Palmetto Cove HOA Docs

Palmetto Cove Condominium Association, Inc. A PHASE CONDOMINIUM • This is an existing condominium Some of the documents included are: -Prospectus -Condominium Declaration of Covenants & Amendments to same -Revised Escrow Agreement -Rules & Regulations -2017 Condominium Association Budget -Revised building plans -Sales Brochure

Date of this printing: January 19, 2017

PALMETTO COVE A PHASE CONDOMINIUM PROSPECTUS

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PALMETTO COVE, A PHASE CONDOMINIUM THIS PROSPECTUS CONTAINS IMPORTANT MATTERS TO BE CONSIDERED IN ACQUIRING A CONDOMINIUM UNIT.

THE STATEMENTS CONTAINED HEREIN ARE ONLY SUMMARY IN NATURE. A PROSPECTIVE PURCHASER SHOULD REFER TO ALL REFERENCES, ALL EXHIBITS HERETO, THE CONTRACT DOCUMENTS, AND SALES MATERIALS.

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF DEVELOPER. REFER TO THIS PROSPECTUS AND ITS EXHIBITS FOR CORRECT REPRESENTATIONS.

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SUMMARY 1.

THIS IS A PHASE CONDOMINIUM. ADDITIONAL LAND OR UNITS MAY BE ADDED TO THIS CONDOMINIUM.

2.

BUILDINGS AND UNITS WHICH ARE ADDED TO THE CONDOMINIUM MAY BE SUBSTANTIALLY DIFFERENT FROM THE OTHER BUILDINGS IN THE CONDOMINIUM.

3.

THE CONDOMINIUM IS TO BE CREATED AND UNITS ARE BEING SOLD AS FEE SIMPLE INTERESTS.

4.

THERE IS A LIEN OR LIEN RIGHT AGAINST EACH UNIT TO SECURE THE PAYMENT OF ASSESSMENTS OR OTHER EXACTIONS COMING DUE FOR THE USE, MAINTENANCE, UPKEEP, OR REPAIR OF THE RECREATIONAL, IF ANY, AND OTHER COMMONLY USED FACILITIES. THE UNIT OWNER'S FAILURE TO MAKE THESE PAYMENTS MAY RESULT IN FORECLOSURE OF THE LIEN.

5.

RECREATIONAL FACILITIES MAY BE EXPANDED OR ADDED WITHOUT CONSENT OF UNIT OWNERS OR THE ASSOCIATION.

6.

THE SALE, LEASE, OR TRANSFER OF UNITS IS RESTRICTED OR CONTROLLED.

7.

THE UNITS MAY BE TRANSFERRED SUBJECT TO A LEASE.

8.

FIGURES CONTAINED IN ANY BUDGET DELIVERED TO THE BUYER PREPARED IN ACCORDANCE WITH THE CONDOMINIUM ACT ARE ESTIMATES ONLY AND REPRESENT AN APPROXIMATION OF FUTURE EXPENSES BASED ON FACTS AND CIRCUMSTANCES EXISTING AT THE TIME OF THE PREPARATION OF THE BUDGET BY THE ASSOCIATION. ACTUAL COSTS OF SUCH ITEMS MAY EXCEED THE ESTIMATED COSTS. SUCH CHANGES IN COST DO NOT CONSTITUTE MATERIAL ADVERSE CHANGES IN THE OFFERING.

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PROSPECTUS PALMETTO COVE, A PHASE CONDOMINIUM INDEX OF CONTENTS AND ATTACHMENTS 1.

Name and Location ..............................................................................................................1

2.

Description of Condominium Property. ...............................................................................1 2.1.

Units ........................................................................................................................ 1 2.2.

Unit Types ............................................................................................................... 1 2.3.

Copy of Plot Plan and Survey ................................................................................. 2 2.4.

Phase Condominium. .............................................................................................. 2 2.5.

Driveways, Garages and Carports………………………………………………….3 2.6 Proposed Recreational Facilities. ............................................................................ 3 2.7.

Other Improvements ............................................................................................... 2 2.8.

Completion Date ..................................................................................................... 2 2.9.

Maximum Number of Units .................................................................................... 3 2.10. Personal Property .................................................................................................... 3

3.

Fee Simple Units ..................................................................................................................3

4.

Management Agreements. ...................................................................................................3 4.1.

Association .............................................................................................................. 3

5.

Restrictions ..........................................................................................................................3 5.1.

Minors ..................................................................................................................... 3 5.2.

Pets .......................................................................................................................... 3 5.3.

Use Restrictions ...................................................................................................... 3 5.4.

Leasing .................................................................................................................... 3

6.

Utilities and Services. ..........................................................................................................3 6.1.

Water and Sewer ..................................................................................................... 3 6.2.

Storm Drainage ....................................................................................................... 4 6.3.

Electricity ................................................................................................................ 4 6.4.

Hot Water ................................................................................................................ 4 6.5.

Telephone Service ................................................................................................... 4 6.6.

Waste Disposal........................................................................................................ 4 6.7.

Cable Service .......................................................................................................... 4

7.

Apportionment of Common Expenses and Ownership of Common Elements. ..................4 7.1.

Association Expenses.............................................................................................. 4

8.

Budgets ................................................................................................................................4

9.

Payment of Assessments ......................................................................................................4

10.

Leasing of Developer Owned Units .....................................................................................5

11.

Closing and Mortgage Financing Expenses…………………………………………………6 11.1 Mortgage Title Insurance……………………………………………….……………6 11.2 Real Estate Taxes ……………………………………………………….…...……...6 11.3 Loan Fees ……………………………………………………………………....……6 11.4 Title Service and Fees ……………………………………………………..…...……7 11.5 Title Insurance, Mortgage Loan and Closing Costs ……………………………..….7 11.6 Reimbursement ……………………………………………………………………...7

12.

Developer and Evidence of Ownership ...............................................................................6

13.

Builder’s Fee and Initial Contributions................................................................................6

14.

Maintenance Agreements.....................................................................................................6 iii

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15.

Escrow Agent .......................................................................................................................6

16.

Plans and Specifications ......................................................................................................6

17.

Architectural Control ...........................................................................................................7

18.

General .................................................................................................................................7

19.

Easements ………………………………………………………………………………….7

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Attachment 1 - Declaration of Condominium for Palmetto Cove Exhibit A -

Legal Description of Palmetto Cove and Plot Plan, Floor Plan, Building Plan and Surveyor’s Certificate

Exhibit B -

Articles of Incorporation of Palmetto Cove Condominium Association, Inc.

Exhibit C -

By-Laws of Palmetto Cove Condominium Association, Inc. and Rules and Regulations

Exhibit D -

SFWMD Permit

Attachment 2- Estimated Operating Budget for Palmetto Cove Condominium Association, Inc. Attachment 3- Receipt for Condominium Documents Attachment 4- Form of Purchase and Sale Agreement Attachment 5- Ownership Affidavit of Lennar Homes, LLC Attachment 6- Executed Escrow Agreement Attachment 7- Frequently Asked Questions and Answers Sheet Attachment 8 – Revised Plot Plans, Floor Plans, Building Plans and Legal Descriptions for Future Phases Attachment 9 - Sales Brochure and Price Sheet

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PROSPECTUS FOR PALMETTO COVE, A PHASE CONDOMINIUM 1.

Name and Location. The name of the Condominium is Palmetto Cove, a Phase Condominium (the “Condominium”). The Condominium is located at 13651, 13661, 13671, 13781, 13780, 13771, 13761, 13751, 13750, 13740, 13730, 13720, and 13710 Julias Way in Fort Myers, Lee County, Florida. Palmetto Cove Condominium Association, Inc., a Florida corporation not-for-profit (“Association”), is responsible for the operation and management of the Condominium. Lennar Homes, LLC, a Florida Limited Liability Company (“Developer”) is the owner of the unsold units in the Condominium which are being offered for sale pursuant to this Prospectus. Except as otherwise provided in this Prospectus, any initially capitalized terms not defined herein shall have the meanings set forth in the Declaration of Condominium for Palmetto Cove, a Phase Condominium (the “Declaration of Condominium”).

2.

