DECLARATION Of CONDO/1/441N1VM FOR DOWNWIND HANGARS CONDOM1N1IVM. 02/11/ :46 AM Instrument! Book; 5490 Page: 3758

Transcription

1 02/11/ :46 AM Instrument! Book; 5490 Page: 3758 This ingsument was-prepared by And is to be returned to: Name: Ronald N. Johnson Attorney-at-Law Address: 326 go. Grandview Ave. Daytona Beach, FL DECLARATION Of CONDO/1/441N1VM FOR DOWNWIND HANGARS CONDOM1N1IVM

2 - Build Book: 5490 Page: 3759 TABLE Of CONTEldTS TO DECLARATION Of CONDOMINIUM OF DOWNWIND HANGARS CONDOMINIUM Provision Page 1. NAME 1 2. DEFINITIONS 1 3. DESCRIPTION, BOUNDARIES AND RELATED ITEMS 3 4. COMMON ELEMENTS 5 5. LIABILITY FOR COMMON EXPENSES AND INTEREST IN COMMON SURPLUS 6 6. MAINTENANCE, REPAIR AND REPLACEMENT: CHANGES, IMPROVEMENTS AND ADDITIONS: CONDOMINIUM PROPERTY 6 7. ASSESSMENTS 7 S. ASSOCIATION 8 9, INSURANCE USE RESTRICTION COMPLIANCE AND DEFAULT AMENDMENTS TERMINATION SEVERABILITY TITLE AND CAPTIONS PERSON AND GENDER ENFORCEMENT BY ST. JOHN'S RIVER WATER MANAGEMENT DISTRICT to DECLARATION Of CONDOMINIUM Of DOWNWIND HANGARS CONDOMINIUM "A" Page 1 Legal Description Pages 2 & 3 Survey Page through 13- Unit Dimensions - ing Elevations Page 5 Site/Plot Plan "B" ARTICLES OF INCORPORATION OF DOWNWIND HANGARS CONDOMINIUM ASSOCIATION, INC. "C" BY-LAWS OF DOWNWIND HANGARS CONDOMINIUM ASSOCIATION, INC. "D" UNIT OWNERS SHARE OF COMMON EXPENSES, COMMON ELEMENTS AND COMMON SURPLUS "E" ESTIMATED OPERATING BUDGET FOR DOWNWIND HANGARS CONDOMINIUM ASSOCIATION, INC. "F" CERTIFICATE OF DEVELOPERS CONDOMINIUM LAND INTEREST "G" PURCHASE AGREEMENT, ESCROW AGREEMENT AND RECEIPT FOR CONDOMINIUM DOCUMENTS

3 Page: 3760 This instrurnoit was prepared by And isto be returned to: Name: Ronald N. Johnson Aftomey-at-Law Address: 326 So. Grandview Ave Daytona Beach, FL DECLARATION Of. CONDON-VMS/NA Of DOVVNVV1ND HANGARS CONDOM1N1VM M & S OF SPUCE CREEK DEVFIT OPMENTS, LLC, a Florida corporation, being the owner of fee simple record title to that certain land located and situated in Volusia County, Florida, such land being more particularly described and identified on page 1 of Exhibit "A" to this Declaration of Condominium, does hereby submit that land and the improvements to be constructed on it to the condominium form of ownership, pursuant to the applicable provisions of Chapter 718, Florida Statutes, hereinafter Condominium Act, and pursuant to the terms and provisions of this Declaration of Condominium, ("the Declaration"). 1. Name and Address. The name by which this Condominium is to be identified is DOWNWIND HANGARS CONDOMINIUM and is located at Spruce, Creek Fly-In at Cessna Boulevard, Daytona Beach, Florida Definitions. The following words and terms used in this Declaration and in its exhibits, including, but not limited to the Articles of Incorporation and By-Laws of Downwind Hangars Condominium Association, Inc. shall be defined as follows, unless the context otherwise requires: 2.1 Association. Association means Downwind Hangars Condominium Association, Inc., a nonprofit Florida corporation. 2.2 Common Elements. Common Elements means the portions of the Condominium Property not included in the Units, including, but not limited to, the following:. (a) Easements through Units for conduits, ducts, plumbing, wiring and other facilities for the furnishing of Utility Services to multiple Units or the Common Elements. (b) The property and installations including the irrigation system required for furnishing of Utility Services or other services to more than one Unit or to the Common Elements. (c) The exterior surface of Buildings including the building support beams, and exterior surfaces of doors, window frames and hangar doors. (d) The retention area, driveways, parking area and the taxiways and aprons which connect to the Units, all as shown on Exhibit "A", attached hereto. 1 Declaration of Condominium

4 Page: Common Expenses. Common Expenses means all expenses and assessments properly incurred by the Association for the Condominium including, but not limited to, the following: Property. (a) Expenses of administration and management of the Condominium (b) Expenses of maintenance, operation, repair or replacement and betterment of and insurance upon the Common Elements. (c) Costs and expenses of capital improvements and betterments and/or additions to the Common Elements. (d) The expenses of administration and management of the Association as hereinafter set forth and as set forth in the Articles of Incorporation, and By-Laws of the Association. (e) Expenses declared Common Expenses by the provisions of this Declaration, the Articles of Incorporation and By-Laws of the Association. Any valid charge against the Condominium Property as a whole. 2.4 Condominium. Condominium means that form. of ownership of real property which is created pursuant to the provisions of the Condominium Act, and which is comprised of Units that may be owned by one or more persons. There is appurtenant to eaoh Unit an undivided share in the Common Elements. 2.5 Condominium Parcel. Condominium Parcel means a Unit together with the undivided share in the Common Elements which is appurtenant to the Unit, and any Limited Common Elements or share thereof appurtenant to the Unit. 2.6 Condominium Property. Condominium Property means the land, and personal property that are subject to Condominium ownership, whether or not contiguous, all improvements thereon, and all easements and rights appurtenant thereto intended for use in connection with the Condominium. 2.7 Developer. Developer means the property owner, M & S OF SPRUCE CREEK DEVELOPMENTS, LLC. 2.8 Surface Water or Stormwater Manazement System. Surface Water of Stormwater Management System means a system which is designed and constructed or implemented to control discharges which are necessitated by rainfall events, incorporating methods to collect, convey, store, absorb, inhibit, treat, use or reuse water to prevent or reduct flooding, over-drainage, environmental degradation, and water pollution or otherwise affect the quantity and quality of discharges from the system, as permitted pursuant to Chapters 40C-4,40C- 40, or 40C-42, F.A.C. 2 Declaration of Condominium

5 Page: ,9 Unit. Unit means a part of the Condominium Property which is subject to exclusive ownership Unit Owner. Unit Owner means the record owner of a Condominium Parcel and includes Developer, so long as he shall own any Condominium Parcel Utility Services. Utility Services shall include, but not be limited to, electric power, gas, heating and air conditioning, garbage, sewage disposal, storm drainage, telephone, water and cable television. All expenses for utility services serving individual Units shall be individually metered and borne by individual Unit Owners Very Substantial Loss or Damage. Very Substantial Loss or Damage means loss or damage whereby two thirds or more of the Units are rendered untenantable and/or loss or damage whereby two thirds or more of casualty insurance coverage becomes payable Limited Common Elements. Limited Common Elements means those certain portions of the common elements limited to the exclusive use and enjoyment of a Unit Owner as well as all exterior walls and roofs of the dwellings and hangars. Additionally, the common wall connecting the hangars as well as the hangar doors and garage doors shall be considered as Limited Common Elements. Unit owners shall have the reasponsibility for the maintanence of the Limited Common Elements inside and adjacent to their units with the exception of the walls, roofs and doors described above which shall be maintained and replaced by the Association Spruce Creek Property Owner's Association, Inc. Spruce Creek Property Owner's Association, Inc. is the homeowners association created by the Declaration of Covenants and Restrictions of Fly-In Spruce Creek, Inc. Subdivision and all amendments thereto recorded in the public records of Volusia County, Florida. The Developer's land as described in the attached Exhibit "A" is hereby subjected to the original Declaration of Covenants and Restrictions of the Fly-In Spruce Creek, Inc. subdivision and any amendments thereto. 3. Description, Boundaries and Related Items. 3.1 Surveyed Graphic Description and Not Plan. Attached to and made a part of this Declaration, as Exihibt "A", is a survey of the land and site plan and other graphic exhibits, showing the proposed improvements. 32 Changes To Boundaries and Unit Dimensions. Developer reserves the right to make non-material changes to the boundaries between or among units so long as Developer owns the units so changed; to decrease or increase the number of units only prior to the recording of this Declaration or only prior to the closing and conveyance of the first unit to a buyer; and to change to the boundaries of the Commmon Elements when the unit boundaries are being changed, and to amend the Declaration to effect such changes. Any amendment for such purpose need be signed and acknowledged only by the Developer, and shall not require the approval of Unit Owners or of the Association. After Developer has sold all Units in the Condominium, Unit boundaries can only be changed with the unanimous approval of the Board of 3 Declaration of Condominium

6 Page: 3763 Directors and the written and acknowledged approval of the owners of seventy-five (75%) percent of the Units, including the Owners of any Units sharing a common wall with the Unit for which the change is proposed and the first mortgagees of record of any affected Units. The approval ofthe Unit owner applying for the change may be included in computing the seventy-five (75%) percent. 3.3 Easements. Each of the following easements is reserved and shall exist under, through and over the Condominium Property as applicable and shall run with the land of the Condominium. (a) Utilities. The Developer reserves the right to grant such easements as may be required for the finishing of Utility Services or other services to service the Condominium Property. Utility easements are reserved through the Condominium Property as may be required for utility services in order to adequately serve the condominium, provided, however, such easements through a Unit shall be only according to the plans and specifications for the building containing the Units, or as the building is constructed, unless approved in writing by the Unit Owners. A Unit Owner shall do nothing within or outside his Unit that interferes with or impairs the Utility Services using the easements. (b) Encroachments. In the event that any Unit shall encroach upon any of the Common Elements or upon any other Unit for any reason other than the intentional or negligent act of the Unit Owner, or in the event any Common Element shall encroach upon any Unit, then an easement shall exist to the extent of such encroachment, so long as the same shall exist. (c) Developer. Easements, including, but not limited to, ingress and egress, are hereby reserved to Developer and shall exist under, through, and over the Condominium Property as may be required by Developer for the completion of the contemplated improvements and the sale of the Units Neither the Unit Owners, nor the Association, nor the use of the Condominium Property shall in any way interfere with the completion of sales. Any easement right the developer may have to a specific unit shall terminate upon the conveyance of such unit. The developer reserves unto himself; his successors, heirs and/or assigns an exclusive 50 x 50 foot easement over and upon the land which lies westerly from the west boundary line of unit No. 10, as shown on the site/plot plan attached to the Declaration of Condominium as Exhibit "A" page 5, for the purposes of parking of air craft, jet fuel truck or tank, construction of a fuel storage tank and gas pumps for the personal use of the developer. (d) Access. A non-exclusive easement shall exist for ingress and egress over the rights of way serving the Units as necessary to provide access to Cessna Boulevard. The Association shall have a reasonable right of entry into any Unit to make emergency repairs and to do work reasonably necessary for the proper maintenance and operation of the Condominium. (e) Licenses and Easements. The Association shall have the right to grant permits, licenses, and easements over, under and upon the common elements for utilities, 4 Declaration of Condominium

7 Page: 3764 location of heating and air conditioning equipment, and other purposes reasonably necessary or useful for the proper maintenance or operation of the project. 3.4 Improvements. General Description. (a) Units. The Condominium shall consist of two (2) buildings as shown on Exhibit "A". Subject to the Developers rights to alter boundaries under paragraph 3.2 hereof as depicted on the site plan, the buildings shall consist of and contain Units 1 through 10. (b) Other Improvements. The Condominium Property contains other improvements, including, but not limited to, taxiway and access ramps all of which are located substantially as shown on Exhibit "A". 3.5 Unit Boundaries. The boundaries of each Unit are shown on Exhibit "A" and a narrative description of such boundaries is as follows: (a) Upper Boundary. The upper boundary of each Unit shall he the underside of the undecorated ceiling of the building within which the Unit is located, extending to intersections with each part of the perimetrical boundaries of the individual Unit. Structural members shall be common elements and not part of a Unit, even if located within a Unit. (b) Lowcr Boundary. The lower boundary of each Unit shall be the lower surface of the slab which constitutes the floor of the Unit extending to intersections with each part of perimetrical boundaries of the individual Unit. (c) Perimetrical Boundaries. The exterior perimetrical boundary of each Unit shall be the vertical plane formed by each part of the unfinished interior surface of the walls, extending to an intersection with each other, and extending to an intersection with the upper and lower boundaries. 3.6 Common Elements. The Common Elements shall include the portions of the Condominium Property not included in the Units, as defined in Paragraph 5 and as shown in Exhibit "A". 3.7 Dimensional Reguirements. The following requirements shall apply to the Condominium Property. References in this paragraph to a "street or "exterior taxiway" refer to streets or taxiways lying outside of the Condominium Property. (a) Front Yard: All buildings shall be setback a minimum of ten (10) feet from any lot line which abuts a street or exterior taxiway. (b) Building height: Building height shall be limited to a maximum of thirty-five (35) feet above the taxiway. (c) Site Coverage: All buildings and structures placed on the Condominium Property shall not cover more than forty percent (40%) of the buildable area of Condominium Property. 5 Declaration of Condominium

