the wave condos - decl of condominium

SCHEDULE "1"

THE WAVE, A CONDOMINIUM

DECLARATION OF CONDOMINIUM. ESTABLISHINGTHE WAVE CONDOMINIUM

SCHEDULE "1 "


DECLARATION OF CONDOMINIUM ESTABLISHINGTHE WAVE CONDOMINIUM

ii1

PREPARED BY AND TO B RETURNED Tp:Louis Zaretsky, Esq.Ritter, Ritter & Zaretsky, LLP555 NE 15th Street, Suite 100Miami, Florida 33132

DECLARATION OF CONDOMINIUMFOR


CONDOMINIUM PLAT FOR THIS CONDOMINIUMHAVE BEEN RECORDED IN CONDOMINIUM PLATBOOK PAGES /t7z) THROUGHOF THE PUBLIC RECORDS OF PINELLASCOUNTY, FLORIDA.

KEN BURKE, CLERK OF COURTPINELLAS COUNTY FLORIDAINST# 2005206081 05)27/2005at 10:25 AMOFF REC BK: 14342 PC: 2366-2436DOCTYPIECONDO RECORDING: $605.00

Section 1: Introduction and Submission 1

Section 2: Definitions 1

Section 3: Description of Condominium 4Section 4: Restraint upon Separation and Partition of Common Elements 9Section 5: Ownership of Common Elements and Common Surplus and

Share of Common Expenses; Voting Rights 9Section 6: Amendments 10Section 7: Maintenance and Repairs 11

Section 8: Additions, Alterations or Improvements by the Association 13Section 9: Additions, Alterations or Improvements by Unit Owner 14Section 10: Additions, Alterations or Improvements by Developer 14Section 11: Operation of the Condominium by the Association; Powers and Duties 15Section ,12: Management Agreement 18Section 13: Common Expenses and Common Surplus and Assessments 18

Section 14: Collection of Assessments 18Section 15: Insurance 20Section 16: Reconstruction or Repair After Fire or Other Casualty 23Section 17: Condemnation 25Section 18: Occupancy and Use Restrictions 26Section 19: Selling, Leasing and Mortgaging of Units 29Section 20: Compliance and Default 30Section 21: Termination of Condominium 31Section 22: Additional Rights of Mortgagees and Others 31

Section 23: Disclaimer of Warranties 33Section 24: Binding and Arbitration 33Section 25: Transfer of Association Control 34Section 26: Additional Provisions 34

r:u7:::r;t~k~::S~D TO BE' RETURNED Tp:

Ritter, Ritter & Zaretsky, LLP555 NE 15th Street, Suite 100Miami, Florida 33132

CONDOMINIUM PLAT FOR THIS CONDOMINIUMHAVE BEEN RECORDED IN CONDOMINIUM PLATBOOK {36 PAGES len) THROUGH Ii} '9',OF THE PUBLIC RECORDS OF PINELLAS .COUNTY, FLORIDA.

DECLARATION OF CONDOMINIUMFOR


KEN BURKE, CLERK OF COURTPINELLAS COUNTY FLORIDAINST# 2005206081 0512712005 at 10:25 AMOFF REC BK: 14342 PG: 2366-2436DocType:CONDQ RECORDING: $605.00

Section 1: Introduction and Submission 1Section 2: Definitions 1Section 3: Description of Condominium 4Section 4: Restraint upon Separation and Partition of Common Elements 9Section 5: Ownership of Common Elements and Common Surplus and

Share of Common Expenses; Voting Rights 9Section 6: Amendments ~ 10Section 7: Maintenance and Repairs : 11Section 8: Additions, Alterations or Improvements by the Association 13Section 9: Additions, Alterations or Improvements by Unit Owner 14Section 10: Additions, Alterations or Improvements by Developer 14Section 11: Operation of the Condominium by the Association; Powers and Duties 15Section .12: Management Agreement... 18Section 13: Common Expenses and Common Surplus and Assessments 18Section 14: Collection of Assessments 18Section 15: Insurance 20Section 16: Reconstruction or Repair After Fire or Other Casualty 23Section 17: Condemnation ; 25Section 18: Occupancy and Use Restrictions : 26Section 19: Selling, Leasing and Mortgaging of Units ; 29Section 20: Compliance and Default 30Section 21: Termination of Condominium 31Section 22: Additional Rights of Mortgagees and others 31Section 23: Disclaimer of Warranties 33Section 24: Binding and Arbitration 33Section 25: Transfer of Association Control ; 34Section 26: Additional Provisions 34 .

SKYRE LLC, a Florida Limited Liability Company, hereby declares as follows:

Section 1: Introduction and Submission

1.1 The Land. The Developer owns the fee title to certain land together with improvementsthereon located in Pinellas County, Florida, as more particularly described in Exhibit. "A" hereto (the¶nd")

1.2 Submission Statement. The Developer hereby submits the Land together with, allimprovements from time to time erected or to be installed thereon to the condominium form of ownershipand use in the manner provided for in the Florida Condominium Act as it exists on the date hereof,subject to the reservations, easements and restrictions of record.

1.3 Property Subiect to Certain Restrictions and Easements. The Condominium Property (asdefined hereinafter) is subject to the covenants, conditions, restrictions, easements and reserved rights ofthe Developer contained in this Declaration.

1.4 Name. The name by which this condominium is to be identified is, THE WAVE, ACONDOMINIUM (the "Condominium"). ,

Section 2: Definitions

For purposes of this Declaration and the exhibits attached hereto, the following terms shall havethe respective meanings ascribed to them in this Section, except where the context clearly indicates adifferent meaning or a specific limited meaning is detailed

2.1 "Act" or "Condominium' Act" or "Florida Condominium Act" means the FloridaCondominium Act (Chapter 71,8, Florida Statutes) as it exists'on the date hereof.

2.2 "Articles" or "Articles of Incorporation" means .the Articles of Incorporation of theAssociation, as ,may be amended from time to time. A certified copy of the original Articles ofIncorporation are attached hereto as Exhibit "C".

2.3 "Assessment," as further described and defined in Sections [13] and (14] hereof, meansa share of the funds required for the payment of Common Expenses as provided in this Declaration andwhich from time to time is assessed against the Unit Owner.

2.4 "Association" or "Condominium Association" means THE WAVE CONDOMINIUMASSOCIATION OF ST. PETERSBURG, INC., a Florida corporation not-for-profit, the sole entityresponsible for the operation of the Condominium. Where utilized herein or in the exhibits attachedhereto, the term "Corporation" shall be deemed to be synonymous with the term "Association."

2.5 "Association Property" means the property, real and personal, in which title or ownershipis vested in, or which is dedicated on a recorded plat or leased to, the Association for the use and benefitof its members.

2.6 "Buildings" means the structUres within which the Units and certain, Common Elementsare located on the Condominium Property. ' '

2.7 "Board of Directors" or "Board" means the Board of Directors of the Association.1

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SKYRE LLC, a Florida Limited Liability Company, hereby declares as follows:

Section 1: Introduction and Submission

1.1 The Land. The Developer owns the fee title to certain land together with improvementsthereon located in Pinellas County, Florida, as more particularly described in Exhibit. "A" hereto (the"Land"). .

1.2 Submission Statement. The Developer hereby SUbmits the Land together with, allimprovements from time to time erected or to be installed thereon to the condominium form of ownershipand use in the manner provided for in the Florida Condominium Act as it exists on the date hereof,subject to the reservations, easements and restrictions of record.

1.3 Propertv Subject to Certain Restrictions and Easements. The Condominium Property (asdefined hereinafter) is SUbject to the covenants, conditions, restrictions, easements and reserved rights ofthe Developer contained in this Declaration.

1.4 Name. The name by which this condominium is to be identified is, THE WAVE, ACONDOMINIUM (the "Condominium"). .

Section 2: Definitions

For purposes of this Declaration and the exhibits attached hereto, the following terms shall havethe respective meanings ascribed to them in this Section, except where the context clearly ,indicates adifferent meaning or a specific limited meaning is detailed:

2.1 "Act" or "Condominium Act" or "Florida Condominium Act" means the FloridaCondominium Act (Chapter 718, Florida Statutes) as it exists on the date hereof.

2.2 "Articles" or "Articles of Incorporation"Association, as may be amended from time to time.Incorporation are attached hereto as Exhibit "C".

means the Articles of Incorporation of theA certified copy of the original Articles of

2.3 "Assessment," as further described and defined in Sections [13] and [14] hereof, meansa share of the funds required for the payment of Common Expenses as provided in this Declaration andwhich from time to time is assessed against the Unit Owner.

2.4 "Association" or "Condominium Association" means THE WAVE CONDOMINIUMASSOCIATION OF ST. PETERSBURG, INC., a Florida corporation not-for-profit, the sole entityresponsible for the operation of the Condominium. Where utilized herein or in the exhibits attachedhereto, the term "Corporation" shall be deemed to be synonymous with the term "Association."

2.5 "Association Property" means the property, real and personal, in which title or ownershipis vested in, or which is dedicated on a recorded plat or leased to, the Association for the use and benefitof its members.

2.6 "Buildings" means the structures within wh'ich the Units and certain Common Elementsare located on the Condominium Property.

2.7 "Board of Directors" or "Board" means the Board of Directors of the Association.1

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2.8 "By-Laws" mean the By-Laws of the Association, as may be amended from time to time.A copy of the original By-Laws are attached hereto as Exhibit "D"

2.9 Common Elements" mean and include:

Units;(a) The portions of the Condominium Property which are not included, within the

Easements over, under, across, and through Units for conduits, ducts, plumbing,wiring and other facilities for the furnishing of utility and other services to the Units and the CommonElements;

An easement of support in every portion of a Unit which contributes to thesupport of any other Unit or the Buildings;

The property and installations required for the furnishing of utilities and otherservices to more than one Unit or to the Common Elements;

Any hallways, foyers, doors, elevators, stairwells, alarm systems, accesssystems, or security systems not contained within a specific Unit;

All pipes, lines, wiring, facilities and conduits located within the walls whichbound and are contained within a Unit and which provide services to more than one Unit; and

(g) Any other parts of the Condominium Property designated as Commob Elementspursuant to this Declaration or the Act.

2.10 'Common E*penses" mean all expenses incurred by the Association to accomplish itsduties as contemplated by this Declaration and the Act which shall be assessed or imposed against Unitsin the Condominium by the Association as authorized by the Act. If approved by the Board of Directors,"Common Expenses" shall include the cost of mangrove trimming and the cost of a master televisionantenna system or duly franchised cable television service obtained pursuant to a bulk contract or otherprovider of television signals on a bulk basis. For all purposes of this Declaration, "Common Expenses"shall also include all reserves required by the Act or otherwise established by the Association, regardlessof when reserve funds are expended.

2.11 "Common Surplus" means the excess of all receipts of the Association collected onbehalf of the Association, including, but not limited to, Assessments, rents, profits and revenues onaccount of the Common Elements, over and above the amount of Common Expenses.

2.12 "Condominium Parcel" means a Unit together with the undivided share in the CommonElements and the Common Surplus which is appurtenant to said Unit

2.13 "Condominium Plat" means the condominium drawings required by Section 718.104 ofthe Act and recorded in Official Records Book and Page identified on the first (1st) page hereofconstituting Exhibit No. I hereto. For purpose of reference, a reduced-in-size copy of the CondominiumPlat is attached hereto. .

2.14 "Condominium Property" means the Land and the improvements constructed thereonwhich have been submitted to condominium ownership under this Declaration; subject to the limitationsthereof and exclusions therefrom.

2.15 "County" means Pinellas County, State of Florida.2

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2.8 "By-Laws" mean the By-Laws of the Association, as may be amended from time to time.A copy of the originai By-Laws are attached hereto as Exhibit 'D"

2.9 "Common Elements" mean and include:

Units;(a) The portions of the Condominium Property which are not included within the

(b) Easements over, under, across, and through Units for conduits, ducts, plumbing,wiring and other facilities for the furnishing of utility and other services to the Units and the CommonElements; .

(c) An easement of support in every portion of a Unit which contributes to thesupport of any other Unit or the Buildings;

(d) The property and installations required for the furnishing of utilities and otherservices to more than one Unit or to the Common Elements; .

(e) Any hallways, foyers, doors, elevators, stairwells, alarm systems, accesssystems, or security systems not contained within a specific Unit;· .

(f) All pipes, lines, wiring, facilities and conduits located within the walls whichbound and are contained within a Unit and which prOVide services to more than one Uni~ and

(g) Any other parts of the Condominium Property designated as Common Elementspursuant to this Declaration or the Act.

2.10 "Common Expenses" mean all expenses incurred by the Association to accomplish itsduties as contemplated by this Declaration and the Act which shall be assessed or imposed against Unitsin the Condominium by the Association as authorized by the Act. If approved by the Board of Directors,"Common Expenses" shall include the cost of mangrove trimming and the cost of a master televisionantenna system or dUly franchised cable television service obtained pursuant to a bulk contract or otherprovider of television signals on a bulk basis. For all purposes of this Declaration, "Common Expenses"shall also include all reserves reqUired by the Act or otherwise established by the Association, regardlessof when reserve funds are expended.

2.11 "Common Surplus" means the excess of all receipts of the Association collected onbehalf of the Association, inclUding, but not limited to, Assessments, rents, profits and revenues onaccount of the Common Elements, over and above the amount of Common Expenses.

2.12 "Condominium Parcel" means a Unit together with the undivided share in the CommonElements and the Common SurplUS which is appurtenant to said Unit.

2.13 "Condominium Plat" means the condominium draWings required by Section 718.104 ofthe Act and recorded in Official Records Book and Page identified on the first (1 st) page hereofconstituting Exhibit NO.1 hereto. For purpose of reference, a reduced-in-size copy of the CondominiumPlat is attached hereto.

2.14 "Condominium Property" means the Land and the improvements constructed thereonwhich have been submitted to condominium ownership under this Declaration; subject to the limitationsthereof and exclusions therefrom.

2.15 "County" means Pinellas County, State of Florida.2

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2.16 "Declaration" or Declaration of Condominium" means this instrument, as it may beamended from time to time.

2.17 "Developer" means SKYRE, LLC, a Florida Limited Liability Company, and its successorsand such of its assigns as to which its rights hereunder are assigned by written instrument recorded in thepublic records of the County. Such assignment may be made on an exclusive or non-exclusive basis andmay be an assignment of all or only portions of its rights of Developer hereunder; provided, however, thatno such assignment shall make any assignee the "Developer", for purposes hereof unless suchassignment is an assignment of all of Developer's rights hereunder and is exclusive, except as to anypreviously assigned rights. Any other than the above cannot retain control of the Association after. amajority of the units have been sold unless it receives an assignment of the creating developer's rightsand obligations.

2.18 "Institutional First Mortgagee" means a bank, savings and loan assoóiation, insurancecompany, credit union, real estate or mortgage investment trust, pension fund, an agency of the UnitedStates Government, mortgage banker, th Federal National Mortgage Association ("FNMA") the FederalHome Loan Mortgage Corporation ("FHLMC") or any other lender generally recognized as an institutionallender, or the Developer, holding a first mortgage on a Unit or Units, or any Mortgage on thecondominium property at the time the Condominium is formed. A "Maiority of Institutional FirstMortgaqees" shall mean and refer to Institutional First Mortgagee(s) of Units with regard to at least 51% ofthe voting interests which are appurtenant to Units subject to mortgages held by Institutional FirstMortgagees.

2. 19 "Limited Common Elements" mean those Common Elements, the use of which isreserved to a certain Unit or Units to the exclusion of other Units, as same are shown on theCondominium Plat or are specified in this Declaration. References herein to Common Elements alsoshall include all Limited Common Elements unless the context would prohibit or it is otherwise expresslyprovided. .

2.20 "Management Agreement" means and refers to any agreement entered into by theAssociation from time to time for the operation and administration of the Condominium and themanagement of the Condominium Property.

2.21 "Management Firm" means .and refers ,to any person or entity contracted by theAssociation to perform management functions for and on behalf of the Association, Any managementfirm must be a professional community association manager duly licensed under Florida law to providemanagement services to condominium projects.

2.22 "Occupant" means and refers to a person (be it an Owner or a tenant or lessee of anOwner) who resides in a Unit. Where the context dictates, an Occupant shall also be deemed to includethe family members, occasiánal social guests, 'tenants, licensees and invitees.

2.23 "Primary Institutional First Mortgagee" means the Institutional First Mortgagee whichowns, at the relevant time, Unit mortgages securing a greater aggregate indebtedness than is owed toany other Institutional First Mortgagee.

2.24 "Unit". or "Condominium Unit" means and refers to that portion of the CondominiumProperty which is subject to exclusive ownership and is located within the Condominium Property. Theterm "Unit" is often used synonymously herein with "Condominium Parcel' When meaning the sum total ofafl Owner's ownership interest in the Condominium. . , . .

2.25 "Unit Owner" or "Owner of a Unit" or "Owner" means the record owner of legal title to aCondominium Parcel.

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2.16 "Declaration" or "Declaration of Condominium" means this instrument, as it may beamended from time to time.

2.17 "Developer" means SKYRE, LLC, a Florida Limited Liability Company, and its successorsand such of its assigns as to which its rights hereunder are assigned by written instrument recorded in thepublic records of the County. Such assignment may be made on an exciusive or non-exclusive basis andmay be an assignment of all or only portions of its rights of Developer hereunder; provided, however, thatno such assignment shall make any assignee the "Developer" for purposes hereof unless suchassignment is an assignment of all of Developer's rights hereunder .and is exclusive, except as to anypreviously assigned rights. Any other than the above cannot retain control of the Association after amajority of the units have been sold unless it receives an assignment of the creating developer's rightsand obligations.

2.18 "Institutional First Mortgagee" means a bank, savings and loan association, insurancecompany, credit union, real estate or mortgage investment trust, pension fund, an agency of the UnitedStates Government, mortgage banker, the Federal National Mortgage Association ("FNMA"), the FederalHome Loan Mortgage Corporation ("FHLMC") or any other lender generally recognized as an institutionallender, or the Developer, holding a first mortgage on a Unit or Units, or any Mortgage on thecondominium property at the time the Condominium is formed. A "Majority of Institutional FirstMortgagees" shall mean and refer to Institutional First Mortgagee(s) of Units with regard to at least 51 % ofthe voting interests which are appurtenant to Units subject to mortgages held by Institutional FirstMortgagees.

2. 19 "Limited Common Elements" mean those Common Elements, the use of which isreserved to a certain Unit or Units to the exclusion of other Units, as same are shown on theCondominium Plat or are specified in this Declaration. References herein to Common Elements alsoshall include all Limited Common Elements unless the context would prohibit or it is otherwise expresslyprovided.

2.20 "Management Agreement" means and refers to any agreement entered into by theAssociation from time to time for the operation and administration of the Condominium and themanagement of the Condominium Property.

2.21 "Management Firm" means and refers to any person or entity contracted by theAssociation to perform management functions for and on behalf of the Association. Any managementfirm must be a professional community association manager dUly licensed under Florida law to providemanagement services to condominium projects.

2.22 "Occupant" means and refers to a person (be it an Owner or a tenant or lessee of anOwner) who resides in a Unit. Where the context dictates, an Occupant shall also be deemed to includethe family members, occasional social guests,tenants, licensees and invitees.

2.23 "Primary Institutional First Mortgagee" means the Institutional First Mortgagee whichowns, at the relevant time, Unit mortgages securing a greater aggregate indebtedness than is owed toany other Institutional First Mortgagee.

2.24 "Unit". or "Condominium Unit" means and refers to that portion of the CondominiumProperty which is subject to exclusive ownership and is located within the Condominium Property. Theterm "Unit" is often used synonymously herein with "Condominium Parcel" ,when meaning the sum total ofali Owner's ownership interest in the Condominium.

2.25 "Unit Owner" or "Owner of a Unif' or "Owner" means the record owner of legal title to aCondominium Parcel.

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3

Section 3: Description of Condominium

3.1 Identification of Units. The Condominium shall contain 128 Residential Units. Each suchUnit is identified by a separate numerical designation as shown on the Condominium Plat, which exists asExhibit No. A hereto, and which consists of a survey of the Land, a graphic description of theimprovements located thereon (including the Units and the Buildings in which the Units are located), anda plot plan thereof. A reduced-in-size copy of the Condominium Plat as recorded in the Official RecordsBook and Page identified on the first (1st) page hereof, together with a copy of the legal descriptioncontained on the Condominium Plat, is attached to this Declaration for convenience. The CondominiumPlat, together with this Declaration, is sufficient in detail to identify the Common Elements and each Unitand their relative locations and dimensions. There shall pass with a Unit as appurtenances thereto: (a) anundivided share in the Common Elements and Common Surplus; (b) the exclusive right to use suchportion of the Common Elements as may be the Limited Common Elements for such Unit; (c) anexclusive easement for the use of the air space occupied by the Unit as it exists at any particular time andas the Unit may lawfully be altered or reconstructed from time to time, provided that an easement in airspace which is vacated shall be terminated automatically; (d) membership in the Association with the fullvoting rights appurtenant thereto; and (e) other appurtenances as may be provided by this Declaration orthe Act.

Time-share estates r interests will not be created with respect to any of the Units in theCondominium.

3.2 Unit Boundaries. Each Unit shall include that part of the Buildings containingthe Unitthat lies within the following boundaries:

(a) Units

(i) Upper and Lower Boundaries of Unit. The upper and lower boundariesof each Unit shall be the following boundaries extended to their planar intersections with the perimetricalboundaries:

Upper Boundaries of Unit The horizontal plane of the unfinishedlower surface of the ceiling.

Lower Boundaries of Unit. The horizontal plane of the unfinishedupper surface of the floor of the Unit.

Interior Divisions of Unit. Except as provided in subsections (1)and (2) above, no part of the floor of the top floor, ceiling of the bottom floor, or nonstructural interior wallsshall be considered a boundary of the Unit

(U) Perimetrical Boundaries. The perimetrical boundaries of the Unit shallbe the vertical planes of the unfinished exterior surfaces of the outer walls bounding the Unit and to themiddle of any walls between units extended to their planar intersections with each other and with theupper and lower boundaries, as well as all area of the balconies connected to the Unit;

(iii) Apertures. Where there are apertures many boundary, including, butnot limited to, windows, bay windows, doors, skylights, balconies and porches, such boundaries shall beextended to include the windows, bay windows, doors, skylights and pther fixtures located in suchapertures, including aU frameworks thereof; provided, however, that exterior surfaces made of glass orother transparent material and the exteriors of doors shall not be included in the boundaries of the Unitand shall therefore be Common Elements.

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Section 3: Description of Condominium

3.1 Identification of Units. The Condominium shaH contain 128 Residential Units. Each suchUnit is identified by a separate numerical designation as shown on the Condominium Plat, which exists asExhibit No. A hereto, and which consists of a survey of the land, a graphic description of theimprovements located thereon (including the Units and the Buildings in which the Units are located), anda plot plan thereof. A reduced-in-size copy of the Condominium Plat as recorded in the Official RecordsBook and Page identified on the first (1 st) page hereof, together with a copy of the legal descriptioncontained on the Condominium Plat, is attached to this Declaration for convenience. The CondominiumPlat, together with this Declaration, is sufficient in detail to identify the Common Elements and each Unitand their relative locations and dimensions. There shall pass with a Unit as appurtenances thereto: (a) anundivided share in the Common Elements and Common Surplus; (b) the exclusive right to use suchportion of the Common Elements as may be the limited Common Elements for such Unit; (c) anexclusive easement for the use of the air space occupied by the Unit as it exists at any particUlar time andas the Unit may lawfully be altered or reconstructed frof)1 time to time, provided that an easement in airspace which is vacated shall be terminated automatically; (d) membership in the Association with the fullvoting rights appurtenant thereto; and (e) other appurtenances as may be provided by this Declaration orthe Act.

Time-share estates or interests will not be created with respect to any of the Units in theCondominium.

3.2 Unit Boundaries. Each Unit shall include that part of the BUildings containing the Unitthat lies Within the following boundaries:

(a) Units.

(i) Upper and lower Boundaries of Unit. The upper and lower boundariesof each Unit shall be the following boundaries extended to their planar intersections with the perlmetricalboundaries:

(1) Upper Boundaries of Unit. The horizontal plane of the unfinishedlower surface of the ceiling.

(2)upper surface of the floor of the Unit.

lower Boundaries of Unit. The horizontal plane of the unfinished

(3) Interior Divisions of Unit. Except as provided in subsections (1)and (2) above, no part of the floor of the top floor, ceiling of the bottom floor, or nonstructural interior wallsshall be considered a boundary of the Unit.

(ii) Perlmetrical Boundaries. The perimetrical boundaries of the Unit shallbe the vertical planes of the unfinished exterior surfaces of the outer walls bounding the Unit and to the

.middle of any walls between units extended to their planar intersections with each other and with theupper and lower boundaries, as well as all area of the balconies connected to the Unit.

(Iii) Apertures. Where there are apertures in any boundary, including, butnot limited to, windows, bay windows, doors, skylights, balconies and porches, such boundaries shall beextended to include the Windows, bay windows, doors, .skylights and pther fixtures located in suchapertures, Including all frameworks thereof; provided, however, that exterior surfaces made of glass orother transparent material and the exteriors of doors shall not be included in the boundaries of the Unitand shall therefore be Common Elements.

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In the event that the actual physical location of any Unit constructed within the Buildings at anytime does not precisely coincide with the area depicted on the Condominium Flat, the actual physicallocation of the Unit shall control over locations, dimensions and descriptions reflected on theCondominium Plat.

Notwithstanding the fact that no Unit may be divided or partitioned for purposes of sale or lease, aUnit may be combined with either the Unit directly above the subject Unit and/or the Unit directly belowthe subject U.nit and/or the laterally-adjacent Unit in order to permit occupancy of such areas as oneresidential living space.

3.3 Limited Common Elements.

Limited Common Elements Appurtenant to All Units. To the extent applicableand subject to the provisions of this Declaration, each Unit may have as Limited Common Elementsappurtenant thereto such portions of the Common Elements as are defined herein and/or shown on theCondominium Piat, including, but not limited to: (a) any portion(s) of the Common Elements, including, butnot limited to, conduits, ducts, plumbing, wiring and other facilities, for the furnishing of utility and otherservices to a particular Unit shall be a Limited Common Element appurtenant to that Unit if it only suppliesthat Unit, to the exclusion of all other Units; (b) the mailbox assigned to a particular Unit which shall belocated within the Condominium Property; and (c) the submeters for water and associated sewer chargesto the individual Units that they serve. The use and enjoyment of the. Limited Common Elements shall bein accordance with. the terms and provisions of this Declaration, the Articles of Incorporation, the By-Laws, any rules and regulations duly promulgated by the Association, and local, state, and federalstatutes and ordinances.

Responsibilities of Unit Owners. Except as may be otherwise provided in thisSection 3.3, all maintenance, repairs, replacements and reconstructions of, in or to any Limited CommonElements, whether structural or nonstructural, ordinary or extraordinary (including, without limitation,maintenance, repair, replacement and reconstruction of any exterior wall or railing of balcony patiO) shallbe performed by the Owner of such Unit at such Unit Owner's sole cost and expense, . except asotherwise expressly provided to the contrary herein. Each Unit Owner also shall be responsible forreplacing the necessary light bulbs for the foregoing light fixture(s) with the same color and bulb wattage.Each Unit Owner shall be responsible for the air-conditioning compressor contained within the limitedCommon Elements serving and providing service to such Uhit Owner's unit. Each Unit Owner shall besolely responsible for maintaining all pbrtions of the security system serving the Unit, including, withoutlimitation, all electrical lines and other facilities. Each Unit Owner shall also be solely responsible for anycosts associated with false alarms and all annual licensing or registration of alarms. The Association shallbe responsible for the maintenance, repair, replacements and reconstruction, of parking spaces.

Insurance, Each Unit Owner shall be solely responsible for insuring any and allequipment, machinery, fixtures, furniture or .the like installed and/or placed upon or within the LimitedCommon Elements appurtenant to such Owner's Unit, as well as any other improvements located withinsuch Limited Common Elements, and the Association shall not have any duty or obligation to do so.Notwithstanding anything contained in the foregoing to the contrary, the Association shall have the soleobligation of maintaining adequate insurance .to protect the association, the association property, thecommon elements, and the condominium property required to be insured by the Association.

3.4 Easements. The following easements are hereby created (in addition to any easementscreated under the Act and any other provisiobs of this Declaration):

(a) Support. Each Unit shall have an easement of support and of necessity andshall be subject to an easement of support and necessity in favor of all other Units and the CommonElements.

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In the event that the actual physical location of any Unit constructed within the Buildings at anytime does not precisely coincide with the area depicted on the Condominium Plat, the actual physicailocation of the Unit shail control over iocations, dimensions and descriptions refleoted on theCondominium Plat.

Notwithstanding the fact that no Unit may be divided or partitioned for purposes of sale or lease, aUnit may be combined with either the Unit directly above the sUbject Unit and/or the Unit directly belowthe subject Unit and/or the laterally-adjacent Unit in order to permit occupancy of such areas as oneresidential living space. .

3.3 Limited Common Elements.

(a) Limited Common Elements ApPurtenant to All Units. To the extent applicableand subject to the provisions of this Declaration, each Unit may have as Limited Common Elementsappurtenant thereto such portions of the Common Elements as are defined herein and/or shown on theCondominium Plat, including, but not limited to: (a) any portion(s} of the Common Elements, including, butnot limited to, conduits, ducts, plumbing, wiring and other facilities, for the furnishing of utility and otherservices to a particular Unit shall be a Limited Common Element appurtenant to that Unit if it only suppliesthat Unit, to the exclusion of all other Units; (b) the mailbox assigned to a particular Unit which shall belocated within the Condominium Property; and (c) the submeters for water and associated sewer chargesto the individual Units that they serve. The use and enjoyment of the Limited Common Elements shall bein accordance with the terms and provisions of this Declaration, the Articles of Incorporation, the ByLaws, any rules and regulations duly promulgated by the Association, and local, state, and federalstatutes and ordinances.

(b) Responsibilities of Unit Owners. Except as may be otherwise proVided in thisSection 3.3, all maintenance, repairs, replacements and reconstructions of, in or to any Limited CommonElements, whether structural or nonstructural, ordinary or extraordinary (including, without limitation,maintenance, repair, replacement and reconstruction of any exterior wail or railing of balcony patio) shallbe performed by the Owner of such Unit at such Unit Owner's sole cost and expense, except asotherwise expressly provided to the contrary herein. Each Unit Owner also shail be responsible forreplacing the necessary light bulbs for the foregoing light flxture(s) with the same color and bulb wattage.Each Unit Owner shall be responsible for the air-conditioning compressor contained within the limitedCommon Elements serving and proViding service to such Uhit Owner's unit. Each Unit Owner shall besolely responsible for maintaining all portions of the security system serving the Unit, including, withoutlimitation, all electrical lines and other facilities. Each Unit Owner shail also be solely responsible for anycosts associated with false alarms and all annual licensing or registration of alarms. The Association shallbe responsible for 'the maintenance, repair, replacements and reconstruction, of parking spaces.

(c) Insurance. Each Unit Owner shall be solely responsible for insuring any and allequipment, machinery, fixtures, furniture or the like installed and/or placed upon or within the LimitedCommon Elements appurtenant to such Owner's Unit, as well as any other improvements located withinsuch Limited Common Elements, and the Association shall not have any duty or obligation to do so.Notwithstanding anything contained in the foregoing to the contrary, the Association shall have the soleobligation of maintaining adequate insurance to protect the association, the association property, thecommon elements, and the condominium property required to be insured by the Association.

3.4 Easements. The following easements are hereby created (in addition to any easementscreated under the Act and any other provisiohs of this Declaration):

1'1 (a) Support. Each Unit shall have an easement of support and of necessity andic~j shall be subject to an easement of support and necessity in favorof all other Units and the Common

Elements.

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Utility and Other Services; Drainage. Non-exclusive easements are herebyreserved unto the Developer.and also granted to the respective utilityproviders under, through and overthe Condominium Property as may be required from time to time for the construction, use andmaintenance of all utilities (whether public or private), cable television, communications and securitysystems, and other services which may serve the Condominium; provided, however, that theseeasements shall not permanently interfere with the use of the Units. A non-exclusive easement is alsoreserved unto the Developer and granted to all applicable governmental entities over and across theCommon Elements for the purpose of providing drainage and for the installation, operation, use andmaintenance of drainage facilities; provided, however, that the Association shall be responsible for thecontinuous maintenance of the easements and rights-of-way of the drainage system located on any andall portions of the Condominium Property.

Encroachments, If: (a) any portion of 'the Common Elements encroaches uponany Unit; (b) any Unit encroaches upon any other Unit or upon any portion of the Common Elements; or(c) any encroachment shall hereafter occur as a result of (i) 'construction of the improvements; (U) settlingor shifting of the improvements; (iii) any alteration or repair to the Common Elements made by or with theconsent f the Association or the Developer, as appropriate, or (iv) any repair or restoration of theimprovements (or any portion thereof) or an, Unit after damage by fire or other casualty or any taking bycondemnation or eminent domain proceedings of all or any portion of any Unit or the Common Elements;then, in any such event, a valid easement shall exist for such encroachment and for the maintenance ofthe same so long as the improvements shall stand.

(d) lnqress and Eqress. A non-exclusive easement in favor of each Unit Owner andresident, their guests and invitees, shall exist for pedestrian traffic over, through and across sidewalks,streets, paths, walks, and other portions of the Common Elements as from time to time may be intendedand designated for such purpose and use and for vehicular and pedestrian traffic over, through andacross such portions of the Common Elements as from time to time may be paved and intended for suchpurposes. None of the easements specified in this subsection shall be encumbered by any leasehold orlien other than those on the Condominium Parcels. Any such lien encumbering such easements (otherthan those on Condominium Parcels) automatically shall be subordinate to the rights of Unit Owners andthe Association with respect to such easements.

(e) Construction: Maintenance. Until the Developer no longer holds units for sale orwhen the unit owners have assumed control of the association, whichever occurs first, the Developer(including its designees, contractors, successors and assigns) shall have the right, in its (and their) solediscretion from time to time, to enter the Condominium Property 'and take all other action necessary orôonvenient for the purpose of completing the construction thereof, or any part thereof, or anyimprovements or Units located or to be located thereon, and for repair, replacement and maintenancepurposes or where the Developer, in its sole discretion, determines that it is required or desires to do so.

Sales and Manaeement Activities. Until, such time as the Developer hasconveyed all Units to third parties, the Developer, its designees, successors and assigns, shall have'theright to use any such Units and parts of the Common Elements for Unit models; sales, management andconstruction offices; to show model Units and the Common Elements to prospective purchasers and, ifapplicable, tenants of Units; and to erect on the Condominium Property signs, banners, flags and otherpromotional material to advertise Units for sale or lease. ' '

Facilities and Services. Easements are reserved over, under, across andthrough Units for conduits, ducts,, plumbing, wiring and other facilities for the furnishing of utility and otherservices to the Units and the Common Elements. '

Condominium Plat. All easements described or shown on the, Condominium

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6

( (

(b) Utility and Other Services; Drainage. Non-exclusive easements are herebyreserved unto the Developer.andalso granted to the respective utility providers under, through and overthe Condominium Property as may be required from time to time for the construction, use andmaintenance of all utilities (whether pUblic or private), cable television, communications and s.ecuritysystems, and other services which may serve the Condominium; provided, however, that theseeasements shall not permanently interfere with the use of the Units. A non-exclusive easement is aisoreserved unto the Deveioper and granted to all applicable governmentai entities over and across theCommon Elements for the purpose of providing drainage and for the installation, operation, use andmaintenance of drainage facilities; provided, however, that the Association shall be responsible for thecontinuous maintenance of the easements and rights-of-way of the drainage system located on any andall portions of the Condominium Property.

(c) Encroachments. If; (a) any portion of the Common Elements encroaches uponany Unit; (b) any Unit encroaches upon any other Unit or upon any portion of the Common Elements; or(c) any encroachment shall hereafter occur as a result of (i) construction of the improvements; (ii) settlingor shifting of the improvements; (iii) any alteration or repair to the Common Elements made by or with theconsent of the Association or the Developer, as appropriate, or (iv) any repair or restoration of theimprovements (or any portion thereof) or any Unit after damage by fire or other casualty or any taking bycondemnation or eminent domain proceedings of all or any portion of any Unit or the Common Elements;then, in any such event, a valid easement shall exist for such encroachment and for the maintenance ofthe same so long as the improvements shall stand.

(d) Ingress and Egress. A non-exclusive easement in favor of each Unit Owner andresident, their guests and invitees, shall exist for pedestrian traffic over, through and across sidewaiks,streets, paths, walks, and other portions of the Common Elements as from time to tfme may be intendedand designated for such purpose and use and for vehicular and pedestrian traffic over, through andacross such portions of the Common Elements as from time to time may be paved and intended for suchpurposes. None of the easements specified in this subsection shall be encumbered by any leasehold orlien other than those on the Condominium Parcels. Any such lien encumbering such easements (otherthan those on Condominium Parcels) automatically shall be subordinate to the rights of Unit Owners andthe Association with respect to such easements.

(e) Construction; Maintenance. Until the Developer no longer holds units for sale orwhen the unit owners have assumed control of the association, whichever occurs first, the Developer(inclUding its designees, contractors, successors and assigns) shall have the right, in its (and their) salediscretion from time to time, to enter the Condominium Property and take all other action necessary orconvenient for the purpose of completing the construction thereof, or any part thereof, or anyimprovements or Units located or to be located thereon, and for repair, replacement and maintenancepurposes or where the Developer, in its sale discretion, determines that it is required or desires to do so.

(f) Sales and Management Activities. Until such time as the Developer hasconveyed all Units to third parties, the Deveioper, its designees, successors and assigns, shall have theright to use any such Units and parts of the Common Elements for Unit models; sales, management andconstruction offices; to show model Units and the Common Elements to prospective purchasers and, ifapplicable, tenants of Units; and to erect on the Condominium Property signs, banners, flags and otherpromotional material to advertise Units for sale or lease.

(g) Facilities and Services. Easements are reserved over, under, across andthrough Units for conduits, ducts,. plumbing, Wiring and other facilities for the furnishing of utility and otherservices to the Units and the Common Eiements. - <.

Plat.(h) Condominium Plat. All easements described or shown on the Condominium

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6

(i) Developer Activities. Until subh time as .the Developer completes and sells all ofthe Units in the Condominium, the Developer reserves the right to utilize various portions of the Common.Elements or the uncompleted Units in connection with such construction and development of theCondominium. No Unit Owner or such Owner's guests or invitees' shall in any way interfere or hamperthe Developer, its employees, successors or assigns,, in connection with such construction, Thereafter,during such time as the Developer, its successors or assigns, own any Units within the Buildings and iscarrying on any business in connection therewith, including the selling, renting or leasing of such Units,the Unit Owners, their guests and invitees shall in no way interfere with such activities or prevent accessto such Units by the Developer, its employees, its successors or assigns. Notwithstanding the foregoing,Developer's rights to the common elements shall terminate upon transfer of association control, or whenDeveloper ceases to offer units for sale, whichever occurs first.

0) Association Easement. A perpetual, non-exclusive easement is hereby grantedto the Association and its successors and assigns over, across, under and through the CondominiumProperty for the purpose of permitting the Association to perform its obligations hereunder. Sucheasement shall permit access to the Units upon reasonable prior noUce, except that no notice shall berequired in the event of an emergency.

A Unit Owner shall do nothing within or outside his Unit that interferes with or impairs, or mayinterfere with or impair, the provision of such utility, cable television, communications and securitysystems, or other service or drainage fabilities or the use of these easements. The Association shall havethe irrevocable right of.access to eac Unit during reasonable hours, when necessary, to maintain, repairor replace those items and' areas, as detailed in Section 7.1 herein or aS otherwise contemplated herein,for which the Asèociation is responsible, and to remove any improvements interfering with or impairingsuch facilities or easements herein reserved, pursuant to the Declaration or as necessary to preventdamage to the Common Elements or to a Unit or Units.

Wherever in this Section or elsewhere in this Declaration an easement is granted or reserved toany party, such easement shall also benefit such party's successors, grantees, assigns, 'agents,employees, licensees, invitees and guests. All easements referred to herein shall be non-exclusiveeasements.

3.5 Special Easements and Riqhts to Grant Easements.

(a) Developer hereby reserves unto itself and its successors and its assigns, andgrants to the Association with the power to assign, non-exclusive easements over, under and through theCondominium Property for the construction, maintenance and operation of electric, gas or other utility,cable television, security systems, communications, service or other easements pertaining to theconstruction, maintenahce and operation of other equipment, condUits, pipes, lines and similarinstallations servicing the Condominium Property or other property with the power to relocate any suchexisting easements in any portion of the Condominium Property and/or Association Property, providedthat such easements or the relocation of easements will not prevent or unreasonably interfere with thereasonable use of the Units for residential purposes. . ' .

Furthermore, until the Developer no longer holds units for sale or when the unitowners have assumed control of the Association, whichever occurs first, Developer shall have the rightand license for itself, its agents, successors and assigns to use or assign any space on the roofs of theCondominium buildings provided that such space is not already assigned as a Limited Common Elementto a Residential Unit to any Person(s) for the construction, installation, use, maintenance, repair,replacement, improvement, removal and operation of telecommunication 'equipment signage. Developershall have a non-exclusive and irrevocable easement over the roof areas to exercise its rights set forthabove. Without limitation this easement shall include the right to construct, install, use,, maintain, repair,replace, improve, remove and operate any type of telecommunication equipment and signage on the

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(i) Developer Activities. Until such time as the Developer completes and sells all ofthe Units in the Condominium, the Developer"reserves the right to utilize various portions of the CommonEiements or the uncompleted Units in connection with such construction and development of theCondominium. No Unit Owner or such Owner's guests or invitees shall in any way interfere or hamperthe Developer, its employees, successors or assigns, in connection with such construction. Thereafter, "during such time as the Developer, its successors or assigns, own any Units within the Buildings and iscarrying on any business in connection therewith, including the selling, renting or leasing of such Units,the Unit Owners, their guests and invitees shall in no way interfere with such activities or prevent accessto such Units by the Developer, its empioyees, its successors or assigns. Notwithstanding the foregoing,Deveioper's rights to the common elements shall terminate upon transfer of association control, or whenDeveloper ceases to offer units for sale, whichever occurs first.

U) Association Easement. A perpetual, non-exclusive easement is hereby grantedto the Association and its successors and assigns over, across, under and through the CondominiumProperty for the purpose of permitting the Associaiion to perform its obligations heri3under. Sucheasement shall permit access to the Units upon reasonable prior notice, except that no notice shall berequired in the event of an emergency.

A Unit Owner shall do nothing within or outside his Unit that interferes with or impairs, or mayinterfere with or impair, the provision of such utility, cable television, communicatiors and securitysystems, or other service or drainage facilities or the use of these easements. The Association shall havethe irrevocable right of access to each Unit during reasonable hours, when necessary, to maintain, repairor replace those items and areas, as detailed in Section 7.1 herein or as otherwise contemplated herein,for which the Association is responsible, and to remove any improvements interfering with or impairingsuch facilities or easements herein reserved, pursuant to the Declaration or as necessary to prevent.damage to the Common Elements or to a Unit or Units.

Wherever in this Section or elsewhere in this Declaration an easement is granted or reserved toany party, such easement shall also benefit such party's successors, grantees, assigns, agents,employees, licensees, invitees and guests. All easements referred to herein shall be non-exclusiveeasements.

3.5 Special Easements and Rights to Grant Easements.

(a) Developer hereby reserves unto itself and its successors and its assigns, andgrants to the Association with the powerto assign, non-exclusive easements over, under and through theCondominium Property for the construction, maintenance and operation of electric, gas or other utility,cable teievision, security systems, communications, service or" other easements pertaining to theconstruction, maintenance and operation of other equipment,conduits, pipes, lines andsimiiarinstallations servicing the Condominium Property or other property with the power to relocate any suchexisting easements in any portion of the Condominium Property and/or Association Property, providedthat such easements or the relocation of easements will not prevent or unreasonabiy interfere with thereasonable use of the Units for residential purposes.

Furthermore, until the Developer no longer holds units for sale or when the unitowners have assumed control of the! Association, whichever occurs first, Developer shall have the rightand license for itself, its agents, successors and assigns to use or assign any space on the roofs of theCondominium buildings provided that such space is not already assigned as a Limited Common Elementto a Residential Unit to any Person(s) for the constru_ction, installati~m, use, maintenance, repair,replacement, improvement, removal and operation of telecommunication equipment signage. Developershall have a non-exciusive and irrevocab"le easement over the roof areas to exercise its rights set forthabove. Without limitation this easement shall include the right to construct, install, use, maintain, repair,replace, improve, remove and operate any type of telecommunication equipment and signage on the


/

roofs of the Condominium buildings. In addition, Developer shall have a non-exclusive and irrevocableeasement over other portions of the Condominium for access to and from such roof areas and toconstruct, install, use, maintain, repair, replace, improve, remove and operate any utility lines servicingsuch telecommunication equipment. Notwithstanding the above, the Developer shall install such utilitylines and locations already used for such purposes or in which other utilities lines are located. Developerand the Association hereby agree to indemnify each other for any damage or destruction caused to theproperty of the other in the exercise of any easement right granted in this Declaration.

Notwithstanding the.foregoing, all easements, reservation and rights retained byDeveloper in this Section 3.5(a) shall terminate and be cancelable by the association once Unit Ownersother than the Developer have assumed contrbl ot.the association or when the Developer no longer offersunits for sale, whichever occurs first.

Developer hereby reserves unto itself and its successors and its assigns, andgrants to the Association with the power to assign, non-exclusive easements over, under, upon andthrough the Condominium Property for the purposes of access to, constructing or maintainingimprovements upon, providing utility services to or across, or providing drainage to or from theCondominium Property, any other property which may become part of the Condominium Propertypursuant to this Declaration, or any other property adjacent to the Condominium Property, provided thatany such easement shall not interfere with the reasonable use of the Units for their intended purposes.

Developer hereby reserves unto itself and its successors and its assigns nonLexclusive easements over, upon, and through the Condominium Property for vehicular and/or pedestriantraffic by the Developer, its designees, successors, assigns, licensees, lessees, invitees, and guestswithin the Condominium Property, provided that any such easement shall not interfere with thereasonable use of the Units for residential purposes.

Developer hereby reserves the right to install all lines, pipes and facilitiesthroughout the Condominium Property as may be needed for the use of the Units individually and/orcollectively from time to time. Developer shall assume all costs associated with such installations.Subsequent to installation, unless otherwise provided and agreed to by the affected Unit Owner(s), theAssociation shall be responsible for the maintenance of such lines, pipes and facilities.

Developer hereby reserves all rights of ownership interest in the mineral, oil orgas rights under the land.

For as long as the Developer remains liable under any warranty, whetherstatutory, expressed, or implied, for any act or omission in the dyelopment of the Building or in the saleor marketing thereof, the Developer shall have the right to enter on'the Condominium Property, and totake all actions necessary or convenient for the purpose of inspecting, testing, surveying, to determine theactions needed to fulfill any warranty or to determine the extent of the warranty, and to take those actionsnecessary to fulfill the Developer's responsibilities under the warranty. The Developer can nullify anywarranty if the Association or a Unit Owner prohibit or limit access to the Common Elements or to a Unitas deemed necessary by the Developer in its sole discretion for any actions pursuant to the warranty

Developer hereby reserves the right to assign all or a portion of its rightshereunder, or all or a portion of such rights in connection with specific portions of the Condominium. In.the event of any partial assignment, the assignee shall not be deemed the Developer, but may exercisesuch rights of the Developer as are specifically assigned to it. Any such ssignment may be made on anonexclusive basis. The rights of Developer under this Declaration are frdependent of the Developer'srights to control the Board of Directors of the Association, and, accordingly, shall not be deemed waived,transferred or assigned to the Unit Owners, the Board or the Association upon the transfer of control ofthe Association Any assignment of Developer rights shall be evidenced by an instrument reporded with

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fel'r\··~·'··111'-,'

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roofs of the Condominium buildings. In addition, Developer shall have a non-exclusive and irrevocableeasement over other portions of the Condominium for access to and from such roof areas and toconstruct, install, use, maintain, repair, replace, improve, remove and operate any utility lines servicingsuch telecommunication equipment. Notwithstanding the above, the Developer shall install such utilitylines and locations already used for such purposes or in which other utilities lines are located. Developerand the Association hereby agree to indemnify each other for any damage or destruction caused to theproperty of the other in the exercise of any easement right granted in this Declaration.

Notwithstanding the. foregoing, all easements, reservation and rights retained byDeveloper in this Section 3.5(a) shall terminate and be cancelable by the association once Unit Ownersother than the Developer have assumed control oLthe association or when the Developer no longer offersunits for sale, whichever occurs first.

(b) Developer hereby reserves unto itself and its successors and its assigns, andgrants to the Association with the power to assign, non-exclusive easements over, under, upon andthrough the Condominium Property for the purposes of access to, constructing or maintainingimprovements upon, prOViding utility services to or across, or providing drainage to or from theCondominium Property, any other property which may become part of the Condominium Propertypursuant to this Declaration, or any other property adjacent to the Condominium Property, provided thatany such easement shall not interfere with the reasonable use ofthe Units for their intended purposes.

(c) Developer hereby reserves unto itself and its successors and its assigns non-exclusive easements over, upon, and through the Condominium Property for vehicular and/or pedestriantraffic by the Developer, its designees, successors, assigns, licensees, lessees, invitees, and guestswithin the Condominium Property, provided that any such easement shall not interfere with thereasonable use of the Units for residential purposes.

(d) Developer hereby reserves the right to install all lines, pipes and facilitiesthroughout the Condominium Property as may be needed for the use of the Units indiVidually and/orcollectively from time to time. Developer shall assume all costs associated with such installations.SUbsequent to installation, unless otherwise provided and agreed to by the affected Unit Owner(s), theAssociation shall be responsible for the maintenance of such lines, pipes and facilities.

(e) Deve.loper hereby reserves all rights of ownership interest in the mineral, oil orgas rights under the land.

(I) For as long as the Developer remains liable under any warranty, whetherstatutory, expressed, or implied, for any act or omission in the development of the Building or in the saleor marketing thereof, the Developer shall have the rig ht to enter on'the Condominium Property, and totake all actions necessary or convenient for the purpose of inspecting, testing, surveying, to determine theactions needed to fulfill any warranty or to determine the extent of the warranty, and to take those actionsnecessary to fulfill the Developer's responsibilities under the warranty. The Developer can nUllify anywarranty if the Association or a Unit Owner prohibit or limit access to the Common Elements or to a Unitas deemed necessary by the Developer in its sole discretion for any actions pursuant to the ·warranty.

(g) Developer hereby reserves the right to assign all or a portion ·of its rightshereunder, or all or a portion of such rights in connection with specific portions of the Condominium.. In.the event of any partial assignment, the assignee shall not be deemed the Developer, but may exercisesuch rights of the Developer as are specifically assigned tQ it. Any such !ilssignment may be made on anonexclusive basis. The rights of Developer under this Declaration are independent of the Developer'srights to control the Board of Directors of the Association, and, accordingly, shall not be deemed waived,transferred or assigned to the Unit Owners, the Board or the Association upon the transfer of control ofthe Association. Any assignment of Developer rights shall be evidenced by an instrument recorded with

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the formalities of a deed in the public records of the County. Any other than the above cannot retaincontrol of the Association after a majority of the units have been sold unless it receives an assignment ofthe creating developer's rights and obligations.

3.6 Incidental Damaqe. Any damage to any Unit caused by, or as a result of, the carrying outof the maintenance responsibifities of the Asociation or another Unit Owner, or the negligence thereof;shall be repaired promptly by the Association as a Common Expense, or the Unit Owner, as the casemay be. Any damage to any part of the Common Elements caused by or the result of any intentional actof a Unit Owner, the Unit Owner's family, agents, contractors, invitees, licensees or tenants, or by suchUnit Owner in carrying out his maintenance responsibilities, if any, shall be repaired promptly at theexpense of such Unit Owner.

3.7 Use of Multiple Units to FormOne Comprehensive Residential Space. A Unit may becombined with either the Unit directly above the subject Unit and/or the Unit directly below the subjectUnit and/or the laterally-adjacent Unit in order to permit occupancy of such areas as one comprehensiveresidential space. Such a combination of Units shall be for purposes of occupancy and use only and shallnot be deemed an amendment to this Declaration. Further, any such combination shall not be consideredto be a material alteration of or modification to the configuration or size of a Unit. In all events, the subjectUnits shall in no manner be considered to become one Unit, but rather shall at all times remain and beconsidered to exist in the same manner as prior to the combination for purposes of Assessments, votingand all other matters as provided herein.

Any such combination of Units shall be required to comply with all applicable building, health,safety, and other applicable codes and laws as may be applicable. Additionally, no construction activitiesto effect such a combination shall be commenced without the prior written approval of the BoarØ ofDirectors, which approval cannot be unreasonably withheld. The Board shall ensure that the combinationof Units shall have no detrimental impact or the struàtural integrity of the Building or the usage of theother Units in the Building. The Board shall act in a reasonable and prudent manner in recognizing therights of the Owner to combine such Units in the manner contemplated by this paragraph. The Developershall be exempt from the approval provisions of this paragraph.

Section 4: Restraint upon Separation and Partition of Common Elements

The undivided share in the Common Elements and Common Surplus which is appurtenant to aUnit, and the exclusive right to use all appropriate appUrtenant.Limited Common Elements, shall not beseparated from such Unit and shall pass with the title to the Unit, whether or not separately described.The appurtenant share ih the Common Elements and Common Surplus, and the exclusive right to use allLimited Common Elements appurtenant to a Unit, cannot be conveyed or encumbered, except togetherwith such Unit. The respective shares in the Common Elements appurtenant to Units shall remainundivided, and no action for partition of the Common Elements, the Condominium Property, or àhy partthereof, shall be undertaken, except as provided herein with respect to termination of the Condominium:

SectionS: Ownership of Common Elements and Common Surplus andShare of Common Expenses Votinq.Riqhts

5.1 Ownership Shares. The undivided share in the Common Elements and Common Surplusappurtenant to each Unit, as well as the undivided share of the Common Expenses to be paid withrespect to each Unit, shall be computed on the following basis:

(a) The allocation of fractional shares in the Cothmon. Elements and CommonSurplus, and the fractional share of the Common Expenses, appurtenant to each Unit is set forth inExhibit "B" as attached hereto and made a part hereof by this reference. The allocation of fractionalshares has been established by the Developer in the following manner:

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the formalities of a deed in the public records of the County. Any other than the above cannot retaincontrol of the Association after a majority of the units have been sold unless it receives an assignment ofthe creating developer's rights and obligations.

3.6 Incidental Damage. Any damage to any Unit caused by, or as a result of, the carrying outof the maintenance responsibilities of the Association or another Unit Owner, or the negligence thereof;shall be repaired promptly by the Association as a Common Expense, or the Unit Owner, as the casemay be. Any damage to any part of the Common Elements caused by or the result of any intentional actof a Unit Owner, the Unit Owner's family, agents, contractors, invitees, licensees or tenants, or by suchUnit Owner in carrying out his maintenance responsibilities, if any, shall be repaired promptly at theexpense of such Unit Owner.

3.7 Use of MUltiple Units to Form'One Comprehensive Residential Space. A Unit may becombined with either the Unit directly above the SUbject Unit and/or the Unit directly below the subjectUnit and/or the laterally-adjacent Unit in order to permit occupancy of such areas as one comprehensiveresidential space. Such a combination of Units shall be for purposes of occupancy and use only and shallnot be deemed an amendment to this Declaration. Further, any such combination shall not be consideredto be a material alteration of or modification to the configuration or size of a Unit. In all events, the subjectUnits shall in no manner be considered to become one Unit, but rather shall at all times remain and beconsidered to exist in the same manner as prior to the combination for purposes of Assessments, votingand all other matters as provided herein.

Any such combination of Units shall be required to comply with all applicable building, health,safety, and other applicable codes and laws as may be applicable. Additionally, no construction activitiesto effect such a combination shall be commenced without the prior written approval of the Board ofDireCtors, which approval cannot be unreasonably withheld. The Board shall ensure that the combinationof Units shall have no detrimental impact on the structural integrity of the Building or the usage of theother Units in the BUilding. The Board shall act in a reasonable and prudent manner in recognizing therights of the Owner to combine such Units in the manner contemplated by this paragraph. The Developershall be exempt from the approval provisions of this paragraph.

Section 4: Restraint upon Separation and Partition of Common Elements

The undivided share in the Common Elements and Common Surplus which is appurtenant to aUnit, and the exclusive right to use all appropriate appurtenant. Limited COmmon Elements, shall not beseparated from such Unit and shall pass with the title to the Unit, whether or not separately described.The appurtenant share in the Common Elements and Common SurplUS, and the exclusive right to use allLimited Common Elements appurtenant to a Unit, cannot be conveyed or encumbered, except togetherwith such Unit. The respective shares in the Common Elements appurtenant to Units shall remainundivided, and no action for partition of the Common Elements, the Condominium Property, or any partthereof, shall be undertaken, except as prOVided herein with respect to termination of the Condominium.

Section 5: Ownership of Common Elements and Common Surplus andShare of Common Expenses; Voting Rights

5.1 Ownership Shares. The undivided share in the Common Elements and Common Surplusappurtenant to each Unit, as well as the undivided share of the Common Expenses to be paid withrespect to each Unit, shall be computed on the follOWing basis:

(a) The allocatiOn of fractional shares in the Common Elements .and CommonSurplus, and the fractional share of the Common Expenses, appurtenant to each Unit is set forth inExhibit "B" as attached hereto and made a part hereof by this reference. The allocation of fractionalshares has been established by the Developer in the following manner:


Both the fractional shares of ownership.of Common Elements and the Common Expenses of theUnits were apportioned by grouping the Units into the Common Elements and Common Expensesassigned to each unit shall be based upon the total square footage of each unit in uniform relationship tothe total square footage of each other unit in the condominium.

(b) The foregoing methods of calculation were undertaken in order to establish a fairand equitable method of allocating assessment percentages to Units within the Condominium and everypurchaser of a Unit, whether from the Developer or otherwise, hereby agrees to be bound by suchcalculations.

5.2 Voting. Each Unit Owner shall be a member of the Association. Each Unit shall beentitled to one vote to be cast by its Owner in accordance with the provisions of the By-Laws and Articlesof Incorporation of the Association. The total number of votes shall at all times be equal to the number ofUnits submitted to the condominium form of ownership under this Declaration. Membership in theAssociation shafi automatically terminate upon the termination of ownership of a Condominium Parcel,and the subsequent owner(s) taking title shall automatically become entitled to membership.

Section 6: Amendments

6.1 Amendment by Unit Owners. Except as otherwise provided in Section 6 hereinbelow orelsewhere in this Declaration or the exhibits attached hereto, this Declaration (including the CondominiumPlat) may be amended by affirmative vote of the Owners of 75% of all the Condominium Parcels at anAssociation meeting duly called for such purpose pursuant to the By-Laws; provided, however, that (1) noamendment to this Declaration shall be made which affects any of the rights and privileges provided tothe Developer as defined herein without the written consent of such Developer and any Lender of theDeveloper, and (2) no amendment may change the configuration or size of a Unit without the writtenconsent of the affected Unit Owner(s). All amendments under this Section 6.1 shall be recorded andcertified as required by the Act.

6.2 Amendment by Developer.

Amendment to Condominium Plans and Declaration. The Developer reserves theright to make whatever changes it may deem necessary in the Condominium Plat and this Declarationuntil such time as Developer no longer has control of the Association. The amendment reflecting suchchanges need only be executed by the Developer; provided, however, that no such amendmentunilaterally approved by the Developer shalt change the bonfiguration or size of any Unit in any materialfashion, materially alter or modify the appurtenances to any Unit, change the proportion or percentage bywhich a Unit Owner shares the Common Expenses and owns the Common Surplus, or create timeshareestates, unless such amendment is also approved by the record Owner of the affected Unit, all recordowners of liens on such affected Unit, and at least .seventy-five percent (75%) of the total voting interestsof the Association,

Special Amendment. Developer reserves the right and power to record a specialamendment ('Special Amendment") to this Declaration at any time and from time to time which amendsthe Declaration and any provision therein Ci) to comply with requirements of the FNMA, FHLMC, theGovernment National Mortgage Association, the Department of Housing and Urban Development, theFederal Housing Administration, the Veteran's Administration, or any other governmental agency or anyother public, quasi-public or private entity which performs (or may in the 4iture perform) functions similarto those currently performed by such entities; (U) to induce any of such agencies or entities to make,purchase, sell, insure, guarantee or otherwise deal with first mortgages covering 'Units; and (iii) to bringthis Declaration into compliance with applicable laws, ordinances or governmental regulations. Infurtherance of the foregoing, a power coupled with an .interest is hereby reserved and. granted to the

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10

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~f;1LJ

Both the fractional shares of ownership of Common Elements and the Common Expenses of theUnits were apportioned by grouping the Units into the Common Elements and Common Expensesassigned to each unit shall be based upon the total square footage of each unit in uniform relationship tothe total square footage of each other unit in the condominium,

(b) The foregoing methods of calculation were undertaken in order to establish a fairand equitable method of allocating assessment percentages to Units within the Condominium and everypurchaser of a Unit, whether from the Developer or otherwise, hereby agrees to be bound by suchcalculations,

52 Voting, Each Unit Owner shall be a member of the Association, Each Unit shall beentitled to one vote to be cast by its Owner in accordance with the provisions of the By-Laws and Articlesof Incorporation of the Association, The total number of votes shall at all times be equal to the number ofUnits submitted to the condominium form of ownership under this Declaration, Membership in theAssociation shall automatically terminate upon \he termination of ownership of a Condominium Parcel,and the sUbsequent owner(s) taking title shall automatically become entitled to membership,

Section 6: Amendments

6,1 Amendment by Unit Owners, Except as otherwise provided in Section 6 hereinbelow orelsewhere in this Deciaration or the exhibits attached hereto, this Declaration (inclUding the CondominiumPlat) may be amended by affirmative vote of the Owners of 75% of all the Condominium Parcels at anAssociation meeting duly called for such purpose pursuant to the By-Laws; provided, hovyever, that (1) noamendment to this Declaration shall be made which affects any of the rights and privileges provided tothe Developer as defined herein without the written consent of such Developer and any Lender of theDeveloper, and (2) no amendment may change the configuration or size 'of a Unit without the writtenconsent of the affected Unit Owner(s), All amendments under this Section 6,1 shall be recorded andcertified as required by the Act

62 Amendment by DeveiopeL

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1,;1"(a) Amendment'to Condominium Plans and Declaration, The Developer reserves the

right to make whatever changes it may deem necessary in the Condominium Plat and this Declarationuntil such time as Developer no longer has control of the Association, The amendment reflecting suchchanges need only be executed by the Developer; prOVided, however, that no such amendmentunilaterally approved by the Developer shall change the configuration or size of any Unit in any materialfashion, materially alter or modify the appurtenances to any Unit change the proportion or percentage bywhich a Unit Owner shares the Common Expenses and owns the Common Surplus, or create timeshareestates, unless such amendment is also approved by the record Owner of the affected Unit, all recordowners of liens on such affected Unit, and at least seventy-five percent (75%) of the total voting interestsof the Association,

(b) Special Amendment Developer reserves the right and power to record a specialamendment ("Special Amendment") to this Declaration at any time and from time to time which amendsthe Declaration and any provision therein (i) to comply with requirements of the FNMA, FHLMC, theGovernment Nationa,! Mortgage Association, the Department of Housing and Urban Development, theFederal Housing Administration, the Veteran's Administration, or any other governmental agency or anyother pUblic, quasi-public or private entity which performs (or may in the {uture perform) functions similarto those currently performed by such entities; (ii) to induce any of such agencies or entities to make,purchase, sell, insure, guarantee or otherwise deal with first mortgages covering 'Units; and (iii) to bringthis Declaration into compliance with applicable laws, ordinances or governmental regulations, Infurtherance of the foregoing, a power coupled with an interest is hereby reserved and granted to the

10

Developer to make or consent to a Special Amendment on behalf of each Unit Owner, and theAssociation, Each deed, mortgage, trust deed, other evidence of obligation, or other insfrument affectinga Unit and the acceptance thereof shall be deemed to be a grant and acknowledgement of, and a consentto the reservation of, the power of the Developer to make, execute and record Special Amendments. Theright and pbwer to make Special Amendments hereunder shall terminate upon turnover to the Unitowners.

(c) This Declaration and all exhibits hereto, where applicable, may be amendedunilaterally by the Developer for the purposes set forth and pursuant to Section 718.110(5), FloridaStatutes, to correct scrivener's errors.

6.3 Execution and Recordinq. An amendment, other than amendments made by theDeveloper alone pursuant to the Act or this Declaration, shall be evidenced by a certificate of theAssociation which shall include recording data identifying the Declaration and shall be executed with thesame formalities required for the execution of a deed. Amendments by the Developer must be evidencedby a similar certificate executed by the Developer alone. An amendment of the Declaration is effectivewhen the applicable certificate is properly recorded in the public records of the County, which shall berecorded together with the amendment, in accordance with Section 718.110(3), F.S.

6.4 Limitation. No amendment may be adopted whiOh would eliminate,' modify, prejudice,abridge or otherwise adversely affect any rights, benefits, privileges or priorities granted or reserved tothe Developer without the consent of said Developer in each instance. The provisions of this paragraphmay not be amended in any manner.

6.5 Procedure. No provision of this Declaration shall be revised or amended by reference toits title or number only. Proposals to amend existing provisions of this Declaration shall contain the fulltext of the provision to' be amended, new words shall be inserted in the' text underlined, and words to bedeleted shall be lined through with hyphens. However, if the proposed change is so extensive that thisprocedure would 'hinder, rather than assist, the understanding of the proposed amendment, it is notnecessary to use underlining and hyphens as indicators of words added or deleted, but, rather, a notationmust be inserted immediately preceding the proposed amendment in substantially the following language:"Substantial rewording of Section of the Declaration. See provision for present text."Nonrnaterial errors or omissions in the amendment process shall not invalidate an otherwise properlypromulgated amendment

Section 7: Maintenance and Repairs

7.1is as follows:

Condominium;

Condominium Property;

Responsibility for the maintenance, repair and replacement of the Condominium Property

(a) Common Elements. In addition to items to be maintained pursuant to Section 3.3hereof, the Association shall manage, maintain, repair and replace, as part of the Common Expenses, allof the Common Elements as defined herein, including, but not limited to, the following:

(i) all drainage and stormwater management systems, driveways,, andadjacent drainage;

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(H) all water and wastewater lines and piping serving the Units of the

(iii) all landscaping, lawn and grass areas and sprinkler systems within the

11 . .

Developer to make or consent to a Special Amendment on behalf of each. Unit Owner and theAssociation. Each deed, mortgage, trust deed, other evidence of obligation, or other instrument affectinga Unit and the acceptance thereof shall be deemed to be a grant and acknowledgement of, and a consentto the reservation of, the power of the Developer to make, execute and record Special Amendments. Theright and power to make Special Amendments hereunder shall terminate upon turnover to the Unitowners.

(c) This Declaration and all exhibits hereto, where applicable, may be amendedunilaterally by the Developer for the purposes set forth and pursuant to Section 718.110(5), FloridaStatutes, to correct scrivener's errors.

6.3 Execution and Recording. An amendment, other than amendments made by theDeveloper .alone pursuant to the Act or this Declaration, shall be evidenced by a certificate of theAssociation which shall include recording data identifying the Declaration and shall be executed with thesame iormalities required for the execution of a deed. Amendments by the Developer must be evidencedby a similar certificate executed by the Developer alone. An amendment of the Declaration is effectivewhen the applicable certificate is properly recorded in the public records of the County, which shall berecorded together with the amendment, in accordance with Section 718.110(3), F.S.

6.4 Limitation. No amendment may be adopted which would eliminate, modify, prejudice,abridge or otherwise adversely affect any rights, benefits, privileges or priorities granted or reserved tothe Developer without the consent of said Developer in each instance. The provisions of this paragraphmay not be amended in any manner.

6.5 Procedure. No provision of this Declaration shall be revised or amended by reference toits title or number only. Proposals to amend existing provisions of this Declaration shall contain the fulltext of the provision to be amended, new words shall be inserted in the text underlined, and words to bedeleted shall be lined through with hyphens. However, if the proposed change is so extensive that thisprocedure would hinder, rather than assist, the understanding of the proposed amendment, it .is notnecessary to use underlining and hyphens as indicators of words added or deleted, but, rather, a notationmust be inserted immediately preceding the proposed amendment in sUbstantially the following language:"Substantial rewording of Section __ of the Declaration. See provision .__ for present text."Nonmaterial errors or omissions in the amendment process shall not invalidate an otherwise properlypromulgated amendment.

Section 7: Maintenance and Repairs

7.1 Responsibility for the maintenance, repair and replacement of the Condominium Propertyis as follows:

~;ij (a) Common Elements. In addition to items to be maintained pursuant to Section 3.3:dii!I' hereof, the Association shall manage, maintain, repair and replace, as part of the Common Expenses, all

of the Common .Elements as defined herein, including, but not limited to, the following:

adjacent drainage;(i) all drainage and stormwater management systems, driveways, and

Condominium;(ii) all water and wastewater lines and piping serving the Units of the

(iii)Condominium Property;

all landscaping, lawn and grass areas and sprinkler systems within the

11F:\Documents\Louis\condo\Wave\Oeclaration.doc51181Z0051Z:36 PM

Iall entryways to the Buildings and any controlled access and intercom

systems serving the building, the security systems for the Units which specifically serve such Unit, and allfire and emergency warning systems and lights.

all portions of any landscaping islands located on, either in whole or inpart, or adjacent to the Condominium Property.

However, the Association shall not perform such maintenance required of a Unit Owner who utilizesportions of the Limited Common Elements in accordance with Section 3.3 herein, as otherwisecontemplated herein, or to the extent such maintenance arises from or is necessitated by the negligence,misuse or neglect of specific Unit Owners, in which case such cost and expense shall be paid solely bysuch Unit Owners.

(b) Units. The responsibility for maintenance, repair and replacement within the Unitsshall be shared by the Association and the Unit Owners as follows:

By the Association. The Association shall be responsible for maintaining,repairing and replacing all water and wastewater lines and piping located outside of the Unit (except asotherwise stated in sub-paragraph (ii) below), all pipes, lines, wiring1 facilities and conduits located withinthe walls and any soffits contained within a Unit and which provides services to more than one Unit, andany portions of any fire protection and emergency warning systems, including, sprinklers, alarms,dampers, barriers and lights contained within the physical boundaries of and servicing a Unit. In addition,with regard to the Units, the Association shall be responsible for (1) maintaining the exterior surfaces(defined to be those walls that are visible from the exterior of the Building) and interior portions of all wallsthat serve to bound the balcony area located adjacent to the Unit, (2) all roofs, including the replacementand repair and (3) paving and electrical that are not part or inside of a Unit, In accordance withSection [20.1] , a Unit Owner shall be liable for the expense of any maintenance, repair or replacement ofany part of the Unit to be maintained by the Association under this paragraph made necessary by hisnegligence, misuse or neglect or by that of any member of his family or his or their guests, employees,.agents or lessees.

