OF:nCL!li.L FILE COPY
CLER;.'{ 01' '1n.E BOARD
OF COII?,ffY COT!,:D.,HSSJ:0:'{!l;.RS
Ml,-\.,;1,!FD.ADE COuz,,r:t, FLORIDA

Date:	December 4, 2007

Substitute
Agenda Item No. S(H)

Memorandum	

To:	Honorable Chairman Bruno A. Barreiro
and Members, Board of County Commissioners

0#07-173

From:

Subject:

Geo 9, ess Cou r

'

Ordinance to Amend 11'\ Keys Edge Community Development District (Commission District No. 9)

This substitute provides language to replace the adopted Declaration of Restrictive Covenants with an amended Declaration of Restrictive Covenants correcting a scrivener's error by unintentional omission in Exhibit "B" related to Keys Edge Community Development District costs to purchasers of single-family homes within the District.

Recommendation

It is recommended that the Board of County Commissioners (BCC) adopt the attached Ordinance amending the Keys Edge Community Development District (CDD) pursuant to the authority granted by the Miami-Dade County Home Rule Charter for the purposes set forth in Chapter 190 of the Florida Statutes. The proposed amendment will correct scrivener's errors in the district's legal description contained in Exhibit "A" to the Ordinance and an omission of Keys Edge COD costs associated with single-family homes in Exhibit "B" to the Declaration of Restrictive Covenants. Since the correct legal description of each parcel that comprise the Keys Edge COD appears in several places in Exhibit "B" to the Ordinance, and an amended Declaration of Restrictive Covenants has been submitted and attached, adoption of this ordinance to amend the Keys Edge COD will reconcile the discrepancies and correct the record.

Scope

This COD is located within Commission District 9 and will provide funding for capital improvements as well as multipurpose maintenance functions within the COD.

Fiscal Impact/Funding Source

Correcting the scrivener's errors in Exhibit "A" and Exhibit "B" to Ordinance No. 07-106 will have no fiscal impact to Miami-Dade County. COD funding is provided by private COD liens and assessments against affected property and will not change if this amendment is adopted by the BCC.

Track Record/Monitor

With Florida City's approval, a special taxing district will be created to maintain the development's infrastructure such as private roadways, private area storm drainage and landscape, should the CDD be dissolved or fail to fulfill its maintenance obligations. If created, the special taxing district will remain dormant until such time as Florida City requests Miami-Dade County to activate it.

I

Honorable Chairman Bruno A. Barreiro
and Members, Board of County Commissioners Page 2

Background

Restrictive covenants provide for notice in the public records of the projected taxes and assessments to be levied by the CDD, individual prior notice to the initial purchaser of a residential lot or unit within the development and provisions for remedial options to initial purchasers whose contract for sale did not include timely notice of the existence and extent of COD liens and special assessments.

The original Keys Edge COD, created by Ordinance No. 07-"106, proffered Declaration of Restrictive Covenants specifying COD costs to new owners and was recorded in the Public Records of Miami­ Dade County at Clerk's File No. 2007R0909804. Said recorded restrictive covenants contain a scrivener's error omitting Keys Edge CDD costs associated with single-family homes from the Exhibit "B" and are being replaced by this substitute item with an amended Declaration of Restrictive Covenants to correct the discrepancy in Exhibit "B" and the record.

The BCC is authorized by the Florida Constitution and the Miami-Dade County Home Rule Charter to establish, amend, or otherwise adjust governmental units such as this COD within Miami-Dade County and to prescribe such government's jurisdiction and powers.

t -/

/411 ,
Assls't nt County Manager

MEMORANDUM
(Revised)

TO:	Honorable Chairman Bruno  A. Barreiro	DATE:
and Members, Board of County Commissioners
FROM ,;

December 4, 2007

Substitute

SUBJECT:	Agenda Item No.	S(H)
County Attorney

Please note any items checked.

 		"4-Day Rule" ("3-Day Rule" for committees) applicable if raised

 		6 ·weeks required between first reading and public hearing

 		4 weeks notification to municipal officials required prior to public hearing

 		Decreases revenues or increases expenditures vvithout balancing budget

 		Budget required

 		Statement of fiscal impact required

 		Bid waiver requiring County .Manager's written recommendation

 		Ordinance creating a new board requires detailed County I\fanager's report for public hearing

Housekeeping item (no policy decision required) No committee revie,v

Approved	"M--=ay'""'o=r
Veto		 Override	 	

Substitute
Agenda Item No. s (H)
12-04-07

ORDINANCE NO.	07-173

ORDINANCE AMENDING ORDINANCE NO. 07-106 WHICH ESTABLISHED KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT BY REPLACING EXHIBIT "A" WITH REVISED EXHIBIT "A" AND BY REPLACING DECLARATION OF RESTRICTIVE COVENANTS CONTAINED IN EXHIBIT "B" WITH AN AMENDED DECLARATION OF RESTRICTIVE COVENANTS TO CORRECT SCRIVENER'S ERRORS; AND PROVIDING	SEVERABILITY,	EXCLUSION	FROM	THE CODE AND AN EFFECTIVE DATE

WHEREAS, this Board previously approved the establishment of the Keys Edge Community Development District ("Keys Edge  CDD")  when  it enacted  Ordinance  No. 07-106 on July 24, 2007 ("Ordinance"); and
WHEREAS,  the size, location and legal description  of the Keys Edge CDD  are clearly set

forth in the Petition which is attached to, and incorporated in, the Ordinance as Exhibit "B"; and WHEREAS,  the Keys Edge CDD encompasses  approximately 81.84 acres in three (3)
distinct parcels with separate legal descriptions for each; and

WHEREAS, the correct legal description of each parcel that comprise  the  Keys  Edge CDD appears in several places in Exhibit "B" to the Ordinance; and
WHEREAS, in preparing the legal description set forth in Exhibit "A" to the Ordinance, two (2) of the legal descriptions were overlooked and  inadvertently  omitted  from Exhibit  "A": and
WHEREAS, this Board wishes to reconcile the discrepancy in the  legal  description between Exhibit "A" and Exhibit "B" caused by a scrivener's error in order to correct the record; and

Substitute
Agenda Item No.	5 (H)
Page 2

WHEREAS, the Declaration of Restrictive Covenants set forth in Exhibit "B" to the Ordinance and recorded at Clerk's File No. 2007 R0909804 of  the Public  Records  of  Miami- Dade County unintentionally omitted costs to be assessed single-family homes within the Keys Edge CDD which is required by County Resolution No. R-413-05, as amended by County Resolution No. R-883-06; and
WHEREAS, in order to correct such scrivener's error and the record, the Owner has submitted an amended Declaration of Restrictive Covenants that needs to be approved by this Board and inserted in Exhibit "B" of the·ordinance,
BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF

:MIAMI-DADE COUNTY, FLORIDA:

Section 1.	The Ordinance is amended by replacing the existing Exhibit "A" with the

revised Exhibit "A" attached to this ordinance.

Section 7.	The Ordinance is further amended by replacing the Declaration of

Restrictive Covenants set forth in Exhibit "B" of the Ordinance with the amended Declaration of Restrictive Covenants attached to this ordinance.
Section 3.	If any section, subsection, sentence,  clause  or provision of this ordinance  is held invalid, the remainder of this ordinance shall not be affected by such invalidity.
Section 4.	It is the intention of this Board, and it is ordained that the provisions of

this Ordinance shall not be included as part of the Code of Miami-Dade County, Florida.

Section 5.	This ordinance shall become effective ten (10) days after the date of

enactment unless vetoed by the Mayor, and if vetoed, shall become effective  only  upon  an override by this Board.

0#07-173
Substitute
Agenda Item No. S(H)
Page 3

PASSED AND ADOPTED: December 4, 2007

Approved by County Attorney as to form and legal sufficiency:

Prepared by:

Gerald T. Heffernan

G

KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT SURVEYORS CERTIFICATE OF LEGAL DESCRIPTION
REVISED .EXHIBIT "A"
(FOLLOWING 12 PAGES)

G

NORTH

. tlW CORNER Of
SE:CllON 23-57-.36

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.LOCATION MAP
A PORTION OF SECTION 23-57-38 1!IAM1-DADE COUNTY, FLORIDA (NOT TO SCALE)

S.W. 328th STREET

S.W. 336th STREET

'- NE CORNER OF
SECTION 23-57-38

L

SITE CATION

SW CORNER OF_.,,­
SECTION 23-57-JS

S.\V. 344th STREET

SE  CORNER OF
SECTION  2J-57-36

P(3)SM, L.L.C.	, L.B. No.JI 
PROi'ESS!Ct;,,L SURVE'iCRS  & .!APPEHS
:-9GC ,·JW ,Sth AVENUE sum: Nn ?35 00RA:. FLORIJ<'.. .331&3 PHC,'lE ('.!05) ,163 0912 h\X 1::'05) 4,:;J<i 91 3 .

