RESORTS DECLARATION OF CONDOMINIUM FOR SURREY GRAND CROWNE RESORT

Transcription

1 RESORTS DECARATION OF CONDOMINIUM FOR SURREY GRAND CROWNE RESORT

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3 DECARATION OF CONDOMINIUM FOR THE SURREY GRAND CROWNE RESORT CONDOMINIUM STATE OF MSSOURl ) COUNTY OF TANEY ) TIDS DECARATION OF CONDOMINIUM FOR THE SURREY GRAND CROWNE RESORT CONDOMINIUM the "Declaation") is executed this 21 st day of Novembe, 2001, by SURREY V ACA TION RESORTS, INC., a Missoui copoation, the pincipal place of business of which is 430-C Highway 165 South, Banson, Missoui the "Develope"). WHEREAS, Develope is the owne in fee simple of cetain eal popety, togethe with all impovements which have been o will be constucted theeon and all apputenances theeto, located in Taney County, Missoui, which eal popety and impovements ae moe paticulaly descibed in EXHIBIT A attached heeto and incopoated heein by efeence the "Real Popety"); and WHEREAS, Develope desies to establish a unifom plan fo the development, sale and owneship of the Real Popety and the Units and Unit Weeks theein by imposing upon said Real Popety, Units and Unit Weeks mutual and beneficial estictions, covenants, conditions, obligations and easements to apply unifomly to the use, enjoyment, epai, maintenance, estoation, impovement, tansfe and encumbance of all of the Real Popety, and fo the payment of all taxes, assessments, insuance pemiums and othe expenses elating theeto, fo the mutual enjoyment, convenience, potection and benefit of all of the Real Popety and Ownes and futue Ownes theeof; NOW, THEREFORE, Develope heeby submits the Real Popety and all impovements theeon, the Units, all Unit Weeks theein, and all apputenances theeto, and consents to the ecodation of this condominium plan pusuant to the povisions of the Missoui Condominium aw, Chapte 448 of the Missoui Statutes, and declaes that the Real Popety, the Units, all Unit Weeks theein and all apputenances theeto ae and shall be held, sold, conveyed, motgaged, hypothecated, encumbeed, leased, ented, occupied, impoved and used subject to the covenants, conditions, esevations, estictions, easements and limitations of ecod contained heein o incopoated by efeence heein, as the same fom time to time may lawfully be amended and/o supplemented, all of which ae established, declaed and ageed to be fo the pupose of enhancing and potecting the value, desiability and enjoyment of the Real Popety, the Units and any Unit Weeks theein. All such covenants, conditions, esevations, estictions, easements and limitations shall constitute equitable sevitudes upon the Real Popety, shall un pepetually with the land, and be binding upon and inue to the benefit of Develope, all Ownes, any othe pesons o entitles having o acquiing any ight, title o inteest theein and theeto, and, each of thei espective heis, legal epesentatives, successos and assigns, and all othe pesons who ae pesent within o use the Real Popety fo any pupose whatsoeve. Develope heeby eseves in favo of itself, as the pesent o futue owne of any eal popety adjacent to the Real Popety, and its successos-in-title, a pepetual non-exclusive easement fo vehicula and pedestian ingess and egess ove and acoss all oads and walkways now o heeafte located on the Real Popety, togethe with the ight to constuct paved oads on

4 the Real Popety to join existing oads so as to povide access at all times to a public ight-of-way fom the benefited popety; povided, howeve, any oads constucted fo the' benefit of the adjoining popety shall be constucted in such a manne as to not mateially intefee with the use and enjoyment of the Real Popety by the Ownes; futhe povided that any such oads within the Real Popety may be elocated by the Association if altenative access to a public ight-of-way of equal quality is povided to the benefited popety. By the acceptance of a waanty deed o aily othe instument of tansfe conveying a Unit o a Unit Week theein, whethe fom Develope, its successos o assigns, o fom any Owne, each Owne, as heein defined, fo himself, his heis, legal epesentatives, successos, assigns, and any othe peson o pesons holding o occupying by, though o unde such Owne, and whethe o not expessly stated theein, covenants, consents and agees to and with Develope and with all othe Ownes fom time to time of a Unit and/o a Unit Week, to have atified and to be bound by, obseve, comply with and pefom the covenants, conditions, esevations, estictions, easements and limitations contained in this Declaation and in the Aticles of Incopoation, in the By-aws and in the Initial RuIes and Regulations of Suey Gand Cowne Resot Ownes Association, Inc., the tems and conditions of which ae incopoated heein by this efeence, as such tems ae heeinbelow defined, as each of the afoesaid documents may lawfully be amended and/o supplemented fom time to time. ARTICE I DEFINITIONS Unless the context povides to the contay, capitalized tems not othewise defined heein shall have the following meanings: Section I. 0 I. "Assessment" means a shae of the funds equied fo payment of Common Expenses and maintenance which ae, fom time to time assessed against Unit Ownes and Unit Week Puchases by the Association, including, without limitation the Maintenance Fee. Section "Association" means Suey Gand Cowne Resot Ownes Association, Inc., a not fo pofit copoation duly oganized unde the laws of the State of Missoui, acting on behalf of the Unit Ownes and Unit Week Puchases, and/o thei espective guests, invitees and/o lessees fo the pupose of administeing and managing the Real Popety, and all successos and assigns of said entity. Section "Biennial Unit Week" means a peiod of Inteval Owneship in a Unit Committed to Inteval Owneship that occus and aises on an evey-othe-yea basis. Biennial Unit Weeks ae computed as follows: BieflJJ.ial Unit Week No.1 is the seven 7) days commencing on the fist Satuday of each yea. Biennial Unit Week No. 2 is the seven 7) days succeeding. Additional weeks up to and including Unit Week No. 51 ae computed in a like manne. Biennial Unit Week No. 52 contains the seven 7) days succeeding the end of Unit Week No. 51 without egad to the month o yea, plus any excess days not othewise assigned. Biennial Unit Weeks eoccu on an evey-othe-yea basis only in natue and un fom fou o'clock p.m. 4:00 p.m.) on the fist Satuday of the Biennial Unit Week puchased and continue to fou o'clock p.m. 4:00 p.m.) on the last Satuday of said Biennial Unit Week; PROVIDED, HOWEVER, that all Unit Week Puchases' use, enjoyment, occupancy and owneship of the Biennial Unit Weeks shall be exclusively govened by the povisions of Aticle V, heeof. The Develope eseves the ight to unilateally change the days of week upon which cetain Biennial Unit Weeks stat and teminate in ode to facilitate maintenance and housekeeping effots to weeks that un Fiday-to-Fiday, 2 ~~ j ~ 1 " f' '>_s : f- l f' ~ 1\; [ ff"' f' I I' I " i- T!,.,.

5 Satuday-to-Satuday, o Sunday-ta-Sunday. Unit Week Puchases shall be infonned of any such changes at the time that accommodation esevations ae equested. Unit Week Puchases shall additionally be infomed at the time of puchase whethe thei Biennial Unit Week will occu and eoccu in even-numbeed o odd-numbeed calenda yeas. Section Boad of Diectos" means an executive and administative body, by whateve name denominated, designated as the govening body of the Association. Section Common Expenses" means all expenses incident to the administation, maintenance, epai and eplacement of the Common Popety, the exteio of all Units and payment of insuance pemiums, including fie and casualty insuance on all Units and the Common Popety, and public liability insuance, afte excluding theefom any and all expenses which ae the esponsibility of a Unit Owne o Unit Week Puchase; and, in addition theeto, all expenses detennined by the Association to be Common Expenses. Common Expenses shall include but not be limited to all gounds upkeep and maintenance, landscaping and elated maintenance, fanchise fees and oyalties chaged by hotel chains o exchange companies, eceational amenity usage and access chages, sewe and wate usage and sevice chages, and a pfo-ation of those administative, opeational and maintenance costs and chages associated with opeating and maintaining popety adjacent to but cuently excluded fom the Real Popety, it being acknowledged that such costs ae necessay to insue that the Real Popety and its adjacent aeas ae maintained to an acceptable standad and theeby benefit all Unit Ownes and Unit Week Puchases. Section Common Suplus" means all income allocated o accued by o on behalf of the Association. Section Common Popety" means all potions of the Real Popety which ae not othewise designated as a potion of a Unit and which ae designated on the plat o descibed heein as constituting eal o pesonal popety not intended to be solely and exclusively used by a single Unit Owne o Unit Week Puchase, including, without limitation and whee applicable, all lobbies, landings, hallways, stais, staiwells, elevatos, utility ooms, paking facilities, swimming pools, diveways and elated facilities, and in addition theeto all suppot stuctues, pipes, wies, conduits, o utility lines unning though any Unit which ae utilized fo o seve moe than one Unit. Section Real Popety" means that tact o pacel ofland as is moe fully descibed on EXHIBIT A attached heeto and plat and suvey petaining theeto and by this efeence made a pat heeof, and the impovements and fixtues located upon said tact, including additional aeas which may be added to the egime pusuant to the filing of amendments and supplements heeto, all of which shall be subject to those conditions, covenants and estictions in this Oeclaation. Section Develope" means Suey Vacation Resots, Inc., a Missoui copoation, and its successos and assigns. Section Initial Rules and Regulations" means those ules and egulations concening the opeations of the Real Popety which the Develope may pomulgate and modify fom time to time. Section Inteval Owneship" means that fonn of owneship of a Unit wheeby such Unit is conveyed fo peiods of time known as Unit Weeks o Biennial Unit Weeks, with the Unit Week Puchase occupying the Unit fo a defined peiod fo a peiod of yeas togethe with a emainde ove in fee simple as a tenant in common with all othe Unit Week Puchases. 3

6 Section "Maintenance Fee" means that assessment detennined by the Association and chaged to Unit Week Puchases othe than the Develope) which funds all Common Expenses and othe costs associated with the opeation of Units Committed to Inteval Owneship and which may include chages associated with damage to Units Com.tnitted to Inteval Owneship o intenal components located theein, loss of pesonal popety allocable to Unit Committed to Inteval Owneship o othe pesonal costs and expenses incued by Unit Week Puchases which ae chageable to Unit Week Puchases pusuant to this ageement o those othe ules and egulations which might be adopted by the Develope and the Association fom time to time. Section "Management Ageement" means and efes to the ageement poviding fo management of the Real Popety. Section "Owne" means a peson o entity holding fee simple title o an Inteval Owneship Inteest in and to a Unit, Unit Week o Biennial Unit Week and thei guests and invitees. Section "Unit" means a sepaate apatment unit delineated as such on the plat and/o plans of the Real Popety. Section "Unit Committed to Inteval Owneship" means any Unit sold unde a plan of Inteval Owneship. Section "Unit Owne" means one o moe pesons), his heis, successos and assigns, who own o owns a Unit. Wheneve the tem "Unit Owne" o "Unit Ownes" is used within the context of this Declaation o any amendment o supplement heeto, it shall be constued to include all Ownes of Unit Weeks within any Unit Committed to Inteval Owneship. Section "Unit Week" means an annually eoccuing peiod of Inteval Owneship in a Unit Committed to Inteval Owneship. Unit Weeks ae computed as follows: Unit Week No.1 is the seven 7) days commencing on the fist Satuday of each yea. Unit Week No.2 is the seven 7) days succeeding. Additional weeks up to and including Unit Week No. 51 ae computed in a like manne. Unit Week No. 52 contains the seven 7) days succeeding the end of Unit Week No, 51 without egad to the month o yea, plus any excess days not othewise assigned. Unit Weeks ae annually eoccuing in natue and un fom fou o'clock p.m. 4:00 p.m.) on the fist Satuday of the Unit Week puchased and continue to fou o'clock p.m. 4:00 p.m.) on the last Satuday of said Unit Week; PROVIDED, HOWEVER. that all Unit Week Puchases' use, enjoyment, occupancy and owneship of the Unit Weeks shall be exclusively govened by the povisions of Aticle V, heeof. The Develope eseves the ight to unilateally change the days ofweek upon which cetain Unit Weeks stat and teminate in ode to facilitate maintenance and housekeeping effots to weeks that un Fiday-to-Fiday, Satuday-to-Satuday, o Sunday-to-Sunday. Unit Week Puchases shall be infomed of any such changes at the time that accommodations esevations ae equested. Section "Unit Week Puchase" mea.ns one o moe pesons), his heis, successos and assigns, who shall puchase a Unit Weeks) o Biennial Unit Weeks) in a Unit Committed to Inteval Owneship within the Real Popety. {' 1 1 j '. I e'~ I, I i- f 1.! i I' i t" 4

7 ARTICE II NAME Section Poject Name. The name of that Inteval Owneship poject which is and/o shall be constucted upon the Real Popety shall be "The Suey Gand Cowne Resot Condominium. " ARTICE III. COMMITTING A UNIT TO INTERVA OWNERSHIP Section Committing to Inteval Owneship. A Unit shall become a Unit Committed to Inteval Owneship upon the ecoding of the fist deed in said Unit, conveying a Unit Week to an Owne, by the Develope. No Unit may be committed to Inteval Owneship by any peson o othe entity othe than the Develope. Units will no longe be committed to Inteval Owneship any time when all Unit Weeks in a given Unit ae owned by the same legal entity unless said entity should opt to submit again its Unites) to Inteval Owneship pusuant to the povisions of this Aticle and the expess witten consent of the Develope. Notwithstanding the above, the Develope may assign its ight to commit Units to Inteval Owneship to any othe entity to which it conveys substantially all Units which it owns in the Real Popety o to any othe thid paty. ARTICE IV IDENTIFICATION OF UNITS Section Unit Boundaies. The Units that shall be constucted on the Real Popety shall be compised of those dimensions and boundaies and identified by sepaate numbe in accodance with those poject dawings and illustations that ae attached heeto as EXHIBIT B and incopoated heein by this efeence. Included with EXlllBIT B heeto is a site plan and gaphic illustation of the Real Popety which beas the cetification of an achitect o enginee duly licensed and egisteed in the State of Missoui. Section Numbe of Units. The Real Popety shall initially be compised of sixty 60) Units along with elated Common Popety. Actual squae footage of the Units as illustated on EXHIBIT B may vay once the Units ae constucted. The Real Popety may be expanded by the Develope as povided heein to encompass and include eseved eal popety which is not othewise illustated on o descibed in EXHIBIT B. The Develope eseves the ight to econfigue and consolidate the Units into a lesse o geate collective numbe of Units than as set foth heein within the Develope's sole discetion. Section Alteations. Nothing heein shall peclude the Develope fom alteing o modifying the Units in accodance with any othe povision fo the modification, alteation, subdivision, and combination of Units that may be contained within this Declaation. ARTICE V FEXIBE USAGE OF UNITS COMMITTED TO INTERVA OWNERSHIP Section Mandatoy Flexible Usage. The ight of all Unit Week Puchases to use and enjoy thei Unit Week o Biennial Unit Week shall be exclusively govened by that "fist equested, fist confimed" esevations system which is moe fully descibed heein despite the fact that the Unit Week Puchase may othewise have puchased a specifically designated Unit Week o Biennial 5

8 Unit Week. Upon compliance with the povisions of that "fist equested, fist confimed" esevations system discussed below, Unit Week Puchases will eceive an accommodations confimation in a Unit which is compaable in natue to that Unit which is the subject of the Unit Week Puchase's sales contact o waanty deed. Fo the puposes of this instument, a compaable Unit is one possessing the same numbe of bedooms, bathooms and appoximate squae footage as the Unit which is othewise efeenced in the Unit Week Puchase's sales contact o waanty deed, without egad to the floo o location upon a floo of the Unit. Section Resevation System. The administative opeation of the esevation system set fo1h heein shall be the sole and exclusive obligation of the Suey Gand Cowne Resot Ownes Association, Inc. the" Association") but may be delegated to a management company at the diection of the Association. All Unit Week Puchases must contact The Suey Gand Cowne Resot Flexible Time Resevations Manage in witing, by facsimile tansmission, by electonic mail o by telephone in ode to schedule an available week of time duing the Unit Week Puchase's "season" as is moe fully descibed below duing which the Unit Week Puchase's occupancy may be scheduled. Unit Week Puchases scheduling a esevation fa in advance ae moe likely to eseve moe desiable occnpancy times than Unit Week Puchases delaying thei esevation equests. Resevation equests will be honoed by The Suey Gand Cowne Resot Flexible Time Resevations Manage in the ode in which they ae eceived. A witten esevations confimation will be mailed to all Unit Week Puchases equesting esevations. Each Unit Week Puchase is esponsible fo insuing that a witten esevations confimation is eceived. Confimations will be mailed no late than ten 10) days afte confimation. All Unit Week Puchases ae equied to bing thei confimation with them and pe~nt same upon check-in. Unit Week Puchases ae encouaged to call the Resevations Manage two weeks pio to check-in to insue that thei confimation emains unmodified. Section Resevation Time Peiods. No esevation equest may be made moe than Thee Hunded Sixty 360) days pio, no less than Sixty 60) days pio, to the fist day of the peiod being eseved. Section Effect of Resevation Delays. Unit Week Pnchases delaying thei esevation equests may lose thei ights to use thei accommodations entitlement fo any calenda yea should an occupancy duing the Unit Week Puchase's season be unavailable fo esevation due to pio esevation. In such event, neithe the Develope no its successos, assigns and/o afiiliates ae obligated to make altenative aangements o to excuse the payment of appopiate maintenance fees o to efund any of the puchase's payments. ~ '. i, " c \. " i j \ l ~, Section Seasons. Unit Weeks shall be allocated into those seasons as ae assigned by that timeshae exchange company with which The Suey Gand Cowne Resot may be affiliated fom time to time. Cuently, Inteval Intenational "IT') is the affiliated timeshae exchange company. II has allocated the following seasons to the Unit Weeks compising The Suey Gand Cowne Resot: Season: Red Yellow Assigned Unit Weeks: 10-53, inclusive 1-9, inclusive II o the then-affiliated timeshae exchange company fo The Suey Gand Cowne Resot eseves the ight to modify its seasonal Unit Week allocations. The Develope shall amend these pocedues 6

9 wheneve such a change is made by II o the then-affiliated timeshae exchange company fo The Suey Gand Cowne Resot. All Unit Week Puchases shall be bound by any subsequent changes in seasons which II o the then-affiliated timeshae exchange company may make. Section Cay Ove. No Unit Week Puchase shall be ailowed to cay ove into a subsequent yea any accommodation use ights which the Unit Week Puchase failed to schedule duing a specific calenda yea o was othewise unable to schedule due to lack of availability. Section Designation of Pincipal Contact. Should moe than one Unit Week Puchase own a Unit Week, then a "Pincipal Contact" shall be established fom time to time by notification to the Association in witing. The Pincipal Contact shall be the peson solely esponsible fo making esevations in accodance with the pocedues set foth heein. Section Confimations. Witten confimation shall be fowaded to all Unit Week Puchases egading all accommodations esevations made pusuant to these Rules and Regulations. While special accommodation assignments, such as gound level accommodations, may be equested, and while the Association will endeavo to accommodate these equests, such special equests cannot be guaanteed. Befoe a Unit Week Puchase may ent to a thid paty o exchange with an exchange company a confimed Unit Week accommodation, the Unit Week Puchase must fist eceive a witten confimed esevation fom the Association. Unit Week Puchases ae encouaged to contact the Association immediately should they not eceive a witten accommodations confimation within two weeks afte the date upon which the esevation equest was made. Section Cancellations and Modifications. Once a esevation has been made by a Unit Week Puchase, the Unit Week Puchase may change that esevation upon the payment to the Association of that escheduling fee which the Association may detemine fom time to time. The escheduling fee cuently is $35.00 pe esevation change. Should a Unit Week Puchase plan on utilizing his o he Unit Week beginning othe than on the egulaly-scheduled day of check-in, the Unit Week Puchase should notify the Association of thei contemplated late aival o isk loosing thei esevation. Section Maintenance Fee Delinquencies. No Unit Week Puchase shall be allowed to eseve accommodations unde these Rules and Regulations unless that Unit Week Puchase is othewise cuent in connection with all maintenance fees, assessments, and othe chages levied by the Association. Moeove, no Unit Week Puchase may make esevations heeunde if that Unit Week Puchase is othewise delinquent in connection with any financial obligations owed to the Develope. Section Thity-Day Peiod. If no Unit Week Puchases confim a esevation within a specific Unit Week thity 30) days pio to the fist day that the Unit Week is scheduled to begin the Association eseves the ight to limit the availability of such Unit Weeks subject to the following: 1) Unit Week availability may be withheld by the Association, in its sole and absolute discetion, so that maintenance may be conducted to the Unit; 2) Unit Week availability may be withheld if the Association has othewise ented the Unit Week on behalf of the Association to a thid paty. Net ental poceeds eceived on behalf of the Association shall be used to offset Association expenses; 7 { ~ \ ii'" i,, 1 l,. I j 1.. t

10 3) Unit Week availability may be withheld if the Association, in its sole and absolute discetion, has withheld the specified Unit Week fo: a. Unit Week Puchases who have failed to eseve Unit Weeks in a timely fashion and who have no othe use altenative; o b. Unit Week Puchases who have canceled peviously-existing confimations due to unique and unusual cicumstances and who isk using losing of a unit week fo the subject calenda yea. Section 5.l3. Amendment by Association. The Association eseves the ight to amend these Flexible Time Rules and Regulations fom time to time as may be necessay in the opinion of the Boad of Diectos of the Association to impove upon the quality and opeation of these Rules and Regulations and to futhe the collective enjoyment of the use of the Unit Weeks. Section Miscellaneous. The Develope eseves the ight to amend these Rules until that point in time in which 80% of the Unit Weeks have been sold. The Develope eseves the ight to amend these Rules at any time so as to eflect changes in seasonal allocations as may be subsequently pomulgated by The Suey Gand Cowne Resot affiliated timeshae exchange company. ARTICE VI OWNERSHIP OF COMMON PROPERTY Section COmmon Popety Owneship. It is ecognized and undestood that the Develope etains the legal title to the Common Popety fo the use and benefit of Unit Ownes and Unit Week Ownes until constuction of any and all impovements ae completed, including the constuction of subsequent Real Popety phases. Upon the completion of constuction of all subsequent phases and the Develope's completion of all sales activities elated theeto, the Develope shall then shall convey the Common Popety to the Association, in tust, fo the benefit of the Unit Ownes and Unit Week Puchases. The Association shall contempoaneously gant and convey unto the Develope and all Unit Ownes and Unit Week Puchases and such othes as the Association may detemine, thei guests, invitees, licensees, heis, successos and assigns, a nonexclusive easement fo the ight of ingess, egess and egess to and fom the Units by vehicula conveyance o othewise ove such potion o potions of the Common Popety as shall be developed and impoved such as diveway and paking aeas and by foot ove the balance of such Common Popety. The Develope eseves the ight to convey all o a potion of the Common Popety to the Association at any time. Section Beneficial Inteests in Common Popeties. Unit Ownes and Unit Week Puchases, so long as they shall continue to own a Unit o Unit Week in the Real Popety, shah have a beneficial inteest in the Common Popety. Each Unit shah have an equal beneficial inteest in the Common Popety. Section Develope Rights in Common Popeties. So long as the Develope holds legal o equitable title to any Unit o Unit Week, then the Develope and its successos, assigns, guests and invitees shall etain an easement ove, acoss and to all Common Popety, it being ecognized that the Develope shall etain the continuing ight to use Units not committed to Inteval Owneship as hotel o ental facilities fo nightly ental puposes and that the Develope's hotel and 8

11 nightly ental guests shall have access ove, acoss and to all Common Popety. The Develope eseves the ight to econfigue, e-plumb andlo etool all Common Popety in connection with the Develope's ight to e-plat Unit configuation as discussed in Aticle XI heeof. ARTICE VII VOTING RIGHTS AND MEMBERSHIP IN THE ASSOCIA non Section Voting Rights and Membeship in the Association. Thee shall be one peson with espect to each Unit who shall be entitled to vote at any meeting of the Association and such peson shall be known and is heeinafte efeed to as the "Voting Membe". If a Unit is owned by moe than one peson o is committed to Inteval Owneship, the ownes of said Unit shall designate one ofthem as the Voting Membe, o in the case of a copoate Unit Owne, an office o employee theeof shall be the Voting Membe. The designation of the Voting Membe shall be made as povided by and subject to the povisions and estictions set foth in the Bylaws of the Association. Section Develope Voting Rights. The Develope shah be entitled to one vote fo each Unjt fom which no Unit Weeks have been sold and one factional vote fo each Unit Week owned by the Develope in a Unit Committed to Inteval Owneship. Section Owne Voting Rights. Each Owne o goup of Ownes shall be entitled to one vote fu each whole Unit owned. The vote of a Unit is not divisible. Each Unit Week Puchase shall be entitled to one fifty-second 1152) vote fo each Unit Week owned. Each Unit Week Puchase shall be entitled to one, one hunded and fuuth 11104) vote fo each Biennial Unit Week owned. The Voting Membe of each Unit Committed to Inteval Owneship shall compile all votes of Unit Week Puchases within each specific Unit Committed to Inteval Owneship and cast that Unit's vote in accodance with the diection of the majoity of votes cast by the Unit Week Puchases of said Unit Committed to Inteval Owneship. The Develope shall be entitled to vote all Unit Weeks owned by it. Section Develope Contol Peiod. It is expessly undestood, howeve, that notwithstanding the above, the Develope eseves the ight to appoint a majoity of the diectos to the Association's Boad of Diectos until that point in time at which the late of the following events occus: I) Nine 9) months afte ninety pecent 90%) of the Units in the poject have been conveyed to Unit Ownes o Unit Week Puchases, it being undestood that in detemining this figue all Units in existence o unde constuction shall be consideed egadless of whethe said Units wee constucted as a pat of phase one of the Real Popety o as subsequent phases theeto, o, 2) Seven 7) yeas following the fist conveyance of legal title to a Unit o Unit Week to an Owne. The Association shall not be entitled to votes fo Unit Weeks set aside o conveyed to it fo maintenance puposes. 9

