The Wave Condos - Decl Of Condominium

SCHEDULE "1" "1 " THE WAVE, A CONDOMINIUM

DECLARATION DECLARATION OF OF CONDOMINIUM CONDOMINIUM.ESTABLISHING ESTABLISHING THE WAVE CONDOMINIUM

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::r;t~k~::S~D TO BE' RETURNED Tp: Louis Zaretsky, Esq. Ritter, Ritter & Zaretsky, Zaretsky, LLP LLP Ritter, th 15th 100 Street, Suite 100 555 NE 15 Miami, Florida 33132 PREPARED BY AND TO B RETURNED Tp:

CONDOMINIUM PLAT FOR THIS CONDOMINIUM HAVE BEEN RECORDED IN CONDOMINIUM CONDOMINIUM PLAT PLAT BOOK {36 PAGES len) THROUGH Ii} '9', /t7z) THROUGH OF THE PUBLIC . PUBLIC RECORDS RECORDS OF PINELLAS COUNTY, FLORIDA. COUNTY,

DECLARATION OF CONDOMINIUM FOR THE WAVE, A CONDOMINIUM CONDOMINIUM

KEN BURKE, CLERK OF OF COURT COURT PINELLAS COUNTY FLORIDA 05)27/2005 at INST# 2005206081 2005206081 0512712005 at 10:25 10:25 AM AM OFF REC RECBK: BK: 14342 14342 PG: PC: 2366-2436 2366-2436 OFF DOCTYPIECONDORECORDING: RECORDING: $605.00 DocType:CONDQ $605.00

Section Section 1: Introduction and and Submission Section 2: 2: Definitions Section Section Section 3: 3: Description of Condominium Section 4: 4: Restraint upon Separation and Partition of Common Common Elements Elements Section Section 5: 5: Ownership of Section of Common Common Elements Elements and and Common Common Surplus Surplus and and Voting Rights Rights Share of Common Expenses; Voting Section 6: 6: Amendments Section : Section 7: 7: Maintenance and Repairs Section 8: 8: Additions, Additions, Alterations or Improvements by the Association Section 9: 9: Additions, Additions, Alterations or Improvements by Unit Owner Section 10: Additions, Additions, Alterations or Improvements by Developer Section Section Section 11: Operation of the Condominium by the Association; Association; Powers and and Duties Duties ,12: Management Management Agreement... Agreement Section .12: Section Section 13: 13: Common Expenses and and Common Surplus and and Assessments Assessments Section 14: Collection of Assessments Section 15: Insurance Section 16: Reconstruction or Repair After Fire or Other Casualty Section 17: Condemnation ; : Section 18: Occupancy and Use Restrictions Section 19: 19: Selling, Selling, Leasing Leasing and Mortgaging of Units ; Section 20: 20: Compliance and Default Section 21: 21: Termination of Condominium Section Section 22: 22: Additional Rights of Mortgagees and others Others Section 23: Disclaimer Disclaimer of of Warranties Section 23: Section 24: 24: Binding and Arbitration Section 25: 25: Transfer of Association Control 26: Additional Additional Provisions Section 26:

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

Section 1: Introduction and Submission

1.1 The Land. The TheDeveloper Developerowns owns the the fee feetitle titletotocertain certainland landtogether togetherwith with improvements improvements thereon Pinellas County, County, Florida, Florida, as particularly described described in Exhibit. "A" "A" hereto hereto (the thereon located located in in Pinellas as more particularly in Exhibit. "Land"). . ¶nd") 1.2 Submission Statement. Statement. The Developer hereby hereby submits SUbmits the the Land Land together together with, with, all Submission The Developer improvements from from time to time erected or to be installed installed thereon to the condominium condominium form of of ownership ownership improvements and use in in the the manner manner provided provided for for in in the the Florida Florida Condominium Condominium Act as as itit exists exists on onthe thedate datehereof, hereof, and record. subject to the reservations, easements and restrictions of record. Property 1.3 Propertv Subiect Subject to Certain Restrictions and Easements. The TheCondominium CondominiumProperty Property (as (as defined hereinafter) is subject SUbject to the the covenants, covenants, conditions, restrictions, restrictions, easements easements and and reserved reserved rights rights of of the Developer contained in this Declaration.

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

Section Section 2: 2: Definitions Definitions

For and the the exhibits exhibits attached attached hereto, hereto, the the following following terms terms shall shall have have For purposes purposes of this Declaration and the respective respective meanings meanings ascribed ascribed to them in in this this Section, Section, except except where the the context context clearly clearly indicates ,indicates a different meaning or a specific limited limited meaning meaning is detailed detailed: 2.1 "Condominium Act" Act" or "Florida Condominium Condominium Act" means the the Florida "Act" or "Condominium' or "Florida Act" means Condominium Act 718, Florida Statutes) as it exists exists'on on the the date date hereof. hereof. Act (Chapter (Chapter 71,8,

"Articles" or "Articles 2.2 "Articles" or "Articles of of Incorporation" Incorporation" means means .the the Articles Articles of Incorporation Incorporation of the the certified copy copy of the the original original Articles Articles of of Association, as as ,may be amended from time may be amended from time to to time. time. A certified Association, attached hereto hereto as Incorporation are attached as Exhibit Exhibit"C". "C". "Assessment," as as further further described described and and defined defined in in Sections Sections [13] [13] and and [14] (14] hereof, hereof, means "Assessment," 2.3 a share of the funds funds required required for for the the payment payment of of Common Common Expenses Expenses as as provided provided in in this this Declaration Declaration and which from time to time is is assessed assessed against against the the Unit UnitOwner. Owner. "Association" or "Condominium Association" Association" means means THE THE WAVE WAVE CONDOMINIUM CONDOMINIUM 2.4 "Association" or "Condominium ASSOCIATION OF ST. ST. PETERSBURG, PETERSBURG, INC., INC., aa Florida Floridacorporation corporation not-for-profit, not-for-profit, the the sole sole entity ASSOCIATION OF responsible for for the the operation of the Condominium. responsible operation of Condominium. Where Where utilized utilized herein herein or or in in the the exhibits exhibits attached attached hereto, the term "Corporation" shall be be deemed deemed to to be be synonymous synonymous with with the the term term "Association." "Association." "Association Property" means the property, property, real and personal, in which title or or ownership ownership "Association 2.5 is vested recorded plat or leased to, vested in, in, or which is dedicated on a recorded to, the Association Association for the use and and benefit benefit of its members. of 2.6 "Buildings" means the structUres structures within wh'ich the the Units Units and and certain, certain Common Common Elements Elements "Buildings" within which are located on the Condominium Property. '

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

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2.8 "By-Laws" mean the By-Laws By-Laws of of the Association, Association, as may may be be amended amended from from time time to to time. time. 2.8 "By-Laws" A copy of the original originai By-Laws By-Laws are are attached attached hereto hereto as as Exhibit Exhibit "D" 'D" 2.9 2.9

"Common mean and and include: include: Common Elements" mean (a)

The portions portions of of the the Condominium Condominium Property Property which which are are not notincluded, included within within the the

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

An (c) An easement easement of support support in every every portion portion of of aa Unit Unitwhich which contributes contributes to to the the support of any other Unit or the Buildings; (d) The property and and installations installations required and other other The property required for for the the furnishing furnishing of of utilities utilities and . services to more than one Unit or to the Common Elements;

alarm systems, (e) Any hallways, foyers, doors, elevators, stairwells, alarm systems, access access Any hallways, not contained contained within within aa specific specific Unit; Unit;· . systems, or security systems not All (f) All pipes, pipes, lines, lines, wiring, wiring, facilities facilities and and conduits conduits located located within within the the walls walls which which bound and and are are contained contained within within a Unit and and which which prOVide provide services services to to more than than one one Uni~ Unit; and and bound (g) parts of of the the Condominium Condominium Property Property designated designated as Commob Common Elements Elements Any other parts pursuant to this Declaration or or the the Act. Act.

'Common 2.10 "Common E*penses" Expenses" mean mean all all expenses expenses incurred incurred by the the Association Association to accomplish accomplish its its duties duties as as contemplated contemplated by by this this Declaration Declaration and and the the Act which which shall shall be be assessed assessed or or imposed imposed against against Units Units in the the Condominium Condominium by approved by Board of Directors, Directors, by the the Association Association as as authorized authorized by by the the Act. Act. If approved by the the Board cost of of aamaster mastertelevision television "Common Expenses" mangrove trimming trimming and the cost "Common Expenses" shall shall include include the the cost cost of mangrove dUly franchised cable cable television television service service obtained obtained pursuant pursuant to aa bulk bulk contract contract or or other other system or duly antenna system provider of of television television signals signals on on a bulk basis. provider basis. For For all all purposes purposes of of this this Declaration, Declaration, "Common "Common Expenses" Expenses" reqUired by the Act or or otherwise established by the Association, Association, regardless shall reserves required shall also include all reserves of when reserve funds are expended.

"Common Surplus" Surplus" means means the the excess excess of of all "Common all receipts receipts of the the Association Association collected collected on 2.11 behalf the Association, Association, including, inclUding, but not not limited limited to, to, Assessments, Assessments, rents, rents, profits profits and and revenues revenues on on behalf of the account of the Common Elements, over and above the amount of Common Expenses. "Condominium Parcel" means means aa Unit together with the undivided share in in the Common 2.12 "Condominium Parcel" together with undivided share Common Elements and and the the Common Common SurplUS Surplus which which is is appurtenant appurtenant to to said saidUnit. Unit "Condominium condominium draWings 2.13 "Condominium Plat" Plat" means means the the condominium drawings required required by by Section Section 718.104 718.104 of the and recorded recorded in Official Official Records Records Book Book and and Page Page identified identified on the first first (1st) (1 st) page page hereof hereof the Act and on the constituting hereto. For Forpurpose purpose of ofreference, reference, aa reduced-in-size reduced-in-size copy of the Condominium Condominium constituting Exhibit ExhibitNO.1 No. I hereto. Plat is attached hereto. .

"Condominium Property" means means the the Land and the the improvements improvements constructed thereon thereon 2.14 "Condominium Property" which have been submitted submitted to condominium condominium ownership under this Declaration; Declaration; subject to the limitations limitations which have thereof and and exclusions therefrom. 2.15

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

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2.16 "Declaration" or or "Declaration Declaration of Condominium" means this this instrument, instrument,as as itit may "Declaration" Condominium" means may be be to time. time. amended from time to

"Developer" means SKYRE, SKYRE, LLC, a Florida Limited Liability Company, and its successors 2.17 "Developer" and such of its assigns as to which its recorded in in the the its rights rights hereunder hereunder are assigned assigned by written instrument recorded public records of the County. Such assignment may be made on an exclusive exciusive or non-exclusive non-exclusive basis records of the County. Such assignment may be basis and and may be an assignment of all all or or only only portions portions of of its its rights rights of of Developer Developer hereunder; hereunder; provided, provided, however, however, that that no such assignment assignment shall shall make make any any assignee assignee the the "Developer", "Developer" for purposes hereof hereof unless unless such such no such for purposes assignment assignment is is an an assignment and is assignment of all of of Developer's Developer's rights rights hereunder hereunder .and is exclusive, exclusive, except as to to any any previously assigned Any other other than than the the above above cannot cannot retain retain control control of ofthe the Association Association after. after a previously assigned rights. rights. Any majority majority of the units units have have been been sold sold unless unless ititreceives receives an an assignment assignment of ofthe thecreating creating developer's developer's rights rights and obligations. 2.18 "Institutional First Mortgagee" bank, savings savings and and loan loan assoóiation, association, insurance insurance "Institutional Mortgagee" means means a bank, company, credit union, union, real estate estate or or mortgage mortgage investment investment trust, pension fund, an agency United company, trust, pension fund, an agency of the United National Mortgage Mortgage Association Association ("FNMA"), ("FNMA") the Federal States Government, Government, mortgage banker, th the Federal Federal National Federal ("FHLMC") or or any other lender generally generally recognized recognized as as an an institutional institutional Home Loan Mortgage Corporation ("FHLMC") lender, or the Developer, Developer, holding mortgage on Units, or or any any Mortgage Mortgage on on the the lender, or the holdingaa first first mortgage on aa Unit Unit or Units, condominium property at at the is formed. condominium property the time time the theCondominium Condominium is formed. A A "Maiority "Majority of of Institutional Institutional First First Mortgagees" shall mean and refer to Institutional First Mortgagee(s) % of Mortgaqees" Mortgagee(s) of Units with with regard regard to to at at least least 51 51% of the the voting voting interests interests which which are are appurtenant appurtenant to Units Units subject subject to to mortgages mortgages held held by by Institutional Institutional First First Mortgagees. Mortgagees.

2. 19 "Limited "Limited Common Common Elements" which isis Elements" mean mean those those Common Common Elements, Elements,the the use use of which reserved toto aa certain certain Unit Units to to the the exclusion exclusion of other other Units, Units, as same same are are shown shown on on the the reserved Unit or Units Condominium specified in in this this Declaration. Declaration. References Common Elements Elements also also Condominium Plat Plat or or are specified References herein herein to Common shall include include all all Limited unless the the context context would would prohibit prohibit or it is otherwise shall Limited Common Elements unless otherwise expressly expressly provided. .

"Management agreement entered by the the 2.20 "ManagementAgreement" Agreement"means meansand andrefers refers toto any any agreement entered into into by Association time for for the theoperation operation and and administration administration of of the the Condominium Condominium and and the the Associationfrom from time time to to time management of the Condominium Property. 2.21 "Management Firm" entity contracted contracted by the the "Management Firm" means means and .andrefers refersto,toany any person person or or entity Association management Association to to perform perform management managementfunctions functionsfor forand andon onbehalf behalfof of the the Association. Association, Any Any management firm must be a professional duly licensed firm professional community community association association manager dUly licensed under Florida Florida law to provide provide management services to condominium condominium projects. projects. tenant or 2.22 "Occupant" "Occupant" means means and and refers refers toto aa person person (be (be itit an an Owner Owner or or a tenant or lessee lessee of an Owner) Where the the context context dictates, dictates, an an Occupant Occupant shall also also be be deemed to to include include Owner) who who resides resides in in aa Unit. Unit. Where occasional social social guests, guests,tenants, invitees. the family members, occasiánal 'tenants, licensees and invitees. the Institutional Institutional First First Mortgagee Mortgagee which which "Primary Mortgagee" means 2.23 "Primary Institutional Institutional First First Mortgagee" means the owns, at the relevant time, Unit aggregate indebtedness indebtedness than than is is owed owed to to owns, Unit mortgages mortgages securing securing a greater greater aggregate any other Institutional First Mortgagee. "Unit". portion of the the Condominium Condominium 2.24 "Unit".or or "Condominium "CondominiumUnit" Unit"means meansand andrefers refersto to that that portion Property Property which which isis subject subject to to exclusive exclusive ownership ownership and and isis located locatedwithin withinthe theCondominium CondominiumProperty. Property. The The term "Unit" is often used synonymously herein herein with with "Condominium "Condominium Parcel' Parcel" When ,when meaning meaning the sum total total of of ali Owner's ownership interest interest in in the the Condominium. Condominium. afl .

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Unif' or or "Owner" "Owner" means the record record owner owner of legal legal title title to to aa 2.25 "Unit Owner" or "Owner of aa Unit" Condominium Parcel. \

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Section 3: 3: Description Description of Condominium Section Identification of Units. Units. The 3.1 Identification The Condominium Condominium shall shaH contain contain 128 128 Residential Units. Units. Each Each such such is identified identified by by a separate separate numerical designation as shown shown on on the Condominium Condominium Plat, Plat,which which exists exists as as Unit is Exhibit Exhibit No. No. AA hereto, hereto, and and which which consists consists of of aa survey survey of of the the Land, land, aagraphic graphic description description of of the the improvements in which the Units are located), located), and and improvements located located thereon thereon (including (including the Units and the Buildings in a plot plan plan thereof. thereof. AAreduced-in-size reduced-in-size copy copy of ofthe theCondominium Condominium Plat Plat as as recorded recorded in in the the Official Official Records Records Book Page identified (1 st) page page hereof, hereof, together together with copy of the the legal legal description description Book and and Page identified on on the the first (1st) with a copy contained on on the the Condominium Condominium Plat, Plat, is attached attached to this Declaration for convenience. convenience. The The Condominium Condominium contained Plat, together together with with this this Declaration, is sufficient in detail detail to to identify Elements and and each each Unit Unit Plat, Declaration, is sufficient in identify the Common Common Elements and their relative locations and dimensions. There shall shall pass pass with aa Unit Unit as as appurtenances appurtenances thereto: (a) (a) an an undivided share in in the Common the exclusive right to use undivided share Common Elements Elements and and Common Common Surplus; Surplus; (b) (b) the exclusive right use such such portion of of the the Common Common Elements Elements as as may may be the the Limited limited Common Common Elements Elements for for such such Unit; Unit; (c) an an portion particular time and exclusive easement for the use of the air space occupied by the Unit as it exists at any particUlar as the Unit may lawfully be altered altered or or reconstructed reconstructed from frof)1 time to time, time, provided provided that an easement in air space which is vacated shall shall be be terminated terminated automatically; automatically; (d) (d) membership membership in in the the Association Association with with the the full full voting rights appurtenant thereto; thereto; and (e) other appurtenances as may be provided by this Declaration or voting the Act.

Time-share will not be with respect to any any of of the Time-share estates estates orr interests interests will be created created with respect to the Units Units in in the the Condominium. 3.2 Unit Each Unit Unit shall shall include include that the Buildings BUildings containing the Unit Unit Boundaries. Boundaries. Each that part part of the containingthe that lies within Within the following boundaries: boundaries: (a)

Units. Units

lower Boundaries Boundaries of The upper upper and and lower lower boundaries boundaries Upper and and Lower of Unit. Unit. The (i) of each each Unit Unit shall be the the following following boundaries boundaries extended extended to their their planar planar intersections intersections with perlmetrical of with the perimetrical boundaries: (1)

Thehorizontal horizontal plane plane of of the unfinished unfinished Upper Boundaries Boundaries of of Unit. Unit The

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

Lower of Unit. Unit. The lower Boundaries Boundaries of The horizontal horizontal plane of the unfinished

(3) Interior Divisions Divisions of Unit. Unit. Except Except as as provided provided in in subsections (1) and (2) above, above, no no part of the floor of the top floor, floor, ceiling ceiling of the the bottom bottom floor, floor, or or nonstructural nonstructural interior interior walls walls shall be considered considered aa boundary boundary of of the the Unit. Unit (ii) Perlmetrical perimetrical boundaries shall (U) Perimetrical Boundaries. Boundaries. The perimetrical boundariesof of the the Unit shall be surfaces of the outer walls walls bounding bounding the to the the be the the vertical vertical planes planes of the unfinished exterior surfaces the Unit and to middle of any with each each other other and and with the .middle any walls between between units units extended extended to their their planar planar intersections intersections with the all area area of of the the balconies balconies connected to the Unit; Unit. upper and lower boundaries, as well as all (iii) Apertures. many (Iii) Apertures. Where Where there there are are apertures apertures in any boundary, boundary, including, including, but not limited limited to, to, windows, windows, bay windows, such boundaries shall be windows, doors, skylights, skylights, balconies and porches, porches, such be extended include the Windows, bay bay windows, windows, doors, doors, .skylights such extended to to include the windows, skylights and and pther pther fixtures fixtures located located in such apertures, Including including all aU frameworks frameworks thereof; thereof; provided, provided, however, however, that that exterior exterior surfaces surfaces made made of of glass apertures, glass or or transparent material other transparent material and and the the exteriors exteriors of doors doors shall shall not not be be included included in in the the boundaries boundaries of of the Unit Unit and shall therefore be be Common Common Elements. Elements.

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In the event that that the the actual actual physical physical location location of of any any Unit Unit constructed constructed within the the Buildings Buildings at any any not precisely precisely coincide coincide with with the the area depicted depicted on on the the Condominium Condominium Flat, Plat, the the actual actual physical physicai time does not the Unit Unit shall shail control control over overlocations, iocations, dimensions dimensions and and descriptions descriptions refleoted the location location of of the reflected on on the Plat. Condominium Plat. Notwithstanding the fact that that no no Unit Unit may may be be divided divided or or partitioned partitioned for for purposes purposes of of sale sale or or lease, lease, aa Unit Unit directly above the subject sUbject Unit and/or the Unit directly below Unit may may be be combined combined with with either the Unit permit occupancy occupancy of such areas areas as as one one the Unit and/or laterally-adjacent Unit the subject U.nit and/or the the laterally-adjacent Unit in in order order to to permit . residential living space. 3.3

Limited Common Elements.

Limited (a) Limited Common Common Elements Elements Appurtenant ApPurtenant to All Units. Units. To the the extent extent applicable applicable and subject subject to the the provisions provisions of of this this Declaration, Declaration, each each Unit Unit may may have have as asLimited Limited Common Common Elements Elements and appurtenant as are are defined defined herein herein and/or and/or shown shown on on the the appurtenant thereto such portions of of the the Common Common Elements Elements as portion(s} of the Common Elements, Elements, including, Plat, including, but not limited to: (a) any portion(s) Condominium Piat, including, but not limited limited to, to, conduits, ducts, ducts, plumbing, plumbing, wiring and other other facilities, facilities, for the the furnishing furnishing of of utility utility and and other other Limited Common Element appurtenant to that Unit if it only supplies services to a particular Unit shall be a Limited supplies the exclusion exclusion of ofall all other otherUnits; Units; (b) (b)the the mailbox mailbox assigned assigned to to aaparticular particular Unit Unit which which shall shall be be Unit, to the that Unit, located located within the Condominium Property; Property; and and (c) (c) the the submeters submeters for for water water and and associated associated sewer sewer charges charges they serve. serve. The Theuse useand andenjoyment enjoymentof ofthe. the Limited Limited Common Elements shall to the individual Units that they shall be be in accordance with provisions of this Declaration, Declaration, the Articles of Incorporation, Incorporation, the Byin accordance with. the the terms terms and and provisions the Articles the ByLaws, rules and and regulations regulations duly duly promulgated promulgated by Association, and local, state, state, and and federal federal Laws, any any rules by the Association, and local, statutes and ordinances.

as may may be otherwise otherwise provided proVided in this this (b) Responsibilities of Unit Unit Owners. Owners. Except Except as Responsibilities replacements and reconstructions reconstructions of, any Limited Limited Common Common Section 3.3, Section 3.3, all all maintenance, repairs, replacements of, in or to any Elements, whether whether structural Elements, structural or nonstructural, nonstructural, ordinary ordinary or or extraordinary extraordinary (including, (including, without limitation, limitation, maintenance, repair, repair, replacement and reconstruction shall maintenance, reconstruction of any exterior wall wail or railing railing of of balcony balcony patiO) patio) shall as be performed by Owner of of such such Unit Unit atatsuch suchUnit UnitOwner's Owner'ssole solecost costand andexpense, expense,. except except as be performed by the Owner otherwise Each Unit Unit Owner also shall otherwise expressly expressly provided provided to the the contrary contrary herein. herein. Each Owner also shail be responsible responsible for wattage. replacing replacing the the necessary light bulbs for the foregoing light flxture(s) fixture(s) with the same color and and bulb wattage. Each Unit Unit Owner shall be contained within within the the limited Each be responsible responsible for for the the air-conditioning air-conditioning compressor compressor contained limited Each Unit Unit Owner Owner shall shall be be Common Elements Elements serving Common serving and and proViding providing service service to to such such Uhit Uhit Owner's Owner's unit. unit. Each solely solely responsible responsible for maintaining maintaining all pbrtions portions of of the the security security system system serving serving the the Unit, Unit, including, including, without without limitation, all all electrical electrical lines lines and and other other facilities. facilities. Each be solely solely responsible responsible for for any any limitation, Each Unit Unit Owner shall shail also be all annual annual licensing licensing or or registration registration of of alarms. alarms. The The Association Association shall shall costs associated with false alarms alarms and and all repair, replacements and reconstruction, reconstruction, of parking be responsible for 'the the maintenance, repair, parking spaces. Insurance, Each (c) Insurance. Each Unit Unit Owner Owner shall shall be be solely solely responsible responsible for insuring insuring any and and all all equipment, machinery, Limited equipment, machinery, fixtures, fixtures, furniture furniture or or the .the like like installed installed and/or and/or placed placed upon upon or or within within the Limited Common Elements appurtenant to such Owner's Owner's Unit, Unit, as well as as any any other other improvements improvements located within within Association shall obligation to to do do so. so. such Limited Limited Common Common Elements, Elements, and such and the the Association shall not not have have any any duty duty or obligation Notwithstanding anything contrary, the Notwithstanding anything contained contained in in the the foregoing foregoing to to the the contrary, the Association Association shall shall have have the sole obligation of maintaining protect the the association, the association association property, property, the obligation maintaining adequate adequate insurance insurance .to to protect association, the common elements, and the condominium property required to be insured by the Association. Association. (in addition addition to to any any easements easements Easements. Thefollowing following easements easements are are hereby hereby created created (in Easements. The 3.4 created under the Act and any other provisiobs created provisiohs of this Declaration): 1'1

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

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(b) Utility and and Other Other Services; Services; Drainage. Drainage. Non-exclusive hereby Non-exclusive easements easements are hereby Utility and over over reserved unto Developer.andalso granted to the respective respective utility providers under, under, through through and reserved unto the the Developer.and also granted utilityproviders time for for the the construction, construction, use use and and the Condominium Property the Condominium Propertyasas may may be be required required from from time time to to time utilities (whether maintenance all utilities (whether public pUblic or or private), private), cable cable television, television, communications communications and and security s.ecurity maintenance of all systems, other services services which which may may serve serve the theCondominium; Condominium; provided, provided, however, however, that that these these systems, and and other easements Units. A non-exclusive non-exclusive easement easements shall shall not not permanently permanently interfere interfere with with the the use use of of the the Units. easement is is aiso also all applicable applicable governmental governmentai entities entities over and and across across the the reserved Deveioper and granted to all reserved unto unto the the Developer and granted Common Elements purpose of providing providing drainage drainage and and for the the installation, installation, operation, operation, use and Common Elements for for the the purpose Association shall be be responsible responsible for for the the maintenance maintenance of of drainage drainage facilities; facilities; provided, provided, however, however, that that the Association continuous maintenance maintenance of of the the easements easements and and rights-of-way rights-of-way of of the the drainage drainage system system located located on on any any and and continuous all portions of the Condominium Property. Property.

If: (a) any portion (c) Encroachments. Encroachments, If; portion of of 'the the Common Common Elements Elements encroaches encroaches upon Unit; (b) any Unit Unit encroaches encroaches upon any other Unit Unit or upon upon any any portion portion of of the the Common Common Elements; Elements; or any Unit; settling (c) any encroachment shall hereafter occur as as aa result result of of (i) (i) 'construction construction of the improvements; improvements; (U) (ii) settling (iii) any any alteration alteration or or repair repair to to the the Common Common Elements Elements made made by by or orwith with the the or shifting of the improvements; (iii) consent off the the Association Association or the the Developer, Developer, as appropriate, appropriate, or (iv) any any repair repair or or restoration restoration of the the or (iv) improvements any portion portion thereof) thereof) or or any an, Unit improvements (or any Unit after after damage by fire or other other casualty or any taking by condemnation Elements; condemnation or eminent domain domain proceedings proceedings of all or any portion of any Unit or the Common Elements; such event, event, aa valid valid easement easement shall shall exist exist for for such such encroachment encroachment and and for for the the maintenance maintenance of of then, in any such the same so long as the improvements shall stand. (d) Ingress non-exclusive easement easement in in favor of each Unit Owner and lnqress and and Egress. Eqress. AA non-exclusive and across across sidewalks, sidewaiks, resident, their guests and invitees, invitees, shall shall exist exist for for pedestrian pedestrian traffic traffic over, over, through through and resident, streets, paths, Common Elements streets, paths, walks, walks, and and other portions portions of the the Common Elements as as from from time time to to tfme time may may be intended intended and designated for purpose and use and and for for vehicular vehicular and and pedestrian pedestrian traffic over, over, through through and and and designated for such such purpose and use across portions of the Common Common Elements as from time to time may be paved and intended for such across such such portions purposes. None None of the easements specified in this subsection purposes. subsection shall be be encumbered encumbered by by any any leasehold leasehold or or lien those on the Condominium Condominium Parcels. Parcels. Any Any such such lien encumbering encumbering such lien other other than than those such easements easements (other (other than those on Condominium Parcels) automatically shall be subordinate subordinate to the the rights rights of of Unit Unit Owners Owners and and the Association Association with with respect to such easements. (e) Construction; Until the the Developer Developer no no longer longer holds holds units for sale sale or or Construction: Maintenance. Maintenance. Until when ofthe the association, association, whichever whichever occurs occurs first, first, the the Developer Developer when the unit unit owners owners have have assumed assumed control control of (inclUding its (and (and their) their) sole sale (including its designees, designees, contractors, contractors, successors successors and and assigns) assigns) shall shall have the right, in its discretion from time, to enter enter the the Condominium Condominium Property Property 'and and take discretion from time time to time, take all all other other action action necessary necessary or or or any convenient purpose of completing the construction thereof, any part part thereof, thereof, or any ôonvenientfor for the the purpose of completing the construction thereof, or or any improvements or Units located located or to be be located located thereon, thereon, and and for forrepair, repair, replacement replacement and and maintenance maintenance improvements or Units purposes purposes or where the Developer, in its sole sale discretion, determines that it is required or desires to do so.

Until, such such time time as as the Sales (f) Sales and and Manaeement Management Activities. Activities. Until the Developer Developer has has conveyed parties, the Developer, Deveioper, its its designees, designees, successors and assigns, assigns, shall have'the have the conveyed all all Units to third parties, to use any such such Units and sales, management and right to and parts of the Common Elements for Unit models; models; sales, and construction Common Elements construction offices; offices; to to show show model model Units Units and and the Common Elements to to prospective prospective purchasers purchasers and, and, ifif applicable, tenants erect on on the the Condominium Condominium Property Property signs, signs, banners, banners, flags flags and and other other applicable, tenants of Units; and to erect for sale sale or or lease. lease. promotional promotional material to advertise Units for ' ' (g) Facilities Services. Easements and Easements are are reserved reserved over, over, under, under, across across and Facilities and Services. ducts,. plumbing, through Units for conduits, ducts,, plumbing, Wiring wiring and and other other facilities facilities for for the the furnishing furnishing of of utility utility and and other services to Eiements. <. to the Units and and the Common Elements. '

(h)

Plat. Condominium Plat.

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

Plat.

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6

Developer Developer Activities. Activities. Until of (i) Until such subh time as the .the Developer Developer completes completes and and sells all of Units in in the the Condominium, Condominium, the the Developer Developer"reserves various portions of the Common. Common the Units reserves the right to utilize various Elements or or the Eiements the uncompleted uncompleted Units Units in in connection connection with with such such construction construction and and development development of the the No Unit UnitOwner Owneror orsuch suchOwner's Owner'sguests guestsor orinvitees' inviteesshall shall in in any anyway wayinterfere interfere or orhamper hamper Condominium. No Condominium. Developer, its its employees, employees, successors successors or orassigns,, assigns, in in connection connection with with such such construction, construction. Thereafter, Thereafter, " the Developer, time as during such time as the the Developer, Developer, its its successors successors or or assigns, assigns, own own any any Units Units within within the the Buildings Buildings and and isis carrying on any any business business in in connection connection therewith, therewith, including including the the selling, selling, renting renting or orleasing leasing of ofsuch suchUnits, Units, carrying the Unit Owners, their guests guests and and invitees invitees shall shall in in no no way way interfere interfere with with such such activities activities or or prevent prevent access access to such Units by by the Developer, its its employees, empioyees, its its successors successors or assigns. Notwithstanding the foregoing, the common common elements elements shall shall terminate terminate upon upon transfer transfer of ofassociation association control, control, or or when when Deveioper's rights to the Developer's Developer ceases to offer units units for for sale, sale, whichever whichever occurs occurs first. first.

U) Association Easement. Easement. AA perpetual, perpetual, non-exclusive non-exclusive easement easement is hereby hereby granted Association 0) to the and assigns assigns over, over, across, across, under under and and through through the the Condominium Condominium the Association Association and and its its successors successors and Property Property for the the purpose purpose of ofpermitting permitting the theAssociation Associaiion to to perform performitsitsobligations obligationshereunder. heri3under. Such easement shall permit access to the upon reasonable reasonable prior prior noUce, notice, except that no no notice notice shall shall be be the Units Units upon required in the event event of of an an emergency. emergency.

A Unit Unit Owner Owner shall do nothing nothing within within or or outside outside his Unit that interferes interferes with with or impairs, impairs, or may may interfere impair, the the provision provision of of such such utility, utility, cable cable television, television, communications interfere with with or impair, communicatiors and and security security systems, or other service or or drainage fabilities facilities or the use of these easements. The TheAssociation Association shall shall have have Unitduring duringreasonable reasonablehours, hours, when when necessary, necessary, to to maintain, maintain, repair repair access to each the irrevocable right of of.access eac Unit or replace those areas, as detailed in those items items and' and areas, in Section Section 7.1 7.1 herein or or aS as otherwise contemplated contemplated herein, herein, the Asèociation Association is is responsible, responsible, and and to to remove remove any any improvements improvements interfering interfering with with or orimpairing impairing which the for which such to the the Declaration Declaration or as as necessary necessary to prevent prevent. such facilities facilities or easements easements herein herein reserved, reserved, pursuant pursuant to damage to the Common Elements or to a Unit or Units. Section or or elsewhere elsewhere in this this Declaration Declaration an easement easement is is granted granted or reserved to to Wherever in this Section any party, any party, such such easement easement shall shall also alsobenefit benefitsuch suchparty's party'ssuccessors, successors,grantees, grantees, assigns, assigns, 'agents, agents, herein shall shall be be non-exclusive non-exclusive employees, guests. All easements referred referred to herein employees, licensees, licensees, invitees invitees and guests. All easements easements. 3.5 3.5

Special Easements and Riqhts Rights to to Grant Grant Easements. Easements.

(a) Developer unto itself itself and and its successors (a) Developer hereby hereby reserves reserves unto successors and its its assigns, assigns, and and Association with the power powerto grants to the Association to assign, non-exclusive easements easements over, over, under and and through through the the Condominium Property for for the the construction, and operation operation of of electric, electric, gas gas or other utility, utility, Condominium Property construction, maintenance maintenance and cable television, serviceor" or other other easements pertaining to to the easements pertaining the cable teievision, security security systems, systems, communications, communications, service operation of of other otherequipment, equipment,conduits, pipes, lines andsimiiar construction, maintenahce maintenance and and operation condUits, pipes, lines and similar installations servicing the the Condominium Condominium Property or other property with the power installations servicing Property or property with power to to relocate relocate any any such such portion of of the the Condominium Condominium Property Property and/or and/or Association Association Property, Property, provided provided existing easements in existing easements in any portion that such easements easements or the the relocation relocation of of easements easements will will not not prevent prevent or or unreasonably unreasonabiy interfere with the reasonable use of the the Units for residential purposes. reasonable .

'

.

Furthermore, until the the Developer Developer no no longer longer holds holds units units for for sale sale or or when when the unit unit Furthermore, until of the the! Association, Association, whichever occurs first, first, Developer Developer shall shall have the the right right owners have assumed assumed control control of owners space on the roofs of of the the itself, its agents, agents, successors successors and assigns to use or assign any space and license for itself, Condominium buildings provided that such space space is is not not already already assigned as as a Limited Limited Common Common Element Element to aa Residential Residential Unit Unit totoany anyPerson(s) Person(s)forforthe theconstruction, constru_ction,installation, installati~m, use, use,maintenance, maintenance, repair, repair, replacement, signage. Developer operation of of telecommunication telecommunication 'equipment equipment signage. Developer replacement, improvement, improvement, removal and operation shall have and irrevocable irrevocab"le easement easement over over the the roof roof areas areas to to exercise exercise its its rights rights set set forth forth shall have a non-exclusive non-exciusive and above. Without construct,install, install,use,, use, maintain, maintain, repair, repair, above. Withoutlimitation limitation this this easement easementshall shallinclude includethe theright righttotoconstruct, and signage on on the the replace, operate any any type type of of telecommunication telecommunication equipment equipment and replace, improve, improve, remove remove and and operate

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(

(

the Condominium Condominium buildings. buildings. In addition, Developer Developer shall have aa non-exclusive non-exclusive and and irrevocable irrevocable roofs of the In addition, easement Condominium for easement over over other other portions portions of of the the Condominium foraccess accesstotoand and from from such such roof roof areas areas and and to to construct, maintain, repair, repair, replace, replace, improve, improve, remove remove and utility lines lines servicing servicing construct, install, install, use, use, maintain, and operate any utility such equipment. Notwithstanding shall install such utility utility such telecommunication equipment. Notwithstanding the the above, above, the the Developer shall lines Developer lines and and locations locations already already used used for for such such purposes purposes or or in in which which other other utilities utilities lines lines are are located. located. Developer and the Association caused to the Association hereby agree to indemnify each each other for any damage or destruction destruction caused property of any any easement easement right right granted granted in in this this Declaration. Declaration. property of the other in the exercise of Notwithstanding the. foregoing, all all easements, easements, reservation reservation and and rights rights retained retained by the.foregoing, Developer in in this this Section 3.5(a) shall terminate Developer terminate and and be be cancelable cancelable by by the the association association once once Unit Unit Owners Owners have assumed contrbl control ot.the oLthe association association or when the Developer Developer no longer longer offers offers other than the Developer have units for sale, whichever occurs first. first. (b) Developer hereby successors and and its assigns, assigns, and and Developer hereby reserves reserves unto unto itself itself and and its successors grants to the over, under, the Association Association with the the power power to to assign, assign, non-exclusive non-exclusive easements easements over, under, upon upon and and grants through Condominium Property purposes of access access to, to, constructing maintaining constructing or maintaining through the the Condominium Propertyfor for the the purposes improvements upon,prOViding providingutility utilityservices servicestotooror across, across,oror providing providingdrainage drainagetoto or or from improvements upon, from the the Condominium become part of the the Condominium Condominium Property Property CondominiumProperty, Property,any any other other property property which which may may become part of pursuant to to this any other other property property adjacent adjacent to to the the Condominium Condominium Property, Property, provided provided that that pursuant this Declaration, Declaration, or any any such such easement shall not interfere with with the reasonable use ofthe of the Units for their intended intended purposes. purposes.

fel 'r\· ~'·-','· 1/1 ,~;)

(c) Developer its successors successors and and its its assigns assignsnonL nonDeveloper hereby hereby reserves reserves unto unto itself and its exclusive exclusive easements over, over, upon, and and through through the the Condominium Condominium Property Property for for vehicular vehicular and/or and/or pedestrian pedestrian traffic the Developer, Developer, its its designees, designees, successors, successors, assigns, assigns, licensees, licensees, lessees, lessees, invitees, invitees, and guests traffic by the and guests within Condominium Property, easement shall interfere with with the the within the the Condominium Property, provided providedthat that any any such such easement shall not interfere reasonable residential purposes. purposes. reasonable use of the Units for residential (d) Developer hereby right to to install all lines, lines, pipes pipes and and facilities facilities Developer hereby reserves reserves the the right throughout the needed for use of of the the Units Unitsindividually indiVidually and/or and/or throughout the Condominium Condominium Property Propertyas as may may be be needed for the use collectively from to time. time. Developer costs associated associated with with such such installations. installations. Developer shall shall assume assume all all costs collectively from time time to SUbsequent Subsequent to to installation, installation, unless unless otherwise otherwise provided provided and and agreed agreedtoto by by the the affected affected Unit Unit Owner(s), Owner(s), the the

Association shall be responsible for the maintenance maintenance of of such such lines, lines, pipes and and facilities.

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

For as long (I) For long as as the theDeveloper Developer remains remains liable liable under under any any warranty, warranty, whether whether statutory, expressed, statutory, expressed,or or implied, implied,for forany anyact actor oromission omissionininthe thedevelopment dyelopment of the the Building Building or or in in the the sale sale ht to Condominium Property, or marketing marketing thereof, thereof, the the Developer Developer shall shall have have the the rig right to enter enter on'the on'the Condominium Property, and and to to take all actions necessary or convenient for the purpose of inspecting, testing, surveying, to determine determine the the take those actions actions needed needed to to fulfill fulfill any warranty warranty or to determine the extent of the warranty, warranty, and to take necessary to to fulfill fulfill the the Developer's responsibilitiesunder underthe thewarranty. warranty. The Developer can nullify necessary Developer's responsibilities Developer can nUllify any Association or a Unit Unit Owner Owner prohibit prohibit or limit limit access access to the the Common Common Elements Elements or or to toaa Unit Unit warranty if the Association as deemed deemed necessary by the Developer in its sole discretion for any actions pursuant to the ·warranty. warranty

Developerhereby herebyreserves reservesthe theright righttotoassign assignallall or or aa portion of its (g) Developer portion ·of its rights hereunder, of such such rights rights in in connection connection with with specific specific portions portions of of the the Condominium. Condominium.. In. hereunder, or or all all or a portion of event of any any partial partial assignment, assignment, the assignee shall not be deemed deemed the Developer, but may may exercise exercise the event the Developer, ssignment may may be be made on rights of the Developer as are specifically specifically assigned assigned tQ Any such such !ilssignment on aa such rights to it. it. Any nonexclusive basis. The rights rights of ofDeveloper Developer under under this this Declaration Declaration are are frdependent independent of ofthe the Developer's Developer's nonexclusive basis. The control the Board of Directors Directors of the the Association, and, accordingly, accordingly, shall not be deemed waived, rights to control transferred or assigned assigned to to the the Unit Owners, Owners, the the Board the Association Association upon upon the the transfer transfer of of control control of transferred or Board or the the Association Association. Any Anyassignment assignmentofofDeveloper Developerrights rightsshall shallbe beevidenced evidenced by byan aninstrument instrumentreporded recorded with with 8 F:\Oocuments\Louis\condo\Wave\Oeclaration.doc F:\Oocuments\Loujs\condo\Wave\OedaraUon.doc 5/18/200512:36 PM

the formalities formalities of a deed in in the the public public records records of the the County. County. Any Anyother otherthan thanthe theabove abovecannot cannotretain retain control of the Association after after aa majority majority of of the the units units have have been been sold sold unless unless itit receives receives an an assignment assignment of of the creating developer's rights rights and and obligations. obligations. 3.6 Incidental Damaqe. Damage. Any Any damage damage to to any any Unit Unitcaused caused by, by, or oras as aa result result of, of, the the carrying carrying out out of the the maintenance maintenance responsibifities responsibilities of or another another Unit Unit Owner, Owner, or or the the negligence negligence thereof; thereof; of of the the Association Asociation or repaired promptly promptly by the Association Association as Common Expense, Expense, or the the Unit Owner, Owner, as the case shall be repaired as a Common may be. Any Any damage damageto toany anypart partof ofthe theCommon Common Elements Elements caused caused by by or or the the result result of of any any intentional intentional act Unit Owner, Owner, the the Unit Unit Owner's Owner's family, family, agents, agents, contractors, contractors, invitees, invitees, licensees licensees or tenants, tenants, or by by such such of aa Unit Owner in in carrying carrying out outhis hismaintenance maintenance responsibilities, responsibilities, if any, any, shall shall be be repaired repaired promptly promptly at the Unit Owner expense of such Unit Owner.

Use of Multiple Units to to FormOne Space. A Unit Use MUltiple Units Form'One Comprehensive Comprehensive Residential Residential Space. Unit may may be be 3.7 combined combined with with either either the the Unit Unit directly directly above above the subject SUbject Unit Unit and/or and/or the the Unit Unit directly directly below below the the subject subject Unit and/or the laterally-adjacent Unit in order to permit occupancy of such areas as one comprehensive comprehensive residential Such aacombination combination of ofUnits Units shall shall be be for forpurposes purposesof ofoccupancy occupancy and and use use only onlyand and shall shall residential space. space. Such not be deemed Declaration. Further, Further, any anysuch suchcombination combination shall shall not notbe be considered considered deemed an an amendment to this Declaration. modification to to be a material alteration alteration of or modification to the the configuration configuration or or size size of of aa Unit. Unit. In all events, events, the subject considered to become become one Unit, Unit, but but rather rather shall shall at at all all times times remain remain and and be be Units Units shall shall in in no manner be considered considered to to exist exist in in the same manner as prior to the combination for purposes voting considered purposes of Assessments, Assessments, voting and all other matters as provided herein. Any such combination combination of Units Units shall shall be be required required to to comply comply with with all all applicable applicable building, building, health, health, Any such safety, and codes and laws as may be applicable. Additionally, no no construction construction activities activities safety, and other applicable codes applicable. Additionally, to effect effect such such aa combination combination shall shall be be commenced commenced without the the prior prior written written approval approval of of the the BoarØ Board of of Directors, which approval approval cannot cannot be be unreasonably unreasonably withheld. withheld. The Board DireCtors, which Board shall shall ensure ensure that the combination of Units Units shall shall have have no no detrimental detrimental impact impact on or the struàtural structural integrity integrity of of the the Building Building or or the the usage usage of of the the other Units Units in in the the BUilding. Building. The the other The Board Board shall shall act act in in aa reasonable reasonable and and prudent prudent manner manner in recognizing recognizing the rights rights of the the Owner Owner to to combine combine such such Units Units in in the the manner manner contemplated contemplated by by this this paragraph. paragraph. The Developer shall be be exempt from from the approval provisions of this paragraph. paragraph. Section 4: Restraint upon upon Separation Separation and Partition Partition of ofCommon Common Elements Elements The undivided undivided share in in the the Common Common Elements Elements and Common Common Surplus Surplus which is appurtenant appurtenant to aa Unit, to use use all all appropriate appropriate appUrtenant.Limited appurtenant. Limited COmmon Unit, and and the the exclusive right to Common Elements, Elements, shall shall not not be be separated title to to the the Unit, Unit, whether whether or or not not separately separately described. described. separated from from such such Unit Unit and and shall pass with the title The appurtenant share ih in the Common Common Elements Elements and Common Surplus, SurplUS, and the exclusive right to to use use all all Limited Limited Common Common Elements Elements appurtenant appurtenant to to aa Unit, Unit, cannot cannot be conveyed conveyed or encumbered, encumbered, except together with such with such Unit. Unit. The respective respective shares shares in in the the Common Common Elements Elements appurtenant appurtenant to to Units Units shall shall remain remain of the the Common Common Elements, Elements, the the Condominium Condominium Property, Property, or àhy any part part undivided, and partition of undivided, and no action for partition as provided prOVided herein with respect respect to to termination termination of the Condominium: Condominium. thereof, shall be undertaken, except as Section 5: Ownership Ownershipof ofCommon Common Elements Elements and and Common Common Surplus and SectionS: Share Rights Share of of Common CommonExpenses; Expenses Voting Votinq.Riqhts 5.1

undivided share in the Common Common Elements Elements and Common Common Surplus Surplus Ownership Shares. The undivided

appurtenant to as the the undivided undivided share share of of the the Common Common Expenses Expenses to paid with with appurtenant to each each Unit, Unit, as as well as to be paid

to each each Unit, Unit, shall be computed on the following respect to follOWing basis: (a) allocatiOn of of fractional fractional shares shares in in the theCothmon. Common Elements Elements .and Common The allocation and Common Surplus, and Common Expenses, Expenses, appurtenant forth in in Surplus, and the the fractional fractional share share of the Common appurtenanttotoeach eachUnit Unitisis set set forth Exhibit "B" "B" as as attached attached hereto hereto and and made Exhibit made a part hereof hereof by by this this reference. reference. The allocation allocation of of fractional fractional

shares has been been established by the Developer in the following manner:

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Both the fractional shares of Both of ownership.of ownership of Common Elements Elements and the Common Common Expenses Expenses of of the the Units into into the the Common Common Elements Elements and and Common Common Expenses Expenses Units apportioned by grouping the the Units Units were were apportioned by grouping assigned to to each each unit shall shall be based upon the total square footage of assigned of each each unit unit in in uniform uniform relationship relationship to to of each each other other unit unit in in the the condominium. condominium, the total square footage of The foregoing methods of calculation were undertaken in order to establish a fair (b) methods of and equitable allocating assessment percentages and equitable method method of allocating percentages to to Units Units within within the the Condominium Condominium and and every every

purchaser of aa Unit, hereby agrees agrees to to be be bound purchaser of Unit, whether whether from from the Developer Developer or otherwise, otherwise, hereby bound by such such calculations, calculations. Each Unit Unit Owner Owner shall shall be be a member 52 Voting. Voting, Each member of the the Association. Association, Each Each Unit Unit shall shall be 5.2 entitled to in accordance accordance with the provisions of of the By-Laws By-Laws and Articles entitled to one one vote to be cast by its Owner in of Incorporation of the the Association, Association. The total number of votes votes shall shall at all all times times be be equal equal to to the the number number of of Incorporation of Membership in Units submitted submitted to the condominium condominium form form of of ownership ownership under under this this Declaration. Declaration, Membership in the the Units to the Association shall shafi automatically automatically terminate terminate upon upon the Association \he termination termination of ownership ownership of of aa Condominium Condominium Parcel, Parcel, and the sUbsequent title shall shall automatically automatically become become entitled entitled to to membership. membership, subsequent owner(s) taking title Section 6: Amendments

~f;1

LJ

6,1 Amendment Except as as otherwise otherwise provided provided in in Section Section 66 hereinbelow hereinbelow or or 6.1 Amendment by by Unit Owners, Owners. Except elsewhere in in this this Deciaration Declaration or the exhibits attached hereto, elsewhere hereto, this Declaration (including (inclUding the Condominium Condominium Parcels Plat) Plat) may may be be amended amended by by affirmative affirmative vote vote of of the the Owners Owners of of 75% 75% of all the Condominium Parcels at an Association Association meeting meeting duly called for such purpose pursuant to the the By-Laws; By-Laws; provided, provided, however, hovyever, that that (1) (1) no no amendment to Declaration shall which affects any any of of the the rights rights and and privileges privileges provided provided to to amendment to this this Declaration shall be made which the Developer as defined defined herein herein without without the the written written consent consent of of such such Developer and any any Lender Lender of the Developer and the Developer as without the written written Developer, and Developer, and (2) (2) no no amendment amendment may may change change the the configuration configurationor or size size'of of aa Unit without the affected Unit Unit Owner(s). Owner(s), All amendments under Section 6,1 shall be recorded recorded and and consent consent of the All amendments under this this Section 6.1 shall certified as as required required by the Act Act. certified

62 6.2

1 ,;1 "

Amendment by Developer. DeveiopeL

(a) Amendment'to Amendment to Condominium Plans and and Declaration, Declaration. The The Developer Developer reserves reserves the the right to make whatever changes right to changes it may may deem deem necessary necessary in the the Condominium Condominium Plat and and this this Declaration Declaration Association, The The amendment amendment reflecting reflecting such such until such Developer no control of the Association. until such time time as as Developer no longer has control prOVided, however, however, that that no no such such amendment amendment changes be executed executed by by the the Developer; Developer; provided, changes need need only only be material unilaterally unilaterally approved approved by by the the Developer shall shalt change change the the configuration bonfiguration or or size size of of any any Unit in any material fashion, materially Unit change the proportion or percentage by by fashion, materially alter or modify the appurtenances to any Unit, which and owns the the Common Surplus, or create create timeshare Common Surplus, which a Unit Owner shares the Common Expenses Expenses and of the the affected affected Unit, Unit, all all record record estates, unless also approved approved by the record Owner of estates, unless such such amendment amendment is is also Unit, and at at least least .seventy-five seventy-five percent owners of liens owners liens on on such affected Unit, percent (75%) (75%) of of the the total total voting voting interests of the Association, (b) Special Developer reserves the right and Special Amendment Amendment. Developer and power to to record record a special amendment ("Special ('Special Amendment") Amendment") to to this this Declaration Declaration at at any any time time and and from from time time to to time which amends amendment Declaration and provision therein therein Ci) (i) to requirements of FNMA, FHLMC, FHLMC, the the the Declaration and any provision to comply comply with with requirements of the the FNMA, Government Housing and Urban Urban Development, Development, the the Government Nationa,! National Mortgage Mortgage Association, Association, the the Department Department of Housing Federal Housing Administration, Administration, the Veteran's Administration, other governmental governmental agency agency or or any any Federal Housing Administration, or any other performs (or may in the 4iture {uture perform) perform) functions similar similar other pUblic, public, quasi-public quasi-public or private private entity which which performs to those currently performed performed by by such such entities; (U)to to induce induce any any of of such such agencies agencies or or entities entities to make, make, those currently entities; (ii) purchase, mortgages covering purchase, sell, sell, insure, insure, guarantee guarantee or otherwise otherwise deal deal with with first mortgages covering 'Units; 'Units; and and (iii) (iii) to bring this orgovernmental governmental regulations. regulations, In this Declaration Declaration into compliance compliance with with applicable applicable laws, laws, ordinances ordinances or furtherance of foregoing, a power power coupled coupled with with an an .interest interest is is hereby hereby reserved reserved and. and granted to to the the furtherance of the foregoing,

,

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Developer consent to to aaSpecial Special Amendment Amendment on on behalf behalf of of each each.Unit UnitOwner, Owner and and the the Developer toto make make or consent Association. Each Eachdeed, deed,mortgage, mortgage,trust trustdeed, deed,other otherevidence evidenceofofobligation, obligation,ororother otherinsfrument instrumentaffecting affecting Association, thereof shall shall be be deemed deemed to to be be aa grant grant and and acknowledgement acknowledgement of, and and aa consent Unit and the acceptance thereof a Unit to the reservation of, the power of make, execute and and record record Special Special Amendments. Amendments. The of the Developer Developer to make, and pbwer power to to make make Special Special Amendments Amendments hereunder hereunder shall terminate upon the Unit Unit right and right shall terminate upon turnover turnover to to the owners. and all all exhibits exhibits hereto, hereto, where where applicable, applicable, may may be be amended amended (c) This Declaration Declaration and This unilaterally by the unilaterally by the Developer Developer for the the purposes purposes set set forth forth and and pursuant pursuanttotoSection Section718.110(5), 718.110(5), Florida Florida Statutes, Statutes, to correct scrivener's errors. 6.3 Execution Recording. An Execution and Recordinq. An amendment, amendment, other other than than amendments amendments made made by the the Developer.alone alone pursuant pursuanttoto the the Act Act or this shall be be evidenced by aa certificate of the Developer this Declaration, Declaration, shall evidenced by certificate of the Association which shall include recording data data identifying the Declaration Declaration and shall be executed with the same formalities iormalities required required for the execution of a deed. deed. Amendments Amendments by by the the Developer Developer must must be be evidenced evidenced by a similar alone. An An amendment amendment of of the the Declaration Declaration is is effective effective similar certificate certificate executed executed by the Developer Developer alone. properly recorded when applicable certificate when the applicable certificate is is properly recorded inin the the public public records records of of the the County, County, which which shall shall be be in accordance accordance with Section 718.110(3), F.S. recorded together with the amendment, in 6.4 Limitation. No amendment amendment may may be be adopted adopted whiOh which would would eliminate,' eliminate, modify, modify, prejudice, prejudice, abridge or otherwise adversely affect any rights, privileges or or priorities priorities granted granted or or reserved reserved to to abridge otherwise adversely rights, benefits, benefits, privileges the Developer without without the the consent of said Developer Developer in in each each instance. instance. The The provisions provisions of of this this paragraph paragraph may not be amended in any manner.

