DBCLIIIUI.TIOR OP RBC!IIlM!IOJQL COVBDII'l'S ... Coconut Bay.pdf · P. "Inatitutional Mortgagee" maana any landing inatitution owning a firat mortgage covering a Home or Lot, including

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DBCLIIIUI.TIOR OP RBC!IIlM!IOJQL COVBDII'l'S, RBIITRICTIORS .IIIID B"1 B"B"TS POR

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THIS DECLARATION OF IUICRBATIONAL COVENANTS, RBSTRICTIONS AND EASEMENTS FOR COCONUT BAY ("Recreational covenant&") ia made aa of the 30th day of June, 1994 by G.L. HOMES OF SILVBR LAKBS XV CORPORATION, a Florida corporation, ita auccaaaora and aaaigna ("Declarant"), and ia joined in by COCONUT BAY RBCRBATION ASSOCIATION, INC., a Florida corporation not for profit ("Aaaociation")•

WHEIUIAS, Declarant ia the owner in faa aimpla of the real property mora particularly described on Exhibit A ( "Property•) attached hereto and made a part haraof7 and

WHEREAS, Declarant desires to develop a community to be known aa •coconut Bay" aa hereinafter aat forth7 and

WHEREAS, in order to develop and maintain coconut Bay aa a planned residential community and to praaarva the valuea and amanitiaa of such community, it is necessary to declare, commit and aubjact the Property and the improvements now or hereafter conatructed thereon to certain land uae covenants, restrictions, raaarvationa, regulation&, burdens, liens, and aaaemant&J and to delegate and aaaign to the Aaaociation certain powara and duties of ownership, administration, operation, maintenance and enforcement, and

WHEREAS, the Association is joining in these Recreational covenants in order to acknowledge ita obligation& hereunder, and

NOW, THEREPOIUI, in conaidaration of the pramiaea and covenant• herein contained, Declarant hereby declaraa that the Property ahall be owned, held, used, transferred, sold, conveyed, damiaad and occupied aubject to the covenants, restrictions, aaaamanta, reaarvationa, regulations, burdens and liens hereinafter sat forth, all of which ahall run with the Property and any part thereof and which shall be binding upon all partiea having any right, title or interest in the Property or any part thereof, their haira, auccaaaora and assigns.

ARTICLE I DIPINITIONS

A. "Articlaa" mean the Articlaa of Incorporation of the Aaaociation, a copy of which ia attached hereto and made a part hereof aa Exhibit c and any amendments thereto.

B. "Aaaaaamanta" mean the aaaaaamanta for which all ownera are obligated to the Aaaociation and include "Individual Lot Aaaeaamanta," and "Spacial Aaaeaamanta• (aa such terma are defined in Article V hereof) and any and all other aaaaaamanta which are levied by the Aaaociation in accordance with the Coconut Bay Documents.

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~RECORD AND RETURN TO: ~ CAROL D. HOLLER, CLAS W

RUDEN, BARNm, McCLOSW, SMITH, SCHUSTER & RUSSELL 0 . Post Office Box 1900 V

FORT LAUDERDALE, FLORIDA33302

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c. "Aaaociation• maana Florida corporation not for under the Maatar Declaration.

coconut profit.

Bay Recreation Aaaociation, Inc., a Thia ia a "Neighborhood Aaaociation"

D. "Board" maana the Board of Diractora of the Aaaociation.

E. "Bylawa• mean the Bylawa of the Aaaociation, a copy of which ia attached harato and made a part haraof aa Exhibit D and any amandmanta thereto.

F. •coconut Bay• maana the planned raaidential c011111unity planned for development upon the Property committed to land uaa under the Kaater Declaration and theae Recreational covenanta and which ia intended to be compriaed of, including, but not limited to, one hundred thirty-one (lll) aingla-family Lota and the Recreation Property located within the Property. coconut Bay ia part of the raBidential c011111unity known aa Silver Lakaa baing developed by Silver Lakaa Partnarahip.

G. •coconut Bay Documanta• mean in the aggregate thaaa Recreational Covananta, the Plat, tha Articlaa and Bylawa and all of the inatrumanta and documanta referred to or incorporated therein, including, but not limited to, amandmanta to any of the foregoing, aa applicable.

H. •community Aaaociation• maana SilvarLakaa Community Aaaociation, Inc., a Florida corporation not for profit, organized to adminiatar the Maatar Declaration.

I. •contributing Lot• maana any Lot conveyed by Declarant to an Owner which haa bean iaaued a certificate of occupancy for a Home conatructad thereon by the appropriate governmental agency, except if conveyed to an Inatitutional Mortgagee by foracloeure or a dead in lieu of foreclosure, upon which an affirmative covenant to pay Aaaaeamanta, aa mora particularly aat out in Article IV hereof, ia impoaad.

J. •contributing Lot OWner• meana the OWner of a Contributing Lot.

K. •county" maana Broward county, Florida.

L. "Declarant• maana G.L. Homea of Silver Lakaa XV corporation, a Florida corporation, and any aucceuor or 11aaign thereof, which 11cquiraa any Lot from Dacl11rant for the purpoaa of development and to which G.L. Homea of Silver Lakaa XV Corporation, epacifically aaaigna all or part of tha righta of Declarant hereunder by an axpraaa written aaaignment recorded in the Public Recorda of tha County. The written election ahall give notice aa to which righta of Declarant are to be axarciaad. In any avant, any aubaequent declarant ahall not ba liable for any default or obligations incurred by any prior Declarant, except aa may be expraaaly aaaumad by the aubaequent declarant.

M. "Director• maana a member of the Board.

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N. "Dominant Lot" maana a Lot to which an aaaamant over a servient Lot created by Article VIII of thaaa Recreational covananta ia appurtenant (i.e., a Lot owned by an owner entitled to accaaa to hie Lot and thoaa over certain portiona of an adjoining Lot). A Lot may be both a Dominant Lot and Servient Lot aa to different aaeamanta created by Article VIII hereof, but not aa to the aama aaaement.

o. "Home" maana a raaidential dwelling unit in coconut Bay intended ea an abode for one family constructed on the Property.

P. "Inatitutional Mortgagee" maana any landing inatitution owning a firat mortgage covering a Home or Lot, including any of the following inatitutiona•

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(i) Any federal or state savinga and loan or a building and loan asaociation, or co11111ercial bank or bank or real estate investment trust, or mortgage banking company or any subsidiary thareoft or

(ii) Any "secondary mortgage market inatitution," including the Federal National Mortgage Aaaociation, Government National Mortgage Asaociation, Federal Home Loan Mortgage Corporation and auch other aacondary mortgage market inatitution aa the Board ahall hereafter approve in writing1 or

(iii) Any penaion or profit-sharing funda qualified under the Internal Ravanua codet or

(iv) Any and all inveating or landing inatitutions, or the auccasaora and aasigna of auch lendera ("Lenders" ) , which have loaned money to Declarant and which hold a mortgage upon any portion of tha Property1 or

(v) Such other inatitutional lendara ae the Board ehall hereafter approve in writing aa an Institutional Mortgagee which have acquired a mortgage upon any portion of the Property 1 or

(vi) Declarant, if Declarant holda a mortgage on any portion of the Property, and the tranaferaa of any mortgage encumbering the Property which waa originally held by Daclarantt or

(vii) Any life inaurance company, or

(viii) The Veteran• Administration or the Federal Houaing Adminiatration or the Department of Houaing and Urban Davalopnant.

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Q. "Interest• means the maximum nonuaurioua interest rata allowed by law on the subject debt or obligation, and if no such rata ia daaignatad by law, than eighteen percent (18') par annum.

R. "Legal Fees• mean reaaonabla feaa for attorney and paralegal aarvicaa incurred in connection with: (i) negotiation and preparation for litigation, whether or not an action ia actually begun, through and including all trial and appellate lavale and poatjudgmant procaedinga1 (ii) collection of paat due Aaaaaaments including, but not limited to, preparation of noticaa and lienal and (iii) court coats through and including all trial and appellate lavale and poatjudgment proceedings.

s. "Lot" means a portion of the Property aa ahown on the Plat, upon which a Home ia permitted to be erected.

T. "Master Declaration• meana the Declaration of Protective covenants, conditions, Basements and Raatrictiona for Silver Lalcea recorded in Official Recorda Book 17369, Page 240 of the Public Recorda of the county aa auch document baa been and may be amended or supplemented from time to time.

u. "Member" means a msmbar of the Aaaociation.

v. •operating Expanses" mean the expanaaa for which OWner• are liable to the Association as described in theaa Recreational Covenant• and any other coconut Bay Documents and include, but are not limited to, the coata and axpanaes incurred by the Asaociation in adminiataring, operating, reconatructing, maintaining, financing, repairing, replacing or improving the Recreation Property or any portion thereof and improvement• thereon and all costa and expanses incurred by the Asaocietion .l.n carrying out ita powara and duties hereunder or under any other coconut Bay Documanta, including, but not limited to, the coat of any reaervaa and any other axpanaaa deaignated to ba Operating Bxpenaea by the Board.

w. "OWner• means the owner of the faa simple title to a Lot and includes Declarant for ao long aa Declarant ia the owner of the faa simple title to a Lot but excluding those having such intaraat merely aa aecurity for the performance of any obligation and excluding purchaaera under axacutory contracts of sale of a Lot.

x. "Plat• means the plat of Silver Laltaa Phase III recorded in Plat Book 156, Page 21, of the Public Recorda of the county.

Y. "Property• means the real property mora particularly deacribed on Exhibit A attached hereto and made a part hereof.

z. "Recreational Covenants" means thia document and any amendments hereto.

AA. "Recreation Property• means auch portions of the Property aa mora particularly described in Paragraph D of Article II herein, which are to be maintained by the Association and are intended to be conveyed to the

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Aaaociation and are mora particularly described on Exhibit B attached hereto and made a part hereof.

BB. •servient Lot• means a Lot over which an eaa-nt ia created by Article VIII of theae Recreational Covenants in favor of a Dominant Lot (i.e., a Lot over which the owner of an adjoining Lot baa a right of acce.. to certain portiona of bia Lot and Home). A Lot may be both a servient Lot and a Dominant lot aa to different eaaementa created by Article VIII, but not aa to the eame eaaamant.

cc. •silver Lakea Documents• mean the Master Declaration, the Supplemental Declaration to tha Maater Declaration and amendment thereto, which appliea to the Property and which aubmita the Property to the proviaiona of the Maatar Declaration, the Articles of Incorporation of the Community Aaaociation and Bylawa of the community Aaaociation and all of the inatrumenta or documents referred to or incorporated therein including, but not limited to amenclmenta to any of the foregoing, aa applicable.

ARTICLE II PLAN or pEVELQPHBNT

RECRIATION PROPERTY r RULJS ANI) QGIJLATIONS

A. The Silver Lakaa Community

The Silver Lakaa Community plan for development contemplates the construction of varioua separate and distinct residential communitiea and the eatabliahmant of common araaa intended to be available for the uaa and benefit of all of the raaidantial communities planned for development thereon all in the manner aa, and aubjact to the raaarvationa of righta, aet forth in the Maatar Declaration. Among other thinga, the Master Declaration (i) requirae the Community All8ociation to maintain and care for common properties defined aa such thereunder, (11) compela membership in the Community Association by the ownara, among othara1 (iii) afforda owners of Lota constituting portions of Coconut Bay non-exclusive rights to the uaa and enjoyment of the common propertiaa1 and (iv) providea for the promulgation of maintananca aaaaaamanta and enforcement by lien of collection payment therefor. Bach owner of a Lot shall be subject to all terms, restrictions, conditions and reservation• of righta aat forth in the Master Daclaration.

B. Neighborhood

Coconut Bay ia located within the Silver Lakaa Community and conatitutea a "Neighborhood" under the Master Declaration and Supplemental Declaration to the Maatar Declaration ("Supplemental Maatar Declaration")• Among other things, the Supplemental Maater Declaration ( i) raquirea the Community Association to maintain and care for exclusive common properties defined aa such thereunder, (ii) affords ownera of Lota conatituting portiona of Coconut Bay rights to the usa and enjoyment of the axcluaive common propertiea1 and (iii) providea for the promulgation of neighborhood aaaaaamanta and enforcement by lien of collection of payment therefor. Bach owner of a Lot ahall be aubjact to all terma, reatrictiona, condition• and reaarvationa of righta eat forth in the Supplemental Master Declaration.

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c. coconut Bay

Declarant • s general plan of davalop11ant of coconut Bay contemplate a the conatruction of raaidantial Homaa thereon and, further, that varioua improvements will be constructed on the Leta and other portions of Silver Lakaa Raaidantial Parcel ["T"] of the Plat which will enhance Coconut Bay and benefit the ownara of all Lot a. Declarant' a general plan of development further contemplate• that such raeidantial Homes ahall ba whatever typea of atructuraa Declarant may chooaa which are in conformance with the Supplemental Maatar Declaration. Declarant' a general plan of development of Coconut Bay may alae include whatever facilities and amenities Declarant coneidars in ita aola judgment to ba appropriate to the community contemplated by the plan.

Declarant hereby raaarvaa the right to conetruct a •modal row(e)" in coconut Bay. The •modal row(a)" may contain modale for Coconut Bay and other communitiaa located in Silver Lakaa, as Declarant and/or any of Daclarant•a affiliate• aa developer• of other communities in Silver Lakaa may ao determine, in their sola discretion. In the avant that Declarant and/or any of Declarant • a affiliates conatructa a •modal row( a)" in Coconut Bay, auch •modal row(a)" may be uead for auch period of time that Declarant and/or any of Declarant • a affiliate• conatructing communities in Silver Lakes determines to ba naceseary. By their acceptance of a dead for a Lot in Coconut Bay each owner agraaa and acknowladgae that Declarant and/or any of Declarant•• affiliataa have a right to conatruct a •modal row(a)" and that Declarant and/or any of ita affiliataa have an eaaamant over the Coconut Bay community to uaa and ahow the modale to prospective purchasers in Silver Lakes aa long aa auch •modal row(a)" axista.

D. Recreation Property

1. The Recreation Property shall consist of the property daacribad on Exhibit B hereto. The Recreation Property ahall be uead for recreational and social purpoaas aa wall ae other proper purpoeas by the Aeeociation and owner& and their family members, guests, invitees and lasaaae in accordance with the Coconut Bay Documanta.

The initial Recreation Property ahall conaiat of a ewimming pool, pool deck and cabana with man•e and woman•a rest rooms. Declarant raaarvaa the right in ita aola diacration to conatruct additional improvamanta upon the Recreation Property aa hereinafter eat forth.

DECLARANT AND THE ASSOCIATION SHALL NOT BE OBLIGATED TO PROVIDE SUPERVISORY PERSONNEL FOR THE RECREATION PROPERTY INCLUDING, BUT NOT LIMITED TO, LIFEGUARDS. AllY INDIVIDUAL USING THE RECREATION PROPERTY SHALL DO SO AT HIS OWN RISK AND HEREBY HOLDS DECLARANT AND THE ASSOCIATION HARKLESS FROM AND AGAINST ANY CLAIM OR LOSS ARISING FROM SUCH USE.

