REVISIONS OF BY-LAWS of PINNACLE LAKE ESTATES ASSOCIATION, INC.
September 9, 2006

GRANTOR and GRANTEE: Pinnacle Lake Estates Association, Inc., 102 Skyline Drive South, New Florence, MO 63363

Whereas, Pinnacle Lake Estates Association, Inc. (the "Association") previously adopted the following By-Laws: (1) By-laws recorded in Book 496, Page 345, in the Warren County Records, and Book 324, page 637 of the Montgomery County Records; (2) Revision of By-Laws of Pinnacle Lake Estates Association recorded in Book 672, Page 244 of the Warren County Records, and Book 356, Page 365 of the Montgomery County Records; (3) Revision of By-Laws of Pinnacle Lake Estates Association recorded in Book 1136, Page 277 of the Warren County Records and Book 474, Page 179 of the Montgomery County Records; and the (4) Revisions of By-Laws of Pinnacle Lake Estates Association, Inc. recorded in Book 1281, Page 700 of the Warren County Records and Book 526, Page 265 of the Montgomery County Records (Items 1-4 are collectively referred to herein as the "Prior By-Laws")

Whereas, by a majority vote of those present at the Annual Meeting of the Association on September 9, 2006, the Association hereby amends and restates the Prior By-Laws in their entirety to read as follows:


ARTICLE I - NAME AND PURPOSE OF ASSOCIATION

SECTION 1: The association name shall be known as "Pinnacle Lake Estates Association, Inc."

SECTION 2: The purpose of the Association shall be:

(a) To own, operate and maintain recreation areas, lake, beaches, roads, and other facilities in Pinnacle Lake Estates, which is more particularly described in Exhibit A attached hereto and incorporated herein, located in the counties of Warren and Montgomery, State of Missouri, for the benefit of its members.

(b) To do all and everything necessary, suitable, useful, or proper for the accomplishment of any of the purposes of the Association.

(c) To overall do anything permitted by law.


ARTICLE II - MEMBERSHIP

SECTION 1: Members are defined as those persons described on the legal descriptions of land within the boundaries of Pinnacle Lake Estates which are filed in the Recorder's Office of Warren or Montgomery Counties, and their immediate families.

SECTION 2: Voting shall be limited to one vote per lot and/or lot owner, regardless of the number of lots owned or the number of lot owners in the legal description. Lots owned by the Association shall have no vote.

SECTION 3: Members shall be entitled to vote only when all assessments are paid in full.

SECTION 4: Voting shall occur in person or by notarized proxy at a meeting duly called.

Legal Description: See
Exhibit A attached hereto.


ARTICLE III - GOVERNMENT

SECTION 1:

(a) General management of the affairs of the Association shall be vested in the Board of Trustees, who shall be elected as provided by these By-laws.

(b) The Board of Trustees shall meet at least once a month.

(c) The term of each Trustee shall be three (3) years.

(d) The Board of Trustees shall be composed of not less than 7 and not more than 9 Trustees.

(e) The Trustees shall be elected at the annual meeting of the Association as provided by these By-laws.

(f) Any Trustee must have all assessments paid.

(g) If any Trustee shall by resignation, incapacity to act or otherwise cease to be a member of the Board or the Association during his/her term, his/her position shall be filled by the alternate designated at the previous Annual Meeting. Should that person be unable to serve, a successor shall be chosen by a majority vote of the Trustees remaining in office at any stated meeting or meeting called for that purpose. The successor shall complete the term of the Trustee he/she is replacing. In the event that the term to be filled is less than six (6) months, the Board may vote to leave the position unfilled until the next Annual Meeting.


ARTICLE IV - ELECTION OF OFFICERS

SECTION 1: At the Annual Meeting, the Trustees will be elected to fill expired terms.

(a) Trustees shall be nominated by lot owners with voting privileges. Nominees must be lot owners with voting privileges.

(b) Nominees receiving the plurality of votes shall be declared elected. Nominees who do not receive the plurality of votes shall be designated as alternates, to fill terms as described in Article III, Section 1a.

(c) A meeting of the Board of Trustees shall be held within 30 days following the election of Trustees, at which time they shall elect one of their members as Officers of the Board of Trustees, to include a President, Vice President, Recording Secretary, Administrative Secretary, Treasurer, and Assistant Treasurer.

(d) No Trustee shall hold more than one office, but an Officer may serve as a committee chairperson, co-chairperson, or committee member. Committees shall include, but are not limited to, Architectural, Roads and Grounds Maintenance, Recreation, and Security.

(e) The President shall have the power to appoint committee chairpersons and committee members to specific committees.


ARTICLE V - DUTIES AND POWERS OF THE BOARD OF TRUSTEES

SECTION 1: The Board of Trustees shall have control of the property of the Association and direct and manage its affairs; it shall fix the policies, rules and regulations of the Association and its principles in accordance with the Articles of Incorporation and the laws of the State of Missouri and the Federal Government.

