ANOTHER RABEN-PASTAL COMMUNITY

Transcription

1 ANOTHER RABEN-PASTAL COMMUNITY

2 PROSPECTUS THE HAMMOCKS AT COCONUT CREEK THIS PROSPECTUS (OFFERING CIRCULAR) CONTAINS IMPORTANT MATTERS TO BE CONSIDERED IN ACQUIRING A VILLA AT THE HAMMOCK AT COCONUT CREEK. THE STATEMENTS CONTAINED HEREIN ARE ONLY SUMMARY IN NATURE. A PROS- PECTIVE PURCHASER SHOULD REFER TO ALL REFERENCES, ALL EXHIBITS HERETO, THE CONTRACT DOCUMENTS AND SALES MATERIALS. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. REFER TO THIS PROSPECTUS (OFFERING CIRCULAR) AND ITS EXHIBITS FOR CORRECT REPRESENTATIONS. 1.

3 TABLE OF CONTENTS TO PROSPECTUS OF THE HAMMOCK AT COCONUT CREEK Description Cover Page Table of Contents Statement of the Developer Budget - Phase I Declaration of Covenants, Restriction and Easements, including Exhibits thereto: Prospectus Page Number (appearing in lower right hand corner) Article I: Article II: Article III: ARTICLE IV: ARTICLE V: ARTICLE VI: ARTICLE VII: ARTICLE VIII: ARTICLE IX: ARTICLE X: ARTICLE XI: Exhibit "A": Exhibit "B": Exhibit "C": Exhibit "D": Premises Incorporated Definitions Plan for Development; Land Use Covenants; Conveyance of Recreation Area, Grassed Areas and Drives Assessments for Association Expenses; Establishment and Enforcement of Liens Method of Determining, Assessing and Collecting Annual and Special Assessments Association Expenses Use and Maintenance of Clusters and Duplexes Insurance Sales, Mortgages and Conveyances Provisions Setting Forth the Right of Developer to Sell or Lease Villas Owned by it Free of Restrictions Set Forth in Article IX General Provisions Legal Description and Plot Plan for The Hammocks at Coconut Creek - Phase I Description of Off-Site Easements Form of Cluster Declaration (incorporates form of Cluster Villa Warranty Deed) Foam of Duplex Agreement (incorporates form of Duplex Villa Warranty Deed) First Amendment to Articles of Incorporation of Hammock at Coconut Creek Association, Inc. (The First Amendment includes a restatement of the original Articles of Incorporation). By-Laws of Hammock at Coconut Creek Association, Inc Form of Duplex Agreement (Reproduced above at pages ) Form of Cluster Declaration (Reproduced above at pages ) Form of Cluster Villa Warranty Deed (reproduced above at pages ) Form of Duplex Villa Warranty Deed (reproduced above at pages ) Form of Contract for Purchase and Sale of a Garden Patio Villa (Cluster Villa) Form of Contract for Purchase and Sale of a Duplex Garden Patio Villa (Duplex Villa) Developer's Limited Warranty

4 STATEMENT OF THE DEVELOPER This Prospectus is submitted by RABEN-PASTAL, the developer of THE HAMMOCK AT COCONUT CREEK. 1. The Developer. THE HAMMOCK AT COCONUT CREEK is being developed by RABEN BUILDERS, INC., a Florida corporation, and PASTAL CONSTRUCTION COMPANY, INC., a Florida corporation, doing business as RABEN-PASTAL, ("Developer"). PAUL S. PARISER is the President of both PASTAL CONSTRUCTION COMPANY, INC. and RABEN BUILDERS, INC., and he is the Chief Managing Officer of RABEN-PASTAL. Mr. PARISER, either individually or in joint venture, has participated in and been responsible for the construction and sale of over one thousand, four hundred sixty (1,460) single family homes, patio homes, duplexes, villas and condominium units, as well as commercial development. During his tenure as President of Oriole Homes, from April, 1977 to January, 1978, Mr. Pariser was responsible for supervision over the construction of eleven hundred (1,100) of the residential units. After resigning as President of Oriole Homes Corporation, but remaining as a member of the Board of Directors, Oriole Homes Corporation's position in developments at Golf & Lake Estates in Margate and Pheasant Walk in Boca Raton was acquired by RABEN BUILDERS, INC. Presently Mr. Puriser is actively involved in the Golf & Lake Estates and Pheasant Walks projects, which are also being developed by RABEN-PASTAL. 2. Name and Location of Development. The name of the development is THE HAMMOCK AT COCONUT CREEK and is located in lands adjacent to and West of Lyons Road, North of Coconut Creek Boulevard and South of Sample Road, in the City of Coconut Creek, Broward County, Florida. 3. Description of Development. The development is designed to be constructed in six (6) phases. When all phases have been completed, the development will consist of a maximum of nine hundred thirty (930) Villas. Phase One will consist of one hundred eighteen (118) Villas and reference should be made to Exhibit "A" of the Hammock Declaration (Page of this Prospectus) for a legal description, survey and plot plan showing the Villas. The Villas consist of the individual parcel of land, together with the residential structure constructed thereon. The Villas will be constructed as duplex villas (two attached single-family villas) or clusters (more than two attached single-family villas). Improvements will be placed on each pair (duplex) or set (cluster) of Villas with a party-wall located on the dividing line between each Villa. The Developer has the option to purchase Phases Two through Six, and, until such time as they are acquired by the Developer, they are not subject to the Declaration of Covenants, Restrictions and Easements, nor the other Hammock Documents. Phases Two through Six, if added to this development, will consist of an additional eight hundred twelve (812) Villas, thereby making the entire development a total of nine hundred thirty (930) units. The Developer presently intends to extend this development to include Phase Two through Six and to construct similar duplex or cluster improvements in those Phases, but has reserved the right to change the elevation, design, floor plan, mix, type of product, or units to be constructed, in Phases Two through Six. The development in Phases Two through Six may include submitting one or more of such additional Phases to the condominium form of ownership. The Developer has no obligation to add additional phases to this development. Each purchaser in Phase One will acquire fee simple title to their Villa. However, the common areas (those areas outside the perametrical boundaries of an owner's lot, including the recreational facilities, grassed areas and drives) will be owned by the homeowners' association, HAMMOCK AT COCONUT CREEK ASSOCIATION, INC., for the use and benefit of its members. Each Villa owner, including the Developer for any Villas it owns, will be a member of the association. Title to each Villa will be conveyed to the purchaser subject to a Declaration of Covenants, Restrictions, and Easements (the "Hammock Declaration") and, either a Duplex Agreement for a Duplex Villa, or a Cluster Declaration for a Cluster Villa, delineating the rights and responsibilities appertaining to the particular Duplex or Cluster Villa. 3.