8 Page: Unit Owner's Percentage Interest in Common Etemeots. A percentage interest in the Common Elements shall be an appurtenance to each Unit as shown on Exhibit "D" to the Declaration. 5. Liability for Common Expenses and Interest in.common Surplus. Each Unit Owner of a Unit shall be liable for that unit's respective percentage share of the Common Expenses, and shall own a percentage share in the common surplus. Such Interest in the common surplus does not, however, include the right to withdraw, require payment or distribution of the common surplus. 6. Maintenance- Revak and Replacement: Changes. Imnrovements and Additions: Condominium Proyerty. Responsibility for the maintenance, repair and replacement of the Condominium Property and restrictions, upon changes, improvements and additions to it shall be as follows: 6.1 Maintenance, Repair and Replacement - Association. The Association shall be responsible for the maintenance, repair and replacement of the Common Elements including the walls and roof of each Unit. The Association shall further be responsible for all incidental damage, to a Unit by reason of any maintenance repair or replacement undertaken by it. All costs associated with the Association's responsibilities of maintenance repairs and replacement shall be a Common Expense. 6.2 Maintenance, Repair and Replacement - Unit Owners. Each Unit owner shall at his own expense be totally responsible for the maintenance, repair and replacement of all parts of his Unit not considered Common Property. This shall include, but not be limited to maintenance, repair and replacement of all fixtures, mechanical and electrical equipment, such as heating, all interior finishes and air conditioning systems, hangar door motors or cables, garage door openers or equipment and any other item of equipment servicing such Units. Unit Owners shall further be responsible for maintenance, repair and replacement of the windows (provided that any maintenance, repair, or replacement shall not result in a change to the exterior appearance of the Unit different from its appearance as originally constructed). Whenever maintenance, repair or replacement for which a Unit Owner is responsible results from loss or damage which is covered by insurance maintained by the Association, the proceeds of such insurance received by the Association shall be used for the purpose of any such maintenance, repair or replacement, and the Unit Owner shall be required to pay such part of the cost of such maintenance, repair or replacement that exceeds the amount of the insurance proceeds applicable to such maintenance, repair or replacement. 6.3 Changes, Improvements and Additions - Association. After completion by Developer of the improvements to the Condominium Property and except as otherwise provided below, the Association shall have the right to make or cause to be made changes, improvements or additions to the Common Elements, provided any such changes, improvements or additions are approved by the Spruce Creek Property Owners' Association Architectural Review Committee, the Board of Directors of the Association and, if costing more than Three 6 Declaration of Condominium

9 Page: 3766 Thousand Dollars ($3,000), a majority of the Unit Owners. The cost of any such changes, improvements or additions shall be a Common Expense. This paragraph shall, however, have no application to the rights vested in Developer pursuant to the provisions of Paragraphs 3.2 and 3.3 hereof 6.4 Changes, Improvements and Additions - Unit Owners. Except as otherwise provided herein, a Unit Owner may at his own expense make such changes, improvements or additions to his Unit as he may desire, except that a Unit Owner shall not make any changes, improvements or additions to the exterior of his Unit, (i.e., that portion exposed to the elements) which will result in a change in the appearance of the Unit as originally constructed unless such change is approved in writing by the Spruce Creek Property Owners' Associatibn Architectural Review Committee, the Developer so long as he owns any Units, and by Owners of Seventy-five percent (75%) of all Units in the Condominium including the Owner of any Unit sharing a common wall with the Unit for which the change is proposed. Unit Owners may alter or improve the interior space without approval of the Association, provided that any such alteration will not pierce, penetrate, or move the common wall between Units and also provided that all such alterations otherwise comply with all requirements of the Association, Spruce Creek Property Owners' Association, the County, State, and any other applicable governmental authority or agency. No Unit may be subdivided for sale or lease and each Unit must be sold or leased in its entirety. 6S Landscaping Association. Any unpaved, unimproved Common Area shall be landscaped with ground cover, shrubs and/or trees. The Association shall be responsible for the maintenance, repair and replacement of said landscaping. All costs associated with the Association's responsibilities with respect to landscaping shall be a Common Expense. 7. Assessments. The Board of Directors of the Association shall fix and determine from time to time the sum or sums of money necessary and adequate to provide for the Common Expenses and shall assess the Unit Owners for these sums. The procedure for the making and collection of such assessments shall be set forth in the By-Laws of the Association. All assessments shall be the personal obligation of each Unit owner, and each Unit Owner, regardless of how title is acquired, including a purchaser at a judicial sale, shall be liable for all assessments coming due while he is the Unit Owner, including interest on the assessment, as hereinafter provided, and all costs incident to its collection thereof including attorney's fees at trial or on appeal. In a voluntary conveyance, the grantee shall be jointly and severally liable with the grantor for his share or all assessments up to the time of conveyance, without prejudice to any right the grantee may have to recover from the grantor the amounts paid by the grantee. 7.1 Interest, Application of Payments. All assessments and installments thereon not paid when due shall bear interest at the rate of eighteen percent (18%) per annum from the date when due until paid. In addition, any payment not received by the Association within fifteen (15) days of the due date shall be subject to a five percent (5%) late charge. All payments on account shall be first applied to late charge, then to interest, and then to the assessment payment first due. 7 Declaration of Condominium

10 Page: Lien of Assessments. The Association shall have a lien against each Condominium Parcel for any unpaid assessments and for interest accenting thereon, which lien shall also secure reasonable attorney's fees incurred by the Association incident to the collection of any such assessment or enforcement of such lien, whether or not legal proceedings are initiated. As to all mortgages, the lien is effective from and after recording of a claim of lien in the Public Records of Volusia County, Florida, stating the description of the Condominium Parcel the name of the Unit Owner, the amount due and the due dates. As to all others, the lien shall be effective as of the date of recording this Declaration. No lien shall continue for a longer period than one (1) year after the claim of lien has been recorded unless within that time an action to enforce the lien is commenced in a court of competent jurisdiction. Such Claim of lien shall be signed and acknowledged by an officer of the Association. Upon full payment, the party making payment shall be entitled to a recordable satisfaction of lien to be prepared and recorded at his expense. The Association's lien may be enforced in the same manner as foreclosure of a mortgage on real property, and the Association may also, at its option, sue to recover money judgments for any unpaid assessments without thereby waiving the lien securing the same. A first mortgagee who acquires title to a Unit as a result of foreclosure of the first mortgage or as a result of a deed given in lieu of foreclosure is liable for the unpaid assessments that became due prior to the mortgagee's acquiring title. However, the mortgagee's liability shall not exceed six (6) months of assessments accrued prior to the acquisition of title or one percent (1%) of the original mortgage debt, whichever is less. The unpaid share of Common Expenses or any special assessments are collectible from all of the Unit owners including such acquirer, his successors and assigns. A mortgagee acquiring title to a Condominium Parcel as a result of foreclosure, or a deed in lieu of foreclosure, may not during the period of its ownership of such Condominium Parcel, whether or not such Condominium Parcel is unoccupied, be excused from the payment of the Common Expenses or any special assessments coming due during the period of such ownership. 7.3 Commencement of Assessments. Assessments for Common Elements Expenses shall commence on the first day of the month next succeeding the date of closing the first Condominium Parcel purchase, except for the Developer, who shall begin to pay assessments on Developer owned constructed Units on the earliest to occur of the following: (a) the date on which Unit Owners other than Developer elect a majority of the Board of Directors; or (b) the first day of the first month following the third (3rd) anniversary of the closing of the first Condominium Parcel purchase; or (c) at such earlier date as Developer may elect. The assessment for common expenses of the Condominium imposed upon the Unit Owners other than the Developer during said period shall not exceed the amount set forth in the Estimated Budget, see Exhibit 'E" to the Declaration. Developer must pay any amount of common expenses incurred during that period which is not produced by the assessment level guaranteed above. 8. Association. The operation of the Condominium shall be by Tailwind Hangars Condominium Association, Inc., a corporation not-for-profit under the laws of the State of Florida. Each Unit Owner shall hold membership in the Association and an interest in the funds and assets held by the Association. Membership of each Unit Owner in the Association shall be 8 Declaration of Condominium

11 Page: 3768 acquired pursuant to the provisions of the Articles of Incorporation and By-Laws of the Association. The interest of each Unit Owner in the fluids and assets of the Association shall be in the same proportion as the liability of each Unit Owner for Common Element Expenses. The Association shall fulfill its functions pursuant to the following: (a) (b) Condominium Act. This Declaration of Condominium (c) The Articles of Incorporation of the Association, a copy of which is attached hereto and made a part hereof as Exhibit "B". (d) The By-Laws of the Association, a copy of which is attached hereto and made a part hereof as Exhibit "C". (e) The Declaration of Covenants and Restrictions of Fly-In Spruce Creek, Inc., and the Articles of Incorporation and Bylaws of the Spruce Creek Property Owner's Association, Inc., as such may be amended from time to time. 8.1 Restraint Upon Assignment of Shares and Assets. The share of a member in the fluids and assets of the Association cannot and shall not be assigned, hypothecated or transferred in any manner except as an appurtenance to his Condominium Parcel. 8.2 Membership in Association and Voting Rights. The members of the Association shall consist of all record owners of Units in the Condominium. On all matters in which the membership shall be entitled to vote, there shall be one vote appurtenant to each Unit. 9. Insurance. The Board of Directors shall maintain full replacement value insurance on all Common Elements, Limited Common Elements, Condominium Property and Units excluding, however, coverage for personal property of the unit owner contained in the owner's unit and defined as follows: 9.1 Liability Insurance. The Board of Directors of the Association shall obtain public liability and property damage insurance covering all of the common elements, and insuring the Association, the Unit Owners, as its and their interest appear, in such amount and providing such coverage as the Board of Directors of the Association may determine from time to time. Premiums for the payment of such insurance shall be paid by the Association and such premiums shall be a Common Expense. 9.2 Casualty Insurance. The Board of Directors shall obtain fire and extended casualty insurance on all the Common Elements in like amount. Insurance coverage shall be for protection against: (a) Loss or damage by fire or other hazards covered by a standard extended coverage endorsement, and 9 Declaration of Condominium

12 Page: 3769 (b) Such other risks as from time to time shall be customarily covered with respect to buildings, construction, location and use of the buildings on the land, including, but not limited to, insurance covering fire, vandalism, malicious mischief. When appropriate and possible the policy shall waive the insurers' rights to: (1) individually and as a group; Subrogation against the Association and against the Unit Owners (2) The prorata clause that reserves to the insurer the right to pay only a fraction of any loss if other insurance carriers have issued coverage upon the same risk; (3) Avoid liability for a loss that is caused by an act of the Board of Directors of the Association or by a Member of the Board of Directors of the Association or by one or more Unit Owners. The Unit Owners shall also obtain liability insurance covering their respective Units. (4) In determining the amount and type of insurance to secure and the company or companies from whom to secure insurance, the Board of Directors may rely on the recommendations of any licensed insurance agent. 9.3 Loss Payable Provisions. (a) All hazard policies purchased by the Association, shall be for the benefit of the Association and all Unit Owners, and their first mortgagees of record, as their interest may appear. Such policies shall be deposited with the Association, and the policies and any proceeds thereof will be held in accordance with the terms hereof These policies shall provide that all insurance proceeds payable on account of loss or damage shall be payable to the Association. Mortgagee endorsements for first mortgages of record shall be issued as to said policies upon written request from the Owner or mortgagee. It shall be the duty of the Association to receive such proceeds as are paid, and hold the same in trust for the purposes elsewhere stated herein, for the benefit of the Association and the Unit Owners and their respective first mortgagees of record. 9.4 Affirmative Duty to Repair. Unless a determination is made, in the manner set forth below, not to restore the improvements, the Unit owners shall have affirmative duty to repair and replace their respective Units to their original condition and the Association shall have an affirmative duty to repair the Common Elements to their original condition. If there is Very Substantial Loss or Damage, the Condominium shall be terminated unless Owners of sixty percent (60%) of the Units and the holders of all first mortgages on Units whose owners favor continuing the Condominium elect in writing within sixty (60) days after the casualty to continue the Condominium. 9.5 Distribution of insurance Proceeds for Repair. Insurance Policy proceeds received by the Association shall be expended or disbursed in the following manner: (a) Reconstruction or Repair. If the loss or damage for which the proceeds were paid is to be repaired or reconstructed, as hereinafter provided, the insurance proceeds shall be 10 Declaration of Condominium

13 Page: 3770 applied to the reconstruction of the Common Elements, with any insurance proceeds remaining after defraying the costs of construction (including surveying, architectural and other like costs associated with the reconstruction) being distributrd in equal shares to Unit Owners and their mortgagees of record payable jointly to them. This is a covenant for the benefit of any mortgagee of record of a Unit and may be enforced by such mortgagee. (b) Failure to Reconstruct or Repair. If the loss or damage for which the proceeds are paid shall not be repaired or reconstructed, the proceeds shall be disbursed in equal shares to Unit Owners and their mortgagees of record being payable jointly to them. This is a covenant for the benefit of any mortgagee of record of A Unit and may be enforced by such mortgagee. In the event of loss or damage to personal property belonging to the Association and should the Board of Directors of the Association determine not to repair or replace such personal property, the proceeds shall be disbursed to the beneficial owners as surplus, in the manner elsewhere stated herein. (c) Certificate. Prior to making any distribution to Unit Owners and their mortgagees, the Association shall prepare or cause to be prepared a certificate with the names of the Unit Owners and their mortgagees of record, such certificate to be approved in writing by an attorney authorized to practice law in the State of Florida, or a title insurance company or abstract company authorized to do business in the State of Florida, prior to any distributions being made. (d) Assessments for Repair and Reconstruction. If the proceeds of insurance are not sufficient to defray the estimated cost of repair or reconstruction or if at any time during repair or reconstruction, or upon completion of repair or reconstruction, the funds for payment of the cost of repair or reconstruction are insufficient, an assessment shall be made against all Unit Owners in the case of damage to Common Elements, in sufficient amount to provide funds for the payment of such costs. Such assessment against Unit Owners for damage to Common Elements shall be in proportion to each Unit Owner's share of Common Elements. (e) Surplus. It shall be presumed that the first monies disbursed in payment of costs of repair or reconstruction shall be from the insurance proceeds, and if there is a balance in the funds after the payment of all costs of repair or reconstruction any remaining insurance proceeds shall be disbursed in accordance with subsection (a) above, and any remaining balance shall be distributed to the Owners in proportion to their respective payments of assessments pursuant to Paragraph 9.5(d) above. (I) Plans and Specifications. Any repair or reconstruction must be substantially in accordance with the plans and specifications for the origin Building, or as the Building was last repaired or reconstructed. 9.6 Workmen's Compensation Plan. Policies of workmen's compensation insurance shall be obtained by the Association to meet the requirements of law. 9.7 Other Insurance. The Association is authorized to obtain such other insurance as the Board of Directors of the Association shall determine from time to time to be desirable. The Board of Directors of the Association may obtain insurance policies, as provided 11 Declaration of Condominium

