AMENDED AND RESTATED DECLARATION OF COVENANTS,

CONDITIONS & RESTRICTIONS

OF

THE COTTAGES AT BLUE WATER SUBDIVISION

Recitals

Restated Declaration

1.                   Name of the Development

2.                   Definitions

3.                   Submission of Ownership

4.                   Covenants to Run with the Land

5.                   Description of Property

6.                   Statement of Purpose and Restriction on Use

7.                   Ownership and Use

8.                   Voting and Meetings

9.                   Management

10.               Easements

11.               Change in Ownership

12.               Assessments

13.               Destruction or Damage

14.               Taxes

15.               Insurance

16.               Payment of Assessments

17.               Eminent Domain

18.               Maintenance

19.               Right of Entry

20.               Administrative Rules and Regulations

21.               Obligation to Comply with Restated Declaration, Bylaws, Rules and Regulations

22.               Indemnification of the Board

23.               Limitation on Association’s Liability

24.               Amendment

25.               Consent in Lieu of Vote

26.               Severability

27.               Successor Declarant’s Rights Assignable

28.               Lease of Lots

29.               Records

30.               Number and Gender

31.               Construction and Invalidity

32.               Waivers

33.               Notices and Registration of Mailing Address

34.               Effective Date

35.               Approval