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					             PELICAN REEF VILLAS (CAYE CAULKER)
                   COVENANTS, CONDITIONS AND RESTRICTIONS

                                  ARTICLE I – DEFINITIONS

1.       ARCHITECTURAL CONTROL COMMITTEE shall mean and refer to t hat committee or
         entity as appointed by the Declarant to review and approve the plans for all
         improvements constructed on the Property.

2.       COMMON AREA shall mean all Real P roperty (including the improvements thereon) to
         be utilized for the common use and enjoyment of the Owners and the Declarant. The
         Common A rea shall consist of those areas design ated as such on the plat and site plan,
         including thos e areas within the boundaries of the units owned by individual Owners, but
         which are outside of the structural walls, terraces and patios.

3.       COST OF COLLECTION shall mean and refer to all expenses and charges inc urred
         including reasonable attorney’s fees.

4.       COV ENANTS shall mean and refer to this document.

5.       DECLARANT shall mean and refer to PELICAN REEF VILLAS (CAYE CAULKER) LTD.
         Its’ successors and assigns which transfer or assign in whole or in part must be by written
         instrument.

6.        UNIT shall mean and refer to each area designat ed as a Unit.

7.       OWNER shall mean and refer to the owner of record, whet her one or more persons, or
         entities, of a Unit which is a part of the P roperties, includi ng contract sellers, but
         excluding those having such interest merely as security for the performance of an
         obligation.

8.       PROP ERTI ES shall mean and refer to that certain Property identified as the P ELICAN
         REEF VILLAS (CAYE CAULKER) LTD. According to the plat.

9.       RULES AND REGULATIONS shall mean any and all documents issued by the Declarant
         to control the reasonable conduct and use of the Common Areas by the Declarant and
         Owners.

10.      STRUCTURE shall mean and refer to any thing or devic e other than trees and
         landscaping, the placement of which upon any building site might affect its architectural
         appearance including by way of illustration and not limitation any dwelling, building,
         garage, porch, shed, greenhouse, driveway, walk, patio, s wimming pool, tennis court,
         fence, wall or out door lighting. “Structure” shall also mean an excavation or fill, the
         volume of which exceeds five cubic feet or any excavation, fill ditch, diversion dam or
         other thing or device which, affects or alters the natural flow of s urface waters upon or
         across any Unit or which affects or alters the flow of any nat ural or artificial stream,
         wash, or drainage channel upon or across any Unit.

                                     ARTI CLE II – PURPOS E

1.       Declarants Intent. Because of the unique setting of the properties, Declarant intends
         these Covenants to be reas onable restriction upon the us e of the Properties and upon
         the Owners in order to accomplish various purposes including, but not necessarily limited
         to, the following:

             (a)     to preserve the Property values and the improvements placed therein;


      Page 1 – PELICAN REEF VILLAS (CAYE CAULKER) LTD. – COVEN ANTS AND RESTRICTIONS
            (b)     to preserve and enhanc e, now and in the future, the attractiveness and
                    desirability of the properties;
            (c)     to maintain common architectural themes and styles;

                  ARTI CLE III – PROPERTY RIGHTS IN THE COMMON AREAS

1.      Owners Easements of Enjoyment. Subject to the provisions of the Rules and
        Regulations, every Owner shall have a nonexclusive right and easement of enjoyment in
        and t o the Common Areas, and such easement shall be appurtenant to and s hall pass
        with the title to every Unit.

2.      Extent of Owners Ea sements. The rights and easements of enjoyment created hereby
        shall be subject to the following:

        (a) The right of the P ELI CAN REEF VILLAS (CAYE CAULKER) LTD. to promulgate
            and publish Rules and Regulations which eac h Owner shall comply with, including
            the right to establish reasonable charges for the use of all or a portion of the
            Common Areas and to restrict the use of portions of the Common Areas; and

        (b) The right of the P ELICAN REEF VILLAS (CAYE CAULKER) LTD, to close or limit
            the use of the Common Areas while maintaining repairing and making replacements
            in the Common A reas.

3.      Extent of Owners Liability. No absolute liability will be imposed upon individual Owners
        for damage to this Common Area whether caused by themselves, their families, guests or
        invitees, and liability will extend only to t hat for which the individual Owner is legally
        responsible under the laws of Belize.


4.      Delegation of Use. Any Owner may delegate, in accordance wit h the Rules and
        Regulations, his right of enjoyment to t he Common A rea and facilities to a member of his
        family, his tenants, or contract purchases who reside in his Unit.

