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Backup Documents 10/28/2025 Item #16D 2 ORIGINAL DOCUMENTS CHECKLIST & ROUTING SLIP I ek4- c _J TO ACCOMPANY ALL ORIGINAL DOCUMENTS SENT TO THE BOARD OF COUNTY C22MMISSIONERS OFFICE FOR SIGNATURE Print on pink paper. Attach to original document. The completed routing slip and original documents are to be forwarded to the County Attorney Office at the time the item is placed on the agenda. All completed routing slips and original documents must be received in the County Attorney Office no later than Monday preceding the Board meeting. **NEW** ROUTING SLIP Complete routing lines#1 through#2 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 routing,lines#1 through#2,complete the checklist,and forward to the County Attorney Office. Route to Addressee(s) (List in routing order) Office Initials Date 1. Lisa N. Carr Community and Human LNC -09/6/24 Services //120725c4 2. County Attorney Office County Attorney Office coo (Z l i �2s 3.-£rnnrty A gcr'a-6ffier Go ugly Manager Occ c�� .�. 1s ,,A9/ 1Z/ /e ' 4. Minutes and Records Clerk of Court's Office ►ZN2-5 PRIMARY CONTACT INFORMATION Tr-- 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,may need to contact staff for additional or missing information. Name of Primary Staff Lisa N.Carr, Supervisor-Grants, Community Phone Number 239-252-2339 Contact/Department and Human Services Division Agenda Date Item was October 28, 2025 Agenda Item Number 1C-D-4Z Approved by the BCC Type of Document Lien Agreement w/Owner for 100% Deferral Number of Original 2 Attached of Collier County Impact Fees for Multi- Documents Attached Family Affordable Housing Rental Units & Subordination Agreement PO number or account Account# 1053-138971-649030 number if document is to be recorded protect#33863.1 INSTRUCTIONS & CHECKLIST Initial the Yes column or mark"N/A"in the Not Applicable column,whichever is Yes N/A(Not appropriate. (Initial) Applicable) 1. Does the document require the chairman's original signature? N/A 2. Does the document need to be sent to another agency for additional signatures? If yes, LNC provide the Contact Information(Name;Agency;Address;Phone)on an attached sheet. 3. Original document has been signed/initialed for legal sufficiency. (All documents to be LNC signed by the Chairman,with the exception of most letters,must be reviewed and signed by the Office of the County Attorney. 4. All handwritten strike-through and revisions have been initialed by the County Attorney's LNC Office and all other parties except the BCC Chairman and the Clerk to the Board 5. The Chairman's County Manager's signature line date has been entered as the date of BCC LNC approval of the document or the final negotiated contract date whichever is applicable. 6. "Sign here"tabs are placed on the appropriate pages indicating where the Chairmafils LNC County Manager's signature and initials are required. 7. In most cases(some contracts are an exception),the original document and this routing slip LNC should be provided to the County Attorney Office at the time the item is input into SIRE. 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! 8. The document was approved by the BCC on 10/28/25 and all changes made during the meeting have been incorporated in the attached document. The County CLD opts. Attorney's Office has reviewed the changes,if applicable. is in. 9. Initials of attorney verifying that the attached document is the version approved by the ;/A is t- BCC,all changes directed by the BCC have been made,and the document is ready for the GLt7 Chairman's signature. I:Forms/County Forms/BCC Forms/Origi )cuments Routing Slip WWS Original 9.03.04,Revised )5,Revised 2.24.05;Revised 11/30/12 • Instructions 14eturn a recorded copy of the Lien Agreement with Owner for 100% Deferral of Collier County Impact fees for multi-family affordable housing rental units to lisa.carrAcollier.gov 2. Return the chairman executed original Subordination Agreement to me. I will forward it to the Developer for real estate closing in January/February. 2026 I will provided MR a copy of the recorded document when it is returned to me. C� 3� Z52-- Z331 Our P'��" ��' 1\1 e-cl +t) edtkin I:Forms/County Forms/BCC Forms/Origi xuments Routing Slip WWS Original 9.03.04,Revised 05,Revised 2.24.05;Revised 11/30/12 16 fl INSTR 6761162 OR 6533 PG 3228 RECORDED 12/9/2025 11:19 AM PAGES 16 Prepared by and return to: CLERK OF THE CIRCUIT COURT AND COMPTROLLER Lisa N.Can COLLIER COUNTY FLORIDA Community and Human Services REC$137.50 3339 Tamiami Trail E,Building H,Suite 213 Naples,FL 34112 Case#29481 [This space for recording] LIEN AGREEMENT WITH OWNER FOR 100% DEFERRAL OF COLLIER COUNTY IMPACT FEES FOR MULTI-FAMILY AFFORDABLE HOUSING RENTAL UNITS /� This Agreement is entered into this o11f GI L day of OC.4ob& . 2025, between Collier County, a political subdivision of the State of Florida("COUNTY"), and Casa San Juan Diego, Ltd., a Florida limited partnership ("OWNER"), collectively stated as the "Parties" ("Lien Agreement"). NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is mutually acknowledged, the Parties agree as follows: 1. Authority and Conflict.This Lien Agreement is made pursuant to Chapter 74 of the Code of Laws and Ordinances of Collier County, Florida, known as "The Collier County Consolidated Impact Fee Ordinance" ("Ordinance"). In the event of any conflict with this Agreement,the terms of the Ordinance shall apply. 2. Legal Description and Number of Rental Units. This Agreement shall affect, encumber, and otherwise apply to the 80 Rental Units(consisting of two buildings,(i)one building with 38 units and a clubhouse, and (ii) a second building with 42 units) located on the Owner's property described in Exhibit"A", attached hereto an incorporated herein, which constitutes all of the Rental Units on the property (the "PROJECT"). 3. Standards. The OWNER agrees that the Rental units shall remain affordable and shall be offered for rent in accordance with the standards set forth in the Impact Fee Ordinance for the term of thirty (30)years after issuance of the certificate of occupancy. 4. Representations and Warranties. The OWNER represents and warrants the following: A. Exclusively Affordable. Each Rental Unit will, during the term of the Agreement, be solely offered and available to a qualifying occupant/tenant. B. Very Low- or Low-Income. At the commencement of any leasehold and throughout the duration thereof, the households renting Rental Units must have a very low- or low-income level, as those terms are defined in the Impact Fee Ordinance (see Sec. 74-402); and the household's monthly rent must be within the affordable housing guidelines established in the Impact Fee Ordinance (see Sec. 74-401(b)(2)). 