DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS and BYLAWS

prepared by Cruise Ship Condos LLC, Developer and Declarant,
on behalf of World Yacht Club Ltd, Association of Shareholders

C C & R 's I N D E X
(click on BLUE underlined titles to access)

Section 1.01. Architectural Committee
Section 1.02. Articles
Section 1.03. Assessment
Section 1.04. Association
Section 1.05. N/A
Section 1.06. Association Property
Section 1.07. Association Rules
Section 1.08. Board
Section 1.09. Bylaws
Section 1.10. Common Area
Section 1.11. Common Expenses
Section 1.12. Unit
Section 1.13. The ship
Section 1.14. Unit Elements
Section 1.15. Unit Plan
Section 1.16. County
Section 1.17. Declarant
Section 1.18. Declaration
Section 1.19. ~~This section has been struck and is not applicable.~~
Section 1.20. Exclusive Use Common Area
Section 1.21. Family
Section 1.22. First Mortgage
Section 1.23. ~~This section has been struck and is not applicable.~~
Section 1.24. Maintenance Area
Section 1.25. Member
Section 1.26. Mortgage
Section 1.27. Mortgagee
Section 1.28. Owner
Section 1.29. Project
Section 1.30. ~~This section has been struck and is not applicable.~~
Section 1.31. Supplementary Declaration
Section 1.32. Unit

ARTICLE II - ANNEXATION

Section 2.01. Annexation Procedures

ARTICLE III - MEMBERSHIP AND VOTING RIGHTS

Section 3.01. Membership
Section 3.02. Transfer
Section 3.03. Voting Rights

ARTICLE IV - COMMON AREA AND ASSOCIATION PROPERTY RIGHTS AND LIMITATIONS

Section 4.01. Conveyance of Association Property
Section 4.02. Members' Easements of Enjoyment
Section 4.03. Delegation of Use
Section 4.04. Damage to Common Area, Association Property and Maintenance Area

ARTICLE V - ASSESSMENTS

Section 5.01. Creation of the Lien and Personal Obligation of Assessments Section 5.02. Purpose of Assessments
Section 5.03. Regular Assessments
Section 5.04. Capital Improvement Assessments
Section 5.05. Limitation on Increases in Regular and Capital Improvement Assessments
Section 5.06. Reimbursement Assessments
Section 5.07. Certificate of Payment
Section 5.08. Assessment of Units Owned by Declarant
Section 5.09. Nonuse and Abandonment
Section 5.10. Uniform Rate of Assessment
Section 5.11. Exempt Property
Section 5.12. Offsets
Section 5.13. Reserves
Section 5.14. Working Capital Fund

ARTICLE VI - NON-PAYMENT OF ASSESSMENTS

Section 6.01. Delinquency
Section 6.02. Lien and Notice of Delinquent Assessment
Section 6.03. Remedies
Section 6.04. Curing of Default
Section 6.05. Cumulative Remedies

ARTICLE VII - ARCHITECTURAL CONTROL

Section 7.01. Architectural Approval
Section 7.02. Number of Members and Term of Architectural Committee Section 7.03. Failure to Approve or Disapprove Plans and Specifications Section 7.04. Appeal
Section 7.05. No Liability
Section 7.06. Notice of Noncompliance
Section 7.07 Rules and Regulations
Section 7.08. Variances
Section 7.09. Appointment and Designation
Section.7.10. Review Fee and Address
Section 7.11. Inspection
Section 7.12. Destruction

ARTICLE VIII - GENERAL RESTRICTIONS

Section 8.01. Residential Use
Section 8.02. Nuisance
Section 8.03. Association Property Use
Section 8.04. Common Area Use
Section 8.05. Projections
Section 8.06. Garages
Section 8.07. Vehicles
Section 8.08. Animals
Section 8.09. Signs.
Section 8.10. Unsightly Matters
Section 8.11. Window Coverings
Section 8.12. Slope Maintenance and Restrictions
Section 8.13. Maintenance and View Obstructions
Section 8.14. Oil and Mineral Restrictions and Equipment
Section 8.15. Unit Set-back Restrictions

ARTICLE IX - DUTIES AND POWERS OF THE ASSOCIATION

Section 9.01. General Duties and Powers
Section 9.02. General Limitations on Powers
Section 9.03. Management and Certain Declarant Contracts
Section 9.04. Association Rules
Section 9.05. Enforcement of Bonded Obligations
Section 9.06. Commencement of Maintenance Obligations
Section 9.07. Transfer of Unit

ARTICLE X - ADDITIONAL OBLIGATIONS

Section 10.01. Repair and Maintenance by - Owners
Section 10.02. Right of Association to Repair and Maintain

ARTICLE XI - EASEMENTS

Section 11.01. Encroachment Easements for Owners
Section 11.02. Encroachment Easements for Association
Section 11.03. Reservation of Easements by Declarant
Section 11.04. Modification and Transfer of Easements

ARTICLE XII - INSURANCE

Section 12.01. Types
Section 12.02. Waiver By Members
Section 12.03. Other Insurance; Annual Review
Section 12.04. Premiums, Proceeds and Settlement
Section 12.05. Abandonment of Replacement Cost Insurance
Section 12.06. Beneficiaries of Insurance
Section 12.07. Requirements of FHLMC and FNMA

ARTICLE XIII - DESTRUCTION

Section 13.01. Destruction of Common Area
Section 13.02. Repair to Proceed
Section 13.03. Repair Not to Proceed
Section 13.04. Repair of Units
Section 13.05. Assessment Abatement
Section 13.06. Certificate of Intention to Repair and Partition
Section 13.07. Association Property Improvements
Section 13.08. Negotiations with Insurer

ARTICLE XIV - EMINENT DOMAIN

Section 14.01. Definition of Taking
Section 14.02. Representation by Board in Condemnation Proceeding Section 14.03. Procedure on Taking
Section 14.04. Inverse Condemnation
Section 14.05. Revival of Right to Partition
Section 14.06. Awards For Owners' Personal Property and Relocation Allowances
Section 14.07. Notice to Members
Section 14.08. Change of Unit Interest
Section 14.09. Association Property

ARTICLE XV - RIGHTS OF LENDERS

Section 15.01. Priority of Mortgage Lien
Section 15.02. First Mortgage Relationship with Assessment Liens
Section 15.03. Vote of First Mortgagees
Section 15.04. Other Rights of First Mortgagees
Section 15.05. Notice to First Mortgagees and Others of Owner Default Section 15.06. Right of First Refusal
Section 15.07. Conflicts
Section 15.08. Notice of Destruction or Taking
Section 15.09. Payments of Taxes or Premiums by First Mortgagees Section 15.10. Proceeds and Awards Priority
Section 15.11. Notice of Amendment Hearing

ARTICLE XVI - LIMITATIONS UPON THE RIGHT TO PARTITION AND SEVERANCE

Section 16.01. No Partition
Section 16.02. No Severance
Section 16.03. Proceeds of Partition Sale

ARTICLE XVII - GENERAL PROVISIONS

Section 17.01. Duration
Section 17.02. Amendment
Section 17.03. Notices
Section 17.04. Enforcement
Section 17.05. Severability and Enforceability
Section 17.06. Construction
Section 17.07. Phased Development
Section 17.08. Construction by Declarant
Section 17.09. Nonliability of Officials
Section 17.10. Leases of Units
Section 17.11. Mergers and Consolidations
Section 17.12. Assignment of Rights and/or Duties
Section 17.13. Liquidation and Termination