12 ARTICEvm COMMON EXPENSES AND COMMON SURPUS Section 8. I. Common Expense Allocation. The Common Expenses of the Rea! Popety shall be shaed by the Unit Ownes and Unit Week Puchases in accodance that factional elationship which the valuation of a specific Unit beas to the valuation ofall Units. This factional elationship shall be detemined by placing as the numeato of the subject faction the valuation of a specified Unit, and by placing as the denominato of the subject faction the collective valuation of all Units. The Boad of Diectos shall then multiply this faction by the total Common Expenses in ode to detemine that Unit's shae of Common Expenses. The Boad of Diectos shall epeat this pocess fo evey Unit in ode to detemine evey Unit's shae of Common Expenses. With egad to Units Committed to Inteval Owneship, the Common Expenses shall be futhe allocated among all Unit Weeks located theein by dividing the Common Expense allocable to a specific Unit by Fifty-Two 52). The esulting poduct shall epesent a potion of the expenses that will compise, in addition to othe allowable expenses, the Maintenance Fee allocable to Unit Weeks within the specified Unit. Fo the puposes of the detemination of Common Expense allocations only, all Units which ae ceated by this instument, along with all Units which may be subsequently ceated pusuant to amendments heeto, shall be deemed and consideed to possess a valuation of $100,000. The Develope eseves the ight to amend and modify this pe-unit valuation should the squae footage of subsequently-constucted Units change, o should othe objective and easonable conditions equie such a evaluation. Section Common Expenses. The Common Expenses shall be allocated to Units as povided heein and by the Association and paid monthly in a po-ated fashion by Unit Ownes. Common expenses egading Unit Committed to Inteval Owneship shall be paid as a potion of the Maintenance Fee as efeenced in Aticle IX below. The Develope is exempt fom contibution to Common Expenses o Maintenance Fees egading any Unit owned by the Develope o othewise., l I I' 1 t Section Common Suplus. The Common Suplus shall be applied to the payment of Common Expenses, and the ights in any suplus emaining shall appetain to the Units in popotion to the liability fo Common Expenses appetaining to each such Unit. Any suplus shall be accodingly cedited to the next assessment chageable to the Unit Ownes and Unit Week Puchases. ARTICE IX MAINTENANCE FEE FOR UNITS COMMITIED TO INTERVA OWNERSHIP Section Maintenance Fees. In ode to fund the Common Expenses of Units Committed to Inteval Owneship, all Unit Week Puchases shall pay a Maintenance Fee which includes, but is not limited to, the following: I) Each Unit Week Puchase's shae of Common Expenses; 2) Repai and upkeep of Units fo nomal wea and tea exampleepainting inteio walls); 3) Repai and eplacement of funitue, fixtues, appliances, capeting and utensils, and eseves necessay theefo; 10

13 4) Casualty andlo liability insuance on the contents of the Unit and the inteio of the Unit; 5) Pesonal popety, eal estate, and any othe applicable taxes; 6) Utility chages fo each Unit including electicity, gas, wate, popane, cable and/o satellite television and waste disposal; 7) Any othe expenses incued in the nonnal opeation and maintenance of Units Committed to Inteval Owneship which cannot be attibuted to a paticula Unit Week Puchase. Section Maintenance Fee Allocation. Said fee shall be poated among all Unit Week Puchases upon tems and conditions which will eflect a fai and equitable allocation of expenses of the egime as among Unit Week Puchases. The Maintenance Fee and po-ata allocation theeof shall be assessed and collected by the Association o its designated agent pusuant to a Management Ageement as povided in Aticle XXII heein. No Maintenance Fee shall be assessed fo any Unit Week conveyed to the Association. No Maintenance Fee shall be assessed against any Unit Weeks owned by the Develope no shall any Common Expenses be assessed o othewise cbaged to the Develope egading any Unit owned by the Develope. Section Billing. Maintenance Fees shall be invoiced to Unit Week Puchase on o about Januay 1 of each yea and must be paid in full by Januay 31 of said yea. The Association shall assess a late fee equal to the lesse of fifteen pecent 15%) o the highest fee allowable by law egading late payments. Section Develope Exemption. No Maintenance Fees shall be assessed against any Unit Weeks o Biennial Unit Weeks owned by the Develope no shall any Common Expenses be assessed o othewise chaged to the Develope egading any Unit owned by the Develope egadless of the manne by which the Develope may gain owneship theeof Included in the exemption being ganted heeunde shall be Units, Unit Weeks andlo Biennial Unit Weeks which the Develope may develop o maintain in its oiginal sales inventoy, as well as Units, Unit Weeks andlo Biennial Unit Weeks which the Develope may subsequently gain access of though foeclosue, default, conveyance in lieu of foeclosue o othe subsequent conveyance to the Develope by thid-paty puchases. The Develope eseves the ight to assign all o a potion of this exemption to thid paty institutional lendes and othes. ARTICE X MAINTENANCE WEEK IN UNITS COMMITTED TO INTERVA OWNERSIDP Section 10.0l. Maintenance Weeks. No specific Unit Week identified exclusively fo maintenance puposes shall be withheld fom sale by the Develope to Unit Week Puchases. Altenatively, the Develope shall schedule maintenance of Units Committed to Inteval Owneship to occu duing peiods when cetain Units Committed to Inteval Owneship ae not othewise subject to accommodations esevations outstanding. The Develope will endeavo to schedule said maintenance week duing peiods of time that ae of histoically low usage and esevation desiability. If not othewise available due to fuji usage, the Develope eseves the ight to take out of accommodations availability one week pe yea fo maintenance puposes. 11

14 ARTICEY.l INTERVA OWNERS' PERCENTAGE INTEREST IN UNITS Section Factional Owneship Inteests. In case of a Unit Committed to Inteval Owneship, each Unit Week Puchase in said U!1it shall own in emainde a cetain pecentage of the Unit accoding to the following schedule: Week Numbes Owned Pecentage Shae in Remainde Fo Each Week Owned I % % Section Biennial Unit Week Factional Owneship Inteests. The Puchases of each Biennial Unit Week shall possess an owneship pecentage in the Unit which is one-half of the inteests specified above. ARTICEXH METHOD OF AMENDMENT OF DECARATION I Section Amendment by Ownes. This Declaation may be amended at any egula o special meeting of the Unit Ownes and Unit Week Puchases of the Association, called and convened in accodance with the Bylaws of the Association, by the affimative vote of voting membes casting not less than sixty-seven pecent 67%) of the total vote of the membes ofthe Association. Section Recodation of Amendments. All amendments shall be ecoded and cetified by the Boad of Diectos of the Association. Subject to the povisions set foth in these Aticles, no amendment shall change any Unit, no a Unit's popotionate shae o the Common Expenses o common suplus, no the voting ights apputenant to any Unit, no the allocation of any undivided inteest in the Common Popety, unless the ecod ownes) theeof, and all ecod ownes of motgages and othe voluntaily placed liens theeon, shall join in the execution of the amendment. No amendment shall be passed which shall impai o pejudice the ights and pioities of any motgagees o change the povisions of this Declaation with espect to institutional motgages without the witten appoval of all institutional motgagees of ecod. Section Amendment fo Compliance Puposes. Notwithstanding the foegoing, the Develope may also amend this Declaation at any time to bing this Declaation into compliance with the laws of the State of Missoui which may apply to this egime o to bing this Declaation into compliance with any equiements of thid-paty lending o finance oganizations, and the Develope and Association shall be entitled to amend the Declaation in any such way necessay to maintain the egime as a legally and validly existing condominium andlo timeshae egime and to give full legal foce and effect to the intent and puposes of this Declaation. Section Amendments Contay to Develope's Inteest. No amendment shall change the ights and pivileges of the Develope without the Develope's witten appoval. Section Develope's Amendment Rights. Notwithstanding the above: 12

15 1) The Develope eseves the ight to unilateally change the inteio design, aangement and location of all Units. The Develope eseves the ight, as to Units fo which it is the ecod owne and fo which no Unit Weeks have been sold pusuant to an installment contact, to unilateally e-plat said Units into sepaate Units o may at its option combine two o moe such Units into a single Unit. If the Develope shall make any changes in Units as povided in this paagaph, such changes shall be eflected by an amendment to this Declaation with a plat attached eflecting such authoized alteation of Units, and said amendment need only be executed and acknowledged by the Develope. Develope eseves the ight to join and combine seveal adjoining Units togethe, eliminating and econfiguing the walls theeo~ in ode to constuct a modified Unit fo sale to thid paties pusuant to the Develope's Inteval Owneship pogam o any othe pogam which the Develope may desie to implement. All such e-configuations shall be allowable upon the filing ofthe amendment to this Declaation as is descibed heein. 2) The Develope, so long as it has ecod title to moe than ten pecent 10%) of the Units o Unit Weeks in the Real Popety as such may be expanded by means of filing amendments heeto), eseves the ight at any time to amend this Declaation as may be equied by any public body o any thid paty commecial eal estate o accounts eceivable lende, o in such manne as the Develope may detemine to be necessay to cay out the puposes of the poject as detemined in Develope's sole discetion povided that such amendment shall not incease the popotion of Common Expenses no decease the beneficial owneship of Common Popety bone by the Unit Ownes, except as povided fo elsewhee in this Aticle o Aticle xv below. 3) Futhe, the Develope may at any time amend this Declaation in any manne in which in the opinion of the Develope is necessay o convenient to futhe claify the intent of the Develope, to eliminate ambiguities heein and to coect eos in the pepaation and ecoding of this document and all Exhibits o othewise amend said documents in accodance with the discetion of the Develope. ARTICEXIll BYAWS Section Bylaws. The opeation of the Real Popety shall be govened by the Bylaws of the Association, which ae set foth and attached as EXHIBIT C heein and made a pat of this Declaation. All Unit Ownes and Unit Week Puchases agee and covenant to be bound by the tems and conditions of the Bylaws as may be amended and supplemented fom time to time. Section Amendment of Bylaws. No modification of o amendment to the Bylaws of said Association shall be valid unless set foth in o amexed to a duly ecoded amendment to this Declaation. The Bylaws may be amended in the manne povided fo theein, but no amendment to said Bylaws shall be adopted which would affect o impai the validity o pioity of any motgage coveing any potion of the Real Popety o which would change the povision of the Bylaws with espect to institutional motgages without the witten appoval of all institutional motgagees of ecod. No amendment shall change o affect in any fom o fashion the ights and pivileges of the Develope without the Develope's witten appoval. Any amendment to the Bylaws, as povided heein, shall be ecoded in the public ecods of Taney County, Missoui. 13

16 f ARTICE XIV THE OPERATING ENTITY Section Opeating Entity. The Association is heeby designated as the entity which shall be esponsible fo all aspects of the opeations a.nd administation of the Real Popety and all Units and Common Popety associated theewith, to the extent that such is not othewise eseved unto the Develope. The Association shall have all the powes and duties ganted to o imposed upon it by this Declaation, o by the Aticles of Incopoation and the Bylaws of the Association. The Association's Aticles of Incopoation ae attached heeto as EXHIBIT D and incopoated heein by this efeence. It is contemplated that the powes and duties necessay to opeate the Real Popety may be amended fom time to time by changes and amendments to this Declaation, Aticles and the Bylaws. Section Obligation to be Bound. Evey Unit Owne and Unit Week Puchase in the Real Popety whethe he has acquied his owneship by puchase, by gift, by conveyance o tansfe by opeation of law, o othewise, shall be bound by the Bylaws and Aticles of Incopoation ofthe said Association, the povisions of this Declaation and the Management Ageement. ARTICE XV ASSESSMENTS Section Powe to evy Assessments, The Association, though its Boad of Diectos, shall have the powe to fix, detemine, assess and levy fom time to time the sums, assessments and Maintenance Fees necessay and adequate to povide fo the Common Expenses of the Real Popety, The pocedue fo the detemination of all such assessments shall be as set foth in the Bylaws of the Association and this Declaation, and the Exhibits attached heeto. Section Allocation of Common Expenses. The Common Expenses shall be assessed against each Unit Owne as povided fo in Aticle vn of this Declaation. In the case of a Unit Committed to Inteval Owneship the Maintenance Fee shall be assessed against each Unit Week Puchase as povided fo in Aticle VIII of this Declaation. Section 15,03. ate Fees. Assessments, installments and Maintenance Fees that ae unpaid fo ove ten 10) days afte thei due date as established by the Association shall bea inteest at the highest legal ate authoized unde Missoui law fom due date until paid, and at the sole discetion of the Boad of Diectos, a late chage equal to the lesse of fifteen pecent 15%) o the maximum fee allowable by law o such othe fee as the Boad of Diectos may diect may be imposed. Maintenance Fees fo Units Committed to Inteval Owneship shall be assessed on o about Januay 1st of each yea and shall be due and payable by Januay 31 of said yea. Common expenses fo Units not committed to Inteval Owneship shall be based upon an allocation of that Unit's shae of Common Expenses and paid in a po-ated fashion as set foth by the Association on a monthly basis. Section 15,04. Foeclosue ofdelinqyent Maintenance Fees, Common Expenses. Upon its ecoding of a Notice of Assessment in the office of the chancey clek o ecode of Taney County, Missoui, the Association shall have a lien on each Unit, Unit Week o Biennial Unit Week togethe with that Unit's, Unit Week's o Biennial Unit Week's pecentage of the Common Popety assigned to it and all tangible pesonal popety owned by the Unit Owne o the Unit Week Puchase and located within said Unit, fo unpaid Assessments and Maintenance Fees and inteest theeon. Such liens upon said eal and pesonal popety shall be subodinate to pio bona fide liens of ecod which ae filed of ecod by thid paty lendes with the expess acquiescence of the Develope of 14 ~ :j I j. /' \! \, I'

17 the owne of the subject eal popety. Reasonable attoney's fees incued by the Association incident to the collection of such Assessments o the enfocement of such liens, togethe with all sums advanced and paid by the Association fo taxes and payments on account of supeio motgages, liens o encumbances which may be equied to be advanced by the Association in ode to peseve and potect its lien, shall be payable by the Unit Owne o Unit Week Puchase and secued by such lien. Each Owne, by accepting owneship of his Unit o Unit Week pesonally covenants and agees to pay his Assessments and Maintenance Fees. The Boad of Diectos may take such action as it deems necessay to collect Assessments and Maintenance Fees by pesonal action o by enfocing and foeclosing said lien pusuant to the same pocedues applicable to the judicial o, if applicable, non-judicial foeclosue of eal popety motgages o deeds of tust, and may settle and compomise the same if deemed in its best inteest. The Association shall be entitled to bid at any sale held pusuant to a suit to foeclose an Assessment lien, and to apply as a cash cedit against its bid, all sums due, as povided heein and coveed by the lien enfoced. In case of such foeclosue, the Unit Owne o Unit Week Puchase shall be equied to pay a easonable ental fo the Unit plus the pecentage of Common Expenses attibutable to such Unit fo the peiod of time said Unit is occupied by the Unit Owne o Unit Week Puchase; and the plaintiff in such foeclosue shall be entitled to the appointment of a eceive to collect same fom the Unit Owne, Unit Week Puchase and/o occupant. No Unit Week Puchase may use his Unit Week so long as any Assessments against him o his Unit Week ae outstanding and unpaid. Section ien Attachment. In the case of a lien against a Unit Week o Biennial Unit Week owned by a Unit Week Puchase, said lien shall be applicable only and attach exclusively to the Unit Weeks o Biennial Unit Weeks owned by said Unit Week Puchase and shall not encumbe the popety, eal o pesonal, of any othe owne of Unit Weeks o Biennial Unit Weeks in said Unit. Section Title. Any peson who acquies an inteest in a Unit, except though foeclosue of a fist motgage of ecod, including without limitation, pesons acquiing title by opeation oflaw and puchases at judicial sales, shall not be entitled to occupancy of the Unit o enjoyment of the Common Popety until such time as all unpaid Assessments due and owing fom the fome Unit Owne o Unit Week Puchase have been paid. The Association., acting though its Boad of Diectos may assign its claim fo the ecovey of any unpaid Assessments and lien ights to the Develope, any Unit Owne o goup of Unit Ownes, o any thid paty. Section Motgagees. Absent the filing of a subodination o elated ageement, this instument shall have pioity ove all motgages, deeds of tust o othe instuments that ae filed of ecod afte the date of the filing of ecod of this document. Should the holde of a motgage, deed of tust o othe debt secuing instument, howeve, foeclose its ights unde its motgage, deed of tust o othe debt secuing instument, eithe by judicial o non-judicial foeclosue, o by means of deed in lieu of foeclosue, then said paty shall be excused fom any obligation to pay past-due Maintenance Fees o Assessments which have accued pio to the date of foeclosue. ARTICE XVI EXPANSION OF THE REA PROPERTY Section Expansion. The Develope may subject eseved popeties not included in the Real Popety and/o popeties adjacent to, contiguous to, o in the geneal vicinity of the Real Popety to integation and development as a pat of the Real Popety as additional phases theeto. To insue the odely development of such popeties, this Declaation may be made applicable to such popeties and such popeties may be subjected to administation by the Association by the 15

18 filing of an additional Declaation o amendment to this Declaation which clealy efes to, adopts and confims this Declaation as being applicable to and binding on such additional popeties. In the event of such expansion afthe Real Popey, the shae of common expense to be bone by the Unit Ownes and Unit Week Puchases shall be adjusted accodingly. The Develope eseves the ight to commit as little o as much of the said eseved popet'j as it deems necessay to this egime in connection with the execise of its option to expand the egime. The Develope also eseves the ight to constuct only a potion of the buildings and Units shown on the Real Popety plat and to e-plat any potions of such popet'j which emain unbuilt upon and etun such aceage to a eseved popety status. This Declaation shall neve be deemed to encumbe any eseve popety o popety which is othewise de-platted fom the Real Popety. ARTICE XVII INSURANCE PROVISIONS Section Insuance. Geneally. The following povisions shall apply except as to household funishings and appliances which ae owned by Unit Ownes who own Units that ae not committed to Inteval Owneship. Those Unit Ownes who own Units not committed to Inteval Owneship shall be esponsible fo puchasing, maintaining and insuing thei funitue, appliances and any othe pesonal effects belonging to such Unit Ownes which may be located in o about the Unit. Section Puchase ofinsuance. The Association shall obtain fie and extended coveage insuance and vandalism and malicious mischief insuance insuing all of the insuable impovements within the Real Popety, togethe with such othe insuance as the Association deems necessay in and fo the inteest of the Association, all Unit Ownes, Unit Week Puchases and thei motgagees, as thei inteests may appea, in an amount which shall be equal to the maximum insuable eplacement value as detemined annually; and the pemiums fo said coveage and othe expenses in connection with said insuance shall be assessed against the Unit Ownes and Unit Week Puchases as a pat of the common expense. The named insued shall be the Boad of Diectos of the Association, as Tustee fo the Unit Ownes and Unit Week Puchases, without naming them, and as Tustee fo thei motgagees, and the Develope as its inteest may appea. Section Motgage Endosements. Povisions shall be made fo the issuance of motgagee endosements and memoanda of insuance to the motgagees of Unit Ownes o Unit Week Puchases. Such policies shall povide that payments fo losses theeunde by the insue shall be made to the insuance tustee, and all policies and endosements theeon shall be deposited with the insuance tustee. Notwithstanding the afoesaid, the povisions fo such insuance shall be without pejudice to the ight of each Unit Owne o Unit Week Puchase to insue his own Unit o Unit Weeks fo his benefit. Unit Ownes o Unit Week Puchases may obtain insuance coveage at thei own expense upon thei own pesonal popety and fo thei pesonal liability and living expenses. Section Coveage. I) Casualty. All buildings and impovements including funishings within Units Committed to Inteval Owneship upon the Real Popety shall be insued in an amount equal to the maximum insuable eplacement value, and all pesonal popety included in the Common Popety shall be insued fo its value, all as d'ltemined annually by the Boad of Diectos of the Association. Such coveage shall affod potection against: -- j, l, l j l 16

19 a) b) oss o damage by fie and othe hazads coveed by a standad extended coveage endosement; and Such othe isks as fom time to time shall be customaily coveed with espect to buildings simila in constuction, location and use as such buildings, including but not limited to vandalism and malicious mischief 2) Public iability. Public liability insuance shall be obtained in such amounts and with such coveage as shall be equied by the Boad of Diectos of the Association, which amount shall not be less than $1 million, including but not limited to hied automobile and non-owned automobile coveage, and with coss liability and endosements to cove liabilities ofthe Unit Ownes and Unit Week Puchases as a goup to the Unit Ownes and Unit Week Puchases. 3) Insuance on Units Committed to Inteval Owneship. The Boad of Diectos of the Association shall obtain casualty and liability insuance, as needed, on all Units Committed to Inteval Owneship, including all pesonal popety located theein. Casualty insuance shall be in an amount equal to the maximum insuable eplacement value of the Unit and the pesonal popety theein without deduction fo depeciation as detemined annually by the Boad of Diectos ofthe Association. The pemiums shall be a pat of the Maintenance Fees. All losses theeunde shall be payable to the insuance tustee heeinafte designated. All such poceeds shall be used fo the pupose of epai o eplacement of any loss o in the event such loss is not to be epaied o eplaced, as detennined elsewhee, to be divided among all puchases of Unit Weeks in such Unit in accodance with thei pecentage inteest in the emainde. Any deficit o oveage in such poceeds, afte epai o eplacement, shall be divided among all such Unit Week Puchases in accodance with Aticles V and X of this Declaation. Deficits shall be teated as pat of the Maintenance Fee next due. 4) Wokes' Compensation policy as equied by law. 5) Such othe insuance as the Boad of Diectos of the Association shall detemine fom time to time desiable. Section \7.05. Pemiums. Except as povided fo in paagaph B-3 above elating to insuance on Units Committed to Inteval Owneship, pemiums upon insuance policies puchased by the Association shall be paid by the Association as a common expense. Pemiums upon insuance needed specifically fo those puchases of Unit Weeks in Units Committed to Inteval Owneship shall be paid as a pat of the Maintenance Fee fo that paticula Unit Week. Section Insuance Tustee and Shaes of Poceeds. All insuance policies puchased by the Association shall be fo the benefit of the Association, the Unit Ownes including the Develope), and the Unit Week Puchases, and thei motgagees, as thei inteests may appea, and shall povide that all poceeds coveing popety losses shall be paid to the Boad of Diectos as insuance tustee. The duty of the insuance tustee shall be to eview such poceeds as ae paid, to make distibution of such poceeds as is elsewhee povided heein, and in the inteim to hold such poceeds in tust fo the benefit of the Unit Ownes, the Unit Week Puchases, and thei motgagees in the following shaes, which shaes need not be set foth on the ecods of the insuance tustee: I) Common Popety. Poceeds on account of damage to Common Popety shall be held in undivided shaes fo each Unit Owne and/o Unit Week Puchase, each 17

20 shae being in the same popotion as the undivided shae in the Common Popety apputenant to each Unit Week owne's Unit, and each Unit Week Puchase's pecentage of the Unit. 2) Units. Poceeds on account of damage to Units shall be held in the following undivided shaes: a) \ hen the building is to be estoed, fo the ownes of damaged Units in popotion to the cost of epaiing the damage suffeed by each Unit Owne o Unit Week Puchase, which cost shall be detemined by the Association. 3) b) When the building is not to be estoed, an undivided shae fo each Unit Owne, and/o Unit Week Puchase, such shae being the same as the undivided shae in the Common Popety apputenant to the Unit and in the case of a Unit Week Puchase to be futhe boken down in accodance with such Unit Week Puchase's inteest in the Unit. Motgagees. In the event a motgage endosement has been issued as to a Unit, the shae of the Unit Owne o Unit Week Puchase shall be held in tust fo the motgagee and the Unit Owne o Unit Week Puchase as thei inteests may appea; povided, howeve, that motgagees shall have the ight to paticipate in the detemination as to whethe o not any damaged popety shall be econstucted o epaied, povided, futhe, that the ultimate decision as to whethe o not the damaged popety shall be econstucted o epaied shall be based upon that decision which is deemed to be in the best inteests of Unit Ownes and Unit Week Puchases. To the extent that insuance poceeds ae payable to the Develope afte the payment fo the econstuction o epai of the damaged popety, o the settlement in full with all Unit Ownes, Unit Week Puchases and/o the Association, all insuance poceeds that emain theeafte and that accue solely and exclusively to and in favo of the Develope shall be paid to motgagees of ecod in eduction of debt outstanding, if any. Should no such debt be outstanding, then such insuance poceeds shall be paid to the Develope. 1 ;, Section Distibution of Poceeds. Poceeds of insuance policies eceived by the insuance tustee shall be distibuted to o fo the benefit of the beneficial ownes in the following manne: I) Expense of the Tust. All expenses of the insuance tustee shall be fist paid o povision made theefo. 2) Reconstuction o Repai. If the damage fo which the poceeds ae paid is to epaied o econstucted, the emaining poceeds afte epai o econstuction shall fitst be paid to Unit Ownes, Unit Week Puchases and/o the Association, as thei inteests may appea, in ode to offset any othe damages incued by them as a esult of the damage, and then to the Develope's motgagee, if applicable. If no financial obligations ae outstanding to the motgagee, then all funds emaining shall be paid to the Develope. This is a covenant fo the benefit of any motgagee of a Unit o Unit Week Puchase and may be enfoced by such motgagee. 18