4903-2518-6595 v.6 Page 1 of 14 C4O 1 6 n C. Term of Affordability. Each Rental Unit must remain "affordable" pursuant to the Ordinance for at least thirty (30) years from the date its certificate of occupancy was issued. D. Legal Status. The head of the household will be at least 18 years of age and must be either a citizen of the United States or be a legal alien who permanently resides in the United States. 5. Rental Units. If the OWNER rents a Rental Unit which is subject to the impact fee deferral and then re-rents that Rental Unit to a subsequent renter, the Rental Unit shall be re-rented only to persons or households meeting the qualifying criteria set forth in the Impact Fee Ordinance. If the income of any unit renter which originally qualified as very low or low income level as defined in the Impact Fee Ordinance increases by more than forty percent(40%) above the maximum low income level described in the Impact Fee Ordinance, then the per unit deferred impact fee on the non-compliant unit shall become 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 Impact Fee Ordinance. Assuming the OWNER has not been able to comply with the guidelines, upon the discontinuance of use of a Rental Unit as affordable housing, the impact fees deferred shall be immediately repaid to the COUNTY. OWNER agrees that even though the impact fees may have been repaid to the COUNTY, the OWNER will continue to utilize the Rental Units for affordable housing for at least thirty (30) years from the date the first certificate of occupancy was issued for a Rental Unit. 6. Terms of Deferral. The OWNER agrees that the term of the requirement to pay the PROJECT's impact fees will be deferred for ten (10) years from the date of the execution of the impact fee deferral agreement by the County, unless otherwise extended by the Board of County Commissioners. OWNER must comply with all terms of Chapter 74 of the Code of Laws and Ordinance during the term. 7. CHS Annual Compliance Affidavit. Annually, the OWNER of the Rental Unit shall provide to the Collier County Community and Human Service Division an affidavit attesting to compliance with the affordable housing qualification criteria and standards set forth in the Impact Fee Ordinance. 8. CMO Annual Compliance Affidavit. Annually,the OWNER shall provide to the county manager an affidavit of compliance with the criteria set forth in this section. The affidavit must be filed within 30 days of the anniversary date of the issuance of a certificate of occupancy, or at another mutually agreed on date. If the affidavit is not filed on time the affiant shall pay to the county a $50.00 late fee. Any Rental Units monitored by the Florida Housing Finance Corporation or 4903-2518-6595 v.6 Page 2 of 14 CAO I6Dz similarly monitored by any other state or federal agency will not be required to file this separate affidavit of compliance with the County Manager. A copy of the monitoring report by Florida Housing Finance Corporation or a monitoring report by any other state or federal agency shall be forwarded to the Collier County Community and Human Service Division. 9. Amount. The OWNER agrees that the dollar amount of deferred impact fees, commencing on the effective date of this Agreement and continuing until paid or released,will constitute and be a lien in the amount of Eight Hundred Seventy-Two Thousand Twenty-Five Dollars and 60/100 ($872,025.60) (as evidenced in Exhibit "B", Impact Fee Breakdown, attached hereto and incorporated herein by reference for building one and two is noted in Section 2 above). 10. Subordination and Security. In addition to the subordination provisions of the Ordinance, the OWNER agrees to provide an additional cash equivalent financial instrument or security that will yield the full amount of the deferred impact fees when they become due and payable pursuant to this Agreement, as evidenced by Exhibit "C", attached hereto and incorporated herein by reference. 11. Release. Upon satisfactory completion of this Agreement's requirements, including 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. 12. Continued Liability. This Agreement shall be binding upon the Parties to this Agreement, their heirs, successors, and assigns. The OWNER agrees not to convey its interest in the Project or any Rental Unit without the COUNTY's prior written consent, which shall not be unreasonably withheld. However, in the case of sale or transfer of the Project or any Rental Unit, the original undersigned OWNER shall also remain jointly and severally liable for the impact fees deferred until said impact fees are paid in full. 13. Recording Costs. This Agreement shall be recorded at the expense of OWNER in the Official Records of Collier County, Florida, within ninety (90) days after execution of this Agreement. 14. Default. OWNER shall be in default of this Agreement: A. If the OWNER fails to rent the property in accordance with the affordable housing standards and qualification criteria established in the Impact Fee Ordinance, and thereafter, fails to pay the impact fees due within thirty(30)days of mailing of written notice of said non-compliance; B. If the OWNER continues to violate one of the affordable housing qualification criteria in the Impact Fee Ordinance for a period of thirty (30) days after mailing of written notice of such violation, or C. With respect to the Annual Report, once a thirty (30)day cure period from written notice after 4903-2518-6595 v.6 Page 3 of 14 CAO 16p2 the date of the report being due has expired, the OWNER will thereafter be in default. 15. Available Remedies. The following remedies are cumulative with any other right or remedy available to the COUNTY: A. Should the OWNER of the property: (1) fail to comply with the said qualification criteria at any time during the thirty (30) year term; or (2) violate any provisions of this Agreement, then the dollar amount of impact fees deferred shall be paid in full by OWNER to the COUNTY within thirty (30) days of written notification of said violation. B. Should the OWNER otherwise be in default of this Agreement, and the default is not cured within ninety (90) days after mailing written notice to the OWNER, the COUNTY may bring a civil action to enforce the Agreement. C. In addition, the lien may be foreclosed, or otherwise enforced by the COUNTY, by action or suit in equity, including the foreclosure of this lien or mortgage on real property. The COUNTY 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. 