By the Unit Owner. Each Unit Owner shall maintain, repair and replaceeverything within the confines of the Owner's Unit, which is not to be maintained by the Associationpursuant to subsection (b)(i) of this section, including1 but not limited to:

The entire Unit as defined in Section 3.2 hereof which Unit shallinclude, without limitation, all apertures in any boundary of the Unit but which shall exclude the exteriorsurfaces made of glass or other transparent material and the exterior of doors, which shall be maintainedby the Unit Owner in such manner to preserve a uniform appearance among the Units in the Buildings;

The interior side of the entrance door to a Unit and the interiorside of all other doors affording access to a Unit;

Interior paint, finish, covering, wallpaper and decoration of allwalls, floors and ceilings;

All built-in shelves, cabinets, counters, storage areas andclosets;

Any and all appliances and mechanical, ventilating, heating andair conditioning equipment contained within and serving the Unit;

All bathroom fixtUres, equipment and apparatuses;

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(iv) all entryways to the Buildings and any controiled access and intercomsystems serving the building, the security systems for the Units which specificaily serve such Unit, and allfire and emergency warning systems and lights.

(v) ail portions of any landscaping islands 'located on, either in whole or inpart, or adjacent to the Condominium Property.

However, the. Association shall not perform such maintenance required of a Unit Owner who utilizesportions of the Limited Common Eiements in accordance with Section 3.3 herein, as otherwisecontemplated herein, or to the extent such maintenance arises from or is necessitated by the negligence,misuse or neglect of specific Unit Owners, in which case such cost and expense shall be paid solely bysuch Unit Owners.

(b) Units. The responsibility for maintenance, repair and replacement within the Unitsshall be shared by the Association and the Unit Owners as follows:

(i) By the Association. The Association shail be responsible for maintaining,repairing and replacing ail water and wastewater lines and piping located outside of the Unit (except asotherwise stated in sub-paragraph (ii) below), all pipes, lines, wiring, facilities and conduits located withinthe wails and any soffits contained within a Unit and which provides services to more than one Unit, andany portions of any fire protection and emergency warning systems, inclUding, sprinklers, alarms,dampers, barriers and lights contained within the physical boundaries of and servicing a Unit. In addition,with regard to the Units, the Association shall be responsibie for (1) maintaining the exterior surfaces(defined to be those walls that are visibie from the exterior of the Building) and interior portions of all wallsthat serve to bound the balcony area located adjacent to the Unit, (2) ail roofs, including the replacementand repair and (3) paving and electrical that are not part or inside of a Unit. In accordance WithSection [20.1] , a Unit Owner shail be liable for the expense of any maintenance, repair or replacement ofany part of the Unit to be maintained by the Association under this paragraph made necessary by hisnegligence, misuse or negiect or by that of any member of his family or his or their guests, empioyees,agents or iessees.

(ii) By the Unit Owner. Each Unit Owner shail maintain, repair and replaceeverything within the confines of the Owner's Unit, which is not to be maintained by the Associationpursuant to subsection (b)(i) of this section, including, but not limited to:

(A) The entire Unit as defined in Section 3.2 hereof which Unit shallinclude, without limitation, all apertures in any boundary of the Unit but which shail exclude the exteriorsurfaces made of glass or other transparent material and the exterior of doors, which shall be maintainedby the Unit Owner in such manner to preserve a uniform appearance among the Units in the BUildings;

(B) The interior side of the entrance door to a Unit and the interiorside of all other doors affording access to a Unit;

wails, floors and ceilings;(C) Interior paint, finish, covering, wallpaper and decoration of all

closets;(0) Ail built-in shelves, cabinets, counters, storage areas and

(E) Any and ail appliances and mech~nical, ventilating, heating andair conditioning eqUipment contained within and serving the Unit;

(F) Ail bathroom fixtures, equipment and apparatuses;

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(0) All electrical, plumbing (including connections and fixtures),telephone and television fixtures, apparatuses, equipment, outlets, switches, wires, pipes and conduits,ducts electric lines and other facilities for the furnishing of utility and other services between the Unit andits individual service panel or meter or contained within a Unit;

partitions, and room dividers;

the respective Unit; and

All interior doors, interior surfaces, non-load-bearing walls,

AD furniture, furnishings and personal property contained within

Balconies located adjacent to the Unit;

Storage facilities located thereon, if any, and garages;

All other maintenance or repair of or replacements involving aUnit as contemplated and authorized hereunder.

7.2 Notwithstanding the provisions of Section 7.1 herein, all modifications to the exterior ofthe Unit must be approved in writing by the Board, or a committee designated by the Board and headedby an officer of the Association, prior to commencement of such work so as to maintain the character andto preserve the aesthetic and architectural qualities of the Condothinium. The Association shallpromulgate rules and regylations in accordance with the foregoing.

7.3 Riqhts of Handicapped. Subject to the provisions of Section 9 of this Declaration, eachOwner shall have the right to modify the Owner's Residential Unit and the route over the Common Arealeading to the front door of the Residential Unit, at the Owner's sole cost and expense, in order tofacilitate access to the Residential Unit by persons who are blind, visually handicapped, deaf or physicallydisabled, or to alter conditions which could be hazardous to st[ich persons. The rights grthhted by thisSection are further subject to the following conditions: (i) the modifications shall be consistent withapplicable building code requirements; (ii) the modifications shall be consistent with the intent ofotherwise applicable' provisions of this Declaration pertaining to safety or the aesthetic integrity of theProperty; (iD) the modifications which are external to the Residential Unit shall not prevent reasonablepassage by other Owners or lnvitees on the Project, and shall be removed by the Owner when theResidential Unit is no longer occupied by persons requiring those modifications; (iv) any Owner whointends to modify a Residential Unit pursuant to this Section shall submit their plans and specifications tothe Association for review to deternine whether the modifications comply with the provisions of Section 9and this Section; and (v) any change in the exterior appearance of a Residential Unit shall be inaccordance with the provisions, of this Declaration and all applicable provisions of law. The Associationshall not deny approval of the proposed modifications under this Section without good cause

Section.8: Additions, Alterations or Improvements by the Association

Capital additions, alterations or improvements to the Common Elements and Association property(as distinguished from maintenance, repairs and replacements) costing in excess of $50,000.00 in theaggregate in any calendar year, shall be considered material and substantial in nature. The Associationmay proceed with such, material additions, alterations or improvements only if the making of suchadditions, alterations or improvements shall have been approved by the Owners of a majority of the Unitsrepresented at a meeting at which a quorum is attained.. Additions, alterations or improvements to theCommon Elements, or any part thereof, costing $50,000.00 or less in th aggregate, during a calendaryear, are not material in nature, and, therefore, may be made by the Board of Directors without approvalof the Unit Owners. The cost and expense of any such additions, alterations or improvements to suchCommon Elements shall be as a "Speoial Assessment' of the Unit Owners as provided in Section 13.2

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(G) All electrical, plumbing (including connections and fixtures),telephone and television fixtures, apparatuses, equipment, outlets, switches, wires, pipes and conduits,ducts, electric lines and other facilities for the furnishing of utility and other services between the Unit andits individual service panel or meter or contained within a Unit;

partitions, and room dividers;

the respective Unit; and

(H)

(I)

(J)

(K)

All interior doors, interior surfaces, non-load-bearing walls,

All furniture, furnishings and personal property contained within

Balconies located adjacent to the Unit;

Storage facilities located thereon, if any, and garageS;

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•~

(L) All other maintenance or repair of or replacements involving aUnit as contemplated and authorized hereunder.

7.2 Notwithstanding the provisions of Section 7.1 herein, all modifications to the exterior ofthe Unit must be approved in writing by the Board, or a committee designated by the Board and headedby an officer of the Association, prior to commencement of such work so as to maintain the character andto preserve the aesthetic and architectural qualities of the Condominium. The Association sh.allpromulgate rules and regulations in accordance with the foregoing .

. 7.3 Rights of Handicapped. Subject to the provisions of Section 9 of this Declaration, eachOwner shall have the right to modify the Owner's Residential Unit and the route over the Common Arealeading to the front door of the Residential Unit, at the Owner's sole cost and expense, in order tofacilitate access to the Residential Unit by persons who are blind,visually handicapped, deaf or physicallydisabled, or to alter conditions which could be hazardous to such persons. The rights grarited by thisSection are further subject to the following conditions: (i) the modifications shall be consistent withapplicable bUilding code requirements; (i1) the modifications shall be consistent with the intent ofotherwise applicable provisions of this Declaration pertaining to safety or the aesthetic integrity of theProperty; (iii) the modifications which are external to the Residential Unit shall not prevent reasonablepassage by other Owners or Invitees on the Project, and shall be removed by the Owner when theResidential Unit is no longer occupied by persons requiring those modifications; (iv) any Owner whointends to modify a Residential Unit pursuant to this Section shall submit their plans and specifications tothe Association for review to determine whether the modifications comply with the provisions of Section 9and this Section; and (v) any change in the exterior appearance of a Residential Unit shall be inaccordance with the provisions of this Declaration and all applicabie provisions of law. The Associationshall not deny approval of the proposed modifications under this Section without good cause

Section 8: Additions, Alterations or Improvements by the Association

Capital additions, alterations or improvements to the Common Elements and Association property(as distinguished from maintenance, repairs and replacements) costing in excess of $50,000..00 in theaggregate in any calendar year, shall be considered material and substantial in nature. The Associationmay proceed with SUCh. material additions, alterations or improvements only if the making of suchadditions, alterations or improvements shall have been approved by the Owners of a majority of the Unitsrepresented at a meeting at which a quorum is attained. Additions, alterations or improvements to theCommon Elements, or any part thereof, costing $50,000.00 or less in the aggregate, during a calendaryear, are not material in nature, and, therefore, may be made by the Board of Directors without approvalof the Unit Owners. The cost and expense of any such additions, alterations or improvements to suchCommon Elements shall be as a "Special Assessmenf' of the Unit Owners as proVided in Section 13.2

13

'It

hereof. For purposes of this Section 8, "aggregate in any calendar year" shall 'include the total debtincurred in that year, if such debt is incurred to perform the above-stated purposes, regardless of whetherthe repayment of any part of that debt is made beyond that year.

Section 9: Additions, Alterations or Improvements by Unit Owner

9.1 To the Common Elements. After the completion of the improvements included in theCommon Elements which are set forth in this Declaration, or which are contemplated by the Developer inthe completion of the development as set forth herein, there shall be no alterations or additions to theCommon Elements (which by definition includes the Umited Common Elements), except as authorized bythe Board of Directors and approved by not less than 75% of the total vote of the Unit Owners. Inaddition to the foregoing requirement, no alterations or additions may be made involuntarily to the LimitedCommon Elements of any particular Unit if such alteration or addition will adversely affect or prejudice therights of such Unit Owner unless his consent first has been obtained. The cost of the foregoing shall beassessed as Common Expenses unless otherwise provided herein.

9.2 To the Units. Except as otherwise reserved by the Developer or detailed in Sections 3.4or 18 herein, no Unit Owner shall make any alteration or improvement to such Owner's Unit except inaccordance with this Section 9.2. A Unit Owner may make alterations and improvements to the interior ofthe Unit so long as such alterations or improvements are not visible from the outside of the Unit or theBuildings, do not impair the structural integrity of the Unit or the Buildings, do not otherwise violate theterms of this Declaration, and are in compliance with all applicable building codes and laws. A UnitOwner may not expand, enlarge or relocate his Unit. Other alterations or improvements to a Unit whichare not discussed in this Declaration may be made only if prior approval in writing is obtained from theBoard or a committee designated by the Board and headed by an officer of the Association.

9.3 Indemnification by Unit Owner. A Unit Owner making or causing to be made any suchadditions, alterations or improvements to the Unit or the Limited Common Elements as contemplatedherein agrees, and shall be deemed to have agreed, for such Owner, and such Owner's heirs, personalrepresentatives, successors and assigns, as appropriate, to 'hold the Association and all other UnitOwners harmless from and to indemnify them for any liability or damage to the Condominium Propertyand expenses arising therefrom, and shall be solely responsible for the maintenance, repair andinsurance thereof from and after that date of installation or construction thereof as may be required by theAssociation.

9.4 Power of Developer to Veto Certain Proposed Modifications. Notwithstanding anyprovision to the contrary, the Developer, having the intention in its development of the Condominium tomaintain an uniform external appearance to the Buildings, shall have the power, until such time as theAssociation is transferred from the Developer to the other unit owners or when the Developer no longeroffers units for sale, to veto any proposed improvement as contemplated by this Section.

Section 10: Additions, Alterations or Improvements by Developer

The restrictions of Section 9 hereof shall not apply to Developer-owned Units. The Developershall have the additional right, without the consent or approval of the Board of Directors or other UnitOwners, to make alterations, additions or improvements, structural and non-structural, interior andexterior, ordinary and extraordinary, in, to and upon any Unit pwned by it, to the proposed or alreadyconstructed Unit located or to be located thereon,, and Limited Common Elements appurtenant thereto.Such modifications shall include, without limitation: (i) the removal of walls, floors, ceilings and otherstructural portions of the Unit; (ii) changes to the layout or number of rboms. in any Developer-ownedUnits; and (Hi) 'changes to ,the size and/or number of Developer-owned Units by combining separateDeveloper-owned Units or otherwise. Any amendments to this Declaration or the Condominium Platrequired by actions taken pursuant to, this Section may be effected by the Developer alone without the

14F:\Documents\Loujs\condo\Wave\Oeclaratjon.doc5/18/200512:36 PM

( (

hereof. For purposes of this Section 8, "aggregate in any calendar year" shall include the total debtincurred in that year, if such debt is incurred to perform the above-stated purposes, regardless of whetherthe repayment of any part of that debt is made beyond that year. "

Section 9: Additions, Alterations or Improvements by Unit Owner

9.1 To the Common Elements. After the completion of the Improvements included in theCommon Elements which are set forth in this Declaration, or which are contemplated by the Developer inthe completion of the development as set forth herein, there shall be no alterations or additions to theCommon Elements (which by definition includes the Umited Common Elements), except as authorized bythe Board of Directors and approved by not less than 75% of the total vote of the Unit Owners. Inaddition to the foregoing requirement, no alterations or additions may be made involuntarily to the LimitedCommon Elements of any particular Unit if such alteration or addition will adversely affect or prejudice therights of such Unit Owner unless his consent first has been obtained. The cost ofthe foregoing shall beassessed as Common Expenses unless otherwise provided herein.

9.2 To the Units. Except as otherwise reserved by the Developer or detailed in Sections 3.4or 18 herein, no Unit Owner shall make any alteration or improvement to such Owner's Unit except inaccordance with this Section 9.2. A Unit Owner may make alterations and improvements to the interior ofthe Unit so long as such alterations or improvements are not visible from the outside of the Unit or theBuildings, do not impair the structural integrity of the Unit or the BUildings, do not otherwise violate theterms of this Declaration, and are in compliance with all applicable building codes and laws. A UnitOwner may not expand, enlarge or relocate his Unit. Other alterations or improvements to a Unit whichare not discussed in this Declaration may be made only if prior approval in writing is obtained from theBoard or a committee designated by the Board and headed by an officer of the Association.

9.3 Indemnification by Unit Owner. A Unit Owner making or causing to be made any suchadditions, alterations or improvements to the Unit or the Limited Common Elements as contemplatedherein agrees, and shall be deemed to have agreed, for such Owner, and such Owner's heirs, personairepresentatives, successors and assigns, as appropriate, to hold the Association and all other UnitOwners harmless from and to indemnify them for any liability or damage to the Condominium Propertyand expenses arising therefrom, and shall be solely responsible for the maintenance, repair andinsurance thereof from and after that date of installation or construction thereof as may be reqUired by theAssociation.

9.4 Power of Developer to Veto Certain Proposed Modifications. Notwithstanding anyprovision to the contrary, the Developer, having the intention in its development of the Condominium tomaintain an uniform external appearance to the Buildings, shall have the power, until such time as theAssociation is transferred from the" Developer to the other unit owners or when the Developer no longeroffers units for sale, to veto any proposed improvement as contemplated by this Section.

Section 10: Additions, Alterations or Improvements by Developer

The restrictions of Section 9 hereof shall not apply to Developer-owned Units. The Developershall have the additional right, without the consent or approval of the Board of Directors or other UnitOwners, to make alterations, additions or improvements, structural and non-structural, interior and

. exterior, ordinary and extraordinary, in, to and upon any Unit owned by it, to the proposed or alreadyconstructed Unit located or to be located thereon, and Limited Common Elements appurtenant thereto.Such modifications shall include, without limitation: (i) th~ removal of W,alls, floors, ceilings and otherstructural portions of the Unit; (Ii) changes to the layout or number of rooms In any Developer-ownedUnits; and (iii) changes to the size and/or number of Developer-owned Units by combining separateDeveloper-owned Units or otherwise. Any amendments to this Declaration or the Condominium Platrequired by actions taken pursuant to this Section may be effected by the Developer alone without the


consent of any other person; provided, however, if any such amendment shall change the configuration orsize of any Unit in any material fashion, materially alter or modify the appurtenances to the Unit, orchange the proportion or percentage by which the Unit Owner shares the Common Expenses and ownsthe Common Surplus, the execution of the amendment to the Declaration effecting such change must bejoined in by the record owners of the Unit, all record owners of liens on the affected Unit, and at leastseventy-five percent (75%) of the total voting interests in the Association. Without limiting the generalityof Section 6.5 hereof, the provisions of this Section may not be added to, amended or deleted unless by,or with the prior written consent of, the Developer.

Section 11: Operation of the Condominium by the Associatiotv Powers and Duties

11.1 Powers and Duties. The Association shall be the entity responsible for the operation ofthe Condominium. The powers and duties of the Association shall include those set forth in the By-Lawsand Articles of Incorporation as amended from time to time. In addition, the Association shall have all thepowers and duties set forth in the Act, as well as all powers and duties granted to or imposed upon itbythis Declaration, including, without limitation:

The irrevocable right to have access to any portion of each Upit and the LimitedCommon Elements appurtenant thereto from time to time during reasonable hours as may be necessaryfor the maintenance, repair or replacement of such portions thereof as required by this Declaration or theAct, for performing extermination services, or at any time and by force, if necessary, for makingemergency repairs necessary to prevent damage to the Buildings, the Common Elements or to the Unit orany other Unit or Units.

The power to make and collect Assessments and other related expenSesauthorized under the Act against Unit Owners, to lease, maintain, repafr and replace the CommonElements, and to grant, modify or cancel easements pertaining to the Common.Elements.

The duty to maintain accounting records, according to good accounting practices,which shall be open to inspection by Unit Owners or their authorized representatives at reasonable timesupon prior request.

The power to contract for the management and maintenance of theCondominium Property and to authorize a duly licensed management agent (who may be an affiliate ofthe Developer) to assist the Association in carrying out its- powers and duties by performing suchfunctions as the submission of proposals, collection of Assessments, preparation of records, enforcementof rules and regulations, and perform the maintenance, repair and replacement required of theAssociation with such funds as shall be made available by the Association for such purposes. TheAssociation also shall have the power to join with other condominium associations and entities incontracting for the maintenance and repair of the properties of such other condominiums and other typeproperties, and may contract for or may join with other condominium associations in contracting for themanagement of the properties of such other condominiums and other type properties, as may be morespecifically provided for by the Articles of Incorporation and By-Laws of the Association.

The power to borrow money, execute promissory notes and other evidences ofindebtedness and to give as security therefor mortgages and security interests in property owned by theAssociation, if any. Such actions must be approved by a majority of the entire Board of Directors and theOwners of all the Units or by such greater percentage of the Board or Unit Owners as may be specified inthe By-Laws with respect to certain borrowing, and no sucft action shall be, permitted while the Developerowns any Unit w!thout the prior written consent of the Developer.

The power to adopt and amend rules and regulations concerning the details ofthe operation and use of the Condominium Property.

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consent of any other person; provided, however,.if any such amendment shall change the configuration orsize of any Unit in any material fashion, materially aiter or modify the appurtenances to the Unit, orchange the proportion or percentage by which the Unit Owner shares the Common Expenses and ownsthe Common Surplus, the execution of the amendment to the Declaration effecting such change must bejoined in by the record owners of the Unit, all record owners of liens on the affected Unit, and at leastseventy-five percent (75%) of the total voting interests in the Association. Without limiting the generalityof Section 6.5 hereof, the provisions of this Section may not be added to, amended or deleted unless by,or with the prior written consent of, the Developer.

Section 11: Operation of the Condominium by the Association; Powers and Duties

11.1 Powers and Duties. The Association shall be the entity responsible for the operation ofthe Condominium. The powers and duties of the Association shall include those set forth in the By-Lawsand Articles of Incorporation as amended from time to time. In addition, the Association shall have all thepowers and duties set forth in the Act, as well as all powers and duties granted to or imposed upon itbythis Declaration, including, without limitation:

(a) ThEiirrevocable right to have access to any portion of each Unit and the LimitedCommon Elements appurtenant thereto from time to time during reasonable hours as may be necessaryfor the maintenance, repair or replacement of such portions thereof as required by this Declaration or theAct,for performing extermination services, or at any time and by (orce, if necessary, for makingemergency repairs necessary to prevent damage to the BUildings, the Common Elements or to the Unit orany other Unit or Units.

(b) The power to make and collect Assessments and other related expensesauthorized under the Act against Unit Owners, to lease, maintain, repair and replace the CommonElements, and to grant, modify or cancel easements pertaining to the Common .Elements.

(c) The duty to maintain accounting records, according to good accounting practices,which shall be open to inspection by Unit Owners or their authorized representatives at reasonable timesupon prior request.

(d) The power to contract for the management and maintenance of theCondominium Property and to authorize a duly licensed management agent (who may be an affiliate ofthe Developer) to assist the Association in carrying out its- powers and duties by performing suchfunctions as the submission of proposals, collection of Assessments, preparation of records, enforcementof rules and regulations, and perform the maintenance, repair and replacement required of theAssociation with such funds as shall be made available by the Association for such purposes. TheAssociation also shall have the power to join with other condominium associations and entities incontracting for the maintenance and repair of the properties of such other condominiums and other typeproperties, and may contract for or may join with other condominium associations in contracting for themanagement of the properties of such other condominiums and other type properties, as may be morespecifically provided for by the Articles of Incorporation and By-Laws of the Association.

, (e) The power to borrow money, execute promissory notes and other evidences ofindebtedness and to give as security therefor mortgages and security interests in property owned by theAssociation, if any. Such actions must be approved by a majority of the entire Board of Directors and theOwners of all the Units or by such greater percentage of the Board or Unit Owners as may be specified inthe By-Laws with respect to certain borrowing, and no such. action shall be, permitted while the Developerowns any Unit without the prior written consent of the Developer,'

(f) The power to adopt and amend rules and regulations concerning the details ofthe operation and use of the Condominium Property.


I

(g). The power to acquire, lease, mortgage and convey real and personal propertyand to grant, modify and cancel easements regarding such property, provided that such action may bedone only (I) upon the approval of a majority of the Board of Directors and (H) a finding by the Board thatsuch action is for the benefit of the members of the Association. The requirements of Section 8 pertainingto the Unit Owners' approval of costs in excess of the threshold amount stated therein (including theproviso as to the debt incurred) shall also apply to this acquisition and dealing with Association-ownedproperty; provided, however, that the acquisition of a Unit as a result of a foreclosure of the lien forAssessments shall be exempt from these requirements.

(h) The power to acquire or enter into agreements acquiring leaseholds,memberships or other possessory or use interests in lands or facilities for recreational purposes as longas such arrangements are also approved by the Owners of a majority of the Units.

(i) All of the powers which a corporation not-for-profit in the State of Florida mayexercise pursuant to this Declaration, the Articles of Incorporation and By-Laws, Chapter 617, FloridaStatutes, and the Act, in all cases except as expressly limited or restricted in the Act or the documents ofthe Condominium.

11.2 Conflict. In the event of conflict among the powers and duties of the Association or theterms and provisions of this Declaration or the exhibits attached hereto, this Declaration shall takeprecedence over the Articles of Incorporation, By-Laws and applicable rules and regulations; the Articlesof Incorporation shall take precedence over the By-Laws and applicable rules and regulations; and theBy-Laws shall take precedence over applicable rules and regulations, all as amended from time to time.Notwithstanding anything in this Declaration or its exhibits to the contrary, the Association shall at alltimes be the entity having ultimate authority over the Condominium, consistent with the Act.

11.3 Limitation of Liability of Association, Notwithstanding the duty of the Association tomaintain and repair parts of the Condominium Property, the Association shall not be liable to Unit Ownersfor injury or damage, other than for the cost of maintenance and repair, caused by any latent condition ofthe Condominium Property. Further, the Association shall not be liable for any such injury or damagecaused by defects in design or workmanship or any other reason connected with any additions,alterations or improvements done by or on behalf of any Unit Owners, regardless if whether or not sameshall have been approved by the Association pursuant to the provisions hereof.

NOTWITHSTANDING ANYTHING CONTAINED HEREIN OR IN THE ARTICLES OFINCORPORATION, BY-LAWS, ANY RULES OR REGULATIONS OF THE ASSOCIATION OR ANYOTHER DOCUMENT GOVERNING OR BINDING THE ASSOCIATION (COLLECTIVELY, THE"ASSOCIATION DOCUMENTS"), THE ASSOCIATION SHALL NOT BE LIABLE OR RESPONSIBLEFOR, OR IN ANY MANNER BE A GUARANTOR OR INSURER OF, THE HEALTH, SAFETY OR.WELFARE OF ANY OWNER, OCCUPANT OR USER OF ANY PORTION OF THE CONDOMINIUMPROPERTY, INCLUDING, WITHOUT LIMITATION, RESIDENTS AND THEIR FAMILIES, GUESTS,INVITEES, AGENTS, SERVANTS, CONTRACTORS OR SUBCONTRACTORS OR FOR: ANYPROPERTY OF ANY SUCH PERSONS. WITHOUT LIMITING THE GENERALITY OF THEFOREGOING: . .

(a) IT IS THE EXPRESS INTENT OF THE ASSOCIATION DOCUMENTS THAT THEVARIOUS PROVISIONS THEREOF WHICH ARE ENFORCEABLE BY. THE ASSOCIATION ANDWHICH GOVERN OR REGULATE THE USES OF THE CONDOMINIUM PROPERTY HAVE BEENWRITTEN, AND ARE TO BE INTERPRETED AND ENFORCED, FOR THE SOLE PURPOSE OFENHANCING AND MAINTAINING THE ENJOYMENT OF THE CONDOMINIUM PROPERTY AND THEVALUE THEREOF;

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( (

(g) The power to acquire, iease, mortgage and convey real and personal propertyand to grant, modify and cancel easements regarding such property, provided that such action may bedone only (i) upon the approval of a majority of the Board of Directors and (ii) a finding by the Board thatsuch action is for the benefit of the members of the Association. The requirements of Section 8 pertainingto the Unit Owners' approval of costs in excess of the threshold amount stated therein (including theproviso as to the debt incurred) shall also apply to this acquisition and dealing with Association-ownedproperty; prOVided, however, that the acquisition of a Unit as a result of a foreclosure of the lien forAssessments shall be exempt from these requirements.

(h) The power to acquire or enter into agreements acquiring leaseholds,memberships or other possessory or use interests in lands or facilities for recreational purposes as longas such arrangements are also approved by the Owners of a majority of the Units.

(i) All of the powers which a corporation not-for-profit in the State of Fiorida mayexercise pursuant to this Declaration, the Articles of Incorporation and By-Laws, Chapter 617, FloridaStatutes, and the Act, in all cases except as expressly limited or restricted in the Act or the documents ofthe Condominium.

11.2 Conflict. In the event of conflict among the powers and duties of the Association or theterms and provisions of this Declaration or the exhibits attached hereto, this Declaration shall takeprecedence over the Articles of Incorporation, By-Laws and applicabl.e rules and regUlations; the Articlesof Incorporation shall take precedence over the By-Laws and applicable rules and regulations; and theBy-Laws shall take precedence over applicable rules and regulations, all as amended from time to time.NotWithstanding anything in this Declaration or its exhibits to the contrary, the Association shall at alltimes be the entity having ultimate authority over the Condominium, consistent with the Act.

11.3 Limitation of Liability of Association. Notwithstanding the duty of the Association to. maintain and repair parts of the Condominium Property, the Association shall not be liable to Unit Ownersfor injUry or damage, other than for the cost of maintenance and repair, caused by any latent condition ofthe Condominium Property. Further, the Association shall not be liable for any such injury or damagecaused by defects in design or workmanship or any other reason connected with any additions,aiterations or improvements done by or on behalf of any Unit Owners, regardless if whether or not sameshall have been approved by the Association pursuant to the provisions hereof.

NOTWITHSTANDING ANYTHING CONTAINED HEREIN OR IN THE ARTICLES OFINCORPORATION, BY-LAWS, ANY RULES OR REGULATIONS OF THE ASSOCIATION OR ANYOTHER DOCUMENT GOVERNING OR BINDING THE ASSOCIATION (COLLECTIVELY, THE"ASSOCIATION DOCUMENTS"), THE ASSOCIATION SHALL NOT BE LIABLE OR RESPONSIBLEFOR, OR IN ANY MANNER BE A GUARANTOR OR INSURER OF, THE HEALTH, SAFETY ORWELFARE OF ANY OWNER, OCCUPANT OR USER OF ANY PORTION OF THE CONDOMINIUMPROPERTY, INCLUDING, WITHOUT LIMITATION, RESIDENTS AND THEIR FAMILIES, GUESTS,INVITEES, AGENTS, SERVANTS, CONTRACTORS OR SUBCONTRACTORS OR FOR ANYPROPERTY OF ANY SUCH PERSONS. WITHOUT LIMITING THE GENERALITY OF THEFOREGOING:

(a) IT IS THE EXPRESS INTENT OF THE ASSOCIATION DOCUMENTS THAT THEVARIOUS PROVISIONS THEREOF WHICH ARE ENFORCEABLE BY THE ASSOCIATION ANDWHICH GOVERN OR REGULATE THE USES OF THE CONDOMINIUM PROPERTY HAVE BEENWRITTEN, AND ARE TO BE INTERPRETED AND ENFORCED, F0fl. THE SOLE PURPQSE OFENHANCING AND MAINTAINING THE ENJOYMENT OF THE CONDOMINIUM PROPERTY AND THEVALUE THEREOF;

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(b) THE ASSOCIATION IS NOT EMPOWERED, AND HAS NOT BEEN CREATED, TOACT AS AN ENTITY WHICH ENFORCES OR ENSURES THE COMPLIANCE WITH THE LAWS OFTHE UNITED STATES, STATE OF FLORIDA, PINELLAS COUNTY, THE CITY OF ST. PETERSBURGAND/OR ANY OTHER JURISDICTION OR THE PREVENTION OF TORTIOUS ACTIVITIES; AND

(c) ANY PROVISIONS OF THE ASSOCIATION DOCUMENTS SETTING FORTH THEUSES OF ASSESSMENTS WHICH RELATE TO HEALTH, SAFETY AND/OR WELFARE SHALL BEINTERPRETED AND APPLIED ONLY AS LIMITATIONS ON THE USES OF ASSESSMENT FUNDSAND NOT AS CREATING A DUTY OF THE ASSOCIATION TO PROTECT OR FURTHER THEHEALTH, SAFETY OR WELFARE OF ANY PERSON(S), EVEN IF ASSESSMENT FUNDS ARECHOSEN TO BE USED FOR ANY SUCH REASON.

EACH UNIT OWNER (BY VIRTUE OF HIS ACCEPTANCE OF TITLE TO HIS UNIT) AND EACHOTHER PERSON HAVING AN INTEREST IN OR LIEN UPON, OR MAKING. ANY USE OF, ANYPORTION OF THE CONDOMINIUM PROPERTY (BY VIRTUE OF ACCEPTING SUCH INTEREST ORLIEN OR MAKING SUCH USES) SHALL BE BOUND BY THIS PROVISION AND SHALL BE DEEMEDTO HAVE AUTOMATICALLY WAIVED ANY AND ALL RIGHTS, CLAIMS, DEMANDS AND CAUSESOF .ACTION AGAINST THE ASSOCIATION ARISING FROM OR CONNECTED WITH ANY MATTERFOR WHICH THE LIABILITY OF THE ASSOCIATION HAS BEEN DISCLAIMED IN THIS PROVISION.

AS USED IN THIS SECTION, "ASSOCIATION" SHALL INCLUDE WITHIN ITS MEANING ALLOF THE ASSOCIATION'S DIRECTORS, OFFICERS, COMMITTEE AND BOARD MEMBERS,EMPLOYEES, AGENTS, CONTRACTORS (INCLUDING MANAGEMENT COMPANIES),SUBCONTRACTORS, SUCCESSORS AND ASSIGNS. THE PROVISIONS OF THIS ARTICLE SHALLALSO INURE TO THE BENEFIT OF THE DEVELOPER AND ITS AFFILIATES, WHICH SHALL BEFULLY PROTECTED HEREBY.

11.4 Restraint Upon Assiqnment of Shares in Assets. The share of a Unit Owner in the fundsand assets of the Association cannot be assigned, hypothecated or transferred in any manner except asan appurtenance to such Owner's Unit

11.5 Approval or Disajproval of Matters, Whenever the decision of a Unit Owner is requiredupon any matter, whether or not the subject of an Association meeting, that decision shall be expressedby the same person who would cast the vote for that Unit if at an Association meeting, unless the joiner ofall record Owners of the Unit is specifically required by this Declaration or by law.

11.6 Acts of the Association. Unless the approval or action of Unit Owners andfor a certainspecific percentage of the Board of Directors is specifically required in this Declaration, the Articles ofIncorporation, the By-Laws, applicable rules and regulations of the Association or applicable law, allapprovals or actions required or permitted to be given or taken by the Association shall be given or takenby the Board of Directors without the consent of Unit Owners, and the Board may so approve and actthrough the proper officers of the Association without a specific resolution.. When an approval or action ofthe Association is permitted to be given or taken hereunder or thereunder, such action or approval maybe conditioned in any manher the Association deems appropriate or the Association may refuse to take orgive such action or approval without the necessity of establishing the reasonableness of such conditionsor refusal.

11.7 Amendment of By-Laws. No modification of or amendment to the By-Laws shall be validunless set forth in or annexed to a duly recorded amendment to this Deciration.. The By-Laws may beamended in the manner provided for therein, but no amendment to the By-Laws shall be adopted whichwould affect or impair the validity or priority of any mortgage covering any Condominium Parcel(s), orwhich would change the provisions of the By-Laws with respect to institutional mortgages without thewritten approval of all Institutional First Mortgagees of record. No amendment shall change the rights and

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(b) THE ASSOCIATION IS NOT EMPOWERED, AND HAS NOT BEEN CREATED, TOACT AS AN ENTITY WHICH ENFORCES OR ENSURI;S THE COMPLIANCE WITH THE LAWS OFTHE UNITED STATES, STATE OF FLORIDA, PINELLAS COUNTY, THE CITY OF ST. PETERSBURGAND/OR ANY OTHER JURISDICTION OR THE PREVENTION OF TORTIOUS ACTIVITIES; AND

(e) ANY PROVISIONS OF THE ASSOCIATION DOCUMENTS SETTING FORTH THEUSES OF ASSESSMENTS WHICH RELATE TO HEALTH, SAFETY AND/OR WELFARE SHALL BEINTERPRETED AND APPLIED ONLY AS LIMITATIONS ON THE USES OF ASSESSMENT FUNDSAND NOT AS CREATING A DUTY OF THE ASSOCIATION TO PROTECT OR FURTHER THEHEALTH, SAFETY OR WELFARE OF ANY PERSON(S), EVEN IF ASSESSMENT FUNDS ARECHOSEN TO BE USED FOR ANY SUCH REASON.

EACH UNIT OWNER (BY VIRTUE OF HIS ACCEPTANCE OF TITLE TO HIS UNIT) AND EACHOTHER PERSON HAVING AN INTEREST IN OR LIEN UPON, OR MAKING. ANY USE OF, ANYPORTION OF THE CONDOMINIUM PROPERTY (BY VIRTUE OF ACCEPTING SUCH INTEREST ORLIEN OR MAKING SUCH USES) SHALL BE BOUND BY THIS PROVISION AND SHALL BE DEEMEDTO HAVE AUTOMATICALLY WAIVED ANY AND ALL RIGHTS, CLAIMS, DEMANDS AND CAUSESOF .ACTION AGAINST THE ASSOCIATION ARISING FROM OR CONNECTED WITH ANY MATTERFOR WHICH THE LIABILITY OF THE ASSOCIATION HAS BEEN DISCLAIMED IN THIS PROVISION.

AS USED IN THIS SECTION, "ASSOCIATION" SHALL INCLUDE WITHIN ITS MEANING ALLOF THE ASSOCIATION'S DIRECTORS, OFFICERS, COMMITTEE AND BOARD MEMBERS,EMPLOYEES, AGENTS, CONTRACTORS (INCLUDING MANAGEMENT COMPANIES),SUBCONTRACTORS, SUCCESSORS AND ASSIGNS. THE PROVISIONS OF THIS ARTICLE SHALLALSO INURE TO THE BENEFIT OF THE DEVELOPER AND ITS AFFILIATES, WHICH SHALL BEFULLY PROTECTED HEREBY.

11.4 Restraint Upon Assignment of Shares in Assets. The share of a Unit Owner in the fundsand assets of the Association cannot be assigned, hypothecated or transferred in any manner except asan appurtenance to such Owner's Unit.

11.5 Approval or Disapproval of Matters. Whenever the decision of a Unit Owner is requiredupon any matter, whether or not the subject of an Association meeting, that decision shall be expressedby the same person who would cast the vote for that Unit if at an Association meeting, unless the joiner ofall record Owners of the Unit is specifically required by this Deciaration or by law.

11.6 Acts of the Association. Unless the approval or action of Unit Owners and/or a certainspecific percentage of the Board of Directors is specifically reqUired in this Declaration, the Articles ofIncorporation, the By-Laws, applicable rules and regulations of the Association or applicable law, allapprovals or actions required or permitted to be given or taken by the Association shall be given or takenby the Board of Directors without the consent of Unit Owners, and the Board may so approve and actthrough the proper officers of the Association without a specific resolution. When an approvai or action ofthe Association is permitted to be given or taken hereunder or thereunder, such action or approval maybe conditioned in any manner the Association deems appropriate or the Association may refuse to take orgive such action or approval without the necessity of establishing the reasonableness of such conditionsor refusal.

11.7 Amendment of By-Laws. No modification of or amendment to the By-Laws shall be validunless set forth in or annexed to a dUly recorded amendment to this Decl,aration. The By-Laws may beamended in the manner prOVided for therein, but no amendment to the By-Laws shall be adopted whichwould affect or impair the validity or priority of any mortgage covering any Condominium Parcel(s), orwhich would change the provisions of the By-Laws with respect to institutional mortgages without thewritten approval of all Institutional First Mortgagees of record. No amendment shall change the rights and

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privileges of the Developer without its written consent. Any amendment to the By-Laws, as providedherein, shall be executed by the parties as required in this Section 11 and in Section 6 above, and saidamendment shall be recorded in the public records of the County.

11.8 Bindinq Effect of Condominium Documents. Every Owner, whether having acquiredownership of a Unit by gift, conveyance or transfer by operation of law, or otherwise, shall be bound bythe Articles of Incorporation, the By-Laws, and the provisions of this Declaration. Membership in theAssociation shall automatically terminate upon the termination of ownership of a Condominium Parcel,and the subsequent Owner(s) taking title shall sutomatically become entitled to membership.

Section 12: Manaqement Aqreement

The Association shall be the entity responsible for the management and operation of theCondominium. The Association has the power, but not the duty, to enter into a management agreementwith a third party for the management in operation of the Condominium.

Section 13: Common Expenses and Common Surplus and Special Assessments

13.1 Common Expenses and Common Surplus. Common Expenses include theexpenses of the operation, maintenance, repair or replacement of the Common Elements, utilities for theentire Condominium, costs of carrying out the powers and duties of the Association and any otherexpense designated as Common Expenses by this Declaration, the documents creating theCondominium, or the By-Laws. Funds for the payment of Common Expenses shall be assessed againstUnit Owners in the proportions or percentages provided in Exhibit "B" to the Declaration. A Unit Owner'sshare of Common Expenses shall be in the same proportion as his ownership interest in the CommonElements. Common Surplus is owned by Unit Owners in the same shares as their ownership interest inthe Common Elements.

13.2 Special.Assessments. The Board of Directors may levy "Special Assessments,"which are any assessments levied against a Unit Owner and such Owner's Unit, other than theassessment required by the annual budget. Special Assessments may be levied by the Board ofDirectors and shall be payable in lump sums or installments, in the discretion of the Board.

Section 14: Collection of Assessments

The General Assessments and Special Assessments (collectively, the "Assessments") shall becollected as follows:

14.1 Liability for Assessments. A Unit Owner, regardless of how title is acquired, including bypurchase at a judicial sale or by deed in lieu of foreclosure, shall be liable for all Assessments coming duewhile such person (as defined by Sebtion 1.01(3), Florida Statutes) is the Owner of the Unit. Additionally,a Unit Owner shall be jointly and severally liable with the previous owner for all unpaid Assessments thatcame due up to the time of the conveyance, without prejudice to any right such Unit Owner may have torecover from the previous owner the amounts paid by such Unit Owner. The liability for Assessmentsmay not be avoided by waiver of the use or enjoyment of any Common Elements or by the abandonmentof the Unit for which the Assessments are made or otherwise.

14.2 Default in Payment of Assessments. Assessments and installments on them not paidwhen due bear interest from the date when due until paid at the maximum interest rate permitted by law,and at the sole discretion of the. Board of Administration, a late charge not to exceed the greater ofTwenty Five dollars ($25.00) or five (5%) percent of each installment of the Assessment for eachdelinquent installment that the payment is late shall be due and payable,

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(

privileges of the Developer without its written consent., Any amendment to the By-Laws, as providedherein, shall be executed by the parties as required in this Section 11 and in Section 6 above, and saidamendment shall be recorded in the public records of the County.

11.8 Binding Effect of Condominium Documents. Every Owner, whether having acquiredownership of a Unit by gift, conveyance or transfer by operation of law, or otherwise,shall be bound bythe Articles of Incorporation, the By-Laws, and the provisions of this Declaration. Membership in theAssociation shall automatically terminate upon the termination of ownership of a Condominium Parcel,and the subsequent Owner{s) taking title shall automatically become entitled to membership.

Section 12: Management Agreement

The Association shall be the entity responsible for the management and operation of theCondominium. The Association has the power, but not the duty, to enter into a management agreementwith a third party for the management in operation of the Condominium.

Section 13: Common Expenses and Common Surplus and Special Assessments

13.1 Common Expenses and Common Surplus. Common Expenses include theexpenses of the operation, maintenance, repair or replacement of the Common Elements, utilities for theentire Condominium, costs of carrying out the powers and duties of the Association and any otherexpense designated as Common Expenses by this Declaration, the documents creating theCondominium, or the By-Laws. Funds for the payment of Common Expenses shall be assessed againstUnit Owners in the proportions or percentages provided in Exhibit "B" to the Declaration. A Unit Owner'sshare of Common Expense's shall be in the same proportion as his ownership interest in the CommonElements. Common Surplus is owned by Unit Owners in the same shares as their ownership interest inthe Common Elements.

13.2 Special.Assessments. The Board of Directors may levy "Special Assessments,"which are any assessments levied against a Unit Owner and such Owner's Unit, other than theassessment required by the annual budget. Special Assessments may be levied by the Board ofDirectors and shall be payable in lump sums or installments, in the discretion of the Board.

Section 14: Collection of Assessments

The General Assessments and Special Assessments (collectively, the "Assessments") shall becollected as follows: '

14.1 Liability for Assessments. A Unit Owner, regardless of how title is acquired, including bypurchase at a judicial sale or by deed in lieu of foreclosure, shall be liable for all Assessments coming duewhile such person (as defined by Section 1.01 (3), Florida Statutes) is the Owner of the Unit. Additionally,a Unit Owner shall be jointly and severally liable with the preVious owner for all unpaid Assessments thatcame due up to the time of the conveyance, without prejudice to any right such Unit Owner may have torecover from the previous owner the amounts paid by such Unit Owner. 'The liability for Assessmentsmay not be avoided by waiver of the use or enjoyment of any Common Elements or by the abandonmentof the Unit for which the Assessments are made or otherwise·..

14.2 Default in Payment of Assessments. Assessments and installments on them not paidwhen due bear interest from the date when due until paid at the maximUm interest rate permitted by law,and at the sole discretion of the Board of Administration, a late charge not to exceed the greater ofTwenty Five dollars ($25.00) or five (5%) percent of each installment of the Assessment for eachdelinquent installment that the payment is late shall be due and payable.


As an additional right and remedy of the Association, upon default in the payment ofAssessments as aforesaid and after 30 days' prior written notice to the applicable Unit Owner and therecording of a claim of lien, the Association may declare the balance of Assessment installments due forthe remainder of the fiscal year and payments of other known Assessments to be accelerated and shallthereupon be immediately due and payable. In the event that the amount of such acceleratedinstallments or payments changes, the Unit Owner or the Association, as appropriate, shall be obligatedto pay or reimburse to the other the amount of increase or decrease within 10 days of same taking effect.

Any payments received by the Association from a delinquent Unit Owner shall be applied first toany interest accrued as provided above, then to any administrative late fee, then to any costs andreasonable attorneys' fees incurred in collection as aforesaid and then to the delinquent and anyaccelerated Assessments. The foregoing application of funds received shall be applicable despite anyrestrictive endorsement, designation or instruction placed on or accompanying a payment.

14.3 Notice of Intention to Foreclose Lien. Unless otheEwise required by the Act or otherapplicable law, no foreclosure judgment may be entered until the recording of a claim of lien and at least30 days' written notice to the Unit Owner of the Association's intention to foreclose its lien to collect theunpaid Assessments. If this notice is not given at least 30 days before the foreclosure action is filed, andif the unpaid Assessments, including those coming due after the claim of lien is recorded, are paid beforethe entry of a final judgment of foreclosure, the Association shall not recover attorneys' fees or costs. Thenotice must be given by delivery of a copy of it to the Unit Owner or by certified or registered mail, returnreceipt requested, addressed to the Unit Owner at the last known address, and upon such mailing, thenotice shall be deemed to have been given. If after diligent search and inquiry the Association cannotfind the Unit Owner or a mailing address at which the Unit Owner will receive the notice, the court mayproceed with the foreclosure action and may award attorneys' fees and costs as permitted by law. The.notice requirements of this subsection are satisfied if the Unit Owner records a Notice of Contest of Lienas provided in the Act.

14.4 Appointment of Receiver to Coliect Rental. If the Unit Owner remains in possession ofthe Unit after a foreclosUre judgment has been entered, the court in its discretion. may require the UnitOwner to pay a reasonable rental for the Unit, If the Unit is rented or leased during the pendency.of theforeclosure action, the Association is entitled to the appointment of a receiver to collect .the rent, theexpenses of such receiver to be paid by the party which does not prevail in the foreclosure action.

14.5 Institutional First Mortqaqee. In the event an Institutional First Mortgagee or otherpurchaser shall obtain title to a Unit by foreclosure, or by deed in lieu of foreclosure, such InstitutionalFirst Mortgagee or other purchaser, its successors and assigns, shall be liable for Assessments or otherrelated expenses authorized under the Act secured by the claim of lien only to the extent provided by theAct. If, due to the applicable provisions of the Act, any unpaid share of the Assessments or other relatedexpenses authorized under the Act are. not required to be paid, then such unpaid share or other relatedexpenses authorized under the Act shall be deemed to be a Common Expense collectible from all of theUnit Owners, including such acquirer and such acquirer's successors and assigns.

14.6 Certificate of Unpaid Assessments. Within 15 days after request by .a Unit Owner ormortgagee of a Unit, the Association shall provide a certificate stating all Assessments and other moniesowed to the Association by the Unit Owner with respect to such Owners Unit. Any person other than theUnit Owner who relies upon such certificate shalt be protected thereby.

14,7 Installments. General Assessments shall be collected monthly or quarterly, in advance,as determined from time to time by the Board of Directors. Initially, General Assessments will becollected monthly. . .

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As an additional right and remedy of the Association, upon default in the payment ofAssessments as aforesaid and after 30 days' prior written notice to the applicable Unit Owner and therecording of a claim of lien, the Association may declare the balance of Assessment installments due forthe remainder of the fiscal year and payments of other known Assessments to be accelerated and shallthereupon be immediately due and payable. In the event that the amount of such acceleratedinstallments or payments changes, the Unit Owner or the Association, as appropriate, shall be obligatedto payor reimburse to the other the amount of increase or decrease within 10 days of same taking effect.

Any payments received by the Association from a delinquent Unit Owner shall be applied first toany interest accrued as provided above, then to any administrative late fee, then to any. costs andreasonable attorneys' fees incurred in collection as aforesaid and then to the delinquent and anyaccelerated Assessments. The foregoing application of funds received shall be applicable despite anyrestrictive endorsement, designation or instruction placed on or accompanying a payment.

14.3 Notice of Intention to Foreclose Lien. Unless otherwise required by the Act or otherapplicable law, no foreclosure jUdgment may be entered until the recording of a claim of lien and at least30 days' written notice to the Unit Owner of the Association's intention to foreclose its lien to collect theunpaid Assessments. If this notice is not given at least 30 days before the foreclosure action is filed, andif the unpaid Assessments, including those coming due after the claim of lien is recorded, are paid beforethe entry of a final judgment of foreclosure, the Association shall not recover attorneys' fees or costs. Thenotice must be given by delivery of a copy of it to the Unit Owner or by certified or registered mail, returnreceipt requested, addressed to the Unit Owner at the last known address, and upon such mailing, thenotice shall be deemed to have been given. If after diligent search and inquiry the Association cannotfind the Unit Owner or a mailing address at which the Unit Owner will receive the notice, the court mayproceed with the foreclosure action and may award attorneys' fees and costs as permitted by law. Thenotice requirements of this subsection are satisfied if the Unit Owner records a Notice of Contest of Lienas provided in the Act.

14.4 Appointment of Receiver to Coliect Rental. If the Unit Owner remains in possession ofthe Unit after a foreclosure jUdgment has been entered, the court in its discretion may require the UnitOwner to pay a reasonable rental for the Unit. If the Unit is rented or leased during the pendency.of theforeclosure action, the Association is entitled to the appointment of a receiver to collect the rent, theei<penses of such receiver to be paid by the party which does not prevail in the foreclosure action.

14.5 Institutional First Mortgagee. In the event an Institutional First Mortgagee or otherpurchaser shall obtain title to a Unit by foreclosure, or by deed in lieu of foreclosure, such InstitutionalFirst Mortgagee or other purchaser, its successors and assigns, shall be liable for Assessments or otherrelated ei<penses authorized under the Act secured by the claim of lien only to the extent provided by theAct. If, due to the applicable prOVisions of the Act, any unpaid share of the Assessments or other relatedexpenseS authorized under the Act are not required to be paid, then such unpaid share or other relatedexpenses authorized under the Act shall be deemed to be a Common Expense collectible from all of theUnit Owners, inclUding such acquirer and such acquirer's successors and assigns.

14.6 Certificate of Unpaid Assessments. Within 15 days after request by.a Unit Owner ormortgagee of a Unit, the Association shall provide a certificate stating all Assessments and other moniesowed to the Association by the Unit Owner With respect to such Owner's Unit. Any person other than theUnit Owner who relies upon such certificate shall be protected thereby.

14.7 Installments. General Assessments shall Qe collected mo,nthly or quarterly, in advance,as determined from time to time by the Board of Directors. Initially, General Assessments will becollected monthly.

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14.8 Developer's Guarantee. If, in the purchase agreement or by other means pursuant to theAct,. Developer shaH guarantee to each purchaser that the Assessment for a specific period of time will.not exceed a certain dollar amount, then the Developer shall only be obligated to pay the amount ofCommon Expenses incurred during that period and not produced by the Assessments received fromother Unit Owners.

14.9 Liability For Assessments. When an Owner who is leasing his or her Unit fails to pay anyRegular Assessment or other Assessment or any other charge to be paid by the Owner to the Associationpursuant to this Declaration for a period of more than thirty (30) days after it is due and payable, theAssociation shall file a claim of lien against a unit prior to bringing a Foreclosure action and request aReceivership to collect the rents and hold them pending the outcome of the Foreplosure. This provisionshall not be construed to release the Owner from any obligation, including the obligation for Assessments,for which he or she would otherwise be responsible.

Section 15: Insurance

Insurance covering the Condominium Property and the Association Property shall be governed bythe following provisions:

15.1 "Insurance Trustee". The Board of Directors of the Association shall have the option in itsdiscretion of appointing an Insurance Trustee hereunder. If the Association fails or elects not to appointsuch Insurance Trustee, the Board of Directors will perform directly all obligations imposed upon suchinsurance Trustee by this Declaration. Fees and expenses of any Insurance Trustee are CommonExpenses.

15.2 Purchase, Custody and Payment.

(a) Purchase. All insurance policies purchased by the Association shall be issued byan insurance company authorized to do business in Florida meeting all criteria established by the Boardor the Act and any rules promulgated thereunder.

Named Insured. Under all insurance policie purchased by the Association, thenamed insured shall be the Association, individually, and as agent for Owners of Units covered by thepolicy, without naming them, and as agent for their mortgagees, without naming them. The Unit Ownersand their mortgage4es shall be deemed additional insureds. .

Custody of Policies and Payment of Proceeds. All insurance policies purchasedby the Association shall provide that payments for losses made by the insurer shall be paid to theInsurance Trustee, and copies of such policies and endorsements thereto shall be given to the insuranceTrustee.

Copies to Mortqaqees. One copy . of each insurance policy, or a certificateevidencing such policy, and all endorsements thereto, shall be furnished by the Association upon requestto each Institutional First Mortgagee who holds a mortgage upon a Unit covered by the policy. Copies orcertificates shall be furnished not less than 10 days prior to the beginning of the term of the policy, or notless than 10 days prior to the expiration of.each preceding policy that is being renewed or replaced, asappropriate

Exceptions from Association Responsibility; Unit Owner's Personal Coveraqe.Except as specifically provided herein or by the Act, the Association shall not be responsible to UnitOwners to obtain insurance coverage upon any and all property lying within the boundaries of their Unit,including, but not limited to, their personal property, and for their personal liability and living expense andfor any other risks not otherwise insured in accordance herewith.

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14.8 Developer's Guarantee. If, in the purchase agreement or by other means pursuant to theAct, .Developer shall guarantee to each purchaser that the Assessment for a specific period of time will.not exceed a certain dollar amount, then the Developer shall only be obligated to pay the amount ofCommon Expenses incurred during that period and not produced by the Assessments received fromother Unit Owners.

14.9 Liability For Assessments. When an Owner who is leasing his or her Unit fails to pay anyRegUlar Assessment or other Assessment or any other charge to be paid by the Owner to the Associationpursuant to this Declaration for a period of more than thirty (30) days after it is due and payabie, theAssociation shall file a claim of lien against a unit prior to bringing a Foreclosure action and request aReceivership to collect the rents and hold them pending the outcome of the Foreclosure. This prOVisionshall not be construed to release the Owner from any obligation, inclUding the obligation for Assessments,for which he or she would otherwise be responsible.

Section 15: Insurance

Insurance covering the Condominium Property and the Association Property shall be governed bythe following provisions:

15.1 "Insurance Trustee". The Board of Directors of the Association shall have the option in itsdiscretion of appointing an Insurance Trustee hereund€r. If the Association fails or elects not to appointsuch Insurance Trustee, the Board of Directors will perform directly all obligations imposed upon suchInsurance Trustee by this Declaration. Fees and expenses of any Insurance Trustee are CommonExpenses.

15.2 Purchase, Custody and Payment.

(a) Purchase. All insurance policies purchased by the Association shall be issued byan insurance company authorized to do business in Florida meeting all criteria established by the Boardor the Act and any rules promuigated thereunder.

(b) Named Insured. Under all insurance policies purchased by the Association, thenarned insured shall be the Association, individually, and as agent for Owners of Units covered by thepolicy, without naming them, and as agent for their mortgagees, without naming them. The Unit Ownersand their mortgagE\es shall be deemed additional insureds.

(c) Custody of Policies and Payment of Proceeds. All insurance policies purchasedby the Association shall provide that payments for losses made by the insurer shall be paid to theInsurance Trustee, and copies of such policies and endorsements thereto shall be given to the InsuranceTrustee.

(d) Copies to Mortgagees. One copy of each insurance policy, or a certificateevidencing such policy, and all endorsements thereto, shall be furnished by the Association upon requestto each institutional First Mortgagee who holds a mortgage upon a Unit covered by the policy. Copies orcertificates shall be furnished not less than 10 days prior to the beginning of the term of the policy, or notless than 10 days prior to the expiration of each preceding policy that is being renewed or replaced, asappropriate.

(e) Exceptions fr.om Association Responsibility; Unit. Owner's Personal Coverage.Except as specifically provided herein or by the Act, the Association shall not be responsible to UnitOwners to obtain insurance coverage upon any and all property lying within the boundaries of their Unit,including, but not limited to, their personal property, and for their personai liability and living expense andfor any other risks not otherwise insured in accordance herewith.

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Unit Owners may be required to purchase flood insurance for their respective Unit(s) if suchovements.

The Association shall have no obligation to purchase flood insurance or fire and casualtyinsurance on the personal property within the Units.

In accordance with Section 3.3(c) herein, the Unit Owner shalt be solely responsible for insuringany and all equipment, machinery, fixtures, furniture or the like installed and/or placed upon or within theLimited Common Elements appurtenant to such. Owner's Unit, as well as any other improvements locatedwithin such Limited Common Elements.

Unless the Association elects otherwise, the insurance purchased by the Association shall notcover claims against a Unit Owner due to accidents occurring within such Owner's Unit. It shall be theobligation of the individual Unit Owner, if such Unit Owner so desires, to purchase.and pay for insuranceas to all such and other risks not covered by insurance carried by the Association.

15.3 Coveraqe Responsibilities of Association. The Association shall use its best efforts toobtain and maintain adequate insurance covering the following:

(a) Csualty. Insurance covering loss or damage to the Common Elements and allother portions of the Condominiun, Property which the Asàociation is responsible to maintain under theterms of this Declaration, and all items for which the Association is required under applicable provisions ofthe Act to insure against loss or damage by fire and against loss or damage by risks now or hereafterembraced by standard extended coverage and vandalism and malicious mischief endorsements(collectively, the "Insured Property"). Such policies may contain reasonable deductible provisions asdetermined by the Board of Directors. Such coverage shall afford protection against such other risks asfrom time to time are customarily covered with respect to buildings and improvements similar to theInsured Property in construction, location and use, including, but not limited to, vandalism and maliciousmischief.

Liability. Comprehensive general public liability and automobile liability insurancecovering loss or damage resulting from accidents or occurrences on or about or in connection with theInsured Property or adjoining driveways and walkways, or any work, matters or things related to theinsured Property, with such coverage as shall be required by the Board of Directors, but 'ith combinedsingle limit liability of not less than $1,000,000.00 per occurrence, and with a cross liability endorsementto cover liabilities of the Unit Owners as a group to any Unit Owner, and vice versa. -

Worker's Compensation and other mandatory insurance, when applicable.

Fidelity Insurance, if required by the Act or FNMA/FHLMC, covering all personswho control or disburse Association funds, such insurance to be in the amount required by law and mustcover the maximum funds that will be in the custody of the association or its management agent at anyone time, As used in this paragraph, the term "persons who control or disburse funds of the association"includes, but is not limited to, those individuals authorized to sign checks and the president, secretary,and treasurer of the association. The association shall bear the cost of bonding.

Association Property. Appropriate additional policy provisions, policies orendorsements extending the applicable portions of the coverage described above to all AssociationProperty, where such coverage is available.

Such Other Insurance as the Board of Directors shall determine from time to timeto be desirable.

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Unit Owners may be required to purchase flood insurance for their respective Unit(s) if suchinsurance is required by their mortgagee(s) for interior improvements.

The Association shall have no obligation to purchase flood insurance or fire and casualtyinsurance on the personal property within the Units.

In accordance with Section 3.3(c) herein, the Unit Owner shall be solely responsible for insuringany and all equipment, machinery, fixtures, fumiture or the like installed and/or placed upon or within theLimited Common Elements appurtenant to such Owner's Unit, as well as any other improvements locatedwithin such Limited Common Elements.

(b) liability.· Comprehensive general pUblic liability and automobile liability insurancecovering loss or damage resulting from accidents or occurrences on or about or in connection with theInsured Property or adjoining driveways and walkways, or any work, matters or things related to theInsured Property, with such coverage as shall be reqUired by the Board of Directors, but with combinedsingle limit liability of not less than $1,000,000.00 per occurrence, and with a cross liability endorsementto cover liabilities of the Unit Owners as a group to any Unit Owner, and vice versa.

(c) Worker's Compensation and other mandatory insurance, when applicable.

(d) Fidelity Insurance, if reqUired by the Act or FNMNFHLMC, covering all personswho control or disburse Association funds, such insurance to be in the amount required by law and mustcover the maximum funds that will be in the custody of the association or its management agent at anyone time. As used in this paragraph, the term "persons who control or disburse funds of the association"inclUdes, but is not limited to, those individuals authorized to sign checks and the president, secretary,and treasurer of the association. The association shall bear the cost of bonding.

(e) Association Property. Appropriate additional policy prOVIsions, policies· orendorsements extending the applicable portions of the coverage described above to all AssociationProperty, where such coverage is available. .;>

(f)to be desirable.

Such Other Insurance as the Board of Directors shall determine from time to time

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When appropriate and obtainable, each of the foregoing policies shall waive the insurers right to:(I) subrogation against the Association, its officers, members of the Board, the Developer,, theManagement Firm and its respective employees and agents, and against the Unit Owners individuallyand as a group; (U) to pay only a fraction of any loss in the event of coinsurance or if other insurancecarriers have issued coverage upon the same risk; and (UI) avoid liability for a loss that is caused by anact of the Board of Directors, a member of the Board of Directors, the Management Firm and itsrespective employees and agents, the Developer, one or more Unit Owners or as a result of contractualundertakings. Additionally, each policy shall provide that any insurance trust agreement will berecognized, that the insurance provided shall not be prejudiced by any act or omissions of theManagement Firm or the individual Unit Owners that are not under the control of the Association, and thatthe policy shall be primary, even if a Unit Owner has other insurance that covers the same loss.

Every casualty insurance policy obtained by the Association shall have the agreed amount andinflation guard endorsement unless the Board finds such endorsement is unobtainable or economicallyinfeasible.

15.4 Additional Provisions. All policies of insurance shall provide that such policies may notbe canceled or substantially modified without at least 30 days' prior written notice to all of the namedinsureds, including all mortgagees of Units. Prior to obtaining, any policy of casualty insurance or anyrenewal thereof, the Board of Directors may wish to obtain an appraisal from a fire insurance company, orother competent appraiser, of the full insurable replacement value of the Insured Property (exclusive offoundations), without deduction for depreciation, for the purpose of determining the amount of insuranceto be effected pursuant to this Section.

15.5 Premiums. Premiums upon insurance policies purchased by the Association shall bepaid by the Association as a Common xpense, except that the costs of fidelity honding for theManagement Firm employees may be paid by the Management Firm pursuant to the manaementagreement. Premiums may be financed in such manner as the Board of Directors deems appropriate.

15.6 Insurance Trustee Share of Proceeds. All insurance policies obtained by or on behalf ofthe Association shall be for the benefit.of the Association,, the Management Firm, the Unit Owners andtheir mortgagees, as their respective interests may appear, and shall provide that all proceeds coveringlosses to the Insured Property shall be. paid to the Insurance Trustee, which may be designated by theBoard of Directors and which, if so appointed, shall be a bank or trust company in Florida with trustpowers, with its principal place of business in the State of Florida. The Insurance Trustee shall not beliable for payment of premiums, nor for the renewal or the sufficiency of policies, nor for the failure tocollect any insurance proceeds. The duty of the Insurance Trustee shall be to receive such proceeds asare paid and to hold the same in trust for the purposes else*here stated herein, and for the benefit of theUnit Owners and their respective mortgagees in the following shares, but shares need not be set forth onthe records of the Insurance Trustee:

Insured Prooerty. Proceeds on account of damage to the Insured Property shallbe held by the Associatio.n for each Unit Owner as tenants in common on the basis of the fair marketvalue of each Unit, relative to the other Units in the Condominium, immediately prior to the event ofcasualty (such fair market value shall be determined by an MAt-certified appraiser selected by the Boardof Directors in its sole discretion); provided, however, that prior to any distributionâ to the Unit Owners,such proceeds shall first be distributed in accordance with thq provisions of Section 15.7 herein.

Mortciaqees. Nb mortgagee shall have any right tq, determine or participate in thedetermination as to whether or not any damaged property shall be reconstructed or repaired, and nomortgagee shall have any right to' apply or have applied to the reduction of a mortgage debt anyinsurance proceeds, except for actual distributions thereof made to the Unit Owner and mortgageepursuant to the provisions of this Declaration.

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When appropriate and obtainable, each of the foregoing policies shall waive the insurer's right to:(i) subrogation against the Association,its officers, members of the Board, the Developer, theManagement Firm and its respective employees and agents, and against the Unit Owners individuallyand as a group; (Ii) to pay only a fraction of any loss in the event of coinsurance or if other insurance

~"" carriers have issued coverage upon the same risk; and (iii) avoid liability for a loss that is caused by an;'1 act of the Board of Directors, a member of the Board of Directors, the Management Firm and its'8~ respective employees and agents, the Developer, one or more Unit Owners or as a result of contractual

undertakings. Additionally, each policy shall provide that any insurance trust agreement will be1f.\'.1 recognized, that the insurance provided shall not be prejudiced by any act or omissions of the~i~ Management Firm or the individual Unit Owners that are not under the controi of the Association, and that

the policy shall be primary, even if a Unit Owner has other insurance that covers the same loss.

1&%~ Every casualty insurance policy obtained by the Association shall have the agreed amount and~~j inflation guard endorsement unless the Board finds such endorsement is unobtainable or economically

infeasible.

It 15.4 Additional Provisions. All policies of insurance shall provide that such policies may notbe canceled or sUbstantially modified without at least 30 days' prior written notice to all of the namedinsureds, including all mortgagees of Units. Prior to obtaining any policy of casualty insurance or any

~I renewal thereof, the Board of Directors may wish to obtain an appraisal from a fire insurance company, ort\", other competent appraiser, of the full insurable replacement value of the Insured Property (exclusive of

foundations), without deduction for depreciation, for the purpose of determining the amount of insuranceto be effected pursuant to this S'ection.

15.5 Premiums. Premiums upon insurance policies purchased by the Association shall bepaid by the .Association as a Common Expense, except that the costs of fidelity Donding for theManagement Firm employees may be paid by the Management Firm pursuant to the managementagreement. Premiums may be financed in such manner as the Board of Directors deems appropriate.

15.6 Insurance Trustee; Share of Proceeds. All insurance policies obtained by or on behalf ofthe Association shall be for the benefit.of the Association, the Management Firm, the Unit Owners andtheir mortgagees, as their respective interests may appear, and shall provide that all proceeds coveringlosses to the Insured Property shall be. paid to the Insurance Trustee, which may be designated by theBoard of Directors and which, if so appointed, shall be a bank or trust company in Florida with trustpowers, with its principal place of business in the State of Florida. The Insurance Trustee shall not beliable for payment of premiums, nor for the renewal or the sufficiency of policies, nor for the failure tocollect any insurance proceeds. The duty of the Insurance Trustee shall be to receive such proceeds asare paid and to hold the same in trust for the purposes elsewhere stated herein, and for the benefit of theUnit·Owners and their respective mortgagees in the following shares, but shares need not be set forth onthe records of the Insurance Trustee:

(a) Insured Property. Proceeds on account of damage to the Insured Property shallbe held by the Association for each Unit Owner as tenants in common on the basis of the fair marketvalue of each Unit, relative to the other' Units in the Condominium, immediately prior to the event ofcasualty (such fair market value shall be determined by an MAI-c:ertified appraiser selected by the Boardof Directors in its sole discretion); provided, however, that prior to any distributions to the Unit Owners,such proceeds shall first be distributed in accordance with the provisions of Section 15.7 herein.

(b) Mortgagees. No mortgagee shall have any right tq determine or participate in thedetermination as to whether or not any damaged property shall be reconstructed or repaired, and nomortgagee shall have any right to apply or have applied to the reduction of a mortgage debt anyinsurance proceeds, except for actual distributions thereof made to the Unit Owner and mortgageepursuant to the provisions of this Declaration.


15.7 Distribution of Proceeds. Proceeds of insurance policies received by the Insuranceee shall be distributed to or for the benefit of the beneficial owners thereof in the following manner:

Expenses of the Trust. All expenses of the Insurance Trustee shall be first paidor provision shall be made therefor.

Reconstruction or Repair, If the damaged property for which the proceeds arepaid is to be repaired or reconstructed, the remaining proceeds shall be paid to defray the cost thereof aselsewhere provided herein, Any proceeds remaining after defraying such costs shall be distributed toeach Unit Owner, by check made payable jointly to such Unit Owner and its respective mortgagee(s),based on the same percentages as their ownership of the common elements.

Failure to Reconstruct or Repair, If it is determined in the manner elsewhereprovided that the damaged property for which the proceeds are paid shall not be reconstructed orrepaired, the remaining proceeds shall be allocated among the beneficial owners as provided in Section15.6(a) herein, and distributed to each Unit Owner by check made payable jointly to such Unit Owner andits respective mortgagee(s). If there is no mortgage on the Unit, all distributions shall be made directly tothe Unit Owner.

Certificate. In making distributions to Unit Owners and their mortgagees, theInsurance Trustee (if appointed) may rely upon a certificate of the Association made by its President andSecretary as to the names of the Unit Owners and their mortgagees and their respective shares of thedistribution.

15.8 Association as Aqent. The Association is hereby irrevocably appointed as agent andattorney-in-fact for each Unit Owner and for each owner of a mortgage or other lien upon a Unit and foreach owner of any other interest in the Condominium Property to adjust all claims arising under insurancepolicies purchased by the Association and to execute and deliver releases upon the payment of claims.

15.9 Presumption as to Damaqed Property. In the event of a dispute or lack of certainty as towhether damaged property constitutes a Unit(s) or Common Elements, such property shall be presumedto be Commdn Elements.

Section 16: Reconstruction or Repair After Fire or Other Casualty

16.1 Determination to Reconstruct or Repair. Subject to the immediately following subsection,in the event of damage to or destruction of the Insured Property a a result of fire or other casualty; theBoard of Directors shall arrange for the prompt repair and restoration of the Insured Property, and theInsurance Trustee shall disburse the proceeds of all insurance policies to the contractors engaged in suchrepair and restoration in appropriate progress payments.

If 50% or more of the Insured Property is substantially damaged or destroyed and if Unit Ownersowning 51% Of the applicable interests in the Common Elements duly and promptly resolve not toproceed with the repair or restoration thereof and a Majority of InstitUtional First Mortgagees approvesuch resolution, the Condominium Property shall not be repaired and the net proceeds of insuranceresulting from such damage or destruction shall be distributed to each Unit Owner, by check madepayable to such Unit Owner and its respective mortgagee(s), in accordance with the prov!sions of Section15.6(a) herein. Following such distribution of proceeds, the Condominium shall be terminated and theownership of the Condominium Property shall be held by. the formerly-titled Unit Owners in undividedinterest as tenants-in-common, subject to and in accordance with the provisions of Section 21 hereof.