Description of Condominium Property.

2.1.

Units. The Condominium is being developed in nine (9) phases (individually, a “Phase”) pursuant to Section 718.403 of the Florida Condominium Act, Chapter 718 of the Florida Statutes (the “Act”). If all phases are submitted, the total number of residential units in the Condominium Buildings will be two hundred (200) units (individually, a “Unit”, collectively “Units”): Phase 1 consists of two (2) buildings consisting of 16 units each; Phase 2 will consist of one (1) building consisting of 12 units; Phase 3 consists of two (2) buildings consisting of 16 units in one building and 12 units in one building: Phase 4 consists of two (2) buildings where one building consists of 16 units and the other building will consist of 12 units; Phase 5 will consist of three (3) buildings consisting of two buildings with 16 units and one building with 12 units; Phase 6 will consist of two (2) buildings with one building consisting of 16 units and the other building will consist of 12 units; Phase 7 will consist of two (2) buildings with one building consisting of 16 units and the other building will consist of 12 units; Phase 8 shall consist of recreational facilities; and Phase 9 shall consist of open space. The Survey, Plot Plans and Unit Floor Plans for each model or type of Unit and the approximate living space square footage is shown on Attachment 8 to this Prospectus and Exhibit A of the Declaration of Condominium.

2.2.

Unit Types

The following table provided a breakdown of the type and number of residential units in the Condominium Building.

2.2.1

Unit A – (Abbey) - Right Hand /Left Hand 2 Bedroom/2 Bath unit with Study/Den consisting of approximately 1548 square feet of air conditioned living space, as well as a covered limited common element lanai consisting of approximately 139 square feet and a limited common element patio/balcony/entryway consisting of approximately 178 square feet.

2.2.2

Unit B – (Barrington) - Right Hand/Left Hand 2 Bedroom/2 Bath unit with Study/Den consisting of approximately 1414 square feet of air conditioned living space, as well as a covered limited common element lanai consisting of approximately 126 square feet and a limited common element patio/balcony/entryway consisting of approximately 146 square feet.

2.2.3

Unit D – (Dogwood) - Right Hand/Left Hand 2 Bedroom/2 Bath unit with Study/Den consisting of approximately 1345 square feet of air conditioned living space, as well as a covered limited common element lanai consisting of approximately 101 square feet and a limited common element patio/balcony/entryway consisting of approximately 213 square feet.

All square footage approximations are estimates only. The actual unit dimensions are shown on Attachment 8 to this Prospectus.

1

2.3.

Copy of Plot Plan and Survey. The Condominium plot plans, floor plans, building plans, unit floor plans and surveyor’s certificate are attached as Attachment 8 to this Prospectus.

2.4.

Phase Condominium. Phases I, III, IV and VIII shall consist of the real property described as Phases I, III, IV and VIII in Exhibit A to the Declaration of Condominium for Palmetto Cove, a Phase Condominium, and as graphically described in Exhibit A of the Declaration of Condominium. Additional Phases may be added to the Condominium. Such Phases, if constructed, will be located within the real property described in Attachment 8 to this Prospectus. Attachment 8 contains legal descriptions of the land upon which each Phase may be constructed. Developer may make non-material changes in the legal description of each Phase. Attachment 8 shows plot plans which show the approximate locations of all proposed Condominium Buildings and improvements that may be ultimately be included within the Condominium. The plot plans may be modified by Developer as to Unit or Condominium Building types as set forth in Attachment 1 of this Prospectus. The Declaration of Condominium shall only affect the Land described in Phases I, III, IV and VIII on Exhibit A hereof and shall have no effect on any portion of the real property described in Attachment 8 hereof until such real property is made subject to the Declaration of Condominium by an amendment adding a Phase.

THIS IS A PHASE CONDOMINIUM. ADDITIONAL LAND OR UNITS MAY BE ADDED TO THIS CONDOMINIUM. BUILDINGS AND UNITS WHICH ARE ADDED TO THE CONDOMINIUM MAY BE SUBSTANTIALLY DIFFERENT FROM THE OTHER BUILDINGS IN THE CONDOMINIUM. Phase Number

Minimum/Maximum Number of Buildings

Minimum/Maximum Number of Units

Minimum/Maximum Size of Units (Air Conditioned Living Space in Square Feet

II IV V VI VII

1/1 2/2 3/3 2/2 2/2

12/12 12/16 12/16 12/16 12/16

1345 / 1548 1345 / 1548 1345 / 1548 1345 / 1548 1345 / 1548

2.5 Driveways, Garages and Carports There are shown in Exhibit "A" to the Declaration of Condominium and Attachment 8 to this Prospectus certain driveways, garages and carports as limited common elements. The exclusive right to use each driveway, garage and carport is assigned as an appurtenance to the unit bearing the same number. See Section 3(F) and 3(H) of the Declaration of Condominium. Parking spaces and carports shall be common elements. See Section 3(1) of the Declaration of Condominium.

2.6 Proposed Recreational Facilities A description of the recreational facilities and amenities within Phase 8 is as follows: (i) approximately 2,332 square foot clubhouse containing sales center, an exercise room, men’s and women’s locker rooms, kitchen; (ii) an outdoor swimming pool, spa, and pool deck. The clubhouse shall have the capacity for 141 people. The pool is approximately 20 feet wide by 40 feet long, with depths ranging from 3 feet to 5 feet, shall be heated and shall have a capacity for 30 people. The spa is 12 feet in diameter with the capacity for approximately 8 people and is heated. The pool deck is approximately 12,000 square feet with the capacity for 200 people.

2.7 Other Improvements. The balance of the Condominium consists of the ground supporting the Condominium Buildings, the entryways to the Condominium Buildings, walkways, parking areas and landscaped areas. The Condominium includes the land and the personal property that are subject to condominium ownership under the Declaration of Condominium, all improvements on the land, and all easements and rights appurtenant thereto intended for use in connection with the Condominium. The entire site of the Condominium is graphically represented by the plot plans, floor plans, building plans and surveyor’s certificate attached as Exhibit A to the Declaration of Condominium, which is Attachment 1 to this Prospectus, which shows the related locations and dimensions of the various improvements in the Condominium.

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2.8 Completion Date. It is estimated that the improvements of the Condominium will be substantially completed, finished, equipped and completed by December 2017. The foregoing time limit is subject, however, to extensions for any construction delays caused by any factors beyond the reasonable control of the Developer, including, but not limited to, the inability to obtain materials at reasonable prices and governmental delays in providing required permits.

The Developer, provided the Developer is the owner of all of the Units in the Condominium, will have the right, without the vote or consent of the Condominium Association or Unit Owners, to change all or any part of the front, rear or side elevations of the Condominium Buildings, and in connection with any change, Developer will comply with all laws, ordinances and regulations of all governmental authorities having jurisdiction.

2.9 Maximum Number of Units.. If all Phases are submitted, the maximum number of Units within the Condominium is two hundred (200) units. If all Phases are submitted, the maximum number of Units that will use the facilities in common with this condominium will be two hundred (200) i.e. the Units within this condominium.

2.10 Personal Property. Developer intends to expend a minimum of $1,000.00 to provide certain personal property in and around the Condominium (to be selected in the sole discretion of Developer).

3.

Fee Simple Units THE CONDOMINIUM IS TO BE CREATED AND UNITS ARE BEING SOLD AS FEE SIMPLE INTERESTS.

4.

Management Agreements.

4.1.

Association. Management services are to be provided to the Condominium under a management agreement between a management company and the Condominium Association (the “Condominium Association Management Agreement�). A Condominium Association Management Agreement has been entered into with Sentry Management. The cost of providing services under the Condominium Association Management Agreement will be an expense of the Condominium Association.

5.

Restrictions. The following restrictions, among others, are found in the Declaration of Condominium. Please see Section 18 of the Declaration of Condominium, which is attached as Attachment 1 to this Prospectus for a list of the restrictions imposed on the Unit Owners and/or the Units.

5.1.

Minors. There is no restriction on minors residing in the Condominium. Use by minors of recreational facilities requires the supervision of a parent or other responsible adult.

Parents shall be responsible for all actions of their minor children at all times in and about the Master Community.

