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Saxon Manor Isles Apartments Limited PartnershipORIGINAL DOCUMENTS CHECKLIST & ROUTING SLI TO ACCOMPANY ALL ORIGINAL DOCUMENTS SENT TO THE BOARD OF COUNTY COMMISSIONERS OFFICE FOR SIGNATURE Print on pink paper. Attach to original document. Original documents should be hand delivered to the Board Office. The completed routing slip and original documents are to be forwarded to the Board Office only after the Board has taken action on the item.) ROUTING SLIP Complete routing lines #I through #4 as appropriate for additional signatures, dates, and/or information needed. If the document is already complete with the exception of the Chairman's signature, draw a line through routine lines # 1 through #4 complete. the rhecklkt and forward to Sne Fil— (1— flGl Route to Addressee(s) (List in routing order) Office Initials Date 1. &ee-Filsai, Executive Manager I" N%-C Board of County Commissioners (Initial) 10/ 2 2. Minutes and Records Clerk of Court's Office Agenda Item Number 16135 3. signed by the Chairman, with the exception of most letters, must be reviewed and signed 4. Conservation Easement Number of Original 1 Attached resolutions, etc. signed by the County Attorney's Office and signature pages from Documents Attached contracts, agreements, etc. that have been fully executed by all parties except the BCC PRIMARY CONTACT INFORMATION (The primary contact is the holder of the original document pending BCC approval. Normally the primary contact is the person who created/prepared the executive summary. Primary contact information is needed in the event one of the addressees above, including Sue Filson, need to contact staff for additional or missing information. All original documents needing the BCC Chairman's signature are to be delivered to the BCC office only after the BCC has acted to approve the item.) Name of Primary Staff N% D'i4W -4) Phone Number N/A (Not Contact 1. (Initial) Applicable) Agenda Date Item was 6/22/04 Agenda Item Number 16135 Approved by the BCC signed by the Chairman, with the exception of most letters, must be reviewed and signed Type of Document Conservation Easement Number of Original 1 Attached resolutions, etc. signed by the County Attorney's Office and signature pages from Documents Attached INSTRUCTIONS & CHECKLIST "Please Please file in BMR Real Property* I: Forms/ County Forms/ BCC Forms/ Original Documents Routing Slip WWS Original 9.03.04, Revised 1.26.05, Revised 2.24.05 Initial the Yes column or mark "N /A" in the Not Applicable column, whichever is Yes N/A (Not a ro riate. (Initial) Applicable) 1. Original document has been signed/initialed for legal sufficiency. (All documents to be X signed by the Chairman, with the exception of most letters, must be reviewed and signed by the Office of the County Attorney. This includes signature pages from ordinances, resolutions, etc. signed by the County Attorney's Office and signature pages from contracts, agreements, etc. that have been fully executed by all parties except the BCC Chairman and Clerk to the Board and possibly State Officials.) 2. All handwritten strike - through and revisions have been initialed by the County Attorney's Office and all other parties except the BCC Chairman and the Clerk to the Board 3. The Chairman's signature line date has been entered as the date of BCC approval of the X document or the final negotiated contract date whichever is applicable. 4. "Sign here" tabs are placed on the appropriate pages indicating where the Chairman's X signature and initials are required. 5. In most cases (some contracts are an exception), the original document and this routing slip should be provided to Sue Filson in the BCC office within 24 hours of BCC approval. Some documents are time sensitive and require forwarding to Tallahassee within a certain time frame or the BCC's actions are nullified. Be aware of your deadlines! 6. The document was approved by the BCC on (enter date) and all changes made during the meeting have been incorporated in the attached document. The Count Attorne 's Office has reviewed the changes, if applicable. "Please Please file in BMR Real Property* I: Forms/ County Forms/ BCC Forms/ Original Documents Routing Slip WWS Original 9.03.04, Revised 1.26.05, Revised 2.24.05 16B5`1 ITEM NO.: FILE NO.: �• woo CPO ROUTED TO: DATE RECD: DO NOT WRITE ABOVE THIS SPACE (Orig. 9/89; Rev. 6/97) G Q REQUEST FOR LEGAL SERVICES (Please type or print) Date: 6/15/10 To: Office of the County Attorney, Attn: Steve Williams From: Chris D'Arco, Environmental Specialist Environmental Services Section Telephone #: Re: Conservation Easement Community Development and Environmental Services Division BACKGROUND OF REQUEST /PROBLEM: Need legal review of draft conservation easement. Documents and exhibits This item been previously submitted. ❑ Yes X No ACTION REQUESTED: Review draft conservation easement package for legal sufficiency. Please i or encumbrances in the preserve area prior to approval. LDC section 3.05.07 H 1 d individual residential or commercial lot, parcel lines, or other easements such as utility or access may project into a Preserve. states in part: No easements, OTHER COMMENTS: Attached is the draft easement with legal description and sketch, Warranty Deed, and site visit notes. NOTE: Exhibit "A" is just the legal description and there is no exhibit "B" just showin the preserve area. Applicant's contact information including phone number, address and email: Noma Qri.J,ct �ILt'1n.c/ '� -t�33 - 019`►— �"3 S3 tp�`�,� � H: \Environmental Se ices \Conservation Easement forms \current procedures - 2009 1665 h WrightJeff From: WrightJeff Sent: Wednesday, June 23, 2010 4:50 PM To: DarcoChristopher Subject: 10- ENS -00423 Conservation Easement for Saxon Manor Isles: Hi Chris— Here are my comments on the referenced CE, which I'm hoping you can pass along to the applicant: 1. The easement is in order, and signatures are good. 2. The title certificate shows the right owner. 3. The title certificate lists several easements that could interfere with CE's function /purpose. 4. The title certificate appears to cover the parent parcel (rather than just the CE portion). 5. Because title certificate appears too broad, it's hard to tell if the easements listed in the title certificate encumber the CE. 6. The applicant needs to submit anew title certificate specific only to the CE. Let me know if you need anything else. I'll hang onto the originals for now. Thanks. Jeff Jeff E. Wright Assistant County Attorney Office of the Collier County Attorney 3301 Tamiami Trail, East Harmon Turner Building, 8th Floor Naples, Florida 34112 239 - 252 -8400 239 - 252 -6300 (fax) Robin Carnahan Secretary of State 2009 ANNUAL REGISTRATION REPORT BUSINESS REPORT DUE BY: 10/31/2009 00599551 SAXON SPECIAL COMPANY Zimmerman, Hillary B. 1415 Olive Street, Ste 310 St. Louis, MO 63101 File Number: 200929290162 00599551 Date Filed: 10/1912009 Robin Carnahan Secretary of State ANNUAL REPORT MONTH: July PRINCIPAL PLACE OF BUSINESS OR CORPORATE HEADQUARTERS: 1 1415 Olive Street, Suite 310 (Required) STREET St. Louis, MO 63103 CITY /STATE ZIP If changing the registered agent and/or registered office address, please check the appropriate box(es) and fill in the necessary information. The new registered agent IF CHANGING THE REGISTERED AGENT, AN ORIGINAL WRITTEN CONSENT FROM THE NEW 2 REGISTERED AGENT MUST BE ATTACHED AND FILED WITH THIS REGISTRATION REPORT. The new registered office address Must be a Missouri address, PO Box alone is not acceptable. This section is not applicable for Banks, Trusts and Foreign Insurance. OFFICERS BOARD OF DIRECTORS NAME AND PHYSICAL ADDRESS (P.O. BOX ALONE NOT NAME AND PHYSICAL ADDRESS (P.O. BOX ALONE NOT ACCEPTABLE). (MUST LIST PRESIDENT AND SECRETARY BELOW) A ACCEPTABLE). (MUST LIST AT LEAST ONE DMECTOR BELOW) B PRES Kevin J. McCormack (Required) NAME Richard D. Baron (Required) STREET /RT 1415 Olive Street, Suite 310 STREET/RT 1415 Olive Street, Suite 310 CITY /STATE /ZIP St. Louis,_MO 63103 - _ _ _ _ CITY /STATE /ZIP_St. Louis,_ MO 63103 V -PRES Hillary B. Zimmerman NAME Kevin J. McCormack STREET /RT 1415 Olive Street, Suite 310 STREET /RT 1415 Olive Street, Suite 310 3 CITY /STATE /ZIP St. Louis, MO 63103 CITY /STATE /ZIP St. Louis, MO 63103 SEC'Y Hillary B. Zimmerman (Required) NAME Hillary B. Zimmerman STREET /RT 1415 Olive Street, Suite 310 STREET /RT 1415 Olive Street, Suite 310 CITY /STATE/ZIP St. Louis, MO 63103 CITY /STATE /ZIP St. Louis, MO 63103 TREAS Linda E. Heiney NAME ...................... ............................... STREET /RT 1415 Olive Street, Suite 310 STREET /RT ............................................. ............................... CITY /STATE /ZIP St. Louis, MO 63103 CITY /STATE /ZIP NAMES AND ADDRESSES OF ALL OTHER OFFICERS AND DIRECTORS ARE ATTACHED The undersigned understands that false statements made in this report are punishable for the crime of making a false declaration under Section 575.060 RSMo. Photocopy or stamped signature not acceptable. 4 Authorized party or officer sign here Please print name and title of signer: NAME Hillary B. Zimmerman Hillary B. Zimmerman Vice President TITLE (Required) REGISTRATION REPORT FEE IS: WHEN THIS FORM IS ACCEPTED BY THE SECRETARY OF STATE, $20.00 if filed on or before 10/31 BY LAW IT WILL BECOME A PUBLIC DOCUMENT AND ALL $35.00 If filed on or before 11/30 INFORMATION PROVIDED IS SUBJECT TO PUBLIC DISCLOSURE _ $50.00 If filed on or before 12/31 _ $65.00 If filed on or before 1/31 E-MAIL ADDRESS (OPTIONAL) REQUIRED INFORMATION MUST BE COMPLETE OR THE REGISTRATION REPORT WILL BE REJECTED MAKE CHECK PAYABLE TO DIRECTOR OF REVENUE RETURN COMPLETED REGISTRATION REPORT AND PAYMENT TO THE SECRETARY OF STATE - P.O. BOX 1366, JEFFERSON CITY, MO 65102 Robin`Carnahan Secretary of State 2009 ANNUAL REGISTRATION REPORT NAMES AND ADDRESSES OF ALL OTHER OFFICERS AND DIRECTORS: VICE PRESIDENT LINDA E. HEINEY 1415 OLIVE STREET, SUITE 310 VICE PRESIDENT SUSAN TEMPESTA 8092 DRIGGS HILL WEST PALM BEACH, FL MICHAEL T. GRUBE 22052 WEST 66TH STREET, SUITE 254 SHAWNEE, KS 66226 1685' www.sunbiz.org - Department of State Home Contact Us E- Filing Services Document Searches Previous on List Next on List Return To List No Events No Name History Detail by Entity Name Foreign Limited Liability Company MBS -SAXON GP, L.L.C. Filing Information Document Number M04000002899 FEI /EIN Number 201488850 Date Filed 07/21/2004 State MO Status ACTIVE Principal Address 1415 OLIVE STREET, SUITE 310 SAINT LOUIS MO 63103 -2334 Changed 04/28/2009 Mailing Address 1415 OLIVE STREET, SUITE 310 SAINT LOUIS MO 63103 -2334 Changed 04/28/2009 Registered Agent Name & Address CORPORATION SERVICE COMPANY 1201 HAYS STREET TALLAHASSEE FL 32301 -2525 US Manager /Member Detail Name & Address Title MGRM SAXON SPECIAL COMPANY 1415 OLIVE STREET, SUITE 310 ST. LOUIS MO 63103 -2334 Annual Reports Report Year Filed Date 2008 04/30/2008 2009 04/28/2009 2010 05/03/2010 Document Images 05/03/2010 -- ANNUAL REPORT View image in PDF format Page 1 of 2 �y Forms Help Entity Name Search Submit http: / /sunbiz. org /scripts /cordet. exe? action = DETFIL &inq_doc_number= M04000002 899 &i... 6/22/2010 www.sunbiz.org - Department of State 04/28/2009 -- ANNUAL REPORT View image in PDF format 04/30/2008 -- ANNUAL REPORT View image in PDF for 04/16/2007 --ANNUAL REPORT View image,in PDF format 03/08/2006 -- ANNUAL REPORT L View image, in PDF format 04/29/2005 -- ANNUAL REPORT View image in PDF for 07/21/2004 -- Foreign Limited View image in PDF format Note: This is not official record. See documents if question or conflict. Previous on List Next on List Return To List No Events No Name History i Horne i Contact us ( Document Searches i E Filing Services I Forals i Hein � C:opvriaht«a and Privacv Policies State of Florida, Department of State 16 a925 I Entity Name Search Submit http: / /sunbiz. org /scripts /eordet. exe? action= DETFIL &inq_doc_ number= M04000002899 &i... 6/22/2010 wwlw.sunbiz.org - Department of State Home Contact Us E- Filing Services Document Searches Previous on List Next on List Return To List Events No Name History Detail by Entity Name Florida Limited Partnershi SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP Filing Information Document Number A96000000256 FEI /EIN Number 431734916 Date Filed 02/06/1996 State FL Status ACTIVE Last Event LP AMENDMENT Event Date Filed 03/14/2006 Event Effective Date NONE Principal Address 1415 OLIVE STREET, SUITE 310 SAINT LOUIS MO 63103 -2334 Changed 04/28/2009 Mailing Address 1415 OLIVE STREET, SUITE 310 SAINT LOUIS MO 63103 -2334 Changed 04/28/2009 Registered Agent Name & Address CORPORATION SERVICE COMPANY 1201 HAYS STREET TALLAHASSEE FL 32301 -2525 US Name Changed: 03/14/2006 Address Changed: 03/14/2006 General Partner Detail Name & Address Document Number M04000002899 MBS -SAXON GP, L.L.C. 1415 OLIVE STREET, SUITE 310 SAINT LOUIS MO 63103 -2334 Annual Reports Report Year Filed Date 2008 04/30/2008 la 16B g of 2 Forms Help Entity Name Search Submit http: / /sunbiz. org /scripts /cordet. exe? action= DETFIL &inq_doc _number= A96000000256 &i... 6/22/2010 www.sunbiz.org - Department of State 161,5- 2 2009 04/28/2009 2010 05/03/2010 Document Images 05/03 /2010 --ANNUAL REPORT View jmage in PDF format 04/28/2009 -- ANNUAL REPORT _View image in PDF format 04/30/2008 -- ANNUAL REPORT View image in PDF format 04/16/2007 -- ANNUAL REPORT View image in PDF format 03/14/2006 -- Reg. Agent Change .View image in PDF format 03/14/2006 -- LP Amendment View image in PQF format 03/08/2006 -- REINSTATEMENT View image in PDF format 0412612004 --ANNUAL REPORT View image in PDF format 03/05/2003 -- ANNUAL REPORT View image in PDF format 01/16/2002 -- ANNUAL REPORT View image in PDF format 02/05/2001 --ANNUAL REPORT View image rl PDF format 01/21/2000 --ANNUAL REPORT View image in PDF format 10/06/1999 -- REINSTATEMENT View image in PDF format 03/27/1998 -- Amendment View image in PDF format 12/19/1997 -- ANNUAL REPORT f View image in PDF format 10/18/1996 --ANNUAL REPORT View image in PDF format 02/06/1996 -- DOCUMENTS PRIOR TO 1997 View image in PDF for Note: This is not official record. See documents if question or conflict. Previous on List Next on List Return To List Entity Name Search Events No Name History Submit Horne I Contact us I Document Searches I E Filino Services I Forms I Help � Corwripht(c. and Privacy Policies State of Florida, Department of State http: / /sunbiz. org /scripts /cordet. exe? action= DETFIL &inq_doc_ number= A96000000256 &i... 6/22/2010 1685 oJ OFFICE OF THE COLLIER COUNTY ENVIRONMENTAL SERVICES DEPARTMENT INTEROFFICE MEMORANDUM TO: Board of County Commissioners of Collier County FROM: Chris D'Arco, Environmental Services Dept. DATE: `' / /5' //0 RE: Acceptance of Conservation Easement Attached is a Conservation Easement for Saxon Manor PUD. In accordance with Resolution No. 2004 -209, approved by the Board of County Commissioners on June 22, 2004 under Agenda Item No. 16B5, I am requesting that if this Conservation Easement is acceptable, please sign or stamp as to approval of this Conservation Easement, and forward it, along with the attachments, to the Clerk for attestation and recording. Thank you for your consideration of this matter. If you have any questions, feel free to contact me at (239) 252 -2497. Attachments 16B5 1 OFFICE OF THE COLLIER COUNTY ENVIRONMENTAL SERVICES DEPARTMENT INTEROFFICE MEMORANDUM TO: Clerk to the Board, Board Minutes and Records FROM: Chris D'Arco, Environmental Services Department DATE: 6/15/10 RE: Attestation and Recording of Conservation Easement Attached is a Conservation Easement for Saxon Manor PUD, which has been approved by the Board of County Commissioners. Please attest as usual and hold the original documents until the applicant provides payment for recording. Then forward the packet to the Recording Department. Thank you for your assistance in this matter. Please send me a copy of the receipt via interoffice mail. Please send an email to christopherdarco @colliergov.net when easement has been recorded. If you have any questions, feel free to contact me at (239) 252 -2497. Attachments Routing Slip Conservation Easement Clerk of Circuit Court's Information Sheet 1685 i Official Receipt - Collier County Board of County Commissioners CDPR1103 - Official Receipt Trans Number I Date Post Date Pa ment Slip Nbr 929986 4/27/2010 3:55:42 PM 4/28/2010 MS 234322 SAXON MANOR Payor : MEADOW LAKES OPERATING Fee Information Fee Code Description GL Account Amount Waived 31 CEAF CONSERVATION EASE APP 13117898432986600000 $300.00 31 CECF CONSERVATION EASE CLEAR 13117898432986600000 $200.00 Total 1 $500.001 Payments Payment Code Account/Check Number Amount CHECK 10113101373 $500.00 r Memo: conservation easement Total Cash Total Non -Cash Total Paid $0.00 $500.00 I II Cashier /location: LEADERENCE / 1 User: LEVYMIKE Collier County Board of County Commissioners Printed:4 /27/2010 3:56:09 PM CD -Plus for Windows 95 /NT THIS INSTRUMENT PREPARED BY & RETURN TO: NAME: David M. Brenner, Esq ADDRESS: Ballard Spahr, LLP 1225 17th Street, Suite 2300 Denver, CO 80202 PARCEL I.D. SPACE ABOVE THIS LINE FOR PROCESSING DATA 1685 INSTR 4539153 OR 4663 PG 442 RECORDED 3/22/2011 10:27 AM PAGES 11 DWIGHT E. BROCK, CLERK OF THE CIRCUIT COURT COLLIER COUNTY FLORIDA DOC @.70 $0.70 REC $95.00 CONS $0.00 SPACE ABOVE THIS LINE FOR PROCESSING DATA CONSERVATION EASEMENT THIS CONSERVATION EASEMENT given this 11th day of March, 2010, by Saxon Manor Isles Apartments Limited Partnership, a Florida limited partnership (hereinafter "Saxon Manor" or "Grantor "), as Grantor, whose address is 1415 Olive Street, Suite 310, St. Louis, MO 63103, to Collier County, Florida, a political subdivision of the State of Florida (hereinafter "Collier County" or "Grantee "). Grantor and Grantee may hereafter be collectively referred to as the "Parties." WHEREAS, Saxon Manor is the owner of that certain tract of land located in Collier County, Florida described in Exhibit A attached hereto (hereinafter referred to as the "Property"); and WHEREAS, Collier County is requiring that this Conservation Easement (the "Conservation Easement ") be entered into and recorded in the land records of Collier County to bind Saxon Manor; and WHEREAS, the Parties wish to establish their respective rights and responsibilities relative to the use and maintenance of the conservation area described in the attached Exhibit B (the "Easement Property "). NOW, THEREFORE, Grantor hereby conveys a Conservation Easement to Collier County as follows: 1. Grantor, its successors, heirs, assigns and/or transferees, hereby grants a non- exclusive easement to Collier County over and across the Easement Property for the purpose of conservation. Collier County shall have no responsibility for maintenance of the Conservation Easement. 2. No buildings, structures or impediments of any nature may be constructed, placed or permitted on, over or across the Easement Property. No dumping or placing of soil or other substances such as trash or unsightly or offensive materials shall be permitted on the Easement Property. There shall be no removal or destruction of trees, shrubs or other vegetation with the exception of exotic /nuisance vegetation removal. Excavation, dredging or removal of soil material, peat, rock or other material substance in such a manner as to affect the surface shall be prohibited on the Easement Property. No dikes or fencing shall be permitted on the Easement Property. There shall be no other activities detrimental to drainage, flood control, water DMWEST #7480089 v1 16B5 1 conservation, erosion control or fish and wildlife habitat conservation or preservation permitted on the Easement Property. The Easement Property shall be in no way altered from its natural or permitted state. 3. Grantor, its heirs, successors or assigns shall bear the responsibility for maintaining the Easement Property, including, but not limited to, regular maintenance as may be required by any governmental agency having jurisdiction relative thereto. The Easement Property shall at all times be maintained in accordance with applicable requirements of the Collier County Land Development Code. 4. No right of access by the general public to any part of the Easement Property is being conveyed. Collier County shall have the right to access and use of the Easement Property for the purpose of making inspections; however, Collier County shall have no obligation to maintain the Easement Property, nor shall Collier County have the right to use the Easement Property for any purpose inconsistent with the terms of this Conservation Easement. 5. Grantor reserves all rights as owner of the Easement Property, including the right to engage in uses of the Easement Property that are not prohibited herein and which are not inconsistent with any County ordinance, regulation or development permit, and the intent and purposes of this Conservation Easement. 6. Grantor shall pay any and all real property taxes and assessments levied by competent authority on the Easement Property. 7. Grantor shall insert the terms and restrictions of this Conservation Easement in any subsequent deed or other legal instrument by which Grantor divests itself of any interest in the Easement Property. 8. All notices, consents, approvals or other communications hereunder shall be in writing and shall be deemed properly given if sent by United States certified mail, return receipt requested, addressed to the appropriate party or successor in interest. 9. This Conservation Easement may be amended, altered, released or revoked only by written agreement between the Parties hereto or their heirs, successors or assigns, which shall be filed in the public records of Collier County. 10. This Conservation Easement shall run with the land and shall be binding upon and inure to the benefit of all present and future owners of any portion of the Property and their successors and/or assigns, it being the intention of the Grantor that this Conservation Easement be perpetual. 11. If any provisions of the Conservation Easement or the application thereof to any person or circumstances is found to be invalid, the remainder of the provisions of this Conservation Easement shall not be affected thereby, as long as the purpose of the Conservation Easement is preserved. 12. Enforcement of the terms, provisions and restrictions of this Conservation Easement shall be at the reasonable discretion of Grantee, and any forbearance on behalf of DMWEST #7480089 v1 2 1685 A Grantee to exercise its rights hereunder in the event of any breach hereof by Grantor, shall not be deemed or construed to be a waiver of Grantee's rights hereunder. 13. The terms and conditions of this Conservation Easement may be enforced by the Grantee by injunctive relief and other appropriate available remedies, and Grantor consents that venue of such enforcement actions shall lie exclusively in the Circuit Court of the Twentieth Judicial Circuit in and for Collier County, Florida. In any enforcement action in which the Grantee prevails, Grantee shall be entitled to recover reasonable attorney's fees and costs in the trial and appellate courts in addition to the cost of restoring the land to the natural vegetative and hydrologic condition existing at the time of execution of this Conservation Easement or to the natural vegetative state required for a development permit. These remedies are in addition to any other remedy, fine or penalty, which may be applicable under Chapters 373 and 403, Florida Statutes. IN WITNESS WHEREOF, Grantor has hereunder set its hand and seal the day and year first above written. Sign, sealed and delivered in the presence of: WITNESSES: Pri Name: �C Printed Name Q o F(MI/I DMWEST #7480089 v1 SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP, a Florida limited partnership By: MBS -SAXON GP, L.L.C., a Missouri limited liability company, General Partner By: SAXON SPECIAL COMPANY, a Missouri corporation, its Member By Name: Susan Tempesta Title: Vice President 1685 1 STATE OF FLORIDA ) COUNTY OF PALM BEACH ) The foregoing instrument was subscribed, sworn and acknowledged before me this V day of March, 2010, by Susan Tempesta as Vice President of Saxon Special Company, Member of MBS -SAXON GP, L.L.C., for the General Partner of Saxon Manor Isles Apartments Limited Partnership, and who is [ ] personally known to me or Wwho produced f L , identification. NOTARY PU: Printed Name: My Commission Expires: �#" ;r p SAMM F0WH i NoWyF' •Staof FWO • Uy Conxe• Ex0 ts. 201 CoaNnw +F 00 '"W DMWEST #7480089 v1 4 n Acceptance by Grantee: ATTEST: DWiGHT.E -BkOCK, Clerk 1665 BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLORIDA Approved as to form and legal sufficiency: B: Y D S� E. Wright istant County Attorney lu& W. (4 FRED W. COYLE, CHAT MAN DMWEST #7480089 v1 5 EXHIBIT A DESCRIPTION OF PROPERTY A PORTION OF THE EAST 1/2 OF THE EAST 1/2 OF THE EAST 1/2 OF THE NORTHEAST 1/4 OF SECTION 6, TOWNSHIP 50 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE NORTHEAST CORNER OF SECTION 6, TOWNSHIP 50 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA; THENCE RUN S. 00 °07'54" W., ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 6, FOR A DISTANCE OF 59.41 FEET TO A POINT ON THE SOUTHERLY RIGHT -OF -WAY LINE OF RADIO ROAD (C.R. 856), AND THE POINT OF BEGINNING OF THE PARCEL OF LAND HEREIN DESCRIBED; THENCE CONTINUE S. 00 °07'54" W., ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 6, FOR A DISTANCE OF 1363.79 FEET; THENCE RUN N. 89 °52'06" W., FOR A DISTANCE OF 75.75 FEET; THENCE RUN N. 00 007'54" E., FOR A DISTANCE OF 59.24 FEET; THENCE RUN N. 89 052'06" W., FOR A DISTANCE OF 180.57 FEET; THENCE RUN S. 00 °07'22" W., FOR A DISTANCE OF 76.24 FEET; THENCE RUN S. 89 °52'06" E., FOR A DISTANCE OF 234.32 FEET; THENCE RUN S. 00 007'54" W., FOR A DISTANCE OF 82.78 FEET; THENCE RUN N. 89 052'06" W., FOR A DISTANCE OF 35.35 FEET; THENCE RUN S. 00 007'54" W., FOR A DISTANCE OF 55.00 FEET; THENCE RUN N. 89 052'06" W., FOR A DISTANCE OF 203.00 FEET; THENCE RUN N. 00 °07'54" E., FOR A DISTANCE OF 10.00 FEET; THENCE RUN N. 89 052'06" W., FOR A DISTANCE OF 69.74 FEET TO A POINT ON THE WEST LINE OF THE EAST 1/2 OF THE EAST 1/2 OF THE EAST 1/2 OF THE NORTHEAST 1/4 OF SAID SECTION 6; THENCE RUN N. 00 °07'22" E., ALONG THE WEST LINE OF THE EAST 1/2 OF THE EAST 1/2 OF THE EAST 1/2 OF THE NORTHEAST 1/4 OF SAID SECTION 6, FOR A DISTANCE OF 1502.24 FEET TO A POINT ON THE SOUTHERLY RIGHT -OF -WAY LINE OF RADIO ROAD, THE SAME BEING A POINT ON A CIRCULAR CURVE, CONCAVE SOUTHERLY, WHOSE RADIUS POINT BEARS S. 01 °35'59" E. A DISTANCE OF 14892.73 FEET THEREFROM; THENCE RUN EASTERLY, ALONG THE SOUTHERLY RIGHT -OF -WAY LINE OF RADIO ROAD AND ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A RADIUS OF 14892.73 FEET, THROUGH A CENTRAL ANGLE OF 01 016'16 ", SUBTENDED BY A CHORD OF 330.38 FEET AT A BEARING OF N. 89 002'09" E., FOR A DISTANCE OF 330.39 FEET TO THE POINT OF BEGINNING. DMWEST #7480089 vl EXHIBIT B EASEMENT PROPERTY A PARCEL OF LAND LOCATED IN A PORTION OF SECTION 6, TOWNSHIP 50 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA; BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCED AT THE NORTHEAST CORNER OF SECTION 6, TOWNSHIP 50 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA; THENCE RUN S.00 °07'55 "W., ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 6 FOR A DISTANCE OF 59.41 FEET; THENCE CONTINUE S.00 °07'54 "W., ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 6, FOR A DISTANCE OF 1915.56 FEET; THENCE RUN N.89 °52'05 "W., FOR A DISTANCE OF 59.36 FEET TO THE POINT OF BEGINNING OF THE PARCEL OF LAND HEREIN DESCRIBED; THENCE CONTINUE N.89 052'05 "W., FOR A DISTANCE OF 38.00 FEET; THENCE RUN N.00 °07'55 "E., FOR A DISTANCE OF 80.00 FEET; THENCE RUN N.89 °52'05 "W., FOR A DISTANCE OF 178.00 FEET; THENCE RUN N.00 °07'55 "E., FOR A DISTANCE OF 18.00 FEET; THENCE RUN N.89 °52'05 "W., FOR A DISTANCE OF 54.69 FEET TO A POINT ON THE WEST LINE OF THE EAST HALF OF THE EAST HALF OF THE EAST HALF OF THE NORTHEAST QUARTER OF SAID SECTION 6; THENCE RUN N.00 °07'22 "E., ALONG THE WEST LINE OF THE EAST HALF OF THE EAST HALF OF THE EAST HALF OF THE NORTHEAST QUARTER OF SAID SECTION 6, FOR A DISTANCE OF 307.00 FEET; THENCE RUN S.89 °52'05 "E., FOR A DISTANCE OF 67.74 FEET; THENCE RUN S.00 °07'55 "W., FOR A DISTANCE OF 10.00 FEET; THENCE RUN S.89 °52'05 "E., FOR A DISTANCE OF 123.00 FEET; THENCE RUN S.00 107'55 "W., FOR A DISTANCE OF 115.00 FEET; THENCE RUN S.89 °52'05 "E., FOR A DISTANCE OF 80.00 FEET; THENCE RUN S.00 °07'55 "W., FOR A DISTANCE OF 80.00 FEET; THENCE RUN S.89 °52'05 "E., FOR A DISTANCE OF 17.00 FEET; THENCE RUN S.00 °07'55 "W., FOR A DISTANCE OF 120.00 FEET; THENCE RUN N.89 °52'05 "W., FOR A DISTANCE OF 17.00 FEET; THENCE RUN S.00 °07'55 "W., FOR A DISTANCE OF 80.00 FEET TO THE POINT OF BEGINNING; CONTAINING 1.856 ACRES, MORE OR LESS. DMWEST #7480089 v1 1685 1 CERTIFICATE OF TITLE INFORMATION FOR SAXON MANOR ISLES APARTMENTS A search of the Public Records of Collier County, Florida, through March 11, 2010 at 5:00 PM reveals the following with respect to the legal description of the property set out on the property attached hereto as Exhibit "A" and made a part hereof. I. The most recent deed of conveyance recorded in the official records of Collier County appears at: Parcel A: OR Book 2404, page 1865, Public Records of Collier County, Florida, and conveys title to Saxon Manor Isles Apartments Limited Partnership, a Florida limited partnership Parcel B: OR Book 2164, page 264, Public Records of Collier County, Florida and conveys title to Saxon Manor Isles Apartments Limited Partnership, a Florida Limited Partnership II. Ad Valorem taxes for the above lands as abstracted from the Collier County Tax Assessor Rolls for 2009: Parcel A: Parcel ID Number 00400840006 are paid Parcel B Parcel ID Number 00400880008 are paid III. Conflicting rights of way, easements or plat affecting said property are as follows: 1. Easement for Water /Sewer Utilities recorded in OR Book 2283, page 942, Public Records of Collier County, Florida. 2. Easement recorded in OR Book 2396, page 893, Public Records of Collier County, Florida. 3. Easement for Cable Television and Communications Service recorded in OR Book 4078, page 1210, Public Records of Collier County, Florida. 4. Permanent Access Easement recorded in OR Book 2164, page 362, Public Records of Collier County, Florida. 5. Easement recorded in OR Book 2220, page 680, Public Records of Collier County, Florida. IV. Other information regarding said property includes: 1. Any lien provided by Chapter 159, Florida Statutes, in favor of any city, town, village or port authority for unpaid service charges for service by any water, sewer or gas system supplying the insured land. 2. Agreement for 100% Deferral of Collier County Impact Fees recorded in OR Book 2214, page 1840, Public Records of Collier County, Florida. 3. Bill of Sale recorded in OR Book 2283, page 938, Public Records of Collier County, Florida. 4. Utility Facilities Warranty Deed recorded in OR Book 2283, page 946, Public Records of Collier County, Florida. 5. Extended Low - Income Housing Agreement recorded in OR Book 2341, page 569, First Amendment recorded in OR Book 2358, page 839, Second Amendment recorded in OR 1665 Book 2529, page 593, Third Amendment recorded in OR Book 4317, page 4146, Public Records of Collier County, Florida. 6. Agreement for 100% Deferral of Collier County Impact Fees recorded in OR Book 2400, page 40, Public Records of Collier County, Florida. 7. Extended Low - Income Housing Agreement recorded in OR Book 2559, page 1456, Public Records of Collier County, Florida. 8. Quit Claim Deed recorded in OR Book 2225, page 935, Public Records of Collier County, Florida. 9. Amended and Restated Land Use Restriction Agreement recorded in OR Book 2404, page 1868, Public Records of Collier County, Florida. V. The public records of Collier County relating to the captioned property show unsatisfied mortgages, mechanics liens, tax liens, and judgments against the above -named owner as follows, to wit: A. MORTGAGES: Mortgage, Assignment of Rents and Security Agreement — OR Book 2404, page 1892, Assignment of Rents and Leases — OR Book 2404, page 1934, UCC -1 Financing Statement — OR Book 2404, page 1948, Continuation of UCC -1 Financing Statement — OR Book 3249, page 2999, Amendment UCC -1 Financing Statement — OR Book 3249, page 3005, Continuation of UCC -1 Financing Statement — OR Book 4335, page 1795, Assignment of UCC -1 Financing Statement — OR Book 4340, page 734 B. JUDGMENTS: None C. TAX LIENS: none D. MECHANICS none LIENS: E. OTHER: Final Judgment against Saxon Manor Isles Apartments Limited Partnership — OR Book 4268, page 2096 (not certified), Final Judgment against Saxon Manor Isles Apartments Limited Partnership — OR Book 4268, page 2094 (not certified) This certificate is made for the purpose of furnishing the information required for the filing of an easement. It has been prepared expressly for the customer who ordered the certification and it is not to be relied upon by any other group or person for any other purpose. In compliance with Florida Statute 627.7843(3), the maximum liability hereunder for incorrect information shall not exceed $1,000.00. � 0 1685 9 EXHIBIT_ "A" Parcel A PROPERTY DESC -nON A PORTION OF THE EAST 1/2 OF THE EAST 1/2 OF .7W EAST 1/2 OF p71HE NORTHEAST 1/4 OF SECTION S. TOWNSHIP 50 SOUTH. RANGE 26 F�`OU1 FLORIDA. BEING MORE PARTiL'1lEARLY OL LOWS; COMMENCE AT THE NORTHEAST COINER OF .SECTION 6. TOWNSHIP 50 NTH+ RANGE 25 EAST. CDLUER COUN7'1r S. 00" Or54' W., ALONG TNE EAST �E OF � RtJ�r QUARTER OF SA1D SEC71ON 6, FOR A =An PO NT ON THE SoLgH y RIGHT-OF OF 59.41 FEET TO A OF T: THENCE AST QUE S. 0007'54 w . ALONG �RO,� (c R. OF THE NORTHEAST pUAR'� OF SAID SECTION 6 OF 1363.79 FEET TO THE . FOR A DISTANCE LAND HEREIN DESCRIBED. OF THE PARCEL OF THE EAST LINE OF THE N THENCE CONTINUE SOOVr54' W., ALONG FOR A DISTANCE iOF '13g5�06� RTER OF SAID SECTION 8, . OF SAID SECTION 6: ,EAST QUARTER CORNER LINE OF 7HE NORTHEAST 915 W-- ALONG THE SOUr i DISTANCE 329.92 FEET TO SAID SECTION 6. FOR A HALF OF THE EAST HALF 0� �T CORNER OF T1iE EAST 'QUARTER OF SAID SECTION 6 'EAST HALF OF �'}!E NORTHEAST • THE WEST UNE OF THE EAST HHE � RUN N. 00'07'22' E.. ALONG HALF OF THE NORTHEAST THE EAST ION OF THE EAST OF 1254.00 FEET: THENCE RUN Bg'S2 Q E FORNq DFOR A DISTANCE 69.74 FEET; THENCE RUN S. 00'07'54' AT�lCE OF 30.00 FEET- THENCE THENCE N S 89'52',06' EI FOR A OWTTANNCE � 203.00 RUN N. 00'07'54' E. FOR A DISTANCE OF 55.00 FEET: THENCE RUN S. 89452'06' E. FOR A DISTANCE OF FEET; THENCE RUN N. Q1 8278 ag*52,S4 E. FOR A DISTANCE OF v► FEET: THENCE RUN N. 89'52'06' W FOR A DISTANCE OF 726342. FEET: THENCE RUN N. 001Q7'22" CW FEET: THENCE RUN S. 891;2'05' E. FOR A DISTANCE F 180.57 FEET; THENCE RUN S. 00- 07.54' W FOR A DISTANCE OF 59.24 FEET TO THE RUN S. ,89. 52'06' FOR A DISTANCE F OF 75.75 E FOR A DISTANCE OF 1685 4 V h� A Parcel B A.00RTJC`4 OF TFE EAST ;/2 Cr TIE -AS, 1/2 ::= ".H; -AST :,2 CF NORTHEAST 7/4 OF SECTION 6. TO:YUStiro 5C SC'Ui'I;, R,;;�Gt 26 RA EAST. COLjE4 CCUN -y. �LOR'�A. °EI ►tp WORE PARTICULARLY pESCR19EC AS Fa--01.%S: CCMMENCE Ai THE NORTHEAST CORNER OF S;C:ION 6, TOWNSHIP 50 SOUTH. FLANGE 26 EAST. COLLIER COUNTY, FLORIDA; Tr!£NCE RUN S. 00'07'54" W., ALONG THE EAST LINE OF THE NORTHEAST QUARTER Or SAID SECTION 6. FOR A OISiANCE OF 59.41 FEET TO A POINT ON THE SOUTHERLY RIGHT -OF -WAY UNE OF RADIO ROAD (C.R..856), AND THE E'_ ► F EG'hMra OF THE PARCEL OF LAND HEREIN DESCRIBED; THENCE COIVT.NUE S. 00'07'54' W., ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 6. FOR A DISTANCE OF 1363.79 FEET; irIENCE RUN N. 89'52 "06" W. FOR A DISTANCE OF 75.75 FEET: THENCE RUN N. 00'07'54" E., FOR A DISTANCE OF 59.24 FEET: THENCE RUN N. 8952'06" W. FOR A DISTANCE OF 180.57 FEET: THENCE RUN S. 00'07'22" W.. FOR A DISTANCE OF 76.24 FEET; THENCE RUN S. 89'32'06' E.. FOR A DISTANCE OF 234.32 FEET: THENCE RUN S. 00-07'54" W., FOR A DISTANCE OF 82.78 FEET; THENCE RUN N. 89-52'06' W FOR A DISTANCE OF 35.35 FEET; THENCE RUN S. 00'07'54" W FOR A DISTANCE OF 55.00 FEET; THE NCE RUN N. 89'52'06" W.. FOR A DISTANCE OF 203.00 FEET; T RUN N. 00707'54" E_. FOR A DISTANCE OF 10.00 FEET; THENCE RUN N. 8952'06" W.. FOR A DISTANCE OF 69.74 FEET TO A POINT ON THE WEST LINE OF THE EAST 1/2 OF THE EAST 1/2 OF THE EAST 1/2 OF THE NORTHEAST 1/4 OF SAID SECTION 6; THENCE RUN N. 00'07'22" E.. ALONG THE WEST LINE OF THE EAST 1/2 OF THE EAST 1/2 OF THE EAST 1/2 CF >na THE NORTHEAST 1/4 OF SAID SECTION S. FOR A DISTANCE OF 1502,24 FEET TO A POINT ON THE SOUTHERLY RIGHT -0; -WAY LINE OF RADIO ROAD. THE SAME BEING A POINT ON A CIRCULAR CURVE. CONCAVE SOUTHERLY. .��. WHOSE RADIUS POINT BEARS S. 01'35'59' E. A DISTANCE OF 14892.73 FEET THEREFROM: THENCE ' RUN EASTERLY, ALONG THE SOUTHERLY RIGHT-OF- WAY LINE OF RADIO ROAD AND ALONC THE ARC o OF SAID CURVE TO THE RIGHT. HAVING A RADIUS OF 1489,2.;3 FEET, THROUGH A CENTRAL ANGLE -. ^' a% OF 01^16'16 SU9TENDE6 BY A CHORD OF 330.38 FEET AT A BEARING OF N. 89'02'09" E.. FOR A DISTANCE' OF 330.39 FEET TO THE PINT QF R-a NINC aF Return to! IIR ff TITLE OQARANTSS CONVANY or FLORIDA 3936 N. Tamiami Trail, Suite A Naples, FL 33940 (941)262 -2163 $ 600,000.00 cons. $ IK'.00 40-r" rcdg . $ 4,200.00 st.s. 1685 1 2038612 OR: 2164 PG: 0264 UCOIDID ie OPPICIAL UCOIDS of COLLIII COWT, PL 03/21/96 at 04:099 DiIGI? 1. DIM, CUB COTS 600000.00 Ric P11 15.00 DOC -.10 4200.00 lets: MIDVIST TIM PICI up WARRANTY DEED TSii WARRANT! DSSD made the day of A.D. 1". by Suncoast Corp., a Delaware Corporation having its principal place of business at Wilmington, Delaware hereinafter called the grantor, to Saxon Manor Isles Apartments Limited Partnership, a Florida Limited Partnership hereinafter called the grantee, 4983 Southridge Park Dr /.,%-Pi. Louis, MO 6 (Wherever used herein the t rms "g " instrument and the heirs, 1 a s successors and assigns of 17 WITMUNTSt That the g f c aid valuable considerations, re t are s by sells, aliens, remises, rel conveys and c fi land situate in Collier ty, Florida, v See Exhibit "A" attached hereto e a part IE? 1 , is: ee" include all the parties to this as ne of individuals, and the Wcthe sum of $10.00 and other ad, hereby grants, bargains, he grantee , all that certain :00400840006 & 00400880006 TOOSTWM with all the tenements, hereditaments and appurtenances thereto belonging or in anywise appertaining. TO SAYE AND TO SOLD, the same in fee simple forever. AND the grantor hereby covenants with said grantee that the grantor is lawfully seised of said land in fee simple; that the grantor has good right and lawful authority to sell and convey said land; that the grantor hereby fully warrants the title to said land and will defend the same against the lawful claims of all persons whomsoever; and -L -r - -lA -A 4- 0--- w4r m71 aYCant taxes accruino subseeuent to OR: 111 �.4§5 0 = WITM S WMRUOI, the grantor has caused these presents to be executed in its name, and its corporate seal to be hereunto affixed, by its proper officers thereunto duly authorized, the day and year first above written. sealed and delivered in our presences WORPOR11TS SNAL) Suncoast Corp., a Delaware Corporation (printed dense) --�1. _ P . Witness Mo. 9 (Print name below) By: J ck J. hman , Ttjo it rssiden (Printed name). �A'6R CQt/ inwix of OF 4_jiSIk-X U- ---I Comm The foregoing instrument w s - e by Jack J. Bachman , euncoast Corp., a Delaware a on behalf of the aonswrati -as identiliaa -Q 1y Commission sxpiress C R •. DOW JAC0 a :A sir cow kim 0 Cp02911 ExPm =Y 080N io ' . 3 J* 22.1001 n RZIVRM TO PRSPRRSR: This instrument prepared by P. R. Coleman, President, MXDMT TITLZ OIQRRRMTls C ompAMY OF PLORIDA, 3229 M. Tamiami Trail. MAnlad. ry. o*%oAn IGAIIIco_IJica 4 r� day of l � �� -1 of mi br has produced A,PORTICN OF THE EAST 1/2 OF THE EAST 1/' 1 THE NORTHEAST 1/4 OF SECTION 6. TOWNSHIP EAST. COL'- IER COUNTY, rLORICA. BEING MORE DESCRIBED AS FOLLOWS: A "' (iF 'H:: FAST *..,2 CF 50 SOUTH, RANGE 26 PARTICULARLY CCMMENCE AT THE NORTHEAST CORNER OF SECTION 6. TOWNSHIP 50 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA; THENCE RUN S. 00'07'54" W., ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 6, FOR A DISTANCE OF 59.4+ FEET TO A POINT ON THE SOUTHERLY RIGHT —OF —WAY UNE OF RADIO ROAD (C.R..856), AND THE POINT OF BEGINNING OF THE PARCEL OF LAND HEREIN DESCRIBED; THENCE CONTINUE S. 00'07'54" W.. ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 6, FOR A DI 63.79 FEET; THENCE RUN N. 89'52'06" W. FOR FEET; THENCE RUN N. 00'07'54" E., F EET; THENCE RUN N. 89'52'06" W., DISTANCE OF 1 ET; THENCE RUN S. 00'07'22" W A DISTANCE OF 76.2 FE THENCE RUN S. 89'52'06" ., F DTST)►NCE F 34.32 EE THENCE RUN S. 00'07'54' OR TAM 0 .78 F ET; THENCE RUN N. 89'52'06" W., T; THENCE RUN S. 00'07'54" W., 0 ITN T; ENCE RUN N. 89'52'06" W., A DI T N 0 T. RUN N. 00'07'54' 10. ENCE RUN N. 89'52'06" A DI ANCE 69.7 F 0 A POINT ON THE WE E OF THE EAST 1 OF TH T 1/2 OF THE EAST 1/2 OF ORTHEAST 1/4 0 I N 6; THENCE RUN N. 00'07'22" E., G THE WEST LINE AST 1/2 OF THE EAST 1/2 OF ST 1/2 OF THE AST 1/4 OF SAID SECTION 6, FOR A DIST A POINT ON THE SOUTHERLY RIGHT -OF -WA THE SAME BEING A POINT ON A CIRCULAR CURVE, THERLY, WHOSE RADIUS POINT BEARS S. 01'35'59" E. A DISTANCE OF 14892.73 FEET THEREFROM; THENCE RUN EASTERLY, ALONG THE SOUTHERLY RIGHT —OF- WAY LINE OF RADIO ROAD AND ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A RADIUS OF 14892.73 FEET. THROUGH A CENTRAL ANGLE OF 01'1616 ", SUBTENDED BY A CHORD OF 330.38 FEET AT A BEARING OF N. 89'02'09" E., FOR A DISTANCE OF 330.39 FEET TO THE POINT OF BEGINNING -s- 1685 4 30 a* 30 N v+ .is wo 0 N D1 cw% >0 30 ai Return to: MIDWEST TITLE GUARANTEE COMPANY OF FLORID 3936 N. Tamiami Trail, Suite A Naples, FL 34103 (941)262 -2163 30536JDJ Consideration: $628,778.00 Recording $W.40 16.00 Documentary Stamps: 4401.60 WARRANTY THIS WARRANTY DEED made the day of Saxon Manor Isles Apartments Limited Partnership 11, a Florida I-imi hereinafter called the grantor, to Saxon Manor Isla Apartments Limited hereinafter called the grantee, whose 1521 Dolphin Lane, ( Wherever used herein the term representatives and assigns of it WITNESSETH: That the considerations, receipt whereol conveys and confums unto the No: 00400840006) See Exhibit A address is: F-L 34102 all that certain land SUBJECT to that certain mortgage in favo -a"19 PARTNERSHIP recorded in OR Book 2164, page principal amount of $532,000.00. TOGETHER with at) the tenements, hereditaments appertaining. TO HAVE AND TO HOLD, the same in fee simple 1685 2300532 OR: 2404 PG: 1865 "COIDID A 011ICIU DCMI of COLLIII CMIT' 1L 04102/11 at 01:31M Him A. 110CR, CL1a 0011 121111.14 110 111 15.0 DOC -.11 4401.11 Iota: MIDMIST TITLI PICK it Partnership slted partnership instrument and the heirs, legal ms.) o th of $10.00 and other valuable 1 ts, , sells, assigns, remises, releases, in oil' unty, Florida, viz: (Folio - r0 - HOUSING FUND 345, A NEVADA LIMITED Records of Collier County. Florida, in the unpaid appurtenances thereto belonging or in anywise AND the grantor hereby covenants with said grantee that the grantor is lawfully seized of said land in fee simple; that the grantor has good right and lawful authority to sell and convey said land; that the grantor hereby fully warrants the tick to said land and will defend the same against the lawful claims of all persons whomsoever; and that said land is free of all encumbrances, except taxes accruing subsequent to December 31, 1997, and easements, restrictions and reservations of record, and easements and restrictions common to the subdivision. EXHIBI7_ „A° PROPERTY DESCRIPTION A PORTION OF THE EAST 1/2 OF THE EAST 1/2 OF THE EAST 1/2 OF THE NORTHEAST 1/4 OF SECTION 6, TOWNSHIP 50 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS- COMMENCE AT THE SOUTH, RANGE 26 NORTHEAST CORNER OF SECTION 6, TOWNSHIP 50 EAST, COLLIER COUNTY, FLORIDA; THENCE RUN S. 00'07'54” W., ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID POINT ON THE A DISTANCE OF 59.41 FEET TO A 856); THENCE WAY LINE OF RADIO ROAD (C.R. E S. 00 ' OF THE NO T ., ALONG THE EAST LINE QUARTER OF S CTION 6, FOR OF 1363.7 FE E A DISTANCE LAND HER IN E THE EAST L! OF THE PARCEL OF ED; CON NU 5.00'07'54" W., ALONG FOR A Di T 0 OF SAID SECTION 6. 5. OF SAID E 6 E AST QUARTER CORNER N ' LINE OF 9' 5" W. ALONG THE SOUTrn TR S SECTION 6. FOR A DISTANCE .92 FEET TO TH OU W CORNER OF THE EAST HALF OF AST HALF QUARTER 0 D SECTION OF S F OF THE NORTHEAST E EAST HA N. 00'07'22" E.. ALONG THE WEST LI E EAST HALF OF THE EAST HALF OF THE OF 1254.00 FEE ; 69.74 FEET; THENCE RJ SAID SECTION 6. FOR A DISTANCE 52'06" E. FOR A DISTANCE OF JS. 10.00 FEET; THENCE RUN $9'S'� 7'54" W. FOR A DISTANCE OF E F 203.00 FEET; THENCE RUN N. 00 0 54 EtFORA DISTANCE OF 55.00 FEET; THENCE RUN DISTANCE OF 35.35 FEET; THENCE S. 89'52'06" E. FOR A DISTANCE OF RUN N. 00'07'54" E. 82.78 FEET; THENCE FOR A DISTANCE OF RUN N. 89'52'06" W. FOR A DISTANCE OF 234.32 FEET, THENCE RUN N. 00107'22" E. FOR A DISTANCE OF 76.24 FEET; THENCE RUN S. 89052'06" E. FOR A DISTANCE OF 180.57 FEET; THENCE RUN S. 00 *07'54" W. 59.24 FEET; THENCE 75.75 FEET TO FOR A DISTANCE OF RUN S. 89'52'06" E. FOR A DISTANCE OF THE POINT pF gE01NNIN, .. N .s,. 0 .ss b co v� v� 1.685 OR: 2404 PG: 1861 Deed Con't The East 1/2 of the East I '2 of the East 1/2 of the Northeast V-1 of Section 6, 1'o%%nship SO South, Range 26 East IN WITNESS WHEREOF, the said grantor has signed and sealed these presents the day and year first above written. SIGN7, sealed and delivered in our presence: Ii Saxon Manor Isles Apartments Limited / ` c Partnership 11, a Florida Limited Partnership "VATNESS NO. l (print name ow) k Bac , President of SunCoast Corp., a laware orporation, on behalf of the N. t rporation, only General Partner of the Limited Partnership vl name) i(AP-01 he^.@ v F Cp FITNESS 0.2 (p ' t name below) O�, -..1 name STATE OF Florida COUNTY OF Collier The foregoing instrument was Jack Bachmann, President of S Partner of the Limited produced My Commission Expires El Corp., a Delaware C� rship, who is as identiftcatrc --t E, C'I 1X11MM iq{:KWN' 14 j MY O AMMASSM / OCORM EXMRks (SEAL) Mrts, xm tor�ttwi tsar rwtttmmos. (deed) • _110 . by, of the Corporation, only General IN to --»e or who has RETURN TO PREPARER: This instrument prepared by P. R. Coleman, President, MIDWEST TITLE GUARANTEE COMPANY OF FLORIDA, 3936 No. Tamiami Trail, Naples, FL 34103,(941)262-2163, in conjunction with the issuance of title insurance. aearcn xesuits Collier County Tax Collector 3301 Tamiami Trail East Naples, FL 34112 -4997 2009 Tax Roll Inquiry System P ebo� 6 OWNER INFORMATION PROPERTY INFORMATION Name: SAXON MANOR ISLES APTS LTD PTN Address: JRK PROPERTY HOLDINGS parcel: 00400840006 �� Acre: 8A1 Loc: 268 MANOR BLVD NAPLES Address: Address: % DANIEL FRISCHER 16 50 26 COMM AT NE CNR SEC 6 S 11766 WILSHIRE BLVD STE 1450 159.41 FT S 1363.79FT TO POB, S Address: I 1395.06FT,'S89DEG W 329.92FT, Address: LOS ANGELES, CA 90025 -6570 Le al: N 1254FT, S89DEG E 69.74FT, S PAY TERMS Nov: 46101.85 �"°J 46582.08 Jan: 47062.30 Feb: 47542.53 Mar. 48022.76 Apr.�� Ma : 0 Now Due: PAYMENT INFO Patd Dt : 11/2412009 Recpt: 47311 Mach: L�_J pa mt: 46,101.85 Mort VAL.UEIEXEMPTIONS Market Value: 3,967,380 Taxable Value: 3,987,380 Millage Code: 276 [omested Ex: A rlckr Ex: 0 Widow Ex]0� Blind Ex: t�J Disabled: 0 Veteran Ex: 0 � TAX INFOR—M—A—T--10—N-1 Coun :14736.44 School St 11866.43 School Ioc: 6918.67 City Tax: 0.00 De ndt: 3,841.22 Water: 1,909.90 F STATUS INFO. Non Ad Va: Independ: Voter Appr: 6,236.72 513.38 *Gross Tax: 48022.76 Appr fee:® Advertlsin 0.00 Installment: Deferred: Bankru t:I'�_� TDA: �� Wholly Ex: Civilian Ex: �� COMMENTS EXTRA LEGAL INFORMATION 10FT, 589DEG E 203FT, N 55FT, S89DEG E 35.35FT, N 82.78FT, N89DEG W 234.32FT, N 76.24FT, S89DEG E -J 180.57FT, S 59.24FT, S89DEG E 75.75FT TO POB 2003 Parcel Information 2004 Parcel Information 1 2005 Parcel Information 2-U-6-Parcel Information 1 2007 Parcel Information l 200$ Parcel Infiormatia_ Last Updated: 02/05/2010 5:00pm http:// colliertax .com /search/view.php ?ID= 72497127 &page = l &tc =.1 &tax _year =2009 2/8/2010 search Results Collier County Tax Collector 3301 Tamiami Trail East Naples, FL 34112 -4997 2009 Tax Roll Inquiry System I () tj -5 to OWNER INFORMATION PROPERTY INFORMATION Name: SAXON MANOR ISLES APTS LTD PTN 100400880008 1 Acre: 11.00 Address: JRK PROPERTY HOLDINGS Loc: 6480 RADIO RD NAPLES Napa gg;)gsk Address: % DANIEL FRISCHER - 16 50 26 COMM AT NE CNR OF SEC Address: 11766 WILSHIRE BLVD STE 1450 L al: 6 S 59.41 FT TO POB, S 1363.79 Address: L al: FT, N89DEG W 75.75FT N 69.24 Address: LOS ANGELES, CA 90025 -6b70 al: FT, N89DEG W 180.57FT S 76.24 VALUE/EXEMPTIONS Market Value: 4,536,01b Taxable Value: 4,636,015 Milla a Code: F27-5----] Homested Ex: Agricltr Ex: Widow Ex: �_� Blind Ex: Disabl ed: Veteran Ex:]0 1 � I TAX INFORMATION PAY TERMS Nov: 52709.51 Dec: 53268.67 Jan: 53807.63 PAYMENT INFO Paid Dt : 1112412009 Recpt: 47310 Coun :16848.58 School St: 13567.22 School loc: 10196.96 —City Tax: I 0.00 Dependt: 4,391.77 Water 2,183.64 Feb: 64356.68 Mar. 54906.74 AprC� pa mt: Mort: 52,709.51 STATUS INFO. � ---� Non Ad Va: N� —�--� InstallmentU �� Deferred: '�_J Bankru t �� TDA: 1 Independl, Voter A r: 7,130.67 Ma : 0 586.96 Now Due: *Gross Tax: Appr fee :� Advertlsin :0.00 54905.74 Wholly Ex: Civilian Ex: 0 COMMENTS EXTRA LEGAL INFORMATION FT, S89DEG E 234.32FT, S 82.78 FT, N89DEG W 35.35FT, S 55FT, N89DEG W 203FT, N 10FT, N89DEG W 69.74FT,N 1502.24FT, N89DEG E 330.39FT TO POB ................._.... . ,E�ilCk To LISt' 2003 Parcel Information 1 2004 Parcel Information 1 2005 Parcel Information 2006 Parcel Information J 2007 Parcel Information 1 2QQ8 Parcel Information Last Updated: 02/10/2010 5:00pm http: // colliertax .com /search/view.php ?ID= 73390102 &page= l &tc =1 &tax _year =2009 2/11/2010 2148324 OR; 2283 PG; 0942 RKOROID 11: tU ':? ?:CIA! RICOROS Of COLLIIR COUNTY, ➢: '13'5; a, 111 AA Dii:,;HT I. HROCK. C:IRK LASI -All' 1 FOR WA I LR SI.WI:K U'111.1 l ES 1685 n 39C a &H 1S.i0 C'JPIH� 4.9C. 'I he undersigned. ill consideration of 5100 and other good and %aluable consideration, the adequacy and receipt (11' Much is hereby ackno«Iedged, grants and gi%es to Collier County Water and Se%%el. District, 3301 1 aimami I rail Fast, Naples,, FI 1962, its licensees, agent•. stl..essors and assigns, it pennanent easement I'm- the construction, operation and maintenance of underground %%ater or see %er facilities to be installed from time to time, with the right to reconstruct, improw, add to, enlarge or remove such ta.ilities within the casement described on 1 xhlbit A attached hereto and made it part hereof; together mth the• right of ingress and egress to said premises at all times. The facilities shrill be constructed s w easement does not extend under any perimment building, improt•e�Q�IWFI "11 under construction or planned fir construction at idle tins * r IN W1 I NLSS WIdI:R )F n 1 Sigrid in the presence < Witnev, Ad scaled this Instrument I 11 r Isles Apartments I 4.'• lnrsllip oast Corp.. it ela%%are comoratioil. Ocrleral Partner 42, (�� ' 7 (! ` �(/ it l; . ,rte j -� _,� • Bite nl;eI11, Strlleoiasl Coup S fA I F. ()I- MISSOURI C.'C)l!N I Y OF S 1. I.()t)IS The f6regoing instrument %% its ackno« ledped before me this / 1 da> )f August, 1996, bN .lack J. Bachmann, the President of Suncoast Corp., it Delimare• T665 if OR: 2283 PG: 0943 corporation and the general Partner of Saxon Manor Isles Apartments 1.1mited Partnership, a Florida limited Partnership, cm behalf of said partnership, %vho is personally known to me or who produced as identification and who did (did not) take an oath. Nt)'l'AEZY PUEit.l(.' My Commission Expires: IV tii�;nttture of Notate Typed or Printed Name oi' Notm)7 Cptj rc�o Co KE CTRL 1685 1 A. TRIGO & ASSOCIATES, INC. Professional land Surveyors 2113 Trade Center Way Naples, Fivirida 33942 Antonio Trigo, ITS (941) 594.8448 President FAX (941) 594.0554 LEGAL DESCRIPTION COLLIER COUNTY UTILITY BASEMENT A strip of land lying in the Northeast one - quarter of Section 6 Township 50 South, Range 26 East, Collier County, Florida and being more particularly described as follows COMMENCING at the northeast corner of Section 6, Township 50 South, Range 26 East, Collier County, Florida; thence South 00 007'54" West along the easterly line of said Section 6, a distance o to the south right -of -way line of Radio Road a arc of a curve; thence leaving said rly line, tit esterly along the south right -of -Nay line adio Road 64.4 e t along the arc of said curve concave to he throu h a en ral angle of 00 014'52 ", having a radius f 4, 73 fee nd b on subtended by a chord which bears Sou 9° '5 c of 64.43 feet to the POINT Or BEGINN NG thence leaving ai ig t o - o h 1 00 '56" West a distance of 31.57 feet; thence North 72 4" West a d1 anc 5.00 feet; thence North 170 i'' 6" East a di ce 6.79 feet to the south •• right -of-way of R Road; ev thence run easterl ng the south -of -way of Radio Road 15.74 feet along the a cu cave to the south, through w a central angle of 00 gC radius of 14,892.73 feet rd and been subtended by a c bears N 89 °23'37" E a •n distance of 15.74 feet to the POINT OF BEGINNING of the parcel herein described. e .sue .sue Containing 448.0 square feet. Prepared by, Aro, P.L.S. a C rtificate No, 2982 Ju 23, 1996 Note: See sheet 2 of 2 for Sketch of Description. EXHIBIT A 0 SKETCH OF DESCRIPTION Curve number 1 * ** OR: 2283 PG: 0945 * ** P.O.C. Northeast corner Section 6, Township 50 South, Range 26 East. Rad /u5= 14892.73 Der to = DO.03'38' Arc= 15.74 Tangent= 7.87 Chord= 15.74 Chord Beg. N.89.2337£. Line %0 % ` , �• C- 64.443' 7 .89'32'52'W. ,oll� M„ h NOT A SURVEY r in a r e 0 °o vi Boon I I P.O.C. indloates Point of Commencement 2 P.O.B. indlcaW Point of Beginning 3 Sec. indicates Section. 4 Up. Indicates Township 5 Rye. Indlootes Range. 6 Ni distances are in feet and decimals thereof. 7 Bearinge are based an the East line of the northeast 1/4 of Section 6. Township 50 South, Range 2e East. Collier County, Florida as being S.W07'S4'w. A. TRIGO & ASSOCIATES, INC. DATE : Duly 23. ts96 P201 M olO AN NAI. LD M� k PLANNlDi! 2223 TRADE CENTER WAY DRAWN BY: AT SCALE: N.T.S. NAPLES. TWRiDA 39042 SHEET 2 Of 2 FILE N0. 96.0305.cue LAND BUR11EM BQBMW / M4 1W� Order No. 5939 -7 -547 Sec. 6. Twp 506, Rge 26 E Parcel I.D. /400840006 Mo tained By County Appraised Form 3722 (Stocked) Rev. 7/94 EASEMENT This { obwnent Prepared By Nan : E.T. Howard Co. Name: FPL Co. Addrsss: 4105 SW 15 AV NW*s, FL 34116 * ** 2289512 OR; A9 , 93 it U UID 11 OI"ICIAL 11C01DS of C011I11 00017T, It 0349196 at 02:2211 ovia? I. HOCK, CLARK IIC 111 6.00 DOC -.10 .70 Cords 1.00 The undersigned, in consideration of the payment of $1.00 and other good ails vahiabk ooaaideration. the adequacy and receipt of which is hereby aclaiowlodg-r grant and give to Florida Power & Light Co its licensees, agen , successors, and assigns, an easement forever for the construction, operation and maintenance of overhead and underground electric utility facilities (including wires, poles, guys, cables, conduits and appurtenant egwpwent) to be installed from time to titre; with the right to reconstruct, improve, add to, enlarge, change the voltage, as well as, the size of and remove such facilities or any of them within an easement 10 feet in width described as follows: J IACN= 001!111 LA 3 It 34102 S feet in width on each side of utillccyy lines as installed by Grantee from time to time on the property described as THE EAST 1/2 TO THE EAST 1/2 OF THE EAST I/2 OF THE NORTHEAST 1/4 OF SECTION 6, TOWNSHIP 50, SOUTH, RANGE 26, EAST, COLLIER COUNTY, FLORIDA, LESS AND EXCEPT THE RIGHT -OF WAY FOR RADIO ROAD (C.R.856).. The utility lines shall be constructed so that the easement does not extend under any permanent building improvement which is existing or under eonsalnction at the time of the utility construction. Together with the right to permit any other person, firm o ration to attach wires to any facilities hereunder and lay cable and conduit within the easement and to rate the same r a rposes. the right of ingress and egress to said premises at all times; the right to clear the IoM VI�' it c other obstructions within the easement area; to trim and cut and keep trimmed and cut all dead, weak, roue tsid a of the easement area which might interfere with or fall upon the lines or systems of comet or power t r •bution; and further grants, to the fullest extent the undeizioW has the power to grant, if at rights hercuWbove grant land heretofore described, over, along, under and across the roads, streets or highways adlo property. IN WITNESS WHEREOF, the undersi si this nt 3 , 19 9� Signed, sealed and delivered in presence of: s —' res t s sign re .I ire Print Name�'yPP X01 h LAN G Off, FL )4U A " ) Hess CT gnat re •----- -.-- -� r s sign ire Prim Name �S L)5cJ >� d f 1 — — Print Name: Print Address: (Corporate Seal) STATE OF �V1 c, AN COUNTY OF Qt'ufV The foregoing instrument was acknowledged before me this `+k day of arc . 19�1. by � rvw n kn , and respectively the President and Secretary of _ a corporation, on behalf of said corporation, who are personally known to_ -e or have produced as identification, and who** (did not) take an oath. My Commission Expires: (Type d Identification) WGM �0 1 `R �,k �� Print Name . 4 �' ��1W��- f1oa11 Aa► � 11asr IslMw�ps ✓1 Parcel ID No. Grantor's Tax ID No. Grantee's Tax ID No. Commercial Development Time Warner Cable < == RETURN TO 1610 40'" Terrace SW Naples, Florida 34116 941 -455 -2363 3877094 OR: Ik 9:51210' RRCORDRD in OFFICIAL WORDS of COLLIII COQRTT, FL 07/16/2006 at 11:581K DWIGHT B. BIOC1, CL111 RBC "1 27.00 DOC -,70 .70 ReU: TIO WARN11 CABL1 1610 40TH TRR1 Si 1AFLRS FL 34116 SPACE ABOVE THIS LINE RESERVED FOR RECORDING DATA EASEMENT FOR CABLE TELEVISION AND COMMUNICATIONS SERVICE THIS EASEMENT DEED is made and delivered the /,5' day of 4- 2006 by SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP (DBA ME OW LAKES) (hereinafter referred to as GRANTOR), a Florida limited partnership corporation, residing or doing business at 105 Manor Boulevard, Naples, Florida 34104 to TIME WARNER CABLE INC. (hereinafter referred to as GRANTEE), a Florida corporation, having its ' of business at 1610 4e Terrace SW, Naples, Florida 34116. GRANTOR, in consideration Television and Communications S contemporaneously herewith and o er hereby acknowledged, being the I wf Florida: covenan)*e ises contained in the Bulk Cable t entered into by the parties e co 'receipt and sufficiency of which is land situated in Collier County, SEE EXHIBIT 1 A'fi' *CHED HERETO II MIJ .I : h HEREBY GRANTS, bargains $)fie to GRAS 1 '� agents, successors and assigns, a non- exclusive easement and private right- of -wayp over and across the above - described property for ingress and egress for the purpose of cons truc ' ling, maintaining, operating, repairing, replacing, upgrading and marketing GRANTEE's cable television and other communications facilities (including, without limitation, wires, conduits, connectors and related equipment) and services, installed or to be installed from time to time; together with the right to reconstruct, relocate, improve, add to and remove any such facilities. It is the express intent of the parties that this easement shall be construed as a covenant running with the land, shall be for the benefit of GRANTEE and its lawful successors and assigns, and shall be binding upon the parties and their lawful successors and assigns. GRANTOR hereby covenants with GRANTEE that GRANTOR is lawfully seized of this land in fee simple; that GRANTOR has good right and legal authority to sell and convey the described interest in land. GRANTEE, by acceptance of this Easement, agrees for itself, its successors and assigns, to maintain said Easement and in no way unreasonably interfere with the right of ingress or egress of GRANTOR, its successors and assigns or any other party requiring access to the property on or under which the said Easement is granted. TIME WARNER CABLE agrees to record a release of such easement no later than one hundred and eighty (180) days after the expiration or termination of this Agreement. UK. 4U16 ro L l�{lr uti7 IN WITNESS WHEREOF, GRANTOR has executed this easement deed in its name and has affixed its seal hereto, by its proper officers, duly authorized to do so, before the undersigned witnesses, on the date first written above. Signed, sealed and delivered in the presence of: SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP (DBA MEADOW LAKES) Witness By: MBS -Saxon GP, L.L.C., General Partner By: M Special Company, Member Print witness name Gin Kimbrell, Vice President witness SO S' " y T- Ad 105 Manor Boulevard Naples, Florida 34104 Print witness name STATE OF /VC (""1 COUNTY OF o wa CCU. The foregoing instrument was ledged before in day of ay 2006 by (�, „)mot r Kr 1� -e as axon Manor Isles Abartments Limited Partne 'p, a Florida limited partnership co of the limited partnership corporation, who is personally known to me or who has produced u C as identification and who did not take an oath. Serial number _ladj�aj z6i0 Commission expiration date Signs '' ff Print name AFFIX NOTARY SEAL: TjE7] 9 A C 16, 2MO 2 "I OR: 4078 r w txt 6 LEGAL DESCRIPTION SECTION 6 TOWNSHIP 50 RANGE 26 COMN ENCE AT NE CORNER OF SECTION 6 SOUTH 59.41 FEET, SOUTH 1363.79 FEET TO POB, SOUTH 1395.06 FEET, SOUTH 89 DEGREES WEST 329.92 FEET NORTH 1254 FEET, SOUTH 89 DEGREES EAST 69.74 FEET SOUTH �O ,Arp �L, , .�.: • r lawn Tint Fla a 2038624 OR: 2164 NO 0362' UMN fa tM 4tCM am of MUM Chi, IS 11121111 at MAIN Mo 1. no. CIM 1685 1 uc M u.N 11C•.11 .11 PERMANENT ACCESS EASEMENT THIS EASEMENT, executed this a '._th day of March, 1996, by Saxon Manor Isles Apartments Limited Partnership, a Florida Limited Partnership, Grantor, whose sole General Partner is Suncoast Corp. a Delaware Corporation d /b /a as Suncoast Corp. of Delaware in the State of Florida, Grantor to: Saxon Manor Isles Apartments II Limited Partnership, a Florida limited partnership, Grantee, WHEREAS, the Grantor and the Grantee own separately certain adjacent parcels of reall prr9 located in Collier County, LQ�-"Florida, more particularjj �#i hibits A and 9 attached hereto (Grantor's and P� WHEREAS, the G a �j respective phases E known as Saxon Man tee's separat Isles Apart s is, respectively); to develop their DEVELOPMENT to be affordable housing 3 1r I ..v project heretofore app by Collier on July 23, 1993, in ►= the Saxon Manor Isles di Development Ordinance (hereinafter referred to as the 3 n "PUD "); and 0.9 �F° WHEREAS, the PUD requires that the developer and future P z 4� tenants of Phase II shall have access over Phase I to ingress and ar egress Radio Road; NOW THEREFORE, the Grantor, for and in consideration of the sum of ten dollars ($10.00) in hand paid by the Grantee, and other good and valuable considerations, the receipt of which is hereby acknowledged, grant and convey to the Grantee, its successors and 1 OR: ?164 , D363 assigns and its tenants and invitees the permanent right, privilege and easement of access, ingress and egress over the following described property: An easement described more specifically on Exhibit C attached hereto and incorporated herein by reference, together with the right to construct, inspect, improve, repair or rebuild any paving, curbing, or other structures or improvements located in or associated with such access easement, including the reasonable right to enter upon adjoining lands of the Grantor for the purpose of exercising the rights herein granted. The Grantor covenants easement, in accords described in Exhibit /A assigns shall have /t enjoyment of said etas IN WITNESS WH as of the day and Witnesses♦ its res t right to convey the said ownership of the land nt" and its successors and , the GrantoMbas rat above 0 session, use and ed this instrument 7 X/ / � 2 on Manor Isles Apartments Limited Partnership, a Florida Limited Partnership C-- (::D a'g *--- - — pAd4.. /by /Jack J. Bachman, esident of Suncoast Corp., a Delaware Corporation the General partner of the Grantor, 16,B5 � OR: 2164 PGc 0364 STATE OF FLORIDA COUNTY OF COLLIER The foregoing instrument was acknowledged before me this 27th day of March, 1995, by Jack J. Bachmann, President of Suncoast Corp. a Delaware Corporation, the General_ 5no tner of the Grantor, who is personally known to me and did/ id tak e an oath. My Commission expires: This instrument was prepared by: David W. Rynders, Esq. 305 Wedge Drive, Naples, FL 33940 Notary Pub ic1 SEAL Printed Name' of Notary r�z—� co . db �n caM cce, i ExPIRES _ fey 3 OR: 2164 '!G§90 , Yre sr1»ny ,sm rr�lunctr►y FOuda's qual+ty of hie wnco 19W HOLE, MONTES i ASSOCIATES. INC. S H. D A. XSA -854 FNGINLEHS PLANNERS SUHVEYUR H.M.A. DWG. 8A•855 PAGE i OF 4 3/12/98 PROPERTY DESCRIPTION A PARCEL OF LAND LOCATED IN THE EAST HALF OF THE EAST HALF OF THE EAST HALF OF THE NORTHEAST QUARTER OF SECTION 6, TOWNSHIP 50 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, LESS AND EXCEPT THE RIGHT -OF -WAY FOR RADIO ROAD (C.R. 858), BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS; COMMENCE AT THE NORTHEAST CORNER OF SECTION 6, TOWNSHIP 50 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA; THENCE RUN S. 00'07'54' W., ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 6, FOR A DISTANCE OF 59.41 FEET TO A POINT ON THE SOUTHERLY RIGHT -OF -WAY LINE OF RADIO ROAD (C.R. 858), THE SAME BEING A POIN 1 LAR CURVE, CONCAVE SOUTHERLY, WHOSE RADIUS POINT BEARS . 0 CE OF 14892.73 FEET THEREFROM; THENCE RUN , ACON6, THERLY RIGHT -OF -WAY LINE OF RADIO ROAD AND ALO ARC OF SAID C THE LEFT, HAVING A RADIUS OF 14892.73 FEE OUGH A CENTRAL AN E O 00'1712, SUBTENDED BY A CHORD OF 74.53 FEE AT ING'`AF 1'42' ..F RA DISTANCE OF 74.53 FEET TO THE POINT 0 IN RS C N A CIR ULAR UR E, CONCAVE SOUTHEASTERLY, S 5' . A DISTANCE OF 40.00 FEET THEREFROM $A D P 1 A B 1 OF THE PARCEL OF LAND HE E C U Stu W .STERLY, ALONG THE ARC OF SAID CURVE DI FEET, THROUGH A CENTRAL ANGLE OF 4 1', SUBTENDED B CH D .16 FEET AT A BEARING OF S. 24.37'24' W.. FOR TANCE OF 34.20 F T T D OF SAID CURVE; THENCE RUN S. 00'07'54 R A DISTANCE O TO THE BEGINNING OF A TANGENTIAL CIRCULAR C V ONCAVE EASTER NCE RUN SOUTHEASTERLY, ALONG THE ARC OF SAID C HE LEFT RADIUS OF 26.00 FEET. THROUGH A CENTRAL ANGL D BY A CHORD OF 19.84 FEET, AT A BEARING OF S. 22'18'06 E., 6E OF 20.36 FEET TO THE END OF SAID CURVE, THENCE RUN S. 44.44'08' E. FOR A DISTANCE OF 67.19 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE WESTERLY; THENCE RUN SOUTHEASTERLY, ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A RADIUS OF 80.00 FEET, THROUGH A CENTRAL ANGLE OF 44'52'00', SUBTENDED BY A CHORD OF 61.05 FEET, AT A BEARING OF S. 22.18'06' E., FOR A DISTANCE OF 62.65 FEET TO THE END OF SAID CURVE; THENCE RUN S. 00'07'54' W. FOR A DISTANCE OF 778.51 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE NORTHWESTERLY; THENCE RUN SOUTHWESTERLY, ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A RADIUS OF 50.00 FEET, THROUGH A CENTRAL ANGLE OF 90'00'000, SUBTENDED BY A CHORD OF 70.71 FEET, AT A BEARING OF S. 45.07'54' W., FOR A DISTANCE OF 78.54 FEET TO THE END OF SAID CURVE; THENCE RUN N. 89'52'06' W. FOR A DISTANCE OF 194.13 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE SOUTHEASTERLY; THENCE RUN SOUTHWESTERLY, ALONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A RADIUS OF 26.00 FEET, THROUGH A CENTRAL ANGLE OF 90'00'32', SUBTENDED BY A CHORD OF 36.77 FEET, AT A BEARING OF S. 45'07'38' W., FOR A DISTANCE OF 40.84 FEET TO THE END OF SAID CURVE; THENCE RUN S. 00.07'22' W. FOR A DISTANCE OF 270.37 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE NORTHEASTERLY; THENCE RUN SOUTHEASTERLY, ALONG THE ARC OF SAID CURVE TO THE LEFT, OR; 216l1PG P66 H. M. A. 094.104 H.M.A. DWG. XA•855 PAGE 2 OF 4 3/12/96 HAVING A RADIUS OF 26.00 FEET, THROUGH A CENTRAL ANGLE OF 89 °5928', SUBTENDED BY A CHORD OF 35.77 FEET, AT A BEARING OF S. 44.52'22' E., FOR A DISTANCE OF 40.84 FEET TO THE END OF SAID CURVE; THENCE RUN S. 89'52'08' E. FOR A DISTANCE OF 194.08 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE SOUTHWESTERLY; THENCE RUN SOUTHEASTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A RADIUS OF 50.00 FEET, THROUGH A CENTRAL ANGLE OF 90.00'000, SUBTENDED BY A CHORD OF 70.71 FEET, AT A BEARING OF S. 44.52'06' E., FOR A DISTANCE OF 78.54 FEET TO THE END OF SAID CURVE; THENCE RUN S. 00.07'54' W. FOR A DISTANCE OF 465.06 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE NORTHWESTERLY; THENCE RUN SOUTHWESTERLY, ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A RADIUS OF 50.00 FEET, THROUGH A CENTRAL ANGLE OF 90.00'00', SUBTENDED BY A CHORD OF 70.71 FEET, AT A BEARING OF S. 45'07'54' W., FOR A DISTANCE OF 78.54 FEET TO THE END OF SAID CURVE; THENCE RUN N. 89.52'06' W. FOR A DISTANCE OF 189.02 FEET TO THE BEGINNING OF A TANG RCULAR CURVE, CONCAVE SOUTHEASTERLY; THENCE RU v LONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A RA kt GH A CENTRAL ANGLE OF 90.00'320. SUBTENDED BY OF 38.77 FE EARING OF S. 45.07'38' W., FOR A DISTANCE OF 40. TO THE END OF SAI U E; THENCE RUN S. 00.07'22' W. FOR A DIS AN T T THE G1 NING OF A TANGENTIAL CIRCULAR CURVE, CO CAE EA ERL HENC R SOUTHEASTERLY, ALONG THE ARC OF ID T RA IUS OF 26.00 FEET, THROUGH A CENTRA A L O 95 '2 Y A HORD OF 36.77 FEET, AT A BEARING OF S. 405 2 E. T E F 0. 4F ET TO THE END OF SAID CURVE; THENCE RUN . TAN F i2. 