Whenever in this Section the words "promptly repair" are used, it shall mean that repairs are tobegin not more than 60 days from the date the Insurance Trustee (if appointed) notifies the Board of

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15.7 Distribution of Proceeds. Proceeds of insurance poiicies received by the InsuranceTrustee shall be distributed to or for the benefit of the beneficial owners thereof in the following manner:

(a) Expenses of the Trust. All expenses of the Insurance Trustee shall be first paidor provision shall be made therefor.

.(b) Reconstruction or Repair. If the damaged property for which the proceeds are

paid is to be repaired or reconstructed, the remaining proceeds shall be paid to defray the cost thereof aseisewhere provided herein. Any proceeds remaining after defraying such costs shall be distributed toeach Unit Owner, by check made payable jointly to such Unit Owner and its respective mortgagee(s),based on the same percentages as their ownership of the common elements.

(c) Failure to Reconstruct or Repair. If it is determined in the manner elsewhereprovided that the damaged property for which the proceeds are paid shall not be reconstructed orrepaired, the remaining proceeds shall be allocated among the beneficial owners as provided in Section15.6(a) herein, and distributed to each Unit Owner by check made payable jointly to such Unit Owner andits respective mortgagee(s). If there is no mortgage on the Unit, all distributions shall be made directly tothe Unit Owner.

(d) Certificate. In making distributions to Unit Owners and their mortgagees, theInsurance Trustee (if appointed) may rely upon a certificate of the Association made by its President andSecretary as to the names of the Unit Owners and their mortgagees and their respective shares of thedistribution.

15.8 Association as Agent. The Association is hereby irrevocably appointed as agent andattorney-in-fact for each Unit Owner and for each owner of a mortgage or other lien upon a Unit and foreach owner of any other interest in the Condominium Property to adjust all claims arising under insurancepolicies purchased by the Association and to execute and deiiver releases upon the payment of claims.

15.9 Presumption as to Damaged Property. In the event of a dispute or lack of certainty as towhether damaged property constitutes a Unit(s) or Common Elements, such property shall be presumedto be Common Elements.

Section 16: Reconstruction or Repair After Fire or Other Casualty

16.1 Determination to Reconstruct or Repair. Subject to the immediately following subsection,in the event of damage to or destruction of the Insured Property as a result of fire or other casualty, theBoard of Directors shall arrange for the prompt repair and restoration of the Insured Property, and theInsurance Trustee shall disburse the proceeds of all insurance policies to the contractors engaged in suchrepair and restoration in appropriate progress payments.

If 50% or more of the Insured Property is substantially damaged or destroyed and if Unit Ownersowning 51 % of the applicable interests in the Common Elements duly and promptly resolve not toproceed with the repair or restoration thereof and a Majority of Institutional First Mortgagees approvesuch resolution, the Condominium Property shall not be repaired and the net proceeds of insuranceresulting from such damage or destruction shall be distributed to each Unit Owner, by check madepayable to such Unit Owner and its respective mortgagee(s), in accordance with the provisions· of Section15.6(a) herein. Following such distribution of proceeds, the Condominium shall be terminated and theownership of the Condominium Property shall be held by. the formerly-titied Unit Owners in undividedinterest as tenants-in-common, subject to and in accordance with the provisions of Section 21 hereof.

Whenever in this Section the words "promptly repair" are used, it shall mean that repairs are tobegin not more than 60 days from the date the Insurance Trustee (if appointed) notifies the Board of

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Directors and Unit Owners that it holds proceeds of insurance on account of such damage or destructionsufficient to pay the estimated cost of such work, or not more than 90 days after the Insurance Trustee (ifappointed) notifies the Board of Directors and the Unit Owners that such proceeds of insurance areinsufficient to pay the estimated costs of such work. The Insurance Trustee (if appointed) may rely upona certificate of the Association made by its President and Secretary to determine whether or not thedamaged property is to be reconstructed or repaired.

16.2 Plans and Specifications. Any reconstruction or repair must be made substantially inaccordance with the plans and specifications for the original improvements and the then applicablebuilding and other codes; or if not, then in accordance with the plans and specifications approved by theBoard of Directors and the then-applicable building and other codes. If the reconstruction of the propertycannot be made in substantially in conformity with the plans and specifications for the originalimprovements, than upon the vote of the Board of Directors that substantial compliance with the planscannot be followed, than the condominium shall be considered terminated, and the provisions of thisDeclaration relating to termination shall be followed.

16.3 Disbursement, The proceeds of insurance collected on account of a casualty, and thesums collected from Unit Owners on account of such casualty, shall constitute a construction fund whichshall be disbursed in payment of the costs of reconstruction and repair in the following manner and order:

Association - Lesser Damage. If the amount of the estimated costs ofreconstruction and repair which are the responsibility of the Association is less than $100000.00, thenthe construction fund shall be disbursed in payment of such costs upon the order of the Board ofDirectors; provided, however, that upon request to the Insurance Trustee (if appointed) by an InstitutionalFirst Mortgagee which is a.beneficiary of an insurance policy the proceeds of which are included in theconstruction fund, such fund shall be disbursed in the manner provided below for the reconstruction andrepair of major damage. . .. .

Association - Maior Damaqe. If the amount of the estimated costs ofreconstruction and repair which are the responsibility of the Association is more than $100,000.00, thenthe construction fund shall be disbursed in payment of such costs in the manner contemplated bysubsection (a) above; but then only upon the further approval of an architect 'or engineer qualified topractice in Florida and employed by the Association to supervise the work,

Unit Owners. If there is'a balance of insurance proceeds after payment of allcosts of reconstruction and repair that are the responsibility of the Association this balance shall bedistributed to each Unit Owner, by check made payable jointly to such Unit Owner and its respectivemortgagee(s), in accordance with the provisions of Section 15.6(a) herein.

Certificate. Notwithstanding the provisions herein, the Insurance Trustee, shallnot be required to determine whether or not sums paid by Unit Owners upon Assessments shall bedeposited by the Association with the Insurance Trustee, nor to determine whether the disbursementsfrom the construdtion fund are to be made upon the order of the Association alone or upon the additionalapproval of an architect, engineer or otherwise, nor whether a disbursement is to be made from theconstruction fund, nor to determine whether surplus funds to be 'distributed are less than theAssessments paid by Unit Owners,. nor to determine the payees nor the amounts to be paid. TheInsurance Trustee may rely upon a certificate of theAssociation, made by its President and Secretary, asto any or all of such matters and stating that the sums to be paid are due and properly payable, andstating the names of the payees and the afflounts to be pak. .

16.4 Assessments. If the proceeds of the insurance are not sufficient to defray the estimatedcosts of reconstruction and repair to be effected by the AssOciation, or if at any time during reconstructionand repair, or upon completion of reconstruction and repair, the funds for the payment of the costs of

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Directors and Unit Owners that it holds proceeds of insurance on account of such damage or destructionsufficient to pay the estimated cost of such work, or not more than 90 days after the Insurance Trustee (ifappointed) notifies the Board of Directors and the Unit Owners that such proceeds of insurance areinsufficient to pay the estimated costs of such work. The Insurance Trustee (if appointed) may rely upona certificate of the Association made by its President and Secretary· to determine whether or not thedamaged property is to be reconstructed or repaired.

16.2 Plans and Specifications. Any reconstruction or repair must be made substantially. inaccordance with the plans and specifications for the original improvements and the then applicablebuilding and other codes; or if not, then in accordance with the plans and specifications approved by theBoard of Directors and the then-applicable building and other codes. If the reconstruction of the propertycannot be made in substantially in conformity with the plans and specifications for the originalimprovements, than upon the vote of the Board of Directors that substantial compliance with the planscannot be followed, than the condominium shall be considered terminated, and. the provisions of thisDeclaration relating to termination shall be followed.

16.3 Disbursement. The proceeds of insurance collected on account of a casualty, and thesums collected from Unit Owners on account of such casualty, shall constitute a construction fund whichshall be disbursed in payment of the costs of reconstruction and repair in the following manner and order:

(a) Association - Lesser Damage. If the amount of the estimated costs ofreconstruction and repair which are the responsibility of the Association is less than $100,000.00, thenthe construction fund shall be disbursed in payment of such costs upon the order of the Board ofDirectors; prOVided, however, that upon request to the Insurance Trustee (if appointed) by an Institutionalfirst Mortgagee which is a beneficiary of an insurance policy, the proceeds of which are included in theconstruction fund, such fund shall be disbursed in the manner provided below for the reconstruction andrepair of major damage.

(b) Association - Major Damage. If the amount of the estimated costs ofreconstruction and repair which are the responsibility of the Association is more than $100,000.00, thenthe construction fund shall be disbursed in payment of such costs in the manner contemplated bysubsection (a) above, but then oniy upon the further approval of an architect or engineer qualified topractice in Florida and employed by the Association t? supervise the work.

(c) Unit Owners. If there is' a balance of insurance proceeds after payment of allcosts of reconstruction and repair that are the responsibility of the Association, this balance shall bedistributed to each Unit Owner, by check made payable jointly to such Unit Owner and its respectivemortgagee(s), in accordance with the provisions of Section 19.6(a) herein.

(d) Certificate. NotWithstanding the provisions herein, the Insurance Trustee shall .not be required to determine whether or not sums paid by Unit Owners upon Assessments shall bedeposited by the Association with the Insurance Trustee, nor to determine whether the disbursementsfrom the construction fund are to be made upon the order ofthe Association alone or upon the additionalapproval of an architect, engineer or otherwise, nor whether a disbursement is to be made from theconstruction fund, nor to determine Whether surplUS funds to be· distributed are less than theAssessments paid by Unit Owners, nor to determine the payees nor the amounts to be paid. TheInsurance Trustee may rely upon a certificate of the Association, made by its President and Secretary, asto any or all of such matters and stating that the sums to be paid are due and properly payabie, andstating the names of the payees and the amounts to be paiq.

16.4 Assessments. If the proceeds of the insurance are not sufficient to defray the estimatedcosts of reconstruction and repair to be effected by the Association, or if at any time during reconstructionand repair, or upon completion of reconstruction and repair, the funds for the payment of the costs of


reconstruction and repair are insufficient, Assessments shall be levied against the UnitS Owners insufficient amounts to provide funds for the payment of such costs, Such Assessments on account ofdamage to the Insured Property shall be in proportion to all of the Owners' respective shares in theCommon Elements, as determined by the Association.

16.5 Responsibilities of Unit Owners. If damage occurs to the Units, the maintenance andresponsibility of which lies solely .upon the respective Unit Owners, then each Unit Owner shaH be solelyresponsible for all necessary reconstruction and repair to its respective Unit which reconstruction andrepair shall be effected promptly and in accordance with guidelines established by the Board of Directors.Each Unit Owner shall have the absolute responsibility of applying insurance proceeds, arising as a resultof flood, fire or other casualty damage to the Unit to the repair and/or reconstruction of such Unit;provided, however, that no Unit Owner shall have the responsibility of applying insurance proceeds to therepair and/or reconstruction of the respective Units if the Condominium is terminated in accordance withthe provisions of Section 21 herein,

18.6 Benefit of Mortcaqees. Certain provisions in this Section. are for the benefit ofmortgagees of Units and may be enforced by any of them.

Section 17: Condemnation

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Any condemnation of any portion(s) of the Condominium Property shall be governed by thefollowing provisions:

17.1 Deposit of Certain Condemnation Awards with Insurance Trustee. Condemnationawards pertaining to the taking of Common Elements shall be paid over by each Unit Owner to theInsurance Trustee for use as noted hereinafter in this Section, In the event the Unit Owner fails to turnover such award as required, the defaulting Unit Owner shall be charged the maximum interest which

does not constitute usury tinder Florida law until such amount is fully paid.

Condemnation awards pertaining to the condemnation of Units shall not be the property of theAssociation.

17.2 Determination Whether to Continue Condominium. Whether the Condominium will becontinued after condemnation will be determined in the manner provided for in Section 16 herein fordetermining whether damaged property will be reconstructed and repaired after casualty. For thispurpose, the taking by eminent dbftjain also shall be demed to be a casualty.

17.3 Disbursement of Funds. If the Condominium is terminated following a condemnation, theproceeds of the awards pertaining to the condemnation of Common Elements will be deemed to beinsurance proceeds and shall be owned and distributed in the manner provided with respect to theownership and distribution of insurance proceeds if the Condominium is terminated after a casualty. If theCondominium is not terminated after condemnation, the size of the Condominium will be reduced and theproperty damaged by the taking wIll be made usable in the manner provided below. The proceeds of anysuch awards shall be used for these purposes and shall be disbursed in the manner provided fordisbursement of funds by the Insurance Trustee after a casualty, or as elsewhere in this Sectionspecifically provided.

17.4 Condemnation of Common Elements. Awards for the taking of portions of the CommonElements shall be used to render the remaining portion of_the Common elements usable in the mannerapproved by the Board of Directprs of the Association; provided, however, that if the cost of such workshall exceed the balance of the funds from the awards for the taking, the work shall be approved in themanner elsewhere required for capital improvements to the Common Elements. The balance of theawards for the taking of Common Elements, if any, shall be distributed, after adjustments to these shares

25

reconstruction and repair are insufficient, Assessments shali be levied against the Unit Owners insufficient amounts to provide funds for the payment of such costs. Such Assessments on account ofdamage to the Insured Property shali be in proportion to ali of the Owners' respective shares in theCommon Elements, as determined by the Association.

16.5 Responsibilities of Unit Owners. If damage occurs to the Units, the maintenance andresponsibility of which lies solely upon the respective Unit Owners, then each Unit Owner shali be solelyresponsible for ali necessary reconstruction and repair to its respective Unit which reconstruction andrepair shali be effected promptly and in accordance with guidelines established by the Board of Directors.Each Unit Owner shali have the absolute responsibility of applying insurance proceeds, arising as a resultof flood, fire or other casualty damage to the Unit to the repair and/or reconstruction of such Unit;provided, however, that no Unit Owner shali have the responsibility of appiying insurance proceeds to therepair and/or reconstruction of the respective Units if the Condominium is terminated in accordance withthe provisions of Section 21 herein.

16.6 Benefit of Mortoaoees. Certain provIsions in this Section are for the benefit ofmortgagees of Units and may be enforced by any of them.

Section 17: Condemnation

Any condemnation of any portion(s) of the Condominium Property shali be governed by thefoliowing provisions:

17.1 Deposit of Certain Condemnation Awards with Insurance Trustee. Condemnationawards pertaining to the taking of Common Elements shali be paid over by each Unit Owner to theInsurance Trustee for use as noted hereinafter in this Section. In the event the Unit Owner fails to turnover such award as required, the defaulting Unit Owner shali be charged the maximum interest whichdoes not constitute usury under Florida law until such amount is fUliy paid.

Condemnation awards pertaining to the condemnation of Units shall not be the property of theAssociation.

17.2 Determination Whether to Continue Condominium. Whether the Condominium will becontinued after condemnation wili be determined in the manner provided for in Section 16 herein fordetermining Whether damaged property wili be reconstructed and repaired after casualty. For thispurpose, the taking by eminent domain also shali be de!3med to be a casualty.

17.3 Disbursement of Funds. If the Condominium is terminated foliowing a condemnation, theproceeds of the awards pertaining to the condemnation of Common Elements will be deemed to beinsurance proceeds and shali be owned and distributed in the manner provided with respect to theownership and distribution of insurance proceeds if the Condominium is terminated after a casuaity. If theCondominium is not terminated after condemnation, the size of the Condominium wili be reduced and theproperty damaged by the taking will be made usable in the manner provided below. The proceeds of anysuch awards shali be used for these purposes and shali be disbursed in the manner provided fordisbursement of funds by the Insurance Trustee after a casualty, or as elsewhere in this Sectionspecificaliy provided.

17.4 Condemnation of Common Elements. Awards for the taking of portions of the CommonElements shall be used to render the remaining portion ofJhe Common E;lements usable in the mannerapproved by the Board of Directors of the Association; provided, however, that if the cost of such workshali exceed the baiance of the funds from the awards for the taking, the work shali be approved in themanner elsewhere required for capital improvements to the Common Elements. The baiance of theawards for the taking of Common Elements, if any, shall be distributed, after adjustments to these shares


effected pursuant hereto by reason of the taking, to each Unit Owner by check made payable jointly tosuch Unit Owner and its respective rhortgagee(s), in accordance with the provisions of Section 15.6(a)herein,

17.5 Condemnation of a Unit, If there is a taking of a Unit, the respective Unit Owner shall notbe required to utilize any portion of the condemnation award with regard to reconstruction of the Unit.Following such taking of a Unit and the recording of a deed to the condemning authority, (1) the affectedUnit Owner shall no longer have an ownership interest in the Unit or an undivided ownership interest inthe Common Elements, and (2) such Unit. Owner shall no longer be responsible for the payment ofCommon Expenses.

The following changes shall be made in the Condominium following a taking as described in thisSection:

(a) Addition to dommon Elements. The remaining portion of the Unit, if any, shallbecome part of the Common Elements and shall be placed in a condition allowing, to the extent possible,for use by all of the Unit Owners in the manner approved by the Board of Directors,

Adiustment of Shares. The shares in the Common Elements, Common Expenses andCommon Surplus appurtenant to the Units that continue as part of the Condominium shall be adjusted todistribute the shares in the Common Elements, Common Expenses and Common Surplus among thereduced number of Unit Owners (and among reduced Units). This distribution will be based on an equalfractional basis, which in the aggregate must equal the whole (the numerator is one and the denominatorequals the total number of units remaining).

Assessments. In the event the Association does not have the funds necessary to alter theremaining portion of the condemned Unit for use as a part of the Common Elements1 the additional fundsfor such purposes shall be raised by Assessments against all of the Unit Owners wh.o will continue s

Owners of Units after the changes in the Condominium effected by the taking. The Assessments shall bemade in proportion to the applicable percentage shares 'of those Owners after all adjustments to suchshares effected pursuant hereto by reason of the taking.

17.6 Amendment of Declaration. The changes in Units, in the Common Elements and in theownership of the Common Elements and share in the Common Expenses and Common Surplus that areeffected by the taking shall be evidenced by an amendment to this Declaration that is only required to beapproved by, and executed upon the direction of, a majority of all members of the Board of Directors.

In order to provide for congenial occupancy of the Condominium Property and for the protectipnof the values of the Units, the use of the Condominium Property shall be restricted to and shall be inaccordance with the following provisions and every Unit Own.er shall:

18.1 Promptly pay the Assessments levied by the Association.

18.2 Maintain in a clean and sanitary manner and repair his Unit and all interior surfaces withinor surrounding his apartment Unit (such as the surfaces of the walls, ceilings, floors, etc.) whether or not apart of the Unit or Common Elements which are a part of the Unit, and maintain and repair the fixturestherein and pay for any utilities which are separately metered to his Unit

,

18.3 Not use or permit the use of this Unit except for purposes consistent with the laws ofgovernment authorities having jurisdiction over the property. . .

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Section 18: Occupancy and Use Restrictions

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effected pursuant hereto by reason of the taking, to each Unit Owner by check made payable jointly tosuch Unit Owner and its respective mortgagee(s), in accordance with the provisions of Section 15.6(a)herein. .

17.5 Condemnation of a Unit. If there is a taking of a Unit. the respective Unit Owner shall notbe required to utilize any portion of the condemnation award with regard to reconstruction of the Unit.Following such taking of a Unit and the recording of a deed to the condemning authority, (1) the affectedUnit Owner shall no longer have an ownership interest in the Unit or an undivided ownership interest inthe Common Elements, and (2) such Unit Owner shall no longer be responsible for the payment ofCommon Expenses.

The following changes shall be made in the Condominium following a taking as described in thisSection:

(a) Addition to Common Elements. The remaining portion of the Unit, if any, shallbecome part of the Common Elements and shall be placed in a condition allowing, to the extent possible,for use by all of the Unit Owners in the manner approved by the Board of Directors.

(b) Adjustment of Shares. The shares in the Common Elements, Common Expenses andCommon Surplus appurtenant to the Units that continue as part of the Condominium shall be adjusted todistribute the shares in the Common Elements, Common Expenses and Common Surplus among thereduced number of Unit Owners (and among reduced Units). This distribution will be based on an equalfractional basis, which in the aggregate must equal the whoie (the numerator is one and the denominatorequals the total number of units remaining).

(c) Assessments. In the event the Association does not have the funds necessary to alter theremaining portion of the condemned Unit for use as a part of the Common Elements, the additional fundsfor such purposes shall be raised by Assessments against all of the Unit Owners who will continue 'asOwners of Units after the changes in the Condominium effected by the taking. The Assessments shall bemade in proportion to the applicabie percentage shares 'of those Owners after all adjustments to such .shares effected pursuant hereto by reason of the taking.

17.6 Amendment of Declaration. The changes in Units, in the Common Elements and in theownership of the Common Elements and share in the.Common Expenses ·and Common Surplus that areeffected by the taking shall be evidenced by an amendment to this Declaration that is only required to beapproved by, and executed upon the direction of, a majority of all members of the Board of Dire.ctors.

Section 18: Occupancy and Use Restrictions

In order to provide for congenial occupancy of the Condominium Property and for the protectionof the values of the Units, the use of the Condominium Property shall be restricted to and shall be inaccordance with the following provisions and every Unit Owner shall:

18.1 Promptly pay the Assessments levied by the Association.

18.2 Maintain in a clean and sanitary manner and repair his Unit and all interior surfaces withinor surrounding his apartment Unit (such as the surfaces of the walls, ceilings, floors, etc.) whether or not apart of the Unit or Common Elements Which are a part of the Unit, and maintain and repair the fixturestherein and pay for any utilities which are separately metere.d to his Unit. ,.

~J~.•j 18.3 Not use or permit the use of this Unit except for purposes consistent with the laws ofli!£I government authorities having jurisdiction over the property.


18.4 Not permit or suffer anything to be done or kept in his Unit which would increase theinsurance rates on his Unit or the Common Elements, or which willobstruct or interfere with the rights ofoth& members or annoy them with unreasonable noises or otherwise; nor shall a member commit orpermit any nuisance, immoral or illegal act in his Unit or on the Common Elements.

18.5 Conform'to and abide by the By-Laws and uniform rules and regulations in regard to theuse of the Unit and Common Elements which may be adopted in writing from time to time by theAssoOiation, and to see that all persons using the Owner's property, by, through or under him do likewise.

18.6 Make no alteration, decoration, repair, replacement or change of the Common Elementsor to any outside or exterior portion of the building without the prior written consent of the Association.

18.7 Allow the Board of Administration or the authorized agents of the Association to enter anyUnit during reasonable hours, when necessary for maintenance, repair or replacement of any CommonElements or of any portion of a Unit to be maintained by the Association pursuant to the Declaration or asnecessary to prevent damage to the Common Elements or to another Unit or Units. If no key has beenprovided to the Association, then the expense of entry into a Unit for emergency purposes shall be borneby the Owner of the Unit.

18.8 Show no sign, advertisement or notice of any type on the Common Elements or his Unit,and erect no exterior antennas and aerials, except as provided in uniform regulations promulgated by theAssociation. Notwithstanding anything contained herein to the contrary, a Unit Owner is permitted torespectfully display a United States Flag. In addition, pursuant to 718,113(4), Florida Statutes, which wasamended by Chapter 2003-23, Laws of Florida, effective July 1, 2003, a unit owner on Armed ForcesDay, Memorial Day, Flag Day, Independence Day, and Veterans Day is permitted to display in arespectful way, portable, removable official flags, not larger than 4-1/2 feet by 6 feet, that represent theUnited States Army, Navy, Air Force, Marine Corps, or Coast Guard.

18.9 Abide by any regulations regarding children as may be established by the Association,except that no regulations shall prohibit children from residing in or occupying a Unit

18.10 Make no repairs to any plumbing, air bonditioning systems or electrical wiring within aUnit, except by plumbers, repairmen or electricians authorized to do such work by the management of theAssociation. Plumbing, air conditioning and electrical repairs within a Unit shall be paid for and be thefinancial obligations of the Owner of the Unit. The Association shall pay for and be responsible forplumbing, air conditioning repairs and electrical wiring within the Common Elements, The Associationshall have the right to exclude any unauthorized repairmen from the Condominium.

18.11 Return the 'Condominium Parcel" for the purpose of ad valorem taxes to the respectivetaxing authorities having jurisdiction over them for separate Assessment against his Condominium Parcel.For the purposes of ad valorem taxation, the interest of the Owner of a "Condominium Parcel" in his"Condominium Unit" and in the "Common Elements" shall be considered as a Unit. The value of.said Unitshall be equal to the proportion or percentage of the value of the entire Condominium, including land andimprovements, as has been assigned to said Unit in Exhibit B of this Declaration. The total of all saidpropbrtions or percentages equals the value of all of the land and improvements thereon.

18.12 Not replace and/or .remove screens, jalousies or other enclosures on balconies, patios orterrace or on other parts of the building, even though such areas may be a part of the Unit, except withpor written approval of the Board of Administration. .

18.13 No balconies, patios or terraces shall be edended, enclosed or decorated in any waywhatsoever by a Unit owner without the prior written consent of the Board of Administration.

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18.4 Not permit or suffer anything to be done or kept in his Unit which would increase theinsurance rates on his Unit or the Common Elements, or which will obstruct or interfere with the rights ofother members or annoy them with unreasonable noises or otherwise; nor shall a member commit orpermit any nuisance, immoral or illegal act in his Unit or on the Common Elements.

18.5 Conform'to and abide by the By-Laws and uniform rules and regulations in regard to theuse of the Unit and Common Elements which may be adopted in writing from time to time by theAssociation, and to see that all persons using the Owner's property, by, through or under him do likewise.

18.6 Make no alteration, decoration, repair, replacement or change of the Common Elementsor to any outside or exterior portion of the building without the prior written consent of the Association.

18.7 Allow the Board of Administration or the authorized agents of the Association to enter anyUnit during reasonable hours, when necessary for maintenance, repair or replacement of any CommonElements or of any portion of a Unit to be maintained by the Association pursuant to the Declaration or asnecessary to prevent damage to the Common Elements or to another Unit or Units. If no key has beenprovided to the Association, then the expense of entry Into a Unit for emergency purposes shall be borneby the Owner of the Unit.

18.8 Show no sign, advertisement or notice of any type on the Common Elements or his Unit,and erect no exterior antennas and aerlais, except as provided in uniform regulations promulgated by theAssociation. Notwithstanding anything contained herein to the contrary, a Unit Owner is permitted torespectfully display a United States Flag. In addition, pursuant to 718.113(4), Florida Statutes, which wasamended by Chapter 2003-23, Laws of Florida, effective July 1, 2003, a unit owner on Armed ForcesDay, Memorial Day, Flag Day, Independence Day, and Veterans Day is permitted to display in arespectful way, portable, removable official flags, not larger than 4-1/2 feet by 6 feet, that represent theUnited States Army, Navy, Air Force, Marine Corps, or Coast Guard.

18.9 Abide by any regulations regarding children as may be established by the Association,except that no regulations shall prohibit children from residing in or occupying a Unit.

18.10 Make no repairs to any plumbing, air conditioning systems or electrical wiring within aUnit, except by plumbers, repairmen or electricians authorized to do such work by the management of theAssociation. Plumbing, air conditioning and electrical repairs within a Unit shall be paid for and be thefinancial obligations of the Owner of the Unit. The Association shall pay for and be responsible forplumbing, air conditioning repairs and electrical wiring within the Common Elements. The Associationshall have the right to exclude any unauthorized repairmen from the Condominium. '

, 18.11 Return the "Condominium Parcel" for the purpose of ad valorem taxes to the respectivetaxing authorities having jurisdiction over them for separate Assessment against his Condominium Parcel.For the purposes of ad valorem taxation, the interest of the Owner of a "Condominium Parcel" in his"Condominium Unit" and in the "Common Elements" shall be considered as a Unit. The value of said Unitshall be equal to the proportion or percentage of the value of the entire Condominium, including land andimprovements, as has been assigned to said Unit in Exhibit B of this Declaration. The total of all saidproportions or percentages equals the value of all of the land and improvements thereon.

18.12 Not replace and/or .remove screens, jalousies or other enclosures on balconies, patios orterrace or on other parts of the building, even though such areas may be a part of the Unit, except withprior written approval of the Board of Administration.

18.13 No balconies, patios or,terraces shall be eXtended, enclosed or decorated in any waywhatsoever by a Unit owner without the prior written consent of the Board of Administration.

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18.14 Except as otherwise provided herein, not divide or subdivide a Unit for purpose of sale orlease. Notwithstanding the foregoing, a Unit may be combined with a contiguous Unit and occupied asone dwelling Unit. Such a combination shall be for occupancy only and shall not be deemed andamendment to the Declaration. Further, any such,combination shall not materially alter the configurationofa Unit.

18.15 Not hang any laundry, garments or other objects which are visible from outside of theUnit, except for draperies, blinds, shades, or other suitable window coverings. Decorative windowcoverings shall not include any type of reflective film on any glass windows or doors. The exteriorappearance of aD window coverings shall be white in color. A unit owner may display, however, oneportable, removable United States flag in a respectful way, and pursuant to 718.113(4), Florida Statutes,which was amended by Chapter 2003-23, Laws of Florida, effective July 1, 2003, a unit owner on ArmedForces Day, Memorial Day, Flag Day, Independence Day, and Veterans Day is permitted to display in arespectful way, portable, removable official flags, not larger than 4-1/2 feet by 6 teet, that represent theUnited States Army, Navy, Air Force, Marine Corps, or Coast Guard.

18.16 Not allow any rubbish, refuse, garbage or trash to accumulate in places other than thereceptacles provided therefor, so that each Unit, the Common Elements and Limited Common Elementsshall at all times remain in a clean and sanitary condition.

18.17 Not make any use of a Unit that violates any laws, ordinances and regulations of anygovernmental body having jurisdiction thereof.

18.18 No livestock, reptiles, insects, poultry or other animals of any kind shall be kept in anyUnit except that usual and ordinary domestic dogs, cats, fish, and birds inside bird cages may be kept ashousehold pets within any Residential Unit provided that they are not kept, bred or raised therein forcommercial purposes or in unreasonable quantities or sizes. As used in the Declaration, "unreasonablequantities' shall ordinarily mean one (1) pet at thirty-five (35) pounds and two (2) pets not to exceed fifty(50) pounds (except with regard to quantities of fish) per Unit; provided, however, that the Board maydetermine that a reasonable number in any instance may be more. No potbellied pigs, snakes, pitbulldogs, Doberman dogs, or any other animals determined in the Board's sole discretion to be dangerous ora nuisance may be brought onto or kept on the Project at any time. The Board shall have the right torequire that any pet which, in the Board's opinion, endangers the health or security of any Owner oroccupant of a Unit or creates a nuisance or unreasonable disturbance, be permanently removed from theProject upon seven (7) days written notice. If the Owner or occupant fails to do so, the Board mayremove the pet. Any pet which, in the Board's sole discretion, presents an immediate danger to thehealth, safety, or property of any Owner or other Occupant of a Unit may be removed by the Boardwithout prior notice to the pet's owner. Animals belonging to Owners, occupants or their licensees,tenants or Invitees within the 'Property must be kept inside the living element of a 'Residential Unit (andshall not be left or located unattended on the Exclusive Use Balcony Area or Exclusive Use Patio Area ofthat Unit), and must be held by a person capable of controlling the animal when outside, of a Unit.Furthermore, any Owner shall be liable to each and all remaining Occupants, their families; guests andlnvitees, for any unreasonable noise or damage to person or property caused by any animals brought orkept upon the Project by an Occupant or by members of his family, his tenants or his guests. It shall bethe duty and responsibility of each such Owner to clean up after such animals which have, deposited'droppings on any public street abutting or visible from the Property and properly dispose of any animalwaste. Any Occupant who keeps or maintains any pet upon the Project shall be deemed to haveindemnified and agreed to hold the Association, its directors, officers, and agents, and the Declarant freeand harmless from any loss, claim or liability of any kind or character whatever arising by reason ofkeeping or maintaining such pet within the Project. £, ,

18.20 The Board of Directors shall have the right to promulgate rules and regulations regardingsoundproofing of floors in connection with the installation of floor coverings.

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18.14 Except as otherwise provided herein, not divide or subdivide a Unit for purpose of sale orlease. Notwithstanding the foregoing, a Unit may be combined with a contiguous Unit and occupied asone dwelling Unit. Such a combination shall be for occupancy only and shall not be deemed andamendment to the Declaration. Further, any such combination shall not materially alter the configurationof a Unit.

18.15 Not hang any laundry, garments or other objects which are visible from outside of theUnit, except for draperies, blinds, shades, or other suitable window coverings. Decorative windowcoverings shall not include any type of reflective film on any glass windows or doors. The exteriorappearance of all window coverings shall be white in color. A unit owner may display, however, oneportable, removable United States flag in a respectful way,-and pursuant to 718.113(4), Florida Statutes,which was amended by Chapter 2003-23, Laws of Florida, effective July 1, 2003, a unit owner on ArmedForces Day, Memorial Day, Flag Day, Independence Day, and Veterans Day is permitted to display in arespectful way, portable, removable official flags, not larger than 4-1/2 feet by 6 feet, that represent theUnited States Army, Navy, Air Force, Marine Corps, or Coast Guard.

18.16 Not allow any rubbish, refuse, garbage or trash to accumulate in places other than thereceptacles provided therefor, so that each Unit, the Common Elements and Limited Common Elementsshall at all times remain in a clean and sanitary condition.

18.17 Not make any use of a Unit that violates any laws, ordinances and regulations of anygovernmental body having jurisdiction thereof.

18.18 No livestock, reptiles, insects, pOUltry or other animals of any kind shall be kept in anyUnit except that usual and ordinary domestic dogs, cats, fish, and birds inside bird cages may be kept ashousehold pets within any Residential Unit 'provided that they are not kept, bred or raised th.erein forcommercial purposes or in unreasonable quantities or sizes. As used in the Declaration, "unreasonablequantities" shall ordinarily mean one (1) pet at thirty-five (35) pounds and two (2) pets not to exceed fifty(50) pounds (except with regard to quantities of fish) ·per Unit; prOVided, however, that the Board maydetermine that a reasonable number in any instance may be more. No potbellied pigs, snakes, pitbulldogs, Doberman dogs, or any other animals determined in the Board's sole discretion to be dangerous ora nuisance may be brought onto or kept on the Project at any time. The Board shall have the right torequire that any pet which, in the Board's opinion, endangers the health or security of any Owner oroccupant of a Unit or creates a nuisance or unreasonable disturbance, be permanently removed from theProject upon seven (7) days written notice. If the Owner or occupant fails to do so, the Board mayremove the pet. Any pet which, in the Board's sole discretion, presents an immediate danger to thehealth, safety, or property of any Owner or other Occupant of a Unit may be removed by the BoardWithout prior notice to the pel's owner. Animals belonging to Owners, occupants or their licensees,tenants or Invitees within the Property must be kept inside the living element of a Residential Unit (andshall not be left or located unattended on the Exclusive Use Balcony Area or Exclusive Use Patio Area ofthat Unit), and must be held by a person capable of controlling the animal when outside of a Unit.Furthermore, any Owner shall be liable to each and all remaining Occupants, their families, guests andInVitees, for any unreasonable noise or damage to person or property caused by any animals brought orkept upon the Project by an Occupant or by members of his family, his tenants or his guests. It shall bethe duty and responsibility of each such Owner to clean up after such animals which have depositeddroppings on any public street abutting or visible from the Property and properly dispose of any animalwaste. Any Occupant who keeps .or maintains any pet upon the Project shall be deemed to haveindemnified and agreed to hold the Association, its directors, officers, and agents, and the Declarant freeand harmless from any loss, claim, or liability of any kind or character whatever arising by reason of

. keeping or maintaining such pet within the Project. - . !'.. . .

18.20 The Board of Directors shall have the right to promUlgate rules and regulations regardingsoundproofing of floors in connection with the installation of flo.or coverings.


I

18.21 Other than the Developer and as otherwise provided herein, Owners may not do anyconstruction or renovation without written notification to the Association at least seventy-two (72) hours iiiadvance. The Association may reasonably restrict the time and manner of construction, except as itrelates to the Developer. . .

18.22 Other than the Developer, Owners must provide copies of proper permits, licenses andinsurance certificates and plans and specifications to the Association before. commencing with work.Owners must use only properly licensed workers.

18.23 Other than the Developer, all construction or renovation in Units may be done on Mondaythrough Friday during the hours between 10:00a.m. to 5:00 p.m.

18.24 Proper attire is required, including shirts and shoes, when walking through CommonElements,

18.25 No pets are permitted in the hall areas.

18.26 Owners and residents must deposit their trash in the designated trash receptacles.

18.27 Owners must provide the Assodiation with at least one set of keys to their Unit(s), in caseof emergency.

18.28 All rental agreements must be sent to the office within seven (7) days ifl advance ofarrival.

18.29. The Developer shall be exempt from all provisions herein .requiring the consent of theAssociation. Notwithstanding anything contained herein to the contrary, the Developer shall not beexempt from the following: (1) requirements that leases or lessees be approved by the Association;(2) restr.ictions on the presence of pets; and (3) restrictions on occupancy of Units based on age.

Section 19: Sellinq, Leasinci and Mórt.qaqinq of Units

Units may be made subject to mortgages without restrictions, but sales and leases thereof shallbe subject to the provisions of this Section 19

19.1 Sales. A unit owner is jointly and severally liable with the previous owner for all unpaidassessments that came due up to the time of transfer of title. Each new Owner receiving a conveyancefrom any pa'ty except the Developer shall notify the Association and the Management Firm promptly afterbecoming a new Owner by delivering a copy of his deed to the Unit to the Association and theManagement Firm and shall pay any amount owed to the Association within thirty (30) days.

19.2 Leases. No Unit Owner may lease or rent his Unit if delinquent in the payment of anyAssessments. If all Assessments are paid up to date, a Unit Owner may rent Or lease such Owner's Unitwithout further approval. However, the Unit Owner renting or. leasing such Owner's Unit shall promptlynotify the Association, or Management Firm of each renter and the term of uch rentalor lease.. The sub-leasing or sub-renting of a Unit Owner's interest is not permitted.. The Association shall have the right torequire upon notice to all Unit Owners that a substantially uniform form of lease or sub-lease be used byall Unit Owners (including the Developer) intending to rent or lease after said notice and to provide suchform as a Common Expense. Entire Units only may be rented, provided the occupancy is only by thelessee and his family and guests. All rental agreements must be sent to the office within seven (7) daysin advance of arrival. Notwithstanding the above, leases may be permitted no. more than two (2) tirneper year.

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18.21 Other than the Developer and as otherwise provided herein, Owners may not do anyconstruction or renovation without written notification to the Association at least seventyctwo (72) hours inadvance. The Association may reasonably restrict the time and manner of construction, except as itrelates to the Developer. .

18.22 Other than the Developer, Owners must provide copies of proper permits, licenses andinsurance certificates and plans and specifications to the Association before· commencing with work.Owners must use only properly licensed workers.

18.23 Other than the Developer, all construction or renovation in Units may be done on Mondaythrough Friday during the hours between 10:00 a.m. to 5:00 p.m..

18.24 Proper attire is required, including shirts and shoes, when walking through CommonElements.

1il! 18.25 No pets are permitted in the hall areas.(~\'\1t!;;\.'hi..

18.26 Owners and residents must deposit their trash in the designated trash receptacles.

i 18.27 Owners must provide the Association with at least one set of keys to their Unit(s), in case1~1~ of emergency.

18.28 All rental agreements must be sent to the office within seven (7) days in advance ofarrival.

18.29. The Developer shall be exempt from all provisions herein .requiring the consent of theAssociation. Notwithstanding anything contained herein to the contrary, the Developer shall not beexempt from the following: (1) requirements that leases or lessees be approved by the Association;(2) restrictions on the presence of pets; and (3) restrictions on occupancy of Units based on age.

Section 19: Selling, Leasing and Mortgaging of Units

Units may be made subject to mortgages without restrictions, but sales and leases thereof shallbe sUbject to the provisions of this Section 19:

19.1 Sales. A unit owner is jointly and severally liable with the previous owner for all unpaidassessments that came due up to the time of transfer of title. Each new Owner receiving a conveyancefrom any party except the Developer shall notifY the Association and the Managen;ent Firm promptly afterbecoming a new Owner by delivering a copy of his deed to the Unit to the Association and theManagement Firm and shall pay any amount owed to the Association within thirty (30) days.

19.2 Leases. No Unit Owner may lease or rent his Unit if delinquent in the payment of anyAssessments. If all Assessments are paid up to date, a Unit Owner may rent or lease such Owner's Unitwithout further approval. However, the Unit Owner renting or leasinfj such Owner's Unit shall promptlynotify the Association, or Management Firm of each renter and the term of.such rental or lease. The subleasing or sub-renting of a Unit Owner's interest is not permitted.. The Association shall have the right torequire upon notice to all Unit Owners that a substantially uniform form of lease or sub-lease be used byall Unit Owners (inclUding the Developer) intending to rent or lease after said notice and to provide suchform as a Common Expense. Entire Units only may be r'lnted, provided the occupancy is only by thelessee and his family and guests. All rental agreements must be sent to the office Within seven (7) daysin advance of arrival. Notwithstanding the above, leases may be permitted no more than two (2) timesper year.


A tenant of a Unit shall have all of the use rights in the Association Property and CommonElements otherwise readily available for use generally by Unit Owners and the Owner of the leased Unitshall not have such rights, except as a guest. This shall not,' however, interfere with access rights of anOwner as landlord pursuant to applicable law.

'19.3 Continuing Liability. The liability of the Unit Owner under this Declaration shall continue,notwithstanding the fact that he may have leased, rented or sub-let said interest as provided herein.Every purchaser, tenant or lessee shall take subject to this Declaration, the Articles of Incorporation, theBy-Laws, and the management agreement, as well as the provisions of the Act.

19.4 No Severance of Ownership. No part of the Common Elements may be sold, conveyed orotherwise disposed of, except as an appurtenance to the Unit in connection with a sale, conveyance orother disposition of the Unit to which such interest is appurtenant, and any sale, conveyance or otherdisposition of a Unit shall be deemed to include that Unit's appurtenant interest in the Common Elements.

19,5 Gifts and Devises, etc. Any Unit Owner shall be free to convey or transfer such OwnersUnit by gift, to devise such Owner's Unit by will or to have such Owner's Unit pass by intestacy, withoutrestriction; provided, however, that each succeeding Unit Owner shall be bound by, and such Owner'sUnit subject to, the provisions of this Section.

Section 20: Compliance and Default

Each Occupant and the Association shall be governed by and shall comply with the terms of thisDeclaration of Condominium and all exhibits annexed hereto, and the rules and regulations adoptedpursuant to those documents, as the same may be amended from time to time. The Association (andUnit Owners, if appropriate) shall be. entitled to the following relief in addition to the remedies provided bythe Act:

20.1 Neqliqence. A Unit Owner shall be liable for the expense of any maintenance, repair orreplacement made necessary by his negligence or by that of any member of his family or his or theirguests, employees, agents or lessees, but only to the extent such expense is not met by the proceeds ofinsurance actually collected in respect of such negligence by the Association.

20.2 Compliance. In the event a Unit Owner fails to maintain a Unit or fails to cause such Unitto be maintained, or fails to observe and perform all of the provisions of the Declaration, the By-Laws, theArticles Qf Incorporation, applicable rules and regulations, or any other agreement,, document orinstrument affecting the Condominium Property or administered by the Association, in the mannerrequired, the Association shall have the right to proceed in a court of equity to require performance and/or'compliance, to impose any applicable fines or to sue in a court of law for damages. For purposes of thisDeclaration, the failure of an Occupant who is not a Unit Owner to comply with the terms and provisionsof this Declaration shall not relieve the Unit Owner from liability and responsibility.

20.3 Costs and Attorneys' Fees. In any proceeding arising because of an alleged failure of aUnit Owner or the Association ,to comply with the requirements of the Act, this Declaration, the Articles ofIncorporation, the By-Laws or the 'rules and regulations adopted pursuant to said documents, as the samemay be amended from time to time, the prevailing party shall be entitled to recover the costs of theproceeding and such reasonable attorneys' fees (including appellate attorneys' fees).'

20.4 No Waiver of Riqhts. The failure of the Association or any Unit Owner to enforceany,covenant, restriction or other provision of the Act, this Declaration, the Articles' of Incorporation, ,the By-Laws or the rules and regulations adopted pursuant to said documents, 'as the same may be amendedfrom time to time, shall not constitute a waiver of their right to do so thereafter.

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( (

A tenant of a Unit shail have ail of the use rights in the Association Property and CommonElements otherwise readily available for use generaily by Unit Owners and the Owner of the leased Unitshail not have such rights, except as a guest. This shail not, however, interfere with access rights of anOwner as landlord pursuant to applicable law.

19.3 Continuing Liability. The liability of the Unit Owner under this Declaration shall continue,notwithstanding the fact that he may have leased, rented or sub-let said interest as provided herein.Every purchaser, tenant or lessee shall take sUbject to this Declaration, the Articles of Incorporation, theBy-Laws, and the management agreement, as weil as the provisions of the Act.

19.4 No Severance of Ownership. No part of the Common Elements may be sold, conveyed orotherwise disposed of, except as an appurtenance to the Unit in connection with a sale, conveyance orother disposition of the Unit to which such interest is appurtenant, and any sale, conveyance or otherdisposition of a Unit shail be deemed to include that Unit's appurtenant interest in the Common Elements.

19.5 Gifts and Devises, etc. Any Unit Owner shall be free to conveyor transfer such Owner'sUnit by gift, to devise such Owner's Unit by will, or to have such Owner's Unit pass by intestacy, withoutrestriction; provided, however, that each succeeding Unit Owner shail be bound by, and such Owner'sUnit sUbject to, the provisions of this Section.

Section 20: Compliance and Default

Each Occupant and the Association shall be governed by and shail comply with the terms of thisDeclaration of Condominium and all exhibits annexed hereto, and the rules and regulations adoptedpursuant to those documents, as the same may be amended from time to time. The Association (andUnit Owners, if appropriate) shall be entitled to the following relief in addition to theremedies provided bythe Act:

20.1 Negligence. A Unit Owner shail be liable for the expense of any maintenance, repair orreplacement made necessary by his negligence or by that of any member of his family or his or theirguests, employees, agents or lessees, but only to the extent such expense is not met by the proceeds ofinsurance actuaily collected in respect of such negligence by the Association.

20.2 Compliance. In theavent a Unit Owner fails to maintain a Unit or fails to cause such Unitto be maintained, or fails to observe and perform all of the provisions of the Declaration, the By-Laws, theArticles of Incorporation, applicable rules and regUlations, or any other agreement, document orinstrument affecting the Condominium Property or administered by the Association, in the mannerrequired, the Association shall have the right to proceed in a court of equity to require performance and/orcompliance, to impose any applicable fines or to sue in a court of law for damages. For purposes of thisDeclaration, the failure of an Occupant who is not a Unit Owner to comply with the terms and provisionsof this Declaration shail not relieve the Unit Owner from liability and responsibility.

,20.3 Costs and Attorneys' Fees. In any proceeding arising because of an aileged failure of a

Unit Owner or the Association to comply with the requirements of the Act, this Declaration, the Articles ofIncorporation, the By-Laws or the rules and regulations adopted pursuant to said documents, as the samemay be amended from time to time, the prevailing party shail be entitled to recover the costs of theproceeding and such reasonable attorneys' fees (including appeilate attorneys' fees).

20.4 No Waiver of Rights. The failure of the Association or "ny Unit Owner to enforce anycovenant, restriction or other provision of the Act, this Declaration, the Articles of Incorporation, the ByLaws or the rules and regulations adopted pursuant to said documents, as the same may be amendedfrom time to time, shail not constitute a waiver of their right to do so thereafter.

30F:\Documents\louis\condo\Wave\Declaration.doc5118/200512:36 PM

Section 21: Termination of Condominium

22.1 The Assobiation shall furnish to each Institutional First Mortgagee of a Unit and anyholder, insurer or guarantor of a first mortgage a written notice of any default by the Unit Owner of sucihUnit in the performance of such Unit Owner's obligations under this Declaration that has not been curedwithin 60 days.

22.2 Upon request in writing, each Institutional First Mortgagee of a Unit and any holder,insurer or guarantor of a first mortgage on a Unit shall have the right

(a) to examine current copies of this Declaration, the By-Laws, rules and regulationsand the books, records and financial statements of the Association during normal business hours;

to receive, without any charge and within a reasonable time after such request,the annual audited financial statement Which is prepared and distributed by the Association to the UnitOwners at the end of its fiscal year; provided, however, that in the event an audited financial statement isnot available, the holders of 51% or more of the first mortgages in the Units shall be entitled to have suchan audited statement prepared at their expense;

to receive written notices of all meetings of the Association and to designate arepresentative to attend all such meetings;

to receive written notice of any decision by the Unit Ownersto make a materialamendment to the Declaration, the By-Laws or the Articles of Incorporation;

to receive written notice of any lapse, canceilationor material modification of anyinsurance policy or fidelity bond maintained by the Association, and

to receive written notice of any action which would require the consent of aspecified number of Institutional First Mortgagees. . . ..

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Section 21: Termination of Condominium

The Condominium shall continue until (i) terminated by casualty loss, condemnation or eminentdomain, as more particularly provided elsewhere in this Declaration, or (ii) such time as termination of thecondominium form of ownership is authorized by a vote of Owners owning 100% ofthe Units and by thePrimary Institutional First Mortgagee. Upon such termination, the former Condominium Property shall besubject to an action for partition by any Owner, and the net proceeds of sale shall be divided among allOwners in proportion to their respective interests in the Common Elements; provided, however, that nopayment shall be made to an Owner until all mortgages and liens on his Unit, in the order. of their priority,have been satisfied out of his share of such net proceeds. Upon such termination, all funds of theAssociation, including, but not limited to, reserves, but specifically excluding insurance proceeds andcondemnation awards (Which proceeds and awards shall be apportioned to the Unit Owners based uponthe provisions of Sections 17.4, respectively), shall be divided among all Owners in proportion to theirrespective interests in the Common Elements; prOVided, however, that no payment shall be made to anOwner until all mortgages and liens on his Unit, in the order of their priority, have been satisfied out of hisshare of such net proceeds. The termination of the Condominium shall be effective upon a certificate ofthe Association, executed by its President and Secretary, certifying the basis of the termination beingrecorded among the public records of the County.

Section 22: Additional Rights of Mortgagees and Others

The following provisions are intended for the benefit of each holder of a first mortgage upon aUnit, and, to the extent that any other provisions of this Declaration conflicts with the following provisions,if at all, the following provisions shall control:

22.1 The Association shall furnish to each Institutional First Mortgagee of a Unit and anyholder, insurer or guarantor of a first mortgage a written notice of any default by the Unit Owner of suchUnit in the performance of such Unit Owner's obligations under this Declaration that has not been curedwithin 60 days.

22.2 Upon request in writing, each Institutional First Mortgagee of a Unit and any holder,Insurer or guarantor of a first mortgage on a Unit shall have the right:

(a) to examine current copies of this Declaration, the By-Laws, rules and regUlationsand the books, records and financial statements of the Association during normal business hours;

(b) to receive, without any charge and within a reasonable time after such request,the annual audited financial statement which is prepared and distributed by the Association to the UnitOwners at the end of its fiscal year; provided, however, that in the event an audited financial statement isnot available, the holders of 51 % or more of the first mortgages in the Un.its shall be entitled to have suchan audited statement prepared at their expense;

(c) to receive written notices of all meetings of the Association and to designate arepresentative to attend all such meetings;

(d) to receive written notice of any decision by the Unit Owners to make a materialamendment to the Declaration, the By-Laws or the Articles of Incorporation;

(e) to receive written notice of any lapse, cancellation..or material modification of anyinsurance policy or fidelity bond maintained by the Association; and

(I) to receive written notice of any action which would require the consent of aspecified number of Institutional First Mortgagees.

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22.3 No provision of this Declaration or the Articles of Incorporation or any similar instrumentpertaining to the Condominium Property or the Units therein shall be deemed to give a Unit Owner or anyother party priority over any rights of the Institutional First Mortgagees of Units pursuant to theirmortgages in the case of distribution to Unit Owners of insurance proceeds or condemnation awards forlosses to or a taking of the Units, and/or the Common Elements, or any portion thereof or interest therein.In such event, the holder of any first mortgage on a Unit shall be entitled, upon specific written request, totimely written notice of any such loss.

22.4 The consent of Owners holding at least 75% of the total votes in the Association shall berequired to add or amend any material provisions of this Declaration which establish, provide for, governor regulate any of the following:

Voting rights;

Hazard or fidelity insurance requirements;

Rights to use of the Common Elements;

Responsibility for maintenance and repair of the Condominium Property;

Boundaries of any Unit;

Convertibility of Units into Common Elements or of Common Elements into Units;

Imposition of any right of first refusal or similar restriction on the right of a UnitOwner to sell, transfer, or otherwise convey his or her Unit; and

Leasing of Units;

Restoration or repair of the Condominium (after damage or partial condemnation)

U) The expansion or contraction of the Condominium Property, or the addition,annexation, or withdrawal of property to or from the Condominium

(k) Any provisions which are for the express benefit of holders, insurers orguarantors.of first mortgages on the Units.

(I) To establish self management

To raise the common charges (budget) more than 25% in any one year.

Reductions in reserves for maintenance, repair, and replacement of commonelements.

22.5 Upon specific written request tb the Associëtion, each Institutional First Mortgagee of aUnit or holder, insurer or guarantor of a mortgage on a Unit shall be furnished notice in writing by theAssociation of any damage to or destruction or taking of the Common Elements if such damage ordestruction or taking exceeds $10,000.00 or if damage shall occur to a Unit in excess of $1,000.00.

22.6 If any Unit or portion thereof or the Common Elements or any portion thereof is made thesubject matter of any condemnation or eminent domain proceeding or is otherwise sought to be acquiredby a condemning authority, then the holder, insurer or guarantor of any first mortgage on a Unit will beentitled to timely written notice, upon specific written request, of any such proceeding or proposed

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( (

22.3 No provision of this Declaration or the Articles of Incorporation or any similar instrumentpertaining to the Condominium Property or the Units therein shall be deemed to give a Unit Owner or anyother party priority over any rights of the Institutional First Mortgagees of Units pursuant to theirmortgages in the case of distribution to Unit Owners of insurance proceeds or condemnation awards forlosses to or a taking of the Units, and/or the Common Elements, or any portion thereof or interest therein.

Iffil In such event, the holder of'any first mortgage on a Unit shail be entitled, upon specific written request, to~01 timely written notice of any such loss. .

~..;l 22.4 The consent of Owners holding at least 75% of the total votes in the Association shail bet'~ required to add or amend any material provisions of this Declaration which estabiish, provide for, govem

or regulate any of the following:

(a)

(b)

(c)

(d)

(e)

(I)

(g)

(h)

(i)

OJ

(k)

(I)

(m)

(n)

Voting rights;

Hazard or fidelity insurance requirements;

Rights to use of the Common Elements;

Responsibility for maintenance and repair of the Condominium Property;

Boundaries of any Unit;

Convertibility of Units into Common Elements or of Common Elements into Units;

Imposition of any right of first refusal or similar restriction on the right of a UnitOwner to seil, transfer, or ~therwiseconvey his or her Unit; and

Leasing of Units;

Restoration or repair of the Condominium (after damage or partial condemnation)

The expansion or contraction of the Condominium Property, or the addition,annexation, or withdrawal of property to or from the Condominium.

Any provisions which are for the express benefit of holders, insurers orguarantors.of first mortgages on the Units.

To establish self management.

To raise the common charges (budget) more than 25% in anyone year.

Reductions in reserves for maintenance, repair, and replacement of commonelements.

22.5 Upon specific written request to the Assodation, each Institutional First Mortgagee of aUnit or holder, insurer or guarantor of a mortgage on a Unit shall be furnished notice in writing by theAssociation of any damage to or destruction or taking of the Common' Elements if such damage ordestruction or taking exceeds$10,000.00.or if damage shail oc;cur to a Unit in excess of $1 ,000.00.

"22.6 If any Unit or portion thereof or the Common Elements or any portion thereof is made theSUbject matter of any c;ondemnation or eminent domain proceeding or is otherwise sought to be acquiredby a condemning authority, then the holder, insurer or guarantor of any first mortgage on a Unit will beentitled to timely written notice, upon specific written request, of any such proceeding or proposed

32F:\Documents\louis\condo\Wave\Dec1aratlon.doc5/18/200512:36 PM

acquisition and no provisions of any document will entitle a Unit Owner or other party to priority over suchholder with respect to the distribution to such Unit of the proceeds of any award or settlement.

22.7 Any holder of a first mortgage on a Unit who receives a written request to approveadditions or amendments and fails to deliver or mail to the requesting party a negative response withinthirty (30) days shall be deemed to have approved such request.

22.8 As required by Section 718.110, Florida Statutes, any mortgagee consent required underthis Section shall not be unreasonably withheld and shall otherwise be deemed to apply to the extentapplicable.

Section 23: Disclaimer of Warranties

Pursuant to Section 718.618(6), Florida Statutes, the Developer is deemed.to have granted thePurchaser of each Unit an implied warranty of fitness and merchantability for the purposes and usesintended as to the roof and structural components of the improvements; as to fireproofing and fireprotection system; and as to mechanical, electrical and plumbing elements serving the improvements,except mechanical elements serving only one Unit. To the extent permitted by law, the Developer herebyspecifically disclaims any other warranties whether expressed or implied, other than any warranty thatcannot be disclaimed under Section 718.618(6), Florida Statutes. Developer further disclaims ahy intentto haye made any warranty or representation in connection with the. Condominium Documents anddisclosure materials except as specifically set forth therein, and no person shall rely upon any warranty orrepresentation not specifically made herein. Any estimates of common expenses, taxes or other chargesare believed to be accurate, but no warranty or guaranty is made or intended, nor may one be relied uponexcept where the same is specifically warranted or guaranteed.

AS TO SUCH WARRANTIES WHICH CANNOT BE DISCLAIMED, AND TO OTHER CLAIMS, IF ANY,WHICH CAN BE MADE AS TO THE AFORESAID MATTERS, ALL INCIDENTAL ANDCONSEQUENTIAL DAMAGES ARISING THEREFROM ARE. HEREBY DISCLAIMED.

ALL UNIT OWNERS, BY VIRTUE OF THEIR ACCEPTANCE OF TITLE TO THEIR RESPECTIVEUNITS (WHETHER FROM THE DEVELOPER OR ANOTHER PARTY), SHALL BE DEEMED TO HAVEAUTOMATICALLY WAIVED ALL OF THE AFORESAID DISCLAIMED WARRANTIES ANDINCIDENTAL AND CONSEQUENTIAL DAMAGES.

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Section 24: Arbitration

Diputes between a Unit Owner and the Developer or between the Association and theDeveloper, as defined in Section 718.1255(1), Florida Statytes, involving Unit Owners; Associationsand/or Tenants, shall be resolved by mandatory non-binding arbitration in accordance with the rules ofthe Division of Florida Land Sales, Condominiums nd Mobile Homes, Without limiting the effect of theforegoing sentence, pursuant to Section 718.1255(4), Florida Statutes, prior to the institution of courtlitigation (whether to enforce an arbitration award or otherwise), the parties to a dispute shall petition theDivision for non-binding arbitration. Pursuant to Rule 616-45.015(1), F.A.C., parties to an arbitrationproceedind are limited to unit owners, associations and tenants. Notwithstanding abything containedherein to the contrary, the remedies afforded by Sections 71 8.303 and 718.506, Florida Statutes, shall notbe limited. Furthermore, this Section shall not impair the Association's access to the courts, asrepresentative of the purchasers, pursuant to Section 718.111(3), Florida Statutes.

33

I

acquisition and no provisions of any document will entitle a Unit Owner or other party to priority over suchholder with respect to the. distribution to such Unit ofthe proceeds of any award or settlement.

22.7 Any holder of a first mortgage on a Unit who receives a written request to approveadditions or amendments and fails to deliver or mail to the requesting party a negative response withinthirty (30) days shall be deemed to have approved such request.

22.8 As required by Section 718.110, Florida Statutes, any mortgagee consent required underthis Section shall not be unreasonably withheld and shall otherwise be deemed to apply to the extentapplicable.

Section 23: Disclaimer of Warranties

Pursuant to Section 718.618(6), Florida Statutes, the Developer is deemed to have granted thePurchaser of each Unit an implied warranty of fitness and merchantability for the purposes and usesintended as to the roof and structural components of the improvements; as to fireproofing and fireprotection system; and as to mechanical, electrical and plumbing elements serving the improvements,except mechanical elements serving only one Unit. To the extent permitted by law, the Developer herebyspecifically disclaims any other warranties whether expressed or implied, other than any warranty thatcannot be disclaimed under Section 718.618(6), Florida Statutes. Developer further disclaims any intentto have made any warranty or representation in connection with the. Condominium Documents anddisclosure materials except as specifically set forth therein, and no person shall rely upon any warranty orrepresentation not specifically made herein. Any estimates of common expenses, taxes or other chargesare believed to be accurate, but no warranty or guaranty is made or intended, nor may one be relied uponexcept where the same is specifically warranted or guaranteed.

AS TO SUCH WARRANTIES WHICH CANNOT BE DISCLAIMED, AND TO OTHER CLAIMS, IF ANY,WHICH CAN BE MADE AS TO THE AFORESAID MATTERS, ALL INCIDENTAL ANDCONSEQUENTIAL DAMAGES ARISING THEREFROM ARE HEREBY DISCLAIMED.

ALL UNIT OWNERS, BY VIRTUE OF THEIR ACCEPTANCE OF TITLE TO THEIR RESPECTIVEUNITS (WHETHER FROM THE DEVELOPER OR ANOTHER PARTY), SHALL BE DEEMED TO HAVEAUTOMATICALLY WAIVED ALL OF THE AFORESAID DISCLAIMED WARRANTIES ANDINCIDENTAL AND CONSEQUENTIAL DAMAGES.

Section 24: Arbitration

Disputes between a Unit Owner and the Developer or between the Association and theDeveloper, as defined in Section 718.1255(1), Florida StaMes, involVing Unit Owners; Associationsand/or Tenants, shall be resolved by mandatory non-binding arbitration in accordance with the ru.les ofthe Division of Fiorida Land Sales, Condominiums and Mobile Homes. Without limiting the effect of theforegoing sentence, pursuant to Section 718.1255(4), Florida Statutes, prior to the institution of courtlitigation (whether to enforce an arbitration award or otherwise), the parties to a dispute shall petition theDivision for non-binding arbitration. Pursuant to RUle 618-45.015(1), FAC., parties to an arbitrationproceeding' are limited to unit owners, associations and tenants. Notwithstanding anything containedherein to the contrary, the remedi.es afforded by Sections 718.303 and 718.506, Florida Statutes, shall notbe limited. Furthermore, this Section shall not impair the Association's access to the courts, asrepresentative of the purchasers, pursuant to Section 718.111(3), Florida Statutes.


Section 25: Transfer of Association Control

25.1 When Unit Owners, other than the Developer, own fifteen (15%) percent or more of theUnits in this Condominium that will be operated ultimately by the Association, the Unit Owners, other thanthe Developer, shari be entitled to elect not less than one-third (1/3) of the members of the Board ofAdministration of the Association. Unit Owners, other than the Developer, are entitled to elect not lessthan a majority of the members of the Board of Administration of the Association:

Three (3) years after fifty (50%) percent of the Units that will be operatedultimately by the Association have been conveyed to purchasers;

Three (3) months after ninety (90%) percent of the Units that will, beoperated ultimately by the Association have been conveyed to purchasers;

When all the Units that will be operated ultimately by the Associationhave been completed, some of these have been conveyed to purchasers; and none of the others arebeing offered for sale by the Developer in the ordinary course of business;

When some of the units have been conveyed to purchasers and none ofthe others are being constructed or offered for sale by the developer in the ordinary course of business;or .

Seven (7) years after the recordation of the Declaration of Condominiumcreating the initial phase;

whichever occurs first. The developer is entitled to elect at least one member of the board ofadministration of an association as long as the developer holds for sale in the ordinary course of businessat least 5 percent1 in condominiums with fewer than 500 units, and 2 percent, in condominiums with morethan 500 units, of the units in a condominium operated by the association. Following the time thedeveloper relinquishes control of the association, the developer may exercise the right to vote anydeveloper-owned units in the same manner as -any other unit owner except for purposes of reacquiringcontrol of the association or selecting the majority members of the board of administration.

F:\Doouments\Loujs\condo\Waye\Delaratjon.doc51181200512:36 PM

Section 26: Additional Provisions

26.1 Notices. All notices to the Association required or desired hereunder or under theBy-Laws shall be sent by first class mail to the AssQciation in care of its office at the Condominium, or tosuch other address as the Association may hereafter designate from time to time by notice in writing to allUnit Owners. Except as provided specifically in the Act, all notices to any Unit Owner shall be sent by firstclass mail to the address of such Unit Owner appearing in the Association's records at the time the noticeis transmitted. Where a Unit is owned by more than one person, the Association shall provide notice, formeetings and all other purposes, to that one address which the Developer initially identifies for thatpurpose and thereafter as one or more of the Owners of the Unit shall so advise the Association inwriting, or if no address is given or the Owners of the.Unit do not agree, o the address provided in thedeed of record,

All notices to rhortgagees of Units shall be sent by first class mail to their respective addresses, orsuch .other address as may be designated by them from time to time, in writing, to the Association.

All notices shall be deemed to have been given when mailed in a postage prepaid sealedwrapper, except notices of a change of address, which shall be deemed to have been given whenreceived, or 5 business days after proper mailing, whichever shall first occur.

34

( (\

Section 25: Transfer of Association Control

25.1 When Unit Owners, other than the Developer, own fifteen (15%) percent or more of theUnits in this Condominium that will be operated ultimately by the Association, the Unit Owners, other thanthe Developer, shall be entitled to elect not less than one-third (1/3) of the members of the Board ofAdministration of the Association. Unit Owners, other than the Developer, are entitled to elect not lessthan a majority of the members of the Board of Administration of the Association:

(1) Three (3) years after fifty (50%) percent of the Units that will be operatedUltimately by the Association have been conveyed to purchasers;

(2) Three (3) months after ninety (90%) percent of the Units that will beoperated Ultimately by the Association have been conveyed to purchasers;

(3) When all the Units that will be operated Ultimately by the Associationhave been completed, some of these have been conveyed to purchasers; and none of the others arebeing offered for sale by the Developer in the ordinary course of business;

(4) When some of the units have been conveyed to purchasers and none ofthe others are being constructed or offered for sale by the developer in the ordinary course of business;or

(5)creating the initial phase;

Seven (7) years after the recordation of the Declaration of Condominium

whichever occurs first. The developer is entitled to elect at least one member of the board ofadministration of an association as long as the developer holds for sale in the ordinary course of businessat least 5 percent, in condominiums with fewer than 500 units, and 2 percent, in condominiums with morethan 500 units, of the units in a condominium operated by the association. Following the time thedeveloper relinquishes control of the association, the developer may exercise the right to vote anydeveloper-owned units in the same manner as ,any other unit owner except for purposes of reacquiringcontrol of the association or selecting the majority members of the board of administration.

Section 26: Additional Provisions

26.1 Notices. All notices to the Association required or desired hereunder or under theBy-Laws shail be sent by first class mail to the Asspciation in care of its office at the Condominium, or tosuch other address as the Association may hereafter designate from time to time by notice in writing to ailUnit Owners. Except as provided specifically in the Act, all notices to any Unit Owner shall be sent by firstclass mail to the address of such Unit Owner appearing in the Association's records at the time the noticeis transmitted. Where a Unit is owned by more than one person, the Association shall provide notice, formeetings and ail other purposes, to that one address which the Developer initially identifies for thatpurpose and thereafter as one or more of the Owners of the Unit shall so advise the Association inwriting, or if no address is given or the Owners of the. Unit do not agree, to the address provided in thedeed of record.

All notices to mortgagees of Units shall be'sent by first class mail to their respective addresses, orsuch other address as may be designated by them from time to time, in writing to the Association. .- .~,

All notices shall be deemed to have been given When mailed in a postage prepaid sealedwrapper, except notices of a change of address, Which shall be deemed to have been given Whenreceived, or 5 business days after proper mailing, whichever shall first occur.

\F:\Documents\Louis\condo\Wave\Declaration.doc5/181200512:36 PM

34

I

26.2 Interpretation. The Board of Directors shall be responsible for interpreting the provisionshereof and of any of the exhibits attached hereto, Such interpretation shall be binding upon all partiesunless wholly unreasonable. An opinion of legal counsel to the Association, or the legal counsel havingdrafted this Declaration, that any interpretation adopted by the Association is not unreasonable shallconclusively establish the validity of such interpretation.

26.3 Bindinq Effect of Section 715.303, Florida Statutes. The provisions of Section715.303(1), Florida Statutes, shall be in full force and effect and are incorporated herein. Should theAssociation employ the use of a professional management firm, said Management Firm, for as long asthe management agreement remains in effect, shall assist the Association in the prosecution of anyaction pursuant to the statute aforedescribed.

26.4 Riqht of Developer to Add Recreational Facilities and Common Elements, If theDeveloper elects to add any recreational facilities or add or expand any other portion of the CommonElements, the Developer shall pay all the expenses relating to the construction or the providing of such.addition or expansion and shall record an amendment to this Declaration describing such property. Theamendment shall be executed with the formalities of a deed and recorded in the public records of theCounty. No approval or action of the -Association, Unit Owners or mortgagees shall be necessary forPadding such additional Common Elements to condominium ownership. All costs of maintenance, repairand replacement relating to the addition or expansion of the recreational facilities or any other portion. ofthe Common Elements shall be a Common Expense. -

26.5 Riqht of Developer to Convey Property to the Association. The Developer herebyreserves the right to convey to the Association an real property lying contiguous to the CondominiumProperty free and clear of liens and encumbrances, including, but not limited to, wetlands or other parcelsmore suitable to become Association Property rather than Common Elements. All costs and .expensesassociated with such Association Property shall be Common Expenses. The Association shall berequired to accept any such conveyance from the Developer. Notwithstanding anything contained hereinto the contrary, any rights retained in this Section 26.5 shall terminate when Developer no longer holdsunits for sale.

26,6 Exhibits. There are hereby incorporated in this Declaration all materials contained in theexhibits annexed hereto, except that as to such exhibits, any conflicting provisions set forth therein as totheir amendment, modification, enforcement and other matters shall control over those hereof.

26.7 Siqnature of President and Secretary. Wherever the signature of the President of theAssociation is required hereunder, the signature of a Vice President may be substituted therefor, and,wherever the signature of the Secretary of the Association is required hereunder, the signature of anAssistant Secretary may be substituted therefor, provided that the same person may not execute anysingle instrument on behalf of the Association in 2 separate capacities.

26.5 Severability. The invalidity in whole or in part of any covenant or restriction, or anysection, subsection, sentence, clause, phrase or word, or other provision of this Declaration, the exhibitsannexed hereto, or applicable rules and regulations adopted pursuant to such documents, as the samemay be amended from time to time, shall not affect the validity of the remaining portions thereof whichshall remain in full force and effect.

