PGNA Deed Restrictions

THE STATE OF TEXAS

KNOW ALL MEN BY THESE PRESENTS:

COUNTY OF TARRANT

THAT PEROT INVESTMENT PARTNERS, LTD., a Texas limited partnership ("PIP"), is the owner of all that certain tract of land situated in Tarrant County, Texas described in the attached Exhibit A (the "Property"). PIP Intends for the Property to be developed as a single-family residential subdivision. PIP declares that the Property shall be held, sold and conveyed subject to the easements, restrictions, covenants and conditions set forth in this Declaration of Covenants, Conditions and Restrictions (this "Declaration") (a) which are for the purpose of establishing a general scheme for the development of the Property and for the purpose of enhancing and protecting the value, attractiveness and desirability of lots within the Property; (b) which shall run with the land and be binding on all parties having or acquiring any right, title or interest in the Property or any part thereof; and (c) which shall inure to the benefit of each owner thereof. The term "Declarant" as used herein initially shall mean PIP. PIP intends to convey the Property to Centennial Homes, Inc., a Texas corporation ("Centennial") and upon such conveyance (a) Centennial shall succeed to the rights of PIP as Declarant and "Declarant" as used herein then shall mean Centennial, and (b) PIP no longer shall be or have any of the responsibilities, obligations or liabilities of Declarant with respect to the Property; provided, however, none of the rights of PIP specifically set forth herein shall be affected thereby, all of such rights to remain in full force and effect.

Section 1.1 Residential Use. The Property and all lots platted on the Property ("Lot" or "Lots") shall be used for single-family residential purposes only. No building shall be erected, altered, placed or permitted to remain on the Property or on any Lot other than one detached single-family residence ("Residence") per Lot not exceeding two stories in height and a private garage as provided below. Each Residence shall be constructed in conformance with minimum Federal Housing Authority ("FHA") and Veterans Administration ("VA") standards, subject to the right of the Committee (hereinafter defined) to approve only minor variations from such standards.

Section 1.2 Single-Family Use. Each Residence may be occupied by only one family consisting of persons related by blood, adoption or marriage or no more than three unrelated persons living and cooking together as a single housekeeping unit, together with any household servants.

Section 1.3 Garage Required. Each Residence shall have a two-car garage conforming with then-applicable City of Fort Worth, Texas (the "City") zoning ordinances and codes, and the garage must conform in design and materials with the main structure of the Residence. Garage locations must be approved in writing by the Committee prior to commencement of construction.

Section 1.4 Restrictions on Resubdivision. None of the Lots shall be subdivided into smaller lots.

Section 1.5 Driveways. All driveways shall be surfaced with concrete, asphalt or similar substance approved by the Committee.

Section 1.6 Uses Specifically Prohibited.

Section 1.7 Minimum Floor Area. The total air-conditioned living area of the main residential structure, as measured to the outside of exterior walls, but exclusive of open porches, garages, patios and detached accessory buildings, shall be not less than 1,000 square feet.

Section 1.8 Building Materials. The front wall area of each building constructed on a Lot, Including, but not limited to, chimney flues, shall be not less than 100% brick, brick veneer, stone, stone veneer or other masonry material approved by the Committee. The total exterior wall area of each building constructed on a Lot, including, but not limited to, chimney flues, shall be not less than 50% (or a higher percentage if required by the City) brick, brick veneer, stone, stone veneer or other masonry material approved by the Committee; except that for each building constructed on a Lot adjacent to Tealwood Boulevard or Basswood Boulevard, the wall area of the building that faces Tealwood Boulevard or Basswood Boulevard, Including, but not limited to, chimney flues, shall be 100% brick, brick veneer, stone, stone veneer or other masonry material approved by the Committee.

Section 1.9 Setback Restrictions. No dwelling shall be located on any Lot nearer to the front Lot line, a side Lot line or the rear Lot line than the minimum setback lines shown on the Approved Plat or required by the City, whichever is greater.

Section 1.10 Fences and Walls. Any fence or wall (other than the wall referenced in Section 4.2 below) must be constructed of masonry, brick, wood, iron or other material approved by the Committee. No fence or wall shall be permitted to extend nearer to any street abutting the front Lot line than the front building line of any Residence. Fences or walls erected by PIP or Declarant shall become the property of the owner of the Lot on which the same are erected and, as such, shall be maintained and repaired by such owner except as provided in Article III. No portion of any fence shall extend more than eight feet in height.

Section 1.11 Sidewalks. All sidewalks shall conform to the City, FHA and VA specifications and regulations.

Section 1.12 Mailboxes. Mailboxes shall be constructed of a material and design approved by the Committee.