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SKF.TCH 1\N·-D--L1E-·GAL OESCRIPT!Cl, FOR FOLIO No. lG-7823-000-0020

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SURVEYOR1S NOTES AND CERTIFICATE
EXHIBIT "A"

SURVEYOR'S NOTES:
This	is	not	a	801.Jndory	Survey,	but	on!y	a GRAPHIC DEPICTION of t11e
description showr. hereon.
North  arrow  direction	and	bearing shown hereon are based on on assumed
meridian of N 89'24'34"E, atong the centerline of S.W. 344th STREEl.
Not	valid		without		the  signature	and	the		original raised seal of a Florida Licensed	Surveyor	and	Mapper.	Additions	or deletions to survey rnaps or reports by other than lhe signing party or parties is prohibited  without  written consent of the signing party or parties.
There · rnoy	be additional restrictio s  0ot  shown  on  this  Sketch  &  Legal  thal may    be	found		in	the	Public	Records	of	this	County. Examination of the .A.BSTR/1..CT OF TITLE will hove to	be made to determine recorded instruments,  if	any	affecting	this property.

No title research	hos been performed to existing		or	arising	aut  of ·the	creation Parcel	Descriptions,		or	any	other lype described legal rnay be utilized for.

determine if  there  ore  any  conWct of the easements, Right-of-Ways,
of	encumbrances	that the herein

e intent of this description is to encompass a parcel of lorid.

SURVEYOR'S CERTIFICATE:
hereby   certify    to   the  besl   of   rny   knowledge   and   belief   thot   tnis  drc../ing is o  true  and  correct  representation  of  the  SKETCH  AND  LEG/\L  DESCRIPTION,  of the reel property described hereon.
I	further	certify  that   \his	!ciurvey	was	prepared	in oc:cordo·1ce wilh lhe
uppiicable	provisions	of	Chapter	51Gl 7-  6	Florido	Adr,"!;'"';3trct·\,e	Code.

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P(3}SM. L.L.C.
;::::;,o=Ess,cr-.;,1.SURVEYORS & l, FPERS
3900 ,TN 74:l;P,VUIUl. Si.,iTE. No 235 CORAL. fl.ORIDA 33i66 PHC'.,!F (3051 4:33-0912 FAX (305! 4•T3-09Li

..	Sl<ETCH 1'\ND LEGAl,_ }f:§.f2!3J · 1_Q £OR FOUO No. i6-782J00j- O_?Q _ 	.   

LL.B._No._7335

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LEGAL DESCRIPTION

THE WEST i/2	OF  THE  SOUTHEAST  1/4	OF THE SOUTHEAST
1/4 OF SECTION 23, TOWNSHIP 57 SOUTH, RANGE 38 EAST, OF
MIAMI-DADE COUNTY, FLORID.A..

P(3)SM, L.L.C.	LL)L!'Jo._ 7335
PROFESSIONAL SURVEYORS & Mi,FFrns
3S'i)Q 1 .'N 1!:l11.< vi::t-UE. SUITF No 235 i10RA1•• FLORlDA 3.31,:,6 PH%E (305) .!6j.:)9· 2 :';.X:(3:)5! 463-•J::i i3
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	ABBREVIATIONS & LEGEND.	1
CENJERL'NE	I
R & M    RECORD .s MEASURE	J
0 RB	OiTICIJ\L RECORDS S00:{
PG	PAGE

..-	P(3)SM. L.L.C.	· L.B. No. 7335
rROFESSCN4L SURVEYORS & MAFFERS
3 (;Q i-1 W 7% /\VENUE. fUI It :o 235 DORA.L. FLOR,OA 331f.-6 PHONE (305) •16.3-C912 FA>: (3Gb) 4630 13
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Sl{ETCH AND U:G.t\L UcSCRlf,.flON FOR FOLIO No. 16-7823-0GC-0020
----· -DATE:	I	) AWN BY	;   ·	SC.4LE:	'	U3 f PG	JOIJ Na.	SHEET
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LOCATION MAP
A PORTION OF SECTION 23-57-38
NORTH	.MIAMl-'DADE COUNTY, FLORIDA (NOT TO SCALE)

S.W. 328th STREET
NIV CORNf:R OF SECTION 23-57-38

Ul
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;z:	SITE
LOCATION
·
< S.W. 336th STREET
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F = = 'r'/ /2r,//, = = =

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SW CORNEP. o,_...-,,­	S.W. 344th STREET
SECTION 23-57-JB			

NE CORNER OF	
				SECTION 23-57-38	

=	

-<-<		

SE CORNER OF	
				SECTION 2.3-57-JB	

·-	P(3)SM, L.L.C.	-L--.B--.-N. o. 7335
PROH:SSiONAL  SURVEYORS Z, MAC?cRS
J Xl NW  79!11   A\'tNUE. SUITE ,\lo 235 DORAL. FLORiDA 33i66 Pf!OiE (305) c\63-C012 FAX:i3C:,J 4530913
.	·-·· .. ·----- -- -------	sr;ET{·;rl AND LEG.t,L DESCRIPTION "FoR F<)LIO No 16-7823-000-0010	- --· --.- ----- -- --
DATE: -·· ·- ··• · ·  ·- oR,\ v, rr/- ---··	· -:·_?.0\'=.f -- J  ·	·   TaiPG 	1	· -	.ibB -r o-- ---- · ·:	s!1[[ r:
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	SURVEYOR'S NOTES AND CERTIFICATE

SURVEYOR'S NOTES:
Thls	is	not	o	Boundary	Survey,	but	only	c GRAPHIC DEPICTION of the description shown hereon.
North  arrow direction	and	bearing shown hereon ore based on on assumed
meridian of N 89'17'22"E, along the centerline of S.W. 336th STREET.
Not	valid		without		the  signature		and	the		original raised seal of a Florida Licensed	Surveyor	and	Mapper.	Additions	er deletions to survey mops or reports by other  than  lhe  signing  party  or  parties  is  prohibited  without  written consent   of   the   signirig   party or  parties.				.
There		may		be oqditional restrictions not shown on this Sketch  &  Legat  thcit may	be	found		in	lhe	Public	Records	of	this	County. Examination of the ABSTRACT OF TITLE will hove to	be mode lo determine recorded instruments,  if	any	affecting	this  property.
No title research	hos been. performed to	determine if there are any conflict existing		or	arising	out of  the		creation		of the easements, Rigr1t-of-Woys, Parcel	Descdplions,		or	anr	other  type  of	encumbrances	that the herein described legal moy be utilized for.
The intent of this description is to encornposs o parcel of land.

SURVEYOR'S CERTIFICATE:
,       hereby    certify    to  the  best  ui  rny  knowledge  end  belief   lhot   this  drqwing is a true  on,j correct  representation  oi  the  SKETCH  ANO  LEG.AL DESCRIPTION,  of the reai property descr;bed hereon.
!	further	certify  lhal   this	survey	wos	prepared	in occor·doncc with lhe
:1ppiiccb1c	provision:s	oi	Chcpter	51G17-6	FloridCJ	/\<im;n.slrotive	Code.

Dote: Septern:J:: 27lh, 2()06	

"--	P(3)SM, L.L.C.	' L.B. No. 7335
rROFFSSION.!\l SURVEYORS & MAPPERS
3f¥}0 r-; \I\'. r0t·1 AVUlJi:. sum: Ne 23 - OR.t\L. FLGRIOA 33166 PHOME {305) 453-0912 FAX tJ05) 453-0913
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LEGAL DESCRIPTION

THE NORTH  1/4		OF THE SOUTHEAST 1/.-i, LESS THE EAST 35 FEET THEREOF.   AND   THE SOUTHEAST  1/4	OF  THE  NORTHWEST  1 /4	OF THE SOUTHEAST 1/4	IN SECTION 23, TOWNSHIP  57  SOUTI-1,  RANGE  38 EAST, LYING AND BEING IN MIAM! ··DADE COUNTY, FLORlDA.