SECTION 2: The Board of Trustees shall have the power to hold meetings; appoint committees; employ staff and employees as deemed necessary to accomplish the function for the Association; censure, sue, or prosecute association members; authorize proper expenditures; and take all necessary steps to carry out the purpose of this Association and promote its best interest.

SECTION 3: No member of the Board of Trustees shall receive, directly or indirectly, any salary for serving on the Board of Trustees. However, nothing herein contained shall prevent the members of the Association or the Board of Trustees to vote a gift for any member of the Board of Trustees at the expiration of his/her term.

SECTION 4: The Board of Trustees, by a vote of two-thirds of Trustees present at a duly called meeting, shall have absolute power and authority to distribute and dispense any of the funds of the Association in accordance with these By-laws and Certificate of Incorporation of the Association.

SECTION 5: The Board of Trustees are authorized to establish and enforce Rules and Regulations as described in Article VII.

SECTION 6: The Board of Trustees are authorized to establish and enforce collection of assessments as described in Article VI.

SECTION 7: The Board of Trustees are authorized to initiate legal action against any lot owner, his immediate family or guest who violates any of the conditions of the Restrictions or By-laws, and if meritorious, the attorney fees and all court costs shall be taxed against the lot owner.




ARTICLE VI - ASSESSMENTS

SECTION 1: Any increase in assessments to be levied against lots may only be approved by a majority vote of eligible members present at an annual or a specially called meeting. The membership must be notified in writing by the Board of Trustees at least thirty days in advance of such a meeting that an assessment increase will be voted on. Such notice shall contain a proposal setting forth the proposed amount of increase per lot and the maximum amount of the increase in assessments to be voted on at said meeting.

SECTION 2: The purpose of such assessments shall be to provide funds for recreation, health, safety, and welfare of the Association members, and in particular for maintenance of roads, services and facilities devoted to these purposes and related to the use and enjoyment of the common properties and facilities owned or used by the Association. Such funds shall be used for insurance, repairs, maintenance, and additions to above mentioned facilities, and, in addition thereto, for the cost of labor, equipment, material and for the management of such.

SECTION 3: The Board of Trustees shall have authority to levy special assessments upon majority vote approval of eligible members present at a regular or a specially called meeting.

SECTION 4: The Board of Trustees shall have the authority to place liens on the lots of any members who have not paid their assessments. Before placing the liens, the Board of Trustees, by ordinary mail, shall give the delinquent member at least 30 days to pay said assessment.

SECTION 5: The Board of Trustees shall have the authority to initiate legal proceedings, which may include Sheriff's Sale, against members who are at least three (3) years delinquent in payment of assessments.


ARTICLE VII - RULES AND REGULATIONS

SECTION 1: The Board of Trustees are authorized to establish and enforce rules and regulations for the use of recreational facilities, the lake, and recreational vehicles, but shall not prohibit the use of camping trailers by lot owners. Maximum size of boat motors is 55 horsepower.

SECTION 2: The lot owner of record must obtain written permission from the Board of Trustees for any permanent addition to their lot, which includes dwellings, septic systems, storage buildings, porches, gazebos, driveways, and boat docks.

SECTION 3: Dwellings must be a minimum of 768 square feet. Boat docks may not extend more than 20 feet into the lake. Septic system must meet the Missouri Clean Water Commission requirements. It is the lot owner's responsibility to obtain approval from the appropriate County or State agencies on a septic system before construction begins. Consult with the Board of Trustees for additional Association requirements.


ARTICLE VIII - AMENDMENTS

SECTION 1: These By-laws may be amended by a majority vote of eligible Association members present at a regular or specially called meeting, provided notice of the proposed amendment has been previously stated to the members.


EXHIBIT A: PINNACLE LAKE ESTATES LEGAL DESCRIPTION

Said property being described: All of the East one-half of the Southwest quarter and the Southeast quarter of Section 12 and the East one-half of the Northwest quarter, the East one-half and the Northwest quarter of the Southwest quarter, all of the Northeast quarter and all of the Southeast quarter of Section 13 and all of the Northeast quarter and the North one-half of the Southeast quarter of Section 24 all in Township 47 North Range 5 West in Montgomery County, consisting of 1,000 acres, more or less. ALSO, Lot Number 2 Northwest quarter and Lot Number 2 of the Southwest quarter of Section 18 and Lot Number 2 of the Northwest quarter and the South one-half of Lot Number 1 of the Northwest quarter and the South one-half of the Northeast quarter and the North one-half of the Southeast quarter and the East one-half of the Southwest quarter of Section 19 all in Township 47 North Range 4 West of Warren county, consisting of 520 acres, more or less.

Recorded Warren County Recorder's Office Document number 200706560 and Montgomery County Recorder's Office Book 596 Page 71 on August 21, 2007.