant in defending itself or enforcing its rightshereunder.

4.9 Method of Conveyance. The Declarant may transfer title (or any interest or use orpossessory right therein) to any portion of the Common Area to the Master Association by bill ofsale, deed, easement, agreement or other appropriate instrument which may be recorded in thepublic records of the County. The Master Association shall be obligated to accept the transfer as

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delivered by the Declarant and to maintain the Common Area for the use and benefit of theOwners. Notwithstanding the foregoing, property which may be Common Area, may be ownedby the City, District or other Government Authorities, and notwithstanding the foregoing, theMaster Association may be obligated to maintain same as provided in this Declaration, even ifnot owned by the Master Association.

4.10 Use of the Common Area. Every Owner shall have the nonexclusive right to use,access and enjoy the Common Area subject to the following:

4.10.1 Transfer of a Common Area. Except as is provided in this Declaration,once title to the Common Area is transferred to the Master Association, it shall not beabandoned, partitioned, subdivided, alienated, released, transferred, hypothecated, or otherwiseencumbered without first obtaining the written approval of the Declarant so long as the Declarantor any affiliate of the Declarant owns any portion of the Property. Subject to the Declarant'sapproval so long as the Declarant or any affiliate of the Declarant owns any portion of theProperty, the Master Association may dedicate portions of the Common Area to the City, theDistrict or to any other Government Authorities or quasi-governmental entities (or utilityproviders). The Master Association, subject to the Declarant's approval as provided above, mayencumber the Common Area provided such encumbrance is solely to secure a loan obtained forimproving the Common Area being encumbered, and provided that the lien of such loan is notsuperior to the provisions of this Declaration.

4.10.2 Use by the Owners. A nonexclusive and perpetual right of use of allCommon Areas (exclusive of any Exclusive Common Area, unless reserved for the benefit of anOwner pursuant to Section 4.7) shall be deemed to have been granted to: (a) all Owners, theirfamily members, and their tenants, occupants, licensees, guests and invitees; (b) United Statesmail carriers, and representatives of fire departments, police and sheriff s departments, and othernecessary Government Authorities (in their official capacity); and (c) holders of bona fidesecurity interests and Mortgages on any portion of the Property (for the purpose of reasonableinspections of such portion of the Property). The foregoing nonexclusive and perpetual rights ofuse by all Owners, and their family members, tenants, licensees, guests and invitees shall besubject to:

(a) The terms of this Declaration, the Bylaws, Rules and Regulationsand any other applicable Governing Documents and covenants, restrictions and easements,including any declaration of easements and covenants to share costs or similar instrumentsrelating to such Common Area which grant non-Owners rights to use and enjoy portions of theCommon Area upon payment of fees or a portion of the costs relating to such Common Area;

(b) Any restrictions or limitations contained in any deed conveyingsuch Common Area to the Master Association, and any matters to which the Common Area issubject at the time of conveyance to the Master Association;

(c) The right of the Board to adopt Rules and Regulations regulatingthe use and enjoyment of the Common Area, including Rules and Regulations restricting,limiting or prohibiting use of any Common Area to Owners of Parcels or Property Units andtheir family members, tenants, licensees, guests, employees and invitees, and Rules and

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Regulations limiting the number of family members, tenants, licensees, guests, employees andinvitees who may use the Common Area;

(d) The right of the Board to permit use of any Recreational Facilitiessituated on the Common Area by persons other than Owners, their family members, tenants,licensees, guests, employees and invitees upon payment of user fees established by the Board orsuch other use restrictions as the Board shall determine;

(e) The rights of certain Owners to the exclusive use of those portionsof the Common Area designated "Exclusive Common Area", as more particularly described inthe manner provided in this Declaration;

(f) The right of the Master Association, acting through the Board, todedicate or transfer all or any part of the Common Area pursuant to the provisions of theGoverning Documents, or to an Owner of a Property Unit for the purpose of making minoradjustments to the boundary lines of such Property Unit, subject to the terms of the GoverningDocuments;

(g) The terms and provisions of the Development Order, PDOrdinance, any Specific Parcel Master Plan, permits and approvals of the applicable GovernmentAuthorities, the City and the District, and the rights of any of the foregoing therein;

(h) The right of the Board to suspend the right of an Owner, its familymembers, tenants, licensees, guests, employees and invitees, to use Common Areas andRecreational Facilities within the Common Areas (i) for any period during which anyAssessment, fine or other monetary charge against such Owner's Property Unit or against suchOvvner, its family members, tenants, licensees, guest, employees and invitees which remainsdelinquent, and (ii) for a period not to exceed thirty (30) days for a single violation or for alonger period in the case of any continuing violation of the Governing Documents after noticeand a hearing;

(i) The right of the Board to levy a fine against an Owner, its familymembers, tenants, licensees, guests, employees and invitees as a result of a violation by suchPerson of the terms of the Governing Documents pertaining to such Common Areas, which finemay be levied per violation, and each day of a continuing violation, as further provided inSection 4.18.

(j) The right of the Board to impose membership requirements andcharge membership, admission or other fees for the use of any Recreational Facilities situatedupon the Common Area;

(k) The right of the Board to mortgage, pledge or hypothecate theCommon Area as security for money borrowed or debts incurred subject to the terms andprovisions of the Governing Documents.

Any Owner may extend his or her right of use and enjoyment to the members ofhis or her family, tenants, licensees, guests, employees and invitees, subject to reasonableregulation as provided for in this Declaration. An Owner who leases all of his or her Property

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Unit shall be deemed to have assigned all such rights to the tenant of such Property Unit for theterm of such lease.

4.10.3 Use of Surface Water Management System and PCN. Subject to anyapplicable laws, rules, regulations and ordinances imposed by, and any agreements entered intowith any Government Authorities, and unless and until the Declarant has assigned such rights tothe Master Association, the City, the District (or any other Government Authorities) orDeclarant's affiliates, the Declarant shall retain all right, title and interest to the Surface WaterManagement System and PCN (including, without limitation, all water in any ponds and watercourses within the Property), and shall further have the sole right to control the water level andmaintenance of all ponds, slopes and banks, water courses, drainage control devices and all otherareas and apparatus comprising the Surface Water Management System and PCN, unless suchright is assigned to and assumed by the Master Association, the City, the District or theapplicable Government Authorities. Subject to regulations, ordinances and agreements imposedby or made with the City, the District or any Government Authorities, the Declarant, and anyassigns of the Declarant, shall have the right to use the water, and control the level thereof, in allponds and water courses in the Surface Water Management System for any purpose asdetermined by the Declarant, or such other Persons as the Declarant may designate, and shallhave the right to charge the Master Association a reasonable fee for any such services providedto the Master Association benefitting the Property for irrigation purposes.

4.10.4 Prohibited Uses. No Person (other than employees or agents of theDeclarant) shall, without the written approval of the Declarant, in its sole and absolute discretion,do any of the following on any part of the Common Area: (a) operate motor vehicles for anypurpose other than as a means of transportation; (b) use watercraft of any nature on or in anyportion of the Surface Water Management System or fish or swim on or in any portion of theSurface Water Management System, other than in areas specifically designated for thosepurposes by the Declarant (but only in accordance with the approvals, permits and anyagreements of or with the City, the District and applicable Government Authorities); (c) permitthe walking or running of animals except when on a leash, and as to horses, except when in anenclosure or area (such as a fenced pasture or area designated as an arena) or when being riddenor led in designated areas; (d) light any fires except in designated locations in designated picnicareas; (e) fell any trees or injure or damage any landscaping; (f) interfere with any drainage,utility or access easements; (g) build any structures, recreational or other common facilities; (h)discharge any liquid or material other than natural drainage in accordance with applicablepermits into the Surface Management Water System or the PCN; (i) alter or obstruct any ponds,drainage swales, water courses, the Surface Water Management System or the PCN; or (j)interfere with any water control structures or apparatus, the Surface Water Management Systemor the PCN. Nor shall any Person violate Rules and Regulations that may be established by theMaster Association governing the use of the Common Area. The foregoing rights accruing to theDeclarant in this Section 4.10.4 may be exercised by the Declarant so long as the Declarant orany affiliate of the Declarant owns any portion of the Property. Thereafter such rights may beexercised by the Master Association, unless sooner assigned by the Declarant to the MasterAssociation.

4.11 Maintenance of the Common Area.

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4.11.1 The Master Association shall be responsible for the maintenance andrepair of the Common Area and such other areas as are provided in the Governing Documents, incompliance with the Laureate Park Standard and the Governing Documents. There are herebyreserved to the Master Association easements over the Property as necessary to enable theMaster Association to fulfill its rights and responsibilities under this Declaration. The MasterAssociation may, in the discretion of the Board, assume the maintenance responsibility set out inany Neighborhood Declaration subsequently recorded which creates any Sub-Association withjurisdiction over any portion of the Property. In such event, all costs of such maintenance shallbe assessed only against all Owners within that Neighborhood. The assumption of thisresponsibility may take place either by contract or because, in the opinion of the Board, the leveland quality of service then being provided is not consistent with the standards of maintenancegenerally prevailing in Laureate Park. The provision of services in accordance with this sectionshall not constitute discrimination within a class.

4.11.2 The Master Association may maintain other property which it does notown, including, without limitation, as specifically provided in this Declaration, publicly ownedproperty, property owned by the City, the District or other Government Authorities and otherproperty dedicated to public use, or if the Board determines that such maintenance is necessaryor desirable to maintain the Laureate Park Standard.

4.11.3 The Master Association may enter into contracts with third partyservice providers (including, without limitation, affiliates of Declarant) for utilities and servicesto some or all of the Property including, but not limited to, water, electricity, telephone, highspeed internet, multi-channel video, cable television, monitoring and/or voice communicationssystems and security services, fiber optic systems, and other systems for sending and receivingdata and (or other electronic or digital signals.

4.11.4 The Master Association may subsequently assign or relinquish theportion of its obligation for maintenance, repair and replacement of the Common Area orotherwise to the extent assumed by the District, the City or other Government Authorities, or ifwaived by the Declarant in writing, so long as the Declarant or any affiliate of the Declarantowns any property within the Property.

4.12 Maintenance by the Owner. Subject to the terms and provisions of Section 4.13below with respect to Attached Units, the responsibility of each Owner to keep his Parcel orProperty Unit in compliance with the Laureate Park Standard, and the standards promulgated bythe Design Review Board and the Governing Documents shall include, but not be limited to, thefollowing:

4.12.1 To maintain, protect, repair and replace, at the Owner's cost andexpense, all portions of the Owner's Property Unit (together with all Improvements, landscapingand equipment thereon as well as any Streetscape abutting thereto in accordance with Section4.5.1 above), except any portions to be maintained, repaired and replaced by the MasterAssociation or any Sub-Association. Such maintenance, protection, repair and replacement shallbe done without disturbing the rights of other Owners within the Property. Without limiting thegenerality of the foregoing, it is expressly understood, acknowledged and agreed to by eachOwner, by virtue of acceptance of title to any Property Unit, that either the Declarant or the

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Master Association, or both, have installed, at their expense, certain trees lying within thosecertain Property Units abutting Streets, which are more specifically described in Exhibit "G" attached hereto and incorporated herein by this reference (collectively, the "Master AssociationTrees"), which shall be and remain the sole property of the Master Association for the benefit ofall Owners. Each Owner of a Property Unit containing any of the Master Association Trees shallbe responsible, at such Owner's cost and expense, to maintain, protect, repair and replace theMaster Association Trees; provided, however, at any time hereunder, the Master Associationshall have the right, but not the obligation, to conduct such maintenance, protection, repair andreplacement of the Master Association Trees upon written notice to such applicable Ownerswhereupon the Master Association shall have the right to treat all expenses incurred thereby as aCommon Expense hereunder. Each Owner of a Property Unit containing any of the MasterAssociation Trees shall be expressly prohibited from altering, removing or using such treeswithout the express written permission by the Master Association in each instance. TheDeclarant hereby reserves unto itself and grants in favor of the Master Association an easementover the Property Units containing the Master Association Trees for purposes of exercising itsrights hereunder and for purposes of inspecting and enforcing the obligations of such Owners asset forth herein.

4.12.2 Not to modify or change the appearance or design of any portion of theexterior of any structure or site features located on the Parcel or Property Unit without the priorwritten approval of the Design Review Board (and the Declarant, if so required in Article V), andadditionally as may be required by the Sub-Association for the Neighborhood which a PropertyUnit may be located.

4.12.3 To report promptly to the Master Association, or Sub-Association, ifapplicable, any defect or need for repairs, maintenance or replacements for which the MasterAssociation or any Sub-Association is responsible.

4.13 Maintenance by Owners of Attached Units. Notice is hereby given to each Ownerof an Attached Unit that the Master Association shall provide maintenance and other services toAttached Units as set forth in this Declaration, as amended from time to time, and the cost ofproviding these services shall be assessed against each Attached Unit as a Service AreaAssessment as set forth in Exhibit "H". Each Owner is advised to thoroughly review theapplicable provisions in this Declaration to ascertain the extent of the Master Association'smaintenance responsibilities. The Master Association's maintenance responsibilities do notinclude making exterior or interior inspections of any portion of an Attached Unit or anyimprovements thereon to determine whether any conditions requiring maintenance exist. It iseach Owner's responsibility to make periodic inspections of exterior and interior portions of itsAttached Unit and all improvements thereon to determine whether any maintenance is requiredby the Master Association and to report to the Master Association any conditions found torequire maintenance While the Master Association has agreed to provide certain maintenanceservices to Attached Units as set forth in this Declaration, the Master Association is not aguarantor of the condition of any Attached Unit or any improvements thereon or attachedthereto. In the event that any damage or injury occurs to any Owner or occupant of an AttachedUnit as a result of the failure of the Master Association to perform such maintenance, the MasterAssociation's liability shall be limited to performing the maintenance otherwise required by thisDeclaration, and the Master Association shall not be responsible for consequential damages,

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personal injury or punitive damages of any kind. Builders may have provided Owners withwarranties that extend for some period of time after completion of the improvements on eachAttached Unit. In the event that repairs may be necessary during the warranty period, Ownersare advised to first contact their Builders to determine whether the repairs are covered by anyexisting warranties.

The Master Association shall not, in any event, be responsible for any mold,mildew or other similar damage that may arise in any improvements on an Attached Unit as aresult of any leaks, condensation or other condition, even if such condition is caused by a failureof the Master Association to conduct maintenance otherwise required by the terms of thisDeclaration.

4.14 Declarant's Reserved Rights. In the event the Master Association fails toproperly perform its maintenance responsibilities, the Declarant (so long as the Declarant or anyaffiliate of the Declarant owns any portion of the Property) may, at the Declarant's sole option,give the Master Association notice and an opportunity to cure such failure which notice shallgive no less than fifteen (15) days of mailing of written notice for the Master Association to curesuch failure. If such cure by the Master Association is not completed within such fifteen (15)day period, the Declarant may cause such maintenance to be performed and in such event, shallbe entitled to reimbursement from the Master Association for all reasonable costs incurred by theDeclarant.

4.15 Residential Property Unit. Except as specifically allowed by the DevelopmentOrder, the PD Ordinance, and the applicable Specific Parcel Master Plan, and approved by theDeclarant in writing (so long as the Declarant or any affiliate of the Declarant owns any propertyin the Lake Nona DRUPD), and thereafter by the Master Association, a Residential Property Unitshall be for Residential use only and for no Commercial or Institutional use, except during theconstruction, development or sale of the Residential Property Unit. The conduct of business orbusiness activities in a Residential Property Unit by an Owner shall not be deemed to violate thisSection 4.14 if the conduct of business or business activities:

(a) is not apparent or detectable by sight, sound, or smell from outsidethe Residential Property Unit;

(b) is not a primary use of the Residential Property Unit;

(c) does not involve regular visitation of the Residential Property Unitby clients, customers, suppliers, or other business invitees, or door-to-door solicitation withinLaureate Park or involve regular deliveries of parcels or other materials to the ResidentialProperty Unit;

(d) is consistent with the Residential character of the Residentialportions of Laureate Park and does not constitute a nuisance, or a hazardous or offensive use, orthreaten the security or safety of others within Laureate Park, as determined in the Board's solediscretion; and

(e) is pursuant to a valid occupational license.

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As used in this Section 4.14, the term "Business" shall have its ordinary,generally accepted meaning and shall include, without limitation, any occupation, work, oractivity undertaken on an ongoing basis which involves providing goods or services to Personsother than family of the producer and for which the producer receives a fee, compensation, orother form of consideration, regardless of whether (i) such activity is engaged in full or part time,(ii) such activity is intended to or does generate a profit, or (iii) a license is required. ThisSection 4.14 does not apply to the Declarant's activities, or to the activities of Persons Declarantapproves with respect to its development and sale of property in Laureate Park. The operation ofa brokerage or sales office from a Residential Property Unit during the construction,development, sale or rental of the Residential Property Unit, shall not be considered Commercialactivity. Additionally, this Section 4.14 shall not apply to any Master Association activityrelated to its obligations under the Governing Documents or applicable law. Leasing aResidential Property Unit is not a "business" within the meaning of this Section 4.14.

4.16 Commercial or Institutional Property Units. Commercial Property Units andInstitutional Property Units are those portions of the Property upon which Improvements may beconstructed and used for other than Residential purposes. No portion of the CommercialProperty Units and Institutional Property Units may be used for Residential purposes, except asallowed by the Development Order, the PD Ordinance, and the applicable Specific Parcel MasterPlan, and approved by the Declarant in writing (so long as the Declarant or any affiliate of theDeclarant owns any property in the Lake Nona DRI/PD), and thereafter by the MasterAssociation.

4.17 Use of Property by the Declarant. Except as may be limited in this Declaration,the Declarant and its successors, nominees and assigns shall have the right to make such uses ofthe Property as the Declarant shall, from time to time in its discretion, determine, including,without limitation, such easements as may be required to exercise the rights contained in thisSection 4.16. Notwithstanding anything to the contrary contained in this Declaration, and inrecognition of the fact that the Declarant will have a continuing and substantial interest in thedevelopment and administration of the Property, the Declarant hereby reserves for itself and itssuccessors, nominees and assigns, and the Master Association recognizes, agrees to andacknowledges that the Declarant and its successors, nominees and assigns shall have the right touse all Common Area and all other portions of the Property in conjunction with and as part of itsprogram of sale, leasing, constructing and developing of and within the Lake Nona DRI/PD. TheDeclarant's rights herein may be assigned to one or more registered real estate brokers. Subjectto a listing or sales agreement, such rights shall include, but not be limited to the right to enterand transact business, maintain models and sales offices, place signs, employ sales personnel,show for purposes of sale or lease, Property Units and other portions of the Property, and useportions of the Property and other Improvements owned by the Declarant and the Common Areafor the purposes set forth above. The Declarant shall also have the right to store constructionmaterials or "fill dirt", and to assemble construction materials or "fill dirt" on any portion of theCommon Area or on Property owned by Declarant. All such rights of the Declarant may beexercised without any cost to the Declarant.

4.18 Additional Provisions for the Preservation of the Values and Amenities ofLaureate Park. In order to preserve the values and amenities of Laureate Park, the followingprovisions shall be applicable to the Property.

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4.18.1 Mining or Drilling. There shall be no mining, quarrying or drilling forminerals, oil, gas or otherwise undertaken within any portion of the Property. Excepted from theforegoing shall be activities of the Declarant, the City, the District or Government Authorities, orany assignee of the Declarant, the City, the District or Government Authorities, in miningoperations for the purpose of obtaining "fill dirt" for placement on other portions of the Property,or for the removal and sale of excess "fill dirt", in dredging the water areas, creating land areasfrom water areas or creating, excavating or maintaining the Surface Water Management System,the PCN or other facilities or easements, the installation of wells or pumps in compliance withapplicable governmental requirements, or for sprinkler systems for any portions of the Property.Any proceeds resulting from the sale of "fill dirt" shall belong to the Declarant, unless otherwiseagreed by the Declarant.

4.18.2 Casualty Destruction to Improvements. In the event an Improvementupon any Property Unit is damaged or destroyed by casualty, hazard or other loss, then, within areasonable period of time after such incident, the Owner thereof shall either commence to rebuildor repair the damaged Improvement and diligently continue such rebuilding or repairingactivities to completion or, upon a determination by the Owner that the Improvement will not berepaired or replaced promptly, shall clear the damaged Improvement and grass over andlandscape such Property Unit in a good, clean and sightly manner consistent with the LaureatePark Standard. A destroyed Improvement shall only be replaced with an Improvement of anidentical size, type and elevation as that destroyed unless the prior written consent of theDeclarant is obtained (unless the Declarant has otherwise delegated such approval right to theDesign Review Board). If an Improvement which is part of a Neighborhood Common Area isdamaged or destroyed, the Sub-Association administering same shall have the obligation torepair or replace such Improvement in the manner set forth herein. If an Improvement which ispart of the Common Area is damaged or destroyed, the Master Association shall have theobligation to repair or replace such Improvement in the manner set forth herein, unless suchobligation is otherwise specifically assumed by the City, the District or other GovernmentAuthorities.

4.18.3 Common Area. Nothing shall be stored, constructed within or removedfrom the Common Area other than by the Declarant (so long as the Declarant or any affiliate ofthe Declarant owns any portion of the Property), unless the Declarant otherwise approves inwriting in its sole discretion, and thereafter only with the prior written approval of the Board.

4.18.4 Insurance Rates. Nothing shall be done or kept on the Common Area,other than by the Declarant (so long as the Declarant or any affiliate of the Declarant owns anyportion of the Property), which shall increase the insurance rates of the Master Association orany Sub-Association without the prior written consent of the Board.

4.18.5 Drainage Areas.

(a) No structure of any kind shall be constructed or erected, nor shallan Owner in any way change, alter, impede, revise or otherwise interfere with the flow and thevolume of water in any portion of the Drainage Areas without the prior written consent of theDeclarant so long as the Declarant or any affiliate of the Declarant owns any property within theLake Nona DRI/PD, and the owners of the impacted portion of the Drainage Areas, which

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consent may be given or withheld in the sole and absolute discretion of all of the foregoing.After the Declarant no longer owns any property within the Lake Nona DRI/PD, the consent ofthe Master Association and the owners of the impacted portion of the Drainage Areas (in theirsole and absolute discretion) shall be required. Such consent shall be in addition to theobligation of an Owner to obtain required permits and approvals from the applicableGovernment Authorities.

(b) An Owner shall in no way deny or prevent ingress and egress bythe Declarant, the Master Association, the City, the District, any owner of the Drainage Areas orapplicable Government Authorities, to the Drainage Areas for maintenance, repair, replacement,construction, operation, use, and monitoring and modeling, or landscape purposes. The right ofingress and egress, and easements therefor are hereby specifically reserved and created in favorof the Declarant, the Master Association, the City, the District, and any appropriate GovernmentAuthorities that may reasonably require such ingress and egress, and their agents, contractors,employees or assigns.

(c) No Parcel or Property Unit shall be increased in size by filling inany Drainage Areas on which it abuts. No Owner shall fill, dike, rip-rap, block, divert or changethe established Drainage Areas that have been or may be created, whether by easement orotherwise, without the prior written consent of the Declarant so long as the Declarant or anyaffiliate of the Declarant owns any property within the Lake Nona DRI/PD (and thereafter theMaster Association), the City, the District, any Owner of the Drainage Areas or applicableGovernment Authorities.

(d) Any wall, fence, paving, planting, other improvement or refusewhich is placed by an Owner within a Drainage Area or any drainage easement related theretoincluding, but not limited to, easements for maintenance, repair, replacement, construction,operation, use, landscape, ingress, egress and access, shall be removed, if required by theDeclarant so long as the Declarant or any affiliate of the Declarant owns any property in theLake Nona DRI/PD (and thereafter the Master Association), the City, the District or anyGovernment Authorities, the cost of which shall be paid for by such Owner as a SpecificAssessment as provided in Article VII.

4.18.6 Maintenance of the Property. In order to maintain the Laureate ParkStandard, no weeds, underbrush or other unsightly growth shall be permitted to grow or remainupon any portion of the Property, and no refuse or unsightly objects shall be allowed to be placedor permitted to remain anywhere thereon. The foregoing provision shall not pertain to portionsof the Property owned by the Declarant, and shall not supersede other provisions in thisDeclaration pertaining to the Declarant or Declarant rights. All Improvements shall bemaintained in their original condition as approved by the Design Review Board. All lawns,landscaping and sprinkler systems shall be kept in a good, clean, neat and attractive conditionand repair.

4.18.7 Underground Utility Lines. All electric, telephone, gas and other utilitylines must be installed underground.

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4.18.8 Lighting. All exterior lighting of a Property Unit shall be accomplishedin accordance with a lighting plan approved in writing by the Design Review Board.

4.18.9 Compliance with Documents. Each Owner including, withoutlimitation, its family members, guests, invitees, employees, licensees, occupants, tenants andsubtenants; and each tenant of all or any portion of a Property Unit and its family members,guests, invitees, employees, licensees, occupants and subtenants; shall abide by and be bound bythis Declaration and the Governing Documents. The conduct of the foregoing parties shall beconsidered to be the conduct of the Owner responsible for, or connected in any manner with,such individual's presence within Laureate Park. Such Owner shall be liable to the MasterAssociation for the cost of any maintenance, repair or replacement of any real or personalproperty rendered necessary by his act, neglect or carelessness, or by that of any other of theforegoing parties (but only to the extent that such expense is not met by the proceeds ofinsurance carried by the Master Association provided such Owner shall be responsible for anydeductible), which cost shall be paid for by the Owner as a Specific Assessment as provided inArticle VII. Failure of an Owner to notify any Person of the existence of the covenants,conditions, restrictions, and other provisions of this Declaration and Governing Documents shallnot in any way act to limit or divest the right to enforcement of these provisions against theOwner or such other Person.

4.18.10 Failure to Maintain. If an Owner or a Sub-Association has failed tomaintain a Property Unit or a portion of the Neighborhood Common Area as aforesaid to thesatisfaction of the Declarant, the Master Association or the Design Review Board, then theDeclarant or the Master Association shall give such Owner or Sub-Association written notice ofthe defects (which written notice does not have to be given in the case of emergency, in whichevent, the Declarant or the Master Association may without any prior notice directly remedy theproblem). Upon the Owner's or the Sub-Association's failure to make such improvements orcorrections as may be necessary within fifteen (15) days of mailing of written notice, theDeclarant or the Master Association may, in its sole and absolute discretion, elect to enter uponsuch property and to make such improvements or correction as may be necessary, the cost ofwhich may be paid initially by the Master Association or the Declarant, as applicable. If theOwner or the Sub-Association fails to reimburse the Declarant or the Master Association for anypayment advanced, plus administrative and legal costs and fees, and interest on all such amountsat the highest interest rate allowed by the laws of Florida, within fifteen (15) days after requestedto do so by the Declarant or the Master Association, the Master Association shall levy a SpecificAssessment against the Property Unit or Neighborhood Common Area (and Property Unitswithin the jurisdiction of Sub-Association) as provided in Article VII. Such entry by theDeclarant or the Master Association or its agents shall not be deemed a trespass. The Declarantshall have the rights provided in this Section 4.17.6 so long as the Declarant or any affiliate ofthe Declarant owns any portion of the Property.

4.18.11 Subdivision and Regulation of Land.

(a) No Property Unit shall be divided or subdivided (or its boundarylines changed) without the express written consent of the Declarant, which consent may begranted or denied by Declarant in the sole and absolute discretion of Declarant. If granted by theDeclarant, such approval may be subject to such conditions and requirements as the Declarant

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may deem appropriate to be consistent with the Development Order, the PD Ordinance, theapplicable Specific Parcel Master Plan and any other agreements which exist or may existbetween the Declarant and the Owner of such Property Unit (all of the foregoing collectively the"Development Agreements"). In accordance with the Development Agreements, the numberand type of Residential Property Units, if any, the number of square feet of Commercial orInstitutional Improvements, if any, and the number of hotel rooms, if any, allocated to a PropertyUnit, consistent with the Development Agreements, has been agreed to between the Declarantand the Owner of the Property Unit at the time of its acquisition of the Property Unit from theDeclarant. Therefore, a purchase and sale agreement by which an Owner sells all or any portionof its Property Unit may not increase (1) the maximum number of each type of ResidentialProperty Unit which may be developed on such Owner's original Property Unit, if the foregoingwill have Residential Improvements constructed thereon, or (2) the maximum number of squarefeet of Commercial or Institutional Improvements or the maximum number of hotel rooms whichmay be developed on such Owner's original Property Unit, if the foregoing will haveCommercial or Institutional Improvements constructed thereon. The number of each type ofResidential Property Units, or the square footage of Commercial or Institutional Improvements,or the number of hotel rooms, shall not be increased by any Owner in excess of what it receivedupon acquiring its Property Unit, without the prior express written approval of the Declarant,which approval may be denied in the sole and absolute discretion of the Declarant.

(b) No Property Unit may be submitted to the condominium orcooperative form of ownership without the express written consent of the Declarant, whichconsent may be granted or denied by Declarant in the sole and absolute discretion of theDeclarant. If granted by the Declarant, such approval may be subject to such conditions orrequirements as the Declarant may deem appropriate to be consistent with the DevelopmentAgreements and this Declaration. If a Property Unit, or the Improvements thereon, is to besubmitted to the condominium or cooperative form of ownership, all Governing Documents ofthe Condominium Association and the Condominium are subject to the prior written approval ofthe Declarant. Submitting a Property Unit to the condominium or cooperative form of ownershipshall be construed as constituting a subdivision of any Property Unit. However, notwithstandinganything in this Declaration to the contrary, no portion of the Property may be or may beconverted to a "time-share", "interval ownership" "fraction-sharing" or similar type of programor ownership where the right to exclusive use of the Property Unit rotates among members of theprogram on a fixed or floating time schedule for a period of years (or which may allocate time indays, weeks, months or years for such program) as those terms may be used in their broadestsense, except with the prior written approval of the Declarant, which the Declarant may withholdin its sole and absolute discretion.

(c) No Owner shall inaugurate or implement any variation from,modification to or amendment of the Development Agreements or any other governmental plans,land development regulations, development orders or development permits applicable to theProperty or to any portion thereof, without the prior written approval of the Declarant, whichapproval may be granted or withheld in the sole and absolute discretion of the Declarant.

(d) The provisions of this Section 4.17.11 shall not apply to theDeclarant. In addition, the Declarant may convert Property Units to Common Area andCommon Area to Property Units.

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(e) The rights accruing to the Declarant in this Section 14.17.11 shallexist so long as the Declarant or any affiliate of the Declarant owns any property within the LakeNona DRI/PD.

4.19 Imposition of Fines for Violations. It is acknowledged and agreed among allOwners that a violation of any of the provisions of this Declaration or any other GoverningDocuments by an Owner, its family members, guests, invitees, employees, licensees, occupants,tenants and subtenants may impose irreparable harm to the other Owners (including theDeclarant). All Owners agree that a fine not to exceed One Hundred and No/100 Dollars($100.00) per violation may be imposed by the Declarant or Master Association for each day aviolation continues after notification by either the Declarant or the Master Association. The finefor a continuing violation shall not exceed Ten Thousand and No/100 Dollars ($10,000.00), orsuch other amount as the Board shall determine, in its sole and absolute discretion. All finescollected shall be used for the benefit of the Master Association. Any fine levied shall be paid(15) days after mailing of notice of the fine unless such violation is cured within fourteen (14)days after the mailing of such notice. If such violation is not cured within said fourteen (14) dayperiod or if such fine is not paid within said fifteen (15) day period, the amount of such fine shallaccrue interest at the highest interest rate allowed by the laws of Florida, and shall be treated as aSpecific Assessment as provided in Article VII, to the extent allowed by law. The Declarant orthe Master Association may also suspend, for a reasonable period of time, the rights of anOwner, its family members, guests, invitees, employees, licensees, occupants, tenants andsubtenants to use the Common Areas while such fine remains unpaid, and while such violationcausing the fine continues. Suspension of the right to use the Common Areas shall not impairthe right of an Owner, its family members, guests, invitees, employees, licensees, occupants,tenants and subtenants to have vehicular and pedestrian ingress to and egress from its PropertyUnit, including without limitation, the right to park.

4.20 Lease of Property Unit.

4.20.1 Leasing. For purposes of this Declaration, "leasing" is defined asregular, exclusive occupancy of a Residential Property Unit by any Person other than the Owner,for which the Owner receives any consideration or benefit, including a fee, service, or gratuity.The Residential Property Unit, if leased, may be leased only in its entirety (e.g., separate roomswithin the same Residential Property Unit may not be separately leased).

All leases shall be in writing and must require that tenants and all occupants of theleased Residential Property Unit are bound by and obligated to comply with the GoverningDocuments. However, the Governing Documents shall apply regardless of whether such aprovision is specifically set forth in the lease. The Board may establish the minimum length ofthe term of any lease of a Residential Property Unit which is not a Residential Rental Propertywhich in no event shall be less than twelve (12) consecutive months.

Within ten (10) days of the lease being signed, an Owner shall notify the Board orthe Master Association's managing agent of any lease and provide a copy of the lease, togetherwith all backup documentation submitted by the tenant to the Owner and any additionalinformation the Board may require to ensure compliance with the terms hereof. The Owner mustgive the tenant copies of the Governing Documents. The Board may adopt reasonable use

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restrictions and Rules and Regulations regulating leasing and subleasing of Residential PropertyUnits. The Master Association may charge an administration fee equal to the lesser of (i)$200.00 per lease submitted by an Owner pursuant to the terms hereof, or (ii) the maximum feeallowable under Chapter 720, Florida Statutes.

The restrictions on leasing in this Section shall not apply to Property Units ownedby the Declarant, nor to Commercial or Institutional Property Units, to the Commercial portionof any Mixed-Use Property Unit or to Residential Rental Property.

4.20.2 Occupants Bound. Every Owner shall cause anyone leasing,occupying, or visiting his or her Property Unit to comply with the Governing Documents andshall be responsible for all violations and losses they cause to the Common Areas,notwithstanding the fact that such Persons also are fully liable and may be sanctioned for anyviolation.

4.21 Owners' Acknowledgement and Notice to Purchasers.

All Owners are given notice that use of their Property Units and use of theCommon Area is limited by the Use Restrictions. EACH OWNER, BY ACCEPTING A DEEDACKNOWLEDGES AND AGREES THAT THE USE, ENJOYMENT, ANDMARKETABILITY OF HIS OR HER PARCEL OR PROPERTY UNIT CAN BE AFFECTEDBY THE USE RESTRICTIONS AND RULES AND REGULATIONS, WHICH MAYCHANGE FROM TIME TO TIME. ALL PARCEL AND PROPERTY UNIT PURCHASERSAND OWNERS ARE ON NOTICE THAT THE MASTER ASSOCIATION MAY HAVEADOPTED CHANGES TO THE USE RESTRICTIONS AND RULES AND REGULATIONS,AND THAT SUCH CHANGES MAY NOT BE SET FORTH IN A RECORDEDDOCUMENT. EACH NEIGHBORHOOD MAY BE SUBJECT TO ADDITIONAL USERESTRICTIONS.

4.22 Protection of Owners and Others. Except as may be set forth in this Declaration(either initially or by Supplement) or in the Use Restrictions and Rules and Regulations, theMaster Association's actions with respect to Use Restrictions and Rules and Regulations mustcomply with the following:

4.22.1 Similar Treatment. Similarly situated Owners must be treatedsimilarly; however, the Use Restrictions and Rules and Regulations may vary by Neighborhood.

4.22.2 Displays. Owners' rights to display religious and holiday signs,symbols, and decorations on their Property Units of the kinds normally displayed in similarneighborhoods shall not be abridged, except that the Master Association may adopt time, place,and manner restrictions with respect to such displays. The Master Association shall not regulatethe content of political signs; however, it may regulate the time, place, and manner of postingsuch signs (including design criteria).

4.22.3 Activities Within Dwelling Units. The Master Association shall notinterfere with activities carried on within a dwelling unit located on a Residential Property Unit,except it may prohibit activities not normally associated with residential property, and it may

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restrict or prohibit activities that create monetary costs for the Master Association or otherOwners, that create a danger to anyone's health or safety, that generate excessive noise or traffic,that create unsightly conditions visible outside the dwelling unit, or that are an unreasonablesource of annoyance.

4.22.4 Allocation of Burdens and Benefits. The Master Association shall notreallocate financial burdens among the various Property Units or change Common Area userights to the detriment of any Owner over that Owner's written objection. This does not preventthe Master Association from changing the Common Area available, from adopting generallyapplicable rules for using the Common Area, or from denying use privileges to anyone who islate in paying Assessments, who abuses the Common Area, or who violates the GoverningDocuments. This provision does not affect the right to levy Neighborhood Assessments or otherAssessments, or to increase the amount of Assessments as provided in Article VII.

4.22.5 Reasonable Right to Develop. The Master Association may notunreasonably impede the Declarant's right to develop Laureate Park and the Lake Nona DRI/PD.

The limitations in Subsections 4.21.1 through 4.21.5 shall only limit rule makingauthority exercised under Section 4.21 and shall not apply to Supplements to this Declaration.

4.23 Rule Making Authority.

4.23.1 Subject to the terms of this Declaration and the Board's duty toexercise business judgment and reasonableness on behalf of the Master Association and theMembers, the Board may change (i.e., modify, cancel, limit, create exceptions to, or expand) theUse Restrictions and promulgate such Rules and Regulations as it shall determine. The Boardshall send notice to all Owners of any proposed change to the Use Restrictions and any proposedRules and Regulations at least five (5) Business Days before the Board meeting to considersame. The Neighborhood Voting Representatives shall have a reasonable opportunity to beheard at such Board meeting. The proposals shall be approved unless disapproved byNeighborhood Voting Representatives representing a majority of the Master Association's Class"A" votes present at the meeting, and by the Declarant so long as Declarant owns any of theProperty. The Board is not obligated to call a meeting of the Neighborhood VotingRepresentatives to consider disapproval unless it receives a petition which meets the Bylaws'requirements for special meetings. If the Board receives such a petition before the effective dateof the rule change, the change shall not become effective until after a meeting is held, and thensubject to the outcome of the meeting.

4.23.2 Alternatively, the Neighborhood Voting Representatives, representing amajority of the Class "A" votes in the Master Association present at a Master Associationmeeting duly called for such purpose, may vote to change the Use Restrictions then in effect.Any such change shall require written approval of the Declarant until such time that Declarant nolonger owns any property within the Property.

4.23.3 Before any Use Restriction change or Rules and Regulations becomeeffective, the Board shall send a copy of the new or changed Use Restriction or Rules andRegulations to each Owner. The change does not become effective until thirty (30) days

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following distribution to Owners. The Master Association shall provide to any requestingMember or Mortgage holder a copy of the Use Restrictions and Rules and Regulations then ineffect upon payment by the requesting party of a reasonable fee to the Master Association as itmay promulgate to cover the cost and administrative expense to supply same.

4.23.4 No action taken under this Section 4.22 shall have the effect ofmodifying, repealing, or expanding the Design Review Manual or any provision of thisDeclaration other than the initial Use Restrictions and any promulgated Rules and Regulations.

ARTICLE VDESIGN REVIEW

5.1 Intent. Each Owner, by accepting a deed or other instrument conveying anyinterest in any portion of the Property, acknowledges that the Declarant, as owner of significantportions of Laureate Park and the Lake Nona DRI/PD, has a substantial interest in ensuring thatthe Improvements and landscaping within the Property enhance Laureate Park and the LakeNona DRI/PD, and do not impair Declarant's ability to market, sell or lease the Property, theLake Nona DRI/PD or any other property owned by Declarant and/or its affiliates. It is the intentof this Article V that Laureate Park will be developed as a community with Improvementsharmonious with surrounding structures and topography; and have landscaping and other siteimprovements consistent with the aesthetic quality of Laureate Park and the Laureate ParkStandard. Furthermore, it is also the intent of this Article V that all Improvements developed orconstructed in Laureate Park shall be in conformance with all building, use and other restrictionsimposed by this Declaration and the Declarant from time to time, and that all Improvements aremaintained in a manner consistent with the aesthetic quality of the Improvements as originallyapproved and constructed in accordance with this Article V.

5.2 Design Review by Declarant. Declarant shall have exclusive authority toadminister and enforce design controls for all Improvements in Laureate Park and to review andact upon all applications for seeking approval of Improvements within Laureate Park.Declarant's rights under this Article V shall continue during the Declarant's Control Period,unless Declarant earlier terminates its rights in an instrument recorded in the public records ofthe County. Declarant may designate one or more Persons to act on its behalf in reviewingapplications. In reviewing and acting upon any request for approval, Declarant or its designeeacts solely in Declarant's interest and owes no duty to any other Person.

During the Declarant's Control Period, Declarant may from time to time delegateor assign all or any portion of its rights under this Article to the Design Review Board. Any suchdelegation shall be in writing, specifying the delegated responsibilities, and shall be subject to (i)Declarant's right to revoke such delegation at any time and reassume its prior jurisdiction, and(ii) Declarant's right to veto any decision which it determines, in its discretion, to beinappropriate or inadvisable for any reason.

5.3 Design Review Board. Upon Declarant's delegation, or upon expiration ortermination of the Declarant's Control Period, the Design Review Board shall assumejurisdiction over the approval of any Improvements to be constructed, installed or placed on theProperty, or any portion thereof, or any modifications thereto or alterations or replacements

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thereof. The members of the Design Review Board shall be appointed by the Declarant so longas Declarant has any rights under this Article V. During such time, Declarant shall determine thenumber of members of the Design Review Board. Thereafter, the members of the DesignReview Board shall be appointed by the Board and may be removed and replaced in the Board'sdiscretion. During such time the Board shall determine the number of rnembers of the DesignReview Board, Members of the Design Review Board need not be Members of the MasterAssociation or Neighborhood Voting Representatives.

5.4 Meetings of the Design Review Board. The Design Review Board shall meetfrom time to time as necessary to perform its duties hereunder. The Design Review Board mayfrom time to time, by resolution unanimously adopted in writing, designate a representative(s) ofthe Design Review Board (who may, but need not, be one of its members) to take any action orperform any duties for and on behalf of the Design Review Board. In the absence of suchdesignation, the vote of a majority of the members of the Design Review Board shall constitutean act of the Design Review Board. So long as Declarant has any rights under this Article V, theDesign Review Board shall notify Declarant of any action to be taken under this Article V.During such time, Declarant shall have the right, in its sole and absolute discretion, to veto anyaction the Design Review Board takes; provided, Declarant's right to veto must be exercisedwithin ten (10) Business Days after it receives notice of the Design Review Board's action. Theparty submitting the plans for approval shall not be notified of the Design Review Board'sapproval or disapproval until after Declarant's right to veto has been exercised or has expired.Unless and until such time as Declarant delegates all or a portion of its reserved rights to theDesign Review Board or the Declarant's rights under this Article V terminate, the MasterAssociation shall have no jurisdiction over the approval of any Improvements to be constructed,installed or placed on the Property, or any portion thereof, or any modifications thereto oralterations or replacements thereof.

5.5 Review of Proposed Development. No Improvements shall be constructed,installed or placed upon any portion of the Property; nor shall any modification thereto oralteration or modification thereof occur; nor shall any landscaping or other site improvement(including, without limitation, staking, clearing, excavation, grading and other site work) occur;nor shall any permits, licenses or approvals be applied for until the site plan and all plans andspecifications showing the foregoing, including, without limitation, the proposed design, nature,kind, shape, size, color, materials and location of the same shall have been submitted to andapproved in writing by the Design Review Board, or the Declarant, if the Declarant has notdelegated such right in writing to the Design Review Board. Prior to making any application tothe City or any other Government Authorities for approval of any development plan for anyportion of the Property, the Owner shall submit to the Design Review Board, or the Declarant, ifthe Declarant has not delegated such right in writing to the Design Review Board, suchdocuments and materials as may be required by the Design Review Board or the Declarant, if theDeclarant has not delegated such right in writing to the Design Review Board (the"Submittals"), including, but not limited to site analysis, schematic landscape plan, floor plansand exterior elevations, color and material samples, and foundation and framing plan. EachOwner agrees that no grading, site work, planting or removal of plants, trees, shrubs or otherlandscaping materials, or construction, installation or modification of any Improvements on theProperty (collectively, the "Work") shall be commenced on such Owner's Property Unit, unlessand until they have received written approval for such Work pursuant to this Article V either

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from the Declarant, or if applicable, the Design Review Board. All Submittals submitted by anOwner shall comply with:

5.5.1 Any site development guidelines which may be promulgated;

5.5.2 All other recorded covenants, restrictions and easements applicable tothe Property, including, but not limited to, the Governing Documents;

5.5.3 All requirements of the District;

5.5.4 All requirements of the applicable ordinances of the City of Orlando,including, without limitation, the Southeast Sector Plan Development Code, and theDevelopment Agreements.

5.5.5 All other applicable laws and permits.

5.5.6 All requirements of the Design Review Manual.

5.6 Design Review Manual. The Declarant has prepared the Design Review Manual(which may be amended from time to time in the sole and absolute discretion of the Declarant orthe Design Review Board, as applicable) which sets forth acceptable design, construction andmaintenance standards for the Property and review procedures. The Design Review Manual shallbe used as a guideline by the Owner in its selection of concepts, designs, materials and otherspecifications for construction within Laureate Park and shall in no way preclude the Declarant'sor the Design Review Board's, as applicable, right to disapprove any Submittal for any reason.

5.7 Approval of Submittals. The Declarant or the Design Review Board, asapplicable, shall accept, reject or accept with conditions, such proposed Submittals, in its soleand absolute discretion. The Declarant or the Design Review Board, as applicable, maycondition its approval of the Submittals as it deems appropriate, may charge a fee for its reviewof the Submittals, and may require submission of additional or revised Submittals or otherinformation prior to giving its approval or disapproval. The Declarant or the Design ReviewBoard, as applicable, may postpone review of any Submittals until it has received all requiredplans and specifications, and any fee which it may have established. Fees for review of theSubmittals may include the reasonable costs incurred in having any Submittals reviewed byarchitects, engineers or other professionals. The Declarant or Design Review Board, asapplicable, may employ architects, engineers or other persons as deemed necessary to performthe review. The Board may include the compensation of such persons in the MasterAssociation's operating budget as a Common Expense. After receipt of all Submittals and fees,the Declarant or the Design Review Board, as applicable, shall, within a reasonable timethereafter, approve or reject any such Submittal in writing, as provided in the Design ReviewManual. The approval by the Declarant or the Design Review Board, as applicable, of anySubmittals, or any other matter requiring the approval, consent, or other action of the Declarantor the Design Review Board, as applicable, shall not be deemed to constitute a waiver of anyright to withhold approval as to any similar proposal which may subsequently be submitted forapproval or consent. Unless otherwise provided in the Design Review Manual, or as part ofapproval of the Submittal, construction in accordance with the approved plans shall commencewithin six (6) months of their final approval. As used in this Section, construction is deemed to

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have commenced when the footers have been dug. If construction does not commence withinsuch six-month period, unless otherwise provided in the Design Review Manual or approved inthe Submittal, approval shall be deemed withdrawn and the Owner must reapply for approvalbefore commencing any activities. Once commenced, construction must be diligently pursued tocompletion. Except as otherwise (i) agreed to by the Declarant and a Builder pursuant to aseparate written instrument, in connection with the conveyance of certain Property Unit(s) byDeclarant directly to such Builder, (ii) specified in the notice of approval or the Design ReviewManual, or (iii) granted by the Declarant or the Design Review Board, as applicable, in its soleand absolute discretion, in favor of an Owner or Builder of an extension, all Work shall becompleted within one (1) year of commencement of such Work. If approved Work is notcompleted within the required time, it shall be considered nonconforming and shall be subject toenforcement action by the Master Association, the Declarant or any aggrieved Owner. TheDeclarant or the Design Review Board, as applicable, may, in its sole and absolute discretion,exempt certain activities from the application and approval requirements of this Article V,provided such activities are undertaken in strict compliance with the requirements of suchexemption. For example, Builders may submit and receive pre-approval of landscaping or otherplans for general application, if so approved by the Declarant or Design Review Board, asapplicable. Such pre-approved plans shall not require resubmission prior to use on a particularProperty Unit.

5.8 Inspection of Property. The Declarant or the Design Review Board, as applicable,shall have the right to enter upon and inspect any portion of the Property at any time prior to,during and after the construction or alteration of any Work to assure compliance with this ArticleV.

5.8.1 Noncompliance. If, during any inspection, whether interim, final orthereafter, the Declarant or the Design Review Board, as applicable, finds that the Work is orwas not performed, or is not being or was not constructed in substantial compliance with theapproved Submittals; or if during subsequent inspections the Declarant or the Design ReviewBoard, as applicable, notes that previously inspected Work is not being maintained incompliance with this Article V or with the Laureate Park Standard, then the Declarant or theDesign Review Board, as applicable, shall notify the Owner and the Board in writing of suchnoncompliance. The notice shall specify the particulars of noncompliance, and shall demand thatthe Owner immediately bring such Work into compliance.

5.8.2 Master Association Action. If correction of the noncompliance is notcommenced within fifteen (15) days of such notice, or if such correction is not continuedthereafter in an expeditious manner until completion, the Declarant or the Master Association, asapplicable, shall be entitled to seek legal action to force the Owner, or any grantee of the Owner,to complete the construction of the Work substantially in accordance with the Submittals.

Should the construction of the Work not be completed in a timely manner asdetermined by the Declarant or the Design Review Board, as applicable, or should the correctionof the noncompliance not be commenced within fifteen (15) days after notice, and continuedthereafter in an expeditious manner until completion, or should the construction of the Work notbe completed substantially in accordance with the Submittals approved by the Declarant or theDesign Review Board, as applicable, then the Master Association shall also have the right to

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enter upon the Property Unit and make such corrections or modifications as are necessary tocause the Work to be completed substantially in accordance with the approved Submittals, ormake such corrections or modifications as are necessary to correct any condition of the Work onthe Property Unit which is detracting from the value or aesthetics of the Property, Laureate Park,and/or adjacent Property Units, or if under the circumstances it is more practical to removeincomplete Work, remove any such incomplete Work on the Parcel or Property Unit. The cost ofany such corrections, modifications or removal shall remain the obligation of the Owner. If suchcosts are not promptly reimbursed to the Declarant or the Master Association, as applicable, theMaster Association shall levy a Specific Assessment against the Property Unit as provided inArticle VII for such costs, together with interest at the maximum rate allowed by law. In theevent the Person who causes the construction of the Work to not be in compliance, or who ownsthe Work not in compliance, is a Sub-Association, the aforementioned Specific Assessmentshall, be levied against all Owners under the jurisdiction of that Sub-Association. In addition theMaster Association may levy such fines as it may deem appropriate, in its sole and absolutediscretion for violation of the provisions of this Article V per day for each day a violationcontinues after notification by either the Declarant or the Master Association. In addition, in theevent a violation of this Article V occurs by an Owner or Builder, neither the Owner nor theBuilder causing such continuing violation to occur shall be entitled to make Submittals to theDeclarant or the Master Association, as applicable, for approvals required under this Article Vpertaining to the Work in violation, or for any new or existing Work not in violation, until allcontinuing violations of said Owner or Builder have been cured.

5.8.3 Nonwaiver. If, for any reason, the Declarant or the Design ReviewBoard, as applicable, fails to notify an Owner of any noncompliance, such failure of notice ofnoncompliance will not relieve the Owner from the requirement to comply with this Declaration.

5.8.4 Certificate of Approval. Upon completion of the Work, or uponcorrection of deficiencies cited by the Declarant or the Design Review Board, as applicable, theOwner shall notify the Declarant or the Design Review Board, as applicable, in writing to inspectthe Work. The Declarant or the Design Review Board, as applicable, shall, within fifteen (15)Business Days of receiving such notice, make an inspection (interim or final as the case may be)to verify correction or completion of the construction of the Work in accordance with theapproved Submittals. If the Declarant or the Design Review Board, as applicable, determines thatthe Work has been constructed in accordance with the approved Submittals, the MasterAssociation shall issue to the Owner a "Certificate of Approval" in recordable form, executedby an officer of the Master Association with the corporate seal of the Master Association affixed.

Until such time as a Certificate of Approval is issued and recorded in the publicrecords of the County, the current Owner and all future Owners of the Property Unit shall beobligated to complete the Work in accordance with the approved Submittals. The recording of aCertificate of Approval shall be conclusive evidence that the Work has been completed inaccordance with the approved Submittals, but shall not excuse the Owner from the requirementthat future alterations or changes to the Work be submitted to and approved by the Declarant orthe Design Review Board, as applicable.

5.8.5 Alteration of Existing Work and Improvements. Any Owner whomakes exterior additions to, or changes or alterations to, any Work, or constructs any new work

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on the Property Unit after the initial construction and recording of a Certificate of Approval asdescribed in Section 5.9.4, must complete all such work (the "Alterations") in a timely mannerand substantially in accordance with all Submittals approved by the Declarant or the DesignReview Board, as applicable. The Owner shall notify the Declarant or the Design Review Board,as applicable, in writing when the Alterations have been completed and the Declarant or theDesign Review Board, as applicable, shall, within fifteen (15) Business Days after receiving suchnotice, cause an inspection to be made to verify the completion of construction of the Alterationsin accordance with the approved Submittals.

Should the Declarant or the Design Review Board, as applicable, determine thatthe Alterations have not been completed substantially in accordance with the approvedSubmittals, the Declarant or the Design Review Board, as applicable, shall notify the Owner inwriting citing deficiencies and the Owner shall, within fifteen (15) days after receipt of notice,commence correction of the deficiencies, and continue in an expeditious manner until alldeficiencies have been corrected. The Master Association shall be entitled to record in the publicrecords of the County a notice of noncompliance setting forth that the Owner has not completedthe Alterations substantially in accordance with approved Submittals and that the Declarant orthe Design Review Board, as applicable, has the right to seek legal action to force the Owner, orany grantee of the Owner, to complete the correction of the Alterations substantially inaccordance with the Submittals (the "Notice of Noncompliance"). The Notice ofNoncompliance shall contain the legal description of the Property Unit. Once recorded, theNotice of Noncompliance shall constitute constructive notice to all potential purchasers from theOwner that the Declarant or the Design Review Board, as applicable, has the right to forcecompletion of the Alterations against the Owner, or any grantee of the Owner.

Once the Declarant or the Design Review Board, as applicable, determines thatthe Alterations have been completed substantially in accordance with the approved Submittals,the Master Association shall issue to the Owner a "Certificate of Approval" in recordable form,which shall make reference to the recorded "Notice of Noncompliance", and shall be executedby an officer of the Master Association with the corporate seal of the Master Association affixed.The recording of the Certificate of Approval in this instance shall be conclusive evidence that theAlterations as approved by the Declarant or the Design Review Board, as applicable, have beencompleted, but shall not excuse the Owner from the requirement that future changes,modifications or alterations be submitted to and approved by the Declarant or the Design ReviewBoard, as applicable.

5.8.6 Subsequent "Certificate of Approval" Not Necessary Unless "Notice ofNoncompliance" Recorded. Notwithstanding anything herein to the contrary, the provisions ofSection 5.8.6 shall be applicable to initial construction of the Work on the Property Unit. Afterthe initial construction and the recording of a "Certificate of Approval", it will not be necessaryfor an Owner to obtain and record a "Certificate of Approval" for any Alterations unless a"Notice of Noncompliance" is recorded in the public records of the County in accordance withSection 5.8.5. Subsequent purchasers of Work must only determine that one (1) "Certificate ofApproval" has been recorded unless a "Notice of Noncompliance" is also recorded.

5.9 Nonliability for Actions. Neither the Design Review Board nor the Declarant, northe Master Association (nor any of their members, officers, directors, employees, and duly

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authorized representatives) shall be liable to any Person for any loss, damage, injury orinconvenience arising out of or in any way connected with the performance or nonperformanceof the Declarant's or the Design Review Board's, as applicable, duties. Neither the Declarant,the Design Review Board nor the Master Association (nor any of their members, officers,directors, employees, and duly authorized representatives) shall have any responsibility for theadequacy of the approved Submittals, or be subject to any liability to the Owner of any Parcel orProperty Unit or to any third parties in the event such approved Submittals or the designrepresented thereby, is deficient in any manner, including without limitation, any violation oflaws or any defect in the design, structural integrity, soundness or construction of any building,structure or other aspect of the Work constructed, erected, placed or installed pursuant to or inaccordance with the approved Submittals. Plans, specifications and other materials submitted toand approved by the Declarant or the Design Review Board, as applicable, are reviewed andapproved on the basis of aesthetic considerations only, and shall not be reviewed or approved fortheir compliance with any applicable laws, including, without limitation, any applicable buildingor zoning laws, ordinances, rules or regulations. An Owner, or any third party, shall not beentitled to and shall not bring any action, proceeding or suit against the Declarant, the DesignReview Board, the Master Association (nor any of their members, officers, directors, employees,and duly authorized representatives), any Member of the Master Association, any member of theBoard, or any member of the Design Review Board, for the purpose of recovering any suchdamages or other relief in connection with the approval of such Submittals.

5.10 Expenses. The Owner of a Property Unit shall be solely responsible for all costs,expenses, fees and charges associated or incurred in connection with planning and constructionof any Work to any Property Unit, whether foreseen or unforeseen, and neither the Declarant, theDesign Review Board nor the Master Association (nor any of their members, officers, directors,employees, and duly authorized representatives) shall have any responsibility or liabilitytherefor.

5.11 Variance. The Declarant or the Design Review Board, as applicable, in its soleand absolute discretion may authorize variances from compliance with any of the provisions ofthis Article V or the Design Review Manual when circumstances such as topography, naturalobstructions, hardship, aesthetic or environmental considerations justify a variance, however,under no circumstances shall the Declarant or the Design Review Board, as applicable, beobligated to grant variances. Such variances may only be granted, however, when uniquecircumstances dictate, and no variance shall (a) be effective unless in writing, (b) be contrary tothis Declaration, or (c) estop the Declarant or the Design Review Board, as appropriate, fromdenying a variance in other circumstances. If a variance is granted, no violation of this Article Vshall be deemed to have occurred with respect to the matter for which the variance was granted.The granting of such a variance shall not, however, operate to waive any of the terms andprovisions of this Article V for any purpose except as to the particular Property Unit andparticular provisions covered by the variance, nor shall it affect in any way the Owner'sobligation to comply with all governmental laws and regulations affecting the use of the PropertyUnit including, but not limited to, zoning ordinances and set-back lines or requirements imposedby any governmental or municipal authority. For purposes of this Section, the inability to obtainapproval of any Government Authorities, the issuance of any permit, or the terms of anyfinancing shall not be considered a hardship warranting a variance.

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5.12 Inconvenience to Owners. Each Owner acknowledges that until construction ofWork is completed on each Property Unit, and thereafter during periods of Alteration to Work ona Property Unit, construction activity will take place within the Property. The Declarant and eachapplicable Owner covenants and agrees to use reasonable efforts to limit the inconvenience to theother Owners resulting from such construction activity. All Owners covenant and agree torefrain from interfering with such construction activity.

5.13 Declarant's Exemption. The Declarant shall be exempt from the provisions ofthis Article V. The Declarant shall not be obligated to obtain Design Review Board approval forany Work, or Alterations, or for any other matter which may require Design Review Board orany other approval under this Article V, which the Declarant may elect to make at any time onthe Property.

5.14 Enforcement. Declarant and the Master Association, acting separately or jointly,may preclude any contractor, subcontractor, agent, employee or other invitee of an Owner whofails to comply with the terms and provisions of this Article V from continuing or performingany further activities in the Property, or from seeking or obtaining any approvals for anysubsequent Submittals. In addition to the foregoing, the Master Association and the Declarantshall have the authority and standing to pursue all legal and equitable remedies available toenforce the provisions of this Article V and the decisions of the reviewing entities under thisArticle V. The Declarant shall have the right, but not the obligation, to demand that the MasterAssociation enforce the provisions of this Article V. In the event that the Master Associationfails to take enforcement action within thirty (30) days after receipt of a written demand fromDeclarant identifying the violator and specifying the nature of the violation, then the MasterAssociation shall reimburse the Declarant for all costs reasonably incurred by the Declarant intaking enforcement action with respect to such violation if Declarant prevails in such action.

ARTICLE VIEASEMENTS

6.1 Easements for Access and Maintenance. The Declarant hereby reserves untoitself, its duly authorized agents, employees, representatives, successors, assigns and designees,and the Declarant hereby grants to the Master Association a perpetual, nonexclusive easementfor, access, ingress, and egress upon, across, over, and under all of the Property to the extentnecessary in the exercise of reasonable care for the purpose of (1) inspecting any construction,proposed construction, Work or Improvements, (2) undertaking or fulfilling any of its rights orobligations provided in the Governing Documents or under any applicable permits, (3) in thecase of the Declarant, performing any obligations it may have under the DevelopmentAgreements, any permits or any other agreements with Government Authorities, (4) in the caseof the Declarant, undertaking any development activities related to the Property, the AdditionalProperty, the Lake Nona DRI/PD or such other real property in which Declarant may have aninterest, (5) constructing, installing, replacing, repairing, maintaining and administering Streets,walkways, pathways, lakes, ponds, wetlands, Drainage Areas, Streetscape, street lights, signage,Common Areas and other similar improvements. This easement shall not entitle the holders toconstruct or install any of the foregoing systems or facilities, over, under or through any existingor planned building on a Property Unit, and any damage to a Property Unit resulting from theexercise of this easement shall promptly be repaired by, and at the expense of, the Person

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exercising the easement. The exercise of this easement shall not unreasonably interfere with theuse of any Property Unit. Notwithstanding the foregoing, nothing contained herein shall beinterpreted to impose any obligation upon the Declarant or Master Association to construct,install, maintain, repair or replace any Work or Improvements which an Owner, Sub-Associationor other Person is required to install, maintain, repair, replace or construct.

6.2 Easement for Traffic Signs. The Declarant hereby reserves unto itself, its dulyauthorized agents, employees, representatives, successors, assigns and designees, and theDeclarant hereby grants to the Master Association and the City a perpetual, nonexclusiveeasement upon, across, over, and under that portion of each Property Unit lying within thebuilding setback for purposes of access, ingress, and egress, construction, installation,maintenance, repair and replacement of directional and traffic signs as may be required the City.

6.3 Easement for Maintenance, Emergency and Enforcement.

6.3.1 The Declarant hereby reserves for itself and the Master Association,their duly authorized agents, employees, representatives, successors, assigns and designees, aperpetual, nonexclusive easement to enter upon any Property Unit to perform maintenanceresponsibilities, to inspect for the purpose of ensuring compliance with the GoverningDocuments or any permits, licenses or other instruments that may be applicable to the Propertyor Property Unit from time to time, and to enforce any rights under the Governing Documents,provided, however they shall have no obligation to undertake any of the foregoing actions. Therights granted herein may be exercised by any officer, agent, employee or manager of theforegoing, and all policeman, fireman, ambulance personnel, and similar emergency personnel inthe performance of their duties. This right of entry shall include the right to enter upon anyProperty Unit to cure any condition which may increase the possibility of a fire or other hazardin the event an Owner fails or refuses to cure the condition within a reasonable time afterrequested by the Declarant or the Master Association, their duly authorized agents, employees,representatives, successors, assigns or designees, but shall not authorize entry into any portion ofa Property Unit not generally open to the public, except in an emergency situation to avoid animminent threat of personal injury or property damage. The Declarant and the MasterAssociation, their duly authorized agents, employees, representatives, successors, assigns anddesignees, shall not have any liability for any damage or other liability resulting from theexercise of their rights under this Section 6.2 unless such damage or other liability arises fromthe willful misconduct of such Person.

