AMENDED AND RESTATED DECLARATION OF CONDOMINIUM RECITALS...1 AMENDMENT, REPLACEMENT AND RESTATEMENT...2 SUBMISSION AND DEDICATION...

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1 AMENDED AND RESTATED DECLARATION OF CONDOMINIUM TABLE OF CONTENTS RECITALS...1 AMENDMENT, REPLACEMENT AND RESTATEMENT...2 SUBMISSION AND DEDICATION...2 ARTICLE I Section 1.01 Definitions...2 Definitions...2 ARTICLE II Names; Designation; Location...4 Section 2.01 Names...4 Section 2.02 Designation...4 Section 2.03 Location...4 ARTICLE III Property...5 Section 3.01 Section 3.02 Property...5 Easements, Licenses, Reservations...6 ARTICLE IV Units; Boundaries...6 Section 4.01 Number of Units; Identification...6 Section 4.02 Boundaries...7 Section 4.03 Limited Common Elements...7 Section 4.04 Use of Units...7 Section 4.05 Separation, Combination of Units...8 ARTICLE V Allocated Interests; Governance; Assessments...8 Section 5.01 Membership...8 Page i

2 Section 5.02 Votes in the Association...8 Section 5.03 Common Expense Liability...9 Section 5.04 Common Element Interest...9 Section 5.05 Governance...10 Section 5.06 Section 5.07 Section 5.08 Assessments; Procedure...11 Permits and Approvals...13 Mis-Use or Non-Compliance...13 ARTICLE VI Common Elements...14 Section 6.01 Designation of Common elements...14 Section 6.02 Rights of Enjoyment in Common Elements...14 Section 6.03 Use...14 ARTICLE VII Section 7.01 Section 7.02 Section 7.03 ARTICLE VIII Section 8.01 Development Rights; Special Declarant Rights...14 Development Rights...14 Special Development Rights...14 Declarant Control...15 Maintenance, Repair and Replacement...15 Generally...15 Section 8.02 Limited Common Elements...15 ARTICLE IX General Restrictions; Reservations...16 Section 9.01 Restrictions on Alienation of Units; Resale...16 Section 9.02 Animals. etc Section 9.03 Vehicles...16 Page ii

3 Section 9.04 Prohibited Acts and practices...17 Section 9.05 Smoking Prohibition...17 ARTICLE X Insurance...17 Section Coverage...17 Section Premiums...19 Section Payment of Deductible Amounts...19 Section Insurance Obtained by Owners...19 ARTICLE XI Amendments; Termination of Condominium...19 Section Section ARTICLE XII Generally...19 Statutory Compliance...20 Miscellaneous Provisions...20 Section Invalidity...20 Section Headings...20 Section Section Notice...20 Successors...20 Section Occupants Bound...21 Section No Waiver...21 Page iii

4 This copy of the Amended and Restated Declaration is annotated by use of footnotes. The footnotes - and the text of the footnotes - are not part of the Amended and Restated Declaration. Their sole purpose is to assist owners in understanding how the Amended and Restated Declaration and the provisions of the Common Interest Ownership Act interrelate. The footnotes set out the drafter=s understanding of the provisions of the Act. AMENDED AND RESTATED DECLARATION OF CONDOMINIUM OF RIVERSIDE CONDOMINIUM The date of this Amended and Restated Declaration of Condominium is, This Amended and Restated Declaration of Condominium amends and replaces the ADeclaration of Condominium of Riverside Condominiums,@ dated October 20, 1986, as it may have been amended and supplemented, and restates, in a single document, the covenants, conditions, easements, charges, assessments, affirmative obligations and liens applicable to the Property (as defined herein). Recitals A. On or about October 20, 1986, David B. Dubrul and Louise L. Dubrul (together, the ADeclarant@) caused to be executed a Declaration (the AOriginal Declaration@), submitting the lands and premises therein described to the provisions of the Vermont Condominium Ownership Act (the AAct@). 1 The Original Declaration is recorded in Volume 201, Page 447- of the Land Records of the City of Montpelier. B. The Original Declaration has been amended and supplemented as follows: Instrument Date Volume/Page First Amendment October 28, /185- Second Amendment November 17, /414 1/4- Third Amendment October 6, /265- Fourth Amendment January 26, /372-1 Section of the Act provides that a declaration created prior to January 1, 1999 may be amended to achieve any result permitted by the Act, regardless of what applicable law provided before the effective date of the Act. It requires that any such amendment must be adopted in conformity with the procedures and requirements specified in the Original Declaration, as amended. Page iv

5 Fifth Amendment December 27, /405- Sixth Amendment February 3, 1994 /192- Seventh Amendment November 5, /203- C. The Original Declaration, as amended to date, provides in Section 3.2 as follows: Upon the occurrence of either alternative as set forth in Section 3.1, the Association shall have the right to amend this Declaration by following the same procedures for amendment of the Bylaws of the Association with the concurrence of 66 2/3% of the owners and lending mortgagees; provided, however, that nothing in this Section shall be construed to limit the ability of Declarant to amend this Declaration upon the inclusion of additional property hereunder. D. The Bylaws provide that the Bylaws may be amended by an instrument in writing signed and acknowledged by the record owners holding 66 2/3 percent to be addressed of the total votes in the Association. Amendment, Replacement and Restatement NOW, THEREFORE, the undersigned, constituting (a) 66 2/3 percent of the Owners and (b) the lending mortgagees agree to replace and amend, and do hereby replace, amend and restate the Original Declaration, as amended, as follows: A. The Owners are the owners of lands and premises in Montpelier, Vermont more particularly described in Article III, together with all easements, rights, appurtenances and improvements. B. The Association and Owners intend by this instrument to submit the Condominium to the provisions of the Act. This instrument also sets forth the covenants, conditions, easements, charges, assessments, affirmative obligations and liens to be applicable to the Property. Submission and Dedication The Property, as described in Section 3.01, together with all easements, rights and appurtenances thereto, is submitted to condominium ownership pursuant to the Act, upon the terms, limitations, restrictions, covenants and conditions as set forth herein; all in furtherance of a common plan to enhance and perfect the value, desirability and enjoyment of the Property and the interests therein to be conveyed or reserved. Section Definitions. ARTICLE I Definitions (a) The following words and terms when used in this Declaration (unless the context Page v