Dream Finders, Inc. and Magnolia Point Community Association (MPCA) Transition Information. August 13, 2018

Transcription

1 Dream Finders, Inc. and Magnolia Point Community Association (MPCA) Transition Information August 13, 2018 Executive Summary: The attached enclosures represent the efforts of the MPCA Board of Directors with guidance from MPCA legal counsel, to identify all known requirements necessary to conclude a complete turnover of the MPCA from developer control to MPCA owner control. These requirements stipulate the formal assignment of: numerous deeds, easements, drawings, locating data, utility installations, insurance policies, warranties, permits, covenants and restrictions, etc., as applicable to all phases of construction in Magnolia Point and as listed in enclosures (1) and (2). In addition, Dream Finders must make certain written affirmations to MPCA to ensure MPCA is not liable for any outstanding developer financial commitments, liens, etc., and will hold no lots or properties after the transfer. Enclosure (3) identifies common properties, ponds, and roads that require recorded deeds of transfer from Dream Finders to MPCA. Enclosure (4) outlines official records MPCA must maintain in accordance with Florida Statute 720. Enclosure (5) presents information extracted from the MPCA governing documents relevant to the process of conducting the election of new Board members. Enclosures: (1) Magnolia Point Turnover Checklist (2) Required Dream Finders Turnover Requirements for Phase VIII, Dream Finders Developer Turnover Requirements for Previous Phases, and Existing MPCA Controlled Data (3) Table 1: PUD Properties (4) Appendix A: FL Statute 720 Required Official Records (5) Board of Directors Selection Process 1

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3 MAGNOLIA POINT Turnover Checklist The following documents should be reviewed and, as appropriate, secured from the Developer prior to accepting the turnover of the Association. Some of these items will already be in the control of the Association, while others will in the control of the Developer. This checklist should facilitate the Association s ability to address any concerns prior to the turn-over and also create a base set of Development documents for the Association s needs in the event of future litigation or usage issues related to the Association s common areas and easements. (a) Copies of all deeds and easements of the Association related to the Development; specifically including but not limited to: Common areas, Roadways/Access easements Utility easements Drainage easements In the event that any Association property is still held in the name of the Developer, a Deed of transfer or Assignment of Easement may be required. (b) The original of the Association s Declarations of Covenants and Restrictions (by Phase and with all Amendments or Modifications). (c) The Articles of Incorporation of the Association. Copies of any Amendments to the Articles (d) The Bylaws of the Corporation. Copies of any Amendments to the Bylaws (e) All Corporate Books and records of the Association; specifically including the Minute books with all Minutes of meetings and Actions of the Members and Directors from inception to present. (f) All Policies, rules, and regulations, if any, which have been adopted by or on behalf of the Association. (g) Resignations of Developer Directors to relinquish control of the Association, effective as of the date of turn-over. 1

4 In accordance with the Bylaws, the Association will set appropriate Meetings (with proper Notice) to provide replacement Directors and authorize the turn-over. (h) Confirmation that no Lots or property will be held by Developer subsequent to the transfer (i.e., that Developer is claiming no Class A Membership after the turn-over). (i) The Financial records of the Association. The financial records should include the financial statements of the Association and source documents from the incorporation of the Association through the date of turnover. For Associations incorporated after 12/31/07, financial records would be required to be audited by an independent certified public accountant for the period from the incorporation of the association or from the period covered by the last audit, if an audit has been performed for each fiscal year since incorporation. All financial statements would have to be prepared in accordance with generally accepted accounting principles and audited in accordance with generally accepted auditing standards. This Corporation pre-dates 2007, but if audited statements are available, they should be requested. The Association should, as a best practices component of the turn-over, examine the following supporting documents and financial records: (i) cash disbursements and related paid invoices to determine if expenditures were for Association purposes; (ii) the billings, cash receipts, and related records of the Association to determine that the Developer was charged and has paid the proper amounts of assessments; (iii) Accounts Receivable, Accounts Payable and Aging Summaries of unpaid items; (iv) An accounting of any taxes (including tangible and intangible property, real property and special county or state taxes) paid or owing in connection with Association property or easements; (v) Balance Sheets and Income and Expense Statements for the prior 12 months; (j) A listing of and transfer of control to the Association of all Association funds held by or on behalf of the Association: Bank Accounts Investment Accounts Escrow funds Deposits for utilities and services 2

5 Request and review information related to any Developer-held cash accounts or reserves held on behalf of the Association or in connection with the maintenance or repair of common areas and Development easements Identify any indebtedness or outstanding claims, invoices or potential liability that may be impact the Association prior to the turn-over Signature Cards and Transfer documents should be secured to transfer the control of any Association Funds from the Developer to the Association post-turnover. (k) A listing/inventory of and Bill of Sale for all tangible property of the association. Identify any indebtedness that may attach to those items (leases or payments) (l) A copy of all contracts which may be in force with the Association as one of the parties. (m) A list of the names and addresses and telephone numbers of all contractors, subcontractors, or employees of the Association and the originals of any Employment and service contracts in effect. (n) Copies of any and all insurance policies in effect. A list of Contact names and addresses and telephone numbers for each policy The payment status for each policy Confirmation that the policy remains in effect subsequent to the turn-over on the same basis as prior to the turn-over (i.e., assignable to or terminable by the Association and no fee/cost structure based on Developer relationships or guarantees) (o) Copies of any permits issued to the Association by governmental entities. (p) Copies of any and all warranties in effect and assignment of that coverage if necessary to continue the coverage. (q) A roster of current homeowners and their addresses and telephone numbers and their respective Phase and lot numbers. (r) Copies of As-Built plans which reflect final architectural, structural, engineering, mechanical, electrical, drainage, fiber optics, gas and any and all other utility installations running over, under or across Association common areas or easements or impacting Association common areas or easements. 3