5 4. Proposed Recreational Facilities. The location of the proposed recreational facilities in Phase One is shown on Exhibit "A" to the Hammock Declaration (Page 34 of the Prospectus). The recreational facilities will consist of the following: A. The Clubhouse. The Clubhouse will contain approximately 2,800 square feet and will contain the following rooms or areas: (1) Meeting Room - The meeting room will contain approximately 900 square feet of floor area. Its intended purpose is to provide an area for meetings and social affairs for the Villa owners. (2) Interior Foyer - The interior foyer will contain approximately 370 square feet and will include in its design a sunken conversational pit. (3) Game Room - The game room will contain approximately 700 square feet and will contain at least one pool table and one card table. located kitchen top bar (4) Kitchen and Utility Area - The kitchen and utility area are within the Clubhouse and will contain approximately 78 square feet. The will contain a range, refrigerator, double sink, disposal, dishwasher, counterand storage cabinets. (5) Men's Rest Room and Sauna - The men's rest room and sauna will contain approximately 280 square feet. In addition to the sauna, it will contain two lavatories, one urinal, two toilets, and a mirror. (6) Women's Rest Room and Sauna - The women's rest room and sauna will contain approximately 250 square feet. In addition to the sauna, there will be two lavatories, three toilets and a mirror. (7) Covered Patio - The covered patio will be located adjacent to the Clubhouse and will contain approximately 300 square feet of patio area. B. The Swimming Pool. The swimming pool is a commercial-grade swimming pool, measuring approximately thirty (30) feet by fifty (50) feet, surrounded by a concrete deck with extensive landscaping and shaddow box wood fence surrounding the pool area. The swimming pool will vary in depth from three feet at the shallow end to a maximum depth of six feet at the deep end. There will also be an exterior shower adjacent to the Clubhouse providing hot and cold water. C. Personal Property. The Developer will provide personal property to be placed within the recreational building and around the swimming pool in an amount which will be valued at not less than Five Thousand ($5,000.00) Dollars. The personal property provided by the Developer will include at least one (1) pool table, one (1) card table, seventy (70) lounge chairs and three (3) umbrellas for the pool-patio area and stacking chairs for the meeting room. Construction of the recreational area shall be commenced and substantially completed as detailed in the Hammock Declaration (Page 12 of this Prospectus). If the Developer elects to add a subsequent Phase or Phases, additional similar recreational facilities as hereinabove described will be constructed for each additional Phase that is added to the development. The recreational facilities may be used in common by and among the owners in the various Phases. The Developer, as the present owner of the recreational area, grassed areas and drives, will convey to the Associadrives, in tion fee simple title in and to the recreational area, grassed areas and accordance with the Hammock Declaration (Page 15 of this Prospectus). 5. Management of the Association and Maintenance and Operation of the Property. The Association shall be managed by its Board of Directors. The Association shall be responsible for the maintenance of all common areas, as well as the exteriors of the Villas and the grassed areas within the perimetrical boundaries of each lot. The dayto-day operations of the Association will be conducted by the officers and employees of the Association, or by such independent management company as the Association may -2-4.

