SECOND SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR DOWNTOWN DORAL SOUTH COMMUNITY DEVELOPMENT DISTRICT. Assessment Area One.

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1 SECOND SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR DOWNTOWN DORAL SOUTH COMMUNITY DEVELOPMENT DISTRICT Assessment Area One November 17, 2017 Prepared by Governmental Management Servces-South Florda, LLC 5385 N. Nob Hll Road Sunrse, FL 33351

2 1.0 Introducton The Downtown Doral South Communty Development Dstrct (the Dstrct ), s a local unt of specal-purpose government organzed and exstng under Chapter 190, Florda Statutes as amended. The Dstrct antcpates ssung up to $126,000,000 of debt n the form of bank notes or specal assessment bonds (the Bonds ) for the purpose of fnancng certan nfrastructure mprovements wthn the Dstrct as descrbed heren, more specfcally descrbed n the Engneer s Report for Infrastructure Improvements dated December 20, 2016 (the Engneer s Report ), prepared by Alvarez Engneers, Inc. The Dstrct has ssued Seres 2016 Notes n the prncpal amount of $10,000,000 on December 28, 2016, and now ntends to ssue another $10,000,000 note (the Seres 2017 Note )(the Seres 2016 Note together wth the 2017 Notes, the Notes ) for the purpose of fnancng an addtonal porton of the Area One Project, defned heren. The Dstrct s bfurcated nto two dstnct assessment areas for the purpose of levyng assessments as descrbed n the Engneer s Report whch are referred to as Assessment Area One and Assessment Area Two. The development plan for Assessment Area One s planned for 203 sngle famly unts, 148 cottage unts, and 52 townhomes (the Area One Development ), and Assessment Area Two s planned for 466 condomnum unts, 398 cluster unts and 39 townhome unts (the Area Two Development ) (collectvely the Development ). The development plan for the Area One Development s shown s Table Purpose Ths Second Supplemental Assessment Methodology Report (the Report ) provdes a methodology that determnes the amount of Dstrct debt to be allocated to specfc propertes wthn Assessment Area One of the Dstrct benefttng from certan publc mprovements to be acqured or constructed by the Dstrct, and to account for a change n the Area One Development. Addtonal supplemental assessment methodology reports wll be prepared for future debt ssuances. The publc mprovements that may be acqured or constructed by the Dstrct nclude, but are not lmted to, stormwater management and control facltes, ncludng, but not lmted to, related earthwork and acquston of nterests n land relatng thereto; water and wastewater systems, ncludng the payment of mpact fees; road mprovements; and ncludng the payment of road mpact fees; landscapng n publc rghts-of-way, ncludng, but not lmted to entrance features, permeter buffers and acquston of nterests n land relatng thereto; acquston and/or constructon of amentes such as clubhouse facltes open to the publc; and related soft and ncdental costs (the Project ). The cost of the Project s broken down by assessment area 1

3 n the Engneer s Report; costs related to Assessment Area One (the Area One Project ) whch beneft Assessment Area One are shown n Table 2. The Dstrct has and shall mpose non-ad valorem specal assessments on the benefted lands wthn the Dstrct to pay the debt assocated wth the Notes based on ths Report. It s antcpated that all of the proposed specal assessments wll be collected through the Unform Method of Collecton descrbed n chapter , F.S. or any other legal means avalable to the Dstrct. It s not the ntent of ths Report to address any other assessments, f applcable, that may be leved by the Dstrct, a homeowner s assocaton, or any other unt of government. 1.2 Background The Dstrct currently ncludes approxmately gross acres n the Cty of Doral n Mam-Dade County, Florda. The planned communty wthn Assessment Area One of the Dstrct s currently antcpated to consst of 203 sngle famly unts, 148 cottage unts, and 52 townhomes. The publc mprovements comprsng the Area One Project contemplated by the Dstrct wll provde facltes that beneft the assessable property wthn Assessment Area One of the Dstrct. The estmated costs are summarzed n Table Assessment Methodology 2.1 Overvew The Dstrct wll ssue $10,000,000 n prncpal amount of Seres 2017 Notes to fnance approxmately $9,709,000 of the publc nfrastructure mprovements comprsng the Area One Project, provde a debt servce reserve account and fund the cost of ssuance. It s the purpose of ths methodology to allocate the $10,000,000 n debt to the propertes beneftng from a porton of the Area One Project fnanced by the Seres 2017 Notes. The Report also reallocates the Seres 2016 assessments based on the current proposed Area One Development. Table 1 dentfes the development plan for the Area One Development as dentfed by CC Homes at Doral, LLC, (the Area One Developer ). The Engneer s Report outlnes the publc mprovements needed to support the Area One Development and are shown n Table 2. The publc mprovements needed are descrbed n detal n the Engneer s Report and are estmated to 2

