LOS CAYOS COMMUNITY DEVELOPMENT
DISTRICT

MIAMI-DADE COUNTY REGULAR BOARD MEETING FEBRUARY 21, 2024
9:45 A.M.

Special District Services, Inc.
2501A Burns Road
Palm Beach Gardens, FL 33410
www.loscayoscdd.org 561.630.4922 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile

AGENDA
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT
Lennar Homes, LLC 5505 Blue Lagoon Drive Miami, Fl 33126
REGULAR BOARD MEETING
February 21, 2024
9:45 A.M.
Call to Order
Proof of Publication	Page 1
Establish Quorum
Additions or Deletions to Agenda
Comments from the Public for Items Not on the Agenda
Approval of Minutes
October 18, 2023 Regular Board Meeting Minutes	Page 2
Old Business
New Business
Consider Resolution No. 2024-01 – Electronic Signature Policy	Page 6
Consider Preliminary Supplemental Methodology Report	Page 9
Consider Resolution No. 2024-02 – Delegation Resolution – NTE $6,000,000 – Series 2024 Bonds	Page 22
Consider Approval of the Following Agreements in Substantial Final Form:
Acquisition Agreement (2024 Project)	Page 205
Completion Agreement (2024 Project)	Page 220
Collateral Assignment and Assumption of Development Rights (Series 2024 Bonds)	Page 229
Lien of Record of the Los Cayos Community Development District (Series 2024 Bonds)	Page 241
True Up Agreement (Series 2024 Bonds); and Declaration of Consent to Jurisdiction
to Imposition of Special Assessments (Series 2024 Bonds)	Page 244
Ratify and Approve the Declaration of Covenants	Page 260
Consider Approval of Rule Making and Authorization for Publishing as Required for the Adoption of Rules Pertaining to Maintenance and Compliance with the Declaration of Restrictive, Covenant and Engineering Control Maintenance Plan Relating to Protection of Groundwater and Contaminated Soil on Property Located within District Boundaries
and Setting a Public Hearing for April 17, 2024 at 9:45 a.m	Page 300
Presentation of the Declaration of Consent to Jurisdiction for Series 2024 Bonds	Page 345
Administrative & Operational Matters
Financial Report…	Page 351
Board Members & Staff Closing Comments
District  Counsel’s  Memorandum  Regarding  Required  Ethics  Training  and  Financial Disclosure	Page 354
Adjourn

MIAMI-DADE

STATE OF FLORIDA COUNTY OF MIAMI-DADE:

Before the undersigned authority personally appeared GUILLERMO GARCIA, who on oath says that he or she is the DIRECTOR OF OPERATIONS, Legal Notices of the Miami Daily Business Review f/k/a Miami Review, of Miami-Dade County, Florida; that the attached copy of advertisement, being a Legal Advertisement of Notice in the matter of

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT - FISCAL YEAR 2023/2024 REGULAR MEETING SCHEDULE

in the XXXX Court,
was published in a newspaper by print in the issues of Miami Daily Business Review f/k/a Miami Review on

10/06/2023

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Affiant further says that the newspaper complies with all legal	for  publication  in  chapter	50,  Florida

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Swo  o and subscribed before me this

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(SEAL)
GUILLERMO GARCIA personally known to me

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING
OCTOBER 18, 2023

CALL TO ORDER

The October 18, 2023, Regular Board Meeting of the Los Cayos Community Development District (the “District”) was called to order at 10:04 a.m. in the offices of Lennar Homes, LLC located at 5505 Blue Lagoon Drive, Miami, Florida 33126.

PROOF OF PUBLICATION

Proof of publication was presented which showed that notice of the Regular Board Meeting had been published in Miami Daily Business Review on October 6, 2023, as part of the District’s Fiscal Year 2023/2024 Meeting Schedule, as legally required.

ESTABLISH A QUORUM

Mrs. Perez determined that the presence of the following Board Members constituted a quorum and all was in order to proceed with the meeting: Vanessa Perez, Marc Szasz and Raisa Krause.

Also in attendance were District Manager Gloria Perez of Special District Services, Inc.; District Counsel Michael Pawelczyk of Billing Cochran, Lyles, Mauro & Ramsey, P.A.
ADDITIONS OR DELETIONS TO AGENDA
An agenda item was added under New Business: Discussion Regarding DERM Requirements and Grant of Easement.

COMMENTS FROM THE PUBLIC FOR ITEMS NOT ON THE AGENDA

There were no comments from the public for items not on the agenda.

APPROVAL OF MINUTES
September 20, 2023, Regular Board Meeting

A MOTION was made by Supervisor Perez, seconded by Supervisor Krause and passed unanimously approving the minutes of the September 20, 2023, Regular Meeting, as presented.

NEW BUSINESS
Consider Resolution No. 2023-22 – Adopting a Fiscal Year 2022/2023 Amended Budget
It was noted that a correction had been made to the fiscal year on the agenda item for G.1 and it was confirmed that the fiscal year in the resolution was correct.

Mrs. Perez presented Resolution No. 2023-22, entitled:

RESOLUTION NO. 2023-22

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING AND ADOPTING AN AMENDED FINAL FISCAL YEAR 2022/2023 BUDGET (“AMENDED BUDGET”), PURSUANT TO CHAPTER 189, FLORIDA STATUTES; AND PROVIDING AN EFFECTIVE DATE.

Mrs. Perez explained, as done every year for administrative and statutory requirements, within 60 days of any given fiscal year end, the Board adopts a revised/amended budget for said year. The fiscal year ended on September 30, 2023. This is the reason it is administrative in nature (past year’s budget for past year’s expenses) and will serve as the Board’s final approval/ratification of the District’s expenditures for the past fiscal year.

A MOTION was made by Supervisor Perez, seconded by Supervisor Krause and unanimously passed adopting Resolution No. 2023-22, adopting a Fiscal Year 2022/2023 Amended Budget.

Discussion Regarding DERM Requirements and Grant of Easement

Mr. Szasz advised that DERM has required that periodic inspections and maintenance of the soil be conducted by an environmental engineering firm on quarterly basis to inspect and confirm that the two
(2) feet of fill needs to remain undisturbed and for said reports to be kept with District management’s records and forwarded to DERM as required. He added that it would be the responsibility of the District to budget and engage said services. As such the easements are required to allow and authorize the District and its professionals to access common areas and private property to conduct inspections and provide maintenance as needed/required.
A discussion ensued and Mr. Pawelczyk provided clarification for the Board and Staff of said process, noting that the current owner/developer would be granting the Easements to the District. He further recommended that a Rule Making process would need to be added to the upcoming agenda.

A MOTION was made by Supervisor Perez, seconded by Krause, and unanimously passed approving and authorizing the District’s acceptance of the Grant of Easements from the owner/developer and for the District to impose and execute documents with DERM as required for the environmental engineering maintenance, testing and inspections.

OLD BUSINESS

There were no Old Business items to come before the Board.

AUDITOR SELECTION COMMITTEE
Ranking of Proposals/Consider Selection of an Auditor

Mrs. Perez then recessed the Regular Board Meeting and opened a meeting of the Auditor Selection Committee.

Mrs. Perez noted that the purpose of the Audit Committee Meeting was to rank and recommend, in order of preference, the auditor proposals. She explained that Grau & Associates was the only firm that had responded. A discussion ensued after which:

A MOTION was made by Supervisor Perez, seconded by Supervisor Krause and unanimously passed waiving the requirement for the minimum number of proposals and ranking Grau & Associates number 1, and for said qualified provider to perform the auditing services.

There being no further Audit Committee business to conduct, Mrs. Perez adjourned the Audit Committee Meeting and simultaneously reconvened the Regular Board Meeting.

A discussion ensued after which the Board, acting as the District Board, accepted the recommendation of the Audit Committee as follows:

A MOTION was made by Supervisor Perez, seconded by Supervisor Krause and unanimously passed approving the engagement of the auditing firm of Grau & Associates, a qualified auditing firm, to perform audits for the fiscal years ending September 30, 2023, September 30, 2024, and September 30, 2025, at the following rates:

Audit for fiscal year ended September 30, 2023, in the amount of $3,400; Audit for fiscal year ending September 30, 2024, in the amount of $3,500; and Audit for fiscal year ending September 30, 2025, in the amount of $3,600

and further approving/authorizing District management to negotiate fees for the fiscal years ending 2026 and 2027, as proposed by Grau at $3,700 and $3,800, respectively for future extension consideration.

ADMINISTRATIVE & OPERATIONAL MATTERS
There were no Administrative & Operational Matters to come before the Board.

BOARD MEMBER & STAFF CLOSING COMMENTS
Update on 2023 Required Ethics Training

Mr. Pawelczyk gave a quick overview of the presented material regarding the 2023 Required Ethics Training and updates. He further added that this Board was aware of the content of the memorandum and familiar with said updates.

ADJOURNMENT

There being no further business to come before the Board, the Regular Board Meeting was adjourned at 10:13 a.m. on a MOTION made by Supervisor Perez, seconded by Supervisor Krause and passed unanimously.

ATTESTED BY:

Secretary/Assistant Secretary	Chairperson/Vice-Chair

RESOLUTION 2024-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT ESTABLISHING AN ELECTRONIC SIGNATURE POLICY, PROVIDING DISTRICT MANAGER WITH AUTHORITY AND RESPONSIBILITY FOR APPROVAL OF ELECTRONIC SIGNATURES AND IMPLEMENTATION OF CONTROL PROCESSES AND PROCEDURES TO ENSURE COMPLIANCE, INTEGRITY, AND SECURITY, IN ACCORDANCE WITH CHAPTER 688, FLORIDA STATUTES; AND PROVIDING FOR SEVERABILITY AND EFFECTIVE DATE.

WHEREAS, the Los Cayos Community Development District (the “District”), is a local unit of special-purpose government organized and existing in accordance with the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), created by Ordinance No. 2000-11 of the City Commission of the City of Pembroke Pines, Florida enacted on June 7, 2000; and

WHEREAS, the Board of Supervisors of the District regularly directs the District Manager of the District to execute and accept certain documents on behalf of the District and it is customary for certain documents to be transmitted via electronic means endorsed with electronic signatures; and

WHEREAS, consistent with Chapter 688, Florida Statutes, the District is responsible for adopting and implementing control processes and procedures to ensure adequate integrity, security, confidentiality, and auditability of business transactions conducted using electronic commerce; and

WHEREAS, the District Board of Supervisors finds that it is in the best interest of the District to enact a policy pertaining to the use and receipt of electronic signatures.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, AS FOLLOWS:

Section 1.  The foregoing recitals are hereby incorporated as findings of fact of the District Board of Supervisors.

1

Section 2. The Board of Supervisors of the Los Cayos Community Development District hereby establishes and adopts the “Electronic Signature Policy,” as follows:

ELECTRONIC SIGNATURE POLICY

PURPOSE: The purpose of this policy is to establish and identify the criteria and requirements for the use and validation of electronic signatures on documents on behalf of and for District business in accordance with Chapter 688, Florida Statutes, “Electronic Signature Act”.

DEFINITIONS:

Electronic means technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities.

Electronic record means a record created, generated, sent, communicated, received, or stored by electronic means.

Electronic signature means any letters, characters, or symbols, manifested by electronic or similar means, or logically associated with a record and that is executed or adopted with the intent to sign the record.

Electronic transaction means a transaction that is conducted or performed, in whole or in part, by electronic means or electronic records.

Record means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and that is retrievable in perceivable form.

POLICY: This policy applies to any Electronic transaction that is a replacement for or complement to handwritten signatures on any record of or for the District, including, but not limited to, contracts, agreements, official minutes, bids, proposals and resolutions. Any Electronic record or Electronic signature may not be denied legal effect or enforceability solely because the record or signature is in electronic form. This policy does not limit the District’s right or option to require original signatures or Records in a non-electronic format as the District deems necessary or as required by appliable policies, laws or regulations.

PROCEDURE: When a document containing an Electronic signature is signed, transmitted and received the following requirements must be met:

The Electronic signature must establish sender/user authenticity. The electronic signing of a document by an individual must be accompanied by documentation that shows that the signer is the individual signing the document and the individual that has the authority to bind the entity entering into an agreement or contract with the District.

2

If a document has been modified or changed, the prior Electronic signature is invalid and said document requires another Electronic signature or shall be signed by hand. This is to prevent any issue that a document has been changed after it is signed.

The District Manager, or his or her designee, has the authority and responsibility for approval of any Electronic signature method utilized and shall be responsible for the implementation of control processes and procedures to ensure adequate integrity, security, confidentiality, and auditability of District business transactions conducted using electronic methods.

The Electronic signature shall include the entire name of the individual and shall be located on or near the signature block on the document being electronically signed.

The date of the Electronic signature must be captured, stored, and available for retrieval for the required retention period of the document executed.

The Electronic record must be transmitted to all parties in a format acceptable to the District Manager, or his or her designee.

Section 3.  The District Manager is hereby directed to take all actions necessary and consistent with the intent of this Resolution.

Section 4.  All resolutions or parts of resolutions in conflict herewith are repealed to the extent of such conflict.

Section 5.   If any clause, section or other part or application of this Resolution is held by a court of competent jurisdiction to be unconstitutional, illegal or invalid, in part or as applied, it shall not affect the validity of the remaining portions or applications of this Resolution.

Section 6.	The Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED THIS 21st DAY OF FEBRUARY, 2024.

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

Secretary / Assistant Secretary	Chairman/Vice Chairman

3

Preliminary First Supplemental Special Assessment Methodology Report

PREPARED FOR THE

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS

February 21, 2024

SPECIAL DISTRICT SERVICES, INC
2501A Burns Road
Palm Beach Gardens, Florida 33410 561-630-4922

INTRODUCTION

The Los Cayos Community Development District (the “District”) is a local unit of special purpose government located in the City of Homestead (the “City”) in Miami-Dade, Florida (the “County”). The District was established on May 16, 2023, by Ordinance No. 23-35 enacted by the Board of County Commissioners of Miami-Dade County to provide for the construction, and/or acquisition, financing, long-term administration and management of certain infrastructure of the Development, as defined below.
The Los Cayos PUD (the “Development”) is a planned Development containing approximately 25.72 gross acres and is located in the City and is planned for the following land uses:

Table 1 – Proposed Land Uses

Land Use Category	Unit	
Townhomes	231 Dwelling units	

This Preliminary First Supplemental Special Assessment Methodology Report dated February 21, 2024 (the “First Supplemental Report”), prepared by Special District Services, Inc. sets forth the allocation of special assessments as it relates to the sale and issuance of special assessment bonds (“Series 2024 Bonds”) for financing a portion of the public infrastructure and will equitably allocate the costs being incurred by the District to provide the direct and special benefits of the Project (defined herein) to the assessable lands in the District as identified herein on Exhibit “A”. The public improvements to be constructed or acquired by the District (the “Project”) are described below and in the Master Engineer’s Report dated June 16, 2023 as may be revised (the “Engineer’s Report”), prepared by Alvarez Engineers, Inc. (the “District’s Engineer”).

PROJECTS TO BE FUNDED BY THE DISTRICT
The Project is comprised of an interrelated system of public infrastructure improvements which will serve and directly and specially benefit all assessable lands within the District. The public improvements comprising the Project will serve all assessable lands within the District and the improvements will be interrelated such that they will reinforce one another. The total cost of the Project is currently estimated to be $5,803,000. A detail of the estimated Project costs for the Development is included herein on Table A. The Series 2024 Bonds will be repaid through the levy of non-ad valorem special assessments on all assessable property within the District. The Project has been designed to be functional and confer direct and special benefits to the landowners within the District. Any portion of the Project not financed through the issuance of Series 2024 Bonds will be paid for and funded by Lennar Homes, LLC, or its successors or assigns (herein the “Developer”).
Construction and/or acquisition and maintenance obligations for the District’s proposed infrastructure improvements constituting the Project are described in the Engineer’s Report.

The construction costs for the Project identified in this First Supplemental Report were provided by the District Engineer. Special District Services, Inc., as District Manager, makes no representation regarding the accuracy or validity of those costs and did not undertake any analysis or verification regarding such costs.

FUNDING OF IMPROVEMENTS
To defray the costs of construction or acquisition, of all or a portion of the Project, the District will impose non-ad valorem special assessments on benefited real property within the District. These assessments are based on the special and peculiar benefits accruing to such property from the public improvements comprising the Project. The use of non-ad valorem special assessments has an advantage in that the properties that receive the direct and special benefits from the Project are the only properties that are obligated to pay for those facilities and services. Without these improvements constituting the Project, development of the property would not be possible.
In summary, special assessments may be levied: (1) for facilities which provide direct and special benefits to property within the District as distinct from general benefits, (2) only against property which receives that direct and special benefit, (3) in proportion to the benefits received by the properties; and (4) according to fair and reasonable methods that the governing body of the jurisdiction determines. The special assessments placed upon various benefited properties in the District must be sufficient to cover the debt service of the Series 2024 Bonds that will be issued for financing all or a portion of the Project.
Until all the land within the District has been platted and sold, the assessments on the portion of land that has not been platted and sold are not fixed and determinable. The reasons for this are (1) until the lands are platted, the number of developable acres within each tract against which the assessments are levied is not determined; (2) the lands are subject to re-plat, which may result in changes in development density and product type; and (3) until the lands are sold it is unclear of the timing of the absorptions. Only after the property has been platted will the developable acreage be determined, the final plat be certain, the development density known and the product types confirmed.
ALLOCATION OF BENEFIT AND ASSESSMENTS
In developing the methodology used for special assessments for the Development in the District, two
(2) interrelated factors were used:

Allocation of Benefit: Each parcel of assessable land within the District benefits from the proposed improvements.

Cost/Benefit: The special assessments imposed on each assessable parcel of land within the District cannot exceed the value of the benefits provided to such parcel.

The planned improvements comprising the Project is an integrated system of facilities designed to provide direct and special benefits to the assessable property within the District as a whole. The Project is intended to work as a total system which will provide direct and special benefits for each unit type. The fair and reasonable method of allocating the benefit to each planned residential unit has been accomplished by assigning an equivalent residential unit (“ERU”) to each unit. Therefore, for the purpose of this First Supplemental Report each townhome residential unit will be assigned one (1) ERU. There are no other planned unit types at this time.

Given the District’s approved land use plan and the type of infrastructure to be funded by the proposed special assessments, this method results in a fair allocation of benefits and an equitable allocation of costs for the Project. The direct and special benefit received and applied to each parcel and/or residential dwelling unit/lot as a result of the construction of public infrastructure improvements will equal or exceed the cost of such units allocated to each parcel and/or unit/lot. However, if the future platting results in changes in land use or proportion of benefit per acre and/or unit type, this allocation methodology may not be applicable and it may be necessary for the District to revise the allocation methodology.
To the extent land is sold in bulk to a third party, prior to platting, then, the District will assign debt based upon the development rights conveyed by the Developer based upon the ERU factors as shown herein.

COLLECTION OF SPECIAL ASSESSMENTS
The proposed special assessments for the District are planned to be collected through the Uniform Method of Collection described in Chapter 197, Section 197.3632; Florida Statutes (“F.S.”) for platted lots, or any other legal means available to the District.
Since there are costs associated with the collection of the special assessments (whether by uniform method of collection as authorized under Section 197.3632, F.S., or other methods allowed by Florida law), these costs must also be included in the special assessment levy. These costs generally include the 1% collection fee of the County Tax Collector, a 1% service fee of the County Property Appraiser and a 4% discount for early payment of taxes. These additional costs may be reflected by dividing the annual debt service and maintenance assessment amounts by a factor of 0.94. In the event the special assessments are direct billed, then the collection costs and discounts may not apply.
FINANCING STRUCTURE
The cost of the Project will be approximately $5,803,000. The construction program and the costs associated therewith are identified herein on Table A.
A portion of the capital improvements comprising the Project will be financed by the Series 2024 Bonds, which will be payable from and secured by special assessments levied annually on all assessable properties/lots/units in the District. The Series 2024 Bonds are being issued to finance a portion of the capital improvements. The expected principal amount of the Series 2024 Bonds to be issued to finance the Project is $5,205,0001. The expected net proceeds of the Series 2024 Bonds will provide
$4,650,3061 for construction related costs. The sizing of the Series 2024 Bonds includes a debt service reserve fund, capitalized interest, issuance costs and underwriter’s discount as shown herein on Table B.
MODIFICATIONS, REVISIONS AND TRUE-UP MECHANISIM
Allocation of costs and benefits, shown herein on Table C and Table D, for the infrastructure improvements financed by the District for the Project (estimated at $5,803,000) is initially based on the number of dwelling units (231) projected to be developed within the District and directly and specially benefited by the infrastructure improvements comprising the Project. Based on the estimated Series 2024 Bond size of $5,205,0001, at an estimated interest rate of 5.50%, the maximum annual debt service for

1 Preliminary, subject to change

the Series 2024 Bonds as shown herein on Table E, will be $358,0501, which has not been grossed up to include the 1% County Tax Collector fee, 1% County Property Appraiser fee, and 4% discount for early payment of taxes.

To ensure that each residential lot is assessed no more than their pro-rata amount of the annual non- ad valorem assessments shown herein on Table F, the District will be required to perform a “True- Up” analysis, which requires a computation at the time of submission of each plat or re-plat to determine the potential remaining assessable dwelling lots/units. The District shall, at the time a plat or re-plat is submitted to the City:

Assume that the total number of assessable residential units being utilized as a basis for this assessment methodology is as described below, Table 2 (“Total Assessable Lots/Units”).

Table 2 – Total Assessable Units

Land Use Category	Unit	
Townhomes	231 Dwelling units	

Ascertain the number of assessable residential dwelling lots/units in the proposed plat or re- plat and all prior plats (“Planned Assessable Lots/Units”).

Ascertain the current amount of potential remaining assessable dwelling lots/units (“Remaining Assessable Lots/Units”).
If the Planned Assessable Lots/Units are equal to the Total Assessable Lots/Units no action would be required at that time. However, if the sum of the Planned Assessable Lots/Units and the Remaining Assessable Lots/Units are less than an estimated number reflected in Table 2, the Developer will be obligated by the District to remit to the District an amount of money sufficient to enable the District to retire an amount of Series 2024 Bonds plus accrued interest such that the amount of non-ad valorem special assessments allocated to each Planned Assessable Lot does not exceed the amount of debt service that would have been allocated thereto had the total number of Planned Assessable Lots/Units and Remaining Assessable Lots/Units not changed from what is represented in Table 2. Conversely, if the Planned Assessable Lots/Units and Remaining Assessable Lots/Units of the residential lots/units is greater than the Total Assessable Lots/Units, then, there will be a pro-rata decrease in the annual non- ad valorem assessments to all of the benefited properties.

All assessments levied run with the land. In the event of a plat or replat, a determination of a true-up payment shall be based on the terms and provisions of a true-up agreement entered into between the District and the Developer. It is the responsibility of the landowner of record to make any required true-up payments that are due. The District will not release any liens on the property for which true- up payments are due until provision for such payment has been satisfied. In the event that additional land not currently subject to the assessments is developed in such a manner as to receive special benefit from the Project described herein, it will be necessary for this assessment methodology to be re-applied to include such parcels. The additional land will, as a result of re-applying this allocation methodology, then be allocated an appropriate share of the special assessments while all currently assessed parcels will receive a relative reduction in their assessments.

PRELIMINARY ASSESSMENT ROLL
When fully developed, the current site plan for the District will include the land uses in Table 2.
ADDITIONAL STIPULATIONS
Certain financing, development, and engineering data was provided by members of District staff, Consultants and/or the Developer. The allocation methodology described herein was based on information provided by those professionals. Special District Services, Inc. makes no representations regarding said information beyond restatement of the factual information necessary for compilation of this report.

Special District Services, Inc. does not represent the Los Cayos Community Development District as a Municipal Advisor or Securities Broker nor is Special District Services, Inc. registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, Special District Services, Inc. does not provide the Los Cayos Community Development District with financial advisory services or offer investment advice in any form.

*********************

LEGAL DESCRIPTION:
FOLIO NUMBER: 10-7919-001-0060: 

Exhibit "A"

LOT 8, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.
LESS THAT PORTION OF SAID LOT 8, LYING NORTHERLY OF THE SOUTHEASTERLY RIGHT-OF-WAY OF THE HOMESTEAD EXTENSION OF FLORIDA'S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL, 1970.

FOLIO NUMBER: 10-7919-001-0070: 
LOT 9, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.

FOLIO NUMBER: 10-7919-001-0080:
LOT 10, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, LESS DEDICATED RIGHT-OF-WAY, ALL LYING AND BEING IN MIAMI-DADE COUNTY, FLORIDA.
FOLIO NUMBER: 10-7919-001-0031: 
THAT PORTION OF LOT 5, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA, LYING SOUTHERLY OF THE SOUTHEASTERLY RIGHT-OF-WAY OF THE HOMESTEAD EXTENSION OF FLORIDA'S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT-OF-WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL, 1970.

Page 15

TABLE A PROJECT COST ESTIMATES
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

TOTAL

ROADWAY IMPROVEMENTS	$	2,359,000	
		
STORMWATER MANAGEMENT SYSTEM	$	1,246,000	
		
WATER DISTRIBUTION SYSTEM	$	1,102,000	
		
SANITARY SEWER SYSTEM	$	1,096,000	
		
TOTAL	$	5,803,000	

TABLE B BOND SIZING
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

BOND SIZING

Par Amount*	$	5,205,000	*	
				
Debt Service Reserve Fund (DSRF)	$	(179,025)		
				
Capitalized Interest	$	(71,569)		
				
Issuance Costs	$	(304,100)		
				
Construction Funds	$	4,650,306		
				
Bond Interest Rate		5.50%		
				
Principal Amortization Period (Years)		30		
*Subject to change at final bond pricing				

TABLE C ALLOCATION OF PROJECT COSTS
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

Product	Number of Units
by Type	
ERU Factor	Total ERUs	Project Cost Allocation Per Type	Project Cost Allocation Per
Unit*	
TOWNHOMES	231	1.000	231.00	$	5,803,000	$	25,121	
						
TOTAL	N/A	N/A	231.00	$	5,803,000	N/A	
*Rounded

TABLE D ALLOCATION OF BOND DEBT
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

Product	Number of Units
by Type	
ERU Factor	Total ERUs	Bond Debt Allocation Per Unit
Type	Bond Debt Allocation Per
Unit*	
TOWNHOMES	231	1.000	231.00	$	5,205,000	$	22,532	
						
TOTAL	N/A	N/A	231.00	$	5,205,000	N/A	
*Rounded

TABLE E

CALCULATION OF ANNUAL DEBT SERVICE

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

2024 Series
Bond Debt

1 Maximum Annual Debt Service	$	358,050.00		
			
2 Maximum Annual Debt Service Assessment to be Collected	$	380,904.26	*	
			
3  Total Number of Gross Acres	25.72		
			
4 Maximum Annual Debt Service per Gross Acre	$14,809.65		
			
5 Total Number of Residential Units Planned	231		
			
6 Maximum Annual Debt Service per Unit	See Table F		
*Grossed up to include 1% collection fee of the County Tax Collector, 1% service fee of the County Property Appraiser and 4% for early payment of taxes.

TABLE F

ALLOCATION OF DEBT SPECIAL ASSESSMENTS

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

Product	
Number of Units by Type	
ERU Factor	
Total ERUs	**Maximum Annual Debt Assessment Per
Unit*	**Maximum Annual Debt Assessment Per
Unit*	
TOWNHOMES	231	1.000	231.00	$	1,649	$	380,904	
						
TOTAL	N/A	N/A	231.00	N/A	$	380,904	
*Rounded
**Grossed up to include 1% collection fee of the County Tax Collector, 1% service fee of the County Property Appraiser and 4% for early payment of taxes.

Folio ID#'s and/or Parcel Plat Description	Developable Acreage by Parcel	**Maximum Annual Debt Assessment Per
Acre*	
Par Debt Per Acre	
Total Par Debt	
Exhibit A	25.72	$	14,809.65	$	202,371.70	$	5,205,000	

TOTALS		N/A	N/A	$	5,205,000	
*Rounded
**Grossed up to include 1% collection fee of the County Tax Collector, 1% service fee of the County Property Appraiser and 4% for early payment of taxes.