6 hereafter employ. Each Villa owner is responsible to pay its proportionate share of the Association costs relating to THE HAMMOCK AT COCONUT CREEK as well as its proportionate share of the expenses attributable to a particular Duplex or Cluster. The Association shall have the right to a lien against any Villa, the owner of which fails to pay its proportionate share of expenses. THE DEVELOPER HAS THE RIGHT TO RETAIN CONTROL OF THE ASSOCIATION AFTER A MAJORITY OF THE VILLAS HAVE BEEN SOLD. See Pages 70 and 71 of this Prospectus for additional information. 6. Ownership of the Recreation Area, Grassed Areas and Drives. The Recreation Area, Grassed Areas and Drives (collectively constituting those areas outside of the perimetrical boundaries of a lot) are owned by the Developer. The Developer will convey to the Association fee simple title to such areas for the private use and enjoyment of the Association, owners, their family members, guests, invitees and lessees, in accordance with the Hammock Declaration (See Page 15 ). Each Villa owner, including the Developer for each Villa it owns, shall be a member of the Association. 7. Restrictions on Use of the Villas. Restrictions on the use of the Villas may be found at pages 20 through 21 of this Prospectus. In summary, these provisions restrict the use of the Villas as follows: A. The Villas shall be used for single family residential purposes only, and no business or commercial activity of any nature shall be maintained or conducted in any of said Villas, which may be occupied only by the owner (or lessee), his family, servants and guests. Included within the meaning of commercial or business occupations is the leasing or renting of any Villa for a period of less than six (6) months. B. No immoral, improper, offensive or unlawful uses are permitted. C. No owner shall make or permit any use of the Villa or the common elements which will increase the cost of the insurance on his Villa, the common structural elements or any portion of THE HAMMOCK AT COCONUT CREEK. D. No nuisances shall be allowed within the Villas or upon THE HAMMOCK AT COCONUT CREEK property. months. E. Only entire Villas may be leased for periods not less than six (6) F. The Association may pass rules and regulations concerning the use of THE HAMMOCK AT COCONUT CREEK property. G. Unless otherwise permitted under the rules and regulations promulgated by the Association from time to time, an owner shall not be permitted to keep any pet in his Villa nor keep any other animals, livestock or poultry, nor may any of the same be raised, bred or kept upon any portion of THE HAMMOCK AT COCONUT CREEK. H. No clothesline or other similar device shall be allowed on any portion of THE HAMMOCK AT COCONUT CREEK. I. No trailer, boat, van, camper, truck or other commercial vehicle shall be permitted on any portion of THE HAMMOCK AT COCONUT CREEK, except for trucks furnishing goods and services during the daylight hours. J. No mining, quarrying, or drilling for oil or other -minerals may be undertaken within any portion of THE HAMMOCK AT COCONUT CREEK. K. No garbage, trash, refuse, or rubbish may be disposed, dumped or kept on any part of THE HAMMOCK AT COCONUT CREEK except in closed containers. A11 containers, dumpsters, and garbage facilities must be screened from view and kept in a clean and sanitary condition. No noxious or offensive odors may be permitted and no refuse allowed to accumulate so as to be detrimental to THE HAMMOCK AT COCONUT CREEK. 5.

7 L. No modification shall be made on or to the exterior of a Villa without the approval of the Association. M. No antennas or_similar devices shall be allowed on any portion of THE HAMMOCK AT COCONUT CREEK. N. No owner may in any way damage, injure or impair the elements, features or parts which are structural elements of the Clusters or Duplexes for more than one Villa. 8. Utilities. County, A. Water - Water is provided to THE HAMMOCK AT COCONUT CREEK by Broward B. Sanitary Sewer Service - Sanitary sewer service is provided to THE HAMMOCK AT COCONUT CREEK by Broward County. C. Electricity - Electricity is provided to THE HAMMOCK AT COCONUT CREEK by Florida Power and Light Corporation. D. Telephone - Telephone services are provided to THE HAMMOCK AT COCONUT CREEK by Southern Bell Telephone Company. E. Garbage and Trash Removal - Garbage and trash removal will be provided to THE HAMMOCK AT COCONUT CREEK through the City of Coconut Creek contracting with independent firms. F. Storm Drainage - Storm drainage will be provided by a positive drainage system meeting South Florida Water Management District criteria. 9. Estimated Operating Budget. The estimated operating budget for Phase One of THE HAMMOCK AT COCONUT CREEK is set forth on Page 8 of this Prospectus. Because actual expenditures may differ from year to year, the budget set forth on Page 8 should not be considered as a representation that the Budget for any period of operation will not vary from the amounts stated or that the Association will not require additional working capital reserves or other sums not reflected in said budget. The common expenses reflected in the budget will not include any charges for utilities that are individually metered to each Villa and consumed therein nor will the common expenses include any charges for alterations, repairs, painting or maintenance that are the responsibility of the Villa owner. Said common expenses do not include any costs that are personal to the Villa owners or those costs not uniformly incurred by all Villa owners but which are not provided for nor contemplated by the Hammock Declaration including, but not limited to, private telephone costs, costs of maid or janitorial services privately contracted for by the Villa owner, insurance premiums on each Villa, and like expenses of an individual Villa owner. The budget set forth on Page 8 does not include assessments that may be attributable to a particular Duplex or Cluster which would be assessed prorata to each Villa owner within such particular Duplex or Cluster. The Association shall collect the funds required to pay in the estimated budget from the Villa owners by assessments shall be assessed against each Villa owner. Based upon the Page 8, each Villa owner in Phase One will be assessed per month, payable quarterly. the expenses set forth and said assessments budget set forth on in the amount of $ Estimated Closing Expenses. The actual closing costs to be paid by each purchaser of a Villa in THE HAMMOCK AT COCONUT CREEK will depend upon the purchase price of the Villa and upon other factors, including whether a purchase is financed by a mortgage. If the purchase is financed by a mortgage, the purchaser will be obligated to pay all expenses incurred in obtaining the mortgage financing for the -4-6.