4 cost approxmately $48,901,594. $9,682,000 of these mprovements have been funded by the Seres 2016 Notes, and an addtonal porton of the publc mprovements wll be funded through the ssuance of the Seres 2017 Notes, the balance of the mprovements wll be funded through addtonal ssuance(s) of debt, and through a Developer contrbuton of nfrastructure to the extent not funded by such other debt oblgatons. Based on the estmated costs to be funded at ths tme, the sze of the Seres 2017 Note ssue needed to generate funds to pay for a porton of the Area One Project, fund the debt servce reserve account, and pay the cost of ssuance was determned by the Dstrct s placement agent to total approxmately $10,000,000, Table 3 depcts the breakdown of the Seres 2017 Note szng. The exstng Seres 2016 Note szng s also shown n Table Allocaton of Debt Allocaton of debt s a contnuous process untl the development plan s completed. The ntal assessments wll be leved on Assessment Area One wthn the Dstrct on an equal acre bass for each parcel. Once plattng, the recordng of a declaraton of condomnum, or other means of dentfyng ndvdual lots ( Assgned Propertes ) has begun, the assessments wll be allocated to the Assgned Propertes based on the benefts they receve. The Unassgned Propertes, defned as developable acres that are not Assgned Propertes and as a result wll contnue to be assessed on a per acre bass. Eventually the development plan wll be completed and the debt relatng to the Notes wll be allocated to the planned 403 lots wthn Assessment Area One of the Dstrct, whch are the benefcares of the nfrastructure mprovements, as depcted n Table 4. In accordance wth the beneft allocaton n Table 4, a total par amount per unt and an annual debt assessment per unt for the Notes have been calculated for each unt as llustrated n Table 5. These amounts represent the prelmnary antcpated per unt debt allocatons assumng all antcpated unts are bult and sold n the proportons planned, and the entre proposed nfrastructure program s constructed or acqured and fnanced by the Dstrct. If there are changes to the development plan, a true up of the assessment wll be calculated to determne f a payment from the Area One Developer s requred. Ths process s outlned s Secton 3.0 3

5 3.0 True Up Although the Dstrct does not process plats, declaraton of condomnums, ste plans or revsons for the Developer, t does have an mportant role to play durng the course of plattng and ste plannng. Whenever a plat, declaraton of condomnum or ste plan or revson s processed, the Dstrct must allocate a porton of ts debt to the property accordng to the methodology outlned heren. In addton, the Dstrct must also prevent any buldup of debt on Unassgned Property. Otherwse, the land could be fully conveyed and/or platted wthout all of the debt beng allocated. To preclude ths, at the tme Unassgned Propertes become Assgned Propertes, the Dstrct wll determne the amount of antcpated assessment revenue that remans on the Unassgned Propertes, takng nto account the proposed plat or ste plan approval. If the total antcpated assessment revenue to be generated from the Assgned and Unassgned Propertes s greater than or equal to the maxmum annual debt servce then no adjustment s requred. In the case that the revenue generated s less than the requred amount then a debt reducton payment by the Area One Developer n the amount necessary to reduce the par amount of the outstandng Notes to a level that wll be supported by the new maxmum annual debt servce, plus accrued nterest wll be requred. 4.0 Assessment Roll The Dstrct wll ntally dstrbute the lens across the property wthn the Dstrct boundares on a gross acreage bass to Assessment Area One. As Assgned Property becomes known wth certanty, the Dstrct wll refne ts allocaton of debt from a per acre bass to a per unt bass as shown n Table 5. If the land use plan changes, then the Dstrct wll update Table 5 to reflect the changes. As the development process occurs, the debt wll be dstrbuted aganst the Assgned Property n the manner descrbed n ths Assessment Methodology. The current assessment roll s depcted n Table 6. 4

