Introduction

THIS AMENDMENT is made as of the date set forth below by Big Canoe Property Owners Association, Inc. (referred to as the "Association" or the "POA") and Big Canoe Company, LLC (referred to as the "Company" or the "Developer"), as successor in title and interest to Big Canoe Company, a Georgia partnership.

WHEREAS, the General Declaration of Covenants and Restrictions of the Big Canoe Property Owners' Association and Big Canoe Corporation, dated October 9, 1972, was recorded in Deed Book 23, Page 162, et seq., of the Office of the Clerk of the Superior Court of Pickens County, Georgia, and in Deed Book 19, Page 253, et seq., of the Office of the Clerk of the Superior Court of Dawson County, Georgia (as amended from time to time, the "Declaration"); and

WHEREAS, the Declaration was amended, replaced, and superseded in its entirety by that certain Amended and Restated General Declaration of Covenants and Restrictions of the Big Canoe Property Owners' Association and Big Canoe Company, dated March 26, 1988, as recorded in Deed Book 139, Page 390, et seq., of the Office of the Clerk of the Superior Court of Pickens County, Georgia, and in Deed Book 111, Page 281, et seq., of the Office of the Clerk of the Superior Court of Dawson County, Georgia (as amended from time to time, the "Amended and Restated Declaration"); and

WHEREAS, pursuant to the terms of Article IX, Section 2 of the Amended and Restated Declaration, the Amended and Restated Declaration may be amended unilaterally at any time provided that three-fourths (3/4) of the votes cast at a duly called meeting of the Association votes in favor of the proposed amendment, including three-fourths (3/4) of the votes cast by any one (1) of the four (4) types of voting memberships to the extent that the proposed amendment would have a material adverse effect upon the rights, privileges or interests of such type of Members relative to the rights, privileges or interests of the other types of Members (as such capitalized terms are defined in the Amended and Restated Declaration); and

WHEREAS, the Board of Directors of the Association and the Company did at a duly called meeting on December 4, 2004, present to the Members of the Association the question of adopting the text of this Amendment. Notice of such meeting was given on November 4, 2oo4. The total number of votes of Members of the Association was 9755. The total number of votes required to constitute a quorum at a meeting of the Association was 5365. The total number of votes represented a the meeting, whether in person or by proxy, was 7206. The number of votes necessary to adopt the Amendment was 5404. The total number of votes cast in favor of and the votes cast against this Amendment, respectively, were 7096 in favor and 110 against;

NOW, THEREFORE, the Amended and Restated Declaration is hereby amended to add the following Article X thereto:

Covenants Amendment 2005

Section 1 Introduction & Purpose

This Article memorializes agreements reached between the Association (also referred to as the "POA") and Big Canoe Company, LLC (the "Developer") in order to effectuate a transition in Big Canoe governance. The goals of this transition are two-fold; first, to turn day-to-day POA operation over to the Elected Directors and to the members who elect them, and, second, to protect the Developer's right to develop, sell and conduct its business. This Article allocates rights and responsibilities as necessary to accomplish these goals.

Any provision elsewhere in the Declaration or in the By-Laws in conflict with this Article shall be void and of no effect, and any such provision is hereby amended to conform to the terms of this Article X. For as long as there is a Type "D" Member, no amendment to this Article shall be effective without the Developer's prior written consent.

Section 2 Surrender & Transfer of Rights to the POA

The Developer, the Company and the Type "D" Member hereby individually and collectively surrender the right to a total of three (3) seats on the POA Board of Directors and acknowledge that the allocation of Board seats, elections and voting shall be as specified in the By-Laws and in Section 7 of this Article. The Company's right to seats on the Board of Directors is set forth in the By-Laws. The Developer, the Company and the Type "D" Member, individually and collectively, further surrender the right to supermajority vote as provided in Article III, Section 2, at such time as the Developer surrenders the right to appoint two directors to the Board under the By-Laws (i.e., on or before December 31, 2005).