6.3.2 Except in an emergency situation, entry shall only be during reasonablehours and after notice to the Owner or occupant.

6.3.3 Subject to any required notice, the Master Association is herebygranted an easement and right to enter a Property Unit to abate a violation of the GoverningDocuments and/or to remove any structure, thing or condition which violates the GoverningDocuments. Any costs incurred, including reasonable attorneys' fees, shall be assessed againstthe Owner of such Property Unit as a Specific Assessment.

6.4 Easements for Lake and Pond Maintenance and Flood Water.

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6.4.1 The Declarant hereby reserves for itself and the Master Association,their duly authorized agents, employees, representatives, successors, assigns, and designees, andfor the City, any Government Authorities, and the District, the perpetual, nonexclusive right andeasement, but not the obligation, to enter upon the lakes, ponds, streams, wetlands and theDrainage Areas located within the Common Area or the Property to (a) install, keep, maintain,repair and replace pumps in order to provide water for the irrigation of any of the Common Area;(b) construct, maintain, and repair any bulkhead, wall, dam, or other structure retaining water; (c)remove trash and other debris therefrom and fulfill their respective maintenance responsibilities,if any, as provided in this Declaration; (d) construct, install, inspect, maintain (including, withoutlimitation aquatic plant and similar environmental maintenance), repair and replace the DrainageArea and all appurtenant improvements and facilities; and (e) otherwise fulfill any monitoring,modeling, reporting or permit obligations related thereto. The Declarant and the MasterAssociation, and their duly authorized agents, employees, representatives, successors, assignsand designees, and the City, any Government Authorities and the District, shall have a perpetual,non-exclusive easement for ingress, egress and access over and across any of the Propertyabutting or containing any portion of any of the lakes, ponds, streams, wetlands or the DrainageArea to the extent reasonably necessary to exercise their rights under this Section 6.3.

6.4.2 The Declarant further hereby reserves for itself and the MasterAssociation, and their duly authorized agents, employees, representatives, successors, assigns,and designees, and for the City, any Government Authorities, or any District, a perpetual,nonexclusive right and easement of access and encroachment over the Common Area andProperty (but not the buildings thereon) adjacent to or within one hundred (100) feet of lakebeds, ponds, streams, wetlands and the Drainage Areas in order to (a) temporarily flood and backwater upon and maintain water over such portions of the Common Area and Property; (b) fill,drain, dredge, deepen, clean, fertilize, dye, alter in any manner and generally maintain the lakes,ponds, streams, wetlands and Drainage Area within the Common Area, the Property or theproperty owned by the City, any Government Authorities, or the District; (c) to maintain andlandscape the slopes and banks pertaining to such lakes, ponds, streams, wetlands and DrainageArea; and (d) to enter upon and across such portions of the Common Area and the Property to theextent reasonably necessary for the purpose of exercising its rights under this Section 6.3.Except in the case of an emergency, all Persons entitled to exercise these easements shall provideprior written notice no less than ten (10) days before exercising such easements. All Personsentitled to exercise these easements shall use reasonable care in, and repair any damage resultingfrom the intentional exercise of such easements. Nothing herein shall be construed to makeDeclarant, the Master Association, the City, any Government Authority, or the District or anyother Person liable for damage resulting from flooding due to hurricanes, heavy rainfall or othernatural occurrences.

6.5

Easements for Stormwater Drainage, Retention and Surface Water ManagementSystem.

6.5.1 Each portion of the Property is hereby subject to a non-exclusiveeasement appurtenant to and for the benefit of each other portion of the Property for the purposeof stormwater drainage and runoff in accordance with the plan, as amended from time to time,established by the Declarant for the Property to implement the Surface Water ManagementSystem, which easement shall include, but shall not be limited to, the right to tie into the existing

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stormwater drainage facilities, the right to divert stormwater runoff from each Parcel andProperty Unit into such stormwater drainage facilities at such points and in such manner asapproved by Declarant, the City, the District and by any Government Authorities, and for theflow of stormwater runoff over the Property to such points and from such points through thestormwater drainage facilities into wetlands, ponds, other retention or detention facilities, or theDrainage Area within or outside the Property, as well as the right to enter each Parcel andProperty Unit (exclusive of any improvements thereon) to perform such grading as may benecessary to implement, comply with or effectuate the intended Surface Water ManagementSystem. The foregoing easements shall be subject to any and all restrictions regarding quantity,rate and quality of discharge which the Declarant may hereafter reasonably impose or which maybe imposed on the Property by the Declarant, and by any Government Authorities. TheDeclarant may convey all or any portion of the Surface Water Management System or the PCNto the Master Association, the City, the District or any Government Authorities or Declarant'saffiliates as it may elect in its sole discretion. The Master Association (if the Master Associationhereafter owns any portion thereof) shall convey all or any portion of the Surface WaterManagement System or the PCN to the City, the District or any Government Authorities if theyor the Declarant should so require. It being understood that, subject to all applicable laws, rules,regulations, ordinances and agreements imposed by or made with the City, the District or anyGovernment Authorities, the Declarant, and any assigns of the Declarant, shall have the right touse the water, and control the level thereof, in all ponds and water courses in the Surface WaterManagement System for any purpose as determined by the Declarant, or such other Persons asthe Declarant may designate, and shall have the right to charge the Master Association areasonable fee for any such services provided to the Master Association benefitting the Propertyfor irrigation purposes.

6.5.2 Notwithstanding anything to the contrary contained in this Declaration,any proposed amendment to the Governing Documents that would affect the Surface WaterManagement System (including any environmental conservation areas and the watermanagement portions of the Common Area) must be approved by the Declarant, and if requiredby the Surface Water Management permit for the Lake Nona DRI/PD, must be submitted by theDeclarant, the District, or the Master Association to the South Florida Water ManagementDistrict for a determination of whether the amendment necessitates a modification of the SurfaceWater Management Permit for the Lake Nona DRI/PD. No Person shall alter the naturaldrainage on any Property Unit to increase materially the drainage of stormwater onto adjacentportions of the Lake Nona DRI/PD without the consent of the owners of the affected property,the City, the District, the applicable Government Authorities, the Master Association and theDeclarant (so long as the Declarant or any affiliate of the Declarant owns any property within theLake Nona DRI/PD).

6.5.3 Declarant hereby reserves for itself and the Master Association, andtheir duly authorized agents, employees, representatives, successors, assigns, and designees, andfor the City, any Government Authorities or the District, a perpetual nonexclusive easement forthe use of Drainage Areas established throughout Laureate Park, and an easement for ingress,egress and access to enter any portion of the Property in order to construct, maintain and/orrepair any Drainage Area and facilities thereon and appurtenances thereto. No structure,landscaping or other material shall be placed or permitted to remain in the Drainage Areas which

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may damage or interfere with, or which may obstruct or retard the flow of water through theDrainage Areas.

6.6 Utility and Governmental Services Easements.

6.6.1 The Declarant reserves for itself a perpetual, nonexclusive easementover, under, upon, across and through the Property for ingress, egress and access and for theinspection, installation, service, repair, replacement and maintenance (including withoutlimitation access to read utility meters) of utilities and infrastructure to serve Laureate Park andthe Lake Nona DRI/PD, including without limitation, power, street lights, electric transmission,multi-channel video, cable television, high speed internet, telephone, Communication Services,security, gas, water, sewer, garbage, drainage and other utilities and similar systems, andgovernmental services, including, without limitation, police and fire protection, and postalservice, and walkways, pathways and trails, street lights and signage.

6.6.2 Specific Easements. The Declarant also reserves for itself the non-exclusive right and power to grant and record such specific easements as may be necessary, inthe Declarant's sole and absolute discretion (but not through a structure), to develop theProperty, the Additional Property and the Lake Nona DRI/PD. The location of the easementshall be subject to the written approval of the burdened property Owner, which approval shall notunreasonably be withheld, delayed or conditioned; provided further, that the burdened propertyOwner agrees to join in, consent to and execute any such documents as may be requested by theDeclarant to carry out the intent hereof.

6.6.3 Minimal Interference. All work associated with the exercise of theeasements described in Sections 6.5.1 and 6.5.2 shall be performed in such a manner as tominimize interference with the use and enjoyment of the property burdened by the easement.Upon completion of the work, the Person exercising the easement shall restore the property, tothe extent reasonably possible, to the condition existing prior to the work. The exercise of theseeasements shall not extend to permitting entry into the structures on any Property Unit, nor shallit unreasonably interfere with the use of any Property Unit.

6.7 Easement for a District. The Common Area and each and every Property Unit, ishereby burdened with perpetual, non-exclusive easements for the benefit of the District, itsagents and designees, to the extent necessary for ingress, egress, access to and installation,maintenance, repair and replacement of properties and facilities owned by the District. However,this easement shall not include a right to enter any enclosed structure on a Property Unit or theCommon Area, or to unreasonably interfere with the use of any Property Unit or the CommonArea. Any damage to a Property Unit or the Common Area resulting from the exercise of thiseasement shall promptly be repaired by, and at the expense of, the District causing same.

6.8 Communication Services Utility Easements. The Declarant reserves for itself, itsduly authorized agents, employees, representatives, successors, assigns and designees perpetual,exclusive easements in or adjacent to the public and private Streets and any utility easementsdedicated to the public or to any specific utility provider throughout Laureate Park on behalf ofitself, and its duly authorized agents, employees, representatives, nominees, successors, assignsand designees, for installing, operating, maintaining, repairing and replacing the Communication

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Services. The Declarant may grant or convey these easements to third parties without theconsent of any Owner or the Master Association.

6.9 Easements to Serve Additional Property. The Declarant hereby reserves for itselfand its duly authorized agents, employees, representatives, successors, successors-in-title,assigns, licensees, designees and Mortgagees, a perpetual, nonexclusive easement over theCommon Area for the purpose of enjoyment, use, access, and development of any properties thatmay be adjacent to the Property from time to time, whether or not such properties are madesubject to this Declaration. Declarant further agrees that if the easement is exercised forpermanent access to such properties, and such properties or any portion thereof are not madesubject to this Declaration, Declarant, its successors or assigns shall enter into a reasonableagreement with the Master Association to share the cost of maintenance of any private roadwayand related infrastructure serving such properties.

6.10 Easement for Encroachments. There shall be perpetual, nonexclusive easementsof encroachment, and for maintenance and use of any permitted encroachments among eachProperty Unit, and any adjacent Common Area, and among adjacent Property Units due to theunintentional placement or settling or shifting of the Improvements constructed, reconstructed oraltered on a Property Unit or the Common Area. A permitted encroachment is a structure orfixture that extends unintentionally from one Person's property onto another's a distance of notmore than three (3) feet as measured from any point on the common boundary, along a lineperpendicular to such boundary. However, in no event shall an easement for encroachment existif such encroachment occurred due to willful and knowing conduct on the part of, or with theknowledge and consent of, the Person claiming the benefit of such easement.

6.11 Rights to Stormwater Runoff, Effluent, and Water Reclamation. The Declarantreserves for itself and its designees all rights to ground water, surface water, stormwater runoff,reclaimed water and effluent located or produced within Laureate Park, and each Owner agrees,by acceptance of a deed to a Property Unit, that the Declarant retains such rights. Such rightsshall include the reservation of an easement over Laureate Park for access and for installationand maintenance of facilities and equipment to capture and transport such water, runoff, effluentand reclaimed water. This Section 6.10 shall not be amended without the Declarant's consent,and the rights created in this Section 6.10 shall survive any termination of this Declaration. Inthe event Declarant declines either temporarily or permanently to accept all reclaimed waterand/or effluent, then the Master Association and Owners shall have the obligation to usereclaimed water and/or effluent in accordance with any requirements of the City or otherapplicable Government Authorities or utility providers.

6.12 Easement For Use of Private Streets. The Declarant hereby grants, and reservesunto itself, and in favor of (1) the City, the District, all Government Authorities (excluding anyutility provider unless otherwise set forth in a separate instrument expressly granting suchrights), (2) law enforcement, fire fighting, paramedic, rescue and other emergency vehicles,equipment and personnel, (3) school buses, (4) U.S. Postal Service delivery vehicles andpersonnel, (5) private delivery or courier services, and (6) personnel and their vehicles andequipment providing garbage collection service to Laureate Park, a perpetual, nonexclusiveeasement solely for access, ingress and egress, over, upon and through any private Streets within

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the Common Area; provided such easement shall not authorize any Person to enter the privateStreets within the Common Area except while acting in its official capacity.

6.13 Reservation of Easements.

6.13.1 The Declarant hereby reserves for itself, and its duly authorized agents,employees, representatives, successors, assigns and designees, a perpetual, nonexclusiveeasement on, over and under any portion of the Property which may be subsequently dedicatedor otherwise conveyed to any Government Authorities for public right-of-way, for the purpose of(i) construction, installation, maintenance, repair and replacement of underground stormwaterdrainage facilities and pipes and above ground inlet structures to carry stormwater; (ii)construction, installation, maintenance, repair, replacement and operation of lines, pipes,conduits, equipment and related facilities to transport and/or deliver utilities and/or service to anyportion of the Property, Laureate Park, the Lake Nona DRI/PD or such other real propertycontiguous to the boundary of the Lake Nona DRI/PD in which Declarant, or any affiliate orrelated entity of Declarant, may have an interest, or any other property now or hereafter ownedby the Declarant; and (ii) the right, but not the obligation, to install, maintain, repair and replacelandscaping in unpaved areas. For purposes hereof, "utilities" shall be deemed to include,without limitation, lines, pipes, conduits conveying electric, potable and reclaimed water, sewer,irrigation water, chilled water, telephone, cable, internet and other data, television and othertelecommunication services and natural gas.

6.13.2 Upon the issuance of a certificate of completion, or its equivalent, bythe appropriate Government Authorities for such publicly dedicated right-of-way, the Declarantand its duly authorized agents, employees, representatives, successors, assigns and designees, forthe purpose of installing any utilities, shall automatically be deemed to have been granted a rightof way utilization permit, or its equivalent, by the appropriate Government Authorities whichwill permit such persons and entities to continue to use, maintain, repair, replace, and relocatesuch utilities lying within such publicly dedicated right-of-way.

6.14 Easement for Special Events. The Declarant hereby reserves for itself, itssuccessors, assigns and designees, a perpetual, non-exclusive easement over the Common Areasfor the purpose of conducting parades, running, biking or other sporting events, educational,cultural, artistic, musical and entertainment activities, and other activities of general communityinterest, at such locations and times as the Declarant, in its sole and absolute discretion, deemsappropriate. Each Owner, by accepting a deed or other instrument conveying any interest in aProperty Unit, acknowledges and agrees that the exercise of this easement may result in atemporary increase in traffic, noise, gathering of crowds and related inconveniences, and eachOwner agrees on behalf of itself and the occupants of its Property Unit to take no action, legal orotherwise, which would interfere with the exercise of such easement. The Master Associationshall not take any action which would interfere with or otherwise attempt to restrict the exerciseof this easement.

6.15 Assignments. The granting of easements reserved by the Declarant may beassigned by the Declarant in whole or in part to the Master Association, the City, anyGovernment Authorities, any utility providers, the District or any other designee of the Declarantby an instrument recorded in the public records of the County.

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ARTICLE VIIASSESSMENTS

7.1 Responsibility. The Master Association is entitled to levy Assessments againsteach Property Unit in the manner described herein. To the extent applicable, assessmentsattributable to Property Units under the jurisdiction of a Sub-Association shall be collected bythat Sub-Association and remitted directly to the Master Association even though suchAssessments are the responsibility of the Owners of those Property Units, unless the MasterAssociation requires that such Assessments be remitted directly to it. Each Owner, by acceptinga deed for any portion of the Property, is deemed to covenant and agree to pay the Assessments.The Master Association may from time to time establish administrative, interest and late charges,subject to the limitations of Florida law, to be levied against a Property Unit in the event theMaster Association does not receive Assessment payments in a timely manner

7.2 Determination of Base Assessments for Common Expenses. At least forty-five(45) days before the beginning of each fiscal year, the Board shall prepare a budget for suchfiscal year which shall estimate all of the Common Expenses to be incurred by the MasterAssociation during the fiscal year. The budget shall reflect the sources and estimated amounts offunds to cover such Common Expenses, including any prior years' surplus, any non-assessmentincome unless designated for other uses by this Declaration or by agreement, and anticipatedAssessment income. In determining the budget for any fiscal year, the Board may take intoaccount Common Areas, Property Units and proposed Improvements that may be created by theaddition of property to the Property in accordance with Article II during the fiscal year. Indetermining the Base Assessment, the Board may also take into account any Assessment incomeexpected to be generated from property reasonably anticipated to become subject to BaseAssessments during such fiscal year. The Board shall then establish the Base Assessment andlevy such Base Assessment against all Property Units subject to Base Assessments under Section7.3, in the manner provided in Exhibit "F". The budget shall not be subject to Owner orMember approval, and there shall be no obligation to call an Owners' or Members' meeting toconsider the budget. Approval of the budget shall be solely the responsibility and right of theBoard. The Master Association shall then promptly notify all Owners in writing of the amount,frequency, and due dates of the Base Assessment for each Property Unit and shall include a copyof the budget for such fiscal year simultaneously to each Owner, all at least thirty (30) days priorto the beginning of the fiscal year for which it is to be effective. From time to time during thefiscal year, the Board may revise the budget for the fiscal year. Pursuant to the revised budget theBoard may, upon• written notice to the Owners, change the amount, frequency and/or due dates ofthe Base Assessments for each Property Unit.

7.3 Payment of Base Assessments for Common Expenses. Each Owner shall berequired to and shall pay to the Master Association, an amount equal to the Base Assessment forCommon Expenses, or installment thereof, for each Property Unit within the Property thenowned by such Owner on or before the date each Base Assessment for Common Expenses, orinstallment thereof, is due. In the event any Base Assessment for Common Expenses is madepayable in equal periodic payments as provided in the notice from the Master Association, suchperiodic payments shall automatically continue to be due and payable in the same amount andfrequency as indicated in the notice, unless and/or until: (1) the notice specifically provides thatthe periodic payments will terminate upon the occurrence of a specified event or the payment of

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a specified amount; or (2) the Master Association notifies the Owner in writing of a change inthe amount and/or frequency of the periodic payments. Notwithstanding the foregoing, in noevent shall any Base Assessment for Common Expenses payable by any Owner be due less thanten (10) days from the date of the notification of such Base Assessment for Common Expenses.

7.3.1 Collection by Sub-Associations. Each Sub-Association shall include inits budget each year an amount sufficient to pay all Base Assessments for Common Expenseslevied by the Master Association against each Property Unit which is subject to the jurisdictionof that Sub-Association, unless the Master Association requires that such Base Assessments beremitted directly to it as provided in Section 7.1. Each Sub-Association shall have the duty tocollect assessments it imposes which shall include the Base Assessments levied by the MasterAssociation, unless the Master Association requires that such Base Assessments be remitteddirectly to it as provided in Section 7.1. The total Base Assessments for Common Expenses forProperty Units under the jurisdiction of a Sub-Association shall be timely remitted to the MasterAssociation. If a Sub-Association has not collected its Assessments from an Owner(s) under itsjurisdiction, it shall notify the Master Association of the name and address of such Owner(s).The Master Association shall be entitled to rely upon the information given by a Sub-Associationregarding delinquencies, and may impose a lien upon such delinquent Owner's Property Unit inaccordance with this Declaration. However, the Master Association may, in its sole discretion,elect to collect Assessments and other charges directly from any Owner in accordance withSection 7.9 herein.

7.3.2 Declarant Subsidy. Declarant may, but shall not be obligated to, reducethe Base Assessment for any fiscal year by payment of a subsidy (in addition to any amountspaid by Declarant under Section 7.4) which may be either a contribution, an advance againstfuture assessments due from Declarant, or a loan, in Declarant's sole and absolute discretion, andmay be satisfied in the form of cash or by "in kind" contribution of services or materials, or by acombination of these, as further described in Section 7.4. Any such subsidy shall be disclosed asa line item in the budget. The payment of such subsidy in any year shall under no circumstancesobligate Declarant to continue paying a subsidy in future years, unless otherwise provided in awritten agreement between the Master Association and Declarant.

7.3.3 Failure to Approve Budget. If the Board fails for any reason todetermine the budget for any year, then the budget most recently in effect shall continue in effectuntil a new budget is determined. The Board may revise the budget and adjust the BaseAssessment from time to time during the year.

7.4 Base Assessments While the Declarant Appoints a Majority of the Board.Notwithstanding anything contained in this Article VII to the contrary, during the Declarant'sControl Period, the Declarant may satisfy its obligation to pay Base Assessments on Parcels orProperty Units it owns either by paying Base Assessments in the same manner as any otherOwner or by funding the budget deficit. The budget deficit is the amount by which the operatingexpenses incurred by the Maser Association exceed the amount of the Base Assessmentsreceivables and other income of the Master Association during the fiscal year. Declarant maymake such election at any time prior to the end of the fiscal year for such fiscal year. Regardlessof Declarant's election, Declarant's assessment obligations may be satisfied in the form of cashor by "in kind" contributions of services or materials, or by a combination of these. The Master

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Association is specifically authorized, through its Board, to enter into subsidy contracts andcontracts for "in kind" contribution of services, materials, or a combination of services andmaterials with Declarant or other entities, provided, however, such a subsidy contract shall notbe required with respect to Declarant.

7.5 Bud • etin and Allocatin • Service Area Ex enses. The Board is herebyauthorized to levy Service Area Assessments against all Property Units in a Service Area to fundService Area Expenses benefiting such Service Area, to the extent authorized by the GoverningDocuments, or if so directed by petition signed by a majority of the Owners within the ServiceArea and Declarant, or upon written request of the Neighborhood Voting Representative orNeighborhood Voting Representatives representing such Property Units in the Service Area. Atleast sixty (60) days before the beginning of each fiscal year, the Board shall prepare a budgetcovering the estimated Service Area Expenses for each Service Area on whose behalf ServiceArea Expenses are expected to be incurred during the upcoming year, including anadministrative charge in such amount as the Board deems appropriate and a capital contributionto establish and maintain a reserve fund in accordance with a budget separately prepared asprovided for in Section 7.7. The Service Area Assessments are for additional services or ahigher level of services provided by the Master Association, and in such case, any additionalcosts shall be added to such budget.

7.5.2 The Board shall cause a copy of the budget and notice of the amount ofthe Service Area Assessment to be levied on each Property Unit in the Service Area for thefollowing year to be delivered to each Owner in the Service Area at least thirty (30) days prior tothe beginning of the fiscal year for which it is to be effective. If the Board fails for any reason todetermine the budget for any year, then until such time as a budget is determined the budget ineffect for the immediately preceding year shall continue for the current year. The MasterAssociation shall include such assessment in its annual billing of Owners and shall beresponsible for collecting all assessments. The Board may revise the budget for any ServiceArea and the amount of any Service Area Assessment from time to time during the year.Pursuant to the revised budget, the Board may, upon written notice to the Owners in the ServiceArea, change the amount, frequency and/or due dates of the Service Area Assessment for eachProperty Unit in the Service Area. At the election of the Master Association, the MasterAssociation may notify the Sub-Association(s) having jurisdiction over all or a portion of theService Area, of the amount of the Service Area Assessment and the Property Units againstwhich it is assessed, and the Sub-Association(s) shall have the obligation to collect and remitsame to the Master Association in the same manner as provided for Base Assessments in Section7.3.1.

7.5.3 A Property Unit's share of any Service Area Assessment shall becalculated as set forth in Exhibit "F", or in an applicable Supplement to the Declaration or in theNeighborhood Declaration.

7.6 Special Assessments. In addition to other authorized assessments, the Board maylevy Special Assessments from time to time to exercise its responsibilities as provided in thisDeclaration. A Special Assessment may be levied: (1) in the event that the Base Assessment forCommon Expenses is insufficient to pay the Common Expenses for the fiscal year; or (2) in theevent that the Master Association reserves are insufficient to cover necessary expenditures for

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capital improvements or replacement; or (3) to retire indebtedness incurred to improve theCommon Area; or (4) any other purposes determined by a majority of the Board and a majorityof the votes of the Neighborhood Voting Representatives present at a duly called meeting of theMaster Association. When the Master Association levies a Special Assessment, each Sub-Association shall assist the Master Association in collecting such Special Assessment directlyfrom each Owner. A Special Assessment may also be levied against all Property Units in aService Area, if such Special Assessment is for Service Area Expenses. A Property Unit's shareof any Special Assessment shall be calculated in the same manner as the Base Assessment,except that a Special Assessment levied for a Service Area Expense shall be calculated in thesame manner as the Service Area Assessment.

7.7 Budgeting for Reserves. The Board shall annually prepare reserve budgets forboth Common Area (including any other area for which the Master Association has or assumesmaintenance or other responsibility) and Service Area purposes which take into account thenumber and nature of replaceable assets maintained as a Common Expense or Service AreaExpense, respectively, the expected useful life of each asset, and the expected repair orreplacement cost of each asset. The Board shall set the required capital contribution in anamount sufficient to meet the projected needs of the Master Association as shown on thebudgets, with respect both to amount and timing by annual Base Assessments or Service AreaAssessments, as appropriate, over the budget period. So long as the Board exercises businessjudgment, in determining the amount of the reserve fund, the amount shall be consideredadequate. The Board may enter into agreements with the Declarant, on negotiated terms, underwhich Declarant may obligate itself to provide reserve funds as needed on a "cash basis" in lieuof the Master Association funding reserves on an accrual basis.

7.8 Specific Assessments. The Board shall have the power to levy SpecificAssessments against a particular Property Unit constituting less than all Property Units withinthe Property, as follows:

7.8.1 to cover the costs, including overhead and administrative costs, ofproviding benefits, items, or services to a Property Unit or occupants thereof upon request of theOwner pursuant to a menu of special services which the Board may from time to time authorizeto be offered to Owners, which Specific Assessments may be levied in advance of the provisionof the requested benefit, item or service as a deposit against charges to be incurred by the Owner;and

7.8.2 to cover costs incurred in bringing a Property Unit into compliancewith the terms of the Governing Documents, any applicable Supplement to the Declaration, anyapplicable Neighborhood Declaration, the Bylaws, Use Restrictions or Rules and Regulations, orcosts incurred as a consequence of the conduct of the Owner or occupants of the Property Unit,their family members, agents, contractors, employees, licensees, invitees, or guests, provided theBoard shall give the Owner of such Property Unit prior written notice and an opportunity for ahearing, in accordance with the Bylaws, before levying a Specific Assessment under this Section7.8.2.

7.8.3 The Master Association may also levy a Specific Assessment againstany Sub-Association to reimburse the Master Association for costs incurred by the Master

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Association in exercising its power pursuant to Section 3.5 due to failure of the Sub-Associationto comply with any requirements set forth by the Master Association, or for costs incurred by theMaster Association in bringing any real property under the Sub-Association's control orjurisdiction into compliance with the provisions of the Governing Documents, any applicableamendment or Supplement to the Declaration, the Neighborhood Declaration, the Articles, theBylaws, and Rules and Regulations, provided the Board gives prior written notice to the Ownerof such Property Unit and an opportunity for such Owner to be heard before levying any suchassessment.

7.9 Monetary Defaults and Collection of Assessments.

7.9.1 Interest. If any Owner is in default in the payment of any Assessmentfor more than ten (10) days after same is due, or in the payment of any other monies owed to theMaster Association for a period of more than ten (10) days after written demand by the MasterAssociation, the Master Association may charge such Owner interest at the highest rate permittedby the laws of the State of Florida, on the amount owed to the Master Association. Such interestshall accrue from the due date of the Assessment or the monies owed.

7.9.2 Acceleration of Assessments. If any Owner is in default in the paymentof any Assessment or any other monies owed to the Master Association for more than ten (10)days after written demand by the Master Association, the Master Association shall have the rightto accelerate and require such defaulting Owner to pay to the Master Association Assessmentsand any other monies owed to the Master Association for the next twelve (12) month period,based upon the then existing amount and frequency of Assessments and any other monies owedto the Master Association. In the event of such acceleration, the defaulting Owner shall continueto be liable for any increases in the Assessments and/or all other monies owed to the MasterAssociation.

7.9.3 Collection. In the event any Owner fails to pay any Assessment orother monies owed to the Master Association (and to the Master Association through a Sub-Association in cases where the Owner is subject to the jurisdiction of a Sub-Association) withinten (10) days after written demand, the Master Association may take any action deemednecessary in order to collect such Assessment or monies owed including, but not limited to: (1)retaining the services of a collection agency or attorney to collect such Assessments or moniesowed, (2) initiating legal proceedings for the collection of such Assessments or monies owed, (3)recording a claim of lien as hereinafter provided, (4) enforcing and/or foreclosing its lien in thesame fashion as mortgage liens are foreclosed, or (5) any other appropriate action. The Ownershall be liable to the Master Association for all costs and expenses incurred by the MasterAssociation incident to the collection of any Assessment or other monies owed to it, and theenforcement and/or foreclosure of any lien for same, including, but not limited to, reasonableattorneys' and paralegals' fees and costs, including, without limitation those incurred on appealor in mediation, arbitration, administrative or bankruptcy proceedings, reasonable administrativefees of the Declarant and/or the Master Association, and all sums paid by the Master Associationfor taxes and on account of any mortgage, lien or encumbrance in order to preserve and protectthe Master Association's lien. The Master Association shall have the right to bid in theforeclosure sale of any lien foreclosed by it for the payment of any Assessments or monies owedto it; and if the Master Association becomes the Owner of any Property Unit by reason of such

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foreclosure, it shall offer such Parcel or Property Unit for sale within a reasonable time and shalldeduct from the proceeds of such sale all Assessments or monies due it. All payments receivedby the Master Association on account of any Assessments or monies owed to it by any Ownershall be first applied to payments and expenses incurred by the Master Association in thecollection of same, then to interest on such amounts owed to it, then to any unpaid Assessmentsor monies owed to the Master Association in the inverse order that the same were due.

7.9.4 Lien for Assessment and Monies Owed to Master Association. TheMaster Association shall have a lien on all property owned by an Owner for any unpaidAssessments (including any Assessments which are accelerated pursuant to this Declaration) orother monies owed to the Master Association by such Owner, and for interest, reasonableattorneys' and paralegals' fees and costs (including, without limitation, attorneys' andparalegals' fees and costs incurred on appeal, or in mediation, arbitration, administrative orbankruptcy proceedings) incurred by the Master Association incident to the collection of theAssessments and other monies, or enforcement of the lien, for reasonable administrative feesincurred by the Declarant and/or the Master Association, and for all sums paid by the MasterAssociation for taxes and on account of any mortgages, liens or encumbrances in order topreserve and protect the Master Association's lien. To give public notice of the unpaidAssessment or other monies owed, the Master Association may record a claim of lien in thepublic records of the County, stating the description of the Property Unit, and name of theOwner, the amount then due, and the due dates. The lien shall become effective upon itsrecordation and shall continue in effect until all sums secured by it (including sums whichbecame due after the recording of the claim of lien and any amounts accelerated as provided inthe Declaration) have been fully paid. The claim of lien must be signed and acknowledged by anofficer or agent of the Master Association. Upon payment in full of all sums secured by the lien,the person making the payment shall be entitled to a satisfaction of the lien.

7.9.5 Transfer of a Parcel or Property Unit after Assessment. The MasterAssociation's lien shall not be affected by the sale or transfer of any Property Unit. In the eventof any such sale or transfer, both the new Owner and the prior Owner shall be jointly andseverally liable for all Assessments, interest, and other costs and expenses owed to the MasterAssociation at the time of such sale or transfer, which are attributable to any Property Unitpurchased by or transferred to such new Owner.

7.9.6 Subordination of the Lien to Mortgages. The lien of the MasterAssociation for Assessments or other monies owed to it, shall be subordinate and inferior to thelien of any Mortgage in favor of an Institutional Mortgagee or any Mortgage held by a partymaking a good faith bonafide loan to the Owner of the Property Unit subject to the Mortgage, ineach case provided such Mortgage is recorded prior to the recording of a claim of lien by theMaster Association. If the Master Association's lien or its rights to any lien for any suchAssessments, interest, expenses or other monies owed to the Master Association by any Owner isextinguished by foreclosure of a Mortgage held by an Institutional Mortgagee or by a partymaking a good faith bonafide loan to the Owner of the Property Unit, such sums shall thereafterbecome Common Expenses, collectible from all Owners, including any party acquiring theforeclosed Property Unit, and its successors and assigns.

7.10 Exempt and Partially Exempt Property.

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7.10.1 The following portions of the Property are exempt from the payment ofany Assessments, including, without limitation, Base Assessments, Special Assessments,Specific Assessments and Service Area Assessments:

(a) Any property owned by or leased to the Master Association.

(b) The Common Area.

(c) Neighborhood Common Area.

(d) Institutional Property Units used solely for a public purpose, unlessotherwise agreed by the Owner of such Institutional Property Unit.

(e) Any portion of the Property conveyed to, or dedicated to andaccepted by, any Government Authorities or any utility provider (for the purpose of providingutilities).

(f) Lands designated as public parks, lakes or which are used in theSurface Water Management System or the Drainage Area.

(g) All portions of the Property designated for recreational use andowned by the Master Association, the City, any District or Government Authorities.

(h) Any portions of the Property owned by any District.

In addition, each of the Declarant and the Master Association, shall have the right,but not the obligation, to grant exemptions to schools, houses of worship, and Property Unitsowned by and used by Persons qualifying for tax exempt status under 501(c) of the InternalRevenue Code. The amount of such Assessments shall be computed as provided in Exhibit "F".

7.10.2 There is no current plan to include an equestrian center on the Property.However, should an equestrian center be planned on any part of the Property in the future, suchequestrian center and related facilities, including stables, barn, clubhouse, snack bars, equipmentstorage, buildings, and other similar improvements related thereto, within the Property wouldprovide green space and aesthetic benefits to all Owners. Therefore, any Assessment providedfor herein may be adjusted, modified or waived as provided in the applicable Supplement to theDeclaration submitting property for use as an equestrian center and related facilities to the termsand provisions of the Governing Documents.

7.11 Capitalization of Master Association. Upon acquisition of record title to aProperty Unit by the first Owner thereof other than the Declarant or a Builder, a contributionshall be made by or on behalf of the purchaser to the working capital of the Master Associationin an amount equal to one-sixth of the annual Base Assessment for such Property Unit (assumingit is assessed for a Base Assessment in the same manner as other Property Units for the existingfiscal year of the Master Association) for that year. This amount shall be in addition to, not inlieu of, the Property Unit's annual Base Assessment and shall not be considered an advancepayment of such Base Assessment. This amount shall be disbursed to the Master Association at

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closing for use in covering operating expenses and other expenses incurred by the MasterAssociation pursuant to this Declaration and the Bylaws.

7.12 Community Enhancement Fee.

7.12.1 Authority. Except as provided in Section 7.13.2, upon each transfer oftitle to a Property Unit, the transferor shall pay to the Master Association at the closing of thetransfer the Community Enhancement Fee, which payment obligation shall be a lien upon suchProperty Unit of equal dignity with the assessments levied by the Master Association pursuant tothis Declaration. The fee shall be charged to the transferor of the Property Unit and shall bepayable to the Master Association at the closing of the transfer. Except as otherwise exempt,each transferor shall notify the Master Association's secretary, or designee, at least seven (7)days prior to the scheduled closing and provide the name of the buyer, the date of title transfer,and other information the Master Association may reasonably require.

7.12.2 Fee Limit The Master Association shall have the sole discretion todetermine the amount of and method of calculating the Community Enhancement Fee. The feemay be based upon a sliding scale which varies in accordance with the "gross selling price" of aProperty Unit or any other factor the Master Association deems appropriate. Until such time asit may be revised by the Master Association, the Community Enhancement Fee to be paid on thefirst transfer of a Property Unit shall be equal to .75% of the Property Unit's gross selling price.For purposes hereof, the "gross selling price" is the total for all consideration paid by thetransferee for the Property Unit, excluding transfer taxes and recording fees imposed by the City,the County and/or the State of Florida. Each subsequent transfer shall be subject to theCommunity Enhancement Fee which shall equal .75% of the Property Unit's gross selling price,until such time as it may be revised by the Master Association. Notvvithstanding the foregoing,and to the extent applicable, no transferor shall be responsible for payment of any CommunityEnhancement Fee if prohibited by HUD, FHA, VA, Freddie Mac or Fannie Mae regulations inconnection with a transferee's financing of such acquisition through any of the foregoingagencies.

7.12.3 Purpose. The Community Enhancement Fees shall be placed in asegregated account and used to provide funding for activities and such other purposes asdetermined by the committee or separate Florida non-for-profit corporation designated by theDeclarant or appointed by the Master Association to allocate such Community EnhancementFees as it deems beneficial to the general good and welfare of Laureate Park. By way ofexample and not limitation, Community Enhancement Fees may be used by the committee orseparate Florida non-for-profit corporation designated by the Declarant or appointed by theMaster Association for one or more of the following purposes:

(a) programs and activities at public schools for which residents ofLaureate Park are zoned for attendance, which enhance the welfare, benefit, and lifestyle ofresidents within and outside of Laureate Park;

(b) preservation and maintenance of natural areas, wildlife preserves,or similar conservation areas, and sponsorship of educational programs and activities which

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contribute to the overall understanding, appreciation, and preservation of the natural environmentwithin and surrounding Laureate Park;

(c) programs, services, and activities which serve to promote a senseof community within Laureate Park, such as recreational leagues, cultural programs, educationalprograms, health and nutrition programs, festivals and holiday celebrations and activities, acommunity computer network, and recycling programs; and

(d) social services, educational programs, community outreachprograms, and other charitable causes.

7.12.4 Exempt Transfers. Notwithstanding the above, no CommunityEnhancement Fee shall be due upon any transfer of title to a Property Unit:

(a) by or to the Declarant;

(b) by or to a Builder who purchases the Property Unit for purposes ofconstructing a residential dwelling unit thereon;

(c) by a co-owner to any Person who was a co-owner immediatelyprior to such transfer;

(d) to the Owner's estate, surviving spouse, or heirs at law upon thedeath of the Owner;

(e) to an entity wholly owned by a grantor or to a family trust createdby the grantor for the benefit of a grantor, his or her spouse, and/or heirs at law; provided, uponany subsequent transfer of an ownership interest in such entity, the Community EnhancementFee shall become due; or

(f) to an Institutional Mortgagee pursuant to a Mortgage or uponforeclosure of a Mortgage.

7.12.5 Community Enhancement Association. Notwithstanding anything tothe contrary, at any time the Master Association may elect to form a Florida not-for-profitcorporation to sit in the capacity of the Master Association and the committee appointed by theMaster Association to allocate and expend the Community Enhancement Fee (the "CommunityEnhancement Association"). The board of directors of the Community EnhancementAssociation shall be initially be controlled by the Declarant and shall be turned over in the samemanner as the Master Association; provided, however, at all times under the Declaration, theindividuals serving on the board of directors for the Master Association shall not be the sameindividuals serving on the board of directors for the Community Enhancement Association.

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ARTICLE VIIITAXES AND INSURANCE

8.1 Taxes. The Master Association shall pay all real and personal property taxes andassessments for any property owned or maintained by the Master Association, as a CommonExpense, unless otherwise agreed.

8.2 Insurance. The Master Association, acting through its Board or its dulyauthorized agent, shall obtain and continue in effect, the following types of insurance ifreasonably available, or if not reasonably available, the most equivalent coverages as arereasonably available:

8.2.1 Hazard Insurance. Blanket property insurance covering "risks of directphysical loss" on a "special form" basis (or comparable coverage by whatever namedenominated) for all insurable improvements on the Common Area, if any, and on other areas tothe extent that it has assumed responsibility for maintenance, repair and/or replacement in theevent of a casualty, regardless of ownership. The Master Association shall have the authority toand interest in insuring any privately or publicly owned property for with the Master Associationhas maintenance or repair responsibility. Such property shall include, by way of illustration andnot limitation, any insurable improvements on or related to parks, rights-of-way, medians,easements and walkways, which the Master Association is obligated to maintain. If suchcoverage is not generally available at reasonable costs, then "broad form" coverage may besubstituted. All property insurance policies obtained by the Master Association shall have policylimits sufficient to cover the full replacement cost of the insured improvements, under currentbuilding ordinances and codes, and a deductible in such reasonable amount as the Board maydetermine, unless the Board, using its best business judgment, determines otherwise. The MasterAssociation shall also have the discretion to self-insure against any risk by maintaining areasonable reserve. The Master Association may also obtain property insurance on the insurableimprovements within any Service Area in such amounts and with such coverages as the Board, inits business judgment may determine.

8.2.2 Liability Insurance. Comprehensive General Liability Insuranceprotecting the Master Association and its Members from claims for bodily injury, death orproperty damage providing for coverage in such amounts and with such deductibles asdetermined by the Board, in its business judgment.

8.2.3 Workers Compensation Insurance. Workers compensation insuranceand employer's liability insurance.

8.2.4 Fidelity Bonds. Blanket fidelity bonds for anyone who handles or isresponsible for funds held or administered by the Master Association, in an amount determinedin the Board's business judgment.

8.2.5 Officers and Directors Insurance. Officer and director liabilityinsurance and liability insurance for the Board, officers, committee members and board membersappointed by the Board, employees or agents of the Master Association, if available, and forMembers of the Master Association, if available, as shall be determined by the Board to be

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required or beneficial for the protection of the members of the Board, the officers of the MasterAssociation, the members of committees and boards appointed by the Board, the employees andagents of the Master Association, and the Members of the Master Association.

8.2.6 Other Insurance. Such other forms of insurance and coverages and insuch amounts as the Board, in its business judgment, shall determine to be required or beneficialfor the protection or preservation of the Common Areas and any improvements now or hereafterlocated thereon or in the best interests of the Master Association or its Members.

8.2.7 Service Area Insurance. Any time a Service Area is created, unlessotherwise provided in the Supplement to the Declaration creating such Service Area, ifapplicable, all Owners within such Service Area shall name the Master Association as anadditional insured under any casualty policy of insurance which provides coverage for anyproperty for which the Master Association is responsible. In addition, the Master Associationmay obtain additional insurance at the expense of the Owners within the Service Area if it feelsthe coverage otherwise maintained is insufficient.

8.2.8 Insurance Premiums. Premiums for all insurance on the Common Areashall be a Common Expense and shall be included in the Base Assessment, except that (i)premiums for property insurance obtained on behalf of a Service Area shall be charged to theOwners of Property Units within the benefited Service Area as a Service Area Assessment; and(ii) premiums for insurance on Exclusive Common Areas may be included in the Service AreaAssessment of the Service Area(s) benefited unless the Board reasonably determines that othertreatment of the premiums is more appropriate.

8.2.9 Cancellation Notice. To the extent possible, all insurance purchased bythe Master Association must include a provision requiring as much advance written notice as ispossible to the Master Association before the insurance can be canceled or the coverage reducedfor any reason.

8.2.10 Deductible. Any deductible or exclusion under the insurance policiesshall be reasonably determined by the Board and shall be a Common Expense (or, as applicable,a Service Area Expense), at such time as a claim is made against its insurance policy by theMaster Association, unless a reserve fund has been established by the Master Association forsame. However, if the Board reasonably determines, after notice and an opportunity to be heardthat the loss is a result of the negligence or willful misconduct of one or more Owners, theirfamily members, employees, agents, licensees, guests, invitees or lessees, then the Board mayspecifically assess the full amount of such deductible against such Owner(s) and their PropertyUnit(s).

8.3 Policy Requirements. All Master Association policies shall provide for acertificate of insurance to be furnished to the Master Association and, upon request, to eachOwner. To the extent reasonably available at reasonable costs and terms, all Master Associationinsurance shall:

8.3.1 Be written with a company whose primary business is providinginsurance coverage and which is authorized to conduct business in the State of Florida and which

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satisfies the requirements of the FHLMC, the Federal National Mortgage Association, or suchother secondary mortgage market agencies or federal agencies as the Board deems appropriate;

8.3.2 Be written in the name of the Master Association as trustee for thebenefited parties. Policies on the Common Area shall be for the benefit of the MasterAssociation and its Members (and such entity which owns such Common Area, if other than theMaster Association) and mortgagees, (as a class), as their interests may appear. Policies onExclusive Common Areas or Service Areas, secured by the Master Association shall be for thebenefit of the Master Association and Owners of Property Units within the Service Area towhich the Exclusive Common Area is assigned or the Service Area, respectively, and theirmortgagees (as a class), as their interests, may appear;

8.3.3 Not be brought into contribution with insurance purchased by Owners,occupants or their mortgagees; and

8.3.4 Provide a waiver of subrogation as to any claims against the MasterAssociation's Board, officers, employees, manager and Members, the Owners and their familymembers, employees, agents, licensees, guests, invitees and lessees;

8.3.5 A provision vesting in the Board exclusive authority to adjust losses;provided, however, no Institutional Mortgagee having an interest in such losses may beprohibited from participating in the settlement negotiations, if any, related to the loss.

8.4 Damage and Destruction.

8.4.1 Immediately after damage or destruction to all or part of the Propertycovered by insurance written in the name of the Master Association, the Board or its dulyauthorized agent shall file all insurance claims and obtain reliable and detailed estimates of thecosts of repair or reconstruction. Repair or reconstruction, as used in this paragraph, meansrepairing or restoring the property to substantially the condition in which it existed prior to thedamage, allowing for changes or improvements necessitated by changes in applicable buildingcodes.

8.4.2 Any damage to or destruction of the Common Area shall be repaired orreconstructed unless Neighborhood Voting Representatives representing at least seventy-fivepercent (75%) of the total Class "A" votes in the Master Association and the Class "B" Member,if any, decide within sixty (60) days after the loss not to repair or reconstruct. If the damage is toExclusive Common Area or to an improvement which is the subject of a Service Area Expense,any decisions not to restore the damaged improvements shall require the approval of at leastseventy-five percent (75%) of the Owners of Property Units in the affected Service Area.

8.4.3 If either the insurance proceeds or reliable and detailed estimates of thecost of repair or reconstruction, or both, are not available to the Master Association within suchsixty (60) day period, then the period shall be extended until such funds or information areavailable. However, such extension shall not exceed sixty (60) additional days. No Mortgageholder shall have the right to participate in the determination of whether the damage ordestruction to the Common Area shall be repaired or reconstructed.

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8.4.4 If determined in the manner described above that the damage ordestruction shall not be repaired or reconstructed and no alternative improvements areauthorized, the affected property shall be cleared of all debris and ruins and thereafter shall bemaintained by the Master Association in a neat and attractive, landscaped condition consistentwith the Laureate Park Standard.

8.4.5 Any insurance proceeds remaining after paying the costs of repair orreconstruction, or after such settlement as is necessary and appropriate, shall be retained by andfor the benefit of the Master Association or the Service Area, as appropriate, and placed in acapital improvements account. This is a covenant for the benefit of Institutional Mortgagees andmay be enforced by the Institutional Mortgagee of any affected Parcel or Property Unit.

8.4.6 If insurance proceeds received, after application of any applicabledeductible, are insufficient to cover the costs of repair or reconstruction, the Board may, withouta vote of Neighborhood Voting Representatives, levy Special Assessments to cover the shortfallagainst those Owners responsible for the premiums for the applicable insurance coverage.

ARTICLE IXCOMMUNICATION SERVICES

9.1 Communication Services. The Declarant, as of the date hereof, is contemplatingthe development of a communications system for Laureate Park as well as other portions of theLake Nona DRI/PD, which may, but shall not be required to provide cable television or multi-channel video programming services, communications services as defined by Chapter 202,Florida Statutes, broadband services including, but not limited to, wireless and/or wired Internetservices, alarm services, and other similar or associated communications, cable, and informationservices and the infrastructure to be used to provide such services (including, without limitation,fiber optic systems) (collectively, the "Communication Services"). However, as of the date ofrecording of this Declaration in the public records of the County, plans for CommunicationServices have not been finalized. Each Owner acknowledges and agrees that the Declarant mayenter into an agreement with a Communications Services provider or providers or Person toarrange for the provision of Communications Services ("Provider"), which Provider may be anaffiliate, assignee or designee of the Declarant, for the provision of any or all CommunicationServices to Owners, on an exclusive or non-exclusive basis, and as an individual expense toOwners who chose to subscribe to such Communications Services or as a Common Expense, inits sole discretion, to the extent not prohibited by applicable law. To the extent the Declarantdecides to enter into an agreement for any Communications Services to be a Common Expense,such Communications Services shall be made available to all units within the Property and costof such Communications Services shall be included as part of the Base Assessment,Neighborhood Assessment or Service Area Assessment, as appropriate, to the extent notprohibited by applicable law. Optional services offered by the Provider on an individual basismay be billed directly by the Provider to the Owner or unit resident requesting such optionalservices. If the Declarant determines to develop, or allow another Person to develop, any or allof the Communication Services, all Owners must abide by and comply with the provisions ofagreements for those Communication Services. The Declarant reserves for itself the exclusiveright and power to enter into contracts for the construction, installation, operation, maintenance,replacement and removal of communications infrastructure and for the provision of

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Communications Services to occupants of the Property and may grant exclusive rights to accessor use the Property to the Provider , and neither the Master Association, any Sub-Association,any Owner, any Neighborhood Voting Representative, nor the holder of any Mortgage on aProperty Unit shall have the right to challenge the same. Nothing herein shall prohibit anyOwner from obtaining any Communications Services to the extent authorized by applicable law.To the extent required, the Declarant may require that the Master Association or the Sub-Associations enter into agreements for the provision of one or more Communications Serviceswith the Provider. Notwithstanding anything contained herein to the contrary, the Declarant maygrant rights or enter into agreements, without the vote of the Owners, to allow the materialalteration of Common Areas of the Property for the installation, maintenance, operation, repair,replacement and removal of equipment and/or infrastructure used for the provision ofCommunications Services to units, whether such Communications Services are provided as aCommon Expense or on an individual unit basis. Such rights granted or agreements entered intoby the Declarant may include, without limitation, easements, leases, licenses or other instrumentsof conveyance of such rights over portions of the Common Areas as reasonably necessary for theinstallation, maintenance, operation, repair and replacement, and removal of infrastructure and/orfor the provision, maintenance, and operation of Communications Services.

9.2 Nonliability for Actions. No individuals, whether the Owner, the Declarant, theMaster Association, a Sub-Associations, the holders of any Mortgage, nor any of their officers,directors, members, employees, agents, representatives, tenants, invitees, licensees, guests orassigns (hereinafter, individually referred to as the "Customer" and collectively referred to asthe "Customers") shall hold the parties to an agreement for the provision of anyCommunications Services or their representatives, successors or assigns, liable to any Person orentity for any loss, damage, injury or inconvenience arising out of or in any way connected withthe performance of, nonperformance of or failure to provide Communication Services, whetheror not such loss or damage was disclosed or foreseeable. The Master Association, Sub-Associations, and Owners acknowledge that interruptions in Communications Services willoccur from time to time. The Master Association (and its directors, members, officers,employees, agents and representatives), the Sub-Associations (and their directors, members,officers, employees, agents and representatives), Owners, and Declarant (and its directors,members, officers, employees, agents and representatives) shall not be liable for any fees,refunds, credits, rebate, or other charges for any interruption in Communications Services. AProvider shall not be liable to the Declarant, Master Association, Sub-Associations, Owners, orcustomers for any interruption in Communications Services, in an amount greater than the chargeapplicable for such Communications Services, regardless of whether or not such interruption iscaused by reasons within the Provider's control; provided, however, the foregoing shall not bedeemed a waiver of any refunds, rebates, discounts or offsets in applicable fees required underany applicable federal state or local laws, rules or regulations.

9.3 Monitoring Services. EACH OWNER, TENANT AND OCCUPANT OF APROPERTY UNIT, AND THEIR RESPECTIVE GUESTS, FAMILY MEMBERS ANDINVITEES, SHALL BE RESPONSIBLE FOR THEIR OWN PERSONAL SAFETY AND THESECURITY OF THEIR PROPERTY IN THEIR PROPERTY UNIT. THE MASTERASSOCIATION MAY, BUT SHALL NOT BE OBLIGATED TO, MAINTAIN OR SUPPORTCERTAIN ACTIVITIES WITHIN THE PROPERTY DESIGNED TO MONITOR ORRESTRICT PERSONS ENTERING AND/OR LEAVING THE PROPERTY. NEITHER THE

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MASTER ASSOCIATION, DECLARANT, PROVIDER, NOR ANY DIRECTOR, OFFICER,MEMBER, COMMITTEE MEMBER, EMPLOYEE, AGENT, REPRESENTATIVE,SUCCESSOR OR ASSIGN OF ANY OF THE FOREGOING, SHALL IN ANY WAY BECONSIDERED INSURERS, GUARANTORS OR WARRANTORS OF SECURITY ORSAFETY WITHIN THE PROPERTY, OR THE EFFECTIVENESS OF SUCH DEVICES ORPROCEDURES, NOR SHALL ANY OF THEM BE HELD LIABLE FOR ANY LOSS ORDAMAGE BY REASON OF FAILURE TO PROVIDE ADEQUATE MONITORINGSERVICES OR OF INEFFECTIVENESS OF SUCH MEASURES UNDERTAKEN. NOREPRESENTATION OR WARRANTY IS MADE THAT ANY SYSTEMS OR MEASURES,INCLUDING, WITHOUT LIMITATION, ANY MECHANISM OR SYSTEM FOR LIMITINGACCESS TO THE PROPERTY, CANNOT BE COMPROMISED OR CIRCUMVENTED,NOR THAT ANY SUCH SYSTEMS OR PROCEDURES UNDERTAKEN WILL IN ALLCASES PREVENT LOSS OR PROVIDE THE DETECTION OR PROTECTION FOR WHICHTHE SYSTEM IS DESIGNED OR INTENDED. EACH OWNER ACKNOWLEDGES,UNDERSTANDS AND COVENANTS TO INFORM ITS TENANTS, OCCUPANTS OF ITSPARCEL OR PROPERTY UNIT AND THEIR RESPECTIVE GUESTS, FAMILYMEMBERS, AND INVITEES THAT THE MASTER ASSOCIATION, DECLARANT,PROVIDER AND ANY DIRECTOR, OFFICER, MEMBER, COMMITTEE MEMBER,EMPLOYEE, AGENT, REPRESENTATIVE, SUCCESSOR OR ASSIGN OF ANY OF THEFOREGOING, ARE NOT INSURERS, GUARANTORS OR WARRANTORS OF SECURITYOR SAFETY, AND THAT EACH PERSON USING THE PROPERTY ASSUMES ALLRISKS FOR LOSS OR DAMAGE TO PERSONS, TO PROPERTY, TO PARCELS ANDPROPERTY UNITS AND TO THE CONTENTS OF PROPERTY UNITS RESULTINGFROM ACTS OF THIRD PARTIES.

ARTICLE XDECLARANT RIGHTS AND VETO POWER

10.1 Declarant's Rights. The Declarant hereby reserves to itself, and the Owner of anyProperty Unit hereby agrees, by acceptance of a deed of conveyance thereto, that the Declarantshall have the following rights without limitation or qualification or the necessity of consent orapproval by the Master Association, Members, Owners or any other Person until such time as theDeclarant causes to be recorded in the public records of the County, a Certificate of Terminationof Interest (as described in Section 10.3), unless earlier terminated as provided herein.

10.1.1 The Declarant shall have the right to plat, replat or withdraw any areafrom any platted area of the Property subject to this Declaration, provided that the Declarantowns the property which is being platted, replatted or withdrawn from a plat. The Declarantshall also have the right to convert a Property Unit it owns to Common Area.

10.1.2 The Declarant shall have the right to dispense pesticides throughout theProperty.

10.1.3 The Declarant shall have the right to assign, transfer or convey inwhole or in part, either temporarily or permanently, any easements granted in favor of theDeclarant, as created in this Declaration or as recorded in the public records of the County.

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10.1.4 The Declarant shall have the right to approve all amendments to ormodifications of this Declaration and all other Governing Documents until the expiration of theDeclarant's Control Period.

10.1.5 The Declarant reserves for itself and others it may designate the right,but not the obligation, to inspect, monitor, test, redesign, correct or maintain any structure,improvement, or condition which may exist on any portion of Laureate Park, including, withoutlimitation, Property Units, if the Master Association, Sub-Associations or Owners fail to do so,including, wherever there shall have been built on any Property Unit any structure orimprovement which is in violation of this Declaration, and the right to enter in and upon theportion of Laureate Park, including, without limitation, a Property Unit where such violationexists and summarily to abate or remove same at the sole expense of the Owner. This right ofDeclarant shall include, without limitation, a perpetual, nonexclusive easement of accessthroughout Laureate Park to the extent reasonably necessary to exercise such right. Except in thecase of an emergency, entry onto a portion of Laureate Park shall only be after reasonable noticeto the Owner, and no entry into an enclosed structure shall be permitted without such Owner'sconsent. Nothing in this Section shall relieve an Owner of the responsibility for the maintenanceand repair of his Property Unit.

10.1.6 The Declarant shall have the right to maintain an easement, forconstruction staging purposes, across any Parcel or Property Unit owned by the Declarant, or ifowned by an Owner, then with such Owner's consent.

10.1.7 The Declarant and its employees, agents and designees shall have aright of access and use and an easement over and upon all of the Common Area for the purposeof making, constructing, and installing such improvements to the Common Area as Declarantdeems appropriate in its sole discretion. The Master Association shall not take any action whichimpacts the ability of the Declarant, it successors, assigns and/or affiliates, to carry out tocompletion its development plans and related construction activities for Laureate Park and theLake Nona DRI/PD, as such plans may be amended and updated from time to time. Each Personthat acquires any interest in the Property acknowledges and agrees that the Lake Nona DRI/PD isa master planned community, the development of which is likely to extend over many years, andagrees not to protest, challenge, or otherwise object to (a) changes in uses or density of propertywithin or outside the Property in which such Person holds an interest, or (b) changes in the LakeNona DRI/PD, the Development Order, PD Ordinance or a Specific Parcel Master Plan adoptedby the City of Orlando as it relates to property within or outside the Property in which suchPerson holds an interest.

10.1.8 The Declarant shall have the right to enter into, alter or amend anyagreements between the Declarant and the City, the County, any Government Authorities, theDistrict, any utility provider or other Person necessary to develop Laureate Park and the LakeNona DRI/PD.

10.1.9 The Declarant shall have the right to establish the CommunicationServices in Laureate Park described in Article IX, and the right to install and maintain theforegoing, or enter into agreements, or cause the Master Association to enter into agreements for

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the installation or maintenance of the Communication Services, and bulk services agreementsassociated therewith.

10.1.10 No Person shall use the name "Laureate Park" or "Lake Nona" or anyderivative of "Lake Nona Laureate Park", "Laureate Park Lake Nona", "Laureate Park" or "LakeNona" in the name of any building or any business or enterprise, or in any printed or promotionalmaterial, or in logo or depiction, without the Declarant's prior written consent, which consentmay be granted or withheld in the Declarant's sole and absolute discretion. However, Ownersmay use the name "Lake Nona South" or "Laureate Park" in printed or promotional materialwhere such term is used solely to specify that the particular property is located within LaureatePark.

10.1.11 Anything contained herein to the contrary notwithstanding, theDeclarant shall have the right to retain control of the Master Association in accordance with theGoverning Documents, or until such earlier time as is determined by the Declarant in theDeclarant's sole and absolute discretion. In the event the Declarant shall enter into any contractsor other agreements for the benefit of the Members, Owners or the Master Association, theDeclarant may, at its option, assign its obligations under the agreements to the MasterAssociation, and in such event, the Master Association shall be required to accept suchobligations.

10.1.12 Any or all of the rights and obligations of the Declarant set forth in thisDeclaration, Articles of Incorporation, the Bylaws, the Use Restrictions, the Rules andRegulations and the Design Review Manual may be transferred in whole or in part to otherPersons. No such transfer shall be effective unless it is in a written instrument signed by theDeclarant and duly recorded in the public records of the County. The foregoing shall notpreclude the Declarant from permitting other Persons to exercise, on a one time or limited basis,any right reserved to the Declarant in this Declaration where the Declarant does not intend totransfer such right in its entirety. In such case it shall not be necessary to record any writtenassignment unless necessary to evidence the Declarant's consent to such exercise. The MasterAssociation or the Declarant may from time to time delegate any and all of its rights, powers,discretion and duties hereunder to such agents, employees or designees, as it may determine.

10.1.13 The Declarant and its designees, successors and assigns may construct,use, maintain and carry on upon portions of the Common Area and other property they own(whether or not part of the Property), such facilities and activities as, in the sole opinion of theDeclarant, may be required, convenient, or incidental to the construction, marketing or sale ofProperty Units. The Declarant and its designees, successors and assigns shall have easementsover the Common Area for access to and for construction, use, maintenance and carrying on ofsuch facilities and activities. The facilities and activities provided herein include, but are notlimited to, business offices, construction field offices, signs, flags (whether hung from flag polesor attached to a structure), model units, sales offices, holding or sponsoring events, promotionalsocial functions and parties, sponsored special events for charitable, philanthropic, political ormarketing purposes, such other events as may be deemed appropriate by the Declarant, andexterior lighting features or displays. The Declarant and its designees, successors and assigns,shall have easements for access to and use of such facilities and for such activities. In addition,if reasonably required, convenient, or incidental to the foregoing, including, but not limited to,

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construction, marketing or sales activities, the Declarant and its employees, agents, designees,successors and assigns may park vehicles in designated parking areas, on the Streets and in or onsuch other areas as they may determine. The Declarant and its designees, successors and assignsshall also have the right to lease Parcels and Property Units owned by said party, and the right toprovide overnight accommodations to prospective purchasers. The Declarant and its designees,successors and assigns, during the course of development of Laureate Park and the Lake NonaDRI/PD, may use portions of the Common Area for temporary storage and for facilitatingconstruction on adjacent property. Upon cessation of such use, the user of such Common Areashall restore it to its condition prior to such use. If the Declarant's use under this section resultsin additional costs to the Master Association, the Declarant shall reimburse the MasterAssociation for such costs. The Declarant shall not be obligated to pay any use fees, rent orsimilar charges for its use of Common Area pursuant to this Section. The Declarant and itsemployees, agents, designees, successors and assigns shall also have a right and easement overand upon all of the Common Area for the purpose of making, constructing and installing suchimprovements to the Common Area as it deems appropriate in its sole discretion.

10.1.14 The rights of the Declarant and its employees, agents, designees,successors, and assigns to use the Common Area provided for herein shall be enforceable byinjunction, by any other remedy in law or equity, and by the terms of this Declaration. NoPerson shall record any additional covenants, conditions, restrictions and easements or similarinstrument affecting any portion of the Property without the Declarant's review and writtenconsent. The right of Declarant to review and consent in writing to the foregoing, shall include,without limitation, any Neighborhood Declaration, any amendments thereto and any GoverningDocuments related to any Sub-Association. Any attempted recordation without such consentshall result in such instrument being void and of no force and effect unless subsequentlyapproved by recorded consent signed by the Declarant.

10.1.15 No Person shall retain an expert for the purpose of inspecting thedesign or construction of any structures or improvements within Laureate Park in connectionwith or in anticipation of any potential or pending claim, demand, or litigation involving suchdesign or construction unless the Declarant and any Builder involved in the design orconstruction have been first notified in writing and given an opportunity to meet with the Personto discuss the Person's concerns and, at their election, conduct their own inspection.

10.1.16 If an Owner of a Property Unit shall develop such Property Unit so thatthe number and type of Property Units or residential dwelling units contained therein is less thanthe number and type of Property Units or residential dwelling units allocated by the Declarant tothat particular original Property Unit as part of the entitlements for such original Property Unitupon conveyance by the Declarant, the excess Property Units or residential dwelling units notused by the Owner (with respect to the original Property Unit conveyed by the Declarant withsuch entitlements) shall inure to the benefit of Declarant's remaining property in the Lake NonaDRI/PD unless otherwise agreed.