21 3) Failue to Reconstuct o Repai. If it is detennined in the manne elsewhee povided that the damage fo which the poceeds ae paid shall not be econstucted o epaied, the emaining poceeds shall be distibuted to the beneficial ownes, emittances to Unit Ownes and Unit Week Puchases and thei motgagees being payable jointly to them. This is a covenant fo the benefit of any motgagee of a Unit o Unit Weeks and may be enfoced by such motgagee. 4) Cetificate. In making distibution to Unit Ownes, Unit Week Puchases and thei motgagees, the insuance tustee may ely upon a cetificate of the Association made by its Pesident and Secetay as to the names of the Unit Ownes and Unit Week Puchases, and thei espective shaes of the distibution. Section Association as Agent. The Association is heeby ievocably appointed agent fo each Unit Owne and Unit Week Puchase and fo each owne ofa motgage o othe lien upon a Unit o Unit Weekes) and fo each owne of any othe inteest in the Real Popety to adjust all claims aising unde insuance policies puchased by the Association and to execute and delive eleases upon the payment of claims. Section Notice ofinsuance Coveage. In any legal action in which the Association may be exposed to liability in excess of insuance coveage potecting it and the Unit Ownes and Unit Week Puchases, the Association will give notice of the exposue within a easonable time to all Unit Ownes and Unit Week Puchases who may be exposed to the liability and they shall have the ight to intevene and defend. Section Inspection ofinsuance Policy. A copy of each insuance policy obtained by the Association shall be made available fo inspection by Unit Ownes and Unit Week Puchases at easonable times. ARTICEXVIll USE AND OCCUPANCY Section Residential Use Restiction: Hotel Usage. Unit Ownes and Unit Week Puchases othe than the Develope and its successos and assigns shall occupy and use thei Units as single family pivate dwellings fo themselves and the membes of thei family, thei social guests, lessees, licensees and invitees. Notwithstanding the foegoing, the Develope expessly eseves the ight to use Units and Unit Weeks not othewise owned by thid paties fo nightly ental and hotel puposes and nothing in this Declaation shall be constued to estict the Develope, o any successo in inteest to the Develope fom selling and/o conveying any Unit unde a plan of Inteval Owneship, o any peson, goup of pesons, copoation, patneship o othe entity, fom selling, econveying o in any othe way, tansfeing same, at any time unde said plan ofinteval Owneship. Moeove, nothing heein shall pohibit o pevent the Develope o any Owne fom enting Units to thid paties when not othewise being occupied pusuant to the povisions of this Declaation. Section Pohibited Act. The Unit Owne o Unit Week Puchase, as the case may be, shall not pemit o suffe anything to be done o kept in his Unit which will incease the ate of insuance on the Real Popety, o which will obstuct o intefee with the ights of othe Unit Ownes o Unit Week Puchases, o ani10y them by uneasonable noises, o othewise, no shall the Unit Ownes o Unit Week Puchases 90mmit o pemit any nuisances, immoal o illegal acts in o about the Real Popety. I 19

22 Section Restictions on Alteations. Unit Ownes and Unit Week Puchases shall not cause anything to be affixed o attached to, hung, displayed o placed on the exteio walls, decks, doos o windows of the Units o the Common Popety, no shall they cause any type of gound coveage to be installed no shall they gow any type of plant, shubbey, flowe, vine o gass outside thei Unit, no sha!! they cause awnings o stom shuttes, sceens, enclosues and the like to be affixed o attached to' any Units o Common Popety; no shall they place any funitue o equipment outside thei Unit except with the pio witten consent of the Boad of Diectos, and futhe, when appoved, subject to the Initial Rules and Regulations adopted by the Boad of Diectos. No clothes line o simila device shall be allowed on any potion of the Real Popety, no shah clothes be hung anywhee except whee designated by the Boad of Diectos of the Association. Section Common Popety. No peson shall use the Common Popety o any pat theeof, o any Unit, o the Real Popety, o any pat theeof, in any manne contay to o not in accodance with such Rules and Regulations petaining theeto as fom time to time pomulgated by the Association. Section Holdove Inteval Ownes. In the event any Unit Week Puchase in a Unit Committed to Inteval Owneship o any othe peson occupying the Unit with such Unit Week Puchase's pemission fails to vacate the Unit at the expiation of his peiod of owneship each yea, o at such ealie time as may be fixed by the ules and egulations adopted by the Association fom time to time, such Unit Week Puchase shall be deemed a "holdove owne". It shall be the esponsibility of the Association o the management fim if so povided in the Management Ageement to take such steps as may be necessay to emove such "holdove owne" fom the Unit, and to assist the subsequent Unit Week Puchase who may be affected by the "holdove owne's" failue to vacate, to find altenate accommodations duing such holdove peiod. Section Altenative Accommodations. In addition to such othe emedies as may be available to it, the Association shall secue at its expense altenate accommodations' fo any Unit Week Puchase who may not occupy his Unit due to the failue to vacate of any "holdove owne". Such accommodations shall be as nea in value to the Unit Week Puchase's own Unit as possible. The "holdove owne" shall be chaged fo the cost of such altenate accommodations and shall be chaged all tavel expenses to and fom the Unit of the dispossessed Unit Week Puchase, his family, o any invitee of the dispossessed Unit Week Puchase and any othe costs incued due to the failue to vacate, and shall be chaged an administative fee offive hunded dollas $500.00) pe day duing his peiod of holding ove. In the event it is necessay that the Association contact fo a peiod geate than the acti.lal peiod of holding ove in ode to secue altenate accommodations as set foth above, the entie peiod shall be the esponsibility of the "holdove owne."!, i,; i ~.-. 1 t \. Section Additional Costs, The Association shall submit a bill to the "holdove owne" in accodance with this paagapb. In the event the "holdove owne" fails to pay same within ten 10) days of the date of same, the Association shall possess a lien against said "holdove owne's" Unit Weeks in accodance with the povisions of Aticle XIV heeof. The povisions efeenced above shall not abidge the Association's ight to take such othe action as is povided by law including, but not limited to, eviction poceedings. 20

23 ARTICE XIX MAINTENANCE AND ATERATIONS Section Maintenance and Management Ageement. The Boad of Diectos of the Association may ente into a contact with any finn, peson o copoation, o may join with othe associations and entities in contacting fo the maintenance and epai of the Real Popety and othe type popeties, and may contact fo o may join with othe associations in contacting fo the management of the Real Popety and othe type popeties, and may delegate to the contacto o manage all of the powes and duties of the Association, except such as ae specifically equied by this Declaation, o by the bylaws, to have the appoval of the Boad of Diectos o the membeship of the Association. The contacto o manage may be authoized to detemine the budget, make assessments fo Common Expenses and collect assessments, as povided by this Declaation, bylaws and Exhibits to this Declaation. The Association, though its Boad of Diectos, has enteed into a Management Ageement attached heeto as EXHIBIT E which encompasses the povisions of this paagaph. Section Unit Maintenance. Owneship agees as follows: Each owne of a Unit not committed to Inteval 1) To maintain in good condition and epai his Unit and all inteio sufaces within o suounding his Unit such as the sufaces of the walls, ceilings, floos) and maintain and epai the fixtues theein and pay fo any utilities which ae sepaately meteed to his Unit. 2) Not to make o cause to be made any stuctual addition, alteation, decoation, epai, eplacement o change of the Common Popety o to any outside o exteio potion of the building o Unit o pat of the Common Popety without the pio witten consent of the Boad of Diectos of the Association. Section Unit Week Maintenance. Each Unit Week Puchase in a Unit Committed to Inteval Owneship pesonally covenants and agees: 1) To pay his popotionate shae of the cost of the Common Expenses including the maintenance and epai of all inteio and exteio components of said Unit, the cost of maintenance, epai and eplacement of all appliances, funitue, capeting, fixtues, equipment, utensils, and othe pesonal popety within said Unit, and such othe costs of epai, maintenance, upkeep and opeation of the Unit as is necessay to the continued enjoyment of said Unit by all said Unit Week Puchases theein. 2) Not to make, cause, o allow to be made, any epais, modifications, alteations, o eplacements to the Common Popety, decks, inteio of his Unit, o of the funishings, appliances, pesonal popety, o deco theeof, without the pio witten consent ofthe Boad of Diectos of the Association. 3) That expenses of epais o eplacement to the Unit o the components, funishings, capeting, appliances, o othe popety, eal, pesonal, o mixed, occasioned by the specific use o abuse of any Unit Week owne in any Unit, o any licensee o tenant of said Unit Week owne, shall be bone in thei entiety by said Unit Week owne. 21

24 4) That the Association acting though its Boad of Diectos shall detemine the inteio colo scheme, deco and funishings of each such Unit, as well as the pope time fo edecoating and eplacements theeof Section Repais Access. All ownes of Units and Unit Week Puchases in Units Committed to Inteval Owneship agee as follows: I) To allow the Boad of Diectos o the agents o employees of any management fim o the Association to ente into any Unit at easonable hous fo the pupose of maintenance, inspection, epai, eplacement of the impovements within the Units and the decks, o to detemine in case of emegency, cicumstances theatening Units, decks o the Common Popety, and in such instances to take appopiate action to potect such popety, o to detemine compliance with the povisions of this Declaation and the bylaws of the Association. 2) To show no signs, advetisements o notices of any type on the Common Popety, o his Unit including the decks, and to eect no exteio antenna o aeials, except as consented to by the Boad of Diectos of the Association; except that nothing heein shall be constued to limit the Develope in displaying its signs and othe advetisements in connection with its pomotional activities. Section Failue to Maintain. In the event a Unit Owne o Unit Week Puchase fails to maintain the said Unit and Common Popety, as equied heein, o makes any alteations o additions without the equied consent, o othewise violates o theatens to violate the povisions heeof; the Association shall have the ight to poceed in a cout of equity fo an injunction to seek compliance with the povisions heeof In lieu theeof and in addition theeto the Association shall have the ight to levy an assessment against the owne of a Unit, and the Unit, fo such necessay sums to emove any unauthoized addition o alteation and to estoe the popety to good condition and epai. Whee said failue, alteation, addition, o othe violation is attibutable to a Unit Week Puchase in a Unit Committed to Inteval Owneship, any such levy of an assessment shall be limited to the Unit Weeks owned by said Unit Week Puchase and shall be of no foce and effect as to any othe owne of Unit Weeks in said Unit. Section Maintenance Assessment. Assessments asseted heeunde shall have the same foce and effect as all othe special assessments. The Association shall have the futhe ight to have its employees o agents, o any subcontactos appointed by it to ente a Unit at all easonable times to do such wok as is deemed necessay by the Boad of Diectos of the Association to enfoce compliance with the povisions heeof Section Colo Schemes. The Association shall detemine the exteio colo scheme of the buildings and all exteios and inteio colo scheme of the Common Popety, and shall be esponsible fo the maintenance theeot; and no Unit Owne o Unit Week Puchase shall paint an exteio wal~ doo, window o any exteio suface, o eplace anything theeon o affixed theeto, without the witten consent of the Boad of Diectos of the Association. Section Common Popety Maintenance. The Association shall be esponsible fo the maintenance, epai, and eplacement of the Common Popety and all popety not equied to be maintained, epaied and! o eplaced by the Unit Ownes. Notwithstanding the Unit Owne's duty of maintenance, epai, eplacement and the othe esponsibilities as to his Unit, as povided 22 f? f 1,~, \. [ ;" i f, \

25 fo in this Declaation and Exhibits attached heeto, the Association may ente into an ageement with such finns o companies as it may detemine to povide cetain sevices and/o maintenance fo and on behalf of the Unit Ownes and Unit Week Puchases wheeby maintenance and sevice ae povided on a egulaly scheduled basis fo ai conditioning and heating maintenance and sevice and apputenances theeto, exteminating sevices and othe types of maintenance and sevices as the Association deems advisable and fo such peiod oftime and on such basis as it detemines. All such sevices contacted fo on behalf of Unit Week Puchases shall be included as a pat of the Maintenance Fee fo that paticula Unit. Said ageements shall be on behalf of the Unit Ownes and Unit Week Puchases in a paticula Unit and the monthly assessment due fom each Unit Owne fo Common Expenses and each Unit Week Puchase as a Maintenance Fee shall be inceased by such sum as the Association deems fai and equitable unde the cicumstances in elation to the monthly chage fo said maintenance o sevice. Each Unit Owne and each Unit Week Puchase shall be deemed a paty to said ageement with the same foce and effect as though said Unit Owne o Unit Week Puchase had executed said ageement and it is undestood and ageed that the Association shall execute said ageements as the agent fo the Unit Ownes and the Unit Week Puchases. The afoesaid assessments shall be deemed to be an assessment unde the povisions of Aticle IX of this Declaation. ARTICE XX TERMINATION Section Unanimous Temination. Ifall Unit Ownes and Unit Week Puchases and holdes of all liens and motgages affecting any of the Units execute and duly ecod an instument teminating the Real Popety, o if Majo Damage occus subsequent to the fist foty 40) yeas of the egime, and thee is no ageement to estoe the egime, said popety shall be deemed to be subject to temination and theeafte owned as tenants in common by the Unit Ownes and Unit Week Puchases. Thee is "Majo Damage" if both the damaged impovement is a building o buildings containing Units, and if Units to which moe than 50% of the Common Elements ae apputenant ae found by the Boad of Diectos to be not tenantable. The undivided inteest in the popety owned in common by each Unit Owne shall then become the pecentage of the undivided inteest peviously owned by such owne in the Common Popety. The undivided inteest in the popety owned in common by each Unit Week Puchase shall then become that pecentage ofthe undivided inteest in the Common Popety attibutable to his Unit, futhe boken down by such Unit Week Puchase's pecentage owneship in his Unit. Section Regime Expiation. It is undestood that at 4:00 p.m. on the fist Sunday, in the yea of 2040, the Unit Week Puchases shall become tenants in common. The Boad of Diectos of the Association shall, no less than 30 days, no moe than sixty 60) days pio to the actual date of convesion to tenancy in common, call a meeting of all ownes of Unit Week Puchases. A quoum at such meeting shall be a majoity of the total outstanding votes of all Unit Week Puchases in Units Committed to Inteval Owneship. At such meeting the Unit Week Puchases by a majoity vote may vote to continue thei intevals, in which case the covenants set foth heein will be adopted as covenants unning with the land fo a peiod of ten 10) yeas. The Boad of Diectos of the Association shall, no less than 30 days, no moe than 60 days pio to the actual expiation of said ten 10) yea peiod call a meeting of all Unit Week Puchases in Units Committed to mteval Owneship. A quoum at such meeting shall be a majoity of the total outstanding votes of all Unit Week Puchases in Units Committed to Inteval Owneship. The Unit Week Puchases may then vote to continue the intevals fo an additional ten 10) yea peiod. This pocess shall be epeated as the end of each successive ten 10) yea peiod appoaches. Should less than a majoity of the Unit Week Puchases vote to continue the intevals at any such meeting, then 23

26 the Boad of Diectos ofthe Association shall file suit in a cout of competent juisdiction in Taney County, Missoui, fo patition of the Units. Section Regime Continuation. In the event the Unit Week Puchases vote to continue thei Unit Weeks as povided above, then each Unit Week Puchase shall have the exclusive ight to occupy his Unit, and as between Unit Week Puchases to use and enjoy the Common Popety and the Association popeties and the ights and easements apputenant to his Unit duing his Unit Weeks. No Uplt Week Puchase shall occupy his Unit o execise any othe ights of owneship in espect of his Unit othe than the ights heein povided to him duing any of the Unit Weeks unless expessly so authoized by the Unit Week Puchase entitled to occupy the Unit duing such Unit Weeks o duing any maintenance Week except when acting though the Association. Each Unit Week Puchase shall keep his Unit and all funishings in good conditions and epai duing his Unit Weeks, vacate the Unit at the expiation of his Unit Weeks, emove all pesons and popety theefom excluding only funishings, leave the Unit in good and sanitay condition and epai, and othewise comply with such easonable checkout and othe pocedues as may fom time to time be contained in ules pomulgated by the Association. Section No P!l1tition. No Unit Owne o Unit Week Puchase o othe peson ui' entity acquiing any ight, title, o inteest in a Unit shall seek o obtain though any legal pocedues judicial patition of the Unit o sale of the Unit in lieu of patition at any date pio to the expiation of each successive ten 10) yea peiod voted by a majoity of ownes. If; howeve, any Unit Weeks shall be owned by two o moe pesons as tenants in common o as joint tenants, nothing heein contained shall pohibit a judicial sale of the Unit Weeks in lieu of patition as between such cotenants o joint tenants. ARTICE XXI USE OF COMMON PROPERTY AND FACIITIES Section Use of Common Popety. All Common Popety as descibed heein and as illustated and descibed on the Real Popety plat appended heeto shall be made available on a non-disciminatoy basis fo the use and enjoyment of the Unit Ownes and Unit Week Puchases and thei guests and invitees as well as by Develope's guests, invitees, licensees, employees, agents, and hotel and nightly ental guests. Section No Patition. The Association, its membes, the Unit Week Puchases and Unit Ownes, and all paties who own an inteest in and to the Common Popety agee that they shall not have the ight to patition any popety that constitutes said facilities and that said paties do heeby waive said ight of patition o division of said facilities. The Initial Rules and Regulations, and all amendments theeof and evisions theeof petaining to the use of the Common Popety shall be maintained by the Association and modified and amended fom time to time. A copy of such Initial Rules and Regulations ae attached heeto as EXHIBIT F and ae incopoated heein by efeence. The Unit Ownes and Unit Week Puchases heeby covenant and agee to be bound by all of such Rules and Regulations and said paties shall obey same and be esponsible fo thei being obeyed by the said Unit Ownes, Unit Week Puchases, thei family, guests, invitees, lessees and sevants. Should a Unit Owne o Unit Week Puchase fail to pay an Assessment fo Common Expenses o Maintenance Fees as equied unde the tems of this Declaation fo the peiod of t111e specified heein wheeby said Assessment becomes delinquent, the Association may deny the Unit Owne and/o Unit Week Puchase o authoized use of the facilities the use and enjoyment of same until such time as all Assessments ae paid. The Association shall futhe have the ight in its sole discetion to suspend any Unit Owne o Unit Week Puchase and/o authoized 24 -;",,i, y -f,- - \ J~ -l.:', 1

27 use of said facilities fom the use of same fo a peiod not to exceed thity 30) days fo any infaction of the pomulgated ules and egulations petaining to the Common Popety, and in the case of a Unit Committed to Inteval Owneship fo a peiod not to exceed seven 7) days. Should the Unit Owne o Unit Week Puchase o the authoized use of said facilities be so suspended, thee shall be no eduction in the Assessments due and payable by said Unit Owne o Unit Week Puchase o authoized use. Section Guest Usage. Any peson who is a Unit Owne o a Unit Week Puchase togethe with membes of his family, social guests, lessees, invitees and licensees, may use the Common Popety, except that a Unit Week Puchase, his family, social guests, lessees, invitees and licensees may only use the facilities duing the Unit Weeks puchased. Section Comoate Usage. Whee a copoation is a Unit Owne o Unit Week Puchase, the use of said Common Popety shall be limited at anyone time to such office, diecto o employee of said copoation who is in actual esidence and such individual shall be deemed to be the Unit Owne fo the puposes of this paagaph. Whee a paty owns one Unit and leases same, the lessee shall be entitled to the use of the Common Popety and said lessee's ight theeto shall be the same as though said lessee wee the Unit Owne o Unit Week Puchase and duing the tean of said lease, the Unit Owne o Unit Week Puchase and his family shall not be entitled to use the Common Popety. Use of the Common Popety by Unit Week Puchases in Units Committed to Inteval Owneship, o any othe peson using the facilities though said Unit Week Puchase, shall be limited to the peiod of owneship each yea of said Unit Week puchased. ARTICE XXII MANAGE~nNTAGREEMENT Section Management Ageement. The Association has enteed into a JI.1anagement Ageement, a copy of which is annexed heeto as EXHIBIT E and made a pat heeof. All paties taking title to the Real Popety covenant and agee to acknowledge the validity and enfoceability of the Management Ageement and covenant and agee to be bound by its teans. Section Common Expense Budget. The Association has delegated to the management fim the powes of the Association, though its Boad of Diectos, to detemine the budget, make assessments fo Common Expenses and Maintenance Fees and collect assessments including Maintenance Fees. Each Unit Owne o Unit Week Puchase, his heis, successos and assigns, shall be bound by said Management Ageement fo the puposes theein expessed, including but not limited to: 1) Adopting, atifying, confiming, and consenting to the execution of said Management Ageement by the Association. 2) Covenanting and pomising to pefoan each and evey one of the covenants, pomises and undetakings to be pefoaned by Unit Ownes o Unit Week Puchases in the cases povided theefo in said Management Ageement. 3) Ratifying, confiming and appoving each and evey povision of said Management Ageement, and acknowledging that all of the teans and povisions theeof ae easonable. 25

28 !. 4) Ageeing that the pesons acting as diectos and offices of the Association enteing into such an ageement have not beached any of thei duties o obligations to the Association. Section Diectos. It is specifically ecognized that some o all of the pesons compising the oiginal Boad of Diectos of the Association ae o may be office;s, diectos and employees of the management fim, and t.~at such cicumstances shall not and cannot be constued o consideed as a beach of thei duties and obligations to the Association, no as possible gounds to invalidate such Management Ageement, in whole o in pat. Section Boad Action. The acts of the Boad of Diectos and offices of the Association in enteing into the Management Ageement shall be and the same ae heeby atified, appoved, confimed and adopted. ARTICExxm ASSOCIATION PROPERTIES Section 23,01. Tust Natue. All Common Popety and elated popeties acquied by the Association, eal, pesonal o othewise, shall be held in tust by the Association fo the use and benefit of all Unit Ownes and Unit Week Puchases in the Real Popety subject to those easements which ae moe fully descibed elsewhee heein. ARTICE XXIV DEVEOPER'S RIGHTS Section Develope Resevations. In additionto each and evey ight of the Develope as set foth heein, the Develope specifically eseves the following: 1) The ight to maintain sales offices, management offices and models in Units o on Common Popety and to locate and establish the size and numbe of such facilities as the Develope deems fit. 2) The ight to use a potion of the Common Popety fo the pupose of aiding in the sale of Units and Unit Weeks including the ight to use unsold Units and Unit Weeks as models and to use potions of the Real Popety fo paking fo pospective puchases and such othe paties as Develope detemines. The foegoing ight shall include the ight to display and eect signs, billboads and placads and to stoe, keep and exhibit same and distibute audio and visual pomotional mateials upon the Common Popety. 3) The ight to deny to any Unit Owne o Unit Week Puchase the ight to the use and occupancy of the Unit and the Common Popety duing any peiod of time in which said Unit Owne o Unit Week Puchase may be in default on his o he contact of sale fo the puchase of said Unit o Unit Weeks fom the Develope. 4) The exclusive ight to contact fo O[ povide the sevicing of the Real Popety and Unit Ownes and Unit Week Puchases theein with wate sevice and seweage disposal sevice. Pusuant to the foegoing, the Develope may contact with a utility company, a utility distict, popety ownes association, a pivate company, an industial development boad, a municipal o govenmental agency, o a quasi- 26 \ t, \ \ t \ ~~~ { \,