2. such portion a of the Recreation Property upon which Declarant baa conatructad, or hereafter constructe, improvement• ahall be kept and maintained for usa in a manner conaiatant with the natura of auch improvement• located, or to be located thereon. Declarant raaarvaa the right, but ahall

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not ba obligated to conatruct additiond recreational facilitiaa upon the Recreation Property. The decieion aa to whether to conatruct additional recreational facilities and the erection thereof ehall ba in the aola diacration of Declarant. Any additional facilitiaa muat ba approved for deaign aa contemplated by the Maatar Declaration. The Recreation Property will be conveyed by Declarant to the Aaaociation no later than the earlier to occur of the following: (i) the data of the i .. uanca of the certificate of occupancy for the ninety-eighth (98th) Homa1 or (ii) the "Turnover Data• (aa defined in the Articles). In the avant that Declarant ancumbara the Recreation Property with a mortgage auch mortgagee ahall aubordinata ita lien on the Recreation Property to thaaa Recreational Covenant a. such mortgagee shall release the Recreation Property from ita mortgage aimultanaoualy with the conveyance of the Recreation Property to the Aaaociation. The Aaaociation ia obligated to accept at any time any and all convayancaa to it by Declarant of a faa simple title, aasemanta or laaaaa to all or portiona of the Recreation Property.

B. Rules and Regulations

The Association ahall, from time to time, impose rulea and regulations regulating the uae and enjoyment of the Recreation Property. The rulaa and regulations so promulgated ahall, in all raapacta, ba conaiatent with the provisions of the Coconut Bay Documanta. The rulaa and regulation• shall not apply to Declarant as an owner.

ARTICLB III MEMBERSHIP AND VOTINQ RIQHTS Ill 181 MSQCIMIONt

BOARQ 1 DURATION QP THI ASSOCIATION

A. Membsrahip and Voting Rights

Mambsnhip in the Association shall be aatablhhed and terminated aa eat forth in the Articlea. Bach Member ahall ba entitled to the benefit of, and be subject to, the provision• of the Coconut Bay Documenta. The voting righta of the Members shall ba as set forth in the Articlaa.

a. Board

The Aaaociation ahall ba governed by the Board which ahall ba appointed, designated or elsctad, aa the caaa may ba, aa aet forth in the Articles.

c. Duration of Association

The duration of the Association ahall be perpetual, aa eat forth in the Articlaa.

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ARTICLE IV CQNJNANT TQ PAY ASSESSMJNTS PQR OPIRATINQ IXPINSISr

ISTABLISBMINT OF LIENSr COLLijCTION Of ASSESSMiiNTSr COLLJ(jTION BY PICLARNfTr

QERTAIN BIGHTS OF QICLAIWfT AND INSTITUTIQNAL MQRTOAGEIS

A. Affirmative Covenant to Pay Operating Bxpenaea

In order tot (i) fulfill the terma, provieione, covanante and conditione contained in the Coconut Bay Documental and (ii) maintain, operate and praeerve the Recreation Property for the uee, aafety, welfare and benefit of the Membera and their family mambara, ;ueata, inviteea and leaaaee, there ia hereby imposed upon each Contributing Lot and Contributing Lot owner the affirmative covenant and obligation to pay to the A .. ociation (in the manner herein aet forth) all Aaaassmente, including, but not limited to, the Individual Lot A .. aeamante and Spacial Asaeeemanta. Bach owner other than Declarant by acceptance of a deed or other instrument of conveyance conveying a Lot within the Property from Declarant, whether or not it shall be eo expressed in such dead or instrument, shall be obligated and agrsas to pay to the Association all Aaaassmanta for Operating Bxpanaaa in accordance with the proviaiona of the Coconut Bay Documents.

B. Bstabliahment of Liana

Any and all Aaaeaemanta made by the Auociation in accordance with the provisions of the Coconut Bay Documents with Intaraet thereon and coats of collection, including, but not limited to, Legal Faea, are hereby declared to be a charge and continuing lien upon each Contributing Lot againat which each such Aaaaaamant ia made. Bach Aaaaaament against a contributing Lot, together with Interest thereon, including, but not limited to, Legal Faaa, shall be the personal obligation of the Contributing Lot owner of such Contributing Lot. Said lien shall ba affective only from and after the time of tha recordation amongst the Public Recorda of the county of a written, acknowledged atatamant by the Association setting forth the amount due to the Association aa of the date the statement ia signed. Upon full payment of all auma aacurad by that lien, the party making payment shall be entitled to a satisfaction of the atatemant of lien in recordable form. Notwithstanding anything to the contrary herein contained, where an Institutional Mortgagee of record obtains title to a contributing Lot aa a result of foreclosure of ita first mortgage or dead in lieu of forecloaure, such acquirer of title, ita aucceaaora or aaaigna, shall not be liable for the ahara of Aaaaaamenta pertaining to such contributing Lot or chargeable to the former Contributing Lot owner thereof which became due prior to the acquisition of title aa a result of the foreclosure or deed in lieu thereof, unlaaa the Aaaeaamant againat the Contributing Lot in question ia aacurad by a claim of lien for Aasaaamenta that ia recorded prior to the recordation of the mortgage which waa foreclosed or with raapact to Which a dead in lieu of foreclosure waa givan.

Notwithstanding anything contained herein to the contrary, in the evant that a lien ia filed by the Community Association, irragardleaa of when euch lien ie filed, the lien of tha community Association shall ba superior to the lien of the Association.

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c. Collection of Aaaaaamanta

In the avant any Contributing Lot Owner ahall fail to pay any Aaaaaamant, or inatallmant thereof, chargee! to auch contributing Lot Owner within fifteen (15) daya after the aame bacomaa due, than tha Aaaociation, through ita Board, ahall have any and all of 'the following readiaa to the extant permitted by law, which ramadiaa are cumulative and which readiaa are not in lieu of, but are in addition to, all other r-diaa available to the Aaaociation•

1. To accelerate the entire amount of any Aaaeaamanta for the remainder of the calendar year notwithatancling any provision& for the payment thereof in inatallmenta.

2. To advance on behalf of the contributing Lot Owner(a) in default funda to accompliah the naacla of the Aaaociation up to and including the full amount for which auch Contributing Lot Ownar(a) ia liable to the Aaaociation and the amount or amounta of moniaa eo advanced, together with Intaraat and all costa of collection thereof, including, but not limited to, Legal l!'aaa, may thereupon be collactacl by the Aaaociation and such advance by the Association shall not waive the default.

J, To fila an action in equity to foracloaa ita lien at any time after the affective data thereof. The lien may be foreclosed by an action in the nama of the Aaaociation in like manner aa a foreclosure of a mortgage on real property.

4. To fila an action at law to collect aaid Aaaaaamant plua Intaraat and Legal l!'aaa, without waiving any lien rights or rights of forecloaura in the Aaaociation.

5. To charge Intaraat on auch Aaaaaament from the elate it bacomaa due, aa wall aa a lata charge of Tan Dollara ($10.00) by the Aaaociation to defray additional collection coats.

D. Collection by Declarant

In the avant for any reason tha Aaaociation shall fail to collect the Aaaaaamanta, than, in that avant, Declarant ahall at all times have the right (but not the obligation) 1 (i) to advance auch auma aa the Aaaociation could have advanced aa aat forth above, ancl (ii) to collect auch Aaaaaamanta and, if applicable, any auch auma advanced by DaclarantJ using the ramadiaa available to the Aaaociation againat a contributing Lot Owner aa aat forth in Paragraph IV.C, which ramacliaa (including, but not limited to, recovery of Legal l!'aaa) are hereby declared to be available to Declarant.

B. Rights of Declarant and Institutional Mortgagees to Pay Aaaaaamanta and Receive Raimburaamant

Declarant and any Institutional Mortgagee• shall have the right, but not the obligation, jointly or aingly, ancl at their eola option, to pay any of the Aaaeaamanta which are in default and which may or have become a charge

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againat any contributing Lota. Further, Declarant and any Inatitutional Mortgagee• ahall have the right, but not the obligation, jointly or aingly, and, at their aole option, to pay inaurance premium• or fidelity bond premium• or othar required itama of oparating Bxpanaaa on behalf of the Aaaociation whare the aama are overdue and whara lapaea in policiaa or aarvicaa may occur. Declarant and any Inatitutional Mortgagaaa paying overdue Dparating Bxpenaaa on behalf of the Aaaociation will be entitled to immediate raimburaament from the Aaaociation plua Interaat and any coata of collection including, but not limited to, Legal Faea, and tha Aaaociation ahall executa an inatrumant in recordable form to thh effect and deliver tha original of auch inatrument to aach Inatitutional Mortgagaa who ia ao antitlad to reimburaamant and to Daclarant if Daclarant ia entitled to raimbureamant.

ARTICLE V METHQD QF DETJRHININQ ASSESSMENTS AND ALLOCATION OF ASSESSMENTS

A. Datarmining Amount of Asaasamants

The total anticipatad Operating Bxpensaa for each calendar yaar shall ba aet forth in the budget ("Budgat") prepared by the Board aa required under the coconut Bay Documanta. The total anticipated Operating Bxpanaaa (othar than thoaa Operating Bxpensaa which are properly the subjact of a Special Aaaaaamant) ahall ba apportionad aqually among tha contributing Lota by dividing the total anticipated oparating Bxpenaaa aa reflected by the Budget, other than thoaa Operating Bxpenaaa which are properly the aubject of a special Aaaaaamant (adjuatad aa herainaftar aat forth), by tha total numbar of Contributing Lota which hava bean conveyed by Declarant (aa evidenced by the racordation of a dead of conveyance and the iaauance of a certificate of occupancy), with the quotient thua arrived at baing the "Individual Lot A88a88ment. • Notwithatanding anything in the Coconut Bay Document& to the contrary, any aaaeaament for lagal axpensea incurred by the Aaaociation to begin legal proceeding• againat Declarant ahall ba deamad an oparating Bxpenaa which ia properly the aubjact of a special Asaesamant and not the aubjact of a regular Individual Lot Aaaasament.

B. Assaesment Paymanta

The Individual Lot Aasesamanta ahall be payabla quarterly, in advance, on the first day of January, April, July and October of each year. The Individual Lot Asaaaamanta, and the quarterly inatallmants thereof, aa wall as all Aaaaaamanta provided for harain and all inatallmanta tharaof may ba adjuatad from tima to time by the Board to reflect changaa in the number and atatua of contributing Lota (thua apportioning all auch Asaasamanta and inatallmenta thereof among all Contributing Lota in exiatanca at the time auch inatallment i.e due) or changes in the Budget or in tha avant that the Board daterminas that the Aasessments or any inatallmant theraof ie either leas than or more than the amount actually required. When a contributing Lot not in existance when the Aaaaaamant waa determined ("New Improved Lot") comaa into axiatance during a period with reapect to which an Aaaaaamant or inatallmant thereof haa already bean assaaaad, the New Improvad Lot ahall be deamad aaaaaaad the amount of such Assaaament or inatallmant tharaof which waa aaseaaed againat Improved Lota in exiatance at tha time of such Asaeasment,

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prorated from the data the New Improved Lot comes into existence through the and of the period in question. If the payment of auch Aeaasament or installment thereof waa due at the time the New Improved Lot came into existence or prior thereto, said prorated amount thereof shall be immediately due and payable.

•special Aaaaaamanta• include, in addition to other Aaaaaamanta daaignatad aa special Aaeaaements in the Coconut Bay Documents and whether or not for a coat or expense which ie included within the definition of "Operating Expenaaa, • thoea Aaeeeemante which are levied for capital improvements which include the coste (whether in whole or in part) of constructing or acquiring improvements for, or on, the Recreation Property or the coat (whether in whole or in part) of reconstructing or replacing such improvements. Notwithstanding anything to the contrary herein contained, it ia recognized and declared that Special Aaaeumenta shall be in addition to, and are not part of, any "Individual Lot Aaaeaemant•. Any such Special Aaaeaamante aaseaaed against Contributing Lote and contributing Lot owners thereof ehall be paid by auch Contributing Lot owners in addition to any other aaaaaamenta. special Aeaeeamenta shall be aaaeeaad in the same manner aa the Individual Lot Aeeesement. Spacial Aaaeaamenta shall be paid in such installments or in a lump eum aa the Board shall, from time to time, determine. Notwithstanding the foregoing, the levying of any special Aaaaaamant after the Turnover Date shall require the affirmative assent of at least two-thirds (2/3) of all Contributing Lot owners represented in person or by proxy at a meeting called and held in accordance with the Bylaws. Prior to the Turnover Data, a Declarant controlled Board may make a spacial Aaaeeamant without the consent of the contributing Lot owners.

D. Liability of Contributing owners for Individual Aaseaamants

By the acceptance of a dead or other instrument of conveyance of a Lot in the Property, each owner thereof acknowledges that each Contributing Lot and the Contributing Lot owners thereof are jointly and severally liable for their own Individual Lot Aesaasmant and their applicable portion of any Spacial Aaaaaamenta •• wall aa for all Aaaasemants for which they are liable aa provided for herein. Such Contributing Lot owners further recognize and covenant that they are jointly and severally liable with the contributing Lot owners of all Contributing Lots for the Operating Expenses (subject to any specific limitations provided for herein such aa, but not limited to, the limitation with respect to matters of Special Aaaesementa and the limitations on the liability of Institutional Mortgagees and their auccesaore and assigns). Accordingly, subject to such epacific limitations, it ie recognized and agreed by each owner who ia or becomes a Contributing Lot owner, for himaalf and hie hairs, executors, eucceaaors and assigns, that in the avant Contributing Lot owners fail or refuse to pay their Individual Lot Aasaaemant or any portion thereof or their respective portion• of any spacial Aeaaeamanta or any other Aeeeaamanta, than the other Contributing Lot owners may be reaponeibla for increased Individual Lot Aseesemanta or Special Aaeeaament or other Assessments due to the nonpayment by such other Contributing Lot owners, and euch increased Individual Lot Assessment or Spacial Auaaemant or other

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Aaaaaament can and may ba enforced by the Aaaociation and Declarant in the aama manner aa all other Aaaaaamanta haraundar aa providad in the Coconut Bay Documents.

B. Guaranteed Aaaaaement During Guarantee Period

Declarant covenants and agraea with the Aaaociation and the contributing Lot ownara that for the period c011111encing with tha data of recordation of thaaa Recreational covenants and ending upon the aoonar to occur of the following: (i) tha Turnover Data, or (ii) December 31, 1994 ("Guarantee Period"), that the Individual Lot Aaaaaamant will not exceed the dollar amount aet forth in the budget of tha Aaaociation for tha quartarly a88aaamant ("Guaranteed Aaaaaamant") and that Declarant will pay the difference, if any, between (a) the Operating Bxpanaaa (other than thoaa Operating Sxpanaaa which are properly the subject of a spacial Aaaaa11111ant) incurred by the Association during the Guarantee Period, and (b) tha amounta aaaaaaed as Guaranteed Aaaaaamenta againat a contributing Lot and the •working capital contributions• aat forth in Paragraph V.G hereof which will be uaad to defray initial start up expanses. The budget ia baaed on a full build out of Coconut Bay. Thua, during the Guarantee Period, contributing Lot ownera ahall not be obligated to pay Aaaesamanta other than the Guaranteed Aaaaaamant and Spacial Aaaaaamanta and their raapactiva Working capital contribution•. Declarant hereby rasarvaa the right to extend the Guarantee Period to a data ending no later than the Turnover Data at Daclarant•a eola election by providing written notice to the Aaaociation of such election at laaat thirty (30) days prior to the expiration of a Guarantee Period.