Procedure. No Procedure. No provision provision of of this this Declaration Declaration shall shall be be revised revised or or amended amended by reference to 6.5 title or or number number only. only. Proposals amend existing existing provisions of this this Declaration Declaration shall shall contain contain the the full full Proposals to to amend its title to be inserted in the provision to' text of the provision be amended, amended, new words words shall shall be inserted the' text text underlined, underlined, and andwords words to to be be deleted through with hyphens. However, However, ifif the the proposed proposed change change is is so so extensive extensive that that this this deleted shall shall be be lined lined through with hyphens. is not procedure would assist, the understanding understanding of the the proposed proposed amendment, amendment, itit .is procedure would hinder, 'hinder, rather rather than than assist, necessary to use underlining and hyphens as indicators of words words added added or deleted, deleted, but, but, rather, rather, a notation notation the proposed proposed amendment amendment in in substantially sUbstantially the the following following language: language: must be inserted immediately preceding the the Declaration. Declaration. See provision provision ._ _ for present present text." text." "Substantial rewording rewording of Section Section _ _ of the "Substantial Nonmaterial amendment process process shall not not invalidate invalidate an an otherwise otherwise properly properly Nonrnaterial errors errors or or omissions omissions in in the amendment promulgated amendment. promulgated amendment 7: Maintenance and Repairs Section 7: 7.1 is as follows:

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

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

all drainage drainage and and stormwater stormwater management management systems, systems, driveways,, driveways, and and

(ii) (H)

and wastewater wastewater lines the all water and all water lines and and piping piping serving serving the the Units Units of the

(iii)

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

adjacent drainage; drainage; adjacent

Condominium;

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(iv) all entryways to Buildings and and any controlled controiled access and intercom intercom all entryways to the the Buildings specificaily serve serve such such Unit, Unit, and and all all systems serving serving the building, the security systems for the Units which specifically systems and and lights. lights. fire and emergency warning systems (v) ail portions portions of any landscaping landscaping islands in all islands 'located located on, on, either in whole or in part, or adjacent to the Condominium Property. part, Property. However, Owner who utilizes utilizes However, the. the Association Association shall shall not not perform perform such such maintenance maintenance required requiredof of aa Unit Owner

portions of the the Limited Limited Common Common Elements Eiements in accordance accordance with with Section Section 3.3 3.3 herein, herein, as as otherwise otherwise portions of necessitated by bythe the negligence, negligence, contemplated extent such such maintenance maintenance arises arises from from or or isis necessitated contemplated herein, herein, or to the extent Owners, in which case paid solely misuse or neglect of specific Unit Owners, in which case such such cost cost and and expense expense shall shall be be paid solely by by such Unit Owners. (b) Units. The responsibility for maintenance, maintenance, repair and (b) and replacement within the Units shall be shared by the Association and and the the Unit Unit Owners Owners as as follows: follows: (i) Association. The Association shall shail be responsible responsible for for maintaining, maintaining, By the Association. repairing wastewater lines as repairing and and replacing replacing ail all water and and wastewater lines and and piping piping located located outside outside of of the the Unit Unit (except as otherwise stated stated in sub-paragraph (ii) otherwise (ii) below), below), all all pipes, pipes, lines, lines, wiring1 wiring, facilities and and conduits conduits located located within within the walls wails and any soffits contained within a Unit Unit and which provides services to more than one Unit, Unit, and and any portions any portions of any any fire fire protection protection and andemergency emergency warning warning systems, systems, including, inclUding, sprinklers, sprinklers, alarms, alarms, barriers and In addition, addition, dampers, barriers and lights contained within within the the physical physical boundaries boundaries of of and and servicing servicing aa Unit. Unit. In with regard the Units, Units, the the Association Association shall shall be be responsible responsibie for for (1) (1) maintaining maintaining the the exterior exteriorsurfaces surfaces with regard to the (defined of all all walls (defined to to be be those those walls walls that are visibie visible from the exterior of the Building) and interior portions of that serve to bound the balcony area area located located adjacent adjacent to the the Unit, Unit, (2) (2) all ail roofs, roofs, including including the the replacement replacement In accordance and repair and repair and and (3) (3) paving paving and and electrical electrical that part or inside inside of aa Unit, Unit. In accordance with With that are are not not part Section shail be be liable liable for for the expense expense of of any any maintenance, repair repair or or replacement replacement of of Section [20.1] , a Unit Owner shall of the the Unit Unit to to be be maintained maintained by by the the Association Association under under this this paragraph paragraph made made necessary necessary by by his his any part of negligence, member of his his family family or or his his or ortheir theirguests, guests, employees,. empioyees, negligence, misuse misuse or or negiect neglect or by that of any member or lessees. iessees. agents or (ii) Owner. Each Each Unit UnitOwner Ownershall shail maintain, maintain, repair repair and and replace replace By the Unit Owner. everything Owner's Unit, to be be maintained maintained by by the the Association Association everything within within the the confines confines of of the the Owner's Unit, which which is is not to (b)(i) of ofthis thissection, section,including1 including, but but not not limited limited to: to: pursuant to subsection (b)(i) (A) 3.2 hereof hereof which which Unit Unit shall shall The entire Unit as defined in Section 3.2 include, include, without without limitation, limitation, all all apertures apertures inin any any boundary boundaryof of the the Unit Unit but but which which shail shall exclude exclude the the exterior exterior shall be be maintained surfaces made of glass or other transparent material and the exterior of doors, which shall BUildings; by the Unit Owner in such such manner to preserve a uniform appearance among the Units in the Buildings; (B) interior side the entrance entrance door and the interior interior The interior side of the door to to a Unit and side of all other doors affording access to a Unit; (C)

Interior wallpaper and and decoration Interior paint, paint, finish, finish, covering, covering, wallpaper decoration of all all

(0)

Ail counters, storage storage areas areas and and All built-in shelves, cabinets, counters,

wails, floors and ceilings; walls,

closets; (E) Any and all ail appliances appliances and mechanical, mech~nical, ventilating, ventilating, heating and and conditioning eqUipment equipment contained within and serving the Unit; air conditioning Unit; (F)

W.~:~

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All Ail bathroom fixtUres, fixtures, equipment and apparatuses; 12

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

(H)

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

(I)

All furniture, personal property contained within within AD furniture, furnishings furnishings and and personal

(J)

to the the Unit; Unit; Balconies located adjacent to

(K)

any, and and garages; garageS; Storage facilities located thereon, ifif any,

partitions, and room dividers;

the respective Unit; and

(L) All other other maintenance maintenance or repair of of or or replacements replacements involving involving a Unit as as contemplated contemplated and and authorized authorized hereunder. 7.2 Notwithstanding Notwithstanding the the provisions provisions of of Section Section 7.1 7.1 herein, herein, all all modifications modifications to to the the exterior exterior of the Unit must be approved or aa committee committee designated designated by by the the Board Board and and headed headed the approved in writing by by the the Board, Board, or by an an officer of the the Association, Association, prior to commencement commencement of such such work so so as as to to maintain maintain the the character character and and by sh.all preserve the the aesthetic aesthetic and and architectural architectural qualities qualities of ofthe theCondothinium. Condominium. The Association shall to preserve The Association promulgate rules rules and and regulations regylations in accordance with the foregoing. promulgate foregoing .

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Riqhts of Handicapped. Subject to to the of Section 9 of . 7.3 Rights Handicapped. Subject the provisions provisions of of this this Declaration, Declaration, each each Owner Owner's Residential Residential Unit and route over Owner shall shall have have the the right right to modify the Owner's and the the route over the the Common Area the Residential Residential Unit, Unit, at at the the Owner's Owner's sole sole cost cost and and expense, expense, in order order to to leading front door of the leading to to the the front facilitate access to the Residential Unit by persons who are blind,visually blind, visually handicapped, handicapped, deaf deaf or or physically physically disabled, persons. The such persons. The rights rights grthhted grarited by this disabled, or to alter alter conditions which which could could be be hazardous hazardous to st[ich Section are further further subject subject to the Section are the following following conditions: conditions: (i) (i) the modifications shall consistent with with the modifications shall be consistent applicable building code (ii) the the modifications modificationsshall shall be be consistent consistentwith with the the intent intent of of applicable bUilding code requirements; requirements; (i1) otherwise applicable'provisions provisionsof of this this Declaration Declaration pertaining pertainingtoto safety safety or or the the aesthetic integrity of the aesthetic integrity the otherwise applicable Residential Unit shall not not prevent prevent reasonable reasonable Property; Property; (iii) (iD)the themodifications modificationswhich whichare are external external to to the the Residential passage by by other other Owners Owners or or lnvitees passage Invitees on on the the Project, Project, and and shall shall be be removed removed by by the the Owner Owner when when the the Owner who who Residential longer occupied occupied by by persons persons requiring requiring those those modifications; modifications; (iv) (iv) any any Owner Residential Unit Unit is is no longer intends to to modify modify aa Residential Residential Unit pursuant to this Section Section shall shall submit submit their their plans plans and and specifications specifications to to intends the Association Association for for review review to to determine deternine whether the modifications modifications comply comply with with the the provisions provisionsof of Section Section 9 the Residential Unit Unit shall be be in in and this Section; Section; and (v) any change in the the exterior exterior appearance appearance of and this and (v) any change of a Residential accordance accordance with with the the provisions provisions,of ofthis this Declaration Declarationand andall allapplicabie applicableprovisions provisionsofoflaw. law. The Association shall not deny approval of the proposed modifications under under this Section without without good cause shall Section 8: Additions, or Improvements Improvements by the Association Section.8: Additions, Alterations or

Capital additions, additions, alterations or improvements to to the the Common Common Elements Elements and and Association Association property property (as distinguished from maintenance, costing in in excess excess of $50,000.00 $50,000..00 in in the the (as distinguished from maintenance, repairs repairs and replacements) replacements) costing aggregate in any any calendar calendar year, year, shall shall be be considered considered material materialand andsubstantial substantialininnature. nature. The The Association Association aggregate in may proceed SUCh. material material additions, additions, alterations alterations or improvements improvements only only ifif the the making making of of such such may proceed with such, additions, shall have have been been approved by the Owners Owners of of a majority majority of of the theUnits Units additions, alterations or improvements shall which aa quorum quorum isis attained.. attained. Additions, Additions, alterations alterations or or improvements improvements to to the the represented at a meeting meeting at which represented Common Elements, Elements, or or any any part thereof, costing $50,000.00 or less less in th aggregate, during during a calendar thereof, costing $50,000.00 or the aggregate, calendar Common of Directors Directors without withoutapproval approval year, and, therefore, therefore, may may be be made made by by the the Board Board of year, are not material in nature, and, of the Unit Owners. Owners. The The cost costand andexpense expenseofofany anysuch suchadditions, additions, alterations alterations or or improvements improvements to to such such proVided in Section Section 13.2 13.2 Common "Special Assessmenf' Common Elements Elements shall shall be be as as a "Speoial Assessment' of the Unit Owners as provided \

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hereof. For purposes purposes of this this Section Section 8, 8, "aggregate "aggregate in any any calendar calendar year" year" shall shall 'include include the total debt the total incurred incurred in in that that year, year, if such debt is incurred to perform the above-stated purposes, regardless of whether the repayment of any part of year. of that that debt is is made beyond that year. " Section 9: Additions, Alterations or or Improvements Improvements by by Unit Unit Owner Owner 9.1 the Common Common Elements. Elements. After the completion of the the improvements Improvements included included in the To the the completion in the Common which are set forth in this Declaration, which are are contemplated contemplated by by the the Developer in in Common Elements which Declaration, or which the completion completion of no alterations alterations or of the the development development as as set set forth forth herein, herein, there there shall shall be be no or additions additions to to the the Common Elements (which by definition includes the Umited Common Common Common Elements), Elements), except except as as authorized authorized by by the Board Board of Directors Directors and and approved approved by less than than 75% 75% of the the total total vote vote of of the the Unit Unit Owners. Owners. In the by not not less addition to to the the foregoing requirement, no addition no alterations or additions may be be made made involuntarily involuntarily to the Limited Limited the Common Common Elements of any particular Unit if such alteration or addition will adversely affect or prejudice the rights such Unit Owner unless unless his his consent consent first first has has been been obtained. obtained. The cost of the foregoing rights of such ofthe foregoing shall be assessed as Common Expenses Expenses unless unless otherwise otherwise provided provided herein. herein. 9.2 Exceptas asotherwise otherwise reserved reserved by by the the Developer Developer or or detailed detailed in in Sections Sections 3.4 3.4 To the Units. Except or 18 18 herein, herein, no no Unit Unit Owner Owner shall shall make make any any alteration alteration or or improvement improvement to such such Owner's Owner's Unit except except in in 9.2. AA Unit UnitOwner Owner may may make make alterations alterations and and improvements improvements to the interior of accordance with with this Section 9.2. the Unit Unit so long long as as such such alterations alterations or or improvements improvements are not visible from the the outside outside of the the Unit Unit or or the the Buildings, structural integrity integrity of the BUildings, do not not otherwise otherwise violate the Buildings, do do not not impair impair the structural the Unit or the Buildings, terms and are are in in compliance with all all applicable applicablebuilding buildingcodes codesand andlaws. laws. A Unit compliance with Unit terms of this this Declaration, Declaration, and relocate his Other alterations alterations or or improvements improvements to a Unit Unit which which Owner may may not expand, expand, enlarge enlarge or relocate his Unit. Unit. Other are not discussed prior approval approval in writing writing is is obtained obtained from from the the discussed in this Declaration Declaration may be made only if prior designated by by the the Board Board and and headed headed by by an an officer officerof ofthe theAssociation. Association. Board or a committee designated

'It

Indemnification by A Unit Unit Owner Owner making making or causing causing to be made any such such 9.3 Indemnification by Unit Unit Owner. Owner. A additions, alterations alterations or or improvements improvements to to the the Unit additions, Unit or or the the Limited Limited Common Common Elements Elements as as contemplated contemplated herein herein agrees, agrees, and and shall shall be be deemed deemed to have have agreed, agreed, for for such such Owner, Owner, and and such such Owner's Owner's heirs, heirs, personai personal representatives, successors appropriate, to hold the Association and other Unit Unit representatives, successorsand and assigns, assigns, as as appropriate, to 'hold the Association and all other Owners harmless from from and and to indemnify Owners harmless indemnify them them for any liability or damage damage to the the Condominium Condominium Property Property and expenses expenses arising solely responsible responsible for for the the maintenance, maintenance, repair repair and and and arising therefrom, therefrom, and and shall shall be be solely insurance thereof from and after after that date date of of installation installation or or construction construction thereof thereof as as may may be be required reqUired by bythe the Association. 9.4 Power Developer to to Veto VetoCertain CertainProposed ProposedModifications. Modifications. Notwithstanding Notwithstanding any any Power of Developer provision to contrary, the the Developer, Developer, having having the the intention intention in its its development development of of the the Condominium Condominium to to provision to the contrary, maintain Buildings, shall power, until until such such time as as the the maintain an an uniform uniform external external appearance appearance to to the the Buildings, shall have have the the power, Association is transferred from the the" Developer Developer to the other unit owners or when the the Developer Developer no no longer longer Association is transferred offers units for sale, sale, to veto any proposed improvement as contemplated by this Section. Alterations or Section 10: Additions, Alterations orImprovements Improvements by by Developer Developer Developer The The restrictions restrictions of of Section Section 99 hereof hereof shall shall not not apply apply to to Developer-owned Developer-ownedUnits. Units. The The Developer shall the consent or approval approval of the shall have have the additional additional right, right, without without the consent or the Board Board of Directors Directors or other other Unit Unit Owners, make alterations, alterations, additions additions or or improvements, improvements, structural structural and non-structural, interior and Owners, to to make and non-structural, interior and . exterior, exterior, ordinary extraordinary, in, upon any owned by it, it, to to the the proposed proposed or oralready already ordinary and and extraordinary, in, to to and and upon any Unit pwned constructed Unit located or or to constructed to be be located located thereon,, thereon, and Limited Limited Common Common Elements Elements appurtenant appurtenant thereto. thereto. (i) the th~ removal removal of walls, W,alls, floors, floors, ceilings ceilings and other other Such modifications shall include, include, without without limitation: limitation: (i) Such modifications structural portions Unit; (ii) structural portions of the Unit; (Ii) changes changes to to the thelayout layoutorornumber numberofofrboms. rooms inInany anyDeveloper-owned Developer-owned Units; and (Hi) (iii) 'changes changes to number of Developer-owned Developer-owned Units Units by by combining combining separate separate Units; to the ,the size size and/or number Developer-owned Units or or otherwise. otherwise. Any amendments to Declaration or the Condominium Condominium Plat Plat Developer-owned Any amendments to this this Declaration required by actions taken pursuant to, to this required by actions this Section Section may may be be effected effected by by the the Developer alone alone without the

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consent of any other person; provided, if any such amendment shall change the configuration or provided, however, however,.if or in any any material material fashion, fashion, materially materially alter aiter or or modify modify the the appurtenances appurtenances to size of any any Unit Unit in size to the the Unit, Unit, or change change the proportion or percentage percentage by by which which the the Unit Unit Owner Owner shares shares the the Common Common Expenses Expenses and and owns owns of the the amendment amendment to the the Declaration Declaration effecting effecting such such change change must must be be the Common Surplus, Surplus, the execution of joined joined in by the the record record owners owners of of the the Unit, Unit, all all record record owners owners of of liens liens on on the the affected affected Unit, Unit, and and at at least least total voting voting interests interests in in the Association. Association. Without limiting limiting the generality generality seventy-five seventy-five percent (75%) of the total of Section Section 6.5 hereof, the provisions of of this this Section Section may may not not be be added added to, to, amended amended or or deleted deleted unless unless by, by, or with Developer. with the the prior written written consent of, the Developer. Powers and and Duties Section 11: Operation of the Condominium by the Association; Associatiotv Powers

Powers and and Duties. Duties. The 11.1 Powers The Association Association shall be be the entity entity responsible for the operation of of the the Association Association shall shall include include those set set forth in the By-Laws By-Laws the Condominium. The powers powers and and duties duties of Condominium. The and Articles Articles of Incorporation Incorporation as amended from time to to time. time. In In addition, addition, the the Association Association shall shall have have all all the the powers and powers and duties duties set set forth forth in in the Act, Act, as well well as as all all powers powers and and duties duties granted granted to to or or imposed imposed upon upon itby itby this Declaration, Declaration, including, including, without limitation: The irrevocable right to have access access to to any portion (a) ThEiirrevocable portion of each Upit Unit and and the Limited Limited Common Common Elements Elements appurtenant appurtenant thereto thereto from from time time to to time time during during reasonable reasonable hours hours as as may may be be necessary necessary for the maintenance, of such such portions portions thereof thereof as as required required by by this this Declaration Declaration or or the the maintenance, repair or replacement replacement of Act,for performing extermination extermination services, any time and and by by force, (orce, if necessary, necessary, for for making making Act, for performing services,oror at at any emergency repairs necessary to prevent prevent damage damage to the Buildings, BUildings, the Common Elements Elements or or to the the Unit Unit or or any other Unit or Units. Units. andcollect collectAssessments Assessments and and other otherrelated relatedexpenSes expenses (b) The power to to make make and The power authorized under the the Act against to lease, lease, maintain, maintain, repafr repair and and replace replace the theCommon Common authorized under against Unit Unit Owners, Owners, to .Elements. Elements, Elements, and and to to grant, grant, modify or cancel easements pertaining to the Common Common.Elements. (c) maintain accounting accounting records, according to good good accounting accounting practices, practices, The duty to maintain which shall be open to inspection inspection by by Unit Unit Owners Owners or or their their authorized authorized representatives representatives at at reasonable reasonable times times which shall upon prior request.

(d) The power to to contract for the management and maintenance maintenance of the management and The power Condominium Property Condominium Property and and to to authorize authorize aa duly duly licensed licensed management managementagent agent(who (whomay maybe bean an affiliate affiliate of of the Developer) to assist the Developer) to assist the the Association Association in in carrying carrying out out itsits-powers powers and and duties duties by by performing performing such such collection of Assessments, records, enforcement functions functions as as the the submission submission of proposals, collection Assessments, preparation preparation of records, of rules rules and and regulations, regulations, and and perform perform the the maintenance, maintenance, repair repair and and replacement replacement required the required of of the Association with shall be be made made available available by by the the Association Association for for such such purposes. purposes. The Association with such such funds funds as shall to join join with with other othercondominium condominium associations associations and and entities entities in in Association also the power power to Association also shall shall have have the contracting for the the maintenance maintenance and and repair of the properties such other other condominiums condominiums and and other type contracting for properties of such may join with with other other condominium condominium associations associations in contracting for the properties, and properties, and may may contract contract for or may in contracting management such other condominiums condominiums and management of of the the properties properties of such and other other type type properties, properties, as as may may be more of Incorporation Incorporation and By-Laws By-Laws of of the Association. specifically specifically provided provided for by the Articles of

, (e) power to to borrow borrow money, money, execute execute promissory promissory notes and and other other evidences of of The power indebtedness and to to give give as security therefor mortgages and security security interests interests in in property property owned owned by by the the indebtedness and mortgages and be approved approved by by aa majority majority of of the entire Board Board of of Directors Directors and the the Association, if any. Such actions actions must mustbe Association, any. Such in Owners of all all the Units or by such greater percentage of the Board or Unit Owners as may be specified in the By-Laws with with respect to certain borrowing, permitted while while the the Developer borrowing, and and no no sucft such.action action shall shall be, be, permitted Developer,' owns any Unit without w!thout the prior written consent of the Developer. (f) power to to adopt adopt and and amend amend rules rules and and regulations regulations concerning concerning the details of of The power the details operation and and use of the Condominium Property. the operation Property. 15 F:\Documents\Louis\condo\Wave\Declaration.doc F:\Documents\Louis\condo\Wave\Declaration.doc 5/18/200512:36 PM

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(g) The power to acquire, acquire, lease, iease, mortgage mortgage and convey real and and personal personal property property (g). and to grant, such action grant, modify and and cancel cancel easements easements regarding regarding such such property, property, provided provided that such action may be and done of a majority majority of the Board Board of Directors Directors and and (H) (ii) aa finding done only only (i) (I) upon upon the approval of finding by by the the Board Board that that such action action is is for the the benefit of the members of the the Association. Association. The such The requirements requirements of of Section Section 88 pertaining pertaining the Unit Unit Owners' Owners' approval approval of of costs costs in in excess excess of of the the threshold threshold amount amount stated stated therein therein (including (including the the to the proviso as as to to the debt debt incurred) incurred) shall shall also also apply apply to to this this acquisition acquisition and and dealing dealingwith with Association-owned Association-owned proviso foreclosure of the lien lien for for property; property; prOVided, provided,however, however,that thatthe theacquisition acquisitionofofaaUnit Unitas as aa result result of a foreclosure Assessments shall be exempt exempt from from these these requirements. requirements. (h) The power to The power to acquire or enter enter into agreements agreements acquiring acquiring leaseholds, memberships or or other other possessory possessory or use interests in in lands lands or facilities facilities for recreational purposes as as long memberships use interests recreational purposes long are also also approved approved by by the the Owners Owners of of aa majority majority of ofthe the Units. Units. as such arrangements are

I

(i) of the the powers powers which which aa corporation corporation not-for-profit not-for-profit in the the State State of of Florida Fiorida may may All of exercise pursuant to this this Declaration, Declaration, the the Articles Articles of of Incorporation Incorporation and and By-Laws, By-Laws, Chapter Chapter 617, 617, Florida Florida exercise pursuant Statutes, and except as expressly limited or restricted in the Act or the documents of of Statutes, and the the Act, Act, in all cases except the Condominium. 11.2 Conflict. In the event event of of conflict conflict among among the powers and duties of the Association or the this Declaration Declaration or the the exhibits exhibits attached attached hereto, hereto, this this Declaration Declaration shall shall take take terms provisions of this terms and and provisions precedence precedence over the Articles of of Incorporation, Incorporation, By-Laws By-Laws and applicable applicabl.e rules rules and and regulations; regUlations; the the Articles Articles shall take precedence of Incorporation Incorporation shall precedence over the the By-Laws By-Laws and and applicable applicable rules rules and and regulations; regulations; and and the the By-Laws shall shall take take precedence precedence over over applicable applicable rules rules and and regulations, regulations, all all as as amended amended from from time time to time. time. By-Laws NotWithstanding anything Notwithstanding anything inin this this Declaration Declaration or or its its exhibits exhibits to the the contrary, contrary, the the Association Association shall shall at at all all times be the entity having ultimate ultimate authority authority over over the the Condominium, Condominium, consistent consistentwith with the the Act. Act.

Limitation of Liability the duty duty of the 11.3 Limitation Liability of ofAssociation, Association. Notwithstanding Notwithstanding the the Association Association to to and repair parts of . maintain and of the Condominium Condominium Property, the Association shall shall not not be be liable liable to Unit Unit Owners Owners for injury injUry or damage, other than for the the cost cost of of maintenance maintenance and repair, caused by by any latent latent condition of of the Condominium Property. Further, Further, the the Association Association shall liable for for any any such such injury injury or ordamage damage the Condominium shall not not be liable caused defects in design design or or workmanship workmanship or or any any other other reason reason connected connected with with any any additions, additions, caused by by defects aiterations alterations or or improvements improvements done done by by or on on behalf behalf of of any any Unit Unit Owners, Owners, regardless regardless ifif whether whether or or not not same same shall shall have have been been approved approved by the Association Association pursuant pursuant to to the the provisions provisions hereof. hereof. NOTWITHSTANDING HEREIN ORORININ THE ARTICLES OF OF NOTWITHSTANDINGANYTHING ANYTHINGCONTAINED CONTAINED HEREIN THE ARTICLES INCORPORATION,BY-LAWS, BY-LAWS,ANY ANY RULES RULES OR OR REGULATIONS REGULATIONS OF OF THE THE ASSOCIATION INCORPORATION, ASSOCIATION OR OR ANY OTHER DOCUMENT DOCUMENT GOVERNING BINDING THE THE ASSOCIATION ASSOCIATION (COLLECTIVELY, (COLLECTIVELY, THE THE OTHER GOVERNING OR OR BINDING "ASSOCIATION DOCUMENTS"), DOCUMENTS"), THE THE ASSOCIATION ASSOCIATION SHALL SHALL NOT NOT BE LIABLE "ASSOCIATION LIABLE OR OR RESPONSIBLE RESPONSIBLE FOR, ANY MANNER MANNER BE BE AAGUARANTOR GUARANTOR OR OR INSURER INSURER OF, OF, THE THE HEALTH, HEALTH, SAFETY SAFETY OR. OR FOR, OR OR IN IN ANY WELFARE OF ANY ANY OWNER, OWNER, OCCUPANT OCCUPANT OR OR USER USER OF OF ANY ANYPORTION PORTION OF OFTHE THECONDOMINIUM CONDOMINIUM WELFARE PROPERTY, INCLUDING, INCLUDING, WITHOUT WITHOUT LIMITATION, RESIDENTS AND AND THEIR PROPERTY, LIMITATION, RESIDENTS THEIR FAMILIES, FAMILIES, GUESTS, GUESTS, INVITEES, AGENTS, AGENTS, SERVANTS, SERVANTS, CONTRACTORS CONTRACTORS OR SUBCONTRACTORS OR FOR ANY ANY INVITEES, OR SUBCONTRACTORS OR FOR: PROPERTY OF ANY PROPERTY OF ANY SUCH SUCH PERSONS. PERSONS. WITHOUT WITHOUT LIMITING LIMITING THE THE GENERALITY GENERALITY OF OF THE THE FOREGOING: .

.

IT IS IS THE THE EXPRESS EXPRESS INTENT INTENT OF OF THE THEASSOCIATION ASSOCIATION DOCUMENTS DOCUMENTS THAT THAT THE THE (a) VARIOUS THEREOF WHICH WHICH ARE ARE ENFORCEABLE VARIOUS PROVISIONS PROVISIONS THEREOF ENFORCEABLE BY. BY THE THE ASSOCIATION ASSOCIATION AND AND WHICH GOVERN WHICH GOVERN OR OR REGULATE REGULATE THE THE USES USES OF OF THE THE CONDOMINIUM CONDOMINIUM PROPERTY PROPERTY HAVE BEEN BEEN WRITTEN, AND ARE TO TO BE BEINTERPRETED INTERPRETED AND AND ENFORCED, ENFORCED, FOR F0fl. THE THE SOLE SOLE PURPOSE PURPQSE OF OF WRITTEN, AND ARE ENHANCING AND ENJOYMENT OF THE CONDOMINIUM PROPERTY PROPERTY AND THE ENHANCING AND MAINTAINING THE ENJOYMENT THEREOF; VALUE THEREOF;

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

(c) ANY PROVISIONS PROVISIONS OF OF THE THE ASSOCIATION ASSOCIATION DOCUMENTS DOCUMENTS SETTING SETTING FORTH FORTH THE THE (e) USES OF ASSESSMENTS WHICH USES OF ASSESSMENTS WHICH RELATE RELATE TO TO HEALTH, HEALTH, SAFETY SAFETY AND/OR AND/OR WELFARE WELFARE SHALL SHALL BE INTERPRETED AND APPLIED APPLIED ONLY AS LIMITATIONS INTERPRETED AND LIMITATIONS ON ON THE USES USES OF OF ASSESSMENT ASSESSMENT FUNDS FUNDS AND NOT AND NOT AS AS CREATING CREATING AA DUTY DUTYOF OFTHE THEASSOCIATION ASSOCIATION TO TOPROTECT PROTECT OR ORFURTHER FURTHER THE THE HEALTH, WELFARE OF ANY ANY PERSON(S), PERSON(S), EVEN EVEN IF IF ASSESSMENT ASSESSMENT FUNDS FUNDS ARE HEALTH, SAFETY SAFETY OR OR WELFARE ARE ANY SUCH SUCH REASON. REASON. CHOSEN CHOSEN TO BE USED FOR ANY TITLE TO HIS UNIT) UNIT) AND EACH EACH UNIT OWNER (BY VIRTUE OF HIS ACCEPTANCE OF TITLE OTHER PERSON INTEREST IN LIEN UPON, UPON, OR OR MAKING. MAKING. ANY USE OTHER PERSON HAVING HAVING AN AN INTEREST IN OR LIEN USE OF, OF, ANY ANY

PORTION OF OF THE CONDOMINIUM VIRTUE OF ACCEPTING SUCH CONDOMINIUM PROPERTY PROPERTY (BY VIRTUE SUCH INTEREST INTEREST OR OR PORTION BOUND BY THIS DEEMED LIEN OR MAKING SUCH SUCH USES) USES) SHALL BE BOUND THIS PROVISION PROVISION AND AND SHALL SHALL BE BE DEEMED TO HAVE HAVE AUTOMATICALLY AUTOMATICALLY WAIVED WAIVED ANY ANY AND AND ALL ALL RIGHTS, RIGHTS, CLAIMS, CLAIMS, DEMANDS DEMANDS AND AND CAUSES CAUSES OF .ACTION .ACTION AGAINST AGAINST THE THE ASSOCIATION ASSOCIATION ARISING ARISING FROM FROM OR CONNECTED MATTER OF CONNECTED WITH ANY MATTER FOR WHICH OF THE ASSOCIATION ASSOCIATION HAS BEEN DISCLAIMED DISCLAIMED IN IN THIS THIS PROVISION. PROVISION. WHICH THE THE LIABILITY LIABILITY OF INCLUDE WITHIN WITHIN ITS ITS MEANING MEANING ALL ALL AS USED IN AS USED IN THIS THIS SECTION, SECTION, "ASSOCIATION" SHALL INCLUDE OF THE THE ASSOCIATION'S ASSOCIATION'S DIRECTORS, DIRECTORS, OFFICERS, OFFICERS, COMMITTEE COMMITTEE AND AND BOARD BOARD MEMBERS, MEMBERS, OF CONTRACTORS (INCLUDING MANAGEMENT EMPLOYEES, AGENTS, COMPANIES), SUBCONTRACTORS, SUCCESSORS AND AND ASSIGNS. ASSIGNS.THE THE PROVISIONS PROVISIONSOF OFTHIS THISARTICLE ARTICLE SHALL SHALL SUBCONTRACTORS, SUCCESSORS ALSO INURE AND ITS ITS AFFILIATES, WHICH SHALL SHALL BE INURE TO THE THE BENEFIT BENEFIT OF OF THE THE DEVELOPER DEVELOPER AND AFFILIATES, WHICH FULLY PROTECTED HEREBY. 11.4 Restraint of a Unit Unit Owner in the the funds funds Restraint Upon Upon Assignment Assiqnment of of Shares Shares inin Assets. Assets. The share of and assigned, hypothecated hypothecated or transferred and assets assets of the Association Association cannot be assigned, transferred in in any any manner except as an appurtenance to such such Owner's Owner's Unit. Unit appurtenance to 11.5 Approval or Disajproval Disapproval of of Matters, Matters. Whenever Whenever the the decision decision of of aa Unit Unit Owner Owner is required required Approval an Association Association meeting, meeting, that that decision decision shall shall be be expressed expressed upon any matter, matter, whether or not not the the subject subject of of an person who who would would cast the vote vote for that Unit Unit ifif at at an an Association Association meeting, meeting, unless unless the the joiner joiner of of by the same person Deciaration or by law. record Owners of the Unit is specifically required by this Declaration all record 11.6 11.6 Acts Acts of the Association. Association. Unless Unless the the approval approval or or action action of of Unit Unit Owners Owners andfor and/or aa certain certain specific of the the Board of Directors Directors is is specifically specifically required reqUired in this this Declaration, Declaration, the Articles Articles of of specific percentage percentage of Incorporation, Incorporation,the the By-Laws, By-Laws, applicable applicablerules rulesand and regulations regulationsofof the the Association Association or or applicable applicable law, law, all all permitted to be be given given or or taken taken by by the the Association Association shall shall be be given given or ortaken taken approvals or actions required or permitted by the Board Directors without the consent consent of Unit Unit Owners, Owners, and and the Board Board may may so so approve approve and and act act Board of Directors through the proper officers of the Association without a specific resolution. resolution.. When an approvai approval or action of the Association Association is permitted permitted to be be given given or or taken taken hereunder hereunder or or thereunder, thereunder, such such action action or or approval approval may may be conditioned conditioned in in any any manner manher the the Association Association deems deems appropriate appropriate or or the the Association Association may may refuse refuse to to take take or or approval without without the the necessity necessity of of establishing establishing the the reasonableness reasonableness of of such such conditions conditions give such action or approval

or or refusal. refusal. 11.7 By-Laws. No Nomodification modification of of or oramendment amendment to to the the By-Laws By-Laws shall shallbe bevalid valid 11.7 Amendment of By-Laws. unless set unless set forth forth in in or or annexed annexed to to aa dUly duly recorded recorded amendment amendmenttotothis thisDecl,aration. Deciration.. The By-Laws may may be be amended in the the manner provided to the the By-Laws shall be adopted which amended in prOVided for therein, therein, but no amendment amendment to By-Laws shall would affect affect or impair the validity or or priority priority of of any any mortgage mortgage covering covering any Condominium Condominium Parcel(s), Parcel(s), or or would which would would change change the the provisions without the which provisions of the the By-Laws By-Laws with with respect respect to institutional institutional mortgages mortgages without No amendment amendment shall shall change change the the rights rights and and written approval of all Institutional First Mortgagees of record. record. No 17 17 F:\Documents\Louis\condo\Wave\Deciaration.doc F:\Docurnents\Louis\oondo\Wave\DecIaraton.doc 5/18/200512:36 PM

( privileges of the Developer Developer without Any amendment amendment to the the By-Laws, By-Laws, as as provided provided privileges of the without its its written written consent., consent. Any herein, as required required in in this Section Section 11 11 and and in in Section Section 66above, above, and and said said herein, shall be executed by the the parties parties as in the the public public records records of of the the County. County. amendment shall be recorded in

Bindinq Effect Every Owner, 11.8 Binding Effect of of Condominium Condominium Documents. Documents. Every Owner, whether whether having having acquired acquired 11.8 ownership ownership of of aa Unit by gift, conveyance conveyance or or transfer transfer by by operation operation of of law, law, or otherwise,shall otherwise, shall be be bound bound by by the Articles the By-Laws, and the the provisions provisions of of this this Declaration. Declaration. Membership Articles of Incorporation, Incorporation, the By-Laws, and Membership in the the Association Association shall shall automatically automatically terminate terminate upon upon the termination termination of ownership ownership of of aa Condominium Condominium Parcel, Parcel, shall automatically and the subsequent Owner{s) Owner(s) taking title shall sutomatically become become entitled entitled to to membership. membership. Section 12: Manaqement Management Agreement Aqreement The Association shall be the entity responsible responsible for the the management and and operation operation of of the the Condominium. The Association Association has has the the power, power, but but not not the the duty, duty, to enter enter into a management management agreement Condominium. The the Condominium. Condominium. with a third party for the management management in in operation operation of ofthe and Special Assessments Assessments Section 13: Common Expenses and Common Surplus and

Common Common Expenses 13.1 Common Expenses Expenses and and Common Common Surplus. Surplus. Common Expenses include include the the expenses of the operation, operation, maintenance, maintenance, repair or replacement of the Common Elements, utilities for the expenses entire Condominium, Condominium, costs powers and duties of the the Association Association and any other entire costs of of carrying carrying out out the the powers and duties and any expense the documents Common Expenses Expenses by this Declaration, the documents creating creating the expense designated designated as Common Condominium, Funds for for the the payment payment of of Common Common Expenses shall be assessed against Condominium, or or the the By-Laws. By-Laws. Funds against Owners in in the the proportions or percentages provided in in Exhibit Exhibit "B" "B" to to the the Declaration. Unit Owners percentages provided Declaration. AAUnit UnitOwner's Owner's share of Common Common Expenses Expense's shall the same same proportion proportion as his his ownership ownership interest interest in the the Common Common share shall be in the Elements. Common owned by Unit Owners in the same shares as their their ownership ownership interest interest in in Common Surplus is owned the Common Elements. 13.2

Special.Assessments. The Board Board of of Directors Directors may may levy levy "Special "Special Assessments," Assessments," Special.Assessments. The

which are are any any assessments assessments levied Unit Owner Owner and and such such Owner's Owner's Unit, Unit, other other than than the the which levied against against aa Unit assessment required required by by the assessment the annual annual budget. budget. Special Board of Special Assessments Assessmentsmay maybe be levied levied by by the the Board Directors and shall be payable in in lump lump sums sums or or installments, installments, in in the the discretion discretion of ofthe theBoard. Board. Section 14: 14: Collection Collection of Assessments

The General shall be General Assessments Assessments and Special Special Assessments Assessments (collectively, (collectively, the "Assessments") "Assessments") shall be ' collected as follows: 14.1 Liability Liability for for Assessments. Assessments. A A Unit Unit Owner, Owner, regardless regardless of of how how title is is acquired, acquired, including by purchase at a judicial sale or by deed in lieu of foreclosure, foreclosure, shall be liable for all Assessments coming due such person person (as defined by Sebtion 1.01(3), Florida Statutes) Statutes) is is the the Owner Owner of of the the Unit. Unit. Additionally, while such Section 1.01 (3), Florida a Unit Owner shall be jointly and severally liable with with the the previous preVious owner owner for for all all unpaid unpaid Assessments Assessments that that came due due up to the time of the conveyance, to any right came conveyance, without prejudice to right such such Unit Owner may have to recover liability for for Assessments Assessments recover from from the the previous previous owner owner the the amounts amounts paid paid by by such such Unit Unit Owner. Owner. 'The The liability may not be Common Elements or by the abandonment be avoided avoided by waiver of the use or enjoyment of any Common of the Unit for which the Assessments are made or otherwise. otherwise·.. 14.2 Default Default in Payment Payment of of Assessments. Assessments. Assessments Assessments and installments installments on them them not not paid paid 14.2 when due bear interest from the date when due until paid at the maximum maximUm interest rate permitted by law, and and at the the sole sole discretion discretion of of the. the Board Board of Administration, Administration, aa late late charge charge not not to exceed exceed the greater greater of of Twenty Five dollars or five Twenty Five dollars ($25.00) ($25.00) or five (5%) (5%) percent percent of of each each installment installment of the the Assessment Assessment for for each each installment that that the the payment payment isis late late shall shallbe bedue due and andpayable, payable. delinquent installment 18 18 F:\Documents\Louis\condo\Wave\Declaration.doc F:\Documents\Louis\condo\Wave\Declaration4oc 5/18/200512:36 PM

an additional additional right right and and remedy remedy of of the the Association, Association, upon upon default default inin the the payment payment of of As an Assessments as aforesaid aforesaid and and after after 30 30 days' days' prior prior written written notice notice to to the the applicable Unit Owner Owner and and the the Assessments as applicable Unit recording recording of of aa claim claim of of lien, lien, the the Association Association may may declare declarethe thebalance balanceof of Assessment Assessment installments installments due due for for the remainder remainder of the the fiscal fiscal year year and and payments payments of ofother other known known Assessments Assessments to to be be accelerated accelerated and and shall shall immediately due due and and payable. payable. In In the the event event that that the the amount amount ofofsuch suchaccelerated accelerated thereupon be thereupon be immediately installments or payments payments changes, Owner or the Association, Association, as appropriate, appropriate, shall be obligated installments changes, the Unit Owner to pay or reimburse to the other the amount of increase or decrease within within 10 days of same taking effect. effect. payor same taking

Any payments from a delinquent Unit Owner shall shall be applied first to payments received received by the Association Association from interest accrued accrued as provided above, any administrative administrative late any. costs costs and and any interest as provided above, then then to to any late fee, fee, then then to to any in collection the delinquent delinquent and and any any reasonable attorneys' incurred in reasonable attorneys' fees fees incurred collection as as aforesaid aforesaid and and then then to to the accelerated Assessments. The foregoing foregoing application application of funds funds received received shall shall be be applicable applicable despite despite any any accelerated Assessments. The

restrictive endorsement, designation or on or accompanying a payment. payment. or instruction instruction placed on

Notice of Intention 14.3 14.3 Notice Intention to to Foreclose Foreclose Lien. Lien. Unless Unless otheEwise otherwise required requiredby by the the Act Act or other other applicable applicable law, law, no no foreclosure foreclosure jUdgment judgment may may be be entered entered until until the the recording recording of of aa claim claim of of lien lien and and at at least 30 days' written written notice to the Unit Unit Owner Owner of of the the Association's Association's intention to foreclose foreclose its lien lien to collect collect the the this notice notice is is not not given given at least 30 days unpaid unpaid Assessments. Assessments. IfIf this days before before the the foreclosure foreclosure action action is is filed, filed, and and Assessments, including including those those coming coming due due after after the the claim claim of of lien lien is is recorded, recorded, are are paid paid before before if the unpaid unpaid Assessments, the entry of aa final final judgment judgment of of foreclosure, foreclosure, the the Association Associationshall shallnot notrecover recoverattorneys' attorneys'fees feesororcosts. costs. The The be given given by by delivery delivery of of a copy copy of it to the Unit Owner or or by by certified certified or registered mail, return return registered mail, notice must be receipt receipt requested, requested, addressed addressedtotothe the Unit Unit Owner Owner at at the the last last known known address, address, and and upon upon such such mailing, mailing, the the have been given. If after diligent search search and inquiry inquiry the the Association Association cannot cannot notice notice shall shall be be deemed deemed to to have find the Unit Owner or a mailing will receive the notice, the court may mailing address at which which the Unit Owner will receive the notice, the law. The. The proceed proceed with with the the foreclosure foreclosure action action and and may may award award attorneys' attorneys' fees fees and and costs costs as as permitted permitted by by law. notice requirements this subsection subsection are are satisfied the Unit Owner Owner records records a Notice of Contest of Lien requirements of this satisfied if the Lien the Act. Act. as provided in the Receiver to to Coliect Coliect Rental. Rental. If the Unit Unit Owner Owner remains remains in in possession possession of of 14.4 Appointment of Receiver judgment has been entered, in its its discretion. discretion may require the the Unit Unit the Unit after after aa foreclosUre foreclosure jUdgment entered, the court in rental for for the the Unit, Unit. If the Owner to pay a reasonable rental the Unit Unit is is rented rented or leased leased during during the the pendency.of the foreclosure action, action, the the Association Association isis entitled entitled to to the the appointment of a receiver appointment of receiver to collect collect .the the rent, rent, the foreclosure ei
Certificate of Unpaid Unpaid Assessments. Assessments. Within .a Unit Unit Owner or 14.6 Certificate of Within 15 15 days after after request request by by.a Unit, the Association shall provide provide aa certificate stating all Assessments Assessments and and other othermonies monies mortgagee mortgagee of of a Unit, owed to the Association by by the the Unit Unit Owner Owner With with respect respect to tosuch suchOwner's Owners Unit. Unit. Any the Association Any person person other otherthan than the the be protected protected thereby. thereby. such certificate certificate shalt shall be Unit Owner who relies upon such 14.7 Installments. mo,nthly or quarterly, quarterly, in advance, advance, 14,7 Installments. General General Assessments Assessments shall shall Qe be collected collected monthly Initially, General Assessments will will be as determined from time time to to time time by by the the Board Board of of Directors. Directors. Initially, General Assessments be as determined from collected monthly. .

.

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Developer's Guarantee. If,If, ininthe 14.8 the purchase purchase agreement agreementor orby byother othermeans meanspursuant pursuant to to the the 14.8 Act, .Developer specific period period of oftime timewill. will. Act,. Developer shall shaHguarantee guaranteeto to each each purchaser purchaser that that the the Assessment for aa specific not exceed exceed a certain certain dollar amount, amount, then then the the Developer Developer shall obligated to to pay the the amount amount of shall only only be be obligated Common Expenses Expenses incurred period and not not produced produced by by the the Assessments Assessments received received from from Common incurred during during that that period other Unit Owners. an Owner Owner who is is leasing leasing his his or orher herUnit Unit fails fails to to pay pay any any 14.9 Liability For Assessments. When an 14.9 Assessments. When Regular or other other Assessment Assessment or or any any other other charge charge to to be be paid paid by bythe theOwner Ownertotothe the Association Association RegUlar Assessment or pursuant to Declaration for period of more more than is due due and and payable, payabie, the pursuant to this this Declaration for aa period than thirty thirty (30) (30) days days after it is Association shall shall file file a claim and request request aa Association claim of lien lien against a unit unit prior prior to to bringing bringing aa Foreclosure Foreclosure action action and rents and Foreclosure. This This provision prOVision Receivership Receivership to to collect collect the the rents and hold them them pending pending the the outcome outcome of the Foreplosure. shall not be construed to release the Owner Owner from any any obligation, obligation, including inclUding the the obligation obligation for for Assessments, Assessments, he or or she she would would otherwise otherwise be be responsible. responsible. for which he

Section 15: Insurance Insurance covering the Condominium Property and the Association Property Property shall shall be be governed governed by by the following provisions: 15.1 "Insurance Trustee". The Board Board of of Directors Directors of of the the Association shall shall have have the option in its Trustee". The discretion of appointing appointing an Insurance Insurance Trustee Trustee hereunder. hereund€r. If the Association Association fails or elects elects not to appoint such Insurance Insurance Trustee, Board of Directors Directors will perform perform directly directly all all obligations obligations imposed imposed upon such such such Trustee, the Board insurance Trustee by this this Declaration. Declaration. Fees Fees and expenses expenses of of any any Insurance Insurance Trustee Trustee are are Common Common Insurance Trustee by Expenses. 15.2

and Payment. Payment. Purchase, Custody and

(a) Purchase. All insurance insurance policies policies purchased purchased by by the the Association Association shall shall be issued issued by by Purchase. All an company authorized authorized to to do business in Florida meeting all criteria established by the Board an insurance company business in Florida meeting established by or the Act and any rules promulgated promuigated thereunder. thereunder. (b) Named Under all all insurance insurance policie policies purchased by the Association, Association, the the Named Insured. Insured. Under named insured insured shall shall be be the Association, individually, and and as as agent agent for for Owners covered by the Association, individually, Owners of Units covered narned policy, policy, without without naming naming them, them, and and as as agent agent for for their their mortgagees, mortgagees, without without naming naming them. them. The Unit Owners and their shall be be deemed deemed additional insureds. their mortgage4es mortgagE\es shall insureds. .

(c)

Payment of Proceeds. All insurance insurance policies policies purchased purchased Custody of Policies and and Payment Proceeds. All

by shall provide provide that that payments payments for for losses losses made made by by the the insurer insurer shall shall be be paid paid to the by the the Association Association shall the Trustee, and and copies copies of such such policies policies and and endorsements endorsements thereto thereto shall shall be be given given to to the the Insurance insurance Insurance Trustee, Trustee. (d) Copies to to Mortqaqees. Mortgagees. One copy .ofof each certificate One copy each insurance insurance policy, policy, or or a certificate Copies evidencing thereto, shall shall be be furnished furnished by the Association Association upon upon request request evidencing such such policy, policy, and all endorsements thereto, by the policy. policy. Copies or to each Institutional institutional First Mortgagee who holds a mortgage upon a Unit covered by certificates shall shall be be furnished furnished not not less less than than 10 10 days days prior prior to to the the beginning beginningof of the the term term of of the thepolicy, policy, or or not not certificates of each preceding preceding policy policy that that is is being being renewed renewed or or replaced, replaced, as as less the expiration expiration of.each less than than 10 days prior to the appropriate. appropriate Association Responsibility; Responsibility; Unit Unit. Owner's Owner's Personal Personal Coveraqe. Coverage. (e) Exceptions Exceptions fr.om from Association Except responsible to Unit Except as as specifically specifically provided providedherein hereinor or by by the the Act, Act, the the Association Association shall shall not not be be responsible to Unit lying within the boundaries boundaries of their Unit, Unit, Owners Owners to obtain obtain insurance coverage coverage upon upon any any and all property lying personai liability and and living living expense expense and and including, including, but not limited to, their personal property, and for their personal any other risks not otherwise insured in accordance herewith. for any \

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20 20.

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

The shall have or fire fire and and casualty casualty The Association Association shall have no no obligation obligation to to purchase purchase flood flood insurance insurance or property within within the the Units. Units. insurance on the personal property herein, the Unit Owner shalt shall be solely responsible for insuring insuring In accordance with Section 3.3(c) herein, any and and all all equipment, equipment, machinery, machinery, fixtures, fixtures, fumiture furniture or or the the like like installed installed and/or and/or placed placed upon upon or or within within the the any Limited such Owner's Limited Common Elements appurtenant to such. Owner's Unit, Unit, as as well well as as any any other other improvements improvements located located within such Limited Common Elements.

Unless the Association elects otherwise, the insurance purchased by the Association shall not cover claims against a Unit Owner due to accidents occurring within such Owner's Unit. It shall be the obligation of the individual Unit Owner, if such Unit Owner so desires, to purchase.and pay for insurance as 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 to

obtain and maintain adequate insurance covering the following: (a) Csualty. Insurance covering loss or damage to the Common Elements and all other portions of the Condominiun, Property which the Asàociation is responsible to maintain under the terms of this Declaration, and all items for which the Association is required under applicable provisions of the Act to insure against loss or damage by fire and against loss or damage by risks now or hereafter

embraced by standard extended coverage and vandalism and malicious mischief endorsements (collectively, the "Insured Property"). Such policies may contain reasonable deductible provisions as determined by the Board of Directors. Such coverage shall afford protection against such other risks as from time to time are customarily covered with respect to buildings and improvements similar to the Insured Property in construction, location and use, including, but not limited to, vandalism and malicious mischief. (b) liability.· Comprehensive Comprehensive general general public pUblic liability liability and automobile liability insurance insurance Liability. damage resulting accidents or the covering covering loss loss or or damage resulting from from accidents or occurrences occurrences on on or or about about or in connection with the Insured Property Insured Property or or adjoining adjoining driveways drivewaysand andwalkways, walkways,oror any any work, work, matters matters or or things things related related to to the combined Insured insured Property, Property, with with such such coverage coverageas as shall shall be be reqUired required by by the the Board Boardof of Directors, Directors,but butwith 'ith combined single limit liability of not not less less than than $1,000,000.00 $1,000,000.00 per per occurrence, occurrence, and and with with aa cross cross liability liability endorsement endorsement to 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 FNMNFHLMC, covering persons Fidelity Insurance, Insurance, ifif reqUired required by by the the Act or FNMA/FHLMC, covering all persons who control or disburse Association funds, insurance to to be in the amount required required by law and and must must funds, such such insurance association or management agent maximum funds custody of the association cover the maximum funds that that will will be be in the custody or its its management agent at any one time. time, As thisparagraph, paragraph, the the term term "persons "persons who who control control or or disburse disburse funds funds of of the the association" association" As used used inin this limited to, those those individuals individuals authorized authorized to sign sign checks checks and and the the president, president, secretary, secretary, inclUdes, includes, but but is is not limited and treasurer of the association. The association shall bear the cost of bonding.

policies or Appropriate policy provisions, (e) Association Property. Property. Appropriate additional additional policy prOVIsions, policies· Association endorsements extending coverage described described above above to all all Association Association endorsements extendingthe the applicable applicable portions portions of of the the coverage Property, where such coverage coverage is is available. available. Property, (f)

.;>

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

to be desirable. 21 21

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When appropriate and obtainable, each of the foregoing policies shall waive the insurers insurer'sright rightto: to: its officers, subrogation against of the (i) against the the Association, Association,its officers, members members of the Board, Board, the theDeveloper,, Developer, the the (I) subrogation Management respective employees employees and agents, and Unit Owners Owners individually individually Management Firm Firm and and its respective and agents, and against the Unit and as as a group; to pay pay only only aa fraction (Ii) to fraction of any any loss in the event event of coinsurance coinsurance or if other other insurance insurance and group; (U) carriers have issued avoid liability liability for for a loss that is caused by an issued coverage upon the same same risk; risk; and and (UI) (iii) avoid act the Board Board of of Directors, Directors, aa member member of of the the Board Board of ofDirectors, Directors, the the Management Management Firm Firm and its act of the and its respective employees and and agents, agents, the the Developer, one or more more Unit Owners Owners or as a result of contractual respective employees Developer, one Additionally, each shall provide provide that that any any insurance insurance trust trust agreement agreement will will be be each policy policy shall undertakings. Additionally, recognized, that the the insurance insurance provided providedshall shallnot not be be prejudiced prejudicedby by any any act act or recognized, that or omissions omissions of the the Management Firm or the individual Unit Owners that are not under the controi control of the Association, Association, and that the policy Unit Owner Owner has has other otherinsurance insurance that thatcovers coversthe thesame sameloss. loss. policy shall shall be be primary, primary, even even ifif aa Unit

Every casualty casualty insurance insurance policy policy obtained obtained by by the the Association Association shall shall have have the the agreed agreed amount amount and and Every inflation guard endorsement unless the Board Board finds such such endorsement endorsement is is unobtainable unobtainable or or economically economically inflation infeasible. 15.4 Provisions. All policies policies of of insurance insurance shall shall provide provide that that such such policies policies may may not not Additional Provisions. written notice to all all of of the the named named be canceled or substantially sUbstantially modified be canceled modified without without at at least least 30 30 days' prior written Prior to to obtaining, any policy policy of of casualty casualty insurance insureds, including all mortgagees Units. Prior obtaining any insurance or any insureds, including all mortgagees of Units. renewal renewal thereof, thereof, the Board of Directors may wish to obtain an appraisal from a fire insurance company, or appraiser, of the full full insurable insurable replacement replacement value of the the Insured Insured Property Property (exclusive (exclusive of other competent appraiser, foundations), without insurance foundations), without deduction deduction for depreciation, depreciation, for for the the purpose purpose of determining determining the the amount amount of insurance pursuant to to this this Section. S'ection. to be effected pursuant

Premiums. Premiums by the shall be be 15.5 Premiums. Premiums upon upon insurance insurance policies policies purchased purchased by the Association Association shall of fidelity fidelity honding Donding for for the the paid the Association .Association as aa Common Common Expense, costs of paid by the xpense, except except that that the the costs ManagementFirm Firm employees employeesmay maybe be paid paid by by the the Management Firm pursuant pursuanttoto the the management manaement Management Management Firm suchmanner manneras asthe the Board Board of ofDirectors Directorsdeems deemsappropriate. appropriate. Premiumsmay maybe befinanced financedininsuch agreement. Premiums of Proceeds. Proceeds. All All insurance insurance policies policies obtained obtained by by or or on on behalf behalf of of 15.6 Insurance Share of Insurance Trustee; Trustee Share and the Association Association shall be for for the the benefit.of benefit.ofthe the Association,, Association, the Management Management Firm, Firm, the Unit Unit Owners Owners and their mortgagees, mortgagees, as their respective respective interests interests may may appear, appear, and and shall shall provide provide that thatall all proceeds proceedscovering covering losses paid to to the Insurance Trustee, Trustee, which which may be designated Insured Property Property shall be. be. paid designated by the losses to the Insured Directors and appointed, shall shall be be a bank bank or or trust trust company company in in Florida Florida with with trust trust Board of Directors Board and which, which, if so appointed, powers, with with its its principal principal place place of of business business inin the the State State of of Florida. Florida. The shall not be be powers, The Insurance Insurance Trustee Trustee shall liable for for payment of premiums, premiums, nor nor for for the the renewal renewal or or the the sufficiency sufficiency of of policies, policies, nor nor for for the the failure failure to to liable payment of of the the Insurance Insurance Trustee Trustee shall shall be be to to receive receive such such proceeds proceeds as as collect The duty duty of collect any insurance insurance proceeds. proceeds. The are paid and to hold hold the same same in in trust for for the the purposes purposes elsewhere else*here stated the benefit of the the stated herein, and and for the Unit·Owners Unit Owners and and their respective respective mortgagees mortgagees in in the the following following shares, shares, but but shares shares need need not not be be set set forth forth on on the records of of the Insurance Insurance Trustee: Trustee:

Insured the Insured Insured Property Property shall shall (a) Insured Prooerty. Property. Proceeds Proceeds on account of damage to the the fair market market be held by the the Associatio.n Association for be held for each each Unit Unit Owner Owner as as tenants tenants in in common common on on the the basis basis of the each Unit, Unit, relative relative to the the other other'Units Units in in the the Condominium, Condominium, immediately value of each value immediately prior priortoto the the event event of of casualty (such fair market value shall be determined by an MAt-certified selected by by the Board MAI-c:ertified appraiser selected Board Directors in its its sole sole discretion); discretion); provided, provided, however, however, that that prior prior to to any any distributionâ distributions to to the the Unit UnitOwners, Owners, of Directors such proceeds shall first be distributed in accordance with thq the provisions of Section 15.7 herein. Mortgagees. No tq determine Mortciaqees. Nb mortgagee mortgagee shall have any right tq, determine or or participate participate in in the

(b)

whether or not not any any damaged damaged property property shall shall be be reconstructed reconstructed or repaired, repaired, and and no no determination as determination as to to whether mortgagee shall shall have have any any right right to to' apply apply or or have to the mortgagee have applied applied to the reduction reduction of aa mortgage mortgage debt debt any any Unit Owner Owner and and mortgagee mortgagee insurance insurance proceeds, proceeds, except except for for actual actual distributions distributions thereof thereof made made to to the the Unit

to the provisions of this Declaration. pursuant to 22 F:\Documents\Louis\condo\Wave\Declaration.doc 5I18/200512:36 PM 5/18/200512:36 PM .

Proceeds of of insurance 15.7 Distribution of Proceeds. Proceeds. Proceeds insurance policies poiicies received received by by the the Insurance Insurance Distribution 15.7 for the the benefit benefit of of the the beneficial beneficial owners owners thereof thereof in in the the following following manner: manner: Trustee ee shall be distributed to or for Expenses of of the the Trust. Trust. All (a) Expenses All expenses expenses of the Insurance Insurance Trustee shall be first paid paid or provision shall be made therefor. . (b) Reconstruction or Repair, Repair. If the damaged damaged property which the proceeds proceeds are Reconstruction property for which paid is to be repaired proceeds shall shall be be paid paid to to defray defray the the cost cost thereof thereof as as paid repaired or reconstructed, reconstructed, the remaining remaining proceeds elsewhere provided herein. herein, Any eisewhere provided Anyproceeds proceeds remaining remaining after after defraying defraying such costs costs shall shall be be distributed distributed to to each Owner, by check made made payable payable jointly to such such Unit Unit Owner Owner and and its its respective respective mortgagee(s), mortgagee(s), each Unit Owner, based on the same percentages percentages as as their their ownership ownership of ofthe the common common elements. elements. Reconstruct or or Repair, Repair. If itit is is determined determined in in the the manner manner elsewhere elsewhere (c) Failure to Reconstruct Failure provided damaged property which the proceeds are paid shall shall not be be reconstructed reconstructed or provided that that the the damaged property for for which the proceeds are paid repaired, the remaining remaining proceeds among the the beneficial beneficial owners as provided provided in in Section Section repaired, proceeds shall be allocated among Unit Owner Owner by by check check made made payable payable jointly jointly to to such such Unit Unit Owner Owner and and 15.6(a) herein, herein, and distributed to each Unit its respective respective mortgagee(s). mortgagee(s). IfIf there distributions shall shall be be made directly directly to to there is is no no mortgage mortgage on the Unit, Unit, all distributions Unit Owner. Owner. the Unit (d) Certificate. In making distributions distributions to Unit Owners Owners and their their mortgagees, mortgagees, the In making to Unit Insurance Trustee Trustee (if appointed) appointed) may rely upon a certificate of the Association made by Insurance by its its President President and and names of of the the Unit Unit Owners Owners and and their their mortgagees mortgagees and their respective respective shares of the the Secretary as to the names Secretary distribution.

