FAIRWAY ISLES HOMEOWNERS ASSOCIATION, INC. AMENDED DECLARATION OF COVENANTS AND RESTRICTIONS

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1 Prepared November 5, 2002 By: Fairway Isles Homeowners Association, Inc SW Fairway Isles St. Lucie West Florida FAIRWAY ISLES HOMEOWNERS ASSOCIATION, INC. AMENDED DECLARATION OF COVENANTS AND RESTRICTIONS The Developer White/Doss Joint Venture Number 2 and the Thomas J. White Development Corporation, the Master Developer and the Renar Development Company have relinquished control of the Fairway Isles Homeowners Association, Inc., and releases of liability have been executed by the Association with the above-named parties and entities. It now becomes necessary to amend the original Declaration of Covenants and Restrictions, as well as the original By-Laws; and, therefore, the Amendments are recorded herein. The legal description of FAIRWAY ISLES is as follows: SECTION 1. LEGAL DESCRIPTION ST. LUCIE WEST PLAT NO. 26, FAIRWAY ISLES, PARCEL 8-BLOCK 15 RECORDED IN PLAT BOOK 28, PAGES 21, 21A THROUGH 21D PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA SECTION 2. PROPERTY OWNERS ASSOCIATION At or about the time of the filing of this Declaration, the Developer has caused or will cause to be formed a property owners association to be known as FAIRWAY ISLES HOMEOWNERS ASSOCIATION, INC. (hereinafter called the Association) a Florida corporation for not-for-profit, by the filing of the Articles of Incorporation thereof in the office of the Secretary of State, Tallahassee, Florida. As more fully set forth in its Articles of Incorporation and By-Laws, the Association is formed to function as the instrumentality of property owners in the development for the purposes of providing common area landscape maintenance, home lawn and tree maintenance, exterior home maintenance and such other maintenance and service and upkeep functions (including, but not limited to security and cable TV services) as the Association determines to be proper. The Association shall function as a Neighborhood Association for Fairway Isles as specified in the Declaration of Covenants, Conditions and Restrictions for St. Lucie West Country Club Estates as amended. 2.1 MEMBERSHIP Every person or entity shall automatically become a member of the Association upon acquisition of a fee simple title or a life estate in a parcel in Fairway Isles. Membership shall continue until such time as the member transfer or coveys of record his interest in the parcel or his interest is transferred and conveyed by operation of the law, at which time said membership shall automatically be conferred upon the transferee. Membership shall be appurtenant to and may not be separated from ownership of any parcel which is the subject to the Declaration of Covenants and Restrictions. Notwithstanding the provisions hereof, no person or entity who holds an interest of any type or nature whatsoever in a parcel in the development only as the security for performance of an obligation shall be a member of the Association. The Association shall treat the record owner of a parcel as the owner. 2.2 MEMBERSHIP VOTING Whether or not there is more than one (1) owner of a particular parcel in the development, each parcel shall have one vote at any Association meeting or election held in accordance with the Articles of Incorporation or the By-Laws of the Association.