After the Guarantee Period tarminataa, each Contributing Lot owner shall be obligated to pay Aaaeaamanta aa sat forth in Paragraph V.A hereof.

F. Declarant's Guarantsad Assaaamant Not the Obligation of Inatitutional Mortgagaea

Notwithstanding anything to the contrary herein contained, it ia specifically undsrstood and declared and each Contril:luting Lot owner by the acceptance of a dead or other instrument of conveyance of a Lot within the Property shall ba deemed to have acknowledged and agreed that no Inatitutional Mortgagee (other than Declarant) or any 1uccaaaor or aaaign of such Institutional Mortgagee, or any paraon acquiring title to any part of the Property by reason of the foracloaura or otharwiaa shall ba deemed to have made, assumed or otharwi•a undertaken any covenant• or obligation• of Declarant: (i) to guarantee the laval and/or duration of any Guaranteed Aasaaaments provided for under any of the Coconut Bay Documental or (ii) to pay the difference between the actual Operating Bxpanaea and the Guaranteed Aaaaaamanta, if any, aaaaaaad againat contributing lota and the contributing Lot Ownera thereof during the Guarantee Period aa may be provided for in any of the Coconut Bay Documental provided, however, that an Inatitutional Mortgagee may, at ita option, determine to continua the obligation of Declarant to guarantee the amount of the Aaaaaamentl a• herein provided. Additionally, a successor Declarant shall not guarantee the laval and/or duration of any Guaranteed Aaaeasmanta provided for under any of the COconut Bay Documents or to pay the difference between the actual Operating Bxpanaaa

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and the Guaranteed Aaaeaamenta, if any, aaaaaaed againat contributing Leta and the Contributing Lot ownera thereof during the Guarantee Period unleaa auch obligation ia eaaumad by auch auccaaaor Declarant.

G. working capital contribution

Bach owner who purchaaaa a Lot with a Home thereon from Declarant shall pay to the Aaaociation at the time legal title ia conveyed to euch owner a •working capital contribution. • The Working capital contribution ahall be an amount equal to a two month•' ahara of the annual Operating Expenaea applicable to auch Lot purauant to the initial Budget (which may be different from the Budget in affect at the time of cloaing). The purpose of the working capital contribution ia to inaura that the Aaaociation will have caah available for initial atart up axpenaaa, to meat unforaaean expenditure• or to acquire additional equipment and aarvicaa deemed nacaaaary or desirable by the Board. working capital contribution& are not advance payments of Individual Lot Aaaaaamanta and ahall have no affect on future Individual Lot Aeaaaamanta.

ARTICLE VI OPERATING EXPENSESt CERTAIN ASSESSMENT CLASSIFIQATIONS

The following expenaaa of the Recreation Property and of the Aaaociation are hereby declared to be operating Expenaaa which the Aaaociation ia obligated to aaaaae and collect and which the contributing Lot ownara are obligated to pay aa provided herein or aa may be otherwiae provided in the Coconut Bay Documental

(1) any and all taxaa and tax lien• which may be aaaaaaad or levied at any and all timaa againat the Recreation Property or againat any and all peraonal property improvamanta thereon, (2) all chargee levied for utiliti .. providing aarvicaa for the Recreation Property such aa water, gae, electricity, telephone, aewar and any type of utility or any other type of service chargs which ia not aeparataly billed to a Kambar1 (3) the premium• on policies of inauranca including, but not limited to, liability and casualty inaurance for the Recreation Property/ (4) any auma naceaaary including raaervaa, for the maintenance, repair and replacement of the Recreation Property and all improvement• located theraan1 (5) any suma nacaaaary for the maintenance, repair and raplacamanta of the landacaping ialanda in the cul-de-aaca within Coconut Bay ("Landacaping Ialanda")l (6) adminiatrative and operational expanaaa1 and (7) any and all expenaaa daamad to be Operating Bxpanaaa by the Aaaociation.

The Operating Expenaaa with respect to the Recreation Property ia payable by each contributing Lot owner to the Aaaociation notwithetending the fact that Declarant may not have yet conveyed title to the Recreation Property to the Aaaociation.

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ARTICLE VII INSURANCE AND CQNDIMNAfiON

The Aaaociation ehall purchaae and maintain the following inaurance coverage• aubject to the following proviaiona, and the coat of the pr1111iume therefor ahall be a part of the Oparating Expan••••

A, Calualty Inaurance

Property and caaualty inauranca in an amount equal to the than full replacement co1t, exclueive of land, foundation, excavation and other iteme normally excluded from euch coverage, of all improvement• and pereonal property which b owned by the Aa•ociation and now or hereafter located upon the Recreation Property, which insurance ehall afford protection againat euch rbkl, if any, aa •hall cuatomarily be covered with reapect to araaa aimilar to the Recreation Property in davalopmenta aimilar to the Coconut Bay in conatruction, location and uae.

B. Public Liability Inaurance

A comprehanaive policy of public liability in•urance naming the A1aociation and, until Declarant • a ownerahip of Lota within the Property ceaaea, Declarant aa named in•ureda thereof inauring again•t any and all claima or demanda made by any par1on or paraona whomaoevar for injuria• received in connection with, or ariaing from, the operation, maintenance and uae of the Recreation Property and any improv1111enta located thereon, and for any other riaka inaured againet by auch policiea with limita of not laaa than One Million Dollars ($1,000,000) for damagea incurred or claimed by any one per1on for any one occurrence, not la11 than Three Million Dollare ($3,000,000) for damagee incurred or claimed for any one occurrence, and for not leea than Fifty Thouaand Dollar& ($50,000) property damage per occurrence with no aeparate limite atated for the number of claima.

c. Fidelity coverage

Adequate fidelity coverage to protect againat diahoneat acta of the officer• and employaaa of the Aeaociation and the Director& and all other who handle and are ra1pon1ible for handling funds of the A1aociation •hall be maintained in the form of fidelity bond•, which requirement• ahall be rea•onably determined by the Board.

D. other Inauranca

Such other forma of insurance and in auch coverage amount• as the Aaaociation ahall determine to be required or banaficial for the protection or pre1ervation of the Recreation Property and any improvement• now or hereafter located thereon or in the beat interaata of the Aaaociation.

E. cancellation or Modification

All inaurance policiel purcha1ed by the Aaaociation ehall provide that they may not be cancelled (including for nonpayment of pramiuml) or

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substantially modified without at laaat tan (10) days prior written notice to the Association and to each firat mortgage holder named in the mortgage clauaa.

F. Condemnation

In the avant the Association receives· any award or payment arising from the taking of any Recreation Property or any part thereof aa a raault of the axarciaa of the right of condemnation or eminent domain, the nat proceeds thereof ahall firet be applied to the restoration of auch taken areaa and improvements thereon to the extant deemed advisable by the Aasociation and approved by owners owning at laaat two-thirds (2/3) of the Leta, and the remaining balance thereof, if any, ahall than ba distributed pro rata to owners and mortgagees of Leta aa their respective interaata may appear.

ARTICLE VIII IASIQNTS

A. Recognition of Existing Baaamanta

Bach owner, by acceptance of a dead or other conveyance, recognizee and conaanta to the aaaamanta reserved with respect to the Property under these Recreational supplemental Maatar Declaration and the Master Declaration.

a. Grant and Reservation of Baaamanta

instrument of and/or granted

covenants, the

Declarant hereby raaervaa and grants the following perpetual aaaemanta over and acroaa the Property aa covenants running with the Property for the benefit of the owners, the Aaaociation and Declarant aa hereinafter specified for the following purpoaea1

1. Utility and sarvicea Baaamanta

An easement or easements to provide for installation, service, repair and maintenance of the equipment required to provide utility aarvicaa to the Recreation Property including (but not limited to) power, electric transmission, light, telephone, gas, water, sewer and drainage, and governmental aarvicaa including reasonable rights of accaaa for persona and equipment necaaaary for such purpose for the benefit of the appropriate utility companies, agencies, franchises or governmental agencies.

2. Basement for Encroachment

An easement for encroachment in favor of an owner in the avant any portion of his Home or appurtenant improvements auch aa a fence now or hereafter encroaches upon any of the Leta as a result of minor inaccuracies in aurvay, construction or due to settlement or movement. Such encroaching improvements installed by Declarant shall remain undisturbed for ao long as the encroachment exists. Any easement for encroachment ahall include an easement for the maintenance and usa of the encroaching improvamanta in favor of the owner thereof or his deaigneea.

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3, Maintenance Eaaamanta

(a) Preamble• Soma of the Homaa in Coconut Bay have bean daaignad and aita planned aa •zero lot line• homaa auch that each Home ia conatructad eo that all or portiona of one aida of the Home (and fancaa or maaonry walla extending from auch aida) are aituatad on the aida boundary linea of the Lot. Bacauaa of thia daaign, it ie nacaaaary to provide a maana by which the owner of a Lot ("Dominant Lot") may have accaaa to the •zero lot line• aida of the Home (and other portiona of hia Lot and Home) in order to maintain portion• of the Lot, the aida of the Home, the roof and other applicable portiona of the Home and Lot, and eo that rain water may run off the roof of a particular Home onto the aaaamant area described below. Becauae auch accaaa muat be, of necessity, over the neighboring Lot ("Servient Lot") on which the portion of •zero lot line• aida of the Home facaa, Declarant hereby makaa proviaion for the "Maintenance Baaamanta• declared and regulated purauant to thia aubparagraph 3 (aa wall ae aimilar eaaamanta for the aforaaaid purpoaaa which may, but need not, appear on the Plat).

(b) creation and Extent of Maintenance Eaaamant1 Declarant hereby raaarvaa a permanent and perpetual non-exclusive maintenance aaaament in favor of each Dominant Lot over the unimproved portion of the Servient Lot adjacent to the building linea of the Home located on the Dominant Lot, which building linea are co-axtanaiva with the Lot linaa dividing the aforaaaid Lota ( "Maintananca Easement•). said Maintananca Baaemant shall be appurtenant to and paaa with the title of the Dominant Lot and the sarviant Lot. The Maintenance Eaaamant ahall be only aa axtanaiva aa raaaonably nacaaeary to permit the ownar of a Dominant Lot to make the uaaa daacribad in aubparagraph (c) below and for rainwater run-off but in no avant, laaa than the greater of aavan (7) feat in width or aa may be otharwiaa ahown aa an accaaa or similar aaaamant on the Plat.

(c) Uaa and Conditions of Maintenance Baaamant• The owner of a Dominant Lot, hia guaeta, invitaaa, contractora, aubcontractora, auppliara, laborera and other aarvica peraonnal, shall ba entitled to enter unto the appurtenant Maintenance Easement for purpoaaa of maintaining, repairing and replacing portiona of hie Lot and Homa including, without limitation, the Homa•a walla, roof, fence, landacaping and other inatallationa which cannot be conveniently or properly maintained, repaired or replaced aolaly from the Dominant Lot. The right of each owner of the Dominant Lot to uaa the Maintenance Baaam~nt ahall ba limited to the aforaaaid uaaa and auch owner ahall not do anything within the Servient Lot which ahall causa damage to the Servient Lot or any improvement or landscaping thereon which ia not promptly remedied by aaid owner, create an undue hazard to parson or pats located on or coming into the Servient Lot or ia in furtharanca of any activity aa to tha Dominant Lot or the Home thereon which ia, or would raault in, a violation of the restrictions eat forth in the coconut Bay Documanta. The owner of the Dominant Lot shall, by virtue of making uaa of any Maintenance Eaaamant, be deemed to indemnify the owner of a Servient Lot for any and all loaaaa, coata, axpenaa or damage to any peraon or property incurred by reaaon of the former•• violation• of the raatrictiona contained herein.

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(d) Servient Lot owner Dutiea: ownere of servient Lota ahall not make any improvement to the Servient Lot, including, without limitation, the placement of fancaa or landecaping which would unraaaonably interfere with the parmiaaibla uaaa of any maintenance or accaae eaeemant appurtenant to the adjoining Dominant Lot raaarved hereby.

(a) Reciprocity• Each owner, by acceptance of a dead for a Lot, hereby acknowledge• and agraaa that auch owner' • Lot may not only be a Dominant Lot having righta acroaa adjacent Servient Lota aa hereinbefore daacribad but alao a Servient Lot encumbered by the aaaamant righta hereinbefore daacribad in favor of the Dominant Lota adjacent to auch Lot.

4. Eaaament to Enter Upon Lota

An aaaamant or aaaamenta for ingraaa and agraaa in favor of the Aaaociation, including the Board or the daaignaa of the Board, to enter upon the Lota for the purpoaaa of fulfilling ita dutiaa and raaponaibilitiaa of ownerahip, maintenance and/or repair in accordance with the coconut Bay Documanta, including the making of auch rapaira, maintenance or raconatruction as are neceaaary for the Recreation Property.

s. Eaaamant OVer Recreation Property

An aaaamant of enjoyment in favor of all ownen, their family mambara, guaeta, inviteaa and laaaaea in and to the Recreation Property which ehall be appurtenant to and shall paas with title to avery lot in the Property, aubject to the following•

(a) the right of the Aaeociation to auapend the voting righta of any owner and righta to usa the Recreation Property of any owner of the Property for any period during which aeaeaamenta againat hie Lot(a) or lot(a) remain unpaidl

(b) the right of the Aaaociation to grant permite, licenaaa and eaaamenta over the Recreation Property for utilitiee and other purpoaea reaaonably necaaaary or uaaful for the proper maintenance or operating of the Property 1 and

(c) all proviaiona eat forth in the Coconut Bay Documanta.

6. Eaaamant for Roof OVerhang

An aaaamant or eaaementa to favor an owner including righta of acceaa to maintain and repair auch roof overhang.

provide for the roof overhang in for peraons or equipment naceaaary

7. Drainage and Irrigation Easement

An aaaamant for drainage, flowage and irrigation over, under and upon the Property in favor of the Aaaociation and each of the ownara, including, but not limited to, reaaonable righta of acceaa for paraona and

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aquipnant to conltruct, install, msintain, altar, in1pact, remove, relocate and rspair the w1tar drainage 1ystam, flowage pipaa and irrigation pipaa.

The aaaemant1 raaarvad hereunder may be aaaignad by Declarant or the Aaaociation in whole or in part to any city, County or atata government or agency thereof, or any duly licanaad or franchiaad public utility, or any other daaignaa of Declarant. The ownara hereby authorize Declarant and/or the Aaaociation to executa, on their behalf and without further authorization, auch granta of eaaamant or other instrument• ae may from time to time be naceaaary to grant aaeamanta over and upon the Property or portiona thereof in accordance with the proviaiona of theae Recreational covenante.

Notwithatanding anything in thale Recreational Covenant• to the contrary, all aaaamant rights raaarved or granted to Declarant ahall terminate upon Declarant no longer holding any Lota or Homes on the Property for aale in the ordinary couraa of buainaea or holding a mortgage on a Lot or Home on the Property. In addition, the easement rights granted or raaarvad by Declarant hereunder are not to be construed as creating an affirmative obligation to act on the part of Declarant.