14 Page: 3771 under this Paragraph 9, which contain such deductible clauses as the Board of Directors determines. 9.8 Insurance Companies. Insurance companies authorized to do business in the State of Florida shall be affirmatively presumed to be good and responsible companies, and the Board of Directors of the Association shall not be responsible for the quality of financial responsibility of any insurance companies licensed to do business in the State of Florida. 10. Use Restrictions. The use of the Condominium Property shall be in accordance with the following provisions as long as the Condominium exists: 10.1 Units. The purpose and intent of this commercial area in Spruce Creek is to allow commercial facilities which reflect the varied lifestyles contained within the Spruce Creek PUI) and to provide services in such a manner that will not adversely affect the property value and Lifestyle of the owners of residential units. Each of the Units shall be occupied only as a single commercial Unit by the Unit Owner, his or her guests, invitees, and lessees, and in the case of lessees, their families, guests and invitees, provided however, that no Unit shall be occupied by, or operated for the following: (a) Flight school/flight training; or (b) Vehicular sales or repairs (other than aircraft). (c) A Unit Owner may conduct more than one business within his Unit, provided that the Unit Owner is the controlling principal of all businesses so conducted. So long as Developer owns a Unit, it or its agents may utilize a Unit or Units for a sales office, a model Unit or any other usage for the purpcse of selling Units. 102 Use of Common Elements. The Common Elements shall be used only for the purpose for which they are intended in the furnishings of services and facilities to the Units and the Unit Owners. No Unit Owner shall utili7e the common elements in a manner that infringes upon the rights of other Unit Owners. The Association shall have the right to remove or relocate any item, vehicle or plane which is obstructing the use of the common area without liability to the owner thereof and the owner shall be liable for any costs incurred by it in such relocation or removal Nuisances. No nuisances shall be allowed upon the Condominium Property, nor any use or practice that unreasonably annoys other owners or which interferes 'with the peaceful possession and proper use of the Condominium Property by its owners and occupants. All parts of the Condominium property shll be kept in a clean and sanitary condition, and no rubbish, refuse or garbage allowed to accumulate nor any fire hazard allowed to exist. No Unit Owner shall permit any use of his Unit or make any use of the Common Elements that will increase the cost of insurance upon the Condominium Property. No activity shall be allowed that 12 Declaration of Condominium

15 Page: 3772 violates any general use restriction for commercial areas as outlined in the commercial restrictions which are set forth in the Declaration of Covenants and Restrictions for Fly-In Spruce Creek, Inc Lawful Use. Na immoral, improper, offensive or unlawful use shall be made of the Condominium Property nor any part of it, and all valid laws, zoning ordinances and regulations of the governmental bodies having jurisdiction shall be observed Signs. No "For Sale" or "For Rent" signs or any other type of sign or other displays or advertising whatsoever shall be maintained on any part of the Common Elements, or the Units. Only one identification sign shall be permitted on the exterior of each Unit not to exceed five (5) feet by three (3) feet, provided that the sign is affixed to the exterior of the building facing the condominium taxiway and is approved by the Board of Directors and by the Spruce Creek Property Owners' Association Architectural Review Committee as being compatible with the general decor and existing signage. Notwithstanding the foregoing the right is specifically reserved to the Developer to place "For Sale" or "For Rent" signs in connection with any unsold or unoccupied Units it may from time to time own on Units or the common elements Rules and Regulations. Rules and Regulations concerning use of the Condominiun Property shall be made by, and may be amended from time to time by the Board of Directors of the Association in the manner provided by its Articles of Incorporation and By-Laws (the "Rules and Regulations"), provided however, that notwithstanding the provisions of any Rules and Regulations which may be so promulgated, no land,or structure upon the Condomium Property shall be used or occupied in any manner which would create an unreasonably hazardous, dangerous or injurious condition. The Rules and Regulations shall not interfere with or be contray to the rules and regulations of the Spruce Creek Airport Authority as such may be adopted from time to time by the Spruce Creek Property Owners' Association Board of Directors. Copies of the Rules and Regulations and amendments thereto shall be furnished by the Association to all Unit Owners and Occupants of the Units upon request Garbage. There is no common garbage collection area and each unit owner shall provide their own garbage receptacle and area Exterior Modifications. No television or radio antennas or towers of any nature shall be erected outside of any Unit. There also shall be no fences or window air conditioning units visible from the exterior of the Unit. No permanent or temporary air conditioner components shall be permitted on or adjacent to any building unless such is screned from view by a permanent wall or landscaping of sufficient height. No change shall be made to the exterior of any Unit without prior written approval of the Board of Directors and the Architectural Review Committee of Spruce Creek Property Owners' Association, which authority shall have final approval. 13 Declaration of Condominium

16 Page: Parking. No vehicles shall be parked or stored on the Condominiun property except as provided in this paragraph. Vehicles belonging to Unit Owners, lessees, tenants or employees and guests shall be. parked only in those areas specifically designated for parking by the Association, as shown on the site/plot plan attached as Thdibit "A" to the Declaration of Condominum. No boats, RV's, mobile homes, campers, trailers or comparable vehicles shall be parked or stored on the Condominium property except inside the Units. No overnight parking shall be permitted in the parking spaces. The obstruction of any roadway, taxiway, and/or apron connecting the taxiways to the Units, whether by vehicle or otherwise, shall not be permitted at any time. In no event shall any Unit Owner, tenant, employee, guest, lessee, other than as provided herein, or any other person park or store a vehicle on the common property of the Condominium, or on the Spruce Creek Property Owners' Association property. Vehicles parked in contravention of this section may be towed at the owner's expense Developer's Use. Until such time as Developer has completed all the contemplated improvements of the Condominium and closed the sale of all the Condominium Parcels, neither the Unit Owners nor the Association, nor the use of the Condominium Property shall interfere with the completion of the contemplated improvements and the sale of the Condominium Parcels. Developer May make such use of any unsold Units, and the Common Elements as may facilitate such completion and sale, including, but not limited to, maintenance of a sales office, showing of the Units, and the display of signs Utilities. Each Unit Owner shall be responsible for the utilities serving his Unit. All utilities serving individual Units shall be separately metered Membership in Other Associations. All Unit Owners in Downwind Hangars Condominium shall also be members of Spruce Creek Property Owner's Association and each Unit shall be subject to one assessment levied by Spruce Creek Property Owner's Association, Inc. Failure to pay such assessments may result in a lien upon the Unit of the defaulting member as set forth in the Declaration of Covenants and Restrictions of Fly-In Spruce Creek, Inc. Subdivision as recorded in Official Records Book 1739, Page 1093, Public Records of VoIusia County, Florida and the Supplements thereto Surface Water or Stormwater Management System. The Association shall be responsible for the maintenance, operation and repair of the surface water or stormwater management system. Maintenance of the surface water or stormwater management system(s) shall mean the exercise of practices which allow the systems to provide drainage, water storage, conveyance or other surface water or stormwater management capabilities as permitted by the St. Johns River Water Management District. The Association shall be responsible for such maintenance and operation. Any repair or reconstruction of the surface water or stormwater management system shall be as permitted, or if modified as approved by the St. Johns River Water Management District. 14 Declaration of Condominium

17 Page: Compliance and Default. Each Unit Owner shall be governed by and shall comply with the terms and provisions of the Condominium Act applicable to non-residential condominiums, this Declaration, the Articles of Incorporation and By-laws of the Association and the Rules and Regulations adopted pursuant thereto, as they all may be amended from time to time. Failure of a Unit Owner to comply shall entitle the Association or any other Unit Owner to, maintain an action, either legal or equitable, to require compliance. The prevailing party in such action shall be entitled to recover reasonable attorneys' fees, including those incurred in any appeal Negligence. A Unit Owner shall be liable for the expense of any maintenance, repair or replacement rendered necessary by his act or neglect, or the act or neglect of any member of his family, his guests, employees, agents, invitees or lessees, but only to the extent that such expenses are not met by the proceeds of insurance carried by the Association No Waiver of Rights. The failure of the Developer, the Association or any Unit Owner to enforce any covenant, restriction or other provision of the Condominium Act, this Declaration, the Articles of Incorporation and By-Laws of the Association, or the Rules and Regulations of the Association shall not constitute a waiver of the right to do so thereafter. 12. Amendments. Except as otherwise provided in the Declaration and the Exhibits thereto, amendments to this Declaration shall be proposed and adopted in the following marmer: 12.1 Notice. Notice of the subject matter of a proposed amendment shall be included in the notice of any meeting at which a proposed amendment is to be considered itesolution. A resolution for the adoption of a proposed amendment may be proposed either by the Board of Directors of the Association or by the members of the Association entitled to vote at an Association meeting. Such members may propose such an amendment by instrument in writing directed to the president or secretary of the Association signed by a majority of such members. Amendments may be proposed by the Board of Directors by action of a majority of the Board of Directors at any regular or special meeting thereof. Upon an amendment being proposed as herein provided, the secretary of the Association shall call a special meeting of the members of the Association to be held not sooner than twenty (20) days nor later than sixty (60) days thereafter for the purpose of considering said amendment. Such amendment must be approved by the affirmative vote of sixty percent (60%) of the total number of Association members entitled to vote. 123 Limitations. No amendment to this Declaration shall limit, interfere with or be contrary to any rights wanted to the Spruce Creek Property Owners Association, Inc. No amendment to this Declaration amending Section 9, entitled insumace, or any part thereof shall be effective unless all first mortgagees of record join in the execution of any such amendment. Further, no amendment shall make any changes which would in any way affect any of the rights, privileges or powers herein provided in favor or reserved to the Developer, unless the Developer 15 Declaration of Condominium

18 Page: 3775 shall join in the execution of any termination. Upon termination, all mortgages and other liens upon Condominium Parcels shall become mortgages and liens upon the undivided interest of such tenants in common, with the same priority as exists prior to the termination of the Condominium_ Termination of the Condominium shall have no affect upon the rights of the Spruce Creek Property Owners' Association, Inc. or upon the obligations of Unit Owners to the Spruce Creek Property Owners' Association, Inc. arising by the terms of this Declaration. 13. Termination. The Condominium may be terminated at any time by the approval in writing of all Unit Owners together with the approval in writing of all owners of first mortgages of record encumbering Condominium Property. The Condominium Property shall be removed from the provisions of the Condominium Law by the recording, in the Public Records of Volusia County, Florida, of an instrument terminating this Condominium, which shall further set forth the facts effecting the termination, certified by the Association and executed with the formality of a deed. The termination of the Condominium shall become effective upon the recording of said instrument in the Public Records of Volusia County, Florida and the Unit Owners shall thereupon become owners as tenants in common of the Condominium Property, and their undivided interests in the Condominium Property as tenants in common shall be the same as their undivided interests in the Common Elements prior to termination. Upon termination, all mortgages and other liens upon Condominium Parcels shall become mortgages and liens upon the undivided interests of such tenants in common, with the same priority as existed prior to the termination of the Condominium. Termination of the Condominium shall have no effect upon the rights of the Spruce Creek Property Owners' Association, Inc. or upon the obligations of Unit Owners to the Spruce Creek Property Owners Association, Inc. arising by the terms by the terms of this Declaration. 14. Severability. Invalidation of any of the provisions of this Declaration, the Articles of Incorporation or By-Laws of the Association shall not affect any of the remaining provisions, which shall remain in full force and effect 15. Title and Captions. Title or other captions contained in the Declaration, the Articles of Incorporation or By-Laws of the Association are inserted only as a Matter of convenience and for reference purposes and in no way define, limit, extend or describe the scope of this Declaration, the Articles of Incorporation or the By-Laws of the Association, or the intent of any provision. 16. Person and Gender. Whenever the singular number is used in this Declaration, the Articles of Incorporation or the By-Laws of the Association, and when required by the context, the same shall include the plural and masculine gender shall include the feminine and neuter genders. 17. Enforcement by St. Johns River Water Management District. The St. Johns River Water Management District shall have the right to enforce, by a proceeding at law or in 16 Declaration of Condominium

19 Page: 3776 equity, the provisions contained in this Declaration which relate to the maintenance, operation and repair of the Surface Water or Stormwater Management System. IN WITNESS WHEREOF, M & S OF SPRUCE C, DEVELOPMENTS, LLC, the Developer, has caused this Declaration of Condominhnti*, executed, this 6 day of Deffrn-nicesa..,2003. Developer: nesses as to bo *e M & S of Spruce Creek Developments, LLC, LLC Members: Daytona By: GUSTL gars, Inc. NG, President men LC MARK MARTIN., Member STATE OF FLORIDA COUNTY OF VOLUSIA The foregoing instrument was acknowledged before me this (a day of Deea-b7 ewe, 2003 by GUSTL SPRENG, as President of Daytona Airport Hangars, Inc., a personally known to me or 0 who produced as identification, and MARK MARTIN, Member of Martin Property Development, LLC. Ikr personally known to me or 0 who produced as identification, who executed the foregoing instrument, and who acknowledged before me that they executed same and who 0 did [-X] did not take an oath. Notary Public >CZ/ etio.nth 6 (SEAL) c) &L William Grey Watts Jr My Commission D psi Expires December 16, Declaration of Condominium

20 Page; 3777 in f the This DECLARATION FOR DOWNWIND HANGARS CONDOMINIUM is hereby consented d joined SPRUCE C K PROPERTY OWNERS' ASSOCIATION, IN., this ay of, SPRUCE CREEK PROPERTY OWNERS' ASSOCIATION, INC. A Florida Corporation By: President, Steve O'Donnell STATE OF FLORIDA COUNTY OF VOLUSIA The foregoing instrument was acknowledged before me thiscp y of 2004, by STEVE O'DONNELL, as President of SPRUCE CREEK PROPER ASSOCIATION, INC., a Florida corporation, on behalf of the corporation to me or [J who produced who executj the foregoing instrument, and who acknowledged before me that and who d [] did not take an oath. OWNERS' rsonally known as identification, he executed same My commission expires: Notary Public - fate of Florida KARLA L BAUMANN MY COMMISSION # OD EXPIRES: May 10, 2008 aondocrnuu Notarguak undoing 18 Declaration of Condominium