              ARTI CLE IV – COV ENANT FOR MAINTENANCE ASS ESSMENTS

1.      Creation of Lien and Personal Obligation of the Asse ssment. The Declarant, for
        each Unit owned with the Properties, hereby covenants, and each Owner of any unit by
        acceptance of these Covenants and Restrictions, is deemed to covenant and agrees to
        pay to the P ELICAN REEF VILLAS (CAYE CAULKER) LTD; (1) annual assessment or
        charges and (2) special assessments, such assessments to be established and collected
        as hereinafter provided. The annual and special assessments together with interest,
        costs and reasonable attorneys’ fees shall be a charge on the Unit and shall be a
        continuing lien upon the Property against which each assessment is made. The lien may
        be enforced by foreclosure of the defaulting Owner’s Unit by the P ELI CAN REEF
        VILLAS (CAYE CAULKER) LTD., in like manner as a mortgage on Real Property. In any
        such foreclosure, the Owner shall be required to pay costs and expenses of such
        proceedings, including reasonable attorneys’ fees. The P ELICAN REEF VILLAS (CAYE
        CAULKER) LTD. may prepare a written notice setting forth the amount of such unpaid
        indebtedness, the name of the owner of the Unit, and a description of the Unit. Such a
        notice shall be signed by the PELI CAN REEF VILLAS (CAYE CAULKER) LTD. and may
        be recorded in the Record of B elize. The lien for each unpaid assessment attaches to
        the Property at the beginning of each assessment period and shall continue to be a lien
        against the P roperty until paid. The costs and expenses for filing and notice of lien shall
        be added to the assessment. Each assessment, together with interest, costs and
        reasonable attorney’s fees, shall also be the personal obligation of the person who was
        the Owner of such Property at the time when the assessment fell due. This personal
        obligation for delinquent assessments, if not paid, shall pass to the successors in title.




     Page 2 – PELICAN REEF VILLAS (CAYE CAULKER) LTD. – COVEN ANTS AND RESTRICTIONS
2.      Purpose of Asse ssments. The assessment levied by the P ELICAN REEF VILLAS
        (CAYE CAULKER) LTD., shall be used exclusively to promot e the recreation, healt h,
        safety, and welfare of the residents of the Properties, for the improvement and
        maintenance of the Common A rea, upkeep and replacements of all landscaping for the
        maintenance, upkeep and replacement of all recreational facilities including the
        swimming pool and related facilities, and for the maintenance of all exteriors of the Units,
        except for maintenance and repair of glass surfac es which shall be the responsibility of
        the Unit Owner.

3.      Maximum Annual Asse ssment. Until January 01 of t he y ear immediately following the
        conveyance of the first Unit by Declarant, the maximum annual assessment shall be
        based upon an estimate of the expenses to be incurred.

        (a) From and aft er January 1 of the year immediately following t he c onveyance of the
            first Unit by the Declarant, the maximum annual assessment shall be as follows: (1)
            annual assessment of three thousand dollars in the currency of the United States of
            America ($3,000.00 U.S.), and may be increased each year based on the actual cost
            of expenses which s hall take into account the inc reas e in those expenses due to
            inflation but in no event will the assessment be increased more than 10% per year.
            Taxes and insurance are not a part of the annual assessment and will b e billed by
            PELICAN REEF VILLAS (CAYE CAULKER) LTD. on a separate invoice.

        (b) The PELI CAN REEF VILLAS (CAYE CAULKER) LTD., shall maintain an adequate
            reserve fund out of the annual assessments for the maintenanc e, repair and
            replacement of those elements of the Common Area that must be replaced on a
            periodic basis.

4.      Special Asse ssment for Capital Improvements.                In addition to the annual
        assessments authorized above, the PELICAN REEF VILLAS (CAYE CAULKER) LTD.
        may levy in any assessment year, a special assessment applicable to that year only for
        the purpose of defraying in whole or in part, the cost of construction, reconstruction,
        repair or replacement of the exterior of any improvements or capital improvements upon
        the Common Area, including fixtures and personal property relat ed thereto, provided that
        any such assessments shall have the assent of two thirds of the Owners who are voting
        in person or by proxy at a meeting duly called for this purpose.

5.      Notice and Quorum for any Action Authorized Under Paragraph 4. Written notice of
        any meeting called for the purpose of taking any action aut horized under Paragraph 4 of
        this Article shall be s ent to all Owne rs not less than thirty days or more than sixty days in
        advance of the meeting. At the first such meeting called, the presence of Owners or of
        proxies entitled to cast sixty percent of all the votes shall constitute a quorum. If the
        required quorum is not present, another meeting may be called subject to the same
        notice requirements, and the required quorum at the s ubsequent meeting shall be one-
        half of the required quorum at the prec eding meeting. No such subsequent meeting shall
        be held more than sixty days following the preceding meeting.

6.      Uniform Rate of Asse ssment. Both annual and special assessments must be fixed at a
        uniform rate for all Units sufficient to meet the expected needs of the P ELICAN REEF
        VILLAS (CAYE CAULKER) LTD., provided that there shall be no assessments set
        against Units which are unimproved.