16. Notices. All notices, statements, requests, and demands necessary or desirable under the provisions of this Agreement shall be sufficient when delivered if hand delivered or delivered by express or overnight courier and when mailed if mailed certified U.S. mail, return receipt requested, postage prepaid, to the address or addresses of the parties set forth in the preamble of this Agreement, or to a different address requested by the party in a notice given consistent with this section. COUNTY agrees to provide copies of all notices to OWNER under this Agreement or any other Loan documents that is sent to OWNER to: COUNTY: Collier County 3315 Tamiami Trail E, Suite 102, Naples, FL 34112 COPY: Director, Community and Human Services 3339 Tamiami Trail E, Building H, Suite 213,Naples, FL 34112 DEVELOPER: Casa San Juan Diego, Ltd. c/o National Development of America 12629 New Brittany Blvd. Fort Myers, Florida 33907 Email: MMiller@national-development.com 4903-2518-6595 v.6 Page 4 of 14 CAO 1602 COPY TO: Nelson Mullins Riley & Scarborough LLP 390 North Orange Avenue, Suite 1400 Orlando, Florida 32801 Attention: Randy Alligood, Esq. Email: Randy.alligood@nelsonmullins.com COPY TO: RJ MT Casa San Juan Diego L.L.C. do Raymond James Affordable Housing Investments, Inc. 880 Carillon Parkway St. Petersburg, Florida 33716 Facsimile No.: 727-567-8455 Attention: Steven J. Kropf, President COPY TO: Nixon Peabody, LLP 53 State Street Boston, MA 02109 Attn: Nate Bernard, Esq. Facsimile No.: 617-345-1000 Email: nbernard@nixonpeabody.com COPY TO: Florida Housing Finance Corporation 227 North Bronough Street, Suite 5000 Tallahassee, Florida 32301-1329 Attention: Executive Director Telephone: (850)-488-4197 COPY TO: Latham Luna Eden & Beaudine, LLP 201 S. Orange Avenue, Suite 1400 Orlando, Florida 32801 Attention: Jan Carpenter, Esq. Telephone: (407)-481-5800 4903-2518-6595 v.6 Page 5 of 14 CAO 1602 Email:jcarpenter@lathamluna.com COPY TO: Fifth Third Commercial Funding Inc. 38 Fountain Square Plaza Cincinnati, Ohio 45263 Attention: Steven Quasny, Vice President Email Address: steve.quasny@53.com COPY TO: Liebler, Gonzalez & Portuondo, PA Courthouse Tower 44 W. Flagler Street, 25th Floor Miami, Florida 33130 Attention: Bernardo Portuondo, Esq. Email Address: bap@lgplaw.com 17. Restrictive Covenant. This Agreement establishes a valid and enforceable covenant running with the land described in Exhibit "A", also known as Property Appraiser Parcel No. 00127565800, located at 982 Boston Avenue, Immokalee, FL 34142 (hereinafter "Owner's Property"). Owner hereby acknowledges that the specified deferral of impact fees described in this Lien Agreement benefits the Owner's Property. This Agreement shall constitute covenants, restrictions, and conditions which shall run with the land and shall be binding upon the Owner's Property and every person having any interest therein at any time and from time to time. [Remainder ofpage intentionally left blank,. Signature page to follow] 4903-2518-6595 v.6 Page 6 of 14 CAO 1602 IN WITNESS WHEREOF, the Parties have executed this Agreement on the date and year first above written. Witnesses: As to OWNER: CASA SAN JUAN DIEGO, LTD., a Florida limited partnership Witness#1 Sign um By: NDA San Juan Diego , LLC, a Florida ��,,�� limited liability company, its Witness#1 t'f monName � administrative general artner imz", I tr c.,(XN•t{.i&S Wit_ 33e1'Vl By: atth w Miller,Man ger 1 Witness#1 Po-t Tess Witness#2 Signarre 44 lIES aill Witness#2 Printed Nat e 1 u e N EW (Silk-al1asqy 6 I&Ur) VT. i A't€'.s , 'cL. 311''t Witness#2 Post Address STATE OF FLORIDA COUNTY OF (__(:-A?_ The foregoing Agreement was acknowledged before me by means of physical presence this ' day of g 4-- :?r -- 2025, by Matthew Miller, as manager of NDA San Juan Diego, LLC, a Florida limited liability company as the administrative general partner of Casa San Juan Diego, Ltd., a Florida limited partnership and is e� rsonally known to me or produced as identification. FA/71 Pi' i._ , *: KARI M.EDWARDS Notary Signature 6:4N-,,'•;r.:p'/w toMMIssION#HH 410159 ,2 . P EXPIRES:October 13,2027 „ ""�, Kari M.Edwards Notary Printed Name 4903-2518-6595 v.6 Page 7 of 14 CAO 1602 ATTEST: As to COUNTY: CRYSTAL K. KINZEL, Clerk 11,if^ slc BOARD OF COUNTY 7 A COMMISSIONERS COLLIER COUNTY, y' a FLORIDA st as to :; Deputy Clerk Ch.a,rman s ti . , signature only r/+• � Ya � i V'��, Bp• i Burt L. Saunders, Chairman Approved as to form and legality: Courtney L. DaSilva 0/D Assistant County Attorney qj i 17 [LEGAL DESCRIPTION OF EXHIBIT "A" TO FOLLOW] 4903-2518-6595 v.6 Page 8 of 14 CAO EXHIBIT"A" 161412 Street Parcel ID/Folio No. Number Street City, State Zip Legal Description 00127565800 982 Boston Avenue Immokalee, FL See Exhibit"A"below 34142 [LEGAL DESCRIPTION OF EXHIBIT "A" TO FOLLOW] 4903-2518-6595 v.6 Page 9 of 14 CAO O i602 EXHIBIT A Legal Description of Property Legal Description The Land referred to herein below is situated in the County of COLLIER, State of Florida, and is described as follows: FEE SIMPLE: COMMENCING AT THE WEST 1/4 CORNER OF SECTION 4, TOWNSHIP 47 SOUTH, RANGE 29 EAST, COLLIER COUNTY, FLORIDA; THENCE RUN N89°40'00"E ALONG THE NORTH LINE OF THE SOUTHWEST 1/4, OF SECTION 4 FORA DISTANCE OF 1319.50 FEET, TO THE NORTHWEST CORNER OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4; THENCE RUN SOO°22'49"E ALONG THE WEST LINE OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4 FOR A DISTANCE OF 662.38 FEET, TO THE NORTHWEST CORNER OF THE SOUTHWEST 1/4, OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4; THENCE RUN N89°40'31"E ALONG THE NORTH LINE OF THE NORTH 1/2, OF THE SOUTHWEST 1/4, OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4,OF SECTION 4 FOR A DISTANCE OF 30.00 FEET TO THE POINT OF BEGINNING OF THE PARCEL HEREIN DESCRIBED; THENCE CONTINUE N89°40'31"E ALONG THE NORTH LINE OF THE NORTH 1/2, OF THE SOUTHWEST 1/4, OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4 FOR A DISTANCE OF 630.61 FEET; THENCE RUN SOO°27'18"E ALONG THE EAST LINE OF THE SOUTHWEST 1/4, OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4 FOR A DISTANCE OF 298.36 FEET; THENCE LEAVING SAID EAST LINE, RUN S89°32'42"W FOR A DISTANCE OF 163.56 FEET; THENCE RUN S00°19'06"E FOR A DISTANCE OF 363.70 FEET TO A POINT ON THE SOUTH LINE OF THE SOUTH 1/2, OF THE SOUTHWEST 1/4, OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4;THENCE RUN S89°40'54"W ALONG SAID SOUTH LINE FOR A DISTANCE OF 467.05 FEET TO A POINT LYING 30 FEET EASTERLY AS MEASURED AT RIGHT ANGLES TO THE WEST LINE OF THE SOUTHWEST 1/4, OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4;THENCE LEAVING SAID SOUTH LINE OF THE SOUTH 1/2, OF THE SOUTHWEST 1/4, OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4, RUN NOO°22'49"W FOR A DISTANCE OF 662.38 FEET TO THE POINT OF BEGINNING. EASEMENT: TOGETHER WITH the easement rights set forth in that certain Declaration of Easements as recorded simultaneously herewith, Public Records of Collier County, Florida. TOGETHER WITH the easement rights set forth in that certain Declaration of Restrictions and Easements simultaneously herewith, Public Records of Collier County, Florida. TOGETHER WITH the non-exclusive easement rights for ingress and egress related to construction purposes as set forth in that certain Temporary Construction Easement Agreement by K & B Residential Rentals #2, LLC as simultaneously herewith, Public Records of Collier County, Florida. TOGETHER WITH the non-exclusive easement rights for ingress and egress related to construction purposes as set forth in that certain Temporary Construction Easement Agreement by CCDOV Holdings, Inc. as recorded simultaneously herewith, Public Records of Collier County, Florida. TOGETHER WITH the non-exclusive easement rights for ingress and egress related to construction purposes as set forth in that certain Temporary Construction Easement Agreement by Catholic Charities, 4903-2518-6595 v.6 Page 10 of 14 CAO 1611 Diocese of Venice, Inc. as recorded simultaneously herewith, Public Records of Collier County, Florida. 