THIS AMENDMENT TO THE DEVELOPER-HOMEOWNER AGREEMENT
SILVER SPRINGS SUBDIVISION (the “Amendment”) is entered into effective the
___day of January, 2005, by and among:

1. SILVER SPRINGS HOMEOWNERS ASSOCIATION;
2. SILVER SPRINGS TOWNHOUSE CONDOMINIUM
HOMEOWNERS ASSOCIATION (SILVER MEADOWS PHASE);
3. WILLOW BEND WEST HOMEOWNERS ASSOCIATION;
4. MEADOW SPRINGS HOMEOWNERS ASSOCIATION;
5. QUAIL MEADOWS HOMEOWNERS ASSOCIATION;
6. MEADOW WILD HOMEOWNERS ASSOCIATION;
7. SILVER SPRINGS TOWNHOUSE HOMEOWNERS
ASSOCIATION (WILLOW BEND EAST)
collectively referred to herein as the “Homeowners Association”)

Recitals

A. In October 1989, the Homeowners Association entered into an agreement entitled “Developer-Homeowner Agreement Silver Springs Subdivision” (referred to below as the “1989 Agreement”). A copy of the 1989 Agreement is attached hereto and incorporated herein by this reference.

B. The Homeowners Associations desire to amend the 1989 Agreement.

NOW THEREFORE, in consideration of the terms and conditions set forth below, the
Homeowners Associations do hereby amend the 1989 Agreement as set forth below:

1. Common Area. The common areas properties described in the 1989 Agreement are
hereby expanded to include the lakes that are described on attached Exhibit 1 (the “Lakes”).

2. Common Area Cost. Section 5(a) of the 1989 Agreement is hereby deleted in its
entirety and is replaced with the following language:

“Each of the vacant lots, each single-family residence, and each condominium and
townhouse shall be an assessable property for purposes of allocating common area
expenses associated with the common area properties owned and/or managed by the Master Homeowners Association. For purposes of allocating common area expenses, the Master Homeowners Association may, in its discretion, attribute a higher or lower common area assessment, depending upon the type and location of property as set forth below. In no event, may the Master Homeowners Association reduce or raise the common area assessments above the respective percentages that are shown below:
(i) Condominiums and townhouses ……………………………………………. 100%
ii) Lots, single-family residences and townhouses, without lake frontage:… 125%
iii) Lots and single-family residences with lake frontage:…………………….. 150%

Furthermore, Silver Springs Master’s Association agrees to take care of the
reasonable maintenance and upkeep costs associated with the Lakes. However, this is subject to Lakes Conveyance and Water Supply Agreement, dated 06 /23/2004, between Silver Springs Master Homeowners Association and Mountain Regional Special Service District. Silver Springs Master’s Association is not, however responsible to maintain water quality or water quantity reasonably beyond our control or budget constraints.

3. The Subdivisions listed immediately below are hereby included within the definition of  “Homeowners as defined on page 1 of the 1989 Agreement.

• Northshore Silver Springs Homeowners Association 1-G,
• Southshore Homeowners Association,
• Quail Meadows Phase 2 Homeowners Association,
• Ptarmigan Homeowners Association,
• Park Place Homeowners Association,
• The Springs Homeowners Association,

(4. Missing)

5. Voting quorum. The annual budget and any single item expenditure over $10,000 shall require a passing vote of the majority of eligible voting members. This means at least 7 members “voting yes”. Voting by Electronic means such as email shall be accepted as an official means to vote if a voting quorum is not reached.

6. IN WITNESS WHEREOF, the undersigned Homeowners Associations do hereby agree to the terms of this Amendment as evidenced by their signatures below, effective as of the date first above written.