10.1.17 The Declarant reserves the right to modify the Development Order andthe PD Ordinance (with respect to the Property and other lands included in the DevelopmentOrder and the PD Ordinance) from time to time in its sole and absolute discretion and at itsoption. The Declarant shall not be required to follow any predetermined order of improvement

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and development within the Lake Nona DRI/PD, Laureate Park or the Property. The Declarantshall have the full power to add to, subtract from or make changes in the Development Order andPD Ordinance, or in any Specific Parcel Master Plan regardless of the fact that such actions mayalter the relative voting strength of the Neighborhood Voting Representatives of the MasterAssociation.

10.1.18 This Section 10.1 may not be amended without the written consent ofthe Declarant so long as the Declarant or an affiliate has any rights hereunder. The rightscontained in this Article X shall terminate upon the earlier of (a) seventy-five (75) years from thedate this Declaration is recorded, or (b) upon recording by the Declarant of a written statement

10.2 Certificate of Termination of Interest. Notwithstanding anything in thisDeclaration, the Articles of Incorporation or the Bylaws to the contrary, the Declarant may, in itssole and absolute discretion, and at any time hereafter, elect to give up and terminate any of therights reserved to the Declarant in this Declaration, the Articles of Incorporation, the Bylaws, theRules and Regulations, the Design Review Manual or any Governing Documents. Such electionshall be evidenced by the execution by the Declarant and the recording in the public records ofthe County of an instrument entitled Certificate of Termination of Interest specifying whichrights reserved to the Declarant are being terminated. Unless terminated in a like manner, allother rights reserved to the Declarant in the Declaration shall remain in full force and effect inaccordance with their terms.

ARTICLE XIENFORCEMENT

11.1 Nonmonetary Defaults. In the event of a violation by any Member, Owner orSub-Association (other than the nonpayment of any Assessments or other monies) of any of theprovisions of this Declaration, the Governing Documents, or any permits, licenses or otherinstruments that may be applicable to the Property from time to time, the Master Associationshall notify the Member, Owner or Sub-Association of the violation, by written notice. If suchviolation is not cured as soon as practicable and in any event within fifteen (15) days after thereceipt of such written notice, or if the violation is not capable of being cured within such fifteen(15) day period, if the Member, Owner or Sub-Association fails to commence within such fifteen(15) day period and diligently proceed to completely cure as soon as reasonably possible, theMaster Association may, at its option, may:

11.1.1 Specific Performance Commence an action to enforce theperformance on the part of the Member, Owner or Sub-Association, or for such equitable reliefas may be necessary under the circumstances, including injunctive relief; and/or

11.1.2 Damages. Commence an action to recover damages or any other legalremedy; and/or

11.1.3 Corrective Action. Take any and all action reasonably necessary tocorrect such violation, which action may include, but is not limited to, removing any building orImprovement for which approval has not been obtained, or performing any maintenance required

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to be performed by this Declaration, or requiring any Member, Owner, or Sub-Association, at itsown expense, to perform the foregoing; and/or

11.1.4 Sanctions and Fines. Impose sanctions for violations of the GoverningDocuments in accordance with procedures adopted by the Master Association, includingreasonable monetary fines which shall constitute a lien upon the violator's Property Unit, to theextent allowed by law, and suspension of the right to vote and to use any Common Areasincluding, without limitation, any Recreational Facilities within the Common Areas; provided,however, nothing herein shall authorize the limitation of ingress or egress to or from a PropertyUnit, nor authorize the limitation of use of the Drainage Areas for purposes of surface watermanagement, if not in violation of the terms of such use and applicable permits. In addition, inaccordance with the procedures adopted by the Master Association, the Master Association mayexercise self-help to cure violations, may suspend any services it provides to the Property Unit ofany Owner or Member who is more than ten (10) days delinquent in paying any Assessment orother charges due to the Master Association, and may take such other actions as it deems to beappropriate; and/or

11.1.5 Expenses. Charge all expenses incurred by the Master Association inconnection with the correction of any violation, or the commencement of any action against anyMember, Owner, or Sub-Association, including administrative fees and costs and reasonableattorneys' and paralegals' fees and costs (including, without limitation, attorneys' andparalegals' fees and costs incurred on appeal, or in mediation, arbitration, administrative orbankruptcy proceedings) which shall be a Specific Assessment assessed against the PropertyUnit and payable by the Member, Owner or Sub-Association, as applicable, and shall be dueupon written demand by the Master Association and collectible as any other Specific Assessmentunder this Article XI or Article VII; and/or

11.2 Lessees, Occupants and Guests to Comply with Declaration and GoverningDocument. All Owners are subject to the terms and conditions of the Governing Documents.All family members, employees, licensees, invitees, lessees, occupants and guests of an Ownershall be subject to the terms and conditions of the Governing Documents, as though such familymembers, employees, licensees, invitees, lessees, occupants or guests were Owners. EachOwner agrees to cause the Owner's family members, employees, licensees, invitees, lessees,occupants and guests, or the lessee's family members, employees, licensees, invitees, occupantsand guests, or other persons occupying or visiting a Property Unit to comply with the GoverningDocuments and is responsible and liable for all violations and losses caused by such lessees,family members, employees, licensees, invitees, occupants and guests, notwithstanding the factthat such lessees, family members, employees, licensees, invitees, occupants and guests of theProperty Unit are also fully liable for any violation of the Governing Documents. In the eventthat the Owner's lessees, family members, employees, licensees, invitees, occupants and guests,or the lessee's family members, employees, licensees, invitees, occupants and guests, or otherpersons occupying or visiting a Property Unit, violates a provision of the Governing Documents,the Master Association shall have the same rights against such parties as are provided hereinagainst an Owner.

11.3 No Waiver. Neither the failure of the Master Association or the Declarant toobject to an Owner's or other party's failure to comply with this Declaration or any other

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Governing Documents (including any promulgated Rules and Regulations) nor the failure of theMaster Association or the Declarant to enforce any right, provision, covenant or condition whichmay be granted by this Declaration or the Governing Documents shall in no event be deemed orconstitute a waiver by the Declarant or the Master Association, or any other Person having aninterest therein, of that Owner's or other party' s requirement and obligation to abide by thisDeclaration or any other Governing Documents or the right of the Master Association or theDeclarant to enforce such right, provision, covenant or condition in the future. The failure of theDeclarant or the Master Association to insist upon the strict performance of any provision of thisDeclaration, to object to an Owner's or other party's failure to comply with this Declaration orany other Governing Documents, or to enforce any right, provision, covenant or condition whichmay be granted by this Declaration or the Governing Documents shall not be deemed to be awaiver of such provision unless the Declarant or the Master Association, whichever is applicableper the terms of this Declaration, has executed a written waiver of the provision as to the rightsof such party. Any such written waiver of any provision of this Declaration by the Declarant orthe Master Association may be canceled or withdrawn at any time by the party giving the waiver

11.4 Rights Cumulative. All rights, remedies and privileges granted to the MasterAssociation pursuant to any terms, provisions, covenants or conditions of this Declaration or theGoverning Documents shall be deemed to be cumulative, and the exercise of any one or moreshall neither be deemed to constitute an election of remedies, nor shall it preclude the MasterAssociation thus exercising the same from exercising such additional rights, remedies orprivileges as may be granted to the Master Association or as it might have by law or in equity.

11.5 Enforcement By or Against Other Persons. In addition to the foregoing, thisDeclaration may be enforced by the Declarant or the Master Association by any procedure at lawor in equity against any Person violating or attempting to violate any provision herein, to restrainsuch violation, to require compliance with the provisions contained herein, to recover damages,or to enforce any lien created herein. The expense of any litigation to enforce this Declarationshall be borne by the Person against whom enforcement is sought, provided such proceedingresults in a finding that such Person was in violation of this Declaration. In addition to theforegoing, any Sub-Association or Owner shall have the right to bring an action to enforce thisDeclaration against any Person violating or attempting to violate any provision herein, to restrainsuch violation or to require compliance with the provisions contained herein, but no Sub-Association or Owner shall be entitled to recover damages or to enforce any lien created hereinas a result of a violation or failure to comply with the provisions contained herein by any Person.The predominantly prevailing party in any such action shall be entitled to recover its reasonableattorneys' and paralegals' fees and costs (including, without limitation, attorneys' andparalegals' fees and costs incurred on appeal, or in mediation, arbitration, administrative orbankruptcy proceedings).

11.6 Estoppel Certificate as to Default. Upon request by any Member, Owner, or anInstitutional Mortgagee holding a Mortgage encumbering any Property Unit, the MasterAssociation shall execute and deliver a written estoppel certificate as to whether or not suchMember or Owner, and any applicable Sub-Association having jurisdiction over the Owner'sParcel or Property Unit, is in default with respect to compliance with the terms and provisions ofthis Declaration (the "Estoppel Certificate").

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11.7 Declarant Rights. So long as the Declarant or any affiliate of the Declarant ownsa portion of the Property, the Declarant shall have the same rights to enforce the terms of thisDeclaration (including the Governing Documents), permits, licenses or other instruments thatmay be applicable to the Property from time to time as are granted to the Master Association inthis Article XI.

11.8 Enforcement by South Florida Water Management District. The South FloridaWater Management District shall have the right to enforce, by a proceeding at law or in equity,the provisions contained in this Declaration which relate to the maintenance, operation, andrepair of the Surface Water Managetnent System.

ARTICLE XIIPARTY WALLS AND PARTY ROOFS

12.1 General Rules of Law to Apply. To the extent not inconsistent with theprovisions of this Article XII, the general rules of law regarding Party Walls, Party Roofs, andliability for property and personal damage due to negligence or willful acts or omissions shallapply thereto. In the event any portion of any structure or facility as originally constructedincluding, without limitation, any Party Wall or Party Roofs, shall protrude over an adjoiningProperty Unit, it shall be deemed that such Owners have granted perpetual easements to theadjoining Owner or Owners for continuing maintenance and use of the protruding structure,facility, projection, Party Wall or Party Roof. The provisions of this Section 12.1 shall beperpetual in duration and shall not be subject to amendment by this Declaration.

12.2 Party Wall.

12.2.1 Generally. The cost of reasonable repair and/or maintenance of PartyWalls (other than painting of exterior Party Walls, if any) shall be shared equally by the Ownersof the Attached Units sharing such improvements without prejudice, subject however, to theright of any Owner to call for a larger contribution from the other under any rule of lawregarding liability for negligent or willful acts or omissions.

12.2.2 Failure to Contribute. In the event that an Owner shall fail or refuse topay his pro rata share of costs of repair, maintenance or replacement of a Party Wall (whether ornot through his own fault or the failure of his insurance company to pay any claim), then and inthat event, the Owner advancing monies therefore shall have a right to file a claim of lien forsuch monies advanced in the public records of the County and shall have the right to foreclosesuch lien in accordance with the same procedural requirements as now provided for in FloridaStatutes for foreclosure of a construction lien; provided, however, such claim of lien shall befiled within ninety (90) days from the date repairs or replacements are made to Party Wall andsuit thereon shall be commenced one (1) year from the date such lien is filed. Notwithstandingthe foregoing, the Master Association shall have the right, but not the obligation, to advancemonies for the repair, replacement and/or maintenance of Party Wall(s) and charge theresponsible Owner(s) a Special Assessment for such Owner's pro rata share of the costs.

12.2.3 Alterations. The Owner of a Attached Unit sharing a Party Wall withan adjoining Attached Unit, or other structure comprising part of a Attached Unit, shall not cut

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windows or other openings in the Party Wall, nor make any alterations, additions or structuralchanges in the Party Wall without the joint agreement of all of the Owners sharing the PartyWall, written approval of the Design Review Board, and approval from all GovernmentAuthorities having jurisdiction.

12.2.4 Weatherproofing. Notwithstanding any other provisions of thisDeclaration, an Owner who by his negligent or willful act causes a Party Wall to be exposed tothe elements shall bear the whole cost of fixing (or, if necessary, replacing) the Party Wall andany damage caused by such act and the furnishing of the necessary protection against suchelements.

12.2.5 Easements. The Master Association and each Owner sharing a PartyWall shall have all easement rights reasonably necessary to perform the obligations containedherein over the Property Units sharing the Party Wall.

12.3 Party Roofs.

12.3.1 Generally. The Master Association shall repair and maintain PartyRoofs, the cost of which shall be shared equally by the Owners of the Attached Units sharingsuch Party Roof without prejudice and will be billed to such Owners as a Special Assessment,subject, however, to the right of any Owner to call for a larger contribution from the other(s)under any rule of law regarding liability for negligent or willful acts or omissions.

12.3.2 Alterations. Subject to applicable building codes, the Owner of aAttached Unit sharing a Party Roof with an adjoining Attached Unit shall not make anyalterations, additions or structural changes in the Party Roof without the written consent of theDesign Review Board.

12.3.3 Emergency Repairs. Notwithstanding the Master Association'sresponsibility to maintain and repair Party Roofs, the Owners shall be responsible for temporaryrepairs to Party Roofs necessary to prevent injury, loss of life, imminent collapse of a roof orstructure, or other damages to a structure ("Emergency Repair"). Emergency Repairs shallinclude repairs necessary to make a Property Unit safe and/or to prevent further damage ordanger and are not intended to be permanently incorporated into the structure. For illustrativepurposes only, items or damage that constitute Emergency Repairs may include, withoutlimitation, remporary roof repairs to avoid water or other damage. The cost of EmergencyRepairs shall be shared equally by the Owners of Attached Units sharing such improvementswithout prejudice, subject, however to the right of an Owner to call for a larger contribution fromthe other(s) under any rule of law regarding liability for negligence or willful acts or omissions.In the vent that an Owner fails or refuses to pay his or her pro rata share of costs for EmergencyRepairs (whether or not through his or her own fault or the failure of his or her insurancecompany to pay any claim), then and in that event, the Owner advancing monies therefore shallhave the right to file a claim of lien in the public records of the County for such monies advancedand shall have the right to foreclose such lien in accordance with the same proceduralrequirements as now provided for in Florida Statutes for foreclosure of a construction lien;provided, however, such claim of lien shall be filed within ninety (90) days from the date repairsor replacements are made to Party Wall and suit thereon shall be commenced one (1) year from

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the date such lien is filed. Notwithstanding the foregoing, the Master Association shall have theright, but not the obligation, to advance monies for the repair, replacement and/or maintenance ofParty Wall(s) and charge the responsible Owner(s) a Special Assessment for such Owner's prorata share of the costs.

12.3.4 Easements. Each Owner sharing a Party Roof and the MasterAssociation shall have all easement rights reasonably necessary to perform the obligationscontained in this Declaration over the Attached Units sharing the Party Roof.

ARTICLE XIIIINDEMNIFICATION

13.1 Indemnification of Officers, Members of the Board or Agents. The MasterAssociation shall indemnify and hold harmless any Person who was or is a party or is threatenedto be made a party, to any threatened, pending or contemplated action, suit or proceeding,whether civil, criminal, administrative or investigative, by reason of the fact that he is or was amember of the Board, committee member, employee, officer or agent of the Master Association,against all expenses, including attorneys' and paralegals' fees and costs (including, withoutlimitation, attorneys' and paralegals' fees and costs incurred on appeal, or in mediation,arbitration, administrative or bankruptcy proceedings), judgments, fines, damages and amountspaid in settlement actually and reasonably incurred by him in connection with such action, suit orproceeding; if he acted in good faith and in a manner he reasonably believed to be in, or notopposed to, the best interest of the Master Association; and, with respect to any criminal actionor proceeding, if he had no reasonable cause to believe his conduct was unlawful; or if suchPerson shall have been adjudged to be liable for gross negligence or willful misfeasance ormalfeasance in the performance of his duty to the Master Association, to the extent, that the courtin which such action or suit was brought shall determine, upon application, that despite theadjudication of liability, but in view of all the circumstances of the case, such Person is fairly andreasonably entitled to indemnity for such expenses which such court shall deem proper. SuchPerson shall not be liable for any mistake of judgment, negligent or otherwise, nor with respectto any contract or other commitment made or action taken, in good faith, on behalf of the MasterAssociation, and the Master Association shall indemnify and hold harmless such Person fromany liability and expenses as provided in the preceding sentence.

13.1.1 To the extent that a member of the Board, committee member, officer,employee or agent of the Master Association is entitled to indemnification by the MasterAssociation in accordance with this Article XIII, he shall be indemnified against expenses andattorneys' and paralegals' fees (including, without limitation, attorneys' and paralegals' fees andcosts incurred on appeal, or in mediation, arbitration, administrative or bankruptcy proceedings),actually and reasonably incurred by him in connection therewith.

13.1.2 Expenses incurred in defending a civil or criminal action, suit orproceeding shall be paid by the Master Association in advance of the final disposition of suchaction, suit or proceeding upon receipt of an undertaking by or on behalf of the member of theBoard, committee member, officer, employee or agent of the Master Association to repay suchamount, unless it shall ultimately be determined that he is entitled to be indemnified and heldharmless by the Master Association as authorized in this Article.

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13.1.3 The indemnification provided by this Article XIII shall not be deemedexclusive of any other rights to which those seeking indemnification may be entitled under thelaws of the State of Florida, any Bylaw, agreement, vote of Neighborhood VotingRepresentatives or otherwise. As to an action taken in an official capacity while holding office,the indemnification provided by this Article XIII shall continue as to a Person who has ceased tobe a member of the Board, committee member, officer, employee or agent of the MasterAssociation and shall inure to the benefit of the heirs, executors and administrators of such aPerson.

13.1.4 The Master Association shall have the power to purchase and maintaininsurance on behalf of any Person who is or was a member of the Board, committee member,officer, employee or agent of the Master Association, or is or was serving at the request of theMaster Association as a member of the Board, committee member, officer, employee or agent ofanother corporation, partnership, joint venture, trust or other enterprise, against any liabilityasserted against him and incurred by him in any such capacity, arising out of his status as such,whether or not the Master Association would have the power to indemnify him against suchliability under the provisions of this Article XIII.

13.1.5 Each 0-wner shall indemnify and hold harmless the Master Association,the Board, committee members, officers, employees and agents of the Master Association fromany loss, damages, and expenses including attorneys' and paralegals' fees and costs (including,without limitation those incurred on appeal, or in mediation, arbitration, administrative andbankruptcy proceedings) which they may incur as a result of the failure of such Owner; anyoccupant of such Owner's Parcel or Property Unit; or any contractor, employee or agent of suchOwner acting within the scope of his contract, agency, or employment, to comply with theGoverning Documents.

ARTICLE XIVMISCELLANEOUS PROVISIONS

14.1 Assignment of Rights and Duties to Master Association. The Declarant may atany time assign, transfer and delegate to the Master Association all or any portion of theDeclarant's rights, title, interest, duties or obligations created by this Declaration, or theGoverning Documents. It is understood that the Master Association has been formed as a masterproperty owners association in order to effectuate the intent of the Declarant for the properdevelopment, operation and management of Laureate Park. Wherever herein the Declarant or theMaster Association, or both, are given the right, the duty or the obligation to approve, enforce,waive, collect, sue, demand, give notice or take any other action or grant any relief or performany task, such action may be taken by either the Declarant or the Master Association until suchtime as the Declarant has recorded a Certificate of Termination of Interest as to such right, dutyor obligation. Thereafter, any such right, duty or obligation of the Declarant shall beadministered solely by the Master Association, unless otherwise assigned or transferred by theDeclarant.

14.2 Treated Effluent. It is intended that the disposal of treated effluent shall beaccommodated in all permissible ways, consistent with all applicable laws, rules and regulationson the Common Area. Disposal methods may include, but are not limited to, spray irrigation and

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percolation systems. Appropriate areas within Laureate Park such as the Recreational Facilities,landscape areas, Streetscape, buffers, greenbelts, and other suitable and permissible areas may beused for disposal for treated effluent by the applicable utilities serving Laureate Park.

14.3 Covenants to Run with the Title to the Land. This Declaration, as amended andsupplemented from time to time as herein provided, shall be deemed to run with the title to theProperty, and shall remain in full force and effect until terminated in accordance with theprovisions set out herein.

14.4 Term of this Declaration. All of the foregoing covenants, conditions, easements,reservations, restrictions, terms and provisions of the Declaration shall run with the land andcontinue and remain in full force and effect at all times as against all Owners, their successors,heirs or assigns, regardless of how the Owners acquire title, for a period of seventy-five (75)years from the date of this Declaration, unless within such time, one hundred percent (100%) ofthe Neighborhood Voting Representatives of the Master Association execute a writteninstrument declaring a termination of this Declaration. After such seventy-five (75) year period,unless sooner terminated as provided above, these covenants, conditions, reservations andrestrictions shall be automatically extended for successive periods of ten (10) years each, until amajority of the votes of all Neighborhood Voting Representatives of the Master Associationexecute a written instrument declaring a termination of this Declaration. Any termination of thisDeclaration shall be effective on the date the instrument of termination is recorded in the publicrecords of the County; provided, however, that any such instrument, in order to be effective,must be approved in writing and signed by the Declarant during such time as the Declarant ownsany portion of the Property. Notwithstanding the above, so long as Florida law recognizes therule against perpetuities, if any of the provisions of this Declaration are unlawful, void orvoidable for violation of the rule against perpetuities, then such provisions shall continue onlyuntil twenty-one (21) years after the death of the last survivor of the now living descendants ofGeorge W. Bush, the forty-third President of the United States.

14.5 Amendments of this Declaration. Until the expiration of the Declarant's ControlPeriod, or until such earlier date as the Declarant records a Certificate of Termination of Interestof its right to unilaterally amend the Declaration, the Declarant may amend this Declaration bythe recordation of a Supplement in the public records of the County executed by the Declarantonly in order to impose additional covenants, conditions, restrictions, easements, reservationsand other provisions on the Property or portions thereof. This Declaration may also be amendedat any time upon the approval of Neighborhood Voting Representatives representing at least two-thirds (2/3) of the votes of the Members as evidenced by the recordation of a Supplementexecuted by the President and Secretary of the Master Association; provided, however, thatduring the Declarant's Control Period, provided no Certificate of Termination of Interest of itsrights to unilaterally amend the Declaration has been recorded by the Declarant in the publicrecords of the County, no amendment shall be effective without the Declarant's express writtenjoinder and consent to said Supplement. No amendment to or termination of this Declarationshall be construed to permit termination of any easement created in this Declaration without theconsent of the holder of such easement. Any such Supplement to the Declaration maysupplement, create exceptions to, or otherwise modify the terms of this Declaration as it appliesto the property which is the subject of such Supplement to the Declaration in order to reflect thedifferent character and intended use of such property. The community contemplated by this

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Declaration, including any portion of the Additional Property or other real property which maybe submitted to the Declaration, includes or will include a variety of development types, valuesand uses, and may thereby necessitate differing covenants, conditions, restrictions, easements,reservations and other provisions as may be desirable to reflect such things as the differentcharacter, the various housing or community style characteristics, commercial uses, mixed-uses,or development approaches being implemented, all of which may be significantly at variancewith other portions of the Property.

14.6 Dedication to Public. The Common Area may not, and in some cases, shall not,be owned by the Master Association. The Declarant shall have the sole and absolute right at anytime, without necessity of approval by the Master Association, to dedicate to the City, to theDistrict or to other appropriate Government Authorities, all or any part of the Common Area aswell as any other portion of the Property deemed appropriate by the Declarant. Said dedicationwill not relieve the Master Association from the obligation to maintain the Improvements locatedtherein, where said Improvements will not be maintained at the expense of the general public, theCity, the District or the applicable Government Authorities, or in the event the Declarant or theMaster Association elects for the Master Association to establish as a Common Expense, ahigher level of maintenance than that budgeted by the City, the District or other appropriateGovernment Authorities for such dedicated property, such dedication shall not relieve the MasterAssociation from the Master Association's election to establish as a Common Expense, a higherlevel of maintenance. The Declarant may convey to the Master Association such portions of theProperty as the Declarant may elect, in its sole and absolute discretion, and the MasterAssociation shall be obligated to accept same.

14.7 Governing Law. The construction, validity and enforcement of this Declarationshall be determined according to the laws of the State of Florida. The venue of any action or suitbrought in connection with this Declaration shall be in Orange County, Florida. Any action orsuit brought by or against Owners who constitute all of the members of a specific Sub-Association may be brought or defended by such Owners in the name of said Sub-Association,and any process, notice of motion or hearing, or other application to any court or judge thereofthat is served upon such Sub-Association in connection therewith shall be binding upon suchOwners for all purposes without the necessity of individual service.

14.8 Invalidation. The invalidation of any provision or provisions of this Declarationby lawful court order shall not affect or modify the validity of such provision or provisions toother instances or the validity of the other provisions of this Declaration, which other provisionsshall remain in full force and effect.

14.9 Usage. Whenever used herein, the singular number shall include the plural, andthe plural the singular, and the use of any gender shall include all genders.

14.10 Conflict. This Declaration shall take precedence over conflicting provisions inthe Articles of Incorporation, Bylaws, the Rules and Regulations and the Design Review Manualof the Master Association, and the Articles of Incorporation shall take precedence over theBylaws of the Master Association, the Rules and Regulations and the Design Review ManualThe Bylaws of the Master Association shall take precedence over the Rules and Regulations and

4851-6864-0263.1231762/0012

the Design Review Manual. The Rules and Regulations shall take precedence over the DesignReview Manual.

14.11 Notice. Any notice required to be sent to any Member, Owner or NeighborhoodVoting Representative under the provisions of this Declaration shall be deemed to have beenproperly sent when mailed, prepaid, to the last known address of the person who appears asMember, Owner or Neighborhood Voting Representative on the records of the MasterAssociation at the time of such mailing

ARTICLE XVRIGHTS OF LENDERS

15.1 Notices of Action. An institutional holder, insurer, or guarantor of a firstMortgage that provides a written request to the Master Association (such request to state thename and address of such holder, insurer, or guarantor and the street address of the Parcel orProperty Unit to which its Mortgage relates, thereby becoming an "Eligible Holder"), will beentitled to timely written notice of:

(a) Any condemnation loss or any casualty loss that affects a materialportion of the Property or that affects any Parcel or Property Unit on which there is a firstMortgage held, insured, or guaranteed by such Eligible Holder;

(b) Any delinquency in the payment of assessments or charges ownedby a Parcel or Property Unit subject to the Mortgage of such Eligible Holder, where suchdelinquency has continued for a period of sixty (60) days, or any other violation of theGoverning Documents relating to such Parcel or Property Unit or the Owner or occupant whichis not cured within sixty (60) days;

(c) Any lapse, cancellation, or material modification of any insurancepolicy maintained by the Master Association; or

(d) Any proposed action that would require the consent of a specifiedpercentage of Eligible Holders.

15.2 Special FHLMC Provision. If any portion of the Property is subject to aCondominium form of ownership, then so long as required by the Federal Home Loan MortgageCorporation, the provisions set forth in this Section 15.2 shall apply in addition to and not in lieuof the foregoing. Unless at least sixty-seven percent (67%) of the first Mortgagees orNeighborhood Voting Representatives representing at least sixty-seven percent (67%) of the totalvotes of Members in the Master Association consent, the Master Association shall not:

(a) By act or omission seek to abandon, partition, subdivide,encumber, sell, or transfer all or any portion of the real property comprising the Common Areathat the Master Association owns directly or indirectly (the granting of easements for utilities orother similar purposes consistent with the intended use of the Common Area shall not be deemeda transfer within the meaning of this subsection);

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(b) Change the method of determining the obligations, assessments,dues, or other charges that may be levied against an Owner of a Parcel or Property Unit (adecision, including contracts, by the Board or provisions of any declaration subsequentlyrecorded on any portion of the Property regarding assessments for Service Areas or other similarareas shall not be subject to this provision where such decision or subsequent declaration isotherwise authorized by this Declaration);

(c) By act or omission change, waive, or abandon any scheme ofregulations or enforcement pertaining to architectural design, exterior appearance, ormaintenance of Parcels or Property Units and the Common Area (the issuance and amendment ofthe Design Review Manual, and Rules and Regulations shall not constitute a change, waiver, orabandonment within the meaning of this provision);

(d) Fail to maintain insurance, as required by this Declaration; or

(e) Use hazard insurance proceeds for any Common Area losses forother than the repair, replacement, or reconstruction of such property.

First Mortgagees may, jointly or singly, pay taxes or other charges that are in default andthat may or have become a charge against the Common Area and may pay overdue premiums oncasualty insurance policies or secure new casualty insurance coverage upon the lapse of a MasterAssociation policy covering the Common Area, and first Mortgagees making such paymentsshall be entitled to immediate reimbursement from the Master Association.

15.3 Other Provisions for First Lien Holders. To the extent not inconsistent withFlorida law, if a Condominium has been established in Laureate Park, then:

(a) Any restoration or repair of the Property after a partialcondemnation or damage due to an insurable hazard shall be performed substantially inaccordance with this Declaration and the original plans and specifications unless the approval isobtained of the Eligible Holders of first Mortgages on Parcels or Property Units to which at leastfifty-one percent (51%) of the votes of Parcels or Property Units subject to Mortgages held bysuch Eligible Holders are allocated.

(b) Any election to terminate the Master Association after substantialdestruction or a substantial taking in condemnation shall require the approval of the EligibleHolders of first Mortgages on Parcels or Property Units to which at least fifty-one percent (51%)of the votes of Parcels or Property Units subject to Mortgages held by such Eligible Holders areallocated.

15.4 Amendments to Documents. The following provisions do not apply toamendments to the Governing Documents or termination of the Master Association as a result ofdestruction, damage, or condemnation pursuant to Sections 15.3(a) and (b), or to the addition ofland in accordance with Article II. If a Condominium has been established in the Laureate Park,then:

(a) The consent of Neighborhood Voting Representatives representingat least sixty-seven percent (67%) of the total votes in the Master Association and of the

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Declarant, so long as it owns any land subject to this Declaration, and the approval of theEligible Holders of first Mortgages on Parcels or Property Units to which at least sixty-sevenpercent (67%) of the votes of Parcels or Property Units subject to a Mortgage appertain, shall berequired to terminate the Master Association.

(b) The consent of Neighborhood Voting Representatives representingat least sixty-seven percent (67%) of the total votes in the Master Association and of theDeclarant, so long as it owns any land subject to this Declaration, and the approval of EligibleHolders of first Mortgages on Parcels or Property Units to which at least fifty-one percent (51%)of the votes of Parcels or Property Units subject to a Mortgage appertain, shall be requiredmaterially to amend any provisions of the Declaration, By-Laws, or Articles of Incorporation, orto add any material provisions thereto that establish, provide for, govern, or regulate any of thefollowing:

(i) voting;

(ii) assessments, assessment liens, or subordination of suchliens;

(iii) reserves for maintenance, repair, and replacement for theCommon Area;

(iv) insurance or fidelity bonds;

(v) rights to use the Common Area;

(vi) responsibility for maintenance and repair of property in theProperty;

(vii) expansion or contraction of the Property or the addition,annexation, or withdrawal of property to or from the Master Association's jurisdiction;

(viii) boundaries of any Parcels or Property Unit;

(ix) leasing of Parcels or Property Units;

(x) imposition of any right of first refusal or similar restrictionof the right of any Owner to sell, transfer, or otherwise convey his or her Parcels or PropertyUnit;

(xi) establishment of self-management by the MasterAssociation where professional management has been required by an Eligible Holder; or

(xii) any provisions included in the Governing Documents thatare for the express benefit of holders, guarantors, or insurers of first Mortgages on Parcel orProperty Units.

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Should the Federal National Mortgage Association or the Federal Home LoanMortgage Corporation subsequently delete any of its respective requirements that necessitate theprovisions of this Article or make any such requirements less stringent, the Board, withoutapproval of the Owners, may record an amendment to this Article to reflect such changes.

15.5 No Priority. No provision of this Declaration or the Bylaws gives or shall beconstrued as giving any Owner or other party priority over any rights of the first Mortgagee ofany Parcel or Property Unit in the case of distribution to such Owner of insurance proceeds orcondemnation awards for losses to or a taking of the Common Area.

15.6 Notice to Association. Upon request, each Owner shall be obligated to furnish tothe Master Association the name and address of the holder of any Mortgage encumbering suchOwner's Parcel or Property Unit.

15.7 Failure of Mortgagee to Respond. Any Mortgagee who receives a written requestfrom the Board to respond to or consent to any action shall be deemed to have approved suchaction if the Master Association does not receive a written response from the Mortgagee with inthirty (30) days of the date of the Master Association's request, provided such request isdelivered to the Mortgagee by certified or registered mail, return receipt requested.

15.8 Construction of this Article XV. Nothing contained in this Article XV shall beconstrued to reduce the percentage vote that must otherwise be obtained under this Declaration,the Bylaws, or Florida law for any of the acts set out in this Article XV.

[SIGNATURE APPEARS ON THE FOLLOWING PAGE]

4851-6864-0263.1231762/0012

(ame: ilichilf, b-zge444--By:

oril, PresidentJa

STATE OF FLORIDACITY OF ORANGE

yped name o otary Public)Notary Public, State of FloridaCommission No.: My Commission Expires:

IN WITNESS WHEREOF, the Declarant has executed this Declaration as of the dayand year first above written.

Signed, sealed and delivered in the presence of: LAKE NONA LAUREATE PARK, LLC,

a Florida limited liabili ompany

2,rdT The foregoing instrument was acknowledged before me this day of , 2011, by James L. Zboril, as President of LAKE NONA LAUREATEPARK, LLC, a Florida limited liability company, on behalf of the company. He is personallyknown to me or has produced as identification.

SARA W. BERNARDNOTARY PUBLIC• STATE OF FLORIDA

COMMISSION # DD837429EXPIRES 11/12/2012

BONDED THRU 1-888-NOTARY1

Exhibits

Exhibit "A"Exhibit "B"Exhibit "C"Exhibit "D"Exhibit "E"Exhibit "F"Exhibit "G"Exhibit "H"

PropertyAdditional PropertyArticles of IncorporationBylawsUse RestrictionsVoting & Assessments FormulaMaster Association TreesAttached Units

874851-6864-0261,1431762/0012

EXHIBIT "A"

PROPERTY

Laureate Park Phase 1A

That part of Section 25, Township 24 South, Range 30 East and, Section 30, Township 24 South,Range 31 East, Orange County, Florida, described as follows:

Commence at the Northernmost corner of Lot 2, according to the plat of UCF HEALTHSCIENCES CAMPUS AT LAKE NONA, as recorded in Plat Book 73, Pages 4 through 7, of thePublic Records of Orange County, Florida; thence S68°16'58"E along the Northerly line of saidLot 2 for a distance of 405.02 feet; thence N90°00'00"E along said Northerly line, 235.12 feet tothe Northeast corner of said Lot 2; thence N00°00'00"E along the Northerly prolongation of theEast line of said Lot 2 for a distance of 206.08 feet; thence N90°00'00"E, 70.00 feet; thenceN00°00'00"E, 6.00 feet; thence N90°00'00"E, 1742.65 feet to the point of curvature of a curveconcave Southerly having a radius of 1160.00 feet and a chord bearing of S71°44'43"E; thenceEasterly along the arc of said curve through a central angle of 36°30'33" for a distance of 739.16feet to a point on a non-tangent line; thence N36°30'33"E, 4.00 feet; thence S53°29'27"E, 323.47feet to the point of curvature of a curve concave Northeasterly having a radius of 456.00 feet anda chord bearing of S62°18'17"E; thence Southeasterly along the arc of said curve through acentral angle of 17°37'39" for a distance of 140.29 feet to the point of tangency; thenceS71°07'06"E, 464.11 feet to the POINT OF BEGINNING; thence continue S71°07'06"E, 320.97feet to the point of curvature of a curve concave Northerly having a radius of 532.50 feet and achord bearing of S86°03'31"E; thence Easterly along the arc of said curve through a central angleof 29°52'50" for a distance of 277.71 feet to the point of tangency; thence N79°00'04"E, 425.74feet; thence S10°59'56"E, 987.49 feet to the point of curvature of a curve concave Easterlyhaving a radius of 975.00 feet and a chord bearing of S16°00'37"E; thence Southerly along thearc of said curve through a central angle of 10°01'22" for a distance of 170.56 feet to the point oftangency; thence S21°01'18"E, 31.92 feet; thence N68°38'09"E, 12.02 feet; thence S21°21'51"E,74.00 feet; thence S68°38'09"W, 24.10 feet to the point of curvature of a curve concaveNortherly having a radius of 2237.00 feet and a chord bearing of S77°12'50"W; thence Westerlyalong the arc of said curve through a central angle of 17°09'21" for a distance of 669.82 feet tothe point of tangency; thence S85°47'31"W, 486.08 feet to the point of curvature of a curveconcave Northerly having a radius of 2437.00 feet and a chord bearing of N83°34'19"W; thenceWesterly along the arc of said curve through a central angle of 21°16'21" for a distance of 904.79feet to a non-tangent line; thence S17°39'07"W, 203.42 feet to the point of curvature of a curveconcave Westerly having a radius of 700.00 feet and a chord bearing of S22°07'01"W; thenceSoutherly along the arc of said curve through a central angle of 08°55'47" for a distance of109.10 feet to a point on a non-tangent curve concave Northerly having a radius of 2749.00 feetand a chord bearing of S73°35'46"E; thence Easterly along the arc of said curve through a centralangle of 01°48'28" for a distance of 86.73 feet to a non-tangent line; thence S32°33'18"W,104.76 feet; thence N73°00'56"W, 83.21 feet; thence N54°58'42"W, 50.00 feet to a point on anon-tangent curve concave Northwesterly having a radius of 650.00 feet and a chord bearing ofN26°20'13"E; thence Northeasterly along the arc of said curve through a central angle of17°22'10" for a distance of 197.05 feet to the point of tangency; thence N17°39'07"E, 277.43 feetto a point on a non-tangent curve concave Northerly having a radius of 2363.00 feet and a chord

4827-8907-9049 131762/0012

bearing of S78°35'50"E; thence Easterly along the arc of said curve through a central angle of13°42'40" for a distance of 565.48 feet to a non-tangent line; thence N01°47'56"W, 430.50 feetto the point of curvature of a curve concave Easterly having a radius of 1025.00 feet and a chordbearing of N08°32'29"E; thence Northerly along the arc of said curve through a central angle of20°40'49" for a distance of 369.96 feet to the point of tangency; thence N18°52'54"E, 625.70 feetto the POINT OF BEGINNING.

TOGETHER WITH:

Laureate Park Phase 1B

That part of Sections 25 and 36, Township 24 South, Range 30 East and, Section 30, Township24 South, Range 31 East, Orange County, Florida, described as follows:

Commence at the Southwest Corner of the Southeast 1/4 of said Section 25, thence N89°28'56"Ealong the South line of said Southeast 1/4 for a distance of 999.72 feet to the boundary line ofConservation Easement "E", as described in Exhibit "B" of Official Records Book 9262, Page2315, of the Public Records of Orange County, Florida and to the POINT OF BEGINNING;thence run the following courses and distances along said boundary line: N17°32'19"E, 39.11feet; N12°55'43"E, 93.87 feet; NO3°58'46"W, 119.31 feet; N36°43'43"W, 104.59 feet;N40°25'39"W, 105.95 feet; N55°06'09"W, 147.84 feet; N63°05'50"W, 75.28 feet; S77°39'35"W,162.68 feet; S62°00'08"W, 13.58 feet; thence departing said boundary line run N27°59'52"W,50.00 feet; thence N73°00'56"W, 75.93 feet; thence N32°33'18"E, 104.76 feet to a point on anon-tangent curve concave Northerly having a radius of 2749.00 feet and a chord bearing ofN73°35'46"W; thence Westerly along the arc of said curve through a central angle of 01°48'28"for a distance of 86.73 feet to a point on a non-tangent curve concave Westerly having a radiusof 700.00 feet and a chord bearing of N22°07'01"E; thence Northerly along the arc of said curvethrough a central angle of 08°55'47" for a distance of 109.10 feet to the point of tangency; thenceN17°39'07"E, 203.42 feet to a point on a non-tangent curve concave Northerly having a radius of2437.00 feet and a chord bearing of S83°34'19"E; thence Easterly along the arc of said curvethrough a central angle of 21°16'21" for a distance of 904.79 feet to the point of tangency; thenceN85°47'31"E, 486.08 feet to the point of curvature of a curve concave Northerly having a radiusof 2237.00 feet and a chord bearing of N78°46'26"E; thence Easterly along the arc of said curvethrough a central angle of 14°02'10" for a distance of 548.01 feet to a non-tangent line; thenceS18°14'39"E, 122.26 feet; thence S14°27'29"W, 51.46 feet; thence S28°23'05"W, 53.59 feet;thence S42°17'25"W, 94.93 feet; thence S53°26'10"W, 68.72 feet; thence S35°33'49"W, 35.18feet; thence S25°17'01"W, 33.51 feet; thence S13°57'32"W, 34.86 feet to the point of curvatureof a curve concave Northeasterly having a radius of 17.50 feet and a chord bearing ofS35°25'58"E; thence Southeasterly along the arc of said curve through a central angle of98°47'00" for a distance of 30.17 feet to the point of reverse curvature of a curve concaveWesterly having a radius of 26.00 feet and a chord bearing of S12°13'15"W; thence Southerlyalong the arc of said curve through a central angle of 194°05'27" for a distance of 88.08 feet tothe point of reverse curvature of a curve concave Southeasterly having a radius of 25.00 feet anda chord bearing of S62°32'26"W; thence Southwesterly along the arc of said curve through acentral angle of 93°27'06" for a distance of 40.78 feet to the point of reverse curvature of a curveconcave Northwesterly having a radius of 133.00 feet and a chord bearing of S29°24'22"W;

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thence Southwesterly along the arc of said curve through a central angle of 27°10'59" for adistance of 63.10 feet to the point of reverse curvature of a curve concave Easterly having aradius of 167.00 feet and a chord bearing of S19°10'37"W; thence Southerly along the arc of saidcurve through a central angle of 47°38'29" for a distance of 138.86 feet to the point of tangency;thence SO4°38'37"E, 181.61 feet; thence S07°44'42"W, 55.61 feet; thence S34°38'34"W, 66.80feet; thence S88°12'04"W, 114.90 feet; thence S01°47'56"E, 12.35 feet to the point of curvatureof a curve concave Northwesterly having a radius of 50.00 feet and a chord bearing ofS43°50'30"W; thence Southwesterly along the arc of said curve through a central angle of91°16'52" for a distance of 79.66 feet to the point of tangency; thence S89°28'56"W, 745.65 feet;thence N00°31 1 04"W, 50.00 feet to the aforesaid South line of the Southeast 1/4 of said Section25; thence S89°28'56"W along said South line, 222.72 feet to the POINT OF BEGINNING.

4827-8907-9049.131762/0012

EXHIBIT "B"

ADDITIONAL PROPERTY

Laureate Park Phase 1C

That part of Section 25, Township 24 South, Range 30 East and Section 30, Township 24 South,Range 31 East, Orange County, Florida, described as follows:

Commence at the Southwest Corner of the Southeast 1/4 of said Section 25; thence N89°28'56"Ealong the South line of said Southeast 1/4 for a distance of 2434.55 feet to the Southwest cornerof said Section 30; thence N00°03 149"E along the West line of the Southwest 1/4 of said Section30 for a distance of 994.51 feet to a point on a non-tangent curve concave Northerly having aradius of 2237.00 feet and a chord bearing of N70°05'54"E; thence departing said West line runEasterly along the arc of said curve through a central angle of 02°55'29"for a distance of 114.19feet to the point of tangency; thence N68°38'09"E, 24.10 feet; thence N21°21'51"W, 7.00 feet tothe POINT OF BEGINNING; thence N21°21'51"W, 67.00 feet; thence S68°38'09"W, 12.02 feet;thence N21°01'18"W, 31.92 feet to the point of curvature of a curve concave Easterly having aradius of 975.00 feet and a chord bearing of N16°00'37"W; thence Northerly along the arc ofsaid curve through a central angle of 10°01'22" for a distance of 170.56 feet to the point oftangency; thence N10°59'56"W, 987.49 feet; thence N79°00'04"E, 238.07 feet to the point ofcurvature of a curve concave Northwesterly having a radius of 482.50 feet and a chord bearing ofN64°45'24"E; thence Northeasterly along the arc of said curve through a central angle of28°29'19" for a distance of 239.91 feet to the point of tangency; thence N50°30'45"E, 238.85 feetto the point of curvature of a curve concave Southeasterly having a radius of 367.50 feet and achord bearing of N63°07'54"E; thence Northeasterly along the arc of said curve through a centralangle of 25°14'19" for a distance of 161.88 feet to the point of reverse curvature of a curveconcave Northwesterly having a radius of 522.50 feet and a chord bearing of N61°02'16"E;thence Northeasterly along the arc of said curve through a central angle of 29°25'36" for adistance of 268.35 feet to the point of cusp of a curve concave Easterly having a radius of 25.00feet and a chord bearing of S03°56'39"W; thence Southerly along the arc of said curve through acentral angle of 84°45'37" for a distance of 36.98 feet to the point of tangency; thenceS38°26'09"E, 1.61 feet to the point of curvature of a curve concave Southwesterly having aradius of 445.00 feet and a chord bearing of S30°14'37"E; thence Southeasterly along the arc ofsaid curve through a central angle of 16°23'03" for a distance of 127.25 feet to the point oftangency; thence S22°03'06"E, 915.83 feet to the point of curvature of a curve concave Westerlyhaving a radius of 1025.00 feet and a chord bearing of S12°45'10"E; thence Southerly along thearc of said curve through a central angle of 18°35'51" for a distance of 332.70 feet to the point oftangency; thence S03°27'15"E, 155.58 feet to a point on a non-tangent curve concave Northerlyhaving a radius of 1230.00 feet and a chord bearing of N88°50'37"W; thence Westerly along thearc of said curve through a central angle of 11°32'59" for a distance of 247.95 feet to the point ofreverse curvature of a curve concave Southerly having a radius of 970.00 feet and a chordbearing of S82°47'01"W; thence Westerly along the arc of said curve through a central angle of28°17'43" for a distance of 479.03 feet to the point of tangency; thence S68°38'09"W, 533.49feet to the POINT OF BEGINNING

4841-6487-6297.131762/0012

EXHIBIT "C"

Articles of Incorporation

4851-6864-0263.1231762/0012

Florida Dept. of State Electronic Filing

Facsimile Audit No 1- -\ n1.2315R3

ARTICLES OF INCORPORATION

OF

LAUREATE PARK MASTER ASSOCIATION, INC.

Florida Dept. of State Electronic FilingFacsimile Audit No

Florida Dept. of State Electronic FilingI e

4821-5839-4632.4

FacsimileZiummtiLtIl

Florida Dept. of State Electronic FilingFacsimile Audit No, OM 123 158-3

ARTICLES OF INCORPORATION

OF

LAUREATE PARK MASTER ASSOCIATION, INC.

ARTICLE 1

NAME, OFFICE, AND REGISTERED AGENT

1.1 Name. The name of the corporation is: Laureate Park Master Association, Inc., anot-for-profit Florida corporation (hereinafter referred to as the "Master Association").

1.2 Initial Principal Office. The street address of the initial principal office andmailing address of the Master Association is 9801 Lake Nona Road, Orlando, Florida 32827

1.3 Initial Registered Agent. B&C Corporate Services of Central Florida, Inc., whoseaddress is 390 North Orange Avenue, Suite 1400, Orlando, Florida 32801, is hereby appointedthe initial registered agent of the Master Association.

ARTICLE 2

DEFINITIONS

2.1 Definitions. Unless defined in these Articles or Bylaws all terms used in theArticles and Bylaws shall have the same meanings as used in the Master Declaration ofCovenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc,(the "Declaration").

ARTICLE 3

PURPOSE

3.1 Purpose. The purposes for which the Master Association is organized are asfollows:

3.1.1 To operate as a corporation not-for-profit pursuant to Chapter 617 of theFlorida Statutes. The Master Association does not contemplate pecuniary gain or profit to theMernbers thereof.

3.1.2 To administer, enforce and carry out the terms and provisions of theDeclaration as same may be amended or supplemented from time to time, and to exercise suchpowers and perform such other duties and discharge such other responsibilities as may beimposed upon, or granted, assigned or delegated to, or otherwise permitted to be exercised by,the Master Association pursuant to the Decimation.

3 Florida Dept. of State Electronic Filing" i

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Florida Dept. of Stale Electronic FilingFacsimile Audit No.±Eilf.c.,,g-

3.1.3 To provide for maintenance and preservation of such portions of theProperty, and any additions thereto, as may hereafter be brought within the jurisdiction of theAssociation pursuant to the Declaration.

3.1.4 To own, hold and manage such portions of the Property as may beconveyed to the Association pursuant to the Declaration.

ARTICLE 4

POWERS

4.1 Powers. The Master Association shall have the following powers:

.4.1.1 All of the common law and statutory powers, rights and privileges of acorporation not-for-profit under the laws of Florida which are not in conflict with the terms ofthese Articles.

4.1.2 To enter into, make, establish and enforce, rules, regulations, Bylaws,covenants, restrictions and agreements to carry out the purposes of the Master Association, andas may be required, permitted or contemplated by the Master Association.

4.1.3 To make and collect Assessments for Common Expenses and for suchother, purposes as provided in the Declaration from Members (and Owners when appropriate) ofthe Master Association to defray the costs, expenses, reserves and losses incurred or to beincurred by the Master Association and to use the proceeds thereof in the exercise of the MasterAssociation's powers and duties.

4.1.4 To own, purchase, sell, convey, mortgage, lease, administer, manage,operate, maintain, improve, repair and/or replace real and personal property.

4.1.5 To hold funds for the exclusive benefit of the Members of the MasterAssociation as set forth in these Articles and as provided in the Declaration and the Bylaws.

4.1.6 To purchase insurance for the protection of the Master Association, itsofficers, directors and Members, and such other parties as the Master Association may determineto be in the best interests of the Master Association.

4.1.7 To operate, administer, manage, maintain, repair, install, replace andimprove all Common Areas and such other portions of Laureate Park as may be determined bythe Board from time to time, or as may be required, permitted, or contemplated by theDeclaration.

4.1.8 To honor and perform under all contracts and agreements entered betweenthird parties and the Master Association or third parties and the Declarant which are assigned tothe Master Association.

•Facsimile Audit No.4821-5839-4632.131762/0012

Florida Dept. of State Elettronic Filing

Facsimile Audit No.±111.40122%-3

4.1.9 To exercise when designated or assigned by the Declarant, the designreview over all buildings, structures and Improvements to be placed or constructed upon anyportion of Laureate Park. Such control shall be exercised pursuant to the Declaration.

4.1.10 To provide for such services within Laureate Park as the Board in itsdiscretion determines necessary or appropriate.

4.1.11 To provide, purchase, acquire, replace, improve, maintain and/or repairsuch buildings, structures, street lights (to the extent not provided and maintained by OrlandoUtilities Commission), streets (to the extent not maintained by the City of Orlando, the County ofOrange, or the Florida Department of Transportation), pathways, and other structures,landscaping, paving and equipment, both real and personal, related to the health, safety andgeneral welfare of the Members of the Master Association and the Owners and Residents ofLaureate Park as the Boar,d in its discretion determines necessary or appropriate.

4.1.12 To maintain, operate, and repair the Surface Water Management System.

4.1.13 To employ personnel necessary to perform the obligations, services andduties required of or to be performed by the Master Association and/or to contract with others forthe performance of such obligations, services and/or duties and to pay the cost thereof inaccordance with whatever contractual arrangement the Board shall enter. To contract forservices and to delegate to such contractor any and all powers of the Master Association exceptthose powers that are prohibited to be delegated pursuant to the Declaration, Bylaws or theseArticles of Incorporation.

4.1.14 To sue and be sued.

4.1.15 To enforce by legal mean the provisions of the Declaration, the Bylawsand these Articles of Incorporation.

4.1.16 To have and exercise all of the powers and privileges, and to perform allof the duties and obligations of the Master Association as set forth in the Declaration.

ARTICLE 5

Members

5.1 Members. The Members of the Master Association shall be determined by andshall be subject to the following:

5.1.1 Owner Membership. Every Owner shall be a Member of the MasterAssociation. There shall be only one Member per Property Unit. However, if a Property Unit issubdivided or otherwise divided into additional Property Units in accordance with the terms ofthis Declaration, then each such Property Unit shall have one member. If a Property Unit isowned by more than one Person, all co-Owners shall share the privilege of such membership as asingle member, subject to reasonable Board regulation and the restrictions on voting set forth

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herein and in the Bylaws, and all such co-Owners shall be jointly and severally obligated toperform the responsibilities of Owners.

The membership rights and privileges of an Owner who is a natural person may beexercised by the Owner or t,he Owner's spouse. The membership rights of an Owner which isnot a natural person may be exercised by any officer, director, partner, or trustee, or by any otherindividual designated from time to time by the Owner in a written instrument provided to theSecretary of the Master Association. Notwithstanding anything to the contrary provided herein,all voting rights of a Member shall be exercised by that Member's Neighborhood VotingRepresentative (except as specifically provided in the Declaration and the Bylaws).

5.1.2 Declarant. The Declarant shall be a Member of the Master Association.The Declarant's membership shall terminate upon the expiration or earlier termination of theDeclarant's Control Period, or when, in its discretion, the Declarant so determines and declaresin an instrument recorded in the Public Records of Orange County, Florida.

5.1.3 Transfer of Membership. Transfer of membership in the MasterAssociation shall be established by the recording in the Public Records of Orange County,Florida of a deed or other instrument establishing a transfer of record title to any Property Unitfor which membership has already been established. The Owner designated by such instrumentof conveyance thereby becomes a Member, and the prior Member's membership .thereby isterminated. In the event of death of a Member, his membership shall be automatically transferredto his heirs or successors in interest. Notwithstanding the foregoing, the Master Association shallnot be obligated to recognize such a transfer of membership until such time as the MasterAssociation receives a true copy of the recorded deed or other instrument establishing thetransfer of ownership of the Property Unit, and it shall be the responsibility and obligation of theformer and the new Owner of the Property Unit to provide such true copy of said recordedinstrument to the Master Association.

5.2 Voting Rights.

5.2.1 Number of Votes. The total number of Property Units which may bedeveloped on the Property shall be determined from time to time as the number of units allocatedby the Declarant to the Property consistent with the maximum entitlements for such units in theDevelopment Order, as may be amended from time to time. 1VIembers' voting rights shall bedetermined based on the number of Assessment Units allocated to each Property Unit owned bysuch Members as more specifically set forth in Exhibit "F" of the Declaration.

em rs. ass m ers s e a iwners,.wi e e?th—theertrot) Fo-fDeclarant. Declarant shall be the sole Class "B" Member and shall become a Class "A" Memberupon the termination of the Class "B" membership and entitled to Class "A" votes for allProperty Units which it owns. No votes or voting rights shall be assigned to or exercised onaccount of any. Property Unit which is totally exempt from assessment under the Declaration.

5.2.3 Voting by Co-Owners. If a Property Unit is owned by more than onePerson, all co-Owners shall share the privilege of such membership as a single member, subject

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to reasonable Board regulation and the restrictions on voting set forth herein and in the Bylaws,and all such co-Owners shall be jointly and severally obligated to perform the responsibilities ofOwners.

5.2.4 Proxies. Except as otherwise specifically set forth herein or in theDeclaration, every Member of the Master Association that is entitled to vote at a meeting of theMembers, or to express consent or dissent vvithout a meeting, may authorize another person toact on the Member's behgf by a proxy signed by such Member. Any proxy shall be delivered tothe Secretary of the Master Association or the person acting as Secretary at the meeting, at orprior to the time designated in the order of business for so delivering such proxies. A proxy isonly effective for the specific meeting for which it was given and as the meeting may lawfully bereconvened from time to time. A proxy automatically expires ninety (90) days after the date ofthe meeting for which it was originally given. Every proxy shall be revocable at any time at thepleasure of the Member executing it. Every proxy shall be freely revocable and shallautomatically cease upon: (a) conveyance of any Property Unit for which it was given, (b)receipt by the Secretary of written notice of revocation of the proxy, (c) the death of the Membergiving the proxy, or (d) judicially declared incompetence of a Member who is a natural person;unless a shorter period is specified in the proxy.

5.3 Calculation of Votes. Any question concerning the number of votes which maybe cast by a Member shall be decided by the Board.

ARTICLE 6

Members of the Board

6.1 Members of the Board. The affairs of the Master Association shall be managedby a Board consisting of not less than three (3) members, but not more than nine (9) members,and which shall always be an odd number. The number of members of the Board shall bedetermined in accordance with the Bylaws. In the absence of such determination, there shall bethree (3) members of the Board.

6.1.1 The. Declarant shall have the right to appoint all members of the Boardduring the Declarant's Control Period, in Declarant's sole and absolute discretion, and suchBoard members shall serve at the pleasure of the Declarant.

6.1.2 After the Declarant no longer has the right to appoint all members of theBoard, or earlier if the Declarant so elects, then and only then shall any member of the Board be

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6.1.3 All of the duties and powers of the Master Association existing underChapter 617 of the Florida Statutes, the Declaration, these Articles and the Bylaws shall beexercised exclusively by the Board, its agents, contractors or employees, subject to approval bythe Members only when specifically required.

6.1.4 A member of the Board may be removed and vacancies on the Board shallbe filled in the manner provided by the Bylaws. However, any member of the Board appointed

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by the Declarant may only be removed by the Declarant, and any vacancy on the Board of a. member appointed by the Declarant shall be filled by the Declarant.

6.2 The names and addresses of the members of the Board who shall hold office untiltheir successors are elected or appointed, or until removed, are as follows:

NAME ADDRESS.

. Robert Adams

Richard Levey

Thaddeus Seymour, Jr,

9801 Lake Nona RoadOrlando, Florida 32827

9801 Lake Nona RoadOrlando, Florida 32827

9801 Lake Nona RoadOrlando, Florida 32827

ARTICLE 7

OFFICERS

7.1 Officers. The officers of the Master Association shall be a President, VicePresident, Secretary, Assistant Secretary, Treasurer and stich other officers as the Board mayfrom time to time by resolution create. The officers shall serve at the pleasure of the Board, andthe Bylaws may provide for the removal from office of officers, for filling vacancies, and for theduties of the officers. The names of the officers who shall serve until their successors aredesignated by the Board are as follows:

President James L. Zboril

Vice President Rasesh Thakkar

Vice President Richard Levey

Vice President Robert B. Adams

Secretary Thaddeus Seymour, Jr.

Treasurer

Scott I. Peek, Jr.

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ARTICLE 8

INDEMNIFICATION

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8.1 Indemnification of Officers, Members of the Board or Agents. The MasterAssociation shall indemnify and hold harmless any Person who was or is a party or is threatenedto be made a party, to any threatened, pending or contemplated action, suit or proceeding,whether civil, criminal, administrative or investigative, by reason of the fact that he is or was amember of the Board, committee member, employee, officer or agent of the Master Association,against all expenses, including attOrneys' and paralegals' fees and costs (including, withoutlimitation, attorneys' and paralegals' fees and costs incurred on appeal, or in mediation,arbitration, administrative or bankruptcy proceedings), judgments, fines, damages and amountspaid in settlement actually and reasonably incurred by him in connection with such action, suit orproceeding; if he acted in good faith and in a manner he reasonably believed to be in, or notopposed to, the best interest of the Master Association; and, with respect to any criminal actionor proceeding, if he had no reasonable cause to believe his conduct was unlawful; or if suchPerson shall have been adjudged to be liable for gross negligence or willful misfeasance ormalfeasance in the performance of his duty to the Master Association, to the extent, that the courtin which such action or suit was brought shall determine, upon application, that despite theadjudication of liability, but in view of all the circumstances of the case, such Person is fairly andreasonably entitled to indemnity for such expenses which such court shall deem proper. SuchPerson shall not , be liable for any mistake of judgment, negligent or otherwise, nor with respectto any contract or other commitment made or action taken, in good faith, on behalf of the MasterAssociation, and the Master Association , shall indemnify and hold harmless such Person fromany liability and expenses as provided in the preceding sentence.

8.1.1 To the extent that a member of the Board, committee member, officer,employee or agent of the Master Association is entitled to indemnification by the MasterAssociation in accordance with this Article 8, he shall be indemnified against expenses andattorneys' and paralegals' fees (including, without limitation, attorneys' and paralegals' fees andcosts incurred on appeal, or in mediation, arbitration, administrative or bankruptcy proceedings),actually and reasonably incurred by him in connection therewith..

8.1.2 Expenses incurred in defending a civil or criminal action, suit orproceeding shall be paid by the Master Association in advance of the final disposition of suchaction, suit or proceeding upon receipt of an undertaking by or on behalf of the member of theBoard, committee member, officer, employee or agent of the Master Association to repay suchamount, unless it shall ultimately be determined that he is entitled to be indemnified and heldharmless by the Master Association as authorized in this Article 8.

8.1.3 The indemnification provided by this Article 8 shall not be deemedexclusive of any other rights to which those seeking indemnification may be entitled under thelaws of the State of Florida, any Bylaw, agreement, vote of Neighborhood VotingRepresentatives or otherwise. As to an action taken in an official capacity while holding office,the indemnification provided by this Article 8 shall continue as to .a Person who has ceased to bea member of the Board, committee member, officer, employee or agent of the MasterAssociation and shall inure to the benefit of the heirs, executors and administrators of such aPerson.

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8.1.4 The Master Association shall have the power to purchase and maintaininsurance on behalf of any Person who is or was a member of the Board, committee member,officer, employee or agent of the Master Association, or is or was serving at the request of theMaster Association as a member of the Board, committee member, officer, employee or agent ofanother corporation, partnership, joint venture, trust or other enterprise, against any liabilityasserted against him and incurred by him in any such capacity, arising out of his status as such,whether or not the Master Association would .have the power to indemnify him against suchliability under the provisions of this Article 8.

8.1.5 Each Owner shall indemnify and hold harmless the Master Association,the Board, committee members, officers, employees and agents of the Master Association fromany loss, damages, and expenses including attorneys' and paralegals' fees and costs (including,without limitation those incurred on appeal, or in mediation, arbitration, administrative andbankruptcy proceedings) which they may incur as a result of the failure of such Owner; anyoccupant of such Owner's Parcel or Property Unit; or any contractor, employee or agent of suchOwner acting within the scope of his contract, agency, or employment, to comply with theGoverning Documents.

ARTICLE 9

BYLAWS

9.1 The initial Bylaws shall be adopted by the Board, and may be altered, amended orrescinded in the manner provided by the Bylaws.

ARTICLE 10

AMENDMENTS

10.1 Amendments. Amendments to these Articles shall be proposed and adopted inthe following manner:

10.1,1 Initiation. A resolution to amend these Articles may be proposed by amajority of the members of the Board, or by Members holding not less than ten percent (10%) ofthe votes of the entire membership of the Master Association.

10.1.2 Notice. Notice of the subject matter of a proposed amendment shall beosed amendment is to be considered.

10.1.3 Adoption of Amendments.

(a) During the Declarant's Control Period, the Declarant shall have theright to unilaterally amend these Articles without the joinder or approval of any member of theBoard or any Member. No amendment to these Articles shall be effective without the writtenapproval of the Declarant during the Declarant's Control Period.

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(b) After the Declarant's Control Period expires or earlier terminate, aresolution by the Board for the adoption of a proposed amendment to these Articles shall beadopted by Members having at least a majority of the votes of the entire membership of theMaster Association.

(c) No amendment shall make any changes in the qualification formembership nor in the voting rights or property rights of Members without the approval of allMembers.