RESOLUTION NO. 2024-02

A RESOLUTION OF THE BOARD OF SUPERVISORS (THE “BOARD”) OF THE LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT (THE “DISTRICT”) AUTHORIZING THE ISSUANCE OF NOT EXCEEDING
$6,000,000 LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2024 (2024 PROJECT) (THE “2024 BONDS”) TO FINANCE CERTAIN PUBLIC INFRASTRUCTURE WITHIN THE DISTRICT; DETERMINING THE NEED FOR A NEGOTIATED LIMITED OFFERING OF THE 2024 BONDS AND PROVIDING FOR A DELEGATED AWARD OF SUCH BONDS; APPOINTING THE UNDERWRITER FOR THE LIMITED OFFERING OF THE 2024 BONDS; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE CONTRACT WITH RESPECT TO THE 2024 BONDS; APPROVING THE USE OF THAT CERTAIN MASTER TRUST INDENTURE PREVIOUSLY APPROVED BY THE BOARD WITH RESPECT TO THE 2024 BONDS; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FIRST SUPPLEMENTAL TRUST INDENTURE GOVERNING THE 2024 BONDS; APPROVING THE FORM OF AND AUTHORIZING THE DISTRIBUTION OF A PRELIMINARY LIMITED OFFERING MEMORANDUM; APPROVING THE EXECUTION AND DELIVERY OF A FINAL LIMITED OFFERING MEMORANDUM; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION OF A CONTINUING DISCLOSURE AGREEMENT, AND APPOINTING A DISSEMINATION AGENT; APPROVING THE APPLICATION OF BOND PROCEEDS; AUTHORIZING CERTAIN MODIFICATIONS TO THE ASSESSMENT METHODOLOGY REPORT AND ENGINEER’S REPORT; PROVIDING FOR THE REGISTRATION OF THE 2024 BONDS PURSUANT TO THE DTC BOOK-ENTRY ONLY SYSTEM; AUTHORIZING THE PROPER OFFICIALS TO DO ALL THINGS DEEMED NECESSARY IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF THE 2024 BONDS; AND PROVIDING FOR SEVERABILITY, CONFLICTS AND AN EFFECTIVE DATE.
WHEREAS, Los Cayos Community Development District (the “District”), is a local unit of special-purpose government organized and existing in accordance with the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), created by Ordinance No. 23-35 of the Board of County Commissioners of Miami-Dade County, Florida, enacted on May 16, 2023 and becoming effective on May 26, 2023; and
WHEREAS, the District was created for the purpose of delivering certain community development services and facilities within and outside its jurisdiction; and
WHEREAS, the Board of Supervisors of the District (herein, the “Board”) has previously adopted Resolution No. 2023-13 on June 16, 2023 (the “Initial Bond Resolution”), pursuant to which the District authorized the issuance of not to exceed $7,000,000 of its Special Assessment

Bonds to be issued in one or more Series to finance all or a portion of the District’s capital improvement program to be built in one or more phases; and
WHEREAS, any capitalized term used herein and not otherwise defined shall have the meaning ascribed to such term in the Initial Bond Resolution; and
WHEREAS, pursuant to the Initial Bond Resolution, the Board approved the form of Master Trust Indenture (the “Master Indenture”) and First Supplemental Trust Indenture to be entered into by the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”); and
WHEREAS, it is deemed necessary to approve a revised First Supplemental Trust Indenture (the “First Supplemental”) because of changes made since such instrument was previously approved pursuant to the Initial Bond Resolution; and
WHEREAS, the Board hereby determines to issue its Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (the “2024 Bonds”) in the principal amount of not exceeding $6,000,000 for the purpose of providing funds to finance a portion of the public infrastructure within the District, as described in the District’s Engineer’s Report – Infrastructure Improvements accepted June 16, 2023, as supplemented and amended from time to time (“Engineer’s Report” which portion of the described improvements financed with the 2024 Bonds is herein referred to as the “2024 Project”); and
WHEREAS, the 2024 Project is hereby determined to be necessary to coincide with the developer’s plan of development; and
WHEREAS, there has been submitted to this meeting, with respect to the issuance and sale of the 2024 Bonds, and submitted to the Board forms of:
a Bond Purchase Contract with respect to the 2024 Bonds by and between FMSbonds, Inc., as the underwriter (the “Underwriter”) and the District, together with the form of a disclosure statement attached to the Bond Purchase Contract pursuant to Section 218.385, Florida Statutes, substantially in the form attached hereto as Exhibit A (the “Bond Purchase Contract”);
a Preliminary Limited Offering Memorandum substantially in the form attached hereto as Exhibit B (the “Preliminary Limited Offering Memorandum”);
a Continuing Disclosure Agreement among the District, the dissemination agent named therein and the obligated parties named therein, substantially in the form attached hereto as Exhibit C; and
a revised First Supplemental between the District and the Trustee, substantially in the form attached hereto as Exhibit D and, together with the Master Indenture previously approved pursuant to the Initial Bond Resolution, the “2024 Indenture.”

WHEREAS, in connection with the sale of the 2024 Bonds, it may be necessary that certain modifications be made to the Master Assessment Methodology Report dated June 16, 2023, as supplemented and amended from time to time (“Assessment Methodology Report”) and the Engineer’s Report to conform such reports to the final terms of the 2024 Bonds; and
WHEREAS, the proceeds of the 2024 Bonds shall also fund a debt service reserve account, pay capitalized interest, if any, and pay the costs of the issuance of the 2024 Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the Los Cayos Community Development District (the “Board”), as follows:
Section 1.  Negotiated Limited Offering of 2024 Bonds. The District hereby finds that because of the complex nature of assessment bond financings in order to better time the sale of the 2024 Bonds and secure better interest rates, it is necessary and in the best interest of the District that the 2024 Bonds, in the aggregate principal amount of not exceeding $6,000,000, be sold on a negotiated limited offering basis. The District hereby further finds that it will not be adversely affected if the 2024 Bonds are not sold pursuant to competitive sales.
Section 2.  Purpose. The District has authorized its capital improvement plan for the development of the District, as set forth in the Engineer’s Report, and hereby authorizes the financing of a portion of the acquisition and construction of certain public infrastructure benefiting the assessable lands within the District by issuing the 2024 Bonds to finance a portion of such public infrastructure described in the Engineer’s Report and constituting the 2024 Project. The 2024 Project includes, but is not limited to, public roadway improvements, stormwater drainage facilities including related earthwork, water, sewer and reclaimed water facilities, landscaping, hardscaping and irrigation in public rights of way, differential cost of undergrounding electric utilities, all as more particularly described in the Engineer’s Report.
Section 3.   Sale of the 2024 Bonds. Except as otherwise provided in the last sentence of this Section 3, the proposal submitted by the Underwriter offering to purchase the 2024 Bonds at the purchase price established pursuant to the parameters set forth below and on the terms and conditions set forth in the Bond Purchase Contract (attached hereto as Exhibit A), are hereby approved and adopted by the District in substantially the form presented. Subject to the last sentence of this Section 3, the Chairperson (or, in the absence of the Chairperson, any other member of the Board) is hereby authorized to execute and deliver on behalf of the District, and the Secretary of the District is hereby authorized (if so required) to affix the seal of the District and attest to the execution of the Bond Purchase Contract in substantially the form presented at this meeting. The disclosure statements of the Underwriter, as required by Section 218.385, Florida Statutes, to be delivered to the District prior to the execution of the Bond Purchase Contract, a copy of which is attached as an exhibit to the Bond Purchase Contract, will be entered into the official records of the District. The Bond Purchase Contract, in final form as determined by counsel to the District and the Chairperson, may be executed by the District without further action provided that (i) the 2024 Bonds mature not later than the statutory permitted period; (ii) the principal amount of the 2024 Bonds issued does not exceed $6,000,000; (iii) the interest rate on the 2024 Bonds shall not exceed the maximum rate permitted under Florida law; (iv) if the 2024 Bonds are subject to optional redemption which determination will be made on or before the sale date of the 2024 Bonds, the first optional call date and the redemption price shall be determined

on or before the execution of the Bond Purchase Contract; and (v) the purchase price to be paid by the Underwriter for the 2024 Bonds is not less than 98% of the par amount of the 2024 Bonds issued (exclusive of any original issuance discount).
Section 4. The Limited Offering Memorandum. The Limited Offering Memorandum, in substantially the form of the Preliminary Limited Offering Memorandum (subject to the other conditions set forth herein) attached hereto as Exhibit B, with such changes as are necessary to conform to the details of the 2024 Bonds and the requirements of the Bond Purchase Contract, is hereby approved. The District hereby authorizes the execution of the Limited Offering Memorandum and the District hereby authorizes the Limited Offering Memorandum, when in final form, to be used in connection with the limited offering and sale of the 2024 Bonds. The District hereby authorizes and consents to the use by the Underwriter of a Preliminary Limited Offering Memorandum substantially in the form attached hereto as Exhibit B, in connection with the limited offering of the 2024 Bonds. The final form of a Preliminary Limited Offering Memorandum shall be determined by the Underwriter and the professional staff of the District. The Limited Offering Memorandum may be modified in a manner not inconsistent with the substance thereof and the terms of the 2024 Bonds as shall be deemed advisable by Bond Counsel and counsel to the District, with final approval by the Chairperson. The Chairperson (or, in the absence of the Chairperson, any other member of the Board) is hereby further authorized to execute and deliver on behalf of the District, the Limited Offering Memorandum and any amendment or supplement thereto, with such changes, modifications and deletions as the member of the Board executing the same may deem necessary and appropriate with the advice of Bond Counsel and counsel to the District, with final approval by the Chairperson, such execution and delivery to be conclusive evidence of the approval and authorization thereof by the District. The District hereby authorizes the Chairperson (or, in the absence of the Chairperson, any other member of the Board) to deem “final” the Preliminary Limited Offering Memorandum except for permitted omissions all within the meaning of Rule 15c2-12 of the Securities Exchange Act of 1934 and to execute a certificate in that regard.
Section 5.  Details of the 2024 Bonds. The proceeds of the 2024 Bonds shall be applied in accordance with the provisions of the 2024 Indenture. The 2024 Bonds shall mature in the years and in the amounts, bear interest at such rates and be subject to redemption, all as provided in the First Supplemental. The execution of the First Supplemental shall constitute approval of such terms as set forth in the 2024 Indenture and this Resolution. The maximum aggregate principal amount of the 2024 Bonds authorized to be issued pursuant to this Resolution and the 2024 Indenture shall not exceed $6,000,000.
Section 6. Continuing Disclosure; Dissemination Agent. The Board does hereby authorize and approve the execution and delivery of a Continuing Disclosure Agreement by the Chairperson (or, in the absence of the Chairperson, any other member of the Board) substantially in the form presented to this meeting and attached hereto as Exhibit C. The Continuing Disclosure Agreement is being executed by the District and the other parties thereto in order to assist the Underwriter in the marketing of the 2024 Bonds and compliance with Rule 15c2-12 of the Securities and Exchange Commission. Special District Services, Inc. is hereby appointed the initial dissemination agent.

Section 7.  Authorization of Execution and Delivery of the First Supplemental Trust Indenture; Application of Master Indenture. The District does hereby authorize and approve the execution by the Chairperson (or, in the absence of the Chairperson, the Vice Chairperson or any other member of the Board) and the Secretary or any Assistant Secretary to attest and authorize the delivery of the previously approved Master Indenture and First Supplemental, both between the District and the Trustee. The 2024 Indenture shall provide for the security of the 2024 Bonds and express the terms of the 2024 Bonds. The First Supplemental shall be substantially in the form attached hereto as Exhibit D and is hereby approved, with such changes therein as are necessary or desirable to reflect the terms of the sale of the 2024 Bonds as shall be approved by the Chairperson (or, in the absence of the Chairperson, the Vice Chairperson, or any other member of the Board) executing the same upon the advice of Bond Counsel and counsel to the District, with such execution to constitute conclusive evidence of such officer’s approval and the District’s approval of any changes therein from the form of the First Supplemental attached hereto as Exhibit D.
Section 8.  Authorization and Ratification of Prior Acts. All actions previously taken by or on behalf of District in connection with the issuance of the 2024 Bonds are hereby authorized, ratified and confirmed.
Section 9. Appointment of Underwriter. The Board hereby formally appoints FMSbonds, Inc., as the Underwriter for the 2024 Bonds.
Section 10. Book-Entry Only Registration System. The registration of the 2024 Bonds shall initially be by the book-entry only system established with The Depository Trust Company.
Section 11. Assessment Methodology Report. The Board hereby authorizes any modifications to the Assessment Methodology Report prepared by Special District Services, Inc. in connection with the 2024 Bonds if such modifications are determined to be appropriate in connection with the issuance of the 2024 Bonds.
Section 12.  Engineer’s Report. The Board hereby authorizes any modifications to the Engineer’s Report prepared by Alvarez Engineers, Inc. if such modifications are determined to be appropriate in connection with the issuance of the 2024 Bonds or modifications to the 2024 Project.
Section 13. Further Official Action. The Chairperson, the Vice Chairperson, the Secretary and each other member of the Board and any other proper official or member of the professional staff of the District are each hereby authorized and directed to execute and deliver any and all documents and instruments and to do and cause to be done any and all acts and things necessary or desirable for carrying out the transactions contemplated by this Resolution. In the event that the Chairperson, the Vice Chairperson or the Secretary is unable to execute and deliver the documents herein contemplated, such documents shall be executed and delivered by the respective designee of such officer or official or any other duly authorized officer or official of the District herein authorized. The Secretary or any Assistant Secretary is hereby authorized and directed to apply and attest the official seal of the District to any agreement or instrument authorized or approved herein that requires such a seal and attestation.

Section 14. Severability. If any section, paragraph, clause or provision of this Resolution shall be held to be invalid or ineffective for any reason, the remainder of this Resolution shall continue in full force and effect, it being expressly hereby found and declared that the remainder of this Resolution would have been adopted despite the invalidity or ineffectiveness of such section, paragraph, clause or provision.
Section 15.  Inconsistent Proceedings. All resolutions or proceedings, or parts thereof, in conflict with the provisions hereof are to the extent of such conflict hereby repealed or amended to the extent of such inconsistency.
PASSED in public session of the Board of Supervisors of the Los Cayos Community Development District, this 21st day of February, 2024.
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT
ATTEST:
By:				By:		 Name: Gloria Perez				Name: 		 Title: Secretary			   Title: Chairperson/Vice Chairperson	
Board of Supervisors	

EXHIBIT A
FORM OF BOND PURCHASE CONTRACT

A-1

$[PAR]
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT (CITY OF HOMESTEAD, FLORIDA)
SPECIAL ASSESSMENT BONDS, SERIES 2024
(2024 PROJECT)

BOND PURCHASE CONTRACT
[Pricing Date]
Board of Supervisors
Los Cayos Community Development District City of Homestead, Florida
Ladies and Gentlemen:
FMSbonds, Inc. (the “Underwriter”) offers to enter into this Bond Purchase Contract (the “Purchase Contract”) with the Los Cayos Community Development District (the “District”). The District is located entirely within the incorporated area of the City of Homestead, Florida within Miami-Dade County, Florida (the “County”). This offer of the Underwriter shall, unless accepted by the District, acting through its Board of Supervisors (the “Board”), expire at 10:00 P.M. prevailing time within the jurisdiction of the District on the date hereof, unless previously withdrawn or extended in writing by the Underwriter. This Purchase Contract shall be binding upon the District and the Underwriter upon execution and delivery. Any capitalized word not defined herein shall have the meaning ascribed thereto in the Preliminary Limited Offering Memorandum (as hereinafter defined). In conformance with Section 218.385, Florida Statutes, as amended, the Underwriter hereby delivers to the District the Disclosure and Truth-In-Bonding Statements attached hereto as Exhibit A.
Purchase and Sale. Upon the terms and conditions and upon the basis of the representations, warranties and agreements set forth herein, the Underwriter hereby agrees to purchase from the District and the District hereby agrees to sell and deliver to the Underwriter, all (but not less than all) of its aggregate principal amount of $[PAR] Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (the “Bonds”). The Bonds shall be dated their date of delivery and shall mature on the dates, shall bear interest at the rates, and shall be subject to redemption prior to maturity, all as provided in Exhibit B attached hereto. The purchase price for the Bonds shall be $	 (representing the $[PAR].00 aggregate principal amount of the Bonds, [plus/less net original issue premium/discount] of
$	 and less an underwriter’s discount of $	). The payment for and delivery of the Bonds and the other actions contemplated hereby to take place at the Closing Date (as hereinafter defined) being hereinafter referred to as the “Closing”.
The Bonds. The Bonds are to be issued by the District, a local unit of special- purpose government of the State of Florida (the “State”) created pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended, any successor statute thereto, the Florida Constitution, and other applicable provisions of law (collectively, the “Act”), Section 1.01(A)(21) of the Miami-Dade Home Rule Charter, and created by Ordinance No. 23-35 enacted by the Board of County Commissioners of the County on May

16, 2023 and became effective on May 26, 2023 (the “Ordinance”). The Bonds are being issued by the District pursuant to the Act, Resolution No. 2023-13 and Resolution No. 2023-21 duly adopted by the Board on June 16, 2023 and February 21, 2024, respectively (collectively, the “Bond Resolution”), and secured pursuant to the provisions of a Master Trust Indenture dated as of March 1, 2024 (the “Master Indenture”), as supplemented by a First Supplemental Trust Indenture dated as of March 1, 2024 (the “First Supplemental Indenture” and, together with the Master Indenture, collectively the “Indenture”), each by and between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). The Series 2024 Special Assessments comprising the Series 2024 Pledged Revenues for the Bonds have been levied by the District on those lands within the District specially benefited by the 2024 Project (as defined in the herein defined Preliminary Limited Offering Memorandum) pursuant to Resolution No. 2023-14, Resolution No. 2023-16, and Resolution No. 2023-21 of the District duly adopted on June 16, 2023, June 16, 2023, and August 16, 2023, respectively (collectively, the “Assessment Resolutions”).
Limited Offering; Establishment of Issue Price. It shall be a condition to the District’s obligation to sell and to deliver the Bonds to the Underwriter, and to the Underwriter’s obligation to purchase, accept delivery of and pay for the Bonds, that the entire principal amount of the Bonds be issued, sold and delivered by the District and purchased, accepted and paid for by the Underwriter at the Closing and that the District and the Underwriter receive the opinions, documents and certificates described in Section 8(c) hereof.
The Underwriter agrees to assist the District in establishing the issue price of the Bonds and shall execute and deliver to the District at Closing an “issue price” or similar certificate, together with the supporting pricing wires or equivalent communications, in the form reasonably satisfactory to Bond Counsel, with such modifications as may be appropriate or necessary, in the reasonable judgment of the Underwriter, the District and Bond Counsel, to accurately reflect, as applicable, the sales price or prices or the initial offering price or prices to the public of the Bonds.
The District will treat the first price at which 10% of each maturity of the Bonds (the “10% test”) is sold to the public as the issue price of that maturity. At or promptly after the execution of this Purchase Contract, the Underwriter shall report to the District the price or prices at which it has sold to the public each maturity of Bonds. For purposes of this Section, if Bonds mature on the same date but have different interest rates, each separate CUSIP number within that maturity will be treated as a separate maturity of the Bonds.
The Underwriter acknowledges that sales of any Bonds to any person that is a related party to an underwriter participating in the initial sale of the Bonds to the public (each such term being used as defined below) shall not constitute sales to the public for purposes of this section. Further, for purposes of this section:
“public” means any person other than an underwriter or a related
party,
“underwriter” means (A) any person that agrees pursuant to a
written contract with the District (or with the lead underwriter to form an underwriting

syndicate) to participate in the initial sale of the Bonds to the public and (B) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate in the initial sale of the Bonds to the public (including a member of a selling group or a party to a third-party distribution agreement participating in the initial sale of the Bonds to the public), and
a purchaser of any of the Bonds is a “related party” to an underwriter if the underwriter and the purchaser are subject, directly or indirectly, to (i) more than 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other).
Use of Documents. Prior to the date hereof, the District has caused to be prepared and has provided to the Underwriter a Preliminary Limited Offering Memorandum dated [PLOM Date] (such Preliminary Limited Offering Memorandum, including the cover pages and all appendices thereto, and any amendments and supplements thereto that may be authorized by the District for use with respect to the Bonds being herein collectively called the “Preliminary Limited Offering Memorandum”) of the District related to the Bonds that the District has deemed final as of its date, except for certain permitted omissions (the “Permitted Omissions”), as contemplated by Rule 15c2-12 of the Securities and Exchange Commission (“Rule 15c2-12”) in connection with the limited offering of the Bonds. The Underwriter has reviewed the Preliminary Limited Offering Memorandum prior to the execution of this Purchase Contract. The District has, prior to the date hereof, authorized the Preliminary Limited Offering Memorandum to be circulated and used by the Underwriter in connection with the limited offering of the Bonds. The District shall deliver or cause to be delivered, at its expense, to the Underwriter within seven (7) business days after the date hereof but not later than the Closing Date and in sufficient time to allow the Underwriter to comply with all requirements of Rule 15c2-12 and all applicable securities laws and the rules of the Municipal Securities Rulemaking Board (the “MSRB”), a final Limited Offering Memorandum dated the date hereof (such Limited Offering Memorandum, including the cover pages and all appendices thereto, and any amendments and supplements thereto that may be authorized by the District for use with respect to the Bonds being herein collectively called the “Limited Offering Memorandum” and, together with the Preliminary Limited Offering Memorandum, the “Limited Offering Memoranda”). The Underwriter agrees to file the Limited Offering Memorandum with the MSRB not later than two (2) business days after the Closing Date. The District hereby ratifies the execution and use of the Preliminary Limited Offering Memorandum and approves the circulation and use of the Limited Offering Memorandum by the Underwriter.
Definitions. For purposes hereof, (a) this Purchase Contract, the Indenture, the Bonds, the Continuing Disclosure Agreement to be dated as of the Closing Date, by and among the District, Lennar Homes, LLC, a Florida limited liability company (the “Development Manager”), AG EHC II (LEN) Multi State 1, LLC, a Delaware limited liability company (the “AG

Landowner” and, together with the Development Manager, the “Landowners”), and Special District Services, Inc., Palm Beach Gardens, Florida, as dissemination agent (the “Dissemination Agent”), in substantially the form attached to the Limited Offering Memorandum as Appendix E thereto (the “Disclosure Agreement”) and the DTC Blanket Issuer Letter of Representations entered into by the District, are referred to herein collectively as the “Financing Documents”, and
(b) the Acquisition Agreement (2024 Project) by and between the District and the Development Manager dated as of the Closing Date (the “Acquisition Agreement”), the Collateral Assignment and Assumption of Development Rights Relating to Los Cayos (Series 2024 Bonds) by and among the District and the Landowners to be dated as of the Closing Date in recordable form (the “Collateral Assignment”), the True-Up Agreement (Series 2024 Bonds) to be entered into by and among the District, the Development Manager and the AG Landowner (the “True-Up Agreement”), and the Completion Agreement (2024 Project) to be entered into by and between the District and the Development Manager dated as of the Closing Date (the “Completion Agreement”), are collectively referred to herein as the “Ancillary Agreements.”
Representations, Warranties and Agreements. The District hereby represents, warrants and agrees as follows:
The Board is the governing body of the District and the District is and will be on the Closing Date duly organized and validly existing as a unit of special-purpose government created pursuant to the Constitution and laws of the State, including, without limitation, the Act;
The District has full legal right, power and authority to: (i) adopt the Bond Resolution and the Assessment Resolutions; (ii) enter into the Financing Documents and Ancillary Agreements; (iii) sell, issue and deliver the Bonds to the Underwriter as provided herein; (iv) apply the proceeds of the sale of the Bonds for the purposes described in the Preliminary Limited Offering Memorandum; (v) acknowledge and authorize the use of the Preliminary Limited Offering Memorandum and acknowledge and authorize the use and execution of the Limited Offering Memorandum; and (vi) carry out and consummate the transactions contemplated by the Bond Resolution, the Assessment Resolutions, the Financing Documents, the Ancillary Agreements and the Preliminary Limited Offering Memorandum, including but not limited to entering into the collection agreement with the Miami-Dade County Tax Collector to provide for the collection of the Series 2024 Special Assessments using the Uniform Method of collection in accordance with the Indenture. The District has complied, and on the Closing Date will be in compliance in all material respects, with the terms of the Act and with the obligations on its part contained in the Bond Resolution, the Assessment Resolutions, the Financing Documents, the Ancillary Agreements and the Bonds;
At meetings of the Board that were duly called and noticed and at which a quorum was present and acting throughout, the Board duly adopted the Bond Resolution and the Assessment Resolutions, and the same are in full force and effect and have not been supplemented, amended, modified or repealed, except as set forth therein. By all necessary official Board action, the District has duly authorized and approved the use and delivery of the Preliminary Limited Offering Memorandum and the execution and delivery of the Financing Documents, the Ancillary Agreements, the Bonds and the Limited Offering Memorandum, has duly authorized and approved the performance by the District of the obligations on its part contained in the Financing Documents, the Ancillary Agreements and the Bonds and the consummation by it of all other transactions

contemplated by this Purchase Contract and the Preliminary Limited Offering Memorandum in connection with the issuance of the Bonds. Upon execution and delivery by the District and the Trustee (and assuming the due authorization, execution and delivery of the Indenture by the Trustee), the Indenture will constitute a legal, valid and binding obligation of the District, enforceable in accordance with its terms, subject only to applicable bankruptcy, insolvency, and similar laws affecting creditors’ rights and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). Upon execution by the District and the other parties thereto (and assuming the due authorization, execution and delivery of such agreements by the other parties thereto) the Financing Documents and the Ancillary Agreements will constitute the legal, valid and binding obligations of the District, enforceable in accordance with their respective terms; subject only to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law);
Except as disclosed in the Preliminary Limited Offering Memorandum, the District is not in material breach of or material default under any applicable provision of the Act or any applicable constitutional provision or statute or, to the best of its knowledge, administrative regulation of the State or the United States of America or any applicable judgment or decree, or any loan agreement, indenture, bond, note, resolution, agreement, or other material instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, and to the best of its knowledge, no event has occurred and is continuing which with the passage of time or the giving of notice, or both, would constitute a material default or material event of default under any such instrument; and the execution and delivery of the Bonds, the Financing Documents, the Ancillary Agreements and the Limited Offering Memorandum, the delivery of the Preliminary Limited Offering Memorandum and the adoption of the Bond Resolution and the Assessment Resolutions, and compliance with the provisions on the District’s part contained therein, will not conflict with or constitute a material breach of or material default under any applicable constitutional provision, or law, or, to the best of its knowledge, any administrative regulation, judgment, decree, loan agreement, indenture, bond, note, resolution, agreement, or other instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, nor will any such execution, delivery, adoption, or compliance result in the creation or imposition of any lien, charge, or other security interest or encumbrance of any nature whatsoever upon any of the property or assets of the District or under the terms of any such law, regulation or instrument, except as provided by the Assessment Resolutions, the Bonds and the Indenture. To the best of its knowledge, no event has occurred which, with the lapse of time or the giving of notice, or both, would constitute an event of default under the Bonds, the Ancillary Agreements or the Financing Documents;
All authorizations, approvals, licenses, permits, consents and orders of any governmental authority, legislative body, board, agency or commission having jurisdiction of the matters which are required for the due authorization by, or which would constitute a condition precedent to, or the absence of which would materially adversely affect, the due performance by the District of its obligations, to issue the Bonds, or under the Bonds, the Bond Resolution, the Assessment Resolutions, the Financing Documents or the Ancillary Agreements have been duly obtained, except for such approvals, consents and orders as may be required under the Blue Sky or securities laws of any state in connection with the offering and sale of the Bonds;