Section 1.13 Roofs. No roof on any house constructed on Lot shall have less than a 5°/12° roof slope.

Section 1.14 Streets. Declarant shall develop the Property so that at least 50% of the streets opening onto Tealwood Boulevard shall be aligned with median cuts and streets opening onto the other side of Tealwood Boulevard. Declarant and PIP agree to cooperate in good faith with each other in regard to the alignment of the median Cuts and street openings.

Section 1.15 Lighting. Declarant shall provide lighting conforming to City standards for ail streets and parking areas established as part of development of the Property. In addition, in order to reflect a common development scheme, within and between the Property on any Adjacent Development (as hereinafter defined), Declarant shall conform the design features, spacing and illumination intensity of street and parking area lights located on the Property to lighting facilities and lighting standards established in connection with any real property currently under development (an "Adjacent Development") located adjacent to the Property on land currently owned by PIP.

Section 2.1 Appointment and Removal. Declarant shall designate and appoint an Architectural Control Committee (the "Committee") composed of three Individuals, each generally familiar with the residential and community development design matters and knowledgeable about Declarant's concern for a high level of taste and design standards within the Property. Declarant shall have the right at any time and from to time, with or without any justification or reason, to remove any and all members of the Committee; and, without limiting the foregoing power, it is specifically understood and agreed that Centennial, upon its acquisition of the Property, shall have the right to remove all of the members previously appointed by PIP.

Section 2.2 Successors. In the event of the death, resignation or removal by Declarant of any member of the Committee, the remaining member(s) shall appoint a successor member. In default of such appointment, Declarant shall have full authority to designate and appoint a successor. No member of the Committee shall be entitled to compensation for, or be liable for claims, causes of action or damages arising out of, services performed pursuant to this declaration.

Section 2.3 Authority. No landscaping shall be undertaken and no building, fence, wall or other structure shall be commenced, erected, placed, maintained or altered on any Lot, nor shall any exterior painting of, exterior addition to, or alteration of, such items be made until all plans and specifications and a plot plan have been submitted to and approved In writing by a majority of the members of the Committee as to:

The Committee is authorized and empowered to consider and review any and aspects of construction and landscaping which may, in the reasonable opinion of the Committee, adversely affect the living enjoyment of one or more Lot owners or the general value of Lots. In considering the harmony of external design between existing structures and the proposed building to be erected, placed or altered, the Committee shall consider only the general appearance of the proposed building as that can be determined from front, rear and side elevations on submitted plans.

Section 2.4 Procedure for Approval. Final plans and specifications shall be submitted in duplicate by certified mail by the Committee. The plans and specification shall show the nature, kind, shape, height, materials and location of all landscaping and improvements. The documents shall specify any requested variance from the setback lines, garage location or any other requirement set forth in this Declaration. The Committee is authorized to request the submission of samples of proposed construction materials. At such time as the plans and specifications meet the approval of the Committee, one complete set of plans and specifications will be retained by the Committee and the other complete set of plans shall be marked "Approved", signed by a majority of the Committee and returned to the Lot owner or his designated representative. If disapproved by the Committee, one set of such plans shall be returned marked "Disapproved" and shall be accompanied by a statement of the reasons for disapproval, which statement shall be signed by a majority of the Committee. Any modification of the approved set of plans and specifications must again be submitted to the Committee for its approval. The Committee's approval or disapproval, as required herein, shall be in writing. In no event shall the Committee give verbal approval of any plans. If the Committee fails to approve or disapprove such plans and specifications within 90 days after the date of submission, written approval of the matters submitted shall not be required and compliance with this Section 2.4 shall be deemed to have been completed. In case of a dispute about whether the Committee responded within such time period, the person submitting the plans shall have the burden of establishing that the Committee (and, if applicable, PIP as provided in Section 2.7 below) received the plans. The Committee's receipt of the plans may be established by a signed certified mail receipt.

Section 2.5 Standards. The Committee shall use its best efforts to promote and ensure a high level of taste, design, quality, harmony and conformity throughout the Property consistent with this Declaration. The Committee shall have sole discretion with respect to taste, design and all standards specified herein. One objective of the Committee is to prevent unusual, radical, curious, odd, bizarre, peculiar or irregular structures from being built on the Property. The Committee shall also have the authority to prohibit the use of light-weight composition roof material, to require that the colors of roofing materials be earth tones and generally to require that any plans meet the standards of the existing improvements on neighboring Lots. The Committee from time to time may publish and promulgate bulletins regarding architectural standards, which shall be fair, reasonable and uniformly applied and shall carry forward the spirit and intention of this Declaration.