(d) Upon the approval of an amendment to these Articles, theamendment shall be executed and delivered to the Florida Secretary of State as provided by law,and a copy certified by the Secretary of State shall be recorded in the Public Records of OrangeCounty, Florida, as an amendment to the Declaration.

ARTICLE 11

TERM

11,1 The Master Association shall have perpetual existence.

ARTICLE 12

INCORPORATOR

12.1 ' The name and street address of the Incorporator is:

James L. Zboril9801 Lake Nona RoadOrlando, Florida 32827

ARTICLE 13

INITIAL REGISTERED OFFICE ADDRESSAND NAME OF INITIAL REGISTERED AGENT

13.1 The street address of the initial registered office for the MasterAssociation is 9801 Lake Nona Road, Orlando, Florida 32827. The initial Registered Agent ofthe Master Association is B&C Corporate Services of Central Florida, Inc. at 390 North Orange

Signed, sealed and deliveredin the present of:

Ddni Na di*

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IN WITNESS WHEREOF, for the purpose of forming this not-for-profit corporationunder the laws of the State of Florida, the undersigned, constituting the incorporator of thisAssociation, has executed these Articles of Incorporation this 3 rie day of May, 2011.

Print Name: 403.10rA— 'SS Ati>1416

STATE OF FLORIDACOUNTY OF ORANGE

The foregoing instrument was acknowledged before me this a- day of May,2011, by James L. Zboril, who is personally known to me or whe has produced

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CERTIFICATE OF DESIGNATIONREGISTERED AGENT/REGISTERED OFFICE

In pursuance of the Florida Not-for-Profit Corporation Act, the following is submitted, incompliance with said statute:

That LAUREATE PARK MASTER ASSOCIATION, INC, desiring to organize under the lawsof the State of Florida, with its registered office, as indicated in the Articles of Incorporation atthe City of Orlando, County of Orange, State of Florida, has named B&C Corporate Services ofCentral Florida, Inc. at 390 North Orange Avenue, Suite 1400, Orlando, Flor'da 32801, as itsregistered agent to accept service of process within Florida and to perform s ,h oth duties asare required in the State of Florida.

ACKNOWLEDGMENT:

Having been named to accept service of process and serve as registered agent for the above-stated corporation, at the place designated in this Certificate, the undersigned, hereby agrees toact in this capacity, and agrees to comply with the provisions of all statutes relating to the properand complete performance of my duties, and the undersigned is familiar with and accepts theobligations of its position of registered agent.

B&C Corporate Services of CentralFlorida, I c.

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EXHIBIT "D"

BYLAWS

OF

LAUREATE PARK MASTER ASSOCIATION, INC.

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BYLAWSOF

LAUREATE PARK MASTER ASSOCIATION, INC.

ARTICLE 1NAME, PRINCIPAL OFFICE, AND DEFINITIONS

1.1 Name. The name of the Association shall be Laureate Park Master Association,Inc. (hereinafter referred to as the "Master Association").

1.2 Principal Office. The principal office of the Master Association shall be locatedin Orange County, Florida. The Master Association may have such other offices, either within oroutside the State of Florida, as the Board may determine or as the affairs of the MasterAssociation may require.

1.3 Definitions. The words used in these Bylaws shall be given their normal,commonly understood definitions. Capitalized terms shall have the same meaning as set forth inthe Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate ParkMaster Association, Inc. recorded or to be recorded in the Public Records of Orange County,Florida, as it may be amended or supplemented from time to time (the "Declaration"), unless thecontext indicates otherwise.

ARTICLE 2MEMBERSHIP, MEETINGS, QUORUM, VOTING, PROXIES.

2.1 Membership. The Master Association shall initially have two classes ofmembership, Class "A" and Class "B", as more fully set forth in the Declaration, the terms ofwhich pertaining to membership are incorporated by this reference.

The foregoing is not intended to include persons or entities who hold an interest in aProperty Unit, merely as security for the performance of an obligation. Membership shall runwith the land and be appurtenant to and may not be separated from ownership of any PropertyUnit.

2.2 Place of Meetings. Meetings of the Master Association shall be held at theprincipal office of the Master Association or at such other suitable place convenient to theMembers as may be designated by the Board, either within the Property or as convenient andpractical as otherwise possible.

2.3 Annual Meetings. The first meeting of the Master Association, whether a regularor special meeting, shall be held within one (1) year from the date of incorporation of the MasterAssociation. Annual meetings shall be of the Neighborhood Voting Representatives but shall beopen for attendance by all Members. Subsequent regular annual meetings shall be set by theBoard so as to occur during the third quarter of the Master Association's fiscal year on a date and

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at a time set by the Board. Annual meetings may be conducted electronically and/or digitally(e.g., internet, intranet, video or teleconferencing) if and to the extent permitted by law.

2.4 Special Meetings. The President may call special meetings of the MasterAssociation. It shall also be the duty of the President to call a special meeting if so directed byresolution approved by a majority of the Board or, after the Declarant's Control Period, upon apetition signed by Neighborhood Voting Representatives representing at least twenty-fivepercent (25%) of the total Class "A" votes in the Master Association.

2.5 Notice of Meetings. Written or printed notice stating the location, date and timeof any meeting of the Neighborhood Voting Representatives shall be delivered, either personallyor by mail, to each Member entitled to have its vote casted by the Neighborhood VotingRepresentative at such meeting, not less than ten (10) nor more than fifty (50) days before thedate of such meeting, by or at the direction of the President, the Secretary, or the officers orpersons calling the meeting. If permitted by law, notice may be posted in a conspicuous,prominent place within Laureate Park; delivered by hand delivery; or sent by facsimile,electronic mail, or other electronic communication device, or such other manner which isreasonably calculated, as determined in the Board's discretion, to provide personal notice toNeighborhood Voting Representatives and/or Members entitled to notice.

In the case of a special meeting or when otherwise required by statute or these Bylaws,the purpose or purposes for which the meeting is called shall be stated in the notice. No businessshall be transacted at a special meeting except as stated in the notice.

If mailed, the notice of a meeting shall be deemed to be delivered when deposited in theUnited States mail, postage prepaid, addressed to the Neighborhood Voting Representativeand/or Member at the address contained in the records of the Master Association. If sent byfacsimile, electronic mail, or such other electronic communication device, notice shall bedeemed to be delivered when transmitted to the Neighborhood Voting Representative orMember, if appropriate, at his or her address or number as it appears on the Master Association'srecords. Failure to receive actual notice of a meeting shall not affect the validity of any actiontaken at such meeting.

2.6 Waiver of Notice. Waiver of notice of a meeting of the Master Association shallbe deemed the equivalent of proper notice. Any Neighborhood Voting Representative and/orMember may, in writing, waive notice of any meeting of the Master Association, either before orafter such meeting. Attendance at a meeting by a Neighborhood Voting Representative and/orMember shall be deemed waiver by such Neighborhood Voting Representative and/or Memberof notice of the location, date and time thereof, unless such Neighborhood Voting Representativeand/or Member specifically objects to lack of proper notice at the time the meeting is called toorder. Attendance at a special meeting shall also be deemed waiver of notice of all businesstransacted at such meeting unless objection on the basis of lack of proper notice is raised beforethe business is put to a vote.

2.7 Adjournment of Meetings. If, after Declarant's Control Period ends, any meetingof the Master Association cannot be held because a quorum of Neighborhood VotingRepresentatives is not present, the Neighborhood Voting Representatives holding a majority of

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the votes represented at such meeting may adjourn the meeting to a time not less than five (5),but not more than thirty (30) days from the time the original meeting was called. At thereconvened meeting, if a quorum is present, any business may be transacted which might havebeen transacted at the meeting originally called. If a time and place for reconvening the meetingis not fixed by those in attendance at the original meeting or if for any reason a new date is fixedfor reconvening the meeting after adjournment, notice of the time and place for reconvening themeeting shall be given to Neighborhood Voting Representatives and/or Members in the mannerprescribed for regular meetings.

The Neighborhood Voting Representatives present at a duly called or held meeting atwhich a quorum is present may continue to do business until adjournment, notwithstanding thedeparture of enough Neighborhood Voting Representatives to leave less than a quorum, providedthat Neighborhood Voting Representatives representing at least twenty-five (25%) of the totalvotes in the Master Association remain in attendance, and provided that any action taken isapproved by at least a majority of the votes required to constitute a quorum.

2.8 Voting. The voting rights of the Members shall be as set forth in the Declarationand in these Bylaws, and such voting rights provisions are specifically incorporated by reference.The Board may permit votes to be cast by mail or electronically or digitally (e.g. via internet,intranet, or electronic mail) if permitted by law.

2.9 Proxies. On any matter as to which a Member is entitled to personally cast thevote for their Property Unit, namely for the election of a Neighborhood Voting Representativeafter Declarant's Control Period, such vote may be cast in person or by proxy, subject to thelimitations of Florida law relating to the use of general proxies and subject to any specificprovision to the contrary in the Declaration or these Bylaws. Neighborhood VotingRepresentatives may not cast votes by proxy, but only in person or through their designatedalternative.

Every Member's proxy shall be in writing, dated; specify the Property Unit for which it isgiven; be signed by the Member or their duly authorized attorney-in-fact; and state the date, timeand place of the meeting for which it was given; and be provided to the Secretary of the MasterAssociation prior to the meeting for which it is to be effective. A proxy is only effective for thespecific meeting for which it was given and as the meeting may lawfully be reconvened fromtime to time. A proxy automatically expires ninety (90) days after the date of the meeting forwhich it was originally given. Unless otherwise specifically provided for in the proxy, a proxyshall be presumed to cover all votes which the Member giving such proxy is entitled to cast, andin the event of any conflict between two (2) or more proxies purporting to cover the same votingrights, the later dated proxy shall prevail, or if dated as of the same date, both proxies shall bedeemed invalid.

Every proxy shall be freely revocable and shall automatically cease upon: (a)conveyance of any Property Unit for which it was given, (b) receipt by the Secretary of writtennotice of revocation of the proxy, (c) the death of the Member giving the proxy, or (d) judiciallydeclared incompetence of a Member who is a natural person; unless a shorter period is specifiedin the proxy.

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2.10 Majority. As used in these Bylaws, the term "majority" shall mean those votes,Owners, or other group as the context may indicate totaling more than 50% entitled to becounted.

2.11 Quorum. Except as otherwise provided in these Bylaws or in the Declaration, thepresence of Neighborhood Voting Representatives representing thirty percent (30%) of the totalvotes in the Master Association and the presence of a duly appointed representative of the Class"B" member shall constitute a quorum at all meetings of the Master Association.

2.12 Conduct of Meetings. The President shall preside over all meetings of the MasterAssociation, and the Secretary shall keep the minutes of the meeting and record in a minute bookall resolutions adopted at the meeting, as well as a record of all transactions occurring at themeeting.

2.13 Action Without a Meeting. Any action required or permitted by law to be taken ata meeting of the Master Association may be taken without a meeting, without prior notice andwithout a vote if written consent specifically authorizing the proposed action is signed by: (i)Declarant during Declarant's Control Period; or (ii) Neighborhood Voting Representativesrepresenting at least the minimum number of votes in the Master Association necessary toauthorize such action at a meeting if all Neighborhood Voting Representatives entitled to votethereon were present, after Declarant's Control Period ends. Such consents shall be signedwithin sixty (60) days after receipt of the earliest dated consent, dated and delivered to theMaster Association at its principal place of business in the State of Florida. Such consents shallbe filed with the minutes of the Master Association, and shall have the same force and effect as avote of the Neighborhood Voting Representatives at a meeting. Within ten (10) days afterreceiving authorization for any action by written consent, the Secretary shall give written noticeto all Neighborhood Voting Representatives entitled to vote who did not give their writtenconsent, fairly summarizing the material features of the authorized action.

2.14 Assessments. The Board shall prepare and adopt annual budgets for CommonExpenses and Service Area Expenses as set forth in the Declaration and these Bylaws. Pursuantto the Declaration, the Board shall send each Owner a copy of the budget and notice of theamount of the Base Assessment and Service Area Assessment at least sixty (60) days prior to thebeginning of the fiscal year for which the budget is to be effective. During Declarant's ControlPeriod, such assessments shall be effective when mailed to each Owner. After Declarant'sControl Period ends, such assessments shall be effective unless disapproved at a special meetingcalled pursuant to Section 2.4. At the special meeting, the budget for the Base Assessmentsand/or Service Area Assessments may only be disapproved if disapproved by NeighborhoodVoting Representatives representing at least seventy-five percent (75%) of the total votes in the:(i) Master Association for Base Assessments; or (ii) the Service Area for Service AreaAssessments. The right to disapprove for Service Area Assessments is limited to those line itemsin the Service Area budget, which are attributable to those services provided in the Service Area.

ARTICLE 3BOARD OF DIRECTORS: SELECTION, MEETINGS, POWERS.

3.1 Composition and Selection.

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3.1.1 Government Body; Composition. The affairs of the Master Associationshall be governed by a Board of Directors, who shall be appointed by Declarant, acting in its soleand absolute discretion, and shall serve at the pleasure of Declarant. With the express writtenconsent of Declarant, the Board may delegate the authority to manage the affairs of the MasterAssociation to one or more management companies upon terms as they deem appropriate.

3.1.2 Number of Directors. The number of directors shall not be less than three(3) but not more than seven (7). The initial Board shall consist of three (3) directors, asidentified in the Articles of Incorporation.

3.1.3 Nomination and Election of Director's During Declarant's Control Period.During Declarant's Control Period, the directors shall be selected and appointed by Declarant,acting in its sole and absolute discretion, and shall serve at the pleasure of Declarant.

With the express written consent of Declarant, which consent may be withheld inDeclarant's sole and absolute discretion, the Board may from time to time seek the input orapproval of specific matters or proposed acts of the Master Association by: (a) the ad hoc voteof one or more advisory board(s) comprised of members appointed by the Board; (b) the ad hocvote of one or more groups of Owners; or (c) the turnover of control of the Master Associationdirectly to the Owners.

3.1.4 Nomination and Election of Directors After Declarant's Control PeriodEnds. At such time as Owners are entitled to elect Members to serve on the Board, to wit: afterDeclarant's Control Period ends, nominations for election to the Board shall be made by anominating committee. The nominating committee shall consist of a Chairman, who shall be amember of the Board, and three (3) or more Neighborhood Voting Representatives. Thenominating committee shall be appointed by the Board not less than thirty (30) days prior to eachannual meeting of the Master Association to serve a term of one (1) year or until their successorsare appointed, and such appointment shall be announced at each such annual meeting.

The nominating committee shall make as many nominations for election to theBoard as it shall in its discretion determine, but in no event less than the number of positionsavailable at the time of the election. The nominating committee shall nominate separate slatesfor the directors, if any, to be elected at large by all Members, and for the director(s) to beelected by the Owners of Property Units within each Neighborhood. In making its nominations,the nominating committee shall use reasonable efforts to nominate candidates representing thediversity which exists within the pool of potential candidates. All candidates shall have areasonable opportunity to communicate their qualifications to the Members and to solicit votesof Members.

3.1.5 Election of Nei hborhood Votin • Re resentatives. After Declarant'sControl Period ends, each Neighborhood shall elect a Neighborhood Voting Representativeresponsible for casting the number of votes assigned to the Property Units located in theNeighborhood. Except with respect to the election of Neighborhood Voting Representatives setforth below and with respect to certain amendments of these by-laws set forth in Section 3.7 theNeighborhood Voting Representative shall vote on all Master Association matters requiring amembership vote.

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The Board shall call for the first election of a Neighborhood VotingRepresentative from a Neighborhood not later than one (1) year after the end of Declarant'sControl Period. Subsequent elections shall be held within thirty (30) days of the same date on anannual basis. The Neighborhood Voting Representative shall be elected pursuant to a simplemajority vote of the Owners within a Neighborhood in a method determined by the Board in itssole and absolute discretion, which may be as follows: by written ballot, electronic voting (e-mail or voting portal using such voter identification procedures as the Board may determine in itssole discretion to best ensure the integrity of ballots), fax or at a meeting of the Owners withineach Neighborhood. Neighborhood Voting Representatives shall serve two (2) year terms oruntil the election of their successors. The Owners of Property Units within the Neighborhoodholding thirty percent (30%) of the total votes assigned to Property Units in the Neighborhood,represented in-person or by proxy, shall constitute a quorum at any meeting of theNeighborhood.

Any Neighborhood Voting Representative may be removed, with or withoutcause, upon the vote or written petition of Members representing a majority of the total numberof votes assigned to Property Units in the Neighborhood represented by the NeighborhoodVoting Representative.

3.1.6 Election and Term of Office. At such time as Owners are entitled to electthe Board, the Neighborhood Voting Representatives shall cast the votes they are entitled to castwith respect to each vacancy on the Board at each annual meeting of the Master Association.The individual receiving the largest number of votes for the respective Board seat shall beelected.

(a) After Declarant's Control Period ends, nominations and electionsshall thereafter occur pursuant to Sections 3.1.4. and 3.1.5. Nothwithstanding the foregoing,Declarant shall have the right to appoint the maximum number of seat(s) that constitute aminority of the Board (the "Minority Seat(s)"), so long as Declarant holds for sale in the ordinarycourse of business at least five percent (5%) of the parcels in all phases of Laureate Park.

3.1.7 Removal of Directors and Vacancies. Declarant-appointed directors mayonly be removed by Declarant. Any director elected by the Neighborhood VotingRepresentatives may be removed, with or without cause, by the vote of such NeighborhoodVoting Representatives holding a majority of the votes entitled to be cast for the election of suchdirector. Any director whose removal is sought shall be given at least seven (7) days notice priorto any meeting called for that purpose. Upon removal of a director, a successor to fill thevacancy for the remainder of the term of such removed director shall be elected by the vote ofsuch Neighborhood Voting Representatives holding a majority of the votes entitled to be cast forthe election of such director so removed.

Any director elected by the Neighborhood Voting Representatives who has three(3) consecutive absences from Board meetings or who is more than thirty (30) days delinquent(or is the representative of a Member who is delinquent) in the payment of any assessment orother charge due the Master Association, may be removed by a majority vote of the directorspresent at a regular or special meeting at which a quorum is present, and a successor may beappointed by the Board to fill the vacancy until the next annual meeting, at which time the

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Neighborhood Voting Representatives holding a majority of the votes entitled to be cast for theelection of such directorship may elect a successor for the remainder of the term.

In the event of the death, disability or resignation of a director, a vacancy may bedeclared by the Board, and it may appoint a successor to serve until the next annual meeting, atwhich time a successor shall be elected to serve the remaining portion, if any, of the term of thedirector who created the vacancy. Any successor appointed by the Board shall be selected fromamong Members if such directorship is at-large, or among Members owning Property Unitswithin the Neighborhood represented by the director who vacated the position.

3.2 Meeting.

3.2.1 Organizational Meetings. The first meeting of the Board shall be heldwithin ten (10) days of the Master Association meeting at a location, date and time establishedby the Board.

3.2.2 Regular Meetings. Regular meetings of the Board may be held at suchtime and place a majority of the directors shall determine, but at least four (4) such meetingsshall be held during each fiscal year with at least one (1) meeting per quarter.

3.2.3 Special Meetings. Special meetings of the Board shall be held whencalled by written notice signed by the President or by any two (2) directors.

3.2.4 Notice; Waiver of Notice.

(a) Notice of meetings of the Board shall specify the location, date andtime of the meeting and, in the case of a special meeting, the nature of any special business to beconsidered. The notice shall be given to each director by: (i) personal delivery; (ii) first classmail, postage prepaid; (iii) telephone communication, either directly to the director or to a personat the director's office or home who would reasonably be expected to communicate such noticepromptly to the director; or (iv) telecopier with confirmation of transmission. All such noticesshall be given at the director's telephone number or sent to the director's address as shown on therecords of the Master Association. Notices sent by first class mail shall be deposited into aUnited States mailbox at least seven (7) business days before the time set for the meeting.Notices given by personal delivery, telephone, or telecopier shall be delivered, telephoned, ortransmitted at least seventy-two (72) hours before the time set for the meeting.

(b) The transactions of any meeting of the Board, however called andnoticed or wherever held, shall be as valid as though taken at a meeting duly held after regularcall and notice if (a) a quorum is present, and (b) either before or after the meeting each of thedirectors not present signs a written waiver of notice, a consent to holding the meeting, or anapproval of the minutes. The waiver of notice or consent need not specify the purpose of themeeting. Notice of a meeting shall also be deemed given to any director who attends the meetingwithout protesting before or at its commencement about the lack of adequate notice.

3.2.5 Telephonic Participation in Meetings. Members of the Board or anycommittee designated by the Board may participate in a meeting of the Board or committee by

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means of conference telephone or similar communications equipment, by means of which allpersons participating in the meeting can hear each other. Participation in a meeting pursuant tothis subsection shall constitute presence in person at such meeting.

3.2.6 Quorum of the Board. At all meetings of the Board, a majority of thedirectors shall constitute a quorum for the transaction of business, and the votes of a majority ofthe directors present at a meeting at which a quorum is present shall constitute the decision of theBoard, unless otherwise specifically provided in these Bylaws or the Declaration. A meeting atwhich a quorum is initially present may continue to transact business, notwithstanding thewithdrawal of directors, if any action taken is approved by at least a majority of the requiredquorum for that meeting. If any meeting of the Board cannot be held because a quorum is notpresent, a majority of the directors present at such meeting may adjourn the meeting to a time notless than seven (7), but not more than thirty (30) days from the date of the original meeting. Atthe reconvened meeting, if a quorum is present, any business which might have been transactedat the meeting originally called may be transacted without further notice.

3.2.7 Compensation. No director shall receive any compensation from theMaster Association for acting as such unless approved by Members representing a majority ofthe total votes in the Master Association at a regular or special meeting of the MasterAssociation. Any director may be reimbursed for expenses incurred on behalf of the MasterAssociation upon approval of a majority of the other directors. Nothing herein shall prohibit theMaster Association from compensating a director, or any entity with which a director isaffiliated, for services or supplies furnished to the Master Association in a capacity other than asa director pursuant to a contract or agreement with the Master Association, provided that suchdirector's interest was made known to the Board prior to entering into such contract and suchcontract was approved by a majority of the Board, excluding the interested director.

3.2.8 Conduct of Meetings. The President shall preside over all meetings of theBoard, and the Secretary shall keep a minute book of Board meetings, recording all Boardresolutions, votes or abstentions of the directors, and all transactions and proceedings occurringat such meetings.

3.2.9 Notice to Owners ., Open Meetings. After Declarant's Control Period ends,and except in an emergency, notice of Board meetings shall be posted at least forty-eight (48)hours in advance of the meeting at a conspicuous place within the Property which the Boardestablishes for the posting of notices relating to the Master Association. Notice of any meetingat which assessments are to be established shall state that fact and the nature of the assessment.Subject to the provisions of Section 3.2.10, all meetings of the Board shall be open to allMembers, but a Member other than directors may not participate in any discussion ordeliberation unless permission to speak is requested on his or her behalf by a director. In suchcase, the President may limit the time any Member may speak. Notwithstanding the above, thePresident may adjourn any meeting of the Board and reconvene in executive session, excludingMembers, to discuss matters of a sensitive nature, such as pending or threatened litigation,personnel matters, etc.

3.2.10 Action Without a Formal Meeting. Any action to be taken at a meeting ofthe directors or any action that may be taken at a meeting of the directors may be taken without a

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meeting if a consent in writing, setting forth the action so taken, shall be signed by all of thedirectors, and such consent shall have the same force and effect as a unanimous vote.

3.3 Powers and Duties.

3.3.1 Powers. The Board shall have all of the powers and duties necessary forthe administration of the Master Association's affairs and for performing all responsibilities andexercising all rights of the Master Association as set forth in the Declaration, these Bylaws, theArticles, and as provided by law. The Board may do or cause to be done all acts and things asare not by the Declaration, Articles, these Bylaws or Florida law directed to be done andexercised exclusively by the Members.

3.3.2 Duties. The duties of the Board shall include, without limitation:

(a) preparation and adoption of annual budgets for submission to theMaster Association, and establishing each Owner's share of the Common Expenses and ServiceArea Expenses;

(b) levying Base Assessments, Special Assessments, Service AreaAssessments and Specific Assessments as appropriate as authorized in the Declaration, andimposing interest and late charges as may be deemed appropriate, subject to the limitations ofFlorida law;

(c) cooperating with any other owners' associations, includingcondominium, cooperative and timeshare associations, set forth in a Neighborhood Declarationin assessing and collecting such assessments from the Owners;

(d) providing for the operation, care, upkeep, and maintenance of theProperty;

(e) designating, hiring, and dismissing the personnel necessary tocarry out the rights and responsibilities of the Master Association, and where appropriate,providing for the compensation of such personnel and for the purchase of equipment, supplies,and materials to be used by such personnel in the performance of their duties;

(f) depositing all funds received on behalf of the Master Associationin a bank depository which it shall approve, and using such funds to operate the MasterAssociation; provided, any reserve fund may be deposited, in the directors' best businessjudgment, in depositories other than banks;

(g) making and amending rules and regulations;

(h) opening bank accounts on behalf of the Master Association anddesignating the signatories required;

(i) making or contracting for the making of repairs, additions, andimprovements to or alterations of the property of the Master Association in accordance with theDeclaration and these Bylaws;

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enforcing by legal means the provisions of the Declaration, theseBylaws, and the rules adopted by it and bringing any proceeding, which may be instituted onbehalf of or against the Owners concerning the Master Association;

(k) obtaining and carrying insurance as provided in the Declaration,providing for payment of all premiums, and filing and adjusting claims as appropriate;

(1) paying the cost of all services rendered to the Master Associationor its Members and not chargeable directly to specific Owners;

(m) keeping books with detailed accounts of the receipts andexpenditures of the Master Association;

(n) making available to any prospective purchaser of a Property Unit,any Owner, and the holders, insurers, and guarantors of any Mortgage on a Property Unit,current copies of the Declaration, the Articles of Incorporation, the Bylaws, rules and all otherbooks, records, and financial statements of the Master Association;

(o) permitting utility suppliers to use a portion of the MasterAssociation's property, if any, as may be determined necessary, in the sole discretion of theBoard, to the ongoing development or operation of the Property; and

(p) indemnifying a director, officer or committee member, or formerdirector, officer or committee member of the Master Association to the extent such indemnity isrequired by Florida law, the Articles of Incorporation or the Declaration.

3.3.3 Management. The Board may retain for the Master Association aprofessional management agent or agents at such compensation as the Board may establish, toperform such duties and services as the Board shall authorize. The Board may delegate to themanaging agent or manager, subject to the Board's supervision, such powers as are necessary toperform the manager's assigned duties but shall not delegate policy making authority or theduties set forth in subparagraphs (a), (b), (g), (j), (k), (o) and (p) of Section 3.3.2. Declarant, oran affiliate of Declarant, may be employed as managing agent or manager.

The Board may delegate to one of the directors the authority to act onbehalf of the Board on all matters relating to the duties of the managing agent or manager, if any,which might arise between meetings of the Board.

3.3.4 Action Reports. The following management standards of performanceshall be followed unless the Board by resolution specifically determines otherwise:

(a) accrual accounting, as defined by generally accepted accountingprinciples;

(b) accounting and controls should conform to generally acceptedaccounting principles;

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(c) cash accounts of the Master Association shall not be commingledwith any other accounts;

(d) no remuneration shall be accepted by the managing agent fromvendors, independent contractors, or others providing goods or services to the MasterAssociation, whether in the form of commissions, finder's fees, service fees, prizes, gifts, orotherwise; any thing of value received shall benefit the Master Association;

(e) any financial or other interest which the managing agent may havein any firm providing goods or services to the Master Association shall be disclosed promptly tothe Board;

(f) commencing at the end of the quarter in which the first PropertyUnit is sold and closed, financial reports shall be prepared for the Master Association at leastquarterly containing:

(g) an income statement reflecting all income and expense activity forthe preceding period on an accrual basis;

(h) a statement reflecting all cash receipts and disbursements for thepreceding period;

(i) a report reflecting the status of all accounts in an "actual" versus"approved" budget format;

(j) a balance sheet as of the last day of the preceding period; and

(k) a delinquency report listing all Owners who are delinquent inpaying any assessments at the time of the report and describing the status of any action to collectsuch assessments which remain delinquent (Any assessment or installment thereof shall beconsidered to be delinquent on the fifteenth (15th) day following the due date unless otherwisespecified by Board resolution); and

(1) a current annual report consisting of at least the following shall bedistributed to all Members within sixty (60) days alter the close of the fiscal year: (1) a balancesheet; (2) an operating (income) statement; and (3) a statement of changes in fmancial positionfor the fiscal year. Such report shall be prepared and reviewed by an independent publicaccountant.

3.3.5 Borrowing. The Master Association shall have the power to borrowmoney for any legal purpose; provided, after Declarant's Control Period ends, the Board shallobtain the approval of Neighborhood Voting Representatives representing at least fifty-onepercent (51%) of the total votes in the Master Association at a duly constituted meeting if theproposed borrowing, together with all other debt outstanding exceeds or would exceed twentypercent (20%) of the budgeted gross expenses of the Master Association for that fiscal year.

3.3.6 Special Assessments. Except as otherwise specifically provided in theDeclaration or these Bylaws, any Special Assessrnent which would exceed twenty percent (20%)

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of the annual budget for the year immediately preceding that in which the Special Assessment isapproved shall require the approval of Declarant until the Declarant's Control Period ends. Afterthe Declarant's Control Period ends, any Special Assessment which would exceed twentypercent (20%) of the annual budget for the year immediately preceding that in which the SpecialAssessment is approved shall require the approval of Neighborhood Voting Representatives (ifCommon Expenses) or Owners (if Service Area Expenses) representing at least fifty-one percent(51%) of the total votes in the: (i) Master Association for Common Expense; or (ii) the ServiceArea for Service Area Expense allocated to Property Units which will be subject to such SpecialAssessment. Special Assessments shall be payable in such a manner and at such times asdetermined by the Board, and may be payable in installments extending beyond the fiscal year inwhich the Special Assessment is approved.

3.3.7 Right to Contract. The Master Association shall have the right to contractwith any Person for the performance of various duties and functions. This right shall include,without limitation, the right to enter into common management, operational, or other propertyowners agreements with trusts, condominiums, cooperatives, or other property owners or similarassociations, within and outside the Property; provided, any common management agreementshall require the consent of a majority of the total number of directors of the Master Association.

3.3.8 Enforcement. In addition to such other rights as are specifically grantedunder the Declaration, the Board shall have the power to impose interest, late charges andmonetary fines, which shall constitute a lien upon the Property Unit of the violator, to suspend anOwner's right to vote, and suspension of an Owner's right to use any Recreational Facilitieswithin the Common Property for violation of any duty imposed under the Use Restrictions andRules provisions of the Declaration, these Bylaws, or any rules and regulations duly adoptedhereunder. In addition, the Board may suspend any services provided by the Master Associationto an Owner or the Owner's Property Unit if the Owner is more than thirty (30) days delinquentin paying any assessment or other charge owed to the Master Association. In the event that anylessee, occupant, guest or invitee of a Property Unit violates the Declaration, Bylaws, or a Ruleor Regulation and a fine is imposed, the fine shall first be assessed against the lessee, occupant,guest or invitee; provided, however, if the fine is not paid by the lessee, occupant, guest orinvitee within the time period set by the Board, the fine shall be assessed against the PropertyUnit and Owner thereof upon notice from the Master Association. The failure of the Board toenforce any provision of the Use Restrictions or Rules and Regulations of the Declaration,Bylaws or any rules or regulations adopted hereunder shall not be deemed a waiver of the rightof the Board to do so thereafter.

3.3.9 Demand Prior to the imposition of any sanction hereunder, the Board, orits delegate, shall serve a written demand to cease and desist to an alleged violator specifying (i)the alleged violation; (ii) the action required to abate the violation; and (iii) a time period which,except in emergency situations, shall not be less than fifteen (15) days, during which theviolation may be abated without further sanction, if such violation is a continuing one, or astatement that any further violation of the same rule may result in the imposition of a sanctionafter notice and hearing if the violation is not continuing.

3.3.10 Notice. At any time falling within twelve (12) months after a demand, ifthe violation continues past the period allowed in the demand for abatement without penalty, or

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if the same rule is subsequently violated, the Board, or its delegate shall serve the allegedviolator with written notice describing (i) the nature of the alleged violation, (ii) the proposedsanction to be imposed, (iii) the time and place of a hearing before the Board pursuant to Section3.3.11, which shall not be less than fifteen (15) days from the giving of the notice; and (iv) aninvitation to attend the hearing and produce any statement, evidence and witness on their behalf.The Board may, but shall not be obligated to, suspend any proposed sanction if the violation iscured prior to the hearing date. Such suspension shall not constitute a waiver of the right tosanction future violations of the same or other provisions and rules by any person.

3.3.11 Hearing. The hearing shall be held before a hearing tribunal of no lessthan three (3) individuals who are not officers, directors or employees of the Master Association.The alleged violator shall be afforded a reasonable opportunity to be heard. Prior to theeffectiveness of any sanction hereunder, proof of proper notice and the invitation to be heardshall be placed in the minutes of the meeting. Such proof shall be deemed adequate if a copy ofthe notice, together with a statement of the date and manner of delivery, is entered by the officer,director, or agent who delivered such notice. The notice requirement shall be deemed satisfied ifthe alleged violator or its representative appears at the meeting. The minutes of the meeting shallcontain a written statement of the results of the hearing and the sanction, if any, imposed.

3.3.12 Appeal. Following a hearing, the violator shall have the right to appealthe decision to the Board. To protect this right, a written notice of appeal must be received bythe manager, President, or Secretary of the Master Association within ten (30) days after thehearing.

3.3.13 Additional Enforcement Rights. Notwithstanding anything to the contraryin this Section, the Board may elect to enforce any provision of the Declaration, these Bylaws, orthe rules of the Master Association by self-help (specifically including, but not limited to, thetowing of vehicles that are in violation of parking rules and regulations), or, if applicable, by suitat law or in equity to enjoin any violation or to recover monetary damages or both, without thenecessity of compliance with the procedure set forth above. In any such action, to the maximumextent permissible, the Owner (and the occupant responsible for the violation of which abatementis sought if other than the Owner) shall pay all costs, including reasonable attorneys' fees,paralegal fees and other professional fees actually incurred.

3.3.14 Sanctions. The Board may levy reasonable fines, not to exceed onehundred dollars ($100.00) per violation. The fine for a continuing violation shall not exceed TenThousand and No/100 Dollars ($10,000.00), or such other amount as the Board shall determine,in its sole and absolute discretion.

3.3.15 Variance. The Board may, but shall not be required to, authorizevariances from compliance with the Use Restrictions or Rules and Regulations of theDeclaration, these Bylaws or any rules and regulations adopted hereunder, when circumstancessuch as hardship, warrants such variance, as it may determine in its sole discretion. Suchvariances shall be granted only when, in the sole judgment of the Board, unique circumstancesexist, and such a variance will not conflict with the Laureate Park Standard. A Member shall nothave an absolute right to demand or obtain a variance.

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A Member must request a variance in writing to the Board, at least sixty (60) daysprior to the date of the annual meeting of the Master Association. Upon notification of a variancerequest, the Board must provide notice of a variance request to all Members within one hundredand fifty feet (150') of the Property Unit requesting a variance, The notice of a variance requestmust be provided to the Owners no less than fifteen (15) days, nor more than thirty (30) days,prior to the Master Association's annual meeting. Variance requests, if any, shall beincorporated into the annual meeting's agenda. The Board may consider the number of priorvariances granted to a Property Unit, as part of the variance review process.

No variance shall be effective unless in writing by the Board, or estop the Boardfrom denying a variance in other circumstances. Variances granted under this Section forpurposes other than construction are subject to annual renewal. The reviewing entity reservesthe right to deny or not renew any variance upon annual evaluation.

3.4 Officers.

3.4.1 Officers. The officers of the Master Association shall be a President, VicePresident, Secretary, and Treasurer and shall be elected by the Board. The President andSecretary shall be elected from among the members of the Board; other officers may, but neednot be members of the Board. The Board may appoint such other officers, including one (1) ormore Assistant Secretaries and one (1) or more Assistant Treasurers, as it shall deem desirable,such officers to have the authority and perform the duties the Board prescribes. Any two (2) ormore offices may be held by the same person, except the offices of President and Secretary.

3.4.2 Election and Term of Office. The Board shall elect the officers of theMaster Association at the first meeting of the Board following each annual meeting of the MasterAssociation.

3.4.3 Removal and Vacancies. The Board may remove any officer whenever inits judgment the best interests of the Master Association will be served, and may fill any vacancyin any office arising because of death, resignation, removal, or otherwise, for the unexpiredportion of the term.

3.4.4 Powers and Duties. The officers of the Master Association shall eachhave such powers and duties as generally pertain to their respective offices, as well as suchpowers and duties as may specifically be conferred or imposed by the Board. The President shallbe the chief executive officer of the Master Association. The Treasurer shall have primaryresponsibility for the preparation of the budget as provided for in the Declaration and maydelegate all or part of the preparation and notification duties to a finance committee,management agent, or both.

3.4.5 Resignation. Any officer may resign at any time by giving written noticeto the Board, the President, or the Secretary. Such resignation shall take effect on the date of thereceipt of such notice or at any later time specified therein, and unless otherwise specifiedtherein, the acceptance of such resignation shall not be necessary to make it effective.

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3.4.6 Agreements, Contracts, Deeds, Leases, Checks, Etc. All agreements,contracts, deeds, leases, checks, and other instruments of the Master Association shall beexecuted by at least two (2) officers or by such other person or persons as may be designated byBoard resolution.

3.4.7 Compensation. Compensation of officers shall be subject to the samelimitations as compensation of directors under Section 3.2.7.

3.5 Committees.

3.5.1 General. The Board may appoint such committees as it deems appropriateto perform such tasks and to serve for such periods as the Board may designate by resolution.Each committee shall operate in accordance with the terms of such resolution.

3.6 Miscellaneous.

3.6.1 Fiscal Year. The fiscal year of the Master Association shall be thecalendar year unless the Board establishes a different fiscal year by resolution.

3.6.2 Parliamentary Rules. Except as may be modified by Board resolution,Robert Rules of Order (current edition) shall govern the conduct of Master Associationproceedings when not in conflict with Florida law, the Articles of Incorporation, the Declaration,or these Bylaws.

3.6.3 Conflicts. The Declaration shall take precedence over conflictingprovisions in the Articles of Incorporation, Bylaws, the Rules and Regulations and the DesignReview Manual, and the Articles of Incorporation shall take precedence over the Bylaws of theMaster Association, the Rules and Regulations and the Design Review Manual. The Bylaws ofthe Master Association shall take precedence over the Rules and Regulations and the DesignReview Manual. The Rules and Regulations shall take precedence over the Design ReviewManual.

3.6.4 Books and Records.

(a) Inspection by Members and Mortgagees. The Board shall makeavailable for inspection and copying by any holder, insurer or guarantor of a first Mortgage on aProperty Unit, any Member, or the duly appointed representative of any of the foregoing at anyreasonable time and for a purpose reasonably related to his or her interest in a Property Unit: theDeclaration, Bylaws, and Articles of Incorporation, including any amendments, the rules of theMaster Association, the membership register, books of account, copies of any plans,specifications, permits and warranties related to improvements constructed on the CommonArea, the Master Association's insurance policies, a copy of all contracts to which the MasterAssociation is a party, any bids received by the Master Association, and the minutes of meetingsof the Members, the Board, and committees. The Board shall provide for such inspection to takeplace at the office of the Master Association or at such other place within the Property as theBoard shall designate. The Board shall provide for the inspection within ten (10) business daysof the Master Association's receipt of written notice of the desire for inspection.

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(b) Rules for Inspection. The Board shall establish reasonable ruleswith respect to:

(i) notice to be given to the custodian of the records;

(ii) hours and days of the week when such an inspection maybe made; and

(iii) payment of the cost of reproducing copies documentsrequested.

(c) Inspection by Directors. Every director shall have the absoluteright at any reasonable time to inspect all books, records, and documents of the MasterAssociation and the physical Property owned or controlled by the Master Association. The rightof inspection by a director includes the right to make one (1) copy of relevant documents at theexpense of the Master Association.

3.6.5 Notices. Unless otherwise provided in these Bylaws, all notices, demands,bills, statements, or other communications under these Bylaws shall be in writing and shall bedeemed to have been duly given if delivered personally or if sent by United States Mail, firstclass postage prepaid:

(a) if to a Member or Neighborhood Voting Representative, at theaddress which the Member or Neighborhood Voting Representative has designated in writingand filed with the Secretary or, if no such address has been designated, at the address of theProperty Unit of such Member or Neighborhood Voting Representative;

(b) if to the Master Association, the Board, or the managing agent, atthe principal office of the Master Association or the managing agent, if any, or at such otheraddress as shall be designated by notice in writing to the Members pursuant to this Section; or

(c) if to any committee, at the principal address of the MasterAssociation or at such other address as shall be designated by notice in writing to the Memberspursuant to this Section.

3.7 Amendment.

3.7.1 By Declarant. Until Declarant's Control Period ends, Declarant mayunilaterally amend the Bylaws for any purpose, except as otherwise prohibited by law.

3.7.2 By Members Generally. After Declarant's Control Period ends, theseBylaws may be amended only by the affirmative vote or written consent, or any combinationthereof; of Neighborhood Voting Representatives representing two-thirds (2/3) of the total votesin the Master Association, provided, however, the percentage of votes necessary to amend aspecific clause shall not be less than the prescribed percentage of affirmative votes required foraction to be taken under that clause; and further provided, if such amendment materially andadversely alters or changes any Owner's right to the use and enjoyment of his Property Unit ofthe Common Area as set forth in the Declaration or materially and adversely affects the

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marketability of title to any Property Unit, such amendment shall be valid only upon the writtenconsent thereto by a majority in number of the then existing Owners affected thereby.

3.7.3 Validity and Effective Date of Amendments. Amendments to theseBylavvs shall become effective upon recordation in the Public Records of Orange County,Florida, unless a later effective date is specified therein. Any procedural challenge to anamendment must be made within six (6) months of its recordation or such amendment shall bepresumed to have been validity adopted. In no event shall a change of condition orcircumstances operate to amend any provisions of these Bylaws.

If an Owner consents to any amendment to the Declaration of these Bylaws, itwill be conclusively presumed that such Owner has the authority so to consent and no contraryprovision in any Mortgage or contract between the Owner and a third party will affect thevalidity of such amendment.

No amendment may remove, revoke, or modify any right or privilege of withoutthe written consent of Declarant or the assignee of such right or privilege

CERTIFICATION

I, the undersigned, do hereby certify:

That I am the duly elected and acting Secretary of the Laureate Park Master Association,Inc., a not-for-profit Florida corporation;

That the foregoing Bylaws constitute the original Bylaws of said Master Association, asduly adopted at a meeting of the Board thereof held on the ;2 3 i'at day of

m , 20 l (

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed the seal ofsaid Master Association this ,23 r4r day of ne— , 20 1,1 .

Secretary[SEAL]

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EXHIBIT "E"

USE RESTRICTIONS

The following restrictions shall apply to the Property subject to the Declarationuntil such time as they may be modified, amended, repealed or limited pursuant to ArticleIV of the Declaration.

(a) Animals and Pets. No animals of any kind, including livestock andpoultry, shall be raised, bred, or kept on any portion of the Property, except that for eachresidential dwelling unit there shall be permitted a reasonable number of usual andcommon household pets, as determined in the Board's discretion, and, except for horsesthat are boarded at an equestrian center. Pets which are permitted to roam free, or, in theMaster Association's sole discretion, endanger the health, make objectionable noise, orconstitute a nuisance or inconvenience to other Owners or residents of any portion of theProperty shall be removed upon the Board's request at the Owner's expense. If theOwner fails to honor such request, the Board may cause the pet to be removed at theOwner's expense. No pets shall be kept, bred, or maintained for any commercialpurpose. All pets shall be kept on a leash or otherwise confined in a manner acceptableto the Board whenever outside a structure. The Board may from time to time, publishand impose reasonable regulations setting forth the type and number of animals that maybe kept on the Property.

(b) Firearms; Fireworks. The use and discharge of firearms within theProperty is prohibited. The term "firearms" includes "B-B" guns, pellet guns, and otherfirearms of all types, regardless of size. The use and discharge of fireworks is prohibitedexcept by license granted by the Master Association.

(c) Nuisances. No Owner shall engage in any activity which is illegal,unpleasant, unsightly or offensive, which is an unreasonable annoyance, nuisance orsafety hazard, whether public or private, to residents in the immediate vicinity or to theProperty in general, which materially disturbs or destroys the vegetation, wildlife, or airquality within the Property, which results in unreasonable levels of sound or lightpollution, or which causes unreasonable interference with the comfortable and quiet use,occupation or enjoyment of any portion of the Property.

(d) Garages. No garage may be closed in or converted to a use other than for,motor vehicle parking and storage of items commonly kept in residential garages (e.g.,bicycles, gardening equipment, tools, etc.). The Board may promulgate additional rulesregulating usage of garages and parking of vehicles if the Board deems such rulesdesirable in order to preserve adequate on-street parking. Except during periods of theiractual use and operation, all garage doors or any Property Unit shall be kept andmaintained in the closed position.

(e) Exterior Lighting. Excessive exterior lighting on any Property Unit isprohibited. In its sole discretion, the Declarant or the Design Review Board, as

4814-3742-9512.831762/0012 1

applicable, pursuant to the Declaration, shall determine whether any exterior lighting isexcessive.

(f) Storage of Goods. Storage (except in approved structures or containers) offurniture, fixtures, appliances, machinery, equipment, or other goods and chattels on theCommon Area (except by the Master Association), or, if not in active use, any portion ofa Property Unit which is visible from outside the Property Unit is prohibited.

(g) Prohibited Conditions. The following conditions, structures, or activitiesare prohibited on any Property Unit:

(i) Dog runs and animal pens of any kind, unless properly screenedand approved in accordance with the Declaration;

(ii) Tents, trailers, shacks or other structures of a temporary nature onany Property Unit except as the Declarant, or the Design Review Board if applicable,pursuant to the Declaration, may authorize during the initial construction ofimprovements within Laureate Park. Temporary structures used during the constructionor repair of a Parcel or Property Unit or other improvements shall be removedimmediately after the completion of construction or repair;

(iii) Permanent basketball goals, basketball standards, or backboardswhich are or would be visible from any street or Common Area; provided, portablebasketball goals may be used on a Property Unit without prior approval, but must bestored so as not to be visible from any street or Common Area overnight or otherwisewhen not in use. Except as provided above, there shall be no permanent athleticequipment (e.g., hockey or soccer nets or goals; skateboard, bicycle or rollerblade ramps,etc.) placed on any portion of a Property Unit that is visible from any street. Temporaryskateboard, bicycle and rollerblade ramps may not cause the user to be propelled ontoany street, sidewalk or alley. All portable athletic equipment shall be removed fromdriveways and placed in a home, garage or rear yard each night so as not be visible fromany street or Common Area;

(iv) Freestanding flagpoles, except installed by Builders on atemporary basis at model home complexes if approved by the Declarant or the DesignReview Board, as applicable, pursuant to the Declaration. Provided, flags may bedisplayed using a bracket or other approved device mounted to the residential dwellingunit so long as the size of the flag displayed does not exceed that of a standard UnitedStates flag (as determined in the discretion of the Declarant or the Design Review Board,as applicable, pursuant to the Declaration, and as may be set forth in the Design ReviewManual). Flags which are offensive in nature will not be permitted. Flags must be ingood condition and not torn or faded. No more than one flag may be attached to aresidential dwelling unit;

(v) Compost piles or containers and statues;

(vi) Outside clotheslines or other outside facilities for drying or airingclothes, unless fully screened from view from adjacent Property Units, Common Areas

4814-3742-9512.831762/0012 2

and streets by fencing or landscaping and in conformity with applicable provisions of theDesign Review Manual, if any, or Rules and Regulations adopted and promulgated by theMaster Association with respect thereto; and

(vii) Blinds, shades, screens, decorative panels, or other windowtreatments or coverings, except for draperies in or lined with white, off-white, or lightbeige, or vertical or horizontal blinds in white, off white or light beige, attached to, hung,or used in connection with any window or door in a residential dwelling unit in such amanner as to be visible from outside of the residential dwelling unit. Unless otherwiseapproved by the Declarant or the Design Review Board as applicable, any type ofreflective film or coating, including, but not limited to, aluminum foil, of any window,glass door, or glazed surface of any structure visible from outside the residential dwellingunit is prohibited.

In any event, and notwithstanding the above list of prohibited conditions, as setforth in the Declaration, any structure, improvement, or thing proposed for construction,erection, installation, or placement on a Property Unit requires approval in accordancewith the terms of the Declaration.

(h) Quiet Enjoyment. Nothing shall be done or maintained on any part of aProperty Unit which emits foul or obnoxious odors outside the Property Unit or createsnoise or other conditions which tend to disturb the peace, quiet, safety, comfort, orserenity of the occupants and invitees of other Property Units.

No noxious, illegal, or offensive activity shall be carried on upon any portion ofthe Property, which in the Board's reasonable determination tends to causeembarrassment, discomfort, annoyance, or nuisance to others.

(i) Signs. No signs, including, without limitation, posters, circulars, andbillboards, shall be erected within the Property on Residential Property Units, whetherexterior to the residential dwelling unit or attached to other areas of the residentialdwelling unit (such as windows) visible from the exterior of the Residential PropertyUnit, except those required to be permitted by law; provided, the following types of signsmay be erected on a Residential Property Unit without the Board's written consent: (i)residential identification signs of a face area of 75 square inches or less for identificationof the occupant and its address, in a style designated by the Design Review Manual orapproved by the Design Review Board; (ii) one temporary sign of customary size, asdetermined by the Design Review Board, for the purpose of advertising the ResidentialParcel or Property Unit for sale or rent; and (iii) security signs of a face area of 75 squareinches or less, in a style and location designated by the Design Review Manual orapproved by the Design Review Board. This restriction shall not apply to signs installedby the Declarant or to entry, directional, and marketing signs installed by the Builder (ifapproved by the Declarant). The Master Association shall have the right to erect signs onthe Common Area. Separate restrictions for signage on Commercial Property Units maybe established by the Board from time to time.

(j) Holiday Decorations. Owners may display holiday decorations located orvisible from outside their residential dwelling unit if the decorations are of the kinds

4814-3742-9512.831762/0012 3

normally displayed in single family residential neighborhoods, are of reasonable size andscope, and do not disturb other Owners and residents by excessive light or soundemission or by causing an unreasonable amount of spectator traffic. Holiday decorationsmay be displayed in season only from November 1 to January 31 and, during other timesof the year, from one week before to one week after any nationally recognized holidays.

(k) Antenna and Satellite Dishes. No antenna, satellite dish, or other devicefor the transmission or reception of television, intemet, digital or radio signals (includingthose for amateur or ham radios) is permitted outside a residential dwelling, except asapproved by the Declarant or the Design Review Board, as applicable, pursuant to theDeclaration, or except those devices whose installation and use is protected under federalor state laws or regulations (generally, certain antennae under one meter in diameter).Notwithstanding such protection, an application for such an antenna or other device mustbe submitted to the Declarant or Design Review Board, as applicable, pursuant to theDeclaration, for approval and approval will be granted only if:

(i) First, the antenna or other device is designed for minimal visualintrusion (i.e., is located in a manner that minimizes visibility from the street or anadjacent Property Unit and is consistent with the Laureate Park Standard); and

(ii) Second, the antenna or other device complies to the maximumextent feasible with the Design Review Manual within the confmes of applicable federaland state regulations (i.e., without precluding reception of a quality signal orunreasonably increasing the cost of the antenna or device).

The Declarant or the Design Review Board, as applicable, pursuant to theDeclaration, shall consider any such application on an expedited basis.

Notwithstanding the above, the Declarant and/or the Master Association mayerect an antenna, satellite dish, or other apparatus for Communication Services, a masterantenna, cable, internet, digital or other communication system for the benefit of all or aportion of Laureate Park or the Lake Nona DRI/PD, should any master system or systemsbe used by the Master Association and require such exterior apparatus.

(1) Trash Containers and Collection. No garbage or trash shall be placed orkept on any Property Unit, except in covered containers of a type, size, and style whichare pre-approved by the Design Review Board or specifically permitted under the DesignReview Manual, or as required by the applicable governing jurisdiction. Such containersshall be screened from view of any adjacent Property Units, Common Areas and Streets,except when they are being made available for collection and then only 12 hours beforesuch collection, and shall be kept in a clean condition with no noxious or offensive odorsemanating therefrom. Rubbish, trash, and garbage must be removed from the PropertyUnits and may not accumulate on any Property Unit. Outdoor incinerators may not bekept or maintained on any Property Unit. Except when placed curb-side on the day of orthe night before regularly scheduled garbage and trash pick-up days, all garbage and trashcontainers and bags and the like shall be kept in a closed garage or other approvedoutbuilding or placed inside of or behind opaque walls, fences or hedges attached to andmade part of the Property Unit or any garage or other outbuilding or otherwise in

4814-3742-9512.8

31762/0012 4

conformity with applicable provisions of the Design Review Manual. With respect to anyProperty Units abutting alleys, Owners of such Property Units shall be required to placeany garbage and trash containers, bags and the like on the same side of the alley, whichshall be the side of the alley accessible to the garbage trucks when passing through thealleys for purposes of trash pick-up.

(m) Pool Equipment. All pool equipment located or stored on any PropertyUnit shall be screened from view from outside the Property Unit, as required by theDeclarant on the Design Review Board, as applicable, pursuant to the Declaration.

(n) Unsightly or Unkempt Conditions. All portions of a Property Unit outsideenclosed structures shall be kept in a clean and tidy condition at all times. No rubbish ordebris of any kind shall be placed or permitted to accumulate upon or adjacent to anyProperty Unit in a manner which is unsanitary, unsightly, offensive or detrimental to anyother portion of the Property, as determined by the Board. No improvement on aProperty Unit shall be permitted to fall into a state of disrepair.

Woodpiles or other material shall be properly screened and stored in such amanner so as not to attract rodents, snakes, and other animals and/or create a fire hazard,as the Board determines. No activities shall be conducted upon or adjacent to anyProperty Unit or within any structure on a Property Unit which are or might be unsafe orhazardous to any Person or property. No Owner shall discharge or allow to be dischargedany pollutants, hazardous waste, or toxic material and in the event of such discharge shallbe liable for all cleanup and cost incurred in connection therewith. Open fires areprohibited within Laureate Park, except in a contained outdoor fireplace or except in abarbecue unit while attended and in use for cooking purposes.

(o) Vehicles and Parking. As used in this Section, the term "vehicles"includes, without limitation, automobiles, trucks, boats, trailers, mobile homes, motorhomes, house trailers, motorcycles, campers, vans, recreational vehicles, boats, boattrailers, horse trailers or vans, or similar vehicles or equipment.

No vehicles may be parked on any portion of a Property Unit other than in anenclosed garage, a paved driveway or other paved parking space installed with theapproval of the Declarant or the Master Association, whichever has architectural approvalrights hereunder. There shall be no vehicle parking on lawns, or mulch pads, or parkingin a driveway other than perpendicular to the garage door provided that any vehicleparked in a driveway may not extend beyond the end of such driveway. No Person shallpark any recreational vehicles, mobile homes, trailers, campers, motorcycles, boats orother watercraft, stored vehicles, commercial vehicles (including all vehicles withcommercial lettering or logos), and unlicensed vehicles or inoperable vehicles within aProperty Unit used for residential purposes other than in enclosed garages. This Sectionshall not apply to emergency vehicle repairs or to construction, service, public safety anddelivery vehicles for periods necessary to perform the services or make a delivery, nor toany vehicles in Laureate Park pursuant to the written authorization of the Declarant. TheMaster Association shall be allowed to maintain and store any of its vehicles, includingwithout limitation, maintenance vehicles on specific areas of the Property as necessaryfor the performance of its obligations under the Governing Documents.

4814-3742-9512.831762/0012

No vehicle may be parked on any public or private Streets or alleys, or on anyCommon Area except as otherwise expressly permitted hereunder or pursuant to rulesand regulations promulgated by the Board from time to time. Parking within CommonAreas shall be permitted only in designated parking spaces, shall not be used forovernight parking, and shall be subject to any rules and regulations promulgated by theBoard from time to time. Parking within public or private Streets shall be permitted,subject to the limitations set forth herein regarding the number of vehicles that may beparked within the Property per Residential Property Unit. For purposes hereof, thephrase "overnight parking" shall mean parking of any vehicle during the hours of 12:00midnight and 6:00 a.m.

The following shall serve as the parking regulations governing the Property:

(a) for each Residential Property Unit, the Owner (and any tenants)thereof shall be required to park all vehicles belonging to or under thecontrol of such Owner (and any tenants) thereof within authorizedspaces and shall be prohibited from parking within the Property morethan the number of vehicles set forth below based on the number ofauthorized space(s) approved and installed within such ResidentialProperty Unit:

# of Cars Permitted to beSpaces(s)Parked Within the Property Authorized

1 2

2 3

3 4

4 4

For purposes hereof, the phrase "authorized space(s)" shall mean thenumber of spaces within an enclosed garage; however, if a ResidentialProperty Unit has a driveway with a setback equal to or greater thansixteen feet (16') between the Street and the enclosed garage, then thephrase "authorized space(s)" shall mean the number of spaces withinthe enclosed garage multiplied by the number two (2). For example, ifa Residential Property Unit has a 2-car, enclosed garage and adriveway with a minimum setback of sixteen feet (16'), then theOwner (and all tenants) of such Residential Property Unit shall bepermitted to park up to four (4) vehicles within the Property.Notwithstanding anything contained herein to the contrary, theforegoing restriction on the number of vehicles per ResidentialProperty Unit that is permitted to be parked within the Property shallnot apply to guests and invitees of Owners (and any tenants) ofResidential Property Units; or

4814-3742-9512 831762/0012 6

(b) parking of commercial vehicles or equipment, mobile homes,boats, recreational vehicles, trailers, or storage of inoperable vehiclesanywhere within the Property other than in enclosed garages(including, without limitation, on public or private Streets within,adjacent to and around the perimeter of the Property), provided, furtherthat the Board may adopt, from time to time, reasonable regulationsregarding guest and commercial parking. The definition of"commercial vehicles" shall initially mean any truck, motor home, busor van of greater than three-quarter (3/4) ton capacity, any vehicle,trailer or other apparatus, with a sign displayed on any part thereof,advertising any kind of business, and any vehicle, trailer or otherapparatus on or within which any commercial materials and/or toolsare visible. The term "commercial vehicles" shall not mean or includeany vehicle with a handicapped license plat or decal duly issued byany Governmental Authority, and such term may be modified fromtime to time by the Board. In addition, the foregoing prohibition ofparking commercial vehicles or equipment anywhere within theProperty other than in enclosed garages shall not be applicable tocommercial vehicles and equipment which are present due to workbeing performed on a Property Unit. The Owner of a Property Unitmay also park a commercial vehicle on the Property Unit for amaximum of four (4) hours in any twenty-four (24) hour period.

Notwithstanding the above, for purposes of cleaning, loading, unloading, andshort term parking, recreational vehicles may be parked within the Property for 72 hoursper calendar month.

Separate use restrictions for parking of vehicles for Commercial Property Unitsmay be established by the Board from time to time.

(p) Wetlands, Lakes, and Other Water Bodies. Except for fishing from thebanks of designated bodies of water, if any, wetlands, lakes, ponds, and streams withinthe Property serve as aesthetic amenities only, and no active use of lakes, ponds, streams,or other bodies of water within the Property is permitted. The Master Association shallnot be responsible for any loss, damage, or injury to any person or property arising out ofthe authorized or unauthorized use of lakes, ponds, streams, or other bodies of waterwithin or adjacent to the Property.

(q) Solar Equipment. No solar heating equipment or device is permittedoutside the residential dwelling unit except such devices whose installation and use isprotected by federal or Florida law. Notwithstanding such protection, an application forsuch equipment or device must be submitted for approval under the Declaration prior toinstallation, and approval will be granted only if:

(i) First, such equipment or device is designed for minimal visualintrusion when installed (i.e. , is located in a manner which minimizes visibility from the

4814-3742-9512 831762/0012 ' 7

street or an adjacent Property Unit and is consistent with the Laureate Park Standard);and

(ii) Second, the equipment or device complies to the maximum extentfeasible with the Design Review Manual within the confines of the applicablegovernmental regulations.

(r) Storage Tanks. Except for propane tanks attached to portable grills, nostorage tanks, including but not limited to, those for water, oil, propane gas or other gas,liquid, fuels or chemicals, including those used for swimming pools or similar uses, shallbe permitted outside of a building on a Property Unit unless the same shall beunderground or screened from view in conformity with applicable law and otherwiseapproved as provided in the Declaration. In no event shall the same be visible from anyadjacent or neighboring Property Unit, Common Area or street.

(s) Air Conditioning and Heating Equipment. All air conditioning andheating equipment shall be screened from view in the manner contained in the DesignReview Manual, and approved in accordance with the Declaration.

(t) Walls, Fences and Shutters. No wall or fence shall be constructed on anyProperty Unit until its height, location, design, type, composition and material shall havefirst been approved by the Declarant or the Design Review Board, as applicable, pursuantto the Declaration. Hurricane or storm shutters may be used on a temporary basis, butshall not be stored on the exterior of any Improvements unless approved by the Declarantor the Design Review Board, as applicable, pursuant to the Declaration.

(u) Wells. No well or other structure or facility for the extraction of water orother liquid from the ground shall be permitted without the express written approval ofthe Declarant, which consent may be granted or denied in the Declarant's sole andabsolute discretion.

(v) Mailboxes. No mailbox or paper box or other receptacles of any kind foruse in the delivery of mail or newspapers or magazines or similar material shall beerected on a Property Unit unless and until the size, location, design and type of materialof said boxes or receptacles shall have been approved by the Declarant or the DesignReview Board, as applicable, pursuant to the Declaration.

(w) Wildlife. Capturing, killing or trapping wildlife is prohibited within theProperty, except in circumstances imposing an immediate threat to the safety of Personsor pets.

4814-3742-9512 831762/0012 8

EXHIBIT "F"

ASSESSMENT AND VOTING FORMULA

1. Residential Assessment. Unless otherwise provided in the Declaration or in aSupplement to the Declaration, all single-family Residential Property Units(exclusive of Residential Property Units which are comprised of plattedtownhomes, duplexes, triplexes, or big houses) and Condominium Property Unitssubject to this Declaration shall be allocated one "Assessment Unit." Unlessotherwise provided in the Declaration or in a Supplement to the Declaration, eachindividual unit comprising of all platted townhomes, duplexes, triplexes, and bighomes included in Residential Property Units subject to this Declaration shall beallocated 75% of one Assessment Unit (.75 of one Assessment Unit). Unlessotherwise provided in the Declaration or in a Supplement to the Declaration, allResidential Property (e.g. each individual unit comprising of any apartment)subject to this Declaration shall be deemed one Property Unit and allocated 75%of one Assessment Unit (.75 of one Assessment Unit). Assessments shallcommence on a Property Unit as provided in the Declaration or in a Supplementto the Declaration. Unless otherwise provided in the Declaration or in aSupplement to the Declaration, the Residential portion of a Mixed-Use PropertyUnit subject to this Declaration shall be allocated 75% of one Assessment Unit(.75 of one Assessment Unit). The Commercial portion of a Mixed-Use PropertyUnit shall be allocated Assessment Units so provided in Paragraph 2 below.