21 Page: 3778 EXHIBIT "A" TO DECLARATION OF CONDOMINIUM FOR DOWNWIND 11A14 CABS CONDOMINIUM CONTENTS 1. Page! Legal Description 2. Page 2 & 3 Survey 3. Page 4-1 through 13- Unit Dimensions - Building Elevations 4. Page 5 Site/Plot Plan

22 Page: 3779 EXHIBIT "A" LEGAL DESCRIPTION OF REAL PROPERTY FOR DOWNWIND HANGARS CONDOMINIUM A Portion of Section 25, Township 16 South, Range 32 East and a portion of Section 30, Township 16 South, Range 33 East, Volusia County, Florida, described as follows: From the Southeast corner of said Section 25, run N00 30'01"W along the East line of said Section 25 a distance of feet; Thence departing said line, run N83 14'06"W a distance of 9.52 feet to the point of beginning; Thence N06 46'48"E a distance of feet to the South boundary of Spruce Creek Subdivision, Unit as recorded in Map Book 38, Pages 56-59, of the Public Records of Volusia County, Florida: Thence N83 14'07"W along said boundary a distance of 0.18 feet; ThenceN83 17'21"W a distance of feet; Thence departing said boundary run N83 08'34"W a distance of feet; Thence S88 38'52"W a distance of feet; Thence N80 29'28"W a distance of 3.63 feet; Thence '17"W a distance of feet; Thence S83 14'06"E a distance of feet to the point of beginning. Page 1

23 RECOVERED 4 X4" CONCRETE MONUMENT (PRM)Th Ne (ON LINE 1.1E1' SOUTN) LOT 2, COMMERCIAL SUBDIVISON AT SPRUCE CREEK MAP BOOK 44, PACE 27 fr---25' WATER & SANITARY RECOVERED 4")(4" SEWER EASEMENT CONCRETE MONUMENT (PRM) LS 3254 SO6'44'17"W ' (PLAT & MEASURED b.. S06'44'17 IN ' (DEED) (CORNER NOT SET) N79'14%7"W 3.70' (C) N co k 6-4 N N N130'29'25"W 363(0) 91) 1-1 N cz 4 ell ACRES co CI UNPLATTED CEMETERY... hi,...% POINT OF COMMENCEMENT SOUTHEAST SEC110N 25, SOUTH, RANGE 0 r-,c)--- o r t54 N ki &I b CO 4 4= Co i'j tri 641 (21 b ''.- r --1 q) tli CORNER OF TOWNSHIP EAST 'Pt CO at CY?. rri FT K11.3 V...1 (Ca in b) m. - Co E 33 EAsi sotim, RANG or SECTION 23 ' TOWNS Hip 16 EAST LISE -..--, 0) z z (Au rid 10 CO CO ri, CA 0 SET 5/8" * IRON ROO & CAP LB 3019 "22 a P cil 6 ". --a NO6'40'25 E ' _UAL 20' SUBSURFACE DRAINAGE, ACCESS 8e UTILITY EASEMENT ;12) ---,t N06'4.' 'CE' ' (D) (OR. BOOK 4578, PAGE 4389) ' 'CI DI (0 '-'-* '--- q II 0 kcj I.-1 t0 kl N85'39'33"W 8.99' (C) N8314'06"W 9.52' (0). N 9 tzi q NOO*30'004 n4.39 EAST UNE F is6ecs1diu 1NB lownship n BEGINNING EAST RANGE 34 LOT I CORNER NOT SET (.1 tw,...8 Km c) N133'14.07 W 0 - ;I tzl 25' POINT OF 1 LOT ' I FOUND NAIL & WASHER (PRM) LS I ta a3 N 0 s-. 0 o TAILWIND SUBDIVISION FOUND 45(4' (Ti (MAP BOOK 48, PACES 19-20) IS 2 MONUMENT (PRM) hi N JOB # SHEET 1 OF 2 SLICER & ASSOCIATES, INC. PROFESSIONAL LAND SURVEYORS LICENSED BUSINESS CERRFICATION NO NOVA ROAD PORT ORANGE, El (388) Copwlght SlIve & Anceltles. Inc. FOR: M & S OF SPRUCE CREEK DEVELOPERS, LLC DESCRIP110N: (SEE SHEET 2 OF 2) DOWNWIND HANGARS CONDOMINIUM SCALE 1"= 60' FIELD BOOK PAGE

24 auk SLI GER St ASSOCIATES, INC;". 4 PROFESSIONAL LAND SURVEYORS LICENSED BUSINESS CERTIFICATION NO NOVA ROAD PORT ORANGE. FL Copyright Di 2002 Sliger & Associates, Inc. (3136) SURVEYOR'S NOTES 1. NOTICE: THERE MAY BE ADDITIONAL RESTRICTIONS AND/OR OTHER MATTERS THAT ARE NOT SHOWN ON THIS PLAT OF: SURVEY/SKETCH OF DESCRIPTION THAT MAY BE FOUND IN THE PUBLIC RECORDS OF THIS COUNTY. THIS SURVEY/ SKETCH OF DESCRIPTION PREPARED WITHOUT BENEFIT OF AN ABSTRACT. _. 2. DIMENSIONS ARE SHOWN IN FEET AND DECIMALS THEREOF. 3. BEARING STRUCTURE BASED ON THE RECORD PLAT OF SPRUCE CREEK SUBDIVISION, UNIT II-B WITH THE BEARING ON -rcir' EAST LINE OF. SECTION 26, TOWNSHIP 16 SOUTH, RANGE 32 EAST BEING NO0'30'01-W. C 4. UNDERGROUND FOUNDATIONS, IF ANY, NOT LOCATED. C 5. THIS PROPERTY IS LOCATED IN FLOOD INSURANCE RATE MAP (F.I.R.M.) ZONE "X". THIS LOCATION IS DETERMINED BY SCALING FROM _F.I.R.M.. (1 MAP NO C0508 G. MAP EFFECTIVE DATE: _APRIL 15, APPROXIMATE SCALE: 1"= 500'., 7. FLOOD ZONE CERTIFICATION ADDED TO SURVEY JUNE 14, 2002 (o ). 8. "NOT VALID WITHOUT THE SIGNATURE AND THE ORIGINAL RAISED SEAL OF A FLORIDA LICENSED SURVEYOR AND MAPPER." 9. UNLESS OTHERWISE SHOWN, RECORD DISTANCES AND DIRECTIONS AND FIELD MEASURED DISTANCES AND DIRECTIONS ARE THE SAME. - "u NOTE: NOT VALID WITHOUT THE SIGNATURE AND THE ORIGINAL RAISED 'SEAL OF A FLORIDA LICENSED SURVEYOR AND MAPPER. REFERENCE: DOWNWIND HANGAR CONDOMINIUM (71 PLAT PREPARED FOR THE FOLLOWING: (ONLY THE LAST DATE IS CERTIFIED ON SEALED COPY) THIS PLAT OF SURVEY IS CERTIFIED TO AND PREPARED FOR THE SOLE AND-EXCLUSIVE BENEFIT OF THE ENTITIES AND \OR INDIVIDUALS LISTED BELOW, ON THE MOST CURRENT DATE, AND SHALL NOT BE RELIED UPON BY ANY OTHER ENTITY OR INDIVIDUAL WHOMSOEVER. TYPE OF SURVEY CERTIFIED TO SURVEY DATE JOB NUMBER BOUNDARY M&S OF SPRUCE CREEK DEVELOPERS, LLC JUNE 14, _ ATTORNEYS' TITLE INSURANCE FUND, INC. NOT CERTIFIED TO ANY ENTITIES AND/OR INDIVIDUALS LEGAL DESCRIPTION: OTHER THAN THOSE LISTED ABOVE. A PORTION OF SEC11 ON 25, TOWNSHIP 16 SOUTH, RANGE 32 EAST AND A PORTION OF SECTION 30, TOWNSHIP 16 SOUTH, RANGE 33 EAST, VOLUSI A COUNTY, FLORIDA, DESCRIBED AS FOLLOWS; FROM THE SOUTHEAST CORNER OF SAID SECTION 25, RUN N 00'30'01"W ALONG THE EAST LINE OF SAID SECTION 25 A. DISTANCE OF FEET; THENCE DEPARTING SAID LINE, RUN N "W A DISTANCE OF 9.52 FEET TO THE POINT or BEGINNING; THENCE NOS' 46'48"E A DISTANCE OF 414:18 FEET TO THE SOUTH BOUNDARY OF SPRUCE- CREEK SUBDI VISION, UNIT I I- B, AS RECORDED IN MAP BOOK 38 PAGES 56-59, OF THE PUBLIC RECORDS OF VOLUSIA COUNTY, FLORIDA; THENCE N8314'07"W ALONG SAID BOUNDARY A DISTANCE OF 0718 FEET; THENCE N8317'21"W A DISTANCE OF FEET; THENCE DEPARTING SAID BOUNDARY, RUN N83'08.34"W DISTANCE OF FEET; THENCE S88'38152"W A DISTANCE OF FEET; THENCE N8029'28"W A DISTANCE OF 3.63 FEET; THENCE S06'44'17'W A DISTANCE OF FEET; THENCE S "E A DISTANCE OF FEET TO THE POINT OF BEGINNING. -- ' CONTAINING 2.51 ACRES, MORE OR LESS. ABBREVIATIONS (P) PLATTED DIMENSION (0) DEEDED DIMENSION (M) MEASURED DIMENSION (C) CALCULATED DIMENSION ID IDENTIFICATION A/C AIR CONDITIONER R/W RIGHT OF WAY CENTERLINE D R L CB CENTRAL ANGLE RADIUS ARC LENGTH CHORD BEARING SHEET 2 OF 2 LEGEND IRON ROD WITH CAP 0 IRON PIPE 0 CONCRETE MONUMENT PERMANENT REFERENCE MONUMENT A PERMANENT CONTROL POINT VALID WITH SIGNATURE & EMBOSSED SEAL ONLY I HEREBY CERTIFY THAT THIS PLAT MEETS THE MINIMUM TECHNICAL STANDARDS SET FORTH BY THE FLORIDA BOARD OF PROFESSIONAL LAND SURVEYORS IN CHAPTER 61G17-6, F RIDA ADMINISTRATIVE CODE, PU UANT TO SECTION L RIDA S. STEPHEN B. SUGER, P.L.S. NO J.E. ZAPERT, P.LS. NO CLYDE 0. VAN KLEECK JR., P.S.M. NO STEVEN T. KRUGER,?.LS. NO. 4722

25 NOV PM JOHNSON&JOHNSON P. 02 CERTIFICATE Of ARCHITECT The undersigned, being a licensed architect authorized to practice in the State of Florida, hereby certified that the thirteen (13) attached sheets, pages 1 through 13 attached to Exhibit "A" of the Declaration of Condominium for Downwind Hangars Condominium located at Spruce Creek Fly-In, Cessna Boulevard, Daytona Beach, Florida, were prepared by the undersigned and are a correct representation of the units described therein, as to the units location and dimensions; that each unit can be determined from the floor plans as described from the floor plans on sheets page 4 through 13 and pages 2 and 3 show those building el ans. ERT HALL State of Florida RE. No. A e-00ltipp8 7 at' Page 4

26 3.... m, N UNIT SQ FT '4 UNIT 2s 3300 SQ FT 4 111:5 UNIT SQ FT UNIT SQ FT W 330U0N SI Ta5F T a 1 " WO I. Ws 60*(r now BUILDING A 18,600 SQ. FT. I30,0- en Wm' sr. In In I UNIT SQ FT L...tri. UNIT SQ FT T 4 UNIT 8 m3300 SQ FT a 4 IN UNIT SQ FT 4 UNIT 6 pit3300 SQ FT BUILDING B 18,600 SQ. FT. AREA TOTALS DOWNWIND HANGARS CONDOMINIUM UNIT 1 UNIT 2 SQUARE FEET UNIT UNIT UNIT UNIT UNIT UNIT UNIT UNIT TOTAL C8LC :abud :19009 F ` Me1.1,0.12,11. 'us moon111mm It IMMO 16 OMNI/

27 SPEPINKAPPEM nummummumnumm no In =1. 11 r auturareau L nnom SOUTH ELEVATION BUILDING A W MIIIIIMMIN II WI III WEST ELEVATION BUILDING A EAST ELEVATION BUILDING A 1 c H II ni 1 ill ii I 11. J 1111,, [. I DOWNWIND HANGARS CONDOMINIUM BUILDING A telt :e6pd 06Vg :> NM-111 ELEVATION BUILDING A m ,91!ii liii I II 1, ill , ii I I I Ti FACADE PARAPET BUILDING RIDGE BUILD NG EAVE ENTRY EAVE FINISHED FLOOR EL: 331-0" EL. 32' 2" EL. 2610" EL: 121-0" EL. 0' 0" empeno, _J. at NOW ICIM WIPIAMOIII. Para

28 I I 1 sannommt Illar PIKAFRE Mt MI ME' in in n n in Ignmanommonmmu I I Si I it ow= - Inimommo j immommu SOUTH LEVATION NORTH ELEVATION BUILDING B MUM B Ii till Ii I WI [JJ. JI1111 HI} 11 WEST ELEVATION BUILDING B 1111titt Iltli H III hi WWI VII 1,1,H11 H in r ot a 1U1 1 11!![;: lj i P ; ri LJ1.1( EAST ELEVATION BUILDING B 4. E NW 11,11INHH1NIMIMI! 111I DOWNWIND HANGARS CONDOMINIUM BUILDING B n, llflull IiIiJ FACADE PARAPET BUILDING RIDGE BUILDING EAVE ENTRY EAVE FINISHED FLOOR t 1 iimiiiirliiil SOLC :abed 0617g :A000 ii EL 33 0" EL: 37-2" EL: 26' 10" EL: 12-0" EL. 01-0" ramoina pa I!lima Pimmmo.im MOM MINIM III OM FL :11141 MOM) 3

29 411,70P str DOCUMENTS FOR: DOWNWIND HANGARS CONDOMINIUM SPRUCE CREEK FLY4N VOLUSIA counnt FL Bar HAL ARONTECTSRAL ASSOCIATES. INC. ARCHITECTURE 0 PLANNING 0 DESIGN fa Mat =In Mr Mat fulai Wo ral. INA IMUMNIttl.M.I.