29 govenmental authoity, fo the funishing of said sevices; and the Association, the Unit Ownes and Unit Week Puchases, agee to pay the chages theefo and to comply with all of the tenus and conditions of said ageement. 5) The ight to gant such easements fo utility sevice, dainage, pedestian and vehicula taffic, o othewise, as may be consideed by Develope o its successos and assigns desiable fo the use of the popety fo the puposes heein stated o to povide such utility sevice, dainage, pedestian o vehicula access to othe popeties adjacent o contiguous theeto. In conjunction with the esevation as afoesaid, Develope heeby expessly eseves into itself and its successos and assigns foeve a pepetual easement ove all hallways, staiways, elevatos, lobbies, Common Popety, diveways and paking aeas constituting a pat of the Common Popety, plus such additional aea as may be needed to connect said diveways, oadways and paking aeas with the boundaies of the development, the location of which may be chosen by Develope o its successos and assigns fo the use by the Develope and its guests, invitees and licensees and the Unit Ownes and Unit Week Puchases and othes who may be ightfully using said diveways and paking aeas, fo ingess, egess and access to the Real Popety, the Common Popety, and all adjacent and neahy popety now o heeafte owned by Develope, its successos o assigns, which easement shall be consideed an easement apputenant to said popety and all potions theeof, to un with said popety and all potions theeof. The Develope additionally eseves an easement of ingess, egess and access into and unde all Units and buildings shown heeon fo the constuction and maintenance of utility and seweage lines and fo all othe opeational and maintenance puposes. Futhemoe, the Develope eseves an easement acoss the Common Popety aeas of the popety shown heeon fo the constuction, maintenance and expansion of said utility and seweage lines and fo all othe opeational and maintenance puposes. ARTICE XXV MISCEANEOUS PROVISIONS Section Guests of Unit Week Puchases. Duing a Unit Week Puchase's use and occupancy of the Real Popety, the Unit Week Puchase may allow guests to use the Real Popety, subject to those geneal guidelines which the Develope may adopt and modify fom time to time. The Develope will not povide a Unit Week Puchase's guest with access to the Real Popety o to the Unit Week Puchase's unit unless the Unit Week Puchase has povided the Develope with witten authoization. If any Unit Week Puchase intends fo his o he guest to use the Real Popety duing a Unit Week Puchase's usage esevation, then the Unit Week Puchase shall infom the Develope of such authoization pio to check-in and shall povide the Develope with the guest's name, addess and phone numbe. Upon aival, guests will be equied to show poof of identification and shall be equied to othewise follow the ules and egulations of the Real Popety. Any costs o expenses incued by a guest, o damages o losses caused by a guest shall be chaged to the Unit Week Puchase and shall be the financial esponsibility of the Unit Week Puchase. The Develope eseves the ight to chage Unit Week Puchases an administative fee associated with the pefoming of those duties set foth heein. Section Check-in Pocedues. Unit Week Puchases and thei guests must abide by and obseve those check-in pocedues which the Develope may implement and modify fom time to time. 27

30 Section Paking. All Unit Week Puchases shall abide by those paking egulations which the Develope may implement fom time to time which may include, without!imitatiofl~ the need to post in the.~dshield of the Unit Week Puc~~se:s v,s*l~ a coi]finnation and check-in numbe and authonzation.. Section Minos. No one unde the age of eighteen 18) may use the. Real Popety unless accompanied by an adult. Childen ae the esponsibility of thei paents o guadians and may only play in designated aeas. l Section Emegency Access. The Develope will possess access keys to all accommodation units and eseves the ight to ente said units at any time fo any easonable eason, including emegency situations. Section Geneal Regulations. The Develope eseves the ight to implement and modify fom time to time othe geneal ules and egulations egading the manne in which accommodation units, common aeas and the Real Popety may be used. All Unit Week Puchases and thei guests ae equied to abide by said egulations and failue to so abide by said egulations may esult in the loss of accommodation ights. Section Unit Assignment. Despite the fact that a Unit Week Puchase has been deeded a Unit Week with a specific unit and week designation, neithe the Develope no the Association is obligated to povide the Unit Week Puchase with ovenight accommodations within the specified unit and duing the specified Unit Week. Unit and unit week designations shall be assigned to Unit Week Puchases unde those fist equested, fist confinned, space available ules which ae set foth heein. Section Check-Out Time. All Unit Week Puchases must vacate thei accommodations unit no late than 10 a.m. on the last day of thei occupancy peiods. No Unit Week Puchase shall have the ight to take occupancy of thei accommodations unit ealie than 4 p.m. on the day in which the occupancy peiod begins. The Develope eseves the ight to modify and amend these check-in and check-out times in the Develope's discetion. Should a Unit Week Puchase fail to vacate thei accommodations unit as povided heein, then the Unit Week Puchase shall become subject to additional costs which will be assessed by the Develope to eimbuse othe Unit Week Puchases fo altenative housing costs, to compensate the Develope fo additional administative and manageial costs incued, and to compensate the Develope fo housekeeping expenses incued in addition to any othe costs which may be allocated to Unit Week Puchases who fail to vacate thei units as povided by the Declaation. I f I, _ Section Payment of All Assessments, Expenses, Aeaages. Evey Unit Week Puchase is obligated to pay to the Develope o its assigns and the Association all sums of money owed to these paties as a condition to the Unit Week Puchase's ight to confinn accommodations at the Real Popety o othewise use and enjoy the benefits of the Real Popety. Included within these financial obligations ae the payment of all installment loan payments to the Develope o its assigns, the payment of all Unit Week maintenance fees as povided by the Declaation, the payment of all cancellation and othe fees and chages that may be assessed against Unit Week Puchases, and the assessment of othe costs and fees unde the Declaation o othewise. Section Maintenance Peiods. The Develope and the Association eseve the ight to take Unit Weeks out of availability inventoy on a peiodic basis so that maintenance to the Unit 28

31 Weeks may be pefomed. It is anticipated that no Unit Week shall be out of availability fo moe than a seven 7) day peiod each calenda yea. Duing these maintenance peiods, accommodations cannot be confimed into the specified Unit Weeks. Section Housekeeping. The Develope will povide housekeeping sevices to the Unit Week Puchases on the check-out date only. Subject to availability, housekeeping may be available on a moe-fequent basis but subject to additional chage. Section Unit Amenities. Each Unit Week Puchase will be esponsible fo insuing at check-in that the Unit Week Puchase's accommodations unit contains all flatwae, glasswae, utensils, funishings and amenities which ae popely allocated to that unit. Unit Week Puchases will be esponsible fo loss o beakage of these amenities and will be chaged fo such loss o beakage. Section Occupancy. The Develope eseves the ight to detennine and establish fom time to time the occupancy limitations fo each Unit Week which is the subject of this Declaation. All occupancy limitations will be in accodance with local egulation and ae designed to pomote the safety of all Unit Week Puchases. Section Assumption by Association. To the extent that the Develope no longe pefoms any o all of the duties and obligations assigned to the Develope heeunde, the Association heeby covenants and agees to pefom such duties and obligations in a pompt, timely and esponsible manne. Should the Develope fail to enfoce any ights eseved to it heeunde, specifically including, without limitation, the ight and obligation to insue Unit Week Puchase compliance with this Declaation, then the Association shall be vested with said ights and obligations and shall have the ight to diectly initiate all actions which the Association deems easonable in ode to enfoce this Declaation. Section Suppots. Unit Ownes and Unit Week Puchases shall not be deemed to own the suppot stuctues, pipes, wies, conduits o othe utility lines unning though said espective Units which ae utilized fo o seve moe than one Unit, which items ae, by these pesents heeby made a pat of the Common Popety. Section Implied Easements. The Unit Ownes and Unit Week Puchases agee that if any potion of a Unit o Common Popety encoaches o encoached upon anothe, a valid easement fo the encoachment and maintenance of same, so long as it stands, shall and does exist. In the event a building o buildings ae patially o totally destoyed and then ebuilt, the Unit Ownes and Unit Week ownes agee that encoachment on pats of the Common Popety o Units, as afoedescibed, due to constuction, shall be pemitted, and that a valid easement fo said encoachments and the maintenance theeof shall exist. Section No Exemption fom Common Expenses. No Unit Owne o Unit Week Puchase may exempt himself fom liability fo his contibution towad the Common Expenses, o in the case of a Unit Week Puchase in a Unit Committed to Inteval Owneship, the Maintenance Fee, by waive of the use and enjoyment of any of the Common Popety, o by the abandonment of his Unit. Section Ad Valoem Taxes. Unit Ownes shall assess thei Unit fo the pupose of ad valoem taxes with the Tax Assesso of Taney County o fo such othe futue legally authoized govenmental office o authoity having juisdiction ove same. Nothing heein shall be constued, 29

32 I howeve, as giving to any Unit Owne the ight of contibution o any ight of adjustment against any othe Unit Owne on account of any deviation by the taxing authoities fom the valuation heein pescibed; each Unit Owne agees to pay ad valoem taxes and special assessments as ae sepaately assessed against his Unit. Section Association to Pay Tax. Ad valoem taxes on a Unit Committed to Inteval Owneship shall be paid by the Association and said taxes shah be collected as pat of the Maintenance Fee. Section Tax Allocation. Fo this pupose of ad valoem taxation, the inteest of the owne of a Unit and that Unit's pecentage inteest in the Common Popety shall be consideed a Unit. The value of said Unit shall be equal to the pecentage of the value of the entiety of the Real Popety, including land and impovements, as has been assigned to said Unit in this Declaation. The total of all said pecentage equals one hunded pecent 100%) ofthe value of all ofthe land and impovements theeon. Section Exhibits. All povisions of this Declaation and Exhibits attached heeto and amendments theeo~ shall be constued as covenants unning with the land, and of evey pat theeof and inteest theein, i!lcluding but not limited to evey Unit and apputenances theeto, and evey Unit Owne and Unit Week Puchase and occupant of the popety, o any pat theeot; o of any inteest theein, and his heis, executos, administatos, successos and assigns, shall be bound by all of the povisions of said Declaation and Exhibits annexed heeto and any amendments theeof. The subjection ofthe Real Popety o suounding popeties to zoning laws and egulations shall not then o theeafte cause any povision of this Declaation to teminate. Section Seveability. If any of the povisions of this Declaation, o ofthe Bylaws, the Aticles ofincopoation of the Association, the Management Ageement, o any section, clause, phase, wod, o the application theeof in any cicumstance, is held invalid the validity of the emainde of this Declaation, the Bylaws, Aticles of Incopoation, and Management Ageement and of the application of any such povision, action, sentence, clause, phase o wod, in othe cicumstances, shall not be affected theeby. Section Notices. Wheneve notices ae equied to be sent heeunde, the same may be deliveed to Unit Ownes o Unit Week Puchases eithe pesonally o by mail, addessed to such Unit Ownes o Unit Week Puchases at thei place of esidence on file with the Association fom time to time. Poof of such mailing o pesonal delivey by the Association o any management fim shall be given by the affidavit ofthe peson mailing o pesonally deliveing said notices. Notices to the Association shall be deliveed by mail to the secetay of the Association, o the pesident of the Association, o to any Unit Week Puchase of the Boad of Diectos of the Association. The change of the mailing addess of any paty as specified heein shall not equie an amendment to this Declaation. Section Develope Notices. Notices to the Develope shall be deliveed by mail to: Suey Vacation Resots, Inc., 430-C Highway 165 South, Banson, Missoui Section Association Notices. Notices to the Association shall be deliveed by mail at: Suey Gand Cowne Resot Ownes Association, Inc., 430-C Highway 165 South, Banson, Missoui

33 Section Mailing. All notices shall be deemed and consideed sent when mailed. Any paty may change his o its mailing addess by witten notice, duly eceipted fo. Notices equied to be given the pesonal epesentative of a deceased Unit Owne o Unit Week Puchase o devisee, when thee is no pesonal epesentative, may be deliveed eithe pesonally o by mail to such paty at his o its addess appeaing in the ecods of the cout wheein the Estate of such deceased Unit Owne o Unit Week Puchase is being administeed. The change of the mailing addess of any paty, as specified heein, shall not equie an amendment to this Declaation. Section easehold Ageements. Subsequent to the filing of this Declaation the Association, when authoized by a vote of the majoity of the total vote of the Unit Week Puchases of the Association and appoved by the ownes and holdes of institutional fist motgages encumbeing Units who epesent a majoity of the dolla institutional motgage indebtedness against the Real Popety may, togethe with othe associations and othes, puchase andlo acquie and ente into ageements, fom time to time, wheeby it acquies leaseholds, Unit Week Puchases,. andl o othe possessoy o use inteests in lands o facilities, and othe eceational facilities, whethe o not contiguous to the lands of the Real Popety intended to povide fo the enjoyment, eceation o othe use o benefit of the Unit Ownes and Unit Week Puchases. The expense of owneship, ental Unit Week Puchase fees, opeations, eplacements and othe undetakings in connection theewith shall be Common Expenses, togethe with all othe expenses and costs heein defined as Common Expenses. Section Gende. Wheneve the context so equies, the use of any gende shall be deemed to include all gendes, and the use of the singula shall include the plual, and plual shall include the singula. The povisions of this Declaation shall be libeally constued to effectuate its pupose of ceating a unifoin plan fo the opeation of the Real Popety. Section Captions. The captions used in this Declaation and exhibits annexed heeto ae inseted solely as a matte of convenience and shall not be elied upon andlo used in constuing the effect o meaning of any of the text of this Declaation o exhibits heeto annexed. Section Fist Encumbances. Whee an institutional fist motgage, by some cicumstance, fails to be a fist motgage, but it is evident that it is intended to be a fist motgage, it shal~ nevetheless, fo the pupose of this Declaation and exhibits annexed, be deemed to be an institutional fist motgage. The tems motgago and motgagee shall also efe to and mean the same as the tems "Ganto" and "Gantee" in a "Deed to Secue Debt" o "Deed of Tust". Section No Waanties. Develope specifically disclaims any intent to have made any waanty o epesentation in connection with the popety o this Declaation, except as specifically set foth heein, and no peson shall ely upon any waanty o epesentation not so specifically made heein unless othewise stated. Maintenance Fees, Common Expenses, taxes o othe chages ae estimates only and no waanty, guaanty o epesentation as to these chages is made o intended, no may one be elied upon. Section Association Appoval. The Association, by its execution of this Declaation appoves of the foegoing and all of the covenants, tems and conditions, duties and obligations of this Declaation and Exhibits attached heeto. The Unit Ownes and Unit Week Puchases, by vitue of thei acceptance of the Deed of Conveyance as to thei Unit o Unit Weeks o execution of a Contact of Puchase of thei Unit o Unit Weeks, and othe paties by vitue of thei occupancy of the Units heeby appove the foegoing and agee to abide by and be bound by all of the tems and conditions, duties and obligations of this Declaation and Exhibits attached heeto. 31

34 Section No Patition. Except as povided fo heein, no Unit Owne o Unit Week Puchase shall bing o have any ight to bing any action fo patition o division of the Real Popety, no shall any Unit Week Puchase of Unit Weeks within a Unit Committed to Inteval Owneship have the ight to bing any action fo patition of the Unit in which his Unit Weeks ae located, no shall any Unit Week Puchase have the ight to bing an action fo sale of a Unit in lieu of patition theeof Section Easements. Unit Ownes and Unit Week Puchases shall have an easement fo ingess and egess ove all lobbies, hallways, elevatos, steets, walks and othe ights of way seving the Units as a pat of the "Common Popety" and also as a pat of the popety that may be owned and maintained by the Association, as may be necessay to povide easonable access to the Units and Common Popeties, and such easements shall extend to the guests, invitees and licensees of the Develope, Unit Owne o Unit Week Puchase. In the event that any of said easements fo ingess and egess shall be encumbeed by any leasehold o lien, such leaseholds o liens shall heeby be subodinate to the use ights of all Unit Ownes o Unit Week Puchases Section Plans. All plans and specifications fo any stuctue o impovement whatsoeve to be eected on o moved upon any potion of the Real Popety, and the poposed location theeof, the constuction mateial, the oofs and exteio colo schemes, any late changes o additions afte initial impovement theeof and any emodeling, econstuction, alteations, o additions theeto in addition to being subject to the appoval of the Association, shall also be subject to appoval in witing befoe any such wok is commenced by the Develope o it successo o assign. Section Hold Hamless. In consideation of the sale ofa Unit Week to a Unit Owne, the Unit Owne and his successos, assigns, guests, invitees, agents and employees collectively agee to hold hamless the Develope, the Maketing Fim, and thei espective successos, assigns, agents and employees fom and against any damages which they may sustain as a esult of the loss o theft of any pesonal popety o any and all pesonal injuy of whateve natue which they may sustain duing thei occupancy heeunde. Section Govening aw. This Declaation shall be govened by and constued in accodance with the laws of the State of Missoui. Section Acceptance of Title. By accepting title to popety encumbeed heeby, a Unit Owne o Unit Week Puchase covenants and agees that sevice of pocess against the Unit Ownes o Unit Week Puchase may be lawfully accomplished by delivey of appopiate documents to the duly elected pesident of the Association and that juisdiction egading any actions aising heeunde shall vest in Taney County, Missoui. Section eases. Should a Unit Week Puchase not utilize his Unit Week and not othewise lease o loan same, the Develope eseves the ight to lease said Unit Week to a thid paty and etain all ental poceeds theefom. Section Damages by Unit Week Puchases and Guests. In consideation of the eceipt of a deed o othe instument of conveyance to a Unit Week, each Unit Week Puchase pesonally covenants and agees that each Unit Week Puchase shall be solely esponsible fo all costs incued by the Association o the Develope that esult fom damages o loss caused by the Unit Week Puchase o any family membe, guest o invitee of the Unit Week Puchase to 32 I { [ [ 1 \ 1 1 ~,

35 Association popeties, popeties owned by the Develope, o components associated with o allocated to any Unit Committed to Inteval Owneship. Included in the types of damage and loss contemplated by this paagaph ae a) damage to inteio components of any Unit Committed to Inteval Owneship such as sheetock, windows, mios, funishings and elated and unelated components, b) loss of pesonal popety allocable to each Unit Committed to Inteval Owneship such as flatwae, cooking utensils, glasswae, funishings, bedspeads, towels and simila items, c) damage to exteio components of each Unit Committed to Inteval Owneship such as vehicula damage to Unit Committed to Inteval Owneship and Common Element apputenances, damage to o loss of pool o eceational facilities o apputenances and elated and unelated types of loss o damage. The Association o the Develope shall invoice the Unit Week Puchase fo the easonable costs associated with the emedying of said damages and, if not paid, said costs shall be chaged to the Unit Week Puchase's account and shall be included in the Maintenance Fee and Assessment chaged to the Unit Week Puchase. To the extent that said costs continue to emain unpaid, said costs shall constitute and compise a lien against the Unit Week of the Unit Week Puchase and shall be subject to foeclosue in accodance with those pocedues set foth heein. Section 2S.41. Incidental Expenses. The Develope and the Association eseve the ight to equie all Unit Week Puchases as a condition to check-in to povide a cedit cad impint o simila payment assuance upon check-in so that the payment of incidental costs and expenses such as without limitation, phone chages incued by the Unit Week Puchase can be assued. Section Condemnation. The poceeds of all awads, payments and claims fo damages, diect and consequential, eceived by the Develope in connection with any condemnation o othe govenmental taking of any Unit, Unit Week o Biennial Unit Week, o poceeds eceived in connection with conveyances in lieu of condemnation collectively, the "Poceeds") shall be paid and disbused in the following manne: a. To the extent that the condemnation esults in the pemanent loss of the usage of a Unit o Unit Committed to Inteval Owneship, then the Poceeds shall be allocated and poated among and paid to the Ownes of the Unit, Unit Weeks andlo Biennial Unit Weeks located theein. Should the Develope own any Unit, Unit Weeks andlo Biennial Unit Weeks which ae the subject of such condemnation, then the Develope heeby assigns said Poceeds to that institutional lende holding a fist secuity inteest in and to the Real Popety with the undestanding that said lende shall apply the Poceeds in eduction ofindebtedness outstanding and owed by the Develope. b. To the extent that the condemnation esults in the pemanent loss of the usage of a eceational amenity which benefits Ownes ofthe Unit, Unit Weeks andlo Biennial Unit Weeks, then the Poceeds shall be paid to the Association with the expess undestanding that the Association shall use said Poceeds to eithe ebuild simila eceational amenities o othewise use said Poceeds fo the benefit of all Ownes of the Unit, Unit Weeks andlo Biennial Unit Weeks. c. To the extent that the condemnation esults in neithe the pemanent loss ofthe usage of a Unit o Unit Committed to Inteval Owneship no the pemanent loss of the usage of a eceational amenity which benefits Ownes of the Unit, Unit Weeks andlo Biennial Unit Weeks, then the Poceeds shall be paid to and ae heeby assigned to that institutional lende holding a fist secuity inteest in and to the Real Popety with the undestanding that said lende shall apply the Poceeds in eduction 33

36 , of indebtedness outstanding and owed by the Develope. To the extent that no such indebtedness is outstanding, then the Poceeds shall accue to the benefit of the Develope and its successos and assigns as thei inteest may appea. Section Restictive Maintenance Covenant. The Develope desies to povide assuance to successive ownes of the Real Popety, Units and Units Weeks and othes that cetain sewe, waste wate and stom wate lines located upon the Real Popety will constantly be maintained in accoda..'1ce '~lith va..ious health depa..tment and othe egulatioils. The Develope does heeby covenant and agee that it and its espective successos and assigns shall always maintain and opeate all sewe, waste wate and stom wate lines which petain to o ae located upon the Real Popety o upon that adjacent eal popety in which said lines ae located in accodance with all local, state and fedeal health and othe ules and egulations of whateve natue. The povisions of this paagaph ae intended to not only benefit all successive and subsequent ownes of the Real Popety, Unit and Unit Weeks but also all ownes of that eal popety located noth of the Real Popety and upon which the Thousand Hills Golf Couse is located. The cuent and all successive ownes of the Thousand Hills Golf Couse ae heeby empoweed and authoized to enfoce against the Develope and its espective successos and assigns the obligations of this paagaph eithe at law o in equity. Section Sales Pesentations to Golfes. The Develope does heeby covenant and agee that it, and its espective successos and assigns shall take all necessay measues to pevent any peson fom soliciting fom the Real Popety pesons, guests, customes, employees, ownes o othe invitees on i) the Real Popety o the Thousand Hills Golf Couse that ests adjacent to the Real Popety, eli) popety adjoining the Real Popety o the Thousand Hills Golf Couse that ests adjacent to the Real Popety, o iii) any Thousand Hills Subdivision lots within visual o heaing distance with any fom of communication, including but not limited to, the posting of signage and vebal and witten communications, pomoting the sale of any commecial ventue., investment oppotunity o vacation oppotunity it being ecognized that the Develope will be allowed to place on the Real Popety outine signage that identifies the name of the poject and Real Popety). Section Easement Ageements. It is ecognized and undestood that cetain of the wate, waste wate and stom wate lines, pipes and apputenances that benefit the Real Popety have been constucted with the benefit and coopeation of Thousand Hills Golf Patneship, P, a Missoui limited liability patneship "Thousand Hills"). In connection theewith, the Develope and Thousand Hills have enteed into a Sewe Easement Ageement and Stom Wate Run-Off Easement Ageement, which have been filed of ecod in Taney County, Missoui which addess, among othe things, the issues efeenced in Section and Section heeof By this efeence, the tems and conditions of said easement ageements ae incopoated heein by this efeence as if set out heein wod fo wod and said ageements ae ageed to be binding upon and shall inue to the benefit of the Develope and its successos and assigns. Section Futue Development ands. The Develope eseves the ight to constuct additional units, in additional phases on that eal popety, which is moe fully descibed on Exhibit G, attached heeto the "Futue Development Popety"), and to subject the Futue Development Popety to the estictions set foth heein as well as to any othe estictions o covenants with which the Develope might othewise encumbe said popety; povided, howeve, that nothing heein shall ceate any obligation whatsoeve on the behalf of the Develope to develop such ~ -j ~ v I 1 if, i, \. I f t f i l i :k I t 34

37 subsequent buildings and phases. All ights eseved unto the Develope heeunde shall be eseved unto the Develope should the Futue Development Popety be incopoated into the subject egime. Moeove, the Develope eseves the ight at any time to file an amendment heeto, which shall seve as a elinquishment of the Develope's intention to so develop additional buildings and phases. The filing of such an amendment shall seve to elease and elinquish any and all encumbances of any natue against the Futue Development Popety that might othewise be ceated heeby. Section Restatement. This Declaation constitutes an amended and estated vesion of any othe declaations of covenants and estictions that the Develope has peviously pomulgated and/o distibuted with egad to the Poject. IN WITNESS WHEREOF, Suey Vacation Resots, Inc., a Missoui copoation, has caused this instument to be executed in its copoate name by its Pesident, attest~)by its S,cetay, all by ode ofits Boad of Diectos fist duly given, this the,..l1 day of CYJl ) OIl. '-"~, 2001 SURREY VACATION RESORTS, INC. BY:C~ " ':1,-. ;., Title: Ik e> d eni- ATTEST: f) g.. djj~= STATE OF MISSOURI COUNTY OF TANEY ) ) ss. ) On this day befoe me, a Notay Public, duly commissioned, qualified and acting, within and fo said OPunty and State, appeaed in ;)peson the within-named C_;:;-: ~A!,", c:.. and',,<if- Ii, /[, 1\0)<' to;ne pesonally well known, who stated that they wee the AVi Oi!tf- and <!.c... t-a.~ of Suey Vacation Resots, Inc., a Jvfissoui copoation and wee duly authoized in thei espective capacities to execute the foegoing instument fo and in the name and behalf of said company, and futhe stated and acknowledged that they had so signed, executed and deliveed said foegoing instument fo the consideation, uses and pupose theein mentioned and set foth. IN TE~ONY WHEREOF, I have heeunto set my hand and official seal this If, day of u I!''''' <::, ~ o Pub~liC~. ccl2.y\' a My Commission Expies:, Ph J.12 2 /1tD!5 ORI SADER 35 Notay Public - Notay Seal STATE OF MISSOURI Taney County My Commission Expie. Af,. B, 2005