7 FEET TO THE BEGINNING OF A TAN IAL CIRCULAR CU , C C OUTHWESTERLY; THENCE RUN SOUTH LY ALONG THE A F RVE TO THE RIGHT, HAVING A RADIUS OF 5 ET, THROUGH A T LE OF 90'00'00', SUBTENDED BY A CHOR .71 FEET, AT A B S. 44.52'08' E., FOR A DISTANCE OF 78.54 FEET D OF SAID ENCE RUN S. 00'07'54' W. FOR A DISTANCE OF 341.10 F A TANGENTIAL CIRCULAR CURVE, CONCAVE NORTHWEST SOUTHWESTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, HA A RADIUS OF 50.00 FEET, THROUGH A CENTRAL ANGLE OF 89.21'24`, SUBTENDED BY A CHORD OF 70.31 FEET, AT A BEARING OF S. 44.48'38' W., FOR A DISTANCE OF 77.98 FEET TO THE END OF SAID CURVE; THENCE RUN S. 89'29'17' W. FOR A DISTANCE OF 189.77 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE SOUTHEASTERLY; THENCE RUN SOUTHWESTERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A RADIUS OF 26.00 FEET, THROUGH A CENTRAL ANGLE OF 89.21'54', SUBTENDED BY A CHORD OF 36.56 FEET, AT A BEARING OF S. 44.48'20' W., FOR A DISTANCE OF 40.55 FEET TO THE END OF SAID CURVE; THENCE RUN S. 00'07'22' W. FOR A DISTANCE OF 5.29 FEET TO A POINT ON THE SOUTH LINE OF THE NORTHEAST QUARTER OF SAID SECTION 8; THENCE RUN S. 89.29'17' W. ALONG THE SOUTH LINE OF THE NORTHEAST QUARTER OF SAID SECTION 8 FOR A DISTANCE OF 24.00 FEET; THENCE RUN N. 00'07'22' E. FOR A DISTANCE OF 5.55 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE SOUTHEASTERLY; THENCE RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A RADIUS OF 50.00 FEET, THROUGH A CENTRAL ANGLE OF 89.21'548, SUBTENDED BY A CHORD OF 70.32 FEET, AT A BEARING OF N. 44.4820' E., FOR A DISTANCE OF 77.99 FEET TO THE END OF SAID CURVE; THENCE RUN N. 89'29'17' E. FOR A DISTANCE OF 189.77 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE NORTHWESTERLY; THENCE RUN NORTHEASTERLY 1685 � OA: 2164 PG; 0361 H. M. A. #94.104 H.M.A. DWG. #A -855 PAGE 3 OF 4 3/12/96 ALONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A RADIUS OF 26.00 FEET, THROUGH A CENTRAL ANGLE OF 89'21'24', SUBTENDED BY A CHORD OF 36.56 FEET, AT A BEARING OF N.44.48'36' E., FOR A DISTANCE OF 40.55 FEET TO THE END OF SAID CURVE; THENCE RUN N. 00.07'54' E. FOR A DISTANCE OF 341.10 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE SOUTHWESTERLY; THENCE RUN NORTHWESTERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A RADIUS OF 26.00 FEET, THROUGH A CENTRAL ANGLE OF 90.00'00', SUBTENDED BY A CHORD OF 36.77 FEET, AT A BEARING OF N. 44.52'06' W., FOR A DISTANCE OF 40.84 FEET TO THE END OF SAID CURVE, THENCE RUN N.89'52'06' W. FOR A DISTANCE OF 172.97 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE NORTHEASTERLY THENCE RUN NORTHWESTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A RADIUS OF 50.00 FEET, THROUGH A CENTRAL ANGLE OF 8905928', SUBTENDED BY A CHORD OF 70.70 FEET, AT A BEARING OF N. 44.5222' W., FOR A DISTANCE OF 78.53 FEET TO THE END OF SAID CURVE; THENCE RUN N. 00'07'22' E. FOR A F 272.75 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURS STERLY; THENCE RUN NORTHEASTERLY, ALONG T THE RIGHT, HAVING A RADIUS OF 50.00 FEET, THROUGH L ANGLE OF SUBTENDED BY A CHORD OF 70.72 FEET, AT A B I F N. 45.07'38' E., FOR DI ANCE of 78.55 FEET TO THE END OF SAID CUR ; T '5 ' ' E. OR DISTANCE OF 189.02 FEET TO THE BEGINNI G F AAN L Cl ULAR UR E. CONCAVE NORTHWESTERLY; T EN E T E ARC OF SAID CURVE TO THE LEFT, HAVIN A D F 6 A ENTRAL ANGLE OF 90'00'00', SUBTENDE BY HO D F 3 . 7 T. T ING OF N. 45.07'54' E., FOR A DISTANCE OF F S THENCE RUN N. 00'07'54' E. FOR A DIS E OF 465.06 FEET THE BE NG OF A TANGENTIAL CIRCULAR CURVE, CO SOUTHWESTER N N NORTHWESTERLY ALONG THE ARC OF SAI VE TO THE LEFT, V DIUS OF 26.00 FEET, THROUGH A CENTRAL Al 90.00'00', SUBTEN A CHORD OF 36.77 FEET, AT A BEARING OF N. 44.52' R A DISTA .84 FEET TO THE END OF SAID CURVE; THENCE RUN N. 5 NCE OF 194.08 FEET TO THE BEGINNING OF A TANGENTIAL Cl ONCAVE NORTHEASTERLY; THENCE RUN NORTHWESTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A RADIUS OF 50.00 FEET, THROUGH A CENTRAL ANGLE OF 89'5928', SUBTENDED BY A CHORD OF 70.70 FEET, AT A BEARING OF N. 44'52'22' W., FOR A DISTANCE OF 78.53 FEET TO THE END OF SAID CURVE; THENCE RUN N. 00'0722" E. FOR A DISTANCE OF 270.37 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE SOUTHEASTERLY; THENCE RUN NORTHEASTERLY, ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A RADIUS OF 50.00 FEET, THROUGH A CENTRAL ANGLE OF 90'00'32', SUBTENDED BY A CHORD OF 70.72 FEET, AT A BEARING OF N. 45'07'38' E., FOR A DISTANCE OF 78.55 FEET TO THE END OF SAID CURVE; THENCE RUN S. 89.52'08' E. FOR A DISTANCE OF 194.13 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE NORTHWESTERLY; THENCE RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A RADIUS OF 26.00 FEET, THROUGH A CENTRAL ANGLE OF 90'00'00', SUBTENDED BY A CHORD OF 36.77 FEET, AT A BEARING OF N. 45'07'54' E., FOR A DISTANCE OF 40.84 FEET TO THE END OF SAID CURVE; THENCE RUN N. 00007'54"E. FOR A DISTANCE OF 778.51 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE, CONCAVE SOUTHWESTERLY; THENCE RUN NORTHWESTERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A RADIUS OF 56.00 FEET, THROUGH A CENTRAL ANGLE OF 44.52'00', SUBTENDED BY A CHORD OF 42.74 FEET, AT A BEARING OF N.22'18'06' W., 1 man (Nt 116 imm 16 95 1 H. M. A. 894.104 H.M.A. DWG, 8A -855 PAGE 4 OF 4 3/12M FOR A DISTANCE OF 43.85 FEET TO THE END OF SAID CURVE. THENCE RUN N. 44.44'08' W. FOR A DISTANCE OF 119.02 FEET; THENCE RUN N. 00'07'54' E. FOR A DISTANCE OF 90.64 FEET TO THE BEGINNING OF A TANGENTIAL CIRCULAR CURVE. CONCAVE SOUTHWESTERLY; THENCE RUN NORTHWESTERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, HAVING A RADIUS OF 40.00 FEET, THROUGH A CENTRAL ANGLE OF 50'03'00', SUBTENDED BY A CHORD OF 33.84 FEET, AT A BEARING OF N. 25.39'55' W. FOR A DISTANCE OF 34.94 FEET TO A POINT ON THE SOUTHERLY RIGHT - OF -WAY LINE OF RADIO ROAD AND THE POINT OF INTERSECTION OF A CIRCULAR CURVE. CONCAVE SOUTHERLY, WHOSE RADIUS POINT BEARS S. 00.54'06' E. A DISTANCE OF 14892.73 FEET THEREFROM; THENCE RUN NORTHEASTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT, HAVING A RADIUS OF 14892.73 FEET, THROUGH A CENTRAL ANGLE OF 00'17'12', SUBTENDED BY A CHORD OF 74.49 FEET, AT A BEARING OF N. 89.14'30' E. FOR A DISTANCE OF 74.49 FEET TO THE POINT OF BEGINNING, CONTAINING 2.248 ACRES, MORE OR LESS. THIS PROPERTY IS SUBJECT TO RVATIONS OR RESTRICTIONS OF RECORD. 0�� - ---�r� BEARINGS REFER TO TH LINE OF THE NORT UARTER OF SECTION 8, TOWNSHIP 50 SOUTH, G COLLIER COU ORIDA, AS BEING S. 0000754' W. SIGNED 3112198 S, I C. C� g P.L.S. 85090 _ ' JAMES B. Q STATE OF FLORIDA 16B5 ti Work Order No. 5432.1 -547 EASEMENT 2090801 OR: 2220 PG: 0680 + This tnstrumont Prepared By Sec. 6, Twp 54S, Rge 2b E Name E T. Flotrard RICORDID In OIIICIAb WORDS of C061I11 COON?T, [1 Co Name FPL Co 01122/96 it 11:21AN DVIGN? 1. 11OC1, C1111 Parocl 1. D. Address 41QS SW U Ay RIC X'11 6.00 (Mainutnod t3) ('uunp .4Pptat.ert DOC-.70 .71 Nantes. FL 34? td Retn: Form 3722 IStocked) Rev 7194 SAXON MANOR 1S1IS AP?K?S 1983 300TH RIDGI M11 DR The undersigned, in consideration of the payment of $L(x) and other gota is KO 63129 valuable consideration, the adequacy and receipt tit' which is here6_y acknowledged, grant and give to Florida Power & Light Company, its licensees, agents, successors, and assigns, an casement forever for the construction. operation and maintenance of overhead and underground electric utility facilities (including wires, poles, guys, cables, conduits and appurtenant equipment) to be instated from time to time; with the right to reconstruct, improve, add to, enlarge, change the voltage, as well as, the size of and remove such facilities or any of them within an easement 10 feet in width described as follows: 5 feet in width on either side of utility lines as insWled by Grantee from time to time on the property described as THE EAST 1/2 TO THE EAST 1; 2 OF THE EAST 1/2 OF THE NORTHEAST I/4 OF SECTION 6, TOWNSHIP 50, SOUTH, RANGE 26, EAST, COLLIER COUNTY, FLORIDA, LESS AND EXCEPT THIi RIGHT -OF WAY FOR RADIO ROAD (C.R.856).. The utility lines &hall be constructed so that the easement does not extend under any permanent building improvement which is existing or tinder construction at the time of the utility construction. Together with the right to permit any conduit within the easement and to ope all times; the right to clear the land an trim and cut and keep trimmed and cut interfere with or fall upon the lines or fullest extent the undersigned has the p along, tinder and across the roads, stre IN WITNESS WHEREOF, the unders Signed, sealed and delivered in the presence of: Print Name tnn— G�yy1E� corporation to att h w es w and any fatalities hereunder and lay cable a co purpo s; th right of ingress and egress to said premises at al es, and rgrowth d Cher obstructions within the easement area; to r r liknbs outside of the casement area which mtffht ca ' e t iss on or distribution: and further grants, to due if t 1, r It ei bo r g ted on the land heretofore described, over, !nti has signed - fWit ss' igruiurri - Print Name Mines.,) st met 4 � ' � � �-- t9 -7bg_AC 7: BAL'. L1 iffAte[ Print Address: Attest: ef� .. l jstaX z 0- ( r)'. signarurr) Print Name: _�T"/�L' J" SAC. /!I!lAiY�✓ Print Address: - -Sou -- 3L loin.. STATE OF MiN.WVst; AND COUNTY OF St. LouiS� The foregoing instrument was acknowledged before tine this 1T_ -• day of . 19 by . and respectively the — ^ -___ -- President and Secretary pj corporation, on behalf of said corporation, who are personally known to me or have produced t —as identification, and who did (did riot) take an oath. My Commission Expires: ` Identification) )UtIE N. h "` - ! c " tt P::h� : `ryt" F,-t u:: u:.u. tf, 1331. Notary PuMtc. Stgtwture Print Name This Ayrt- emVnt tor the Deferral of Impact E'ees Entered into tlti:s city ,f . 4- 11r,rt" by and between the Board of Coll IIt y c'ummi:.: It) nt•r :. k,t C0 I It 'I Ck)tlnt} , I 10 1k I,%, ht rc. mat ter referred to as "COUNTY" and Saxon Manor 1s ;14-1ss Apartments Limited Ilartnerrstiip Ito reinatter reterre(I to a:; "OWNER". WHEREAS, Collie- County Ordinance No. 88 -ci' /, as amended, the Collier County Library System Iropa t E'ee Ordinance; Collier County Ordinance No. 88 -96, at, afim nded, the Collier County Parks and Fee Ordinance; Collier County Ordinance Itc .(y - 1, a"- anitindc l its Collier County Emergency Medical Se. -v ' S _ mpac FE e Ordinance; Collier County Ordinance 11 � , al 't c tip , tie Collier County Road impact FE'E' Cretin r�r►�..t ; 1 ' r' �u my )Idit�,r Cti No. t3� -fie,, as r -- - amended, the Cu i c•c>unt�' W,ttt'r Col l ier County Ord i -v -e No. Z �Lol .nde_i, the Col l ier County Sewer System ,t��t Y e; and Co11ier County Ordinance 92 -33, u; ,rnended, tai Cu11 ic-r c:vunty EdLJCational Facilities Impact Foo Ordinance, .t:; they may be turther amended from time to time, lWt- 01 1111 tte1' .-0110CtiV0Il * I'eterred to a; "Impact. Fee providt> tUl- deterrila of impact tees for rental dwe i l i net ; tr, i t S yu,i 1 i t y i n(t housing ; and WHEREAS, SunCoa:st Corp. of Delaware is the duly authorized general partner •.. i ttt Jd', F. J. B11', t►c;I.Inrl .i:s President; and B 5 ��4{ 1Rt : CUU " M IOM • IR11011IC1 4" 1L001 IV 1211 2085546 OR: 2214 PG: 1840 11MM 11 the 011ICUL UCMI of COLLUI COfllt, IL 11/11/14 at 11:1111! NICK 1. IIOC[, CU11 W IU IIIC 11K S 14. 1 11.0 1.N AGREEMENT FOR 100`ts DEFERRAL OF COLLIER COUNTY IMPACT FEES This Ayrt- emVnt tor the Deferral of Impact E'ees Entered into tlti:s city ,f . 4- 11r,rt" by and between the Board of Coll IIt y c'ummi:.: It) nt•r :. k,t C0 I It 'I Ck)tlnt} , I 10 1k I,%, ht rc. mat ter referred to as "COUNTY" and Saxon Manor 1s ;14-1ss Apartments Limited Ilartnerrstiip Ito reinatter reterre(I to a:; "OWNER". WHEREAS, Collie- County Ordinance No. 88 -ci' /, as amended, the Collier County Library System Iropa t E'ee Ordinance; Collier County Ordinance No. 88 -96, at, afim nded, the Collier County Parks and Fee Ordinance; Collier County Ordinance Itc .(y - 1, a"- anitindc l its Collier County Emergency Medical Se. -v ' S _ mpac FE e Ordinance; Collier County Ordinance 11 � , al 't c tip , tie Collier County Road impact FE'E' Cretin r�r►�..t ; 1 ' r' �u my )Idit�,r Cti No. t3� -fie,, as r -- - amended, the Cu i c•c>unt�' W,ttt'r Col l ier County Ord i -v -e No. Z �Lol .nde_i, the Col l ier County Sewer System ,t��t Y e; and Co11ier County Ordinance 92 -33, u; ,rnended, tai Cu11 ic-r c:vunty EdLJCational Facilities Impact Foo Ordinance, .t:; they may be turther amended from time to time, lWt- 01 1111 tte1' .-0110CtiV0Il * I'eterred to a; "Impact. Fee providt> tUl- deterrila of impact tees for rental dwe i l i net ; tr, i t S yu,i 1 i t y i n(t housing ; and WHEREAS, SunCoa:st Corp. of Delaware is the duly authorized general partner •.. i ttt Jd', F. J. B11', t►c;I.Inrl .i:s President; and OR: 2224 PG1 : 1 4P 5 WHEREAS, Jack .J J. Bachmann, 1'rez:; ident of : unCo,ist Corp. of De I aware? has: it pp 1 i ed t c)r a clef t'rra i of impact r tic :> as required by the Impact Fee ordinance, a copy >t said app 1 is at ion being on t i l e ill the Dejmrt.mvnt of Iiou:, i ntj and Urban Improvement; and WHEREAS, the county Manct(je - ur hi:; designee h.as reviewed the OWNFR' ippl ic.at ion and h.a:', to Uncl that it. c,uriplies with the redo i rc•mcrnt _: 2 ur .tn • s t t urcla} 1 t' tic u:; i ny cit't t'rr.s ! ut i mp:s.'t tees as estabIi�-:hed in t11,' I11111aCt It'c' Ot'ditt.ant't'; illd WHEREAS, the i nllrat:t tee de-1 c•rr.a 1 rlha 1 1 be, 1>resent.Cd ill i 1VU L I,.ty111011t t?t tlrt'� 11 C(l �l`yOl)Ihl• T t t t':' ::l1IJ Je'i'L' L satisfaction of all eria in tilt, lit t. Fee ordinance qua 1 i t y i ncl the 1,r r ie •t t:c v t t ur 11 mpact tee :.it't erra 1 ; and WHEREAS, th., t' 'i "' a 1 r 0 L10 e t � t impa t. I tees in the amount of $? 1, . •; t or :, i x t• 1 ' > 11 daty ui cert i t irate of of t_ t: y tor 1 axon A Apartments Phase I embodied in Rey ;o l U t1 u rt-ctu l.ar meet i nq of and WHEREAS, the l VAP,Wt I'UL? Urtl i Want t' CV(jU i re:: that. the OWNER enter into an Agreem -rnt with thf� ('(WtITY. NOW, THEREFORE, in Curl:;icir• rat run cat thy' tUr-c'yuillq re':it ils the parties covenant anti agree a:. t ul l)w: >: 1. RECITALS INCORPORATED. t llt- t urt,cju i net rcrc• i to 1 S are true acrd correct an'i �.ir.all be itic'urlrurat.t'cl by reterence herein. OR: 2214 ?c 6 �i 5 2. LEGAL DESCRIPTION. The 1e()a 1 de_;t.•r ipt ion of the dwelling units (the:' "Dv.,ellinq Cnit ") i:, attached hereto a� Exhibit. "A" and incorporated by reterence herein. 3. TERM. OWNER acgrees that the' Dwellinq unit shall remain affordable and shall be offered for rent in accordance with the standards - -ot torch in the ippendi.x to the Impact Fee Ordinance for a mini;W111 of titteen (1':)) years c:ommencinq tram the date a cert.if ic•,a -c' of occup,111Cy i:; i ,sued for the Dwellinq Unit. 4. REPRESENTATIONS 6 D � ®TIES. O%;rner represents and warrant .,; the ,I. The. Dwell rat .'flit _;lra 1 1 be t h ' pE rviarivrit res isle nce. of the occ►pa '. /tcna t b. The hou -e 1 r n . i t ) 'e i g Unit must have a low irc- ' el, col e tit of the leasehold and du on thereol , t a rm is det ined in the Append i c'E's e re;;l;e'c't i V ��vi oc't Fee Ordinances and the rtonttaly nc ;` t R.. rin *.tie atlurdablc' housing qu i de 1 i nee; -stab 1 i ;hed in the Append i t.70s to the re ;pest ive 11,11)'Ict. f'e'e Ur'll1Il.inl'e'S. C. The Dwellinq knit shall remain tttordablc for at least I it teell (1 ye',ar�; from the Blatt' ttW Cert i t irate of `�. SUBSEQUENT RENTAL OR TRANSFER. It OWNER rentti the Dwellincl Unit r;ubjccrt tc:> thE' irlt_)ac•t te'e' ie,te'rrat tc.) I subsequent renter, the Dwellinq Unit shall be rented only to 1665 it OR: 2214 PG: 1843 households. meeting the criteria :set torth in the Impact Fee Ordinance. The impact tees deterred shall be immediately repaid to the COUNTY upon thV ut U'Se of the Dwelling Unit as atfordable hou�:inq, or � ;ix years, trom the date such impact tees are dt:�t erred, ;rhiCht'Vt� l- t irst . owner agrees that even though the impact tees have been repaid to the COUNTY, the owner will utilize the Dwelling Unit for affordable housing for at least fifteen (11:�) years from the. date the certificate of occup.rncy was i! -;sued for the Dwelling Unit. 6. LIEN. The deterred impact tees shall be a lien upon the property which 1., -Vp, �qQ e sed upon in the event of non -ccmp 1 iance wit 1 _ requirements is Agreement. The County ackno le le- d a rt that. (a) In complian ee 1 p 1 I C. th Collier County impact tee ordin fie:: x0 n r l: 1 F rtment s Limited Partnership has 'sstrated to tt C ur hLit a subordination of the County's r 1 ® interest.-; ank �1 is nece.,sary to obtain financing for .' XoP 1 1 Apartment.; Phase I, an affordable housing p: oject consist i ncl of one hundred twenty -eight (128) :n'ilti- family dwelling units; and (b) In comp 1 i ance . t h the prov i ions u t the impact. fee ordinances, the Ov.,nec will deliver- to the Count } - substitute collateral in the to---m of cash and a cash equivalent financial instrument payable tt> the County which together will yield to the County the full .►mount of the deferred impact fees, i.e., the sum of tWO huncil'Od and n i newt y- t i vex thousand t Yro hundred and seventy -six dollar: ,ind 2.11100 ($.. "� ,.' %t,. ?.•.) at the expiration 16B5 F; OR: 2214 PG: 1844 of the period of the deterred, February 15, 2003, i.e., a United States Trea:su: -y Zero Coupon Bond which wi i 1 mature at the end of the deferral period, February 15, 2003, and, upon maturity, would yield an amount e(:)ual to the amount of the deferred fees. Coun *_ :y covenants and agrees that it will not negotiate the bond unless and until the deterred impact fees become due and payable pursuant to this agreement and that a l l moneys, received by nt!yvtiation t)f the bond shall be applied to the payment of said +tet(:-rred impact tee obligation owing by Saxon Manor Isles Apartments .ii:lited Partner ship. (c) the County herer) oa9it nsents and agrees to subordinate its ri h interests and ie pursuant to this agreement to the/litfil e ort ( "Mortgage ") f' ro , 5 x n a o I :> Partnership to C �' o principal amount p to six mil ►!(le anal SVcurity Agreement i thousand dollars (., , - ),000) plus; ,ac,; t ie is Limited -e Authority in the ti hundred f ; f ty interest and all advances; authorizud �inC i ANNUAL REPORT. Anrau.11 ly, thtr O tdE'R of the Dwelling Unit :;hall provide to the County Manacler an aft idavit of compliance with the ,ittordable hOUtsincj _lualiti1-•atian criteria and standards set forth in the I t:ip.ac.t. Fee Ordinance. Said affidavit must be. f i led within tthit-ty ( W) d,a }' of the anniversary date Ot -:he is>suan.•e of the certificate of occupancy. If the itacoate of any unit rentor which originally qualified as low inc•jme level i:, det ined in the respective x.685 OR: 2214 PG: 1845 Appendix to the 1 mpa 't Fee Ordinance by more than I orty percent (40 %) , then the dete ~reel Impact Fee :.hall become immediately due and payable by O+rner or, in the :a Iternat. ive, the Owner shall have ninety (9o) days to comply with the Attordable Housing qu ide l ines set t orth in the t es -pest i ve Appendices. 8. RELEASE OF LIEN. Upon t:,at i s >t actory completion of the Agreement requi rt•ments, and upon payment of the deterred impact fees, the COl1NTY shall, at the expen:le of the COUNTY, record any necessary Lioc umentat ion evidencing same, including but not limited to, ; release nt lion. 0 . BINDING EF.�� p. fit ::ha 1 1 be b i nd i nq upon the har "t ie :; to t hi wv cement , t to i t it and assigns. In the ca: le ur - r ,ui:st c t- y cI i t t ut the Dwelling Unit, tae q' a O It : 1 a em, in l bible for the impact tees defe r r.l,..I t C: 4" are paid in t11.11. 1 U . RECORD 'I h i :. Ayrvem� 11, e rv,_-urded by OWNER � rQ at the expense of . ir: the of 1 is a � 'cords. of Col 1 i e r County, Florida, ::ittaa rpct '1: otter execution of this Agreement by the C'hoirm,►n ��oit thc' B0,11-ci Of ('aunty Commissioners. 11. DEFAULT. OWNER shall be in detault of this Agreement (1) where OWNF.N tail:*- to rent the property in accordance with the at f ordable tlous: i nq :,t.andar.is, and (lua 1 i t icat ion cr iter is established in the I 111)A Ct Fee Ordinance and t hc-rea r to t' rails to pay tho impact tc>e:: iue .;ithin thirty (io) days: c ;t : ;affil non - compliance, or (.') where 0WjI!:h violates, one of the affordable housinq qualitication criteria in the Impact Fee - t, - 6 B 5 � "` OR: 2214 PG: 1846 Ordinance for d peril)d of t ifteen ( 11)) day -; atter notice of violation. liowevc!:, ;ith respect to the Annual Report, OWNER sha11 not be in (JE, tau 1t of thi -. Aij1.0 ment unt i 1 a titteen ( 15) day graCE? pc-riod t rori the due d..ite of the report has lapsed in the event the Owner is in detault. 12. REMEDIES. ShOUld Said Ot:nct Of the property tail to comply with the said qualification k•riteria at any time during the fifteen (15) year period or shOU ld OWtIER violate any provisions of thi-, Agreement, the impa(_t tees deterred shall be paid in tul l by OWNE!< within thirty ( icr) days of said non-compliance. OWPJ �iir��i,�_. impact tees deferred shal.l constitute a l4� ooil t�he proper ,c mmencinq on the effective date of n 1 ion ir: iing unt i l paid. Except a -; _stet f o -t:h I r c i r r 't i 'n :.'ha 1 1 be super for and par ar1ourrt to n—I e [It, : l_ y t'n t t of any owner, lessee, to mortgagee, <. ti erson except the lien for County tax �cl sh,rl l be orr, ty %.,ith the lien of any such County taxer;. X411 { tt :R be in detault Of this Agreement and the detault i -, not cur( >d Wittlin thirty (30) days after written notice' to the Owner, the Board may briny a civil action to entorce th- agreement. In addition, the lien may be foreclosed or of hertz, .:se enforced by t tie COUN'T'Y by action or suit in equity as to!- the foreclu :.uro of a mortgage on real property. This reme,ly i:. Cumul,It iVO % -,ith .:cny other right or remed� IV,i i I.tbIL• t U ht� .'Ul'N 1 "1., . Hitt Board :;ha 1 t be ent it led to OR: 2214 PG: 1 4 recover all fees and costs, inc•iudinq attorney's fees, plus interest at the r.tatutory rata tor judclments calculated on a calendar day basis utit i 1 Paid. IN WITNESS WHEREOF, the partie.. have executed this Agreement for deterr.il of Impact Fe r on the datv and year first above written. Witnes,;e:s: (-)W4 FR: A \C)N MANOR ISLES APAR'T'MENTS 1 1 M 111-:1) PARTN ERSH I P Hy: SUNCOAST CORP. OF DELAWARE 6ENERA1, PARTNER t-A,16R O"d a -k chmann U00 c �l Call DATED: �O BOARD AZ TES 1 : 1� DWIGHT E. BROCK, Cler4, A proved as to form ,ind 1 qal sufficiency 14 "], - j kV -' Heidi As ton Assistant County Attorney VLINTY COMMISSIONERS UNTY, FLORIDA Ile JO -n- C. Norris., Chairman Print Nam e_,�,1 E i i nt Name A \C)N MANOR ISLES APAR'T'MENTS 1 1 M 111-:1) PARTN ERSH I P Hy: SUNCOAST CORP. OF DELAWARE 6ENERA1, PARTNER t-A,16R O"d a -k chmann U00 c �l Call DATED: �O BOARD AZ TES 1 : 1� DWIGHT E. BROCK, Cler4, A proved as to form ,ind 1 qal sufficiency 14 "], - j kV -' Heidi As ton Assistant County Attorney VLINTY COMMISSIONERS UNTY, FLORIDA Ile JO -n- C. Norris., Chairman r 16B5 OR: 2214 PG: 1848 STATE: OF COUNTY OF The toreyuiny instrument %,ias acknowledged beture me this 4th day of ,,�',l day 1996 by Jack Bachmann, President of SunCoast: Corp. of Delaware, General Partner of Saxon Manor Isles Ap,rrtments> Limited Partnership, on behalf of the Partnership. Fie F. personally known to me -or has produced- �- �- -o_t iLic_riL i t i ua t i car3) ��f. �.. [N Perron `i'akincl Acknowledgment Name of Acknowledge 'I'yhec Printed or' :�t.unE,c�d Arty s )()A 1TVE DAI,H ' NUr"Y pUgt.1C 5CA r COMa!lS61UN J MY CciMMM . X Y 301994 �TNE CIR� -�l 1 "16 IB 5 OR: 2214 M. 1819 EXHIB r "A" LEGAL DESCRIPTION SAXON PIANOR ISLES APARTMENTS PHASE I A.PORT'C� OF T>" FAST 1/2 Or */2 Cr T IC NORTHEAST 1/4 OF SECTION 0. TCVhNSHIP 5C SCUIh. RAt4Ge 26 EAST, COL.IER COUNTY. fLORICA. P.EINZ KICRF. PAZTICULAR_„ ^,ESCRI9ED AS FOLLOWS: COMMENCE AT fME NORTHEAST CONNEK U� SECTION G, TOWNSHIP 50 SOUTH, RANGE 26 EAST, COL :IER COUNTY, FLORIDA; THENCE RUN S. 00'07'54' W., ALONG THE EAST LINE OF THE NORTHEAST OUARTER OF SAID SECTION 0. FOR A DISTANCE OF 59.41 FEET 'TO A POINT ON THE SOUT /IERLY RIGHT—OI•— WAY LINE OF RADIO ROAD (C.R..398). AND THE POINT OF IaEGINNING OF THE PARCEL OF LAND HEREIN D CE CONTINUE S. 00'07.54' W., ALONG ORTMEAST OUARTER OF SAID SECTION 0► E �3, FEET; THENCE RUN N. 89'5206" A DISTANCE OF /� ET; TM_NCE RUN N. 00'07'54~ R ISTANCE OF 59. 4 F T. THENCE RUN N. 89'32'06" W.. A Of 160. F T. THENCt RUN S. 00'07'22 W. FO A ST CE F 76.24 EE : THENCE RUN S. 8912'06 E. FE THENCE RUN S. 00'075 W F 15 A F ET THENCE RUN N. 810'62 '0 W R IS A ET THENCE RUN S. 00*97'34 (Dy, A £ F 0 THENCE RUN N. 89"5206 'C+11. FOR A DISTANCE Z ; 7`HENCc RUN N. COW 54 OR A DISTANCE 10. 0 T. THENCE RUN N. 89'52'08" OR A DISTANCE 9 7 TO A POINT ON THE WES OF THE EASY 1/ EAST 1/2 OF THE EAST 1/2 OF T EAST 1/4 OF CTION 5: THENCE RUN N. 00'07'22" E.. A ST F E EAST 1/2 OF THE EAST 1 /2 OF TH/ rl�Z ORTHEAST 1/4 OF SAID SECTION 6, FOR A 015 ANCE >* EET TO A POINT ON THE SOUTHERLY RIGHT —OF —WAY LINE OF RADIO ROAD. THE SAME BEING A POINT ON A CIRCULAR CURVE. CONCAVE SOUTHERLY, WHOSE RADIUS POINT BEARS S. 01'35'59" E. A DISTANCE OF i4892.73 FEET THEREFROM; THENCE RUN EASTERLY, ALONG THE SOUTHERLY RIGHT —OF- WAY LINE OF RADIO ROAD AND ALONG THE ARC OF SAID CURVE TO 7HE RIGHT. HAVING A RADIUS OF 14892.73 FEET, THROUGH A CENTRAL ANGLE OF 0116'16 ", SUSTENOED BY A CHORD OF 330.38 FEET AT A SEARINU Of N. 99'02'09" E., FOR A DISTANCE OF 330.30 FEET TO THE POINT of REGINbi ba Page 10 1 1 Re'r, .:Hen ?: 741 KKK 2148323 OR: 2283 PG: 0938 PICOR BD Ir t.. ^.e 2? ?:Z7n1 WORDS of COLUIR COUNTY, F! :'I3 37 is :i : +;!+ _Y;GH'. 9. BROCK, CLIRK Jill l ( 11 1 R F� B I 4 CO?I95 4. ?C I Ills 1311.1. OF SAI I" elldencm, th. .�- Ale grid comeyimce of die- !later ulilil% lucililic, described hetcrn i, made HIIN ( da% of September. 149(), 1)% Sawn Manor Isles Apartment, Limited 1'at1tiership bN St►ncoast Corp . it Delaware corporatit►n. Ceneral llarmer (hereinafter reteffed to Its "Seller"), and the BOARD OF OWN IA' . C(AIMISSIONERS OF COLI.ILR COON IN'. FI ORIDA. AS flll:60 VF.RNIN(; BODY (A C'OI i.II:R COUNTY AND AS FA- 01TIC'IO THE 60 VI:RNIN6 BOARD OF Tl ll: COLLIER COUN l Y WA ITR- SLWI :R DIS I'RIC• I , its successors and assigns. (hereinafter relerred [o as "lim er" ), w hose address is ? ?U 1 Tainiami "frail Fast. Naples. t lurid ►' �XV,R C0LT Nl Stil That said Seller, 4ion o% valuable consideration, lie W I has !ranted. bargairiec , st d tr is �, -e ,t t. c. : present, does grant_ ba i r , •t o It i and lim er's heirs. sit mr•s and assien. 'ore -er preventers, water meters any and all otl to the lofltm ►r►g described I• ►getl►et w ►lh aly operation. installation. and t e of in Collier Comm-, Florida, to W I, - cl U() acid other ,good and 'ch 's hereby ackno%% ledged, i d elivered, and bN these 1F�1 il%er to the ,aid Borer. water lines. backtlow it}• facilities King %N ithin ►t ea,eu►eul right, tut the ies. situate. IN-ing and being (See l•:\hibit "A" attached hereto and incorporated b% reference herein ) The Seller, for itself' and its successors, hereby covenants to and with tilt Buyer and its successors and assigns that it Is the law fi►I ow tier of the said goods and chattels herein rctcrred to as utility facilities: that said goods and chattels are tree f7om all liens and encumbrances; that it has good night, title and authonty to sell Same., a►ui that it will warrant and defind the same against ilia law fail clain►s of all persons whatsoe%cr. Seller and lit %er are used fur singular or plural. as context requires. IN W1'1*Nl:SS Wlll•.RI:01', the Seller has caused these presents to be executed oil the day and year first above written. Signed in the presence of Jr wiU►ess Witness - - , - - - - OR: 2283 P5 Saxon Manor Isles Apartments 1.1mited ParU►ership by Suncoast a Delaware corporation, General Partner Jack J. Bac limunu President. Suncoast Corp. STATE OF FLORIDA �tER CQIJ COUNTY" OF COLLIER �0 The foregoing instrum tit % s -d I %d b for me this day of September, 1996, by ac I lea t n. ih - Pres'dei t of Suncoast C'ogi., it Delaware corporation nd 1 t r I c 1 a n anor Isles Apartments Limited Partnership, a h;.l� •d L n to ersl 'p o -b halt' of said partnership, who is personally knot �I ► e an It ►►o ~Cj N PUBLIC CIE C V C My Cutnm.Nsitm Vxni'res -- 7 Signaltue ul' NotaiN - DAVID W. RYNDERS Typed or Printed Name of Notary This instrument prepared by: David W. RN riders, Esq., 305 Wedge Drive, Naples, F I, 33910- 941 -434 -8370. 1685 A. TRIGO & ASSOCIATES, INC. Professional Land Surveyors 2223 'Trade is enter Way Naples, Florida 33942 Antonio Trigo, VVIS (941) 594.8448 President FAX (941) 594.0554 LEGAL DESCRIPTION COLLIER COUNTY UTILITY EASEMENT A strip of land lying in the Northeast one - quarter of Section 6 Township 50 south, Range 26 East, Collier County, Florida and being more particularly described as follows& COMMENCING at the northeast corner of Section 6, Township 50 South, Range 26 East, Collier County, Florida= thence South 00 007'54" West along the easterly line of said Section 6, a distance o 4 to the south right -of -way line of Radio Road a arc of a curve; thence leaving sai rly line, westerly along the south right -of -way line o1 adio Road 64. t along the arc of said curve concave to th through a ce tral angle of 00 014'52% having a radius of 14 .73 a and eft subtended by a chord which bears Sou h ° W ne of 64.43 feet to the POINT OF BEGIN IN thence leaving sa ri - f o t 70 3'56" West a distance of 31.57 feet; (� f-4 thence North 72 '04" West a d tan a 5.00 feet; O thence North 17 6" East a di n e 26.79 feet to the south .. right -of -way of Road; thence run easter nq the south i t -of -way of Radio Road t� tv 15.74 feet along th arc cave to the south, through w a central angle of 00 'jam &� radius of 14,892.73 feet and been subtended by a c ch bears N 89 023'37" E a 47 distance of 15.74 feet to the POINT OF BEGINNING of the parcel herein described. o %u .om• Containing 448.0 square feet. Prepared bys ,L.S. :ificate No. 2982 t3, 1996 Note& See sheet 2 of 2 for Sketch of Description. SKETCH OF DESCRIPTION ,1 Cur ve number 1 1665 d * ** OR: 2283 PG: 0941 * ** P.O.C. Northeast corner Section 6, Township 50 South, Range 26 East. Radius= 14892.73 Del to = 00.03'38' Arc= 15.74 Tangent= Z87 Chord= 15.74 Chord Brg. N.89.23'37£. ��o 0 &' T L . A '0'w NOT A SURVEY R=1489 4 4M' . C= 64.43' Cl X00.14'52' .89'32'52'V. GOOK Mq 1 P.O.C. indiootes Point of Commencement 2 P.O.B. Indicates Point of Beginning 3 Sec. indicobe Section. 4 Up. indbotes Township S R ye. k4;od" Range. 8 Nf distoncsa are in feet and decimals thereof. 7 B*Gdnge we based on the Eost Yne of the nw0wast 1/4 of Section 6, Township 50 South. Range 26 Eod. Collier Counter. norido as being S.W07'54! W. A. TRIGO & ASSOCIATES, INC. DATE ; _ July 23. 1996 _ PWR1 M)IAL LAUD Btrnvsl M & PLAMM 2223 TRADS CEMM MAY DRAWN BY: AT SCALE: N.T.S. NAPLES. FWRIDA W942 SHEET ? OF 2 FILE NO. 96.0305.cue LAUD BURYlZY010 BUM MS / 3Pd4 r � d as o � L N O O O X00.14'52' .89'32'52'V. GOOK Mq 1 P.O.C. indiootes Point of Commencement 2 P.O.B. Indicates Point of Beginning 3 Sec. indicobe Section. 4 Up. indbotes Township S R ye. k4;od" Range. 8 Nf distoncsa are in feet and decimals thereof. 7 B*Gdnge we based on the Eost Yne of the nw0wast 1/4 of Section 6, Township 50 South. Range 26 Eod. Collier Counter. norido as being S.W07'54! W. A. TRIGO & ASSOCIATES, INC. DATE ; _ July 23. 1996 _ PWR1 M)IAL LAUD Btrnvsl M & PLAMM 2223 TRADS CEMM MAY DRAWN BY: AT SCALE: N.T.S. NAPLES. FWRIDA W942 SHEET ? OF 2 FILE NO. 96.0305.cue LAUD BURYlZY010 BUM MS / 3Pd4 2148325 OR: 2283 PG: 0946 CLERK ?;: THP :OAR: ESC'Mr in he Cf ?:CIA RECORDS of COLLIER COUKV , iN?Et.UF M 4 �4 PLCCR :. 4' 3:.. :4AM :ii :.;H? E. BROCR, CLIRK W '_i: 6 REC R.5 DOC -.70 .TO CI.PIBJ 4.11 FACH I' !FS W -\ R., N'I'A' III;j:ll I I H S I N DF NT! ! ! RE !n;lde Ons d:!` of Sej ?tells e!', Sawn 'Ian!!!' Iles !� rsrr!!!!:'l!!, i.!n!!tt'd hat1!!t'rsltlp ... I.... >uncu:tsi Cuc h.. it Uelim ill e kx1 pol a loll, iieuet a! Pat tact . (hereittatier !- 10elTed to as "Grantor`!. and the BOARD OF COUNTY )! 1 NTY COMMiSSIONF•:RS O COI HER t'OUN FY. 1.1 ORMA, AS' 10- 60VERM114 i BODY ()!- COLLIER COUNTY AND AS EX- OFFICK) Tit!'. 60 VERNINCi BOARD OF THE' C'()l.I.lI:R CO UN VY WATER -SI:ti' ER !)IS IR!C-I•, its sticcess0is aid assigns. (Iteleivaji • , as "ORANTF E "1. %\liose addless is 3301 Tantiami Trail Fast. N• t,, ` That said valuable comiderari4) Ii1 has -ranted, balpained 11447 11 mud assipns ti,ruvet, all all tether «ater utility t. a. Nvith appurtenant easemel of said facilities. siittate. ly ' TNFSSI..i.1t � ii ecjt it ill i r f 'rats e er lines; hackllo, ,Ie► •ui 'sIvinp%%1111111 t'II [r' is fir t!!e opera t� I 1121 tA�' 00 mid oiler rood .-Ind ! ich is herein acknua lodged, rantee's heirs, successors i� Maier Ureters and am and car p described land. together i stallatlon, and maintenance .'ouni\.. F=lorida, it) %%li. (See t:xltibit "A" :lttached hereto and incull,uraied (>� Iel%tence lletein i and said Grantor does hereby fiilly Warrant the title to said utility Cieiliti•_s, and NN 111 defunu the salve against the lmriiil claims oI* all peismis %\haisue�ei For the purposes of this conveyance. the utility tilcilitics conveyed herein shall not he deemed to convey any of'the lands described fit Exhibit "A ". Grantor and Grantee arc: used tin siripulat of hlutal. as cowed teciuiles. IN WITNF'SS WHERF'OF, tits_ midersipned It-as signed and sealed this ��. J. ,. instrument oil 1,i "/� . t . e Signed lit the presence (,f: Wiluia� �, ,� ,.��• 1685 OR: 2283 PG: 0941 Saxon Manor Isles Apartmcni!s I- Miiied Pattuetshih h%: Suncoast Corp.. a Delaware corporation, (ieneral Panner Jack J. Buc:.hnnum Witness - - ,. President. Suncoast Corp. STATE OF FLORIDA COUNTY OF COLLIE The forevittg instrun -ttt A% ac d September, 1996, 1)), etc is • ail i Delaware corporation nd ( it r er Limited Partnership, a F 'd a lersh who is pctsoually kno t�t-t ute an wilt) t uoi C PUBLIC My Co lllmissioo:�::�pi�cr�s:..... ) j ' J the this / �- • day of t)t 5uncuast Corp., a anor Isles Apartments aIf of said partnership, t)ailr. DAVID W, RYNDEAS F pcd or Printed Name of Notary This instrtnnent prepared by: David W. Rynders, Esq., 305 Wedge Dtive, Naples, F� L 339-10. 941-4314-8370- =i 1 -43 3q -8370. 1665 4 A. TRIGO & ASSOCIATES, INC. llrofessional Lurid Surveyors 2223 Trade Center Way Naples, Florida 33942 Antonio Trigo, PLS (941) 594.8448 President FAX (941) 594.0554 LEGAL DESCRIPTION COLLIER COUNTY UTILITY EASEMENT A strip of land lying in the Northeast one - quarter of Section 6 Township 50 South, Range 26 East, Collier County, Florida and being more particularly described as followse COMMENCING at the northeast corner of Section 6, Township 50 South, Range 26 East, Collier County, Florida; thence South 00 007'54" West along the easterly line of said Section 6, a distance of 59 eet to the south right -of -way line of Radio Road anti arc of a curve; thence leaving said westerly along the south right -of -way line o o Road 64. t along the arc of said curve concave to e outh, through a cen ral angle of 00 014'52 ", having a radius o 1 , ?Z"7�tg_et nd en subtended by a chord which bears Sout 8 93 )Lest a list ne of 64.43 feet to the POINT OF BEGINNI G; thence leaving ai ig o - S 00 '56" West a distance of 31.57 feet.; thence North 726 a tan .00 feet; thence North 17° 6" East a di nc 6.79 feet to the south " right -of -way of Road; N thence run easter ong the Bout of -way of Radio Road 15.74 feet along t of a curve ve to the south, through a central angle of 0 h dius of 14,892.73 feet w and been subtended by ears N 89 023'37" E a G2 distance of 15.74 feet to OF BEGINNING of the parcel herein described. %a «tom Containing 448.0 square feet. 00 Prepared bys A T P.L.S. rertificate No. 2982 D Ju y 23, 1996 Notes See sheet 2 of 2 for Sketch of Description. SKETCH OF DESCRIPTION 0 11 Curve number 1 Ra thus = 14892.73 Del to = 00'03'381 Arc= 15.74 Tangent= 7,87 Chord= 15.74 Chord Brp, N.89'231371E b �O N, iSpO: NOT A SURVEY 1685 1 * ** OR: 2283 PG: 0949 * ** P.O.C. Northeast corner Section 6, Township 50 South, Range 26 East. �,R COI4J--- • CR64,43' '14'52' '32'52'1✓. r in o CA a � L tn$ 9 ioOML NORM 1 P.O.C. indkotss Point of Commencement 2 P.O.B. Indloota Point of Beginning 3 Sec, Indloat" Section. 4 Twp, Indicates Township S R Indioo." Range. 6 Ardiet,,, or. N rest and decimals thereof. rings or. bossd an the fast One of the northeast 1 /4 of Section 6. Township 50 South. Rants 26 East. Collier County. Florida as bsinq S.0007'S4' W. A. TRIGO & ASSOCIATES, INC. PRO U830NAL Lute 6tJ>>tVMW 61 p GATE July 23, 1996 2223 TRADX CZNM WAY DRAWN BY: AT SCALE: N.T.S. NAPLI9, 1fi RIDA 33042 SHEET ? OF ? ME NO. 96.0305.cue UND suftvlcY M 8tMMM 0 3064 lod5 2218695 OR: 2341 PG: 0569 uMID lO Orr= DCM of M11111 COW11, it 01/25/11 it 11:11111 MW 1. IM, Can HC in 11.10 1tta: 0141 lumt lout Alts 4103 SOM PIM MK gat Ot LOOIS 10 63121 EXTENDED LOW - INCOME 11OUSING AGREEMENT THIS EXTENDED LOW - INCOME HOUSING AGREEMENT (this "Agreement ") is made and entered into thisWbday of ApqAst , 1997, between the FLORIDA HOUSING FINANCE AGENCY (the "Agency "), a state agency and instrumentality and a public body corporate and politic duly existing under the laws of the State of Florida, and SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP, a Florida limited partnership (the "Owner "). �'� C0� WHEREAS, the Ag ncy c� with the provisions of th e F on i Florida Statutes, as amend ( c p Agency is the housing cred t f by statute to allocate low -in ing it of the Internal Revenue Cod, 986, as amended mrit to and in accordance ins 420.501 - 420.516, 5099 of said Act, the ") specifically authorized Credits ") under Section 42 WHEREAS, the Agen ` h d, under certai ions, to allocate Tar Credits to the Owner in connection with the 'tea y residential rental housing project (the "Project "), known as SAXON I(P; MENTS, located within Collier County, Florida (the "County "), the legal descrnp ion for which is set forth in Exhibit "A" hereto. to be occupied partially (at least forty percent (40°/a) by individuals whose income is sixty percent (60 %) or less of area median gross income), within the meaning of Section 42(g) of the Code; and WHEREAS, The Owner has made a knowing, voluntary and intelligent election to waive for sixteen additional years following the last day of the Compliance Period any prerogative it would have to collect rents on the Low - Income Units at rates determined by the rental market except as provided herein in accordance with the requirements pursuant to the Code in return for 19% Tax Credits; and THIS INSTRUMENT PREPARED BY.- Susan J. Leigh FLORIDA HOUSING FINANCE AGENCY 227 North Bronough Street, Suite 5000 Tallahassee, Florida 32301 -1329 Zb OR: 2341 PG: 0 7 WHEREAS, Section 42 of the Code provides that no Tax Credits shall be allowed wilth respect to any building unless an extended low - income housing commitment is in effect for such building at the end of such taxable year; and WHEREAS, in order to assure Owner compliance with the provisions of and to evidence the Owner's extended low - income housing commitment as required by, Section 42 of the Code, the Agency and the Owner have determined to enter into this Agreement in which they set forth certain terms and conditions relating to the Owner's operation of the Project; NOW, THEREFORE, in consideration of the mutual covenants and undertakings scat forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Agency and the Owner do hereby contract and agree as follows: Section 1. (a) Unless otherwise otherwise, the following teo purposes of this Agreeme "Act" shall me the 420.501-.516, as amende ,,, "Agcy" shall n and instrumentality and a State of Florida, and any to the powers, duties and ►� provided hereiii` the respective FLORIDA 1I0tJJ Body corporate an her entity of the CA the context clearly requires 3 set forth below fir all Florida Statutes. Section AGENCY, a state agency sting under the laws of the a that shall herealler succeed "Cok" shall mean the internal Revenue Coda of 1986, as amended, and any successor statute as it applies to the Tax Credits described herein, together with all applicable final, temporary or proposed Treasury Regulations and Revenue Rulings thereunder. Reference in this Agreement to any specific provision of the Code shall be deemed to include any applicable, successor provision of such provision of the Code that may apply to the Tax Credits described herein. "Como iarnce Period" shall mean, with respect to any building that is included in the Project, a period of fifteen (15) years beginning on the first day of the first taxable year of the Credit Period with respect thereto. "County" shall mean Collier County, Florida. F 6 . OR; 2341 iG- O 15 4 "Credit Period" shall mean, with respect to any building that is included in the Prr.1w, the period of ten (10) years beginning with (x) the taxable year in which the building is placed in service, or (y) at the election of the Owner, the succeeding taxable year. "Extended L.ow- Income, Housing Aarecment" or ",ggement" shall mean this Extended Low- Income Housing Agreement, as amended or supplemented from time to time. 'VExtended_Use Period" shall mean, with respect to any building that is included in the Project, the period that begins on the first day of the Compliance Period in which such building is part of the Project and ends on the date that is the sixteenth (16th) anniversary of the last day of the Compliance Period, finless earlier terminated as provided in the Preamble of this Agreement. " (zr,Qss Rent" shall mean any amount paid by it tenant in connection with the occupartey of a Residential Rental Unit, plus the cost of any services that are required to be paid by a tenant as a condition for occupancy, plus the cost of any utilities, other than telephone, for such unit. If any utilities (other than telephone) ar a tenant, "gross rent," also includes a utility allowance determined as. "Gross Rent" does not include :uty payment under Section S oft States Housing 937 or any Comparable rental assistance program with oft ect sidenttal Rental nit r to the occupants thereof; or any tee for supportive service t at to e o of the it n the basis of the low income status of the tenant of suc Re i 1 l nu ental program of assistance or by any tax - exempt org i io i c o r )r on rovides assistance for rent and the amount of Pt �.e� o id f r n i t sep a le the amount of assistance provided for supportive s s in me of;� )(2)(I;) of the Code. For purposes of the foregoing, lowable utility allo ice s: a United States Department of Housing and Urban Develo "HUD ") utility al s. cept as provided in clause: (iv) hereof) in the case of a buildi •e rents and utility ces are reviewed by HUD on an annual basis; (ii) the applicable c t ' HA ") utility allowances established for the Section 8 Existing Housing (xi: provided in clause tiv) hereof) in the case of a building occupied by one or more tenants receiving HUD rental assistance payments ( "HUD Tenant Assistance "), (iii) in the case of a building for which there is neither HUD Tenant Assistance, nor an applicable HUD or RD utility allowance, the applicable PHA utility allowance; however, utility allowances based on estimates from local utility providers certifying the estimated costs of all covered utilities for units of comparable size; and construction in the county where the building is located, determined in accordance with Internal Revenue Service Notice 89 -6, may be obtained, in which case those estimates shall apply to all units of similar size and construction in the building; or (iv) the applicable RD utility allowance in the case of any Rent- Restricted Unit in a building where either the building receives RD housing assistance (including a building that is MUD- regulated) or any tenant receives RD housing assistance (including any Low - Income Tenant receiving IItID Tenant Assistance who resides in a building where the building or any other tenant receives RD housing assistance). "Low- Income Tenants" shall mean individuals whose income is sixty percent (6M o) or less of area median gross income (adjusted for family size) within the meaning of Section 1685 OR► 2341 PG: 0572 42(g)(1) of the Code, as the same may be amended from time to time (but only to the extent such amendments apply to the Project). In no event, however, shall occupants of a unit be considered to be of low income if all the occupants are students (its defined in Section Is t (c)(4) of the Ctwe. but excluding from such definition the following: (x) single parents who are students with all children also being students and the household receives AFDC payments, (y) if the students are enrolled in certain federal, state or local job training programs and are considered lower income. or (z) for projects receiving credit allocations after June 30, 1992, a housing unit occupied exclusively by full -time students may qualify as lower income if the students are a single parent and his/her minor children and none of the tenants are a dependent of a third party. "Low-income Unit" shall mean any unit in a building if: (i) the unit is a Rent- Restricted Unit satisfying the requirements of Section 2 hereof, and (ii) the individuals occupying the unit are Low - Income Tenants (or the unit is held available tier rental to Low - income Tenants if previously rented to and occupied by Low-Income Tenants) as set forth in Section 3(a) hereof. "Monitoring AQgnt" shall mean "Owne r" shall mean PARTNERSHIP, a Florida l/i Section 4 of this Agreement oring agent appointed by the Agency. C0t-r) TMENTS LIMITED and its siiN�M xs and assigns as permitted under "Related Pecson' to rc t su h that the "related person" bears a relationship to su h s s i e i e t ) r S tion 707(b)(i) of the Code. or the related person and tf,, I tra esses under common control within the meaning of Sec 2(a) -(b) of the Cod -xce t purposes hereof, the phrase "10 percent" shall be substi for the phrase "50 " ' lying Section 267(b) and Section 707(b)(1). "Rent - Restricts Unit" s t ental Unit where the Gross Rent with respect to such unit does not exceed tht %) of the imputed income limitation applicable to such unit (or such higher limitation as provided by Section 42(g)(2)(E) of the Code). For purposes of the foregoing, the imputed income limitation applicable to a Residential Rental Unit is the income limitation set forth for Low- income Tenants occupying the unit if the number of individuals occupying the unit are (x) one (1) individual, in the case of a twit that does not have a separate bedroom, and (y) one and one -half (1.5) individuals for each separate bedroom, in the case of a unit that has one or more sepuate bedrooms. "Reeid ntlal Rental Units" shall mean dwelling units made available for rental, and not ownership, by Low - income Tenants and members of the general public, each of which units shall contain complete living facilities that are to be used other than on a transient basis together with facilities that are functionally related or subordinate to the living facilities. The units shall at all times be constructed and maintained in substantial accordance with the applicable building code standards of the County. For purposes of the foregoing, a unit that contains sleeping accommodations and kitchen and bathroom facilities and that is located in a building used exclusively to facilitate the transition of homeless individuals to independent living and in which 4 OR: 2341 PI.. �13 5 a governmental entity or qualified nonprofit organisation provides such individuals with temporary housing and supportive services designed to assist such individuals in locating imd retaining permanent housing shall not be deemed to be a unit occupied on a transient basis within the meaning hereof. (b) Ali capitalized words and tenns herein which are not otherwise defined herein shall have the same meanings ascribed to them in Section 42 of the Code or in 'Treasury Regulations thereunder. (c) The terms and phrases used in the Recitals of this Agreement have been included for convenience of reference only, in the meaning, construction and interpretation of all such terms and phrases shall be determined by reference to this Section 1. The titles and headings in this Agreement have been inserted for convenience of reference only and shall be deemed to modify and restrict any other provisions of this Agreement. (d) finless the context clearly gender, as the case may be, shall I>,*, singular number shall be constr and ail of the terms and prov' rfi jr�1if�'" in this Agreement and to s tai Section 2. hereby declare their and r�k4h t to be owned, managed, defined in Section 42(g) agrees as follows: (a) 'That the Project is` low - income housing project, an 6J qualified low- income housing proj tires otherwise, words of masculine, feminine or neuter g the other genders, and wards of the ber, and vice versa. "Phis Agreement shall be cons effectuate the purposes set forth Ltv hereof Aut- Th Agency and the Owner t t i xte ded Use Period, the Project is low- c in sing project as such phrase is e( er y represents, covenants and D for pit . -es f providing a qualified v�nS,I age and operate the Project as it with Section 42 of the Code; and (b) 'That all of the Residential Rental Units in the Project shall be similarly constricted and each such unit shall contain complete facilities for living, sleeping, eating, exwking and sanitation for at least a single individual or a family; provided, however, that a unit that contains sleeping accommodations and kitchen and bathroom facilities and that is located in a building used exclusively to facilitate the transition of homeless individuals to independent living and in which a governmental entity or a qualified nonprofit organization provides such individuals with temporary housing and supportive services designed to assist such individuals in locating and retaining permanent housing shall not be deemed to be a unit occupied on a transient basis within the meaning of this Section 2(b); and (c) That, during the Extended Use Period, none of the Residential Rental Units in the Project shall at any time be utilized on a transient basis; except as provided in this Section 2(c). none of the Residential Rental Units in the Project shall ever be leased or rented for an initial period of less than one hundred eighty (180) days; and neither the Project nor any portion thereof 5 10 d!) shall ever be used as a hotel, inotel, dormitory, fraternity house, sorority house, rooming house, hospital, sanitarium, nursing home, rest home, trailer court or trailer park, or health club or recreational facility (other than recreational facilities that are available only to tenants and their guests without charge for their use and that are customarily found in multi - family rental housing projects); provided, however, that a .tingle -roam occupancy unit shall not be treated as used on a transient basis merely because it is rented on a month -to -month basis; and provided, fiurrher. that a unit that contains sleeping accommodations and kitchen and bathroo- m facilities and that is located in a building used exclusively to facilitate the transition of homeless individuals to independent living and in which a governmental entity or a qualified nonprofit organization provides such individuals with temporary housing and supportive services designed to assist such individuals in locating and retaining permanent housing shall not be deemed to be a unit occupied on a transient basis within the meaning of this Section 2(c); and (d) 'That, during the Extended Use Period, the Residential Rental Units in the Project shall be leased and rented, or made available for rental on a continuous basis, to members of the general public; and the Owner shall not give preference in renting Residential Rental Units in the Project to any particular class or gro than Low - Income Tenants as provided in this Agreement; and (e) That the Project ha f one (1) or inor disc to edifiers or other man -made construction, each consisti g o an ` n e ition, ter walls and root. and containing four (4) or more Residential ni d • ' t ted utilities, all of which shall be: (x) owned by the same rso o fe r t t r c. ; ted n a common tract of land or two (2) or more contiguo t ot` ro i ten v r, gt eparate tracts of land that are separated only by a road, • t, am i opt• a purposes hereof' be deemed to be contiguous; and (z) f ed pursuant to a c:ti )n 1 nancing, and which shall consist entirely of: (1) Twelve ( st 1 b ' '0 rised of one - hundred- twenty -eight (128) residen 0, f twenty -four (24) one - bedroom, one- bath units comprising square feet each, forty -eight (48) two - bedroom. one -bath units comprising 1,020 square feet each, and fifty -six (56) three - bedroom, two -bath units comprising 1,184 square feet each; and (2) Residential Rental Units which are similar in quality and type of construction and which will include the following amenities: laundry hook -ups, air conditioning, mini - blinds, dishwashers, garbage disposals, pre - wiring; f'or security systems; and (3) Facilities functionally related anal subordinate in purpose and size to the property described in Section 2(e)(2) above, which will include a playground/tot lot, swimming pool, and volleyball court (none; of which may be unavailable to any person because such person is a Low - income Tenant) and other facilities that are reasonably required for the Project. 6 1685 w OR: 2341 PG: 0515 (f) That, during the Extended Use Period, the Owner shall provide the following tenant programs: day care and financial counseling; and (g) 'Chat, during the ENtended Use Period, the Project shall not include a unit in a building where all Residential Rental Units in such building are not also included in the Project-, and (h) That, during the Compliance Period, the owner shall not convert the Project to condominium ownership; mid (i) That, during the Compliance Period, no part of the Project shall at any time be owned or used by a cooperative housing corporation; and (j) That, during the E=xtended Use Period, no unit in the Project shall be occupied by the Owner or u Related Person to the Owner at any time (x) unless such person resides in a unit in a building or structure which contains at leas Rental Units, or (y) except as provided in Section 42(i)(3)(1) of th Zfiv44S4-gesidential Q� (k) That, during the E Use Period, Owner t refuse to lease a unit to a holder of a voucher or certifi to "gibi �under ion of a United States Housing Act of 1937 because of the statu of e such hoI er. (l) 'That the Owner hu! n t di ri i at sex, marital status, family s x Project or in connection wit ap operation and management o t roject deemed to preclude the Owne discrimination ba: Rental Units set aside for Low -E Iftt enants com employment or prc�videcf, in and W :> race, creed. religion, color, e, use or occupanc=y of the Ething yment of persons for the herein shall be e in renting Residential the requirements of the Code; (m) That the Owner shall submit the certificate with respect to the first year of the Credit Period and such annual reports to the Secretary of the 'Treasury as required by Sections 42(l)(1) and (lx2) of the Code and deliver a copy thereof to the Agency and to the Monitoring Agent, and shall submit such information to the Agency as the Agency may request in order for the Agency to comply with Section 42(1)(3) of the Code and for the Agency to monitor the Owner's compliance with Section 42 of the Code, the Agency's rules and regulations codified at Florida Administrative Code, Chapter 91 -33, and the provisions of the Agreement; and (n) That, during the Extended Use Period, the Owner shall comply with the IbIlowing commitments that were the basis of the Agency's competitive scoring and tanking of the Owner's application for Tax Credits in satisfaction of the Agency's responsibilities under Section 42(n) of the Code, and as required by the Agency's rules acid regulations implementing such responsibilities, Florida Administrative Code, Mule. c)1- 33.010(1): 1665 OR: 2341 PG: 0576 (i) Notwithstanding Section 3(a) below to the contrary, commencing with the issuance of the first certificate of occupancy for any building included in the Project, at least one- hundred percent (100%) of the occupied and completed Residential Rental Units included in the Project shall be occupied by and rented to Low - Income Tenants or held available for rental to Low - Income 'Tenants. (ii) For purposes of complying with the requirements set forth in Section 2(n)(i) above, if the income of an individual or family resident in a Residential Rental Unit did not exceed the applicable income limit (adjusted for family size) at the commencement of such resident's occupancy, the income of such individual or family shall be treated as continuing to not exceed the applicable income limit as long as such Residential Rental Unit remains a Rent - Restricted Unit. The preceding sentence shall cease to apply to any individual or family whose income, as of the most recent determination, exceeds one hundred forty percent (I 4(r/o) of the applicable income limit (adjusted for family size), if alter such determination, but before the next income determination, any Residential Rental Unit of comparable or smaller size in the building is occupied by a new individual o •ident whose income exceeds the applicable income limit (adjusted for family sia) �l�l� (iii) The Owne sly btain from each Lo co a Tenant and maintain on file an Income Certification purs ant a is - d pros, d s found in the Low - income Rental Housing Tax Credit Fom Hance mined tefy p 'or t the initial occupancy of a Residential Rental Unit in t e P h sh 11 also obtain, at least annually thereafter, and ma nta o ftl [ co e i a n ro each Low- Income "Tenant (and from each tenant who t in u' It coed die applicable income limit as provided in Section i) above) to determt - wh he hen current income of such tenants (or such tenants who ome is treated as n o exceed the applicable income limit as provided in Se •tn (n)(i) above) resit i reject exceed the applicable income limits, adjusted f'or fami t �. addition, th • u all require each Low- Income Tenant (or tenant whose income is t tot t o exceed the applicable income limit as provided in Section 2( )(i) above Owner of any material change of information in his, her or their, as the case may be, mast recent Income Certification. 'rhe Income Certification shall be in the form and contain such information as may be required by the policies of the Agency, as the same may be, from time to time, amended by the Agency on the advice of Counsel. For all projects receiving Tax Credit allocations since January 1, 1987, the Owner shall submit Program Reports, Recap of'renant Income Certification Information and Annual Owner Compliance Certification annually throughout the Compliance Period. The initial reports shrill be submitted to the Agency not later than thirty (30) clays after final allocation is made. Subsequent reports shall be submitted to the Agency annually on a date assigned by the Agency. In addition, the Owner shall submit the Program Report, Recap of'fenant Income Certification Information and copies of Tenant Income Certification for at least ten percent (10 %) of'the lower- income units in the project to the monitoring agency annually. Additional reports and information shall be submitted to the Agency at such other times as the Agency may, ill its sole discretion, request. 0 OR: 2341 : 55 ', (iv) 'The Owner shall maintain complete and accurate records pertaining to the Residential Rental Units occupied by and rented to (or held available for rental to) Low - Income Tenants for at least six (6) years following the indicated date of each such record and shall permit any duly authorized representative of the Agency or the Monitoring Agent, to inspect the books and records of the Owner pertaining to the Income Certifications and income substantiation materials of Low- Income Tenants (and such tenants whose income is treated as continuing not to exceed the applicable income limit as provided in Section 2(n)(i) above) residing in the Project upon reasonable notice and at reasonable times. (v) The Owner shall immediately notify the Agency and the Monitoring Agent if at any time the Residential Rental Units in the Proiect are not occupied or available for occupancy as provided in Section 2(n)(i) above. Section 3.1.ow- Income Tenants: Low - Income Units. In order to satisfy the requirements of the Code, the Owner hereby represents, covenants and agrees that, during they Extended Use Period: iER co (a) Not later than th*Pr0*4-shaHbg s Credit Period for each building included in the Project, at lrcent (40 %) of th ied and completed Residential Rental Units included in th both Rent -Res 'ct Units and rented to and occupied by Low - Income Ten ts, er in-Ma rental cu cy of such Residential Rental Units by Low -In om , 0% of the such Residential Rental Units in the Proje t at Il ime s - ct Units and rented to and occupied by (or held avai qM iusl e t f9q d occupied by it Low - Income Tenant) Lo n me Tenants as req ' by Se ',& 2(g)(1) of the Code. At least one - hundred percent (100° he dwelling units b d and rented to Low- Income persons. Not less than one - percent (100 0/0) o n the project shall be leased. rented or made available on a basis to pers useholds whose incomes are sixty percent (60 %) or less of the area di- or family size), as determined by HUD. The gross monthly rents for al 'xeced thirty percent (30 %) of the imputed income limitation applicable to such unit as defined in Section 1(a). For purposes of complying with the foregoing requirements, if (x) the income of an individual or family resident in a Rent - Restricted Unit did not exceed the applicable income limit (adjusted for family size) at the commencement of such resident's occupancy and (y) such unit continues to be a Rent - Restricted Unit, the income of such individual or family shall be treated m continuing to not exceed the applicable income limit. The preceding sentence shall cease to apply to any individual or family whose income. as of the most recent determination, exceeds one hundred forty percent (140 %) of the applicable income limit (adjusted for family size) if, after such determination, but before the next income determination, any Residential Rental l mit of comparable or smaller size in the building is occupied by a new individual or tamily resident whose income exceeds the applicable income limit (adjusted for family size). (b) During each taxable year in the Extended Use Period, the applicable fraction (as such term is defined in Section 42(c)(13) and is used in Section 42(h)(6) of Code) shall not be less than 9 OR; 2341 A: 578 5 the smaller of. (i) the unit fraction or (ii) the floor space fraction (as such terms are deancd in Sections 42(c) of the Code). (c) The Owner shall not evict or terminate the tenancy of any tenant (including any tenant whose income is treated as continuing not to exceed the applicable income limit as provided in Section 3(a) above) of any Low - Income Unit in the Project, other than for good cause, or increase the Gross Rent with respect to such Low - Income Units in excess of the amount allowable as Rent- Restricted Units. (d) 'Me Owner shall obtain from each Low- Income Tenant and maintain on file an Income Certification pursuant to the requirements and procedures found in the Low- Income Rental Housing Tax Credit Compliance Manual immediately prior to the initial occupancy of dwelling unit in the Project by such Low- Income Tenunt. The Owner shall also obtain, at least annually thereafter, and maintain on file an Income Certification from each Low - Income Tenant (and from each tenant whose income is treated as continuing not to exceed the applicable income limit as provided in Section 3(a) above) t hether the then current income of such Low - Income Tenant (or such ten an a ted as continuing not to exceed the applicable income limit as provi ction 3(u) a ' ing in the Project exceed the applicable income limits, adju e r family sire. In addit Owner shall require each Low - Income Tenant (or ten t :ncoihe_' • at - as co tin 'ng not to exceed the applicable income limit as ov' ed to Se i a) abo e) to n tify the Owner of any material change of information in h , h o ' , m , st ent Income Certification. The Income Certification hall n i h i o ation as may be required by the Code and the polici a yie time to time amended by the Agency on the advice o t sel, or in such othe brm er as may be required by applicable rules, rulings, pro s, official stateme u t or policies now or hereafter promulgated or proposed by e ment of the Treas o'c.t Internal Revenue Service with respect to Tax Credits. For all p iving T orations since January 1. 1987, the Owner shall submit Program Re -�, k ncome Certification Information and Annual Owner Compliance Certification an oughout the Compliance Period. The initial reports shall be submitted to the Agency not later than thirty (30) days after final allocation is made. Subsequent reports shall be submitted to the Agency annually on a date assigned by the Agency. In addition, the Owner shall submit the Program Report, Recap of Tenant Income Certification Information and copies of Tenant Income Certification for at least ten percent (10 %) of the lower- income units in the project to the monitoring agency annually. Additional reports and information shall be submitted to the Agency at such other times as the Agency may, in its sole discretion, request. (e) 'The Owner shall maintain complete and accurate records pertaining to the Low-income Units for at least six (6) years following the indicated date of each such record and shall permit any duly authorized representative of the Agency, the Monitoring Agent, the Department of the Treasury or the Internal Revenue Service to inspect the books and records of the Owner pertaining to the Income Certifications and income substantiation materials tit 10 OR: 2304.. 9_� Low - income Tenants (and such tenants whose income is treated as continuing not to exceed the applicable income limit as provided in Section 3(a) above) residing in the Project upon reasonable notice and at reasonable times. (f) The Owner shall immediately notify the Agency and the Monitoring Agent if at any time the Residential Rental Units in the Project are not occupied or available for occupancy as provided in Section 3(a) above. Section 4. Sale. Lesae or Transfer of the Project or any Building. (a) The Owner shall not enter into a sale, lease, exchange, assignment, conveyance, transfer or other disposition (collectively, a "Disposition ") of the Project or any building in the Project: (i) unless such Disposition is of all ofa building in the Project, and (ii) without prior written notice to the Secretary of the Treasury and to the Agency, and the compliance with all rules and regulations of the Department of the Treasury and the Agency applicable to such Disposition. The Owner shall notify the A i i writing of the name and address of the person to whom any Disposition has been f 14) days after the date thereof. It is hereby expressly stipulated and any i, the Project or of any building in the Project by the Owner in v' of this Section 4 sh u11, void and without efTect, shall cause a reversion of title to e t caner, an shall in %dive to relieve the Owner of its obligations under this re e O er shal includ , ve batim or by incorporation by reference, all requirement an tent in any deed or other documents transferring in t in th P j t c '1 ing in the Project to any other person or entity to the en tic • f and by such restrictions, and shall obtain the expre teen assumption of 'S Ag e y any such transferee. (b) The restrictions c 4t d in Section 4(a) shU applicable to any of the following: (1) any transfer pur r in lieu of a f or any exercise of remedies (including, without limitation, fo os age on the Project; provided, however, that neither the Owner nor an in to the Owner shall acquire any interest in the Project during the remainder of the Extended Use Period; (`l) any sale, transfer. assignment, encumbrance or addition of limited partnership interests in the Owner; (3) grants of utility - related easements and governmental easements, shown on the title policy approved by the Agency and any other easement and use agreements which may be consented to by the Agency and service- related leases or easements, such as laundry service leases or television cable easements, over portions of the Project; provided, he wev,er, the same are granted in the ordinary course of business in connection with the operation of the Project as contemplated by this Agreement; (4) leases of apartment units to tenants, including Low - Income Tenants, in accordance with this Agreement; (5) any sale or conveyance to a condemning goverrunental authority as a direct result of a condemnation or a governmental taking or a threat thereof; (6) the placing of a subordinate mortgage lien, assignment of leases and rents or security interests on or pertaining to the Project if made expressly subject and subordinate to this Agreement; or (i) any change in allocations or preferred return of capital, depreciation or losses or any final adjustment in capital accounts (all of which may be freely transferred or adjusted by Owner pursuant to Owner's partnership agreement). 