4903-2518-6595 v.6 Page 11 of 14 CEO 602 EXHIBIT "B" IMPACT FEE BREAKDOWN Building One(38 Units) Type of Impact Fee Amount Owed A. EMS $2,565.00 B. GOVERNMENT BUILDINGS $16,869.72 C. JAIL $8,698.58 D. LAW ENFORCEMENT $11,269.28 E. LIBRARIES $6,071.64 F. COMMUNITY PARK $17,297.60 G. ROAD $196,612.00 H. REGIONAL PARK $46,749.12 I. SCHOOL $108,079.22 IMPACT FEES TOTAL S414,212.16 4903-2518-6595 v.6 Page 12 of 14 (� ` Ao 1602 IMPACT FEE BREAKDOWN Building Two: (42 Units) Type of Impact Fee Amount Owed A. EMS $2,835.00 B. GOVERNMENT BUILDINGS $18,645.48 C. JAIL $9,614.22 D. LAW ENFORCEMENT $12,455.52 E. LIBRARIES $6,710.76 F. COMMUNITY PARK $19,118.40 G. ROAD $217,308.00 H. REGIONAL PARK $51,670.08 I. SCHOOL $119,455.98 IMPACT FEES TOTAL $457,813.44 4903-2518-6595 v.6 Page 13 of 14 CAO EXHIBIT"C" 16 0 2 IMPACT FEE FINANCIAL INSTRUMENT OR SECURITY 4903-2518-6595 v.6 Page 14 of 14 C Confirmation Ul FNBB FNBB CAPITAL MARKETS Capital Markets 600 UNIVERSITY PARK PLACE SUITE 380 BIRMINGHAM, AL 35209 For the account of: Contact: FNBB INVESTMENT Phone: 800-421-6182 CLERK OF THE CIRCUIT COURT COLLIER COUNTY, FBO BCC DEREK JOHNSSEN Currency: USD 3299 TAMIAMI TRAIL E. STE 403 NAPLES, FL 34112-5746 Book Entry FED ELIGIBLE SECURITY Confirm# Date Entered Account Trade Date Par Amount Yield Time Entered Settlement Date Basis Price 232160898 11/20/2025 11/20/2025 873,000.00 .000 09.09.06 11/20/2025 100 100 THESE SECURITIES HAVE BEEN ENTERED INTO FNBB SAFEKEEPING Security Information US TREASURY STRIP Rate:0.00% Maturity Date: 11/15/2035 Issue Date: 08/15/2007 Cusip: 912833X96 Next Interest Date: 11/15/2035 Amount: 0.00 Priced to Maturity Subject to Federal Income Tax RECEIPT# 232160898 FRC Payment Instructions Delivery Instructions RECEIVE FREE INTO SAFEKEEPING DELIVER INTO FNBB SAFEKEEPING 001-SKFB Page 1 of 1 16fl2 Custody Receipt FNBB FNBB CAPITAL MARKETS Capital Markets 600 UNIVERSITY PARK PLACE SUITE 380 BIRMINGHAM, AL 35209 For the account of: Receipt: 232160898 Dated: 11/20/2025 CLERK OF THE CIRCUIT COURT Acquired: 11/20/2025 COLLIER COUNTY, FBO BCC Customer: 777707005 DEREK JOHNSSEN 3299 TAMIAMI TRAIL E. STE 403 NAPLES, FL 34112-5746 Par/Shares Security Description Cusip Number Currency 873,000.00 US TREASURY STRIP 912833X96 USD Prin: 873,000.00 Maturity Rate Issued 11/15/2035 08/15/2007 Location(s): FRC THIS WILL CONSTITUTE YOUR SAFEKEEPING/PLEDGE RECEIPT NOT TRANSFERABLE BY NEGOTIATION,ASSIGNMENT OR OTHERWISE. 1602 First National Banker's Bank ("FNBB") provisionally grants each credit and debit, including any interest or dividend payment made to the Safekeeping Account hereunder or to the Demand Deposit Account of the Respondent Bank ("Bank"). FNBB reserves the right to reverse any erroneous or provisional entries to the Safekeeping Account or the Demand Deposit Account of Bank retroactively to the date upon which the correct entry, or no entry should have been made. Notwithstanding the foregoing, in the event that Bank has delivered Securities, and such Securities are returned by the recipient, FNBB shall be entitled to, at it's sole discretion, reverse such credit and debit at any time prior to actual receipt or delivery of the underlying cash or Securities. Bank acknowledges the FNB has made no representations or warranties, express or implied, that any or all Securities transactions effected pursuant to this Agreement shall actually settle on the contractual settlement date. Whenever the written consent of the Bank is required, the written consent of the authorized representative or agent of the Bank (hereinafter the "Authorized Representative"), as specified in writing to FNBB from time to time shall satisfy such requirement. Whenever the written consent of Bank is required hereunder, any instruction given to FNBB pursuant to the Safekeeping Agreement, may, in FNBB's sole discretion. be by written. facsimile or electronic communications which FNBB believes to be genuine and which is received by FNBB at its principal offices. Instructions from any Authorized Representative shall be deemed to be instructions from the Bank for any propose herein. FNBB shall not be obligated to act upon,or be liable for failure to act upon,any instruction or cancellation or modification of an instruction received after FNBB's published cutoff time for transactions. Whenever the written consent of Bank is not required hereunder, any instruction given by the Bank to FNBB, may, in FNBB's sole discretion, be by written, oral, by telephone, facsimile or electronic communications which FNBB believes to be genuine and which is received by FNBB at its principal offices. Written communications. if any, of oral instructions provided by Bank shall in no way affect any action taken by FNBB in reliance upon oral instructions. Instructions from any Authorized Representative shall be deemed to be instructions from the Bank for any purpose herein. FNBB shall not be obligated to act upon, or be liable for failure to act upon, any instruction or cancellation or modification of an instruction received after FNBB's published cutoff time for transactions. FNBB agrees to forward for payment interest coupons and bonds as they are due to receive interest payments periodically and principal payments due at maturity, call, put, amortization, prepayment, etc., or other income or proceeds from the Securities held in Safekeeping hereunder and to make disposition of such interest and other income or proceeds in accordance with the written instructions of the Bank. Unless otherwise directed by Bank or required by law or pledges,principal proceeds of the Securities and interest collected on therm will be credited to Batnk's Demand Deposit Account at FNBB. FNBB shall not be obligated to credit or pay such proceeds to Bank until such time as good collected Fed Funds are received by FNBB. In the event the Securities held in Safekeeping hereunder are pledged to secure deposits of Public Bodies or for other purposes("Pledgee"),FNBB will credit`pay Bank with the principal proceeds of such Securities only at such time as it has received a written release of the pledge front the Pledgee whose funds are thereby secured and good mortgage backed securities at any time held hereunder whether or not such Securities are pledged to secure deposits or for other purposes. No Securities at any time held by FNBB hereunder shall be released without the written consent of the Pledgee. However, Bank may add or substitute Collateral