CONDOMINIUM RULES AND REGULATIONS FOR VILLAS AT REGAL PALMS ASSOCIATION, INC.

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CONDOMINIUM RULES AND REGULATIONS FOR VILLAS AT REGAL PALMS ASSOCIATION, INC. The Condominium Rules and Regulations hereinafter enumerated as to the Condominium Property (which includes the Common Elements and Limited Common Elements, if any, the Units, Association Property and the Condominium in general) shall be deemed in effect until amended by the Board of Directors of the Association and shall apply to and be binding upon all Unit Owners. Unit Owner or Owner shall for purposes herein mean the person holding title to a whole Unit or a Unit Week in the Condominium. Authorized User shall mean for purposes herein an Owner or person with legal rights to the use of a Unit or Unit Week through an Owner. All other terms not otherwise defined herein shall have the meanings ascribed to them either in the Bylaws to which these rules are attached or in the Declaration of Condominium for Consolidated Resorts at Regal Palms Vacation Club to which said Bylaws are attached. The Owners shall, at all times, obey said Condominium Rules and Regulations and shall use their best efforts to see that they are faithfully observed by their families, guests, invitees, servants, lessees, persons for whom they are responsible, persons over whom they exercise control and supervision, and any other Authorized Users. Violation of these Condominium Rules and Regulations may subject the violator to any remedies available to the Association, other Owners, and the Management Company, pursuant to the terms of the Declaration, the Articles of Incorporation, the Bylaws, the Management Contract and applicable federal, state and local law. Violations may be remedied by the Association by injunction or other legal means, and the Association shall be entitled to recover in said actions, any and all court fees and costs incurred by it, together with reasonable attorney's fees and expenses, against any person violating the Condominium Rules and Regulations or the Declaration of Condominium and any of the Exhibits attached thereto. The Board of Directors may, from time to time, adopt or amend previously adopted Condominium Rules and Regulations governing the details of the operation, use, maintenance, management and control of the Common Elements of the Condominium or Association Property (for purposes of these Condominium Rules and Regulations, Association Property shall be defined as property owned by the Association as well as property which Association Owners have the right to use under license agreements or otherwise) and any facilities or services made available to the Owners. Any waivers, consents or approvals given under these Condominium Rules and Regulations by the Board of Directors shall be revocable at any time and shall not be considered a waiver, consent or approval of identical or similar situations unless notified in writing by the Board of Directors. THE CONDOMINIUM RULES AND REGULATIONS ARE AS FOLLOWS: 1. VIOLATIONS OF CONDOMINIUM RULES AND REGULATIONS Violations should be reported in writing to the Management Company or an officer of the Association. If no separate Management Company exists, then to the Board of Directors of the Association. Violations will immediately be called to the attention of the violating Owner by the Management Company or President of the Association, Rules Violation Committee, and the appropriate committee of the Board of Directors, if applicable, or the members of the Board of Directors, if follow-up action is necessary.

Violations needing follow-up action will be presented to and considered by the Board of Directors for appropriate action at its next regularly scheduled meeting or at a special meeting called for this purpose. 2. FACILITIES The facilities, if any, which are part of the Common Elements of the Condominium or Association Property are for the exclusive use of Association Owners, lessees, resident house guests, guests accompanied by a Owner and other Authorized Users, unless otherwise provided that such use shall not be exclusive. Any damage to the buildings, recreational facilities or other common areas or equipment caused by any of the foregoing Authorized Users shall be repaired at the expense of the Owner. 3. NOISE Should noise transmission create a disturbance or a nuisance, the responsibility is with the Owner to abate the noise transmission and not the Developer or the Association. In order to insure the comfort of all Association Owners and Authorized Users, between the hours of 11:00 p.m. and 8:00 a.m. radio, stereo and television sets, and all other such audio equipment should be turned down to a minimum volume so as not to disturb other persons. All other unnecessary noises between these hours should be avoided. 4. NUISANCES No nuisance shall be allowed upon the Condominium Property or within a Unit, nor any use or practice that is the source of annoyance to Owners or which interferes with the peaceful possession and proper use of the Condominium Property by the Owners. No Owner shall permit any use of a Unit or make or permit any use of the Common Elements that will increase the cost of insurance upon the Condominium Property. 5. LAWFUL USE No improper, offensive or unlawful use shall be made of the Condominium Property or a Unit, and all valid laws zoning ordinances and regulations of all governmental bodies having jurisdiction shall be observed. The responsibility of meeting the requirements of governmental bodies for maintenance, modification or repair of the Condominium Property or a Unit shall be the same as the responsibility for the maintenance and repair of the property concerned. 6. PETS Except for dogs certified as handicapped assistance animals, as may be required by an Owner or Authorized User, no bird, reptile, animal or pet of any kind shall be kept or harbored in the Unit, Common Elements, Limited Common Elements or on the Condominium or Association Property by an Owner. 2