Subject to the Company's rights under Section 7 of this Article, the Developer, the Company and the Type "D" Member, individually and collectively, hereby irrevocably transfer to the POA and surrender the following rights, which are in addition to other rights already assigned to the Association in the Declaration:

Section 3 Rights Shared by POA & Company, Developer, & POA

The POA, the Developer, the Company and the Type "D" Member mutually agree to the reallocation of certain rights previously vested solely in the Developer, the Company and/or the Type "D" Member, as applicable. The POA, the Developer, the Company and the “Type D”

Member shall share the following rights and shall have exclusive jurisdiction and authority to exercise these rights in their respective neighborhoods (i.e., a "POA Neighborhood" or a "Company Neighborhood," as commonly referred to).

1. Approve Builders Art. VIII Section 1
2. Approve CompletionArt. VI Section 8
3. Approve Neighborhood Tract DevelopmentArt. V Sections 1-5
4. Approve LandscapesArt. VIII Section 1
5. Clean Neighborhood Tracts and recover costs
from the Owners.
Art. Section 6
6. Cut surface water drainways, where necessary, Art. VIII in connection with the construction of new roadways, neighborhoods or access to new neighborhoods.Art. VIII 2 (f)


7. Dispense pesticides and cut fire breaks.
Art. VIII Section 2 (J)
8. Use temporary buildings.
Art. VIII Section 2 (j)
9. Approve tree cutting.
Art. VIII Section 2(p)
10. Establish wildlife preserves. Art. VIII Section 2(r)
11. Create more restrictive covenants in
specified Neighborhood Areas.
Art. IX Section 2(e)
12. Enforce Declaration against Owners. Art. IX Section 4
13. Designate areas for horseback riding.

Class "A" Covenants*: Art. TI, Sec. 2(c)
14. Approve signs on Lots.

Class "A" Covenants*: Art. II Sec. 2(y)
15. Establish standards for parking on Residential Lots.

Class "A" Covenants*: Art. II Sec. 2(z)
16. Reciprocal easement to control surface drainage on Golf Fairway Residential Lots.
Class ''A" Covenants*:
Art. Ill (d)
17. Landscape and maintain Golf Maintenance Easement Areas.
Class "A" Covenants*:
Art. III (e)
18. Correct architectural violations with no trespass.Art. VIII Section ·1
19. Establish standards for shielding garbage receptacles.Art VIII
Section 2( e)
20. Architectural Control; provided, Developer retains control over Class "C" property (see Section 1; Section 4, Item 1, below).Art. VIII
Art. V, Section 4
*Class "A" Covenants for Single Family detached Dwelling Areas, dated October 8, 1972, were recorded in Deed Book 23, Page 198 et seq., of the Pickens County, Georgia land records and in Deed Book 19, Page 290 et seq., of the Dawson County, Georgia land records.

The Developer shall have the exclusive right to enforce the Declaration, By-Laws and rules with respect to Company Neighborhoods. The POA shall have the exclusive right to enforce the Declaration, By-Laws and rules with respect to POA Neighborhoods.

Section 4 Retained Rights

The POA specifically acknowledges that the Developer, the Company and the Type "D" Member, respectively and as applicable, shall retain the following rights as provided in the Declaration and the By-Laws.

1. Architectural control over Class “C” property.Art. VIII Section 1; Art. V, Section 4
2. Approve construction - location, materials and landscaping.Art. VIII Section 1
3. No "Other Additions" may be submitted for vote by the membership without the prior written consent of the Company.Art. II Section 2(b)
4. Easements for guests and tenants of nine months or less.Art. IV Section 1
5. Prohibit amendments. So long as the Company A is a Type "D” member, the POA is prohibited from amending the Declaration (as amended) in any way that purports to alter any rights of the Company granted in all Big Canoe's governing documents as of January 1, 2005.Art. IX Section 2
6. Delegate the benefit of specific rights, privilege Art. I
and immunities to other persons and entities, Section l(k) including "affiliates," as provided in  of the General Declaration.
Art. I Section l(k)