11 1665 4 OR: 2341 PG: 0580 Section 5. Project Within Anna's Jurisdicloon. The Owner hereby represents and warrants that each building in the Project shall be located entirely within the limits (if the County. Section 6. Term of this Agreement, (a) 'This Agreement shall become effective upon its execution turd delivery, and shall remain in full force and effect until the expiration of the Extended Use Period or except as otherwise provided in this Section 6. Upon the termination of this Agreement, upon request of any party hereto, the Agency and the Owner or any successor party hereto shall execute a recordable document prepared by the Agency or its Counsel further evidencing such termination. (b) The restrictions contained in Section 2 and Section 3 of this Agreement regarding the use and operation of the Project and of each building in the Project shall automatically tenminate in the event of involuntary noncompliance caused by tire, seizure, requisition, foreclosure or transfer of title by deed in lieu of foreclosure to an entity other than the Owner or a Related Person of the Owner (except as may otherwise be determined by the Secretary of the Treasury), change in a federal law or an action of a t after the date hereof which prevents compliance with the covenants ex e ` «�T ation or similar event (as determined by the Agency upo the expense of the Owner, th p form prepared by the Agen or is Section 6(b) shall not appl ( d thi apply) to the Project in th ev in this Section 6(b) but pr or i th to the Owner obtains an o Tice of Counsel'};. hereto shall execute the Treasury determines th h foreclosure or tr er o tit part of an arrangement to to a this Agreement. C event. upon the request and at priate document in recordable atic termination 'This ti ns 2 and 3 shall thereafter noncompliance as described e eriod, (x) a Related Perscm ses, or (y' ) the Sccrrtan- of dead in lieu of form knt rr is (c) The restrictions con tion 2 3 of this Agre reew rrgadrng dw use and operation of the Project an irl, shall terminate on the dme that is (x) sixteen 16 ears after the last . ompliance Period applicame to the Ptrnw or such building(s) or (y) the last day of the one (1) year period beginning on the date that the Owner submits a written request to the Agency to find a purchma of the owner's it kmm m the Project or such building(s) pursuant to the Agency's toles and regulation. Fkxida attisc Code, Rule 91- 33.018, if during such one (1) year period, the Agency is unabk- m prcsto w the Owner a qualified contract (within the meaning of Section 42(h)(6) of the Code) for the pm+chnrie of the Project or such building(s) by a person who will continue to operaw the Ptojie+ct or such building(s) as a qualified low - income housing project or qualified low -inco nw buLfi1V t1L xc the case may be. (d) Notwithstanding the termination of the restrictions contained in Section 2 and Srctwn 3 prior to the expiration of the Extended Use Period, the Owner (including am successor ax assignee of the Owner) shall not, prior to the end of the three (3) year period followi. -qt such termination: (i) evict or terminate the tenancy of any existing tenant (including any tenant whose income is treated as continuing not to exceed the applicable income limit as provided in Section 12 • , . OR: 234 4. q§ I 3(a) above) of any Low - Income Unit, other than tier good cause, or (ii) increase the Gross Rent with respect to such Low - income Units in excess of they amounts allowable as Rent - Restricted Units. (e) Notwithstanding any other provisions of this Agreement, this entire Agreement, or any of the provisions or sections hereof, may be terminated upon agreement by the Agency and the Owner if there shall have been received an opinion of Counsel to the Agency that such termination is permitted under Section 42 of the Ctide. Section 7. Indemnification. The Owner hereby covenants and agrees to indemnify and hold the :state, the Agency and the Monitoring Agent, .aid their respective members, dire- ciors, officers, employees, attorneys, agents and representatives (any or all of the tbregoing collectively referred to as the "Indemnified Persons ") harmless froth and against any and all iosses, damages, judgments (including specifically punitive damage awards), arbitration awards, amounts paid in settlements, costs and expenses and liabilities of whatsoever nature or kind (including, but not limited to, reasonable attorneys' fees, whether or not suit is brought and whether incurred in connection with settlement negotiati (claims, at trial, on appeal, in bankruptcy or other o7indirec dtors' pr witness fees and expenses and court costs) directly ling from, arising r in connection with any act or omission to act by the Own • or rs, directo o ers, employees„ anorneys or agents or other persons un r d' t t t e r or tin on its behalf, resulting from. arising out of or relating t (i f t) ylow- income housing tax credits, (ii) the interpretat' n e fo o r o thi Agreement (including but not limited to any action t o pro is f), (iii) any written statements or representati a or given MT .40 partner, director. officer, employee, attorney or agen Owner or by anyj irect contract to the Owner or acting on the Owner's behal person to whom i lls or offers to sell any interest in low - income: housing tax ere t iv) the design, q tic 'on, installation. operation, use. occupancy, maintenance or owne Each Indemnified Person will promptly, and after notice to such Indemnified Person (notice to the Indemnified Persons being serviced with respect to the filing of gut illegal action, receipt of any claim in writing or similar form of actual notice) of any claim as to which tie asserts a right to indemnification, notify the Owner of such claim. Each Indemnified Person 'Will provide notice to the Owner promptly, but in no event later than seven (7) days following his receipts of a filing relating to a legal action or thirty (30) days following his receipt of any such other claim. If any claim for indemnification by one or more Indemnified Persons arises out ofa claittl for monetary damages by a person other than the Indemnified Persons, the Owner shall undertake to conduct any proceedings or negotiations in connection therewith which are necessary to defend the Indemnified Persons and shall take all such steps or proceedings as the Owner in good faith deems necessary to settle or defeat any such claims, and to employ counsel to) contest wly such claims; provided, however, that the Owner shall reasonably consider the advice of tl:c Indemnified Persons as to the defense of such claims, and the Indemnified Per,.ons shall hay. the 13 OR; 2341 Pi. &a 5 right to participate, at their own expense, in such defense, but control of such litigation and settlement shall remain with the Owner. The Indemnified Persons shall provide all reasonable cooperation in connection with any such defense by the Owner. Counsel (except as provided above) and auditor fees, filing fees and court fees of all proceedings, contests or lawsuits with respect to any such claim or asserted liability shall ive home by the Owner. if any such claim is :Wade hereunder and the Owner does not undertake the defense thereof, the Indemnified Persons shall be entitled to control such litigation and settlement and shall be entitled to indemnity for all costs and expenses incurred in connection therewith pursuant to the terms of this Section 7. To the extent that the Owner undertakes the defense of such claim, the Indemnified Persons shall be entitled to indemnity hereunder only to the extent that such defense is unsuccessful its detennined by a final judgment of a court of competent jurisdiction, or by written acknowledgment of the parties. The Owner reserves the right to appeal any judgment rendered. Section 8. $fit. The Agency and the Owner hereby recognize and agree that the representations and covenants set forth herein may be relied upon by till persons interested in the legality raid validity of the Owner's use oft cc obligations hereunder, the Agency ' t Low - income Tenants believed i to be ge proper person or persons, and its of the books occupancy of the Project. I`I int l' kmrQLmanu Agreement shall be permitt d ess ini i ed till pal Agency may consult with un i ti authorization and protecti w 4es t, o y • •t hereunder in good faith an tt t e it reimburse the Agency for r ble attorneys' fires opinion of such counsel. In ing its duties an upon certificates of Law -Inco ants reasonably ht executed by the proper person o The Ownc r guidelines and policies of the Agen' I interpretations of the same. In perfiarming their duties and s and certificates of the Owner and ON to have been executed by the s of the (honer pertaining to a ' n ti the typed version of this to e reement. In addition, the •el s all bc! full and complete n r ti' ed by the Agency o ' c unsel. The Owner shall in obtaining the reunder, the ( honer miry rely — genuine and to have been on the rules, regulations, .asury, turd upon reasonable Section 9. Enforcement by the Agency and by Tenants. If the Owmer defaults in the performance of its obligations tuider this Agreement or breaches any covenant, agreement or warranty of the Owner set forth in this Agreement, and if such default or breach remains uncured for a period of sixty (60) days (or ninety (90) days for any default not caused by a violation of Section 2 or 3 hereof) after written notice thereof shall have been given by the Agency to the Owner (or for an extended period approved in writing by Agency Counsel (x) if such default or breach stated in such notice can be corrected, but not within such sixty (60) day (or ninety (00) day) period, and (y) if the Owner commences such correction within such sixty (60) day (or ninety (90) clay) period and thereafter diligently pursues the same to completion within such extended period), then the Agency shall give notice of'such default or breach to the Internal Revenue Service and may terminate all rights of the Owner under this Agreement. and the Agency may take whatever other action at law or in equity or otherwise, whether for specific performance of any covenant in this Agreement or such other remedy as may be deemed most effectual by the Agency to enforce the obligations of the Owner under this Agreement. 14 OR: 2341 4. 95 Notwithstanding any of the foregoing, the Agency shall have the right to s"k speci[ir, performance of any of the covenants, agreements sand requirements of this Agreement concerning the construction and operation of the Project and any person who satisfies the income limitations applicable to Low - Income Tenants hereunder (whether prospective, present or firmer occupants of any Residential Rental Unit in any building included in the Project, including any tenant whose income is treated as continuing not to exceed the applicable income limit as provided in Section 3(a) above) shall separately have the right to �%;;k specific performance and otherwise enforce the requirements of Section 3(b) and Section 3(c) with respect to such building that is part of the Project. The owner must obtain the Agency's approval of the management company selected to manage the project. The Agency must be advised of a sy change in the owner's selection of a management company, and the company must be approved by the Agency prior to the firm assuming responsibility fir (lie prgiect. The Agency shall have the right to Managing Agent who does not requ' Managing Agent's being given t be expressly acknowledged i ntrac Agent. z______ t'he Agency shall in shorter periods than sp such shorter periods are r C'" Section 10. wire the Owner to remove any Manager or ft i this Agreement upon such Manager's or e of a violation, and such right shall between IlwN and any Manager or Managing ent and require curing of defaults ►t t i s a easonable determination that cell 2 o Co de. (a) Upon executionuV by the parties o e Owner shall cause this Agreement and all amendments �d� �� recorded and filed in the official public records of the County in such r a0 l other places as the Agency may reasonably request and shall pay all fees and charges incurred in connection therewith. (h) 'this Agreement and the covenants herein shall run with the land and shall bind, and the benefits shall inure to, respectively, the Owner and the Agency and their respective successors and assigns during the term of this Agreement. (c) Upon reasonable notice, if there has been no event of default under this Agreement, the Agency shall furnish to the Owner a statement in writing certifying that the Agreement is not in default. Section 11. Amendments tquired by &c Q;.ode. To the extent that Suction 42 of the Code or any amendments thereto and any final or temporary Treasury Regulations or Revenue Rulings thereunder shall impose requirements upon the ownership or operation of the Project more or less restrictive than those imposed by this Agreement, the Owner and the Agency agree that this Agreement shall be deemed to be automatically amended to impose such additional or 1.5 , . , OR. 2341 5 more restrictive requirements or to impose less restrictive requirements, as appropriate. prcmicle d. however, this Section 11 shall not affect requirements of this Agreement imposed by State law or agreed to by the Owner that were the basis of the Agency's competitively scoring and ranking the Owner's application (including any modifications or supplements thereto) fir Tax Credits. The Owner and the Agency shall execute, deliver and, if applicable, file of record any and all documents and instruments necessary in the reasonable opinion of Counsel to the Ageory to tx: in compliance with the provisions of Section 42 and all other provisions of the Code turd Florida law relating to Tax Credits. Section 12. Gove ping Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. Section 13. Notice. Any notice required to he given hereunder shall be given by personal delivery, by registered or certified U.S. Mail or by expedited delivery service at the address as specified below or at such other addresses as may be specified by notice to the ether parties hereto, and any such notice shall be d med received on the date of delivery, if by personal delivery or expedited deli ctual receipt if sent by registered or certified U.S. Mail: C10 � ?� Agency: F 10 OUS1NG FINA C GENC'Y 27 B n wg 111 cet, S Re 00 9 A n: i •) ctor E-- Owner: XON MANOR I ti P ENTS LIMITED A TNERHSIP L; "dge Park St. ut`' s r Attn: Ja n Section 14. Seyerability. If any provision of this Agreement shall be held by -,uty court of competent jurisdiction to be invalid, illegal or unenforceable, such provision shall be deemed omitted from this Agreement and the validity, legality and enforceability of the remaining portions of this Agreement shall remain in full force and effect, but such holding shall not affect the validity, legality or enforceability of such provision under other, dissimilar facts or circumstances. Section 15. Multiple Counterparts. This Agreement may be simultaneously executed in multiple counterparts, all of which shall constitute one and the same instrument and each of which shall be deemed to be an original. Section 16. Binding Effect. This Agreement shall be binding upon and inure to the benefit of each of the parties and their successors and assigns, but this provision shall not be construed to permit assignment by the Owner without the written consent of the Agency. ]. 6 1' 4 OR; 23 G.00 5 1 '�- SIGNATURE PAGE FOR PXTF,NDED 1 OWJNCO E HOUSING AGREEMENT IN WITNESS WHEREOF, the Agency and the Owner have executed this Agreement as of the date first written above. WITNESSES: FLORIDA HOUSING FINANCE AGENCY, a state agency and instrumentality and a public body corporate and politic duly existing under the laws of the State of Florida ,13r �.� d • '� c. �s • ��k ; f .�� ' .Lei Ex Di to Secre AL STATE OF... COUNTY OF The foregoing instrument w e a nowledged before me this ,.3 4,41 _ day of 19 91_ by Susan T. Leigh as Executive Director and Secretary of the FL RID HOUSING FINANCE AGENCY, a state agency and instnunentality and a public body corporate and politic duly existing under the laws of the State of Florida, on behalf of said Agency. She is personally known to me and did not take an oath or affirmation. Notary ublic Printed Name: f \ A My Commission Expires: 3-1-949 17 b %' . ) . OR; 2341 G: 09 4 SIGNATURE PAGE FOR EXTENDED LOW-IN SING AGREEMENT IN WITNESS WHEREOF, the Agency and the Owner have executed this Agreement as of the date first written above. WHNESSI S; Flo K d A limited partnership. By: ' .r 0r As r_ one of pN� general partners of STATE OI'Q COUNTY OF The foregoing instrument was executed and acknowledged before me this j_1 r':' day of 1901 by —K. t��C'tC' hmC"%- A- individually as one ��f general Partners u1' . tYl at � l��A s� e __ limited partnership, on behalf of said partnership. He is Mersonully known to me or has produced _ as identification and did/did not take an oath or affirtnation.� � So s V00 w+hr By ser ►�► ��t)2: CA WN-0 116"'►0 Notary Public Printed Name: t) A o►1 E My Commission Expires: �!,Ir, i 1 iy 18 OR; 2341 k:110 7 11, I PROPEJtTY mow-now A PONTON THE EAST 1 OF THE EAST 1/2 OF TFii EAST 1/2 OF EAST COMM 4 OF S' �DIII 60 80UTN, RANGE 26 DESiCRIm FOLLOW& � � ! lIIG MORE PAR11CiA/IRLY comaNCE �iT im NONIW AST COW" OF SECM 6. TITNAI�I W Sv $Wft RANK 3: EAST. COLLIM COUNTY. FLORIDA; THENCE" S. O0W'W w.. ALONG THE EAST LINE OF THE NORTHEA37 bUARTER Or 20 MCTION 6. FOR A DISTANCE OF 60.41 FEET TO A ROAD GR. ))T AND THE TIERLY RI�iT�GF -� � Of RADIO PARCEL � LAND HEMENI CE CONT"m S. OF SAID AIONQ NORTHEAST QUARTER � 79 FEET; THENCE RUN N. Nom' A DISTANCE 0 FEET; THENCE RUN N. . FOR A OISTANCE OF .24 T: TFIENCE RUN N. DI OF 1 .57 FEET: THENCE RUN S 'OS w 76. 4 TT. THENCE RUN S. A 1'. H ENC E am S. 00 A T. THENCE RUN T. THENCE RUN N. so .. FOR T. THENCE RUN N. E.. FOR A DIST Q T; THENCE RUN N. FOR A OIST T TO A POINT ON THE NE OF THE EAS EAST 1/2 OF THE RUN W. EAST 1 ! THEAST 1/4 CTION 6; THENCE THE E OF THE EAS 1/2 T NORTHEAST 14 Of SAID SECTION 6. A DIST FEET TO A POINT ON THE SOUTHERLY T-OF -WAY LINE OF RADIO ROAD. THE SAYE BEING A POINT ON A CIRCULAR CURVE, CONCAVE SOUTHERLY, WHOSE RADIUS POINT K S. O1.3S'SP" E. A DISTANCE OF 14802.73 FECT 1HEREFROY; THENCE RUN EASTERLY. ALONG THE SOUTHERLY RIGHT -OF-- WAY LNIE RADIO ROAD AND ALONG THE ARC OF SAID CURVE To THE RMT. AMNG A RADIUS OF 14882.73 FEET. THROUGH A CENMK AMM OF 0116'160, SUBTENDEO BY A CHORD OF 330.38 FEET AT A OEARIN0 OF N. 8M'W E.. FOR A DISTANCE OF 330.30 MY TO THE am I .,- , CONTAINING 11.016 ACRES, WORE OR SS 2982 - 001 - 10439.01 (rev. 3 -1 -91) 20 2240812 OR: 235f PG 939 11 neonal is o2'ninu ums of coum roam, n 10/21/11 at 11:51M OM't6M! 1. IMOCI, CL Mt MK 11)1 1s.// lob: 91101 U101 11111 AM M 192 UQ1 CWI 011213 UPLI9 IL 21119 FIRST AMENDMENT TO EXTENDED LOW- INCOME HOUSING AGREEMENT This AMENDMENT is made and entered into this 7 day of. ato he Q _, 19_" between FLORIDA HOUSING FINANCE AGENCY, a state agency and instrumentality and u public body corporate and politic duly exi�stinn under the law of the State of Florida (the "Agency "), and SAXON MANOR IS S�1" PARTNERSHIP, a Florida limited partnership (the WHEREAS, on (the "Agreement ") was WHEREAS, the the public records of Co WHEREAS, the Agency Agreement as more particularly ESSETH: �aa 7 Ow lneome Housing Agreement w n A n •I per and E•-q was recorde ►n ffict a Book 234 1, page 0569 of Florida: and uested and Deve agreed to amend the NOW, THEREFORE, for a good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Agency and Developer agree as follows: 1. The foregoing recitations are true and correct and are hereby incorporated by reference. 2. The Agreement is hereby modified as follows: This instrument prepared by: Susan J. Leigh FLORIDA HOUSING FINANCE AGENCY 227 North Bronough Street, Suite 5000 Tallahassee, Florida 32301 -1329 OR; 2358 4: `68#6 5 Section 2(e)l l is modified in full to read: Eleven (11) residential buildings comprised of one- hundred- twenty - eight (128) residential units, consisting of twenty -four (24) one - bedroom, one -bath units comprising 724 square feet each, forty -eight (48) two- bedroom, one -bath units comprising 1,020 square feet each, and fifty -six (SG) three- bedroom, two -bath units comprising 1,184 square feet each; and 3. Except as herein modified, the Agreement shall remain in full force and effect and fully enforceable in accordance with its terms. IN WITNESS WHEREOF, the Agency and Developer have executed this Amendment as of the date first above written. WITNESSES: rends c -e FLORIDA HOUSING FINANCE: AGENCY, a and instrumentality and a public body jr� ,�� litic duly existing under the. laws of Q the State o n STATE OF FLORIDA COUNTY OF LEON C/ Secretary The foregoing instrument was e tId t0.4 v (edged before me this 1( J/1 day of 19 by Susan J. I.eig a xecutive Director and Secretary of FLORIDA HOUSING FINANCE AGENCY, a state agency and instrumentality and a public body corporate and politic duly existing under the laws of the State of Florida, on behalf of said Agency. Sh4,js,ppxsonally known to me and did not take an oath or affirmation. C�_ - - -- -- - Notary Public Printed Name: 1 t f i i A ' ')rod rod My Commission 1?xpires: -s .I 9 `i WITNESSES: SAx*•✓ MAVOOL X9 10 S APA f -f xe�vt L; #" i, tCc Y _�N a• s h , ,�. -- a Ne✓AdA limited partnership. FA STATE OF __ Fl p& COUNTY OF OR. X356 k401522-,zi .5ALM0- oA� By: - -- Ullkr one CSCnera p of _ SAxo& _. / PA #L e-A. s 11; p� By: sident. -- ._ AC.9—. .djak AAi✓ Title - - _ e-m-C �. _._..._._ The foregoing instrument was executed and acknowledged before me t! day of Q _ , 19 j�t by Ae k .�: . SAC AALAMy' , the & of _ r ��QA-o,¢p.. �rlxnr/y1ANanc�a`1%vwd�4 _limited partnership, on behalf of said partnership. personally known to me or has prod C identification and did/did not tak r affirmati� SUSS E. KILL �� y w gSON a c on" � I10ow►a S f, v' ....: NIw�tArMNj+• 3 Hiss' 'cy as ©S �C)I ! C1O ,'•. tom.. 16B5 4113962 OR: 4317 PG: 4146 RICORDID in 0111CIU 118COIN of COLLAR CMM, IL 01/04/2008 at 03:0711 MW 1. 810x, Cull RBC I81 35.50 Retn:SHIRRY 1 GR811 IL 1008I1G IIlm con 227 1 1111010001 3i #5000 TALLA911S311 IL 32301 1324 THIRD AMENDMENT TO EXTENDED LOW- INCOME HOUSING AGREEMENT SAXON MANOR ISLES APARTMENTS / #96L -501 This AMENDMENT is made and entered into between FLORIDA HOUSING FINANCE CORPORATION, a public corporation, the successor in interest to the Florida Housing Finance Agency, (the "Corporation "), and SAXON MANOR ISLES APARTMENTS, LIMITED PARTNERSHIP., a Florida limited partners ' "Owner "). WHEREAS, August (the "Agreement ") was exec WHEREAS, the the public records of Ca WHEREAS, the Agreement as more part 1 1$R C GQ� ess T� has requested atg herein below. and )me Housing Agreement ; and Book 2341, page 0569 of to amend the NOW, THEREFORE, for a g Taltat tderation, the receipt and sufficiency of which is hereby acknowledged, Corporatio weer agree as follows: 1. The foregoing recitations are true and correct and are hereby incorporated by reference. THIS INSTRUMENT PREPARED BY: Jade M. Oliver FLORIDA HOUSING FINANCE CORPORATION 227 North Bronough Street, Suite 5000 Tallahassee, Florida 32301 -1329 RECORD do RETURN TO: Wellington Meffert FLORIDA HOUSING FINANCE CORPORATION 227 North Bronough Street, Suite 5000 Tallahassee, Florida 32301 -1329 2. 3. 4 1665 � OR; 4311 PG: 4147 The Agreement is hereby modified to amend Section 2(e)(2) to read as follows: Residential Rental Units which are similar in quality and type of construction and which will include the following amenities: laundry hook -ups, air conditioning, mini- blinds, dishwashers, garbage disposals, water heater blankets; and Except as herein modified, the Agreement shall remain in full force and effect and fiilly enforceable in accordance with its terms. IN WITNESS WHEREOF, the Corporation and Owner have executed this Amendment as of the date first above written. (THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK) �tiZE,R CpU GOV�' oi OR: 4317 PG: 414 5 SIGNATURE PAGE FOR OWNER EXTENDED LOW -INCOME HOUSING AGREEMENT #96L -501 IN WITNESS WHEREOF, the Corporation and the Owner have executed this Agreement as of the date of execution by the Corporation. WITNESSES: Saxon Mamy Isles Roar- �menis Lim;4ed Pa4ners6i a limited partnership. BY: M B5 -5MQy% GP, L.L.C. , one of general partners of M u b ca 4, Inc.-�TA -s memh& zi-kil®r Md, 10 --- , .title "R CO(j, g artners of STATE OF 4 L COUNTY OF The foregoing instrument was acknowledged before me this day of ►., �j� by , � Y 4Vl as �%, c o ��,' d -{- for s %.r+ L-7 Lary Public Printed Name: ,2,,� Hoary Pudic S� d Fl rid; My Commission Expires: �^ Rsthbw +1� it�y Convnhsw DD725372 �- -) Expires 1 t N 2/2011 OF Pe=q, kn wn OR Produced Identification Type of Identification Produced ��,,, ( r�a D c OR: 4311 1G64T41 * *x� SIGNATURE PAGE FOR FLORIDA HOUSING FINANCE CORPORATION EXTENDED LOW - INCOME HOUSING AGREEMENT #96L -501 IN WITNESS WHEREOF, the Corporation and the Owner have executed this Agreement as of the date of execution by the Corporation. WITNESSES: FLORIDA HOUSING FINANCE CORPORATION, a public corporation STATE OF FLORIDA By: f5eborahtq6i 61inderman Deputy D elopment Officer vGOyy1E COUNTY OF LEON I r �' M The foregoing i as acknowledged or m 0? day of 11 ,20 Dozier Blinde y Development Officer of the FLORIDA HOUSING FINAN ORATION, a rporation, the successor in interest to the Florida Housing Fin e' > said Corporation. She is personally known to me. �^. Arm .. NNNyi JADE icon DD 621850 tary Public, State of Florida Expires December 12, 2010 ?- RL.!:1• B=M NuTwyF*ka n wo-9 -7m9 4 RIM 2294542 OR: 2400 PG: 0040 • CUB TO TU 10AID RICOIDID in the 011ICIAL UCOUS of COLLIII C001TI, IL • IMI011IC1 4Ta 11,001 03111191 at 10:11A1 DVIGIT I. I10CI, CUB It? 1240 IIC rat 31.50 CONIS 5.00 AGREEMENT FOR 100% DEFERRAL OF COLLIER COUNTY IMPACT FEES This Agreement for the Deferral of Impact Fees entered into this /� of 1998, by and between the Board of County Commissioners of Collier County, Florida, hereinafter referred to as "COUNTY" and Saxon Manor Isles Apartments 11 Limited Partnership hereinafter referred to as "OWNER ". WHEREAS, Collier County Ordinance No. 88 -97, as amended, the Collier County Library System Impact Fee Ordinance; Collier County Ordinance No. 88 -96, as amended, the Collier County Parks and Recreational Facilities Impact Fee Ordinance; Collier County Ordinance No. 91 -71, as amended, Impact Fee Ordinance; Collier Road Impact Fee Ordinanc , County Water System Imp t F the Collier county Sewer y� 92 -33, as amended, the Col they may be further Fee Ordinance ", provide for de qualifying as affordable housing; and Educational 'TAcili to time ow y Medical Semiees System amended, the Collier County as amended, the Collier in4nce No. 90-87, as amended, County Ordinance No. Impact Fee Ordinance, as ively referred to as "Impact owner- occupied dwelling units WHEREAS, SunCoast Corp. of Delaware is the duly authorized general partner «ith Jack J. Bachmann as President; and WHEREAS, Jack J. Bachmann as President of SunC'oast Corp. of Delaware. has applied for a deferral of impact fees as required by the Impact Fee Ordinance, a copy of said application is on file in the Housing and Urban Improvement Department; and WHEREAS, the County Administrator or his designee has reviewed the OWNE:R's application and has found that it complies with the requirements for an affordable housing deferral, of impact fees as established in the Impact Fee Ordinance; and OR: 2400 PG; 0 &16 B 5 4 WHEREAS, the impact fee deferral shall be presented in lien of payment of the requisite impact fees subject to satisfaction of all criteria in the Impact Fee Ordinance qualifying the project as eligible for an impact fee deferral; and WHEREAS, the COUNTY approved a deferral of impact fees in the amount of Five Hundred Ninety Two Thousand Six Hundred and Sixty Dollars and 48/100 (5592,660.48) for six years from date of certificate of occupancy for Saxon Manor Isles Apartments embodied in Resolution No. 98- 70 , at its regular meeting of March 17, 1998 and WHEREAS, the Impact Fee Ordinance requires that the OWNER enter into an Agreement with the COUNTY. NOW, THEREFORE, in cons' . r ing agree as follows: 0 I. RECITALS INCORPO T Jhe 3dregoiny, citals i incorporated by r 2. LEGAL DESCR dfl i is attached hereto as EXhI WW ' and incorvoratedkb►v re recitals, the parties covenant and and correct and shall be Il)�& 4nits (the "Dwelling Unit ") 3. TERM. OWNER agree `dra the Dwelling Unit'slj:t1ljr ain affordable and shall be offered for rent in accordance Q t to the appendix to the Impact Fee ci Ordinance for a minimum. of fifteen (1 commencing from the date a certificate of occupancy is issued for the Dwelling Unit. 4. REPRESENTATIONS AND WARRANTIES. OWNER represents and warrants the following: a) The Dwelling Unit shall be the permanent residence of the occupant/tenant. b) The household renting the Dwelling Unit must have a very low or low income level, at the commencement of the leasehold and duration thereof, as that terns is defined in the Appendices to the respective Impact Fee Ordinances and the monthly rent must be within the affordable housing guidelines established in the Appendices to the respective Impact Fee Ordinances. 2 16B5 . OR: 2400 PG: 0042 c) The Dwelling Unit shall remain affordable for at least fitleen (15) years from the date the certificate of occupancy was issued. 5. SUBSEQUENT RENTAL OR TRANSFER. If OWNER rents the Dwelling Unit subject to the impact fee deferral to a subsequent renter, the Dwelling Unit shall be rented only to households meeting the criteria set forth in the Impact Fee Ordinance. The impact fees deferred shall be immediately repaid to the COUNTY upon the discontinuance of use of the Dwelling Unit as affordable housing, or six years from the date such impact fees are deferred, whichever occurs first. OWNER agrees that even though the impact fees have been repaid to the COUNTY, the OWNER will utilize the Dwelling Unit for affordable housing, for at least fifteen (15) years from the date t tQ(3 • • ncy was issued for the Dwelling Unit. 6. LIEN. The deferred imp shall be a lien a property which lien may be foreclosed upon in the ven o -co ith t re uirements of this Agreement. The COUNTY acknow ed (a) In compliance with tthe i ' f o ter C y 1 ►. Fee Ordinances, OWNER has demonstrated t 000NTY that a su rdin do he County's rights, interests and lien is necessary t `�eit 'n financing for Sa ' fl sles Apartments, an affordable - -� (124) units; and housing project consisting R C (b) In compliance with the provisions mpact Fee Ordinances, the OWNER will deliver to the COUNTY substitute collateral in the form of cash and a cash equivalent financial instrument payable to the County which together will yield to the COUNTY the full amount of the deferred impact fees, i.e., the sum of Five Hundred Ninety 'F%%o thousand Six Hundred Sixty Dollars and 48400 ($592,660.48) at the expiration of the period of the deferral, August 15, 2004, i.e., a United States Treasury Zero Coupon Bond which will mature at the end of the deferral period, August 15, 2004 and, upon maturity, would yield an amount equal to the amount of the deferred fees. COUNTY covenants and agrees that it will not negotiate the bond unless and until the deterred impact fees become due and payable pursuant to this agreement and that all moneys received by 3 • OR: 2900 PG: 0436B5 negotiation of the bond shall be applied to the payment of said deterred impact fee obligation owing by Saxon Manor Isles Apartments 11 Limited Partnership. (c) The County hereby covenants and consents and agrees that its rights, interests and lien pursuant to this agreement shall be subordinated to the lien of the Mortgage and Security Agreement ("Mortgage ") and other documents executed by OWNER in consideration therewith from Saxon Manor Isles Apartments 11 Limited Partnership to Collier County Housing Finance Authority, or other primary lenders in the principal amount of up to Six Million Four Hundred Thousand Dollars ($6,400,0()), plus accrued interest and all advances authorized under the provisions of such mortgages. The COUNTY will execute such subordination agreement .�,e required by said mortgages. 7. ANNUAL REPORT. Ann a OWNER o c lling Unit shall provide to the County Administrator a afft a ' c i t h t at' rdable housing qualification criteria and standards s t f C. 'aid affidavit must be tiled within thirty (30) days f�hh a ni d c i u- nc of he certificate of occupancy. If the income of any unt er which originally alit d ' income level as defined in the respective Appendix t l fe mpact Fee Ordina i es by more than forty percent (40 %) above the low incom e endix, then the per unit deferred impact fee on the non - compliance u 1 9 ecome immediately due and payable by OWNER or, in the alternative, the OWNER shall have ninety (90) days to comply with the Affordable Housing guidelines set forth in the respective Appendices. 8. RELEASE OF LIEN. Upon satisfactory completion of the Agreement requirements, and upon payment of the deferred impact fees, the COUNTY shall, at the expense of the COUNTY, record any necessary documentation evidencing such payment, including but not limited to, a release of lien. 9. BINDING EFFECT, This Agreement shall be binding upon the parties to this Agreement, their heirs, successors and assigns. In the case of sale or transfer by gift of the Dwelling 4 OR: 2400 PG: 0044 1 6 B 5 Unit, the original OWNER shall remain liable for the impact tees deferred until said impact fees are paid in full. 10. RECORDING. This Agreement shall be recorded by OWNER at the expense of OWNER in the Official Records of Collier County, Florida within sixty (60) days after execution of this Agreement by the Chairman of the Board of County Commissioners. 11. DEFAULT. OWNER shall be in default of this Agreement (1) where OWNER fails to rent the property in accordance with the atTordable housing standards and qualification criteria established in the Impact Fee Ordinance and thereafter fails to pay the impact tees due within thirty (30) days of notice of said non - compliance, or (2) where OWNER violates one of the affordable housing qualification c�t,c `Fee Ordinance for a period of fifteen (1 S) days after notice of v shall not be in default date of the report has 12. REMEDIES. Should criteria at any time du�iW\the fifteen (1 S) wit1'i_r-tWq4,,to the Annual Report, OWNER ) 4, y brace period from the due with the said qualification Id OWNER violate any provisions of this Agree a impact fees de'ii be paid in lull by OWNER within thirty (30) days of said ®tti grees that the impact fees deferred shall constitute a lien on the property a cing the effective date of this agreement and continuing until paid. Except as set forth in Section 6, such lien shall be superior and paramount to the interest in the Dwelling Unit of any owner, lessee, tenant, mortgages, or other person except the lien for County taxes and shall be on parity with the lien of any such County taxes. Should the OWNER be in default of this Agreement and the default is not cured within thirty (30) days after written notice to the OWNER, the Board may bring a civil action to enforce the Agreement. In addition, the lien may he foreclosed or otherwise enforced by the COUNTY by action or suit in equity as for the foreclosure Ufa mortgage on real property. This remedy is cumulative with any other right or remedy available to the COUNTY. Notwithstanding the foregoing, the COUNTY shall realize upon the collateral bi OR. 2400 PG: 10 B 5 11 given to it by OWNER as described in Section be prior to exercising; any rights to recover against property. The Board shall be entitled to recover all fees and costs, including; attorney's fees, plus interest at the statutory rate for judgments calculated on a calendar day basis until paid. IN WITNESS WHEREOF, the parties have executed this Agreement for deferral of Impact Fees on the date and year first above written. (2) Witnesses: OWNER: �- SAXON MANOR ISLES APARTMENTS II LIMITED PARTNERSHIP rint NamF N( UAST CORP. OF DELAWARE al Partner —e _. print Name= Jac Bac lan , President (. R E L) Attest as to Chairman's signature only. C COON DATED- i�� /r� � �� ATTEST: BOARD ' "i Y COMMISSIONERS DWIGHT E. BROCK, Clerk OUNTY, FLORIDA ,dt. • �,c� .tGG.� BY: ' Bar a B. Berry, Ch irman Approved as to form and legal sufficiency Heidi F. Ashton Assistant County Attorney 6 1665 � OA: 2400 PG: 0046 STATE OF FLORIDA COUNTY OF The foregoing instrument was acknowledged before me this day of le -" 1998 by Jack J. Bachmann, President of SunCoast Corp. of Delaware, General Partner of Saxon Manor Isles Apartments 11 Limited Partnership. He is personally known to mr�dr- spraeltjsad (type of identification) as identification. Sdj6ature of person taking ackno edgment ..... A Name of Acknowledger Typed, Onted or Stamped jd/f /saxonn anon /agreement 7 M OR. . : 1p 8 -5 1 Z4UU PV. EXHIBIT "A" SAXON MANOR ISLES APARTMENTS II PROPERTY DESCRIPTION A PORTION OF THE EAST 1/2 OF THE EAST 1/2 OF THE EAST 1/2 OF THE NORTHEAST 1/4 OF SECTION b. TOWNSHIP 50 SOUTH, RANGE 26 LAST, COLLIER COUNTY, FLORIDA. KING MORE' PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT 111E NORTHEAS f F 6. TOWNSHIP 50 ENCE RUN SOUTH, RANGE 26 EAST. COL S. 00'07'54' w., ALONG THE NE OF THE ST QUARTER OF SAID SECTION 6, POINT ON THE SOUTHERL RI R A DISTANCE -- AY IINE OF EET TO A OF RA 10 OAD (C.R. 856); THENCE CONTINUE '0 w., ON THE ST UNE 6 FOR E OF THE. NORTHEAST OU At RC L OF OF' 1363.79 FEET TC TH LAND HEREIN DESCRIBE T CE 0 Nl LONG THE EAST LINE Of T?yE A R F S 0 SE n N G. FOR A DISTANCE OF 13 OF SAID SECTION 6; TH k' RUN S 89'29'15 A T Q RNER ON E SOJTH LINE OF THE NORTHEAST TER OF SAID SE N 6 A DISTANCE 329.92 FEET TO SOUT'11WEST CO EAST HALF OF THE EASY HALF EAST HALT OF THEAST QUARTER OF SAW SECTION 6, RUN N. E., ALONG E THE WEST LINE OF TFIE EAST H A HALF OF THE. NORTHEAST 0UARTE N s,OFOR DISTANCE OF 1254.00 FEET; THENCE RUN S. 89'52 06 E. FOR A DISTANCE OF 69.74 FEET; THENCE RUN S. 00'07'54' W. FOR A DISTANCE OF 10.00 FEET; THENCE RUN S. 89'52'06' E. FOR A DISTANCC OF 203.00 FEET; THENCE RUM N. 00'07'54' E. FOR A DISTANCE OF 55.00 FEET; THENCE RUN S. 69'52'06' E. FOR A DISTANCE OF 35.35 FEET; THENCE RUN N. 00'07'54' E. FOR A DISTANCE Of 82 78 FEET; THENCE RUN N. 89'5206' W. FOR A UISTANCE OF 234.32 FEET. THFNC:E RUN N 00'07'22" E. FOR A DISTANCE_ OF 76.24 FEET: THENCE RUN S. 89'52'06' E. rOR A OISTANCE OF 180.57 FEET; THENCE' RUN S. 00'07',4" W FUIt A CISTnNCE OF 59 24 FEET ,I-,[NCE RUN S. b9'S2'06' E roil A DISTANCE OF 75.75 rFET To ]HE 0 492345 OR: 2559 PG: 1456 RICORDID in 011ICIAL RICOIDS of COLLI11 COUNTY, 8L 06/1611999 dt 01:23PN DNIGNT 1. 81001, CLINK RIC I11 81.00 Beta: SAYON NANOR ISLDS 1521 DOLPHIN LN RAPLIS IL 34102 EXTENDED LOW - INCOME HOUSING AGREEMENT THIS EXTENDED LOW- INCOME HOUSING AGREEMENT (this "Agreement ") is made and entered into this At day of Z%wfi ► , 1999, between the FLORIDA HOUSING FINANCE CORPORATION (the "Corporation "), a public corporation, the successor in interest to the Florida Housing Finance Agency, and SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP, a Florida limited partnership (the "Owner "). WHEREAS, the Corpor ices' as been created and o z pursuant to and in accordance with the provisions f t hiuu ' F' ance rp ation Act, Sections 420.501 - 420.516, Florida Sta tes as amen d "Act' , and p rsu t to Section 420.5099 of said Act, the Corporation is t e h t e t of lorida (the "State ") specifically authorized by stat to a I e o -ir c o n cr it ollar amounts ( "Tax Credits ") under Section 42 o t of , „ ended (the "Code ").- and WHEREAS, the Corp has agreed, unde a' tons, to allocate Tax Credits to the Owner in connecU the construction o t{ tt - amily residential rental housing project (the "Project "), kn ON MAN { APARTMENTS, PHASE 11, located within Collier County, Florida a description for which is set forth in Exhibit "A" hereto, to be occupied parts y percent (401/6) by individuals whose income is sixty percent (6016) or less of area median gross income), within the meaning of Section 42(g) of the Code; and WHEREAS, The Owner has made a knowing, voluntary and intelligent election to waive for thirty -one (3 1) additional years following the last day of the Compliance Period any prerogative it would have to collect rents on the Low - Income Units at rates determined by the rental market except as provided herein in accordance with the requirements pursuant to the Code in return for 1998 Tax Credits; and THIS INSTRUMENT PREPARED BY.• Susan J. Leigh FLORIDA HOUSING FINANCE CORPORATION 227 North Bronough Street, Suite 5000 TaIlahassee, Florida 32301-1329 OR: 2559 PG: 1457 WHEREAS, Section 42 of the Code provides that no Tax Credits shall be allowed with respect to any building unless an extended low- income housing commitment is in effect for such building at the end of such taxable year, and WHEREAS, in order to assure Owner compliance with the provisions of, and to evidence the Owner's extended low- income !rousing commitment as required by, Section 42 of the Code, the Corporation and the Owner have determined to enter into this Agreement in which they set forth certain terms and conditions relating to the Owner's operation of the Project, NOW, THEREFORE, in consideration of the mutual covenants and undertakings set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Corporation and the Owner do hereby contract and agree as follows Section 1. (a) Unless otherwise otherwise, the following tern of this Agreement. J "A&" shall mean Florida Statutes (1997) as "Code" shall mean t rn statute as it applies to the Tax temporary or proposed Treasury qu Agreement to any specific provision successor provision of such provision herein. AGREEMENT pro context clearly requires forth below for all purposes F Chapter 420, Part V, 1 Revenue Cod 19 6 ended, and any successor described herein, t th all applicable final, ons and Reven{�� i s thereunder. Reference in this tt� e t!@ ed to include any applicable � ay apply to the Tax Credits described "Compliance Period" shall mean, with respect to any building that is included in the Project, a period of fifteen (1 S) years beginning on the first day of the first taxable year of the Credit Period with respect thereto. "Coroora ion" shall mean the FLORIDA HOUSING FINANCE CORPORATION, a public corporation, the successor in interest to the Florida Housing Finance Agency, and any agency or other entity of the State of Florida that shall hereafter succeed to the powers, duties and functions of the Corporation. "County" shall mean Collier County, Florida. "Credit Period" shall mean, with respect to any building that is included in the Project, the period of ten (10) years beginning with (x) the taxable year in which the building is placed in service, or (y) at the election of the Owner, the succeeding taxable year. 2 �.6B5 r OR. 25 9 PG: 145$ "Extended Low - Income Housing Agreement" or " Agreement" shall mean this Extended Low - Income Housing Agreement, as amended or supplemented f rom time to time "Extended Use Period shall mean, with respect to any building that is included in the Project, the period that begins on the first day of the Compliance Period in which such building is part of the Project and ends on the later of the date that is the thirty -first (31 st) anniversary of the last day of the Compliance Period, unless earlier terminated as provided in the Preamble of this Agreement. "Gross Rent" shall mean any amount paid by a tenant in connection with the occupancy of a Residential Rental Unit, plus the cost of any services that are required to be paid by a tenant as a condition for occupancy, plus the cost of any utilities, other than telephone, for such unit if any utilities (other than telephone) are paid directly by the tenant, "gross rent," also includes a utility allowance determined as set forth in this paragraph. "Gross Rent" does not include any payment under Section 8 of the United States Housing Act of 1937 or any comparable rental assistance program with respect to such Resi I Rental Unit or to the occupants thereof, or any fee for supportive service that is a unit on the basis of the low income status of the tenant of such Resi a m ernmental program of assistance or by any tax - exempt organizatio i program or organs to rovides assistance for rent and the amount of assistance pro ide not separable fr t amount of assistance provided for supportive se ice wit in ing f 'ection 42( (2)(B) of the Code. For purposes of the foregoing, he the nited States Department of Housing and Urban Devel pm t "H D) til ty a c e cep as provided in clause (iv) hereof) in the case of a bui �ftq a it ity all w nc a reviewed by HUD on an annual basis; (ii) the applic lr(H ublic Housing Aut rity ility allowances established for the Section 8 Existing Program (excep p ov clause (iv) hereof) in the case of a building occupied b r more tenants re rental assistance payments ( "HUD Tenant Assistance "); (it' I it case of a buildin ch there is neither HUD Tenant Assistance, nor an applicable HU y tt�ce� a applicable PHA utility allowance; however, utility allowances based on a ties loo utility providers certifying the estimated costs of all covered utilities for units of comparable size and construction in the county where the building is located, determined in accordance with Internal Revenue Service Notice 89 -6, may be obtained, in which case those estimates shall apply to all units of similar size and construction in the building; or (iv) the applicable RD utility allowance in the case of any Rent - Restricted Unit in a building where either the building receives RD housing assistance (including a building that is HUD - regulated) or any tenant receives RD housing assistance (including any Low- Income Tenant receiving HUD Tenant Assistance who resides in a building where the building or arty other tenant receives RD housing assistance). "Low- Income TeHants" shall mean individuals whose income is sixty percent (60 %) or less of area median gross income (adjusted for tamily size) within the meaning of Section 42(g)(1) of the Code, as the same may be amended from time to time (but only to the extent such amendments apply to the Project). In no event, however, shall occupants of a unit be considered to be of low income if all the occupants are students (as defined in Section 151(c)(4) of the Code, but excluding from such definition the following. (x) single parents who are students with all children also being students and the household receives AFDC payments, (y) if the students are 1b ti. 4 OR: 2559 PG: 1459 enrolled in certain federal, state or local job training programs and are considered lower income, or (z) for projects receiving credit allocations after June 30, 1992, a housing unit occupied exclusively by full -time students may qualify as lower income if the students are a single parent and his/her minor children and none of the tenants are a dependent of a third party. "Low- Income Unit" shall mean any unit in a building if (i) the unit is a Rent - Restricted Unit satisfying the requirements of Section 2 hereof. and (ii) the individuals occupying the unit are Low - Income Tenants (or the unit is held available for rental to Low - Income Tenants if previously rented to and occupied by Low - Income Tenants) as set torth in Section 3(a) hereof "Monitoring Agent" shall mean any monitoring agent appointed by the Corporation. "Owner" shall mean SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP, a Florida limited partnership and its successors and assigns as permitted under Section 4 of this Agreement. "Related Person" to a pers aC ship such that the "related person" bears a relationship to such pers in Secti or Section 707(b)(1) of the Code, or the related person and suc p are engaged in tra sinesses under common control within the meaning of Sec ti 5 a - e Code, xcept at r purposes hereof, the phrase "10 percent" shall be subst' ute for a ra "50 pe ent" in app ing Section 267(b) and Section 707(b)(1). " n -R stri s eiitial nt t where the Gross Rent with respect to such unit does n teed thirty percent %) f th i4 uted income limitation applicable to such unit (or igher limitation as 'd d tion 42(g)(2)(E) of the Code). For purposes of the foregoin mputed income li i a icable to a Residential Rental Unit is the income limitation se r Low - Income t occupying the unit if the number of individuals occupying the unit (x v' the case of a unit that does not have a separate bedroom, and (y) one and o tduals for each separate bedroom, in the case of a unit that has one or more separate bedrooms "Residential Rental Units" shall mean dwelling units made available for rental, and not ownership, by Low- income Tenants and members of the general public, each of which units shall contain complete living facilities that are to be used other than on a transient basis together with facilities that are functionally related or subordinate to the living facilities. The units shall at all times be constructed and maintained in substantial accordance with the applicable building code standards of the County. For purposes of the foregoing, a unit that contains sleeping accommodations and kitchen and bathroom facilities and that is located in a building used exclusively to facilitate the transition of homeless individuals to independent living and in which a governmental entity or qualified nonprofit organization provides such individuals with temporary housing and supportive services designed to assist such individuals in locating and retaining permanent housing shall not be deemed to be a unit occupied on a transient basis within the meaning hereof. 4 OR: 2559 PG: 1460 (b) All capitalized words and terms herein which are not otherwise defined herein shall have the same meanings ascribed to them in Section 42 of the Code or in Treasury Regulations thereunder (c) The terms and phrases used in the Recitals of this Agreement have been included for convenience of reference only, in the meaning, construction and interpretation of all such terms and phrases shall be determined by reference to this Section 1. The titles and headings in this Agreement have been inserted for convenience of reference only and shall be deemed to modify and restrict any other provisions of this Agreement. (d) Unless the context clearly requires otherwise, words of masculine, feminine or neuter gender, as the case may be, shall be construed as including the other genders, and words of the singular number shall be construed to include the plural number, and vice versa. This Agreement and all of the terms and provisions hereof shall be construed to effectuate the purposes set forth in this Agreement and to sustain the validity hereof. Section 2. ire Low an s c . The Corporation and the Owner hereby declare their understandi t at, xtended Use Period, the Project is to be owned, managed, and o r as a qualified low -in tt using project as such phrase is defined in Section 42(g) of t e C t end, th Own e her by represents, covenants and agrees as follows: (a) That the Proje t is ei g c ns ru to o s of pro iding a qualified low- income housing project, and the O 1 e nd o r e roject as a qualified low- income housing proj'n accordance with tion 2 Code; and (b) That all of the Re d Rental Units in hall be similarly constructed and each such unit shall contain c® a facilities for h ' ping, eating, cooking and sanitation for at least a single indiv' alb , however, that a unit that contains sleeping accommodations and kitchen a ►ties and that is located in a building used exclusively to facilitate the transition of homeless individuals to independent living and in which a governmental entity or a qualified nonprofit organization provides such individuals with temporary housing and supportive services designed to assist such individuals in locating and retaining permanent housing shall not be deemed to be a unit occupied on a transient basis within the meaning of this Section 2(b); and (c) That, during the Extended Use Period, none of the Residential Rental Units in the Project shall at any time be utilized on a transient basis, except as provided in this Section 2(c), none of the Residential Rental Units in the Project shall ever be leased or rented for an initial period of less than one hundred eighty (180) days; and neither the Project nor any portion thereof shall ever be used as a hotel, motel, dormitory, Maternity house, sorority house, rooming house, hospital, sanitarium, nursing home, rest home, trailer court or trailer park, or health club or recreational facility (other than recreational facilities that are available only to tenants and their guests without charge for their use and that are customarily found in multi- family rental housing projects), provided, however, that a single -room occupancy unit shall not be treated as used on a transient basis merely because it is rented on a month -to- month basis; and 1wovided, further, that 5 1685 `. OR: 2559 PG: 1461 a unit that contains sleeping accommodations and kitchen and bathroom facilities and that is located in a building used exclusively to facilitate the transition of homeless individuals to independent living and in which a governmental entity or a qualified nonprofit organization provides such individuals with temporary housing and supportive services designed to assist such individuals in locating and retaining permanent housing shall not be deemed to be a unit occupied on a transient basis within the meaning of this Section 2(c); and (d) That, during the Extended Use Period, the Residential Rental Units in the Project shall be leased and rented, or made available for rental on a continuous basis, to member, of the general public: and the Owner shall not give preference in renting Residential Rental Units in the Project to any particular class or group of persons, other than Low- income Tenants as provided in this Agreement; and (e) That the Project shall consist of one (1) or more discrete edifices or other man -made construction, each consisting of an independent foundation, outer walls and root, and containing four (4) or more Residential Rental Units and nctionally- related facilities, all of which shall be. (x) owned by the same person for feii located on a common tract of land or two (2) or more contiguous tract a +vc r , - that separate tracts of land that are separated only by a road, stree , r or similar propert br purposes hereof be deemed to be contiguous; and (z) financ d p common plan ' fin ring, and which shall consist entirely of 1" ;_ (t) Nin (9 a deri tal bt I o'on -hundred- twenty -three (123) resi i i o s' t' c 'twen - ev 7) one - bedroom, one -bath unit prising 7 square t ea eight (28) one- bedroom, one- its comprising 71 () ar f h, six (6) two- bedroom, two - bath u prising 997 syua t a� six (6) two- bedroom, two -bath units co rr�s 1,014 square tee It, venty -eight (28) three - bedroom, two -bath u g-l; feet each, twenty -eight (28) three - bedroom, two- s g 1,184 square feet each, and one (1) manager /employee unit, consisting of one (1) one - bedroom, one -bath unit comprising 702 square feet; and (2) Residential Rental Units which are similar in quality and type of construction and which will include the following amenities: central air conditioning units, dishwashers, garbage disposals, cable TV hook -ups, two bathrooms in all three bedroom or larger units, at least one and one- half bathrooms (1 full bath and one with at least a toilet and a sink) in all two bedroom units, laundry hook -ups and space for washer /dryer, ceiling fans in all bedrooms and living area, attic insulation of R -30 or better, mini - blinds; and (3) Facilities functionally related and subordinate in purpose and size to the property described in Section 2(e)(2) above, which will include a gated community with carded entry or security guard, covered picnic area with at least three permanent picnic tables and a permanent outdoor grill, car care 6 1685 OR: 2559 PG: 1462 area, and two or more parking spaces per unit, as well as use of the exercise room with appropriate equipment, community center /clubhouse, swimming pool and playgroun&1tot lot at the adjacent Saxon Manor Isles Apartments, Phase 1, (none of which may be unavailable to any person because such person is a Low - income Tenant) and other facilities that are reasonably required for the Project. (f) That, during the Extended Use Period, the Owner shall provide the following tenant programs: financial counseling (tax preparation assistance and educational workshops, scheduled not less often than once each quarter, provided at no charge to the tenants), and (g) That, during the Extended Use Period, the Project shall not include a unit in a building where all Residential Rental Units in such building are not also included in the Project; and (h) That, during the Compliance Period, the Owner shall not convert the Project to condominium ownership; and 1>y,R Cp (i) That, during the Com o , no roject shall at any time be owned or used by a cooperative housi ley oration; and That, during the x� Owner or a Related Person o t building or structure which con provided in Section 42(1)(3 (k) That, during the\ holder of a voucher or certifti of 1937 because of the status Jps eri n `6' i t in th Project shall be occupied by the ch erson resides in a unit in a at ad () n ' ent !units, or (y) except as H I Use Period, O Yhha refuse to lease a unit to a igibility under 5e e United States Housing Act xQsoective tenant a- older. (1) That the Owner shall not di`sdiri`it� drsis of age, race, creed, religion, color, sex, marital status, family status, handicap or national origin in the lease, use or occupancy of the Project or in connection with the employment or application for employment of persons for the operation and management of the Project; provided, hoivever, that nothing herein shall be deemed to preclude the Owner from discrimination based on income in renting Residential Rental Units set aside for Low - income Tenants in compliance with the requirements of the Code; and (m) That the Owner shall submit the certificate with respect to the first year of the Credit Period and such annual reports to the Secretary of the 'treasury as required by Sections 42(l)(l ) and (1)(2) of the Code and deliver a copy thereof to the Corporation and to the Monitoring Agent, and shall submit such information to the Corporation as the Corporation may request in order for the Corporation to comply with Section 42(1)(3) of the Code and for the Corporation to monitor the Owner's compliance with Section 42 of the Code, the Corporation's rules and regulations codified at Florida Administrative Code, Chapter 67 -48, and the provisions of the Agreement; and (n) That, during the Extended Use Period, the Owner shall comply with the following commitments that were the basis of the Corporation's competitive scoring and ranking of the 7 Owner's application for Tax Credits in satisfaction of the Corporation's responsibilities under Section 42(n) of the Code, and as required by the Corporation's rules and regulations implementing such responsibilities, Florida Administrative Code, Rule 67 -48 (i) Notwithstanding Section 3(a) below to the contrary, commencing with the issuance of the first certificate of occupancy for any building included in the Project, one hundred percent (100 %) of the occupied and completed Residential Rental Units included in the Project shall be occupied by and rented to Low - income Tenants or held available for rental to Low - Income Tenants. (ii) For purposes of complying with the requirements set forth in Section 2(n)(i) above, if the income of an individual or family resident in a Residential Rental Unit did not exceed the applicable income limit (adjusted for family size) at the commencement of such resident's occupancy, the income of such individual or family shall be treated as continuing to not exceed the applicable income limit as long as such Residential Rental Unit remains a Rent - Restricted Unit. The preceding sentence shall cease to a I to any individual or family whose income, as of the most recent determination, excee ercent (140 0NO) of the applicable income limit (adjusted for family ion, but before the next income determination, any Residential nit of comparable r ller size in the building is occupied by a new individu or f ent whose inco ex s the applicable income limit (adjusted for family size) fo Lo -1 } Tenknts.'' (iii) The O ne an Income Certification p s 11 tan o t t r r e e f enant and maintain on file - and r ce t found in the Low - Income Rental Housing Tax Credit pi ice anual im di ate pr' the initial occupancy of a Residential Rental Unit in t ect by such tenant. e w all also obtain, at least annually thereafter, and main file an Income Ce i m each Low - income Tenant . . (and from each tenant whose i treated as contin ' to exceed the applicable income limit as provided in Section 2(n)(iv t er the then current income of such tenants (or such tenants whose in 0111 nuing not to exceed the applicable `O income limit as provided in Section 2(n)(i) above) residing in the Project exceed the applicable income limits, adjusted for family size. In addition, the Owner shall require each Low - income Tenant (or tenant whose income is treated as continuing not to exceed the applicable income limit .� as provided in Section 2(n)(i) above) to notify the Owner of any material change of information in his, her or their, as the case may be, most recent Income Certification. The Income Certification shall be in the form and contain such information as may be required by the policies of the Corporation, as the same may be, from time to time, amended by the Corporation on the advice of Counsel. For all projects receiving Tax Credit allocations since January I, 1987, the Owner shall submit Program Reports, Recap of Tenant Income Certification Information and Annual Owner Compliance Certification annually throughout the Compliance Period. The initial reports shall be submitted to the Corporation not later than thirty (30) days after final allocation is made. Subsequent reports shall be submitted to the Corporation annually on a date assigned by the Corporation. In addition, the Owner shall submit the Program Report, Recap of Tenant Income Certification Information and copies of Tenant Income Certification for at least ten percent (10 %) 8 OR: 2559 PG: 16B5 1464 of the lower - income units in the project to the monitoring agent annually. Additional reports and information shall be submitted to the Corporation at such other times as the Corporation may, in its sole discretion, request. (iv) The Owner shall maintain complete and accurate records pertaining to the Residential Rental Units occupied by and rented to (or held available for rental to) Low - Income Tenants for at least six (6) years following the indicated date of each such record and shall permit any duly authorized representative of the Corporation or the Monitoring Agent, to inspect the books and records of the Owner pertaining to the Income Certifications and income substantiation materials of Low - Income Tenants (and such tenants whose income is treated as continuing not to exceed the applicable income limit as provided in Section 2(n)(i) above) residing in the Project upon reasonable notice and at reasonable times. (v) The Owner shall immediately notify the Corporation and the Monitoring Agent if at any time the Residential Rental Units in the Project are not occupied or available for occupancy as provided in Section 2(n)(i) above ___-__ Section 3. Low -Inco requirements of the Code, the Extended Use Period: / (a) Not later than 1 included in the Project, at Rental Units included in tl occupied by Low - income co represents, and after the In order to satisfy the ,ts and agrees that, during the Period for each building id completed Residential is and rented to and cv of such Residential Rental Units by Low -Inco nants, at least fort e t of the completed Residential Rental Units in the Project at es shall be both R r d Units and rented to and occupied by (or held available to, if previousl o and occupied by a Low - income Tenant) Low- Income Tenants as r it of the Code. At least one hundred percent (10(r) of the dwelling units m nd rented to Low - Income persons. Not less than one hundred percent (100 1/6) of the units in the project shall be leased, rented or made available on a continuous basis to persons or households whose incomes are sixty percent (60 %) or less of the area median income (adjusted for family size), as determined by HUD. The gross monthly rents for all units shall not exceed thirty percent (30 %) of the imputed income limitation applicable to such unit as defined in Section I (a). For purposes of complying with the foregoing requirements, if (x) the income of an individual or family resident in a Rent - Restricted Unit did not exceed the applicable income limit (adjusted for family size) at the commencement of such resident's occupancy, and (y) such unit continues to be a Rent - Restricted Unit, the income of such individual or family shall be treated as continuing to not exceed the applicable income limit. The preceding sentence shall cease to apply to any individual or family whose income, as of the most recent determination, exceeds one hundred forty percent (140 %) of the applicable income limit (adjusted for family size) if after such determination, but before the next income determination, any Residential Rental Unit of comparable or smaller size in the building is occupied by a new individual or family resident whose income exceeds the applicable income limit (adjusted for family size). 9 OR: 2559 PG: 1665 1465 (b) During each taxable year in the Extended Use Period, the applicable traction (as such term is defined in Section 42(c)(B) and is used in Section 42(h)(6) of Code) shall not be less than the smaller of (i) the unit fraction or (ii) the floor space fraction (as such terms are defined in Sections 42(c) of the Code). (c) The Owner shall not evict or terminate the tenancy of any tenant (including any tenant whose income is treated as continuing not to exceed the applicable income limit as provided in Section 3(a) above) of any Low - Income Unit in the Project, other than for good cause, or increase the Gross Rent with respect to such Low - income Units in excess of the amount allowable as Rent - Restricted Units. (d) The Owner shall obtain from each Low-income Tenant and maintain. on file an Income Certification pursuant to the requirements and procedures found in the Low - Income Rental Housing Tax Credit Compliance Manual immediately prior to the initial occupancy of a dwelling unit in the Project by such Low-income Tenant. The Owner shall also obtain, at least annually thereafter, and maintain on tile an Income Certification from each Low- Income Tenant (and from each tenant whose income' i s cc i not to exceed the applicable income limit as provided in Section 3(a) a rmi a then current income of such Low - Income Tenant (or such t ose incomes are t s continuing not to exceed the applicable income limit as pro ide r 3(a) above) res' ing in the Project exceed the applicable income limits, adj ste for size. n ition, t e O ner shall require each Low - Income Tenant (or to ant s uin not to exceed the applicable income limit as ovi a in ct o 3 v o ti t Owner of any material change of information in hi ,( a e Is ay , o p ent Income Certification. The Income Certification s e m the f o r m an c ain s c i i ation as may be required by the Code and the policies of 'orporation, as the sa m y m time to time amended by the Corporation on the advice unsel, or in such o o manner as may be required by applicable rules, rulings, pro official statement , tions or policies now or hereafter promulgated or propose reasury or the Internal Revenue Service with respect to Tax Credits. ing Tax Credit allocations since January 1, 1987, the Owner shall submit Program Reports, Recap of Tenant Income Certification Information and Annual Owner Compliance Certification annually throughout the Compliance Period. The initial reports shall be submitted to the Corporation not later than thirty (30) days after final allocation is trade. Subsequent reports shall be submitted to the Corporation annually on a date assigned by the Corporation. In addition, the Owner shall submit the Program Report, Recap of Tenant Income Certification Information and copies of Tenant Income Certification for at least ten percent (10 %) of the lower- income units in the project to the monitoring agent annually. Additional reports and information shall be submitted to the Corporation at such other times as the Corporation may, in its sole discretion, request. (e) The Owner shall maintain complete and accurate records pertaining to the Low - Income Units for at least six (6) years following the indicated date of each such record and shall permit any duly authorized representative of the Corporation, the Monitoring Agent, the Department of the Treasury or the Internal Revenue Service to inspect the books and records of the Owner pertaining to the Income Certifications and income substantiation materials of Low - Income Tenants (and such tenants whose income is treated as continuing not to exceed the 10 1685 � OR: 2559 PG: 1966 applicable income limit as provided in Section 3(a) above) residing in the Project upon reasonable notice and at reasonable times. (f) The Owner shall immediately notify the Corporation and the Monitoring Agent if at any time the Residential Rental Units in the Project are not occupied or available for occupancy as provided in Section 3(a) above. Section 4. Sale, Lease or Transfer of the Project for any Buildin8 (a) The Owner shall not enter into a sale, lease, exchange, assignment, conveyance, transfer or other disposition (collectively, a "Disposition ") of the Project or any building in the Project: (i) unless such Disposition is of all of a building in the Project, and (ii) without prior written notice to the Secretary of the Treasury and to the Corporation, and the compliance with all rules and regulations of the Department of the Treasury and the Corporation applicable to such Disposition. The Owner shall notify the Corporation in writing of the name and address of the person to whom any Disposition has been made within founcen (14) days after the date thereof. It is hereby expressly stipulated and a a_►.i , •ition of the Project or of any building in the Project by the Owner in vio a null, void and without effect, shall cause a reversion of title t nsferor Owner, an a inflective to relieve the Owner of its obligations unde thi • t. The Owner is 1 i elude, verbatim or by incorporation by reference, l re uir an rest ' t ns co ain in this Agreement in any deed or other documents tr nsf s ' r in y building in the Project to any other person or entity t th e t t c t s ti e o and is bound by such restrictions, and shall obtai x r w 't a s ptio to th 0 reement by any such transferee.'' (b) The restrictions c in Section 4(a) s plicable to any of the following: (1) any transfer puts r in lieu of a for u or any exercise of remedies (including, without limitation, fore on the Project; provided,, however, that neither the Owner nor an the Owner shall acquire any interest in the Project during the remainder of the Extended Use Period; (2) any sale, transfer, assignment, encumbrance or addition of limited partnership interests in the Owner; (3) grants of utility-related easements and governmental easements, shown on the title policy approved by the Corporation and any other easement and use agreements which may be consented to by the Corporation and service - related leases or easements, such as laundry service leases or television cable easements, over portions of the Project; pruilded, however, the same are granted in the ordinary course of business in connection with the operation of the Project as contemplated by this Agreement; (4) leases of apartment units to tenants, including Low - Income Tenants, in accordance with this Agreement; (S) any sale or conveyance to a condemning governmental authority as a direct result of a condemnation or a governmental taking or a threat thereof, (6) the placing of a subordinate mortgage lien, assignment of leases and rents or security interests on or pertaining to the Project if made expressly subject and subordinate to this Agreement; or (7) any change in allocations or preferred return of capital, depreciation or losses or any final adjustment in capital accounts (all of which may be freely transferred or adjusted by Owner pursuant to Owner's partnership agreement). 