Section 2.6 Termination; Continuation. The Committee appointed by Declarant shall cease to exist on the earlier of: (a) the date on which all the members of the Committee file a document declaring the termination of the Committee, or (b) the date on which Residences have been constructed on all Lots. If there is no Committee, no approval by the Committee shall be required under this Declaration; variations from the standards set forth in this Declaration shall be made in accordance with the general development standards as reflected in the plans, construction materials, landscaping and other matters approved by the Committee during its existence.

Section 2.7 Liability of the Committee and PIP. The members of the Committee shall have no liability for decisions made by the Committee and PIP shall have no liability for its decisions so long as such decisions are made in good faith and are not arbitrary or capricious. Any errors in or omissions from the plans or the site plan submitted to the Committee or PIP shall be the responsibility of the owner of the Lot to which the improvements relate, and the Committee and PIP shall have no obligation to check for errors in or omissions from any such plans, or to check for such plans’ compliance with the general provisions of this Declaration, City codes, state statutes or the common law, whether the same relate to Lot lines, building lines, easements or any other matters.

Section 3.1 Fences, Walls and Sprinkler System. For a period of ten years after the recording of this Declaration, Declarant shall have the right to erect, install, maintain, repair and/or replace fences, walls and/or sprinkler systems within those portions of any Lot which are located outside the building, set-back or sight lines established by the Approved Plat, this Declaration or a governmental entity (the "Restricted Area"). Any fence, wall or sprinkler system shall be the property of the owner of the Lot on which such fence, wall or sprinkler system is erected or installed, subject to the easements and rights of Declarant set forth below. No fence, wall or sprinkler system shall be erected or installed in the Restricted Area by the owner thereof without the prior written consent of Declarant.

Section 3.2 Landscaping. Declarant shall have the right to grade, plant, and/or landscape and maintain, repair, replace and/or change such grading, planting and landscaping on any portion of the Restricted Area of any Lot. In the event declarant does not landscape the Restricted Area, the owner thereof may plant grass and, with the prior written consent of Declarant, may landscape and plant trees and shrubs in the Restricted Area.

Section 3.3 Basement. Declarant shall have, and hereby reserves, the right and easement to enter upon the Restricted Area for the purpose of exercising the discretionary rights set forth above.

Section 3.4 Maintenance by Individual Lot Owner. In the event Declarant does not maintain or repair any fences, walls, grading, planting or landscaping erected, installed or situated within the Restricted Area, then the owner of the Lot shall, at his expense, perform such maintenance and repair work as is necessary to maintain such fences, walls, grading, planting and landscaping in a good and neat condition and appearance; provided, however, that the Lot owner shall give Declarant ten business days written notice before doing any maintenance other than mowing, edging and trimming. So long as the landscaping thereon are being reasonably maintained and repaired by Declarant, the owner of such Lot shall not perform any maintenance or repair work within such Restricted Area without the prior written consent of Declarant. In no event shall the owner of any Lot perform any maintenance or repair work on any sprinkler system within the Restricted Area without the prior written consent of Declarant.

Section 3.5 Declarant's Discretion. Notwithstanding any provisions herein to the contrary, Declarant shall never be obligated to erect, install, maintain, repair or replace any fences, walls, sprinkler systems, grading, planting or landscaping on any Lots.

Section 3.6 Ten-Year Limitation. The provisions of this Article regarding Declarant's rights shall terminate and be of no further force and effect from and after that date which is ten years after the recording of this Declaration.

Section 4.1 Certain Rights. The Property is a part of a larger tract being developed by PIP or its affiliates. Therefore, PIP is concerned about architectural characteristics of buildings constructed on the Property. Attached hereto as Exhibit B is a list of subdivisions previously developed by Centennial which have been inspected by PIP (the "Centennial Subdivisions"). No buildings may be constructed on the Property without the prior written approval of PIP that have front elevations or colors of exterior materials or paint not substantially the same as buildings constructed in any of the Centennial Subdivisions. Plans, in such detail as reasonably may be required by PIP, for any buildings proposed to be constructed with front elevations or colors of exterior materials or paint not substantially the same as buildings constructed in any of the Centennial Subdivisions shall be delivered to PIP for review, and PIP shall be deemed to have approved such plans If It does not deliver written objections thereto (specifying the reasons. for such objections) within 15 days after actual receipt thereof by PIP.