2. Commercial Assessment. Unless otherwise provided in the Declaration or in aSupplement to the Declaration, all Commercial Property Units, InstitutionalProperty Units, and the Commercial Portion of any Mixed-Use Property Unitsshall be allocated one (1) Assessment Unit for each 2,500 gross square feet, orfraction thereof, of Improvements located thereon or the maximum gross squarefeet entitled to be located thereon if such Property Unit is unimproved. Forexample, a Commercial Property Unit with 3,000 gross square feet ofImprovements located thereon shall be allocated two Assessment Units. AnyImprovements on a Commercial Property Unit, Institutional Property Unit, or onthe Commercial portion of a Mixed-Use Property Unit owned by or leased to theMaster Association or any District shall be exempt from Assessments. If aportion of an Improvement on a Commercial Property Unit or on the Commercialportion of a Mixed-Use Property Unit is owned by or leased to the MasterAssociation, only that portion of the Improvement shall be exempt fromAssessments. The Residential portion of a Mixed-Use Property Unit shall all beallocated Assessment Units as provided in Paragraph 1 above.

3. To determine a Property Unit's share of an Assessment, the total number ofAssessment Units allocated to all Property Units which are subject to suchAssessment shall be divided into the total amount of such Assessment todetermine the "Assessment per Assessment Unit". Then, for any individualProperty Unit, such Property Unit's share of such Assessment shall be equal to the

4823-3035-8280.431762/0012

number of Assessment Units allocated to such Property Unit multiplied by theAssessment per Assessment Unit.

4. For purposes of this Exhibit "F", an Improvement shall only include the primarybuildings, and shall specifically exclude any ancillary structures and otherphysical improvements and shall further exclude roads, paved areas, swimmingpools, golf courses and other similar "outdoor" facilities. For purposes hereof,"gross square feet" shall be calculated as the floor area measured to the exteriorface of walls, including access halls and excluding areas for vehicular storage andmechanical service equipment.

VOTING FORMULA (RESIDENTIAL AND COMMERCIAL UNITS)

1. A Property Unit shall have the number of votes equivalent to the number ofAssessment Units or portions thereof allocated to the Property Unit, which voteshall be exercised by the Neighborhood Voting Representative as provided in theDeclaration, unless such vote must be specifically exercised by the Owner asprovided in the Declaration. In the case of a Property Unit with less than oneAssessment Unit allocated thereto, such Property Unit shall have a fractional voteequivalent to the fraction of an Assessment Unit allocated to it (e.g., a plattedtownhouse Residential Property Unit shall have allocated to it a .75 vote, while aplatted single family Residential Property Unit shall have allocated to it one (1)vote).

4823-3035-8280.431762/0012

EXHIBIT "G"

Master Association Trees

G-14851-6864-0263.1231762/0012

EXHIBITLAUREATE PARK PHASE 1A

(PLAT BOOK 75, PAGES 124-132)

0 = APPROXIMATE LOCATION OF TREE

SULSTON STREET

TRACT0S-2

147

VONER PESE 146 0

166167168169170

148149

151

163 162161 160

m

150 0

Lo tnin in

LAUREATE BOULEVARD

Note: This Exhibit depicts the approximate location of trees

that are planned within residential lots based on information

provided to Donald W. McIntosh Associates, Inc.. JUNE 16, 2011

200 0 200

Scale: 1" = 200'

I DE NOG NI N EAELRDs EN W.No M c I Isli p TLANNE

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2200 PARKCERTIFICATE OF AUTHORIZATION NO. LB68

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EXHIBIT "H"

PROVISIONS AFFECTING ATTACHED UNITS

This Exhibit "H" is incorporated in and made a part of the foregoing Declaration.This Exhibit "H" contains provisions specific to Attached Units (as hereinafter defined),which provisions are in addition to, and not in lieu of, those provisions in this Declarationapplicable to all Property Units, including Attached Units. In the event of a conflictbetween a provision contained in this Exhibit "H" and a provision contained elsewherein this Declaration, with respect to Attached Units only, the provision contained in thisExhibit "H" shall control.

1. DEFINITIONS.

(a) "Attached Unit" shall mean a townhome, duplex, big home or otherResidential Property Unit which shares one or more party walls with an adjacentResidential Property Unit. A fence or wall which runs perpendicular to the side wall of aResidential Property Unit constructed on a Attached Unit Common Boundary, whichconnects such Residential Property Unit to an adjacent Residential Property Unit which isnot constructed on the Attached Unit Common Boundary, and which merely is presentfor aesthetic purposes, does not render such Residential Property Units "Attached Units"for purposes of this definition.

(b) "Attached Unit Building Deductible" shall mean the amount of thedeductible applicable to and payable for a particular Multi-Unit Building under theAssociation Multi-Unit Insurance due to an insured casualty or loss.

(c) "Attached Unit Common Boundary" is that portion of the side lot lineforming the common boundary line between any two (2) adjoining Attached Units.

(d) "Attached Unit Easement Area" shall mean that area which lies betweenthe Attached Unit Common Boundary and a line parallel to and ten feet (10') from suchAttached Unit Common Boundary.

(e) "Attached Unit Privacy Fence" shall mean any fence or wall, and itssupporting structure, and any gate therein, running either: (i) along the rear property lineof an Attached Unit, generally parallel to any alley adjacent thereto; or (ii) along andgenerally parallel to the side property line of an Attached Unit that constitutes the endUnit in a Multi-Unit Building (an "End Attached Unit"); provided, however, that suchfence or wall need not be contiguous to such rear or side property line; and providedfurther that if a fence or wall is on the Attached Unit Common Boundary of two (2)Attached Units which form the End Attached Units of different Multi-Unit Buildings andis not accessible from the adjacent street, or alley, such fence or wall shall not constitutean "Attached Unit Privacy Fence"; or (iii) between two (2) Multi-Unit Buildings andperpendicular to the side walls thereof. The definition of "Attached Unit PrivacyFence" shall not include any fence or wall that is built along an Attached Unit Common

4820-8824-5769.231762/0012

Boundary of two (2) Attached Units in the same Multi-Unit Building, nor shall it includeany fence or wall built on a detached Unit.

(f) "Attached Unit Privacy Landscaping" shall mean any hedge or similarlandscaping installed in lieu of an Attached Unit Privacy Fence where an Attached UnitPrivacy Fence would otherwise be installed, to enclose the side and/or rear yard of anyAttached Unit.

(g) "Attached Unit Private Zone" shall mean the portion of any side or rearyard of any Attached Unit that is enclosed by an Attached Unit Privacy Fence, AttachedUnit Privacy Landscaping, or the home and other improvements of an Attached Unit.Notwithstanding the foregoing, in the absence of either an Attached Unit Privacy Fenceor Attached Unit Privacy Landscaping on an Attached Unit, the area behind the dwellingon the Attached Unit shall be deemed to be an Attached Unit Private Zone as illustratedin Attachment "G-1" {TBD} attached hereto and made a part hereof by this reference.

(h) "Attached Unit Shared Elements" shall mean the party walls and allother improvements serving multiple Attached Units, which may include, at the MasterAssociation's discretion, improvements for which the costs of repair may not bepractically or reasonably allocated to a specific Attached Unit(s) (i.e., roofing).

(i) "Attached Unit-Unit Damage Allocation" shall mean the total repaircosts allocated to a particular Attached Unit due to a casualty to a Multi-Unit Building,which shall be the lesser of (a) the Attached Unit-Unit Deductible, or (b) the actual costof repairing the damage sustained to the improvements on such Attached Unit includingthe costs to repair any Attached Unit Shared Elements (subject to the provisions ofSection 4(w)(3) below).

(j) "Attached Unit-Unit Deductible" shall mean the deductible applicable toeach individual Attached Unit, which shall be determined by dividing the Attached UnitBuilding Deductible by the approximate average number of Attached Units in Multi-UnitBuildings within a Service Area, as determined by the Board from time to time. By wayof example only, if the Board determines the average number of Attached Units in Multi-Unit Buildings within a particular Service Area is five (5), and if the Attached UnitBuilding Deductible for an affected Multi-Unit Building is $2,500, and such affectedMulti-Unit Building contains three (3) Attached Units, then the Attached Unit BuildingDeductible of $2,500 shall be divided by five (5), and each affected Owner shall pay$500 as its Attached Unit-Unit Deductible, notwithstanding that there are only three (3)Attached Units in the affected Multi-Unit Building.

(k) "Attached Unit-Unit Deductible Reserve" shall mean those funds whichmay be collected as part of a Service Area Assessment as a Service Area Expense for thepurpose of funding deductibles, as described in Section 4(w) below, for future casualtiesor losses covered by the Association Multi-Unit Insurance.

(1) "Multi-Unit Building" shall mean a building containing two (2) or moreAttached Units.

4820-8824-5769.231762/0012

2. SERVICE AREAS.

The Owners in the Attached Unit Service Areas shall bear the costs incurred bythe Master Association to operate, maintain, repair and replace all Exclusive CommonArea situated therein and all costs incurred by the Master Association to provide theservices specified below, including, but not limited to, the cost of water and electricityused in connection with the Master Association's irrigation of landscaping, the cost ofany insurance provided by the Master Association on the Multi-Unit Buildings, and allother services or benefits provided by the Master Association to the Attached UnitService Areas (except for repair or replacement the need for which is caused by theconduct of an Owner, in which case the costs therefor shall be assessed against suchOwner and its Property Unit as a Specific Assessment pursuant to Section 7.8 of thisDeclaration).

3. MAINTENANCE RESPONSIBILITIES AND PROVISION OF SERVICES.

(a) Association Maintenance Responsibilities and Provision of Services. As aService Area expense included in each respective Attached Unit Service Area budget, theMaster Association shall be responsible for performing, or causing to be performed, onbehalf of the Owners of the Attached Units, the following, subject to the provisions ofSection 4.13 of this Declaration:

(1) maintenance, repair and replacement of such areas within theAttached Unit Service Areas as are conveyed to the Master Association as ExclusiveCommon Areas for the benefit of the Attached Unit Service Areas (which may include,without limitation, streets, streetlights, sidewalks, and entry features therein); provided,no portion of the Attached Unit Service Areas shall be dedicated or conveyed to theMaster Association as Exclusive Common Area until all improvements to be madethereto are completed, as determined in the reasonable judgment of Declarant, and havebeen inspected by the Master Association's designee and determined to be free ofmaterial defects in materials or workmanship;

(2) maintenance, including, mowing, fertilizing, watering, insectcontrol, pruning, and replacement as necessary, of all lawns and landscaping installed aspart of the initial construction of the Attached Units and any replacements thereof in thefront yard of any Attached Unit and in those portions of the rear and side yard of anyAttached Unit on the street or alley side of any Attached Unit Privacy Fence or AttachedUnit Privacy Landscaping, together with the portion of any Attached Unit PrivacyLandscaping visible and accessible from the adjacent street or alley. Such work shall notbe provided to any landscaping within any Attached Unit Private Zone, which shall bemaintained by the Attached Unit Owner; and

(3) maintenance, including, mowing, fertilizing, watering, insectcontrol, pruning and replacement as necessary, of all lawns and landscaping on allproperty adjacent to the Attached Units for which the Owners of the Attached Unitswould otherwise be responsible pursuant to this Declaration; and

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(4) maintenance of the following exterior portions of theimprovements constructed by the original builder on each Attached Unit:

painting of all exterior portions of the dwellings (includingthe exterior doors, shutters, and fascia thereof), carports, garages, garage doors, and anyAttached Unit Privacy Fence;

(ii) caulking of the exterior portions of all windows and doors;

(iii) repair and/or replacement, as necessary, of the shingles orcement tiles on the roofs of any dwelling and garage, including any exterior porch, patioor deck roof originally constructed with the dwelling;

(iv) pressure cleaning of lead walks, exterior front steps, andthe exterior walls of all dwellings and garages and the floor of any covered porch, patioor deck (but not any uncovered patio, porch or deck in the Attached Unit Private Zone);

(v) repair and replacement, if necessary, of any Attached UnitPrivacy Fence;

(vi) maintenance and replacement, as necessary, of theirrigation system (including, without limitation, any sprinklers, pumps, wells, water linesand time clocks, wherever located) serving those portions of the Attached Units andCommon Area adjacent to the Attached Units for which the Master Association isresponsible pursuant to this Declaration, which areas may be irrigated through a mastersystem and controllers operated by the Master Association, except that the MasterAssociation shall have no responsibility for any sprinklers or irrigation lines or equipmentinstalled within any Attached Unit Private Zone (other than to supply irrigation water tothe perimeter of such Attached Unit Private Zone from pipes outside of such AttachedUnit Private Zone) or for any sprinklers or irrigation lines or equipment installed by theOwner or occupant of any Attached Unit;

(vii) termite and other wood-destroying insect treatment of allexterior structural walls and foundations of the dwellings and garages. The MasterAssociation shall cause the repair or replacement of such portions of the dwellings andgarages caused by termite and other wood-destroying insect infestation; provided,however, the cost of such repair or replacement shall be the responsibility of theOwner(s) of the affected Attached Unit(s) and not the entire Service Area, and shall belevied as a Specific Assessment against such affected Attached Unit(s), to the extent notcovered under a bond or warranty or similar type of protection;

(viii) repair or replacement of any damaged garage door andexterior door hardware (but not garage door openers), and any other broken exterior doorand door hardware on any dwelling; provided, however, the cost of suchrepair/replacement shall be the responsibility of the Owner of the affected Attached Unitand not the entire Service Area; and repair or replacement of any portion of the home,garage and other improvements, which are damaged or destroyed by any casualty or otherevent that results in the Master Association being paid insurance proceeds on any

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insurance policy the Master Association obtains to insure casualty or damage to portionsof the home and other improvements, up to the limits of such insurance proceeds (thebalance of such cost being the responsibility of the Attached Unit Owner);

(ix) repair and/or replacement, as necessary, of exteriorshutters; and

(x) repair and/or replacement, as necessary, of rain guttersinstalled as part of the initial construction of the improvements on an Attached Unit orinstalled subsequently by the Master Association. Notwithstanding the foregoing, theMaster Association shall not be responsible for damage or erosion caused by water flowfrom any gutter or downspout or any other source.

(5) Notwithstanding the foregoing, in no event shall the MasterAssociation be responsible to maintain any landscaping or improvements added by anOwner to an Attached Unit (and no landscaping or improvements may be added withoutthe prior consent of the Declarant, during the Declarant's Control Period, and thereafterby the Design Review Board).

(b) Commencement of Maintenance Responsibilities. Notwithstanding theprovisions of Section 3(a) of this Exhibit "H":

(1) The Master Association's responsibilities pursuant to Section 3(a)of this Exhibit "H", except for repairs or replacements in the event of a fire or othercasualty covered by insurance maintained by the Master Association and then only to theextent of available insurance proceeds, shall not commence until a subdivision platsubdividing the Attached Units into separate residential lots has been approved by theCity of Orlando and recorded in the Public Records and, as to each item which is to bethe Master Association's maintenance responsibility hereunder, the construction orinstallation of such item is complete, the Master Association has been notified in writingand given at least ten (10) Business Days from the date of receipt of such notice toinspect the item to verify that it is complete and free from material defects, and theMaster Association has either indicated its acceptance of maintenance responsibility forsuch item in writing or failed to notify the responsible Builder in writing within such ten(10) day period of its rejection of such item and the reasons for such rejection, in whichcase it shall be deemed to have accepted the item. If the Master Association notifies theBuilder/Owner of its rejection of any item within such ten (10) day period, the item shallbe deemed incomplete and the process shall be repeated until the item is accepted ordeemed accepted. The Master Association shall not reject an item unless it determines, ingood faith, that there are material defects in the construction or installation of the item orthat it has not been completed in all material respects in accordance with the plansapproved by Declarant or the Master Association, if Declarant elected not to review suchplans. The Master Association shall be entitled to commence collection of all or portionsof the Service Area Assessments for all Attached Units in a Multi-Unit Building as soonas the Master Association commences expending amounts which benefit the AttachedUnits in such Service Area, notwithstanding the fact that the Master Association may not

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yet have assumed maintenance responsibilities for the Attached Units within such Multi-Family Building.

(2) The Master Association's responsibilities with respect to aparticular Attached Unit shall not commence, and notwithstanding anything to thecontrary in any contract or agreement between the Builder and any third party forpurchase of the Attached Unit, no Attached Unit shall be conveyed, without the priorwritten consent of the Master Association, to a person other than a Builder purchasing forthe purpose of constructing a dwelling thereon for resale, until: (i) completion ofconstruction of a dwelling and all related improvements thereon; (ii) issuance of acertificate of occupancy for such dwelling and related improvements by the City ofOrlando; (iii) written notice has been provided to the Master Association giving theMaster Association at least ten (10) Business Days from the date of receipt of such noticeto inspect the improvements to verify that those elements which are to be the MasterAssociation's responsibility to maintain hereunder are complete and free from materialdefects; and (iv) the Master Association has either indicated its acceptance ofmaintenance responsibility for such Attached Unit in writing or failed to notify theresponsible Builder in writing within such ten (10) day period of its rejection of suchAttached Unit and the reasons for such rejection, in which case it shall be deemed to haveaccepted the improvements on the Attached Unit. If the Master Association notifies theOwner or its Builder of its rejection of the improvements to any Attached Unit withinsuch ten (10) day period, the improvements shall be deemed incomplete and the processshall be repeated until the Attached Unit is accepted or deemed accepted. The MasterAssociation shall not reject any Attached Unit unless it determines, in good faith, thatthere are material defects in the construction or installation of the elements which are tobe the Master Association's maintenance responsibility or that such elements have notbeen completed in all material respects in accordance with the plans approved by theMaster Association, if Declarant has elected not to exercise its rights to approve suchplans.

(c) Any dispute between the Master Association and any Builder relating tothe status of completion or acceptance shall be subject to the dispute resolutionprocedures set forth in this Declaration.

(d) In conducting inspections hereunder, the Master Association is actingsolely to protect its own interests, and such right of inspection shall not create any dutyon the part of Declarant or the Master Association to any Builder, purchaser orsubsequent Owner of any of the Attached Units nor shall any such Builder, purchaser orOwner have any right to rely upon the Master Association's inspection for any purpose.

(e) Except as set forth above, maintenance of all portions of the AttachedUnits, including driveways serving the dwellings on the Attached Units and anylandscaping or improvements installed by the Owners or occupants of any Attached Unit,shall be the responsibility of the respective Owners, as provided in this Declaration.

(f) The Master Association shall not be responsible for any maintenance orrepairs to any window, anything contained within any dwelling or garage, or any

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improvement or modification added or made to any improvement after the conveyance ofthe Attached Unit to the first Owner following completion of construction of the dwellingthereon by the Builder.

(g) All maintenance on Attached Units shall be performed in a manner and on aschedule consistent with the Laureate Park Standard.

4. INSURANCE ON ATTACHED UNITS.

(a) The Master Association may, but shall not be obligated to, maintainproperty insurance (the "Association Multi-Unit Insurance") on each Multi-UnitBuilding within the Property that is subject to the jurisdiction of the Master Associationfrom time to time and which contains Attached Units and which is a part of a ServiceArea. It is the intent that the Association Multi-Unit Insurance shall cover those portionsof such Multi-Unit Buildings which would typically be required, under Florida law, to beinsured by a condominium association if the Multi-Unit Building was a condominium.Specifically, the Association Multi-Unit Insurance shall include, but not necessarily belimited to, all fixtures, installations or additions comprising that portion of the Multi-UnitBuilding within the unfinished interior surfaces of the perimeter walls, floors, andceilings of the Attached Units as initially installed (collectively, the "Attached UnitInsured Property") in an amount not less than 100% of the full insurable replacementvalue thereof. Such policies may contain reasonable deductible provisions as determinedby the Board of the Master Association. Such coverage shall afford protection againstloss or damage by fire and other hazards covered by a standard extended coverageendorsement, and such other risks as from time to time are customarily covered withrespect to buildings and improvements similar to the Multi-Unit Buildings inconstruction, location and use. Notwithstanding the foregoing, the Association Multi-Unit Insurance shall not include, and shall specifically exclude, all furniture, furnishings,fixtures, countertops, water filters, floor coverings, wall coverings and ceiling coverings,other personal property owned, supplied or installed by Attached Unit Owners or tenantsof Attached Unit Owners, and all electrical fixtures, appliances, cabinets and otherimprovements not typically insured by a condominium association. The MasterAssociation shall not be responsible for providing insurance coverage for casualties ordamages resulting from floods. The foregoing must be separately insured by eachAttached Unit Owner on a unit owner's policy (for example, a typical condominium unitowner's policy a/k/a HO-6). All Owners, Mortgagees, occupants of Attached Units andother affected parties are hereby advised that over time, due to the age of the AttachedUnit Insured Property and nature of their construction, it may not be economicallyfeasible or otherwise possible to insure the Attached Unit Insured Property for their fullreplacement value as a result of the aforesaid factors or the applicability of changes inzoning or building codes. Neither the Master Association, nor any officer or directorthereof, shall be liable to any party whatsoever in the event of a casualty loss to anyAttached Unit Insured Property which exceeds the coverage afforded by reasonablyavailable insurance. In the event the Board, in their sole discretion, elects to discontinuemaintaining the Association Multi-Unit Insurance, or the type of coverage provided for inthis Section 4 is not available or is cost-prohibitive, then the Master Association shall

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give each Owner of an Attached Unit insured under the Association Multi-Unit Insurancesixty (60) days' written notice that the Association Multi-Unit Insurance shall becanceled or shall not be renewed. On or before the 60 th day after the aforesaid notice isgiven, each such Owner shall obtain and maintain, at its sole cost and expense, ahomeowner's insurance policy covering all of the items set forth herein to be covered bythe Association Multi-Unit Insurance, such policy to be effective on or before thecancellation or expiration date of the Association Multi-Unit Insurance. If the MasterAssociation discontinues providing the Association Multi-Unit Insurance as aforesaid,then the Board, in its sole discretion, shall determine a reasonable method ofredistributing or reallocating the Attached Unit-Unit Deductible Reserve and ServiceArea Assessments collected for the Association Multi-Unit Insurance premiums,including, but not limited to, distributing all or any portion of such funds to the Owners inthe applicable Service Area, reallocating all or any portion of such funds to other reserveaccounts in such Service Area, or a combination of the two, or applying such fundselsewhere in the budget so as to temporarily reduce the Service Area Assessments forsuch Service Area.

(b) In the event of a casualty loss, the Master Association shall be entitled tofile a claim on the Association Multi-Unit Insurance policy for the cost of any repair orreconstruction to the Attached Unit Insured Property which is the Master Association'sresponsibility, and the deductible therefor shall be paid in accordance with the provisionsof Section 4(w) below. Repair and reconstruction of any damaged Multi-Unit Buildingfor which a claim is paid shall be performed using materials of like kind and quality asthat of the initial improvements, subject to their availability and the then-current buildingcodes and other laws governing construction. Each Owner of an affected Attached Unitshall be responsible for repair/replacement of all portions of the improvementsconstructed on its Attached Unit not covered by the Association Multi-Unit Insurance.

(c) Each Attached Unit Owner shall be responsible for ascertaining the extentand limits of the Association Multi-Unit Insurance and for obtaining separate insurance tocover all other property of such Attached Unit Owner, and to cover their personalliability, living expenses, and any other risks and matters not otherwise insured inaccordance herewith. The Master Association shall not be liable for any gaps ininsurance coverage between the Association Multi-Unit Insurance and insurance obtainedby the Attached Unit Owner.

(d) The insurance policies described herein shall be purchased by the MasterAssociation and shall be issued by an insurance company authorized to do business inFlorida, or a surplus lines carrier reasonably acceptable to the Board of the MasterAssociation.

(e) The named insured shall be the Master Association, individually, and asagent for Owners of the Attached Units covered by the policy, without naming them.The Attached Unit Owners shall be deemed additional insureds.

(f) All policies shall provide that payments for losses made by the insurershall be paid to the Attached Unit Insurance Trustee (if appointed), as hereinafter defined,

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and all policies and endorsements thereto shall be deposited with the Attached UnitInsurance Trustee (if appointed).

(g) One copy of each Association Multi-Unit Insurance policy, or a certificateevidencing such policy, and all endorsements thereto, shall be furnished by the MasterAssociation upon request to each Mortgagee holding a lien on an Attached Unit coveredby the policy.

(h) When appropriate and obtainable, the Association Multi-Unit Insurancepolicies shall waive the insurer's right to: (i) subrogation against the Master Associationand against the Attached Unit Owners individually and as a group, (ii) to pay only afraction of any loss in the event of coinsurance or if other insurance carriers have issuedcoverage upon the same risk, and (iii) avoid liability for a loss that is caused by an act ofthe Board of the Master Association, a member of the Board of the Master Association,one or more Attached Unit Owners or as a result of contractual undertakings.Additionally, each policy shall provide that any insurance trust agreement will berecognized, that the insurance provided shall not be prejudiced by any act or omissions ofindividual Attached Unit Owners that are not under the control of the Master Association,and that the policy shall be primary, even if an Attached Unit Owner has other insurancethat covers the same loss.

(i) Each Association Multi-Unit Insurance Policy shall, if required by theFederal National Mortgage Association or the Federal Home Loan Mortgage Corporation("FNMA/FHLMC"), have the following endorsements, if applicable and if available: (i)agreed amount, (ii) inflation guard, and (iii) machinery and equipment breakdowncoverage (providing at least $50,000 coverage for each accident at each location).

(j) Each Association Multi-Unit Insurance Policy shall provide that suchpolicy may not be canceled or substantially modified without at least thirty (30) days'prior written notice to all of the named insureds. Prior to obtaining any policy of casualtyinsurance or any renewal thereof, the Board may (or if required by FNMA/FHLMC,shall) obtain an appraisal from a fire insurance company, or other competent appraiser, ofthe full insurable replacement value of the Attached Unit Insured Property, withoutdeduction for depreciation, for the purpose of determining the amount of insurance to beeffected pursuant to this Section 4.

(k) Premiums for each Association Multi-Unit Insurance Policy purchased bythe Master Association pursuant to this Section 4 for the benefit of Owners of AttachedUnits shall be paid by the Owners in their respective Service Area as part of their ServiceArea Assessment.

(1) All Association Multi-Unit Insurance policies obtained by or on behalf ofthe Attached Unit Owners in each Service Area containing Multi-Unit Buildings shall befor the benefit of the Master Association, such Attached Unit Owners and theirMortgagees, as their respective interests may appear, and shall provide that all proceedscovering property losses shall be paid to a trustee (if appointed) as provided below, andwhich, if so appointed, shall be a bank or trust company in Florida with trust powers,

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with its principal place of business in the State of Florida (the "Attached Unit InsuranceTrustee"). The Attached Unit Insurance Trustee (if appointed) shall not be liable forpayment of premiums, nor for the renewal or the sufficiency of policies, nor for thefailure to collect any insurance proceeds. The duty of the Attached Unit InsuranceTrustee (if appointed) shall be to receive such proceeds as are paid and to hold the samein trust for the purposes elsewhere stated herein, and for the benefit of the Attached UnitOwners affected by such casualty and their respective Mortgagees in the followingshares, but shares need not be set forth on the records of the Attached Unit InsuranceTrustee:

(1) Proceeds on account of damage to Multi-Unit Buildings shall beheld for the benefit of Owners of Attached Units in such Multi-Unit Buildings inproportion to the cost of repairing the damage suffered by each such affected Owner tothe extent such costs of repairs for an Attached Unit exceeds the applicable AttachedUnit-Unit Deductible, which cost and allocation shall be determined in the sole discretionof the Master Association.

(2) No Mortgagee shall have any right to determine or participate inthe determination as to whether or not any damaged property shall be reconstructed orrepaired, and no Mortgagee shall have any right to apply or have applied to the reductionof a mortgage debt any insurance proceeds, except for actual distributions thereof madeto the Attached Unit Owner and Mortgagee pursuant to the provisions of the Declarationas amended hereby.

(m) Proceeds of insurance policies received by the Attached Unit InsuranceTrustee (if appointed) shall be distributed to or for the benefit of the affected AttachedUnit Owners in the following manner•

(1) All expenses of the Attached Unit Insurance Trustee (if appointed)shall be first paid or provision shall be made therefor.

(2) If the damaged property for which the proceeds are paid is to berepaired or reconstructed, the remaining proceeds shall be paid to defray the cost thereofas elsewhere provided herein. Any proceeds remaining after defraying such costs shallbe distributed to the affected Attached Unit Owners thereof, remittances to Attached UnitOwners and their Mortgagees being payable jointly to them.

(3) If it is determined in the manner elsewhere provided in this Section4 that the damaged property for which the proceeds are paid shall not be reconstructed orrepaired, the remaining proceeds shall be allocated equally among the affected AttachedUnit Owners, but only after being distributed first to all Mortgagees on all mortgages andliens on such Owners' Attached Units in the order of priority of such mortgages and lienssufficient to pay off their mortgages, and then, after being utilized to demolish andremove any uninhabitable portions of the Multi-Unit Building and restoring the land in amanner reasonably determined by the Association (hereinafter the "Attached UnitDemolition and Cleanup Expenses"), the balance, if any, to the affected Attached UnitOwners.

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(4) In making distributions to Attached Unit Owners and theirMortgagees, the Attached Unit Insurance Trustee (if appointed) may rely upon acertificate of the Association made by its President and Secretary as to the names of theAttached Unit Owners and their Mortgagees and their respective shares of thedistribution.

(n) The Master Association is hereby irrevocably appointed as agent andattorney-in-fact for each Attached Unit Owner and for each owner of a mortgage or otherlien upon an Attached Unit to adjust all claims arising under insurance policies purchasedby the Master Association and to execute and deliver releases upon the payment ofclaims.

(o) Unless the Master Association elects otherwise, the insurance purchasedby the Master Association shall not cover claims against an Owner due to accidentsoccurring within or on such Owner's Attached Unit, nor casualty or theft loss to thecontents of an Owner's Attached Unit. It shall be the obligation of the individualAttached Unit Owner, if such Owner so desires, to purchase and pay for insurance as toall risks not covered by insurance carried by the Master Association.

(p) Certain provisions in this Section 4 are for the benefit of Mortgagees ofAttached Units and may be enforced by such Mortgagees.

(q) The Board of the Master Association shall have the option in its discretionof appointing an Attached Unit Insurance Trustee hereunder. If the Master Associationfails or elects not to appoint such Attached Unit Insurance Trustee, the MasterAssociation shall perform directly all obligations imposed upon such Trustee by theDeclaration as amended hereby. Fees and expenses of any Attached Unit InsuranceTrustee are Service Area Expenses.

(r) Subject to the immediately following paragraph, in the event of damage toor destruction of the Attached Unit Insured Property as a result of fire or other casualty,the Board shall arrange for the prompt repair and restoration of the Attached Unit InsuredProperty and the Attached Unit Insurance Trustee (if appointed) shall disburse theproceeds of all insurance policies to the contractors engaged in such repair andrestoration in appropriate progress payments.

(s) If seventy-five percent (75%) or more of the insured value of the AttachedUnit Insured Property of any Multi-Unit Building is substantially damaged or destroyedfollowing such loss (or such higher percentage, if required by the terms of theAssociation Multi-Unit Insurance policy in order for the extent of the damage ordestruction to be deemed a constructive total loss under the terms of the AssociationMulti-Unit Insurance policy, so as to obligate such insurer to pay the full amount coveredby such insurance policy), and if Attached Unit Owners owning an equivalent percentage(or more) (or such lesser or greater amount as may be required by applicable law) of theAttached Units in such building consent not to proceed with the repair or restorationthereof, the Attached Unit Insured Property will not be repaired, in which event the netproceeds of insurance resulting from such damage or destruction, after disbursements for

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Attached Unit Demolition and Cleanup Expenses, shall be divided among all theAttached Unit Owners in proportion to the damage suffered by each such affectedAttached Unit Owner, as determined in the sole discretion of the Master Association;provided, however, that no payment shall be made to an Attached Unit Owner until therehas first been paid off out of his or her share of such fund, all mortgages and liens on hisor her Attached Unit in the order of priority of such mortgages and liens.

(t) Whenever in this Section the words "promptly repair" are used, it shallmean that repairs are to begin not more than sixty (60) days from the date the AttachedUnit Insurance Trustee (if appointed) notifies the Board and Attached Unit Owners that itholds proceeds of insurance on account of such damage or destruction sufficient to paythe estimated cost of such work, or not more than ninety (90) days after the Attached UnitInsurance Trustee (if appointed) notifies the Board of Directors and the Attached UnitOwners that such proceeds of insurance are insufficient to pay the estimated costs of suchwork. The Attached Unit Insurance Trustee (if appointed) may rely upon a certificate ofthe Association made by its President and Secretary to determine whether or not thedamaged property is to be reconstructed or repaired.

(u) Any reconstruction or repair must be made substantially in accordancewith the plans and specifications for the original Attached Unit Insured Property andthen-applicable building and other codes; or if not, then in accordance with the plans andspecifications approved by the Declarant (during the Declarant's Control Period and,thereafter, by the Design Review Board, and in accordance with then-applicable buildingand other codes, and by the Owners of not less than 80% of the applicable Attached Units(and their respective Mortgagees) as to which the plans are to be altered.

(v) If the proceeds of the Association Multi-Unit Insurance are not sufficientto defray the estimated costs of reconstruction and repair to be effected by the MasterAssociation, or if at any time during reconstruction and repair, or upon completion ofreconstruction and repair, the funds for the payment of the costs of reconstruction andrepair are insufficient, Specific Assessments shall be made against the affected AttachedUnit Owners in sufficient amounts to provide funds for the payment of such costs.

(w) Deductibles for fire, casualty or other losses covered by the AssociationMulti-Unit Insurance (or the cost of repairs not exceeding the deductibles) shall bepayable as follows:

(1) Each affected Attached Unit Owner shall be responsible forpayment of its Attached Unit-Unit Damage Allocation.

(2) In the event that the sum of the Attached Unit-Unit DamageAllocations with respect to a claim for a Multi-Unit Building is less than the lesser of (a)the actual cost to repair the damage to such Multi-Unit Building, or (b) the Attached UnitBuilding Deductible, the difference shall be paid from the Attached Unit-Unit DeductibleReserve of the Service Area containing such Multi-Unit Building to the extent such fundsare available. If there are not adequate funds available in the Attached Unit-UnitDeductible Reserve of such Service Area, the shortfall shall be collected through a

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Special Assessment which shall be equally levied against all Attached Units in suchService Area.

(3) The Board of the Master Association may determine a reasonablemethod for allocating amongst the affected Attached Units in a Service Area the costs ofrepairing damages to Attached Unit Shared Elements, which method may include, but notbe limited to, dividing such costs equally amongst the affected Attached Units in suchService Area.

(4) The Board of the Master Association may establish an AttachedUnit-Unit Deductible Reserve for each Service Area which is to be funded throughService Area Assessments. The amount set aside for the Attached Unit-Unit DeductibleReserve in each Service Area shall be at the sole discretion of the Association.

5. EASEMENTS AFFECTING ATTACHED UNITS.

(a) Grant of Easement. A perpetual non-exclusive easement on, over andacross the Attached Unit Easement Area of the adjoining Attached Unit is hereby grantedto each Attached Unit which shares an Attached Unit Common Boundary for access,ingress, egress and use by the Owner and occupants of the Dominant Estate and theirrespective representatives, contractors and agents as reasonably necessary to performmaintenance and make bona fide repairs to any fence or wall located on the AttachedUnit Common Boundary; provided (unless otherwise warranted by then-existingcircumstances or otherwise agreed to by the adjoining Owner) such entry shall occurbetween 7:00 a.m. and dusk only and shall be limited to a reasonable number of days ineach calendar year.

(b) Limitations on Exercise. Nothing shall be done or permitted within anyAttached Unit Easement Area which would constitute a threat or hazard to the health andsafety of the individuals occupying the dwelling on the Attached Unit encumbered bysuch easement.

(c) Non-Exclusive Uses. The uses permitted within each Attached UnitEasement Area by virtue of this Section 5 shall be non-exclusive and subject to anyutility, access and drainage easements, as well as any easements granted elsewhere in thisDeclaration, as it may be amended from time to time.

(d) Construction and Repair Work Guidelines. Declarant, or upon itsdelegation, the Design Review Board, is specifically authorized to promulgate ad hocrules and guidelines pertaining to any particular construction or repair work likely torequire the exercise of the easement described above so that the respective best interestsof the adjoining Owners are, to the extent reasonably possible, harmonized andpreserved.

4820-8824-5769231762/0012

DOCH 20120038150 6: 19322 P: 2438

PreparedBy and ReturnTo: c2%2012602d5:95PM Page 1 of 7

Hartha 0. Haynie, ComptrollerOrange County FL

SaraW. Bernard,EsquirePu - Ret To: AROAD

Center

Orlando,Florida32802-4961

FIRST AMENDMENT TO MASTER DECLARATIONOF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS FIRST AMENDMENT TO MASTER DECLARATION OF COVENANTS,CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE PA ASTER

ASSOCIATION, INC. (the "First Amendment") is made effectiveas of the day of

a ( UC{.0 , 2012, by LAKE NONA LAUREATE PARK, LLC, a Floridalimited

liabilitycomp , with a mailing addressof 9801 Lake Nona Road, Orlando, Florida32827 (the

"Declarant").

WITNE S SE TH:

WHEREAS, theMaster Declarationof Covenants,Conditions,Restrictionsand Easements for

LaureateParkMasterAssociation,Inc.was recordedJune24,2011 inOfficialRecordsBook 10231,Page7500,inthePublicRecordsofOrange County,Florida(the"Master Declaration");and

WHEREAS, pursuanttoSection2.3ofArticleIIoftheMasterDeclaration,theDeclarant,inits

soleand absolutediscretion,shallhave theright,to submitor to causeto be submitted,realpropertyto

theencumbrance,operationand effectoftheMasterDeclaration.

WHEREAS, theDeclarantdesirestoamend theMasterDeclarationasmore particularlysetforth

herein;and

WHEREAS, any capitalizedterm nototherwisedefinedhereinshallhave themeaning ascribedtoitundertheMasterDeclaration.

NOW, THEREFORE, forand inconsiderationofthepremisescontainedhereinand othergoodand valuableconsideration,the receiptand sufficiencyof which are hereby acknowledged,Declarant

herebyamends theDeclarationasfollows:

1. Recitals.The recitalssetforthabove aretrueand correctand areincorporatedhereinbyreference.

2. Property. Exhibit"A" totheMasterDeclarationisherebyamended toadd thepropertydescribedin Schedule "A" attachedheretoand made a part hereof. Declaranthereby declares,acknowledges and agreesthatallreferencesto the"Property"intheMaster DeclarationshallhereafterincludethelandsdescribedinSchedule "A".

-1-4822-5232-1550.331762/0012

3. Effecton Master Declaration. Except as specificallyamended herein,the Master

Declarationshallin allotherrespectsremain in fullforceand effect.In the eventof any conflictor

ambiguitybetweentheMasterDeclarationand thisFirstAmendment, thisFirstAmendment shallcontrol.

(SIGNATURES APPEAR ON THE FOLLOWING PAGES]

-2-4822-5232-1550331762/0012

IN WITNESS WHEREOF, theundersignedDeclaranthas executedthisFirstAmendment thedatestatedbelow withinthenotaryacknowledgement.

Signed,sealedand deliveredinthepresenceof: LAKE NONA LAUREATE PARK, LLC,a Floridalimitedliabilitycompany 4

By.N/me: if ///f /64th'd ames L Zboril,President

STATE OF FLORIDA

CITY OF ORANGE

The foregoing instrument was acknowledged before me this day ofJAN ,2012,by James L. Zboril,as Presidentof LAKE NONA LAUREATE PARK,

LLC, a Floridalimitedliabilityco on behalfof thecompany. He ispersonallyknown to me-or---h asidentification.

MICHELLER.RENCORET (Si re NotaryPublic)Commission#DD954104 s//gJ. /94tod!ExpiresJanuary20,2014e.nu.ensur.vem.....aonese (Typed name ofNotaryPublic)

NotaryPublic,StateofFlorida

Commission No.: /)ffV/O'

My Commission Expires: J ////

-3-4822-5232-1550.331762/0012

SCHEDULE "A"

DescriptionofProperty Being Annexed

[See Attached Sketch of DescriptionCS#11-270 Containing Three (3)Pages]

A-14822-5232-1550.331762/0012

SKETCH OF DESCRIPTION

LAUREAPH

S301A

(PS

IM E EMENT NOrth\ souracAstconnes

LAUREATEPARKPHASEfAL

'4 (PB75,PGS124-132)

J - ""...- SEESHEET2 DETAIL"A'

LAUREATESOULEVARD...-"'"

, LINETAftE (ALLSHEETS).----L5REFERENCE

POINT"A NUMBERBEARING DISTANGELf S48'38'09"W24.10'L2 51814'39"E103.65'

EASTERLYLINE LJ N77'45'21"E5.57LAUREATEPARK 04 N2076'28'W8.96'PHASE78 LS Sf874'391 18.61'ORB10222,PG2598 LB Sf47729"W51.46'

L7 S2823'05*W53.59LB S421725"W94.93LS SS326'10'WB&72

POINT OF L10 L10 S35'J3149"W35.78'BECINNING if norPLATTro us sasitorw as.af*

12 Lf2 S13'57J2W 34.86'LFJ #3855'03W 28.24'Lf4 SO4*3837E 181.61'REFERENCE * } Lf5 SOT4442"W 55.61'POINT*s"0

Fac SEESHEET2 DETAIL'9" L16 #075200' 55.07L17 #04'3837"W 0.54'

CURVEABLE(ALLSHECTS)PRc HUMBERRADiUS DELTA LENGTH CHORD CHORDBEARING01 2237.00'0035*22" JB.OJ'38.03'SB95f5f"WC2 2237.00'0217'49" BS.78'85.77 S70'39'28"WCJ 51.50' 271532' 24.50'24.27 #580/357EASTERLYLINE C4 757.33'22'JJ'2f" 59.57 59.1O'N331J'081ATEPARK 05 17.90' 1352714" 42.53'33.29'N249706'E

ORB10222,PG2598 CS 16.50' 144'3408' 41.63'31.44'N4014'05"W07 17.50' 98"4700" 30.17 26.57 S3575'SB'ECS 26.00' 051/24' 2.36' 2.35' S8273'46'E

POINT OF CS 26.00' 18834'02'8&72' 51.44'Sf498'57"WBEGINNING cro taco' samfoe" 40.78'38.40'sess2'rs*w

011 133.00'27'to'59"83.10'62.51'S2924'22*WNOTPLATTED 012 16700' 4738'29" f38.86'134.89'S797037"W

SEE SHEET2 DETAIL"C'

--- - - SECTION25-24-30 SECTION30-24-31- """-~~ SETION36-24-30 SECTION31-24-31/ -SEE SHEET2 FOR DETAILS-------- -SEE SHEET3 FOR NOTES,

200 O' 200' LEGEND,AND DESCRIPWON

ThisSketchofDescriptiondoesnotdeplotanyeasementsofrecordthatmaybewithinor

Scale: 1 = 200 adfolningthelandsdescribedhereon.

PREPARED FOR:

LAKE NONA LAND COMPANYLAKEHONASOUTH DATE BY ES TIONLAUREATEPARKPHASEIB- ADDITIONALLANDSTOLAKENONALAUREA7EPARKLLC RE N

DON McI ASSOCIATES,INC.

I

DONALD W. McINTOSH ASSOCIATES, INC. CERTI ORIZATIONNO.LB68

ENGINEERS PLANNERS SURVEYORS2200PARK AVENUENORTH,WINTERPARK,FLORIDA32789(407)644-4068 crossman December14,2017

CERTIFICATEOFAUTHORIZA110NNO.LB68 FloridaRegisteredSurveyorandMapperCertificateNo.5048DRAWN BY PH CHECKED8Y:1 JOB NO. SCALE SHEET 7 NOTVAU0WITHOt.JTTHESIGNATUREANDTHE

DATE 12/13/11 DATE:12/13/11 10103.0155 1"=200' OF 3 IN RA 0EPALdv

A FLoRioAucENSED

rinted:Wed14-Dec-20ff- 09:4fAMCS/11-270:\Proj20f0\10103\S4wg(NA\O88)\sod\Phase16MortgogeRelease.dwg

SKETCH OF DESCRIPTION

DETAIL"A st's A

g'E EMENTSOUTHEASTCORNERsou LAUREATEPARKPHASEfA

AA NT (PB75,PGS124-132)

o<o North7"=60'

NT

NOTPLATTED 0 NOTPLATTED

I PCr REFERENCE

PotNT"A'

cONTINUEDON SHEET1

* *DETAIL "C" 00NSNUEDDETAIL 8

FROM SHEET110 POINT OFCONTINUED

BEGINNINGFROM SHEET1

NorthPOINT OF

7"=Jo' NorPLAnto 4 C NOTPLATTEDBEGINNING <vHOTPLATTEDPC

e.

REFERENCE.A POINT"B"

PRC NOTPLATTED

CS

CONTINUEDS ON SHEET1

Nor h/) NOT TO SCALE

PREPARED FOR:ThisSketchofDescriptiondoesnotdepictany

LAKE NONA LAND COMPANY, ;0>"';'"""<.2,"s'"aT,""o'"an

or

LAKENONASOUTHLAUREATEPARKPHASE18- ADDRIONALLANDSTOLAKENONALAUREATEPARKLLc -SEE SHEET1FOR ADDITIONAL

COURSESAND DISTANCES,LINEAND

I

DONALD W. McINTOSH ASSOCIATES, INC. sRE FOR NOTES,LEGEND,ENGINEERS PLANNERS SURVEYORS

AND DESCRIPHON.

2200PARK AVENUENORTH,WINTERPARK,FLORIDA32789(407)644-4068CERTIFICATEOFAUTHORIZATIONNO.LB68

DRAWN BY:PH CHECKEDBY:1 JOB NO. SCALE SHEET 2

DATE:12/13/11 DATE:12/13/7I 10703.0155 N/A OF 3

rInted:Wed14-Dec-20ft- 09:41AM SL13241CS#11-270:\Proj20f0\f01OJ\Sdwg(NAVD88)\sod\Phase16MortgogeRelease.dwg

DESCRIPTION: SKETCH OF DESCRIPTION

ThatpartofSection25,Township24 South,Range30 EastandSection30,Township24 South,RangeJfEast,OrangeCounty,Florldo,describedasfollows:

Commenceof theSoutheastcornerofLAUREATEPARKPHASETA,accordingtotheplotthereof,as recordedinPlotBook75,Pages124through132,ofthePublicRecordsofOrangeCounty,Florido;thenceS6838'O9"WolongtheSoutherlylineofsaidLAUREATEPARKPHASEfA fora distanceof24.10feettothepointofcurvatureofa curveconcoveNortherlyhavinga radiusof2237.00feetandachordbearingofS69 5'57"W;thenceWesterlyolongsaidSoutherlylineandtheareofsaidcurvethrougha centrolangleof00'55'22"fora distanceof36.03feettothePOINTOFBEGINNING;thencecontinuealongsaidSoutherlylineandtheareofsoldcurvethroughacentrolangleof0271'49"fora distanceof85.78feettoa non-tongentlineandtheEasterlylineofLaureateParkPhase18,asdescribedinOfficialRecordsBook10222,Page2598,ofthePublicRecordsofOrangeCounty,Florida;thencedeportingsaidSoutherlylinerunS1814'39"EalongsaidEasterlyline,703.65feettoReferencePoint"A';thencedepartingsaidEasterlylinerunN71'45'21"E,5.57feeltothepointofcurvatureofa curveconcoveNorthwesterlyhavinga radiusof57.50feetanda chordbearingofN58'O7'35"E;thenceNorthecaterlyolongtheareofsaidcurvethrougha centrolangleof2775'J2"fora distanceof24.50feettothepointofcompoundcurvatureofa curveconcoveNorthwesterlyhavinga radiusof 157.JJfeetanda chordbearingof N3313'OB'E;thenceNortheasterlyalongtheareofsaidcurvethrougha centrolangleof22'J3'21'fora distanceof59.57feettoa pointona non-tongentcurveconcoveNorthwesterlyhavinga radiusof17.99feetanda chordbearingofN24 7'06";thenceNortheasterlyalongtheareofsaidcurvethrougha centrolangleof13577'f4"fora distanceof42.5Jfeettoa pointona non-tongentcurveconcaveSouthwesterlyhavinga radiusof16.50feetanda chordbooringofN4016'05"RthenceNorthwesterlyolongtheareofsaidcurvethrougha centrolangleof14434'OS"fora distanceof41.63feettoa non-tangentline;thenceN20'26'28"W,8.96feettothePOINTOF BEGINNING.

AND:

Commenceof theaforesoldReferencePoint"A';thencerunthefollowingcoursesanddistancesalongtheaforesoldEasterfylineofLaureateParkPhase18,as describedinOfficialRecordsBook10222,Page2598:S1874'J9"E,18.67feet;S14'27'29"W,51.46foot;S2873'05"W,53.59feet;S4277'25"W,94.93feet;S53'26'10"W,68.72feet;S3S'JJ'49"W,35.78feet;S2577'01"W,33.51feet;SirS7'32"W,34.86feettothepointofcurvatureofa curveconcoveNortheasterlyhavinga radiusofI7.50feetanda chordbearingofS35'25'58"EandthePOINTOF BEGINNING;thenceSoutheasterlyalongtheareofsaidcurvethrougha centrolangleof98'47'00"foradistanceofJO.17feettothepointofreversecurvatureofa curveconcaveSoutherlyhavinga radiusof26.00feetanda chordbearingof S8273'46"E;thenceEasterlyolongtheareofsaidcurvethrougha centrolangleof0577'24"fora distanceof2.36feettoReferencePoint'9"anda non-tangentline;thencedepartingsaidEasterlylinerunNJ8*55'OJ"W,28.24feettothePOINTOFBEGlNNING.

AND:

Commenceof theaforesoldReferencePoint"B',saidpointbeingon a curveconcaveWesterlyhavinga radiusof26.00feetandachordbearingof514'48'57"W;thencerunthefollowingcoursesanddistancesalongtheaforesoidEasterlylineofLaureateParkPhase18,asdescribedinOfficialRecordsBook10222,Page2598:Southerlyolongtheareofsaidcurvethrougha centralangleof188'54'02"fora distanceof85.72feettothepointofreversecurvatureofa curveconcaveSoutheasterlyhavinga radiusof25.00feetandachordbearingofS62'J2'26'W;thenceSouthwesterlyalongtheareofsaidcurvethrougha centrolongleof9377'06"fora distanceof40.78feettothepointofreversecurvatureofa curveconcaveNorthwesterlyhavinga radiusofTJJ.00feetanda chordbearingofS2924'22"W;thenceSouthwesterlyalongtheareofsaidcurvethrougha centralangleof2770'59"fora distanceof63.10feettothepointofreversecurvatureofa curveconcoveEoaterlyhavinga radiusof 167.00feetanda chordbearingofS1910'J7"W;thenceSoutherlyalongtheareofsoldcurvethrougha centralongleof47'38'29"fora distanceof136.86feetto thepointoftongency;SO4'38'J7"E,181.61feettothePOINTOFBEGINNING;SO7'44'42"W,55.61feet;thencedepartingsaidEasterly||nerunNO7'52'00"E,SS.07feet;thenceNO4'J8'J7"W.0.54feettothePOINTOFBEGlHNING.

Togethercontaining0.191acres(8327squarefeet)moreorlessandbeingsubjecttoanyrights-of-way,restrictionsandeasementsofrecord.

NOTES:

- Thisisnota survey.- Notvalidwithoutthesignatureandtheoriginalrolsedsealofa FloridaHCensedsurveprandmopper.- BearingsbasedontheSoutherlylineoftheplotofLAUREATEPARKPHASETA,PlatBook75,Pages124-732,beingS68'38'O9"W,perplot.- Londsshownhereonwerenotobstractedforrights-of-way,easements,ownershiporotherinstrumentsofrecordbythisfirm.- No titleopinionorobstractofmattersoffectingtitleorboundarytothesubjectpropertyorthoseofadjoininglandownershavebeenprovided.Itispossibletherearedeedsofrecord,unrecordeddeedsorotherinstrumentswhichcouldoffecttheboundariesoruseofthesubjectproperty.- ThisSketchofDescriptiondoesnotdepictanyeasementsofrecordthatmaybewithinoradjoiningthelandsdescribedhereon.

PREPARED FOR:

LAKE NONA LAND COMPANYLEGEND

LAKENONASOUTH SECTIONJO-24-JfSEC710N,TOWNSHIP.RANGELAUREATEPARKPHASEIB- ADDITIONALLANDS70LAKENONALAUREATEPARKLLC ORB OFFICIALRECORDSBOOKPG(S) PAGE(S)

M

DONALD W. MclNTOSH ASSOCIATES, INC- 2 oiTOOFOKCURVATUREENGINEERS PLANNERS SURVEYORS '

("fgUSE0CRRVAATU%2200PARK AVENUENORTH,WINTERPARK,FLORIDA32789(407)644-4068 NT NON-TANGENT

CERTIFICATEOFAUTHORIZATIONNO.LB58 L1 UNENUMBER(SEETABLE)DRAWN BY:PH CHECKEDBY:.S.Q......JOBNO. SCALE SHEET

Cf CURVENUMBER(SEETABLE)

DATE:9/15/11 DATE:9/15/77 10103.0155 N/A OF

rinted:Wed14-Dec-2017- OS:SBAM SL1JJ40CSfff-270:\Proj2010\f0103\Sdwg(NAVD88)\sod\PhasefbMortgageRelease.dwg

DOCR 20129667385 B: 19329 P: 6391PreparedBy and ReturnTo: 92/98/291203:30:92PM Page 1 of 7

Rec Fee: $61.00Martha 0. Haynae, Comptroller

SaraW. Bernard,Esquire orange county FLPU - Ret To: AROAD AND CASSEL

Broad and Cassel

PBankBofA4merica

Center

61Orlando,Florida32802-4961

SECOND AMENDMENT TO MASTER DECLARATIONOF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS SECOND AMENDMENT TO MASTER DECLARATION OF COVENANTS,CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE PA MASTER

SOCIATION, INC. (the "Second Amendment") is made effectiveas of the day of

9 ;('1)(LER , 2012, by LAKE NONA LAUREATE PARK, LLC, a Floridalimited

bilitycompan with a mailing addressof 9801 Lake Nona Road, Orlando,Florida32827 (the"Declarant").

WITNE SSE TH:

WHEREAS, theMaster Declarationof Covenants,Conditions,Restrictionsand Easements forLaureateParkMasterAssociation,Inc.was recordedJune24,2011 inOfficialRecordsBook 10231,Page7500, as amended by thatcertainFirstAmendment to Master Declarationof Covenants,Conditions,Restrictionsand Easements forLaureatePark Master Association,Inc.recordedJanuary24, 2012 in

OfficialRecords Book 10322, Page 2438, both in the Public Records of Orange County, Florida

(collectively,the"Master Declaration");and

WHEREAS, pursuantto Section2.3ofArticleIIoftheMasterDeclaration,theDeclarant,initssoleand absolutediscretion,shallhave theright,to submitor to causeto be submitted,realpropertytotheencumbrance,operationand effectoftheMasterDeclaration.

WHEREAS, theDeclarantdesirestoamend theMasterDeclarationasmore particularlysetforth

herein;and

WHEREAS, any capitalizedterm nototherwisedefinedhereinshallhave themeaning ascribedtoitundertheMasterDeclaration.

NOW, THEREFORE, forand inconsiderationofthepremisescontainedhereinand othergoodand valuableconsideration,the receiptand sufficiencyof which are hereby acknowledged,Declarant

herebyamends theDeclarationasfollows:

1. Recitals.The recitalssetforthabove aretrueand correctand areincorporatedhereinbyreference.

2. Property. Exhibit"A" totheMasterDeclarationisherebyamended toadd thepropertydescribedin Schedule "A" attachedheretoand made a part hereof. Declaranthereby declares,acknowledges and agreesthatallreferencesto the"Property"intheMaster DeclarationshallhereafterincludethelandsdescribedinSchedule "A".

-1-4843-8697-9086.131762/0012

3. Effecton Master Declaration. Except as specificallyamended herein,the Master

Declarationshallin allotherrespectsremain in fullforceand effect.In the eventof any conflictor

ambiguitybetween theMaster Declarationand thisSecond Amendment, thisSecond Amendment shall

control.

[SIGNATURES APPEAR ON THE FOLLOWING PAGES]

-2-4843-8697-9086131762/0012

IN WITNESS WHEREOF, theundersignedDeclaranthas executedthisSecond Amendment

thedatestatedbelow withinthenotaryacknowledgement.

Signed,sealedand deliveredinthepresenceof: LAKE NONA LAUREATE PARK, LLC,a FI

''mitedlia 1 company

By:me: / ///R / / /ICCAY J sL. boril,President

Nam

STATE OF FLORIDA

CITY OF ORANGE

he foregoing instrument was acknowledged before me this day of

tear .2012,by James L.Zboril,asPresidentofLAKE NONA LAUREATE PARK,

LLC, a Floridahmitedliabilitycompany, on behalfofthecompany. He ispersonallyknown tome or-

(Signature aryPu

Co.mission#EE138772 (Typedname ofN aryPublic)FA 40ecember2,2015 NotaryPublic,StateofFlorida: <td7TecyFalninemanos01047019

Commission No.: #~~~R (My Commission Expires: ,10 ty

KATHYKlTTELLCommission#EE138TI2ExpiresDecember2,2015

-3-4843-8697-9086.131762/0012

SCHEDULE "A"

DescriptionofProperty Being Annexed

[See Attached Sketch of DescriptionCS#11-270(B) Containing 3 Pages]

A-14843-8697-9086I31762/0012

SKETCH OF DESCRIPTION

sPOINT OF

LAUREATE PARKPHASE21A

(P\ COMMENCEMENT

NOrth75, PGS 124 soUTHEASTCORNER(PB LAUREATEPARKPHASElA

(PB75,PGS124-132)LINETAFLE(ALLSHEETS)NT NUMBERBEARING DISTANCEif S68'38'09"W24.10'

...- L2 S1874'39"E122.26LAUREATE80ULEVARD

---- L3 DELETEDL4 DELETED

,.......- ---La DELETEDLS S1427'29"W51.46'L7 S2873'05'W53.59'

EASTERLYUNE LB S427725"W 94.93'LAUREATEPARK L9 S532610"W 88.72P

SE0 2,PG2598 0

L12 S13*5732"W34.86'9 L13 DELETED

L14 SO4'38'J7E18f.61L10 L15 SO7'44'42'W55.81'L11 NOTPLATTED LI6 DELETEDLl2 Lf7 DELETED

0 PRC LIS S34*38'34'W68.80'Lf9 N5179'58"E12.17

0 L20 N3315f52E 49.56'-' 'PRc L21 NOT52'00"E6.27Rc L22 SB812'D4"W114.90'

L23 SOf*47'56"E12.35'PRC L24 N8978'56'E86.20'

L25 N6090'57E32.60'/ CURVETABLE(ALLSHEETS)/ NUMBERRADIUS DELTA LENGTHCHORD CHORDBEARING

EASTERLYUNE 01 2237.00'032717* 721.87'121.79'S7011'45"Wp L LAUREATEPARK 02 DELETED

POINT OF PHASETB 03 DELETEDORB10222,PG2598 C4 DELETEDBEGINNING es otwro

CS DELETEDC7 17.50' 98'47'00"30.17 28.57'S3525'58"ECB DELETED

POINT OFNOTPLATTED CS 26.00' 194tS'27'88.08'57.61'Sf213'95"W

BEGINNING C10 25.00' 937706" 40.78'38.40'S62*32'28"WREFERENCE 011 133.00'2710'59" 63.10'62.57'S2974'22"WPOINT"A' SEE SHEETJ DETAIL ct2 187.00'473a'29" 738.as'734.89'stayo'arw

Cf3 50.00' 011652" 1.12' 1.12' 501'09'30"E. SECTION25-24-30 SECTION30-24-31- - SECTION36-24-30 SEC110N31-24-31

-SEE SHEET2 FOR DETAILS- - - - - - - --SEE SHEET3 FOR NOTES,

200' O' 200' LEGEND,AND DESCRIPHON

ThisSketchofDescriptiondoesnotdeplotanyeasementsofrecordthatmaybewithinorScale* 1 = 200 adjoiningthetendsdescribedhereon.

PREPARED FOR:

LAKE NONA LAND COMPANY /? / 7LAKENONASOUTH DATE BY ,4EAR#TILAUREATEPARKPHASE18- ADDITIONALLANDSTOLAKENONALAUREATEPARKLLC REVIS/0NJ

DONALD OCIATES,INC.

All

DONALD W. McINTOSH ASSOCIATES, INC. CEROFIC IZAMONNO.L968

ENGINEERS PLANNERS SURVEYORS2200PARKAVENUENORTH,WINTERPARK,FLORIDA32789(407)644-4068 50/1Grossman JanuaryJr.2072

CERTIFICATEOFAUTHORIZATIONNO.LB68 5foridaRegisteredSurveyorandMapper/CertificateNo.5048DRAWN BY:0E......CHECKEDBY:M'r._.. JOB NO. SCALE SHEET NOTVALIDWITHOUTTHESIGNATUREANDTHE

DATE:1/31/2012 DATE:1/31/2012 10103.0155 f=200' OF AREM

FA FLORIDAUCEN5ED

rinted:Tue31-Jan-2012- Of:57PMCS#11-270(B):\Proj20f0\10103\Sdwg(NAlo88)\sod\Phase16MartgageRelease2012-01-31REVdwg

SKETCH OF DESCRIPTION

DETAIL

CONTINUEDFROM SHEET1

NOTPLATTED

NOTPLATTED

POINT OF BEGINNING

Nort.hEASTERLYLINE NOT TO SCALELAUREATEPARKPHASE18ORB10222,PG2598

L22L1

OINTOF BEGINNING(4J PC o6 REFERENCEPOINT"A'

NT 124 SOUTHLINESOUTHEAST1/4SECTION25-24-30

NOTPLATTED

ThisSketchofDescriptiondoesnotdepictanyPREPARED FOR: easementsofrecordthatmaybewithinorLAKE NONA LAND COMPANY odjoiningthelandsdescribedherson.

LAKENONASOUTHLAUREA1EPARKPHASE18- ADDITIONALLANDSTOLAKENONALAUREATEPARKLLc -SEE SHEET1 FOR ADDITIONAL

COURSESAND DISTANCES,LINEAND

Ilm

DONALD W. McINTOSH ASSOCIATES, INC. E SHA .FORNOTES,LEGEND,ENGINEERS PLANNERS SURVEYORS

AND DESCRIPTION.

