FIRST SUPPLEMENT TO MASTER DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR VIZCAYA

This first Supplement to Master Declaration of Covenants, Condition and Restrictions for Vizcaya, (this "First Supplement") is made this 14 day of March, 2001, by Applied Building Development of Orlando - B.H., Inc., a Florida corporation ("Declarant"), whose address is 8000 The Esplanade, Orlando, Florida 32836.

RECITALS:

WHEREAS, Declarant has previously executed and recorded that certain Master Declaration of Covenants, Conditions and Restrictions for Vizcaya dated September 13, 2000 and recorded in Official Records Book 6094, Pages 2377 through 2503, of the Public Records of Orange County, Florida ("Master Declaration").

WHEREAS, the property described on Exhibit "A" attached hereto and incorporated herein by reference (the "Townhouse Property") is a portion of that property described in and submitted to the terms of the Master Declaration; and WHEREAS, Declarant, pursuant to Article V, Section 3 of the Master Declaration, has the right to designate any portion of the Properties as having separate village status.

WHEREAS, Declarant desires to designate the Townhouse Property as a Village and impose additional restrictive covenants against the Townhouse Property as hereinafter set forth.

NOW THEREFORE, Declarant hereby supplements the Master Declaration as follows:

1. Recitals; Definitions. The recitals stated above are incorporated herein by this reference. Capitalized terms used in this First Supplement shall have the same meaning as set forth in the Master Declaration.

2. Designation of the Townhouse Property as a Separate Village.

2.1 Designation of Village. The Townhouse Property described on Exhibit "A" attached hereto and incorporated herein by reference is hereby designated as a Village, as defined in the Master Declaration (hereinafter the "Townhouse Village"). Declarant elects not to establish a Village Association for the Townhouse Village at this time; provided, however, Declarant reserves the right, but is under no obligation, to do so in the future as provided in the Master Declaration.

2.2 Maintenance Responsibilities. Pursuant to the authority granted in Article III, Section 5 of the Master Declaration, the Association shall be responsible for performing, or causing to be performed, on behalf of the Owners of the Residential Units located within the Townhouse Village, the following:

(a) maintenance, including mowing, fertilizing, watering, insect control, pruning and replacement as necessary, of all lawns and landscaping installed as part of the initial construction of the Residential Units and any necessary replacements thereof (except landscaping within any enclosed courtyard, patio, fenced or other area not readily accessible from outside the dwelling);

(b) maintenance of the following exterior portions of any improvements constructed on any Residential Unit:

(i) painting of all exterior portions of any garages, garage doors, townhomes, exterior doors, shutters, facia and fences along Lot boundaries ("Boundary Fences");

(ii) caulking of the exterior portions of all exterior windows and doors;

(iii) repair and/or replacement, as necessary, of the roof of any townhouse or garage, including any exterior porch roof originally constructed with the townhouse;

(iv) pressure cleaning of front sidewalks, exterior front steps and the exterior walls of all townhouses and garages;

(c) repair and replacement, if necessary, of any Boundary Fences;

(d) maintenance of the irrigation system serving those portions of the Lot which the Association is obligated to water, as set forth in the Master Declaration, which areas may be irrigated through a master system and controllers operated by the Association;

(e) termite treatment of exterior structural walls and foundations of the townhomes and garages; provided that the Association will not be liable if such treatment proves to be ineffective;

(f) the Association will repair or replace any damaged garage doors and exterior door hardware (but not garage door openers), and broken exterior doors and door hardware on any townhome; provided that the cost of such repairs/replacements shall be billed solely to the owner of the affected Residential Unit and not to the entire Townhouse Village;

(g) the Association shall not be responsible for any maintenance or repairs to any windows (except caulking), any wood decks, anything contained within any townhome or garage, and any improvements or modifications added or made to any improvements after the conveyance of the Lot to the first owner following construction of a townhouse thereon.

2.3 Costs and Expenses. All costs and expenses incurred by the Association in providing the services set forth in Section 2.2 above shall be assessed as a Village Assessment only against the Residential Units within the Townhouse Village and shall be divided among and billed equally to the owners of all Residential Units within the Townhouse Village, in accordance with the Townhouse Village budget adopted annually by the Association for the Townhouse Village, which amounts may be billed on such frequency as the Association elects.