7.      Date of Commencement of Annual Asse ssment. The annual assessments provided
        for herein shall commence on all Units at the time of completion of improvements. The
        first annual assessment shall be adjusted according to the number of months remaining
        in the calendar year. The P ELICAN REEF VILLAS (CAYE CAULKER) LTD. shall fix the
        amount of the annual assessment against each Unit at least thirty days in advance of
        each annual assessment period. Written notice of the annual assessment shall be sent
        to every Owner subject thereto. The due date shall be established by the P ELICAN
        REEF VILLAS (CAYE CAULKER) LTD.                 The PELICAN REEF VILLAS (CAYE

     Page 3 – PELICAN REEF VILLAS (CAYE CAULKER) LTD. – COVEN ANTS AND RESTRICTIONS
         CAULKER) LTD., shall, upon demand and for a reasonable charge, furnish a certificate
         signed by an officer to the PELICAN REEF VILLAS (CAYE CAULKER) LTD., setting
         forth whet her the assessments on a specified Unit have been paid. A properly executed
         certificate of the P ELICAN REEF VILLAS (CAYE CAULKER) LTD., as to the status of
         assessment of a Unit is binding upon t he P ELICAN REEF VILLAS (CAYE CAULKER)
         LTD., as of the date of its issuance. Any Owner purchasing a Unit between installment
         due dates shall pay pro rata share of such installment.


8.       Effect of Nonpayment of Asse ssment. Remedies of the PELICAN REEF VILLAS
         LTD., any assessments, which are not paid when due, shall be delinquent. Any
         assessment not paid within thirty days after the due date thereof shall bear interest from
         the due date at the rate of twelve percent (12% ) per annum. The PELI CAN REEF
         VILLAS (CAYE CAULKER) LTD. may bring an action at law against the Owner
         personally obligat ed to pay the same or foreclose the lien against such Owner’s unit; and
         in the event a judgment is obtained, such judgment shall include interest on the
         assessment as above provided, and a reasonable attorney’s fee to be fixed by the Court,
         together with the costs of the action. No Owner may waive or otherwise escape liability
         for the assessments provided for herein by non-use of the Common Area or
         abandonment of his Unit. So long as any owner is in default, the PELI CAN REEF
         VILLAS (CAYE CAULKER) LTD. may, but is not required to, rent or lease the Unit of the
         Owner and apply said rental payments towards any unp aid assessments.

9.       Working Capital. The P ELI CAN REEF VILLAS (CAYE CAULKER) LTD. may require
         the first private Owner of any Unit who purchases that Unit from Declarant to deposit with
         the PELICAN REEF VILLAS (CAYE CAULKER) LTD. an amount equal to two times the
         amount of the estimated monthly assessment, which sum s hall be held, in an int erest-
         bearing account, by the P ELI CAN REEF VILLAS (CAYE CAULKER) LTD., as and for
         working capital. All earned and accrued interest shall belong to t he P ELICAN REEF
         VILLAS (CAYE CAULKER) LTD. to be used for working c apital. Such deposit shall not
         relieve an Owner from making the regular payment of assessments as they become due.
         Said deposit shall remain with the P ELICAN REEF VILLAS (CAYE CAULKER) LTD.,
         subject to the Owner’s receiving a credit from any purchaser of the Owner’s Unit.

10.      Subordination of the Lien to Mortgages. The lien of the assessment provided for
         herein shall be subordinate of t he lien of any first mortgage including purchase money
         mortgages evidence by a first mort gage of record, including deed of trust. Sale or
         transfer of any Unit shall not affect the lien for said assessment charges except that sale
         or trans fer of any Unit pursuant to foreclosure of any such mort gage or any such
         executory land sales contract, or any proceeding in lieu thereof including deed in lien of
         foreclosure, shall extinguish the lien of assessment charges which bec ame due prior to
         the acquisition of title by any such First Mortgage. No such sale, transfer, foreclosure or
         any proceeding in lien thereof, including Deed in lieu of executory land sales contract
         shall relieve any Unit from liability for any assessment charges thereafter becoming due,
         nor from the lien thereof.

11.      Notice of Mortgage of Default. Upon request, a first mortgage shall be entitled to
         written notification from the P ELICAN REEF VILLAS (CAYE CAULKER) LTD. of any
         default in the performance by the Owner of any obligation under this Declaration and/or
         the Bylaws of the P ELICAN REEF VILLAS (CAYE CAULKER) LTD., which is not cured
         within sixty days. Such first mortgage, upon receipt of such notice shall have the right,
         within sixty days of receipt of such notice, to cure the default by paying the amount in
         default and foreclosing on such Owner.

                           ARTI CLE V – ARCHITECTURAL CONTROL

1.       Archi tectural control. The Architectural Control Committee shall consist of three
         persons: One appointed by a majority vote of the owners, and t wo appointed by the
         Declarant provided, however, that until the entire project is completed and all Units have

      Page 4 – PELICAN REEF VILLAS (CAYE CAULKER) LTD. – COVEN ANTS AND RESTRICTIONS
        been sold, the Declarant shall have the right to appoint the Architectural Control
        Committee. A Majority of the Committee may designat e a representative to act for it. It
        shall have the power by the exercise of its best judgment t o determine that all structures,
        improvements, construction, decoration, and landscaping on the Properties conform to
        and harmonize with the existing surroundings and structures. For convenience, the
        Architectural Control Committee shall hereinaft er sometimes be referred to in this Article
        as the “Committee”.