2200PARK AVENUENORTH,WINTERPARK,FLORIDA32789(407)644-4068CERTIFICATEOFAUTHORIZATIONNO.LB68

DRAWN BY:SW CHECKEDBY:1 JOB NO. SCALE SHEET 2

DATE:1/31/12 DATE:1/31/12 1Of03.0155 N/A OF 3

rinted:Tue31-Jon-2012- 02:06PMCSF T-270(B):\Proj2010\70fOJ\Sdwg(NAVD88)\sod\PhaseIbMortgageRelease2012-07-J7REV.dwg

SKETCH OF DESCRIPTION

DESCRIPTION:

ThatpartofSection25,Township24South,Range30East,OrangeCounty,Florida,describedasfollows:

CommenceattheSoutheastcornerofLAUREATEPARKPHASE1A,accordingtotheplatthereof,asrecordedinPlatBook75,Pages124through132,ofthePublicRecordsofOrangeCounty,Florida;thenceS68*38'O9"WalongtheSoutherlylineofsaidLAUREATEPARKPHASE1Aforadistanceof24.10feettothepointofcurvatureofacurveconcaveNortherlyhavingaradiusof2237.00feetandachordbearingof570'11'45"W;thenceWesterlyalongsaidSoutherlylineandtheareofsaidcurvethroughacentralangleof03'0711"fora distanceof121.81feettoanon-tangentlineandtheEasterlylineofLaureateParkPhase16,asdescribedinOfficialRecordsBook10222,Page2598,ofthePublicRecordsofOrangeCounty,Florida;thencerunthefollowingcoursesanddistancesalongsaidEasterlyline:S18"14'39"E,122.26feet;514'2729"W,51.46feet;528'23'05"W,53.59feet;542*1725"W,94.93feet;553'26'10"W,68.72feet;S35"33'49"W,35.18feet;525'17'01"W,33.51feet;513"57'32"W,34.86feettothepointofcurvatureofacurveconcaveNortheasterlyhavingaradiusof17.50feetanda chordbearingofS35"25'58"E;thenceSoutheasterlyalongthearcofsaidcurvethrougha centralangleof98"4700"foradistanceof30.17feettothepointofreversecurvatureofacurveconcaveWesterlyhavingaradiusof26.00feetandachordbearingofS12"13'15"W;thenceSoutherlyalongthearcofsaidcurvethroughacentralangleof194"05'27"foradistanceof88.08feettothepointofreversecurvatureofa curveconcaveSoutheasterlyhavinga radiusof25.00feetand a chordbearingof 562"32'26"W;thenceSouthwesterlyalongtheareofsaidcurvethroughacentralangleof93*2706"foradistanceof40.78feettothepointofreversecurvatureofacurveconcaveNorthwesterlyhavingaradiusof133.00feetandachordbearingof529"24'22"W;thenceSouthwesterlyalongthearcofsaidcurvethroughacentralangleof27'10'59"foradistanceof63.10feettothepointofreversecurvatureofacurveconcaveEasterlyhavingaradiusof167.00feetandachordbearingofS19"10'37"W;thenceSoutherlyalongthearcofsaidcurvethroughacentralangleof47'38'29"fora distanceof138.86feettothepointoftangency;504"38'37"E,181.61feet;SO7"44'42"W,55.61feettothePOINTOFBEGINNING;S34'88'34"W,66.80feettoReferencePoint"A";thencedepartingsaidEasterlylinerunN51"19'S6"E,12.17feet;thenceN33*51'S2"E,49.56feet;thenceNO7'52'00"E,6.27feettothePOINTOFBEGINNING.

AND:

BEGINattheaforesaidReferencePoint"A";thencerunthefollowingcoursesanddistancesalongtheaforesaidEasterlylineofLaureateParkPhaselB,asdescribedinOfficialRecordsBook10222,Page2598:S88*12'04"W,114.90feet;501"47'56"E,12.35feettothepointofcurvatureofacurveconcaveWesterlyhavingaradiusof50.00feetandachordbearingof501'O9'30"E;thenceSoutherlyalongthearcofsaidcurvethroughacentralangleof01'16'52"foradistanceof1.12feettoanon-tangentlineandtheSouthlineofSoutheast1/4ofsaidSection25;thencedepartingsaidEasterlylinerunN89*28'56"EalongsaidSouthline,86.20feet;thencedepartingsaidSouthlinerunN60"00'S7"E,32.60feettothePOINTOFBEGINNING.

Togethercontaining0.038acres(1650squarefeet)moreorlessandbeingsubjecttoanyrights-of-way,restrictionsandeasementsofrecord.

NOTES:

-Thisisnotasurvey.

-NotvalidwithoutthesignatureandtheoriginaIraisedsealofaFloridalicensedsurveyorandmapper.-BearingsbasedontheSoutherlylineoftheplatofLAUREATEPARKPHASE1A,Plat80ok75,PageslZ4-132,being568'38'09"W,perplat-Landsshownhereonwerenotabstractedforrights-of-way,easements,ownershiporotherinstrumentsofrecordbythisfirm.

-Notitleopinionorabstractofmattersaffectingtitleorboundarytothesubjectpropertyorthoseofadjoininglandownershavebeenprovided.Itispossibletherearedeedsofrecord,unrecordeddeedsorotherinstrumentswhichcouldaffecttheboundariesoruseofthesubjectproperty.-ThisSketchofDescriptiondoesnotdepictanyeasementsofrecordthatmaybewithinoradjoiningthelandsdescribedhereon.

PREPARED FOR:

LAKE NONA LAND COMPANY LEGENDLAKENOWASOUTH SECTION30-24-31SECTION,TOWNSHIP,RANGELAUREATEPARKPHASE18- ADDITIONALLANOSTOLAKENONALAUREATEPARKLLC ORB OFFICIALRECORDSBOOK

PG(S) PAGE(S)

MII

DONALD W. McINTOSH ASSOCIATES, INC. e'ffracuavouseENGINEERS PLANNERS SURVEYORS "fgusocaRA7WR2200PARK AVENUENORTH,WINTERPARK,FLORIDA32789(407)644-4068 NT NON-TANGENT

CERTIFICATEOFAUTHORIZATIONNO.LB68 L1 LINENUMBER(SEETABLE)Cf CURVENUMBER(SEETABLE)DRAWN BY:BW CHECKEDBY:.EG,.....JOB NO. SCALE SHEET 3

DATE 1/31/2012DATE:1/31/2012 7010J.0155 N/A OF 3

rated-Tue35-Jan-2of2- of:57PM SLOJ40(B) CS/11-270(B):\Proj2010\fo103\Sdwg(NAVD88)\sod\Phase16MortgageRelease2012-01-31REV.dwg

DOCM 20120155702 B: 10351 P: 399403/23/201203:04:51PM Page 1 of 3Rec Fee: $27.00Martha 0. Haynie, ComptrollerOrange County, FLPU - Ret To: BROAD AND CASSELPreparedBy and ReturnTo:

SaraW. Bernard,EsquireBroad and Cassel

Bank ofAmerica Center

P.O.Box 4961

Orlando,Florida32802-4961

THIRD AMENDMENT TO MASTER DECLARATIONOF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS THIRD AMENDMENT TO MASTER DECLARATION OF COVENANTS,CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE P ASTERAS CIAT N, INC. (the "Third Amendment") is made effectiveas of the day of

(6 , 2012, by LAKE NONA LAUREATE PARK, LLC, a Floridalimited

liabilitycompany, with a mailingaddressof 9801 Lake Nona Road, Orlando, Florida32827 (the"Declarant").

WITNE S SE TH:

WHEREAS, theMaster Declarationof Covenants,Conditions,Restrictionsand Easements forLaureateParkMasterAssociation,Inc.was recordedJune24,2011 inOfficialRecordsBook 10231,Page7500, as amended by thatcertainFirstAmendment to Master Declarationof Covenants,Conditions,Restrictionsand Easements forLaureatePark Master Association,Inc.recordedJanuary24, 2012 inOfficialRecords Book 10322,Page 2438,both inthePublicRecords of Orange County,Florida,and asfurtheramended by thatcertainSecond Amendment to Master Declarationof Covenants,Conditions,Restrictionsand Easements forLaureatePark Master Association,Inc.recordedFebruary 8, 2012 inOfficialRecords Book 10329, Page 6391, allin the Public Records of Orange County, Florida

(collectively,the"Master Declaration");and

WHEREAS, pursuantto Section14.5 of ArticleXIV of the Master Declaration,untilthe

expirationof Declarant'sControlPeriod (as definedtherein),the Declarantmay amend the MasterDeclarationinorderto impose additionalcovenants,conditions,restrictions,easements,reservationsandotherprovisionson theProperty(asdefinedtherein)orportionthereof;and

WHEREAS, the Declarantdesiresto amend the Section4.20.1of ArticleIV of the MasterDeclarationinorderto permitthe leasingof granny flats(i.e.,dwellingspacesabove garages)as moreparticularlysetforthherein.

NOW, THEREFORE, forand inconsiderationofthepremisescontainedhereinand othergoodand valuableconsideration,the receiptand sufficiencyof which are hereby acknowledged,Declarantherebyamends theDeclarationasfollows:

1. Recitals.The recitalssetforthabove aretrueand correctand areincorporatedhereinbyreference.

2. Defined Terms. Any capitalizedterm not otherwisedefinedhereinshallhave themeaning ascribedtoitundertheMasterDeclaration.

14816-1003-1630I31762/0012

3. Leasing. Section4.20.1ofArticleIV of theMaster Declarationisherebydeletedinits

entiretyand replacedasfollows:

4.20.1 Le_asmg. For purposesof thisDeclaration,"leasing"isdefinedas regular,exclusiveoccupancy of a ResidentialPropertyUnitby any PersonotherthantheOwner, forwhich theOwner receivesany considerationor benefit,includinga fee,service,or gratuity.The ResidentialPropertyUnit,ifleased,may be leasedonly inits

entirety(e.g.,separaterooms withinthe same ResidentialPropertyUnit may not be

separatelyleased);except,however,ifa ResidentialPropertyUnitcontainsa grannyflat

(i.e.,a dwellingspaceabove thegarage),thegranny flatmay be leasedseparatelyfromthebalanceoftheResidentialPropertyUnit.

All leasesshallbe in writingand must requirethattenantsand all

occupantsoftheleasedResidentialPropertyUnitarebound by and obligatedtocomplywith the Governing Documents. However, the Governing Documents shallapplyregardlessof whether such a provisionisspecificallysetforthinthe lease.The Board

may establishtheminimum lengthofthetermofany leaseofa ResidentialPropertyUnitwhich isnot a ResidentialRentalPropertywhich inno eventshallbe lessthantwelve

(12)consecutivemonths.

Withinten(10)daysoftheleasebeingsigned,an Owner shallnotifytheBoard ortheMasterAssociation'smanaging agentofany leaseand providea copy ofthe

lease,togetherwith allbackup documentationsubmittedby thetenanttotheOwner and

any additionalinformationtheBoard may requireto ensurecompliancewith thetermshereof.The Owner must givethetenantcopiesoftheGoverningDocuments. The Board

may adoptreasonableuse restrictionsand Rules and Regulationsregulatingleasingand

subleasingof ResidentialPropertyUnits.The Master Associationmay charge anadministrationfee equalto the lesserof (i)$200.00 per leasesubmittedby an Owner

pursuantto the terms hereof,or (ii)the maximum fee allowableunder Chapter 720,FloridaStatutes.

The restrictionson leasingin thisSectionshallnot apply to PropertyUnitsowned by theDeclarant,nor to Commercial or InstitutionalPropertyUnits,tothe

Commercial portionofany Mixed-Use PropertyUnitortoResidentialRentalProperty.

4. Effecton Master Declaration. Except as specificallyamended herein,the MasterDeclarationshallin allotherrespectsremain in fullforceand effect.In the eventof any conflictor

ambiguitybetween the Master Declarationand thisThird Amendment, thisThird Amendment shallcontrol.

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

24816-1003-1630131762/0012

IN WITNESS WHEREOF, theundersignedDeclaranthas executedthisThirdAmendment thedatestatedbelow withinthenotaryacknowledgement.

Signed,sealedand deliveredinthepresenceof: LAKE NONA LAUREATE PARK, LLC, gga Flori mitedliabili ompany

Name: Idf//f 17 Ja sL. oril,President

Name: L

STATE OF FLORIDA

CITY OF ORANGE

The foregoing instrument was acknowledged before me this day of

[Ma h ,2012,by James L. Zboril,asPresidentofLAKE NONA LAUREATE PARK,LLC, a Floridalimitedliabilitycompany, on behalfof thecompany. He ispersonallyknown to m or

(Signature o PublicKATHYKITTELL IICommiselon#EE 138772 1\ExpimeDecember2,2015 (Typed name ofNot Public)e.emenorman...am

NotaryPublic,StateofFlorida

Commission No.:

My Commission Expires:

34816-1003-1630.131762/0012

DOCM 20120252495 8: 10376 P: 240105/14/201203:29:30PM Page 1 of 5Rec Fee: $44.00Martha 0. Haynie, Comptroller

PreparedBy and ReturnTo: Orange County, FLPU - Ret To: BROAD AND CASSEL

SaraW.

Bernard,1Esquire

Bank ofAmerica Center

P.O.Box 4961

Orlando,Florida32802-4961

FOURTH AMENDMENT TO MASTER DECLARATION

OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS FOURTH AMENDMENT TO MASTER DECLARATION OF COVENANTS,

CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE PARK MASTER

ASSOCIATION, INC. (the"Fourth Amendment") ismade effectiveas of the EffectiveDate (asdefinedherein)by LAKE NONA LAUREATE PARK, LLC, a Floridalimitedliabilitycompany, witha

mailingaddressof 9801 Lake Nona Road, Orlando,Florida32827 (the"Declarant"),asjoinedin and

consentedto by LAKE NONA LAND COMPANY, LLC, a Floridalimitedliabilitycompany, with a

mailingaddressof9801 Lake Nona Road, Orlando,Florida32827 ("LNLC").

WITNESSETH:

WHEREAS, theMaster Declarationof Covenants,Conditions,Restrictionsand Easements for

LaureateParkMasterAssociation,Inc.was recordedJune24,2011 inOfficialRecordsBook 10231,Page

7500, as amended by thatcertainFirstAmendment to Master Declarationof Covenants,Conditions,

Restrictionsand Easements forLaureatePark Master Association,Inc.recordedJanuary24, 2012 in

OfficialRecords Book 10322,Page 2438, both in the PublicRecords of Orange County, Florida,as

furtheramended by thatcertainSecond Amendment to Master Declarationof Covenants,Conditions,

Restrictionsand Easements forLaureatePark Master Association,Inc.recordedFebruary 8, 2012 in

OfficialRecords Book 10329,Page 6391,and as furtheramended by thatcertainThirdAmendment to

Master Declarationof Covenants,Conditions,Restrictions,and Easement for LaureatePark Master

Association,Inc.recordedMarch 23,2012,inOfficialRecordsBook 10351,Page 3994,allinthePublic

RecordsofOrange County,Florida(collectively,the"Master Declaration");and

WHEREAS, pursuanttoSections2.2and 2.3oftheMasterDeclaration,theDeclarant,initssole

and absolutediscretion,shallhave theright,butnottheobligationto submitortocausetobe submitted,

AdditionalProperty(asdefinedintheMasterDeclaration)or any portionthereof,and otherrealpropertynotnow includedwithintheAdditionalProperty,totheencumbrance,operationand effectoftheMaster

Declaration,subjecttothetermsthereof;and

WHEREAS, LNLC istheowner of thatcertainrealpropertybeingmore particularlydescribed

inSchedule "A" attachedheretoand made a parthereof(the"LNLC Property"),a portionofwhich lies

withintheAdditionalPropertyand a portionofwhich liesoutsidetheAdditionalProperty;and

WHEREAS, theDeclarantand LNLC desireto amend theMaster Declarationinorderto cause

theLNLC Propertyto be submittedtotheencumbrance,operationand effectoftheMaster Declaration;

and

-1-4815-2172-2383.131762/0012

WHEREAS, any capitalizedterm nototherwisedefinedhereinshallhave themeaning ascribed

toitundertheMasterDeclaration.

NOW, THEREFORE, forand inconsiderationofthepremisescontainedhereinand othergoodand valuableconsideration,the receiptand sufficiencyof which are hereby acknowledged,Declarant

herebyamends theDeclarationasfollows:

1. Recitals.The recitalssetforthabove aretrueand correctand areincorporatedhereinbyreference.

2. Property. Exhibit"A" totheMasterDeclarationisherebyamended to add theLNLC

Property. Declarantand LNLC hereby declare,acknowledge and agree thatallreferencesto the

"Property"intheMasterDeclarationshallhereafterincludetheLNLC Property.

3. EffectiveDate. The EffectiveDate shallbe thelastdatethatthisFourthAmendment is

executedby theDeclarantand LNLC.

4. Effecton Master Declaration. Except as specificallyamended herein,the Master

Declarationshallin allotherrespectsremain in fullforceand effect.In the eventof any conflictor

ambiguitybetween the Master Declarationand thisFourthAmendment, thisFourthAmendment shall

control.

[SIGNATURES APPEAR ON THE FOLLOWING PAGES]

-2-4815-2172-2383131762/0012

IN WITNESS WHEREOF, theDeclaranthasexecutedthisFourthAmendment thedatestatedbelow withinthenotaryacknowledgement.

Signed,sealedand deliveredinthepresenceof: LAKE NONA LAUREATE PARK, LLC,a Floridalimitedlia company

Nanfe: Jr//(/ . 47(# Ja L. bori,PresidentMR

Name: 0

STATE OF FLORIDA

CITY OF ORANGE

The foregoing instrument was acknowledged before me this 1 day of

,2012,by James L. Zboril,asPresidentofLAKE NONA LAUREATE PARK,LLC, a Floridalimitedliabilitycompany, on behalfofthecompany. He ispersonallyknown y me er-

htetproduced asidentification.

KATHYKlTTELL (Sigfiatureof otaryPubli

Commission#EE 138T/2

ExpiresDecember2,2015

annavakw==*eonas-role (Typedname ofNot ryPublic)

NotaryPublic,StateofFlorida

Commission No.:

My Commission Expires:

-3-4815-2172-2383.131762/{)012

IN WITNESS WHEREOF, LNLC has joinedin and consentto thisFourthAmendment by

executingthisFourthAmendment asofthedatestatedbelow withinthenotaryacknowledgement.

Signed,sealedand deliveredinthepresenceof: LAKE NONA LAND COMPANY, LLC,a Floridalimitedliabilitycompany

Nade: Mdth / - -/202 Ja L. boril,President

Name: 1 e (

STATE OF FLORIDA

CITY OF ORANGE

The foregoing instrument was acknowledged before me this day ofA 1 ,2012,by James L. Zboril,asPresidentofLAKE NONA LAND COMPANY,

LLC, a Flofidalimitedliabilitycompany, on behalfofthecompany. He ispersonallyknown tome es-

Signaturef tary 5 Ic) 1KATHYKITTELL. . ,out ( E [Commission#EE138772 (Typedname ofN6taryPublic)

reNotaryPublic,StateofFlorida

Commission No.:

My Commission Expires:

-4-4815-2172-2383.131762/0012

SCHEDULE "A"

LAKE NONA SOUTH

LAUREATE PARK PHASE IC

(PLAT BOUNDARY)DESCRIPTION:

That partof Section25, Township 24 South,Range 30 East and Section30, Township 24 South,

Range 31 East,Orange County,Florida,describedas follows:

BEGIN attheNortheast cornerof LAUREATE PARK PHASE lA, accordingto theplatthereof,

as recorded in PlatBook 75, Pages 124 through 132, of the Public Records of Orange County,

Florida;thence run the following courses and distancesalong the Southerlyright-of-waylineof

Tavistock Lakes Boulevard, according to the plat of TAVISTOCK LAKES BOULEVARD

PHASE 1,as recorded in PlatBook 75, Pages 106 through 110, of the Public Records of Orange

County, Florida:thence N79600'04"E, 238.07 feetto the point of curvatureof a curve concave

Northwesterly having a radius of 482.50 feet and a chord bearing of N64045'24"E; thence

Northeasterlyalong the are of said curve through a centralangle of 28029'19" for a distanceof

239.91 feetto the pointof tangency;N50030'45"E, 238.85 feetto thepointof curvatureof a curve

concave Southeasterlyhaving a radiusof 367.50 feetand a chord bearingof N63007'54"E; thence

Northeasterlyalong the are of said curve through a centralangle of 25014'l9" for a distanceof

161.88 feetto the pointof reversecurvatureof a curve concave Northwesterlyhaving a radiusof

522.50 feetand a chord bearingof N61002'l6"E; thence Northeasterlyalong the arc of saidcurve

through a centralangle of 29025'36" fora distanceof 268.35 feetto the pointof cusp of a curve

concave Easterlyhaving a radiusof25.00 feetand a chord bearingof SO3056'39"W; thencedeparting

saidSoutherlyright-of-waylinerun Southerlyalong thearcof saidcurve through a centralangleof

84045'37"fora distanceof 36.98 feetto thepointof tangency;thence S38026'O9"E, 1.61feetto the

point of curvatureof a curve concave Southwesterlyhaving a radiusof 445.00 feetand a chord

bearingof S30014'37"E;thence Southeasterlyalong the areof saidcurve through a centralangleof

16023'03"fora distanceof 127.25 feetto thepointof tangency;thence S22003'06"E,915.83 feetto

the point of curvatureof a curve concave Westerly having a radiusof 1025.00 feetand a chord

bearing of S12o45'10"E; thence Southerlyalong the are of said curve through a centralangle of

18035'51"fora distanceof 332.70 feettothepointoftangency;thence SO3027'15"E,155.58feetto a

pointon a non-tangentcurve concave Northerlyhaving a radiusof 1230.00 feetand a chord bearing

ofN88050'37"W; thence Westerly along the are of saidcurve through a centralangle of 11032'59"

fora distanceof 247.95 feetto the pointreversecurvatureof a curve concave Southerlyhaving a

radiusof 970.00 feetand a chord bearingof S82047'01"W; thence Westerly along the arc of said

curve through a centralangle of 28017'43" fora distanceof 479.03 feetto the pointof tangency;

thence S68638'O9"W, 533.49 feetto the Easterlylineof the aforesaidplatof LAUREATE PARK

PHASE lA; thencerun the followingcoursesand distancesalong saidEasterlyline:N21021'51"W,

67.00 feet;S68638'O9"W, 12.02 feet;N21001'l8"W, 31.92 feetto the pointof curvatureof a curve

concave Easterlyhaving a radius of 975.00 feetand a chord bearing of N16'00'37"W; thence

Northerlyalong the are of saidcurve through a centralangleof 10001'22"fora distanceof 170.56

feettothepointoftangency;N10059'56"W, 987.49 feettothePOINT OF BEGINNING.

Containing 37.085 acres more or lessand being subjectto any rights-of-way,restrictionsand

easements ofrecord

A-14815-2172-2383.131762/0012

DOCP 20120549099 B: 10457 P: 2669 10/12/2012 1152:40 AM Page 1 of 7 Rec Fee: $61.00 Martha 0. Haynie, Comptroller Orange FL

Prepared By and Return To: PU - Ret To: BROAD AND CASSEL

III 1 Sara W. Bernard, Esquire Broad and Cassel Bank of America Center P.O. Box 4961 Orlando, Florida 32802-4961

SIXTH AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS SIXTH AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE PARK MASTER ASSOCIATION, INC. (the "Sixth Amendment") is made effective as of the 16ht day of August, 2012 by LAKE NONA LAUREATE PARK, LLC, a Florida limited liability company, with a mailing address of 9801 Lake Nona Road, Orlando, Florida 32827 (the "Declarant"), as joined in and consented to by LAKE NONA LAND COMPANY, LLC, a Florida limited liability compnay, with a mailing address of 9801 Lake Nona Road, Orlando, Florida 32827 ("LNLC").

WITNESSETH:

WHEREAS, the Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. was recorded June 24, 2011 in Official Records Book 10231, Page 7500, as amended by that certain First Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded January 24, 2012 in Official Records Book 10322, Page 2438, both in the Public Records of Orange County, Florida, as further amended by that certain Second Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 8, 2012 in Official Records Book 10329, Page 6391, as further amended by that certain Third Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded March 23, 2012, in Official Records Book 10351, Page 3994, as further amended by that certain Fourth Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded May 14, 2012 in Official Records Book 10376, Page 2401, and as further amended by that certain Fifth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded July 27, 2012 in Official Records Book 10416, Page 5412, as re-recorded August 10, 2012 in Official Records Book 10424, Page 4646 , all in the Public Records of Orange County, Florida (collectively, the "Master Declaration"); and

WHEREAS, pursuant to Section 2.3 of the Master Declaration, the Declarant, in its sole and absolute discretion, shall have the right, but not the obligation to submit or to cause to be

1 4840-9990-9137 1 31762/0012

submitted, other real property not now included within the Additional Property, to the encumbrance, operation and effect of the Master Declaration, subject to the terms thereof; and

WHEREAS, LNLC is the owner of that certain real property being more particularly described in Schedule "A" attached hereto nad made a part hereof (the "LNLC Property"); and

WHEREAS, the Declarant and LNLC desire to amend the Master Declaration in order to cause the LNLC Property to be submitted to the encumbrance, operation and effect of the Master Declaration; and

WHEREAS, any capitalized term not otherwise defined herein shall have the meaning ascribed to it under the Master Declaration.

NOW, THEREFORE, for and in consideration of the premises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Declarant hereby amends the Declaration as follows:

Recitals. The recitals set forth above are true and correct and are incorporated herein by reference.

1.

2. Property. Exhibit "A" to the Master Declaration is hereby amended to add the LNLC Property. Declarant and LNLC hereby declare, acknowledge and agree that all references to the "Property" in the Master Declaration shall hereafter include the LNLC Property.

3. Effect on Master Declaration. Except as specifically amended herein, the Master Declaration shall in all other respects remain in full force and effect. In the event of any conlfict or ambiguity between the Master Declaration and this Sixth Amendment, this Sixth Amendment shall control.

[SIGNATURES APPEAR ON THE FOLLOWING PAGES]

2 4840-9990-91371 31762/0012

IN WITNESS WHEREOF, the Declarant has executed this Sixth Amendment the date stated below within the notary acknowledgement.

Signed, sealed and delivered in the presence of: LAKE NONA LAUREATE PARK, LLC, a Florida limited company t)

ac ir_tt_.c___J By: Nam re isA_ J s L. Zbork President

.._)

/X- . LYNN SANDFORD

STATE OF FLORIDA CITY OF ORANGE

The foregoing instrument was acknowledged before me 16 th day of August, by James L. Zboril, as President of LAKE NONA LAUREATE PARK, LLC, a Florida limited liability company, on behalf of the company. He is personally known to me

. // ......„.

---- of N4r-dfcrE '„,,.'117,Fw,,,, KATHY KI -

Commission # EE 138772 ' r Expires December 22015 a

Z•si

Bonded Thru Troy Fain Insurance B00-385-7019 irot .

(Typed name of Notary Public) Notary Public, State of Florida Commission No.: My Commission Expires:

3 4840-9990-9137.1 31762/0012

IN WITNESS WHEREOF, LNLC has joined in and consent to this Sixth Amendment by executing this Fourth Amendment as of the date stated below within the notary acknowledgement.

Signed, sealed and delivered in the presence of: LAKE NONA LAND COMPANY, LLC, a Florida limited liability company

By: Jam boril, President

STATE OF FLORIDA CITY OF ORANGE

The foregoing instrument was acknowledged before me this 16th day of August, 2012, by James L. Zboril, as President of LAKE NONA LAND COMPANY, LLC, a Florida limited liability compnay, on behalf of the company. He is personally known to me

-as_ideatifieratien,

,fkilkws KATHY KITTELL

b a, *1 Commission # EE 138772 Expires December 22015 Bonded hTru Troy Fain Inarance 800485-7019

(Sigx4Cire of Notary Public) '

— • (Typed name of Notary Public) Notary Public, State of Florida Commission No.: My Commission Expires:

4 4840-9990-9137 1 31762/0012

SCHEDULE "A"

LNLC PROPERTY

Laureate Park Phase 3A

DESCRIPTION:

That part of Section 30, Township 24 South, Range 31 East, Orange County, Florida, described as follows:

Commence at the Southwest conrer of Tract D, according to the plat of TAVISTOCK LAKES BOULEVARD PHASE 1, as recorded in Plat Book 75, Pages 106 through 110, of the Public Records of Orange County, Florida; thence run the following courses and distances along the Northerly right-of-way line of Tavistock Lakes Boulevard, of said plat of TAVISTOCK LAKES BOULEVARD PHASE 1: N71°30'27"W, 117.55 feet to the point of curvature of a curve concave Southerly having a radius of 432.50 feet and a chord bearing of N78°18'09"W; thence Westerly along the arc of said curve through a central angle of 13°35'25" for a distance of 102.59 feet to the point of tangency; N85°05'52"W, 235.55 feet to the POINT OF BEGINNING; N85°05'52"W, 133.38 feet; thence departing said Northerly right-of-way line run N71°47'18"E, 18.83 feet; thence N04°54'08"E, 31.10 feet to the point of curvature of a curve concave Easterly having a radius of 300.64 feet and a chord bearing of N09°02'29"E; thence Northerly along the arc of said curve through a central angle of 08°16'41" for a distance of 43.44 feet to the point of reverse curvature of a curve concave Westerly having a radius of 332.50 feet and a chord bearing of N07°35'15"E; thence Northerly along the arc of said curve through a central angle of 11°11'09" for a distance of 64.91 feet to the point of tangency; thence N01°59'40"E, 64.85 feet to the point of curvature of a curve concave Westerly having a radius of 227.50 feet and a chord bearing of N04°45'49"W; thence Northerly along the arc of said curve through a central angle of 13°30'58" for a distance of 53.67 feet to the point of reverse curvature of a curve concave Easterly having a radius of 217.50 feet and a chord bearing of N05°03'48"W; thence Northerly along the arc of said curve through a central angle of 12°54'59" for a distance of 49.03 feet to a non-tangent line; thence N76°07'23"W, 84.98 feet; thence N68°58'49"W, 381.42 feet to a point on a non-tangent curve concave Southeasterly having a radius of 52.50 feet and a chord bearing of N39°43'28"E; thence Northeasterly along the arc of said curve through a central angle of 27°13'39" for a distance of 24.95 feet to the point of reverse curvature of a curve concave Northwesterly having a radius of 107.50 feet and a chord bearing of N29°45'59"E; thence Northeasterly along the arc of said curve through a central angle of 47°08'37" for a distance of 88.45 feet to the point of compound curvature of a curve concave Westerly having a radius of 205.00 feet and a chord bearing of N16°35'13"W; thence Northerly along the arc of said curve through a central angle of 45°33'47" for a distance of 163.02 feet to the point of reverse curvature of a curve concave Northeasterly having a radius of 245.00 feet and a chord bearing of N29°57'56"W; thence Northwesterly along the arc of said curve through a central angle of 18°48'21" for a distance of 80.42 feet to the point reverse curvature of a curve concave Southwesterly having a radius of 155.00 feet nad a chord bearing of N36°55'26"W; thence Northwesterly along the arc of said curve through a central angle of 32°43'22" for a distance of 88.52 feet to the point of compound curvature of a curve concave Southerly having a radius of

A-1 4840-9990-9137.1 31762/0012

82.50 feet and a chord bearing of N86°32'12"W; thence Westerly along the arc of said curve through a central angle of 66°30'11" for a distance of 95.76 feet to the point of reverse curvature of a curve concave Northeasterly having a radius of 45.00 feet and a chord bearing of N66°08'02"W; thence Northwesterly along the arc of said curve through a central angle of 107°18'31" for a distance of 84.28 feet to the point of reverse curvature of a curve concave Southwesterly having a radius of 57.50 feet and a chord bearing of N43°37'20"W; thence Northwesterly along the arc of said curve through a central angle of 62°17'06" for a distance of 62.51 feet to the point of compound curvature of a curve concave Southerly having a radius of 180.00 feet and a chord bearing of N84°34'13"W; thence Westerly along the arc of said curve through a central angle of 19°36'40" for a distance of 61.61 feet to a non-tangent line; thence N01°33'14"W, 84.19 feet to a point on a non-tangent curve concave Westerly having a radius of 137.66 feet and a chord bearing of N18°42'27"E; thence Northerly along the arc of said curve through a central angle of 46°09'38" for a distance of 110.90 feet to the point of reverse curvature of a curve concave Easterly having a radius of 91.67 feet and a chord bearing of N15°25'51"E; thence Northerly along the arc of said curve through a central angle of 39°36'25" for a distance of 63.37 feet to the point of reverse curvature of a curve concave Northwesterly having a radius of 362.30 feet and a chord bearing of N22°43'03"E; thence Northeasterly along the arc of said curve through a central angle of 25°02'00" for a distance of 158.29 feet to the point of compound curvature of a curve concave Westerly having a radius of 160.00 feet and a chord bearing of N21°37'30"W; thence Northerly along the arc of said curve through a central angle of 63°39'07" for a distance of 177.75 feet to the point of reverse curvature of a curve concave Easterly having a radius of 60.00 feet and a chord bearing of N06°24'24"W; thence Northerly along the arc of said curve through a central angle of 94°05'19" for a distance of 98.53 feet to the point of reverse curvature of a curve concave Northwesterly having a radius of 175.00 feet and a chord bearing of N39°06'37"E; thence Northeasterly along the arc of said curve through a central angle of 03°03'16" for a distance of 9.33 feet to a non-tangent line; thence S86°53'54"E, 1258.40 feet to the Westerly line of Conservation Easement "H", as described in Exhibit "B" of Official Records Book 9262, Page 2294, of the Public Records of Orange County, Florida, and a point on a non-tangent curve concave Easterly having a radius of 390.00 feet and a chord bearing of S08°45'12"E; thence run the following courses and distances along said Westerly line: Southerly along the arc of said curve through a central angle of 13°23'22" for a distance of 91.14 feet to the point of reverse curvature of a curve concave Westerly having a radius of 450.00 feet and a chord bearing of S00°08'31"E; thence Southerly along the arc of said curve through a central angle of 30°36'43" for a distance of 240.43 feet to the point of tangency; S15°09'50"W, 104.24 feet to the point of curvature of a curve concave Easterly having a radius of 581.00 feet and a chord bearing of S01°29'41"W; thence Southerly along the arc of said curve and said Westerly line and the Southerly prolongation thereof through a central angle of 27°20'19" for a distance of 277.22 feet to a point on a non-tangent curve concave Southeasterly having a radius of 55.00 feet and a chord bearing of S58°29'25"W; thence departing said Southerly prolongation run Southwesterly along the arc of said curve through a central angle of 62°14'34" for a distance of 59.75 feet to the point of reverse curvature of a curve concave Northwesterly having a radius of 171.82 feet and a chord bearing of S42°12'46"W; thence Southwesterly along the arc of said curve through a central angle of 29°41'16" for a distance of 89.03 feet to the point of reverse curvature of a curve concave Southeasterly having a radius of 120.00 feet and a chord bearing of S46°12'17"W; thence Southwesterly along the arc of said curve through a central angle of 21°42'14" for a distance of 45.46 feet to the point of reverse

A-2 4840 9990-9137 1 31762/0012

curvature of a curve concave Northwesterly having a radius of 145.25 feet and a chord bearing of S50°53'51"W; thence Southwesterly along the arc of said curve through a central angle of 31°05'21" for a distance of 78.81 feet to the point of reverse curvature of a curve concave Southeasterly having a radius of 115.00 feet and a chord bearing of S43°19'19"W; thence Southwesterly along the arc of said curve through a central angle of 46°14'26" for a distance of 92.81 feet to the point of reverse curvature of a curve concave Northwesterly having a radius of 311.72 feet and a chord bearing of S33°37'13"W; thence Southwesterly along the arc of said curve through a central angle of 26°50'15" for a distance of 146.01 feet to the point of reverse curvature of a curve concave Southeasterly having a radius of 72.00 feet and a chord bearing of S34°32'59"W; thence Southwesterly along the arc of said curve through a central angle of 24°58'43" for a distance of 31.39 feet to a point on a non-tangent curve concave Westerly having a radius of 252.50 feet and a chord bearing of S07°08'22"W; thence Southerly along the arc of said curve through a central angle of 36°19'41" for a distance of 160.10 feet to the point of reverse curvature of a curve concave Easterly having a radius of 177.50 feet and a chord bearing of S15°31'22"W; thence Southerly along the arc of said curve through a central angle of 19°33'41" for a distance of 60.60 feet to the point of tnagency; thence S05°44'31"W, 72.70 feet to the point of curvature of a curve concave Easterly having a radius of 187.50 feet and a chord bearing of S00°50'22"W; thence Southerly along the arc of said curve through a central angle of 09°48'18" for a distance of 32.09 feet to the point of reverse curvature of a curve concave Westerly having a radius of 271.30 feet and a chord bearing of S00°59'30"W; thence Southerly along the arc of said curve through a central angle of 10°06'33" for a distance of 47.87 feet to the point of compound curvature of a curve concave Westerly having a radius of 105.00 feet and a chord bearing of S 14°59'04"W; thence Southerly along the arc of said curve through a central angle of 17°52'35" for a distance of 32.76 feet to the point of reverse curvature of a curve concave Easterly having a radius of 49.25 feet and a chord bearing of S 14°24'44"W; thence Southerly along the arc of said curve through a central angle of 19°01'13" for a distance of 16.35 feet to the point of tnagency; thence SO4°54'08"W, 9.07 feet; thence S60°51'25"E, 20.53 feet to the POINT OF BEGINNING.

A-3 4840-9990-9137 1 31762/0012

DOCP 20130070080 B: 10516 P: 6233 02/05/2013 12:51:45 PM Page 1 of 10 Rec Fee: $86.50 Martha 0. Haynie, Comptroller

Prepared By and Return To: Orange PU - Ret To: BROAD AND CASSEL

FL

Sara W. Bernard, Esquire Broad and Cassel Bank of America Center

111611,s1,421111111

P.O. Box 4961 Orlando, Florida 32802-4961

SEVENTH AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS SEVENTH AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE PARK CIATION, INC. (the "Seventh Amendment") is made effective as of

1'ltAct the 22rm day of , 2013 (the "Effective Date") by LAKE NONA LAUREATE PARK, LLC, a Florida limited liability company, with a mailing address of 9801 Lake Nona Road, Orlando, Florida 32827 (the "Declarant").

WITNESSETH:

WHEREAS, the Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. was recorded June 24, 2011 in Official Records Book 10231, Page 7500, as amended by that certain First Amendment to Master Declaration of Covenants, Conditions, Restrictions nad Easements for Laureate Park Master Association, Inc. recorded January 24, 2012 in Official Records Book 10322, Page 2438, both in the Public Records of Orange County, Florida, as further amended by that certain Second Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 8, 2012 in Official Records Book 10329, Page 6391, as further amended by that certain Third Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded March 23, 2012, in Official Records Book 10351, Page 3994, as further amended by that certain Fourth Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded May 14, 2012 in Official Records Book 10376, Page 2401, as further amended by that certain Fifth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded July 27, 2012 in Official Records Book 10416, Page 5412, as re-recorded August 10, 2012 in Official Records Book 10424, Page 4646, and as further amended by that certain Sixth Amendment to Master Declaration of Covennats, Conditions, Restrictions nad Easements for Laureate Park Master Association, Inc. recorded October 12, 2012 in Official Records Book 10457, Page 2669, all in the Public Records of Orange County, Florida (collectively, the "Master Declaration"); nad

WHEREAS, pursuant to Section 14.5 of the Master Declaration, the Declarant, until the expiration of the Declarant's Control Period or until such earlier date whereupon Declarant records

1 4841-7282-4593 2 31762/0012

20130070080 Page 2 of 10

a Certificate of Termination of Interest of its right to unilaterally amend the Master Declaration, the Declarant may amend, supplement, create exceptions to, or other modify the terms of the Master Declaration; nad

WHEREAS, the Declarant desires to amend the Master Declaration in order to supplement and modify the terms and provisions of the Master Declaration; and

WHEREAS, any capitalized term not otherwise defined herein shall have the meaning ascribed to it under the Master Declaration.

NOW, THEREFORE, for and in consideration of the premises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Declarant hereby amends the Declaration as follows:

1. Recitals. The recitals set forth above are true and correct and are incorporated herein by reference.

2. Controlling Provision. Section 3.18 of the Master Declaration is hereby added as follows:

3.18 Notwithstanding anything contained or implied to the contrary herein, unless and until more than one Neighborhood is created within Laureate Park whereupon a Neighborhood Voting Representative shall be elected for each of the Neighborhoods, (a) all voting by Members on matters involving or concerning the Master Association shall be conducted directly by the Members themselves rather than by Neighborhood Voting Representatives, and (b) all references herein concerning notices to, meetings of, approval of, disapproval of, vote of, votes of, voting of, consent of, consents of, and/or to decisions of, adhered to, a quorum of the Voting Representatives and all similar references shall instead be deemed to refer to and shall be defined and construed as referring to the Members themselves.

3. Master Association Walls. Section 4.12.1 of the Master Declaration is hereby amended to add the following paragraph as the end of said Section:

Without limiting the generality of the foregoing, it is expressly understood, acknowledged nad agreed to by each Owner, by vitrue of acceptance of title to any Property Unit, that either the Declarant or the Master Association, or both, have installed or intend to install (but are not required to install), at their expense, certain privacy screen walls and/or retaining walls (collectively, the "Master Association Walls") lying within certain wall easements encumbering specific Property Units, which easements either have been or will be created by subdivision plats, separate written easements or an amendment to this Declaration (collectively, the "Wall Easements"). The Wall Easements shall be in favor of the Master Association, the Declarant, and each of their successors and assigns, for the construction, installation, maintenance, repair and replacement of the Master Association Walls and for exercising all of their rights hereunder (including, without limitation, the right to inspect and enforce the obligations of such Owners described hereunder). The Master Association Walls shall be and remain the sole property of the Master Association

2 4841-7282-4593 2 31762/0012

20130070080 Page 3 of 10

for the benefit of all Owners of Property Units containing the Master Association Walls. Each Owner of a Property Unit containing any of the Master Association Walls shall be responsible, at such Owner's cost and expense, to maintain, protect, repair and replace the Master Association Walls; provided, however, at any time hereunder, the Master Association shall have the right, but not the obligation, to conduct such maintenance, protection, repair and replacement of the Master Association Walls upon written notice to such applicable Owner(s) whereupon the Master Association shall have the right to treat all expenses incurred thereby as a Service Area Expense, subject to a Special Assessment levied pursuant to Section 7.6. Each Owner of a Property Unit containing any of the Master Association Walls shall be expressly prohibited from altering, removing or using such walls without the express written permission by the Master Association in each instance.

Notwithstanding anything contained in that certain plat of Laureate Park Phase 1B First Amendment Replat recorded in Plat Book 78, Pages 11 and 12, in the Public Records of Orange County, Florida, the Declarant, Ashton Orlando Residential, L.L.C., a Nevada limited liability company, and Weekley Homes, LLC, a Delaware limited liability company, as owners of the Property Units subject to the Wall Easements created thereby, each on behalf of itself and their successors in title, hereby relinquish all ownership in and to any Master Association Walls (now or hereatfer erected on the Property Units) and further agrees that (i) all provisions related to the ownership, maintenance, repair nad replacement thereof shall be governed by the terms and provisions of this Declaration, and (ii) the Wall easements created thereby shall also be in favor of Declarant and its successors and assigns.

Notwithstanding anything contained in that certain plat of Laureate Park Phase 3A recorded in Plat Book 77, Pages 106 through 111, inclusive, in the Public Records of Orange County, Florida, the Declarant, as owner of the Property Units subject to the wall easement created thereby, on behalf of itself and all successors in title, hereby relinquishes all ownership in and to any Master Association Walls (now or hereafter erected on the Property Units) and further agrees that all provisions related to the ownership, maintenance, repair nad replacement thereof shall be governed by the terms and provisions of this Declaration. A Wall Easement is hereby created over those specific Property Units and in such areas as more specifically described on Exhibit "1" attached hereto and made a part hereof.

4. Damage and Destruction. Section 8.4.2 of the Master Declaration is hereby deleted in its entirety and replaced as follows:

8.4.2 Any damage to or destruction of the Common Area shall be repaired or reconstructed unless either at least seventy-five percent (75%) of the total Class "A" votes or Neighborhood Voting Representatives representing at least seventy-ifve percent (75%) of the total Class "A" votes in the Master Association and the Class "B" Member, if any, decide not to repair or reconstruct within sixty (60) days atfer the loss. If the damage is to Exclusive Common Area or to an improvement which is the subject of a Service Area Expense, any decisions not to restore the damaged improvements shall require the approval

3 4841-7282-4593.2 31762/0012

20130070080 Page 4 of 10

of at least seventy-five percent (75%) of the Owners of Property Units in the affected Service Area.

5. Declaration shall in all other respects remain in full force and effect. In the event of any conflict or ambiguity between the Master Declaration and this Seventh Amendment, this Seventh Amendment shall control.

Effect on Master Declaration. Except as specifically amended herein, the Master

[SIGNATURE APPEARS ON THE FOLLOWING PAGE]

4 4841-7282-4593 2 31762/0012

20130070080 Page 5 of 10

IN WITNESS WHEREOF, the Declarant has executed this Seventh Amendment the date stated below within the notary acknowledgement.

Signed, sealed and delivered in the presence of: LAKE NONA LAUREATE PARK, LLC, a Florida limited liability company

By: Name: fl..g.'414/14

I t Ja . , nt MR

/J , 7 1'4.4/L—.>

ame: LYNN-SANDFCRD

STATE OF FLORIDA CITY OF ORANGE

The foregoing instrument was acknowledged before me this 0 % _day of C1-1A1-e--v %-f-A \ , 2013, by James L. Zboril, as President of LAKE NONA LAUREATE

PARK, LLC, a Florida limited liability company, on behalf of the company. He is personally known to me or has produced as identification.

ZA7 A f:

„;l: Commission # EE 138772

-1 I;: Expires December 22015 Bonded Thai Troy Fain Insuranze 800-335-7018 v)1rilre

grilt KATHY KITTEll (Signature of Notary Public)

(Typed name of Notary Public) Notary Public, State of Florida Commission No.: My Commission Expires:

5 4841-72824593 2 31762/0012

20130070080 Page 6 of 10

,

JOINDER AND CONSENT

The undersigned parties hereby join in and consent to those terms and provisions of the Seventh Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. which require said parties' consent.

IN WITNESS WHEREOF, the undersigned parties have executed this Joinder and Consent in manner and form sufifcient to bind it as of the day and year first written below.

Signed, sealed and delivered in the presence of:

ASHTON ORLANDO RESIDENTIAL, L.L.C., a Nevada limited liability company

-

/1 By: CHRISTINA M. LEE Name: Johnty

Div ' ion Presi Authorized Representative

N Ct.ir 42:A 1314.1.-v450",

STATE OF ) )

COUNTY OF )

The foregoing instrument was acknowledged before me this 4 day of

I"i

, 2013, by John Reny, as Division President / Authorized Representativctshton Orlando Residential, L.L.C., a Nevada limited liability company, on behalf of the company. He is personally known to me or has produced

as identification.

L (Signature of Notary P.A'' ' ' O cH R ISTINA M. LEE

- '

Commission # EE 03369i Expires October11 )014 l

et..1

(Typed name of Notar Notary Public, State of F4 Commission No.: My Commission Fii"tga,Agi,

CHRISTINA M. LEE Commission # Expires OctobeEr E 033696 11, 2014 Bonded Thru Troy Fain Ingram. 800-39667019

6 • H

4841-7282-4593 2 31762/0012

20130070080 Page 7 of 10

Signed, sealed and delivered in the presence of:

WEEKLEY HOMES, LLC, a Delaware limited liability company

By: Q Signature of Witness

cPc-N ■CYNC) c\ Titl : V Print Name

Siimature of Witness

p„ A Print Name

r v —

STATE OF ) )

COUNTY OF VV----cr t s )

The foregoing instrument was acknowledged before me this aLt day of --\ C4- N of WEEKLEY HOMES,

, 2013, by s f4.■)r\c. 601--tAnc..e kts2 , as C., evNerc,( LLC, a Delaware limited liability company, on behalf of the company. She/He is personally known to me or has produced as identification.

(S.ii;natge o

is K AYE LOGAN (Typed name of Notary Public) Notary Public, State of

MY COMMISSION EXPIRES

41:€0F1°• 3 k JULY 28, 201 Commission No. My Commission Expires:

7 4841-7282-4593 2 31762/0012

20130070080 Page 8 of 10

SCHEDULE "1"

[See Attached Sketch of Description CS#13-105 — 2 pages]

8 4841-7282-4593.2 31762/0012

20130070080 Page 9 of 10

SKETCH OF DESCRIPTION (SEE SHEET 2 FOR NOTES AND DESCRIP11ON) or

NOT FLATTED TRACT 03-4 0S-5

/

72

71

70

r_ /--TRACT TRACT OS-3

57 ,_.

59

t

WE

37 • °' 38 5

kl MI ..

---4"----L...-1 BORDET COURT / 54

69 36 \I 35 60

a ,0 SEE DETAIL BELOW—L

68 53 4' 61

NOT KAM

23 67

62 52 20 22 b 1 2' Lci •w• . DUGARD COURT (F7ELD)

(McPAODEN COURT) (PLAT) .L 66 63 51

19

e

0'1 50 64 41 18 16

TRACT 0S- 3 if

hTis 51<etch of Description does rot depict any easements of record that may be within or adjoining the lands described her-eon.

6 7

7' LAUREATE PARK PHASE 3A (PLAT BOOK 77, PAGES 106 THROUGH 111 )

48

T,.`6..

47 NOT RA►O

0-=101 LOT 36

""'•---TRACT OS-3

/481'90.15'E

POINT OF 5.50 (swot°

BAsNS)E

BEGINNING toornEw'u

oF LOT _

10.41 ViEsTERNMOST"

' a - sloS CORNER Of

LOT 20 LEA' N4929 .16"W

6.1C LOT 20

N, r 451°11.

TRACT CS ka.

JP (06-3

-1-1 8SS0E LOT 19

tj '0(

DETAIL 46 I.so

ill;?7. 45 5

T4-- WALL EASEMENT

(c)' 4

4.)*k 3 wt 2

1 TRACT OS-2

0' 200' NOT PLAT7ED i

TRACT 05-1 • Scale:. 1 ' = 200 ' ) PREPARED FOR:

LAKE NONA LAUREATE PARK, LLC LAKE NONA SOU711 LAUREATE PARK PHASE 3A - WALL EASEUENTS

DATE BY DX IPITDN

RE VI sp4 VI 1

D°NALD W. McINTOSH ASSOCIATES, INC. SU 1 V E Y 0 RS

ENGINEE

RS P LA NN E R S

22OOARK AVENUE NORTH, WI

NTERpARK

FLORIDA 32789

(4076444068

CERTIFICATE OF AUTHORIZATION NO. LB66

I

DONALD INC. CERTIFICATE DF

A5I ZATON LB55

Grossman January 11, 2013

Registered Surveyor and Mapper No. 5048

VAUD WITHOUT THE SIGNATURE AND THE RAISED SEAL OF A FLORIDA UCENSED

SURVEYOR AND MAPPER.

DRAWN BY: Eil

DATE: 1/10/13 CHECKED BY: SC JOB NO.

11157.0145 SCALE

r..2001 SHEET

oF 2 1

DATE: 1/10M3 ,dsie

No

Ill I111

Printed: fig' 11-don- 2013 - 09:25AM F: Vroj2011\11157\Sdwg\NAVD88\socAPho,e ,3A Won Eosements.dwg

C S# / 3— /05

58

20130070080 Page 10 of 10

SKETCH OF DESCRIPTION

DESCRIPTION:

That part of LAUREATE PARK PHASE 3A, as recorded in Plot Book 77, Pages 106 through 111, of the Public Records of Orange County, Florida, described as follows:

The Northwesterly 5.00 feet of Lot 5; The Southwesterly 5.00 feet of Lot 6; The Southwesterly 5.00 feet of Lot 18; - The Southerly 5.00 feet and the Westerly 5.00 feet of Lot 19; The Weste •ly 5.00 feet of Lot 36; The West 5.00 feet and the North 5.00 feet of the West 20.00 feet of Lot 37.

AND:

BEGIN at the Westernmost corner of Lot 20, of said plat of LAUREATE PARK PHASE 3A; thence NEI01 •00 *15"E along the Northerly line of said Lot 20 for a distance of 5.50 feet; thence departing said Northerly line run S15•33'10"W, 1,81 feet; thence SO4'43'52"W, 3.13 feet to the Southwesterty line of said Lot 20; thence N49 •29'18"W along said Southwesterly 1ine, 6.16 feet; to the POINT OF BEGINNING,

Being subject to any rights—of—way, restrictions and easements of record.

NOTES:

- This is not a survey.

- Not valid without the signature and the original raised seal of a Florida licensed surveyor and mapper. - Bearings based on the Northerly line of Lot 20. according to the plat of LAUREATE PARK PHASE 3A, Plat Book 77, Pages 106-111, being 1481"00 .15"E, per plat.

Lands shown hereon were not abstracted for rights-of-way, easements, ownership or other instruments of record by this firm.

No title opinion or abstract of matters affecting title or boundary to the subject property or those of adjoining fond owners hove been provided. it is possible there are deeds of record, unrecorded deeds or other instruments which could affect the boundaries or use of the subject property.

This Sketch of Description does not depict any easements of record that may be within or odjoining the lands described hereon.

LAKE NONA LAUREATE PARK, LLC LAKE' NONA SOU7H LAUREATE PARK PHASE 3A — WALL EASEMENTS

PREPARED FOR:

DONALD W. McINTOSH ASSOCIATES, INC. SSU1.) R VEYORS E NG I N EE R PLANNERS 22oopARK

AVENUE NORTH. wiNTERpARKFLORIDA 32789 (407)

544 4068 I VA

I

CERTIFICATE OF AUTHORIZATION NO 1.268

DRAWN BY;FLH. DATE. 1/10/13

CHECKED BY; SG JOB NO. 11157.0145

SCALE N/A

SHEET 2 OF 2 DATE- 1/10/13

Printed: Fri 11-Jan-2013 - 09:24AM r• \Proj2011\11167\Sdwg\NA41088\sod\Phase 3A Well Easements.dwg

SL1 3591 CS# 13-105

DOCN 20130070081 B: 10516 P6243 02/05/2013 12:51:45 PM Page 1 of 7 Rec Fee: $61.00

Prepared By and Return To: Martha 0. Haynie, Comptroller Orange Coun PU - Ret To: BROAD AND CASSEL

Sara W. Bernard, Esquire Broad and Cassel Bank of America Center

111

P.O. Box 4961 Orlando, Florida 32802-4961

EIGHTH AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS EIGHTH AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE PARK INC. (the "Eighth Amendment") is made effective as of

by LAKE NONA LAUREATE PARK, LLC, a Florida the 3)1- }i1y^- 2013 day limited liability company, With a mailing address of 9801 Lake Nona Road, Orlando, Florida 32827 (the "Declarant"), as joined in and consented to by LAKE NONA LAND COMPANY, LLC, a Florida limited liability company, with a mailing address of 9801 Lake Nona Road, Orlando, Florida 32827 ("LNLC").

WITNESSETH:

WHEREAS, the Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. was recorded June 24, 2011 in Official Records Book 10231, Page 7500, as amended by that certain First Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded January 24, 2012 in Official Records Book 10322, Page 2438, both in the Public Records of Orange County, Florida, as further amended by that certain Second Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 8, 2012 in Official Records Book 10329, Page 6391, as further amended by that certain Third Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded March 23, 2012, in Official Records Book 10351, Page 3994, as further amended by that certain Fourth Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded May 14, 2012 in Official Records Book 10376, Page 2401, as further amended by that certain Fifth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded July 27, 2012 in Official Records Book 10416, Page 5412, as re-recorded August 10, 2012 in Official Records Book 10424, Page 4646, as further amended by that certain Sixth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded October 12, 2012 in Official Records Book 10457, Page 2669, and as further amended by that certain Seventh Amendment to Master Declaration of Covenants, Conditions, Restirctions nad Easements for Laureate Park

1 4818-5839-9250 2 31762/0003

20130070081 Page 2 of 7

Master Association, Inc. recorded of even date herewith, all in the Public Records of Orange County, Florida (collectively, the "Master Declaration"); and

WHEREAS, pursuant to Section 2.3 of the Master Declaration, the Declarant, in its sole and absolute discretion, shall have the right, but not the obligation to submit or to cause to be submitted, other real property not now included within the Additional Property, to the encumbrance, operation and effect of the Master Declaration, subject to the terms thereof; and

WHEREAS, LNLC is the owner of that certain real property being more particularly described in Schedule "A" attached hereto and made a part hereof (the "LNLC Property"); and

WHEREAS, the Declarant and LNLC desire to amend the Master Declaration in order to cause the LNLC Property to be submitted to the encumbrance, operation and effect of the Master Declaration; and

WHEREAS, any capitalized term not otherwise defined herein shall have the meaning ascribed to it under the Master Declaration.

NOW, THEREFORE, for and in consideration of the premises contained herein nad other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Declarant hereby amends the Declaration as follows:

1. Recitals. The recitals set forth above are true and correct and are incorporated herein by reference.

2. LNLC Property. Declarant and LNLC hereby declare, acknowledge and agree that all references to the "Property" in the Master Declaration shall hereafter include the LNLC Property.

Property. Exhibit "A" to the Master Declaration is hereby amended to add the

3. Master Declaration shall in all other respects remain in full force and effect. In the event of any conlfict or ambiguity between the Master Declaration and this Eighth Amendment, this Eighth Amendment shall control.

Effect on Master Declaration. Except as specifically amended herein, the

[SIGNATURES APPEAR ON THE FOLLOWING PAGES]

2 48 /8-5839-9250 2 31762/0003

20130070081 Page 3 of 7

IN WITNESS WHEREOF, the Declarant has executed this Eighth Amendment the date stated below within the notary acknowledgement.

Signed, sealed and delivered in the presence of: LAKE NONA LAUREATE PARK, LLC, a Florida limited liabilit

-- By: \

L. tboril, Prsident t

L

STATE OF FLORIDA CITY OF ORANGE

The foregoing instrument was acknowledged before me day of3444„Al 2013 by James L. Zboril, as President of LAKE NONA LAUREATE PARK, LLC, a Florida limited liability company, on behalf of the company. He is personally known to me

n.

- „ KATHY KITTELL (SigAiure of Notary Public) Air 0 L Corernission# EE 138772

- Expires December 2, 2015 gondedTlwTta/Faiohnaurance800-385'7019 (Typed name of Notary Public)

Notary Public, State of Florida Commission No.: My Commission Expires:

3 4818 5839 92502 31762/0003

20130070081 Page 4 of 7

IN WITNESS WHEREOF, LNLC has joined in and consent to this Eighth Amendment by executing this Eighth Amendment as of the date stated below within the notary acknowledgement.

Signed, sealed and delivered in the presence of: LAKE NONA LAND COMPANY, LLC, a Florida limited liabilit y

By: Name: hat,. President MR

•►1NOFORD

STATE OF FLORIDA CITY OF ORANGE

.-- The foregoing instrument was acknowledged before me this e gP day ofN,P4OciA-1 ,

2013, by James L. Zboril, as President of LAKE NONA LAND COMPANY, LLC, a Flofida limited liability company, on behalf of the company. He is personally known to me oc--laas pr-ocluGgcl as-iderrtifiration.

(Signatre of gotary Public) 7 r 7 K THY KITTEL

C‚rnmission # E E138772

-^}^^-.. .̂0` Expiresoecember2

0

204857 '

Bonded Ibru Troy Fain Insurance 8 019

hiq I (Typed name of Notary Public) Notary Public, State of Florida Commission No.: My Commission Expires:

4 4818-5839 .9250 2 31762/0003

20130070081 Page 5 of 7

SCHEDULE "A"

LNLC PROPERTY

'See Attached Sketches of Description CS#12-270 — 2 pagesl

A-1 4818-5839-9250.2 31762/0003

20130070081 Page 6 of 7

200' 200' SKETCH OF DESCRIPTION SEE SHEET 2 FOR NDIES, LEGEND, AND DESCRIPTION.

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LAKE NONA LAND COMPANY LAKE NONA SOUTH LAUREATE PARK PHASE 28 — PROPOSED LAUREATE BOULEVARD

PREPARED FOR:

DATE BY ON

D°NALD

W.McINTOSH ASSO CIATE S 'INC PLANNERS ENGINEERS SURV EYORS

2200 PARK AVENUE NORTH, WINTER PARK, FLORIDA 32759 (407) 644- 4068 CERTIFICA1„ OF AUTHORIZATION NO- L658

113111

INC.

eott December tr,K1 2 ...^ FI..." Regiatered Surveyar and Mapper

Certifioate No. SUB DRAWN BY:Pii.__

DATE: 12/06/12

CHECKED 8 Y: SG JOB NO. 11206.026 1"s2qp'

SCALE SHEET 2 OF

NOT THE SIGNATURE AND THE

DATE: 12/06/12 ORDINAL se.AL OF A FLORIDA UCE•SED SURVEYOR ANO MAPPER.

Printed: Mon 10-Dec-2012 - 03:22PM F:\Proj2011\11206\SOwg\NA1dD88\sod\Phase 28 Rood i) dwg

CS# 12-270

20130070081 Page 7 of 7

DESCRIPTION:

That part of Section 30, Township 24 South, Range 31 East, Orange County, Florida, described as follows:

Commence at the Southeast corner of LAUREATE PARK PHASE 1A, according to the plat thereof, as recorded in Plat. Book 75, Pages 124 through 132, of the Public Records of Orange County, Florida; thence N2121'51"W along the Easterly line of said LAUREATE PARK PHASE lA for a distance of 7.00 feet; thence departing said Easterly line run N6838'09"E, 533.49 feet to the point of curvature of a curve concave Southerly having a radius of 970.00 feet and a chord bearing of N82'47'01"E; thence Easterly along the arc of said curve through o central angle of 28'17'43" for a distance of 479,03 feet to the point of reverse curvature of a curve concave Northerly having a radius of 1230.00 feet and a chord bearing of S8550 `37"E; thence Easterly along the are of said curve through a central angle of 11'32'59" for a distance of 247.95 feet to the POINT OF BEGINNING; thence S0377'15"E, 5.00 feet to a point on a non—tangent curve concave Northerly having a radius of 1235.00 feet and a chord bearing of N7716'35"E; thence Easterly along the arc of said curve through a central angle of 1613'10" for a distance of 349.61 feet to the point of tangency; thence N69'09'59"E, 158.62 feet to the point of curVature of a curve concave Southerly having a r dius of 915.00 feet and a chord bearing of N77'09'02"E; thence Easterly along the arc of said curve through central angle of 1556'05" for a distance of 255.00 feet to a non—tangent line; thence N0970'51141, 72.20 feet to a point on a non—tangent curve concave Southerly having a radius of 987.00 feet and a chord bearing of S76'59'12"W; thence Westerly along the arc of said curve through a central angle of 15'38'25" for a distance of 269.43 feet to the point of t ngency; thence S69'0959"W, 158.62 feet to the point of curvature of a curve concave Northerly having a radius of 1163.00 feet and a chord bearing of S7714'25"W► thence Westerly along the arc of said curve through a central angle of 16'06'52" for a distance of 327.77 feet to a non…tangent line; thence 503'27'15"E, 67.01 feet to the POINT OF BEGINNING.

Containing 1.255 acres more or less and being subject to any rights—of—way, restrictions and easements of recorcl.

NOTES:

„ This Is not a survey,

Not volid without the signature and the original raised seal of a Florida licensed surveyor and mapper.

Bearings based on the Easterly line of the plat of LAUREATE PARK PHASE 1A, Plat Book 75, Pages 124-132, being N2171 .51 -W, per plat. (SEE SKETCH)

Lands shown hereon were not abstracted for rights„of„way, easements, ownership or other instruments of record by this firm .

No title opinion or abstract of matters affecting title or boundary to the subject property or those of adjoining land owners have been provided. It is possible there are deeds of record, unrecorded deeds or other instruments which could affect the boundaries or use of the subject property.

This Sketch of Description does not depict any easements of record that may be within or adjoining the lands described hereon.