The descriptions of the Bonds, the Financing Documents, the Ancillary Agreements and the 2024 Project, to the extent referred to in the Preliminary Limited Offering Memorandum, conform (except for Permitted Omissions), or with respect to the Limited Offering Memorandum will conform, in all material respects to the Bonds, the Financing Documents, the Ancillary Agreements and the 2024 Project, respectively;
The Bonds, when issued, executed and delivered in accordance with the Indenture and when delivered to and paid for by the Underwriter at the Closing in accordance with the provisions of this Purchase Contract, will be validly issued and outstanding obligations of the District, entitled to the benefits of the Indenture and upon such issuance, execution and delivery of the Bonds, the Indenture will provide, for the benefit of the holders from time to time of the Bonds, a legally valid and binding pledge of and first lien on the Series 2024 Pledged Revenues. On the Closing Date, all conditions precedent to the issuance of the Bonds set forth in the Indenture will have been complied with or fulfilled;
There is no claim, action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, government agency, public board or body, pending or, to its best knowledge, threatened against the District: (i) contesting the corporate existence or powers of the Board or the titles of the respective officers of the Board to their respective offices;
(ii) affecting or seeking to prohibit, restrain or enjoin the sale, issuance or delivery of the Bonds or the application of the proceeds of the sale thereof for the purposes described in the Preliminary Limited Offering Memorandum or the collection of the Series 2024 Special Assessments or the pledge of and lien on the Series 2024 Pledged Revenues pursuant to the Indenture; (iii) contesting or affecting specifically as to the District the validity or enforceability of the Act or any action of the District in any respect relating to the authorization for the issuance of the Bonds, or the authorization of the 2024 Project, the Bond Resolution, the Assessment Resolutions, the Financing Documents and the Ancillary Agreements, or the application of the proceeds of the Bonds for the purposes set forth in the Preliminary Limited Offering Memorandum; (iv) contesting the federal tax status of the Bonds; or (v) contesting the completeness or accuracy of the Limited Offering Memoranda or any supplement or amendment thereto, except for Permitted Omissions with respect to the Preliminary Limited Offering Memorandum;
To the extent applicable, the District will furnish such information, execute such instruments and take such other action in cooperation with the Underwriter as the Underwriter may reasonably request in order to: (i) qualify the Bonds for offer and sale under the Blue Sky or other securities laws and regulations of such states and other jurisdictions of the United States as the Underwriter may designate; and (ii) determine the eligibility of the Bonds for investment under the laws of such states and other jurisdictions, and the District will use its best efforts to continue such qualifications in effect so long as required for the initial limited offering and distribution of the Bonds; provided, however, that the District shall not be required to execute a general or special consent to service of process or to qualify to do business in connection with any such qualification or determination in any jurisdiction or register as a broker/dealer;
As of its date (unless an event occurs of the nature described in paragraph
(1) of this Section 6) and at all times subsequent thereto, up to and including the Closing Date, the statements and information contained in the Preliminary Limited Offering Memorandum (other than Permitted Omissions) and in the Limited Offering Memorandum do not and will not contain

any untrue statement of a material fact or omit to state a material fact necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading; provided, however, that no representation is made concerning information contained in the Limited Offering Memoranda under the captions “DESCRIPTION OF THE SERIES 2024 BONDS – Book-Entry Only System,” “THE DEVELOPMENT,” “THE AG LANDOWNER AND THE DEVELOPMENT MANAGER,” “TAX MATTERS,” “LITIGATION – The AG
Landowner,” “LITIGATION – The Development Manager” and “UNDERWRITING;”
If the Limited Offering Memorandum is supplemented or amended pursuant to paragraph (1) of this Section 6, at the time of each supplement or amendment thereto and (unless subsequently again supplemented or amended pursuant to such paragraph) at all times subsequent thereto up to and including the Closing Date, the Limited Offering Memorandum as so supplemented or amended will be accurate in all material respects for the purposes for which their use is authorized and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that no representation is made concerning information contained in the Limited Offering Memoranda under the captions “DESCRIPTION OF THE SERIES 2024 BONDS – Book-Entry Only System,” “THE DEVELOPMENT,” “THE AG LANDOWNER AND THE DEVELOPMENT MANAGER,”
“TAX MATTERS,” “LITIGATION – The AG Landowner,” “LITIGATION – The Development Manager” and “UNDERWRITING;”
If between the date of this Purchase Contract and the earlier of (i) date that is ninety (90) days from the end of the “Underwriting Period” as defined in Rule 15c2-12 or (ii) the time when the Limited Offering Memorandum is available to any person from the MSRB’s Electronic Municipal Market Access System (but in no event less than twenty-five (25) days following the end of the Underwriting Period), any event shall occur, of which the District has actual knowledge, which might or would cause the Limited Offering Memorandum, as then supplemented or amended, to contain any untrue statement of a material fact or to omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, the District shall notify the Underwriter thereof, and, if in the opinion of the Underwriter such event requires the preparation and publication of a supplement or amendment to the Limited Offering Memorandum, the District will at its expense supplement or amend the Limited Offering Memorandum in a form and in a manner approved by the Underwriter. The end of the Underwriting Period shall be the next business day after the Closing Date;
Since the date of the Preliminary Limited Offering Memorandum, there has been no material adverse change in the properties, businesses, results of operations, prospects, management or financial or other condition of the District, except as disclosed in the Preliminary Limited Offering Memorandum, and the District has not incurred liabilities that would materially adversely affect its ability to discharge its obligations under the Bond Resolution, the Assessment Resolutions, the Bonds, the Financing Documents or the Ancillary Agreements, direct or contingent, other than as set forth in or contemplated by the Preliminary Limited Offering Memorandum;

The District is not now in default and has not been in default at any time after December 31, 1975 in the payment of the principal of or the interest on any governmental security issued or guaranteed by it which would require the disclosure pursuant to Section 517.051, Florida Statutes or Rule 69W- 400.003 of the Florida Department of Financial Services;
The District has never undertaken any continuing disclosure obligations in accordance with the continuing disclosure requirements of the Rule;
Any certificate signed by any official of the District and delivered to the Underwriter in connection with the Closing will be deemed to be a representation by the District to the Underwriter as to the statements made therein; and
From the date of this Purchase Contract through the Closing Date, the District will not issue any bonds (other than the Bonds), notes or other obligations payable from the Series 2024 Pledged Revenues.
Closing. At 10:00 a.m. prevailing time on [Closing Date] (the “Closing Date”) or at such later time as may be mutually agreed upon by the District and the Underwriter, the District will deliver or cause to be delivered, to the Underwriter, the Bonds in definitive book-entry-only form, duly executed and authenticated, together with the other documents hereinafter mentioned, and, subject to the terms and conditions hereof, the Underwriter will accept such delivery and pay the purchase price of the Bonds as set forth in Section 1 hereof, in federal or other immediately available funds to the order of the District. Delivery of the Bonds as aforesaid shall be made pursuant to the FAST system of delivery of The Depository Trust Company, New York, New York, or at such other place as may be mutually agreed upon by the District and the Underwriter. The Bonds shall be typewritten, shall be prepared and delivered as fully registered bonds in book- entry-only form, with one bond for each maturity, registered in the name of Cede & Co. and shall be made available to the Underwriter at least one (1) business day before the Closing Date for purposes of inspection and packaging, unless otherwise agreed by the District and the Underwriter.
Closing Conditions. The Underwriter has entered into this Purchase Contract in reliance upon the representations, warranties and agreements of the District contained herein, and in reliance upon the representations, warranties and agreements to be contained in the documents and instruments to be delivered on the Closing Date and upon the performance by the District of its obligations hereunder, both as of the date hereof and as of the Closing Date. Accordingly, the Underwriter’s obligations under this Purchase Contract to purchase, to accept delivery of and to pay for the Bonds are conditioned upon the performance by the District of its obligations to be performed hereunder and under such documents and instruments at or prior to the Closing Date, and are also subject to the following additional conditions:
The representations and warranties of the District contained herein shall be true, complete and correct, on the date hereof and on and as of the Closing Date, as if made on the Closing Date;
At the time of the Closing, the Bond Resolution, the Assessment Resolutions, the Bonds, the Ancillary Agreements and the Financing Documents shall each be in full force and effect in accordance with their respective terms and the Bond Resolution, the

Assessment Resolutions, the Indenture and the Limited Offering Memoranda shall not have been supplemented, amended, modified or repealed, except in any such case as may have been agreed to by the Underwriter;
At or prior to the Closing Date, the Underwriter and the District shall have received each of the following:
The Limited Offering Memorandum and each supplement or amendment, if any, thereto, executed on behalf of the District by the Chairperson of the Board or such other authorized member of the Board;
A copy of each of the Bond Resolution and the Assessment Resolutions certified by the Secretary or an Assistant Secretary of the Board under seal as having been duly adopted by the Board of the District and as being in full force and effect;
An executed copy of each of the Financing Documents and the Ancillary Agreements in form acceptable to the Underwriter and its counsel;
The opinion, dated as of the Closing Date and addressed to the District, of Greenberg Traurig, P.A., Bond Counsel, in the form included in the Preliminary Limited Offering Memorandum as Appendix B, together with letters of such counsel, dated as of the Closing Date and addressed to the Underwriter and Trustee, to the effect that the foregoing opinion addressed to the District may be relied upon by the Underwriter and Trustee to the same extent as if such opinion were addressed to them;
The supplemental opinion, dated as of the Closing Date and addressed to the District and the Underwriter, of Greenberg Traurig, P.A., Bond Counsel, in the form annexed as Exhibit C hereto or in form and substance otherwise acceptable to the Underwriter and its Counsel;
The opinion, dated as of the Closing Date and addressed to the District, the Trustee and the Underwriter of Billing, Cochran, Lyles, Mauro & Ramsey, P.A., counsel to the District, in the form annexed as Exhibit D hereto or in form and substance otherwise acceptable to Bond Counsel, the Underwriter and its counsel, in their sole discretion;
The opinion, dated as of the Closing Date and addressed to the District, the Trustee and the Underwriter, of Lewis, Longman & Walker, P.A., counsel to the AG Landowner in form and substance acceptable to the District, Bond Counsel, Underwriter and Underwriter’s counsel;
The opinion, dated as of the Closing Date and addressed to the District, the Trustee and the Underwriter, of Holland & Knight LLP, counsel to the Development Manager in form and substance acceptable to the District, Bond Counsel, Underwriter and Underwriter’s counsel;

An opinion, dated as of the Closing Date and addressed to the Underwriter and the District, of counsel to the Trustee, in form and substance acceptable to Bond Counsel, the Underwriter, Underwriter’s Counsel and the District;
An opinion, dated as of the Closing Date and addressed to the Underwriter, of Squire Patton Boggs (US) LLP, Counsel to the Underwriter, in form and substance satisfactory to the Underwriter;
A customary authorization and incumbency certificate, dated as of the Closing Date, signed by authorized officers of the Trustee in form and substance acceptable to the Underwriter and Underwriter’s Counsel;
The Closing Certificates of the AG Landowner and the Development Manager, each dated as of the Closing Date, signed by an authorized officer of the AG Landowner and the Development Manager, in the forms annexed as Exhibit E- 1 and Exhibit E-2 hereto, respectively, or otherwise in form and substance satisfactory to Bond Counsel, the Underwriter, Underwriter’s counsel and counsel to the District.
A copy of the Ordinance;
A certificate, dated as of the Closing Date, signed by the Chairperson or Vice-Chairperson and the Secretary or an Assistant Secretary of the Board, setting forth that: (i) each of the representations of the District contained herein was true and accurate in all material respects on the date when made, has been true and accurate in all material respects at all times since, and continues to be true and accurate in all material respects on the Closing Date as if made on such date, and each of such representations relating to the Preliminary Limited Offering Memorandum and the statements contained therein, hereby also include the Limited Offering Memorandum, which representations relating to the Limited Offering Memorandum continue to be true and accurate in all material respects as of the Closing Date as if made on such date; (ii) the District has performed all of its obligations to be performed hereunder as of the Closing Date; (iii) the District has never been in default as to principal or interest with respect to any obligation issued or guaranteed by the District; (iv) upon platting, the District agrees to take all reasonable action necessary to use the Uniform Method as the means of collecting the Series 2024 Special Assessments in the manner described in the Indenture; and (v) the Limited Offering Memoranda (other than the information under the captions “DESCRIPTION OF THE SERIES 2024 BONDS – Book-Entry Only System,” “THE DEVELOPMENT,” “THE AG LANDOWNER AND THE DEVELOPMENT MANAGER,”  “TAX  MATTERS,”  “LITIGATION  –  The  AG  Landowner,”
“LITIGATION – The Development Manager” and “UNDERWRITING,” as to which no view need be expressed) as of their respective dates, and as of the date hereof, do not contain any untrue statement of a material fact or omits to state a material fact which should be included therein for the purposes for which the Limited Offering Memoranda are to be used, or which is necessary in order to make the statements contained therein, in the light of the circumstances under which they were made, not misleading; and (vi) the District acknowledges its agreement to undertake its obligation under the Disclosure Agreement

and is aware of the continuing disclosure requirements set forth in the Disclosure Agreement and the Rule;
A customary signature and no litigation certificate, dated as of the Closing Date, signed on behalf of the District by the Chairperson or Vice Chairperson and Secretary or an Assistant Secretary of the Board in form and substance acceptable to the Underwriter and Underwriter’s Counsel;
Evidence of compliance by the District with the requirements of Section 189.051, Florida Statutes;
Executed copies of the District’s certification as to arbitrage and other matters relative to the tax status of the Bonds under Section 148 of the Internal Revenue Code of 1986, as amended, and a copy of the District’s Post Issuance Policies and Procedures;

to the Bonds;

Executed copy of Internal Revenue Service Form 8038-G relating

A certificate of the District’s consulting engineer, dated as of the

Closing Date, in the form annexed as Exhibit F hereto or otherwise in form and substance acceptable to Underwriter and Underwriter’s Counsel;
A certificate of the District Manager and Methodology Consultant in the form annexed as Exhibit G hereto or otherwise in form and substance acceptable to Underwriter and Underwriter’s Counsel;
To the extent required under the First Supplemental Indenture, an investor letter from each initial beneficial owner of the Bonds in the form attached to the First Supplemental Indenture;
Such additional documents as may be required by the Indenture to be delivered as a condition precedent to the issuance of the Bonds;
Evidence of compliance by the District with the requirements of Section 215.84, Florida Statutes;
A certified copy of the final judgment of the Eleventh Judicial Circuit Court in and for Miami-Dade County, Florida, validating the Bonds and the certificate of no-appeal;
A copy of the Engineer’s Report Infrastructure Improvements, dated June 16, 2023, relating to the Bonds, as may be supplemented from time to time;
A certificate of the District whereby the District has deemed the Preliminary Limited Offering Memorandum final as of its date, except for Permitted Omissions, as contemplated by Rule 15c2-12 in connection with the limited offering of the Bonds;

Copies of the Master Assessment Methodology for Los Cayos Community Development District Special Assessments Bonds dated June 16, 2023 and the final Supplemental Assessment Methodology Special Assessment Bonds, Series 2024 dated [Pricing Date], relating to the Bonds, as supplemented from time to time;
Acknowledgments in recordable form by all mortgage holder(s), if any, on lands within the District as to the superior lien of the Series 2024 Special Assessments in form and substance acceptable to Underwriter and Underwriter’s Counsel.
The Declaration of Consent to Jurisdiction of the Los Cayos Community Development District and to Imposition of Special Assessments (Series 2024 Bonds) executed and delivered by the Landowners and any other entity owning any land in the District as of [Closing Date] with respect to all real property owned by such entity(ies) within the District which is subject to the Series 2024 Special Assessments in recordable form and otherwise in form and substance acceptable to the Underwriter and Underwriter’s Counsel and counsel to the District;
Evidence acceptable to the Underwriter in its sole discretion that the District has engaged a dissemination agent acceptable to the Underwriter (the “Dissemination Agent”) for the Bonds, with the execution of the Disclosure Agreement by the District and the other parties thereto being conclusive evidence of such acceptance by the Underwriter; and
Such additional legal opinions, certificates, instruments and other documents as the Underwriter, Underwriter’s Counsel, Bond Counsel or counsel to the District may reasonably request to evidence the truth and accuracy, as of the date hereof and as of the Closing Date, of the District’s representations and warranties contained herein and of the statements and information contained in the Limited Offering Memoranda and the due performance or satisfaction by the District and the Landowners on or prior to the Closing of all the agreements then to be performed and conditions then to be satisfied by each.
If the District shall be unable to satisfy the conditions to the obligations of the Underwriter to purchase, to accept delivery of and to pay for the Bonds contained in this Purchase Contract (unless waived by the Underwriter in its sole discretion), or if the obligations of the Underwriter to purchase, to accept delivery of and to pay for the Bonds shall be terminated for any reason permitted by this Purchase Contract, this Purchase Contract shall terminate and neither the Underwriter nor the District shall be under any further obligation hereunder, except that the respective obligations of the District and the Underwriter set forth in Section 10 hereof shall continue in full force and effect.
Termination. The Underwriter shall have the right to terminate its obligations under this Purchase Contract to purchase, to accept delivery of and to pay for the Bonds by notifying the District in writing of its election to do so if, after the execution hereof and prior to the Closing: (i) legislation shall have been introduced in or enacted by the Congress of the United States or enacted by the State, or legislation pending in the Congress of the United States shall have been amended, or legislation shall have been recommended to the Congress of the United

States or otherwise endorsed for passage (by press release, other form of notice or otherwise) by the President of the United States, the Treasury Department of the United States, the Internal Revenue Service or the Chairperson or ranking minority member of the Committee on Finance of the United States Senate or the Committee on Ways and Means of the United States House of Representatives, or legislation shall have been proposed for consideration by either such committee, by any member thereof, or legislation shall have been favorably reported for passage to either House of Congress of the United States by a committee of such House to which such legislation has been referred for consideration, or a decision shall have been rendered by a court of the United States or the State, including the Tax Court of the United States, or a ruling shall have been made or a regulation shall have been proposed or made or a press release or other form of notice shall have been issued by the Treasury Department of the United States, or the Internal Revenue Service or other federal or State authority, with respect to federal or State taxation upon revenues or other income of the general character to be derived by the District or by any similar body, or upon interest on obligations of the general character of the Bonds, which may have the purpose or effect, directly or indirectly, of materially and adversely affecting the tax-exempt status of the District, its property or income, its securities (including the Bonds) or the interest thereon, or any tax exemption granted or authorized by the State or, which in the reasonable opinion of the Underwriter, affects materially and adversely the market for the Bonds, or the market price generally of obligations of the general character of the Bonds; (ii) the District or the Landowners has, without the prior written consent of the Underwriter, offered or issued any bonds, notes or other obligations for borrowed money, or incurred any material liabilities, direct or contingent, or there has been an adverse change of a material nature in the financial position, results of operations or condition, financial or otherwise, of the District, the AG Landowner or the Development Manager, other than in the ordinary course of its business; (iii) any event shall have occurred or shall exist which, in the reasonable opinion of the Underwriter, would or might cause the information contained in the Limited Offering Memorandum, as then supplemented or amended, to contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; or (iv) the District fails to adopt the Assessment Resolutions or fails to perform any action to be performed by it in connection with the levy of the Series 2024 Special Assessments.
Expenses.
The District agrees to pay from the proceeds of the Bonds, and the Underwriter shall not be obligated to pay, any expenses incident to the performance of the District’s obligations hereunder, including, but not limited to: (i) the cost of the preparation of the Indenture; (ii) the cost of the preparation and printing, if applicable, of the Limited Offering Memoranda and any supplements thereto, together with a reasonable number of copies which the Underwriter may request; (iii) the cost of registering the Bonds in the name of Cede & Co., as nominee of DTC, which will act as securities depository for such Bonds; (iv) the fees and disbursements of counsel to the District, the District Manager, the Dissemination Agent, Bond Counsel, Underwriter’s Counsel, AG Landowner’s counsel, Development Manager’s counsel as it relates to work incurred in connection with the Bonds, the District’s methodology consultant, the District Engineer, the Trustee, Trustee’s Counsel and any other experts or consultants retained by the District; and (v) the cost of recording in the Official Records of the County any Financing Documents, Ancillary Agreements or other documents or certificates that are required to be

recorded pursuant to the terms of this Purchase Contract. It is anticipated that such expenses shall be paid from the proceeds of the Bonds. The District shall record all documents required to be provided in recordable form hereunder within three business days after the Closing Date, which obligation shall survive the Closing.
The Underwriter agrees to pay all advertising expenses in connection with the Bonds, if any.
No Advisory or Fiduciary Role. The District acknowledges and agrees that (i) the purchase and sale of the Bonds pursuant to this Purchase Contract is an arm’s-length commercial transaction between the District and the Underwriter, (ii) in connection with such transaction and with the discussions, undertakings and procedures leading up to such transaction, the Underwriter is and has been acting solely as a principal and not as an advisor (including, without limitation, a Municipal Advisor (as such term is defined in Section 975(e) of the Dodd Frank Wall Street Reform and Consumer Protection Act)), agent or fiduciary of the District, (iii) the Underwriter has not assumed an advisory or fiduciary responsibility in favor of the District with respect to the limited offering of the Bonds or the discussions, undertakings and procedures leading thereto (whether or not the Underwriter, or any affiliate of the Underwriter, has provided any services or is currently providing other services to the District on other matters) or any other obligation to the District, and the Underwriter has no obligation to the District with respect to the limited offering contemplated hereby except the obligations expressly set forth in this Purchase Contract, (iv) the District has consulted its own legal, financial and other advisors to the extent it has deemed appropriate in connection with the offering of the Bonds, (v) the Underwriter has financial and other interests that differ from those of the District and (vi) the Underwriter has provided to the District prior disclosures under Rule G-17 of the MSRB, which have been received by the District.
Notices. Any notice or other communication to be given to the District under this Purchase Contract may be given by delivering the same in writing to Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, Florida 33410, Attention: Armando Silva and any notice or other communication to be given to the Underwriter under this Purchase Contract may be given by delivering the same in writing to FMSbonds, Inc., 20660 W. Dixie Highway, North Miami Beach, Florida 33180, Attention: Jon Kessler.
Parties in Interest; Survival of Representations. This Purchase Contract is made solely for the benefit of the District and the Underwriter (including the successors or assigns of the Underwriter) and no other person shall acquire or have any right hereunder or by virtue hereof. All of the District’s representations, warranties and agreements, contained in this Purchase Contract shall remain operative and in full force and effect and survive the closing on the Bonds, regardless of: (i) any investigations made by or on behalf of the Underwriter and (ii) delivery of and payment for the Bonds pursuant to this Purchase Contract.
Effectiveness. This Purchase Contract shall become effective upon the execution by the appropriate officials of the District and shall be valid and enforceable at the time of such acceptance. To the extent of any conflict between the provisions of this Purchase Contract and any prior contract between the parties hereto, the provisions of this Purchase Contract shall govern.

Headings. The headings of the sections of this Purchase Contract are inserted for convenience only and shall not be deemed to be a part hereof.
Amendment. No modification, alteration or amendment to this Purchase Contract shall be binding upon any party until such modification, alteration or amendment is reduced to writing and executed by all parties hereto.
Governing Law. This Purchase Contract shall be governed and construed in accordance with the laws of the State.
Counterparts; Facsimile. This Purchase Contract may be signed in any number of counterparts with the same effect as if the signatures thereto and hereto were signatures upon the same instrument. Facsimile and pdf signatures shall be deemed originals.

[Signature Page to Follow]

Very truly yours,

FMSBONDS, INC.

Accepted and agreed as of the date first written above.

By: 		 Theodore A. Swinarski,
Senior Vice President – Trading

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

By: 		 Teresa Baluja,
Chairperson, Board of Supervisors

EXHIBIT A
DISCLOSURE AND TRUTH-IN-BONDING STATEMENT
[Pricing Date] Los Cayos Community Development District
City of Homestead, Florida
Re:	$[PAR] Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project)
Dear Ladies and Gentlemen:
Pursuant to Chapter 218.385, Florida Statutes, and with respect to the issuance of the Bonds, FMSbonds, Inc. (the “Underwriter”), pursuant to a Bond Purchase Contract dated [Pricing Date] (the “Bond Purchase Contract”), between the Underwriter and Los Cayos Community Development District (the “District”), furnishes the following disclosures to the District in connection with the limited offering and sale of the Bonds:
The total underwriting discount paid to the Underwriter pursuant to the Bond Purchase Contract for the Bonds is approximately $	 per $1,000.00 or
$	.
The names, addresses and estimated amounts of compensation of any person who is not regularly employed by, or not a partner or officer of, the Underwriter, bank, banker, or financial consultant or advisor and who enters into an understanding with either the District or the Underwriter, or both, for any paid or promised compensation or valuable consideration directly, expressly or impliedly, to act solely as an intermediary between the District and the Underwriter for the purposes of influencing any transaction in the purchase of the Bonds are: None.
The nature and estimated amounts of expenses to be incurred by the Underwriter in connection with the issuance of the Bonds are set forth in Schedule I attached hereto.
The management fee charged by the Underwriter is: $0/$1,000 or $0.
Any other fee, bonus or other compensation estimated to be paid by the Underwriter in connection with the Bonds to any person not regularly employed or retained by the Underwriter in connection with the Bonds is as follows: None. Squire Patton Boggs (US) LLP has been retained as counsel to the Underwriter and will be compensated by the District.
Pursuant to the provisions of Sections 218.385(2) and (3), Florida Statutes, as amended, the following truth-in-bonding statements are made with respect to the Bonds:

The District is proposing to issue $[PAR] aggregate amount of the Bonds for the purpose of providing funds to: (i) pay the costs of acquiring and/or constructing a portion of the 2024 Project (as defined in the Preliminary Limited Offering Memorandum), (ii) fund the Series 2024 Reserve Account in an amount equal to the initial Series 2024 Reserve Requirement; (iii) pay interest on the Series 2024 Bonds through at least June 15, 2024 and (iv) pay the costs of issuance of the Bonds.
This debt or obligation is expected to be repaid over a period of approximately   years and    month. At a true interest cost rate of 	%, the total interest paid over the life of the Bonds will be $	.
The source of repayment for the Bonds are the Series 2024 Special Assessments imposed and collected by the District. Based solely upon the assumptions set forth in the paragraph above, the issuance of the Bonds will result in approximately $	 (representing the average annual debt service payments due on the Bonds) of the District’s special assessment revenues not being available to the District on an annual basis to finance other capital projects of the District; provided however, that in the event that the Bonds were not issued, the District would not be entitled to impose and collect the Series 2024 Special Assessments in the amount of the principal of and interest to be paid on the Bonds.

[Signature Page to Follow]

The name and address of the Underwriter is:
FMSbonds, Inc.
20660 W. Dixie Highway
North Miami Beach, Florida 33180

Sincerely,

FMSBONDS, INC.

By: 		 Theodore A. Swinarski,
Senior Vice President – Trading

SCHEDULE I
Expenses for Bonds:
	Expense			Amount	
DALCOMP	$
CUSIP DTC
FINRA/SIPC MSRB
Misc.
TOTAL:	$

Purchase Price for Bonds:

EXHIBIT B TERMS OF BONDS

$	 (representing the $[PAR].00 aggregate principal amount of the Bonds, [plus/less net original issue premium/discount] of $	 and less an underwriter’s discount of $		).
Principal Amounts, Maturities, Interest Rates, Yields and Prices:
Maturity Date
Amount	(June 15)	Rate	Yield	Price
$	*	%	%

* Term Bond.
[The Underwriter represents that it has sold at least 10% of each maturity of the Series 2024 Bonds at the offering prices set forth above as of the sale date.]
Redemption Provisions:
Optional Redemption. The Bonds may, at the option of the District, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after June 15, 20  (less than all Bonds of a maturity to be selected randomly), at a Redemption Price equal to the principal amount of Bonds to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2024 Optional Redemption Subaccount of the Series 2024 Bond Redemption Account. If such optional redemption shall be in part, the District shall select such principal amount of Series 2024 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2024 Bonds is substantially level.

[Remainder of page intentionally left blank.]

Mandatory Sinking Fund Redemption.

The Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2024 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.
Mandatory Sinking Fund

Year

Redemption Amount
$

*

*Maturity

The Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2024 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.
Mandatory Sinking Fund

Year

Redemption Amount
$

*

*Maturity

[Remainder of page intentionally left blank.]

The Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2024 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.
Mandatory Sinking Fund

Year

Redemption Amount
$

*

*Maturity
Upon any redemption of Series 2024 Bonds other than in accordance with scheduled mandatory sinking fund redemptions, the District shall cause to be recalculated and delivered to the Trustee revised mandatory sinking fund redemption amounts recalculated so as to amortize the Outstanding principal amount of Series 2024 Bonds in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining term of the Series 2024 Bonds. The mandatory sinking fund redemption amounts as so recalculated shall not result in an increase in the aggregate of the mandatory sinking fund redemption amounts for all Series 2024 Bonds in any year. In the event of a redemption or purchase occurring less than forty-five (45) days prior to a date on which a mandatory sinking fund redemption payment is due, the foregoing recalculation shall not be made to the mandatory sinking fund redemption amounts due in the year in which such redemption or purchase occurs, but shall be made to the mandatory sinking fund redemption amounts for the immediately succeeding and subsequent years.
Extraordinary Mandatory Redemption in Whole or in Part. The Series 2024 Bonds are subject to extraordinary mandatory redemption prior to maturity by the District in whole or in part, on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at a Redemption Price equal to 100% of the principal amount of the Series 2024 Bonds to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2024 Prepayment Principal deposited into the Series 2024 Prepayment Subaccount of the Series 2024 Bond Redemption Account (taking into account the credit from the Series 2024 Reserve Account pursuant to the provisions of the First Supplemental Indenture) following the Prepayment in whole or in part of the Series 2024 Special

Assessments on any assessable property within the District in accordance with the provisions of the First Supplemental Indenture.
from moneys, if any, on deposit in the Series 2024 Funds, Accounts and subaccounts in the Funds and Accounts (other than the Series 2024 Rebate Fund and the Series 2024 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2024 Bonds and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.
from any funds remaining on deposit in the Series 2024 Acquisition and Construction Account not otherwise reserved to complete the 2024 Project and which have been transferred to the Series 2024 General Redemption Subaccount of the Series 2024 Bond Redemption Account.