2.      Review by Committee. After the purchase of a Unit from Declarant no structure whether
        residence, accessory building, swimming pool, ant enna, whether on a structure or on
        said Unit, flag poles, fences, walls, house numbers, exterior lighting, or other
        improvements shall be constructed or maintained upon said Unit and no alterations or
        repairs to t he exterior of a structure shall be made and no landscaping performed unless
        complete plans, specifications, and Unit plans showing the exterior design, height,
        building materials and color scheme thereof, the location of the structure plotted
        horizontally and vertically and the general plan of landscaping, fencing, walls, and
        windbreaks, and t he grading plan shall have been submitted t o and approved in writing
        by the Committee and a copy of such plans, specifications and Unit plans as finally
        approved deposited with the Committee.

3.      Procedures:

        (a)     The Committee shall approve or disapprove all plans and requests within thirty
                days after requests have been submitted. The Committee shall maintain written
                records of all applications submitted to it and of all action taken, in approving or
                disapproving the plans submitted to it.          The Committee s hall take into
                consideration the design style and construction of the proposed building or
                alteration, its location on the Unit, the harmony of its design, architecture and
                location wit h the terrain and surrounding neighborhood and shall determine
                whet her such proposed building is consistent with the general terrain, the
                architecture of other buildings locat ed upon the P roperties subject to this
                Declaration, and whether or not the construction or alt eration of said building will
                adversely affect or decrease the value of other Units because of its design,
                location, height, or type of mat erial us ed in construction. The Committee may
                make reasonable requirements of the Unit Owner, including the submission of
                additional plans, to ensure c onformanc e of such building or alt eration when
                erected with these restrictions and covenants and with the plans submitted and
                approved. The Committee may require such changes as may be necessary to
                conform to the general purpose as herein expressed.

        (b)     The committee shall have authority to grant variances from the provisions of the
                Declaration in cases wherein the strict enforcement of thes e restrictions would
                result in unus ual hardship. The Committee shall be the sole and exclusive judge
                of whether or not said hardship exists.

        (c)     Whenever the Committee disapproves of any proposed plans or specifications, it
                shall state in writing its reason for such disapproval in general terms so that the
                objections can be met by alterations acceptable by the Committee.

        (d)     All plans submitted to the Committee shall be left on file with the Committee.

        (e)     It is the intent of t his Declaration that the Committee shall exercise broad
                discretionary powers hereunder and its decisions shall be final and conclusive
                except for an arbitrary abuse of its discretion or an excess of its authority.

        (f)     The Committee shall res olve all questions or interpret ation under the Covenants
                of this Declaration. They shall be interpreted in accordance with their general
                purpose and intent as herein expressed.


     Page 5 – PELICAN REEF VILLAS (CAYE CAULKER) LTD. – COVEN ANTS AND RESTRICTIONS
4.      Liability of Archi tectural Control Committee . The Committee shall not be liable at law
        or in equity to any persons submitting requests for approval or to any Unit Owner by
        reason of any action, failure to act, approval, disapproval or failure to approve or
        disapprove with regard to such requests.

5.      Minor Violation / Setback Re stricts. If upon the erection of any residence upon any of
        the Units which are subject to these restrictions, it is disclosed by survey that a minor
        violation or infringement of set back lines has occurred, such violation or infringement
        occurs, and such waiver shall be binding upon all the Owners who are subject to this
        Declaration. Nothing herein contained shall prevent the prosecution of suit for any other
        violation of the restrictions contained in this Declaration. A “minor violation” for the
        purpose of this S ection is a violation of not more than one foot beyond t he required
        setback line of Unit lines. This provision shall apply only to the construction of original
        structures and shall not be applicable to any alteration or repairs to such structure.

                                  ARTI CLE VI – MAINTENANCE

1.      General. The Owner thereof when occupying their unit shall maintain the Unit in a neat
        and attractive manner.

2.      Exterior Maintenance. The P ELICAN REEF VILLAS (CAYE CAULKER) LTD. shall
        provide exterior maintenance upon each Unit as follows; repair, replacement, and care of
        roofs, gutters, and down spouts: painting, repair and maintenance of exterior building
        surfaces, excluding the maintenance and repai r of all glass surfaces, such cost to be paid
        from the annual assessment.

3.      Maintenance of Common Area . The PELI CAN REEF VILLAS (CAYE CAULKER)
        LTD. shall be responsible for the landscaping and maint enance of the Common Area as
        well as those areas reserved by t he Declarant for Common Area us e, and shall have the
        grass, weeds, trees, and vegetation cut and / or trimmed when necessary. Additionally,
        the PELICAN REEF VILLAS (CAYE CAULKER) LTD. shall be responsible for the
        maintenance and upkeep of the s wimming pool and related facilities. No Owner s hall, in
        whole of in part, change the landscaping adjacent to his Unit by the addition or removal of
        any items thereon without the prior written approval of the committee.

4.      Willful or Negligent Damage. In the event that the need for maintenance or repair of a
        Unit, common areas or the improvements thereon is caus ed through the willful or
        negligent acts of its Owner, or through the willful or negligent acts of the family, guests or
        invitees of the Owner of the Unit needing such maintenance or repair, the cost of such
        maintenance s hall be added to and become part of the assessment to whic h such Unit is
        subject.