26.9 Waiver. No provisions contained in this Declaration shall be deemed to have beenwaived by reason of any failure to enforce the same, without regard to the number of violations orbreaches which may occur.

26.10 Ratification. Each Unit Owner, by reason of having acquired ownership (whether bypurchase, gift, operation of law or otherwise), and each Occupant who is not a Unit Owner (by reason of

35F:\Documents\Louts\condo\Wave\Oeclaration.doc5/1 8/200512:36 PM

26.2 Interpretation. The Board of Directors shall be responsible for interpreting the provisionshereof and of any of the exhibits attached hereto. Such interpretation shall be binding upon all partiesuniess wholly unreasonable. An opinion of legal counsel to the Association, or the legal counsel havingdrafted this Declaration, that any interpretation adopted by the Association is not unreasonable shallconclusively establish the validity of such interpretation.

26.3 Binding Effect of Section 718.303, Florida Statutes. The provIsions of Section718.303(1), Florida Statutes, shall be in full force and effect and are incorporated herein. Should theAssociation employ the use of a professional management firm, said Management Firm, for as long asthe management agreement remains in effect, shall assist the Association in the prosecution of anyaction pursuant to the statute aforedescribed.

26.4 Right of Developer to Add Recreational Facilities and Common Elements. If theDeveloper elects to add any recreational facilities or add or expand any other portion of the CommonElements, the Developer shall pay all the expenses relating to the construction or the providing of suchaddition or expansion and shall record an amendment to this Declaration describing such property. Theamendment shall be executed with the formalities of a deed and recorded in the public recoras of theCounty. No approval or action of the -Association, Unit Owners or mortgagees shall be necessary for'adding such additional Common Eiements to condominium ownership. All costs of maintenance, repairand replacement relating to the addition or expansion of the recreational facilities or any other portion. ofthe Common Elements shall be a Common Expense.-

26.5 Right of Developer to Convey Property to the Association. The Developer herebyreserves the right to convey to the Association any real property lying contiguous to the CondominiumProperty free and clear of liens and encumbrances, including, but not limited to, wetlands or other parcelsmore suitable to become Association Property rather than Common Elements. All costs and. expensesassociated with such Association Property shall be Common Expenses. The Association shall berequired to accept any such conveyance from the Developer. Notwithstanding anything contained hereinto the contrary, any rights retained in this Section 26.5 shall terminate when Developer no longer holdsunits for sale.

26.6 Exhibits. There are hereby incorporated in this Declaration all materials contained in theexhibits annexed hereto, except that as to such exhibits, any conflicting provisions set forth therein as totheir amendment, modification, enforcement and other matters shall control over those hereof.

26.7 Signature of President and Secretary. Wherever the signature of the President of theAssociation is required hereunder, the signature of a Vice President may be substituted therefor, and,wherever the signature of the Secretary of the Association is reqUired hereunder, the signature of anAssistant Secretary may be substituted therefor, provided that the same person may not execute anysingle instrument on behalf of the Association in 2 separate capacities.

26.8 Severability. The invalidity in whole or in part of any covenant or restriction, or anysection, subsection, sentence, clause, phrase or word, or other prOVision of this Declaration, the exhibitsannexed hereto, or applicable rules and regUlations adopted pursuant to such documents, as the samemay be amended from time to time, shall not affect the validity of the remaining portions thereof whichshall remain in full force and effect.

26.9 Waiver. No provisions contained in this Declaration shall be deemed to have beenwaived by reason of any failure to enforce the same, without regard to the number of violations orbreaches which may occur. -.' _

26.10 Ratification. Each Unit Owner, by reason of having acquired ownership (whether bypurchase, gift, operation of law or otherwise), and each Occupant who is not a Unit Owner (by reason of


such occupancy) shall be deemed to have acknowledged and agreed that all of the provisions of thisDeclaration, and the Articles of Incorporation, the By-Laws and applicable rules and regulations, are fairand reasonable in all material respects.

26.11 Gender Pluralit'j. For convenience and ease of reference, the third person. singularimpersonal form of pronoun "it" has been used herein without regard to the proper grammatical person orgender of the party being referred tq. All such references shall be deemed to include the singular orplurat'erson and the masculine, feminine or neuter gender, as required by the context.

26.12 Captions. The captions herein and in the exhibits annexed hereto are inerted only asamatter of convenience and for ease of reference and in no way define or limit the scope of the particulardocument or any provision thereof.

26.13 Animals. Na livestock, reptiles, insects, poulfry or other animals of any kind shall be keptin any Unit except that usual and ordinary domestic dogs, cats, fish, and birds inside bird cages may bekept as household pets within any Residential Unit provided that they are not kept, bred. or. raised thereinfor commercial purposes or in unreasonable quantities or sizes. As used in the Declaration,"unreasonable quantities" shall ordinaHl, mean no more than two (2) pets not to exceed fifty (50) pounds(except with regard to quantities of fish) per Unit; provided, however, that the Board may determine that areasonable number in any instance may be more. No potbeflied piqs, snakes, pitbull dogs, Dobermandogs, or any other animals determined in the Board's sole discretion to be dangerous or a nuisance maybe brought onto or kept on the Project at any time. The Board shall have the right to require that any petwhich, in the Board's opinion, endangers the health or secUrity of any Owner or occupant of a Unit orcreates a nuisance orunreasonable disturbance, be permanently removed from the Project upon seven(7) days written notice. If the Owner or occupant fails to do so, the Board may remove the pet. Any petwhich, in the Board's sole discretion presents an immediate danger to the health, safety, or property ofany Owner or other Occupant of a Unit may be removed by the Board without prior notice to the pet'sowner. Animals belonging to Owners, occupants or their licensees, tenants or Invitees within theProperty must be kept inside the living element of a Residential Unit (and shall not be left or locatedunattended on the Exclusive Use Balcony Area or Exclusive Use Patio Area of that Unit), and must beheld by a person capable of controlling the animal when outside of a Unit Furthermore, any Owner shallbe liable to each and all remaining Occupants, their families, guests and lnvitees, for any unreasonablenoise or damage to person or property caused by any animals brought or kept upon the Project by anOccupant or by members of his family, his tenants or his guests. It shall be the duty and responsibility ofeach such Owner to clean up after such animals which have deposited droppings on any public streetabutting or visible from the Property and properly dispose of any animal waste. Any Occupant who keepsor maintains any pet upon the Project shall be deemed to have indemnified and agreed to hold theAssociation, its directors, officers, and agents, and the Declarant free and harmless from any loss, claim,or liability of any kind or character whatever arising by reason of keeping or maintaining such pet withinthe Project.

26.14 Noise And Vibration. No person shall produce, or allow to be produced; noise or buildingshaking vibration at such levels as will be offensive to other Occupants.

26.15 Toxic or Noxious Matter, No person shall discharge into the Project's sewer system,storm drain or any toxic or noxious matter in such concentrations as to be detrimental to or endanger thepublic health, safety, welfare, violate any law, subject any Owner or Occupant to liability under state andfederal law for any clean-up or cause injury or damage to neighboring property or business elsewhere onthe Project. .

26.16 Drainaqe. There shall be no interference with the established drainage pattern over theProject, unless an adequate alternative provision is made for proper drainage with the prior writtenapproval of the Architectural Committee. For the purpose hereof, "established" drainage is defined as the

36F:\Do cu m e nts\L a s\cond o\Wave\De c I a rat ion, doeSIiB/200512:36 PM

such occupancy), shall be deemed to have acknowledged and agreed that all of the provisions of thisDeclaration, and the Articles of Incorporation, the By-Laws and applicable rules and regulations, are fairand reasonable in all material respects.

26.11 Gender; Pluralitv. For convenience and ease of reference, the third person singularimpersonal form of pronoun "it" has been used herein without regard to the proper grammatical person orgender of the party being referred tC!. All such references shall be deemed to include the singular or

..plural'person and the masculine, feminine or neuter gender, as required by the context.

26:12 . Captions. The captions herein and in the exhibits annexed hereto are inserted only asamatter of convenience and for ease of reference and in no way define or limit the scope of the particulardocument or any provision thereof.

26.13 Animals. Ncr livestock, reptiles, insects, poultry or other animals of any kind shall be keptin any Unit except that usual and ordinary domestic dogs, cats, fish, and birds inside bird cages may bekept as household pets within any Residential Unit provided that they are not kept, bred or raised thereinfor commercial purposes or in unreasonable quantities or sizes. As used in the Declaration,"unreasonable quantities" shall ordinarily mean no more than two (2) pets not to exceed fifty (50) pounds(except with regard to quantities of fish) per Unit; provided, however, that the Board may determine that areasonable number in any instance may be more. No potbellied pigs, snakes, pitbull dogs, Dobermandogs, or any other animals determined in the Board's sole discretion to be dangerous or a nuisance maybe brought onto or kept on the Project at any time. The Board shall have the right to require that any petwhich, in the Board's opinion, endangers the health or security of any Owner or occupant .of a Unit orcreates a nuisance or unreasonable disturbance, be permanently removed from the Project upon seven(7) days written notice. If the Owner or occupant fails to do so, the Board may remove the pet. Any petWhich, in the Board's sole discretion, presents an immediate danger to the health, safety, or property ofany Owner or other Occupant of a Unit may be removed by the Board without prior notice to the pet'sowner. Animals belonging to Owners, occupants or their licensees, tenants or Invitees within theProperty must be kept inside the living element of a Residential Unit (and shall not be left or locatedunattended on the Exclusive Use Balcony Area or Exclusive Use Patio Area of that Unit), and must beheld by a person capable of controlling the animal when outside of a Unit. Furthermore, any Owner shallbe liable to each and all remaining Occupants, their families, guests and Invitees, for any unreasonablenoise or damage to person or property caused by any animals brought or kept upon the Project by anOccupant or by members of his family, his tenants or his guests. It shall be the duty and responsibility ofeach such Owner to clean up after such animals which have deposited droppings on any public streetabutting or visible from the Property and properly dispose of any animal waste. Any Occupant who keepsor maintains any pet upon the Project shall be deemed to have indemnified and agreed to hold theAssociation, its directors, officers, and agents, and the Declarant free and harmless from any loss, claim,or liability of any kind or character whatever arising by reason of keeping or maintaining such pet withinthe Project.

26.14 Noise And Vibration. No person shall produce, or allow to be produced; noise or buildingshaking vibration at such levels as will be offensive to other Occupants.

26.15 Toxic or Noxious Matter. No person shall discharge into the Project's sewer system,storm drain or any toxic or noxious matter in such concentrations as to be detrimental to or endanger thepublic health, safety, weifare, violate any law, subject any Owner or Occupant to liability under state andfederal law for any clean-up or cause injUry or damage to neighboring property or business elsewhere onthe Project.

26.16 Drainage. There shall be no interference with the established drainage pattern over theProject, unless an adequate alternative provision is made for proper drainage with the prior writtenapproval of the Architectural Committee. For the purpose hereof, "established" drainage is defined as the


My Commission Expires:a. a a a e - - a

DANA DOMONDNctcuy Public - State of FIQ&JQMvCarn1MinEpOcfl9.2aCommissIon # DO 364309

Bonded ByNoffonol NotoryAsan.

P:\bocurnants\Loulscondo\waveDecJaration.doc5/18/20051 1;14 AM

STATE OF FLORIDA )

COUNTY OF Miami-Dade

Before ma, a Notary Pubnq in ann icr saig conLy ann statc% on this day of fT IA f ., 2003,personally appeared Benjamin KIein of SKYRE, LLC, a Florida Limited Liability Company, on behalf of' saidcompanies, as an act of' STCYRB, LLC, and that an ii. sjgning was his free act and dead. Benjamin Klein ispersonally known to me or has produce. J A &.s - C, as idcndfieadon.

ataL

Print Name ¶4

iJy: 4

N' e: Benjanth

)SS:

ç3s fl,gjzr,g M'ILtt'

ryx cO1Y-\crdNotary_PiMic,

(NOTAIUAL SEAL)

Klein1 tJ,c/J flft'-tr

FROM :The L.Jave: ACondomlniu( FAX NO. :7278672496 May. 19 2005 12:58PM P2

drainage, which exists at the time of the first close of escrow for the sale of a Condominium, or tiat, whichis shown on any plans approved by the Architectural Committee, Each Owner shall have the duty andoblIgation to maintain the drainage situated within any Exclusive Use Patio Area and/or Exclusive UseBalcony Area free of debris and any other material which may impede the flow of water and to clean suchdrainage, as may be neceséary, No Ownef shall dispose of any Hazardous Materials in any drains. ItSuch Owner fails to maintain such drainage and, as a result, imminent danger or damage to person orproperty may result to the other Owners, then the AssocIation shall have the right of access onto sucharea for the purpose of clearing debris and other rñaterial so as to not Impede the flow of water. This rightof access shall be exercised'only for the purpose of preventing damage to persons and property and theAssociation shall use reasonable care so as to not cause any damage to such areas. The Owner shallreimburse the Association for any costs and expenses Incurred In clearing such debrIs.

IN WITNESS WHEREOF, the Developer has caused this Declaration toe duly executed and itsIate-seaj to be hereunto affixed this Vk'day of IA 2005

Wlt$E$SES:SKYEFA, LW,a Florida Umited ISabflity Company

FROM :Tke Wave: ACondominiu( FAX NO. :727867?496 ( Ma~. 19 2005 12:50PM P2

"<II

:',1

J

~'.'.'):"

\

!

drainage, which exists at the time of the first close of escrow for the sale of a Condominium, or tha~ whichis shown on any plans approved by the Architectural Committee. Each Owner shall have the duly andobligation to maintain the drainage situated within any Exclusive Use Patio Area and/or Exclusive UseSaloony Area free of debris a,nd any other material which may impede the flow of water and to clean suohdrainage, as may be necessary, No Owner shall dispose cf any Hazardous Materials in any drains, Ifsuch Owner fails to maintain such drainage and, as a result, imminent danger or damage to person orproperty may result to the other Owners, then the Association shall have the right of access onto sucharea for the purpose of olearing debris and other material so as to not Impede the flow of water. rhis rightof access shall be exercised'only for the purpose of preventing damage to persons and property and theAssociation shall use reasonable care so as to not ceuse any damage to suoh areas. The Owner shallreimburse the Association for any costs and eXPl?Jlses Incurred In clearing such debris.

IN WITNESS WHEREOF, the Oevelope..(iJ1~s oaused this Declaration tOJJll duly executed and its~llElIiiMli'!l"llte-seal to be hereunto affixed this .. d?'y. 'l:lay of 11\, '7 '200£

WITNI:SSes:SKYRE,LLC,M a Fl<lrida Limited'.lability Company

~C;;:j:sfu~- ?t1izii41 BY::".....'~~~~::====:-/7) ~/'l-.<Q N I13JU~r-I Prin~dIZi$f)ffi)%lvi)

STATR OF FLORIDA )) SS:

COUNTY OF Miami.Dudo) AA ..'AjiMh f'-

Before me, a Notary Publi P[;;a~t:+;aUr~:Jnl;'a:~v~~:;:n Lhis712 day ofJm t' "20Q.('personally appeared Denjamin Klein}:;} SKYRE. LLC, a Florida Limited Liability Company, on behalf 01' saidcompanies, as an aot ·.Of SKYRE,r..L~,and that su ·n. ail,,'lIing Wl\.' his fre. act and doud. Benjamin Klein ispersonally knnwn Lo mo or haa produoe l aa idontifica£lon. .

~~~ . .

PriDtNam~D'A C)oroo~ .N~~lori~~::=;7 _

My Commission Expire'S: l. ........., (NOTARIA L SF-Ar,)

37F:\DQQurnonlslLoulslcondoIW.velDecl.ration.doc5/18/200511;14 AM

Name'Print Nan,

Thq._kcegOing inafrupient ws aVO.flIflVy7 C$'tPrSdent o

is personally kneWrl to me cr0 has produced

MY Commiuion Expires: Junc_R2.008

(AFFIX NOTARY SEAL)

Penny EdwardsMY COMMISSION # D0321681 E@IRES

-: June?, 2008FONDED THRU TROY FAIN INEURANC INC

F2WOCISbtR\t,ontiNavv'DQClarAtiOn4ac511W200511:14AM

38

PENINSLJL*

By:NahUe

CONSENT OF MORTGAGEE TO DECLARATION OF CONDOMINIUMFOR THE WAVE, A CONIDOMJNBJM

THIS CONSENT Is given as of the ,day of ,fl/aiE zooCn behalf of PENINSULA BANK(Moctgagee). b&ng the present owner and holder of that certaipoflgage assumed by SKYRE LLC, aFlorkia Limited Liability Company (wMortgagor dated the JyrPt day of ,Pe-,414-i 2O0,, andrecorded In Official Records Book J37a4 at Page 14S of the Public Recoris of A-uo- eCounty, Florlcth a has been or may be ørnejided from Urne to time, ('ortqaqe,

WHEREAS. Developer has requested Mortgage to consent to the recording of the Ceclaration ofThe Wave, a Condominium (the Declarstion).

NOW, ThEREFORE, Mortgagee consent to the recordation of the OSaraflon.

Moagee rnke no nty or any mpsen6on of any kind or naWm concerning theDecierajion, any of It or their tartna or provialons, or the ligel sufficiency tr,erecf, anti disavows any suchwarranty or representation as well as any participation fri the development of The Wave a Condominium(tha condomlnlum'), and does not aseume and shall not be resrtslbte for any of the obilgadons orHabiIitio of the developer contained In thG Declaretloti or the prtøpectus. (If any) or other documentsjssued In connection the pron,otion of the Condominium. Nlone of the representations corftsined Inthe prospectus, (I! any) or other documents shall be deemS to have teen macfe by Mortgagee nor shallthey be constued to create any obligatIon on Mortgagee to any person relying thereon. ThIs consent islimited o the purposu and requframenta of SctJons 718,104 anti 718.403, Florida Statutes, and donnot affect or impair the rights and remedies of Mortgagee as set forth in the Mortgage or in theDeclaration.

WwNSSES:

Name: S itPrint N3We; I4

4441 4-1' Ag'J2?JstftftI1 .

cwledged

fl OtI'4F\

(SEAL)

OoQcGaCP

vs

rnethis,2. day of MP..

. .ret.i:t.øt. a saida

(Signatur) VName; refln I ! pc1LLn -cb

(LIbIy flnted)Notary Public, State of H nrjdn

Commission Number, if any)

FtTh1 :me Wauc: pCa,domlnlum FAX NO. :fl7BG724% M&j. 19 2825 Llt3S P2

1

STATEOF tsr.cotmrr or s Inn eprh

33"1,

m~l.. '. ~ :The Wav,,: RCondornlnlum FAX NO. :7278672496

CONSENT OF MORTGAGEE TO OeCLARATION OF CONDOMINIUMFOR THE WiWr=., A CONDOMINIUM

~ .• THIS CONSENT Is given as of 1M "J.~ day at~ 200.[o'n behalf of PENINSULA BANK

( Mortgagee'). bolng the pre~ent owner and holdilr of th;;'i.rta~mortg<lge assumed by SKYRE LL C aFlorida Limited Liability Company ('M?rtQllgor dated the . rt1 day of j9?/q;j~. 200:: a~drecorded In OffICIal Records Book 13 'ft7k at Page h . of the Public RecordS of It-u~.<- ,.County, FloridJllls has been Or may be amended from Urne 10 Ume, rMortgage").

WHEREAS, Developer has requested Mortgagll6 to consent to the re<:ordins afthe Oechilration afThe Wgya, a Condominium (the Declarallon).

NOW, nJEREFORE, Mortgagee consents to tM recordation af Ihe Declaration.

Mortgll.gee M,!keiS no warranty or any representation of any kind or nature concerning the. Decleralion, any of itli'or their barms or prevlalons, or thelf.gal suffiooncy tnereof, and dllJe:vows Bny suchwarranty or representation as well as :lIly participation fn the development of The Wwe, a Condominium(Ihf. "CondomInium'), and does nol assume and shall nol be ~ponslble lor any of the obligations orIIl1billlioll of the dl!!\Ielopar contained In !he Declmr.tIoI1 or the pro~pectue, (If any) or other dpeumentsissued In conne<:lion with Ihe promotion of 1M Condominium. None of the represenb;rtions contained InlIle prospectus, (If any) or olher dOCl.lments shall be doomed 10 have boon made by Mor(gagee, nor shallthey be construed to create any obllgetlon on Mortgagee 10 ~ny person relying thereon. This consent isIim~ed to 1110 pUrpo!l69 and requirements of Sactiom: 718,104 end 718.'-03, Florida SlatulM, and do~s

nol affect or impair the ri&lhls and remedies of Mortgage.e as set forth in lhe Mortgage or in lheDeclarellon.

Commission Number, if any)

(SEAL)

Name:..::::Ji..,;li,..uu.-Y:..,..~~~ .......-'-"......-(La bly eo.nted). ,

NoWyPublic,Stllteof~~~~~, ~n~Edwar~

i:"!'i!JJ.·'If:;., MYCOMMISSION # DD327667 EXPIRES~'~':<fj . June 9, 2008~':tx;;r.·"':"''*'·' BONDSOlHRU TROY FAIN lNSURANa,lNC.

•••• ,,\••>

Name:.-+,,L-...L.~..,..-<->>4-"""'7'<"'-r- _Print Na

Name:.,--.......,.t.:::;:;.;'-:-':-'r::--t''.:-:-n",....;;-....,--Print Nom ...

of) , Th~going in)!.,b;'jT1ent 'MIS a owfedged Ji:i>=:;";:":'~lcha!fQ~QO Q£mI)'f'retlldent of t:1?Jaw~a::J;;!'.U1s..Cltis personally known to me or D has produced --f------''k.-~f:--r-f '---I-....

My CommilUlion ExpIres: JUl'\e..-G 'Was,(AFFIX NOTARY SEAL)

, F'lDoetJrTlGft\ll\Loul1l\ollndollN"""1D<l<:larlllion.doc5I161200511:HAM

38

F:\Oocunients\Louis\condoWave\DecIaration4oc10/27/20044:34 FM

39

:1:'.\,\j

"

F:\DocumentslLouis\condo\Wave\Declaralion.doc10127120044:34 PM

39

(

EXHIBIT "A"


LEGAL DESCRIPTION, SURVEY, AFFIDAVIT OF SURVEY ORAS.TO CERTIFICATE OF SUBSTANTIAL

COMPLETION, PLOT PLAN, FLOOR PLANS FOR UNITSAND GRAPHIC DESCRIPTION

EXHIBIT "An


LEGAL DESCRIPTION, SURVEY, AFFIDAVIT OF SURVEY ORASTO CERTIFICATE OF SUBSTANTIAL

COMPLETION, PLOT PLAN, FLOOR PLANS FOR UNITSAND GRAPHIC DESCRIPTION

SURAEYOWSCEWR'ICYT

THE WA VE, A CONDOMINIUMA PORTION OF SECTION 11, TOWNSHIP 32 SOUTIj RANGE 16 EAST

CITY OFST. PETERSBURG, PINELLAS COUNTI' FL

LI ROXIMO SOUTH OATS MANOR gELS SAtOORT ,, HHUHUTHITP th,OUSO. PoTS 89. UE9 PAMAT 0)001 Only P100)

CHNSUL1100 ERHINEEYSLAND SURVEYORS LARD PLANNERSST. PMIYRSSURG ZEPHYRYIIJ.N

0520 PlRNT AVENUE NORTHST.PETERSSURG.FLOTIOAHST1S

DELEPHONELT2IIB22415TCERI1FI000EUEAUT000IZATIOR LS. 0001

- N.SN11'47'E, 659.75

71

SITE PLANSCALE: T" 4O

SHEET I 005

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"'"*"'~ ~J,:"'~~.-' ~.~§ ri.~5"~;;i5 ~'it:;:iof~::':; (2uUi' ®"2iB ~~

THE WA VE; A CONDOMINIUMA PORTION OFSECTION 11, TOWNSHiP 32 SOUTH, RANGE 16EAST,

CITY OFST. PETERSBURG, PINELLAS COUNTY, FL~SITE PLAN

SCALE: 1"", ..W

-,

~

i~~

SHEET 1 OF5

1BLOCK

f~~:::~:'~"~'~':~:'~:>'":: \".0 ... r.': ~~ ~'jo.i\l.... i;.

=- ;',-,<> '(. ", ~J ><'1 !=..l'(S ••.... V'" r~" ~ ~ ..:: ./ r.";} \1", 0::1: ~/.~ ~_..:.. o-€.--~·

-: '-1-~.} ~ ....,.,? -~---~'i';:=-,,""._"

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fCM(""'~·1

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DliSCR1PTlOU:

lot 1, MAXIMO SOUTH GATE MANOR, iloconl!fl\jl(lllle ~! thereof, as fecon:led In PI~ 8cok55. Page as, o-IlIle Pllbli~ ReCClds cfPinellas CWnly. f'lotida.

-r

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41.S~'

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~~illI-~

t(i. f#wd qjuud-anddJMJdak; #;1£/0COUSULl1UG ENGJUEERS·lAND SURVEYORS lAND PLANNERS

sr, pETERSBURG ZEPHYRHIllS1620 *F1RSr AVENUE NORnt

ST. PETERSBURG, flORIDA 33713TELEPHONE: /727\822-4151

CERTIFICATE OFAUTHOiUlATIOU L.B. '107

!I

., .,,'.

SpTOR1O.I.Udto.oe000*.mor&jbIdod, 004 *5

,s'JçnW p*'iJn .p*cn aM Satan psn).a. -

004wtOon tblflno0k k'd'4 008 ire no 0,4.41*:canldoot,s,Trn,p,. ,Idn8SenIi.0404 ins. iniand,iebt.. 5o.. bsod'7. 000n0000ms,

thvatoe sod oo.asi0nnd piJo..CoodomOnk,m rn 0 Mool,*: toM osMoo*knn omit *11.10.4.4. Onj p4400 buithiE on

1150 lnealo4 ,,4l. the bourditios thonor beoro sot bone heodo b*0oocAJThs oTTer WUOd.MS 50.50* tOo S..o4 100 loner unIson. so P.. oa*n0eOFnM

omo, MoltS,. 1N&teos *0 dc3wat bisniod it00.tob tolls Met b.5OtS,e4 "3d, Ott.

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04Th. do,s(doo4 boomd.dn or oo. son .11000 beth. 'eElt.i poan to She Ledet°C*0*4Md5100oSnlsh.d lnnersb.bnn olti. nIb boisodog MnatederdadtpI,iet..uJOr*Mih sOdo thiMOess of d,,wsS 0.4 44,bs omits .0*0 11. deeltoed

- nude the bosn,8n. The e*lks thSs.. of gOon wslh sad ,.hidr,n,Mt SalTIM 0. dwn*d W.eOorboei,f.i1.*.

O SETP PoUNDJR iRdfl RODP - iRON PIPE

5450 NM.&c0SKCM CONCRETE MONUMENT1.0.0. tENTED COMMON ELEMENTCS, COMMON EWdENT1.0. LICENSED SUEDJEESINC. INCORPC&TEOCR) RSCOROPU,TCM) MEASURED0kW PlaNt C*'.WAYtOPIC. 0008010075CL OlDESTSt ETCRAOE48 - 04O11OH BOX

THE WA YE, A CQNDOMINIUM.A PQRTJON OFSECFJON II, TOWNSHIP 32 SOUTH, RANGE 16 EAST;

UTYbEST PETERSBURQ, PINELLAS COUNTY, FL

eaaaneI544oei&e £'zccCONSULTINO ENOINEERS LAND SURVETORS 1.4)40 P1,.*I8NERS

St. PETERSEURO PHYPIHIUSl028-FLRStAVENUE NORTH -

St. PETERSBURG PLORIDA33TI3- . Th9PHONE.f7311Sfl.415l

CERTIFICATE OFAUNONLUJ1ON 1.8.1107 SHEET 2 OF S

HOTS:Eloytfoos olmeon hortOn rotoristho Neiloetit Ga d.41oV,8bl Dalias Orion,

FIRST FLOOR-WESTSCALE: I- 10° F.

THE WAY.£, A CQNDOMINJUMA PQRTIONOFSECTJON 11, TOWNSHip32'SOUTH;RANGE'I6EAST,

,',' s, ,', ' _ ' , •

CITY OFST. PETERSBURG, PlNELf,;AS COUNTY, FL

SHeeT2 OF S

WI'~'

~

w'5'".~

<,

FIRST FLOOR - WEST

NOTE:£1!:'fotlO/l~ tlloWII Iltt"~ nltr1111!lt Hol"'...1~Vll1bl DitllA1l «1929,

~mT!OHt;H.ltty.&'F\e>or-- 52,W5"F1oor-- "1.41.,-- Flcor - '-'.15~"Fl_. 25,0)t"'Fbot- tMli'Fio«_ 1.39LcbI>r- 03-2

FIRST FLOOR· WESTSCALE: 1~. 16"'

tOl;

I~

SUllYaOll'S !fOTJi!' .'.UMt<l~IIe!OIM~!ndvd.M'A r>ct ~tId Ill:

.W;lIeo:l ptl1l"!l~ '1lClxn:'n p;>rchu••2, c_n tlM'>onls hc:Iu$Il b\IIlf' "c1 tmu«t I~

cenldeft; 'UI~)'1. Ixlellor ...Us. pool '~', lhe 1I1Xl.1o~.,;~. I''''n<!ty. MOAQ..~

~:~=:':::~~~;'dl t<lndoml/lNtn\.'llIl~.iln~:1II>tp..f.e(~¥<MInwhk:1l. r-i Ja.e.31M <MIll 1M b&\mdllk. til"'"! bef"!l stllOflh twI~'"bt-!<>;,:. •

A.) lb.. "-llpel' !>os..-lIdarltf shllU I>t- Ih, "'./l .. '" Ih'lowtr wrllUJ' .0( ll'l+ tooll'flgI.l.ecIIUtili, lh. fila... Wdu'leiU ol dl)'Wd 1II",lt'I:!~II~, u:)lls "'._lie 6eoemed mldtlM •'--II.'1M bwff booIIdu,cl .n llI1U'fhd b.1MU~ f\II1'", \ofIM~. •

c.) The "-W'O"""~r bel__ries Of ll'lt 11M ""1 be txtn6o<l b ... ItlI..-!on'MUIlh'~l>ollt"h~ , •

OJ The f>ell",oIrboi bound_II" <It !he villi "'..n~ IIHr ....11lc>Il,u1l f>f ll'lII~edMdtortm~~l~ed 1n!'H1"sUrfll:e'l otlll....lIf bo<l<'l<Ilnl1lla \If>1~t~1~1~(>f'<S..tIh ot<:i'l thJdv'lHS of drywlU Im\olltd wlIl!ltllll'lllf ~11>t dwtM<I1M),j, IIHr b<>~,.j_IIu. 'T1M ~"lJf-e thlc:l<n_ Of S'lua,..!tf 'l'ICI~1'IMItI • "",XSI'Il!ll>etl~""otlor~

""""'", ,orrf' f'OUNOlR lRONROOlP IROif PIPEHiC l-WliDlSK •eM COHCltlm! MONl,IMENTLCL UMfTEO COMMON El.e.lltlfTC.E. COMMON EWoIarrLB. UCt!NSEC B\JSll./ESSl~. 11'lC01!PC'FlATEO(II:} ReCORO PUTt "') "''''''SUREI)

:k.=~~"'YCl. tlOSE'fST STOMOEJ1l: Jl..'HCn6woox

! "\ ,!(J. :lh-eetqz;fUud-Cl4-u£-~~ /h'e<11 CONSULTII:tG ENGINEERS L,A.HO BtJl'MrI"ORll l.AHO 1"t.AAHtt1U

£T.I'lm:RSBtJRQ IEf>ti'mHtt,.1.!1UO·FiRSTA\'EHUEHORTH

ST.P-I!TS\SSURO FLOfUDA.3J1UiEt.EPtlOKiErHiiiii...f 151

.. CEltlll'lCArE OFA~o'PJiADOK La. , 101

1

THE WA YE, A CONDOMINIUMA PORTION OF SECT! ON/i, TOWNSHIP 32 SOUTH RANGE 16 EAST

cITY OF ST. PETERSBURG, PINELLAS COUNT} FL

O22O

2ND - 6TH FLOORS: EAST

ELM/RAIDS CHART

5 RUO,= HOST

t;ls,r TEST

LS5O ROD

SEIIOETOCR SOREST.LNT0SoRoeIeRen5UdOOI3tROIlRT!dS:

ER S !SHl N OOROII//HSICRE/dOn DOW TECH HER, TRTI TEl/fl 4. Gb 5, 0550.! HUT. 000 OARS.

- GM00005SDI500000 AmEn RED! ORO,TERE500IREH/IRE II00000ISIARRERAHE!SDSEROEREDS,00S000000

RAG A UoAO 000 REST COD, SO/AS 0 0,/OS .0004.5 0IRIS!!S404I0000!HVRHESNRAUHORRIIGO 009S020ERE4

STESRSASEROIHI540RNOIRUSIISS. -

IN) NCCHROFLAT -

US) MEASURES

SR STORAGE

oI5d 2YNtT 6TH FLOcACS: EAST

CONSULTING ENGINEERS LASS SURVEYORS AND FLASHERSSCALSI R C OR-

GY. PERERROUTS OEPIIVRRE.LR0520 . TROT AVENUE 005015

ST. FE000S0000, FLORITAT3003TELEPHONE: 1R201520.STRR

- CERTIFICATE DF00100HIZAT1HRI LS.A 100 SHEETS OF S

------.~------- .--------.------~ _.._---_._------ -----..•__ ._.__ ..-

THE WA VE; A CONDOMINIUMA PORTION OF SECTION 1I, TOWNSHIP 32 SOUTH, RANGE 16 EAST,

CITY OF ST. PET1J1?SBURG, PINELLASCOUNTY, FL

.. ---_.",._-,..._-_.,,---.-....,.-

I MOTt:1I EllWll]Jons srw.m h~{eli"der let the N:aUoffill Goodellc Vort!c31 Datum oI19Z9;

i I·

Ii- t(3. 8h,dqyeaetiuulA~J,!huy.

I,CONSULTING ENGINEERS LAND SURVEYORS LAND PLANNERS

~ • ST. PETERSSUR.<; ZEPHYRHILLS

I 16211_ FIRST AVENUE NORTHST. PETERSBURG, FLORIDA,33m •

.; cERnFll~\'fr~?2ij~"~lt~T16t'LB.# 1111

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j.,!1

, II,

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2ND - 6TH FLOORS: EAST

i

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SURVEYOR'S NOTES'1.lImMd =0" elements Include bill are 1101 "mIledl,,:

mlgMd parki"lJ siJ3cos and sC'een ""rclJn.2. Commllll olemen1$ Tnt!lldo 1M 8'! I\tl! lmile<llc;

conkflm. $\IIrwIYS. e"'eIlIl1Woll'. p<:!ol ares, Ill! lend. lobby, ofli<:e.13,md'1. slollflla l1lom5.elevalot a~dVIla,slgned" palklnl1.3. c;andomlnkmt unit bou<l<!a'I~5:uelT e,mllomlnlum unn $M'lncl"de thaI ptlrl til t>urr<ll"ll v.llITln

YlhleIT RI'l: loeB1ellyl\IlI 1M baunllaTiu tll.",o{ bemo ,el fe"'" 1l.....t" b.low:A.) The "f'll"' boun<t.rlU "'on be lhe pi"'" or "'. I"",.rS\l1f...,.., til lIT" u!1l"O, .1 ".elT

Imlt, the enfl,e llll""ness or tlTywan1l>,leR"d ..u1l!<T unlt. 'fleR btl ".eme<!1mIl<le tI,,,e.,mdo,ln.

8.1 Th. I"."" btMld.ry or ell <mb $Mtl b. file uf\fWell.ll smf.ce or the_noo.,e.) The UpPI!' entl """". baundatlu elllTo ""ft .!lotl btl eJ<Ien1l~I. On IntelSeelle"

'MIIIlne p"rlm.\rlo.l bo"ntl.rlu.0.) Tho perlm.\"~Il><M<d3r1e, Of Ihe IIf\ll sIT.n be 11le veftJeal plan 01 the "1'd.conl1ed

AntlforonrinlslT..J ,""....$Utlace. <lrthe yn!l. bollllOlllg lIle ""it ~e""~<llo1"'el'5edl<mHAlh UefllIIktness 01 dl)'Wan ln5t".ttllll vlllMn onlts $llR~ be deem~IMide !he bwr!\hrie!. The "",UIt! Ihiclme55 <If gl= WOIR, and windoW'; TIllhln tI un!SMn be deeme<llriletlor Ixlun<iI!IIe:s.

-"""'!l, ,.,F POUNDm moNROOIP IRONP!?EN .5 0 NAn. II. OlSKCIIl CONCRETE MOMtiMENTLe.E. UMlTeoCOMMON£l.EMeNTe.lt COMMON eUiMetTLa. UCeNSE08IJS!NESSmc. INCORPORATEO(fl.) RECOROPLAT{Ill J M&>SUREO!WI RIGHT OF WA.YCONe. CONCRETEc\,. ClOSEtST STORAGEJ8 JUNCTlCM sox.

2Nt) • 6TH FLOORS: EASTSCALE: 1.... 15'

SHEETSOFS

r- ~".~~0"§ prJ-::: 'r.0-;;'~2[,~41 \-.'B'I¥cO',;;:fj ,j-',,'$ i§ili@t~ E%~8.~ ~Il~ ~;;j,_,~"d r:-Oi"-':',;',~&'i! "~:"~if.""~;il "'*,,~::"Y;;;i'; '~D ",',;ir*~.?>l t?~,~i ~~ ..-"---'--'

EXHIBIT "B"

WAVE, A CONDOMINIUM

UNIT OWNERS UNDIVIDED SHARE IN THE COMMON ELEMENTSAND PERCENTAGE OF SHARING COMMON EXPENSES

AND OWNING COMMON SURPLUS

is

li;VI.1,

i'{\'ii,.

r:;::·'~'~i~:

@!,

I~'~

I"'1'W1

n~~~;\'~.'J

EXHIBIT"B"


UNIT OWNERS UNDIVIDED SHARE IN THE COMMON ELEMENTSAND PERCENTAGE OF SHARING COMMON EXPENSES



UNIT OWNER UNDN!DED SHARE IN THE COMMON ELEMENTS ANDFRACTIONAL SHARES OF SHARING COMMON EXPENSES


Both the fractional shares of ownership of Common Elemerts and the Common Expenses of theUnits were apportioned by grouping the Units into Types and allocating points to each type as follows: Theownership share of the Common Elements and Common Expenses assigned to each unit shall be basedupon the total square footage of each unit in uniform relationship to the total square footage of each otherresidential unit in the condominium.

The fractional shares for each Unit were arrived at as llows:

UNITTYPE

UNITNUMBER BED/BATH

UNITSQ. FT. UNDIVIDED INTEREST

FIRST FLOOR

C 101 2 BR /1-1/2 BA 887 8871102,164C 102 2 BR / 1-1/2 BA 887 887/102,164D 103 2BRIIBA 887 887/102,164B 104 IBR/1BA 708 708/102,164B 105 IBR/1BA 708 708/102,164B 106 IBR/1BA 708 708/102,164B 107 1BRIIBA 708 708/102,164B 108 1BR/IBA 708 708/102,164B 109 1BR/IBA 708 708/102,164B 110 1BR/1BA 708 708/102,164B 111 1BR/IBA 708 708/102,164B 112 1BR/1BA 708 708/102,164G 113 2BR/2BA 1,268 1,268/102,164B 114 1BR/IBA 708 708/102,164

C 115 2BR/1-1/2BA 887 887/102,164B 116 1BR/1BA 708 708/102,164B 118 IBR/IBA 708 708/102,164C 120 2BR/1-1/2BA 887 887/102,164

SECOND FLOOR

C 201 2BR/l-l/2BA 887 887/102,164C 202 2BR/1-1/2BA 887 887/102,164D 203 2BR/IBA 887 887/102,164D 204 2BR/1 BA 887 887/102,164B 205 1BR/1BA 708 708/102,164F 206 2BR/1-1/2BA 957 957/102,164

A 207 IBR/IBA 646 646/102,164

B 208 IBR/IBA 708 708/102,164B 209 1BR!1BA 708 708/102,164B 210 IBR/IBA 708 708/102,164B 211 IBR/IBA 708 708/102,164B 212 IBR/1BA 708 708/102,164E 213 2BR/1-1/2BA 919 919/102,164B 214 IBR/IBA 708 708/102,164

( (


UNIT OWNER UNDNIDED SHARE IN THE COMMON ELEMENTS ANDFRACTIONAL SHARES OF SHARING COMMON EXPENSES


e -Both the fractional shares of ownership of Common Elements and the Common Expenses of the

Units were apportioned by grouping the Units into Types and allocating points to each type as follows: Theownership share of the Common Elements and Common Expenses assigned to each unit shall be basedupon the totai square footage of each unit in uniform relationship to the total square footage of each otherresidential unit in the condominium. .

The fractional shares for each Unit were arrived at as follows:

UNIT UNIT UNITTYPE NUMBER BED/BATH SQ. FT. UNDIVIDED INTEREST

FIRST FLOOR

C 101 2 BR 11-1/2 BA 887 8871102,164C 102 2 BR 11-112 BA 887 887/102,164D 103 2 SR/1 SA 887 887/102,164B 104 1 SR 11 BA 708 708/102,164S 105 1 SR/1 SA 708 708/102,164S 106 1 SR/1 SA 708 708/102,164 .

S . 107 1 SR 11 SA 708 708/102,164S 108 1 BR/1 SA 708 708/102,164S 109 1 SR/1 SA 708 708/102,164S . 110 1 SR/1 SA 708 708/102,164S 111 1 SR 11 SA 708 708/102,164S 112 1 SR/1 SA 708 708/102,164G 113

.

2SR/2SA 1,268 1,268/102,164S 114 1 SR/1 SA 708 708/102,164C 115 2 SR 11-1/2 SA 887 8871102,164S 116 1 SR/1 SA 708 708/102,164

S 118 1 SR 11 SA 708 708/102,164

C 120 2 SR 11-112 SA 887 887/102,164

SECOND FLOOR

C 201 2 SR 11·1/2 SA 887 8871102,164

C 202 2 SR 11·1/2 SA 887 8871102,164

D 203 2 SR/1 SA 887 887/102,164

D 204 2 SR 11 SA . 887 887/102,164

S 205 1 SR 11 SA 708 708/102,164

F 206 2 SR 11-112 SA 957 957/102,164

A 207 1 SR/1 SA 646 646/102,164

S 208 1 SR/1 SA 708 708/102,164S 209 '·1 SR/1 SA 708 708/102,164

S 210 1 SR/1 SA 708 708/102,164

S 211 . 1 SR /1 SA . 708 708/102,164

S. 212 1 SR /1 SA 708 708/102,164

E 213 2 SR /1-1/2 SA 919 919/102,164

S 214 1 SR /1 SA 708 708/102,164

UNITTYPE

UNITNUMBER

..

BED/BATHUwn'

SQ. Fr. UNDIVIDED INTEREST

215 IBR/1BA 708 708/102,164F 216 2BR/1-1/2BA 957 957/102,164

A 217 IBR/IBA 646 646/102,164

0 218 23R/IBA 887 887/102,164B 219 IBR/IBA 708 708/102,164c 220 2BR/1-1/2BA 887 887/102,164D .221 2BR/1BA 887 887/102,164c 222 2BR/1-1/28A 887

. 887/102,164THIRD FLOOR

C 301 . 2BR/1-1/2BA 887 887/102,164C 302 2BR/1-1/2BA 887 887/102,164.0 303 .2BR/1BA 887 887/102,164D 304 2BR/1BA 887

. 887/102,164B 305 1BR/IBA 708 708/102,164F 306 2 BR /1-1/2 BA 957 957 / 102,164

A 307 1 BR/i BA 646 646/102,164

B 308 1BR/1BA 708 708/102,164B 309 IBR/1BA 708 708/102,164B 310 IBR/1BA 708 708/102,164B . 311 IBR/1BA 708

. 708/102,164B 312 1BR/1BA 708 708/102,164F . 313 2 BR / 1-1/2 BA 919 919 / 102,164

B 314 IBR/IBA 708 708/102,164B . 315 IBR/1BA 708 708/102,164

316 2BR/1-1/2BA 957 957/102,164

A 317 1 BR/i BA 646 646/102,164

0 318 2BR/1BA .887 887/102,164B 319 1BR/IBA 708 708/102,164C 320 2 BR / 1-1/2 BA 887 887 / 102,164

O 321 2BR/1BA 887 887/102,164C 322 2BR/1-1/2BA 887 887/102,164

FOURTH FLOOR

C 401 2BR/1-1/2BA 887 887/102,164C .402 28R/i-1/2BA 887 887/102,164O 403 2BR/IBA 887 887/102,1640 404 2BR/1BA 887 887/102,164B 405 IBR/IBA 708 708/102,164F 406 . 2BR/1-1/2BA 957 957/102,164

A 407 .1BR/IBA 646 646/102,164

B 408 1BR/1BA 708 708/102,164B 409 1 BR/i BA 708

. 708/102,164B 410 1BR/IBA 708 708/102,164B 411 1BR/IBA 708'

. 708/102,164

. UNIT .. UNIT UNIT. TYPE NUMBER. BED/BATH SQ. FT. UNDIVIDED INTEREST

S 215 1 SR 11 SA 708 708/102,164. F 216 2 BR 11-1/2 SA 957 9571102,164

A .217 1 BR 11 BA 646 646/102,164

D 218 ,: 2BR/1 SA 887 887/102,164

B 219 1 SR/1 SA 708 708/102,164

C 220 2 SR 11-112 BA 887 887/102,164D . 221 2 BR/1 BA 887 887/102,164 I·C 222 2 BR 11-112 SA 887 887/102,164 '

THIRD FLOOR

C 301 2 SR 11-1/2 BA 887 8871102,164C 302 2 BR 11-1/2 BA 887 8871102,164D 303 2BR/1SA 887 887/102,164

D 304 2 SR/1 SA 887 887/102,164

S 305 1 SR/1 SA 708 708/102,164

F 306 2 SR 1.1-1/2 SA 957 957/102,164

A 307 1 SR 11 BA 646 646/102,164

S 308 1 SR 11 SA 708 708/102,164S 309 1 SR/1 BA 708 708/102,164

S 310 1 SR/1 SA 708 708/102,164

S . 311 1BR/1BA 708 708/102,164

S 312 1 SR 11 SA 708 708/102,164

E 313 2 SR 11-1/2 SA 919 9191102,164

S 314 1 SR/1 SA 708 708/102,164

S 315 1 BR/1 SA 708 708/102,164

F 316 2 SR 11-1/2 SA 957 9571102,164

A 317 1 SR 11 SA 646 646/102,164

D 318 2 SR 11 SA 887 887/102,164

S 319 1 SR/1 SA 708 708/102,164

C 320· 2 BR 11-1/2 SA 887 8871102,164

D 321 2 SR/1 SA 887 . 887/102,164

C 322 . 2 BR 11-112 SA 887 887/102,164

FOURTH FLOOR

C 401 2 SR 11-112 SA 887 887/102,164

C 402 2 SR 11-1/2 SA 887 8871102,164

D 403 2 BR/1 SA 887 887/102,164 .

D 404 2SR/1SA 887 887/102,164

B 405 1 SR/1 SA 708 708/102:164

F 406 2 SR 11-1/2 SA 957 957/102,164

.A 407 1 SR/1 SA 646 646/102,164

S 408 1 SR/1 SA 708 708/102164

S 409 1 SR/1 BA 708 708/102,164

B 410 1 SR 11 SA 708 708/102164

S 411 1 SR/1 SA 708 ' 708/102,164

UNITTYPE

UNITNUMBER BEDJBATH

UNiTS. Fr. UNDIVIDED INTEREST

B 412 1BR/IBA 708 708/102,164E 413 2BR/I-1/2BA. 919 919/102,164B 414 IBR/1BA 708/102,164B 415 IBRI1BA, 708 708/102,164F 416 2BRII-1/2BA 957 957/102,164

A 417 . 1 BR/I BA 646. 646/102,164

D 418 ZBR/IBA 887 887/102,164B 419 1BR/IBA 708 708/102,14C 420 ZBR/l-1/2BA 887 887/102,164D 421 2BR/IBA 887 887/102,164C 422 2BR/1-IJ2BA 887 887/102,164

FIFTH FLOOR

C 501 2BR/1-1/28A 887 887/102,164C 502 2BR/i-1/2BA 887 887/102,164D 503 2BR/IBA 887 . 887/102,164D 504 2BR/IBA 887 887/102,164,B 505 1 BR/I BA 708 708/102,164F 506 2BR/1-1/2BA 957 957/102,164

A 507 IBS/IBA 646 646/102,164

B 508 1BR/IBA 708 708/102,164B 509 IBR/IBA 708 708/102,164B 510 IBR/IBA 708 708/102,164B 511 IBR/IBA 708 708/102,164B 512 1 BR/i BA 708 708/102,184E 513 2BR/1-1/2BA 919 919/102,164B 514 1BR/1BA 708 708/102,164B 515 1BR/IBA 708 708/102,164F 516 2BR/1-i/28A 957 957/102,164

A 517 1BR/1BA 646 646/102,164

D 518 2BR/IBA 887 887/102,164B 519 IBR/1BA 708 708/102,164C 520 2BR/14/2BA 887 887/102,164D 521 2BR/-1BA 887 887/102,164C 522 2BR/l-1/28A 887 887/102,164

SIXTH FLOOR

C 601 . 2 BR! I-i/2.BA 887 887/102,164602 28R/i-i/2BA 887 887/102164

D 603 2BR/IBA 887 887/102,164D 604 2BR/1BA 887 887/102,164.3 605 1BR/1BA 708 708/102,164F 606 28R/i-1/2BA. 957 957/102,164

A 607 IBR/IBA 646 646/102,164

B 608 IBR/IBA 708 708/102,164

( (


B 412 1 BR/1 BA 708 708/102,164E 413 2 BR 11-1/2 BA, 919 9191102,164B 414 1BR/1BA 708 708/102,164B 415 ,1 1BR/1BA 708 708/102,164F 416 2 BR 11-1/2 BA 957 9571102,164

A 417 1 BR/1 BA 646', 646/102,164

D , 418 2BR/1BA 887 887/102,164B 419 1 BR/1 BA 708 ' 708/102,164C 420 2 BR/1-1/2 BA 887 887/102,164D 421 2 BR/1BA 887 887/102,164C 422 2 BR/1-1/2 SA 887 887/102,164

FIFTH FLOOR ,

C 501 2 BR/1-1/2 SA 887 887/102,164C 502 2 BR 11-1/2 BA 887 8871102,164D 503 2 BR/1BA 887 887/102,164D 504 2 BR/1BA 887 887/102,164,B 505 1 BR/1 BA , 708 708/102,164F 506 2 BR 11-1/2 BA 957 957/102,164

A 507 1BR/1BA 646 646/102,164

B 508 1BR/1BA 708 708/102,164B 509 1BR/1BA 708 708/102,164B 510 1 BR/1 BA 708 708/102,164B 511 1 BR/1 BA 708 708/102,164B 512 1 BR/1 BA 708 708 1102,164E 513 2 BR 11-1/2 BA 919 9191102,164S 514 , 1 BR/1 SA 708 708/102,164B 515 1BR/1BA 708 708/102,164F 516 2 BR 11-112 BA 957 957/102,164

A 517 1 SR/1 SA 646 646/102,164

D , 518 2 SR/1BA " 887 887/102,164B 519 1 BR/1 SA 708 708/102,164C 520 2 BR 11-1/2 BA 887 8871102,164D 521 2 BR/1BA 887 887/102,164C' 522 2 BR 11-1/2 SA 887 8871102,164

SIXTH FLOOR

C 601 2 BR 11-1/2.BA , 887 8871102,164C 602 2 BR 11-1/2 BA 887 887/102,164D 603 2 BR/1BA 887 887/102,164D ' 604 2BR/1 SA 887 887/102,164,B 605 1 BR/1 SA 708 708/102,164F 606 2 BR/1-1/2 BA 957 957/102,164

A 607 1 BR/1 BA 646 646/102,164

B \ 608 1 BR/1 BA 708 708/102,164

I

UNIT BREAKDOWN:

A/I Square footages shown are approximate

All Square footages shown are approximate.

UNITTYPE

_________________ .

BED/BATHUNIT

So. FT. UNDIVIDED INTEREST

8 609 IBR/IBA 708 708/102,164B .610 1 BR/i BA 708 708/102,164B 611 708 708/102,164B 612 708 708/102,164

613 919 919/102,164B 614 708 708/102,164B .615 708 708/102,164

616 957 .957/102,164

A 617 . IBR/IBA 646 646/102,164

D :. 618 2BR/1BA 887. 887/102,164

B 619 708 708/102,164620

.887/102,164

D 621 2BR/IBA 887 887/102164622 2BR/l-1/2BA 887 887/102,164

TOTAL 102,164 102,164 (102,164

UNITTYPE

UNITAREA

NO. OF. UNITS

TOTAL UNITAREA .

FRACTIONALSHARE EACH

TOTALFRACTIONAL SHARE

A 646 10 6,460 646/102,164 6,460/102,164B 708 57 40,356 708 / 102,164 40,356 / 102,164C 887 24 21,288 887/102,164 21,288/102,164D 887 21 18,627 8871102,164 18,627/102,164E 919/102,164 4,595/102,164F 10 9,570 957/102,164 9,570 / 102,1640 1,268 1 1,268 1,268 / 102,164 1,268 / 102,164

TOTAL 128 102,164 102,164/102,164

.

UNIT UNIT UNITTYPE NUMBER BEDIBATH SQ. FT. UNDIVIDED INTEREST

.

B 609 1 BR 11 BA 708 708/102,164B 610 1 BR /1 BA 708 708/102,164B 611 1 BR/1 BA 708 708/102,164B 612 <j 1BR/1BA 708 708/102,164E 613 2 BR 11-112 BA 919 919/102,164B 614 1 BR 11 BA 708 708/102,164B 615 1BR/1BA 708 708/102,164

F 616 2 BR 11-1/2 BA 957 957/102,164

A 617 1 BR/1 BA 646 646/102,164

D 618 2 BR/1 BA .. 887 887/102,164.

B 619 1 BR 11 BA 708 708/102,164C 620 2 BR 11-1/2 BA 887 8871102,164D 621 2BR/1BA 887 887/102,164C 622 2 BR 11-112 BA 887 887/102,164

TOTAL 102,164 102,164/102,164

All Square footages shown are approximate

UNIT BREAKDOWN;

UNIT UNIT NO. OF TOTAL UNIT FRACTIONAL TOTALTYPE AREA UNITS AREA SHARE EACH FRACTIONAL SHARE

A 646 10 6,460 646/102,164 6,460/102,164B 708 57 40,356 708/102,164 40,356/102,164

C 887 24 21,288 887/102,164 21,288/102,164D 887 21 18,627 887/102,164 18,627/102,164

. E 919 5 4,595 919/102,164 4,595/102,164F 957 10 9,570 957/102164 9,570/102,164G 1,268 1 1,268 1,268/102,164 1,268/102,164

TOTAL 128 102,164 102,164/102,164

All Square footeges shown are approxImate.

SCHEDULE "2"


UNIT NUMBER, UNIT TYPE, NUMBER OFBEDROOMSIBATHROOMS IN EACH UNIT

AND UNDIVIDED INTEREST

SCHEDULE "2"


UNIT NUMBER, UNIT TYPE, NUMBER OFBEDROOMS/BATHROOMS IN EACH UNIT

AND UNDIVIDED INTEREST


UNIT NUMBER, NUMBER OF BEDROOMS I BATHROOMSIN EACH UNIT AND UNDIVIDED INTEREST

Uw:r

TypEUNIT

NUMBER BED/BAThUNIT

SQ. Er. UNDIVIDED INTEREST

FIRST FLOOR

C 101 2BRII-1/2BA 887 887/102,164

c 102 28R/1-1/2BA 887 887/102,164

o 103 2BR/IBA 887 887/102,164

B 104 IBR/IBA 708 708/102,164

B 105 IBR/IBA 708 708/102,164

B 106 IBR/IBA 708 708/102,164

B - 107 1.BR/1BA .7O8 708/102,164

B 108 i.BR/IBA 708 708/102,164

B 109 IBR/IBA 708 708/102,164

B 110 IBRI1BA 708 708/102,164

B Ill 1BR/IBA 708 708/102,164

B 112 I BRJI BA 708 708/102,164

C 113 28R/2BA 1,268 1,268/102,164

B 114 1 BR/i BA 708 708/102,164

C 115 2BR/1-1/2BA 887 887/102,164

B 116 IBRIIBA 708 708/102,164

B .118 IBR/1BA 708 708/102,164

C 120 2BR/1-1/2BA 887 887/102,164

SECOND FLOOR

C 201 2BR/1-1/2BA 887 887/102,164

C 202 2BR/1-1/2BA 887 887/102,164

0 203 2BR/IBA 887 887/102,164

D 204 2BR/IBA 887 887/102,164

B 205 1BR/IBA 708 708/102,164

F 206 2BRII-1/2BA 957 957/102,164

A 207 IBR/IBA 646 646/102,164

B 208 IBR/1BA 708 708/102,164

B 209 IBR/1BA 708 7081102,164

B 210 1 BR/I BA 708 708/102,164

B 211 IBRIIBA 708 708/102,164

B 212 IBR/IBA 708 708/102,164

E 213 2BR/1-1/2BA 919 919/102,164

B 214 IBR/18A 708 70/102,164

B 215 IBRIIBA 708 708/102,164

F 216 2BR/1-1/2BA 957 -9571102,164

A 217 1BR/IBA 646 646/102,164

D 218 2BR/IBA 887 887/102,164

B 219 1BR/IBA 708 708/102,164

C 220 2BR/1l12BA 887 887/102,164.

( (


UNIT NUMBER, NUMBER OF BEDROOMS / BATHROOMSIN EACH UNIT AND UNDIVIDED INTEREST

UNIT UNIT UNITTYPE NUMBER · BED/BATH SQ. FT. UNDIVIDED INTEREST

FIRST FLOOR

C 101 2 BR/1-1/2 BA 887 887/102,164C 102 2BR/1-1/2BA 887 887/102,164D 103 2 BR /1 BA 887 887/102,164B 104 1 BR/1 BA 708 708/102,164B 105 1 BR /1 BA 708 708/102,164B 106 1 BR/1 BA 708 708/102,164B 107 1BR /1 BA 708 708/102,164B 108 1.BR/1BA 708 708/102,164B 109 1 BR/1 BA 708 708/102,164B 110 1 BR /1 BA 708 708/102,164B 111 1 BR/1 BA 708 708/102,164B 112 1 BR/1 BA 708 708/102,164G 113 2 BR/2 BA 1,268 1,268/102,184B 114 1 BR/1 BA 708 708/102,164C 115 2 BR/1-1/2 BA 887 887/102,164B 116 1 BR /1 BA 708 708/102,164B ,118 1 BR /1 BA 708 708/102,164C 120 2BR/1-1/2BA 887 887/102,164

SECOND FLOOR ..

C 201 . 2BR/1-1/2BA 887 887/102,164C 202 · 2 BR/1-1/2 BA 887 887/102,164D 203 2 BR/1 BA 887 887/102,164D 204 2 BR /1 BA 887 887/102,164B 205 1 BR/1 BA 708 708/102,164F 206 2 BR/1-1/2 BA 957 957/102,164

A 207 1 BR /1 BA 646 646/102,164

B 208 1 BR /1 BA 708 708/102,164B 209

· 1 BR/1 SA 708 708/102,164B 210 1 BR /1 SA 708 708/102,164B 211 1 BR /1 SA 708 708/102,164B 212 1 BR /1 SA 708 708/102,164E 213 2 BR/1-1/2 BA 919 919/102,164B 214 1 BR /1 BA .798 708 (102,164B 215 1 BR/1 BA 708 708/102,164-F 216 2 BR/1-1/2 BA 957 '957/102,164

A 217 1 BR/1 BA 646 646/102,164

0 218 2BR/1 BA 887 887/102,164.B 219 1 BR/1 BA 708 . 708/102,164C 220 2 BR/1-1I2 BA 887 887/102,164

P.

UNIT

TYPE

UNITNUMBER BED/BAN

UNIT

So. FT. UNDIVIDED INTEREST

0 221 2BR/1BA 887 887/102,164C 222 2BR/1-1/28A 887 887/102,184

THIRD FLOOR

c 301 2BR/1-1/2BA 887 887/102,164C 302 2BR/1-1/2BA 887 887/102,1640 303 2BR/IBA 887 887/102,1640 304 2BR/IBA 887 887/102,164B 305 IBR/1BA 708 708/102,164F 306 2BR/1-1/2BA 957 957/102,164

A 307 IBR/1BA 646 646/102,164

B 308 IBR/1BA 708 708/102,164B 309 IBR/IBA 708 708/102,164B 310 IBR/1BA 708 708/102,164B 311 IBR/1BA 708 708/102,164

312 IBRt1BA 708 708/102,164E 313 2BR/1-1/2BA 919 919/102,164B 314 IBR/1BA 708 708/102,164B 315 IBR/1BA 708 708/102,164F 316 28R/1-1/2BA 957 957/102,164

A 317 IBR/IBA 646 646/102,164

D 318 2BR/1BA 887 887/102,164B 319 1BR/IBA 708 708/102,164C 20 2BR/1-1/2BA 887 887/102,164o 321 2BR/1BA 887 887/102,164C 322 2BR/1-1/2BA .887 887/102,164

FOURTH FLOOR-

. c 401 2BR/1-1/2BA 887 887/102,164C 402 2BR/1-1/2BA 887 887/102,1640 403 2BR/IBA 887 887/102,164o 404 28R/IBA 887

. 887/102,164B 405 IBR/IBA 708 708/102,164F 406 2 BR/ 1-1/2 BA 957 957 / 102,164

A 407 1 BR/I BA 646 646/102,164

B 408 1BR/IBA 708 708/102,164B 409 IBR/IBA 708 708/102,164a 410 IBR/IBA 708 708/102,164B 411 IBR/1BA 708 708/102,164B 412 1 BR/I BA 708 708/102,164E 413 2BR/l-1/2BA 919 919/102,164B 414 IBR/1BA 708 708/102,164B 415 1BR/1BA 708 708/102,164F 416 2BR/I-1/2BA 957 9571102,164

A 417 IBR/IBA 646 646/102,164

0 418 . 2BR/IBA 887 887/102,164

UNIT UNIT UNITTYPE NUMBER BED/BATH Sa. Fr. UNDIVIDED INTEREST

0 221 2 BR/1 BA 887 887/102,164

C 222 2 SR/1-1/2 SA 887 8871102,164THIRD FLOOR

C 301 2 SR 11-1/2 BA 887 887/102,164C 302 2 SRI 1-1/2 SA 887 887/102,1640 303 2 BR/1 SA 887 887/102,1640 304 2 SR/1 SA 887 887/102,164B 305 1 BR 11 SA 708 708/102,164

F 306 2 BR/1-1/2 BA 957 957/102,164

A 307 1 SR 11 SA 646 646/102,164

B 308 1 BR 11 BA 708 708/102,164S 309 1 BR 11 BA 708 708/102,164S 310 1 SR 11 BA 708 708/102,164B 311 1 SR 11 BA 708 708/102,164..

312 1BR/1SA 708B 708/102,164E 313 2 BR/1-1/2 BA 919 . 919/102,164B 314 1BR/1SA 708 708/102,164S 315 1 SR 11 BA 708 708/102,164F 316 2 SR 11-1/2 BA 957 957/102,164

A 317 1 BR/1 SA 646 646/102,164

0 318 2SR/1 BA 887 887/102,164S 319 1 BR/1 BA 708 708/102,164C 320 2 BR 11-1/2 SA 887 887/102,1640 321 2 SR/1 BA 887 887/102,164C .

322 2SR/1-1/2SA 887 887/102,164FOURTH FLOOR

C 401 2 BR/1-1I2 SA 887 887/102,164

C 402 2 SRI 1-1/2 BA 887 887/102,1640 403 2 BR /1 SA 687 8871102,1640 404 2SR/1 SA 887 887/102,164B 405 1 SR 11 SA 708 708/102,164

F 406 2 BR 11-1/2 SA 957 957/102,164

A 407 1 SR/1 BA 646 646/102,164

B 408 1 SR/1 SA 708 708/102,164

B 409 1 SR/1 SA 708 708/102,164

S 410 1 SR/1 SA 708 708/102,164B 411 1 SR/1 SA 708 708/102,164S 412 1 SR/1 SA 708 708/102,164

E 413 2 BR/1-1/2 BA 919 919/102,164

B 414 1 SR/1 BA 708 ·708/102,164S 415 1 SR/1 SA 708 708/102,164

F . 416 2 SR 11-1/2 BA 957 957/102,164

A 417 1 SR/1 SA 646 646/102,164

0 418 2BR/1SA 887 887/102,164

UNIT

TYPE

UNITNUMBER BED/BATh

UNITSQ. Fr. UNDIVIDED INTEREST

B 419 IBR/IBA 708 708/102,164C 420 2BRII-1/2BA 887 887/102,1640 421 2BR/IBA 887 887/102,164C 422 2BR/1-1/28A 887 8871102,164

FIFTH FLOOR

C 501 2BR/1-1/28A 887 887/102,154C 502 2BRI1-1/2BA 887 887/102,164D '503 2BR/IBA 887 887/1021640 504 2BR/1BA 887 887/102,164B 505 IBR/IBA 708 708/102,164F 506 2BR/1-1/28A 957 957/102,164

A 507 IBR/IBA 546 546/102,164

B 505 1.BR/IBA 708 708/102,164B 509 IBR/1BA 708 708/102,164B 510 IBR/IBA 708 708/102,164B 511 1BR/IBA 708 708/102,164B 512 IBR/1BA 708 708/102,164E 513 2BR/l-1/2BA 919 919/102,164B 514 IBR/IBA 708 708/102,164B 515 I BR/I BA 708 708/102,164F 516 2BR/I-1/2BA 957 957/102,164

A 517 IBR/iBA 546 646/102,164

O 518 2BR/IBA 887 887/102,164B 519 IBR/IBA 708 708/102,164C 520 28R/1-1/2BA 887 887/102,1640 521 28R/IBA 887 887/t02,164c 522 2BR/l-1/2BA 887 887/102,164

SIXTH FLOOR

C 601 2BR/l-1/2BA 887 887/102,164C 502 2BR/1-1/2BA 887 887/102,164O 603 2BRIIBA 887 887/102,164O 604 2BR/18A 887 887/102,164B 605 1BR/IBA 708 708/102,154F 606 2BR/1-1/28A 957 957/102,164

A 607 1 BR/i BA 646 646/102,164

B 608 1BR/IBA 708 708/102,154B 509 IBR/1BA 708 708/102,164B 510 IBR/IBA 708 708/102,154B 611 1BR/IBA 708 708/102,164B 612 IBR/IBA 708 708/102,164E 613 2BR/l-1/28A 919 919/102,154B 514 1BR/IBA 708 708/102,164B 615 IBR/IBA 708 708/102,164F 616 2BR/1-1/2BA 957 957/102,164

F:i, I

tJ (

UNIT UNIT UNIT .

TYPE NUMBER BEDIBATH SQ. FT. UNDIVIDED INTEREST

B 419 1 BR/1 BA 708 708/102,164C 420 2 BR 11-1/2 BA 887 8871102,164D 421 2 BR/1BA 887 887/102,164C 422 2 BR/1-1/2 BA 887 887/102,164

FIFTH FLOOR

C 501 2 BR/1-1/2 BA 887 887/102,164C 502 2 BR /1-1/2 BA 887 887/102,164D '503 2 BR/1BA 887 887/102,164D 504 2 BR/1BA 887 887/102,164B 505 1 BR/1 BA 708 708/102,164F 506 2 BR/1-1/2 BA 957 957/102,164

A 507 1 BR /1 BA 646 646/102,164

B 508 1BR/1BA 708 708/102,164 .

B 509 1 BR /1 BA 708 708/102,164B 510 1 BR/1 BA 708 708/102,164B 511 1 BR/1 BA 708 708/102,164B 512 1 BR/1BA 708 708/102,164E 513 2 BR /1-1/2 BA 919 919/102,164B 514 1BR/1BA 708 708/102,164B 515 1 BR /1 BA 708 708/102,164

F 516 2 BR /1-1/2 BA 957 957/102,164

A . 517 1 BR/1 BA 646 646/102,164

D 518 2 BR/1BA 887 887/102,164B 519 1 BR /1 BA 708 708/102,164C 520 2 BR /1-1/2 BA 887 887/102,164

D 521 2BR/1BA 887 887 /102, 164

C 522 2 BR /1-1/2 BA 887 887/102,164SIXTH FLOOR

C 601 2 BR/1-1/2 BA 887 887/102,164C 602 2 BR/1-1/2BA 887 887/102,164

D 603 2 BR/1BA 887 887/102,164

D 604 2 BR/1 BA 887 8871102,164

B 605 1 BR/1 BA 708 708/102,164

F 606 2 BR/1-1/2BA 957 957/102,164

A '607 1 BR/1 BA 646 646/102,164

B 608 1 BR/1 BA 708 708/102,164

B 609 1 BR/1 BA 708 708 1102,164

B I 610 1 BR/1 BA 708 708/102,164B 611 1 BR /1 BA 708 708/102,164B 612 1 BR /1 BA 708 '708/102,164

E 613 2 BR/1-1/2 BA 919 919/102,164

B 614 1BR/1BA 708 708/102,164B 615 1BR/1BA 708 708/102,164

F 616 2 BR /1-1/2 BA 957 957/102,164

A/I Square footages shown are approximate.

UNIT BREAKDOWN:

All Square foota gas shown are approximate.

TYPE

UNITNUMBER Beb/BATH

UNITSo. Fr. UNDIVIDED INTEREST

A 817 1BR/IBA 646 646/102,164

0 618 2BR/1BA 887 887/102,164B 619 IBR/1BA 708 708/102,164.C 620 28R/1-1/28A 887 887/102,1640 621 28R/1BA 887 887/102,164C 622 2BR/1-1/2BA 887 887/102,164

TOTAL 102,164 102,164! 102,164

UNITTYPE

UNITAREA

NO. OFUNITS

TOTAL UNITAREA


TOTALFRACTIONAL

SHAREA 646 10 6,460 646/102,164 6,4601102,164

B 708 57 40,356 708/102,164 40,356/102,164C 887 24 21,288 887/10,164 21,288/102,164

887 . 21 18,627 887/102,164 18,627/102,164E 919 5 4,595 919/102,164 4,595/102,164F 957 10 9,570 957/102,164 . 9,570/102,164G 1,268 1 . 1,268 1,268/102,164 1,268/102,164

T9TAL 128 102,164 102,164/102,164

UNIT UNIT UNITTYPE NUMBER BED/BATH Sa. FT. UNDIVIDED INTEREST

A 617 1 BR/1 BA 646 646/102,164

0 618 2BR/1 BA 887 887/102,164B 619 1 BR /1 BA 708 708/102,164C 620 2 BR /1-1/2 BA 887 887/102,1640 621 2BR/1 BA 887 887/102,164C 622 2 BR /1-1/2 BA 887 887/102,164

TOTAL 102,164 102,164/102,164

All Square footages shown are approxImate.

UNIT BREAKDOWN'TOTAL

UNIT UNIT NO. OF TOTAL UNIT FRACTIONAL FRACTIONALTYPE AREA UNITS AREA SHARE EACH SHARE .

A 646 10 6,460 646/102,164 6,460 /102,164

B 708 57 40,356 708/102,164 40,356/102,164

C 887 24 21,288 887/102,164 21,288/102,164

D 887, 21 18,627 887/102,164 18,627/102,164

E 919 5 4,595 919/102,164 4,595/102,164

F 957 10 9,570 957/102,164 9,570/102,164

G 1,268 1 1,268 1,268/102,164 1,268/102,164

TOTAL 128 102,164 102,164/102,164

All Square footages shown are approxImate.

SCHEDULE "3"


ESTIMATED OPERATING BUDGET FOR THECONDOMINIUM PROPERTY

( (

SCHEDULE "3"


ESTIMATED OPERATING BUDGET FOR THECONDOMINIUM PROPERTY

THE WAVE, A CONDOMINIUM. .

ESTIMATED OPERATING BUDGET FOR FISCAL YEARFIRST DAY OF MONTH IN WHICH DECLARATION IS RECORDED TO

LAST DAY OF THE FISCAL YEAR IN WHICH DECLARATION IS RECORDED(SEE NOTE 3)

1. EXPENSES OFTHEASSOCIATION AND THECONDOMINIUM (SEE NOTE 1)

ADMINISTRATION OF THEASSOCIATION

Maintenance Cell Phone . $ 50.00 $ 600.00Legal $ 41.67 $ 500.00Office Supplies $ . 125.00 $ 1,500.00Permits and Licenses

. $ 33.33. $ 400.00

Postage . . $ 41.67 $ 500.00Printing . . . $ 8.33 . $ . 100.00Bank Charges . .. .

. $ 4.17 $ 50:00Tolls and Mileage . $ 20.00 $ 240.00

SALARIES AND WAGESEmployee Benefits $ 280.00 $ 3,360.00Custodian $ 1646.67 $ 19,760.00Maintenance Payroll . $ 1,906,67 $: 22880.00Payroll Taxes and Overhead $ 1,066.00 . 1 12,792.00Uniforms

. $ 8.33 $ 100.00

MANAGEMENT FEES(SEE NOTE 2)

BUILDING REPAIR AND MAINTENANCEI

MONTHLY YEARLY

1,920.00 $ 23,040.00

Carpet $ 83.33 $ 1,000.00Door and Window Repair $ 41.67 $ 500.00Fire Alarm System I Monitoring

. $ 100.00 $ 1,200.00Fire Extinguisher Service $ 16.67 $ 200.00Janitorial Supplies $ 83.33 $ 1,000.00Light Bulbs and Fixtures $ 41.67 $ 500,00Lock Repair and Replacement $ 16.67 $ 200.00Maintenance Supplies $ 41.67 $ 500.00Painting Supplies $ 8.33 $ 100.00Miscellaneous Repairs $ 125.00 $ 1,500.00

1cj

GROUNDS MAINTENANCELandscapingPlanting I RepairsSprinkler System

POOL MAINTENANCEPool ChemicalsPool Repairs

INSURANCEFlood InsuranceAll Risk/Bond/D&O Liability

MISCELLANEOUS! OTHEREXPENSES

Non-Budgeted Expense

jFEES PAYABLE TODIVISION

UTILITIES (SEE NOTES I AND 4)

ElectiicWaterSewerTelephone Line ChargeTelephone Long DistanceTelephone IntercomTrash Removal

RESERVES FOR CAPITALEXPENDITURES (SEE NOTE 5)

RENT FOR RECREATIONAL AND OTHERCOMMONLY USED FACILITIES

TAXES UPON ASSOCIATIONPROPERTY

TAXES UPON LEASED AREAS

SECURITY PROVISIONS

OPERATING CAPITAL

SUBTOTAL (WITH RESERVES)

N/A

N/A

N/A.

N/A..

1,435.00 $ 17,220.00$ 125.00 $ 1,500.00.$ 83.33 $ 1,000.00

$ 1,800.00150.0025.00 $ 300.00

$ . 15,300.001,275.006,169.17 . $ 74,030.00

500.00 $ 6,000.00

42.67 $ 512.00

$ 1,166.67 $ 14,000.00$ 1,683.33 $ 20,200.00$ 2,116.67 $ 25,400.00$ 250.00 $ 3,000.00$ 3.75 $ 45.00$ 25.00 $ 300.00$ 1,025.00 $ 12,300.00

9,639.83 $ 115,677.94

401,106.94$ 33,425.58

(

IGROUNDS MAINTENANCELandscapingPlanting I RepairsSprinkler System

ll-lP~O~O=-LlY!MACJI~N::-,TE=lN~A~N~C=.E.,.--,__......,.. 1

Pool ChemicalsPool Repairs

I INSURANCEFlood InsuranceAll RisklBond/D&O Liability

xpense

IFEES PAYABLE TODIVISION

IUTILITIES (SEE NOTES 1 AND 4)

ElectricWaterSewerTelephone Line ChargeTelephone Long DistanceTelephone IntercomTrash Removal

RESERVES FOR CAPITALEXPENDITURES (SEE NOTE 5)

RENT FOR RECREATIONAL AND OTHERCOMMONLY USED FACILITIES

rAXES UPON ASSOCIATIONPROPERTY

ITAXES UPON LEASED AREA:'

ISECURITY PROVISIONS

IOPERATING CAPITAL

/SUBTOTAL (WITH RESERVES)

$$$

$$

$$

$

$

$$$$$$$

$

$

(

1,435.00125.00

83.33

150.0025.00

1,275.006,169.17

500.00

42.67

1,166.671,683.332,116.67

250.003.75

25.001,025.00

9,639.83

N/A

N/A

N/A

N/A

N/A

33,425.58 .

$$$

$$

$$

$

$

$$$$$$$

$

$

17,220.001,500.001,000.00

1,800.00300.00

15,300.0074,030.00

6,000.00

512.00

14,000.0020,200.0025,400.00

3,000.0045.00

300.0012,300.00

115,677.94

N/A

N/A

N/A

N/A

N/A

401,106.94

1. EXPENSESFORAUNITOWNER

Rent for the unit, if subjectto a lease

Rent payable by the unitowner directly to the Lessorfor Recreational Lease

LESS RESERVES

TOTAL (WITHOUT RESERVES)

$

N/A

Developer has not established reserves in compliance with Chapter 718.618,relating to conversion reserve accounts.

N/A

N/A N/A

,639.83 $ 115,677.94

23,785.75 $ 285,429.00

11. EXPENSES FOR A U.NITOWNER •

A. Rent for the unit, if subjectto a lease

B. Rent payable by the unitowner directly to the Lessorfor Recreational Lease

LESS RESERVES

jTOTAL (WITHOUT RESERVES)

$

$

N/A

N/A

9,639.83

23,785.75

N/A

N/A

$ 115,677.94

$ 285,429.00

I,~:~;'(~i

\\\. Developer has not established reserves in compliance with Chapter 718.618,relating to conversion reserve accounts.

oj

MONTHLY AND YEARLY MAINTENANCEFEES PER UNFI (WF1H RESERVES)

UNIT TYPEABC

DEF

C

MONTHLY AND YEARLY MAINTENANCEFEES PER UNIT (WITHOUT RESERVES)

UNIT TYPEABC0EF

G

MONTHLY YEARLY$ 211.35 $ 2,536.20$ 231.64 $ 2,779.67$ 290.20 $ 3,482.41$ 290.20 $ 3,482.41$ 300.66 3607.96$ 313.10 $ 3,757.17$ 414.84 $ 4,978.14

MONTHLY YEARLY$ 150.40 $ 1,804.77$ 164.84 $ 1,978.02$ 206.51 $ 2,478.09$ 206,51 $ 2,478.09$ 213.95 $ 2,567.43$ 222.80 $ 2,673.61$ 295.20 $ 3,542.46

(

MONTHLY AND YEARLY MAINTENANCEFEES PER UNIT (WITH RESERVES)

UNIT TYPEABCDEFG

MONTHLY AND YEARLY MAINTENANCEFEES PER UNIT (WITHOUT RESERVES)

UNIT TYPEABCDEFG

:~. ,

(

MONTHLY YEARLY$ 211.35 $ 2,536.20$ 231.64 $ 2,779.67$ 290.20 $ 3,482.41$ ·290.20 $ . 3,482.41$ 300.66 $ 3,607.96$ 313.10 $ 3,757.17$ 414.84 $ 4,978.14

MONTHLY YEARLY$ 150.40 $ 1,804.77$ 164.84 $ 1,978.02$ 206.51 $ 2,478.09$ 206.51 $ 2,478.09$ 213.95 $ 2,567.43$ 222.80 $ 2,673.61$ 295.20 $ 3,542.46

ROOFING 26 6 $ 100,000.00

FIREPROOFING/FIRE PROTECTION SYSTEMS 20 20 $ 200000.00 $

ELEVATORS 30 30 $ 70,000 00 $

MECHANICAL (HVAC) 12 12 $ 25,00000 $

PLUMBING 60 18 $ 500,00000 $

ELECTRICAL SYSTEMS 62 20 $ 500,000 00 $

SWIMMING POOL 62 20 $ 132,00000

PAVEMENT ANOPARKING LOT 62 20 $ 100,00000 $

DRAINAGESYSTEMS 62

CORRIDOR CARPET . 15

CORRIDOR WALL COVERNG 15

PAINTING EXTERIOF 8

$ 16,666.67

10,000,00

2,333.33

$ 2,083.33

$ 27,777.78

$ 25,000.00

$ - $ 6,600.00

$ 5,000.00

20 $ 100;000.00. $ $ 5,000.00

15 .$ 38,190.00 $ $ 2,546.00

15 $ 35,000.00 $ $ 2,333.33

8 $ 82,70b.00 $ - . $ 10,337.50

TOTAL . . $115,677.94

Estimated Estimated Estimated Current Required.

Life Remaining Replacement Balance in Reserve(in years) Useful Life Cost Account Per Year

~~ f)jL~ ~~ lli~~ ~~ ~~ ~~ ~~ ~~ ~~

Estimated Estimated Estimated Current [ RequiredLife Remaining Replacement Balance in Reserve

(in years) Useful Life Cost Account Per Year

ROOFING 26 6 $ 100,000.00 $ - $ 16,666.67

FIREPROOFING/FIRE PROTECTION SYSTEMS 20 20 $ 200,000.00 $ - $ 10,000.00

ELEVATORS 30 30 $ 70,000.00 $ - $ 2,333.33

MECHANICAL (HVAC) 12 1:2 $ 25,000.00 $ - $ 2,083.33

PLUMBING 60 18 $ 500,000.00 $ - $ 27,777.78

ELECTRICAL SYSTEMS 62 20 $ 500,000.00 $ - $ 25,000.00

SWIMMING POOL 62 20 $ 132,000.00 $ - $ 6,600.00

PAVEMENT AND'PARKING LOT 62 20 $ 100,000.00 :$ - $ 5,000.00

DRAINAGE SYSTEMS 62 20 $ 100;000.00 $ - $ 5,000.00

CORRIDOR CARPET 15 15 $ 38,190.00 $ - $ 2,546.000,,;

CORRIDOR WALL COVERNG 15 15 $ 35,000.00 $ - $ 2,333.33

PAINTING EXTERIOR 8 8 $ 82,700.00 $ - $ 10,337.50

TOTAL $ 115,677.94

SCHEDULE"4'

THE WAVE, ACONDOMINIUM

FORM OF PURCHASE AGREEMENT UTILIZED IN THE SALEOF CONDOMINIUM UNITS

( (

SCHEDULE "4"

THE WAVE, ACONDOMINIUM

FORM OF PURCHASE AGREEMENT UTILIZED IN THE SALEOF CONDOMINIUM UNITS

NOTE 1:.

NOTE 2:'

NOTE 3:

NOTES TO THE ESTIMATED OPERATING BUDGET FORTHE WAVE CONDOMINIUM

By definition, a Budget is an estimate of expenses; However, actual expenses incurredmay be either more or less than the estimated expenses set forth in the Budget. TheDeveloper and the Association cannot and do not make any representation or warrantythat actual expenses will not increase as a result of inflation, etc. Furthermore, if theestimated expenSes in certain categories of the Budget, for example: water or electricity,are less than the actual expenses incurred for those categories, then the excess will beused to off-set deflcits occurring in the categories of the Budget where actual expensesexceed the estimated expenses.

The Association haá not entered into a management agreement. However, the Budgetsets forth certain sums for management. In the event the Association enters into amanagement agreement, the expenses for this item will be increased or decreased.

Pursuant to Section 718.116 (9)(a)2, Florida Statutes, the Developer has guaranteed thatthe Unit owners monthly Assessment for Common Expenses of the Condominiumimposed on all Unit Owners will not increase, over the amounts set forth below for theperiod beginning upon recordation of the Declaration and ending twelve (12) monthsthereafter, and has obligated itself to pay any amount of Common Expenses incurredduring that period not produced by the Assessments at the guaranteed level receivablefrom other Unit Owners. The amount of the Assessment guarantees for each Unit ownerfor the guarantee period is the monthly maintenance fee amount set forth as follows:'

Monthly and Yearly MaintenanceFee Per Residence:

Each Residence shall be separately billed for electricity, real estate taxes, personal.property taxes, telephone charges, cable television charges.. In the future,, if water andsewer charges are sub-metered, they will then also be billed separately.

This budget has been estimated based upon buildings of a similar size. However, thesecharges are estimates of future costs that may vary. (increase or decrease) andaccordingly, no representation is made or implied that this budget is complete, accurate,or all encompassing, The budget will need to be adjusted once the buildings are fullyoccupied and costs are stabilized, ' -

UNIT TYPE MONTHLY YEARLYA $ 150.40 $ 1,804.77B 164.84 $ 1,978.02

$ 206.51 $ 2,478.09D 206.51 $ 2,478.09E $ 213.95 $ 2,567,43F $ 222.80 $ 2,673.61G $ 295.20 $ 3,542.46

NOTE 1:.

NOTE 2:'

NOTE 3:

NOTE 4:

NOTE 5:

NOTES TO THE ESTIMATED OPERATING BUDGET FORTHE WAVE CONDOMINIUM

By definition, a Budget is an estimate of expenses. However, actual expenses incurredmay be either more or less than the estimated expenses set forth in the Budget. TheDeveloper and the Association cannot and do not make any representation or warrantythat actual expenses will not increase as a result of inflation, etc. Furthermore, if theestimated expenses in certain categories of the BUdget, for example: water or electricity,are less than the actual expenses incurred for those categories, then the excess will beused to off-set deficits occurring in the categories of the BUdget where actual expensesexceed the estimated expenses.

The Association has not entered into a management agreement. However, the Budgetsets forth certain sums for management. In the event the Association enters into amanagement agreement, the expenses for this item will be increased or decreased.

Pursuant tei Section 718.116 (9)(a)2, Florida Statutes, the Developer has guaranteed thatthe Unit owners monthly Assessment for Common Expenses of the' Condominiumimposed on all Unit Owners will not increase. over the amounts set forth below for theperiod beginning upon recordation of the Declaration and ending twelve (12) monthsthereafter, and has obligated itself to pay any amount of Common Expenses incurredduring that period not produced by the Assessments at the guaranteed level receivablefrom other Unit Owners. The amount of the Assessment guarantees for each Unit ownerfor the guarantee period is the monthly maintenance fee amount set forth as follows:

Monthly and Yearly MaintenanceFee Per Residence:

UNIT TYPE MONTHLY YEARLYA $ 150.40 $ 1,804.77B $ 164.84 $ 1,978.02C $ 206.51 $ 2,478.09D $ 206.51 $ 2,478.09E $ 213.95 $ 2,567.43F $ 222.80 $ 2,673.61G $ 295.20 $ 3,542.46

Each Residence shall be separately billed for electricity, real estate taxes, personalproperty taxes, telephone charges, cable television charges. In the future, if water andsewer charges are sub-metered, they will then also be billed separately.

This bUdget has been estimated pased upon buildings of a similar size. However, these.charges are estimates of future costs that may vary (increase or decrease) andaccordingly, no representation is made or implied that this bUdget is complete, accurate,or all encompassing. The budget will need to be adjusted once the buildings are fullyoccupied and costs are stabilized.' - v

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THEDEVELOPER. FOR CORRECT REPRESENTATIONS, REFERENCE SHOULD BE MADE TO THIS CONTRACT AND THEDOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO APURCHASERORLESSEE.

CONTRACT FOR PURCHASE AND SALE

ThE.WAVE, A CONDOMINIUM

Seller/Developer: SKYRE, LLC, a Florida limited liability company

Purchaser(s):

Social Security #: Social Security #: Marital Status:

Contract Date:

Mailing Address:

Home Phone: Work Phone: Fax:

Condominium Unit Number Closing Date:

In consideration of the purchase price specified below, the mutual covenants and benefits provided for herein and other good andvaluable consideration, the receipt and sufficiency of which Is hereby acknowledged by the parties hereto, the parties hereto do herebyagree as follows:

GENERAL. Seller agrees to sell, and Purchaser agrees to purchase, in accordance with the terms and conditions ofthis Contract for Purchase and Sale ("Contract"), the Unit referenced above ("Unit") of THE WAVE, A CONDOMINIUM("Condominium'), The Condominium Is or shall be created pursuant to the Declaration of Condominium for THE WAVE, ACONDOMINIUM ("Declaration"), which is or shall be recorded in the public records of Pinellas County, Florida. The Unit, togetherwith its percentage of undivided interest in the Common Elements of the Condominium, is more particularly described in theDeclaration. The Unit shall be purchased for the purchase price and under the terms and conditions set forth below and elsewherein thIs Contract,

PURCHASE PRICE. The total purchase price of the Unit shall be as set forthln Paragraph I above, and shall bepaid as follows:

(a) All deposits made by Purchaser under Paragraph 1 ("Earnest Money") shall be consideration for Sellerreserving the Unit for Purchaser. Notwithstanding anything to the contrary herein, none of the monies received by Seller forupgrades to the Unit, if any, shall be deemed Earnest Money within the meaning of this Paragraph 2 of the Contract. The EarnestMoney shall be deposited In the Escrow Account of Royal Title and Escrow Company ("Escrow Agent") pursuant to Section718.202, Florida Statutes and an Escrow Agreement between Seller and Escrow Agent. Such Escrow Account shall be designatedfor the deposit of earnest monies received by Seller with respect to units within THE WAVE, A CONDOMINIUM, and shall not becommingled with any other funds of Seller. The mailing address of the Escrow Agent is 555 Northeast 15 Street, Miami, FL 33132,All notices and claims of Purchaser with respect to the aforesaid escrow deposits shall be sent to the Escrow Agent at its addressset forth above. Escrow Agent shall give Purchaser a receipt for his deposit upon his req. uest. If Purchaser terminates this Contractwithout defaulting, Seller shall refund all deposits. Unless specifically set forth herein to the contrary, any and all interest earned onescrow funds shall be paid to Developer and shall be deemed the Developer's sole property. If Purchaser defaults, Seller shall beentitled to retain all deposits together with any interest actually. accrued thereon. Purchaser will be required to authorizedisbursement of escrowed funds by the Escrow Agent to Seller at cIosin. Prior to disbursing Earnest Money in the event of adefault hereunder, Escrow Agent shall give all parties fifteen (15) days notice, stating to whom the disbursement will be made. Anyparty may object in writing to the disbursement, provided the objection is received by Escrow Agent prior to the end of the fifteen(15) day notice period. All objections not raised in a timely manner shall be waived. In the event a timely objection Is made, EscrowAgent shall consider the objection and shall do any or a combination of the following: (i) hold the Earnest Money for a reasonableperiod of time to give the parties an opportunity to resolve the dispute: (ii) disburse the Earnest Money and so notify all parties;and/or (iii) interplead the Earnest Money into a court of competent jurisdiction. Escrow Agent shall be reimbursed for its costs andexpenses, including reasonable attorneys' fees. The prevailing party in the interpleader action shall be entitled to collect from theflother party the costs and expenses reimbursed to Escrow Agent. No party shall seek damages from Escrow Agent (nor shall

Proc. Mgr. Initials:PurchaserPurchaser

Unit Price: $Other $Total Purchase Price: $Deposit Made This Date' $Additional Deposit Due on:Proceeds of"Mortgage Loan', if any $Balance Due At Closing $

Monthly Condominium Maintenance Charge $Contribution to Condominium Working Capital Fund $

( (

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THEDEVELOPER. FOR CORRECT REPRESENTATIONS, REFERENCE SHOULD BE MADE TO THIS CONTRACT AND THEDOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO APURCHASER OR LESSEE.

CONTRACT FOR PURCHASE AND SALE

THEWAVE, A CONDOMINIUM

Seiler/Developer: SKYRE, LLC, a Florida limited lIabiiity company

Purchaser(s):

Social Securlly #: _

Contract Date: _

Social Security #: _ Marital Status: _

VVorkPhone: _

Mailing Address:~ -:- _

Home Phone: _ Fax: _

Condominium Unit Number -'-. Closing Date: -.,.

In consideration of the purchase price specified below, the mutual covenants and benefits provided for herein and bther good andvaluable consideration, the receipt and sUfficiency of which is hereby acknowledged by the parties hereto, the parties hereto do herebyagree as follows:

1. GENERAL. Seller agrees to sell, and Purchaser agrees to purchase, in accordance with the terms and conditions ofthis Contract for Purchase and Sale ("Contract"), the Unit referenced above ("Unit") of THE VVAVE, A CONDOMINIUM("Condominium"). The Condominium is or shall be created pursuant to the Declaration of Condominium for THE WAVE, ACONDOMINIUM ("Declaration"), which is or shall be recorded in the public records of Pinellas County, Fiorida. The Unit, togetherwith its percentage of undivided interest In the Common Elements of the Condominium, is more particularly described in theDeclaration. The Unit shall be purchased for the purchase price and under the terms and conditions set farth below and elsewherein this Contract.

Unit Price: .Other. , .Total Purchase Price: .Deposit Made This Date: , .Additional Depasit Due ao: .Proceeds of "Mortgage. Loan", if any .Balance Due At Closing , , .

Monthly Condominium Maintenance Charge .Contribution to Condominium Working Capital Fund , ..

$:----$:--~$:----$:-,--.,.---$,----$,----$,-----

$----$,-----

2. PURCHASE PRICE. The total purchase price olthe Unit shall be as set forth in Paragraph 1 above, and shall bepaid as follows:

(a> All deposits made by Purchaser under Paragraph 1 ("Earnest Money") shall be consideration for Sellerreserving'the Unit for Purchaser. Notwithstanding anything to the contrary herein, none of the monies received by Seller farupgrades to the Unit, If any, shall be deemed Earnest Money within the meaning of this Paragraph 2 of the Contract. The EarnestMoney shall be deposited in the Escrow Account of Royal Tille and Escrow Company ('Escrow Agent") pursuant to Section718.202, Florida Statutes and an Escrow Agreement between Seller and Escrow Agent. Such Escrow Account shall be designatedfor the deposit of earnest monies received by Seller with respect to units within THE VVAVE, A CONDOMINIUM, and shall not becommingled with any other funds of Seller. The mailing address of the Escrow Agent is 555 Northeast 15 Street, Miami, FL 33132.All notices and claims of Purchaser with respectta the aforesaid escrow deposits shall be sent to the Escrow Agent at its addressset forth above. Escrow Agent shall give Purchaser a receipt for his deposit upon his request .If Purchas.er terminates this ~ontract

without defaUlting, Seller shall refund all deposits. Unless specifically set forth herein to the contrary, any and all interest earned onescrow funds shall be paid to Developer and shall be deemed the Developer's sole property. If Purchaser defauits, Seller shall beentitled to retain all deposits together with any interest actually. accrued thereon.Pur5:haser will ,be required to authorizedisbursement of escrowed funds by the Escrow Agent to Seller at closing. Prior to disbursing Earnest Money in the event of adefault hereunder, Escrow Agent shall give all parties fifteen (15) days notice, stating to whom the disbursement will be made. Anyparty may object in writing to the disbursement, prOVided the objeclion is received by Escrow Agent prior to the end of the fifteen(15) day notice period. All objections not raised in a timely manner shall be waived. In the event a timely objection Is made, EscrowAgent shall consider the objection and shall do any or a combination of the following: (i) hold the Earnest Money for a reasonableperiod of time to give the parties an opportunity to resoive the dispute; Oil disburse the Earnest Money and so notify all parties;and/or (iii) interplead the Earnest Money into a court of competent jurisdiction. Escrow Agent shall be reimbursed for its costs andexpenses, including reasonable attorneysl fees. The prevailing party in the interpleader actlon shall be entitled to collect from theother party the costs and expenses reimbursed to Escrow Agent. No party shan seek damages from Escrow Agent (nor shall

____ Proc. Mgr. Initials:___ Purchaser___ Purchaser

Escrow Agent be liable for the same) for any matter arising out of or related to the performance of Escrow Agent's duties under thisEarnest Money paragraph.

(b) The balance of the purchase price and all other amounts due including but not limited to fees and costsshall be paid by certified check at the time of Closing.

3. PRORATIONS.

Ad Valorem Taxes.

(i) Purchaser acknowledges that, as of the year in which blosing takes place, the Unit may nothave been a separately described and assessed unit of real estate and that, in that event, ad valorem taxes for the Unit for the yearin which Closing takes place may be assessed under a tax bill in the name of Seller which covers additional Unit. Should the Unitnot be separately described and assessed parcel of real estate, Purchaser agrees to pay Seller at Closing that portion of the tax forthe year in which Closing takes place (based on the prior year if the tax bill for the year in which Closing takes place is not yetavailable) which shall be determined by multiplying the total tax bill by the percent interest in the Common Elements assigned to theUnit in the Declaration and then prorating the product of such multiplication as of the date .of Closing. Seller agrees to pay the entiretax bill before it becomes delinquent and, upon written request from Purchaser or any first mortgagee of the Unit, to providePurchaser or such mortgagee proof of payment. If the amount allocated to the parties is based upon an estimate and the actual billvaries from the estimate, the party who paid too much shall have the right to adjust the prorated amount and within ten (10) days ofreceipt of notice the party who paid too little shall pay any increased amount based on the actual tax bill to the other party. All suchassessments shall be made based on a November payment discount

(U) If, in the year in which Closing takes place, the Unit is a separately described and assessedunit of real estate, then ad valorem taxes applicable to the Unit shall be prorated between the Seller and Purchaser as of the date ofClosing. If the amount allocated to Purchaser is based upon an estimate and the actual bill varies from the estimate, the party whopaid too much shall have the right to adjust the prorated amount and within ten (10) days of receipt of notice, the party who paid toolittle shall pay any increased amount based on the actual tax bill to the other party: All such assessments shall be made based on aNovember payment discount.

Assessments.

(i) Purchaser shall pay his or her pro rata share of the common expense assessment leviedagainst the Unit, as provided in the Declaration, for the month in which the Closing, shall take place, which common expenseassessment shall be adjusted at Closing according to the number of days remaining in the month. Except for that portion of theassessment installment as shall be payable for the month in which the Closing shall take place, which shall be prorated betweenSeller and Purchaser as of the day of Closing, such adjusted common expense assessment shall be payable to The WaveCondominium Association of St. Petersburg, Inc. ('tAssociation"), by Purchaser in equal monthly installments, commencing on thefirst day of the calendar month immediately following the date of Closing, or as otherwise provided by the Board of Directors of theAssociation. From and after the first day of the first calendar month of the year following the year in which the Closing takes place,Purchaser shall pay all amounts as are assessed against the Unit in accordance with the terms and provisions of the Declaration.Purchaser agrees and acknowledges that there will be a lien against the Unit for any assessment not paid to the Association.

Contribution to Capital of Association. In addition to all other sums due hereunder, Purchaser agrees atClosing to make a non-refundable contribution to the capital of the Association In an amount equal to two (2) months generalassessments on the Unit, at the time of closing.

4, TITLE.

Purchaser acknowledges that the Unit he or she is to purchase may not now be a part of the Condominiumuntil the Declaration is recorded. Prior to consummation of the sale contemplated by this Contract, Seller shall have submitted theUnit to the Declaration of Càndominium. Title to the Unit shall be conveyed to Purchaser by special warranty deed, and title to theUnit shall be insurable or marketable and free and clear of all encumbrances, except as provided in subparagraph (b) below.

It is understood and agreed that Purchaser is purchasing the above referenced Condominium Unit, subjectto the items as hereinafter stated, and that title to the Unit which the Purchaser shall acquire pursuant to this Contract shall be good,marketable and/or insurable, subject only to the following:

(i) Conditions, restrictions, limitations; reservations, dedications, easements, licenses, existingzoning ordinances and other rights of governmental bodies and instruments of record, including, but not limited to, water, sewer,gas, electric and other utility agreements of record.


Escrow Agent be liable for the same) for any matter arising out,of or related to the performance of Escrow Agent's duties under thisEarnest Maneyparagraph.

(b) The balance of the purchase price and all other amounts due including but not limited to fees and costsshall be paid by certified check at the time of Closing.

3. PRORATIONS.

(Ii) If, in the year in which Closing takes place, the Unit is a separately described and assessedunit of real estate, then ad valorem taxes applicable to the Unit shall be prorated between the Seller and Purchaser as of the date ofClosing. If the amount allocated to Purchaser is based upon an estimate and the actual bill varies from the estimate, the party whopaid too much shall have the right to adjust the prorated amount and within ten (10) days of receipt of notice. the party who paid toolittle shall pay any increased amount based on the actual tax bill to the other party. All such assessments shall be made based on aNovember payment dis~ount.

(b) Assessments.

(i) Purchaser shail pay his or her pro rata 'share of the common expense assessment leviedagainst the Unit, as provided in the Declaration, for the month in which the Closing, shall take place, which common expenseassessment shall be adjusted at Closing according to the number of days 'remaining in the month. Except for that portion of theassessment installment as shall be payable for the month in which the Closing shall take place, which shall be prorated betweenSeller and Purchaser as of the day of Closing, such adjusted common expense assessment shall be payable to The WaveCondominium Association of St. Petersburg, Inc. ('~Association"), by Purchaser in equal monthly installments, commencing on thefirst day of the calendar month immediately following the date of Closing, or as othelWise provided by the Board of Directors of theAssociation.. From and after the first day of the first calendar month of the year following the year in which the Closing takes place,Purchaser shall pay all amounts as are assessed against the Unit in accorclancewith the tenns and provisions of the Declaration.Purchaser agrees and acknowledges that there will be a lien against the Unit for any assessment, not paid to the Association.

(c) Contribution to Capital of Association. In addition to all other sums due hereunder, Purchaser agrees atClosing to make a nonMrefundable contribution to the capital of the Association in an amount equal to two (2) months generalassessments on the Unit, at the time of closing.

4. TITLE.

(a) Purchaser acknowledges that the Unit he or she is to purchase may not now be a part of the Condominiumuntil the Declaration is recorded. Prior to consummation of the sale contemplated by this Contract,. Seller shall have submitted the·Unit to the Declaration of Condominium.. Title to the Unit shall be conveyed.to Purchaser by special warranty deed, and title to theUnit shall be insurable or marketable and free and clear of all encumbrances, except as provided in SUbparagraph (b) below.

(b) It is understood and agreed that Purchaser is purchasing the above referenced Condominium Unit, SUbjectto the items as hereinafter stated, and that title to the Unit which the Purchaser shall acquire pursuant to this Contract shall be good,marketable andlor insurable, sUbject only to the following:

(i) Conditions, restrictions, llmitations; reservations, dedications, easements, licenses, existingzoning ordinances and other rights of governmental bodies and instruments of record, including, but not limited to, water, sewer,gas, electric and other utility agreements of record.

____ Prac. Mgr. Initials:___ Purchaser___ Purchaser

EL

(H) Facts which an accurate survey or personal inspection of the Unit would disclose.

(lU) Taxes for the current year and subsequent years.

Covenants, conditions, restrictions, terms and other provisions as set forth in theDeclaration of Condominium for THE WAVE, A CONDOMINIUM, and its exhibits and Bylaws and Articles of Incorporation of theThe Wave Condominium Association of St Petersburg, Inc.

Any purchase money mortgage executed by Purchaser in connection with the Closing ofthis transaction.

All standard policy exceptions and provisions as may be contained in the A.L.T.A. owner'spolicy of title insurance and standard exceptions for waterfront property.

(ix) Any other items as disclosed in the prospectus.

(c). BESPA Disclosure, As required by the Real Estate Settlement Procedures Act of 1974, Purchaseracknowledges that Seller has not directly or indirectly required Purchaser, as a condition of sale, to purchase either a fee owner's ormortgagee's title insurance policy from any particular title company. Purchaser may elect to obtain such insurance from a companyof Purchaser's choice and Purchaser shalt pay, at Closing, the title insurance premium for such policy.

5. CLOSING DATE. It is mutually agreed that the closing of the Unit (the "Closing") shall be held on or before theClosing Date set forth on the first page hereof at the office of or as otherwise directed by the Seller in the "closing notice". If no dateis provided, then the Closing Date will be the later of (a) on or before thirty (30) days from the effective date of this Contract or (b) ona date after the presale contingency has been met, with the Closing Date to be determined by Seller as follows: The specified date,time and place for Closing shall be designated by the Seller in writing, whlchwritlng is called the "closing notice" given to thePurchaser in accordance with the terms hereof.. Purchaser understands that Purchaser will receive at least five (5) business daysnotice of the date, time and place of Closing. Purchaser further understands that Purchaser will not have the right to postpone thedate, time of Closing for any reason without Sellers approval In its sole discretion. Seller will have the right, however, if Sellerdecides that it is necessary or desirable, to delay or reschedule the Closing by giving Purchaser at least three (3) days prior noticeof the new date, time and/or place prior to the rescheduled Closing. Seller has no liability to Purchaser for delaying or reschedufingthe Closing. A change of time or place of closing only (and not one involving a change of date) will not require an additional noticeperiod. Any formal notice of.closing, postponement or rescheduling may be given orally, by telephone, telegraph, e-mail, overnightdelivery, personal delivery or by facsimile. All of these notices will be sent or directed to the address, or given by use of theinformation specified on page 1 of this Contract unless Seller has received written notice from Purchaser of any change at least 5days prior to the date the notice is given. These notices will be effective in the date given or mailed (as appropriate). An affidavit ofone of Sellers employees or agents (including any settlement agent) stating that this notice was given or mailed will be conclusive.If after Seller notifies Purchaser of the date, time and place for Closing, Purchaser fails to close for any reason at that date, time andplace and to pay the balance of the Purchase Price and all other amounts that Purchaser owes under this Contract, at Seller's solediscretion, Seller will be entitled to do either of the following. Under no circumstance will the closing occur more than 2 years fromthe date of this contract.

CLOSING COSTS. A sum equal to one and three-quarter (1 'a) percent of the purchase price payable in cash or bycashier's check, from which sum Seller shallpay the cost of recording the Deed, documentary stamps on the transfer, other transfercosts, and the owner's policy of title insurance described herein; a simultaneous mortgagee commitment and policy, in an amountup tothe purchase price for an additional $250.00 fee; any endorsements required by the Lender at the minimum risk rate;reimbursement to Seller for any utility, cable or interactive communication deposits or hook-up fees which Seller may have advanceprior to closing for the Unit; and the ate funding charge, if any, provided in paragraph 7 below. Notwithstanding anything containedherein to the contrary, if Purchaser notifies Seller within thirty (30) days prior to the closing date that Purchaser does not desire onowner's policy of title insurance or desires to have such policy issued by a title company other than that furnished by Seller, then, inthat event, Purchaser shall be credited at closing in an amount equal to the mail-in premium based upon the promulgated titleinsurance rate, including any reissue credits thereon, if any. (No title evidence will be provided and Seller will not pay for anyabstracting charges.) In addition, Purchaser will pay closing fees, examination fees, Lender's title insurance fees includingendorsements, lender fees, recording fees for the mortgage including taxes .thereon and Purchaser's attorney's fees if any.Purchaser shall pay all costs and fees incident to the securing of financing and the closing of the purchase and sale contemplatedhereunder not specifically assigned to the Seller induding, but not limited to mortgage insurance premiums, escrow deposits, $75.00key charge, prepaid interest, including, but nqt limited to, all discount points required by any lender, any fees associated withfinancing regarding the purchase of the Unit, intangible tax and fees, if applicable.

CLOSING DOCUMENTS, Purchaser also agrees to execute any closing statements or other documents which maybe required in connection with the closing. In the event the closing is not completed on the date set forth in the closing notice,Purchaser shall pay to Seller interest on the unpaid balance of the purchase price at the highest rate permitted by law from the dateset forth in the closing notice until the actual closing occurs and Purchaser shall be responsible for attorney's fees on other charges

Proc Mgr. Initials:PurchaserPurchaser

(ii) Facts which an accurate surveyor personal inspection of the Unit would disclose.

(iii) Taxes for the current year and sUbsequent years,

(Iv) Covenants, conditions, restrictions, terms and other provisions as set forth in theDeciaration of Condominium for THE WAVE, A CONDOMINIUM, and its exhibits and Bylaws and Articles of Incorporation of theThe Wave Condominium Association of Sl Petersburg, Inc.

(v) Any purchase money mortgage executed by Purchaser in connection with the Closing ofthis transaction.

(vi) All standard policy exceptions and provisions as may be contained in the A.L.T,A. owner'spolicy of title insurance and standard exceptions for waterfront property. .

(ix) Any other items as disclosed in the prospectus.

(c) RESPA Disclosure, As required by the Real Estate Settlement Procedures Act of 1974, Purchaseracknowledges that Seller has not directly or indirectly required Purchaser, as a condition ,of sale, to purchase either a fee owner's ormortgagee's title Insurance policy from any particular title company. Purchaser may elect to obtain such insurance, from a companyof Purchaser's choice and Purchaser shall pay, at Closing, the title insurance premium for such policy.

5, CLOSING DATE. It is mutually agreed that the closing of the Unit (the "Closing") shall be held on or before theClosing Date set forth on the first page hereof at the office of or as otherwise directed by the Seller in the "closing notice". If no dateis provided, then the Closing Date will be the later of (a) on or before thirty (30) days from the effective date of this Contract or (b) ona date after the presale contingency has been met, with the Closing Date to be determined, by Seller as follows: The specified date,time and place for Closing shall be designated by the Seller in writing, which' writing is called the "closing notice" given to thePurchaser in accordance with the terms hereof. Purchaser understands that Purchaser will receive at least five (5) business daysnotice of the date, time and place of Closing. Purchaser further understands that Purchaser will not have the right to postpone thedate, time of Glosing for any reason without Seller's approval In its sole discretion. Seller will have the right, however, if Sellerdecides that it is necessary or desirable, to delay or reschedule the Closing by giving Purchaser at least three (3) days prior noticeof the new date, time and/or place prior to the rescheduled Closing. Seller has no liability to Purchaser for delaying or rescheduRngthe Closing. A change of time or place of closing only (and not one involving a change of date) will not require an additional noticeperiod. Any formal notice of.c1osing, postponement or rescheduling may be given orally, by telephone, telegraph, e-niall, overnight

.delivery, personal delivery or by· facsimile. All of these notices will be sent or directed to the address, or given by use of theinformation spec.ifiedon page 1 of this Contract unless Seller has received written notice from Purchaser of any change at least 5days prior to the date the notice is given. These notices will be effective in the date given or mailed (as appropriate). An affidavit ofone of Seller's employees or agents (including any settlement agent) stating that this notice was given or mailed will be conclusive.If after Seller notifies Purchaser of the date, time and place for Closing, Purchaser fails to close for any reason at that date, time andplace and to pay the balance of the Purchase Price and all other amounts that Purchaser owes under this Contract, at Seller's solediscretion, Seller will be entitled to do either of the following. Under no circumstance will the closing occur more than 2 years fromthe date of this contract,

6, CLOSING COSTS, A sum equal to one and three-quarter (1 j<%) percent of the purchase price payable in cash or bycashier's check, from which sum Seller shall,pay the cost of recording the Deed, documentary stamps on the transfer, 6thertransfercosts,· (ind the owner's policy of title insurance described herein; a simultaneous mortgagee commitment and policy, in an amountup to -the purchase price for an additional $250.00 fee; any endorsements required by the Lender at the minimum risk rate;reimbursement to Seller for any utility, cable or interactive communication deposits or hook-up fees which Seller may have advanceprior to closing for the Unit; and the late funding charge, if any, firovided in paragraph .7 below. NotWithstanding anything containedherein to the contrary, if Purchaser notifies Seller within thirty (30) days prior to the closing date that Purchaser does not desire onowner's polley of title insurance or desires to have such policy issued by a title company other than that furnished by Seller, then, inthat event, Purchaser shall be credited at closing in an amount equal to the mail-in premium based upon the promulgated titleinsurance rate, including any reissue credits thereon, if any. (No title evidence will be prOVided and Seller will not pay for anyabstracting charges.) In addition, Purchaser will pay closing fees, examination fees, Lender's title insurance fees inclUdingendorsements, lender fees, recording fees for the mortgage including taxes, thereon and Purchaser's attorney's fees if any.Purchaser shall pay all costs and fees incident to the securing of financing and the closing of the purchase and sale contemplatedhereunder not specifically assigned to the Seller including, but not limited to mortgage insurance premiums, escrow deposits, $75.00key charge, prepaid interest, including, but no:t limited to, all discount points required. by any lender, any fees associated. withfinancing regarding the purchase ofthe Unit, intangible tax and fees, if applicable.

7. CLOSING DOCUMENTS. Purchaser also agrees to execute any closing statements, or other documents which maybe reqUired in connection with the closing. In the event the closing is not completed on the date'set forth in the closing notice,Purchaser shall pay to Seller interest on the unpaid balance of the purchase price at the highest rate permitted by law from the dateset forth in the closing notice until the actual closing occurs and Purchaser shall be responsible for attorney's fees on other charges


incurred by Seller as a result of rescheduling the closing, For purposes of calculating prorations at closing, the date specified in theclosing notice shall be the date of closing. Notwithstanding the foregoing, Purchaser acknowledges that in the provisions hereof, andSell may exercise all remedies available to it under paragraph 8(a) hereof. Payment at closing must be in United States certified.funds only. Seller shall provide a Special Warranty Deed at closing.

8. DEFAULT.

Purchasers Default. Purchaser shall be in default under this Contract in the event that (1) Purchaser failsor refuses to complete and execute all of the instruments cequired of Purchaser under this Contract promptly or when requested todo so.by Seller or tender, if applicable; or (2) Purchaser fails to or refuses to make timely payment of any payments required underthis Contract; or (3) Purchaser in any other manner fails to or refuses to perform his obligations under this Contract. In the event ofany such default by Purchaser, Seller shall give Purchaser written notice of such default and allow seven (7) days from the date ofsuch notice for Purchaser to cure such default. If Purchaser shall fail to cure such default within such seven (7) day period, theSetter shall, and does hereby have, the unrestricted option to: (1) consider the Purchaser in default under this Contract; (2) retain allsums paid to it hereunder as agreed upon and liquidated damages and in full settlement of any claim for damages; and, (3)terminate all rights of purchaser under this Contract and, thereupon, the parties hereto will be released and relieved from allobligations hereunder. The provisions herein contained for liquidated and agreed upon damages are bona fide provisions for suchand are not a penalty, the parties understanding that by reason of the withdrawal of the Unit from sale to the general public at a timewhen other parties would be interested in purchasing the Unit, that Seller will have sustained damages if Purchaser defaults, whichdamages will be substantial but will not be capable of determination with mathematical precision and, therefore, as aforesaid, theprovisions for liquidated and agreed upon damages have been incorporated into this Contract as provisions beneficial to bothparties hereto. Purchaser and Seller recognize the impossibility of measuring Seller's damages if Purchaser defaults. In the eventany litigation or arbitration is commenced as a result of this Contract and Setter prevails in such litigation or arbitration, thePurchaser shall also be liable for Seller's attorneys' fees and costs resulting therefrom.

Sellers Default If Seller defaults in the performance of this Contract Purchaser shall give Seller writtennotice of such default, and if Seller, within seven (7) days from receipt of such notice shall fail to take action that would cure thedefault within a reasonable period of time, and if Purchaser has performed all of his obligations hereunder, then Purchaser mayelect to receive a return of the deposits made hereunder, together with interest or in the alternative, may seek specific performance.Upon payment of said deposit to Purchaser, Seller will no longer have any liability to Purchaser, and this Agreement shallautomatically be cancelled.

9 NON-ASSIGNABILITY. This Contract and Purchasers interest and rights hereunder are personal to Purchaser andneither said Contract nor the interest or rights of Purchaser hereunder, or any portion thereof, shall be assigned or transferreddirectly or indirectly, in whole or in part, without prior written approval of Seller. Any such assignment without such written approvalof Seller shall be invalid and shall not be binding upon Seller and shall not relieve Purchaser of Purchasers obligations under thisContract. In the event Seller agrees to an assignment, the purchase price shall be increased by Twenty-five Thousand and No/I 00Dollars ($25,000.00), This Contract shall be binding upon and inure to the 'benefit of the heirs, executors, administrators andpermitted assigns of the parties to this Contract; provided, however, this Contract shall not become binding upon Seller untilapproved pursuant to the terms hereof. . .

10. NOTICES. The delivery of any items and the giving of notice in compliance with this Contract shall be accomplishedby delivery of the item or notice to the party intended to receive it or by mailing by certified or registered mail, U.P,S., FederalExpress, or Airborne Express addressed to the address of the party herein stated. Notice or delivery by mail shall be effective whenmailed. Notice or delivery by permitted 1overnight courier shall be effective the day deposited with such courier.

FINANCING.

Check the appropriate box.

1 Purchaser represents to Seller that no mortgage financing is necessary or desirable for Purchaserto complete this transaction and that Purchaser does not desire for this Contract to be contingent uponhis ability to obtain financing; . .

(or] .

1 1 Purchaser represents to Seller that Purchaser is in need of a mortgage loan in the principalamount set forth in Paragraph I in order to complete this transaction,

Mortgage Contingency,

(i) Preapproved Lender.


( (

incurred by Seller as a result of rescheduling the closing. For purposes of calculating prorations at closing, the date specified in theclosing notice shall be the date of closing. Notwithstanding the foregoing, Purchaser acknowledges that in the provisions hereof, andSell may exercise alf remedies available to it under paragraph 8(a) hereof. Payment at closing must be in United States certifiedfunds only. Seller shall provide a Special Warranty Deed at closing.

8. DEFAULT.

.(a) Purchaser's Default. Purchaser shall be in default under this Contract in the event that (1) Purchaser faiisor refuses to complete and execute all of the instruments -required of Purchaser under this Contract promptly or when requested todo so.by Seller or lender, if applicable; or (2) Purchaser fails to or refuses to make timely payment of any payments required underthis Contract; or (3) Purchaser in any other manner fail.s to or refuses to perform his obligations under this Contract. In the event ofany such default by Purchaser, Seller shall give Purchaser written notice of such default and allow seven (7) days from the date ofsuch notice for Purchaser to cure such default. If Purchaser shall fail to cure such default within such seven (7) day period, theSeller shall, and does hereby have, the unrestricted option to: (1) consider the Purchaser in default under this Contract; (2) retain allsums paid to it hereunder as agreed upon and liqUidated damages and in full settlement of any claim for damages; and, (3)terminate all rights of Purchaser under this Contract and, thereupon, the parties hereto will be released and relieved from allobligations hereunder. The provisions herein contained for liquidated and agreed upon damages are bona fide provisions for suchand are not a penalty, the parties understanding that by reason of the withdrawal of the Unit from sale t6 the general pUblic at a timewhen other parties would be interested in purchasing the Unit, that Seller will· have sustained damages if Purchaser defaults, whichdamages will be substantial but will not be capable of determination with mathematical precision and, therefore, as aforesaid! theprovisions for .liquidated and agreed upon damages have been incorporated into this Contract as provisions beneficial to bothparties hereto. Purchaser and Seller recognize the impossibility of measuring Seller's damages if Purchaser defaults. In the eventany litigation or arbitration is commenced as a result of this Contract and Sefler prevails in such litigation or arbitration, thePurchaser shall also be liable for Seller's attorneys' fees and costs resulting therefrom.

(b) Seller's Defauil If Selier defaults in the performance of this Contract; Purchaser shali give Seller writtennotice of such default, and if Seifer, within seven (7) days from receipt of such notice shall fail to take action that would cure thedefault withIn a reasonable period of time, and if Purchaser has performed all of his obligations hereunder, then Purchaser mayelect to receive a return of the deposits made hereunder, together with interest or in the alternative, may seek specific perfonnance.Upon payment of said deposit to Purchaser, Seller will no longer have any liability, to Purchaser, and this Agreement shallautomatically be cancelled.

9. NON-ASSIGNABILITY. This Contract and Purchaser's interest and rights hereunder are personal to Purchaser andneither said Contract nor the interest or rights of Purchaser hereunder, or any portion thereof, shall be assigned or transferreddirectly or indirectly, in whole or in part, without prior written approval of Seller. Any such assignment without such written approvalof Seller shall be invalid and shall. not be binding upon Seller and shall not relieve Purchaser of Purchaser's obligations under thisContract In the event Seller agrees to an assignment, the purchase price shall be increased by Twenty-five Thousand and No/100Dollars ($25,000.00). This Contract shall be binding upon and inure to the'benefit of the heirs, executors, administrators andpermitted assigns of the parties to this Contract; provided, however, this Contract shall not become binding upon Seller untilapproved pursuant to the terms hereof.

10. NOTICES. The delivery of any Items and the giving of notice in compliance with this Contract shall be accomplishedby delivery of the item or notice to the party intended to receive it or by mailing by certified or registered mail, U.P.S., FederalExpress, or Airborne Express addressed to the address of the party herein stated. Notice or delivery by mail shall be effective whenmailed. Notice or delivery by permitted overnight courier shall be effective the day deposited with such courier.

11. FINANCING.

(a) Check the appropriate box.

l-J Purchaser represents to Seller that no mortgage financing is necessary or desirable for Purchaserto complete this transaction and that Purchaser does not desire for this Contract to be contingent uponhis abiiity to obtain financing;

[or]

L-J Purchaser represents· to Seller that Purchaser is· in need of a mortgage Joan in the principalamount set forth in Paragraph 1 in order to complete this transaction.

(b) Mortgage Contingency.