7. Type "D" Membership continues for the Company.Art. III Section 2
8. Membership in the POA.Art. III Section 1
9. Marketing guest rights.Art. I Section l(h)(3)
10. Public access to any inns or restaurants.Art. I Section 1(h)(3)
11. Determine the "need and nature" of any Public and Commercial Units.Art. I Section l(h)(3)
12. Transfer and assign Developer/Company rights.Art. I Section 1(k)
13. Record separate Neighborhood Areas, Neighborhood Tracts (common areas) and Limited Common Properties.Art. I Sections 1(n),
Limited Common Properties. l(o), and l(p)
14. Annex then contiguous properties; provided
property separated by a public road shall be Section 2 deemed contiguous.
Art. II Section 2
15. Review and modify the Master Plan, including annexed properties.Art. II Section 1
16. Subject annexed properties to additions and modifications of the Covenants.Art. II Section 2(a)
17. Dedicate utility easements on Common Property where necessary subject to the provisions of Section 6(a).Art. IV Section 3(g)
18. Construct improvement on Company property and restrict use of such properties.Art. IV Section 4
19. Use of all Common Properties by guests and invitees of Company.Art. IV Section 5
20. Charge Company guests user fees no more than owner and guest fees.Art. IV Section 5
21. Have Company guests treated like owner guests.Art. IV Section 5
22. Company guests (marketing, inn and restaurant) have same rights as Members (except that marketing guests must be accompanied in wilderness valley and restaurant guests have the right only to drive in and out).Art. IV Section 5
23. Inn guests have guaranteed tee and racket times.Art. IV Section 5
24. Delegate Reserved Amenity Rights to the owner Art. IV
of the Inn.
Art. IV Section 5
25. Develop additional lands, bring Public and Art. I Commercial Units under the Declaration but not Section 1 pay assessments, and have public access to the Public and Commercial Units.Art. I Section 1(h)(2)/ Art. IV Section 6
26. Inns or restaurants on annexed land have same rights as on the Currently Covenanted Property.Art. IV Section 6
27. POA cannot interfere with rights and operation of the Company.Art. IV Section 7
28. Increase proportion of Company assessment.Art. VI Section 2/
Art. IX Section 2(c)
29. Exemption from assessments for road rights-of- Art. VI way and parking lots, utilities, community halls. meeting rooms, educational facilities, and maintenance and equipment storage areas, and offices of the Company.Art. VI Sections 11(c)(l) and l l(c)(2)

30. Convey common property to the POA.Art II Section 1/
Art. VII Section 1
31. Utility easements on each Lot.Art. VIII Section 2(f)
32. Locate wells and pumping stations within the property.Art. VIII Section 2(h)
33. Approve all sewage disposal systems.Art. VIII Section 2(i)
34. Prohibit private wells.Art. VIII Section 2(h)
35. Right of first refusal.Class “A" Covenants*:
Art. II Section 2(bb)
Section 5 Explanation & Clarification of Certain Rights

(a) The POA and the Company/Developer mutually agree that all easement rights however established in prior agreements or reservations are retained and continue; provided, the Company shall provide the POA reference to the source of authority for an

easement right prior to exercising that right.

(b) Fire is a concern of everyone at Big Canoe. Therefore, outdoor burning by any person is prohibited throughout Big Canoe. The Company retains the right in Company Neighborhoods to conduct open fires but only in strict compliance with applicable State of

Georgia regulations and permits and with proper supervision. Otherwise, control over burning and open fires is exclusively the jurisdiction of the POA.

(c) The POA and the Company agree that there can be circumstances that justify replatting of lots wherever those lots may be located. They further agree that replatting of lots throughout Big Canoe should be done only in accordance with mutually agreed upon Replatting Guidelines adopted by the Board of Directors and attached as Exhibit "A" to this Amendment. The Company reserves the right to replat any lots it owns, wherever located, so long as the replatting complies with the Replatting Guidelines. The POA reserves jurisdiction to approve or deny replatting of any other lots so long as its decision is in accordance with the Guidelines.

(d) The Company's right to continue to conduct rental and commercial

business in the same manner as it is conducting, and as is permitted under the Declaration, as of December 31, 2004, is specifically retained.