2 2.3 BOARD OF DIRECTORS Section 6 of the By-Laws in and for Fairway Isles Homeowners Association, Inc. and Section 2.3 of the Declarations of Covenants and Restrictions in and for Fairway Isles Homeowners Association, Inc., dated February 27, 1992, are hereby declared null and void and are eliminated in their entirety. They are replaced by Sub-section 2.3(a) and the following Sub-sections 2.3(a) through 2.3(h) of the Declarations of Covenants and Restrictions. 2.3(a) The affairs of the Association shall be governed by a Board of not less than five (5) Directors who are unit owners or Members of the association. 2.3(b) The election of the Directors shall be conducted in the following manner: (1) Election of Directors shall be held at the Annual Members Meeting. (2) Nominations for Directors may come from the Nominating Committee or the floor at the Annual Meeting. (3) The election will be by written ballot (unless dispensed with by majority consent of the units represented at the meeting) and by plurality of the votes cast. Each person voting being entitled to cast his vote for each of as many nominees as there are vacancies to be filled. 2.3(c) Term There shall be five (5) Directors elected. Initially, there will be two Directors elected to a three (3) year term; two Directors elected to a two (2) year term; and, one Director to a one (1) year term. Thereafter, each new Director will be elected to a three (3) year term. 2.3(d) President The President shall preside or any other person he may choose or designate may preside over the meetings. 2.3(e) Quorum A quorum at the Board of Directors meeting shall consist of a majority of the entire Board of Directors. 2.3(f) Attendance If a duly elected Director fails to attend three (3) consecutive, regular and/or special meetings after receiving due and proper notice of same, that Director shall be relieved of his duties as a Director. The remaining Board of Directors shall then have the right to appoint another person to replace the said Director. However, the replacement shall serve only until the next Annual Meeting (Election). 2.3(g) Proxies Votes may be cast in person or by proxy. A proxy may be made by any person eligible to vote, but shall be valid only for a specific meeting. The proxy shall not be valid for more than 90 days after the date of the first meeting for which it was given. Every proxy shall be revocable at any time at the pleasure of the person executing it. A proxy must be in writing, signed by the person authorized to cast the vote and filed with the Secretary before the meeting. Holders of proxies must be a unit Owner or Member; however, no person may hold more than seven (7) proxies. 2.3(h) Recording Secretary The President shall have the right to appoint a Recording Secretary who shall serve at the President s pleasure, provided said Recording Secretary consents to the terms set down by the Board of Directors. 2.4 OFFICERS Officers of the Association shall be appointed by the Board of Directors of the Association in accordance with the Articles of Incorporation and/or the By-Laws of the Association. 2.5 ENFORCEMENT OF RESTRICTIONS SET FORTH IN THIS DECLARATION The Association, through the Board of Directors and Officers, shall have the authority to enforce any and all those restrictions imposed under this Declaration. 2.6 ASSESSMENTS The Association, through its Board of Directors, shall have the power and authority

3 to make and collect those assessments hereinafter set forth in this Section (a) Annual Assessments Assessments shall be made annually for the operation of the Association and the performance of the Association s function, including the provision to lot owners for lawn cutting, tree and shrub pruning, exterior maintenance, and such other maintenance and upkeep functions as the Association determines to be proper. Other expenses for which assessments may be imposed include, but are not limited to, insurance, professional fees, expenses incurred in the enforcement of assessments and liens, and the creation of reserves for future expenditures that fall within the foregoing maintenance and operating expense categories. The Association shall annually estimate the amount sufficient to meet this estimate. If the Board of Directors at any time determines that the estimates in the Annual Budget are not sufficient to pay the expenses, it shall have the authority to levy and collect additional assessments in amounts sufficient to pay those expenses. All notices of assessments from the Association to members shall designate when the assessments are due and payable. All assessments shall be at a uniform rate for each lot and shall be payable in monthly installments, except the two Villas. The Villas will pay $10 less per month. 2.6(b) Emergency Assessments The Board shall have the authority to make assessments up to $3000 ($45 per lot) without prior Association approval to cover a given emergency situation that affects the Fairway Isles Homeowners Association, Inc. As time is of the essence, the Board shall have the authority to define emergency in this Subsection. 2.6(c) Special Assessments In addition to the assessments authorized in Section 2.6(a) and 2.6(b) of this article, the Association may levy a Special Assessment(s) provided such assessment shall have the affirmative vote of at least fifty-one percent (51%) of the members of the Association. Special assessments shall be payable in such manner and at such times as determined by the Board, and may be payable in installments extending beyond the fiscal year in which the Special Assessment is approved, if the Board so determines. 