5.2.

Pets. There are restrictions on pets. Each Unit may harbor or keep no more than two (2) customary household pets.

5.3.

Use Restrictions. No nuisances shall be allowed upon Condominium Property. No improper, offensive, unlawful or obnoxious use shall be made upon the Condominium Property. See Section 18(B) of the Declaration of Condominium that is attached as Attachment 1 of this Prospectus.

5.4.

Leasing. No portion of a Unit, other than the entire Unit, may be rented. No Unit may be leased more than twelve (12) times per year. Each lease must be for a minimum period of thirty (30) days. Further, the lease must be in compliance with the Declaration of Condominium, which is attached as Attachment 1 of this Prospectus.

THE SALE, LEASE OR TRANSFER OF UNITS IS RESTRICTED OR CONTROLLED. 6.

Utilities and Services.

6.1.

Water and Sewer. Potable water and sanitary and storm sewer utility service will be supplied to Units by Lee County Utilities with one master water meter for units in the 3

Condominium. Each Unit Owner will pay through their Assessments as a common expense to the Condominium Association as explained in Section 9 below.

6.2.

Storm Drainage. Drainage will be on-site storm water drainage. The type of on-site and storm drainage is not known at this time. Costs associated with on-site stormwater drainage will be an operating cost of the Condominium Association and paid by each Unit Owner through Assessments as explained in Section 9 below.

6.3.

Electricity. Electric power lines and electricity will be supplied to Units by Florida Power & Light Company with individual meters for each Unit. Each Unit Owner will pay separately and directly all electric charges incurred by the respective Unit including the operating of air handling equipment used for generating air conditioning and/or heating for that Unit.

6.4.

Hot Water. Hot water will be supplied to Units by means of a separate electrically operated hot water heater located within each Unit. Each Unit Owner will pay separately and directly all charges incurred by the respective Unit for the operation of the hot water heater.

6.5.

Telephone Service. Telephone lines and telephone service will be provided to Units by Comcast or another local provider. Each Unit Owner will be billed directly for such service by such provider.

6.6.

Waste Disposal. Waste disposal services are to be provided to the Unit Owners through Lee County Solid Waste. Each Unit Owner will pay through their Assessments as a common expense to the Condominium Association as explained in Section 9 below.

6.7.

Cable Service. Cable television will be provided to Unit Owners by Comcast or another local provider. Each Unit Owner will be billed directly for any related service.

7.

Apportionment of Common Expenses and Ownership of Common Elements.

7.1.

Association Expenses. The common expenses of the Condominium include only the assessments levied by the Association for maintenance of the Condominium. The basis for apportionment of Common Expenses and the percentage of ownership of the Common Elements for each Unit, is calculated as set forth in Section 13 of the Declaration of Condominium attached as Attachment 1 to this Prospectus, and is based upon a fraction the numerator which is one (1) and the denominator of which is the number of Units in each phase times the number of phases submitted the Condominium, which is two hundred (200) if all phases are submitted.

8.

Budgets. The current adopted operating budget for the Condominium is included in this Prospectus as Attachment 2.

FIGURES CONTAINED IN ANY BUDGET DELIVERED TO THE BUYER PREPARED IN ACCORDANCE WITH THE CONDOMINIUM ACT ARE ESTIMATES ONLY AND REPRESENT AN APPROXIMATION OF FUTURE EXPENSES BASED ON FACTS AND CIRCUMSTANCES EXISTING AT THE TIME OF THE PREPARATION OF THE BUDGET BY THE DEVELOPER. ACTUAL COSTS OF SUCH ITEMS MAY EXCEED THE ESTIMATED COSTS. SUCH CHANGES IN COST DO NOT CONSTITUTE MATERIAL ADVERSE CHANGES IN THE OFFERING. 9.

Payment of Assessments. Each Unit Owner will be responsible for the payment of monthly assessments to the Condominium Association, currently $350.00 per month.

10. Leasing of Developer Owned Units. Developer has no present intention of engaging in a program of renting or leasing unsold Units but Developer reserves the right to do so, depending upon market conditions, upon such terms as Developer approves. In the event that any Unit is sold prior to the expiration of the term of a lease, title to such Unit or Units will be conveyed subject to the lease or leases and buyers will succeed to the interest of the applicable lessor. If any Unit is sold subject to a lease, a copy of the executed lease will be attached to the Purchase and Sale Agreement in accordance with the terms of Section 718.503(1)(a) 4 of the Florida Statutes. If a Unit has been previously occupied, Developer will so advise a prospective buyer in writing, prior to the time the buyer is requested to execute a Purchase and Sale Agreement.

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THE UNITS MAY BE TRANSFERRED SUBJECT TO A LEASE. 11. Closing and Mortgage Financing Expenses. The obligation to purchase a Unit once the Purchase and Sale Agreement is signed is contingent upon the purchaser obtaining a loan to finance the purchase of the Unit. Purchaser will incur certain title and closing fees weather or not purchaser finances the purchase. If purchaser does finance the purchase of the Unit, purchasers can reasonably anticipate paying or incurring the following types of costs or expenses in connection with financing the purchase of a Unit in the Condominium, assuming the purchaser obtains mortgage financing through institutional sources, exclusive of VA/FHA financing: 11.1 Mortgagee Title Insurance. A mortgagee title insurance policy is available to a purchaser's lender at the purchaser's expense. If a mortgagee policy is issued, the mortgagee policy may be issued simultaneously with the owner's policy at a maximum charge of $425.00.

11.2 Real Estate Taxes. An amount equal to the estimated accrued real estate taxes for the current year to the date of each closing plus an amount equivalent to three (3) to twelve (12) additional months accrued real estate taxes for a reserve, payable to the lending institution for future real estate taxes of the Unit.

11.3 Loan Fees. Loan fees of the following categories and range in costs:

Description of Fee

Amount of Range

Loan Origination Points

0% to 1% (of the loan amount)

Loan Originator Fee

0% to $2,265

Loan Points for the Interest Rate Chosen

0% to 4% (of the loan amount)

Appraisal Fee Paid to Appraiser

$200 - $700

Credit Report Fee Paid to Outside Agency

$12 - $200

Underwriting Fees

$250 - $595

Survey Fee Paid in Outside Agency

$200-$500

11.4 Title Service and Fees. Title fees of the following categories and range in costs: Description of Fee

Amount of Range

Closing Fee

$500-$750

Search/ Recertification Fee

$250-$425

Endorsement Fee (if applicable)

$200-$600

Shipping and Handling Fee (if applicable)

$40-$200

Third Party Lender Fee (if applicable)

$325

Owners and Encumbrance Report

$150-$300

The actual fees charged may vary within or without the above estimated ranges based on the size of purchaser's lender, purchaser's loan, the loan program and the interest rate purchaser chooses.

11.5

Title Insurance, Mortgage Loan and Closing Costs. The obligation to purchase the Unit once the Purchase and Sale Agreement has been signed is contingent upon purchaser obtaining a loan to finance the purchase of the Unit. Purchaser has a right to use a title company and a lender chosen by purchaser in connection with the purchase of the Unit.

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11.6

Reimbursement. In addition to the closing expenses, purchaser will, to the extent applicable, reimburse Developer for any payment made by Developer to Condominium Association and the Club, and for the applicable share of the Reserves for deferred maintenance and/or capital improvement.

12.

Developer and Evidence of Ownership. The Condominium is developed by Lennar Homes, LLC, a Florida limited liability company and a majority-owned subsidiary of Lennar Corporation, a Florida corporation. The President of Lennar Homes, LLC is Stuart Miller.

Lennar Homes, LLC has been in the business of developing condominium property for over thirty-five (35) years and for many years has been one of the largest home builders in Lee and Collier Counties. Mr. Miller has been the president of Lennar Homes, LLC for several years and has considerable experience in developing condominiums. A copy of the Ownership Affidavit describing the Developer’s interest in the land, upon which the Condominium is being developed, is attached to this Prospectus as Attachment 9. The information provided above as to Mr. Miller is solely for the purpose of complying with Section 718.504, Florida Statutes, and is not intended to create or suggest any personal liability on his part.