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7 MAGNOLIA POINT Required Dream Finders Turnover Documents Dream Finders indicates that they intend to turnover control of the Magnolia Point Community Association to the homeowners. We have reviewed the documentation requirements and process for this turnover and have identified the following data required to complete the activity. Most homes in Magnolia Point were sold prior to Dream Finders purchasing the Developer rights and building the final planned homes (Phase VIII) initially approved by the PUD. The first of these homes were sold beginning in 1985 by various builders and developers. Since there have been many builders and developers during the development phases of Magnolia Point, it is appropriate to treat the turnover data requirements in multiple sets; those involving the Phase VIII development, all other Phases (Identified as Previous Phases ) and data that is under MPCA control. The data identified below is organized to identify and request the documents and information specifically associated with the Phase VIII development first. The second section addresses the data required for all the Previous Phases while the third section identifies the data that is presently controlled and maintained by the MPCA. Dream Finders Phase VIII Development Turnover Data Requirements The following documentation must be provided by Dream Finders to the Association prior to turnover for the Phase VIII property just completed. Data that is already in control of the Association have not been listed. The data list was created to ensure that the information required in state statutes is available to the Association. It also considers the chance that it might be necessary for the Association to have certain documents available to address any issues related to the Association s common areas, roads, ponds and easements in the event of future litigation or usage. The following list of specific data and actions must be provided to the Association prior to the completion of turnover. (1) Copies of all deeds and easements of the Association related to the Phase VIII (A, B & C) Development. Table 1 has been developed to support the identification of the deeds required to be transferred to the MPCA for all phases. It provides a detailed list of all the Magnolia Point Golf & Country club PUD properties identified by tax owner category, phase, MPCA deed and use. Backup information for this chart is also provided by Appendices B-E, which identifies property location as well as the owner and parcel information as recorded by the Clay County property appraiser s office. This table also supports each of the following sections of this document. The deeds and easements required specifically for Phase VIII properties include: Common areas as specified in Phase VIIIA Tracts 1 & 2. Parcel numbers provided in reference Table 1 in the MPCA Common Properties section. A Deed of transfer for all Phase VIII properties identified as common parcels. Roadways as specified in Phase VIII, Tract A, B and C. It must be verified that there are no additional access easements associated with the Phase VIII development. Parcel numbers are provided in Table 1 under the common road properties section. A Deed of transfer for all property identified as road parcels above is required.

8 For all utility easements provided by the developer in Phase VIII, an assignment of easement is required. For all drainage easements provided by the developer in Phase VIII, an assignment of easements is required except those associated with the pond numbered across the golf course property. (2) The recorded original (or copy) of the Association s Declarations of Covenants and Restrictions for Phase VIIIA, Phase VIIIB, and Phase VIIIC with all Amendments or Modifications. (3) Any unique Policies, rules, or regulations, if any, for Phase VIII which have been adopted by the Developer or on behalf of the Association that have not been included in the recorded Covenants. (4) Confirmation that no Lots or property will be held by Developer after the transfer. (5) Verification that the Dream Finders, as the developer, has not entered into any agreement, contact or mortgage that encumbers the Association. (6) Identify any indebtedness or outstanding claims, invoices or potential liability for Magnolia Point PUD properties that may impact the Association after turn-over. (7) Identify any indebtedness that may attach to any property or equipment included in Phase VIII that might lead to either or both leases or payments. (8) A copy of all contracts which may be in force with the Association as one of the parties. (9) A list of the names and addresses and telephone numbers of all Phase VIII contractors or subcontractors who provided equipment or design services for Phase VIII common, road or utilities where design warrantees or design information may reside. (10) Copies of all insurance policies that will remain in effect following turnover. A list of Contact names and addresses and telephone numbers for each policy. The payment status for each policy. Confirmation that the policy remains in effect after the turn-over on the same basis as prior to the turn-over (i.e., assignable to or terminable by the Association and no fee/cost structure based on Developer relationships or guarantees). (11) Copies of any permits issued to the Developer for Phase VIII development by governmental entities. (12) Copies of all warranties in effect and assignment of that coverage if necessary to continue the coverage. (13) Copies of As-Built Phase VIII plans which reflect final engineering, mechanical, electrical, drainage, fiber optics and all other utility installations running over, under or across Association common areas or easements or impacting Association common areas or easements. Dream Finders Developer Turnover Data Requirements for Previous Phases In addition to the data identified above, Dream Finder Homes in their role as the PUD developer of record with development rights, also has the obligation to provide addition data to complete required turnover

9 activities. Dream Finder Homes assumed the developer rights when they purchased the property used to develop Phase VIII. They purchased the property and rights from CRM Florida Properties, LLC s (SunTrust Bank). SunTrust Bank foreclosed on the Magnolia Point PUD owned by Magnolia Point Venture, LLC (MPI). Following the SunTrust foreclosure action against MPI, an agreement was worked out between Sun Trust, Magnolia Point Community Association, Inc. (MPCA) and MPI which allowed MPCA to control the board of directors and provide the management of the Association. This agreement was executed in May of 2012 and MPCA effectively took over the management of the community at that time. Because of the agreement, MPCA was forced to assemble and maintain the data required by Florida Statute 720 for HOAs. This data represents a significant portion of the required HOA operational data identified as part of the turnover and are already part of the existing MPCA records. These records are identified and summarized in a following section titled Existing MPCA Controlled Data. There are some holes in this available data, however. Although Dream Finders may not have generated the previous phase data, they as developer, must assist in gathering and supplying this data it to the MPCA. The following data and records are required to be supplied for all Previous Phase developments. (1) Copies of all deeds and easements of the Association related to the Phases I - VII Developments as specified in Table 1 and identified in the deed column. These deeds are associated with Community conservation areas (all are required), community roads (10 of 15 are required) and community stormwater ponds (all are required). In addition, there are several parcels that are owned by previous developers or property owners that must be transferred to MPCA and a formal agreement with MPI (owner of the golf course) must be provided for those ponds owned by the golf club and maintained by the association. Floribec (7) and TREV (1) presently own property deeds and pay taxes on several of conservation and pond parcels which are controlled by the covenants and are part of the development PUD. Roadways require a significant set of Deeds to be provided. There is also no Deed for the portion of Medinah Lane that was turned over to the City of Green Cove Springs. This parcel # is as identified in Table 1. The deed for this parcel must be generated and recorded. Property supporting association ponds and owned by the golf club (ponds 1-3, 5, 8, 10 and 21-24) must be part of an agreement that allows MPCA pond access, maintenance and control as required by SJRWMD permits. The golf course property is identified by parcel # in Table 1. Utility easements must be provided for all Phases (I-VII). Assignment of easements is required. Drainage easements must be provided for all Phases (I-VII). Assignment of easements is required. (2) Copies (or originals) of all transfer assignments, agreements and arrangements of the Magnolia Point Developer rights as specified in the Association Covenants. (3) Modification and recording of the Covenants for all existing development phases to assign Developer rights and obligations to the Association and remove those Developer rights that are no longer in effect following turnover must be generated. There are a significant number of unique