P(3)SM, L.L.C.
PROf'.[SS!ONAL SVRVEYOHS & MAPPi:RS
39:lO / W rfth A'/El·;UE. SU!TE ffa.235 DORAL FLORIDA 33'6 PHONE:(31) ,) 4G31}812 f-AX:{305) 403 0913

: L.B. No. 7335

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- •'	P(3)SM, L.L.C.	! L.B. No. 7335
PROFESSIGNAL  SUl<VEYORS & \.t.\FPERS
39}0 N 'N 79th /111£:NUL SUI;E No 235 OORAL. FLORIDA 33165 PHONE'.(305) 46.l-• 1? fAX iJ:1:, ) 4630913
-- ··-----···-··--- -·•- -- -- --- ------------------------ ------------- ------- - -
Sl<ETG ! AND LEGAL DESCRIPTION FOR FOLIO No. 16-7823-000-0010
Di<'.TE:	·oR4\"lt RT	I	·	SCALE:	..·_.	·	r.e.1PG	l	JOB No	SHEET:
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LOCATION MAP

NORl'H

A PORTION OF SECTJON 23-57-38 1UAMI-DADE COUNTY,  FLORIDA (NOT TO SCALE)

NW CORNER Of
SECTION 23-57-38

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S.W. 328th STREET

NE  CORNER OF
SECTION  23-57-38

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SW CORNER OF SEC11CIN 23-57-38

S.\1/. 344th STREET

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SECTION 23-57-38

P(3)SM, LL.C.
PROFEss:o J.;L SUfW['(QRS ,i lvto\PPERS
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Sl<F.TCH ANO LEC,AL DESCRIPTION FOR FOUO No 16-7823-000-02l5

' L.B. No. 7335

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	SURVEYOR'S NOTES AND CERTIFICATE

SURVEYOR'S NOTES:
This	is	not	a	Bovndory	Survey,	but	only	a GR.t\PHlC DEPICTiON of the description shown hereon.
North  arrow  direction	and	bearing shown hereon ore based on on assumed rnerfdian of N 89'24'34"E, along the centerline of S.W. 344th STREET.
.3) Not	valid		without		the  signature	ond	the		original raised seal of a Florido Licensed	Surveyor	and	Mapper.	Additions	or deletions to survey maps or reports by other than the signing party or  parties  is  prohibited  without  written consent of the signing party or parties.
There	rnoy	be additional restrictioM not  shown  on  this  Sketch  &  Legal  that moy   be	found		in	the· Public	Reco·rds	of	this	County. Exominotion of the  ABSTRACT  OF TITLE  will hove to	be made lo determine  recorded instruments,  if	any	affecting	this property.
No title research	hes  been performed  to	determine if there ore any conflict existing		or	arising	cut  of  the		creation		of the easements, Right-of-Ways, Parcel	OescripUons,		or	any	other  type of	encumbrances	that the herein described legal may be utilized for.
The intent of th:s description is to er,corr.poss o parcel of lend.

SURVEYOR'S CERTlFICATE:
hereby    certify    to  the  besl  of  rny   knowledge   and    helief   that   this  drawing is a  lrue  and  correct  representation  of  the  Sr<E TCH  AND  LEG/',L  DESCRIPTION,  of the reai property descd:;ed hereon.
i	further	cerHy  lhat   this	survey	was	prepared	in  occordonce   with  the
clppkoblc	pro,_;isions	o'	Chapter	61Gl 7-6	Florida	Adrninis rafr.rc	Cc>de.

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DATE:
09-27-06	

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3 ;0 NW	P(3)SM, L.L.C.	I L.B. No._! ]
PR.OFESSICNAL URI/EYOHS {, ,1;,pprns
91,11l.Vf:.NU:. ::iUIT:: No 235 DORAL. FLORIDA 33166 PHGNF (305! <!63-0B!2 FAX [30:l 4:,3-0913
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SKETCH ANO LEGAL DESCRIPTION FOR FOL!O No. JG-7823-000-0215
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	LEGAL DESCRIPTION· ·

THE NORTHWEST 1/4	OF  THE SOUTHWEST 1/4	OF THE
SOlJTHEAST 1/4	OF SECTION 23, TOWNSHIP 57 SOUTH, RANGE
38 EAST, OF MIAMI-DADE COUNTY, FLORIDA.

	

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0 ROFESS:ONAL SUfWEYORS & M>\PPERS
3S-OO N ',V 79itl A'/PM:. S'JlfE r<o 235 DGP,AI. FLORIDA 33156 Pl!Q;;J[: .1G5) 1163 G812 FAX:(3G5) 463-001:i
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t LEGEND.

P{3)SM, l.L.C.	i LB. No. 7335
PROl"E:SSIO;\F1L SIJRVE'iORS & MAPPERS
:L::<O ti W 7!.i:11 A'!EI\UE SUiTE No}35 ocn;.1 fl.OR10/l. 331i36 PHONE (305;, 4,_;3 S9l 2 F,,:•::(1):1) 4:",3-C913

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SKElTH AND LEGAL DESCRIPTION FOR FOLIO No  Hi-7823-0D·r0·-0-21!.i
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This instrument was prepared by	
Name: Address:		

(Space Reserved for Clerk)	

AMENDED DECLARATION OF RESTRICTIVE COVENANTS

·wHEREAS, the undersigned Owner holds the fee simple title to the land described in

the attached Exhibit A (the "Property"), located in Miami-Dade County, Florida (the "County"); and
WHEREAS, Owner entered into that certain Declaration of Restrictive Covenants dated November 21, 2006, and recorded in Official Records Book 25925, Page 3903, of the Pubiic
Records of Miami-Dade County, Florida (the "Original Declaration"); and

WHEREAS,  the Original  Declaration contains  certain covenants  in favor of the County

in  support  of  a  Petition  (the  "Petition")  for  the  establishment   of  the  Keys  Edge Community

Development District (the "District") filed December 1, 2006, and approved by the Board  of County Commissioners, pursuant to Ordinance No. 07-106 adopted on July 24, 2007 (the
"Ordinance"), in accordance with the requirements of Chapter 190, Florida Statutes, and Section l.0l(A)(21) of the County Home Rule Charter; and
WHEREAS, the Original Declaration inadvertently excluded special assessment information relating to certain types of Dwelling Units that will be included in the Keys Edge Community; and

WHEREAS, the purpose of this instrument is to amend the Original  Declaration  to include the special assessment information that was inadvertently omitted from the Original Declaration; and
WHEREAS, among those covenants are provisions for the timely, accurate, and enforceable  disclosure,  to all prospective  initial  purchasers  who  have entered  or will enter into
contracts   for   improved   residential   units   within   the   Property   (each   a  "Prospective Initial

Purchaser"), of the obligation to pay to the District: (1) the pro-rata share for each Dwelling Unit (defined  below)  of  the  cost  of  the  acquisition,  construction,  reconstruction,  and  equipping of
certain  public  infrastructure  which  benefit  the Property  either  as a one  time  assessment  at the
.
time of closing or as an annual assessment  based on the debt service on bonds to  be issued  by the

District   to  finance   such  capital   costs   until   such   bonds   are  retired   (collectively, "Capital

Assessments"),  and   (2)  the  costs   associated   with   (i)   operations   of  the   District  including

administration ("Operations  Assessments")  and  (ii) maintenance  of  public  infrastructure by the

District  ("Infrastructure Maintenance  Assessments";  Operations  and  Infrastructure Maintenance

Assessments are hereinafter collectively referred to as "Administrative Assessments"); and

\VHEREAS, other covenants made by Ov,'Iler include provisions for the long-term maintenance of infrastructure serving the Property including, but not limited to, roadways, drainage, and landscaping; and
WHEREAS, such covenants of Owner are made in order to assure the Board that the representations made by Owner in support of the Petition will be abided by,
NOW, THEREFORE, Ov\tner freely, voluntarily,  and without  duress,  and on behalf of  its heirs, successors, and assigns, makes the follov,ring Amended Declaration of Restrictive

{00005761.DOCv.111/l5/2007 IL04A">1}2

·?,-- (

Covenants covering and running with the Property (this "Amended Declaration" also referred to as the "Declaration"):
COVENANTS.

Public Records Notice of Existence of District. This Declaration shall serve as notice in the public records of the County that unless the District is terminated in accordance with the requirements of Chapter 190, Florida Statutes, and such termination is reflected in the public records of the County, the Property and all lands, parcels, lots, and units located within the District's boundaries are subject to the Capital Assessments and Administrative Assessments levied and imposed by the District, subject only to the exceptions or exemptions from such assessments expressly provided by Florida law.
CDD and Purchase Contract Notices.