11 1665 1 OR: 2559 PG: 1467 Section S. Proiect Within Corporation's Jurisdiction. The Owner hereby represents and warrants that each building in the Project shall be located entirely within the limits of the County. Section 6. Term of this Agreement- (a) This Agreement shall become effective upon its execution and delivery, and shall remain in full force and effect until the expiration of the Extended Use Period or except as otherwise provided in this Section 6. Upon the termination of this Agreement, upon request of any party hereto, the Corporation and the Owner or any successor party hereto shall execute a recordable document prepared by the Corporation or its Counsel further evidencing such termination. (b) The restrictions contained in Section'-) and Section 3 of this Agreement regarding the use and operation of the Project and of each building in the Project shall automatically terminate in the event of involuntary noncompliance caused by tire, seizure, requisition, foreclosure or transfer of title by deed in lieu of foreclos 2611 v other than the Owner or a Related Person of the Owner (except as ma JQ by the Secretary of the Treasury), change in a federal law or an act i ° eral author a date hereof which prevents compliance with the covenant x sed herein, or conde to or similar event (as determined by the Corporation upon the dvi oun s even up n the request and at the expense of the Owner, the rti hereto s 11 cute a app fiat document in recordable form prepared by the Corp rati c au omatic termination. This Section 6(b) shall not appl (an t re tri ti ns r e in ec ion 2 and 3 shall thereafter apply) to the Project in the t tr • ny i o n oncompliance as described in this Section 6(b) but prioo a expiration of the .ten 'd - riod, (x) a Related Person to the Owner obtains an ow interest in the Pr to t oses, or (y) the Secretary of the Treasury determines that s eclosure or trans r deed in lieu of foreclosure is part of an arrangement to termin greement. (e) The restrictions contained in ection 3 of this Agreement regarding the use and operation of the Project and of each building in the Project shall terminate on the date that is (x) thirty -one (3 l ) years after the last day of the Compliance Period applicable to the Project or such building(s) or (y) the last day of the one (1) year period beginning on the date that the Owner submits a written request to the Corporation to find a purchaser of the Owner's interest in the Project or such building(s) pursuant to the Corporation's rules and regulations, Florida Administrative Code, Rule 67- 48.031, if during such one (1) year period, the Corporation is unable to present to the Owner a qualified contract (within the meaning of Section 42(h)(6) of the Code) for the purchase of the Project or such building(s) by a person who will continue to operate the Project or such building(s) as a qualified low- income housing project or qualified low - income building(s), as the case may be. (d) Notwithstanding the termination of the restrictions contained in Section 2 and Section 3 prior to the expiration of the Extended Use Period, the Owner (including any successor or assignee of the Owner) shall not, prior to the end of the three (3) year period following such termination: W evict or terminate the tenancy of any existing tenant (including any tenant whose income is treated as continuing not to exceed the applicable income limit as provided in Section 12 1685 OR: 2559 PG: 1468 3(a) above) of any Low- Income Unit, other than for good cause, or (ii) increase the Gross Rent with respect to such Low - Income Units in excess of the amounts allowable as Rent - Restricted Units. (e) Notwithstanding any other provisions of this Agreement, this entire Agreement, or any of the provisions or sections hereof, may be terminated upon agreement by the Corporation and the Owner if there shall have been received an opinion of Counsel to the Corporation that such termination is permitted under Section 42 of the Code. Section 7. Indemnification. The Owner hereby covenants and agrees to indemnify and hold the State, the Corporation and the Monitoring Agent, and their respective members, directors, officers, employees, attorneys, agents and representatives (any or all of the foregoing collectively referred to as the "Indemnified Persons") harmless from and against any and all losses, damages, judgments (including specifically punitive damage awards), arbitration awards, amounts paid in settlements, costs and expenses and liabilities of whatsoever nature or kind (including, but not limited to, reasonable attorneys' fees, whe not suit is brought and whether incurred in connection with settlement negotiatio , 'nr o ms, at trial, on appeal, in bankruptcy or other creditors' proc of erwia , itness fees and expenses and court costs) directly or indirectl ' tg from, arising out connection with any act or omission to act by the Owner an ners, directors, tce , employees, attorneys or agents or other persons under dir t c to e O n r or ac ng n its behalf, resulting from, arising out of or relating to: i) t i r an low- income housing tax credits, (ii) the interpretatio or f rce e o a i n t is reement (including but not limited to any action by I t a n c t e rovis n h rpQ , (iii) any written statements or representation a or given by the O er or y rtner, director, officer, employee, attorney or agent o wner or by any p d 't contract to the Owner or acting on the Owner's behalf to rson to whom the or offers to sell any interest in low- income housing tax credits, the design, con io , installation, operation, use, occupancy, maintenance or owner sh fyh rtIQ , Each Indemnified Person will promptly, and after notice to such Indemnified Person (notice to the Indemnified Persons being serviced with respect to the tiling of an illegal action, receipt of any claim in writing or similar form of actual notice) of any claim as to which he asserts a right to indemnification, notify the Owner of such claim. Each Indemnified Person will provide notice to the Owner promptly, but in no event later than seven (7) days following his receipts of a filing relating to a legal action or thirty (30) days following his receipt of any such other claim. If any claim for indemnification by one or more Indemnified Persons arises out of a claim for monetary damages by a person other than the Indemnified Persons, the Owner shall undertake to conduct any proceedings or negotiations in connection therewith which are necessary to defend the Indemnified Persons and shall take all such steps or proceedings as the Owner in good faith deems necessary to settle or defeat any such claims, and to employ counsel to contest any such claims; provided, however, that the Owner shall reasonably consider the advice of the Indemnified Persons as to the defense of such claims, and the Indemnified Persons shall have the right to participate, at their own expense, in such defense, but control of such litigation and settlement shall remain with the Owner. The Indemnified Persons shall provide all reasonable cooperation in 13 16B5 OR: 2559 PG: 1469 connection with any such defense by the (honer. Counsel (except as provided above) and auditor fees, filing tees and court fees of all proceedings, contests or lawsuits with respect to any such claim or asserted liability shall be borne by the Owner. If any such claim is made hereunder and the Owner does not undertake the defense thereof, the Indemnified Persons shall be entitled to control such litigation and settlement and shall be entitled to indemnity for all costs and expenses incurred in connection therewith pursuant to the terms of this Section 7. To the extent that the Owner undertakes the defense of such claim, the Indemnified Persons shall be entitled to indemnity hereunder only to the extent that such defense is unsuccessful as determined by a final judgment of a court of competent jurisdiction, or by written acknowledgment of the parties The Owner reserves the right to appeal any judgment rendered. Section S. Reliance. The Corporation and the Owner hereby recognize and agree that the representations and covenants set forth herein may be relied upon by all persons interested in the legality and validity of the Owner's use of the Tar Credits. In performing their duties and obligations hereunder, the Corporation may rely upon statements and certificates of the Owner and Low - income Tenants believed in good f e genuine and to have been executed by the proper person or persons, and upon t Qi : records of the Owner pertaining to occupancy of the Project. No I or manu to the typed version of this Agreement shall be permitted s ttialed by all parties tte greement. In addition, the Corporation may consult wit cou e opinion of suc co sel shall be full and complete authorization and protectio wit re s a acttu t ken o suf red by the Corporation hereunder in good faith and in c t t h c unsel. The Owner shall reimburse the Corporation or r as na a tt rn s' d p rise incurred in obtaining the opinion of such counsel. 1 r i ' s ti obli ti ns under, the Owner may rely upon certificates of Low-In iatfit enants reasona liev to enuine and to have been executed by the proper pers ersons. The Owne ay el a rules, regulations, guidelines and policies of the ation, the Departt reasury, and upon reasonable interpretations of the same. Section 9. Enforcement by 1&&daldotl;atldiit ijW by Tenants. If the Owner defaults in the performance of its obligations under this Agreement or breaches any covenant, agreement or warranty of the Owner set forth in this Agreement, and if such default or breach remains uncured for a period of sixty (60) days (or ninety (90) days for any default not caused by a violation of Section 2 or 3 hereof) after written notice thereof shall have been given by the Corporation to the Owner (or for an extended period approved in writing by Corporation Counsel (x) if such default or breach stated in such notice can be corrected, but not within such sixty (60) day (or ninety (90) day) period, and (y) if the Owner commences such correction within such sixty (60) day (or ninety (90) day) period and thereafter diligently pursues the saute to completion within such extended period), then the Corporation shall give notice of such default or breach to the Internal Revenue Service and may terminate all rights of the Owner under this Agreement, and the Corporation may take whatever other action at law or in equity or otherwise, whether for specific performance of any covenant in this Agreement or such other remedy as may be deemed most effectual by the Corporation to enforce the obligations of the Owner under this Agreement. 14 1665 OR: 2559 PG: 1470 Notwithstanding any of the foregoing, the Corporation shall have the right to seek specific performance of any of the covenants, agreements and requirements of this Agreement concerning the construction and operation of the Project and any person who satisfies the income limitations applicable to Low - Income Tenants hereunder (whether prospective, present or former occupants of any Residential Rental Unit in any building included in the Project, including any tenant whose income is treated as continuing not to exceed the applicable income limit as provided in Section 3(a) above) shall separately have the right to seek specific performance and otherwise enforce the requirements of Section 3(b) and Section 3(c) with respect to such building that is part of the Project. The owner must obtain the Corporation's approval of the management company selected to manage the project. The Corporation must be advised of any change in the owner's selection of management company, and the company must be approved by the Corporation prior to the firm assuming responsibility for the project. The Corporation shall have the righ a the Owner to remove any Manager or Managing Agent who does not requ' oir►Qti Agreement upon such Manager's or Managing Agent's being given th' ys wit fa violation, and such right shall be expressly acknowledged in tract between the O d any Manager or Managing Agent. C- The Corporations 11 em nt and require curing of defaults in shorter periods t C Vcm C u n 1 makes a reasonable determination that such sh tq s a to y Sect ion 42 of the Code. Section 10. (a) Upon execution an by the parties h e Owner shall cause this Agreement and all amendmenttan Im recorded and tiled in the official public records of the County in suc other places as the Corporation may reasonably request and shall pay all fees and charges incurred in connection therewith. (b) This Agreement and the covenants herein shall run with the land and shall bind, and the benefits shall inure to, respectively, the Owner and the Corporation and their respective successors and assigns during the term of this Agreement. (c) Upon reasonable notice, if there has been no event of default under this Agreement, the Corporation shall furnish to the Owner a statement in writing certifying that the Agreement is not in default. Section 11. Amendments Required by the Code. To the extent that Section 42 of the Code or any amendments thereto and any final or temporary Treasury Regulations or Revenue Rulings thereunder shall impose requirements upon the ownership or operation of the Project more or less restrictive than those imposed by this Agreement, the Owner and the Corporation agree that this Agreement shall be deemed to be automatically amended to impose such additional or more restrictive requirements or to impose less restrictive requirements, as appropriate, 15 1665 OR: 2559 PG: 1471 provided, however, this Section 1 I shall not affect requirements of this Agreement imposed by State law or agreed to by the Owner that were the basis of the Corporation's competitively scoring and ranking the Owner's application (including any modifications or supplements thereto) for Tax Credits. The Owner and the Corporation shall execute, deliver and, if applicable, file of record any and all documents and instruments necessary in the reasonable opinion of Counsel to the Corporation to be in compliance with the provisions of Section 42 and all other provisions of the Code and Florida law relating to Tax Credits. Section 12. Governing Law, This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. Section 13. Notice. Any notice required to be given hereunder shall be given by personal delivery, by registered or certified U. S. Mail or by expedited delivery service at the address as specified below or at such other addresses as may be specified by notice to the other parties hereto, and any such notice shall be deemed received on the date of delivery, if by personal delivery or expedited delivery service, or upon-actual-receipt if sent by registered or certified U S Mail: J R CQ j Corporation: A HOUSING Fl 227 nou h S��Le T lah ss , loch 323 Owner: ON MANOR ISKFS 7$ RTNERSHIP olphin Lane rida 34102 Attn. cor C� ORPORATION t , S to ;fE 1 -132 d i cutive Officer k AR TS LIMITED Section 14. Severability. If any provision of this Agreement shall be held by any court of competent jurisdiction to be invalid, illegal or unenforceable, such provision shall be deemed omitted from this Agreement and the validity, legality and enforceability of the remaining portions of this Agreement shall remain in full force and effect, but such holding shall not affect the validity, legality or enforceability of such provision under other, dissimilar facts or circumstances Section 15. Multiple Counterparts. This Agreement may be simultaneously executed in multiple counterparts, all of which shall constitute one and the same instrument and each of which shall be deemed to be an original. Section 16. Binding Effect. This Agreement shall be binding upon and inure to the benefit of each of the parties and their successors and assigns, but this provision shall not be construed to permit assignment by the Owner without the written consent of the Corporation. 16 OR: 2559 PG: 14 'i 6 B 5 0 SIGNATURE PAGE FOR FLORIDA HOUSING FINANCE CORPORATION EXTENDED LOW - INCOME HOUSING AGREEMENT IN WITNESS WHEREOF, the Corporation and the Owner have executed this Agreement as of the date first written above. WITNESSES: FLORIDA HOUSING FINANCE CORPORATION, a public corporation By:_- Susan J. Leigjry Executive DiChief Executive C� • r and S EA } STATE OF L 00 COUNTY OF The foregoing instrum s executed and ac I efore me this _Lr day of 19 by Leigh as Executi fir or, Chief Executive Officer and Sei etary of the F1 ORIDA HOU TION, a public corporation, on behalf of said Corporation. She is pers ni+ a and did not take an oath or affirmation MY c� r an MW Notary Public Wmnb r to 2002 Printed Name: d re,,, d e e 6• Gr�If . to My Commission Expires: 17 J 1685 1 OR: 2559 PG: 1413 SIGNATURE PAGE FOR OWNER EXTENDED 1.OW- INCOME HOUSING AGREEMENT IN WITNESS WHERI.01, the Agency and the Owner have executed this Agreement as of the date first written above. WITNESSES: N --5 42,1A -rM1 T �tl� /Os/tTiv_ 'r" tP it limited partnership one of �_ general partners dP A.4 YVA 13v R O'tle By -- oneiTt�,l'1 ee •ral )artners of itle - - -- � . STATE OF FIoR.i C>1 q E CSR COUNTY OF The foregoing instrument wits executed and acknowledged betore me this �AWWAL 19 by _SALE �. SAC %AWW, -- individually as one of general partners of SAXAN _�rt��e L• P a te. dA hniik!d partnership, on behalf of said partnership. He is personal y known to me or has produced as identification and did /did not take an oath or affirmation re t�uM� Notary Public lwv* Myoww+""HMIaOV Printed Name: My Commission Expires 1s day of T4� * ** OR: 2559 PG: 1474 * ** EXHIBIT "A" PROPERTY DESCRIPTION A PORTION OF THE EAST 1/2 OF THE EAST 1/2 OF THE EAST 1/2 OF THE NORTHEAST 1/4 OF SECTION 6. TOWNSHIP 50 SOUTH. RANGE 26 EAST, COLLIER COUNTY. FLORIDA. BEING MORE PARTICULARLY DESCRiBEO AS FOLLOWS: COMMENCE AT THE NORTHEAST CORNER OF SECTION 6. TOWNSHIP 50 SOUTH. RANGE 26 EAST. COLLIER COUNTY. FLORIDA; THENCE RUN S. 00'07'54" W.. ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID A DISTANCE OF 59.41 FEET TO A POINT ON THE Ti's —WAY LINE OF RADIO ROAD (C.R. 856); THEW S. 0 OF THE NO QUARTER OF OF 1363.7 .. ALONG THE EAST LINE C71ON 6. FOR A DISTANCE LAND HER IN E CON THE EAS U E OF THE PARCEL OF N 5.00'07'54" W.. ALONG FOR A O T OF SAID SECTION S. E OF SAID T QUARTER CORNER LINE OF . 9 5" W . ALONG THE SOUTH DISTANCE .9 FEET TO TH OU HALF OF CORNER) OF THE EAST AST HALF OF S QUARTER D SECTION 6; OF THE NORTHEAST -_ THE WEST THE EAST HALF HALF OF THE N. 00'07'22" E.. ALONG E EAST HALF OF THE EAST T QU SAID SECTION 6. FOR A DISTANCE OF 1254.00 FEE . '52'06" E. 69.74 FEET; THENC 7'54" FOR A DISTANCE OF W. FOR A DISTANCE OF 10.00 FEET; THENCE RUN S. 89432'06` E. FOR A DISTANCE OF 203.00 FEET; THENCE RUN N. 00*070540 E. 55.00 FEET; THENCE RUN S. 89'52'06" 35.35 FEET; THENCE FOR A DISTANCE OF E. FOR A DISTANCE OF RUN N. 00'07';14" 82.78 FEET; THENCE RUN N. 89"32'06" E. FOR A DISTANCE OF W. FOR A DISTANCE OF 234.32 FEET; THENCE RUN N. 00407'22" E. FOR A DISTANCE OF 76.24 FEET; THENCE RUN S. 8952'06" 180.57 FEET; THENCE RUN S. 00'07'54' E. FOR A DISTANCE OF W. FOR A DISTANCE OF 59.24 FEET; THENCE RUN S. 89.52'06" E. FOR A DISTANCE OF 75.75 FEET TO THE POINT OF AMINNINc jum 1 UK: 444j I 6aB 5 UCM is 0 11CIAL UCoIDl of CDUIII Cam, IL 01115111 at 12:2111 DACE L 1 0 CUU , III 10.91 ColI13 2.10 Bete: CL111 TO t11 on IM10IIIC1 4" ILool 111 1?41 TH;S QUITCLAIM DEED made this day of ..�•: '�� , 19 ';;71�_ , by the Board of County Commissioners of Collier County, Florida, GRANTOR, and Saxon Manor Isles Apartments Limited Partnership, a Florida Limited Partnership, whose mailing address is 4983 Southridge Park Drive, St. Louis, Missouri, 63129, its successors and assigns, GRANTEE. N I T N L 8 8 E T 8: -R coU That the GRANT r and in b oration of Petition AV 96 -016 and the su Ten Dollars ( 0. 0) and other valuable consideration to i i b the TEE, receipt of which is hereby acknowl dg d, b re mi es, el ases, and quitclaims unto GRANTEE for v 1 nterest, claim, and demand which the sa d G N a a ertain portion of a utility easement i t r t i nd bout the following described lands b a 11 ty, Florida, to wit: Utility Easement ribed in Of is rd Book 1467, Pages 1551 -1553, inclus of the Pub a of Collier County, Florida and furthe ribed in: Exhibi t ie eto and At" ein IN WITNESS WHEREOF, the GRANTOR has caused these presents to be executed in its name by the BOARD OF COUNTY COMMISSIONERS acting by the Chairman or Vice Chairman of said Board, the day and year aforesaid. ATTEST: DWIGHT E. BROCK, Clerk BOARD OF COUNTY COMMISSIONERS COLLIER COUNTY, FLPRIDA By :- JOHN C. NORRIS, Chairman l: . I r . ;j no146? 001552 r d w • 31 J2 $400 SOUTH UNE NEI /4. NEI /4 Of SEC. 6 1. 5118 112 -21 -64 00146? K r rs 31 w u•]1'ao• r P.O.B. rgoraY• r W WOrr o t- 7 r Prom E1 /z Ww 10 G,sdb1T NEI /4 V _ TEWFC UIT - y"Dw r mTkgrfam N [AS A(Ni 1r P. .B. NEI /4, _ 00' [ � 11pi NEI /4, w t7f'W. [ 7000 or sEC. 0 moo s'7a000 x 0 NEI /4. NE1 /4• - --.�_ 011 1202 r�►IGt1 r N'34'00• r EAS 2%&00 i OR w1 E1 /2. EI /2, 1� 3� NEI /1. NEI /4. OF SEC. 6 Or 1207 PC 2181 y► SOUTH UNE NEI /4. NEI /4 Of SEC. 6 1. 5118 112 -21 -64 00146? K r rs 31 w u•]1'ao• r P.O.B. rgoraY• r W WOrr o t- 7 E1 /z Ww NEI /4. NEI /4 V i W 2 i 7 N W d N7_ ►C K. >/I b.SOX _ q r rs 31 w u•]1'ao• r P.O.B. rgoraY• r W WOrr t- 7 W Ww rf V F r mTkgrfam N Mt A(Ni 1r � 11pi mr E1/2. El/2, NEI /4. NE1 /4• - --.�_ 011 1202 PC 2143 -ki J 1su.auRt U►atdO+T � N 1f.0� � w u•]1'ao• r N y 7 t- 7 W W 1�1lJ OR: 2225 PG: 0936 N W+ e..rlw. w IIW M .► frrw e. tw1W >d tO1k s.r Z• c..1 co" towlr II.W NY10 � rYYoMf b1.Mr Y �1 t�w..1M� M M r.11..wl �. d W /lrw k t)ww ypl � (y► O.. lI pig fNrrl � s s f�71' • %1m 1M1 a w soma MI -.a«r 0ir d f.r. rni MNM tlrl{ 0M tlpt -.l-«► M r 110r M 00• • 71aN IYk ryy� Y�+yw�.l�{1�r.1�yYyNM -d-wr ire f 1' 39' w Ir M1.00 MH M w MI M fMMM M M Nul N1M WMt M.rw f K 7r oft { 7n N.a Mww f r 70' M• w 7100 r..t 11..I..rKS1'{r'•> ��rr��t7aarw.l 1• w ►i11 M u.Yw door .... w... 41. d� f.r1 � r K {I er %"#A � -r•wr 1.. 1A}tl Y Nw�..rt► �. M w1b1111ma d rllmi • ~IL1Ld1'�M"'1 - '� Ir1ty r. tlrarw► i1 16B! EX N/ t3 i r A 1"'^c E- 1 of ras sal.. r1. pta * NOT A SURVEY Ic PrdlK INC. SKETCH OF A LEGAL DESCRIPTION 1t PUL#PSIATiON EASELk?LT .110.6.1 19 ART OF SECTION 6. T -SO-S. R -26 -E 10 /N i 0ot1NTr wofloA 1,0-, o.c. teat � r t r10rCm WL." 4fDANI 1"o ON.q- w rr1 r.t d T"vm ♦ t...tn0 so s..r. tarp st 901 ti.r toots r4rrf. bdy M. d--WO l • W*.% M w r.vu.N . mo, a M1i }.suta `woes .tit iM GN M .. frrr % f swto 71' r Slm t�.0 Y fY {o1r1 /IMtMIM -�i� -K Wf 11 oW Ov or r 21tN Wamto 8,W m«• rw ..Ir ftm- •1 -..r" s w M W t MN we rw. 1rwYy q14 AM1 -.1- «r Mor t M1 28 r«t Wool it, "Sr wss.r1•Wof{NrN C.w...MO 12J 1..1 w we • wm /Mww w .wwlM Need M 00 soma ?W%t -N-.q �M Now 9"1 r N• 00. 00• ■ "Nei to 1YT•.•1. r1lrlomme M rN1r lame W r11./ 111301 t/11Q U11(al. SaL ID� me- 11� {r`Ir' M mow. `r^ -1 w.. tl dr..tlw... Meets u ti fall$ * NOT A SURVEY 1�•I.J 1�•iU SOUTH UNE NEI /4, NEI /4 OF SEC. 6 I lam "a ti � lr\ Wm So SAN 370 W'LSO/V. HILLER BARTON. SOIL & PVEX INC. SKETCH OF A LEGAL DESCRIPTION t t WIll 12 -21- ENCQtC17t7, PWlNM A Lim SURnmRs PROPOSED PIPELINE EASEMENT N `m us 1363 ALRPORT ROAD om PART Of SECTION 4. T-50-S. R -26 -E 10/43 5976.2 NAPLES. RORIDA 33P4Z. o0{JJt11 COJNTv nAWA 11 _ ,Ol NIUl13Y Prepared by and tarter recorded maU to: Mark T. Mustian, quire Nabors. Giblin & Nickerson, P.A. 315 S. Calboun Street 800 Barnett Bank Building Tallahassee, Florida 32301 �3 !al 16B5 2300553 OR: 2404 PG: 1868 11=111 is 0111cul UOOW of COU111 cm, IL 14112191 at "11111 I JOR 1. 110c1, Will IN 911 109.51 late: KlmsT TITW W1 11 AMENDED AND RESTATED LAND USE RESTRICTION AGREEMENT THE HOUSING 1NTY, FLORIDA $6,345,000 Housing Finance Authority of Collier County, Florida Multifamily Housing Revenue Refunding Bonds Series 1998A, Subseries 1 (Saxon Manor Isles Project) and $6,400,000 Housing Finance Authority of Collier County, Florida Multifamily Housing Revenue Bonds Series 19"11 (Saxon Manor Isles Project) OR: 204 Pi. �� 5 AMENDED AND RESTATED LAND USE RESTRICTION AGREEMENT THIS AMENDED AND RESTATED LAND USE RESTRICTION AGREEMENT (this "Agreement "), dated as of March 1, 1998, is made by and among SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP, a Florida limited partnership (the "Borrower "), the HOUSING FINANCE AUTHORITY OF COLLIER COUNTY, FLORIDA, a public body corporate and politic duly created, organized and existing under the laws of the State of Florida (the "Issuer ") and THE BANK OF NEW YORK, a New York banking corporation, as trustee (together with any successor trustee, the "Trustee "). W ITNESSETH: WHEREAS, the Issuer has been created and organized pursuant to and in accordance with the provisions of the Florida Hou !ece!nt, ttt ity Act, Chapter 159, Part 1V, Florida Statutes, as amended (the "A g others, of financing the costs of residential projects that will p safe and ing for persons and families of low, moderate and middle ' o te of Florida a tare "); and WHEREAS, the Act z qualified housing Bevel p 1 to i n occupied to the extent req ' a 'c b moderate or middle inco b) to issue revenue make such loans and pro such financing an incurred in connection wi suance of such revenues and receipts to be r i the Issuer mortgage, pledge or grant secu l principal or redemption price of est ones e loans to provide financing for ppledty, Florida, and intended to be by persons or families of low, rpose of obtaining moneys to strative costs and other costs to ge all or any part of the onnection with such loans, and to n order to secure the payment of the ; and WHEREAS, this Agreement is executed in connection with the issuance by the Issuer of its Multifamily Housing Revenue Refunding Bonds, Series 1998A, Subseries 1 (Saxon Manor Isles Project) in an aggregate original principal amount of $6,345,000 and its Multifamily Housing Revenue Bonds, Series 1998E (Saxon Manor Isles Project) in an aggregate original principal amount of $6,400,000 (the "Bonds ") under a Trust Indenture dated as of March 1, 1998 (the "Indenture") between the Issuer and the Trustee; and WHEREAS, the Borrower has requested, and the Issuer has agreed, to the issuance of the Bonds by the Issuer to obtain moneys (i) to refinance the Issuer's Variable Rate Demand Multifamily Housing Revenue Bonds, Series 19% (Saxon Manor Isles Project), the proceeds of which were lent to the Borrower to enable the Borrower to finance the acquisition, construction and equipping of a multifamily rental residential development known as Saxon Manor Isles Apartments Phase I (the "Phase I Project ") and (ii) to finance the acquisition, construction and equipping of a multifamily rental residential development known as Saxon Manor Isles Apartments 1665 0 Phase II (the "Phase 11 Project ") each of the Phase I Project and Phase II Project being situated on the land described in Exhibit A hereto which by this reference is incorporated herein (the "Property ") pursuant to the terms of a Loan Agreement dated as of March 1, 1998, between the Issuer and the Borrower (the "Loan Agreement ") and by this reference incorporated herein; WHEREAS, the Borrower, the Issuer and DNC Bank, National Association, have previously entered into a Land Use Restriction Agreement, dated as of March 1, 1996, (the "Original Land Use Restriction Agreement ") with respect to the Phase I Project, which Original Land Use Restriction Agreement will be deemed restated, amended and modified by this Agreement; and WHEREAS, the Borrower acknowledges that this Agreement is necessary to establish and preserve the tax- exemption on the Bonds issued by the Issuer to facilitate the acquisition. construction and equipping of the Project Borrower covenants and agrees that in connection with the ownership and o taRtt r ' , it will comply, and will require any subsequent purchaser of the Projec , with is Agreement and the covenants pertaining to the Borrower set f$i the Loan Agreemen . NOW, THEREFO , t46 Issuer, a rrowe and th T stee, each in consideration of the representations, cove is a rth herein, mutually represent, covenant and agree as folio s: SECTION 1. DE NS. The capital' term u in shall have the meanings assigned to such terms in th nture and the re , as appropriate, except as otherwise provided herein. "Compliance Agent" shall in .1 the Issuer to monitor compliance with the requirements hereof. "Credit Enhancer" shall mean Financial Security Assurance Inc., and any successors thereto, and any entity which delivers an Alternate Credit Enhancement in substitution for the credit enhancement issued by Financial Security. "Eligible Persons" means one or more natural persons or a family, irrespective of race, color, creed, national origin or sex, whose annual household income as set forth in the Income Certification, does not exceed the highest of 150°% of the median income for the State or Collier County, as determined in the latest published Decile Distributions of Family Income by Metropolitan Statistical Areas and Non - Metropolitan Counties prepared and published from time to time by the United States Department of Housing and Urban Development, as adjusted from time to time by the Issuer according to the most recent Consumer Price Index or such other valid statistical information as the Issuer may determine. Persons 65 years or older shall be deemed Eligible Persons regardless of their incomes. `A e..s .a• 0 000 b caa 0 1665 "Income Certification" means a Tenant Income Certification in the form attached hereto as Exhibit B. "Issuer Documents" means this Agreement, the Loan Agreement, the Mortgage, the Assignment of Leases and Rents, the Financing Statements and the Indenture. "Low- Income Tenants" means individuals or families of low income within the meaning of Section 142(d) of the Code and the provisions of the Housing Act of 1937, as adjusted by the United States Department of Housing and Urban Development or its successor for Collier County, Florida. In no event, however, shall occupants of a dwelling unit be considered to be of low income if all the occupants are students (as defined in Section 151(c) of the Code), no one of whom is entitled to file a joint federal income tax return and that if, upon any certification, such tenant's adjusted income exceeds 140% of the applicable income limit for a Low- Income Tenant of the same family size, such tenant shall cease to qualify as a Low - Income Tenant, provided, however, as long as the next vacant unit of comparable or smaller size is rented to a Low- Income Tenant, the fact that such tenant's adjusted income exceeds 140% of the applicable income limit shall not place the Project in non-co fl - Income Tenant vacates a unit, such unit shall be treated as occupied by a - upied, other than for a temporary period not in excess of 31 da ich time a redete it{at n of whether the unit is occupied by a Low - Income Tenant s 1 e,— a method of d rm ing low income in effect at the date of issuance of the Bo s s 11 . ttve, en ifs h thod is subsequently changed. "Project Costs" eatt�{a oP h cM s�i with respect to the Project within the meaning of d �� s s a ned i t "Qualified Projec 'od" means that pe gi #on the date of issuance of the Bonds and ending on the late ) the date which is E years after the date fifty percent (50 %) of the residential units ® hase of the ar first occupied; or (ii) the date on which [tone of the Bonds (or any the Bonds) are outstanding; or (iii) the date on which any assistance provt Ive the Project under Section 8 of the United States Housing Act of 1937, as amended, terminates. SECTION 2. COVENANTS AND RESTRICTIONS ON USE OF PROJECT. (a) Qualified Project Period. During the Qualified Project Period, at least sixty percent (60%) of the completed units which are part of the Project shall be rented to Eligible Persons. Once available for occupancy, each unit in the Project will be rented or available for rental on a continuous basis during the Qualified Project Period. At least forty percent (40 %) of the completed units which are part of the Project shall be rented to persons or families whose income is equal to or less than sixty percent (60%) of the median gross income for the applicable area. 3 0 N 0 co 1685 A (b) Income Certifications. (i) The Borrower shall obtain and maintain on file Income Certifications from each Eligible Person (except for those over 65 years of age) and specifically with respect to each Low - Income Tenant immediately prior to the initial occupancy of such tenant in the Project, in the form and containing such information as may be required by the Code, as such form may be from time to time amended by the Issuer on the advice of Bond Counsel, or in such other form and manner as may be required by applicable rules, rulings, procedures, official statements, regulations or policies now or hereafter promulgated or proposed by the Department of the Treasury or the Internal Revenue Service with respect to obligations such as the Bonds issued under the Code, and shall update said Income Certifications annually in accordance with the requirements of the Code. Photocopies of each such Income Certification and such program report form as may be required by the Issuer shall be submitted to the Issuer, the Trustee and the Compliance Agent (1) not later than the twenty -fifth (25th) day of each calendar month covering the period between the sixteenth (16th) day of the previous calendar month through the fifteenth (15th) day of the current month, and (2) as re + , the Trustee or the Compliance Agent, which may be as often as inion of the issuer or Bond Counsel, to comply with the pr of the Code, but a frequently than monthly; (ii) The Bono er dwelling units in e J Eligible Persons, pd 1 Trustee, the Com leant Service to inspect Income Certiticatio upon reasonable not) Ili tain co e e and I it n e, a ment f e and records o Bo ow w- Income Tenan li at reasonable tim c ate records pertaining to the ied by Low- Income Tenants and l re resentative of the Issuer, the '4 sury or the Internal Revenue ining to the income and the Persons residing in the Project 1 .. (iii) The Borrower sha ' ' uer, the Trustee and the Compliance Agent if at any time the dwell) i 1h Ject are not occupied or held available for occupancy as provided above, and the Borrower shall prepare and submit to the Issuer, the Trustee and the Compliance Agent, not later than the twenty-fifth (25th) day of each month following the date the Borrower became the owner of the Project, a Compliance Certificate executed by the Borrower stating, among other matters, the number of dwelling units of the Project which, as of the fifteenth (15th) day of such month, in each case, were occupied by Low- Income Tenants, were occupied by Eligible Persons, were deemed to be occupied by Low- Income Tenants or were deemed to be occupied by Eligible Persons, as provided above, and stating that all units in the Project are occupied by or held available for rental to only Eligible Persons (including Low- Income Tenants). (iv) The provisions of this Section 2(b) relating to Low - Income Tenants shall terminate upon the expiration of the Qualified Project Period, and the provisions relating to Eligible Persons shall terminate upon the last to occur of the expiration of the Qualified Project 4 N O .A. 00 N • i Period or the first day when no Bonds remain outstanding under the Indenture. The Borrower expressly acknowledges that, subject to the provisions of Section 9 hereof, the foregoing restrictions survive the repayment of the Loan and redemption of the Bonds prior to the expiration of the Qualified Project Period. (c) annual Certification. On or before each December 1 during the Qualified Project Period, the Borrower will submit to the Issuer a draft of the completed Internal Revenue Code Form 8703 - Annual Certification of a Residential Rental Project or such other annual certification required by the Code to be submitted to the Secretary of the Treasury as to whether the Project continues to meet the requirements of Section 142(d) of the Code. On or before each January 1 during the Qualified Project Period the Borrower will submit such completed form to the Secretary of the Treasury. (d) Material Misstatements. Each lease or rental agreement hereinafter entered into pertaining to a unit to be occupied by a Low- Income Tenant shall contain a provision to the effect that the Borrower has relied on the income certification and supporting information supplied by the Low- Income Tenant in detpo ' t t T or occupancy of the low income unit, and that any material misstatement r or not intentional) will be cause for immediate termination of su r rental agr ee ch such lease or rental agreement shall also provide that the t is subject to 1 rtification in accordance with the terms hereof. -�_ (e) i o er has not and will not refuse or deny rental occupancy i t r, os itn Ludes minor dependents (those under eighteen years of a ho will py nit, h refusal is based upon factors not related to the presenc uch minors in the ily. M For the longer o iod of the Qualified Project Period or the term during which the nit in the Project must be rented as a residential dwelling or held avail ab t:iLs ential dwelling on a continuous basis and may not be converted to condominium or other residential use. SECTION 3. RENTAL REQUIREMENTS. The Borrower will maintain the Project so that the units to be rented pursuant to the requirements of Section 2 hereof to Low- Income Tenants or Eligible Persons will be of similar quality and type of construction to all other units in the Project, except that there shall be no requirement for the Borrower to designate specific units for Low - Income Tenants or to make available units with any particular number of bedrooms for such persons. Tenants in such units shall enjoy equal access to all common facilities of the Project. The Borrower agrees that there will be no material changes to the design or size of the units in the Project without the approval of the Issuer, which shall be promptly given unless the Issuer has a reasonable basis to conclude that the proposed changes will adversely affect the tax- exempt status of interest on the Bonds. 1 0 N 0 00 v w SECTION 4. SALE, TRANSFER OR OTHER DISPOSITION OF THE PROJECT. (a) During the Qualified Project Period, the Borrower shall not enter into a sale, kase. exchange, assignment, conveyance, transfer or other disposition of all or substantially all of the Project, and Borrower's principals shall not enter into a sale, exchange, assignment, conveyance, transfer or other disposition of all or a controlling interest in the Borrower (collectively, a "Disposition ") without the prior written consent of the Issuer and the Credit Enhancer and the provision of written notice thereof to the Trustee. The Issuer shall not unreasonably withhold or delay its written consent to a Disposition, as long as the requirements of this Section 4 are fully satisfied. It is expressly agreed that, in connection with determining whether to grant or withhold such consent, the Issuer may (but is not obligated to), among other things: (i) consider the ability of the proposed transferee, financially, managerially or otherwise, to assume and comply with the Borrower's obligations with respect to the Project under the Issuer Documents; (ii) consider whether or not the security for repayment of the Loan and other payment obligations under the Issuer Documents, the performance of the covenants and other obligations under the Issuer Documents (without regard to whether an Bonds are outstanding), or the Issuer's ability to enforce its rights, remedies and r to such security or performance, will be impaired in any way or to any sition; (iii) require that the Issuer be reimbursed for all reasona s and expenses i by the Issuer, Issuer's counsel, including Bond Counsel r b pliance Agent n t e Issuer's behalf, including the Compliance Agent's fees n c nn the wi i corm do with investigating the financial and management abilitie of do will be made and determining whether the Issuer's rig ie i it by the proposed Disposition; (iv) require the payment I fee a to actual cost of documenting the Disposition in the Issuer or s; (v) require t pay ent Issuer's reasonable legal fees and expenses in connec ith such Disposi i) ire the express, unconditional assumption of all perfo payment obligati Issuer Documents and any other • • document, agreement or inst videncing or se tag orrower's obligations to the Issuer . s and its assigns thereunder by th rte sition will be made (with or without czP& the release of the Borrower from lia ations), which assumption shall be in form and substance reasonably satisfactory to the Issuer and its counsel, who may require the recording 4? of such assumption document at the Borrower's expense; (vii) require the execution of ♦,,, modification agreements, supplemental documents, financing statements and such other C= documents, agreements and instruments as the Issuer or its counsel may require, and (viii) require .�. endorsements to any existing title insurance policies insuring the Issuer's or Trustee's liens and security interests (as the case may be) covering the Project. The Issuer may, in its discretion, with the prior written consent of the Credit Enhancer, release the Borrower from liability under the Loan Agreement, the Note and the First Mortgage without releasing the Borrower or any other obligor thereunder from liability under the Environmental Indemnity. (b) The restrictions on transfer of the Project contained in Section 4(a) hereof shall not be applicable to any of the following: (i) any transfer pursuant to, or in lieu of, a foreclosure or any exercise of remedies (including, without limitation, foreclosure) under the Mortgage by the 6 Trustee or Controlling Party; provided, however, that neither the person, nor any "related person" to the person (within the meaning of the Code), from whom the Borrower acquired the property on which the Project is located shall acquire any interest in the Project during the remainder of the Qualified Project Period; (ii) any sale, transfer, assignment, encumbrance or addition of limited partnership interests in the Borrower or in any subsequent entity that may acquire the Project from the Borrower; (iii) grants of utility- related easements and governmental easements, shown on the title policy approved by the Issuer, any other easement and use agreements which may be consented to by the Issuer and any other service- related leases or easements, such as laundry service leases or television cable easements, over portions of the Project, provided, however, the same are granted in the ordinary course of business in connection with the operation of the Project as contemplated by this Agreement; (iv) leases of apartment units to tenants, including Low - Income Tenants and Eligible Persons, in accordance with the requirements of this Agreement; (v) any sale or conveyance to a condemning governmental authority as a direct result of a condemnation or a governmental taking or a threat thereof; (vi) the placing of a subordinate mortgage lien, assignment of leases and rents or security interests on or pertaining to the Project if made expressly subject and subordinate to this Agreement and the Mortgage, provided, however, the Issuer may require the - ny person acquiring the Project through foreclosure or by deed in lieu of f l unconditionally assume all payment obligations and all performanc ons of the Born �' er the Issuer Documents and any other document, agreement o ins ent evidencing or sec ing Borrower's obligations to the Issuer thereunder, which as um io 11 sub to satisfactory to the Issuer and its counsel, and require the rec r ' f s ti docu ent, (vii) any change in allocations or preferred return of cap tal, a re ti n l a t 1 djustment in capital accounts (all of which may be fr f rr o a ju t an s s u t entity that may acquire the Project from the Borrowe u o ti rt ment). Notwithstanding this Section 4 or anything to th ary in the Bond me is subsequent Disposition by the Borrower, whether as own ceiver of the Pro ply with the provisions of this Section 4. For purposes of ion 4, the term "B " shall be deemed to refer to the Borrower and any other owner o t exc went owner taking title pursuant to foreclosure or otherwise under Sect _e jam_ SECTION S. NON - DISCRIMINATION REQUIREMENTS. (a) :'on- discrimination Requirements. The Borrower shall not discriminate on the basis of race, creed, religion, color, sex, marital status, familial status, handicap, age or national origin in the lease, use or occupancy of the Project or in connection with the employment or application for employment of persons for operation or management of the Project. (b) F2milie . The Borrower shall not deny rental occupancy to persons whose families include minor children who will occupy such unit; provided, however, the Borrower may refuse to rent to any prospective tenant for reasons unrelated to familial status, for example, a negative rental history, and the Borrower must limit the number of persons occupying a rental unit in accordance with Section 3 hereof. 7 N O .ems co 1685 61 SECTION 6. TENANT LISTS. All tenant lists, applications, and waiting lists relative to the Project shall at all times be kept separate and identifiable from any other business records of the Borrower which are unrelated to the Project, and shall be maintained, as required by the Issuer, the Trustee or the Compliance Agent, from time to time, in a reasonable condition for proper audit and examination during business hours by representatives of the Issuer, the Trustee or the Compliance Agent. SECTION 7. TENANT LEASE RESTRICTIONS. All tenant leases shall be expressly subordinate to the Mortgage, and shall contain clauses, among others, wherein each individual lessee: (a) Certifies the accuracy of the statements made in the Income Certifications; and (b) Agrees that the family income, family composition and other eligibility requirements shall be deemed substantial and material obligations of his /her tenancy; that he /she will comply promptly with all requests for infonnation with respect thereto from the Borrower, the Trustee, the Issuer, or the Complia at his /her failure or refusal to comply with a request for information with p�c I deemed a violation of a substantial obligation of his /her tenancy. Q SECTION 8. NEGAT r,The Bbrro*er shall not: (a) Demolish a y t I- i r ma rially subtract from any real property constituting part of a o' ct e e t i t n it any sale or conveyance to a condemning governmental of tion or a governmental taking or a threat thereof, as pro in Section 4(b) he ; or ; (b) Permit the us� dwelling accomm t of the Project for any purpose except rental residences in com „ ' the C �1 SECTION 9. ENFORCEMENT-Of- S. Except as otherwise set forth herein to the contrary, the benefits of this Agreement shall inure to, and may be enforced by the Issuer and the Trustee or their successors or assigns for the period set forth herein, whether or not the Trustee shall be the holder of the Mortgage, whether or not the Loan has been paid in full, and whether or not the Bonds are outstanding. Notwithstanding the foregoing, the requirements of this Agreement including Sections 2, 3 and 4 hereof, shall not apply in the event of involuntary noncompliance by the Borrower with the requirements hereof and of the Mortgage caused by fire. seizure, requisition, foreclosure, transfer of title by deed in lieu of foreclosure, change in federal law or action of a federal agency after issuance of the Bonds which prevents the Issuer from enforcing the requirements of the Issuer Documents or condemnation, provided that the Bonds are redeemed within sixty (60) days following such involuntary noncompliance, in compliance with the Code. 8 0 7v N Pft O .ss 010 0 .-.& ao C7% 16B5 � SECTION 10. DEFAULTS; REMEDIES. If the Borrower shall fail to observe or perform any covenant, condition or agreement contained herein on its part to be observed or performed for a period of sixty (60) days after receipt of written notice or actual knowledge thereof (or for a period of one hundred twenty (120) days or, at the discretion of the Issuer, such longer period if such failure cannot be remedied within such sixty (60) day period and if the Borrower diligently pursues such remedy during such period) after its receipt of written notice of such failure, then and in such event, the Issuer or the Trustee and their successors and assigns shall be entitled, but not required, individually or collectively, to compel specific performance by the Borrower of its obligations under this Agreement, it being recognized that the beneficiaries of the Borrower's obligations hereunder cannot be adequately compensated by monetary damages in the event of Borrower's default. Prior to exercising any such remedies, the Issuer or the Trustee shall provide notice to the Credit Enhancer of such default and the opportunity to cure such default within 60 days of receipt of such notice, provided that such sixty (60) day period shall be extended if the Credit Enhancer has commenced and is diligently pursuing actions to cure such default within the 60-day period. SECTION 11. COVEN WITH THE LAND. The Borrower hereby subjects the Project (inclu ' venants, reservations and restrictions set forth in this Agreement. r, the Comp r nt, the Trustee and the Borrower hereby declare their express . to t the covenants, rese atio and restrictions set forth herein shall be deemed covenant ru ith sha pas to and be binding upon the Borrower's successors in itle o the Pro ovid , howe er, that on the termination of this Agreement, said cove , r e a ' e ti xp re. Each and every contract, deed or other instrument her r ut @v g on yt g the Project or any portion thereof shall conclusively e a ute i &i and accepted subject to such covenants, reservations a ictions, regardless wh th ;fit h covenants, reservations and restrictions are set forth in ontract, deed or o r i nt. SECTION 12. 1 T O GHTS. For so long as the Bonds are outstanding, the interest of th s4LIn ment will be assigned (except for the consent rights retained by Issuer) to the its successors under the Indenture and shall be enforceable by the Trustee at the direction of the Issuer in accordance with its terms. SECTION 13. AMENDMENTS AND WAIVERS. This Agreement may not be amended, changed, modified, altered or terminated except as permitted herein and with the written consent of the Issuer and Credit Enhancer and written notice to the Trustee. Anything to the contrary notwithstanding, the Issuer and the Borrower hereby agree to amend this Agreement to the extent required, in the opinion of Bond Counsel in form and substance satisfactory to the Credit Enhancer, in order for interest on the Bonds to remain exempt from federal income taxation under the Code. The party requesting such amendment shall notify the other party to this Agreement, the Credit Enhancer and the Trustee of the proposed amendment, with a copy of such requested amendment to Bond Counsel. After review of such proposed amendment, Bond Counsel shall render to the Trustee and Credit Enhancer an opinion as to the effect of such proposed N 0 woo b 0--& 00 v 1685 1 amendment upon the includability of interest on the Bonds in the income of the recipient thereof for federal income tax purposes. The Borrower agrees, from time to time, to take all actions and steps necessary to comply, and cause the Project to comply, with the requirements of the Code and to enter into modifications and amendments to this Agreement to the extent required by any interpretation of any court having jurisdiction over the interpretation of federal law, any amendment to the Code or any Treasury Regulations promulgated under the Code thereof, in each case so that interest on the Bonds remains exempt from federal income taxation. Both the Borrower and the Issuer hereby appoint the Trustee as their true and lawful attorney -in -fact to execute, deliver and, if applicable, file of record on behalf of the Borrower or the Issuer, as applicable, any such amendatory document or instrument (in such form as may be approved by Bond Counsel) if the Borrower or the Issuer, as applicable, shall then be in default in the performance of its obligations hereunder and any applicable grace and /or cure periods with respect thereto shall have expired, provided, however, that the Trustee shall take no action under this section without first notifying the Borrower and the Issuer of its intention to take such action and first providing the Borrower or the Issuer, or both, as is applicable, a reasonable opportunity to comply with the requirements hereo :t ing the foregoing, the Trustee is under no obligation or duty to undertake SECTION 14. GHTS CREATED PARTIES. The teams of this Agreement are not intende to s Iii or rights 'n a persons other than the Issuer, the Borrower, the Trust Credit Et r and re s _tive successors and assigns of each. SECTION 15. TI E . A 1 n ' s of er ommunications to be made or permitted to be made he r and ivered to the addresses shown o below or to such other sses that the pantie y pr to one another in accordance �o herewith. Such notices a communications I by any of the following means: N (a) personal service; (b) nan xpress air courier, d such courier maintains written c verification of actual delivery; imile. An other communication given by the C= means described in subsection (a)slrhe med effective upon the date of receipt or the date of refusal to accept delivery to whom such notice or other communication . • has been sent. Any notice or other communication given by the means described in subsection (c) m above shall be deemed effective the date on which the facsimile transmission occurs or if such date ego is not a Business Day (as defined in the Indenture) on the Business Day immediately following the date on which the facsimile transmission occurs. 10 The Issuer: The Trustee: The Credit Housing Finance Authority of Collier County, Florida c/o Clerk of the Circuit Court 3301 Tamiami Trail Building F. Second Floor Naples, Florida 33962 Attention: Chairman FAX: (941) 591 -2706 The Bank of New York c/o The Bank of New York Trust Company of Florida, N -A. 10161 Centurion -P, Trust -1989 —t4bg4.i V hanc /-Nuo Fina urity Assurance 350 P enue New Yo York 10022 Attention: Telephone: Facsimile: (212) (212) 339 -3529 11 1685 I N D .a• F9 6-.& CO ao 16B5 Borrower: Saxon Manor Isles Apartments Limited Partnership 105 Manor Boulevard Naples, Florida 33904 Telephone: (941) 417 -4371 Facsimile: (941) 417 -1378 With copy to: Michael A. Markensen Rosenbloom, Goldenhursh et al. 7733 Forsyth, Fourth Floor St. Louis, Missouri 63105 Telephone: (314) 726 -6868 Facsimile: (314) 726-6,786 COv. SECTION 16. ("'1 A o th ies hereto hereby ratify and confirm, and agree to be u by the terms of Ag m 0 SECTION 17. ONFLICT DOCUMENTS. The Borrower warrants that it has not, and wt ute any o nt with provisions contradictory .� to, or in opposition to, the prove n any event, the requirements of this o .s+• Agreement are paramount and contro ' rights and obligations herein set forth and supersede any other requirements in conflict herewith. G? F-• SECTION 18. SEVERABILITY. The invalidity of any clause, part or provision of this Agreement shall not affect the validity of the remaining portions thereof. a SECTION 19. COUNTERPARTS. This Agreement may be executed in two or more counterparts and shall be deemed to have become effective when and only when one or more of such counterparts shall have been signed by or on behalf of each of the parties hereto, although it shall not be necessary that any signed counterpart be signed by or on behalf of each of the parties hereto, and all such counterparts shall be deemed to constitute but one and the same instrument. 12 1685 SECTION 24. NO LIABILITY OF TRUSTEE; RESIGNATION OF TRUSTEE. Notwithstanding anything herein to the contrary, no provision of this Agreement shall impose any personal liability on the Trustee. The Trustee shall be permitted to resign its duties hereunder by means of resignation of its duties as Trustee under the Indenture in accordance with the terms of the Indenture. SECTION 21. TERM OF AGREEMENT. This Agreement shall terminate in accordance with Section 2(b)(iv) or Section 9 hereof and promptly after such termination, the parties agree to execute and cause to be recorded in the Public Records of Collier County, Florida a written instrument reasonably satisfactory to the Borrower memorializing such termination. [COUNTERPART SIGNATURE PAGES TO FOLLOW] n� ��NE CIRC% COU v 13 N O 00 CCb 1665 I COUNTERPART SIGNATURE PAGE OF THE AUTHORITY FOR LAND USE RESTRICTION AGREEMENT IN WITNESS WHEREOF, the Issuer, the Borrower and the Trustee have caused this Agreement to be executed in their respective names by their duly authorized representatives as of the day and year first above written. nV1- 47W/i STATE OF FLORIDA COUNTY OF COLLIER The foregoing ins John T. Conroy, Jr., as C Such person is personall MY comet" oars: N .maw TkV ft" /lER COU\ FN AUTHORITY �F ;O� FLORIDA �_ day f March, 1998, h Y Y of Collier County, Florida. = STATE OF FLORIDA ion Expires: Commission No: STATE OF FLORIDA COUNTY OF COLLIER Vt- The foregoing instrument was acknowledged before me this 31 day of March, 1998, by Donald Pickworth, as Assi Smwwary of the Housing Finance Authority of Collier County, Florida. Such person ' personally known to r has presented as identification. ,L lOWSE YEAHWOOL) My Commosi in CC560410 E"es Jun. 10, 2000 NOTARY PUBLIC - ATE OF FLORIDA Printed Name: My Commission Expires: Commission No: 0 7v N .ss 0 .ss co o� N 1685 d COUNTERPART SIGNATURE PAGE OF BORROWER FOR LAND USE RESTRICTION AGREEMENT WITNESSES: I (CORPORATE SEAL) STATE OF FLORIDA. uo 0 COUNTY OF PINELLA The foregoing ins acknowledged Jack Bachmann, as the Presided Develo Manor Isles Limited Partnership, o is personally known to me �ac MAD �►�—WN W comma" 0 a ="I 00' : A" 29. IM BMW ram Now hm W&Mrm 15 BORROWER: SAXON MANOR ISLES LIMITED PARTNERSHIP By: SAXON DEVELOPMENT I, INC. as its General Partner By: Jkk: Bachmann sident NOTARY P'UBLIWL STATE OF FLORIDA Printed Name: My Commission Expires: Commission No: his 31st day of March, 1998, by ;., as the General Partner of Saxon and said partnerships. Such person —i- .y G7 a-+ w co W NOTARY P'UBLIWL STATE OF FLORIDA Printed Name: My Commission Expires: Commission No: COUNTERPART SIGNATURE PAGE OF TRUSTEE FOR LAND USE RESTRICTION AGREEMENT WITNESSES: X iyl/ &4e' AJ Name: ti��ER �f STATE OF FLORIDA COUNTY OF PINELL TRUSTEE: THE BANK OF NEW YORK as Trustee B 17 4 . ts: Authorized Signatory 1665 1 The foregoing ins befo a 1st day of March, 1998, by Tamara L. Dixon, as A ' d Signatory of nk ew York,. a. �� banking corporation, on behalf of Trustee. Such n rally known to me or has presented s • - -- .. C l ? .° NOTARY PUBLIC - STATE OF FLORIDA �? (NOTARY SEAL) Printed Name:_ ; I -, — I, L 1 My Commission Expires: -} �j -, m Commission No: c c '+" WDOWSn L wrw *br c«rMr.NOn 0006403 VW ZVW J* 31. 2001 16 EXHIBIT A THE PROPERTY �:J�R COU nCCU FINE c1R��l cnl O cxx 4-n %04%g {..H.. -16B. EXK131T A TKX PROP=RTY A . PORTION OF 1W EAST 1/2 OF THE LAST 1/2 OF 'Kk F AV 1.4 C% rAE NORTHEAST 04 Or SECTION 6. TOWNSXIP SO SCUM. RANGE 26 LAST. COWER CO JNTY, MORICA. BEIN0 MORE PARTICULA.RL-Y C£SCR19E0 AS FOB LOWS: COMMENCE AT TM NORTHEAST CORNER OF SECTION 6. TOVMSMIP 30 SOU ni. RANGE 26 EAST. COLDER COUNTY, FLORIDA; THENCE RUN S. I'0'07'54" W.. ALONG THE EAST LINE Of THE NORTHEAST OUARtER OF SAID SECTION 6. FOR A DISTANCE OF 59.41 FEET TO A POINT 3N THE SOU'INERLY RWT -OF -WAY LINE OF RA NO ROAD (c.R..es6). AND ?He ej%NT OF BERG OF THE PARCEL OF'LANO I/EREIN DESCRIBED; THENCE CONTINUE S. 0007'34' W.. ALOr,G THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION I•, FOR A DISTANCE Or t 63.79 FEET: THENCE RUN N. 89'32'06' N. FOR A 015 T; THENCE RUN N. 00'0714' '.. FOR A THENCE RUN N. 69'32'06" N . FOR OF 180. THENCE RUN S. 00'07'22' `v., FORA ANCE OF 76.24 F ENCE RUN S. 89052'09' C., i A OF 234.32 FEE NCE RUN S. 00607'54' "'. f DI E FEET: E CE RUN N. $9032'06" 'v.. F STAN 5.33 EET; E RUN S. C0,0734" tip.. OR IN E RUN N. 89'92'06* +v., o4 Is N 0 E cc RUN N. On7'34' I:. s F O F T; C RUN N. 49"32'01" %1j,. A 4 POINT ON THE WEST LI THE EAST 1/2 E AS Of THE EAST 1/2 OF 'HE EAST 1/4 OF SAI C THENCE RUN N. 0007'22" 1.. AL E WEST LINE OF %2 OF THE EAST 1/2 air THE 2 OF THE NORTf /• OF SAID SECTION G. FOR A )ISTAN 4 FEET T ON THE SOUTHERLY 41*"T— , )r—wAY U O SAME BEING �► POINT ON A CIRCULAR CURVE. CO YMOSE RADIUS POINT BEARS S. 0"35'59* E. DISTANC OF 14492.73 FEET THEREFROM, TMENC,i RUN EASTLRLY. ALONG THE SOUTMCRLY RIGHT -Of- WAY LINE OF RADIO ROAO AND ALONG THE ARC OF SAID CURVE TO T14E RIGHT. -HAVING A RADIUS OF 14892.73 FEET. THROUGH A CENTRAL ANGEL OF Ot•14'18'. Su$TEN0E0 BY A CMCRO Of 330.30 FEET AT A BEARING OF N. 89'02'09' E.. FOR A DISTANCE OF 330.39 FEET TO THI: POINT eR BEGINNINC.I N 0 .lob G7 r..b co GO C^ fi00d LC I Lo.." /S688SHE I81 01 AiS I : 5. 36- [E-s 0 titNl BY: MIDWEST TITLt; 3 -25 -98 5:22PM- 9412627904 "> 314 726 eel 6B503/4 EXHIBIT_"A " PROPERTY DESCRIPTION A PORTION THE NORTHEAST OF THE EAST 1/2 OF THE EAST 1/2 OF THE EAST 1/2 OF 1/4 OF SECTION 6. TOWNSHIP 50 SOUTH. RANGE 26 EAST. COLLIER COUNTY. FLORIDA. BEING MORE PARTICULARLY �o DESCRIBED AS FOLLOWS: COMMENCE AT THE NORTHEAST CORNER OF SECTION 6, TOWNSHIP 50 SOUTH. RANGE 26 EAST, COWER `. S. 00'07'54' COUNTY. FLORIDA: THENCE RUN W., ST UNE OF THE NORTHEAST N OUARTER OF A DISTANCE OF 59.41 FEET TO A POINT ON ERLY R 856j; TH -WAY LINE OF RADIO ROAD (C.R. NTINUE S. 00'0 W.. ALONG THE EAST LINE C7 OF THE OR ARTER OF 0 C710M 6. FOR A DISTANCE • D .79 LAND OF THE PARCEL OF LA H R N SC THE T TI UE S.00'07054' W.. ALONG A TER FOR A OIS A C 3 OF SAID SECTION 6. OF SA! E. EAST QUARTER CORNER 6 RRU LINE NE 0 9'15" W.. ALONG THE SOUTH R S ID SECTION S. FOR A DISTAN HALF OF 9.92 FEET TO 5 I ST CORNER OF THE EAST EAST HALF E Q HALF QUARTER THE WEST OF THE NORTHEAST 10 SECTION 6; RUN N. 00'07'22" E.. ALONG HALF OF THE THE EAST THE EAST HALF OF THE EAST OF 1254.00 69.74 FEET: OF SAID SECTION 6. FOR A DISTANCr FE 89'52'06" E. FOR A DISTANCE OF THENC 10.00 FEET; 00'0714" W. FOR A DISTANCE OF THENCE RUN S. 89'52'06' E. FOR A DISTANCE OF 203.00 FEET; THENCE RUN N. 00'07'54" E. FOR A DISTANCE OF 55.00 FEET; THENCE RUN S. 89'5206" 35.35 FEET: E. FOR A DISTANCE OF THENCE RUN N. 00-07'54" E. FOR A DISTANCE OF 82.78 FEET; 234.32 FEET; THENCE RUN N. 89'52'06" W. FOR A DISTANCE OF THENCE RUN 75.24 FEET; N. 00'07'22" E. FOR A DISTANCE OF THENCE RUN S. 89'52'06" E. FOR A OISTANCE OF 180.57 FEET: 59.24 FEET; THENCE RUN S. 00'07'54" W. FOR A DISTANCE OF THENCE RUN S. 09'52'06" E. FOR A DISTANCE OF 75.75 FEET TO THE POINT ,QE,,vGjmG_ 1665 4 EXHIBIT B TENANT INCOME CERTIFICATION 1 Effective Due: Initial Certification (IC) Move -ln Date: _ Annual Recertification (AR) Interim Recertification (R) 2. This Income Certification is being delivered in connection with the undersigned's application for occupancy of Bldg./BIN N . Apt. M_ , in Saxon Manor Isles Apartments located in Collier County. Florida No. Bedrooms Tenant Rent $ 3. Complete the following for all occupants of the unit: *Full-time Anticipated Student Annual Occupant(s) Name Relationship Age Yes/No Income 0 v (c) (d) (e) *NOTE; A student is a -t by educational institution being accented. or will be a full -time ith re a ac rtes and students other than correspondence schools during five (S) of the certification year. � 4. If iU of the occupants are full -t' nts. answer 'Yes' or ' to h I,r t of the students are eligible to file a joint • • retn for federal income tax pu nswer 'Yes' if married, Io ' unmarried.) If all or any of the occupants return N are not students. check "Not Apph of a unit shall red as lower- income if ilk of the occupants C are students, none of whom is entitl a� of t a tax purposes. .1s Yes No all S. If any of the occupants listed in paragraph 3 above has any assets, i.e., savings, bonds. equity in real property or other form �. of capital investment, etc. (do not include necessary items such as furniture or automobiles).' enter the following amounts: C1* 'Include the value over and above actual consideration received, except in a foreclosure or bankruptcy, of any asset disposed of for less than fair market value within two years of the due of this Income Certification. (a) the total value of all such assets owned by all occupants S (b) a percentage of the value of such assets based on the interest rate specified by HUD: (applicable rate 96): S . (Note: Calculate (b) only if (a) is over $3,000 and tenants are lower - income): and (c) the amount of income expected to be derived from such assets in the 12 -month period commencing with certification of the emit: $ 6. RESI DENT'S STATEMENT: The information on this form is to be used to determine maximum irumne for eligibility. Uwe have provided for each person set forth in paragraph 3 acceptable verification of current and anticipated annual income. l/we certify that the statements are true and complete to the best of my lour knowledge and belief and are given under penalty of perjury. In the event this Income Certification is executed more dun five days prior to the date Uwe intend to occupy the urut, 1685 11we hereby agree to update and recertify the accuracy of the information herein provided as of the date I/we first occupy the unit. Vwe understand that the financing for this Project requires at least annual recertification of the income of tenants residing in this unit. Uwe hereby agree to provide acceptable verifications of current and anticipated income for each person occupying the unit and to execute an Income Certification form at time of lease renewal or at least annually. (a) Date: (b) (c) (d) (e) 7. BORROWER'S STATEMENT: Based on the representations herein and upon the proofs and documentation submitted pursuant to paragraph 6 hereof, the family or individual(s) named in paragraph 3 of this Income Certification Ware eligible under the provisions of Chapter I59, Part IV, Florida Statutes, and the Land Use Restriction Agreement executed by the Borrower, to live in a unit in the project, based upon the aggregate anticipated annual income indicated in paragraph 3 and the greater of the artxwnts stated in paragraph ?,c ' in the aggregate will be $ . Based on the representations herein and upon the prop .