EXHIBIT C
BOND COUNSEL’S SUPPLEMENTAL OPINION
[Closing Date] Los Cayos Community Development District
City of Homestead, Florida
FMSbonds, Inc.
North Miami Beach, Florida
Re:	$[PAR] Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project)

Ladies and Gentlemen:
We have acted as Bond Counsel to the Los Cayos Community Development District (the “District”), a community development district established and existing pursuant to Chapter 190 of the Florida Statutes, as amended (the “Act”), in connection with the issuance by the District of its
$[PAR] aggregate principal amount of Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (the “Bonds”). The Bonds are secured pursuant to that certain Master Trust Indenture, dated March 1, 2024 (the “Master Indenture”), as supplemented by that certain First Supplemental Trust Indenture, dated as of March 1, 2024 (the “First Supplemental Indenture” and, together with the Master Indenture, the “Indenture”) each by and between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
In connection with the rendering of this opinion, we have reviewed records of the acts taken by the District in connection with the authorization, sale and issuance of the Bonds, were present at various meetings and participated in various discussions in connection therewith and have reviewed such other documents, records and other instruments as we deem necessary to deliver this opinion.
The District has entered into a Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”) with the herein defined Underwriter, for the purchase of the Bonds. Capitalized words used, but not defined, herein shall have the meanings ascribed thereto in the Purchase Contract.
Based upon the forgoing, we are of the opinion that:
The sale of the Bonds by the District is not subject to the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the exemption provided in Section 3(a)(2) of the Securities Act.
The Indenture is exempt from qualification pursuant to the Trust Indenture Act of 1939, as amended.

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The information in the Limited Offering Memorandum under the captions “INTRODUCTION” (other than the information in the fourth and fifth paragraphs thereunder), “DESCRIPTION OF THE SERIES 2024 BONDS” (other than the subheading “Book-Entry Only System”), “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2024 BONDS”
(other than the subheading “Assessment Methodology / Projected Level of District Assessments”), and “APPENDIX A – PROPOSED FORMS OF INDENTURE” insofar as such statements constitute descriptions of the Bonds or the Indenture, are accurate as to the matters set forth or documents described therein and the information under the captions “TAX MATTERS,” and “AGREEMENT BY THE STATE” insofar as such information purports to describe or summarize certain provisions of the laws of the State of Florida (the “State”), and the provisions of the Internal Revenue Code of 1986, as amended (the “Code”) is correct as to matters of law.
This letter is furnished by us as Bond Counsel. No attorney-client relationship has existed or exists between our firm and FMSbonds, Inc. (the “Underwriter”) in connection with the Bonds or by virtue of this letter. This letter is delivered to the Underwriter solely for its benefit as Underwriter and may not be used, circulated, quoted or otherwise referred to or relied upon by the Underwriter for any other purpose or by any other person other than the addressees hereto. This letter is not intended to, and may not be, relied upon by holders of the Bonds.

Very truly yours,

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EXHIBIT D
OPINION OF DISTRICT COUNSEL
Los Cayos Community Development District City of Homestead, Florida
FMSbonds, Inc.
North Miami Beach, Florida
U.S. Bank Trust Company, National Association, as Trustee Fort Lauderdale, Florida
Re:	$[PAR] Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (the “Bonds”)
Ladies and Gentlemen:
We have served as counsel to Los Cayos Community Development District (the “District”) in connection with the issuance of the Bonds.

Unless otherwise expressly defined herein, capitalized terms used herein shall have the respective meanings assigned to them in the Master Trust Indenture dated as of March 1, 2024, as supplemented by the First Supplemental Trust Indenture, dated as of March 1, 2024 (collectively, the “Indenture”) each between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”) and in the Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”), between the District and FMSbonds, Inc., as Underwriter.

Based upon the foregoing and subject to the qualifications set forth below, we are of the opinion that:
The District has been established and validly exists as a community development district and independent local unit of special-purpose government under applicable Florida law. The Bond Purchase Contract, the Indenture, the DTC Letter of Representations, the Continuing Disclosure Agreement, the Acquisition Agreement (2024 Project), the Collateral Assignment and Assumption of Development Rights Relating to Los Cayos (Series 2024 Bonds), the True-Up Agreement (Series 2024 Bonds) and the Completion Agreement (2024 Project) (collectively, the “Financing Documents”) and the Bonds have been duly authorized, executed and delivered, and assuming due execution by the other party(ies) thereto, if applicable, the Financing Documents, the Bonds, Resolution No. 2023-13 and Resolution No. 2023-21 duly adopted by the Board on June 16, 2023 and February 17, 2023, respectively (collectively, the “Bond Resolution”), and Resolution No. 2023-14, Resolution No. 2023-16, and Resolution No. 2023-21 duly adopted by the Board on June 16, 2023, June 16, 2023, and August 16, 2023, respectively (collectively, the “Assessment Resolution”), constitute legal, valid and binding obligations of the District, enforceable in accordance with their respective terms, except to the extent that the enforceability of the rights and remedies set forth therein may be limited by bankruptcy, insolvency, and similar laws affecting creditors’ rights generally and general principles of equity. The Bond Resolution and the Assessment Resolution are in full force and effect.

D-1

There is no litigation or other proceeding now pending of which the District or its registered agent has received notice or service of process, or to our best knowledge, threatened against the District: (a) contesting the existence or powers of the Board or the titles of the respective officers of the Board to their respective offices; (b) affecting or seeking to prohibit, restrain or enjoin the sale, issuance or delivery of the Bonds or the application of the proceeds of the sale thereof for the purposes described in the Limited Offering Memorandum or the collection of Series 2024 Special Assessments or the pledge of and lien on the Series 2024 Pledged Revenues pursuant to the Indenture; (c) contesting or affecting specifically as to the District the validity or enforceability of the Act or any action of the District relating to authorization for the issuance of the Bonds or the authorization of the Bond Resolution, the Assessment Resolution, the Financing Documents or the application of the proceeds of the Bonds for the purposes set forth in the Limited Offering Memorandum; (d) specifically contesting the federal or state tax status of the Bonds; or
(e) contesting the completeness or accuracy of the Preliminary Limited Offering Memorandum or the Limited Offering Memorandum or any supplement or amendment thereto.
The District has duly authorized, executed, and delivered the Limited Offering Memorandum.
Based upon our limited participation in the preparation of the Preliminary Limited Offering Memorandum and the Limited Offering Memorandum (collectively, the “Limited Offering Memoranda”), as counsel to the District, the statements contained in the Limited Offering Memoranda as they relate to the District under the captions “LITIGATION – The District” and “VALIDATION,” are fair and accurate. The information set forth under the captions “INTRODUCTION,”  “ENFORCEMENT  OF  ASSESSMENT  COLLECTIONS,”  “THE
DISTRICT” (except as to the statements contained under “The District Manager and Other Consultants”), “ASSESSMENT METHODOLOGY” (with respect to the second paragraph), “AGREEMENT BY THE STATE,” “LEGALITY FOR INVESTMENT,” “CONTINUING DISCLOSURE,” “ENFORCEABILITY OF REMEDIES” and “AUTHORIZATION AND
APPROVAL,” is a fair and accurate summary of the law relating to collection and enforcement of special assessments and the documents and facts summarized therein.
The District is not, in any manner material to the issuance of the Bonds, in breach of or default under any applicable provision of the Act or constitutional provision, statute, or administrative regulation of the State or the United States, or to the best of our knowledge, any applicable judgment or decree, any loan agreement, indenture, bond, note, resolution, agreement, or any other material instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, and to the best of our knowledge, no event has occurred and is continuing which with the passage of time or the giving of notice, or both, would constitute a material default or event of default by the District under any such instrument; provided, however, that no opinion is expressed as to compliance with any state or federal tax laws or with any state “Blue Sky” or other securities laws, as may be applicable.
The execution and delivery of the Bonds, the Financing Documents and the adoption of the Bond Resolution and the Assessment Resolution and compliance with the provisions on the District’s part contained therein will not conflict with or constitute a breach of or default under any applicable constitutional provision or law, or to the best of our knowledge, under any administrative regulation, judgment, decree, loan agreement, indenture, bond, note,

D-2

resolution, agreement or other instrument to which the District is a party or to which the District or any of its property or assets is otherwise subject, nor will any such execution, delivery, adoption or compliance result in the creation or imposition of any lien, charge or other security interest or encumbrance of any nature whatsoever upon any of the property or assets of the District or under the terms of any such law, regulation or instrument, except as expressly provided by the Bonds and the Indenture. To the best of our knowledge after due inquiry, the District has taken no action which, with the lapse of time or the giving of notice, or both would constitute a material default or event of default by the District under the Bonds or the Financing Documents.
To the best of our knowledge after investigation, all consents, permits or licenses, and all notices to or filings with governmental authorities necessary for the consummation by the District of the transactions described in the Limited Offering Memoranda and contemplated by the Indenture required to be obtained or made, have been obtained or made or there is no reason to believe they will not be obtained or made when required, provided that no opinion is expressed as to the applicability of or compliance with tax laws, state “Blue Sky” laws or other securities laws.
The District has the right and authority under the Act and other state law to adopt the Bond Resolution and the Assessment Resolution, to issue the Bonds, to purchase the 2024 Project being financed with the proceeds of the Bonds and to levy the Series 2024 Special Assessments that will secure the Bonds, and has duly adopted the Bond Resolution and the Assessment Resolution. The District has or can acquire good and marketable title to the 2024 Project free of all liens and encumbrances except such as will not materially interfere with the proposed uses thereof.
All proceedings undertaken by the District with respect to the Series 2024 Special Assessments securing the Bonds, including adoption of the Assessment Resolution, were undertaken in accordance with Florida law, and the District has taken all necessary action as of the date hereof to levy and impose the Series 2024 Special Assessments. The Series 2024 Special Assessments constitute legal, valid, binding and enforceable first liens upon the property against which such Series 2024 Special Assessments are assessed, co-equal with the lien of all state, county, district and municipal taxes and assessments, and superior in dignity to all other liens, titles and claims, until paid, excluding federal tax liens.
The Bonds have been validated by a final judgment of the Eleventh Circuit Court in and for Miami-Dade County, Florida, of which no timely appeal was filed.
The District has the full power and authority to own and operate the 2024 Project.
All conditions prescribed in the Indenture and the Purchase Contract to be performed by the District as precedent to the issuance of the Bonds have been fulfilled.
In rendering the foregoing opinions, we have assumed the accuracy and truthfulness of all public records and of all certifications, documents and other proceedings examined by us that have been executed or certified by public officials acting within the scope of their official capacities and have not verified the accuracy or truthfulness thereof. Other than the signatures of District officers and members of the Board, we have also assumed the genuineness of the signatures appearing on such public records, certifications, documents and proceedings. We have also assumed the due

D-3

authorization, execution and delivery of each document by each of the other respective parties thereto.

Our opinion as to enforceability of any document is subject to limitations imposed by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or affecting creditors’ rights generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), and to the exercise of judicial discretion in appropriate cases.

The opinions or statements expressed above are based solely on the laws of Florida and the United States of America, excluding matters of compliance with or applicability of tax laws, “Blue Sky” laws or other securities laws. Accordingly, we express no opinion nor make any statement regarding the effect or application of the laws of any other state or jurisdiction.

This opinion is solely for the benefit of the addressees and this opinion may not be relied upon in any manner, nor used, by any other persons or entities.

Very truly yours,

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EXHIBIT E-1 CERTIFICATE OF AG LANDOWNER
AG EHC II (LEN) MULTI STATE 1, LLC, a Delaware limited liability company (the “AG Landowner”), DOES HEREBY CERTIFY that:
The AG Landowner is a limited liability company organized and existing under the laws of the State of Delaware and is authorized to conduct business in the State of Florida.
Representatives of the AG Landowner have provided information to Los Cayos Community Development District (the “District”) to be used in connection with the offering by the District of its $[PAR] aggregate principal amount of Special Assessment Bonds, Series 2024 (2024 Project), pursuant to a Preliminary Limited Offering Memorandum dated [PLOM Date] and a final Limited Offering Memorandum dated [Pricing Date] (collectively, the “Limited Offering Memoranda”).
Each of the Declaration of Consent to Jurisdiction of the Los Cayos Community Development District and to Imposition of Special Assessments (Series 2024 Bonds) by the AG Landowner and Lennar Homes, LLC (the “Development Manager” and, together with the AG Landowner, the “Landowners”) dated [Closing Date], the Collateral Assignment and Assumption of Development Rights Relating to Los Cayos (Series 2024 Bonds) by and among the District and the Landowners dated [Closing Date] in recordable form, and the Continuing Disclosure Agreement, dated [Closing Date] among the Landowners, the District and Special District Services, Inc., as dissemination agent (collectively, the “AG Landowner Documents”), is a valid and binding obligation of the AG Landowner, enforceable against the AG Landowner in accordance with its terms. The execution and delivery by the AG Landowner of the AG Landowner Documents does not violate any judgment, order, writ, injunction or decree binding on AG Landowner or any indenture, agreement, or other instrument to which the AG Landowner is a party. There are no proceedings pending against or threatened in writing before any court or administrative agency relating to AG Landowner which are either not covered by insurance or which singularly or collectively would have a material, adverse effect on the AG Landowner’s ability to perform its obligations under the AG Landowner Documents.
The AG Landowner has reviewed and approved the AG Landowner Documents and the information contained in the Limited Offering Memoranda under the captions “THE DEVELOPMENT” and “THE AG LANDOWNER AND THE DEVELOPMENT MANAGER”
and with respect to the AG Landowner and the Development (as such terms are used in the Limited Offering Memoranda) under the captions “BONDHOLDERS’ RISKS,” “LITIGATION - The AG Landowner” and “CONTINUING DISCLOSURE” and warrants and represents that such information does not contain any untrue statement of a material fact and does not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading. In addition, the AG Landowner is not aware of any other information in the Limited Offering Memoranda that contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

To the best of my knowledge, the AG Landowner is in compliance in all material respects with all provisions of applicable law in all material matters relating to the AG Landowner and the Development as described in the Limited Offering Memoranda. Except as otherwise described in the Limited Offering Memoranda, (a) all government permits and approvals required in connection with the construction of the Development and the 2024 Project as described in the Limited Offering Memoranda, other than certain permits and approvals, which permits and approvals are expected to be received as needed, have been received; (b) we are not aware of any default of any zoning condition, land use permit or development agreement which would adversely affect the AG Landowner’s ability to complete development of the Development and the 2024 Project as described in the Limited Offering Memoranda and all appendices thereto; and (c) we have no actual knowledge and are not otherwise aware of any reason to believe that any permits, approvals, consents and licenses required to complete development of the Development and the 2024 Project as described in the Limited Offering Memoranda will not be obtained in due course as required by the AG Landowner.
The AG Landowner is not insolvent. The AG Landowner has not made an assignment for the benefit of creditors, filed a petition in bankruptcy, petitioned or applied to any tribunal for the appointment of a custodian, receiver or any trustee or commenced any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction. The AG Landowner has not indicated its consent to, or approval of, or failed to object timely to, any petition in bankruptcy, application or proceeding or order for relief or the appointment of a custodian, receiver or any trustee.
To the best of my knowledge, the levy of the Special Assessments (as defined in the AG Landowner Documents) on the lands within the District will not conflict with or constitute a breach of or default under any agreement, indenture or other instrument to which the AG Landowner is a party or to which the AG Landowner or any of its property or assets is subject.
To the best of my knowledge, the AG Landowner is not in default under any mortgage, trust indenture, lease or other instrument to which it or any of its assets is subject, which default would have a material adverse effect on the Series 2024 Bonds or the District.
To the best of my knowledge and in reliance on the environmental site assessments provided to the AG Landowner, the AG Landowner is not aware of any condition related to the District which currently requires, or is reasonably expected to require in the foreseeable future, investigation or remediation under any applicable federal, state or local governmental laws or regulations relating to the environment.
That this certification is made with knowledge that it will be in full force and effect as of the date of the opinion letter of counsel to be signed and delivered by Lewis, Longman & Walker, P.A and will be relied upon by Lewis, Longman & Walker, P.A. in connection with an opinion letter which is required to be given by Lewis, Longman & Walker, P.A. as counsel for the AG Landowner in connection with the District.

Dated: [Closing Date].

AG EHC II (LEN) MULTI STATE 1, LLC

By: 	 Name: 	 Title: 	

EXHIBIT E-2
CERTIFICATE OF DEVELOPMENT MANAGER
LENNAR HOMES, LLC, a Florida limited liability company (the “Development Manager”), DOES HEREBY CERTIFY that:
The Development Manager is a limited liability company organized and existing under the laws of the State of Florida.
Representatives of the Development Manager have provided information to Los Cayos Community Development District (the “District”) to be used in connection with the offering by the District of its $[PAR] aggregate principal amount of Special Assessment Bonds, Series 2024 (2024 Project), pursuant to a Preliminary Limited Offering Memorandum dated [PLOM Date] and a final Limited Offering Memorandum dated [Pricing Date] (collectively, the “Limited Offering Memoranda”).
Each of the Declaration of Consent to Jurisdiction of the Los Cayos Community Development District and to Imposition of Special Assessments (Series 2024 Bonds) by the Development Manager and AG EHC II (LEN) Multi State 1, LLC (the “AG Landowner” and, together with the Development Manager, the “Landowners”) dated [Closing Date], the Completion Agreement (2024 Project), dated [Closing Date], by and between the District and the Development Manager, the Collateral Assignment and Assumption of Development Rights Relating to Los Cayos (Series 2024 Bonds) by and among the District and the Landowners dated [Closing Date] in recordable form, the Acquisition Agreement (2024 Project) by and between the District and the Development Manager dated [Closing Date], the True-Up Agreement (Series 2024 Bonds) by and among the District, the Development Manager and the AG Landowner, and the Continuing Disclosure Agreement, dated [Closing Date] among the Landowners, the District and Special District Services, Inc., as dissemination agent (collectively, the “Development Manager Documents”), is a valid and binding obligation of the Development Manager, enforceable against the Development Manager in accordance with its terms. The execution and delivery by the Development Manager of the Development Manager Documents does not violate any judgment, order, writ, injunction or decree binding on Development Manager or any indenture, agreement, or other instrument to which the Development Manager is a party. There are no proceedings pending against or threatened in writing before any court or administrative agency relating to Development Manager which are either not covered by insurance or which singularly or collectively would have a material, adverse effect on the Development Manager’s ability to perform its obligations under the Development Manager Documents.
The Development Manager has reviewed and approved the Development Manager Documents and the information contained in the Limited Offering Memoranda under the captions “THE DEVELOPMENT” and “THE AG LANDOWNER AND THE DEVELOPMENT
MANAGER” and with respect to the Development Manager and the Development (as such terms are used in the Limited Offering Memoranda) under the captions “BONDHOLDERS’ RISKS,” “LITIGATION – The Development Manager” and “CONTINUING DISCLOSURE” and warrants and represents that such information does not contain any untrue statement of a material fact and does not omit to state a material fact necessary to make the statements made therein, in light of the

circumstances under which they were made, not misleading. In addition, the Development Manager is not aware of any other information in the Limited Offering Memoranda that contains an untrue statement of a material fact or omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
To the best of my knowledge, the Development Manager is in compliance in all material respects with all provisions of applicable law in all material matters relating to the Development Manager and the Development as described in the Limited Offering Memoranda. Except as otherwise described in the Limited Offering Memoranda, (a) all government permits and approvals required in connection with the construction of the Development and the 2024 Project as described in the Limited Offering Memoranda, other than certain permits and approvals, which permits and approvals are expected to be received as needed, have been received; (b) we are not aware of any default of any zoning condition, land use permit or development agreement which would adversely affect the Development Manager’s ability to complete development of the Development and the 2024 Project as described in the Limited Offering Memoranda and all appendices thereto; and (c) we have no actual knowledge and are not otherwise aware of any reason to believe that any permits, approvals, consents and licenses required to complete development of the Development and the 2024 Project as described in the Limited Offering Memoranda will not be obtained in due course as required by the Development Manager.
The Development Manager hereby represents and warrants that it has fully complied with the terms and conditions of the Declaration of Restrictive Covenants, executed by the Development Manager and recorded in the public records of Miami-Dade County, Florida, OR Book   , Pages    to    (the “Declaration”). In particular, the Development Manager hereby represents and warrants that it has provided and will continue to provide all necessary and appropriate disclosure to prospective purchasers of residential units in the District in accordance with the Declaration and Exhibit B attached thereto.
The Development Manager is not insolvent. The Development Manager has not made an assignment for the benefit of creditors, filed a petition in bankruptcy, petitioned or applied to any tribunal for the appointment of a custodian, receiver or any trustee or commenced any proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction. The Development Manager has not indicated its consent to, or approval of, or failed to object timely to, any petition in bankruptcy, application or proceeding or order for relief or the appointment of a custodian, receiver or any trustee.
To the best of my knowledge, the levy of the Special Assessments (as defined in the Development Manager Documents) on the lands within the District will not conflict with or constitute a breach of or default under any agreement, indenture or other instrument to which the Development Manager is a party or to which the Development Manager or any of its property or assets is subject.
To the best of my knowledge, the Development Manager is not in default under any mortgage, trust indenture, lease or other instrument to which it or any of its assets is subject, which default would have a material adverse effect on the Series 2024 Bonds or the District.

To the best of my knowledge and in reliance on the environmental site assessments provided to the Development Manager, the Development Manager is not aware of any condition related to the District which currently requires, or is reasonably expected to require in the foreseeable future, investigation or remediation under any applicable federal, state or local governmental laws or regulations relating to the environment.
That this certification is made with knowledge that it will be in full force and effect as of the date of the opinion letter of counsel to be signed and delivered by Holland & Knight LLP and will be relied upon by Holland & Knight LLP in connection with an opinion letter which is required to be given by Holland & Knight LLP as counsel for the Development Manager in connection with the District.

Dated: [Closing Date].
LENNAR HOMES, LLC

By: 	 Name: 	 Title: 	

APPENDIX F CERTIFICATE OF ENGINEER
CERTIFICATE OF ALVAREZ ENGINEERS, INC. (the “Engineers”), DOES HEREBY
CERTIFY, that:
This certificate is furnished pursuant to Section 8(c)(19) of the Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”), by and between Los Cayos Community Development District (the “District”) and FMSbonds, Inc. with respect to the $[PAR] Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (the “Bonds”). Capitalized terms used, but not defined, herein shall have the meaning assigned thereto in the Purchase Contract or the Preliminary Limited Offering Memorandum dated [PLOM Date] and the Limited Offering Memorandum, dated [Pricing Date], including the appendices attached thereto (collectively, the “Limited Offering Memoranda”), as applicable.
The Engineers have been retained by the District as consulting engineers.
The plans and specifications for the 2024 Project (as described in the Limited Offering Memoranda) improvements were approved by all regulatory bodies required to approve them. All environmental and other regulatory permits or approvals required in connection with the construction of the 2024 Project were obtained.
The Engineers prepared a report entitled the Engineer’s Report Infrastructure Improvements, dated June 16, 2023, as may be further supplemented and amended (collectively, the “Report”). The Report sets forth the estimated costs of the 2024 Project and was prepared in accordance with generally accepted engineering principles. The Report is included as “APPENDIX C – ENGINEER’S REPORT” to the Limited Offering Memoranda and a description of the Report and certain other information relating to the 2024 Project are included in the Limited Offering Memoranda under the captions “THE 2024 PROJECT” and “THE DEVELOPMENT.” The Report and said information are true and complete in all material respects, contain no untrue statement of a material fact, and do not omit to state a material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading.
The Engineers hereby consent to the inclusion of the Report as “APPENDIX C – ENGINEER’S REPORT” to the Limited Offering Memoranda and to the references to the Engineers in the Limited Offering Memoranda.
To the extent constructed, the 2024 Project improvements were constructed in sound workmanlike manner and in accordance with industry standards. The portion of the 2024 Project improvements to be acquired from the proceeds of the Bonds have been completed in accordance with the plans and specifications therefore.
The price being paid by the District to the AG Landowner for acquisition of the improvements included within the 2024 Project did not exceed the lesser of the actual cost of the 2024 Project or the fair market value of the assets acquired by the District.

To the best of our knowledge, but without undertaking any independent investigation, the AG Landowner and the Development Manager are in compliance in all material respects with all provisions of applicable law in all material matters relating to the AG Landowner and the Development Manager as described in the Limited Offering Memoranda. Except as otherwise described in the Limited Offering Memoranda, (a) all government permits required in connection with the construction of the Development and the 2024 Project as described in the Limited Offering Memoranda have been received; (b) we are not aware of any default of any zoning condition, land use permit or development agreement which would adversely affect the ability to complete development of the Development and the 2024 Project as described in the Limited Offering Memoranda and all appendices thereto; and (c) we have no actual knowledge and are not otherwise aware of any reason to believe that any permits, consents and licenses required to complete the Development and the 2024 Project as described in the Limited Offering Memoranda will not be obtained in due course as required by the AG Landowner, or any other person or entity, necessary for the development of the Development as described in the Limited Offering Memoranda and all appendices thereto.
There is adequate water and sewer service capacity to serve the Development within the District.
Date: [Closing Date]
ALVAREZ ENGINEERS, INC.

By: 	 Name: 	 Title: 	

EXHIBIT G
CERTIFICATE OF DISTRICT MANAGER AND METHODOLOGY CONSULTANT
The undersigned representative of Special District Services, Inc., Palm Beach Gardens, Florida (“SDS”), DOES HEREBY CERTIFY:
This certificate is furnished pursuant to Section 8(c)(20) of the Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”), by and between Los Cayos Community Development District (the “District”) and FMSbonds, Inc. with respect to the $[PAR] Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (the “Bonds”). Capitalized terms used, but not defined, herein shall have the meaning assigned thereto in the Purchase Contract or the Limited Offering Memoranda relating to the Bonds, as applicable.
SDS has acted as district manager and methodology consultant to the District in connection with the sale and issuance by the District of its Bonds and in connection with the preparation of the Preliminary Limited Offering Memorandum dated [PLOM Date] and the Limited Offering Memorandum dated [Pricing Date], including the appendices attached thereto (collectively, the “Limited Offering Memoranda”).
In connection with the issuance of the Bonds, we have been retained by the District to prepare the Master Assessment Methodology Los Cayos Community Development District Special Assessment Bonds dated June 16, 2023, as supplemented by the final Supplemental Assessment Methodology Special Assessment Bonds, Series 2024 for Los Cayos Community Development District dated [Pricing Date] (collectively, the “Assessment Methodology”), which Assessment Methodology has been included as an appendix to the Limited Offering Memoranda. We hereby consent to the use of such Assessment Methodology in the Limited Offering Memoranda and consent to the references to us therein.
As District Manager, nothing has come to our attention that would lead us to believe that the Limited Offering Memoranda, as they relate to the District, the 2024 Project, or any information provided by us, and the Assessment Methodology, as of their respective dates and as of this date, contained or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary to be stated therein in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.
The information set forth in the Limited Offering Memoranda under the subcaptions “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2024 BONDS
– Assessment Methodology / Projected Level of District Assessments”, “THE DISTRICT,” “ASSESSMENT METHODOLOGY,” “FINANCIAL INFORMATION,” “LITIGATION – The District,” “DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS,” “CONTINUING  DISCLOSURE,”  “CONTINGENT  FEES,”  and  in  “APPENDIX  D:
ASSESSMENT METHODOLOGY” did not as of the respective dates of the Limited Offering Memoranda and does not as of the date hereof contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

To the best of our knowledge, there has been no change which would materially adversely affect the assumptions made or the conclusions reached in the Assessment Methodology and the considerations and assumptions used in compiling the Assessment Methodology are reasonable. The Assessment Methodology and the assessment methodology set forth therein were prepared in accordance with all applicable provisions of Florida law. As described in more detail in the Assessment Methodology, the benefit to the assessable lands within the District from the 2024 Project equals or exceeds the Series 2024 Special Assessments, and the Series 2024 Special Assessments are fairly and reasonably allocated across all benefitted properties within the District.
As District Manager for the District, we are not aware of any litigation pending or, to the best of our knowledge, threatened against the District restraining or enjoining the issuance, sale, execution or delivery of the Bonds, or in any way contesting or affecting the validity of the Bonds or any proceedings of the District taken with respect to the issuance or sale thereof, or the pledge or application of any moneys or security provided for the payment of the Bonds, or the existence or powers of the District.
The Series 2024 Special Assessments, as initially levied, and as may be reallocated from time to time as permitted by resolutions adopted by the District with respect to the Series 2024 Special Assessments are sufficient to enable the District to pay the debt service on the Bonds through the final maturity thereof.
The Series 2024 Special Assessments shall not exceed the limitations set forth in Exhibit B to the Declaration of Restrictive Covenants recorded in the public records of Miami- Dade County, Florida.
Dated: [Closing Date]
SPECIAL DISTRICT SERVICES, INC., a
Florida corporation

By: 	 Name: 	 Title: 	

EXHIBIT B
DRAFT COPY OF PRELIMINARY LIMITED OFFERING MEMORANDUM

B-1

This Preliminary Limited Offering Memorandum and the information contained herein are subject to completion or amendment without notice. These securities may not be sold nor may an offer to buy be accepted prior to the time the Limited Offering Memorandum is delivered in final form. Under no circumstances shall this Preliminary Limited Offering Memorandum constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, qualification or exemption under the securities laws of any such jurisdiction.