30 DOCUMENTS OR DOWNWIND HANGARS CONDOMINIUM SPRUCE CREEK FLY.IN VOLUSIA COUNTY, FL HAL ARCHITECTURAL ASSCCUTES. IHC. ARCHITECTURE 0 PLANNING C DESIGN Sen. fin PanieVI liflitil a IsAni-en Was

31 0 a Nan an Itle. a Nan NI a eas an Ss par a *44_ aen Ix no an. at a an a ann. An nava a*. or max Iwo 6 44_t SI fr4 lnbal*wm It DOCUMENTS FOR: HAL DOWNWIND HANGARS CONDOMINIUM ARCKITEGTIJPAL ASSOCIATES. INC. SPRUCE CREEK FLY4N VOLUSIA COUNTY, FL c ARGHITEGTURE CI PLANNING 0 DESIGN ran a Nannscrana Cal ra-ifl 444ann nua

32 SD KW. Ma./ =WY= 11S, OW** lel It* Is on Its lay" KVA NW. MOIRD711t. LIWOWCI. l 4W law I; sor DOCUMENTS FOR: DOWNWIND HANGARS CONDOMINIUM SPRUCE CREEK FLY IN VOLUSIA COUNTY, FL HAL ARCHITECPJRAL ASSOCLATES, 24C. ARCHITECTURE 0 PUNNING 0 DESIGN rain... pa WistS7 WsIS sat wprawl IWW1

33 00 Cr) 01 Tt LO 0 0 a Mine DOCUMENTS FOR: DOWNWIND HANGARS CONDOMINIUM SPRUCE CREEK FLY-IN VOLUM... COUNTY, FL HAL MENfTECTURAI. ASSOCIATES, INC. ARCHITECTURE CI MANNING D DESIGN mower. lent nvormuatitu 4 CWITtal 104

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40 Page: 3797 EXHIBIT "B" TO DECLARATION Of CONDOMINIUM FOR DOWNWIND HANGARS CONDOMINIUM ARTICLES Of INCORPORATION Of DOWNWIND HANGARS CONDOMINIUM ASSOCIATION, INC.

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42 Page: 3799 ARTICLES Of INCORPORATION OF DOWNWIND I4ANGARS CONDOMINIVM ASSOCIATION, INC. (A Corporation not for profit under the laws of the State of Florida) The undersigned, hereby associate themselves into a corporation not for profit under Chapter 617, Florida Statutes, and certify as follows: ARTICLE 1 - NAME The name of the corporation shall be DOWNWIND HANGARS CONDOMINIUM ASSOCIATION, INC. For convenience the corporation shall be referred to in this instrument as "the Association." ARTICLE 2- PURPOSE 2.1 The purpose for which the Association is organized is to provide an entity pursuant to Section of the Condominium Act, which is Chapter 718, Florida Statutes, for the operation and management of DOWNWIND HANGARS CONDOMINIUM, (hereafter the "Condominium") a condominium to be established, located on lands owned by M & S OF SPRUCE CREEK DEVELOPMENT, LLC, in Volusia County, Florida, and to undertake the duties and acts incident to administration, management and operation of said condominium. 2.2 The Association shall make no distributions of income to its members, diregors, and officers, being conducted as a non-profit organization for the benefit of its members. ARTICLE 3 - POWERS The Association shall have the following powers: cfr 3.1 The Association shall have all of the common-law and statutory powers of a corporation not for profit. 3.2 The Association shall have all of the powers and duties set forth in the Condominium Act, By-Laws of the Association and Chapters 607 and 617, Florida Statutes and all of the powers and duties reasonable necessary to operate the Condominium pursuant to the Declaration of Condominium to be recorded (hereinafter the 'Declaration"), as it may be amended from time to time, including but not limited to the following: a. To make and establish reasonable rules and regulations governing the use of Units and Common Elements in the Condominium as said terms maybe defined in the Declaration. b. To make and collect assessments against members of the Association as unit owners to defray the costs, expenses and losses of the condominium. c. To use the proceeds of assessments itt the exercise of its powers and duties. The assessments shall also be used for the maintenance and repair of the surface water or storm water 1 Articles of incorporation

43 Page: management systems including, but not limited to, work within retention areas, drainage structures and drainage easements and for maintenance and repair of private roads, landscaping and walls within common areas. d. To maintain, repair, replace, operate and manage the property comprising the Condominium, including the right to reconstruct improvements after casualty and to make further improvements of the Condominium property. e. To acquire, own, manage, maintain and repair real and personal property. f To purchase insurance upon the Condominium property and insurance for the protection of the Association and its members as unit owners and officers and directors. g. To enforce by legal means the provisions of the Condominium Act, the Declaration of Condominium, these Articles of Incorporation, the By-Laws of the Association and the rules and regulations governing the use of the property in the Condominium. h. To contract for the management of the Condominium and to delegate to such contractors all powers and duties of the Association except such as are specifically required by the Declaration of Condominium to have approval of the Board of Directors or the membership of the Association. i. To employ personnel to perform the services required for proper operation j. To exercise undertake and accomplish all of the rights, duties and obligations which may be granted to or imposed upon the Association pursuant to the Declaration of Condominium aforementioned. k. To acquire title to property or otherwise hold property for the use and benefit of its members. I. To operate, maintain and manage the surface water or storm water management system(s) in a manner consistent with the St. Johns River. Water Management District permit number 12 requirements and applicable District rules, and to assist in the enforcement of the restrictions and covenants contained thereon. 3.2 ALL funds and the titles of all properties acquired by the Association and their proceeds shall be held for the members in accordance with the provisions of the Declaration of Condominium, these Articles of Incorporation and the By-Laws. 3.3 The powers of the Association shall be subject to and shall be exercised in accordance with the Provisions of the Declaration of Condominium and the By-Laws. ARTICLE 4-. MEMBERS The qualification of the members, the manner of their admission to membership and termination of such membership, and voting by members shall be as follows: 2 Articles of Incorporation

44 Page: The members of the Association shall consist of all of the record owners of units in the Condominium. No other persons or entities shall be entitled to membership except as provided in Paragraph 4.5 of this Article 4. After termination of the Condominium, the members of the Association shall consist of those who are members at the time of such termination and their successors and assigns. 4.2 Change of membership in the Association shall be established by recording in the Public Records of Volusia County, Florida, a deed or other instrument establishing a record title to a unit in the Condominium. The owner or owners designated by such instrument thus becomes a member of the Association and the membership of the prior owner is terminated. The Association may require delivery to the Association of a true copy of the recorded deed as a condition of permitting the exercise of the right to vote and to use the common property. 4.3 The interest of a member in the Rinds and assets of the Association cannot be assigned, hypothecated or transferred in any manner except as an appurtenance to his unit. The Rinds and assets of the Association belong solely to the Association subject to the limitation that same be expended, held or used for the benefit of the membership and for the purposes authorized herein, in the Declaration of Condominium, and in the By-Laws which may be hereafter adopted. 4.4 On all matters on which the membership shall be entitled to vote, there shall be one vote appurtenant to each unit, which vote may be exercised or cast by the owner or owners of each unit in such manner as may be provided by the By-Laws hereafter adopted by the Association. Should any member own more than one (1) unit, such member shall be entitled to exercise or cast the aggregate of votes appurtenant to the units he owns, in the manner provided in the By-Laws. 4.5 Until such time as some portion of the property is submitted to a Plan of Condominium Ownership by the recordation of said Declaration of Condominium, the membership of the corporation shall be comprised of the subscriber of these Articles. ARTICLE 5- INCORPORATOR 5.1 The name and address of the Incorporator of the Association is as follows: Name M & S OF SPRUCE CREEK DEVELOPMENT, LLC Address 2890 Malibu Court Daytona Beach, FL ARTICLE 6- PRINCIPAL OFFICE The principal office of the Association shell be initially located at 2890 Malibu Court, Daytona Beach, FL 32124, but the Association may maintain offices and transact business in such other places within or without the State of Florida as may from time to time be designated by the Board of Directors. 3 Articles of Incorporation

45 Page: 3802 ARTICLE 7- DIRECTORS 7.1 The affairs of the Association will be managed by a Board consisting of three (3) directors. Directors need not be members of the Association. 7.2 Except as provided in section 7.4, Directors of the Association shall be elected at the annual meeting of the members in the manner determined by the By-Laws. Directors may be removed and vacancies on the Board of Directors shall be filled in the manner provided by the By-Laws. The names and addresses of the members of the first Board of Directors who shall hold office until their successors have qualified, are as follows: GUSTL SPRENG 2890 Malibu Court Daytona Beach, FL MARK MARTIN Cessna Blvd. Daytona Beach, Florida PAT SIMPSON Cessna Blvd. Daytona Beach, Florida a. The Board of Directors shall call a special members meeting promptly after the developer of Downwind Hangars Condominium has conveyed five (5%) percent of the Units, at which meeting the unit owners other than the Developer shall elect one (1) member of the Board of Directors and the Developer shall name two (2) members of the Board of Directors. b. The Board of Directors shall call a special member meeting upon the first to occur of the following for the election of Directors: (i) Within three (3) years after fifty (50%) percent of the units that will ultimately be operated by the Association have been conveyed to purchasers; or (ii) Four (4) months after seventy-five (75%) percent of the units that will ultimately be operated by the Association have been conveyed to purchasers; or (iii) Within three (3) months after ninety (90%) percent of the units that will ultimately be operated by the Association have been conveyed to purchasers; (iv) When some of the units have been conveyed to purchasers and none of the others are being constructed or offered for sale by the Developer in the ordinary course of business; or 4 Articles of Incorporation

46 Page: 3803 (v) When all the units that will ultimately be operated by the Association have been completed, some of them have been conveyed to purchasers, and none of the others are being offered for sale by the Developer in the ordinary course of business; or (vi) At such earlier time as Developer waives its right to select two directors at which meeting the unit owners other than the Developer shall elect a director to replace one of the directors named by the Developer, so that there shall be two (2) directors elected by unit owners other than the Developer and one (1) director elected by the Developer. The Developer shall be entitled to elect one member of the Board of Directors of the Association so long as the Developer holds for sale in the ordinary course of business at lease one (1) Unit. 7.5 Within sixty (60) days following the end of the fiscal or calendar year, or annually as provided in the By-laws of the Association, the Board of Directors shall mail or furnish by personal delivery to each Unit Owner a financial report as provided in Section (13) Florida Statutes. ARTICLE 8- OFFICERS The affairs of the Association shall be administered by the officers elected by the Board of Directors at its first meeting following the election of one (1) of the members of the Board of Directors by the unit owners other than the Developer, and shall serve at the pleasure of the Board of Directors. The names and addresses of the officers who shall serve until their successors are designated by the Board of Directors are as follows: NAM:E TITLE ADDRESS GUSTL SPRENG PRESIDENT 2890 Malibu Court Daytona Beach, Florida MARK MARTIN TREASURER Cessna Blvd. Daytona Beach, Florida PAT SIMI'SON SECRETARY Cessna Blvd. Daytona Beach, Florida ARITCLE 9 - INDEMNIFICATION Every director and every officer of the Association shall be indemnified by the Association against all expenses and liabilities, including counsel fees, reasonably incurred by or imposed upon him in connection with any proceeding or any settlement of all proceeding to which he may be a party or in which he may become involved by reason of his being or having, been a director or officer of the Association, whether or not he is a director or officer at the time such expenses are incurred, except when the director or officer is adjudged guilty of willful misfeasance or malfeasance in the performance of his duties. The.foregoing right of indemnification shall be in addition to and not exclusive of all other rights to which such director or officer may be entitled. 5 Articles of Incorporation

47 Page: 3804 ARTICLE 10- BY-LAWS The first By-Lawl of the Association shall be adopted by the Board of Directors and may be altered, amended or rescinded in the manner provided by the By-Laws. ARTICLE-11 - TERM The term of the Association shall be perpetual. ARTICLE 12 - AMENDMENTS Amendments to the Articles of Incorporation shall be proposed and adopted in the following manner: 12.1 A Resolution for the adoption of a proposed amendment may be proposed by the Board of Directors or by owners of a majority of the units in the Condominium, whether meeting as members or by instrument in writing signed by them. 122 Upon any amendment or amendments to these Articles of Incorporation being proposed by said Board of Directors or members, such proposed amendment or amendments shall be transmitted to the President of the Association or other officer of the Association in the absence of the President, who shall thereupon call a special meeting of the members of the Association for a day no sooner than twenty (20) days nor later than sixty (60) days from the receipt by him of the proposed amendment or amendments, and it shall be the duty of the secretary to give to each member written or printed notice of such meeting, stating the time and place of the meeting and reciting the proposed amendment or amendments in reasonably detailed form, which notice shall be mailed to or presented personally to each member not less than fourteen (14) nor more than thirty (30) days before the date set for such meeting. If mailed, such notice shall be deemed to be properly given when deposited in the United States Mail, addressed to the member at his post office address as it appears on the records of the Association, the postage thereon prepaid. Any member may, by written waiver of notice signed by such member waive such notice, and such waiver when filed in the records of the corporation, whether before or after the holding of the meeting, shall be deemed equivalent to the giving of such notice to such member. At such meeting the ansendment or amendments proposed must be approved by an affirmative vote of the members owning not less than sixty (60%) percent of the units in the Condominium in order for such amendment or amendments to become effective. A copy of each amendment, after it has become effective, shall be transcribed and certified in such form as may be necessary to register the same in the office of the Secretary of State of the State of Florida, and upon the registration of such amendment or amendments with said Secretary of State, a certified copy thereof shall be recorded in the public records of Volusia County, Florida, promptly At any meeting held to consider any amendment or amendments of these Articles of Incorporation, the written vote of any member of the Association shall be recognized, if such 6 Articles of Incorporation