38 I, 1; FOR GOOD AND VAUABE CONSIDERATION, the eceipt of which heeby is acknowledged, SUI.-ey Gand Cowne Resot Ownes Association, Inc., a Missoui non-pofit copoation, heeby agees to accept all of the benefits and au of the duties, esponsibilities, obligation~ and budens imposed upon it by the povisions of fjs Declaation of CondOininium fo The Suey Gand Cowne Resot, and Exhibits attached heeto. ll'~ WITNESS WiEREOF, Suey Gand Cowne Resot O~s Assqciation, Inc. has caused this ~tument to be. executed in its copoate name Us,4.~6d." f-.,attested by its ~C UI.. I-,.. J 'f on this ~ day of 0 IJc:t<.1 "1..,2001., t. }-:..,./ SURREY GRAND CROW1~ RESORT OWNER ASSOCIATION, INC. By:-----'C~~~-:fl~~~ Tit1e: --"J:2---'4."""""c.:::....-'-~')'_~:!.:~'_'f STATE OF i\11ss0uri COUNTY OF TANEY ) ) ss. ) i f 1 l On this day befoe me, a Notay Public, duly commissioned, qualifiedjmd jcting, within and fo said c~nty am;! State, JlPpeaed in peson the within-named C..J'. ~A..A. "-- and,!... Ff + Q. ff Il< Dol\., to me pesonally well known, who stated that they wee the Pesident and Secetay of Suey Gand Cowne Resot Ownes Association, Inc., a Missoui non-pofit copoation, and wee duly authoized in thei espective capacities to execute the foegoing instument fo and in the name and on behalf of said copoation, and futhe stated and acknowledged that they had so signed, executed and deliveed said foegoing instument fo the consideation, uses and puposes theein mentioned and set foth. of ~/TESbONY WHEREOF, I have heeunto nave",200l., official seal this 1:J-. day My Commission Expies: O"OtU Q Y :ld05 ORI SADER Notay Public Notay Seal STAE OF MISSOURI Taney County My Commlsolon Explea />fi. 8, 2005 I, I 36

39 EXHIBIT IST A B C D E F G Popety desciption Poject dawings and illustation The Association's Bylaws The Association's Aticles ofincopoation Management Ageement Initial Rul es and Regulations Futue Development ands

40 Exhibit A DESCRIPTION AS PER DEED: OT 2 OF THOUSAND HIS FIRST ADDITION, A RECORDED SUBDIVISION IN THE CITY OF BRANSON, TANEY COUNTY, MISSOURI. DESCRIPTION AS PER SURVEY: A PART OF OT 2 IN THE FIRST ADDITION TO THOUSAND HIS SUBDIVISION, SITUATED IN SECTION I, TOWNSHIP 22 NORTH, RANGE 22 WEST, TANEY CO{)NTY, MISSOORI, AS PER THE RECORDED PAT THEREOF, FOUND AT SIDE C-I07 SHEET 3 OF 10), TANEY COUNTY RECORDER OF DEEDS OFFICE, AND BEING MORE PARTICUARY DESCRIBED AS FOOWS: BEING AT SET REBAR AT THE SOOTHWEST CORNER OF SAID OT 2 IN THE FIRST ADDITION TO THOUSAND HIS SOBDIVISION, THENCE N '00" E AONG THE WEST INE OF SAID OT 2, FEET TO AN EXISTING REBAR, THENCE N 84 58'37" E, FEET TO AN EXISTING REBAR, THENCE N50021 '10" E, FEET TO AN EXISTING REBAR, THENCE S 34 13'13" E, FEET TO AN EXISTING REBAR, THENCE S 53 35'01" E, FEET TO AN EXISTING REBAR, THENCE S 00 00'46" E, FEET TO A POINT ON THE SOOTH INE OF SAID OT 2, THENCE N 87 36'27" W AONG THE SOOTH INE OF SAID OT 2, FEET TO THE POINT OF BEGI]\jNING, CONTAINING ACRES, MORE OR ESS, TOGETHER WITH AND SOBJECT TO A EXISTING EASEMENTS AND RESTRICTIONS OF RECORD, AND SOBJECT TO A FIFTEEN 15.0) FOOT-WIDE ACCESS AND OTIITY EASEMENT, THE PElillvfETER BEING DESCRIBED BEOW WITH OTHER EASEMENTS.

41 Exhibit B

42 Exhibit B, Jt-' j 4.._ f j f! <. i. t j

43 Exhibit C BYAWS OF THE SURREY GRAND CROWNE OWNERS ASSOCIATION, INC. ARTICE I APPICATION AND DEFINITIONS These Bylaws shall apply to all pesent and futue ownes, motgagees, lessees, o othe occupants, and all othe pesons who may use the facilities of The SUiey Gand Cowne Resot as pesently platted o as may be platted in the futue heeinafte "Condominimn"), with the mee act of occupancy of any of the units o popety to signify that these Bylaws and all othe of the Condominium documentation, ules, and egulations ae accepted, atified and complied with. All tems heein shall be consideed to have the same definition as in the Declaation of Condominium fo The SUlTey Gand Cowne Resot as ecoded in the public land ecods of Taney County, Missoui the "Declaation"). ARTICE II THE SURREY GRAND CROWNE OWNERS ASSOCIATION, INC. Section I - Membeship and Management. All Unit Ownes o Unit Week Puchases within the above Condominium as now platted o as may be platted will be membes of The Suey Gand Cowne Ownes Association, Inc. heeinafte efeed to as "Association") which, though its Boad of Diectos, shall have the esponsibility of managing the Association o aanging fo its management pusuant to a Management Ageement which has been o will be enteed into between the Association and Management Fim. All management duties may, unless pohibited by the Declaations, be assigned to the Management Fim o its successos unde said Management Ageement. Except as othewise specifically povided, decisions equied to be made by the membes of the Association shall equie appoval of a majoity theeof Section 2 - Place of Meeting. Meetings of the membes of the Association shall beheld at Banson, Missoui o at such othe suitable place convenient to the membes as may be designated by the Boad of Diectos. Section 3 - Annual Meeting. The annual meetings of the membes of the Association shall be held on the fist Tuesday in Mach of each yea, commencing in Mach At such meeting the membes shall by ballot elect a Boad of Diectos ofllie Association fo the ensuing yea, and tansact such othe business of the Association as may popely come befoe the meeting. Section 4 - Special Meetings. It shall be the duty of the Pesident ofllie Association to call a special meeting of the membes if diected to do so by esolution of the Boad of Diectos o by a petition signed by a majodty of the membes. Notice theeof shall state the time, place and pul-pose of said meeting, and no business shall be tansacted at any special meeting othe than that G:\CQNDO DOCIBYA WS2.DOC

44 .,. stated in said notice, except by consent of no less than seventy-five pecent 75%) ;lfthe membes pesent, eithe in peson o by poxy. Section 5 - Notice of Meeting. It shall be the duty of the Secetay to mail a notice of the annual meeting and each special meeting stating the pupose of said special meeting) to each Unit Owne o Unit Week Puchase on ecod with the Association at least fifteen IS) days but not moe than thity 30) days in advance of each annual meeting, and at least five 5) days but not moe than ten 10) days in advance of any such special meeting, such notice to be consideed complete upon mailing.. Section 6 - Voting and Majoity. Voting shall be on a pecentage basis, with the pecentage of the total vote of each membe to be the same as the pecentage assigned to his inteest in the Condominium as povided by the Declaation. As used in these Bylaws, the tem "majoity" shall mean moe than fifty pecent 50%) of the total vote on the pecentage basis heeinabove povided. A Unit Owne shall eceive one I) VGte fo each Unit owned. A Unit Week Puchase shall be entitled to cast the fac!;onal vote attibutable to his Unit Week, as set foth in the Declal1ition. Section 7 - Quoum. Except as othewise specifically povided heein, the pesence in peson o by poxy of membes holding 10% of the total vote of the Condominium as heeinabove povided shall constitute a quoum. In the event a quoum is not pesent, the membes who ae pesent, eithe in peson o by poxy, may adjoun the meeting to a time not less than twenty-fou 24) hous fom the beginning day and time of the then meeting. Section 8 - Poxies. Votes may be cast eithe in peson o by poxy. Poxies shall be in the fonn detemined fom time to time by the Boad of Diectos, and must be filed with the Secetay at least two 2) days befoe the scheduled date and time of a egula meeting, o at least twenty-fou 24) hous befoe the scheduled time of a special meeting. ARTICE III BOARD OF DIRECTORS Section I - Numbe and Qualifications. The Boad of Diectos of the Association shall consist of at least thee 3) pesons, all of whom must be Unit Ownes o Unit Week Puchases, o offices of a copoate Unit Owne o Unit Week Puchase, o patnes of a patneship Unit Owne o Unit Week Puchase, o spouses of an individual Unit Owne o Unit Week Puchase. :, j! Section 2 - Powes and Duties. The Boad shall manage and contol the affais of the Association, select the offices theeof, establish committees theeof and appoint the membes of said committees; adopt easonable ules of ode fo the conduct of the meetings of the Association and have sole detennination of pocedual questions upon which no ules have been adopted, assign such duties and esponsibility to the committees as it consides desiable which ae not inconsistent with these Bylaws o any othe of the Declaation documentation, adopt easonable IUles and egulations fo the use of the units and limited common popeties, see to the maintenance of lhe Units and Common Popel1ies and the opeation of the Units and COlDmOn Popeties and G:\CONDO DOCIBYAWS2.DOC

45 the collection of assessments fo that pupose, except to the degee that said duties and esponsibilities have been delegated to the Management Finn unde the Management Ageement. Section 3 - Election and Tenn of Office. At the fist annual meeting of the Association, the tenn of office of the candidate fo the Boad eceiving the geatest numbe of votes shall be thee 3) yeas, the tenn of o ffice of the candidate eceiving the next highest numbe of votes shall be two 2) yeas, and the tenn of office of the candidate eceiving the' thid highest numbe of votes shall be one 1) yea. At the expiation of the initial tenn of each Diecto, his successo shall be elected to seve a tem of thee 3) yeas. Each Diecto shall hold office until his successo has been duly elected and qualified. Pending the fist election pusuant heeto, those pesons named in the Aticles of Incopoation of the Association shall seve as the initial Boad of Diectos. Cumulative voting will not be pennitted in the election of the Boad of Diectos. Section 4 - Meetings. The fist meeting of the Boad of Diectos shall be held within ten 10) days following thei election, at such place and time as they may detennine by esolution at the meeting in which they wee elected, of which no notice shall be equied. Regula meetings of the Boad may be held at such time and place as shall be detemined by a majoity esolution, at least two of which meetings shall be held duing each fiscal yea. Notices theeof shall be given to each membe pesonally o by mail, telephone o telegaph at least ten 10) days pio theeto. Special meetings may be called by any two 2) Diectos, notice of which shall be given to each membe of the Boael, in the manne above descibed, at least thee 3) days pio theeto. Notice of any meeting may be waived plio to o at any meeting of the Boad. Attendance at a meeting by a membe ofllie Boad shall constitute a waive of notice by him, unless he announces that his only pupose in attending said meeting is to object to its being held without pope notice. Any action, which may be taken at a meeting, may be taken without a meeting, in witing signed by all membes of the Boad and filed with the Secetay of the Association. Section 5 - Quoum. Two 2) membes of the Boad of Diectos shall constitute a quoum to tansact its business, and the act of a majoity of the Diectos pesent shall be deemed to be the act of the Boad. Section 6 - Vacancies and Removal.. Any vacancy on the Boad shall be filled by the emaining Diectos, even though they might constitute less than a quoum. Any peson so elected shall seve out the expied tem of the vacant office. Any membe of the Boad of Diectos may be emoved with o without cause at any time by a vote of the membes of the Association holding a majoity of the votes cast at any egula meeting o any special meeting called fo that pupose. Section 7 - Fidelity Bond. The Boad of Diectos may equie that any o all offices of the Association handling funds of the Association funish a fidelity bond in an amount detelmined by the Boad, the pemium fo which shall be paid by the Association. G'~CONDO DOC'8Y-I. WS2.DOC

46 ARTICE IV OFFICERS Section I - Designation. Election and Removal. The offices of the Association shall be a Pesident, a Vice Pesident, a Secetay and a Teasue, and such additional Vice Pesidents and Assistant Secetaies and Assistant Teasues as may be detennined fom time to time by the Boad, all of whom shall be elected by the Boad. Any two offices may beheld by the same peson, except the offices of Pesident and Secetay. The offices shall be elected annually by the Boad and shall hold office at the pleasue of the Boad. Any office may be emoved, with o without cause, and his successo elected by maj0l1ty vote of the Boad.. Section 2 - Pesident. The Pesident shall be the chief executive office of the Association, and shall be a membe of the Boad of Diectos. He shall peside at all meetings of the Boad and the membes of the Association, shall have all of the geneal powes and duties usually vested in the office of Pesident, including but not limited to the powe to appoint committees fom among the Association's membes fom time to time as he may conside appopiate. Section 3 - Vice Pesident. The Vice Pesident shall pefom the duties of the Pesident in the absence of the Pesident, and pefom such othe duties as may fom time to time be assigned to him by the Boad of Diectos. Section 4 - Secetay. The Secetay shall keep minutes of all meetings of the Boad and the membes of the Association, have custody of the ecods of the Boad and the Association, and pefom all duties incident to the office of Secetay and such othe duties as may be assigned to him fom time to time by the Boad. Section 5 - Teasue. The Teasue shall be esponsible fo the funds of the Association and fo keeping full and accuate accounts of all eceipts and disbusements and all othe financial. ecods of the Association. He shall be esponsible fo the deposit of all monies. and othe valuable effects in the name and to the cedit of the Association in such depositoies as may fom time to time be designated by the Boad, and fo deliveing to the Management Finn any and all funds owed by the Association to the Management Finn. I i,. I t, 1 ARTICE V MORTGAGEES Section I - Notification. Any Unit Owne o Unit Week Puchase who moltgages his Unit o Unit Week o his inteest theein shall notify the Association, though the Management Fim, o the PTesident of the Boad of Diectos, in the event thee is no Management Ageement then in effect, of the name and addess of his motgage~, and the Association o Management Finn shall maintain a ecod of said motgagees. Section 2 - Notice of Unpaid Assessments. The Association o the Management Fim shall, at the equest of any motgagee of a Unit o Unit Week, epolt any unpaid assessments due fom its moltgago. G:ICONDO DOCIBYA WS2.DOC

47 Section 3 - Rights of Motgagees. All motgagees shall have the lights ganted to them by the Decla.atio.n, and nothing contained heein shall contavene said lights. ARTICE VI AIvIENDNffiNT These Bylaws may be amended by the affinnative vote of Unit Ownes including Unit Week Puchases) having two-thids 2/3) of the total vote of the Association, detemined as povided heeinabove. These Bylaws may also be amended by a two-thids 2/3) vote of the Boad of Diectos cifthe Association. No such amendment shall become effective until an appopiate Wlitten indication theeof is ecoded in the public land ecods of Taney County, Missoui. ARTICE VII MISCEANEOUS Upon ten 10) days' notice to the Associatiun's Boad of Diectos and the payment ofa easonable fee, any Unit Owne o Unit Week Puchase shall be funished a statement of his account setting foth the amount of any unpaid assessments o: eithe chages due and owing fom such Unit Owne o Unit Week Puchase. The Association's Boad of Diectos andlo offices may delegate any o all of its powes to a thid paty management fim. Any office o diecto may pepae, execute, cetify, and ecod amendments to the Condominium's Declaation on behalf of the Association. The Association though its Boad of Diectos may modify and amend the Condominium's Initial Rules and Regulations as appended to the Declaation at any time. These Bylaws ae heeby adopted, accepted and fully atified as the Bylaws of the Association on this 22 day of Mach, f3-~.. "... SEA) ~~"~J Diecto. G;\CONDO DOC\B-n... A WS1.DOC

48 Exhibit D Aticles of Incopoation of a Nonpofit Copoation The undesigned natual pesons) of the age of eighteen yeas o moe fo the pupose of fonning a copoation unde the Nonpofit Copoation aw of Missoui adopt the following Aticles of Incopoation: 1) The name of the copoation lathe Suey Gand Cowne ResQt Ownes' Association. Inc.. 2) This copoation is Mutual Benefit Copoation. 3) ''The peiod of duation of the col1:loationis Pepetual. 4) 'The name and steet addess of the Registeed Office in Missoui is H, Michael WjJsQD, 430 C State Hwy 165 South BansQn, Mjssoui 65616, 5) The name and addess of the incopoato is C.l PeTIle, 430 C. State Hwy 165 South, Banson, Missoui ) Does the copoation have membes? YES_ X_. NO 7) Povisions not inconsistent with law egading the distibution of assets on dissolution: Upon djssolution distibution of net assets, if any shall be made to membes as govened and contolled by section of the Missoui Statutes. as heeafte amended. 8) The pupose fo which the Copoation is fomed ae set foth in Exhibit "A" attached heeto and incopoated heein by efeence. 9) The effecti ve date of this document is the date it is filed with the Secetay of Missoui., i., i,, ~." I! 'C" 1 I of I t 10) Additional infomation on the copoate is set foth in.exhlbit"b" attached heeto andincoipotated heein by efeence, In affimjation of the facts stated above, Signed by Incopoato: /~ "II/). ---,C'f ~h'/>i"..v". < v C.1. Peme iled AND GERUIC)\TE CF 1~ICORpnRATlnN I~SUED MAR Z

49 Exhibit E THE SURREY GRAND CROWNE RESORT MANAGEMENT AGREEMENT This MANAGEMENT AGREEMENT "Ageement") is enteed into this 22 day of Mach, 1999 by and between THE SURREY GRAND CROWNE OWNERS ASSOCIATION, INC. the "Association") and SURREY VACATION RESORTS, INC. the "Management Fim"). WHEREAS, the Association is esponsible fo the opeation, management and maintenance of those buildings, impovements and common aeas that collectively constitute that timeshae esot poject located in Taney County, Missoui known as The Suey GandCowne Resot the "Poject Facilities"); and whereas, the Association desies fo the Management Fim to assume all manageial and opeational duties and esponsibilities associated with the pope opeation, maintenance and management of said Poject Facilities; and WHEREAS, the Management Finn is willing to pefom said duties and obligations in accodance with the t=s and conditions of this Ageement. NOW, THEREFORE, fo and in consideation of the mutual pomises contained heein, the paties heeto do heeby agee as follows: 1. The Association does heeby employ the Management Fim as the exclusive popety manage of the Poject Facilities which the Association is obligated to manage pusuant to the tenns and conditions of that Declaation of Condominium fo The Suey Gand Cowne Resot as has been filed of ecod in the public land ecods in and fo Taney County, Missoui the "Declaation"). 2. The tem of this Ageement shall commence on the date heeof and shall continue fo a peiod of Ten- 10) yea's heeafte. Theeafte, it shall be automatically enewed fo successive one 1) yea peiods until tenninated by appopiate action at a duly authoized meeting of the Association o by the Management Fim notifying the Association in witing that it will not enew this Ageement at its enewal date. 3. The Management Fim, to the exclusion of all othe pesons o entities including the Association and its membes, shall have the powes and duties of the Association as ae set foth in the Declaation except those powes as ae specifically equied to be execised by the Association's diectos o membes) and shall, futhe, pefonn by way of illustation and not of limitation, the following s'evices: G:\CONDO DOC\E..\'HIBlT E.DOC I

50 A) Cause to be hied, paid and supevised, all pesons necessay to be employed in ode to popely maintain and opeate the popeties and Poject Facilities, including a Poject Manage, who, shall be an employee of'the Management Finn. The Management Finn, ill its absolute discetion, shall additionally be autholized and entitled to dischage any agent o employee of the Association o othenvise associated with thepoject Facilities within its sole discetion; I B) To maintain and epai the popeties and the Poject Facilities to the same extent. that the Association is equied to maintain and epai it, as povided in the Declaation. Fo anyone item of epai o eplacement, the expense incued by the Manage on behalf of and eimbusable by the Association, shall not exceed the sum often THOUSAND DOARS $10,000.00), unless specifically authoized by the Association Boad of Diectos of the Association, except, howeve, in the case of an emegency, the Management Finn is authoized to expend any sum necessay to potect and peseve the popety and Poject Facilities as it lay deem necessay in its sole discetion. C C) Take such action as may be necessay to comply with all laws, statutes, odinances, ules and egulations ofall appopiate govenmental authoity, and the ules and egulations of the National Boad of Fie Undewites, o in the event it shall teminate its pesent functions, those of any othe body execising simila functions speoifically including without limitation the compliance with appopiate state timeshae statutes and egulations. CD) E) To ente into contacts fo gabage and tash emoval, vemin extemination, secuity potection, teleco=unications, cable, electic, compute, satellite and othe sevices, and make all such contacts and puchases in eithe the Association o Management Finn's name, as the Management Fim shall elect. To puchase equipment, tools, vehicles, appliances, goods, supplies and mateials as shall be easonably necessay to pefom its duties, including the maintenance, upkeep, epai and eplacement of the Poject Facilities and Association popeties. Puchases shall be in the name of the Management Fim o the Association, as the Management Fim shall elect. ; i f i [ f I,. I 1, '" F) Cau.se to be placed o kept in foce all insuance equied o pemitted in the Declaation o by the Association; to act as agent fo the Association, each popety owne, and fo each owne of any othe insued inteest; to adjust all claims aising unde said insuance policies; to bing suit theeon and delive eleases upon payment of claims; to othewise execise all of the lights, powes and pivileges of the insued puties; to eceive on behalf of G:ICONDO DOC\EXHIBIT E.DOC 2

51 the insued paties, all insuance poceeds, subj eet to the povisions of the Declaation. G) H) Maintain the Association's fmancial ecod books, accounts and othe ecods as povided by the Association's Bylaws; issue cetificates of account to membes, thei motgagees and lienos without liability fo eitos. Such ecods shall be kept at the office of the Management Fim and shall be available fo inspection by an expet employed by and at the cost and expense of the Association and at such easonable time as the Management Fim shall agee to; howeve, said equest fo inspection cannot be made moe than once in any calenda yea. Such expet may also conduct an extemal audit, povided the Association pays the cost fo it, and said independent audito, in any instance, must be acceptable to the Management Fim. The Management Fim shall pefom a continual ihtemal audit of the Association's financial ecods fo the pupose of veifying the same, but no indepenlent o extenal audit shall be equited of it. Maintain ecods sufficient to descibe its sevices heeunde and such financial books and ecods sufficient in accodance with pevailing accounting standads to identify the souce of all funds collected by it in its capacity as Management Fim, and the disbusement theeof. Such ecods shall be kept at the office of the Management Fim, and shall be available fo iospection by an expet employed by and at the cost and expense of the Association and at such easonable time as the Management Fim may agee to; howeve, said equest fo inspection cannot be made moe than once in any calenda yea. 1) The Management Fim in its sole discetion shall detemine the budget of the Association fo the ensuing yea. Upon the detemination of said budget, the Management Fim shall submit to the Association said. budget setting foth the anticipated income and expenses bfthe Association fo the yea, and the Management Fim shall specify theein each popety owne's monthly shae theeof and assessment theefo. Should an incease in assessments be equied o a special assessment be equied duing the yea, the same shall be detennined and made by the Management Fim and the Association shall be advised of the allocated shae payable by each of the Association's membes. The Management Finn shall collect the assessments based upon the foegoing detemination. The assessments of each membe of the Association shall be made payable to the Management Fim, o such othe finn o entity as the Management Finn shall diect; and the Management Fum shall have the ight to designate such membe o membes of the Association, o the Association itself, as it detennines, to G:ICONDO DOC\EXHIBIT E.DOe 3

52 collect said assessments on behalf of the Management Finn and delive same to it. The Management Finn may hie on behalf of the Association legal counsel t6 assist in the collection of past due assessments. With egad to all expenses which the Management Finn inay incu on behalf of the Association, the Management Fim shall not be esponsible fo obtaining the best' pice available as to any set-vice, mateial o puchase, but shail, without liability, puchase o contact fo same with such peson o paty as it deems advisable and in the best inteests of the Association and the Management Finn. Whee the Management F.im does not submit an opeating budget fo the ensuing yea to the Association as hee41 set foth, the opeating budget fo the cuent yea shall be deemed to apply to the ensuing yea and, in such case, each popety owne's shae of same shall continue in the same amount subject, howeve, to the ight of the Management Fim to incease assessmej;i.ts 'duling the yea o levy a special assessment whee it detennines that same is necessay o advisable subject to the applicable povisions of the Declaation. It is ageed and,undestood that in detemining annual popety owne assessments that the Management Fim may weight and allocate cetain expenses that ae unique and exclusive to cetain popety ownes to the exclusion of o,the popety ownes with a nonunifom assessment esulting theefom. ii)l 1 i 1 f l. -";1' '. j}', f,- I J) K), Deposit all funds collected fom the Association's membes, o othewise acciuing to the Association, in a special bank account o accounts of the Management Fim in fedeally insul'ed banks and/o othe financial institutions in the State of Missoui, with suitable designation indicating thei souce, sepaate fom o commingled with simila funds collected by the Management Fim on behalf of othe townhouses, condominiums o entities which the Management Fim manages. May cause a epesentative of its oganization to attend meetings of the popety ownes and of the Boad of Administatos of the Association; howeve, it is undestood and ageed that the minutes of all the Association'S meetings, whethe of popety ownes o of the Boad of Administatos, shall be taken by the Association's Secetay, and possession of the Minute Book shall be in the custody of said Secetay, who shall always be esponsible fo pepaing and funishing notices of all meetings to the equied paties. j '~. I, >, l Pomulgate, adopt and amend Rules and Regulations, as it deems advisable in its sole discetion fo the use and occupancy of the Poject Facilities and Association popeliies, and to enfoce it. G :\CONDO OOOE.."{HlB!T E.DOC 4

