DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS OF LAKE SHEEN RESERVE

THIS DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS
OF LAKE SHEEN RESERVE (the “Declaration”) is made this 6th day of July, 2001 by ALEXANDRA (U.S.A.), INC., a Florida corporation, whose address is 4800 Airport Road, Naples, Florida 33942 (hereinafter referred to as “Declarant” or “Developer”).

WITNESSETH:

WHEREAS, ALEXANDRA (U.S.A.), INC., a Florida corporation, is the owner of land in Orange County, Florida, more particularly described in Exhibit “A” attached hereto; and

WHEREAS, the above described real property and all additions thereto are hereinafter sometimes referred to as “Lake Sheen Reserve,” the “Property,” or the “Subdivision;” and

WHEREAS, Developer owns certain additional real property adjacent to the Property described above, which real property shall constitute an additional phase of the Subdivision, and the subsequent phase, together with the initial phase (the “Initial Phase’), shall be referred to collectively as the “Property”; and

WHEREAS, Lake Sheen Reserve is a planned residential subdivision located in ‘Orange County, Florida containing single family lots, certain private roads, open space and stormwater retention areas, recreational areas and common properties; and

WHEREAS, the Developer desires that all of the Property be subject to restrictions for the mutual benefit and protection of the Developer and all persons or entities who hereafter may purchase or acquire such property or any part thereof, or obtain any interest in the Property or any part thereof;

NOW, THEREFORE, in consideration of the premises, Developer does hereby declare the Property to be subject to the following restrictions, covenants, reservations and conditions, binding upon the Developer and upon each and every person or entity, who or which shall acquire hereafter such real property or any part hereof, and their respective heirs, personal representatives, successors and assigns. These covenants, conditions and restrictions shall run with the real property and shall be binding on all parties having any right, title or interest in the described properties or any part thereof, their heirs, successors and assigns, and shall inure to the benefit of each owner thereof. The restrictions, reservations and conditions are as follows:

ARTICLE I

DEFINITIONS

Section 1. Definitions. The following words and terms when used in this Declaration or any Supplemental Declaration hereto (unless the context shall clearly indicate otherwise) shall have the following meanings:

(a) “Additions to Existing Property” shall mean any real property other than the Existing Property which becomes subject to this Declaration or any Supplemental Declaration recorded pursuant to the provisions hereof.

(b) “Architectural Review Committee” or “ARC” shall mean and refer to the Architectural Review Committee so established by the Association (hereinafter defined) under Article X hereof.

(c) “Association” shall mean and refer to Lake Sheen Reserve Homeowners Association, Inc., a Florida not for profit corporation, its successors and assigns. A copy of the Articles of Incorporation of the Association is attached hereto and incorporated herein as Exhibit “B”. A copy of the Bylaws of the Association is attached hereto and incorporated herein as Exhibit “C”.

(d) “Board” shall mean and refer to the Board of Directors of Lake Sheen Reserve Homeowners Association, Inc.

(e) “Builders” shall mean and refer to Beazer Homes Corp., a Tennessee corporation, its successors or assigns, and/or Centex Homes, a Nevada partnership, its successors or assigns. If this Declaration does not specifically refer to Builder in any provision, then Builder’s rights and obligations under this Declaration shall be the same as the rights and obligations of an Owner or Lot Owner.