ARTICLE IX MAIN'l'ENANC!ll BY THE ASSO£IATION

A. Recreation Property

The responsibility of the A1sociation ia to repair, maintain and replace any and all improvements including, but not limited to, the sidewalk and facilitiaa located on the Recreation Property commencing with the completion of aama by Declarant and whether or not aama are owned by the Aaaociation. The improvemanta ahall be maintained in the aama condition 11 originally conatructad by Declarant. In the avant of any damage or daatruction to the Recreation Property or to the improvements and facilitial located thereon by fire, atorma, act• of God, act• of government, acta of third partie& or other calamity, the 1\saociation shall be required to rebuild auch improvement• and facilities aa quickly aa practicable.

B. Landacaping Ialande

The Aaaociation ia raeponaible for the maintenance of the Landacaping Ialanda. The Landacaping Ialanda ahall be maintained in the aama condition a1 originally constructed by Declarant.

ARTICLE X USE 8ESTRI9TIQNS

For purpoaae of thie Article X, unla•• the context otharwiaa raquiraa, owner ahall alae include the family, invitaaa, guaate, licansaa1, lea•••• and aubla••••• of any owner, and any other permitted occupants of a Home. All the Property ahall be held, uaad and enjoyed aubjact to the following limitation& and raatrictiona, aubjact to the exemption of Declarant in Paragraph L hereof•

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No obnoxioua or offenaive activity ahall be carried on about the Lot& or in or about any improvamenta, Homea, or on any portion of Coconut Bay nor ahall anything be dona therein which may be or become an unraaaonabla annoyance or a nuiaanca to any ownar. Ho uaa or practice ahall be allowed in or around the Homaa which ia a aource of annoyance to ownara or occupant• of Home& or which intarfaraa with the peaceful poaaeaaion or proper uaa of tha Homea or the aurrounding areu. No loud noiaea or noxioua odor• ahall be permittad in any improvamenta, Homae or Lota. Without limiting the generality of any of the foregoing proviaiona, no horna, whiatlea, belt. or other aound davicea (other than aecurity devices uaed excluaively for aacurity purpoaaa), noiay or amoky vehicles, large power equipment of large power toola, unlicenaad off-road motor vahiclea or any itama which may unreaaonably interfere with telaviaion or radio recaption of any OWner shall be located, uaad or placed on any Lot, or expoaad to the view of other ownara without the prior written approval of the Board and/or the Community Aaaociation, if required.

a. Parking and Vehicular Reatrictiona

Parking upon the Property ahall be reatrictad to the parking apacea built for auch purpoaea and the drive and garage locatad upon each Lot. No parking on the atreeta or awalaa ia permitted. No ownar ahall keap any vehicle on the Lots which is deemad to ba a nuiaance by the Board. No OWnar ahall conduct rapaira (except in an emergency or except within the garage of the Home with the garage door cloaact) or reatorationa of any motor vehicle, boat, trailer, or other vehicle upon the Lota.

c. Traeh and other Materials

No rubbiah, traah, garbage or other waete material ahall be kept or permitted on the Lots except in aanitary containere located in appropriate areaa, and no odor ahall ba permitted to arise therefrom ao aa to render coconut Bay unsanitary, unsightly, offensive or detrimental to Owners or to any other property in the vicinity thereof or to ita occupanta.

D. No Improper usaa

No improper, offensive, hazardous or unlawful usa shall be made of any Home nor ahall anything be clone thereon tending to causa ambarraaamant, diacomfort, annoyance or nuisance to any paraon uaing any portion of the Property. All valid lawa, zoning ordinancea anct regulation• of all governmental bodiea having jurisdiction thereovar ahall be obaervad. Violation• of lawa, orders, rules, regulation• or requirement& of any governmantal agancy having jurisdiction thereover, relating to any Home ahall be corrected by, anct at the aole axpanae of the Home's OWner.

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1!!. Leaaaa

No portion of a Home (other than an entire Home) may be rented. All leaaea ehall provide that the Asaociation ahall have the right to terminate the leaee upon default by the tenant in obaarving any of the proviaiona of thaaa Recreational Covenants, the Articlea, Bylawa, of applicable rulea and requlationa, or of any other agraamant, document or inatrumant governing the Lot a or Homea. The owner of a laaaed Home ehall be jointly and aevarally liable with hia tenant to the Aaaociation to pay any clailll for injury or damage to property cauaad by the negligence of the tenant. Every laaaa ahall be aubordinatad to any lien filed by the Aaaociation whether before or attar auch laaaa waa entered into.

P. Temporary Buildinga, Etc.

No tanta, trailara, ahacka or other temporary buildinga or atructuraa ahall be constructed or otharwiaa placed upon the Property, except in connection with conatruction, development, leasing or aalea activitiaa permitted by the Modifications COIN!Iittae or New Conatruction COI!Inittae, as applicable, in accordance with the Heater Declaration. No temporary structure may be uaad aa a Home.

G. Garages

No owner may convert into living apace the interior of any garage located within a Home.

H. Anilllala and Pata

Only common domaaticatad houaahold pats may be kept on any Lot or in a Home, not to exceed a total of two (2) par Home but in no avant for the purpoaa of breading or for any commercial purpoaaa whataoavar. Additional raatrictiona regarding animala and pata are set forth in Article XII of the Haater Declaration. No other anilllala, liveatock, raptilaa or poultry of any kind shall be kept, raised, brad or maintained on any portion of the Property. Permitted pata ahall only be kept subject to and in accordance with auch rulaa and regulation• aa shall be promulgated from tillla to tillla by the Board. Under no circumatancaa may a pit bull be permitted on the Property. Any pat muat be carried or kept on a leash when outaide of a Home or fenced-in area. No pat ahall be kept on a leaah when outaida of a Home or in any screened porch or patio, unleaa aomeona ia praaent in the Home. An OWner shall immediately pick up and remove any solid animal w .. ta dapoaitad by hie pat on hi a Lot or the Recreation Property, except for daaignatad pat-walk araaa, if any.

Bach owner who datarminaa to keep a pat thereby agraaa to indemnify the Aaaociation and Declarant and hold them harmlaaa againat any loaa or liability of any kind or character whatsoever arieing from or growing out of hia having any animal on the Property.

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I. Addition• and Alteration•

No Home shall be enlarged by any addition thereto or to any part thereof, and no owner ahall make any improvement, addition, or alteration to the exterior of hie Home, including, without limitation, the painting, ataining, or varniahing of the exterior of the Home, without the prior written approval of the Modification• Committee or New Construction committee aa eat forth in the Maatar Declaration, which approval may be withheld for purely aaathatic reaaona.

J. Increaea in Inaurance Rataa

No owner may engage in any action which may raaaonably be axpactad to raeult in an increase in the rata of any inaurance policy or policiaa covering or with reapect to any portion of the Property not owned by auch Owner.

lt. Traaa

No owner may engage in any activity which will change the elope of a Lot. No additional traea are permitted to ba planted on the Property without the prior written consent of Declarant for aa long aa Declarant owna a Lot, and thereafter without the prior written conaant of the Aaaociation and the Modification• Committee or Naw conatruction Committee aa eat forth in the Maatar Declaration.

L. Certain Righta of Declarant

The proviaiona, raatrictiona, tarma and conditione of thia Article X ahall not apply to Declarant aa an Owner.

ARTICLE XI GENERAL PRQVISIONS

A. Conflict with other Coconut Bay Documents

In the avant of any conflict between the proviaions hereof and the proviaiona of the Articlaa and/or Bylawa and/or rulaa and regulationa promulgated by the Aeaociation, the proviaiona of these Recreational Covananta ahall control. In the evant of any conflict between the proviaiona of thaae Recreational Covenant• and the proviaiona of the supplemental Heater Declaration, the proviaiona of the Supplemental Maatar Declaration ahall control. In the event of any conflict between the proviaiona of thaae Recreational Covenants and the proviaiona of the Maatar Declaration, the proviaiona of the Maatar Declaration ahall control1 provided, however, thaae Recreational Covenant• and the other Coconut Bay Document• may contain proviaiona mora restrictive than contained the Maater Declaration and other Silver Lakae Documenta, in which event the more raetrictiva proviaion ahall control.

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B. Noticee

Any notice or other communication required or permitted to be qiven or delivered hereunder ehall be deemed properly given and delivered upon the mailing thereof by United States mail, poetage prepaid, to• (i) any owner, at the addreee of the pereon whoee name appear• ae the owner on the recorda of the A .. ociation at the tima of euch mailing and, in the abeance of any epecific addreee, at the addraee of the Home owned by euch owner1 and (ii) the Aeeociation, certified mail, return receipt raqueetad, at 1401 Univereity Drive, Suite 200, Coral Springe, Florida 33071, or euch other addreee ae the A .. ociation ehall hereinafter notify Declarant and the ownara of in writing, and (iii) Declarant, certified mail, return receipt requaetad, at 1401 Univereity Drive, Suite 200, coral Springe, Florida 33071, or auch other addreaa or addreaaee ae Declarant ahall hereafter notify the Aaeociation of in writing, any euch notice to the Aaeociation of a change in Declarant'& addreee baing deemed notice to the ownare. Upon request of an owner, the Aeaociation ahall furniah to euch owner the than currant addreee for Declarant aa reflected by the Aeaociation recorda.

c. Enforcement

The covenants and raatrictiona herein contained may be enforced by Declarant (eo lonq aa Declarant holda an equitable or legal interaat in any Lot and/or Home) 1 the A .. ociation, any owner and any Inatitutional Mortgagee holding a mortqaga on any portion of the Property in any judicial proceeding aaeking any remedy recognizable at law or in equity, including damage&, injunction or any other form of relief againat any pereon, firm or entity violating or attempting to violate any covenant, reetriction or provbion hereunder. The failure by any party to enforce any auch covenant, raatriction or provieion herein contained ahall in no evant be deemed a waiver of euch covenant, reatriction or proviaion or of the right of auch party to thereafter enforce auch covenant, reetriction or provision. The prevailing party in any auch litigation ahall be entitled to all costa thereof including, but not limited to, Legal Fees.

D. caption&, Haadinga and Title•

Article and Paragraph captione, headinga and titlee ineartad throughout theaa Recreational Covenant& intended aa a matter of convenience only and in no way ahall auch captiona, heading• or titlee define, limit or in any way affect the aubject matter or any of the terma and proviaiona thereunder or the terme and provisions of these Recreational covenants.

E. context

Whenever the context eo requires or admits, any pronoun ueed herein may be deemed to mean the correeponding maeculine, feminine or neuter form thereof, and the aingular form of any nouns and pronouna herein may be deemed to mean the correaponding plural form thereof and vice veraa.

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F. Severability

In the avant any of the proviaiona of thaaa Recreational covananta ahall be deemed invalid by a court of competent juriadiction, aaid judicial determination ahall in no way affect any of the other proviaiona hereof, which ahall remain in full force and affect, and any proviaiona of theaa Recreational covananta deemed invalid by a court of competent juriadiction by virtue of the term or acope thereof ahall be deemed limited to the maximum term and acope permitted by law. In the avant that any court should hereafter determine that any proviaion of thaaa Recreational covananta ia in violation of the rule of property known aa the •rule againat perpatuitiaa• or any other rule of law because of the duration of a time period, auch proviaion ahall not thereby become invalid, but inatead the duration of auch time period shall be reduced to tha maximum period allowed under auch rule of law, and in tha avant tha determination of tha duration of auch time period raquiraa maaauring livaa, auch maaauring life shall be that of the incorporator of the Aaaociation.

G. Certain Rights of Declarant

Notwithatanding anything to the contrary harain contained, no improvement• conatructad or inetallad by Declarant shall ba aubjact to the approval of the Aeaociation or tha proviaiona and raquiremanta of thaae Recreational Covenants, although it ie the intent of Declarant to create a c~unity with a co!Mion achama of development. Notwithetanding the other proviaiona of thasa Recreational Covenant&, Declarant raaarvaa for itaelf and Declarant and ita nominaaa ahall have the right to enter into and tranaact on the Property any buainaaa nacaaaary to conaummata the aala, leaaa or encumbrance of Homaa or real property including, but not limited to, tha right to maintain modale and a aalaa and/or leasing office, place signa, employ aalea and laaaing peraonnal, uae tha Recreation Property and ahow Homea, and Declarant reaervea the right to make rapaira to the Recreation Property and to carry on conatruction activity for the benefit of the Property. Declarant, and ita nominee• may exercise the foregoing righta without notifying the A .. ociation. Any auch modale, aalaa and/or laaaing office, signa and any other itama pertaining to such aalea or laaaing afforta shall not ba considered a part of the Recreation Property and ahall remain the property of Declarant. Thia Paragraph G may not be auapendad, auperaadad or modified in any manner by any amendment to thaae Recreational covenant• unleaa auch amendment ia conaanted to in writing by Declarant. Thia right of uaa and tranaaction of buaineaa aa eat forth herein and the other rights raaarvad by Declarant in the Coconut Bay Documanta may be aaaignad in writing by Declarant in whole or in part. For the purpoaaa of thia Paragraph G, the term "Declarant" ahall include any "Lander• which baa loaned money to Declarant to acquire or conatruct improvamanta upon the Property, or ita auccaaaora and aaaigna if auch Lander, ita aucceaaora or aaaigna, acquirea title to any portion of the Property aa a reault of the forecloaura of any mortgage encumbering any portion of the Property aacurino; any auch loan to Declarant, or acquiraa title thereto by daed in lieu of foracloaure. The righta and privilege• of Declarant aa aat forth in thia Paragraph G, which are in addition to, and are no way a limit on, any other right& or privileo;aa of Declarant under any of the coconut Bay Documents, ahall terminate upon

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Declarant no longer owning any portion of the Property (and having any equitable or legal intaraat therein) or upon auch earlier data aa Declarant ahall notify the Aaaociation in writing of Declarant • a voluntary election to relinquiah the aforeaaid righta and privilagaa.

In the avant there ia any diaputa aa to whether the uae of the Property or any portion or portiona thereof compliea with the covenanta, raatrictiona, aaaamanta or other proviaiona contained in thaaa Recreational Covananta, auch dieputa ahall be referred to the Board, and a determination rendered by the Board with respect to auch diapute ahall be final and binding on all partiaa concerned therewith. Notwithatanding anything to the contrary herein contained, any uae by Declarant of the Property shall be deemed a uaa which compliea with thaae Recreational covenants and ahall not be subject to a contrary determination by the Board. In the avant that there ia a dispute aa to the usa of the Property or any portion or portions thereof compliaa with the covananta, raatrictiona, aasamanta or other provisions contained in the Kaatar Declaration, auch diaputa ahall be referred to the Kaater Association and the Heater Association ahall control.

I. Amendment and Modification

The process of amending or modifying theaa Recreational covananta ahall be aa followa:

1. Until the Turnover Data, all amandmanta or modification& ahall only be made by Declarant without the requirement of the Aaaociation•a conaent or the conaant of the ownara ao long as auch amendment• or modification• do not impair the common plan of development of Coconut Bay; provided, however, that the Asaociation ahall, forthwith upon requeat of Declarant, join in any such amendmanta or modification& and execute auch inatrumanta to evidence auch joinder and consent as Declarant ahall, from time to time, raqueat.