48 Page: 3805 member is not in attendance at such meeting or represented there at by proxy, provided such written vote is delivered to the Secretary of the Association prior to such meeting In the alternative, an amendment may be made by an agreement signed and acknowledged by all the record owners of units in the manner required for execution of a deed. No amendment shall make any changes in the qualification for membership nor the voting rights of members, nor any change in Section 3.3 of Article 3 hereof; without approval in writing of all members and the joinder of all record owners of first mortgages upon the Condominium. No amendment to these Articles of Incorporation which would abridge, amend or alter the rights of the Developer, including the right to designate and select members of the Board of Directors of the Association as provided in Article 7 hereof; or which would restrict or modify the rights and powers of the initial Board of Directors may be adopted or become effective without the prior written consent of the Developer. ARTICLE 13 -DISSOLUTION In the event of termination, dissolution or final liquidation of the Association, the responsibility for the operation and maintenance of the surface water or storm water management system must be transferred to and accepted by an entity which would comply with Section 40C , F.A.C., and be approved by the St. Johns River Water Management District prior to such termination, dissolution or liquidation. IN WITNESS WHEREOF, the subscriber has affixed his signatures this 4 day of M6ēg2._ TNESSES: 41 11;r STATE OF FLORIDA COUNTY OF VOLUSIA INCORPORATOR: M & S OF SPRI:SE CREEK VELO2NTS:feLLC -;, By: Swie... -: LLC MEMBER - Martin Property Q? Development, LLC, Mark Martin, Member ;vs The foregoing instrument was acknowledged before me this 6, day of 1)-->mt-im6esq 2003 by MARK MARTIN, Member of Martin Property Development, LLC, member of the Incorporator, M & S of Spruce Creek Development, LLC, X Personally known to me or 0 who provided as identification, who executed the foregoing instrument, and who acknowledged before me the he executed same and who [1 did [] did not, take an oath. Notary Public Commission Expires: 7 Articles of Incorporation OST nee William Grey Watts Jr 4 6ly Commission DDI72381 vs,expires December

49 Page: 3806 EXHIBIT "C" TO DECLARATION OF CONDOWNIVM FOR DOWNWIND HANGARS CONDOMINIVM BV-LAWS OF DOWNWIND HANGARS CONDOMINTV14.4 ASSOCIATION, INC.

50 Page: 3807 BY-LAWS Of DOWNWIND HANGARS CONDOMINIVM ASSOCIATION, MC. (A corporation not for profit under the Laws of the State of Florida.) 1. Icleatity. These are the By-Laws of DOWNWIND HANGARS CONDOMINIUM ASSOCI7ATION, INC., called "Association" in these By-Laws, a corporation not for profit under the laws of the State of Florida, the Articles of Incorporation of which have been filed in the Office of the Secretary of State. The Association has been organized for the purpose of administering a condominium pursuant to Chapter 718, Florida Statutes, (called the Condominium Act in these By-Laws) which condominium is identified by the name DOWNWIND HANGARS CONDOMINIUM (hereinafter the "Condominium"), on lands more fully described in the Declaration of Condominium for Tailwind Hangars CondominiuM, 1.1 The provisions pf these By-Laws are applicable to DOWNWIND HANGARS CONDOMINIUM ASSOCIATION, INC., and the terms and provisions hereof are expressly subject to and shall be controlled by the terms, provisions, conditions and authorizations contained in the Articles of Incorporation and which may be contained in the formal Declaration of Condominium which will be recorded in the Public Records of Volusia County, Florida. 1.2 All present or future _owners, tenants, future tenants, or their employees, or any other person that might use Tailwind Hangars Condominium, or any of the facilities thereof in any manner, are subject to the regulations set forth in these By-Laws and in said Articles of Incorporation and Declaration of Condominium and the rules and regulations adopted pursuant thereto. 1.3 The office of the Association shall be at 2890 Malibu Court, Daytona Beach, FL 32124, but the Association may maintain offices and transact business in such other places within Volusia County and the State of Florida, as may from time to time be designated by the Board of Directors. However, the official records of the Association shall be maintained in Volusia County, Florida or within fifty (50) miles of the Condominium if maintained in another County. The records of the Association shall be made - available to a Unit owner within five (5) working days after receipt of written retiuest by the Board or its designee. This Paragraph may be complied with by having a copy of the Official Records of the Association available for inspection or copying on the condominium property or Association property. 1.4 The fiscal year of the Association shall be the calendar year. 1.5 The seal of the Corporation shall bear the name of the the word "Florida", the words "Corporation Not for Profit" and incorporation. 1.6 The Developer of Downwind Hangars Condominium is M & S OF DEVELOPMENT, LLC (hereinafter the "Developer"). Corporation, the year of SPRUCE CREEK 1 By-Laws

51 Page: Membership, Voting, Quorum, Proxies. 2.1 The qualification of members, the manner of their admission to membership and termination of such membership, and voting by members, shall be as set forth in Article 4 of the Articles of Incorporation of the Association, which provisions are incorporated herein by reference. 2.2 At member's meetings, a quorum shall constitute owners of units to which more than fifty percent (50%) of the common elements of the Condominium are appurtenant present in person or by proxy. Actions approved by a majority of voting interests present at a meeting at which a quorum is present shall constitute the acts of the Association, except when approval by a greater number of members is required by the Declaration of Condominium, the Articles of Incorporation, or other provisions of these By-Laws. 2.3 Votes may be cast in person or by proxy. Proxies may be made by any person entitled to vote and shall be valid only for the particular meeting designated thereon and must be filed with the Secretary before the appointed time of the meeting. 2.4 A vote of the owners of a unit owned by more than one person or by a corporation or other entity, or under lease will be cast by the person named in a Certificate signed by all of the owners of the unit and filed with the Secretary of the Association, and such Certificate shall be valid until revoked or until superseded by a subsequent Certificate. A Certificate designating the person entitled to cast the vote for a unit may be revoked by any one of the owners of _ the unit. If such a Certificate is not on file, the vote of such owner shall not be considered in determining the requirements for a quorum, nor for any other purpose. 3. Annual and Spedial Meetings of Membership. 3.1 The Annual Members Meeting shall be held at such place and on the 15th day of January of each year as may be designated by the Board of Directors, for the purpose of electing directors and transacting any other business authorized to be transacted by the members. 3.2 Special Members' Meetings shall be held whenever called by the President or Vice President or by a majority of the Board of Directors, and must be called by such officers upon receipt of a written request from members of the Association owning a majority of the units. 3.3 Notice of all members' meetings, stating the time and place and the purposes for which the meeting is called shall be given by the President or Vice President or Secretary unless waived in writing. Such notice shall be in Writing to each member at his address as it appears on the books of the Association and shall be mailed not less than fourteen (14) days nor more than sixty (60) days prior to the date of the meeting. Proof of such mailing shall be by affidavit provided by an officer of the Association. This affidavit shall be included in the Official Records of the Association. Written notice of all members' meetings shall also be posted at a prominent location on the condominium property at least fourteen (14) days prior to the date of the meeting. Notice of meetings may be waived before or after meetings. By-Laws

52 Page: If any meeting of members cannot be organized because a quorum has not attended, the members who are present, either in person or by proxy, may adjourn the meeting from time to time until a quorum is present. 3.5 The order of business at annual members' meetings and as far as practical at other members' meetings shall be: a. Calling of the roll and certifying of proxies. b. Proof of notice of meeting or waiver of notice. c. Reading and disposal of any un-approved minutes. d. Reports of officers. e. Reports of committees. f. Appointment of Inspectors of Election. 4- Election of directors. h. Unfinished business. i. New business. j. Adjournment. 3.6 Provided, however, that until a majority of the directors of the Association are elected by the members other than the Developer, the proceedings of all meetings of the Association shall have no effect unless approved by the Board of Directors. 4. Board of Directors. 4.1 The Board of Directors of the Association shall consist of three (3) directors, who need not be a members of the Association at such time as the members of the Association other than Developer are authorized to elect a director pursuant to Article 5 of the Articles of Incorporation of the Association. 4.2 Election of directors shall be conducted in the following-manner: a. The first Board of Directors of the Association shall be appointed by the Developer, and shall hold office until their successors are elected by members other than the Developer and have qualified. The first Board of Directors shall consist of Gustl Spreng whose address is 2890 Malibu Court, Daytona Beach, FL and Mark Martin whose address is Cessna Blvd., Daytona Beach, Fl and Pat Simpson whose address is Cessna Blvd., Daytona Beach, Fl b. Members other than the Developer shall have the right to elect members of the Board of Directors upon the occurrence of the events set forth in Article 7 of the Articles of Incorporation of the Associatior, and the Association shall on or before sixty (60) days after unit owners other than Developer are entitled to elect members of the Board, call and give notices of a meeting of unit owners for that purpose as required by Section (2)(d)3, Florida Statutes. Such meeting may be called and notice given by any unit owner if the Association fails to do so. The notice of such meeting and the conduct of the election shall be in accordance with Section (2)(d)3, Florida Statutes and the rules promulgated pursuant thereto, provided that the Association may by a two-third (2/3) vote amend these Bylaws to provide for different voting and election procedures, which vote may be by proxy specifically delineating the different voting and election procedure. 3 By-Laws

53 Page: 3810 c. All members of the Board of Directors whom Developer shall not be entitled to designate and select shall be elected by a plurality of the votes cast at the special meeting called to elect the members of the Board of Directors. d. Other than the special---- election of directors required by Section of the Florida Statutes, the election of directors shall be held at the annual members' meeting. e. The election of directors shall be by ballot (unless dispensed with by unanimous consent) and by a plurality of the votes cast. There shall be appurtenant to each unit as many votes for directors as there are directors to be elected, provided, however, that no member or owner of any unit may cast more than one vote for any person nominated as a director, it being the intent hereof that voting for director shall be non-cumulative. f. Except as otherwise provided herein, vacancies in the Board of Directors occurring between annual meetings of the members of the Association shall be filled by the remaining directors. g. Any director elected by unit owners other than the Developer may be removed by a concurrence of a majority of all the voting interests at a special meeting of members called for that purpose, in accordance with Chapter (2)(k) Florida Statutes. The vacancy in the Board of Directors so created shall be filled by the membership of the Association at the same meeting. h. None of the directors selected by the Developer shall be subject to removal by the members other than the Developer. In the event that Developer in accordance with the right and privilege granted unto it, selects any person or persons to serve on any Board of Directors of the Association, Developer shall have the absolute right at any time, in its sole discretion, to replace any such person or persons with another person or other persons to serve on said Board of Directors. Replacement of any person or persons designated by Developer to serve on any Board of Directors of the Association shall be made by written instrument delivered to any officer of the Association, which instrument shall specify the name or names of the person or persons to be replaced, and the name or names of the person or persons designated as successor or successors to the persons so removed from the Board of Directors. The removal of any Director and designation of his successor shall be effective immediately upon delivery of such written instrument by Developer to any officer of the Association. j. The term of each Director's service will extend until the next annual meeting of the members, and subsequently until his successor is duly elected and qualified or until he is removed in the manner elsewhere provided. 4.3 The organizational meeting of a newly elected Board of Directors shall be held within ten (10) days of their election, at such time and at such place as shall be fixed by the Directors, at the meeting at which they were elected. The outgoing President of the Board of Directors will preside over said organizational meeting until the new officers are elected. 4.4 Regular meetings of the Board of Directors may be held at such time and place as shall be determined from time to time by a majority of the Directors and shall be open to all unit owners. Notice of regular meetings shall be given 4 By-Laws

54 Page: 3811 to each Director, personally or by mail, telephone or telegraph at least three (3) days prior to the day named for such meeting and except in emergency, notice of such meetings shall be posted conspicuously 48 hours in advance for the attention of unit owners. 4.5 Special Meetings of the Directors may be called by the President, and must be called by the Secretary at the written request of 1/3 of the votes of the Board. Not less than three (3) days notice of a meeting shall be given to each Director, personally 04 by mail, telephone or telegram, which notice shall state the time, place and purpose of the meeting. Except in emergency, notice of such meetings shall be posted conspicuously forty-eight (48) hours in advance for the attention of unit owners. 4.6 Any Director may waive notice ot a meeting before or after the meeting, and such waiver shall be deemed equivalent to the giving of notice. 4.7 A quorum at a Directors' meeting shall consist of the Directors entitled to cast a majority of the votes of the entire Board. The acts of the Board approved by a majority of the votes present at a meeting at which a quorum is present shall constitute the acts of the Board of Directors, except as specifically otherwise provided in the Articles of Incorporation, these By-Laws or the Declaration of Condominium. A Director who is present at a meeting of the Board at which action on any corporate matter is taken shall be presumed to have assented to the action taken, unless he votes against such action or abstains from voting in respect thereto because of an asserted conflict of interest. If any Directors' meeting cann6t be organized because a quorum has not attended, or because a greater percentage of attendance may be required as set forth in the Articles of Incorporation, these By-Laws or the Declaration of Condominium, the Directors who are present may adjourn the meeting from time to time until a quorum is present. At any adjourned meeting, any business, which might have been transacted at the meeting as originally called, may be transacted without further notice. 4.8 The Presiding Officer of Directors' - meetings shall be the President, and in his absence, the Directors present shall designate one of their number topreside. 4.9 All of the powers and duties of the Association shall be exercised by the Board of Directors, including those existing under the common law and statutes of the State of Florida, the Articles of Incorporation of the Association, these By-Laws and the Declaration of Condominium, and shall include, without limiting the generality of the foregoing, the following a. To make, levy and collect assessments against members and members' units to defray the costs of the condominium and to use the proceeds of said assessments in the exercise of the powers and duties granted unto the Association; b. To maintain, repair, replace, and operate the condominium property; c. To purchase insurance upon the condominium property and insurance for the protection of the Association; as well as liability insurance for the protection of the Directors and officers; d. To reconstruct improvements after casualty; 5 By-Laws