6 Table 1 Downtown Doral South - Assessment Area One Development Plan Assessment Area One Land Use No. of Unts* ERUs per Unt Total ERUs Townhome Cottage Sngle Famly Totals * Unt count may vary dependng on market condtons Prepared by Governmental Management Servces-South Florda, LLC Page 1

7 Table 2 Downtown Doral South - Assessment Area One Estmated Total Constructon Costs Category Cost* Soft Costs Ste Development $268,538 Earthwork Import $1,802,958 Earthwork (Other) $1,712,462 Lft Staton $539,501 Onste, Common, CDD Roads $6,758,821 Permeter Buffers $268,230 Amentes (Publc) $2,250,000 Offste Improvements $3,026,563 Cont. EW, LS, Roads,Buffers, Amentes, Offste Imp. $1,885,853 Alley Roads $2,699,730 Lake Tract- Land Acquston $4,395,300 CDD Rghts of Way - Land Acquston $9,801,225 Water & Sewer Connecton Charges $1,670,062 Mam-Dade County Road Impact Fees $3,322,352 Recreatonal Facltes $8,500,000 Total $48,901,594 * From Engneer's Estmate of Costs provded by Alvarez Engneers,Inc. Prepared by Governmental Management Servces-South Florda, LLC Page 2

8 Table 3 Downtown Doral South - Assessment Area One Note Szng Seres 2016 Notes Seres 2017 Notes Project Fund $9,682,000 $9,709,000 Debt Servce Reserve $75,000 $75,000 Captalzed Interest $0 $0 Issuance Costs, ncl UW $243,000 $216,000 Par Amount $10,000,000 $10,000,000 Terms Interest Rate (1) 1.89% 2.11% Amortzaton 5 yr nterest only 5 yr nterest only Captalzed Interest through NA NA Debt Servce Reserve Fxed Fxed (1) The bank notes are draw down notes, and have a varable nterest rate that adjust each May 1 and November 1 per the term sheet. Prepared by Governmental Management Servces-South Florda, LLC Page 3

9 Table 4 Downtown Doral South - Assessment Area One Allocaton of Project Costs Fnanced Assessment Area One Seres 2016 Seres 2017 Allocated Allocated Total Costs Land Use No. of Unts ERUs per Unt Total ERUs Costs Costs per Unt Townhome $ 934,090 $ 936,695 $ 35, Cottage $ 2,953,959 $ 2,962,197 $ 39, Sngle Famly $ 5,793,951 $ 5,810,109 $ 57, Totals $ 9,682,000 $ 9,709,000 Prepared by Governmental Management Servces-South Florda, LLC Page 4

10 Table 5 Downtown Doral South - Assessment Area One Allocaton of Par Debt Seres 2016 Notes Annual Annual Total Cost Total Allocaton of Allocaton of Par Debt Assessment Debt Assessment Land Use No. of Unts Allocated Par Debt Debt per Unt Total Per Unt* Townhome 52 $ 934,090 $ 964,769 $ 18, $ 18,234 $ Cottage 148 $ 2,953,959 $ 3,050,980 $ 20, $ 57,664 $ Sngle Famly 203 $ 5,793,951 $ 5,984,250 $ 29, $ 113,102 $ Totals 403 $ 9,682, $ 10,000,000 $ 189,000 Seres 2017B Annual Annual Total Cost Total Allocaton of Allocaton of Par Debt Assessment Debt Assessment Land Use No. of Unts Allocated Par Debt Debt per Unt Total Per Unt* Townhome 52 $ 936,695 $ 964,769 $ 18, $ 20,357 $ Cottage 148 $ 2,962,197 $ 3,050,980 $ 20, $ 64,376 $ Sngle Famly 203 $ 5,810,109 $ 5,984,250 $ 29, $ 126,268 $ Totals 403 $ 9,709, $ 10,000, $ 211,000 Combned Totals Annual Annual Total Cost Total Allocaton of Allocaton of Par Debt Assessment Debt Assessment Land Use No. of Unts Allocated Par Debt Debt per Unt Total Per Unt* Townhome 52 $ 1,870,784 $ 1,929,539 $ 37, $ 38,591 $ Cottage 148 $ 5,916,156 $ 6,101,960 $ 41, $ 122,039 $ Sngle Famly 203 $ 11,604,060 $ 11,968,501 $ 58, $ 239,370 $ 1, Totals 403 $ 19,391,000 $ 20,000,000 $ 400,000 * Ths amount wll be grossed up to nclude dscounts for early payments and county collecton fees f collected on the Mam-Dade County tax blls (currently 5%). Prepared by Governmental Management Servces-South Florda, LLC Page 5