at any time without the prior written consent of the Pledgee, unless substitution of collateral is specifically forbidden or restricted under the terms of a current Custodian Agreement or Security Agreement on file with FNBB. It shall be the sole responsibility of the Bank to promptly notify the Pledgee in writing of any addition to substitution of Collateral. A pledge receipt front FNBB, acting as custodian,shall constitute acceptable written notification. FNBB under no circumstances shall be held responsible for the determination of the Securities needed as collateral, or for the monitoring of the Securities balances held as collateral for pledging to secure deposits or for other purposes. The determination of the amount of Securities needed as Collateral and the monitoring of Securities balances held as Collateral is the responsibility of the Bank and the Pledgee. FNBB shall give to the Securities held hereunder the same degree of care and protection which it gives its own property. FNBB under no circumstances shall be held responsible to the Pledgee or Bank for any loss arising front any cause whatsoever except such as may arise from its failure to comply with the terms and conditions of the applicable Safekeeping agreement. Security Agreement,Custodian Agreement,or from its negligence or that of its officers,and employees. FNBB, unless and until all obligations of the client to FNBB are discharged may from time to time and without notice to the client pledge or repledge, hypothecate or rehypothecate, any or all securities or other investment instruments now or hereafter held purchased or carried by FNBB or the account of the client or deposited to secure the same either separately or under circumstances which will permit the commingling thereof with securities carried for the account of other clients, for any amount whatever, either more or less than the amount due FNBB thereon whether under general loans of FNBB or otherwise or may lend the same or deliver the same on contracts for other clients without FNBB having in its possession and control for delivery a like amount of similar securities or other investment instnnnents. Securities which are hypothecated under the above circumstances will be subject to the provisions of Rule 8c-I and 15c-2-1 of the Securities Exchange Act of 1934 as applicable. Securities also may be deposited with the Depositary Trust Company or in similar central systems. In the absence of a written agreement to the contrary we shall not be required to deliver to you identical securities purchased, held or carried for your account and you agree that all such securities shall be fungible. INSTR 6784773 OR 6553 PG 1310 E-RECORDED 2/12/2026 7:59 AM PAGES 13 0 CRYSTAL K. KINZEL, CLERK OF THE CIRCUIT COURT AND COMPTROLLER, COLLIER COUNTY FLORIDA REC $112.00 Freddie Mac Loan Number: 510826962 Property Name: Casa San Juan Diego SUBORDINATION AGREEMENT-REGULATORY AGREEMENT ONLY GOVERNMENTAL ENTITY—TEL(Forward) (NO SUBORDINATE DEBT) (Revised 7-30-2024) THIS SUBORDINATION AGREEMENT FOR REGULATORY AGREEMENT ONLY ("Agreement")is effective as of the 28th day of October,2025 by COLLIER COUNTY, a political subdivision of the State of Florida("Governmental Entity"), and CASA SAN JUAN DIEGO,LTD.,a Florida limited partnership("Borrower"),for the benefit of THE BANK OF NEW YORK MELLON TRUST COMPANY,N.A., a national banking association organized and operating under the laws of the United States of America("Lender"). RECITALS A. Simultaneously herewith Borrower is acquiring certain improved real property located in the County of Collier, State of Florida,as more particularly described on Exhibit A attached hereto("Property"). B. In connection with such acquisition,Borrower is undertaking certain obligations under the LIEN AGREEMENT WITH OWNER FOR 100% DEFERRAL OF COLLIER COUNTY IMPACT FEES FOR MULTI-FAMILY AFFORDABLE HOUSING RENTAL UNITS dated October 28,2025 ("Regulatory Agreement")between Governmental Entity,and Borrower,to be recorded on title to the Property in the Collier County Official Records("Official Records"),pursuant to which the Property is subjected to certain restrictions by Governmental Entity. C. FLORIDA HOUSING FINANCE CORPORATION,a public corporation and a public body corporate and politic duly created and existing under the laws of the State of Florida ("Governmental Lender")has made a loan to Borrower in the original principal amount of$14,500,000 ("Project Loan")upon the terms and conditions of a Project Loan Agreement dated as of August 1,2025 ("Project Loan Agreement")among Governmental Lender,Lender(in its capacity as Fiscal Agent under the Funding Loan Agreement(defined below))and Borrower in connection with the Property. The Project Loan is evidenced by that certain Promissory Note dated as of August 22, 2025 from Borrower to Governmental Lender(the"Project Note"), The Project Loan is secured by a Construction Mortgage, Security Agreement,Fixture Filing and Assignment of Leases and Rents dated as of August 22,2025 ("Mortgage")encumbering the Land,the Improvements and related personal and other property described and defined in the Mortgage as the"Mortgaged Property." #4898-8849-2720 v8 2 oa 6553 PG 1311 1 6 0 • D. The Mortgage is being recorded in the Recording Office contemporaneously herewith. E. The Project Note was assigned by Governmental Lender to Lender as security for the loan made by FIFTH THIRD COMMERCIAL FUNDING,INC. ("Initial Funding Lender")to the Governmental Lender(the"Funding Loan" and together with the Project Loan, the"Loans")pursuant to a Funding Loan Agreement dated as of August 1, 2025 among Initial Funding Lender,Governmental Lender and Lender(the"Funding Loan Agreement"). The Governmental Lender also assigned the Mortgage to Lender as security for the Funding Loan pursuant to an Assignment of Security Instrument to be recorded in the Recording Office contemporaneously herewith, • F. Subject to the terms and conditions of that certain Construction Phase Financing Agreement(the"Construction Phase Financing Agreement")dated as of August 1, 2025 between Borrower,Initial Funding Lender,Federal Home Loan Mortgage Corporation and BERKADIA COMMERCIAL MORTGAGE LLC("Permanent Funding Lender",and together with the Initial Funding Lender,the"Funding Lender"),Initial Funding Lender will subsequently assign and deliver the documents comprising the Funding Loan to the Permanent Funding Lender and,in connection therewith,the Project Note and the Mortgage will be amended and restated ("Conversion"). "Loan Documents" collectively means the"Project Loan Documents" as defined in the Funding Loan Agreement,as such documents may be amended. G. Upon Conversion, the Funding Lender will have the right to amend and restate the Project Note and the Mortgage,and the right to amend, waive, postpone,extend, renew, replace,reduce or otherwise modify any provision of any of the Loan Documents, without notice to or