�n5e �ie(�t I�o� tl�e d pu rsuant to paragraph 6 hereof, the family or individttal(s) constitute(s): — � (a) A Lower- Income Te (b) An Eligible Perso c Signature of Borrower' A SAXON MANOR ISL Name: Title: 9. Tenant Data (to be completed by income limit S ) imik$ ) rip ILARTNRtS�111` Date: Number of Units Number of Lower - Income Tenants Eligible Persons over 63 128 �i ts*1%a WPM O t•-+ 0o CID � 1 TENANT INCOME CERTIFICATION INSTRUCTIONS List all the occupants of the apartment and their ages, and indicate whether they are students (for this purpose, a student is an individual who has been, or will be, a full -time student at an educational institution during five months of the year in which the application is submitted, other than correspondence schools, with regular facilities and students). List each occupant and the total anticipated income for each occupant. The total anticipated income for each person listed during the 12 -month period commencing with the date occupancy will include: W amount, before any payroll deductions of wages, salaries, overtime, commissions, fees, tips and bonuses; net income from operation of a business or profession; interest and dividends and other net income from real or personal property; periodic payments from social security, annuities, insurance policies, retirement funds, pensions, disability or death benefits and other similar types ofic., ayments; payments in lieu of earnings, such as unemployment and disabil' . ers' compensation and severance pay; public assistance it om ayments ' ounts specifically designated for shelter and It r and determinable es such as alimony and child support, and regular on ifts fr m per ns t residing in the dwelling; all regular and special y a e f me rs of a rmed Forces (whether or not living in the dwelli g) I sp use; and any earned income tax credit to the ex ent a cee s n H shall exclude: casual or sporadic or t tt t r ; amounts ui`ltM cifically for reimbursement of medical expenses, lump t{fy Igidftisl ions to fam i ,such as inheritances, insurance payments (including pay n t t` accident insurance and workers' compensation), capital gains personal or property losses; amounts of educational scholarships paid directly to the student or the educational institution, and amounts paid by the government to a veteran for use in meeting the costs of tuition, fees, books and equipment, but in either case only to the extent used for such purposes; special pay to a serviceman head of a family who is away from home and exposed to hostile tire, relocation payments under Title 11 of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970; foster child care payments; the value of coupon allotments for the purchase of food pursuant to the Food Stamp Act of 1964 which is in excess of the amount actually charged for the allotments; payments received pursuant to participation in ACTION volunteer programs; and income from the employment of children (including foster children) of the occupant under the age of 18 years. The Income Tax Regulations provide that the occupants of a unit shall not be considered "of low income" if all of the occupants are students no one of whom is entitled to file a joint return for federal income tax purposes. Thus, if the Certificate indicates that all of the occupants are students and if the Certificate indicates that none of the students are able to file a joint return for N •Rs 0 .is o� 0 1685 federal income tax purposes (i.e.. none of the students are married), the occupants are not Lower Income Tenants even if the occupants have no income. Assuming the occupants of the units are not all students none of whom is entitled to file a joint return for federal income tax purposes, the next step in filling out the Certificate is to determine the "anticipated annual income" of the occupants of the unit for the "certification year." The "certification year" is the 12 -month period of time that begins on the date the unit is first occupied. Thus, if the Certification is completed before the prospective occupants move in, the occupants should recertify the Certificate on the date they actually move into the unit so that you may determine whether they qualify as Lower Income Tenants. All payments from all sources received by the family head (even if temporarily absent) and each additional member of the family household, the main exception being the income from employment of children (including foster children) of the occupant, under the age of 18 years that are members of the household, should be included in "anticipated annual income." For example, if a 17- year -old son or daughter has a part or full -time job that pays $1,000 per year and has income from bank deposits of $100,0'00 should be listed. r G a* 30 30 OPO N O .A b G7 cm DO k K '1 t 1 !al Prepared by and, when recorded, return to: KUTAK ROCK 1650 Famam Street Omaha, NE 68102 Attention: Walter Griffiths, Esq. 1b85 2300554 OR: 2404 PG: 1892 neaol0 it ometu 0=8 of toLM coati, R 14112/11 it 11:319 KIM 1. IOU, euu ne nl 114.51 hu: rum" Mu Het R ATTENTION COUNTY CLERK/RECORDER: THIS INSTRUMENT COVERS GOODS THAT ARE OR ARE TO BECOME FIXTURES ON THE REAL PROPERTY DESCRIBED HEREIN AND IS TO BE FILED FOR RECORD IN THE RECORDS WHERE MORTGAGES ON REAL ESTATE ARE RECORDED. ADDITIONALLY, THIS INSTRUMENT SHOULD BE APPROPRIATELY INDEXED, NOT ONLY AS MORTGAGES, BUT ALSO AS A FINANCING STATEMENT COVERING GOODS THAT ARE OR ARE TO BECOME FIXTURES ON THE REAL PROPERTY D BED HEREIN. MAILING ADDRESSES OF BORROWER (DEBTOR) AND . (SECURED PARTY) ARE SET FORTH IN THIS INSTRUMENT. 9� MORTGAGE, SAXON AND SWUR,ITY AGREEMENT R I P) ` E BANK OF NE o as Bond Trustee and Relating to Saxon Manor Isles Project Collier County, Florida TNERSHIP, NOTE TO RECORDER: PURSUANT TO SECTION 199.183(1), 199.185(l )(d) AND 159.621, FLORIDA STATUTES, THIS MORTGAGE IS NOT SUBJECT TO DOCUMENTARY STAMP TAXES OR INTANGIBLE TAXES. of -a696.4 TABLE OF CONTENTS 1685"1 Page ARTICLE I REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS OF BORROWER Section 1.01. Payment of Secured Obligations ............................................. ............................... 5 Section1.02. Title of Borrower .................................................................... ............................... 5 Section 1.03. Capital Expenditures ............................................................... ............................... 5 Section 1.04. Maintenance, Repair, Alterations ........................................... ............................... 5 Section 1.05. Required Insurance ................................................................. ............................... 5 Section 1.06. Delivery of Insurance Policies; Payment of Premiums .......... ............................... 5 Section 1.07. Insurance Proceeds .................................................................. ............................... 7 Section 1.08. Indemnification; Subrogation of Offset .................... ............................... 8 Section 1.09. Taxes and Impositions ,�1,(}r.,� ......................... ............................... 9 Section 1.10. Utilities ............... ,Q ....................``�'!�� jj��:................ .............................10 Section L 11. Actions Affectin I�n aged Estate ............. Section 1.12. Actions by Co roll' d/or Bond Tru ee Preserve Mortgaged Estate ............. ..... ............................... 11 ................... ..... . ............................... Section 1.13. Survival of arr ...... ............. ............................... 11 Section 1.14. Eminent Do ain .. ...............11 Section 1.15. Additional S ... . [--_t • • • • • • ........................ • • • • • • 12 Section 1.16. Additional E brances ............ ..... ............................... 12 Section 1.17. Liens ............. ........................................ 12 . ... ... ........ . Section 1.18. Restrictions A Title ........................ .. �� ........... ............................... 13 Section 1.19. Further Assuranc .6 . ... .............. ............................... 13 Section 1.20. Inspections .............. . .. .. ................... ............................... 13 Section 1.21. Performance of Coven . ... ... . ........................... ............................... 13 Section 1.22. Notice of Event of Default ...................................................... .............................13 Section 1.23. Rules, Regulations, Environmental Laws ............................. ............................... 14 Section 1.24. Organization; Due Authorization ............................................ .............................15 Section1.25. Enforceability ........................................................................ ............................... 15 Section 1.26. Liabilities; Compliance With Other Instruments .................. ............................... 15 Section 1.27. Pending Litigation ................................................................. ............................... 16 Section 1.28. Transfer of Interests in Borrower or Mortgaged Estate ........ ............................... 16 Section 1.29. Lease Provisions .................................................................. ............................... 16 Section 1.30. Subordination to Bank Documents ....................................... ............................... 17 Section1.31. Future Advances ................................................................... ............................... 17 01- 7696.4 N .ss 0 bA ao w ARTICLE 11 BOND TRUSTEE'S POWERS ............................ ............................... ARTICLE III ASSIGNMENT OF RENTS, ISSUES AND PROFITS Section 3.01. Assignment of Rents ................................... ............................... Section 3.02. Collection Upon Default ........................................................ I... Section 3.03. Section 697.07 of the Florida Statutes ........ ............................... ARTICLE IV SECURITY AGREEMENT 1665 }1 17 ......................... 18 ......................... 18 ......................... 18 Section 4.01. Creation of Security Interest ................................... ............................... Section 4.02. Warranties, Representat'tC�v of Borrower Regarding Personal Property... ....... I..... . l. .... ............................... r-- — &%TICLF. V_ EVENTS Section 5.01. Events of De Section 5.02. Acceleration Section 5.03. Reserved........ Section 5.04. Appointment i Section 5.05. Remedies Not Section 5.06. Possession of, ....................... ver ................ I ....... . . ............................ e . ........ ,,.� . ARTI V1 MISCELLANEOUS AULT ............ 19 20 ..... ............................... 23 . -�) . ....... ............................... 25 �Q......... ............................... 25 ................ ..............................5 . ........................................ I ....... 26 Section6.01. Governing Law ..................................................................... ............................... 26 Section6.02. Amendments ......................................................................... ............................... 26 Section6.03. Waiver of Rights ................................................................... ............................... 27 Section 6.04. Limitation of Interest ............................................................ ............................... 27 Section 6.05. Statements by Borrower; Financial Statements .................... ............................... 28 Section6.06. Notices .................................................................................. Section 6.07. ............................... Captions; References ............................................................ ............................... 28 29 Section 6.08. Invalidity of Certain Provisions; Conflicting Provisions ...... ............................... 29 Section6.09. Subrogation ........................................................................... ............................... 30 Section6.10. Change in Ownership ............................................................ 30 Section 6.11. ............................... Assignment Bond Trustee's Interest of ................................. ............................... 30 01-7696.4 N 0 .is ao .s+• 1685 01- 7696.4 0 N CM0 F-+ a4 c.s+ 30 Section 6.12. Time Is of the Essence .......................................................... ............................... Section 6.13. Liability of Borrower ............................................................ ............................... 30 Section 6.14. Subordination to Extended Use Agreement ............................ I........ I................... 31 Section 6.15. Delivery of Consent and Notice ............................................ ............................... 31 Section 6.16. Consent for Loan Document Modification ........................... ............................... 32 Section 6.17. Successors and Assigns ......................................................... ............................... 32 Section 6.18. Incorporation by Reference ................................................... ............................... 32 Section 6.19. Compliance With Letter of Credit Mortgage ........................ ............................... 32 01- 7696.4 0 N CM0 F-+ a4 c.s+ 16B5 II MORTGAGE, ASSIGNMENT OF RENTS AND SECURITY AGREEMENT THIS MORTGAGE, ASSIGNMENT OF RENTS AND SECURITY AGREEMENT (this "Mortgage ") is granted as of March 1, 1998 from SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP, a Florida limited partnership ( "Borrower "), to THE BANK OF NEW YORK, as trustee under the Indenture (as defined below), ('Bond Trustee "). PRELIMINARY STATEMENTS The Housing Finance Authority of Collier County, Florida ( "Issuer ") has determined to issue its $6,345,000 Multifamily Housing Revenue Refunding Bonds, Series 1998A, Subseries 1 (Saxon Manor Isles Project), its $450,000 Taxable Multifamily Housing Revenue Bonds, Series 1998A, Subseries 2 (Saxon Manor Isles Project) and its $6,400,000 Multifamily Housing Revenue Bonds, Series 1998B (Saxon Manor Isles Project) (collectively, the "Bonds ") in aggregate principal amount of $13,195 r a Trust Indenture dated as of March 1, 1998 (the "Indenture ") between I eta or the purpose of making a loan of $13,195,000 of the proceeds !a onds to Bo �' a "Loan ") pursuant to a Loan Agreement dated as of the da h f between Issuer and rro er (the "Loan Agreement "). Pursuant to the Lo A eetnent, o er wil repay a oan pursuant to a Promissory Note (the "Note ") in the a g u o 19 ,000 executed by Borrower evidencing Borrower's ob gat n o r a t e Pursuant to the Ind cIf e, Issuer w 1 assig o Bo e, as security for the Bonds, O the Note and the security fore and substant' 1 uer's rights under the Loan ?° Agreement. Financial Security Assur ) will issue its Financial Guaranty Insurance Policy (the "Policy ") to the ErQ espect to the Bonds. To induce Financial Security to issue the Policy, Issuer, Borrower and Bond Trustee have �.. given Financial Security certain rights under the documents relating to the Loan and the Bonds, including the Assignment of Rents (as defined below) and this Mortgage (all such documents, °1 the "Transaction Documents "). FOR GOOD AND VALUABLE CONSIDERATION, including the indebtedness herein recited and the trust herein created, the receipt of which is hereby acknowledged, Borrower hereby irrevocably warrants, grants, bargains, sells, transfers, conveys and assigns to Bond Trustee, WITH POWER OF SALE, under and subject to the terms and conditions hereinafter set forth, all of the following - described estate, property and interest of Borrower now or hereafter acquired, together with all cash and noncash proceeds thereof, all of which is referred to herein as the "Mortgaged Estate ". 01- 7696.4 1685 Land, Rents and Derivative Interests The real property located in Collier County, State of Florida, described in Exhibit A attached hereto and by this reference incorporated herein (the "Property "); all rents, issues, profits, royalties, income and other benefits derived from the Property (collectively the "rents "); all estate, right, title and interest of Borrower in and to all leases or subleases covering the Property or any portion thereof now or hereafter existing or entered into, including, without limitation, all cash or security deposits, advance rentals and deposits or payments of similar nature; all right, title and interest of Borrower in and to all options to purchase or lease the Property or any portion thereof or interest therein, and any greater estate in the Property owned or hereafter acquired; all interests, estate or other claims, both in law and in equity, which Borrower now has or may hereafter acquire in the Property; all easements, rights -of -way and rights used in connection therewith or as a means of access thereto, and all tenements, hereditaments and appurtenances thereof and thereto, and all water rights and shares of stock evidencing the same; all right, title and interest of Borrower, now owned or hereafter acquired, in and to any land lying within the right -of -way of any street, open or proposed, adjoining the Property and any and all sidewalks, all • ps and gores of land adjacent to or used in connection with the Property; I�R kiu T Improvements ��` Any and all build including, but not limited other articles attached to si or h rea ter erected on the Property, �% ces equipment, machinery, and lm rovements "); Pew a e All right, title and i t of Borrower in gible personal property now owned or hereafter acquired b wer and now or at a hereafter located on or at the Property or used in connection ncludi limited to: all building materials stored on the Property, goods, mac '1 t (including fire sprinklers and alarm systems, air conditioning, heating an tng equipment, equipment for electronic monitoring, entertainment, recreation, window or structural cleaning, maintenance, exclusion of vermin or insects, removal of dust, refuse or garbage and all other equipment of every kind), lobby and all other indoor and outdoor furniture (including tables, chairs, planters, desks, sofas, shelves, lockers and cabinets), wall beds, wall safes, furnishings, appliances (including dishwashers, garbage disposal units, refrigerators, fans, heaters, stoves, water heaters and incinerators), inventory, rugs, carpets and other floor coverings, draperies and drapery rods and brackets, awnings, window shades, venetian blinds, curtains, lamps, chandeliers and other lighting fixtures and maintenance and other supplies, other than such property owned by tenants of Borrower (the "Personal Property "); Intangibles All of Borrower's interest in and to all existing and future funds created under the Loan Agreement and the Indenture and all existing and future accounts, contract rights, general intangibles, files, books of account, agreements, permits, licenses and certificates necessary or 01-76%.4 2 7=00 N WPM 0 am- 1685 0 desirable in connection with the acquisition, ownership, leasing, construction, operation, servicing or management of the Mortgaged Estate, whether now existing or entered into or obtained after the date hereof, all existing and future names under or by which the Mortgaged Estate or any portion thereof may at any time be operated or known, all rights to cant' on business under any such names or any variant thereof, and all existing and future telephone numbers and listings, advertising and marketing materials, trademarks and good will in any way relating to the Mortgaged Estate or any portion thereof, and Claims and Awards All the estate, interest, right, title, other claim or demand, including claims or demands with respect to the proceeds of insurance policies in effect with respect thereto, which Borrower now has or may hereafter acquire in the Mortgaged Estate, and, to the extent permitted by law, any and all awards made for the taking by eminent domain, or by any proceeding or purchase in lieu thereof, of the whole or any part of the Mortgaged Estate, including, without limitation, any awards resulting from a change of grade of streets and awards for severance damages, and Borrower hereby authorizes, directs and and Trustee, at its option but with the consent of the Controlling Party,. tr e� behalf of the successors or assigns of Borrower, to adjust, comprom' , collect an uch proceeds and to give proper receipts and acquittances theref . TO HAVE AND intended to be granted or assigns, in fee simple fore, PROVIDED, HOW , Obligations (as hereinafter d and observe all and singular Mortgage expressed to be kept, this Mortgage and the estate and otherwise shall be and remain in full granted or mortgaged or cessors in trust, heirs and M. J at these presen e u on t ndition that, if the Secured shall be paid whe ue, an orrower shall keep, perform bligations, cove ents and provisions in this ed by and obsery on the part of Borrower, then r ease, determine and be void, but THIS MORTGAGE SHALL SECURE THE FOLLOWING INDEBTEDNESS AND OBLIGATIONS: (i) Payment of indebtedness evidenced by the Note dated as of March 1, 1998 and all replacements, renewals, amendments, extensions, substitutions and modifications thereof, executed pursuant to the Loan Agreement by Borrower in favor of the Issuer and assigned to the Bond Trustee, in the aggregate principal amount of $13,195,000 (the "Loan "), bearing interest and being payable as provided therein; (ii) Performance of all obligations and covenants of Borrower under the Loan Agreement; (iii) Performance of all obligations and covenants of Borrower under the Regulatory Agreement, as defined in the loan Agreement; 01-76%.4 3 .ss a G7 co as 16B511 (iv) Performance of all obligations and covenants of Borrower under that certain Assignment of Rents and Leases between Bond Trustee and Borrower, dated as of March 1, 1998 (the "Assignment of Rents and Leases "), and each agreement of Borrower incorporated by reference therein or herein, or contained therein or herein; (v) Payment of all of the principal of and interest on any future advances under the Loan Documents (as defined below), and all sums advanced by or on behalf of Bond Trustee to protect the Mortgaged Estate; (vi) Payment of all other indebtedness and performance of all other obligations and covenants of Borrower contained in the Loan Documents, together with any other instrument given to evidence or further secure the payment and performance of any obligation secured hereby or thereby; and (vii) Payment of all other sums, with interest thereon, which may hereatter be owed by Borrower or its successors or assigns pursuant to the Loan Documents to either Bond Trustee or the Controlling Part eir successors or assigns. The indebtedness and the R C ortgage which are described in (i) through (vii) above may be ref as the "Sec ligation." This Mortgage, th N te, Li Assignment of Rents and ea., s n ka 1998 among Borrower, axo e o i Security (the "Insurance t th I Agreement) and any oche ' nt performance of any of the al Secured Documents." "Bank Documents" shall c "Controlling Parry" shall have Regulatory Agreement, the ement dated as of March 1, corporation and Financial as defined in the Insurance er secure the payment and er referred to as the "Loan �f in the Indenture. Agreement. "Covered Loan" shall have the meaning given in the Intercreditor Agreement. "Credit Enhancer" shall have the meaning given in the Indenture. "Permitted Encumbrances" means only those permitted title exceptions as may be permitted pursuant to the Intercreditor Agreement and, until the Loan becomes a Covered Loan, the Bank Documents. "Permitted Indebtedness" has the meaning given in the Insurance Agreement. All capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement. 01 -76%.4 4 N .rte a .Fib WO .--& co Xwli_ ARTICLE I REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS OF BORROWER Borrower hereby represents, warrants, covenants and agrees: Section 1.01. Payment of Secured Obligations. Borrower hereby grants this Mortgage to secure the payment and performance when due of the Secured Obligations. The consideration received by Borrower to execute and deliver this Mortgage and the liens and security interests created herein are sufficient and will provide a direct economic benefit to Borrower. Section 1.02. Title of Borrower. Borrower has, subject to any Permitted Encumbrances, in its own right, good, marketable and indefeasible title in fee simple to the Mortgaged Estate, which is free from encumbrance and has full right to make this conveyance. Section 1.03. Capital Expenditures. Borrower shall make monthly deposits into the Replacement Reserve Fund as required b� o ment. Section 1.04. Maintena ai r Alters' Borrower shall (a) cause the ,�Q Improvements to be constru e accordance with t B, Documents; (b) keep the Mortgaged Estate in good co itio repair„ strhject, reas ab and ordinary wear and tear; not remove, demolish or sub tan ally alte e t such alterati ns may be required by laws, ordinances or regulations) y e , e p mptly and in a good and workmanlike manner any uil n or t er I e i h ay be constructed on the Property, and promptly res mp hich may be damaged or destroyed thereon, subject t to provisions of Sectr 1.0 y when due all claims for p labor performed and mate mished therefor; ith all laws, ordinances, 5v regulations, covenants, conditr d restrictions now er affecting the Mortgaged ev Estate or any part thereof or requ alterations or ' ents; (e) not commit or permit c any waste or deterioration of the rt and maintain abutting grounds, .Or& sidewalks, roads, parking and landscape neat order and repair; (g) not commit, 01" suffer or permit any act to be done in or upon the Mortgaged Estate that would constitute a • • violation by Borrower of any law, ordinance or regulation or would cause the Mortgaged Estate o to violate any law, ordinance or regulation and (h) comply with the provisions of any Capital Plan or requirements of the Controlling Party based on any annual inspection of the Property as o° required by the Loan Agreement. Section 1.05. Required Insurance. Borrower shall provide, maintain and keep at all times in force policies of insurance required by the Loan Agreement. Section 1.06. Delivery of Insurance Policies; Payment of Premiums. All policies of insurance shall be issued by companies with a claims - paying ability rating of at least "A," as determined by Standard & Poor's Ratings Group, a division of The McGraw -Hill Companies, Inc., or "A2" by Moody's Investors Service Inc. or as otherwise approved by the Controlling Party and the Credit Enhancer and in amounts as required by the provisions of this Mortgage and as otherwise satisfactory to the Controlling Party and the Credit Enhancer. All policies of 01-76%.4 5 16B5 F' insurance shall name Bond Trustee, Controlling Party and the Credit Enhancer as additional named insureds, as their interests shall appear, and shall have attached thereto a loss payable endorsement for the benefit of Bond Trustee, which endorsement indicates that all insurance proceeds are payable directly to Bond Trustee, and shall be otherwise in form satisfactory to the Controlling Party and the Credit Enhancer. Borrower shall furnish Bond Trustee with a binder evidencing the insurance coverages set forth herein, or an original or certified copy of all policies of required insurance. Fifteen (15) days prior to the expiration of' each such policy, Borrower shall furnish Bond Trustee with evidence satisfactory to the Controlling Party and the Credit Enhancer of the reissuance of a policy continuing insurance in force as required by this Mortgage. Each such policy shall contain a provision that such policy will not be cancelled or materially amended in any manner, including, without limitation, amended to reduce the scope or limits of coverage, without 30 days' prior written notice to the Controlling Party, the Credit Enhancer and Bond Trustee. Each such policy must contain a provision that the insurer will provide written notice to the Controlling Party, the Credit Enhancer and Bond Trustee if Borrower fails to pay the required premium and that the Controlling Party, the Credit Enhancer or the Bond Trustee or their designee may, but are not obligated to ue and cure any Borrower failure. In all cases, Borrower shall immedi oiling Party, the Credit Enhancer and Bond Trustee of any no ' eived by Borrow ny expiration, cancellation or modification of, or material re ucti r� (overage under, any uch olicy. In the event Borrow r Bond Trustee the policies ol in hereunder, the Controlling P single- interest insurance fo and Bond Trustee's interes demand by the Controlling already been remitted by Borro such payment is made by Bon Mortgage. Borrower will xcept to the exte and Trustee and � ount of_a, °'�4E CIR( fo a or deliver and furnish to f akc the payments required rocure such insurance or y's, the Credit Enhancer's s thereon promptly upon pay such premiums have or such purpose), and until hunts shall be secured by this Borrower shall deposit with Bond Trustee, until all Secured Obligations are paid in full, amounts necessary to pay the insurance premiums on all policies of insurance required by this Mortgage in accordance with the terms and provisions of the Loan Agreement. Borrower further agrees to cause all bills, statements or other documents relating to the foregoing insurance premiums to be sent or mailed directly to Bond Trustee. Upon receipt of such bills, statements or other documents, and provided Borrower has deposited sufficient funds pursuant to the provisions of the Loan Agreement, Bond Trustee shall pay or cause to be paid such amounts as may be due thereunder out of the funds so deposited. If at any time and for any reason the funds so deposited are or will be insufficient to pay such amounts as may then or subsequently be due, Bond Trustee shall notify Borrower and Borrower shall immediately deposit an amount equal to such deficiency with Bond Trustee. Notwithstanding the foregoing, nothing contained herein shall cause Bond Trustee to be obligated to expend any amounts in excess of the amount of funds so deposited, pursuant to this Section 1.06. oi.a6%.a 6 4b-� a 1685 / Upon occurrence of an Event of Default, Bond Trustee shall, at any time at the direction of the Controlling Party, apply or cause to be applied any sums or amounts received pursuant hereto, or as rents or income of the Mortgaged Estate or otherwise, to the payment or discharge of any Secured Obligation in such manner and order as the Controlling Party may elect. The receipt, use or application of any such sums by Bond Trustee hereunder shall not be construed to affect the maturity of any Secured Obligation or any of the rights or powers of the Controlling Party, Issuer or Bond Trustee under the terms of the Loan Documents or any of the obligations of Borrower or any guarantor under the Loan Documents. Section 1.07. Insurance Proceeds. After the occurrence of any casualty in excess of $5,000 to the Mortgaged Estate or any part thereof, Borrower shall give prompt written notice thereof to Bond Trustee, the Controlling Party and the Credit Enhancer and each insurer and promptly submit a claim to each relevant insurer for payment of insurance proceeds; Borrower shall provide Bond Trustee and the Controlling Party with a copy of such claim within five Business Days. (a) All proceeds of insuraDj "Insurance Proceeds ") with P Trustee; each insurer is r loss directly to Bond s and the instead of payment t B payment of all reaso abI c ex obtaining such pr ed aid or payable under any insurance policy (the tt aged Estate shall be paid to Bond er ed to make payment for any such 'ontrolli as their interests shall appear, Insurance ce s shall be applied first to the ns curredy o on behalf of Bond Trustee in an , shall be applied as follows: (i) i lets n 3. °/ t e a materially uch ch period of 3 s or more, so to 1 Controlling P tisfactory to the be rebuilt or re r n a manner satisf the Mortgaged P ther wi generate sufficient r Eto(p� under the Mortgage Lo ent: rebuilding, at the option of the Borrower: Vts in the Improvements are itable for occupancy for a provides evidence to the , that the Improvements can Controlling Party, and that t insurance) will continue to xpenses and payments due during the period of restoration or (A) toward altering, restoring or rebuilding the Mortgaged Estate or such portion thereof that may have been altered, damaged or destroyed; or (B) to the redemption of all or part of the Bonds or to payment of any Indebtedness secured by this Mortgage, in such order as the Controlling Party may in its absolute discretion elect; and (ii) if more than 35% of the apartment units in the Improvements are materially damaged such that any such unit is unsuitable for occupancy for a period of 30 days or more, at the option of the Controlling Party: 01- 76%.4 7 N 0 0 N (A) toward altering, restoring or rebuilding the Mortgaged Estate or such portion thereof that may have been altered, damaged or destroyed; or (B) to the redemption of all or part of the Bonds or to payment of any Indebtedness secured by this Mortgage, in such order as the Controlling Party may in its absolute discretion elect. Such damage or destruction shall not affect the lien of this Mortgage or the obligations of Borrower hereunder, and Bond Trustee, with the written consent or at the written direction of, Controlling Party is authorized to compromise and settle all loss claims on said policies if not adjusted promptly by Borrower with the consent of the Controlling Party. (b) Notwithstanding the application of Insurance Proceeds to the payment of a portion of the Secured Obligations, any unpaid portion of the Secured Obligations shall remain in full force and effect, andJ BorrGw shall not be excused in the payment thereof. If any act or occurrence of .. I& which insurance was not obtained or obtainable shall result i o or o ction of the Mortgaged Estate, Borrower shall give ate notice thereof Controlling Party and, unless otherwise so instruct by llin Part , sha pr ptly, at Borrower's sole cost and expense, wheth or of ur a eds ar ad uate to cover such cost and expense, restore, re air, r d state as nearly as possible to its value, condition and h r t r s ch amage, loss or destruction, in accordance with > > t' s ubmi a to approved by the Controlling Party. �' (c) Except ovided below, no c ed in this Mortgage shall be deemed to excuse Bo from repairing or tning the Mortgaged Estate as provided in Section 1.04 a release by Bond Trustee of any Insurance Proceeds as pro d lair ' so e, or constitute a waiver of, any Event of Default or notice of default under ortgage or invalidate any act done pursuant to such notice. If, pursuant to Section 1.07(a) hereof, the Insurance Proceeds are not applied to the restoration, rebuilding or repair of the Mortgaged Estate, Borrower shall not be required to restore, rebuild or repair the portion of the Mortgaged Estate damaged or destroyed, and the failure to do so shall not constitute an Event of Default under this Mortgage. Section 1.08. Indemnification; Subrogation; Waiver of Offset. (a) if any of Issuer, Bond Trustee, Financial Security or other provider of an Alternate Credit Enhancement (as defined in the Indenture) or their officers, employees, agents and representatives (the "Indemnified Parties ") is made a party defendant to any litigation concerning this Mortgage or the Mortgaged Estate or any part thereof or interest therein, or the occupancy thereof by Borrower, then Borrower shall indemnify and hold the Indemnified Parties harmless from all liability by reason of such litigation, including all attorneys' fees and expenses incurred by any Indemnified Party in any such litigation, 01- 7696.4 8 N �P 0 .ate .b G7 �a 0 w 1685 whether or not any such litigation is prosecuted to judgment, except to the extent such litigation arises out of the gross negligence, willful misconduct or bad faith of such Indemnified Party. Upon an Event of Default, any of the Indemnified Parties may employ an attorney or attorneys to protect its rights hereunder, and in the event of such employment following an Event of Default, Borrower shall pay all attorneys' fees and expenses incurred by any of the Indemnified Parties, whether or not an action is actually commenced against Borrower by reason of an Event of Default. (b) Borrower waives any and all right to claim or recover against any Indemnified Party, for loss of or damage to Borrower, the Mortgaged Estate, Borrower's property or the property of others under Borrower's control from any cause insured against or required to be insured against by the provisions of this Mortgage. (c) All sums payable by Borrower hereunder shall be paid without notice, demand, counterclaim, setoff, deduction or defense and without abatement, suspension, deferment, diminution or reduction, and the Secured Obligations of Borrower hereunder shall in no way be released, discharged or otherwise affected by reason of (i) any damage to or destruction of or any cond taking of the Mortgaged Estate or any part thereof; (ii) any restri • n, interference with any use of the Mortgaged Estate or any reof; (iii) any tit a or encumbrance or any eviction from the Property or he m rovements or any rt t ereof by title paramount or otherwise; (iv) any pt in tverrcy;, rgani an , composition, adjustment, dissolution, liquidati no o r lik B rrower, or any action taken with respect to this o a e • y t r et f B mower, or by any court, in any such proceedi r v) Y o h e e w t ever, whether similar or dissimilar to the for , et n rro ve notice or knowledge of any of the foregoing he extent permitted la er waives all rights now or hereafter conferred b to or otherwise ent, suspension, deferment, diminution or reduction ecured Obligation. Section 1.09. Taxes and Im (a) Borrower agrees to pay, prior to delinquency, all real property taxes and assessments, general and special, and all other taxes and assessments of any kind or nature whatsoever, which are assessed or imposed upon the Mortgaged Estate, or become due and payable, and which create, may create or appear to create a lien upon the Mortgaged Estate, or any part thereof (all of which taxes, assessments and other governmental and nongovernmental charges of like nature are hereinafter referred to as "Impositions "); provided, however, that Borrower may in good faith, by appropriate proceedings (including without limitation payment of the asserted tax or assessment under protest if such payment must be made in order to contest such tax or assessment), contest the validity, applicability or amount of any asserted tax or assessment and pending such contest Borrower shall not be deemed in default hereunder if on or before the due date of the asserted tax or assessment Borrower establishes an escrow acceptable to the Controlling Party in an amount estimated by the Controlling Party to be adequate to cover the payment of such tax or assessment with interest, costs and penalties and a reasonable additional sum to cover possible interest, costs and penalties; and, if the o1as%.a 9 N 0 *lob G7 .—A 0 .ss 1665 -i amount of such escrow is insufficient to pay any amount adjudged by a court of competent jurisdiction to be due, with all interest, costs and penalties thereon, Borrower shall pay such deficiency no later than the date such judgment becomes final. Funds deposited by Borrower into the Escrow Fund maintained under the Indenture may be applied to satisfy the obligations of Borrower under this Section 1.09(a). (b) If at any time after the date hereof there shall be assessed or imposed (i) a tax or assessment on the Mortgaged Estate in lieu of or in addition to the Impositions payable by Borrower pursuant to subparagraph (a) hereof, or (ii) a license fee, tax or assessment imposed on Bond Trustee or Issuer and measured by or based in whole or in part upon the amount of the outstanding Secured Obligations, then all such taxes, assessments or fees shall be deemed to be included within the term "Impositions" as defined in subparagraph (a) hereof, and Borrower shall pay and discharge the same as herein provided with respect to the payment of Impositions. (c) Borrower covenants to furnish Bond Trustee within 30 days after the date upon which any such lmposition i ayable by Borrower, official receipts of the appropriate taxing authority oltr�i tory to Bond Trustee, evidencing the payment thereof. �0 T Notwithstanding the re i , 'n contained It in hall cause Bond Trustee to be obligated to expend any un in of e o nt of nd so deposited pursuant to this Section 1.09. Bond Trust e f e yment of Impositions such portion of such payments t on of to n ' bso ute discretion deem proper, applying the balance on th i s Bo w r o deposit sums sufficient to fully pay such Imposition * east 30 days be or elin uen ereof, the Controlling Party may, at the Controlling Part tion, but without o li so to do, advance or cause to be advanced any amounts r to make up the ich advances, if any, shall be secured hereby and shall be r o the Controllin herein elsewhere provided, or at the option of the Controlling , t may, without making any advance whatever, apply any sums held by it o any Secured Obligation. Bond Trustee shall notify the Borrower whenever Bond Trustee or the Controlling Party makes a payment in respect of any Imposition under this paragraph. (d) Borrower covenants and agrees not to sut %r, permit or initiate the joint assessment of the real and personal property, or any other procedure whereby the lien of the real property taxes and the lien of the personal property taxes shall be assessed, levied or charged to the Mortgaged Estate as a single lien. (e) If requested by the Controlling Party or Bond Trustee, Borrower shall cause to be furnished to the Controlling Party and Bond Trustee, at Borrower's expense, a tax reporting service covering the Mortgaged Estate of the type and duration and with a company satisfactory to the Controlling Party. Section 1.10. Utilities. Borrower shall pay when due all utility charges which are incurred for the benefit of the Mortgaged Estate or which may become a charge or lien against the Mortgaged Estate for gas, electricity, water or sewer services furnished to the Mortgaged 01-7696.4 10 0 N «is 0 �o 0 c� 1685 � Estate and all other assessments or charges of a similar nature, whether public or private, affecting the Mortgaged Estate or any portion thereof, whether or not such taxes, assessments or charges are liens thereon. Section 1.11. Actions Affecting Mortgaged Estate. Borrower shall appear in and contest any action or proceeding purporting to affect the title of Borrower in the Mortgaged Estate or security hereof or the rights or powers of Issuer, the Controlling Party or Bond Trustee; and Borrower shall pay all costs and expenses, including cost of evidence of title and attorneys' fees, in any such action or proceeding in which Issuer, the Controlling Party or Bond Trustee may appear. Section 1.12. Actions by Controlling Party and /or Bond Trustee To Preserve Mortgaged Estate. Should Borrower fail to make any payment or to do any act as and in the manner provided in this Mortgage, the Controlling Party, in its sole discretion, without obligation to do so and without releasing Borrower from any Secured Obligation, may make or do or cause to be done the same in such manner and to such extent as the Controlling Party may deem necessary to protect the security hereof. I tion therewith (without limiting its general powers), the Controlling Party shall isG r ven the right, but not the obligation: (a) to make additions, alteration tmpr o the Mortgaged Estate which it may consider necessary or pro eep the Mortgag in good condition and repair; (b) to appear and participate in or proceeding ec .ng or which may affect the security hereof or the rights or w Iss r, t ontroil g arty or Bond Trustee; (c) to pay, purchase, contest or c p h• e, lien or debt which in the judgment of the Controllin P a ff t r p t a ct the ecurity of this Mortgage or be prior or superior hereto; e i i u we p cause to be paid necessary expenses, including emplo o counse or o e ece irable consultants. Prior to an Event of Default, the C ling Party or Bon rus ee endeavor to give notice to Borrower prior to taking acti er than in the cas ency), but the failure to give • • such notice shall not relieve from its obligati uant to this Section 1.12. The .`�''e•. Controlling Party may direct Bo action on its behalf, and, upon os>. receiving indemnification from the i14wg easonably satisfactory to the Bond Trustee, Bond Trustee shall be obligated to a such action as directed in writing by the Controlling Party. Borrower shall immediately upon demand therefor by Bond Trustee or the Controlling Party pay all costs and expenses incurred by or on behalf of Issuer, Bond Trustee or c the Controlling Party in connection with the exercise by Issuer, Bond Trustee or the Controlling Q, Party of the foregoing rights, including without limitation costs of evidence of title, management agent fees, court costs, appraisals, surveys and attorneys' fees. Section 1.13. Survival of Warranties. Borrower shall fully and faithfully satisfy and perform the Secured Obligations. All representations, warranties and covenants of Borrower contained herein shall remain continuing obligations, warranties and representations of Borrower during any time when any portion of the obligations secured by this Mortgage remain outstanding. Section 1.14. Eminent Domain. Should the Mortgaged Estate, or any part thereof or interest therein, be taken or damaged by reason of any public improvement or condemnation proceeding, or in any other manner ( "Condemnation "), or should Borrower receive any notice or ata6%.4 11 other information regarding such proceeding, Borrower shall give prompt written notice thereof to the Controlling Party, the Credit Enhancer and Bond Trustee. Bond Trustee and the Controlling Party may (but shall not be obligated to) participate in any such Condemnation proceedings, and Borrower shall from time to time deliver to Bond Trustee and the Controlling Party all instruments requested by Bond Trustee and the Controlling Party to permit such participation. Borrower shall, at its expense, diligently prosecute any such proceedings and shall consult with the Controlling Party and its attorneys and experts and cooperate with them in the carrying on or defense of any such proceedings. All proceeds of Condemnation awards or proceeds of sale in lieu of Condemnation with respect to the Mortgaged Estate and all judgments, decrees and awards for injury or damage to the Mortgaged Estate or any part thereof or interest therein shall be applied (i) prior to the Release Notice Date, to the payment of any Project costs as approved by the Bank in accordance with the Loan Agreement and (ii) after the Release Notice Date, at the direction of the Controlling Party, (x) to the redemption of all or part of the Bonds and to payment of any indebtedness secured by this Mortgage with the balance of any proceeds remaining to be delivered to Bond Trustee or (y) to reimburse Borrower for the cost of rebuilding, restoring or replacing the Improvements on the Property. if the proceeds are made available to reimburse Borrower for the s 're ilding, restoration or replacement, any surplus which may remain after p , at the option of the Controlling Party, be applied on account of edness secur ortgage. Borrower hereby assi further assignments of, all Party may request consiste name of Borrower and at t e valid acquittances for, an reasonably satisfactory to th 1 Bond Trustee shall not be, i collect or exercise diligence in Trustee to appea event or circun *ection of any 1 Tru ee, �d agrees to execute such trees an awards as the Controlling YinP hereby authorized, in the y, to execute and deliv er the Controlling Party dgment, decree or award. :, li esponsible for failure to ts, decrees or awards. Section 1.15. Additional and Trustee at any time holds additional security for any of the Sec rQC it may enforce the sale thereof or otherwise realize upon the same but with the consent of the Controlling Party, at its option, either before, concurrently with or after any sale is made hereunder. Section 1.16. Additional Encumbrances. Except for Permitted Encumbrances and Permitted Indebtedness, Borrower shall not create, incur, assume or allow to exist any further encumbrance upon the Mortgaged Estate or any portion thereof, real or personal, now owned or hereafter acquired (including, without limitation, secured transactions under the Uniform Commercial Code of the State of Florida (the "UCC ")) without the prior written consent of the Controlling Party. Section 1.17. Liens. Borrower shall pay and promptly discharge, at Borrower's cost and expense, all liens, encumbrances and charges upon the Mortgaged Estate, or any part thereof or interest therein other than Permitted Encumbrances and Permitted Indebtedness. Borrower shall have the right to contest in good faith by appropriate proceedings the validity of any additional lien, encumbrance or charge, provided Borrower shall first deposit with Bond Trustee a bond or other security satisfactory to the Controlling Party in such amounts as the Controlling 01-7o%.4 12 N 0 0 1665 1 Party shall require but not more than 150% of the amount of the claim and, provided further, that Borrower shall thereafter diligently proceed to cause such lien, encumbrance or charge to be removed and discharged. Any such bond or other security shall be returned to Borrower upon the removal and discharge of such lien, encumbrance or charge. If Borrower shall fail so to discharge any such lien, encumbrance or charge, then, in addition to any other right or remedy of Bond Trustee or the Controlling Party, Bond Trustee or the Controlling Party may, but shall not be obligated to, discharge the same, either, by paying the amount claimed to be due, or by procuring the discharge of such lien, either, by depositing in court a bond in the amount claimed or otherwise giving security for such claim, or in such manner as is or may be prescribed by law. Any cost incurred by Bond Trustee or the Controlling Party in connection with any such payment or discharge shall be secured hereby and shall be immediately due and payable by Borrower without notice or demand. Upon the discharge of any such lien, encumbrance or charge, Bond Trustee shall return to Borrower any bond or other security that was deposited with respect thereto. Section 1.18. Restrictions Affecting Title. Borrower shall perform when due all obligations required to be performed by B the provisions of any agreement binding on Borrower or the Mortgaged Estate a, tit�VOR gaged Estate. Section 1.19. Furthe s antes. Borrower a all action and do all things which it is authorized by la to , and coo rat it Bond Trustee, the Controlling Party, the Credit Enhancer id su y f t e eem n es ary or desirable, to insure the release of all encumbranc a ' e a-F pt ermitted Encumbrances and Permitted Indebtedness. So long as any ed-bblig -At 6 re , Borrower shall execute, acknowledge, where appro and deliver from e t ti mptly at the request of the o� Controlling Party or the Cre ancer all such ins t t ocuments as in the opinion of • - the Controlling Party or the C it ancer are necess irable to preserve the priority of .pe the lien created by this Mortgage. e Section 1.20. Inspections. Bon , suer, the Controlling Party and their agents, representatives or workmen are authorized to enter at any reasonable time upon or in any part of the Mortgaged Estate for the purpose of inspecting the same and all books, records and documents relating thereto, and for the purpose of performing any of the acts it is authorized to a°o perform under the terms of any of the Loan Documents. Section 1.21. Performance of Covenants. Borrower shall faithfully perform at all times any and all covenants, undertakings, stipulations and provisions contained in the Loan Documents and in all of its proceedings pertaining to this Mortgage. Section 1.22. Notice of Event of Default. Borrower will notify Bond Trustee, the Controlling Party and the Credit Enhancer immediately in writing of any default by Borrower in the performance or observance of any covenant, agreement, representation, warranty or obligation of Borrower set forth in this Mortgage. Borrower shall also notify Bond Trustee, the Controlling Party and the Credit Enhancer in writing of any event or condition which with the lapse of time or the giving of notice would constitute an Event of Default (as defined herein). 01•76%.4 13 Section 1.23. Rules, Regulations, Environmental Laws. Borrower hereby represents, warrants and covenants and agrees that: (a) the location, construction, occupancy, operation and use of the Mortgaged Estate do not violate any applicable law (including, without limitation, applicable provisions of the Occupational Safety and Health Act of 1970, the Employee Retirement Income Security Act of 1974, the Americans with Disabilities Act of 1990 and corresponding rules and regulations), statute, ordinance, rule, regulation, order or determination of any governmental authority or any board of fire underwriters (or other body exercising similar functions), or any restrictive covenant or deed restriction (recorded or otherwise) affecting the Mortgaged Estate, including, without limitation, all applicable zoning ordinances and building codes, flood disaster laws and health and environmental laws and regulations (hereinafter sometimes collectively called "Applicable Regulations "); (b) neither the Mortgaged Estate nor Borrower is in violation of or subject to any existing, pending or, to Borrower' wledge, threatened investigation or inquiry by any governmental authorityj�sy(� obligations under any Applicable Regulations pertaining to a en ' ereinafter sometimes collectively called "Applicableiy ental Laws "), ng, without limitation, the Comprehensive Envir mn nse, Compens on, d Liability Act of 1980, as amended ( "CERCL "), esgurce nserva 'on d Recovery Act of 1976 ( "RCRA "), and thi rep i co inue to be true and correct following disclosur t th a Ii a le o n a th 'ties of all relevant facts, conditions and circl s ing a gaged Estate. if any such investigation or in is subs ently iat o r will promptly notify in writing Bond Truste Controlling Party an he reO ancer; (c) Borrowe of obtained and is quired to obtain any permits, licenses or similar autho ' cons o , operate or use any buildings, o improvements, fixtures and c[iC fi of the Mortgaged Estate by reason of any Applicable Environmental La (d) Borrower has taken all reasonable steps to determine and has determined to its reasonable satisfaction that no hazardous substances or solid wastes have been disposed of or otherwise released on or about the Mortgaged Estate other than minimal quantities of Excepted Materials (as defined herein) used and disposed of in accordance with Applicable Environmental Laws; (e) the Mortgaged Estate does not contain asbestos, ureaformaldehyde foam insulation or any other chemical, material or substance exposure to which may or could pose a health hazard, whether or not the substance is prohibited, limited or regulated by any governmental authority except for paints, solvents, pesticides, fertilizers, fuels, lubricants and other materials normally used in the construction, operation and maintenance of properties such as the Mortgaged Estate ( "Excepted Materials "); 01- 76%.4 14 1665 � (f) the use which Borrower makes or intends to make of the Mortgaged Estate will not result in the manufacturing, treatment, refining, transportation, generation, storage, disposal or other release or presence of any hazardous substance or solid waste on or to the Mortgaged Estate except Excepted Materials. For purposes of this Section 1.23 and Section 6.13, the terms "hazardous substance" and "release" shall have the meanings specified in CERCLA, and the terms "solid waste" and "disposal" (or "disposed ") shall have the meanings specified in RCRA, provided, in the event either CERCLA or RCRA is amended so as to broaden the meaning of any term defined thereby, such broader meaning shall apply subsequent to the effective date of such amendment, and provided, further, to the extent that the laws of the state where the Property is located establish a meaning for "hazardous substance," "release," "solid waste" or "disposal" which is broader than that specified in either CERCLA or RCRA, such broader meaning shall apply; provided, further, that the term "hazardous substance" shall also include those listed in the U.S. Department of Transportation Table (49 C.F.R. 172.101) and amendments thereto from time to time; (g) Borrower jAlaopwer l n writing Bond Trustee, the Controlling Party and the Credit Er lleged violation of any Applicable Environmental Laws of becom and (h) Borro r ' d d ha les Issuer, the Controlling Party, the Credit Enhancer d on tee man agains an and all liabilities, damages, claims, losses, j en en s (including the reasonable fees and expenses f u el w is y i ed by any Indemnified Party, or threatened against latin t o ing out of the generation, storage, manufactu ning, re easing, sp rtat reatment, disposal or other presence of any haz substances on or a th ged Estate. Section 1.24. Organiz o� ue Authorizatio o wer is a limited partnership and is duly organized, validly existing - i the laws of the state identified in °�. the first paragraph of this Mortgage, - theA a power, authority and legal right to carry on the business conducted by it and to engage in the transactions contemplated by each G Loan Document to which it is a party. The execution and delivery of each Loan Document to which it is a party and the performance and observance of the provisions thereof have all been W authorized by all necessary actions of Borrower. o Section 1.25. Enforceability. This Mortgage and each of the other Loan Documents to which Borrower is a party have been duly executed and delivered by Borrower and constitute legal, valid and binding obligations of Borrower enforceable in accordance with their respective terms, except as the enforceability (but not the validity thereof) may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting the enforcement of creditors' rights generally. Section 1.26. Liabilities; Compliance With Other Instruments. Borrower covenants that it is not in default (a) in the payment of any taxes levied or assessed against it or its assets, (b) under any applicable statute, rule, order or regulation of any governmental authority, 01-76%.4 15 1685 19 (c) under this Mortgage or any of the other Loan Documents to which it is a party or (d) under any other agreement to which it is a party or by which it or any of its properties are bound. Neither the execution and delivery of this Mortgage or any of the other Loan Documents to which Borrower is a party, nor the consummation of the transaction herein or therein contemplated nor compliance with the terms and provisions hereof or thereof, conflicts with or results or will result in a breach of any of the terms, conditions or provisions of the partnership agreement of Borrower, any law, order, rule, regulation, writ, injunction or decree of any court or governmental authority, or any agreement or instrument to which Borrower is a party or by which it or any of its properties are bound, or constitutes or will constitute a default thereunder, or result or will result in the creation or imposition of any lien of any nature whatsoever upon any of its property or assets pursuant to the terms of any such agreement or instrument except the liens created or permitted by the Loan Documents to which it is a party. Section 1.27. Pending Litigation. There are knowledge of Borrower threatened, against or affecting the Mortgaged Estate in any court or b rn1 tribunal which if adversely dete ' business, prospects, profits or r®t ' (financial o ability of Borrower to enter i rform its obligation, is a party, and if any such roc gs u tl: will promptly provide wri ten otice to Trust , Enhancer. Borrower is n tin e authority or arbitration bo d o t un I t hi i u n no proceedings pending or, to the Borrower, any partner of Borrower or rental authority or arbitration board or and adversely affect the properties, ise) of Borrower or the right or e he Loan Documents to which it in iate or threatened then Borrower the on olling Party and the Credit H Section 1.28. Tra of Interests in B row o 4#rl rtgaged Estate. Borrower shall not, by operation of la otherwise, sell, co lie transfer, mortgage, encumber or assign ownership or contr I or any part of th Estate or any interest therein, without the written consent o ntrolling Pariy t Credit Enhancer, and upon the request of Controlling Party or th r_ ,� ation by the Rating Agencies that the underlying rating on the Bonds, it of the Policy, will not be adversely affected. The transferee of all or any part of the Mortgaged Estate shall, unless otherwise consented to by the Controlling Party and the Credit Enhancer, be a special - purpose entity with its sole permitted activity being the ownership and operation of the Mortgaged Estate, and its general partner (if applicable) shall be a special- purpose entity with its sole permitted activity being to serve as the general partner of the transferee. Transfers of limited partnership interests in Borrower or transfers of beneficial ownership of limited partnership interests in Borrower are not prohibited by this Section 1.28. The general partner of Borrower may be replaced pursuant to the provisions of Borrower's Partnership Agreement and so long as the entity becoming the general partner satisfies the requirement of the last paragraph of Section 5.01 herein. any court or governmental Section 1.29. Lease Provisions. Any lease of all or any part of the Mortgaged Estate by Borrower other than tenant apartment leases permitted under this Mortgage shall contain a provision obligating such lessee to enter into a subordination, attornment and nondisturbance agreement with Bond Trustee, in form and substance satisfactory to the Controlling Party and the Credit Enhancer. 01-7696.4 16 FliI N bow 0 .ss Section 1.30. Subordination to Bank Documents. This Mortgage and the rights and remedies referenced therein shall be subordinate to the lien of the Bank Documents and, so long as no Bank Default (as defined in the Intercreditor Agreement) occurs, this Mortgage shall remain subordinate. Section 1.31. Future Advances. This Mortgage shall secure not only existing indebtedness but also such future advances, whether such advances are obligatory or to be made at the option of Bond Trustee or the Controlling Party, or otherwise, as are made within 20 years from the date hereof, to the same extent as if such future advances were made on the date of the execution of this Mortgage, but such secured indebtedness shall not exceed at any time the maximum principal amount of two times the amount of the Note, plus interest thereon, and any disbursements made for the payment of taxes, levies or insurance on the Mortgaged Estate, with interest on such disbursements. Any such future advances, whether obligatory or to be made at the option of the Bond Trustee or the Controlling Party, or otherwise, may be made either prior to or after the due date of the Note or any other notes secured by this Mortgage. This Mortgage is given for the specific purpose of securing any and all indebtedness by the Borrower to Bond Trustee (but in no event shall secured in exceed at any time the maximum principal amount set forth in this paragraph) ' is indebtedness may be evidenced or represented until this Mortgage ' o reco nants and agreements contained in this Mortgage shall be applica e I future advances m Bond Trustee or the Controlling Party to Borrower under this ut advance\ lausee.. At any time, or tr a to time, witho iab it efor, Bond Trustee, without � affecting the personal liabili y, of any person of the Secured Obligations or • - the effect of this Mortgage u remainder of said ged Estate, may, with the prior N bomb written consent of the Control d th ancer, and shall, at the written CM0 direction of the Controlling Party t r er, from time to time without notice b (a) release any part of said Mortgaged Esta , nsent in writing to the making of any map or G7 plat thereof, (c) join in granting any easement thereon, (d) join in any extension agreement or any ..r agreement subordinating the lien or charge hereof, (e) release any person so liable, (f) extend the maturity or alter any of the terms of any Secured Obligations (but only to the extent and in the manner permitted by the Indenture), (g) grant other indulgences, (h) take or release any other or additional security tirr any obligation herein ntcntionett, (i) make compositions or other arrangements with debtors in relation thereto, or 0) advance additional funds to protect the security hereof and pay or discharge the Secured Obligations of Borrower hereunder, and all amounts so advanced shall be secured hereby and shall be due and payable upon demand by Bond Trustee. 01 -7696.4 17 16B5 I ARTICLE III ASSIGNMENT OF RENTS, ISSUES AND PROFITS Section 3.01. Assignment of Rents. Borrower hereby absolutely assigns and transfers to Bond Trustee all the rents, issues and profits of the Mortgaged Estate, and hereby gives to and confers upon Bond Trustee the right, power and authority to collect such rents, issues and profits. Borrower irrevocably appoints Bond Trustee its true and lawful attorney -in -fact, and Bond Trustee may, with the prior written consent of the Controlling Party and the Credit Enhancer, and shall upon the written direction of the Controlling Party and the Credit Enhancer, at any time and from time to time, demand and receive payment, and, upon being indemnified to its reasonable satisfaction, take possession and control of the Mortgaged Estate and demand, receive and enforce payment, give receipts, releases and satisfaction, and sue, in the name of Borrower or Bond Trustee, for all such rents, issues and profits and apply the same to the Secured Obligations; provided, however, that Borrower shall have a revocable license to possess and control the Mortgaged Estate and to collect such rents, issues, and profits (but not more than one month in advance) prior to or at any time th of an Event of Default under any of the Loan Documents. The assignment of th a ofits of the Mortgaged Estate in this Article III is intended to be an tgnm trower to Bond Trustee, and not merely the passing of a it nterest. The ri and Trustee pursuant to this Section 3.01 are subject to t e B ents until the -:cu nce of a Bank Default or the Loan becomes a Covered L an. Section 3.02. Col ti p e u t ent of Default under any of the Loan Documents, Bond t I at t t o di t o t o Controlling Party, at any time without notice, either y r nted by a court, and without regard to the adequacy y security for t S ur bligations, upon receiving indemnification from the C ing Party reasons s ti to the Bond Trustee, enter • • upon and take possession of t aged Estate, or an ereof, and in its own name sue .a for or otherwise collect such ren d rof g those past due and unpaid, and o .a' apply the same, less costs and exp spe�ra collection, including attorneys' fees, G upon any Secured Obligations, and in suc and Trustee may, with the written consent of the Controlling Party, determine. The collection of such rents, issues and profits, or the entering upon and taking possession of the Mortgaged Estate, or the application thereof as o aforesaid, shall not cure or waive any default or notice of default hereunder or invalidate any act w done in response to such default or pursuant to such notice of default. Upon an Event of Default, Bond Trustee shall, at the written direction of the Controlling Party, establish a lockbox account in the name of Bond Trustee with a financial institution approved by the Controlling Party and direct all tenants to pay rents directly to such lockbox account, or may take such other actions to preserve the Mortgaged Estate as set forth in Section 1.12 herein. The rights of Bond Trustee pursuant to this Section 3.02 are subject to the Bank Documents until the occurrence of a Bank Default or the Loan becomes a Covered Loan. Section 3.03. Section 697.07 of the Florida Statutes. The assignments of Rents, Issues and Profits contained in this Mortgage are intended to provide Bond Trustee with all the rights and remedies of mortgagees pursuant to Section 697.07 of the Florida Statutes (hereinafter "Section 697.07 "), as may be amended from time to time. However, in no event shall this 01a6%.4 18 1685 I reference diminish, alter, impair, or affect any other rights and remedies of Bond Trustee, including but not limited to the appointment of a receiver as provided in Section 5.04 hereof, nor shall any provision in this Section 3.03 diminish, alter, impair or affect any rights or powers of the receiver in law or equity or as set forth in Section 5.04 hereof. In addition, this assignment shall be fully operative without regard to the adequacy of the Mortgaged Estate to serve as security for the obligations owed by Borrower to Bond Trustee, and shall be in addition to any rights arising under Section 697.07. Further, except for the notices required hereunder, if any, Borrower waives any notice of default or demand for turnover of rents by Bond Trustee, together with any rights under Section 697.07 to apply to a court to deposit the rents into the registry of the court or such other depository as the court may designate. ARTICLE IV SECURITY AGREEMENT Section 4.01. Creation of Security Interest. With respect to any portion of the Mortgaged Estate which constitutes personal r�op ny, fixtures or other property governed by the UCC, this Mortgage shall constitute t between Borrower as the debtor and Bond Trustee as the secured part ssly GRANTS to Bond Trustee as Secured Party a security inter es portion of the Estate whether now existing or hereafter acquired subject o y t d Encumbrance In addition to all other rights of Bond Trustee hereunder, Bo d T s 11 a the ri is nferred upon secured parties by the UCC. Borrower w' 1 e v T tee 11 financing statements that may from time to time be qu by e C nt t t e redit Enhancer or otherwise to establish and maintain t e d y ri ri o e s u 'ty intt est of Bond Trustee, or any modification thereof, and s d n an required by Bond Trustee. Bond Trustee may, with t or written consent the C ing Party, and shall, at the written direction of the Cont Party, exercise r I e remedies of a secured party • • available to it under the UCC it spect to such pro p d it is expressly agreed that if N upon an Event of Default Bond Id roc se of such property in accordance .