Owner shall be required to provide to each Prospective Initial Purchaser of an improved individual residential lot or unit within the Property (individually, a
"Dwelling Unit") vvritten notice of the estimated annual Capital Assessments and Administrative

Assessments (the "CDD Notice") to be imposed on such individual Dwelling substantially in the

form  attached  hereto  as Exhibit  B  prior to, or contemporaneously  with,  the execution  of  a

purchase and sale contract ("Purchase Contract")  for such Dwelling Unit.  For the purposes of

this Declaration, the term "Owner" means each seller of Dwelling Units within the Property. Notwithstanding the  foregoing,  if  a Prospective  Initial  Purchaser  executed  a Purchase Contract
before the effective date (10 days after enactment) of the Ordinance (the "Effective Date of the

Ordinance") but was not given an contemporaneous CDD Notice, Owner may still give the CDD Notice to such Prospective Initial Purchaser; provided, however, such CDD notice must be given together v.:ith the following written notice and must be sent to such Prospective Purchaser by

{00005761.DOCv.J 11/15/2007 ll:04AMJ3

certified mail, professional overnight delivery or hand delivery, with return receipt, not later than the first business day following the Effective Date of the Ordinance:
THE DWELLING UNIT YOU ARE PURCHASING IS SUBJECT TO A COMMUNITY DEVELOPMENT DISTRICT AND A RELATED DECLARATION OF RESTRICTIVE COVENANTS WHICH REQUIRES THAT CERTAIN NOTICES BE GIVEN TO PURCHASERS BY OWNER. THIS NOTICE AND THE ATT ACHED CDD NOTICE ARE BEING GIVEN TO YOU PURSUANT TO SUCH DECLARATION. PLEASE NOTE THAT THE DISTRICT PLANS TO ISSlJE OR HAS ISSUED BONDS THAT WILL HAVE PRINCIPAL AND INTEREST PAYMENTS APPLICABLE TO THIS DWELLING UNIT OVER A PERIOD OF UP TO THIRTY (30) YEARS TO FUND CONSTRUCTION OF INFRASTRUCTURE SERVING THE PROPERTY IN THE ESTIMATED AGGREGATE AMOUNT OF $See Exhibit B. THIS DWELLING UNIT SHALL BE ASSESSED AN ESTIMATED CAPITAL ASSESSMENT OF S See Exhibit B IF PAID IN FULL AT CLOSING OR AN ESTIMATED ANNUAL CAPITAL ASSESSMENT OF$ See Exhibit B FOR ITS PROPORTIONATE SHARE OF DEBT SERVICE ON THE BONDS UNTIL SUCH BONDS ARE PAID IN FULL. WHETHER THE CAPITAL ASSESSMENT IS PAID ONE TIME AT CLOSING OR IN ANNUAL INSTALLMENTS IS AT THE OPTION OF THE PURCHASER TO BE EXERCISED AT THE TIME OF CLOSING. THE ATTACHED NOTICE FULLY DESCRIBES YOUR OBLIGATIONS. YOU
:MAY ELECT TO RESCIND THE PURCHASE CONTRACT FOR A PERIOD OF THIRTY (30) DAYS FOLLOWING RECEIPT OF THIS NOTICE. UPON SUCH ELECTION, OWNER SHALL RETURN ALL MONIES PAID BY YOU AS THE PROSPECTIVE INITIAL PURCHASER REGARDING THE PURCHASE OF THE REAL PROPERTY IDENTIFIED IN THE PURCHASE CONTRACT WITHIN TEN (10) CALENDAR DAYS AFTER RECEIVING YOUR WRITTEN NOTICE THAT YOU HAVE ELECTED TO RESCIND THE PURCHASE CONTRACT, AND ALL OTHER PROVISIONS OF THE DECLARATION OF RESTRICTIVE COVENANTS NOT INCONSISTENT WITH THE REMEDIES SET FORTH HEREIN SHALL GOVERN. NO OTHER REMEDIES ARE AVAILABLE TO PURCHASER WHETHER OR NOT YOU ELECT TO RESCIND EXCEPT IN THE EVENT OF AN OWNER DEFAULT WITH RESPECT TO THE CDD NOTICE AND THEN ONLY IN ACCORDANCE WITH THE DECLARATION.

Ovlller shall promptly refund any amounts due under the foregoing notice if a Prospective Initial Purchaser properly rescinds a Purchase Contract during the time provided. No other remedies provided in Section 1.4 shall be available to a Prospective Initial Purchaser who terminates a Purchase Contract pursuant to the foregoing notice.
I .2.2	Ovmer  shall, also  provide  substantially   the  following   disclosure

("Purchase  Contract  Notice")  on  the  first  page  of  each   Purchase  Contract  executed  after  the

{0000576LDOC  v.J  l l/15i2007   l 1:04 AM}4

Effective Date of the Ordinance for a Dwelling Unit within the Property, immediately aher disclosure of the purchase price for the Dwelling Unit:
THIS DWELLING UNIT TS WITHIN A COMMUNITY DEVELOPMENT
DISTRICT ("DISTRICT''). THE DlSTRlCT PLANS TO ISSUE OR HAS ISSUED BONDS THAT WILL HAVE PRINCIPAL AND INTEREST PAYMENTS APPLICABLE TO THIS DWELLING UNIT OVER A PERIOD OF UP TO THIRTY (30) YEARS TO FUND CONSTRUCTION OF INFRASTRUCTURE SERVING THE PROPERTY IN THE ESTIMATED AGGREGATE AMOUNT OF $ See Exhibit B THIS DWELLING UNIT SHALL BE ASSESSED AN ESTIMATED CAPITAL ASSESSMENT OF$ See Exhibit B IF PAID IN FULL AT CLOSING OR AN ESTIMATED ANNUAL CAPITAL ASSESSMENT OF $ See Exhibit B FOR ITS PROPORTIONATE SHARE OF DEBT SERVICE ON THE BONDS UNTIL SUCH BONDS ARE PAID IN FULL. WHETHER THE CAPITAL ASSESSMENT IS PAID ONE TIME AT CLOSING OR IN ANNUAL INSTALLMENTS IS AT THE OPTION OF THE PURCHASER TO BE EXERCISED AT THE TIME OF CLOSING. THESE AMOUNTS ARE DUE OVER THE TERM OF THE BONDS lN ADDITION TO THE PURCHASE PRICE.		INITIAL PURCHASER ALSO UNDERSTANDS THAT IF THE ACTUAL ANNUAL CAPITAL ASSESSMENTS ON THE DWELLING UNIT ARE MORE THAN FIVE PERCENT (5%) HIGHER THAN THE ESTIMATED AMOUNT PROVIDED HEREIN, INITIAL PURCHASER SHALL HAVE THE RIGHT TO RESCil\1D THIS AGREEMENT AT ANY TIME	PRIOR	TO	CLOSING.	INITIAL	PURCHASER	FURTHER ACKt""TOWLEDGES AND AGREES THAT THE ESTIMATED AMOUNT OF CAPITAL ASSESSMENTS DOES NOT INCLUDE ADMINISTRATIVE ASSESSMENTS WHICH SHALL BE LEVIED BY THE DISTRICT FOR OPERATIONS AND INFRASTRUCTURE MAINTENANCE AND MAY VARY FROM YEAR TO YEAR AND FROM TIME TO TIME. IN THE EVENT OF ANY CONFLICT BETWEEN THE DISCLOSURES IN THIS PROVISION AND THE ATTACHED CDD NOTICE, THE CDD NOTICE SHALL CONTROL.

PURCHASER'S INITIALS:

Owner shall cause each Prospective Irutial Purchaser to initial the Purchaser Contract Notice  where indicated.
Relief to Prospective Initial Purchaser for Owner Default.

