HOMEOWNERS ASSOCIATION
of VALLE DE LAS ESTRELLAS, 

a Caribbean Community in Cahuita, Limón, Costa Rica

This community has been conceived and designed exclusively
for persons that wish to own a place in the Caribbean Coast of Costa
Rica to live and vacation occasionally.

It includes advantages, access to beautiful beaches,14 hectares of protected
primary forest, abundant wildlife, privacy and a tranquil ambiance with optimum
conditions and services and access road.   Moreover the community is
destined for persons committed to the protection of the environment
and specifically to the conservation of the flora and fauna of the
region.  

For the above mentioned reasons the seller-developer
requests as a condition of the sale, that buyer signs and agrees to
the following covenants, conditions and restrictions:

BUYER   1)____________________________________________________________
BUYER   2)____________________________________________________________

By acquiring Lot ___  Phase  ___  Catastro number _____________________
identified under finca number ________________________________________

The BUYERS agrees to comply to the following conditions:

1.      To participate and collaborate in a homeowner’s association of
Finca Tranquilidad & Finca La Paz. The primary purpose of the association will be
to manage the general business of the development as well as
maintaining and improving the areas designated as common areas,
including but not limited to roads, water supply, and planting trees.
The association fee is $ 35.00 per lot
A portion of this will also be applied to hire a general caretaker for the development
If deemed necessary the association can change the monthly fees by vote to
cover administration  or other costs.

2.      Membership of this association shall be comprised of all who are
the owners of record, or a person or entity who is a purchaser by way
of a contract for deed, where said contract for deed or notice of
purchase’s interest is of record of any lot in Finca Tranquilidad.

3.     To locate the structures in a way that will not be necessary to cut
any trees if possible.The BUYER will act responsibly and in the event that it
will be necessary to cut trees he/she will obtain the necessary
permits from the local authorities.

4.     To design and build a house in a Caribbean style, which will
harmonize with other structures in the development and that integrates
to a community in the architectural traditions of the Caribbean of
Costa Rica.  A plan of the proposed structure is to be submitted to
Lukas J. Louw or his assigns for approval prior to the start of
construction.

5.      To build an adequate septic system and the correct disposition of gray waters.
In addition to complying with all the requirements of the Ministry of
Health and the Ministry of Environment, said system must guarantee
that there will be no contamination of other lots, and if the lot borders a stream the
drain field be placed as far as possible from the stream.
The well will be located in the communal area and will not restrict the lots in any way.
If the drain field is within 10 meters of a lot line that adjoins
another lot in Finca Tranquilidad, then the exact location of the
drain field shall be provided in writing to the owner of any such
adjoining lot.

6       To avoid building concrete fences and to try to fence the properties
with natural fencing using local plants with the purpose of conserving
the eco-friendly look of the development.

7.      To store and maintain all garbage in a designated area, with the
purpose of keeping wild animals away from it. In no way the garbage
should be left on the access roads or in an open area.

8.      To procure the use of environmental friendly products for cleaning
and/or biodegradable products that will minimize the impact to the
environment.

9.      It is strictly prohibited to cut trees in the parcels and common
areas unless absolutely necessary for security reasons.  For this
BUYER acknowledges that an authorization from the Association must be
obtained as well as the permits of all necessary institutions.
Moreover, BUYER agrees to plant native trees that will help enhance
and preserve the development.

10.     To avoid all unnecessary noises, maintaining them to a minimum
especially after 10 p.m. to avoid disturbing the tranquility of its
neighbors.Speed limit of 10 mph and a restriction on two stroke vehicles
and the discharge of firearms.
11.     All persons and corporations who now or shall hereafter acquire
any interest in and to the herein described property shall be held to
agree and covenant with the owner of any of the property located in
the parcels herein described, or any portion thereof, and with their
heirs, successors and assigns, to conform to and observe the following
covenants, conditions and restrictions as to the use thereof, and as
to the construction of dwellings and improvements. To condition the
resale of this property to third parties to the same covenants,
conditions and restrictions with the purpose of preserving the
environment and the investments of Finca Tranquilidad.

In witness whereof, we signed on the 8 day of January of 2010

BUYER  1
BUYER  1
DEVELOPER