°an• with the provisions of the UCC, 10 Dj, ' y Bond Trustee to Borrower shall be , deemed to be reasonable notice under any o the UCC requiring such notice; provided, G7 however, that Bond Trustee may, with the prior written consent of the Controlling Party, and shall, at the written direction of the Controlling Party, dispose of such property in accordance with Bond Trustee's rights and remedies with respect to the real property pursuant to the .ss provisions of this Mortgage, in lieu of proceeding wider the UCC. Borrower shall give, at least 10 Business Days (as defined in the Loan Agreement) in advance, notice in writing to Bond Trustee, the Controlling Party and the Credit Enhancer of any proposed change in Borrower's name, identity or business form or structure and will execute and deliver to Bond Trustee, prior to or concurrently with the occurrence of any such change, all additional financing statements that Issuer, the Controlling Party or the Credit Enhancer may require to establish and maintain the validity and priority of Bond Trustee's security interest with respect to any of the Mortgaged Estate described or referred to herein. Some of the items of the Mortgaged Estate described herein are goods that are or are to become fixtures related to the Property, and it is intended that, as to those goods, this Mortgage 01 -76 %.4 19 1665 1 shall be effective as a fixture filing between Borrower as Debtor and Bond Trustee as Secured Party, as defined in Section 9- 313(t)(b) of the UCC, from the date of its filing for record in the real estate records of the county in which the Mortgaged Estate is situated. To this end, Borrower acknowledges (a) that this Mortgage covers goods which are or are to become fixtures on the Property, (b) the financing statement is to be recorded in the real estate records, (c) the undersigned is the record owner of the Mortgaged Estate, (d) products of collateral are also covered and (e) the tax identification number of Borrower is Information concerning the security interest created by this instrument may be obtained from Bond Trustee, as secured party, at the address of Bond Trustee stated in Section 6.06 of this Mortgage. The mailing address of Borrower, as debtor, is as stated in Section 6.06 of this Mortgage. Section 4.02. Warranties, Representations and Covenants of Borrower Regarding Personal Property. Borrower hereby warrants, represents and covenants, with respect to the Personal Property, as follows: (a) except for the security interest granted hereby, Borrower is, and as to any of the Personal Property to be acquired after the date hereof will be, the sole owner of the Personal Property, free from s terest, encumbrance or adverse claims thereon of any kind wh v d Encumbrances. Borrower will notify Bond Trustee, t lling Party and it Enhancer of, and will defend the Personal Property aga hibited claims d emands of all persons at any time claiming the s e o an est t ere' (b) Bo rr we w' 1 e t e to tenants of the Project), sell, encumber, convey o y r r t er a Property (except Personal Property transferre t n r bus' placed by Personal Property of a similar nature ving at least the s va ue Personal Property replaced and except pursuant ease of an apart u it l a Improvements) without the - - prior written consent o e ntrolling Party; (c) the Persona ro I uus for bought for personal, family or 0 household purposes; (d) the Personal Property will be kept on or at the Property and Borrower will •-r not remove the Personal Property from the Property without the prior written consent of the Controlling Party, except such portions or items of Personal Property which are consumed or worn out in ordinary usage, all of which shall be promptly replaced by Borrower with new items of equal or greater quality; and (e) all covenants and obligations of Borrower contained herein relating to the Mortgaged Estate shall be deemed to apply to the Personal Property whether or not expressly referred to herein. 01.76%.4 20 1665 1 ARTICLE V EVENTS OF DEFAULT AND REMEDIES UPON DEFAULT Section 5.01. Events of Default. Any one or more of the following events shall constitute an Event of Default hereunder: (a) failure by Borrower to pay on the date such payment is due and payable, (i) any payment of principal of or interest on the Note pursuant to the provisions of and prior to the expiration of any cure period in the Loan Agreement or (ii) any other sum due hereunder within the time period specified and, if no such time is specified, within 10 days after notice to Borrower or secured hereby or due under any other Loan Document, by acceleration or otherwise; (b) failure by Borrower agreement contained in this Mort a paragraph (a) above) and su 18 written notice from if such failure shashall not constitute shall have given noit proposes to takeControlling Party, default is cured; (c) the r an Event of Default than this Mortgage; to punctually perform or observe any covenant or r than the monetary obligations described in 4,sfijo ve been cured within 30 days after e y of such failure, provided that, that it canno ed within 30 days, such failure It hereunder if ithi such 30 -day period Borrower ,ote an a Contro in Party of the corrective action t' wn ing to be satisfactory to the e s c e tiv action diligently until such H of a default b d in any Loan ile grace or cure period or any Loan Document other (d) either Borrow #'Jfj tLer�l�t�irt shall fail to pay its debts generally as they come due, or shall admit in nability to pay its debts generally, or shall make a general assignment for the benefit of creditors, or shall institute any proceeding seeking to adjudicate Borrower or its general partner insolvent or seeking a liquidation, or shall take advantage of any insolvency act, or shall commence a case or other proceeding naming Borrower or its general partner as debtor under the United States Bankruptcy Code or similar law, domestic or foreign, or a case or other proceeding shall be commenced against Borrower or its general partner under the United States Bankruptcy Code or similar law, domestic or foreign, or any proceeding shall be instituted against Borrower or its general partner seeking liquidation of Borrower's or its general partner's assets and Borrower or its general partner, as applicable, shall fail to take appropriate action resulting in the withdrawal or dismissal of such proceeding within 30 days or there shall be appointed or Borrower or its general partner shall consent to, or acquiesce in, the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of Borrower or its general partner or the whole or any substantial part of its properties or assets or Borrower or its general partner shall take any corporate action in furtherance of any of the foregoing; 01 -76%.4 21 N .ss 0 a • i � (e) a writ of execution or attachment or any similar process shall be issued or levied against all or any part of or interest in the Mortgaged Estate, or any judgment involving monetary damages shall be entered against Borrower which shall become a lien on the Mortgaged Estate or any portion thereof or interest therein and such execution, attachment or similar process or judgment is not released, bonded, satisfied, vacated or stayed within 10 days after its entry or levy; (f) any suit or proceeding shall be flied against Borrower or its general partner on any of the Loan Documents which, if adversely determined, could substantially impair the ability of Borrower or its general partner to perform any of their material obligations contained in the Loan Documents, and such suit or proceeding shall have a likelihood of success, all as determined by the Controlling Party in its sole and absolute discretion; (g) if Borrower shall violate the provisions of Section 1.28; (h) except as permitted b Transaction Documents, any assignment by Borrower of the whole or an e r es or profits arising from the Property to any person without th a Party or if, without such consent, Borrower shall further er the Mortgaged ' t r any portion thereof (including, without limitation, th i % -ofany security interreun er the UCC); (i) at or its general part general partner A any material miss or the Controlling Borrower or the 6) any pro t of any of the Bond Trustee to enforce ereunde on the Mortgaged Estates y Borrower or Borrower shall so sta or tatement made by Borrower ite 4elivered by Borrower or its ma rial respect when made, or AW7 the Issuer, the Bond Trustee .0 ents relating to the ability of ability of Bond Trustee to realize to be legal, valid and binding on (k) the Loan Documents shall for any reason, except to the extent permitted by the terms hereof or thereof, cease to create a valid and perfected first priority security interest in any of the collateral purported to be covered thereby or Borrower shall so state in writing; or (1) the bankruptcy, insolvency or assignment of assets for the benefit of creditors by the General Partner, the withdrawal from Borrower of the General Partner or the breach by the General Partner of any representation, warranty or covenant made by the General Partner (any of such events, a "GP Specific Event of Default "). Notwithstanding anything to the contrary in the Loan Documents, upon the occurrence of a GP Specific Event of Default, Borrower's limited partner shall have the option, but not the obligation, to cure such GP Specific Event of Default by appointing a substitute or replacement general partner (the "Substitute General Partner ") within 45 days of notice of the GP Specific Event of Default, provided that the following conditions are satisfied: (i) the Substitute General 01.76%.4 22 0 �o N .ss 0 .ss b v 16851 Partner shall (A) satisfy all conditions, covenants, representations and warranties set forth in the Loan Documents related to Borrower's general partner, including without limitation those requiring it to be a single - purpose, bankruptcy- remote entity, and the Controlling Party and the Credit Enhancer shall have reviewed the organizational documents of the Substitute General Partner and confirmed that the Substitute General Partner is a single- purpose, bankruptcy - remote entity; (B) be an entity that is directly or indirectly owned 50% or more by SAl or is an entity otherwise acceptable to the Credit Enhancer; and (ii) the owners of the shares of equity interest of the Substitute General Partner shall have executed a Stock Pledge Agreement acceptable to the Credit Enhancer. Section 5.02. Acceleration Upon Default; Additional Remedies. Upon the occurrence of an Event of Default, Bond Trustee, may, with the written consent of the Controlling Party, and shall, at the written direction of the Controlling Party, declare all Secured Obligations to be due and payable, and the same shall thereupon become due and payable without any presentment, demand, protest or notice of any kind except as otherwise provided herein, and Borrower hereby waives notice of intent to accelerate the Secured Obligations. Following an Event of Default, Bond Trustee may, with written consent of the Controlling Party, and shall, at the written direction of the Controlling Party: "'10 (a) either in or by agent, ithout bringing any action or proceeding, or by a r eiv a ointed by a court, w out regard to the adequacy of its security, enter u n d s he M ga ed Estate or any part thereof and do any acts whi h�t a nec or des able to pr erve the value, marketability or rentability of th g t te, r i terest therein, increase the income therefrom r e th s u it a it or ithout taking possession of the Mortgaged Esta e ed ' i IF1 11, III or IV hereof, sue for or otherwise collect ents, issues and p is t ere cluding those past due and C> unpaid, and apply the less costs and ex e op ation and collection including • • reasonable attorneys' on any Secur t s, all in such order as Bond ev Trustee may, with the w ' sent of the C Party, determine. The entering upon and taking possession g ids he taking of any action described in bomb Article I, 1I, IIl or IV hereof, t such rents, issues and profits and the 411 application thereof as aforesaid, shall not cure or waive any default or notice of default or • • invalidate any act done in response to such default or pursuant to such notice of default and, notwithstanding the continuance in possession of the Mortgaged Estate or the C= collection, receipt and application of rents, issues or profits, Bond Trustee shall be entitled to exercise every right provided for in any of the Loan Documents or by law upon occurrence of any Event of Default, including the right to exercise the power of sale herein conferred; (b) commence an action to foreclose this Mortgage or sell the Mortgaged Estate pursuant to the power of sale herein conferred (in which event Bond Trustee shall be entitled to (i) obtain a judgment against Borrower, subject to Section 6.13 hereof, for any deficiency in the proceeds of such sale, provided that no partner shall have any liability therefor; (ii) appoint a receiver; or (iii) specifically enforce any of the covenants hereof); 01- 76%.4 23 1685 li (c) exercise any or all of the remedies available to a secured party under the UCC, including, but not limited to: (i) either personally or by means of a court appointed receiver, commissioner or other officer, take possession of all or any of the Personal Property and exclude therefrom Borrower and all others claiming under Borrower, and thereafter hold, store, use, operate, manage, maintain and control, make repairs, replacements, alterations, additions and improvements to and exercise all rights and powers of Borrower in respect of the Personal Property or any part thereof. In the event Bond Trustee demands or attempts to take possession of the Personal Property in the exercise of any rights under any of the Loan Documents, Borrower promises and agrees to promptly turn over and deliver complete possession thereof to Bond Trustee; (ii) without additional notice to or demand upon Borrower, make such payments and do such acts as Bond Trustee or the Controlling Party may deem necessary to protect its secu ' interest in the Personal Property, including, without limitation, contesting or compromising any encumbrance, ch tc r superior to the security interest granted hereun , in exercising any owers or authority, to pay all expenses incu ed i �Q�n therewith; (iii) Lr o t a thereof, at pla si at d o t parties, and p y d li er e n l l agent or re n e a it. 01 representativ all have the right a er premises and y to exercise Bon to ial Property or any portion sonably convenient to both iy to Bond Trustee, or an ustee, and its agents and any or all of Borrower's p t hereunder; (iv) se otherwise `sbefl the Personal Property at public sale, with or without 1, v r e> perty at the place of sale, and upon such terms and in such m Trustee, with the written consent of the Controlling Party, may determine. Bond Trustee or the Controlling Party may be a purchaser at any such sale; and (v) unless the Personal Property is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Bond Trustee shall give Borrower at least 10 Business Days' prior written notice of the time and place of any public sale of the Personal Property or other intended disposition thereof. Such notice may be mailed to Borrower at the address set forth at the beginning of this Mortgage and shall be deemed to be given on the date of mailing thereof; (d) terminate any existing management agreement relating to the Mortgaged Estate, upon 30 days' notice of such termination, and appoint a manager approved by the Controlling Party on terms and conditions approved by the Controlling Party; and 01- 76%.4 24 N .ss 0 .s. Gam" s 16B5,10 (e) in connection with any sale or sales hereunder, Bond Trustee may, with the written consent of the Controlling Party, elect to treat any of the Mortgaged Estate which consists of a right in action or which is property that can be severed from the Property without causing structural damage thereto as if the same were Personal Property, and dispose of some or all of the same in any sequence in accordance with applicable law, separate and apart from the sale of real property. Sales hereunder of any Personal Property only shall be conducted in any manner permitted by the UCC. Where the Mortgaged Estate consists of real property and Personal Property located on or within the real property, Bond Trustee may elect, with the written consent of the Controlling Party, to dispose of some or all of the real property and some or all of the Personal Property together in one sale pursuant to real property law as permitted by the UCC. Bond Trustee shall not be deemed to have elected irrevocably to proceed as to both real property and Personal Property or fixtures unless and until the particular property has been actually disposed of pursuant to a unified sale (judicial or nonjudicial), and then only as to the property so sold. Bond Trustee shall also have the right, exercisable in its sole discretion, with the written consent of the Controlling Party, to proceed in any sequence as to some or all of the re rt and Personal Property as provided in the UCC and as to other real p.a�� al Property in accordance with the procedures applicable to rustee elect to sell the Mortgaged Estate, or any part ther tch is real property r 'ch Bond Trustee has elected to treat as real property p ve, Bond Trus e s Il give such notice of default and election to sell m th equ,kedbj lhw. Section 5.03. Section 5.04. App fe'tref6 an t efault shall have occurred, Bond Trustee, as a matter o t and without additt al n tic t orrower or anyone claiming � under Borrower, and withou d to the then valu t e aged Estate or the interest of • • Borrower therein, shall have t acting at the writt ion of the Controlling Party, to N apply to any court having jurisdt int are eceivers of the Mortgaged Estate and Borrower hereby irrevocably ej tntment and waives notice of any sob application therefor. Any such receiver o all have all the usual powers and duties of receivers in like or similar cases and all the powers and duties of Bond Trustee in case of entry as provided in Section 5.02(a) and shall continue as such and exercise all such powers until the date N of confirmation of sale of the Mortgaged Estate unless such receivership is sooner terminated. o Section 5.05. Remedies Not Exclusive. Bond Trustee shall be entitled to enforce payment and performance of any Secured Obligations hereby and to exercise all rights and powers under this Mortgage or under any Loan Documents or other agreement or any laws now or hereafter in force, notwithstanding some or all of the Secured Obligations may now or hereafter be otherwise secured, whether by mortgage, deed of trust, pledge, lien, assignment or otherwise. Neither the acceptance of this Mortgage nor its enforcement, whether by court action or pursuant to the power of sale or other powers herein contained, shall prejudice or in any manner affect Bond Trustee's right to realize upon or enforce any other security now or hereafter held by Bond Trustee, it being agreed that Bond Trustee shall be entitled to enforce this Mortgage and any other security now or hereafter held by Bond Trustee in such order and manner as it may, with the written consent of the Controlling Party, determine, including, 01- 76%.4 25 t without limitation, accepting a deed in lieu of foreclosure. No remedy herein conferred upon or reserved to Bond Trustee is intended to be exclusive of any other remedy given hereunder or now or hereafter existing at law or in equity or by statute. Every power or remedy given by any of the Loan Documents to Bond Trustee, or to which Bond Trustee may be otherwise entitled, may be exercised, concurrently or independently, from time to time and as often as may be deemed expedient by Bond Trustee. Bond Trustee may pursue inconsistent remedies. The acceptance by Bond Trustee of any sum after the same is due shall not constitute a waiver of the right either to require prompt payment, when due, of all other sums hereby secured or to declare a default as herein provided. The acceptance by Bond Trustee of any sum in an amount less than the sum then due shall be deemed an acceptance on account only and upon condition that it shall not constitute a waiver of the obligation of Borrower to pay the entire sum then due, and failure of Borrower to pay such entire sum then due shall be and continue to be an Event of Default (after the expiration of any applicable grace period) notwithstanding such acceptance of such amount on account, as aforesaid. Bond Trustee shall be, at all times thereafter and until the entire sum then due shall have been paid, and notwithstanding the acceptance by Bond Trustee thereafter -s s on account, or otherwise, entitled to exercise all rights in this instrum or either of them, and the right to proceed with a sale under any n e efault, or an to sell, or the right to exercise any other rights or remedies here shall in no way be i ire whether any of such amounts are received prior or sub-se en t ucl�i "�Cac in elects n o exercise. Consent by Bond Trustee or the Controlling y o any ac 'nactio of Bo r which is subject to consent or approval of Bond Trust a or a sha 1 not be deemed a waiver of the right to require such co se o app l o c ss a tions or inactions. Section 5.06. Poss ill of Mortgaged ate. In vent of a trustee's sale or foreclosure sale hereunder er the time of sue ower occupies the portion of the Mortgaged Estate so sold, part thereof, Bo r mmediately become the tenant of the purchaser at such sale, w ctoD cy shall be a t om day to day, terminable at the will of either tenant or landlord, a e� day based upon the value of the portion of the Mortgaged Estate so l�d,W_ al to be due and payable daily to the purchaser. An action of unlawful detainer shall lie if the tenant holds over after a demand in writing for possession of such Mortgaged Estate and premises; and this agreement and a trustee's deed shall constitute a lease and agreement under which the tenant's possession arose and continued. Nothing contained in this Mortgage shall be construed to constitute Bond Trustee as a "mortgagee in possession" in the absence of its taking actual possession of the Mortgaged Estate pursuant to the powers granted herein. ARTICLE VI MISCELLANEOUS Section 6.01. Governing Law, This Mortgage shall be governed by the laws of the state where the Property is located. Section 6.02. Amendments. This instrument cannot be amended, waived, changed, discharged or terminated orally, but only by an instrument in writing signed by Borrower and 01-76%.4 26 N 0 .s+• N 1685- Bond Trustee and with the prior written consent the Controlling Party. No act or course of dealing shall be deemed to constitute an amendment, modification or termination hereof. Section 6.03. Waiver of Rights. To the extent permitted by law, Borrower waives the benefit of all laws now existing or that hereafter may be enacted (a) providing for any appraisement before sale of any portion of the Mortgaged Estate or (b) in any way extending the time for the enforcement of the collection of the Secured Obligations or creating or extending a period of redemption from any sale made in collecting the Secured Obligations. To the full extent Borrower may do so, Borrower agrees that Borrower will not at any time insist upon, plea, claim or take the benefit or advantage of any law now or hereafter in force providing for any appraisement, valuation, stay, extension, redemption or homestead exemption, and Borrower, for Borrower, Borrower's representatives, successors and assigns, and for any and all persons ever claiming any interest in the Mortgaged Estate, to the extent permitted by law, hereby waives and releases all rights of redemption, valuation, appraisement, stay of execution, homestead exemption, notice of election to mature or declare due the whole of the Secured Obligations and marshaling in the event of foreclosure of the liens hereby created. If any law referred to in this Section and now in force, of which Boff Borrower's heirs, devisees, representatives, successors and assigns or other pe a despite this Section, shall hereafter be repealed or cease to be in s eafter be deemed to preclude the application of this Section. er expressly waive elinquishes any and all rights, remedies and defenses that rro ve or be able t ass by reason of the laws of the state in which the Property ' 1 t ning-to t ghts, r e 'es and defenses of sureties. Section 6.04. Lim tati u of t r t. a e t b Itween Borrower and Bond Trustee, whether now exi t' r h r s n and h th raw 'tten or oral, are expressly limited so that in no contin o ven is sha nt paid, or agreed to be paid, to Bond Trustee for the use, arance, or detentio f t e to be loaned pursuant to the Note or otherwise, or for th rmance or payme f enant or obligation contained herein, exceed the maxim unt permissible a plicable law. If from any circumstance whatsoever fulfill at the time performance of such provision shall be due shall involve i t of validity prescribed by law, then, ipso facto, the obligation to be fulfilled sha uced to the limit of such validity, and if from any such circumstance Bond Trustee or holder of the Note shall ever receive as interest under the Note or this Mortgage or otherwise anything of value which would exceed interest at the highest lawful rate, such amount that would be excessive interest shall be applied to the reduction of the principal amount owing under the Note or on account of other Secured Obligations and not to the payment of interest, or if such excessive interest exceeds the unpaid balance of principal of the Note and such other Secured Obligations, such excess shall be refunded to Borrower, or to the maker of the Note, or other evidence of Secured Obligations, if other than Borrower. All sums paid or agreed to be paid to Bond Trustee for the use, forbearance, or detention of the Secured Obligations shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of such obligations until payment in full so that the rate of interest on account of Secured Obligations is uniform throughout the term thereof. The terms and provisions of this paragraph shall control all agreements between Borrower, or the maker of the Note or other evidence of Secured Obligations, if other than Borrower, and Bond Trustee. 01 -76%.4 27 O �v N 0 .a• 29 • • N N Section 6.45. Statements by Borrower; Financial Statements. Borrower, within 10 days after being given notice, will furnish, or cause to be furnished, to Bond Trustee a written statement confirming to the best of Borrower's knowledge the unpaid principal of and interest on the Note and any other amounts secured by this Mortgage and stating that no offset or defense exists against such amounts. Borrower shall provide the Credit Enhancer such financial statements and records as required by the Insurance Agreement and Loan Documents. Section 6.06. Notices. Whenever Bond Trustee, the Controlling Party, Credit Enhancer or Borrower shall desire to give or serve any notice, demand, request, direction, consent or other communication with respect to this Mortgage, each such notice, demand, request, direction, consent or other communication shall be in writing or any other method of notice or service of notice as may be required under any applicable laws, rules or regulations, if any, and shall be deemed to have been given upon receipt. Notices may be sent by hand delivery, telecopy, overnight courier or certified U.S. mail, postage prepaid, addressed to the following addresses: If to Borrower: With a copy to: Saxon Manor Isles Apartments Limite Saxo 10 vd. a , FL 33904 Att t' Jack achm T ephone: ) 41 - 371 F Ltmited- Miners t f erica, Inc. unAmerica Center L es, CA 90067 -6 Atte ae r Telepho � Facsimile: (3— `1)772 -6179 and to: Rosenblum, Goldenhursh et al Fourth Floor 7733 Forsyth St. Louis, MO 63105 Attention: Michael A. Markensen, Esq. Telephone: (314) 726 -6868 Facsimile: (314) 726 -6786 01- 76%.4 28 N .s,. 0 .a• G~o'� N w Section 6.07. Captions; References. The captions or headings at the beginning of each Section hereof are for the convenience of the parties, are not a part of this Mortgage and do not affect its construction and interpretation. References in this Mortgage to the singular include the plural and vice versa and references to any gender include the other gender. Section 6.08. Invalidity of Certain Provisions; Conflicting Provisions. If the lien of this Mortgage is invalid or unenforceable as to any part of the Secured Obligations, or if the lien is invalid or unenforceable as to any part of the Mortgaged Estate, the unsecured or partially secured portion of the Secured Obligations shall be completely paid prior to the payment of the remaining and secured portion of the Secured Obligations, and all payments made on such obligations, whether voluntary or under foreclosure or other enforcement action or procedure, 01-76 %.4 29 16B5 If to Bond Trustee: The Bank of New York c/o The Bank of New York Trust Company of Florida, N.A. Corporate Trust Division 10161 Centurion Parkway Jacksonville, FL 33256 Telephone: (904) 645 -1989 Facsimile: (904) 645 -1998 If to the Controlling Party: SunAmerica, Inc. (unless One SunAmerica Center SunAmerica is Los Angeles, CA 90067 -6022 not Controlling Attention: Michael L. Fowler Party under Telephone: (310) 772 -6000 the Indenture) Facsimile: (310) 772 -6179 with copies to: Brownstein Hyatt Farber & Strickland P.C. 22nd Fl C (� 4 10 D O 80202 ttn• ykan, Esq. Te ph 3 - 5 If to the F �., Credit Enhancer: y ran Park Avenue O 7v York, NY 10022 rQ Surveillance .p. Tel 212) 8 Facsim 0 ss -3529 � Any party may at any time change its address for such notices by delivering to the other parties hereto, as aforesaid, a notice of such change. •� Section 6.07. Captions; References. The captions or headings at the beginning of each Section hereof are for the convenience of the parties, are not a part of this Mortgage and do not affect its construction and interpretation. References in this Mortgage to the singular include the plural and vice versa and references to any gender include the other gender. Section 6.08. Invalidity of Certain Provisions; Conflicting Provisions. If the lien of this Mortgage is invalid or unenforceable as to any part of the Secured Obligations, or if the lien is invalid or unenforceable as to any part of the Mortgaged Estate, the unsecured or partially secured portion of the Secured Obligations shall be completely paid prior to the payment of the remaining and secured portion of the Secured Obligations, and all payments made on such obligations, whether voluntary or under foreclosure or other enforcement action or procedure, 01-76 %.4 29 1685 -1 shall be considered to have been first paid on and applied to the full payment of that portion of the Secured Obligations which is not secured or fully secured by the lien of this Mortgage. In the event that any provision of this Mortgage shall be held invalid or unenforceable by any court of competent jurisdiction, the parties hereto agree that such holding shall not invalidate or render unenforceable any other provision hereof. The parties hereto further agree that the holding by any court of competent jurisdiction that any remedy pursued by any party hereto is unavailable or unenforceable shall not affect in any way the ability of such party to pursue any other remedy available to it. Section 6.09. Subrogation. To the extent that proceeds of the Note or advances under this Mortgage are used to pay any outstanding lien, charge or prior encumbrance against the Mortgaged Estate, such proceeds or advances have been or will be advanced by Bond Trustee at Borrower's request, and Bond Trustee shall be subrogated to any and all rights and liens held by any owner or holder of such outstanding liens, charges and prior encumbrances, irrespective of whether said liens, charges or encumbrances are released of record. Section 6.10. Change in Ownershi he ownership of the Mortgaged Estate or any part thereof or interest therein becom i%a other than Borrower owning the same on the date hereof, Bond Trustee n ower, deal with such successor or successors in interest with ref o this Mortgage an > e, ecured Obligations in the same manner as with Borrower ttho way vitiating hereunder or upon the Sec ed 0 ns. x t put release approved by the Co tro of the Mortgaged Estate, n fo a e n e 1 time for the payment of the g tin , i n b discharge, modify, change ec e o na ity, any guarantors or sureties o ower, either in who r it d)ch,, rging Borrower's liability su t an assumption, transfer or Or ration of law or otherwise) d tee, and no extension of the I nd tee, shall operate to release, Borrower or the liability of pa Section 6.11. Assign Bond Trustee's In SCE' It is expressly agreed that any and all terms of this Mortgage, �t oan D ` d all other agreements made or executed by Borrower or others in A�a ,and all rights, powers, privileges, options and remedies conferred upon Bon erein and therein, shall inure to and be for the benefit of Bond Trustee and may be exercised by Bond Trustee, its successors and assigns, and the words "Bond Trustee" shall also mean and include the successor or successors and the assign or assigns of Bond Trustee. Borrower hereby specifically grants unto Bond Trustee the right and privilege, at Bond Trustee's option, to transfer and assign to any third person all or any part of Bond Trustee's rights to receive funds or payments hereunder. Section 6.12. Time Is of the Essence. Time is of the essence under this Mortgage and the other Loan Documents. Section 6.13. Liability of Borrower. Except for those matters set forth below, the liability of Borrower and its general partner for the repayment of the indebtedness evidenced by this Mortgage and the performance of obligations under the other Loan Documents shall be limited to the Mortgaged Estate. Notwithstanding anything to the contrary contained herein or in any of the Loan Documents, and notwithstanding any delay by Bond Trustee in exercising any right, power or remedy in connection with any default under any Loan Document, Borrower and 01-7696.4 30 N 0 N V7 its general partner shall be personally liable beyond the Mortgaged Estate, to the extent of (a) any funds received by Borrower as security deposits under any leases with respect to the Mortgaged Estate, (b) following an Event of Default, any rentals received by Borrower from leases with respect to the Mortgaged Estate and not applied to the obligations of Borrower under the Loan Documents or the operating expenses of the Mortgaged Estate, (c) any rentals with respect to the Mortgaged Estate prepaid in excess of one month and not applied to the obligations of Borrower under the Loan Documents or the operating expenses of the Mortgaged Estate; (d) all condemnation awards and payments in lieu thereof and/or insurance proceeds received by Borrower which are not applied to the reasonable costs of the restoration of the Mortgaged Estate or to the obligations of Borrower under the Loan Documents as required in this Mortgage; (e) the cost to repair the Mortgaged Estate as a result of a casualty to the extent that such cost is not reimbursed by insurance; (f) any liability, damage, cost or expense incurred by Bond Trustee as a result of any fraud, material misrepresentation or bad faith by Borrower; and (g) any liability, damage, cost or expense incurred by Bond Trustee with respect to the Mortgaged Estate in connection with any hazardous substance, solid waste or any other substance or material regulated by any federal, state or local law, statute, regulation, ordinance, code or order relating to environmental quality. �_XR ol �. Section 6.14. Subordina tended 17a�1 Controlling Party that Borro ends that the Lan allocation of low- income ho in under ti ( "Tax Credits "). In order to cc ve a ' of record in the real property r o commitment" (as defined i C e Sec io 4 () 6 Borrower demonstrates to tkre 1 a 's on c Enhancer that the Tax Credi fir! atton Committee the law requires that the lien of t rtgage be subordi t upon the written direction of Iling Party and t execute a subordination agree ubordination Mortgage is subordinated to the Ex conditions are met: E C' ment. Borrower has informed I mprovements qualify for an 2 o the Internal Revenue Code s, otrower will be required to R "ex ended low - income housing 'E to ed Use Agreement "). If > del 'ng Party and the Credit I lorida or applicable federal nded Use Agreement, then, i .nhancer, Bond Trustee shall t "), wherein the lien of the ided; however, that the following (a) under the terms of the Extended Use Agreement and the Subordination Agreement, if Bond Trustee or its successors or assigns (collectively, the "REO Owner") acquires the Land and Improvements by foreclosure (or instrument in lieu of foreclosure), then the "extended use period" (as defined in Code Section 42(h)(6)(13)) shall terminate (whether or not 15 years have elapsed after the close of the compliance period), except for the obligation of the REO Owner to comply with the limitations on evictions, termination of tenancy and increases in rents for the three -year period following the REO Owner's acquisition of the Property, as set forth in Code Section 42(h)(6)(E)(ii); and (b) the Subordination Agreement shall otherwise be in a form, and shall contain terms, acceptable to the Controlling Party and the Credit Enhancer. Section 6.15. Delivery of Consent and Notice. In the event that Bond Trustee's, the Controlling Party's or the Credit Enhancer's consent is required under this Mortgage or any other Loan Document, the determination whether to grant or withhold such consent shall be made by 01 -76 96.4 31 r, N 0 .s+. ry G� N 4?1 16B5 1 or on behalf of Bond Trustee, the Controlling Party or the Credit Enhancer, as applicable, in its sole discretion without any implied duty towards any other person, except as otherwise expressly provided herein or therein. Section 6.16. Consent for Loan Document Modification. Borrower hereby discloses to Bond Trustee, the Controlling Party and the Credit Enhancer that under the terms of the Partnership Agreement of Borrower a modification of this Mortgage and the Loan Documents may be made only with the written consent of the Borrower's limited partner, and the general partner of Borrower shall lack the power and authority to modify such documents unless it shall have obtained such written consent. Section 6.17. Successors and Assigns. This Mortgage applies to, inures to the benefit of and binds all parties hereto, their heirs, legatees, devisees, administrators, executors, successors and assigns. The covenants and agreements of Borrower contained herein shall apply to and be binding upon any successor owner of the Mortgaged Estate or any part thereof. Section 6.18. Incorporation by Reference. The Loan Documents are incorporated in and made a part of this Mortgage by t n a event of any material conflict between the terms of this Mortgage and o the terms of this Mortgage shall control. Section 6.19. Com is a Lytle edit h rt ge. As long as a Bank other than SAI has outstanding Al to Let redit as such to is defined in the indenture), and Borrower's obligatio s u e t r a e A cement are secured by the Bank Documents, Borrow is o pli c it s c of the terms and conditions of Bank Documents with re a Pre be deemed to be full and complete compliance with the terms and con ' ions of ortgage with respect to the Mortgaged Premises, and no t of Default shall 1 er this Mortgage. [Re� ri of this page in y left blank.] Tip Ci g-c 01- 76%.4 32 N 0 .s�. N -►a 16B5 N IN WITNESS WHEREOF, Borrower has caused this Mortgage to be duly executed on the day and year set forth in the acknowledgement attached hereto and effective on the date first written above. STATE OF FLORIDA COUNTY OF Mkk- The foregoing in by Jack Bachmann, Pres partner of Saxon Manor on behalf of Saxon Di as identifical My Commission Expires: 0)•76%.4 ) ss. of SAXON MANOR ISLES APARTMENTS LINTED PARTNERSHIP By SAXON DEVELOPMENT 1, INC., its general partner i By fG� % �it lllc ( f ..cJ J Bachmann ident �0U b� een acknowledged n e , In iav OW MSSIOM 1 OCaNM EM*:' jo n. 1001 yam rw Tw to 06PAIN, uc this► tl y of I r O& �' 1998 ware corporation, the general irida limited partnership, and wn,to m r has produced N O .sue• b Lo N 00 EXHIBIT A LEGAL DESCRIPTION r� 01- 7696.4 T ,E ow h G 1685 '1 N O N 16B5 EXHIBIT-.. it A to PROPERTY DESCRIPTION A PO o ON OF THE EAST 1 RTHEA THE N COLLIER T 1 SE nON g E EAST 11/2 OF TH EAST. COU 4 OF E EAST i DESCRIEIEp qS FOLLOWS; FLORIDA ING k4 HIP 50 SOU �2 OF eEtNG ORE PARTICU 'RANGE 26 COMMENCE AT �.ARLY SOUTH THE NORTHEAST S 00-07'.54 NGE 26 EAST CORNER OF SECTION QUARTER W' AL{ N� FLOR DA 9 6 TOWNSHIP 50 POIN T pN TME S D 6. FOR THE NORTHEAST THENCE RUN 856); THENCE N LY RIGHT- OF- CE OF 9 41 F OF THE NOR W 59.41 FEET TO A OF 136.3 O F A 07 W.. LO E OF RADIO ROAD LAND ET TO THE OF A SEC pN G TME EAST LINE (C.R. HEREIN DE 6. FOR q DISTANCE THE EAST u E .0 o THE PARCEL OF FOR A DISTA C E N R 54 OF SAID SEC 1 QU W, ALONG LINE OF THE ENCE RUN , 0 s. , R w�F QUgR SECTION 6 DISTANCE 329. •EAST 9 QUARTER R CORNER HALF OF T TO THE SOU I '' ALONG THE SOUTH QUARTER THE EA T10N .FpR A OF SAID F OF THE EAST RNER OF THE EAST HALF ST LINE OF OF THE NORTHEAST q N. 00'07' OF 1254 Op F NORTHEAS E 22 E . ALONG 69.74 EET; THENCE RU EAST HALF OF THE FEET; THENCE RUN N S• 89'S2�AID SECTION EAST 10.00 FEET; THENCE RUN S' 00'07'g4 O6' E. FOR 6' FOR A DISTANCE 203.00 ENCE RUNS 89'52'06" E FORR A DISTANCETOFCE OF SS.p FEET; TH 0 FEET; THENCE RUN N. 00 U7 54' A DISTANCE OF 35.35 FEET- THENCE S' 89 52 06' E' FOR A OISTgN 82.78 FEET; THENCE RUN N. 00'07'54' E. FOR A DISTANCES OF 234.32 FEET; THENCE UN N. 89*52'06" FOR A DISTAN OF 76.24 FEET THENCEE RUN N 00.07' w• FOR A DISTANCE OF FEET' w 780.57 . THENCE RUN S. 89.52'06? E. FOR A DISTANCE OF 5.74 FEET; THENCE RU S. 00'07'54" W.FOR A DISTANCE OF 5 FEET TO THE N S. 89.5206. FOR DISTANCE of E. FOR A DISTANCE OF Page 1 Of 2 N 0 i� w 0 A.PORTI-N OF T►'E EAST 1/2 or T4E r.AST 1/l ;;F 'H: I A$l �i2 C% THE NORTHEAST 1/4 OF SECTION 6. TOWNSHIP 50 SOUTH, RANGE 26 EAST. COLLIER COUNTY. rLORICA. BEIN3 ADORE PAR!ICU;AR0 'ESCR19ED As ro"o ss: CCMMENCE AT THE NORTHEAST CORNER OF SECTION 6. TOWNSHIP 50 SOUTH. RANGE 26 EAST. COLLIER COUNTY. FLORIDA; THENCE RUN S. 00'07'54' W.. ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 6. FOR A DISTANCE OF 59.4• FEET TO A POINT ON THE SOUTHERLY RIGHT -OF -WAY UNE OF RADIO ROAD (C.R..856). AND THE POINT OF BEGINNING OF THE PARCEL OF LAND HEREIN DESCRIBED: THENCE CONTINUE S. 00'07'54' W.. ALONG THE EAST LINE OF THE NORTHEAST OUARTER OF SAID SECTION 5. FOR A DISTANCE OF 1353.79 FEET; THENCE RUN N. 89'32'06' W. FOR A DISTANCE OF 75.75 FEET; THENCE RUN N. 00107'54' E.. FOR A DISTANCE OF 59.24 FEET; THENCE RUN N. 89'52'06" W.. FOR A DISTANCE OF 180.57 FEET. THENCE RUN S. 00'07'22' W.. FOR A DISTANCE OF 75.24 FEET; THENCE RUN S. 89'52'06' E.. FOR A DISTANCE OF 234.32 FEET: THENCE RUN S. 00'07'54' W.. FOR A DISTANCE OF 82.78 FEET; THENCE RUN N. 89'52'06' W.. FOR A DISTANCE OF 35.35 FEET. THENCE RUN S. 00'07'54' W., FOR A Di AID OF 55.00 FEET: THENCE RUN N. 89'52'06" W.. FO A 6 03.00 FEET; THENCE RUN N. 00*07'54' E.. F ' 0 FEET; THENCE RUN N. 89'52'06' W tSTANCE FEET TO A POINT ON THE WE _ OF THE EAST 1/2 E EAST 1/2 OF THE EAST 1/2 OF TH 6I ST 1/4 OF SA S TION 6; THENCE RUN N. 00"37'2 E. A E OF THE EAST 1/2 Of THE EAST 1/2 THE T OF E N THE ST 1/4 OF SAID SECTION 6. FO A A OINT ON THE SOUTHERLY RIC T— W N R 1 O E SAME BEING A POINT ON A Cl C WL A S R OSE RADIUS POINT BEARS S n01 E FEET THEREFROM; TH RUN EASTERLY, A NG E ERLY RIGHT -OF- WAY LINE OF RA OAD AND ALONG C AID CURVE TO THE RIGHT, HAV1 ADIOS OF 14892. F E OUCH A CENTRAL ANGLE '16". SUBTENDED RD OF 330.38 FEET AT A BEARIN . 9'02'09' E., F STANCC OF 330.39 FEET TO THE I1 PAGE 2 of 2 O av 0 .s�. b C3 w C h 0 R .0 c h Cl 0 MAP. ? i. 19 °P; Y ! ?PTd Ktt, Af: Pty "E: 01dAHA !: . 1685 EXHIBIT B 1. Easement in favor of Collier Cowin, recorded in OR Book 1687, page 210, Public Records of Collier County, Florida, as shown on the Survey by Hole, Montes & associates dated 1130196. 2. Polling Place Agreement recorded in OR Book 1848, page 659, Public Records of Collier County, Florida. 3. Agreement Authorizing Affordable Housing Density Bonus and Imposing Covenants and Restrictions on Real Property recorded in OR Book 1935, page 296, as modified by that certain Agreement Regarding Covenants, Conditions and Restrictions on Real Property recorded in OR Book 2164, page 267, Public Records of Collier County, Flonda. 4. Utility Easement recorded in OR Book :467, page 1551, Public Records of Collier County, Florida, as shown oil the Survey by Hole, Montes & Associates dated 1/30/96 and as modified by Quit Claim Deed recorded in QRZook.2225, page 935, Public Records of Collier County. Florida. �'VJ�R co T 5. Easement in favor of F over & Light Com orded in OR Book 615, page 1945, and OR Book 159 13, p e 9 Records of Collt Co nty, Florida, as shown on the survey by Hole, Montes & iat ted 17�'^iT7+474�`1 6. Permanent Access t o i ag 362, Public Records of Collier County, Florida. 7. Easement in favor 'da Power & Light pay ed in OR Book 2220, page 680, Public Records of Coll nty, Florida. 0 • - C N 8. Agreement regarding Co `= 'onditioins � ' tioc>s on Real Property recorded ° in OR Book 2164, page 267, Publi tc y, Florida. .ate b G7 9. Land Use Restrictions dated March 1. 1996, recorded in OR Book 2164, page 335, Public Records of Collier County, Florida. 6--b w 10. Resolution providing for Assessment of Lien recorded in OR Book 2198, page 1351, N Public Records of Collier County, Florida. IL Agreement for Deferral of Collier County Impact Fees recorded in OR Book 2214, page 1840, Public Records of Collier County, Florida. 12. Bill of Sale. Easement for Water Sewer Utilities and Utility Facilities Warranty Deed in favor of Collier County recorded in OR Book 2283, pages 938, 942, and 946, respectively, Public Records of Collier County, Florida. DI-257P6.1 4 :14 Pfd KUT AK POCK. OMAHA 13. Extended Low.Ineome Housing Agreement dated August 11, 1997, recorded iti OR Book 2341, page 569, as amended in OR Book 2358, page 839, Public Records of Collier County, Florida. r� 01- 25796.1 0 O�KE CIEZC�`,C G 30 so Spa7°0 N O .ia w 30 1» 30 Recording Requested By And When Recorded Return To: KUTAK ROCK 1650 Farnam Street Omaha, NE 68102 Attention: Walter L. Griffiths, Esq. 40 S ,f 1 01 -7695.4 16 6 5p 4 2300555 OR: 2404 PG; 194 UCom10 is 01IICIIL UComs of CoUlu CUM, It 14112191 at 19:31M KIM 1. 110C[, CUU UC 11! 44.51 eru: MI0111t ?Iva !ICI it ASSIGNMENT OF RENTS AND LEASES by y�ER COLT SAXON MANOR �TME ED PARTNERSHIP i as Borrower BAK/0 W as T IN rust C I Relating to Saxon Manor Isles Project Collier County, Florida 1685 � ASSIGNMENT OF RENTS AND LEASES THIS ASSIGNMENT OF RENTS AND LEASES (this "Assigrunent ") is dated as of March 1, 1998 by the undersigned borrower, SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP, which is a limited partnership organized under the laws of the State of Florida ( "Borrower"), to THE BANK OF NEW YORK ( "Bond Trustee "). PRELIMINARY STATEMENTS The Housing Finance Authority of Collier County, Florida ( "Issuer ") has determined to issue its [$6,345,000] Multifamily Housing Revenue Refunding Bonds, Series 1998A, (Saxon Manor Isles Project), its [$450,000] Taxable Multifamily Housing Revenue Refunding Bonds, Series 1998A, Subseries 2 (Saxon Manor Isles Project) and its [$6,400,000] Multifamily Housing Revenue Bonds, Series 1998B (Saxon Manor Isles Project) (collectively, the "Bonds ") in aggregate principal amount of [$13,195,000] pursuant to a Trust Indenture dated as of March 1, 1998 (the "Indenture) between Issuer and Bond Trustee for the purpose of making a loan of [$13,195,000] of the proceedson#sM ower (the "Loan ") pursuant to a Loan Agreement dated as of the date he Issas ower (the "Loan Agreement "). Pursuant to the Loan ent Borrower will repa the oan pursuant to a Promissory Note (the "Note ") in the ag eg e t ,000] xec ted by Borrower evidencing Borrower's obligation to re ay e, LQ p. ^, Pursuant to the Ind n su ill i d" a as security for the Bonds, the Note and the securit t ly is rights under the Loan Agreement. C:) Financial Security Ass c. ( "Financial Sec Dill issue its Financial Guaranty N Insurance Policy (the Policy) t stee with a Bonds. .sue To induce Financial Security icy, Issuer and Borrower have given Financial Security certain rights under the documents relating to the Loan and the Bonds, including this Assignment (the "Transaction Documents'). �o Borrower executed and delivered that certain Mortgage, Assignment of Rents and Security Agreement, dated as of March 1, 1998 (the "Mortgage'), to Bond Trustee encumbering the real property described on Exhibit A hereto (the "Property "). To further secure the Secured Obligations as defined in and secured by the Mortgage, Issuer has requested Borrower, and Borrower desires to, provide this Assignment. 01.7693.0 2 1685 II AGREEMENT NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower agrees as follows: 1. DeQnitlons. Capitalized terms used herein shall have the respective meanings given them in the Mortgage, unless otherwise defined herein. 2. Assignment; Certain Rights of Borrower. To further secure the prompt payment and performance of the Secured Obligations, Borrower hereby assigns, transfers, conveys and sets over to Bond Trustee all of Borrower's estate, right, title and interest in, to and under all leases or other occupancy agreements, whether existing on the date hereof or hereafter entered into (including any extensions, modifications or amendments thereto), relating to the Property (collectively, the "Leases "), together with all rights, powers, privileges, options and other benefits of Borrower as the lessor under the Leases regarding the current tenants and any future tenants, and all the rents, revenues, profits and income from the Mortgaged Estate. Borrower irrevocably appoints Bond T lawful attorney -in -fact, at any time and from time to time upon being give emnification therefor, as it may be directed by the Controlling P e possession ntrol of the Mortgaged Estate, pursuant to Borrower's rights as sor under the Leases, d t demand, receive and enforce payment, to give receipts, re as e tis to sue, 'n t e name of Borrower or Bond Trustee, for all of the rents, eve ues ro r ncom thereo It is intended by Borrower and Bond Trustee that this A si t ti s si ent and not merely an assignment for additional e c r ' n ve b Borrower to execute and deliver this Assignment an tai rest t rein is legally sufficient and will provide a direct econo nefit to Borrower. ox Notwithstanding the f , however, so Ion tag, vent of Default has occurred, e" Borrower shall have a revocable ' e o possess and a Mortgaged Estate and collect o and receive all rents (but not more ce), revenues, profits and income. `" Upon the occurrence of an Event of De a shall be automatically revoked. Upon the occurrence of any Event of Default, Bond Trustee may, with consent of Controlling Party and shall at the written direction of Controlling Party upon being given rn reasonably satisfactory indemnification therefor, at any time, either in person, by agent or by a court- appointed receiver, enter upon and take possession and control of the Mortgaged Estate, or any part thereof, to perform all acts necessary and appropriate to operate and maintain the Mortgaged Estate including, but not limited to, execute, cancel or modify the Leases, make repairs to the Mortgaged Estate, execute contracts providing for the management or maintenance of the Mortgaged Estate, all on such teams as are deemed best to protect the security of this Assignment, and in Bond Trustee's or Borrower's name, sue for or otherwise collect such rents, revenues, profits and income from the Mortgaged Estate as specified in this Assignment as the same become due and payable, including, but not limited to, rents then due and unpaid. Upon the occurrence of any Event of Default, all rents collected shall immediately be held by Borrower as trustee for the benefit of Bond Trustee only, subject to the provisions of the 01- 7693.4 1685 Indenture. Borrower agrees that commencing upon the occurrence of any Event of Default, each tenant of the Mortgaged Estate shall make its rent payable to and pay such rent to Bond Trustee (or Bond Trustee's agents) on Bond Trustee's written demand therefor, delivered to such tenant personally, by mail, or by delivering such demand to each rental unit, without any liability on the part of said tenant to inquire further as to the existence of an Event of Default by Borrower. In the event Bond Trustee elects to seek the appointment of a receiver for the Mortgaged Estate upon the occurrence of an Event of Default, Borrower hereby expressly consents to the appointment of such receiver and waives any requirement for a receiver's bond or other surety that may otherwise be required for appointment of a receiver. Bond Trustee or the receiver, with the prior written consent of the Controlling Party, shall be entitled to receive a reasonable fee for so managing the Mortgaged Estate, which fee shall not be in excess of the fees paid to the most recent manager for the Property. All rents, revenues, profits and income collected subsequent to the occurrence of any Event of Default shall be applied less cost and expenses of operation and collection, including attorneys' fees to the Secured Obligations in der Controlling Party shall direct in writing. Bond Trustee, Controlling Party or ea %, ccess to the books and records used in the operation and maintenance gag hall be liable to account only for those rents actually received. rustee shall not be 1 to Borrower, anyone claiming under or through Borrower o any an interest in a ortgaged Estate by reason of anything done or left undone y on t'ttsee 1,}ee n et If the rents, revenue , p o meet the costs, if any, of t se 'o and collecting the same, an pen indebtedness of Borrower t er and Bond ' Mortgage. Such amounts sh . immediately Borrower requesting payment rovided, any other Financing Document sh kgei4 Estate are not sufficient to , RR gins the Mortgaged Estate ¢t uch purposes shall become LtYv this Assignment and the ) otice from Bond Trustee to othing contained herein or in expend its own funds. CIE CI�ti`'" Any entering upon and taking posse control of the Mortgaged Estate by Bond Trustee, Controlling Party or the receiver and any application of rents, revenues, profits and income as provided herein shall not cure or waive any default hereunder or invalidate any other right or remedy of Bond Trustee or Controlling Party under applicable law or provided therein. Borrower hereby represents and agrees that it is and will be the sole owner of the entire landlord's interest (or lessee's or lessor's interest in the case of Leases with respect to which Borrower is the lessee or lessor, as applicable) in all existing Leases, that Borrower has not executed any prior assignment of said Leases or rents, revenues, profits and income other than to the Bank or the Issuer, that Borrower has not performed, and will not perform, any acts, and has not executed, and will not execute, any instrument that would prevent Bond Trustee from exercising its rights under this Assignment, and that at the time of execution of this Assignment there has been no anticipation or prepayment of any of the rents of the Mortgaged Estate for more than one month prior to the due dates of such rents. 01.7695.4 4 0 �o N .si 0 c w 0 16B5 A 3. Certain Agreements of Borrower. Borrower hereby agrees as follows: (a) If any of the Leases provide for a security deposit paid by the tenant thereunder to Borrower, this Assignment shall transfer to Bond Trustee all of Borrower's right, title and interest in and to such security deposits subject to the Bank Documents; provided that, Borrower shall have the right to retain such security deposits so long as no Event of Default shall have occurred; and provided further that Bond Trustee shall have no obligation to any such tenant with respect to such security deposits unless and until Bond Trustee comes into actual possession and accepts control of such security deposits by notice to such tenant, but in any such event, Bond Trustee shall be entitled to the protection of Section 3(0 hereof. (b) Except to the Bank and as permitted by the Intercreditor Agreement, or to the Issuer but subordinate to this Assignment, Borrower shall not execute any further assignment of any rent or any interest therein or suffer or permit any such assignment to occur by operation of law; (c) Except to the with the prior written co not request, consent to, deed of trust or othe enc Mortgaged Estate or any pay sublease; (d) Bo e lessor or landlord Bond Trustee, any i the Leases. If reques e¢ remedies available to by the tenant thereunder; or accept a subottd tacer ors or u other �eteo ,—s fne or or proceeding aris fL t Controlling Party�i o r against the lessee by the Intercreditor Agreement, or d Credit Enhancer, Borrower shall of any Lease to any mortgage, -e, ow or hereafter affecting the nit onversion of any Lease to a urge all obligations of the in and defend, at no cost to any manner connected with 11 enforce any Lease and all of default under such Lease (e) Upon the request or56nd--T1aee, Controlling Party or Credit Enhancer, Borrower shall promptly provide to Bond Trustee or Controlling Party a true and correct copy of all existing Leases; and (f) Nothing herein shall be construed to constitute Bond Trustee or Controlling Party as a "mortgagee in possession" in the absence of its taking of actual possession of the Mortgaged Estate pursuant to the powers granted herein, or to impose any liability or obligation on Bond Trustee or Controlling Party under or with respect to the Leases. Borrower shall and hereby agrees to indemnify and hold Issuer, Controlling Party, Credit Enhancer and Bond Trustee harmless from and against any and all liabilities, losses and damages that Issuer, Controlling Party, Credit Enhancer or Bond Trustee may incur under the Leases or by reason of this Assignment, and of and from any and all claims and demands whatsoever that may be asserted against Issuer, Controlling Party, Credit Enhancer or Bond Trustee by reason of any alleged obligations to be performed or discharged by Issuer, Controlling Party, Credit Enhancer or Bond Trustee under the Leases or this Assignment. Should Issuer, Controlling Party, Credit Enhancer 01.7695.4 5 N 0 b G7 .-r �v w c= 1685 4 or Bond Trustee incur any liability, loss or damage under the Leases or under or by reason of this Assignment, Borrower shall immediately upon demand reimburse Issuer, Controlling Party, Credit Enhancer or Bond Trustee, as applicable for the amount thereof together with all costs and expenses and reasonable attorneys' fees incurred by Issuer, Controlling Party or Bond Trustee. Any rent collected by Bond Trustee may be applied by Bond Trustee, with the written consent of the Controlling Parry, in satisfaction of any such liability, loss, damage, claim, demand, costs, expense or fees. 4. Event of Default. The following shall constitute an Event of Default hereunder: (a) the occurrence of an "Event of Default" under the Note, the Loan Agreement, the Mortgage or any other Loan Document; (b) any representation or warranty made by Borrower in this Assignment is or becomes materially incorrect or untrue; or (c) the breach of any agreement by Borrower under this Assignment and such failure shall not have been c s after written notice from the Bond Trustee, the Controlling P r of such failure, provided that, if such failure shall be of that it cannot be ithin 30 days, such failure shall not constitute an Eve o ereunder if withi suc 30 -day period Borrower shall have given notice t i fling art of the corrective action it proposes to take, a C ti i wri ' g to be satisfactory to the Controlling Party, d e s tiv action diligently until such default is cured. S. Additional and Remedies o on If an Event of Default o occurs, Bond Trustee shall a following righ r , all of which are cumulative, �•° in addition to all other rights edies provided un f the Loan Documents, or any e.a other agreement between Borro and Trust ing Party or Credit Enhancer, or otherwise available at law or in eqw 1 bob (a) Bond Trustee shall be deemed to be the creditor of each tenant in respect of any assignments for the benefit of creditors and any bankruptcy, arrangement, w reorganization, insolvency, dissolution, receivership or other debtor -relief proceedings o affecting the tenant (without obligation on the part of Bond Trustee, however, to file timely claims in such proceedings or otherwise pursue creditor's rights therein); and (b) Bond Trustee shall have the right to assign Borrower's right, title and interest under this Assignment in any of the Leases to any subsequent holder of the Note or any participating interest therein or to any person acquiring title to the Mortgaged Estate or any part thereof through foreclosure or otherwise. Any subsequent assignee shall have all the rights and powers herein provided to Bond Trustee. 6. Additional Security. Bond Trustee shall, upon the written direction of the Controlling Party, take or release other security for the payment of the indebtedness secured hereby, release any party primarily or secondarily liable therefor and apply any other security 01.7695.4 6 16B5 held by it to the satisfaction of such indebtedness, without prejudice to any of its rights under this Assignment. 7. Absolute Assignment; Release. The assignment made hereby is an absolute and unconditional assignment of rights only, and not a delegation of duties. The execution and delivery hereof shall not in any way impair or diminish the obligations of Borrower under the provisions of each and every Lease nor shall any of the obligations contained in the Leases be imposed upon Bond Trustee. The assignment contained herein and all rights herein assigned to Bond Trustee shall cease and terminate as to all Leases: (a) upon the payment and satisfaction of all Secured Obligations; or (b) upon the release of the Mortgaged Estate subject to such Lease from the lien of the Mortgage covering such Mortgaged Estate pursuant to the provisions of such Mortgage. It is expressly understood that no judgment or decree that may be entered on any debt secured or intended to be secured by s shall operate to abrogate or lessen the effect of this Assignment, but in full force and effect as herein provided. The provisions of ent shall also full force and effect during the pendency of any proceedings or foreclosure and/or sal of Mortgaged Estate, or any part thereof, both before and aft sal , e t a dee t to a decree of foreclosure and/or sale, unless all in bt s „an t tions videnc d secured hereby are fully satisfied pursuant to In the event that th] upon the written request 1 releasing such Lease from Lease assigned hereby. n t Lease, Bond Trustee shall, ver, o rro er trument in recordable form ignm rc lq orrower the rights as to such C 8. Effect on Rights a- nts. Nothing contained in this Assignment and no act done or omitt � e or Controlling Party pursuant to the powers and rights granted it hereunder shall be deemed to be a waiver by Bond Trustee or Controlling Party of its rights and remedies under the Loan Documents, and this Assignment is made and accepted without prejudice to any of the rights and remedies possessed by Bond Trustee or Controlling Party under the terms of the Loan Documents. The right of Controlling Party and Bond Trustee to collect the indebtedness secured hereby and to enforce any other security therefor held by it may be exercised by Controlling Parry or Bond Trustee either prior to, simultaneously with, or subsequent to any action taken by it hereunder. This Assignment is intended to be supplementary to and not in substitution for or in derogation of any assignment of rents contained in the Mortgage or in any other document. In the event the teams of this Assignment of Rents and the separate assignment of rents contained in the Mortgage conflict, the terms of this Assignment of Rents shall supersede the terms of the separate assignment of rents contained in the Mortgage. 9. Further Assurances. Borrower hereby agrees that it shall, whenever and as often as it shall be requested to do so by Issuer, Controlling Party or Bond Trustee, execute, 01- 7695.4 7 N bob O .is .ss O 16B5 acknowledge and deliver, or cause to be executed, acknowledged, and delivered, any and all such further conveyances, approvals, consents, memorand� io the bra matter «�cf m$y be any originals hereof, and waca carry all Other out thedcerms of tibia Assignment necessary or appropriate No Waiver. A waiver by Bond Trustee or Controlling Part' of any of its rights 1 b, agreements wntained hereunder or under the Leases °shall not be construed as covenants ofsuch rights in any herein to be performed by Borrower agreements, succeeding instance or of any succeeding breach of the same or other covenants, ee restrictions or conditions. 11. Marshaling. Notwithstanding the existence of any other securi winterest h h written Mortgaged Estate held by Bond Trustee the right to determine the order in which any of the consent of Controlling Party, shall h Mortgaged 'Estate or any part thercof shall be subjected n h h o remedies emiine the o�lydcc in which any Trustee, as directed by Controlling Party, shall have g or all portions of the indebt ruby are satisfied from the proceeds realized upon the exercise of the rem O p� �01 , �,, d consents, approvals or communications 12, lvoti 1 notices, demands, r required under the As gent c in writin and hall be deemed to have been properly given if sent by delivery, el y, ov might o 'er, or certified mail, postage prepaid, addressed to the art' ° ' If to Saxo�l OS ko�� Naples` , Inc. j Bachmann (941) 417 -4371 : (941) 417.1378 (call first) with copies to: Rosenblum, Goidenhursh et al Fourth Floor 7733 Forsyth St. Louis, MO 63105 Attention: Michael X Markensen, Esq• Telephone: (314) 726 -6868 Facsimile: (314) 726 -6786 of 1,645.+ 0 N 0 0-& «is 1685 °# If to Bond Trustee: The Bank of New York, c/o The Bank of New York Trust Company of Florida, N.A. Corporate Trust Division 10161 Centurion Parkway Jacksonville, FL 33256 Telephone: (904) 645 -1989 Facsimile: (904) 645 -1998 If to the Controlling Party: SunAmerica, Inc. One SunAmerica Center Los Angeles, CA 90067 -6022 Attention: Michael L. Fowler Telephone: (310) 772 -6000 Facsimile: (310) 772 -6179 With copies to: Bro (� arber & Strickland P.C. LT eventeenth enver. CO 80202 If to Credit Enhanc 350 Park Avew j ttw York, NY ention. SW lcphonc:(21 518 529 or to such other addresses as are designated by notice pursuant to this Section. 13. Subordination to Bank Documents. This Assignment shall be subordinate to the lien of the Bank Documents and, so long as no Bank Default (as defined in the Intercreditor Agreement) occurs, this Assignment shall remain so subordinate. 14. Counterparts. This Assignment may be executed in two or more counterparts and shall be deemed to have become effective when and only when one or more of such counterparts shall have been signed by or on behalf of each of the parties hereto, although it shall not be necessary that any signed counterpart be signed by or on behalf of each of the parties hereto, and all such counterparts shall be deemed to constitute but one and the same instrument. 15. Governing Law; Severability. This Assignment shall be governed by and construed under the laws of the State of Florida. In case any of the provisions of this Assignment shall at any time be held by a court of competent jurisdiction to be illegal, invalid, or 01-7695.4 9 0 av N .s+. 0 .sue .-p .s+• N 16B5 W unenforceable for any reason, such illegality, invalidity or unenforceability shall not affect the remaining provisions of this Assignment, and this Assignment shall be construed and enforced as if all such illegal, invalid or unenforceable provisions had never been inserted herein. 16. Modification. This Assignment may not be modified except by a written amendment signed by Borrower and Bond Trustee and approved by the Controlling Party. 17. Security Deposits, Bond Trustee has not received or been transferred any security deposits with respect to any Lease. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] �I�R cOU CCU 0 FINE CtiRC�I 01.7695,4 10 N bow 0 .f. c� .o. 4 NJ 16851 IN WITNESS WHEREOF, Borrower has executed this Assignment on the date set forth in the acknowledgement attached hereto and effective as of the date first above written. SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP By Saxon Development I, Inc. its general partner B y J achmann fires' ent STATE OF FLORIDA. ` ) n,,, COUNTY OF W } The foregoing instrument 1998 by Jack Bachmann, Pres' axon Devel general partner of Saxon ales Apartments partnership, and on behalf S o ve produced id tificatio No 1� T My commission expires: E C1R F iwy 22,1001 Imft 01- 7695.4 re me this.3 day of , Inc.. a Missouri corporation, the lorida limited known to r has 0 ry «a. 0 .sb c �o EXSIBIT A LEGAL DESCRIPTION G�lER CCU r� 01- 769!.1 4Y I iG 16B54 N Q boa �O V7 1665 b E A PORTION OF PROPERTY DESCRIP1i0N THE NORTHEAST niE EAST 1/2 OF THE EAST. OUNTOF CTION S. TOWN T 1/2 OF DESCRIBED ER THE EAST AS FOLLOWS: FLORIDA. �ORIDA 8EING MpR 50 SOUTH RANGE 26 F COMMENCE AT E PARTICULARLY TME NOR SOUTH, RANGE 28 Eg RTHEAST CORNER OF. S' 00'07'54" SECTION 6 QUARTER OF TO POINT ON 'THE SAID L UN of E N - THENCEVRUN 50 856); THENCE THEAST LY RIGHT-OF- NCE OF 59.41 OF THE NOR Eq NUE S. 00'07'54" Y NE RADIO FEET TQ A OF 1363.79 W. AL NG ROAD iC•R. LAND HERE! ET T 10 SE TIO THE EAST LINE THE EAST LI E 6' FOR A DISTANCE FOR A DIST • C OF THE PARCEL OF C S. 0'07 54 OF SAID SEC 1 0 p SAID SECTION ALONG LINE OF TME R 6 DISTANCE 329 TMEAST QUARTER 89 g QUARTER CORNER HALF OF ET TO S 1 , '� W. ALONG THE SOUTH QUARTER pFE THE SOU 710N 6. FOR A SAI ALFN OF • TME EAST OFRH E F THE EAST HALF• of TME N OF TME ORTIIEAST ORTME N. 00'0722 OF 1254, 00 FEET. E EAST HALF E•• ALONG 69.74 FEET• THENCE RUN S, SAID SECTION 6, FOR E EAST 10.00 FEET, THENCE RUN 89.5 ?06" E. FpR A DISTANCE 203.00 EET; THE RUN S• 89 '07'54" W FOR A DISTANCE FEET; THENCE N. 00,Oi 6 A OISTANC OF 55.00 FEET; THENCE RUN S. E. FOR A DISTANCE OF 35.35 FEET; THENCE 89'52'06 0 E' FOR A DISTANCE F 82.78 FEET; TMENCE RUN N. 00.07'54' E FOR A DISTANCE OFF 76-24 FEET T RUN N 89'52'06" E. FOR A DISTANCE OF THENCE RUN 00'07' W. FOR A DISTANCE OF 180.57 FEET THENCE RUN S, 89.52'06? E L. FOR A DISTANCE OF 59.24 FEET; " TMENCE RUN S. 00'07'54" R 75.75 FEET' RUN A DISTANCE OF EET TT THE S. 89.52.06" EWFpRR A DISTANCE OF A DISTANCE OF Page 1 Of 2 N .ia 0 .a s+• v, m PAGE 2 of 2 b �o .ate s� 16B5 A .PORTION OF TOTE E 4ST 1/2 Jr THE r A5T 1/2 GF 1 i AST i 2 Cl, THE NORTHEAST 1/4 OF SECTION 6, TOWNSHIP 90 SOUTH, RA1IGE 26 EAST. COLLIER COUNTY, rLORICA. 6EINS MORE PARTICU:ARt.Y :ESCR19ED AS f0..:0ws: CCMMENCE AT THE NORi1irAST CORNER OF SECTION 6. _ TOWNSHIP 50 SOUTH. RANGE 26 EAST, COLLIER COUNTY. FLCRIOA; THENCE RUN S. 00'07034 W.. ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 6. FOR A DISTANCE OF 99.41 FEET TO A POINT ON THE SOUTHERLY RIGHT -OF -WAY LINE OF RADIO ROAD (C.R..858). AND THE POINT AF BEGINNING OF THE PARCEL OF LAND HEREIN DESCRIBED; THENCE CONTINUE S. 00'070540 W.. ALONC THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 6. FOR A DISTANCE OF 1363.79 FEET; THENCE RUN N. 89'32'06' W. FOR A DISTANCE OF 73.73 FEET; THENCE RUN N. 00'07'54' E.. FOR A O:STANCE OF 59.24 FEET; THENCE RUN N. 89'32'06' W.. FOR A DISTANCE OF 180.57 FEET; THENCE RUN S. 00'07'22' W., FOR A DISTANCE OF 76.24 FEET; THENCE RUN S. 89'52'06' L. FOR A DISTANCE OF 234.32 FEET; THENCE RUN S. 00107'54' W.. FOR A DISTANCE OF 82.78 FEET; THENCE RUN N. 89'52'06' W.. FOR A DISTANCE OF 35.35 FEET; THENCE RUN S. GO-07 -540 W., FOR OF 55.00 FEET; THENCE , RUN N. 89'52'06' W.. F 03.00 FEET; THENCE _ RUN N. 00'07'54' E. R 0 FEET: THENCE RUN N. 89'52'06' A DISTANCE FEET TO A POINT ON THE E OF THE EAST 1/2 E EAST 1/2 OF F THE EAST 1/2 AST 1/4 OF SA TION 6; THENCE RUN N. 00'07'2 " NE OF TH EAST 1/2 OF THE EAST /2 E 1 TH ST 1/4 OF SAID SECTION 6. FO A A OINT ON THE SOUTHERLY RI T w N TH SALVE BE!NG A ,G POINT ON A S ER OSE RADIUS ,♦ POINT BEARS I E FEET THEREFROM: T RUN EASTERLY. G E THERLY RIGHT —OF- WAY LINE OF R OAO AND ALONG AID CURVE TO 7v THE RIGHT, HAVI ADIUS OF 1489. ROUGH A CENTRAL ANGLE 0 '16', SUBTENDED ORD OF 330.38 ev FEET AT A SEARIN '02'09' E. ISTANCC OF o 330.39 FEET TO THE .ss PAGE 2 of 2 b �o .ate s� Reue �. r'•r•ra,r N 1 1 NOTE: This Is a two pail form Send both pails to the Department of State for tiling n a copy of this form Is needed prior to filing, make p l 1 t ds _IMP_ORT_ANT: Read instructions on back before filling out form. 811= - - - - - -- - - - - -- -- — — -- — - - --�- STATE OF FLORIDA UNIFORM COMMERCIAL GQQA FINANCING STATEMENT FORM UCC -t (REV. 1993) Zks TMs lament is presented to a tiling ofheer for tiling pursuant to the Uniform Commbrciai Coos st an v Ia. Date or FEW I % SAXON MANOIWAPARTMENTS LIMITED PARTNERSHIP tb. toting Address �n1 tc. City, Stele 105 Manor Boulevard Naples, FL L Additional Debtor or Trade Maine (Lag Nenre First It an individuoi) Mo&q Address 2c. city, stab Id. Zip Code 33904 2a DeN of Birth or FEW 2d. Zip Code Segued party (Last Now First If an Indlviduei) THE BANK OF NEW YORK, AS TRUSTEE tiMkq o he a k of Ne Yo €kDjrya 3 �, ftm x. Zip Code n AAddod�nes.ssFTf4?i a, oYporate Yrus v s ion',* on, 33256 �$f 6enturion Zhway, Jacksonville, FL AiRihii d tGctred gouty (Leaf Hisao Fiat 0 an Individual) Malin Address "6. $tai - k. Zip Code $taleatertl txt►vera Iris fro fow�r� types or home or property (Include demotion ofreil propsii�i on wFtk� locabd end owrrr of record when Ban spaoa is rafltdlad, atglNt addNlonN slier is)). Legal Description — See Description of Collater if I X �. b d i. Cheek only it Applicable: IM Products of collateral are Exhibit "B" El 1. Cheek appropriaW box: 1 AN documentary stamp taxes due end o'& (Ore box mud be marked) A Florida Docwrrsntsry Stamp Tex is not required. 1. inaocordtos with s. 679,102(2►, F.S., this statarrent Is Hied wfthout the Debtor's signature to pallet a security kNerest in collowel: 7 sheady subject to a security InNnst in anoMsr jurisdiction when it was brought Into tMs stab or deblor's location charged to this stale. 7 all is proceeds of the original collateral described above In which a security interest was Palso covered. i Debtor is transrrtitting utility. due and payable pursuant to a. 201.22 F.S., have been paid. 9. Number of additional shoots presented: __ This Space for Use of Filing Offim t» h ne filing has lapsed. Dole filed and previous 2300556 OR: 2404 PG: 1948 UCC l fat nrrrrber 7 eto**W after • cdwrpe of name, ideru+ry, —or coiporsle stnu;tu a of the debtor. 0000 1s O"Iclu UCOtD3 of colun cm, it � . 0II12111 at 1l:IllN MICR 1. IIOCt, c111L It aion:w►:(.► o+ D.bt«f.) sue rU 24.10 ale feu: �• ,,Q MIMIT TITU FK - . s a !�• , fret it f PA*x t copy to: Nacre Walter L. Griffiths Address Kutak Rock Address 1650 Farnam Street Omaha, NE 68102 1685 c4 EXHIBIT TO A TO FINANCING STATEMENT (PAGE 1) DESCRIPTION OF REAL ESTATE PROPERTY DESCRIPTION A PORTION OF THE EAST 1/2 OF THE EAST 1/2 OF THE EAST 1/2 OF THE NORTHEAST 1/4 OF SECTION 6. TOWNSHIP 50 SOUTH, RANGE: 26 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIDEO AS FOLLOWS: COMMENCE AT THE NOR ER OF SECTION 6. TOWNSHIP 50 SOUTH, RANGE 26 E FLORIDA; THENCE RUN S. 00'07'54" " A THE NORTHEAST QUARTER OF SAI ON 6, FOR AA CE OF 59.41 FEET TO t. POINT ON 'THE O ERLY RIGHT -OF -WA LI E OF RADIO ROAD (C.R. 856); THENCE 0 A7: LO G THE EAST LINE OF THE NOR EA T A F SAI lic O 6, FOR A DISTANCE OF 1363.79 F ET F THE PARCEL OF LAND HEREIN DE C 18 E E S. '07'54" W., ALONG THE EAST U R QU R L9 SAID SECTION 6, I.OR A DISTA 9 11 TO OUARTER CORNER OF SAID SEC 6; THENCE RUN 89 9' W., ALONG THE souTH LINE OF THE EAST QUARTER I C71ON 6. FOR A • - DISTANCE 329. T TO THE SOU RNER OF THE EAST ev HALF OF THE EA OF THE EAS A OF THE NORTHEAST QUARTER OF SAID N. 00'07'22' E.. ALONG THE WEST LINE. OF E EAST HALF OF THE EAST .b HALF OF DiE NORTHERS F SAID SECTION 6, FOR A DISTANCE. G? OF 1254.00 FEET; THENCE RUN S. 89'52'06" E. FOR A DISTANCE OF 69.74 FEET: THENCE RUN S. 00'07'54" W. FOR A DISTANCE: OF 10.00 FEET; THENCE RUN S. 89'5206" E. FOR A OISTANCE OF 203.00 FEET; THENCE RUN N. 00'07'54' E. FOR A OISTANCC OF `O 55.00 FEET; THENCE RUN S. 89'52'06" E. FOR A DISTANCE OF 35.35 FEET; THENCE RUN N. 00'07'54" E. FOR A DISTANCE OF 82.78 FEET; THENCE RUN N. 89052'06" W. FOR A DISTANCE OF 234.32 FEET; THENCE RUN N. 00'07'22' E. FOR A DISTANCE OF 76.24 FEET; THENCE RUN S. 89'52'06" E. FOR A DISTANCE OF ,80.57 FEET; THENCE RUN S. 00'07'54" W. FOR A DISf/1NCF Off' 19.24 FEET; THENCE RUN S. 89'52'06' E. FOR A DISTANCE 01- '5.15 FFFT TO THE P.QUI..4t~ii`.ijNMtVjQ. 1665 EXHIBIT TO A TO FINANCING STATEMENT (PAGE 2) DESCRIPTION OF REAL ESTATE A.PORTICV OF Tr£ E4ST '.,2 'c T64E rAtil %/2 ::F *Hi BAST 102 C: ET-1A1ST. CO's. ER COUN'Y` � ORTCA, 6eEI� A ORE PAR CU'.Ahy ACC 26 :ESCRISED AS T0....OAS; CCUMENCE AT THE NORTHEAST CORNER OF SECT'ON 4. TOWNSM1P SO SOUTH. RANGE 26 EAST. COLUCR COUNTY. FLCRIOA: THENCE RUN S. 00'07'5&' W.. ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SAID SECTION 6. FOR A DISTANCE OF Sl.a• FEET TO A POINT ON THC SOUTHERLY RIGHT_OF -WAY LINE OF RAINO ROAD (C.R..656). AND THE paNT OF afaWNa OF THE PARCEi. OF LAND HEREIN C • THENCE CONTINUE S. 00'5)7.54' W.. ALONG THE NORTHEAST QUARTER OF SAID SECTION 6. •3.74 IFFY: THENCE. RUN N. 89'52'06 01ST S fEET: THENCE RUN N. 0OV715 R A O:STANCE FEET: THENCE RUN W. 89.32' DISTANCE or FEET: THENCE RUN S. 00'07' 2 A OF 7 24 EFT; THENCE RUN S. 59'52 D6' E.. o AN 23 32 ET: T►IENCE RUN S. 00'0 54 S i ET: THENCE RUN N. 89'3 '06 A I ET; T1�ENCE IttJN S. GOOO S4 .; F A 3. ET: THENCE RUN N. 09.5 toy T: THENCE RUN N. 00'0 E.. FOR S RUN N. 89'0 Vii.. FOR A DISTAN OF 69. T TO A POINT ON THE T LINE OF THE E / E EAST 1/2 OF THE EAST 1/2 E NORTHEAST I/ CT10N 6: THENCE RUN N. 00'072 ONG THE WEST THE EAST 1/2 Of THE EAST 1/2 AST 1/2 T R ACAST 1 /ON ON SECTION 6. FOR A THE SOUTHERLY RIGHT —OF.- o ROAD. THE SAYE ICING A POINT ON A CIRCULAR CUR . Z AVE SOUTHERLY, WHOSE RADIUS POINT BEARS S. 01.35'x9' E. A DISTANCE OF 14092.73 FEET rKREFROY: THENCE RUN EASTERLY. ALONG THE SOUTHERLY R04T -OF- WAY I." OF RAM ROAD AND ALONG THE ARC OF SAID CURVE TO THE RIGHT. HAVOC A RADIUS OF 14092.73 FEET. THROUGH A CENTRAL A►:CLE OF 01'16'16'. SUOUNDEO OY A CHORD Of 330.30 FEET AT A REARING OF N. 89- 02'09' E.. FOR A DISTANCC OF 330.39 FEET TO THE POW DE OEGINNINC. N 0 ds ,..r v+ 0 1665 d EXHIBIT TO B TO FINANCING STATEMENT (PAGE 1) DESCRIPTION OF COLLATERAL Land, Rents and Derivative Interests The real property located in Collier County, State of Florida, described in Exhibit A attached hereto and by this reference incorporated herein (the "Property"); all rents, issues, profits, royalties, income and other benefits derived from the Property (collectively the "rents "); all estate, right, title and interest of Borrower in and to all leases or subleases covering the Property or any portion thereof now or hereafter existing or entered into, including, without limitation, all cash or security deposits, advance rentals and deposits or payments of similar nature; all right, title and interest of Borrower in and to all options to purchase or lease e t e Property or any portion thereof or interest therein, and any greater estate in the Property or hereafter acquired; all interests, estate or other claims, both in law and in equity, which Borrower now has or may hereafter acquire in the Property; all casements, rights -of -way and rights used in connection therewi a of access thereto, and all tenements, hereditaments and appurtenances b,T all water rights and shares of stock evidencing the same; all right, ' tnterest of Bo w owned or hereafter acquired, in and to any land lying wi ' th t-of -way of any s t, en or proposed, adjoining the Property and any and all s' ew e s and res f land adjacent to or used in connection with the Pro _ c, Any and all buil � and improvements ow r h er erected on the Property, including. but not limited t fixtures, attachm p s, equipment, machinery, and other articles attached to suc gs and improv provements'�; ©" 7E, CIR All right, title and interest of Bo to and to all tangible personal property now owned or hereafter acquired by Borrower and now or at any time hereafter located on or at the Property or used in connection therewith, including, but not limited to: all building materials stored on the Property, goods, machinery, tools, equipment (including fire sprinklers and alarm systems, air conditioning, heating and refrigerating equipment, equipment for electronic monitoring, entertainment, recreation, window or structural cleaning, maintenance, exclusion of vermin or insects, removal of dust, refuse or garbage and all other equipment of every kind), lobby and all other indoor and outdoor furniture (including tables, chairs, planters, desks, sofas, shelves, lockers and cabinets), wall beds, wall safes, furnishings, appliances (including dishwashers, garbage disposal units, refrigerators, fans, heaters, stoves, water heaters and incinerators), inventory, rugs, carpets and other floor coverings, draperies and drapery rods and brackets, awnings, window shades, venetian blinds, curtains, lamps, chandeliers and other lighting fixtures and maintenance and other supplies, other than such property owned by tenants of Borrower (the "Personal Property'7; N O cr 1685 I EXHIBIT TO B TO FINANCING STATEMENT (PAGE 2) DESCRIPTION OF COLLATERAL Intangibles All of Borrower's interest in and to all existing and future funds created under the Loan Agreement and the Indenture and all existing and future accounts, contract rights, general intangibles, files, books of account, agreements, permits, licenses and certificates necessary or desirable in connection with the acquisition, ownership, leasing, construction, operation, servicing or management of the Mortgaged Estate, whether now existing or entered into or obtained after the date hereof, all existing and future names under or by which the Mortgaged Estate or any portion thereof may at any time be operated or known, all rights to carry on business under any such names or an f, and all existing and future telephone numbers and listings, advertising trademarks and good will in any way relating to the Mortgaged Estat Trion th�� All the estate, int t, with respect to the pros o now has or may hereafter any and all awards made u lieu thereof, of the whole o p awards resulting from a ch Borrower hereby authorizes, consent of the Controlling Party, of Borrower, to adjust, COMPromi receipts and acquittances therefor. E�sia�s and Awards t d, including claims or demands e li ' e t r t thereto, which Borrower e g E b e, t the extent permitted Y aw , r Y proceeding or Purchase in sr ,g of the Mort E uding, without limitation, any o grade of s for severance damages, and and empowers 8 tee, at its option but with the I er's behalf of the successors or assigns 4= ,hod eive such proceeds and to give proper bomb �o v+ N 30 to STATE OF FLORIDA UNIFORM COMMERCIAL CODE FINANCING STATEMENT AMENDMENT FORM A. NAME A DAYTIME PHONE NUMBER OF CONTACT PERSON CAROLYN SNIDER (904) 359.8762 Narne After Filing Return To: Address CT CORPORATION Address 17 South High Street Columbus, OH 43215 vavvvry vans %pbA0 ays 0000 RICOIDID in 01PICUL RICORDS of COLLIIR CHM , IL 0312112003 it WSW MIGHT 1. BROCI, CURL RIC nl 21.50 COFIIS 6.00 Iota: 17l3CHIGGH ST IM PLOOR 16 B 5 COLMODS OR 43215 i IS. INITIAL FINANCING STATEMENT FILE NAJUU550 UK: i4lM 110- N l nla rrlrArv%. rNU J t A l tMtN l AMENUMENT is M be Ce PG.- 1948 FILED ON 04/02/199 [for record] (or recadM) m the REAL ESTATE RECORDS. L CURRENT RECORD INFORMATION -DEBTOR NAME -INSERT ONLY ONE DEBTOR NAME (2a OR 2b) 2L ORGANIZATION'S NAME SAXON MANOR ISLES APARTMENTS LIMBED PARTNERSHIP 2b. INDIVIDUAL'S LAST NAME FIRST NAME MIDDLE NAME SUFFIX CURRENT RECORD INFORMATION -SECURED PARTY NAME - INSERT ONLY ONE SECURED PARTY NAME 3a OR 3b 3L ORGANIZATION'S NAME THE BANK OF NEW YORK, AS TRUSTEE 3b. INDIVIDUAL'S LAST NAME I FIRST NAME I MIDDLE NAME r SUFFIX 1. TERMINATION: EtTutivenesa of the Financing Statennnf�We(4tjn t M1h respect to security interest(:) of the Secured" S. LN CONTINUATION: Etfectivatess of the Fin a identified above with sec ' intent() of the Secured Party authorizing 9b. INDIVIDUAL'S LAST NAME ,p6n&S06ment this Continuation Statement is corttmued for t am ded by amirgIc law. SUFFIX 6. ASSIGNMENT (full or partial): Give of s' in item address f assi item ;and also give name of assignor in Ilene 11. 7. AMENDMENT (PARTY RNFORMA : Th NJ Party of record. Check only tam ofthese two boxes. Abe ebaek oae of the blawbg tbree hem 9d TAX 1DN REQUIRED ADDT INFO 9e. TYPE OF ORGANIZATION CHANGE now and'or address: Give Also give new name (if name dtmge) in item ► in item Be or 8b; EL ET name new address t del ed i rd name Q ADD name: Carom inert 9aor9b. i a or 8b. itetis 9dAg RE: ORGANIZATION and9czabox op (if I ifaddt,lta in item 9a icabk R CURRENT RECORD INFORMATION - INSER NE NAME Its OR 8b -• Do W or Combine Names ❑ NONE ILL ORGANIZATION'S NAME gb. INDIVIDUAL'S LAST NAME IR&T MIDDLE NAME SlJFF1X 9. CHANGED (NEVIS OR ADDED INFORMATION: - INSERT ONLY ONE NAME (9a OR 9b) - Do Not Abbreviate or Combine Names Describe collataW ❑ deleted or ❑ added or give entire ❑ reatated collateral desorption or describe collateral ❑assigned. FILE FIRST 11. NAME OF SECURED PARTY OF RECORD AUTHORIZING THIS AMENDMENT (name of assignor, if this is an Assignment). If this is an .kmaxknent atdmized bye Debtor, which adds collateral or adds the authorizing Debtor, or if this is a Termination authorized by a Debtor, check here ❑ and ester name of DEBTOR this Atttertdtttet i. 1 IL ORGANIZATION'S NAME THE BANK OF NEW YORK, AS TRUSTEE I Ib. tNDIVIDUALS' LAST NAME I FIRST NAME I MIDDLE NAME SUFFIX IL OPTIONAL FILER REFERENCE DATA FILE CLERK OF THE CIRCUIT COURT, COLLIER COUNTY, FLORIDA 07845510365 � _ W S oo�.aeneo., - 9L ORGANIZATION'S NAME - 9b. INDIVIDUAL'S LAST NAME FIRST NAME MIDDLE NAME SUFFIX 9c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 9d TAX 1DN REQUIRED ADDT INFO 9e. TYPE OF ORGANIZATION 9f. JURISDICTION OF ORGANIZATION 9g. ORGANIZATIONAL IDr1 RE: ORGANIZATION I 1i lemon DEBTOR CUT a M .. ❑ NONE Describe collataW ❑ deleted or ❑ added or give entire ❑ reatated collateral desorption or describe collateral ❑assigned. FILE FIRST 11. NAME OF SECURED PARTY OF RECORD AUTHORIZING THIS AMENDMENT (name of assignor, if this is an Assignment). If this is an .kmaxknent atdmized bye Debtor, which adds collateral or adds the authorizing Debtor, or if this is a Termination authorized by a Debtor, check here ❑ and ester name of DEBTOR this Atttertdtttet i. 1 IL ORGANIZATION'S NAME THE BANK OF NEW YORK, AS TRUSTEE I Ib. tNDIVIDUALS' LAST NAME I FIRST NAME I MIDDLE NAME SUFFIX IL OPTIONAL FILER REFERENCE DATA FILE CLERK OF THE CIRCUIT COURT, COLLIER COUNTY, FLORIDA 07845510365 � _ W S oo�.aeneo., - UCC FINANCING 8TATEMENTAMENDMENT ADDENDUM 12. �.IG r n ., v-.- I .11 wIrv" (mm M Own Is an AAwWmM tonal Filed 4Ml"8 MAErDMENT Iwma a am i an An u Thisme �R COU\ c4E-cilk- co x OR; 14P. 000 MM OPPICE COP V — NATIONAL UCC RNANCING STATEMENT AMENDMENT ADDENDUM (FORM UCC3Ad) (REV. 07P2M) HATUCO *2Wl C T b+n Oft ✓OR: 3244P§ 9 V/4 EXHIBIT TO A TO FINANCING STATEMENT (PAGE 1) DESCRIPTION OF REAL ESTATE PROPERTY DESCRIPTION A PORTION OF THE EAST 1/2 OF THE EAST 1/2 OF THE EAST 1/2 OF THE NORTHEAST 1/4 OF SECTION S. TOWNSHIP 50 SOUTH, RANGE 2s EAST COLLIER COUNTY FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCE AT THE NOR SOUTH, RANGE 26 E OF SECTION S. TOWNSHIP 50 S. 00'07'54' W., A EAST FLORIDA; THENCE RUN E QUARTER OF SAID ON S. FOR A POINT ON 'THE S NORTHEAST 01 OF 59.41 FEET TO A - 856); THENCE N 7'5 WAY OF RADIO ROAD (C.R. W. ON THE OF THE NORTH AS EAST LINE OF 1363.79 FOR A DISTANCE LAND HEREIN I ON *07"540 �� THE EAST LINE E yy, ALONG U FOR A OISTANC 1395.06 FEET OF SAID SEC71 THENCE SAID SECTION 6, TH i S SAID ER CORNER RUN S. LINE OF THE NOR T QUARTER OF 9' � vV ALONG THE SOUTH '' C DISTANCE 329.92 Tj THE SOU C71ON 6, FOR A �o .. HALF OF THE EAST NER OF THE EAST OUARTER OF SAID SEC11 OF THE NORTHEAST -s• THE WEST LINE OF THE EAST HALF OF HALF OF THE NORTHEAST QUARTER THE EAST HALF OF THE F ST OF SAID SECTION 6. OF 1254.00 .FEET; - FOR A DISTANCE, ?HENCE-RUN 5..09'52 06 E. FOR 2c A DISTANCE OF 6 9.74 rmT.- kgHEN(At RLV*S: " 00*0754" W. FOR A DISTANCE OF 10.00 f:'EET; THWi:E"RUN`t 89"32'06' E. FOR A DISTANCE of 203.00 -f =EET; :'7NENCE;RUN N. - OOro7'S4 • E' FOR 55.00 FEET;. THENCE RUN S. 89'52'08' 35.35 FEET; THENCE RUN A OISTANcc OF E. FOR A DISTANCE OF N. 00'07'S4• 82.78 FEET: THENCE RUN N. 09'32'06" E. FOR A DISTANCE OF W. FOR A DISTANCE OF 234.32 FEET; THENCE RUN N. 00'07'22' E. FOR A DISTANCE OF 76.24 FEET; THENCE RUN S. 8912'06' 80.57 FEET: THENCE RUN S. 00'07'54" E. FOR A DISTANCE OF W. FOR OF- 59.24 FEET; THENCE RUN S. 89.52'06 E. FOR R n 015 TAC - 75./5 FEET TO THE �21NLQE�ic� A DISTANCE Ul - ildrllN� /.OR: 3249-PG POZ VO EXHIBIT TO A TO FINANCING STATEMENT (PAGE 2) DESCRIPTION OF REAL ESTATE A.PORTiO.V Of TI-E E4ST ;;2 ,*.r T4E GA;i: 1/2 :;F 7H% t.&ST 1.2 C: THE NORTHEAST 1/4 OF SECTION 6. TOWNSWP 50 SCUTN. RAKE 3E EAST. COL.IER COUNTY. rLORICA. QEIMO L40ME PAR!ICU ;.AALY %ESCRISEv AS TO..:ows. COMMENCE At THE NORTHEAST TOWNSHIP s0 SOUTN. RANGt THENCE RUN S. 00'07'54' w.. NORTHEAST QUARTER OF SAID FEET TO A POWT ON THC SOU ROAD (CA.. e3i). AND TMC PARCLL OF LAND HEREIN 0 00'07'64'' Ift. ALONG OF SAID SECTION t. RUN N. e!'S2'Os' w DIST RUN N. 00'OrS40 A OAS RUN N. 62'52'01' W.. RUN L 00'07`22 W. 01 RUN S. emnr A RUN S. OOovrs RUN N. sow, OR A a RUN L Onrs RUN N. e!'S2' RUN N. DO'Or FOR A DIS RUN N. es'sroo FOR A DIS poor ON Me QF THE THE EAST 1/2 OF E RUN N. 00'0r22- E.. E Of THE EAST 1/2 OF SECTION e. FOR A 01ST SOUTHERLY RIGHT- OF -my UNE PANT ON A CIRCNLAR CUAVt.: POINT BEARS L 01.35'56;:; E. A TI IEREFItOwI:. TMItNCt R11N CAS „ . WAY L,r� W AAM RoAb TH6 NIGHT. HAVN�11i " ► "R` CENTRAL. AI.GLC olr 0116'16', fEET AT 'A BEARING OF N. mm 330.39 FEET TO THE Pout or N CORNER OF SECrON 6. 26 CAST. COLUER . COUNTY. FLQRIOA: ALONG THE CAST LINE OF THE SECTION 6. FOR A DISTANCE OF IMMY RIGHT -OF -WAY UNE OF R OF THE RA WCMCC—WNI04M L NORTHEAST QUARTER 79 rm.. THENCE ANA[ FEET: THENCE TAN" OF T: lHtm [ STANCL OF 1 57 M. THENCE 76. T; THENCE 4. : • 1HENCE T s t; THENCE t of THENCE OF T: THENCE TA 1 T 1M A THEAST 1/6 of ION & THENCE wt THC EAST 1/2 t T TO AEPOINT /ON IWE OF RADIO ROAD. THE SAYE BEM16 A CONCAVE SOUTHERLY. WHOSE RAOIUS OIsTANCt .OF 14862.73 FEET LY.r. . TIIE SOUTHERLY RIGNT -OF- MOW-ARC OF SAID CURVE TO L131M. THROUQ�1 A. 390 L ItNM A AoF� 3e c:�Nwws_ .P,. 0 d� �o 0 ,/ OR: 71 §P. OJat EXHIBIT TO B TO FINANCING STATEMENT (PAGE 1) DESCRIPTION OF COLLATERAL Land, Rents and Derivative Interests The real property located in Collier County, State of Florida, described in Exhibit A attached hereto and by this reference incorporated herein (the "Property"); all rents, issues, profits, royalties, income and other benefits derived from the Property (collectively the "rents"); all estate, right, title and interest of Borrower in and to all leases or subleases covering the Property or any portion thereof now or hereafter existing or entered into, including. without limitation, all cash or security deposits, advance rentals and deposits or payments of similar nature; all right, title and interest of Borrower in and to all options to purchase or lease the Property or any portion thereof or interest therein, and any greater estate in the Property owned or hereafter acquired; all interests, estate or other claims, both in law and in equity, which Borrower now has or may hereafter a Property; all easements, rights -of way and rights used in connection ive Qa of access thereto, and all tenements, hereditaments and app and all water rights and shares of stock evidencing the same; all ri and interest of Borro ow owned or hereafter acquired, in and to any land lying w, ' o y t, open or proposed, adjoining the Property and any and all 'd dd stri s and of land adjacent to or used in connection with the Pro Any and all boil d improvemen erected on the Property, including, but not limited t , attachm Je s, equipment, machinery, and other articles attached to such and improv mp rovements'l; All right, title and interest of Borrower in and to all tangible personal property now owned or hereafter acquired by Borrower and now or at any time hereafter located on or at the Property or used in connection therewith, including, but not limited to: all building materials stored on the Property, goods, machinery, tools, equipment (including fire sprinklers and alarm systems, air conditioning, heating and refrigerating equipment, equipment for electronic monitoring, entertainment, recreation, window or structural cleaning, maintenance, exclusion of vermin or insects, removal of dust, retttse or garbage and all other equipment of every kind), lobby and all other indoor and outdoor furniture (including tables, chairs, planters, desks, sofas, shelves, lockers and cabinets), wall beds, wall safes, furnishings, appliances (including dishwashers, garbage disposal units, refrigerators, fans, heaters, stoves, water heaters and incinerators), inventory, rugs, carpets and other floor coverings, draperies and drapery rods and brackets, awnings, window shades, venetian blinds, curtains, lamps, chandeliers and other lighting fixtures and maintenance and other supplies, other than such property owned by tenants of Borrower (the "Personal Property'l; OR: 3249 ., EXHIBIT TO B TO FINANCING STATEMENT (PAGE 2) DESCRIPTION OF COLLATERAL Intangibles 3U0�xt� All of Borrower's interest in and to all existing and future funds created under the Loan Agreement and the Indenture and all existing and future accounts, contract rights, general intappbles, files, books of account„ agreements, permits, licenses and certificates necessary or desirable in connection with the acquisition, owwmduP, leasing, construction, operation. servicing or management of the Mortgaged Estate, whether now existing or entered into or obtained aft the xlate hereof; all existing and fine names under or by which the Mortgaged Estate or any portion thereof may st or kaoam, all rights to carry on badness under say such names all existing and future telephone numbars.and listings, and good will in any way relating to the Mortgaged portion f; All the estate, ti G o d d, lading claims or demands with respect to the a thereto, which Borrower now has or may hereaft in the Mo the extent permitted by law, � any and all awards made for by eminent any proceeding or purchase in so lien thereof; of the whole or an of the Mortgaged luding, without limitation, any on, awards resulting fom a change of for severance damages, and .. Borrower hereby authorizes, 'Trustee, at its option but with the � consent of the Controlling Party, on Homo or on behalf of the sii rs or assigns o of Borrower, to adjust, compromise+ claim collect and receive such` proceeds and to give proper "Ob receipts and acgttittsnces therefor. _ %A* v+ N I STATE OF FLORIDA UNIFORM COMMERCIAL CODE FINANCING STATEMENT AMENDMENT FORM A. NAME a DAYTIME PHONE NUMBER OF CONTACT PERSON CAROLYN SNIDER (904) 359 -8762 B. SEND AF Name After Filing Return To: Address CT CORPORATION Addmss 17 South High Street Columbus, OH 43215 CitylS boazi sl3sull UK. : 16a 50 RICORDRD to OFFICIAL WORDS of COLLIER C01M , FL 03/27/2003 at 09:59AM DWIGHT 11. BROCI, CLIU RIC PEI 28.50 COPIES 6.00 Reta: C 7 CORPORATION SYSTEMS 17 S SIGN ST 11TH FLOOR COLONHDS OR 43215 .L mIIIALlURMl.1I U3IAl61tl6Mt TILL DiJW „V VR: ■v �marmn�h.rrnlarAlCMC[r1 AMCIrUMC�V1 11100et110A 2404 PG: 1948 FILED ON 04/02/1998 [.for roux -I (of recorded) in the REAL ESTATE RECORDS. CURRENT RECORD INFORMATION - DEBTOR NAME - INSERT ONLY ONE DEBTOR NAME (2a OR 20) 2L ORGANIZATION'S NAME SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP 2b6 INDMDUAL'S LAST NAME FIRST NAME MIDDLE NAME SUFFIX wRRZR I Ilia URU INlURMATWN - 5rECl1RLU IFARYY DAME -INSERT ONLY ONE SECURED PARTY NAME 3a OR 30 3L ORGANIZATION'S NAME THE BANK OF NEW YORK, AS TRUSTEE 3b. INDIVIDUAL'S LAST NAME I FIRST NAME MIDDLE NAME SUFFIX 4. 1 1 TERMINATION: Effectiveness of the Financing Sts mnent With respect to security interest(s) of the Secured Party S. u CONTINUATION: Effectiveness of the Finan ' identified above with to cc interest(s) of the Sccured Party authorizing this Cotginuation Statement is eontioued for dWkd&tFwW paw puvided by icable law. 6. 7 ASSIGNMENT (tall or partial): Give of ghee or 9 address f assignee i item ; and also give note of assignor in item 11. 7. AMENDMENT (PARTY DWORMA Th' f Party of record Chock only ofthese two boxes. Abe ebeek am of the ill0owlrs three boxes ttod i cod/ ®CHANGE nano nrdfor address: Give c+ere t ELIE e: ord name a ADD name: Complete ilen %or 9b. Abe give new acme (if nsme change) in item new address delet in' or 8b. and 9c; also complete item 9d-9g (if if add = in Tour 9c ). L CURRENT RECORD INFORMATION- INSER ONE NAME (M OR ob) - Wjk0t IkbOWatkArCombine Names Cry 9L ORGANIZATION'S NAME SAXON MANOR ISLES APARTMENTS ARTNERSH � gb. INDIVIDUAL'S LAST NAME r _ urnrn r- v ►ulr I cr rrr,v INFORMATION: - INSERT ONLY - Do Not Abbreviate or Combine Nantes Describe collswel 0 deleted or 0 added, or give entire 0 restated collateral descnption. or describe collateral (3 assigned. FILE SECOND 1 I. NAME OF SECURED PARTY OF RECORD AtrTHORIZING THIS AMENDMENT (name of assignor, if this is an Assignment). If this is an Amendment authorized by s, Debtor. which adds collateral or adds the authorizing Debtor, or if this is a Termination authorized by a Debtor. check here C] and enter name of DEBTOR this Amendment. I IL ORGANIZATION'S NAME THE BANK OF NEW YORK, AS TRUSTEE 1 Ib. INDIVIDUALS' LAST NAME FIRST NAME MIDDLE NAME SUFflX IL OPTIONAL FILER kEFERENCE DATA FILE CLERK OF THE CIRCUIT COURT, COLLIER COUNTY, FLORIDA 0784551'0365 Z 15 7 a 0 004.387701.1 VL VMUAn11.A11VIV5NAMC - - SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP 9b. INDIVIDUAL'S LAST NAME FIRST NAME. MIDDLE NAME SUFFIX 9c. MAILING ADDRESS CITY STATE POSTAL CODE COUNTRY 1521 DOLPHIN LANE NAPLES FL I 34102 USA 9d. TAX IDN REQUIRED ADD'L INFO 9c. TYPE OF ORGANIZATION 9f.1U RISDICTION OF ORGANIZATION 9g ORGANIZATIONAL tDA RE: ORGANIZATION DEBTOR r ♦ ♦ r• ♦ r_ •. -A—L D NONE Describe collswel 0 deleted or 0 added, or give entire 0 restated collateral descnption. or describe collateral (3 assigned. FILE SECOND 1 I. NAME OF SECURED PARTY OF RECORD AtrTHORIZING THIS AMENDMENT (name of assignor, if this is an Assignment). If this is an Amendment authorized by s, Debtor. which adds collateral or adds the authorizing Debtor, or if this is a Termination authorized by a Debtor. check here C] and enter name of DEBTOR this Amendment. I IL ORGANIZATION'S NAME THE BANK OF NEW YORK, AS TRUSTEE 1 Ib. INDIVIDUALS' LAST NAME FIRST NAME MIDDLE NAME SUFflX IL OPTIONAL FILER kEFERENCE DATA FILE CLERK OF THE CIRCUIT COURT, COLLIER COUNTY, FLORIDA 0784551'0365 Z 15 7 a 0 004.387701.1 UCC FINANCING 8TATEMENTAMENDMENT ADDENDUM (mm a Nm is on Anw~ ram) 12. The Bank of New York, as Tmsme OR nraaemea:r. assss� -r.. IER Co FINE CIR�� OR: 3249 kP3PO6 FLOG OFFICE CW V —NATIONAL UCC FWANCING STATEMENT AMEWMENT ADDENDUM (FORM UCC3Ad) (REV. o?rA 0 xAlucm tiH(C t bm oAvw ✓OR; 3249 PG: 85L"",p EXHIBIT TO A TO FINANCING STATEMENT (PAGE 1) DESCRIPTION OF REAL ESTATE PROPERTY DESCRIPTION A PORTION OF 711E EAST 1/2 OF THE EAST 1/2 OF THE EAST 1/2 OF THE NORTHEAST 1/4 OF SECTION 6, TOWNSHIP 30 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS; COMMENCE AT THE NO T OF SEC710N 6. TOWNSHIP 50 SOUTH, RANGE 26 FLORIDA; THENCE RUN S. 00'07'54' W.. E EAST U E NORTHEAST QUARTER OF SAI TION 6. FOR A 01 AN E OF 59.41 FEET TO A POINT ON 'THE OU WAY OF RADIO ROAD (C.R. 856); THENCE N 7'54 0 G THE EAST LINE OF THE NOR A ON 6. FOR A DISTANCE OF 1363.79 ET THE PARCEL OF LAND HEREIN ON E '07'54' W.. ALONG THE EAST UN NO EAS UA SAID SECTION 6, rOR A DISTANC 1395,06 FEET E T QUARTER CORNER OF SAID SEC710 THENCE RUN S. W.. ALONG THE LINE OF THE NOR T QUARTER OF E SOUTH DISTANCE 329.92 ECTION 6, FOR A .. HALF OF THE EAST H CORNER OF THE EAST QUARTER OF SAID SECTt AL.F OF THE NORTHEAST •Jsft THE WEST LINE OF THE EAST HALF OF THE EAST HALF OF TH LONG .°0 HALF OF THE NORTHEAST QUARTER OF SAID SECTION 6. E -AST ..d OF. 1254.00.. FEET; . .,,T�EN,�CE "RUN; 5.:89'52'06' E. FOR A DISTANCE OFANCE,G? 69.74' FEET; THENCE • RIM'fS 00`0754" W. ..,, . 10.00 FEET; i FOR ^DISTANCE OF THENCE RVN'S.''89'52 06 : E. FORA DISTANCE OF 203.00 FEET RUN N. *- 00 07'54' E. - FOR A OISTANCC OF 55.00 FEET;. THENCE RUN S. a9'52'06- E. FOR A DISTANCE OF 35.35 FEET; THENCE 'RUN N. 00'07'54" E. FOR A DISTANCE OF 82.78 FEET: THENCE RUN N. 89057.'06" W. FOR A DISTANCE OF 234.32 FEET; THENCE RUN N. 00- 07'22' E. FOR A DISTANCE OF 7G.24 FEET; THENCE RUN S. 89'52'06' E. FOR A DISTANCE OF 180.57 FEET: THENCE RUN S. 00'07'54" W. FOR A DISrANC.F OV 59.24 FEET. THENCE: RUN S. 89'52'06' E. FOR A DISTANCE U!' -75. / S F I. F r TO THE OR: 3249 PG° 3008 EXHIBIT TO A TO FINANCING STATEMENT (PAGE 2) DESCRIPTION OF REAL ESTATE A.PORriCV V TrE EAST :j2 T .4E PAST 1/2 W7' W 6A5T 1.2 C: THE NORTHEAST 1/4 Or SECTION 6. TOV#NSH1O SO SOUTH, RANGE iE EAST. CO:.IER COON *Y, MORICA. BEutC MORE PAS *ICU:AA%.Y ;ESCRISEC As FO..:OwS: CCMMENCE AT THE NORTHEAST CORNER OF SECTION 6. TO*NSNlP SO SOUTH. RANGE 26 EAST. COLLIER COUNTY. FLCRIOA: THENCE RUN L 00'07'54' w.. ALONG THE EAST LINE OF 'HE NORTHEAST QUARTER OF SAID SECTION 6. FOR A DISTANCE OF 59.4` FEET TO A POINT ON TMC SOUTHERLY Me OF RA0'0 ROAD C.R.. ON). e�. AND PARCEL OF LAND ON THENCE CONTINUE S. OObrsa• W., ALONG NORTHEAST OUARTETR OF SAID SECTION 6. 79 FEET: THENCE RUN N. 04'321060 A DISTANCE FEET: THENCE RUN N. Oa'07'59' E.. OR A O STANCC OF . FEET: 1MENCE RUN N. 69032, OF 1 .S FEET: THENCE RUN S. 00'07' .. 76.4 T; THENCE RUN S. 8nv 6' T 2 t THENCE RUN S. OO`Or a T: DIENCE RUN N. 89'32' 6' F S 0 3 ET; THENCE RUN & color T; THENCE RUN N. 09652' .. OR S ET: THENCE RUN N. 00'or . FOR A DISTANC 0. T: THENCE RUN N. env FOR A OISTAN T TO A POINT ON THE E OF THE CAS EAST 1/2 OF o THE EAST 1/2 OF THEAST 1/4 SECTION 6: THENCE ?� RUN N. 00007'220 E., THE EAST 1/2 OF THE EAST 1/2 Or NORTHEAST 1/4 OF SAID SECTION 6, FOR A DISTAN FEET TO A POINT ON THE OWN C=, SOUTHERLY MOOT -OF -WAY UNE OF RADIO NOW THE SANE BEING A WON PAINT ON A CIItCI&M CUING :CONCAVE SWTMtftY. WWK RADIUS 23 PANT GEARS S. 01.35'92'.. E. A'.OISTANCE ,OF 14UL73 FEET DM MOM; _ THENCE. NW', EASTERLY.(.ALM.-TOW SOUTHERLY RIQ1T -OF- wAr,uNC CF. IAOMD R01►b 'ANO %AL" 1THE� ARC OF SAID CURVE TO .. THE RIGHT. HAVING "A 'RADIUS -0 x:14892.73 FEET. THROUGH A. CENTRAL AN= OF 01160.16-. SUBTENDED BY A CHORD OF 330.38 p FEET AT 'A BEARING OF N. 89'02'09' E.. FOR A OISTANCC OF 330,39 FEET TO THE POINT OF PEC ogMe_ 6. L/ OR; 3249 PG. 300y"y EXHIBIT TO B TO FINANCING STATEIMENT (PAGE 1) DESCRIPTION OF COLLATERAL. Land, Rents and Derivative Interests The real property located in Collier County, State of Florida, described in Exhibit A attached hereto and by this reference incorporated herein (the "Property'l; all rents, issues, profits, royalties, income and other benefits derived from the Property (collectively the "rents'J; all estate, right, title and interest of Borrower in and to all leases or subleases covering the Property or any portion thereof now or hereafter existing or entered into, including, without limitation, all cash or security deposits, advance rentals and deposits or payments of similar nature; all right, title and interest of Borrower in and to all options to purchase or lease the property or any portion thereof or interest therein, and any greater estate in the Property owned or hereafter acquired; all interests, estate or other claims, both in law and in equity, which Borrower now has or may here Property; all easements, rights -of -way and rights used in connection 1 of access thereto, and all tenements, hereditaments and appurt f and th all water rights and shares of stock evidencing the same; all ri t, ' e and interest of Bo er, ow owned or hereafter acquired, in and to any land lying that any open or proposed, adjoining the Property and any and al si d s s an go of land adjacent to or used in connection with the Pro %7 �- me Any and all buil and improvem er erected on the Property, including, but not limited fixtures, attachm 'aaces, equipment, machinery, and other articles attached to such nerd ' _ (the "Improvements'; All right, title and interest of Borrower in and to all tangible personal property now owned or hereafter acquired by Borrower and now or at any time hereafter located on or at the Properly or used in connection therewith, including. but not limited to: all building materials stored on the Property, goods, machinery, tools, equipment (including fire sprinklers and alarm systems, air conditioning, heating and refrigerating equipment, equipment for electronic monitoring, entertainment, recreation, window or structural cleaning, maintenance, exclusion of vermin or insects, removal of dust, refuse or garbage and all other equipment of every kind), lobby and all other indoor and outdoor furniture (including tables, chairs, planters, desks, sofas, shelves, lockers and cabinets), wall beds, wall safes, furnishings, appliances (including dishwashers, garbage disposal units, refrigerators, fans, heaters, stoves, water heaters and incinerators), inventory, rugs, carpets and other floor coverings, draperies and drapery rods and brackets, awnings, window shades, venetian blinds, curtains, lamps, chandeliers and other lighting fixtures and maintenance and other supplies, other than such property owned by tenants of Borrower (the "Personal Property'l; OR: 3299 PG: 10'A 5 EXHIBIT TO B TO FINANCING STATEMENT (PAGE 2) DESCRIPTION OF COLLATERAL Intangibles All of Borrower's interest in and to all existing and future funds created under the Loan Agreement and the Indenture and all existing and future accounts, contract rights, general intenipbles, files, books of account, agreements, permits, licenses and certificates necessary or desirable in connection with the acquisition, ownership, leasing, consanctiori, operation. servicing or management of the Mortgaged Estate, whether now existing or entered into or obtained after the date hereof; all existing and fuuure names under or by which the Mortgaged Es= or any portion thereof may at ed or lmown, all rights to carry on busies under any such names o d all existing and future telephone numbers. and listings, sdv cling emarks and good will in any way relating to the Mortgaged o on thereof: an All the estate, in ti e, o • o d ' d, chiding claims or demands with respect to the pros b� c eff t thereto; which Borrower now has or may hereafter in the Mo the extent permitted by law, any and all awards made for by eminent any proceeding or purchase in lieu them& of the whole or an f the Mortgaged luding, without Umi6don, any awards resulting from a change e�of sacs , m arils for severance damages. and Borrower hereby authorizes, Trustee, at its option but with the consent of the Controlling Pasty, on Burro or on behalf of the successors or assigns of Borrower, to sdjust, compromise, claim, collect and receive such proceeds and to give proper receipts and acquittances therefor. 30 30 3* N .ate 0 c.s+ ev k I* UCC FINANCING STATEMENT AMENDMENT FOLLOW INSTRUCTIONS (front and back) CAREFULLY A. NAME & PHONE OF CONTACT AT FILER (optional) Phone (800) 331 -3282 Fax (818) 662 -4141 B. SEND ACKNOWLEDGEMENT TO: (Name and Mailing Address) 18047 THE BANK OF NE UCC Direct Services 13617235 P.O. Box 29071 Glendale, CA 91209 -9071 FLFL 1 A B 6 ' •E 4135512 OR; 43 G; 1 95 RICORDID in OFFICIAL RBCORDS of COLLIIR COUNTY, FL 03/04/2008 at 01:51PK DWIGHT B. BROCI, CLIRI RBC FIB 52.50 Retn: UCC DIRECT P 0 BOI 29071 GLIKDALI CA 91209 9071 FIXTURE THE ABOVE SPACE IS FOR RUNG OFFICE USE ONLY 1 a. INITIAL FINANCING STATEMENT FILE N b. This FINANCING STATEMENT AMENDMENT is 2300556 BK 2404 PG 1948 04/02/98 CC FL Collier D to be filed (for record) (or recorded) in the REAL ESTATE RECORDS. 2. ❑ TERMINATION: Effectiveness of Cne Financing Statement identified above is terminated with respect to security interests) of the Secured Party 3. [Xj CONTINUATION. Effectiveness of the Fran this ion Statement n Statement a19 Statement identified above with respect to the seventy interest(s) of the Severed Party autllariang this Continuation Statemoerot 4 continued for the additional period provided by applicable law. 4. ASSIGNMENT (full or partial): Give name of assignee in item 7a or 5. AMENDMENT (PARTY INFORMATION): This Amendment affects Also check tM of the f t4owing three boxes q(ML provide a tion in items 8 a ❑CHANGE name and/or address: Give current record name in' give new DELE name (if name change) in item 7a or 7b andtor new address ) in item 7c. ❑ to be B. CURRENT RECORD INFORMATION- r ---- -- 6a. ORGANIZATIONS NAME SAXON MANOR ISLES OR 6b INDIVIDUAL'S LAST NAME 7. CHANGED (HEM OR ADDED INFORMATION: � 1 � =� �=—"� x= 7111. ORGANIZATION'S NAME OR 17b. INDIVIDUALS LAST NAME FIRST NAME 7c. MAILING ADDRESS ADO'L INFO RE ORGANIZATION in 7c; and also give name of assignor in item 9. r k k only got of these two boxes. cord manna ADD name: Complete item 7a or 7b. and also or 6b. ❑ item 7c; also complete items 7d-7g (if appticab MIDDLE NAME SUFFIX MIDDLE NAME SUFFIX i POSTAL CODE COUNTRY ANIZATION J7!g.!0RjIZAT1ONAL to a, if any F1 8. AMENDMENT (COLLATERAL CHANGE): check only one box. Describe collateral❑ deleted or ❑ added, or give entee❑ restated collateral description, or describe collatwacl assigned. 9. NAME OF SECURED PARTY OF RECORD AUTHORIZING THIS AMENDMENT (name of assignor, if this is an Assignment). If this is an Amendment authorized by a Debtor which adds collateral or adds the authonzing Debtor. or if this is a Termination authorized by a Debtor. check here Q and enter name of DEBTOR aulhommig this Amendment. ga. ORGANIZATIONS NAME THE BANK OF NEW YORK TRUSTEE OR 9b. INDIVIDUAL'S LAST NAME FIRST NAME MIDDLE NAME SUFFIX 10. OPTIONAL FILER REFERENCE DATA 13617235 Debtor Name: SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP CTAS Richard Dillard FILING OFFICE COPY - NATIONAL UCC FINANCING STATEMENT AMENDMENT (FORM UCC3) (REV. 05/22102) Preoared by UCC Direct Servioaa, P.O. Box 29071 Glendale. CA 912099071 Tex (600) 331 -3282 Fo C FINANCING ATEMEN TAMENDMENT ADDENDUM INSTRUCTIONS )A 11. INITIAL FINANCING STATEMENT FILE # (same as item 1a on Amendment form) 2300556 BK 2404 PG 1948 04/02/98 CC FL Collier 12. NAME of PARTY AUTHORIZING THIS AMENDMENT (same as Item 8 on Amendment form) OR 122. ORGANIZATION'S NAME THE BANK OF NEW YORK TRUSTEE 12b. INDIVIDUAL'S LAST NAME I FIRST NAME I MIDDLE 0 13. Use this space for additional information _ Description: See Exhibits A and B attached hereto. '7�r t.R COUQ of TfIE CI�L�l`S OR: 4335 IG.�A9� THE ABOVE SPACE I, FILING OFFICE USE ONLY FILING OFFICE COPY - NATIONAL UCC FINANCING STATEMENT AMENDMENT ADDENDUM (FORM UCC3Ad) (REV. 05/22/02) Pmpamd GGlendale CA 99120 9071 boo) j1. 29071 16B5 ✓ OR: 4335 PG: 1797 ✓ EXHIBIT TO A TO FINANCING STATEMENT (PAGE 1) DESCRIPTION OF REAL ESTATE PROPERTY DESCRIPTION A PORTION OF THE EAST 1/2 OF THE EAST 1/2 OF THE EAST 1/2 OF THE NORTHEAST 1/4 OF SECTION S. TOWNSHIP 50 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, BEING MORE PARTICULARLY DESCRIOED AS FOLLOWS: COMMENCE AT THE NOR 1=-E8q ER OF SECTION 6. TOWNSHIP 50 SOUTH, RANGE 26 E FLORIDA; THENCE RUN S. 00'07'54" W., THE NORTHEAST QUARTER OF SA ON 6, FOR A CE OF 59.41 FEET TO A POINT ON THE O ERLY RIGHT -OF -W U E OF RADIO ROAD (C.R. 856); THI 0 0 W., LO G THE EAST LINE OF THE NOR E T F SA SEC 0 6. FOR A DISTANCE OF 1363.79 E F THE PARCEL OF LAND HEREI D C I E S. 0'07.54- W., ALONG THE EAST U 0 R 0 SAID SECTION 6. f OR A DIS TA TO QUARTER CORNER OF SAID SEC 6; THENCE RUN 89 9' W., ALONG THE SOUTH LINE OF THE EAST QUARTER I TION 6. FOR A - • DISTANCE 329. T TO THE S RNER OF THE EAST HALF OF THE E OF THE EA S OF THE NORTHEAST QUARTER OF SAI N. 00'07'22` E.. ALONG *arm THE WEST UNE OF E EAST HALF OF THE EAST .b HALF OF 111E NORTHEA SAID SECTION 6, FOR A DISTANCE. G? OF 1254.00 FEET; THENCE RUN S. 89'52'06" E. FOR A DISTANCE OF 69.74 FEET; THENCE RUN S. 00*07 *54" W. FOR A DISTANCE OF 10.00 FEET. THENCE RUN S. 89'52'06" E. FOR A DISTANCE OF .a. 203.00 FEET; THENCE RUN N. 00'07'54' E. FOR A OISTANCC OF 55.00 FEET; THENCE RUN S. 89'52'06" E. FOR A DISTANCE OF 35.35 FEET; THENCE RUN N. 00'07'54" E. FOR A DISTANCE OF -- - ... - -- - -- — 2&— EEEi: -SENSE RUN N_ As'� ?'06" W FOR A DISTANCE. 234.32 FEET; THENCE RUN N. 00'07'22' E. FOR A DISTANCE or 75.24 FEET; THENCE RUN S. $9'52'06' E. FOR A DISTANCC OF .80.57 FEET; THENCE RUN S. 00'07'54" W. FOR A OIS iANCF QF- 59.124 FEET. THENCE RUN S. 89'52'06' E. FOR A DISTANC'F. UI' '5 /5 F UT TO THE j�Q11YL4E�3: ildt�ttN� ✓OR: 4335 PG: 1198' EXHIBIT TO A TO FINANCING STATEMENT (PAGE Z) DESCRIPTION OF REAL ESTATE A.PpRT1.�. OF TrE Ea6T :it ., ThE rho• t /'t ::� :i�� k:.5� !.� C% TNC NonvK AST 1 /4 or c`ON 6. T '' 0 CU ip. 4GE 24 EAST. C j.JER COUNTY. r aC o 1PA.4 R Y ;ESCRISED AS fo.60AS: CCUMENCE AT THE NORTt1!AST CORNER OF SEC'1CN b. TOWNSHIP So SOUTH. RANGC 26 EAST. COLLIER COUNTY, FLCRIDA. T�+ .MCC AUt4 S. 00''07'54' w.. ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF $NO SECTION 6. FOR A DISTANCE Or 59.4` FEET TO A POINT ON THC SOUTHERLY RIGHT -Or -WAY LINE OF RAM0 ROAD (C.R..656). AND THE of Tow PARCEL Or 6ANO MMN T►NENCE ce"ImE S. 00'07'54' w.. ALONG NORTHEAST QUARTER Or SAID SECTION 6 3,74 MET: THENCE T 5 FEET; THENCE RUN N. 119'52 06 015 RUN N. 00 -0715 A COST ANCE VEET: *CUM RUN w. 69'32' DISTANCE Of OF 7 FEET: THENCE 2A EET: TMp+CE RUN S. 00.0 z' .. A RUN S. e9'S 06' E.. o A 23 32 - Wick PUN S. oo s T�t T► T; THENCE T' ?FENCE RUN S. GO f A ET: THENCE RUN N. as TT RUN H. 8915 w , FOR A 01STA or 69 TO POINT ON IN UNE GF THEE t EAST 1/2 OF TION 6; TfIENCE THE EAST i/ E NORTHEAST 1 RUN N. 00'07' ONG T14E WEST EAST 1/2 .. Or THE EAST 1 AS7 1 /= THEAST 1 /4 Or SAID N .sr SECTION 6. FOR A TO A POINT ON THE =0 SOUTHERLY RIGHT- ROAD, THE SAVE KING A POINT ON A CMCULAR SOUTHERLY. I MOSE RADIUS ��yy POINT BEARS S. 01'33'59* E. A DISTANCE Of 14693.73 FEET 4� T1+EAEPROY: TOM= ANN CASIMLY. ALONG THE NUT1 MAX W04T -OF- 'WAT LINE Or RAM ROAD AND ALONG THE ARC Of SAM CURVE TO � THE 0101T. HAVING A RADIUS Of 14592.73 FEET. THROUGH A CENTRAL AI:CLE OF 01'16'16. SUBTENDED BY A CHORD Of 330-36 O FEET AT A SEARING Of N. 89'02'09' E.. FOR A DISTAWCC Or 330.39 rECT TO THE PONT 9E lkr- G",MINIi 685{ OR: 4335 PG: 1799 V/ EXHIBIT TO B TO FINANCING STATEMENT (PAGE 1) DESCRIPTION OF COLLATERAL Land, Rents and Derivative Interests The real property located in Collier County, State of Florida, described in Exhibit A attached hereto and by this reference incgi(porated herein (the "Property' !: all rents, issues, profits, royalties, income and other benefits derived from the Property (collectively the 'tents "); all estate, right, title and interest of Borrower to and to all leases or subleases covering the Property or any portion thereof now or hereafter existing or entered into, including, without limitation, all cash or security deposits, advance rentals and deposits or payments of similar nature; all right, title and interest of Borrower in and to all options to purchase or lease the Property or any portion thereof or interest therein, and any greater estate in the Property owned or hereafter acquired; all interests, estate or other claims, both in law and in equity, which Borrower now has or may hereafter acquire in the Property; all easements, rights -of -way and rights used in connection therewi of access thereto, and all tenements, h=xhtaments and app urt all water rights and shares of stock evidencing the same; all right, terest of Bo w owned or hereafter acquired, in and to any land lying wi t -ofway of any s t, en or proposed, adjoining the property and any and all a d-s and res f land adjacent to or used in connection with the Pro Any and all buil y an2impro en w r a erected on the Property, C including. but not limited fixtures. attar p sa s, equipment, machinery, and other articles attached to stu and improv p rovements'l; boa N Q '4 All right, title and interest of and to all tangible personal property now owned or hereafter acquired by Borrower and now or at any time hereafter located on or at the PropaW or used in connection therewith, including, but not limited to: all building materials stored on the Property, goods, machinery, tools. equipment (including fire sprinklers and alarm systems, air conditioning, heating and refrigerating equipment, equipment for electronic monitoring, ®tent 'nment, recreation, window or structural cicaning, maintenance. exclusion of v dtt:t; ref�stor ui�ent of every kind), - - - - -- lobby and all other indoor and outdoor furniture (including tables, chairs, planters. desks, sofas, shelves, lockers and cabinets). wall beds, wall safes, furnishings, appliances (including dishwashers, garbage disposal units, refrigerators, fans, heaters, stoves, water heaters and incinerators), inventory, rugs, carpets and other floor coverings, draperies and drapery rods and brackets, awnings, window shades, venetian blinds, curtains, lamps, chandeliers and other lighting fixtures and maintenance and other supplies, other than such property owned by tenants of Borrower (the "Personal Property"); OR' v EXHIBIT TO B TO FINANCING STATEMENT (PAGE ?) DESCRIPTION OF COLLATERAL ln%ngibles 4331P6 18Q0 All of Borrower's interest in and to all existing and future funds created under the Loan Agreement and the Indenture and all existing and future accounts, contract rights, general intangibles. files, books of account, agreements, permits, licenses and certificates necessary or desirable in connection with the acquisition, ownership, leasing, construction, operation, servicing or management of the Mortgaged Estate, whether now existing or entered into or obtained after the date hereof, all existing and future names under or by which the Mortgaged Estate or any portion thereof may at any time be operated or known. all rights to carry on business under any such names or an f, and all existing and future telephone numbers and listings, advertising trademarks and good will in any way relating to the Mortgaged Est—al on th+ s and Awards All the estate, int t a a d, including claims or demands with respect to the pr+oc o p !t ' e t thereto, which Borrower now has or may hereaft c e, an t the extent permitted by law, so any and all awards made g r y proceeding or purchase in so lieu thereof, of the whole part of the Mort ga . g, without limitation, any ox awards resulting from a of grade of for severance damages, and .. Borrower hereby authorizes, and empowers tee, at its option but with the . s consent of the Controlling P er's f of the successors or assigns . of Borrower, to adjust, compromt the such proceeds and to give proper receipts and acquittances therefor. cs+ N k 00 I x • • 1665 e 0 0 a a 1 � O J v air �.4 a .6 O '. V U •� � o m ,V y V � Po C-1 ad P. N O r� y •.-1 O O pa O N O o� �o �o a C H IN THE COUNTY COURT OF THE TWENTIETH JUDICIAL CIRCUIT IN AND FOR COLLIER COUNTY, FLORIDA SMALL CLAIMS DIVISION UNLIMITED CARPET CARE, LLC., Plaintiff, vs. Case No. 07- 1451 -SC SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP, Defendant, FINAL JUDGMENT IT IS ADJUDGED recover from the Defend (s PARTNERSHIP, the su of $ -0- for attorney's fees, ith of 11% per year as provi ed ORDERED at jdb Copies furnished to: N Plaintiff(s), Florida, on I= ISLES APARTMENTS CARPET CARE, LLC., TMENTS LIMITED prejudgment interest, all ear interest at the rate vhi h let execution issue. �GO COURT J Unlimited Carpet Care, LLC., 2126 Andrea Lane #2, Fort Myers, FL 33912. Saxon Manor Isles Apartments Limited Partnership, 1201 Hays Street, Tallahassee, FL �� 32301 -2525. �, r, N D 8 � r n m rrn � C: � C-)-r) REC °' zrn o -� AUG 2007 r o ROB CROWN vCn no COUNTY JUDGE 7• I X-1 • • 1665�A a 0 a a � a a w � a u .ate V U � om • a o0 V CC PO C7 � a v Pa N 1 O O , •-y o 6 A N Pq \ A e, ao o\ v m Pq 6 a • a IN THE COUNTY COURT OF THE TWENTIETH JUDICIAL CIRCUIT IN AND FOR COLLIER COUNTY, FLORIDA SMALL CLAIMS DIVISION UNLIMITED CARPET CARE, LLC., Plaintiff, vs. Case No. 07- 1450 -SC SAXON MANOR ISLES APARTMENTS LIMITED PARTNERSHIP, Defendant, FINAL JUDGMENT AGAINST LI IT IS ADJUDGED Plaintiff(s), UNLI recover from the Defend (s), O SL PARTNERSHIP, the su of 3, o 'ncipa , $ i $ -0- for attorney's fees, ith o of 11 % per year as provi ed or y to 'd S o ORDERED at N e Florida, on Augus R ISLES APARTMENTS CARPET CARE, LLC., ' TMENTS LIMITED re ud p j gment interest, all ear interest at the rate vhi h let execution issue. �o VINCE MURPHY COUNTY COURT JUDGE jdb Copies furnished to: Unlimited Carpet Care, LLC., 2126 Andrea Lane #2, Fort Myers, FL 33912. Saxon Manor Isles Apartments Limited Partnership, 1201 Hays Street, Tallahasse, FL 32301 -2525. N 0 r rn C tE m c = T V . T ORDINANCE 110. 94- 21 AN ORDINANCE AMENDING ORDINANCE 11U74BER 91 -102 THE COLLIER COUNTY LAND DEVELOPMENT CODE WHICH INCLUDES THE COMPREHENSIVE ZONING REGULATIONS FOR THE UNINCORPORATED AREA OF COLLIER COUNTY, FLORIDA BY AMENDING THE OFFICIAL ZONING ATLAS MAP NUMBER 0606N; BY CHANGING THE ZONING CLASSIFICATIONS OF THE HEREIN DESCRIBED REAL PROPERTY FROM "A" AND "MH" TO "PUD" PLANNED UNIT DEVELOPMENT KNOWN AS SAXON MANOR ISLES PUD FOR A MULTI - FAMILY AFFORDABLE HOUSING RENTAL PROJECT COMPRISED OF A MAXIMUM OF 250 UNITS FOR PROPERTY LOCATED ON THE SOUTH SIDE OF RADIO ROAD (C.R. 856), APPROXIMATELY ONE MILE WEST OF SANTA BARBARA BOULEVARD, IN SECTION 6, TOWNSHIP 50 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA, CONSISTING OF 20.91t ACRES; AND BY PROVIDING AN EFFECTIVE DATE. 1685 � � I CV 10� 679'. 0� WHEREAS, Dave Rynders, Attorney, representing Suncoast Corp., petitioned the Board of County Commissioners to change the zoning classifications of the herein described real property; NOW, THEREFORE BE IT ORDAINED by the Board of County Commissioners of Collier County, Florida: The Zoning Classifications of the herein described real property located in Section 6, Township 50 South, Range 26 East, Collier County, Florida, are changed from "A" and "MH" to "PUD" Planned Unit Development in accordance with the Saxon Manor Isles PUD Document, attached hereto as Exhibit "A" and incorporated by reference herein. The Official Zoning Atlas Map Number 0606N, as described in Ordinance Number . 91 -102, the Collier County Land Development Code, is hereby amended accordingly. SECTION TWO: This Ordinance shall become effective upon receipt of notice from the Secretary of State that this Ordinance has been filed with the Secretary of State. BOOK 065 Pa« 309 -1- T ao n _ „y S b -� CD n+ r � � I CV 10� 679'. 0� WHEREAS, Dave Rynders, Attorney, representing Suncoast Corp., petitioned the Board of County Commissioners to change the zoning classifications of the herein described real property; NOW, THEREFORE BE IT ORDAINED by the Board of County Commissioners of Collier County, Florida: The Zoning Classifications of the herein described real property located in Section 6, Township 50 South, Range 26 East, Collier County, Florida, are changed from "A" and "MH" to "PUD" Planned Unit Development in accordance with the Saxon Manor Isles PUD Document, attached hereto as Exhibit "A" and incorporated by reference herein. The Official Zoning Atlas Map Number 0606N, as described in Ordinance Number . 91 -102, the Collier County Land Development Code, is hereby amended accordingly. SECTION TWO: This Ordinance shall become effective upon receipt of notice from the Secretary of State that this Ordinance has been filed with the Secretary of State. BOOK 065 Pa« 309 -1- m PASSED AND DULY ADOPTED by the Bcard of County Commissioners of Collier County, Florida, this 5th Apcil , 1994. .ATTEST: DWIGHT E. 9ROCK, C ERK AP OVED AS TO FORM ,AND LEGAL SUFFICIENCY MARJMU E M. STUDtNT ASSISTANT COUNTY ATTORNEY PUD -93 -4 ORDINANCE nb/9588 1685 day of BOARD 0 COUNTY COMMISSI NERS' COLDER COUNTY, FLOR DA1 f 1 In—. At' + _ . M 'MIS ordinance filed with the Secretary of State's lilt a 45 .i day o fQ,�,e� and acknowle Ir►unt of that fill rece d daY. aoarcr� BOOK 065 PA,E 310 -2- SAXON MANOR ISLES A PLANNED UNIT DEVELOPMENT PREPARED FOR: JACK BACHMANN, PRESIDENT SUNCOAST CORP. 12302 MATTHEWS LANE ST. LOUIS, MISSOURI 63127 PREPARED BY: DAVID W. RYNDERS, ATTORNEY 305 WEDGE DRIVE NAPLES, FLORIDA 33940 and BUTLER ENGINEERING, INC. 1645 COLONIAL BOULEVARD FORT MYERS, FLORIDA 33907 DATE FILED March 23. 1993 DATE REVISED May 18. 1993 DATE REVIEWED BY CCPC duly 1. 1993 DATE RE-REVISED March 31, 1994 DATE APPROVED BY BCC April 5, 1994 ORDINANCE NUMBER Exhibit "A" BOOK Ue5wE ftj 16B5 SAXON MANOR ISLES PUO TABLE OF CONTENTS 600K 065 pAcE q'12 PA�s TABLE OF CONTENTS LIST OF EXHIBITS SECTION I STATEMENT OF COMPLIANCE SECTION II PROPERTY OWNERSHIP AND DESCRIPTION SECTION III PROJECT DEVELOPMENT REOUIREMENTS c SECTION IV MEDIUM DENSITY (LOW RISE) RESIDENTIAL GUIDELINES 9 SECTION V DEVELOPMENT COMMITMENTS 1? 600K 065 pAcE q'12 Am m 1f�85 EXHIBIT A EXHIBIT B EXHIBIT C EXHIBIT D EXHIBIT E EXHIBIT F EXHIBIT G LIST OF EXHIBITS PUD MASTER PLANIWATER MANAGEMENT PLAN LOCATION MAP BOUNDARY SURVEY EXISTING LAND USENEGETATION MAP TOPOGRAPHIC /SOILS MAP AERIAL PHOTOGRAPH SERVICES AND SHOPPING FACILITIES MAP BOOK 065 PACE 313 1665 SECTION I STATEMENT OF COMPLIANCE The development of approximately 20.91 acres of property in Collier County, as a Planned Unit Development to be known as Saxon Manor Isles will be in compliance with the planning goals and objectives of Collier County as set forth in.the Growth Management Plan. The residential and recreational facilities of Saxon Manor Isles PUD will be consistent with the growth policies, land development regulations, and applicable comprehensive planning objectives for the following reasons: 1. The subject property Is within the Urban Residential Land Use Designation as identified on the Future Land Use Map as required in Objective 1, Policy 5.1 and Policy 5.3 of the Future Land Use Element. The subject property's location in relation to existing or proposed community facilities and services permits the development's residential density as required in Objective 2 of the Future Land Use Element 5.3. 2. The project development Is compatible and complementary to existing and future surrounding land uses as required in Policy 5.4 of the Future Land Use Element. 3. Improvements are planned to be in compliance with applicable land development regulations as set forth in Objective 3 of the Future Land Use Element. 4. The project development will result In an efficient and economical extension of community facilities and services as required in Policies 3.1.H and 3.1.1- of the Future Land Use Element. 5. The project development Is planned to incorporate natural systems for water management In accordance with their natural functions and capabilities as may be required in regulations required by Objective 1.5 of the Drainage Sub- Element of the Public Facilities Element. 6. The projected density of 11.96 dwelling units per acre is in compliance with the Future Land Use Element of the Growth Management Plan based on the following relationships to required criteria: Base Density +4 dwelling units /acre Affordable Housing Density Bonus J& dwelling units /acre Maximum Permitted Density + 12 dwelling units /acre 7. All final focal development orders for this project are subject to Division 3.15, BOOK 065 WE �t 314 RM 1665 Adequate Public Facilities, of the Collier County land Development Code. S. By 1994, the structural condition of the existing housing stock and the aesthetic quality of neighborhoods shall be improved and maintained as set forth in Objective 1.3 of the Housing Element. 9. By 1994, adequate sites for housing development to meet the needs of LMI persons shall be available as set forth in Objective 1.4 of the Housing Element. 10. By 1994, the total number of affordable housing units, as determined by the cost of housing to income shall be Increased to meet the housing needs of all existing and anticipated populations of the County as set forth In Objective 1.5 of the Housing Element. 100K 065 PAGE 315 2 1665 SECTION II PROPERTY OWNERSHIP AND DESCRIPTION 2.1 PURPOSE The purpose of this Section Is to set forth the location and ownership of the property, and to describe the existing conditions of the property proposed to be developed under the project name of Saxon Manor Isles. The subject property being 20.91 acres, is described as: The East one-half (E1 /2) of the East one -half (E1 /2) of the Northeast one- quarter (NE1 /4) of the Northeast one-quarter INE1 /4) and the East one-half (E1 /2) of the East one-half (E1 /2) of the Southeast one - quarter (SE1 /4) of the Northeast one - quarter (NE1 /4) of Section 6, Township 50 South, Range 26 East, Collier County, Florida. The subject property is owned by Suncoast Corporation, .a Missouri corporation. A. The subject property Is located on the south side of Radio Road, approximately one (1) mile west of Santa Barbara Boulevard. B, The subject property currently has an approximate 10.5 acre mobile home rental park (Suncoast Mobile Home Park) that exists on the northern half of the site. This portion is zoned MH. The southern half of the site Is undeveloped and zoned A. Both portions are proposed to be rezoned to PUD. The project site Is located within the Lely Canal Basin of Water Management District Number S. Historically, surface runoff from the site consisted of sheet flow from the uplands near Radio Road southward to Davis Boulevard. According to the most recent water maisigement study of the area { "Master Plan Update for Water Management District No. V prepared in October, 1985) stormwater from this site has been designed to flow to the existing swalo system adjacent to Davis Boulevard, south by way of an existing culvert pipe, 3 BOOK 665 PA,E J16 c. i 1685 further south byway of an existing canal toward Control Structure No. D6 -S -1. Ultimate discharge is into the Lely Canal. Water Management for the proposed project is planned to be of the lake detention type. The total acreage of the proposed lakes is approximately 3.1 acres. Existing elevations on the site range from elevation 8.4 to elevation 11.0. There are three types of soils on the site. The soil on the northern half of the site (the location of the existing mobile home park) is Urban Land. The soil on the southern half of the site consists of Pineda Fine Sand with Limestone Substratum and Boca Fine Sand. (Soil information was obtained from the USDA Soil Conservation Service.) It is to be noted that the existing site also has two (2) small areas of wetlands, besides the existing man -made pond. These pockets are located at the far southern portion of the site and will be mitigated In accordance with all regulatory agencies. 07-K-109laT*,Tow;toksbl;6161;11291019 The project is planned for a multi - family affordable housing rental project comprised of a maximum of 250 units with numerous recreational amenities. The residential units are planned for one, two and three bedroom dwelling units that meet the standards for Collier County Affordable Housing. This Ordinance shall be known and cited as the "Saxon Manor Isles Planned Unit Development Ordinance ". aoox 065 ►A.E 317 4 SECTION III PROJECT DEVELOPMENT REQUIREMENTS 3.1 PURPOSE The purpose of this Section is to delineate and generally describe the project plan of development, relationships to applicable County ordinances, the respective land uses of the tracts included in the project, as well as other project relationships. A. Regulations for development of Saxon Manor Isles shall be in accordance with the contents of this document, PUD-Planned Unit Development District and other applicable sections and parts of the Collier County Land Development Code in effect at the time of building permit application. Where these regulations fail to provide developmental standards then the provisions of the most similar district in the County Land Development Code shall apply, B. Unless otherwise noted, the definitions of all terms shall be the same as the definitions set forth in the Collier County Land Development Code in effect at the time of building permit application. C. All conditions imposed and graphic material presented depicting restrictions for the development of Saxon Manor Isles shall become part of the regulations which govern the manner in which the PUD site may be developed, D. Unless specifically waived through any variance or waiver provisions from any other applicable regulations, the provisions of those regulations not otherwise provided for in this PUD remain in full force and effect. E. Development permitted by the approval of this petition will be subject to a concurrency review under the provisions of Division 3.15 Adequate Public Facilities of the Collier County Land Development Code at the earliest or next to occur of either final site development plan approval, final 'piat approval, or building permit issuance applicable to this development. BOOK 065 PACE 319 5 C. A. The general configuration of the single land use area shown on the PUD Master Development Plan (Exhibit "A ") is approximately broken -down as follows (figures are rounded): Lake 3.1 Acres Pond 0.2 Acres Native Habitat Area 2.3 Acres Pavement 4.8 Acres Green Space 7.0 Acres Buildings 15 Acres Total Project 20.9 Acres B. Areas illustrated as lakes by Exhibit "A" shall be constructed as lakes or, upon approval, parts thereof may be constructed as shallow depressions for water detention purposes. Such areas, lakes and dry areas shall be in the same general configuration and contain the some general acreage as shown by Exhibit W. Lake depth, side slopes and planted littoral zone areas are subject to modification in order to conform to local, state and federal wetland permitting conditions. Minor modification to all areas, lakes or other boundaries may be permitted at the time of Preliminary Subdivision Plat or Site Development Plan approval, subject to the provisions of Section ,2.7.3.5.6 of the Collier County Land Development Code or as otherwise permitted by this PUD document. C. In addition to the various areas and specific items shown in Exhibit "A ", such easements as necessary (utility, private, semi- public, etc.) shall be established within or along the various tracts as may be necessary. A maximum of 250 multi- family residential dwelling units shall be constructed In the total project area. The gross project area is 20.91 acres. The gross project density, therefore, will be a maximum of 11.96 units per acre. A. Prior to the recording of a Record Plat and /or Condominium Plat for all or part of the PUD, if applicable, final plans of all required improvements shall receive approval of the appropriate Collier County governmental agency to insure compliance with the PUD Master Plan, the County Subdivision Regulations and the platting laws of the State of Florida. 6 sm 0615PACE319 f f. B. Exhibit "A PUD Master Plan, constitutes the required PUD Dovelopment Plan. Subsequent to or concurrent with PUD approval, a Preliminary Subdivision Plat, if applicable, shall be submitted for the entire area covered by the PUD Master Plan. Any division of property and the development of the land shall be in compliance with Division 3.2 Subdivisions of the Land Development Code, and the platting laws of the State of Florida. C. The 'provisions of Division 3.3 Site Development Plans of the Land Development Code, when applicable, shall apply to the development of all platted tracts, or parcels of land as provided in said Division 3.3 prior to the issuance of a building permit or other development order. D. Appropriate instruments will be provided at the time of Infrastructural Improvements regarding any dedications and method for providing perpetual maintenance of common facilities. In conjunction with the promotion of the development, apartments may be designated as models. Such model apartments shall be converted to residential status within a two 12) year period, unless otherwise specifically approved by the applicable County authority. Model homes review and determination shall be in accordance with Section 3.2.6.3 of the Land Development Code. Amendments may be made to the PUD as provided in Section 2.7.3 of the Land Development Code. �• •► 11OR191 a 9141119 ;11;J:IJU*1V1i14EOJ&:V . • ► I ►I: muoraq The excavation of earthen material and its stock piling in preparation of water management facilities or to otherwise develop water bodies may be allowed subject to review and approval in accordance with Division 3.5 of the Land Development Code. If there is a surplus of earthen material after consideration of fill activities on those buildable portions of the project site, then its off-site disposal also may be allowed subject to review and approval in accordance with Division 3.5 of the Lbod Development Code subject to the following conditions: 600K 065 PAr,E 320 7 0 1685 1. Excavation activities shall comply with the definition of a "development excavation" pursuant to Section 3.5.5.1.3 of the Land Development Code, whereby off-site removal shall be limited to 10% of the total calculated excavated volume to a maximum of 20,000 cubic yards. 2. All other provisions of Division 3.5 Excavation of the Land Development Code are applicable. 0 IDOX 065 PAGE 3,21 8 1685 -� SECTION IV MEDIUM DENSITY (LOW RISE) RESIDENTIAL GUIDELINES 4.1 P!1RPOSE The purpose of this section is to identify specific development standards for the project shown on Exhibit "A ". 4,2 MAXIMUM DWELLING UNITS The maximum number of dwelling units within the PUD shall be 250 units. 4.3 USES PERMITTED No building or structure or part thereof, shall be erected, altered or used, or land used, In whole or part, for other than the following: A. Principal Uses: (1) Low rise multi- family structures. B. 