Association as Agent. Aqent. The as agent and 15.8 Association as The Association Association is is hereby hereby irrevocably irrevocably appointed appointed as and attorney-in-fact for each owner mortgage or other lien upon upon a Unit and and for attorney-in-fact for each each Unit Owner and and for each owner of a mortgage in the the Condominium Condominium Property Property to to adjust adjust all all claims claims arising arising under underinsurance insurance of any any other interest interest in each owner of to execute and deliver deiiver releases upon the payment of of claims. claims. policies purchased by the Association and to 15.9 Presumption as to Damaqed Damaged Property. Property. In Presumption In the the event event of a dispute or lack of certainty as to whether damaged damaged property Unit(s) or Common Common Elements, presumed property constitutes constitutes a Unit(s) Elements, such such property property shall shall be be presumed to be Commdn Common Elements. Elements.

Section 16: Reconstruction or or Repair Repair After Fire or Other Casualty 16.1 Determination Subject to to the the immediately immediately following following subsection, subsection, Determination to to Reconstruct or Repair. Repair. Subject 16.1 in damage to result of offire fire or orother othercasualty; casualty, the the in the event of damage to or destruction destruction of of the the Insured Insured Property Propertyas a aa result Board of Directors shall arrange arrange for for the prompt and restoration restoration of of the the Insured and the the Insured Property, Property, and Board Directors shall prompt repair repair and in such such Insurance Trustee shall disburse the proceeds of all insurance policies to the contractors engaged in restoration in appropriate progress payments. repair and restoration Insured Property Property is is substantially substantially damaged damaged or or destroyed destroyed and and ifif Unit UnitOwners Owners If 50% or more of the Insured owning 51 % Of of the applicable interests interests in the Common Common Elements Elements duly duly and and promptly promptly resolve resolve not not to to owning 51% the applicable in the proceed with with the repair proceed repair or or restoration restoration thereof thereof and and aaMajority Majority ofofInstitUtional Institutional First First Mortgagees Mortgageesapprove approve proceeds of insurance insurance such resolution, the Condominium Property such resolution, the Condominium Property shall shall not not be be repaired repaired and and the the net proceeds distributed to Owner, by by check check made made resulting destruction shall resulting from from such such damage damage or or destruction shall be be distributed to each each Unit Owner, such Unit Owner and and its respective mortgagee(s), mortgagee(s), in in accordance accordance with with the the provisions· prov!sions of of Section Section payable to such herein. Following Following such distribution of proceeds, proceeds, the Condominium shall such distribution the Condominium shall be terminated and the 15.6(a) herein. ownership by. the formerly-titled formerly-titied Unit Owners Owners in undivided undivided ownership of the the Condominium Condominium Property Property shall be be held held by. as tenants-in-common, subject subject to to and and in in accordance accordance with the provisions provisions of of Section Section 21 21 hereof. hereof. interest as Whenever in Whenever in this this Section Section the the words words "promptly "promptly repair" repair" are are used, used, itit shall shall mean mean that that repairs repairs are are to to begin notifies the the Board Board of of begin not more more than than 60 days from from the the date date the the Insurance Insurance Trustee Trustee (if appointed) appointed) notifies

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destruction Directors and and Unit Owners that it holds proceeds of insurance on account of such damage or destruction pay the estimated estimated cost of such work, work, or not more more than than 90 90 days days after the the Insurance Insurance Trustee Trustee (if (if sufficient to pay appointed) notifies Directors and the Unit Unit Owners Owners that such such proceeds proceeds of insurance insurance are appointed) notifies the the Board Board of Directors and the are insufficient estimated costs of such work. The The Insurance Insurance Trustee Trustee (if (ifappointed) appointed) may may rely rely upon upon insufficient to to pay the estimated certificate of the the Association Association made made by by its its President President and and Secretary Secretary·to to determine determine whether whether or not not the the a certificate is to to be be reconstructed reconstructed or or repaired. repaired. damaged property is and Specifications. Specifications. Any Any reconstruction reconstruction or repair repair must must be be made made substantially substantially. in 16.2 Plans and 16.2 Plans accordance with with the the plans and accordance and specifications specifications for the the original original improvements improvements and the the then then applicable applicable not, then in in accordance accordance with the plans and and specifications specifications approved building building and and other other codes; codes; or if not, with the approved by by the the Board of Directors and the the then-applicable then-applicable building building and and other other codes. codes. IfIfthe Board Directors and the reconstruction reconstruction of of the the property property be made made in in substantially substantially in in conformity conformity with with the the plans plans and and specifications specifications for for the the original original cannot be cannot improvements, than upon upon the the vote vote of the with the the plans improvements, than the Board Board of of Directors Directors that that substantial substantial compliance compliance with plans followed, than the the condominium condominium shall shall be be considered considered terminated, terminated, and and. the the provisions provisions of of this this cannot cannot be be followed, Declaration relating to termination shall shall be be followed. followed. 16.3 Disbursement. The proceeds proceeds of of insurance insurance collected collected on account account of aa casualty, casualty, and and the the Disbursement, The Unit Owners Owners on on account account of of such such casualty, casualty, shall shall constitute constitute aa construction construction fund fund which which sums collected from Unit shall be disbursed in payment of the costs of reconstruction in the the following following manner and and order: order: reconstruction and repair in (a) Association Lesser Damage. Damage. If the the amount amount of of the the estimated estimated costs costs of of Association - Lesser reconstruction responsibility of $100,000.00, then then reconstruction and and repair repair which which are are the the responsibility of the the Association Association is is less less than than $100000.00, the construction fund shall shall be be disbursed in payment payment of of such such costs costs upon upon the the order order of of the Board disbursed in Board of of construction fund Directors; Directors; prOVided, provided, however, however, that that upon upon request request to to the the Insurance Insurance Trustee Trustee (if appointed) appointed) by by an an Institutional Institutional First Mortgagee which is is a a.beneficiary policy the first Mortgagee which beneficiary of an an insurance insurance policy, the proceeds proceeds of of which which are are included included in in the the construction fund shall be disbursed disbursed in the manner provided below for the reconstruction reconstruction and construction fund, fund, such such fund repair of major damage. .

..

.

the amount amount of the estimated estimated costs costs of (b) Association - Maior Major Damaqe. Damage. If the of the reconstruction and repair which are are the the responsibility responsibility of of the the Association Association is is more more than than $100,000.00, $100,000.00, then then reconstruction the construction fund shall shall be disbursed construction fund disbursed in payment payment of such such costs costs in in the themanner mannercontemplated contemplated by by subsection (a) then only oniy upon upon the the further further approval approval of of an an architect architect 'or or engineer engineer qualified qualified to subsection (a) above, above; but then practice in Florida and employed by the Association to t? supervise the work, work. (c) Unit Owners. If there there is'a is' a balance balance of of insurance insurance proceeds proceeds after payment payment of all costs reconstruction and the responsibility responsibility of the Association, this balance balance shall shall be be costs of reconstruction and repair repair that that are are the of the Association this distributed Owner, by check made payable payable jointly such Unit Unit Owner Owner and its its respective respective distributed to to each each Unit Unit Owner, jointly to such mortgagee(s), provisions of of Section Section 15.6(a) 19.6(a) herein. herein. mortgagee(s), in accordance with the provisions (d) Certificate. Notwithstanding NotWithstanding the provisions provisions herein, herein, the the Insurance InsuranceTrustee, Trustee shall shall . not be required required to to determine determine whether whether or not not sums sums paid paid by byUnit UnitOwners Owners upon upon Assessments Assessments shall shall be be deposited by the the Association Association with with the the Insurance Insurance Trustee, Trustee, nor nor to todetermine determine whether whetherthe thedisbursements disbursements deposited the construdtion construction fund are to be be made made upon upon the the order ofthe Association alone alone or or upon upon the the additional additional from the order of the Association approval of an architect, approval architect, engineer engineer or otherwise, otherwise, nor whether whether a disbursement disbursement is is to to be be made made from from the the construction fund, determine whether Whether surplUS be·'distributed distributed are less than than the the construction fund, nor nor to to determine surplus funds funds to to be are less Assessments Owners, nor Assessments paid paid by by Unit Unit Owners,. nor toto determine determinethe the payees payees nor nor the the amounts amounts to to be be paid. The the Association, made made by by its its President President and and Secretary, Secretary, as as Insurance Trustee may rely upon a certificate of theAssociation, to any or all all of of such such matters matters and and stating stating that that the the sums sums to to be be paid paid are are due due and and properly properly payable, payabie, and and stating the the names of the the payees payees and and the the amounts afflounts to to be be paiq. pak. '> .

16.4 Assessments. If the proceeds of the insurance are not sufficient to defray the estimated estimated of reconstruction reconstruction and and repair repair to to be be effected effected by by the the AssOciation, Association, or ifif at any any time time during during reconstruction reconstruction costs of and repair, repair, or upon upon completion completion of reconstruction reconstruction and and and repair, repair, the the funds funds for for the the payment payment of of the the costs costs of 24 F:\Documents\Louis\condo\Wave\Declaration.doc 5/18/200512:36 PM

reconstruction and repair are reconstruction and are insufficient, insufficient, Assessments Assessments shall shali be be levied levied against againstthe theUnitS Unit Owners Owners in in sufficient amounts to to provide provide funds funds for for the the payment payment of of such such costs. costs, Such sufficient amounts Such Assessments Assessments on account account of damage to Insured Property Property shall shali be in in proportion proportion to ali of of the the Owners' Owners' respective respective shares shares in in the the damage to the the Insured to all determined by by the the Association. Association. Common Elements, as determined Responsibilities of Unit 16.5 Owners. If damage damage occurs to the the Units, Units, the the maintenance maintenance and and 16.5 Responsibilities Unit Owners. responsibility lies solely solely .upon upon the respective respective Unit Owners, Owners, then then each each Unit UnitOwner OwnershaH shali be be solely solely responsibility of which lies responsible for for ali all necessary responsible necessary reconstruction reconstruction and and repair to its its respective respective Unit Unitwhich which reconstruction reconstruction and and repair shali in accordance accordance with guidelines established established by by the the Board Board of of Directors. Directors. shall be effected promptly and in Each Unit Owner shali shall have the absolute responsibility of applying applying insurance proceeds, Each proceeds, arising as a result flood, fire or or other other casualty casualty damage damage to to the the Unit Unit to tothe therepair repairand/or and/orreconstruction reconstruction of of such such Unit; Unit; of flood, provided, provided, however, that no Unit Unit Owner Owner shall shali have have the the responsibility responsibility of of applying appiying insurance insurance proceeds proceeds to to the the terminated in accordance with repair and/or reconstruction reconstruction of the respective Units if the Condominium is terminated the provisions of of Section Section 21 21 herein, herein.

are for for the the benefit of Mortcaqees. Mortoaoees. Certain provIsions in in this this Section. Section are benefit of 16.6 Benefit 18.6 Benefit of Certain provisions mortgagees of Units and may may be be enforced enforced by by any any of of them. them. Section 17: Condemnation

Any the Condominium Condominium Property Property shall shali be be governed governed by by the the Any condemnation condemnation of any portion(s) portion(s) of the foliowing following provisions: 17.1 Deposit Certain Condemnation Condemnation Awards Awards with with Insurance Insurance Trustee. Trustee. Condemnation 17.1 Deposit of Certain awards pertaining pertainingtoto the the taking taking of of Common Elementsshali shallbe be paid paid over over by by each each Unit Unit Owner Owner to to the the awards Common Elements Insurance noted hereinafter hereinafter in in this this Section, Section. In Insurance Trustee Trustee for for use as noted In the event the Unit Owner fails to turn over such such award over award as required, required, the defaulting defaulting Unit Unit Owner Owner shall shali be be charged charged the the maximum maximum interest interestwhich which does not not constitute constitute usury usury tinder under Florida Florida law law until until such such amount is fUliy does fully paid. paid. property of of the the Condemnation awards Condemnation awards pertaining pertaining to to the the condemnation condemnation of of Units Units shall shall not be the property Association.

Determination Whether Whether to to Continue Continue Condominium. Condominium. Whether 17.2 Determination Whether the Condominium Condominium will will be be continued continued after after condemnation condemnationwili will be be determined determinedininthe themanner mannerprovided providedfor forinin Section Section16 16 herein herein for for determining reconstructed and and repaired repaired after after casualty. casualty. For this determining Whether whether damaged damaged property property wili will be reconstructed For this purpose, the the taking taking by by eminent eminent domain dbftjain also also shali shall be be de!3med demed to purpose, to be be aacasualty. casualty. Disbursement Funds. IfIfthe following aa condemnation, condemnation, the the 17.3 Disbursement of Funds. the Condominium Condominium is terminated terminated foliowing proceeds awards pertaining pertaining to condemnation of be proceeds of of the the awards to the condemnation of Common Common Elements Elements will will be be deemed deemed to be insurance proceeds proceedsand and shali shall be be owned owned and and distributed distributed inin the the manner with respect respect to to the insurance manner provided provided with the ownership ownership and and distribution distribution of insurance insurance proceeds proceeds ifif the the Condominium Condominium is is terminated terminated after after aa casuaity. casualty. If the the Condominium terminated after condemnation, the size size of the the Condominium Condominium wili will be be reduced and the Condominium is not terminated condemnation, the property damaged will be made usable in the manner provided below. below. The proceeds proceeds of of any any property damaged by the taking wIll such awards used for for these these purposes purposes and and shall shali be be disbursed disbursed in in the the manner manner provided provided for for such awards shali shall be be used disbursementofof funds funds by by the the Insurance Trustee after after aa casualty, or as in this Section disbursement Insurance Trustee casualty, or as elsewhere elsewhere in Section specificaliy specifically provided. 17.4 Condemnation of Awards for for the the taking taking of of portions portions of of the the Common Common Condemnation of Common Common Elements. Elements. Awards Elements shall shall be be used used to render the remaining of_the Common Common E;lements elements usable usable in in the the manner Elements remaining portion portion ofJhe approved by Board of Directprs Directors of the the Association; Association; provided, provided, however, work approved by the the Board however, that that if the the cost of such work shall the baiance balance of the the funds funds from from the the awards for for the the taking, taking, the the work work shali shall be be approved approved in in the the shali exceed exceed the manner elsewhere elsewhere required capital improvements improvements to Common Elements. Elements. The baiance of of the the manner required for for capital to the the Common The balance Elements, ifif any, shall be distributed, after adjustments adjustments to these these shares shares awards for the the taking of Common Elements,

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effected hereto by reason effected pursuant hereto reason of the taking, taking, to each Unit Owner by bycheck checkmade madepayable payable jointly jointly to to Owner and and its its respective respective rhortgagee(s), mortgagee(s), in in accordance accordance with with the the provisions provisions of of Section Section 15.6(a) 15.6(a) such Unit Owner . herein. herein, 17.5 Condemnation of a Unit, Unit. If there is a taking of a Unit, Unit. the respective respective Unit Owner Owner shall not not portion of of the the condemnation condemnation award award with with regard regard to reconstruction reconstruction of Unit. be required required to to utilize any portion of the the Unit. Following Unit and the the recording recording of of aa deed deed to to the the condemning condemning authority, authority, (1) (1) the the affected affected Following such such taking taking of a Unit ownership interest in an undivided undivided ownership ownership interest interest in Unit Unit Owner Owner shall shall no no longer have an ownership in the Unit or an in the Common Elements, Elements, and such Unit. Unit Owner longer be responsible responsible for the payment payment of the Common and (2) (2) such Owner shall shall no no longer for the Common Expenses. following changes shall be made made in the the Condominium Condominium following The following following a taking taking as as described described in in this this Section: any, shall shall (a) Addition to Common Elements. Elements. The The remaining remaining portion portion of the Unit, Unit, if any, Addition to dommon allowing, to possible, become 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, Directors.

Adiustment of of Shares. Shares. The and (b) Adjustment The shares shares in in the the Common Common Elements, Elements, Common Common Expenses Expenses and Common Units that continue continue as part part of of the the Condominium Condominium shall shall be be adjusted adjusted to to Common Surplus appurtenant to the Units distribute the shares in the the Common Common Elements, Elements, Common Common Expenses Expenses and and Common Common Surplus distribute the shares Surplus among among the the reduced number number of of Unit Unit Owners Owners (and (and among among reduced reduced Units). Units). This This distribution distribution will be be based based on an an equal equal reduced fractional basis, basis, which in the aggregate aggregate must must equal equal the the whole whoie (the (the numerator numerator is is one one and and the the denominator denominator fractional equals the total number of units remaining). (c) Assessments. In the event the Association does not have the funds necessary to alter alter the Unit for for use use as as aa part partof ofthe theCommon CommonElements1 Elements, the additional additional funds funds remaining portion of the condemned Unit remaining portion for such such purposes purposes shall raised by by Assessments Assessments against against all of of the the Unit Unit Owners Owners wh.o who will shall be raised will continue 'ass Owners of Units after the changes in the Condominium effected effected by The Assessments Assessments shall shall be be by the the taking. taking. The made in made in proportion proportion to the applicable applicabie percentage percentage shares 'of those those Owners Owners after all adjustments to such such . shares effected pursuant hereto by reason of of the taking. in Units, Units, in in the the Common Common Elements Elements and Amendment of Declaration. The changes changes in 17.6 Amendment Declaration. The and in the ownership of the Common Elements in the. the Common Expenses·and and Common Common Surplus Surplus that that are are Elements and and share in Common Expenses taking shall be evidenced by an amendment to Declaration that effected by the taking to this this Declaration that is is only only required required to to be be approved by, by, and executed upon the direction direction of, aa majority majority of of all all members members of of the the Board Board of Directors. Dire.ctors. Section 18: Occupancy and Use Restrictions

In order to provide for congenial In congenial occupancy occupancy of of the the Condominium Condominium Property Property and and for for the the protectipn protection of the values Units, the use ofofthe theCondominium Condominium Property Property shall shall be be restricted restricted to and and shall shall be be in in values of the Units, accordance with the following provisions provisions and and every every Unit UnitOwn.er Owner shall: 18.1

Promptly pay the Assessments levied levied by by the Association.

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

~J~.•j li!£I

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

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permit or suffer anything to be 18.4 Not permit anything to be done done or kept kept in in his his Unit Unit which which would would increase increase the the insurance insurance rates rates on his Unit Unit or the the Common Elements, Elements, or which which will willobstruct obstruct or or interfere interfere with with the the rights rights of of oth& members noises or or otherwise; nor shall shall aa member member commit commit or or other members or or annoy annoy them them with with unreasonable unreasonable noises otherwise; nor permit any nuisance, immoral immoral or or illegal illegal act act in in his his Unit Unit or or on on the the Common Common Elements. Elements. 18.5 Conform'to and and abide abide by by the the By-Laws By-Laws and and uniform uniform rules rules and regulations regulations in Conform'to in regard regard to to the 18.5 use the Unit Unit and and Common Common Elements Elements which adopted in by the the use of the which may may be be adopted in writing writing from from time time to to time time by AssoOiation, and to see that all persons using the Owner's by, through through or or under under him him do do likewise. likewise. Association, and Owner's property, property, by, 18.6 decoration, repair, replacement replacement or change change of of the the Common Common Elements Elements Make no alteration, decoration, or to any Association. any outside or or exterior exterior portion portion of of the the building without the prior written consent of the Association.

Allow the Board 18.7 Board of of Administration or the authorized agents of of the Association to enter any Unit during reasonable hours, hours, when when necessary necessary for maintenance, maintenance, repair during reasonable repair or or replacement replacement of of any any Common Common Elements or of any portion of of aa Unit Unit to be be maintained maintained by by the the Association pursuant pursuant to to the the Declaration Declaration or or as as prevent damage damage to to the the Common Common Elements Elements or or to to another another Unit Unit or or Units. Units. If no key has has been been necessary to prevent provided to the Association, then then the expense of of entry entry into Into a Unit Unit for for emergency emergency purposes shall be be borne by the Owner of the Unit. Elements or his his Unit, Unit, 18.8 Show no sign, advertisement or notice of any type on the Common Elements and erect no exterior antennas and aerials, promulgated by by the the and aerlais, except as provided provided in uniform regulations regulations promulgated Association. Notwithstanding Owner is is permitted permitted to Association. Notwithstandinganything anythingcontained containedherein hereintoto the the contrary, contrary, aa Unit Unit Owner respectfully respectfully display a United United States States Flag. Flag. In In addition, addition, pursuant pursuant to 718,113(4), 718.113(4), Florida Statutes, Statutes, which which was was amended by by Chapter Chapter 2003-23, 2003-23, Laws Laws of of Florida, effective July July 1, 1, 2003, 2003, a unit owner amended Florida, effective owner on Armed Forces Forces Day, Memorial Day, Flag Day, and and Veterans Veterans Day Day isis permitted to display display in in aa Day, Memorial Day, Flag Day, Day, Independence Independence Day, permitted to respectful way, portable, official flags, flags, not larger than than 4-1/2 4-1/2 feet by 6 feet, respectful way, portable, removable removable official feet, that that represent represent the the Navy, Air Air Force, Force, Marine Marine Corps, Corps, or orCoast CoastGuard. Guard. United States Army, Navy, 18.9 Abide Abide by any regulations regulations regarding regarding children children as as may may be established by the Association, established by the Association, except that no regulations shall prohibit children from residing in or occupying a Unit Unit.

Make no repairs systems or or electrical wiring within within a 18.10 Make repairs to any any plumbing, plumbing, air air bonditioning conditioning systems electrical wiring Unit, except by plumbers, repairmen or or electricians authorized to do such work by by the the management management of of the the Unit, Association. Plumbing, air conditioning conditioning and and electrical electrical repairs repairs within within aa Unit Unit shall shall be be paid paid for for and and be the Plumbing, air financial obligations the Owner Owner of the the Unit. Unit. The Association shall and be be responsible responsible for financial obligations of of the The Association shall pay pay for for and plumbing, air air conditioning conditioning repairs repairs and and electrical electrical wiring wiring within withinthe the Common Common Elements. Elements, The The Association Association plumbing, ' shall have the right to exclude any unauthorized repairmen from the Condominium. , 18.11 Return Return the the 'Condominium "Condominium Parcel" Parcel" for the purpose purpose of ad ad valorem taxes to the respective respective taxing authorities having jurisdiction over them for separate Assessment against his Condominium Condominium Parcel. Parcel. For the the purposes the interest of the valorem taxation, taxation, the the Owner Owner of of aa "Condominium "Condominium Parcel" Parcel" in in his his For purposes of ad valorem said Unit "Condominium Unit" and in in the "Common "Common Elements" Elements" shall shall be be considered considered as as aa Unit. Unit. The value of of.said shall be equal to the the proportion proportion or or percentage percentage of of the the value value of of the the entire entire Condominium, Condominium, including including land land and and improvements, The total total of of all all said said improvements, as as has has been been assigned assignedto to said said Unit Unit in in Exhibit Exhibit BB of of this this Declaration. Declaration. The proportions propbrtions or percentages equals equals the the value value of of all all of of the the land land and and improvements improvementsthereon. thereon.

.remove screens, screens, jalousies jalousies or or other other enclosures enclosures on on balconies, patios 18.12 patios or or 18.12 Not replace and/or .remove terrace or on on other parts of the building, building, even even though terrace though such such areas areas may may be be aa part part of of the the Unit, Unit, except except with with por priorwritten writtenapproval approvalofofthe theBoard Boardof ofAdministration. Administration. .

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

F:\Documents\Louis\condo\Wave\Decfaration.doc F:\Docurnents\Lous\ccndo\Wave\DecIaration,doc 51181200512:36 PM PM 5/18/200512:36

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18.14 Except as otherwise provided herein, not divide or subdivide a Unit Unit for for purpose purpose of of sale sale or or 18.14 lease. Notwithstanding be combined combined with with aacontiguous contiguous Unit Unit and and occupied occupied as as lease. Notwithstanding the the foregoing, foregoing, aa Unit Unitmay may be one dwelling dwelling Unit. Unit. Such Such a combination combination shall shall be be for for occupancy occupancy only only and and shall shall not not be be deemed deemed and and amendment to to the Declaration. Declaration. Further, Further, any any such,combination such combination shall not not materially materially alter the configuration configuration of Unit. ofaa Unit. 18.15 Not hang hang any laundry, laundry, garments garments or other other objects visible from from outside outside of the objects which which are are visible Decorative window Unit, except for draperies, draperies, blinds, blinds, shades, shades, or or other other suitable suitable window window coverings. coverings. Decorative Unit, except coverings shall not not include on any any glass glass windows windows or or doors. doors. The exterior exterior coverings shall include any any type of of reflective reflective film on appearance of all aD window window coverings coveringsshall shallbe bewhite whiteinin color. color. A A unit unit owner owner may may display, display, however, however, one appearance of portable, removable United States and pursuant portable, States flag flag in in aa respectful respectful way, way,-and pursuant to to 718.113(4), 718.113(4), Florida Florida Statutes, Statutes, which was amended by Chapter 2003-23, 2003-23, Laws Laws of of Florida, Florida, effective effective July July 1, 1, 2003, 2003, aa unit unit owner owner on on Armed Armed Day, Memorial Day, Day, Flag Day, Independence Independence Day, Day, and Veterans Day is permitted permitted to display in a Forces Day, respectful feet, that that represent represent the the respectful way, way, portable, portable, removable removable official official flags, flags, not not larger larger than than 4-1/2 4-1/2 feet by 6 teet, United States Army, Army, Navy, Navy, Air Force, Force, Marine Corps, Corps, or Coast Guard. Guard.

Not allow allow any rubbish, or trash trash to accumulate in places 18.16 rubbish, refuse, refuse, garbage garbage or accumulate in places other than than the 18.16 Not receptacles provided each Unit, Unit, the the Common Common Elements Elements and Limited Common Elements Elements receptacles provided therefor, therefor, so that each shall at all times remain in a clean and sanitary condition. make any use use of of aa Unit Unitthat thatviolates violates any anylaws, laws, ordinances ordinances and and regulations regulations of of any any 18.17 Not make body having having jurisdiction thereof. thereof. governmental body

11

No livestock, insects, pOUltry poultry or or other other animals animals of any kind shall be kept 18.18 No livestock, reptiles, reptiles, insects, kept in in any any Unit except that usual and ordinary domestic dogs, cats, fish, and birds inside bird cages may be be kept kept as as household pets Residential Unit kept, bred bred or or raised raised therein th.erein for for household pets within within any any Residential Unit 'provided provided that that they they are are not kept, commercial purposes purposes or or in in unreasonable quantities or or sizes. sizes. As used commercial unreasonable quantities used in in the the Declaration, Declaration, "unreasonable "unreasonable quantities" shall ordinarily ordinarily mean mean one one (1) (1) pet pet at at thirty-five thirty-five (35) (35) pounds pounds and and two two (2) (2) pets pets not not to to exceed exceed fifty fifty quantities' shall (50) pounds (except (except with regard to quantities quantities of fish) fish) per (50) pounds with regard ·per Unit; Unit; provided, prOVided, however, however, that that the Board Board may may No potbellied potbellied pigs, pigs, snakes, snakes, pitbull pitbull determine reasonable number determine that that aa reasonable number in in any any instance instance may may be be more. more. No dogs, Doberman dogs, dogs, Doberman dogs, or any other animals determined determined in in the the Board's Board's sole sole discretion discretion to to be be dangerous dangerous or or may be be brought brought onto onto or or kept kept on on the the Project Projectat at any any time. time. The Board have the the right to a nuisance nuisance may Board shall shall have right to require which, in the the Board's Board's opinion, opinion, endangers endangers the Owner or require that that any any pet which, the health health or or security security of of any any Owner occupant of a Unit or creates a nuisance or unreasonable unreasonable disturbance, be permanently removed from the Project upon upon seven (7) (7) days written written notice. notice. If the Owner Owner or occupant occupant fails so, the the Board Board may may Project fails to to do do so, remove the remove the pet. pet. Any Any pet which, which, in in the the Board's Board's sole sole discretion, discretion, presents presents an an immediate immediate danger danger to to the the health, other Occupant Unit may may be be removed removed by Board health, safety, safety, or or property property of of any any Owner Owner or or other Occupant of of aa Unit by the Board Without prior notice to to the the pet's pel's owner. owner. Animals belonging to Owners, occupants occupants or or their their licensees, licensees, without Animals belonging to Owners, tenants or Invitees inside the living living element element of of aa 'Residential Residential Unit Unit (and (and Invitees within within the 'Property Property must be kept inside or located located unattended unattended on on the the Exclusive Exclusive Use Use Balcony Balcony Area Area or or Exclusive Exclusive Use Use Patio Patio Area Area of of shall not be left or that of a Unit. that Unit), Unit), and must must be be held held by by aaperson person capable capable of ofcontrolling controlling the the animal animal when when outside, outside of Unit. Furthermore, liable to to each each and and all all remaining remaining Occupants, Occupants, their their families; families, guests guests and and Furthermore, any any Owner shall shall be liable InVitees, lnvitees, for any unreasonable noise or damage to person person or property property caused by any animals animals brought brought or kept upon upon the Project by an Occupant Occupant or by by members members of of his his family, family, his his tenants tenants or or his his guests. guests. It shall be be the duty duty and and responsibility responsibility of of each each such such Owner Ownertotoclean cleanup upafter aftersuch suchanimals animalswhich whichhave, havedeposited' deposited droppings on any public street abutting droppings on abutting or visible visible from from the the Property Property and properly properly dispose dispose of any animal animal Any Occupant Occupant who keeps .or maintains any any pet upon upon the the Project Project shall shall be be deemed deemed to to have have waste. Any who keeps or maintains indemnified and agreed officers, and and agents, agents, and and the the Declarant Declarant free free indemnified and agreed to hold the Association, Association, its directors, directors, officers, and harmless harmless from or liability liability of of any any kind kind or or character character whatever whatever arising arising by reason of and from any any loss, loss, claim, claim or by reason £, . keeping - . !'.. . . keeping or maintaining such pet within the Project. ,

18.20 Directors shall shall have have the the right right to to promulgate promUlgate rules rules and and regulations regulations regarding regarding 18.20 The Board of Directors of floors floors in connection with with the installation installation of of floor flo.or coverings. coverings. soundproofing of 28 F:\Documents\Louis\condo\Wave\Oeclaration.doc 5/18/200512:36 PM

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

.

Developer, Owners Owners must provide provide copies proper permits, permits, licenses licenses and 18.22 Other than the Developer, copies of proper and insurance plans and and specifications specifications to to the the Association Association before. before· commencing commencing with with work. insurance certificates certificates and and plans Owners must use only properly properly licensed licensed workers. workers. 18.23 Other than the Developer, all construction or renovation in Units may be be done on Monday through Friday a.m. to 5:00 p.m. p.m.. through Friday during during the the hours hours between between 10:00 10:00a.m. 18.24 Elements. Elements,

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

18.25 18.25

No pets are permitted in in the hall areas.

18.26 18.26

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

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

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arrival.

18.28

All rental must be be sent sent to to the the office office within within seven seven (7) (7) days days in ifl advance All rental agreements agreements must advance of

18.29. The TheDeveloper Developershall shall be beexempt exemptfrom from all allprovisions provisionsherein herein.requiring .requiring the the consent consent of of the the 18.29. Notwithstandinganything anythingcontained containedherein hereintotothe the contrary, contrary, the the Developer shall not not be Developer shall Association. Notwithstanding exempt from from the following: following: (1) (1) requirements requirements that lessees be be approved approved by by the the Association; Association; exempt that leases leases or lessees (2) restrictions restr.ictionson onthe the presence presence of of pets; pets; and and (3) (3) restrictions restrictions on on occupancy of Units based on age. (2)

Section 19: Selling, Leasinci Leasing and and Mórt.qaqinq Mortgaging of Units Units 19: Sellinq, Units subject to to mortgages mortgages without restrictions, restrictions, but sales sales and and leases leases thereof thereof shall shall Units may be made subject subject to the provisions of this Section 19 be sUbject 19: 19.1 Sales. unitowner ownerisisjointly jointly and and severally severally liable liable with with the the previous previous owner owner for all all unpaid unpaid Sales. AA unit assessments Each new new Owner Owner receiving receiving aa conveyance assessments that that came came due due up up to to the the time time of transfer transfer of of title. title. Each notifY the Association and from Developer shall shall notify from any any party pa'ty except the Developer and the Managen;ent Management Firm Firm promptly promptly after deed to to the the Unit Unit to to the the Association Association and and the the becoming becomingaa new new Owner Owner by by delivering deliveringaa copy copy of of his his deed Management Firm and shall pay any amount owed to the the Association Association within within thirty (30) days. days. 19.2 Leases. No No Unit Unit Owner Owner may may lease lease or or rent rent his his Unit Unit ifif delinquent delinquent in the payment of any Leases. Assessments. lease such such Owner's Owner's Unit paid up up to to date, date, aa Unit Unit Owner Owner may may rent rent Or or lease Assessments. IfIfall allAssessments Assessments are are paid or leasinfj Unit shall shall promptly promptly without further approval. approval. However, Owner renting renting or. However, the Unit Owner leasing such such Owner's Unit rental or lease.. lease. The The subsubnotify notify the the Association, Association, or or Management Management Firm Firmof ofeach eachrenter renterand andthe theterm termof.such of uch rentalor leasing or sub-renting The Association Association shall shall have have the the right to is not not permitted.. permitted.. The leasing sub-renting of a Unit Unit Owner's Owner's interest interest is sub-lease be used by require require upon upon notice to to all Unit Owners that a substantially uniform uniform form of lease or sub-lease all Unit rent or or lease lease after after said said notice notice and and to to provide provide such such Unit Owners (including (inclUding the the Developer) Developer) intending intending to rent r'lnted, provided provided the occupancy by the the form as aa Common Common Expense. Expense. Entire Entire Units Units only only may may be rented, occupancy is is only by form All rental rental agreements agreements must must be be sent to to the the office office within Within seven (7) days lessee and and his family family and and guests. guests. All Notwithstanding the the above, above, leases in advance no more than than two (2) (2) tirne times advance of of arrival. arrival. Notwithstanding leases may be permitted no. per year. 29 F:\Documents\Louis\condo\Wave\Declaration.doc E:\Oocuments\Louis\condo\Wave\Declaratjon,doc 5/18/200512:38 PM 5/18/200512:36 PM

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A tenant tenant of aa Unit Unit shall shail have have all ailofofthe theuse userights rightsininthe theAssociation Association Property Property and and Common Common Elements generaily by Unit Unit Owners Owners and and the the Owner Owner of of the the leased leased Unit Unit Elements otherwise otherwise readily readily available for use generally an shail not have such rights, rights, except as aa guest. guest. This Thisshall shailnot,' not, however, however, interfere interfere with access access rights rights of of an shall Owner as landlord pursuant pursuant to to applicable applicable law. law. 19.3 Continuing The liability liability of of the the Unit Unit Owner Owner under under this this Declaration Declaration shall continue, continue, '19.3 Continuing Liability. Liability. The notwithstanding the notwithstanding the fact fact that that he may may have have leased, leased, rented rented or or sub-let sub-let said said interest interest as as provided provided herein. herein. Declaration, the Articles of Incorporation, Incorporation, the purchaser, tenant sUbject to this Declaration, Every purchaser, tenant or lessee shall take subject the By-Laws, and By-Laws, and the management agreement, as weil well as the provisions of the Act. Act. 19.4 No Severance of Ownership. No part of the Common Elements may be be sold, sold, conveyed conveyed or or otherwise of, except as an appurtenance otherwise disposed disposed of, appurtenance to the Unit Unit in in connection connection with aa sale, sale, conveyance conveyance or disposition of the Unit Unit to to which which such such interest interest is is appurtenant, appurtenant, and and any any sale, sale, conveyance conveyance or or other other other disposition disposition of a Unit shail shall be deemed to include that Unit's appurtenant interest in the Common Elements. Elements. 19.5 Devises, etc. Any Any Unit UnitOwner Owner shall shall be 19,5 Gifts and Devises, be free free to to convey conveyor or transfer transfer such such Owners Owner's Unit by gift, such Owner's will or gift, to to devise such Owner's Unit by will, or to to have have such such Owner's Owner's Unit Unit pass pass by by intestacy, intestacy, without restriction; provided, restriction; provided, however, however, that that each each succeeding succeeding Unit Unit Owner Owner shail shall be be bound bound by, and such Owner's by, and Owner's Unit subject of this this Section. Section. sUbject to, the provisions of Section 20: Compliance and Default

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

Neqliqence. AA Unit 20.1 Negligence. UnitOwner Owner shall shail be be liable liable for forthe the expense expense of ofany any maintenance, maintenance, repair repair or or replacement replacementmade madenecessary necessaryby byhis his negligence negligenceororby bythat thatof of any any member member of of his his family family or or his his or their guests, employees, employees, agents agents or or lessees, lessees, but but only only to to the the extent extent such such expense expense isis not not met met by by the the proceeds proceeds of of guests, insurance insurance actuaily actually collected collected in in respect of such negligence by the Association. Association. In the theavent Unit Owner Owner fails to to maintain a Unit or fails Compliance. 20.2 Compliance. In event aa Unit fails to to cause cause such such Unit Unit maintained, or fails to observe and and perform all of the provisions of the Declaration, Declaration, the to be maintained, the By-Laws, the Articles Qf of Incorporation, Incorporation, applicable regUlations, or any any other otheragreement,, agreement, document document or Articles applicable rules rules and and regulations, instrument affecting the the Condominium Propertyor or administered administeredby by the the Association, in the manner Association, in manner instrument affecting Condominium Property to proceed proceed in in aa court court of of equity equity to to require require performance performance and/or and/or required, the Association shall have the the right right to required, For purposes purposes of ofthis this compliance, to 'compliance, to impose impose any any applicable applicable fines fines or or to to sue sue in in aa court court of law for damages. damages. For Declaration, the failure failure of an Occupant who is is not not aa Unit Unit Owner Owner to to comply comply with with the the terms terms and and provisions provisions Declaration, the of this Declaration shail shall not relieve the Unit Owner from liability and responsibility. , 20.3 Costs Fees. In proceeding arising Costs and Attorneys' Fees. In any proceeding arising because because of an an aileged alleged failure of a Unit Owner Owner or the the Association Association to ,to comply comply with with the the requirements requirements of of the the Act, Act, this this Declaration, Declaration, the the Articles Articles of Incorporation, Incorporation, the the By-Laws By-Laws or the rules 'rules and and regulations regulations adopted adopted pursuant pursuant to to said said documents, documents, as as the the same same may from time time to time, be entitled to recover the costs costs of the be amended amended from time, the the prevailing prevailing party party shall shail be entitled to recover the the may be proceeding and and such such reasonable attorneys' fees (including appellate proceeding appeilate attorneys' fees).' fees). No Rights. The The failure failure of of the the Association Association or any "ny Unit Unit Owner Owner to enforce any 20.4 No Waiver Waiver of Riqhts. to enforceany ,covenant, restrictionor or other other provision provision of the Act, Act, this this Declaration, Declaration, the the Articles' Articles of of Incorporation, Incorporation, ,the the Bycovenant, restriction Laws or the rules rules and and regulations regulations adopted adopted pursuant pursuant to to said said documents, documents, 'as as the the same same may may be be amended amended time, shail shall not constitute a waiver of from time time to time, of their their right to to do do so thereafter. thereafter. 30 F:\Documents\louis\condo\Wave\Declaration.doc F: \Do cum en ts\Lo u is\c ond o\Wave\Oecla ratio n . d oc 5118/200512:36 PM 5118/200612:36

Section 21: Termination Termination of Condominium The Condominium shall continue until (i) terminated by casualty loss, condemnation or eminent domain, as more particularly provided elsewhere in this Declaration, or (ii) such time as termination of the condominium form of ownership is authorized by a vote of Owners owning 100% ofthe Units and by the Primary Institutional First Mortgagee. Upon such termination, the former Condominium Property shall be subject to an action for partition by any Owner, and the net proceeds of sale shall be divided among all Owners in proportion to their respective interests in the Common Elements; provided, however, that no payment 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 the Association, including, but not limited to, reserves, but specifically excluding insurance proceeds and condemnation awards (Which proceeds and awards shall be apportioned to the Unit Owners based upon the provisions of Sections 17.4, respectively), shall be divided among all Owners in proportion to their respective interests in the Common Elements; prOVided, however, that no payment 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. The termination of the Condominium shall be effective upon a certificate of the Association, executed by its President and Secretary, certifying the basis of the termination being recorded 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 a Unit, and, to the extent that any other provisions of this Declaration conflicts with the following provisions, if at all, the following provisions shall control:

The Assobiation shall furnish furnish to to each each Institutional InstitutionalFirst First Mortgagee Mortgageeofofaa Unit Unit and and any any The Association shall 22.1 of any any default default by by the the Unit Unit Owner Ownerof ofsucih such holder, first mortgage mortgage aa written written notice notice of holder, insurer or guarantor of aa first Unit in the performance of of such such Unit Unit Owner's Owner's obligations obligations under under this Declaration Declaration that has not not been been cured cured within 60 days. 22.2 Upon Upon request request in in writing, writing, each each Institutional Institutional First First Mortgagee Mortgageeofof aa Unit Unit and and any any holder, holder, Insurer or guarantor of a first mortgage insurer mortgage on on aa Unit Unit shall shall have have the the right: right (a) rules and and regUlations regulations to examine current copies of this Declaration, Declaration, the By-Laws, By-Laws, rules and the books, records and financial statements of of the Association during normal business hours;

(b) receive, without any charge charge and within a reasonable reasonable time after after such such request, request, to receive, annual audited financial financial statement which the annual Which isis prepared prepared and and distributed distributed by by the the Association Association to to the the Unit in the the event event an an audited audited financial statement statement is is of its its fiscal fiscal year; year; provided, provided, however, however, that that in Owners at the end of not available, the holders of 51% 51 % or more of of the the first first mortgages mortgages in the Units Un.its shall be entitled to have have such such an audited statement prepared at at their expense;

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

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

to receive written written notice of any lapse, lapse, cancellation..or canceilationor material material modification of of any any (e) bond maintained maintained by by the the Association, Association; and and insurance policy or fidelity bond (I) to receive receive written any action action which to written notice notice of of any which would would require require the the consent consent of of a First Mortgagees. specified number of Institutional First .

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No provision of this 22.3 this Declaration Declaration or or the the Articles Articles of of Incorporation Incorporation or or any any similar similar instrument instrument pertaining or the Units Units therein shall be be deemed deemed to to give give aa Unit UnitOwner Owner or orany any pertaining to to the Condominium Property or other to their over any rights rights of of the the Institutional Institutional First First Mortgagees Mortgagees of Units Units pursuant pursuant to their other party party priority priority over mortgages Unit Owners Owners of of insurance insurance proceeds or or condemnation condemnation awards for mortgages in in the the case of distribution to Unit of the the Units, Units, and/or and/or the the Common Common Elements, Elements, or or any any portion portion thereof thereofor orinterest interesttherein. therein. losses to or a taking of In such event, event, the holder of of'any first mortgage mortgage on on aa Unit Unit shall shail be be entitled, entitled, upon upon specific specificwritten written request, request, to to any first timely written notice of of any any such such loss. loss. . 22.4 The consent of Owners holding at least 75% of the total votes in in the the Association Association shall shail be be required to to add or amend any required any material material provisions provisions of of this this Declaration Declaration which which establish, estabiish, provide provide for, for, govern govem or regulate any of of the following: (a)

Voting rights;

(b)

Hazard or fidelity insurance requirements;

(c)

Rights to to use of the Common Elements;

(d)

Responsibility for maintenance and and repair of the Condominium Property;

(e)

Boundaries of of any any Unit; Unit;

(I)

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

(g)

Imposition of any any right right of first refusal on the Imposition of refusal or similar restriction restriction on the right of aa Unit Unit sell, transfer, otherwise convey his or her Unit; and Owner to seil, transfer, or ~therwise

(h)

Leasing of Units;

(i)

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

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

(k)

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

(I)

To establish self management. management

(m)

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

(n)

Reductions reserves for maintenance, maintenance, repair, repair, and and replacement replacement of of common common Reductions in in reserves elements.

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

"

If any Unit or portion thereof thereof or the Common Elements or any any portion portion thereof is is made made the the 22.6 acquired SUbject subject matter of any c;ondemnation condemnation or eminent domain domain proceeding proceeding or or is is otherwise otherwise sought sought to to be be acquired condemning authority, holder, insurer or guarantor guarantor of any first mortgage mortgage on aa Unit Unit will will be be by a condemning authority, then then the the holder, entitled to to timely any such such proceeding proceeding or or proposed proposed entitled timely written written notice, notice, upon upon specific specific written written request, request, of any 32 F:\Documents\louis\condo\Wave\Dec1aratlon.doc F:\Documents\Louis\condo\Wave\oecjaraUon.doc 5/18/200512:36 5/I 8/200512:36 PM

provisions of of any any document document will will entitle entitle aa Unit Unit Owner Owner or orother otherparty partyto topriority priorityover oversuch such acquisition and no provisions holder with respect to the. the distribution to such Unit the proceeds proceeds of any award or settlement. Unit of ofthe settlement. 22.7 Any holder holder of of aafirst firstmortgage mortgage on on aaUnit Unitwho whoreceives receives aawritten writtenrequest requesttotoapprove approve Any deliver or or mail mail to to the the requesting requesting party party aanegative negative response response within within additions additions or or amendments amendments and and fails to deliver deemed to to have haveapproved approvedsuch suchrequest. request. thirty (30) days shall be deemed by Section Section 718.110, 718.110, Florida Florida Statutes, Statutes, any mortgagee consent required under 22.8 As required by this shall not be unreasonably be deemed this Section Section shall unreasonably withheld withheld and and shall shall otherwise otherwise be deemed to apply apply to the the extent extent applicable.

Section 23: 23: Disclaimer of of Warranties Warranties Pursuant to to Section Section 718.618(6), Florida Statutes, Statutes, the the Developer Developer is is deemed deemed.to granted the the Pursuant 718.618(6), Florida to have have granted Purchaser implied warranty warranty of fitness fitness and and merchantability merchantability for purposes and and uses uses Purchaser of of each each Unit Unit an implied for the purposes intended as to to the as to the roof roof and and structural structural components components of the the improvements; improvements; as to fireproofing fireproofing and and fire fire intended as to mechanical, mechanical, electrical electrical and and plumbing plumbing elements elements serving serving the the improvements, improvements, protection system; protection system; and and as to except mechanical mechanical elements serving serving only one one Unit. Unit. To To the the extent extent permitted permitted by by law, law, the the Developer Developer hereby specifically disclaims than any any warranty warranty that that specifically disclaims any any other warranties whether expressed expressed or or implied, implied, other than 718.618(6), Florida Florida Statutes. Developer further further disclaims disclaims ahy any intent intent cannot be be disclaimed disclaimed under Section 718.618(6), Statutes. Developer have made made any any warranty warranty ororrepresentation representation ininconnection connection with with the. the. Condominium Condominium Documents Documents and and to haye forth therein, disclosure materials except as specifically set forth therein, and and no no person person shall shall rely rely upon upon any any warranty warranty or or representation not not specifically specifically made herein. herein. Any representation Any estimates estimates of of common common expenses, expenses, taxes taxes or or other othercharges charges but no no warranty warranty or or guaranty guaranty is is made made or or intended, intended, nor normay may one one be be relied relied upon upon are believed to be accurate, but except where the same is specifically specifically warranted or or guaranteed. guaranteed. AS TO SUCH SUCH WARRANTIES WHICH CANNOT BE DISCLAIMED, DISCLAIMED, AND TO OTHER CLAIMS, CLAIMS, IF IF ANY, ANY, TOTHE THE AFORESAID MATTERS, MATTERS, ALL ALLINCIDENTAL INCIDENTAL AND AND WHICH CAN BE MADE MADE AS ASTO WHICH CAN BE AFORESAID CONSEQUENTIAL DAMAGES DAMAGES ARISING ARISINGTHEREFROM THEREFROMARE. ARE HEREBY HEREBY DISCLAIMED. DISCLAIMED. ALL UNIT UNIT OWNERS, OWNERS, BY BY VIRTUE VIRTUE OF OFTHEIR THEIR ACCEPTANCE ACCEPTANCE OF OF TITLE TITLE TO TOTHEIR THEIRRESPECTIVE RESPECTIVE UNITS (WHETHER DEEMED TO UNITS (WHETHER FROM FROM THE THE DEVELOPER DEVELOPER OR OR ANOTHER ANOTHER PARTY), PARTY), SHALL SHALL BE DEEMED TO HAVE AUTOMATICALLYWAIVED WAIVED ALL ALL OF OF THE THEAFORESAID AFORESAID DISCLAIMED DISCLAIMED WARRANTIES WARRANTIES AND AND AUTOMATICALLY INCIDENTAL AND DAMAGES. AND CONSEQUENTIAL CONSEQUENTIAL DAMAGES.

Section 24: 24: Arbitration

I

and the the Disputes between aa Unit Unit Owner Owner and and the the Developer Developer or or between between the the Association Association and Diputes between Section 718.1255(1), 718.1255(1), Florida Florida Statytes, StaMes, involving involVing Unit UnitOwners; Owners;Associations Associations Developer, Developer, as as defined defined in Section ru.les of resolved by mandatory mandatory non-binding non-binding arbitration and/or Tenants, Tenants, shall shall be resolved arbitration in in accordance accordance with with the the rules Mobile Homes. Without limiting limiting the the effect of the the the Division of the Division of Fiorida Florida Land Land Sales, Sales, Condominiums Condominiumsand nd Mobile Homes, Without foregoing sentence, sentence, pursuant pursuant to to Section Section 718.1255(4), 718.1255(4), Florida FloridaStatutes, Statutes,prior prior to to the the institution institution of court foregoing otherwise), the dispute shall petition the the litigation litigation (whether (whether to to enforce enforce an an arbitration award or otherwise), the parties to a dispute RUle 616-45.015(1), 618-45.015(1), F.A.C., FAC., parties parties to an an arbitration arbitration Division for non-binding non-binding arbitration. arbitration. Pursuant to Division Pursuant to Rule Notwithstanding abything proceeding' are unit owners, owners, associations associations and and tenants. tenants. Notwithstanding anything contained contained proceedind are limited limited to unit herein to to the the contrary, contrary, the remedi.es remedies afforded by Sections 71 8.303and and 718.506, 718.506, Florida Florida Statutes, Statutes, shall shall not not 718.303 herein the courts, courts, as as be limited. limited. Furthermore, this impair the the Association's Association's access Furthermore, this Section Section shall shall not not impair access to to the 718.111(3), Florida Statutes. representative representative of of the the purchasers, pursuant to Section 718.111(3),

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Section 25: 25: Transfer of Association Association Control When Unit Owners, Developer, own fifteen fifteen (15%) 25.1 When Unit Owners, other than than the Developer, (15%) percent percent or or more more of the Units Units in in this this Condominium Condominium that that will willbe beoperated operated ultimately ultimatelyby bythe theAssociation, Association, the the Unit UnitOwners, Owners, other other than than the Developer, Developer, shall than one-third one-third (1/3) (1/3) of Board of shari be be entitled entitled to to elect not less than of the the members of the Board Administration of of the the Association. Unit Administration Unit Owners, Owners,other other than than the the Developer, Developer, are are entitled entitled toto elect elect not not less less than aa majority the Association: Association: majority of the members membersof ofthe theBoard Boardof ofAdministration Administration of the

Three (3) (50%) percent percent of the Units that will willbe be operated operated (1) (3) years years after after fifty fifty (50%) Ultimately by ultimately bythe theAssociation Associationhave have been been conveyed conveyed to to purchasers; (3) months months after after ninety ninety (90%) (90%) percent percent of ofthe theUnits Unitsthat thatwill, will be be (2) Three (3) by the the Association Association have have been conveyed to purchasers; operated ultimately Ultimately by purchasers;

When all (3) all the the Units Units that that will will be operated operated ultimately Ultimately by by the the Association Association have been completed, completed, some conveyed to others are have been some of of these these have been conveyed to purchasers; purchasers; and and none none of of the the others being being offered offered for for sale sale by by the the Developer in the ordinary ordinary course course of business; (4) When some of When of the the units units have have been been conveyed conveyed to to purchasers purchasers and and none of the others are being being constructed constructed or oroffered offered for for sale by by the the developer developer in in the the ordinary ordinary course of of business; business; or

.

Seven (7) (7) years years after afterthe therecordation recordationof ofthe theDeclaration Declarationof ofCondominium Condominium Seven

(5) initial phase; creating the initial

whichever occurs first. developer isis entitled least one member member of the the board board of of whichever first. The The developer entitledtoto elect elect atat least administrationof ofan anassociation association as as long as the developer holds for sale in the ordinary course of business administration ordinary course at least least 55 percent1 percent, in condominiums with with fewer percent, in in condominiums condominiums with with more more fewer than than 500 units, and 2 percent, Followingthe the time time the than than 500 500 units, units, of of the the units units inin aacondominium condominium operated operated by by the theassociation. association. Following developer developer relinquishes relinquishescontrol controlofofthe theassociation, association,the thedeveloper developermay mayexercise exercisethe the right righttoto vote vote any any developer-owned units units inin the the same same manner developer-owned manner as as-any ,any other other unit unit owner owner except except for for purposes purposes of ofreacquiring reacquiring control majority members of administration. administration. control of of the the association association or selecting the majority members of the board of Section 26: Additional Additional Provisions

26.1 Notices. All notices to to the requiredor or desired desired hereunder hereunder or or under All notices the Association Association required under the By-Laws mail to to the the AssQciation Asspciation in Condominium, or to By-Laws shail shall be be sent sent by first class class mail in care care of its office office at at the Condominium, to such other address from addressas asthe theAssociation Associationmay mayhereafter hereafterdesignate designate fromtime timetototime timeby bynotice noticeininwriting writing to to all ail Unit Owners. Except as asprovided providedspecifically specifically in in the Act, Act, all Unit Owner by first Unit Owners. Except all notices notices to any Unit Owner shall shall be be sent sent by of such such Unit Unit Owner Owner appearing in in the Association's records at at the the time time the the notice notice mail to class mail to the address address of transmitted. Where is transmitted. Where aa Unit Unit is is owned owned by by more more than than one one person, person, the theAssociation Association shall shall provide provide notice, notice, for for meetings ail other purposes, purposes, to to that thatone oneaddress addresswhich whichthe theDeveloper Developerinitially initially identifies identifies for that meetings and and all purpose and and thereafter purpose thereafter as one one or ormore more of ofthe theOwners Owners of ofthe theUnit Unit shall shall so soadvise advisethe theAssociation Association in in writing, or Unit do address provided provided in in the the writing, orififnonoaddress addressisisgiven givenor orthe the Owners Ownersofofthe. the.Unit donot notagree, agree,too the address deed of of record, record. deed

All noticestotomortgagees rhortgagees of of Units Unitsshall shallbe'sent be sent by byfirst firstclass classmail mailtototheir theirrespective respectiveaddresses, addresses, or or All notices such .other other address asmay maybe bedesignated designatedbybythem themfrom fromtime time to time, in writing to the Association. . address as to time, in writing, to the .~,

All notices have been given given when When mailed mailed in postage prepaid prepaid sealed sealed All noticesshall shallbe be deemed deemed to to have in a postage wrapper, except wrapper, except notices noticesofof aa change change of of address, address, which Which shall shall be be deemed deemed to to have have been been given given when When businessdays daysafter afterproper propermailing, mailing,whichever whichevershall shallfirst first occur. occur. received, or 5 business \

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34

Interpretation. Interpretation. The The Board Board of ofDirectors Directors shall shall be be responsible responsible for for interpreting interpreting the the provisions provisions 26.2 hereof and and of any of the all parties hereof the exhibits exhibits attached attached hereto, hereto. Such Such interpretation interpretation shall be binding binding upon upon all parties uniess unless wholly wholly unreasonable. unreasonable. An An opinion opinion of of legal legal counsel counsel to to the the Association, Association, or or the the legal legal counsel counsel having having drafted this Declaration, Declaration, that any any interpretation interpretation adopted adopted by by the the Association Association is is not not unreasonable unreasonable shall shall drafted validity of of such such interpretation. interpretation. conclusively establish the validity

I

Binding Effect of of Section Section 715.303, 718.303, Florida Florida Statutes. Statutes. The The provisions provIsions of of Section Section 26.3 Bindinq Effect 715.303(1), Florida Florida Statutes, Statutes, shall shall be in full 718.303(1), full force force and and effect effect and and are are incorporated incorporated herein. herein. Should Should the Association employ of aa professional professional management management firm, Management Firm, Association employ the use of firm, said said Management Firm, for for as as long long as as the management agreement remains remains in in effect, shall assist in the prosecution management agreement effect, shall assist the the Association Association in prosecution of any any statute aforedescribed. aforedescribed. action pursuant to the statute

Riqht of Developer Developer to to Add Add Recreational Recreational Facilities Facilities and and Common Common Elements, Elements. If the the 26.4 Right Developer elects Developer elects to add any any recreational recreational facilities facilities or add add or or expand expand any any other other portion portion of ofthe theCommon Common Elements, the Developer shall pay all the Elements, the the expenses expenses relating relating to to the the construction construction or or the the providing providing of of such. such shall record record an amendment to this Declaration Declaration describing addition or expansion and shall describing such such property. property. The amendment shall be executed amendment shall executed with with the formalities formalities of aa deed deed and and recorded recorded in in the the public public records recoras of of the the County. County. No Noapproval approvalororaction actionofofthe the-Association, -Association, Unit Unit Owners Owners or ormortgagees mortgagees shall shall be be necessary necessary for for 'adding of maintenance, maintenance, repair repair Paddingsuch suchadditional additionalCommon CommonEiements Elementstotocondominium condominiumownership. ownership. All costs of to the the addition addition or or expansion expansion of ofthe the recreational recreational facilities facilities or or any any other otherportion. portion. of and replacement relating to Elements shall shall be be aaCommon CommonExpense. Expense.-the Common Elements to Convey Convey Property Property to to the the Association. Association. The Developer hereby hereby Right Developer to 26.5 Riqht of Developer The Developer real property reserves the convey to to the the Association Association an any real property lying lying contiguous to the the Condominium Condominium reserves the right to convey liens and encumbrances, encumbrances, including, but not limited to, Property free and clear of liens to, wetlands wetlands or other parcels more suitable suitable to become become Association Association Property Property rather rather than than Common Common Elements. Elements. All costs costs and and..expenses expenses associated such Association Association Property Property shall shall be be Common Common Expenses. Expenses. The The Association Association shall shall be be associated with with such required conveyance from Notwithstanding anything contained herein required to to accept any such conveyance from the the Developer. Developer. Notwithstanding herein to the the contrary, contrary, any rights rights retained retained in in this this Section Section 26.5 26.5 shall shall terminate terminate when Developer Developer no holds no longer holds units for for sale. sale.