the consent or joinder of the Governmental Entity, H. As a condition to making of the Funding Loan by the Initial Funding Lender and the subsequent purchase thereof by the Permanent Funding Lender,each requires that the Loan Documents be a lien on the Property superior to the lien of the Regulatory Agreement and that the rights of Lender under the Loan Documents be superior to the rights of Governmental Entity and Borrower under the Regulatory Agreement.Initial Funding Lender will not make,and Permanent Funding Lender will not purchase,the Funding Loan unless Governmental Entity and Borrower agree to subordinate their rights • and obligations under the Regulatory Agreement. I. Borrower and Governmental Entity hereby agree to subordinate the Regulatory Agreement on and subject to the terms,conditions and requirements set forth in this Agreement. AGREEMENT NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: Subordination Agreement Regulatory Agreement Only TEL(Forward) Page 2 OR 6553 PG 1312 # 6 U nn I. Recitals.The foregoing Recitals are hereby incorporated into this Agreement as agreements among the parties. 2. Subordination.The Governmental Entity hereby covenants and agrees that the Regulatory Agreement is and will at all times continue to be, subordinate, subject and inferior to the rights of Lender and Funding Lender under the Loan Documents and that the liens,rights(including approval and consent rights), remedies, payment interests, priority interests,and security interests granted to Governmental Entity pursuant to or in connection with the Regulatory Agreement are hereby expressly acknowledged to be in all respects and at all times, subject, subordinate and inferior in all respects to the liens, rights(including approval and consent rights),remedies, payment,priority and security interests granted to Lender and Funding Lender pursuant to the Loan Documents and the terms, covenants, conditions,operations and effects thereof.Notwithstanding the above, Governmental Entity may exercise the remedies of specific performance or injunctive relief. 3. Financing,Encumbrance and Transfer Approval. Governmental Entity hereby approves the financing evidenced by the Project Note and secured by the Mortgage. Governmental Entity further agrees that any transfer of the Property in connection with foreclosure or deed in lieu thereof will not require Governmental Entity's consent. 4. Reserved. 5. Lender Notice of Default.In consideration of Governmental Entity's agreements contained in this Agreement,Lender agrees that in the event of any default by Borrower under the Loan Documents, Governmental Entity will be entitled to receive a copy of any notice of default given by Lender or Funding Lender to Borrower under the Loan Documents.Neither the giving nor the failure to give a notice to Governmental Entity pursuant to this Section 5 will affect the validity of any notice given by Lender or Funding Lender to the Borrower. 6. Governmental Entity Notice of Default.Governmental Entity must give Lender and Funding Lender a concurrent copy of each material notice(including without limitation each notice of default)given by Governmental Entity under or with respect to the Regulatory Agreement, and agrees that Lender or Funding Lender,at Lender's and Funding Lender's sole election,will have the right(but not the obligation)to cure any default by Borrower under the Regulatory Agreement on its and/or Borrower's behalf. Governmental Entity hereby represents and warrants that,to the best of its knowledge, there is no current default under the Regulatory Agreement and that there are no outstanding IRS 8823 Reports of Non-Compliance. • • 7. Governmental Entity's Rights.Except as set forth in Sections 2 and 8 of this • Agreement, nothing in this Agreement is intended to abridge or adversely affect any right or obligation of Borrower and/or Governmental Entity, respectively,under the Regulatory Agreement; provided that,(A)the Regulatory Agreement may not be modified,amended,changed or altered without the prior written consent of Funding Subordination Agreement Regulatory Agreement Only—TEL(Forward) Page 3 oR 6553 PG 1313 1 6 0 2 Lender so long as the Loans are secured by the Property and(B)for so long as the Loans are secured by the Property,notwithstanding the terms of the Regulatory Agreement to the contrary,neither Borrower nor Governmental Entity will,without Funding Lender's prior written consent, exercise or seek any right or remedy under the Regulatory Agreement or available at law or in equity which will or could result in(i)a transfer of possession of the Property or the control,operations or management thereof,(ii) collection or possession of rents or revenues from or with respect to the Property by any party other than Borrower or Funding Lender; (iii)appointment of a receiver for the Property;(iv)application of insurance or condemnation proceeds other than as approved by Funding Lender pursuant to the Loan Documents; (v)removal or replacement of the existing property manager of the Property; or(vi)a material adverse effect on Lender's or Funding Lender's security for the Loans. 8. Foreclosure by Lender. In the event of foreclosure,deed in lieu of foreclosure,or similar disposition of the Property by Lender,(a)no consent will be required from Governmental Entity, and(b)the Regulatory Agreement will automatically terminate. 9. Refinancing. Governmental Entity agrees that its agreement to subordinate hereunder will extend to any new mortgage debt which is for the purpose of refinancing all or any part of the indebtedness evidenced by the Loan Documents(including reasonable and necessary costs associated with the closing and/or the refinancing,and any reasonable increase in proceeds for rehabilitation in the context of a preservation transaction). All terms and covenants of this Agreement will inure to the benefit of any holder of any such refinanced debt, and all references to the Loan Documents and Lender will mean, respectively,the refinance loan documents and the holder of such refinanced debt. 10. Miscellaneous Provisions. (a) This Agreement represents the entire understanding and agreement between the parties with regard to the matters addressed herein,and will supersede and cancel any prior agreements with regard to such matters. (b) If there is any conflict or inconsistency between the terms of the Regulatory Agreement and the terms of this Agreement,then the terms of this Agreement will control. (c) This Agreement will be binding upon and will inure to the benefit of the respective legal successors and permitted assigns of the parties to this Agreement. Without prior notice to or the consent of the Governmental Entity or the Borrower,the Lender may freely transfer or assign the Loans and the Loan Documents,including this Agreement,in whole or in part,and the Governmental Entity acknowledges and agrees that any future legal holder of the Project Note