PRELIMINARY LIMITED OFFERING MEMORANDUM DATED 	, 2024
NEW ISSUE - BOOK-ENTRY ONLY	NOT RATED
LIMITED OFFERING

In the opinion of Greenberg Traurig, P.A., Bond Counsel, assuming the accuracy of certain representations and certifications of the District and the Development Manager (as such terms are herein defined) and continuing compliance with certain tax covenants, under existing statutes, regulations, rulings and court decisions, interest on the Series 2024 Bonds (as hereinafter defined) is excludable from gross income for federal income tax purposes and further, interest on the Series 2024 Bonds will not be an item of tax preference for purposes of the alternative minimum tax imposed on individuals. In the case of the alternative minimum tax imposed by Section 55(b)(2) of the Internal Revenue Code of 1986, as amended (the “Code”) on applicable corporations (as defined in Section 59(k) of the Code), interest on the Series 2024 Bonds is not excluded from the determination of adjusted financial statement income. See “TAX MATTERS” herein for a description of certain other federal tax consequences of ownership of the Series 2024 Bonds. Bond Counsel is further of the opinion that the Series 2024 Bonds and the income thereon are not subject to taxation under the laws of the State of Florida, except as to estate taxes and taxes under Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations as defined in said Chapter 220. See “TAX MATTERS” herein.
$5,205,000
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT (CITY OF HOMESTEAD, FLORIDA)
SPECIAL ASSESSMENT BONDS, SERIES 2024 (2024 PROJECT)

Dated: Date of Delivery	Due: June 15, as shown on the inside cover

The Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (the “Series 2024 Bonds”) are being issued by the Los Cayos Community Development District (the “District” or “Issuer”) only in fully registered form, without coupons, in denominations of $5,000 and any integral multiple thereof.
The District is a local unit of special purpose government of the State of Florida, created pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), and created by Ordinance No. 23-35 enacted by the Board of County Commissioners of Miami-Dade County, Florida (the “County”) on May 16, 2023 and became effective on May 26, 2023. The District was created for the purpose of delivering certain community development services and facilities for the benefit of District Lands (as hereinafter defined), and has previously determined to undertake the acquisition and/or construction of certain public improvements and community facilities as set forth in the Act for the special benefit of certain District Lands.
The Series 2024 Bonds will bear interest at the fixed rates set forth on the inside cover, calculated on the basis of a 360- day year comprised of twelve 30-day months, payable semi-annually on each June 15 and December 15, commencing June 15, 2024. The Series 2024 Bonds, when issued, will be registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company (“DTC”), New York, New York. Purchases of beneficial interests in the Series 2024 Bonds will be made only in book-entry form. Accordingly, principal of and interest on the Series 2024 Bonds will be paid from sources described below by U.S. Bank Trust Company, National Association, a national banking association duly organized and existing under the laws of the United States and having a designated corporate trust office in Fort Lauderdale, Florida, as trustee (the “Trustee”) directly to DTC or its nominee as the registered owner thereof. Disbursements of such payments to the Direct Participants (as hereinafter defined) is the responsibility of DTC and disbursements of such payments to the Beneficial Owners (as hereinafter defined) is the responsibility of the Direct Participants and the Indirect Participants (as hereinafter defined), as more fully described herein. Any purchaser of a beneficial interest in a Series 2024 Bond must maintain an account with a broker or dealer who is, or acts through, a Direct Participant to receive payment of the principal of and interest on such Series 2024 Bond. See “DESCRIPTION OF THE SERIES 2024 BONDS – Book-Entry Only System” herein.
The Series 2024 Bonds are being issued by the District pursuant to the Act, Resolution No. 2023-13 and Resolution No. 2024-  adopted by the Board of Supervisors of the District (the “Board”) on June 16, 2023 and February 21, 2024, respectively (collectively, the “Bond Resolution”), and a Master Trust Indenture dated as of March 1, 2024 (the “Master Indenture”), as supplemented by a First Supplemental Trust Indenture dated as of March 1, 2024 (the “First Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), each by and between the District and the Trustee. Capitalized terms not defined herein shall have the meanings assigned to them in the Indenture. See “APPENDIX A: PROPOSED FORMS OF INDENTURE” herein.

 Preliminary, subject to change.

Proceeds of the Series 2024 Bonds will be used to provide funds (i) for the payment of the Costs of acquiring and/or constructing a portion of the 2024 Project (as hereinafter defined); (ii) to fund the Series 2024 Reserve Account in an amount equal to the initial Series 2024 Reserve Requirement; (iii) to pay interest on the Series 2024 Bonds through at least June 15, 2024 and
(iv) to pay the costs of issuance of the Series 2024 Bonds. See “THE 2024 PROJECT” and “ESTIMATED SOURCES AND USES OF FUNDS” herein.
The Series 2024 Bonds will be secured by a pledge of the Series 2024 Pledged Revenues. “Series 2024 Pledged Revenues” shall mean (a) all revenues received by the District from the Series 2024 Special Assessments (as herein defined) levied and collected on the assessable lands within the District, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2024 Special Assessments or from the issuance and sale of tax certificates with respect to such Series 2024 Special Assessments, and (b) all moneys on deposit in the Funds, Accounts and subaccounts established under the Indenture created and established with respect to or for the benefit of the Series 2024 Bonds; provided, however, that Series 2024 Pledged Revenues shall not include (A) any moneys transferred to the Series 2024 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2024 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the District under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the District under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso). See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2024 BONDS”
herein.
The Series 2024 Bonds are subject to optional, mandatory sinking fund and extraordinary mandatory redemption at the times, in the amounts and at the redemption prices as more fully described herein. See “DESCRIPTION OF THE SERIES 2024 BONDS – Redemption Provisions” herein.
THE SERIES 2024 BONDS ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY OUT OF THE SERIES 2024 PLEDGED REVENUES PLEDGED THEREFOR UNDER THE INDENTURE AND NEITHER THE PROPERTY, THE FULL FAITH AND CREDIT, NOR THE TAXING POWER OF THE DISTRICT, THE CITY OF HOMESTEAD, FLORIDA (THE “CITY”), THE COUNTY, THE STATE OF FLORIDA (THE “STATE”), OR ANY OTHER POLITICAL SUBDIVISION THEREOF, IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE SERIES 2024 BONDS, EXCEPT THAT THE DISTRICT IS OBLIGATED UNDER THE INDENTURE TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, SERIES 2024 SPECIAL ASSESSMENTS TO SECURE AND PAY THE SERIES 2024 BONDS. THE SERIES 2024 BONDS DO NOT CONSTITUTE AN INDEBTEDNESS OF THE DISTRICT, THE CITY, THE COUNTY, THE STATE, OR ANY OTHER POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION.
The Series 2024 Bonds involve a degree of risk (see “BONDOWNERS’ RISKS” herein) and are not suitable for all investors (see “SUITABILITY FOR INVESTMENT” herein). The Underwriter named below is limiting this offering to “accredited investors” within the meaning of Chapter 517, Florida Statutes, and the rules of the Florida Department of Financial Services promulgated thereunder. The limitation of the initial offering to accredited investors does not denote restrictions on transfers in any secondary market for the Series 2024 Bonds. The Series 2024 Bonds are not credit enhanced or rated and no application has been made for credit enhancement or a rating with respect to the Series 2024 Bonds.
This cover page contains information for quick reference only. It is not a summary of the Series 2024 Bonds. Investors must read this entire Limited Offering Memorandum to obtain information essential to the making of an informed investment decision.

[FMSbonds, Inc. Logo]

The initial sale of the Series 2024 Bonds is subject to certain conditions precedent, including, without limitation, receipt of the opinion of Greenberg Traurig, P.A., West Palm Beach, Florida, Bond Counsel, as to the validity of the Series 2024 Bonds and the excludability of interest on the Series 2024 Bonds from gross income for federal income tax purposes. Certain legal matters will be passed upon for the District by its counsel, Billing, Cochran, Lyles, Mauro & Ramsey, P.A., Fort Lauderdale, Florida, for the AG Landowner (as defined herein) by its counsel, Lewis, Longman & Walker, P.A., West Palm Beach, Florida, for the Development Manager (as defined herein) by its counsel, Holland & Knight LLP, Fort Lauderdale, Florida, and for the Underwriter by its counsel, Squire Patton Boggs (US) LLP, Miami, Florida. It is expected that the Series 2024 Bonds will be delivered in book- entry form through the facilities of DTC on or about 	, 2024.
Dated: 	, 2024

PRINCIPAL AMOUNTS, INTEREST RATES, MATURITIES, YIELDS, PRICES AND CUSIP NUMBERS
$5,205,000
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT (CITY OF HOMESTEAD, FLORIDA)
SPECIAL ASSESSMENT BONDS, SERIES 2024 (2024 PROJECT)

$	 – 	% Series 2024 Term Bond due June 15, 20	 – Yield 	% – Price 	 – CUSIP† 	
$	 – 	% Series 2024 Term Bond due June 15, 20	 – Yield 	% – Price 	 – CUSIP† 	
$	 – 	% Series 2024 Term Bond due June 15, 20	 – Yield 	% – Price 	 – CUSIP† 	
$	 – 	% Series 2024 Term Bond due June 15, 20	 – Yield 	% – Price 	 – CUSIP† 	

 Preliminary, subject to change.
† CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by FactSet Research Systems Inc. Copyright(c) 2024 CUSIP Global Services. All rights reserved. CUSIP® data herein is provided by CUSIP Global Services. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP® numbers are provided for convenience of reference only. None of the District, the Underwriter or their agents or counsel assume responsibility for the accuracy of such numbers.

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS
Teresa Baluja*, Chairperson Vanessa Perez*, Vice Chairperson Raisa Krause*, Assistant Secretary Carmen Orozco*, Assistant Secretary
Marc Szasz*, Assistant Secretary

* Employee of, or affiliated with, the Development Manager.

DISTRICT MANAGER/METHODOLOGY CONSULTANT
Special District Services, Inc. Palm Beach Gardens, Florida

DISTRICT COUNSEL
Billing, Cochran, Lyles, Mauro & Ramsey, P.A. Fort Lauderdale, Florida

BOND COUNSEL
Greenberg Traurig, P.A. West Palm Beach, Florida

DISTRICT ENGINEER

Alvarez Engineers, Inc.
Doral, Florida

NO DEALER, BROKER, SALESPERSON OR OTHER PERSON HAS BEEN AUTHORIZED BY THE DISTRICT TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS, OTHER THAN THOSE CONTAINED IN THIS LIMITED OFFERING MEMORANDUM, AND IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY THE DISTRICT. THIS LIMITED OFFERING MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY OF THE SERIES 2024 BONDS AND THERE SHALL BE NO OFFER, SOLICITATION, OR SALE OF THE SERIES 2024 BONDS BY ANY PERSON IN ANY JURISDICTION IN WHICH IT IS UNLAWFUL FOR SUCH PERSON TO MAKE SUCH OFFER, SOLICITATION OR SALE.
THE INFORMATION SET FORTH HEREIN HAS BEEN OBTAINED FROM THE AG LANDOWNER AND THE DEVELOPMENT MANAGER (AS SUCH TERMS ARE HEREINAFTER DEFINED), THE DISTRICT, PUBLIC DOCUMENTS, RECORDS AND OTHER SOURCES, WHICH SOURCES ARE BELIEVED TO BE RELIABLE BUT WHICH INFORMATION IS NOT GUARANTEED AS TO ACCURACY OR COMPLETENESS BY, AND IS NOT TO BE CONSTRUED AS A REPRESENTATION OF, THE UNDERWRITER NAMED ON THE COVER PAGE OF THIS LIMITED OFFERING MEMORANDUM. THE UNDERWRITER HAS REVIEWED THE INFORMATION IN THIS LIMITED OFFERING MEMORANDUM IN ACCORDANCE WITH, AND AS PART OF, ITS RESPONSIBILITIES TO INVESTORS UNDER THE FEDERAL SECURITIES LAWS AS APPLIED TO THE FACTS AND CIRCUMSTANCES OF THIS TRANSACTION, BUT THE UNDERWRITER DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. THE INFORMATION AND EXPRESSIONS OF OPINION HEREIN CONTAINED ARE SUBJECT TO CHANGE WITHOUT NOTICE AND NEITHER THE DELIVERY OF THIS LIMITED OFFERING MEMORANDUM, NOR ANY SALE MADE HEREUNDER, SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE DISTRICT, THE AG LANDOWNER OR THE DEVELOPMENT MANAGER OR IN THE STATUS OF THE DEVELOPMENT OR THE 2024 PROJECT (AS SUCH TERMS ARE HEREINAFTER DEFINED) SINCE THE DATE HEREOF.
THE TRUSTEE HAS NOT PARTICIPATED IN THE PREPARATION OF THIS LIMITED OFFERING MEMORANDUM AND MAKES NO REPRESENTATION WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF ANY OF THE MATERIAL CONTAINED IN THIS LIMITED OFFERING MEMORANDUM. THE TRUSTEE HAS NO DUTY OR OBLIGATION TO PAY THE SERIES 2024 BONDS FROM ITS OWN FUNDS, ASSETS OR CORPORATE CAPITAL OR TO MAKE INQUIRY REGARDING, OR INVESTIGATE THE USE OF, AMOUNTS DISBURSED FROM THE TRUST.
THE SERIES 2024 BONDS HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR HAS THE INDENTURE BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED, IN RELIANCE UPON CERTAIN EXEMPTIONS SET FORTH IN SUCH ACTS. THE REGISTRATION, QUALIFICATION OR EXEMPTION OF THE SERIES 2024 BONDS IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAW PROVISIONS OF ANY JURISDICTIONS WHEREIN THESE SECURITIES HAVE BEEN OR WILL BE REGISTERED, QUALIFIED OR EXEMPTED SHOULD NOT BE REGARDED AS A RECOMMENDATION THEREOF. NEITHER THE DISTRICT, THE CITY, THE COUNTY, THE STATE, NOR ANY OTHER POLITICAL SUBDIVISIONS THEREOF HAVE GUARANTEED OR PASSED UPON THE MERITS OF THE SERIES 2024 BONDS, UPON THE PROBABILITY OF ANY EARNINGS THEREON OR UPON THE ACCURACY OR ADEQUACY OF THIS LIMITED OFFERING MEMORANDUM.

“FORWARD-LOOKING STATEMENTS” ARE USED IN THIS DOCUMENT BY USING FORWARD LOOKING WORDS SUCH AS “MAY,” “WILL,” “SHOULD,” “INTENDS,” “EXPECTS,” “BELIEVES,” “ANTICIPATES,” “ESTIMATES,” OR OTHERS. THE READER IS CAUTIONED THAT FORWARD-LOOKING STATEMENTS ARE SUBJECT TO A VARIETY OF UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER FROM THE PROJECTED RESULTS. THOSE RISKS AND UNCERTAINTIES INCLUDE GENERAL ECONOMIC AND BUSINESS CONDITIONS, CONDITIONS IN THE FINANCIAL MARKETS AND REAL ESTATE MARKET, THE DISTRICT’S COLLECTION OF THE SERIES 2024 SPECIAL ASSESSMENTS, AND VARIOUS OTHER FACTORS WHICH MAY BE BEYOND THE DISTRICT’S, THE AG LANDOWNER’S AND THE DEVELOPMENT MANAGER’S CONTROL. BECAUSE THE DISTRICT, THE AG LANDOWNER AND THE DEVELOPMENT MANAGER CANNOT PREDICT ALL FACTORS THAT MAY AFFECT FUTURE DECISIONS, ACTIONS, EVENTS, OR FINANCIAL CIRCUMSTANCES, WHAT ACTUALLY HAPPENS MAY BE DIFFERENT FROM WHAT IS INCLUDED IN FORWARD-LOOKING STATEMENTS.
THE ACHIEVEMENT OF CERTAIN RESULTS OR OTHER EXPECTATIONS CONTAINED IN SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS DESCRIBED TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THE DISTRICT, THE AG LANDOWNER AND THE DEVELOPMENT MANAGER DO NOT PLAN TO ISSUE ANY UPDATES OR REVISIONS TO THOSE FORWARD-LOOKING STATEMENTS IF OR WHEN ANY OF ITS EXPECTATIONS OR EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH SUCH STATEMENTS ARE BASED OCCUR, OTHER THAN AS DESCRIBED UNDER “CONTINUING DISCLOSURE” HEREIN.
THE DISTRICT HAS DEEMED THIS PRELIMINARY LIMITED OFFERING MEMORANDUM “FINAL,” EXCEPT FOR PERMITTED OMISSIONS WITHIN THE CONTEMPLATION OF RULE 15c2-12(b)(1) PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION.

TABLE OF CONTENTS
(continued)
INTRODUCTION	1
DESCRIPTION OF THE SERIES 2024 BONDS	3
General Description	3
Redemption Provisions	3
Purchase of Series 2024 Bonds	6
Book-Entry Only System	6
SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2024 BONDS	8
General	8
Assessment Methodology / Projected Level of District Assessments	9
Additional Obligations	10
Covenant Against Sale or Encumbrance	10
Series 2024 Reserve Account	11
Deposit and Application of the Series 2024 Pledged Revenues	12
Investments	13
Covenant to Levy the Series 2024 Special Assessments	14
Prepayment of Series 2024 Special Assessments	14
Indenture Provisions Relating to Bankruptcy or Insolvency of Certain Landowners	15
Events of Default and Remedies	16
ENFORCEMENT OF ASSESSMENT COLLECTIONS	18
General	18
Alternative Uniform Tax Collection Procedure for Series 2024 Special Assessments	19
Foreclosure	22
BONDOWNERS’ RISKS	22
ESTIMATED SOURCES AND USES OF FUNDS	31
DEBT SERVICE REQUIREMENTS	32
THE DISTRICT	33
General Information	33
Legal Powers and Authority	33
Board of Supervisors	33
The District Manager and Other Consultants	35
No Existing Indebtedness	35
THE 2024 PROJECT	36
THE DEVELOPMENT	37
General	37
Land Acquisition and the Option Agreement	38
Development Finance Plan	38

TABLE OF CONTENTS
(continued)
Page
Development Plan / Status	39
Residential Product Offerings	39
Development Approvals	39
Environmental [Please provide a copy of the ESA]	39
Amenities	40
Utilities	40
Taxes, Fees and Assessments	40
Education	40
Competition	41
THE AG LANDOWNER AND THE DEVELOPMENT MANAGER	41
ASSESSMENT METHODOLOGY	42
TAX MATTERS	42
General	42
Original Issue Discount and Premium	44
Changes in Federal and State Tax Law	45
Information Reporting and Backup Withholding	45
AGREEMENT BY THE STATE	45
LEGALITY FOR INVESTMENT	45
SUITABILITY FOR INVESTMENT	46
ENFORCEABILITY OF REMEDIES	46
LITIGATION	46
The District	46
The AG Landowner	46
CONTINGENT FEES	47
NO RATING	47
EXPERTS	47
FINANCIAL INFORMATION	47
DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS	48
CONTINUING DISCLOSURE	48
UNDERWRITING	48
VALIDATION	49
LEGAL MATTERS	49

TABLE OF CONTENTS
(continued)
Page
MISCELLANEOUS	49
AUTHORIZATION AND APPROVAL	50

APPENDIX A:	PROPOSED FORMS OF INDENTURE
APPENDIX B:	PROPOSED FORM OF OPINION OF BOND COUNSEL APPENDIX C:	ENGINEER’S REPORT
APPENDIX D:	ASSESSMENT METHODOLOGY
APPENDIX E:	PROPOSED FORM OF CONTINUING DISCLOSURE AGREEMENT

$5,205,000
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT (CITY OF HOMESTEAD, FLORIDA)
SPECIAL ASSESSMENT BONDS, SERIES 2024 (2024 PROJECT)
INTRODUCTION
The purpose of this Limited Offering Memorandum is to set forth certain information in connection with the offering for sale by the Los Cayos Community Development District (the “District” or “Issuer”) of its $5,205,000* Special Assessment Bonds, Series 2024 (2024 Project) (the “Series 2024 Bonds”).
THE SERIES 2024 BONDS ARE NOT A SUITABLE INVESTMENT FOR ALL INVESTORS. PURSUANT TO APPLICABLE STATE LAW, THE UNDERWRITER IS LIMITING THIS INITIAL OFFERING OF THE SERIES 2024 BONDS TO ONLY ACCREDITED INVESTORS WITHIN THE MEANING OF CHAPTER 517, FLORIDA STATUTES, AND THE RULES OF THE FLORIDA DEPARTMENT OF FINANCIAL SERVICES. THE LIMITATION OF THE INITIAL OFFERING TO ACCREDITED INVESTORS DOES NOT DENOTE RESTRICTIONS ON TRANSFERS IN ANY SECONDARY MARKET FOR THE SERIES 2024 BONDS. POTENTIAL INVESTORS ARE SOLELY RESPONSIBLE FOR EVALUATING THE MERITS AND RISKS OF AN INVESTMENT IN THE SERIES 2024 BONDS. SEE “BONDOWNERS’ RISKS” AND “SUITABILITY FOR INVESTMENT” HEREIN.
The District was created pursuant to the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), and created by Ordinance No. 23-35 enacted by the Board of County Commissioners of Miami-Dade County, Florida (the “County”) on May 16, 2023 and became effective on May 26, 2023. The District was created for the purpose of financing the acquisition and construction of and managing the maintenance and operation of certain community development services and facilities for the benefit of District Lands (as defined below), and has previously determined to undertake the acquisition and/or construction of certain public improvements and community facilities as set forth in the Act for the special benefit of certain District Lands. The Act authorizes the District to issue bonds for the purpose of, among others, financing, funding, planning, establishing, acquiring, constructing or reconstructing, enlarging or extending, equipping water management, water supply, sewer and wastewater management, bridges or culverts, public roads and other basic infrastructure projects within or without the boundaries of the District as provided in the Act.
The District contains approximately 25.72+/- gross acres of land located entirely within the City of Homestead, Florida (the “City”) within the County (the “District Lands”). The District is planned to contain a residential community known as “Terra Sol” and referred to herein as the “Development.” The Development is currently being developed to contain 231 townhomes. The Series 2024 Bonds are payable from and secured solely by the Series 2024 Pledged Revenues, which consist primarily of the Series 2024 Special Assessments (as hereinafter defined). The Series 2024 Special Assessments will at issuance be levied on the 231 platted lots which comprise the Development. See “APPENDIX D: ASSESSMENT METHODOLOGY” herein. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES
2024 BONDS” herein.

 Preliminary, subject to change.

AG EHC II (LEN) Multi State 1, LLC, a Delaware limited liability company (the “AG Landowner”) is the owner of the assessable lands in the District. The AG Landowner has entered into a Construction Agreement with Lennar Homes, LLC, a Florida limited liability company (the “Development Manager”) pursuant to which the Development Manager will manage the installation of infrastructure improvements for the District. The Development Manager will construct and market residential units for sale to homebuyers. See “THE DEVELOPMENT” and “THE AG LANDOWNER AND THE DEVELOPMENT MANAGER” herein for more information.
The Series 2024 Bonds are being issued by the District pursuant to the Act, Resolution No. 2023- 13 and Resolution No. 2024-  adopted by the Board of Supervisors of the District (the “Board”) on June 16, 2023 and February 21, 2024, respectively (collectively, the “Bond Resolution”), and a Master Trust Indenture dated as of March 1, 2024 (the “Master Indenture”), as supplemented by a First Supplemental Trust Indenture dated as of March 1, 2024 (the “First Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), each by and between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). Capitalized terms not defined herein shall have the meanings assigned to them in the Indenture. See “APPENDIX A: PROPOSED FORMS OF INDENTURE” herein.
Proceeds of the Series 2024 Bonds will be used to provide funds (i) for the payment of the Costs of acquiring and/or constructing a portion of the 2024 Project (as hereinafter defined); (ii) to fund the Series 2024 Reserve Account in an amount equal to the initial Series 2024 Reserve Requirement; (iii) to pay interest on the Series 2024 Bonds through at least June 15, 2024 and (iv) to pay the costs of issuance of the Series 2024 Bonds. See “THE 2024 PROJECT” and “ESTIMATED SOURCES AND USES OF FUNDS”
herein.
The Series 2024 Bonds will be secured by a pledge of the Series 2024 Pledged Revenues. “Series 2024 Pledged Revenues” shall mean (a) all revenues received by the District from the Series 2024 Special Assessments levied and collected on the assessable lands within the District, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2024 Special Assessments or from the issuance and sale of tax certificates with respect to such Series 2024 Special Assessments, and (b) all moneys on deposit in the Funds, Accounts and subaccounts established under the Indenture created and established with respect to or for the benefit of the Series 2024 Bonds; provided, however, that Series 2024 Pledged Revenues shall not include (A) any moneys transferred to the Series 2024 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2024 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the District under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the District under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso). See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2024 BONDS” herein.
There follows in this Limited Offering Memorandum a brief description of the District, the 2024 Project, the Development, the AG Landowner, the Development Manager, a description of the terms of the Series 2024 Bonds and summaries of certain terms of the Indenture and certain provisions of the Act. All references herein to the Indenture and the Act are qualified in their entirety by reference to such document and the Act, and all references to the Series 2024 Bonds are qualified by reference to the definitive form thereof and the information with respect thereto contained in the Indenture. The proposed forms of the Master Indenture and First Supplemental Indenture appear in APPENDIX A hereto.
This Limited Offering Memorandum speaks only as of its date and the information contained herein is subject to change.

DESCRIPTION OF THE SERIES 2024 BONDS
General Description
The Series 2024 Bonds are issuable only as fully registered bonds, without coupons, in the denominations of $5,000 and any integral multiple thereof. The Series 2024 Bonds will mature, subject to the redemption provisions set forth herein, on the dates and in the amounts set forth on the inside cover page hereof.
The Series 2024 Bonds shall be dated as of the date of initial delivery. Regularly scheduled interest on the Series 2024 Bonds shall be payable on each Interest Payment Date to maturity or prior redemption. “Interest Payment Date” means June 15 and December 15 of each year, commencing June 15, 2024 and any date principal on the Series 2024 Bonds is paid, including any Quarterly Redemption Date. “Quarterly Redemption Date” means March 15, June 15, September 15 and December 15 of any year. Scheduled interest on the Series 2024 Bonds will be payable from the most recent Interest Payment Date next preceding the date of authentication thereof to which interest has been paid, unless the date of authentication thereof is a June 15 or December 15 to which interest has been paid, in which case from such date of authentication, or unless the date of authentication thereof is prior to June 15, 2024, in which case from the date of initial delivery, or unless the date of authentication thereof is between a Record Date and the next succeeding Interest Payment Date, in which case from such Interest Payment Date. Interest on the Series 2024 Bonds will be computed in all cases on the basis of a 360-day year of twelve 30-day months.
Upon initial issuance, the ownership of the Series 2024 Bonds will be registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”), New York, New York, and purchases of beneficial interests in the Series 2024 Bonds will be made in book-entry only form. The Series 2024 Bonds will initially be sold only to “accredited investors” within the meaning under Chapter 517, Florida Statutes, as amended, and the rules of the Florida Department of Financial Services promulgated thereunder, although there is no limitation on resales of the Series 2024 Bonds. See “DESCRIPTION OF THE SERIES 2024 BONDS – Book-Entry Only System” and “SUITABILITY FOR INVESTMENT” below.
U.S. Bank Trust Company, National Association is initially serving as the Trustee, Registrar and Paying Agent for the Series 2024 Bonds.
Redemption Provisions
Optional Redemption. The Series 2024 Bonds may, at the option of the District, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after June 15, 20   (less than all Series 2024 Bonds of a maturity to be selected by lot), at a Redemption Price equal to the principal amount of Series 2024 Bonds to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2024 Optional Redemption Subaccount of the Series 2024 Bond Redemption Account. If such optional redemption shall be in part, the District shall select such principal amount of Series 2024 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2024 Bonds is substantially level.