Exhibits. There contained in in the the 26.6 There are are hereby hereby incorporated incorporated in in this this Declaration Declaration all materials materials contained 26,6 as to to such such exhibits, exhibits, any any conflicting conflicting provisions provisions set set forth forth therein therein as as to to exhibits annexed hereto, except that as enforcement and and other other matters matters shall shall control control over over those those hereof. hereof. their amendment, modification, enforcement Wherever the signature signature of the President President of of the the 26.7 Signature of President President and Siqnature and Secretary. Secretary. Wherever Association is required hereunder, hereunder, the signature signature of aa Vice Vice President President may may be be substituted substituted therefor, therefor, and, and, Association is required wherever the signature of the the Secretary Secretary of of the the Association Association is is required reqUired hereunder, hereunder, the signature signature of an an wherever the signature Assistant Secretary substituted therefor, Assistant Secretary may may be substituted therefor, provided provided that that the the same same person person may may not not execute execute any any instrument on behalf single instrument behalf of of the the Association Association in in 22 separate separate capacities. capacities.

in whole whole or in part part of of any any covenant covenant or or restriction, restriction, or or any any 26.8 Severability. The The invalidity invalidity in 26.5 section, subsection, subsection, sentence, clause, clause, phrase or word, word, or or other other provision prOVision of of this this Declaration, Declaration, the the exhibits exhibits section, annexed hereto, hereto, or applicable applicable rules rules and and regulations regUlations adopted adopted pursuant pursuant to to such such documents, documents, as as the the same same annexed amended from time, shall shall not not affect affect the the validity validity of the the remaining remaining portions portions thereof which may be amended from time to time, which effect. shall remain in full force and effect. No provisions contained in in this shall be be deemed provisions contained this Declaration Declaration shall deemed to to have have been been Waiver. No 26.9 waived by by reason reason of any any failure failure to to enforce enforce the the same, same, without without regard regard to number of violations violations or waived to the number -.'

breaches which may occur.

_

Owner, by reason reason of of having having acquired acquired ownership ownership (whether (whether by by 26.10 Ratification. Ratification. Each Each Unit Unit Owner, purchase, gift, purchase, gift, operation operation of law or otherwise), otherwise), and and each each Occupant Occupant who who isis not not aa Unit Unit Owner Owner (by (by reason reason of of 35 F:\Documents\Louis\condo\Wave\Oeclaration.doc F:\Documents\Louts\condo\Wave\Oeclaration.doc 5/1 8/200512:36 PM 5/18/200512:36

such occupancy) occupancy),shall shallbe bedeemed deemedtotohave haveacknowledged acknowledged and and agreed agreed that that all all of ofthe the provisions provisions of of this this such Declaration, and of Incorporation, Incorporation, the By-Laws By-Laws and applicable applicable rules rules and and regulations, regulations, are fair Declaration, and the Articles of and reasonable in all material respects. Gender; Pluralit'j. Pluralitv. For convenience and of reference, reference, the the third third person. person singular singular 26.11 Gender For convenience and ease of impersonal form form of pronoun pronoun "it" "it" has been used herein without without regard regard to to the proper grammatical grammatical person person or or used herein impersonal gender gender of the party being being referred referred tq. tC!. All such such references references shall deemed to include include the singular or shall be be deemed ..plural'person andthe themasculine, masculine,feminine feminineororneuter neutergender, gender, as asrequired required by bythe the context. context. plurat'erson and

26.12 26:12 . Captions. The captions captions herein herein and Captions. The and in in the the exhibits exhibitsannexed annexedhereto heretoare areinserted inerted only only asa asa matter of convenience convenience and for ease of of reference reference and in no way define or limit limit the the scope scope of of the the particular particular thereof. document or any provision thereof. 26.13 Animals. Na Ncrlivestock, livestock,reptiles, reptiles, insects, insects, poulfry poultry or or other other animals animals of of any any kind shall be kept usual and and ordinary ordinary domestic domestic dogs, dogs, cats, cats, fish, fish, and and birds birds inside inside bird bird cages cages may may be be in any Unit except that usual kept as household pets pets within within any any Residential Residential Unit Unitprovided providedthat thatthey theyare arenot notkept, kept,bred. bred or. or raised therein for commercial in unreasonable for commercial purposes purposes or or in unreasonable quantities quantities or sizes. sizes. As used used in in the Declaration, Declaration, As "unreasonable ordinarily mean no more more than two two (2) (2) pets pets not not to to exceed exceed fifty fifty (50) (50) pounds pounds "unreasonable quantities" shall ordinaHl, (except Unit; provided, provided, however, (except with with regard regard to to quantities of fish) per Unit; however, that the the Board Board may may determine determine that that aa reasonable instance may be more. more. No Nopotbeflied potbellied piqs, pigs, snakes, snakes, pitbull pitbull dogs, dogs, Doberman Doberman reasonable number number in in any any instance dogs, to be dangerous nuisance may may dogs, or any other animals determined in the Board's sole discretion discretion to dangerous or a nuisance be brought onto The Board Board shall shall have have the the right right to to require require that any any pet pet onto or kept on the Project at any any time. time. The which, Board's opinion, opinion, endangers endangers the security of which, in in the Board's the health health or secUrity of any any Owner Owner or or occupant occupant.of of a Unit or creates a nuisance orunreasonable creates nuisance or unreasonable disturbance, disturbance, be be permanently permanently removed from the the Project Project upon seven seven (7) days written notice. so, the Board the pet. pet. Any notice. If the Owner or occupant fails fails to do so, Board may remove remove the Any pet pet Which, Board's sole presents an immediate immediate danger health, safety, safety, or which, in in the the Board's sole discretion, discretion presents danger to to the health, or property property of of any Occupant of a Unit Unit may may be be removed removed by the Board Board without without prior notice notice to the the pet's pet's any Owner Owner or or other other Occupant owner. Animals Owners, occupants occupants or their licensees, licensees, tenants tenants or Invitees Invitees within within the the Animals belonging belonging to to Owners, or their Property inside the living living element element of aa Residential Residential Unit (and (and shall shall not not be be left left or orlocated located Property must must be be kept kept inside unattended Unit), and must be unattended on on the the Exclusive Exclusive Use Use Balcony Balcony Area Area or or Exclusive Exclusive Use Use Patio Patio Area Area of of that Unit), held by by aa person person capable capable of of controlling controlling the the animal animal when when outside outside of of aa Unit. Unit Furthermore, held Furthermore, any any Owner Ownershall shall be liable to each and and all all remaining remaining Occupants, Occupants, their their families, families, guests and lnvitees, Invitees, for for any any unreasonable unreasonable noise or damage damage to person or property property caused caused by animals brought an noise to person by any any animals brought or or kept kept upon upon the the Project Project by an Occupant or by members of his family, family, his his tenants tenants or or his his guests. guests. It shall be the duty and and responsibility of each such such Owner Owner to to clean deposited droppings droppings on on any any public public street street each clean up after after such such animals animals which which have have deposited abutting or visible from the Property and properly dispose of any animal animal waste. waste. Any Any Occupant Occupant who who keeps keeps maintains any upon the the Project Project shall shall be be deemed deemed to to have have indemnified indemnified and and agreed agreed to hold hold the the or maintains any pet upon Association, its directors, agents, and Association, directors, officers, officers, and agents, and the the Declarant Declarant free free and and harmless harmless from from any any loss, loss, claim, claim, liability of any kind kind or or character character whatever whatever arising arising by by reason reason of of keeping keeping or or maintaining maintaining such such pet pet within within or liability the Project.

No person person shall shall produce, produce, or allow to be produced; produced; noise building Noise And 26.14 Noise And Vibration. Vibration. No noise or building shaking offensive to other Occupants. shaking vibration vibration at such levels as will be offensive 26.15 Toxic or Noxious Noxious Matter, Matter. No person shall shall discharge discharge into the the Project's Project's sewer sewersystem, system, No person noxious matter matter in in such concentrations as to be detrimental detrimental to storm drain or any toxic or noxious to or endanger the health, safety, safety, welfare, weifare, violate any any law, law, subject subject any any Owner Owner or Occupant Occupant to to liability liability under under state state and and public health, federal law for any clean-up or or cause cause injury injUry or or damage damage to to neighboring neighboring property property or or business business elsewhere elsewhereon on the Project. Project. .

26.16 Drainaqe. Drainage. There There shall shall be beno nointerference interference with with the the established established drainage drainage pattern pattern over overthe the Project, adequate alternative alternative provision made for proper proper drainage drainage with with the the prior priorwritten written Project, unless unless an an adequate provision is is made Forthe thepurpose purposehereof, hereof, "established" "established" drainage drainage isis defined definedas asthe the approval of the Architectural Committee. For 36 F:\Documents\Louis\condo\Wave\Declaration.doc F:\Do cu m e nts\L a s\cond o\Wave\De c I a rat ion, doe 5/18/200512:36 PM PM SIiB/200512:36

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FAX NO. :7278672496 :727867?496 FAX NO.

FROM FROM :The :TkeL.Jave: Wave: ACondomlniu( ACondominiu(

Ma~. 12:50PM May. 19 2005 12:58PM

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drainage, which which exists exists at at the the time time of of the the first first close closeof ofescrow escrowfor forthe thesale saleof ofaaCondominium, Condominium,or ortha~ tiat, which which drainage, is shown on Architectural Committee. Each Owner Owner shall shall have have the duty duly and is shown on any any plans plans approved approved by the the Architectural Committee, Each obligation Exclusive Use oblIgationtoto maintain maintain the the drainage drainage situated situatedwithin withinany anyExclusive ExclusiveUse UsePatio PatioArea Areaand/or and/or Exclusive Use Saloony a,nd any other material which may impede impede the the flow flow of ofwater waterand and to to clean clean such suoh Balcony Area Area free free of debris and drainage, No Ownef Ownershall shall dispose dispose of cf any any Hazardous Hazardous Materials Materials in any any drains. drains, If drainage, as as may may be be necessary, neceséary, No It such Such Owner Ownerfails fails to to maintain maintain such such drainage drainage and, and, as as aa result, result, imminent imminent danger danger or or damage damage to to person person or or property may may result result to the other Owners, then the the AssocIation shall have have the the right of access onto such such property Owners, then Association shall access onto area for the rhis right right the purpose purpose of of olearing clearing debris and other material rñaterial so so as as to to not Impede the flow of water. water. This access shall shall be be exercised'only for the purpose of preventing property and and the the of access preventing damage to persons and property Association shall The Owner shall Association shall use use reasonable reasonable care care so so as as to to not not ceuse cause any any damage damageto to suoh such areas. areas. The shall for any any costs costs and and expenses eXPl?JlsesIncurred Incurred InIn clearing clearing such suchdebrIs. debris. reimburse the Association for

'7 '

WITNESS WHEREOF, WHEREOF, the the Oevelope..(iJ1~s Developer hasoaused causedthis thisDeclaration DeclarationtOJJll toe duly IN WITNESS dulyexecuted executed and and its its Vk'day 2005 IA 'l:lay of 11\, 200£

Iate-seaj to be hereunto affixed this .. ~llElIiiMli'!l"llte-seal

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STATR OF STATE OF FLORIDA FLORIDA

SKYRE,LLC, SKYEFA, LW, a Fl
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AA .. M fl,gjzr,g M'ILtt' Before me, Publi P[;;a~t:+;aUr~:Jnl;'a:~v~~:;:n Lhis712 day day ofJm Before ma, aa Notary Notary Pubnq in ann icr saig conLy ann statc% on this of fT IA f 'Aji

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20Q.(' ., 2003, personally Klein}:;} LiabilityCompany, Company, on on behalf behalfof' 01' said said personallyappeared appearedDenjamin Benjamin KIein of SKYRE. SKYRE, LLC, LLC, a Florida Florida Limited Liability Benjamin Klein Klein is companies, fre. act act and and dead. doud. Benjamin companies,asasan anaot act·.Of of' SKYRE, STCYRB,r..L~, LLC,and and that that su an·n.ii. ail,,'lIing sjgning Wl\.' was his his free personally oror haahas produoe l as aa idontifica£lon. . personallyknnwn knownLotomo me produce. J A &.s - C, idcndfieadon. ~~~

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(NOTAIUAL (NOTARIA L SEAL) SF-A r,)

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FAX NO. FAX NO. :7278672496 :fl7BG724%

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CONSENT OF MORTGAGEE MORTGAGEE TO TO OeCLARATION DECLARATION OF CONDOMINIUM CONDOMINIUM

WiWr=., AACONIDOMJNBJM CONDOMINIUM FOR THE WAVE, ~

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THISCONSENT CONSENT Is given the ,day ,fl/aiE zooCn behalf ofofPENINSULA • THIS Is given as ofas 1Mof"J.~ day atof~ 200.[o'n behalf PENINSULA BANK BANK (Moctgagee). and holder certaipoflgage assumed ( Mortgagee'). b&ng bolng the the present pre~ent owner owner and holdilr of of that th;;'i.rta~ mortg
,

13

WHEREAS, Developer Developer has requested toconsent consent to to the the recording re<:ordins of afthe Oechilration af WHEREAS. requested Mortgagll6 Mortgage to the Ceclaration of The Wgya, (the Declarstion). Declarallon). Wave, a Condominium (the NOW, Mortgagee consents to the tM recordation recordation af NOW, nJEREFORE, ThEREFORE, Mortgagee consent to of Ihe the Declaration. OSaraflon.

Moagee rnke no nty or or any any representation mpsen6on of of any kind naWm Mortgll.gee M,!keiS no warranty any kindor or natureconcerning concerning the the Decierajion, any of It or their tartna provialons, or or thelf.gal the ligel sufficiency . Decleralion, itli'or barms or prevlalons, suffiooncy tr,erecf, tnereof, anti and disavows dllJe:vows any Bny such such warranty or representation as as well well as as any :lIly participation fri fn the development of The Wave Wwe, aaCondominium Condominium (tha (Ihf. "CondomInium'), condomlnlum'), and and does does not nol aseume assume and and shall shall nol not be be ~ponslble resrtslbte for lorany anyofofthe theobilgadons obligations or or IIl1billlioll of the developer dl!!\Ielopar contained contained In In thG !he Declaretloti Declmr.tIoI1 or the prtøpectus. pro~pectue, (If (If any) any) or orother otherdocuments dpeuments HabiIitio conne<:lion with Ihe promotion of 1M Condominium. Nlone None of of the the representations represenb;rtions corftsined contained In In issued the pron,otion the Condominium. jssued In connection lIle prospectus, (If olher dOCl.lments 10 have have teen boon macfe made by Mortgagee Mor(gagee, nor nor shall shall the prospectus, (I! any) any) or other documents shall shallbe bedoomed deemS to to create createany any obligatIon obllgetlon on Mortgagee Mortgagee 10 ~ny person This consent is they be construed constued to to any person relying relying thereon. thereon. ThIs Iim~ed to 1110 purposu pUrpo!l69and andrequframenta requirements of of SctJons Sactiom: 718,104 718,104 anti end 718.403, 718.'-03, Florida limited o the Florida SlatulM, Statutes,and anddo~s don nol not affect affect or impair impair the the rights ri&lhls and and remedies remedies of of Mortgage.e Mortgageeas asset set forth forth in in lhe the Mortgage Mortgage or or in in lhe the Declarellon. Declaration.

S it

PENINSLJL* fl OtI'4F\

WwNSSES:

Name: Name:.-+,,L-...L.~..,..-<->>4-"""'7'<"'-rI4

Print N3We; Print Na

By: Na

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4-1' Ag' J2?JstftftI1 .

4441 Name' Name:.,--.......,.t.:::;:;.;'-:-':-'r::--t''.:-:-n",....;;-....,-Print Nom ... Nan,

tsr. cotmrr or s Inn

vs 33 "1,

(SEAL)

1

STATEOF

eprh

OoQcGaCP

cwledged Ji:i>=:;";:":' . .re rnethis,2. day of M Thq._kcegOingin)!.,b;'jT1ent inafrupient'MIS ws a owfedged Th~going a said C$'tPrSdent oof t:1?Jaw~a::J;;!'.U1s..Clt P.. ~lcha!fQ~QO VO.flIflVy7 Q£mI)'f'retlldent

of) ,

t.i:t.øt.

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is personally personally known kneWrltotome meor cr0 D has has produced produced --f------''k.-~f:--r-f

My ExpIres: JUl'\e..-G MY CommilUlion Commiuion Expires: Junc_R2.008 ,'Was

V Name; refln I ! pc1LLn -cb Name:..::::Ji..,;li,..uu.-Y:..,..~~~ .......-'-"......(LIbIy (La bly flnted) eo.nted). , Notary Public, State of ~ NoWyPublic,Stllteof H nrjdn (Signatur)

(AFFIX NOTARY SEAL) ~~~~,

'---I-....

Penny Edwards ~n~Edwar~

i:"!'i!JJ.·'If:;., MY MYCOMMISSION DD327667E@IRES EXPIRES COMMISSION## D0321681 ~'~':

.

June 9, 2008 2008 June?,

Commission Number, Number, ifif any)

FONDED THRUTROY TROYFAIN FAIN INEURANC INC BONDSOlHRU lNSURANa,lNC.

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" 39 F:\DocumentslLouis\condo\Wave\Declaralion.doc F:\Oocunients\Louis\condoWave\DecIaration4oc 10127120044:34 PM 10/27/20044:34 FM

EXHIBIT "An "A"

THE WAVE, A CONDOMINIUM CONDOMINIUM

LEGAL DESCRIPTION, SURVEY, AFFIDAVIT OF SURVEY OR ASTO CERTIFICATE CERTIFICATE OF OF SUBSTANTIAL SUBSTANTIAL AS.TO COMPLETION, PLOT PLAN, FLOOR PLANS FOR UNITS AND GRAPHIC DESCRIPTION

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THE THE WA WA VE, VE; AA CONDOMINIUM

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PORTION OF OFSECTION 11, TOWNSHIP TOWNSHiP 32 A PORTION SECTION 11, 32 SOUTH, SOUTIj RANGE RANGE 16 16EAST, EAST OF ST. PETERSBURG, PETERSBURG, PINELLAS COUNTY, FL CITY OFST. COUNTI' FL .a",01'

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COUSULl1UG ERHINEEYSLAND ENGJUEERS·lANDSURVEYORS SURVEYORS LARD lANDPLANNERS PLANNERS CHNSUL1100 sr, ZEPHYRHIllS ST. pETERSBURG PMIYRSSURG ZEPHYRYIIJ.N 1620 AVENUE NORTH NORnt 0520 *F1RSr PlRNT AVENUE ST. PETERSBURG, flORIDA 33713 ST.PETERSSURG.FLOTIOAHST1S TELEPHONE: /727\822-4151 DELEPHONELT2IIB22415T

SHEET SHEET1I OF5 005

CERTIFICATE CERI1FI000EUEAUT000IZATIOR OF AUTHOiUlATIOU L.B. LS. '107 0001

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THE WA WAY.£, YE,AACQNDOMINJUM CQNDOMINIUM. PQRTIONOFSECTJON 11,TOWNSHIP TOWNSHip32'SOUTH;RANGE'I6EAST, A,',' PQRTJON OFSECFJON II, 32 SOUTH, RANGE 16 EAST; s, ,', ' _ ' , • CITY OFST. PETERSBURG,PINELLAS PlNELf,;ASCOUNTY, COUNTY, FL UTYbEST PETERSBURQ, tOl;

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THE WA WA VE; YE,AA CONDOMINIUM CONDOMINIUM EAST SECT! ON/i, A PORTION OF SECTION 1I, TOWNSHIP TOWNSHIP 32 32 SOUTH SOUTH, RANGE RANGE 16 EAST,

CITY cITY OF OFST. ST. PETERSBURG, PET1J1?SBURG, PINELLASCOUNTY, PINELLAS COUNT} FL

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SURVEYOR'S NOTES' SEIIOETOCR SORES

T.LNT0SoRoeIeRen5UdOOI3tROIlRT!dS: 1.lImMd =0" elements Include bill are 1101 "mIledl,,:

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EXHIBIT "B" EXHIBIT"B"

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n ~~~;

THE WAVE, A A CONDOMINIUM CONDOMINIUM

\'~.'J

UNIT OWNERS UNDIVIDED SHARE IN IN THE COMMON UNIT OWNERS UNDIVIDED COMMON ELEMENTS AND SHARING COMMON COMMON EXPENSES AND PERCENTAGE OF SHARING EXPENSES AND OWNING OWNING COMMON COMMON SURPLUS SURPLUS AND

(

(

CONDOMINIUM THE WAVE, A CONDOMINIUM SHARE IN IN THE THE COMMON COMMON ELEMENTS ELEMENTS AND AND UNIT OWNER UNDNIDED UNDN!DED SHARE FRACTIONAL FRACTIONAL SHARES SHARES OF OF SHARING SHARING COMMON COMMON EXPENSES AND OWNING COMMON SURPLUS SURPLUS e

-

fractional shares shares of ownership ownership of Common Expenses Expenses of the Both the fractional of Common Common Elements Elemerts and the Common the Units were The were apportioned apportioned by by grouping grouping the the Units Units into into Types Types and and allocating allocating points points to to each each type type as as follows: follows: The ownership share share of the the Common Elements and and Common Common Expenses Expenses assigned assignedtotoeach each unit unit shall shall be be based based ownership Common Elements totai square square footage footage of each unit unit in in uniform uniform relationship relationship to the the total total square square footage footage of each other other upon the total of each . residential unit in the condominium. for each each Unit Unit were arrived arrived at at as as follows: llows: The fractional shares for UNIT TYPE

UNIT NUMBER

UNIT

BED/BATH

FT. SQ. FT.

INTEREST UNDIVIDED INTEREST

C

101 101

FIRST FLOOR BR 11-1/2 2 BR /1-1/2 BA

C

102

BA 2 BR 11-112 / 1-1/2 BA

887

887/102,164

D

103

887

887/102,164

B B S

104

708

105 105

B S

106 106

B S S B S B S B S B B S G S B CC S B

2 SR/1 SA 2BRIIBA 1 SR 11 BA IBR/1BA 1 SR/1 SA IBR/1BA 1 SR/1 SA IBR/1BA 1BRIIBA 1 SR 11 SA 1 BR/1 SA 1BR/IBA 1 SR/1 SA 1BR/IBA

887

8871102,164

1 SR/1 SA 1BR/1BA 1 SR 11 SA 1BR/IBA 11BR/1BA SR/1 SA 2BR/2BA 2SR/2SA 11BR/IBA SR/1 SA 2 SR 11-1/2 SA 2BR/1-1/2BA 11BR/1BA SR/1 SA 1 SR 11 SA IBR/IBA

708 708 708 708 708 708 1,268 708 887 708 708 708

887

708/102,164 708/102,164 708/102,164 . 708/102,164 708/102,164 708/102,164 708/102,164 708/102,164 708/102,164 1,268/102,164 708/102,164 887/102,164 8871102,164 708/102,164 708/102,164 887/102,164

708 708

S B

. 107 107 108 109 109 110 111 112 113 114 115 116 118 118

C

120

2 SR 11-112 SA 2BR/1-1/2BA

C C

201

2BR/l-l/2BA 2 SR 11·1/2 SA

887 887

8871102,164 887/102,164

C

202

2 SR 11·1/2 SA 2BR/1-1/2BA

887

8871102,164 887/102,164

D

203

2BR/IBA 2 SR/1 SA

887 887

887/102,164

D D

204

2 SR 11 BA SA . 2BR/1

887 887

887/102,164

S B

205

1 SR 11 SA 1BR/1BA

708

F F

206

2 SR 11-112 SA 2BR/1-1/2BA

957

708/102,164 957/102,164

A

207

646/102,164

S B

IBR/IBA 1 SR/1 SA IBR/IBA 1 SR/1 SA

646

208

708

708/102,164

S B

209

'·11BR!1BA SR/1 SA

708

708/102,164

S B

210

708

S B

211

IBR/IBA 1 SR/1 SA IBR/IBA 1 SR /1 SA

708/102,164 708/102,164 708/102,164 919/102,164 708/102,164

.

.

FLOOR SECOND FLOOR

.

.

708

212

1 SR /1 SA IBR/1BA

708

E

213 213

2 SR /1-1/2 SA 2BR/1-1/2BA

919

S B

214 214

1IBR/IBA SR /1 SA

708

S B

.

.

. UNIT UNIT TYPE TYPE

..

UNIT NUMBER. NUMBER

..

Uwn' UNIT SQ. SQ. FT. Fr. 708

S .F F

215

BED/BATH 1 SR 11 SA IBR/1BA

216

2 BR 11-1/2 SA 2BR/1-1/2BA

957

A

.217 217

1 BR 11 BA IBR/IBA

646

0 D

218 ,: 219

2BR/1 SA 23R/IBA 1 SR/1 SA IBR/IBA

887

B B

c C

220

2 SR 11-112 BA 2BR/1-1/2BA

887

D D cC

..221 221

2 BR/1 BA 2BR/1BA

887

2 BR 11-112 SA 2BR/1-1/28A

887

C C

301

C

302

.0 D

303

D D

222

UNDIVIDED INTEREST

708/102,164 9571102,164 957/102,164 646/102,164

887/102,164 708/102,164 887/102,164 887/102,164 887/102,164 '

708

.

THIRD FLOOR

304

2 SR 11-1/2 BA 2BR/1-1/2BA 2 BR 11-1/2 BA 2BR/1-1/2BA 2BR/1SA .2BR/1BA 2 SR/1 SA 2BR/1BA

887

B S

305

1 SR/1 SA 1BR/IBA

F

306

A

887

8871102,164 887/102,164

887 887

8871102,164 887/102,164

887

708

887/102,164 887/102,164 708/102,164

SR 1.1-1/2 SA 2 BR /1-1/2 BA

957

957/102,164 957 / 102,164

307

11 BA BA 1 SR BR/i

646

646/102,164

B S

308

1 SR 11 SA 1BR/1BA

708

708/102,164

S B

309

1 SR/1 BA IBR/1BA

708

708/102,164

310

1 SR/1 SA IBR/1BA IBR/1BA 1BR/1BA

708

311 312

1BR/1BA 1 SR 11 SA

708

708/102,164 708/102,164 708/102,164

313

/ 1-1/2 BA 2 BR SR 11-1/2 SA

919

9191102,164 919 / 102,164

314

IBR/IBA 1 SR/1 SA

708

708/102,164

315

IBR/1BA 1 BR/1 SA

708

316

2BR/1-1/2BA 2 SR 11-1/2 SA 1 SR BR/i 11 BA SA 1

957

708/102,164 9571102,164 957/102,164

646

646/102,164

S B .

S B

.

S B

E F

.

S B S B F

.

.

708

.

.

A

317

D 0

318

S B

319

2 SR 11 SA 2BR/1BA SR/1 SA 1 1BR/IBA

C

320· 320

SA 2 BR 11-1/2 / 1-1/2 BA

887

8871102,164 887 / 102,164

O D

321

2 SR/1 SA 2BR/1BA

887

. 887/102,164

C

322 .

2 BR 11-112 SA 2BR/1-1/2BA

887

887/102,164

C

401

FOURTH FLOOR FOURTH 2 SR 11-112 SA 2BR/1-1/2BA

887

887/102,164

C C

402 .402

887

O D

403

0 D

8871102,164 887/102,164 887/102,164 . 887/102,164 887/102,164 708/102:164 708/102,164 957/102,164 646/102,164

887 .887

887/102,164

708

708/102,164

887

404

2 SR 11-1/2 SA 28R/i-1/2BA BR/1 SA 2 2BR/IBA 2SR/1SA 2BR/1BA

B B

405

SR/1 SA 1 IBR/IBA

708

887

2 SR 11-1/2 SA 2BR/1-1/2BA

957

646

408

1 SR/1 SA .1BR/IBA 1 SR/1 SA 1BR/1BA

B S

409

1 BA 1 SR/1 BR/i BA

708

B B

410

1 SR 11 SA 1BR/IBA

708

B S

411

1 SR/1 SA 1BR/IBA

708'' 708

F

406

A .A

407

B S

.

708 .

.

708/102164 708/102,164 708/102,164 708/102164 708/102,164 708/102,164

I·

(

UNIT TYPE

(

UNIT

UNIT UNiT

BED/BATH BEDJBATH

SQ.Fr. FT. S.

UNDIVIDED INTEREST

1BR/IBA 1 BR/1 BA

708 708

708/102,164

B B

NUMBER 412

E E

413

2 BR 11-1/2 BA, 2BR/I-1/2BA.

919 919

9191102,164 919/102,164

B

414

IBR/1BA 1BR/1BA

708

708/102,164

B

415

IBRI1BA, 1BR/1BA

708

F

416

2 BR 11-1/2 BA 2BRII-1/2BA

957 646', 646.

708/102,164 9571102,164 957/102,164 646/102,164

,1

417

A

.

BA 1 BR/1 BR/I BA

418

2BR/1BA ZBR/IBA

B

419

1 BR/1 BA 1BR/IBA

887 708

C

420

2 BR/1-1/2 BA ZBR/l-1/2BA

887

887/102,164

D D

421

2 2BR/IBA BR/1BA

887

887/102,164

C

422

2 BR/1-1/2 SA 2BR/1-IJ2BA

887

887/102,164

C

501

FIFTH FLOOR 2 BR/1-1/2 SA 2BR/1-1/28A

C

502

D

,

708/102,164 708/102,14

,

887

887/102,164

887

8871102,164 887/102,164

D

503

D

504

2 BR 11-1/2 BA 2BR/i-1/2BA 2BR/IBA 2 BR/1BA 2BR/IBA 2 BR/1BA

,B ,B

505

1 BR/1 BR/I BA 1 BA

F F

506

2BR/1-1/2BA BR 11-1/2 BA 2

957

A

507

IBS/IBA 1BR/1BA

646

B

508

1BR/1BA 1BR/IBA

708

B

509

1BR/1BA IBR/IBA

708

B

510

1 IBR/IBA BR/1 BA

708

B B

511

1 IBR/IBA BR/1 BA

708

B B

512

E

1 BR/1 BR/i BA BA 2 BR 11-1/2 BA 2BR/1-1/2BA

708

513

S B

514

1 1BR/1BA BR/1 SA

708 708

B B

515

1BR/1BA 1BR/IBA

708 708

F F

516

957 957

,

887/102,164 '

887

887 708

,

919

.

887/102,164 887/102,164 708/102,164 957/102,164 646/102,164

708/102,164 708/102,164 708/102,164 708/102,164 708 1102,164 708/102,184 9191102,164 919/102,164 708/102,164 708/102,164 957/102,164 646/102,164

B

519

C

520 520

2 BR 11-112 BA 2BR/1-i/28A 1BR/1BA 1 SR/1 SA 2 SR/1BA 2BR/IBA IBR/1BA 1 BR/1 SA 2BR/14/2BA 2 BR 11-1/2 BA

D D

521

2 BR/1BA 2BR/-1BA

887

887/102,164

C C'

522 522

2 BR 11-1/2 SA 2BR/l-1/28A

887

8871102,164 887/102,164

C C

601

887

C

602

28R/i-i/2BA 2 BR 11-1/2 BA

887

D D

603

2BR/IBA BR/1BA 2

887

517

A D

,

518

646 "

SIXTH SIXTH FLOOR BR!11-1/2.BA I-i/2.BA 2 BR

,

887

887/102,164

708

708/102,164

887

8871102,164 887/102,164

604

2BR/1BA 2BR/1 SA

887

B 3

605

708

F F

606

1BR/1BA 1 BR/1 SA 2 BR/1-1/2 BA 28R/i-1/2BA.

A

607

BR/1 BA 1IBR/IBA

646

887/102,164 8871102,164 887/102164 887/102,164 887/102,164 887/102,164, 887/102,164. 708/102,164 957/102,164 646/102,164

B

\ 608

BR/1 BA 1IBR/IBA

708

708/102,164

D D

'

.

957

.

.

UNIT

_________________ UNIT

TYPE

8B

NUMBER 609

B

610 .610

B B

611

708

708/102,164

<j

1 BR/1 BA

708

708/102,164

1BR/1BA

708

708/102,164

708/102,164

612

E

613

2 BR 11-112 BA

919

919/102,164

B B

614

1 BR 11 BA

708

708/102,164

B B

615 .615

1BR/1BA

708

F

616

2 BR 11-1/2 BA

957

708/102,164 .957/102,164 957/102,164 646/102,164

617

:.

.

IBR/IBA BR/1 BA 1

646 ..

618

2BR/1BA 2 BR/1 BA

B

619

1 BR 11 BA

708

C D D C

620

2 BR 11-1/2 BA

887

708/102,164 8871102,164 887/102,164

621

2BR/1BA 2BR/IBA

622

2 BR 11-112 BA 2BR/l-1/2BA

887 887

887/102164 887/102,164 887/102,164

102,164

102,164 (102,164 102,164/102,164

D D

I

1 1 BR BR/i /1 BA BA

BED/BATH BEDIBATH

B B

A .

UNDIVIDED INTEREST

BR 11 BA 1 IBR/IBA

UNIT So. SQ. FT. FT. 708

.

887

.

.

TOTAL

887/102,164

All A/I Square footages shown are approximate

UNIT BREAKDOWN; BREAKDOWN: UNIT TYPE A

NO. OF

FRACTIONAL SHARE EACH EACH

TOTAL FRACTIONAL SHARE

C C

UNIT AREA 646 708 887

D

887

21 21

21,288 18,627 18,627

. E E

919

5

4,595

919/102,164

4,595/102,164

F F

957

10

9,570

957/102164 957/102,164

9,570 / 102,164 9,570/102,164

G 0

1,268

1 1

1,268

1,268/102,164 1,268 / 102,164

1,268/102,164 1,268 / 102,164

B B

TOTAL

. UNITS UNITS 10

TOTAL UNIT AREA

.

6,460/102,164

6,460

646/102,164

57

40,356

708/102,164 708 / 102,164

40,356/102,164 40,356 / 102,164

24

887/102,164

21,288/102,164

8871102,164 887/102,164

18,627/102,164

128 128

102,164 102,164

All Square footages footeges shown are approximate. approxImate.

102,164/102,164

SCHEDULE "2"

THE WAVE, A A CONDOMINIUM CONDOMINIUM

UNIT NUMBER, UNIT TYPE, NUMBER OF BEDROOMS/BATHROOMS BEDROOMSIBATHROOMS IN EACH UNIT AND UNDIVIDED INTEREST

(

(

THE WAVE, THE WAVE, AA CONDOMINIUM CONDOMINIUM

UNIT UNIT NUMBER, NUMBER,NUMBER NUMBER OF OFBEDROOMS BEDROOMS /IBATHROOMS BATHROOMS IN IN EACH EACH UNIT UNITAND AND UNDIVIDED UNDIVIDED INTEREST INTEREST

UNIT NUMBER

UNIT Uw:r TypE TYPE

UNIT ·

BED/BATh BED/BATH

SQ. Er. FT.

UNDIVIDEDINTEREST INTEREST UNDIVIDED

FLOOR FIRST FLOOR 2 BR/1-1/2 BA 2BRII-1/2BA

887

887/102,164

887 887

887/102,164

C c

101 101 102 102

D o

103 103

2BR/1-1/2BA 28R/1-1/2BA 2 BR /1 BA 2BR/IBA

B B B B

104 104

1 BR/1 BA IBR/IBA

708

708/102,164

105 105

708

B B

106 106

1 BR /1 BA IBR/IBA 1 BR/1 BA IBR/IBA

708/102,164 708/102,164 708/102,164 708/102,164 708/102,164 708/102,164 708/102,164 708/102,164 1,268/102,184 1,268/102,164 708/102,164 887/102,164 708/102,164

C C

B B B B B B B B B B B B G C B C B B B

C

-

107 107

708

120

1.BR/1BA 1BR /1 BA 1.BR/1BA i.BR/IBA 1 BR/1 BA IBR/IBA 1 BR /1 BA IBRI1BA 1 BR/1 BA 1BR/IBA 1 I BR/1 BRJI BA BA 2 BR/2 BA 28R/2BA 1 BR/1 BR/i BA BA 2BR/1-1/2BA 2 BR/1-1/2 BA 1IBRIIBA BR /1 BA 1IBR/1BA BR /1 BA 2BR/1-1/2BA SECOND SECOND FLOOR FLOOR 2BR/1-1/2BA

108 108 109 110 111 Ill 112 113 114 115 116 116 ,118 .118

C

201 201 .

C D 0 D

202

B

205

F

206

A B B

207 207

B B

209 209

B B

210 210

B B

211

2 BR/1-1/2 BA 2BRII-1/2BA IBR/IBA 1 BR /1 BA 1 BR /1 BA IBR/1BA 1 BR/1 SA IBR/1BA /1 SA 1 BR BR/I BA IBRIIBA 1 BR /1 SA

B E

212

·

203 204

708 .7O8 708 708 708 708 708 1,268 1,268 708 887 708 708 887

2 BR/1-1/2 BA 2BR/1-1/2BA 2BR/IBA 2 BR/1 BA

208 208

708/102,164 887/102,164 ..

887

887/102,164

887

887/102,164 887/102,164

887 887

2 BR /1 BA 2BR/IBA BR/1 BA 1 1BR/IBA

887/102,164

708

887/102,164

957 957

708/102,164 957/102,164

646

646/102,164

708

708/102,164

708

708/102,164 7081102,164

708

708/102,164

708

708/102,164 708/102,164

IBR/IBA 1 BR /1 SA

708

708/102,164

213

2 BR/1-1/2 BA 2BR/1-1/2BA

919

919/102,164

B B

214

BR /1 BA 1IBR/18A

708 (102,164 70/102,164

BB

215

BR/1 BA 1 IBRIIBA

8 708 .79 708 708

F

216

2 BR/1-1/2 BA 2BR/1-1/2BA

957 957

A 0D B B C C

217

1BR/IBA 1 BR/1 BA

646 646

218 219

2BR/1 2BR/IBA BA 1 BR/1 BA 1BR/IBA

887

220

BR/1-1I2 BA 2 2BR/1l12BA

·

-

708 887

708/102,164 -9571102,164 '957/102,164 646/102,164 887/102,164 887/102,164. . 708/102,164

887/102,164 887/102,164.

UNIT UNIT NUMBER NUMBER

UNIT TYPE

0 C C

UNIT UNIT

Sa. FT. Fr. So.

UNDIVIDED INTEREST UNDIVIDED INTEREST

887

887/102,164

887

887/102,184 8871102,164

2 SR 11-1/2 BA 2BR/1-1/2BA 2 SRI 1-1/2 SA 2BR/1-1/2BA

887

887/102,164

887

887/102,164

887

887/102,164

887

887/102,164

708

221

BED/BATH BED/BAN 2 BR/1 BA 2BR/1BA

222

2 SR/1-1/2 SA 2BR/1-1/28A THIRD FLOOR

..

C c C C 0 0

301

B

305

2 BR/1 SA 2BR/IBA 2 SR/1 SA 2BR/IBA 1 BR 11 SA IBR/1BA

F

306

2 BR/1-1/2 BA 2BR/1-1/2BA

957

A

307

1 SR 11 SA IBR/1BA

646

708/102,164 957/102,164 646/102,164

B

308

BR 11 BA 1 IBR/1BA

708

708/102,164

S B

309

IBR/IBA 1 BR 11 BA

708

708/102,164

S B

310

1 SR 11 BA IBR/1BA

708

708/102,164

B

311

708

708/102,164

B

708

708/102,164

E E

312 313

1 SR 11 BA IBR/1BA 1BR/1SA IBRt1BA

2BR/1-1/2BA 2 BR/1-1/2 BA

919

B B

314 314

1BR/1SA IBR/1BA

708 708

B S

315

1 SR 11 BA IBR/1BA

708

302

303 304

F

316 316

2 SR 11-1/2 BA 28R/1-1/2BA

957 957

A

317 317

BR/1 SA 1IBR/IBA

646 646

0 D

318 318

2SR/1 BA 2BR/1BA

887 887

B S

319 319

1 BR/1 BA 1BR/IBA

708 708

C

320 20

2 BR 11-1/2 SA 2BR/1-1/2BA

887 887

0 o

321

2BR/1BA 2 SR/1 BA 2SR/1-1/2SA 2BR/1-1/2BA

887

C C

P.

.

322

919/102,164 708/102,164 708/102,164 957/102,164 646/102,164

.

887 .887

887/102,164 708/102,164 887/102,164 887/102,164 887/102,164

FOURTH FLOOR .

cC

401

887/102,164

402 403

2 BR/1-1I2 SA 2BR/1-1/2BA 2 SRI 1-1/2 BA 2BR/1-1/2BA

887

C 0 0o

887

2 BR /1 SA 2BR/IBA

687 887

404 405

2SR/1 SA 28R/IBA

887

1 SR 11 SA IBR/IBA

708

887/102,164 8871102,164 887/102,164 887/102,164 708/102,164

F F

406

BR 11-1/2 SA 2 BR/ 1-1/2 BA

957

957/102,164 957 / 102,164

A

407

BA 1 SR/1 BR/I BA

646

646/102,164

B

408

1 SR/1 SA 1BR/IBA

708

708/102,164

B B

409

708

S a

410

IBR/IBA 1 SR/1 SA 1 SR/1 SA IBR/IBA

708/102,164 708/102,164 708/102,164 708/102,164 919/102,164 ·708/102,164 708/102,164 708/102,164

B

708

B B

411

1 SR/1 SA IBR/1BA

708

B S

412

1 SA 1 SR/1 BR/I BA

708

E E

413

22BR/l-1/2BA BR/1-1/2 BA

919

.

B B

414

IBR/1BA SR/1 BA 1

708

S B

415

11BR/1BA SR/1 SA

708

416

2 SR 11-1/2 BA 2BR/I-1/2BA

957

957/102,164 9571102,164

417

1IBR/IBA SR/1 SA

646

646/102,164

2BR/1SA 2BR/IBA

887

887/102,164

F F

A 0

.

418

.

F:i , I

tJ

(

UNIT

UNIT UNIT TYPE

B B

NUMBER 419

C

420

D 0

421

C

422

BEDIBATH BED/BATh

UNIT SQ. SQ. FT. Fr.

1 BR/1 BA IBR/IBA

708

2 BR 11-1/2 BA 2BRII-1/2BA 2 BR/1BA 2BR/IBA 2 BR/1-1/2 BA 2BR/1-1/28A

887

FIFTH FIFTH FLOOR 2 BR/1-1/2 BA 2BR/1-1/28A

887

887

887/102,164 8871102,164

887 887

887/102,164 887/102,154 887/102,164 887/102,164 887/102164 887/102,164

708/102,164 957/102,164 646/102,164 546/102,164

D

2 BR/1BA 2BR/IBA

D 0

504

2 BR/1BA 2BR/1BA

887 887

B B

505

IBR/IBA 1 BR/1 BA

708

F F

506

2 BR/1-1/2 BA 2BR/1-1/28A

957

A B B

507

1 BR /1 BA IBR/IBA

646 546

508 505

1.BR/IBA 1BR/1BA

708

B B

509

1 BR /1 BA IBR/1BA

708

B B

510

BR/1 BA 1 IBR/IBA

708

B B

511

B B

512

1 BR/1 BA 1BR/IBA BR/1BA 1 IBR/1BA

E E

513

2 BR /1-1/2 BA 2BR/l-1/2BA

708 708 919

B

514

1BR/1BA IBR/IBA

708

B B

515

BR /1 BA BA 1I BR/I

708

C

2 BR /1-1/2 BA 2BRI1-1/2BA

UNDIVIDED INTEREST UNDIVIDED INTEREST

708/102,164 8871102,164 887/102,164 887/102,164

501 502 '503 '503

C

.

516

2 BR /1-1/2 BA 2BR/I-1/2BA

957

517

1IBR/iBA BR/1 BA

646 546

708/102,164 708/102,164 708/102,164 708/102,164 708/102,164 708/102,164 708/102,164 919/102,164 919/102,164 708/102,164 708/102,164 708/102,164 708/102,164 957/102,164 646/102,164 646/102,164

2 BR/1BA 2BR/IBA

887

887/102,164

B B

518 519

708

C

520

BR /1 BA 1 IBR/IBA 2 BR /1-1/2 BA 28R/1-1/2BA

D 0

521

2BR/1BA 28R/IBA

887

C c

522

2 BR /1-1/2 BA 2BR/l-1/2BA

887

708/102,164 887/102,164 887 /102, 164 887/t02,164 887/102,164

F F A

.

D O

887

C

601

C

602 502

SIXTH FLOOR 2BR/l-1/2BA 2 BR/1-1/2 BA 2 BR/1-1/2BA 2BR/1-1/2BA

O D

603

2 BR/1BA 2BRIIBA

D O

604 604

2 BR/1 BA 2BR/18A 1 BR/1 BA 1BR/IBA

887

2 BR/1-1/2BA 2BR/1-1/28A 1 BR/1 BA BR/i BA

957

646

887 887 887 708

B B

605

F

606

A B

'607 607 608

BR/1 BA 1 1BR/IBA

708

B B

609 509

BR/1 BA 1 IBR/1BA 1 BR/1 BA IBR/IBA

708

611

1 BR /1 BA 1BR/IBA

708 708

BR /1 BA 1 IBR/IBA

708

E E

612 613

B B

2 BR/1-1/2 BA 2BR/l-1/28A 1BR/1BA 1BR/IBA

919

614 514

B B B B B B

I

610 510

708

B B

615

1BR/1BA IBR/IBA

708

F

616

2 BR /1-1/2 BA 2BR/1-1/2BA

957

887/102,164 887/102,164 887/102,164 8871102,164 887/102,164 708/102,164 708/102,154 957/102,164 646/102,164 708/102,164 708/102,154 708 1102, 164 708/102,164 708/102,164 708/102,154 708/102,164 '708/102,164 708/102,164 919/102,164 919/102,154 708/102,164 708/102,164 957/102,164

.

UNIT

UNIT TYPE A

NUMBER NUMBER

BED/BATH Beb/BATH

817 617

1 BR/1 BA 1BR/IBA

0

618

B B C

619 620

0

621 621

2BR/1 BA 2BR/1BA 1 BR /1 BA IBR/1BA 2 BR /1-1/2 BA 28R/1-1/28A 2BR/1 BA 28R/1BA

C

622

2 BR /1-1/2 BA 2BR/1-1/2BA

TOTAL

UNIT So. Fr. Sa. FT. 646

UNDIVIDED INTEREST INTEREST 646/102,164

887

887/102,164

708

708/102,164 708/102,164.

887 887 887

887/102,164 887/102,164 887/102,164

102,164

102,164! 102,164 102,164/102,164

All Square footages shown shown are are approximate. approxImate. A/I

BREAKDOWN: UNIT BREAKDOWN' UNIT TYPE A A

B B

UNIT AREA 646 708

C D

887

E

919

5 5

F

957 957

10

G

1,268

1 1

TOTAL T9TAL

887

TOTAL UNIT UNIT AREA 6,460 40,356 21,288 18,627 4,595

NO. OF UNITS 10 10 57 24 , .

21

128

9,570 .

1,268

TOTAL FRACTIONAL SHARE 6,460 6,4601102,164 /102,164

FRACTIONAL SHARE EACH 646/102,164 708/102,164

887/102,164 887/10,164

887/102,164 919/102,164 957/102,164 1,268/102,164

102,164

All Square foota footages are approximate. approxImate. All gas shown are

.

40,356/102,164 21,288/102,164 18,627/102,164 4,595/102,164 9,570/102,164 1,268/102,164 102,164/102,164

.

(

(

SCHEDULE "3"

A CONDOMINIUM CONDOMINIUM THE WAVE, A

ESTIMATED OPERATING BUDGET FOR THE CONDOMINIUM PROPERTY

THE WAVE, A CONDOMINIUM. ESTIMATED OPERATING BUDGET FOR FISCAL YEAR FIRST DAY OF MONTH IN WHICH DECLARATION IS RECORDED TO LAST DAY OF THE FISCAL YEAR IN WHICH DECLARATION IS RECORDED (SEE NOTE 3) .

MONTHLY

YEARLY

1. EXPENSES OFTHE ASSOCIATION AND THE CONDOMINIUM (SEE NOTE 1)

ADMINISTRATION OF THE ASSOCIATION Maintenance Cell Phone Legal Office Supplies Permits and Licenses Postage . Printing Bank Charges Tolls and Mileage

$

.

$

$ $

.

$ $ $

.

.

.

.

.

..

.

.

$

.

SALARIES AND WAGES Employee Benefits Custodian Maintenance Payroll Payroll Taxes and Overhead Uniforms

.

.

$ $

$ $ $

.

$

.

$ $

$

280.00

$

$ $ $ $

1646.67

$

MANAGEMENT FEES (SEE NOTE 2)

BUILDING REPAIR AND MAINTENANCE Carpet Door and Window Repair Fire Alarm System I Monitoring Fire Extinguisher Service Janitorial Supplies Light Bulbs and Fixtures Lock Repair and Replacement Maintenance Supplies Painting Supplies Miscellaneous Repairs

.

50.00 41.67 125.00 33.33 41.67 8.33 4.17 20.00

1,906,67 1,066.00 8.33

$: 1

.

600.00 500.00 1,500.00 400.00 500.00 100.00 50:00 240.00

3,360.00 19,760.00

22880.00

$

12,792.00 100.00

1,920.00

$

23,040.00

83.33 41.67 100.00 16.67 83.33 41.67 16.67 41.67 8.33 125.00

$

$ $ $ $ $ $ $ $

1,000.00 500.00 1,200.00

.

I

$ $ .

$ $ $ $ $

$ $ $

$

200.00 1,000.00 500,00 200.00 500.00 100.00 1,500.00

(

(

I GROUNDS MAINTENANCE 1,435.00 125.00 83.33

$

$ $

$ $

17,220.00 1,500.00 1,500.00. 1,000.00

$ $

150.00 25.00

$ $

1,800.00 300.00

$ $

1,275.00 6,169.17

$

500.00

$

6,000.00 6,000.00

$

42.67

$

512.00

Electiic Electric Water

$ $ $ $

Sewer Telephone Line Charge Telephone Long Long Distance Telephone Intercom Intercom Trash Removal

$ $ $ $ $$ $

1,166.67 1,683.33 2,116.67 250.00 3.75 25.00 1,025.00

$$ $$ $ $$ $ $ $

14,000.00 20,200.00 25,400.00 3,000.00 45.00 300.00 12,300.00

$

9,639.83

$

115,677.94

Landscaping Planting I Repairs Sprinkler System

POOL MAINTENANCE P~O~O=-LlY!MACJI~N::-,TE=lN~A~N~C=.E.,.--, _ _......,.. Pool Chemicals Pool Repairs

ll-l

$

1

I INSURANCE INSURANCE Flood Insurance All Risk/Bond/D&O RisklBond/D&O Liability MISCELLANEOUS! OTHER EXPENSES Non-Budgeted Expense xpense

jFEES IFEES PAYABLE TODIVISION

.

$ $

.

15,300.00 74,030.00

IUTILITIES (SEE (SEE NOTES NOTES 1I AND 4)

RESERVES FOR CAPITAL NOTE 5) 5) EXPENDITURES (SEE NOTE

1cj

RENT FOR RECREATIONAL AND OTHER COMMONLY USED FACILITIES

N/A N/A

N/A. N/A

TAXES UPON rAXES UPON ASSOCIATION PROPERTY

N/A

N/A N/A..

TAXES UPON LEASED AREAS ITAXES AREA:'

N/A

N/A

SECURITY PROVISIONS ISECURITY

N/A

N/A

OPERATING CAPITAL IOPERATING CAPITAL

N/A

N/A

SUBTOTAL (WITH RESERVES) RESERVES) /SUBTOTAL

$

33,425.58 .

$

401,106.94

11.1. EXPENSESFORAUNIT EXPENSES FOR A U. NIT OWNER

•

A. Rent for the unit, if subject to a lease

N/A N/A

N/A N/A

B. Rent payable by the unit owner directly directly to to the the Lessor for Recreational Lease

N/A N/A

N/A N/A

LESS RESERVES

$

9,639.83 ,639.83

$

115,677.94

jTOTAL (WITHOUT RESERVES) RESERVES) TOTAL (WITHOUT

$

23,785.75

$

285,429.00

I,~:~ ;'(~i

\\\.

Developer has not established reserves reserves in in compliance compliance with with Chapter Chapter718.618, 718.618, relating to conversion reserve accounts.

oj

:~.

,

(

(

MONTHLY AND YEARLY MAINTENANCE MAINTENANCE UNIT (WF1H (WITH RESERVES) FEES PER UNFI

UNIT TYPE

A B C C D E F F G C

$$ $$ $$ $ $$ $$ $$

MONTHLY 211.35 231.64 290.20 ·290.20 290.20 300.66 313.10 414.84

$$ $$ $ $$ $ $$ $$

YEARLY 2,536.20 2,779.67 3,482.41 . 3,482.41 3,607.96 3607.96 3,757.17 4,978.14

$ $ $ $ $ $ $

MONTHLY 150.40 164.84 206.51 206.51 206.51 206,51 213.95 222.80 295.20

$ $ $ $ $ $ $

YEARLY 1,804.77 1,978.02 1,978.02 2,478.09 2,478.09 2,567.43 2,567.43 2,673.61 3,542.46

MONTHLY AND AND YEARLY MAINTENANCE FEES PER UNIT (WITHOUT RESERVES)

UNIT TYPE A

B B C D 0 E E F F

G

f)jL~

~~

~~

lli~~

~~

~~

~~

Estimated Life (in years)

~~

~~

Current Balance in in Account

Estimated Replacement Cost

Estimated Remaining Useful Life

~~

Required. Required Reserve Per Year

[

ROOFING

26

6

$

100,000.00

$

-

$ 16,666.67 16,666.67

FIREPROOFING/FIRE PROTECTION SYSTEMS

20

20

$ $

200,000.00 200000.00

$

-

$ 10,000,00 10,000.00

ELEVATORS ELEVATORS

30

30

$

70,000.00 70,000 00

$

-

$

2,333.33

MECHANICAL (HVAC)

12

12 1:2

$

25,000.00 25,00000

$

-

$ $

2,083.33

PLUMBING

60

18

$

500,000.00 500,00000

$

-

$$ 27,777.78 27,777.78

ELECTRICAL SYSTEMS

62

20

$

500,000.00 500,000 00

$$

-

$$ 25,000.00 25,000.00

POOL SWIMMING POOL

62

20

$

132,00000 132,000.00

$

--

$

6,600.00

PAVEMENT AND'PARKING ANOPARKING LOT

62

20

$

100,000.00 100,00000

:$$

$

5,000.00

DRAINAGESYSTEMS DRAINAGE SYSTEMS

62

20

$

100;000.00

$

5,000.00

15

15 15

.$$

38,190.00

$

-

$

2,546.00

15

15

$

35,000.00

$

-

$

2,333.33

88

8

$

82,700.00 82,70b.00

$

--

CORRIDOR CARPET

.

$

.

0,,;

COVERNG CORRIDOR WALL COVERNG PAINTING EXTERIOF EXTERIOR

TOTAL

.

10,337.50 $ 10,337.50

.

.

$ 115,677.94 $115,677.94

(

(

SCHEDULE"4' SCHEDULE "4" THE WAVE, WAVE, ACONDOMINIUM FORM OF PURCHASE AGREEMENT UTILIZED IN THE SALE OF CONDOMINIUM UNITS

NOTES TO THE ESTIMATED ESTIMATED OPERATING BUDGET BUDGET FOR FOR THE WAVE CONDOMINIUM NOTE 1:. 1:. NOTE

definition, a Budget Budget is an estimate estimate of expenses. However, actual actual expenses expenses incurred incurred By definition, is an expenses; However, may be either more less than than the the estimated estimated expenses be either more or less expensesset set forth forth inin the the Budget. Budget. The Developer and and the the Association Association cannot cannot and and do do not not make any representation warranty Developer representation or warranty result of of inflation, inflation, etc. etc. Furthermore, Furthermore, if the the that actual expenses expenses will increase as that actual will not not increase as a result estimated expenses in BUdget, for example: example: water water or or electricity, electricity, estimated expenSes in certain certain categories categories of of the Budget, are less the actual actual expenses expenses incurred incurred for those those categories, categories, then then the the excess excess will will be be less than than the used to off-set off-set deflcits deficits occurring occurring in in the the categories categories of of the the Budget BUdgetwhere where actual actual expenses expenses the estimated estimated expenses. expenses. exceed the

NOTE NOTE 2:'

The Association into a management agreement. However, Association haá has not entered entered into management agreement. However, the the Budget Budget forth certain certain sums sums for formanagement. management. In the the event event the the Association Association enters enters into a sets forth the expenses expenses for this item will be be increased increased or or decreased. decreased. management agreement, agreement, the management

NOTE 3: NOTE 3:

to Section 718.116 Florida Statutes, Statutes, the the Developer has guaranteed that Pursuant tei 718.116 (9)(a)2, (9)(a)2, Florida Unit owners owners monthly monthly Assessment Assessment for for Common Common Expenses Expenses of the Unit Condominium ofthe the' Condominium Unit Owners Owners will will not not increase, increase. over forth below for the the imposed imposed on on all Unit over the the amounts amounts set forth period upon recordation of the and ending the Declaration Declaration and ending twelve twelve (12) (12) months months period beginning beginning upon recordation of thereafter, and has obligated itself to pay any any amount amount of of Common Common Expenses Expenses incurred incurred thereafter, and obligated itself

during that period not produced produced by the Assessments Assessments at the guaranteed guaranteed level level receivable receivable from other Unit Owners. The The amount amount of ofthe the Assessment Assessment guarantees guarantees for for each each Unit Unit owner owner maintenance fee fee amount set forth as follows:' for the guarantee period is the monthly maintenance follows: Monthly and and Yearly Maintenance Fee Per Residence:

UNIT TYPE A B C D E E F G

$$ $ $$ $ $ $ $

MONTHLY 150.40 164.84 206.51 206.51 213.95 222.80 295.20

YEARLY $ $

$ $ $ $ $

1,804.77 1,978.02 2,478.09 2,478.09 2,567,43 2,567.43 2,673.61 3,542.46

NOTE 4:

Each shall be separately Each Residence Residence shall separately billed billed for electricity, electricity, real real estate estate taxes, taxes, personal. personal future, if water and and property charges, cable television charges.. charges. In property taxes, taxes, telephone charges, In the future,, sewer charges are sub-metered, they will will then then also also be be billed separately.