13.

Builder’s Fee and Initial Contributions. . Buyer shall pay to Seller a builder’s fee in the amount of $2,000.00 (the “Builder’s Fee”). The Builder’s Fee is imposed in connection with all Unit sales in the Condominium, regardless of whether Buyer finances the purchase of the Property. The Builder’s Fee represents additional compensation to Seller and principally is intended to cover various out-of-pocket and internal costs and expenses associated with the development of the Condominium. This fee is due at Closing. The Builder’s Fee is separate from any and all Closing Costs (defined herein below). While the Builder’s Fee is payable, along with various other fees, costs and amounts at Closing, the Builder’s Fee is not a settlement fee associated with any loan that you may obtain to finance the purchase of the Property.

14.

Maintenance Agreements. Other than the management agreements referred to in Paragraph 6 hereof, there are currently no maintenance or other contracts with Association having a non-cancelable term in excess of one year. Association and its manager are empowered, however, at any time from time to time, to enter into such maintenance and/or service contracts for valuable consideration and upon such terms and conditions as the Board of Directors of Association shall approve without the consent of the Unit Owners. Such maintenance and/or service contracts may be subject to cancellation by Association and by the unit owners directly in accordance with Section 718.302 of the Florida Statutes.

15.

Escrow Agent. Section 718.202 of the Florida Statutes (“Section 718.202”) provides that all payments up to ten percent (10%) of the purchase price received by a developer from a buyer pursuant to a contract for sale are to be held in escrow, if the construction, furnishing and landscaping of the property submitted to condominium ownership have not been substantially completed. Section 718.202 further provides, in lieu of the foregoing, the Director of the Division of Florida Condominiums, Timeshares and Mobile Homes has discretion to accept other assurances, including but not limited to a surety bond or an irrevocable letter of credit in an amount equal to the escrow requirements of Section 718.202. Developer has the right to submit an application to the Division Director for the use of a surety bond or an irrevocable letter of credit as an alternative assurance. Purchaser acknowledges and agrees that upon (i) the issuance of any such surety bond or letter or letter of credit, and (ii) the Developer's receipt of a letter from the Division Director approving same, the Escrow Agent shall disburse to Developer all deposits held or thereafter paid to Escrow Agent up to but not more than the principal amount of the surety bond or letter(s) of credit obtained by Developer as an alternative assurance. For further information, see a copy of the Escrow Agreement, attached to this Prospectus as Attachment 6.

16.

Plans and Specifications. Developer, in the construction of the Condominium, will duly file the building plans and specifications with the Building Department for Lee County (the “Building Department”). Developer discloses to prospective buyers that building plans and specifications as filed with the Building Department may not conform to the Condominium Buildings as built. Accordingly, upon the Condominium Buildings being completed, there may be building deviations from the building plans and specifications as filed with the Building Department. The building plans and modifications as filed with the Building Department may be amended or modified from time to time, which amendments or modifications may or may not be filed with the Building Department. Therefore, prospective buyers should rely only upon those 6

building plans and specifications as are on display in Developer's Sales Office located within the Condominium, which plans and specifications are open to review by prospective buyers at any reasonable time. It should be further understood that said building plans and specifications may be amended or modified from time to time without notice to any party whatsoever. Developer reserves the right to make changes in the plans and specifications for the Condominium Buildings with regard to accessibility in order to meet the disability requirements set forth in the Fair Housing Amendments Act enacted by the United States Congress in 1988. As such, in accordance with Florida Statutes, the building plans that will be turned over to the Association will contain any changes made to meet the disability accessibility requirements.

17.

Architectural Control. An architectural review committee consisting of members designated by the Board may be established pursuant to the relevant provisions in the Declaration of Condominium. See Article 10 of the Declaration of Condominium.

18.

General. The foregoing is not intended to present a complete summary of all of the provisions of the various documents referred to herein, but does contain a fair summary of certain provisions of said documents. Statements made as to the provisions of such documents are qualified in all respects to the content of such documents. All statements and representations contained in the sales literature and brochures, including but not limited to a visual presentation, are subject to the terms and provisions of this Prospectus and exhibits hereto.

19. Easements The location and effect of all existing and intended easements located or to be located on the Condominium property are described in the Declaration and within the Exhibits to the Declaration.

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ATTACHMENT 1- DECLARATION OF CONDOMINIUM FOR PALMETTO COVE CONDOMINIUM

8

INSTR # 2007000376102 Page Number: 103 of 168

EXHIBIT B

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Sppartmpnt nf &tQtP I certify from the records of this office that PALMETTO CCfVE CONDOMINIUM ASSOCIATION, INC. Is a corporation organized under the laws of the State of Florida, filed on February 7, 2006.

The document number of this corporation Is N06000001317.

1 I further certify that said corporation has paid all E0 through December 31, 2006, and its status is active.

fees due this office

I further certify that said corporation has not filed Articles of Dissolution.

I

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I further certify that this is an electronically transmitted certificate authorized by section 15.16, Florida Statutes, and authenticated by the code, 306A00009294-020806-ND600Q001317-1/1, noted below.

W Authentication Code:

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306A00009294-020806-N06000001317-1/1

Ex*.

Given under my hand and the Great Seal of the State of Florida,

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at Tallahassee, the Capital, this the

1

Eighth day of February, 2006

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^etritar? of flgjtiflBpaaua

INSTR # 2007000376102 Page Number: 104 of 168

Iffmrtntpnt of &tatp I certifv the attached is a true and oorreot copy of the Articles of

Incorporation of PALMETTO COVE CONDCMINIOM ASSOCIMION, INC., a

corporation, filed on Prfjruary 7, 2006, as shown by the records of this office.

I further certify the document was electronically received under FM audit^ number E06000034094.

This certificate is issued in acoordaMe with

,

section 15.16, Florida Statutes, and authenticated by the code noted belowj The document number of this corporation is N06000001317.

Authentication Code: 306A00009294-020806-N06000001317-1/1

Given under my hand and the Great Seal of the State of Florida, at Tallahassee, the Capital, this the

Eighth day of February, 2006

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INSTR # 2007000376102 Page Number: 106 of 168

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ARTICLES OF INCORPORATION OF

PALMETTO COVE CONDOMINIUM ASSOCIATION, INC. A FLORIDA NON-PROFIT CORPORATION

Preamble

Palmetto Cove Associates, LLC, owns certain property in Lee County, Florida, which

property is subject to a Declaration of Condominium of which these Articles form a part. This Association is being formed to administer the Declaration and to perform, among other things, the duties and exercise the powers pursuant to the Declaration. All of the definitions contained in the Declaration and the Bylaws shall apply to these Articles.

ARTICLE I Name and Principal Office

The name of the corporation is Palmetto Cove Condominium Association, Inc., a Florida Non-Profit corporation (hereinafter referred to as the Association); and the street address of the initial principal office of the Association is do Professionally Yours, Inc., 8270 CollegeParkway, Fort Myers, Florida 33919.

Purpose

The purposes for which the Association is organized are as follows; 1.

To operate as a corporation not-for-profit pursuant to Chapters 617 and 718 of

the Florida Statutes.

2.

To administer, enforce and carry out the terms and provisions of the Declaration,

as the same may be amended from timeto time.

3.

To promote the health, welfare, and comfort of the Association members and

residents of the Condominium, as authorized by the Declaration, by these Articles, and by the Bylaws.

ARTICLE II Powers

The Association shall have the following powers:

1.

All of the common law and statutory powers of a corporation not-for-profit under the laws of Florida which are not in conflict virith the terms of these Articles, including, but not

limited to, ail of the powers of a corporation under Chapters 617 and 718, Florida Statute.

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2.

To enter into, make, establish and enforce, rules, regulations, bylaws, covenants, restrictions and agreements to carry out the purposes of the Association.

3.

To make and collect Assessments against members of the Association to defray the costs, expenses, reserves and losses incurred or to be incurred by the Association; and to use the proceeds thereof in the exercise of the Association's powers and duties; and to enforce

such levyof assessments through a lien and the foreclosure thereof or by other action pursuant to the Declaration.

4.

