Village at Ledge Stone Condominium Owners Association, Inc.

Master Covenant — Partial Assignment (Exhibit F)

Master Covenant — Partial Assignment (Exhibit F)

Unofficial reading copy. This is a text version of the recorded instrument, provided for readability and accessibility. The authoritative version is the recorded instrument on file with the Hays County Clerk — Doc. No. 06037771, Official Public Records of Hays County, Texas (Vol. 3071, Pg. 658). If this copy and the recorded instrument differ, the recorded instrument controls.

Recorded PDF Hays County record ↗ All governing documents

EXHIBIT "F" [sic — OCR reads "EF"]

After recording return to: Robert D. Burton, Esq. Armbrust & Brown, L.L.P. 100 Congress Ave Ste 1300 Austin, Texas 78701-2744

PARTIAL ASSIGNMENT OF DECLARANT'S RIGHTS AND AMENDMENT TO VILLAGE AT LEDGE STONE MASTER COVENANT

Hays County, Texas

Cross reference to Village at Ledge Stone Master Covenant, recorded as Document 06034956, in the Official Public Records of Hays County, Texas

260370-2 11/07/2006

VILLAGE AT LEDGE STONE PARTIAL ASSIGNMENT OF DECLARANT'S RIGHTS UNDER MASTER COVENANT

[Recording stamp: Doc. 06037771, OPR Vol. 3071, Pg. 658]

PARTIAL ASSIGNMENT OF DECLARANT'S RIGHTS AND AMENDMENT TO VILLAGE AT LEDGE STONE MASTER COVENANT

This Partial Assignment of Declarant's Rights and Amendment to Village at Ledge Stone Master Covenant (this "Assignment and Amendment") is made by 290 EAST BUSH, INC., a Texas corporation ("Assignor"), and LENNAR HOMES OF TEXAS LAND AND CONSTRUCTION, LTD. a Texas limited partnership ("Assignee"), and is as follows:

RECITALS

A. Assignor is the current "Declarant" under that certain Village at Ledge Stone Master Covenant, recorded as Document No. 06034956, in the Official Public Records of Hays County, Texas (the "Master Covenant").

B. Assignor desires to partially transfer and assign to Assignee certain of Assignor's rights, title, and interest as Declarant under the Master Covenant and to amend certain provisions of the Master Covenant.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor and Assignee agree as follows:

  1. Defined Terms. All defined terms delineated with initial capital letters in this Assignment and Amendment that are not defined herein shall have the meaning ascribed to them in the Master Covenant. Other terms have the meanings commonly ascribed to them.

  2. Partial Transfer and Assignment of Declarant's Rights. Assignor does hereby grant, sell, set over, transfer and assign to Assignee, its successors and assigns, those of Assignor's right, title, interest, powers, privileges, benefits and obligations as Declarant under the Master Covenant which are set forth below; provided, however, that such assignment shall only relate to those portions of the "Property" (as defined in the Master Covenant) which Assignee may acquire from time to time (collectively, the "Assignee Property"), and further provided that Lennar may only exercise such rights for so long as Lennar owns or has the option to acquire any portion of the Property encumbered by the Master Covenant:

    (a) the right to erect and maintain advertising signs (illuminated or non-illuminated), sales flags, other sales devices and banners for the purpose of aiding the sale of Lots and Condominium Unit in the Assignee Property, so long as: (1) any required permits are obtained from the City of Dripping Springs, (2) any sign(s) erected are in conformance with applicable City of Dripping Springs sign ordinances, and (3) 290 East Bush has reviewed and approved any and all plans for such signage to be erected upon portions of the Acquired Property other than residential Lots which Lennar owns;

    (b) the right to maintain Improvements upon Lots and Condominium Units within the Assignee Property as sales, model, management, business and construction offices, provided that Lennar hereby covenants and agrees to maintain the foregoing neat and orderly fashion; and

    (c) the right to maintain and locate construction trailers and construction tools and equipment within the Assignee Property.