NOTE 5:

This budget based upon upon buildings buildings of of aa similar similar size. size. However, bUdget has been estimated estimated pased However, these these future costs costs that that may may vary. vary (increase (increase or or decrease) decrease) and and .charges estimates of future charges are are estimates accordingly, no representation representation is this budget bUdget isis complete, complete, accurate, accurate, accordingly, is made or implied that this all encompassing, encompassing. The The budget budget will will need need to to be be adjusted adjusted once once the the buildings buildings are fully fully or all and costs costs are are stabilized, stabilized.' v occupied and '

(

(

ORAL REPRESENTATIONS CANNOT CORRECTLY STATING STATING THE REPRESENTATIONS REPRESENTATIONS OF ORAL REPRESENTATIONS CANNOT BE BE RELIED RELIED UPON UPON AS AS CORRECTLY OF THE THE DEVELOPER. FOR REFERENCESHOULD SHOULD BE BE MADE MADE TO TO THIS AND THE DEVELOPER. FOR CORRECT CORRECT REPRESENTATIONS, REPRESENTATIONS, REFERENCE THIS CONTRACT CONTRACT AND THE DOCUMENTS DEVELOPER TO A A DOCUMENTS REQUIRED REQUIREDBY BY SECTION SECTION718.503, 718.503,FLORIDA FLORIDASTATUTES, STATUTES,TO TOBE BE FURNISHED FURNISHED BY BY A A DEVELOPER PURCHASER OR LESSEE. PURCHASERORLESSEE.

CONTRACT FOR PURCHASE AND SALE THEWAVE, A A CONDOMINIUM CONDOMINIUM ThE.WAVE,

limited lIabiiity liability company company SKYRE, LLC, a Florida limited

Seller/Developer: Seiler/Developer: Purchaser(s): Social Security Securlly #: #: Social

Social Security Security #: Social #:

_

Contract Date: Contract Date:

_

Marital Status: Status: Marital

_

_

Mailing Address: Address: Mailing

-:-

~

Home Phone: Home Phone:

_

Condominium Unit Unit Number Number Condominium

_

VVorkPhone: Work Phone:

Fax: Fax:

_

_

-'-. Closing Date: Date:

-.,.

In consideration consideration of the purchase price price specified specified below, below, the mutual mutual covenants covenants and benefits benefits provided provided for for herein herein and and other bther good good and and consideration, the receipt receipt and and sufficiency sUfficiency of of which Is is hereby hereby acknowledged acknowledged by by the the parties parties hereto, hereto, the the parties parties hereto hereto do hereby hereby valuable consideration, as follows: follows: agree as 1.

GENERAL. GENERAL. Seller agrees agrees to to sell, sell, and and Purchaser Purchaser agrees agrees to to purchase, purchase, inin accordance accordancewith with the theterms termsand andconditions conditionsof of

Contract for for Purchase Purchase and and Sale Sale ("Contract"), ("Contract"), the the Unit Unitreferenced referenced above above ("Unit") ("Unit") ofofTHE THEWAVE, VVAVE,A ACONDOMINIUM CONDOMINIUM this Contract ("Condominium"). The The Condominium Condominium is shall be be created created pursuant pursuant to to the the Declaration Declaration ofofCondominium Condominium for for THE THE WAVE, WAVE, AA ("Condominium'), Is or shall CONDOMINIUM ("Declaration"), CONDOMINIUM ("Declaration"), which whichisis or or shall shall be be recorded recordedininthe thepublic publicrecords recordsof ofPinellas PinellasCounty, County,Fiorida. Florida. The The Unit, Unit, together together with its its percentage percentage of of undivided undivided interest interest in In the theCommon Common Elements Elements of ofthe the Condominium, Condominium, isismore moreparticularly particularly described described in in the the with TheUnit Unitshall shallbe bepurchased purchased for for the the purchase purchase price price and and under under the the terms terms and and conditions conditions set set forth farth below and elsewhere elsewhere Declaration. The in thIs this Contract, Contract.

Unit Price: Other. Other Purchase Price: Price: Total Purchase Deposit Made This Date' Date: Additional Deposit Depasit Due Due on: ao: Proceeds of "Mortgage. Loan', Loan", ifif any Proceeds of"Mortgage Balance Due At Closing

. ,

.

. ,

.

.

Monthly Condominium Maintenance Charge Contribution to Condominium Working Capital Fund Fund ,

,

$:-,--.,.---

.

$,----$ $ ,----$ ,----$

. ..

$ $ ,-----

. ,

$ $:----$ $:--~­ $ $:----$

$ $ -----

2. PURCHASE PURCHASE PRICE. PRICE. The The total purchase purchase price price olthe of the Unit Unit shall shallbe beas asset setforth forthln in Paragraph Paragraph 1I above, and shall be be follows: paid as follows: (a> deposits made made by by Purchaser Purchaser under under Paragraph Paragraph 11 ("Earnest ("Earnest Money") Money") shall shall be be consideration consideration for for Seller Seller (a) All deposits reserving'the Unit for for Purchaser. Purchaser. Notwithstanding Notwithstanding anything the monies monies received received by far anythingtoto the the contrary contrary herein, herein, none none of of the by Seller for reserving the Unit upgrades upgrades to to the the Unit, Unit, Ifif any, any, shall shall be be deemed deemed Earnest Earnest Money Moneywithin withinthe themeaning meaningof ofthis thisParagraph Paragraph22of ofthe theContract. Contract. The The Earnest Earnest Money deposited In in the the Escrow Escrow Account Account of of Royal Royal Title Tille and and Escrow Escrow Company Company ("Escrow ('EscrowAgent") Agent")pursuant pursuanttotoSection Section Money shall shall be deposited 718.202, 718.202, Florida Florida Statutes Statutes and and an an Escrow Agreement Agreement between betweenSeller Sellerand andEscrow EscrowAgent. Agent. Such Escrow Account Account shall shall be be designated designated of earnest monies received received by Seller with respect to units units within THE WAVE, VVAVE, A A CONDOMINIUM, CONDOMINIUM, and and shall not be for the deposit of The mailing mailing address address of the Escrow Agent is 555 Northeast 15 Street, 33132. commingled with any other funds funds of Seller. Seller. The Street, Miami, Miami, FL FL 33132, notices and and claims claims of of Purchaser Purchaser with with respect respectta the aforesaid aforesaid escrow escrow deposits deposits shall shall be be sent senttotothe theEscrow EscrowAgent Agentatatits itsaddress address All notices to the set set forth forth above. above. Escrow EscrowAgent Agentshall shallgive givePurchaser Purchaseraareceipt receiptfor forhis hisdeposit depositupon uponhis hisreq. request uest. If .If Purchaser Purchas.er terminates this Contract ~ontract defaUlting, Seller shall refund all deposits. deposits. Unless Unless specifically without defaulting, specifically set set forth forth herein herein to to the the contrary, contrary, any any and and all all interest interest earned earned on on If Purchaser Purchaser defauits, defaults, Seller shall be paid to Developer Developer and and shall shall be be deemed deemed the the Developer's Developer's sole sole property. property. If escrow funds shall be paid entitled to retain retain all all deposits deposits together together with with any anyinterest interestactually. actually.accrued accrued thereon. thereon.Pur5:haser required to to authorize authorize Purchaser will will ,be be required entitled disbursement disbursementof of escrowed escrowedfunds fundsby bythe theEscrow EscrowAgent AgenttotoSeller Selleratatclosing. cIosin. Prior Prior to todisbursing disbursing Earnest Earnest Money in the event event of aa hereunder, Escrow Agent default hereunder, Agent shall shall give give all all parties parties fifteen fifteen (15) (15) days days notice, notice, stating stating to to whom whom the the disbursement disbursementwill willbe bemade. made. Any the disbursement, disbursement, provided prOVided the objection objeclion is received received by Escrow Escrow Agent prior to to the the end end of ofthe the fifteen fifteen party may object in writing to the All objections objections not not raised in a timely manner shall (15) day notice period. period. All shall be be waived. waived. In the event a timely objection objection Is Is made, made, Escrow Escrow Agent shall shall consider consider the objection objection and and shall shall do do any any or or aa combination combination of ofthe the following: following: (i) hold the the Earnest Earnest Money for aa reasonable reasonable Agent period give the the parties parties an an opportunity opportunity to to resolve resoive the the dispute: dispute; (ii) Oil disburse disburse the theEarnest Earnest Money Money and and so sonotify notifyall allparties; parties; period of time to give and/or (iii) (iii) interplead interplead the the Earnest Earnest Money Money into into aa court court of of competent competentjurisdiction. jurisdiction. Escrow Escrow Agent Agent shall shall be be reimbursed reimbursed for for its its costs costs and and expenses, The prevailing prevailing party in the interpleader action actlon shall be entitled to to collect collect from thefl the expenses, including including reasonable reasonable attorneysl attorneys' fees. fees. The other expenses reimbursed party shall shan seek seek damages damages from from Escrow Escrow Agent other party party the the costs costs and and expenses reimbursedtoto Escrow EscrowAgent. Agent. No party Agent (nor (nor shall shall

_ _ _ _ Proc. Proc. Mgr. Mgr.

Initials: _ _ _ Purchaser _ _ _ Purchaser

same) for for any any matter matterarising arising out out,of orrelated related to to the the performance performanceofofEscrow EscrowAgent's Agent'sduties dutiesunder underthis this Escrow Agent be liable for the same) of or Maneyparagraph. Earnest Money paragraph. (b) The balance of the purchase purchase price price and and all other amounts amounts due due including including but but not not limited limited to to fees fees and and costs costs shall be paid by certified check at the time of of Closing. 3.

PRORATIONS. Ad Valorem Taxes.

(i) Purchaser acknowledges that, as of the year in which blosing takes place, the Unit may not have been a separately described and assessed unit of real estate and that, in that event, ad valorem taxes for the Unit for the year in which Closing takes place may be assessed under a tax bill in the name of Seller which covers additional Unit. Should the Unit not be separately described and assessed parcel of real estate, Purchaser agrees to pay Seller at Closing that portion of the tax for the 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 yet available) which shall be determined by multiplying the total tax bill by the percent interest in the Common Elements assigned to the Unit in the Declaration and then prorating the product of such multiplication as of the date .of Closing. Seller agrees to pay the entire

tax bill before it becomes delinquent and, upon written request from Purchaser or any first mortgagee of the Unit, to provide Purchaser or such mortgagee proof of payment. If the amount allocated to the parties is based upon an estimate and the actual bill varies from the estimate, the party who paid too much shall have the right to adjust the prorated amount and within ten (10) days of receipt of notice the party who paid too little shall pay any increased amount based on the actual tax bill to the other party. All such assessments shall be made based on a November payment discount (U) If, in the year in which Closing takes takes place, place, the the Unit is a separately described described and and assessed assessed (Ii) which Closing to the the Unit Unit shall shall be prorated between the Seller Seller and Purchaser Purchaser as as of of the the date date of of unit of real estate, then ad valorem taxes applicable to Closing. If the amount allocated to Purchaser Purchaser is is based based upon upon an an estimate estimate and the actual bill bill varies varies from the the estimate, estimate, the the party party who who Closing. paid too much shall have the right right to adjust adjust the the prorated prorated amount amount and and within ten ten (10) (10) days days of ofreceipt receipt of ofnotice, notice. the the party partywho who paid paid too All such suchassessments assessmentsshall shallbe bemade madebased basedon on aa little shall pay any increased amount based on the actual tax bill to the other party. party: All November payment discount. dis~ount.

(b)

Assessments.

Purchaser shail pro rata rata 'share of the the common common expense expense assessment assessment levied levied (i) shall pay his or her pro share of in the the Declaration, Declaration, for for the the month month in in which which the the Closing, Closing, shall take place, place, which which common common expense expense against provided in against the the Unit, as provided Except for for that that portion portion of of the the assessment assessment shall shall be be adjusted adjusted at at Closing Closing according according to to the the number number of of days days'remaining remaining inin the the month. month. Except assessment installment installment as as shall shall be be payable for the assessment the month month in in which which the the Closing Closing shall shall take take place, place, which which shall shall be beprorated prorated between between the day day of ofClosing, Closing,such suchadjusted adjusted common common expense expense assessment assessment shall be be payable payable to to The The Wave Wave Seller Purchaser as Seller and and Purchaser as of the of St. St. Petersburg, Petersburg, Inc. Inc. ('tAssociation"), ('~Association"), by byPurchaser Purchaser in in equal equalmonthly monthlyinstallments, installments,commencing commencing on onthe the Condominium Association of of the the calendar calendar month month immediately immediately following following the the date date of of Closing, Closing, or or as as otherwise othelWise provided provided by by the the Board Board of ofDirectors Directors of ofthe the first day of From and and after afterthe thefirst firstday dayofofthe thefirst firstcalendar calendarmonth monthof ofthe theyear yearfollowing following the theyear yearininwhich whichthe theClosing Closingtakes takesplace, place, Association.. Association. From accorclancewith Declaration. Purchaser shall shall pay all amounts as are assessed against the Unit in accordance with the tenns terms and provisions of the Declaration. Purchaser agrees agrees and and acknowledges acknowledges that there will be a lien against the the Unit Unit for for any any assessment, assessment not not paid paid to to the the Association. Association. (c) Contribution Contribution to Association. In addition to sums due hereunder, hereunder, Purchaser Purchaser agrees agrees at to Capital of Association. In addition to all other sums to make make a non-refundable nonMrefundable contribution capital of the the Association Association in amount equal (2) months months general general Closing to Closing contribution to to the the capital In an an amount equal to to two (2)

assessments on the Unit, at the time of closing.

4. 4,

TITLE.

(a) Purchaser acknowledges that the Unit he or she she is is to to purchase purchase may may not not now be be aa part part of of the the Condominium Condominium Declaration is Prior to to consummation consummation of of the the sale sale contemplated contemplated by until the Declaration is recorded. recorded. Prior by this this Contract,. Contract, Seller Seller shall shall have have submitted submittedthe· the to the the Unit Unit shall shall be be conveyed conveyed.to Unit to the Declaration Declaration of of Condominium.. Càndominium. Title to to Purchaser by special special warranty warranty deed, deed, and and title title to to the the Unit shall be insurable or marketable and and free and clear of all encumbrances, encumbrances, except except as as provided provided in in SUbparagraph subparagraph (b) (b) below. below. (b) It is understood and agreed that Purchaser is purchasing purchasing the above referenced Condominium Unit, SUbject subject to the items as hereinafter hereinafter stated, and that title title to to the the Unit Unit which which the the Purchaser Purchaser shall acquire acquire pursuant pursuant to to this Contract Contract shall shall be be good, good, andlor insurable, subject sUbject only to the following: marketable and/or (i) llmitations; reservations, dedications, easements, licenses, licenses, existing Conditions, restrictions, limitations; other rights rights of of governmental governmental bodies bodies and and instruments instruments of of record, record, including, including, but butnot notlimited limitedto, to,water, water,sewer, sewer, zoning ordinances and other of record. gas, electric and other utility agreements of

_ _ _ _ Proc. Prac. Mgr. Mgr.

Initials: _ _ _ Purchaser _ _ _ Purchaser

(ii) (H)

Facts which an accurate survey surveyor or personal inspection inspection of of the the Unit Unit would would disclose. disclose.

(lU) (iii)

Taxes for the current year and subsequent years. sUbsequent years,

(Iv)

Covenants, conditions, conditions,restrictions, restrictions,terms termsand and other other provisions as set Covenants, provisions as set forth forth in the in the

Deciaration Condominium for THE WAVE, A A CONDOMINIUM, CONDOMINIUM, and its exhibits exhibits and and Bylaws Bylaws and and Articles Articles of ofIncorporation Incorporation of ofthe the Declaration of Condominium Petersburg, Inc. The Wave Condominium Association Association of Sl St Petersburg,

(v)

purchase money money mortgage executed executed by Purchaser Purchaser in in connection connection with with the the Closing Closing of of Any purchase

this transaction.

(vi) standard policy policy exceptions exceptions and and provisions provisions as as may may be be contained contained in in the the A.L.T.A. A.L.T,A. owner's owner's All standard policy of title insurance and standard exceptions exceptions for for waterfront waterfront property. property. . (ix)

Any other other items items as as disclosed disclosed in in the the prospectus. prospectus. Any

(c) RESPA Disclosure, Disclosure, As required required by by the the Real Real Estate Estate Settlement Settlement Procedures Procedures Act of 1974, 1974, Purchaser Purchaser (c). BESPA Act of indirectly required required Purchaser, as a condition ,of sale, to to purchase purchase either either a fee owner's or acknowledges acknowledges that Seller has not directly or indirectly of sale, mortgagee's mortgagee's title title Insurance insurance policy policy from from any any particular particular title title company. company. Purchaser may elect to obtain obtain such insurance, insurance from from aa company company of Purchaser's Purchaser's choice choice and Purchaser shall shalt pay, pay, at Closing, Closing, the the title title insurance insurance premium premium for for such such policy. policy. 5, CLOSING agreed that closing of the the Unit Unit (the (the "Closing") "Closing") shall shall be be held held on on or orbefore before the the 5. CLOSING DATE. DATE. It is mutually agreed that the closing forth on the first page hereof of or or as otherwise directed by the Seller Seller in the "closing notice". If no date Closing Date set forth hereof at the office of is provided, provided, then then the the Closing Date will be the later of (a) on or before thirty (30) (30) days days from from the the effective date of this this Contract Contract or (b) on by Seller Seller as as follows: follows: The Thespecified specified date, date, a date after the the Closing Date to be be determined determined, by the presale contingency has been met, with the time and place place for Closing Closing shall shall be be designated designated by by the the Seller Seller in in writing, writing, whlchwritlng which' writing isiscalled calledthe the"closing "closingnotice" notice" given given to to the the time and hereof. Purchaser Purchaser understands understands that that Purchaser Purchaser will receive receive at at least least five five (5) (5) business business days days Purchaser Purchaser in in accordance accordance with the terms hereof.. date, time and and place place of of Closing. Closing. Purchaser Purchaser further further understands understands that that Purchaser Purchaser will will not not have havethe the right right to topostpone postpone the the notice notice of the date, date, will have the right, Seller Glosing for any any reason reason without without Sellers Seller's approval approval In its its sole sole discretion. discretion. Seller Seller will right, however, however, ifif Seller date, time time of Closing necessary or or desirable, desirable, to to delay delay or or reschedule reschedule the the Closing Closing by by giving giving Purchaser Purchaser at at least least three three (3) (3) days days prior prior notice notice decides that it is necessary of the new date, rescheduled Closing. Seller has no liability to Purchaser for delaying delaying or rescheduRng date, time time and/or place prior to the rescheduled reschedufing Closing. A change of of time time or or place place of ofclosing closing only only(and (and not notone oneinvolving involving aachange change of ofdate) date)will willnot notrequire requirean anadditional additionalnotice notice the Closing. of.c1osing, postponement postponement or or rescheduling rescheduling may be be given given orally, orally, by by telephone, telephone, telegraph, telegraph, e-mail, e-niall, overnight overnight period. period. Any Any formal formal notice of.closing, .delivery, directed to address, or given given by use of of the the delivery, personal personal delivery deliveryor or by· by facsimile. facsimile.All All of of these these notices notices will will be be sent sent or or directed to the address, information specified on page page 1 of this Contract unless Seller has received written notice notice from from Purchaser Purchaser of of any any change change at at least least 55 received written information spec.ifiedon or mailed mailed (as (as appropriate). appropriate). An An affidavit affidavit of of days prior to the date the notice notice is is given. given. These These notices notices will will be be effective effective in in the the date date given given or employees or or agents agents (including (including any any settlement settlement agent) agent) stating stating that that this this notice notice was was given given or or mailed mailed will will be be conclusive. conclusive. one of Seller's Sellers employees of the date, time and place for Closing, Purchaser fails to close for any reason at that date, time If after Seller notifies Purchaser of time and and of the Purchase Purchase Price and all other amounts that Purchaser owes Contract, at place and and to to pay the balance of owes under this this Contract, at Seller's Seller's sole sole following. Under Under no no circumstance circumstance will the closing closing occur occur more than discretion, Seller will will be entitled entitled to do either of the following. than 2 years years from from the date of this contract. contract, 6, CLOSING COSTS. COSTS, A percent of ofthe thepurchase purchase price price payable payable in in cash cash or by A sum equal to to one one and and three-quarter three-quarter (1(1 j<%) 'a) percent recordingthe theDeed, Deed,documentary documentarystamps stampson onthe thetransfer, transfer,other 6thertransfer sum Seller Seller shallpay shall,paythe thecost costofofrecording cashier's check, from which sum transfer (ind the owner's policy of of title title insurance insurance described described herein; a simultaneous simultaneous mortgagee costs,· and costs, mortgagee commitment commitment and and policy, policy, in in an an amount amount up tothe to -thepurchase purchase price pricefor foran anadditional additional$250.00 $250.00 fee; fee; any anyendorsements endorsements required required by by the Lender Lender at the the minimum minimum risk risk rate; rate; orinteractive interactive communication communication deposits deposits or or hook-up hook-up fees fees which whichSeller Sellermay mayhave have advance advance for any any utility, utility, cable cable or reimbursement to Seller for any, provided firovided in in paragraph paragraph 7 .7 below. below. Notwithstanding NotWithstandinganything anything contained contained closing for the Unit; and the ate late funding funding charge, charge, ififany, prior to closing herein to the contrary, ifif Purchaser Purchaser notifies notifies Seller Seller within within thirty thirty (30) (30) days days prior prior to to the the closing closing date datethat thatPurchaser Purchaserdoes does not notdesire desire on on herein or desires desires to to have have such such policy policy issued issued by by aa title title company companyother otherthan thanthat thatfurnished furnishedby bySeller, Seller, then, then,inin owner's polley policy of title insurance or event, Purchaser Purchaser shall shall be credited credited at at closing closing in in an an amount amount equal equal to to the themail-in mail-inpremium premiumbased basedupon uponthe thepromulgated promulgated title title that event, Seller will any insurance rate, insurance rate, including including any any reissue reissue credits credits thereon, thereon, ifif any. any. (No (No title title evidence evidence will will be be prOVided provided and and Seller will not pay for any abstracting pay closing closing fees, fees, examination examination fees, fees, Lender's Lender's title title insurance insurance fees fees including inclUding abstracting charges.) charges.) In In addition, addition, Purchaser Purchaser will pay any. endorsements, lender the mortgage mortgage including including taxes taxes,.thereon thereon and Purchaser's attorney's endorsements, lender fees, fees, recording recording fees fees for for the and Purchaser's attorney's fees fees ifif any. and fees fees incident incident to to the the securing securing of offinancing financing and and the the closing closing of ofthe thepurchase purchaseand andsale salecontemplated contemplated Purchaser shall shall pay all costs and including, but but not not limited limited to to mortgage insurance insurance premiums, escrow deposits, $75.00 hereunder not not specifically assigned to the Seller induding, key charge, prepaid limited to, to, all discount discount points points required required. by any any lender, lender, any any fees fees associated associated. with with key charge, prepaid interest, interest, including, including, but but no:t nqt limited ofthe intangible tax tax and fees, ifif applicable. financing regarding the purchase of the Unit, intangible

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7. CLOSING DOCUMENTS, DOCUMENTS. Purchaser Purchaser also also agrees agrees to to execute execute any any closing closing statements statements, or or other other documents documents which which may be reqUired in connection with the closing. closing. In the the event event the the closing closing is is not not completed completed on on the the date date'set forth ininthe theclosing closing notice, notice, be required in connection with the set forth of the the purchase purchase price price at at the the highest highest rate rate permitted permitted by bylaw law from from the the date date Purchaser shall interest on on the the unpaid unpaid balance balance of shall pay to Seller interest set forth onother othercharges charges forth in in the the closing closing notice notice until until the the actual actualclosing closingoccurs occursand andPurchaser Purchasershall shallbe beresponsible responsiblefor forattorney's attorney'sfees feeson

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result of of rescheduling rescheduling the the closing, closing. For For purposes of of calculating calculating prorations prorations at at closing, closing, the date specified specified in incurred by Seller as a result in the the closing notice shall be the date of of closing. Notwithstanding Notwithstanding the foregoing, foregoing, Purchaser acknowledges that in the provisions hereof, hereof, and and exercise alf remedies available available to Payment at at closing closing must must be in in United United States certified Sell may exercise all remedies to it under paragraph paragraph 8(a) 8(a) hereof. hereof. Payment certified. Deed at closing. Special Warranty Deed funds only. Seller shall provide aa Special 8.

DEFAULT.

.(a) Purchaser's Default. Purchaser Purchaser shall be in default default under under this this Contract Contract in in the the event eventthat that (1) (1) Purchaser Purchaser fails faiis Purchasers Default. or refuses to complete and execute execute all all of of the the instruments instruments cequired -required of Purchaser under this Contract promptly or when when requested requested to to do so.by Seller or tender, lender, ifif applicable; or (2) (2) Purchaser Purchaser fails to or refuses refuses to make make timely timely payment payment of of any any payments payments required under Purchaser in in any any other other manner manner fails fail.s to to or or refuses refuses to toperform performhis hisobligations obligationsunder underthis thisContract. Contract. In the this Contract; or (3) Purchaser the event of any such default by Purchaser, Seller shall give give Purchaser Purchaser written notice of of such such default default and and allow allow seven seven (7) (7) days days from from the the date date of of such notice for Purchaser to cure such such default. default. If Purchaser Purchaser shall default within such seven (7) day period, period, the shall fail fail to cure such default Setter shall, and and does does hereby have, the unrestricted option to: (1) consider the Purchaser Purchaser in in default default under under this this Contract; Contract; (2) (2) retain all Seller shall, hereunder as as agreed agreed upon upon and and liquidated liqUidated damages damages and full settlement settlement of of any any claim claim for for damages; damages; and, and, (3) (3) sums sums paid paid to itit hereunder and in full Purchaser under this Contract Contract and, and, thereupon, thereupon, the released and terminate terminate all all rights rights of purchaser the parties parties hereto hereto will will be be released and relieved relieved from from all all Theprovisions provisionsherein hereincontained contained for forliquidated liquidated and and agreed agreed upon upondamages damagesare arebona bonafide fideprovisions provisions for forsuch such obligations obligations hereunder. hereunder. The and are not a penalty, penalty, the parties understanding that by reason of the withdrawal of of the Unit Unit from sale sale to t6 the general general public pUblic at a time be interested interested in in purchasing purchasing the Unit, that that Seller will will· have have sustained sustained damages damages ifif Purchaser Purchaser defaults, which when other parties would be which substantial but but will will not not be be capable capable of ofdetermination determination with with mathematical mathematical precision precision and, and, therefore, therefore, as as aforesaid, aforesaid! the the damages will be substantial and agreed agreed upon upon damages damages have have been been incorporated incorporated into into this thisContract Contractas asprovisions provisionsbeneficial beneficial to toboth both provisions for .liquidated provisions liquidated and Purchaserand andSeller Sellerrecognize recognizethe theimpossibility impossibilityof ofmeasuring measuringSeller's Seller'sdamages damagesififPurchaser Purchaserdefaults. defaults. In parties hereto. Purchaser In the event any litigation or arbitration is commenced as result of this this Contract Contract and and Setter Sefler prevails prevails in such such litigation litigation or arbitration, arbitration, the any litigation or arbitration is commenced as aa result the Purchaser shall shall also also be be liable for Seller's attorneys' fees fees and and costs costs resulting resulting therefrom. therefrom.

(b) Sellers Seller's Default DefauilIfIfSeller Selierdefaults defaults in in the the performance performance of of this this Contract Contract;Purchaser Purchasershall shali give give Seller Seller written notice of such default, default, and ifif Seller, Seifer, within within seven seven (7) (7) days days from from receipt receipt of of such such notice notice shall shall fail fail to to take take action action that that would would cure cure the the default within withIn a reasonable period of of time, time, and and ififPurchaser Purchaser has has performed performed all all of ofhis hisobligations obligationshereunder, hereunder, then then Purchaser Purchaser may may elect to receive a return of of the the deposits deposits made made hereunder, hereunder, together together with with interest interest or orin in the thealternative, alternative,may mayseek seekspecific specificperformance. perfonnance. deposit to to Purchaser, Purchaser, Seller Seller will will no no longer longer have have any anyliability liability,totoPurchaser, Purchaser, and andthis thisAgreement Agreement shall shall Upon payment payment of Upon of said deposit automatically be cancelled. 9 9. NON-ASSIGNABILITY. This NON-ASSIGNABILITY. This Contract Contract and and Purchaser's Purchasers interest and and rights hereunder hereunder are are personal personal to to Purchaser Purchaser and and neither neither said said Contract Contract nor the interest interest or or rights rights of ofPurchaser Purchaser hereunder, hereunder, or or any any portion portion thereof, thereof, shall shall be beassigned assigned or ortransferred transferred or indirectly, indirectly, in whole or or in in part, part, without without prior prior written written approval of of Seller. Any Anysuch suchassignment assignmentwithout withoutsuch such written written approval approval directly or of Seller Seller shall be be invalid invalid and and shall shall.not not be be binding binding upon upon Seller Seller and and shall shall not not relieve relieve Purchaser Purchaser of ofPurchasers Purchaser'sobligations obligations under under this this of Contract In Inthe theevent eventSeller Selleragrees agreesto toan anassignment, assignment,the the purchase purchase price price shall shall be be increased increased by by Twenty-five Twenty-five Thousand Thousand and and No/I No/100 Contract. 00 Contract shall be be binding binding upon upon and and inure inure to to the the'benefit of the the heirs, heirs, executors, executors, administrators administrators and ($25,000.00). This Dollars ($25,000.00), This Contract 'benefit of and permitted assigns of of the parties parties to this this Contract; Contract; provided, provided, however, however, this this Contract Contract shall shall not become become binding binding upon upon Seller Seller until until permitted assigns . the terms terms hereof. hereof. approved pursuant to the .

10. NOTICES. NOTICES. The The delivery of any Items items and and the the giving of notice in compliance with with this Contract shall shall be be accomplished accomplished delivery of the item or or notice notice to to the the party party intended intended to to receive receive itit or or by bymailing mailing by bycertified certified or orregistered registered mail, mail, U.P,S., U.P.S., Federal Federal by delivery address of the party herein stated. Notice Noticeorordelivery deliveryby bymail mailshall shallbe beeffective effectivewhen when Express, or Airborne Express addressed to the address mailed. Notice Noticeor ordelivery deliveryby bypermitted permitted1overnight overnight courier shall be effective the the day day deposited deposited with with such such courier. courier.

11. FINANCING. (a)

Check the appropriate box.

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Purchaser represents represents to to Seller Seller that that no no mortgage financing financing is necessary or desirable desirable for Purchaser Purchaser does not not desire desire for for this this Contract Contract to to be be contingent contingent upon upon to complete this transaction and that Purchaser abiiity to obtain financing; his ability 1

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[or] (or]

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(b)

Purchaser mortgage loan Joan in in the the principal principal Purchaser represents· representstotoSeller Sellerthat that Purchaser Purchaseris· is inin need need of a mortgage 1 forth in in Paragraph Paragraph 1I in in order order to complete this transaction, transaction. amount set forth

Mortgage Contingency, Contingency.

(i)

Preapproved Lender. Lender.

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(1) Subject to subparagraphs sUbparagraphs below, in the event the Purchaser Purchaser seeks seeks financing financing with with the the assistance assistance of Seller throughaalender lenderpreapproved preapprovedby bythe theSeller Seller(a(a"Preapproved "Preapproved Lender) Lender"),First FirstMeridian MeridianMortgage, Mortgage,1920 1920E.E.Hallandale HallandaleBeach Beach ofSellerthrough 33009-(subjecttotochange changewithout withoutnotice), notice),and andsuch suchPreapproved PreapprovedLender Lenderdoes doesnot notapprove approve Blvd., Suite 502, Haliandale, Hallandaie, Florida Florida 33009(subject Blvd., Purchaser's loan loan application, application,provided providedthat thatPurchaser Purchaserfurnishes furnishescomplete completeand andaccurate accurateInformation informationtotosuch suchPreapproved PreapprovedLender, Lender,all all Purchasers be fully refundable refundable to to Purchaser. Purchaser. InInno noevent eventwill willthe theloan loanapplication applicationfee feepaid paiddirectly directlytotothe thePreapproved Preapproved monies held in escrow will be refundable. Lender be refundable, (2)

If Purchaser Purchaser does does not not cancel cancel this this Contract Contract within within the the fifteen fifteen (15) (15)day dayperiod periodpro'Aded provided In in

not make make aacomplete completeand andaccurate accurateapplication application as asrequested requested by byaaPreapproved PreapprovedLender, lender,ororwithin withinthree three(3) (3) Paragraph 32 and does not bysuch suchPreapproved Preapproved Lender, Lender, the thetransaction transactioncontemplated contemplatedby bythis thisContract Contract days provide for any any additional additional documents documents requested requested by shall be refundable refundable to to the the Purchaser Purchaser in in the the event event Purchaser Purchaserfalls fails shall be considered considered an all cash transaction and no Earnest Money shaJl to close on the Closing Date, Date. (3) Purchaser understands that Seller Is is only only referring referring Purchaser Purchaser to to aaPreapproved Preapproved Purchaser agrees agrees and and understands that Seller Lender approval Is is subject sUbject to such such Preapproved Preapproved lender. Under no no circumstances circumstances shall shall the the Seller Seller be be responsible responsible for Lender and and any any approval Lender. Under Purchaser. obtaining financing for for Purchaser. (ij) (ii)

Nonapproved Lender. Nonapproved Lender, In In the event the Purchaser seeks seeks finanCing finanding through through aa lender lender without without

the Seller Seller (a (a"Nonapproved "Nonapproved Lender', lender", Preapproved Preapproved Lender Lender and and Nonapproved Nonapproved Lender referred to assistance of the the assistance Lender shall shall be be referred to collectively escrow shall not be be refundable refundable should should the the financing financing be be collectively as as "Lender"), "Lende?'), Purchaser Purchaser understands understands that that monies monies held held in in escrow shall not ,is approved, all mortgage costs costs will transaction. In In the the event event financing financing is disapproved and this shall be considered an all cash transaction. will be be paid paid . by the Purchaser in full.

(iii) (Ri) Purchaser Purchaser agrees agrees and and understands understandsthat thatthe the loan loan program. program(term, (term, interest interestrate, rate,LTV, Liv, etc.) etc.) shall be determined by the Lender only, according to the Purchaser's Purchasers qualifications qualifications and regardless of the the loan amount amount requested requested on on Contract. The The loan loan program program isis the the sole sole responsibility responsibility of of the Purchaser. Purchaser. Therefore, Therefore, Purchaser Purchaser should should confirm the first page of this Contract. confirm receiving the with the Lender the exact terms of the loan within fifteen (15) days after receiving the documents documents required required under under Paragraph Paragraph32 32(that (that may cancel cancel this this Contract Contract under under Chapter Chapter 718, 718, Florida Florida Statutes). Statutes). In no event shall shall the the Closing Closing is, the Purchaser Purchaser may is, within within the time that the Lender. particular loan program approved approved by the Lender, be contingent upon the particular (iv) Notwithstanding anything contral)', the Closing Closing Date Date shall shall be be Notwithstanding anything contained containedherein hereintoto the the contrary, be required required by a Preapproved Preapproved Lender, Lender, upon Under no no circumstances circumstances shall shall the Closing extended as extended as may be upon Seller's Sellers approval approval only. only. Under Closing Lender. Date be be extended extended at at the request of a Nonapproved Lender. (v) Paragraph 11 of of this Contract provides for a mortgage loan, this Contract Contract will be In the event Paragraph subject to to cancellation upon written written notice Seller ifif Purchaser(s) Purchaser(s) does does not complete complete the mortgage mortgage application(s) application(s) and and all all SUbject cancellation upon notice by the Seller (:)usiness days of of execution of of this Contract. necessary forms within five (5) business 12. CREDIT entities, to inquire inqUire into into Purchasers Purchaser's CREDIT CHECK. CHECK. Purchaser Purchaser hereby hereby authorizes authorizes SKYRE, SKYRE, LLC, LLC, or or any any affiliated affiliated entities, EQUIFAX, EXPERION or TRANSUNION credit reports. Purchaser Purchaseragrees agreesto to pay pay all all costs costs relating relating to to the the credit credit report report which which shall shall be be EQUIFAX, in in addition to the purchase price.

BY PURCHASER. Purchaser shall shall comply PURCHASER. Purchaser comply with with all governmental governmental requirements requirements for for any any 13. CONSTRUCTION CONSTRUCTION BY Purchaser'sexpense, expense, including, including, but butnot notlimited limited to, to, permits, permits, plans, plans,insurance, approval from from the the construction construction to to be done in the Unit at Purchasers insurance, approval In addition, addition, Purchaser Purchaser shall shall provide provide Sellers Seller'sconstruction constructiondepartment department advance advance Association, Dumpster License, etc. In Association, Dumpster fee, fee, Contract License, any renovation renovation to be be done done ininhis/her his/herUnit, Unit,and andrelease releaseSKYRE, SKYRE, LLC, LLC,and andTHE THEWAVE WAVECONDOMINIUM CONDOMINIUM written written notice notice of any PETERSBURG, iNC., SKYRE, LLC, LLC, will wlil not not guarantee guarantee the the work work or orcompletion, completion, of of any any ASSOCIATiON OF ASSOCIATION OF ST. ST. PETERSBURG, INC., from from any any liability. liability. SKYRE, SKYRE, LLC, when privately privately contracted contracted by buyer. buyer. The The provisions provisions of ofthis thisparagraph paragraph shall shall subcontractor subcontractor or or affiliated affiliated contractor contractor SKYRE, survive closing. . 'AS IS". 14. UNIT TO BE PURCHASED "AS of previously previously existing existing improvements improvements and and that that the the conversion of (a) Purchaser Purchaser acknowledges acknowledgesthat that this this is aa conversion acknowledges that there has been been made made available available to to Condominium SUbstantially complete. complete. In this regard, regard, .Purchaser Purchaser acknowledges Condominium property property is substantially Floor plan plan dimensions are approximate approximate only. Purchaser further further acknowledges acknowledges Purchaser Purchaser floor floor plans plans of of the the Condominium Condominium Property. Property. Floor only. Purchaser that Seller for'the the Unit Unit and of the the that Seller has has made made available available to the the Purchaser Purchaser complete complete plans plans and and specifications specifications for and the improvements improvements of Actand andthe thePublic PublicOffering OfferingStatement, Statement, the theDeveloper Developermakes makes Condominium Purchaser understands understands that, that, pursuant pursuant to to the the Act Condominium Property. Property. Purchaser no no representations representationsas as to to the the Condominium Condominium Property Propertyor or the the Unit, Unit, and and Purchaser Purchaserhereby herebyagrees agreestotoaccept acceptthe theUnit Unitin.in an an "as "as is" is" .Two (2) (2) weeks weeks prior prior to to the ~heclosing closing of ofthe thetransaction transaction between between Purchaser Purchaser and duty of the the condition. Two condition. and peveloper, peveloper, itIt shall shall be be the. the duty presence of of an an agent agent or orrepresentative representative of ofthe theDeveloper, Developer,to toinspect inspectthe theUnit, Onit.including includingitsitsappflances. appliances,electrical electrical Purchaser, in Purchaser, in the presence noevent eventshall shallsuch suchinspection inspectionserve servetotopostpone postponethe the closing. closing. . system and the plumbing. InInno

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Condominium is is being being created by the conversion of existing existing improvements. Each Unit Unitshall shall be be delivered delivered in This Condominium improvements. Each manner represented represented in in "as "as is" is" condition condition without without any any express express warranties warranties or orrepresentations representationsby bythe theDeveloper, Developer,the theAssociation Associati,onoror the manner broker or or agent. agent. any broker No Conversion Reserve Reserve Account Account has has been been established established pursuant pursuant to to Section Section 718.618(1), 718.618(1)..Florida Florida. Statutes. Statutes. No Conversion Therefore, pursuant to Sections 718.618(6) 718.618(6) and 718.203, 718.203, Florida Florida Statutes, Statutes, unless unless expired, expired, the the Developer Developer isis deemed deemedto to have havegranted granted to the purchaser purchaser of each each Unit an an implied implied warranty warranty of of fitness fitness and and merchantability merchantability for the the purposes purposes or or uses uses intended, intended, as as to to the the roof roof and structural components of the building or the improvements; as to fireproofing and fire protection systems; and as to mechanical, mechanical, electrical and and plumbing plumbing elements elements serving servingthe theimprovements improvementsororthe thebuilding, building,except exceptmechanical mechanicalelements elements serving serving only only one one Untt. lint

To the extent extent pemiitted permitted by by law, law, the theDeveloper Developer specifically specifically disclaims disclaims any any and and all all other otherimplied implied warranties warranties of of merchantability and the Condominium Condominium Property, Property, any any Unit, Unit, or or any anyappurtenance appurtenance thereto, thereto, including including any any appliances, appliances, merchantability and fitness fitness as as to the furniture, fixtures fIXtures or personal personal property, property, subject only only to to the the provisions provisions of ofSections Sections 718.618(6) 718.618(6) and and 718.203, 718.203, Florida Florida Statutes, Statutes, as as furniture, outlined above. above. 15. STATUS. Purchaser acknowledges ongoing renovations renovations to the the Common Common RENOVATION STATUS. IS. RENOVATION Purchaser acknowledgesthat that there there may may be ongoing Elements after Closing. Closing. Purchaser Purchaser acknowledges acknowledges that Seller will not be obligated obligated to give any any reductiori reduction In the purchase purchase price, Elements price, or or reimburse any any expense, expense, or or place place any any funds funds in in escrow escrow due due to to ongoing ongoing renovations renovations at atthe thetime timeofofClosing.. Closing. 16. SURVIVAL SURVIVAL OF OF CONTRACT. CONTRACT. All conditions conditions or or stipulations stipulations not fulfilled at time time of of Closing Closing shall shall survive survive the the Closing Closing as the the conditions or or stipulations stipulations are are fulfilled fulfilled until such time as

17. POSSESSION. Possession of of the the Unit Unit shall shall be be delivered delivered to to Purchaser Purchaserat atthe theClosing, Closing,subject subjecttotoany anylease leasewhich which POSSESSION, Possession may be in effect, ifif the unit is is occupied. 18. THE WAVE WAVE CONDOMINIUM ASSOCIATION ASSOCIATION OF OF ST. ST. PETERSBURG,INC. PETERSBURG INC.

(a) Governinq Governing Documents. Purchaser acknowledges acknowledges that Documents. Purchaser that the the Unit Unit being being purchased purchased isis a portion portion of of the the real real improvements which which have have been been or or will will be made subject subject to the Declaration Declaration referred Thenature nature and and property and improvements referred to to in in Paragraph Paragraph 1. I. The the rights rights and and obligations obligations of of the the Purchaser Purchaser in in acquiring acquiring and and owning owning the the Unit Unit will will be be controlled controlled by byand and subject subject to to.the the extent of the of Incorporation, Incorporation, the Bylaws, Bylaws, and the rules and regulations of of the Association, Association. Purchaser Purchaseragrees agrees Declaration, as well as the Articles of to comply with all of the terms, conditions and obligations set forth therein. therein. (b) Membership Association. Upon Upon conveyance conveyance of title title to to the the Unit Unit totoPurchaser, Purchaser, Purchaser Purchaser shall shall Membership in in Association. automatically become a member of the Association and shall be subject to to the the assessment obligations obligations and and other other provisions provisions set set forth forth the Declaration, Declaration, including inclUding the obligation obligation of of the the Purchaser Purchaser to to pay pay aa contribution contribution to to the the working working capital capital of ofthe the Association Association referred referred to to in the in In Paragraph Paragraph 3(c) of this Contract. (c) Amendments to Documents. Purchaser hereby acknowledges and agrees that prior to the Closing, Seller theGlosing, have the right right to to modify, modify, change, change, revise revise and and amend, amend, without without Purchaser's Purchaser's approval, approval, any any or orall all .of ,of the documents (other than this shall have Contract), of which which are are contained contained inin the theProspectus. Prospectus. In the event event the the Seller Seller shall shall make make any anyamendment, amendment, modification, modification, Contract), the drafts of change, revision to the documents documents or materials materials contained contained in the Prospectus, Prospectus, then copy of of such such shall shall be bedelivered delivered to to the the change, or revision then a copy and, if such such change, change, amendment, amendment, revision revision or or modification modification materially materially alters alters or or modifies modifies the the offering offering ininaamanner mannerthat thatIsIs Purchaser and, adverse Purchaser, then, the Purchaser shail option to (1) consent consent to such, such, or or (2) (2) within within fifteen filleen (15) (16) days days after aller adverse to to the Purchaser, then, the shall have have the the option receiving of such, such, terminate terminate this this Contract Contract in in writing, writing, inin which which event eventPurchaser's Purchaser's entire entire deposit deposit shall shall be berefunded refunded and and the the receiving a copy of parties hereto shall have no rights or liabilities hereunder. In In the the event eventPurchaser P.urchaserdoes does not not terminate tenninate this this Contract Contract within within said said fifteen (15) days, Purchaser Purchaser shall shall be be conclusively conclusively deemed deemed to tohave haveconsented consentedtotothe theproposed proposedchange, change,amendment. modificati,an, or or (15) days, amendment, modificaUon, revision revision...

19. BROKERAGE BROKERAGE AND AND AGENCY. AGENCY, Except Except as as set forth forth by an Addendum, Addendum, Purchaser and and Seller represent represent and and warrant warrant to to other that each each party party has not not dealt dealt with with aa broker, broker, agent, agent, or or finder finder in in connection connection with with this this transaction transaction and and Purchaser Purchaser and Seller the other and agree, agree, each other, to to indemnify indemnify and and' hold hold each each other other harmless from any and all all losses, losses, damages damages, costs costs and and covenant and each to the other, expenses including, including, but to, attorneys' attorneys"fees incurred or suffered expenses but not not limited. limited.to, fees and and court costs costs that may be be incurred suffered as as a result of any claim for commission, or similar similar compensation compensation with with respect respect to to this this transaction transaction made made by by any any person person or orentity, entity,whether whetheror ornot notsuch. such any fee, commission, claim for commission, or for any any fee, ,commission, or similar similar compensation compensationwith with respect respectto tothis thistransaction transactionmade madeby byany anyperson personororentity entityisismeritorious. meritorious. 20. FLOOR FLOOR PLANS AND AND MODELS. MODELS. Purchaser any floor floor plans, pians, renderings, renderings, Purchaser hereby hereby acknowledges acknowledges and and agrees agrees that any drawings, like, fumished fumished by Seller to Purchaser Purchaser which which purport to depict depict the Unit, Unit, or or any any portion portion thereof, thereof, or or the the bUilding building drawings, and and the the like, containing containing the the same,. same, are are merely merely approximations, approximations,and and do do not not necessarily necessarilyreflect reflectthe the actual actual as-built as-builtconditions conditionsofofthe thesame. same. The Purchaser decorations, paint textures, window treatments, Purchaser further further acknowledges acknowledges and and agrees agrees that that the the decorations, paint Golors, solors, carpet, carpet, special special wall wall textures, treatments, hard surface floors, floors, some some mirrors mirrors and and paneling, paneling, art art work, work, fumiture, furniture, furnishings, furnishings, wallpaper, wallpaper, fixtures, fixtures,appllances, hard surface appliances, and and the the like, like, contained in In any model model unit unit of of THE THE WAVE, WAVE, AACONDOMINIUM, CONDOMINIUM, are are for fordemonstration demonstration purposes purposes only, only, and and are are not notincluded included inin the the contained Unit representative of the Unit. Additionally, Additionally, utility utility locations locations and and air air conditioning conditioning Unit which which is the subject of this Contract or necessarily representative condenser locations may may vary vary between beween the the model modelUnit(s) Unites)and andother otherproduction productionUnits. Units.

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21, TIME 21. TIMEOF OFESSENCE. ESSENCE.Time Timeisisof01the theessence essenceofofthis this Contract. Contract. period of 01 any any delay delay In In the the performance performance of 01 any any 22. FORCE MAJEURE. MAJEURE. Either Either party party hereto hereto shall be be excused excused lor 22, FORCE for the period of the the party party whose whose performance performance is is so so occasioned by cause or causes beyond the control of obligations hereunder when such delay is occasioned delayed and and the time time for for performance performance shall shall be be automatically automatically, extended extended for period. Such causes shall include, include, without without delayed for aa like period. Such causes warlike operations, operations, invasion, invasion, rebellion, rebellion, hostilities, hostilities, military military or orusurped usurpedpower, power, limitation, labor disputes, disputes, civil civil commotion, commotion, war, war, warlike limitation, all labor sabotage, to obtain any necessary materials or services, or other a,ther casualty, casualty, inability to services, or acts sabotage. govemment government regulations regulations or controls, fire or of God. God. of 23. SEVERABILITY. Contract are independent, and in the the event event any any provision provision SEVERABILITY.The The provisions provisions of of this this Contract are intended intended to to be independent, hereof should should be be declared declared by by aa court courtofofcompetent competentjurisdiction jurisdiction to tobe beinvalid, invalid,illegal illegalororunenforceable unenforceablefor forany anyreason reasonwhatsoever, whatsoever, hereof illegality, unenforceability, unenlorceability, or or invalidity invalidity shall shall not not affect affect the the remainder remainder of 01 this Contract. . such Illegality, 24. CONSTRUCTION CONSTRUCTION OF OF CONTRACT. CONTRACT. This This Contract Contract concerns concernsthe thesale sale01 of real real property property located located In in the the State State 01 of Florida. Florida. This Contract, Contract, and and all all of of the the relationships relationships between between the the parties parties hereto, hereto, shall shall be be construed construed and and interpreted interpreted In in accordance accordance with with the the laws laws the State State of ofFlorida. Florida. Notwithstanding Purchaser and Seller acknowledge acknowledge that they they have have read, read, understand, understand, and and of the Notwithstanding the the above, above, the the Purchaser have had the opportunity to be advised by legal counsel as to each each and and every every one one of of the the terms, terms, conditions, conditions, restrictions, restrictions and effect of of the the provisions provisions of of this this Contract Contract and and every every part part of of the the Prospectus, Prospectus, all all of of which which are are Incorporated incorporated herein herein by by reference reference and made made aa all of ofany anyand andall allofofthese theseprovisions. provisions. It is further agreed that words of any the Purchaser Purchaser agrees agrees to to the the enforcement enforcement of part hereof, and the gender used in this Contract shall be be held to to include include any other gender, gender, any any words words in in the the singular singular number number shall shall be be held held to toinclude includethe the of wherever applicable, applicable, and paragraph numbers plural wherever and that captions and paragraph numbers appearing appearing in in this this Contract Contract are are inserted inserted only only as as a matter of convenience define, limit, limit, .construe describe the such paragraph paragraph or affect this this convenience and and in in no no way define, construe or or describe the scope scope or or intent intent of of such or in any way affect Contract. Contract, 25. ENTIRE ENTIRE AGREEMENT. AGREEMENT. This conlains the entire agreement agreement between between the the parties parties hereto. hereto. No agent, agent, This Contract Contract contains the entire parties hereto hereto has authority authority to make, make, or or has has,made, made, any anystatements, statements, agreements, agreements, or or representative, representative, salesman salesman or or officer officer of of the the parties representations, her,ewith, modifying, representations, either oral oral or in writing, writing, in connection herewith, modifying, adding adding to, to, or or changing changing the the terms terms and and conditions conditions hereof and neither party has relied upon any representation forth in in this this Contract. representation or warranty not set forth Contract. No No dealings dealings between between the the parties parties or or customs permitted to contradict, contradict, vary, add 'to, or modify modify the the terms terms hereof. hereof. Purchaser acknowledges, acknOWledges, warrants warrants and and customs shall shall be' be permitted vary, add to, or Purchaser without reliance upon upon, any representations concerning concerning any potential represents that this Contract is being entered into by Purchaser ren~al !ncome income potential, tax advantages, advantages, depreciation depreciation or investment for future profit, any rental investment potential, potential, and and without without reliance reliance upon upon any any advantage, Purchaser other monetary or financial advantage, Purchaser acknowledges acknowledgesthat that no nosuch such representations representationshave havebeen beenmade madeby bySeller Selleror orany anyof of its agents, employees or representatives. representatives.

,t;'.1'.~~I.1\

26. OFFER. This Contract, Contract, as executed executed by by Purchaser, Purchaser, shall shall constitute constitutean anoffer offertotoSeller. Seller. Seller may accept accept the the same, same, if at all, aU, by delivering to Purchaser Purchaser at least one one executed executed original original of of this Contract Contract prior to the time that that Purchaser Purchaser thall shallnotify notifySeller, Seller,inin of Purchase?s Purchaser's revocation revocation of of this this offer. offer. The The date of of this Contract Contract is is the date of acceptance by Seller. writing, of 27. DISCLOSURES DISCLOSURES REGARDING read and and REGARDINGTHE TIlE UNIT. UNIT. Purchaser Purchaser acknowledges acknowledgesand andagrees agreesthat that he/she he/she .has has read understood understood the the disclosures disclosurespertaining pertainingtotothe the purchase purchaseand andsale saleof of the' the Unit Unit contemplated contemplatedby bythis this Contract Contract and and the the "Disclosures 'Disclosures regarding regarding condominium" in the the prospectus and incorporated herein by this this reference. reference. 28. INSPECTION PROCEDURE. (a) Purchaser is required reqUired to conduct conduct aa personal personal Inspection inspection of of the Unit Seller's representative representative at at aa mutually mutually Unit with Seller's convenient time during Seller's normal business hours hours no more than three (3) days prior to the scheduled closing date.

(b) If Purchaser Purchaser is unable to conduct the personal personal inspection inspection of the Unit with Seller, Seller, as as required, required, Purchaser Purchaser is unable may designate a representative by written. written notice to Seller. Purchaser will be bound by the actions of the representative. (c) During, During. the the personal personal inspection, inspection.Purchaser Purchaseror orPurchaser's Purchase(s representative· representative and and Seller Seller will will complete complete aa list of inspection which require inspection items items in in the the Unit which require Seller's Seller's attention. attention. Purchaser Purchaserand andSeller Sellerwill willsign sign the the list list as as conclusive conclusive evidence evidence of of the the agreed agreed upon upon work work to be performed. performed. When When the agreed work has been performed performed (Which (which will will be within within a reasonable time considering the the availabmly availability 01 of materials materials and and the the nature nature of of Ihe the work work 10 to be be performed) performed) Ihat that will will be be deerned deemed conclusively conclusivelythat: that:(1) (1) Seller's sellers obligations have have been fulfilled, fulfilled, and (2) any additional items will be the responsibility of the Purchaser. Purchaser. (d) Any contractor of of Purchaser Purchaser will will be be allowed allowed access access to the Unit for for construätlon construCtion work work only only subsequent SUbsequent to to the the later of: (1) and (3) (3) closing. closing. (1) completion completion of the the personal inspection, inspection, (2) signing of the list of inspection inspection items by Purchaser; Purchaser' and

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(e) It is agreed agreed by the parties to this this Contract Contract that that the the fact lactthat the parties parties have have not notcompleted compleled the theinspection, inspection, that the or that items listed on the inspection list fist have not been addressed by Seller, Seller, will will not entitle Purchaser to delay closing or to withhold money due due Seller at closing, closing, and and aa refusal refusal to to close dose as scheduled or to to pay the the full full purchase purchase price price at at closing dosing will constitute a default by the Purchaser. Seller's obligation to perform the work agreed upon in the list of inspection items will survive ·closing. closing.

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(f) Failure Purchaser to conduct the the personal inspection inspection and complete complete and sign the the list list of of inspection inspection Failure of the Purchaser ifi items established inin this conclusive of Purchasers Purchase~s items by by the the date date established this Paragraph Paragraph28(a) 28(a)ofofthis this Contract Contractwit! will be be deemed deemedtoto be: be: (1) (I) conclusive acceptance of the the Unit in accordance with Paragraph Paragraph 15; 15; and and (2) (2) a complete complete waiver waiver of all ob]ections acceptance of accordance with objections to defects in workmanship or materials. This will not be be deemed deemed to to be a waiver of any any warranties warranties provided provided to to Purchaser by law. law. (g)

of this this paragraph shall shail survive the the closing. closing. The provisions of

PRE-SALE CONTINGENCY, obligation to close close hereunder hereunder is is expressly expressly contingent contingent upon upon Seller's Seile~s 29. PRE-SALE CONTINGENCY. Seile~s Sellers obligation procuring loan agreement agreement with its its lender. lender. In the event event the the procuring 65 65 (sixty~five) (sixty-five) qualified qualified binding binding Purchase, Purchase, all all as as required required by Seller's loan above above pre-sale pre-sale requirements requirementsare arenot notmet met by by August August 31, 31, 20'05, 2005, Seller Seller shall shall have have the the unilateral unilateral right right to to terminate terminate this this Contract Contract by by giving written notice to the Purchaser and Seller shall refund all Earnest Eamest Money paid hereunder. .