To own, purchase, sell, mortgage, lease, administer, manage, operate, maintain, improve, repair and/or replace real and personal property, including units vnthin the Condominium, for such purposes as the Association may determine.

5.

To hold funds for the exclusive benefit of the members of the Association as set

forth in these Articles and as provided in the Declaration and the Bylaws.

6.

To purchase insurance for the protection of the Association, its property, officers, directors and members, and such other parties as the Association may determine to be in the best interests of the Association.

7.

To operate, maintain, repair, and improve ail common elements, and such other portions of the Condominium as may be determined by the Board from time to time.

8.

To exercise architectural control over all buildings, structures and improvements to be placed or constructed upon any portion of the Condominium pursuant to the Declaration.

9.

To provide for privacy services within the Condominium as the Board in its discretion determines as necessary or appropriate.

10.

To provide, purchase, acquire, replace, improve, maintain and/or repair such buildings, structures, street lights and other structures, landscaping, paving and equipment, both real and personal, related to the health and social welfare of the members of the Association and the owners and residents of the Condominium as the Board in its discretion determines

necessary or appropriate.

11.

To employ personnel necessary to perform the obligations, sen/ices and duties required of or to be performed by the Association and/or to contract with others for the performance of such obligations, services and/or duties.

12.

To acquire or enter into agreements acquiring leaseholds, memberships or other possessory or use interests in lands or facilities and to pay the rental, membership fees, operational, replacement and other expenses as common expenses.

13.

To sue and be sued.

14.

To operate and maintain the surface water management system, if necessary or appropriate, as permitted by the South Florida Water Management District, including, but not limited to, all lakes, retention areas, culverts and related appurtenances.

15.

All other powers necessary to effectuate the purposes for which the Association is organized.

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ARTICLE III Members

1.

Members. The owner of any unit In the Condominium shall be a member of the Association. Such membership shall be initially established upon the recording of these Articles and the Declaration among the Public Records of the county in which the subject property is located.

2.

Transfer of Membership. Transfer of membership in the Association shall be

established by the recording in the Public Records of the county in which the Condominium is located, of a deed or other instrument establishing a transfer of record title to any unit for which

membership has already been established as hereinabove provided, and a Consent to Transfer form as set forth in the Declaration, the owner(s) designated by such instrument of conveyance and Consent to Transfer thereby becoming a member, and the prior owner's membership thereby being terminated. In the event of death of a member, his membership shall be automatically transferred to his heirs or successors in interest, subject to the reasonable approval of the Association. Notwithstanding the foregoing, the Association shall not be obligated to recognize such a transfer of membership until such time as the Association receives a true copy of the deed or other instmment establishing the transfer of ownership of the unit and executes a Consent to Transfer, and it shall be the responsibility and obligation of the former and new member to provide such true copy of said instrument to the Association.

3.

Assionment. The share of a member in the funds and assets of the Association

may not be assigned, hypothecated or transferred in any manner except as an appurtenance to the unit associated with the membership of the member, nor may a membership be separately assigned, hypothecated or transferred In any manner except as an appurtenance to such unit.

4.

Members Votino Riahts. The total number of members' votes shall be equal to the total number of units within the Condominium from time to time. On alt matters upon which

the membership shall be entitled to vote, there shall be one (1) vote for each unit. Each member shall have the number of votes equal to the number of units within the Condominium owned by the member at the time of such vote.

5.

Members Meetings. The Bylaws shall provide for an annual meeting of the members of the Association and may make provision for special meetings of the members.

ARTICLE IV Directors

1.

Number of Directors. The affairs of the Association shall be managed by a Board consisting of not less than three (3) directors.

2.

Election of Directors. The directors of the Association shall be elected by the members in accordance with the Bylaws, except that so long as the Developer owns any units in the Condominium, the Developer shall be entitled to designate member and/or non-member directors to the maximum extent permitted by the Florida Condominium-Act. 3.

Powers and Duties. All of the duties and powers of the Association existing under the Florida Statutes, the Declaration, these Articles and the Bylaws shall be exercised

exclusively by the Board, its agents, contractors or employees, subject to approval by the members only when specifically required.

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4.

Removal and Vacancies. Directors may be removed and vacancies on the Board shall be filled In the manner provided bythe Bylaws; however, any director appointed by

the Developer may only be removed by the Developer, and any vacancy on the Board shall be filled by the Developer if, at the time such vacancy Is to be filled, the number of remaining directors appointed by the Developer Is less than the maximum number of directors virhlch may. at thattime, be appointed by the Developer as set forth above.

5.

Initial Directors. The names of the members of the first BoardofDirectors are as

follows:

Marty Berger

Gerijo Matyka Richard Halpem

ARTICLE V Officers

1.

The officers of the Association shall be a President, Vice President, Secretary,

Treasurer and such otherofficers as the Board may from time to time create. The officers shall

sen/e at the pleasure of the Board, and the Bylaws may provide for the removal from office of officers, for the filling vacancies, and for the duties of the officers. The names ofthe members of the first Board of Directors are as follows:

Marty Berger, President Gerijo Matyka, Vice President Richard Halpern, Secretary/Treasurer ARTICLE VI Indemnification

1.

The Association shall indemnify any person who was or Is a party or is threatened to be made a party, to any threatened, pending or contemplated action, suit or

proceeding whether civil, criminal, administrative or Investigative, by reason of the fact that such person Is or was a director, employee, officer or agent of the Association, against expenses (Including attorneys' fees and appellate attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably Incurred by such person In connection with such action, suit or proceeding if such person acted In good faith and In a manner such person reasonably

believed to be In. or not opposed to, the best Interest of the Association; and. with respect to

any criminal action or proceeding, if such person had no reasonable cause to believe his

conduct was unlawful; except that no Indemnification shall be made In respect to any claim, issue or matter as to which such person shall have been liable for gross negligence or willful misfeasance or malfeasance in the performance of his duty to the Association, unless and only to the extent that the court in which such action or suit was brought shall determine, upon

application, that despite the adjudication of liability, but In view of all the circumstances of the

case, such person Is fairly and reasonably entitled to indemnity for such expenses which such

court' shall deem proper. The termination of any action, suit or proceeding by judgment, order,

settlement, conviction, or upon a plea of nolo contenders orits equivalent, shall not. In and of itself, create a presumption that the person did not act In good fa"ith and In a manner which he did not reasonably believe to be In, ornot opposed to. the best Interest of the Association; and Page 4 20339B_1-12ÂŤ/2005

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with respect to any criminal action or proceeding, that such person had no reasonable cause to believe that his conduct was unlawful.

2.

To the extent that a director, officer, employee or agent of the Association has

been successful on the merits orothenwse in defense of any action, suit or proceeding referred to above, or In defense of any claim. Issue ormatter therein, such person shall be indemnified

against expenses (Including attorneys' fees and appellate attorneys' fees) actually and reasonably incurred by such person Inconnection therewith.

3.

Expenses Incurred In defending a civil or criminal action, suit or proceeding may

be paid by the Association In advance of the final disposition of such action, suit or proceeding

as authorized by the Board In the specific caseupon receipt ofan undertaking by oron behalf of

the director, officer, employee or agent to repay such amount unless It shall ultimately be determined that such person Is entitled to be indemnified by the Association as authorized in this Article.

4.

The indemnification provided by this Article shall not bedeemed exclusive of any

other rights to which those seeking indemnification may be entitled under the laws ofthe State of Florida, any Bylaw, agreement, vote of members or otherwise; and as to action taken In an official capacity while holding office, shall continue as to a person who has ceased to be a

director, officer, employee, or agent and shall inure to the benefit of the heirs, executors and administrators of such person.

5.

The Association shall have the power to purchase and maintain Insurance on

behalf of any person who Is orwas a director, officer, employee oragent of the Association, or Is or was serving at the request of the Association as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability

asserted against him and Incurred by him in any such capacity, as arising out of his status as

such, whether or not the Association would have the power to Indemnify him against such liability under the provisions of this Article.

ARTICLE VII Bylaws

The first Bylaws shall beadopted by the Developer or Initial Board, and may be altered, amended or rescinded in the manner provided by the Bylaws.