11 Table 6 Downtown Doral South - Assessment Area One Assessment Roll Folo Number Acreage Total Par Annual Assessment* See attached legal $ 20,000,000 $ 400,000 * Ths amount wll be grossed up to nclude dscounts for early payments and county collecton fees f collected on the Mam-Dade County tax blls (currently 5%). Prepared by Governmental Management Servces-South Florda, LLC Page 6

12 N EB KOGER A B c EXECUTIVE C ER (P.B. 91, PG. 38) TRACT o( TRACTA WHITE VIEW SUBDIVISION (P.B. 157, PG. 18) (DORAL BOULEVARD) LmU.tl'f ' < c 0..I / ].lj! J SURVEYOR'S NOTES: 1) Ths s not a Boundary Survey. but only a GRAPHIC DEPICTION of the descrpton shown hereon. 2) North arrow drecton and Bearngs shown hereon are based on recorded value of NBB4"24"'W along the South lne of S.W. X. of Secton 22. Townshp 53 South. Range 40 East. as shown on P.B Pg ) Not vald wthout the sgnature and the orgnal rased seal of a Florda Lcensed Surveyor and Mapper. Addtons or deletons to survey maps or reports by other than the sgnng party or partes s prohbted wthout wrtten consent of the sgnng party or partes. 4) There may be addtonal Restrctons not shown on ths Sketch & Legal that may be found n the Publc Records of ths County, Examnaton of TITLE COMMITMENT wll have 4 to be made to determne recorded nstruments, If any affectng ths property. 4 5) The Sketch and Legal Descrpton shown heren s based on the nformaton provded by the Clent. 6) No Ttle research has been performed to determne f there are any conflct exstng or arsng out of the creaton of the easements. Rght of Wa-ys. Parcel Descrptons, or any other type of encumbrances that the heren descrbed legal may be utlzed for. SURVEYOR'S CERTIFICATE: I Hereby Certfy to the best of my knowledge and belef that ths drawng s a true and correct representaton of the SKETCH AND LEGAL DESCRIPTION, of the real property descrbed hereon I further certfy that ths survey was prepared n accordance wth the applcable provsons of Chapter SJ-17 (Formerly 61G17-6) Florda Admnstratve Code. Ford, Armenteros & FERNANDEZ, Inc. Date: March 23, 2016 Revson 1: BY Omar Armenteros. P.L.S. for the frm Professonal Land Surveyor State of Florda, LS No A B c f---- DORAL WHITE COURSE - CC DEVCO PARCELS f !IP!l!--'!"""!""!"!""!!!!''!"""!!!----1 T'll'E CF PllOECT:.s!!] a.. SKETCH AND LEGAL DESCRIPTION SllEI' MME: FORD, ARMENTEROS & FERNANDEZ, INC. SURVEYOR NOTES AND LOCATION 1950 N.W. 94th AVENUE, 2nd FLOOR PllPMID Ftll: CC DEVCO, LLC. MIAMI, FLORIDA lllain BY: DAlE: SllET: B.R PH. {305) IS. OlmD ft SCILE: N/A FAX (305) amcedb'f: PRO.ECTNG: 14A (I' 7!HE'IS a J