2. After the Turnover Data, thaaa Recreational Covananta may be amended by: (i) the conaant of the owners owning two-thirds (2/3) of all I.ota; together with (ii) the approval or ratification of a majority of the Board. The aforementionad conaant of the owners owning two-thirda (2/3) of the I.ota may be evidenced by a writing signed by the required number of ownara or by the affirmative vote of the required number of ownara at any regular or apecial meeting of the Aaaociation called and held in accordance with the Bylaws evidenced by a certificate of the secretary or an Aaaiatant Secretary of the Aeaociation.

3. Amandmenta for correction of scrivener•• errore or other nonmaterial changaa may be made by Declarant alone until the Turnover Data and by the Board thereafter and without the need of conaant of the owners.

4. Notwithatanding anything to the contrary herein contained, no amendment to theaa Recreational Covenant• shall be affective which ahall impair or prejudice the righta or prioritiea of Declarant, the Aaaociation or of any Inatitutional Mortgagee under the Coconut Bay Document• without the

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apecific written approval of auch Declarant, Aaaaciatian and/or Inatitutional Mortgagee affected thereby. Furthermore, notwithstanding anything to the contrary herein contained, no amendment to thaae Recreational Covenant• ahall be effective which would prejudice the rights of a than Owner or hia family membara, quaata, invitaea and leaaeee to utilize or enjoy the banefita of the than existing Racraation Property unlau the owner or Ownara ao affected consent to auch amendment in writing or unleaa auch amendmant ia adopted in accordance with the procadurea required for adoption of an amandmant to thaaa Recreational covenant• after the Turnover Data. Finally, notwithatanding anything to the contrary contained herein, no amendment to thaaa Recreational Covenant& ahall be effective which ehall eliminate or modify the proviaiona of Paragraph M of thia Article XI and any auch amendment ahall be da-d to impair and prejudice the righta of Declarant.

5. A true copy of any amendment to theaa Recreational Covenant a ahall ba aent certified mail by the Aaeociation to Declarant and to all Inatitutional Mortgagees holding a mortgage on any portion of the Property requaating notice. The amendment shall become effective upon the recording of a Certificate of Amendment to these Recreational cavenanta setting forth the amendment or modification amongst the Public Recorda of the county.

6. Notwithstanding anything contained herein to the contrary, Declarant may, without the conaent of any Ownera, fila any 11111andmanta which may be required by an Institutional Mortgagee for the purpoae of aatiafying ita Planned Unit Development criteria or euch other criteria ae may be aatabliahad by auch mortgagee's secondary mortgage market purchaaera, including, without limitation, the Federal National Mortgage Auociation and the Federal Home Loan Mortgage corporation1 provided, however, any such Declarant • a filed amendment• muet be in accordance with any applicable rulaa, regulation& and other requirement• promulgated by the United States Department of Houaing and Urban Development.

J, Delegation

The Aaaociation, pursuant to a resolution duly adopted by the Board, ahall have the continuing authority to delegate all or any portion of ita reaponaibilitiaa for maintenance, operation and adminiatration, ae provided herein, to any managing agency or entity selected by the Board from time to time and whether or nat related to Declarant.

:K. Term

Theae Recreational covenant& and the terms, proviaiona, conditiona, cavananta, reatrictians, raearvatiana, ragulationa, burdens and liana contained herein ahall run with and bind the Property, and inure to the benefit of Declarant, the Aaaociatian, Owners, and their reapective legal repraaantativaa, heirs, aucceaaora and aaaigna for a term of fifty (SO) yeara from the data of recording these Recreational Covenant• amongst the Public Recorda of the county, after which time theaa Recreational covenants ahall be automatically ren-d and extended far successive periods of ten (10) years each unleaa at leaat one (1) year prior to the termination of such fifty (50)-yaar term or any auch ten (10)-yaar extenaion there is recorded amongat

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the Public Recorda of the county an inatrumant agreeing to taa:minata thaae Recreational covenant• aigned by owner• owning two-thirda (2/3) of the Lota and Inatitutional Mortgage•• holding firat mortgage• encumbering two-thirda (2/3) of all Leta encumbarad by firat mortgage• held by Inatitutional Mortgagaaa, upon which avant theaa Recreational covenant• ahall be terminated upon the expiration of the fifty (50)-yaar term or the tan (10)-yaar axtanaion during which auch instrument waa recorded.

L. Right• of Mortgagees

1. Right to Notice

'l'ha A .. ociation ahall make available for inapection upon raquaat, during normal buaineaa houra or under reaaonabla circumstancaa, tha coconut Bay Document• and the books, recorda and financial atatamanta of the Aaaociation to ownara and the holders, insurers or guarantor• of any firat mortgagee encumbering any portion of the Property. In addition, evidence of inaurance ahall be issued to each owner and mortgagee holding a mortgage encumbering a Home upon written raqueat to the Aasociation.

2. Righta of Liated Mortgagee

Upon written requeat to the Aaaociation, identifying the nama and addraaa of the holder, inaurar, or guarantor ( auch holder, inaurar or guarantor ia herein referred to as a "Listed Mortgagee• ) of a mortgage encumbering a Lot and the legal deacription of auch Lot the Asaociation ahall provide auch Listed Mortgagee with timely written notice of the following•

(a) Any condemnation, leas or caaualty loas which affacta any material portion of the Recreation Proparty1

(b) Any lapse, cancellation or material modification of any insurance policy or fidelity bond maintained by the Asaociation1

(C) Any propoaed action which would require the conaant of mortgagees holding a mortgage encumbering a Lot1 and J~

(d) Any failure by an owner owning a Lot encumbered by a mortgage held, inaured or guaranteed by such Listed Mortgagee to parfoa:m his obligations under the Coconut Bay Document&, including, but not limited to, any delinquency in the payment of Assessments, or any other charge owed to the Asaociation by aaid owner where such failure or delinquency haa continued for a period of aixty (60) daya.

3. Right of Liated Mortgagee to Receive Pinancial statement

Any Liatad Mortgagee ahall, upon written request made to the Aaaociation, be entitled to financial statement• for the Aaaociation for the prior fiacal year free of charge and the aame ahall be furnished within a raaaonabla time following auch requeat.

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M. Approval of Aaaociation Lawsuit& by ownera

Notwithatanding anything contained herein to the contrary, the Aaaociation ahall be required to obtain the approval of three-fourth& (3/4) of all ownera (at a duly called meeting of the ownera at which a quorum ia preaent) prior to the payment of legal or other feea to peraona or entitiea engaged by the Aaaociation for the purpoae of auing, or making, preparing or inveatigating any lawauit, or commencing any lawauit other than for the following purpo••••

(a) the collection of AeaeasmentBJ

(b) the collection of other chargee which ownera are obligated to pay pursuant to the Coconut Bay Documenta1

(c) the enforcement of the uae and occupancy restriction• contained in the coconut Bay Documents,

(d) in an emergency where waiting to obtain the approval of the owners create& a aubatantial risk of irreparable injury to the Recreation Property or to owner(a) (the imminent expiration of a atatute of limitation• ahall not be deemed an emergency obviating the need for the requiaite vote of threa-fourtha (3/4) of the owner&)J or

(a) filing a compulaory counterclaim.

N. compliance with Provisions

Bvery peraon who owna, occupiea or acquires any right, title, eatate or intereat in or to any Lot except aa elaewhere herein provided doea and ahall be concluaively deemed to have conaented to and agreed to every limitation, reatriction, easement, reaervation, condition and covenant contained herein, whether or not any reference to theae reatrictions ia contained in the inatrumant by which auch person acquired an intereat in auch J~

property. • N N

o. security

The Aaaociation may, but ahall not be obligated to, maintain or aupport certain activitiea within the Property designed to make the Property aafer than they otherwise might be. Declarant shall not in any way or manner be held liable or reaponaible for any violation of theae Recreational covenant• by any penon other than Declarant. Additionally, NBITHBR DECLARANT 1 NOR THB ASSOCIATION MAKB ANY RBPRBSBNTATIONS WHATSOBVBR AS TO TIIB SBCURITY OF TIIB PRBMISBS OR THB BFFBCTIVBNBSS OF ANY MONITORING SYSTBM OR SBCURITY SBRVICE. ALL MBMBBRS AGRBB TO HOLD DECLARANT AND THB ASSOCIATION HARMLESS FROM ANY LOSS OR CLAIM ARISING FROM THB OCCURRBNCB OF ANY CRIMI OR OTHBR ACT. NBITHBR THB ASSOCIATION, DECLARANT, NOR ANY SUCCESSOR DECLARANT SHALL IN ANY WAY BB CONSIDBRBD INSURBRS OR GUARANTORS OF SECURITY WITHIN TIIB PROPBRTY. NEITHBR TIIB ASSOCIATION 1 DECLARANT 1 NOR ANY SUCCESSOR DECLARANT SHALL BB HBLD LIABLB FOR ANY LOSS OR DAMAGE BY RBASON OR FAILURB TO PROVIDE ADBQUATB SBCURITY OR INEFFBCTIVBNESS OF SECURITY MBASURBS UNDERTAKEN, IF ANY.

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ALL MEMBERS, OWNERS AND OCCUPANTS OF ANY LOT OR HOME, TENANTS, GUESTS AND INVITEES OF ANY OWNER, ACKNOWLEDGE THAT THE ASSOCIATION AND ITS BOARD, DECLARANT, OR ANY SUCCESSOR DECLARANT DO NOT REPRESENT OR WARRANT THAT ANY FIRE PROTECTION SYSTEM, BURGLAR ALARM SYSTEM OR OTHER SECURITY SYSTEM, IF ANY, DESIGNATED BY OR INSTALLED ACCORDING TO GUIDELINES ESTABLISHED BY DECLARANT, OR THE COMMITTEES OF THE COMMUNITY ASSOCIATION HAY NOT BE COMPROMISED OR CIRCUMVENTED, THAT ANY FIRE PROTECTION OR BURGLAR ALARM SYSTEMS OR OTHER SECURITY SYSTEMS OR OTHER SECURITY SYS'l'BMS WILL IN ALL CASES PROVIDE THE DE'l'BCTION OR PROTECTION FOR WHICH THE SYSTEM IS DESIGNED OR INTENDED. BACH MEMBER, OWNER AND OCCUPANT OF ANY LOT OR HOME, AND BACH TENANT, GUEST AND INVITEE OF AN OWNER, ACKNOIII.EDGES AND UNDERSTANDS THAT THE ASSOCIATION, ITS BOARD AND TilE COMMITTEES OF THE COMMUNITY ASSOCIATION, DECLARANT, OR ANY SUCCESSOR DECLARANT ARE NOT INSURERS AND THAT EACH MEMBER, OWNER AND OCCUPANT OF ANY LOT OR HOME, AND EACH TENANT, GUEST AND INVITEE OF ANY MEMBER OR OWNER ASSUMES ALL RISKS FOR LOSS OR DAMAGE TO PERSONS, TO LOTS OR HOMES, AND TO THE CON'l'BNTS OF LOTS OR HOMES AND FURTHER ACKNOIII.EDGES THAT THE ASSOCIATION, ITS BOARD AND THE COMMITTEES OF THE COMMUNITr ASSOCIATION, DECLARANT, OR ANY SUCCESSOR DECLARANT HAVE MADE NO REPRESENTATIONS OR WARRANTIES NOR HAS ANY OWNER, MEMBER, OCCUPANT, TENANT, GUEST OR INVITEE RELIED UPON ANY REPRESENTATIONS OR WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING ANY WARRANT! OR MERCHANTABILITr OR FITNESS FOR ANY PARTICULAR PURPOSE, RELATIVE TO ANY FIRE AND/OR BURGLAR ALARM SYSTEMS OR OTHER SECURITY SYSTEMS RECOMMENDED OR INSTALLED, IF ANY, OR ANY SECURITY MEASURES UNDERTAKEN WITHIN THE PROPERTr. J.&!

IN WITNESS WIIBREOF, theae Recreational Covenants haa been signed by Declarant and joined in by the Aasociation on the respective datea aet forth below.

Signed, aealed and delivered in the preaence of:

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DECLARANT:

G.L. HOMES OF SILVER LAKES XV CORPORATION, a Florida corporation

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,jpom- Y'Qoi1 J, ... ~ (Witnaaaea a• to coconut Bay Recreation cciation, Inc.) . ::s~a.-- \t..::I~ ... ~

STATE OF FLORIDA ) ) SSI

COUNTY OF BROWARD )

COCONUT BAY RECREATION ASSOCIATION, INC.

I HEREBY CERTIFY that on thia day, before me, an officer duly authorized in the state aforeaaid and in the County aforeaaid to ~~d~nta, the f<r~oingMin.lJ(rumenk waa acknowled~ before me by • cy.ltf> and Attl 1 Ot'W4) , the llr'>,e fd.tt~t and , reapactively of G.L. HOMES OF SILVER LAKES XV CORPORATION, a Florida corporation, freely and voluntarily under authority duly vested in them by aaid corporation, an~hj! ~·e:;t:Qtffixed thereto ia the true corporate aeal of aaid corporation.of('rst6 4 "0 ia aonally kn~:~ me on.;ho dta• produced aa antification. , aJM. !!>JUs rJi:onally kn~to me or who haa produced aa i • t1licatidh.

My commiaaion Bxpirea1

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laat aforeaaid

State of Florida

Typed, Printed or Stamped Nama of Notary Public

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STATE OF FLORIDA I I SSI

COUN'l'Y OF BROIIARD I

I HERE&! CIRTIFr that on thie day, before me, an officer duly authorized in the State aforeaaid and in the county aforeaaid to ?-aka ackn~~ta, the fg(~;oip; i~~~nt waa acknowledged before ma by ~H~aL~~G~l~ee~w~~~~~~~ and 'J:<iCY'tl'fl a.~'!£@ , the Preaident and Secratarv, reapectively, of COCOIIU'r BA! RECREATION ASSOCIATION, INC., a riorida corporation, not for profit, freely and voluntarily under authority duly veated in them by aaid corporation, and that the ~ affixed thereto ia the trua corporate aeal of a aid corporation. /:lalft e !&E!a11l ia pereonally known t,l\.~etJ !r.0fhR haa produced aa identification. Kl.!::mL~!J~UO ia peraonally known to me or who haa produced aa identification.

II!~SS my han~nd official aeal~in the County and State laet thie 121!) day of n e. , 199+.

aforeaaid

Ky commiaaion Expire••

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~~./114~ Notary Public State of Florida at Large

Typed, Printed or Stamped Name of Notary Public

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IXBIBit A

Ltqal P••erLptiop of PCQpe£ty

All of Lota Tl through Tl31 and Parcel RA•l of Silver LBkee Phaaa III accordin; to the Plat thereof, •• recorded in Plat Book 156, Pa;a 21, of the Public Recorda of Browud County, Florida.

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IXHIBXT B

Legal P••cripti,on oC Btgreat;ipn Prgptrt;y

Parcel RA-1 of Silver Lakaa Phaaa III according to the Plat thereof, aa recordad in Plat Book 156, Pa;a 21, of the Public Recorda of Broward County, rlorida.

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RCV BY•Xerox Ttlecopier 7020 : 7- 1-94 3:12PM ~RUDEN, BARNETT 1BFL#3:# 2

lrpurtmrnt nf &tatr

I certify the attached is a true and correct copy of the Articles of Incorporation of COCONUT BAY RECREATION ASSOCIATION, INC., a Florida corporation, filed on July 1, 1994, as shown by the records of this office.