  3. INDEMNIFICATION. ASSIGNOR WILL NOT BE LIABLE TO ANY THIRD PARTY FOR ANY ACT, WILLFUL MISCONDUCT OR NEGLECT OF ASSIGNEE, OR ITS PARTNERS, DIRECTORS, OFFICERS, AGENTS, CONTRACTORS, REPRESENTATIVES, DESIGNEES OR EMPLOYEES (INDIVIDUALLY, A "ASSIGNEE RESPONSIBLE PARTY") IN ANY WAY RELATED TO THE EXERCISE OF THE RIGHTS ASSIGNED HEREIN. ASSIGNEE AGREES TO REIMBURSE, INDEMNIFY AND HOLD HARMLESS ASSIGNOR AND ASSIGNOR'S AFFILIATES, PARTNERS, SUCCESSORS, ASSIGNS, AND MORTGAGEES, AND THEIR OFFICERS, DIRECTORS, SHAREHOLDERS, PARTNERS, MEMBERS, MANAGERS, MORTGAGEES, EMPLOYEES AND AGENTS (COLLECTIVELY "ASSIGNOR'S INDEMNIFIED PARTIES") FROM ALL CLAIMS, DEMANDS, ACTIONS, SUITS, AND LIABILITIES, OF ANY KIND WHATSOEVER, RELATED TO ANY ACT, WILLFUL MISCONDUCT OR NEGLECT OF ASSIGNEE, OR ANY ASSIGNEE RESPONSIBLE PARTY IN ANY WAY RELATED TO THE RIGHTS ASSIGNED HEREIN.

  4. Amendment to Master Covenant. The Master Covenant is hereby modified and amended to substitute Assignee in the place of Assignor as the "Declarant" for the purposes provided for herein. Assignee shall hereinafter have such rights as have been granted to it hereunder to act and exercise the rights, powers, privileges, benefits, and obligations as the Declarant under the Master Covenant after the Effective Date.

  5. No Other Changes. Except as specifically set forth in this Assignment and Amendment, the terms and provisions of the Master Covenant shall remain unmodified, and the Master Covenant is hereby confirmed as being in full force and effect as amended herein.

  6. Survival of Provisions. This Assignment and Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.

  7. Captions. The captions of sections in this Assignment and Amendment are for convenient reference only and are not to be construed in any way as part of this Assignment and Amendment.

[SIGNATURE PAGE FOLLOWS]

260370-2 11/07/2006

VILLAGE AT LEDGE STONE PARTIAL ASSIGNMENT OF DECLARANT'S RIGHTS UNDER MASTER COVENANT

EXECUTED to be effective on the date ("Effective Date") fully executed by Assignor and Assignee.

ASSIGNOR:

290 EAST BUSH, INC., a Texas corporation

Date: 11/15/06 [sic — OCR reads "wiislot"]

ASSIGNEE:

LENNAR HOMES OF TEXAS LAND AND CONSTRUCTION, LTD., a Texas limited partnership

By: _______________________

Date: _______________________

STATE OF TEXAS § COUNTY OF HAYS §

This instrument was acknowledged before me on this ___ day of November, 2006 by Michael L. Schoenfeld, Vice President of 290 East Bush, Inc., a Texas corporation, on behalf of said corporation.

Notary Public, State of Texas

STATE OF TEXAS § COUNTY OF TRAVIS §

This instrument was acknowledged before me on this 15 [sic] day of November, 2006 by James Dorney, Vice President of Lennar Texas Holding Company, a Texas corporation, General Partner of Lennar Homes of Texas Land and Construction, Ltd., a Texas limited partnership, on behalf of said corporation and limited partnership.

Notary Public, State of Texas

[Clerk's recording block]

Filed for Record in: Hays County On: Dec 14 2006 at 04:28P Document Number: 06037771 Amount: 32.00 Receipt Number: 141368 [sic] Teresa Klecka [sic], Deputy Lee Carlisle [sic], County Clerk Hays County

260370-2 11/07/2006

VILLAGE AT LEDGE STONE PARTIAL ASSIGNMENT OF DECLARANT'S RIGHTS UNDER MASTER COVENANT

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