55 Page: 3812 e. To make and amend regulations governing the use of the property, real and personal, in the condominium so long as such regulations or amendments thereto do not conflict with the restrictions and limitations which may be placed upon the use of such property under the terms of the Articles of Incorporation and Declaration of Condominium; f. To acquire, operate, manage and otherwise deal with property, real and personal as may be necessary or convenient in the operation and management of the Condominium, and in accomplishing the purposes set forth in the Declaration of Condominium, including specifically to acquire or lease a unit for the manager; g. To grant utility, communication, parking, storage and access easements of limited or unlimited duration over, under and upon the common elements of the Condominium for the use and benefit of the Association or its m=mhers. h. To contract for the management of the condominium and to delegate to, such contractor all of the powers and duties of the Association, except those which may be required by the Declaration of Condominium to have approval of the Board of Directors or membership of the Association; i. To enforce by legal means the provisions of the Articles of Incorporation and By-Laws of the Association, the Declaration of Condominium and rules and regulations promulgated governing use of the property in the condominium. j. To pay all taxes and assessments which are liens against any part of the Condominium other than the appurtenances thereto, and to assess the same against the members and their respective units subject to such liens; k. To pay all costs of power, water, sewer and other utility services rendered to the condominium which are not billed to the owners of the separate units based on usage; 1. To employ personnel for reasonable compensation to perform the services required for proper administration of the purposes of the Association; m. To cause the common elements and condominium property, including but not limited to stormwater management systems, private roads, and easements, landscaping and common walls to be maintained No fee shall be paid for the service as a Director of the Association The directors shall fix the compensation of any employee of the association. The Board of Directors is not precluded from employing a director as an employee of the Association and compensating him as an employee, nor precluded from contracting with a director for the management of the condominium Notice of any regular or special Directors meeting at which amendments to rules regarding unit use, or non-emergency special assessments, will be considered shall be mailed or delivered to the unit owners and posted conspicuously on the condominium property not less than fourteen (14) days prior to the meeting. Evidence of compliance with this fourteen (14) day notice shall be made as provided in Section (c), Florida Statutes. 6 By-Laws

56 Page: 3813 S. Officers. 5.1 The executive officers of the Association shall be a President, who shall be a director, a Vice President, a Treasurer, and a Secretary, all of whom shall be elected annually by the Board of Directors and who may be peremptorily removed by vote of the Directors at any meeting. Any person may hold two or more offices. The Board of Directors from time to time shall elect such other officers and designate their powers and duties as the Board shall find to be required to manage the affairs of the Association. 5.2 The President shall be the chief executive officer of the Association. He shall have all of the powers and duties usually vested in the office of President of an Association, including but not limited to the power to appoint committees from among the members from time to time, as he in his discretion may determine appropriate, to assist in the conduct of the affairs of the Association, 5.3 The Vice President in the absence or disability of the President shall exercise the powers and perform the duties of the President. He also shall assist the President generally and exercise such other powers and perform such other duties as shall be prescribed by the directors The Secretary shall keep the minutes of all proceedings of the directors and the members. He shall attend to the giving and serving of all notices to the members and directors and other notices required by law. He shall have custody of the seal of the Association and affix it to instruments requiring a seal when duly signed. He shall keep the records of the Association, except those of the treasurer, and shall perform all other duties incident to the office of secretary of an association and as may be required by the directors or the President. Any Assistant Secretary shall perform the duties of the Secretary when the Secretary is absent. 5.5 The Treasurer shall have custody of all property of the Association, including funds, securities and evidences of indebtedness. He shall keep the books of the Association in accordance with good accounting practices; and he shall perform all other duties incident to the office of Treasurer. 6. Fiscal Management. The provisions for fiscal management of _the Association set forth in the Declaration of Condominium and Articles of Incorporation shall be supplemented by the following provisions: 6.1 The assessment roll shall be maintained in a set of accounting books in which there shall be an account for each unit. Such an account shall designate the name and address of the owner or owners, the amount of each assessment against the owners, the dates and amounts in which assessments come due, the amounts paid upon the account and the balance due upon assessments. 6.2 The receipts and expenditures of the Association shall be credited and charged to accounts under classifications as shall be appropriate, all of which expenditures shall be common expenses. 6.3 The Board of Directors will adopt a budget for each calendar year, unless the Board of Directors elects a different fiscal year basis. The budget will include the estimated funds required to defray the common expenses. 7 By-Laws

57 Page: 3814 a. If a budget is adopted by the Board of Directors which requires assessments against unit owners in any fiscal or calendar year exceeding one hundred fifteen percent (115%) of such assessments fox the preceding year, the Board upon written application of ten percent (10%) of the voting interests to the Board shall call a special meeting of the unit owners, to be held upon not less than ten (10) days written notice, at which special meeting unit owners may consider and enact a revision of the budget. The revision of the budget shall require a vote of not less than a majority of the voting interests. The Board of Directors may, in any event, propose a budget to the unit owners at a meeting of members, or by writing; and if such budget or proposed budget be approved by the unit owners at the meeting, or by a majority of all the voting interests by a writing, such budget shall be adopted, and shall not thereafter be reexamined by the unit owners in the manner hereinabove set forth. In determining whether assessments exceed one hundred fifteen percent (115%) of the similar assessments in prior years, there shall be excluded in the computation any provision for reasonable reserves made by the Board of Directors in respect of repair or replacement of the condominium property, or in respect of anticipated expenses by the condominium association which are not anticipated to be incurred on a regular or annual basis; and there shall be excluded from such computation, assessments for betterment to the condominium property. Provided, however, that so long as the Developer is in control of the Board of Directors, the Board shall not impose an assessment for a year greater than one hundred fifteen percent (115%) of the prior fiscal or calendar years assessment without approval of a majority of all the voting interests. b. A copy of the proposed annual budget of common expenses and proposed assessments shall be mailed to the unit owners not less than thirty (30) days prior to the meeting of the Board of Directors at which the budget will be considered, together with a written notice of the time and place of such meeting, C. The budget of common expenses shall: (1) be detailed and show the amounts budgeted by accounts and expense classifications, including, if applicable, those expenses listed in Section (20), Florida Statutes; (2) show amounts budgeted for limited common elements if the Association maintains limited common elements, the costs of which are to be shared only by those-who use said elements; (S) include reserve accounts for capital expenditures and deferred maintenance as provided in Section (f), Florida Statutes. During the first two years of the operation of the Association, and prior to turnover of control of the Association, the Developer may waive the reserves or reduce the funding therefor. 6.4 Within sixty (60) days following the end of each fiscal year, the Association shall deliver to each unit owner the financial report or financial statements required by Section (13), Florida Statutes and the regulations promulgated pursuant thereto by the Division of Land Sales, Condominiums and Mobile Homes, Department of Business Regulation of the- State of Florida. 6.5 Assessments against the units for their shares of the items of the budget shall be made by the Board of Directors for the calendar year annually in 8 By-Laws

58 Page: 3815 advance on or before December 10th of the year preceding the year for which the assessments are made. The amount required from each unit to meet the annual budget shall be divided into four equal assessments. Assessment installments shall be made quarterly and shall be due on January 1, April 1, July I and October 1 of the year for which the assessments are made. If assessments are not made annually as required, quarterly assessments shall be presumed to have been made in the amount of the last prior quarterly assessment, and assessments in this amount shall be due on the dates provided above each year until changed by an amended assessment. In the event a previously adopted budget shall be insufficient in the judgment of the Board of Directors to provide funds for the anticipated current expense for the ensuing year and for all of the unpaid operating expenses previously incurred, the Board of Directors shall amend the budget and shall make amended quarterly assessments for the balance of the year in sufficient amount to meet these expenses for the year, provided, however, that any increase that causes the assessment for the current year to exceed the assessment for the previous year by fifteen percent (15$) shall be subject to the approval of the membership of the Association as previously required in these By-Laws. Assessments for common expenses or emergencies that cannot be paid from the annual assessments will be made only after notice of the need for such is given to the members. After such notice, and upon approval by not less than a majority of the membership of the Association, the assessment will become effective and it will be due after thirty (30) days notice in such manner as the Board of Directors may specify in the notice of assessment. 6.6 If the Developer holds units for sale in the ordinary course of business, no action shall be taken by the Association that would be detrimental to_ the sales of units by the Developer without the written approval of Developer. An increase in assessments for common expenses without discrimination against the Developer shall not be deemed to be detrimental to the sales of units. 6.7 The depository of the Association shall be such bank or banks as shall be designated from time to time by the Directors and in which the moneys of the Association shall be deposited. Withdrawal of moneys from such accounts shall be only by checks signed by such persons as are authorized by the Directors. 6.8 Within sixty (60) days following the end of the fiscal year, the Board of Directors shall mail or furnish by personal delivery to each unit owner a complete financial report of actual receipts and expenditures for the previous twelve (12) months showing receipts and expenses by accounts and classifications as required by the Condominium Act. 7. Parliamentary Rules. Roberts Rules of Order (latest edition) shall govern the conduct of all Association meetings when not in conflict with the Articles of Incorporation and these By-Laws or with the Statutes of the State of Florida. S. Amendments. Except as elsewhere provided otherwise, these By-Laws may be amended in the following manner: 8.1 Amendments to these By-Laws may be proposed by the Board of Directors of the Association acting upon vote of the majority of the Directors, or by 9 By-Laws

59 Page: 3816 members of the Association owning a majority of the units in the condominium, whether meeting as members or by instrument in writing signed by them. 8.2 Upon any amendment or amendments to these By-Laws being proposed by said Board of Directors or members, such proposed amendment or amendments shall be transmitted to the President of the Association, or other officer of the Association in absence of the President, who shall thereupon call a special joint meeting of the members of the Board of Directors of the Association and the membership for a date not sooner than twenty (20) days or later than sixty (60) days from receipt by such officer of the proposed amendment or amendments, and it shall be the duty of the Secretary to give to each member written or printed notice of such meeting in the same form and in the same manner as notice of the call of a Special Meeting of the members is required as herein set forth. 8.3 In order for such amendment or amendments to become effective, the same must be approved by an affirmative vote of the members owning not less than sixty (60%) percent of the voting interests in the condominium. Thereupon, such amendment or amendments to these By-Laws shall be transcribed, certified by the President and Secretary of the Association, and a copy thereof shall be recorded in the Public Records of Vblusia County, Florida, within ten (10) days from the date on which any amendment or amendments have been affirmatively approved by the Directors and members. 8.4 At any meeting held to consider such amendment or amendments to the By-Laws, the written vote of any member of the Association shall be recognized, if such member is not in attendance at such meeting or represented there by proxy, provided such written vote is delivered to the Secretary of the Association at or prior to such meeting. 8.5 No by-law shall be revised or amended by reference to its title or number only. Proposals to amend the bylaws shall contain the full text of the bylaws to be amended, with new words being inserted in the text underlined and words to be deleted being lined through with hyphens. If the proposed change is so extensive that this procedure would hinder the understanding of the proposed amendment, underlining and hyphens shall not be necessary, but instead, a notation shall be inserted immediately preceding the proposed amendment in substantially the following language: "Substantial rewording of by-law. See by-law for present text." 8.6 Notwithstanding the foregoing provisions of this Section 8, no amendment to these By-Laws which shall abridge, amend or alter the right of Developer to designate and select members of the Board of Directors of the Association, as provided in Section 4 hereof, may be adopted or become effective without the prior written consent of Developer. No amendment to these By-Laws shall make any changes in the qualifications for membership nor the voting rights of members without the approval in writing of all members and holders of all first mortgagees. No amendment, which would abridge, amend or alter any rights of first mortgagees shall be made without the written approval of all such mortgagees. No amendment shall be made that is in conflict with the Condominium Act or the Declaration of Condominium or the Articles of Incorporation of this Association. 10 By-Laws

60 Page: Miscellaneous. 9.1 The Association shall obtain and maintain adequate fidelity bonding of the President, Vice President, Secretary and Treasurer of the Association and of all persons authorized to sign checks for the Association. 9.2 A certificate of compliance from a licensed electrical contractor or electrician may be accepted by the Board of Directors as evidence of the Condominium Units' compliance to the applicable fire and life safety code. 9.3 The Association shall have a limited power to convey a portion of the common elements to a condemning authority for the purpose of providing utility easements, right of way expansion, or other public purposes, whether negotiated or as a result of eminent domain proceedings. The foregoing were adopted as the By-Laws of DOWNWIND HANGARS CONDOMINIUM ASSOCIATION, INC., a corporation not for profit under the laws of the State of Florida, at the first meeting of Directors this 1-4[17. day of CYZA-02-itt/, Approved: Certified to: By: Gustl Sp President Pat St mpsonretary -x:c-4;frnc-9, ecr 11 By-Laws

61 Page : 3818 EXHIBIT "D" TO DECLARATION Of CONDOMINIUM fart DOWNWIND HANGARS CONDOMINIUM IDENTIFICATION Of UNITS AND THEIR RESPECTIVE INTEREST 11,1 THE COMMON ELEMENTS, COMMON SVTIPLVS AND COMMON ocrertse

62 Page: 3319 IDENT1f1CATION Of VNITS AND TREIR RESPECTIVE INTEREST IN THE COMMON ELEMENTS, COMMON SVRPLVS AND COMMON EXPENSE There are 10 units which are identified and numbered as 1, 2, 3, 4, 5, 6, 7, 8, 9, and 10, inclusive as further reflected on page 4 of Exhibit A of the Condominium Declaration. Each of the ten (10) condominium units in the Condominium shall have appurtenant thereto a 1/10th interest in the common elements of the Condominium, a 1/10th interest in the common surplus of the Condominium and of the Association and each owner of a condominium unit in the CondominiuM shall be responsible for a 1/10th share of the common expenses of the Condominium.

63 Page: 3820 EXHIBIT "E" TO DECLARATION OF CONDOMINIVM FOR DOWNWIND HANGARS CONDOMIN1VM ESTIMATED OPERATING BUDGET FOR DOWNWIND HANGARS CONDOMINIVM ASSOCIATION, INC.