O\vner shall provide relief, in the manner provided by this Section

1.3 to any Prospective Initial Purchaser who has not yet closed on a Dwelling Unit if any one of

the following events shall occur (an "Owner Default"):

(00005761.DOC v l 11/15/2007 11:04 A.1\1}5

Owner fails to provide a timely CDD Notice or Purchase Contract Notice as required; and/or
Owner provides a timely CDD Notice; however, such CDD Notice underestimates the aggregate or monthly actual Administrative  Assessments  for  the District's first three fiscal years by more than five percent (5%); and/or

Owner provides a timely CDD Notice and/or Purchase Contract; however, such CDD Notice and/or Purchase Contract Notice underestimates the actual Capital Assessment, if paid in full at closing, by more than five  percent  (5%)  and/or  monthly actual Annual Capital Assessments by more than five percent (5%).
In the event of any Owner Default that is not cured  by  a timely  Late Notice (as hereinafter defined), a Prospective Initial Purchaser may, in writing (a
"Termination Notice"), elect to rescind the Purchase Contract at any time prior to closing. Upon such election, Owner shall return all monies paid by the Prospective Initial  Purchaser  regarding the purchase of the real property identified in the Purchase  Contract  within  ten  (10)  calendar days after receiving written notice from the Prospective Initial Purchaser that such Prospective Initial Purchaser has elected to rescind the Purchase Contract. No other remedies provided in Section 1.4 shall be available to a Prospective Initial Purchaser who terminates  a  Purchase Contract pursuant to this provision.
Prior to the receipt of a Termination Notice from a Prospective Initial Purchaser affected by an Owner Default, Owner shall have an opportunity to cure any
Owner Default by providing a written notice (a "Late  Notice")  to  such  affected  Prospective Initial Purchaser (i) prior to closing and (ii) within the later of ninety (90) days from (x) the date
of execution  of  the  Purchase  Contract  or  (y)  the  Effective  Date  of  the  Ordinance  (the "Cure

{00005761.DOC v.I 11/15/2007   l 1:04 AM)6

Period"). If the Owner Default set forth in Section 1.3.1.3 is due  solely  to  a  fluctuation  of interest rates on the bonds once the pricing of the bonds is completed, Owner shall have the opportunity  to  cure  such  Owner  Default  by  providing  a  written  notice  setting  forth  the  new
annual  Capital  Assessments  to such  affected  Prospective  Initial  Purchaser  (the "Extended Late

Notice") no later than the earlier of (i) the closing date of the  Dwelling Unit or (ii) ninety (90)

days from the pricing of the bonds (the "Extended Cure Period"). An Owner Default cannot be cured as to an affected Prospective Initial Purchaser after the expiration of the applicable Cure Period or applicable Extended Cure Period. If Owner provides (i) a Late Notice to a Prospective Initial Purchaser during the applicable Cure Period or (ii) an Extended Late Notice  during applicable Extended Cure Period, then such Prospective Initial  Purchaser  may  still  elect  to rescind the Purchase Contract at anytime for a period of thirty (30) days following receipt of Late Notice or Extended Late Notice. Upon such election, Owner shall return all monies paid by the Prospective Initial Purchaser regarding the purchase of the  real  property  identified  in  the Purchase Contract within ten (10) calendar days after receiving written  notice  from  the Prospective Initial Purchaser that such Prospective Initial Purchaser has elected to rescind the Purchase Contract. No other remedies provided in Section 1.4 shall be available to a Prospective Initial Purchaser who receives an accurate Late Notice or Extended Late Notice during the Cure Period or Extended Cure Period, as applicable, regardless of whether the Prospective Initial Purchaser elects to rescind the Purchase Contract.
Every Late Notice or Extended Late Notice sent by Owner to a Prospective Initial Purchaser must include the following in  bold  type in a font at least as large as the largest font in such Late Notice or Extended Late Notice (with correct  type  of  notice indicated):

{00005761.DOCv.l 11/15/2007 ll:04AM}7

7G

THE DWELLING UNIT YOU ARE PURCHASING IS SUBJECT TO A COMMUNITY DEVELOPMENT DlSTR!CT AND A RELATED DECLARATION OF RESTRICTIVE COVENANTS WHICH REQUIRES THAT CERTAIN NOTICES BE GIVEN TO PURCHASERS BY OWNER. THIS IS A [LATE NOTICE or EXTENDED LATE NOTICE} UNDER SUCH DECLARATION. IF OWNER PROVIDES YOU WITH THIS [LATE NOTICE or EXTENDED LATE NOTICE} DURING THE APPLICABLE CURE PERIOD, THEN YOU AS A PROSPECTIVE INITIAL PURCHASER MAY STILL ELECT TO RESCIND THE PURCHASE CONTRACT FOR A PERIOD OF THIRTY (30) DAYS FOLLOWING RECEIPT OF THIS [LATE NOTICE or EXTENDED LATE NOTICE]. UPON SUCH  ELECTION, OWNER SHALL RETUR..N ALL MONIES PAID BY YOU AS THE PROSPECTIVE INITIAL PURCHASER REGARDING THE PURCHASE OF THE REAL PROPERTY IDENTIFIED IN THE PURCHASE CONTRACT WITHIN TEN (10) CALENDAR DAYS AFTER RECEIVING YOUR WRITTEN NOTICE YOU HAVE ELECTED TO RESCIND THE PURCHASE CONTRACT., AND ALL OTHER PROVISIONS OF THE DECLARATION OF RESTRICTIVE COVENANTS NOT INCONSISTENT WITH THE REMEDIES SET FORTH HEREIN SHALL GOVERN. NO OTHER REMEDIES PROVIDED lN SECTION 1.4 OF THE DECLARATION SHALL BE AVAILABLE TO YOU AS A PROSPECTIVE INITIAL PURCHASER IF YOU RECEIVE THIS [LA:.TE NOTICE or EXTENDED LATE NOTICE] DURING THE APPLICABLE CURE PERIOD, REGARDLESS OF WHETHER YOU AS A PROSPECTIVE INITIAL PURCHASER ELECT TO RESCIND THE PURCHASE CONTRACT.

If the Owner Default involves the failure to provide a Purchase Contract Notice or Owner provided a Purchase Contract Notice in substantially the correct form and location; however, such Purchase Contract Notice 1.L.1.derestirnated the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/or the annual Capital Assessments by more than five percent (5%), then the Late Notice or Extended Late Notice shall also contain the follo\ving:
YOUR PURCHASE CONTRACT PROVIDES THAT THE PURCHASE PRICE FOR YOUR D\VELLING UNIT IS AS FOLLOWS: [INSERT PURCHASE PRICE INFOR,'vfATIOA1. THIS D\VELLING UNIT IS OR WILL BE WITHIN A COMMUNITY DEVELOPMENT DISTRICT ("DISTRICT'). THE DISTRICT PLANS TO ISSUE OR HAS ISSUED BONDS THAT WILL HAVE PRINCIPAL AND INTEREST PAYMENTS APPLICABLE TO THIS DWELLING UNIT OVER A PERIOD OF UP TO THIRTY (30) YEARS TO FUND CONSTRUCTION OF INFRASTRUCTURE SERVING THE PROPERTY IN THE ESTIMATED AGGREGATE AMOUNT OF S See Exhibit B. THIS DWELLING UNIT SHALL BE ASSESSED AN ESTHviATED CAPITAL ASSESSNfENT OF $ See Exhibit B IF PAID IN FULL AT CLOSING OR AN ESTIMATED ANNUAL CAPITAL ASSESSMENT OF S See Exhibit B FOR ITS PROPORTIONATE SHARE OF DEBT SERVICE ON THE BONDS UNTIL SUCH BONDS ARE PAID IN FULL WHETHER THE CAPITAL ASSESSMENT IS PAID IN FULL AT

(00005761.DOC v.l 11/15/2007 11:04 A,\1}8

CLOSING OR 1N ANNUAL INSTALLMENTS IS AT THE OPTION OF THE PURCHASER TO BE EXERCISED AT THE TIME OF CLOS1NG.THESE AMOUNTS ARE DUE OVER THE TERM OF THE BONDS IN ADDITION TO THE PURCHASE PRICE. PURCHASER ALSO UNDERSTANDS THAT IF THE ACTUAL ANNUAL CAPITAL ASSESSMENTS ON THE DWELLING UNlT ARE MORE THAN FIVE PERCENT (5%) HIGHER THAN THE ESTIMATED AMOUNT PROVIDED HEREIN, PURCHASER SHALL HAVE THE RIGHT TO RESCIND THJS AGREEMENT AT ANY TIME PRIOR TO CLOSING. PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT THE ESTIMATED AMOUNT OF CAPITAL ASSESSMENTS DOES NOT INCLUDE ADMINISTRATIVE ASSESS:tv1ENTS WHICH SHALL BE LEVIED BY THE DISTRICT FOR OPERATIONS AND INFRASTRUCTURE l\1AINTENANCE AND l\1AY VARY FROM YEAR TO YEAR AND FROM TIME TO TIME. IN THE EVENT OF ANY CONFLICT BETWEEN THE DISCLOSURES IN THIS PROVISION AND THE ATTACHED CDD NOTICE, THE CDD NOTICE SHALL CONTROL.

If the Owner Default involves the failure to provide a CDD Notice or Owner provided a timely CDD Notice; however, such CDD Notice underestimated (i) the actual aggregate Administrative Assessments for each of the District's first three fiscal years by more than five percent (5%) and/or (ii) the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/or the actual annual Capital Assessment by more than five percent (5%), then the Late Notice or Extended Late Notice must also include a CDD Notice, if the Ovmer Default involves a failure to provide a CDD Notice or an accurate revised CDD Notice, if the 0-wner Default involves a timely but inaccurate CDD Notice.
Relief to a Prospective Initial Purchaser Who Actually Closes on a

Dwelling Unit After an Uncorrected Owner Default.