5.      Acce ss at Reasonable Hours. For the purpos e solely of performing the maintenance
        referred to in t his Article, the PELICAN REEF VILLAS (CAYE CAULKER) LTD., through
        its duly authorized agents or employees shall have the right, after reasonable notice to
        the Owner, to enter upon any Unit or exterior of any structure situated thereon at
        reasonable hours on any day except Sunday, and such entry shall not be deemed a
        trespass. Nothing herein shall preclude immediate access by the PELICAN REEF
        VILLAS (CAYE CAULKER) LTD. in the case of any fire or other emergency, which
        poses a danger to lives or property.

                                   ARTI CLE VII – EAS EMENTS

1.      Reservation. There are hereby reserved for the Declarant its successors and assigns,
        perpetual, alienable, divisible, and releasable easements and the right from time to time
        to grant such easements to others over, under, and ac ross, such Units the Common Area
        and the Properties for t he us e of the t ransmission of electrical current or impulses or
        electronic signals for heat and fuel lines, for water lines, for utility lines, for sewer lines,
        for drainage and for other similar or dissimilar facilities and services.

     Page 6 – PELICAN REEF VILLAS (CAYE CAULKER) LTD. – COVEN ANTS AND RESTRICTIONS
2.        Swimming Pool and Marine (pier). The P ELICAN REEF VILLAS (CAYE CAULKER)
          LTD., its successors and assigns specifically reserve perpetual, alienable, divisible, and
          releasable easements and the right from time to time to grant such easements to others
          for ingress and egress to the swimming pool, marina, and docks.

3.        Propane storage. The Declarant, its successors and assigns further reserve a
          perpetual, alienable, divisible, and releasable easement to the rear of e ach residential
          unit for the purpose of propane storage facilities which many encroach into the Common
          Area.

4.        Emergency Ea sement. A non-exclusive easement is further granted to all police, fire
          protection, ambulance, and all similar, persons or entities to enter upon the Properties.

5.        PELICAN REEF VILLAS (CAYE CAULKER) LTD. Easement. An easement is hereby
          granted to this P ELICAN REEF VILLAS (CAYE CAULKER) LTD., its agents, employees
          and assigns upon, across, over, in and upon the Properties as may be necessary or
          appropriate t o perform the duties and functions whic h they are obligated to perform
          pursuant to this Declaration or otherwise.

6.        Use of Common Area:

          (a)     No use shall be made of the Common Area, which will in any manner violate the
                  statutes, rules, or regulations of any governmental authority having jurisdiction
                  over the Common Area.

          (b)     No Owner shall place any structure whatsoever upon t he Common Area, nor
                  shall any Owner engage in any activity which will temporarily or permanently
                  deny free access to any part of the Common A rea to all Owners.

          (c)     The use of t he Common Area and the restrictions of use on any portion of the
                  Common A rea shall be subject to s uch rules and regulations as may be adopted
                  from time by the PELI CAN REEF VILLAS (CAYE CAULKER) LTD.

          (d)     No use shall ever be made of the Common Area, which will deny ingress or
                  egress to those Owners having access to Units only over the Common Area.


     7.   Ea sements for Encroachments and Drainage . If any portion of the general common
          elements encroaches upon a Unit, or if any portion of a Unit encroaches upon the general
          common elements or upon the limited common elements of any adjoining Unit, a valid
          easement for such encroac hment and for maintenance of the same, so long as it
          continues, shall and does exist. Such encroachments and easements shall not be
          considered or determined to be encumbrances eit her on the general common elements
          or on the Unit affecting marketability of title or otherwise. Likewise t here are hereby-
          reserved drainage and runoff easements upon all common elements and any Unit for the
          purposes of all drainage and runoff (whether from rainfall or other natural occurrences ).
          Such drainage and runoff shall not be considered to be a nuisance or actionable in any
          either at law or in equity by the Owner of any Unit or the P ELICAN REEF VILLAS (CAYE
          CAULKER) LTD.

                           ARTI CLE VIII – RESIDENTIAL CHARACTER

     1.   Private Residential. All Units shall be used exclusively for private residential homes and
          shall not be used for business, professional or other similar activity except Units, which
          may be included in the P ELI CAN REEF VILLAS (CAYE CAULKER) LTD. Rental Pool
          for hotel type rental only. No Unit shall be subdivided or partitioned.




     Page 7 – PELICAN REEF VILLAS (CAYE CAULKER) LTD. – COVEN ANTS AND RESTRICTIONS
2.      Temporary Structure s. No tent, tree house, barn, camping quarters, trailers or other
        temporary structures s hall be placed or erected upon any Unit at any time except with
        permission of the Architectural Control Committee.

3.      New Construction. All construction shall be new and no building previously used at
        another location nor any building or structure originally constructed as a mobile dwelling
        or structure may be moved onto the properly.

4.      Building Materials. No building materials shall be stored on the property or Unit except
        temporarily during continuous construction of a building or its alteration or improvement.

5.      Occupation. Any dwelling or building shall not be occupied in the courses of original
        construction until substantially completed and all work of construction shall be prosecuted
        diligently and continuously from the time of commencement until fully completed.