will automatically be a legal successor and permitted assignee of Lender hereunder,without the necessity of any further action or instrument. Except for Funding Lender,no other party will be entitled to any benefits hereunder,whether as a third-party beneficiary or otherwise. Subordination Agreement Regulatory Agreement Only—TEL(Forward) Page 4 OR 6553 PG 1314 1 6 0 2 (d) If any one or more of the provisions contained in this Agreement,or any application of any such provisions,is invalid, illegal,or unenforceable in any respect, the validity, legality,enforceability,and application of the remaining provisions contained in this Agreement will not in any way be affected or impaired. (e) Each notice,request, demand,consent, approval or other communication (collectively,"Notices,"and singly, a"Notice")which is required or permitted to be given pursuant to this Agreement will be in writing and will be deemed to have been duly and sufficiently given if(i)personally delivered with proof of delivery (any Notice so delivered will be deemed to have been received at the time so delivered),or(ii)sent by a national overnight courier service(such as FedEx) designating earliest available delivery(any Notice so delivered will be deemed to have been received on the next Business Day following receipt by the courier),or (iii)sent by United States registered or certified mail, return receipt requested, postage prepaid,at a post office regularly maintained by the United States Postal Service(any Notice so sent will be deemed to have been received on the date of delivery as confirmed by the return receipt),addressed to the respective parties as follows: If to Governmental Entity: Collier County Community&Human Services Division 3339'ramiami Trail East,Suite 213 Naples,FL 34112 Attention: Adrienne Meijer, Grants Coordinator Email:Adrienne.meijer@colliercountyfl.gov colliercountyfl,gov Telephone:(239)252-5229 If to Lender: The Bank of New York Mellon Trust Company,N.A. 4655 Salisbury Road, Suite 300 Jacksonville,Florida 33256 Attention: Florida Housing Relationship Manager Facsimile: Telephone Notices intended for Funding Lender will be addressed to: Prior to Conversion: Fifth Third Commercial Funding,Inc. 38 Fountain Square Plaza Cincinnati,Ohio 45263 Attention: Steve Quasny Telephone: 919-3 53-33 3 Subordination Agreement Regulatory Agreement Only--TEL(Forward) Page 5 i F OR 6553 PG 1315 1 6 0 2 Email: steven.quasny J53.com On and after Conversion: Berkadia Commercial Mortgage LLC 323 Norristown Road, Suite 300 Ambler,Pennsylvania 19002 Attention: Servicing If to Borrower: Casa San Juan Diego,Ltd. do National Development of America,Inc. 12629 New Brittany Boulevard, Building 16 Ft.Myers,Florida 33907 Attention: Matt Miller Telephone: 239-691-5 5 59 Email: mmiller a,national-development.com With copies to: Nelson Mullins Riley&Scarborough LLP 390 N. Orange Avenue, Suite 1400 Orlando,Florida 32801 Attention: Randy Alligood,Esq. Telephone:407-839-4202 Email: randy.alligood@nelsonmullins.com nelsonmullins.com Trenam Law 200 Central Avenue,Suite 1600 St.Petersburg, Florida 33701 Attention: Joe DiVito,Esq. Telephone: 727-820-3963 Email:jdivito@trenam.com Any party,by Notice given pursuant to this Section, may change the person or persons and/or address or addresses,or designate an additional person or persons or an additional address or addresses,for its Notices,but Notice of a change of address will only be effective upon receipt. Neither party will refuse or reject delivery of any Notice given in accordance with this Section, (f) Each of the parties will,whenever and as often as they are requested to do so by the other,execute,acknowledge and deliver, or cause to be executed, acknowledged or delivered, any and all such further instruments and documents as may be reasonably necessary to carry out the intent and purpose of this Agreement,and to do any and all further acts reasonably necessary to carry out the intent and purpose of this Agreement. Subordination Agreement Regulatory Agreement Only—TEL(Forward) Page 6 OR 6553 PG 1316 1 6 D 2 • (g) This Agreement will be governed by the laws of the State in which the Property is located. (h) Each person executing this Agreement on behalf of a party hereto represents and warrants that such person is duly and validly authorized to do so on behalf of such party with full right and authority to execute this Agreement and to bind such party with respect to all of its obligations under this Agreement. 1 (i) No failure or delay on the part of any party to this Agreement in exercising any right,power,or remedy under this Agreement will operate as a waiver of such right,power,or remedy,nor will any single or partial exercise of any such right, power or remedy preclude any other or further exercise of such right,power,or remedy or the exercise of any other right, power or remedy under this Agreement. (j) Each party to this Agreement acknowledges that if any party fails to comply with its obligations under this Agreement,the other parties will have all rights available at law and in equity,including the right to obtain specific performance of the obligations of such defaulting party and injunctive relief. (k) This Agreement may be assigned at any time by Lender to any subsequent holder of the Project Note. • (I) This Agreement may be amended, changed,modified,altered or terminated only by a written instrument signed by the parties to this Agreement or their successors or assigns. (m) This Agreement may be executed in two or more counterparts,each of which will be deemed an original but all of which together will constitute one and the same instrument. (n) Nothing in this Agreement is intended, nor will it be construed,to in any way limit the exercise by Governmental Entity of its governmental powers(including police,regulatory and taxing powers)with respect to Borrower or the Property to the same extent as if it were not a party to this Agreement or the transactions contemplated by this Agreement. (o) Funding Lender's Rights to Control.Notwithstanding anything herein to the contrary,pursuant to the Senior Mortgage and Section 6.03 of the Funding Loan Agreement,all acts,consents,approvals and undertakings of the Lender hereunder will be solely at the written direction of the Funding Lender.The parties hereto acknowledge and agree that the Funding Lender is a third-party beneficiary of this Agreement, with full rights as such. Subordination Agreement Regulatory Agreement Only—TEL(Fonvard) Page 7 OR 6553 PG 1317 6 2 NOTICE:THIS SUBORDINATION AGREEMENT RESULTS IN THE REGULATORY AGREEMENT BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF THE MORTGAGE, [SIGNATUR.E AND ACKNOWLEDGMENT PAGES FOLLOW] Subordination Agreement Regulatory Agreement Only—TEL(Forward) Page 8 OR 6553 PG 1318 1 6 0 2 IN WITNESS WHEREOF,the undersigned have executed this Agreement as of the day and year above written, GOVERNMENTAL ENTITY COLLIER COUNTY,a political subdivision of the State of Florida By: /�� i� 4-f-ta/---- Name,Burt L, Saunders Title: Chairman State of Fjo.i L County of Coll;et On U6ccinle( g , 20g, before me 5G,.f Z. 50,,,nivi a Notary Public, personally appeared rU16A4l!J kmi,.,, tie. who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s)is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies),and that by his/her/their signature(s)on the instrument the person(s),or the entity upon behalf of which the person(s)acted,executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of f/0 h that the foregoing paragraph is true and correct, WITNESS my hand and official seal. fi7e...,...