10 Covenants associated with the development of the Magnolia Point community. A listing of these Covenants is included in the Florida Statute 720 Required Official Records are summarized in Appendix A. Originals of all these transfer assignments should be furnished as part of the turnover package. (4) All Policies, rules, and regulations, if any, which have been adopted by Dream Finders for or on behalf of the Association for development Phases prior to VIII. (5) Copies of all insurance policies in effect for Magnolia Point Development activities. A list of Contact names and addresses and telephone numbers for each policy The payment status for each policy Confirmation that the policy remains in effect after the turn-over on the same basis as prior to the turn-over (i.e., assignable to or terminable by the Association and no fee/cost structure based on Developer relationships or guarantees) (6) Copies of any permits issued to the Developer by governmental entities for Magnolia Point Development activities. (7) Copies of all warranties for Magnolia Point Development activities, services, equipment or infrastructure in effect and assignment of that coverage if necessary to continue the coverage. (8) Copies of any As-Built plans for pre-phase VIII used as interface information and which reflect final structural, engineering, mechanical, electrical, drainage, fiber optics, gas and all other utility installations running over, under or across Association common areas or easements or impacting Association common areas or easements. Existing MPCA Controlled Data MPCA and the property owner s due to their control over the board, has been required to assemble and maintain the Florida Statute homeowner association required data since the May 2012 agreement. The data assembled to meet this requirement satisfies a major portion of the documentation specified to be transferred during the developer turnover process. The following data is already available as part of the existing MPCA data records and is maintained by Lifestyles Property Service under contract by the MPCA. These records are identified and specified below and physical locations are available. (1) Copies of the deeds and easements as specified in Table 1 and identified as yes in the deed column are already available. These deeds are associated with the light house signage property on Hwy 17 and five of the community road parcels. Deeds for the three Phase VIII ponds are also available and the properties have been transferred. Utility easements associated with the Phase VIII ponds have also been transferred and assigned to MPCA. (2) Copies of the Association s recorded Declarations of Covenants and Restrictions (by Phase (through VII) including Amendments and Modifications.

11 (3) The Articles of Incorporation of the Association including amendments. (4) The Bylaws of the Corporation including amendments. (5) All Corporate Books and records of the Association; specifically including the Minute books with all Minutes of meetings and Actions of the Members and Directors from 2008 to present. (5) All Policies, rules, and regulations, if any, which have been adopted by or on behalf of the Association. (6) The Financial records of the Association. The financial records include the financial statements of the Association and source documents from 2012 through now. This Corporation pre-dates 2007, when financial records would be required to be audited by an independent certified public accountant. However, audits have been performed for each fiscal year since 2012 and are available. All financial statements have been prepared in accordance with generally accepted accounting principles and audited in accordance with generally accepted auditing standards. The Association has, as part of the management process, examined the following supporting documents and financial records each year since 2012: (i) cash disbursements and related paid invoices to determine if expenditures were for Association purposes; (ii) the billings, cash receipts, and related records of the Association to determine that the Developer was charged and has paid the proper amounts of assessments; (iii) Accounts Receivable, Accounts Payable and Aging Summaries of unpaid items; (iv) An accounting of any taxes (including tangible and intangible property, real property and special county or state taxes) paid or owing in connection with Association property or easements; (v) Balance Sheets and Income and Expense Statements for the prior 12 months; (7) All known Association funds have been listed and are presently under control of the Association with appropriate signature cards. The known funds are included in the following: Bank Accounts Investment Accounts Escrow funds Deposits for utilities and services Association held cash accounts or reserves held on behalf of the Association or in connection with the maintenance or repair of common areas and Development easements Indebtedness or outstanding claims, invoices or potential liability that may be impact the Association prior to the turn-over (8) A listing/inventory of and Bill of Sale for all tangible property of the association. There is no indebtedness for this property that may attach to those items (leases or payments).

12 (9) A copy of all known contracts which are in force with the Association as one of the parties is available. (10) A list of the names and addresses and telephone numbers of all contractors, subcontractors, or employees of the Association and the originals of any Employment and service contracts in effect is available. (11) Copies of all insurance policies in effect is available including: A list of Contact names and addresses and telephone numbers for each policy The payment status for each policy Confirmation that the policy is not in the Developer s name and is not impacted by turnover activities. (12) Copies of any permits issued to the Association by governmental entities is available for activities occurring after (13) Copies of all known warranties in effect since 2012 is available. (14) A roster of current homeowners and their addresses and telephone numbers and their respective Phase and lot numbers. The documentation identified above is based on an analysis of the data that the State requires developers to turnover to the homeowner association during the turnover process. It has considered the unique situation that the Magnolia Point development both Dream Finders and MPCA find themselves in. Providing the data requested above appears to satisfy the legal requirements and real constraints of the long development cycle while providing the minimum amount information required for the Association to function independently in the future.