(i) Preapproved Lender.

_.,-__ Proc. Mgr. Initials:___ Purchaser___ Purchaser

Subject to subparagraphs below, in the event the Purchaser seeks financing with the assistanceofSellerthrough a lender preapproved by the Seller (a "Preapproved Lender) First Meridian Mortgage, 1920 E. Hallandale BeachBlvd., Suite 502, Haliandale, Florida 33009(subject to change without notice), and such Preapproved Lender does not approvePurchasers loan application, provided that Purchaser furnishes complete and accurate Information to such Preapproved Lender, allmonies held in escrow will be fully refundable to Purchaser. In no event will the loan application fee paid directly to the PreapprovedLender be refundable,

If Purchaser does not cancel this Contract within the fifteen (15) day period pro'Aded InParagraph 32 and does not make a complete and accurate application as requested by a Preapproved Lender, or within three (3)days provide for any additional documents requested by such Preapproved Lender, the transaction contemplated by this Contractshall be considered an all cash transaction and no Earnest Money shall be refundable to the Purchaser in the event Purchaser failsto close on the Closing Date,

Purchaser agrees and understands that Seller Is only referring Purchaser to a PreapprovedLender and any approval Is subject to such Preapproved Lender. Under no circumstances shall the Seller be responsible forobtaining financing for Purchaser.

(ii) Nonapproved Lender, In the event the Purchaser seeks finanding through a lender withoutthe assistance of the Seller (a "Nonapproved Lender', Preapproved Lender and Nonapproved Lender shall be referred tocollectively as "Lende?'), Purchaser understands that monies held in escrow shall not be refundable should the financing bedisapproved and this shall be considered an all cash transaction. In the event financing is approved, all mortgage costs will be paidby the Purchaser in full.

(Ri) Purchaser agrees and understands that the loan program (term, interest rate, Liv, etc.)shall be determined by the Lender only, according to the Purchasers qualifications and regardless of the loan amount requested onthe first page of this Contract. The loan program is the sole responsibility of the Purchaser. Therefore, Purchaser should confirmwith the Lender the exact terms of the loan within fifteen (15) days after receiving the documents required under Paragraph 32 (thatis, within the time that the Purchaser may cancel this Contract under Chapter 718, Florida Statutes). In no event shall the Closingbe contingent upon the particular loan program approved by the Lender,

Notwithstanding anything contained herein to the contrary, the Closing Date shall beextended as may be required by a Preapproved Lender, upon Sellers approval only. Under no circumstances shall the ClosingDate be extended at the request of a Nonapproved Lender.

In the event Paragraph 1 of this Contract provides for a mortgage loan, this Contract will besubject to cancellation upon written notice by the Seller if Purchaser(s) does not complete the mortgage application(s) and allnecessary forms within five (5) business days of execution of this Contract.

CREDIT CHECK. Purchaser hereby authorizes SKYRE, LLC, or any affiliated entities, to inquire into PurchasersEQUIFAX, EXPERION or TRANSUNION credit reports. Purchaser agrees to pay all costs relating to the credit report which shall bein addition to the purchase price.

CONSTRUCTION BY PURCHASER. Purchaser shall comply with all governmental requirements for anyconstruction to be done in the Unit at Purchasers expense, including, but not limited to, permits, plans, insurance, approval from theAssociation, Dumpster fee, Contract License, etc. In addition, Purchaser shall provide Sellers construction department advancewritten notice of any renovation to be done in his/her Unit, and release SKYRE, LLC, and THE WAVE CONDOMINIUMASSOCIATION OF ST. PETERSBURG, INC., from any liability. SKYRE, LLC, will not guarantee the work or completion, of anysubcontractor or affiliated contractor SKYRE, LLC, when privately contracted by buyer. The provisions of this paragraph shallsurvive closing.

UNIT TO BE PURCHASED 'AS IS".

(a) Purchaser acknowledges that this is a conversion of previously existing improvements and that theCondominium property is substantially complete. In this regard, Purchaser acknowledges that there has been made available toPurchaser floor plans of the Condominium Property. Floor plan dimensions are approximate only. Purchaser further acknowledgesthat Seller has made available to the Purchaser complete plans and specifications for the Unit and the improvements of theCondominium Property. Purchaser understands that, pursuant to the Act and the Public Offering Statement, the Developer makesno representations as to the Condominium Property or the Unit, and Purchaser hereby agrees to accept the Unit in an "as is"condition. Two (2) weeks prior to the closing of the transaction between Purchaser and peveloper, It shall be the duty of thePurchaser, in the presence of an agent or representative of the Developer, to inspect the Unit, including its appflances. electricalsystem and the plumbing. In no event shall such inspection serve to postpone the closing.


(1) Subject to sUbparagraphs below, in the event the Purchaser seeks financing with the assistanceof Seller through a lender preapproved by the Seller (a "Preapproved Lender"), First Meridian Mortgage, 1920 E. Hallandale BeachBlvd., Suite 502, Hallandaie, Florida 33009-(subject to change without notice), and such Preapproved Lender does not approvePurchaser's loan application, provided that Purchaser furnishes complete and accurate information to such Preapproved Lender, allmonies held in escrow will be fully refundable to Purchaser. In no event will the loan application fee paid directly to the PreapprovedLender be refundable.

(2) If Purchaser does not cancel this Contract within the fifteen (15) day period provided inParagraph 32 and does not make a complete and accurate application as requested by a Preapproved lender, or within three (3)days provide for any additional documents requested by such Preapproved Lender, the transaction contemplated by this Contractshall be considered an all cash transaction and no Earnest Money shaJl be refundable to the Purchaser in the event Purchaser fallsto close on the Closing Date.

(3) Purchaser agrees and understands that Seller is only referring Purchaser to a PreapprovedLender and any approval is sUbject to such Preapproved lender. Under no circumstances shall the Seller be responsible forobtaining financing for Purchaser.

(ij) Nonapproved Lender. In the event the Purchaser seeks finanCing through a lender withoutthe assistance of the Seller (a "Nonapproved lender", Preapproved Lender and Nonapproved Lender shall be referred tocollectively as "Lender"), Purchaser understands that monies held in escrow shall not be refundable should the financing bedisapproved and this shall be considered an all cash transaction. In the event financing ,is approved, all mortgage costs will be paidby the Purchaser in full. .

(iii) Purchaser agrees and understands that the loan program. (term, interest rate, LTV, etc.)shall be determined by the Lender only, according to the Purchaser's qualifications and regardless of the loan amount requested onthe first page of this Contract. The loan program is the sole responsibility of the Purchaser. Therefore, Purchaser should confirmwith the Lender the exact terms of the loan within fifteen (15) days after receiving the documents required under Paragraph 32 (thatis, within the time that the Purchaser may cancel this Contract under Chapter 718, Florida Statutes). In no event shall the Closingbe contingent upon the particular loan program approved by the Lender.

(iv) Notwithstanding anything contained herein to the contral)', the Closing Date shall beextended as may be required by a Preapproved Lender, upon Seller's approval only. Under no circumstances shall the ClosingDate be extended at the request of a Nonapproved Lender.

(v) In the event Paragraph 1 of this Contract provides for a mortgage loan, this Contract will beSUbject to cancellation upon written notice by the Seller if Purchaser(s) does not complete the mortgage application(s) and allnecessary forms within five (5) (:)usiness days of execution of this Contract.

12. CREDIT CHECK. Purchaser hereby authorizes SKYRE, LLC, or any affiliated entities, to inqUire into Purchaser'sEQUIFAX, EXPERION or TRANSUNION credit reports. Purchaser agrees to pay all costs relating to the credit report which shall bein addition to the purchase price.

13. CONSTRUCTION BY PURCHASER. Purchaser shall comply with all governmental requirements for anyconstruction to be done in the Unit at Purchaser's expense, including, but not limited to, permits, plans,insurance, approval from theAssociation, Dumpster fee, Contract License, etc. In addition, Purchaser shall provide Seller's construction department advancewritten notice of any renovation to be done in his/her Unit, and release SKYRE, LLC, and THE WAVE CONDOMINIUMASSOCIATiON OF ST. PETERSBURG, iNC., from any liability. SKYRE, LLC, wlil not guarantee the work or completion, of anysubcontractor or affiliated contractor SKYRE, LLC, when privately contracted by buyer. The provisions of this paragraph shallsurvive closing. .

14. UNIT TO BE PURCHASED "AS IS".

(a) Purchaser acknowledges that this is a conversion of previously existing improvements and that theCondominium property is SUbstantially complete. In this regard, .Purchaser acknowledges that there has been made available toPurchaser floor plans of the Condominium Property. Floor plan dimensions are approximate only. Purchaser further acknowledgesthat Seller has made available to the Purchaser complete plans and specifications for 'the Unit and the improvements of theCondominium Property. Purchaser understands that, pursuant to the Act and the Public Offering Statement, the Developer makesno representations as to the Condominium Property or the Unit, and Purchaser hereby agrees to accept the Unit in. an "as is"condition. .Two (2) weeks prior to ~he closing of the transaction between Purchaser and peveloper, it shall be the. duty of thePurchaser, in the presence of an agent or representative of the Developer, to inspect the Onit. including its appliances, electricalsystem and the plumbing. In no event shall such inspection serve to postpone the closing. .


This Condominium is being created by the conversion of existing improvements. Each Unit shall be delivered inthe manner represented in "as is" condition without any express warranties or representations by the Developer, the Association orany broker or agent.

No Conversion Reserve Account has been established pursuant to Section 718.618(1), Florida Statutes.Therefore, pursuant to Sections 718.618(6) and 718.203, Florida Statutes, unless expired, the Developer is deemed to have grantedto the purchaser of each Unit an implied warranty of fitness and merchantability for the purposes or uses intended, as to the roofand structural components of the building or the improvements; as to fireproofing and fire protection systems; and as to mechanical,electrical and plumbing elements serving the improvements or the building, except mechanical elements serving only one lint

To the extent pemiitted by law, the Developer specifically disclaims any and all other implied warranties ofmerchantability and fitness as to the Condominium Property, any Unit, or any appurtenance thereto, including any appliances,furniture, fixtures or personal property, subject only to the provisions of Sections 718.618(6) and 718.203, Florida Statutes, asoutlined above.

IS. RENOVATION STATUS. Purchaser acknowledges that there may be ongoing renovations to the CommonElements after Closing. Purchaser acknowledges that Seller will not be obligated to give any reductiori In the purchase price, orreimburse any expense, or place any funds in escrow due to ongoing renovations at the time of Closing..

SURVIVAL OF CONTRACT. All conditions or stipulations not fulfilled at time of Closing shall survive the Closinguntil such time as the conditions or stipulations are fulfilled

POSSESSION, Possession of the Unit shall be delivered to Purchaser at the Closing, subject to any lease whichmay be in effect, if the unit is occupied.

THE WAVE CONDOMINIUM ASSOCIATION OF ST. PETERSBURG INC.

Governinq Documents. Purchaser acknowledges that the Unit being purchased is a portion of the realproperty and improvements which have been or will be made subject to the Declaration referred to in Paragraph I. The nature andextent of the rights and obligations of the Purchaser in acquiring and owning the Unit will be controlled by and subject to theDeclaration, as well as the Articles of Incorporation, the Bylaws, and the rules and regulations of the Association, Purchaser agreesto comply with all of the terms, conditions and obligations set forth therein.

Membership in Association. Upon conveyance of title to the Unit to Purchaser, Purchaser shallautomatically become a member of the Association and shall be subject to the assessment obligations and other provisions set forthin the Declaration, including the obligation of the Purchaser to pay a contribution to the working capital of the Association referred toin Paragraph 3(c) of this Contract.

(c) Amendments to Documents. Purchaser hereby acknowledges and agrees that prior to the Closing, Sellershall have the right to modify, change, revise and amend, without Purchaser's approval, any or all .of the documents (other than thisContract), the drafts of which are contained in the Prospectus. In the event the Seller shall make any amendment, modification,change, or revision to the documents or materials contained in the Prospectus, then a copy of such shall be delivered to thePurchaser and, if such change, amendment, revision or modification materially alters or modifies the offering in a manner that Isadverse to the Purchaser, then, the Purchaser shall have the option to (1) consent to such, or (2) within fifteen (15) days afterreceiving a copy of such, terminate this Contract in writing, in which event Purchaser's entire deposit shall be refunded and theparties hereto shall have no rights or liabilities hereunder. In the event Purchaser does not terminate this Contract within said fifteen(15) days, Purchaser shall be conclusively deemed to have consented to the proposed change, amendment, modificaUon, orrevision.

BROKERAGE AND AGENCY, Except as set forth by an Addendum, Purchaser and Seller represent and warrant tothe other that each party has not dealt with a broker, agent, or finder in connection with this transaction and Purchaser and Sellercovenant and agree, each to the other, to indemnify and hold each other harmless from any and all losses, damages costs andexpenses including, but not limited.to, attorneys' fees and court costs that may be incurred or suffered as a result of any claim forany fee, commission, or similar compensation with respect to this transaction made by any person or entity, whether or not such.claim for any fee, commission, or similar compensation with respect to this transaction made by any person or entity is meritorious.

FLOOR PLANS AND MODELS. Purchaser hereby acknowledges and agrees that any floor plans, renderings,drawings, and the like, fumished by Seller to Purchaser which purport to depict the Unit, or any portion thereof, or the bUildingcontaining the same, are merely approximations, and do not necessarily reflect the actual as-built conditions of the same. ThePurchaser further acknowledges and agrees that the decorations, paint solors, carpet, special wall textures, window treatments,hard surface floors, some mirrors and paneling, art work, fumiture, furnishings, wallpaper, fixtures, appliances, and the like,contained in any model unit of THE WAVE, A CONDOMINIUM, are for demonstration purposes only, and are not included in theUnit which is the subject of this Contract or necessarily representative of the Unit. Additionally, utility locations and air conditioningcondenser locations may vary between the model Unit(s) and other production Units.


( (

This Condominium is being created by the conversion of existing improvements. Each Unit shall be delivered inthe manner represented in "as is" condition without any express warranties or representations by the Developer, the Associati,on orany broker or agent.

No Conversion Reserve Account has been established pursuant to Section 718.618(1).. Florida. Statutes.Therefore, pursuant to Sections 718.618(6) and 718.203, Florida Statutes, unless expired, the Developer is deemed to have grantedto the purchaser of each Unit an implied warranty of fitness and merchantability for the purposes or uses intended, as to the roofand structural components of the building or the improvements; as to fireproofing and fire protection systems; and as to mechanical,electrical and plumbing elements serving the improvements or the building, except mechanical elements serving only one Untt.

To the extent permitted by law, the Developer specifically disclaims any and all other implied warranties ofmerchantability and fitness as to the Condominium Property, any Unit, or any appurtenance thereto, including any appliances,furniture, fIXtures or personal property, subject only to the provisions of Sections 718.618(6) and 718.203, Florida Statutes, asoutlined above.

15. RENOVATION STATUS. Purchaser acknowledges that there may be ongoing renovations to the CommonElements after Closing. Purchaser acknowledges that Seller will not be obligated to give any reduction In the purchase price, orreimburse any expense, or place any funds in escrow due to ongoing renovations at the time of Closing.

16. SURVIVAL OF CONTRACT. All conditions or stipulations not fulfilled at time of Closing shall survive the Closinguntil such time as the conditions or stipulations are fulfilled

17. POSSESSION. Possession of the Unit shall be delivered to Purchaser at the Closing, subject to any lease whichmay be in effect, if the unit is occupied.

18. THE WAVE CONDOMINIUM ASSOCIATION OF ST. PETERSBURG,INC.

(a) Governing Documents. Purchaser acknowledges that the Unit being purchased is a portion of the realproperty and improvements which have been or will be made subject to the Declaration referred to in Paragraph 1. The nature andextent of the rights and obligations of the Purchaser in acquiring and owning the Unit will be controlled by and subject to. theDeclaration, as well as the Articles of Incorporation, the Bylaws, and the rules and regulations of the Association. Purchaser agreesto comply with all of the terms, conditions and obligations set forth therein.

(b) Membership in Association. Upon conveyance of title to the Unit to Purchaser, Purchaser shallautomatically become a member of the Association and shall be subject to the assessment obligations and other provisions set forthin the Declaration, inclUding the obligation of the Purchaser to pay a contribution to the working capital of the Association referred toIn Paragraph 3(c) of this Contract.

(c) Amendments to Documents. Purchaser hereby acknowledges and agrees that prior to theGlosing, Sellershall have the right to modify, change, revise and amend, without Purchaser's approval, any or all ,of the documents (other than thisContract), the drafts of which are contained in the Prospectus. In the event the Seller shall make any amendment, modification,change, or revision to the documents or materials contained in the Prospectus, then a copy of such shall be delivered to thePurchaser and, if such change, amendment, revision or modification materially alters or modifies the offering in a manner that Isadverse to the Purchaser, then, the Purchaser shail have the option to (1) consent to such, or (2) within filleen (16) days allerreceiving a copy of such, terminate this Contract in writing, in which event Purchaser's entire deposit shall be refunded and theparties hereto shall have no rights or liabilities hereunder. In the event P.urchaser does not tenninate this Contract within said fifteen(15) days, Purchaser shall be conclusively deemed to have consented to the proposed change,amendment. modificati,an, orrevision..

19. BROKERAGE AND AGENCY. Except as set forth by an Addendum, Purchaser and Seller represent and warrant tothe other that each party has not dealt with a broker, agent, or finder in connection with this transaction and Purchaser and Sellercovenant and agree, each to the other, to indemnify and' hold each other harmless from any and all losses, damages, costs andexpenses including, but not limited. to, attorneys"fees and court costs that may be incurred or suffered as a result of any claim forany fee, commission, or similar compensation with respect to this transaction made by any person or entity, whether or not suchclaim for any fee, ,commission, or similar compensation with respect to this transaction made by any person or entity is meritorious.

20. FLOOR PLANS AND MODELS. Purchaser hereby acknowledges and agrees that any floor pians, renderings,drawings, and the like, fumished by Seller to Purchaser which purport to depict the Unit, or any portion thereof, or the buildingcontaining the same,. are merely approximations, and do not necessarily reflect the actual as-built conditions of the same. ThePurchaser further acknowledges and agrees that the decorations, paint Golors, carpet, special wall textures, window treatments,hard surface floors, some mirrors and paneling, art work, furniture, furnishings, wallpaper, fixtures,appllances, and the like,contained In any model unit of THE WAVE, A CONDOMINIUM, are for demonstration purposes only, and are not included in theUnit which is the subject of this Contract or necessarily representative of the Unit. Additionally, utility locations and air conditioningcondenser locations may vary beween the model Unites) and other production Units.


21, TIME OF ESSENCE. Time is of the essence of this Contract.

22, FORCE MAJEURE. Either party hereto shall be excused for the period of any delay In the performance of anyobligations hereunder when such delay is occasioned by cause or causes beyond the control of the party whose performance is sodelayed and the time for performance shall be automatically extended for a like period. Such causes shall include, withoutlimitation, all labor disputes, civil commotion, war, warlike operations, invasion, rebellion, hostilities, military or usurped power,sabotage, govemment regulations or controls, fire or other casualty, inability to obtain any necessary materials or services, or actsof God.

SEVERABILITY. The provisions of this Contract are intended to be independent, and in the event any provisionhereof should be declared by a court of competent jurisdiction to be invalid, illegal or unenforceable for any reason whatsoever,such Illegality, unenforceability, or invalidity shall not affect the remainder of this Contract.

CONSTRUCTION OF CONTRACT. This Contract concerns the sale of real property located in the State of Florida.This Contract, and all of the relationships between the parties hereto, shall be construed and interpreted In accordance with the lawsof the State of Florida. Notwithstanding the above, the Purchaser and Seller acknowledge that they have read, understand, andhave had the opportunity to be advised by legal counsel as to each and every one of the terms, conditions, restrictions and effect ofall of the provisions of this Contract and every part of the Prospectus, all of which are Incorporated herein by reference and made apart hereof, and the Purchaser agrees to the enforcement of any and all of these provisions. It is further agreed that words of anygender used in this Contract shall be held to include any other gender, any words in the singular number shall be held to include theplural wherever applicable, and that captions and paragraph numbers appearing in this Contract are inserted only as a matter ofconvenience and in no way define, limit, construe or describe the scope or intent of such paragraph or in any way affect thisContract,

ENTIRE AGREEMENT. This Contract contains the entire agreement between the parties hereto. No agent,representative, salesman or officer of the parties hereto has authority to make, or has made, any statements, agreements, orrepresentations, either oral or in writing, in connection herewith, modifying, adding to, or changing the terms and conditions hereofand neither party has relied upon any representation or warranty not set forth in this Contract. No dealings between the parties orcustoms shall be permitted to contradict, vary, add to, or modify the terms hereof. Purchaser acknowledges, warrants andrepresents that this Contract is being entered into by Purchaser without reliance upon any representations concerning any potentialfor future profit, any rental !ncome potential, tax advantages, depreciation or investment potential, and without reliance upon anyother monetary or financial advantage, Purchaser acknowledges that no such representations have been made by Seller or any ofits agents, employees or representatives.

OFFER. This Contract, as executed by Purchaser, shall constitute an offer to Seller. Seller may accept the same, ifat all, by delivering to Purchaser at least one executed original of this Contract prior to the time that Purchaser thall notify Seller, inwriting, of Purchase?s revocation of this offer. The date of this Contract is the date of acceptance by Seller.

DISCLOSURES REGARDING TIlE UNIT. Purchaser acknowledges and agrees that he/she has read andunderstood the disclosures pertaining to the purchase and sale of the Unit contemplated by this Contract and the 'Disclosuresregarding condominium" in the prospectus and incorporated herein by this reference.

INSPECTION PROCEDURE.

Purchaser is required to conduct a personal Inspection of the Unit with Seller's representative at a mutuallyconvenient time during Seller's normal business hours no more than three (3) days prior to the scheduled closing date.

If Purchaser is unable to conduct the personal inspection of the Unit with Seller, as required, Purchasermay designate a representative by written notice to Seller. Purchaser will be bound by the actions of the representative.

During, the personal inspection. Purchaser or Purchase(s representative and Seller will complete a list ofinspection items in the Unit which require Seller's attention. Purchaser and Seller will sign the list as conclusive evidence of theagreed upon work to be performed. When the agreed work has been performed (which will be within a reasonable time consideringthe availability of materials and the nature of the work to be performed) that will be deemed conclusively that: (1) sellers obligationshave been fulfilled, and (2) any additional items will be the responsibility of the Purchaser.

Any contractor of Purchaser will be allowed access to the Unit for construätlon work only subsequent to thelater of: (1) completion of the personal inspection, (2) signing of the list of inspection items by Purchaser' and (3) closing.

It is agreed by the parties to this Contract that the fact that the parties have not completed the inspection,or that items listed on the inspection list have not been addressed by Seller, will not entitle Purchaser to delay closing or to withholdmoney due Seller at closing, and a refusal to dose as scheduled or to pay the full purchase price at dosing will constitute a defaultby the Purchaser. Seller's obligation to perform the work agreed upon in the list of inspection items will survive closing.


,t;.. '.~~I.'11\

21. TIME OF ESSENCE. Time is 01 the essence of this Contract.

22. FORCE MAJEURE. Either party hereto shall be excused lor the period 01 any delay In the performance 01 anyobligations hereunder when such delay is occasioned by cause or causes beyond the control of the party whose performance is sodelayed and the time for performance shall be automatically,extended for a like period. Such causes shall include, withoutlimitation, all labor disputes, civil commotion, war, warlike operations, invasion, rebellion, hostilities, military or usurped power,sabotage. government regulations or controls, fire or a,ther casualty, inability to obtain any necessary materials or services, or actsof God.

23. SEVERABILITY. The provisions of this Contract are intended to be independent, and in the event any provisionhereof should be declared by a court of competent jurisdiction to be invalid, illegal or unenforceable for any reason whatsoever,such illegality, unenlorceability, or invalidity shall not affect the remainder 01 this Contract. .

24. CONSTRUCTION OF CONTRACT. This Contract concerns the sale 01 real property located In the State 01 Florida.This Contract, and all of the relationships between the parties hereto, shall be construed and interpreted in accordance with the lawsof the State of Florida. Notwithstanding the above, the Purchaser and Seller acknowledge that they have read, understand, andhave had the opportunity to be advised by legal counsel as to each and every one of the terms, conditions, restrictions, and effect ofall of the provisions of this Contract and every part of the Prospectus, all of which are incorporated herein by reference and made apart hereof, and the Purchaser agrees to the enforcement of any and all of these provisions. It is further agreed that words of anygender used in this Contract shall be held to include any other gender, any words in the singular number shall be held to include theplural wherever applicable, and that captions and paragraph numbers appearing in this Contract are inserted only as a matter ofconvenience and in no way define, limit, .construe or describe the scope or intent of such paragraph or in any way affect thisContract.

25. ENTIRE AGREEMENT. This Contract conlains the entire agreement between the parties hereto. No agent,representative, salesman or officer of the parties hereto has authority to make, or has, made, any statements, agreements, orrepresentations, either oral or in writing, in connection her,ewith, modifying, adding to, or changing the terms and conditions hereofand neither party has relied upon any representation or warranty not set forth in this Contract. No dealings between the parties orcustoms shall be' permitted to contradict, vary, add 'to, or modify the terms hereof. Purchaser acknOWledges, warrants andrepresents that this Contract is being entered into by Purchaser without reliance upon, any representations concerning any potentialfor future profit, any ren~al income potential, tax advantages, depreciation or investment potential, and without reliance upon anyother monetary or financial advantage, Purchaser acknowledges that no such representations have been made by Seller or any ofits agents, employees or representatives.

26. OFFER. This Contract, as executed by Purchaser, shall constitute an offer to Seller. Seller may accept the same, ifat aU, by delivering to Purchaser at least one executed original of this Contract prior to the time that Purchaser shall notify Seller, inwriting, of Purchaser's revocation of this offer. The date of this Contract is the date of acceptance by Seller.

27. DISCLOSURES REGARDING THE UNIT. Purchaser acknowledges and agrees that he/she .has read andunderstood the disclosures pertaining to the purchase and sale of the' Unit contemplated by this Contract and the "Disclosuresregarding condominium" in the prospectus and incorporated herein by this reference.

28. INSPECTION PROCEDURE.

(a) Purchaser is reqUired to conduct a personal inspection of the Unit with Seller's representative at a mutuallyconvenient time during Seller's normal business hours no more than three (3) days prior to the scheduled closing date.

(b) If Purchaser is unable to conduct the personal inspection of the Unit with Seller, as required, Purchasermay designate a representative by written.notice to Seller. Purchaser will be bound by the actions of the representative.

(c) During. the personal inspection, Purchaser or Purchaser's representative· and Seller will complete a list ofinspection items in the Unit which require Seller's attention. Purchaser and Seller will sign the list as conclusive evidence of theagreed upon work to be performed. When the agreed work has been performed (Which will be within a reasonable time consideringthe availabmly 01 materials and the nature of Ihe work 10 be performed) Ihat will be deerned conclusively that: (1) Seller's obligationshave been fulfilled, and (2) any additional items will be the responsibility of the Purchaser.

(d) Any contractor of Purchaser will be allowed access to the Unit for construCtion work only SUbsequent to thelater of: (1) completion of the personal inspection, (2) signing of the list of inspection items by Purchaser; and (3) closing.- ~,

(e) It is agreed by the parties to this Contract that the lactthat the parties have not compleled the inspection,or that items listed on the inspection fist have not been addressed by Seller, will not entitle Purchaser to delay closing or to withholdmoney due Seller at closing, and a refusal to close as scheduled or to pay the full purchase price at closing will constitute a defaultby the Purchaser. Seller's obligation to perform the work agreed upon in the list of inspection items will survive ·closing.

____ Proc. Mgr. Initials:___ Purchaser___Purchaser

ifi Failure of the Purchaser to conduct the personal inspection and complete and sign the list of inspectionitems by the date established in this Paragraph 28(a) of this Contract will be deemed to be: (I) conclusive of Purchasersacceptance of the Unit in accordance with Paragraph 15; and (2) a complete waiver of all ob]ections to defects in workmanship ormaterials. This will not be deemed to be a waiver of any warranties provided to Purchaser by law.

(g) The provisions of this paragraph shall survive the closing.

PRE-SALE CONTINGENCY, Sellers obligation to close hereunder is expressly contingent upon Seller'sprocuring 65 (sixty-five) qualified binding Purchase, all as required by Seller's loan agreement with its lender. In the event theabove pre-sale requirements are not met by August 31, 2005, Seller shall have the unilateral right to terminate this Contract bygiving written notice to the Purchaser and Seller shall refund all Eamest Money paid hereunder.

PROSPECTUS. The Purchaser acknowledges that prior to the execution of this contract, all of the statutoryinformation concerning this Condominium required by Sections 718.503 and 718.504 of the Act has been delivered to thePurchaser, the receipt of which is hereby acknowledged by Purchaser by signing the Receipt of Condominium Documents attachedhereto.

ENVIRONMENTAL DISCLOSURES

Contaminates. The grading of the soil and other elements created by nature, as well as building materials developedby man, many times create unwanted and undesired gases and other contaminates in homes and residential buildings, both newand used. Also, since energy conservation has become a concem, there is a need to build homes and residential buildings that aremore airtight. As a result, these homes and residential buildings trap unwanted gases in different degrees depending on how eachperson lives within their home or such residential building. To date measurements of such unwanted gases (such as the radon gasdescribed below) are reported as parts of the air they occupy. Since the quality of air we breathe can affect our health, Sellerrecommends frequent airing of Purchaser's Unit by simply opening windows to introduce fresh air uncontaminated with such gases

Lead Solder in Water Pipes. Due to the use of lead in the soldering of the joints and plumbing fittings on theproperty, which is prevalent in many properties, it is recommended that the drinking water taps be flushed for five minutes prior tousage after an absence from the apartment units forone week or longer.

Lead Paint. Every purchaser of any Interest in residential real property on which a residential dwelling was built priorto 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk ofdeveloping lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learningdisabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular riskto pregnant women. The developer of any interest in residential real property Is required to provide the buyer with any informationon lead-based paint hazards. A risk assessment or Inspection for possible lead-based paint hazards is recommended prior topurchase. For purposes of this disclosure, lead-based paint will be referred to as 'LBP" and lead-based paint hazards will bereferred to as "LBPH? Developer has no knowledge of LBP/LBPH in the housing and no available LBP/L.BPH records or reports,except as Indicated in a disclosure or addendum. Buyer has received the pamphlet entitled Protect Your Family from Lead In YourHome" covering the foregoing information in detail.

Radon Gas The following disclosure is required by Section 404.056(8), FlorIda Statutes, for all Contracts for Saleand Purchase of any building In Florida: 'Radon is a naturally occurring radioactive gas that, when it has accumulated in a buildingin sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal andstate guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtainedfrom your county public health unit? Radon is not generally tested for in Florida and Seller and makes no representation inconnection with respect to the presence or absence of same.

Mold is a type of fungus which occurs naturally in the environment and is necessary for the naturaldecomposition of plant and other organic material. It spreads by means of sharing In microscopic spores borne on the wind, and isfound everhere life can be supported. Residential home construction is not, and cannot be, designed to exclude mold spores. Ifthe growing conditions are right, mold can grow in your Residence. In order to grow, mold requires a food source. This might besupplied by items found in the home, such as fabric, carpet or even wallpaper to name a few. Also, mold growth requires atemperate climate and, finally mold growth requires moisture. Moisture is the only mold growth factor that can be controlled In aresidential setting. By minimizing moisture, an Owner can reduce or eliminate mold grbwth. Moisture In the home can have manycauses. Spills, leaks, overflows, condensation, and high humidity are common sources of home moisture. Good housekeeping andhome maintenance practices are essential in the effort to prevent or eliminate mold growth. If moisture is allowed to remain on thegrowth mediuffi, mold can develop within 24 to 48 hours.

DELIVERY OF UNIT. The Unit has previouslybeen occupied and is being delivered in "as is" condition.

SPECIAL STIPULATIONS. The following stipulations, if in conflict with any preceding provision, shall control:


( (

"

I

(f) Failure of the Purchaser to conduct the personal inspection and complete and sign the list of inspectionitems by the date established in this Paragraph 28(a) of this Contract wit! be deemed to be: (1) conclusive of Purchase~s

acceptance of the Unit in accordance with Paragraph 15; and (2) a complete waiver of all objections to defects in workmanship ormaterials. This will not be deemed to be a waiver of any warranties provided to Purchaser by law.

(g) The provisions of this paragraph shail survive the closing.

29. PRE-SALE CONTINGENCY. Seile~s obligation to close hereunder is expressly contingent upon Seile~s

procuring 65 (sixty~five) qualified binding Purchase, all as required by Seller's loan agreement with its lender. In the event theabove pre-sale requirements are not met by August 31, 20'05, Seller shall have the unilateral right to terminate this Contract bygiving written notice to the Purchaser and Seller shall refund all Earnest Money paid hereunder. .

..30. PROSPECTUS. The Purchaser acknowledges that prior to Ihe execution of this contract, all of the statutory

information concerning this Condominium required by Sections 718.503 and 718.504 of the Act has been delivered to thePurchaser, the receipt of which is hereby acknOWledged by Purchaser by signing the Receipt of Condominium Documents attachedhereto.

31. ENVIRONMENTAL OISCLOSURES

Contaminates. The grading of the soil and other elements created by nature, as well as building materials developedby man, many times create unwanted and undesired gases and other contaminates in homes and residential bUildings, both newand used. Also, since energy conservation has become a concern, there is a need to build homes and residential buildings that aremore airtight. As a result, these homes and residential buildings trap unwanted gases in different degrees depending on how eachperson lives within their home or such residential building. To date measurements of such unwanted gases (such as the radon gasdescribed below) are reported as parts of the air they occupy. Since the quality of air we breathe can affect our health, Sellerrecommends frequent airing of Purchaser's Unit by simply opening windows to introduce fresh air uncontaminated with such gases.

lead Solder in Water Pipes. Due to the use of lead in the soldering of the joints and plumbing fittings on theproperty, which is prevalent in many properties, it is_ recommended that the drinking water taps be flushed for five minutes prior tousage after an absence from the apartment units for.one week or longer.

Lead Paint. Every purchaser of any Interest in residential real property on which a residential dwelling was built priorto 1978 is notified that such property may present exposure to lead from lead-based paint that may place young children at risk ofdeveloping lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning-disabilities, reduced intelligence quotient, behavioral problems, and. impaired memory. Lead poisoning also poses a particular riskto pregnant women. The developer of any interest in residential real property is required to provide the buyer with any informationon lead-based paint hazards. A risk assessment or Inspection for possible lead-based paint hazards is recommended prior topurchase. For purposes of this disclosure, lead-based paint will be referred to as "LBP" and lead-based paint hazards will bereferred to as "l:8Pf:i." Developer has no knowledge of LBP/LBPH in the housing and no available LBPILBPH records or reports,except as indicated in a disclosure or addendum. Buyer has received the pamphlet entitled "Protect Your Family from Lead in YourHome" covering the foregoing information in detail.

Radon Gas. The following disclosure Is required by Section 404.056(8), Florida Statutes, for all Contracts for Saleand Purchase of any building in Florida: "Radon is a naturally occurring radioactive gas that, when it has accumulated in a buildingin sufficient quantities, may present health risks to persons who are exposed to it over time. levels of radon that exceed federal andstate guidelines have been found in buildings in Florida. Additional information regarding radon ,and radon 'testing may be obtainedfrom your county public health unit" Radon is not generally tested for in Florida and Seller and makes no representation inconnection with respect to the presence or absence of same.

Mold. Mold is a type of fungus which occurs naturally in the environment and is necessary for the naturaldecomposition of plant and other organic material. It spreads by means of sharing In microscopic spores borne on the wind, and isfound everywhere life can be supported. Residential home construction is not, and cannot be, designed to exclude mold spores. Ifthe growing conditions are right, mold can grow in your Residence. In order to grow, mold requires a food source. This might besupplied by items found in the home, such as fabric, carpet or even .wallpaper to name a few. Also, mold growth requires atemp~rate climate and, finally mold growih requires moisture. Moisture is the only mold growth factor that can be controlled In aresidential setting. By minimizing moisture, an Owner can reduce or eliminate mold growth. Moisture In the home can have manycauses. Spills, leaks, overflows, condensation. and high humidity are common sources of home moisture. Good housekeeping andhome maintenance practices are essential in the effort to prevent or eliminate mold growth. If moisture is allowed to remain on thegrowth mediuni, mold can develop within 24 to 48 hours.

32. DELIVERY OF UNIT. The Unit has previously been occupied and Is being delivered in "as is" condition.

33. SPECIAL STIPULATIONS. The following stipUlations, if in conflict with any preceding provision, shall control:

____ Proc. Mgr. Inftlals:___ Purchaser___ Purchaser


exhibits and Addenda. The Exhibits and/or Addenda that are attached hereto are by this reference madea part hereof.

personal Property. The following Items shall remain with the Unit in their present condition at no additionalcost to Purchaser. Seller shall warrant unencumbered title thereto to Purchaser at Closing: Air Handler, Water Heater, Stove,Refrigerator.

Statement by Salesperson. Seller and Seller's officers/employees are not responsible for, or bound by, anystatement, representation and/or Contract by a salesperson or other agents unless such statement, representation and/or Contractis in writing and signed by one of Sellers authorized officers. PLEASE ACKNOWLEDGE THAT IN MAKING THIS PURCHASEPURCHASER IS NOT RELYING UPON ANY STATEMENT, REPRESENTATION OR CONTRACT MADE BY A SALESPERSONOR AGENT (EXCEPT AS MAY BE IN WRITING AND SIGNED BY ONE OF SELLER'S AUTHORIZED OFFICERS).

Report of Qualified Architect or Engineer. Purchaser agrees and acknowledges that the party preparing theReport of the Qualified Architect or Engineer found in the Prospectus is not affiliated with Seller in any fashion, and is a third party,independent contractor employed by Seller to furnish the Report as required by the Florida Condominium Act. Purchaser is advisedto review the report carefully, including all disclaimers set forth therein, Seller has not agreed to do any of the work suggested orrecommended in the Report except as expressly set forth in the attached Contract

Ce) Seller's Reserved Right to Marketing Strategy. Seller reserves the right to implement any legal marketingprogram as deemed necessary to market Units within this project. This Includes, but is not limited to, the use of model Units, signs,flags, banners, special on-site events, media advertising, modifications of model. and production Units, etc. Seller also reserves theright to price Units at the current market value in an effort to sell Units. There are other marketing strategies and incentive plans notnoted herein which Seller reserves the right to implement or discontinue. Purchaser hereby acknowledges Seller's rights as statedabove.

(g) estimated Budget. The Condominium Association budget provided to Purchaser is based on estimatedexpenses only and may increase or decrease significantly when the actual expenses of the Condominium Association becomeknown.

(i) Model Unit/Sales Office. For the purposes of completing the sales promotion of the Condominium and untilthe sale of all Units in the Condominium, the Seller, its successors and assigns, is hereby given the full tight and authority tomaintain or establish on the Condominium Unit and Common Elements such models, sales offices, banners, balloons andadvertising signs, if any, as Seller may deem necessary in its sole discretion, together with the right of ingress and egress to theCommonElements In connection therewith

* a) Recordinq. Purchaser shall not record the Contract in the public records of Pinellas County, Florida. Therecording by Purchaser of the Contract shall constitute a default by Purchaser.

(k) Captions and Headings. Captions and paragraph headings contained in the Contract are for convenienceand references only and in no way define, describe, extend or limit the scope or interest of the Contract nor the interest of anyprovision hereof.

(I) Clerical Errors. The Purchaser(s) agree(s), if requested by the Seller, to fully cooperate in correcting anyclerical errors as may appear in the Contract.

(m) Electric. Buyer further acknowledges that there is a separate meter for each unit. Therefore, it is thebuyer's responsibility to transfer the electrical service to the Unit upon closing, at buyer's expense, as it will be disconnected fromSKYRE, LLC, account at that time, without prior notice. Arrangements can be made by calling Florida Power & tJht Company.

Note: Before Purchaser signs this Agreement, Purchaser should read it carefully. Purchaser is advised that this Agreement containsreferences to developer's right to make changes In the offer made to Purchaser, references made to certain closing costs(paragraph '6'), and strict limitations on Purchaser's rights upon developer's default (paragraph "8(b)'). Purchaser is further advisedthat the condominium documents contain other important information, including, but not limited to, information respecting theschedule and other details for the turnover of control ofthe condominium association to unit owners, other than the developer, andthe right to cancel certain contracts entered into by the condominium association before control is transferred to unit owners, otherthat the developer.

Purchaser acknowledges, warrants and represents that this Purchase Agreement is being entered into by Purchaser withoutreliance upon any representations concerning any potential future profit, any rental income potential, tax advantages, depreciationor investment potential and without reliance upon any other monetary or financial advantage, Purchaser acknowledges that no such

i~,l1

(a) Exhibits and Addenda. The Exhibits and/or Addenda that are attached hereto are by this reference madea part hereof.

, (b) Personal Property. The following items shall remain with the Unit in their present condition· at no additionalcost to Purchaser. Seller shall warrant unencumbered title thereto to Purchaser at Closing: Air Handler, Water Heater,· Stove,Refrigerator.

(c) Statement by Salesperson. Seller and Seller's officers/employees are not responsible for, or bound bYI anystatement, representation and/or Contract by a salesperson or other agents unless such statement, representation and/or Contractis in writing and signed by one of Seller's authorized officers, PLEASE ACKNOWLEDGE THAT iN MAKING THIS PURCHASEPURCHASER IS NOT RELYING UPON ANY STATEMENT, REPRESENTATION OR CONTRACT MADE BY A SALESPERSONOR AGENT (EXCEPT AS MAYBE IN WRITING AND SIGNED BY ONE OF SELLER'S AUTHORIZED OFFICERS),

(d) Report of Qualified Architect or Engineer. Purchaser agrees and acknowledges that the party preparing theReport of the Qualified Architect or Engineer found in the Prospectus is not affiliated with ·SelJer in any fashion, and is a third party.independent contractor employed by·Seller to furnish the Report as required by the Florida Condominium Act. Purchaser is advisedto review the report carefully, including all disclaimers set forth therein. Seller has not agreed to do any of the work suggested orrecommended in the Report except as expressly set forth in the attached Contract

(e) Selle(s Reserved Right to Marketing Strategy, Selier reserves the right to Implement any legal marketingprogram as deemed necessary to market Units within this project. This includes, but is not limited to, the use of model Units, signs,f1ags,banners, special on-site events, media advertising, modifications 'of model, and production Units, etc. Seller also reserves theright to price Units at·the current market value in an effort to sell Units.. There are other marketing strategies and incentive plans notnoted herein which Seller reserves the right to implement or discontinue. Purchaser hereby acknOWledges Seller's rights as statedabove. .

(g) Estimated Budget. The Condominium Association budget prOVided to Purchaser is based on estimatedexpenses only and may increase or decrease significantly when the actual expenses of the Condominium Association becomeknown. .

(i) Model UniUSales Office. For the purposes of completing the sales promotion of the Condominium and untilthe sale of af! Units in the Condominium, the Seller, its successors and assigns, is hereby given the full right and authority tomaintain or establish on the Condominium Unit and Common Elements such models, sales offices, banners, balloons andadvertising signs, if any, as Seller may deem necessary in its safe discretion, together with the right of ingress and egress to theCommon'Elements!n connection therewith

(j) Recording. Purchaser shall not record the Contract in the public records of Pinellas County, Florida. Therecording by Purchaser of the Contract shall constitute a default by Purchaser.

(k) Captions and Headings. Captions and paragraph headings contained in the Contract are for convenienceand references only and in no way define, descrlbe, extend or limit the scope or interest of the Contract nor the interest of anyprovision hereof.

(I) Clerical Errors. The Purchaser(s) agree(s), If requested by the Seller, to fully cooperate in correcting anyclerical errors as may appear in th\3 Contract.

(m) Electric. Buyer further acknowledges that there is a separate meter for each unit. Therefore, it is thebuyer's responsibility to transfer the electrical service to the Unit upon closing, at buyer's expense, as it will be disconnected fromSKYRE, LLC, account at that time, without prior notice. Arrangements can be made by calfing Florida Power & Light Company.

Note: Before Purchaser signs this Agreement, Purchaser should read it carefUlly. Purchaser is advised that this Agreement containsreferences to developer's right to make changes in the offer made to Purchaser, references made to certain closing costs(paragraph "6"), and strict limitations on Purchase(s rights upon develope(s default (paragraph "6(b)"), Purchaser Is further advisedthat the condominium documents contain other important information, inclUding, but not limited to, lnfonnation respecting theschedule and other details for the turnover of control ofthe condominium association to unit owners, other than the developer, andthe right to cancel certain contracts entered into by the condominium association before control is transferred to unit. owners, othsrthat the developer, .

Purchaser acknOWledges, warrants and represents that this Purchase Agreement is being entered into by Purchaser withoutreliance upon any representations concerning any potential future profit, any rental income potential, tax advantages, depreciationor investment potential and without reliance upon any other monetary or financial advantage, Purchaser acknowledges that no such

____ Proc. Mgr, Initials:___ Purchaser___ Purchaser

representations have been made by seller or any of its agents, employees or representatives. This page supersedes any previousone.

If Purchaser voids this Contract in accordance with this provision Purchaser shall receive a full refund of all Earnest Moneycoflected and held by Escrow Agent, only after Escrow Agent verifies that such Earnest Money has been deposited into EscrowAgent's escrow account, and that the sums that have been deposited have cleared the Escrow Agent' banking institution. EscrowAgent may demand proof of clearance in the form of a cancelled check or other proof acceptable to Escrow Agent

Receipt of deposit n the sum of $ is hereby acknowledged by:

This Contract is subject to a manager's approval and supersedes any previous contract. The authorized representative on behalf ofSKYRE, LLC A FLORIDA LIMITED LIABILITY COMPANY, is Benjamin Klein.

34. THIS CONTRACT IS VOIDABLE BY PURCHASER BY DELIVERING WRITTEN NOTICE OF THE PURCHASER'SINTENTION TO CANCEL WITHIN FIFTEEN (15) DAYS AFTER THE DATE OF EXECUTION OF THIS CONTRACT BY THEPURCHASER, AND RECEIPT BY PURCHASER OF ALL OF THE ITEMS REQUIRED TO BE DELIVERED TO HIM BY THESELLER UNDER SECTION 718.503, FLORIDA STATUTES. THIS CONTRACT IS ALSO VOIDABLE BY PURCHASER BYDELIVERING WRITI'EN NOTICE OF THE PURCHASER'S INTENTION TO CANCEL WITHIN FIFTEEN (15) DAYS AFTER THEDATE OF RECEIPT FROM THE SELLER OF ANY AMENDMENT WHICH MATERIALLY ALTERS OR MODIFIES THEOFFERING IN A MANNER THAT IS ADVERSE TO THE PURCHASER. ANY PURPORTED WAIVER OF THESE VOIDABILITYRIGHTS SHALL BE OF NO EFFECT. PURCHASER MAY EXTEND THE TIME FOR CLOSING FOR A PERIOD OF NOT MORETHAN FIFTEEN (15) DAYS AFTER ThE PURCHASER HAS RECEIVED ALL OF THE ITEMS REQUIRED. PURCHASER'SRIGHT TO VOID THIS CONTRACT SHALL TERMINATE AT CLOSING,

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THEDEVELOPER. FOR CORRECT REPRESENTATIONS, REFERENCE SHOULD BE MADE TO THIS CONTRACT AND THEDOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO APURCHASER OR LESSEE.

xPURCHASER

X BY:

SELLER: SKYRE, LLCa Florida limited liability company

Date: Date:

Authorized RepresentativePURCHASER

Initials:PurchaserPurchaser

Proc. Mgr.

( (

representations have been made by seller or any of its agents, employees or representatives. This page supersedes, any previousone.

If Purchaser voids this Contract in accordance with this provision, Purchaser shall receive a full refund of all Earnest Moneycollected and held by Escrow Agent, only after Escrow Agent verifies that such Earnest Money has been deposited into EscrowAgent's escrow account, and that the sums that have been deposited have cleared the Escrow Agent' banking institution. EscrowAgent may demand proof of clearance in the form of a cancelled check or other proof acceptable to Escrow Agent

Receipt of deposit .in the sum of $, is hereby acknowledged by: _

This Contract is SUbject to a manager's approval and supersedes any previous contract. The authorized representative on behalf ofSKYRE, LLC, A FLORIDA LIMITED LIABILITY COMPANY, is Benjamin Klein. .

34. THIS CONTRACT IS VOIDABLE BY PURCHASER BY DELIVERING WRITTEN NOTICE OF THE PURCHASER'SINTENTION TO CANCEL WITHIN FIFTEEN (15) DAYS AFTER THE DATE OF EXECUTION OF THIS CONTRACT BY THEPURCHASER, AND RECEIPT BY PURCHASER OF ALL OF THE ITEMS REQUIRED TO BE DELIVERED TO HIM BY THESELLER UNDER SECTION 718.503, FLORIDA STATUTES. THIS CONTRACT IS ALSO VOIDABLE BY PURCHASER BYDELIVERING WRITTEN NOTICE OF THE PURCHASER'S INTENTION TO CANCEL WITHIN FIFTEEN (15) DAYS AFTER THEDATE OF RECEIPT FROM THE SELLER OF ANY AMENDMENT WHICH MATERIALLY ALTERS OR MODIFIES THEOFFERING IN A MANNER THATIS ADVERSE TO THE PURCHASER. ANY PURPORTED WAIVER OF THESE VOIDABILITYRIGHTS SHALL BE OF NO EFFECT. PURCHASER MAY EXTEND THE TIME FOR CLOSING FOR A PERIOD OF NOT MORETHAN FIFTEEN (15) DAYS AFTER THE PURCHASER HAS RECEIVED ALL OF THE ITEMS REQUIRED. PURCHASER'SRIGHT TO VOID THIS CONTRACT SHALL TERMINATE AT CLOSING.

·ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THEDEVELOPER. FOR CORRECT REPRESENTATIONS, REFERENCE SHOULD BE MADE TO THIS CONTRACT AND THEDOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO APURCHASER OR LESSEE.

SELLER: SKYRE, LLC,a Florida limited liability company

X'-;::-;-;;:::~~;:- _

PURCHASER

X-;:~==,..- _PURCHASER

Date:.__......,- _

____ Proc. Mgr.

BY: ;-;;---,---,=..,..,.,..,..,.,=,.,.,-- _Authorized Represenlative

Date: ..,..,., _

"

Initials:___ Purchaser___ Purchaser

Proc. Mgr.

ADDENDUM

THIS ADDENDUM is being executed simultaneously with, in consideration of, and as part of the foregoingContract. The parties hereby further agree as follows:

1, Unless the context otherwise requires, all initial capitalized terms used but not defined in thisAddendum, shall have the meaning or meanings given to such terms in the Contract. This Addendum shall bedeemed a part of, but shall take precedence over and supercede any provisions to the contrary contained in, IheContract. All references in the Contract or this Addendum to the 'Contract" shall be deemed to refer to the Contractas modified by this Addendum, unless the context otherwise requires.

2. In accordance with the requirements of Florida law, Buyer is h?reby advised of the following:

CHAPTER 558, FLORIDA STATUTES CONTAINS IMPORTANT REQUIREMENTS YOUMUST FOLLOW BEFORE YOU MAY BRING ANY LEGAL ACTION FOR AN ALLEGEDCONSTRUCTION DEFECT IN YOUR UNIT OR CONDOMINIUM. SIXTY DAYS BEFOREYOU BRING ANY LEGAL ACTION, YOU MUST DELIVER TO THE OTHER PARTY TOTHIS CONTRACT, A WRITTEN NOTICE REFERRING TO CHAPTER 558 OF ANYCONSTRUCTION CONDITIONS YOU ALLEGE ARE DEFECTIVE AND PROVIDE SUCHPERSON THE OPPORTUNITY TO INSPECT THE ALLEGED CONSTRUCTIONDEFECTS AND TO CONSIDER MAKING AN OFFER TO REPAIR OR PAY FOR THEALLEGED CONSTRUCTION DEFECTS. YOU ARE NOT OBLIGATED 0 ACCEPT ANYOFFER WHICH MAY BE MADE. THERE ARE STRICT DEADLINES ANDPROCEDURES UNDER THIS FLORIDA LAW WHICH MUST BE MET AND FOLLOWEDTO PROTECT YOUR INTERESTS.

BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY TAXES ASTHE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TOPAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP ORPROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTYTHAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANYQUESTIONS CONCERMNG VALUATION, CONTACT TH COUNTY PROPERTYAPPRAISER'S OFFICE FOR INFORMATION.

3. The execution of this addendum shall neither extend, toll, nor reinstate any rights of the Buyer torescind the Contract pursuant to the terms thereof, or of Section 718.503(1 )(a), Florida Statutes.

4. Except as expressly modified by this Addendum, the provisions of the Contract are hereby ratifiedand confirmed.

EXECUTED as of the date and year of the foregoing Contract.

BUYER: 'SELLER"

SKYRE, LLC

By:Name:Title:

Initials:PurchaserPurchaser

ADDENDUM

THIS ADDENDUM is being executed simultaneously with, in consideration of, and as part of the foregoingContract, The parties hereby further agree as follows:

1, Unless the context otherwise requires, all initial capitalized terms used but not defined in thisAddendum, shali have the meaning or meanings given to such terms in the Contract. This Addendum shali bedeemed a part of, but shali take precedence over and supercede any provisions to the contrary contained in, the .Contract. Ali references in the Contract or this Addendum to the "Contract" shali be deemed to refer to the Contractas modified by this Addendum, uniess the context otherwise requires.

2. In accordance with the requirements of Florida law, Buyer is hereby advised of the foliowing:

(a) CHAPTER 558, FLORIDA STATUTES CONTAINS IMPORTANT REQUIREMENTS YOUMUST FOLLOW BEFORE YOU MAY BRING ANY LEGAL ACTION FOR AN ALLEGEDCONSTRUCTION DEFECT IN YOUR UNIT OR CONDOMINIUM. SIXTY DAYS BEFOREYOU BRING ANY LEGAL ACTION, YOU MUST DELIVER TO THE OTHER PARTY TOTHIS CONTRACT, A WRITTEN NOTICE REFERRING TO CHAPTER 558 OF ANYCONSTRUCTION CONDITIONS YOU ALLEGE ARE DEFECTIVE AND PROVIDE SUCHPERSON THE OPPORTUNITY TO INSPECT THE ALLEGED CONSTRUCTIONDEFECTS AND TO CONSIDER MAKING AN OFFER TO REPAIR OR PAY FOR THEALLEGED CONSTRUCTION DEFECTS. YOU ARE NOT OBLIGATED TO ACCEPT ANYOFFER WHICH MAYBE MADE. THERE ARE STRICT DEADLINES ANDPROCEDURES UNDER THIS FLORIDA LAW WHICH MUST BE MET AND FOLLOWEDTO PROTECT YOUR INTERESTS.

(b) BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY TAXES ASTHE AMOUNT OF PROPERTY TAXES THAT THE BUYER MAY BE OBLIGATED TOPAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP ORPROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTYTHAT COULD RESULT IN HIGHER PROPERTY TAXES. IF YOU HAVE ANYQUESTIONS CONCERNING VALUATION, CONTACT THE COUNTY PROPERTYAPPRAISER'S OFFICE FOR INFORMATION.

3. The execution of this addendum shail neither extend, toil, nor reinstate any rights of the Buyer torescind the Contract pursuant to the terms thereof, or of Section 718.503(1 )(a), Florida Statutes.

4. Except as expressly modified by this Addendum, the provisions of the Contract are hereby ratifiedand confirmed.

EXECUTED as of the date and year of the foregoing Contract.

BUYER: . "SELLER'

SKYRE, LLC

By:Name:Trtle:

___Proe. Mgr. Initials:___ Purchaser___ Purchaser

SCHEDULE "5"


ESCROW AGREEMENT ESTABLISHING ESCROW ACCOUNT BETWEENDEVELOPER AND ESCROW AGENT

(

SCHEDULE "5"


ESCROW AGREEMENT ESTABLISHING ESCROW ACCOUNT BETWEENDEVELOPER AND ESCROW AGENT

and amount of Deposit received, the name and address of the Purchaser, and the Unit number ofthe Unit being purchased.

Release of Funds from Escrow. Subject to clearance of funds, Escrow Agent shall release anddisburse a Purchaser's Deposit escrowed hereunder in accordance with the following:

Purchaser Cancellation. Escrow Agent shall pay a Deposit to a Purchaser within teh (10)days after Escrow Agent's receipt of the Developer's written certification that thPurchaser has properly terminated his Purchase Agreement pursuant to its terms orunder the Condominium Act.

Purchaser Default. Escrow Agent shall pay a Deposit to Developer within ten (10) daysafter Escrow Agent's receipt of Developer's written certification that the Purchaser'sPurchase Agreement has been terminated by reason of a Purchaser's failure to cure adefault In performance of the Purchaser's obligations thereunder. Such certification shallinclude the following:

(i) Developer's statement that the Purchaser has defaulted and that the Developerhas not;

(H) A statement that, pursuant to the terms of the Purchase Agreement-, Developeris entitled to the Deposit held by Escrow Agent;

(Hi) A statement that Developer has not received from the Purchaser written notice ofa dispute between the Purchaser and Developer or a claim by the Purchaser tothe Deposit; and

(iv) A stafement of the exact amount of the beposit that is to be disbursed toDeveloper.

Disbursement At Closinq. If the Deposit of a Purchaser has not been previouslydisbursed in accordance with the provisions of 5(á) or 5(b) above, Escrow Agent shallpay such Deposit to Developer at the closing, of the transaction as evidenced by thecertificate of Developer, unless prior to such disbursement Escrow Agent receives from aPurchaser written notice of a dispute between such Purchaser and Developer. Suchcertificate from Developer shall include the following:

(i) A statement that Purchaser has not cancelled the Purchase Agreement;

(H) A statement that closing of the applicable Unit has occurred; and

(Hi) A statement of the exact amount of. the Deposit that is to be disbursed toDeveloper.

(d) Other Disbursements. Escrow Agent shall, at any time, make distribution of aPurchaser's Deposit upon:

written direction duly executed by_Developer ancj Purchaser, or

an appropriate order of a court of competent jurisdiction.

Investment of Funds. Escrow Agent will invest the escrow funds only in securities of the UnitedStates or any agency thereof, or in accounts in institutions the deposits of which are insured byan agency of the United States, and selected by Developer by notice to Escrow Agent from timeto time. The escrow account shall be in the name of Escrow Agent, and shall be clearly denoted

(H)

2

S (c)

5.

and amount of Deposit received, the name and address of the Purchaser, and the Unit number ofthe Unit being purchased.

Release of Funds from Escrow. SUbject to clearance of funds, Escrow Agent shall release anddisburse a Purchaser's Deposit escrowed hereunder in accordance with the following:

(a) Purchaser Cancellation. Escrow Agent shall pay a Deposit to a Purchaser within ten (10)days after Escrow Agent's receipt of the Developer's written certification that thePurchaser has properly terminated his Purchase Agreement pursuant to its terms orunder the Condominium Act.

(b) Purchaser Default. Escrow Agent shall pay a Deposit to Developer within ten (10) daysafter Escrow Agent's receipt of Developer's written certification that the Purchaser'sPurchase Agreement has been terminated by reason of a Purchaser's failure to cure adefault in performance of the Purchaser's obligations thereunder. Such certification shallinclude the following:

(i) Developer's statement that the Purchaser has defaulted and that the Developerhas not; .

(ii) A statement that, pursuant to the terms of the Purchase Agreement-, Developeris entitled to the Deposit held by Escrow Agent;

(iii)

(iv)

A statement that Developer has not received from the Purchaser written notice ofa dispute between the Purchaser and Developer or a claim by the Purchaser tothe Deposit; and .

A statement of the exact amount of the Deposit that is to be disbursed toDeveloper. .

(c)

(d)

Disbursement At Closing. If the Deposit of a Purchaser has not been previouslydisbursed in accordance with the provisions of 5(a) or 5(b) above, Escrow Agent shallpay such Deposit to Developer at the closing, of the transaction as evidenced by thecertificate of Developer, unless prior to such disbursement Escrow Agent receives from aPurch1jser written notice of a dispute between such Purchaser and Developer. Suchcertificate from Developer shall include the following:

(i) A statement that Purchaser has not cancelled the Purchase Agreement;

(ii) A statement that closing of the appticable Unit has occurred; and

(iii) A statement of the exact amount of the Deposit that is to be disbursed toDeveloper.

Other Disbursements. Escrow Agent shall, at any time, make distribution of aPurchaser's Deposit upon:

(i) written direction dUly executed by.Developer an~. Purchaser, or

(ii) an appropriate order of a court of competent jurisdiction.

6. investment of Funds. Escrow Agent will invest the escrow funds only in securities of the UnitedStates or any agency thereof, or in accounts in institutions the deposits of which are insured byan agency of the United States, and selected by Deveioper by notice to Escraw Agent from timeto time. The escrow account shall be in the name of Escrow Agent, and shall be clearly denoted

2

ii

ESCROW AGREEMENT

THIS ESCROW AGREEMENT (this "Escrow Apreement") is made and entered into thisday of 2004 by and between SKYRE LLC, a Florida limited liability company, whoseaddress is 7491 West Oakland Park Blvd., Suite 100, Lauderhill, FL 33316, (the "Developer") and ROYALTITLE & ESCROW COMPANY, with an address of 555 NE is Street, Suite 100, Miami1 Florida 33132("Escrow Aqent"). Developer and Escrow Agent acknowledge that the. Division of Florida Land Sales,Condominiums and Mobile Homes (the "Division"), whose address is 1940 North Monroe Street,Tallahassee, Florida 32399-1033, is a beneficiary of this Escrow Agreement.

RECITALS:

Developer proposes to develop a condominium project in St. Petersburg, Florida, to be locatedapproximately at 3315 5gth Avenue South, St. Petersburg, Florida, named THE WAVE, a Condominium(as may hereinafter be renamed, the "Condominium").

Developer intends to enler into contracts for purchase and sale (the "Purchase Contracts") for the sale ofunits 'Units") in the Condominium.

Developer dSires to make arrangements with Escrow Agent to escrow all or a portion of each deposit foreach Purchase Agreement (collectively, the "Deposits") in accordance with the provisions of theCondominium Act (Section 718.202, Florida Statutes).

Escrow Agent has consented to hold and disburse the Deposits it receives pursuant to the terms andprovisions hereof

NOW THEREFORE, in consideration of $10.00 and other good and valuable consideration, EscrowAgent and Developer agree as follows:

Recitals. The foregoing Recitals are true and correct and are hereby incorporated herein.

Establishment of Escrow. The parties hereto establish an escrow for the purposes of receiving,holding and disbursing funds as required under the Condominium Act. Funds deposited in thisescrow may, at the election of Escrow Agent, be deposited fri separate accounts, or in a cpmmonescrow, or commingled with the other escrow monies received by or handled by Escrow'Agent.

3. Deposit of Funds. So long as required by the Condominium Act, in connection with sales ofUnits, Developer shall promptly deposit funds received from Purchasers with Escrow Agent insuch amount or amounts as are required under the Condominium Act and under the Purchase'Contracts. Developer will deliver the Deposits in the form of checks payable to or endorsed toEscrow Agent. Developer shall, at the time of each deposit, furnish Escrow Agent a copy of the.Purchase Agreement applicable to the Purchaser (and all amendments thereto), the amount ofsuch funds, being delivered to Escrow Agent, the' full name, mailing address and telephonenumber of the Purchaser, as applicable, and such other information, as Escrow Agent shall'reasonably require. The sole responsibility for 'determining whether or not the amount of thefunds deposited in escrow comply with the Condominium Act shall be, that of Developer, and.Escrow Agent shall only be responsible for funds actual!y received. All checks or drafts receivedare received subject to collection. Any bank charges assessed against the account in general willbe reimbursed by Developer upon notification by Escrow Agent. ' .

4. Receipt and Acknowledqment. Upon request, Escrow Agent shall deliver to a Purchaser areceipt for'a Deposit on the form provided by Developer with all information coñipleted for EscrowAgent to acknowledge such r.eceipt. Such receipt shall identify the Condominium, state the date

Escrow Agreement.doc

(. (

ESCROW AGREEMENT

THIS ESCROW AGREEMENT (this "Escrow Agreement") is made and ,entered into this __day of 2004 by and between SKYRE LLC, a Florida limited liability company, whoseaddress is 7491 West Oakland. Park Blvd., Suite 100, Lauderhill, FL 33316, (the "Developer") and ROYALTiTLE & ESCROW COMPANY, with an address of 555 NE 15th Street, Suite 100, Miami, Florida 33132("Escrow Agent"). Developer and Escrow Agent acknowledge that the. Division of Florida Land Saies,Condominiums and Mobile Homes (the "Division"), whose address is 1940 North Monroe Street,Tallahassee, Florida 32399-1033, is a beneficiary of this Escrow Agreement.

RECITALS:

Developer proposes to develop a condominium project in St. Petersburg, Florida, to be locatedapproximately at 3315 58th Avenue South, St. Petersburg, Florida, named THE WAVE, a Condominium(as may hereinafter be renamed the "Condominium").

Developer intends to enler into contracts for purchase and sale (the "Purchase Contracts") for the sale ofunits ("Units") in the Condominium.

Deveioper desires to make arrangements with Escrow Agent to escrow all or a portion of each deposit foreach Purchase Agreement (collectively, the "Deposits") in accordance with the provisions of theCondominium Act (Section 718.202, Florida Sialutes).

Escrow Agent has consented to hold and disburse the Deposits it receives pursuant to the terms andprovisions hereof

NOW THEREFORE, in consideration of $10.00 and other good and valuabie consideration, EscrowAgent and Developer agree as follows:

1.

2.

3.

4.

Recitals. The foregoing Recitals are true and correct and are, hereby incorporated herein.

Establishment of Escrow. The parties hereto establish an escrow for the purposes of receiving,holding and disbursing funds as required under the Condominium Act. Funds deposited in thisescrow may, at the election of Escrow Agent, be deposited in separate accounts, or in a commonescrow, or commingled with the other escrow monies received by or handled by Escrow·Agent.

Deposit of Funds. So long as required by the Condominium Act, in connection with sales ofUnits, Developer shall promptly deposit funds received from Purchasers with Escrow Agent insuch amount or amounts as are required under the Condominium Act and under the Purchase'Contracts. Developer will deliver the Deposits in the form of checks payable to or endorsed toEscrow Agent. Deve.loper shall, at the time of each deposit, furnish Escrow Agent a copy of thePurchase Agreement applicable to the Purchaser (and all amendments thereto), the amount ofsuch funds, being delivered to Escrow Agent, the full name, mailing address and telephoneDumber of the Purchaser, as applicable, and such other information as Escrow Agent shallreasonably require. The sole responsibility for determining whether or not the amount of thefunds deposited "in escrow comply with the Condominium Act shall be. that of Developer, andEscrow Agent shall only be responsible for funds actually received. All checks or drafts receivedare received subject to collection. Any bank charges assessed <'lgainst the account in general willbe reimbursed by Developer upon notification by Escrow Agent. •

Receipt and AcknOWledgment. Upon request, Escrow Agent shall deliver to a Purchaser areceipt fora Deposit on the form provided by Developer with all information completed for EscrowAgent to acknowledge such receipt. Such receipt shall identify the Condominium, state the date,

Escrow Agreement.doc

10

on the records of Escrow Agent as an escrow account. As provided in the Purchase Contracts,any interest earned, shall be governed by Section 718.202(l), Florida Statutes. Escrow Agentshall have no liability in the event of a failure or Insolvency of the institution in which the funds areinvested and is hereby released and exonerated from any and all liability, whether now existinU orhereafter arising, by reason of any loss resulting from the failure of any such designatedinstitution to pay upon demand, monies deposited herein or interest accrued thereon.

General Provisions.

(a) Instructions to Escrow Aqent. The following procedure shall be used by the partiesconcerning instructions to Escrow Agent:

All instructions to Escrow Agent shall be in writing and signed by the .person orpersons requesting such instructions. Any instructions which are jointlyauthorized by all parties shall be signed by all persons.

Except as may otherwise be set forth herein to the contrary, Escrow Agent shallonly take direction by Developer, and shall not take direction from anyPurchaser(s). The duties of Escrow Agent shall be limited to the safekeeping ofthe deposits and for disbursements of same in accordance with the writteninstructions described above.

(iii) Developer shaU immediately deliver to Escrow Agent copies of any written noticeor request from a Purchaser relating to a Purchaser Agreement and this. EscrowAgreement, Developer hereby agrees to indemnity and hold Escrow Agent free.and harmless from and against any claims, causes of action, liability or expensesarising from Developers failure to promptly deliver a copy to Escrow Agent ofany written request by Purchaser for a refund of a Deposit

8. Interest. If Purchaser properly terminates the Purchase Agreement pursuant to its terms, orpursuant to Chapter 718, Florida Satutas, any interest earned on the funds maintained in theEscrow Account shall be paid to the Purchaser. Notwithstanding the foregoing, any interestearned on the funds maintained in the Escrow Account shall, upon the closing of the transaction,become property of the Escrow Agent to defray the costs associated with maintaining andadministering Ihe Account.

Successor to Developer. In the event any mortgagee of Developer, by foreclosure, deed in lieu,or otherwise, succeeds to the rights of Developer with respect to any Purchase Agreement and/orthe Deposits held in escrow pursuant to this Escrow Agreement, such mortgagee shall succeedto the rights of Developer under this Escrow Agreement with respect to such PurchaseAgreement.

Compliance. Developer acknowledges that any willful failure to comply with the escrowprovisions of Section 718.202, Florida Statutes, constitutes a criminal offense pursuant to Section718.202(7), Florida Statutes.

11. Alternative Assurance. Developer reserves the right to post. an alternative assurance inaccordance with Section 718202 Florida Statutes,, and Chapter 618-17.009, FloridaAdministrative Code. The director of the Division-has the discrelion to accept other assurances('Alternative Assurance") from Developer in lieu of the escrow of all or any portion of the fundsrequired to be escrowed hereunder. Developer may, but is not obligated to, submit to theDivision for approval a letter of credit (the "Letter of Credit") or other Alternative Assurance, suchas surety bonds ("Surety Bonds") or cash, as maybe approved.by the Division from time to time.If the Division accepts the Alternative Assurance as being' sufficient under the Condominium Actand this Agreement, such Alternative Assurance will serve as security for all or a portion of the

7.

on the records of Escrow Agent as an escrow account. As provided in the Purchase Contracts,any interest earned, shail be governed by Section 718.202(1), Florida statutes. Escrow Agentshail have no liability in the event of a failure or insolvency of the institution in which the funds areinvested and is hereby released and exonerated from any and ail liability, whether now existing orhereafter arising, by reason of any loss resUlting from the failure of any such designatedinstitution to pay upon demand, monies deposited herein or interest accrued thereon.

General Provisions.

(a) Instructions to Escrow Agent. The foilowing procedure shall be used by the partiesconcerning instructions to Escrow Agent:

(i)

(Ii)

(iii)

Ail instructions to Escrow Agent shail be in writing and signed by the .person orpersons requesting such instructions. Any instructions which are jointlyauthorized by ail parties shall be signed by ail persons.

Except as may otherwise be set forth herein to the contrary, Escrow Agent shailonly take direction liy 'Developer, and shail not ti!l!,e' direction from anyPurchaser(s). The duties of Escrow Agent shail lie limited to the safekeeping ofthe deposits and for disbursements of same in accordance with the writteninstructions described above.

Developer shail immediatelydeliver to Escrow Agent copies of any written noticeor request from a Purchaser relating to a Purchaser Agreement and this. EscrowAgreement. Developer hereby agrees to indemnity and hold Escrow Agent freeand harmless from and against any claims, causes of action, liability or expensesarising from Developer's failure to promptly deliver a copy to Escrow Agent ofany written request by Purchaser for a refund of a Deposit.

8.

9.

10.

11.

Interest. If Purchaser properly terminates the Purchase Agreement pursuant to its terms, orpursuant to Chapter 718, Florida Satutes, any interest earned on the funds maintained in theEscrow Account shall be paid to the Purchaser. Notwithstanding the foregoing, any interestearned on the funds maintained in the Escrow Account shail, upon the closing of the transaction,become property of the Escrow Agent to defray the costs associated with maintaining andadministering lhe Account.

Successor to Developer. In the event any mortgagee of Developer, by foreclosure, deed in lieu,or otherwise, succeeds to the rights of Developer with respect to any Purchase Agreement and/orthe Deposils held in escrow pursuant to this Escrow Agreement, such mortgagee shall succeedto the rights of Developer under this Escrow Agreement with respect to such PurchaseAgreement.

Compliance. Developer acknowledges that any willful failure to comply with the escrowprovisions of Section 718.202, Florida Statutes, constitutes a criminal offense pursuant \0 Section718.202(7), Florida Statutes.

Alternative Assurance. Developer r"serves the right to post an alternative assurance Inaccordance with Section 718.202, Florida Statutes, and Chapter 61B-17.009, FloridaAdministrative Code. The director of the Division- has the discretion to accept other assurances("Alternative Assurance") from Developer in lieu of the escrow of ail or any portion of the fundsreqUired to be escrowed hereunder. Developer may, but is not obligated to, submit to theDivision for approval a letter of credit (the "Letter of Credit") or other Alternative Assurance, suchas surety lionds ("Surety Bonds") or cash, as may be approved by the Division from time to time.If the Division accepts tne Alternative Assurance as being' sufficientunder the Condominium Act.and this Agreement, such Alternative Assurance will serve as security for ail or a portion of the

3

Deposits otherwise required to be esbrowed hereunder in accordance with the terms andconditionsof this Escrow Agreement. Developer shall be obligated to furnish Escrow Agent witha copy of the Division's approval o any Alternative Assurance along with the certificate ofDeveloper that such Alternative Assurance is adequate in amount to cover all Deposits to bemade in connection with the Condominium. Notwithstanding anything contained herein to thecontrary, no increase or substitute Alternative Assurance arrangements shall be instituted, andEscrow Agent may not rely on any such increased or substitute Alternative Assurance, withoutthe prior written approval of the Division.

Holdine of Funds Secured by the Alternative Assurance. For so long as Developermaintains an acceptable Alternative Assurance as contemplated herein, Developer willnot be required to escrow the Deposits otherwise recjuired to be escrowed hereunder withEscrow Agent; provided however, that the total amount of Deposits retained byDeveloper is less than or equal to the amount of the Alternative Assurance, including allincreases and extensions thereof which may be approved by the Division from time totime. Provided further that in the event that Developer receives Deposits which in totalexceed the amount of the Alternative Assurance, any such excess Deposits shall bedelivered to Escrow Agent immediately in accordance with the procedures set forthherein. Alternatively, such excess Deposits may be redelivered to Developer by EscrowAgent upon the receipt by Escrow Agent of acknowledgment by the Division that theDivision is in possession of an acceptable increase in the amount of AlternativeAssurance to cover the excess of the Deposits.

Monthly Accountinq. Developer shall provide Escrow Agent with a monthly accounting ofall Deposits which are not escrowed because of the existence of an AlternativeAssurance, which monthly accounting shall be used by Escrow Agent as a means ofcompiling the status report required hereinafter. Escrow Agent, shall be entitled to fullyand completely rely upon the accuracy of said monthly accountings. Such monthlyreports shall indicate the amount of monies then held by Developer and a list of thePurchasers who have made such deposits.

Expiration of Alternative Assurance. Notwithstanding anything contained herein to thecontrary: -

(I) Developer shall supply the Division with a replacement to the AlternativeAssurance which is acceptable to the Division at least forty-five (45) days prior tothe expiration of the Alternative Assurance.

(H) If Escrow Agent has not received notification from the Division that Developerhath complied with Paragraph (c) (1) above, then thirty (30) days prior to theexpiration of the Alternative Assurance, Escrow Agent shall provide the Divisionwith a statementshowing the status of the total funds secured by the AlternativeAssurance as of the thirtieth (30th) day prior to the expiration of the AlternativeAssurance based on the monthly reports furnished by Developer.

(iii) Escrow Agent shall then make demand for payment from Developer to EscrowAgent of that amount of total funds secured by the Alternative Assurance. In theevent such payment is not forthcoming from Developer within five (5) days frommailing of demand by Escrow Agent. Then Ebrow Agent and/or the Divisionshall make demand upon the Alternative Assurance to the extent of the amountof funds and place such funds with Escrow Agent, which shall then beresponsible for maintaining such funds in accordance with this Agreement. in theevent Escrow Agent fails to make the necessary demand on the AlternativeAssurance as set forth above, the Division shall have the right to then make thedemand on the Alternative Assurance in accordance with the terms of this

(

Deposits otherwise required to be escrowed hereunder in accordance with the terms andconditions of this Escrow Agreement. Developer shall be obligated to furnish Escrow Agent witha copy of the Division's approval 0\ any Alternative Assurance along with the certificate ofDeveloper that such Alternative Assurance is adequate in amount to cover all Deposits to bemade in connection with the Condominium. Notwithstanding anything contained herein to thecontrary, no increase or substitute Alternative Assurance arrangements shall be instituted, andEscrow Agent may not rely on any such increased or substitute Alternative Assurance, withoutthe prior written approval of the Division.

(a)

(b)

(c)

Holding of Funds Secured by the Alternative Assurance. For so long as Developermaintains an acceptable Alternative Assurance as contemplated herein, Developer willnot be required to escrow the Deposits otherwise required to be escrowed hereunder withEscrow Agent; provided however, that the total amount of Deposits retained byDeveloper is less than or equal to the amount of the Alternative Assurance, including allincreases and extensions thereof which may be approved by the Division from time totime. Provided further that in the event that Developer receives Deposits which in totalex.ceed the amount of the Alternative Assurance, any such excess Deposits shall bedelivered to Escrow Agent immediately in accordance with the procedures set forthherein. Alternatively, such excess Deposits may be redelivered to Developer by EscrowAgent upon the receipt by Escrow Agent of acknowiedgment by the Division that theDivision is in possession of an acceptable increase in the amount of AlternativeAssurance to cover the excess of the [)eposits.