13 2 3 A c LEGAL DESCRIPTION: A porton of the followng descrbed property, That porton of, REVISED PLAT OF ORIZABA. accordng to the plat thereof as recorded n Plat Book 43 at Page 71 of the Publc Records of Mam-Dade County, Florda, lyng wthn the boundary of the followng descrbed parcel of land: The Southwest 1/4 of the Southwest 1/4, and the South 1/2 of the Northwest 1/ 4 of the Southwest 1/4, of Secton 22, Townshp 53 South, Range 40 East, Mam-Dade County, Florda; LESS the followng parcels (a), (b), (c),and (d); a) The South 80 feet as shown on REVISED PLAT OF ORIZABA, accordng to the plat thereof as recorded In Plat Book 43 at Page 71 of the Publc Records of Mam-Dade County, Florda, for the rght-of-way of (East Coost Street) N.W. 41 Street and for the rght-of-way of (Canal) Dressel's Dary Conal. b) The West 40 feet of the of the South 3/4 of the Southwest 1/4 of sad Secton 22, as per Rght-of-Way Deed for N.W. 87 Avenue, os recorded In Offlclol Records Book 7118 at page 312, ond In Offcal Records Book 7118 at page 315 of the Publc Records of Mam-Dade County, Florda, as affected by the plat of, DORAL RIGHT OF WAY, accordng the plat thereof as recorded n Plat Book 104 at Page 93 of the Publc Records of Mam-Dade County, Florda. c) That porton of Tract "A'and that porton of NW 87 Avenue rght-of-way as shown on the plat of, DORAL RIGHT OF WAY, accordng the plat thereof as recorded In Plat Book 104 at Page 93 of the Publc Records of Mam-Dade County, Florda, whch les wthn the Southwest 1/4 of sad Secton 22. d) That porton contaned In the plat of, WHITE VIEW SUBDIVISION, accordng to the plat thereof, as recorded n Plat Book 157, Page 18, of the Publc Records of Mam-Dade County, Florda. TOGETHER WllH: That porton of the rght-of-way for N.W. 84 Avenue, whch les wthn the South 3/4 of the Southwest 1/4 of sad Secton 22, as shown on sad plat of, REVISED PLAT OF ORIZABA, as closed vacated and abandoned pursuant to Resoluton , as recorded In Offcal Records Book 7051 at Page 585 of the Publc Records of Mam-Dade County Florda. TOGETHER WllH: The Southeast 1/ 4 of the Southwest 1/4, and the West 1 /2 of the Southwest 1/4 of the Southeast 1/4 of Secton 22, Townshp 53 South, Range 40 East. Mam-Dade County, Florda. LESS followng parcels (e) and (f); e) The North 50 feet of the South 80 feet thereof, pursuant to that Rght-of-Way Deed for N. W. 41 Street, as recorded n Offcal Records Book 6866 at Page 910 and n Offcal Records Book 6866 at Page 914 of the Publc Records of Mam-Dade County, Florda. f) The South 30 feet thereof for the rght-of-way of Dressel's Dary Canal as shown on Mam Dade County Secton Sheet , Mam-Dade County, Florda. 2 3 TOGETHER WllH: The South 1/2 of the Northeast 1/ 4 of the Southwest 1/ 4 and the Southwest 1/ 4 of the Northwest 1/4 of the Southeast 1/4, all In Secton 22, Townshp 53 South, Range 40 East, Mam-Dade County, Florda. 8 I"..! r... TOGETHER WllH: Easements contaned n that Easement Agreement recorded n Offcal Records Book 7323, Page 339, as offected by that Amended and Restated Easement Agreement recorded In Offlclol Records Book 23055, Poge 3150, both of the Publc Records of Mam-Dade County, Florda. Beng more partcularly descrbed as follows: CC DEVCO PARCEL 1 COMMENCE at the Southwest comer of sad Secton 22; thence run North along the West lne of the Southwest 1/4 of sad Secton 22 and along the centerlne of NW 87th Awnue as shown on the plat of DORAL RIGHT-OF-WAY, as recorded n Plot Book 104, Page 93 for a dstance of feet to a pont; thence run East feet to a pont on the East rght of way lne of sold NW 87th Avenue; thence run North along sad Easterly rght of way lne of NW 87th Avenue for a dstance of feet to the pont of curvature of a crcular curve to the rght havng a radus of 1, feet; thence run Northeasterly along sad East rght of way lne of NW 87th Avenue and along the arc of sad curve for a dstance of feet, through a central angle of 5'37'30" to the pont of tangency, thence run North 05'37'30" East along sad East rght of way lne of NW 87th Avenue for a dstance of feet to the pont of curvature of a A c f '" DORAL WHITE COURSE-CC DEVCO PARCELS......!t---.'="===-...,,.,.,,,,,,,.,,.,.,..,.,.,,,,..,..,,,.,,..,.,...,,,.,,.,,..,,.,,.,,,,,,,.,...-1 T1FE IF PllOECT: SKETCH AND LEGAL DESCRIPTION FORD, ARMENTEROS & FERNANDEZ, INC. SllET- LEGAL DESCRIPTION 1950 N.W. 94th AVENUE, 2nd FLOOR... CC DEVCO, LLC. MIAMI, FLORIDA PH. (305) FAX (305) """'... IS.am:EDIJt...,., B.R """"" QEllCID Bt. 14A ,,..,,. a._ , SlfET, """' N/A 2