I further certify the document was electronically received under FAX audit number H94000006121. This certificate is issued in accordance with section 15.16, Florida Statutes, and authenticated by the code noted below.

The document number of this corporation is N94000003284.

Given under my hand and the Great Seal of the State of Florida, at Tallahassee, the Capital, this the First day of July, 1994

Authentication Code: 794A00031021-070194-N94000003284-1/1

COPY

. '. ' 894000006121

ARTICLES OF INCORPORATION OF

r.OCONUT BA~ RECREATION ASSOCIATION. INC. (A Florida Corporation Not For Profit)

In order to form a corporation not for profit under and in accordance with the provisions of Chapter 617 of the Florida Statutes, the undersigned hereby incorporates the corporation not for profit for the purposes and with the powers hereinafter set forth and. to that end, the undersigned, by these Articles of Incorporation, certifies as follows:

The following words Incorporation (unless the the following meanings:

ARTICLE I DEFINITIONS

and phrases when used in these Articles oC context clearly reelects another meaning) shall have

1. "Articles" mean these Articles oC Incorporation and any amendments hereto.

2. "Association" means Coconut Bay Recreation Association. Inc.. a Florida corporation not for proCit.

3. "Board" means the Board of Directors of the Association.

4. "Bylaws" mean the Bylaws of the Association and any amendments thereto.

5. "Coconut Bay" means the planned residential community planned for development upon the "Property" (as defined in the Recreational Covenants) committed to land use under the "Master Declaration" (as deCined in the Recreational Covenants) and the Recreational Covenants which is intended to be comprised of, including, but not limited to. one hundred thirty-one ( 131) single family Lots and the Recreation Property located within the Property.

6. "Coconut Bay Documents.. mean in the aggregate the Recreational Covenants, these Articles, the Bylaws and all of the instruments and documents referred to or incorporated therein including, but not limited to, amendments to any of the Coregoing, as applicable.

7. "County" means Broward County, Florida.

8. "Declarant" means G.L. Homes of Silver Lakes XV Corporation, a Florida corporation, and any successor or assign thereof, which acquires any Lot from Declarant for the purpose oC development and to which G. L. Homes of Silver Lakes XV Corporation, speciCically assigns all or part of the rights of Declarant hereunder by an express written assignment recorded in the Public Records of the County. The written election shall give notice as to which rights of Decl8l'ant are to be exercised. In any event, any subsequent

894000006121

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1

Prepared by: Marll F. Grant, Esq., FL Bar 1218881 RUden Barnett, Et al., P.o. Box 11100 Fort Lauderdale, Florida 33301

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li9400o0os121

declarant shall not be liable for any default or obligations incurred by any prior Declarant, except as may be expressly assumed by the subsequent declarant.

9. "Director .. means a member of the Board.

10. "Home" mean a residential dwelling unit in Coconut Bay intended as an abode for one family constructed on the Property.

11. "Lot" means a portion of the Property as shown on the Plat, upon which a Home is permitted to be erected.

12. "Member" means a m11mber of the Association,

13. "Operating Expenser." mean the expenses for which Owners are liable to the Association as described in the Coconut Bay Documents and includes, but is not limited to, the costs and expenses incurred by the Association in administering, operating, rt!constructing, maintaining, repairing and replacing the Recreation Property as more particularly described the Recreational Covenants.

14. "Owner" means the owner(s) of the fee simple title to a Lot and includes Declarant for so long as it is the owner of the fee simple title to a Lot.

15. "Plat" means the plat of Silver Lakes Phase III recorded or to be recorded amongst the Public Records of the County.

16. "Recreational Covenants" means the Declaration of Recreational Covenants, Restrictions and Easements for Coconut Bay, which is intended to be recorded amongst the Public Records of the County, and any amendments thereto.

17. "Recreation Property" means the property more particularly described in Article II of the Recreational Covenants.

ARTICLE II NAME

The name of this corporation shall be COCONUT BAY RECREATION ASSOCIATION, INC., a Florida corporation not for profit, whose principal address and mailing address is 1401 University Drive, Suite 200, Coral Springs, Florida 33071-6039.

ARTICLE III PURPOSES

The purpose for which this Association is organized is to take title to, operate, administer, manage, lease and maintain the Recreation Property in accordance with the terms of. and purposes set forth in the Coconut Bay Documents and to carry out the covenants and enforce the provisions of the Coconut Bay Documents.

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ARTICLE IV POWERS

The Association shall have the following powers and shall be governed by the following provisions:

A. The Association shall have all of the common law and statutory powers of a corporation not for profit.

B. The Association Recreational incorporated

Association shall have all of the powers to be granted to in the Coconut Bay Documents. All of the provisions of Covenants and Bylaws which grants powers to the Association into the Articles.

the the are

C. The Association shall have all of the powers reasonably necessary to implement the purposes of the Association. including, but not limited to. the Co !lowing:

l. To perform any act required or contemplated by it under the Coconut Bay Documents.

2. To make. establish. amend and enforce reasonable rules and regulations governing the use of the Recreation Property.

3. To make. levy and collect assessments for the purpose of obtaining funds from its Members to pay Operating Expenses and costs of collection. including the operational expenses of the Association and to use and expend the proceeds of assessments in the exercise of the powers and duties of the Association.

4. To maintain. repair, replace and operate the Recreation Property in accordance with the Coconut Bay Documents.

5. To enforce by legal means the obligations of the Members and the provisions of the Coconut Bay Documents.

6. To employ personnel. retain independent contractors and professional personnel and enter into service contracts to provide for the maintenance, operation, administration and management of the Recreation Property and to enter into any other agreements consistent with the purposes of the Association. including. but not limited to. agreements with respect to professional management of the Recreation Property and to delegate to such professional management certain powers and duties of the Association.

7. To enter into the Recreational Covenants and any amendments thereto and instruments referred to therein.

8. To provide, to the extent deemed necessary by the Board. any and all services and do any and all things which are incidental to or in furtherance of things listed above or to carry out the Association mandate to keep and maintain Coconut Bay in a proper and aesthetically pleasing

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vote of the Owners o;: a Lot owned by more than one natural person or by a corporation or other legal entity shall be cast by the person named in a certificate signed by all of the OWners of the Lot, or, if appropriate, by properly designated officers, partners or principals of the respective legal entity, and filed with the Secretary of the Association, and such certificate shall be valid until revoked by a subsequent certificate. If such a certificate is not filed with the Secretary of the Association, the vote of such Lot shall not be considered for a quorum or for any other purpose.

Notwithstanding the foregoing provisions, whenever any Lot is owned by a husband and wife they may, but shall not be required to, designate a voting member. In the event a certificate designating a voting member is not filed by the husband and wife, the following provisions shall govern their right to vote:

1. Where both are present at a meeting, each shall be regarded as the agent and proxy of the other Cor purposes of casting the vote for each Lot owned by them. In the event they are unable to concur in their decision upon any subject requiring a vote, they shall lose their right to vote on that subject at that meeting.

2. Where only one ( 1) spouse is present at a meeting, the person present may cast the Lot vote without establishing the concurrence of the other spouse, absent any prior written notice to the contrary by the other spouse. In the event of prior written notice to the contrary to the Association by the other spouse, the vote of said Lot shall not be considered.

3. Where neither spouse is present, the person designated in a .. Proxy.. (as defined in the Bylaws) signed by either spouse may cast the Lot vote, absent any prior written notice to the contrary to the Association by the other spouse or the designation of a different Proxy by the other spouse. In the event of prior written notice to the contrary to the Association or the designation of a different Proxy by the other spouse, the vote uf said Lot shall not be considered.

I. A quorum shall consist of persons entitled to cast at least one-third (1/3) of the total number of votes of the Members.

ARTICLE VI

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The term for which this Association is to exist shall be perpetual. In ':c": the event of dissolution of the Association (unless same is reinstated), other than incident to a merger or consolidation, all of the assets of the Association shall be conveyed to a similar homeowners' association or a public agency having a similar purpose, or any Member may petition the appropriate circuit court of the State of Florida for the appointment of a receiver to manage the affairs of the dissolved Association and its properties in the place and stead of the dissolved Association and to make such provisions as may be necessary for the continued management of the affairs of the dissolved Association and its properties.

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Declarant as to Lots owned by Declarant, shall be Members and exercise all of the rights and privileges of Members.

C. Membership in the Association for Owners other than Declarant shall be established by the acquisition of ownership of fee title to a Lot as evidenced by the recording of an instrument of conveyance amongst the Public Records of the County. Where title to a Lot is acquired by conveyance from a party other than Declarant by means of sale, gift, inheritance, devise, judicial decree or otherwise, the person, persons or entity thereby acquiring such Lot shall not be a Member unless or until such OWner shall deliver a true copy of a deed or other instrument of acquisition of title to the Association.

D. The Association shall have two (2) classes of voting membership:

1. "Class A Members" shall be all Members, with the exception of Declarant, and shall be entitled to one (1) vote for each Lot owned.

2. "Class B Members" shall be Declarant who shall be entitled to two times the total number of votes of the Class A Members plus one. Class B membership shall cease and be converted to Class A membership upon the earliest to occur of the following events ("Turnover Date"):

( i)

percent ( 75'1.) of the hereof) by Declarant conveyance of such Lots

( ii) to the Association.

Three (3) months after the conveyance of seventy-five "Total Developed Lots" (as defined in Paragraph x.c

as evidenced by the recording of instruments of amongst the Public Records of the County; or

At such time as Declarant shall designate in writing

On the Turnover Date, Class A Members including Declarant shall assume control of the Association and elect the Board.

E. The designation of different classes of membership are for purposes of establishing the number of votes applicable to certain Lots. and, nothing herein shall be deemed to require voting solely by an individual class on dny matter which requires the vote of Members, unless otherwise specifically set forth in Coconut Bay Documents.

F. No Member may assign, hypothecate or transfer in any manner his membership in the Association except as an appurtenance to his Lot.

G. Any Member who r.onveys or loses title to a Lot by sale, gift, devise, bequest, judicial decree or otherwise shall, immediately upon such conveyance or loss of title, no longer be a Member with respect to such Lot and shall lose all rights and privileges of a Member resulting from ownership of such Lot.

H. There shall be only one ( 1) vote for each Lot, except for Class B Members as set forth herein. If there is more than one Member with respect to a Lot as a result of the fee interest in such Lot being held by more than one person, such Members collectively shall be entitled to only one (1) vote. The

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Ruden Barnett, Etal., P. o. Box 1800 Fort Lauderdale, Florida 33301

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condition and to provide the Owners with services, amenities, controls and enforcement which will enhance the quality of life at Coconut Bay.

9. To elect as the "Voting Member" the President of the Association as set forth in the Master Declaration. The Vice President of the Association shall be the Alternate Voting Member. The Voting Member shall cast the votes for all Owners in the "Community Association" (as defined in the Recreational Covenants). The Voting Member may cast all such votes as he, in his sole discretion, deems appropriate.

10. Notwithstanding anything contained herein to the contrary, the Association shall be required to obtain the approval of three-fourths (3/4) of all Members (at a duly called meeting of the Members at which a quorum is present) prior to the payment of legal or other fees to persons or entities engaged by the Association for the purpose of suing, or making, preparing or investigating any lawsuit, or commencing any lawsuit other than for the following purposes:

(a) the collection of assessments;

(b) the collection of other charges which Owners are obligated to pay pursuant to the Coconut Bay Documents;

(c) the enforcement of any applicable use and occupancy restrictions contained in the Coconut Bay Documents;

(d) in an emergency where waiting to obtain the approval of the Members creates a substantial risk of irreparable injury to the Recreation Property or to Member(s) (the immenent expiration of statute of limitations shall not be deemed an emergency obviating the need for the requisite vote of three-fourths (3/4) of the Members); or

(e) filing a compulsory counterclaim.

ARTICLE V MEMBERS AND VOTING

The qualification of Members of the Association, the manner of their admission to membership, the manner of the termination of such membership and the manner of voting by Members shall be as follows:

A. Until such time as the first deed of conveyance of a Lot from Declarant to an Owner is recorded amongst the Public Records of the County ("First Conveyance"). the membership or the Association shall be comprised solely or the incorporator of these Articles ("Incorporator"), The Incorporator shall be entitled to cast one (1) vote on all matters requiring a vote of the membership.

B. Upon the First Conveyance, membership of the Incorporator in the Association shall be automatically terminated and thereupon Declarant shall be a Member as to each of the remaining Lots until each such Lot is conveyed to another Owner, and thereupon and therearter each and every Owner, including

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ARTICLE VII INCORPORATOR

The name and address of the Incorporator of these Articles are:

Marcie DePlaza 1401 University Drive, Suite 200

Coral Springs, Florida 33071

ARTICLE VIII OFFICERS

The affairs of the Association shall be managed by the President of the Association, assisted by the Vice President(s), Secretary and Treasurer, and, if any, by the Assistant Secretary(ies) and Assistant Treasurer(s), subject to the directions of the Board.

The Board shall elect the President, Secretary and Treasurer, and as many Vice Presidents, Assistant Secretaries and Assistant Treasurers as the Board shall, fro1n time to time, determine. The President shall be elected from amongst the membership of the Board, but no other officer need be a Director. The same person may hold two offices, the duties of which are not incompatible: provided, however, the office of President and a Vice President shall not be held by the same person, nor shall the office of President and Secretary or Assistant Secretary be held by the same person.

ARTICLE IX FIRST OFFICERS

The names of the officers who are to serve until the first election of officers by the Board are as follows:

President

Vice President

Secretary/Treasurer

Marcie DeP1aza

Alan Fant

Richard Costello

ARTICLE X BOARD OF DIRECTORS

A. The number of Directors on the first Board of Directors of the Association ("First Board") and the "Initial Elected Board" (as hereinafter defined) shall be three (3). The number of Directors elected by the Members subsequent to the "Declarant's Resignation Event" (as hereinafter defined) shall be not less than three ( 3) nor more than five ( 5 l. as the Board shall from time to time determine prior to each meeting at which Directors are to be elected. Except for Declarant-appointed Directors, Directors must be Members or the parents, children or spouse of Members. There shall be any one ( 1) vote for each Director.

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B. The names and addresses of the persons who are to serve as Directors on the First Board are as follows:

~ ADDRESSES

Marcie DePlaza 1401 University Drive, Suite 200 Coral Springs, Florida 33071

Alan Fant 1401 University Drive, Suite 200 Coral Springs, Florida 33071

Richard Costello 1401 University Drive, Suite 200 Coral Springs, Florida 33071

Declarant reserves the right to replace and/or designate and elect successor Directors to serve on the First Board for so long as the First Board is to serve, as hereinafter provided.

c. Declarant intends that Coconut Bay, when ultimately developed, shall contain an aggregate of one hundred thirty-one (131) Lots with a Home erected upon each Lot ("Developed Lot"), For purposes hereof, the term "Total Developed Lots" shall mean the one hundred thirty-one (131) Developed Lots which Declarant intends to develop in Coconut Bay.

D. Upon the Turnover Date, the Members other than Declarant ("Purchaser Members") shall be entitled to elect not less than a majority of the Board. The election of not less than a majority of the Board by the Purchaser Members shall occur at a special meeting of the membership to be called by the Board for such purpose ("Initial Election Meeting"). The First Board shall serve until the Initial Election Meeting.