2.7 EFFECT OF NON-PAYMENT OF ASSESSMENTS 2.7(a) The Lien, the Personal Obligation, Remedies of the Association If any assessment is not paid on the date when due, which is the first of each month, or within a 15 day grace period, such payment shall then become delinquent and shall incur a $10 late fee, plus an additional late fee for each successive month, together with interest thereon and the cost of collection thereof, including a reasonable attorney s fee, and shall become a continuing lien on the parcel against which such assessment is made, which lien all bind such parcel in the hands of the owner, his heirs, devisees, personal representatives and assigns, and shall be the continuing personal obligation of the owner against whom the assessment is levied. Except as to persons with actual notice that an assessment is unpaid, the lien shall not be effective until a claim of lien is recorded in the public records of the county. The claim of lien shall describe the lot upon which the lien is imposed, the name of the record owner, the amounts due and the due dates and shall be signed by the President or Secretary of the Association. If the assessment is not paid by the due date, the assessment shall bear interest from the date of delinquency at the rate of ten percent (10%) per annum, and, the Association, may at any time thereafter, bring an action to foreclose the lien against said property in like manner as a foreclosure of a mortgage on real property and /or a suit on the personal obligation against the owner or owners and there shall be added to the amount of such assessment the cost of preparing and filing a complaint in such action (including reasonable attorney s fees), and in the event a judgment is obtained, such judgment shall include interest on the assessment as above provided and reasonable attorney s fees to be fixed by the Court, together with the cost of the action. The Association may by By-Law change the rate of interest on delinquent assessments provided that the interest rate may not exceed the maximum allowed by law. 2.7(b) Subordination to Lien of Mortgages The lien of the assessment for which provision is herein made, as well as in any other Section of this Declaration, shall be subordinate to the lien of any first mortgage executed prior to the effective date of the assessment lien. Such subordination shall apply only to the assessments which have become due and payable prior to a sale or transfer of such property pursuant to a decree of foreclosure or in any other proceeding in lieu of foreclosure of such mortgage. No sale or transfer shall relieve any parcel from liability for any assessment thereafter becoming due, nor from the lien of any such subsequent assessment.

4 2.8 INDEMNIFICATION OF OFFICERS AND DIRECTORS Every officer and director of the Association shall be indemnified by the Association against all expenses and liability, including counsel fees, reasonably incurred by or imposed upon him in connection with any proceeding to which he may be a party or in which he may become involved by reason of his being or having been an officer or director. This indemnification shall apply whether or not he was an officer or director at the time such expenses were incurred, except in such cases wherein the officer or director is adjudged guilty in a court of law of willful misfeasance or malfeasance in the performance of his duties. It is provided, however, indemnification herein shall apply only if the Board of Directors approves such settlement and reimbursement as being in the best interest of the Association. The foregoing right of indemnification shall be in addition to and not exclusive of all other rights to which said officer or director may be entitled. SECTION 3. EASEMENTS The Association and its agents shall have an easement upon each lot within Fairway Isles for the purpose of entering upon the lot to perform the services and functions which the Association is to perform under this Declaration and under the Association s Articles of Incorporation and By-Laws. SECTION 4. BY-LAWS The Association may by By-Laws adopt such additional rules and regulations as are not inconsistent with this Declaration of Covenants and Restrictions. SECTION 5. GENERAL PROVISIONS 5.1 Duration The covenants and restrictions of this Declaration shall run with and bind the property and shall inure to the benefit of and be enforceable by the Developer or Master developer, the Association or the owner of any subject to this Declaration, their respective legal representative, heirs, successors and assigns, for a term of fifty (50) years from the date this Declaration is recorded, after which time said covenants and restrictions shall automatically be extended for successive periods of ten (10) years unless an instrument signed by the then owners of three-quarters (3/4) of such parcels as have then been subjected to this Declaration has been recorded, agreeing to change or terminate said covenants and restrictions in whole or in part. 5.2 Notices Any notice required to be delivered to any member or owner under the provisions of this Declaration shall be deemed to have been properly delivered when mailed, postpaid, to the last known address of the person who appears as member or owner on the records of the Association at the time of the mailing. It is incumbent on the member to keep the Secretary advised of any address changes. 5.3 AMENDMENT Amendment 5.3 of the Declaration of Covenants and Restrictions in and for Fairway Isles Homeowners Association, Inc., dated February 27, 1992, is hereby declared null and void and is eliminated in its entirety. It is replaced by Section 5.3(a) Declaration of Covenants and Restrictions in and for the Declarations of Fairway Isles Homeowners Association, Inc., and its Sub-sections from 5.3(a) through 5.3(c). 5.3(a) Notice Notice of a proposed Amendment shall be included in the notice of any meeting at which the proposed Amendment is to be considered and shall comply with the Florida Statutes #617, and such notice shall contain the proposed Amendment or a summary of the changes to be affected thereby. 5.3(b) Resolution Proposal A resolution for the Adoption of a proposed Amendment may be proposed either by a majority of the Board of Directors or by a majority of the Members of the Association.