ARTICLE VIII Amendments

Amendments tothese Articles shall beproposed and adopted in the following manner; 1.

A majority of the Board shall adopt, on Its own accord or on the request of not

less than ten percent (10%) of the total voting Interests, a resolution setting forth the proposed amendment and directing that it besubmitted to a vote at a meeting of the members, which may be the annual or a special meeting.

2.

Written notice setting forth the proposed amendment or a summary of the

changes to be affected thereby shall be given to each member entitled to vote thereon within

the time and in the manner provided in the Bylaws for the giving of notice of meetings of 203338 1-12/9/2005

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members. If the meeting is an annuai meeting, the proposed amendment or such summary may be inciuded in the notice of such annual meeting.

3

At such meeting, a vote of the members entitied to vote thereon shall betaken on

the proposed amendment. The proposed amendment shall be adopted upon receiving the

affirmative vote of not less than a majority of the voting interest of the Association present at

such meeting or by proxy.

4.

Any number of amendments may be submitted to the members and voted upon

by them at any one meeting.

5

if ail ofthe Directors and a majority of all of the members eligible to vote sign a

\written statement manifesting their intention that an amendment to these Articles be adopted, then the amendment shall thereby be adopted as though the above requirements have been satisfied.

6

In addition to the above, and subject to the limitations and procedures (including

an appropriate meeting) set forth in the Act. so long as Developer controls the Association, Developer shall be entitied to amend these Articles and the Bylaws, and no amendment to the Articles or the Bylaws shall be effective without the written consent of Developer. Furthermore, subject to the limitations set forth in the Act. no amendment shall make any changes which would in any way affect any of the rights, privileges, powers or options herein provided in favor of, or reserved to. Developer, unless Developer joins in the execution of the amendment.

7 Upon the approval of an amendment to these Articles, Articles of Amendment

shall be executed and delivered to the Department of State as provided by law. and a copy of said amendment shall be recorded in the Public Records of the county in which the Condominium is located.

ARTICLE IX Term

The Association shall have perpetual existence, unless sooner terminated as setforth in the Declaration. In the event the Association is terminated as provided in the Declaration, the surface water management system and related dedicated property and corresponding

infrastructure will be conveyed ordedicated to an appropriate agency oflocal government or, if

not accepted, to a similar nonprofit organization or entity to assure continued maintenance and

operation.

ARTICLE X Incoroorator

The name and street address of the Incorporator is: Michael S. Yashko

Roetzei &Andress, a Legal Professional Association 2320 First Street, Suite 1000

Fort Myers, Florida 33901

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ARTICLE XI

InitialRegistered Office Address and Name of Initial Registered Agent

The street address of the initial registered office of the Association is: Professionally Yours, Inc 8270 College Parkway Suite #103 Ft Myers FL 33919

The initial registered agent of the Association atthat address isGeorge Teague.

ARTiCLE XII Dissolution

The Association may be dissolved upon termination of the Condominium as provided in the Deciaration.

IN WITNESS WHEREOF, the undersigned Incorporator has executed these Articles this

JT^day of

2006.

ichaei S. Yashko, incorporator

STATE OF FLORIDA COUNTY OF LEE

The foregoing instrument was acknowledged before me this 2

day

4-,

, 2006, by Michael S. Yashko, who B is personally known to me or \«ho • has produced as idMtmcaiion. identification.

I

Notaiy Public

OR EMBOSSED SEAL s E«pk« iWlwaooT | i Unfel Band«dthnj(B00)43M2M|

Printed Name

Commission No.

Expiration Date

I am familiar with and understand the duties of a registered agent under the laws of

Florida, and hereby acknowledge and accept the assignrnent of regi^ered agent for this coiporation.

George Teague, Registered Agent

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ATTACHMENT 2 - OPERATING BUDGET FOR PALMETTO COVE CONDOMINIUM ASSOCIATION, INC.

9

PALMETTO COVE CONDOMINIUM ASSOCIATION INC PROPOSED BUDGET WITH STATUTORY RESERVES JANUARY 1 - DECEMBER 31, 2017 APPROVED ACTUAL ANNUAL AUGUST 2016 2016 4020 MAINTENANCE FEES 4461 SURPLUS CARRYOVER TOTAL INCOME

8910 104 Units

PROJECTED 2016

PROPOSED ANNUAL 2017

PER UNIT MONTHLY 2017

$319,200.00

$0.00

$0.00

$436,800.00

$350.00

$319,200.00

$0.00

$0.00

$436,800.00

$350.00

OPERATING EXPENSES BUILDING MAINTENANCE PART TIME LABOR TERMITE TREATMENT PEST CONTROL FIRE ALARM EQUIP/SERV/MONITOR FIRE PUMP INSPECTION TOTAL BUILDING MAINTENANCE

$3,000.00 $0.00 $2,500.00 $1,600.00 $8,500.00 $3,500.00 $19,100.00

$5,966.00 $2,653.00 $4,050.00 $1,200.00 $12,523.00 $0.00 $26,392.00

$8,949.00 $3,980.00 $6,075.00 $1,800.00 $18,785.00 $0.00 $39,589.00

$10,000.00 $14,000.00 $2,700.00 $2,130.00 $22,000.00 $0.00 $50,830.00

$8.01 $11.22 $2.16 $1.71 $17.63 $0.00 $40.73

6040 6044 6045 6120 6240 6340 6354 6430

CONTRACTED LAWN SERVICE LAWN SUPPLIES ADDITIONAL LANDSCAPE IRRIGATION MAINTENANCE/REPAIR TREE TRIMMING LAKE MAINTENANCE PRESERVE MAINTENANCE GATE MAINTENANCE TOTAL GROUNDS

$30,900.00 $3,500.00 $1,500.00 $2,000.00 $1,170.00 $4,200.00 $1,200.00 $2,700.00 $47,170.00

$20,000.00 $298.00 $5,604.00 $3,324.00 $1,650.00 $2,759.00 $5,896.00 $3,571.00 $43,102.00

$30,000.00 $447.00 $8,406.00 $4,986.00 $2,475.00 $4,139.00 $6,901.00 $5,357.00 $62,711.00

$39,000.00 $500.00 $7,500.00 $4,000.00 $4,000.00 $4,200.00 $5,000.00 $5,000.00 $69,200.00

$31.25 $0.40 $6.01 $3.21 $3.21 $3.37 $4.01 $4.01 $55.45

7040 7043 7080 7161 7220

POOL SERVICE POOL/SPA PERMITS POOL SUPPLIES & REPAIRS JANITORIAL SERVICES FURNITURE MAINTENANCE TOTAL POOL

$4,800.00 $375.00 $3,500.00 $5,200.00 $500.00 $14,375.00

$3,200.00 $375.00 $3,333.00 $340.00 $1,153.00 $8,401.00

$4,850.00 $0.00 $0.00 $0.00 $0.00 $4,850.00

$5,400.00 $375.00 $7,500.00 $0.00 $2,000.00 $15,275.00

$4.33 $0.30 $6.01 $0.00 $1.60 $12.24

7910 7920 7930 7940

ELECTRIC WATER AND SEWER TELEPHONE TRASH REMOVAL TOTAL UTILITIES

$25,000.00 $69,000.00 $13,125.00 $3,950.00 $111,075.00

$17,879.00 $41,791.00 $11,042.00 $2,553.00 $73,265.00

$26,819.00 $62,687.00 $16,563.00 $3,830.00 $109,899.00

$30,000.00 $83,000.00 $14,000.00 $5,800.00 $132,800.00

$24.04 $66.51 $11.22 $4.65 $106.41

8020 8040 8060 8080 8084 8100 8160 8340 8390 8460

MANAGEMENT FEES POSTAGE COPIES/PRINTING/SUPPLIES CPA SERVICES INSURANCE APPRAISALS LEGAL EXPENSE PHONE/FAX CONTINGENCY CORPORATE ANNUAL REPORT BUREAU OF CONDO FEES TOTAL ADMINISTRATION

$10,944.00 $0.00 $3,000.00 $200.00 $0.00 $2,500.00 $0.00 $2,018.82 $61.25 $352.00 $19,076.07

