Preamble & Recitals

This instrument prepared by and return to:

Laurie J. Morty The Ryland Group, Inc. 605 E. Robinson Street, Suite 750 Orlando, Florida 32801 (407) 872-1203

THIS DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS OF ESTATES OF PINEWOOD (“Declaration”) is made and entered into this 26th day of January 2000 by Sanlando Lane, Inc., a Florida corporation whose address is 2100 W. SR 484, Suite C, Longwood, FL 32779, hereinafter referred as ‘Declarant’.

Recitals

A. Declarant is the owner of certain property located in Seminole County, Florida, which is more particularly described on Exhibit “A” attached hereto and made a part hereof (hereinafter referred to as the “Property”).

B. Declarant intends to develop the Property into a community to be known as Estates of Pinewood.

C. At the time of the recordation of the plat for Estates of Pinewood, Declarant shall encumber the Property with these covenants and restrictions and be bound to these regulations and other Governing Documents (as hereinafter defined).

NOW, THEREFORE, Declarant hereby declares that all of the Property shall be held, sold and conveyed subject to the following easements, restrictions, covenants and conditions which are for the purpose of protecting the value and desirability of, and which shall run with the Property and be binding on all parties having any right, title or interest in the Property or any part thereof, their heirs, successors and assigns, and, shall inure to the benefit of each owner thereof.