64 Page: 3821 INMAL ESTIMATED ANNVAL DVDGET volt DOWNWIND HANGARS CONDOM1N1VM ASSOCIATION, INC. NOTE: The following Budget is prepared on the basis of information believed to be accurate. It is, however, only an estimate, and the figures shown here may require adjustment based on actual experience in operating the Condominium. Except for the items designated "Per Association as a whole. Unit Costs", all figures are for the EXPENSES: QUARTERLY ANNUALLY A. Administration- postage, etc. B. Fees payable to Division of Corp. C. Management fee D. Maintenance Landscaping Building E. Insurance _ F. Other Expenses 1. Utilities - Electric Accounting G. Reserves 1. Roof Replacement Payment resurfacing Building Painting Totals $2, , NOTE: Each Unit will be subject to an annual assessment by Spruce Creek P.O.A., Inc., which shall be paid directly by unit Owners to the P.O.A- ESTIMATED EXPENSES VOR A VNIT OWNER Each Unit Owner shall in accordance with the foregoing Estimated Operating Budget, Pay Quarterly Assessments pursuant to their respective fractional ownership interest in the Common elements as set forth in Exhibit "DP to the Declaration of Condominium. RESERVE CALCULATIONS: Estimated Estimated Remaining Initial Life Replacement Life Balance in Costs Account 1. Roof 30 years $30, years 2. Payment Resurfacing 30 years $10, years Painting 10 years $10, years -0- I

65 Page: 3822 IMPORTANT INFORMATION AS TO THE DOWNWIND I4A1S1GARS CONDOMINIUM ESTIMATED OPERATING IWDGET AND UNIT OWNERS SI4ARE IN COMMON ELEMENTS 1. THE ESTIMATED BUDGET SET FORTH ON THE ATTAHCED PAGE 1 IS FOR THE ONE- YEAR PERIOD COMMENCING FROM THE DATE OF RECORDATION OF THE DECLARATION OF CONDOMINIUM FOR THIS CONDOMINIUM. 2, ESTIMATED EXPENSES FOR A UNIT OWNER: Each Unit Owner shall, in accordance with the attached Estimated Operating Budget, pay assessments quarterly for their respective unit(s). 3. GENERAL: The foregoing Estimated Operating Budget has been prepared based on estimates of operating expenses without the benefit of historical Costs. Actual expenses may vary depending upon the level of maintenance and other services required by the Condominium Association. Further, as the foregoing Estimated Operating Budget has been prepared prior to the date when the Estimated Operating Budget is expected to be in effect, actual expenses may also vary due to factors beyond the Developer's control which includes, but are not limited to, _ inflation and legislative enactment's which may impose additional financial requirements upon condominium associations generally. 4. THE DECLARA/ON OF CONDOMINIUM PREVODES: MAINTENANCE GUARANTEE. Under Florida Statute (9)(a)(2), Developer hereby guarantees from the date of recordation of the Declaration of Condominium until the earlier of one (1) year, or the date of the meeting at which transfer of the Association from Developer to the unit owners occurs, that the assessment for common expenses imposed on unit owners will not exceed their respective percentage ownership interest as set forth on page 1 of this Exhibit for their quarterly assessment. During the guaranty period, Developer shall be excused from the payment of its pro-rata share of the assessment for all units it owns; however, Developer shall pay any amount of common expenses incurred during that period and not produced by the assessments at the guaranteed level receivable from other unit owners. For the purposes of this Article, income to the Association other than assessments (as defined herein and in the Act) shall not be taken into account when determining the short fall to be funded by the Developer. Prior to the Initial Guarantee Expiration Date, the developer shall have the option of extending the Guarantee Period for one (1) or more additional periods, of one (1) year each (an "Additional Guarantee Period") as provided in Florida Statutes Section (9). The Developer shall be deemed to have automatically extended the Guarantee Period, by an Additional Guarantee Period, unless the Developer notifies the Board of Directors of the Association, in writing, of its election not to extend the Guarantee Period for an Additional Guarantee Period. The Developer may also extend the Guarantee Period for a definite period of time by written agreement entered into with a majority of non-developer unit owners. No funds received from unit owners payable to the Association or collected by the 1 Important Information

66 Page: 3823 Developer on behalf of the Association, other than regular periodic assessments for common expenses as provided in the Declaration and as disclosed in the Estimated Operating Budget referred to above shall be used for payment of the common expenses prior to the then applicable Guarantee Expiration Date. This restriction shall apply to funds including, but not limited to, capital contributions or start-up funds collected from unit owners at the time the unit owners purchase Units in the Condominium from the Developer. 5. Each owner of a condominium unit in the condominium shall be responsible for their fractional ownership interest as set forth on page one of the Exhibit "DP attached to the Declaration of Condominium for the payment of their quarterly Association assessment. 6. The following annual Association Budget shall become effective as of the date the Condominium Documents are recorded in the Public Records of Volusia County, Florida. 2 Important Information

67 Page: 3824 EXHIBIT "f" TO DECLARATION OF CONDOMINIVM FOR DOWNWIND HANGARS CONDOMINIVM CERTIFICATE Of DEVELOPER'S CONDOMINIVM LAND INTEREST

68 Page: 3825 CERTIFICATE OF DEVELOPER'S CONDOMINIVM LAND INTEREST WHEREAS, the undersigned is the attorney for M. & S. OF SPRUCE CREEK DEVELOPMENTS, LLC, hereinafter referred to as the "Developer" who proposes to construct a condominium project on undeveloped land located in Volusia County, Florida, to be known as DOWNWIND HANGARS CONDOMINIUM, on land legally described on the attached Exhibit "A"; and, NOW THEREFORE, the undersigned certifies to the following: 1. That the Developer is the owner in fee simple title to the described real property and was conveyed title to said real property by that certain Warranty Deed recorded on July 24, 2002, in Official Records Book 4900, Page 1943, Public Records of Volusia County; Florida. 2. The title to the property is further subject to easements, covenants and restrictions, and development agreements between the Developer, County of Volusia, St. John's Water Management District and Spruce Creek Property Owners' Association, Inc. The undersigned has prepared and read the above certification and to the best of his knowledge, information and belief formed after reasonable inquiry, this Certification accurately describes the Developer's interests in the lands to be converted to condominium use. Witness my hand and seal this 2-day of ta nte..,----(2-0l----, Witnesses: It* D N. JOHNSO lori_a PAY' No.: i South Grandview Avenue Daytona Beach, FL (386) Attorney for Developer r

69 Page: 3826 EXHIBIT "G" TO DECLARATION Of CONDOMINIUM FOR DOWNWIND HANGARS CONDOMINIUM 1PMCHASE AGREEMENT atib ESCROW AGREEMENT arra RECEIPT FOR OCUMENTS

70 Page: 3827 DOWNWIND HANGARS CONDOMINIUM PURCHASE AGREEMENT PARTIES: and As 'DEVELOPER", M & S OF SPRUCE CREEK DEVELOPMENT, LLC, of 2890 Malibu Court, Daytona Beach, FL As "BUYER" of, (phone: )- Buyer hereby offers and agrees to purchase from Developer, condominium Unit Number (the "Unit") of Downwind Hangars Condominium (the "Condominium") in accordance with and subject to the terms and provisions of the proposed Declaration of Condominium and its exhibits, copies of which have been delivered to Buyer and which are to be recorded in the Public Records of Volusia County, Florida, prior to closing and delivery of deed, together with all of the appurtenances to that Unit which will be assigned to the Buyer at the closing subject to the terms of the Declaration of-condominium and its exhibits. The Condominium is to be located at Spruce Creek Fly-In at Cessna Boulevard, Daytona Beach, Florida 32124, on real property owned by the Developer and described on Exhibit "A" to the Declaration of Condominium (the "Property"). The total purchase price of the Unit shall be payable by Buyer to Developer as follows: PURCHASE PRICE AND PAYMENT: (a) (b) (c) Purchase Price is Paid on account non-refundable deposit held in escrow by Attorney Ronald N. Johnson Cash on closing and delivery of deed (or greater or lessor Amount as may be necessary to complete payment of purchase price after credits, including deposit, adjustment and prorations) (Plus Buyer's closing expenses) Closing funds must be cash or locally drawn certified or bank cashiers check. All payment must be made in United States funds. Any payment in excess of 10 percent of the purchase price made to developer prior to closing pursuant to this agreement may be used for construction purposed by the developer. ESCROW OF DEPOSITS UP TO 10 PERCENT OF SALE PRICE PRIOR TO COMP! PTION OF CONSTRUCTION. All deposits of Buyer up to ten percent (10%) of the sale price which are made under this Agreement prior to the substantial completion of the condominium will be held in escrow by Attorney Ronald N. Johnson, 326 S. Grandview Avenue, 1 Purchase Agreement

71 Page: 3828 Daytona Beach, Florida 32118, and deposited with Wachovia Bank authorized to transact business in the State of Florida, in an interest bearing account. Escrow Agent will on request furnish Buyer a receipt for Buyer's deposit(s). Any interest actually earned from the actual date of deposit in the interest bearing account will accrue for the benefit of Buyer or Developer as herein provided. In the event this Purchase Agreement is terminated for any reason during the time such funds are on deposit and it is necessary for Escrow Agent to return the deposit to Buyer, then Buyer shall pay out of accrued interest the penalty, if any, assessed for early withdrawal from the deposit. a.) Interest shall be paid over to or credited to Buyer in the following instances: Interest earned on said deposit, thong with the deposit, shall be credited to Buyer at closing as part payment toward purchase price. b.) Interest shall be paid on said deposit, along with the deposit shall be paid over to Developer in the event Buyer defaults in the performance of this Agreement. c.) The escrow agent ("Agent") receiving finds or equivalent is authorized and agrees by acceptance of them to deposit them promptly, hold same in escrow and, subject to clearance, disburse them in accordance with terms and conditions of this Purchase Agreement. Failure of funds to clear shall not excuse Buyer's performance. Win doubt as to Agent's duties or liabilities under the provisions of this Contract, Agent may, at Agent's option, continue to hold the subject matter of the escrow until the parties hereto agree to its disbursement or until a judgment of a court of competent jurisdiction shall determine the rights of the parties or Agent may deposit same with the clerk of the circuit court having jurisdiction of the dispute. Upon notifying all parties concerned of such action, all liability on the part of Agent shall fully terminate, except to the extent of accounting for any items previously delivered out of escrow. Any suit between Buyer and Developer wherein Agent is made a party because of acting as Agent hereunder, or in any suit wherein Agent interpleads the subject matter of- the escrow, Agent shall recover reasonable attorney's fees and costs incurred with these amounts to be paid from and out of the escrowed funds or equivalent and charged and awarded as court cots in favor of the prevailing party. The Agent shall not be liable to any party or person for misdelivery to Buyer or Developer of items subject to the escrow, unless such misdelivery is due to willful breach of the provision of this Contract or gross negligence of Agent. ESCROW OF DEPOSITS EN EXCESS OF 10 PERCENT PRIOR TO COMPLETION OF CONSTRUCTION. All deposits of Buyer which are in excess of 10 percent of the sale price and which are made under this Agreement prior to completion of construction will be held in a special escrow account by Attorney Ronald N. Johnson, 326 South Grandview Avenue, Daytona Beach, Florida 32118, and deposited with Wachovia Bank authorized to transact business in the State of Florida, in an interest bearing account. Pursuant to Paragraph , Florida Statutes, once construction has commenced, the developer may withdraw escrow funds in this special escrow account and may use the funds in the actual construction and development of the condominium property. DEPOSITS AFTER COMPLETION OF CONSTRUCTION. All deposits of Buyer which are made under this Agreement after completion of construction will be held by the Escrow 2 Purchase Agreement

72 Page: 3829 Agent, Attorney Ronald N. Johnson, 326 South Grandview Avenue, Daytona Beach, Florida 32118, in a non-interest bearing account. Buyer shall not be entitled to any interest on such deposit(s). 1. Method of payment at closino. The purchase price shall be paid to the Developer's closing agent with a cashier's check. 2. Plans. Specifications. Boundaries and Unit Dimensions. Developer agrees to construct and equip the Condominium building within which the Unit is to be contained, the Unit and the other improvements to the property substantially in accordance with the plans and specifications prepared by Architect Steven Rice. Upon request a copy of such plans and specifications is available for inspection by Buyer. Buyer acknowledges that Unit dimensions are approximate and that in the course of construction of the improvements on the property and of the unit, certain changes, deviations or omissions may become desirable or be required by governmental authorities having jurisdiction of the Property, may be necessary because of job conditions, or design changes may be deemed necessary by the Architect and/or Developer. Prior to the completion of the condominium building and Buyer's Unit, Developer reserves the right to make non-material changes to the boundaries between or among units so long as Developer owns the units so changed, to make non-material changes to the boundaries of the common elements when the unit boundaries are being changed, and to change the fractional proportion or to change the percentage by which the Buyer of the Unit shares the common expenses and owns the common surplus and to amend the Declaration to effect such changes. Any amendment for such purpose, need be signed and acknowledged only by the Developer, and shall not require the approval of the Buyer, Unit Owners or of the Association. If a change would otherwise materially affect the rights of the Buyer or the value of the Unit, Buyer will be notified of such change in writing. Unless Buyer shall notify Developer in writing within fifteen (15) days from the receipt of such notice of change that Buyer disapproves of the changes, such changes shall be considered approved by Buyer. Pursuant to section (4), Florida Statutes no amendment may change the configuration or size of any condominium unit in any material fashion, unless the record owner of the unit and the record unit mortgage holder, if any, join in the execution of the amendment and unless at least a majority of the record owners all other units approve the amendment. Developer expressly reserves the right to make substitutions of materials, appliances, products or brand names provided such substitutions are of substantially equal quality to those shown in the plan and/or in any display model, as determined solely by Developer. Any model Unit(s) and any furnishing placed therein are for display purposes only and do not constitute a representation of items included in the purchase price. Unit dimensions are approximate. 3. MENBERSITIP IN ASSOCA1TON. Buyer hereby subscribes for membership in DOWNWIND HANGARS CONDOMINIUM ASSOCIATION, INC. Buyer understand that he/she will become a member of the Association immediately upon closing, as provided in the Articles of Incorporation and By-Laws delivered herewith. The Association is and will become owner of certain properties and facilities and will be responsible for the maintenance and operation thereof, as well as for other operational facilities, as more fully set forth in the Declaration of Condominium. Buyer understands and agrees that the assessment against Buyer's unit for common expenses will be the Quarterly sum as set forth in the attached Exhibit "E" 3 Purchase Agreement