PREPARED FOR: LAKE NONA LAND COMPANY

LAKE NONA SOUTH LAUREATE PARK PHASE 26 — PROPOSED LAUREATE BOULEVARD

LEGEND SECTION 30-24-31 SECTION, TOWNSHIP. RANGE

ORB OFFICIAL RECORDS BOOK

DONALD W. McINTOSH ASSOCIATES, INC. PLANNERS ENGINEERS

SUY— 2200pARK AveNuENoRTH,wINTER pARK,

FLORIDA 32789 (4O7644408 CERTIFICATE OF AUTHOR ZATION NO, MEI

I 1,41 PEI PO(S)

PLAT 000le PAGE(5)

A. CENTRAL ANGLE RADIUS

Lw ARC LENGTH Ca., CHORD BEARING NT

DRAWN BY: ELI DATE: 12/06/12

CHECKED BY' SG DATE , 12/06312

JOB NO, 11206.026

SCALE

N/A SHEET 2

Cr 2 PC

POINT or REVERSE CURVATURE POINT OF CURVATURE PONT OF TANGENCY PT

FRC

SKETCH OF DESCRIPTION

Printed: Mon 10„Dec-2012 „ 03:22PM F:\Prol2011\11206\Sdwg\NAVO88\sod\Phaso 29 Road Q.dwg

51_13570 CS# 12-270

Prepared By and Return To: DOCU 20130106043 B: 10526 P: 6555 02/22/2013 0135:22 PM Page 1 of 5 Rec Fee: $44.00 Martha 0. Haynie, Comptroller Orange FL

Sara W. Bernard, Esquire Broad and Cassel Bank of America Center

PU - Ret To: BROAD AND CASSEL

III ^^^^^^I^^I{^` 11 I

P.O. Box 4961 Orlando, Florida 32802-4961

NINTH AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS NINTH AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE PARK MASTER ASSOCIATION, INC. (the "Ninth Amendment") is made effective as of theal(n day of _1-_axgja , 2013 by LAKE NONA LAUREATE PARK, LLC, a Florida limited liabi ity company, with a mailing address of 9801 Lake Nona Road, Orlando, Florida 32827 (the "Declarant").

WITNESSETH:

WHEREAS, the Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. was recorded June 24, 2011 in Official Records Book 10231, Page 7500, as amended by that certain First Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded January 24, 2012 in Official Records Book 10322, Page 2438, both in the Public Records of Orange County, Florida, as further amended by that certain Second Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 8, 2012 in Official Records Book 10329, Page 6391, as further amended by that certain Third Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded March 23, 2012, in Official Records Book 10351, Page 3994, as further amended by that certain Fourth Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded May 14, 2012 in Official Records Book 10376, Page 2401, as further amended by that certain Fifth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded July 27, 2012 in Official Records Book 10416, Page 5412, as re-recorded August 10, 2012 in Official Records Book 10424, Page 4646, as further amended by that certain Sixth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded October 12, 2012 in Official Records Book 10457, Page 2669, as further amended by that certain Seventh Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 5, 2013 in Official Records Book 10516, Page 6233, and as further amended by that certain Eighth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded

1 4834-9142-88822

31762/0012

February 5, 2013 in Official Records Book 10516, Page 6243, all in the Pubilc Records of Orange County, Florida (collectively, the "Master Declaration"); and

WHEREAS, pursuant to Section 2.3 of the Master Declaration, the Declarant, in its sole and absolute discretion, shall have the right, but not the obligation to submit or to cause to be submitted, other real property not now included within the Additional Property, to the encumbrance, operation and effect of the Master Declaration, subject to the terms thereof; and

WHEREAS, the Declarant is the owner of that certain real property being more particularly described in Schedule "A" attached hereto and made a part hereof (the "LNLP Property"); and

WHEREAS, the Declarant desires to amend the Master Declaration in order to cause the LNLP Property to be submitted to the encumbrance, operation and effect of the Master Declaration; and

WHEREAS, any capitalized term not otherwise defined herein shall have the meaning ascribed to it under the Master Declaration.

NOW, THEREFORE, for and in consideration of the premises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Declarant hereby amends the Declaration as follows:

Recitals. The recitals set forth above are true and correct and are incorporated herein by reference.

1.

2. Property. Exhibit "A" to the Master Declaration is hereby amended to add the LNLP Property. The Declarant hereby declares, acknowledges and agrees that all references to the "Property" in the Master Declaration shall hereafter include the LNLP Property.

3. Effect on Master Declaration. Except as specifically amended herein, the Master Declaration shall in all other respects remain in full force and effect. In the event of any conlfict or ambiguity between the Master Declaration and this Ninth Amendment, this Ninth Amendment shall control.

[SIGNATURE APPEARS ON THE FOLLOWING PAGE]

2 4834-9142-8882 2 31762/0012

IN WITNESS WHEREOF, the Declarant has executed this Ninth Amendment the date stated below within the notary acknowledgement.

Signed, sealed and delivered in the presence of: LAKE NONA LAUREATE PARK, LLC, a Florida limited liability company

s

' By: -712,6 v t n Nan(Z JaL. Zboril, Ph-esident

Name: Zitilmer

STATE OF FLORIDA CITY OF ORANGE

The fore X U a

OAgg instrument was acknowledged before me (8-D,CF1-\ day of , 2013 by James L. Zboril, as President of LAKE NONA

LAUREATE PAliK, LLC, a Florida limited liability company, on behalf of the company. He is personally known to me or has produced as identification.

i (Sig ublic)

Le1 V I I iA%- JENNY BEVLIN

NOTARY PUBLIC - STATE OF FLORIDA COMMISSION* DD965526

EXPIRES 2/24/2014 BONDED THRU 1-08B-NOTA RY i

(Typed name of Notary Public) Notary Public, State of Florida Commission No.: My Commission Expires:

3 4834-9142-8882.2 31762/0012

SCHEDULE "A"

LNLP PROPERTY

Laureate Park Phase 2B

That part of Section 30, Township 24 South, Range 31 East, Orange County, Florida, described as follows:

Commence at the Southeast corner of LAUREATE PARK PHASE 1A, according to the plat thereof, as recorded in Plat Book 75, Pages 124 through 132, of the Public Records of Orange County, Florida; thence N21„21'51"W along the Easterly line of said LAUREATE PARK PHASE lA for a distance of 7.00 feet; thence departing said Easterly line run N68„38'09"E, 533.49 feet to the point of curvature of a curve concave Southerly having a radius of 970.00 feet and a chord bearing of N82„47'01"E; thence Easterly along the arc of said curve through a central angle of 28„17'43" for a distance of 479.03 feet to the point of reverse curvature of a curve concave Northerly having a radius of 1230.00 feet and a chord bearing of S88„50'37"E; thence Easterly along the arc of said curve through a central angle of 11„32'59" for a distance of 247.95 feet to the POINT OF BEGINNING; thence S03„27'15"E, 5.00 feet to a point on a non-tangent curve concave Northerly having a radius of 1235.00 feet and a chord bearing of N77„16'35"E; thence Easterly along the arc of said curve through a central angle of 16„13'10" for a distance of 349.61 feet to the point of tangency; thence N69„09'59"E, 158.62 feet to the point of curvature of a curve concave Southerly having a radius of 915.00 feet and a chord bearing of N77„09'02"E; thence Easterly along the arc of said curve through a central angle of 15„58'05" for a distance of 255.00 feet to a non-tangent line; thence N09„20'51"W, 531.39 feet to the point of curvature of a curve concave Westerly having a radius of 2025.00 feet and a chord bearing of N12„53'51"W; thence Northerly along the arc of said curve through a central angle of 07„06'01" for a distance of 250.95 feet to a non-tangent line; thence S69„41'30"W, 805.72 feet; thence S22„03'06"E, 210.90 feet to the point of curvature of a curve concave Westerly having a radius of 1025.00 feet and a chord bearing of S12„45'10"E; thence Southerly along the arc of said curve through a central angle of 18„35'51" for a distance of 332.70 feet to the point of tangency; thence S03„27'15"E, 155.58 feet to the POINT OF BEGINNING

LESS AND EXCEPT:

That part of Section 30, Township 24 South, Range 31 East, Orange County, Florida, described as follows:

Commence at the Southeast corner of LAUREATE PARK PHASE 1A, according to the plat thereof, as recorded in Plat Book 75, Pages 124 through 132, of the Public Records of Orange County, Florida; thence N21„21'51"W along the Easterly line of said LAUREATE PARK PHASE 1A for a distance of 7.00 feet; thence departing said Easterly line run N68„38'09"E, 533.49 feet to the point of curvature of a curve concave Southerly having a radius of 970.00 feet and a chord bearing of N82„47'01"E; thence Easterly along the arc of said curve through a central angle of 28„17'43" for a distance of 479.03 feet to the point of reverse curvature of a

4 4834-9142-8882 2 31762/0012

curve concave Northerly having a radius of 1230.00 feet and a chord bearing of S88„50'37"E; thence Easterly along the arc of said curve through a central angle of 11„32'59" for a distance of 247.95 feet to the POINT OF BEGINNING; thence S03„27'15"E, 5.00 feet to a point on a non- tangent curve concave Northerly having a radius of 1235.00 feet and a chord bearing of N77„16'35"E; thence Easterly along the arc of said curve through a central angle of 16„13'10" for a distance of 349.61 feet to the point of tangency; thence N69„09'59"E, 158.62 feet to the point of curvature of a curve concave Southerly having a radius of 915.00 feet and a chord bearing of N77„09'02"E; thence Easterly along the arc of said curve through a central angle of 15„58'05" for a distance of 255.00 feet to a non-tangent line; thence N09„20'51"W, 72.20 feet to a point on a non-tangent curve concave Southerly having a radius of 987.00 feet and a chord bearing of S76„59'12"W; thence Westerly along the arc of said curve through a central angle of 15„38'25" for a distance of 269.43 feet to the point of tangency; thence S69„09'59"W, 158.62 feet to the point of curvature of a curve concave Northerly having a radius of 1163.00 feet and a chord beairng of S77„14'25"W; thence Westerly along the arc of said curve through a central angle of 16„08'52" for a distance of 327.77 feet to a non-tangent line; thence S03„27'15"E, 67.01 feet to the POINT OF BEGINNING.

5 4834-9142-8882.2 31762/0012

DOCR 20130130389 8: 18533 P: 6217e3/97/201312:02:38PM Page 1 of 3Rec Fee: $27.00Martha 0. Haynie, ComptrollerOrange County FL

PreparedBy and ReturnTo: PU - Ret To: ROAD AND CASSEL

SaraW. Bernard,EsquireBroad and Cassel

Bank of America Center

P.O.Box 4961

Orlando,Florida32802-4961

TENTH AMENDMENT TO MASTER DECLARATION

OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS TENTH AMENDMENT TO MASTER DECLARATION OF COVENANTS,

CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATEP4R

MASTER ASS CIATION, INC. (the"Tenth Amendment") ismade effectiveasofthe I

day of 0(, , 2013 by LAKE NONA LAUREATE PARK, LLC, a

Floridahmited liabilitycompany, with a mailingaddressof 9801 Lake Nona Road, Orlando,Florida32827 (the"Declarant").

WITNES SET H:

WHEREAS, the Master Declarationof Covenants, Conditions,Restrictionsand

Easements forLaureatePark Master Association,Inc.was recordedJune 24, 2011 in Official

Records Book 10231, Page 7500, as amended by thatcertainFirstAmendment to Master

Declarationof Covenants, Conditions,Restrictionsand Easements for LaureatePark Master

Association,Inc.recordedJanuary24,2012 inOfficialRecords Book 10322,Page 2438,bothin

the Public Records of Orange County, Florida,as furtheramended by thatcertainSecond

Amendment to Master Declarationof Covenants,Conditions,Restrictionsand Easements for

LaureatePark Master Association,Inc.recordedFebruary 8, 2012 in OfficialRecords Book

10329,Page 6391, as furtheramended by thatcertainThirdAmendment to Master Declaration

of Covenants,Conditions,Restrictions,and Easement forLaureatePark Master Association,Inc.

recordedMarch 23, 2012, in OfficialRecords Book 10351,Page 3994, as furtheramended bythatcertainFourth Amendment to Master Declarationof Covenants,Conditions,Restrictions,and Easement forLaureatePark Master Association,Inc.recordedMay 14, 2012 in Official

Records Book 10376,Page 2401,as furtheramended by thatcertainFifthAmendment toMaster

Declarationof Covenants, Conditions,Restrictionsand Easements for LaureatePark Master

Association,Inc.recordedJuly 27, 2012 in OfficialRecords Book 10416, Page 5412, as re-

recordedAugust 10,2012 in OfficialRecords Book 10424,Page 4646, as furtheramended bythatcertainSixthAmendment toMaster Declarationof Covenants,Conditions,Restrictionsand

Easements for LaureatePark Master Association,Inc.recordedOctober 12, 2012 in Official

Records Book 10457, Page 2669, as furtheramended by thatcertainSeventh Amendment to

Master Declarationof Covenants,Conditions,Restrictionsand Easements for LaureatePark

Master Association,Inc.recordedFebruary5,2013 inOfficialRecords Book 10516,Page 6233,as furtheramended by thatcertainEighth Amendment to Master Declarationof Covenants,

Conditions,Restrictionsand Easements for LaureatePark Master Association,Inc.recorded

14848-7563-2659.131762/0012

February5, 2013 in OfficialRecords Book 10516, Page 6243, and as furtheramended by that

certainNinth Amendment to Master Declarationof Covenants,Conditions,Restrictionsand

Easements forLaureatePark Master Association,Inc.recordedFebruary 22, 2013 in Official

Records Book 10526, Page 6555, all in the Public Records of Orange County, Florida

(collectively,the"Master Declaration");and

WHEREAS, pursuantto Section14.5of theMaster Declaration,theDeclarant,untilthe

expirationof the Declarant'sControl Period or untilsuch earlierdate whereupon Declarant

recordsa Certificateof Terminationof Interestof itsrightto unilaterallyamend the Master

Declaration,the Declarantmay amend, supplement,createexceptionsto,or othermodify the

termsoftheMaster Declaration;and

WHEREAS, the Declarant desiresto amend the Master Declarationin order to

supplementand modify thetermsand provisionsoftheMaster Declaration;and

WHEREAS, any capitalizedterm not otherwisedefinedhereinshallhave the meaningascribedtoitundertheMaster Declaration.

NOW, THEREFORE, forand in considerationof the premisescontainedhereinand

other good and valuable consideration,the receiptand sufficiencyof which are hereby

acknowledged,theDeclarantherebyamends theDeclarationasfollows:

1. Recitals.The recitalssetforthabove aretrueand correctand am incorporatedhereinby reference.

2. Mailboxes. Paragraph (v)of Exhibit "E" to the Master Declarationisherebydeletedinitsentiretyand replacedasfollows:

(v) Mailboxes. No mailbox or paperbox or otherreceptaclesof any kind for

useinthedeliveryof mail ornewspapersormagazines or similarmaterialshallbe

erectedon a PropertyUnit unlessand untilthesize,location,designand type of

materialof saidboxes orreceptaclesshallhave been approvedby theDeclarantor

theDesign Review Board, as applicable,pursuantto theDeclaration.No Owner

of a PropertyUnit shallbe permittedto erect(orallow to be erected)a separatemailbox or paper box or otherreceptacleof any kind foruse in the deliveryof

mail or newspapers or magazines or similarmaterialto a granny flat(i.e.,a

dwellingspaceabove thegarage);provided,further,no separatemailingaddress

shallbe appliedfor,obtainedby or designatedto a granny flat(whetheror not

such granny flatisleasedtoa non-Owner).

3. Effect on Master Declaration. Except as specificallyamended herein,the

Master Declarationshallinallotherrespectsremain infullforceand effect.Intheeventof anyconflictor ambiguitybetween the Master Declarationand thisTenth Amendment, thisTenth

Amendment shallcontrol.

[SIGNATURE APPEARS ON THE FOLLOWING PAGE]

24848-7563-2659.131762/0012

IN WITNESS WHEREOF, theDeclaranthas executedthisTenth Amendment thedate

statedbelow withinthenotaryacknowledgement.

Signed,sealedand deliveredinthepresenceof: LAKE NONA LAUREATE PARK, LLC,a Floridalimitedliabil' mpany

Name: 11rRA If I' a es .Zboril,President

N

STATE OF FLORIDA

CITY OF ORANGE

The foregoing instrument was acknowledged before me day of

&/LA . 2013 by James L. Zboril, as President of LAKE NONA

LAUREATE PARK, LLC, a Floridalimitedliabilitycompany, on behalfof thecompany. He

ispersonallyknown tome er-has-predneed as identification.

Commission#EE 138T/2

ExpiresDecember2,2015enwanwomeno-secote (Typed name ofNotary Public)

NotaryPublic,StateofFlorida

Commission No.:

My Commission Expires:

34848-7563-2659.131762/0012

DOCM 20130223878 B: 10560 P: 1356

Prepared By and Return To:04/25/201303:04:44 PM Page 1 of 4

Rec Fee: $35.50Martha 0. Haynie, Comptroller

Sara W. Bernard, EsquireansincoCsygR D AND CASSEL

Broad and Cassel

,"

k

oxA4

ca Center

Orlando, Florida32802-4961

ELEVENTH AMENDMENT TO MASTER DECLARATION

OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS ELEVENTH AMENDMENT TO MASTER DECLARATION OF

COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE

PARK MA ER ASSO ATION INC. (the"Eleventh Amendment") ismade effectiveas

of the day of (' , 2013 by LAKE NONA LAUREATE

PARK, LLC, a Florida limi d liabilitycompany, with a mailing address of 9801 Lake Nona

Road, Orlando, Florida32827 (the"Declarant").

WI TNE SSET H:

WHEREAS, the Master Declaration of Covenants, Conditions, Restrictions and

Easements for Laureate Park Master Association,Inc.was recorded June 24, 2011 in Official

Records Book 10231, Page 7500, as amended by that certainFirstAmendment to Master

Declaration of Covenants, Conditions, Restrictionsand Easements for Laureate Park Master

Association,Inc.recorded January 24, 2012 in OfficialRecords Book 10322, Page 2438, both in

the Public Records of Orange County, Florida,as furtheramended by that certain Second

Amendment to Master Declaration of Covenants, Conditions, Restrictionsand Easements for

Laureate Park Master Association,Inc. recorded February 8, 2012 in OfficialRecords Book

10329, Page 6391, as furtheramended by thatcertainThird Amendment to Master Declaration

of Covenants, Conditions,Restrictions,and Easement forLaureate Park Master Association,Inc.

recorded March 23, 2012, in OfficialRecords Book 10351, Page 3994, as furtheramended by

that certainFourth Amendment to Master Declaration of Covenants, Conditions, Restrictions,

and Easement for Laureate Park Master Association,Inc.recorded May 14, 2012 in Official

Records Book 10376, Page 2401, as furtheramended by thatcertainFifthAmendment to Master

Declaration of Covenants, Conditions, Restrictionsand Easements for Laureate Park Master

Association,Inc. recorded July 27, 2012 in OfficialRecords Book 10416, Page 5412, as re-

recorded August 10, 2012 in OfficialRecords Book 10424, Page 4646, as furtheramended by

thatcertainSixth Amendment to Master Declarationof Covenants, Conditions,Restrictionsand

Easements for Laureate Park Master Association,Inc. recorded October 12, 2012 in Official

Records Book 10457, Page 2669, as furtheramended by that certainSeventh Amendment to

Master Declaration of Covenants, Conditions, Restrictionsand Easements for Laureate Park

Master Association,Inc.recorded February 5,2013 in OfficialRecords Book 10516, Page 6233,

as furtheramended by that certainEighth Amendment to Master Declaration of Covenants,

Conditions, Restrictionsand Easements for Laureate Park Master Association, Inc. recorded

14831-0261-9154.231762/0012

February 5,2013 in OfficialRecords Book 10516, Page 6243, as furtheramended by thatcertain

Ninth Amendment to Master Declarationof Covenants, Conditions,Restrictionsand Easements

forLaureate Park Master Association,Inc.recorded February 22, 2013 in OfficialRecords Book

10526, Page 6555, and as furtheramended by that certainTenth Amendment to Master

Declaration of Covenants, Conditions, Restrictionsand Easements for Laureate Park Master

Association,Inc.recorded March 7,2013 in OfficialRecords Book 10533, Page 6217, allin the

Public Records of Orange County, Florida(collectively,the"Master Declaration");and

WHEREAS, pursuant to Section2.3 of the Master Declaration,the Declarant,in itssole

and absolutediscretion,shallhave the right,but not the obligationto submit or to cause to be

submitted, other real property not now included within the Additional Property, to the

encumbrance, operationand effectof theMaster Declaration,subjecttotheterms thereof;and

WHEREAS, the Declarant is the owner of that certainreal property being more

particularlydescribed in Schedule "A" attachedhereto and made a part hereof (the "LNLP

Property"); and

WHEREAS, the Declarantdesiresto amend the Master Declarationin order to cause the

LNLP Property to be submitted to the encumbrance, operation and effect of the Master

Declaration;and

WHEREAS, any capitalizedterm not otherwise defined herein shallhave the meaning

ascribedto itunder the Master Declaration.

NOW, THEREFORE, for and in considerationof the premises contained herein and

other good and valuable consideration,the receipt and sufficiencyof which are hereby

acknowledged, the Declaranthereby amends theDeclarationas follows:

1. Recitals. The recitalssetforthabove are true and correctand are incorporated

hereinby reference.

2. Property. Exhibit "A" to the Master Declarationishereby amended to add the

LNLP Property. The Declarant hereby declares,acknowledges and agrees thatallreferencesto

the "Property"intheMaster Declarationshallhereafterincludethe LNLP Property.

3. Effect on Master Declaration. Except as specificallyamended herein, the

Master Declarationshallin allotherrespectsremain in fullforceand effect.In the event of any

conflictor ambiguity between the Master Declaration and this Eleventh Amendment, this

Eleventh Amendment shallcontrol.

[SIGNATURE APPEARS ON THE FOLLOWING PAGE]

24831-0261-9154231762/0012

IN WITNESS WHEREOF, the Declaranthas executed thisEleventh Amendment the

datestatedbelow withinthenotaryacknowledgement.

Signed,sealedand deliveredinthepresenceof: LAKE NONA LAUREATE PARK, LLC,

a Floridalimitedliabilityc any

Name: f rack. rict' Ja s L. oril,President "iR

Name:

STATE OF FLORIDA

CITY OF ORANGE

The foregoing instrument was acknowledged before me 2day of

tay , 2013 by James L. Zboril, as President of LAKE NONA

LAUREATE PARK, LLC, a Floridalimitedliabilitycompany, on behalfof the company. He

ispersonallyknown tome mann

KATHYKITTELL

sq Commission# EE138772 (Signa of Notary Public)

ExpiresDecember2,2015BondedThruTroyFaininsurance800-385-7019

(Typed name of Notary Public)

Notary Public,StateofFlorida

Commission No.:

My Commission Expires:

34831-0261-9154.231762JODI2

SCHEDULE "A"

LNLP PROPERTY

Laureate Park Phase 3B

That partof Sections19 and 30,Township 24 South,Range 31 East,Orange County,Florida,described

asfollows:

BEGIN at the Northeastcornerof LAUREATE PARK PHASE 3A, accordingto the platthereof,as

recordedin PlatBook 77, Pages 106 through 111,of thePublicRecords of Orange County, Florida;

thenceN86053'54"W along the North lineof saidLAUREATE PARK PHASE 3A fora distanceof

1258.40feetto theNorthwestcornerof saidLAUREATE PARK PHASE 3A and to a pointon a non-

tangentcurve concave Westerlyhaving a radiusof 175.00 feetand a chord bearingof NO6057'31"E;

thenceNortherlyalongtheareof saidcurvethrougha centralangleof61014'57"fora distanceof 187.07

feettothepointof reverseof a curveconcaveEasterlyhavinga radiusof 95.00feetand a chordbearing

ofNOOol4'06"W; thenceNortherlyalongtheareof saidcurvethrougha centralangleof 46051'43"fora

distanceof 77.70feetto thepointof reversecurvatureof a curveconcave Westerlyhaving a radiusof

615.00 feetand a chordbearingof N16002'53"E;thenceNortherlyalongtheareof saidcurvethrougha

centralangle of 14ol7'45"fora distanceof 153.45 feetto the pointof reversecurvatureof a curve

concave Southeasterlyhaving a radiusof 266.00 feetand a chord bearingof N30029'59"E; thence

Northeasterlyalongtheareofsaidcurvethrougha centralangleof43011'58"fora distanceof200.56feet

tothepointoftangency;thenceN52005'58"E,50.82feettothepointofcurvaturetothepointofcurvature

of a curve concave Northwesterlyhaving a radiusof 130.00feetand a chord bearingof N26021'07"E;

thenceNortheasterlyalongtheareof saidcurvethrougha centralangleof 51029'42"fora distanceof

116.84 feetto a non-tangentline;thence S85047'52"E,177.49 feet;thence N84023'25"E, 55.61 feet;

thenceN45006'24"E,151.01feettoa pointon a non-tangentcurveconcaveSouthwesterlyhavinga radius

of 215.00 feetand a chord bearingof N37056'56"W; thenceNorthwesterlyalongthe areof saidcurve

througha centralangleof 07030'22"fora distanceof 28.17 feetto thepointof reversecurvatureof a

curve concave Easterlyhaving a radiusof 80.00 feetand a chord bearingof NI7035'l6"W; thence

Northerlyalongtheareof saidcurvethrougha centralangleof 48013'41"fora distanceof 67.34feetto

thepointof reversecurvatureof a curveconcave Westerlyhavinga radiusof 115.00feetand a chord

bearingof NO2o31'36"W; thence Northerlyalong the are of said curve through a centralangle of

18006'l9"fora distanceof36.34feettothepointofreversecurvatureofa curveconcaveEasterlyhaving

a radiusof 100.00feetand a chordbearingofNOSo47'23"W; thenceNortherlyalongtheareof saidcurve

through a centralangle of 11034'46"for a distanceof 20.21 feetto the pointof tangency;thence

N00000'00"E,20.48feet;thenceN90000'00"E,292.28feettotheWesterlylineofConservationEasement

"H", as describedin Exhibit"B" of OfficialRecords Book 9262, Page 2294, of thePublicRecords of

Orange County, Florida;thence run the followingcoursesand distancesalong said Westerly line:

S42057'l8"E,202.74 feet;S22047'52"E,188.03 feetto the point of curvatureof a curve concave

Northeasterlyhaving a radiusof 420.00 feetand a chord bearingof S32038'04"E;thenceSoutheasterly

alongtheareof saidcurvethrougha centralangleof 19040'25"fora distanceof 144.21feettothepoint

of reversecurvatureof a curveconcave Westerlyhavinga radiusof 450.00 feetand a chord bearingof

S21o49'23"E;thence Southerlyalong the areof saidcurve througha centralangleof 4lol7'47"fora

distanceof 324.34 feettothepointof tangency;SOlol0'29"E,285.96 feettothepointof curvatureof a

curve concave Easterlyhaving a radiusof 390.00 feetand a chord bearingof SOlo37'00"E;thence

Southerlyalongtheareofsaidcurvethrougha centralangleof00053'02"fora distanceof6.02feettothe

POINT OF BEGINNING.

44831-0261-9154.231762/0012

Prepared By and Return To: , Comptroller

0D6OC1N8/20130318757 B € 10587 P 322 2013 01:1733 PM Page 1 of 110

Sara W. Benrard, Esquire Broad and Cassel Bank of America Center

P6a2grF1,Yea leT AND CASSEL

P.O. Box 4961 Orlando, Florida 32802-4961

TWELFTH AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS TWELFTH AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE PAR the

M ASSOCIATION, INC. (the "Twelfth Amendment") is made effective as of day of May, 2013 by LAKE NONA LAUREATE PARK, LLC, a Florida limited

liability company, with a mailing address of 9801 Lake Nona Road, Orlando, Florida 32827 (the "Declarant"), as joined in and consented to by LAKE NONA LAND COMPANY, LLC, a Florida limited liability company, with a mailing address of 9801 Lake Nona Road, Orlando, Florida 32827 ("LNLC").

WITNESSETH:

WHEREAS, the Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. was recorded June 24, 2011 in Official Records Book 10231, Page 7500, as amended by that certain First Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded January 24, 2012 in Official Records Book 10322, Page 2438, both in the Public Records of Orange County, Florida, as further amended by that certain Second Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 8, 2012 in Official Records Book 10329, Page 6391, as further amended by that certain Third Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded March 23, 2012, in Official Records Book 10351, Page 3994, as further amended by that certain Fourth Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded May 14, 2012 in Official Records Book 10376, Page 2401, as further amended by that certain Fifth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded July 27, 2012 in Official Records Book 10416, Page 5412, as re-recorded August 10, 2012 in Official Records Book 10424, Page 4646, as further amended by that certain Sixth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded October 12, 2012 in Official Records Book 10457, Page 2669, as further amended by that certain Seventh Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 5, 2013 in Official Records Book 10516, Page 6233,

1 4835-9229-2883 2 31762/0003

20130318757 Page 2 of 10

as further amended by that certain Eighth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 5, 2013 in Official Records Book 10516, Page 6243, as further amended by that certain Ninth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 22, 2013 in Official Records Book 10526, Page 6555, as further amended by that certain Tenth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded March 7, 2013 in Official Records Book 10533, Page 6217, and as further amended by that certain Eleventh Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded April 25, 2013 in Official Records Book 10560, Page 1356, all in the Public Records of Orange County, Florida (collectively, the "Master Declaration"); and

WHEREAS, pursuant to Section 2.3 of the Master Declaration, the Declarant, in its sole nad absolute discretion, shall have the right, but not the obligation to submit or to cause to be submitted, other real property not now included within the Additional Property, to the encumbrance, operation and effect of the Master Declaration, subject to the terms thereof; and

WHEREAS, LNLC is the owner of that certain real property being more particularly described in Schedule "A" attached hereto and made a part hereof (the "LNLC Property"); and

WHEREAS, the Declarant and LNLC desire to amend the Master Declaration in order to cause the LNLC Property to be submitted to the encumbrance, operation and effect of the Master Declaration; and

WHEREAS, any capitalized term not otherwise defined herein shall have the meaning ascribed to it under the Master Declaration.

NOW, THEREFORE, for and in consideration of the premises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Declarant hereby amends the Declaration as follows:

1. Recitals. The recitals set forth above are true and correct and are incorporated herein by reference.

2. LNLC Property. Declarant and LNLC hereby declare, acknowledge and agree that all references to the "Property" in the Master Declaration shall hereatfer include the LNLC Property.

Property. Exhibit "A" to the Master Declaration is hereby amended to add the

3. Master Declaration shall in all other respects remain in full force and effect. In the event of any conlfict or ambiguity between the Master Declaration and this Twelfth Amendment, this Twelfth Amendment shall control.

Effect on Master Declaration. Except as specifically amended herein, the

2 4835-9229-2883 2 31762/0003

20130318757 Page 3 of 10

IN WITNESS WHEREOF, the Declarant has executed this Twelfth Amendment the date stated below within the notary acknowledgement.

Signed, sealed and delivered in the presence of: LAKE NONA LAUREATE PARK, LLC, a Florida limited liability company

By: . ,-- N JT.W -L. „ President mrs

STATE OF FLORIDA CITY OF ORANGE

The foregoing instrument was acknowledged before me 4-4- day of 2013 by James L. Zboril, as President of LAKE NONA LAUREATE PARK, LLC, . - • e a limited '

l

liability company, on behalf of the company. He is personally known to me

[2

„ „ (Signature of Notary Public) KATHY KITTELL

'' ' Commission # EE 138772 Expires December 2,2015,

. (Typed name of Notary Public) Notary Public, State of Florida Commission No.: My Commission Expires:

3 4835-9229-2883 2 31762/0303

20130318757 Page 4 of 10

IN WITNESS WHEREOF, LNLC has joined in and consent to this Twelfth Amendment by executing this Twelfth Amendment as of the date stated below within the notary acknowledgement.

Signed, sealed and delivered in the presence of: LAKE NONA LAND COMPANY, LLC, a Florida limited liability company

By: yboril, President

thifk

STATE OF FLORIDA CITY OF ORANGE

The foregoing instrument was acknowledged before me this day of , 2013, by James L. Zboril, as President of LAKE NONA LAND COMPANY, LLC, a Florida limited liability company, on behalf of the company. He is personally known to me or has produced as identification.

^„ a KATHY KITTELL

' Commission # EE 138772 (Signature•of Notary Public) Q Expires December 2, 2015 ARK:hIP Bonded hTru Trey Fain Insurance 800-385-7019

(Typed name of Notary Public) Notary Public, State of Florida Commission No.: My Commission Expires:

4 4835-9229-2883.2 31762/0003

20130318757 Page 5 of 10

SCHEDULE "A"

LNLC PROPERTY

See Attached Sketches of Description CS# 13-179(A) and CS# 13-179(B) • 5 pages

A-1 4835-9229-2883 2 31762/0003

20130318757 Page 6 of 10

SKETCH OF DESCRIPTION SEE SHEET 3 FOR NOTES, LEGEND, AND DESCRIPTION.

This Sketch of Description does not depict any easements of record that may be within or adjoining the lands described hereon.

2

ak orte SSE ..-. • 200' 0' 200'

- .., -

".... ------ Scale: l'' 200'

001 P7

PC / NOT PLATTED

PROPOSED --4-. i LAUREATE BOULEVARD

I LOT I SECTiONS 7 ct 8 (LAKE NONA SOUTH LOT 3 PARCEL 30

(LAKE NONA SOUTH PEI 76, PGS 93-94)

PARCEL 30 PB 75, PGS 93-94)

PROLONGATION VotortitLY •..--stesr UNE OF

SOUTH LAKE NONA SOUTH UNE LOT ( PARCEL 30

P9 76, PGS 93-94) PC

L3 .L2 PT C2 Pc C1 .

NOT RAMC WPC (...SOUTH LAUREATE BOULEVARD --

ENE LOT 3 76, PGS 93-94) Pi ( iƒ )

111 e9

SECTION I‚PT .-- - - - -

3?--2-31 : - -- _ 1

31- 231 SECTION k_712ACT A POINT OF BEGINNING (LAKE NONA SOUTH

PARCEL 30 NORINVEST COINER OF TRACT A (LAKE NONA SOUTH PARCEL 30 P13 76, PCS 93-94)

PB 76, PGS 93-94)

UNE TABLE OHM SHEET ONLY) NUMBER BEARING DISTANCE 11 N0018'15'14 111.00' L2 SI3941'45V 29.00'

53.44.

168.78'

210.53'

L3 L4 15 L8 L9 S13►4943T

S8419'5010/ SE1941.45.W N81'07`28V N13'49'43"W

157.37'

210.53'

168.78'

L10 L11

581177'24T 99.45' 87712`30-"E

L12 171.17'

CURVE TABLE (IHIS SHEET Mtn NUMBER RADIUS LENGTH CHORD CHORD REARM CI C2

570.00' 570.00' 0910'46—

50.06' 91.32'

50.04' 91.22'

S11710.48'W N135'42.52►W

C3 570.00' 6777.45. 869.48' 831.66' N4728.3LeW C7 635.00' 677745" 745.83' 703.69' S472e36E C8 280.00' 0354'58" 19.14' 19.13' S7910.00't C9 457.65' 13'05'44" 104.60' 104.37' S834.5'23"E

DELTA 05'01'55'

N894145*E

PREPARED FOR:

LAKE NONA LAND COMPANY LAKE NONA SOUTH LAKE NONA SOUTH LAUREATE BOULEVARD SECTIONS 7 de 8

i A

i DATE BY 7:A:2

• REVISI S

DONALD W. McINTOSH ASSOCIATES, INC. ENGINEERS PLANNERS SURVEYORS 2200 PARK AVENUE NORTH, WINTER PARK, FLORIDA 32789 (407) 644-4068 Scott Wismar' II May 09, 2013

OCIATES, INC. TION NO. LIM

Florida Registered Surveyor and Mapper Certificate No. 5048

CERTIFICATE OF AUTHOR ZATION NO. LB68

DRAWN BY:ELI

DATE: 5/8/13 CHECKED BY: SG JOB NO.

13090.001 SCALE

1"=200' SHEET 1

OF 3 NOT VALID WITHOUT THE SIGNATURE AND TI-E ORIGINAL RAISED SEAL OF A FLORIDA UCENSED SURVEYOR AND MAPPER. DATE: 5/6/13

Printed: Thu 09-May-2013 - 02:23PAI F:\Pro12013\13090\Sdwg\NAVD88\sod\Rood 0 Sections 7-8.dwg

csi 13-179(A)

20130318757 Page 7 of 10

SKETCH OF DESCRIPTION SEE SHEET 3 FOR NOTES, LEGEND, AND DESCRIPTION.

This Sketch of Description does not depict any easements of record that moy be within or adjoining the lands described hereon.

4 11 111111h NORTH \

200' 0' 200' CORNER

PROP OSED (ORB1 05126, PC 50) Scale: l a = 200' LAUREATE PARK PHASE 2I3

4 tr4

C. -" DEGC RIflE6 co s NOT PLA77ED mps 516.0

(

)

SOUTHtEAST

a

TER,L..co IN CORNER

.‚6250) LANDS DESCRIBED DV LAOS

i 00i 6'PG (ORB 105f5 PC 6250)

Coo

PROPOSED 0 ' NT

NT LAUREATE BOULEVARD SECTIONS 7 & 8 cP

NOT PLATTED

LINE TABLE (THIS SHEET ONLY) NUMBER LB

BEARING N1349431V

DISTANCE 210.53'

72.20'

L7 L8 L9

41.34'381^V 50970'51T S13'49'43"E

27.17'

210.53'

CURVE TABLE (THIS SHEET ONLY NUMBER RADIUS DELTA LENGTH CHORD CHORD BEARING C4 980.00' 3438'35• 598.25' 589.00' N3179'01"W C5 C6

987.00' 915.00'

44►513" 77275' 1294.14'

75117' 1188.94'

N7245'50'W S54'20'50"E 8102'13"

PC PT

85.0°

1 SeE Su

riige

•-•14 M KTG" PREPARED FOR:

LAKE NONA LAND COMPANY LAKE NONA SOUTH LAKE NONA SOUTH - LAUREATE BOULEVARD SECTIONS 7 & 8

DONALD W. McINTOSH ASSOCIATES, INC. ENGINEERS PLANNERS SURVEYORS 2200 PARK AVENUE NORTH, WINTER PARK, FLORIDA 32789 (407) 644-4068

CERTIFICATE OF AUTHORIZATION NO. L868

DRAWN BY:al

DATE: 518/13

CHECKED BY: .s.g. DATE: 518113

JOB NO. SCALE 1"=-200'

SHEET 2

OF 3 13090.001

Printed: Thu 09-May-2013 - 03:17PM F:\Prof.2013\13090\Sdwg\NAVD88\sod\Road 0 Sections 7-8.dwg

CS# 13-179(A)

20130318757 Page 8 of 10

SKETCH OF DESCRIPTION DESCRIPTION:

That part of Section 30, Township 24 South, Range 31 East, Orange County, Florida, described as follows:

BEGIN at the Northwest corner of Tract A, LAKE NONA SOUTH PARCEL 30, according to the plat thereof, as recorded in Plat Book 76, Pages 93 and 94, of the Public Records of Orange County, Florida; thence N0018 .15"W along the West line of said plat of LAKE NONA SOUTH PARCEL 30, for a distance of 111.00 feet to the South line of Lot 3 of said LAKE NONA SOUTH PARCEL 30; thence departing said West line run S89'41'45"W along said South line. 29.00 feet; thence S8419'50"W along said South line, 157.37 feet to the point of curvature of a curve concave Northerly having a radius of 570.00 feet and a chord bearing of S8710'48"W; thence Westerly along said South line and the are of said curve through a central angle of 05-01'55" for a distance of 50.06 feet to the point f tangency, thence S89'41'45"W along said South line and the Westerly prolongation thereof, 53.44 feet to the point of curvature of a curve concave Northerly having a radius of 570.00 feet and a chord bearing of N85'42'52"W; thence departing said Westerly prolongation run Westerly along the arc of said curve through a central angle of 0910'46" for a distance of 91.32 feet to the point of tangency; thence N81'07'29"W. 168.78 feet to the point of curvature of a curve concave Northeasterly having a radius of 570.00 feet and a chord bearing of N4728 .36"W; thence Northwesterly along the arc of said curve through a central angle of 6717'45" for a distance of 669.48 feet to the point of tangency, thence N13'49'43"W, 210.53 feet to the point of curvature of a curve concave Southwesterly having a radius of 98000 feet and a chord bearing of N3119'01"W; thence Northwesterly along the arc of said curve through a central angle of 34'58'35" for distance of 598.25 feet to a non-tangent line; thence N34'38'24"W, 27.17 feet to a point on a non-tangent curve concave Southerly having a r dius of 987.00 feet and a chord bearing of N72'45'50"W; thence Westerly along the arc of said curve through a central angle of 44'51'31" for a distance of 772.75 feet to the Northeast corner of lands described in Official Records Book 10516, Page 6250 of the Public Records of Orange County, Florida and a non-tangent line; thence S09'20'51"E along the Easterly line of said lands described in Official Records Book 10516, Page 6250 for a distance of 72.20 feet to the Southeast corner of said lands described in Official Records Book 10516, Page 6250 and a point on a non-tangent curve concave Southwesterly having a radius of 915.00 feet and a chord bearing of S54.20.50"E; thence departing said Easterly line run Southeasterly along the arc of said curve through a central angle of 81'02'13" for a distance of 1294.14 feet to the point of tangency, thence S13'49'43"E. 210.53 feet to the point of curvature of a curve concave Northeasterly having a radius of 635.00 feet and a chord bearing of S47'28'36"E; thence Southeasterly along the arc of said curve through a central angle of 67'17'45" for a distance of 745.83 feet to the point of tangency; thence S81'07'29"E, 168.78 feet to the point of curvature of a curve concave Southerly having a radius of 280.00 feet and a chord bearing of S7910'00"E; thence Easterly along the are of said curve through a central angle of 03'54'58" for a distance of 19.14 feet to the point of tangency; thence S77'12'30"E, 99.45 feet to the paint of curvature of a curve concave Northerly having a radius of 457.65 feet and a chord bearing of S83'45'23"E; thence Easterly along the arc of said curve through a central angle of 13'05'44" for a distance of 104.60 feet to the point of tangency, thence N89'41'45"E, 171.17 feet to the POINT OF BEGINNING.

Containing 4.570 acres more or less and being subject to any rights-of-way, restrictions and easements of record.

NOTES:

• This is not survey.

Not valid without the signature and the original raised seal of a Florida licensed surveyor and mapper.

Bearings based on the West boundary line of the LAKE NONA SOUTH PARCEL 30, Plat Book 76, Pages 93-94, being NO011115•W, per plat (SEE SKETCH)

Lands shown hereon were not abstracted for rights ‚of‚ way, easements, ownership or other instruments of record by this firm.

No title opinion or abstract of matters affecting title or boundary to the subject property or those of adjoining land owners have been provided. It is possible there are deeds of record, unrecorded deeds or other instruments which could affect the boundaries or use of the subject property.

This Sketch of Description does not depict any easements of record that may be within or adjoining the lands described hereon.

PREPARED FOR: LAKE NONA LAND COMPANY

LAKE NONA SOUTH LAKE NONA SOUTH LAUREATE BOULEVARD SECTIONS 7 & 8

LEGEND SEC770N 30-24-31 SECTION, rotosHip, RANGE

- ORB OFFICIAL RECORDS BOOK

DONALD W. McINTOSH ASSOCIATES, INC. PLANNERS ENGINEERS SURVEYORS

2200 PARK AVENUE NORTH, WINTER PARK, FLORIDA 32789 (407) 644-4068

PG(S) PAGE(S) PB PLAT BOOK

CENTRAL ANGLE R= RADIUS L= ARC LENGTH

CERTIFICATE OF AUTHOR ZAllON NO. LB58 08= NT NON‚ TANGENT

CHORD BEARING

DRAWN BY: Ed DATE: 5/8/13

CHECKED BY: SG JOB NO, 13090.001

SCALE N/A

SHEET 3 OF 3

PRC POINT OF REVERSE CURVATURE POINT OF CUR VATURE POINT OF TANGENCY

PC PT DATE: 5/813

Printed: Thu 09‚May-2013 ‚ 02:231,14 F:\Pro).20131,13090\Sdwg\NAVD88\sod\Rood 0 Sections 7‚ELdwg

s113677 CS# 13-179(A)

20130318757 Page 9 of 10

POINT OF - t' k , /NG SKETCH OF DESCRIPTION SEE SHEET 2 FOR NOTES, LEGEND, AND DESCRIPTION. Litkabirti EASIERLY UNE or

(LAUREATE PHASE 2 LAKE NONA (LAUREATE BOULEVARD This Sketch of Description does not depict any easements of

record that may be within or adjoining the lands described hereon. Fe 75 . PCS 140-149 PHASE 2 LAKE NONA

75, PGS 140 & 141) (BEARING BASIS)

- - NT C8 LAUREATE BOULEVARD

BOULEVARD `°,, PROposED

A PHASE 2 LAKE NONA LAUREA NOT PLATTED

PB 75, PCS 140 & 141) SEcnavs 9 RD & /0

PCC \ NORTH IP-NT

c 7 PC

I I 4

HARTWELL COURT PCC (HARTWELL COURT UWE NONA (>

75. KS 49 & 50) NOT PLATTED

0,,2 NI

4%) /

'1ttr

*.1

PROPOSED NI LAUREA TE BOULEVARD

SECTIONS 9 ec 10 t

NOT PLATTED

200' 200' 0' 41 e‘,

o-, wr 0 6. Scale: l a 200'

•6 7. ... 4 -' UNE TABLE (THIS SHEET ONL Y) <3

,k + A -1 ?kb NUMBER BEARING DISTANCE

120.00'

258.98'

0.51'

74.00'

4.55'

274.61'

Ll L2 L3 L4 L5 L6 L7

S001846'E 55842'35"E N39'58.0.V.E N1739.0tE 339Z8'0.r.W N59►42'.35V N5702:34V

412.00'

PC +ZS

-cArE . p

C.:1 4 .*

2,4

Ps. .

NOT PLATTED

CV NT

CURVE TABLE (JHS SHEET ONLY) NUMBER Cl

RADIUS 1660.00'

DELTA 2222'45"

LENGTH 646.38'

CHORD 644.26'

CHORD BEARING S79'07.24 E

C2 C3

3400.00' 2437.50'

0913'27" 0017.5r

547.37' 1267'

546.78' 12.67.

5631918.E

S58.51.31"E C4 2437.00' 1245'03" 542.34' 541.22' 56523'05"E

N5844'511,4

11'4550'

800.00'

C5 C6 C7 0

2367.50'

1780.00'

000431" 533.67' 3.12' 164.2e 668.13'

532.53' 3.12' 163.96' 664.21'

N6.2"5.5.29"W N79'33'35"W

N6516 .1919

21'30'22"

WES1ERLY UNE NT/ taAunc;

7E' AariorA

Routz,,°4

"0 LAUREATE PARK PHASE 1A

(PEI 75, PCS 124-132) -.. -(P8 75.

'CRS

K 044 --

''''c 14

2363.0e 12'5624" LAUREATE PARK PHASE 1A KELLOGG AVENUE

- (P9 75, PCS 124-132) I r

/ / ...,.....

PREPARED FOR:

LAKE NONA LAND COMPANY LAKE NONA SOUTH

LAUREATE BOULEVARD SECTIONS 9 de 10

DATE BY LAKE NONA SOUTH -

I DTALD W.McINTOSHASSOCIATES, lNC. pLANNERs ENNEERs suRyoRs TES, INC.

c

N° LB68

--.

May 09, 20 1. CERTIFICATE OF AUTHOR

NN0 4

j4e

ot,Gro...,

ZATION NO. LB68 lorido Registered Suvreyor ond Mopper DRAWN BY: Eti

DATE: 5/8/13 CHECKED BY: aG___ JOB NO.

13089.001 SCALE

1 "=200' SHEET

OF 2

i .011' Certificate No. 5048 NOT VAUD WITHOUT THE SIGNATURE AND THE ORIGINAL RAISED SEAL OF A FLORIDA UCENSEO SURVEYOR AND MAPPER. DATE: 5/8113

Printed: Thu 09-May-2013 - 02: 32PM F:\Proi2013\13089\Sdwg\NAY088\sod\Rood 0 Sections 9-10.dwg

CS# / 3-17903)

20130318757 Page 10 of 10

SKETCH OF DESCRIPTION DESCRIPTION: That part of Section 25, Township 24 South, Range 30 East, Orange County, Florida, described as follows:

BEGIN at the Northeast Corner of Laureate Boulevard, according to the plat of LAUREATE BOULEVARD PHASE 2 LAKE NONA, as recorded in Plat Book 75, Pages 140 and 141, of the Public Records of Orange County, Florida; thence S0018'46"E along the Easterly line of said plat of LAUREATE BOULEVARD PHASE 2 LAKE NONA, 120.00 feet to a point on a non„tangent curve concave Southerly having a radius of 1660.00 feet and a chord bearing of 579'07'24"E; thence departing said Easterly line run Easterly along the arc of said curve through a central angle of 22'22'45" for a distance of 648.38 feet to the point of compound curvature of o curve concave Southwesterly having a radius of 3400.00 feet and a chord bearing of S631918ƒE; thence Southeasterly along the arc of said curve through a central angle of 0913'27" for a distance of 547.37 feet to the point of tangency, thence S58'42'35"E, 258.98 feet to the point of curvature of a curve concave Northeasterly having a radius of 2437.50 feet and a chord bearing of S58'51'31"E; thence Southeasterly along the arc of s id curve through a central angle of 0017'52" for a distance of 12.67 feet to a non„tangent line; thence N39'58'03"E, 0.51 feet to the point a point on a non„tangent curve concave Northeasterly having a radius of 2437.00 feet and a chord bearing of S65'23'05"E; thence Southeasterly along the arc of said curve through a central angle of 12'45'03" for a distance of 542.34 feet to a non„tangent line and Westerly line of LAUREATE PARK PHASE 1A, according to the plat thereof, as recorded in Plat Book 75, Pages 124 through 132, of the Public Records of Orange County, Florida; thence N17'39'07"E along said Westerly line, 74.00 feet to the point on a non„tangent curve concave Northeasterly having a radius of 2363.00 feet and a chord bearing of N65'16'19"W; thence departing said Westerly line run Northwesterly along the arc of said curve through a central angle of 12'56'24" for a distance of 533.67 feet to a non„tangent line; thence S39'58'03"W, 4.55 feet to a point on a non„tangent curve concave Northeasterly having a radius of 2367.50 feet and a chord bearing of N58'44'51"W; thence Northwesterly along the arc of said curve through a central angle of 00'04'31" for a distance of 3.12 feet to the point of tangency; thence N58'42'35"W, 274.61 feet; thence N57'02'34 -W, 412.00 feet to the point of curvature of a curve concave Southwesterly having a radius of 800.00 feet and a chord bearing of N62'55'29"W; thence Northwesterly along the arc of said curve through a central angle of 11'45'50" for a distance of 164.25 feet to the point of compound curvature of a curve concave Southerly having a radius of 1780.00 feet and a chord be ring of N79'33'35"W; thence Westerly along the arc of said curve through a central angle of 21'30'22" for a distance of 668.13 feet to the POINT OF BEGINNING.

Containing 4.366 acres more or less and being subject to any rights • of• way, restrictions and easements of record.

NOTES: • This is not a survey.

Not valid without the signature and the original raised seal of a Florida licensed suvreyor and mapper.

Bearings based on the East line of LAUREATE BOULEVARD PHASE 2 LAKE NONA, Plot Book 75, Pages 140 and 141, of the Public Records of Orange County, Florida, being S00'18 .46"E (per plat).(SEE SKETCH)

Lands shown hereon were not abstracted for rights„of„way, easements, ownership or other instruments of record by this firm.

No title opinion or abstract of matters affecting title or boundary to the subject property or those of adjoining land owners have been provided. It is possible there are deeds of record, unrecorded deeds or other instruments which could affect the boundaries or use of the subject property.

This Sketch of Description does not depict any easements of record that may be within or adjoining the lands described hereon.

PREPARED FOR: LAKE NONA LAND COMPANY

LAKE NONA SOUTH LAKE NONA SOUTH LAUREATE BOULEVARD SEC77ONS 9 & 10

LEGEND SECTION 25-24-30 SEC770N, TOWNSHIP, RANGE

— ORB OFFICIAL RECORDS BOOK

DONALD W. McINTOSH ASSOCIATES, INC. PLANNERS ENGINEERS SURVEYORS

2200 PARK AVENUE NORTH, WINTER PARK, FLORIDA 32789 (407) 644-4068

PG(5) PAGE(S) PB PLAT BOOK

CENTRAL ANGLE R= RADIUS 1= ARC LENGTH

CERTIFICATE OF AUTHOR ZATION NO. L868 CB= CHOW BEARING NT NON‚ TANGENT

DRAWN BY:EH._

DATE: 5/8/13 CHECKED BY:M_ JOB NO.

13089.001 SCALE

N/A SHEET 2

OF 2

PCC POINT OF COMPOUND CURVATURE PC PO/NT OF CURVATURE PT POINT OF TANGENCY DATE: 5/813

Printed: Thu 09‚May-2013 ‚ 02:32PM F: \Pro j2013\1.3089\Sdwg\NAVD813\sod\Rood Q Sections 9-10.dwg

SL13676 CS# 13-179(B)

DOCII 20130330850 B: 10590 P : 6844 06/25/2013 01:12:16 PM Page 1 of 4 Rec Fee: $35.50 Martha 0. Haynie, Comptroller Orange FL

Prepared By and Return To: PU - Ret To: BROAD AND CASSEL

II IR 101M1 1

1111111 Sara W. Benrard, Esquire Broad and Cassel Bank of America Center P.O. Box 4961 Orlando, Florida 32802-4961

THIRTEENTH AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS THIRTEENTH AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE

ASSOCIATION, INC. (the "Thirteenth Amendment") is made effective as of the I) ' da yof June, 2013 by LAKE NONA LAUREATE PARK, LLC, a Florida limited liability company, with a mailing address of 9801 Lake Nona Road, Orlando, Florida 32827 (the "Declarant").

WITNESSETH:

WHEREAS, the Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. was recorded June 24, 2011 in Official Records Book 10231, Page 7500, as amended by that certain First Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded January 24, 2012 in Official Records Book 10322, Page 2438, both in the Public Records of Orange County, Florida, as further amended by that certain Second Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 8, 2012 in Official Records Book 10329, Page 6391, as further amended by that certain Third Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded March 23, 2012, in Ofifcial Records Book 10351, Page 3994, as further amended by that certain Fourth Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded May 14, 2012 in Official Records Book 10376, Page 2401, as further amended by that certain Fifth Amendment to Master Declaration of Covennats, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded July 27, 2012 in Official Records Book 10416, Page 5412, as re-recorded August 10, 2012 in Official Records Book 10424, Page 4646, as further amended by that certain Sixth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded October 12, 2012 in Official Records Book 10457, Page 2669, as further amended by that certain Seventh Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 5, 2013 in Official Records Book 10516, Page 6233, as further amended by that certain Eighth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded

1 4812-666450122 31762/0M2

20130330850 Page 2 of 4

February 5, 2013 in Official Records Book 10516, Page 6243, as further amended by that certain Ninth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 22, 2013 in Ofifcial Records Book 10526, Page 6555, as further amended by that certain Tenth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded March 7, 2013 in Official Records Book 10533, Page 6217, as further amended by that certain Eleventh Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded April 25, 2013 in Ofifcial Records Book 10560, Page, and as further amended by that certain Twelfth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded May 24, 2013 in Official Records Book 10587, Page 3122, all in the Public Records of Orange County, Florida (collectively, the "Master Declaration"); and

WHEREAS, pursuant to Section 2.3 of the Master Declaration, the Declarant, in its sole and absolute discretion, shall have the right, but not the obligation to submit or to cause to be submitted, other real property not now included within the Additional Property, to the encumbrance, operation and effect of the Master Declaration, subject to the terms thereof; and

WHEREAS, the Declarant is the owner of that certain real property being more particularly described in Schedule "A" attached hereto and made a part hereof (the "LNLP Property"); and

WHEREAS, the Declarant desires to amend the Master Declaration in order to cause the LNLP Property to be submitted to the encumbrance, operation and effect of the Master Declaration; and

WHEREAS, any capitalized term not otherwise defined herein shall have the meaning ascribed to it under the Master Declaration.

NOW, THEREFORE, for and in consideration of the premises contained herein and other good and valuable consideration, the receipt and sufifciency of which are hereby acknowledged, the Declarant hereby amends the Declaration as follows:

1. Recitals. The recitals set forth above are true and correct and are incorporated herein by reference.

2. LNLP Property. The Declarant hereby declares, acknowledges and agrees that all references to the "Property" in the Master Declaration shall hereafter include the LNLP Property.

Property. Exhibit "A" to the Master Declaration is hereby amended to add the

3. Master Declaration shall in all other respects remain in full force and effect. In the event of any conlfict or ambiguity between the Master Declaration and this Thirteenth Amendment, this Thirteenth Amendment shall control.

Effect on Master Declaration. Except as specifically amended herein, the

[SIGNATURE APPEARS ON THE FOLLOWING PAGE]

2 4812-6664-5012 2 11762/0012

20130330850 Page 3 of 4

IN WITNESS WHEREOF, the Declarant has executed this Thirteenth Amendment the date stated below within the notary acknowledgement.

Signed, sealed and delivered in the presence of: LAKE NONA LAUREATE PARK, LLC, a Florida limited liability company

[^^ \ ^ By: '-i 6a-te W Nam Jan' L . Ab oril, Piesident

'MUM

STATE OF FLORIDA CITY OF ORANGE

The foregoing instrument was acknowledged before me 1. 4 1‘ day of June, 2013 by James L. Zboril, as President of LAKE NONA LAUREATE PARK, LLC, a Florida limited liability compnay, on behalf of the company. He is personally known to me er-fras-przxtaced--

____-

44t*, KATHY KITTELL Commission # EE 138T72

- Expires December 22015 -04r.b7 Bonded Thru Troy Fain Insurance 800-3857019

.

.

(Signature of Notary Public)

(Typed name of Notary Public) Notary Public, State of Florida Commission No.: My Commission Expires:

3 4812-6664-5012.2 31762/12012

20130330850 Page 4 of 4

SCHEDULE "A"

LNLP PROPERTY

Laureate Park Phase 2A

That part of Section 25, Township 24 South, Range 30 East, Orange County, Florida, described as follows:

BEGIN at the Northwest corner of LAUREATE PARK PHASE 1A, according to the plat thereof, as recorded in Plat Book 75, Pages 124 through 132, of the Public Records of Orange County, Florida; thence run the following courses and distances along the Westerly line of the said plat of LAUREATE PARK PHASE 1A: S18°52'54"W, 625.70 feet to the point of curvature of a curve concave Easterly having a radius of 1025.00 feet and a chord bearing of S08°32'29"W; thence Southerly along the arc of said curve through a central angle of 20°40'49" for a distance of 369.96 feet to the point of tangency; S01 °47'56"E, 430.50 feet to a point on a non-tangent curve concave Northerly having a radius of 2363.00 feet and a chord bearing of N78°35'50"W; thence Westerly along the arc of said curve through a central angle of 13°42'40" for a distance of 565.48 feet to a non-tangent line; S 17°39'07"W, 74.00 feet to a point on a non-tangent curve concave Northeasterly having a radius of 2437.00 feet and a chord bearing of N65°23'05"W; thence departing said Westerly line of LAUREATE PARK PHASE lA run Northwesterly along the arc of said curve through a central angle of 12°45'03" for a distance of 542.34 feet to a non-tangent line; thence S39°58'03"W, 0.51 feet to a point on a non-tangent curve concave Northeasterly having a radius of 2437.50 feet and a chord bearing of N58°5 l'31"W; thence Northwesterly along the arc of said curve through a central angle of 00°17'52" for a distance of 12.67 feet to the point of tangency; thence N58°42'35"W, 34.61 feet; thence N31°17'25"E, 70.00 feet; thence S58°42'35"E, 34.61 feet to the point of curvature of a curve concave Northeasterly having a radius of 2367.50 feet and a chord bearing of S58°44'51"E; thence Southeasterly along the arc of said curve through a central angle of 00°04'31" for a distance of 3.12 feet to a non-tangent line; thence N39°58'03"E, 1296.29 feet to the point of curvature of a curve concave Northwesterly having a radius of 480.00 feet and a chord bearing of N29°25'28"E; thence Northeasterly along the arc of said curve through a central angle of 21°05'09" for a distance of 176.65 feet to the point of tangency; thence N18°52'54"E, 31.69 feet to the Southerly right-of-way line of Tavistock Lakes Boulevard, TAVISTOCK LAKES BOULEVARD PHASE 1, according to the plat thereof, as recorded in Plat Book 75, Pages 106 through 110, of the Public Records of Orange County, Florida; thence S71°07'06"E along said Southerly right-of-way line, 374.15 feet to the POINT OF BEGINNING.

4 4812-666450122 31762/0012

Prepared By and Return To:

Sara W. Bernard, P.A.

Broad and Cassel

Bank of America Center

P.O. Box 4961

Orlando, Florida 32802-4961

DOCP 20140251122 B: 10747

P: 7247

05/21!201403:54:05 PM Page 1 of 7

Rec Fee: $61.00

Martha O. Haynie,

Comptroller

Orange County, FL

PU - Ret To: BROAD

AND CASSEL

11\\Setigilall \\\

FOURTEENTH AMENDMENT TO MASTER DECLARATION

OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS FOURTEENTH AMENDMENT TO MASTER DECLARATION OF COVENANTS,CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE PARK MASTER

ASSOCIATION, INC. (the "Fourteenth Amendment") is made effective as of the Effective Date (asdefined herein) by LAKE NONA LAUREATE PARK, LLC, a Florida limited liability company, with a

mailing address of 9801 Lake Nona Road, Orlando, Florida 32827 (the "Declarant"), as joined in and

consented to by LAKE NONA LAND COMPANY, LLC, a Florida limited liability company, with amailing address of 9801 Lake Nona Road, Orlando, Florida 32827 ("LNLC").