6.      Destruction. Any dwelling or building which may be destroyed in whole or in part by
        fire, windstorm, flood or for any other cause or act of God must be rebuilt or all debris
        must be removed and the Unit restored to a sightly condition, such rebuilding or
        restoration to be completed with reasonable promptness and in any event within eight
        months.

                     ARTI CLE IX – LIVING ENVIRONMENT STANDARDS

1.      Unsightly Condition. Each owner shall prevent the development of any unclean,
        unsightly or unkept conditions of building grounds on each Unit, which shall tend to
        substantially decrease the beauty of the neighborhood as a whole or in the specific area.

2.      Out-door Line s. No outdoor clothes pole, clothes line and ot her facilities for drying or
        airing of clothing or household goods shall be permitted.

3.      Trash. No ashes, trash, rubbish, garbage, grass, shrub clippings, scrap material, or
        other refuse, or receptacles or containers thereof s hall be stored, accumulated or
        deposited outside or so as to be visible from any neighboring property or street, except
        during refuse collections.

4.      Noxious Activitie s. No noxious or offensive activity shall be carried on within any Unit
        nor anything done thereon tending to caus e embarrassment, discomfort, annoyance, or
        nuisance, to the neighborhood. No offensive or hazardous activities may be carried on in
        any Unit. No annoying lights, sound or odors shall be permitted to emanate from any
        Unit.

5.      Exterior Noi se. No exterior speakers, horns, whistles, bells, or other s ound devic es
        except security devic es used exclusively for security purpos es shall be loc ated, used or
        placed on any structure or within any building site provided that all security devices and
        intercom shall comply with paragraph 4 of the article.

6.      Weeds and Di seased Trees. All yards and open s paces and the entire area of every
        Unit on which no building has been constructed shall be kept free from plants or weeds
        infected with noxious insects or plant diseases and from weeds which in the opinion of
        the Architectural Control Committee are likely to cause the spread of infection or weeds
        to neighboring property and free from brush or other growth or trash which in t he opinion
        of the Architectural Control Committee c ause undue danger of fire. Any palm trees or
        other landscaping infected with any disease shall be removed.

7.      Antenna s.     No aerial, antenna, satellite dish, or other device for reception or
        transmission of radio or television or electronic signals shall be maint ained on the roof of
        any building nor shall they be maintained at any location so as to be visible from
        neighboring property or adjacent street except wit h the written approval of the
        Architectural Control Committee.

     Page 8 – PELICAN REEF VILLAS (CAYE CAULKER) LTD. – COVEN ANTS AND RESTRICTIONS
8.       Animals. No animals or reptiles, including but not limited to dogs, cats, monkeys,
         iguanas, lizards, snakes, birds, or turtles shall be kept on the balcony of the unit or any
         common area. No animal, bird, or reptile shall be permitted, which in the opinion of the
         Architectural Control Committee, makes an unreasonable amount of noise or odor, or
         otherwise is a nuisance. Fish in aquariums are permitted.

9.       Vehicles. No vehicle, boat, trailer, camper (on or off road supporting vehicles), tracto r,
         commercial vehicle, mobile home, motor home, motorcycle, any towed trailer unit, or
         truck shall be parked wit hin t he property. Bicycles and golf-carts (or equivalent ) are
         permitted within the designated parking areas only.

10.      Junk Vehicles. No stripped down, partially wrecked, or junk motor vehicle or sizeable
         part thereof, shall be permitted to be parked on any street or on the property in such
         manner as to be visible at ground level from any neighboring property or street.

11.      Repairs. No maintenanc e, servicing, repair, dismantling, or repainting of any type of
         vehicle, boat, machine, or device may be carried on within the properties or any Unit.

12.      Signs. The only signs permitted on any Unit or structure shall be:

         (a)     One sign of customary size for offering of the signed property for sale provided
                 that said sign be approved in advance by the Architectural Control Committee.

         (b)     One sign of customary size for identification of the occupant and address of any
                 Unit.

         (c)     Such multiple signs for sale, administration and directional purpose as are
                 approved by the Architectural Control Committee.

         (d)     Such signs as may be necessary t o advise of rules and regulations or to caution
                 or warn of danger, and

         (e)     Such signs as may be required by law.

         There shall not be used or displayed on any Unit or structure any signs except those
         mentioned above or any banners, streamers, flags, lights, or other devices calculated to
         attract attention in aid of s ale or rent al. All permitted signs must be professiona lly
         painted, lettered and constructed and approved by the Architectural Control Committee.

13.      Inflammables. No Owner s hall use or permit t o be brought into or stored in t he building
         or improvements any inflammable oils, or fluids such as gasoline, keros ene, naphtha, or
         benzene.

14.      Parking. All motorized vehicles, recreational vehicles and trailers and all vehicles
         described in Paragraph 9 of this article shall park only in designated areas.

                                  ARTI CLE X – PARTY WALLS

15.      General Rule. Each wall, which is built as a part of the original construction of the Unit
         upon the properties and placed on the dividing line between the Units, shall constitute a
         party wall. Except for normal repair and maintenance, damage or destruction t o any
         party wall shall be the responsibility of the Owner causing the same.