Section 4.2 Development Wall. PIP shall have the right and obligation to build a fence or wall along the right-of-way of Basswood Boulevard and Tealwood Boulevard on Lots abutting Tealwood Boulevard and Basswood Boulevard, such fence or wall to be constructed along and adjacent to the abutting rights-of-way of such streets. PIP reserves an easement over such Lots as Is reasonably necessary for the construction of such fence or wall. It shall be the responsibility of the Individual Lot owner to maintain and keep in good condition and repair the portion of such wall or fence on his Lot.

Section 4.3 General. The provisions of this Declaration conferring certain rights on PIP shall inure to the benefit of PIP and its successors or assigns. PIP shall have the right to enforce all provisions of this Declaration, and the failure of PIP to enforce any provision hereof shall in no event be deemed a waiver of the right to do so in the future.

Section 5.1 Easements. Easements for the Installation and maintenance of utilities and drainage facilities are reserved as may be shown on the Approved Plat. Easements are also reserved for the installation, operation, maintenance and ownership of utility service lines from the property lines to the Residences. Declarant reserves the right to make changes in and additions to the above easements and to grant additional easements for the purpose of most efficiently and economically installing improvements. By acceptance of a deed to a Lot, the owner of the Lot shall mow weeds and grass and shall keep and maintain in a neat and clean condition any easement which may traverse a portion of the Lot.

Section 5.2 Recorded Plat. All dedications, limitations, restrictions and reservations to be shown on the Approved Plat shall be Incorporated herein and shall be construed as being adopted in each contract, deed or conveyance executed or to be executed by Declarant conveying Lots, whether specifically referred to therein or not.

Section 5.3 Lot Landscape and Maintenance. The owner and occupant of each Lot upon occupying the Residence thereon, shall establish an attractive ground cover (approved by the Committee) or grass on all yards visible from the street, shall plant in the front yard a minimum of four two-gallon shrubs and a minimum of one two-inch caliper tree, shall maintain the yards in a sanitary and attractive manner and shall edge the street curbs that run along the property line. Grass, weeds and vegetation on each Lot must be kept mowed at regular intervals so as to maintain the property in a neat and attractive manner. No vegetables shall be grown in any yard that faces a street. No owner shall permit weeds or grass to grow to a height of greater than six inches upon his property. No shrub near the house shall be allowed to grow above the bottom of any window. Upon failure of any owner to maintain any Lot, Declarant or its assigns may, at its option, have the grass, weeds and vegetation cut as often as necessary in its judgment, and the owner of such property shall be obligated, when presented with an itemized statement, to reimburse Declarant for the cost of such work. This provision, however, shall in no manner be construed to create a lien in favor of any party on any property for the cost of such work or the reimbursement for such work,

Section 5.4 Maintenance of Improvements. Subject to the provisions of Article III, each Lot owner (a) shall maintain the exterior of all buildings, fences, walls and other improvements on his Lot in good condition and repair; (b) shall replace-work and rotten parts; (c) shall regularly repaint all painted surfaces; and (d) shall not permit the roofs, rain gutters, downspouts, exterior walls, windows, doors, walks, driveways, parking areas or other exterior portions of the improvements to deteriorate.

Section 5.5 Mortgages It is expressly provided that the breach of any of the foregoing provisions shall not defeat or render invalid the lien of any mortgage or deed of trust made in good faith and for value, as to the same premises or any part thereof encumbered by such mortgage or deed of trust, but said provisions shall be binding as to Lots acquired by foreclosure, trustee's sale or otherwise, but only as to any breach occurring after such acquisition of title.

Section 5.6 Term. The foregoing covenants and restrictions shall run with and bind the land and shall remain in full force and effect for a term of 30 years after this Declaration is recorded. They shall be extended automatically for successive periods of ten years unless amended as provided herein.

Section 5.7 Severability. If any condition, covenant or restriction herein contained shall be invalid, which invalidity shall not be presumed until the same is determined by the judgment or order of a court of competent jurisdiction, such invalidity shall in no way affect any other condition, covenant or restriction, each of which shall remain in full force and effect.

Section 5.8 Binding Effect. Each of the conditions, covenants, restrictions and agreements herein contained is made for the mutual benefit of, and is binding upon, each and every person acquiring any part of the Property, it being understood that such conditions, covenants, restrictions and agreements are not for the benefit of the owner of any land except land in the Property other than PIP as specifically provided herein. This instrument, when executed, shall be filed of record in the appropriate records of Tarrant County so that each and every owner or purchaser or any portion of the Property is on notice of the conditions, covenants, restrictions and agreements herein contained.

