Venetian Bay HOA By Laws

Instrument# 2012-236007 # 3 Book; 6799 Page: 2481

Existing paragraphs a. through p., inclusive, of Section 1.1 of Article I of the Original Declaration are hereby re-designated as paragraphs b.through q., respectively. (b) The sixth grammatical paragraph of Section 4.3 of Article IV of the Original Declaration is hereby deleted in its entirety and the following is substituted in lieu thereof: "Neither the Developer nor its Affiliates shall be obligated to pay any assessments on any vacant Lots or land which it or they may own, notwithstanding the fact such Lots may have been platted or such Lots may be on paved roads. However, in the event the Developer or its Affiliate constructs a Dwelling Unit on any Lot, it shall be liable for the annual and other assessments upon that Lot or Dwelling Unit which are charged, levied or assessed for the first time after the issuance of a Certificate of Occupancy for the Dwelling Unit, except Developer and its Affiliates shall each have the right to construct"model homes"for which no assessments shall be due until said model home is sold to a third party for residential use."

The foregoing amendments to the Declaration do not substantially change the character,nature or general scheme ofdevelopment ofthe Project.

3. Miscellaneous.

(a) All ofthe terms ofthe Declaration, whether or not expressly modified hereby, shall be construed so as to give effect to the modifications contained herein.

(b)The Declaration, as amended by this Second Amendment, is ratified and affirmed and shall remain in full force and effect.

(c) In the event of any conflict between the terms and conditions ofthis Second Amendment and any ofthe terms and conditions ofthe Declaration,the terms and conditions ofthis Second Amendment shall control. (d)In the event any term or provision ofthis Second Amendment is determined by appropriate judicial authority to be illegal or otherwise invalid, such provision shall be given its nearest legal meaning or be construed or deleted as such authority determines,and the remainder ofthis Second Amendment shall remain in full force and effect.

[SIGNATURES ON FOLLOWING PAGE]

6259249.1

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