THIRD AMENDMENT TO DECLARATION

OF COVENANTS, CONDITIONS AND RESTRICTIONS

OF

PINEWILD COUNTRY CLUB OF PINEHURST

Drafted by Stephen F. Later

Robbins May & Rich LLP

120 Applecross Road

Pinehurst, North Carolina 28374

TABLE OF CONTENTS

I. DEFINITIONS

Aggregate Votes….…………………………………………………………. 7

Annual Assessment…………………………………………………………. 7

Architectural Review Board………………………………………………… 7

Articles of Incorporation……………………………………………………. 7

Association…………………………………………………………………. 7

Board……………………………………………………………………….. 7

Bylaws……………………………………………………………………… 7

Common Elements…………………………………………………………. 7

Common Expenses…………………………………………………………. 8

Days ……………………………………………………………………….. 8

Decl