(e) The Company shall convey roads to the POA in a timely manner and in no event later than ninety (90) days after the completion of each road or road segment. The Company shall transfer a "neighborhood" as that term is used and recognized at Big Canoe, to the POA no later than thirty (30) days following the sale of ninety-five percent (95%) of the lots

in the particular neighborhood. Roads shall be, at the time of conveyance, in the condition specified in the Development Standards and Guidance Document for Big Canoe last revised January 23, 2003.

(f) The definition of "greenspace" is hereby amended to pennit and to include vertical and horizontal improvements such as trails, bridges, meadows, parks, park benches, wildlife preserves, drinking fountains, gazebos and the like but specifically excluding facilities for organized or group activity.

(g) Anything to the contrary in the Declaration notwithstanding, the Type "D" membership shall cease and all specific rights of the Type “D” member shall end (1) two (2) years after the date that the number of individual lots (improved and unimproved) on the POA's assessment records is greater than 4,500, or (2) on such earlier date as the Type "D11 member consents to in writing.

The POA and the Company agree that 4,750 Family Dwelling Units shall constitute the maximum size of Big Canoe.

(h) Except to the extent that Georgia law requires the vote of Owners at a meeting, any provision of the Declaration that requires consent or approval by the vote of Owners at a meeting is amended to require instead the affirmative vote or written consent of Owners (by written ballot through the mail or by other means) representing at least fifty percent (50%) of the total votes cast or fifty percent (50%) of the total votes cast within a particular class of membership, as applicable. This amendment shall not be deemed to eliminate any requirement for approval among all Owners within particular membership classes, but only to provide for approval without the necessity of a meeting.

(i) Article VI, Section 6 of the Declaration is hereby amended to provide that, effective January 1, 2005, the quorum for any action required under Article VI, Section 6 shall be the quorum required under Section 2.4(b) of the Second Amended and Restated By-Laws of Big Canoe Property Owners Association, Inc. (notwithstanding that such quorum requirement shall otherwise apply effective January l, 2006).

(j) The Company retains the right to use the maintenance area and pipe yard for contractors to drop off and pick up heavy machinery and to park equipment for short periods of time, as provided in that certain Settlement Agreement between Southeast Holding Company,

Ltd. and Big Canoe Property Owners' Association, Inc., dated March 31, 1987.

(k) The Company retains the right to use POA data for marketing purposes and for communicating with Big Canoe property owners on Big Canoe topics, including the "marketing” of new neighborhoods and products to those owners. However, it may not use such data for any other purpose or provide such data to anyone other than Big Canoe Company.

(l) So long as it is a Type "D” member, the Company retains the right to have three (3) platinum cards.

Section 7 Reconciliation of Potential Disagreements over
Proposed Actions

(a) Introduction. The Company will retain one seat (director) on the Board of Directors ("Developer Director") until the termination of its Type "D" membership and will remain an active, voting participant in Board deliberations. However, Board decisions require only a simple majority vote. The approval rights discussed in this section rest in the process of discussion and participation in Board deliberations and shall take place in real time rather than after the fact.

(b) Discussion. The Elected Directors (as defined in the By-Laws) and the Developer Director(s) shall discuss all proposed POA actions as part of Board deliberations. Should the Company, voting through the Developer Director(s), believe that any such action would violate the POA's obligation not to hinder the Company's right to develop and sell or change the fundamental character of Big Canoe as those rights are expressed in the POA's governing documents effective January 1, 2005, this belief shall be shared and discussed within the context of Board deliberations.

(c) Further Consideration and Deliberation. Should the Board not be able to reach a resolution that is acceptable to the Company, the matter shall be tabled for sixty (60) days in order for there to be further consideration and deliberation between the Board and the Company. At the end of such sixty- (60-) day period or such earlier period as both parties might agree, unless both parties have reached agreement, either the Board will abandon the action or the Company will have the right to pursue a resolution of the matter through the process set forth

in Section 7 d).