______. MADISON BIRD (Notary) :. , Notary public _ State of Florida ' • •;'fit.", commfrHH670433 ,v:, Expires 8/24/2029 •A RZT .4'•'.;;1.,:••; ' •' Approved as to Form and Legality: ,,,:.1 CRYSTAL'K.,It:INZLiCLERK • ;,I ''• gy,. ,'i ' Courtney L. DaSilva0/9,1( `'. 'to c sClerk Assistant County Attorney �VOUt !'' ," ' sldnaturs only ,;,I NG-58SBJ20W U4898.8649-2720 v2Subordlnatlon Agreement Regulatory Agreement Only—TEL(Forward) Page 9 .CA.i r Ott 6553 PG 1319 1 6 0 aI BORROWER CASA SAN JUAN DIEGO, LTD,, a Florida limited partnership By:NDA San Juan Diego, LLC,a Florida limited liability company,its administrative general partner •, By: td#4. Nametthew D. filer Title: Manager State of (,'4{91/0,'\ County of (t(. On f)"f-- "/`?r. , 20yi before me Kari M.Edwarda a Notary Public, personally appeared Matthew D. Miller as manager of NDA San Juan Diego, LLC, a Florida limited liability company as manager as administrative general partner of Casa San Juan Diego, Ltd.,a Florida limited partnership, who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his authorized capacity(ies),and that by his signature on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument, I certify under PENALTY OF PERJURY under the laws of the State of ¶-(ci/ir.)r.:n. that the foregoing paragraph is true and COITCct, WITNESS my hand and official seal. c;.•`•`,,F KARI M.EDWARDS (f )Z t,'011 l�l;�l�rt`�J)c -_ ;�;j`:a; MY COMMISSION HH 410159 '•7+fa toy;• EXPIRES;October 13,2327 (Notary) • NO•58S8J20W 04a98-B849.2720 v2aubordinatlon Agreement Regulatory Agreement Only—TEL(Forward) Page 10 CA►O I OR 6553 PG 1320 i6 0 2 41 s ECUTED IN THE P ESBNCE OF;2T: Vikaikt LENDER; .ram /tGU,✓�--' THE BANK OF NEW YORK Sign ure MELLON TRUST COMPANY,N.A., Stephanie A,Greene-Matthews as Fiscal Agent Printed Name 4655 Salisbury Rd,Suite 300 Jacksonville,FL 32256 By: ; ,,-A - . Post Office address of Witness Name: Nathan Turner 'Title; Vice President Si ature Jennifer Gillis Printed Name 4655 Salisbury Rd,Suite 300 Jacksonville,FL 32256 Post Office address of Witness ACKNOWLEDGMENT STATE OF FLORIDA COUNTY OF DUVAL The foregoing instrument was acknowledged before me by means of[ VI/physical presence or [ ] online notarization, this 9th day of October, 2025, by Nathan Turner, as Vice President of THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A,, a national banking association, and that s/he, being authorized so to do in such ciapacity, executed the foregoing instrument for the purposes therein contained, Said person is I U I personally known to me,or[ ]has produced as identification, In witness whereof I hereunto set my hand and official seal _ [Notary Seal] C. .> 1 Prin Name: Notary Public Commission Number; • LORPANNT.SORIANo Commission Expires: Notary public 1., • '' State of Florida ''..""+ - Comm6 H14434543 ' Expires 8/16/2027 Subordination Agreement Regulatory Agreement Only—TEL(Forward) Page 11 OR 6553 PG 1321 1 6 0 2 EXHIBIT A LEGAL DESCRIPTION • The Land referred to herein below is situated in the County of COLLIER,State of Florida,and is described as follows: FEE SIMPLE: COMMENCING AT THE WEST 1/4 CORNER OF SECTION 4, TOWNSHIP 47 SOUTH, RANGE 29 EAST, COLLIER COUNTY, FLORIDA; THENCE RUN N89°40'00"E ALONG THE NORTH LINE OF THE SOUTHWEST 1/4, OF SECTION 4 FOR A DISTANCE OF 1319.50 FEET, TO THE NORTHWEST CORNER OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4; THENCE RUN S00°2249"E ALONG THE WEST LINE OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4 FOR A DISTANCE OF 662,38 FEET, TO THE NORTHWEST CORNER OF THE SOUTHWEST 1/4, OF THE NORTHEAST 1/4,OF THE SOUTHWEST 1/4, OF SECTION 4; THENCE RUN N89°40'31"E ALONG TIIE NORTH LINE OF THE NORTH 1/2, OF THE SOUTHWEST 1/4, OF THE NORTHEAST 1/4,OF THE SOUTHWEST 1/4, OF SECTION 4 FOR A DISTANCE OF 30,00 FEET TO THE POINT OF BEGINNING OF THE PARCEL HEREIN DESCRIBED;THENCE CONTINUE N89°40'31"E ALONG THE NORTH LINE OF THE NORTH 1/2, OF THE • SOUTHWEST 1/4, OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4 FOR A DISTANCE OF 630.61 FEET;THENCE RUN S00°27'18"E ALONG THE EAST LINE OF THE SOUTHWEST 1/4, OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4 FOR A DISTANCE OF 298.36 FEET; THENCE LEAVING SAID EAST LINE, RUN S89°32'42"W FOR A DISTANCE OF 163.56 FEET;THENCE RUN S00°19'06"E FOR A DISTANCE OF 363.70 FEET TO A POINT ON THE SOUTH LINE OF THE SOUTH 1/2, OF THE SOUTHWEST 1/4,OF THE NORTHEAST 1/4,OF THE SOUTHWEST 1/4,OF SECTION 4; THENCE RUN S89°40'54"W ALONG SAID SOUTH LINE FOR A DISTANCE OF 467,05 FEET TO A POINT LYING 30 FEET EASTERLY AS MEASURED AT RIGHT ANGLES TO THE WEST LINE OF THE SOUTHWEST 1/4, OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4,OF SECTION 4;THENCE LEAVING SAID SOUTH LINE OF THE SOUTH 1/2, OF THE SOUTHWEST 1/4, OF THE NORTHEAST 1/4, OF THE SOUTHWEST 1/4, OF SECTION 4, RUN N00°22'49"W FOR A DISTANCE OF 662.38 FEET TO THE POINT OF BEGINNING. EASEMENT: TOGETHER WITH the easement rights set forth in that certain Declaration of Easements as recorded simultaneously herewith,Public Records of Collier County,Florida. TOGETHER WITH the easement rights set forth in that certain Declaration of Restrictions and Easements simultaneously herewith, Public Records of Collier County,Florida. TOGETHER WITH the non-exclusive easement rights for ingress and egress related to construction purposes as set forth in that certain Temporary Construction Easement Agreement by K&B Residential Rentals#2,LLC as simultaneously herewith,Public Records of Collier County, Florida. • TOGETHER WITH the non-exclusive easement rights for ingress and egress related to NO-88S8J20W#4898.8849.2720 v2Subordinatlon Agreement Regulatory Agreement Only-TEL(Forward) Page 12 *** OR 6553 PG 1322 *** f 1602 construction purposes as set forth in that certain Temporary Construction Easement Agreement by CCDOV Holdings, Inc. as recorded simultaneously herewith, Public Records of Collier County, Florida. TOGETHER WITH the non-exclusive easement rights for ingress and egress related to construction purposes as set forth in that certain Temporary Construction Easement Agreement by Catholic Charities, Diocese of Venice, Inc. as recorded simultaneously herewith, Public Records of Collier County,Florida. • • • NG-58S8J20W#4898-8649-2720 v2SubordlnaUon Agreement Regulatory Agreement Only--TEL(Forward) Page 13