13 Table 1: PUD Properties Owner Parcel Number Category Use Tract Phase Deed Date Owner MPCA Sinage Property MAGNOLIA POINT COMMUNITY ASS Harbor Lighthouse Monument Tower Pt of Trave Yes 2006 MPCA MPCA Common Properties MAGNOLIA PT COMMUNITY ASSOC CRESENT POINT CT Common Tract B-1 Ph IV No MAGNOLIA PT COMMUNITY ASSOC TETTERSALL DR Common Tract B-2 Ph IV No MAGNOLIA PT COMMUNITY ASSOC OLYMPIC DR Common Tract B-3 Ph IV No MAGNOLIA PT COMMUNITY ASSOC OLYMPIC DR Common Tract B-4 Ph IV No MAGNOLIA PT COLF & COUNTRY BARTON CREEK CIR Common Tract B-5 Ph IV No MAGNOLIA PT COLF & COUNTRY BLACKSTONE CT Common Tract B-7 Ph IV No MAGNOLIA POINT COMMUNITY Magnolia Point Rd Common Tract B-8 Ph IV No MAGNOLIA POINT COMMUNITY Shinnecock Ln Common Tract B-9 Ph IV No MAGNOLIA POINT COMMUNITY Colonial Dr. Common Tract B-10 Ph IV No MAGNOLIA POINT COMMUNITY OGLEBAY DR Common Tract L Ph VII No MAGNOLIA POINT COMMUNITY SHINNECOCK LN Common Tract 1 Ph VIIIA No MAGNOLIA POINT COMMUNITY SHINNECOCK LN Common Tract 2 Ph VIIIA No MAGNOLIA POINT COMMUNITY ASS Costancia (Exit Realty & Glyn Cottage Ct) Common Tract A No 2004 Floribec Floribec (4 Parcels) Gate(off Harbor), Pond 16, Colonial Rd, OthCommon No 2004 Floribec Floribec Conservation Area 2(Blackstone) Common No 2011 Floribec Floribec Conservation Area 5(Oak Crossing) Common No 2004 Floribec MPCA Common Road Properties MAGNOLIA POINT COMMUNITY COLONIAL DR(Guard House & All Streets in Roads Master Yes 1993 MAGNOLIA POINT COMMUNITY COLONIAL DR Roads Sub 1 Yes 1993 MAGNOLIA POINT COMMUNITY Olympic Dr., Glen Abbey Ct, Castle Pine Ct Roads Sub 2 No MAGNOLIA PT COMMUNITY ASSOC CONSTANCIA DR (Roads & Lift Station) Roads Sub 3 GSV-2 Yes 1993 MAGNOLIA PT COMMUNITY ASSOC CLUB HOUSE DR Roads Sub 4 CV Yes 1993 MAGNOLIA PT COMMUNITY ASSOC Medinah, Shinnecock, Quaker Ridge, Colon Roads Sub 5 Unit -1 Ph I/II Yes 1993 MAGNOLIA POINT COMMUNITY Stonebriar Rd Roads Sub 6 No MAGNOLIA POINT COMMUNITY AS Glyn Cottage Ct Roads Sub 7 No MAGNOLIA POINT COMMUNITY Olympic Dr. Blackstone CT, Cresent Point CtRoads Sub 8 Ph IV No MAGNOLIA POINT COMMUNITY MEDINAH LN Roads Sub 9 Ph V No MAGNOLIA POINT COMMUNITY TURKEY CREEK DR Roads Sub 10 Ph VI No MAGNOLIA POINT COMMUNITY OGLEBAY DR Roads Sub 11 Ph VII No MAGNOLIA POINT COMMUNITY SHINNECOCK LN & Elks Path Ln Roads Sub 12 Tract A Ph VIII No MAGNOLIA POINT COMMUNITY OGLEBAY DR Roads Sub 13 Tract B Ph VIII No MAGNOLIA POINT COMMUNITY Grand Victoria Court Roads Sub 14 Tract C Ph VIII No

14 Table 1: PUD Properties Owner Parcel Number Category Use Tract Phase Deed Date Owner MPCA Common Pond Properties Floribec Conservation Areas Common Pond 9 No 2004 Floribec MAGNOLIA POINT COMMUNITY Blackstone Ct - pond Common Pond-12 Tract S-2 Ph IV No MAGNOLIA POINT COMMUNITY Tettersall Dr. behind pond Common Pond-13 Tract C-1 Ph IV No MAGNOLIA POINT COMMUNITY Tettersall Dr. - pond Common Pond-13 Tract S-1 Ph IV No MAGNOLIA POINT COMMUNITY Magnolia Point Rd & Colonial Common Pond-14 Tract S-4 Ph IV No MAGNOLIA POINT COMMUNITY COLONIAL DR Common Pond-15 Tract S-2 Ph VI No MAGNOLIA POINT COMMUNITY OFF OGLEBAY DR Common Pond-16 Tract S-3 Ph VII No MAGNOLIA POINT COMMUNITY COLONIAL DR Common Pond-18 Tract S-2 Ph VII No MAGNOLIA POINT COMMUNITY OFF WEDGE CT (Master Pond 19) Common Pond-19 Tract S-1 Ph VII No MAGNOLIA POINT COMMUNITY MEDINAH LN (Sub- Pond 19) Common Pond-19 Tract S-2 Ph V No MAGNOLIA POINT COMMUNITY MEDINAH LN Common Pond- 20 Tract S-1 Ph V No MAGNOLIA POINT COMMUNITY Blackstone/Club Prop-Club Pond-14 Common GCPnd-14 Tract S-3 Ph IV No MAGNOLIA POINT COMMUNITY Phase VIII Ponds Common Pond- 27 Ph VIII Yes 2017 MAGNOLIA POINT COMMUNITY Phase VIII Ponds Common Pond- 26 Ph VIII Yes 2017 MAGNOLIA POINT COMMUNITY Phase VIII Ponds Common Pond- 25 Ph VIII Yes 2017 MAGNOLIA PT Investment LLC Homeowner/Club Property/TREV Common Pond 1 No 2013 TREV MAGNOLIA PT Investment LLC Homeowner/Club Property Common Pond 2 Yes 2012 MPI MAGNOLIA PT Investment LLC Homeowner/Club Property Common Pond 3 Yes 2012 MPI Homeowner Property Various #'s Homeowner Property Common Pond 4 Yes MAGNOLIA PT Investment LLC Homeowner/Club Property Common Pond 5 Yes 2012 MPI Homeowner Property Various #'s Homeowner Property Common Pond 6 Yes Homeowner Property Various #'s Homeowner Property Common Pond 7 Yes MAGNOLIA PT Investment LLC Club Property Common Pond 8 Yes 2012 MPI MAGNOLIA PT Investment LLC Club Property Common Pond 10 Yes 2012 MPI Homeowner Property Various #'s Homeowner Property Common Pond 11 Yes Homeowner Property Various #'s Homeowner Property Common Pond-17 Yes MAGNOLIA PT Investment LLC Homeowner/Club Property Common Pond- 21 Yes 2012 MPI MAGNOLIA PT Investment LLC Homeowner/Club Property Common Pond- 22 Yes 2012 MPI MAGNOLIA PT Investment LLC Homeowner/Club Property Common Pond- 23 Yes 2012 MPI MAGNOLIA PT Investment LLC Club Property Common Pond- 24 Yes 2012 MPI MAGNOLIA PT Investment LLC GOLF CLUB Golf Club Yes 2012 MPI City of Green Cove Springs MEDINAH LN City Road No