E. At the Initial Election Meeting, Purchaser Members shall elect two (2) of the Directors, and Declarant, until the Declarant's Resignation Event, shall be entitled to designate one (l) Director (same constituting the "Initial Elected Board"). Declarant reserves and shall have the right, until the Declarant's Resignation Event, to name the successor, if any, to any Director it has so designated.

F. The Board shall continue to be so designated and elected, as described in Paragraph E above, at each subsequent "Annual Members • Meeting" (as defined in the Bylaws), until the Annual Members • Meeting following the Declarant's Resignation Event or until he is removed in the manner hereinafter provided.

A Director (other than a Declarant-appointed Director) may be removed from office upon the affirmative vote of a majority of Owners, for any reason deemed to be in the best interests of the Owners. A meeting of the Owners to so remove a Director (other than a Declarant-appointed Director) shall be held upon the written request of ten percent (10~) of the Owners.

G. The Initial Election Meeting shall be called by the Association, through the Board, within sixty (60) days after the Purchaser Members are

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•894000006121 entitled to elect a majority of Directors as provided in Paragraph D hereof, A notice of meeting shall be forwarded to all Members in accordance with the Bylaws; provided, however, that the Members shall be given at least fourteen ( 14) days' notice of such meeting. The notice shall also specify the number of Directors which shall be elected by the Purchaser Members and the remaining number of Directors designated by Declarant.

H. Upon the earlier to occur of the following events ("Declarant's Resignation Event"). Declarant shall cause all of its designated Directors to resiqn:

1. When Declarant no longer holds any Lot for sale in the ordinary course of business and all Lots sold by Declarant have been conveyed as evidenced by the recording of instruments of conveyance of such Lots amongst the Public Records of the County; or

2. When Declarant causes the voluntary resignation of dl of the Directors designated by Declarant and does not designate replacement Directo~s.

Upon Declarant's Resignation Event, the Directors elected by Purchaser Members shall elect a successor Director to fill the vacancy caused by the resignation or removal of Declarant's designated Director. This successor Director shall serve until the next Annual Members' Meeting and until his successor is elected and qualified. In the event Declarant's Resignation Event occurs prior to the Initial Election Meeting, the Initial Election Meeting shall be called in the manner set forth in Paragraph G of this Article X, and all of the Directors shall be elected by the Purchaser Members at such meeting.

I. At each Annual Members' Meeting held subsequent to Declarant's Resignation Event, all of the Directors shall be elected by the Members. At the first Annual Members Meeting held after the Initial Election Meeting, a "staggered" term of office of the Board shall be created as follows:

l. a number equal to fifty percent ( 50'1.) of the total number of Directors rounded to the nearest whole number is the number of Directors whose term of office shall be established at two (2) years and the Directors serving for a two (2) year term will be the Directors receiving the most votes at the meeting; and

2. the remaining Directors' terms of office shall be established at one ( 1) year.

At each Annual Members Meeting thereafter, as many Directors of the Association shall be elected as there are Directors whose regular term of office expires at such time, and the term of office of the Directors so elected shall be for two !2) years expiring when their successors are duly elected and qualified,

J, The resignation of a Director who has been designated by Declarant or the resignation of an officer of the Association who has been elected by the First Board shall remise, release, acquit, satisfy and forever discharge such

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Ruden Bamett, Et al., P. 0. Box 18QO Fort Lauderdale, Florida 33301

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officer or Director of and from any and all manner of action(s), i:ause(s) of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, executions, claims and demands whatsoever, in law or in equity, which the Association or Purchaser Members had, now have or will have or which any personal representative, successor, heir or assign of the Association or Purchaser Members hereafter can, shall or may have ac;rainst said officer or Director for, upon or by reason of any matter, cause or thinc;r whatsoever from the bec;rinning of the world to the day of such resic;rnation, except for such Director's or officer's willful misconduct or c;rross nec;rlic;rence.

ARTICLE XI 1NDEMNIFICATION

Each and every Director and officer of the Association shall be indemnified by the Association against all costs, expenses and liabilities, including attorney and paralegal fees at all trial and appellate levels and postjudgment proceedings, reasonably incurred by or imposed upon him in connection with any negotiations, proceeding, arbitration. litigation or settlement in which he becomes involved by reason of his being or having been a Director or officer of the Association, and the foregoing provision for

· indemnification shall apply whether or not such person is a Director or officer at the time such cost, expense or liability is incurred. Notwithstanding the above, in the event of any such settlement, the indemnification provisions provided in this Article XI shall not be automatic and shall apply only when the Board approves such settlement and reimbursement for the costs and expenses of such settlement as in the best interest of the Association, and in the event a Director or officer admits or is adjudged guilty of willful misfeasance or malfeasance in the performance of his duties, the indemnification prov1s1ons of this Article XI shall not apply. The foregoing right of indemnification provided in this Article XI shall be in addition to and not exclusive of any and all right of indemnification to which a Director or officer of the Association may be entitled under statute or common law.

ARTICLE XII BYLAWS

The Bylaws shall be adopted by the First Board, and thereafter may be altered, amended or rescinded in the manner provided for in the Bylaws. In the event of any conflict between the provisions of these Articles and the provisions of the Bylaws, the provisions of these Articles shall control.

ARTICLE XI II AMENDMENTS

A, Prior to the conveyance by Declarant of a Lot to an Owner, these Articles may be amended only by an instrument in writing signed by the incorporator or these Articles and filed in the Office of the Secretary of State of the State of Florida.

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B. After the conveyance by Declarant of a Lot to an Owner and until the Turnover Date, these Articles may be amended in the following manner:

1. (a) The Board shall adopt a resolution setting forth the proposed amendment and directing that it be submitted to a vote at a meeting of the Members, which may be at either the Annual Members' Meeting or a special meeting. Any number of proposed amendments may be submitted to the Members and voted upon by them at one meeting.

(b) Written notice setting forth the proposed amendment or a summary of the changes to be effected thereby shall be given to each Member within the time and in the manner provided in the Bylaws for the giving of notice of meetings ("Required Notice").

(c) At such meeting, a vote of the Members shall be taken on the proposed amendment( s l. The proposed amendment( s) shall be adopted upon receiving the affirmative vote of the Members entitled to cast a majority of the votes of the Members.

2. An amendment may be adopted by a written statement (in lieu of a meeting) signed by all Members and all members of the Board setting forth their intention that an amendment to the Articles be adopted.

C. These Articles may not be amended without the written consent of a majority of the members of the Board.

D. Notwithstanding any provisions of this Article XIII to the contrary, these Articles shall not be amended in any manner which shall prejudice the rights of: (i) Declarant, without the prior written consent thereto by Declarant, for so long as Declarant holds at least one (l) Lot for sale in the ordinary course of business; and ( ii) any "Institutional Mortgagee" (as such term is defined in the Recreational Covenants) without the prior written consent of such Institutional Mortgagee.

E. Notwithstanding the foregoing prov1s1ons of this Article XIII. no amendment to these Articles shall be adopted which shall abridge, amend or alter the rights of Declarant hereunder including, but not limited to, Declarant's right to designate and select members of the First Board or otherwise designate and select Directors as provided in Article X hereof, nor shall any amendment be adopted or become effective without the prior written consent of Declarant.

F. Any instrument amending these Articles shall identify the particular article or articles being amended and shall provide a reasonable method to identify the amendment being made. A certified copy of each of such amendment shall be attached to any certified copy of these Articles, and a copy of each amendment certified by the Secretary of State shall be recorded amongst the Public Records of the County.

Prepared by: Mark F. Grant, Esq., FL Barlll218881 Ruden Barnett, Et al., P.o. Box 11100 Fort Lauderdale, Florida 33301

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894000006121 ARTICLE XIV REGISTERED OFFICE AND REGISTERED AGENT

The street address of the initial registered office of the Association is 1401 University Drive, Suite 200, Coral Springs, Florida 33071 and the initial registered agent of the Association at that addres.s· shall be Alan Fant.

IN WITNESS WHEREOF y the Incorporato~ 1 has hereunto this f day of :.JII~ 19 1'1

affiKed her signature,

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The undersigned hereby accepts the designation of Registered Agent as set forth in Article XIV of these Articles of Incorporation, and acknowledges that he is familiar with, and accepts the obligations imposed upon registered agents under the Florida Not For Profit Corporation Act.

STATE OF FLORIDA

COUNTY OF BROWARD

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Alan Fant / IJ, p

Dated:_6~.h.s....;3::....</..:...9..L..'( ____ __

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The foregoing instrument was acknowledged before me this gt~ day of Sfuoe • l9j±, by MARCIE DEPLAZA. the person described as the Incorporator of these Articles who egecuted the foregoing Articles of Incorporation, who is personally known to me and who has produced · as identification and did (did not) take an oath.

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Printed, Typed or Stamped Notary Name

My Commission EKpires:

Prepared by: Mark F. Grant, Esq., FL Bart218BB1 Ruden Bamett, Et al., P.o. Box 1900 Fort Lauderdale, Florida 33301

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BYLAWS OF

COCONUT BAY RECREATION ASSOCIATION, INC.

Section 1. Identification of Association

These are the Bylaws of ("Association") as duly adopted Association is a corporation Chapter 617, Florida Statutes.

Coconut Bay Recreation Association, by its Board of Directors ("Board"). not for profit, organized pursuant

Inc. The

to

l.l. The office of the Association shall be for 1401 University Drive, Suite 200, Coral Springs, Florida thereafter may be located at any place designated by the Board.

the present at 33071-6039 and

1.2. The fiscal year of the Association shall be the calendar year.

1.3. The seal of the Association shall bear the name of the Association, the word "Florida" and the words "Corporation Not For Profit."

Section 2, Explanation of Terminology

The terms defined in the Articles of Incorporation of the Association ("Articles") as well as in the Declaration of Recreational Covenants, Restrictions and Easements for Coconut Bay ("Recreational Covenants") are incorporated herein by reference and shall appear in initial capital letters each time such terms appear in these Bylaws.

Section 3. Membership; Members• Meetings; Voting and Proxies

3.1. The qualification of Members, the manner of their admission to membership in the Association, the manner of termination of such membership and the voting by Member~ shall be as set forth in the Articles.

3. 2. The Members shall meet annually ("Annual Members' Meeting"). The Annual Members' Meeting shall be held at the office of the Association or at such other place in the County as the Board may determine and on such day and at such time as designated by the Board in the notice of such meeting commencing with the year following the year in which the Articles are filed with the Secretary of State. The purpose of the Annual Members' Meeting shall be to hear reports of the officers, elect members of the Board (when that shall be appropriate as determined by the provisions of tne A• ticles) and transact any other business authorized to be transacted at such Annual Members' Meeting.

3.3. Special meetings (meetings other than the Annual Members' Meeting) of the Members shall be held at any place within the County whenever called by the President or Vice President or by a majority of the Board. A special meeting must be called by such President or \/ice President upon receipt of a written request from Members having the right to vote at least one-third (l/3) of the total number of votes entitled to be cast by Members at any such special meeting.

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3.4. Except as otherwise provided in the Articles, a written notice of all Members' meetings, whether the Annual Members' Meeting or special meetings (collectively "Meeting"), shall be given to each Member entitled to vote thereat at his last known address as it appears on the books of the Association and shall be mailed to the said address not less than fourteen (l4) days nor more than forty-five (45) days prior to the date of the Meeting. Proof of such mailing shall be given by the affidavit of the person giving the notice. Any notice given hereunder shall state the time and place of the Meeting and the purposes for which the Meeting is called. The notice of all Annual Members' Meetings shall, in addition, specify the number of Directors of the Association to be designated by Declarant and the number of Directors to be elected by the Members, if applicable. Notwithstanding any provisions hereof to the contrary, notice of any Meeting may be waived before, during or after such Meeting by a Member or by the person entitled to vote for such Member by signing a document setting forth the waiver of such notice.

3.5. The Members may, at the discretion of the Board. act by written response in lieu of a Meeting provided written notice of the matter or matters to be agreed upon is given to the Members or duly waived in accordance with the provisions of these Bylaws. Unless some greater number is required under the Coconut Bay Documents and except as to the election of Directors, which shall be accomplished by plurality vote, the decision of a majority of the votes cast by Members as to the matter or matters to be agreed or voted upon shall be binding on the Members provided a quorum is either present at such Meeting or submits a response if action is taken by written response in lieu of a Meeting, as the case may be. The notice with respect to actions to be taken by written response in lieu of a Meeting shall set forth the time period during which the written responses must be received by the Association.

3.6. (a) A quorum of the Members shall consist of Members entitled to cast one-third (l/3) of the total number of votes of the Members.

(b) When a quorum is present at any Meeting and a question which raises the jurisdiction of such Meeting is presented, the holders of a majority of the voting rights present in person or represented by written "Proxy" (as hereinafter defined) shall be required to decide the question. However, if the question is one upon which a vote other than the majority vote of a quorum is required by express provision of the Coconut Bay Documents or by law, then such express provision shall govern and control the required vote on the decision of such question.

3.7. At any Annual Members' Meeting when elections of Directors are to occur, written ballots are to be supplied to Members for such purposes, Furthermore, at any Annual Members' Meeting at which Directors are to be elected, the "Chairman" (as hereinafter defined in Paragraph 7, 2 hereof) shall appoint an "Election Committee" consisting of three ( 3) Members to supervise the election, count and verify ballots and Proxies. disqualify votes if such disqualification is justified under the circumstances and to certify the results of the election to the Board. The Election Committee shall be able to determine questions within its jurisdiction by plurality vote of all three (3) members, but matters resulting in deadlocked votes of the Election Committee shall be referred to the entire Board for resolution.

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3.8. If a quorum is not in attendance at a Meeting, the Members who are present. either in person or by Proxy, may adjourn the Meeting from time to time until a quorum is present with no further notice of such adjourned Meeting being required unless otherwise determined by the Board.

3.9. Minutes of all Meetings shall be kept in a businesslike manner and be available for inspection by the Members and Directors at all reasonable times.

3.10. Voting rights of Members shall be as stated in the Articles with respect to the election of all Boards other than the First Board. Such votes may be cast in person or by Proxy. "Proxy" is defined to mean an instrument containing the appointment of a person who is substituted in the place and stead of the person or authorized representative of an entity entitled to vote. Proxies shall be in writing signed by the person or authorized representative of an entity giving the same and shall be valid only for the particular Meeting designated therein and, if so stated in the Proxy, any adjournments thereof. A Proxy must be filed with the Secretary of the Association before the appointed time of the Meeting in order to be valid. Any Proxy may be revoked prior to the time a vote is cast according to such Proxy.

3 .11. The voting on any matter at a Meeting shall be by secret ballot upon request of the holders of ten percent (10-.) of the votes represented at such Meeting and entitled to be cast on such matter. if such request is made prior to the vote in question.

Section 4. Board; Directors' Meetings

4.1. The business and administration of the Association shall be by its Board.

4.2. The shall be conducted appointed Directors, Members.

election and, if applicable, designation of Directors in accordance with the Art.icles. Except for Declarant­Directors must be Members or the parents or children of

4.3. (a) Any person elected or designated as a Direct.or shall have all the rights, privileges, duties and obligations of a Director of the Association.