Mandatory Sinking Fund Redemption.
The Series 2024 Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2024 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount

*

*Maturity
The Series 2024 Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2024 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount

*

*Maturity
The Series 2024 Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2024 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount

*

*Maturity

The Series 2024 Bonds maturing on June 15, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2024 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount

*

*Maturity
Upon any redemption of the Series 2024 Bonds other than in accordance with scheduled mandatory sinking fund redemptions, the District shall cause to be recalculated and delivered to the Trustee revised mandatory sinking fund redemption amounts recalculated so as to amortize the Outstanding principal amount of Series 2024 Bonds in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining term of the Series 2024 Bonds. The mandatory sinking fund redemption amounts as so recalculated shall not result in an increase in the aggregate of the mandatory sinking fund redemption amounts for all Series 2024 Bonds in any year. In the event of a redemption or purchase occurring less than forty-five (45) days prior to a date on which a mandatory sinking fund redemption payment is due, the foregoing recalculation shall not be made to the mandatory sinking fund redemption amounts due in the year in which such redemption or purchase occurs, but shall be made to the mandatory sinking fund redemption amounts for the immediately succeeding and subsequent years.
Extraordinary Mandatory Redemption in Whole or in Part. The Series 2024 Bonds are subject to extraordinary mandatory redemption prior to maturity by the District in whole or in part, on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at a Redemption Price equal to 100% of the principal amount of the Series 2024 Bonds to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2024 Prepayment Principal deposited into the Series 2024 Prepayment Subaccount of the Series 2024 Bond Redemption Account (taking into account the credit from the Series 2024 Reserve Account pursuant to the provisions of the First Supplemental Indenture) following a Prepayment in whole or in part of the Series 2024 Special Assessments on any assessable property within the District in accordance with the provisions of the First Supplemental Indenture.
from moneys, if any, on deposit in the Series 2024 Funds, Accounts and subaccounts in the Funds and Accounts (other than the Series 2024 Rebate Fund, the Series 2024 Costs of Issuance Account and the Series 2024 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2024 Bonds and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.
from any funds remaining on deposit in the Series 2024 Acquisition and Construction Account not otherwise reserved to complete the 2024 Project (including any amounts

transferred from the Series 2024 Reserve Account) all of which have been transferred to the Series 2024 General Redemption Subaccount of the Series 2024 Bond Redemption Account.
Notice of Redemption and of Purchase. When required to redeem or purchase Series 2024 Bonds under any provision of the Indenture or directed to do so by the District, the Trustee shall give or cause notice of the redemption, either in whole or in part, to be provided by Electronic Means or mailed by first class mail, postage prepaid, at least thirty (30) but not more than sixty (60) days prior to the redemption or purchase date to all Owners of Series 2024 Bonds to be redeemed or purchased (as such Owners appear on the Bond Register on the fifth (5th) day prior to such mailing), at their registered addresses, but failure to mail any such notice or defect in the notice or in the mailing thereof shall not affect the validity of the redemption or purchase of the Series 2024 Bonds for which notice was duly mailed in accordance with the Indenture. If the Trustee determines that the giving of notice by mail is not feasible, the Trustee may use any other industry acceptable means of giving notice including, but not limited to, facsimile or email provided the Trustee can establish such other means of giving notice was in fact given.
If at the time of mailing of notice of redemption or purchase, the District shall not have deposited with the Trustee or Paying Agent moneys sufficient to redeem or purchase all the Series 2024 Bonds called for redemption or purchase, such notice shall state that it is subject to the deposit of the redemption or purchase moneys with the Trustee or Paying Agent, as the case may be, not later than the opening of business on the redemption or purchase date, and such notice shall be of no effect unless such moneys are so deposited.
Purchase of Series 2024 Bonds
At the written direction of the District, the Trustee shall apply moneys from time to time available in the Series 2024 Sinking Fund Account to the purchase of Series 2024 Bonds which mature in the aforesaid years, at prices not higher than the principal amount thereof, in lieu of redemption as aforesaid, provided that firm purchase commitments can be made before the notice of redemption would otherwise be required to be given. In the event of purchases at less than the principal amount thereof, the difference between the amount in the Series 2024 Sinking Fund Account representing the principal amount of the Series 2024 Bonds so purchased and the purchase price thereof (exclusive of accrued interest) shall be transferred to the related Series 2024 Interest Account of the Debt Service Fund.
Book-Entry Only System
The information in this caption concerning DTC (as defined below) and DTC’s book-entry system has been obtained from DTC and neither the District nor the Underwriter make any representation or warranty or take any responsibility for the accuracy or completeness of such information.
The Depository Trust Company (“DTC”), New York, New York, will act as securities depository for the Series 2024 Bonds. The Series 2024 Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Series 2024 Bond certificate will be issued for each maturity of the Series 2024 Bonds, each in the aggregate principal amount of such maturity, and will be deposited with DTC.
DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A

of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has an S&P Global Ratings, a division of S&P Global Inc. rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com.
Purchases of Series 2024 Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Series 2024 Bonds on DTC’s records. The ownership interest of each actual purchaser of each Series 2024 Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Series 2024 Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the Series 2024 Bonds, except in the event that use of the book-entry system for the Series 2024 Bonds is discontinued.
To facilitate subsequent transfers, all Series 2024 Bonds deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of the Series 2024 Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Series 2024 Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Series 2024 Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.
Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Series 2024 Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Series 2024 Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Series 2024 Bond documents. For example, Beneficial Owners of Series 2024 Bonds may wish to ascertain that the nominee holding the Series 2024 Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.

Redemption notices shall be sent to DTC. If less than all of the Series 2024 Bonds are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such Series 2024 Bonds to be redeemed.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the Series 2024 Bonds unless authorized by a Direct Participant in accordance with DTC’s MMI procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the District as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts the Series 2024 Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy).
Redemption proceeds, and principal and interest payments on the Series 2024 Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the District or the Paying Agent on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC nor its nominee, the Trustee, or the District, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, and principal and interest payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the District and/or the Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.
DTC may discontinue providing its services as depository with respect to the Series 2024 Bonds at any time by giving reasonable notice to the District and the Trustee. Under such circumstances, in the event that a successor depository is not obtained, Series 2024 Bond certificates are required to be printed and delivered.
The District may decide to discontinue, pursuant to the procedures of DTC, use of the system of book-entry only transfers through DTC (or a successor securities depository). In that event, Series 2024 Bond certificates will be printed and delivered to DTC.
SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2024 BONDS
General
THE SERIES 2024 BONDS ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY OUT OF THE SERIES 2024 PLEDGED REVENUES PLEDGED THEREFOR UNDER THE INDENTURE AND NEITHER THE PROPERTY, THE FULL FAITH AND CREDIT, NOR THE TAXING POWER OF THE DISTRICT, THE CITY, THE COUNTY, THE STATE OF FLORIDA (THE “STATE”), OR ANY OTHER POLITICAL SUBDIVISION THEREOF, IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE SERIES 2024 BONDS, EXCEPT THAT THE DISTRICT IS OBLIGATED UNDER THE INDENTURE TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, SERIES 2024 SPECIAL ASSESSMENTS TO SECURE AND PAY THE SERIES 2024 BONDS. THE SERIES 2024 BONDS DO NOT CONSTITUTE AN INDEBTEDNESS OF THE DISTRICT, THE CITY, THE COUNTY, THE STATE, OR ANY OTHER POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION.

The Series 2024 Bonds will be secured by a pledge of the Series 2024 Pledged Revenues. “Series 2024 Pledged Revenues” shall mean (a) all revenues received by the District from the Series 2024 Special Assessments levied and collected on the assessable lands within the District, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2024 Special Assessments or from the issuance and sale of tax certificates with respect to such Series 2024 Special Assessments, and (b) all moneys on deposit in the Funds, Accounts and subaccounts established under the Indenture created and established with respect to or for the benefit of the Series 2024 Bonds; provided, however, that Series 2024 Pledged Revenues shall not include (A) any moneys transferred to the Series 2024 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2024 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) “special assessments” levied and collected by the District under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the District under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso). See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2024 BONDS” herein.
The “Series 2024 Special Assessments” shall mean the Special Assessments levied on the assessable lands within the District as a result of the District’s acquisition and/or construction of the 2024 Project, corresponding in amount to the debt service on the Series 2024 Bonds and designated as such in the Assessment Methodology (as defined herein). The Assessment Methodology, which describes the methodology for allocating the Series 2024 Special Assessments to the assessable lands within the District is included as APPENDIX D hereto. The Series 2024 Special Assessments will be levied pursuant to Section 190.022 of the Act, and the Assessment Resolutions (as defined in the First Supplemental Indenture) and assessment proceedings conducted by the District (together with the Assessment Resolutions, the “Assessment Proceedings”). Non-ad valorem assessments are not based on millage and are not taxes, but are a lien against the lands receiving special benefit, including, but not limited to, homestead property, as permitted in Section 4, Article X of the Florida State Constitution. The Series 2024 Special Assessments will constitute a lien against the land as to which the Series 2024 Special Assessments are imposed. See “ENFORCEMENT OF ASSESSMENT COLLECTIONS” herein.
Assessment Methodology / Projected Level of District Assessments
As set forth in the Assessment Methodology, the Series 2024 Special Assessments will at issuance be levied on the 231 platted lots which comprise the Development on a per unit basis below. See “THE DEVELOPMENT – Development Plan/Status” and “APPENDIX D: ASSESSMENT METHODOLOGY” herein.

Product Type	No. of Units

Annual Series 2024 Special Assessments Per Unit*

Townhome	231	$[1,550.00]

* Preliminary, subject to change. This amount will be grossed up to include early payment discounts and County collection fees, currently 5%.

The District will levy assessments to cover its operation and maintenance costs that will be approximately $400 per residential unit annually, including the residential units in the Development; which amount is subject to change. In addition, residents within the Development will be required to pay homeowners association fees currently estimated to be $2,044.84 per unit annually and an amenity fee estimated to be $2,863.57 per unit annually. The land within the District has been and is expected to be subject to taxes and assessments imposed by taxing authorities other than the District. The total millage

rate imposed on taxable properties in the District for 2023 was approximately 21.192 mills, which millage rate is subject to change in future tax years. These taxes would be payable in addition to the Series 2024 Special Assessments and any other assessments levied by the District. In addition, exclusive of voter approved millages levied for general obligation bonds, as to which no limit applies, the City, the County and the School District of Miami-Dade County, Florida may each levy ad valorem taxes and/or special assessments upon the land in the District. The District has no control over the level of ad valorem taxes and/or special assessments levied by other taxing authorities. It is possible that in future years taxes levied by these other entities could be substantially higher than in the current year. See “THE DEVELOPMENT – Taxes, Fees and Assessments” for more information.
Additional Obligations
The District covenants not to issue any other Bonds or other debt obligations secured by the Series 2024 Special Assessments. Such covenant shall not prohibit the District from issuing refunding bonds. In addition, the District covenants not to issue any other Bonds or debt obligations for capital projects, secured by special assessments levied on the land within the District which secure the Series 2024 Special Assessments, until the Series 2024 Special Assessments are Substantially Absorbed. The District’s covenants described above shall not preclude the imposition of Special Assessments or other non-ad valorem assessments on such lands in connection with other capital projects that are necessary for health, safety or welfare reasons or to remediate a natural disaster. “Substantially Absorbed” means the date at least 75% of the principal portion of the Series 2024 Special Assessments have been assigned to residential units within the District that have received certificates of occupancy. The District shall provide the Trustee with a certification that the Series 2024 Special Assessments are Substantially Absorbed and the Trustee may conclusively rely upon such certification and shall have no duty to verify if the Series 2024 Special Assessments are Substantially absorbed.
Notwithstanding any provision in the Indenture to the contrary, the District may issue other Bonds or debt obligations secured by Special Assessments, other than the Series 2024 Special Assessments, at any time upon the written consent of the Majority Holders.
The District, subject to the first paragraph under this heading, and/or other public entities may impose taxes or other special assessments on the same properties encumbered by the Series 2024 Special Assessments without the consent of the Owners of the Series 2024 Bonds. The District expects to impose certain non-ad valorem special assessments called maintenance assessments, which are of equal dignity with the Series 2024 Special Assessments, on the same lands upon which the Series 2024 Special Assessments are imposed, to fund the maintenance and operation of the District. See “THE DEVELOPMENT – Taxes, Fees and Assessments” and “BONDOWNERS’ RISKS” herein for more information.
Covenant Against Sale or Encumbrance
In the Master Indenture, the District will covenant that (a) except for those improvements comprising any Project that are to be conveyed by the District to the City, the County, the State Department of Transportation or another governmental entity, and (b) except as otherwise permitted in the Indenture, it will not sell, lease or otherwise dispose of or encumber any Project or any part thereof. See “APPENDIX A: PROPOSED FORMS OF INDENTURE” herein for more information.

Series 2024 Reserve Account
The Indenture establishes a Series 2024 Reserve Account within the Debt Service Reserve Fund for the Series 2024 Bonds. The Series 2024 Reserve Account will, at the time of delivery of the Series 2024 Bonds, be funded from a portion of the net proceeds of the Series 2024 Bonds in an amount equal to the initial Series 2024 Reserve Requirement. “Series 2024 Reserve Requirement” or “Reserve Requirement” shall mean an amount initially equal to fifty percent (50%) of the maximum annual debt service with respect to the initial principal amount of the Series 2024 Bonds determined on the date of issue. Upon satisfaction of the Release Conditions, the Series 2024 Reserve Requirement shall be reduced to an amount equal to ten percent (10%) of the maximum annual debt service with respect to the then Outstanding principal amount of the Series 2024 Bonds. “Release Conditions” shall mean all of the following: (a) all of the principal portion of the Series 2024 Special Assessments has been assigned to residential units that have been constructed and have received a certificate of occupancy; and (b) no Event of Default under the Master Indenture has occurred, all as evidenced pursuant to the provisions of the First Supplemental Indenture. If a portion of the Series 2024 Bonds are redeemed pursuant to the provisions of the First Supplemental Indenture, the Reserve Requirement shall be reduced in accordance with the provisions of the First Supplemental Indenture. Any amount in the Series 2024 Reserve Account may, upon final maturity or redemption of all Outstanding Series 2024 Bonds, be used to pay principal of and interest on the Series 2024 Bonds at that time.  The initial Series 2024 Reserve Requirement shall be equal to
$	.
On each May 1 and November 1 (or, if such date is not a Business Day, on the Business Day next preceding such day), the Trustee shall determine the amount on deposit in the Series 2024 Reserve Account and transfer any excess therein above the Reserve Requirement for the Series 2024 Bonds caused by investment earnings prior to the Completion Date to the Series 2024 Acquisition and Construction Account and after the Completion Date to the Series 2024 Revenue Account.
Notwithstanding any of the foregoing, amounts on deposit in the Series 2024 Reserve Account shall be transferred by the Trustee, in the amounts directed in writing by the Majority Holders of the Series 2024 Bonds to the Series 2024 General Redemption Subaccount of the Series 2024 Bond Redemption Account, if as a result of the application of Article X of the Master Indenture, the proceeds received from lands sold subject to the Series 2024 Special Assessments (as a result of non-payment of the Series 2024 Special Assessments) and applied to redeem a portion of the Series 2024 Bonds is less than the principal amount of Series 2024 Bonds indebtedness attributable to such lands.
Subject to the provisions of the First Supplemental Indenture, on any date the District or the District Manager, on behalf of the District, receives notice that a landowner wishes to prepay its Series 2024 Special Assessments relating to the benefited property of such landowner within the District, or as a result of a mandatory true-up payment, the District shall cause the District Manager, on behalf of the District to calculate the principal amount of such Prepayment taking into account a credit against the amount of the Series 2024 Prepayment Principal due by the amount of money in the Series 2024 Reserve Account that will be in excess of the Reserve Requirement, taking into account the proposed Prepayment. Such excess in the Series 2024 Reserve Account shall be transferred by the Trustee to the Series 2024 Prepayment Subaccount of the Series 2024 Bond Redemption Account, as a result of such Prepayment. The District Manager, on behalf of the District, shall make such calculation within ten (10) Business Days after notice of such Prepayment and shall instruct the Trustee in writing to transfer such amount of credit given to the landowner from the Series 2024 Reserve Account to the Series 2024 Prepayment Subaccount of the Series 2024 Bond Redemption Account to be used for the extraordinary mandatory redemption of the Series 2024 Bonds in accordance with the provisions of the First Supplemental Indenture. The Trustee is authorized to make such transfers and has no duty to verify such calculations. Notwithstanding the foregoing and as

further described in the next paragraph, upon satisfaction of the Release Conditions, the Trustee shall deposit such excess on deposit in the Series 2024 Reserve Account to the Series 2024 Acquisition and Construction Account and pay such amount deposited in the Series 2024 Acquisition and Construction Account to the Person or Persons designated in a requisition in the form attached to the First Supplemental Indenture submitted by the Development Manager within thirty (30) days of such transfer, which requisition shall be executed by the District and the Consulting Engineer. Such payment is authorized notwithstanding that the Completion Date might have been declared provided the Development Manager can establish, to the satisfaction of the Consulting Engineer, Costs of the 2024 Project that were not paid from moneys initially deposited in the Series 2024 Acquisition and Construction Account. In the event that there are no unreimbursed Costs to pay to the Development Manager, such excess moneys transferred from the Series 2024 Reserve Account to the Series 2024 Acquisition and Construction Account shall be deposited into the Series 2024 General Redemption Subaccount of the Series 2024 Bond Redemption Account.
Upon satisfaction of the Release Conditions as evidenced by a written certificate of the District Manager delivered to the District and the Trustee, stating that the Release Conditions have been satisfied and setting forth the amount of the new Series 2024 Reserve Requirement, the Trustee shall without further direction reduce the Series 2024 Reserve Requirement to ten percent (10%) of the maximum annual debt service of the then Outstanding principal amount of the Series 2024 Bonds as calculated by the District Manager. The excess amount in the Series 2024 Reserve Account as a result of satisfaction of the Release Conditions shall be transferred to the Series 2024 Acquisition and Construction Account. The Trustee may conclusively rely on such written certificate of the District Manager.
In addition, in the event of an extraordinary mandatory redemption pursuant to the First Supplemental Indenture, the District Manager, on behalf of the District, shall calculate the applicable Reserve Requirement and communicate the same to the Trustee and the Trustee shall apply any excess in the Series 2024 Reserve Account toward such extraordinary mandatory redemption.
It shall be an Event of Default under the Indenture if at any time the amount in the Series 2024 Reserve Account is less than the Series 2024 Reserve Requirement as a result of the Trustee withdrawing an amount therefrom to satisfy the Debt Service Requirement for the Series 2024 Bonds and such amount has not been restored within thirty (30) days of such withdrawal.
Deposit and Application of the Series 2024 Pledged Revenues
Pursuant to the Indenture, the Trustee shall transfer from amounts on deposit in the Series 2024 Revenue Account to the Funds and Accounts designated below, the following amounts, at the following times and in the following order of priority:
FIRST, upon receipt but no later than the Business Day next preceding each June 15 commencing June 15, 2024, to the Series 2024 Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2024 Bonds becoming due on the next succeeding June 15, less any amount on deposit in the Series 2024 Interest Account not previously credited;
SECOND, upon receipt but no later than the Business Day next preceding each December 15 commencing December 15, 2024, to the Series 2024 Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2024 Bonds becoming due on the next succeeding December 15, less any amounts on deposit in the Series 2024 Interest Account not previously credited;

THIRD, no later than the Business Day next preceding each June 15, commencing June 15, 20 , to the Series 2024 Sinking Fund Account of the Debt Service Fund, an amount equal to the principal amount of Series 2024 Bonds subject to sinking fund redemption on such June 15, less any amount on deposit in the Series 2024 Sinking Fund Account not previously credited;
FOURTH, no later than the Business Day next preceding the June 15, which is a principal payment date for any Series 2024 Bonds, to the Series 2024 Principal Account of the Debt Service Fund, an amount equal to the principal amount of Series 2024 Bonds Outstanding maturing on such June 15, less any amounts on deposit in the Series 2024 Principal Account not previously credited;
FIFTH, notwithstanding the foregoing, at any time the Series 2024 Bonds are subject to redemption on a date which is not a June 15 or December 15 Interest Payment Date, the Trustee shall be authorized to transfer from the Series 2024 Revenue Account to the Series 2024 Interest Account, the amount necessary to pay interest on the Series 2024 Bonds subject to redemption on such date;
SIXTH, upon receipt but no later than the Business Day next preceding each Interest Payment Date while Series 2024 Bonds remain Outstanding, to the Series 2024 Reserve Account, an amount equal to the amount, if any, which is necessary to make the amount on deposit therein equal to the Reserve Requirement for the Series 2024 Bonds; and
SEVENTH, subject to the foregoing paragraphs, the balance of any moneys remaining after making the foregoing deposits shall be deposited into the Series 2024 Costs of Issuance Account to cover any deficiencies in the amount allocated to pay the cost of issuing the Series 2024 Bonds and next, any balance in the Series 2024 Revenue Account shall remain on deposit in such Series 2024 Revenue Account, unless pursuant to the Arbitrage Certificate, it is necessary to make a deposit into the Series 2024 Rebate Fund, in which case, the District shall direct the Trustee to make such deposit thereto.
Investments
The Trustee shall, as directed by the District in writing, invest moneys held in the Accounts in the Debt Service Fund and any Account within the Bond Redemption Fund in Government Obligations and the other securities described in the definition of Investment Securities in the Master Indenture. All deposits in time accounts shall be subject to withdrawal without penalty and all investments shall mature or be subject to redemption by the holder without penalty, not later than the date when the amounts will foreseeably be needed for the purposes set forth in the Indenture. All securities securing investments shall be deposited with a Federal Reserve Bank, with the trust department of the Trustee, as authorized by law with respect to trust funds in the State, or with a bank or trust company having a combined net capital and surplus of not less than $50,000,000. The interest and income received upon such investments and any interest paid by the Trustee or any other depository of any Fund or Account and any profit or loss resulting from the sale of securities shall be added or charged to the Fund or Account for which such investments are made; provided, however, that if the amount in any Fund or Account equals or exceeds the amount required to be on deposit therein, subject to the provisions of the Indenture, any interest and other income so received shall be deposited in the Series 2024 Revenue Account except that prior to the Completion Date, amounts on deposit in the Series 2024 Reserve Account in excess of the Reserve Requirement caused by investment earnings shall be transferred into the Series 2024 Acquisition and Construction Account, and after the Completion Date to the Series 2024 Revenue Account. Upon request of the District, or on its own initiative whenever payment is to be made out of any Fund or Account, the Trustee shall sell such securities as may be requested to make the payment and restore the proceeds to the Fund or Account in which the securities

were held. The Trustee shall not be accountable for any depreciation in the value of any such security or for any loss resulting from the sale thereof. If net proceeds from the sale of securities held in any Fund or Account shall be less than the amount invested and, as a result, the amount on deposit in such Fund or Account is less than the amount required to be on deposit in such Fund or Account, the amount of such deficit shall be transferred to such Fund or Account from the related Account of the Revenue Fund.
Absent specific instructions as aforesaid or absent standing instructions from the Issuer for investment of such moneys, then the Trustee shall not be responsible or liable for keeping the moneys invested. The Trustee shall not be liable or responsible for any loss or failure to achieve the highest return, or entitled to any gain, resulting from any investment or sale upon the investment instructions of the Issuer or otherwise, including that set forth in the first sentence of this paragraph. The Trustee may make any investments permitted by the provisions of this section through its own bond department or investment department. See “APPENDIX A: PROPOSED FORMS OF INDENTURE” hereto.
Covenant to Levy the Series 2024 Special Assessments
The District will covenant to levy the Series 2024 Special Assessments to the extent and in the amount sufficient to pay debt service on the Series 2024 Bonds when due. If any Series 2024 Special Assessment shall be either in whole or in part annulled, vacated or set aside by the judgment of any court, or if the District shall be satisfied that any such Series 2024 Special Assessment is so irregular or defective that the same cannot be enforced or collected, or if the District shall have omitted to make such Series 2024 Special Assessment when it might have done so, the District has additionally covenanted to either (i) take all necessary steps to cause a new Series 2024 Special Assessment to be made for the whole or any part of such improvement or against any property benefited by such improvement, or (ii) in its sole discretion, make up the amount of such Series 2024 Special Assessment from legally available moneys, which moneys shall be deposited into the Series 2024 Revenue Account. In case such second Series 2024 Special Assessment shall be annulled, the District shall obtain and make other Series 2024 Special Assessments until a valid Series 2024 Special Assessment shall be made.
Prepayment of Series 2024 Special Assessments
Pursuant to the Indenture, at any time any owner of property subject to the Series 2024 Special Assessments may, at its option, or as a result of acceleration of the Series 2024 Special Assessments because of non-payment thereof (if not collected pursuant to the Uniform Method, as herein described), or as a result of a true-up payment, require the District to reduce or release and extinguish the lien upon its property by virtue of the levy of the Series 2024 Special Assessments by paying or causing there to be paid, to the District all or a portion of the Series 2024 Special Assessment, which shall constitute Series 2024 Prepayment Principal, plus accrued interest to the next succeeding Interest Payment Date (or the next succeeding Interest Payment Date if such Prepayment is made within forty-five (45) calendar days before an Interest Payment Date), attributable to the property subject to the Series 2024 Special Assessments owned by such owner. In connection with such Prepayments, in the event the amount in the Series 2024 Reserve Account will exceed the Reserve Requirement for the Series 2024 Bonds as a result of a Prepayment in accordance with the First Supplemental Indenture and the resulting redemption of the Series 2024 Bonds in accordance with the First Supplemental Indenture, the excess amount shall be transferred from the Series 2024 Reserve Account to the Series 2024 Prepayment Subaccount of the Series 2024 Bond Redemption Account as a credit against the Series 2024 Prepayment Principal otherwise required to be paid by the owner of such lot or parcel, upon written instructions to the Trustee of the District Manager on behalf of the District, upon which the Trustee may conclusively rely, together with a certification stating that, after giving effect to such transfers sufficient moneys will be on deposit in the Series 2024 Reserve Account to equal or exceed the then Reserve Requirement for the Series 2024 Bonds and which certificate of the