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30. PROSPECTUS. PROSPECTUS. The that the statutory statutory ThePurchaser Purchaseracknowledges acknowledges thatprior priortotoIhe theexecution executionofofthis this contract, contract,all all of of the information concerning information concerningthis thisCondominium Condominiumrequired requiredbybySections Sections718.503 718.503and and718.504 718.504ofofthe theAct Acthas has been been delivered deliveredto to the the Purchaser, the Purchaser, the receipt receipt of which which is is hereby hereby acknOWledged acknowledged by by Purchaser Purchaser by by signing signing the the Receipt Receipt of of Condominium Condominium Documents Documents attached attached hereto.

DISCLOSURES 31. ENVIRONMENTAL OISCLOSURES The grading grading of of the the soil soil and and other other elements created by nature, as well as building materials developed Contaminates. The developed by man, many times create unwanted and undesired gases and other other contaminates contaminates in in homes homes and and residential residential buildings, bUildings, both both new new need to build homes and and residential residential buildings that are and used. used. Also, Also, since since energy energy conservation conservation has become a concem, concern, there is a need more airtight. airtight. As As aa result, result, these these homes homes and and residential residential buildings buildings trap trap unwanted unwanted gases gases in in different differentdegrees degrees depending depending on onhow howeach each person of such such unwanted gases (such (such as the the radon radon gas gas person lives lives within within their their home home or or such such residential residential building. building. To date measurements of the quality quality of of air airwe we breathe breathe can can affect affectour ourhealth, health, Seller Seller described below) Since the described below) are are reported reportedas asparts parts of of the the air air they they occupy. occupy. Since recommends recommends frequent frequent airing airing of of Purchaser's Purchaser's Unit Unit by by simply simply opening opening windows windows to to introduce introduce fresh fresh air uncontaminated with with such gases. gases lead Solder in in Water Water Pipes. Pipes. Due Due to the the use use of of lead lead in in the the soldering soldering of of the the joints joints and and plumbing plumbing fittings fittings on on the the Lead property, which recommended that prior to to property, which is is prevalent prevalent in in many many properties, properties, itit is_ is recommended that the the drinking drinking water water taps taps be flushed for five minutes prior week or or longer. longer. usage after an absence absence from from the the apartment units units for.one forone week

I

Lead Every purchaser purchaser of of any any Interest in residential real property on Lead Paint. Paint. Every on which which a residential dwelling dwelling was was built prior 1978 is is notified notified that such property may present exposure exposure to lead lead-based paint that may place young children at risk risk of of to 1978 lead from from lead-based developing lead Lead poisoning poisoning in in young young children children may mayproduce produce permanent permanentneurological neurological damage, damage, including including learning learning developing lead poisoning. poisoning. Lead -disabilities, poses a particular particular risk risk disabilities, reduced reduced intelligence intelligence quotient, quotient, behavioral behavioralproblems, problems,and. andimpaired impairedmemory. memory. Lead poisoning also poses to pregnant women. women. The The developer developer of of any any interest interest in in residential residential real real property property Is is required required to provide the buyer buyer with with any any information information lead-based paint risk assessment assessment or or Inspection Inspection for for possible possible lead-based lead-based paint hazards hazards is recommended recommended prior to on lead-based paint hazards. hazards. AA risk referred to "LBP" and and lead-based lead-based paint paint hazards hazards will will be be purchase. For purposes purposes of this this disclosure, disclosure, lead-based lead-based paint paint will will be be referred to as 'LBP" referred to "l:8Pf:i." Developer Developerhas hasno noknowledge knowledge of ofLBP/LBPH LBP/LBPH ininthe thehousing housingand andno noavailable availableLBP/L.BPH LBPILBPH records records or or reports, reports, referred to as "LBPH? except as as indicated Indicatedininaadisclosure disclosureor oraddendum. addendum. Buyer Buyer has has received receivedthe thepamphlet pamphletentitled entitled"Protect Protect Your Your Family Family from fromLead Lead in In Your Your Home" covering the foregoing information in detail. Is required required by by Section Section 404.056(8), 404.056(8), FlorIda Florida Statutes, Statutes, for all all Contracts Contracts for for Sale Sale Radon Gas. The following following disclosure disclosure is Radon Gas The and and Purchase Purchase of of any any building building in In Florida: Florida: "Radon 'Radon is a naturally naturally occurring occurring radioactive radioactive gas gas that, that, when when itit has hasaccumulated accumulated ininaabuilding building levels of of radon radon that that exceed exceed federal federal and and in sufficient sufficient quantities, quantities, may may present present health health risks risks to to persons persons who are exposed to it over time. Levels found in buildings in Florida. Florida. Additional information information regarding regarding radon radon ,and radon testing 'testing may maybe beobtained obtained state guidelines have have been found and radon from your county county public generally tested in Florida Florida and and Seller Seller and and makes makes no no representation representation in in from your public health health unit" unit? Radon Radon is is not generally tested for in the presence or or absence absence of ofsame. same. connection with respect to the Mold. Mold Mold is aa type type ofoffungus fungus which which occurs occurs naturally naturally in in the theenvironment environment and and isisnecessary necessary for for the thenatural natural decomposition decomposition of plant and other organic material. It spreads and is is spreads by means of sharing In microscopic spores borne on the wind, and found can supported.Residential Residentialhome homeconstruction constructionisisnot, not,and andcannot cannotbe, be,designed designed to toexclude exclude mold mold spores. spores. If If found everywhere everhere lifelifecan bebesupported. growing conditions are right, mold can can grow grow in in your yourResidence. Residence. In the growing In order order to to grow, grow, mold mold requires requiresaa food foodsource. source. This might be be supplied by the home, home, such fabric, carpet carpet or even even wallpaper .wallpaper to name name aa few. few. Also, mold growth growth requires requires a supplied by items items found found in in the such as fabric, Also, mold temp~rate temperate climate climateand, and,finally finallymold moldgrowih growthrequires requiresmoisture. moisture. Moisture Moisture isis the the only only mold mold growth growthfactor factor that that can can be be controlled controlled InIn aa residential setting. By minimizing minimizing moisture, an Owner can reduce or eliminate mold grbwth. growth. Moisture Moisture In In the the home homecan canhave havemany many residential setting. By causes. Spills, Spills, leaks, leaks, overflows, condensation, condensation. and high humidity are Good housekeeping housekeeping and and causes. are common common sources sources of home home moisture. moisture. Good home maintenance maintenance practices practices are are essential essential in in the the effort effort to prevent or eliminate mold growth. If moisture is allowed allowed to remain on the growth mediuni, mediuffi, mold mold can can develop develop within within 24 24 to to 48 48 hours. hours.

" 32. DELIVERY OF UNIT. been occupied and is Is being delivered UNIT. The The Unit Unit has has previously previouslybeen delivered in in "as "as is" is" condition. condition. 33. SPECIAL stipUlations, if in conflict with SPECIAL STIPULATIONS. STIPULATIONS. The following stipulations, with any any preceding preceding provision, provision, shall shall control: control:

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(a)

Exhibits and and Addenda. Addenda. The The Exhibits Exhibits and/or and/or Addenda Addenda that that are are attached attached hereto hereto are are by by this reference reference made exhibits made

hereof. a part hereof.

, (b) personal Personal Property. Property. The Thefollowing following Items items shall shall remain remain with the the Unit Unit in in their their present condition condition· at no additional to Purchaser. Purchaser. Seller shall warrant unencumbered unencumbered title Closing: Air Handler, Handler, Water Water Heater, Heater,·Stove, Stove, title thereto thereto to to Purchaser Purchaser at at Closing: cost to Refrigerator. Refrigerator. (c) Statement by Salesperson. Seller Sellerand and Seller's Seller's officers/employees officers/employeesare arenot notresponsible responsiblefor, for, or orbound boundby, bYI any any statement, other agents unless unless such such statement, statement, representation representation and/or and/or Contract Contract statement, representation and/or Contract by a salesperson or other writing and signed by by one one of ofSellers Seller'sauthorized authorized officers. officers, PLEASE PLEASEACKNOWLEDGE ACKNOWLEDGETHAT THATIN iNMAKING MAKINGTHIS THIS PURCHASE PURCHASE is in writing RELYING UPON UPON ANY STATEMENT, STATEMENT, REPRESENTATION REPRESENTATION OR CONTRACT MADE BY A SALESPERSON SALESPERSON PURCHASER PURCHASER IS IS NOT RELYING OR AGENT (EXCEPT AS MAY MAYBE OFFICERS), BE IN WRITING AND SIGNED BY ONE OF SELLER'S AUTHORIZED OFFICERS). (d) Report of Qualified agrees and acknowledges that the party preparing Qualified Architect Architect or or Engineer. Engineer. Purchaser agrees preparing the the or Engineer Engineer found in the the Prospectus Prospectus is is not not affiliated affiliated with with Seller ·SelJer in in any anyfashion, fashion, and and isisaathird thirdparty, party. Report of the Qualified Architect or independent independent contractor contractor employed by· by Seller Seller to to furnish furnish the the Report Report as as required requiredby bythe the Florida Florida Condominium CondominiumAct. Act. Purchaser is is advised advised review the report carefully, including including all Seller has has not not agreed agreed to to do do any any of of the the work work suggested suggested or to review all disclaimers disclaimers set set forth forth therein. therein, Seller recommended recommended in in the the Report Report except except as as expressly expressly set setforth forthininthe theattached attachedContract Contract (e) Selier reserves the right to implement Implement any legal marketing Ce) Selle(s Seller's Reserved Reserved Right Right to to Marketing Marketing Strategy, Strategy. Seller marketing This Includes, includes, but but is is not not limited limited to, to, the the use use of ofmodel model Units, Units, signs, signs, program as deemed necessary to market Units within this project. project. This flags, banners, special 'ofmodel. model,and and production production Units, Units, etc. etc. Seller also reserves the f1ags,banners, special on-site on-site events, events, media mediaadvertising, advertising, modifications modificationsof at·the There are are other other marketing marketing strategies strategies and and incentive incentive plans not right to price Units at the current market value in an effort to sell sell Units.. Units. There reserves the Purchaser hereby acknowledges acknOWledges Seller's noted herein which Seller reserves the right to to implement implement or or discontinue. discontinue. Purchaser Seller's rights rights as as stated stated . above. EstimatedBudget. Budget.The TheCondominium CondominiumAssociation Associationbudget budgetprovided prOVidedtotoPurchaser Purchaserisisbased based on onestimated estimated (g) estimated may increase increase or or decrease decrease significantly significantly when the the actual actual expenses expenses of ofthe the Condominium Condominium Association Association become become expenses only expenses only and may

known.

.

(i) Model Model Unit/Sales UniUSales Office. Office. For Forthe thepurposes purposesofofcompleting completing the thesales salespromotion promotion of ofthe the Condominium Condominium and and until until the sale of all the af! Units Units in in the the Condominium, Condominium, the Seller, Seller, its successors successors and and assigns, assigns, is is hereby hereby given given the the full full right tight and and authority authority to to maintain or establish on on the the Condominium Condominium Unit Unit and and Common Common Elements Elements such such models, models, sales sales offices, offices, banners, banners, balloons balloons and and maintain or establish advertising signs, necessary in safe discretion, discretion, together with right of ingress ingress and egress egress to the the advertising signs, if any, any, as Seller may deem necessary in its sole with the right Common'Elements!n connection therewith therewith CommonElements In connection

in the the public public records records of of Pinellas Pinellas County, County, Florida. Florida. The The (j) Recordinq. Recording. Purchaser Purchasershall shallnot notrecord record the the Contract Contract in a) * recording recording by Purchaser of the Contract shall constitute a default by Purchaser. Purchaser.

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l1

Captionsand and Headings. Headings. Captions Captionsand andparagraph paragraph headings headings contained contained in in the the Contract Contract are are for for convenience convenience (k) Captions and and references references only only and and in in no no way way define, define, descrlbe, describe, extend extendor orlimit limitthe the scope scope or or interest interestof of the the Contract Contractnor northe the interest interestof ofany any provision hereof. Errors. The ThePurchaser(s) Purchaser(s) agree(s), agree(s), ifIf requested requested by by the the Seller, Seller, to tofully fullycooperate cooperate inincorrecting correcting any any (I) Clerical Errors. may appear appearin inthe th\3 Contract. Contract. errors as as may clerical errors (m) Electric. separate meter each unit. unit. Therefore, Therefore, itit is the is the Electric. Buyer Buyer further further acknowledges acknowledgesthat thatthere thereisis aa separate meter for each at buyer's buyer's expense, expense, as as ititwill willbe bedisconnected disconnected from from buyer's responsibility to transfer the electrical service to the Unit Unit upon upon closing, closing, at SKYRE, LLC, LLC, account at that time, time, without without prior prior notice. notice. Arrangements Arrangementscan canbe bemade madeby bycalfing callingFlorida FloridaPower Power&&Light tJht Company. Note: Before Purchaser Purchaser signs this this Agreement, Purchaser Purchaser should should read read itit carefully. carefUlly. Purchaser Purchaserisis advised advised that thatthis thisAgreement Agreementcontains contains references to to make make changes changes In in the the offer offer made made totoPurchaser, Purchaser, references references made made totocertain certainclosing closingcosts costs references to developer's developer's right right to Purchase(s rights rights upon developer's develope(s default (paragraph PurchaserisIsfurther furtheradvised advised (paragraph and strict strict limitations limitations on on Purchaser's (paragraph "6"), '6'), and (paragraph "6(b)"), "8(b)'). Purchaser the condominium condominium documents documents contain contain other other important important information, information, including, inclUding, but not not limited limited to, to,information lnfonnationrespecting respecting the the that the control ofthe ofthe condominium condominium association association to to unit unit owners, owners, other other than than the developer, developer, and schedule and other details for the turnover of control condominium association right to cancel certain contracts contracts entered into by the condominium the right association before before control control is is transferred transferred to to unit. unit owners, owners, othsr other that the the developer. developer, . that

Purchaser acknOWledges, acknowledges,warrants warrants and and represents represents that that this this Purchase Agreement is is being byPurchaser Purchaserwithout without Purchaser Purchase Agreement being entered entered into into by reliance reliance upon upon any any representations representations concerning concerning any any potential potential future future profit, profit, any any rental rental income income potential, potential, tax tax advantages, advantages, depreciation depreciation or investment potential and without reliance upon upon any other monetary monetary or or financial financial advantage, advantage, Purchaser Purchaser acknowledges acknowledges that that no no such such

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representations any of of its its agents, agents, employees employees or or representatives. representatives. This This page page supersedes supersedes,any anyprevious previous representations have have been been made by seller or any one. If Purchaser Purchaser voids Contract in accordance with provision, Purchaser Purchaser shall shall receive receive a full full refund refund of ofall allEarnest EarnestMoney Money voids this this Contract in accordance with this this provision collected and held by Escrow Escrow Agent, only only after after Escrow Escrow Agent verifies verifies that such such Earnest Earnest Money Money has has been been deposited deposited into into Escrow Escrow coflected and held deposited have Escrow Agent's escrow account, account, and that the sums that have been deposited have cleared cleared the the Escrow Agent' Agent' banking banking institution. institution. Escrow Agent may demand proof proof of clearance in the form of a cancelled check or other proof acceptable to Escrow Agent Receipt of deposit deposit .in n the sum of $$,

is hereby hereby acknowledged acknowledged by: by: is

_

Contract is subject SUbject to aa manager's manager's approval approval and supersedes supersedes any previous contract. contract. The authorized representative This Contract representative on on behalf behalf of of LLC, AAFLORIDA FLORIDALIMITED LIMITEDLIABILITY LIABILITYCOMPANY, COMPANY, isis Benjamin Benjamin Klein. Klein. . SKYRE, LLC 34. THIS CONTRACT IS VOIDABLE BY BY PURCHASER PURCHASER BY BY DELIVERING DELIVERING WRITTEN WRITTEN NOTICE NOTICE OF OF THE THE PURCHASER'S PURCHASER'S INTENTION TO EXECUTION OF INTENTION TO CANCEL CANCEL WITHIN WITHIN FIFTEEN FIFTEEN (15) (15) DAYS DAYS AFTER AFTER THE THE DATE DATE OF OF EXECUTION OF THIS THIS CONTRACT CONTRACT BY BY THE THE PURCHASER, AND ITEMS REQUIRED PURCHASER, AND RECEIPT RECEIPT BY BY PURCHASER PURCHASEROF OFALL ALL OF OF THE THE ITEMS REQUIREDTO TO BE BE DELIVERED DELIVERED TO TO HIM HIM BY BY THE THE SELLER SECTION 718.503, 718.503, FLORIDA FLORIDA STATUTES. STATUTES.THIS THIS CONTRACT CONTRACTISIS ALSO ALSO VOIDABLE VOIDABLE BY BY PURCHASER BY SELLER UNDER UNDER SECTION PURCHASER BY DELIVERING WRITTEN PURCHASER'S INTENTION INTENTION TO DELIVERING WRITI'EN NOTICE OF THE PURCHASER'S TO CANCEL CANCEL WITHIN WITHIN FIFTEEN FIFTEEN (15) (15) DAYS AFTER THE DATE OF RECEIPT RECEIPT FROM FROM THE THE SELLER SELLER OF OF ANY ANY AMENDMENT AMENDMENT WHICH WHICH MATERIALLY MATERIALLY ALTERS ALTERS OR MODIFIES MODIFIES THE THE DATE OFFERING IN A MANNER THAT IS ADVERSE OFFERING IN THATIS ADVERSE TO TO THE THE PURCHASER. PURCHASER. ANY ANY PURPORTED PURPORTED WAIVER WAIVER OF OF THESE THESE VOIDABILITY VOIDABILITY RIGHTS SHALL BE OF OF NO NO EFFECT. EFFECT. PURCHASER PURCHASER MAY EXTEND EXTEND THE TIME FOR CLOSING FOR A PERIOD PERIOD OF OF NOT NOT MORE MORE RIGHTS THAN FIFTEEN (15) AFTER ThE THE PURCHASER PURCHASER HAS HAS RECEIVED RECEIVED ALL ALLOF OFTHE THEITEMS ITEMSREQUIRED. REQUIRED.PURCHASER'S PURCHASER'S THAN FIFTEEN (15) DAYS AFTER RIGHT TO TO VOID VOID THIS THIS CONTRACT CONTRACT SHALL SHALL TERMINATE TERMINATE AT AT CLOSING. CLOSING,

·ORAL REPRESENTATIONS CANNOT CANNOT BE RELIED RELIED UPON UPON AS AS CORRECTLY CORRECTLY STATING STATING THE THEREPRESENTATIONS REPRESENTATIONS OF OF THE THE ORAL REPRESENTATIONS DEVELOPER. FOR REFERENCESHOULD SHOULD BE BE MADE MADE TO THIS DEVELOPER. FOR CORRECT CORRECT REPRESENTATIONS, REPRESENTATIONS, REFERENCE THIS CONTRACT CONTRACT AND AND THE THE DOCUMENTS TO DOCUMENTSREQUIRED REQUIREDBY BY SECTION SECTION718.503, 718.503,FLORIDA FLORIDASTATUTES, STATUTES, TOBE BEFURNISHED FURNISHEDBY BYAA DEVELOPER DEVELOPER TO TO A A PURCHASER OR LESSEE.

SELLER: SKYRE, LLC LLC, SELLER: SKYRE, a Florida limited liability company

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PURCHASER

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BY:

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Authorized Representative Represenlative

Date:._ _......,Date:

_

Date: Date:

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ADDENDUM

THIS simultaneously with, THIS ADDENDUM ADDENDUM is is being executed simultaneously with, in in consideration consideration of, of, and and as as part part of the the foregoing foregoing Contract, The parties parties hereby hereby further further agree agree as as follows: follows: Contract. The 1, Unless the context otherwise otherwise requires, requires, all capitalized terms not defined defined in in this this Unless the context all initial initial capitalized terms used used but not 1, meanings given given to such such terms terms in in the the Contract. Contract. This This Addendum Addendum shall shali be be Addendum, shali the meaning meaning or meanings Addendum, shall have have the deemed but shall shali take take precedence precedence over and supercede supercede any contrary contained contained in, deemed a part of, but any provisions provisions to the contrary in, the Ihe . Contract. Ali references references in in the the Contract Contract or or this this Addendum Addendum to the 'Contract" "Contract" shall shali be deemed to refer to the Contract Contract. All as modified by this Addendum, unless uniess the context context otherwise requires.

2.

of Florida law, Buyer Buyer is h?reby hereby advised advised of of the the following: foliowing: In accordance with the requirements of (a)

FLORIDA STATUTES STATUTES CONTAINS CONTAINS IMPORTANT IMPORTANT REQUIREMENTS REQUIREMENTS YOU YOU CHAPTER 558, FLORIDA BRING ANY LEGAL ACTION FOR AN ALLEGED ALLEGED MUST FOLLOW BEFORE YOU YOU MAY BRING SIXTY DAYS DAYS BEFORE BEFORE CONSTRUCTION DEFECT IN IN YOUR YOUR UNIT OR OR CONDOMINIUM. CONDOMINIUM. SIXTY YOU BRING ANY LEGAL YOU MUST DELIVER TO THE OTHER PARTY TO YOU LEGAL ACTION, ACTION, YOU THIS CONTRACT, A WRITTEN NOTICE THIS CONTRACT, A WRITTEN NOTICE REFERRING REFERRINGTO TO CHAPTER CHAPTER 558 558 OF OF ANY ANY CONSTRUCTION CONDITIONS CONDITIONS YOU YOU ALLEGE ALLEGE ARE ARE DEFECTIVE AND PROVIDE SUCH PERSON THE PERSON THE OPPORTUNITY OPPORTUNITY TO INSPECT INSPECT THE THEALLEGED ALLEGEDCONSTRUCTION CONSTRUCTION OFFER TO REPAIR REPAIR OR OR PAY PAY FOR FOR THE THE DEFECTS AND CONSIDER MAKING DEFECTS AND TO CONSIDER MAKING AN AN OFFER ACCEPT ANY ALLEGED ALLEGED CONSTRUCTION CONSTRUCTIONDEFECTS. DEFECTS.YOU YOUARE ARENOT NOTOBLIGATED OBLIGATEDTO 0 ACCEPT MAYBE MADE. THERE ARE ARE STRICT STRICT DEADLINES DEADLINES AND AND OFFER THERE OFFER WHICH WHICH MAY BE MADE. BE MET MET AND AND FOLLOWED FOLLOWED PROCEDURES PROCEDURES UNDER THIS FLORIDA LAW WHICH MUST BE YOUR INTERESTS. INTERESTS. TO PROTECT YOUR

(b)

BUYER THE SELLER'S SELLER'S CURRENT CURRENT PROPERTY PROPERTY TAXES TAXES AS AS BUYER SHOULD SHOULD NOT RELY ON THE THE AMOUNT OF PROPERTY TAXES THAT THAT THE THE BUYER PROPERTY TAXES BUYER MAY BE OBLIGATED OBLIGATED TO PAY IN IN THE THE YEAR YEAR SUBSEQUENT TO PURCHASE. PURCHASE. A CHANGE SUBSEQUENT TO CHANGE OF OWNERSHIP OR PAY PROPERTY IMPROVEMENTS IMPROVEMENTS TRIGGERS THE PROPERTY PROPERTY PROPERTY TRIGGERS REASSESSMENTS REASSESSMENTS OF THE IF IN HIGHER HIGHER PROPERTY PROPERTY TAXES. TAXES. IF YOU YOU HAVE HAVE ANY ANY THAT COULD RESULT RESULT IN THAT COULD COUNTY PROPERTY QUESTIONS QUESTIONS CONCERMNG CONCERNING VALUATION, VALUATION, CONTACT CONTACT TH THE COUNTY PROPERTY FOR INFORMATION. INFORMATION. APPRAISER'S OFFICE OFFICE FOR

3. The execution of this addendum addendum shail rights of of the the Buyer Buyer to to The execution shall neither extend, extend, toil, toll, nor reinstate any rights 3. 718.503(1 )(a), rescind the Contract Contract pursuant pursuant to the the terms thereof, thereof, or or of of Section Section 718.503(1 )(a), Florida Statutes. Statutes. 4. 4. and confirmed.

Except are hereby hereby ratified ratified Except as as expressly expressly modified modified by by this this Addendum, Addendum, the the provisions provisions of of the the Contract Contract are

of the foregoing Contract. EXECUTED as of the date and year of

. "SELLER' 'SELLER"

BUYER:

SKYRE, LLC

By: Name: Trtle: Title:

_ _ _ Proc. Proe. Mgr. Mgr.

Initials: ___ Purchaser Purchaser

_ _ _ Purchaser

(

SCHEDULE "5"

THE WAVE, A CONDOMINIUM

ESCROW AGREEMENT ESTABLISHING ESCROW ACCOUNT BETWEEN DEVELOPER AND AND ESCROW AGENT

and amount of Deposit received, address of the Purchaser, and the the Unit Unit number number of of received, the name and address Purchaser, and the Unit being purchased.

5.

Release of Funds from Escrow. release and Release Funds from Escrow. Subject SUbject to to clearance clearance of funds, funds, Escrow Escrow Agent shall shall release and disburse a Purchaser's Deposit escrowed hereunder in accordance with the following: (a)

Purchaser Cancellation. Cancellation. Escrow ten (10) Purchaser Escrow Agent Agent shall shall pay pay aa Deposit Deposit to to a Purchaser Purchaser within teh days after Escrow Escrow Agent's Agent's receipt receipt of of the theDeveloper's Developer's written written certification certification that the days after that th Purchaser Purchaser has has properly properly terminated terminated his his Purchase Purchase Agreement Agreementpursuant pursuanttoto its its terms terms or under the Condominium Act.

(b)

Purchaser Default. Default. Escrow Purchaser Escrow Agent Agent shall shall pay pay aa Deposit Deposit to to Developer Developer within ten (10) (10) days days after Escrow Agent's Agent's receipt receipt of of Developer's Developer's written written certification certification that that the the Purchaser's Purchaser's after Escrow Purchase Agreement Agreement has has been been terminated terminated by by reason reason of of aa Purchaser's Purchaser's failure failure to to cure cure a Purchase Such certification certification shall shall default default in In performance performance of of the the Purchaser's Purchaser's obligations obligations thereunder. thereunder. Such include the following: (i)

Developer's defaulted and that that the the Developer Developer Developer's statement statement that that the Purchaser has defaulted . has not;

(H) (ii)

A statement that, pursuant to the terms terms of of the the Purchase Purchase Agreement-, Agreement-, Developer Developer Escrow Agent; is entitled to the Deposit held by Escrow

(iii) (Hi)

that Developer Developer has has not not received received from from the the Purchaser Purchaser written written notice notice of of A statement that a dispute between between the the Purchaser Purchaser and and Developer Developer or or aa claim claim by by the the Purchaser to the Deposit; and .

(iv)

statement of A stafement of the the exact exact amount amount of of the the beposit Deposit that that is to to be be disbursed disbursed to to .

Developer.

S

(c)

of aaPurchaser Purchaser has has not notbeen beenpreviously previously Disbursement Closing. If the the Deposit Deposit of Disbursement At Closinq. disbursed in above, Escrow Escrow Agent shall shall disbursed in accordance accordance with with the the provisions provisions of of 5(a) 5(á) or 5(b) above, Developer at the the closing, closing, of of the the transaction transaction as as evidenced evidenced by by the the pay such Deposit Deposit to Developer pay such certificate certificate of Developer, Developer, unless unless prior prior to to such such disbursement disbursement Escrow Escrow Agent Agent receives receives from from aa Purch1jser dispute between between such such Purchaser Purchaser and and Developer. Developer. Such Purchaser written written notice notice of aa dispute

certificate from Developer Developer shall include include the the following: following: (i) (i)

A statement statement that Purchaser Purchaser has has not not cancelled cancelled the the Purchase Purchase Agreement; Agreement;

(H) (ii)

A statement that closing of the appticable applicable Unit has occurred; occurred; and and

(iii) (Hi)

statement of the the exact exact amount amount of. of the Deposit that to be be disbursed disbursed to to A statement the Deposit that is to Developer.

(d)

6.

Other Disbursements. Disbursements. Escrow Agent shall, shall, at any any time, time, make makedistribution distribution of aa Escrow Agent Deposit upon: upon: Purchaser's Deposit (i)

direction duly dUly executed executed by_Developer by. Developer ancj an~. Purchaser, or or written direction

(ii) (H)

of competent competent jurisdiction. jurisdiction. order of of aa court court of an appropriate order

Investment of of Funds. Funds. Escrow investment Escrow Agent Agent will will invest invest the the escrow escrow funds funds only only in in securities securities of of the the United United in accounts accounts in in institutions institutions the the deposits deposits of which which are are insured insured by by States or any agency agency thereof, or in the United United States, States, and selected by Developer Deveioper by notice to Escrow Escraw Agent from from time time an agency of the Theescrow escrow account account shall shall be be in in the the name name of of Escrow Escrow Agent, Agent, and and shall shall be be clearly clearly denoted denoted to time. The

2

.

(

( ESCROW AGREEMENT

THIS ESCROW AGREEMENT AGREEMENT (this THIS ESCROW (this "Escrow "Escrow Agreement") Apreement") isis made made and and ,entered entered into this _ _ 2004 by and between day of between SKYRE LLC, LLC, a Florida limited liability company, whose whose address is Oakland. Park Blvd., is 7491 7491 West Oakland Blvd., Suite Suite 100, 100, Lauderhill, Lauderhill, FL 33316, 33316, (the "Developer") "Developer") and and ROYAL th TITLE & & ESCROW ESCROW COMPANY, COMPANY, with with an an address addressof of 555 555 NE NE 15 is Street, Suite 100, 100, Miami1 Miami, Florida 33132 TiTLE ("Escrow Developer and and Escrow Escrow Agent Agent acknowledge acknowledge that that the. the. Division Florida Land Sales, Saies, ("Escrow Agent"). Aqent"). Developer Division of Florida Condominiums 1940 North North Monroe Monroe Street, Street, Condominiumsand and Mobile Mobile Homes Homes (the (the "Division"), "Division"),whose whose address address isis 1940 Tallahassee, Florida 32399-1033, of this this Escrow Escrow Agreement. Agreement. 32399-1033, is is aa beneficiary beneficiary of RECITALS:

Developer proposes to to develop Developer proposes develop a condominium condominium project project in in St. Petersburg, Florida, be located located St. Petersburg, Florida, to to be 5gth th approximately at 3315 58 approximately Avenue South, St. Petersburg, Petersburg, Florida, Florida, named THE WAVE, WAVE, aa Condominium Condominium Avenue South, (as may hereinafter hereinafter be be renamed, renamed the the "Condominium"). "Condominium"). Developer intends intends to to enler into contracts contracts for for purchase purchase and and sale sale (the (the "Purchase "Purchase Contracts") Contracts") for for the the sale sale of 'Units") in in the Condominium. units ("Units")

Developer desires dSires to Deveioper to make make arrangements arrangements with Escrow Escrow Agent to escrow all or a portion of each deposit for each Purchase Agreement (collectively, the provisions of of the the each Purchase Agreement (collectively, the "Deposits") "Deposits")inin accordance accordance with with the the provisions Condominium Condominium Act (Section 718.202, Florida Florida Sialutes). Statutes). Escrow Escrow Agent Agent has has consented consented toto hold hold and and disburse disburse the the Deposits Depositsitit receives receives pursuant pursuant toto the the terms terms and and provisions hereof

NOW THEREFORE, THEREFORE, inin consideration consideration of of $10.00 $10.00 and and other good NOW good and and valuable valuabie consideration, consideration, Escrow Escrow Agent and Developer agree as follows:

1.

Recitals. The foregoing foregoing Recitals Recitals are are true true and and correct and are are, hereby incorporated herein. herein. Recitals. The

2.

The parties parties hereto hereto establish establish an escrow for the purposes of receiving, receiving, Establishment of Establishment of Escrow. Escrow. The holding and and disbursing disbursing funds funds as as required requiredunder underthe theCondominium CondominiumAct. Act. Funds Funds deposited deposited in in this holding this escrow may, common may, at the the election election of Escrow Agent, Agent, be be deposited deposited in fri separate separate accounts, accounts, or in a cpmmon escrow, or or commingled commingled with with the the other other escrow escrow monies moniesreceived received by by or orhandled handled by by Escrow·Agent. Escrow'Agent. escrow,

3.

Deposit of Funds. So So long long as as required required by by the the Condominium Condominium Act, Act, in in connection connection with sales sales of of Deposit of Funds. Units, Developer Purchasers with Escrow Agent Agent in in Units, Developer shall shall promptly promptly deposit deposit funds funds received received from from Purchasers with Escrow such amount or amounts amounts as are required required under such as are under the the Condominium Condominium Act Act and and under under the the Purchase' Contracts. Developer Developer will deliver the Deposits in Contracts. the Deposits in the the form form of checks checks payable payable to to or endorsed endorsed to to Escrow Agent. Deve.loper shall, at the time of each deposit, deposit, furnish furnish Escrow the Escrow Agent. Developer Escrow Agent Agent aa copy of the. Purchase of Purchase Agreement Agreement applicable applicable to to the the Purchaser Purchaser (and (and all all amendments amendments thereto), thereto), the the amount of such mailing address address and and telephone telephone such funds, funds, being being delivered delivered toto Escrow Escrow Agent, Agent, the the' full full name, name, mailing Dumber of the the Purchaser, Purchaser, as as applicable, applicable, and and such such other other information, information as Escrow Escrow Agent Agent shall shall number 'reasonably reasonably require. The The sole sole responsibility responsibility for the for determining 'determiningwhether whetherorornot notthe the amount amount of of the funds deposited deposited "in escrow comply comply with the the Condominium Condominium Act shall shall be, be. that of of Developer, Developer, and. and funds in escrow Escrow Agent Agent shall shall only only be be responsible responsible for forfunds fundsactually actual!yreceived. received. All All checks checks or or drafts drafts received received

ii

Any bank charges assessed are received subject subject to to collection. collection. Any assessed <'lgainst against the the account account in in general general will will Developer upon upon notification by by Escrow Escrow Agent. • be reimbursed by Developer '

4.

.

Receipt Receipt and and Acknowledqment. AcknOWledgment. Upon Upon request, request, Escrow Purchaser aa Escrow Agent Agent shall shall deliver deliver to to a Purchaser receipt receipt fora for'a Deposit on the the form form provided provided by by Developer Developer with with all all information information completed coñipleted for for Escrow Escrow date, Agent to acknowledge such such receipt. r.eceipt. Such Such receipt receipt shall shall identify identify the the Condominium, Condominium, state state the date

Escrow Agreement.doc

on records of Escrow Escrow Agent Agent as an escrow account. account. As As provided provided inin the the Purchase Purchase Contracts, Contracts, on the records any interest earned, shall be be governed governed by by Section Section 718.202(1), 718.202(l), Florida Florida statutes. Statutes. Escrow Agent Agent earned, shail shail or Insolvency insolvency of of the the institution in in which which the the funds funds are are shall have no liability in the event of a failure or released and exonerated from any and all invested and is hereby released ail liability, whether now now existinU existing or hereafter arising, by by reason reason of of any any loss hereafter arising, loss resulting resUlting from from the the failure failure of of any any such such designated designated institution to pay upon demand, demand, monies monies deposited herein herein or interest accrued accrued thereon. thereon.

7.

Provisions. General Provisions. (a)

The following procedure shall shall be be used Instructions Agent. The foilowing procedure used by the the parties parties Instructions to to Escrow Aqent. to Escrow Agent: concerning instructions to (i)

(Ii)

Ail instructions instructions to Escrow Agent shall shail be be in in writing writing and and signed signed by by the the.person .person or or All persons requesting requesting such such instructions. instructions. Any instructions instructions which are jointly jointly persons Any which are authorized by all ail parties shall be be signed signed by by all ail persons. persons. contrary, Escrow Agent shall shail Except Except as as may may otherwise otherwise be be set forth forth herein herein to to the contrary,

not take only take take direction direction by liy Developer, 'Developer, and and shall shail not ti!l!,e' direction direction from from any any only Purchaser(s). The duties duties of of Escrow Escrow Agent shall shail be lie limited to the safekeeping of Purchaser(s). The

the of same the deposits deposits and and for disbursements disbursements of same in accordance accordance with with the written written instructions described above. (iii)

shail immediately notice Developer shaU immediatelydeliver deliver to to Escrow Escrow Agent Agent copies of any written notice or request from aa Purchaser Purchaser relating relating to to aaPurchaser Purchaser Agreement Agreement and and this. this. Escrow Escrow Agreement. Developer hereby hereby agrees agrees to to indemnity indemnity and and hold hold Escrow Escrow Agent free. free Agreement, Developer and harmless from and against any any claims, claims, causes of of action, action, liability liability or or expenses expenses arising from failure to promptly promptly deliver to Escrow Escrow Agent Agent of of arising from Developer's Developers failure deliver a copy to written request request by Purchaser for a refund refund of aa Deposit. Deposit any written

8.

properly terminates terminates the the Purchase Purchase Agreement Agreementpursuant pursuanttoto its its terms, Interest. If Purchaser Purchaser properly terms, or pursuant to Chapter 718, funds maintained maintained in pursuant to Chapter 718, Florida Florida Satutes, Satutas, any any interest interest earned earned on on the the funds in the Escrow Account shall be paid the foregoing, foregoing, any interest Account shall paid to to the the Purchaser. Purchaser. Notwithstanding Notwithstanding the interest earned on the funds maintained maintained in shail, upon the closing of of the transaction, transaction, in the Escrow Account shall, become the Escrow Escrow Agent Agent to defray defray the the costs costs associated associated with with maintaining maintaining and and become property property of of the administering lhe Ihe Account.

9.

In the the event event any any mortgagee mortgagee of of Developer, Developer, by by foreclosure, foreclosure, deed deed in in lieu, lieu, Successor to to Developer. Developer. In or otherwise, succeeds to the rights of Developer with respect to any Purchase Agreement and/or and/or Deposils held in escrow pursuant Escrow Agreement, Agreement, such the Deposits pursuant to to this Escrow such mortgagee mortgagee shall shall succeed succeed to the rights rights of ofDeveloper Developer under under this this Escrow Escrow Agreement Agreement with with respect respect to to such such Purchase Purchase to the Agreement.

10 10.

Compliance. Developer the escrow escrow Developer acknowledges acknowledgesthat thatany anywillful willfulfailure failuretoto comply comply with with the provisions of Section constitutes a criminal offense pursuant to \0 Section Section Section 718.202, 718.202, Florida Florida Statutes, constitutes 718.202(7), Florida Statutes. Statutes.

11.

Alternative Assurance. Developer Developer r"serves right to to post. post an an alternative alternative assurance assurance in In Alternative Assurance. reserves the the right accordance with Section 718202 Chapter 618-17.009, accordance with Section 718.202, Florida Statutes,, Statutes, and and Chapter 61B-17.009, Florida Administrative Code. The director director of of the the Division-has Division- has the discrelion discretion to accept other assurances assurances Administrative Code. The ('Alternative Assurance") from from Developer Developer inin lieu lieu of the the escrow escrow of of ail all or any portion of the ("Alternative Assurance") the funds funds required to reqUired to be be escrowed escrowed hereunder. hereunder. Developer obligated to, submit to the the Developer may, may, but but isis not not obligated to, submit Division for approval a letter of credit (the (the "Letter "Letter of of Credit") Credit") or or other other Alternative Alternative Assurance, Assurance, such such lionds ("Surety ("Surety Bonds") be approved.by approved by the Division from time time to to time. time. as surety bonds Bonds") or or cash, cash, as as may maybe If the accepts the tne Alternative sufficientunder the Condominium Condominium Act Act. the Division accepts Alternative Assurance as being' sufficient under the Agreement, such portion of the and this Agreement, such Alternative Alternative Assurance Assurance will will serve serve as as security security for for ail all or or a portion

3

(

Deposits otherwise be esbrowed escrowed hereunder hereunder in accordance with with the the terms terms and and Deposits otherwise required required to to be in accordance conditionsof conditions ofthis this Escrow Escrow Agreement. Agreement. Developer Developershall shall be be obligated obligated to to furnish furnish Escrow EscrowAgent Agent with with a copy copy of of the the Division's Division's approval approval o 0\any anyAlternative Alternative Assurance Assurance along along with the the certificate certificate of Developer that that such such Alternative Alternative Assurance Assurance isis adequate adequate inin amount amount to to cover all Deposits Developer Deposits to to be be made in connection to the connection with with the Condominium. Condominium. Notwithstanding Notwithstanding anything anything contained contained herein herein to the contrary, no increase increase or or substitute substitute Alternative Alternative Assurance Assurance arrangements arrangements shall instituted, and and contrary, shall be instituted, Escrow Agent may not rely rely on on any any such such increased increased or orsubstitute substitute Alternative Alternative Assurance, Assurance, without without the prior written approval of of the Division. (a)

Holdine of Funds the Alternative Alternative Assurance. Assurance. For For so long long as as Developer Developer Holding Funds Secured Secured by by the maintains Assurance as as contemplated maintains an an acceptable acceptable Alternative Alternative Assurance contemplated herein, herein, Developer Developer will required to with not be required to escrow the Deposits otherwise recjuired to be be escrowed escrowed hereunder with Escrow however, that the total total amount amount of of Deposits Deposits retained retained by by Escrow Agent; Agent; provided provided however, that the Developer is to the the amount amount of of the the Alternative Alternative Assurance, Assurance, including including all all Developer is less less than or equal to increases and and extensions extensions thereof thereofwhich whichmay may be be approved approved by by the the Division Division from from time increases time to time. Provided Provided further further that that in in the the event event that that Developer Developer receives receives Deposits which which in total exceed the amount ex.ceed the amount of the the Alternative Alternative Assurance, Assurance, any such excess excess Deposits Deposits shall shall be be delivered to Escrow Agent immediately in accordance with the procedures set forth delivered to Escrow immediately in accordance with the procedures set forth herein. Alternatively, herein. Alternatively, such such excess excess Deposits Deposits may be redelivered redelivered to Developer by Escrow Escrow Agent upon upon the receipt receipt by by Escrow Escrow Agent Agent of of acknowledgment acknowiedgment by the Division Division that that the the Agent Division is in in possession possession of an an acceptable acceptable increase increase in the the amount amount of of Alternative Alternative Assurance to cover the excess of the Deposits. [)eposits.

(b)

shall provide Escrow Agent with accounting of Developer shall Monthly Accounting. Accountinq. Developer with a monthly accounting all Deposits Deposits which which are are not not escrowed escrowed because because of the the existence existence of ofan anAlternative Alternative all Assurance, which monthly monthly accounting accountingshall shallbe be used used by by Escrow Escrow Agent Agent as as a means Assurance, which means of compiling the Escrow Agent, shall shall be be entitled entitled to to fully fully compiling the status status report report required required hereinafter. hereinafter. Escrow and rely upon and completely completely rely upon the the accuracy accuracy of of said said monthly monthly accountings. accountings. Such Such monthly monthly reports Developer and list of of the the reports shall shall indicate indicate the the amount amount of of monies monies then then held held by by Developer and a list Purchasers who have made such such deposits. deposits.

(c)

Expiration of Alternative Assurance. Notwithstanding anything anything contained contained herein herein to the the Expiration Assurance. Notwithstanding contrary: (I) (i)

Developershall shall supply supply the the Division with a replacement Division with replacement to to the the Alternative Alternative Developer Assurance acceptable to (45) days days prior prior to to Assurance which which is acceptable to the Division at least forty-five (45) the expiration of the Alternative Assurance.

(H) (i1)

Escrow Agent Agent has has not received received notification notification from Division that that Developer Developer If Escrow from the Division has the hathcomplied compliedwith withParagraph Paragraph(c)(c)(1) (1)above, above,then thenthirty thirty(30) (30) days days prior prior to to the expiration of the Alternative Allernative Assurance, Division expiration Assurance, Escrow Escrow Agent Agent shall shall prOVide provide the Division with statement showing the the status status of of the the total total funds funds secured secured by by the the Alternative Alternative with a statementshowing Assurance as thirtieth (30th) (30th) day prior to the expiration expiration of the the Alternative Alternative Assurance as of the thirtieth Assurance based on the monthly reports furnished by by Developer. Developer.

(iii)

Escrow demand for payment payment from Developer Developer to to Escrow Escrow Escrow Agent Agent shall shall then then make demand Agent of that amount In the amount oftbtal of total funds funds secured secured by by the the Alternative Alternative Assurance. Assurance. In . event such forthcoming from (5) days days from from such payment is not forthcoming from Developer within within five (5) mailing Agent and/or and/or the the Division Division mailing of of demand demand by by Escrow EscrowAgent. Agent. Then Then Es'crow Ebrow Agent shall make demand Alternative Assura'nce Assurance to to the extent of shall demand upon the the Alternative of the the amount amount of funds which shall shall then of funds and and place place such such funds funds with with Escrow Escrow Agent, Agent, which then be be responsible maintaining such such funds funds ininaccordance accordancewith withthis thisAgreement. Agreement. In in the responsible for maintaining the event Escrow Escrow Agent make the the necessary necessary demand demand' on on the the Alternative Alternative event Agent fails fails to make Assurance as above, the the . Assurance as set forth forth above, the Division Division shall shall have have the the right right to then then make make the demand on the Alternative Alternative Assurance accordance with terms of of this this demand on the Assurance inin accordance with the the terms

4

shall be placed in Agreement, Agreement and such funds funds shall in escrow pursuant to this Agreement. It is understood that this this procedure procedure shall shall similariy similarly be be followed followed in in the the event event of of any any any funds funds secured secured by by the the dispute any Purchaser Purchaser relating dispute with with any relating to to refunds refunds of any Alternative not resolved resolved within fifteen fifteen (15) Alternative Assurance Assurance from from time time to to time time that that is not of the the dispute. dispute. days from the date that Developer receives notice of

12. 12

(d)

Release Funds retained retained by Developer pursuant Release of Funds Funds to to Developer. Developer. Funds pursuant to to Paragraph Paragraph (a) (a) above, which are secured by the Alternative Assurance, may may only be released above, which Alternative Assurance, released from frorn the Alternative Assurance upon presentation presentation to to Escrow Escrow Agent Agent of of one one of the certifications Assurance upon certifications set forth funds previously and 5(c), 5(c), with with the the additional additionai language language that thatfunds previously forth in Paragraphs Paragraphs 5(b) 5(b) and released are no longer required to be secured secured by the Alternative Assurance.

(e)

Previously Funds previously previously released to to Developer Developer which are secured Previously Released Released Funds. Funds. Funds by the the Alternative Alternative Assurance Assurance may be be released released from from the the Alternative Alternative Assurance Assurance upon upon Paragraph 5(a) 5(a) upon upon presentation presentation to to Escrow Escrow cancellation by Purchaser pursuant pursuant to Paragraph cancellation by a Purchaser of an an affidavit affidavit stating stating that that Developer Developer has has fully fully refunded refunded Purchaser Purchaser in in accordance accordance Agent of Purchase Agreement. Agreement. with the terms of the Purchase

(f)

acknoWledged that that the the Alternative Alternative Assurance Assurance may maycpver coverother other Other Condominiums. Itttisis acknowledged condominiums by Developer Developer and and its its condominiums both within and outside the Project being developed by In the the event event that that an an Alternative Alternative Assurance Assurance is amended amended to cover cover any any other other affiliates. In Developer condominium, the condominium, the Division Division shall shall be be furnished furnished with with such such original original amendnient. amendment. Developer shall deliver to Escrow Agent a copy of the the Division's approval approval of such amendment. amendment.

(g)

Alternative Assurance Assurance is Assurance No No Loncier Longer Required. Required. If any outstanding outstanding Alternative is no longer longer reqUired order to enable enable Escrow Escrow Agent satisfy the the conditions conditions set forth in in the the required in in order Agent to to satisfy set forth Condominium Act and and herein, herein, then then Developer Developer shall shall so so notify notify Escrow Escrow Agent Agent and and the the issuer issuer Condominium in In written written forth forni by certified certified mail at at least least forty-five forty-five (45) days days in advance advance of the the expiration expiration date of of the the Alternative Alternative Assurance Assurance and date and Escrow Escrow Agent Agent shall shall return return the the Alternative Alternative Assurance to to the the issuer. issuer. For the expiration date of any Assurance For purposes purposes of of this this subparagraph, SUbparagraph, the expiration date Alternative Assurance Assurance which which is Is automatically automaticallyrenewable renewableshall shall be be extended extended by the the Alternative applicable renewal renewal periods periods unless Escrow Agent receives notice from the applicable the issuer issuer that that the the Escrow Agent Agent isis authorized authorized to to rely rely upon upon issuer will will not renew the Alternative Assurance. Assurance. Escrow a statement statement from from Developer as as to to whether whether Alternative Alternative Assurance Assurance Is is no no longer required required to to in the the Condominium Act Act and and herein. herein. . satisfy the conditions set forth in

Conflicting Escrowed Funds, Funds. Conflictinci Claims Claims for Escrowed

Should Escrow Agent recEllve conflicting conftlcting notices notices or or Should Escrow Agent receive

dem~lnds for Deposit held held'in in escrow escrow on on behalf behalf ofofany anyPurchaser, Purchaser, Escrow Escrow Agent Agent shall shall dem?nds for a Deposit

immediately notifY notify the the Division Division of the dispute and either promptly submit the matter to arbitration, Immediately dispute and an adjudication adjUdication of the the matter matter by by interpleader Interpleader or or otherwise. otherwise. Escrow Escrow Agent shall be be or seek seek an Agent shall costs, indemnified applicable Purchaser indemnified by by the the applicable Purchaser and and Developer, Developer,Jointly jointly and and severally, severally, for for all all costs, including including reasonable reasonable attorneys' attorneys' and and paraprofessional paraprofessionalfees, fees,at attrial trialand andupon upon.appeal, appeal,ininconnection connction with the aforesaid arbitration action, and and shall shall be be fqlly fully protected protected in in suspending suspending all all arbitration or interpleader interpleader action, or a part part of of its its activities activities under under this this Escrow Escrow Agreement Agreement until until aa final final judgment judgment in in the the interpleadec interpleader Escrow Agent Agent shall continue continue to hold the disputed disputed Deposit Deposit during action, if applicable, action, applicable, is is received. received. Escrow the resolution resolution of any conflict by arbitration; arbitration; provided, however, Escrow Agent may interplead interplead any any Escrow Agent is Deposit and Deposit and not hold hold the the same same pursuant pursuant to to this this Escrow EscrowAgreement Agreementat at any any time. time. Escrow also counsel counsel for Developer and is authorized to continue continue to to represent represent Developer Developer In in the Developer and authorized to the event of any dispute between Developer and any any Purchaser. Purchaser. "

13.

Duties of Duties of Escrow Escrow Aqent Agent are are Administrative. Administrative. The The duties duties of Escrow Escrow Agent Agent hereundet hereunder shall shall be be entirely administrative in and not not discretionary. discretionary. Escrow obligated to act act entirely administrative in nature and Escrow Agent Agent shall shall be obligated only in accordance with written instructions received received by it as provided in in this this Escrow Escrow Agreement, Agreement, in accordance with written and is hereby authorized authorized to or· and to comply comply with with any orders, orders, judgments, judgments, or or decrees decrees of of any any court, court, with with or without jurisdiction, without jurisdiction,and andshall shallnot not be be liable liableas asaa result resultof ofits its compliance compliancewith withthe thesame. same, Escrow

5

( r..

~ I',]

bl L'..'j

Agent shall have have no duty duty or or obligation obligation to to assure assure itself itself that that the theoperation operation of ofthe theCondominium Condominium Agent shall compliance with with the and/or marketing of the Units Units within the Condominium by Developer Developer is is in in full, full compliance Condominium to the the disbursement disbursement to' to Developer any Deposit Depositor interest thereon. thereon. Condominium Act Act prior prior to Developer of any 'or interest Further, Escrow Agent Agent shall shall have have no no responsibility responsibility or or liability liability with with respect respect to to Purchasers' Purchasers Deposits Further, received received by Developer Developer which which are are not not properly properly delivered delivered to to Escrow Escrow Agent Agent in in accordance accordance with with the the provisions hereof. 14.

Monthly The Escrow Escrow Agent Agent will send send monthly monthly statements statements on on the the Escrow Escrow Account Account to to Monthly statements. Statements. The Developer at the the address address set set forth forth above. above. Escrow Escrow Agent agrees agrees that that the Division shall have the right to inspect the books and records of Escrow Agent with respect respect to to this this Agreement Agreement upon upon the the reasonable prior notice of of the the Division. Division.

15.

Indemnity. From and and at at all all times times after the date of this Escrow Agreements Developer shall, shall, to the Indemnity. From fullest extent and to to the the extent provided herein, law and extent provided herein, indemnify and hold harmless harmless rullest extent permitted permitted by law, Escrow Agent Agent and and each director, director, officer, officer, employee, employee, attorney, attorney, agent agent and and affiliate affiliate of Escrow Agent Agent (individually. indemnified Party the "Indemnified Parties') against all (individually, "Indemnified Party it; collectively, collectively, the "Indemnified Parties") against any and and all actions, claims (whether or not valid), of any any kind kind valid), losses, damages, liabilities, costs and expenses of or nature nature whatsoever, whatsoever, (including (including without without limitation limitation reasonable reasonable attorneys attorneys fees, paraprofessional paraprofessional fees, costs and and expenses) expenses) Incurred incurred by Indemnified Parties Parties from from fees, by' or or asserted asserted against against any of the Indemnified arising from from date hereof1 hereof, whether and after the date whether direct, direct, indirect indirect or or consequential, consequential, as as aa result result of or arising any way way relating relating to to any any claim, claim, demand, demand, suit, suit, action or proceeding proceeding (including any inquiry inquiry or on in any investigation) by person, whether claim for any any legal legal or or investigation) by any person, whether threatened threatened or or initiated, initiated, asserting asserting aa claim equitable remedy against any person equitable person under under any any statute statute or or regulation, regulation, inclUding, including, but not limited to, to, any federal federal or state securities securities laws, laws, or under any common law or or equitable equitable cause cause or or otherwise, otherwise, in connection connection with with the the negotiation, negotiation, preparation, preparation, execution, execution, performance performance or or failure failure or in arising from or of performance of this Escrow Agreement or any transactions 'contemplated contemplated herein herein (including (including the the sales the Units Units within within the the Condominium) Condominium) whether more of the the sales of of the whetherorornot notany any such such one one or or more Indemnified Parties Parties are parties to to any anysuch such action, action, proceeding, proceeding, suit suit o,r or the target target of of any any such such 'Indemnified ae parties inquiry or investigation; pràvided, however, however, that that no no Indemnified Indemnified Party Party shall shall have have the the right to be inqUiry investigation; provided, to be indemnified liability finally court of ofcompetent competent jurisdiction, jurisdiction, indemnified hereunder hereunder for for any any liability finally determined determined by by a court no further further appeal, appeal, to to have have resulted resulted solely solely from from the thegross grossnegligence, negligence. or or willful willful subject subject to to no Indemnified Party. Party. If any such action action or or claim' claim shall be be brought brought or or asserted asserted misconduct of such Indemnified in writing, writing, Party, such such Indemnified Indemnified Party shall promptly notify Developer in against any Indemnified Party, and shall assume the defense defense thereof, thereof, including the employment employment of of Oounsel counsel and and Developer shall and the payment·of of all all expenses. expenses. Such Party shall, shall, in in its its sole sole discretion, discretion, have have the the right right to to payment Such Indemnified Indemnified Party separate counsel counsel in any participate in in the the defense defense thereOf, thereof, and the the employ separate 'any such such action action and and to participate Indemnified Party unless unless (a) (a) Developer Developer fees and expenses of such counsel shall be paid by such Indemnified such agrees to to pay such such fees fees and and expenses, expenses,or or(b) (b)Developer Developershall shallfail failtotoassume assumethe thedefen$e defene of such action or proceeding proceeding or shall shall fail, fail, in in the the reasonable reasonable discretion discretion of of sUch such Indemnified Indemnified Party, Party, to to action employ employ counsel counsel satisfactory satisfactory to to the the Indemnified Indemnified Party Party inin any any such such action action proceedings, proceedings, or or (c) the named parties parties to to any such (including any impleaded named such action or proceeding proceeding (inclUding impleaded parties) include both the Indemnified Party Party (or Indemnified Indemnified Parties, applicable) and more the lndeinnified Parties, ifif applicable) and Developer, Developer, and and one one or more Indemnified Parties shall shall have have been been adVises:! advised' by by counsel counsel that that there there may be ,one legal one or m'ore more legal Indemnified Parties defenses defenses available available to to itit which which are are different different from from or or additional additional to to those those available available to to Developer. Developer.' All such fees and expenses payable by Developer pursuant to to the foregoing sentence shall shall be be paid paid from time to time as incurred, incurred, both both in advance advance of and after the final disposition of of such such action action or or Inaddition, addition,Developer Developerhel-eby hereby agrees to indemnify Escrow Escrow Agent and hold hold itit harmless harmless from from claim. In any liability of Escrow Agent Which 'any which shall shall arise arise as as aa result result of.the of the breach breach or or violation violation by Developer Developer of any of the provisions of the Condominium Condominium Act, rUles, regulations, or or laws laws affecting affecting Act, or any other rules, the Developer hereby all required required documents documents the Condominium. Condominium. Developer hereby agrees agreesthat thatititshall, shall,atatall alltimes,fiIe timS,file all with the Division Act, as well as Division and comply comply with all all of of the the provisions provisions the the Condominium, Condominium Act, as all' all other federal, and local local regulations regulations effecting The obligatiob's obligations of Developer Developer federal, state, state, and effecting the the Condominium. Condominium. The under this shall survive survive any any termination termination of of this this Escrow Escrow Agreement Agreement and and the the resignation resignation or or this section section shall removal of Escrow'Agent. Escrow Agent.

6

16. 16.

Limitation of Liability.

(a)

The obligations of The obligations of Escrow Escrow Agent Agent shall shall be be determined determinedsolely solelyby bythe theexpress expressprovisions provisionsofof this No representation, representation, warranty, covenant, agreement, obligation or this Escrow Agreement. Agreement. No duty of Escrow Agent shall shail be implied Agreement or Implied with respect to this this Escrow Escrow.Agreement or Esàrow Escrow Agent's services hereunder.