8 acquisition of his Villa including, but not limited to, points, title insurance, attorney's fees, recording fees, stamps on the note, intangible tax on the mortgage, and all other charges collected by the lender. Regardless of whether the purchaser intends to pay for a portion of the purchase price by obtaining a mortgage or intends to pay the entire purchase price with his own cash, in the event the Seller has obtained an "interim construction mortgage" purchaser agrees to reimburse Seller fox all loan closing costs and expenses, title insurance premiums and escrow balances existing at closing relative to such interim construction mortgage. At closing, the purchaser of a unit will also be obligated to pay the Florida documentary stamps for the deed at the rate of forty cents (400 for each One Hundred ($100.00) Dollars of the purchase price and the costs of recording the deed at the rate of Four ($4.00) Dollars for the first page and Three ($3.00) Dollars for each additional page. Purchaser may purchase, at his or her own expense, an owner's title insurance policy, said policy being issued by a company authorized to insure land titles in the State of Florida, and shall contain the usual and standard exceptions contained in ALTA owner's title insurance policies. Taxes and quarterly maintenance payments will be prorated as of the date of closing. The purchaser will be obligated to pay any expenses incurred by said purchaser for abstracting expenses or attorney's fees in connection with the acquisition of hi.s V141ffl- Purchaser shall also be required to deliver an insurance policy or binder, with the premium paid at least one year in advance, at the closing, providing insurance coverage on the Purchaser's Villa in accordance with the requirements set forth in the Hammock Declaration, Article VIII, Insurance, (Page 23 of this Prospectus). 11. Proposed Sales Contract and Deed. A copy of the form of Warranty Deed the Developer proposes to use to convey title to Villas may be found at Page46 &57of this Prospectus. A copy of the form of Purchase Agreement which the Developer proposes to use in the sale of Villas in THE HAMMOCK AT COCONUT CREEK may be found at Page 86 & 94 of this Prospectus. 12. Restrictions on Sale or Lease of Villas. The sale, lease or transfer of Villas is restricted or controlled. See Page 25 of this Prospectus wherein the restrictions, limitations and controls on the sale, lease or transfer of Villas is described. 13. Miscellaneous. The Developer reserves the right to make minor changes to this Prospectus and the documents constituting a part thereof without notification to prospective purchasers. However, no such change will materially affect the rights of any prospective purchaser

9 DEVELOPER MAY BE IN CONTROL OF THE BOARD OF DIRECTORS OF THE ASSOCIATION DURING THE PERIOD OF OPERATION FOR WHICH THIS BUDGET HAS BEEN RENDERED. PROJECTED TWELVE-MONTH OPERATING BUDGET FOR CALENDAR YEAR 1980 FOR PHASE ONE OF THE HAMMOCK AT COCONUT CREEK BUDGET ITEM ANNUAL COST MONTHLY COST PER VILLA Insurance on clubhouse and common grounds $ 4, $ 3.00 Trash removal from clubhouse and common ground Lawn maintenance 19, Central sprinkler system maintenance 1, Maintenance: Pool 1, Clubhouse Paint Exterior of Villas 11, Canals 2, Taxes, Electric and Water at common ground 5, Water 2, Association Administrative Expenses: Mailing Bookkeeping 1, Contingency Reserve 7, $59, $41.43 "Estimate only and subject to modification". 8.

10 / DECLARATION OF COVENANTS, RESTRICTIONS AND EASEMENTS FOR THIS INSTRUMENT PREPARED BY: RECORD & RETURN TO: HENRY A. FRICKE, ESQ. Spear, Deuschle & Curran, P.A North Federal Highway Fort Lauderdale, Florida THE HAMMOCK AT COCONUT CREEK THIS DECLARATION OF COVENANTS, RESTRICTIONS AND EASEMENTS FOR THE HAMMOCK AT COCONUT CREEK ("Hammock Declaration") is made and entered into this 4th day of October, 1979, between RABEN BUILDERS, INC., a Florida corporation, and PASTAL CONSTRUCTION COMPANY, INC., a Florida corporation doing business as RABEN-PASTAL ("Developer"), and HAMMOCK AT COCONUT CREEK ASSOCIATION, INC., a Florida corporation not for profit (the "Association"); WHEREAS, the Developer is the owner in fee simple of the real property described in Exhibit "A" attached hereto, which property shall constitute the first phase of THE HAMMOCK AT COCONUT CREEK; and CID CD 3C WHEREAS, the Developer deems it desirable to enter into this Hammock Declaration to set forth, among other things, the plan for development of Hammock at Coconut Creek, the permitted uses of the land within Hammock at Coconut Creek and the manner by which such land will be made available to and maintained by the Association and its members, and WHEREAS, while the lands described in Exhibit "A" shall be the first phase of the Hammock at Coconut Creek, the Developer may, pursuant to subsequent plats, expand the same to additional adjoining lands in one or more phases, which lands shall likewise be utilized for residential purposes, and WHEREAS, the provisions of the Hammock Declaration shall pertain only to the first phase of THE HAMMOCK AT COCONUT CREEK unless and until THE HAMMOCK AT COCONUT CREEK is expanded by additional phases, in which event the provisions of the Hammock Declaration shall pertain to such additional lands upon acquisition by the Developer; and WHEREAS, the Association has been formed as the entity responsible for the operation and management of Hammock at Coconut Creek and has entered into this Hammock Declaration for the benefit and on behalf of its members and the owners of "Villas" (as hereinafter defined) in Hammock at Coconut Creek. NOW, THEREFORE, in consideration of the premises, the Developer does now declare that Hammock at Coconut Creek shall be held, transferred, sold, conveyed and occupied subject to this Hammock Declaration and that the Developer does enter into this Hammock Declaration with the Association which, by the execution hereof, undertakes to carry out the conditions and obligations hereinafter set forth. I PREMISES INCORPORATED The above and foregoing premises are hereby incorporated herein by reference. II DEFINITIONS When used herein, the following terms have the following meanings: 1. "Hammock at Coconut Creek" means the name given to the planned development of real property being developed by the "Developer" pursuant to the Plat of THE HAMMOCKS AT COCONUT CREEK PHASE ONE, as recorded in Plat Book 103, Page 6, of the Public Records of Broward County, Florida, and as the same may be from time to time expanded by subsequent phases through future plats of adjoining land likewise to be used for residential 9.