Monthly Accounting. Developer shall provide Escrow Agent with a monthly accounting ofall Deposits which are not escrowed because of the existence of an AlternativeAssurance, which monthly accounting shall be used by Escrow Agent as a means ofcompiling the status report required hereinafter. Escrow Agent, shall be entitled to fullyand completely rely upon the accuracy of said monthly accountings. Such monthlyreports shall indicate the amount of monies then held by Developer and a list of thePurchasers who have made such deposits.

Expiration of Alternative Assurance. Notwithstanding anything contained herein to thecontrary:

(i) Developer shall supply the Division with a replacement to the AlternativeAssurance which is acceptable to the Division at least forty-five (45) days prior tothe expiration of the Alternative Assurance.

(i1) If Escrow Agent has not received notification from the Division that Developerhas complied with Paragraph (c) (1) above, then thirty (30) days prior to theexpiration of the Allernative Assurance, Escrow Agent shall prOVide the Divisionwith a statement showing the status of the total funds secured by the AlternativeAssurance as of the thirtieth (30th) day prior to the expiration of the AlternativeAssurance based on the monthly reports furnished by Developer.

(iii) Escrow Agent shall then make demand for payment from Developer to EscrowAgent of that amount oftbtal funds secured by the Alternative Assurance. In the

. event such payment is not forthcoming from Developer within five (5) days frommailing of demand by Escrow Agent. Then Es'crow Agent and/or the Divisionshall make demand upon the Alternative Assura'nce to the extent of the amountof funds and place such funds with Escrow Agent, which shall then beresponsible for maintaining such funds in accordance with this Agreement. In theevent Escrow Agent fails to make the necessary demand' on the AlternativeAssurance as set forth above, the Division shall have the right to then make the .demand on the Alternative Assurance in accordance with the terms of this

4

(d)

Agreement and such funds shall be placed in escrow pursuant to this Agreement,It is understood that this procedure shall similarly be followed in the event of anydispute with any Purchaser relating to refunds of any funds secured by theAlternative Assurance from time to time that is not resolved within fifteen (15)days from the date that Developer receives notice of the dispute.

Release of Funds to Developer. Funds retained by Developer pursuant to Paragraph (a)above, which are secured by the Alternative Assurance, may only be released from theAlternative Assurance upon presentation to Escrow Agent of one of the certifications setforth in Paragraphs 5(b) and 5(c), with the additional language that funds previouslyreleased are no longer required to be secured by the Alternative Assurance.

Previously Released Funds. Funds previously released to Developer which are securedby the Alternative Assurance may be released from the Alternative Assurance uponcancellation by a Purchaser pursuant to Paragraph 5(a) upon presentation to EscrowAgent of an affidavit stating that Developer has fully refunded Purchaser in accordancewith the terms of the Purchase Agreement.

Other Condominiums. It is acknowledged that the Alternative Assurance may cpver othercondominiums both within and outside the Project being developed by Developer and itsaffiliates. In the event that an Alternative Assurance is amended to cover any othercondominium, the Division shall be furnished with such original amendment. Developershall deliver to Escrow Agent a copy of the Division's approval of such amendment.

Assurance No Loncier Required. If any outstanding Alternative Assurance is no longerrequired in order to enable Escrow Agent to satisfy the conditions set forth in theCondominium Act and herein, then Developer shall so notify Escrow Agent and the issuerin written forth by certified mail at least forty-five (45) days in advance of the expirationdate of the Alternative Assurance and Escrow Agent shall return the AlternativeAssurance to the issuer. For purposes of this subparagraph, the expiration date of anyAlternative Assurance which is automatically renewable shall be extended by theapplicable renewal periods unless Escrow Agent receives notice from the issuer that theissuer will not renew the Alternative Assurance. Escrow Agent is authorized to rely upona statement from Developer as to whether Alternative Assurance is no longer required tosatisfy the conditions set forth in the Condominium Act and herein.

12 Conflictinci Claims for Escrowed Funds, Should Escrow Agent receive conflicting notices ordem?nds for a Deposit held in escrow on behalf of any Purchaser, Escrow Agent shallimmediately notify the Division of the dispute and either promptly submit the matter to arbitration,or seek an adjudication of the matter by interpleader or otherwise. Escrow Agent shall beindemnified by the applicable Purchaser and Developer, jointly and severally, for all costs,including reasonable attorneys' and paraprofessional fees, at trial and upon. appeal, in connctionwith the aforesaid arbitration or interpleader action, and shall be fully protected in suspending allor a part of its activities under this Escrow Agreement until a final judgment in the interpleadecaction, if applicable, is received. Escrow Agent shall continue to hold the disputed Deposit duringthe resolution of any conflict by arbitration; provided, however, Escrow Agent may interplead anyDeposit and not hold the same pursuant to this Escrow Agreement at any time. Escrow Agent isalso counsel for Developer and is authorized to continue to represent Developer in the event ofany dispute between Developer and any Purchaser.

13. Duties of Escrow Aqent are Administrative. The duties of Escrow Agent hereundet shall beentirely administrative in nature and not discretionary. Escrow Agent shall be obligated to actonly in accordance with written instructions received by it as provided in this Escrow Agreement,and is hereby authorized to comply with any orders, judgments, or decrees of any court, with orwithout jurisdiction, and shall not be liable as a result of its compliance with the same, Escrow

(d)

(e)

(f)

(g)

Agreement and such funds shall be placed in escrow pursuant to this Agreement.It is understood that this procedure shall similariy be followed in the event of anydispute with any Purchaser relating to refunds of any funds secured by theAlternative Assurance from time to time that is not resolved within fifteen (15)days from the date that Developer receives notice of the dispute.

Release of Funds to Developer. Funds retained by Developer pursuant to Paragraph (a)above, which are secured by the Alternative Assurance, may only be released frorn theAlternative Assurance upon presentation to Escrow Agent of one of the certifications setforth in Paragraphs 5(b) and 5(c), with the additionai language thatfunds previouslyreleased are no longer required to be secured by the Alternative Assurance.

Previously Released Funds. Funds previously released to Developer which are securedby the Alternative Assurance may be released from the Alternative Assurance uponcancellation by a Purchaser pursuant to Paragraph 5(a) upon presentation to EscrowAgent of an affidavit stating that Developer has fully refunded Purchaser in accordancewith the terms of the Purchase Agreement.

Other Condominiums. tt is acknoWledged that the Alternative Assurance may cover othercondominiums both within and outside the Project being developed by Developer and itsaffiliates. In the event that an Alternative Assurance is amended to cover any othercondominium, the Division shall be furnished with such original amendnient. Developershall deliver to Escrow Agent a copy of the Division's approval of such amendment.

Assurance No Longer Required. If any outstanding Alternative Assurance is no longerreqUired in order to enable Escrow Agent to satisfy the conditions set forth in theCondominium Act and herein, then Developer shall so notify Escrow Agent and the issuerIn written forni by certified mail at least forty-five (45) days in advance of the expirationdate of the Alternative Assurance and Escrow Agent shall return the AlternativeAssurance to the issuer. For purposes of this SUbparagraph, the expiration date of anyAlternative Assurance which Is automatically renewable shall be extended by theapplicable renewal periods unless Escrow Agent receives notice from the issuer that theissuer will not renew the Alternative Assurance. Escrow Agent is authorized to rely upona statement from Developer as to whether Alternative Assurance Is no longer required tosatisfy the conditions set forth in the Condominium Act and herein. .

12.

13.

Conflicting Claims for Escrowed Funds. Should Escrow Agent recEllve conftlcting notices ordem~lnds for a Deposit held' in escrow on behalf of any Purchaser, Escrow Agent shallImmediately notifY the Division of the dispute and either promptly submit the matter to arbitration,or seek an adjUdication of the matter by Interpleader or otherwise. Escrow Agent shall beindemnified by the applicable Purchaser and Developer, Jointly and severally, for all costs,including reasonable attorneys' and paraprofessional fees, at trial and upon appeal, in connectionwith the aforesaid arbitration or interpleader action, and shall be fqlly protected in suspending allor a part of its activities under this Escrow Agreement until a final judgment in the interpleaderaction, if applicable, is received. Escrow Agent shall continue to hold the disputed Deposit duringthe resolution of any conflict by arbitration; provided, however, Escrow Agent may interplead anyDeposit and not hold the same pursuant to this Escrow Agreement at any time. Escrow Agent isalso counsel for Developer and is authorized to continue to represent Developer In the event ofany dispute between Developer and any Purchaser. "

Duties of Escrow Agent are Administrative. The duties of Escrow Agent hereunder shall beentirely administrative in nature and not discretionary. Escrow Agent shall be obligated to actonly in accordance with written instructions received by it as provided in this Escrow Agreement,and is hereby authorized to comply with any orders, judgments, or decrees of any court, with or·without jurisdiction, and shall not be liable as a result of its compliance with the same. Escrow

5

Agent shall have no duty or obligation to assure itself that the operation of the Condominiumand/or marketing of the Units within the Condominium by Developer is in full, compliance with theCondominium Act prior to the disbursement to' Developer of any Deposit 'or interest thereon.Further, Escrow Agent shall have no responsibility or liability with respect to Purchasers Depositsreceived by Developer which are not properly delivered to Escrow Agent in accordance with theprovisions hereof.

Monthly Statements. The Escrow Agent will send monthly statements on the Escrow Account toDeveloper at the address set forth above. Escrow Agent agrees that the Division shall have theright to inspect the books and records of Escrow Agent with respect to this Agreement upon thereasonable prior notice of the Division.

Indemnity. From and at all times after the date of this Escrow Agreements Developer shall, to thefullest extent permitted by law, and to the extent provided herein, indemnify and hold harmlessEscrow Agent and each director, officer, employee, attorney, agent and affiliate of Escrow Agent(individually. indemnified Party it; collectively, the "Indemnified Parties') against any and allactions, claims (whether or not valid), losses, damages, liabilities, costs and expenses of any kindor nature whatsoever, (including without limitation reasonable attorneys fees, paraprofessionalfees, costs and expenses) Incurred by' or asserted against any of the Indemnified Parties fromand after the date hereof1 whether direct, indirect or consequential, as a result of or arising fromon in any way relating to any claim, demand, suit, action or proceeding (including any inquiry orinvestigation) by any person, whether threatened or initiated, asserting a claim for any legal orequitable remedy against any person under any statute or regulation, including, but not limited to,any federal or state securities laws, or under any common law or equitable cause or otherwise,arising from or in connection with the negotiation, preparation, execution, performance or failureof performance of this Escrow Agreement or any transactions 'contemplated herein (including thesales of the Units within the Condominium) whether or not any such one or more of the

'Indemnified Parties ae parties to any such action, proceeding, suit o,r the target of any suchinquiry or investigation; pràvided, however, that no Indemnified Party shall have the right to beindemnified hereunder for any liability finally determined by a court of competent jurisdiction,subject to no further appeal, to have resulted solely from the gross negligence, or willfulmisconduct of such Indemnified Party. If any such action or claim' shall be brought or assertedagainst any Indemnified Party, such Indemnified Party shall promptly notify Developer in writing,and Developer shall assume the defense thereof, including the employment of Oounsel and thepayment of all expenses. Such Indemnified Party shall, in its sole discretion, have the right toemploy separate counsel in 'any such action and to participate in the defense thereOf, and thefees and expenses of such counsel shall be paid by such Indemnified Party unless (a) Developeragrees to pay such fees and expenses, or (b) Developer shall fail to assume the defene of suchaction or proceeding or shall fail, in the reasonable discretion of sUch Indemnified Party, toemploy counsel satisfactory to the Indemnified Party in any such action proceedings, or (c) thenamed parties to any such action or proceeding (including any impleaded parties) include boththe lndeinnified Party (or Indemnified Parties, if applicable) and Developer, and one or moreIndemnified Parties shall have been advised' by counsel that there may be ,one or m'ore legaldefenses available to it which are different from or additional to those available to Developer.' Allsuch fees and expenses payable by Developer pursuant to the foregoing sentence shall be paidfrom time to time as incurred, both in advance of and after the final disposition of such action orclaim. In addition, Developer hel-eby agrees to indemnify Escrow Agent and hold it harmless from

'any liability of Escrow Agent which shall arise as a result of the breach or violation by Developerof any of the provisions of the Condominium Act, or any other rules, regulations, or laws affectingthe Condominium. Developer hereby agrees that it shall, at all timS,file all required documentswith the Division and comply with all of the provisions the Condominium, Act, as well as all' otherfederal, state, and local regulations effecting the Condominium. The obligatiob's of Developerunder this section shall survive any termination of this Escrow Agreement and the resignation orremoval of Escrow'Agent.

r..~I',]blL'..'j

(

Agent shall have no duty or obligation to assure itself that the operation of the Condominiumand/or marketing of the Units within the Condominium by Developer is in full compliance with theCondominium Act prior to the disbursement to Developer of any Depositor interest thereon.Further, Escrow Agent shall have no responsibility or liability with respect to Purchasers' Depositsreceived by Developer which are not properly delivered to Escrow Agent in accordance with theprovisions hereof.

14. Monthly statements. The Escrow Agent will send monthly statements on the Escrow Account toDeveloper at the address set forth above. Escrow Agent agrees that the Division shall have theright to inspect the books and records of Escrow Agent with respect to this Agreement upon thereasonable prior notice of the Division.

15. Indemnity. From and at all times after the date of this Escrow Agreements Developer shall, to therullest extent permitted by law and to the extent provided herein, indemnify and hold harmlessEscrow Agent and each director, officer, employee, attorney, agent and affiliate of Escrow Agent(individually, "Indemnified Party it; collectively, the "Indemnified Parties") against any and allactions, claims (whether or not valid), losses, damages, liabilities, costs and expenses of any kindor nature whatsoever, (including without limitation reasonable attorneys fees, paraprofessionalfees, costs and expenses) incurred by or asserted against any of the Indemnified Parties fromand after the date hereof, whether direct, indirect or consequential, as a result of or arising fromon in any way relating to any claim, demand, suit, action or proceeding (including any inquiry orinvestigation) by any person, whether threatened or initiated, asserting a claim for any legal orequitable remedy against any person under any statute or regulation, inclUding, but not limited to,any federal or state securities laws, or under any common law or equitable cause or otherwise,arising from or in connection with the negotiation, preparation, execution, performance or failureof performance of this Escrow Agreement or any transactions contemplated herein (including thesales of the Units within the Condominium) whether or not any such one or more of theIndemnified Parties are parties to any such action, proceeding, suit or the target of any suchinqUiry or investigation; provided, however, that no Indemnified Party shall have the right to beindemnified hereunder for any liability finally determined by a court of competent jurisdiction,subject to no further appeal, to have resulted solely from the gross negligence. or willfulmisconduct of such Indemnified Party. If any such action or claim shall be brought or assertedagainst any Indemnified Party, such Indemnified Party shall promptly notify Developer in writing,and Developer shall assume the defense thereof, including the employment of counsel and thepayment ·of all expenses. Such Indemnified Party shall, in its sole discretion, have the right toemploy separate counsel in any such action and to participate in the defense thereof, and thefees and expenses of such counsel shall be paid by such Indemnified Party unless (a) Developeragrees to pay such fees and expenses, or (b) Developer shall fail to assume the defen$e of suchaction or proceeding or shall fail, in the reasonable discretion of such Indemnified Party, toemploy counsel satisfactory to the Indemnified Party in any such action proceedings, or (c) thenamed parties to any such action or proceeding (inclUding any impleaded parties) include boththe Indemnified Party (or Indemnified Parties, if applicable) and Developer, and one or moreIndemnified Parties shall have been adVises:! by counsel that there may be one or more legaldefenses available to it which are different from or additional to those available to Developer. Allsuch fees and expenses payable by Developer pursuant to the foregoing sentence shall be paidfrom time to time as incurred, both in advance of and after the final disposition of such action orclaim. In addition, Developer hereby agrees to indemnify Escrow Agent and hold it harmless fromany liability of Escrow Agent Which shall arise as a result of.the breach or violation by Developerof any of the provisions of the Condominium Act, or any other rUles, regulations, or laws affectingthe Condominium. Developer hereby agrees that it shall, at all times,fiIe all required documentswith the Division and comply with all of the provisions the Condominium Act, as well as all otherfederal, state, and local regulations effecting the Condominium. The obligations of Developerunder this section shall survive any termination of this Escrow Agreement and the resignation orremoval of Escrow Agent.

6

16. Limitation of Liability.

The obligations of Escrow Agent shall be determined solely by the express provisions ofthis Escrow Agreement. No representation, warranty, covenant, agreement, obligation orduty of Escrow Agent shall be implied with respect to this Escrow Agreement or EsàrowAgent's services hereunder.

(b) Escrow Agent may act in reliance upon any writing or instrument or signature, whetheroriginal or facsimfle, which Escrow Agent, in good faith, believes to be genuine, mayassume the validity and accuracy of any statement or assertion contained in such awriting or instrument and may assume that any person purporting to give any writing,notice, advice or Instruction in connection with the provisions hereof has been dulyauthorized to do so. Escrow Agent shall have no liability or obligation with respect to theDeposits except for Escrow Agent's willful misconduct or gross negligence. EscrowAgent's sole responsibility shall be for the safekeeping, investment and disbursement ofthe Deposits in accordance with the terms of this Escrow Agreement. Escrow Agent shallhave no implied duties or obligations and shall not be charged with knowledge or noticeof any fact or circumstance not specifically set forth herein. In no event shall EscrowAgent be liable for incidental, indirect, special, consequential or .punitive damages.Escrow Agent shall not be obligated to take any legal action or commence anyproceeding in connection with the Deposits or to appear in, prosecute or defend any suchlegal action or proceeding, except with respect to its obligations to interplead or arbitrateas provided herein.

Escrow Agent may consult legal counsel selected by it in the event of any dispute orquestion as to the construction of any of the provisions hereof of any other ag(eement orof its duties hereunder, and shall incur no liability and shall be fully protected from anyliability whatsbever in acting in accordance with the opinion or instruction of suchcounsel. Developer shall promptly pay, upon demand, the reasonable fees andexpenses of any such counsel.

No provision of this Escrow Agreement shall require Escrow Agent to expend or risk itsown funds or otherwise incur financial liability in the performance of its duties under thisEscrow Agreement if it shall have reasonable grounds for believing that repayment ofsuch funds are adequate indemnity is not reasonably assured to it.

17. Termination. Either Developer or Escrow Agent may terminate this Escrow Agreement for anyreason whatsoever upon thirty (30) days written notice to the other. Upon receipt of such writtennotice from Escrow Agent by. Developer, Developer shall immediately take all steps necessary tosecure a successor escrow agent and shall immediately notify the Division. If a successorescrow agent is not engaged by Developer within said thirty (30) day period, Escrow Agent maypetition a court of competent jurisdiction to name a successor escrow agent. When a successorescrow agent has been designated or appointed by the Court. Escrow Agent shall, upon receiptof all fees due it hereunder, transfer all Deposits and related documents without covenant orwarranty, express or implied, to the successor escrow agent within ten (10) days, whereuponEscrow Agent shall be fully discharged of all of its duties and obligations hereunder.

18. Notices. All notices, certificates, requests, demands, materials, and other communicationshereunder shall be in writing and shall be deemed to have been duly given upon actual receipt orrefusal of delivery, by hand or by professional courier (e.g., Federal Express) to the appropriateaddresses set forth above as evidenced by a signed receipt for same, or by mail, if mailed byprepaid, certified mail with return .receipt requested. The mailing addresses herein for the partiesand for the Division shall be superseded only by written notice to the Division and each party ofany change of address.

(a)

16. Limitation of Liability.

(a) The obligations of Escrow Agent shall be determined solely by the express provisions ofthis Escrow Agreement. No representation, warranty, covenant, agreement, obligation orduty of Escrow Agent shail be Implied with respect to this Escrow.Agreement or EscrowAgent's services hereunder.

(d) No provision of this Escrow Agreement shall require Escrow Agent to expend or risk itsown funds or otherwise incur financial liability in the perfonmance of its duties under thisEscrow Agreement if it shail have reasonable grounds for believing that repayment ofsuch f.unds are adequate indemnity is not reasonably assured to it.

Termination. Either Developer or Escrow Agent may terminate this Escrow Agreement for anyreason Whatsoever upon thirty (30) days Written notice to the other. Upon receipt of such writtennotice from Escrow Agent by. Developer, Developer shall immediately take all steps necessary tosecure a successor escrow agent and shall immediately notify the Division. If a successorescrow agent is not engaged by Developer within said thirty (30) day period, Escrow Agent maypetition a court of competent jurisdiction to name a successor escrow agent. When a successorescrow agent has been designated or appointed by the Court. Escrow Agent shall, upon receiptof ail fees due it hereunder, transfer all Deposits and related documents without covenant orwarranty, express or implied, to the successor escrow agent within ten (10) days, WhereuponEscrow Agent shail be fUlly discharged of all of its duties and obligations hereunder.

Escrow Agent may act in reliance upon any writing or instrument or signature, whetheroriginai or facsimile, which Escrow Agent, in good faith, believes to be genuine, mayassume the validity and accuracy of any statement or assertion contained in such awriting or instrument and may assume that any person purporting to give any writing,notice, advice or instruction in connection with the provisions hereof has been dulyauthorized to do so. Escrow Agent shail have no liability or obligation with respect to theDeposits except for Escrow Agent's willful misconduct or gross negligence. EscrowAgent's sole responsibility shall be for the safekeeping, investment and disbursement ofthe Deposits In accordance with the terms of this Escrow Agreement. Escrow Agent shailhave no implied duties or obligations and shail not be charged with knowledge or noticeof any fact or circumstance not specifically set forth herein. In no event shall EscrowAgent be liable for incidental, indirect, special, consequential or punitive damages.Escrow Agent shail not be obligated to take any legal action or· commence anyproceeding in connection with the Deposits or to appear in, prosecute or defend any suchlegal action or proceeding, except with respect to its obligations to interplead or arbitrateas provided herein.

Escrow Agent may consult legal counsel selected by it in the event of any dispute orquestion as to the construction of any of the provisions hereof of any other agreement orof its duties hereunder, and shall incur no liability and shall be fUlly protected from anyliability whatsoever in acting in accordance with th.e opinion or instruction of suchcounsel. Developer shail promptly pay, upon demand, the reasonable fees andexpenses of any such counsel. .

(b)

(c)

17.

18. Notices. All notices, certificates, requests, de,mands, materialS, and other communicationshereunder shail be in writing and shall be deemed to have been duly given upon actual receipt orrefusal of delivery, by hand or by professional courier (e.g., Federal Express) to the appropriateaddresses set forth above as evidenced by a signed receipt for same, or by mail, if mailed byprepaid, certified mail with return receipt requested. The mailing addresses herein for the partiesand for the Division shall be superseded only by written notice to the Division and each party ofany change of address.

7

Term of Escrow Aqreement. This Escrow Agreement shall continue in force and effect for two (2)years from the date it is executed by both Developer and Escrow Agent, and shall be deemed tobe renewed automatically on the anniversary of such date each year thereafter, unlessterminated by written agreement between Developer and Escrow Agent.

Non-Exclusive Escrow Aereement. The parties hereto acknowledge and agree that nothingherein shall prohibit Escrow Agent from serving in a similar capacity on behalf of otherdevelopers, provided that any other escrow accounts maintained by Escrow Agent shall bemaintained with books and records that separately identify each condominium.

Choice of State Law. This Escrow Agreement shall be governed and construed in accordancewith the laws of the Slate of Florida.

Compensation. Any compensation that Developer agrees to pay Escrow Agent for theperformance of services provided for in this Escrow Agreement shall not be paid from principalescrowed.

Consent to Jurisdiction and Venue. In the event that any party hereto or a Purchasercommences a lawsuit of other proceeding relating to or arising from this Escrow Agreement, theparties hereto agree that venue shall be in the Circuit Court in and for Miami-Dade County,Florida and the parties hereto waive any objection to such venue. The parties hereto consent toand agree to submit to the jurisdiction of that court and the courts of the State of Florida andagree, to accept service of process to vest personal jurisdiction over them in such courts;provided, however that service on Escrow Agent shall be through the Florida Commissioner ofInsurance.

Assiqnment. Except as otherwise provided herein, no party to this Escrow Agreement mayassign its rights or delegate its obligations under this Escrow Agreement without the expresswritten consent of the other parties, except as otherwise set forth in this Escrow Agreement.

Sub-Escrow Aqents. There may be Sub-Escrow Agents added to this Escrow Agreement. SuchSub-Escrow Agents assume all of the duties of the Escrow Agent as contained in this EscrowAgreement. Each Sub-Escrow Agent shall execute a duplicate original of this Escrow Agreementto, indicate their acceptance of the terms, conditions and stipulations contained herein.Sub-Escrow Agents shall be limited to licensed Florida title insurance agents (i) who are affiliatedwith Escrow Agent, or (H) which are independent agents authorized, to issue commitments andpolicies of title insurance as agents of Escrow Agent.

Amendment or Waiver. This Escrow Agreement may be changed, waived, discharged or.terminated only by a writing signed by Developer and Escrow Agent. No delay or omission byany party in exercising any right with respect hereto shall operate as a waiver. A waiver on anyone occasion shall not be construed as a bar to, or waiver of, any right or remedy on any futureoccasion.

Severability. To the extent any provision of this Escrow Agreement is prohibited by or invalidunder applicable law, such provision shall be ineffective to the extent of such prohibition orinvalidity, without invalidating the remainder of such provision or the remaining provisions of thisEscrow Agreement.

Entire Aereement. Third Party Beneficiaries. This Escrow Agreement constitutes the entireagreement between the parties relating to the esprow of the Deposits and sets forth in theirentirety the obligations and duties of Escrow Agent with respect to the Deposits. No third party,other than Purchasers and the Division, shall be a beneficiary of this Escrow Agreement, orderive any rights or benefits, or have any causes of action, hereunder. Notwithstanding theforegoing, unless and until such time as the Division approves this Agreement and any

8

£'

19.

20.

21.

22.

23.

24.

25.

26.

27.

28.

Term of Escrow Agreement. This Escrow Agreement shall continue in force and effect for two (2)years from the date it is executed by both Developer and Escrow Agent, and shall be deemed tobe renewed automatically on the anniversary of such date each year thereafter, unlessterminated by written agreement between Deveioper and Escrow Agent.

Non-Exclusive Escrow Agreement. The parties hereto acknowiedge and agree that nothingherein shall prohibit Escrow Agent from serving in a similar capacity on behalf of otherdevelopers, provided that any other escrow accounts maintained by Escrow Agent shall bemaintained with books and records that separately identify each condominium.

Choice of State Law. This Escrow Agreement shall be governed and construed in accordancewith the laws of the slate of Florida.

Compensation.' Any compensation that Developer agrees to pay Escrow Agent for theperformance of services provided for in this Escrow Agreement shall not be paid from principalescrowed.

Consent to Jurisdiction and Venue. In the event that any party hereto or a Purchasercommences a lawsuit of other proceeding relating to or arising from this Escrow Agreement, theparties hereto agree that venue shall be In the Circuit Court in and for Miami-Dade County,Florida and the parties hereto waive any objection to such venue. The parties hereto consent toand agree to submit to the jurisdiction of that court and the courts of the State of Florida andagree to accept service of process to vest personal jurisdiction over them in such courts;provided, however that service on Escrow Agent shall be through the Florida Commissioner ofInsurance.

Assignment. Except as otherwise provided herein, no party to this Escrow Agreement mayassign its rights or delegate its obligations under this Escrow Agreement without the expresswritten consent of the other parties, except as otherwise set forth in this Escrow Agreement.

SUb-Escrow Agents. There may be Sub-Escrow Agents added to this Escrow Agreement. SuchSub-Escrow Agents assume all of the duties of the Escrow Agent as contained in this EscrowAgreement. Each Sub-Escrow Agent shall execute a duplicate original of this Escrow Agreement

. to. indicate their acceptance of the terms, conditions and stipulations contained herein.SUb-Escrow Agents shall be limited to licensed Florida title insurance agents (i) who are affiliatedwith Escrow Agent, or (ii) which are independent agents authorized. to issue commitments andpolicies of title insurance as agents of Escrow Agent.

Amendment or Waiver. This Escrow Agreement may be changed, waived, discharged orterminated only by a writing signed by Developer and Escrow Agent. No delay or omission byany party in exercising any right with respect hereto shall operate as a waiver. A waiver on anyone occasion shall not be construed as a bar to, or waiver of, any right or remedy on any futureoccasion.

Severability. To the extent any prOVision of this Escrow Agreement is prohibited by or invalidunder applicable law, such prOVision shall be ineffective to the extent of such prohibition orinvalidity, without invalidating the remainder of such prOVision or the remaining provisions of thisEscrow Agreement.

Entire Agreement. Third Party Beneficiaries. This Escrow Agreement constitutes the entireagreement between the parties reiating to the escrow of the Deposits and sets forth in theirentirety the obligations and duties of Escrow Agent with respect to the Deposits. No third party,other than Purchasers and the Division, shall be a beneficiary of this Escrow Agreement, orderive any rights or benefits, or have any causes of action, hereunder. Notwithstanding the'foregoing, unless and until such time as the Division approves this Agreement and any

8

Alternative Assurance, and such approval is delivered to Escrow Agent, all provisionscontainedherein respecting Alternative Assurances will not be of any force or effect.

Bindine Effect. Al! of the terms of this Escrow Agreement, as amended from time to time, shall bebinding upon, insure to the benefit of and be enforceable by the respective heirs, successors andassigns of Developer, each Purchaser and Escrow Agent.

Counternarts. For the purpose of facilitating the execution of this EscrowAgreernent and forother purposes, this Escrow Agreement may be executed simultaneously in any number ofcounterparts, each of which shall be deemed to be an original, and together shall constitute andbe one and the same instrument.

Headines. The Section headings are not a part of this Escrow Agreement and shall not be usedin ità interpretation.

IN WITNESS WHEREOF, Developer has caused these presents to be signed in its name the day andyear first above written.

DEVELOPER:

SKYRE, LLC,a Florida limited liability comp.:ny

ESCROW AGENT:

ROYAL TITLE & ESCROW COMPANYS

9

brized Representative

29.

30.

31.

(

Alternative Assurance, and such approval is delivered to Escrow Agent, all provisions'containedherein respecting Alternative Assurances will not be of any force or effect.

Binding Effect. Ali of the terms of this Escrow Agreement, as amended from time to time, shall bebinding upon, insure to the benefit of and be enforceable by the respective heirs, successors andassigns of Developer, each Purchaser and Escrow Agent.

Counterparts. For the purpose of facilitating the execution of this Escrow Agreement and forother purposes, this Escrow Agreement may be executed simultaneously in any number ofcounterparts, each of which shall be deemed to be an original, and together shall constitute andbe one and the same instrument.

Headings. The Section headings are not a part of this Escrow Agreement and shall not be usedin its interpretation.

IN WITNESS WHEREOF, Developer has caused these presents to be signed in its name the day andyear first above written.

DEVELOPER:

SKYRE, LLC,a Florida limited liability comp ny

ESCROW AGENT:

ROYAL T.ITLE & ESCROW COMPANY

9

SCHEDULE "6"


FORM OF REC8PT FOR CONDOMINIUM DOCUMENTS UTILIZEDIN THE SALE OF CONDOMINIUM UNITS

SCHEDULE "6"


FORM OF RECEIPT FOR CONDOMINIUM DOCUMENTS UTILIZEDIN THE SALE OF CONDOMINIUM UNITS

"

DF3PR form CO 6000-6Effective: 12)23/02

The undersigned acknowledges that the documents checked below have been received or, asto. plans and specifications, made available for inspection.

NameofCondominium: THEWAVE ACONDOMINIUM

Address of Condominium: 3315 AVENUE ST. PETERSBURG, FLORIDA 33712

Place a check in the column by each document received or, for the plans and specifications,made available for inspection. If an item does not apply, place "N/A" in the column.

DOCUMENT RECEIVED BY.ALTERNATIVE

MEDIA

Ii

C

RECEIPT FOR CONDOMINIUM DOCUMENTS

Prospectus Text X

Declaration of Condominium X

Articles of Incorporation

By-laws X

Estimated Operatinci Budqet X

Form of Aqreement for Sale or Lease X

Rules or Requlation X

Covenants and Restrictions N/A

Ground Lease N/A

Manaqement and Maintenance Contracts for More N/Athan OneYear

Renewable Manaqement Contracts N/A

Lease of Recreational and Other Facilities to be UsedExclusively by Unit Owners of Subiect Condominiums(Sees.718.503(1)(b) 7 F.S. and s.718.504, F.S.) N/A

Form of Unit Lease if a Leasehold N/A

Declaration of Servitude N/A

Sales Brochures N/A

Phase Development Description (See s.718.503(1)(b) N/A11 F.S. and s.718.504. F.S.)

DBPR form CO 6000-6Effective: 12123/02

( (

RECEIPT FOR CONDOMINIUM DOCUMENTS

The undersigned acknowledges that the documents checked below have been received or, asto, plans and specifications, made available for inspection.

11 Name of Condominium: THE WAVE, A CONDOMINIUM

Address of Condominium: 3315 58TH AVENUE, ST. PETERSBURG. FLORIDA 33712

Place a check in the column by each document received or, for the plans and specifications,made available for inspection. If an item does not apply, place "N/A" in the column.

~'":':','

,~~

DOCUMENT

Prospectus Text

Declaration of Condominium


By-laws

Estimated Operating Budget

Form of Agreement for Sale or Lease

Rules or Regulation

Covenants and Restrictions

Ground Lease

Management and Maintenance Contracts for Morethan One Year

Renewable Management Contracts

Lease of Recreational and Other Facilities to be UsedExclusively by Unit Owners of Subject Condominiums(Sees.718.503(1 Hbl 7. F.S. and s.718.504. F.S.l

Form of Unit Lease if a Leasehold

Declaration of Servitude

Sales Brochures

Phase Development Description (See s.718.503(1 Hb)11 F.S. and s.718.504. F.S.l

RECEIVED

x

x

x

xx

x

x

N/A

N/A

N/A

N/A

N/A

N/A

N/A,

N/A

N/A

BYALTERNATIVE

MEDIA

1

SCHEDULE "8"


CON'LIERSION INSPECTION REPORT TERMITE INSPECTION REPORT,CERTIFICATE OF OCCUPANCY

SCHEDULE "8"


CONVERSION INSPECTION REPORT, TERMITE INSPECTION REPORT,CERTIFICATE OF OCCUPANCY

RENTERS/RENTAL RULES

Leasing or renting of a unit by an owner, either directly or through an agent, is permitted nomore than two (2) times per year. All rental agreements must be sent, to the office withinseven (7) days in advance of arrival. .

Upon 'arrival all occupants (owners, guest and renters) must register within 24 hrs.

Renters have full use of the facilities.. Owners will be held responsible for the actions of their guests orrenters. Any damage.to the Property will be the responsibility of the owner.

Renters and guests are subject to all House Rules adopted by the Board of Directors. It is theresponsibility of the owner to see that a copy of the House Rules is given to each renter/guest. Anyviolation' of these rules can be cause to request immediate vaèating of the unit

Subletting by renters is not permitted.

None of the above referenced rules shall apply to commercial unit owners who are using theirproperty for a lawful purpose, other than the rules dealing with use of the common elements.

RR-8

RENTERS/RENTAL RULES

1. Leasing or renting of a unit by an owner, either directly or through an agent, is permitted nomore than two (2) times per year•. All rental agreements must be sent to the office withinseven (7) days in advance of arrival.

2. Upon arrival all occupants (owners, guest and renters) must register wrrhin 24 hrs.

3. Renters have full use of the facilities.. Owners will be held responsible for the actions of their guests orrenters. Any damage.to the Property will be the responsibility of the owner.

4. Renters and guests are subject to all House Rules adopted by the Board of Directors. It is theresponsibility of the owner to see that a copy of the House Rules is given to each renter/guest. Anyviolation of these rules can be cause to request immediate vacating of the unit.

5. Subletting by renters is not permitted.

None of the above referenced rules shall apply to commercial unit owners who are using theirproperty for a lawful purpose, other than the rules dealing With use of the common elements.

RR-8

RR-7

POOL RULES

NO LIFEGUARD ON DUTY, SWiM AT YOUR WON RISK

Pool hours are 9 a.m. to 10 p.m.

No radios, tape decks or DC's are allowed without earphones.

.4. No diapers in the pool, Children not toilet trained must wear approved water proof Øants over diapers.Disposable dianers are not allowed, Swim diapers only.

No floating devices in pool. No rafts, beach balls, surf boards or similar beach equipment are permittedin poor or pool area.

No reserved seating areas.

T. Children under 12 may not swim or use the pool areas unles accompanied and supervised by an adult.

6. Cover-ups and footwear are required in all common areas. A towel does not constitute a cover-up.

Suntan lotion and sand must be removed before entering pool. Use the shower provided at corner ofpool,Cover lounge chairs with a towel if using suntan lotion.

11 .Lounges or chairs are not to be removed before from the pool deck. Do not.drag chairs across pooldeck.

I. I 2.Running, horseplay, climbing, ball or Frisbee playing or other noisy activities are not permitted in ornear pool area. Parents are responsible for the behavior of their children.

I 3.Glassware is not permitted in or near the pool are, only non-breakable plastic containers (State Law).

14. Pets are not permitted in pool area, even if canied.

I 5.Shower before entering the pool.

POOL RULES

1. NO LIFEGUARD ON DUTY. SWIM AT YOUR WON RISK.

2. Pool hours are 9 a.m. to 10 p.m.

3. No radios. tape decks or DC's are allowed without earphones.

4. No diapers in the pool. Children not toilet trained must wear approved water proof pants over diapers.Disposable diapers are not allowed. Swim diapers only.

5. No floating devices in pool. No rafts. beach balls. surf boards or similar beach equipment are permittedin poor or pool area.

6. No reserved seating areas.

7. Children under 12 may not swim or use the pool areas unless accompanied and supervised by an adult.

8. Cover-ups and footwear are required in all common areas. A towel does not constitute a cover-up.

9. Suntan lotion and sand must be removed before entering pool. Use the shower provided at comer ofpool.

10. Cover lounge chairs with a towel if using suntan lotion.

11 •Lounges or chairs are not to be removed before from the pool deck. Do not drag chairs across pooldeck.

12.Running. horseplay. climbing. ball or Frisbee playing or other noisy activitie.s are not permitted in ornear pool area. Parents are responsible for the behavior of their children.

13.Glassware is not permitted in or near the pool are. only non-breakable plastic containers (State Law).

14. Pets are not permitted in pool area. even if carried.

15.Shower before entering the pool.

,.

RR-7

2004

C

ae4COncfominiurn

e

Condominium

2°°4

THIS PROSPECTUS (OFFERING CIRCULAR) CONTAINS IMPORTANT MA1TERS TO BE CONSIDEREDIN ACQUIRING A CONDOMINIUM UNIT.

THE STATEMENTS CONTAINED HEREIN ARE ONLY SUMMARY IN NATURE. A PROSPECTIVEPURCHASER SHOULD REFER TO ALL REFERENCES, ALL EXHIBITS HERETO, THE CONTRACTDOCUMENTS, AND SALES MATERIALS.

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THEREPRESENTATIONS OF THE DEVELOPER. REFER TO THIS PROSPECTUS (OFFERING CIRCULAR)AND ITS EXHIBITS FOR CORRECT REPRESENTATIONS.

FiDocuments\L.oufs\condthme WaveiProspectus.doc5/18/200510:51 AM

PROSPECTUS (OFFERING CIRCULAR)

FOR


St. Petersburg, Florida

( (

PROSPECTUS (OFFERING CIRCULAR)

FOR


St. Petersburg, Florida

THIS PROSPECTUS (OFFERING CIRCULAR) CONTAINS IMPORTANT MATTERS TO BE CONSIDEREDIN ACQUIRING A CONDOMINIUM UNIT.

THE STATEMENTS CONTAINED HEREIN ARE ONLY SUMMARY IN NATURE. A PROSPECTIVEPURCHASER SHOULD REFER TO ALL REFERENCES, ALL EXHIBITS HERETO, THE CONTRACTDOCUMENTS, AND SALES MATERIALS.

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THEREPRESENTATIONS OF THE DEVELOPER. REFER TO THIS PROSPECTUS (OFFERING CIRCULAR)AND ITS EXHIBITS FOR CORRECT REPRESENTATIONS.

F:lDocuments\Louis\condo\The WavelProspectus.doc5/18/200510:51 AM

THIS CONDOMINIUM IS BEING CREATED AND SOLD ON FEE SIMPLE ABSOLUTE INTEREST.

Each residential unit shall be separately billed for electricity, real estate taxes, personal propertytaxes, cable television service and telephone charges. In the future, if water and sewer charges aresub-metered, they will then also be billed separately.

THE DEVELOPER HAS THE RIGHT TO RETAIN CONTROL OF THE ASSOCIATION AFTER AMAJORITY OF THE UNITS HAVE BEEN SOLD.

Please refer to Section 25 of the Declaration of Condominium attached as Schedule "1" of thisProspectus provided for in Florida Statutes.

THE SALE, LEASE OR TRANSFER OF UN!TS IS RESTRICTED OR CONTROLLED.

Please refer to Section 19 of the Declaration of Condominium attached as Schedule "1" of thisProspectus.

RECREATIONAL FACILITIES MAY BE ADDED WITHOUT THE CONSENT OFUNIT OWNERS OFTHE ASSOCIATION.

Please refer to Section 26.4 of the Declaration of Condominium attached as Schedule "1" of thisProspectus.

F1DocumentsLouiscondoSThe Weve\Prospectas.doc511 8fl00510:51 AM

SUMMARY

IMPORTANT MATTERS

THE UNITS MAY BE TRANSFERRED SUBJECT TO A LEASE.

1.

2.

3.

4.

5.

5.

SUMMARY

IMPORTANT MAnERS

THIS CONDOMINIUM IS BEING CREATED AND SOLD ON FEE SIMPLE ABSOLUTE INTEREST.

Each residential unit shall be separately billed for electricity, real estate taxes, personal propertytaxes, cable television service and telephone charges. In the future, ifwater and sewer charges aresub-metered, they will then also be billed separately.

THE DEVELOPER HAS THE RIGHT TO RETAIN CONTROL OF THE ASSOCIATION AFTER AMAJORITY OF THE UNITS HAVE BEEN SOLD.

Please refer to Section 25 of the Declaration of Condominium attached as Schedule "1" of thisProspectus provided for in Florida Statutes.""

THE SALE, LEASE OR TRANSFER OF UNITS IS RESTRICTED OR CONTROLLED.

Please refer to Section 19 of the Declaration of Condominium attached as Scheduie "1" of thisProspectus.

RECREATIONAL FACILITIES MAY BE ADDED WITHOUT THE CONSENT OFUNIT OWNERS OFTHE ASSOCIATION.

Please refer to Section 26.4 of the Declaration of Condominium attached as Schedule "1" of thisProspectus.


F:\Documents\Louis\condo\The Wave\Prospectus.doc5/181200510:51 AM

TABLE OF CONTENTS

Page

Description of Condominium..Introduction.Use of Property

c; NameDescription of Condominium PropertyLegal Description of Condominium/Survey,Plot Plan and Graphic Description of Improvements

Latest Estimated Date of Completion ofConstruction, Finishing and Eguipping. -

Maximum Number of Units That Will Use Facilitiesin Common with the Condominium. .

Form of Ownership .. ii

Description of Recreational and OtherCommonly Used Facilities. ii

Leasing by Developer. . iv

Arrangements for Management . iv

Right to Retain Control. iv

Restriction on Sale Lease or Transfer .V

Statement of Conversion Conditions V

Summary of Use Restrictions To Be Imposed UponUnits Concerning the Use of the Condominium Property vi

Manner in Which Utilities and Other ServicesAre To Be Provided, viii

Explanation of Manner in Which the Common Expenses andOwnership of the Common Elements Has Seen Determined. ix

Estimated Operating Budget and Budget Guarantee . xii

Schedule of Closing Exøenses .. xiii

Identity of Developer. . xiv

Contracts and Leases xiv

Arbitration. - -' . )(LJ

Environmental Reports . xv

Disclosures Regarding Condominium. . xv

Copies of Documents Included as Schedules xxi

F:VjocumentsLouis\condo\The Wav&.Prospectus.doc . .

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TABLE OF CONTENTS

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4.

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6.

7.

8.

9.

10.

11.

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13.

14.

15.

Description of Condominium : ia. Introduction ib. Use of Property ic. Name id. Description of Condominium Property..: ie. Legal Description of Condominium/Survey,

Plot Plan and Graphic Description of Improvements if. Latest Estimated Date of Completion of

Construction. Finishing and Equipping : i

Maximum Number of Units That Will Use Facilitiesin Common with the Condominium i

Form of Ownership ii

Description of Recreational and OtherCommonly Used Facilities ii

Leasing by Developer iv

Arrangements for Management. iv

Right to Retain Control. '" iv

Restriction on Sale, Lease or Transfer v

Statement of Conversion Conditions v

Summarv of Use Restrictions To Be Imposed UponUnits Concerning the Use of the Condominium Property vi

Manner in Which Utilities and Other ServicesAre To Be Provided , viii

Explanation of Manner in Which the Common Expenses andOwnership of the Common Elements Has Been Determined ix

Estimated Operating Budget and Budget Guarantee xii

Scheduie of Closing Expenses.. , xiii

Identity of Developer xiv

16. Contracts and Leases xiv

17. Arbitration : ,i' " xv

18. Environmental Reports , , xv

19. Disclosures Regarding Condominium xv

20. Copies of Documents Included as Schedules xxi

F:lDocuments\Louis\condo\The Wave\Prospectus.doc51181200511:58 AM

C)

a

IS

Schedule 1 Declaration of Condominium

Schedule 2 Unit Number, Number of Bedrooms/ Bathrooms, Unit Type and UndividedInterest .

Schedule 3.

Schedule 4

Schedule 5

Schedule 6

Schedule 7

Schedule 8

Schedule .9

Schedule 10

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SCHEDULES

Exhibit C Articles of Incorporation

Exhibit D . By-Laws

Legal Description, Survey, Affidavit of Surveyor as to Certificate ofSubstantial Completion, Plot Plan, Floor Plans for Units andGraphic Description

Unit Owners Undivided Share in the Common Elements andPercentage of Sharing Common Expenses and Owning CommonSurplus

Estimated Operating Budget for the Condominium Property

Form of Purchase Agreement Utilized in the Sale of Condominium Units

Escrow Agreement Establishing Escrow Account Between Developer andEscrow Agent

Form of Receipt for Condominium Documents Utilized in the Sale ofCondominium Units

Initial Rules and Regulations

Conversion Inspection Report, Termite Inspection Report, Certificate ofOccupancy and Municipality Letter

Developer's Interest in Land

Frequently Asked Questions and Answers .

Exhibit A

Exhibit B

Schedule 1

Exhibit A

Exhibit B

Exhibit C

Exhibit D

Schedule 2

Schedule 3

Schedule 4

Schedule 5

Schedule 6

Schedule 7

Schedule 8

Schedule 9

Schedule 10

SCHEDULES


Legal Description, Survey, Affidavit of Surveyor as to Certificate ofSubstantial Completion, Plot Plan, Floor Plans for Units andGraphic Description

Unit Owners Undivided Share in the Common Elements andPercentage of Sharing Common Expenses and Owning CommonSurplus


By-Laws

Unit Number, Number of Bedrooms! Bathrooms, Unit Type and UndividedInterest


Form of Purchase Agreement Utilized in the Sale of Condominium Units

Escrow Agreement Establishing Escrow Account Between Developer andEscrow Agent .

Form of Receipt. for Condominium Documents Utilized In the Sale ofCondominium Units

Initial Rules and Regulations

Conversion Inspection Report, Termite Inspection Report, Certificate ofOccupancy and Municipality Letter

. Developer's Interest in Land

Frequently Asked Questions and Answers

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GENERAL INFORMATIONCONCERNING THE CONDOMINIUM

1. Description of Condominium.

Introduction. The Developer pursuant to this Offering is SKYRE LLC, A FLORIDALIMITED LIABILITY COMPANY. It is specifically understood that this Offering is limited to the Units containedherein and does not encompass any other property owned by the Developer. All references in this Offering toDeveloper shall be deemed to mean SKYRE, LLC, A FLORIDA LIMITED LIABILITY COMPANY.

Use of Property.Pursuant to this Offering, Condominium Units (Units") shall beoffered for residential use.

Name. The name of this Condominium is THE WAVE, A CONDOMINIUM, located at3315 58th Avenue South, St. Petersburg, Florida 33712.

Description of Condominium Property.

The Condominium contains a single 6-story building, consisting of one hundred twenty-eight(128) residential units, which are located at 3315 58thi Avenue South, St. Petersburg, Florida 33712. Floorplans of the Units are attached as part of Schedule "1", Exhibit "A' of this Prospectus. Dimensions set forth insaid floor plans, however, are approximations only and subject to modification. The actual plans andspecifications of the Condominium are available for inspection at the Developer's office upon request. For amore complete description of the number of Units and a number of bedrooms and bathrooms in each Unit,please refer to Schedule '2" attached to this Prospectus.

Leqal Description of Condominium/Survey. Plot Plan and Graphic Description ofImprovements. The legal description of the Property to be submitted to a condominium form of ownership isattached as Exhibit "A" to the Declaration of Condominium. The Survey, Plot Plan and Graphic Description ofImprovements are also attached as Exhibit "A" to the Declaration of Condominium.

Latest Estimated Date of Completion of Construction Finishinq and Equippinq. Theconstruction, finishing and equipping the Units and the Common Elements is substantially complete as of thisdate.

2 Maximum Number of Units That Will Use Facilities in Common with the Condominium.

As previously indicated, the maximum number of Units in this Condominium is one hundredtwenty-eight (128) Residential Units. They are comprised as follows:

UNITTYPE IBR/IBA 2BRJIBR 2BR/1-1/26A TOTALA 10 - - 10B 57 - - 57C 24 24D - 21 . - 21E - .- 5 .5F - - - 1.0 10G - . - 1 1

TOTAL 67 21 40 128

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GENERAL INFORMATIONCONCERNING THE CONDOMINIUM

1. Description of Condominium.

a. Introduction. The Developer pursuant to this Offering is SKYRE LLC, A FLORIDALIMITED LIABILITY COMPANY. It is specifically understood that this Offering is limited to the Units containedherein and does not encompass any other property owned by the Developer. All references in this Offering toDeveloper shall be deemed to mean SKYRE, LLC, A FLORIDA LIMITED LIABILITY COMPANY.

b. Use of Property. Pursuant to this Offering, Condominium Units ("Units") shall beoffered for residential use. .

c. Name. The name of this Condominium is THE WAVE, A CO·NDOMINIUM, located at3315 58th Avenue South, St. Petersburg, Florida 33712.

d. Description of Condominium Property.

The Condominium contains a single 6-story building, consisting of one hundred twenty-eight(128) residential units, which are located at 3315 58th Avenue South, St. Petersburg, Florida 33712. Floorplans of the Units are attached as part of Schedule "1 ", Exhibit "A" of this Prospectus. Dimensions set forth insaid floor plans, however, are approximations only and subject to modification. The actual plans andspecifications of the Condominium are available for inspection at the Developer's office upon request. For amore complete description of the number of Units and a number of bedrooms and bathrooms in each Unit,please refer to Schedule "2" attached to this Prospectus.

e. Legal Description of Condominium/Survey. Plot Plan and Graphic Description ofImprovements. The legal description of the Property to be submitted to a condominium form ofownership isattached as Exhibit "A" to the Declaration of Condominium. The Survey, Plot Plan and Graphic Description ofImprovements are also attached as Exhibit "A" to the Declaration of Condominium.

f. Latest Estimated Date of Completion of Construction, Finishing and Equipping. Theconstruction, finishing and equipping the Units and the Common Elements is substantially complete as ofthisdate.

2. Maximum Number of Units That Will Use Facilities in Common with the Condominium.

UNIT TYPE 1 BR/1 BA 2 BR/1 BR 2 BR /1-112 BA TOTALA 10 - - 10B 57 - - 57C - - 24 240 - 21 - 21E - - 5 5F - - 10 10-G - - 1 1

TOTAL 67 21 40 128

As previously indicated, the maximum number of Units in this Condominium is one hundredi twenty-eight (128) Residential Units. They are comprised as follows:

i

Form of Ownership.

THIS CONDOMINIUM IS BEING CREATED AND SOLD ON FEE SIMPLE ABSOLUTEINTEREST.

Description of Recreational and Other Commonly Used Facilities.

Unit owners are required to pay their share of the costs and expenses of maintenance,management, upkeep and replacement costs.

Please refer to Section 5 and/or Section 7 of the Declaration of Condominium attached asSchedule "1" of this Prospectus.

RECREATIONAL FACILITIES MAY BE ADDED WITHOUT THE CONSENT OF THE UNITOWNERS OF THE ASSOCIATION.

Please refer to. Section 26.4 of the Declaration of Condominium attached as schedule 1110 ofthis Prospectus. In the event of such an expansion, unit owners will not be required to contribute to the cost ofsuch expansion or addition, but will be required to contribute to the maifltenance thereof as the expansion oraddition will be Common Elements.

The following is a description of the recreational and othe! commonly used facilities that Willbe used only by the Unit Owners of this Condominium property (including the Developer), their tenants, guestsand invitees, (some of the facilities described below and their use is subject to the provisions of theDeclaration regarding Limited Common Elements).

Description: Pool

Location: See Condominium Plat

Approximate Size: 65 X 32

Maximum Depth: 8 feet

Minimum Depth: 3 feet

Heated: No

Maximum Capacity: 30

Description: Pool Deck (concrete)




Description: Gym

Location: First Floor

Approximate Size: 800 square feet

Maximum Capacity: 10 people

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3.

INTEREST.

Form of Ownership.

THIS CONDOMINIUM IS BEING CREATED AND SOLD ON FEE SIMPLE ABSOLUTE

4. Description of Recreational and Other Commonly Used Facilities.

Unit owners are required to pay their share of the costs and expenses of maintenance,management, upkeep and replacement costs.

Please refer to Section 5 and/or Section 7 of the Declaration of Condominium attached asSchedule "1" of this Prospectus.

RECREATIONAL FACILITIES MAY BE ADDED WITHOUT THE CONSENT OF THE UNITOWNERS OF THE ASSOCIATION.

Please refer to Section 26.4 of the Declaration of Condominium attached as schedule "1" ofthis Prospectus. In the event of such an expansion, unit owners will not be required to contribute to the cost ofsuch expansion or addition, but will be required to contribute to the main,tenance thereof as the expansion oraddition will be Common Elements.

The following is a description of the recreational and other commonly used facilities that willbe used only by the Unit Owners of this Condominium property (including the Developer), their tenants, guestsand invitees, (some of the facilities described below and their use is subject to the provisions of ,theDeclaration regarding Limited Common Elements).

1.

2.

3.

Description: Pool



Maximum Depth: 8 feet

Minimum Depth: 3 feet

Heated: No


Description: Pool Deck (concrete)




Description: Gym




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Location:

Maximum Capacity: 6 Each

RECREATIONAL FACILITIES MAY BE EXPANDED OR ADDED WITHOUT CONSENT OF THEUNIT OWNERS OF THE ASSOCIATION.

The Developer is not obligated to provide additional facilities not described above.

The Developer is not obligated to provide additional facilities.

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4. Description: Lobby




5. Description: Laundry




6. Description: Office




7. Description: Storage Closets

Location: Various Throughout Building


8. Description: Parking

(1) Location: See Condominium Plat

(2) Breakdown of Parking Spaces: 137 open28 covered

2 accessible

9. Description: Elevators (2)

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4. Description: Lobby



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5.

6.

7.


Description: Laundry




Description: Office




Description: Storage Closets

Location: Various Throughout Building


8. Description: Parking

(1 ) Location: See Condominium Plat

(2) Breakdown of Parking Spaces: 137 open28 covered

2 accessible

9. Description: Elevators (2)

(1 ) Location:

(2) Maximum Capacity: 6 Each

I RECREATIONAL FACILITIES MAY BE EXPANDED OR ADDED WITHOUT CONSENT OF THEUNIT OWNERS OF THE ASSOCIATION.

The Developer is not obligated to provide additional facilities not described above.

"The Developer is not obligated to provide additional facilities.

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5. Leasinq by Developer.


The Developer may, upon the proper filing of an Amendment to the Declaration ofCondominium, engage in a program of leasing any Units which are unsold as of the date of recordation of theDeclaration of Condominium establishing the Condominium. In this regard, the Units subject to the leasingarrangement may include any Units that the Developer has not sold. The terms of such leasing my includesuch rental terms and conditions as the Developer may designate, but shall not be permitted more than two(2) times per year. Developer shall not engage in a program of leasing, until it: a) files an amendment withthe Division, which includes all disclosures required by Section 718.504(10), Florida Statutes, and Rule 61 B-18.008(3); and b) provides a copy of the amendment to the Association and every unit owner.

Notwithstanding anything contained herein to the contrary, it is the Developer's intention to sellall Units within the Condominium as expeditiously as possible and the Developer's leasing program, withrespect to ny unsold Units, shall continue only until such time as such Unit(s) have been sold or closed. Theamendment enabling Developer to engage in a program of leasing shall contain, among other things, thenumber and identification of the units and the provisions and terms of the proposed leases

The Developer reserves the right to use any Units not closed as temporary accommodationsfor, including but not limited to, prospective purchasers.

Notwithstanding anything contained herein to the contrary, Units which were subject to a leaseprior to the creation of the Condominium are subject to the Right of Refusal by the tenant in possession,pursuant to Chapter 718, Part VI, Florida Statutes ("Condominium Act'), and Section 30 of the Purchase andSale Agreement, which is attached as Schedule 4 of this Prospectus. Specifically, the tenant shall have theright to extend his or her lease for a period up to two hundred seventy (270) days from the date of receipt of aNotice of Intended Conversion, and the tenant has the right to purchase the Unit for a period of forty-five (45)days after receipt of the items required to be delivered pursuant to Section 718.612 of the Condominium Act.

6. Arranqements for Manaqement.

The Wave Condominium Association of St. Petersburg, Inc. may enter into a ManagementAgreement to provide for management and operation of the Condominium. To date, a management firm hasnot been employed, and the Association will manage the Condominium.

7. Riqht to Retain Control.

THE DEVELOPER HAS THE RIGHT TO RETAIN CONTROL OF THE ASSOCIATIONAFTER A MAJORITY OF THE UNITS HAVE BEEN SOLD.

Please refer to Section 25 of the Declaration of Condominium attached as Schedule 1 of thisProspectus and provided for in Florida Statutes.

When Unit Owners, other than the Developer, own fifteen (15%) percent or more of the Unitsin this Condominium that will be operated ultimately by the Association, the Unit Owners, other than theDeveloper, shall be entitled to elect not less than one-third (1/3) of the membrs of the Board of Administrationof the Association. Unit Owners, other than the Developer, are entitled to elect not less than a majority of themembers of the Board of Administration of the Association:

(1) Three (3) years after fifty (50%) percent of the Units thatwill be operated ultimately bythe Association have been conveyed to purchasers;

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5. Leasing by Developer.


The Developer may, upon the proper filing of an Amendment to the Declaration ofCondominium, engage in a program of leasing any Units which are unsold as of the date of recordation of theDeclaration of Condominium establishing the Condominium. In this regard, the Units SUbject to the leasingarrangement may include any Units that the Developer has not sold. The terms of such leasing may includesuch rental terms and conditions as the Developer may designate, but shall not be permitted more than two(2) times pElr year. Developer shall not engage in a program of leasing, until it: a) files an amendment withthe Division, which includes all disclosures required by Section 718.504(10), Florida Statutes, and Rule 61 B18.008(3); and b) provides a copy of the amendment to the Association and every unit owner.

Notwithstanding anything contained herein to the contrary, it is the Developer's intention to sellall Units within the Condominium as expeditiously as possible and the Developer's leasing program, withrespect to any unsold Units, shall continue only until such time as such Unit(s) have been sold or closed. Theamendment enabling Developer to engage in a program of leasing shall contain, among other things, thenumber and identification of the units and the provisions and terms of the proposed leases.

The Developer reserves the right to use any Units not closed as temporary accommodationsfor, including but not limited to, prospective purchasers.

Notwithstanding anything contained herein to the contrary, Units which were SUbject to a leaseprior to the creation of the Condominium are subject to the Right of Refusal by the tenant in possession,pursuant to Chapter 718, Part VI, Florida Statutes ("Condominium Act"), and Section 30 of the Purchase andSale Agreement, which is attached as Schedule 4 of this Prospectus. Specifically, the tenant shall have theright to extend his or her lease for a period up to two hundred seventy (270) days from the date of receipt of aNotice of Intended Conversion, and the tenant has the right to purchase the Unit for a period of forty-five (45)days after receipt of the items reqUired to be delivered pursuant to Section 718.612 of the Condominium Act.

6. Arrangements for Management.

The Wave Condominium Association of St. Petersburg, Inc. may enter into a ManagementAgreement to provide for management and operation of the Condominium. To date, a management firm hasnot been employed, and the Association will manage the Condominium.

7. Right to Retain Control.

THE DEVELOPER HAS THE RIGHT TO RETAIN CONTROL OF THE ASSOCIATIONAFTER A MAJORITY OF THE UNITS HAVE BEEN SOLD.

Please refer to Section 25 of the Declaration of Condominium attached as Schedule 1 of thisProspectus and provided for in Florida Statutes.

When Unit Owners, other than the Developer, own fifteen (15%) percent or more of the Unitsin this Condominium that will be operated ultimately by the Association, the Unit Owners, other than theDeveloper, shall be entitled to elect not less than one-third (1/3) of the memb~rs of the Board ofAdministrationof the Association. Unit Owners, other than the Developer, are entitled to elect not less than a majority of themembers of the Board of Administration of the Association:

(1) Three (3) years after fifty (50%) percent of the Units that will be operated ultimately bythe Association have been conveyed to purchasers;

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Three (3) months after ninety (90%) percent of the Units that wifi be operatedultimately by the Association have been conveyed to purchasers;

When all the Units that will be operated ultimately by the Association have beencompleted, some of these have been conveyed to purchasers; and none of the others are being offered forsale by the Developer in the ordinary course of business;

When some of the units have been conveyed to purchasers and none of the othersare being constructed or offered for sale by the developer in the ordinary course of business; or

Seven (7) years after the recordation of the Declaration;

whichever occurs first. The developer is entitled to elect at least one member of the board of administration ofan association as long as the developer holds for sale in the ordinary course of business at least 5 percent, incondominiums with fewer than 500 units, and 2 percent, in condominiums with more than 500 units, of theunits in a condominium operated by the association. Following the time the developer relinquishes control ofthe association, the developer may exercise the right to vote any developer-owned units in the same manneras any other unit owner except for purposes of reacquiring control of the association or selecting the majoritymembers of the board of administration.

Restriction on Sale, Lease or Transfer.


Please refer to Section 19 of the Declaration of Condominium attached as Schedule "1" of thisProspectus.

Statement of Conversion Conditions.

This Condominium is being created by the conversion of existing improvements. Each Unitshall be delivered in the manner represented in "as is" condition without any express warranties orrepresentations by the Developer, the Association or any broker or agent.

No Conversion Reserve Account has been established pursuant to Section 71 8.618(1),Florida Statutes. Therefore, pursuant to Sections 718.618(6) and 718.203, Florida Statutes, unless expired,the Developer is deemed to have granted to the purchaser of each Unit an implied warranty of fitness andmerchantability for the purposes or uses intended, as to the roof and structural components of the building orthe improvements; as to fireproofing and fire protection systems; and as to mechanical, electrical andplumbing elements serving the improvements or the building, except mechanical elements serving only oneUnit.

To the extent permitted by law, the Developer specifically disclaims any and all other impliedwarranties of merchantability and fitness as to the Condominium Property, any Unit, or any appurtenancethereto, including any appliances, furniture, fixtures oi personal property, subject only to the provisions ofSections 718.618(6) and 718.203, Florida Statutes, as outlined above.

The statements contained in the Conversion Inspection Report are the opinions of Gary H.Elzweig, P.E., and President of CAPRI Engineering, Inc. and they represent his best estimates upon availableinformation. ..

The Developer specifically disclaims any and all other implied warrantS of merchantabilityand fitness as to the Condominium Property, any Unit, or any appurtenance thereto, including any appliances,furniture, fixtures or personal property.

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(2) Three (3) months after ninety (90%) percent of the Units that will be operatedultimately by the Association have been conveyed to purchasers;

(3) When all the Units that will be operated ultimately by the Association have beencompleted, some of these have been conveyed to purchasers; and none of the others are being offered forsale by the Developer in the ordinary course of business;

(4) When some of the units have been conveyed to purchasers and none of the othersare being constructed or offered for sale by the developer in the ordinary course of business; or

(5) Seven (7) years after the recordation of the Declaration;

Whichever occurs first. The developer Is entitled to elect at least one member of the board of administration ofan association as long as the developer holds for sale in the ordinary course of business at least 5 percent, incondominiums with fewer than 500 units, and 2 percent, in condominiums with more than 500 units, of theunits in a condominium operated by the association. Following the time the developer relinquishes control ofthe association, the developer may exercise the right to vote any developer-owned units in the same manneras any other unit owner except for purposes of reacquiring control of the association or selecting the majoritymembers of the board of administration.

8.

Prospectus.

Restriction on Sale, Lease or Transfer.


Please refer to Section 19 of the Declaration of Condominium attached as Schedule "1" of this

9. Statement of Conversion Conditions.

This Condominium is being created by the conversion of existing improvements. Each Unitshall be delivered in the manner represented in "as is" condition without any express warranties orrepresentations by the Developer, the Association or any broker or agent.

No Conversion Reserve Account has been established pursuant to Section 718,618(1),Florida Statutes. Therefore, pursuant to Sections 718.618(6) and 718.203, Florida Statutes, unless expired,the Developer is deemed to have granted to the purchaser of each Unit an implied warranty of fitness andmerchantability for the purposes or uses intended, as to the roof and structural components of the building orthe improvements; as to fireproofing and fire protection systems; and as to mechanical, electrical andplumbing elements serving the improvements or the building, except mechanical elements serving only oneUnit.

To the extent permitted by law, the Developer specifically disclaims any and all other impliedwarranties of merchantability and fitness as to the Condominium Property, any Unit, or any appurtenancethereto, inclUding any appliances, furniture, fixtures or personal property, SUbject only to the provisions ofSections 718,618(6) and 718,203, ,Florida Statutes, as outlined above.

The statements contained in the Conversion Inspection Report are the opinions of Gary H.Elzweig, P,E., and President of CAPRI Engineering, Inc. and they represent his best estimates upon availableInformation. -"

The Developer specifically disclaims any and all other implied warranties of merchantabilityand fitness as to the Condominium Property, any Unit, or any appurtenance thereto, inclUding any appliances,furniture, fixtures or personal property,

v

In connection with this conversion, the Developer hereby discloses the condition of theCondominium as required pursuant to the provisions of Florida Statues, Chapter 718.616.

A copy of the termite inspection report is attached hereto and made a part of Schedule "8" ofthis Prospectus.

Developer expressly reserves the right to alter or modify the size and/or location of closetswithin a Unit; remove exterior kitchen doorways; or add a patio/balcony to a Unit, as more particularlydescribed in Section 10 of the Declaration.

10. Summary of Use Restrictions To Be Imposed Upon Units Concerning the Use of theCondominium Property.

In order to provide for congenial occupancy of the Condominium Property and for theprotection of the values of the Units, the use of the Condominium Property is restricted to and in accordancewith the following provisions as set forth in the Rules and Regulations as well as in Sections 18 and 26 of theDeclaration of Condominium for THE WAVE, A CONDOMINIUM:

Promptly pay the Assessments levied by the Association.

Maintain in a clean and sanitary manner and repair his Unit and all interior surfaceswithin and maintain and repair the fixtures therein and pay for any utilities which are separately metered to hisUnit.

Not use or permit the use of his Unit except for purposes consistent with the laws ofgoverning authorities having jurisdiction over the property.

Not permit or suffer anything to be done or kept in his Unit which would increase theinsurance rates on his Unit of the Common Elements, or which will obstruct or interfere with the rights of othermembers or annoy them with unreasonable noises or otherwise; nor shall a member commit or permit anynuisance, immoral or illegal act in his Unit or on the Common Elements.

Conform to and abide by the By-Laws and uniform Rules and Regulations in regard tothe use of the Unit and Common Elements which may be adopted in writing from time to time by theAssociation, and to see that all persons using the Owner's property, by, through or under him do likewise.

Make no alteration, decoration, repair, replacement or change of the CommonElements or to any outside or exterior portion of the building without the prior written consent of theAssociation.

g. Allow the Board of Administration or the agents and employees of the Association toenter any Unit for the purpose of maintenance, repair or replacement of any Common Elements. or buildingsystem or for making emergency repairs which are necessary to prevent damage to the Common Elementsorto another Unit or Units. If no key has been provided to the Association, then the expense of entry into a Unitfor emergency purposes shall be borne by the Owner of the Unit.

h. Show no sign, advertisement or notice of any type on the Common Elements Or his Unit, anderect no exterior antennas and aerials, except as provided in uniform regulations promulgated by theAssociation. Notwithstanding anything contained herein to the contrary, a Unit Owner is permitted torespectfully display a United States Flag. In addition, pursuant to 718.113(4), Florida Statutes, which wasamended by Chapter 2003-23, Laws of Florida, effective July 1, 2003, a unit owner on Armed Forces Day,Memorial Day, Flag Day, Independence Day, and Veterans Day is permitted to display in a respectfulway,portable, removable official flags, not larger than 4-1/2 feet bye feet, that represent the United States Army,Navy, Air Force, Marine Corps, or Coast Guard.

vi.

Inccnnection with this conversion, the Developer hereby discloses the condition of theCondominium as required pursuant to the provisions of Florida Statues, Chapter 718.616.

A copy of the termite inspection report is attached hereto and made a part of Schedule "8" ofthis Prospectus.

Developer expressly reserves the right to alter or modify the size and/or location of closetswithin a Unit; remove exterior kitchen doorways; or add a patio/balcony to a Unit, as more particularlydescribed in Section 10 of the Declaration.

10.· Summary of Use Restrictions To Be Imposed Upon Units Concerning the Use of theCondominium Property.

In order to provide for congenial occupancy of the Condominium Property and for theprotection of the values of the Units, the use of the Condominium Property is restricted to and in accordancewith the following provisions as set forth in the Ruies and RegUlations as well as in Sections 18 and 26 of theDeclaration of Condominium for THE WAVE, A CONDOMINIUM:

a. Promptly pay the Assessments levied by the Association.

b. Maintain in a clean and sanitary manner and repair his Unit and all interior surfaceswithin and maintain and repair the fixtures therein and pay for any utilities which are separately metered to hisUnit.

c. Not use or permit the use of his Unit except for purposes consistent with the laws ofgoverning authorities having jurisdiction over the property.

d. Not permit or suffer anything to be done or kept in his Unit which would increase theinsurance rates on his Unit of the Common Elements, or which will obstruct or interfere with the rights ofothermembers or annoy them with unreasonable noises or otherwise; nor shall a member commit or permit anynuisance, immorai or illegal act in his Unit or on theCommon Elements.

e. Conform to and abide by the By-Laws and uniform Rules and RegUlations in regard tothe use of the Unit and Common Elements which may be adopted in writing from time to time by theAssociation, and to see that all persons using the Owner's property, by, through or under him do likewise.

f. Make no alteration, decoration, repair, replacement or change of the CommonElements or to any outside or exterior portion of the building without the prior written consent of theAssociation.

g. Allow the Board of Administration or the agents and employees of the Association toenter any Unit for the purpose of maintenance, repair or replacement of any Common Elements. or buildingsystem or for making emergency repairs which are necessary to prevent damage to the Common Elements orto another Unit or Units. II no key has been provided to the Association, then the expense of entry into a Unitfor emergency purposes shall be borne by the Owner of the Unit.

h. Show no sign, advertisement or notice of any type on the Common Elements or his Unit, anderect no exterior antennas and aeri?ls, except as provided in uniform regulations promulgated by theAssociation. Notwithstanding anything contained herein to the contrary, a Unit Owner is permitted torespectfully display a United States Flag. In addition, pursuant to 718.113(4), Florida Statutes, which wasamended by Chapter 2003-23, Laws of Florida, effective July 1, 2003, a unit owner on Armed Forces Day,Memorial Day, Flag Day, Independence Day, and Veterans Day is permitted to display in a respectful way,portable, removable official fiags, not larger than 4-1/2 feet by 6 feet, that represent the United States Army,Navy, Air Force, Marine Corps, or Coast Guard.

vi

Abide by any regulations regarding children as may be established by the Association,.except that no regulations shall prohibit children from residing in or occupying a Unit.

Make no repairs to any plumbing, air conditioning systems or electrical wiring within aUnit, except by plumbers, repairmen or electricians authorized to do such work by the management of theAssociation. Plumbing, air conditioning and electrical repairs within a Unit shall be paid for and be the financialobligation of the Owner of the Unit. The Association shall pay for and be responsible for plumbing, airconditioning repairs and electrical wiring within the Common Elements. The Association shall have the right toexclude any unauthorized repairmen from the Condominium.

Return the "Condominium Parcel" for the purpose of ad valorem taxes to therespective taxing authorities having jurisdiction over them for separate Assessment against his CondominiumParcel. For the purposes of ad valorem taxation, the interest of the Owner of a "Condominium Parcel" in his"Condominium Unit" and in the "Common Elements" shall be considered as a Unit. The value of said Unitshall be equal to the proportion or percentage of the value of the entire Condominium, including land andimprovements, as has been assigned to said Unit in Exhibit "B" of the Declaration attached hereto asSchedule "1 ." The total of all said proportions or percentages equals the value of all of the land andimprovements thereon.

Not replace and/or remove screens, jalousies or other enclosures on balconies,patios or terraces or on other parts of the building, even though such areas may be Limited CommonElements, except with prior written approval of the Board of Administration.

No balconies, patios or terraces shall be extended, enclosed or decorated in any waywhatsoever by a Unit Owner without the prior written consent of the Board of Administration.

Except as otherwise provided herein, not divide or subdivide a Unit for purpose ofsale or ease, except that a Unit may be combined with a contiguous Unit and occupied as one-dwelling Unit.

0. Not hang any laundry, garments or other objects which are visible from outside of theUnit, except for draperies, blinds, shades or other suitable window coverings. Decorative window coveringsshall not include any type of reflective film on any glass windows or doors. The exterior appearance of allwindow coverings shall be white in color. . .

Not allow any rubbish, refuse, garbage or trash to accumulate in places other than thereceptacles provided therefor, so that each Unit, the Common Elements and Limited Common Elements shallat all times remain in a clean and sanitary condition.

Not make any use of a Unit that violates any laws, ordinances and regulations of anygovernmental, body having jurisdiction thereof.

No livestock, reptiles, insects, poultry or other animals of any kind shall be kept in anyUnit except that usual and ordinary domestic dogs, cats fish, and birds inside bird cages may be kept ashousehold pets within any Residential Unit provided that they are not kept, bred or raised therein forcommercial, purposes or in unreasonable quantities or sizes As used in the Declaration, "unreasonablequantities" shall ordinarily mean one (1) pet at thirty-five (35) pounds and two (2) pets not to exceed fifty (50)pounds (except with regard to quantities of fish) per Unit; provided, however, that the Board may determinethat a reasonable number in any instance may be more. No potbellied pigs, snakes, pitbull dogs, Dobermandogs, or any other animals determined in the Board's sole discretion to be dangerous or a nuisance may bebrought onto or kept on the Project at anytime. The Board shall have the right to require that any petwhich, inthe Board's opinion, endangers the health or security of any Owner or occupant of a Unit or creates anuisance or unreasonable disturbance, be permanently removed from the Project upon seven (7) days writtennotice. If the Owner or occupant fails to do so, the Board may remove the pet. Any pet which, in the Board'ssole discretion, presents an immediate danger to the health, safety, or property of any Owner or otherOccupant of a Unit may be removed by the Board without prior notice to the pet's owner. Animals belonging toOwners, occupants or their licensees, tenants or lnvitees within the Property must be kept inside the living

vii

i\ (

i. Abide by any regulations regarding children as may be established by the Association,except that no regulations shall prohibit children from residing in or occupying a Unit.

j. Make no repairs to any plumbing, air conditioning systems or electrical wiring within aUnit, except by plumbers, repairmen or electricians authorized to do such work by the management of theAssociation. Plumbing, air conditioning and electrical repairs within a Unit shall be paid for and be the financialobligation of the Owner of the Unit. The Association shall pay for and be responsible for plumbing, airconditioning repairs and electrical wiring within the Common Elements. The Association shall have the right toexclude any unauthorized repairmen from the Condominium.

k. Return the "Condominium Parcel" for the purpose of ad valorem taxes to therespective taxing authorities having jurisdiction over them for separate Assessment against his CondominiumParcel. For the purposes of ad valorem taxation, the interest of the Owner of a "Condominium Parcel" in his"Condominium Unit" and in the "Common Elements" shall be considered as a Unit. The value of said Unitshall be equal to the proportion or percentage of the value of the entire Condominium, including land andimprovements, as has been assigned to said Unit in Exhibit "B" of the Declaration attached hereto asSchedule "1." The total of all said proportions or percentages equals the value of all of the land andimprovements thereon.

L Not replace and/or remove screens, jalousies or other enclosures on balconies,patios or terraces or on other parts of the bUilding, even though such areas may be Limited CommonElements, except with prior written approval of the Board of Administration.

m. No balconies, patios or terraces shall be extended, enclosed or decorated in any waywhatsoever by a Unit Owner without the prior written consent of the Board of Administration.

n. Except as otherwise provided herein, not divide or subdivide a Unit for purpose ofsale or lease, except that a Unit may be combined with a contiguous Unit and occupied as one-dwelling Unit.

o. Not hang any laundry, garments or other objects which are visible from outside of theUnit, except for draperies, blinds, shades or other suitable window coverings. Decorative window coveringsshall not include any type of reflective film on any glass windows or doors. The exterior appearance of allwindow coverings shall be white in color.