District Manager will further state that, after giving effect to the proposed redemption of Series 2024 Bonds, there will be sufficient Series 2024 Pledged Revenues to pay the principal and interest, when due, on all Series 2024 Bonds that will remain Outstanding.
Pursuant to the Act, an owner of property subject to the levy of Series 2024 Special Assessments may pay the entire balance of the Series 2024 Special Assessments remaining due, without interest, within thirty (30) days after the 2024 Project has been completed or acquired by the District, and the Board has adopted a resolution accepting the 2024 Project pursuant to Chapter 170.09, Florida Statutes. Each of the AG Landowner and the Development Manager, as the owners of all of the property within the District, will covenant to waive this right on behalf of itself and its respective successors and assigns in connection with the issuance of the Series 2024 Bonds.
Any prepayment of Series 2024 Special Assessments will result in the extraordinary mandatory redemption of a portion of the Series 2024 Bonds as indicated under “DESCRIPTION OF THE SERIES 2024 BONDS - Redemption Provisions - Extraordinary Mandatory Redemption.” The prepayment of Series 2024 Special Assessments does not entitle the owner of the property to a discount for early payment.
Indenture Provisions Relating to Bankruptcy or Insolvency of Certain Landowners
The following provisions of the Master Indenture shall be applicable both before and after the commencement, whether voluntary or involuntary, of any case, proceeding or other action by or against any owner of any tax parcel subject to the Series 2024 Special Assessments (an “Insolvent Taxpayer”) under any existing or future law of any jurisdiction relating to bankruptcy, insolvency, reorganization, assignment for the benefit of creditors, or relief of debtors (a “Proceeding”). For as long as any Series 2024 Bonds remain Outstanding, in any Proceeding involving the District, any Insolvent Taxpayer, the Series 2024 Bonds or the Series 2024 Special Assessments, the District, to the extent permitted by applicable law, shall be obligated to act in accordance with any direction from the Trustee with regard to all matters directly or indirectly affecting at least three percent (3%) of the Outstanding aggregate principal amount of the Series 2024 Bonds or for as long as any Series 2024 Bonds remain Outstanding, in any Proceeding involving the District, any Insolvent Taxpayer, the Series 2024 Bonds or the Series 2024 Special Assessments or the Trustee. The District agrees that it shall not be a defense to a breach of the foregoing covenant that it has acted upon advice of counsel in not complying with this covenant.
In the Indenture, the District acknowledges and agrees that, although the Series 2024 Bonds were issued by the District, the Owners of the Series 2024 Bonds are categorically the party with the ultimate financial stake with respect to the Series 2024 Bonds and, consequently, the party with a vested and pecuniary interest in a Proceeding. In the event of any Proceeding involving any Insolvent Taxpayer: (a) the District, to the extent permitted by applicable law, hereby agrees that it shall follow the direction of the Trustee in making any election, giving any consent, commencing any action or filing any motion, claim, obligation, notice or application or in taking any other action or position in any Proceeding or in any action related to a Proceeding that affects, either directly or indirectly, the Series 2024 Special Assessments, the Series 2024 Bonds or any rights of the Trustee under the Indenture, (b) to the extent permitted by applicable law, the District agrees that it shall not make any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other action or position in any Proceeding or in any action related to a Proceeding that affects, either directly or indirectly, the Series 2024 Special Assessments, the Series 2024 Bonds or any rights of the Trustee under the Indenture that is inconsistent with any direction from the Trustee, (c) to the extent permitted by applicable law, the Trustee shall have the right, but is not obligated to, (i) vote in any such Proceeding any and all claims of the District, or (ii) file any motion, pleading, plan or objection in any such Proceeding on behalf of the District, including without limitation, motions seeking relief from the automatic stay, dismissal of the Proceeding, valuation

of the property belonging to the Insolvent Taxpayer, termination of exclusivity, and objections to disclosure statements, plans of liquidation or reorganization, and motions for use of cash collateral, seeking approval of sales or post-petition financing. If the Trustee chooses to exercise any such rights, the District shall be deemed to have appointed the Trustee as its agent and granted to the Trustee an irrevocable power of attorney coupled with an interest, and its proxy, for the purpose of exercising any and all rights and taking any and all actions available to the District in connection with any Proceeding of any Insolvent Taxpayer, including without limitation, the right to file and/or prosecute any claims, to propose and prosecute a bankruptcy plan to vote to accept or reject a plan, and to make any election under Section 1111(b) of the Bankruptcy Code and (d) the District shall not challenge the validity or amount of any claim submitted in such Proceeding by the Trustee in good faith or any valuations of the lands owned by any Insolvent Taxpayer submitted by the Trustee in good faith in such Proceeding or take any other action in such Proceeding, which is adverse to Trustee’s enforcement of the District claim and rights with respect to the Series 2024 Special Assessments or receipt of adequate protection (as that term is defined in the Bankruptcy Code). Without limiting the generality of the foregoing, the District agrees that the Trustee shall have the right (i) to file a proof of claim with respect to the Series 2024 Special Assessments, (ii) to deliver to the District a copy thereof, together with evidence of the filing with the appropriate court or other authority, and (iii) to defend any objection filed to said proof of claim.
Notwithstanding the provisions of the immediately preceding paragraphs, nothing herein shall preclude the District from becoming a party to a Proceeding in order to enforce a claim for operation and maintenance assessments and the District shall be free to pursue such claim in such manner as it shall deem appropriate in its sole and absolute discretion provided that such claim does not involve the amount of Series 2024 Special Assessments relating to the Series 2024 Bonds Outstanding. Any actions taken by the issuer in pursuance of its claim for operation and maintenance assessments in any Proceeding shall not be considered an action adverse or inconsistent with the Trustee’s rights or consents with respect to the Special Assessments relating to the Bonds Outstanding whether such claim is pursued by the District or the Trustee.
Events of Default and Remedies
Events of Default Defined. The Indenture provides that each of the following shall be an “Event of Default” under the Indenture, with respect to the Series 2024 Bonds:
if payment of any installment of interest on any Series 2024 Bond is not made when it becomes due and payable; or
if payment of the principal or Redemption Price of any Series 2024 Bond is not made when it becomes due and payable at maturity or upon call or presentation for redemption; or
if the District, for any reason, fails in, or is rendered incapable of, fulfilling its obligations under the Indenture or under the Act which failure or incapacity may be reasonably determined solely by the Majority Holders; or
if the District proposes or makes an assignment for the benefit of creditors or enters into a composition agreement with all or a material part of its creditors, or a trustee, receiver, executor, conservator, liquidator, sequestrator or other judicial representative, similar or dissimilar, is appointed for the District or any of its assets or revenues, or there is commenced any proceeding in liquidation, bankruptcy, reorganization, arrangement of debts, debtor rehabilitation, creditor adjustment or insolvency, local, state or federal, by or against the District and if such is not vacated, dismissed or stayed on appeal within ninety (90) days; or

if the District defaults in the due and punctual performance of any other covenant in the Indenture or in the Series 2024 Bonds and such default continues for sixty (60) days after written notice requiring the same to be remedied shall have been given to the District by the Trustee, which may give such notice in its discretion and shall give such notice at the written request of the Holders of not less than a majority in aggregate principal amount of the Outstanding Series 2024 Bonds; provided, however, that if such performance requires work to be done, actions to be taken, or conditions to be remedied, which by their nature cannot reasonably be done, taken or remedied, as the case may be, within such sixty (60) day period, no Event of Default shall be deemed to have occurred or exist if, and so long as the District shall commence such performance within such sixty (60) day period and shall diligently and continuously prosecute the same to completion; or
if any time the amount in the Series 2024 Reserve Account is less than the Series 2024 Reserve Requirement as a result of the Trustee withdrawing an amount therefrom to satisfy the Debt Service Requirement on the Series 2024 Bonds and such amount has not been restored within thirty (30) days of such withdrawal; or
more than twenty percent (20%) of the “maintenance special assessments” levied by the District on District Lands upon which the Series 2024 Special Assessments are levied to secure the Series 2024 Bonds pursuant to Section 190.021(3), Florida Statutes, as amended, and collected directly by the District have become due and payable and have not been paid, within ninety (90) days of when due.
The Trustee shall not be required to rely on any official action, admission or declaration by the District before recognizing that an Event of Default under (e) above has occurred.
No Acceleration; Redemption. No Series 2024 Bonds shall be subject to acceleration. Upon an Event of Default, no optional redemption or extraordinary mandatory redemption of the Series 2024 Bonds pursuant to the Indenture shall occur unless all of the Series 2024 Bonds where an Event of Default has occurred will be redeemed or if 100% of the Holders of the Series 2024 Bonds agree to such redemption.
Legal Proceedings by Trustee. If any Event of Default with respect to the Series 2024 Bonds has occurred and is continuing, the Trustee, in its discretion may, and upon the written request of the Majority Holders of the Outstanding Series 2024 Bonds and receipt of indemnity to its satisfaction shall, in its own name:
by mandamus, or other suit, action or proceeding at law or in equity, enforce all rights of the Holders of the Series 2024 Bonds, including, without limitation, the right to require the District to carry out any agreements with, or for the benefit of, the Series 2024 Bondholders and to perform its or their duties under the Act;
bring suit upon the Series 2024 Bonds;
by action or suit in equity require the District to account as if it were the trustee of an express trust for the Holders of the Series 2024 Bonds;
by action or suit in equity enjoin any acts or things which may be unlawful or in violation of the rights of the Holders of the Series 2024 Bonds; and
by other proceeding in law or equity, exercise all rights and remedies provided for by any other document or instrument securing the Series 2024 Bonds.

Discontinuance of Proceedings by Trustee. If any proceeding taken by the Trustee on account of any Event of Default is discontinued or is determined adversely to the Trustee, the District, the Trustee, the Paying Agent and the Bondholders shall be restored to their former positions and rights hereunder as though no such proceeding had been taken.
Bondholders May Direct Proceedings. The Majority Holders then subject to remedial proceedings under the Indenture shall have the right to direct the method and place of conducting all remedial proceedings by the Trustee under the Indenture, provided that such directions shall not be otherwise than in accordance with applicable law and the applicable provisions of the Indenture.
Application of Moneys in Event of Default. Any moneys received by the Trustee or the Paying Agent, as the case may be, in connection with any proceedings brought under Article X of the Master Indenture with respect to the Series 2024 Bonds shall be applied in the following order of priority:
to the payment of the costs of the Trustee and Paying Agent incurred in connection with actions taken under Article X of the Master Indenture with respect to such Series 2024 Bonds, including counsel fees and any disbursements of the Trustee and the Paying Agent and payment of unpaid fees and expenses owed to the Trustee.
then:
FIRST: to payment of all installments of interest then due on the Series 2024 Bonds in the order of maturity of such installments of interest, and, if the amount available shall not be sufficient to pay in full any particular installment, then to the payment ratably, according to the amounts due on such installment, to the persons entitled thereto, without any preference or priority of one installment of interest over any other installment; and
SECOND: to payment to the persons entitled thereto of the unpaid principal or Redemption Price of any of the Series 2024 Bonds which shall have become due in the order of their due dates, with interest on such Series 2024 Bonds from the respective dates upon which they become due and, if the amount available shall not be sufficient to pay in full the principal or Redemption Price coming due on such Series 2024 Bonds on any particular date, together with such interest, then to the payment ratably, according to the amount of principal due on such date, to the persons entitled thereto without any preference or priority of one such Series 2024 Bond over another Bond or of any installment of interest over another.
Any surplus remaining after the payments described above shall be paid to the District or to the Person lawfully entitled to receive the same or as a court of competent jurisdiction may direct.
ENFORCEMENT OF ASSESSMENT COLLECTIONS
General
The primary source of payment for the Series 2024 Bonds is the Series 2024 Special Assessments imposed on the assessable lands within the District specially benefited by the 2024 Project pursuant to the Assessment Proceedings. See “ASSESSMENT METHODOLOGY” herein and “APPENDIX D: ASSESSMENT METHODOLOGY.”
The determination, order, levy, and collection of Series 2024 Special Assessments must be done in compliance with procedural requirements and guidelines provided by State law. Failure by the District, the

Miami-Dade County Tax Collector (the “Tax Collector”) or the Miami-Dade County Property Appraiser (the “Property Appraiser”) to comply with such requirements could result in delay in the collection of, or the complete inability to collect, Series 2024 Special Assessments during any year. Such delays in the collection of Series 2024 Special Assessments, or complete inability to collect any of the Series 2024 Special Assessments, would have a material adverse effect on the ability of the District to make full or punctual payment of the debt service requirements on such Series 2024 Bonds. See “BONDOWNERS’ RISKS.” To the extent that landowners fail to pay the Series 2024 Special Assessments or delay payments, the successful pursuance of collection procedures available to the District is essential to continued payment of principal of and interest on the Series 2024 Bonds. The Act provides for various methods of collection of delinquent Series 2024 Special Assessments by reference to other provisions of the Florida Statutes. See “BONDOWNERS’ RISKS” herein. The following is a description of certain statutory provisions of assessment payment and collection procedures appearing in the Florida Statutes but is qualified in its entirety by reference to such statutes.
Alternative Uniform Tax Collection Procedure for Series 2024 Special Assessments
Except as stated below, the District will covenant in the Indenture to collect the Series 2024 Special Assessments through the Uniform Method (as herein defined) with respect to platted lots. Pursuant to the terms and provisions of the Master Indenture, the District shall, pursuant to the provisions of the Assessment Resolutions, directly collect the Series 2024 Special Assessments levied in lieu of the Uniform Method with respect to the timing for using the Uniform Method will not yet allow for using such method and prior to platting, unless the Trustee at the direction of the Majority Holders directs the District otherwise. At such time as the Series 2024 Special Assessments are collected pursuant to the Uniform Method, the provisions under this heading shall become applicable.
The Florida Statutes provide that, subject to certain conditions, non-ad valorem special assessments may be collected by using the uniform method of collection (the “Uniform Method”). The Uniform Method is available only in the event the District complies with statutory and regulatory requirements and enters into agreements with the Tax Collector and Property Appraiser providing for the Series 2024 Special Assessments to be levied and then collected in this manner. The District’s election to use a certain collection method with respect to the Series 2024 Special Assessments does not preclude it from electing to use another collection method in the future. See “Foreclosure” below with respect to collection of delinquent assessments not collected pursuant to the Uniform Method.
If the Uniform Method is utilized, the Series 2024 Special Assessments will be collected together with the City, the County, school board, special district, and other ad valorem taxes and non-ad valorem assessments, all of which will appear on the tax bill (also referred to as a “tax notice”) issued to each landowner in the District. The statutes relating to enforcement of ad valorem taxes and non-ad valorem assessments provide that such taxes and assessments become due and payable on November 1 of the year when assessed, or as soon thereafter as the certified tax roll is received by the Tax Collector, and constitute a lien upon the land from January 1 of such year until paid or barred by operation of law. Such taxes and assessments (including the Series 2024 Special Assessments, if any, being collected by the Uniform Method) are to be billed, and landowners in the District are required to pay all such taxes and assessments, without preference in payment of any particular increment of the tax bill, such as the increment owing for the Series 2024 Special Assessments.
All City, County, school and special districts, including the District, ad valorem taxes, non-ad valorem special assessments, including the Series 2024 Special Assessments, and voter-approved ad valorem taxes levied to pay principal of and interest on bonds, are payable at one time, except for partial payment schedules as may be provided by Sections 197.374 and 197.222, Florida Statutes. Partial payments

made pursuant to Sections 197.374 and 197.222, Florida Statutes, are distributed in equal proportion to all taxing districts and levying authorities applicable to that account. If a taxpayer does not make complete payment of the total amount, he or she cannot designate specific line items on his or her tax bill as deemed paid in full. Therefore, in the event the Series 2024 Special Assessments are to be collected pursuant to the Uniform Method, any failure to pay any one line item, would cause the Series 2024 Special Assessments to not be collected to that extent, which could have a significant adverse effect on the ability of the District to make full or punctual payment of the debt service requirements on the Series 2024 Bonds.
Under the Uniform Method, if the Series 2024 Special Assessments are paid during November when due or during the following three months, the taxpayer is granted a variable discount equal to 4% in November and decreasing one percentage point per month to 1% in February. All unpaid taxes and assessments become delinquent on April 1 of the year following assessment. The Tax Collector is required to collect the ad valorem taxes and non-ad valorem special assessments on the tax bill prior to April 1 and, after that date, to institute statutory procedures upon delinquency to collect such taxes and assessments through the sale of “tax certificates,” as discussed below. Delay in the mailing of tax notices to taxpayers may result in a delay throughout this process.
Neither the District nor the Underwriter can give any assurance to the holders of the Series 2024 Bonds (1) that the past experience of the Tax Collector with regard to tax and special assessment delinquencies is applicable in any way to the Series 2024 Special Assessments, (2) that future landowners and taxpayers in the District will pay such Series 2024 Special Assessments, (3) that a market may exist in the future for tax certificates in the event of sale of such certificates for taxable units within the District, and (4) that the eventual sale of tax certificates (as described below) for real property within the District, if any, will be for an amount sufficient to pay amounts due under the Assessment Proceedings to discharge the lien of the Series 2024 Special Assessments and all other liens that are coequal therewith.
Collection of delinquent Series 2024 Special Assessments under the Uniform Method is, in essence, based upon the sale by the Tax Collector of “tax certificates” and remittance of the proceeds of such sale to the District for payment of the Series 2024 Special Assessments due. In the event of a delinquency in the payment of taxes and assessments on real property, the landowner may, prior to the sale of tax certificates, pay the total amount of delinquent ad valorem taxes and non-ad valorem assessments plus the cost of advertising and the applicable interest charge on the amount of such delinquent taxes and assessments. If the landowner does not act, the Tax Collector is required to attempt to sell tax certificates on such property to the person who pays the delinquent taxes and assessments owing, penalties and interest thereon and certain costs, and who accepts the lowest interest rate per annum to be borne by the certificates (but not more than 18%). Tax certificates are sold by public bid. If there are no bidders, the tax certificate is issued to the County. During the pendency of any litigation arising from the contest of a landowner’s tax assessment collected through the Uniform Method, which may possibly include non-ad valorem special assessments such as the Series 2024 Special Assessments, it is possible that the tax collector will not sell tax certificates with respect to such property. The County is to hold, but not pay for, the tax certificate with respect to the property, bearing interest at the maximum legal rate of interest (currently 18%). The Tax Collector does not collect any money if tax certificates are “struck off” (issued) to the County. The County may sell such certificates to the public at any time at the principal amount thereof plus interest at the rate of not more than 18% per annum and a fee. Proceeds from the sale of tax certificates are required to be used to pay taxes and assessments (including the Series 2024 Special Assessments), interest, costs and charges on the real property described in the certificate. The demand for such certificates is dependent upon various factors, which include the rate of interest that can be earned by ownership of such certificates and the underlying value of the land that is the subject of such certificates and which may be subject to sale at the demand of the certificate holder. Therefore, the underlying market value of the property within the District may affect the demand for certificates and the successful collection of the Series 2024 Special

Assessments, which are the primary source of payment of the Series 2024 Bonds. Legal proceedings under Federal bankruptcy law brought by or against a landowner who has not yet paid his or her property taxes or assessments would likely result in a delay in the sale of tax certificates.
Any tax certificate in the hands of a person other than the County may be redeemed and canceled, in whole or in part (under certain circumstances), at any time before a tax deed is issued (unless full payment for a tax deed is made to the clerk of court, including documentary stamps and recording fees), at a price equal to the face amount of the certificate or portion thereof together with all interest, costs, charges and omitted taxes due. Regardless of the interest rate actually borne by the certificates, persons redeeming tax certificates must pay a minimum interest rate of 5% to the holders thereof, unless the rate borne by the certificates is zero percent. The proceeds of such a redemption are paid to the Tax Collector who transmits to the holder of the tax certificate such proceeds less service charges, and the certificate is canceled. Redemption of tax certificates held by the County is effected by purchase of such certificates from the County, as described in the preceding paragraph.
Any holder, other than the County, of a tax certificate that has not been redeemed has seven years from the date of issuance of the tax certificate during which to act against the land that is the subject of the tax certificate. After an initial period ending two years from April 1 of the year of issuance of a certificate, during which period actions against the land are held in abeyance to allow for sales and redemptions of tax certificates, and before the expiration of seven years from the date of issuance, the holder of a certificate may apply for a tax deed to the subject land. The applicant is required to pay to the Tax Collector at the time of application all amounts required to redeem or purchase all outstanding tax certificates covering the land, plus interest, any omitted taxes or delinquent taxes and interest, and current taxes, if due (as well as any costs of resale, if applicable). If the County holds a tax certificate on property valued at $5,000 or more and has not succeeded in selling it, the County must apply for a tax deed two years after April 1 of the year of issuance of the certificate. The County pays costs and fees to the Tax Collector but not any amount to redeem any other outstanding certificates covering the land. Thereafter, the property is advertised for public sale.
In any such public sale conducted by the Clerk of the Circuit Court, the private holder of the tax certificate who is seeking a tax deed for non-homestead property is deemed to submit a minimum bid equal to the amount required to redeem the tax certificate, charges for the cost of sale, including costs incurred for the service of notice required by statute, redemption of other tax certificates on the land, and the amount paid by such holder in applying for the tax deed, plus interest thereon. In the case of homestead property, the minimum bid is also deemed to include, in addition to the amount of money required for the minimum bid on non-homestead property, an amount equal to one-half of the latest assessed value of the homestead. If there are no higher bids, the holder receives title to the land, and the amounts paid for the certificate and in applying for a tax deed are credited toward the purchase price. If there are other bids, the holder may enter the bidding. The highest bidder is awarded title to the land. The portion of proceeds of such sale needed to redeem the tax certificate, and all other amounts paid by such person in applying for a tax deed, are forwarded to the holder thereof or credited to such holder if such holder is the successful bidder. Excess proceeds are distributed first to satisfy governmental liens against the land and then to the former title holder of the property (less service charges), lienholder of record, mortgagees of record, vendees of recorded contracts for deeds, and other lienholders and any other person to whom the land was last assessed on the tax roll for the year in which the land was assessed, all as their interest may appear.
Except for certain governmental liens and certain restrictive covenants and restrictions, no right, interest, restriction or other covenant survives the issuance of a tax deed. Thus, for example, outstanding mortgages on property subject to a tax deed would be extinguished.

If there are no bidders at the public sale, the County may, at any time within ninety (90) days from the date of offering for public sale, purchase the land without further notice or advertising for a statutorily prescribed opening bid. After ninety (90) days have passed, any person or governmental unit may purchase the land by paying the amount of the opening bid. Ad valorem taxes and non-ad valorem assessments accruing after the date of public sale do not require repetition of the bidding process but are added to the minimum bid. Three years from the date of delinquency, unsold lands escheat to the county in which they are located and all tax certificates and liens against the property are canceled and a deed is executed vesting title in the governing board of such county.
Foreclosure
The following discussion regarding foreclosure is not applicable if the Series 2024 Special Assessments are being collected pursuant to the Uniform Method. In the event that the District, itself, directly levies and enforces, pursuant to Chapters 170 and 190, Florida Statutes, the collection of the Series 2024 Special Assessments levied on the land within the District, Section 170.10, Florida Statutes provides that upon the failure of any property owner to pay all or any part of the principal of a special assessment, including a Series 2024 Special Assessment, or the interest thereon, when due, all of the Series 2024 Special Assessments levied on the land owned by such property owner shall be accelerated and the governing body of the entity levying the assessment, including such Series 2024 Special Assessments, is authorized to commence legal proceedings for the enforcement of the payment thereof, including commencement of an action in chancery, commencement of a foreclosure proceeding in the same manner as the foreclosure of a real estate mortgage, or commencement of an action under Chapter 173, Florida Statutes relating to foreclosure of municipal tax and special assessment liens. Such proceedings would be in rem, meaning that each would be brought against the land not against the owner. In light of the one year tolling period required before the District may commence a foreclosure action under Chapter 173, Florida Statutes, it is likely the District would commence an action to foreclose in the same manner as the foreclosure of a real estate mortgage rather than proceeding under Chapter 173, Florida Statutes.
Enforcement of the obligation to pay Series 2024 Special Assessments and the ability to foreclose the lien of such Series 2024 Special Assessments upon the failure to pay such Series 2024 Special Assessments may not be readily available or may be limited as such enforcement is dependent upon judicial action which is often subject to discretion and delay.
BONDOWNERS’ RISKS
There are certain risks inherent in an investment in bonds issued by a public authority or governmental body in the State and secured by special assessments. Certain of these risks are described under other headings of this Limited Offering Memorandum. Certain additional risks are associated with the Series 2024 Bonds offered hereby and are set forth below. Prospective investors in the Series 2024 Bonds should have such knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of an investment in the Series 2024 Bonds and have the ability to bear the economic risks of such prospective investment, including a complete loss of such investment. The information under this heading does not purport to summarize all risks that may be associated with purchasing or owning the Series 2024 Bonds and prospective purchasers are advised to read this Limited Offering Memorandum in its entirety for a more complete description of investment considerations relating to the Series 2024 Bonds.
As of the date hereof, the AG Landowner is the landowner of the assessable lands within the District, which are the lands that will be subject to the Series 2024 Special Assessments securing the Series 2024 Bonds. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2024

BONDS” herein. Payment of the Series 2024 Special Assessments is primarily dependent upon their timely payment by the AG Landowner, the Development Manager and subsequent landowners in the District. See “THE AG LANDOWNER AND THE DEVELOPMENT MANAGER” herein. In the event of the institution of bankruptcy or similar proceedings with respect to the AG Landowner, the Development Manager or any other owner of benefited property, delays could occur in the payment of debt service on the Series 2024 Bonds as such bankruptcy could negatively impact the ability of: (i) the AG Landowner, the Development Manager and any other landowner being able to pay the Series 2024 Special Assessments;
(ii) the Tax Collector to sell tax certificates in relation to such property with respect to the Series 2024 Special Assessments being collected pursuant to the Uniform Method; and (iii) the District to foreclose the lien of the Series 2024 Special Assessments not being collected pursuant to the Uniform Method. The Uniform Method will not be used with respect to any assessable lands which are still owned by the AG Landowner, the Development Manager or an entity affiliated with the AG Landowner or the Development Manager until such time lots are platted unless the majority of the owners of the Bonds Outstanding direct the District to use the Uniform Method or the District is unable to use the Uniform Method. In addition, the remedies available to the Owners of the Series 2024 Bonds under the Indenture are in many respects dependent upon judicial actions which are often subject to discretion and delay. Under existing constitutional and statutory law and judicial decisions, the remedies specified by federal, state and local law and in the Indenture and the Series 2024 Bonds, including, without limitation, enforcement of the obligation to pay Series 2024 Special Assessments and the ability of the District to foreclose the lien of the Series 2024 Special Assessments if not being collected pursuant to the Uniform Method, may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the delivery of the Series 2024 Bonds (including Bond Counsel’s approving opinion) will be qualified as to the enforceability of the various legal instruments by limitations imposed by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors enacted before or after such delivery. The inability, either partially or fully, to enforce remedies available with respect to the Series 2024 Bonds could have a material adverse impact on the interest of the Owners thereof.
The principal security for the payment of the principal and interest on the Series 2024 Bonds is the timely collection of the Series 2024 Special Assessments. The Series 2024 Special Assessments do not constitute a personal indebtedness of the landowners of the land subject thereto, but are secured by a lien on such land. There is no assurance that the landowners will be able to pay the Series 2024 Special Assessments or that they will pay such Series 2024 Special Assessments even though financially able to do so. Beyond legal delays that could result from bankruptcy or other legal proceedings contesting an ad valorem tax or non-ad valorem assessment, the ability of the Tax Collector to sell tax certificates in regard to delinquent Series 2024 Special Assessments collected pursuant to the Uniform Method will be dependent upon various factors, including the interest rate which can be earned by ownership of such certificates and the value of the land which is the subject of such certificates. The assessment of the benefits to be received by the benefited land within the District as a result of implementation and development of the 2024 Project is not indicative of the realizable or market value of the land, which value may actually be higher or lower than the assessment of benefits. To the extent that the realizable or market value of the land benefited by the 2024 Project is lower than the assessment of benefits, the ability of the Tax Collector to sell tax certificates relating to such land or the ability of the District to realize sufficient value from a foreclosure action to pay debt service on the Series 2024 Bonds may be adversely affected. Such adverse effect could render the District unable to collect delinquent Series 2024 Special Assessments and provided such delinquencies are significant, could negatively impact the ability of the District to make the full or punctual payment of debt service on the Series 2024 Bonds.
The value of the lands subject to the Series 2024 Special Assessments could also be adversely impacted by flooding or wind damage caused by hurricanes, tropical storms, or other catastrophic events. In addition to potential damage or destruction to any existing development or construction in or

near the District, such catastrophic events could potentially render the District lands unable to support future development. Changing weather patterns have increased the likelihood of flooding within the County. The occurrence of any such events could materially adversely impact the District’s ability to pay principal and interest on the Series 2024 Bonds. The Series 2024 Bonds are not insured and the District’s casualty insurance policies do not insure against losses incurred on private lands within its boundaries.
The development of the 2024 Project is subject to comprehensive federal, state and local regulations and future changes to such regulations. Approval is required from various public agencies in connection with, among other things, the design, nature and extent of planned improvements, both public and private, and construction of the infrastructure in accordance with applicable zoning, land use and environmental regulations. Although all such approvals required to date have been received and any further approvals are anticipated to be received as needed, failure to obtain any such approvals in a timely manner could delay or adversely affect the completion of the development of the District Lands. See “THE DEVELOPMENT – Development Approvals,” and “– Environmental” herein for more information. Moreover, the Development Manager has the right to modify or change its plan for development of the Development, from time to time, including, without limitation, land use changes, changes in the overall land and phasing plans, and changes to the type, mix, size and number of units to be developed, and may seek in the future, in accordance with, and subject to the provisions of the Act, to contract or expand the boundaries of the District.
The successful sale of the residential units, once such homes are built within the District may be affected by unforeseen changes in general economic conditions, fluctuations in the real estate market and other factors beyond the control of the AG Landowner and the Development Manager.
Neither the AG Landowner, the Development Manager (when it becomes a landowner) nor any other subsequent landowner within the District has any obligation to pay the Series 2024 Special Assessments. As described in paragraph 2 above, the Series 2024 Special Assessments are an imposition against the land only. Neither the AG Landowner, the Development Manager nor any other subsequent landowner is a guarantor of payment of any Series 2024 Special Assessment and the recourse for the failure of the AG Landowner, the Development Manager or any other landowner to pay the Series 2024 Special Assessments is limited to the collection proceedings against the land as described herein.
The willingness and/or ability of an owner of benefited land to pay the Series 2024 Special Assessments could be affected by the existence of other taxes and assessments imposed upon such property by the District, the City, the County or any other local special purpose or general purpose governmental entities. City, County, school, special district taxes and special assessments, and voter- approved ad valorem taxes levied to pay principal of and interest on debt, including the Series 2024 Special Assessments, collected pursuant to the Uniform Method are payable at one time. Public entities whose boundaries overlap those of the District, could, without the consent of the owners of the land within the District, impose additional taxes on the property within the District. The District anticipates imposing operation and maintenance assessments encumbering the same property encumbered by the Series 2024 Special Assessments. In addition, lands within the District may also be subject to assessments or fees by property and home owner associations.
The Series 2024 Bonds may not constitute a liquid investment, and there is no assurance that a liquid secondary market will exist for the Series 2024 Bonds in the event an Owner thereof determines to solicit purchasers of the Series 2024 Bonds. The Series 2024 Bonds are being sold pursuant to exemptions from registration under applicable securities laws. No secondary market may develop and an owner may not be able to resell the Series 2024 Bonds. Even if a liquid secondary market exists, there can be no assurance as to the price for which the Series 2024 Bonds may be sold. Such price may be lower

than that paid by the current Owners of the Series 2024 Bonds, depending on the progress of development of the Development and the lands within the District, existing real estate and financial market conditions and other factors.
In addition to legal delays that could result from bankruptcy or legal proceedings contesting an ad valorem tax or non-ad valorem assessment, the ability of the District to enforce collection of delinquent Series 2024 Special Assessments will be dependent upon various factors, including the delay inherent in any judicial proceeding to enforce the lien of the Series 2024 Special Assessments and the value of the land which is the subject of such proceedings and which may be subject to sale. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2024 BONDS – Indenture Provisions Relating to Bankruptcy or Insolvency of Certain Landowners” herein. If the District has difficulty in collecting the Series 2024 Special Assessments, the Series 2024 Reserve Account could be rapidly depleted and the ability of the District to pay debt service would be materially adversely affected. In addition, during an Event of Default under the Indenture, the Trustee may withdraw moneys from the Series 2024 Reserve Account and such other Funds, Accounts and subaccounts created under the Indenture to pay its extraordinary fees and expenses incurred in connection with such Event of Default. If in fact the Series 2024 Reserve Account is accessed for such purpose, the District does not have a designated revenue source for replenishing such account. Moreover, the District may not be permitted to re-assess real property then burdened by the Series 2024 Special Assessments in order to provide for the replenishment of the Series 2024 Reserve Account.
The value of the land within the District, the success of the development of the Development and the likelihood of timely payment of principal and interest on the Series 2024 Bonds could be affected by environmental factors with respect to the land in the District. Should the land be contaminated by hazardous materials, this could materially and adversely affect the value of the land in the District, which could materially and adversely affect the success of the development of the lands within the District and the likelihood of the timely payment of the Series 2024 Bonds. The District has not performed, nor has the District requested that there be performed on its behalf, any independent assessment of the environmental conditions within the District. Except as described under “THE DEVELOPMENT – Environmental”, the AG Landowner and the Development Manager are not aware of any condition which currently requires, or is reasonably expected to require in the foreseeable future, investigation or remediation under any applicable federal, state or local governmental laws or regulations relating to the environment. See “THE DEVELOPMENT – Environmental” for more information on the Development Manager’s environmental site assessments. Nevertheless, it is possible that hazardous environmental conditions could exist within the District and that such conditions could have a material and adverse impact upon the value of the benefited lands within the District and no assurance can be given that unknown hazardous materials, protected animals or vegetative species, etc., do not currently exist or may not develop in the future whether originating within the District or from surrounding property, and what effect such may have on the development of the Development.
If the District should commence a foreclosure action against a landowner for nonpayment of Series 2024 Special Assessments if the Series 2024 Special Assessments are not being collected pursuant to the Uniform Method, such landowners may raise affirmative defenses to such foreclosure action, which although such affirmative defenses would likely be proven to be without merit, could result in delays in completing the foreclosure action. In addition, the District is required under the Indenture to fund the costs of such foreclosure. It is possible that the District will not have sufficient funds and will be compelled to request the Series 2024 Bondholders to allow funds on deposit under the Indenture to be used to pay the costs of the foreclosure action. Under the Code, there are limitations on the amounts of Series 2024 Bond proceeds that can be used for such purpose.