14 A B C LEGAL DESCRIPTION: (CONTINUED) crcular curve to the left havng a radus of 1, feet: thence run Northerly along sold East rght of way lne of NW 87th Avenue and along the ore of sold curve for a dstance of feet through a central angle of 9'36'22" to a pont, sad pont also beng the Northwest comer of Tract "A" of "WHITE VIEW SUBDIVISION", accordng to the Plot thereof as recorded In Plot Book 157, at Page 18, of the Publc Records of Mam-Dode County, Flordo: thence N87deg45mn36secE, along the Northerly lne of sad Tract "A" and ts extenson, for a dstance of feet: thence N01deg23mln43secE for a dstance of feet: thence contnue N01 deg23mln43sece for a dstance of feet to a pont herenafter referred to as Reference Pont "E": thence N01deg23mn43secE for a dstance of feet to the POINT OF BEGINNING of the herenafter descrbed parcel: thence contnue N01deg23mln43secE for a dstance of feet; thence S88deg36mln17secE for a dstance of feet: thence S01deg23mln43secW for a dstance of feet; thence N88deg36mn17secW for a dstance of feet to the POINT Of BEGINNING. TOGETHER WllH CC DEVCO PARCEL 2: COMMENCE at the aforementoned Reference Pont "E": thence S88deg36mln17secE for a dstance of feet; thence S27deg22mn42secE for a dstance of feet: thence N62deg37mn18secE for a dstance of feet: thence contnue N62deg37mln18secE for a dstance of feet to a pont herenafter referred to as Reference Pont "F": thence contnue N62deg37mln18secE for a dstance of feet to the POINT Of BEGINNING of the herenafter descrbed parcel; thence contnue N62deg37mn1 BsecE for a dstance of feet: thence N27deg22mln42secW for a dstance of feet: thence N88deg36mln17secW for a dstance of feet: thence S27deg22mn42secE for a dstance of feet to the POINT Of 2 BEGINNING. 2 TOGETHER WllH CC DEVCO PARCEL 3: COMMENCE at the aforementoned Reference Pont "F": thence S27deg22mln42secE for a dstance of feet; thence N62deg37mn18secE for a dstance of feet to the POINT OF BEGINNING of the herenafter descrbed parcel: thence contnue N62deg37mln1 BsecE for a dstance of feet: thence S27deg22mn42secE for a dstance of feet; thence S01deg44mn41secW for a dstance of feet to a pont herenafter referred to as Reference Pont "G": thence N88deg14mln24secW for a dstance of feet; thence N01deg45mln36secE for a dstance of feet: thence N27deg22mln42secW for a dstance of feet to the POINT Of BEGINNING. 3 TOGETHER WllH CC DEVCO PARCEL 4: COMMENCE at the aforementoned Reference Pont "G": thence S88deg15mln19secE for a dstance of feet; thence S01 deg44mn41 secw for a dstance of feet to the POINT Of BEGINNING of the herenafter descrbed parcel; thence S88deg14mln24secE for a dstance of feet to a pont herenafter referred to as Reference Pont "H": thence NOOdeg05mln50secW for a dstance of feet to a pont herenafter referred to as Reference Pont "I": thence S89deg54mn10secW for a dstance of feet; thence S62deg37mln18secW for a dstance of feet; thence S27deg22mln42secE for a dstance of feet; thence S01 deg44mln41 secw for a dstance of feet to the POINT OF BEGINNING. TOGETHER WllH CC DEVCO PARCEL 5: 3 8 I"..! r... COMMENCE at the aforementoned Reference Pont "G": thence S88deg15mln19secE for a dstance of feet; thence S01deg44mln41secW for a dstance of feet: thence S88deg14mln24secE for a dstance of feet: thence S01deg44mn41secW for a dstance of feet to the POINT OF BEGINNING of the herenafter descrbed parcel: thence contnue S01deg44mln41secW for a dstance of feet: thence S88deg14mln24secE for a dstance of feet: thence NOOdeg05mln50secW, along a lne feet West of and parallel to the East lne of the West of the Southwest X of the Southeast X of sad Secton 22, for a dstance of feet; thence N88deg14mln24secW for a dstance of feet to the POINT Of BEGINNING. TOGETHER WllH CC DEVCO PARCEL 6: COMMENCE at the aforementoned Reference Pont "H": thence S88deg14mln24secE for a dstance of feet to the POINT OF BEGINNING of the herenafter descrbed parcel: thence contnue S88deg14mln24secE for a dstance of feet: thence NOOdeg05mn50secW, along a lne feet West of and parallel to the East lne of the West of the Southwest X of the Southeast X of sold Secton 22, for a dstance of feet: thence N88deg38mn07secW, along a lne feet South of and parallel to the North lne of the West of the South of the Northwest X of the Southeast X of sold Secton 22, for a dstance of feet: thence N88deg36mln17secW, along a lne feet South of and parallel to the North lne of the South of the Northeast X of the Southwest X of sad Secton 22, for a dstance of feet; thence S27deg22mln42secE for a dstance of feet; thence S88deg36mln17secE for a dstance of feet: thence S88deg38mln07secE for a dstance of feet: thence SOOdeg05mln50secE for a dstance of feet to the POINT OF BEGINNING. A c f '" DORAL WHITE COURSE-CC DEVCO PARCELS......!t---.'="===-...,,.,.,,,,,,,.,,.,.,..,.,.,,,,..,..,,,.,,..,.,...,,,.,,.,,..,,.,,.,,,,,,,.,...-1 T1FE IF PllOECT: SKETCH AND LEGAL DESCRIPTION FORD, ARMENTEROS & FERNANDEZ, INC. SllET- LEGAL DESCRIPTION 1950 N.W. 94th AVENUE, 2nd FLOOR... CC DEVCO, LLC. MIAMI, FLORIDA PH. (305) FAX (305) SlfET, IS.am:EDIJt. ""'-" N/A 3 QEllCID Bt. 14A ,,..,,. a._ , """'.....,., B.R ,,...,.