7. OBSTRUCTIONS Sidewalks, entrances, driveways, passages, patios, courts, vestibules, stairways, corridors, halls and/or all other areas intended for common use must be kept open and shall not be obstructed in any manner. Rugs or mats, except those either permitted or placed by the Association or the Management Company, must not be placed outside of doors in corridors. No sign, notice or advertisement shall be inscribed or exposed on or at any window of a Unit or any part of the Condominium or Association Property, except that the right is specifically reserved to the Developer to place and maintain For Sale or For Rent signs on the Condominium Property for as long as it may have Units or Unit Weeks to sell, and except as shall have been approved in writing by the Association; nor shall anything be projected out of any window in the Condominium Property without similar approval. No radio or television aerial or antenna shall be attached to or hung from the exterior of the Condominium Property or the roof thereon without the express approval of the Association. All personal property of the Owners shall be stored within the Unit. 8. CHILDREN Children are to play only in areas either designated or clearly intended for play, and they are not to play in public halls, on stairways, or other common areas which would cause an obstruction. Reasonable supervision by parents or guardians must be exercised at all times when children are playing on the Condominium or Association Property. 9. DESTRUCTION OF OR MISSING PROPERTY Neither Owners, their dependents nor guests shall mark, damage, destroy, deface or engrave any part of the buildings or improvements. Owners shall be responsible for any such damage. The Authorized User(s) and/or the Owner of a Unit subject to interval Ownership shall be responsible for theft or breakage of or damage to the personal property contained within the Unit authorized for use and shall reimburse the Association for all costs and expenses to repair and/or replace such personal property. 10. EXTERIOR APPEARANCE The exterior of the Condominium Property and all other areas appurtenant to it shall not be painted, decorated or modified by an Owner (or their dependents and guests) in any manner without prior written consent of the Association, which consent may be withheld on purely aesthetic grounds within the sole discretion of the Association. No awnings, window guards, light reflective materials, hurricane or storm shutters, ventilator, fans or air conditioning devices shall be used in or about the Condominium Property except as shall have been approved by the Association in writing, which approval may be withheld on purely aesthetic grounds within the sole discretion of the Association. 11. DECORATION OF UNITS No Owner shall alter the furnishings, appliances, personal property or decor of any Unit committed to the Timeshare Plan without the prior written consent of the Board of Directors. The Association shall determine the interior color scheme, decor and furnishings of each Unit 3

committed to the Timeshare Plan as well as the proper time for redecorating and renovating such Unit and its contents. 12. CLEANLINESS All garbage and refuse from the Condominium or Association Property shall be deposited with care in garbage containers and trash chutes intended for such purposes only at such times and in such manner as the Association will direct. All in-sink disposals shall be used in accordance with instructions given to the Owner by the Association. 13. BALCONIES Plants, pots, receptacles and other movable objects must not be kept, placed or maintained on ledges or balconies. No objects shall be hung up or shaken from balconies or window sills. No cloth, clothing, rugs, beach blankets, beach towels or mops shall be hung up or shaken from windows, doors or balconies. No cooking, including but not limited to, the use of any type of barbeque grill, shall be permitted on any balcony of a Unit. Owners shall not allow anything to be thrown or to fall from windows, doors, balconies or the interior of the building. 14. ENTRY FOR EMERGENCIES In case of emergency originating in or threatening any Unit, regardless of whether or not the Owner is present at the time of such emergency, the Board of Directors of the Association, the Management Company or any other person authorized by them, shall have the right to enter such Unit for the purpose of remedying or abating the cause of such emergency, and such right of entry shall be immediate, and to facilitate entry in the event of any such emergency. 15. PLUMBING Plumbing shall not be used for any other purpose than those for which it was constructed, and no sweepings, rubbish, rags or other foreign substances shall be deposited into plumbing. The cost of any damage resulting from misuse shall be borne by the Owner. 16. ROOF Owners are not permitted on the roof of any building within the Condominium or Association Property for any purpose without the express approval of the Board of Directors or Management Company. 17. SOLICITATION There shall be no solicitation by any person anywhere on the Condominium or Association Property for any cause, charity or purpose whatsoever, unless specifically authorized in writing by the Board of Directors or the Management Company, except for solicitation by the Developer in marketing the Condominium and other timeshare resorts developed or under development by the Developer. The foregoing shall not be deemed to restrict any Owner's right arising under Chapter 718 to peaceably assemble or right to invite public officials or candidates for public office to appear and speak at or within the administration building in accordance with 4