In the event Owner fails to give a Prospective Initial Purchaser a timely CDD Notice, and such failure is not corrected by a timely and accurate Late Notice, then
a Prospective Initial Purchaser that closes on the Dwelling Unit ("Actual Initial Purchaser") may demand, in writing, that Owner pay such Actual Initial Purchaser (i) the amount necessary  to prepay all Capital Assessments principal, and interest on such Capital Assessments principal due through the next applicable bond payment date respecting the Dwelling Unit plus (ii) an amount
{00005761.DOC v.l 11/15/2007 11:04 AMj9

equal to the sum of the share of the actual Administrative Assessments levied by the District on such Dwelling Unit for the District's first three (3) fiscal years immediately following the closing respecting the Dwelling Unit.
In the event that Owner gave to an Actual Initial Purchaser  (i) both  a timely CDD Notice and Purchase Contract Notice and either underestimated the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/or the actual annual Capital Assessments (as set forth in Table 1 of the CDD Notice) by more than five percent (5%) and such underestimate was not corrected by a timely and accurate Late Notice or Extended Late Notice or (ii) a timely CDD Notice and no Purchase Contract Notice, if applicable, and the CDD Notice underestimated the actual Capital Assessment, if paid in full at closing, by more than five percent (5%) and/or the actual annual Capital Assessments by more than five percent  (5%) and such underestimate was not corrected by a timely and accurate Late Notice or Extended Late Notice, then such Actual Initial Purchaser may demand, in VvTiting, that Owner (a)  pay such actual Initial Purchaser, in the event he or she elects to pay the Capital Assessment in full at  closing, an amount equal to the difference benveen the actual Capital Assessment  due at closing and the estimated Capital Assessment due at closing disclosed in the CDD Notice to the Actual Initial Purchaser or pay such Actual Initial Purchaser, in the event he or she elects  to pay  an  annual Capital Assessment, an amount equal to the difference between the  actual  aggregate amount of annual Capital Assessments, calculated over the term  of  the  bonds,  levied  and imposed by the District on such Dwelling Unit and the aggregate amount of estimated annual Capital Assessments, calculated over the term of the bonds, actually disclosed in the CDD Notice  to the Actual Initial Purchaser or, (b) if less, the amount necessary to prepay all Capital

{00005761.DOC v. l 11/15/2007 11:04 AM}10

Assessments principal and interest on such Capital Assessments principal through the next applicable bond payment date with respect to the Dwelling Unit.
· In the event that Owner gave an Actual Initial Purchaser a timely CDD Notice and such CDD Notice  underestimated  the  actual  annual  Administrative Assessments by more than five percent (5%) and such underestimate was not corrected  by  a timely and accurate Late Notice, then such Actual Initial Purchaser may. demand, in writing, that Owner pay such Actual Initial Purchaser an amount equal to the difference between the actual amount of the Administrative Assessments levied and imposed by the District on such Dwelling Unit and the amount of estimated Administrative Assessments disclosed to the Actual Initial Purchaser in the CDD Notice calculated for the District's first three (3) fiscal years immediately following the closing based on the initial actual annual Administrative Assessments.
Upon such demand by an Actual Initial Purchaser  under  this Section 1.4, Owner shall deliver the applicable amount to the Actual Initial Purchaser within ten
(10) calendar days after: (I) receipt of written demand, or (2) after the date Capital Assessments  and Administrative Assessments first become payable, whichever is later, unless  Owner  and Actual Initial Purchaser agree to another manner or  time  of  payment.  An  Actual  Initial Purchaser shall provide to Owner \Vritten notice of election of remedy  in  this  Section  on or before one (1) year after the earlier of (1) the date that Capital Assessments and Administrative Assessments first appear on the Actual Initial Purchaser's  Combined  Real  Property  tax  bill for the affected Dwelling Unit or (2) if such assessments are directly•billed by the District and do not appear on the Actual Initial Purchaser's Combined Real Property tax bill, then the date that such Capital Assessment and Administrative Assessments first appear on any bill sent to the Actual Initial Purchaser by the District for the affected Dwelling Unit. After the expiration of that year,

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Owner shall not be obligated to provide any relief to such Actual Initial Purchaser under this Declaration.
Nothing in this Section 1.4 shall be construed to relieve any Actual Initial Purchaser of the individual Dwelling Unit ofliability for all lawful taxes and assessments including, but not limited to, any tax liability resulting from Owner's payments to such Actual Initial Purchaser under Section 1.4.
Additional Disclosure through District Sign. Owner shall display at every entrance to a sales office or area, in a conspicuous location readily available for viewing by Prospective Initial Purchasers of Dwelling Units, a sign with information about the District. The remedy provisions discussed in Section  1.4 shall  not apply to this Section.  Such sign(s) shall be no smaller than twenty-four inches by thirty-six inches (24" x 36"), and shall  contain  the following language in substantially similar form in large, boldface type:
KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT

PURSUANT TO CHAPTER 190, FLORIDA STATUTES, THE KEYS EDGE co:rvlMUNITY   DEVELOPMENT   DISTRICT   MAy      L_\,1POSE   TAXES   OR ASSESSMENTS, OR BOTH TAXES AND ASSESSr-.1ENTS, ON THIS PROPERTY THROUGH A SPECIAL TAXING DISTRICT. THESE  TAXES AND ASSESSMENTS PAY THE CONSTRUCTION, OPERATION, AND MAINTENANCE COSTS OF CERTAIN PUBLIC FACILITIES OF THE DISTRICT AND ARE SET ANNUALLY BY THE GOVERNING BOARD IN ADDITION TO COUNTY AND ALL OTHER TAXES AND ASSESSMENTS PROVIDED FOR BY LAW. THE KEYS EDGE  COMlvlUNITY DEVELOPMENT DISTRICT EXPECTS TO ISSUE BONDS TO FINANCE A PORTION OF THE CONSTRUCTION OF REQUIRED PUBLIC 11\TfRASTRUCTURE IN KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT.  A  PURCHASER  OF  PROPERTY  IN  KEYS  EDGE COMMUNITY  DEVELOPMENT  DISTRICT  WILL  BE  OBLIGATED  TO PAY ANNUAL ASSESSMENTS TO AMORTIZE THE DEBT AND FOR DISTRICT ADMINISTRATION,  WRICH  AMOUNTS  ARE  SEPARATE FROM THE PURCHASE PRICE OF THE PROPERTY AND OTHER ASSESSMENTS ON THE PROPERTY, AND WHICH MAY VARY FROM YEAR TO YEAR AND FROM TI:tv1E TO TIME. THE TOTAL ANNUAL ASSESS:tvfENTS VARY IN RELATION TO THE INFRASTRUCTURE BENEFIT ALLOCATED TO THE PROPERTY ASSESSED, AND ARE EXPECTED TO APPEAR ON A PURCHASER'S  PROPERTY  TAX  BILL EACH YEAR, BUT MAY BE BILLED DIRECTLY BY THE KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT. A PURCHASER SHALL

{00005i61D0Cvl  ll/151200i ll:04AM}12

HAVE THE OPTION TO PAY IN FULL AT ANY TIME THE PRO RATA SHARE, AS ALLOCATED TO THE PURCHASER'S PROPERTY, OF THE TOTAL AMOUNT OF DISTRICT CAPITAL ASSESSMENTS DUE. FOR FURTHER INFORMATION ON THE KEYS EDGE COMMUNITY DEVELOPMENT DISTRICT AND A PURCHASER'S BENEFITS AND OBLIGATIONS RELATING THERETO, CONTACT: SPECIAL DISTRICT SERVICES, INC., 2501A BUR..WS ROAD, PALM BEACH GARDENS, FL 33410 OR TOLL FREE AT (877) 737-4922.