11 purposes. Notwithstanding that the designation of the Plat is THE HAMMOCKS AT COCONUT CREEK, referring to "Hammocks" in the plural form, it shall be deemed to include the singular form and all references, except legal descriptions, may be to the singular "Hammock" rather than "Hammocks". The Hammock at Coconut Creek is planned to contain land with areas consistent with regulations and area limitations for planned unit development as set forth in the zoning code of the City of Coconut Creek, Florida. The plan for development of Hammock at Coconut Creek is set forth in this "Hammock Declaration" (as hereinafter defined). 2. "Ponapple Hammock" means a geographical area within the Hammock at Coconut Creek (i.e., Lots 1 through 64 and surrounding open space lying South and East of Hammock Boulevard). Ponapple Hammock has been reserved for duplex development. 3. "Cypress Hammock" means a geographical area within the Hammock at Coconut Creek (Lots 65 through 119 and surrounding open space lying North and West of Hammock Boulevard). Except for the Duplex denominated as parcel "J", Cypress Hammock has been reserved for construction of clustered single family, single story, attached residences. 4. "Developer" means RABEN BUILDERS, INC., a Florida corporation, and PASTAL CONSTRUCTION COMPANY, INC., a Florida corporation doing business as RABEN-PASTAL, its grantees, successors and assigns. 5. "County" means Broward County, Florida. 6. "Plat" means the Plat entitled "THE HAMMOCKS AT COCONUT CREEK PHASE ONE, as recorded in Plat Book 103, Page 6, of the Public Records of Broward County, Florida, whereby Hammock at Coconut Creek is described and is subdivided into "Clusters", "Duplexes", Lots and Recreation Parcel. The term "Plat" shall also mean any subsequent Plats of additional adjoining lands which are hereafter incorporated into Hammock at Coconut Creek by the Developer and/or Wynmoor pursuant to subsequent phases. 7. "Residential Property" means all of the parcels of land reserved for "Clusters" and "Duplexes" on the Plat, together with, in the event of expansion, other areas so designated or designated as reserved for residential condominiums. 8. "Cluster" means one of the parcels of land within Cypress Hammock upon which a series of more than two attached single family dwelling units ("Villas") are to be constructed and which are identified by capital letters ("A" through "I" and "K" through "M") on the Plat and which term includes all of the Villas therein. 9. "Duplex" means one of the parcels of land within Ponapple Hammock upon which two attached single family dwelling units ("Villas") are to be constructed and which are identified by a set of Arabic numerals on the Plat and which term includes both of the Villas therein. Duplex shall also include parcel "J" located within Cypress Hammock. 10. "Condominium" means any parcel of land which may, upon an expansion of Hammock at Coconut Creek through subsequent phases, be submitted to condominium form of ownership. 11. "Villa" means a residential dwelling unit contained in a Cluster or Duplex which is identified by an arabic numeral on the Plat. In the event of the expansion of Hammock at Coconut Creek by virtue of subsequent phases which contain Condominium units, then Villas shall also mean a residential Condominium unit created pursuant to such declaration of condominium. DO Wft 00.,1-2, 10.

12 12. "Cluster Declaration" means an instrument denominated as such and recorded in the Public Records of the County wherein the covenants and obligations relating to a particular Cluster are set forth. 13. "Duplex Agreement" means an instrument denominated as such and recorded in the Public Records of the County wherein the covenants and obligations relating to a particular Duplex are set forth. 14. "Condominium Declaration" means an instrument prepared in accordance with the Florida Condominium Act (i.e., Chapter 718, Florida Statutes) submitting to Condominium form of ownership lands incorporated in Hammock at Coconut Creek incident to any subsequent phase which Developer may initiate. The Condominium Declaration shall set forth the covenants and obligations relating to a particular Condominium. 15. "Owner" means the owner or owners of the fee simple title to a Villa and includes the Developer for so long as it is the owner of any Villa. 16. "Recreation Area" means the real property described as the "Recreation Parcel" on the Plat and includes any and all improvements now or hereafter located thereon. 17. "Hammock Declaration" means this Declaration of Covenants, Restrictions and Easements for Hammock at Coconut Creek which is to be recorded in the Public Records of the County. 18. "Association" means HAMMOCK AT COCONUT CREEK ASSOCIATION, INC., a Florida corporation not for profit, having as its members the Owners. 19. "Articles" means the Articles of Incorporation of the Association. 20. "ByLaws" means the ByLaws of the Association. 21. "Hammock Documents" means in the aggregate the Hammock Declaration, the Cluster Declaration, the Duplex Agreement, the Articles and the ByLaws, and all of the instruments and documents referred to therein and executed in connection with a Villa. 22. "Member" means a member of the Association. However, any Condominium association established pursuant to a Condominium Declaration shall not be a Member nor have any rights, duties or obligations under and pursuant to the Hammock Documents, excepting to the extent that it acts in an authorized representative capacity. 23. "Board" means the Board of Directors of the Association. 24. "Director" means a member of the Board. 25. "Hammock Expenses" means the expenses for which Owners are liable to the Association as described in the Hammock Documents, and includes: (a) "Cluster Expenses" or "Duplex Expenses" which are those expenses incurred or to be incurred by the Association with respect to the operation, administration, maintenance, repair or replacement of the Residential Property under the provisions of this Hammock Declaration or any Cluster Declaration or Duplex Agreement;