15 A LEGAL DESCRIPTION:(CONTINUED) TOGETHER WllH CC DEVCO PARCEL 7: B c COMMENCE at the aforementoned Reference Pont "I"; thence NOOdeg05mn50secW for a dstance of feet to the POINT OF BEGINNING of the herenafter descrbed parcel; thence contnue NOOdeg05mln50secW for a dstance of feet; thence N88deg3&nn07secW for a dstance af feet; thence SOOdeg05mln50secE for a dstance of feet; thence N89deg54mln10secE for a dstance of feet to the POINT OF BEGINNING. TOGETHER WllH CC DEVCO PARCEL 8: COMMENCE at the aforementoned Reference Pont "I"; thence NOOdeg05mn50secW for a dstance af feet; thence contnue NOOdeg05mln50secW for a dstance of feet; thence contnue NOOdeg05mn50secW for a dstance of feet ta the POINT OF BEGINNING af the herenafter descrbed parcel; thence contnue NOOdeg05mln50secW for a dstance of feet; thence N88deg3&nln07secW for a dstance of feet; thence N88deg36mln17secW for a dstance af feet; thence S27deg22mn42secE for a dstance af feet; thence S88deg36mn17secE for a dstance of feet; thence S88deg3&nln07secE for a dstance of feet to the POINT OF BEGINNING I"..! r... A c f '" DORAL WHITE COURSE-CC DEVCO PARCELS......!t---.'="===-...,,.,.,,,,,,,.,,.,.,..,.,.,,,,..,..,,,.,,..,.,...,,,.,,.,,..,,.,,.,,,,,,,.,...-1 T1FE IF PllOECT: SKETCH AND LEGAL DESCRIPTION FORD, ARMENTEROS & FERNANDEZ, INC. SllET- LEGAL DESCRIPTION 1950 N.W. 94th AVENUE, 2nd FLOOR... CC DEVCO, LLC. MIAMI, FLORIDA PH. (305) FAX (305) SlfET, IS.am:EDIJt. """' N/A 4 QEllCID Bt. 14A ,,..,,. a._ , """'.....,., B.R ,,...,.