5 5.3(c) Approval of Resolution Approvals must be by not less than 66% (40 of 67) of the total Members of the Association, represented either in person, by proxy, or by a letter of approval at a legally called and constituted meeting for this purpose. A letter of approval can be executed by any member. The letter, however, must be delivered to the Secretary at or prior to the meeting. 5.3(d) Recording A copy of each Amendment shall be filed with the Secretary of State pursuant to the provisions of applicable Florida law, and a certified copy by the Secretary of State shall be recorded in the Public Records of St. Lucie County, Florida. 5.4 USAGE Whenever used, the singular shall include plural and the plural shall include singular, and any use of any gender shall include all genders, wherever the context so requires. 5.5 EFFECTIVE DATE These Amendments to this Declaration shall become effective upon their recordation in the public records of St. Lucie County, Florida. IN WITNESS WHEREOF, we have hereunto set our hands and seals to this day of, FAIRWAY ISLES HOMEOWNERS ASSOCIATION, INC. A Florida Corporation By: By: President Secretary STATE OF, COUNTY OF ss: On before me, personally appeared { } personally known to me - OR - { } proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. NOTARY SEAL STAMP WITNESS my hand and official seal. X Notary Public Prepared April 20, 2001 By: Fairway Isles Homeowners Association, Inc SW Fairway Isles St. Lucie West, Florida FAIRWAY ISLES HOMEOWNERS ASSOCIATION, INC. AMENDED BY-LAWS 1. DECLARATION, ARTICLES AND BY-LAWS These By-Laws amplify, but are subject and subordinate to the Declaration of Covenants and Restrictions (the declaration ) and the Articles of Incorporation (the articles ) of Fairway Isles Homeowners Association, Inc. (the association ).

6 2.1 ANNUAL MEETING The Association shall hold its annual meeting in January of each year on a day designated by the Directors, or, if no day is designated by the Directors, on the 3 rd Tuesday of January. The purpose of the meeting shall be to elect Directors and to transact any other business authorized to be transacted by the Members or as stated in the notice of the meeting sent to the Members in advance thereof. This meeting shall be presided over by the President or any person he may designate. 2.2 SPECIAL MEETINGS Any special meeting may be called by the President or by a majority of the Board of Directors of the Association. If called or requested by a majority of the membership (which request must be in writing), then the President or the Secretary may set the meeting. Notice of such a meeting shall not be less than fourteen (14) days after the official posting. The business conducted at the special meeting shall be limited to that stated in the notice of the meeting. 2.3 REGULAR MEETINGS Regular meetings shall be held on the 1 st Tuesday of each month, unless agreed among Directors that meetings are not required on a monthly basis, and there shall be fourteen (14) days notice given all members, together with a proposed agenda. 3. QUORUM FOR MEETINGS OF ASSOCIATION MEMBERS At annual or special meetings, a quorum shall exist if one-third (1/3) of the members are present or represented at the meeting. In the event a meeting is convened and a quorum is not present, the meeting may be adjourned and reconvened when a quorum is present. For purpose of determining the presence of a quorum, if two or more persons are members of the Association by virtue of owning a partial or total fee simple interest in a single Fairway Isles home, any one or more of such members shall be counted as one member. The Board may also establish rules by which a member may give another member the right to represent the member at a meeting, in which event the member represented by proxy shall be considered in counting a quorum; if the Board does not establish a rule regarding proxies, then such representation shall not be permitted. 4. APPOINTMENT AND ELECTION OF OFFICERS Section 7 of the By-Laws in and for Fairway Isles Homeowners Association, Inc., is hereby declared null and void and is eliminated in its entirety; and it is replaced with Sub-section 4.1 and the following Sub-sections 4.1 through 4.7 of the By-Laws. 4.1 The Association shall have a President, Vice-President, Secretary and Treasurer. 4.2 The officers shall be selected, determined and chosen by the duly elected Board of Directors at its first reorganization meeting. An officer shall be a member of the Board of Directors, except if the Board determines a Recording Secretary is necessary. The Recording Secretary does not have to be a member of the Board of Directors. Except for the Recording Secretary, a person may hold more than one office; however, the President may not be the Secretary.