$7,440.00 $484.00 $1,159.00 $250.00 $1,342.00 $884.00 $548.00 $0.00 $0.00 $304.00 $12,411.00

$0.00 $0.00 $1,739.00 $250.00 $0.00 $0.00 $822.00 $0.00 $0.00 $0.00 $2,811.00

$14,976.00 $1,000.00 $2,995.53 $250.00 $300.00 $2,500.00 $1,000.00 $5,000.00 $61.25 $416.00 $28,498.78

$12.00 $0.80 $2.40 $0.20 $0.24 $2.00 $0.80 $4.01 $0.05 $0.33 $22.84

$43,338.00 $33,197.00 $712.00 $77,247.00

$29,814.00 $18,104.00 $531.00 $48,449.00

$0.00 $0.00 $0.00 $0.00

$63,625.00 $47,650.00 $0.00 $111,275.00

$50.98 $38.18 $0.00 $89.16

TOTAL OPERATING EXPENSE

$288,043.07

$212,020.00

$219,860.00

$407,878.78

$326.83

RESERVES TOTAL EXPENSES

$31,156.93 $319,200.00

$0.00 $212,020.00

$0.00 $219,860.00

$28,921.22 $436,800.00

$23.17 $350.00

5010 5130 5181 5186 5342 5353

8481 PROPERTY & LIABILITY 8483 FLOOD 8490 WORKERS COMPENSATION TOTAL INSURANCE

PER MONTH/PER UNIT

$350.00

$350.00

10

15

15

15

9130 PAINTING

9155 PAVING

9190 POOL

9196 SPA $430,000.00

$10,000

$10,000

$100,000

$60,000

$250,000

15

15

8

7

18

COST TO REMAIN. REPLACE LIFE

$61,793.07

0.00

6,302.96

18,016.98

11,884.36

25,588.77

BALANCE 12/31/15

1,870.00

8,120.00

12,388.00

2016 EXPENSE

$31,156.92 $22,378.00

912.39

3,190.61

9,115.09

6,018.81

11,920.02

2016 FUNDING

FM (104 UNITS)

$70,571.99

-957.61

1,373.57

27,132.07

17,903.17

25,120.79

BALANCE 12/31/2016

$359,428.01

10,957.6

8,626.43

72,867.93

42,096.83

224,879.2

BALANCE TO FUND

$28,921.22

730.51

575.10

9,108.49

6,013.83

12,493.29

FULL FUNDING 2017

WAIVING OF RESERVES, IN WHOLE OR IN PART, OR ALLOWING ALTERNATIVE USES OF EXISTING RESERVES MAY RESULT IN UNIT OWNER LIABILITY FOR PAYMENT OF UNANTICIPATED SPECIAL ASSESSMENTS REGARDING THOSE ITEMS.

TOTALS

25

9110 ROOFING

EST LIFE

PALMETTO COVE CONDOMINIUM ASSOCIATION INC PROPOSED RESERVE ANALYSIS JANUARY 1 - DECEMBER 31, 2017

ATTACHMENT 3- RECEIPT FOR CONDOMINIUM DOCUMENTS

10

DBPR Form CO 6000-6 Effective: 8/26/04

RECEIPT FOR CONDOMINIUM DOCUMENTS The undersigned acknowledges that the documents checked below have been received or, as to plans and specifications, made available for inspection.

Name of Condominium

PALMETTO COVE, A CONDOMINIUM

Address of Condominium _______________JULIAS WAY, FORT MEYERS, FLORIDA Place a check in the column by each document received or, for the plans and specifications, made available for inspection. If a document uses a different name, substitute the correct name or place in parenthesis. If an item does not apply, place “N/A” in the column.

DOCUMENT RECEIVED RECEIVED BY

BY HARD ALTERNATIVE COPY MEDIA Prospectus Text X Declaration of Condominium X Articles of Incorporation X Bylaws X Estimated Operating Budget X Form of Agreement for Sale or Lease X Rules & Regulations X Covenants and Restrictions N/A Ground Lease N/A Management and Maintenance Contracts for More Than One Year N/A Renewable Management Contracts N/A Lease of Recreational and Other Facilities to be Used Exclusively by Unit N/A Owners of Subject Condominium(s) Lease of Recreational and Other Facilities to be Used by Unit Owners with Other N/A Condominiums Declaration of Servitude N/A Sales Brochures X Phase Development Description X Form of Unit Lease if a Leasehold N/A Description of Management for Single Management of Multiple Condominiums N/A Conversion Inspection Report N/A Conversion Termite Inspection Report N/A Plot Plan X Floor Plan X Survey of Land and Graphic Description of Improvements X Frequently Asked Questions & Answers Sheet X Financial information N/A State or Local Acceptance/Approval of Dock or Marina Facilities N/A Evidence of Developer’s Ownership, Leasehold or Contractual Interest in the X Land Upon Which the Condominium is to be Developed Executed Escrow Agreement X Other Documents N/A Alternative Media Disclosure Statement N/A Plans and Specifications MADE AVAILABLE THE PURCHASE AGREEMENT IS VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF EXECUTION OF THE PURCHASE AGREEMENT BY THE BUYER AND RECEIPT BY THE BUYER OF ALL OF THE DOCUMENTS REQUIRED TO BE DELIVERED TO HIM OR HER BY THE DEVELOPER. THE AGREEMENT IS ALSO VOIDABLE BY THE BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF RECEIPT FROM THE DEVELOPER OF ANY AMENDMENT WHICH MATERIALLY ALTERS OR MODIFIES THE OFFERING IN A MANNER THAT IS ADVERSE TO THE BUYER. ANY PURPORTED WAIVER OF THESE VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER MAY EXTEND THE TIME FOR CLOSING FOR A PERIOD OF NOT MORE THAN 15 DAYS AFTER THE BUYER HAS RECEIVED ALL OF THE DOCUMENTS REQUIRED. BUYER’S RIGHT TO VOID THE PURCHASE AGREEMENT SHALL TERMINATE AT CLOSING. Executed this ________ day of ___________________, 20_____.

Signature of Buyer or Lessee

Signature of Buyer or Lessee

3/13/06

MIADOCS 12160206 1 40005.0317

ATTACHMENT 4- FORM OF PURCHASE AND SALE AGREEMENT

11

ATTACHMENT 5- OWNERSHIP AFFIDAVIT OF LENNAR HOMES, LLC

12

ATTACHMENT 6- EXECUTED ESCROW AGREEMENT

13

ATTACHMENT 7- FREQUENTLY ASKED QUESTIONS AND ANSWERS SHEET

14

FREQUENTLY ASKED QUESTIONS AND ANSWERS SHEET PALMETTO COVE CONDOMINIUM ASSOCIATION, INC. CONDOMINIUM ASSOCIATION, INC. As of January 1, 2016 Q:

What are my voting rights in the Condominium Association?

A:

One Vote per unit. See Bylaws, Article II, Section 2(a)

Q:

What restrictions exist in the Condominium Documents on my right to use my unit?

A:

Pets – No more than two customary household pets will be allowed inside a Unit.

Use of Units - Units are limited to residential use only. See Section 18(a) of the Declaration of Condominium.

Q:

What restrictions exist in the Condominium Documents on the leasing of my unit?

A:

A Unit Owner shall not lease his unit for a term less than thirty (30) days and no more than twelve (12) times per year.

Please refer to Section 19(B) of the Declaration of Condominium.

Q:

How much are my assessments to the Condominium Association for my unit type and when are they due?

A:

Condominium Association assessments for 2016 are $350.00 per month for all types of units. The assessments are due on the first (1st) of each month and payable to the Condominium Association. Please refer to Condominium Association Budget, Section 9 of the Prospectus for more detailed information.

Q:

Do I have to be a member in any other association? If so, what is the name of the association and what are my voting rights in this association: Also, how much are my assessments?

A:

N/A

Q.

Am I required to pay rent or land use fees for recreational or other commonly used facilities? If so, how much am I obligated to pay annually?

A.

N/A

Q:

Is the Condominium Association or other mandatory membership association involved in any court cases in which it may face liability in excess of $100,000? If so, identify each such case.