(d) Alternative Dispute Resolution. The POA agrees that it, acting through its Members or the Board, will take no action to hinder the Company's right to develop, sell or conduct its business, as those rights are expressly provided in the POA's governing documents effective January 1, 2005. Should the Company believe that a proposed action would do so, the Company, following the procedures set out above, shall make its views known to the Board. Should there be no mutually acceptable resolution following the sixty- (60-) day period for consideration and deliberation, thus resulting in an impasse, the Company may seek judicial relief or may refer the issue to mediation and, ultimately, to binding arbitration. The Company shall notify the Board of its decision within ten (10) working days following the expiration of the sixty- (60-) day period and begin the process within forty-five (45) days thereafter.

The POA and, as part of its right to develop and sell, the Company desire that the fundamental character of Big Canoe be maintained. The Company1s right to exercise developmental flexibility in order to respond to an evolving market is consistent with this fundamental character and with Big Canoe's history. Therefore, the Company and the POA retain the right to object to any action either believes would change that fundamental character. If following the consideration and deliberation process set forth above, the Company and the POA are unable to reach an agreement, either party may refer that decision to mediation or binding arbitration; provided, the sole issue for mediation/arbitration is limited to whether the proposed action will result in a change in the fundamental character of Big Canoe. If the alternative dispute resolution (“ADR”) results in a decision that the proposed action is a change in the fundamental character of Big Canoe, neither the Board nor the POA's membership will take the action.

Both the POA and the Company agree that should the POA or Company refer a matter to ADR as provided in this section, they will mutually proceed to ADR. Each party will pick a mediator or arbitrator, and these two shall pick a third. Each party will pay one-half (1/2) of the costs of ADR.

Exhibit A: Big Canoe Lot Replatting Guidelines

The intent of these Replatting Guidelines is to provide direction in dealing with platted Lots that, due to changes in state and county regulations, may be totally unbuildable or so restricted that building is not economically feasible. The intent is NOT to allow for assessment avoidance via the replatting (i.e., lot consolidation).

A. COMBINING

If a Big Canoe owner has an unbuildable* Lot, Big Canoe POA has the authority to grant the replatting of same. In these cases, consideration will be given to allowing the Lot to be combined with another, adjacent Lot (where available) and replatted as one larger Lot on which an economically viable home can be built.

* DEFINITION OF UNBUILDABLE: A Lot shall be deemed unbuildable if a property owner's septic tank submittal to the county is officially rejected in writing and the home submitted was of comparable size to others in the neighborhood, then the option of replatting can be considered.

As an aid to quantifying "comparable," the smallest home submitted in Big Canoe in the two year period previous to January 1, 2005, was 2 bedroom/2 bath/1,600 square feet. The average square footage of all homes submitted was 2,900.

B. RESIZING

Big Canoe POA has the authority to approve the replatting of Lots in POA Neighborhoods in order to create a modified Lot more suitable for building; provided, no Lot originally shown on a recorded plat may be reduced in size to more than 10% smaller than the smallest Lot shown on the first plat of the Neighborhood Area containing the Lot to be replatted, as recorded in the Official Real Estate Records of Dawson and/or Pickens County, Georgia. Big Canoe Company may replat reacquisition Lots that it owns in any neighborhood or any Lots in Company Neighborhoods to meet their business needs.

Covenants Amendment 2021

Introduction

This Amendment is made this 4th day ofJanuary2021 by the Big Canoe Property Owners Association, Inc., a Georgia nonprofit corporation (hereinafter called "Association”) and Big Canoe

Company, LLC “Company” as successors in title and interest to Big Canoe Company, a Georgia Partnership.

WITNESSETH

WHEREAS, Big Canoe Company previously caused certain covenants and restrictions to be established affecting Big Canoe entitled “General Declaration of Covenants and Restrictions of the Big Canoe Property Owners' Association and Big Canoe Corporation," dated October 9, 1972 (hereinafter Called the “Original Declaration”), which is recorded in Deed Book 23, pages162-198, Office of the Superior Court Clerk, Pickens County, Georgia, and in Deed Book 19, pages 253-289, Office of the Superior Court Clerk, Dawson County, Georgia, as supplemented by (a) certain Class “A" Covenants for Single Family Detached Dwelling Areas, dated October 9, 1972 recorded in Deed Book 23, Pages I 98- 208, of the Pickens County, land records, and in Deed Book 29, Page 290~300, in the Dawson County, Georgia, land records. and (b) certain Class "B" Covenants for Mufti-Family Tracts, dated June 20, 1973, recorded in Deed Book 27, Page 24, of the Pickens County, Georgia, land records; and