7 4.3 President The President shall be the Chief Executive Officer of the Association. He/she shall be the Chairman of the Board of Directors; preside at the Membership Meetings, recommend and appoint committees; oversee all books, reports, records and certificates as required by law and see that they are properly kept of filed; shall be one of the Officers that signs checks; and shall have all of the powers and duties that are usually vested in the Office of President of an association. 4.4 Vice-President The Vice-President shall exercise the powers and perform the duties of the President in absence or disability of the President. He/she shall assist the President and exercise such powers as are incident to the Office of Vice-President. 4.5 Secretary The Secretary shall keep the minutes of all proceedings of the Directors and the Members. It shall be his/her duty to file any certificate required by law and give notices to all Members of any meetings; be the custodian of the records and seal of this organization; and may be one of the Officers allowed and required to sign checks and drafts of the organization; allowed to secure the services of a Recording Secretary with the permission of the Board of Directors; and shall perform all other duties incident to the Office of Secretary of an association and as may be required by the Directors or the President. 4.6 Treasurer The Treasurer shall have the care and custody of all monies belonging to the organization. He/she shall keep books of account for the Association in accordance with good accounting practices; this person shall be one of the Officers who shall sign checks or drafts of the Association; he/she shall submit periodic reports and at a reasonable intervals; and shall perform all duties incident to the Office of Treasurer and as may be required by the Directors or the President. 4.7 All monies and other valuable effects shall be kept for the benefit of the Association in such depositories as may be designated by a majority of the Board of Directors. 5. EXERCISE OF GOVERNING RULES The powers of the Association shall be exercised solely by the Association s Board of Directors and its Officers, except where special powers are shared specifically to the Association Members under these By-Laws or the Declaration. 6. FISCAL YEAR AND ANNUAL BUDGET The fiscal year of the Association shall be from January 1 to December 31. By December 15 th each year, the Board shall have a proposed budget for the succeeding fiscal year prepared and distributed to the Members. A discussion of the proposed budget and its adoption shall be on the agenda for the Association s Annual Meeting. The Board shall adopt a budget for the Association at the Annual Meeting. The adopted budget shall be distributed to the Members if there are any revisions and/or additions to the proposed budget and shall be the basis for assessments made in accordance with Section 2.6 of the Declaration of Covenants and Restrictions. 7. AMENDMENT OF BY-LAWS These By-Laws may be amended only in the manner provided for the amendment of the Declaration as specified in Section 5.3 of the Declaration of Covenants and Restrictions. IN WITNESS WHEREOF, we have hereunto set our hands and seals this day of, FAIRWAY ISLES HOMEOWNERS ASSOCIATION, INC. A Florida Corporation By: By: President Secretary STATE OF, COUNTY OF ss: 7

8 On before me, personally appeared { } personally known to me - OR - { }proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. WITNESS my hand and official seal. NOTARY SEAL STAMP X Notary Public 8