(b) The term of a Director • s service shall be as st.ated in the Articles and, if not so stated, shall e><tend until the ne2<t Annual Members' Meeting and thereafter until his successor is duly elected and qualified or until he resigns or is removed in the manner elsewhere provided.

4.4. The organizational meeting of a newly elected Board shall be held within ten ( 10) days of their election at such place and time as shall be fixed by the Directors at the meeting at which they were elected. No further notice of the organizational meeting shall be necessary.

4. 5. Regular meet.ings of the Board may be held at such times and places in the County as shall be determined from time to time by a majority of

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Directors. Special meetings of the Board may be called at the discretion of the President or the Vice President. Special meetings must be called by the Secretary at the written request of at least one-third (l/3) of the Directors. Such special meeting may be held in the County at such time and place as determined by the Directors requesting such meeting or in such other place as all Directors shall agree upon.

4.6. Notice of the time and place of regular and special meetings of the Board, or adjournments thereof, shall be given to each Director personally or by mail, telephone or telegraph at least three (3) days prior to the day named for such meeting unless such notice is waived before, during or after such meeting. Any Director may waive notice of the meeting in writing before, during or after a meeting and such waiver shall be deemed equivalent to the receipt of notice by such Director.

4, 7, A quorum of the Board shall consist of the Directors entitled to cast a majority of the votes of the entire Board. Matters approved by a majority of the Directors present at a meeting at which a quorum is present shall constitute the official acts of the Board, except as may be otherwise specifically provided by law. by the Articles or elsewhere herein. If at any meetings o! the Board there shall be less than a quorum present, the majority of those present may adjourn the meeting from time to time until a quorum is present. At any meeting that takes place on account of a previously adjourned meeting. any business which might have been transacted at the meeting as originally called may be transacted, In the case of the adjournment of a meeting. no further notice of the adjourned meeting need be given unless otherwise determined by the Board.

4.8. The presiding officer at all Board meetings shall be the President. In the absence of the President, the Directors shall designate any one of their number to preside.

4.9. Directors' fees, if any. shall be determined by the Members.

4 .lD. Minutes of all meetings of the Board shall be kept in a businesslike manner and be available for inspection by Members and Directors at all reasonable times.

4.11. The Board shall have the power to appoint an "Executive Committee(s)" of the Board consisting of not less than three (3) Directors. An Executive Committee( s l shall have and exercise such powers of the Board as may be delegated to such Executive Committee(&) by the Board.

4.12. Meetings of the Board may be open to all Members on such terms as the Board may determine. The Board may also hold closed meetings to the extent permitted by applicable law.

4.13. Any action required or permitted to be taken at a meeting of the Directors may be taken without a meeting if a consent in writing, specifically setting forth the action to be taken, shall be signed by all the Directors entitled to vote with respect to the subject matter thereof. Such consent shall have the same force and effect as a unanimous vote of Directors.

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Section 5. Powers and Duties of the Board

5.1. All of the powets and duties of the Association shall be exercised by the Board. Such powers and duties of the Board shall include. but not be limited to, all powers and duties set forth in the Coconut Bay Documents, as well as all of the powers and duties of a director of a corporation not for profit.

5.2. The Association may employ a manager to perform any of the duties, powers or functions of the Association. Notwithstanding the foregoing, the Association may not delegate to the manager the power to conclusively determine whether the Association should make expenditures for capital additions or improvements chargeable against the Association fund. The members of the Board shall not be personally liable for any omission or improper exercise by the manager of any duty, power or function delegated to the manager by the Association.

Section 6. Late Fees

An Owner who fails to timely pay any Assessment shall be charged a late charge of Twenty-Five Dollars (S25) by the Association for such late Assessment. Owners shall be responsible to pay all legal fees (including, but not limited to, attorney and paralegal fees and court costs) incurred in connection with the collection of late Assessments whether or not an action at law to collect said Assessment and foreclose the Association· s lien has been commenced. The Board has authorized the following initial schedule of fees for such circumstances:

(a) One Hundred Fifty Dollars ($150) for a Claim of Lien plus recording costs and sending of Notice of Intention to Foreclose;

(b) Fifty Dollars ($50) for any subsequent Claims of Lien plus r'ecordinq costs;

(c) One Hundred Dollars (UOO) for a Satisfaction of Lien plus recordinq costs; and

(d) Any further action would require an hourly computation of attorney and/or paralegal time spent pursuing collection of such unpaid Assessments.

Section 7. Officers of the Association

7 .1. Executive officers of the Association shall be the President, who shall be a Director, one or more Vice Presidents, a Treasurer and a Secretary, all of whom shall be elected annually by the Board. Any officer may be removed without cause from office by vote of the Directors at any meeting of the Board. The Board may, from time to time, elect such other officers and assistant officers and designate their powers and duties as the Board shall find to be required to manage the affairs of the Association. One person may hold any two offices simultaneously, except where the functions of such offices are incompatible, but no person shall hold the office of

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President and any of the following offices simultaneously: Vice President, Secretary or Assistant Secretary.

7. 2. The President shall be the chief executive officer of the Association. He shall have all of the powers and duties which are usually vested in the office of the President of an association or a corporation not for profit, including, but not limited to, the power to appoint such committees from among the Members at such times as he may, in his discretion, determine appropriate to assist in the conduct of the affairs of the Association. If in attendance, the President ("Chairman") shall preside at all meetings of the Board and the Members: provided, however, that the President may appoint a substitute. The President shall be the Voting Member as set forth in the Articles and shall cast the vote for the Owners in the Community Association as he, in his sole discretion, deems appropriate.

7.3. In the absence or disability of the President, a Vice President shall exercise the powers and perform the duties of the President. including being the Alternate Voting Member as provided in the Articles. If more than one (l) Vice President, the Board shall designate which Vice President is to perform which duties. The Vice President(s) shall also generally assist the President and exercise such other powers and perform such other duties as shall be prescribed by the Board. In the event there shall be more than one Vice President elected by the Board, then they shall be designated .. First," "Second," etc., and shall exercise the powers and perform the duties of the presidency in such order.

7. 4. The Secretary shall keep the minutes of all meetings of the Board and the Members, which minutes shall be kept in a businesslike manner and be available for inspection by Members and Directors at all reasonable times. The Secretary shall have custody of the seal of the Association and affix the same to instruments requiring such seal when duly authorized and directed to do so. The Secretary shall be custodian for the corporate records of the Association, except those of the Treasurer, and shall perform all of the duties incident to the office of Secretary of the Association as may be required by the Board or the President. The Assistant Secretary, if any, shall perform the duties of the Secretary when the Secretary is absent and shall assist the Secretary under the supervision of the Secretary.

7. 5. The Treasurer shall have custody of all of the monies of the Association, including funds, securities and evidences of indebtedness. The Treasurer shall keep the assessment rolls and accounts of the Members and shall k<>ep the books of the Association in accordance with good accounting practices and he shall perform all of the duties incident to the office of the Treasurer. The Assistant Treasurer, if any, shall perform the duties of the Treasurer when the Treasurer is absent and shall assist the Treasurer under the supervision of the Treasurer.

7.6. The compensation, if any, of the officers and other employees of the Association shall be Cixed by the Board. This provision shall not preclude the Board from hiring a Director as an employee of the Association or preclude the contracting with a Director or a party affiliated with a Director for the management or performance of contract services for all or any part of Coconut Bay.

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Section 8. Resignations

Any Director or officer may resign his post at any time by written resignation, delivered to the President or Secretary, which shall take effect upon its receipt unless a later date is specified in the resignation, in which event the resignation shall be effective from such date unless withdrawn. The acceptance of a resignation shall not be required to make it effective. The conveyance of all Lots owned by any Director or officer (other than appointees of Declarant or officers and Directors who were not Owners) shall constitute a written resignation of such Director or officer.

Section 9. Accounting Records; Fiscal Management

9 .l. The Association shall use the cash basis method of accounting and shall maintain accounting records in accordance with good accounting practices, which shall be open to inspection by Members .ond Institutional Mortgagees or their respective authorized representatives at reasonable times. Such authorization as a representative of a Member must be in writing and signed by the person giving the authorization and dated within sixty (60) days of the date of the inspection. Such records shall include, but not be limited to: (i) a record of all receipts and expenditures; and (ii) an account for each Contributing Lot within Coconut Bay which shall designate the name and address of the Contributing Lot Owner thereof, the amount of Individual Lot Assessments and all other Assessments, if any, charged to the Contributing Lot, the amounts and due dates for payment of same, the amounts paid upon the account and the balance due.

9. 2. Subsequent to the Guarantee Period or in the absence of any Guaranteed Assessments as described in the Recreational Covenants, the Board shall adopt a Budget (as provided for in the Recreational Covenants) of the anticipated Operating Expenses for each forthcoming calendar year (the fiscal year of the Association being the calendar year) at a special meeting of the Board ("Budget Meeting") called for that purpose to be held during the month of November of the year preceding the year to which the Budget applies, provided that the first Budget Meeting is to be held: (i) within thirty l30) days of the expiration of the Guarantee Period for purposes of adopting a Budget for the remainder of the calendar year during which the Guarantee Period expires; or (ii) prior to the completion of the first Home in the event there is no Guaranteed Assessment. Prior to the Budget Meeting, a proposed Budget for the Operating Expenses shall be prepared by or on behalf of the Board. Within thirty ( 30) days after adoption of the Budget, a copy thereof shall be furnished to each Member, and each Contributing Lot Owner shall be given notice of the Individual Lot Assessment applicable to his Contributing Lot( s). The copy of the Budget shall be deemed furnished and the notice of the Individual Lot Assessment shall be deemed given upon its delivery or upon its being mailed to the Contributing Lot Owner shown on the records a£ the Association at his last known address as shown on the records of the Association.

9. 3. In administering following procedures shall govern: year; (ii) any monies received by

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used by the Association to pay expenses incurred in the same calendar year; (iii) there shall be apportioned between calendar years on a pro rata basis any expenses which are prepaid in any one calendar year for Operating Expenses which cover more than such calendar year: ( iv) Assessments shall be made quarterly in amounts no less than are required to provide funds in advance for payment of all of the anticipated current Operating Expenses and for all unpaid Operating Expenses previously incurred; and (v) items of Operating Expenses incurred in a calendar year shall be charged against income for the same calendar year regardless of when the bill for such expenses is received. Notwithstanding the foregoing. the Assessments for Operating Expenses and any periodic installments thereof shall be of sufficient magnitude to insure an adequacy and availability of cash to meet all budgeted expenses in any calendar year as such expenses are incurred in accordance with the cash basis method of accounting.

9.4. The Individual Lot Assessment shall be payable as provided for in the Recreational Covenants.

9. 5. No Board shall be required to anticipate revenue from Assessments or expend funds to pay for Operating Expenses not budgeted or which shall exceed budgeted items, and no Board is required to engage in deficit spending. Should there exist any deficiency which results from there being greater Operating Expenses than monies from Assessments, then such deficits shall be carried into the next succeeding year•s Budget as a deficiency or shall be the subject of a Special Assessment or an upward adjustment to the Individual Lot Assessment.

9.6. The depository of the Association shall be such bank or banks as shall be designated from time to time by the Board in which the monies of the Association shall be deposited. Withdrawal of monies from such account shall be only by checks signed by such persons as are authorized by the Board.

9. 7. A report of the accounts of the Association shall be made annually by an auditor, accountant or certified public accountant and a copy of the report shall be furnished to each Member no later than the first day of April of the year following the year for which the report is made. The report shall be deemed to be furnished to the Member upon its delivery or mailing to the Member at his last known address shown on the records of the Association.

Section 10. Rules and Regulations

The Board may at any meeting of the Board adopt rules and regulations or amend, modify or rescind then existing rules and regulations for the operation of Coconut Bay; provided, however. that such rules and regulations are not inconsistent with the terms or prov1s1ons or the Coconut Bay Documents. Copies of any rules and regulations promulgated, amended or rescinded shall be mailed or delivered to all Members at the last known address for such Members as shown on the records of the Association at the time of such delivery or mailing and shall not take effect until forty-eight (48) hours after such delivery or mailing. Notwithstanding the foregoing, where rules and regulations are to regulate the use of specific portions of the Recreation Property, same shall be conspicuously posted at such facility and such rules

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and regulations shall be effective immediately upon such posting. Care shall be taken to insure that posted rules and regulations are conspicuously displayed and easily readable and that posted signs or announcements are designed with a view towards protection from weather and the elements. Posted rules and regulations which are torn down or lost shall be promptly replaced.

Section 11. Parliamentary Rules

The then latest edition of Robert • s Rules of Order shall govern the conduct of meetings of all Members and the Board; provided, however, if such rules of order are in conflict with any of the Coconut Bay Documents, Robert's Rules of Order shall yield to the provisions of such instrument.

Section lZ. Roster of Owners

Each Owner shaH file with the Association a copy of the deed or other document showing his ownership. The Association shall maintain such information. The Association may rely on the accuracy of such information for all purposes until notified in writing of changes therein.

Section 13. Amendment of the Bylaws

13 .1. These Bylaws may be amended as hereinafter set forth in this Section 13,

l3.Z. After the Turnover Date, any Bylaw of the Association may be amended or repealed, and any new Bylaw of the Association may be adopted by either:

( i) majority vote of the Members at any Annual Members' Meeting or any special meeting of the Members called for that purpose or by majority action of the Members who have acted by written response in lieu of a Meeting as permitted by these Bylaws; or

(ii) by the affirmative vote of a majority of the Directors then in office at any regular meeting of the Board or at any special meeting of the Board called for t.hat purpose or by written instrument signed by all of the Directors as is permitted by these Bylaws, provided that the Directors shall not have any authority to adopt, amend or repeal any Bylaw if such new Bylaw or such amendment or the repeal of a Bylaw would be inconsistent with any Bylaw previously adopted by the Members.

13. 3. Notwithstanding any of the foregoing provisions of this Section 13 to the contrary, until the Turnover Date, all amendments or modifications to these Bylaws and adoption or repeal of Bylaws shall only be made by action of the First Board as described in the Articles, which First Board shall have the power to amend, modify, adopt and repeal any Bylaws without the requirement of any consent, approval or vote of the Members.

13.4, Notwithstanding the foregoing provisions of this Section 13, there shall be no amendment to these Bylaws which shall abridge, amend or alter the rights of: (i) Declarant, without the prior written consent thereto

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by Declarant for so long as Declarant holds at least one ( 1) Lot for sale in the ordinary course of business: or ( ii) any Institutional Mortgagee without the prior written consent of such Institutional Mortgagee.

13.5. Any instrument amending, modifying, repealing or adding Bylaws shall identify the particular section or sections affected and give the exact language of such modification, amendment or addition or of the provisions repealed. A copy of each such amendment, modification, repeal or addition attested to by the Secretary or Assistant Secretary of the Association shall be recorded amongst the Public Records of the County.

Section 14. Interpretation

In the case of any conflict between the Articles and these Bylaws. the Articles shall control: and in the case of any conflict between the Recreational Covenants and these Bylaws, the Recreational Covenants shall control: and in the event of any conflict between the Articles and the Recreational Covenants. the Recreational Covenants shall control.

COCONUT BAY RECREATION ASSOCIATION, INC.

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