reasonable rules that either the Board of Directors or the Management Company may from time to time adopt. 18. PARKING (a) No vehicle belonging to any Owner or to a member of the family of an Owner or guest, tenant or employee of an Owner shall be parked in any unauthorized area or in such manner as to impede or prevent access to another Owner's or Authorized User's parking space or any fire lane (s). The Owners, their employees, servants, agents, visitors, licensees and the Owner's family will obey all posted parking regulations. Vehicles parked in any unauthorized areas or impeding another Owner's or Authorized User's parking space or any fire lane (s) are subject to being towed away at the Owner's or Authorized User's sole expense. No repair of vehicles shall be made within the Condominium or Association Property. No Owner shall store or leave boats, trailers, mobile homes, recreational vehicles and the like on the Condominium Property. No trucks or buses may be parked anywhere on Condominium or Association Property, except for those of the Developer and/or the Management Company of the Condominium, if any. 19. GUESTS Owners shall notify the Management Company in advance by written notice of the arrival and departure dates of guests who have permission to occupy the Unit in their absence. Owners should have such guests check in at the front desk of the Association or Management Company upon arrival in order that service can be extended to them. Owners will be responsible for compliance by guests with these Condominium Rules and Regulations. 20. TRANSFER, LEASE OR EXCHANGES OF UNITS OR UNIT WEEKS Upon any permitted transfer of any interest in a whole Unit or Unit Week, an Owner shall give written notice to the Management Company within 15 days of the date of the transfer, by registered or certified mail. The foregoing written notice shall state the name and address of the transferee and shall be accompanied by a non-refundable administrative fee of ONE HUNDRED DOLLARS ($100.00) to cover administrative expenses. The notice should also be accompanied by a copy of the recorded deed or other evidence of title being vested in the new Owner. The transfer of interests in the Condominium is subject to those restrictions contained in the Declaration of Condominium. Any lease of a Unit or Unit Week shall contain a covenant stating that the lessee shall comply with all present and future Rules and Regulations of the Association, and lessees shall not be permitted to bring a pet of any kind onto the Condominium or Association Property or facilities leased by or licensed to the Association. Persons entitled to use of a Unit pursuant to an approved exchange program or through some other means must comply with these Rules and Regulations, as amended from time to time. 5

21. USE OF RECREATIONAL FACILITIES Owners and Authorized Users of the recreational facilities do so at their own risk. All users are required to obey the posted rules. Children under twelve (12) years of age using any recreational facilities must be accompanied and supervised by a responsible adult. Owners and Authorized Users shall observe all posted Condominium Rules and Regulations governing the use of all available recreational facilities. 22. STORAGE OF DANGEROUS ITEMS No inflammable, combustible, or explosive fluid, chemical or substance, shall be kept in any Unit or Limited Common Element except as are required for normal household use. 23. OCCUPANCY Unit occupancy shall be a maximum of eight (8) occupants for a three (3) bedroom Unit and a maximum of ten (10) occupants for a four (4) bedroom Unit, at any one time, unless modified by the prior written approval of the Association or Management Company. 24. WEAPONS No explosives, firearms, knives and/or fireworks shall be kept in any Unit and/or brought onto the Condominium Property at any time. 25. EMPLOYEES/AGENTS CONTROL AND ENTRY OF UNITS FOR MAINTENANCE Employees and/or agents of the Association or Management Company, and employees and/or agents of the Developer during construction of the Condominium and the Developer's ongoing sales program, shall not be sent off the Condominium premises by any Owner or Authorized User of a Unit at any time for any reason. No Owner or resident shall direct, supervise or in any manner attempt to assert any control over the employees of the Management Company or the Association. Employees or agents of the Management Company shall be permitted to enter Units for maintenance and repairs during reasonable hours. 26. COMPLAINTS Complaints regarding the services of the Condominium shall be made in writing to the Management Company, as long as a Management Contract remains in effect, and thereafter, to the Board of Directors. 27. PAYMENT OF MAINTENANCE FEES, SPECIAL CHARGES AND FINES Payment of maintenance fees, special charges, and fines shall be made at the office of the Management Company, as designated in the Management Contract. Payments made in the form of checks shall be made to the order of such party as the Management Company shall designate. 6

28. CHECK-IN/CHECK-OUT OF TIME-SHARE UNITS All Owners of Unit Weeks or their Authorized Users shall vacate Units no later than 10:00 A.M. on the last day of their use period. In addition to all other remedies provided in the Declaration of Condominium and Bylaws, failure to vacate by 10:00 A.M. will subject the Owner(s) and/or Authorized User(s) to an administrative fee of $300.00 per day. Possession of a Unit shall not begin before 4:00 P.M. on the day on which the use period commences, unless permitted in writing by the Association or Management Company in its sole discretion. Each Owner or their Authorized Users shall return all keys to the Unit possessed at the end of their use period. Failure to return keys shall result in the imposition or an administrative fee of $25.00 on the Unit Owner. 29. AMENDMENTS TO RULES The Board of Directors of the Association reserves the right to make additional rules and regulations as may be required from time to time without consent of its Owners. These additional rules and regulations shall be binding as all other Condominium Rules and Regulations previously adopted. DATE: BY ORDER OF THE BOARD OF DIRECTORS OF VILLAS AT REGAL PALMS ASSOCIATION, INC. Secretary 7