Certificate Of Amendment To The Declaration Of Covenants, Conditions And Restrictions For Village A

5.11.1 From and after the date of recordation of this amendment in the Public Records of Indian River County, Florida, the following shall apply: Upon the conveyance of each and every Townhome, Dwelling, or Lot, except as noted below, the purchaser(s)/Owner(s) shall pay to the Association at closing a one-time, non-refundable sum not to exceed two and one-half (2-1/2) times the monthly maintenance fee assessment chargeable to said Townhome, Dwelling or Lot by the Village "A" Homeowners Association, as a working capital contribution ("Contribution) to the Association, such sum to be determined by the Association Board of Directors from time to time. The Contribution shall not be considered an advance payment of assessments but shall be in addition thereto, and it shall be placed in a working capital fund so that the Association will have funds available for proper Association common expenses, operating expenses, or reserves, as determined by the Board of Directors from time to time including but not limited to funds for capital improvements, the purchase of equipment, or alterations to the community's infrastructure.

5.11.2 For purposes of this Section, the term "conveyance" shall mean the transfer of record legal title of a Townhome. Dwelling or Lot by deed or other means of title conveyance with or without valuable consideration. including but not limited to a transfer of possession and beneficial ownership by means of agreement for deed, operation of law, and inheritance. except as noted below.

5.11.3 Notwithstanding the foregoing, the following conveyances shall be exempt from payment of the working capital contribution:

5.11.3.1 an intra-family conveyance made by a Townhome. Dwelling or Lot Owner ("Owner'') to one or more of his or her immediate family members. The term "immediate family shall be defined, for purposes of Section 5.3 to mean and be limited to such Owner's parents, children, grandparents, grandchildren, siblings, or the Owner's spouse:

5.11.3.2 any conveyance between one co-Owner to another co­ Owner of the same Townhome. Dwelling or Lot. Such co-owner shall be required to have been a co-owner, with his or her name recorded on the title to the Townhome, Dwelling, or Lot. as recorded in the Public Records of Indian River County. Floride, for at least six (6) months prior to such conveyance:

5.11.3.3 any conveyance to a trust or the Owner's spouse or from a trust to an Owner or the Owner's immediate family member, as defined above, without a change in occupancy for estate planning or tax purposes: and

5.11.3.4 any conveyance of title to the Association or an institutional Mortgagee acquiring title by foreclosure or deed in lieu of foreclosure.