(b)

Escrow Escrow Agent Agent may may act act in in reliance reliance upon upon any any writing writing or instrument instrument or signature, signature, whether whether originai or facsimfle, facsimile, which genuine, may original which Escrow Escrow Agent, Agent, inin good good faith, faith, believes believes to to be be genuine, may assume the the validity validity and and accuracy accuracy of of any statement assume statement or assertion assertion contained contained in such such aa writing writing or instrument instrument and and may may assume assume that that any any person person purporting purporting to to give any any writing, writing, notice, instruction inin connection notice, advice advice or or Instruction connectionwith with the the provisions provisions hereof hereof has has been been duly duly authorized to authorized to do do so. so. Escrow Escrow Agent Agent shall shail have no liability or obligation with respect to the Deposits Deposits except except for Escrow Escrow Agent's Agent's willful willful misconduct misconduct or or gross gross negligence. negligence. Escrow Agent's responsibility shall safekeeping, investment and disbursement disbursement of of Agent's sole responsibility shall be be for the safekeeping,

Deposits In in accordance accordancewith with the the terms termsof ofthis thisEscrow EscrowAgreement. Agreement. Escrow Agent Agent shail shall the Deposits have implied duties obligations and knowledge or or notice notice have no implied duties or obligations and shail shall not be charged with knowledge any fact fact or or circumstance circumstance not not specifically specifically set set forth forth herein. herein. In no event event shall shall Escrow Escrow of any Agent liable for forincidental, incidental, indirect, indirect, special, special, consequential consequential or or.punitive punitive damages. damages. Agent be liable Escrow Agent shail shall not not be Escrow Agent be obligated obligated to to take take any any legal legal action action or or·commence commence any any proceeding in connection connection with with the the Deposits or to to appear in, in, prosecute or defend any such obligations to to interplead interplead or or arbitrate arbitrate action or proceeding, proceeding, except with legal action with respect to its obligations as provided herein.

(c)

Escrow Agent Agent may may consult consultlegal legalcounsel counselselected selectedbybyititininthe the event event of of any any dispute dispute or or Escrow construction of any of the provisions hereof of any other other ag(eement agreement or or question as to the construction its duties duties hereunder, hereunder, and shall incur no liability and shall be fully fUlly protected protected from from any any of its and shall accordance with opinion or instruction of such such liability liability whatsoever whatsbeverinin acting acting in in accordance with th.e the opinion or instruction counsel. Developer reasonable fees and Developer shail shall promptly promptly pay, pay, upon upon demand, demand, the the reasonable fees and expenses of of any any such such counsel. counsel. .

(d)

No provision Agreement shall shall require require Escrow Escrow Agent Agent to to expend provision of this Escrow Escrow Agreement expend or risk risk its its own funds or otherwise otherwise incur financial financial liability in in the performance perfonmance of its its duties duties under under this this Escrow Agreement ifif itit shall grounds for for believing Escrow Agreement shail have reasonable reasonable grounds believing that repayment repayment of of such f.unds funds are adequate indemnity is not reasonably assured to it.

17.

Either Developer Developer or or Escrow Escrow Agent Agent may may terminate terminate this this Escrow Escrow Agreement Agreement for for any any Termination. Either reason Whatsoever reason whatsoever upon upon thirty thirty (30) (30) days days Written written notice notice totothe the other. other. Upon receipt of of such written by. Developer, necessary to to notice from Escrow Escrow Agent Agent by. Developer, Developer Developer shall shall immediately take take all steps necessary secure secure a successor successor escrow escrow agent agent and and shall shall immediately immediately notify notify the Division. Division. If aa successor successor within said said thirty (30) day period, period, Escrow Agent may may escrow agent is not engaged by Developer within competent jurisdiction petition a court of competent jurisdiction to to name name aa successor successorescrow escrowagent. agent. When When a successor escrow agent has has been been designated designated or or appointed appointed by by the the Court. Court. Escrow escrow Escrow Agent shall, shall, upon upon receipt receipt ail fees fees due due itithereunder, hereunder, transfer transfer all all Deposits Deposits and and related related documents documents without without covenant covenant or or of all warranty, express or implied, implied, to the successor successor escrow escrow agent within within ten ten (10) (10) days, days, whereupon Whereupon warranty, express to the Escrow Agent shall discharged of all all of its duties duties and and obligations obligations hereunder. shail be fully fUlly discharged

18.

Notices. All All notices, notices, certificates, certificates, requests, requests, demands, de,mands, materials, materialS, and and other other communications communications hereunder shail shall be be in in writing writing and and shall shall be be deemed deemed to to have have been been duly duly given given upon upon actual actual receipt or refusal delivery, by hand hand or by professional professional courier refusal of delivery, courier (e.g., (e.g., Federal Federal Express) Express) to to the appropriate addresses set addresses set forth forth above above as as evidenced evidencedby by aa signed signedreceipt receiptfor forsame, same,ororby by mail, mail, ifif mailed mailed by by prepaid, certified mail with with return return receipt .receiptrequested. requested. The mailing addresses herein for the parties parties written notice notice to to the the Division Division and each party and for the Division Division shall be superseded superseded only by written party of of any change of of address. address.

7

19.

Term of Escrow Agreement. Aqreement. This This Escrow Escrow Agreement Agreement shall shall continue continue in in force force and and effect effect for two two (2) (2) years from Developer and years from the date it is executed by both Developer and Escrow Escrow Agent, Agent, and and shall shall be be deemed deemed to to be renewed on the of such be renewed automatically automatically on the anniversary anniversary of such date date each each year year thereafter, thereafter, unless unless terminated by written agreement between between Deveioper Developer and and Escrow Agent. Agent.

20.

and agree agree that that nothing nothing Non-Exclusive Agreement. The parties hereto hereto acknowledge acknowiedge and The parties Non-Exclusive Escrow Aereement. herein shall herein shall prohibit prohibit Escrow Escrow Agent Agent from from serving serving in in a similar similar capacity capacity on on behalf behalf of of other other developers, provided other escrow escrow accounts accounts maintained Escrow Agent be developers, provided that that any any other maintained by by Escrow Agent shall shall be maintained with books and records that separately identify each each condominium.

21.

State Law. This ThisEscrow EscrowAgreement Agreement shall shall be be governed governed and and construed construed in accordance accordance Choice of State Choice of the Slate slate of of Florida. Florida. with the laws of

22.

Escrow Agent the Compensation.' Any compensation compensation that that Developer Developeragrees agreestoto pay pay Escrow Agent for for the Compensation. Any performance of services services provided Escrow Agreement from principal principal performance provided for for in in this this Escrow Agreement shall shall not not be be paid paid from escrowed.

23.

In the event event that that any any party party hereto hereto or or aaPurchaser Purchaser In the commences relating to to or arising from this commences a lawsuit of other proceeding proceeding relating this Escrow Escrow Agreement, Agreement, the the parties hereto In the the Circuit Circuit Court Court in in and and for forMiami-Dade Miami-Dade County, County, parties hereto agree agree that that venue venue shall shall be be in Florida and and the parties parties hereto waive waive any any objection objection to to such such venue. venue. The The parties parties hereto hereto consent consent to to and submit to to the jurisdiction jurisdiction of that that court court and and the courts of of the the State State of of Florida Florida and and and agree agree to to submit agree,toto accept accept service service of of process process to to vest jurisdiction over over them them in agree vest personal personal jurisdiction in such such courts; courts; provided, the Florida Commissioner Commissioner of provided, however however that that service service on on Escrow Escrow Agent Agent shall shall be be through through the Insurance.

24.

Assignment. Except as otherwise provided provided herein, party to this this Escrow Escrow Agreement Agreement may may as otherwise herein, no no party Assiqnment. Except assign its rights or or delegate delegate its its obligations obligations under under this this Escrow Escrow Agreement Agreement without without the express express assign its rights written written consent of the other parties, except as as otherwise otherwise set set forth forth in in this this Escrow Agreement. Agreement.

25.

be Sub-Escrow Sub-Escrow Agents added added to this Escrow Agreement. Agreement. Such Such SUb-Escrow Agents. There may may be Sub-Escrow Aqents. There Sub-Escrow contained in this Escrow Sub-Escrow Agents Agents assume assumeall all of of the the duties duties of of the the Escrow Escrow Agent Agent as as contained in this Agreement. Each Each Sub-Escrow Sub-Escrow Agent Agent shall shall execute execute aa duplicate duplicate original of of this this Escrow Escrow Agreement Agreement Agreement. of the . to, to. indicate indicate their their acceptance acceptance of the terms, terms, conditions stipulations contained herein. conditions and stipulations contained herein. Sub-Escrow Agents shall shall be be limited to to licensed licensed Florida Florida title title insurance insurance agents agents (i) (i) who who are are affiliated affiliated SUb-Escrow Agents Escrow Agent, Agent, or or (H) (ii) which are are independent independent agents authorized, authorized. to commitments and and with Escrow to issue issue commitments of title insurance as as agents agents of of Escrow Escrow Agent. Agent. policies of

26.

Amendment This Escrow may be changed, Waiver. This Escrow Agreement Agreement may changed, waived, waived, discharged discharged or. or Amendment or Waiver. terminated only omission by terminated only by by aa writing writing signed signed by by Developer Developerand andEscrow EscrowAgent. Agent. No delay or omission exercising any A waiver waiver on on any any any party in in exercising any right right with with respect respect hereto hereto shall shalloperate operate as as aa waiver. waiver. A one occasion remedy on on any future one occasion shall shall not not be be construed construed as as aa bar bar to, to, or or waiver waiver of, of, any right right or remedy occasion.

27.

Severability. To the the extent extent any any provision prOVision of of this this Escrow Escrow Agreement Agreement is is prohibited prohibited by by or or invalid invalid Severability. under applicable applicable law, prOVision shall ineffective to extent of of such such prohibition prohibition or or under law, such such provision shall be be ineffective to the the extent invalidity, without this invalidity, without invalidating invalidating the the remainder remainder of such such prOVision provision or or the the remaining provisions of this Agreement. Escrow Agreement.

Consent to Jurisdiction Jurisdiction and and Venue. Venue. Consent

£'

28.

Entire Aereement. Entire Agreement. Third Party Beneficiaries. Beneficiaries. This This Escrow Escrow Agreement constitutes constitutes the the entire entire Third Party agreement agreement between betweenthe theparties partiesreiating relatingtotothe the escrow esprowofofthe the Deposits Depositsand and sets sets forth forth in in their their entirety No third third party, party, entirety the the obligations obligations and and duties duties of of Escrow Escrow Agent Agentwith withrespect respecttotothe the Deposits. Deposits. No other and the other than than Purchasers Purchasers and the Division, Division, shall shall be aa beneficiary beneficiary of of this this Escrow Escrow Agreement, Agreement, or or derive any any rights rights or benefits, derive benefits, or have have any any causes causes of of action, action, hereunder. hereunder. Notwithstanding the' Notwithstanding the foregoing, time as as the the Division Division approves approves this this Agreement Agreement and and any any foregoing, unless unless and and until until such such time

8 8

(

Alternative Assurance, Assurance, and provisions' contained and such such approval approval is is delivered delivered to Escrow Agent, Agent, all provisionscontained herein respecting Alternative Assurances will will not not be be of of any any force force or or effect. effect.

29.

Bindine Binding Effect. Al! Ali of of the the terms terms of of this this Escrow Escrow Agreement, Agreement, as as amended amended from from time time to to time, shall be binding upon, insure to the benefit of and be be enforceable by by the the respective respective heirs, heirs, successors successors and and assigns of Developer, each Purchaser and Escrow Agent.

30.

Counterparts. Escrow Agreement and and for For the the purpose purpose of of facilitating facilitating the the execution execution of of this this EscrowAgreernent Counternarts. For other other purposes, purposes, this this Escrow Escrow Agreement Agreement may may be be executed executed simultaneously simultaneouslyininany any number number of of counterparts, original, and counterparts, each each of of which which shall shall be be deemed deemed to to be be an an original, and together together shall shall constitute constitute and and be one and the same instrument.

31.

Headings. Headines. The The Section Section headings are not a part of this this Escrow Escrow Agreement and and shall shall not be be used used its interpretation. interpretation. in ità

IN WITNESS WITNESS WHEREOF, WHEREOF, Developer Developerhas hascaused causedthese thesepresents presentstotobe besigned signedinin its its name name the the day day and and IN year first above written. DEVELOPER: DEVELOPER: SKYRE, LLC, a Florida limited liability comp comp.:ny ny

brized Representative

ESCROW AGENT:

ROYAL T.ITLE TITLE & ESCROW COMPANY

S

9

SCHEDULE "6"

THE WAVE, A CONDOMINIUM

FORM FOR CONDOMINIUM CONDOMINIUM DOCUMENTS DOCUMENTS UTILIZED FORM OF OF RECEIPT REC8PT FOR IN THE SALE OF CONDOMINIUM CONDOMINIUM UNITS UNITS

"

(

( C

DBPR DF3PRform form CO CO 6000-6 12)23/02 Effective: 12123/02

RECEIPT FOR FORCONDOMINIUM CONDOMINIUM DOCUMENTS RECEIPT undersigned acknowledges acknowledgesthat thatthe thedocuments documentschecked checkedbelow below havebeen beenreceived received or, or, as as The undersigned have to. plans and and specifications, made to, plans made available available for inspection. inspection.

11

NameofCondominium: Name of Condominium:

THEWAVE THE WAVE, ACONDOMINIUM A CONDOMINIUM

Address Address of of Condominium: Condominium: 3315 3315 58TH AVENUE, ST. PETERSBURG, PETERSBURG. FLORIDA FLORIDA 33712 AVENUE ST. 33712 Place aa check each document received Place check in in the the column column by each received or, or, for for the plans and specifications, made available for inspection. If an an item does not apply, place place "N/A" "N/A" in the column. column. DOCUMENT RECEIVED BY BY. ALTERNATIVE MEDIA

Ii

Prospectus Text

xX

Declaration of Condominium Declaration

x X

Articles of Incorporation

x

By-laws

X x

Estimated Operating Budget Estimated Operatinci Budqet

xX

Form of Aqreement Agreement for forSale Sale or or Lease Lease

X x

Rules Regulation Rules or Requlation

X x

Covenants and Restrictions Restrictions

N/A

Lease Ground Lease

N/A

Management Manaqement and Maintenance Contracts for More than OneYear One Year

N/A

Renewable Management Renewable Manaqement Contracts

N/A

Lease of of Recreational Recreational and and Other Other Facilities to be Used Lease Exclusively of Subiect Subject Condominiums Exclusively by by Unit Owners of (Sees.718.503(1 Hbl 7. F.S. and and s.718.504, s.718.504. F.S.) F.S.l (Sees.718.503(1)(b) 7 F.S.

N/A

Form of of Unit Unit Lease Lease ifif aa Leasehold Leasehold

N/A

Declaration of Servitude

N/A

Sales Brochures

~,~~ '"

:':','

Description (See (See s.718.503(1)(b) s.718.503(1 Hb) Phase Development Description 11 F.S. and F.S.l 11 F.S. and s.718.504. s.718.504. F.S.)

,

N/A N/A

1

SCHEDULE "8"

THEWAVE, AACONDOMINIUM CONDOMINIUM THEWAVE,

CONVERSION INSPECTION REPORT, CON'LIERSION INSPECTION REPORT, REPORT TERMITE INSPECTION REPORT, CERTIFICATE OF OCCUPANCY

RENTERS/RENTAL RENTERS/RENTAL RULES 1. Leasing or renting of of a unit by an an owner, owner, either either directly directly or through an an agent, agent, isis permitted permitted no year•.All Allrental rentalagreements agreements must must be be sent, sent to more than two (2) times per year. to the the office within (7) days advance of arrival. seven (7) days in advance .

2.

arrival all Upon 'arrival all occupants occupants (owners, (owners, guest and renters) renters) must register wrrhin within 24 24 hrs.

3.

full use use of ofthe thefacilities.. facilities.. Owners Owners will will be be held held responsible for the actions of their Renters have full their guests guests or or renters. Any Anydamage.to damage.tothe theProperty Propertywill will be bethe theresponsibility responsibilityof ofthe the owner. owner.

4.

Renters guests are are subject subject to all all House House Rules Rules adopted adopted by by the the Board Board of of Directors. Directors. It is the Renters and and guests responsibility responsibility of the the owner to to see see that that aa copy copy of of the the House House Rules Rulesis is given giventoto each each renter/guest. renter/guest. Any violation' of of these these rules rules can can be be cause cause to to request request immediate vacating vaèating of of the the unit. unit violation

5.

Subletting by renters is not permitted. permitted.

above referenced commercial unit owners owners who are are using their their None of None of the the above referenced rules rules shall shall apply apply to commercial for aa lawful lawful purpose, purpose, other other than than the the rules rules dealing dealing with With use use of ofthe the common common elements. property for

RR-8

POOL RULES

1.

NO LIFEGUARD LIFEGUARD ON ON DUTY. DUTY,SWIM SWiMAT AT YOUR YOURWON WONRISK. RISK NO

2. Pool hours are 9 a.m. to 10 p.m. 3.

No radios, radios. tape decks or or DC's DC's are are allowed allowed without without earphones. earphones.

4. .4.

No diapers in the pool, pool. Children Childrennot nottoilet toilettrained trainedmust mustwear wearapproved approvedwater waterproof proofØants pants over diapers. diapers. Disposable Disposable diapers dianers are are not not allowed. allowed, Swim diapers only.

5.

No floating floating devices devices in in pool. pool. No rafts, balls, surf boards boards or or similar similar beach beach equipment equipment are are permitted permitted No rafts. beach balls. or pool pool area. area. in poor or

6.

No reserved seating areas.

7. T.

Children under 12 may not swim accompaniedand andsupervised supervised by by an adult. swim or use use the the pool pool areas areas unless unles accompanied adult.

8. 6.

Cover-ups and constitute aa cover-up. cover-up. Cover-ups andfootwear footwearare arerequired requiredininall allcommon commonareas. areas. A towel does not constitute

9.

Suntan Use the the shower shower provided provided at comer Suntan lotion lotion and and sand sand must be removed removed before entering entering pool. pool. Use corner of pool, pool. 10. Cover lotion. Cover lounge lounge chairs chairs with with a towel towel if using suntan lotion.

I.

11 •Lounges chairs are not drag chairs across .Lounges or chairs are not to to be removed removed before before from from the the pool pool deck. deck. Do not.drag across pool pool deck.

I 2.Running, horseplay, 12.Running. horseplay. climbing, climbing. ball ball or or Frisbee Frisbee playing playing or or other other noisy noisy activities activitie.s are are not not permitted permitted in or pool area. Parents are are responsible responsible for for the the behavior behavior of of their their children. near pool area. Parents 13.Glassware notpermitted permittedininorornear nearthe thepool poolare, are.only onlynon-breakable non-breakableplastic plasticcontainers containers (State (State Law). Law). I 3.Glassware isisnot 14. Pets Pets are not not permitted permitted in in pool pool area, area. even ifif canied. carried.

I 5.Shower 15. Shower before before entering entering the pool.

,.

RR-7

e C

ae Condominium 4COncfominiurn 2004 2°°4

(

(

(OFFERING CIRCULAR) PROSPECTUS (OFFERING

FOR THE WAVE, A CONDOMINIUM

St. Petersburg, Florida Florida St.

THIS PROSPECTUS (OFFERING (OFFERING CIRCULAR) CIRCULAR) CONTAINS CONTAINS IMPORTANT IMPORTANT MA1TERS MATTERS TO TO BE CONSIDERED IN ACQUIRING A CONDOMINIUM UNIT. IN ACQUIRING A

THE CONTAINED HEREIN HEREINARE ARE ONLY ONLY SUMMARY SUMMARY IN IN NATURE. NATURE. AA PROSPECTIVE THE STATEMENTS STATEMENTS CONTAINED PROSPECTIVE PURCHASER SHOULD REFER PURCHASER SHOULD REFER TO ALL ALL REFERENCES, REFERENCES, ALL ALL EXHIBITS EXHIBITS HERETO, HERETO, THE THECONTRACT CONTRACT MATERIALS. DOCUMENTS, AND SALES MATERIALS.

ORAL REPRESENTATIONS CANNOT RELIED UPON UPON AS AS CORRECTLY CORRECTLY STATING STATING THE THE ORAL REPRESENTATIONS CANNOTBE BE RELIED REPRESENTATIONS OF THE DEVELOPER. REFER REFER TO TO THIS THIS PROSPECTUS PROSPECTUS (OFFERING (OFFERING CIRCULAR) CIRCULAR) AND ITS EXHIBITS FOR FOR CORRECT CORRECT REPRESENTATIONS. REPRESENTATIONS.

F:lDocuments\Louis\condo\The FiDocuments\L.oufs\condthme WavelProspectus.doc WaveiProspectus.doc 5/18/200510:51 AM AM 5/18/200510:51

SUMMARY MAnERS IMPORTANT MATTERS

1.

CONDOMINIUMIS IS BEING BEINGCREATED CREATEDAND ANDSOLD SOLD ON ON FEE FEE SIMPLE ABSOLUTE ABSOLUTE INTEREST. INTEREST. THIS CONDOMINIUM

2.

Each Each residential residential unit shall be be separately separately billed billed for electricity, electricity, real estate taxes, personal personal property property taxes, cable television service waterand andsewer sewercharges chargesare are service and and telephone telephone charges. charges. InInthe thefuture, future,ififwater they will then then also also be be billed billed separately. separately. sub-metered, they

3.

THE DEVELOPER HAS THE THE RIGHT RIGHT TO RETAIN RETAIN CONTROL CONTROL OF OF THE ASSOCIATION AFTER AFTER A MAJORITY OF OF THE UNITS HAVE HAVE BEEN SOLD. MAJORITY

Please Please refer to Section Section 25 of of the the Declaration Declaration of of Condominium Condominium attached attached as Schedule Schedule "1" "1" of this for in in Florida Florida Statutes. Statutes."" Prospectus provided for

4.

THE SALE, LEASE OR OR TRANSFER TRANSFER OF OF UN!TS UNITS IS IS RESTRICTED RESTRICTED OR OR CONTROLLED. CONTROLLED. Please refer Section 19 19 of of the the Declaration Declaration of of Condominium Condominium attached attached as Scheduie "1" this Please refer to Section as Schedule "1" of this Prospectus.

5.

RECREATIONAL FACILITIES OFUNIT OWNERS OF RECREATIONAL FACILITIESMAY MAYBE BE ADDED ADDED WITHOUT THE CONSENT OFUNIT THE ASSOCIATION. Please refer to Section 26.4 of of the the Declaration Declaration of Condominium Condominium attached Schedule "1" Please attached as as Schedule "1" of this this Prospectus.

5.

THE UNITS MAY BE TRANSFERRED SUBJECT TO A LEASE.

F:\Documents\Louis\condo\The Weve\Prospectas.doc Wave\Prospectus.doc F1DocumentsLouiscondoSThe 511 8fl00510:51 AM 5/181200510:51 AM

(

( TABLE OF CONTENTS Page

1.

2.

of Condominium.. Condominium Description of a. Introduction Introduction. b. Use of Property c; Name c. Name d. Description of Condominium Property Property..: e. Description of ofCondominium/Survey, Condominium/Survey, Legal Description Plot Plan Plan and Graphic Description of Improvements Latest Estimated Date f. Date of of Completion Completion of of Construction. Finishing Finishing and and Eguipping. Equipping :Construction,

Form of Ownership

4.

Description of Recreational and Other Description Commonly Used Facilities. Facilities

i

i

.

. .

Leasing Leasing by Developer Developer.

6.

Management. Arrangements for Management

7.

Right to to Retain Control.

8.

Restriction on Lease or or Transfer Transfer Restriction on Sale, Sale Lease

9.

Conditions Statement of Conversion Conditions

10.

Summary of Use Restrictions To Summarv To Be Be Imposed Imposed Upon Upon of the the Condominium Condominium Property Property Use of Units Concerning the Use

iv

.

iv

.

'" iv V v

.

V v

vi

Manner in Which Utilities Utilities and and Other Other Services Services Be Provided, Provided Are To Be

viii

,

Explanation Explanation of of Manner in in Which Which the Common Common Expenses Expenses and and Common Elements Elements Has Has Seen Been Determined. Determined Ownership of the Common

13.

Budget and and Budget Budget Guarantee Guarantee Estimated Operating Budget

14.

Schedule Scheduie of Closing Exøenses Expenses.. ,

15.

Developer Identity of Developer.

16.

Contracts and Leases

17.

Arbitration Arbitration.

18.

Environmental Reports

19.

Disclosures Regarding Condominium. Condominium

20.

Documents Included Included as as Schedules Schedules Copies of Documents

F:lDocuments\Louis\condo\The Wav&.Prospectus.doc Wave\Prospectus. doc F:VjocumentsLouis\condo\The 51181200511:58 AM AM 5/18/200511:58

ii

ii

5.

12.

i i i i i i

Maximum Number Number of of Units Units That That Will Will Use Use Facilities Facilities in Common with the Condominium. Condominium

3.

11.

:

ix

xii

.

xiii

.

.

xiv

.

xiv -:

,

,i' -'

,

)(LJ xv

".

xv

.

.

xv xxi

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C)

SCHEDULES

of Condominium Declaration of

Schedule 11 Schedule

Exhibit A

Legal Description, Survey, Survey, Affidavit of Surveyor as to Certificate of Substantial Completion, Units and and Substantial Completion,Plot Plot Plan, Plan, Floor Floor Plans Plans for for Units

Graphic Graphic Description Description

Unit Share in in the the Common Common Elements Elements and and Unit Owners Owners Undivided Undivided Share

Exhibit B B

Percentage of Sharing Common Expenses Expenses and Owning Common Surplus

a

Articles of Incorporation

Exhibit C Exhibit D D

.

Schedule 2

By-Laws

Unit Number, Number of Bedrooms/ Bedrooms! Bathrooms, Bathrooms, Unit Unit Type Type and and Undivided Undivided Number of Interest .

IS

Schedule 3 3.

Estimated Operating Budget for the Condominium Property Property

Schedule 4 Schedule

Purchase Agreement Utilized in the Sale of of Condominium Condominium Units Units Form of Purchase

Schedule 55 Schedule

Escrow Agreement Establishing Escrow Account Account Between Between Developer Developer and . Escrow Agent

Schedule 6

Form of Receipt Documents Utilized UtilizedInin the the Sale Sale of Form Receipt. for Condominium Condominium Documents Condominium Units Units

Schedule 7

Initial Rules and Regulations Regulations

Schedule 8

Conversion Inspection Inspection Report, Report, Termite Termite Inspection Conversion Inspection Report, Report, Certificate Certificate of and Municipality Municipality Letter Letter Occupancy and

Schedule Schedule.99

. Developer's Interest Interest in in Land Land

Schedule 10

Frequently Asked Questions and Answers

F:\DocumentslLouis\condo\The Wave\Prospectus.doc Wave\Prospectus.doc F:\DocunientsLouiscondo\The .5118/200510:51 51181200510:51 AM

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( GENERAL INFORMATION INFORMATION CONCERNING THE CONDOMINIUM

1.

Description of of Condominium. Condominium.

a. Introduction. The Developer Developer pursuant pursuant to this Offering is is SKYRE SKYRE LLC, LLC, A FLORIDA Introduction. The LIABILITY COMPANY. LIMITED LIABILITY COMPANY. ItItisisspecifically specificallyunderstood understoodthat thatthis thisOffering Offeringisislimited limitedtotothe theUnits Unitscontained contained and does does not not encompass encompass any other property owned by the the Developer. Developer. All All references references in in this Offering to to herein and Developer shall shall be be deemed deemed to mean SKYRE, Developer SKYRE, LLC, A FLORIDA LIMITED LIABILITY LIABILITY COMPANY. b. Pursuant toto this Use of Property. Property.Pursuant this Offering, Offering, Condominium CondominiumUnits Units ("Units") (Units") shall be offered for residential use. use. . c. Name. The Thename nameofofthis thisCondominium CondominiumisisTHE THEWAVE, WAVE,AACONDOMINIUM, CO·NDOMINIUM, located located at th 58th 3315 58 Avenue South, South, St. St. Petersburg, Petersburg, Florida Florida 33712. 33712. d.

of Condominium Condominium Property. Property. Description of

Condominium contains contains aasingle single6-story 6-storybuilding, building, consisting consistingofofone onehundred hundredtwenty-eight twenty-eight The Condominium Floor (128) residential residential units, 58th Avenue (128) units, which are located at 3315 58thi Avenue South, South, St. St. Petersburg, Petersburg, Florida Florida 33712. 33712. Floor ", Exhibit "A" of this Prospectus. Prospectus. Dimensions Dimensionsset setforth forth in in plans of the the Units are attached as part of Schedule "1 "1", "A' of said floor floor plans, are approximations only and and subject subject to to modification. modification. The actual said plans, however, however, are approximations only actual plans plans and and specifications of the Condominium are available for inspection inspection at at the the Developer's Developer's office office upon uponrequest. request. For aa more complete description of of the the number number of of Units Units and and aa number numberof ofbedrooms bedroomsand andbathrooms bathroomsinineach eachUnit, Unit, please refer to to Schedule "2" '2" attached to this Prospectus. please e. Legal Description of Condominium/Survey. Condominium/Survey. Plot and Graphic Description Description of Leqal Description Plot Plan Plan and Improvements. The Thelegal legaldescription descriptionofofthe theProperty Propertyto tobe besubmitted submittedto toaa condominium condominiumform formof ofownership ownership is is attached as Exhibit Condominium. The TheSurvey, Survey,Plot PlotPlan Planand andGraphic GraphicDescription Description of of Exhibit "A" to the Declaration of Condominium. Improvements are also attached as Exhibit Exhibit "A" to the Declaration Declaration of of Condominium. Condominium.

I;

Latest Estimated Date of Completion of Construction, Construction Finishinq f. Finishingand and Equippinq. Equipping. The The as of ofthis this construction, finishing and and equipping equipping the the Units Units and and the the Common Common Elements Elementsisissubstantially substantiallycomplete complete as date.

2 2.

i

Maximum Number Number of of Units Units That That Will Will Use Use Facilities in Common with the Condominium.

the maximum maximum number numberof ofUnits Units in in this this Condominium Condominium is is one one hundred hundred As previously previously indicated, the twenty-eight (128) (128) Residential Residential Units. Units. They They are are comprised comprised as as follows: follows:

UNITTYPE UNIT TYPE A B C C D 0 E E F G TOTAL

ci

IBR/IBA 1 BR/1 BA

2BRJIBR 2 BR/1 BR

-------

2BR/1-1/26A 2 BR /1-112 BA

---

---

10 57

-

24

21

.--

--

--

.

67

21

i

.

--

-5 1.0 10 1 1 40

TOTAL 10 57 24 21 5 10 10 11 128

.5

3.

Form of Ownership. THIS CONDOMINIUM AND SOLD SOLD ON ON FEE SIMPLE SIMPLE ABSOLUTE ABSOLUTE THIS CONDOMINIUM IS BEING BEING CREATED CREATED AND

INTEREST. 4.

Description of of Recreational Recreational and and Other Other Commonly Used Facilities.

Unit owners owners are required required to to pay pay their their share share of of the the costs costs and andexpenses expenses of ofmaintenance, maintenance, replacement costs. costs. management, upkeep and replacement Please refer to Section 55 and/or Section 7 of the Declaration of Condominium attached attached as as Schedule "1" of this Prospectus. RECREATIONALFACILITIES FACILITIESMAY MAYBE BEADDED ADDEDWITHOUT WITHOUTTHE THECONSENT CONSENTOF OFTHE THEUNIT UNIT RECREATIONAL OWNERS OF THE ASSOCIATION. Please refer referto. to Section Section 26.4 26.4 of ofthe the Declaration DeclarationofofCondominium Condominiumattached attached schedule "1" of Please asas schedule 1110 theevent eventofofsuch suchan anexpansion, expansion,unit unitowners ownerswill willnot notbe berequired required to to contribute contribute to the cost this Prospectus. InInthe cost of of but will will be be required required to contribute to the main,tenance thereof as as the expansion or such expansion or addition, but maifltenance thereof addition will will be be Common Elements. The following is is aa description description of ofthe the recreational recreational and andothe! othercommonly commonlyused usedfacilities facilitiesthat thatWill will Owners of of this this Condominium Condominiumproperty property(including (including the the Developer), Developer), their their tenants, guests be used only by the Unit Owners the facilities facilities described described below below and and their their use is is subject subject to to the the provisions provisions of of the ,the and invitees, invitees, (some and (some of the Declaration regarding Elements). Declaration regarding Limited Common Elements).

1.

Description: Description: Pool Pool Location: See Location: See Condominium Condominium Plat

Size: 65 Approximate Size: 65 X 32

Maximum Depth: 88 feet Maximum Depth: Depth: Minimum Depth:

3 feet

Heated: No No Heated: Maximum Capacity: Capacity: 30 30

2.

Description: Pool Pool Deck Deck(concrete) (concrete) Location: Location: See See Condominium Condominium Plat Plat Approximate Size: 80 X X 40 Approximate Size: 80 Maximum Capacity: Capacity: 40

3.

Description: Gym Description: Gym Location: First First Floor Floor Location:

Size: 800 Approximate Size: 800 square feet Maximum Capacity: Capacity: 10 10 people people

ii

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( 4.

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Description: Lobby Description: Lobby

Location: Location: First First Floor Floor Approximate Size: 800 square square feet Size: 800 Maximum Capacity: Capacity: 10 10 people people

5. 5.

Description: Laundry Description: Location: First Location: First Floor Floor Approximate Size: Size: 500 500 square square feet feet Capacity: 44 people people Maximum Capacity:

6.

Description: Description: Office Location: First First Floor Floor Location:

a

Approximate Size: Size: 300 300 square square feet Capacity: 44 people Maximum Capacity: people

7.

Description: Description: Storage Storage Closets Closets Throughout Building Building Location: Various Throughout Size: 500 500 square square feet Approximate Size:

8.

9.

LI

I

Description:

Parking See Condominium Plat

(1) (1 )

Location:

(2)

Breakdown of Parking Spaces:

137 open 28 covered 28 covered 2 accessible accessible

Description: Elevators (2) Description: Elevators

(1 )

Location:

(2)

Maximum Capacity: Each Maximum Capacity: 66 Each

OF THE THE RECREATIONAL FACILITIES MAY BE BE EXPANDED EXPANDED OR ADDED WITHOUT CONSENT OF OWNERS OF OF THE ASSOCIATION. UNIT OWNERS The Developer is not not obligated to provide provide additional facilities facilities not not described described above. above.

" The Developer is not obligated to provide additional facilities. facilities.

lii

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5.

Leasing by by Developer. Developer. Leasinq THE UNITS MAY BE TRANSFERRED TRANSFERRED SUBJECT SUBJECT TO A LEASE.

Developer may, may, upon upon the the proper proper filing filing of of an an Amendment Amendment to to the the Declaration Declaration of The Developer Condominium, engage engage in in aa program programof ofleasing leasing any any Units Units which are are unsold unsold as as of of the the date of of recordation of the Declaration of Condominium establishing the Condominium. In this this regard, regard, the the Units Units subject SUbject to the leasing Declaration Condominium. In leasing arrangement may may include include any any Units Units that thatthe theDeveloper Developerhas hasnot notsold. sold.The Theterms termsof ofsuch suchleasing leasingmay my include include such rental terms and conditions conditions as as the the Developer Developermay may designate, designate, but butshall shall not notbe be permitted permittedmore morethan than two two pElr year. Developershall shall not not engage engage in in aa program of of leasing, until it: a) files an amendment amendment with (2) times per year. Developer the Division, which includes includes all all disclosures disclosuresrequired required by by Section Section 718.504(10), 718.504(10),Florida FloridaStatutes, Statutes,and andRule Rule61 61 Bcopy of of the the amendment amendment to to the the Association Association and and every every unit unit owner. owner. 18.008(3); and b) provides aa copy Notwithstanding Notwithstanding anything anythingcontained contained herein herein to to the the contrary, itit is the Developer's intention to to sell sell all within the Condominium Condominium as as expeditiously expeditiously as as possible possible and and the the Developer's Developer's leasing leasing program, program, with with all Units within respect to unsoldUnits, Units,shall shallcontinue continueonly onlyuntil untilsuch such time time as as such such Unit(s) Unit(s) have have been been sold or closed. to any ny unsold closed. The to engage engage in in aa program program of of leasing leasing shall shall contain, contain, among among other other things, things, the the amendment enabling Developer to number and and identification identification of the units and and the the provisions provisions and and terms terms of of the the proposed proposed leases. leases The Developer Developer reserves reserves the the right right to to use any Units not closed as temporary accommodations to, prospective prospective purchasers. purchasers. for, for, including but not limited to, SUbject to a lease Notwithstanding anything contained contained herein herein to to the the contrary, Units Units which were subject Notwithstanding anything lease prior to the creation of the the Condominium Condominium are are subject subject to the Right Right of of Refusal Refusal by by the the tenant tenant in in possession, possession, pursuant to Chapter 718, Part VI, and Section 30 of the Purchase VI, Florida Statutes ("Condominium ("Condominium Act"), Act'), and Purchase and and Sale Agreement, which is attached as as Schedule Schedule 4 of of this Prospectus. Specifically, Specifically, the the tenant shall have the for a period up up to two hundred seventy (270) days from the date of receipt of right to extend his or her her lease for of aa Notice of Intended Conversion, Conversion, and and the the tenant tenanthas has the the right right to to purchase purchase the the Unit Unitfor foraa period period of of forty-five forty-five (45) (45) days after receipt of of the items items required reqUired to to be be delivered delivered pursuant pursuant to to Section Section 718.612 718.612 of ofthe the Condominium Condominium Act. Act.

6.

Arrangements forManaqement. Management. Arranqements for

The Wave Wave Condominium Condominium Association Association of of St. St. Petersburg, Petersburg, Inc. Inc. may may enter enter into into aa Management Management Agreement to provide for management management and and operation operation of the Condominium. To Todate, date, aa management management firm firm has Association will will manage manage the the Condominium. Condominium. not been employed, and the Association

7.

Right Riqht to Retain Control.

THE DEVELOPER DEVELOPER HAS HAS THE RIGHT RIGHT TO RETAIN RETAIN CONTROL CONTROL OF OF THE THE ASSOCIATION ASSOCIATION AFTER A MAJORITY OF THE UNITS HAVE BEEN SOLD. attached as as Schedule Schedule 11 of this Please refer refer to Section 25 of the Declaration of Condominium Condominium attached this Prospectus and provided for for in in Florida Florida Statutes. Statutes. When Unit Unit Owners, Owners, other otherthan than the the Developer, Developer, own own fifteen fifteen (15%) (15%) percent percentor or more more of the Units Units in Condominium that will be be operated operated ultimately ultimately by by the the Association, Association, the the Unit Unit Owners, Owners, other other than than the the in this Condominium ofthe the Board Board of of Administration Developer, shall be entitled to elect not less than one-third (1/3) (1/3) of of the thememb~rs membrs of UnitOwners, Owners,other otherthan thanthe the Developer, Developer, are are entitled entitled to to elect elect not not less less than a majority of the of the Association. Unit the of the Board Board of of Administration Administration of ofthe the Association: Association: members of (1) Three (3) (3) years years after afterfifty fifty (50%) (50%) percent percent of of the Units that will be be operated ultimately by Three thatwill by have been been conveyed conveyed to to purchasers; purchasers; the Association have

iv iv

( Three (3) (2) (3) months months after after ninety ninety (90%) (90%) percent percent of of the the Units Units that thatwifi will be beoperated operated been conveyed conveyed to to purchasers; purchasers; ultimately by the Association have been (3) all the the Units Units that that will will be be operated operated ultimately ultimately by by the the Association Association have have been been When all completed, some of of these these have have been been conveyed conveyed to purchasers; and none of of the others are are being being offered for ordinary course course of of business; business; sale by the Developer in the ordinary

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When some (4) some of of the the units units have been conveyed to purchasers purchasers and and none none of of the others for sale sale by by the the developer developer in in the ordinary ordinary course course of of business; business; or or are being constructed or offered for (5)

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

Whichever Thedeveloper developerisIsentitled entitledto to elect electat atleast leastone one member memberof ofthe the board of administration whichever occurs first. The administration of of an association as long as the developer developer holds holds for for sale sale in in the the ordinary ordinary course courseof ofbusiness businessatatleast least55percent, percent,inin condominiums units, and 2 percent, units, of the condominiums with with fewer fewer than 500 units, percent, in in condominiums with more than 500 units, units in in aa condominium condominium operated by the the association. association. Following the time the developer relinquishes control of developer-owned units the association, the developer developer may may exercise exercise the the right right to vote any developer-owned units in in the the same manner manner of reacquiring control of of the association association or or selecting selecting the the majority majority as any other other unit owner owner except except for purposes of members of the board of administration.

8.

Restriction Restriction on on Sale, Sale, Lease Lease or or Transfer. THE SALE, LEASE OR IS RESTRICTED RESTRICTED OR OR CONTROLLED. CONTROLLED. OR TRANSFER OF UNITS IS Please 19 of ofthe the Declaration Declaration of of Condominium Condominium attached attachedas asSchedule Schedule "1" "1" of of this Please refer refer to to Section Section19

Prospectus.

9.

of Conversion Conversion Conditions. Statement of

Each Unit This Condominium is being created by the the conversion conversion of existing existing improvements. improvements. Each shall be be delivered delivered in in the the manner manner represented represented in in "as "as is" is" condition condition without without any any express express warranties warranties or shall representations representations by the the Developer, Developer, the Association or any broker or agent. No Conversion Reserve Account has has been been established established pursuant pursuant to toSection Section71 718,618(1), No Conversion 8.618(1), Florida Statutes. Therefore, pursuant pursuantto to Sections Sections 718.618(6) 718.618(6) and and 718.203, 718.203, Florida Florida Statutes, Statutes, unless unless expired, expired, Statutes. Therefore, of each each Unit Unit an an implied implied warranty warranty of of fitness fitness and and the Developer is deemed to have granted to the purchaser of for the purposes purposes or or uses uses intended, intended, as as to the roof roof and and structural structural components componentsof ofthe the building building or or merchantability for merchantability improvements; as fireproofing and and fire protection protection systems; systems; and and as to to mechanical, mechanical, electrical electrical and the improvements; as to to fireproofing plumbing elements serving the improvements or the building, building, except except mechanical elements serving serving only only one one Unit.

To the extent permitted permitted by by law, law, the Developer Developer specifically specifically disclaims disclaimsany any and and all all other other implied Property, any Unit, or any any appurtenance appurtenance warranties of merchantability and fitness as to the Condominium Property, or personal personal property, property, subject SUbject only only to to the the provisions provisions of of thereto, including inclUding any appliances, appliances, furniture, thereto, furniture, fixtures oi Sections 718,618(6) 718.618(6) and and 718,203, 718.203, ,Florida Florida Statutes, as outlined above. The statements contained contained in in the the Conversion Conversion Inspection Inspection Report Report are are the the opinions opinions of of Gary Gary H. H. Elzweig, of CAPRI Engineering, Engineering, Inc. Inc. and and they theyrepresent representhis hisbest bestestimates estimatesupon upon available available Elzweig, P,E., P.E., and and President of Information. " information. .. Developer specifically disclaims any ofmerchantability merchantability The Developer any and and all all other other implied impliedwarranties warrantS of and fitness as to the Condominium Condominium Property, Property, any anyUnit, Unit, or orany any appurtenance appurtenancethereto, thereto,including inclUdingany any appliances, appliances, or personal personal property. property, furniture, fixtures or

V v

Inccnnection conversion, the Developer Developer hereby hereby discloses condition of In connection with with this conversion, discloses the the condition of the the Condominium as required pursuant pursuant to to the the provisions provisions of Florida Statues, Chapter 718.616. inspection report report is is attached hereto hereto and and made made aa part part of of Schedule Schedule "8" of of A copy of the termite inspection this Prospectus. of closets Developer expressly reserves the right to alter or modify modify the size size and/or and/or location location of within a Unit; Unit; remove remove exterior exterior kitchen kitchen doorways; doorways; or add add aa patio/balcony patio/balcony to to aa Unit, Unit, as asmore moreparticularly particularly within described in Section 10 of the Declaration.

10. 10.· Summary of Use Use Restrictions To Be Imposed Upon Units Concerning the Use of of the the Condominium Property.

In to provide provide for for congenial congenial occupancy occupancy of the the Condominium Condominium Property Property and In order to and for for the the protection of of the values values of of the the Units, Units, the the use use of of the the Condominium Condominium Property Property is is restricted restricted to to and and in in accordance accordance in the the Rules Ruies and Regulations RegUlations as well as in Sections 18 and 26 provisions as as set set forth forth in with the following provisions 26 of of the the Declaration of Condominium for THE THE WAVE, WAVE, A A CONDOMINIUM: CONDOMINIUM: a.

Promptly pay the Assessments levied levied by by the Association.

b. Maintain in a clean and sanitary manner and repair his Unit and all interior surfaces within and maintain to his maintain and and repair repair the the fixtures fixturestherein thereinand and pay pay for for any any utilities utilities which which are are separately separately metered metered to Unit. c. Not use or permit the use of of his his Unit Unit except except for for purposes purposes consistent consistent with the the laws laws of of having jurisdiction jurisdiction over overthe the property. property. governing authorities having Not permit d. permit or or suffer sufferanything anything to to be be done done or or kept kept in in his his Unit Unit which which would increase the insurance the rights rights of of other insurance rates rates on on his his Unit Unit of of the the Common Common Elements, Elements,or orwhich which will will obstruct obstructor orinterfere interferewith withthe with unreasonable unreasonable noises noises or or otherwise; otherwise; nor nor shall shall aa member member commit commit or or permit permit any any members or annoy them with nuisance, immoral or illegal act in his Unit Unit or on the Common Common Elements. immorai or e. Conform to to and and abide abide by by the By-Laws and uniform Rules and Regulations RegUlations in regard to Conform the Unit Unit and and Common Common Elements Elements which which may may be be adopted adopted in in writing writing from from time time to to time time by by the the the the use of the Association, and to see see that that all all persons persons using using the the Owner's Owner's property, property, by, by, through through or orunder underhim himdo dolikewise. likewise.

Make no alteration, f. Make alteration, decoration, decoration, repair, repair, replacement or or change change of of the the Common Common Elements or any outside outside or or exterior exterior portion portion of of the the building building without without the the prior priorwritten written consent consent of of the the Elements or to any Association. g. Allow the Board of g. of Administration Administration or or the the agents agents and and employees employees of ofthe the Association Association to enter any Unit for of maintenance, maintenance, repair repair or or replacement replacementof ofany anyCommon CommonElements. Elements. or building for the purpose of to prevent damage to the or system or for making emergency emergency repairs repairs which which are are necessary necessary to the Common Common Elements Elementsor to another Unit or Units. IfIIno to the the Association, Association, then then the the expense expense of ofentry entry into into a Unit no key key has has been been provided provided to by the Owner of the Unit. for emergency purposes shall be borne by

h.

Show no no sign, advertisement advertisementor ornotice noticeofofany anytype typeon onthe theCommon CommonElements ElementsOrorhis hisUnit, Unit, and and Show

aeri?ls, except except as as provided provided in in uniform uniform regulations regulations promulgated promulgated by exterior antennas antennas and aerials, erect no exterior by the the Association. Notwithstanding permitted to Notwithstanding anything anythingcontained containedherein hereintotothe the contrary, contrary,aa Unit Unit Owner Owner is is permitted to Inaddition, addition, pursuant pursuant to to 718.113(4), 718.113(4), Florida Florida Statutes, Statutes, which which was was respectfully display Flag. In respectfully display a United United States Flag. amended by Chapter 2003-23, Laws Laws of of Florida, Florida, effective effective July July 1, 1, 2003, a unit unit owner owner on on Armed Armed Forces Forces Day, Day, Day, Flag Day, Independence Day, and Veterans Day is permitted to display in a respectfulway, respectful way, Memorial Day, by 6 feet, feet, that thatrepresent representthe the United United States States Army, Army, portable, fiags, not not larger larger than than 4-1/2 feet bye portable, removable official flags, Navy, Air Force, Force, Marine Corps, Corps, or Coast Guard. Navy,

vi vi.

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Association,. 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 repairs to any plumbing, plumbing, air air conditioning conditioning systems systems or or electrical electrical wiring within a Unit, Unit, except by plumbers, plumbers, repairmen repairmen or electricians authorized authorized to to do do such such work by the management of the Association. Plumbing, Association. Plumbing,air airconditioning conditioningand andelectrical electricalrepairs repairswithin withinaaUnit Unitshall shallbe bepaid paidfor forand and be be the financial Unit. The The Association Association shall shall pay pay for for and and be be responsible responsible for plumbing, plumbing, air obligation of obligation of the the Owner Owner of of the the Unit. air conditioning conditioning repairs repairs and and electrical electricalwiring wiringwithin withinthe theCommon CommonElements. Elements. The TheAssociation Associationshall shallhave havethe theright right to to exclude any unauthorized repairmen from the Condominium.

Return the "Condominium Parcel"for for the the purpose purpose of of ad ad valorem valorem taxes taxes to to the the k. Return the "Condominium Parcel" Condominium respective taxing authorities authorities having jurisdiction jurisdiction over over them for for separate separate Assessment Assessment against his Condominium ofad ad valorem valorem taxation, taxation, the the interest interestof ofthe the Owner Ownerof ofaa "Condominium "Condominium Parcel" Parcel" in in his his Parcel. For Forthe the purposes purposes of "Condominium Unit" and and in in the "Common "Common Elements" Elements" shall shall be be considered considered as as aa Unit. Unit. The value of said said Unit Unit shall be be equal equal to the proportion percentage of the value of the entire Condominium, including land and shall proportion or percentage of the the Declaration Declaration attached attached hereto hereto as improvements, Unit in Exhibit Exhibit "B" of improvements, as as has has been been assigned assigned to to said said Unit ." The total of all all said said proportions proportions or or percentages percentages equals equals the the value value of all of of the the land land and and Schedule "1 "1." total of improvements thereon. L Not replace and/or remove remove screens, screens, jalousies or or other other enclosures enclosures on on balconies, balconies, Not replace terraces or on on other other parts parts of ofthe the building, bUilding, even even though though such such areas areas may may be be Limited Limited Common Common patios or terraces patios

Elements, except with with prior written written approval approval of the Board of Administration. Elements, m. balconies, patios patios or No balconies, orterraces terracesshall shallbe beextended, extended,enclosed enclosedor ordecorated decoratedininany any way way of the the Board Board of of Administration. Administration. by a Unit Unit Owner Owner without the prior prior written consent consent of whatsoever by

Except as otherwise provided herein, n. herein, not divide or subdivide a Unit for purpose of lease, except exceptthat that aa Unit Unit may may be combined with a contiguous Unit and occupied as one-dwelling Unit. sale or ease, Unit. 0. Not the o. Not hang any laundry, garments garments or or other otherobjects objects which which are are visible from outside of the Decorative window coverings Unit, except for draperies, blinds, shades or other suitable suitable window window coverings. coverings. Decorative shall not include any type type of reflective reflective film film on on any glass glass windows windows or or doors. doors. The The exterior exterior appearance appearance of of all window coverings shall be white in color. .

.

Not allow any rubbish, refuse, garbage or trash to accumulate in places other than than the the p. shall receptacles provided therefor, so so that that each Unit, the Common Common Elements Elements and Limited Common Elements shall at all all times remain in a clean and sanitary condition. q. Not make any use of a Unit that violates any laws, ordinances ordinances and and regulations regulations of of any governmental . governmental, body body having having jurisdiction jurisdiction thereof. r. No livestock, reptiles, reptiles, insects, insects,poultry poultryor orother otheranimals animalsof ofany any kind kind shall shall be be kept kept in any . Unit except except that that usual usual and and ordinary ordinary domestic domesticdogs, dogs, cats, cats fish, fish, and birds inside bird bird cages cages may be be kept as as household pets within within any any Residential Residential Unit Unit provided provided that that they they are are not not kept, or raised raised therein therein for for household pets kept, bred or or sizes sizes. As used in in the the Declaration, Declaration, "unreasonable commercial purposes quantities or commercial, purposes or or in unreasonable quantities ordinarily mean mean one one (1) (1) pet pet at at thirty-five thirty-five (35) (35) pounds poundsand andtwo two(2) (2) pets petsnot notto to exceed exceedfifty fifty(50) (50) quantities" shall ordinarily pounds (except with regard to quantities of fish) per Unit; provided, however, that the Board may determine be more. more. No that a reasonable number in any instance may be No potbellied potbellied pigs, pigs, snakes, snakes, pitbull pitbull dogs, Doberman Doberman in the Board's Board's sole sole discretion discretion to to be be dangerous dangerousor oraa nuisance nuisance may maybe be dogs, or any other animals determined in time. The TheBoard Boardshall shallhave havethe theright rightto torequire require that that any petwhich, pet Which, in in brought onto or kept on the the Project Project at any anytime. creates a Board's opinion, opinion, endangers the Board's endangers the the health health or or security security of of any any Owner Owner or or occupant occupant of of aa Unit or creates or unreasonable un reasonable disturbance, disturbance,be bepermanently permanentlyremoved removedfrom fromthe theProject Projectupon seven(7) (7)days dayswritten written nuisance or nuisance upon seven notice. IfIfthe the Owner Owneror or occupant occupantfails fails to to do do so, so, the the Board Board may may remove remove the the pet. pet. Any Anypet petwhich, which, in in the the Board's Board's sole presents an an immediate danger to to the health, or property property of of any any Owner Owner or or other other sole discretion, discretion, presents immediate danger health, safety, safety, or of a Unit Unit may be removed by by the the Board without without prior priornotice notice to to the pet's owner. Animals belonging belonging to Occupant of Occupant owner. Animals Owners, occupants or their licensees, tenants or lnvitees Invitees within the Property must be kept inside the living Owners,

vii

vii

element unattended on the Exclusive element of of a Residential Residential Unit Unit(and (and shaD shall not be left or located unattended Exclusive Use Use Balcony Balcony Area Patio Area Area of ofthat that Unit), Unit), and and must mustbe beheld held by by aa person person capable capable of of controlling controlling the animal.when animal when or Exclusive Use Patio beliable liableto to each each and and all all remaining remainingOccupants, Occupants,their theirfamilies, families, Furthermore,any anyOwner Ownershall shallbe outside of a Unit. Unit. Furthermore, guests and Invitees, for any person or or property property caused caused by by any any animals animals any unreasonable unreasonable noise noise or damage to person his family, family, his his tenants tenants or or his his guests. guests. It brought or kept upon the Project by an Occupant or by members of his the duty and and responsibility of each such Owner to to clean clean up up after after such such animals animals which which have have deposited deposited shall be the droppings onany anypubliô publicstreet streetabutting abuttingororvisible visiblefrom fromthe theProperty Propertyand andproperly properlydispose disposeof ofany anyanimal animal waste. waste. dthpings on Any Occupant who keeps or or maintains maintains any any pet pet upon upon the the Project project shall shall be be deemed deemed to tohave haveindemnified indemnified and and agreed to to hold hold the the Association, Association, its directors; directors, officers, and and agents, agents, and and the the Declarant free free and and harmless harmless from from any loss, claim, or liability liability of of any kind or or character character whatever whatever arising arising by by reason reason of ofkeeping keeping or ormaintaining maintaining such such pet within the Project. s. The Board of of Directors Directors shall shall have have the the right right to to promulgate promulgate rules rules and and regulations regulations regarding soundproofing of of floors in in connection connection with with the the installation installation of of floor floor coverings. coverings. regarding t.

Other than the Other the Developer, Developer, Owners Ownersmay maynot not do do any any construction or or renovation without

The Association Association may may written notification notification to seventy-two (72) written to the the Association Association at least seventy-two (72) hours hours in in advance. advance. "The reasonably reasonably restrict restrict the the time time and and manner of of construction, construction, except except as as itit relates relates to to the the Developer. Developer. u. Other than the Developer, Owners must provide copies of of proper proper permits, licenses Other and insurance certificates and plans plans and and specifications specifications to to the the Association Association before before commencing commencing with with work. work. Owners must use only properly licensed licensed workers. workers.

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

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

Elements.

x.

No pets are permitted in the the hall hall areas. areas. permitted in

y.

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

z.

must provide provide the the Association Association with with at atleast leastone oneset setof ofkeys keysto to their their Unit(s), Unit(s), in in Owners must

case of of emergency. emergency. be exempt exempt from from all all provisions provisions herein herein requiring requiring the consent consent of the Developer shall be The Developer Association. Association. Notwithstanding Notwithstanding anything anything contained contained herein herein to to the the contrary, contrary, the the Developer Developer shall shall not not be exempt beapproved approvedbybythe theAssociation; Association;(2) (2)restrictions restrictions on on the following: (1) (1)requirements requirementsthat thatleases leasesororlessees lesseesbe from the the presence of pets; and (3) restrictions on occupancy of Units based on age.

11.

Manner in Which Utilities Utilities and and Other Other Services Services Are Are To Be Be Provided.

The manner mannerin in which which the the needs needsof ofthe theutilities utilities and and other other services services will be met, hiet, inclUding, including, but but not not as follows: follows: disposal, water water supply supply and and storm storm drainage drainageisis as limited to, sewage and waste disposal,

a. Water supply, supply, waste and sewage disposal shall be supplied to the Condominium Water Condominium by of St. St. Petersburg. Petersburg. Storm the ground. ground. The Common Storm drainage drainage isis accomplished accomplished by by percolation into the the City of Elements part of water and sewer bill, as well well as waste waste and and sewage sewage disposal, disposal, shall shall be be treated treated as as aa common common expense and and paid paid by by the the unit owners in their maintenance fees. The The water water"used used by by the the Association Association for expense owners in maintenance fees. common elements and landscaping will remain a common expense. lectricity and each Each Unit is separately metered for b. for electricity e~ch unitwill unit willbe beindividually individuallybilled billed to the the Condominium Condominium by by Progress Progress Energy, Energy. InInthis thisregard, regard, all all for services. Electrical services services shall shall be be supplied supplied to services. Electrical of the electricity to Elements of of the the Condominium Condominium will will be be supplied supplied by by aa single single meter meter expense expense to the the Common Elements shall be be treated treated as as aa common common expense, expense, paid paid by the the unit owners owners in in their their maintenance maintenance fees. fees. shall

viii viii

( Trash removal services shall shall be be supplied supplied to the Condominium by a private waste waste c. Trash by the Association. Association. This Thisexpenses expensesshall shallbe betreated treatedas asaacommon commonexpense expenseand andpaid paid by by the company approved by unit owners in in their their maintenance maintenance fees. fees. This St. Petersburg. Petersburg. This service service is is currently being provided by the city of Sl. service to to be be determined determined by the Association Association and d. Cable service will be provided by a service billed to each unit unit owner owner accordingly. accordingly. will be billed 12.