Inspection of District Records bv County Representatives. Owner shall allow or provide for the District to allow County representatives to review all pertinent records in order to assess the overall performance of Owner in providing timely and accurate disclosure of estimated Capital Assessments and Administrative Assessments on Dwelling Units within the District. Prompt access shall be provided without prior notice of inspection by the County representatives, but only during normal business hours and without disruption of sales operations. The purpose of such inspection is only to determine Owner's overall compliance with the aforementioned notice requirements and such irtspection shall not authorize the County to seek any relief provided under Section 1.4, either on behalf of itself or on behalf of any Prospective Initial Purchaser or Actual Initial Purchaser.
Sole Provider of Water. Wastewater, and Reuse Service. Ovmer acknowledges and agrees that the Florida City Utilities Department, or its successor agency or department, shall be the exclusive provider of water, wastewater, and reuse service to all lands
v. thin  the  Property.	Service shall be provided by Florida City Utilities Department m accordance with its general policies and procedures for providing service throughout the City.
Application for Multi-Purpose Special Taxing District to Maintain

Infrastructure. The costs of maintaining the infrastructure constructed Vvith funding provided through the District shall be the responsibility of the District and its successors and assigns. In order to assure that such maintenance is performed, however, on or before the recording of a

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final plat on any portion of the Property, Owner shall apply to the Board for the creation of a multi-purpose special taxing district to maintain the infrastructure serving the Property including, but not limited to, roadways, drainage, walls, and landscaping, as applicable.  Upon approval  of the multi-purpose special taxing district by the Board, such taxing district may remain dormant until, in the sole and exclusive opinion of the Board, both the District and any homeowners' or similar association shall have failed to maintain the infrastructure serving the Property, as such failure is defined in any easement and/or covenant recorded in the public records and  governing the infrastructure or similar agreement provided by Ow-ner, or in the absence of such easement,
covenant  or agreement,  as determined  by  the Board.   Upon  such determination,  the Board shall
.
authorize  the activation  of the multi-purpose  special taxing district and cause the infrastructure to

be maintained at the expense of such taxing district. By this provision, Owner hereby authorizes the Board and its officials, employees, and agents to enter upon the Property if the special taxing district is activated for the purpose of maintaining the infrastructure serving the Property. Owner further agrees to apply, at the time of plat, replat, or waiver  of plat, as applicable,  to  provide for an easement for the benefit of the County and  providing  that at any and  all times during  which the infrastructure or any portion thereof is maintained by the County, the public shall have a right of perpetual access and use in those portions of the Property on which  the  infrastructure  1s located including, but not limited to, the roadways serving the Property.
BENEFITS AND ENFORCEMENT.

The covenants set forth in Sections 1.2, 1.3 and 1.4 shall run and  be  in favor of and to the benefit of Prospective Initial Purchasers and Actual Initial Purchasers of individual Dwelling Units \vithin the Property, and their heirs, successors,  and  assigns, and shall be enforceable exclusively by such persons. After an individual Dwelling Unit has been once conveyed to an Actual Initial Purchaser, no further notice shall be required to be provided by
{0000576LDOC v.l  11/15/2007   I I :04 Ai'-'1) 14

Owner to any purchaser of a Dwelling Unit if the same has been improved with a residence. If a Dwelling Unit is conveyed as unimproved land, then such Dwelling Unit shall not be deemed to have been conveyed to a Prospective Initial Purchaser or Actual Initial Purchaser, and all of the covenants set forth in Sections 1.2, 1.3 and 1.4 shall apply to the Dwelling Unit and any Owner offering such Dwelling Unit for sale to Prospective Initial Purchasers.
The covenants set forth in Sections 1.6, 1.7 and 1.8 shall run and be  in  favor of and to the benefit of the County or any successor municipal government, and shall be enforceable exclusively by such governmental entity.
Enforcement shall be by action against any party or person violating, or attempting to violate, any covenants herein.  The prevailing  party in any action or suit pertaining  to or arising out of this Declaration shall be entitled to recover, in addition to costs and disbursements allowed by law, such sum as the Court may adjudge to be reasonable for attorney and paraprofessional fees and costs and expenses and trial and upon appeal. This enforcement provision shall be in addition to any other remedies available at law or in equity, or both.
COVENANT RUNNING WITH THE LAND.
This Declaration on the part of Owner shall constitute  a covenant  running  with the land and shall be recorded, at the expense of Owner in the public records of the County, following the acceptance by the Board of an ordinance approving  the creation of the District,  and shall remain  in full force and effect and be binding upon the undersigned OV>rner, and its successors and assigns, until such time as the same is modified or released. These  restrictions  during  their lifetime shall be for the benefit of, and litigation upon, all present and future owners  of the  Property and for the public welfare. O\\'Iler, on behalf of itself and its heirs, successors,  and assigns, acknowledges that acceptance of this Declaration does not in any way obligate the

{00005761.DOC v.l 11/15/2007 l I :04 AM) 15

j

County to undertake the constrnction or maintenance of any infrastructure or any other duty or obligation of the District.
TERM.

This Declaration is to run with the land and shall be binding on all parties and all persons claiming under it for a period of thirty (30) years from the date this Declaration is recorded, after which time it shall be extended automatically for successive periods of  ten  (10)  years  each, unless an instrument signed by the then owner(s) of the Property has been recorded agreeing to change the covenant in whole, or in part, provided that the Declaration has first been modified or released by the County.
MODIFICATION, AMENDMENT, OR RELEASE.
This Declaration may be modified, amended, or released  as to the land  herein  described, or any portion thereof, by a \Vr:itten instrument executed by the then owner(s) of all of  the Property, or of such portion as will be affected by the modification, amendment, or release, including joinders of any and all mortgagees, provided that the same is also approved  by the  Board, after public hearing.
Should this Declaration be modified, amended, or released, the County Manager or successor official of the County, or the assistant in charge of the office in the County Manager's absence, shall forthwith execute a written instrument effectuating and acknowledging such modification, amendment, or release.
ELECTION OF REMEDIES.

All rights, remedies, and privileges granted herein shall be deemed to be cumulative,  and the exercise of any one or more shall neither be deemed to constitute an election ofremedies, nor shall such exercise preclude the party exercising the same from exercising such other additional rights, remedies, or privileges.

{00005761.DOC v.l 11/15/2007 11:04 A.,\1) 16

7--,

_(-; ----

SEVERABILITY.

Invalidation of any one of the covenants herein by judgment of Court shall  not affect any of the other provisions of this Declaration which shall remain  in full force  and  effect.  However, if any material portion of the covenants herein is invalidated and such provision is not timely amended or replaced, or cannot be timely amended or replaced in an enforceable way with materially the same effect as the invalidated provision, the County shall be entitled to revoke any approval predicated upon the invalidated portion. It shall be Owner's obligation to apply for and diligently pursue any such application for amendment or replacement.
ACCEPTANCE OF DECLARATION.

Owner acknowledges that acceptance of this Declaration does not obligate the County in any manner with respect to the District, or with respect to any land use application on the Property, nor does it entitle Owner to a favorable recommendation or the approval of any application, zoning  or  otherwise,  and  the  Board  and/or  any   Community   Zoning   Appeals   Board and other County boards, officials, and employees retain full authority to approve or deny such application.
ORIGINAL DECLARATION CAi'-.JCELLA TION.

This Amended Declaration of Restrictive Covenants  amends  the  Original  Declaration  recorded in Official Records Book 25925, Page 3905, which is hereby cancelled and replaced by this Amended Declaration of Restrictive Covenants.

{00005761.DOCv.l I 1/15/2007 11:04 AM}17

IN WITNESS WHEREOF, the  undersigned  has set  its hand and seal  to this Declaration of Restrictive  Covenants this  ft	day of ;1,bf,41tllf. 2007.
O\VNER:

GREC HOMES IX, LLC, a Florida limited liability company

By:	Gree Homes IX, Inc., a Florida corporation, Managing Member

Signa	 Emiliano Herran, Vice President

Ov,,ner's Address:	8500 SW gth St.
Miami, FL 33144

STATE OF FLORIDA COUNTY OF MIA..1\11-DADE

/JO

The foregoing instrument was acknowledged before me by Emiliano Herran, the Vice President of Gree Homes IX, Inq., a Florida corporation, the managjpg member of Gree Homes IX, LLC, a Florida limited liability company, this  /'z'lh day of		rJ , 2007 who is ill:rsonallv knoym to me or who produced 	as identification.

{00005761.DOC v.l 10/30/2007 02:24 PM}18

Exhibit A

LEGAL DESCRIPTION

The West ½ of the Southeast ¼ of the Southeast ¼ of Section 23, Township 57 South, Range 38 East, of Miami-Dade County, Florida.

The North¼ of the Southeast¼ less the East 35 feet thereof, and the Southeast¼ of the Northwest¼ of the Southeast¼ in Section 23, Township 57 South, Range 38 East, lying and being in :tvliami-Dade County, Florida.

The Northwest¼ of the Southwest¼ of the Southeast¼ of Section 23, Township 57 South, Range 38 East, of Miami-Dade County, Florida.

Exhibit B

CDDNOTICE

Table I. t;:STIMA TED TOTAL ANNUAL DISTRICT ASSESSi\IENTS DUE PRR DWELLING UNIT FOR EACH OF THE
DISTRICT'S FIRST THREE (3) FISCAL YEARS (actual assessments may vary from the amounts set forth below and Operations and Infrastructure lvfaintenance Assessments may be higher in subsec uent years based on actual budgets adopted by the District).