'Accessory Uses: (1) Customary accessory uses and structures including, but not limited to: carports, garages, utility buildings, satellite dishes, central laundry /auto care facilities, central management /maintenance facilities. 12) Recreational uses and facilities such as swimming pools, tennis courts, children's playground areas, fishing piers /gazebos, boat docks, and basketball /shuffle board courts. Such uses shalt be visually and functionally compatible with the adjacent residences which have the use of such facilities. (3) Child care facilities. (4) Property and maintenance manager's residences and associated office space. (5) Walking paths with exerclse facilities, boardwalks, picnic areas and gazebo in the southern Native Habitat Area after appropriate environmental review. BOOK 065 pAv 322 .9 1665 Y. 4.4 DEVELOPMENT STANDARDS A. Qcnerat: All criteria listed below shall be understood to be in relation to respective tract boundary lines or between buildings except item 3.40.0 ) (a). B. Minimum Lot Area: One (1) Acre. C. Minimum Lot Width: One-hundred fifty feet (150'). D. Minimum Yards: (1) Principal structures: (a) Setbacks from all exterior project boundaries shall be 35 feet. (b) Setbacks from the Native Habitat Areas shall be 15 feet, unless such Native Habitat Areas are determined to be preservation easements or tracts. Setbacks from any preservation easements or tracts shall be in accordance with Section 3.2.8.4.7 of the Land Development Code. (c) Setbacks between principal structures shall be 20 feet or . 1/2 the sum of their heights, whichever is greater. (d) Setbacks from the lakes shall be 20 feet. (e) Front setbacks from the edge of detached parking facilities shall be 10 feet. Parking structures attached to the principal residential structures are also permitted. (2) ,Accessory Structures: (a) Setbacks shall be as required by Division 2.6 of the Land . Development Code in effect at time of building permit application except setbacks from the Native Habitat Areas are not required unless such Native Habitat Areas are determined to be preservation easements or tracts. 10 B011K 065 PRE 323 • .fY No M ]�85 G. Off- Street Parking and Loading Requirements; As required by Division 2.3 of the Land Development Code in effect at the time of building permit application. H. (ntgrior Landscaping Requirements: As required in Division 2.4 of the Land Development Code. 11 100K 06 5) PAv 324 Setbacks from any preservation easements or tracts shall be in accordance with Section 3.2.8.4.7 of the Land Development Code, setbacks from the Radio Road ROW shall be 20 feet, and setbacks for recreational facilities shall be 20 feet from all exterior project boundaries and 10 feet from structure to structure. E. Minimum Floor Area., (1) For one bedroom units the minimum floor area shall be 500 square feet. (2) For two bedroom units the minimum floor area shall be 700 square feet. (3) For three bedroom units the minimum floor area shall be 900 square feet. F. Maximum Height: (1) For principal structures 30 feet or 2 stories above the minimum base flood elevation. (2) For accessory structures 20 feet above the minimum base flood elevation. (3) For fences and walls 8 feet above the existing grade or where the fence or wall would be located over an existing grade that is - depressed, such as the ditch along a portion of the western property boundary, the fence or wall height shall be measured from the typical existing elevation of the southern Native Habitat Area. G. Off- Street Parking and Loading Requirements; As required by Division 2.3 of the Land Development Code in effect at the time of building permit application. H. (ntgrior Landscaping Requirements: As required in Division 2.4 of the Land Development Code. 11 100K 06 5) PAv 324 T" 16'6'5 1 (1) Around the perimeter of the project Buffer "X" or "Y" shall be required where shown on the PUD Master Plan (Exhibit "A "). Buffer 'X" shall be a minimum of 10 feet in width and Buffer "Y" shall be a minimum of 15 feet in width and include a double- staggered row of trees, spaced an average of 30 foot on center in Buffer "X" and 44 foot on- center in Buffer "Y ", and with 2 shrubs, approximately 3 feet in height at time of planting, for each perimeter buffer tree. The developer shall have reasonable flexibility In locating such shrubs in order to maximize the impact of such shrubs. Such trees shall be 100° canopy trees, excluding any existing trees saved for credit and trees planted within the northern Native Habitat Area, and at the time of planting shall be a minimum of 8 feet In height, have a minimum of 1.5 inch caliper measured 12 inches above ground, and have a minimum 3 foot spread. Buffer 'X" shall also include a landscape buffer that Is at least S5% opaque and 6 feet in height within 18 months. Such landscape buffer may include a fence, wall, hedge, berm, or combination thereof. Where a hedge is chosen by the developer, the number of shrubs shall be increased so that spacing does not exceed more than 3 feet on center. At the option of the developer, Buffer 'Y" may include a 6 foot high fence, wall, hedge, berm, or combination thereof. Additionally, at the option of the developer, Buffer "X" may be provided along the western boundary of the southern Native Habitat Area. The northern Native Habitat Area shall be re- vegetated in such a manner that it meets or exceeds the functions described for Buffer "X" (see the re-vegetation plan requirements in Section V of this document). (2) Developer agrees to provide an Irrigation system that meets the requirements of Division 2.4 of the Land Development Code within Buffers "X" and "Y' except within Native Habitat Areas to ensure long-term compatibility with neighboring projects, even though these systems are only optional for Affordable Housing projects. J. Lighting Facilities, Lighting facilities will be arranged in a manner which will protect roadways and neighboring properties from direct glare or' other Interference. 12 eoex Cf 5 PAGt 325 "Me SECTION V DEVELOPMENT COMMITMENTS 5.1 PURPOSE The purpose of this Section is to set forth the development regulations for the development of this project. 5.2 GENERAL All facilities shall be constructed in strict accordance with Final Site Development Plans, Final Subdivision Plans and all applicable State and local laws, codes, and regulations applicable to this PUD. Except where specifically noted or stated otherwise, the standards and specifications of the official County Land Development Code shall apply to this project even if the land within the PUD is not to be platted. The developer, his successor and assigns shall be responsible for the commitments outlined in this document. The developer, his successor or assignee shall agree to follow the Master Plan and the regulations of this PUD as adopted and any other conditions or modifications as may be agreed to in the rezoning of the property. In addition, the developer will agree to convey to any successor or assignee in title any commitments within this agreement. u : •, A. Exhibit "A PUD Master Plan illustrates the proposed development and Is conceptual in nature. Proposed area, lot or land use boundaries or special land use boundaries shall not be construed to be final and may be varied at any subsequent approval phase such as final platting or site development plan approval. Subject to the provisions of Section 2.7.3.5 of the Collier County Land Development Code, amendments may be made from time to time. B. All necessary easements, dedications, or other instruments shall be granted to Insure the continued operation and maintenance of ail service utilities and all common areas in the project. BOOK 065 PASI 26 13 ue S. 5,4 SCHFntrr F OE DEVELOP "fti ENT / ?f "0 NITORINO REPORT 5.5 A site development plan shall be submitted per County regulations in effect at time of site plan submittal. The project is proposed to be completed in one phase. A. The landowners shall proceed and be governed according to the time limits pursuant to Section 2.7.3.4 of the Land Development Code. B. Moniforing Report, An annual monitoring report shall be submitted pursuant to Section 2.7.3.6 of the Collier County Lan. d Development Code. A. Collier County reserves the right to close median openings, If necessary, due to safety and capacity considerations. B. The developer shall provide left and right turn lanes off of Radio Road at the project access and the accompanying storage, if necessary, during the site plan review stage. Compensating right -of -way shall be donated to offset that consumed by the construction of the turn lanes. C. Impact fees shall be paid in accordance with Collier County Ordinance No. 92 -22 (or as it may be as amended). D. The developer shall be responsible for the cost of any signal upgrades or Improvements necessary at the Radio Road /Santa Barbara Boulevard intersection made necessary due to this project. Traffic counts and turning movement counts at the project entrances shall be provided if required by the County. In addition, if a signal is required at the project access off of Radio Road at some time in the future, the County reserves the right to require said signal at this location. The total cost of a signal system at this location would be borne by the benefitting side street users. E. The project shall provide a cross access stub to the adjacent property to the south to improve the local residential traffic circulation on Davis Boulevard and Radio Road. scox 065 ►Acs 327 14 1665 A. The developer and all subsequent landowners are hereby placed on notice that they are required to satisfy the requirements of all County ordinances in effect prior to or concurrent with any subsequent development order relating to this site, including, but not limited to, Preliminary Subdivision Plats, Site Development Plans, and any other application that will result in the issuance of a final or local final development order. B. Design and construction of all improvements shall be subject to compliance with the appropriate provisions of Division 3.2 of the Land Development Code. C. This project shall be required to meet all County ordinances in effect at the time final construction documents are submitted for development approval, D. An Excavation Permit shall be required for the proposed lake(sl in accordance with Division 3.5 of the Land Development Code and South Florida Water Management District rules. E.• 'A copy of the South Florida Water Management District Permit or Early Work Permit (with Staff Report) shall be provided prior to Site Development Plan approval. F. Landscaping shall not be placed within the water management areas unless specifically approved by Collier County Project Plan Review. G. All off -site flow collection and routing facilities shall be reviewed and approved by Collier County Project Plan Review prior to Final Site Development Plan approval. H. Should the South Florida Water Management District, or any other agency, during its review process require significant changes be made to the site plan and /or the water management facilities, Collier County reserves the right to re-review the project and have it heard by the Environmental Advisory Board. 1. Thfs approval does not constitute agreement by the County to any control elevation or discharge rate. All agreements shall be made with the South Florida Water Management District. 15 litlax 065 Pay: 328• a,. .y f� • 4; 1685 J. Side slopes on ponds, berms, and swaids shall not be steeper than 4:1, unless specific, separate approval is obtained from Collier County Project Plan Review. K. Per Section 3.5.7.1.1 of the Land Development Code, the proposed lakes shall meet the one hundred foot (100') setback requirement from the access drives unless exceptions are requested and supported with adequate documentation. L. At the time of Site Development Plan review, the petitioner shall provide documentation on any off -site drainage coming onto the site and provide for its conveyance, if applicable. 1 fti A. Water distribution, sewage collection and transmission facilities to serve the project are to be designed, constructed, conveyed, owned and maintained In accordance with Collier County Ordinance No. 88 -78, as amended, and other applicable County rules and regulations. B. All customers connecting to the water distribution and sewage collection facilities to be constructed will be customers of the County and will be billed by the County in accordance with the County's established rates. C. The on -site water distribution system to serve the project must be connected to the District's eight inch (8'1 water main on the south side of Radio Road consistent with the main sizing requirements specified in the County's Water Master Plan and extended throughout the project. During design of these facilities, dead end mains shall be eliminated by looping the internal pipeline network. D. The utility construction documents for the project's sewerage system shall be prepared so that all sewage flowing to the County's master pump station is transmitted by one (1) main on -site pump station. Due to the design and configuration of the master pump station, flow by gravity into the station will not be possible. The Developer's Engineer shall.meet with the County staff prior to commencing preparation of construction drawings, so that all aspects of the sewerage system design can be coordinated with the County's Sewer Master Plan. 16 eoox 065 PAu 329 1 1�5 E. The existing off -site water facilities of the District must be evaluated for hydraulic capacity to serve this project and reinforced as required, if necessary, consistent with the County's Water Master Plan to insure that the District's water system can hydraulically provide a sufficient quantity of water to meet the anticipated demands of the project and the District's existing committed capacity. F. The existing off-site sewage transmission facilities of the District must be evaluated for hydraulic capacity to serve this project and improved, as required, outside the project's boundary to provide adequate capacity to transport the additional wastewater generated without adverse impact to the existing transmission facilities. A. The PUD shall be in compliance with the Collier County Land Development Code environmental sections and the Growth Management Plan • Conservation and Coastal Management Element at the time of final development order approvals. B. Easements in accordance with the Collier County Land Development Code shall be provided for all protected /preserve areas required to be designated on the preliminary and final subdivision plats or, in the case of site development plans, recorded by separate instrument. Any buildable lot or parcel subject to or abutting a protected /preserve area required to be designated on the plat or site development plans shall have a minimum twenty-five foot (25'1 setback from the boundary of such protected /preserve area in which no principal structure may be constructed. Furthermore, the preliminary and final subdivision plats and site development plans shall require that- no alteration including accessory structures, fill placement, grading, plant alteration or removal, or similar activity shall be permitted within such setback area without the prior written consent of the Development Services Director; provided, in no event shall these activities be permitted in such setback area within ten feet (10') of the protected /preserve area boundary. All required easements for protected /preserve areas shall be dedicated and the permitted uses shall be established for said easement on the final subdivision plat or site development plan. 17 scox 065 PAGE 330 16B5 T' Y y� y C. A detailed re- vegetation plan for the northern Natural Habitat Area (.5 acre) shall be submitted' to .Collier County Project Plan Review Environmental Staff, for review and approval, prior to or with the submission of the first development order for this PUD. This plan shall include at minimum, a time schedule for commencement, monitoring and completion of the work, a statement of guaranteed total survivability, a summary of proposed plantings (species, size, spacing, depths, planting methodology, etc.) and a statement guaranteeing that at least .5 acre shall successfully be re- vegetated. A final site inspection by Collier County Environmental Staff shall be required to verify successful re- vegetation. All re- vegetation shall be completed per the criteria of the aforementioned approved plan, prior to any final certificate of occupancy being issued for this first development order, All re- vegetatlon shall be completed, with total guaranteed survivability over a three year period. Survivability shall be guaranteed by a bond consistent with the bonding provisions for landscaping pursuant to Section 2.4.3.5 of the Land Development Code. D. Development of the Collier County jurisdictional wetlands shall be mitigated with upland compensation at a minimum ratio of 1.5 to 1. A. Fire hydrants shall be provided in accordance with NFPA regulations and Collier County ordinances. FIE MM 4 UVAMM11TV A. Developer agrees to construct at a minimum the recreation facilities shown on the Feasibility Plan, dated 7 -1.93, that was displayed In color at the July 1, 1993 Collier County Planning Commission Public Hearing. Developer may. relocate or split apart these recreation facilities to improve site planning during the Site Development Plan review process. Such minimum recreation facilities shall include: 3,750 square foot of playground area; 1 full -court (3,100 square feet) or 2 half -court (1,550 square feet each) basketball facilities; a volleyball court (3,100 square feet 'or may be reduced to "regulation size" if reduction is added to playground area); 1,050 square feet of swimming pool(s) excluding deck area; a.-.d 2,340 square feet of combination recreation /maintenance building, rental office, and Laundromat (if this combination building is split apart, the recreation building shall be at least 600 square feet in size). 18 BOOK Q65?Au331 �tiY 1U5 A A. The Saxon Manor Isles project shall be operated in accordance with the terms of an executed Affordable Housing Agreement between the project owner and the Collier County Board of Commissioners. 5.12' TENANT OCCUPANCY LIMITATIONS :_,..[,.,.•,_All one (1) -bedroom units shall be limited to a maximum of two (2) " persons. B. Ail two (21-bedroom units shall be limited to a maximum of four (4) "Persons. GAII three (3)- bedroom units shall be limited to a maximum of six (6) persons. .: ~t]r:. Children less than two (2) years old are excluded from these tenant --— occupancy limitations. Households which exceed these occupancy limits when a child reaches the age of two (2) years shalt have a maximum of ninety (90) days from the child's second birthday to vacate the unit and move into a larger unit or leave the apartment complex. 19 BOOK 065 PAGE 3.32 G t m_ x w y, r t • Y C i l i I I t�� 1 I � 1 �• i L sY Y M �MS i L u s US USA Ad 1 • k =L C� M � 4 " es i A r� C (ccc DVJ Cjgo A009 V � v •j11 " M M M M � {49i1 A Yii� V Vi' •104 �4.t 1• '.. t �.'•iS i � r 71 O K E � • •E • 7 ✓ .L • Y 1 ► . 1 O wws •.•� i ✓ i'ff_•'�' ii inwA wws �wwA wwY . w s . 111 ✓ L R • Y P (ccc DVJ Cjgo A009 ill I '►A� o o D I\ D �L� i•Z I` D R; 11685 a V � v •j11 " M M M M � {49i1 A Yii� V Vi' •104 MAY � . � N" 4y MM• N r M •YE r 71 O K E � • •E • 7 ✓ .L • Y M V O wws •.•� i inwA wws �wwA wwY . w s ill I '►A� o o D I\ D �L� i•Z I` D R; 11685 a 1685 EXHIBIT B I !f LOCATION MAP BOOK 065P4EJ34 G rd li�1t7: W iI11M cu �1 oroa olara Y xanans - 116111x3 - Lj I 1 I x lk' ; Y . I�� r I I xanans - 116111x3 - ou I EXHI ©IT D EXISTING LAND USE /VEGETATION MAP /I III � 14 h it I I�. ► I II I ,i i �I �I�•��1 q� u k I EXHI ©IT D EXISTING LAND USE /VEGETATION MAP /I III � 14 h it I I�. ► I II I ,i i �I �I�•��1 q� u k 2 * ■ N BOOK 06 PA,E 336 SAXON r unr � / N ®UTLIER buft. - *n9moorkti& Inc. EXHIBIT E TOPOGRAPIIIC/SOILS MAP sooK 065?Ao!337 JLUQV A94MM Ut" PVW.*4M4r / WN T JIA• I 1685 'Fi ii 11 i dGUTLC-n bcm..— elfamo*f Inc. ble. C Fell Adr i 3 no .•aa �' lit r ,.. .Sr .•..� �t1. 1�• Ir �, rhwR ■ ■ „i '� tom; 'F�•4 1 �� ( t'. , '•'' � mod• `r. � � ,a, i •' * ct i 1685 Radio Rd. Subject Property Davis Blvd. 0 VY r . Pkwy, G� o� Go 1 -75 �h 14 E w �0 N c 0 1 0 ° U Miles 100K 065 PAGE 339 w a: ci •.i i• EXHIBIT C , SERVICES AND SHOPPING FACILITIES MAP Shopping FaciliEies Public Facilites 1) Ccastiand Mail 1) East•Naplas- -Fire Station 2)'Court House Shadovs 2)•Sheriff- 'sOffice 3) Naples•Tovne Center 3) County Government Center 4Y Kings Lake Square 4) Golden Gate Library 5) Winn —Dixie Center (Proposed) .5) Golden Gate Fire Station 6). Berkshire Commons 6) Emergency-Medical Station 7)' Santa Barbara Square 7) Emergency medical Station 8) Golden 'Gate Radio Rd. Subject Property Davis Blvd. 0 VY r . Pkwy, G� o� Go 1 -75 �h 14 E w �0 N c 0 1 0 ° U Miles 100K 065 PAGE 339 w a: ci 1685 SAXON MANOR ISLES RENTAL JULY 9, 1993 AGREEMENT_ AtTHORI.ING AFFORDABLE HOUSING nruaT_TV BONUS AND IMPOSING COVENANTS AND RESTRICTIONS ON REAL PROPERTY THIS AGREEMENT is made as of the a,^ day of 1993, by and between SUNCOAST CORP. OF DELAWARE by its duly authorized undersigned officer (the "Developer ") and the Collier County Board of County Commissioners (the "Commission "). RECITALS: A. The Developer owns a tract of real property described as (complete legal description) JHE EAST ONE -HALF OF THE EAST ONE -HALF OF THE NORTHEAST ONE - QUARTER OF THE NORTHEAST ONE - QUARTER AND THE EAST ONE -HALF OF THE EAST ONE -HALF OF THE SOUTHEAST ONE- OUMTER OF THE NORTHEAST ONE- OUARTER OF SECTION 6. TOWNSHIP 50 SOUTH, RANGE 26 EAST, COLLIER COUNTY, FLORIDA (The "Property "). The legal and equitable owners include JACK J. BAs. It is the Developer's intent to construct a maximum of 250 residential units (the "Units ") at a density of 11.96 units per gross acre on the Property. The gross acreage of H Property is 20,91 acres. The number of affordable Units constructed by Developer shall be 249 , representing 99.6 m -+' percent of• the total number of residential Units in the �o development. B. In order to construct the Units, the Developer must s a obtain a density bonus from the Commission for the Property as N a provided for in the Collier County Affordable Housing Density Bonus Ordinance No. 90 -89, which density bonus can only be V O granted by the Commission in accordance with the strict d limitations of said Ordinance. 0 ■ C. The Commission is willing to grant a density bonus to ~ the Developer authorizing the construction of 167 bonus units a 0 on the Property, if the Developer agreos to construct affordable a Units as specified in this Agreement and tho Developer covenants o� * and agrees to use the affordable units only as rental property. NOW, THEREFORE, in consideration of the approval and granting of the density bonu(s�nof 7.96 units per acre BOCK M PAGE 3.40 SAXON MANOR ISLES RENTAL JULY 9, 1993 requested by the Developer and the benefits conferred thereby on the Property, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Developer and the Commission hereby covenant and agree as follows: . 1. Recitals. The above recitals are true and correct and are incorporated herein by reference. 2. Developer Agreements. The Developer hereby agrees that it shall construct 250 affordable Units which Units shall be rented in accordance with the terms and conditions of this Agreement and as specified by the attached Appendix A, Exhibit A and Exhibit B, which Appendix is incorporated by reference herein and constitutes a part of this Agreement. Units at the Property which are not an affordable Unit ( "Market -Rate Units ") shall be exempt from the provisions of this Agreement and may be leased or ranted by the Developer on terms and conditions acceptable to the Developer in its sole discretion. within forty -five (45) days from the data that notice is received from the Commission, the Developer shall provide on -site management to assure appropriate security, maintenance and appearance of the development and the dwelling Units. a. The following provisions shall be applicable to the affordable Units: (1) Definitions. Any and all definitions provided by Ordinance No. 90 -89, as amended, are hereby incorporated by reference. Phasing shall mean (a) the phased construction of ':Z.'7- 7buildings or structures in separate and distinct stages as shown on a PUD master plan, subdivision master plan or site development plan; or (b) in davel.apments where phased construction is not depicted on a PUD master plan, subdivision master plan or site development plan, the construction of buildings or structures in a clearly defined series of starts and finishes that are separate and distinct within the development. (2) Base Rent. The monthly base rent for the Pa e 2 of 14 BOOK 06 5 PAGE J41 ...., .,� 14 6 5 SAXON MANOR ISLES RENTAL JULY 9, 1993 affordable Units shall be in accordance with the rents specified in the attached Appendix A, Exhibit A. The monthly rent may be increased each year from the date of the Agreement as long as the increase does not exceed the annual increase in the Consumer Price Index (CPI) or five (5t) percent, whichever is less. At no time shall the rent exceed one - twelfth (1 /12th) of thirty (30%) percent. of an .amount which represents f. ifty (50%). percent,(for. very low income), and eighty (80%) percent (for low income) of? the then applicable median adjusted gross annual income for the household as published annually by the U.S. Department of Housing and Urban Development for the area defined as the Naples Metropolitan Statistical Area (MSA). The . foregoing notwithstanding, any rent charged for an affordable housing unit rented to a low income or very low income family shall not exceed ninety (90 %) percent of the rent charged for a comparable market rate dwelling in the same or similar development. (3) xedian Income. For the purposes of this Agreement, the median income of the area as defined by the U.S. Department of Housing and Urban Development (HUD) shall be the then current median income for the Naples Metropolitan Statistical Area, established periodically by HUD and published in the Federal Register, as adjusted for family size as shown on the tables attached hereto as Appendix A, Exhibit C, which Exhibit shall be adjusted from time to time in accordance with any adjustments that are authorized by HUD or any successor agency. In the event that HUD ceases to publish an established median income as aforesaid, the parties hereto shall mutually Agree to another reasonable and comparable method of computing adjustments in median income. (4) Eligibility and Qualification of Tenant. Family income eligibility is a three -step process: 1) submittal of an application by a prospective tenant; 2) verification of family income; and 3) execution of an income certification form. All three steps shall be accomplished prior to a tenant being qualified as an eligible family to rent and occupy an affordable Page 3 of 14 600K 065 PALE 342 SAXON MANOR ISLES RENTAL JULY 9, 1993 ' housing unit pursuant to the affordable housing density bonus program. No person shall occupy an affordable housing -unit provided under the affordable housing density bonus program prior to being qualified at the appropriate level of income (low or very low income) in accordance with this Section. The Developer shall be responsible for qualifying tenants by accepting applications from tenants, verifying income and obtaining income certification for all affordable units in the subject development. All applications, forms and other documentation required by this Agreement shall be provided to the Housing and Urban Improvement Director. Qualification by the Developer of any tenant as an eligible tenant family shall be subject to review and approval in accordance with the monitoring and enforcement program created and adopted by Resolution of the Commission. (a) Application. A potential tenant shall apply to the developer, owner, manager, or agent to qualify as a low or vary low income family for the purpose of renting and occupying an affordable housing• rental unit pursuant to the affordable housing density bonus program. The Preliminary Application for Affordable Housing Unit shall be provided by the Housing and Urban Improvement Director as shown in Appendix B, Exhibit A, attached to this Agreement and incorporated by reference herein. (b) Income verification and Certification. No affordable housing Unit in the development shall be rented to a tenant whose household income has not been verified and certified in ac- ordance with this Agreement and Ordinance No. 90 -89, as amended, as a low or very low income family. Tenant income verification and certification shall be repeated annually to assure continued eligibility. (c) Income verification. The Developer shall obtain written verification from the potential occupant (including the entire household) to verify all regular sources of income (including the entire household). The most recent year's 11U3 P BOOK G( 1685 SAXON MANOR ISLES RENTAL JULY 9, 1993 ' federal income tax return for the potential occupants (including the entire household) may be used for the purpose of income verification, if attached to the Affordable Housing Applicant Income Verification form, which includes a statement to release information, tenant verification of the return, and a signature block with the date of application. The verification shall be valid for up to ninety (90) days prior to. occupancy. Upon expiration of the 90 day period, the information may be verbally updated from the original sources for an additional 70 days, provided it has been documented by the person, preparing the original verification. After this time, a new verification form lust be completed. The Affordable Housing Applicant Income Verification form shall be provided by the Housing and Urban Improvement Director as shown in Appendix B, Exhibit B, attached to this Agreement and incorporated by reference herein. (d) Income Certification. Upon receipt of the Preliminary Application for Affordable Housing Unit and Affordable Housing Applicant Income Verification form, the Developer shall require that an income certification form shall be executed by the potential tenant (including the entire household) prior to rental and occupancy of the affordable housing unit by the tenant. Income certification shall assure that the potential occupant has a low or very low household income which qualifies the potential occupant as an eligible family to rent and occupy an affordable housing unit under the affordable housing density bonus program. The Affordable Housing Applicant Income Certification form shall be provided by the Housing and Urban Improvement Director as shown in Appendix B, Exhibit C, attached to this Agreement and incorporated by ,..•W .ter.. reference herein. (e) Rental Agreenent. At a minimum, the rental agreement shall include the following: (i) name, address, and telephone number of the head of household and all other occupants; a description of the unit to be rented; the term of the lease; (iv) the rental amount; 600K UU� Pi .W 4 U85,t SAXON MANOR ISLES RENTAL JULY 9, 1993 (v) the use of the premises; (vi) monitoring and enforcement provisions, including disqualification of tenant; and (vii) the rights and obligations of the parties. Random inspection of files containing required documenta- tion to verify occupancy in accordance with this Agreement and Ordinance No. 90 -89, as amended, may be conducted by the Housing and Urban Improvement Director.. (5) DisqualitIcation of Tenant. In the event that tenant qualification is not subsequently confirmed by the Housing and Urban Improvement Director or his designee, then such tenant shall be required to vacate the affordable unit. If tenant vacation of the affordable unit is the result of an error, omission or misrepresentation made by Developer, tenant shall vacate the affordable unit within thirty (30) days and Developer shall pay penalties as provided by the monitoring and enforcement program. If tenant vacation of the affordable unit is the result of a misrepresentation made by the tenant, tenant shall vacate the affordable unit within 15 days and shall pay penalties as provided by the monitoring and enforcement program. Such eventuality shall be expressly detailed in the lease agreement between Developer and tenant. (6) Annual Trogress and Konitcring Report. The Developer shall provide the Housing and Urban Improvement Director an annual progress and monitoring report regarding the delivery of affordable housing rental units throughout the period of their construction, rental and occupancy. The annual progress and monitoring report shall, at a minimum, provide any informal - tion reasonably required to insure compliance with Ordinance Ho. 9n-89 or subsequent amendments thereto. The report shall be filed on or before September 30 of each year and the report shall be submitted by the Developer to the Housing and Urban Improve- ment Director. Failure to complete and submit the monitoring report to the Housing and Urban Improvement Director within sixty (60) days from the due date shall result in a penalty of up to fifty dollars ($50.00) per day unless a written extension not to exceed thirty (30) days is requested prior to expiration of the Page U65 ;� BOOK 3 345 sties SAXON XANOR ISLES RENTAL JULY 9f 1993 sixty (60) day submission deadline. No more than one such extension may he granted in a single year. The progress and monitoring report shall be in a form provided by the Housing and Urban Improvement Director. (7) occupancy Restrictions. No Affordable Unit in any building or structure on the Property shall be occupied by the Developer, any person related to or affiliated with the Developer, or by a resident manager. 3. Density Bonus. The Commission hereby acknowledges that the Developer has met all required conditions to qualify for a density bonus, in addition to the base residential. density of 4 units per acre, and is therefore granted a density bonus of 7.96 density bonus units per acre, for a total (total . density bonus units per acre X gross acreage) of 167 density bonus units, pursuant to Collier County Affordable Housing Density Bonus Ordinance No. 90 -89. The Commission further agrees that the Developer may construct thereon, in the aggregate a maximum number of 250 units on the Property provided the Developer is able to secure building permit(x) from Collier County. 4.' commission Agreement. During the term of this Agreement, the Commission acting through the Housing and Urban Improvement Department or its successor(s) covenants and agrees to prepare and make available to the Developer any general Information that it possesses regarding income limitations and restrictions which are applicable to the affordable Unit. "5. violations and Enforcement a. violations. It shall be a violation of this —Agreement and the Collier County Affordable Housing Density Bonus Ordinance to rent, sell or occupy, or attempt to rent, sell or occupy, an affordable housing rental unit provided under the affordable housing density bonus program except as specifically permitted by the terms of this Agreement; or to knowingly give false or misleading information with respect to any information required or requested by the Housing and Urban Improvement Director or by any other persons pursuant to the authority which boo ayof s PACE6 _ _ ]„(i B 5 SAXON MANOR ISLES RENTAL JULY 9, 1993 is delegated to them by the Ordinance. Collier County or its designee shall have full power to enforce the terms of this Agreement. The method of enforcement for a breach or violation of this Agreement shall be at•the option of the Commission by criminal enforcement pursuant to the provisions of Section 125.69, Florida Statutes, or by civil enforcement as allowed by law. b. Notice of Violation for Code Enforcement Board Proceedings. Whenever it is determined that there is a violation of this Agreement that should be enforced before the Code Enforcement Board, then a Notice of Violation shall be issued and sent by the Housing and Urban Improvement Director by certified return - receipt requested U.B. Nail, or hand - delivery to the person or developer in violation of the Ordinance. The Notice of Violation shall be in writing, shall be signed and dated by the Housing and Urban Improvement Director or such other. County personnel as may be authorized by the Board of County Commissioners, shall specify the violation or violations, shall state that said violations(s) shall be corrected within ten (10) days of the date of the Notice of Violation, and shall state that if said violation(s) is /are not corrected by the specified date• in the Notice of Violation, the Housing and Urban Improvement Director shall issue a citation which shall state the date and time of issuance, name and address of the person in violation, date of the violation, Section of this Agreement or of Ordinance No. 90 -89 or subsequent amendments thereto violated, name of the Housing and Urban Development Director, and date and time when -the violator'shall appear before the Code Enforcement Board. C. Certificate of Occupanag. In the event that the Developer fails to maintain the affordable units in accordance with this Agreement or with Ordinance No. 90 -89, as amended, at the option of the Commission, building permits or certificates of occupancy, as applicable, may be withheld for any future planned or otherwise approved unit located or to be located upon the Property until the entire project is in full compliance with this Page 8 of 14 hoax 065PAce347 16B5 SAXON MANOR ISLES RENTAL JULY 9, 1993 Agreement and with Ordinance No. 90 -69, as amended. .4. Assignment by Commission. The Commission may assign all or part of its obligations under this Agreement to any other public agency having jurisdiction over the Property provided that it gives the Developer thirty (30) days advance written notice thereof. The Developer may not assign, delegate or otherwise transfer all or part of its duties, obligations, or promises under this Agreement to any successor in interest to the Property without the express written consent of the Commission, which consent may be withhold for any reason whatsoever. Any attempt to assign the duties, obligations, or promises under this Agreement to any successor in interest to the Property without the express written consent of the Commission as required by this Section shall be void ab initio. 7. severability. If any section, phrase, sentence or portion of this Agreement is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct, and independent provision, and all other provisions shall remain effective and binding on the parties. e. Notice. Any notices desired or required to be given under this Agreement shall be in writing and shall either be personally delivered or shall be sent by mail, postage prepaid, to the parties at the -following addresses: To the Commission: HOUSING Z URBAN IMPROVEMENT DEPT. 3050 N. HORSESHOE DR., SUITE 158 NAPLES, FLORIDA 33912 To the Developers SUNCOAST CORP. OF DELAWARE 542 CORMORANT COVE NAPLES, FLORIDA 33962 Any party may change the address to which notices are to be sent by notifying the other party of such new address in the manner not forth above. 9. Authority to Monitor. The parties hereto acknowledge that the Director of Collier County Housing and Urban Improvement or his designee shall have the authority to monitor and enforce Developerfs obligations hereunder. Page 9 of 11 BOOK C65 PACE 348 4 1bB5 °il SAXON MANOR ISLES RENTAL JULY 9, 1993 10. Indemnify. The Developer hereby agrees to protect, defend, indemnify and hold Collier County app its officers, employees, and agents harmless from and against any and all claims, penalties, damages, losses and expenses, professional foes, including, without limitation, reasonable attorney's fees and all costs of litigation and judgments arising out of any claim, willful misconduct or negligent act, error.or omission, or liability of any kind made by Developer, its agents or employees, arising out of or incidental to the performance of this Agreement. 11. Covenants. The Developer agrees that all of its obligations hereunder shall constitute covenants, restrictions, and conditions which shall run with the land and shall be binding upon the Property and against every person then having any ownership interest at any time and from time to time until this Agreement is terminated in accordance with section 14 below. However, the parties agree that if Developer transfers or conveys the Property to another person or entity, Developer shall have no further obligation hereunder and any person seeking to enforce the terms hereof shall look solely to Developer's successor in interest for the performance of said obligations. 12. Reoording. This Agreement shall be recorded at Developer's expense in the official records of Collier County, Florida within thirty (30) days of approval of said Agreement by the Commission. Proof of recordation shall be submitted to the County Attorney within is days of recordation. Failure to record this agreement, as prescribed herein, shall render this Agreement null and void:' 13. tntire Agreement. The parties hereto agree that this Agreement constitutes the entire Agreement between the parties hereto and shall inure to and be binding upon their respective heirs, successors, and assigns. 14. Termination. Each affordable housing unit shall be restricted to remain and be maintained as the type of affordable housing rental unit (low or very low income) designated in Page 10 of 14 soar 065 wt -49 16 e3 WAWMW SAXON MANOR ISLES RENTAL JULY 9, 1993 accordance with this Agreement for at least fifteen (15) years from the date of issuance of a Certificate of Occupancy for such unit. After fifteen (15) years this Agreement may terminate upon a date mutually agreed upon by the parties and stated in writing. 15. xodification. This Agreement shall be modified or amended only by the written agreement of both parties. 16. Discrimination. a. The Developer agrees that neither it nor its agents shall discriminate against any tenant or potential tenant because of said tenants race, color, religion, sex, national origin, familial status, or handicap. b. When the Developer advertises, rents, sells or maintains the affordable housing unit, it must advertise, rent, sell, and maintain the same in a non - discriminatory manner and shall make available any relevant information to any person who :j# is interested in renting or purchasing such affordable housing unit. o. The Developer agrees to be responsible for payment of any real estate commissions and fees assessed in the rental or purchase of affordable units. d. The affordable housing units in the development. shall be identified on all building plans submitted to the County and described in the Developer Application for Affordable Housing Density Bonus. e. The affordable housing units shall be intermixed with, and not segregated from, the market rate dwelling units in the development. `•�""- ~` - °� "- f.'— The squar^ footage, construction and design of the ' affordable housing units shall be the same as market rate dwelling units in the development. All physical amenities in the dwelling units, as described in item number seven (7) of the Developer Application for Affordable Housing Density Bonus shall be the same for market rate units and affordable units. For developments where construction takes place in more than one phase, all physical amenities as described in item number seven BOOK aM PA OE W M 1685%o SILICON MANOR ISLES ' RENTAL JULY 9, 1993 of the Developer Application for Affordable Housing Density .s shall be the same in both the market rate units and the irdable units in each phase. Units in a subsequent phase may :ain different amenities than units in a previous phase so r as the amenities for market rate units and affordable units the some within each phase and provided that in no event may arket rate unit or affordable unit in any phase contain . tical amenities less than those described in the Developer lication. 17. Phasing. The percentage of affordable housing units to :h the Developer has committed for the total development shall maintained in each phase and shall be constructed as part of 4 phase of the development on the Property. Developer commits 99.6 percent affordable housing units for this project, with O+ percent of the units in each phase as built consisting of Drdable units. 18. Disclosure. The developer shall not disclose to ■one, other than the potential tenant, buyer or lender of the ticular affordable housing unit or units, which units in the slopment are designated as affordable housing units. 19. Consistency. This Agreement and authorized development 11 be consistent with the Growth Management Plan and land slopment regulations of Collier County that are in effect at time of development. Subsequently adopted laws and policies 11 apply to this Agreement and to the development to the snt that they are not in conflict with the number, type of ordable housing units and the amount of affordable housing sity bonus'approved for the development. 20. Affordable Housing Density genus Development Agreement. s Agreement is a distinct and separate agreement from slopment agreements as defined by Chapter 163.3220, Fla. Stat. 89) and as amended. 21. Preapplication. Developer has executed and submitted the Development Services Director the Developer Application Affordable housing Density Bonus, a copy of which is attached 100Kgb JPA E351 19 SAXON MINOR ISLES RENTAL JULY 9, 1993 to this Agreement as Appendix C and incorporated by reference herein. 22. Governing Lay. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. 23. turtber Assurances. The parties hereto shall execute and deliver, in recordable form if necessary, any and all documents, certificates, instruments, and agreements which may be reasonably required in order to effectuate the intent of this Agreement. Such documents shall include but not be limited to any document .requested by the Developer to exhibit that this Agreement has terminated in accordance with the provisions of paragraph 14 above. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written. �Ji601 iI ,•. ;nWIGfiT�E, CLERK :•.h�itn�ssef 3•..•: .. , Approved as to form and legal sufficiency: Martha N. Howell ".'Assistant Coun *y Attorney Bo OF COUNTY COMMISSIONERS C IER COU?1TY RIDA By :' r! TIMgTff J. NVNSTANTINE, Chairsar Coiam-idtioner, District 5 DEVELOPER:. SUNCOAST CORP. OF DELAWARE By: 4"ff,' — chmann, President BOOK 065 PA,,,E 352 Page 13 of 14 SAXON MANOR ISLES RENTAL JULY 9, 1993 STATE OF IYI D ) ) ss. COUNTY OF Sf Lwf3 ) The foregoing Agreement Authorizing Affordable Housing Density Bonus And Imposing Covenants And Restrictions On Real Property was acknowledged before me this day of , , i99 , by J. J. Bachmann, President of SUNCOAST CORP. OF DELAWARE, a De IA vh 2 Q corporation, on behalf of the corporation. He is personally known to me or has produced DZ vers as identification and did (did not) take an oath. 31MLY SCMDDT ty Pumx srAn OF Mmsousn SON �Y10,1"6 (S gnature of-Person Taking Acknowledgment) A2-M r 1 V se -6,1s l (Name of Acknowledger Typed, Printed or Stamped) N+0- 'v (Title or Ra (serial Number, it any) (NOTARY'S SEAL) df /3529 BOOK 065 FAGS 353 Page 14 of 14 r w Appendix A, Exhibit A RENTAL NUMBER OF A170 D B HOUSING tRjjTs /MONTH Y HASr R�'TS NUMBER OF UNITS BASE RENT single multi Single Multi Family Family Family Family LOW INCOME Efficiency o . 1 Bedroom 80 429 2 Bedroom 60 506 3 Bedroom 109 581 4 Bedroom 0 TOTAL 249 VERY LOW INCOME Efficiency _ 1 Bedroom 2 Bedroom _ 3 Bedroom —__- 4 Bedroom TOTAL (1) Base residential density alloyed in this development 4 _ units /acre. (2) Gross acreage 20.91 (3) Maximum number of affordable housing density bonus units allowed in this development pursuant to Section 7 Ordinance 90 -89. g_ units /acres. (4) Gross residential density of this development (including affordable housing density bonus units) 11.96 units /acre. (5) Percentage of affordable units pledged by the developer (as a percent of the total number units in the development) _99.6% soar 065►ACf3354 Page 1 of 3 r 16 B 5 Appendix A, Lxhibit B Section 7, ordinance No. 90 -69, provides for calculation of a density bonus for developers pledging to construct affordable units within their development. Included in this Exhibit B are instructions for and the tables with which to calculate the density bonus for a particular project. Exhibit C contains the current median income and acceptable rents for low and very low income households in Collier county. The affordable housing density bonus rating system shall be used to determine the amount of the affordable housing density bonus which may be granted for a development based on household income level, number of bedrooms per affordable housing unit, type of affordable housing units (owner- occupied or rental, single - family or multi - family) and percentage of affordable housing units in the development. To use the affordable housing density bonus rating system, Tables A and B, below, shall be used. Tables A and B shall be reviewed and updated if necessary on an annual basis by the Board of County Commissioners or its designee. First, choose the household income level (moderate, low, or very low) of the affordable housing unit(s) proposed in the development, and the type of affordable housing units (owner - occupied or rental, single- family or multi - family, where applicable) to be provided, as shown in Table A. Then, referring again to Table A, choose the number of bedrooms proposed for the affordable housing unit(s). An affordable housing density bonus rating based on the household income level and the number of bedrooms is shown in Table A. After the affordable housing density bonus rating has been determined in Table A, locate it in Table B, and determine the percent of that type of affordable housing unit proposed in the development compared to the total number of dwelling units in the development. From this determination, Table B will indicate the maximum number of residential dwelling units per gross acre that may be added to the base density. These additional residential dwelling units per gross acre are tho maximum affordable housing density bonus (AHDB) available to that development. Developments with percentages of affordable housing units which fall in between the percentages shown on Table B shall receive an affordable housing density bonus equal the lower of the two percentages it lies between plus 1 /10th of a residential dwelling unit per gross acre for each additional percentaga of affordable housing rental units in the development. For example, a development which has 24% of its total residential dwelling units as affordable housing units, and which has an affordable housing density bonus rating of "four" will receive an affordable housing density bonus (AHDB) of 4.4 residential dwelling units per gross acre for the development. Where more than one type of affordable housing unit (based on level of income and number of bedrooms shown in Table A) is proposed for a development, the affordable housing density bonus for each type shall be calculated separately in Table B. After the affordable housing density bonus calculations for each type of affordable housing unit have been completed in Table B, the affordable housing density bonus for each type of unit shall be added to those for the other type(s) to determine the maximum affordable housing density bonus available for the development. In no event shall the affordable housing density bonus exceed eight (8) dwelling units per gross acre. SOOK 065 PAGE 355 Page 2 of 3 IL6 B5 Appendix A, Exhibit B A770RDABLN NOUSIN2 DENSITY BONUS RATING BYBTEM TABLB At U701tDABLB NOOSING DENSITY BONUB ELATING LEVEL NUMBER OF BEDROOKS /UNIT OF HOUSEHOLD INCO sE EFFICIENCY 2 3 OR AND 1 MODERATE (OWNER- OCCUPIED, 0 1* 1* SINGLE - FAMILY) IOW (OWNER- OCCUPIED OR RENTAL 2 3 4 SINGLE - FAMILY OR MULTI- FAMILY) VERY LOW (OWNER OCCUPIED OR RENTAL, SINGLE - FAMILY OR MULTI- FAMILY) 3 4 5 *For cluster housing developments add 1 density bonus to obtain 2. in the Urban Coastal Fringe, TABLB Bt A77ORDABLB SOUSING DZNSITT BONUS (ADDITIONAL AVAIL•hAL•B DWIL•LING UNITS PER GROSS ACRE) AFFORDABLE HOUSING OF AFFORDABLE DENSITY BONUS RATING HOUSING UNITS in 7,93 x.43 i43 1 0 0 1 2 2 0 1 2 3 3 2 3 4 5 4 3 4 5 7 5 4 5 7 S Please calonlate your density bonus in the space provided below. Attach additional pages if neoessaxy. BONUS UNITS RATING COMPUTATION DENSITY 1 BR 2 80 AH UNITS . \' 250 TOTAL UNITS- 32% 2.2 2 BR 3 •60 AH UNITS . \' 250 TOTAL UNITS- 24% 3.4 3 BR 4 109 AH UNITS . \' 250 TOTAL UNITS- 43.6% 7 ... _.; .. , _ .. 249 99.6% 12.6 MAXIMUM ALLOWED 8 BONUS UNITS /ACRE 100K C65 PAGE 356 Page 3 of 3 ,L6B5, Appendix B, Exhibit A PSELININARY APPLICATION FOR AFFORDABLE HOUSINO UNIT Date Occupsnay Desireds Date of Applications Amt of sea. Deposits Your Noises� Co- Tenant Nasty: Race /National origins Handicaps Yes___, No_ Race /National Origins Handicaps Yes_ No Present Addresss Street City State zip TelepHons P Now of Landlords How Long at this Address Landlord's Address Street City state zip Telephone 1 If you have resided at your present address less than 3 years, please state previous addreess Street City state • zip Telephone 0 Previous Landlord's Nam, Address, Telephones Applicant Present Eaployer's Naw, Address, Telephones_ How Long with Present Employers Job Titles Gross salarys Hourly S Weekly i Every 2 Weeks S Monthly S Social security Numbers Birth dates Previous Employer's Nom, Address, Telephoner Bow Long with Previous Employer: Job Titles Co- Tenant Present Employer's Nam, Address, Telephones Bow Long with Present Employers Job Titles Gross salary# Hourly S Weekly S Every 2 Weeks $ Monthly S Social Security Numbers Birth dates Previous Employer's Nam, Address, Telephones_. Now Long with Previous Employer# Job Titles NAMES OF ALL WHO WILL - OCCUPY APARTMINT BIRTH DATE ,�� SOCIAL SECURITY 1. 2. 3. -- --- S. — -• NCES (Not Relativesf 1. Names Address# How Longs 2. Names Address: CREDIT REFER*NCEQ How Longs Your Banks Loan savings Checking List Below 3 Additional Credit Referencess 1' City: 2' Citys 3. 57 CLtys 600K PAGE Page 1 of 7 Appendix B, Exhibit 8 Dater ApplLcant's Names social security Numbers CO- Tenant's Names Social security Numbers Present Address r STREET CITY STATE ZIP TELEPHONE 0 I hereby make application for an apartment at apartments. I hereby declare and reveal all of my sources of Lncow. I as aware that to leave out, omit or fall to report my assets or forms of income from pensions, stocks, bonds, real property rent, sale or ownership is a fraudulent act punishable by law. Knowingly falsifying information on this form is cause for refusal of occupancy. I hereby certify that this will be my permanent residence and that I have no other assisted housing. I understand that this information is for the purpose of computing my annual income to determine my qualification to rent /buy an affordable housing unit. I understand that I as not required to surrender my ownership or rights or claimed property, pensions or capital gains, eta. Applicant Cc- Tenant Amount Frequency Amount Frequency Received of pay Received of pay Wages /Salary f f f Bonuses f ; S Tip@ $ f S Casissions f ; S Interest Income $ $ $ Trust Fund Income ; ; $ Unemployment ; S S Workaan's Compensation i f $ Welfare f f f Food Stamps f f S Social security Social security Disability Supplemental SSI• f f f Family AseLetance Child support f ; f Veterans Benefits ; ; $ Widows Benefits $ S f Onion Benefits Union Pension S S S sell- Employment Business, silent Partner, etc. S 4 f Private Insurance Pension w� r .....- ...+ TOTAL. ANNUAL INCOME ; Please attach list of all other sources of income for entire household. f f S S S s f S f f s S S f S i S S s s S THE VERIFICATION HERE REQUESTED MAY TAKE THE FORK Or THE MOST RECENT YEAR'S YZDERAL INCOME TAX RETURN FOR EACH OCCUPANT WHO HAS FILED AND WILL OCCUPY THE AFFORDABLE UNIT. THE SAKE MUST BE EXECUTED FOR EACH OCCUPANT OP THE HOUSEHOLD WHO CONTRI8UTE0 TO THE ANNUAL HOUSEHOLD INCOME. FAILURE TO REPORT ALL SOURCES Or HOVSEHOLO INCOME WILL RESULT IN DISQUALIFICATION FOR TENANCY IN AFrORDABL,i,�SIN�.UNIT. BOOR vv nrlt 588 Page 2 of 7 JEW �. Appendix a, Exhibit a APPLICANT Present Employers Job Titles Address street City state Zip Supervisors Telephone Numbers 1665 I hereby authorise the release of information requested on Applicant this verification form. Applicant STATE OF FLORIDA ) ) on. ODUNTT or cOLLIER ) THE FOREGOING was acknowledged before me by WITNESS my hand and official seal this day of , 1993. My Commission Expires Notary Public Employer Verifications Applicant's Gross Annual Income or Rate of Pays f Number Of Yours Worked (Weekly): Frequency of Pays Amount of Bonuses, Tips, or other Compensation Receivods Honthly Annually Supervisor STATE OF FLORIDA ) ) so. COUNTY OF COLLIER ) THE FOREGOING was acknowledged before me by WITNESS say hand and official seal this day of , 1993. My Commission Expires: Notary Public THE VERIFICATION HIRE REQUESTED MAY TARE THE FORM OF THE MOST RECENT YEAR'S FEDERAL INCOME TAX RETURN FOR EACH OCCUPANT WHO HAS PILED AND WILL OCCUPY THE AFFORDABLE UNIT. eonx VD5 PA6i J9 Page 3 of 7 , 1685 1 17 Appendix at txhibit t APPO"AaLZ HOUSING APPLICANT NCO I VLniPI ATION THt MirICATION HTRt RZMSTW WAY TAKE THt TURK Or TRW HOST RsCZNT YSARIS rtDLRAL INCOWZ TAI 22TURt TOR LACE OCCUPANT WHO HAS F1IXD AND WILL OCCUPY THt AIr=h= UNIT. I hereby verify that the federal income tax return supplied Applicant by r is a true and correct copy of the return filed by me for (Year) ` STATt Or nounA } } an. COUNTY Or COLLIn ) Ttt TOSUMING was acknowledged before me by WITNYSS my hand and official meal this day of , 1993. Hy Cossimsion txpirems Notary Public THt sAWz musT n zxxcOTLD rolt tAcs occUPAn or Tu Hounsom wHo CONTRIBUTID TO TR Z ANNUAL BoUstHOLD rNOpol. rAILURt To upORT ALL som=s or mmnsow INCOlQ WILL usuLT IN DISQUALIrICATION rOR TtNANCY IN ATTORDAnt HOUSING UNIT. 100K 065 PAGE 360 Page 4 of 7 <1. 4 ti 6B5 Appendix E, Exhibit s UMA13LE HOUSING APPL-ICANT_INCOU VERIFICATION CO- TENANT Present Employers Job Titles Addree s Street city State tip Supervisors Telephone Numbers I hereby authorize the release of information requested on Co- Tenant this verification form. Applicant STATE OP FLORIDA ) •)... COUM Or COLLIER ) THE FOREGOING was acknowledged before ar by WITNESS my•hand and official seal thin day of , 1993. Notary Public My Commission Expire s 'Employer Verifications Applicaut•s Grose Annual Income or Rate of Parr f Number Of Hours Worked (Weekly): Frequency of Pays Amount of Eonusen, Tips, or other Compensation Roceiveds f f Monthly Annually Supervisor STATE OF FLORIDA ) ) as.. 'COUNTY Of COLLIER ) THE FOREGOING was ackno- ledged before we by WITNESS my hand and official seal this day of , 1993. My Commission Expiraas Notary Public THE VERIFICATION HERE RIQUEST=D MAY TARE THE FORM OF THE MOST RECENT YEARS FEDlRAL INOONE TAX RETURN FOR EACH OCCUPANT WHO HAS FILED AND WILL OCCUPY THE AFFORDASLE UNIT. BOOK 065 na 361 Page 5 of 7 { 16-85 Appendix E, Exhibit a AFFORDABLE HOUSING APPLICANT INCOME VERIFICATION THE VERIFICATION HERS REQUZSTZD MAY TAX! THE FORM OF THE HOST RECENT YZAR'S FEDERAL INCOME TAX RETURN FOR EACH OCCUPANT WHO HAS FILED AND MILL OCCUPY THE AFFORDABLE UNIT. I hereby verify that the federal income tax return supplied Co-Tenant by se is a true and correct copy of the return filed by se for (Year) STATE OF FLORIDA ) ) ee. COUNTY OT COLLIER ) TRZ FOREGOING was acknowledged before so by WITNESS spy hand and official $eal this day of , 1993. My CoesLesion Expires: Notary Public THE SAMS MUST as ZXECUTED FOR EACH OCCUPANT Or THE HOUSEHOLD WHO CONTRIBUTED TO THE ANNUAL HOUSEHOLD INCOME. FAILURE TO REPORT ALL SOURCES Or HOUSEHOLD INOOME WILL RESULT IN DISQUALIFICATION FOR TENANCY IN AFFORDABLE HOUSING UNIT. +wMry�iM�rraw... a BOOK C65 PAGE 302 1% r Appyndix Be Exhibit C 1685 • AFFOADASLE HOUSING APPLICANT IKCOKE CICATTFICA ?ION Data$ Tenant Know s CO-Tenant Naomi Addrsss of Unit to be Renteds Tenant and Co -Ten"t Certification. I certify that the information provided in the Preliminary Application for Affordable Housing Unit and in the Affordable Housing Applicant Income Verification is true and complete to the best of my knowledge and belief. I understand that if I furnish false or incomplete 'information on my application, income verification or income certification fors that Florida law and Collier County ordinance No. 90 -89 provide for a fine of up to $500.00 per violation, or imprisonment up to 60 days, or both, and that I will be required to vacate the affordable unit. I understand that changes in my income which may affect my qualification as a tenant eligible for an affordable rental.unit in this development must be reported to the party responsible for executing my lease. i understand that my income must be verified and certified each year upon renewal of my lease AM that failure to complete annual income verification and income certification will rsquirs vacation of the affordable unit. DO NOT SICK TEIS FORM UNTIL YOU RAVE RZAD 'let CXRTIFICATIOM STATXMa1TS AZOVE. IF YOU DO NOT MMZRXTAND ANY OF TEZ FOREGOING CERTIFICATION STATEMENTS, ASX QUEST10KS EXFORE 51=1Ha ZZLON. TENANT Data STATE OF FLORIDA ) ) ss. COUNT! OF COLLIRR ) THE FOREGOING was acknowledged before sa by NITKESS my hand and official seal this day of , 1993. . My Commission Expires :- CO-TXXANT MT1 OP FLORIDA ) ..si►000EY! of OOLL.:ER ) ... . c u. wse.w...., TEE FOREOOING was acknowledged before me by Notary Public Data MITNISS my hand and official seal this day of , 1993. Notary Public My Commission Expirsss t00K 065 PACE 363 Page 7 of 7 r a Y' 1 1665 I A "ZKDzZ C Developer Application For Affordable Housing Density Bonua �A im C65 PAGE 364 Appendix C 16B5 Developer Application For Affordable Housing Density Sonus Pursuant to the requirements of the Collier County Affordable Housing Density Bonus Ordinance No. 90 -89, Section 6.4, please complete this form and submit it with any accompanying documenta- tion to the Development Services Director, 2800 North Horseshoe Drive, Naples, Florida 33942. A copy must also be provided to the Housing and Urban Improvement Director. All items requested must be provided. 1. Please state what zoning districts are proposed by the applicant, if any, on the property and the acreage of each; pun-20.91 ACRES 2. Has an application for rezoning been requested in conjunction with the affordable housing density bonus? X Yes No If yes, state date of application 3 -19 -93 and if the request has been approved, state the Ordinance number NIA 3. Gross density of the proposed development. 11.96 units /acre. Gross acreage of the proposed development. 20.91 acres. 4. Are affordable housing density bonus units sought in conjunction with an application for a planned unit development (PUD)? X Yes No. If yes, please state name and location of the PUD and any other identifying information. SAXON xaxoR ISLES pup. LOCATED ON TH. SOUTH SIDE OF RADIO Rnsn_ 1 MILE WEST OF SANTA RAUARA BOULEVARD. 5. Name of applicant SUNCOAST CORP. OF DELAWARE Name of land developer if not the same as applicant _ N/A SM 065rgE3'65 Page 1 of 4 1665 • Appendix C Developer Application Tor Affordable !lousing Density Bonus 6. Please complete the following tables as they apply to the proposed development. TABLZ I Total !lumber of Units in Development Type of Owner Unit Rental Occupied Efficiency 0 0 One Bedroom so 0 Two Bedroom 60 0 Three Bedroom 110 0 Other Bedroom o 0 TOTAL 250 0 TABLB 11 Humber of atfordabie Housing Units Total Number of Proposed Use for Affordable Units Density Bonus Units* in Development Rental Owner Rental Owner Occupied QCQu2jILd MODERATE INCOME N/A N/A N/A N/A Efficiency *All units are proposed for use as affordable 1 Bedroom housing. 2 Bedroom 3 Bedroom Other TOTAL LOW INCOME (51t -603 OF MEDIAN INCOME ONLY) �_,,«........ �.�..Efficiency 0 0 0 1 Bedroom so 0 53 0 2 Bedroom 60 0 40 0 3 Bedroom 109 0 74 0 Other 0 0 0 0 TOTAL 249 f1 0 167 0 BOOR 0'65 PACE 366 Page 2 of 4 ,a 1685 • ,Appendix C Developer Application for Affordable Housing Density Bonus TABL1 ZI (Continued) Total Number of Proposed Use for Affordable Units Density Bonus in Development Units RSntal owner $antdj owner Occupied occuvied VERY 1AW INCOME N/A N/A N/A N/A Efficiency 1 Bedroom 2 Bedroom 3 Bedroom Other TOTAL 7. Please provide a physical description of the affordable units by type of'unit (moderate, low, very low income) and by number of bedrooms. Include in your description, for example, the square footage of each type of unit, floor coverings used throughout the unit (carpeting, tile, vinyl flooring); window treatments; appliances provided such as washer /dryer, dishwasher, stove, refrigerator; bathroom amenities, such as ceiling exhaust fans; and any other amenities as applicable. Attach additional pages. SEE ATTACHED a. Please supply any other information which would reasonably be needed to address this request for an affordable housing density bonus for this development. Attach additional pages. SEE ATTACHED wK 065 PATE 3*67 Page 3 of 4 1645 Appendix C Developer Application For Affordable Housing Density Bonus 7. Descrittion• One bedroom units have 1 bathroom each and a minimum of 500 square feet in size. Two bedroom units have 2 bathrooms each and a minimum of 700 square feet in size. Three bedroom units have 2 bathrooms each and a minimum of 900 square feet in size. Finishing Include: Carpet with vinyl floors in kitchens and bathrooms. Verticals for window coverings. Standard grade electric range, refrigerator, and dishwashers. Washer and dryer hookups. Central heat and air - conditioning. Screen porches and patios. Common Amenities: On -site management office. Central laundry facility. Clubhouse. Swimming pool(s). Multi- purpose play court(s).' Tot- lot(s). Auto care center (washing and vacuuming). Volleyball court. Possibly tennis court(s). S. all 250 of the units are intended to be for the low income group (51% to 603 of median income). Maximum rents after the utility allowances have been deducted are shown below and are based on 1993 median income levels. Additionally, the 1 bedroom units are based on an average of 1.5 persons per unit, the 2 bedroom units are based on an average of 3.5 persons per unit, and the 3 bedroom units are based on an average of 5.5 persons per unit, per Collier County guidelines. 1 Bedroom - $429. 2 Bedroom - $538. 3 Bedroom - $632. These rents should easily be less than 90* of the typical rent in a similar project in the Naples area. The Florida Housing Finance Agency bases their estimated rent for Naples /Collier County on an estimate of 1.5 persons in a 1 bedroom apartment, 3 persons in a 2 bedroom apartment, and 4.5 persons in a 3 bedroom apartment (see attached tables). We believe these may be more accurate family sizes for our apartments and, if correct, our maximum rents would then actually be: 1 bedroom - $429, 2 bedroom $506, and $581. When Collier County reviews our proposed rents against typical rents of similar projects, we feel it would probably be more appropriate to use these latest figures to compare against similar pr- jects. Boat 065?Av368 Page 3 of 4 1685 Appendix A, Exhibit C INCOME AND RENT LEVELS FOR LO11 AND MODERATE INCOME rMIL•IE8 Pursuant to the Affordable Housing Density Bonus Ordinance, No. 90 -89, moderate income is 83t to 100% of median income, low income is 51% to 80% of Median Income and very low- income is less than 50t of Median Income. Pursuant to the Impact Fee Ordinances, adopted by the Board of County Commissioners, December 16, 1991, moderate income is 61% to 80% of the median income, low income is 51% to 60% of the median income and very low income is less than 50% of the median income. MEDIAN INCOME 1993 . $43,000 Naples, MSA (Collier County) NUMBER OF MEMBERS IN FAMILY 1 2 3 4 5 6 7 8 100% 30,100 .34,400 38,700 43,000 46,450 49,900 53,300 56,750 Got 24,100 27,500 30,950 34,400 37,150 39,900 42,650 45,400 60% 18,050 20,650 23,200 25,800 27,850 29,950 32,000 34,050 50% 15,050 17,200 19,350 21,500 23,200 24,950 26,650 28,400 Based on an average of one and two people living in a one bedroom unit, three and four people living in a two bedroom unit,'five and six people living in a three bedroom unit, and seven and eight people living in a four bedroom unit, the allowable housing costs are shown on the chart below. Housing costs are based on 30% of the family income. Housing costs are defined as rent and utilities for rental units. 100% 80% 60t 50t UTILITY ALLOWANCE loot .w.. �.r.. GOt .. 60t so% HOUSING COSTS BASED ON 304 OF FAMILY INCOME ONE BEDROOM TWO BEDROOM THREE BEDROOM FOUR BEDROOM UNIT UNIT UNIT UNIT 805 1,020 1,205 1,375 645 815 960 1,100 485 610 .720 825 405 510 600 685 55 75 00 110 ALLOWABLE RENT WITH UTILITIES DEDUCTED 750 945 1 X 115 1 X 265 4' "590 740 870 990 430 535 630 715 350 435 510 575 BOOK 065 PAGE 369 Page 4 of 4 ,r l 1685 STATE OF FLORIDA ) COUNTY OF COLLIER ) I, DWIGHT L. BROCK, Clerk of Courts In and for the Twentieth Judicial Circuit, Collier County, Florida, do hereby certify that the foregoing is a true copy oft Ordinance No. 94 -21 which was adopted by the Board of County Commissioners on the 6th day of April, 1994, during Regular Session. WITNESS my hand and the official seal of the Board of County Commissioners of Collier County, Florida, this 12th day of April, 1994. DWIGHT E. BROCK �• Clerk of Courts and Clerk Ex- officio to Board of,, s• County Commissioners , ✓;,' 7:/o/Maureen Kenyon �•`' « Deputy Clerk :'. aooK 065 PAGE 370