53 M) N) 0) P) Q) The Management FinD shall cause such alteations and/o additions. to the Poject Facilities o Association popeties to be made as authoized by the Boad of Diectos of the Association and its membes pusuant to and in accodance with the Declaation. The Management FiIm shall be paid fo the cost of its pesonnel and ovehead, mateials and equipment in egad theeto, and any and all contactos, subcontactos o mateial, men as ae equied theefo. Retain and employ such pofessionals and such othe expets whose sevices may be easonably equied to effectively pefofm its duties and execise its powes heeunde, and to employ it on such basis as it deems most. beneficial. Without limitation, the Management Fim shall be authoized to employ legal counsel to initiate on behalf of the Association appopiate foeclosue o colleotion poceedings as may be necessay to collect delinquent Association assessments o management fees and foeclose any owneship o possessoy ights that delinquent popety ownes may have in and to the Association p)pety o the popety owne's popety. Ente into ageements upon such tenns and conditions and fo such pupose as the Management Fim may detemine in its sole discetion as to the Association popeties and the Poject Facilities, and by ageement gant concessions and licenses to pesons to povide facilities and sevices to and within the Poj ect Facilities and Association popeties and cause coin vending machines and coin opeated equipment and pay telephones to be installed within the Poject Facilities and Association popeties, and to puchase same on behalf of and at the cost and expense of the Association, o ent same o ente into ageements egading same; howeve, all income deived by the Management Fim fom the foegoing shall insue to the benefit of the Association; OOd all expenses appetaining theeto shall likewise be bone by said Association. The paties heeto ecognize that ageements, concessions and licenses may be enteed into to povide facilities and sevices as specified heein fo vey nominal o no compensation whatsoeve. The Management Fim may ente into it in its sole discetion, and it shall use its best judgment; howeve, it shail not be esponsible fo it no the fact that a geate sum might have been obtained no a shote peiod contacted fo. Make and collect special assessments fo such puposes and against such paties as the Management Fim detemines, subjectto the povisions of the Declaation. Execise such powes and ights delegated to it, if any, uode the tends and povisions of the Declaation. G:'CONDO DOC\E,H1B1T E.DO' 5

54 R) If maintenance of any unit o building within the Poject Facilities, is equied due to loss by Act of God o othe cause, which is othe than no=al wea and tea, then in such event, the Management Finn shall be authoized and empoweed to detennine, assess, chage and levy the costs of epaidng and. estoing such loss among the popety ownes in such popotions as it deems advisable, pusuant. to the Declaation, notwithstanding the fact that said loss o damage was, o was not, coveed by insuance, and said total assessment shall be equal to the cost of said epai which shall include the costs of the Management Fim's pesonnel and ovehead, mateials and equipment, and any and all othe cohtactos, subcontactos, o mateial men as ae equied.. Should the loss be coveed by insuance, the poceeds theeof shall be applied as a cedit against the total costs of said epai and estoation in such popotions as heeinbefoe set foth in this paagaph. It shall be pesumed that the fist monies disbus,,:d in payment of costs of epai and estoation, shall be fom inswance poceeds, whee such ae eceived, and then fom assessments collected, and, should thee be a suplus of such funds, the said suplus shall be distibuted to o on behalf of the popety ownes. 4. Notwithstanding the delegation by the Association to the Management Fi= of its powe to detennine and collect assessments duing the te= of this Ageement, the Association etains the powe to make those assessments as ae specified in the Declaation and all documents elated theeto. 5. The Management Finn shall apply assessments collected as it detemines in its sole discetion to fund those items specified in the Declaation of the Association including the ManagenientFim's fee and its ovehead and expenses, whichshall be deemed common expenses. The Management Fim, duing the tem of this Ageement, may file a lien against a popety owne's popety should he fail to pay his assessments o maintenance fee as equied and povided in the Declaation and take such othe action as theein povided including the initiation of foeclosue poceedings, eithe in its name o in the name of o as agent of the Association. The Management Fim may compomise liens and delinquent assessments in such amounts as it deems advisable in its sole discetion, and it may satisfy liens of ecod and ende statements as to the CWTent status ofa popety owne's assessments. 6. The Association shall aid and assist the Management Fim in any easonable mame equested by the Management Fum as to the collection of assessments, and the said Association shall futhe aid and assist the Management Finn in any easonable manne equied by the Management Finn so as to simplify the method of collecting the assessments due fom popety ownes.,-' ~ {! t i '10. f -, J l, ~.. a :ICONDQ DOCIEXHIBJi E.DOC 6

55 7. It is specifically undestood that the Management Finn does not undetake to pay common expenses fom its own funds and shall only be equied to pelfbnn its sevices and make disbusements to the extent that, and so long as, payments eceived fi'om Association and popety owne assessments o othe evenue, if any, of the Association, ae sufficient lq pay the costs and expenses of such sevices and the amounts of such disbusements. If it shall appea to the Management Fim that the assessments and othe evenue, if any, of the said Association and its membes ae insufficient, the ManagementFinn shall fothwith detemine such additional assessment as is equied and advise the Association and its membes. Should Association and popelty owne assessments be insufficient to fund all opeating expenses of the Association, it is ageed that the management fee of the Management Finn shall be paid fist and othe expense itellls shall be pioitized at the discetion of the Management Finn and defeed, if necessay. 8. It is specifically undestood and ageed that the Management Fim shall pefom all of the sevices equied of it heelinde at no cost and expense whatsoeve to itself, but solely at the cost and expense of the Association and its membes. As compensation, fee o pofit fo its sevices heeunde, the Management Finn shall eceive a net fee, fee fom all chages and expenses, equal to fifteen pecent 15 %) of the Association's goss annual collections said sum to be deducted fom the Association's collections o othewise payable by the Association. The Management Finn shall have the ight to be paid its fee heeunde fom the fist Association assessments collected each yea. 9. The Association shall not intefee no pennit, allow o cause any of the offices, diectos OT membes to intefee with the Management Finn in the pefomance of its duties o the execise of any of its powes heeunde. 10. The Management Finn shall not be liable to the Association o Its membes, fo any loss o damage of Whateve natue not caused by the Management Fim's own goss negligence o willful misconduct specifically including, without limitation, any claim o loss that may aise o occu as of esult of the allocation of opeational and othe expenses and income to and among the Association as may be levied o detemined by the Management Fee in good faith which may subsequently be challenged as being inequitable o eoneous and said Association and its membes will and do heeby indemnify and save hamless the Management Fim fom any such liability fo damages, costs and expenses aising fom injuy o loss to any peson o popety in, about and in connection with the Poj ecl Facilities, fom any calise whatsoeve, and o the allocation of the opeational and othe expenses and income to and among the Association, unless such injuy o loss shall be caused by said Management Finn's own goss negligence o willful misconduct. II. The Association on behalf of its membes, o the Management Finn, shall both have the light to assign this Ageement as heein set f01ih. The Association may assign its ight, title and inteest heein to anothe Association opeating and existing unde the laws of the State of Missouli, and the Management Finn may assign its ight, title and inteest heein to anothe management finn opeating and existing unde the laws of the State ofmissouli. The Management G:ICONDO DOC\EXHlBIT E.DOe 7

56 ~!~ j Finn may sub-contact all o any potion of its duties and powes unde this Management Ageement The Management Fim shall be authoized to assess a popety owne a special assessment fo Poject Facilities, maintenance, epais,o eplacement caused by the negligence o misuse by any popety owne, his family, sevants, guests o invitees, o lessees; o viobition of the povisions of the Declaation. 13. Should any dispute aise as to the ights of any of the paties unde this Ageement, including the powes and duties of the paties ai::td all of the tems and conditions of this Ageement, and said dispute cannot be amicably settled and esolved between the paties, then eithe paty shall have the ight to submit the matte in contovesy fo abitation in accodance with the laws of the State of Missoui. 14. No waive ofa beach of any of the covenants contained in this Ageement shall be constued to be a waive of any s.ucceeding beach of the same covenant. 15. Time is of the essence in evely paticula, and especially whee the obligation to pay money is involved. 16. No modification, elease o dischage o waive of any povision heeof shall be of any foce, effect o value, unless in witing, signed by the paties to this Ageement - i.e., the Management Fim and the Association o thei espective successos o assigns. 17. This instument, togethe with the Declaation, constitute the entie ageement between the paties heeto as of the date of execution heeof, and neithe has been induced by the othe by epesentations, pomises o undestandings not expessed heein, and thee ae no collateal ageements, stipulations, pomises o undestandings whatsoeve, in any way touching the subject matte of this instwnent, o the instuments efeed to heein, which ae not expessly contained theein. 18. The invalidity in whole o in pat of any covenant, pomise o undetaking, o any section, sub-section, sentence, clause, phase o wod, o of any povision of this Ageement o of the Declaation, shall not affect the validity of the emaining potions theeof. 'i' I T 1 ~" I, i ~ f, 1, i, \ i. 19. If the Association o its membes shall intefee with the Management Fim in the pelfomance of its duties and execise of its powes heeunde, o if the said Association shall fail to pomptly do any of the things equied of it heeunde, then the Management Fim, fifteen 15) days afte having given wlitten notice to said Association of said default by deliveing said notice to any office of the Association, o in thei absence, to any membe of the said Association, may declae this Ageement in default unless such default be cued by the said Association within fifteen 15) days afte such notice. Upon default, the Management Fim may, in addition to any othe emedy given it by ageement o in law o in equity, bing an action against the said G:ICONDO DOC\EXHISIT E.DOe' 8

57 Association and its membes fo damages andlospecific pefonmmce andlo such othe ights and emedies as it may have, and the said Association and its membes shall be liable fo the Management Finn's easonable attomey's fees and.cbsts inculted theeby. All of such ights of the Management Fum upon. default shall be culnulative and the execise of one o moe emedies shall not be deemed to exclude o constitute a waive of any othe o additional emedy. 20. The Management Fim shall have the light in its sole discetion to suspend any popety owne andlo autholized use of the Association popeties o the Poject Facilities fom the use of such popeties fo any infaction of the pomulgated Rules and Regulations petaining to said Association popeties o Poject Facilities andlo laws of the State of Missoui o of the United States, fo an appopiate peiod of time fo failue to abide by the Rules aid Regulations pomulgated fom time to time fo the use of such facilities, and duing said peliod of suspension, thee shall be no eduction in the assessments due and payable fi:om said lot owne andlo autholized use. 21. Should a popety owne fail to pay an assessment o maintenance fee within ten 10) days afte its due date, the Management Finn may deny to the popety owne andlo the authoized use the use and enjoyment of the Association popeties until the next use yea and until such time as all assessments and othe fees ae timely paid. IN WITNESS WHEREOF, the paties heeto have ex.ecuted this ageement on the date:fist efeenced above. THE SURREY GRAND CROWNE OWNERS ASSOCIATION, INC By: 0. ~< to!? Title: Pesident SURREY VACATION RESORTS, INC. TE: ~S~e~nwio~_'~~ic~e~P~~es~i~d~en~.t 9

58 Exhibit F INITIA RUES AND REGUATIONS THE SURREY GRAND CROWNE RESORT The Rules and Regulations heeinafte enuliieated shall be deemed in effect until amended by the Management Fim, as long as the Management Ageement emains in effect, and theeafte, by the Boad of Diectos of the Association, and shall apply to and be binding upon all Unit Ownes. The Unit Ownes shall, at all times, obey said Rules and Regulations and shall use thei best effots to see that they ae faithfully obseved by thei families, guests, invitees, sevants, lessees and pesons ove whom they execise contol and supevision. Said Initial Rules and Regulations ae as follows: 1. The sidewalks, if any, walkways and entances must not be obstucted o encill1lbeed o used fo any pupose excluding patios, decks and balconies} othe than ingess and egess to and fom the pemises; no shall any caiages, bicycles, wagons, shopping cats, chais, benches, tables, o any othe object of a simila type and natue be left theein o theeon. 7 The pesonal popety of all Unit Ownes o Unit Week Puchase shall be stoed within thei Units. 3. No Unit Owne o Unit Week Puchase shall allow anything whatsoeve to fall fom the windows, patios, decks, balconies, entyways o doos of the pemises, no shall he sweep o thow fom his Unit any dit o othe substances outside of his Unit. 4. Refuse and bagged gabage shall be deposited only. in the aea povided theefo. 5. No Unit Owne o Unit Week Puchase shall stoe o leave boats, tailes, mobile homes, eceation vehicles and the like on the common popety, except in aeas designated fo it. 6. Employees of the Association o Management Fim shall not be sent off the Condominium pemises by any Unit Owne o Unit Week Puchase at any time fo any pupose. No Unit Owne o Unit Week Puchase o esident shall diect, supevise, o in any manne attempt to asset any contol ove the employees of the Management Fim o the Association. 7. The paking facilities shall be used in accodance with the egulations adopted by the Management Finn, as peviously povided, and theeafte, by the Boad of Diectos. No vehicle which cannot opeate on its own powe shall emain on the Subdivision pemises fo moe than twenty-fou 24) hous, and no epai of vehicles shall be made on the Condominium pe!ilises. 8. No Unit Owne o Unit Week Puchase shall make o pemit any distubing noises by himself, his family, sevants, employees, agents, visitos, and licenses, no do o peiit G:\CONDO DOCIlNlTRV.DOC I ~""." j ;., i, {! f' i f! '" i,, f,! \'., ~ i

59 anything by such pesons that will intefee with the dghts, comfots o convenience of the Unit Ownes o Unit Week Puchase. No Unit Owne o Unit Week Puchase shall play upon osufie to be played upon any musical instument, o opeate o suffe to be opeated, a phonogaph, television, adio o sound amplifie in his Unit, in such a manne as to distub o annoy othe occupants of the Condominium. All patys) shall lowe the volume as to the foegoing as of 10:00 P.M. of each day. No Unit Owne o Unit Week Puchase shall conduct o pemit to be conducted, vocal o instumental instuction at any time.. 9. No adio odelevision installation o othe wiing shall be made without the witten consent of the Management FUID, as long as the Management Ageement emains in effect, and theeafte by the Boad of Diectos. Any antenna o aeial eected o instailed on the exteio walls ofa Unit o on the common popeties, without the consent of the Management Fim, and theeafte, the Boad of Diectos, in witing, is liable to emoval without notice and at the cost of the Unit Owne o Unit Week Puchase fo whose benefit the installation was made. 10. No sign, advetisement, notice o othe letteing shall be exhibited, displayed, inscibed, painted o affixed, in, on o upon any pat of the Unit o common popeties by any Unit Owne o occupant without Wlitten pemission of the Management Finn, and theeafte, the Association. 11. No awning, canopy, shutte o othe pojection, shall be attached to o placed upon the outside walls o doos o oof of a Unit o building without the witten consent of the Management Finn, as long as the Management Ageement emains in effect, and theeafte, of the Boad of Diectos of the Association. All window coveings must be such colo as the Management Finn detemines in its sole discetion, and theeafte, the Association. Patios, decks o balconies may not be enclosed no anything affixed, whee applicable, to the walls o ailings within such patios, decks and balconies except with the pio witten consent of the Management Fim, and theeafte, the Association, and said consent may be given as to cetain Units and not given as to othes. 12. Complaints egading the sevice oithe Association shall be made in witing to the Management Fim., as long as the Management Ageement emains in effect, and theeafte, to the Boad of Diectos. 13. No inflammable, combustible, o explosive fluid, chemical o substance shall be kept in any Unit o common popeties except such as ae equied fo nolidal household use. 14. Payments of peiodic assessments shall be made at the office of the Management Fim, as designated in the Management Ageement. Payments made in the fom of checks shall be made to the ode of such paty as the Management Film shall designate. Payments of maintenance fees ae due on the 1st day of each yea, and if such payments ae ten 10) o moe days late, ae subject to chages, as povided in the Declaation ofcondominiuill. G,ICONDO DOC\INJTRUDOC 2

60 15. Additio:Qal Povisions in the natue of Rules and Regulations ae specified in the Declaation of Condominium. 16. The Management Finn, as long as the Management Ageelnent emains in effect, and theeafte, the Boad of Diectos of the Association, eseves the light to make additional Rules and Regulations as may be equied fom time to time. These additional Rules and Regulations shall be as binding as all othe Rules and Regulations peviously adopted. 17. No clothes line o simila device shall be pemitted on any potion of the Condominium popety, no shall clothes be hung anywhee except in such aeas as ae designated by the Management Fim, and theeafte, the Boad of Diectos of the Association Capitalized tems not deided heein shall have those meanings assigned to them in the Declaation of Condominium fo The Suey Gand Cowne Resot. IN WITNESS WHEREOF, The Suey GandCowne Ownes Association, Inc. has caused this instument to be executed by its Pesident and attested by its Secetay this 22 day of Mach, Seal) THE SURREY GRAND CROWNE OWNERS ASSOCIATION, INC. BY: C? c-fl Pesident ', ~, ' 1! l. \, l I,., f 1 l G:ICONDO DOC\INlTRV.DOC 3

61 STATE OF MISSOURl ) ) ss: COID,l1-Y OF T},NEY ) On thls day befoe me, a Notay Public, duly c;omnissioned, qual.ifted and acting, within and /,lfo said,~ounty and State, aweyed in pe odj the within named C,, a. c.f~ and ~--&-J. &.J,.. to me pesonalli?well known, who stated that they we~ the Pesident and Sece of THE SURREY GRA...l\lD CRO\VNE OWNERS ASSOCIATION, INC., and wee dul authoized in thei espective capacities to execute the foegoiilg ~eilt fo and in the name and be1lalf of said copoatio:n, and futhe stated aijd acknowledged that they hb.d so siglled, executed and deilveed said foegoing instument fo the con.si.deatioll; uses and puposes theein mentioned and set foth. this :z '2- day oi7?c ~, IN TESTWONY WBEREOF, I have h=unto set my hand ~d official ~eal My Commission El.."pies:. \..-tc:: Not8y Public SEA" n NOTARY. b Kaen S. Kolb. Notay ~... Ie I Stone County. s,ateqf MISSCU OS ljiy Commission Expies 8117/20

62 , l \ ",-j \ 1 " t\ j ,Space Above this ine fo Recoding Data Title of Document: Date of Document: Ganto s) Addess: Gantees) Gantees) Addess: Supplemental Declaation of Condominium fo The Suey Gand Cowne Resot Condominium Building 6 Addition) Apil 4, 2002 Full egal Desciption is located on: Suey Vacation Resots, Inc, 430C State Highway 165 South Banson, Missoui Suey Gand Cowne Resot Condominium Ownes 430C State Highway 165 South Banson, Missoui Exhibit A Refeence Books) and Pages), if equied: Book 0390 Page SUPPEMENTA DECARATION OF CONDOMINIUM FOR THE SURREY GRAND CROWNE RESORT CONDOMINIUM BUIDING 6 ADDITION) g t." ~ l' t f,, ;, ~ 2"', f! 4.., This Supplemental Declaation of Condominium fo The Suey Gand Cowne Resot,tdominium uildin 6 Addition) the "Supplemental Declaation") is executed on this day of',2002 by SURREY VACATION RESORTS, INC., a Missoui copoation, aving its pincipal place of business at 430-C Highway 165 South, Banson, Missoui the "Develope"), WHEREAS, on the 21st day of Novembe, 2001, Develope executed a cetain document entitled Declaation of Condominium fo The Suey Gand Cowne Resot Condominium the "Oiginal Declaation") which was filed of ecod in Taney County, f:\my DOCUMENTSICORPORATE ADMINISTRATlONlDECARATION Of CONDOMINIUM - SUPPEMENT.DOC Apil 4, :08PM)

63 Missoui in Book Numbe 0390 at Page 2282 et seq; and WHEREAS, the Oiginal Declaation subjected that eal popety as is moe fully descibed theein to a timeshaed condominium fom of eal popety owneship; and WHEREAS, Aticle 16.1 of the Oiginal Declaation eseved unto the Develope the ight to submit additional eal popety to the timeshaed condominium fom of owneship as descibed in the Oi ginal Declaation; and WHEREAS, the Develope now desies to submit additional and contiguous eal popety which is owned by the Develope to the covenants, estictions and encumbances as set foth in the Oiginal Declaation; NO W, THEREFORE, the Develope does heeby submit that eal popety as is moe fully descibed on EXHIBIT A attached heeto and inc0poated heein by this efeence the "Building 6 Real Popety") to the covenants, estictions and encumbances of the Oiginal Declaation and does heeby declae that the Building 6 Real Popety and all Units and Timeshae Inteests theein and all apputenance theeto ae and shall heeafte be held, sold, conveyed, motgaged, hypothecated, encumbeed, leased, ented, occupied, impoved and used subject to the covenants, conditions, estictions, esevations, easements and limitations of ecod contained in the Oiginal Declaation, the same being incopoated heein by this efeence, as the same fom time to time may lawfully be amended o supplemented heeafte, all of which ae established, declaed and ageed to be used fo the pupose of enhancing and potecting the value, desiability and enj oyment of the Building 6 Real Popety and all Units and Timeshae Inteests ceated theein. All covenants, conditions, estictions, esevations, easements and limitations contained in the Oiginal Declaation and in this Supplemental Declaation shall heeafte constitute equitable sevitudes upon the Building 6 Real Popety and shall un pepetually with said eal popety, and shall be binding upon and inue to the benefit of the Develope, all subsequent ownes of any potion o all of the Building 6 Real Popety and any othe pesons o entities having o acquiing any ight, title o inteest theein o theeto, and, each ofthe foegoing paties' espective heis, legal epesentatives, successos and assigns foeve, and all othe pesons who ae pesent within o use the eal popety descibed heein fo any pupose whatsoeve. In addition to the foegoing, the following povisions shall additionally petain to and encumbe the Building 6 Real Popety: 1. Building 6 Real Popety. The eal popety which is the subject of this Supplemental Declaation shall be known heeafte as The Suey Gand Cowne Resot Condominium, Building 6, and is moe fully descibed on EXHIBIT A attached heeto. The Building 6 Real Popety be and heeby is subject to all covenants, conditions, esevations, estictions, easements and limitations as ae contained in the Oiginal Declaation as if said tems and conditions wee set out heein in thei entiety. F,IMY DOCUMENTS\CORPORA TE ADMlNlSTRA nonldecara non OF CONDOMlNlUM - SUPPEMENT. DOC Apil ],08PM)

64 ., 01161'1 2. Amendment and Restatement of Exhibits. Aticle XI of the Oiginal Declaation, Inteval Ownes' Pecentage Inteest in Units is heeby modified, amended and estated in its entiety as SCHEDUE I, attached heeto and incopoated heein by this efeence. The Amended Budget fo the opeation of the Suey Gand Cowne Owne~' Association is attached as SCHEDUE 2 and eflects the addition of the befoe descibed eal popety. 3. Easements. Develope heeby eseves in favo of itself and fo its successos in title and assignees a pepetual non-exclusive easement fo vehicula and pedestian ingess and egess ove and acoss all oadways and walkways now o heeafte located on the Building 6 Real Popety, togethe with the ight to constuct paved oads on the Building 6 Real Popety adjoining existing oads so as to povide access at all times to a public ight of way fom the popety benefited heeby; povided, howeve, that any oads constucted fo the benefit of the adjoining popety shall be constucted in such a manne so as to not mateially intefee with the use and enjoyment of the Condominium Popety by the Ownes; povided, futhe, that the oads within the Building 6 Real Popety may be eheated by the Association if altenative access to a public ight of way of equal quality is povided to the benefited popety. 4. Consent. By the acceptance of a waanty deed o any othe instument of tansfe which conveys a Unit o a Timeshae Inteest ceated fom that eal popety which is the subject of the Oiginal Declaation o this Supplemental Declaation, whethe fom the Develope, its successos o assigns, o fom any Owne, each Owne, fo themselves, thei heis, legal epesentatives, successos, assigns and any othe peson o pesons holding o occupying by, though o unde such Owne, and whethe o not expessly stated theein, covenants, consents and agees to and with Develope and with all othe Ownes fom time to time of a Unit and/o a Timeshae Inteest, to have atified and to be bound by, obseved, complied with and pefom the covenants, conditions, estictions, esevations, easements and limitations contained in the Oiginal Declaation and this Supplemental Declaation and in the Aticles of Incopoation, Bylaws and Rules and Regulations of the Suey Gand Cowne Resot Condominium Ownes' Association, Inc., the tems and conditions of which ae incoipoated heein by this efeence, as such tems ae defmed in the Oiginal Declaation, as each of said documents may lawfully be amended and/o supplemented fom time to time. 5. Appoval By Association. As evidenced by the signatue of the Suey Gand Cowne Resot Condominium Ownes' Association, Inc. the "Association") found below, the Association does heeby agee, acknowledge and consent to the filing of this Supplemental Declaation. 6. Miscellaneous. Capitalized tems not othewise defined heein shall have those meanings assigned to them in the Oiginal Declaation. This instument is executed on the date fist witten above. 1 l, i~.., I t, I., [, ~ I )"'-1 ~ ; I, 1, F:IMY DOCUMENTSICOICPORA TE ADMJNISTRA TIONIDECARATION OF CONDOMINIUM SUPPEMENT. DOC Apil :08PM) 3