16 !t I f-t J A TRAC"lj1 ---&1J1... tl41&1/4.-- II II "LUZ.a:..T...::J c TRACT3 s I II II I =.. I CCDEVCO PARCEL1 2 N01'23'4J"E 28.0!I' 4 4 "' "t 6 0 I :;;;- UJ Ill "' t --' < c I s! I FORD, ARMENTEROS & FERNANDEZ, INC N.W. 94th AVENUE, 2nd FLOOR MIAMI, FLORIDA PH. {305) FAX (305) T'll'E CF PllOECT: SllEI' MME: PllPMID Ftll: SKETCH AND LEGAL DESCRIPTION SKETCH TO ACCOMPANY LEGAL CC DEVCO, LLC. lllain BY: DAlE: SllET: B.R IS. OlmDllt. SCN.E: 1" = 200' amcm BY: PllO T Mel: 14A046 5 <F 7!Nm

17 A B C 11\11 EB I ALl81AN LAKE ':-- - :_ _J_ llkcp&vla.tj1tf11ml1j4.ar_..._... 1 CCDEVCO PARCEL2 CCDEVCO PARCEL& I I I l ' a I --- CCDEVCO PARCEL3 J 4 "' "t 6 0 I -1 -I- :;;;- UJ Ill "' t --' < c 0..I ;;;- ] - -- TRACT B -l!!.a. tso, Pa. 23) I I I I I I! I I I I I,, I I I I I I I I I I PALM EXECUTIVE u: N::!!: _ 41ST- ;;;ET- II...,._ ---L '.I-.:::"'""IU..:\ TllACTC... BO.DO' ROYAL PALM EXl!CVllVE (P.B. 150, PG. 23)... c - DORAL WHITE COURSE - CC DEVCO PARCELS f ""!""!!!!'!"""'!!!'!'!!!'!!!!"!'-""'1 T'll'E CF PllOECT:.s!!] a. SKETCH AND LEGAL DESCRIPTION SllEI' MME: FORD, ARMENTEROS & FERNANDEZ, INC. SKETCH TO ACCOMPANY LEGAL 1950 N.W. 94th AVENUE, 2nd FLOOR PllPMID Ftll: CC DEVCO, LLC. MIAMI, FLORIDA lllain BY: DAlE: SllET: B.R PH. {305) IS. OlmDllt. SCN.E: 1" = 200' 6 f--- FAX (305) amcm BY: PllO T Mel: 14A046 <F 7!Nm a

18 A B c CCDEVCO PARCEL& co.2 CCDEVCO PARCEL& 2 CCDEVCO PARCEL4 CCDEVCO PARCEL ' CCDEVCO PARCELS --' < c 0..I / ].lj! A ?---- DORAL WHITE COURSE - CC DEVCO PARCELS f... --_,,-=--!"!""!"'""!"""!!!---t.s!!] a.. B T'll'E CF PllOECT: SKETCH AND LEGAL DESCRIPTION SllEI' MME: FORD, ARMENTEROS & FERNANDEZ, INC. SKETCH TO ACCOMPANY LEGAL 1950 N.W. 94th AVENUE, 2nd FLOOR PllPMID Ftll: CC DEVCO, LLC. MIAMI, FLORIDA lllain BY: DAlE: SllET: B.R PH. {305) IS. OlmDllt. SCN.E: 1" = 200' 7 FAX (305) amcm BY: PRO T NG: 14A046 <F 7!Nm a c