WHEREAS, as of March 26, 1988, the Declaration was stricken in its entirety and replaced with the Amended and Restated General Declaration of Covenants and Restrictions of the Big

Canoe Properly Owner Association and the Big Canoe Company (hereinafter "Amended and Restated General Declaration") which Amended and Restated General Declaration is recorded in Deed Book 139, Pages 390-437, of the Pickens County. Georgia, land records, and in Deed Book 111, Pages 281-

328, Office of Superior Court Clerk, Dawson County, Georgia, land records and

WHEREAS, the Amended and Restated General Declaration was amended by that Amendment recorded on January 4, 1995, in Deed Book 193, Pages 675-678 of the Dawson County, Georgia land records and. January 10, 1995, in Deed Book 231, Pages 399-402 of the Pickens County, Georgia, land records; and

WHEREAS, the Amended and Restated Declaration was further amended by an Amendment recorded on July 5, 2001, in Deed Book 389, Page 420 of the Dawson County, Georgia, land records and on July 3, 2001. in Deed Book 411, Page 183 of the Pickens County, Georgia, land records; and

WHEREAS, the Amended and Restated Declaration was further amended by an Amendment recorded on January 19, 2005, in Deed Book 644, Pages 525-549 of the Dawson County, Georgia, land records, and on February 17, 2005, in Deed Book 628, Page 67-81 of the Pickens County, Georgia, land records;

WHEREAS, the Amended and Restated Declaration was further amended by Amendments recorded in the Dawson County, Georgia, land records on October 14, 2010, in Deed Book 964, Page 504 (Capital Reserve Fund) and on October 20, 2010 in Deed Book 965, Page 321 (Debt Reduction Fund), and recorded in the Pickens County, Georgia, land records on October 12, 2010 in Deed Book 907, Pages 32-35 (Capital Reserve Fund), and on October 12, 2010, in Deed Book 907, Page 28-31 (Debt Reduction

Fund); and

WHEREAS, the Amended and Restated Declaration was further amended by a Third Amendment recorded on January 22, 2013, in Deed Book 988. Page 14 of the Pickens County, Georgia, land records and recorded on January 24, 2013, in Deed Book 1056, Page 576 of the Dawson County, Georgia, land records; and

WHEREAS, pursuant to Article IX, Section 2 and Article X, Section 5(h) of the Amended and Restated General Declaration any provision of the Declaration that requires consent or approval by the vote of Owners may be acted upon by the affirmative vote or written consent of Owners (by written ballot through the mail or by other means) representing at least fifty percent (50%) of the total votes cast; and

WHEREAS, the Board of Directors did present to the Members of the Association the question of adopting the text within this Amendment to the Amended and Restated General Declaration by written ballot; and

WHEREAS, the total number of votes of Members of the Association eligible to vote was 5484; the total of votes required to constitute a quorum of the Association was 1919; the total number of votes was 3206; the total of votes necessary to adopt this Amendment to Amended and Restated General Declaration was 1604; the total number of votes cast in favor of the amendment was 2695 and the total number of votes cast against the Amendment was 511.

NOW, THEREFORE, the Amendment to the Amended and Restated Declaration is hereby

amended as follows:

Article VI: Section 14

Section 14 Capital Contribution Fee
Imposition of Capital Contribution Fee
  1. 1. In addition to all other assessments and charges provided for in the Declaration, and as permitted by O.C.G.A Section 44-14-15, except as expressly exempted as provided ln Section 14.2 herein below, the purchaser or grantee of a Family Dwelling Unit after January 15, 2021, shall be assessed and be subject to a non-refundable, non-prorated Capital Contribution Fee ("Capital Contribution Fee" or "CCF") upon each acquisition, transfer or construction of a Family Dwelling Unit as follows:

a. The initial CCF shall be $2,500 for a Family Dwelling Unit. Payment in full of the CCF is due upon either the closing of the Family Dwelling Unit, or upon the issuance of a Certificate of Occupancy for a newly constructed dwelling on a Lot creating the new Family Dwelling Unit. The CCF shall not constitute an advance payment of any portion of the annual assessment. The purchaser of a Family Dwelling Unit or recipient of a Certificate of Occupancy after construction of a new Family Dwelling Unit shall be solely responsible for the payment of the CCF.