15 Appendix A - FL STATUTE 720 REQUIRED OFFICIAL RECORDS. The association shall maintain each of the following items, when applicable, which constitute the official records of the association: Data Copy Requirement Items Location Time 1 Plans, specifications, permits, and warranties related to Front Gate & Bldg. Lifestyles No Limit Rear Gate (TOPS) improvements constructed on the common areas or other Fences property that the association is obligated to maintain, repair, or Waterways replace. Roads & Curbs US 17 Tower Drainage System Irrigation System 2 Association Bylaws and Amendments. Approved 1985 Lifestyles No Limit MagPt.com 3 A copy of the articles of incorporation of the association and Approved 6/5/1987 Lifestyles No Limit Revised 12/11/2012 MagPt.com amendments. 4 A copy of the declaration of covenants and a copy of each See Current & History Lifestyles No Limit Tables 1 & 2 Below MagPt.com amendment thereto. 5 A copy of the current rules of Magnolia Point Community Handbook of Covenants Lifestyles Current & Guidelines MagPt.com Association. 6 Board of director and members meeting minutes. Lifestyles 7 years MagPt.com 7 Current member roster, mailing addresses and parcel Lifestyles Current (TOPS) identifications. Electronic mailing addresses and member designated numbers for receiving electronic transmission notices. 8 Association insurance policies. Lifestyles 7 years 9 Current copy of all Association contracts Including without limitation, any management agreement, lease, or other contract under which the association has any obligation or responsibility. Bids received by the association for work to be performed must also be considered official records and must be kept for the specified time. 10 Association financial and accounting records. Records must include: 1. Accurate, itemized, and detailed records of all receipts and expenditures. 2. A current account and a periodic statement of the account for each member, designating the name and current address of each member who is obligated to pay assessments, the due date and amount of each assessment or other charge against the member, the date and amount of each payment on the account, and the balance due. 3. All tax returns, financial statements, and financial reports of the association. 4. Any other records that identify, measure, record, or communicate financial information. Use Agreement Road Paving Maintenance of Waterways Landscaping Lights Etc. 11 A copy of the disclosure summary described in s (1). Realtor Form Disclosure Form Below 12 All other written records of the association not specifically included in the foregoing which are related to the operation of the association. Reserve Studies 10/14/2016 3/7/2012 5/10/ /7/2007 4/27/2005 8/1/2003 Lifestyles MagPt.com Lifestyles Lifestyles (TOPS) Lifestyles Lifestyles Current 1 year 7 years Current 13 ARB Data & Approvals Lifestyles 7 years

16 Table 1 CURRENT DECLARATION OF COVENANTS, CONDITIONS, EASEMENTS AND RESTRICTIONS Phase Phase I-Amended and Restated Easements and Restrictions - 8/17/99 Phase II -Amended and Restated Easements and Restrictions - 8/17/99 Phase III -Amended and Restated Easements and Restrictions 8/17/99 Magnolia Point Golf and Country Club Phase IV- Declaration of Covenants, Conditions, Easements, and Restrictions - 1/13/2003 Magnolia Point Golf and Country Club Phase V- Supplementary Declaration of Covenants and Restrictions - 8/16/2004 Magnolia Point Golf and Country Club Phase VI -Supplementary Declaration of Covenants and Restrictions -11/1/2004 Magnolia Point Golf and Country Club Phase VII -Supplementary Declaration of Covenants and Restrictions -1/9/2006 First Amendment to Declaration of Covenants, Conditions, Easements and Restrictions for Magnolia Point Golf and Country Club Phase IV - 9/18/2006 Supplemental Declaration of Covenants, Conditions, Easements, and Restrictions for Magnolia Point Golf and Country Club Phase IV- (Magnolia Point Golf & Country Club Phase VIII A) - 1/23/2015 Supplemental Declaration of Covenants, Conditions, Easements, and Restrictions for Magnolia Point Golf and Country Club Phase IV-(Magnolia Point Golf & Country Club Phase VIII B) - 2/12/2016 Supplemental Declaration of Covenants, Conditions, Easements, and Restrictions for Magnolia Point Golf and Country Club Phase IV- (Magnolia Point Golf & Country Club Phase VIII C) - x/xx/201x Recorded in Official Records Book of File Location the public records of Clay County, Florida. Book 1816 Page 1295 MagPt.com Book 1816 Page 1311 MagPt.com Book 1816 Page 1327 MagPt.com Book 2144 Page 0358 MagPt.com Book 2421 Pages Book 2453 Pages Book 2660 Book 2793 Pages Pages Book 3716 Pages MagPt.com MagPt.com MagPt.com MagPt.com MagPt.com Book 3836 Pages 1-13 MagPt.com Book Pages

