1. No additional buildings or structures may be built, nor any buildings or structures altered without prior written approval from the seller (B.B. Corporation Sociedad Anonima de Capital Variable), or its assignees.
2. In no case shall permission be granted to build or erect anything that would obstruct passage of neighbors along the easements. Nor build or erect anything that is not in common with the rest of the development.
3. Vehicles/Automobiles golf carts and bikes must be parked in the shed so as not obstruct the roads/easement and passage areas. Parking is not allowed on the road.
4. Owners agree to pay maintenance fees for the continued maintenance of roads, and common areas. This amount may be adjusted yearly as needed to insure proper maintenance.
   1. The annual amount for the first year is $400.00 and will be pro-rated as to the time of ownership.
   2. This maintenance fee will be due each year on January 1st.
   3. Late fees will be due in the amount of $25.00 for each month late.
   4. This fee will be assessed each year and should not exceed 10 % per year.
   5. In the event that there is insufficient funds to cover any unforeseen costs, necessarily incurred regarding the Palms Marina Area (such as Storm damage etc.) Then B.B. Corporation S.A. de C.V. or its Assignees may levee a special assessment to cover the above mentioned costs.
   6. This Special Assessment will be levied equally and uniformly on all owners according to the square meters of, (footprint) property owned inside The Palms.
5. All units will be maintained with the same exterior colors.
6. Roofs shall be metal, No shingles allowed.
7. Dogs and cats allowed only when attended at all times by the owner. Animals may not be permitted to disturb or molest the neighbors or guests and must be confined to owner’s property.
8. Lots must be kept clean of trash and debris, or it will be cleaned and a fee charged to the property owner. No Burning of debris.
9. No commercial development and or commercial activities of any kind without prior written approval from B.B. Corporation S.A. de C.V. or its assignees, including but not limited to restaurants, bars, stores, motels, service companies, dive shops, etc. The intent is for residential use only.
10. No unsightly conditions such as broken down boats,cars, garbage, etc.
11. No offensive activities shall be carried on that is offensive or causes discomfort to the community. Noise pollution shall be kept to a minimum as is reasonable and customary in a residential neighborhood.
12. Marina safety and protection of land erosion must be strictly adhered to: The entire Marina water area is a “NO WAKE ZONE”, “IDLE SPEED ONLY” Residents shall be responsible for enforcing this upon their guests.
13. The Palms Marina’s maximum boat length is 30 feet from tip of bow to stern. No exceptions without prior written approval from B.B. Corporation S.A. de C.V. or its assignees.
14. In the event any property is resold by the original owner, this owner or seller agrees to make these covenants a condition of the sale to the new owner in writing. This condition is perpetual from one owner to the next.
15. Covenants may only be waived after careful review of any such request by B.B. Corporation S.A. de C.V. or its assignees Owner must have approval in writing.
16. B.B. Corporation S.A. de C.V. agrees to relinquish its governing authority over to a Property Owners Association with elected officials by the property owners, at such time there are at least 5 different home owners living at least 6 months of each year at The Palms on Utila Bay Island.

It is important to note that the above property owner covenants are for the protection and security of each property owner in the The Palms Marina area .And this will be a part and condition of each sale so as to insure the integrity and future value of each property in The Palms Marina.