p. Not allow any rubbish, refuse, garbage or trash to accumulate in places other than thereceptacles provided therefor, so that each Unit, the Common Elements and Limited Common Elements shallat all times remain in a clean and sanitary condition.

q. Not make any use of a Unit that violates any laws, ordinances and regulations of anygovernmental body having jurisdiction thereof. .

r. No livestock, reptiles, insects, poultry or other animals of any kind shall be kept in any. Unit except that usual and ordinary domestic dogs, cats, fish, and birds inside bird cages may be kept as

household pets within any Residential Unit provided that they are not kept, bred or raised therein forcommercial purposes or in unreasonable quantities or sizes. As used in the Declaration, "unreasonablequantities" shall ordinarily mean one (1) pet at thirty-five (35) pounds and two (2) pets not to exceed fifty (50)pounds (except with regard to quantities of fish) per Unit; provided, however, that the Board may determinethat a reasonable number in any instance may be more. No potbellied pigs, snakes, pitbull dogs, Dobermandogs, or any other animals determined in the Board's sole discretion to be dangerous or a nuisance may bebrought onto or kept on the Project at any time. The Board shall have the right to require that any petWhich, inthe Board's opinion, endangers the health or security of any Owner or occupant of a Unit or creates anuisance or unreasonable disturbance, be permanently removed from the Projectupon seven (7) days writtennotice. If the Owner or occupant fails to do so, the Board may remove the pet. Any pet which, in the Board'ssole discretion, presents an immediate danger to the health, safety, or property of any Owner or otherOccupant of a Unit may be removed by the Board without prior notice to the pet's owner. Animals belonging toOwners, occupants or their licensees, tenants or Invitees within the Property must be kept inside the living

vii

element of a Residential Unit (and shaD not be left or located unattended on the Exclusive Use Balcony Areaor Exclusive Use Patio Area of that Unit), and must be held by a person capable of controlling the animal.whenoutside of a Unit. Furthermore, any Owner shall be liable to each and all remaining Occupants, their families,guests and Invitees, for any unreasonable noise or damage to person or property caused by any animalsbrought or kept upon the Project by an Occupant or by members of his family, his tenants or his guests. Itshall be the duty and responsibility of each such Owner to clean up after such animals which have depositeddthpings on any publiô street abutting or visible from the Property and properly dispose of any animal waste.Any Occupant who keeps or maintains any pet upon the Project shall be deemed to have indemnified andagreed to hold the Association, its directors, officers, and agents, and the Declarant free and harmless fromany loss, claim, or liability of any kind or character whatever arising by reason of keeping or maintaining suchpet within the Project.

The Board of Directors shall have the right to promulgate rules and regulationsregarding soundproofing of floors in connection with the installation of floor coverings.

Other than the Developer, Owners may not do any construction or renovation withoutwritten notification to the Association at least seventy-two (72) hours in advance. The Association mayreasonably restrict the time and manner of construction, except as it relates to the Developer.

Other than the Developer, Owners must provide copies of proper permits, licensesand insurance certificates and plans and specifications to the Association before commencing with work.Owners must use only properly licensed workers.

Other than the Developer, all construction or renovation in Units may be done onMonday through Friday during the hours between 10:00 a.m. to 5:00 p.m.

Proper attire is required, including shirts and shoes, when walking through CommonElements.

No pets are permitted in the hall areas.

Owners and .residents must deposit their trash in the designated trash receptacles.

Owners must provide the Association with at least one set of keys to their Unit(s), incase of emergency.

The Developer shall be exempt from all provisions herein requiring the consent of theAssociation. Notwithstanding anything contained herein to the contrary, the Developer shall not be exemptfrom the following: (1) requirements that leases or lessees be approved by the Association; (2) restrictions onthe presence of pets; and (3) restrictions on occupancy of Units based on age.

11. Manner in Which Utilities and Other Services Are To Be Provided.

The manner in which the needs of the utilities and other services will be hiet, including, but notlimited to, sewage and waste disposal, water supply and storm drainage is as follows:

Water supply, waste and sewage disposal shall be supplied to the Condominium bythe City of St. Petersburg. Storm drainage is accomplished by percolation into the ground. The CommonElements part of water and sewer bill, as well as waste and sewage disposal, shall be treated as a commonexpense and paid by the unit owners in their maintenance fees. The water used by the Association forcommon elements and landscaping will remain a common expense.

Each Unit is separately metered for lectricity and each unitwill be individually billedfor services. Electrical services shall be supplied to the Condominium by Progress Energy, In this regard, allof the electricity to the Common Elements of the Condominium will be supplied by a single meter expenseshall be treated as a common expense, paid by the unit owners in their maintenance fees.

viii

element of a Residential Unit (and shall not be left or located unattended on the Exclusive Use Balcony Areaor Exclusive Use Patio Area of that Unit), and must be held by a person capable of controlling the animal whenoutside of a Unit. Furthermore, any Owner shall be liable to each and all remaining Occupants, their families,guests and Invitees, for any unreasonable noise or damage to person or property caused by any animalsbrought or kept upon the Project by an Occupant or by members of his family, his tenants or his guests. Itshall be the duty and responsibility of each such Owner to clean up after such animals which have depositeddroppings on any public street abutting or visible from the Property and properly dispose of any animal waste.Any Occupant who keeps or maintains any pet upon the project shall be deemed to have indemnified andagreed to hold the Association, its directors; officers, and agents, and the Declarant free and harmless fromany loss, claim, or liability of any kind or character whatever arising by reason of keeping or maintaining suchpet within the Project.

s. The Board of Directors shall have the right to promulgate rules and regulationsregarding soundproofing of floors in connection with the installation of floor coverings.

t. Other than the Developer, Owners may not do any construction or renovation withoutwritten notification to the Association at least seventy-two (72) hours in advance. " The Association mayreasonably restrict the time and manner of construction, except as it relates to the Developer.

u. Other than the Developer, Owners must provide copies of proper permits, licensesand insurance certificates and plans and specifications to the Association before commencing with work.Owners must use only properly licensed workers.

v. "Other than the Developer, all construction or renovation in Units may be done onMonday through Friday during the hours between 10:00 a.m. to 5:00 p.m.

w. Proper attire is required, including shirts and shoes, when walking through CommonElements.

x.

y.

z.case of emergency.

No pets are permitted in the hall areas.

Owners and .residents must deposit their trash in the designated trash receptacles.

Owners must provide the Association with at least one set of keys to their Unit(s), in

The Developer shall be exempt from all provisions herein requiring the consent of theAssociation. Notwithstanding anything contained herein to the contrary, the Developer shall not be exemptfrom the following: (1) requirements that leases or lessees be approved by the Association; (2) restrictions onthe presence of pets; and (3) restrictions on occupancy of Units based on age.

11. Manner in Which Utilities and Other Services Are To Be Provided.

The manner in which the needs of the utilities and other services will be met, inclUding, but notlimited to, sewage and waste disposal, water supply and storm drainage is as follows:

a. Water supply, waste and sewage disposal shall be supplied to the Condominium bythe City of St. Petersburg. Storm drainage is accomplished by percolation into the ground. The CommonElements part of water and sewer bill, as well as waste and sewage disposal, shall be treated as a commonexpense and paid by the unit owners in their maintenance fees. The water" used by the Association forcommon elements and landscaping will remain a common expense.

b. Each Unit is separately metered for electricity and e~ch unit will be individually billedfor services. Electrical services shall be supplied to the Condominium by Progress Energy. In this regard, allof the electricity to the Common Elements of the Condominium will be supplied by a single meter expenseshall be treated as a common expense, paid by the unit owners in their maintenance fees.

viii

Trash removal services shall be supplied to the Condominium by a private wastecompany approved by the Association. This expenses shall be treated as a common expense and paid by theunit owners in their maintenance fees. This service is currently being provided by the city of St. Petersburg.

Cable service will be provided by a service to be determined by the Association andwill be billed to each unit owner accordingly.

12. Explanation of Manner in Which the Common Expenses and Ownership of theCommon Elements Has Been Determined.

Both the fractional shares of ownership of Common Elements and the Common Expenses of theUnits were apportioned by grouping the Units into the Common Elements and Common Expenses assigned toeach unit shall be based upon the total square footage of each unit in uniform relationship to the total squarefootage of each other unit in the condominium.


Total 128 Residential Units

ix

UNIT

TYPE

UNITNUMBER BED/BATh

UNIT

SQ. Fr. UNDIVIDED INTEREST

FIRST FLOOR

C 101 2BR/1-i/2BA 887 887/102164c 102 2BR/1-II2BA 887 887/102,1640 103 2BR/IBA 887 887/102,164B 104 1BR/1BA 708 708/102,164B 105 1BR/1BA 708 7081102,164B 106 IBR/IBA 708 7081102,164B 107 1 BR/i BA 708 708/102,164B 108 1 BR/i BA 708 708/102,164B 109 IBR/IBA 708 708/102,1648 110 IBR/IBA 708 708/102,164B 111 IBR/IBA 708 708/102,164B 112 IBR/IBA 708 708/102,164o 113 28R/28A 1,268 1,268/102,164B 114 1BR/1BA 708 708/102,164c 115 2BR/1-1/2BA $87 887/102,164B 116 IBR/IBA 708 708/102,164B 118 1BR/IBA 708 70/102,164C 120 2BR/1-1/2BA 887 887/102,164

SECOND FLOOR

C 201 2BR/1-1/2BA 887 887/102,164C 202 2BR/1-1/2BA 887 887/102,1640 203 .2BR/IBA 887 887/102,164D 204 2BR/IBA 887 887/102,1648 205 1BR/IBA 708 708/102,164F 206 2BR/1-1/2BA 957 957/102,164

A 207 IBR/1BA 646 646/102,164

B 208 IBR/IBA 708 708/102,164

(

c. Trash removal services shall be supplied to the Condominium by a private wastecompany approved by the Association. This expenses shall be treated as a common expense and paid by theunit owners in their maintenance fees. This service is currently being provided by the city of Sl. Petersburg.

d. Cable service will be provided by a service to be determined by the Association andwill be billed to each unit owner accordingly.

12. Explanation of Manner in Which the Common Expenses and Ownership of theCommon Elements Has Been Determined.

Both the fractional shares of ownership of Common Elements and the Common Expenses of theUnits were apportioned by grouping the Units into the Common Elements and Common Expenses assigned toeach unit shall be based upon the total square footage of each unit in uniform relationship to the total squarefootage of each other unit in the condominium.


Total 128 Residential Units


FIRST FLOOR

C 101 2 BR /1-1/2 BA 887 887/102,164

C 102 2 BR /1-112 BA 887 887/102,164

D 103 2 BR 11 BA 887 887/102,164 .

B 104 1BR/1BA 708 708/102,164B 105 1 BR/1 BA 708 708/102,164B 106 1 BR/1 BA 708 708/102,164B 107 1 BR/1 BA 708 708/102,164B 108 1 BR/1 BA 708 708/102,164B 109 1 BR/1 BA 708 708/102,164B 110 1BR/1BA 708 708/102,164B 111 1 BR/1 BA 708 708/102,164B 112 1 BR /1 BA 708 708/102,164G 113 2 BR/2 BA 1,268 1,268/102,164B 114 1 BR/1 BA 708 708/102,164C 115 2 BR 11-112 BA 887 887/102,164B 116 1 BR/1 BA 708 708/102,164B 118 1BR/1BA 708 708/102,164C 120 2 BR 11-1/2 BA 887 8871102,164

. SECOND FLOOR

C 201 2 BR 11-1/2 BA 887 887/102,164·C 202 2 BR 11-112 BA 887 887/102,1640 203 2 BR/1 BA 887 887/102,1640 204 2 BR/1 BA - 887 .. 887/102,164B 205 1BR/1BA 708 708/102,164F 206 2 BR 11-1/2 BA 957 9571102,164

A 207 1 BR/1 BA 646 646/102,164

B 208 1 BR 11 BA 708 708/102,164

ix

UNIT

TYPE

UNIT

NUMBER BED/BATHUNIT.

. SQ. FT. UNDIVIDED INTEREST

B 209 1BR/IBA 708 708/102,164B 210 IBR/IBA . 708 706/102,164B 211 IBR/1BA 708 708/102,164B . 212 1 BR/i BA 708 708/102,164F 213 2BR/i-i/2BA 919 919/102164B 214 IBR/1BA 708 708/102,164B 215 1BR/1BA 708 708/102,164F 216 2BR/1-1/2BA 957 957/102,164

A 217 IBR/IBA 646 646/102,164

o 218 2BR/IBA 887 887/102,164B 219 1BR/IBA 708 708/102,164c 220 2BR/1-1/2BA 887

. 887/102,164D 221 2BR/1BA 887 887/102,164C 222 2BR/1-1/2BA 887 887/102,164

THIRD FLOOR

C 301 2BR/1.1/2 BA 887 887/102,164c 302 . 2BR/1-1/2BA 887 887/102,164o 303 2BR/IBA 887 887/102,164D 304 2BR/1BA 887 887/102,164B 305 1BR/1BA 708 708/102,164F 306 2BR/1-1/2BA 957 957/102,164

A 307 IBR/IBA 646 646/192,164B 308 IBR/1BA 708 708/102,164B 309 IBR/1BA 708 708/102,164B 310 1BR/1BA 708 708/102,164B 311 IBR/IBA 708 708/102,164s 312 IBR/IBA 708 708/102,164F 313 2BR/1-1/2BA 919 919/102,164B 314 IBR/IBA 08 708/102,164B 315 IBR/IBA 708 708/102,164F 316 2BR/1-1/28A 957 957/102,164

A 317 1BR/1BA 646 646/102,164

o 318 2BR/IBA 887 887/102,164B 319 IBR/IBA 708 708/102,164c 320 2BR/1-II2BA 887 887/102,164o 321 28R/1BA 887 887/102,164C 322 2 BR / 1-1/2 BA 887

. 887/ 102,164FOURTH FLOOR

C 401 2 BR I 1-1/2 BA 887 887/102,164C 402 2 BR / 1-1/2 BA 887 887/102,164D 403 2BR/IBA 887

. 887/102,1640 404 2BR/IBA 887 887/102,164B 405 IBR/1BA 708 708/102,164

UNIT UNIT UNITTYPE NUMBER BEDIBATH SQ. FT. UNDIVIDED INTEREST

B 209 1 BR 11 BA 708 708/102,164B 210 1BR/1BA 708 708/102,164B 211 1 BR 11 BA 708 708/102,164B 212 1 BR/1 BA 708 708/102,164

E 213 2 BR 11-1/2 BA 919 9191102,164B 214 1BR/1BA 708 708/102,164B 215 1 BR 11 BA 708 708/102,164F 216 2 BR 11-1/2 BA 957 957/102,164

A 217 1 BR/1 BA 646 646/102,164

D 218 2 BR/1 BA 887 887/102,164B 219 1BR/1BA 708 708/102,164C 220 2 BR 11-1/2 BA 887 8871102,164D 221 2BR/1 BA 887 887/102,164C 222 2 BR 11-1/2 BA 887 8871102,164

THIRD FLOOR

C 301 2 BR 11-1/2 BA 887 8871102,164C 302 . 2 BR 11-1/2 BA 887 887/102,164D 303 2 BR/1 BA 887 887/102,164D 304 2BR/1BA 887 887/102,164B 305 1 BR/1 BA 708 708/102,164F 306 2 BR 11-1/2 BA 957 957/102,164

A 307 1 BR/1 BA 646 646/102,164

B 308 1 BR/1 BA 708 708/102,164B 309 1 BR 11 BA 708 708/102,164B 310 1 BR/1 BA 708 708/102,164B 311 1 BR/1 BA 708 708/102,164B 312 1 BR/1 BA 708 708/102,164E 313 2 BR 11-1/2 BA 919 9191102,164B 314 1 BR/1 BA 708 708/102,164B 315 1 BR/1 BA 708 708/102,164F 316 2 BR 11-1/2 BA 957 9571102,164

A 317 1BR/1BA 646 646/102,164

D 318 2 BR 11 BA 887 887/102,164B 319 1BR/1BA 708 708/102,164C 320 2 BR 11-1/2 BA 887 8871102,164D 321 2 BR 11 BA 887 887/102,164C 322 2 BR 11-1/2 BA 887 8871102,164

FOURTH FLOOR

C 401 2 BR 11-1/2 BA - 887 8871102,164C 402 2 BR 11-1/2 BA 887 887/102,164D 403 2BR/1 BA 887 . 887/102,164D 404 2 BR 11 BA 887 887/102,164B 405 1 BR/1 BA 708 708/102,164

x

UNIT

TYPE

UNITNUMBER BED/BATH

UNITSQ. Ft. UNDIVIDED INTEREST

F 406 2BRII-l/2BA 957 957/102,164

A 407 1BR/IBA 646 646/102164

B 408 I BR / I BA 708 708 / 102,164

B 409 1BR/IBA 708 708/102,164B 410 IBR/IBA 708 708/102,164B 411 IBR/IBA 708 708/102,164B 412 IBR/1BA 708 708/102,164E 413 2BR/1-1/2BA 919 919/102,164B 414 IBR/IBA 708 708/102,164B 415 IBR/1BA 708 708/102,164F 416 2BR/1-1/2BA 957 957/102,164

A 417 IBR/IBA 646 646/102,164

D 418 2BR/IBA 887 887/102,164B 419 IBR/1BA 708 708/102,164C 420 2BR/I-1/2BA 887 887/102,164D 421 2BR/IBA 887 887/102,164C 422 2BR/1-1/2BA 887 887/102,1é4

FIFTH FLOOR

C 501 2BR/1-1/2BA 887 887/102,164C 502 2BR/1-1/2BA 887 887/102,164D 503 2BR/IBA 87 887/102,164D 504 2BR/1BA .887 887/102,164B 505 IBR/IBA 708 708/102,164F 506 2BR/I-1/2BA 957 957/102,164

A 507 IBR/IBA 646 646/102,164

B 508 IBR/IBA 708 708/102,164B 509 IBR/IBA 708 708/102,164B 510 IBR/IBA 708 708/102,164B 511 IBR/IBA 708 708/102,164B 512 IBR/IBA 708 708/102,164E 513 2BR/1-1/2BA 919 919/102,164B 514 IBR/IBA 708 708/102,164B 515 IBR/IBA 708 708/102,164F 516 2BR/1-1/2BA . 957 957/102,164

A 517 . IBR/IBA 646 646/102164D 518 2BR/IBA 887 887/102,164B 519 IBR/IBA 708 708/102,164C 520 2BR/1-1/2BA 887- 887/102,164D 521 2BR/IBA 887 887/102,164C 522 2BR/1-1/2BA 887 .

- 887/102,164SIXTH FLOOR

C 601 2BR/l-I/2BA 887 887/102,164C 602 2 BR / 1-1/2 BA 887 887 / 102,164

(

UNIT UNIT UNITTYPE NUMBER BED/BATH Sa. FT. UNDIVIDED INTEREST

F 406 2 BR /1-1/2 BA 957 957/102,164

A 407 1 BR /1 BA 646 646/102,164

B 408 1 BR /1 BA 708 708/102,164

B 409 1 BR /1 BA 708 708/102,164

B 410 1BR/1BA 708 708/102,164

B 411 1 BR /1 BA 708 708/102,164

B 412 1 BR /1 BA 708 708/102,164

E 413 2 BR /1-1/2 BA 919 919/102,164

B 414 1BR/1BA 708 708/102,164B 415 . 1 BR/1 BA 708 708/102,164F 416 2 BR /1-1/2 BA 957 957/102,164

A 417 1 BR/1 BA 646 646/102,164

0 418 2 BR /1BA 887 887/102,164B 419 1 BR /1 BA 708 708/102,164C 420 2 BR /1-1/2 BA 887 887/102,1640 421 2 BR/1BA 887 887/102,164C 422 2 BR /1-1/2 BA 887 887/102,164

FIFTH FLOOR

C 501 2 BR /1-1/2 BA 887 887/102,164C 502 2 BR /1-1/2 BA 887 887/102,164

0 503 2 BR/1BA 887 887/102,1640 504 2BR/1BA 887 887/102,164B 505 1 BR/1 BA 708 708/102,164F 506 2 BR /1-112 BA 957 957/102,164

A 507 1 BR/1 BA 646 646/102,164

B 508 1 BR /1 BA 708 708/102,164B 509 1 BR/1 BA 708 708/102,164B 510 1BR/1BA 708 708/102,164B 511 1 BR/1 BA 708 708/102,164B 512 1 BR/1 BA 708 708/102,164E 513 2 BR /1-1/2 BA 919 919/102,164B 514 1BR/1BA 708 708/102,164 .

B 515 1 BR/1 BA 708 708/102,164F 516 2 BR /1-1/2 BA 957 957/102,164

A 517 1 BR/1 BA 646 646/102,164

0 518 2 BR/1BA 887 887/102,164B 519 1BR/1BA 708 708/102,164

. C 520 2 BR /1-1/2 BA 887- 887/102,1640 521 2 BR/1BA - 887

,~, 887/102,164C 522 2 BR /1-112 BA 887 887/102,164

SIXTH FLOOR

C 601 2 BR /1-112 BA 887 887/102,164C 602 2 BR /1-1/2 BA 887 887/102,164

xi

A/I Square footages shown are approximate.

UNIT BREAKDOWN:


13. Estimated Operatinq Budqet and Budqet Guarantee.

A Budget for the Offered Condominium is attached to this Offering Circular as Schedule 3.The Budget constitutes a summary of the mandatory financial obligations of Unit Owners payable to theAssociation as Common Expenses. Reference should be made to the Notes to Budget in reading andunderstanding the assumptions used in preparing the Budget. Developer believes that the Budget is reliable;however, because expenditures may differ from estimated expenditures and because of possible changes in

xii

UNIT

TYPE

UNITNUMBER BED/BATH

UNITSQ. FT. UNDIVIDED INTEREsT--

D 603 2BR/1BA 887 887/102,164D 604 28R/1BA 887 887/102,164B 605 1BR/1BA 708 708/102,164F 606 2BR/1-II2BA 957 957/102,164

A 607 IBR/IBA 646 646/102,164

B 608 1BR/IBA 708 708/102,1645 609 1BR/IBA 708 708/102,164B 610 IBR/IBA 708 708/102,164B 611 IBR/IBA 708 708/102,164B 612 IBR/1BA 708 708/102,164E 613 2BR/1-1/28A 919 919/102,164B 614 IBR/IBA 708 708/102,164B 615 IBR/IBA 708 708/102,164F 616 2BR/1-1/28A 957 957/102,164

A 617 IBR/1BA 646 646/102,164

D 618 2BR/IBA 887 887/102,164B 619 1 BR/I BA 708 708/102,164C 620 25R/1-1/2BA 887 887/102,164D 621 28R/1BA 887 887/102,164C 622 2BR/1-1/2BA 887 887/102,164

TOTAL 102,164 102,164/102,164

UNITTYPE

UNITAREA

NO. OFUNITS

TOTAL UNITAREA


TOTALFRACTIONAL SHARE

A 646 10 6,460 646/102,164 6,460/102,164B 708 57 40,356 708/102,164 40,356/102,164C 887 24 21,288 887/102,164 21,288/102,164D 887 21 18,627 887/102,164 18,627/102164E 919 919/102,164 4,595/102,164F 10 9,570 957/102,164 9,570/102,164C 1,268 1 1,268 1,268/102.164 1,268/102,164

TOTAL 128 102,164 102,164/102,164

.

UNIT UNIT UNITTYPE NUMBER BED/BATH SQ. FT. UNDIVIDED INTEREST·

D 603 2SR/1SA .. 887 887/102,164 .

D 604 2 SR /1 SA 887 887/102.164S 605 1 SR/1 SA 708 708/102.164F 606 2 SR /1-112 SA 957 957/102,164

A 607 1 SR/1 SA 646 646/102,164

B 608 1SR/1SA 708 708/102,164

B 609 1SR/1SA 708 708/102,164B 610 . 1 SR/1 SA 708 708/102,164B 611 1 SR/1 SA 708 708/102,164

B 612 1 SR/1 SA 708 708/102,164

E 613 2 BR /1-112 SA 919 919/102,164

S 614 1SR/1SA 708 708/102,164

B 615 1SR/1SA 708 708/102,164F 616 2 BR /1-112 SA 957 957/102,164

A 617 1 SR/1 SA 646 646/102,164

D 618 2 SR/1 SA 887 887/102,164

S 619 1 SR/1 SA 708 708/102,164.

C 620 2 SR /1-112 SA 887 887/102,164D 621 2 SR /1 SA 887 887/102,164C 622 2 SR /1-112 SA 887 887/102,164

TOTAL 102,164 102,164/102,164


. UNIT UNIT NO. OF TOTAL UNIT FRACTIONAL TOTALTYPE AREA UNITS AREA SHARE EACH FRACTIONAL SHARE

A 646 10 6,460 6461102,164 6,460/102,164B 708 57 40,356 708/102,164 40,356/102,164C 887 24 21,288 887/102,164 21,288/102,164D 887 21 18,627 887/102,164 18,627/102164E 919 5 4,595 919/102,164. 4,595/102,164

. F 957 10 9,570 957/102,164 9,570/102,164G 1,268 1 1,268 1,268/102,164 1,268/102,164

.

TOTAL 128 102,164 102,164/102,164.

!11~.~ UNIT BREAKDOWN'


13. Estimated Operating Budget and Budget Guarantee...

A Budget for the Offered Gondominium is attached to this Offering Circular as Schedule 3.The Budget constitutes a summary of the mandatory financial obligations of Unit Owners payable to theAssociation as Common Expenses. Reference should be made to the Notes to Budget in reading andunderstanding the assumptions used in preparing the Budget. Developer believes thatthe BUdget is reliable;however, because expenditures may differ from estimated expenditures and because of possible changes in

xii

the future expenses of the Offered Condominium, it is not intended nor should it be considered as arepresentation, guarantee or warranty of any kind whatsoever including, without limitation, that the actualexpenses for any period of operation may not vary from the amount estimated, that the Association will notincur additional expenses or that the Association will not provide for additional reserves or other sums notreflected in the proposed budget. Hence, the Budget does not constitute any warranty or guarantee as to themagnitude of "Annual Assessments" levied under Article XXI of the Declaration or the Budget adopted afterthe termination of the "Guarantee Period" discussed below.

The Budget is not intended nor should it be considered all inclusive or as a representation,guarantee or warranty of any kind whatsoever of all expenses to be incurred as a result of Unit ownership. Forexample, the Budget does not include real estate taxes on the Units, Unit Owners' insurance, telephone,electricity or other utility services which are billed directly to the Unit Owner and not through the Association.

The Developer shall be excused from the payment of its share of the Common Expenses andAssessments related to those Units it owns for a 12-month period of time commencing at recordation of theDeclaration of Condominium. However, the Developer must pay the portion of Common Expenses incurredduring that period which exceeds the amount assessed against other Unit Owners. Developer has guaranteedthe assessment amounts, during the guarantee period, as set forth below. The monthly dollar amount foreach Unit Type during the guarantee period is as follows:

14. Schedule of Closing Expenses.

The Purchaser is required under the terms of the Purchase Agreement executed by thePurchaser to pay the following expenses in connection with the closing of this transaction:

A proposed charge for monthly maintenance assessments as set forth in theEstimated Operating Budget for the Association attached as Schedule "3" to this Prospectus.

Real property taxes from the date of closing to the end of the calendar year in whichsaid closing took place.

Mortgage closing charges (if the transaction is to be financed) which may include, butare not limited to, the following expenses, the extent of which must be ascertained from the lender byPurchaser.

Abstract chargesDocumentary Stamps on the MortgageIntangible taxes on the MortgageFee for recordation of the MortgagePrépaid interestCredit report -

Appraisal feeMortgagee's closing costs (commonly called points)Mortgagee's attorney's feesPayments into any escrow account which may be required by thelender.

UNIT TYPE MONTHLYA $ 150.40B $ 164.84C $ 206.51D $ 206.51E $ 213.95F $ 222.80G $ 295.20

( (

the future expenses of the Offered Condominium, it is not intended nor should it be considered as arepresentation, guarantee or warranty of any kind whatsoever including, without limitation, that the actualexpenses for any period of operation may not vary from the amount estimated, that the Association will notincur additional expenses or that the Association will not provide .for additional reserves or other sums notreflected in the proposed budget. Hence, the BUdget does not constitute any warranty or guarantee as to themagnitude of "Annual Assessments" levied under Article XXI of the Declaration or the BUdget adopted afterthe termination of the "Guarantee Period" discussed below.

The Budget is not intended nor should it be considered all inclusive or as a representation,guarantee or warranty of any kind Whatsoever of all expenses to be incurred as a result of Unit ownership. Forexample, the Budget does not include real estate taxes on the Units, Unit Owners' insurance, telephone,electricity or other utility services which are billed directly to the Unit Owner and not through the Association.

The Developer shall be excused from the payment of its share of the Common Expenses andAssessments related to those Units it owns for a 12-month period of time commencing at recordation of theDeclaration of Condominium. However, the Developer must pay the portion of Common Expenses incurredduring that period which exceeds the amount assessed against other Unit Owners. Developer has guaranteedthe assessment amounts, during the guarantee period, as set forth below. The monthly dollar amount foreach Unit Type during the guarantee period is as follows:

UNIT TYPE MONTHLYA $ 150.40B $ 164.84C $ 206.51D $ 206.51E $ 213.95F $ 222.80G $ 295.20

14. Schedule of Closing Expenses.

The Purchaser is required under the terms of the Purchase Agreement executed by thePurchaser to pay the following expenses in connection with the closing of this transaction:

a. A proposed charge for monthly maintenance assessments as set forth in theEstimated Operating Budget for the Association attached as Schedule "3" to this Prospectus.

b. Real property taxes from the date of closing to the end of the calendar year in whichsaid closing took place.

c. Mortgage closing charges (if the transaction is to be financed) which may include, butare not limited to, the following expenses, the extent of which must be ascertained from the lender byPurchaser.

(1) Abstract charges(2) Documentary Stamps on the Mortgage(3) Intangible taxes on the Mortgage(4)· Fee for recordation of the Mortgage(5) Prepaid interest(6) Credit report ,.(7) Appraisal fee(8) Mortgagee's closing costs (commonly called points)(9) Mortgagee's attorney's fees(10) Payments into any escrow account which may be required by the

lender.

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(11) Premium for Mortgagee policy, of title insurance. This closing, expensewillbe $150

Settlement fee to Closing AgentReimbursement to Seller for any utility, cable or interactive.communication deposits or hook-up fees.

d. $75.00 key charge.

In addition to the foregoing, the following charges shall be incurred by the Buyer atclosing, in addition to the balance of the purchase price:

A sum equal to one and three-quarter (1-3/4%) percent of the purchase pricefrom which sum Seller shall pay the cost of recording the Deed,, documentarystamps on the transfer, other transfer costs, document preparation, and theowner's policy of title insurance.

A capital contribution equal to two (2) months maintenance.

f. At least five (5) days prior to Closing, Seller will furnish to Buyer a commitmentfor anALTA Form B Owner's Title Insurance Policy issued by a title insurance company authorized to do business inthe State of Florida, insuring that title to the Unit at Closing shall be good, marketable and/or insurable, subjectonly to those items listed in the Purchase and Sale Agreement. Purchaser shall pay Seller at Closing a sumequal to one and one-half (1-3/4%) percent of the Purchase Price payable in cash or by cashier's check, aportion of which is a closing fee to defray costs of and related to the Closing and from which sum Seller shall,among other things, pay the cost of recording the Deed, documentary stamps on the transfer, other transfercosts, and the owner's policy of title insurance described herein.

Identity of Developer.

The Developer pursuant to this Offering is SKYRE LLC, a Florida liability company.' This isthe first cpndominium development undertaken by SKYRE LLC. Ben Klein, managing member, hasdeveloped residential properties in New York and in Miami Beach for the last ten (10) years.

Contracts and Leases.

As of the date of this Prospectus, the Association has not entered into any contracts having aterm in excess of one (1) year for the purpose of maintenance and operation of the Condominium property.

Any such agreements may be canceled by Unit Owners other than the Developer, pursuant to and inaccordance with Section 718.302(1)(a), Florida Statutes, which is quoted as follows:

"718.302 Agreements entered into by the Association.

(1) Any grant or reservation made by a Declaration, lease, or other document,and any contract made by an Association prior to assumption of control of the Association by Unit Ownersother than the Developer, that provides for operation, maintenance or a management of a CondominiumAssociation or property serving the Unit Owners of a condominium shall be fair and reasonable, and may becancelled by Unit Owners other than the Developer:

(a) If the Association operates only one condominium and the Unit Owners other thanthe Developer have assumed control of the Association, or if Unit Owners other thanthe Developer own not less than seventy five (75%) percent of the Units in theCondominium, the cancellation shall be by concurrence of the Owners of not lessthan seventy five (75%) percent of the Units other than the Units owned by the

xiv

(11) Premium for Mortgagee policy of title insurance. This closingexpense will be $150

(12) Settlement fee to Closing Agent(13) Reimbursement to Seller for any utility, cable or interactive.

communication deposits or hook-up .fees.

d. $75.00 key charge.

e. In addition to the foregoing, the following charges shall be incurred by the Buyer atclosing, in addition to the balance of the purchase price:

(1) A sum equal to one and three-quarter (1-3/4%) percent of the purchase pricefrom which sum Seller shall pay the cost of recording the Deed, documentarystamps on the transfer, other transfer costs, document preparation, and theowner's policy of title insurance.

(2) A capital contribution equal to two (2) months maintenance.

f. At least five (5) days prior to Closing, Seller will furnish to Buyer a commitment for anALTA Form B Owner's Title Insurance Policy issued by a title insurance company authorized to do business inthe State of Florida, insuring that title to the Unit at Closing shall be good, marketable and/or insurable, SUbjectonly to those items listed in the Purchase and Sale Agreement. Purchaser shall pay Seller at Closing a sumequal to one and one-half (1-3/4%) percent of the Purchase Price payable in cash or by cashier's check, aportion of which is a closing fee to defray costs of and related to the Closing and from which sum Seller shall,among other things, pay the cost of recording the Deed, documentary stamps on the transfer, other transfercosts, and the owner's policy of title insurance described herein.

15. Identity of Developer.

The Developer pursuant to this Offering is SKYRE LLC, a Florida liability company. This isthe first condominium development undertaken by SKYRE LLC. Ben Klein, managing member, hasdeveloped residential properties in New York and in Miami Beach for the last ten (10) years.

16. Contracts and Leases.

As of the date of this Prospectus, the Association has not entered into any contracts having aterm in excess of one (1) year for the purpose of maintenance and operation of the Condominium property.

Any such agreements may be canceled by Unit Owners other than the Developer, pursuant to and inaccordance with Section 718.302(1)(a), Florida Statutes, which is quoted as follows:

"718.302 Agreements entered into by the Association.

(1) Any grant or reservation made by a Declaration, lease, or other document,and any contract made by an Association prior to assumption of control of the Association by Unit Ownersother than the Developer, that provides for operation, maintenance or a management of a CondominiumAssociation or property serving the Unit Owners of a condominium shall be fair and reasonable, and may becancelled by Unit Owners other than the Developer:

(a) If the Association operates only one condominium and the Unit Owners other thanthe Developer have assumed control of the Association, or if Unit Owners other thanthe Developer own not less than seventy five (75%) percent of the Units in theCondominium, the cancellation shall be by concurrence of the Owners of not lessthan seventy five (75%) percent of the Units other than the Units owned by the

xiv

Developer. If a grant, reservation, or contract is so cancelled and the Unit Ownersother than the Developer have not assumed control of the Association, theAssociation shalt make a new contract or otherwise provide for maintenance,management, or operation in lieu of thecancelled obligation, at the direction of theOwners or not less than a majority of the Units in the Condominium other than theUnits owned by the Developer.'1

Arbitration.

Disputes between a Unit Owner and the Association, as defined in Section 718.1255(1),Florida Statutes, involving Unit Owners, Associations and/or Tenants, shall be resolved by mandatory non-binding arbitration in accordance with the rules of the Division of Florida Land Sales, Condominiums andMobile Homes. Without limiting the effect of the foregoing sentence, pursuant to Section 718.1255(4), FloridaStatutes, prior to the institution of court litigation (whether to enforce an arbitration award or otherwise), theparties to a dispute shall petition the Division for nonbinding arbitration. Pursuant to Rule 61B-45.015(1),F.A.C., parties to an arbitration proceeding are limited to unit owners, associations and tenantsNotwithstanding anything contained herein to the contrary, the remedies afforded by Sections 718.303 and718.506, Florida Statutes, shall not be limited. Furthermore, this Section shall not impair the Association'saccess to the courts, as representative of the purchasers, pursuant to Section 718.111(3), Florida Statutes.

Environmental Reports.

Environmental Reports are available for review at the Developer's office.

Disclosures Reqardinq Condominium.

The agreement to purchase a unit in the Condominium (hereinafter referred to as "Contract') must besigned by both the Purchaser.and Developer and contain provisions covering the following items.

Prospectus. The Purchaser has received and read the Condominium Prospectus.

Estimated Budget. The Condominium Association budget provided to Purchaser is based onestimated expenses only and may increase or decrease significantly when the actual expenses of theCondominium Association become known.

Model Unit/Sales Office. For the purposes of completing the sales promotion of the Condominiumand until the sale of all Units in the Condominium, the Seller, its successors and assigns, is hereby given thefull right and authority to maintain or establish on the Condominium Unit and Common Elements such models,sales offices, banners, balloons and advertising signs, if any, as Seller may deem necessary in its solediscretion, together with the right of ingress and egress to the Common Elements in connection therewith,

Attorneys' Fees. Except as provided in the Contract, in the event of any litigation or arbitrationconcerning this transaction, the prevailing party shall be entitled to reàover its reasonable costs and attorneys'fees, inclusive of Court costs and attorheys' fees incurred in any appellate proceeding. Further, Purchaserherebywaives the right to a trial by jury in any claims or counterclaims brought pursuant to the Contract.

Utility Meters. Purchaser acknowledges that there may be separate utility meters for each Unit Insuch an event, it shall be Purchasers sole responsibility, and-at Purchasers sole expense, to transfer any andall utility services to the Unit upon Closing, inasmuch as all utilities serving the Unit shall be disconnected fromSeller's account upon Closing without prior notice to Purchaser, Purchaser shall be responsible for sub-metered water & sewer charges as well.

xv

17.

Developer. If a grant, reservation, or contract is so cancelled and the Unit Ownersother than the Developer have not assumed control of the Association, theAssociation shall make a new contract or otherwise provide for maintenance,management, or operation in lieu of the cancelled obligation, at the direction of the·Owners or not less than a majority of the Units in the Condominium other than theUnits owned by the Developer."

Arbitration.

Disputes between a Unit OWner and the Association, as defined in Section 718.1255(1),Florida Statutes, involving Unit Owners, Associations end/or Tenants, shall be resolved by mandatory nonbinding arbitration in accordance with the rules of the Division of Florida Land Sales, Condominiums andMobile Homes. Without limiting the effect of the foregoing sentence, pursuant to Section 718.1255(4), FloridaStatutes, prior to the institution of court litigation (whether to enforce an arbitration award or otherwise), theparties to a dispute shall petition the Division for nonbinding arbitration. Pursuant to Rule 61B-45.015(1),FAC., parties to an arbitration proceeding are limited to unit owners, associations and tenants,Notwithstanding anything contsined herein to the contrary, the remedies afforded by Sections 718.303 and718.506, Florida Statutes, shall not be limited. Furthermore, this Section shall not impair the Association'saccess to the courts, as representative of the purchasers, pursuant to Section 718.111 (3), Florida Statutes.

18. Environmental Reports.

Environmental Reports are available for review at the Developer's office.

19. Disclosures Regarding Condominium.

The agreement to purchase a unit in the Condominium (hereinafter referred to as "Contracf') must besigned by both the Purchaser and Developer and contain provisions covering the follOWing items.

Prospectus. The Purchaser has received and read the Condominium Prospectus.

Estimated Budget. The Condominium Association budget prOVided to Purchaser is based onestimated expenses only and may increase or decrease significantly when the actual expenses of theCondominium Association become known.

Model Unit/Sales Office. For the purposes of completing the sales promotion of the Condominiumand until the sale of all Units in the Condominium, the Seller, its successors and assigns, is hereby given thefull right and authority to maintain or establish on the Condominium Unit and Common Elements such models,sales offices, banners, balloons and advertising signs, if any, as Seller may deem necessary in its solediscretion, together with the right of ingress and egress to the Common Elements in connection therewith.

Attorneys' Fees. Except as prOVided in the Contract, in the event of eny litigation or arbitrationconcerning this transaction, the prevailing party shall be entitled to recover its reasonable costs and attorneys'fees, inclusive of Court costs and attorneys' fees incurred in any appellate proceeding. Further, PurchaserherebyWaives the right to a trial by jury in any claims or counterclaims brought pursuant to the Contract.

Utility Meters. Purchaser acknowledges that there may be separate utility meters for each Unit. Insuch an event, it shall be Purchaser's sole responsibility, and-et Purchaser's sole expense, to transfer any andall utility services to the Unit upon Closing, inasmuch as all utilities serving theUnit shall be disconnected fromSeller's account upon Closing without prior notice to Purchaser. Purchaser shall be responsible for submetered water & sewer charges as well.

xv

Insurance. Purchaser is hereby notified that the insurance policy which is currently included in themonthly maintenance payment does not cover personal property.. For that reason; it is the Seller'srecommendation that Purchaser should obtain a casualty insurance policy for all personal property in the Unitand seek the advice of an insurance professional as to any other types of insurance coverage that might beappropriate for.the Purchaser.

Property Ownership. The property ownership interest Purchaser will acquire is a Condominium Unit.The Condominium Unit is a fee simple ownership. The Condominium Unit shall consist of the airspacedefined in the Declaration. The insurance of the contents of the residence and the interior maintenanceandrepair of the residence within the individual Unit shaD be Purchaser's responsibility. Such responsibilities arefurther defined and described in the Declaration:

Schools. Purchaser should verify with the local School District the schools designated to servicePurchaser's Unit. Due to the rate of population change, the school districts may find it necessary to changeboundaries and designated schools periodically, both prior to and after the Closing. Seller has no control overor responsibility for any such change(s)..

Facilities. Purchaser is responsible for satisfying itself regarding the conditions and development ofthe Condominium by reviewing information such as, but not limited to, title reports, development plans, soilsreports and other documents relating to the conditions and, development of the Condominium and obtainingoutside professional advice concerning them. Site plans, zoning maps, utility plans, phone plans, landscapeplans, street improvement plans, sewer, water, storm drain, electric power, telephone, CATV, streetlights,precise grading and fencing plans are available to Purchaser for review. Purchaser acknowledges that anyplans Purchaser reviewed on the day that Purchaser signed this Contract are not the "As-Built" conditions andmay change subject to field conditions, Seller initiated design modifications, and changes mandated by anAgency with jurisdiction over the Condominium, such as a utility company.,

Utility Company Equipment, Various utility equipment and/or enclosures will be located as required bythe utility companies throughout the Condominium project. Some equipment and/or structures may be located'above ground. Purchaser should check plans showing the placement of street light poles, meter pedestals,telephone pedestals, water meters, T.V. pedestals, AirNac release valves, blow offs, and other utilities. Sellersuggests that Purchaser review all the plans thoroughly. Seller assumes no responsibility for damagescaused by any negligence of the utility compaqies.

Cable and Satellite T.V. Cable T.V. outlets will be installed in all of the Units; however, Seller has noresponsibility or liability of any kind with respect to the commencement of cable T.V. service and Seller makesno, representation or warranty as to when cable T.V. services will be available. The commencement of cableT.V. service is Purchaser's responsibility.

Contaminates. The grading of the soil and other elements created by nature, as well as buildingmaterials developed by man, many times create unwanted and undesired gases and other contaminates inhomes and residential buildings, both new and used. Also, since energy conservation has become a concern,there is a need to build homes and residential buildings that are more airtight. As a result, these homes andresidential buildings trap unwanted gases in different degrees depending on how each person lives within theirhome or such residential building. To date measurements of such unwanted gases (such as the radon gasdescribed below) are reported as parts of the air they occupy. Since the quality of air we breathe can affectour health, Seller recommends frequent airing of Purchaser's Unit by simply opening, windows to introducefresh air uncontaminated with such gases.

Lead Solder in Water Pipes, Due to the use of lead in the soldering of the joints and., plumbing fittingson the property, which is prevalent in many properties, it is--recommended.that the drinking water taps beflushed for five minutes prior to usage after an absence from the apartment units for one week or longer.

Lead Paint. Every purchaser of any interest in residential real property on which a residential dwellingwas built prior to 1978 is notified that such property may present exposure to lead from lead-based paint thatmay place young children at risk of developing lead poisoning. Lead poisoning in young children may produce

xvi

Insurance. Purchaser is hereby notified that the insurance policy which is currently included in themonthly maintenance payment does not cover personal property. For that reason, it is the Seller'srecommendation that Purchaser should obtain a casualty insurance policy for all personal property in the Unitand seek the advice of an insurance professional as to any other types of insurance coverage that might beappropriate for the Purchaser.

Propertv Ownership. The property ownership interest Purchaser will acquire is a Condominium Unit.The Condominium Unit is a fee simple ownership. The Condominium Unit shall consist of the airspacedefined in the Declaration. The insurance of the contents of the residence and the interior maintenance andrepair of the residence within the individual Unit shall be Purchaser's responsibility. Such responsibilities arefurther defined and described in the Declaration.

Schools. Purchaser should verify with the local School District the schools designated to servicePurchaser's Unit. Due to the rate of population change, the school districts may find it necessary to changeboundaries and designated schools periodically, both prior to and after the Closing. Seller has no control overor responsibility for any such change(s}.

Facilities. Purchaser is responsible for satisfying itself regarding the conditions and development ofthe Condominium by revie""ing information such as, but not limited to, title reports, development plans, soilsreports and other documents relating to the conditions and. development of the Condominium and obtainingoutside professional advice concerning them. Site plans, zoning maps, utility plans, phone plans, landscapeplans, street improvement plans, sewer, water, storm drain, electric power, telephone, CATV, street lights,precise grading and fencing plans are available to Purchaser for review. Purchaser acknowledges that anyplans Purchaser reviewed on the day that Purchaser signed this Contract are not the "As-Built" conditions andmay change SUbject to field conditions, Seller initiated design modifications, and changes mandated by anAgency with jurisdiction over the Condominium, such as a utility company.

Utility Company Equipment. Various utility equipment and/or enclosures will be located as required bythe utility companies throughout the Condominium project. Some equipment and/or structures may be locatedabove .ground. Purchaser should check plans showing the placement of street light poles, meter pedestals,telephone pedestals, water meters, T.V. pedestals, AirNac release valves, blow offs, and other utilities. Sellersuggests that Purchaser review all the plans thoroughly. Seller assumes no responsibility for damagescaused by any negligence of the utility compal1ies. .

Cabie and Satellite T.V. Cable T.V. outlets will be installed in all of the Units; however, Seller has noresponsibility or liability of any kind with respect to the commencement of cable T.V. service and Seller makesno representation or warranty as to when cable 1.V. services will be available. The commencement of cableT.V. service is Purchaser's responsibility.

Contaminates. The grading of the soil and other elements created by nature, as well as buildingmaterials developed by man, many times create unwanted and undesired gases and other contaminates inhomes and residential bUildings, both new and used. Also, since energy conservation has become a concern,there is a need to build homes and residential buildings that are more airtight. As a reSUlt, these homes andresidential buildings trap unwanted gases in different degrees depending on how each person lives within theirhome or such residential building. To date measurements of such unwanted gases (such as the radon gasdescribed beiow) are reported as parts of the air they occupy. Since the quality of air we breathe can affectour health, Seller recommends frequent airing of Purchaser's Unit by simply opening windows to introducefresh air uncontaminated with such gases.

Lead Solder in Water Pipes. Due to the use of lead in the soldering of the joints and plumbing fittingson the property, which is prevalent in many properties, it is--recommended·that the drinking water taps beflUshed for five minutes prior to usage after an absence from the apartment units for one week or longer..

Lead Paint. Every purchaser of any interest in residential real property on which a residential dwellingwas built prior to 1978 is notified that such property may present exposure to lead from lead-based paint thatmay place young children at risk of developing lead poisoning. Lead poisoning in young children may produce

xvi

E

C

permanent neurological damage, including learning disabilities, reduced intelligence quotient behavioralproblems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. Thedeveloper of any interest in residential real property is required to provide the buyer with any information onlead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards isrecommended prior to purchase. For purposes of this disclosure, lead-based paint will be referred to as "LBP"and lead-based paint hazards will be referred to as "LBPH." Developer has no knowledge of LBP/LBPH in thehousing and no available LBP/LBPH records or reports, except as indicated in a disclosure or addendum.Buyer has received the pamphlet entitled "Protect Your Family from Lead in Your Home' covering theforegoing information in detail.

Mgj. Mold is a type of fungus which occurs naturally in the environment and is necessary for thenatural decomposition of plant and other organic material. It spreads by means of sharing in microscopicspores borne on the wind, and is found everywhere life can be supported. Residential home construction isnot, and cannot be, designed to exclude mold spores. If the growing conditions are right, mold can grow inyour Residence. In order to grow, mold requires a food source. This might be supplied by items found in thehome, such as fabric, carpet or even wallpaper to name a few. Also, mold growth requires a temperateclimete and, finally mold growth requires moisture. Moisture is the only mold growth factor that can becontrolled in a residential setting. By minimizing moisture, an Owner can reduce or eliminate mold growth.Moisture in the home can have many causes. Spills, leaks, overflows, condensation, and high humidity arecommon sources of home moisture. Good housekeeping and home maintenance practices are essential inthe effort to prevent or eliminate mold growth. If moisture is allowed to remain on the growth medium, moldcan develop within 24 to 48 hours.

Electric & Maqnetic Fields. All power lines and electrical appliances that draw electric current haveelectromagnetic fields ("EMFs") around them. There are various types of studies currently being conducted byresearchers to determine whether or not there are health risks associated with EMFs. The electric utilityindustry and local power companies monitor these research activities and work with their customers to explainwhat EMFs are and how people can find out more about them. Seller has no expertise regarding EMFs. As aresult, Seller does not make representations or warranties of any kind, express or implied, or provideinformation about the presence or effect of EMFs on or in proximity to the Unit. The local electric companyservicing the Unit, the state or the local environmental, energy or health agencies, or the regional office of theEPA may provide such information about EMFs.

Windows and Front Doors. Windows may vary from elevation to elevation and from floor plan to floorplan. Windows on lower floors may be less wind resistant than windows on upper floors of the building.Windows and front doors on the Units may vary from those on the models. If Purchaser needs clarification onthe specific windows and doors which are planned for Purchasers Unit, Purchaser should request thisinformation from the sales representative.

Wood Buildinq Materials. Lumber contains moisture when installed and will dry, shrink and settle afterinstallation. As a result, nails may pop from drywall locations, baseboards maymove slightly and exposedwood may striate or crack. Doors made of wood may shrink, swell or warp. Swelling may affect the way adoor fits in an opening and it may cause sticking. In some instances paint and/or drywall seams may slightlycrack. These conditions are normal incidents of home ewnership unless they occur in the extreme.

Paint Disclosure. Due to the large quantity of paint used in the Condominium project, Purchasershould be aware that slight variations in paint shade may exist from Unit to Unit. Environmentally safe paintsare used on cabinets, kitchen, bathroom and laundry room walls. Due to the properties within today's paints,Purchaser should expect paint to yellow somewhat with time. This is a normal occurrence and is therefore notcovered as a warranty issue. Avoid washing or scrubbing painted walls. Lightly soiled areas may be cleanedusing a sponge with water and lightly wiping over the soiled areas.

Fixtures. Purchaser is aware that certain materials used for fixtures in a new Unit (including, but notlimited to, brass/chrome plumbing fixtures, brass/chrome bathroom accessories and brass/chrome lightfixtures) are subject to discoloration and/or corrosion over time.

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permanent neurological damage, including learning disabilities, reduced intelligence quotien~ behavioralproblems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. Thedeveloper of any interest in residential real property is required to provide the buyer with any information onlead-based paint hazards. A risk assessment or inspection for possible lead-based paint hazards isrecommended prior to purchase. For purposes of this disclosure, lead-based paint will be referred to as "LBP"and lead-based paint hazards will be referred to as "LBPH." Developer has no knowledge of LBP/LBPH in thehousing and no available LBP/LBPH records or reports, except as indicated in a disclosure or addendum.Buyer has received the pamphlet entitled "Protect Your Family from Lead in Your Home" covering 'theforegoing information in detail.

Mold. Mold is a type of fungus which occurs naturally in the environment and is necessary for thenatural decomposition of plant and other organic material. It spreads by means of sharing in microscopicspores borne on the wind, and is found everywhere life can be supported. Residential home construction isnot, and cannot be, designed to exclude mold spores. If the growing conditions are right, mold can grow inyour Residence. In order to grow, mold requires a food source. This might be supplied by items found in thehome, such as fabric, carpet or even wallpaper to name a few. Also, mold growth requires a temperateclimate and, finally mold growth requires moisture. Moisture is the only mold growth factor that can becontrolled in a residential setting. By minimizing moisture, an Owner can reduce or eliminate mold growth.Moisture in the home can have many causes. Spills, leaks, overflows, condensation, and high humidity arecommon sources of home moisture. Good housekeeping and home maintenance practices are essential inthe effort to prevent or eliminate mold growth. If moisture is allowed to remain on the growth medium, moldcan develop within 24 to 48 hours.

Electric & Magnetic Fields. All power lines and electrical appliances that draw electric current haveelectromagnetic fields ("EMFs") around them. There are various types of studies currently being conducted byresearchers to determine whether or not there are health risks associated with EMFs. The electric utilityindustry and local power companies monitor these research activities and work with their customers to explainwhat EMFs are and how people can find out more about them. Seller has no expertise regarding EMFs. As aresult, Seller does not make representations or warranties of any kind, express or implied, or provideinformation about the presence or effect of EMFs on or in proximity to the Unit. The local electric companyservicing the Unit, the state or the local environmental, energy or health agencies, or the regional office oftheEPA may provide such information about EMFs.

Windows and Front Doors. Windows may vary from elevation to elevation and from floor plan to floorplan. Windows on lower floors may be less wind resistant than windows on upper floors of the building.Windows and front doors on the Units may vary from those on the models. If Purchaser needs clarification onthe specific windows and doors which are planned for Purchaser's Unit, Purchaser should request thisinformation from the sales representative.

Wood Building Materials. Lumber contains moisture when installed and will dry, shrink and settle afterinstallation. As a result, nails may pop from drywall locations, baseboards may move slightly and exposedwood may striate or crack. Doors made of wood may shrink, swell or warp. Swelling may affect the way adoor fits in an opening and it may cause sticking. In some instances paint and/or drywall seams may slightlycrack. These conditions are normal incidents of home ownership unless they occur in the extreme.

Paint Disclosure. Due to the large quantity of paint used in the Condominium project, Purchasershould be aware that slight variations in paint shade may exist from Unit to Unit. Environmentally safe paintsare used on cabinets, kitchen, bathroom and laundry room walls. Due to the properties within today's paints,Purchaser should expect paint to yellow somewhat with time. This is a normal occurrence and is therefore notcovered as a warranty issue. Avoid washing or scrubbing painted walls. Lightly soiled areas may be cleanedusing a sponge with water and lightly wiping over the soiled areas. "

Fixtures. Purchaser is aware that certain materials used for fixtures in a new Unit (inclUding, but notlimited to, brass/chrome plumbing fixtures, brass/chrome bathroom accessories and brass/chrome lightfixtures) are subject to discoloration and/or corrosion over time.

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Cabinets and Stain Finished Woods. Natural wood has considerable color variation due to its organicnature: There may be shades of white, red, black or even green in areas. In addition, mineral streaks mayalso be visible. Grain pattern or texture will vary from consistent to completely irregular; wood from differentareas of the same tree can also have variations in pattern or texture., It is because of these variations thatwood is in such high demand for aesthetic products. 'These variations in grain will in turn accept stain invarying amounts which will show throughout the *ood products from one door to the next, one panel to thenext or one piece of wood to the next. Also, cabinet finishes (including gloss and/or matte finishes) will not beentirely consistent and some minor irregularities will be apparent. Additionally, wood and wood products maybe subject to warping, splitting, swelling and/or delamination.

Conversion Condominium, Implied Warranties, The Condominium is the conversion of existingapartment buildings to the Condominium for ownership and is not new construction. The Developer ownedthe condominium buildings for a short period of time. The Developer does not represent to' be intimatelyfamiliar with the buildings and Unit and intends to make no more than cosmetic renovations to the Units andCommon Elements of the Condominium buildings. Each Unit shall be delivered in the manner represented in"as is" condition without any express warranties or representations by the Developer; the Association or anybroker or agent, except for those warranties implied in Section 718.618(6) and 718.203, Florida Statutes, tothe extent that those warranties under Section 718.203, Florida Statutes, have not expired.

No converter reserve account has been established pursuant to Section 718.618(6), Florida Statutes.Therefore, pursuant to Section 718.618(6), Florida Statutes, the Developer is deemed to have granted to thePurchaser of each Unit an implied warranty of fitness and merchantability for the purposes or uses intended,as to the roof and structural components of the improvements; as to fireproofing and fire protection systems;and as to mechanical, electrical and plumbing elements serving the improvements, except mechanicalelements serving only one Unit.

To the extent permitted by law, the Developer specifically disclaims any and all other impliedwarranties of merchantability and fitness as to the Condominium Property, any Unit or any appurtenancesthereto, including any appliances, furniture, fixtures or personal property.

Water Intrusion. Although your Unit is constructed in accordance with customary industry practices,there, is a probability that water intrusion will occur from a variety of sources that are not the Seller'sresponsibility. Often, water intrusion is the result of an owner's failure to properly operate or maintain thatowner's Unit following purchase or the unauthorized modification of the original design of the Unit.. It is theresponsibility of the Association and the Purchaser to assure the proper maintenance of the Unit. TheDeclaration' prohibits alteration of any utility or exterior portion of a Unit unless adequate provision is made andsuch alteration is approved in advance by the Association. Seller will not be responsible for any impropermaintenance, faulty repair performed by others or untimely replacement of tailed materials.

Views, No representation orwarranty is made by Seller or any of Seller's representatives with respectto the presence or continued existence of any view or scene from any portion of the Unit being purchased.Any existing view or scene may change, be blocked or interfered with, depending upon activities undertakenon the remaining land to be developed within the project as well as other land outside the project boundaries.Seller has the right, at any time, without Purchaser's consent, to develop any remaining or adjacent land forany purpose allowed by applicable laws or ordinances.

Unit Dimensions and Square Footaqes. Purchaser acknowledges that the dimensions and squarefootage of the Unit are approximate and may change. The decision to purchase is not based on precisedimensions and square footages. Purchaser will accept the layout, position and orientation of the Unit in its asbuilt location.

Unit Premiums. Some Units may carry a premium based on, but not limited to, view, Unit size,finishes, location, and/or elevation differential.

Future Development. Future development within the real property adjoining or in the vicinity of theCondominium Unit may occur. Seller has made no written or oral representations or warranty concerning the

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Cabinets and Stain Finished Woods. Natural wood has considerable color variation due to its organicnature. There may be shades of white, red, black or even green in areas. In addition, mineral streaks mayalso be visible. Grain pattern or texture will vary from consistent to completely irregular; wood from differentareas of the same tree can also have variations in pattern or texture.. It is because of these variations thatwood is in such high demand for aesthetic products. These variations in grain will in turn accept stain invarying amounts which will show throughout the wood products from one door to the next, one panel to thenext or one piece of wood to the next. Also, cabinet finishes (inclUding gloss and/or matte finishes) will not beentirely consistent and some minor irregularities will be apparent. Additionally, wood and wood products maybe subject to warping, splitting, swelling and/or delamination.

Conversion Condominium, Implied Warranties. The Condominium is the conversion of existingapartment buildings to the Condominium for ownership and is not new construction. The Developer ownedthe condominium bUildings for a short period of time. The Developer does not represent to be intimatelyfamiliar with the buildings and Unit and intends to make no more than cosmetic renovations to the Units andCommon Elements of the Condominium bUildings. Each Unit shall be delivered in the manner represented in"as is" condition without any express warranties or representations by the Developer, the Association or anybroker or agent, except for those warranties implied in Section 718.618(6) and 718.203, Florida Statutes, tothe extent that those warranties under Section 718.203, Florida Statutes, have not expired.

No converter reserve account has been established pursuant to Section 718.618(6), Florida Statutes.Therefore, pursuant to Section 718.618(6), Florida Statutes, the Developer is deemed to have granted to thePurchaser of each Unit an implied warranty of fitness and merchantability for the purposes or uses intended,as to the roof and structural components of the improvements; as to fireproofing and fire protection systems;and as to mechanical, electrical and plumbing elements serving the improvements, except mechanicalelements serving only one Unit.

To the extent permitted by law, the Developer specifically disclaims any and all other impliedwarranties of merchantability and fitness as to the Condominium Property, any Unit or any appurtenancesthereto, including any appliances, furniture, fixtures or personal property.

Water Intrusion. Although your Unit is constructed in accordance with customary industry practices,there. is a probability that water intrusion will occur from a variety of sources that are not the Seller'sresponsibility. Often, water intrusion is the result of an owner's failure to properly operate or maintain thatowner's Unit following purchase or the unauthorized modification of the original design of the Unit. It is theresponsibility of the Association and the Purchaser to assure the proper maintenance of the Unit. TheDeclaration prohibits alteration of any utility or exterior portion of a Unit unless adequate provision is made andsuch alteration is approved in advance by the Association. Seller will not be responsible for any impropermaintenance, faulty repair performed by others or untimely replacement of .failed materials.

Views. No representation orwarranty is made by Seller or any of Seller's representatives with respectto the presence or continued existence of any view or scene from any portion of the Unit being purchased.Any existing view or scene may change, be blocked or interfered with, depending upon activities undertakenon the remaining land to be developed within the project as well as other land outside the project boundaries.Seller has the right, at any time, without Purchaser's consent, to develop any remaining or adjacent land forany purpose allowed by applicable laws or ordinances.

Unit Dimensions and Square Footages. Purchaser acknowledges that the dimensions and squarefootage of the Unit are approximate and may change. The decision to purchase is not based on precisedimensions and square footages. Purchaser will accept the layout, position and orientation of the Unit in its asbuilt location. .

Unit Premiums. Some Units may carry a premium based on, but not limited to, view, Unit size,finishes, location, and/or elevation differential.

Future Development. Future development within the real property adjoining or in the vicinity of theCondominium Unit may occur. Seller has made no written or oral representations or warranty concerning the

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nature, extent or timing of future developments, or the location of any building within such future development.Seller has not made any written or oral representation or warranty concerning the impact on the

Condominium Unit from any future development or uses (including, without limitation, noise and trafficimpacts). Seller reserves the right to change the location or modify the design, plans or specifications of anybuilding or buildings to be located within the future development. Seller further reserves the right to changeproduct, if necessary, within the community if market conditions warrant. ..

Pricing. Purchaser acknowledges that Seller has the full right to establish prices for the. sale ofproperties in this project from time to time without regard to the price to be paid by Purchaser or any otherpurchasers for any specific Unit within the Condominium. Purchaser acknowledges Seller's right to offer pricereductions, financing incentives, reduced interest rates, decorator allowances, optional features, and othersimilar incentives to other purchasers of properties in this project without any obligation to offer anycomparable incentives to Purchaser. Prices are not based upon square footage of the units.

1031 Exchanges. All 1031 Tax Exchange proposals must be proposed at or prior to signing thisContract for Purchase and Sale. Seller reserves the right in Seller's sole discretion to not participate in suchan exchange.

Mineral Rights. The Developer reserves all rights of ownership interest in the mineral, oil or gas rightsunder the land. . .

Restrictions. This Condominium is subject to the restrictions set forth in the Declaration, Articles ofIncorporation and By-Laws which are matters of public record and copies of which have been provided toPurchaser. Please be sure to read the Declaration and other material listed above. Seller suggestsPurchaser file these documents for safekeeping.

Purchaser's ImprovementS/Architectural Control Committee. Purchaser must receive written approvalfrom the Association prior to the start of any such construction or installation. Work done without priorapproval is subject to removal at Purchaser's cost. Refer to the Declaration for such further information.

Purchaser Review of Development Plans & Documents. It is Purchaser's or Purchaser's consultantsresponsibility to request and review all soil information necessary to make an informed decision about thepurchase of Purchaser's Unit. All data and reports that have been prepared for this development are on file.

Postal Delivery/Mail Boxes. Mail delivery will be provided at the location(s) designated by the PostalService and other governing agencies. .

Balconies. If you have small children or small pets you should take appropriate precautions when theyare on the Unit's balcony.

Easements. The project and the Units therein are encumbered by easements for public facilities,drainage and other purposes.

Seller's Reserved Right to Marketinq Strategy. Seller reserves the right to implement any legalmarketing program as deemed necessary to market Units within this project. This includes, but is not limitedto, the use of model Units, signs, flags, banners, special on-site events, media advertising, modifications ofmodel and production Units, etc. Seller also reserves the right to price.Units at the current market value in aneffort to sell Units. There are other marketing strategies and incentive plans not noted herein which Sellerreserves the right to implement or discontinue. Purchaser hereby acknowledges Seller's rights as statedabove. . .

Sound. It is the nature of multi-family properties (of which this Condominium is a part) that dwellingUnits are built in close proximity to one another (resulting in sharing of common walls, floors and ceilings) andnoise is frequently audible from one Unit to the next no matter how much sound proofing is attempted. It istherefore mandatory, for the mutual interest and protection of all Owners, lessees and other Occupants withinthe Condominium, to recognize that acoustical privacy is achieved only through understandingand compliance

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nature, extent or timing of future developments, or the location of any building within such future development.Seiler has not made any written or oral representation or warranty concerning the impact on the

Condominium Unit from any future development or uses (including, without limitation, noise and trafficimpacts). Seiler reserves the right to change the location or modify the design, plans or specifications of anybuilding or buildings to be located within the future development. Seiler further reserves the right to changeproduct, if necessary, within the community if market conditions warrant.

Pricing. Purchaser acknowledges that Seiler has the fuil right to establish prices for the sale ofproperties in this project from time to time without regard to the price to be paid by Purchaser or any otherpurchasers for any specific Unit within the Condominium. Purchaser acknowledges Seller's right to offer pricereductions, financing incentives, reduced interest rates, decorator allowances, optional features, and othersimilar incentives to other purchasers of properties in this project without any obligation to offer anycomparable incentives to Purchaser. Prices are not based upon square footage of the units.

1031 Exchanges. Ail 1031 Tax Exchange proposals must be proposed at or prior to signing thisContract for Purchase and Sale. Seiler reserves the right in Seiler's sole discretion to not participate in suchan exchange.

Mineral Rights. The Developer reserves ail rights of ownership interest In the mineral, oil or gas rightsunder the land.

Restrictions. This Condominium is subject to the restrictions set forth in the Declaration, Articles ofIncorporation and By-Laws which are matters of pUblic record and copies of which have been provided toPurchaser. Please be sure to read the Declaration and other material listed above, Seiler suggestsPurchaser file these documents for safekeeping.

Purchaser's Improvements/Architectural Control Committee. Purchaser must receive written approvalfrom the Association prior to the start of any such construction or instailation. Work done without priorapproval is subject to removal at Purchaser's cost. Refer to the Declaration for such further information.

Purchaser Review of Development Plans & Documents. It is Purchaser's or Purchaser's consultanfsresponsibility to request and review ail soil information necessary to make an informed decision about thepurchase of Purchaser's Unit. Ail data and reports that have been prepared for this development are on file.

Postal Delivery/Mali Boxes. Mail delivery will be provided at the location(s) designated by the PostalService and other governing agencies.

Balconies. If you have smail children or smail pets you should take appropriate precautions when theyare on the Unit's balcony.

Easements. The project and the Units therein are encumbered by easements for public facilities,drainage and other purposes.

Seiler's Reserved Right to Marketing Strategy. Seller reserves the right to implement any legalmarketing program as deemed necessary to market Units within this project. This includes, but is not limitedto, the use of model Units, signs, flags, banners, special on-site events, media advertising, modifications ofmodel and production Units, etc. Seller also reserves the right to priceUnits at the current market value in aneffort to seil Units. There are other marketing strategies and incentive plans not noted herein which Seilerreserves the right to implement or discontinue. Purchaser hereby acknowledges Seiler's rights as statedabove.

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Sound. It is the nature of mUlti-family properties (of which this Condominium is a part) that dwellingUnits are built in close proximity to one another (resulting in sharing of common wails, floors and ceilings) andnoise is frequently audible from one Unit to the next no matter how much sound proofing is attempted. It istherefore mandatory, for the mutual interest and protection of ail Owners, lessees and other Occupants withinthe Condominium, to recognize that acoustical privacy is achieved only through understanding and compliance

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with certain limitations and restrictions. It is recognized, however, that sound insulation from an adjacentoccupancy in a manner comparable to a single-family residence is impossible to attain and Purchaser herebyacknowledges and accepts that limitation. Purchaser acknowledges that there will usually be some audioawareness of one's neighbors, depending upon the situation. Additionally, all fumiture parts in contact with thefloor should have rubber càstors or felt pads to minimize noise and vibration attributable to moving furniture aswell as scratching of finishes.

Settlement/Cracking. Purchaser acknowledges and agrees that no building is constructed completelylevel, and as such, there may exist certain deviations in the floors and ceilings of the Condominium Units,settlement and cracking, and other conditions which do not materially affect the intended use of the Unit.

Security. The Association may, but shall not be required, from time to time, to provide measures ortake actions which directly or indirectly improve safety on the Condominium; however, Purchaseracknowledges and agrees that the Association is not a provider of security and shall have no duty to providesecurity on the Condominium. It shall be the responsibility of Purchaser to protect his or her person and Unitand all responsibility to provide such security shall lie solely with Purchaser. Neither Seller nor the Associationshall be held liable for any loss or damage by reason of failure to provide adequate security or ineffectivenessof safety measures undertaken.

Severe Weather Conditions. Although your Unit and the Condominium as a whole has been builtwithgood quality standard components and is weather proofed, during severe weather conditions you mayexperience minor leaks around sliding and pocket doors, windows and roof vents. These are acts of naturefor which the Seller will not be responsible.

Use Restrictions, The Declaration contains numerous use restrictions. You should review all of theuse restrictions carefully.

Fee Title. The way you acquire fee title to the Unit may have a legal impact, including tax and estateplanning consequences. No salesperson is authorized to advise you or how you should hold legal title.

Rental Disclosure. In accordance with Section 6 herein, the developer may not engage in a programof leasing until an amendment is filed pursuant to rule 61B-18.008(4), F.A.C. The Units may be used,however, for use and occupancy by employees or other invitees of 'corporate" Owners on a rotation basis.

Notice of Access'to Database Regarding the Location of Sex Offender. The Florida Department ofLaw Enforcement ("FDLE") maintains for public access a database of the location of sexual predators and sexoffenders. The database is updated regularly and is a source of information about the presence of theseindividuals in any community. FDLE has established a toll-free number that allows the public to requestinformation about sexual predators and sex offenders living in their communities and around the state.

Report of Qualified Architect or Engineer. Purchaser agrees and acknowledges that the partypreparing the Report of the Qualified Architect or Engineer found in Exhibit 8 of the Prospectus is not affiliatedwith Seller in any fashion, and is a third party, independent contractor employed by Sellerto furnish the Reportas required by the Florida Condominium Act. Purchaser is advised to review the report carefully, including alldisclaimers set forth therein;

Non-Conforming Use Status The condominium building may be considered a non-conforming useunder the current zoning codes for the City of St. Petersburg. This means that if the building structure issubstantially destroyed (more than 50% of the appraised value) that the building may not be able to be rebuiltto its current configuration (size, height and density) without further approval of the City. This condition existson many if not the majority of all buildings. The condition is created when after a building is built, themunicipality changes the criteria for building (downzones) The approval of the City to rebuild is notguaranteed, it would entail a variance application by the Association. Of course the likelihood of the propertybeing destroyed is very remote.

with certain limitations and restrictions. It is recognized, however, that sound insulation from an adjacentoccupancy in a manner comparable to a single-family residence is impossible to attain and Purchaser herebyacknowledges and accepts that limitation. Purchaser acknowledges that there will usually be some aUdioawareness of one's neighbors, depending upon the situation. Additionally, all fumiture parts in contact with thefloor should have rubber castors or felt pads to minimize noise and Vibration attributable to moving furniture aswell as scratching of finishes.

SettlemenUCracking. Purchaser acknowledges and agrees that no building is constructed completelylevel, and as such, there may exist certain deviations in the floors and ceilings of the Condominium Units,settlement and cracking, and other conditions which do not materially affect the intended use of the Unit.

Securitv. The Association may, but shall not be required, from time to time, to provide measures ortake actions which directly or indirectly improve safety on the Condominium; however, Purchaseracknowledges and agrees that the Association is not a provider of security and shall have no duty to proVidesecurity on the Condominium. It shall be the responsibility of Purchaser to protect his or her person and Unitand all responsibility to provide such security shall lie solely with Purchaser. Neither Seller nor the Associationshall be held liable for any loss or damage by reason of failure to provide adequate security or ineffectivenessof safety measures undertaken.

Severe Weather Conditions. Although your Unit and the Condominium as a whole has been builtwithgood quality standard components and is weather proofed, during severe weather conditions you mayexperience minor leaks around sliding and pocket doors, windows and roof vents. These are acts of nature .for which the Seller will not be responsible.

Use Restrictions. The Declaration contains numerous use restrictions. You should review all of theuse restrictions carefully.

Fee Title. The way you acquire fee title to the Unit may have a legal impact, including tax and estateplanning consequences. No salesperson is authorized to advise you or how you should hold legal title.

Rental Disclosure. In accordance with Section 6 herein, the developer may not engage in a programof leasing until an amendment is filed pursuant to rule 61 B-18.008(4), FAC. The Units may be used,however, for use and occupancy by employees or other invitees of "corporate" Owners on a rotation basis.

Notice of Access'to Database Regarding the Location of Sex Offender. The Florida Department ofLaw Enforcement ("FDLE") maintains for public access a database of the location of sexual predators and sexoffenders. The database is updated regUlarly and is a source of information about the presence of theseindividuals in any community. FDLE has established a toll-free number that allows the public to requestinformation about sexual predators and sex offenders living in their communities and around the state.

Report of Qualified Architect or Engineer. Purchaser agrees and acknowledges that the partypreparing the Report of the Qualified Architect or Engineer found in Exhibit 8 of the Prospectus is not affiliatedwith Seller in any fashion, and is a third party, independent contractor employed by Seller to furnish the Reportas required by the Florida Condominium Act. Purchaser is advised to review the report carefully, including alldisclaimers set forth therein.

Non-Conforming Use Status The condominium building may be considered a non-conforming useunder the current zoning codes for the City of St. Petersburg. This means that if the building structure issubstantially destroyed (more than 50% of the appraised value) that the building may not be able to be rebuiltto its current configuration (size, height and density) without further approval of the City. This condition existson many if not the majority of all buildings. The condition is created when after a building is built, themunicipality changes the criteria for building (downzones), The approval of the City to rebuild is notguaranteed, it would entail a variance application by the Association. Of course the likelihood of the propertybeing destroyed is very remote.

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Title Exceptions:

Easement in favor of Progress Energy contained in instrument recorded in Official Records Book1370, Page 136, of the Public Records of Pinellas County, Florida.

50 Private Access Strip along the West side of Lot 1 for access, egress, ingress, light, air, and viewrecorded in Official Records Book 5039, page 1522, between Lot 1 of Maximo South Gate Manor according tothe plat thereof as recorded in Plat Book 55, Page 89, of the Public Records of Pinellas County, Florida and34th Street South (U.S. 19).

Restrictions, conditions, reservations, and other matters contained on the Plat of Maximo South GateManor, as recorded in Plat Book 55, Page 89, Public Records of Pinellas County, Florida.

20. Copies of Documents Included as Schedules.

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Copies of the following, includedas Schedules to this Prospectus:

Schedule I - Declaration of Condominium

Schedule 2- Number of Units, number of Bedrooms/Bathrooms in Each Unit,Unit number and Undivided lntthrest

Schedule 3- Estimated Operating Budget for the Condominium Property

Schedule 4- Form of Purchase Agreement Utilized in the Sale of CondominiumUnits

ScheduleS- Esdrow Agreement Establishing Escrow Account BetweenDeveloper and Escrow Agent

Schedule 6 - Form of Receipt for Condominium Documents Utilized in the Sale ofCondominium Units

g. Schedule 7- Initial Rules and Regulations .

h Schedule 8- Conversion Inspection Report, Termite Inspection Report, andCertificate of Occupancy

Schedule .9- Warranty Deed/Developer's Interest in Land

Schedule 10- Frequently Asked Questions and Answers

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Title Exceptions:

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Easement in favor of Progress Energy contained in instrument recorded in ·Official Records Book1370, Page 136, of the Public Records of Pinellas County, Florida.

50' Private Access Strip along the West side of Lot 1 for access, egress, ingress, light, air, and viewrecorded in Official Records Book 5039, page 1522, between Lot 1 of Maximo South Gate Manor according tothe plat thereof as recorded in Plat Book 55, Page 89, of the Public Records of Pinellas County, Florida and34th Street South (U.S. 19).

Restrictions, conditions, reservations, and other matters contained on the Plat of Maximo South GateManor, as recorded in Plat Book 55, Page 89, Public Records of Pinellas County, Florida.

20. Copies of Documents Included as Schedules.

Copies of the following, included as Schedules to this Prospectus:

a. Schedule 1-

b. Schedule 2-

c. Schedule 3-

d. Schedule 4-

e. Schedule 5-

f. Schedule 6-

g. Schedule 7-

h. Schedule 8-

i. Schedule 9-

Schedule 10-


Number of Units, number of Bedrooms/Bathrooms in Each Unit,Unit number and Undivided Interest


Form of Purchase Agreement Utilized in the Sale of CondominiumUnits

Escrow Agreement Establishing Escrow Account BetweenDeveloper and Escrow Agent

Form of Receipt for Condominium Documents Utilized in the Sale ofCondominium Units

Initial Rules and RegUlations

Conversion Inspection Report, Termite Inspection Report, andCertificate of Occupancy

Warranty Deed/Developer's Interest in Land

Frequently Asked Questions and AnsWers

"

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