17 Table 1 (Continued) CURRENT DECLARATION OF COVENANTS, CONDITIONS, EASEMENTS AND RESTRICTIONS Golfside and Clubhouse Villas Golfside Villas I- Amended and Restated Easements and Restrictions - 8/17/99 Golfside Villas II- Amended and Restated Easements and Restrictions 8/17/99 Golfside Villas Unit III Replat - Amended and Restated Declaration of Covenants, Conditions, Easements and Restrictions 8/17/99 Golfside Villas IV- Amended and Restated Easements and Restrictions - 8/17/99 Golfside Villas V- Amended and Restated Easements and Restrictions - 8/17/99 Clubhouse Villas- Amended and Restated Easements and Restrictions Recorded in Official Records Book of File Location the public records of Clay County, Florida. Book 1816 Page 1343 MagPt.com Book 1816 Page 1359 MagPt.com Book 1816 Page 1375 MagPt.com Book 1816 Page 1343 Book 1816 Page 1391 MagPt.com Book 1816 Page 1263

18 Table 2 DECLARATION OF COVENANTS, CONDITIONS, EASEMENTS AND RESTRICTIONS CURRENT & HISTORY Phase I Phase I Easements and Restrictions (Magnolia Point Golf & Country Club Phase I) Easements and Restrictions Easements and Restrictions Easements and Restrictions Amended and Restated Declaration of Covenants, Conditions, Easements and Restrictions - 8/17/99 Recorded in Official Records Book of the public records of Clay County, Florida. Book 1025 Page Initial Book 1138 Page 116 Amended Book 1265 Page 357 Amended Book 1265 Page 361 Amended Book 1816 Page 1295 Amended and Restated Phase II Phase II Easements and Restrictions (Magnolia Point Golf & Country Club Phase II) - 3/28/88 Amended and Restated Declaration of Covenants, Conditions, Easements and Restrictions - 8/17/99 Recorded in Official Records Book of the public records of Clay County, Florida. Book 1133 Page Initial Book 1816 Page 1311 Amended and Restated Phase III Phase III Easements and Restrictions (Magnolia Point Golf & Country Club Phase III) Easements and Restrictions Amended and Restated Declaration of Covenants, Conditions, Easements and Restrictions Amended and Restated Declaration of Covenants, Conditions, Easements and Restrictions 8/17/99 Recorded in Official Records Book of the public records of Clay County, Florida. Book 1458 Page Book 1460 Page Book 1490 Page Initial Re-Recorded Amended and Restated Book 1816 Page 1327 Amended and Restated

19 Table 2 (Continued) Phases IV-VIII Magnolia Point Golf and Country Club Phase IV Easements, and Restrictions for Magnolia Point Golf and Country Club Phase IV- 1/13/2003 Supplementary Declaration of Covenants and Restrictions for Magnolia Point Phase V- 8/16/2004 Supplementary Declaration of Covenants and Restrictions for Magnolia Point Phase VI -11/1/2004 Supplementary Declaration of Covenants and Restrictions for Magnolia Point (Magnolia Point Phase VII) -1/9/2006 First Amendment to Declaration of Covenants, Conditions, Easements and Restrictions for Magnolia Point Golf and Country Club Phase IV - 9/18/2006 Supplemental Declaration of Covenants, Conditions, Easements, and Restrictions for Magnolia Point Golf and Country Club Phase VIII-A 1/23/2015 Supplemental Declaration of Covenants, Conditions, Easements, and Restrictions for Magnolia Point Golf and Country Club Phase VIII-B 2/12/2016 Supplemental Declaration of Covenants, Conditions, Easements, and Restrictions for Magnolia Point Golf and Country Club Phase VIII-C //201x Recorded in Official Records Book of the Public Records Of Clay County, Florida. Page Reference Book 2144 Page 0358 Initial Declaration Book 2421 Pages Book 2453 Pages Book 2660 Book 2793 Pages Pages Book 3716 Page First Supplemental Declaration Second Supplemental Declaration Third Supplemental Declaration First Amendment 3.9 Garages First Supplemental Declaration of First Amendment Book 3836 Page 1-13 Second Supplemental Declaration of First Amendment Book Page Third Supplemental Declaration of First Amendment Golfside Villas I Golfside Villas I Easements and Restrictions (Magnolia Point Golf & Country Club Golfside Villas) Easements and Restrictions Amended and Restated Declaration of Covenants, Conditions, Easements and Restrictions - 8/17/99 Recorded in Official Records Book of the public records of Clay County, Florida. Book 1227 Page 168 Initial Book 1250 Page 301 Re-Recorded Book 1816 Page 1343 Amended and Restated

20 Table 2 (Continued) Golfside Villas II Golfside Villas II Easements and Restrictions (Magnolia Point Golf & Country Club Golfside Villas) Easements and Restrictions Amended and Restated Declaration of Covenants, Conditions, Easements and Restrictions 8/17/99 Golfside Villas Unit III Replat Easements and Restrictions (Magnolia Point Golfside Villas Unit III Replat) Amended and Restated Declaration of Covenants, Conditions, Easements and Restrictions 8/17/99 Golfside Villas IV Easements and Restrictions (Magnolia Point Golf & Country Club Golfside Villas) Easements and Restrictions Amended and Restated Declaration of Covenants, Conditions, Easements and Restrictions - 8/17/99 Golfside Villas V Easements and Restrictions(Magnolia Point Golf & Country Club Golfside Villas V) Easements and Restrictions Amended and Restated Declaration of Covenants, Conditions, Easements and Restrictions - 8/17/99 Recorded in Official Records Book of the public records of Clay County, Florida. Book 1227 Page 168 Initial Book 1250 Page 301 Re- Recorded Book 1816 Page 1359 Amended and Restated Golfside Villas III Recorded in Official Records Book of the public records of Clay County, Florida. Book 1563 Page Initial Book 1816 Page 1375 Amended and Restated Golfside Villas IV Recorded in Official Records Book of the public records of Clay County, Florida. Book 1227 Page 168 Initial Book 1250 Page 301 Re-Recorded Book 1816 Page 1343 Amended and Restated Golfside Villas V Recorded in Official Records Book of the public records of Clay County, Florida. Book 1227 Page 168 Initial Book 1250 Page 301 Re-Recorded Book 1816 Page 1391 Amended and Restated