65 AGREED, ACKNOWEDGED MID APPROVED: SURREY GRAi'm CROWNE RESORT ::NDtfFf'::OCJ~ION' me. C. J. Peme Title:.lc6,dw. ACKNOWEDGMENT STATE OF Mt~SIIl ), ) ss, COUNTY OF I ~'f ) t The undesign99, a Notay Public, does heeby cetify that C. e.of 14 ~ whose name as /"'4 C~J e4= ' of SURREY V ACA non RESORTS, INC., signed the foegoing, and is known to me and known to be such official, acknowledged befoe me on this day unde oath that, being infomed of the contents of the foegoing, he/she, in his/he capacity as such official and with full authoity, executed and deliveed the same voluntaily fo and as the act of the said Authoity, as of the date the same beas, GIVEN unde my hand and seal of --:-=4<ijA...,I."",,-,I,, My Commission Expies: SEA) STATE OF NJJS~A I ) ) ss. COUNTY OF IIfN~, ), ACKNOWEDGMENT ORI SADER Notay Public Notay Seal STATE OF MISSOURI Taney County. My Commission expies Ap. 8, 2005 F'\MY DOCUMENTSICORPORATE ADMlNlSTRATIONIDECARATION OF CONDOMINIUM SUPPEMENTDOC Apil 4, 2002 ),08PM) 4

66 C.;; ~A. "E. The undesigned, a Notay Public, does heeby cetify that whose name as Pesident of SURREY GRAND CROWNE RESORT CONDOMINIUM OWNERS' ASSOCIATION, INC., signed the foegoing, and is known to me and known to be such official, acknowledged befoe me on this day unde oath that, being infomed of the contents of the foegoing, helshe, in hislhe capacity as such official and with full authoity, executed and deliveed the same voluntaily fo and as the act of the said Authoity, as of the date the same beas. GNEN unde my hand and seal of office, this 4 day of M 1 My Commission Expies: ~ 5, {)aj..j SEA).. _. -.._---.., STEPHENlt HlWORTK--.., -. Notay Public Notay Seal STA'I'l=OF MISSOURI Geene County My CommissIon ExpIes Oct. 5, 2004 ~~~ ~PUbliC,2002. f' 1, '" j j c', 1 ~ ;;" j I f1 T t f' I t 1 I t!, 1, ;;,~ F:IMY DOCUMENTSICORPORA TE ADMlNlSTRA TIONIDECARA T10N OF CONDOMINIUM - SUPPEMENT.DOC Apil :08PM) 5

67 PHASE II SURREY GRAND CRpWNE RESORT BUIDNG SIX A PART OF OT 2 N THE FIRST ADDITION TO THOUSAND HIS SUBDIVISION, SITUATED N SECTION 1, TOWNSHIP 22 NORTH, RANGE 22 WEST, TANEY COUNTY, MISSOURI, AS PER THE RECORDED PAT THEREOF, FOUND AT SIDE C-701 SHEET 3 OF 10), TANEY COUNTY RECORDER OF DEEDS OFFICE, AND BENG MORE PARTICUARY DESCRIBED AS FOOWS: COMMENCNG AT AN EXISTNG REBAR AT THE SOUTHWEST CORNER OF SAID SW4 OF THE SE4 OF SECTION I, THENCE S 87 36'47" E AONG THE SOUTH INE OF SAID SW4 OF THE SE4, FEET TO AN EXISTING REBAR, THENCE N 00 02'32" W, FEET TO A REBAR AT A PONT ON THE EAST NE OF SAID OT 2 OF THE FIRST ADDITION TO THOUSAND HIS, THENCE N 89 10'05" E, FEET TO THE PONT OF BEGINNING, THENCE N 00 27'05" E, FEET, THENCE N 63 42'56" W, FEET, THENCE S 38 26'46" W, FEET, THENCE S I 33'22" W FEET, THENCE S 76 00'00" E, FEET, THENCE 82 40'00" E, FEET TO THE POINT OF BEGINNNG, CONTAINING 1.76 ACRES, MORE OR ESS. Exhibit A

68 ARTICEXJ INTERVA OWNERS' PERCENTAGE INTEREST IN UNITS Section Factional Owneship Inteests. In case of a Unit Committed to Inteval Owneship, each Unit Week Puchase in said Unit shall own in emainde a cetain pecentage of the Unit accoding to the following schedule: Week Numbes Owned Fo Each Week Owned % % Section Biennial Unit Week Factional Owneship Inteests. The. Puchases of ee.~h Biennial Unit Week shall possess an owneship pecentage in ;:he Unit which is one-halfthe above specified pecentage inteests. Section Tiennial Unit Week Factional Owneship Inteests. The Puchases of each Tiennial Unit Week shall possess an owneship pecentage in the Unit which is one-thid the above specified pecentage inteests. \ '.~,. 'Il I -n! f i. I.-I I 1 ~ :! I. i!, :1..; 1 ~_J SCHEDUE 1

69 C/J n ;: I1l P C f-' It> N, Gand Covvne Ovvnes Association/ I Income via Maintenance Fees Fom 5,960 Ovvnes Total Income 1,543,943 Expenses VVages 564,325 Fees, icenses & Pemits 377 Cable IV 4,141 Cleaning Supplies 14,091 Office Supplies & Expense 20,187 Maintenance & Supplies 20,872 Utilities 83,436 Employment Advetising 476 Guest Activities 33,578 Unit Amentities 37,537 Gounds Maintenance 8,641 Management Fees 171,549 Mechant Fee/Chage Cad 14,930 Mino Remodeling 450 Miscellaneous Expense 2,440 Nevvslette 10,739 Pest Contol 1,084 Pool Maintenance 3,671 Postage 10,091 Repais-Ai Conditioning 7,831 Seminas/Taining 700 Resevations Costs 475,200 Telephone 30,251 Tash Removal 3,669 Unifoms 1,576 Bad Debt 1,9S0 Insuance 20,141 --_._I ~ , ~ ~ ~ ~ o... Cf'l.....J

70 BK I PG j! """!.,, Spactl Above this in. fu Recoding 0..1&'-- ". Titl. of O cu"",nt: Date of Document: GantosYDec!.am's Adde.s: Supplemental Declaation of Condominium fo The Suey Gand Cown. Resot Condominium Building 7 Addition) Octobe d, 2004 Suey Vacation Resots, Inc. 43Q-C Highway 165 South Banson, MO 656 I 6 Gantees)/Cou!onJinium: Suey Gand CoWJ\$ R~sot Condominium Oaote.\ $ICondominium'. Add.s" Full egal Desciption is located on page: 430C Stale Highway 165 South Banson, Missoui EXHIBIT A Refeence Bool«.) and Pages), if equied: Book 0390, Page 2282 et seq. SUPPEMENTA DECARATION OF CONDOMINIUM FOR THE SURREY GRAND CROWNE RI:SORT CONDOMINIUM BUIDING 1 ADDITION)., 1 i [' j, f 1, This Supplemental Declaation of Condominium fo The Suey Gand Cowne Resot C.\}I1dominium Building 7 Addition) the "Supplemental Declaation") is executed on this!. fi' day ofoctobe, 2004 by SURREY VACA non RESORTS, INC., II Missoui copoation, having its pincipal place of business at 430 C Highway 165 South, Banson, Missoui the "Develope"). WHEREAS, on the 21st day of Novembe, 200] Develope executed a cetain document entitled Declaation of Condominiwn fo The Suey Gand Cowne Resot C:ltJlCUMENTS AND SETTlNGSIGPOYNOIlSURIl.OCA SETI1NOSITEMPORARY INTERNET PII.HSIOK2~I'ISUPPBMeNTA DE.ARATION-BOO.1.DOC Oc_ Ig :17PM) / #

71 BK I PG Condominium the "Oiginal Declaation") which was filed of ecod in Taney County, Missoui in Book Numbe 0390 at Page 2282 et seq; and WHEREAS, the Oiginal Declaation subjected that eal popety as is moe fully descibed theein to a timeshaed condominium fom of l'ilal popety owneship; and WHEREAS, Aticle fthe OiiPnal Declaation eseved unto the Develope the ight to submit additional eal popety to the timeshaed condominium fom of owneship as descibed in the Oiginal Declaation; and WHEREAS, the Develope has peviously submitted additional eal popety to the timeshaed condominium fom of eal popety ownel'lihip pusuant to that cetain Supplemental Declaation of Condominium fo The Suey Gand Cowne Resot Condominium Building 6 Addition); and WHEREAS, the Develope now de~ies to submit additional and contiguous eal popety which is owned by the Develope to the covenants, estictions and encumbances as set foth in the Oiginal Declill1ltion; NOW, THEREFORE, the Develope does heeby submit that eal popety as is moe fully descibed on EXHIBIT A attached heeto and incopoated heein by this efeence the "Building 7 Real Popety'') to the covenants, estictions and ~umbances of the Oiginal Declaation and does heeby declae that the Building 7 Real Popety and all Units and Timeshae Inteests theein and all apputenance theeto ae and.hall heeafte be held, sold, conveyed, motgaged, hypothecated, encwnbeed, leased, ented, occupied, impoved and used subject to the covenants, conditions, estictions, esevations, easements and limitations of ecod contained in the Oiginal Declaation, the same being incopoated heein by this efeence, as the same fom time to time may lawfully be amended o supplemented heeafte, all of which ae established, declaed and ageed to be used fo the pupose of enhancing and potecting the value, desiability and enjoyment of the Building 7 Real Popety and all Units and Timeshae Inteests ceated theein. All covenants, conditions, estictions, esevations, easements and limitations contained in the Oiginal Declaation and in this Supplemental Declaation shall heeafte constitute equitable sevitudes upon the Building 7 Real Popety and shall un pepetually with said eal popety, and shall be binding upon and inue to the benefit of the Develope, all subsequent ownes of any potion O all oflbo Building 7 Real Popety and any othe pesons o entities having o acquiing any Jight, title o inteest theein o theeto,and, each of the foegoing paties' espective heis, legal epesentatives, successos and assigns foeve, and all othe pesons who ae pesent within o use the eal popety descibed heein fo any pupose whatsoeve. In addition to the foegoing, the following povisions shall additionally petain to and encumbe the Building 7 Real Popety: CoIClOG\JM6NTS AND SETIINOSIOPOYNOR.SURIOCA SBTIINOSITHMPORARY INTERNET fi8si0k2e~\suppementa DECARATION-BDG. 7.DGC Octobe Ii :17PM) #

72 BK a 4 5 I PG I. Building 7 Real Popety. The eal popety which i~ the subject of this Supplemental Declaation shall be known heeafte as The SlII't'ey Gand Cowne Resot Condominium, Building 7, and is moe fully descibed on EXHIBIT A attached heeto. The Building 7 Real Popety be and heeby is subject to all covenants, conditions, esevations, estictions, easements and limitatioll.'l as a.e contained in the Oigi!'u.! Declaation as if said tei1illl and conditions wee set out heein in thei entiety. 2. AmenQnent and Restatement of exhibits. Exhibit D to the Oiginal Declaation, Ownes' Individual Inteest in Common Elements iiild Common Suplus; Timeshae Ownes' Individual Inteest in Common Funiihings, is heeby modified, amended and estated in its entiety as SCHEDUE I, attached heeto and incopoated heein by this efeence. Exhibit E to the OIginal Declaation, Suvey; Gaphic Desciption; Plat Plan; CetifICate of Suveyo; Final Condominium Plat md Standad Floo Plan, Is heeby modified, amended and supplemented as SCHEDUE 2, attached heeto and incopoated heein by this efeence. Exhibit F to the Oiginal Declaation, Estimated Opeating Budget, is heeby modified, amended and estated in its entiety as SCHEDUE 3, ~ttached heeto and incopoated heein by this efeence. 3. Easements. Develope heeby eseves in fllvo ofitself and fo its Successos in title and assignees a pepetual non exclusive easement fo vehicula and pedestian ingess md eiless ove and acoss all oadways and walkways now o heeafte located on the Building 7 Real Popety, togethe with the ight to constuct paved oads on the Building 7 Real Popety adjoining existing oads so as to povide access at all times to a public ight of way fom the popety benefited heeby; povided, howeve, that any oads oonstucted fo the benefit of the adjoining popety shall be constucted in such a manne so as to not mateially intefee with the use and enjoyment of the Condominium Popety by the Ownes; povided, futhe,!hat the oads within the Building 7 Real Popety may be elocated by the Association ifaltemative access to II public ight of way of equal quality is povided to the benefited popety.. 4. Consent. By the acceptance ofa waanty deed o any othe instument of tansfe which conveys a Unit o a Timeshae Inteest ceated fom that eal popety which is the subject of the Oiginal Declaation o this Supplemental Declaation, whethe fom the Develope, its successoa o assigns, o fom any Owne, each Owne, fo themselves, thei heis, legal epesentatives, successoa, assigns and my othe peson o pesons holding o occupying by, though o unde such Owne, and whethe o not expessly stated theein, covenants, consents and agees to and with Develope and with all othe Ownea fom time to time of a Unit and/o a Timeshae Inteest, to have atified and to be bound by, obseved, complied with and pefom the covenants, conditions, estictions, esevations, easements and limitations contained in the Oiginal Declaation and this Supplemental Declaation and in the Aticles of Incopoation, Bylaws and RulC8md Regulations of the SW"ey Gand Cowne Resot Condominium Ownes' Association, inc., the tems and conditions of which ae incopoated heein by this efeence, M ~uch tems ae defmed in the Oiginal Declaation, as each of said documents may lawfully be amended and/o supplemented fom time to time. ~, i,! I <;-., I, 1 l. : I' I,. j j i ' I, C,IDOCUMENTS AND SETTlNOSIOPOYNOR.SURlOCA l. SETTINGSITEMPORARY INTERNET f1esiok2e\.~!jpplement At DECARATION-BDG Ootobc : I7PM) 3 #

73 BK 0 '-+ 5 I PG I 5. Appoval By Associ at jon. As evidenced by the signatue of the Suey Gand Cowne Resot Condominium Ownes' Association, Inc. the "Association") found below, the Association does heeby agee, acknowledge and consent to the filing oftbis Supplemental Declaation. 6. MiSjietJwou$. Capitalized tenns not othewise defined heein shall have those meanings assigned to them in the Oiginal Declaation. This instument is executed on the date filll! witten above. AGREED, ACKNOWEDGED AND APPROVED: SURREY GRAND CROWNE RESORT CONDO~:RS' ASSOCIATION, INC. By: C C; ".ffl.e Title:~' /.. STATE OF iv\1.')"')b\...i.'\' ) ) 68. COUNTY OF Tonetj ) SURREY VACATION RESORTS, INC. By: e ft/lll,fu2 - Title: ~, ACKNOWEDGMENT The unde~igned, a Notay Public, does heeby cetify that C;... J. Qpy-010 whose name as \"'),j-sic\q n-k ' of SURREY VACA non RESORTS, INC., signed the foegoing, and is known to me and known to be $ucb official, acknowledged befoe me on this day unde oath that, being infomed of the contents of the foegoing, he/she, in hislhe capacity as such official and with full authoity, executed and deliveed the same voluntaily fo and as the act of the said Authoity, as of the date the same beas. 2 ~Y of t:x:.j!ftp)u, ORI HATOM '11, 'C)" '.. GIVEN unde my hand and seayti! f.pffice, this ~) Notay Pub/lc Notay ~al STATE OF MISSOURI Taney Counly '1!.,.~~~,f$Sion ExpQ:! Apil 8, 2005 ".,\"-'-""":7 ""1. ",,)---:c-':'-:7-""'"'-"""'--o"-"'=-- Notay Publlc ColOOCUMENTS AND SETIINGSIGPOYNOR.sURIWCAI, SoTlNOSITEMPDRARY INTERNET FlES\OIXIHF\SlIPPEMENTA DECARATION-BDG. '.DDC Oc",b< 13, 2)1)4 4:17PM) 4 #

74 BK I PG My Commission Expies: SEA) STATE OF ill ;b"''<'i ), i ) ) 88. COUNTY OF Ta.i0-j ) ACKNOWEDGMENT The undesi&\led, ~ ~otay. Public, does heeby cetify that C whose name as Hf0,lC:::lf' ill.. J.. Oevne, of SURREY GRAND CROWNE RESORT CONDOMlNlUM OWNERs ' ASSOCIATION, INC., signed the foegoing. and is known to me and known lobe such official, acknowledged befoe me on this day unde oath that, being infonned of. the contents of the foegoing, helshe, in hislhe capacity as such official and with full authoity, executed and deliveed the same voluntaily fo and as the act of the said Authoity, as of the date the same beas. GWEN unde my hand and seal of My Commission Expies: SEA) Notay Public ORI HATOM Notay PublIC Notay Seol STATe: OF MISSOURI Taney County My Commission "pl,... Ap11 e ~-'=c:~.];.",,--_, i-" f 1 '" i " j -;-,, I i l 1-. i I "'-- l. I t i 10.) C:IDOCUMENTS AND SETTINOSIGPO Y NOR.SU RIl.OCAl SETTTNGS\TEMPORARY TNTERNET F!l!S\OWBNUPPEMENT At DECARATION-BDG.l.00C Ocobe lb :17PM) 5 #

75 BK I PG Th. Suey Galld Cown. R ott Condominium Sundlng 7 Unit. 101A 504C & Bs.ement A CondomInium In Ban.on. Taney County. ""uoul Pat of the SW4 01 the SE4 Section 1, Town,hlp 22 Noth. Range 22 W.. t of the Fifth Pincipal "'eldlan DESCRIPTION: A PART OF OT 2 IN THE FIRST ADDITION TO THOUSAND HIS SUBDIVISION, SITUATED IN SECTION " TOWNSHIP 22 NORTH, RANGE 22 WEST, TANn COUNTY, MISSOURI, AS PER THE RECORDED PAT THEREOF, FOUND AT SIDE C-701 SHEET 3 OF 10), TANEY COUNTY RECORDER 0, DEWS office AND BEING MORE PARnCUAR Y DESCRIBED AS FOOWS: COMMENCING AT THE SOUTHWEST CORNER OF THE SW4 OF THE SE4 OF SAID SEcnON " THENCE S 67'35'12"!: AONG THE SOUTH INE Of SAID SW4 OF THE 5!:4, 564,95 FEET. mence EAVE SAID SOUTH INE N 02'24'39" E, EET TO AN EXISTING REBAR AT THE POINT o BEGINNING, THENCE N 75'56'25" W, 260,00 FEET, THENCE N 01'06'47" E, 164,16 EET, THENCE S 77'.9'25" E, 31J.00 F'EET, THENCE 5 17'35'00" W, FEET TO THE POINT OF BEGINNING. CONTAINING 1.22 ACRE. MORE OR ESS, TOGETHER WITH AND SIJBJECT TO A EXISTING EASEMENTS AND RESTRICTIONS OF RECORD. Exhibit "A" #

76 BK0451 PG4004 SCHEDUE ONE Ownes' Iodtvtduai Inteest In Common Elements and Common Suplus; Timeshae Ownes' Indlvldual Inteest In Common Funishings )..RTICEXI INTERVA OWNERS' PERCENTAGE INTEREST IN UNITS Section Factional Owneship Intee U. In case of a Unit Committed to Inteval Owneship, each Unit Week Puchase in said Unit.hall own in emainde a ce..ain pecentage of the Unit accoding to the following schedule: Week Numbes Owned Pecentage Shae in Remainde fo Eash W em Owned I % % Section 11,02. Biennia! Unit Week Factiollil Owneship Inteests. The Puchases of each Biennial Uni t Week shall possess an owneship pecentage in the Unit which is one-half of the inteests specified in Section 11.01, above. Section Tiennial Unit Week FllclioAAI Ownenhip Inteests. The Puchases of each Tiennial Unit Week shall possess an owneship pecentage in the Unit which is one-thid of the inteests specified in Section 11.01, above. I' 1 j ~. 1 i " 1 C:\DOCUMENTS AND SETIlNOS\GPOYNOR.SUR\OCA SBTT1NGSITBMPORARY INTeRNH1' FIESIOK2EF\SUPPEMENTA DECARATION-BDG. 7.DOC Ocl<lbe II :17PM) 7 #

77 BK PG Ti-akes Title Co., Inc. 20t2J3SE.2BB REC. FEE, NON-STD FEE, PAGES: 8 ROBERT A DIXON RECORDER OF TANEY COUNTY, NO DO HEREBY CERTIFY THAT THE ~ITHIN INSTRUMENT OF ~RITING, ~AS ON 11124/2003 AT 12:14:36PM DUY FIED FOR RECORD AND IS RECORDED IN THE RECORDS OF THIS OFFIC~ IN BOOK ~ AT PAGE.;;'?9'S-SIO.t..IN TES11110NY WHEREOF~ I HAVE HEREUNTO SET MY HAND AND AFFIXED IIY OFFICIA SEA AT FORSYTH, MO, I 1t/lc",,.A,,~a.. d [)EPUTY Space Above this ine fo Recoding Dato. Title of Document: Date of Document: Oanto s )ldeclaant's Addess: Supplemental Declaation of Condominium fo The Suey Gand Cowne Resot Condominium Building II Addition) Suey Vacation Resots, Inc. 430-C Highway 165 South Banson, MO Gantees)/Condominium: Suey Oand Cowne Resot Condominium Gantee's/Condominium's Addess: Full egal Desciption is located on page: EXHIBIT A Refeence Books) and Pagels), if equied: SUPPEMENTA DECARATION OF CONDOMINIUM FOR THE SURREY GRAND CROWNE RESORT CONDOMINIUM BUIDING 11 ADDITION) This Supplemental Declaation of Condominium fo The Suey Gand Cowne Resot Condominium Bf/!ng 11 i.:ddition) the "Supplemental Declaation") is executed on this 19 day of UCA..e., 2003 by SURREY VACATION RESORTS, INC., a Missoui copoation, having its pincipal place of business at 430-C Highway 165 South, Banson, Missoui the "Develope"). WHEREAS, on the 21 day of Novembe, 2001, Develope executed a cetain document entitled Declaation of Condominium fo The Suey Gand Cowne Resot F"\MY DOCUMENTSICENTRA NATIONA BANKISUPPEMENTA DECARATlON BDG II.DOC Novembe :30AM)

78 BK043}PG3796 Condominium the "Oiginal Declaation") which was filed of ecod in Taney County, Missoui in Book Numbe 0309 at Page 2282 et seq; and WHEREAS, the Oiginal Declaation subjected that eal popety as is moe fully descibed theein to a timeshaed condominium fom of eal popety owneship; and WHEREAS, Aliicle 16.1 of the Oiginal Declaation eseved unto the Develope the ight to submit additional eal popety to the timeshaed condominium fom of owneship as descibed in the Oiginal Declaation; and WHEREAS, the Develope has peviously submitted additional eal popety to the timeshaed condominium fom of eal popety owneship pusuant to that cetain Supplemental Declaation of Condominium fo The Suey Gand Cowne Resot Condominium Building 6 Addition); and WHEREAS, the Develope now desies to submit additional and contiguous eal popety that is owned by the Develope to the covenants, estictions and encumbances as set foth in the Oiginal Declaation; NOW, THEREFORE, the Develope does heeby submit that eal popety as is moe fully descibed on EXHIBIT A attached heeto and incopoated heein by this efeence the "Building II Real Popety") to the covenants, estictions and encumbances of the Oiginal Declaation and does heeby declae that the Building II Real Popety and all Units and Timeshae Inteests theein and all apputenance theeto ae and shall heeafte be held, sold, conveyed, motgaged, hypothecated, encumbeed, leased, ented, occupied, impoved and used subject to the covenants, conditions, estictions, esevations, easements and limitations of ecod contained in the Oiginal Declaation, the same being incopoated heein by this efeence, as the same fom time to time may lawfully be amended o supplemented heeafte, all of which ae established, declaed and ageed to be used fo the pupose of enhancing and potecting the value, desiability and enjoyment of the Building II Real Popety and all Units and Timeshae Inteests ceated theein. All covenants, conditions, estictions, esevations, easements and limitations contained in the Oiginal Declaation and in this Supplemental Declaation shall heeafte constitute equitable sevitudes upon the Building II Real Popety and shall un pepetually with said eal popety, and shall be binding upon and inue to the benefit of the Develope, all subsequent ownes of any potion o all of the Building II Real Popety and any othe pesons o entities having o acquiing any ight, title o inteest theein o theeto, and, each of the foegoing paties' espective heis, legal epesentatives, successos and assigns foeve, and all othe pesons who ae pesent within o use the eal popety descibed heein fo any pupose whatsoeve. " In addition to the foegoing, the following povisions shall additionally petain to and encumbe the Building II Real Popety: 1. Building II Real Popety. The eal popety which is the subject of this F:\MY DOCUMENTS\CENTRA NATIONA BANKISUPPEMENTA DECARATION BDG II.DOC Novembe 19, :30AM) f, l -,!.", f, I, I [ j l " I, j l I,~"