13 (b) "Association Expenses" which means and includes the costs and expenses described in the Hammock Documents as such and include those incurred by the Association in administering, operating, reconstructing, maintaining, repairing and replacing the Recreation Area, the "Grassed Areas", the "Residential Grassed Areas", and the "Drives (as those terms are hereinafter defined) or portions thereof; (c) any other expenses designated as "Hammock Expenses" from time to time by the Board. III PLAN FOR DEVELOPMENT; LAND USE COVENANTS; CONVEYANCE OF RECREATION AREA, GRASSED AREAS AND DRIVES A. Plan for Development The Developer has caused the Plat to be recorded in Plat Book, Page 6, of the Public Records of the County and, accor- as part of a residential com- dingly, all of the property is to be used munity known as THE HAMMOCK AT COCONUT right to, from time to time, expand by Plats of adjoining land likewise to be CREEK. The Developer reserves the subsequent phases through future used for residential purposes. 2. The Association and the Developer hereby agree that THE HAMMOCK AT COCONUT CREEK PHASE ONE shall be developed in accordance with the Plat and that any subsequent phases shall likewise be developed in accordance with the overall planned unit development site plan as finally approved by the City of Coconut Creek. The Association and Owners hereby acknowledge and agree that the Developer shall not be obligated to complete the development of Hammock at Coconut Creek except to the extent as it, in its sole discretion, shall determine. Construction of the Recreation Area shall commence and be "Substantially. Completed" as hereinafter provided in this Article III. The Recreation Area shall serve the first phase and any and all subsequent phases that may be added by the Developer. However, similar recreational facilities will be included with each additional phase the Developer may elect to add. 3. The Developer agrees to commence construction of the improvements comprising the Recreation Area ("Recreation Improvements") at the same time construction is commenced of the first Clusters or Duplexes, which Recreation Improvements shall be available for use and enjoyment of the Association and its members in accordance with the use provisions contained in Paragraph D of this Article III. Construction of the Recreation Improvements once begun shall be carried forward continuously with all reasonable speed and due diligence until Substantially Completed, but may be delayed for such periods of time as may be occasioned by lockouts, government restrictions, fires, earthquakes and other Acts of God, strikes, catastrophes, shortages in materials or labor, or other matters which interfere with the Developer, its contractors, subcontractors or materialmen or any other matters beyond the Developer's control. For purposes of this Hammock Declaration, "Substantial Completion", "Substantially Complete" or "Substantially Completed" means the point in time when an architect or professional engineer licensed in the State of Florida and designated by agreement between the Association and the Developer certifies that the subject improvements have been substantially completed in accordance with the plans and specifications for such improvements

14 B. Wynmoor Covenants The following restrictions shall apply to this subdivision and shall operate for the benefit of and may be enforced by Wynmoor Limited Partnership, said restrictions being as follows: 1. The first phase of the Hammock at Coconut Creek shall not be utilized for the construction of more than 118 Villas. The entire subdivision, after inclusion of all six permitted phases, shall not be utilized for the construction of in excess of 930 units. 2. This subdivision shall not be utilized for other than a residential community. 3. No project in this subdivision shall utilize any project name or in any other fashion cause consumer confusion which would tend to cause people to believe that the project developed in this subdivision is associated in any form with the existing or future project known as Wynmoor Village located immediately adjacent to this subdivision. The above and foregoing restrictions numbered 1, 2 and 3 may not be amended without the express joinder of such amendment by Wynmoor Limited Partnership, a New York Limited Partnership authorized to do business in the State of Florida. C. Offsite Easements It is acknowledged by the Association and the Developer that two parcels of land off the face of the Plat have been reserved to service the lands now within the Hammock of Coconut Creek and all lands to be incorporated therein in subsequent phases; said parcels being designated, respectively, as a setback easement and an easement for drainage purposes and each is particularly described on Exhibit "B" annexed hereto. Accordingly, it shall be the perpetual obligation of the Association to care for and maintain the said easement areas as described in said Exhibit "B". D. Land Use Covenants In consideration of the benefits hereinafter contained and the payment of the Association Expenses and other Hammock Expenses referred to herein, the Developer does hereby declare and the Association agrees that Hammock at Coconut Creek is hereby committed to land use as Residential Property (including "Residential Grassed Areas"), Recreation Area, Grassed Areas and Drives as follows: 1. Residential Property: Those portions of Hammock at Coconut Creek hereinbefore identified as "Clusters" and "Duplexes" on the Plat shall be for residential use only and shall be subject to the land use covenants impressed upon Residential Property as contained in the Covenants Declaration. 2. Recreation Area: Recreation Area shall mean that certain Recreation Area identified on the Plat which shall be subject to the following covenants and restrictions: (a) Recreation and Social Areas: Any portions of the Recreation Area selected by the Developer for the construction of a club building and all land and improvements contiguous thereto shall be kept and maintained in a manner consistent with the Recreation Improvements located or to be located thereon. The club building shall be utilized as a social center and meeting area, including the holding of meetings of the Board and Owners (as described in the Articles)