3. Budgeting and Allocating Townhouse Village Expenses. It shall be the duty of the Board, by majority vote, at least forty-five (45) days prior to the end of the Association's fiscal year, to prepare a separate budget covering the estimated Townhouse Village Expenses for the Townhouse Village. The Board shall be entitled to set such budget only to the extent that this Master Declaration, any Supplemental Declaration, or the By-Laws specifically authorize the Board to assess certain costs as a Village Assessment. The Townhouse Village may request, through the Village Committee, if any, or by petition of Owners of at least a majority of the total Residential Units within the Townhouse Village, that additional services or a higher level of services be provided by the Association, and in such case, any additional costs shall be added to such budget. Such budget shall include a capital contribution establishing a reserve fund for repair and replacement of capital items maintained as a Townhouse Village Expense, if any, within the Townhouse Village.

The Association is hereby authorized to levy Village Assessments equally against all Residential Units in the Townhouse Village which are subject to assessment under Section 2.3 to fund Village Expenses; provided, if so specified in the Supplemental Declaration applicable to such Village or if so directed by petition signed by a majority of the Owners within the Village, any portion of the assessment intended for exterior maintenance of structures, insurance on structures, or replacement reserves which pertain to particular structures shall be levied on each of the benefitted Residential Units in proportion to the benefit received.

The Board shall cause a copy of such budget and notice of the amount of the Village Assessment for the coming year to be delivered to each Owner of a Residential Unit in the Townhouse Village at least 30 days prior to the beginning of the fiscal year. Such budget and assessment shall become effective unless disapproved by a majority of the Owners of Residential Units in the Townhouse Village. There shall be no obligation to call a meeting for the purpose of considering the budget except on petition of Owners of at least 10% of all Residential Units in the Townhouse Village, which petition must be submitted to the Board within 10 days after delivery of the notice of assessments. This right to disapprove shall only apply to those items in the Townhouse Village budget which are attributable to services requested by the Townhouse Village.

If the proposed budget for the Townhouse Village is disapproved or if the Board fails for any reason to determine the budget for any year, then until such time as a budget is determined, the budget in effect for the immediately preceding year shall continue for the current year.

The Association shall include such assessment in its annual billing of Owners with Residential Units within the Townhouse Village and shall be responsible for collecting all assessments.

4. Budgeting for Reserves. The Board shall annually prepare reserve budgets for the Townhouse Village which take into account the number and nature of replaceable assets maintained as a Village Expense, the expected life of each asset, and the expected repair or replacement cost. The Board shall set the required capital contribution in an amount sufficient to permit meeting the projected needs of the Association, as shown on the budget, with respect both to amount and timing by annual Village Assessments over the budget period.

5. Special Village Assessments. In addition to other authorized assessments, the Association may levy Special Village Assessments from time to time to cover unbudgeted expenses or expenses in excess of those budgeted in the Townhouse Village budget. Any such Special Village Assessment may be levied against Residential Units within the Townhouse Village if such Special Village Assessment is for Village Expenses.

Except as otherwise specifically provided in the Master Declaration, any Special Village Assessment which would exceed 20% of the annual budget for the year immediately preceding that in which the Special Village Assessment is approved shall require the affirmative vote or written consent of Owners representing at least 51% of the total votes allocated to Residential Units which will be subject to such Special Village Assessment, and the affirmative vote or written consent of the Class "B" Member, if such exists. Special Village Assessments shall be payable in such manner and at such times as determined by the Board, and may be payable in installments extending beyond the fiscal year in which the Special Village Assessment is approved.

The Association shall be responsible for sending notices of such assessments to the Owners of such Residential Units and collecting such assessments.

6. Authority to Assess Owners; Time of Payment. The Association is hereby authorized to levy Village Assessments and Special Village Assessments against each Residential Unit in the Townhouse Village as provided for in the Master Declaration and the By-Laws. The obligation to pay Village Assessments shall commence as to each Residential Unit on the first day of the month following: (a) the month in which the Residential Unit is made subject to this Master Declaration, or (b) the month in which the Board first determines a budget and levies assessments pursuant to this Article, whichever is later. The first annual Village Assessment, if any, levied on each Residential Unit shall be adjusted according to the number of months remaining in the fiscal year at the time assessments commence on the Residential Unit.

All Village Assessments shall be levied and collected by the Association. Village Assessments shall be paid in such manner and on such dates as the Association may establish. If the Association so elects, assessments may be paid in two or more installments. Unless the Association otherwise provides, the Village Assessments shall be due and payable in advance on the first day of each fiscal year. If any Owner is delinquent in paying any Village Assessments or other charges levied on his Residential Unit, the Association may require any unpaid installments of all outstanding assessments to be paid in full immediately.

In witness whereof, the duly authorized officer of the undersigned Declarant has executed this First Supplement to Master Declaration of Covenants, Conditions and Restrictions for Vizcaya this 14 day of March, 2001.

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