21 Table 2 (Continued) Clubhouse Villas Clubhouse Villas Easements and Restrictions (Magnolia Point Golf & Country Club Clubhouse Villas) Amended and Restated Declaration of Covenants, Conditions, Easements and Restrictions - Recorded in Official Records Book of the public records of Clay County, Florida. Book 1373 Page 1699 Initial Book 1816 Page 1263 Amended and Restated Property Magnolia Point PUD Approved- Clay County & Green Cove Springs City Council Magnolia Point Golf and Country Club Phase V Magnolia Point Golf and Country Club Phase VI LOTS 168, 175, 198, 199 AND 203, MAGNOLIA POINT GOLF & COUNTRY CLUB PHASE VII MAP OR PLAT RECORDED IN THE PUBLIC RECORDS OF CLAY COUNTY, FLORIDA. PAGES BOOK 45 Pages BOOK 47 Pages 1-4 BOOK 49 Pages /28/1984 Assignment of Developer's Rights for MPGCC Phase I,II, III, Villas & MP Golfside Villas Unit III from MPGCC to Magnolia Point Ventures (MPV) Assignment of Developer's Rights under a PUD approved on 5/28/1985 by Clay county pursuant to Zoning Petition Z & Green Cove Springs pursuant to City Ordinance to Magnolia Point Ventures (MPV) Approval of the Assignment of Developer's Rights in paragraph 7(d) of Assignment of Developer's Rights dated 8/13/2001 & Recorded 8/14/2001 Assignment of Developer's Rights from MPV to Dream Finders Homes 2/ / 2015 RECORDED IN PAGES THE PUBLIC RECORDS OF CLAY COUNTY, FLORIDA. Book 1966 Page 705 8/13/2001 Recorded 8/14/2001 Book 1966 Page 711 8/13/2001 Recorded 8/14/2001 Book 3430 Page /13/2001 Recorded 8/14/2001 Book Page 6/26/2015

22 DISCLOSURE SUMMARY FOR MAGNOLIA POINT GOLF AND COUNTRY CLUB 1. AS A PURCHASER OF PROPERTY IN THIS COMMUNITY, YOU WILL BE OBLIGATED TO BE A MEMBER OF A HOMEOWNERS ASSOCIATION. 2. THERE HAVE BEEN OR WILL BE RECORDED RESTRICTIVE COVENANTS GOVERNING THE USE AND OCCUPANCY OF PROPERTIES IN THIS COMMUNITY. 3. YOU WILL BE OBLIGATED TO PAY ASSESSMENTS TO THE ASSOCIATION. ASSESSMENTS MAY BE SUBJECT TO PERIODIC CHANGE. IF APPLICABLE, THE CURRENT AMOUNT IS $ PER QUARTER. YOU WILL ALSO BE OBLIGATED TO PAY ANY SPECIAL ASSESSMENTS IMPOSED BY THE ASSOCIATION. SUCH SPECIAL ASSESSMENTS MAY BE SUBJECT TO CHANGE. 4. YOU MAY BE OBLIGATED TO PAY SPECIAL ASSESSMENTS TO THE RESPECTIVE MUNICIPALITY, COUNTY, OR SPECIAL DISTRICT. ALL ASSESSMENTS ARE SUBJECT TO PERIODIC CHANGE. 5. YOUR FAILURE TO PAY SPECIAL ASSESSMENTS OR ASSESSMENTS LEVIED BY A MANDATORY HOMEOWNERS ASSOCIATION COULD RESULT IN A LIEN ON YOUR PROPERTY. 6. THERE MAY BE AN OBLIGATION TO PAY RENT OR LAND USE FEES FOR RECREATIONAL OR OTHER COMMONLY USED FACILITIES AS AN OBLIGATION OF MEMBERSHIP IN THE HOMEOWNERS ASSOCIATION. 7. THE DEVELOPER MAY HAVE THE RIGHT TO AMEND THE RESTRICTIVE COVENANTS WITHOUT THE APPROVAL OF THE ASSOCIATION MEMBERSHIP OR THE APPROVAL OF THE PARCEL OWNERS. 8. THE STATEMENTS CONTAINED IN THIS DISCLOSURE FORM ARE ONLY SUMMARY IN NATURE, AND, AS A PROSPECTIVE PURCHASER, YOU SHOULD REFER TO THE COVENANTS AND THE ASSOCIATION GOVERNING DOCUMENTS BEFORE PURCHASING PROPERTY. 9. THESE DOCUMENTS ARE EITHER MATTERS OF PUBLIC RECORD AND CAN BE OBTAINED FROM THE RECORD OFFICE IN THE COUNTY WHERE THE PROPERTY IS LOCATED, OR ARE NOT RECORDED AND CAN BE OBTAINED FROM THE DEVELOPER. DATE: PURCHASER: PURCHASER: IF THE DISCLOSURE SUMMARY REQUIRED BY SECTION , FLORIDA STATUTES, HAS NOT BEEN PROVIDED TO THE PROSPECTIVE PURCHASER BEFORE EXECUTING THIS CONTRACT FOR SALE, THIS CONTRACT IS VOIDABLE BY BUYER BY DELIVERING TO SELLER OR SELLER S AGENT OR REPRESENTATIVE WRITTEN NOTICE OF THE BUYER S INTENTION TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE DISCLOSURE SUMMARY OR PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY PURPORTED WAIVER OF THIS VOIDABILITY RIGHT HAS NO EFFECT. BUYER S RIGHT TO VOID THIS CONTRACT SHALL TERMINATE AT CLOSING.

