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202600567 3. Any building constructed upon any Lot shall be completed within one (1) year from and after the commencement of construction. In the event a building permit for a single family residence has not been issued by the appropriate governmental authority and construction has not commenced on a Lot within three (3) years from the date title to such Lot is transferred by the Declarant or its successors or assigns, shall have the option to repurchase said Lot for the amount paid to the Declarant for such Lot, minus closing costs paid by the declarant for the original transfer of such Lot. The Declarant shall exercise this option by sending written notice to the then title holder of the Lot within one hundred eighty (180) days after the expiration of the above time frame or this option shall be considered waived by the Declarant as to the subject Lot. Notwithstanding the forgoing, the Declarant's option to repurchase a Lot shall not be applicable if such Lot has been purchased by the owner of an adjacent Lot and construction of a single family residence has commenced or been completed upon such adjacent Lot. 4. There shall be no town homes or condominiums built on any Lot. No basement house or apartment may be built on any Lot. No individual dwelling consisting of one level shall be constructed with less than one thousand five hundred fifty (1,550) square feet of living area, not including the garage. No dwelling unit consisting of a two-story design shall have less than one thousand four hundred fifty (1,450) square feet of living area on the ground floor, not including the garage. 5. Excluding the existing buildings located on Lot Six (6) and Lot Eight (8): (a) No structure shall be erected, altered, placed or permitted to remain on a Lot other than one dwelling, one private garage for not less than two (2) but no more than four (4) cars, and two out -buildings; (b) No dwelling shall be erected for occupancy by more than one family, nor shall any dwelling be used for occupancy of more than one family; (c) Any detached garage or other out -building shall be constructed of similar color as the outside fmish of the residential dwelling. 6. No flat or mansard roof shall be permitted on any dwelling. All dwellings shall be roofed with wood shakes, wood shingles, or asphalt shingles. Metal roofs will be allowed on detached out -buildings. 7. No commercial or business enterprises shall be conducted or operated on any Lot. No Lot shall be divided or split to create smaller lots. Lots may be combined, or combined and divided to establish larger Lots. 8. No animals shall be kept, bred, or maintained for any commercial purpose on any Lot. No dog run shall be located in a front yard or within twenty-five (25) feet of a side Lot line. 3