Art. 1

Declaration Article 1

Exhibit III

Declaration of Protective Covenants, Restrictions, and Easements

Article 1

Establishment of Overseas Village

1.1 Establishment. The Village is hereby established by Declarant and the Property is hereby governed, restricted and in all respects encumbered by the Declaration and all amendments hereafter made in accordance with the provisions herein.

1.2 Existing Property. The parcel of real property which is presently owned, in fee simple, by Declarant and shall be held, transferred, sold, conveyed and occupied subject to this Declaration is located in Monroe County, Florida, as more particularly described in Exhibit A annexed hereto.

1.3 Development Plan. The property described in Exhibit A herein is being developed as a residential moderate-income development consisting of thirteen (13) residential homes (each, a "Residential Unit") to be known as Overseas Village, a Residential Community. Nine (9) of the Residential Units (1-3 and 6-11) have been constructed and are depicted in Exhibit B as "Parcels" 1-3 and 6-11, each individually surveyed as part of Exhibit B. Units 4, 4A, 5, and 5A will be newly constructed dwellings and will be situated as generally depicted in Exhibit B. Once constructed the lot lines for Units 4, 4A, 5, and 5A will be determined, and an amendment to this Declaration with a revised site plan and legal descriptions for Units (Parcels) 4, 4A, 5, and 5A will be filed by Declarant, which amendment will not require the prior approval of the Association, Unit Owners or their mortgagees. Al of the Residential Units are previously occupied structures (as part of the Overseas Motel) which has been renovated by Declarant. The site plan for The Village is attached hereto as Exhibit B. Each Residential Unit, as described in Exhibit B, will be owned in fee simple by either a qualified Owner or the CLT. All CLT-owned Units will be leased on a long-term basis pursuant to a CLT Lease Agreement with a Qualified Owner, as herinafter defined. Reference herein to properties within The Village shall not create any right, title or interest by any person or persons claiming by, through, under or against Declarant unless and until said property, or any portion thereof, has been deeded by the Declarant to an Owner.