Type of Dwelling Unit (and Phase, if Applicable)	
Estimated Annual District Capital Assessments Including Principal and Interest
(see Sections 3.1 and
3.2 Below)	
Estimated Annual Administrative Assessments (includes both Operations and Infrastructure Maintenance Assessments) (see Section 3.4 Below)	

Estimated Total Annual District Assessments Due for each of the District's first three (3) fiscal years (see Section 3.5 Below)	
Single Family	$1,100	$67	$1,167	
27' Unit With Garage	$932	$67	S999	
28' Unit With Garage	S933	S67	$1000	
28'Unit	$900	S67	$967	
21'Unit	$870	S67	$937	
!?'Unit	$800	$67	$867	
Flat Unit	$750	$67	$817	

Table 2 BREAKDOWN OF ESTIMATED MONIBLY DISTRICT ASSESSMENTS FOR EACH OF THE FIRST THREE (3) FISCAL
YEARS (actual assessments may vary from the amounts set forth below and Operations and  Infrastructure l\faintenance  Assessments may be higher in subsequent years based on actual budgets adopted by the District).

Type of Dwelling Unit (and Phase, if Applicable)	
Estimated Monthlv District Operations Assessments	
Estimated Monthly District Infrastructure Maintenance	
Estimated Monthlv District Capital Assessments (Estimated Annual District Capital Assessments divided by 12)	
		Assessments		
Single Family	$6	so	$92	
27' Unit With Garage	.$6	so	$78	
28' Unit With Garage	$6	$0	$78	
28'Unit	$6	$0	S75	
2l'Unit	$6	$0	$73	
17' Unit	$6	$0	$67	
Flat Unit	$6	$0	S63	

Table 3 ESTll\IATED INITL\.L PAYOFF OF CAPITAL ASSESSMENTS (does not include interest on the bond  principal due through the uext Payment Date) AND ESTIMATED TOTAL PAYMENTS IF ANNUAL PAYMEl'ffS ARE MADE OVER THE TERM OF THE BONDS

Type of Dwelling Unit (and Phase, if Applicable)	Initial Estimated Prepayment Amount to Pay off Dwelling Unit's pro rata share of District Bonds at time Dwelling Unit Closes (this amount declines as principal payments are made annually and docs NOT include interest that may be due through the next applicable bond payment date	Estimated Total Capital Assessments including Principal and  Interest if Capital Assessments are Paid Annually (No Prepayment) over Thirty (30) years (Estimated Annual District Capital Assessments times 30)	
Single Family	Sl6,909.70	S33,000	
27' Unit With Garage	S14,327.12	$27,960	
28' Unit With Garage	$14,343	$27,990	
28' Unit	$13,835	$27,000	
I	21'	Unit	$13,374	I	$26,100	
17' Unit	$12,298	$24,000	
Flat Unit	$11,529	$22,500	

PURCHASERS INITIALS

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The District. All of the residential dwelling units ("Dwelling Units") in the Keys Edge Community Development District (the "Development") are also located within the boundaries of the [insert name of the District] Community Development Djstrict (the "District"). The District is a local unit of special-purpose government  organized  and existing under the laws of the State of Florida and the Home Rule Charter of Miami-Dade County, Florida and located in Miami-Dade County ("Countv"). The primary  purpose  of the District  is to finance  the cost  of the public infrastructure of the Development which may include, without limitation, water and sewer facilities, environmental mitigation, roadways, the surface water  management  system, utility plants and lines, land acquisition, miscellaneous utilities for the Development,  as  applicable, and other infrastructure projects and services necessitated by the development of land
\Vithin the Development (collectively, the "Public Infrastructure").

PURCHASER'S INITL.\.LS

The District Board. The Board of Supervisors of the District  (the  "District Board") is initially elected  by the landovmer  in the District.  The Board is required to advertise  its meetings in advance and all District·Board  meetings  are required  to be open to the  public.  The District Board is required to prepare a budget each fiscal year and adopt  the same  in  an  open, public meeting. All owners of property within the District are invited to  attend  District Board meetings and participate in the public process.
PURCIUSER'S INITL.\.LS

District Finance and Assessments. The current plan is for the District to issue bonds to acquire, construct, reconstruct, and equip all or a portion of the Public Infrastructure identified in Section 1. Currently, it is estimated that the Dwelling Units in the Development will be assessed based on the Capital and Administrative Assessments listed in Table 1 above and in Sections 3.1 and 3.4 below (if paid in November) to retire the debt of the District, to pay for operations of the District and maintenance of the Public Infrastructure. District assessments will either appear on the County real estate tax bill of each property located within the District and will be paid at the same time as County taxes are paid, or will be directly billed by the District. Capital assessments to repay the principal portion of the bond debt could be levied by the District for a period of up to thirty (30) years.
PURCHASER'S Il\lTL.\.LS

District Capital Assessments. The District expects to issue bonds (the "Bonds"), the principal of and interest on which will be payable from non ad valorem special assessments ("District Capital Assessments") levied by the District on the property within the Development, which property is found to be specially benefited by the Public Infrastructure. Each Dwelling Unit is subject to a District Capital Assessment to repay the bonds.

PURCHASER'S INITU.LS

Amount. The estimated amount of annual District Capital Assessments including  principal  and  interest  levied  on  each Dwelling  Unit  is expected  to be approximately
$See  Exhibit  B  (approximately  $See  Exhibit  B  per  month),  which  sum  shall  be  payable

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annually for the term of the Bonds (the principal repayment period may not exceed thirty (30) years). The aggregate amount of District Capital Assessments including principal and interest expected to be levied and imposed on each Dwelling Unit over the term  of  the Bonds  [insert term] is approximately $See Exhibit B.

 	 PURCHASER'S INITIALS

Prepay Option. Each owner of a Dwelling Unit  has  the  option  of prepaying the aggregate amount of District Capital Assessments levied on the owner's Dwelling Unit. The prepayment amount at any time will be equal to the remaining outstanding  pro rata  share of principal and interest due through the next applicable payment date due on the bonds for each Dwelling Unit. Such prepayment amount will decline each year as the District Capital Assessments are paid.

 	 PURCHASER'S INITL.\.LS

District Administrative Assessments. In addition to District Capital Assessments, the District will impose an annual non ad valorem assessment to fund District operations and maintenance of its Public Infrastructure (collectively, "District Administrative Assessments"). Each Dwelling Unit shall be subject to District Administrative Assessments. The budget from which District Administrative Assessments are derived is subject to change each year, and may vary from year to year and from time to time. During each of the first three
(3) fiscal years of the District, it is anticipated that District Administrative Assessments for the Dwelling Unit will be approximately $See Exhibit B per year per Dwelling Unit,  after  which time such assessments may vary from year to year and from time to time.

 	 PURCHASER'S INITIALS

District Assessments. District Administrative Assessments together with District Capital Assessments shall comprise the "District Assessments." While the District Assessments are not taxes under Florida law, the District Assessments will constitute a lien coequal with the lien of State, County, Municipal, and School Board taxes, and are expected to appear on the ad valorem tax bill sent each year by the Miami-Dade County Tax Collector. The Homestead Exemption is not applicable to the District Assessments. Because a tax bill cannot be paid in part, failure to pay the District Assessments or any other portion of the tax bill will result in the sale of tax certificates and could ultimately result in the loss of title to the Dwelling Unit of the delinquent taxpayer through the issuance of a tax deed. If billed directly by the District, nonpayment could result in foreclosure on and loss of title to the Dwelling Unit.

 	  PURCHASER'S INITIALS

PURCHASER:	PURCHASER:

 	

Print  Name: ------------
Date:    --------------

Print    Name:  ------------
Date:    --------------

{00005761.DOC v.l  11/15/2007 11:04 AJv1)3	I l/16i07 2:53 PM

VI

I

.

STATE OF FLORIDA	)
)	SS:
COUNTY OF MIAMI-DADE	)

I, HARVEY RUVIN, Clerk of the Circuit and County Courts, in and for Miami-Dade County Florida, and Ex-Officio Clerk of the Board of County Commissioners of said County, Do Hereby Certify that the above and foregoing is a true and correct copy of Ordinance 07-173, approved by the Board of County Commissioners at its meeting of December 4, 2007, as appears of record.

IN WITNESS WHEREOF, I have hereunto set my hand and official seal on this 11th day of January, A.O. 2008.

HARVEY RUVIN, Clerk

Board of County Commissioners Miami-Dade County Florida

-	,,	---------	-1 c..:.:i_
By:	 /		'7	C ./i	 ,	
,.
Deputy Clerk

Board of County Commissioners Miami-Dade County, Florida

.