16.      Sharing of Repair and Maintenance. The cost of reasonable repair and maintenance
         of a party wall shall be shared by the Owners who make use of the wall in promotion to
         such use.




      Page 9 – PELICAN REEF VILLAS (CAYE CAULKER) LTD. – COVEN ANTS AND RESTRICTIONS
17.      Destruction by Fire or other Casualty. If a party wall is destroyed or damaged by fire
         or other casualty, any Owner who has used the wall may restore it, and if other Owners
         thereafter make use of the wall, they shall contribute to the cost of restoration thereof in
         proportion to such us e without prejudice, however to the right of any such Owners to call
         for a larger contribution form the others under any rule of law regarding liability for
         negligenc e or willful acts or omissions.

18.      Weatherproofing. Not withstanding any other provisions of the Article, an Owner who by
         his negligent or willful act causes the party wall to be exposed to the elements shall bear
         the whole cost of furnishing the nec essary prot ection against such elements.

19.      Right to Contribution Runs with Uni t. The right of any Owner t o contribution from any
         other Owner under Article X shall be appurtenant to the unit and shall pass to such
         Owner’s successors in title.

20.      Arbitration. In the event of any dispute arising concerning a party wall, or under the
         provisions of the Paragraph, eac h party shall choose one arbitrator, and such arbit rators
         shall choose one additional arbitrator, and the decisions shall be by majority of all the
         arbitrators. Should any party refuse to appoint an arbitrator within ten days after written
         request therefore by an Owner, the Declarant shall s elect an arbitrator for the refusing
         party. The parties to the arbit ration s hall share the costs, thereof, and each party shall
         pay its own Attorney’s fees.

21.      Alterations. No alterations may be made t o the wall and no penetrations of any kind will
         be permitted through the wall.

                     ARTI CLE XI – INTERIOR MAINTENACE AND REP AIR

1.       Interior. The maintenance and repair of t he int erior of each Unit shall be the
         responsibility of the Owner thereof.

2.       Party Wall Easement. Each Owner, his agents and c ontractors, are granted an
         easement for the purpos e of maintenance, construction, reconstruction, and repair, in,
         over, under and upon adjac ent Units for purposes of party wall repair or maintenance in
         accordance with Article X above, upon reasonable notice to the Owners thereof. A ny
         damages occasioned to the adjacent Unit or improvements, including the Unit thereon in
         exercising said easement shall be the responsibility of the Owner whose negligent or
         willful acts or commissions cause such damage.

3.       Exterior Wall Easement. Each Owner, his agents and contractor are granted an
         easement in, over, under, and upon the adjacent Common Area for this purpose of
         maintenance, construction, rec onstruction and repair of any exterior wall on such
         Owner’s Unit provided, however, that such Owner shall be liable for any damage to the
         Common Area, whic h shall be restored to its condition prior to such work.

                                   ARTI CLE XII – INSURANCE

1.       Insurance. The provisions of this Article shall cover all insurance carried in connection
         with the Units.

2.       Insurance Requirements Generally. PELICAN REEF VILLAS (CAYE CAULKER)
         LTD. or its assignees shall be responsible for obtaining and maintaining in full force and
         effect at all times casualty, liability, hazard, fire and general hurricane insuranc e.
         Insuranc e the owners so desire for the replacement c ost of each Unit t ogether with all
         personal property and furnishings will be at the Owner’s expense. Each unit Owner wi ll
         reimburse P ELICAN REEF VILLAS (CAYE CAULKER) LTD. or its assignees their
         proportionat e share of the policy.




      Page 10 – PELICAN REEF VILL AS (C AYE C AULKER) LTD. – COVENANTS AND RESTRICTIONS
                            ARTI CLE XIII – GENERAL PROVISIONS

1.      Covenants Run with the Unit. These Covenants shall run with the Unit and shall inure
        to and be binding on eac h Unit and upon each person or entity hereafter acquiring
        ownership or any right, title and interest in any Unit in the Properties.

2.      Covenants Are Accumulative. Each of the Covenants is cumulative and independent
        and is to be c onstrued without reference to any other provisions dealing with the same
        subject matter or imposing similar or dissimilar restrictions. The provision shall be fully
        enforceable although it may prohibit an act or omission sanctioned or permitted by
        another provision.

3.      Covenants May not be waived. Except as these Covenants may be amended or
        terminat ed in the manner hereinaft er set forth, they may not be waived, modified or
        terminat ed and a failure to enforce shall not constitute a waiver or impair the
        effectiveness or enforceableness of these Covenants. Every person bound by the
        Covenant is deemed to recognize and agree that it is not the intent of these Covenants to
        require constant, harsh, or literal enforcement of them as a requisite of their c ontinuing
        vitality and that leniency or neglect in their enforcement shall not in any way invalidate
        these Covenants or any part of them, nor operate as impediment to their subsequent
        enforcement and each such person agrees not to defend against enforc ement of these
        Covenants on the ground of waiver.