15 (b) Pool Area: The portions of the Recreation Area selected by the Developer for the construction of a pool and the Recreation Improvements located or to be located thereon shall be kept and maintained as a swimming pool and shall be used in a manner consistent with such facilities. (c) Remaining Areas: A11 remaining portions of the Recreation Area shall always be kept and maintained for recreational uses or beautification and shall be used for such purposes and not for residential, commercial or industrial purposes of any kind. (d) Private Use: For the term of this Hammock Declaration, the Recreation Area is not for the use and enjoyment of the public, but is expressly reserved for the private use and enjoyment of the Association, Owners, their family members, guests, invitees and lessees in accordance with this Hammock Declaration. 3. Grassed Area: Portions of Hammock at Coconut Creek not within the perimetrical boundaries of the divers lots and not specifically otherwise reserved for a purpose inconsistent with the planting of lawn, shall be used, kept and maintained as beautification and grassed areas ("Grassed Areas") and not for residential, commercial or industrial purposes of any kind. Grassed area shall also mean and include those certain Off-site Easement area as described in said Exhibit "B". 4. Residential Grassed Areas: Those areas within the perimetrical boundaries of the residential lots upon which no improvements have been constructed. The use of the Residential Grassed Areas shall be subject to the regulation and control of the Association and no individual owner of a lot encompassing a Residential Grassed Area shall have control over such Residential Grassed Area. 5. Drives: The portions of Hammock at Coconut Creek which are designated to be used as private drives shall be used, kept and maintained as private drives ("Drives") for the use of the Owners, their family members, guests, mortgagees, licensees and invitees and not for residential, commercial or industrial purposes of any kind. 6. Dedications as Reflected on the Plat: The dedications as reflected on the Plat in favor of the Association are hereby accepted by the Association, and the Association undertakes the perpetual maintenance and care of said areas. 7. Easements: The Developer reserves the right to grant such easements over, under, in and upon the Residential Property, the Recreation Area, the Grassed Areas, the Drives and/or any other portions of Hammock at Coconut Creek in favor of the Developer, the Association, their designees and Owners and appropriate utility and other service corporations or companies for ingress and egress for persons, vehicles and bicycle paths and to provide power, electric, sewer, water and other utility services and lighting facilities, irrigation, television transmission facilities, security service and facilities in connection therewith, and access to publicly dedicated streets, and to place air conditioning units for the providing of air conditioning to any Villa. The Developer and the Association shall execute, deliver and impose, from time to time, such easements and cross-easements for any of the foregoing purposes and at such location or locations as determined by the Developer, or, upon the "Transfer Date" (as hereinafter defined) as shall be agreed upon by the Developer and the Association.

16 8. Rules and Regulations: The Association shall impose rules and regulations regulating the use and enjoyment of the Recreation Area, the Residential Property, the Grassed Areas, the Drives, and any other portions of Hammock at Coconut Creek. The rules and regulations so promulgated shall in all respects be consistent with the use covenants set forth in this Hammock Declaration and with the architectural and beautification plan for Hammock at Coconut Creek as established by the Developer. The Association may modify, alter, amend and rescind such rules and regulations; provided such modifications, alterations, amendments and rescissions are consistent with the use covenants set forth herein. E. Conveyance of Recreation Area, Grassed Areas and Drives The Developer agrees that it shall convey to the Association fee simple title in and to the Recreation Area, the Grassed Areas (excepting, the Off-site Easement areas described in Exhibit "B" and, by definition, Residential Grassed Areas), and the Drives subject to the following: (1) the terms and provisions of the Hammock Documents, including this Hammock Declaration; (2) real estate taxes for the year of such conveyance; (3) applicable zoning ordinances; (4) such facts as an accurate survey may show; and (5) all easements, reservations and restrictions of record. The Developer reserves the right to convey portions of the Recreation Area, the Grassed Areas and the Drives from time to time to the Association; however, the conveyance of the entire Recreation Area, the Grassed Areas and the Drives to the Association shall be completed upon the "Transfer Date" which shall be the earlier of the following: 1. The occurrence of the "Majority Election Meeting" as described in the Articles; or 2. When the Developer shall determine that the development of Hammock at Coconut Creek has been completed. It is contemplated that incident to subsequent phases, the Developer may acquire the Offsite Easement areas described in Exhibit "B", in which event the Developer may convey such areas to the Association as provided herein. F. Encroachment Easements If any portion of an improvement constructed on a Lot encroaches upon the area not within the perimetrical boundaries of that Lot, whether the same exists now or is created by construction, a valid easement for such encroachment and the maintenance of same, so long as it stands, shall and does exist. In the event an improvement constructed upon a Lot is partially or totally destroyed, and then rebuilt, inadvertant encroachments on areas not within the perimetrical boundaries of the Lot shall be permitted as aforesaid, and a valid easement for said encroachment and the maintenance thereof shall exist. G. Television Antenna System The Association shall have the authority to designate an area of the Recreation or Grassed Areas for the installation of a television antenna system or cable system. The Association shall have no obligation, but may, at its option, construct and operate or contract for the construction and operation of such television antenna system or cable system. The costs of such construction and operation shall be deemed to be an Association expense