Section 5.9 Enforcement. The owner of any Lot on the Property shall have the easement and right to have each and all of the foregoing restrictions, conditions and covenants herein faithfully carried out and performed with reference to each and every Lot, together with the right to bring any suit or undertake any legal process that may be proper to enforce the performance thereof, it being the Intention hereby to attach to each Lot, without reference to when it was sold, the right and easement to have such restrictions, conditions and covenants strictly complied with, such right to exist with the owner of each Lot and to apply to all other Lots whether owned by the undersigned, its successors and assigns, or others. Failure by any owner, including Declarant, to enforce any covenant or restriction herein contained shall in no event be deemed a waiver of the right to do so thereafter.

Section 5.10 Definition of "Owner". As used herein, the term "owner" shall refer to the record owner, whether one or more persons or entities (including contract sellers), of the fee simple title to a Lot on which there is or will be built a single-family residence but not including those having an interest merely as security for the performance of an obligation.

Section 5.11 Other Authorities. If other authorities, such as the City or Tarrant County, impose more demanding, expensive or restrictive requirements than those set forth herein, the requirements of such authorities shall be complied with. Other authorities’ imposition of lesser requirements than those set forth herein shall not supersede or diminish the requirements herein.

Section 5.12 Addresses. Any notices or correspondence to an owner of a Lot shall be addressed to the street address of the Lot. Any notice or plan submission to PIP shall be made to the address set forth below. Any notices or correspondence to the Committee shall be addressed to the address of Declarant set forth in the Transfer Certificate. Declarant or PIP may change its address for notice and plan submission by recording in the land records of Tarrant County a notice of change of address.

Section 5.13 Amendment. At any time, the owners of the legal title to 75% of the Lots (as shown by the Tarrant County records) may amend the covenants, conditions and restrictions set forth herein by recording an Instrument containing such amendment(s), except that (a) for the ten years following the recording of this Declaration, no such amendment shall be valid or effective without the joinder of Declarant, and (b) for the ten years following the recording of this Declaration, no such amendment shall be valid or effective without the joiner of PIP.

Being a tract of land situated in the Phillip Green survey, Abstract No. 566, Tarrant County, Texas, and being a portion of that certain tract of land described in a Deed to H. R. Perot and recorded in Volume 8692, Page 1555, County Records, Tarrant County, Texas, said tract being more particularly described by metes and bounds as follows:

Commencing at the point where the westerly line of the Texas and Pacific Railroad intersects the centerline of Basswood Boulevard (as recorded in Volume 8099, Page 816, said County Records):

THENCE S 89 57' 09" W, 697.60 feet along said centerline of Basswood Boulevard to a point;

THENCE N 00 24' 25" E, 60.00 feet to a 5/8 inch iron rod with yellow cap stamped "Carter & Burgess" set, said point being in an easterly line of said H. R. Perot tract and in a westerly line of that tract described in a Deed to Ray White (revocable trust) as recorded in Volume 7088, Page 1323, said County Records, and said point being in the northerly Right-of-Way line of said Basswood Boulevard, the Point of Beginning;

THENCE S 89 57' 09" W, 530.25 feet along the northerly Right-of-Way line of said Basswood Boulevard to a 5/8 inch iron rod with yellow cap stamped "Carter & Burgess" set;

THENCE N  00  02' 51" W, 550.00 feet, leaving said Right-of-Way line to a 5/8 inch iron rod with yellow cap stamped "Carter & Burgess" set;

THENCE S 89 57' 09" W, 639.95 feet to a 5/8 inch iron rod with yellow cap stamped "Carter & Burgess" set in the easterly Right-of-Way line of proposed Tealwood Boulevard, said point being the beginning of a nontangent curve to the left;

THENCE along the easterly Right-of-Way line of proposed Tealwood Boulevard the following courses and distances:

THENCE N 69 30' 19" E, 440.00 feet leaving said proposed centerline to a 5/8 inch iron rod with yellow cap stamped "Carter & Burgess" set;

THENCE N 13 12' 37" W. 550.00 feet to a 5/8 inch iron rod with yellow cap stamped "Carter & Burgess" set in the southerly Right-of-Way line of proposed Summerfields Boulevard, said point being the beginning of a non-tangent curve to the left;

THENCE along said curve to the left and along said southerly Right-of-Way line in a northeasterly direction through a central angle of 21 30 '33", a radius of 1260.00 feet. an arc length of 472.01 feet and a long chord of N 65 45' 16" E, 470.24 feet to a 5/8 inch iron rod with yellow cap stamped "Carter & Burgess" set;

THENCE N 55 00' 00" E, 642.90 feet to a 5/8 inch iron rod with yellow cap stamped "Carter & Burgess" set in a westerly line of the aforementioned Ray White tract and in an easterly line of the aforementioned H. R. Perot tract;

THENCE along said common property line the following courses and distances:

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