4.      Enforcement. These Covenants are for the benefit of the Owners jointly and severally
        and the Declarant and may be enforced by action for damages, suits for injunction,
        mandatory and prohibitive, and other relief, and by any others ap propriate legal remedy
        instituted by one or more Owners or the Declarant, its successors, or any combination of
        them. All costs incurred by anyone in connection with t he successful enforcement
        proceeding shall be paid by the party determined to have violated the covenants.

        The Architectural Cont rol Committee may give notice for his Owner of t he Unit where a
        breach occurs or which is occupied by the persons causing or responsible for the breac h,
        which notice shall state the nat ure of the breach, and the Archit ectural Cont rol Committee
        to invoke this Paragraph unless within a period stated in the notice, not less than five
        calendar days, the breach is cured and terminated or appropriate measures to cure and
        terminat e are begun and are thereafter continuously prosecuted with diligence. If the
        breach is not cured and terminated as required by the notice, the Architectural Control
        Committee may c ause t he breach t o be cured and terminated at t he expense of the
        Owner or Owners so notified, and entry on Owner’s Property as necessary for such
        purpose shall not be deemed a trespass. The cost so incurred by the Architectural
        Cont rol Committee shall be paid by the person res ponsible for the breach and if not paid
        within t hirty days after such Owner has been sent notice of the amount due, such
        amount, plus interest at the rate of twelve perc ent per annum and plus cost of collection,
        shall be a lien on the ownership interest in the Unit (including improvements thereon) of
        each pers on so notified and shall in all respects be the personal obligation of t he Owner.
        The A rchitectural Control Committee may bring an action at law for recovery of the costs
        so incurred by it, plus int erest by it plus interest and cost of collection against the Owner
        personally obligated t o pay and may bring an action to foreclos e the lien against the Unit
        and improvements subject to the lien and there shall be added to the amount of such
        obligation the c ost of preparing and filing the complaint in s uch action, and t he judgment
        in any such action shall include interest as above provided and a reasonable attorney’s
        fee to be fixed by the court, together with the costs of the action. The foregoing specified
        rights and remedies shall not limit the right of any Unit Owner to enforce these Covenants
        as otherwise may be provided by law or equity.

5.      Duration, Revocation, and Amendment. Each and every provision of the Declaration
        shall run with and bind the Unit for a term of t wenty years from the date of recording of
        the Declaration, after which time this Declaration shall be aut omatically extended for
        successive periods of ten years each. This Declaration may be amended by an

     Page 11 – PELICAN REEF VILL AS (C AYE C AULKER) LTD. – COVENANTS AND RESTRICTIONS
         instrument approved in writing by not less than two thirds of the Owne rs together with the
         Declarant. Such amendment or revocation must comply with the laws of Belize.

6.       Severability. If any of the Covenants shall be held invalid or become unenforceable, the
         other covenants shall in no way be affected or impaired but shall remain in full force and
         effect.

7.       Actions in Writing. Notices, approval, consents, extensions, applications and other
         actions provided for or contemplated by these Covenants shall be in writing and shall be
         signed on behalf of the party who originates t he notice, approval, consent, application or
         other action. Permission, consent or approval of Declarant of the Architectural Control
         Committee under these Covenants is not effective unless in writing.

8.       Notice. Any writing, including, any communication from the Declarant of Arc hitectural
         Cont rol Committee to an Owner, shall be sufficiently servic ed if delivered to the Unit
         owner by that Owner.

9.       Registration by Owner of Mailing Address. E ach Owner shall register his mailing
         address with the P ELI CAN REEF VILLAS (CAYE CAULKER) LTD. and all quarterly
         statements, notices or demands, intended t o be served upon an Owner, shall be sent by
         regular mail, postage prepaid, addressed in the name of the Owner at such mailing
         address. All Notices, demands or other notices intended to be served upon P ELICAN
         REEF VILLAS (CAYE CAULKER) LTD., shall be sent by regular mail, postage prepaid,
         to PELI CAN REEF VILLAS (CAYE CAULKER) LTD., Calle Aguada, Caye Caulker
         Village, Belize, Central America, until such address changed by a notice of change of
         address mailed to each Owner by the P ELI CAN REEF VILLAS (CAYE CAULKER) LTD.
         Owners shall likewise promptly notify PELI CAN REEF VILLAS (CAYE CAULKER) LTD.
         of any change of mailing address.

10.      Right of inspection. All Owners and First Mortgages shall have the right upon
         reasonable notice to examine t he books and records of the PELI CAN REEF VILLAS
         (CAYE CAULKER) LTD. relative to the use of the assessment funds.

11.      Management Contract. Any Cont racts or Agreements between the Owners and
         PELICAN REEF VILLAS (CAYE CAULKER) LTD., or its assignees shall be subordinate
         to these Covenants and Restrictions.

12.      Management. Owners do not have to put their Unit into the rental pool, but it cannot be
         rented except through management of P ELICAN REEF VILLAS (CAYE CAULKER)
         LTD., the same management as the rest of the units.

AGREED TO this _____day of _______________, 20__, in Caye Caulker Village, B elize, Central
America.

BUYER(S )                                                 SELLER(S)


___________________________________                       ________________________________



___________________________________                       ________________________________


WITNESS                                                   WITNESS


___________________________________                       ________________________________


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