17 IV ASSESSMENTS FOR ASSOCIATION EXPENSES; ESTABLISHMENT AND ENFORCEMENT OF LIENS A. Affirmative Covenant to Pay Association Expenses In order (a) to fulfill the covenants herein contained; (b) to preserve the Recreation Area, the Grassed Areas, Residential Grassed Areas, and the Drives for the recreation, safety, welfare and benefit of Owners, their licensees, invitees, guests, family members and lessees at Hammock at Coconut Creek; and (c) to provide for maintenance and preservation of the Recreation Area, the Grassed Areas, Residential Grassed Areas, and the Drives and the services and amenities provided for herein, there is hereby imposed upon Hammock at Coconut Creek and the Owners therein, the affirmative covenant and obligation to pay the Association Expenses as defined and more particularly set forth in Article VI of this Hammock Declaration. The Developer and the Association agree that the Hammock Documents shall recognize that all of the covenants set forth in this Hammock Declaration, including the affirmative covenants herein set forth, run with the Recreation Area, the Residential Property, the Grassed Areas, the Drives and all other portions of Hammock at Coconut Creek and that the assessments for Association Expenses due hereunder are Hammock Expenses. Each Owner, by acceptance of a deed or other instrument of conveyance for a Villa, whether or not it shall be so expressed in any such deed or instrument, shall be obligated and agrees to pay to the Association all assessments for Association Expenses determined in accordance with the provisions of the Hammock Documents. B. Lien The annual assessments and special assessments, if any, for Association Expenses, together with interest thereon and costs of collection, including reasonable attorneys' fees as hereinafter provided, are hereby declared to be a charge on the Residential Property and shall be a continuing lien upon the Residential Property or portion thereof against which each such assessment is made. As to any Cluster, Duplex or Condominium established upon the Residential Property, the assessment applicable to the Villas contained therein shall be part of the expenses of that Cluster, Duplex, or Condominium, and shall be collected by the Association in the same manner, by the same procedure and to the same extent as other Hammock Expenses. Each assessment against a Villa, together with such interest thereon at the highest rate allowed by law and costs of collection thereof, including reasonable attorneys' fees, shall be the personal obligation of the person, persons or entity owning the Villa so assessed. Said lien shall be effective only from and after the time of recordation in the Public Records of the County of a written acknowledged statement by the Association setting forth the amount due to the Association as of the date the statement is signed. Upon full payment of all sums secured by that lien, the party making payment shall be entitled to a recordable satisfaction of the statement of lien. A first mortgagee acquiring title to a Villa as a result of foreclosure of such first mortgage or deed in lieu of foreclosure shall not be liable for the share of Association Expenses or other assessments chargeable to the former Owner which became due prior to acquisition of title pursuant to such foreclosure or deed in lieu of foreclosure. Such past due assessments shall be deemed cancelled unless secured by a claim of lien recorded prior to the recording of the foreclosed mortgage

18 Enforcement In the event any Owner shall fail to pay any annual assessments, or installment thereof, or any special assessment, or installment thereof, charged to his Villa within fifteen (15) days after the same becomes due, then the Association, through its Board, shall have the following remedies: 1. To accelerate the entire amount of any annual assessment or special assessment for the remainder of the calendar year notwithstanding the provisions for the payment thereof in in stallments; 2. To advance on behalf of the Owner in default funds to accomplish the needs of the Association. The amount or amounts of monies so advanced, including reasonable attorneys' fees and expenses which might have been reasonably incurred because of or in connection with such payments, together with interest at the highest rate allowed by law, may thereupon be collected by the Association. Such advance by the Association shall not waive the default of the Owner in failing to make its payments; 3. The Association may file an action in equity to foreclose its lien at any time after the effective date thereof. The lien may be foreclosed by an action in the name of the Association in like manner as a foreclosure of a mortgage on real property; 4. Without waiving its lien rights and its right of foreclosure, the Association may file an action at law to collect the assessment, interest at the highest rate allowed by law, court costs and reasonable attorneys' fees. D. Collection by Developer In the event for any reason the Association shall fail to collect and pay over the Association Expenses, then in that event, the Developer shall have the right to collect the same as set forth in Paragraph C of this Article IV. The right of the Developer to collect the Association Expenses shall terminate upon the Transfer Date. V METHOD OF DETERMINING, ASSESSING AND COLLECTING ANNUAL AND SPECIAL ASSESSMENTS The Association Expenses as hereinafter set forth and described shall be paid by the Association out of funds assessed and collected from Owners on the following basis: A. Determining Individual Villa Assessments 1. Individual Villa Assessment: The total anticipated Association Expenses for each calendar year shall be set forth in a budget prepared by the Board in conjunction with the preparation of the budget ("Budget") of the Association called for under the Hammock Documents. The total anticipated Association Expenses shall be divided by the number of "Villas Subject to Assessment" (as that term is herein after defined) and the quotient thus arrived at (adjusted quarterly as hereinafter set forth) shall constitute and be called the "Individual Villa Assessment". The Board shall adjust the Individual Villa Assessment on a quarterly basis by dividing the total anticipated Association Expenses for the remaining quarters of the calendar year (as determined by the Budget for such expenses), by the number of Villas Subject to Assessment as of thirty (30) days prior to the end of such calendar quarter, the quotient being the installment of the Individual Villa Assessment for the next quarter. The Individual Villa Assessment may also be adjusted quarterly in the instance where the Board determines that the estimated 17.