Explanation of of Manner Explanation Manner in Which Which the the Common Common Expenses Expenses and Ownership Ownership of the the

Common Elements Has Been Been Determined. of ownership ownership of Common Elements and the the Common Common Expenses Expenses of of the the Both the Both the fractional fractional shares of apportioned by grouping the Units into the the Common Common Elements Elements and and Common Common Expenses assigned assigned to to Units were apportioned square footage footage of of each each unit unit in in uniform uniform relationship relationshipto to the the total total square square each unit shall be based upon the total square footage of each other unit in the condominium. for each each Unit Unit were were arrived arrived at The fractional shares for at as as follows: follows:

Total

128 Residential Units

UNIT TYPE

UNIT NUMBER

C C

101

BED/BATH BED/BATh FIRST FLOOR 2BR/1-i/2BA 2 BR /1-1/2 BA

cC

102

2 BR /1-112 BA 2BR/1-II2BA

887

887/102,164

D 0

103 103

2BR/IBA 2 BR 11 BA

887

887/102,164

B B

104 104

1BR/1BA 1BR/1BA

708

708/102,164

105 105

1BR/1BA 1 BR/1 BA

708

708/102,164 7081102,164

B B

106 106

1IBR/IBA BR/1 BA

708

B B

107 107 108 109 110 111 112 113 114 115 115 116 118

BR/i BA 11 BR/1 BA 11 BR/1 BA BR/i BA 1IBR/IBA BR/1 BA 1BR/1BA IBR/IBA 1 BR/1 BA IBR/IBA 1 BR /1 BA IBR/IBA 2 BR/2 BA 28R/28A 1BR/1BA 1 BR/1 BA 2 BR 11-112 BA 2BR/1-1/2BA 1 BR/1 BA IBR/IBA 1BR/1BA 1BR/IBA

708 708 708 708 708 708 1,268 708 887 $87 708 708 708

708/102,164 7081102,164 708/102,164 708/102,164 708/102,164 708/102,164 708/102,164 708/102,164 1,268/102,164 708/102,164 887/102,164 708/102,164

120

2 BR 11-1/2 BA 2BR/1-1/2BA

887

8871102,164 887/102,164

B B B B B 8 B B B B o G B B cC B B B B C C

UNIT SQ. SQ. FT. Fr.

UNDIVIDED INTEREST

887

887/102,164 887/102164

708/102,164 70/102,164

C C

201

SECOND FLOOR 2 BR 11-1/2 BA 2BR/1-1/2BA

887 887

887/102,164· 887/102,164

C C

202

2 BR 11-112 BA 2BR/1-1/2BA

887 887

887/102,164

0

203

2 BR/1 BA .2BR/IBA 2 BR/1 BA 2BR/IBA

887

887/102,164

.

8 B

205

1BR/1BA 1BR/IBA

F

206

2 BR 11-1/2 BA 2BR/1-1/2BA

957

708/102,164 9571102,164 957/102,164

A

207

1 BR/1 BA IBR/1BA

646

646/102,164

B B

208

1 BR 11 BA IBR/IBA

708

708/102,164

-

887

.

D 0

204

708

ix ix

887/102,164

.

UNIT TYPE

UNIT NUMBER

B B

209

1 BR 11 BA 1BR/IBA

B

210

1BR/1BA IBR/IBA

B B

211

BED/BATH BEDIBATH

.

UNIT UNIT. FT. SQ. FT.

INTEREST UNDIVIDED INTEREST

708

708/102,164

708

708/102,164 706/102,164

IBR/1BA 1 BR 11 BA

708

708/102,164

212

1 BR/1 BR/i BA BA

708

708/102,164

E F

213

2 2BR/i-i/2BA BR 11-1/2 BA

919

9191102,164 919/102164

B

214

IBR/1BA 1BR/1BA

708

708/102,164

B

215

1BR/1BA 1 BR 11 BA

708

F

216 216

2 BR 11-1/2 BA 2BR/1-1/2BA

957

708/102,164 957/102,164

A A

217 217

1 BR/1 BA IBR/IBA

646

646/102,164

o D

218

887/102,164

B

2 BR/1 BA 2BR/IBA 1BR/1BA 1BR/IBA

887

219

708

708/102,164

C c

220

2BR/1-1/2BA 2 BR 11-1/2 BA

887

D

221

2BR/1BA 2BR/1 BA

887

887/102,164

C

222

2BR/1-1/2BA 2 BR 11-1/2 BA

887

887/102,164 8871102,164

C

301

THIRD FLOOR 2BR/1.1/2 2 BR 11-1/2 BA BA

887

C c

302

2BR/1-1/2BA 2 BR 11-1/2 BA

887

D o

303

2BR/IBA BR/1 BA 2

887

D

304

2BR/1BA 2BR/1BA

887

B

305

1BR/1BA 1 BR/1 BA

708

F

306

2BR/1-1/2BA 2 BR 11-1/2 BA

957

887/102,164 8871102,164 887/102,164 887/102,164 887/102,164 708/102,164 957/102,164

A

307

IBR/IBA 1 BR/1 BA

646

646/102,164 646/192,164

B

308 308

IBR/1BA BR/1 BA 1

708

708/102,164

B

309

1IBR/1BA BR 11 BA

708

708/102,164

B

310

11BR/1BA BR/1 BA

708

B

311

1IBR/IBA BR/1 BA

708/102,164

708

312

BR/1 BA 1IBR/IBA

708/102,164

B s

708

708/102,164

E F

313

2 BR 11-1/2 BA 2BR/1-1/2BA

919

9191102,164 919/102,164

B

314

BR/1 BA 1 IBR/IBA

708 08

315

1 IBR/IBA BR/1 BA

708/102,164

B B

708

F

316

957

708/102,164 9571102,164 957/102,164 646/102,164

B B

.

.

.

.

A

317

2 BR 11-1/2 BA 2BR/1-1/28A 1BR/1BA 1BR/1BA

D o

318

2BR/IBA 2 BR 11 BA

887

B B

319

IBR/IBA 1BR/1BA

708

2 BR 11-1/2 BA 2BR/1-II2BA

887

2 BR 11 BA 28R/1BA

887

887

646

c C

320

o D

321 321

C

322

2 BR 11-1/2 / 1-1/2 BA BA

C C

401

FOURTH FLOOR FLOOR 2 BR 11-1/2 I 1-1/2 BA

887

C

402

2 BR 11-1/2 / 1-1/2 BA

887

D

403

2BR/1 BA 2BR/IBA

887

D 0

404

2 BR 11 BA 2BR/IBA

887

B

405

1 BR/1 BA IBR/1BA

708

-

x

.

.

8871102,164 887/102,164

887/102,164 708/102,164 8871102,164 887/102,164 887/102,164 887/ 102,164 8871102,164

887/102,164 8871102,164 887/102,164 . .

887/102,164 887/102,164 708/102,164

( UNIT TYPE F F

UNIT NUMBER 406

A

407

UNIT SQ. FT. Ft. Sa. 957

UNDIVIDED INTEREST 957/102,164

1 BR /1 BA 1BR/IBA

646

646/102,164 646/102164

B B

408

BR /1 BA 1 I BR / I BA

708

708 / 102,164 708/102,164

B B

409

1BR/IBA 1 BR /1 BA

708

B B

410

708

B

411

IBR/IBA 1BR/1BA IBR/IBA 1 BR /1 BA

B

412

1 BR /1 BA IBR/1BA

708

E

413

2 BR /1-1/2 BA 2BR/1-1/2BA

919

B

1BR/1BA IBR/IBA

708

B

414 415

F

416

708/102,164 708/102,164 708/102,164 708/102,164 919/102,164 708/102,164 708/102,164 957/102,164 646/102,164

BED/BATH 2 BR /1-1/2 BA 2BRII-l/2BA

.

708

1 BR/1 BA IBR/1BA

708

2 BR /1-1/2 BA 2BR/1-1/2BA

957

A

417

1 BR/1 BA IBR/IBA

646

0D B B

418

2 BR /1BA 2BR/IBA

887

419 419

1 BR /1 BA IBR/1BA

708

C

420

0D C

422

2 BR /1-1/2 BA 2BR/I-1/2BA 2 BR/1BA 2BR/IBA 2 BR /1-1/2 BA 2BR/1-1/2BA

887

421 421

C C

501 501

C

887/102,164 708/102,164 887/102,164 887/102,164 887/102,164 887/102,1é4

887

887

FIFTH FLOOR

.

887 887

502

2 BR /1-1/2 BA 2BR/1-1/2BA 2 BR /1-1/2 BA 2BR/1-1/2BA

0 D

503

2 BR/1BA 2BR/IBA

87 887

0 D

504

2BR/1BA 2BR/1BA

B B

505

BR/1 BA 1 IBR/IBA

887 .887 708

F F

506 506

2 BR /1-112 BA 2BR/I-1/2BA

957 957

A

507

1 BR/1 BA IBR/IBA

646

887/102,164 887/102,164 887/102,164 887/102,164 887/102,164 887/102,164 708/102,164 957/102,164 646/102,164

B B

508 508

BR /1 BA 1 IBR/IBA

708

708/102,164

B B

509 509

708

708/102,164

B

510 510

708

708/102,164

B

511

708

708/102,164

B

512 512

1 BR/1 BA IBR/IBA 1BR/1BA IBR/IBA 1 BR/1 BA IBR/IBA 1 BR/1 BA IBR/IBA

708

708/102,164

E E

513 513

2 BR /1-1/2 BA 2BR/1-1/2BA

919

B B

514

708

B B

515

1BR/1BA IBR/IBA 1 BR/1 BA IBR/IBA

F

516

2 BR /1-1/2 BA 2BR/1-1/2BA

A 0D B

517

BR/1 BA 1 IBR/IBA

646

919/102,164 708/102,164 . 708/102,164 957/102,164 646/102,164 646/102164

518

2 BR/1BA 2BR/IBA

887

887/102,164

519

1BR/1BA IBR/IBA

708

708/102,164

C

520

2 BR /1-1/2 BA 2BR/1-1/2BA

887-

887/102,164

D 0

521

2 BR/1BA 2BR/IBA

887

C C

522

2 BR /1-112 BA 2BR/1-1/2BA

C C

601

SIXTH FLOOR 2 BR /1-112 BA 2BR/l-I/2BA

887

887/102,164

C C

602

2 BR //1-1/2 1-1/2 BA

887

887/102,164 887 / 102,164

.

887 887

708

xi

.

-

957

887

,~,

.

-

887/102,164 887/102,164

.

UNIT NUMBER

UNIT TYPE

BED/BATH 2SR/1SA 2BR/1BA 2 SR /1 SA 28R/1BA 11BR/1BA SR/1 SA

603 604 605 606

D D D D

S B F

607 608 609 610 611 612 613

A A B B 5 B B B B B

B B

E B S B B F A A

2BR/1-II2BA 2 SR /1-112 SA 1IBR/IBA SR/1 SA 1BR/IBA 1SR/1SA 1BR/IBA 1SR/1SA 1IBR/IBA SR/1 SA 1IBR/IBA SR/1 SA 1IBR/1BA SR/1 SA 2 BR /1-112 SA 2BR/1-1/28A 1SR/1SA IBR/IBA 1SR/1SA IBR/IBA 22BR/1-1/28A BR /1-112 SA

.

614 615 616 617 618 619 620 621 622

D D

B S

C

D D C C

1IBR/1BA SR/1 SA 2 SR/1 SA 2BR/IBA SA 1 SR/1 BR/I BA 2 SR /1-112 SA 25R/1-1/2BA 228R/1BA SR /1 SA 2 SR /1-112 SA 2BR/1-1/2BA

..

UNIT SQ. FT. 887 887 708 957

UNDIVIDED INTEREsT-INTEREST·

887/102,164 887/102.164 887/102,164 708/102.164 708/102,164 957/102,164 646/102,164

646 708 708 708 708 708

708/102,164 708/102,164 708/102,164 708/102,164 708/102,164 919/102,164 708/102,164 708/102,164 957/102,164 646/102,164

919 708 708 957 646 887 708 887 887 887 887

887/102,164 708/102,164. 708/102,164 887/102,164 887/102,164 887/102,164 102,164/102,164

102,164 102,164

TOTAL

.

A/I All Square footages shown are approximate.

!11~ .~

UNIT BREAKDOWN' BREAKDOWN: . UNIT UNIT UNIT AREA TYPE 646 A A 708 B B 887 C 887

NO. OF UNITS UNITS 10 57 24 21

E

919

5

F

957 1,268

10

D .

C G

11

UNIT TOTAL UNIT AREA

6,460 40,356 21,288 18,627 18,627 4,595 9,570 1,268

FRACTIONAL EACH SHARE EACH 6461102,164 646/102,164 708/102,164 887/102,164

TOTAL FRACTIONAL SHARE

887/102,164

18,627/102164

919/102,164. 919/102,164 957/102,164 1,268/102,164 1,268/102.164

4,595/102,164 9,570/102,164 1,268/102,164 1,268/102,164

6,460/102,164 40,356/102,164 21,288/102,164

.

TOTAL

128

102,164/102,164

102,164 .

All All Square Square footages footages shown shown are are approximate. approximate.

13.

Operating Budqet Budget and and Budqet Budget Guarantee. Guarantee... Estimated Operatinq

3. A Budget for the Offered Condominium Gondominium is attached to this Offering Circular as Schedule 3. The Budget Budget constitutes constitutes a summary of the the mandatory mandatory financial financial obligations obligations of Unit Owners payable payable to to the the Association as as Common Common Expenses. Expenses. Reference and be made made to the Notes Notes to Budget Budget in reading reading and Association Reference should should be Developerbelieves believes that thatthe BUdget is reliable; understanding the assumptions used in preparing the Budget. Budget. Developer the Budget reliable; however, because expenditures expenditures may differ from estimated expenditures and because of possible changes in in however, because of

xii

xii

(

(

the future future expenses expenses of the the Offered Offered Condominium, Condominium, it is not not intended intended nor nor should should itit be beconsidered considered as as aa whatsoever including, representation, guarantee representation, guarantee or or warranty warranty of any kind whatsoever including, without limitation, limitation, that the actual actual may not not vary from the amount estimated, that that the the Association will will not not expenses for any period of operation may reserves or or other other sums sums not not incur additional additional expenses expenses or that the Association will not provide .for for additional reserves reflected in the proposed proposed budget. Hence, Hence,the theBudget BUdgetdoes does not not constitute constitute any any warranty warrantyor orguarantee guarantee as as to to the the levied under under Article Article XXI XXI of of the the Declaration Declaration or orthe the Budget BUdget adopted adopted after after magnitude of "Annual Assessments" Assessments" levied the termination of the "Guarantee Period" Period" discussed discussed below. below.

The Budget Budget is is not not intended intended nor nor should should itit be be considered considered all all inclusive inclusive or or as as aa representation, representation, of any any kind whatsoever Whatsoeverof ofall all expenses expensesto to be be incurred incurred as as aa result result of Unit ownership. guarantee or or warranty warranty of guarantee ownership. For on the the Units, Units, Unit UnitOwners' Owners'insurance, insurance, telephone, telephone, example, the Budget does not not include include real real estate estate taxes taxes on example, electricity or other utility services which are billed directly to to the the Unit Owner Owner and and not through through the the Association. Association. The The Developer Developershall shallbe beexcused excusedfrom fromthe thepayment paymentof ofits its share share of of the Common Expenses and Assessments related to those Units Units itit owns owns for for aa 12-month 12-month period period of of time time commencing commencingat atrecordation recordationof ofthe the Declaration the portion portion of of Common Common Expenses incurred incurred Declaration of Condominium. However, the Developer must pay the during that period which exceeds amount assessed against other Unit Owners. Developer has guaranteed exceeds the amount Owners. Developer period, as The monthly monthly dollar dollar amount amount for for the assessment amounts, amounts, during the guarantee period, as set set forth forth below. below. The each Unit Type Type during during the the guarantee guarantee period is as follows: each follows:

UNIT TYPE A B C C D E F G

14.

$ $ $ $ $$ $$ $

MONTHLY 150.40 150.40 164.84 164.84 206.51 206.51 213.95 222.80 295.20

Schedule of Closing Closing Expenses. Expenses.

The Purchaser Purchaser is is required required under under the the terms terms of of the the Purchase Purchase Agreement Agreement executed executed by the the Purchaser to pay the in connection with the closing of of this transaction: the following expenses in

A proposed assessments as as set set forth forth in a. proposed charge charge for for monthly monthly maintenance maintenance assessments in the Estimated Operating Operating Budget for the Association attached attached as Schedule "3" to this Prospectus. Prospectus. Real property b. property taxes taxes from from the the date date of of closing to to the the end end of of the calendar calendar year year in which said closing took place. c.

Mortgage closing closingcharges charges(if(ifthe thetransaction transactionisisto tobe befinanced) financed)which which may mayinclude, include, but but Mortgage

to, the following following expenses, expenses, the extent of which which must be be ascertained ascertained from the the lender lender by limited to, are not limited Purchaser. (1) (2) (3) (4)· (5) (6) (7) (8) (9) (10)

Abstract charges Stamps on on the the Mortgage Documentary Stamps Intangible taxes on the Mortgage Fee for recordation recordation of the Mortgage Prepaid Prépaid interest ,. Credit report Appraisal fee Mortgagee's closing closing costs (commonly called points) Mortgagee's attorney's fees Payments into any escrow escrow account which may be required the required by the lender.

xiii

(11) ,

(12) (13)

d.

Premium Premium for Mortgagee Mortgagee policy, policy of title title insurance. insurance. This closing closing expense will be $150 $150 expensewillbe Closing Agent Settlement fee to Closing orinteractive. interactive. Reimbursement toto Seller any utility, utility, cable cable or Reimbursement Seller for for any or hook-up fees. .fees. communication deposits or

$75.00 key charge.

e. In In addition addition to to the the foregoing, foregoing, the the following following charges charges shall shall be be incurred incurred by the the Buyer Buyer at at closing, in addition to the balance of of the purchase price: closing, (1)

of the purchase purchase price price A sum equal to one and three-quarter (1-3/4%) percent of documentary of recording the the Deed,, Deed, documentary from which sum Seller Seller shall shall pay pay the cost cost of document preparation, preparation, and the stamps on the transfer, other transfer costs, document owner's policy of title insurance.

(2)

A capital contribution equal to two (2) months maintenance.

f. least five (5) days prior to Closing, Seller will for an At least will furnish to to Buyer Buyer aacommitment commitmentfor ALTA ALTA Form Form BB Owner's Owner'sTitle TitleInsurance InsurancePolicy Policyissued issuedby byaatitle titleinsurance insurancecompany companyauthorized authorizedtotodo dobusiness businessin in the State of Florida, insuring insuring that that title title to to the the Unit Unit at at Closing Closing shall shall be be good, marketable and/or and/or insurable, subject SUbject only to to those those items listed in the Purchase and and Sale Sale Agreement. Agreement. Purchaser shall shall pay pay Seller Seller at at Closing Closing aa sum sum equal equal to one and and one-half (1-3/4%) percent of the Purchase Price payable in cash cash or by cashier's check, check, a of and related to the Closing and from which sum Seller Seller shall, portion of which is a closing fee to defray costs of things, pay the the cost of recording recording the the Deed, Deed, documentary documentary stamps stamps on on the the transfer, transfer, other other transfer transfer among other things, costs, and the owner's policy of title insurance described herein. herein. costs,

15.

Identity of of Developer. Developer. Identity

The Developer pursuant pursuant to this Offering is is SKYRE SKYRE LLC, a Florida liability company.' company. This is the first Ben Ben Klein, Klein, managing managing member, member, has has first cpndominium condominium development development undertaken undertaken by by SKYRE SKYRE LLC. LLC. in New New York York and and in in Miami Miami Beach Beach for for the the last last ten ten (10) (10) years. years. developed residential properties in

16.

Contracts and Leases. Leases.

As of of the date date of of this Prospectus, Prospectus, the theAssociation Associationhas hasnot notentered enteredinto intoany anycontracts contractshaving havingaa of maintenance and and operation of of the Condominium Condominium property. property. term in excess of one (1) year for the purpose of

agreements may may be be canceled canceled by by Unit Unit Owners Owners other other than the Developer, pursuant pursuantto to and and in in Any such agreements accordance with Section 718.302(1)(a), Florida Florida Statutes, Statutes, which which is is quoted quoted as as follows: follows: "718.302

Agreements entered entered into into by by the the Association. Association. Agreements

Any grant or reservation made by a Declaration, Declaration, lease, lease, or other document, document, (1) and any contract made by of the the Association Association by by Unit Unit Owners Owners by an an Association prior prior to to assumption assumption of of control control of other than the Developer, that provides for operation, maintenance Condominium maintenance or a management of aa Condominium property serving serving the Unit Unit Owners Owners of of aa condominium condominium shall shall be be fair fair and and reasonable, reasonable, and and may may be be Association or property other than the the Developer: Developer: cancelled by Unit Owners other (a)

If the Association operates only one condominium and the Unit Owners other other than ofthe the Association, Association, or or ifif Unit Unit Owners other than Developer have have assumed assumed control control of the Developer the Developer own not not less less than than seventy five (75%) (75%) percent percent of of the the Units Units in in the Developer own seventy five be by by concurrence of of the the Owners Owners of of not not less less Condominium, the cancellation shall be Units other other than the the Units Units owned owned by by the the than seventy seventy five (75%) percent of the Units than five (75%)

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grant, reservation, reservation, or or contract contract is is so so cancelled cancelled and and the the Unit Unit Owners Owners Developer. IfIfaagrant, other of the the Association, Association, the the other than than the the Developer Developer have have not not assumed assumed control control of Association shalt shall make make a new new contract contract or or otherwise otherwise provide provide for formaintenance, maintenance, Association management, or thecancelled or operation operation in lieu of the cancelled obligation, obligation, at atthe the direction direction of of the the· or not not less less than than aa majority majority of of the Units Units in in the the Condominium Condominium other other than than the Owners or Units owned owned by bythe theDeveloper.'1 Developer." Units

17.

Arbitration.

Disputes between between a Unit Owner Disputes OWner and the the Association, Association, as as defined defined in in Section Section 718.1255(1), 718.1255(1), Florida Statutes, involving Unit Owners, Associations and/or end/or Tenants, Tenants, shall be resolved by mandatory nonbinding arbitration arbitration in in accordance with the rules rules of of the Division Division of of Florida Florida Land Land Sales, Sales, Condominiums Condominiums and and binding of the the foregoing sentence, pursuant pursuant to to Section Section 718.1255(4), Florida limiting the the effect effectof Mobile Homes. Without Without limiting Florida of court court litigation litigation (whether (whether to enforce an arbitration award or or otherwise), otherwise), the Statutes, prior to the institution of parties to to a dispute parties dispute shall shall petition petition the the Division Division for for nonbinding nonbinding arbitration. arbitration. Pursuant Pursuant to to Rule Rule 61B-45.015(1), 61B-45.015(1), FAC., an arbitration arbitration proceeding proceeding are are limited limited to unit unit owners, owners, associations associations and and tenants tenants, F.A.C., parties parties to an Notwithstanding anything anything contsined contained herein to the contrary, contrary, the remedies afforded by Sections 718.303 and Notwithstanding and not impair impair the the Association's Association's 718.506, Florida Statutes, shall not be limited. Furthermore, this Section shall not access to the courts, as representative of 718.111(3), Statutes. of the the purchasers, pursuant to Section 718.111 (3), Florida Statutes.

18.

Environmental Reports.

Environmental Reports are available for review review at at the the Developer's office. Environmental available for

19.

Disclosures Reqardinq Regarding Condominium. Condominium.

The agreement agreement to to purchase purchaseaaunit unitin in the the Condominium Condominium(hereinafter (hereinafterreferred referredto toas as"Contract') "Contracf')must mustbe be and Developer and contain provisions covering the following follOWing items. signed by both both the Purchaser Purchaser.and Prospectus. The Purchaser Purchaserhas has received received and and read read the the Condominium Prospectus. Prospectus. The

Estimated Budget. Estimated Budget. The Condominium Condominium Association Association budget budget provided prOVided to Purchaser Purchaser is is based based on on estimated estimated expenses expenses only only and may may increase increase or or decrease decrease significantly significantly when the actual actual expenses expenses of of the the become known. known. Condominium Association become Forthe the purposes purposes of ofcompleting completing the the sales sales promotion promotion of of the the Condominium Condominium Model Unit/Sales Office. For and until the sale of of all Units in the Condominium, the the Seller, Seller, its its successors successorsand and assigns, assigns,isishereby herebygiven giventhe the or establish establish on on the the Condominium Condominium Unit Unit and Common Elements Elements such models, full right and authority to maintain maintain or offices, banners, banners, balloons and advertising advertising signs, any, as Seller Seller may may deem deem necessary necessary in in its its sole sole sales offices, signs, if any, discretion, together with the right of of ingress ingress and and egress egress to the Common Elements Elements in in connection connection therewith, therewith.

Attorneys' Fees. Except Attorneys' Fees. Exceptas asprovided prOVided inin the theContract, Contract, in in the theevent eventofofany enylitigation litigationor orarbitration arbitration concerning this transaction, transaction, the theprevailing prevailingparty partyshall shallbe beentitled entitledto toreàover recoverits its reasonable reasonable costs costs and and attorneys' fees, inclusive inclusive of Court costs and attorneys' attorheys' fees fees incurred incurred in in any any appellate appellate proceeding. proceeding. Further, Further, Purchaser fees, herebywaives jury in in any any claims claims or or counterclaims counterclaims brought brought pursuant pursuantto to the the Contract. Contract. hereby Waives the the right right to to aa trial trial by by jury Utility Meters. Purchaser acknowledges acknowledges that there may be Utility Meters. Purchaser be separate separate utility utility meters meters for for each each Unit. Unit In soleresponsibility, responsibility,and-at and-etPurchasers Purchaser'ssole soleexpense, expense,tototransfer transferany anyand and such an event, it shall be Purchaser's Purchasers sole all utility services to the Unit upon Closing, inasmuch Unit shall be disconnected from from inasmuch as as all all utilities utilities serving serving the theUnit be responsible responsible for for subsubSeller's Purchaser shall shall be Seller's account account upon upon Closing Closing without without prior prior notice notice to to Purchaser. Purchaser, Purchaser metered water & sewer charges as well.

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Insurance. Purchaser isis hereby herebynotified notified that that the the insurance insurance policy policy which is is currently currently included included in in the the Insurance. Purchaser monthly maintenance maintenance payment payment does does not not cover personal For that that reason; is the monthly personal property.. property. For reason, itit is the Seller's Seller's recommendation that that Purchaser Purchaser should should obtain obtain aa casualty casualty insurance insurance policy policy for for all all personal personal property property in in the Unit and seek the advice of an insurance professional as to any other other types types of of insurance insurance coverage that that might might be be for the Purchaser. Purchaser. appropriate for.the Propertv Property Ownership. The The property propertyownership ownershipinterest interestPurchaser Purchaserwill willacquire acquireisisaaCondominium CondominiumUnit. Unit. The Condominium Unit is is aa fee fee simple ownership. Condominium Unit ownership. The The Condominium Condominium Unit shall consist consist of the the airspace airspace The insurance insurance of of the the contents of the residence and the interior maintenance and defined in the the Declaration. Declaration. The maintenanceand the residence within within the individual Unit shall shaDbe bePurchaser's Purchaser'sresponsibility. responsibility. Such repair of the Such responsibilities responsibilities are are further defined and and described described in in the the Declaration. Declaration: Schools. Purchaser should should verify verify with with the the local local School School District District the the schools schools designated designated to service Schools. Purchaser Purchaser's Unit. Due Due to to the the rate rate of ofpopulation population change, change, the the school school districts districts may may find find itit necessary necessary to to change boundaries and designated schools schools periodically, periodically, both both prior prior to to and after the Closing. Seller Seller has has no no control over or responsibility responsibility for for any such such change(s}. change(s)..

Facilities. Facilities. Purchaser is responsible for satisfying itself regarding the conditions and development of reviewing information information such the Condominium by revie""ing such as, as, but but not not limited to, title reports, development developmentplans, plans, soils soils reports and and other documents relating to the conditions and. development development of of the the Condominium Condominium and obtaining conditions and, outside professional advice concerning concerning them. them. Site Siteplans, plans, zoning zoning maps, maps, utility utility plans, plans, phone phoneplans, plans, landscape landscape plans, street lights, plans, street improvement improvement plans, plans, sewer, water, water, storm drain, drain, electric electric power, power, telephone, telephone, CATV, streetlights, precise grading grading and and fencing fencing plans are available to Purchaser for review. Purchaser precise Purchaser acknowledges acknowledges that that any any day that that Purchaser Purchasersigned signed this this Contract Contractare arenot notthe the "As-Built" "As-Built" conditions conditions and and plans Purchaser reviewed on the day may change initiated design change SUbject subject to to field field conditions, conditions, Seller initiated design modifications, modifications, and and changes mandated by an an Agency with jurisdiction over over the the Condominium, Condominium, such suchas asaautility utilitycompany., company. Company Equipment. Equipment, Various Utility Company Variousutility utilityequipment equipmentand/or and/orenclosures enclosureswill will be belocated located as as required required by the utility companies throughout throughout the the Condominium Condominium project. project. Some Someequipment equipmentand/or and/orstructures structuresmay maybe belocated located 'above ground. Purchaser Purchaser should should check plans showing above .ground. showing the placement of street light poles, meter pedestals, pedestals, telephone pedestals, water meters, T.V. T.V. pedestals, pedestals, AirNac AirNacrelease releasevalves, valves, blow blow offs, offs, and and other other utilities. utilities. Seller Seller suggests that Purchaser review all all the the plans plans thoroughly. thoroughly. Seller responsibility for for damages damages Seller assumes assumes no responsibility suggests utility compaqies. compal1ies. . caused by any negligence of the utility

Cable T.V. Cable Cabie and Satellite T.V. Cable T.V. T.V. outlets outletswill will be be installed installed in all of the Units; however, Seller has no responsibility or liability of any kind with respect respect to to the commencement commencementof ofcable cableT.V. T.V.service serviceand andSeller Sellermakes makes no, no representation representationor orwarranty warrantyas astotowhen whencable cable1.T.V. V. services serviceswill willbe beavailable. available.The Thecommencement commencement of of cable cable responsibility. T.V. service is Purchaser's responsibility.

Contaminates. The of the the soil soil and and other otherelements elements created created by by nature, nature, as as well well as as building building Contaminates. The grading grading of materials developed by man, in man, many times create unwanted and and undesired gases and other contaminates in concern, homes and residential buildings, bUildings, both new new and used. Also, Also, since since energy conservation has become a concern, there is a need need to to build build homes homes and and residential residential buildings buildings that that are aremore moreairtight. airtight. As a reSUlt, result, these homes and and buildings trap trap unwanted unwanted gases gasesinindifferent differentdegrees degreesdepending dependingon on how howeach eachperson person lives lives within within their residential buildings home or such such residential residential building. building. To date radon gas gas date measurements measurements of of such unwanted gases (such as the radon Since the the quality quality of ofair airwe we breathe breathe can can affect affect described beiow) below) are reported as parts of the air they occupy. occupy. Since our health, Seller recommends frequent frequent airing airing of ofPurchaser's Purchaser'sUnit Unitby by simply simplyopening, opening windows windows to to introduce introduce fresh air uncontaminated with such gases. Lead Solder Water Pipes, Pipes. Due Duetotothe theuse useofoflead leadininthe thesoldering solderingofofthe thejoints jointsand., and plumbing fittings Solder in Water property, which which is prevalent in many many properties, properties, itit is--recommended.that is--recommended·that the on the property, the drinking drinking water water taps taps be be flushed for five five minutes minutes prior to to usage usage after an an absence absence from from the the apartment apartment units for one week or longer.. longer. flUshed

Paint. Every dwelling Lead Paint. Every purchaser purchaserof ofany anyinterest interestin in residential residential real real property property on on which a residential dwelling was built prior to 1978 is is notified notified that that such property may present present exposure exposure to to lead lead from from lead-based paint that may place young young children children at at risk risk of of developing lead poisoning. Lead Lead poisoning in young children children may may produce produce

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permanent neurological quotient behavioral neurological damage, damage, including including learning learning disabilities, disabilities, reduced reduced intelligence intelligence quotien~ behavioral problems, and impaired impaired memory. memory. Lead also poses poses aa particular risk to to pregnant pregnant women. women. The problems, and Lead poisoning poisoning also particular risk of any any interest interest in in residential residential real real property property is is required required to to provide provide the the buyer buyerwith with any any information information on on developer of lead-based paint hazards. hazards. AArisk lead-based paint riskassessment assessmentororinspection inspectionfor forpossible possiblelead-based lead-basedpaint painthazards hazards isis recommended thisdisclosure, disclosure,lead-based lead-basedpaint paintwill willbe bereferred referredto to as as "LBP" "LBP" recommended prior priorto to purchase. purchase.For Forpurposes purposesofofthis LBP/LBPHin in the the paint hazards hazards will will be be referred referredto toas as "LBPH." "LBPH." Developer Developerhas hasno noknowledge knowledgeofofLBP/LBPH and lead-based paint in aa disclosure disclosure or or addendum. addendum. housing indicated in housing and and no available LBP/LBPH records or reports, except as indicated Buyer has received the pamphlet entitled entitled "Protect "Protect Your Family from Lead in in Your Your Home' Home" covering covering the 'the Buyer has received Your Family from Lead foregoing information in in detail. detail.

Mgj. type fungus Mold.Mold Moldis isa a typeofof funguswhich whichoccurs occursnaturally naturallyininthe theenvironment environmentand and isisnecessary necessary for the of plant plant and and other other organic organic material. material. It spreads by means of of sharing sharing in in microscopic microscopic natural decomposition of spores borne on the wind, wind, and is found everywhere everywhere life life can can be be supported. supported. Residential home construction is to exclude exclude mold mold spores. spores. IfIfthe thegrowing growingconditions conditionsare areright, right,mold moldcan cangrow growinin not, and cannot be, designed to your Residence. In In order orderto to grow, grow, mold mold requires requires aa food food source. source. This Thismight mightbe besupplied suppliedby byitems itemsfound found in in the the home, such as fabric, carpet or or even even wallpaper wallpaper to name a few. few. Also, Also, mold moldgrowth growth requires requires aa temperate temperate climete is the only mold be climate and, finally finally mold mold growth growth requires requires moisture. moisture. Moisture Moisture is mold growth factor that can be Byminimizing minimizing moisture, moisture, an an Owner Owner can can reduce reduce or or eliminate eliminate mold mold growth. controlled in a residential residential setting. By Spills, leaks, leaks, overflows, overflows, condensation, condensation, and and high high humidity humidity are Moisture in the home can have many causes. Spills, common sources of home moisture. Good Good housekeeping housekeeping and and home home maintenance maintenance practices practices are are essential essential in the effort to prevent or eliminate mold growth. IfIfmoisture moisture isis allowed allowed to to remain remain on on the the growth medium, mold can develop within 24 to 48 hours.

E

& Magnetic Maqnetic Fields. All Electric & All power power lines lines and and electrical electrical appliances appliances that that draw draw electric electric current current have electromagnetic fields studiescurrently currentlybeing being conducted conducted by electromagnetic fields ("EMFs") ("EMFs")around aroundthem. them.There Thereare arevarious varioustypes typesofofstudies researchers to determine determine whether or not there there are health with EMFs. EMFs. The health risks associated associated with The electric electric utility utility researchers to industry and local power power companies companiesmonitor monitorthese theseresearch researchactivities activitiesand andwork workwith with their their customers customers to explain Sellerhas has no no expertise expertise regarding regarding EMFs. EMFs. As As a what EMFs are and how people can find out more about them. Seller result, Seller Seller does does not make warranties of any kind, kind, express express or or implied, implied, or or provide provide result, make representations representations or warranties company information about the presence or effect of EMFs on on or in proximity proximity to to the the Unit. Unit. The local electric company or health agencies, or the regional office ofthe servicing the Unit, the state or the local environmental, energy or of the may provide provide such such information about EMFs. EPA may Windows Windows and and Front Front Doors. Doors. Windows Windowsmay mayvary varyfrom fromelevation elevationtotoelevation elevationand andfrom fromfloor floorplan plan to to floor plan. Windows on on lower lowerfloors floors may maybe beless lesswind wind resistant resistant than than windows windows on on upper upper floors floors of of the the building. building. plan. Windows Windows Purchaserneeds needsclarification clarification on Windows and and front front doors doors on on the the Units Units may may vary vary from those those on on the models. IfIfPurchaser the specific specific windows windows and doors doors which which are are planned planned for for Purchasers Purchaser's Unit, Unit, Purchaser Purchaser should should request request this this information from the sales representative. representative. Wood Buildinq Building Materials. Materials.Lumber Lumbercontains containsmoisture moisturewhen wheninstalled installedand andwill willdry, dry, shrink shrinkand and settle settle after installation. maymove installation. As As aa result, result, nails nails may may pop pop from from drywall drywall locations, baseboards may move slightly slightly and and exposed Doorsmade madeofofwood woodmay mayshrink, shrink,swell swell or orwarp. warp. Swelling Swellingmay mayaffect affectthe theway wayaa wood may striate or crack. Doors door In some someinstances instancespaint paintand/or and/ordrywall drywall seams seams may may slightly slightly door fits in an opening and it may cause sticking. In crack. These in the the extreme. extreme. Theseconditions conditions are arenormal normalincidents incidentsof ofhome home ewnership ownership unless unless they they occur occur in

Disclosure. Due of paint paint used used in in the the Condominium Condominium project, project, Purchaser Purchaser Paint Disclosure. Due to to the thelarge large quantity quantity of should be aware that slight slight variations in paint shade shade may may exist exist from from Unit Unit to to Unit. Unit. Environmentally safe paints paints Due to to the properties within today's paints, are used on cabinets, cabinets, kitchen, bathroom and laundry room walls. walls. Due paints, Purchaser expectpaint paintto to yellow yellowsomewhat somewhatwith withtime. time.This Thisisisaanormal normaloccurrence occurrenceand andisistherefore therefore not not Purchaser should expect warranty issue. issue. Avoid washing or scrubbing painted walls. walls. Lightly cleaned Lightly soiled areas may be cleaned covered as aa warranty with water and lightly wiping over the soiled areas. " using a sponge with Purchaser is is aware aware that that certain certain materials materials used used for forfixtures fixturesinin aa new new Unit Unit(including, (inclUding, but but not not Fixtures. Purchaser limited to, to, brass/chrome plumbing fixtures, accessories and and brass/chrome light brass/chrome plumbing fixtures, brass/chrome brass/chrome bathroom bathroom accessories brass/chrome light limited fixtures) are subject to discoloration discoloration and/or and/or corrosion corrosion over over time. time.

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Cabinets and Stain Finished Finished Woods. Woods. Natural Naturalwood woodhas hasconsiderable considerablecolor colorvariation variation due due to to its organic ofwhite, white, red, red, black black or or even even green in areas. In addition, addition, mineral mineral streaks streaks may may nature. There may may be be shades shades of nature: There areas. In visible. Grain irregular; wood wood from from different different or texture texture will will vary vary from consistent to completely irregular; also be visible. Grain pattern pattern or areas of the same tree can also have variations in pattern or texture.. texture., It is because of these variations that wood is in such These variations variations in in grain grain will will in in turn turn accept accept stain stain in in such high high demand demand for for aesthetic aesthetic products. products. 'These varying amounts amounts which which will will show show throughout throughout the the wood *ood products the varying products from one door to the next, one panel to the cabinet finishes (including (inclUding gloss gloss and/or and/or matte matte finishes) finishes) will will not not be next or one one piece piece of wood wood to to the the next. next. Also, cabinet entirely consistent and some minor minor irregularities irregularities will will be be apparent. Additionally, Additionally, wood woodand andwood woodproducts productsmay may be subject to warping, warping, splitting, swelling and/or delamination. Conversion The Condominium Condominium is is the the conversion conversion of ofexisting existing Conversion Condominium, Condominium, Implied Implied Warranties. Warranties, The apartment buildings to the Condominium for for ownership and is not new construction. The TheDeveloper Developerowned owned TheDeveloper Developer does does not notrepresent represent to' to be be intimately intimately the condominium bUildings the condominium buildings for a short period of time. The familiar with the buildings and Unit Unit and intends to make make no more than cosmetic renovations renovations to to the the Units Units and and of the the Condominium Condominiumbuildings. bUildings.Each EachUnit Unitshall shallbe bedelivered deliveredininthe themanner mannerrepresented representedinin Common Elements Elements of "as is" condition without any express warranties or or representations by the Developer; Developer, the Association or or any agent, except for those warranties implied in Section Section 718.618(6) 718.618(6) and and 718.203, 718.203, Florida Florida Statutes, Statutes, to to broker or agent, the extent that those warranties under Section 718.203, Florida Florida Statutes, have not expired. reserve account accounthas hasbeen beenestablished establishedpursuant pursuanttotoSection Section718.618(6), 718.618(6),Florida FloridaStatutes. Statutes. No converter converter reserve granted to to the the Therefore, pursuant to Section 718.618(6), Florida Florida Statutes, the Developer is deemed to have granted Purchaser of each Unit an implied warranty of fitness fitness and and merchantability merchantability for for the the purposes purposes or or uses uses intended, intended, the roof roof and and structural structural components components of the improvements; as to to fireproofing fireproofing and and fire fire protection protection systems; systems; as to the and to mechanical, mechanical, electrical electrical and and plumbing plumbing elements elements serving serving the improvements, improvements, except mechanical mechanical and as to elements serving only one Unit. Unit.

To the extent disclaims any any and and all other To extent permitted permitted by by law, law, the the Developer Developer specifically specifically disclaims other implied implied as to to the the Condominium Condominium Property, Property, any any Unit Unit or or any any appurtenances appurtenances warranties of merchantability and fitness as thereto, including any appliances, furniture, fixtures or or personal personal property. property. Water Althoughyour yourUnit Unitisisconstructed constructedininaccordance accordancewith with customary customaryindustry industrypractices, practices, Water Intrusion. Although

there, probability that that water water intrusion intrusion will will occur occur from from aa variety variety of sources sources that are not not the the Seller's Seller's there. isis aa probability responsibility. Often, Often, water intrusion intrusion is the result of an owner's failure failure to properly properly operate operate or or maintain maintain that that unauthorized modification owner's Unit following following purchase or the unauthorized modification of of the the original original design design of the the Unit. Unit.. ItIt is is the the The responsibility of responsibility of the the Association Association and and the the Purchaser Purchaser to to assure assure the the proper proper maintenance maintenance of of the the Unit. Unit. The of any any utility utility or or exterior exteriorportion portion of ofaa Unit Unit unless unless adequate adequate provision provision is is made made and and Declaration alteration of Declaration' prohibits prohibits alteration such alteration is is approved approved in in advance advance by by the the Association. Association. Seller Seller will not not be be responsible responsible for for any any improper improper such alteration or untimely untimely replacement replacement of of tailed .failed materials. materials. by others or maintenance, faulty repair performed by

Views, Views. No Norepresentation representationorwarranty or warrantyisismade madebybySeller Sellerororany anyof ofSeller's Seller'srepresentatives representatives with with respect respect to the presence or continued continued existence of any view or scene from from any any portion portion of the Unit being being purchased. purchased. Any existing view or scene may change, be blocked or interfered with, with, depending upon activities undertaken on the remaining land to be developed within the project as well as other other land land outside outside the project project boundaries. Seller has the right, right, at any time, time, without Purchaser's consent, to develop any remaining remaining or adjacent land land for any purpose allowed by applicable laws or ordinances.

and Square Square Footages. Footaqes. Purchaser Unit Dimensions and Purchaser acknowledges acknowledges that that the dimensions and square footage of the Unit are approximate and may change. change. The Thedecision decision to to purchase purchase isisnot notbased based on on precise precise footage dimensions in its its as as dimensions and square square footages. footages. Purchaser Purchaserwill willaccept acceptthe thelayout, layout,position positionand and orientation orientation of of the Unit in built location.

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Premiums. Some Some Units Units may may carry carry aapremium premium based based on, on, but but not not limited limited to, to, view, view, Unit Unit size, size, Unit Premiums. finishes, location, and/or elevation differential. Futuredevelopment developmentwithin within the the real real property property adjoining adjoining or or in in the the vicinity vicinity of of the the Future Development. Development. Future Condominium Unit may occur. Seller concerning the the Seller has has made made no no written written or or oral representations or warranty concerning

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extent or or timing of of future future developments, developments,or orthe thelocation locationof ofany any building building within within such future development. nature, extent development. Seller has not made the impact Seiler has made any any written written or ororal oralrepresentation representation or or warranty warranty concerning concerning the impact on on the the uses (including, (including, without limitation, limitation, noise and traffic Condominium Unit future development development or uses Condominium Unit from from any future noise and impacts). Seller any Seilerreserves reserves the the right rightto to change change the the location location or modify the design, plans or specifications of any Seiler further further reserves the right to change building or building or buildings to to be be located located within within the future future development. development. Seller change product, product, if necessary, within the community ifif market market conditions warrant. ..

Pricing. to establish establish prices prices for forthe. the sale of Pricing. Purchaser Purchaser acknowledges acknowledges that that Seller Seiler has has the the full fuil right right to properties to time time without without regard regard to the price to be be paid paid by by Purchaser Purchaser or any other properties in in this this project from time to price purchasers for any specific Unit Unit within the Condominium. Purchaser Purchaser acknowledges acknowledgesSeller's Seller's right right to offer price reductions, reduced interest interest rates, rates, decorator decorator allowances, allowances, optional optional features, features, and and other other reductions, financing incentives, reduced properties in without any obligation obligation to offer any any similar purchasers of similar incentives incentives to to other other purchasers of properties in this this project without to offer comparable Prices are are not not based based upon square footage of the units. comparable incentives incentives to to Purchaser. Purchaser. Prices 1031 Ail 1031 1031 Tax Tax Exchange Exchange proposals proposals must be proposed proposed at at or or prior prior to to signing signing this 1031 Exchanges. Exchanges. All Contract for Purchase and Sale. Seller in Seller's Seiler's sole sole discretion discretionto tonot notparticipate participate in in such such Seilerreserves reservesthe theright rightin an exchange. ownershipinterest interestinInthe themineral, mineral,oil oil or orgas gas rights Mineral Rights. The TheDeveloper Developerreserves reservesallailrights rightsofofownership under the land. .

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Restrictions. This Restrictions. This Condominium Condominiumisissubject subjectto tothe the restrictions restrictions set setforth forth in in the the Declaration, Declaration, Articles Articles of of Incorporation matters of of public pUblic record record and and copies copies of ofwhich which have havebeen been provided provided to to Incorporation and and By-Laws which are matters Please be be sure to above, Seller Seiler suggests suggests Purchaser. Please to read read the the Declaration Declaration and and other other material material listed listed above. Purchaser file for safekeeping. safekeeping. file these documents for Improvements/Architectural Control Committee. Purchaser Purchasermust must receive receive written approval Purchaser's ImprovementS/Architectural

from prior to to the the start of any or instailation. installation. Work prior any such such construction construction or Work done done without without prior from the the Association Association prior approval is subject to to removal removal at Purchaser's cost. cost. Refer Refer to to the the Declaration Declaration for for such such further further information. information. approval is Purchaser of Development Development Plans Plans && Documents. Documents. ItItisisPurchaser's Purchaser'sor orPurchaser's Purchaser's consultants consultanfs Purchaser Review of responsibility ail soil information information necessary to make an an informed informed decision decision about about the the responsibility to to request and review all Aildata dataand andreports reportsthat thathave havebeen been prepared preparedfor forthis thisdevelopment developmentare are on on file. file. purchase of Purchaser's Unit. All

Postal Delivery/Mail Delivery/Mali Boxes. Mail Maildelivery deliverywill will be be provided provided at at the the location(s) location(s) designated designated by by the Postal Service and and other governing agencies. .

youhave havesmall smailchildren childrenor orsmall smailpets pets you you should should take appropriate precautions when Balconies. IfIfyou when they they are on the Unit's Unit's balcony. balcony.

Easements. The and the theUnits Unitstherein therein are are encumbered encumbered by by easements easements for forpublic public facilities, facilities, Easements. The project projectand drainage and other purposes. Seiler's Reserved Reserved Right Right to to Marketinq Marketing Strategy. Strategy. Seller reserves reserves the right right to to implement implement any any legal legal Seller's marketing program as deemed necessary necessary to to market market Units Units within this project. This This includes, includes, but but is is not not limited Units, signs, flags, flags, banners, banners, special special on-site on-site events, events, media media advertising, advertising, modifications modifications of of to, the use of model Units, model and production Units, etc. Seller Selleralso alsoreserves reservesthe theright rightto to price.Units priceUnitsat atthe the current currentmarket marketvalue value in in an an effort to sell seil Units. There Thereare areother othermarketing marketingstrategies strategies and and incentive incentive plans plans not not noted noted herein which which Seiler Seller Purchaser hereby hereby acknowledges acknowledges Seller's Seiler's rights rights as stated stated reserves the reserves the right to implement or discontinue. Purchaser above. .

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Sound. ItItisisthe the nature natureof ofmulti-family mUlti-familyproperties properties (of (ofwhich which this this Condominium Condominiumisisaapart) part) that that dwelling dwelling proximity to to one one another another(resulting (resulting in in sharing sharingof ofcommon commonwalls, wails,floors floorsand andceilings) ceilings)and and Units are built in close proximity Unit to to the the next next no no matter matter how how much sound sound proofing proofing is is attempted. attempted. ItItisis noise is frequently audible from one Unit within therefore mandatory, for for the mutual mutual interest interestand and protection protection of of all ail Owners, Owners, lessees lessees and and other other Occupants within Condominium, to to recognize recognize that thatacoustical acousticalprivacy privacy is achieved only through and compliance the Condominium, through understanding understandingand

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certain limitations and restrictions. restrictions. ItIt is is recognized, recognized, however, however, that sound insulation from an adjacent with certain comparable to occupancy in a manner comparable to aa single-family single-family residence residence is impossible impossible to to attain attain and and Purchaser Purchaser hereby acknowledges Purchaser acknowledges acknowledges that there will usually usually be some aUdio acknowledges and and accepts accepts that limitation. limitation. Purchaser audio awareness of one's one's neighbors, neighbors, depending dependingupon uponthe thesituation. situation. Additionally, Additionally,all allfumiture fumitureparts partsinincontact contact with with the awareness of floor should should have have rubber rubbercàstors castorsor orfelt feltpads padstotominimize minimizenoise noiseand andvibration Vibration attributable attributableto tomoving moving furniture furniture as floor well as scratching of of finishes.

Settlement/Cracking. completely SettlemenUCracking. Purchaser Purchaseracknowledges acknowledgesand andagrees agreesthat that no no building is constructed completely ofthe theCondominium CondominiumUnits, Units, there may may exist exist certain certain deviations deviations in in the the floors floors and and ceilings ceilings of level, and as such, there settlement and cracking, and and other other conditions conditions which which do do not not materially materially affect affect the the intended intended use useof ofthe the Unit. Unit.

Security. Securitv. The The Association Association may, may, but butshall shall not not be be required, required, from time to to time, time, to to provide provide measures measures or take actions which which directly directly or or indirectly indirectly improve improve safety safety on onthe theCondominium; Condominium;however, however, Purchaser Purchaser take actions to proVide provide acknowledges and agrees that the Association is is not a provider of security and shall have no duty to security on the Condominium. ItItshall shall be be the the responsibility responsibility of of Purchaser Purchaser to protect protect his his or or her her person and Unit and all responsibility to provide provide such such security security shall shall lie lie solely solely with with Purchaser. Purchaser. Neither NeitherSeller Sellernor northe the Association Association held liable liable for for any any loss loss or or damage damage by by reason reason of of failure failure to to provide provideadequate adequate security security or ineffectiveness ineffectiveness shall be held of safety measures undertaken. Conditions. Although Althoughyour yourUnit Unitand andthe theCondominium Condominiumas as aa whole whole has has been built with Severe Weather Weather Conditions. builtwith good quality standard components components and and is weather during severe weather conditions you may good quality standard weather proofed, proofed, during conditions you experience minor leaks around sliding and pocket doors, These are are acts acts of of nature . doors, windows windows and and roof roof vents. vents. These for which the Seller will not be responsible. The Declaration Declaration contains contains numerous numerous use use restrictions. restrictions. You Youshould shouldreview reviewall all of ofthe the Use Restrictions. Restrictions, The use restrictions carefully. Fee Title. The way way you you acquire acquire fee fee title title to the Unit may have Title. The have aa legal legal impact, impact, including including tax tax and and estate estate planning consequences. No Nosalesperson salespersonisisauthorized authorizedtotoadvise adviseyou you or orhow howyou youshould shouldhold holdlegal legaltitle. title.

Rental Disclosure. In In accordance accordancewith withSection Section66herein, herein, the the developer developermay maynot notengage engageinin aa program program Rental an amendment is filed to rule 61B-18.008(4), F.A.C. The Units of leasing leasing until until an amendment is filed pursuant pursuant to rule 61 B-18.008(4), FAC. Units may may be be used, used, Owners on onaarotation rotation basis. basis. however, however, for use and occupancy by employees or other invitees of "corporate" 'corporate" Owners Notice Notice of of Access'to Access'to Database Database Regarding Regarding the the Location Locationof ofSex SexOffender. Offender. The Florida Department of Law Enforcement Enforcement ("FDLE") ("FDLE") maintains maintainsfor forpublic publicaccess accessaadatabase databaseofofthe thelocation locationof ofsexual sexualpredators predators and and sex sex of information information about about the the presence presence of of these these offenders. The The database database isis updated updated regularly regUlarly and and is is aa source source of offenders. individuals FDLE has has established established a toll-free number that allows the public public to request individuals in in any any community. community. FDLE information about sexual predators and sex sex offenders offenders living living in in their their communities communities and and around around the the state. state. Report of Qualified Qualified Architect Architect or orEngineer. Engineer. Purchaser acknowledges that the party party Report Purchaser agrees agrees and and acknowledges preparing the Report Report of of the Qualified Qualified Architect Architector orEngineer Engineerfound foundininExhibit Exhibit88of ofthe theProspectus Prospectusisisnot notaffiliated affiliated to furnish furnish the with Seller in any fashion, fashion, and is a third third party, party, independent contractor employed by Seller Sellerto the Report Report as required by the Florida Condominium Condominium Act. Act. Purchaser Purchaserisisadvised advisedtotoreview reviewthe thereport reportcarefully, carefully,including includingall all disclaimers set forth therein. therein; Non-Conforming Thecondominium condominiumbuilding buildingmay may be be considered considered aa non-conforming non-conforming use Non-Conforming Use Use Status Status The Petersburg. This This means means that thatififthe thebuilding building structure structure is is under the current current zoning zoning codes codes for the City of St. Petersburg. (more than than 50% 50% of of the the appraised appraised value) value) that that the building may may not not be be able to be rebuilt substantially destroyed (more to its current configuration (size, height height and density) without without further further approval of of the City. This Thiscondition conditionexists exists on many if not the majority majority of all all buildings. buildings. The Thecondition condition isis created created when when after after aa building building is is built, built, the the on many municipality changes the the criteria for of the the City to rebuild is not municipality changes for building building (downzones) (downzones), The The approval approval of rebuild is would entail entail aa variance variance application by by the the Association. Association. Of course the likelihood of of the property guaranteed, it would being destroyed is very remote.

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(

(

Title Exceptions:

Easement in in favor of Progress in instrument recorded recorded in ·Official Official Records Book Book Easement Progress Energy Energy contained contained in County, Florida. Florida. 1370, 1370, Page Page 136, 136, of the Public Records of Pinellas County, Westside sideof ofLot Lot11for foraccess, access, egress, egress, ingress, ingress,light, light,air, air, and and view view 50' Private Private Access AccessStrip Stripalong alongthe theWest 50 Records Book Book5039, 5039,page page1522, 1522,between betweenLot Lot11of ofMaximo Maximo South South Gate Manor Manor according to recorded in Official Records 55, Page Page 89, 89, of of the the Public Public Records Records of ofPinellas Pinellas County, County, Florida Florida and and thereof as recorded recorded in in Plat Plat Book Book 55, the plat thereof th 34th Street South (U.S. 19). 19). 34 Restrictions, conditions, conditions, reservations, reservations, and and other othermatters matterscontained containedon on the the Plat Plat of of Maximo South South Gate Gate Manor, as recorded in Plat of Pinellas Pinellas County, County, Florida. Florida. Plat Book Book 55, 55, Page Page 89, 89, Public Public Records Records of

20.

Included as as Schedules. Copies of of Documents Included Copies of the following, as Schedules Schedules to to this this Prospectus: Prospectus: following, included includedas a.

Schedule 1Schedule I - Declaration DeclarationofofCondominium Condominium

b.

Numberofof Schedule 2Units,number numberofofBedrooms/Bathrooms Bedrooms/Bathrooms in in Each Each Unit, Unit, Schedule 2- Number Units, Unit number and Undivided lntthrest Interest

c.

Schedule33Schedule

Estimated Operating Operating Budget for the Condominium Property

d.

Schedule Schedule44-

Form Form of Purchase Agreement Utilized in the Sale of Condominium Condominium Units

e.

Schedule 5ScheduleS-

Escrow Account Escrow Agreement Agreement Establishing Establishing Escrow Account Between Between Esdrow Developer and Escrow Agent

f.

Schedule Schedule 66-

Form of of Receipt Receipt for for Condominium Condominium Documents Documents Utilized Utilized in the Sale Sale of of Condominium Units

g.

Schedule Schedule77-

Initial Rules and and RegUlations Regulations

h h.

Schedule Schedule88-

Conversion Inspection Inspection Report, Report, Termite Termite Inspection Inspection Report, Report, and and Conversion of Occupancy Occupancy Certificate of

i.

Schedule Schedule 9.9-

Deed/Developer's Interest Interest in in Land Land Warranty Deed/Developer's

.

Schedule 10- Frequently FrequentlyAsked AskedQuestions Questions and and Answers AnsWers Schedule 10-

"

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