b. The initial CCF shall be $2,500 for a Family Dwelling Unit. Payment in full of the CCF is due upon either the closing of the Family Dwelling Unit, or upon the issuance of a Certificate Occupancy for a newly construction dwelling on a Lot creating the new Family Dwelling Unit. The CCF shall not constitute an advance payment of any portion of the annual assessment. The purchaser of a Family Dwelling Unit or recipient of a Certificate of Occupancy after construction of a new Family Dwelling Unit shall he solely responsible for the payment of the CCF.

c. The amount of the CCF may be increased annually by resolution of the Board any time after December 31, 202l. However, the amount of any increase shall not exceed $500 in any one fiscal year, nor shall the maximum fee allowed to be imposed exceed $5,000, without approval by a majority of the total votes cast by the Owners at a duly called meeting or by written ballot outside of a meeting per Article II, Section 2.5 of the Bylaws of Big Canoe Property Owners Association, Inc.

d. The amount of the CCF may also be decreased or suspended at any time in any fiscal year by resolution of the Board if determined by the Board to be in the best interests of the Association, and such action shall not constitute a waiver by the Association of its right to commence collection of an amount not to exceed the full cumulative amount of the CCF in a subsequent fiscal year thereafter.

e. In the event of non-payment of the CCF once imposed, collection of a CCF shall be in accordance with Article VI, Section 9 of the Amended and Restated General Declaration.

f. All CCF finds collected will he deposited and held as part of the Hoard Designated Master Plan Fund to be used for the acquisition, improvement, maintenance and/or enhancement of Common Properties of the Association.

Exemptions to the CCF

2. This Amendment and the CCF shall NOT apply to the following:

a. Acquisition of any unimproved Lot at any time.

b. Acquisition of Family Dwelling Unit after January 15, 2021, and on or before December 31, 2021, by a former Owner of record in Big Canoe.

c. Acquisition of a Family Dwelling Unit after January 15, 2021, where the Purchase and Sales Agreement for the Family Dwelling Unit was executed on or before January 15, 202l.

d. Acquisition of a Family Dwelling Unit after January 15, 2021, by an Owner of record of a Family Dwelling Unit in Big Canoe, who conveys said Family Dwelling Unit and who then purchases a Family Dwelling unit in Big Canoe within 12-months after said conveyance.

e. Acquisition of a Family Dwelling Unit after January 15, 2021, by an Owner of record of a Lot in Big Canoe on January 15, 2021, and who conveys said Lot and who then purchases a Family Dwelling Unit in Big Canoe within 12-months after said conveyance;

f. Acquisition of a Family Dwelling Unit by any of the following in association with an Owner of record in Big Canoe:

i. a spouse, co-owner, child, spouse of a child, sibling, grandchild, or parent of the Owner of record of such Family Dwelling Unit;

ii. a devisee or heir of a deceased Owner of record of such Family Dwelling Unit;

iii. a grantee by donation of such Family Dwelling Unit;

iv. a Lender or mortgage holder of such Family Dwelling Unit obtained through foreclosure;

v. a conveyance to a beneficiary of a trust of such Family Dwelling Unit by a Trustee or an Owner of record;

g. Acquisition of any timeshare in Big Canoe;

h. New construction of a Family Dwelling Unit on a Lot at any time by:

 i. a Lot Owner of record as of January 15, 2021;

 ii. a Lot Owner of record after January 15, 2021, if a Purchase and Sales Agreement was executed for a Lot on or before January 15, 2021;

iii. a Lot Owner of record where such Lot was acquired after January 15, 2021, by anyone that falls within the designation of those exempted per Section 14.2(f) above in association with a Lot Owner of record in Big Canoe.

QUESTIONS?