23 New Board Selection Board of Directors Selection Process The process and procedures for identifying and voting for the members of the Board of directors are established by The Covenants, The Articles of Incorporation, The Corporation Bylaws and The State Statue 720. The following are the details provided in these documents. The governing document references are provided in parentheses. When are Board Elections For an election of the Board of Directors to be valid and binding, the election must occur at a meeting of the Members at which a quorum is present; or if the election is conducted by mail, the Association must receive as of the date established by the Board for receipt of ballots, the number of ballots representing not less than a quorum of the Members. (The Corporation Bylaws Article V Section 4) Quorum The presence at the meeting, in person or by proxy, of members entitled to cast a majority of the votes of the membership then entitled to vote shall constitute a quorum for authorization of any action, except as may otherwise be provided in the Declaration, the Articles of Incorporation, or these Bylaws. If a quorum is not present at any meeting, the members entitled to vote thereat shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present. (The Corporation Bylaws Article III Section 4) Meetings of members The annual meeting of the Members shall be held on the second Tuesday of March of each calendar year, or on such other date as may be determined by the Association's Board of Directors (the "Board"). (The Corporation Bylaws Article III Section 1) Special Meetings. Special meetings of members may be called at any time by the president or by the board of directors, or on written request of members who are entitled to vote one-fourth of all votes of the Class A membership. (The Corporation Bylaws Article III Section 2) Members Meetings Notice Written notice of each meeting of members shall be given by, or at the direction of, the secretary or other person authorized to call the meetings, by mailing a Copy of such notice, postage prepaid, at least ten (10) but not more than thirty (30) days before the meeting to each member entitled to vote, addressed to the member's address last appearing on the books of the Association, or supplied by such member to the 1

24 Association for the purpose of receiving notice. Such notice shall specify the day, hour, and place of the meeting, and in the case of a special meeting, the purpose of the meeting. (The Corporation Bylaws Article III Section 3) Number of Board Members This corporation must be managed by a Board consisting of no less than three (3), nor more than five (5) directors. (The Articles of Incorporation Article VIII Section 8.1) The number of directors who shall serve during any given year shall be determined by the Board at a duly called meeting held prior to the date that the written ballots are mailed to the members of the Association for voting. (The Corporation Bylaws Article IV Section 1) Terms of the Board Members At the first meeting of the members occurring after March 28, 2012, the majority of the directors receiving the highest number of votes shall be elected for terms of two (2) years each, and the remaining directors shall be elected for terms of one (1) year each. (The next election will meet this criterion.) Thereafter, all directors shall be elected for terms of two (2) years each. All directors shall serve until their successors are duly qualified and elected. (The Corporation Bylaws Article IV Section 2- December 11, 2012 Revision) The officers of the Association shall be elected annually by the board. Each shall hold office for a term of one (1) year unless he shall sooner resign or shall be removed or otherwise disqualified to serve. (The Corporation Bylaws Article VIII Section 3 Probably error remaining after revision above) Board Officers The officers of the corporation are elected by the Board of Directors by majority vote at the annual meeting of the Directors and shall serve until their successors are elected and qualified. (The Articles of Incorporation- Article VII Section 7.2) The election of officers shall take place at the first meeting of the board of directors following each annual meeting of members. (The Corporation Bylaws Article VIII Section 2) These two requirements are typically met by convening a Board meeting right after the member meeting to elect officers although the Articles have precedence. Board Eligibility Any adult who is a member of this corporation or could qualify as one if he or she was a member shall be eligible to be an officer of this corporation. (The Articles of Incorporation- Article VII Section 7.2) A person who is delinquent in the payment of any fee, fine, or other monetary obligation to the association for more than 90 days is not eligible for board membership. A person who has been convicted of any felony in this state or in a United States District or 2

25 Territorial Court or has been convicted of any offense in another jurisdiction which would be considered a felony if committed in this state, is not eligible for board membership unless such felon s civil rights have been restored for at least 5 years as of the date on which such person seeks election to the board. (FL Statute ) Nomination of Board Candidates The board shall appoint a nominating committee as provided in these bylaws. (The Corporation Bylaws Article IX Committees) Nomination for the election of Board members shall be made by a Nominating Committee appointed by the Board. (The Corporation Bylaws Article V Section 1) Within thirty (30) days of the date of the annual meeting the Nominating Committee shall notify the Secretary of the names of the candidates nominated for election to the Board of Directors. (The Corporation Bylaws Article V Section 2) The Nominating Committee shall make as many nominations for election to the Board as it shall in its discretion determine, but not less than the number of vacancies that are to be filled. In addition to nominations made by the Nominating Committee, any Member may nominate himself or herself for election to the Board of Directors at any time prior to the time that ballots are submitted for voting purposes. (The Corporation Bylaws Article V Section 3) Campaigning No restrictions in governing documents. Voting Rights Every Owner shall be a member of the Association. Membership shall be appurtenant to and may not be separated from title to any Lot. (Covenants Paragraph 6.1) "Owner" shall mean and refer to the record owner, whether one or more persons or entities, of a vested present fee simple title to any parcel of land or dwelling unit which is a part of Magnolia Point. (The Corporation Bylaws Article II Section 7) Each member shall have one vote for each lot owned within the Magnolia Point Development on all matters to come before the Association. (Covenants Paragraph 6.3) Vote All elections to the Board of Directors shall be made on written ballots to be voted at the annual meeting, or in the discretion of the Board of Directors, by mail, provided such ballots are mailed to the Members not less than fifteen (15) days prior to the date fixed for the annual meeting. Written ballots shall be in such form as the Board of Directors shall prescribe from time to time, including ballots that are susceptible to being counted by electronic means. The ballots shall describe the vacancies to be filled by the 3