79 BK 043 a PG 3191 Supplemental Declaation shall be known heeafte as The Suey Gand Cowne Resot Condominium, Building 11, and is moe fully descibed on EXHIBIT A attached heeto. The Building 11 Real Popety be and heeby is subject to all covenants, conditions, esevations, estictions, easements and limitations as ae contained in the Oiginal Declaation as if said tems and conditions wee set out heein in thei entiety. 2. Amendment and Restatement of Exhibits. Exhibit E to the Oiginal Declaation, Suvey; Gaphic Desciption; Plat Plan; Cetificate of Suveyo; Final Condominium Plat and Standad Floo Plan, is heeby modified, amended and supplemented as SCHEDUE 2, attached heeto and incopoated heein by this efeence. Exhibit F to the Oiginal Declaation, Estimated Opeating Budget, is heeby modified, amended and estated in its entiety as SCHEDUE 3, attached heeto and incopoated heein by this efeence. 3. Easements. Develope heeby eseves in favo of itself and fo its successos in title and assignees a pepetual non-exclusive easement fo vehicula and pedestian ingess and egess ove and acoss all oadways and walkways now o heeafte located on the Building 11 Real Popety, togethe with the ight to constuct paved oads on the Building 11 Real Popety adjoining existing oads so as to povide access at all times to a public ight of way fom the popety benefited heeby; povided, howeve, that any oads constucted fo the benefit of the adjoining popety shall be constucted in such a manne so as to not mateially intefee with the use and enjoyment of the Condominium Popety by the Ownes; povided, futhe, that the oads within the Building 11 Real Popety may be elocated by the Association if altenative access to a public ight of way of equal quality is povided to the benefited popety. 4. Consent. By the acceptance ofa waanty deed o any othe instument of tansfe which conveys a Unit o a Timeshae Inteest ceated fom that eal popety which is the subject of the Oiginal Declaation o this Supplemental Declaation, whethe fom the Develope, its successos o assigns, o fom any Owne, each Owne, fo themselves, thei heis, legal epesentatives, successos, assigns and any othe peson o pesons holding o occupying by, though o unde such Owne, and whethe o not expessly stated theein, covenants, consents and agees to and with Develope and with all othe Ownes fom time to time of a Unit and/o a Timeshae Inteest, to have atified and to be bound by, obseved, complied with and pefom the covenants, conditions, estictions, esevations, easements and limitations contained in the Oiginal Declaation and this Supplemental Declaation and in the Aticles of Incopoation, Bylaws and Rules and Regulations of the Suey Gand Cowne Resot Condominium Ownes' Association, Inc., the tems and conditions of which ae incopoated heein by this efeence, as such tems ae defined in the Oiginal Declaation, as each of said documents may lawfully be amended and/o supplemented fom time to time. 5. Appoval By Association. As evidenced by the signatue of the Suey Gand Cowne Resot Condominium Ownes' Association, Inc. the "Association") found below, the Association does heeby agee, acknowledge and consent to the filing of this Supplemental Declaation. F:IMY DOCUMENTSICENTRA NATIONA BANKISUPPEMENTA DECARATION--BDG [IDOC Novembe 19,200) 8:30AM) 3

80 BK PG Miscellaneous. Capitalized tems not othewise defined heein shall have those meanings assigned to them in the Oiginal Declaation. This instument is executed on the date fist witten above. SURREY VA AGREED, ACKNOWEDGED AND APPROVED: SURREY GRAND CROWNE RESORT COND~RS' ASSOCIATION, INC. TION RESORTS~C. By: '" ~ Gant. '1lJ'YnH ~ '1/ 00/ Title: t.-~ C:/CJf If-t-" ;1) 6 c ~ -1 ~~ 1, " \ i! f I 4 I By:~j C' A e Title:lJ4 f/ ST A TE Of en i.s,sn ttl) _ ss. COUNTY OF \ a t) y ) ACKNOWEDGMENT f'! I' ~ eboeeby cetify that.. "---J.--1.U...-I--'-""",+-'-"-'.J!:...~",,,, SURREY V ACA non RESORTS, INC., si ed the foegoing, and is known t me and own to be such official, acknowledged befoe me on this day unde oath that, being infomed of the contents of the foegoing, he/she, in hislhe capacity as such official and with full authoity, executed and deliveed the same voluntaily fo and as the act of the said Authoity, as ofthe date the same beas. GIVEN unde my hand and seal office, this ill- day oft nvej'1u'c,2003. \ My Commission Expies: SEA) ACKi'lOWEDGMENT ORIO'PRY Notay PUblic. Notay Seal STATE OF MISSOURI Taney County My Commission Expies Ap. 8, :, F:\MY DOCUMENTS\CENTRA NATIONA BANK\SUPPEMENTA DECARATION--BDG II.DOC Novembe :30AM) 4

81 BK a 4. 3 a PG _ COUNTY OF \o.nq;.~ ) ) ss. The und~ned, ~ ti0tay Public, does heeby cetify that ~.J. ~me whose name as,±->tf.:::iicjqxj±, of SURREY GRAND CROWNE RESORT CONDOMINIUM OWNERS' ASSOCIATION, INC., signed the foegoing, and is known to me and known to be such official, acknowledged befoe me on this day unde oath that, being infomed of the contents of the foegoing, he/she, in hislhe capacity as such official and with full authoity, executed and deliveed the'same voluntaily fo and as the act of the said Authoity, as of the date the same beas.,2003. My Commission Expies: SEA) ORIO'PRY Notay Public - Notay. Seal STATE OF MISSOURI Taney County My Commission Expies Ap. 8, 2005 F"MY DOCUMENTSICENTRA NATIONA BANKISUPPEMENTA DECARATION BDG I I. DOC Novembe 19, :30AM) 5

82 BK PG SURREY GRAND CROWNE RESORT CONDOMINIUM BUIDING EEVEN Units lola - 504C & Basement A Condominium in Banson, Taney County, Missoui Pat of the SW4 of the SE4 Section 1, Township 22 Noth, Range 22 West Of the Fifth Pincipal Meidian A PART OF OT 2IN THE FIRST ADDITION TO THOUSAND HIS SUBDIVISION, SITUATED IN SECTION 1, TOWNSHIP 22 NORTH, RANGE 22 WEST, TANEY COUNTY, MISSOURI, AS PER THE RECORDED PAT THEREOF, FOUND AT SIDE C-70I SHEET 3 OF 10), TANEY COUNTY RECORDER OF DEEDS OFFICE, AND BEING MORE PARTICUARY DESCRIBED AS FOOWS: COMMENCING AT THE SOUTHEAST CORNER OF THE SW 4 OF THE SE4 OF SAID SECTION 1, THENCE N 87"36'05" W FEET TO AN EXISTING REBAR, THENCE N 00 00'50" W, FEET TO AN EXISTING REBAR, THENCE S '40" W, FEET, THENCE N 82 38'24" W, FEET TO THE POINT OF BEGINNING, THENCE CONTINUE N 82 38'24" W, FEET, THENCE N 75 58'25" W, FEET, THENCE S 02 24'02" W FEET TO THE SOUTH INE SAID OT 2, ASO BEING THE NORTH INE OF A THIRTY 30) FOOT-WIDE ENVIRONMENTA AND UTIITY EASEMENT BOOK 305, PAGE 365), THENCE S 87 34'55" E AONG SAID SOUTH INE, FEET, THENCE EAVE SOUTH INE N 04 45'52" E FEET TO THE POINT OF BEGINNING, CONTAINING 1.09 ACRE, MORE OR ESS, TOGETHER WITH AND SUBJECT TO A EXISTING EASEMENTS AND RESTRICTIONS OF RECORD. -~! Exhibit A

83 BK PG 3801 Gand Cowne Ownes Association/2003 Income via Maintenance Fees Fom 7574 Ownes Total Income 2.793,533 Expenses Wages ,887 Fees, icenses & Pemits Cable TV ,705 Cleaning Supplies ,275 Office Supplies & Expense ,039 Compute Expense ,589 Gas - Popane ,332 Employee Events/Awads ,765 Food Fo Guests ,243 Fuel ,704 Funitue Replacement Guest Activities ,773 Key Pack aundy Supplies ,203 awn Spinkle inens ,378 Maintenance Supplies ,957 Mateials ,806 Mileage ,845 Mino Remodeling ,106 Miscellaneous Expense ,633 Newslette ,897 Postage ,526 Paint Owne Entetainment ,315 Owne's Meeting Pest Contol ,319 Pool Maintenance ,161 Postage Pinting ,051 Pofessional fees ,905 Rent ,835 Repais - Ai Conditioning ,619 Repais-Vehicles ,325 Repais & Maintenance ,431 Room Supplies ,275 SeminaslTaining ,580 Telephone ,623 Tash Removal ,579 Tavel Telephone Unifoms ,078 Wate ,006 ate Fees GCOA Specific Costs: Electic ,573 CC ,230 Taxes ,800 Elevato Repai ,609 SVC Pogam Cosls ,000 Insuance ,090 SPECIFIC TOTA 2,327,944 Management Fees ,794 RESERVES 232,794 AOCATION TOTA 465,589 GRAND TOTA 2,793,533 Schedule 3 Page 1 af 2

84 8K PG Gand Cowne Ownes Association/2004 Income via Maintenance Fees Fom Squae footage occupied Total Income 2,776,068 Expenses Wages ,679 Fees, icenses & Pemits Cable TV ,705 Cleaning Supplies "f"' Office Supplies & Expense ,471 Compute Expense ,478 l Gas - Popane ,188 Employee Events/Awads ,560 f' Food Fo Guests ,956 X Fuel ,630 i Fumitue Replacement Guest Activities ,214 Key Pack aundy Supplies ,089 [ awn Spinkle inens ,920 Mal ntenance Supplies ,653 Mateials ,726 Mileage ,721 t Mino Remodeling ,715 Miscellaneous Expense ,562 Newslette ,386 Postage ,471 t. Paint Owne Entetainment ,951 Owne's Meeting Pest Contol ,130 Pool Maintenance ,982 Postage ,193 Pinting ,745 Pofessional fees ,234 Rent ,541 Repais - Ai Conditioning ,629 Repais-Vehicles ,268 Repais & Maintenance ,677 Room Supplies ,197 SeminaslTaining I ~" ) 1, T.,,-. 1!. Telephone ,999 Tash Removal ,247! Tavel Telephone ,186 Unifoms ,981 Wate ,262 ate Fees f t 1 GCOA Specific Costs: Electic ,573 CC ,230 Taxes ,800 Elevato Repai ,609 SVC Pogam Costs ,426 Insuance ,090 SPECIFIC TOTA 2,313,390 Management Fees ,339 RESERVES 231,339 AOCATION TOTA 462,678 GRAND TOTA 2,776,068 END OF DOCUMENT Schedule 3 Page 2 of 2

85 BK PG TII akes Title Co., Inc..Space Above this ine fo Recoding Data ie:::!: 11;;~:h I;;~:11 I!::,. Un.~.,;:::~I;,I~~~, "~;il' ~!:5i. eh- REC. FEE: 4B.00 l'ion-std FEE: PAGES: '3 ROBERT A DIXON RECORDER OF TANEY COU~ITY I~O DO HEREBY CERTIFY THAT TH~ WItHIN INSTRUMENT OF WRITING, WAS ON 07/20/2006 AT 02:36:42PM DUY FIED FOR RECORD AND IS F<ECORDED I N THE f~ecol3.ds OF THIS OFFICE BOOK: ~~ PAGE' 9c;,~tj QS4C> WHEREOF "'F!~VE HmmNTO SET 11Y HAND 1~I'tD nffixed MY OFFICIA SEA AT FORSYTH, MO, 411 J: 9..n ftlyy, DEPUTY Title of Document: Date of Document: Gantos)lDec1aant's Addess: Supplemental Declaation of Condominium fo The Suey Gand Cowne Resot Condominium Building 12 Addition) July llili, 2006 Suey Vacation Resots, Inc. 430-C Highway 165 South Banson, MO Gantees)/Condominium: Suey Gand Cowne Resot Condominium Gantee'siCondominium's Addess: 430C State Highway 165 South Banson, lvlissoui Full egal Desciption is located on page: EXHIBIT A Refeence Books) and Pages), if equied: Book 0390, Page 2282 et seq. SUPPEMENTA DECARATION OF CONDOMINIUM FOR THE SURREY GRAND CROWNE RESORT CONDOMINIUM BUIDING 12 ADDITION) This Supplemental Declaation of Condominium fo The Suey Gand Cowne Resot Condominium Building 12 Addition) the "Supplemental Declaation") is executed on this II Jh day of July, 2006 by SURREY VACATION RESORTS, INC., a Missoui copoation, having its pincipal place of business at 430-C Highway 165 South, Banson, Missoui the "Develope"). WHEREAS, on the 21st day of Novembe, 2001 Develope executed a cetain document entitled Declaation of Condominium fo The Suey Gand Cowne Resot Condominium the "Oiginal Declaation") which was filed of ecod in Taney County, Missoui in Book Numbe 0390 at Page 2282 et seq; and

86 BK PG WHEREAS, the Oiginal Declaation subjected that eal popety as is moe fully descibed theein to a timeshaed condominium fom of eal popety owneship; and WHEREAS, Aticle 16.1 ofthe Oiginal Declaation eseved unto the Develope the ightto submit additional eal popety to the timeshaed condominium fom of owneship as descibed in the Oiginal Declaation; and WHEREAS, the Develope has peviously submitted additional eal popety to the timeshaed condominium fom of eal popety owneship pusuant to that cetain Supplemental Declaation of Condominium fo The Suey Gand Cowne Resot Condominium Building 6 Addition); and WHEREAS, the Develope now desies to submit additional and contiguous eal popety which is owned by the Develope to the covenants, estictions and encumbances as set foth in the Oiginal Declaatiun; NOW, TIlliREFORE, the Develope does heeby submit that eal popety as is moe fully descibed on EXHIBIT A attached heeto and incopoated heein by this efeence the "Building 12 Real Popety") to the covenants, estictions and encumbances of the Oiginal Declaation and does heeby declae that the Building 12 Real Popety and all Units and Timeshae Inteests theein and all apputenance theeto ae and shall heeafte be held, sold, conveyed, motgaged, hypothecated, encumbeed, leased, ented, occupied, impoved and used subject to the covenants, conditions, estictions, esevations, easements and limitations of ecod contained in the Oiginal Declaation, the same being incopoated heein by this efeence, as the same fom time to time may lawfully be amended o supplemented heeafte, all of which ae established, declaed and ageed to be used fo the pupose of enhancing and potecting the value, desiability and enj oyment of the Building 12 Real Popety and all Units and Timeshae Inteests ceated theein. All covenants, conditions, estictions, esevations, easements and limitations contained in the Oiginal Declaation and in this Supplemental Declaation shall heeafte constitute equitable sevitudes upon the Building 12 Real Popety and shall un pepetually with said eal popety, and shall be binding upon and inue to the benefit of the Develope, all subsequent ownes of any potion o all of the Building 12 Real Popety and any othe pesons o entities having o acquiing any ight, title o inteest theein o theeto, and, each of the foegoing paties' espective heis, legal epesentatives, successos and assigns foeve, and all othe pesons who ae pesent within o use the eal popety descibed heein fo any pupose whatsoeve. In addition to the foegoing, the following povisions shall additionally petain to and encumbe the Building 12 Real Popety: l. Building 12 Real Popety. The eal popety which is the subject of this Supplemental Declaation shall be!mown heeafte as The Suey Gand Co\'I!le Resot Condominium, Building 12, and is moe fully descibed on EXHIBIT A attached heeto. The Building 12 Real Popety be and heeby is subject to all covenants, conditions, esevations, I ~ l!' 1! ~~ 1 j;""! 1.,.'1 i \,., I f' ~ ' i t I i, ~j! '

87 BK PG estictions, easements and limitations as ae contained in the Oiginal Declaation as if said tems and conditions wee set out heein in thei entiety. 2. Amendment and Restatement of Exhibits. Exhibit D to the Oiginal Declaation, Ownes' Individual Inteest in Common Elements and Common Suplus; Timeshae Ownes' Individual Inteest in Common Funishings, is heeby modified, amended and estated in its entiety as SCHEDUE 1, attached heeto and incopoated heein by this efeence. Exhibit E to the Oiginal Declaation, Suvey; Gaphic Desciption; Plat Plan; Cetificate of Suveyo; Final Condominium Plat and Standad Floo Plan, is heeby modified, amended and supplemented as SCHEDUE 2, attached heeto and incopoated heein by this efeence. Exhibit F to the Oiginal Declaation, Estimated Opeating Budget, is heeby modified, amended and estated in its entiety as SCHEDUE 3, attached heeto and incopoated heein by this efeence. 3. Easements. Devel ope heeby eseves in favo of itself and fo its successos in title and assignees a pepetual non-exclusive easement fo vehicula and pedestian ingess and egess ove and acoss all oadways and walkways now o heeafte located on the Building 12 Real Popety, togethe with the ight to constuct paved oads on the Building 12 Real Popety adjoining existing oads so as to povide access at all times to a public ight of way fom the popety benefited heeby; povided, howeve, that any oads constucted fo the benefit of the adjoining popety shall be constucted in such a manne so as to not mateially intefee with the use and enjoyment of the Condominium Popety by the Ownes; povided, futhe, that the oads within the Building 12 Real Popety may be elocated by the Association if altenative access to a public ight of way of equal quality is povided to the benefited popety. 4. Consent. By the acceptance of a waanty deed o any othe instument of tansfe. which conveys a Unit o a Timeshae Inteest ceated fom that eal popety which is the subject of the Oiginal Declaation o this Supplemental Declaation, whethe fom the Develope, its successos o assigns, o fom any Owne, each Owne, fo themselves, thei heis, legal epesentatives, successos, assigns and any othe peson o pesons holding o occupying by, though o unde such Owne, and whethe o not expessly stated theein, covenants, consents and agees to and with Develope and with all othe Ownes fom time to time of a Unit and/o a Timeshae Inteest, to have atified and to be bound by, obseved, complied with and pefom the covenants, conditions, estictions, esevations, easements and limitations contained in the Oiginal Declaation and this Supplemental Declaation and in the Aticles of Incopoation, Bylaws and Rules and Regulations ofthe Suey Gand CowneResot Condominium Ownes' Association, Inc., the tems and conditions of which ae incopoated heein by this efeence, as such tems ae defined in the Oiginal Declaation, as each of said documents may lawfully be amended and/o supplemented fom time to time. 5. Appoval By Association. As evidenced by the signatue of the Suey Gand Cowne Resot Condominium Ownes' Association, Inc. the "Association") found below, the Association does heeby agee, acknowledge and consent to the filing of this Supplemental Declaation.

88 tlk U 4 ~ If PG Miscellaneous. Capitalized tems not othewise defined heein shall have those meanings assigned to them in the Oiginal Declaation. This instument is executed on the date fist witten above. AGREED, ACKNOWEDGED AND APPROVED: STATE OF MISSOURI ) ) ss. COUNTY OF TANEY ) SURREYVACATIO RESORTS, INC. By:_~C~-f.-,II--I~z;m~""",- C.l ACKNOWEDGMENT The undesigned, a Notay Public, does heeby cetify that C. J. Peme whose name as Pesident,of SURREY VACATION RESORTS, INC., signed the foegoing, and is known to me and known to be such official, acknowledged befoe me on this day unde oath that, being infomed of the contents of the foegoing, he/she, in his/he capacity as such official and with full authoity, executed and deliveed the same voluntaily fo and as the act of the said Authoity, as of the date the same beas. GIVEN unde my hand and seal office, this 11 th day of July, 2006.,-,.! f I,, f <'v 1 I, c,', I " i.., ;, I ". I, ~ f \ i, J." My Commission Expies: ORI HATOM Nola/)' Public State of Missoun County of Taney My Commission Expies Ap. 8, 2009 Commission # STATE OF MISSOURl ) ) ss. COUNTY OF TANEY ) Notay Public ACKNOWEDGMENT

89 BK PG I The undesigned, a Notay Public, does heeby cetify that Gant Poyno whose name as Secetay, of SURREY GRAND CROWNE RESORT CONDOMINIUM OWNERS' ASSOCIATION, INC., signed the foegoing, and is known to me and known to be such official, acknowledged befoe me on this day unde oath that, being infomed of the contents of the foegoing, helshe, in hislhe capacity as such official and with full authoity, executed and deliveed the same voluntaily fo and as the act of the said Authoity, as of the date the same beas. GIVEN unde my hand and seal i My Commission Expies: Notay Public ORI HATOM Nota", Public Slate ot Missoui County at Taney My Commission Expies Ap. 8, 2009 CommiSSion #

90 BK PG EXHIBIT A BUIDING 12 REA PROPERTY EGA DESCRIPTION SURREY GRAND CROWNE RESORT CONDOMINIU1vI BUIDING TWE VB Units lola - 504C & Basement A Condominium in Banson, Taney County, Missoui Pat of the SW4 of the SE4 Section I, Township 22 Noth, Range 22 West Of the Fifth Pincipal Meidian A PART OF OT 2 IN TIffi FIRST ADDITION TO THOUSAND HlS SUBDNlSION, SITUATED IN SECTION I, TOWNSHIP 22 NORTH, RANGE 22 WEST, TANEY COUNTY, MISSOURI, AS PER THE RECORDED PAT THEREOF, FOUND AT SIDE C-701 SHEET 3 OF 10), TANEY COUNTY RECORDER OF DEEDS OFFICE, AND BEING MORE PARTICUARY DESCRIBED AS FOOWS: BEGINNING AT THE SOUTHWEST CORNER OF "SURREY GRAND CROWNE RESORT CONDOMINIUM BUlDING II", AS PER THE RECORDED PAT THEREOF FOUND IN SIDE G-672, TANEY COUNTY RECORDER OF DEEDS OFFICE, THENCEN '02" E AONG THE WEST INE OF SAID "BUlDING 11", FEET TO A POINT ON THE SOUTH INE OF "SURREY GRAND CROWNE RESORT CONDOMINIUM, BUlDING 6", AS PER THE RECORDED PAT THEREOF FOUND ON SIDE G-227, TANEY COUNTY RECORDER OF DEEDS OFFICE, THENCE EA VB SAID WEST INE N 75 58"25' W AONG TIffi SOUTH INE OF SAID "BUlDING 6" AND THE SOUTH INE OF "SURREY GRAND CROWNE RESORT CONDOlvIINIUM, BUIDING 7" AS PER THE RECORDED PAT THEREOF FOUND IN SIDE H-173, FEET, THENCE EA VB SAID SOUTHINE S 02 24'02" W, FEET, THENCE S 87 34'55" E, FEET TO THE POINT OF BEGINNING, CONTAINING 1.06 ACRES MORE OR ESS, TOGETHER WITH AND SUBJECT TO A EXISTING EASMENTS AND RESTRICTIONS OF RECORD. I l I,. t 1 "", i

91 111\ U 4 :1 4 t-'b 'j ~ 4 J SCHEDUE ONE Ownes' Individual Inteest in Common Elements and Common Suplus; Timeshae Ownes' Individual Inteest in Common Funishings ARTICE Xl INTERVA OWNERS' PERCENTAGE INTEREST IN UNITS Section 11.0 I. Factional Owneship Inteests. In case of a Unit Committed to Inteval Owneship, each Unit Week Puchase in said Unit shall own in emainde a cetain pecentage of the Unit accoding to the following schedule: Week Numbes Owned I Pecentage Shae in Remainde Fo Each Week Owned % % Section Biennial Unit Week Factional Owneship Inteests. The Puchases of each Biennial Unit Week shall possess an owneship pecentage in the Unit which is one-half of the inteests specified in Section 11.01, above. Section Tiennial Unit Week Factional Owneship Inteests. The Puchases of each Tiennial Unit Week shall possess an owneship pecentage in the Unit which is one-thid of the inteests specified in Section 11.01, above.

92 BK PG SCHEDUE TWO Suvey; Gaphic Desciption; Plat Plan; Cetificate of Suveyo; Final Condominium Plat and Standad Floo Plan i, ~-. 1 I i,, i,

93 BK PG SCHEDUE THREE Estimated Opeating Budget 2006 Budget Copoate Font Desk Secuity Gounds Engineeing Housekeeping Activities Resevations Resot opeations Inteval Intenational Total $325, $123, $109, $94, $429, $1,036, $155, $99, $1,100, $559, $4,035, END OF DOCUMENT

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