A:

No.

NOTE: THE STATEMENTS CONTAINED HEREIN ARE ONLY SUMMARY IN NATURE. A PROSPECTIVE PURCHASER SHOULD REFER TO ALL REFERENCES, EXHIBITS HERETO, THE SALES CONTRACT, AND THE CONDOMINIUM DOCUMENTS.

ATTACHMENT 8 REVISED PLOT PLANS, FLOOR PLANS, BUILDING PLANS AND LEGAL DESCRIPTIONS FOR FUTURE PHASES

15

ATTACHMENT 9 – SALES BROCHURE AND PRICE SHEET

16

Here's how the Florida EnergyGauge program works.

After the rating, you’ll get an easy-to-read form like the one on the inside page. The Rating Guide has a scale that allows you to compare the specific home you’re looking at with the most efficient and the least efficient homes of the same size with the same number of bedrooms available in your part of the state today. In addition to this overall estimate of energy use and comparisons, you get a detailed breakdown on the energy costs of the home’s air conditioning, space heating, water heating, refrigerator, clothes dryer, cooking costs, lighting, pool pumping and other miscellaneous equipment.

One of the keys to the success of this program is the uniformity of ratings, made possible by the use of the EnergyGauge® software developed by the Florida Solar Energy Center. It has been specially designed to let Raters input the key data on the home and obtain accurate information for comparison purposes. A unique optimization feature even lets Raters determine what energy-efficiency features can be added to the home to maximize cost-savings and comfort-improvement.

So how can a home energy rating help you reduce your energy use and save money?

That’s easy. While the design and construction of your home and the efficiency of its appliances and equipment control the most significant portion of its energy use, occupant lifestyle will still have a big effect on exactly how much energy gets used. Your comfort preferences and personal habits - the level at which you set the thermostat, whether or not you turn off lights and fans when leaving a room, how much natural ventilation you use, and other factors - will all affect your home’s actual monthly energy use.

Florida’s program parallels national activities.

The Residential Energy Services Network (RESNET) sets the national standards for Home Energy Rating Systems (HERS), and Florida’s system meets these standards. The Florida Building Energy Rating Guide provides a HERS Index for the home. This national score enables homes to qualify for national mortgage financing options requiring a HERS Index. This index is computed in accordance with national guidelines, considering the heating, cooling, water heating, lighting, appliance, and photovoltaic energy uses. HERS awards stars to the rating.

Tell your Realtor or builder that you want to get the home rated before you buy it.

They can give you the names of Raters in your area. Additional information on the program is available from the Energy Gauge Program Office at 321-638-1715, or visit our Web site at www.floridaenergycenter.org.

Who does Energy Ratings?

It is important to note that only Florida State Certified Raters are allowed to perform ratings.

These Raters have undergone rigorous training programs and have passed the RESNET National Core exam and the required challenge exams.

They are also required to undergo continuing education classes and additional exams to keep their certifications current. An on-going quality control program also watches over their Ratings and their work. All their Ratings are submitted to a central registry that checks them for accuracy and compiles generic building data.

Energy Ratings in Florida The Florida Building Energy-Efficiency Rating Act (Florida Statute 553.990) was passed by the State Legislature in 1993 and amended in 1994.

It established a voluntary statewide energyefficiency rating system for homes. The Rating System has been adopted by DCA Rule 9B-60.

F1-04-08

The Florida Energy Gauge Program Florida's Building Energy Rating System

1679 Clearlake Road Cocoa, Florida 32922-5703 321-638-1715 Fax: 321-638-1010

E-Mail: info@energygauge.com

Web site: www.floridaenergycenter.org

FSEC-EB-1

Thinking About Buying a Home?

®

Get An EnergyGauge Rating!

s Greater Resale Value

s Tested Quality Construction

s More Environmental Sustainability

s Superior Energy Efficiency

s Enhanced Indoor Comfort

s Improved Mortgage Options

s More Home for Less Money

Consider the Benefits:

Congratulations on your decision to purchase a home.

As you know, there are a lot of factors to consider before signing on the dotted line. By now, you’ve probably checked out the location of the home you like the best. You know how much the seller wants, how many bedrooms there are, whether your dining room table will fit, where you’ll park your car and lots of other important things.

But wait, there’s still one more important thing you really ought to do.

s

Energy ratings give you clear and specific information that lets you compare similar homes on their energy use. Two homes might look similar, but one may be efficient and com- fortable and the other an energy-guzzler with a very uncomfortable interior.

Energy ratings give homebuyers a market- place yardstick that measures the benefits of energy-efficiency improvements. You get detailed estimates of how much your energy use will cost.

You wouldn’t buy a car without asking how many miles-per-gallon it gets, would you? So why would you even think of buying a house without knowing how much the power bills will be? That’s why now is the perfect time to get an EnergyGauge® rating on the house.

Since 1994, there has been a voluntary statewide energy-efficiency rating system for homes in Florida, and prospective homeowners just like you all around the state are getting their homes rated before they make their purchase.

There are several very important reasons why:

s

FORM FRBER-2006

Energy Gauge Anyplace Miami, FL

Projected Rating Based on Plans Field Confirmation Required

Effective Date:

Design: Orlando, FL Title: Miami_TaxCredit TMY: ORLANDO_INTL_ARPT, FL CZ1 - New home tax credit qualification example

Cost Basis: EnergyGauge Default EnergyGauge Default Statewide Prices

43.4 MBtu

$941

Electric Rate: $0.083 /kWh Gas Rate: $0.682 /Therm Oil: $1.50/gal LP Gas: $1.75/gal

56 MBtu

Reference $1237

BUILDING ENERG RATING GUIDE $0

0 MBtu Proposed Home

$44 $23 $9 $74

$54

$37

$102

$146 $199

$253

Certified Rater

Robert Certified

Date

I.D. Number

000000

Page 1/1

This Rating Guide is provided to you by a Home Energy Rater who is trained and certified to perform Ratings in accordance with the RESNET standard. Questions or complaints regarding this Rating may be directed to: EnergyGauge Program Office 1679 Clearlake Road Cocoa, FL 32922-5703 (321)638-1492 engauge@fsec.ucf.edu

Signature

No. 1998-001

This Home may Qualify for EPA's Energy Star Label 1 This Home Qualifies for an Energy Efficient Mortgage (EEM)

Savings = $296

Cooling Heating Hot Water Ceil. Fan Dishwash Dryer

Misc.

Lighting

Pumps Range

PV

Refrig.

HERS Index 2: 68

EnergyGauge® / USRRIB v2.8

NOTES: The home builder must have signed a Memorandum of Understanding with EPA as an Energy Star Homes partner.

HERS Index calculated in accordance with 2006 RESNET standard, Section 303.2 (Reference home = 100, Zero energy use = 0).

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2

10/9/2008 10:13:48 AM

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Maybe most important of all, the national Home Energy Rating System (HERS) Index on the energy rating can qualify you for a number of special mortgage programs that offer lower interest rates, lower closing costs, and other benefits. More and more lenders are coming into Florida with money- saving packages for buyers of energy-efficient homes.

Before buying your next home, hire a Certified Energy Rater to do a rating.

Your builder or Realtor can help you find a Certified Rater in your area. After the rating, you’ll get an easy-to-understand Energy Guide that estimates how much it will cost to pay for energy used in that home; it will allow you to look at a number of separate areas of energy use throughout the house.

For many years, buyers have had home inspectors look over a home before making their purchase. This is a great way to find out about potential house problems before you make your purchase. Smart homebuyers around the country are now also asking for a home energy rating to look specifically at the energy-users in a home and determine their efficiency. Because energy costs can often equal house payments, the relatively small cost of a home energy rating can easily be offset by many years of lower energy payments.

You’re already familiar with the miles-pergallon stickers on new automobiles, and the yellow Energy Guide labels on home appliances.

Shoppers use this information to figure out how much that car or appliance is really going to cost them. This information gives the buyer a good estimate of what it will cost to operate that car or use that appliance, over and above the purchase price. A car or product that is cheaper to buy can often be more expensive to operate, so this information can be very important to assure that you make the best purchase decision.