WITNESSETH:

WHEREAS, the Master Declaration of Covenants, Conditions, Restrictions and Easements for

Laureate Park Master Association, Inc. was recorded June 24, 2011 in Official Records Book 10231, Page7500, as amended by that certain First Amendment to Master Declaration of Covenants, Conditions,Restrictions and Easements for Laureate Park Master Association, Inc. recorded January 24, 2012 inOfficial Records Book 10322, Page 2438, both in the Public Records of Orange County, Florida, asfurther amended by that certain Second Amendment to Master Declaration of Covenants, Conditions,Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 8, 2012 in

Official Records Book 10329, Page 6391, as further amended by that certain Third Amendment to MasterDeclaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association,Inc. recorded March 23, 2012, in Official Records Book 10351, Page 3994, as further amended by thatcertain Fourth Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easementfor Laureate Park Master Association, Inc. recorded May 14, 2012 in Official Records Book 10376, Page2401, as further amended by that certain Fifth Amendment to Master Declaration of Covenants,Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded July 27,2012 in Official Records Book 10416, Page 5412, as re-recorded August 10, 2012 in Official RecordsBook 10424, Page 4646, as further amended by that certain Sixth Amendment to Master Declaration ofCovenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded

October 12, 2012 in Official Records Book 10457, Page 2669, as further amended by that certain Seventh

Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for LaureatePark Master Association, Inc. recorded February 5, 2013 in Official Records Book 10516, Page 6233, asfurther amended by that certain Eighth Amendment to Master Declaration of Covenants, Conditions,Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 5, 2013 inOfficial Records Book 10516, Page 6243, as further amended by that certain Ninth Amendment to MasterDeclaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association,Inc. recorded February 22, 2013 in Official Records Book 10526, Page 6555, as further amended by thatcertain Tenth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easementsfor Laureate Park Master Association, Inc. recorded March 7, 2013 in Official Records Book 10533, Page

-1-4828-2846-6709.2

31762/0012

6217, as further amended by that certain Eleventh Amendment to Master Declaration of Covenants,

Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded April 25,

2013 in Official Records Book 10560, Page, as further amended by that certain Twelfth Amendment to

Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master

Association, Inc. recorded May 24, 2013 in Official Records Book 10587, Page 3122, and as further

amended by that certain Thirteenth Amendment to Master Declaration of Covenants, Conditions,

Restrictions and Easements for Laureate Park Master Association, Inc. recorded June 25, 2013 in Official

Records Book 10590, Page 6844, all in the Public Records of Orange County, Florida (collectively, the

"Master Declaration"); and

WHEREAS, pursuant to Sections 2.2 and 2.3 of the Master Declaration, the Declarant, in its sole

and absolute discretion, shall have the right, but not the obligation to submit or to cause to be submitted,

Additional Property (as defined in the Master Declaration) or any portion thereof, and other real property

not now included within the Additional Property, to the encumbrance, operation and effect of the Master

Declaration, subject to the terms thereof; and

WHEREAS, LNLC is the owner of that certain real property being more particularly described

in Schedule "A" attached hereto and made a part hereof (the "LNLC Property"), a portion of which lies

within the Additional Property and a portion of which lies outside the Additional Property; and

WHEREAS, the Declarant and LNLC desire to amend the Master Declaration in order to cause

the LNLC Property to be submitted to the encumbrance, operation and effect of the Master Declaration;

and

WHEREAS, any capitalized term not otherwise defined herein shall have the meaning ascribed

to it under the Master Declaration.

NOW, THEREFORE, for and in consideration of the premises contained herein and other good

and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Declarant

hereby amends the Declaration as follows:

1. Recitals. The recitals set forth above are true and correct and are incorporated herein by

reference.

2. Property. Exhibit "A" to the Master Declaration is hereby amended to add the LNLC

Property. Declarant and LNLC hereby declare, acknowledge and agree that all references to the

"Property" in the Master Declaration shall hereafter include the LNLC Property.

3. Effective Date. The Effective Date shall be the last date that this Fourteenth Amendment

is executed by the Declarant and LNLC.

4. Effect on Master Declaration. Except as specifically amended herein, the Master

Declaration shall in all other respects remain in full force and effect. In the event of any conflict or

ambiguity between the Master Declaration and this Fourteenth Amendment, this Fourteenth Amendment

shall control.

[SIGNATURES APPEAR ON THE FOLLOWING PAGES]

-2-4828-2846-6709.2

31762/0012

IN WITNESS WHEREOF, the Declarant has executed this -RIA *AA Amendment the datestated below within the notary acknowledgement.

Signed, sealed and delivered in the presence of:

Name:

STATE OF FLORIDA

CITY OF ORANGE

The foregoing instrument was acknowledged before me this 26-k-- day of

, 2014, by James L. Zboril, as President of LAKE NONA LAUREATE PARK,

LLC, a Florida limited liability company, on behalf of the company. He is personally known to me or

lifts-produced as idsntification..

LAKE NONA LAUREATE PARK, LLC,

a Florida limited Habil' ompany

By: S.Jame . At i . oril, President

MR

Mk

sidr.nes KATHY KITTELL1,7 IA Commission # EE 138772"Expires December 2, 2015

Borded Thu Troy Fein Moreno, 800485-7019

(Signature of Notary Public)

(Typed name of Notary Public)

Notary Public, State of Florida

Commission No.:

My Commission Expires:

-3-4828-2846-6709.2

31762/0012

IN WITNESS WHEREOF, LNLC has joined in and consent to thisfisMeAtikmendment by

executing this Fifteenth Amendment as of the date stated below within the notary acknowledgement.

Signed, sealed and delivered in the presence of:

Nam

Name: Ket+1-1

STATE OF FLORIDA

CITY OF ORANGE

LAKE NONA LAND COMPANY, LLC,

a Florida limited Habil' ompany

By:

Jame oril, President

7-40qt—The foregoing instrument was acknowledged before me this day of

, 2014, by James L. Zboril, as President of LAKE NONA LAND COMPANY,

LLC, a Florida limited liability company, on behalf of the company. He is personally known to me or

hub pluklu..,,A1 ois-identifisatiei+.

Ast.tp& KATHY KITTELL

1' • '''- Commission # EE 138772.*: t In-;,-,,z. N : Expires December 2, 2015Ancor gorriselteu Troy Edo Insurance 8003854019

( ignature of Notary Public)

(Typed name of Notary Public)

Notary Public, State of Florida

Commission No.:

My Commission Expires:

-4-4828-2846-6709.2

31762/0012

SCHEDULE "A"

LAKE NONA SOUTH

LAUREATE PARK PHASE 5A

(PLAT BOUNDARY)

DESCRIPTION:

That part Section 30, Township 24 South, Range 31 East, Orange County, Florida, described as

follows:

BEGIN at the Northwest corner of Lot 582, LAUREATE PARK PHASE 2B, according to the

plat thereof, as recorded in Plat Book 79, Pages 115 through 120, of the Public Records of

Orange County, Florida; thence run the following courses and distances along the Easterly line

of LAUREATE PARK PHASE 1C, according to the plat thereof, as recorded in Plat Book 78,

Pages 125 through 137, of the Public Records of Orange County, Florida: N22°03'06"W, 704.93

feet to the point of curvature of a curve concave Southwesterly having a radius of 445.00 feet

and a chord bearing of N30°14'37"W; thence Northwesterly along the arc of said curve through a

central angle of 16°23'03" for a distance of 127.25 feet to the point of tangency; N38°26'09"W,

1.61 feet to the point of curvature of a curve concave Easterly having a radius of 25.00 feet and a

chord bearing of NO3°56'39"E; thence Northerly along the arc of said curve through a central

angle of 84°45'37" for a distance of 36.98 feet to the Southerly right-of-way line of Tavistock

Lakes Boulevard, according to the plat of TAVISTOCK LAKES BOULEVARD PHASE 1, as

recorded in Plat Book 75, Pages 106 through 110, of the Public Records of Orange County,

Florida and the point of reverse curvature of a curve concave Northwesterly having a radius of

522.50 feet and a chord bearing of N40°40'50"E; thence departing said Easterly line run the

following courses and distances along said Southerly right-of-way line: Northeasterly along the

arc of said curve through a central angle of 11°17'17" for a distance of 102.94 feet to the point of

reverse curvature of a curve concave Southerly having a radius of 379.50 feet and a chord

bearing of N68°58'51"E; thence Easterly along the arc of said curve through a central angle of

67°53'19" for a distance of 449.66 feet to the point of reverse curvature of a curve concave

Northerly having a radius of 436.50 feet and a chord bearing of N80°24'31"E; thence Easterly

along the arc of said curve through a central angle of 45°01'59" for a distance of 343.08 feet to

the point of tangency; N57°53'31"E, 761.91 feet to the point of curvature of a curve concave

Southerly having a radius of 385.50 feet and a chord bearing of N88°16'11"E; thence Easterly

along the arc of said curve through a central angle of 60°45'19" for a distance of 408.78 feet to

the point of tangency; S61°21'10"E, 284.22 feet to the point of curvature of a curve concave

Northerly having a radius of 487.50 feet and a chord bearing of S73°13'31"E; thence Easterly

along the arc of said curve through a central angle of 23°44'42" for a distance of 202.03 feet to

the point of tangency; S85°05'52"E, 187.34 feet to the point of cusp of a curve concave

Southeasterly having a radius of 20.00 feet and a chord bearing of S49°54'08"W; thence

departing said Southerly right-of-way line run Southwesterly along the arc of said curve through

a central angle of 90°00'00" for a distance of 31.42 feet to the point of tangency; thence

SO4°54'08"W, 42.48 feet to the point of curvature of a curve concave Westerly having a radius of

305.50 feet and a chord bearing of S11°30'59"W; thence Southerly along the arc of said curve

through a central angle of 13°13'43" for a distance of 70.53 feet to the point of tangency; thence

S18°07'51"W, 47.73 feet to the point of curvature of a curve concave Easterly having a radius of

244.50 feet and a chord bearing of S11°30'59"W; thence Southerly along the arc of said curve

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through a central angle of 13°13'43" for a distance of 56.45 feet to the point of tangency; thence

SO4°54'08"W, 28.20 feet to the point of curvature of a curve concave Northeasterly having a

radius of 15.00 feet and a chord bearing of S40°05'52"E; thence Southeasterly along the arc of

said curve through a central angle of 90°00'00" for a distance of 23.56 feet to the point of

tangency; thence S85°05'52"E, 4.45 feet; thence SO4°54'08"W, 50.00 feet; thence S19°59'56"W,

327.48 feet; thence S59°49'56"E, 16.37 feet to the point of curvature of a curve concave

Southwesterly having a radius of 1132.00 feet and a chord bearing of S57°40'51"E; thence

Southeasterly along the arc of said curve through a central angle of 04°18'09" for a distance of

85.01 feet to the point of tangency; thence S55°31'46"E, 15.40 feet; thence S34°28'14"W, 57.00

feet; thence N55°3 1'46"W, 15.40 feet to the point of curvature of a curve concave Southwesterly

having a radius of 1075.00 feet and a chord bearing of N55°41'46"W; thence Northwesterly

along the arc of said curve through a central angle of 00°20'00" for a distance of 6.26 feet to a

point on a non-tangent curve concave Southeasterly having a radius of 1619.00 feet and a chord

bearing of S38°27'53"W; thence Southwesterly along the arc of said curve through a central

angle of 04°02'14" for a distance of 114.08 feet to the point of compound curvature of a curve

concave Easterly having a radius of 6.00 feet and a chord bearing of S09°32'30"E; thence

Southerly along the arc of said curve through a central angle of 91°58'32" for a distance of 9.63

feet to the point of tangency; thence S55°31'46"E, 18.05 feet; thence S34°28'14"W, 20.00 feet to

a point on a non-tangent curve concave Southerly having a radius of 25.00 feet and a chord

bearing of S79°33'12"W; thence Westerly along the arc of said curve through a central angle of

89°50'04" for a distance of 39.20 feet to the point of compound curvature of a curve concave

Southeasterly having a radius of 1619.00 feet and a chord bearing of S32°57'07"W; thence

Southwesterly along the arc of said curve through a central angle of 03°22'07" for a distance of

95.19 feet to a point on a non-tangent curve concave Southwesterly having a radius of 1532.00

feet and a chord bearing of S55°47'48"E; thence Southeasterly along the arc of said curve

through a central angle of 00°32'03" for a distance of 14.28 feet to the point of tangency; thence

S55°31'46"E, 13.00 feet; thence S34°28'14"W, 57.00 feet; thence N55°31'46"W, 13.00 feet to

the point of curvature of a curve concave Southwesterly having a radius of 1475.00 feet and a

chord bearing of N55°43'31"W; thence Northwesterly along the arc of said curve through a

central angle of 00°23'30" for a distance of 10.09 feet to a point on non-tangent curve concave

Southeasterly having a radius of 1619.00 feet and a chord bearing of S27°11'43"W; thence

Southwesterly along the arc of said curve through a central angle of 04°06'05" for a distance of

115.90 feet to the point of compound curvature of a curve concave Easterly having a radius of

6.00 feet and a chord bearing of S15°11'33"E; thence Southerly along the arc of said curve

through a central angle of 80°40'26" for a distance of 8.45 feet to the point of tangency; thence

S55°31'46"E, 28.59 feet; thence S34°28'14"W, 20.00 feet to a point on a non-tangent curve

concave Southerly having a radius of 25.00 feet and a chord bearing of S73°49'10"W; thence

Westerly along the arc of said curve through a central angle of 101°18'07" for a distance of 44.20

feet to the point of compound curvature of a curve concave Easterly having a radius of 1619.00

feet and a chord bearing of S21°54'33"W; thence Southerly along the arc of said curve through a

central angle of 02°31'08" for a distance of 71.18 feet to the point of tangency; thence

S20°38'59"W, 21.80 feet to a point on a non-tangent curve concave Southwesterly having a

radius of 1025.00 feet and a chord bearing of S56°27'19"E; thence Southeasterly along the arc of

said curve through a central angle of 01°51'05" for a distance of 33.12 feet to a non-tangent line;

thence S34°28'14"W, 50.00 feet to a point on a non-tangent curve concave Southwesterly having

a radius of 975.00 feet and a chord bearing of N56°08'36"W; thence Northwesterly along the arc

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31762/0012

of said curve through a central angle of 01°13'40" for a distance of 20.89 feet to a non-tangentline; thence 520°38'59"W, 266.68 feet to a point on a non-tangent curve concave Southwesterly

having a radius of 1324.00 feet and a chord bearing of 561°05'22"E; thence Southeasterly along

the arc of said curve through a central angle of 00°48'26" for a distance of 18.65 feet to a non-

tangent line; thence 529°18'51"W, 57.00 feet to a point on a non-tangent curve concave

Southwesterly having a radius of 1267.00 feet and a chord bearing of N64°20'23 "W; thence

Northwesterly along the arc of said curve through a central angle of 07°18'28" for a distance of

161.60 feet to a non-tangent line; thence 520°38'59"W, 150.05 feet to a point on a non-tangent

curve concave Southerly having a radius of 1117.00 feet and a chord bearing of 567°3726"E;

thence Easterly along the arc of said curve through a central angle of 00°22'30" for a distance of

7.31 feet to a non-tangent line; thence 522°33'49"W, 26.00 feet to the point on a non-tangent

curve concave Southerly having a radius of 1091.00 feet and a chord bearing of N67°36'20"W;

thence Westerly along the arc of said curve through a central angle of 00°20'18" for a distance of6.44 feet to a non-tangent line; thence 520°38'59"W, 104.04 feet to the Northerly right-of-way

line of Laureate Boulevard, according to the plat of LAUREATE BOULEVARD PHASES 7AND 8, as recorded in Plat Book 81, Pages 38 through 40, of the Public Records of Orange

County, Florida and a point on a non-tangent curve concave Southerly having a radius of 987.00feet and a chord bearing of N81°24'03"W; thence Westerly along said Northerly right-of-way

line and the arc of said curve through a central angle of 27°35'04" for a distance of 475.18 feet to

a non-tangent line and the Easterly line of the aforesaid LAUREATE PARK PHASE 2B; thence

run the following courses and distances along said Easterly line and the Northerly line of said

LAUREATE PARK PHASE 2B: N09°20'51"W, 459.18 feet to the point of curvature of a curve

concave Westerly having a radius of 2025.00 feet and a chord bearing of N12°53'51"W; thence

Northerly along the arc of said curve through a central angle of 07°06'01" for a distance of

250.95 feet to a non-tangent line; 569°41'30"W, 805.72 feet to the POINT OF BEGINNING.

Containing 66.783 acres more or less and being subject to any rights-of-way, restrictions and

easements of record.

A-34828-2846-6709.2

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Prepared By and Return To:

Sara W. Bernard, P.A.

Broad and Cassel

Bank of America Center

P.O. Box 4961

Orlando, Florida 32802-4961

DOCU 20150029291 B: 10863 P: 011601/16/2015 02:16:17 PM Page 1 of 7

Rec Fee: $61.00Martha O. Haynie, ComptrollerOrange County, FLPU - Ret To: BROAD AND CASSEL

IIIIPOSEic16141111

SIXTEENTH AMENDMENT TO MASTER DECLARATION

OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS SIXTEENTH AMENDMENT TO MASTER DECLARATION OF COVENANTS,

CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE PARK MASTER

AS§OCIATION, INC. (the "Sixteenth Amendment") is made effective as of the 16,-Th day of

--(7/nate..1c , 2015 by LAKE NONA LAUREATE PARK, LLC, a Florida limited liability

company, with ‘• mailing address of 9801 Lake Nona Road, Orlando, Florida 32827 (the "Declarant").

WITNESSETH:

WHEREAS, the Master Declaration of Covenants, Conditions, Restrictions and Easements for

Laureate Park Master Association, Inc. was recorded June 24, 2011 in Official Records Book 10231, Page

7500, as amended by that certain First Amendment to Master Declaration of Covenants, Conditions,

Restrictions and Easements for Laureate Park Master Association, Inc. recorded January 24, 2012 in

Official Records Book 10322, Page 2438, as further amended by that certain Second Amendment to

Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master

Association, Inc. recorded February 8, 2012 in Official Records Book 10329, Page 6391, as further

amended by that certain Third Amendment to Master Declaration of Covenants, Conditions, Restrictions,

and Easement for Laureate Park Master Association, Inc. recorded March 23, 2012, in Official Records

Book 10351, Page 3994, as further amended by that certain Fourth Amendment to Master Declaration of

Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded

May 14, 2012 in Official Records Book 10376, Page 2401, as further amended by that certain Fifth

Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate

Park Master Association, Inc. recorded July 27, 2012 in Official Records Book 10416, Page 5412, as re-

recorded August 10, 2012 in Official Records Book 10424, Page 4646, as further amended by that certain

Sixth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for

Laureate Park Master Association, Inc. recorded October 12, 2012 in Official Records Book 10457, Page

2669, as further amended by that certain Seventh Amendment to Master Declaration of Covenants,

Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 5,

2013 in Official Records Book 10516, Page 6233, as further amended by that certain Eighth Amendment

to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master

Association, Inc. recorded February 5, 2013 in Official Records Book 10516, Page 6243, as further

amended by that certain Ninth Amendment to Master Declaration of Covenants, Conditions, Restrictions

and Easements for Laureate Park Master Association, Inc. recorded February 22, 2013 in Official Records

Book 10526, Page 6555, as further amended by that certain Tenth Amendment to Master Declaration of

Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded

March 7, 2013 in Official Records Book 10533, Page 6217, as further amended by that certain Eleventh

Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate

Park Master Association, Inc. recorded April 25, 2013 in Official Records Book 10560, Page 1356, as

further amended by that certain Twelfth Amendment to Master Declaration of Covenants, Conditions,

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31762/0012

Restrictions and Easements for Laureate Park Master Association, Inc. recorded June 18, 2013 in Official

Records Book 10587, Page 3122, as further amended by that certain Thirteenth Amendment to Master

Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association,

Inc. recorded June 25, 2013 in Official Records Book 10590, Page 6844, as further amended by that

certain Fourteenth Amendment to Master Declaration of Covenants, Conditions, Restrictions and

Easements for Laureate Park Master Association, Inc. recorded May 21, 2014 in Official Records Book

10747, Page 7247, and as further amended by that certain Fifteenth Amendment to the Master Declaration

of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc.

recorded in Official Records Book 10806, Page 2499, all in the Public Records of Orange County, Florida

(collectively, the "Master Declaration"); and

WHEREAS, pursuant to Section 14.5 of the Master Declaration, the Declarant, until the

expiration of the Declarant's Control Period or until such earlier date whereupon Declarant records a

Certificate of Termination of Interest of its right to unilaterally amend the Master Declaration, the

Declarant may amend, supplement, create exceptions to, or other modify the terms of the Master

Declaration; and

WHEREAS, the Declarant desires to amend the Master Declaration in order to supplement and

modify certain provisions of the Master Declaration, as more specifically set forth herein; and

WHEREAS, any capitalized term not otherwise defined herein shall have the meaning ascribed

to it under the Master Declaration.

NOW, THEREFORE, for and in consideration of the premises contained herein and other good

and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Declarant

hereby amends the Declaration as follows:

1. Recitals. The recitals set forth above are true and correct and are incorporated herein by

reference.

2. Communication Services. Article IX of the Master Declaration is hereby deleted in its

entirety and replaced with the following:

9.1 Communication Services. A communications system has been

developed, constructed and installed for the benefit of Laureate Park as well as

other portions of the Lake Nona DRIIPD, which may, but shall not be required,

to provide cable television or multi-channel video programming services,

communications services as defined by Chapter 202, Florida Statutes, broadband

services including, but not limited to, wireless and/or wired Internet services,

alarm services, and other similar or associated communications, cable, and

information services and the infrastructure to be used to provide such services

(including, without limitation, fiber optic systems) (collectively, the

"Communication Services"). Each Owner acknowledges that the Master

Association has entered into an agreement with Dais Communications, LLC, and

shall have the right (but not the obligation) to enter into additional agreements

with other Communications Services providers to allow for the provision of

Communications Services (individually and collectively the "Provider"). The

Provider may be an affiliate, assignee or designee of the Declarant, and may

provide any or all Communication Services to Owners, on an exclusive or non-

exclusive basis. The Communication Services may be charged as an individual

24845-4435-0236.6

31762/0012

expense to Owners who chose to subscribe to such Communications Services or

as a Common Expense, in the Master Association's sole discretion, to the extent

not prohibited by applicable law. A copy of all Communications Services

agreements (together with any and all amendments, modifications, assignments

and extensions thereto) entered into by the Master Association are on file with,

and available to, the Owners for viewing, upon written request made to the

Master Association. With respect to any agreements for Communications

Services entered into by the Master Association for which the Master Association

elects to treat the cost of such Communications Services as a Common Expense,

such Communications Services shall be made available to all units within the

Property and the cost of such Communications Services shall be included as part

of the Base Assessments, Neighborhood Assessments or Service Area

Assessments, as appropriate, to the extent not prohibited by applicable law.

Optional services offered by the Provider on an individual basis may be billed

directly by the Provider to the Owner or unit resident requesting such optional

services. In the event such Communications Services are included as a Common

Expense, either the Provider or the Master Association shall have the right to

suspend or discontinue the provision of Communications Services to any Owners

who are delinquent in the payment of Assessments due and payable by such

Owners. Any suspended or discontinued Communications Services may be

restored and re-connected to the applicable Owners upon payment of all past due

Assessments (plus any interest or late fees) and the payment of any restoration,

reconnection, re-activation or other charges levied by, and otherwise due and

payable to, the Provider.

All Owners must abide by and comply with all terms and provisions of any

agreements (together with any and all amendments, modifications, assignments

and extensions thereto) entered into by the Master Association for the

Communication Services including, without limitation, payment of any initial

connection or activation charges directly to the Provider for establishing the

provision of Communications Services. The Master Association shall have the

right, from time to time, to amend, modify, assign and extend such

Communications Services agreements. To the extent required, the Declarant

may require that any Sub-Associations enter into agreements for the

provision of one or more Communications Services with the Provider.

Additionally, the Declarant has entered into, and further reserves for itself the

exclusive right and power to enter into, contracts for the construction,

installation, operation, maintenance, replacement and removal of

communications infrastructure and for the provision of Communications Services

to occupants of the Property and has granted, and may further grant, the

exclusive right to access or use the Property to the Provider, and neither the

Master Association, any Sub-Association, any Owner, any Neighborhood Voting

Representative, nor the holder of any Mortgage on a Property Unit shall have the

right to challenge the same. Nothing herein shall prohibit any Owner from

obtaining any Communications Services to the extent authorized by applicable

law. Notwithstanding anything contained herein to the contrary, the Declarant

may grant rights or enter into agreements, without the vote of the Owners, to

allow the material alteration of Common Areas of the Property for the

installation, maintenance, operation, repair, replacement and removal of

equipment and/or infrastructure used for the provision of Communications

34845-4435-0236.6

31762/0012

Services to units, whether such Communications Services are provided as a

Common Expense or on an individual unit basis. Such rights granted or

agreements entered into by the Declarant may include, without limitation,

easements, leases, licenses or other instruments of conveyance of such rights

over portions of the Common Areas as reasonably necessary for the installation,

maintenance, operation, repair and replacement, and removal of infrastructure

and/or for the provision, maintenance, and operation of Communications

Services.

9.2 Nonliability for Actions. No individuals, whether the Owner, the

Declarant, the Master Association, a Sub-Associations, the holders of any

Mortgage, nor any of their officers, directors, members, employees, agents,

representatives, tenants, invitees, licensees, guests or assigns (hereinafter,

individually referred to as the "Customer" and collectively referred to as the

"Customers") shall hold the parties to an agreement for the provision of any

Communications Services or their representatives, successors or assigns, liable to

any Person or entity for any loss, damage, injury or inconvenience arising out of

or in any way connected with the performance of, nonperformance of or failure

to provide Communication Services, whether or not such loss or damage was

disclosed or foreseeable. The Master Association, Sub-Associations, and Owners

acknowledge that interruptions in Communications Services will occur from time

to time. The Master Association (and its directors, members, officers,

employees, agents and representatives), the Sub-Associations (and their directors,

members, officers, employees, agents and representatives), Owners, and

Declarant (and its directors, members, officers, employees, agents and

representatives) shall not be liable for any fees, refunds, credits, rebate, or other

charges for any interruption in Communications Services. A Provider shall not

be liable to the Declarant, Master Association, Sub-Associations, Owners, or

customers for any interruption in Communications Services, in an amount greater

than the charge applicable for such Communications Services, regardless of

whether or not such interruption is caused by reasons within the Provider's

control; provided, however, the foregoing shall not be deemed a waiver of any

refunds, rebates, discounts or offsets in applicable fees required under any

applicable federal state or local laws, rules or regulations.

9.3 Monitoring Services. EACH OWNER, TENANT AND OCCUPANT

OF A PROPERTY UNIT, AND THEIR RESPECTIVE GUESTS, FAMILY

MEMBERS AND INVITEES, SHALL BE RESPONSIBLE FOR THEIR OWN

PERSONAL SAFETY AND THE SECURITY OF THEIR PROPERTY IN

THEIR PROPERTY UNIT. THE MASTER ASSOCIATION MAY, BUT

SHALL NOT BE OBLIGATED TO, MAINTAIN OR SUPPORT CERTAIN

ACTIVITIES WITHIN THE PROPERTY DESIGNED TO MONITOR OR

RESTRICT PERSONS ENTERING AND/OR LEAVING THE PROPERTY.

NEITHER THE MASTER ASSOCIATION, DECLARANT, PROVIDER, NOR

ANY DIRECTOR, OFFICER, MEMBER, COMMITTEE MEMBER,

EMPLOYEE, AGENT, REPRESENTATIVE, SUCCESSOR OR ASSIGN OF

ANY OF THE FOREGOING, SHALL IN ANY WAY BE CONSIDERED

INSURERS, GUARANTORS OR WARRANTORS OF SECURITY OR

SAFETY WITHIN THE PROPERTY, OR THE EFFECTIVENESS OF SUCH

DEVICES OR PROCEDURES, NOR SHALL ANY OF THEM BE HELD

LIABLE FOR ANY LOSS OR DAMAGE BY REASON OF FAILURE TO

44845-4435-0236.6

31762/0012

PROVIDE ADEQUATE MONITORING SERVICES OR OF

INEFFECTIVENESS OF SUCH MEASURES UNDERTAKEN. NO

REPRESENTATION OR WARRANTY IS MADE THAT ANY SYSTEMS OR

MEASURES, INCLUDING, WITHOUT LIMITATION, ANY MECHANISM

OR SYSTEM FOR LIMITING ACCESS TO THE PROPERTY, CANNOT BE

COMPROMISED OR CIRCUMVENTED, NOR THAT ANY SUCH

SYSTEMS OR PROCEDURES UNDERTAKEN WILL IN ALL CASES

PREVENT LOSS OR PROVIDE THE DETECTION OR PROTECTION FOR

WHICH THE SYSTEM IS DESIGNED OR INTENDED. EACH OWNER

ACKNOWLEDGES, UNDERSTANDS AND COVENANTS TO INFORM ITS

TENANTS, OCCUPANTS OF ITS PARCEL OR PROPERTY UNIT AND

THEIR RESPECTIVE GUESTS, FAMILY MEMBERS, AND INVITEES

THAT THE MASTER ASSOCIATION, DECLARANT, PROVIDER AND

ANY DIRECTOR, OFFICER, MEMBER, COMMITTEE MEMBER,

EMPLOYEE, AGENT, REPRESENTATIVE, SUCCESSOR OR ASSIGN OF

ANY OF THE FOREGOING, ARE NOT INSURERS, GUARANTORS OR

WARRANTORS OF SECURITY OR SAFETY, AND THAT EACH PERSON

USING THE PROPERTY ASSUMES ALL RISKS FOR LOSS OR DAMAGE

TO PERSONS, TO PROPERTY, TO PARCELS AND PROPERTY UNITS

AND TO THE CONTENTS OF PROPERTY UNITS RESULTING FROM

ACTS OF THIRD PARTIES.

3. Exhibit "H" Modifications.

(a) Section 3(a)(i) of Exhibit "H" of the Master Declaration is hereby deleted

in its entirety and replaced as follows:

(i) maintenance, repair and replacement of such areas within the Attached

Unit Service Areas as are conveyed to the Master Association as either Exclusive

Common Areas for the benefit of the Attached Unit Service Areas (which may

include, without limitation, streets, street/regulatory signs, streetlights, sidewalks,

and entry features therein); provided, no portion of the Attached Unit Service

Areas shall be dedicated or conveyed to the Master Association as Exclusive

Common Area until all improvements to be made thereto are completed, as

determined in the reasonable judgment of Declarant, and have been inspected by

the Master Association's designee and determined to be free of material defects

in materials or workmanship;

(b) Section 3(a)(iv)(1) of Exhibit "H" of the Master Declaration is hereby

deleted in its entirety and replaced as follows:

(iv) (1) painting of all exterior portions of the dwellings (including the exterior

doors, shutters, and fascia thereof), carports, garages, and garage doors, no less

than every five (5) years, or more frequently, as determined by the Master

Association, in its reasonable discretion;

(c) Sections 3(a)(iv)(4) and 3(a)(iv)(5) of Exhibit "IV of the Master

Declaration is hereby deleted in its entirety and replaced as follows:

(iv) (4) pressure cleaning of sidewalks;

54845-4435-02366

31762/0012

(iv) (5) Intentionally Deleted;

(d) Sections 3(a)(iv)(8) and 3(a)(iv)(9) of Exhibit "Er of the Master

Declaration is hereby deleted in its entirety and replaced as follows:

(iv) (8) repair or replacement of any damaged garage door and exterior door

hardware (but not garage door openers), and any other broken exterior door and

door hardware on any dwelling; provided, however, the cost of such

repair/replacement shall be the responsibility of the Owner of the affected

Attached Unit and not the entire Service Area; and repair or replacement of any

exterior portion of the home, garage and other improvements, which are damaged

or destroyed by any casualty or other event that results in the Master Association

being paid insurance proceeds on any insurance policy the Master Association

obtains to insure casualty or damage to portions of the home and other

improvements, up to the limits of such insurance proceeds (the balance of such

cost being the responsibility of the Attached Unit Owner);

(iv) (9) Intentionally Deleted

(e) Sections 3(a)(v) of Exhibit "Fr of the Master Declaration is hereby

deleted in its entirety and replaced as follows:

(v) Notwithstanding the foregoing, in no event shall the Master Association be

responsible for (1) any maintenance, repair or replacement of landscaping, irrigation, or

improvements added by an Owner to an Attached Unit (and no landscaping or

improvements may be added without the prior consent of the Declarant, during the

Declarant's Control Period, and thereafter by the Design Review Board); (2) any

maintenance, repair, or replacement of landscaping, irrigation, or improvements within

the Attached Unit Service Area that are located within a gated area, including, but not

limited to, any courtyard area that is gated; or (3) any maintenance, repair or replacement

of landscaping, irrigation, or improvements within an Attached Unit Privacy Zone.

Section 3(e) of Exhibit "H" of the Master Declaration is hereby deleted in its

entirety and replaced as follows:

(e) Except as set forth above, maintenance, repair and replacement of all portions of

the Attached Units, including, but not limited to (i) driveways serving the dwellings on

the Attached Units, (ii) any landscaping or improvements installed by the Owners or

occupants of any Attached Unit, (iii) sidewalks, (iv) entry features (v) Attached Unit

Privacy Fence (including painting), (vi) exterior shutters, and (vii) pressure cleaning of

sidewalks, exterior front steps, and the exterior walls of all dwellings and garages, and

the floor of any covered porch, patio or deck, shall be the responsibility of the respective

Owners, as provided in this Declaration.

4. Effect on Master Declaration. Except as specifically amended herein, the Master

Declaration shall in all other respects remain in full force and effect. In the event of any conflict or

ambiguity between the Master Declaration and this Sixteenth Amendment, this Sixteenth Amendment

shall control.

64845-4435-0236.6

31762/0012

IN WITNESS WHEREOF, the Declarant has executed this Sixteenth Amendment the

date stated below within the notary acknowledgement.

Signed, sealed and delivered in the presence of:

Name: 41)-:(PCL‘e /70,4-44'

LAKE NONA LAUREATE PARK, LLC,

a Florida limited habil' company

By:

boril, esident

MR

STATE OF FLORIDA

CITY OF ORANGE

The foregoing instrument was acknowledged before me I Le(--- day of

Sa vx-vc-r-1 , 2015 by James L. Zboril, as President of LAKE NONA LAUREATE

PARK, LLC, a Florida limited liability company, on behalf of the company. He is personally

known to me Or has produced as identification,

KATHY KITrELLCommission # EE 138772• - Expires December 2, 2016Bonded Thiu Troy Fain Insirrocia 890 3857019

(Signa ure of Notary Public)

(Typed name of Notary Public)

Notary Public, State of Florida

Commission No.:

My Commission Expires:

74845-4435-0236.10

31762/0012

Prepared By and Return To:

Sara W. Bernard, P.A.

Broad and Cassel

Bank of America Center

P.O. Box 4961

Orlando, Florida 32802-4961

DOCU 20150029292 B: 10863 P: 012301/16/2015 02:16:17 PM Page 1 of 5Rec Fee: $44.00Martha O. Haynie, ComptrollerOrange County, FLPU - Ret To: BROAD AND CASSEL

1111 Plitgilitlift II I

SEVENTEENTH AMENDMENT TO MASTER DECLARATION

OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS SEVENTEENTH AMENDMENT TO MASTER DECLARATION OF

COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE

PARK MASTER ASSOCIATION, INC. (the "Seventeenth Amendment") is made effective

as of the&ft ; day of ~~~~~~~~~~ ,2015 by LAKE NONA

LAUREATE PARK, LLC, a Florida lifiaited liabilitykompany, with a mailing address of 9801

Lake Nona Road, Orlando, Florida 32827 (the "Declarant").

WITNESSETH:

WHEREAS, the Master Declaration of Covenants, Conditions, Restrictions and

Easements for Laureate Park Master Association, Inc. was recorded June 24, 2011 in Official

Records Book 10231, Page 7500, as amended by that certain First Amendment to Master

Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master

Association, Inc. recorded January 24, 2012 in Official Records Book 10322, Page 2438, both in

the Public Records of Orange County, Florida, as further amended by that certain Second

Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for

Laureate Park Master Association, Inc. recorded February 8, 2012 in Official Records Book

10329, Page 6391, as further amended by that certain Third Amendment to Master Declaration

of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc.

recorded March 23, 2012, in Official Records Book 10351, Page 3994, as further amended by

that certain Fourth Amendment to Master Declaration of Covenants, Conditions, Restrictions,

and Easement for Laureate Park Master Association, Inc. recorded May 14, 2012 in Official

Records Book 10376, Page 2401, as further amended by that certain Fifth Amendment to Master

Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master

Association, Inc. recorded July 27, 2012 in Official Records Book 10416, Page 5412, as re-

recorded August 10, 2012 in Official Records Book 10424, Page 4646, as further amended by

that certain Sixth Amendment to Master Declaration of Covenants, Conditions, Restrictions and

Easements for Laureate Park Master Association, Inc. recorded October 12, 2012 in Official

Records Book 10457, Page 2669, as further amended by that certain Seventh Amendment to

Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park

Master Association, Inc. recorded February 5, 2013 in Official Records Book 10516, Page 6233,

as further amended by that certain Eighth Amendment to Master Declaration of Covenants,

14829-1519-6190.3

31762/0012

Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded

February 5, 2013 in Official Records Book 10516, Page 6243, as further amended by that certain

Ninth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements

for Laureate Park Master Association, Inc. recorded February 22, 2013 in Official Records Book

10526, Page 6555, as further amended by that certain Tenth Amendment to Master Declaration

of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc.

recorded March 7, 2013 in Official Records Book 10533, Page 6217, as further amended by that

certain Eleventh Amendment to Master Declaration of Covenants, Conditions, Restrictions and

Easements for Laureate Park Master Association, Inc. recorded April 25, 2013 in Official

Records Book 10560, Page 1356, as further amended by that certain Twelfth Amendment to

Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park

Master Association, Inc. recorded June 18, 2013 in Official Records Book 10587, Page 3122,

and as further amended by that certain Thirteenth Amendment to Master Declaration of

Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc.

recorded June 25, 2013 in Official Records Book 10590, Page 6844, as further amended by that

certain Fourteenth Amendment to Master Declaration of Covenants, Conditions, Restrictions and

Easements for Laureate Park Master Association, Inc. recorded May 21, 2014 in Official

Records Book 10747, Page 7247, as further amended by that certain Fifteenth Amendment to

Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park

Master Association, Inc. recorded September 17, 2014 in Official Records Book 10806, Page

2499, and as further amended by that certain Sixteenth Amendment to Master Declaration of

Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc.

recorded danua rt.\ \ to, 2015 in Official Records Book loSdb3Page l i (0 , all in the Public

Records of Orange County, Florida (collectively, the "Master Declaration"); and

WHEREAS, as of the Effective Date, the Declarant's Control Period has not expired;

and

WHEREAS, pursuant to Section 14.5 of Article XIV of the Master Declaration, until the

expiration of the Declarant's Control Period or until such earlier date whereupon Declarant

records a Certificate of Termination of Interest of its right to unilaterally amend the Master

Declaration, the Declarant may amend, supplement, create exceptions to, or otherwise modify

the terms of the Master Declaration in order to impose additional covenants, conditions,

restrictions, easements, reservations and other provisions on the Property or portion thereof; and

WHEREAS, the Declarant desires to amend the Section 5 of Exhibit "H” of the Master

Declaration in order to provide easements for utilities and services consistent with the

requirements of the Florida Building Code with respect to only those certain Attached Units

being more particularly described in Exhibit "A" attached hereto and made a part hereof (the

"Minto Attached Units").

NOW, THEREFORE, for and in consideration of the premises contained herein and

other good and valuable consideration, the receipt and sufficiency of which are hereby

acknowledged, the Declarant hereby amends the Master Declaration as follows:

24829-1519-6190.3

31762/0012

1. Recitals. The recitals set forth above are true and correct and are incorporated

herein by reference.

2. Defined Terms. Any capitalized term not otherwise defined herein shall have the

meaning ascribed to it under the Master Declaration.

3. Amendment. Section 5 of Exhibit "H" of the Master Declaration is hereby

amended to add Subsection 5(c) and 5(d) as follows:

(c) Utility and Services Easements. All of the Minto Attached Units

shall be subject to an easement or easements to provide for the installation, service,

repair and maintenance of the equipment required to provide electric power, water

and sewer services to the Minto Attached Units, including, but not limited to,

electric power lines, lights, mechanical and air conditioning lines and potable water

lines (but specifically excluding telecommunication facilities and other

utilities). Specifically, but not by way of limitation, easements are granted under

the Minto Attached Units for all electric and plumbing lines and easements are

granted through the attic space of the Minto Attached Units for the placement of air

conditioning and mechanical lines.

(d) Utility Meter Easement. Each Minto Attached Unit will be serviced

by an individual utility meter measuring the utility usage for the Minto Attached

Unit. However, utility meters, including electric meters and/or water and sewer

meters, serving Minto Attached Units may be placed in groups ("Group Meters")

located on the exterior wall of another Minto Attached Unit within the Multi-Unit

Building. As such, the utility meters serving the Minto Attached Unit may not be

located within the boundaries of the Minto Attached Unit. A non-exclusive,

perpetual easement is hereby created and shall exist over, under, and across each

Minto Attached Unit containing Group Meters, including, but not limited to, the

exterior side wall of the Minto Attached Unit where the Group Meter is located, in

favor of each Owner of the Minto Attached Units within the applicable Multi-Unit

Building, and their agents and contractors for the placement, maintenance, repair

and operation of utility meters serving the Minto Attached Units located in the

applicable Multi-Unit Building.

4. Effect on Master Declaration. Except as specifically amended herein, the

Master Declaration shall in all other respects remain in full force and effect. In the event of any

conflict or ambiguity between the Master Declaration and this Seventeenth Amendment, this

Seventeenth Amendment shall control.

[SIGNATURES APPEAR ON THE FOLLOWING PAGES]

34829-1519-6190.3

31762/0012

IN WITNESS WHEREOF, the Declarant has executed this Seventeenth Amendmentthe date first written above.

Signed, sealed and delivered in the presence of: LAKE NONA LAUREATE PARK, LLC,

a Florida limited liabilit company

Name:

By:

/let_ rrY•• ;1"— s L. Zbon President MR

STATE OF FLORIDA

CITY OF ORANGE

The foregoing instrument was acknowledged before me this (Lrict"- day of

.1171.vii c-vti , 2015, by James L. Zboril, as President of LAKE NONA LAUREATEPARK, LLC, a Florida limited liability company, on behalf of the company. He is personallyknown to me or-liastr-ethised aR ; ti

KATHY KIrrELL 772

Troy Fein In 800485-7099Eer.182015Expiresim

E Commission #rriFb, (Signature of Notary Public)

(Typed name of Notary Public)

Notary Public, State of Florida

Commission No.:

My Commission Expires:

44829-1519-6190.3

31762/0012

EXHIBIT "A"

MINTO ATTACHED UNITS

Lots 95A, 95B, 95C, 95D, 95E, 100A, 100B, 100C, 100D, 100E, 109A, 109B,

109C, 109D, 109E, LAUREATE PARK PHASE 1A FIRST AMENDMENT

REPLAT, according to the plat thereof as recorded in Plat Book 78, Pages 15-22, in

the Public Records of Orange County, Florida

and

Lots 1A, 1B, 1C, 1D, 1E, 2A, 2B, 2C, 2D, 2E, 3A, 3B, 3C, 3D, 3E, 4A, 4B, 4C, 4D,

4E, 5A, 5B, 5C, 5D, 5E, 6A, 6B, 6C, 6D, 6E, 7A, 7B, 7C, 7D, 7E, 7F, 8A, 8B, 8C,

8D, 8E, 8F, 9A, 9B, 9C, 9D, 9E, LAUREATE PARK PHASE 2A, according to the

plat thereof as recorded in Plat Book 81, Pages 41-58, in the Public Records of

Orange County, Florida

54829-1519-6190.3

31762/0012

DOCM 20150135376 8: 19890 P: 459493/17/291503:40:26PM Page 1 of 5Rec Fee: $44.00Hartha 0. Haynie, ComptrollerOrange County PLPU - Ret To: $ROAD AND CASSELPrepared By and Return To:

Sara W. Bernard, P.A.

Broad and Cassel

Bank of America Center

P.O. Box 4961

Orlando, Florida32802-4961

EIGHTEENTH AMENDMENT TO MASTER DECLARATION

OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS EIGHTEENTH AMENDMENT TO MASTER DECLARATION OF

COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE

PARK MApTER ASSOCIATION, INC. (the"Eighteenth Amendment") ismade effectiveas

of the 10 day of /Vl@ flb , 2015 (the "Effective Date") by LAKE

NONA LAUREATE PARK, LLC, a Floridalimitedliabilitycompany, with a mailing address

of 9801 Lake Nona Road, Orlando, Florida32827 (the"Declarant").

WI TNE SSET H:

WHEREAS, the Master Declaration of Covenants, Conditions, Restrictionsand

Easements for Laureate Park Master Association,Inc.was recorded June 24, 2011 in Official

Records Book 10231, Page 7500, as amended by that certainFirstAmendment to Master

Declaration of Covenants, Conditions, Restrictionsand Easements for Laureate Park Master

Association,Inc.recorded January 24, 2012 in OfficialRecords Book 10322, Page 2438, both in

the Public Records of Orange County, Florida,as furtheramended by that certainSecond

Amendment to Master Declaration of Covenants, Conditions,Restrictionsand Easements for

Laureate Park Master Association,Inc. recorded February 8, 2012 in OfficialRecords Book

10329, Page 6391, as furtheramended by thatcertainThird Amendment to Master Declaration

of Covenants, Conditions,Restrictions,and Easement forLaureate Park Master Association,Inc.

recorded March 23, 2012, in OfficialRecords Book 10351, Page 3994, as furtheramended by

that certainFourth Amendment to Master Declarationof Covenants, Conditions,Restrictions,

and Easement for Laureate Park Master Association,Inc.recorded May 14, 2012 in Official

Records Book 10376, Page 2401, as furtheramended by thatcertainFifthAmendment to Master

Declaration of Covenants, Conditions, Restrictionsand Easements for Laureate Park Master

Association,Inc. recorded July 27, 2012 in OfficialRecords Book 10416, Page 5412, as re-

recorded August 10, 2012 in OfficialRecords Book 10424, Page 4646, as furtheramended by

thatcertainSixth Amendment to Master Declarationof Covenants, Conditions,Restrictionsand

Easements for Laureate Park Master Association,Inc.recorded October 12, 2012 in Official

Records Book 10457, Page 2669, as furtheramended by that certainSeventh Amendment to

Master Declaration of Covenants, Conditions, Restrictionsand Easements for Laureate Park

Master Association,Inc.recorded February 5,2013 in OfficialRecords Book 10516, Page 6233,

as furtheramended by that certainEighth Amendment to Master Declaration of Covenants,

14841-5649-9233.231762/0012

Conditions, Restrictionsand Easements for Laureate Park Master Association,Inc. recorded

February 5,2013 in OfficialRecords Book 10516, Page 6243, as furtheramended by thatcertain

Ninth Amendment to Master Declarationof Covenants, Conditions,Restrictionsand Easements

forLaureate Park Master Association,Inc.recorded February 22, 2013 in OfficialRecords Book

10526, Page 6555, as furtheramended by thatcertainTenth Amendment to Master Declaration

of Covenants, Conditions,Restrictionsand Easements forLaureate Park Master Association,Inc.

recorded March 7,2013 in OfficialRecords Book 10533, Page 6217, as furtheramended by that

certainEleventh Amendment to Master Declarationof Covenants, Conditions,Restrictionsand

Easements for Laureate Park Master Association,Inc. recorded April 25, 2013 in Official

Records Book 10560, Page 1356, as furtheramended by thatcertainTwelfth Amendment to

Master Declaration of Covenants, Conditions, Restrictionsand Easements for Laureate Park

Master Association,Inc.recorded June 18, 2013 in OfficialRecords Book 10587, Page 3122,and as further amended by that certain Thirteenth Amendment to Master Declaration of

Covenants, Conditions,Restrictionsand Easements for Laureate Park Master Association,Inc.

recorded June 25, 2013 in OfficialRecords Book 10590, Page 6844, as furtheramended by that

certainFourteenthAmendment to Master Declarationof Covenants, Conditions,Restrictionsand

Easements for Laureate Park Master Association,Inc. recorded May 21, 2014 in Official

Records Book 10747, Page 7247, as furtheramended by thatcertainFifteenthAmendment to

Master Declaration of Covenants, Conditions, Restrictionsand Easements for Laureate Park

Master Association,Inc.recorded September 17, 2014 in OfficialRecords Book 10806, Page

2499, as furtheramended by that certainSixteenth Amendment to Master Declaration of

Covenants, Conditions,Restrictionsand Easements for Laureate Park Master Association,Inc.

recordedJanuary 16,2015 inOfficialRecords Book 10863, Page 116, and as furtheramended

by that certain Seventeenth Amendment to Master Declaration of Covenants, Conditions,

Restrictionsand Easements for Laureate Park Master Association, Inc. (the "Seventeenth

Amendment") recorded January 16,2015 inOfficialRecords Book 10863, Page 123, allin the

PublicRecords of Orange County, Florida(collectively,the"Master Declaration");and

WHEREAS, as of the EffectiveDate, the Declarant'sControl Period has not expired;and

WHEREAS, pursuantto Section 14.5of ArticleXIV of the Master Declaration,untilthe

expirationof the Declarant's Control Period or untilsuch earlierdate whereupon Declarant

records a Certificateof Termination of Interestof itsrightto unilaterallyamend the Master

Declaration,the Declarant may amend, supplement, createexceptions to,or otherwise modify

the terms of the Master Declaration in order to impose additionalcovenants, conditions,

restrictions,easements,reservationsand otherprovisionson thePropertyor portionthereof;and

WHEREAS, pursuant to the Seventeenth Amendment, the Declarantamended Section5

of Exhibit "H" of the Master Declarationin order to createutilityand serviceseasements and

utilitymeter easements over,under, and acrossthe Minto Attached Units (as defined therein);

and

WHEREAS, the Declarant desires to further amend the Master Declaration to

incorporateadditionallotswithin the definitionof"Minto Attached Units,"as more specifically

setforthherein.

24841-5649-9233231762/0012

NOW, THEREFORE, for and in considerationof the premises contained herein and

other good and valuable consideration,the receipt and sufficiencyof which are hereby

acknowledged, theDeclaranthereby amends the Master Declarationas follows:

1. Recitals. The recitalssetforthabove are true and correctand are incorporated

hereinby reference.

2. Defined Terms. Any capitalizedterm not otherwisedefinedhereinshallhave the

meaning ascribedto itunder the Master Declaration.

3. Additional Minto Attached Units.Exhibit "A" of the Seventeenth Amendment

ishereby revisedto includethose certainlotsbeing more particularlydescribedin Schedule "A"

attachedhereto and made a part hereof. From and afterthe EffectiveDate, the term "Minto

Attached Units" shallincludethose certainlotsbeing more particularlydescribedin Schedule

"A" hereto.

4. Effect on Master Declaration. Except as specificallyamended herein,the

Master Declarationshallin allotherrespectsremain in fullforceand effect.In the event of any

conflictor ambiguity between the Master Declaration and this Eighteenth Amendment, this

EighteenthAmendment shallcontrol.

[SIGNATURE APPEARS ON THE FOLLOWING PAGES]

34841-5649-9233231762/0012

IN WITNESS WHEREOF, theDeclaranthas executedthisEighteenthAmendment the

datefirstwrittenabove.

Signed,sealedand deliveredinthepresenceof: LAKE NONA LAUREATE PARK, LLC,

a Floridalimitedliabilitycompany

Name: . f we re?N J es .Zbori ,President

STATE OF FLORIDA

CITY OF ORANGE

The foregoing instrument was acknowledged before me this day of

ft re-R ,2015, by James L. Zboril,as Presidentof LAKE NONA LAUREATE

PARK, LLC, a Floridalimitedliabilitycompany, on behalfof the company. He ispersonally

(Signatureof Notary Public)

STHYKITTEU.1 (Typed name of Notary Public)

e....o*Mman.man Notary Public,Stateof Florida

Commission No.:

My Commission Expires:

44841-5649-9233.23176241012

SCHEDULE "A"

MINTO ATTACHED UNITS

Lots 198A, 198B, 198C, 198D, 198E, 199A, 199B, 199C, 199D, 199E, 200A, 200B, 200C,

200D, 200E, 201A, 201B, 201C, 201D, 201E, 202A, 202B, 202C, 202D, 202E, 203A, 203B,

203C, 203D, 203E, 204A, 204B, 204C, 204D, AND 204E, LAUREATE PARK PHASE 5A,

according to the platthereof,as recorded in PlatBook 83, Pages 77 through 97, inclusive,in the

Public Records Of Orange County, Florida

54841-5649-9233231762/0012

Prepared By and Return To: DOCH 20150446302 B: 10972 P: 8664 08/25/2015 02:42:46 PPI Page 1 of 7 Rec Fee: $61.00 Plartha 0. Haynie, Comptroller Orange County. FL

To: BROOD AND CASSEL Sara W. Bernard, P.A. Broad and Cassel Bank of America Center

PU - Ret

P.O. Box 4961 Orlando, Florida 32802-4961

TWENTY-FIRST AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS

FOR LAUREATE PARK MASTER ASSOCIATION, INC.

THIS TWENTY-FIRST AMENDMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS, RESTRICTIONS AND EASEMENTS FOR LAUREATE PARK MASTER ASSOCIATION, INC. (the "Twenty-First Amendment") is made effective as of the day of (klMX I , 2015 (the "Effective Date") by LAKE NONA LAUREATE PARK, LLG; a Florida limited liability company, with a mailing address of 9801 Lake Nona Road, Orlando, Florida 32827 (the "Declarant"), as joined in and consented to by LAKE NONA LAND COMPANY, LLC, a Florida limited liability company, with a mailing address of 9801 Lake Nona Road, Orlando, Florida 32827 ("LNLC").

W I T N E S S E T H :

WHEREAS, the Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. was recorded June 24, 2011 in Official Records Book 10231, Page 7500, as amended by that certain First Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded January 24, 2012 in Official Records Book 10322, Page 2438, both in the Public Records of Orange County, Florida, as further amended by that certain Second Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 8, 2012 in Official Records Book 10329, Page 6391, as further amended by that certain Third Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded March 23, 2012, in Official Records Book 10351, Page 3994, as further amended by that certain Fourth Amendment to Master Declaration of Covenants, Conditions, Restrictions, and Easement for Laureate Park Master Association, Inc. recorded May 14, 2012 in Official Records Book 10376, Page 2401, as further amended by that certain Fifth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded July 27, 2012 in Official Records Book 10416, Page 5412, as re-recorded August 10, 2012 in Official Records Book 10424, Page 4646, as further amended by that certain Sixth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded October 12, 2012 in Official Records Book 10457, Page 2669, as further amended by that certain Seventh Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park

4838-9009-7187.3 31762/0169

Master Association, Inc. recorded February 5, 2013 in Official Records Book 10516, Page 6233, as further amended by that certain Eighth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 5, 2013 in Official Records Book 10516, Page 6243, as further amended by that certain Ninth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded February 22, 2013 in Official Records Book 10526, Page 6555, as further amended by that certain Tenth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded March 7, 2013 in Official Records Book 10533, Page 6217, as further amended by that certain Eleventh Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded April 25, 2013 in Official Records Book 10560, Page 1356, as further amended by that certain Twelfth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded June 18, 2013 in Official Records Book 10587, Page 3122, and as further amended by that certain Thirteenth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded June 25, 2013 in Official Records Book 10590, Page 6844, as further amended by that certain Fourteenth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded May 21, 2014 in Official Records Book 10747, Page 7247, as further amended by that certain Fifteenth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded September 17, 2014 in Official Records Book 10806, Page 2499, as further amended by that certain Sixteenth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded January 16, 2015 in Official Records Book 10863, Page 116, as further amended by that certain Seventeenth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded January 16, 2015 in Official Records Book 10863, Page 123, as further amended by that certain Eighteenth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded March 17, 2015 in Official Records Book 10890, Page 4594, as further amended by that certain Nineteenth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded April 6, 2015 in Official Records Book 10899, Page 4464, and as further amended by that certain Twentieth Amendment to Master Declaration of Covenants, Conditions, Restrictions and Easements for Laureate Park Master Association, Inc. recorded June 30, 2015 in Official Records Book 10944, Page 4015, all in the Public Records of Orange County, Florida (collectively, the "Master Declaration"); and

WHEREAS, pursuant to Sections 2.2 and 2.3 of the Master Declaration, the Declarant, in its sole and absolute discretion, shall have the right, but not the obligation to submit or to cause to be submitted. Additional Property (as defined in the Master Declaration) or any portion thereof, and other real property not now included within the Additional Property, to the encumbrance, operation and effect of the Master Declaration, subject to the terms thereof; and

WHEREAS, LNLC is the owner of that certain real property being more particularly described in Schedule "A" attached hereto and made a part hereof (the "LNLC Property"), a

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portion of which lies within the Additional Property and a portion of which lies outside the Additional Property; and

WHEREAS, the Declarant and LNLC desire to amend the Master Declaration in order to cause the LNLC Property to be submitted to the encumbrance, operation and effect of the Master Declaration; and

WHEREAS, any capitalized term not otherwise defined herein shall have the meaning ascribed to it under the Master Declaration.

NOW, THEREFORE, for and in consideration of the premises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Declarant hereby amends the Declaration as follows:

Recitals. The recitals set forth above are true and correct and are incorporated herein by reference.

Property. Exhibit "A" to the Master Declaration is hereby amended to add the LNLC Property. Declarant and LNLC hereby declare, acknowledge and agree that all references to the "Property" in the Master Declaration shall hereafter include the LNLC Property.

3. Effective Date. The Effective Date shall be the last date that this Twenty-First Amendment is executed by the Declarant and LNLC.

Except as specifically amended herein, the Effect on Master Declaration. Master Declaration shall in all other respects remain in full force and effect. In the event of any conflict or ambiguity between the Master Declaration and this Twenty-First Amendment, this Twenty-First Amendment shall control.

4

[SIGNATURES APPEAR ON THE FOLLOWING PAGES]

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IN WITNESS WHEREOF, the Declarant has executed this Twenty-First Amendment the date first written above.

Signed, sealed and delivered in the presence of: LAKE NONA LAUREATE PARK, LLC, a Florida limited liability company

By:. ies L. Zboril, President ame:

Name:

STATE OF FLORIDA COUNTY OF ORANGE

The foregoing instrument was acknowledged before me this day of ,2015, by James L. Zboril, as President of LAKE NONA LAUREATE CTvjtw

PARK, LLC, a Florida limited liability company, on behalf of the company. He is personally known to me or haa produced aa idontificatioa

KATHY KITTELL i f A % Commission # EE 138772

Expires December 2,2015 (Signature of Notary Public)

Bonded Thru Troy Fain Insu rance 800-385-7019 (Typed name of Notary Public) Notary Public, State of Florida Commission No.: My Commission Expires:

_ 4 -4838-9009-7187.3 31762/0169

IN WITNESS WHEREOF, LNLC has joined in and consented to this Twenty-First Amendment by executing this Twenty-First Amendment as of the date stated below within the notary acknowledgement.

Signed, sealed and delivered in the presence of: LAKE NONA LAND COMPANY, LLC, a Flop4a limited liabilify-company

By: V-TH-rlj i. Zboril, President Jam Name:

Name:^7) {AML ir7t

STATE OF FLORIDA COUNTY OF ORANGE

The foregoing instrument was acknowledged before me this day of , 2015, by James L. Zboril, as President of LAKE NONA LAND CEA

AN Y, LLC, a Florida limited liability company, on behalf of the company, personally known to me

He is COMP aojdcntifieatioa.

KATHY KITTELL I*-: A Commission#EE 138772

Expires December 2,2015 (Signature of Notary Public)

Bonded Thru Troy Fain I n s u r a n c e 800-333-7019

(Typed name of Notary Public) Notary Public, State of Florida Commission No.: My Commission Expires:

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SCHEDULE"A"

LNLC PROPERTY

That part of Section 19, Township 24 South, Range 31 East, Orange County, Florida, described as follows: Commence at the Northwest corner of Tract OS-8, LAUREATE PARK PHASE 3B, according to the plat thereof, as recorded in Plat Book 79, Pages 132 through 138 of the Public Records of Orange County, Florida; thence N90o00,00"E along the North line of said LAUREATE PARK PHASE 3B, for a distance of 21.19 feet; thence departing said North line run N00o00'00"E, 72.00 feet to the POINT OF BEGINNING; thence N90o00'00"E, 26.65 feet; thence N00o00'00"E, 95.23 feet to the Westerly line of Conservation Easement "H", as described in Exhibit "B" of Official Records Book 9262, Page 2294, of the Public Records of Orange County, Florida; thence run the following courses and distances along said Westerly line: N37055'21"W, 98.85 feet; N42059'24"W, 171.94 feet; N37058'33"W, 94.60 feet; N39013,35"W, 218.57 feet; N37019'27"W, 171.00 feet; N35o18'01"W, 438.93 feet; N30o58'50"W, 71.29 feet; N22o48'03"W, 448.18 feet; N1405r41"W, 50.56 feet; N34o20T9"W, 66.14 feet; S25049'42"W, 124.27 feet; S65053'44"W, 118.85 feet; S89054,58"W, 792.45 feet; S06o03'59"W, 116.63 feet; S63042'25"W, 88.93 feet; N87045,57"W, 460.60 feet; N67021,44"W, 117.69 feet; N20o49'44"W, 112.49 feet to the Southerly line of Conservation Easement "A", as described in Exhibit "B" of Official Records Book 9262, Page 2315, of the Public Records of Orange County, Florida; thence run the following courses and distances along said Southerly line: S51o09'16"W, 312.30 feet; S71023'54"W, 205.02 feet to the point of curvature of a curve concave Southeasterly having a radius of 100.00 feet and a chord bearing of S36o20'35"W; thence Southwesterly along the arc of said curve through a central angle of 70°06'38" for a distance of 122.37 feet to the point of tangency; S0ri7T6"W, 190.55 feet; S08oiri5"E, 124.50 feet; S26033'34"E, 45.36 feet; S38053'21"E, 37.46 feet; S63o30'54"E, 33.47 feet; S70o41'54"E, 72.78 feet; S35o30'54"E, 58.63 feet; S52043'14"E, 23.05 feet; S43o07'36"E, 58.98 feet to the point of curvature of a curve concave Westerly having a radius of 100.00 feet and a chord bearing of S15o00'22"E; thence Southerly along the arc of said curve through a central angle of 56014'26" for a distance of 98.16 feet to the point of tangency; S13o06'51MW, 40.73 feet; S02o03'4rW, 71.27 feet; S34056,34"W, 87.61 feet; S39017,56"W, 74.68 feet; thence departing said Southerly line run S72027'41"E, 111.30 feet; thence S17032T9"W, 70.00 feet; thence S72027,41"E, 443.07 feet; thence N57o00'31"E, 197.87 feet; thence N17032,19"E, 129.81 feet to the point of curvature of a curve concave Southeasterly having a radius of 445.00 feet and a chord bearing of N26o12'05"E; thence Northeasterly along the arc of said curve through a central angle of 17019'32" for a distance of 134.56 feet to the point of compound curvature of a curve concave Southeasterly having a radius of 1118.00 feet and a chord bearing of N37046'36"E; thence Northeasterly along the arc of said curve through a central angle of 05o49'32" for a distance of 113.67 feet to the point of compound curvature of a curve concave Southeasterly having a radius of 445.00 feet and a chord bearing of N53o40T3"E; thence Northeasterly along the arc of said curve through a central angle of 25057'42" for a distance of 201.64 feet to the point of compound curvature of a curve concave Southerly having a radius of 835.00 feet and a chord bearing of N78o17'01"E; thence Easterly along the arc of said curve through a central angle of 23015'53" for a distance of 339.05 feet to the point of tangency; thence N89054'58"E, 170.60 feet to the point of curvature of a curve concave Southerly having a radius of 1060.00 feet and a chord bearing of S80o27'38"E;

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thence Easterly along the arc of said curve through a central angle of 19014l48" for a distance of 356.07 feet to the point of tangency; thence S70o50'15"E, 174.13 feet to the point of curvature of a curve concave Southwesterly having a radius of 1000.00 feet and a chord bearing of S55018'43"E; thence Southeasterly along the arc of said curve through a central angle of 31o03'04" for a distance of 541.95 feet to the point of compound curvature of a curve concave Southwesterly having a radius of 1835.00 feet and a chord bearing of S39o19'03"E; thence Southeasterly along the arc of said curve through a central angle of 00o56'15" for a distance of 30.03 feet to the point of tangency; thence S38o50'55"E, 247.23 feet to a point on a non-tangent curve concave Northerly having a radius of 658.00 feet and a chord bearing of S84027'13"E; thence Easterly along the arc of said curve through a central angle of 1 lo05'34" for a distance of 127.39 feet to the point of tangency; thence N90o00'00"E, 206.02 feet to the POINT OF BEGINNING.

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