Under Florida law, a landowner may contest the assessed valuation determined for its property which forms the basis of ad-valorem taxes such landowner must pay. During this contest period, the sale of a Tax Certificate under the Uniform Method will be suspended. If the Series 2024 Special Assessments are being collected along with ad valorem taxes pursuant to the Uniform Method, tax certificates will not be sold with respect to the Series 2024 Special Assessment even though the landowner is not contesting the amount Series 2024 Special Assessment. However, Section 194.014, Florida Statutes, requires taxpayers to pay all non-ad valorem taxes and at least 75% of their ad valorem taxes before they become delinquent. Likewise, taxpayers who challenge the denial of an exemption or classification or a determination that their improvements were substantially complete must pay all non-ad valorem assessments and the amount of ad valorem taxes that they admit in good faith to be owing. In the event a taxpayer fails to pay their property taxes by April 1, the Value Adjustment Board is required to deny their petition by written decision by April 20 of such year.
The Internal Revenue Service (the “IRS”) routinely examines bonds issued by state and local governments, including bonds issued by community development districts. In 2016, the IRS concluded its lengthy examination of certain issues of bonds (for purposes of this subsection, the “Audited Bonds”) issued by Village Center Community Development District (the “Village Center CDD”). During the course of the audit of the Audited Bonds, Village Center CDD received a ruling dated May 30, 2013, in the form of a non-precedential technical advice memorandum (“TAM”) concluding that Village Center CDD is not a political subdivision for purposes of Section 103(a) of the Code because Village Center CDD was organized and operated to perpetuate private control and avoid indefinitely responsibility to an electorate, either directly or through another elected state or local government body. Such a conclusion could lead to the further conclusion that the interest on the Audited Bonds was not excludable from gross income of the owners of such bonds for federal income tax purposes. Village Center CDD received a second TAM dated June 17, 2015, which granted relief to Village Center CDD from retroactive application of the IRS’s conclusion regarding its failure to qualify as a political subdivision. Prior to the conclusion of the audits, the Audited Bonds were all refunded with taxable bonds. The audit of the Audited Bonds that were issued for utility improvements were closed without change to the tax exempt status of those Audited Bonds on April 25, 2016, and the audit of the remainder of the Audited Bonds (which funded recreational amenity acquisitions from entities related to the principal landowner in the Village Center CDD) was closed on July 14, 2016, without the IRS making a final determination that the interest on the Audited Bonds in question was required to be included in gross income. However, the IRS letter to the Village Center CDD with respect to this second set of Audited Bonds noted that the IRS found that the Village Center CDD was not a “proper issuer of tax-exempt bonds” and that those Audited Bonds were private-activity bonds that did not fall in any of the categories that qualify for tax-exemption. Although the TAMs and the letters to the Village Center CDD from the IRS referred to above are addressed to, and binding only on, the IRS and Village Center CDD in connection with the Audited Bonds, they reflect the audit position of the IRS, and there can be no assurance that the IRS would not commence additional audits of bonds issued by other community development districts raising issues similar to the issues raised in the case of the Audited Bonds based on the analysis set forth in the first TAM or on the related concerns addressed in the July 14, 2016 letter to the Village Center CDD.
On February 23, 2016, the IRS published proposed regulations designed to provide prospective guidance with respect to potential private business control of issuers by providing a new definition of political subdivision for purposes of determining whether an entity is an appropriate issuer of bonds the interest on which is excluded from gross income for federal tax purposes. The proposed regulations require that a political subdivision (i) have the power to exercise at least one sovereign power, (ii) be formed and operated for a governmental purpose, and (iii) have a governing body controlled by or have significant uses of its funds or assets otherwise controlled by a government unit with all three sovereign powers or by an electorate that is not controlled by an unreasonably small number of unrelated electors. On October 4,

2017, the Treasury Department (“Treasury”) announced that it will withdraw the proposed regulations, stating that, “while Treasury and the IRS continue to study the legal issues relating to political subdivisions, Treasury and the IRS believed that these proposed regulations should be withdrawn in their entirety.” On October 20, 2017 a notice of withdrawal was published in the Federal Register. Treasury and the IRS may propose more targeted guidance in the future after further study of the relevant legal issues.
It has been reported that the IRS has closed audits of other community development districts in the State with no change to such districts’ bonds’ tax-exempt status, but has advised such districts that they must have qualified electors within five years of the issuance of tax-exempt bonds or their bonds may be determined to be taxable retroactive to the date of issuance. Pursuant to the Act, general elections are not held until the later of six years and there are 250 qualified electors in the district. The District, unlike Village Center CDD, was formed with the intent that it will contain a sufficient number of residents to allow for a transition to control by resident landowners unaffiliated with the Development Manager. Currently, all members of the Board of the District were elected by the Development Manager and none were elected by qualified electors or resident landowners. The Development Manager will certify as to its expectations as to the timing of the transition of control of the Board of the District to qualified electors or resident landowners pursuant to the Act, and its expectations as to compliance with the Act by any members of the Board that they elect; thus, if the District does not reach the minimum of 250 qualified electors after the sale of units to homebuyers, although the Board will continue to be elected by landowners, these landowners will be homebuyers, in the District. Such certification by the Development Manager does not ensure that such certification shall be determinative of, or may influence the outcome of any audit by the IRS, or any appeal from such audit, that may result in an adverse ruling that the District is not a political subdivision for purposes of Section 103(a) of the Code. Further, there can be no assurance that an audit by the IRS of the Series 2024 Bonds will not be commenced. The District has no reason to believe that any such audit will be commenced, or that any such audit, if commenced, would result in a conclusion of noncompliance with any applicable state or federal law.
Owners of the Series 2024 Bonds are advised that, if the IRS does audit the Series 2024 Bonds, under its current procedures, at least during the early stages of an audit, the IRS will treat the District as the taxpayer, and the Owners of the Series 2024 Bonds may have limited rights to participate in those proceedings. The commencement of such an audit could adversely affect the market value and liquidity of the Series 2024 Bonds until the audit is concluded, regardless of the ultimate outcome. In addition, in the event of an adverse determination by the IRS with respect to the tax-exempt status of interest on the Series 2024 Bonds, it is unlikely the District will have available revenues to enable it to contest such determination or enter into a voluntary financial settlement with the IRS. Further, an adverse determination by the IRS with respect to the tax-exempt status of interest on the Series 2024 Bonds would adversely affect the availability of any secondary market for the Series 2024 Bonds. Should interest on the Series 2024 Bonds become includable in gross income for federal income tax purposes, not only will Owners of Series 2024 Bonds be required to pay income taxes on the interest received on such Series 2024 Bonds and related penalties, but because the interest rate on such Series 2024 Bonds will not be adequate to compensate Owners of the Series 2024 Bonds for the income taxes due on such interest, the value of the Series 2024 Bonds may decline.
THE INDENTURE DOES NOT PROVIDE FOR ANY ADJUSTMENT IN THE INTEREST RATE ON THE SERIES 2024 BONDS IN THE EVENT OF AN ADVERSE DETERMINATION BY THE IRS WITH RESPECT TO THE TAX-EXEMPT STATUS OF INTEREST ON THE SERIES 2024 BONDS. PROSPECTIVE PURCHASERS OF THE SERIES 2024 BONDS SHOULD EVALUATE WHETHER THEY CAN OWN THE SERIES 2024 BONDS IN THE EVENT THAT THE INTEREST ON THE SERIES 2024 BONDS BECOMES TAXABLE AND/OR THE DISTRICT IS EVER

DETERMINED TO NOT BE A POLITICAL SUBDIVISION FOR PURPOSES OF THE CODE AND/OR SECURITIES ACT (AS HEREINAFTER DEFINED).
In addition to a possible determination by the IRS that the District is not a political subdivision for purposes of the Code, and regardless of the IRS determination, it is possible that federal or state regulatory authorities could also determine that the District is not a political subdivision for purposes of the federal and state securities laws. Accordingly, the District and purchasers of Series 2024 Bonds may not be able to rely on the exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”), relating to securities issued by political subdivisions. In that event the Owners of the Series 2024 Bonds would need to ensure that subsequent transfers of the Series 2024 Bonds are made pursuant to a transaction that is not subject to the registration requirements of the Securities Act.
Various proposals are mentioned from time to time by members of the Congress of the United States of America and others concerning reform of the internal revenue (tax) laws of the United States. In addition, the IRS may, in the future, issue rulings that have the effect of changing the interpretation of existing tax laws. Certain of these proposals and interpretations, if implemented or upheld, could have the effect of diminishing the value of obligations of states and their political subdivisions, such as the Series 2024 Bonds, by eliminating or changing the tax-exempt status of interest on certain of such bonds. Whether any of such proposals will ultimately become or be upheld as law, and if so, the effect such proposals could have upon the value of bonds such as the Series 2024 Bonds, cannot be predicted. However, it is possible that any such law or interpretation could have a material and adverse effect upon the availability of a liquid secondary market and/or the value of the Series 2024 Bonds. See also “TAX MATTERS.”
There can be no assurance, in the event the District does not have sufficient moneys on hand to complete the 2024 Project, that the District will be able to raise through the issuance of bonds, or otherwise, the moneys necessary to complete the 2024 Project. Further, pursuant to the First Supplemental Indenture, the District covenants not to issue any other Bonds or other debt obligations secured by the Series 2024 Special Assessments. Such covenant shall not prohibit the District from issuing refunding bonds. In addition, the District covenants not to issue any other Bonds or debt obligations secured by Special Assessments on assessable lands within the District that are subject to the Series 2024 Special Assessments unless the Series 2024 Special Assessments levied within the District have been Substantially Absorbed, provided the foregoing shall not preclude the imposition of Special Assessments or other non-ad valorem assessments on such lands in connection with other capital projects that are necessary for health, safety or welfare reasons or to remediate a natural disaster. Notwithstanding any provision in the Indenture to the contrary, the District may issue other Bonds or debt obligations secured by Special Assessments levied on the same land upon which the Series 2024 Special Assessments have been levied at any time upon the written consent of the Majority Holders or at any time without any such consent if Special Assessments are levied on any lands within the District which are not subject to the Series 2024 Special Assessments. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2024 BONDS – Additional
Obligations” for more information. [The Development Manager will enter into a completion agreement with the District with respect to any unfinished portions of the 2024 Project not funded with the proceeds of the Series 2024 Bonds.] The AG Landowner and the Development Manager will execute and deliver to the District a collateral assignment agreement, pursuant to which the AG Landowner and the Development Manager will collaterally assign to the District, to the extent assignable and to the extent that they are solely owned or controlled by the AG Landowner or the Development Manager, development rights relating to the 2024 Project. Notwithstanding such collateral assignment agreement, in the event the District forecloses on the lands subject to the Series 2024 Special Assessments as a result of the AG Landowner’s, the Development Manager’s or subsequent landowners’ failure to pay such assessments, there is a risk that the District will not have all permits and entitlements necessary to complete the development of the

Development. All such obligations of the Development Manager and the AG Landowner are unsecured obligations. See “THE 2024 PROJECT” and “THE DEVELOPMENT” herein for more information.
It is impossible to predict what new proposals may be presented regarding ad valorem tax reform and/or community development districts during upcoming legislative sessions, whether such new proposals or any previous proposals regarding the same will be adopted by the Florida Senate and House of Representatives and signed by the Governor, and, if adopted, the form thereof. On October 31, 2014, the Auditor General of the State released a 31-page report which requests legislative action to establish parameters on the amount of bonds a community development district may issue and provide additional oversight for community development district bonds. This report renews requests made by the Auditor General in 2011 that led to the Governor of the State issuing an Executive Order on January 11, 2012 (the “Executive Order”) directing the Office of Policy and Budget in the Executive Office of the Governor (“OPB”) to examine the role of special districts in the State. As of the date hereof, the OPB has not made any recommendations pursuant to the Executive Order nor has the Florida legislature passed any related legislation. It is impossible to predict with certainty the impact that any future legislation will or may have on the security for the Series 2024 Bonds. It should be noted that Section 190.16(14) of the Act provides in pertinent part that “The state pledges to the holders of any bonds issued under the Act that it will not limit or alter the rights of the district to levy and collect the … assessments… and to fulfill the terms of any agreement made with the holders of such bonds … and that it will not impair the rights or remedies of such holders.”
In the event a bank forecloses on property within the District because of a default on a mortgage on such property in favor of such bank and then the bank itself fails, the Federal Deposit Insurance Corporation (the “FDIC”), as receiver will then become the fee owner of such property. In such event, the FDIC will not, pursuant to its own rules and regulations, likely be liable to pay the Series 2024 Special Assessments levied on such property. In addition, the District would require the consent of the FDIC prior to commencing a foreclosure action.
The District relies on a technological environment to conduct its operations. The District, its agents and other third parties the District does business with or otherwise relies upon are subject to cyber threats including, but not limited to, hacking, viruses, malware and other attacks on computer and other sensitive digital networks and systems. Entities or individuals may attempt to gain unauthorized access to such parties’ digital systems for the purposes of misappropriating assets or information or causing operational disruption and damage. No assurances can be given that any such attack(s) will not materially impact the operations or finances of the District, which could impact the timely payment of debt service on the Series 2024 Bonds.
The COVID-19 pandemic severely impacted global financial markets, unemployment levels and commerce generally. It is possible that, in the future, the spread of epidemic or pandemic diseases and/or government health and public safety restrictions imposed in response thereto could adversely impact the District, the Developer, the timely and successful completion of the Development and the construction and sale to purchasers of residential units therein. Such impacts could include delays in obtaining development approvals, construction delays, supply chain delays, or increased costs. See also “BONDOWNERS’ RISKS – No. 5” and “‒No. 16” herein.
In addition to being subject to optional and mandatory sinking fund redemptions, the Series 2024 Bonds are subject to extraordinary mandatory redemption as a result of prepayments of the Series 2024 Special Assessments by owners of the property within the Development. Any such redemptions of the Series 2024 Bonds would be at the principal amount of such Series 2024 Bonds being redeemed plus accrued interest to the date of redemption. In such event, owners of the Series 2024 Bonds

may not realize their anticipated rate of return on the Series 2024 Bonds and owners of any Premium Bonds (as defined herein) may receive less than the price they paid for the Series 2024 Bonds. See “DESCRIPTION OF THE SERIES 2024 BONDS – Redemption Provisions” and “SECURITY FOR AND
SOURCE OF PAYMENT OF THE SERIES 2024 BONDS – Prepayment of Series 2024 Special Assessments” herein for more information.

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ESTIMATED SOURCES AND USES OF FUNDS
The table that follows summarizes the estimated sources and uses of proceeds of the Series 2024
Bonds:
Source of Funds

Par Amount of Series 2024 Bonds	 $ [Plus][Less][Net] Original Issue [Premium][Discount]		
Total Sources	$	

Use of Funds
Deposit to Series 2024 Acquisition and Construction Account	$ Deposit to Series 2024 Interest Account(1)
Deposit to Series 2024 Reserve Account
Costs of Issuance, including Underwriter’s Discount(2)
Total Uses	$	

(1) To be applied to pay interest on the Series 2024 Bonds through at least June 15, 2024.
(2) Costs of issuance includes, without limitation, legal fees and other costs associated with the issuance of the Series 2024 Bonds.

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DEBT SERVICE REQUIREMENTS
The following table sets forth the scheduled debt service on the Series 2024 Bonds:

Period Ending December 15	Principal (Amortization)		Interest	Total Debt Service	
2024	$	$		$	
2025					
2026					
2027					
2028					
2029					
2030					
2031					
2032					
2033					
2034					
2035					
2036					
2037					
2038					
2039					
2040					
2041					
2042					
2043					
2044					
2045					
2046					
2047					
2048					
2049					
2050					
2051					
2052					
2053
2054*
TOTALS	
$			
$		
$		

* The Series 2024 Bonds mature on June 15, 20 .

THE DISTRICT
General Information
The District was established under the provisions of the Act and created by Ordinance No. 23-35 enacted by the Board of County Commissioners of the County on May 16, 2023 and effective on May 26, 2023, pursuant to the provisions of the Act. The boundaries of the District include approximately 25.72+/- gross acres of land (the “District Lands”) located entirely within the City in the County.
Legal Powers and Authority
The District is an independent unit of local government created pursuant to, and established in accordance with, the Act. The Act was enacted in 1980 to provide a uniform method for the establishment of independent districts to manage and finance basic community development services, including capital infrastructure required for community developments throughout the State of Florida. The Act provides legal authority for community development districts (such as the District) to finance the acquisition, construction, operation and maintenance of the major infrastructure for community development pursuant to its general law charter. The District is classified as an independent district under Chapter 189, Florida Statutes.
Among other provisions, the Act gives the District’s Board of Supervisors the authority to, among other things, (a) plan, establish, acquire, construct or reconstruct, enlarge or extend, equip, operate and maintain systems and facilities for, among other things: (i) water management and control for lands within the District and to connect any of such facilities with roads and bridges; (ii) water supply, sewer and waste- water management, reclamation and reuse systems or any combination thereof and to construct and operate connecting intercept or outlet sewers and sewer mains and pipes and water mains, conduits, or pipelines in, along, and under any street, alley, highway, or other public place or ways, and to dispose of any effluent, residue, or other byproducts of such system or sewer system; (iii) District roads equal to or exceeding the specifications of the county in which such District roads are located and street lights, landscaping, hardscaping and undergrounding of electric utility lines; and (iv) with the consent of the local general- purpose government within the jurisdiction of which the power is to be exercised, parks and facilities for indoor and outdoor recreational uses and security; (b) borrow money and issue bonds of the District; (c) impose and foreclose special assessments liens as provided in the Act; and (d) exercise all other powers, necessary, convenient, incidental or proper in connection with any of the powers or duties of the District stated in the Act.
The Act does not empower the District to adopt and enforce any land use plans or zoning ordinances and the Act does not empower the District to grant building permits; these functions are to be performed by general purpose local governments having jurisdiction over the lands within the District.
The Act exempts all property owned by the District from levy and sale by virtue of an execution and from judgment liens, but does not limit the right of any owner of Bonds of the District to pursue any remedy for enforcement of any lien or pledge of the District in connection with its bonds, including the Series 2024 Bonds.
Board of Supervisors
The governing body of the District is its Board of Supervisors (the “Board”), which is composed of five Supervisors (the “Supervisors”). The Act provides that, at the initial meeting of the landowners, Supervisors must be elected by the landowners with the two Supervisors receiving the highest number of

votes to serve for four years and the remaining Supervisors to serve for a two-year term. Three of the five Supervisors are elected to the Board every two years in November. At such election the two Supervisors receiving the highest number of votes are elected to four-year terms and the remaining Supervisor is elected to a two-year term. Until the later of six (6) years after the initial appointment of Supervisors or the year in which there are at least 250 qualified electors in the District, or such earlier time as the Board may decide to exercise its ad valorem taxing power, the Supervisors are elected by vote of the landowners of the District. Ownership of the land within the District entitles the owner to one vote per acre (with fractions thereof rounded upward to the nearest whole number and, for purposes of determining voting interests, platted lots shall be counted individually and rounded up to the nearest whole acre and shall not be aggregated for determining the number of voting units held). Upon the later of six (6) years after the initial appointment of Supervisors or the year in which there are at least 250 qualified electors in the District, the Supervisors whose terms are expiring will be elected (as their terms expire) by qualified electors of the District, except as described below. A qualified elector is a registered voter who is at least eighteen years of age, a resident of the District and the State of Florida and a citizen of the United States. At the election where Supervisors are first elected by qualified electors, two Supervisors must be qualified electors and be elected by qualified electors, both to four-year terms. Thereafter, as terms expire, all Supervisors must be qualified electors and are elected to serve four-year terms. If there is a vacancy on the Board, whether as a result of the resignation or removal of a Supervisor or because no elector qualifies for a seat to be filled in an election, the remaining Board members are to fill such vacancy for the unexpired term.
Notwithstanding the foregoing, if at any time the Board proposes to exercise its ad valorem taxing power, prior to the exercise of such power, it shall call an election at which all Supervisors shall be qualified electors and shall be elected by qualified electors in the District. Elections subsequent to such decision shall be held in a manner such that the Supervisors will serve four-year terms with staggered expiration dates in the manner set forth in the Act.
The Act provides that it shall not be an impermissible conflict of interest under Florida law governing public officials for a Supervisor to be a stockholder, officer or employee of a landowner or of any entity affiliated with a landowner.
The current members of the Board and the expiration of the term of each member are set forth
below:
Name	Title	Term Expires
Teresa Baluja*	Chairperson	November 2027
Vanessa Perez*	Vice-Chairperson	November 2027
Raisa Krause*	Assistant Secretary	November 2025
Carmen Orozco*	Assistant Secretary	November 2025
Marc Szasz*	Assistant Secretary	November 2025

* Employee of, or affiliated with, the Development Manager.

A majority of the members of the Board constitutes a quorum for the purposes of conducting its business and exercising its powers and for all other purposes. Action taken by the Board shall be upon a vote of a majority of the members present unless general law or a rule of the District requires a greater number. All meetings of the Board are open to the public under Florida’s open meeting or “Sunshine” law.

The District Manager and Other Consultants
The chief administrative official of the District is the District Manager (as hereinafter defined). The Act provides that a district manager has charge and supervision of the works of the District and is responsible for preserving and maintaining any improvement or facility constructed or erected pursuant to the provisions of the Act, for maintaining and operating the equipment owned by the District, and for performing such other duties as may be prescribed by the Board.
The District has retained Special District Services, Inc., Palm Beach Gardens, Florida, to serve as its district manager (“District Manager”). The District Manager’s office is located at 2501A Burns Road, Palm Beach Gardens, Florida 33410.
The Act further authorizes the Board to hire such employees and agents as it deems necessary. Thus, the District has employed the services of Greenberg Traurig, P.A., West Palm Beach, Florida, as Bond Counsel; Alvarez Engineers, Inc., Doral, Florida, as District Engineer; and Billing, Cochran, Lyles, Mauro & Ramsey, P.A., Fort Lauderdale, Florida, as District Counsel. The Board has also retained the District Manager to serve as Methodology Consultant and to prepare the Assessment Methodology and to serve as dissemination agent for the Series 2024 Bonds.
No Existing Indebtedness
The District has not previously issued any other bonds or indebtedness.

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THE 2024 PROJECT
Alvarez Engineers, Inc. (the “District Engineer”) prepared a report entitled the Engineer’s Report Infrastructure Improvements, dated June 16, 2023, as may be amended and supplemented from time to time (the “Engineer’s Report”), which sets forth certain public infrastructure improvements necessary for the development of 231 residential units planned for the District (the “2024 Project”). The District Engineer, in the Engineer’s Report, estimates the total cost of the 2024 Project to be approximately $5,803,000, as more particularly described below.

2024 Project Description	Estimated Costs	
Roadway Improvements*	$2,359,000	
Stormwater Management System	1,246,000	
Water Distribution System*	1,102,000	
Sanitary Sewer System*	 1,096,000	
Total	$5,803,000	

* Includes County road impact fees and water and sewer connection fees.

Land development associated with the Development is substantially complete. A final plat for all the lots within the Development was recorded on February  , 2024 [Please provide the final plat.] As of February 13, 2024, the Development Manager has spent approximately $12.75 million towards land development activity associated with the Development, a portion of which includes the 2024 Project. See “THE DEVELOPMENT – Development Finance Plan” for more information on infrastructure improvements that will not be financed with the proceeds of the Series 2024 Bonds.
The net proceeds of the Series 2024 Bonds to be deposited into the Series 2024 Acquisition and Construction Account will be approximately $4.65 million and such proceeds will be used by the District towards the funding and/or acquisition of a portion of the 2024 Project. The Development Manager will enter into a completion agreement that will obligate the Development Manager to complete any portions of the 2024 Project not funded with proceeds of the Series 2024 Bonds.] See “BONDOWNERS’ RISKS No. 16” herein.
The District Engineer has indicated that all permits necessary to construct the 2024 Project have either been obtained or are reasonably expected to be obtained in the ordinary course. See “APPENDIX C: ENGINEER’S REPORT” for more information.

 Preliminary, subject to change.

The information appearing below under the captions “THE DEVELOPMENT” and “THE AG LANDOWNER AND THE DEVELOPMENT MANAGER” has been furnished by the AG Landowner or the Development Manager for inclusion in this Limited Offering Memorandum and, although believed to be reliable, such information has not been independently verified by Bond Counsel, the District or its counsel, or the Underwriter or its counsel, and no persons other than the AG Landowner or the Development Manager make any representation or warranty as to the accuracy or completeness of such information supplied by them. The following information is provided by the AG Landowner or the Development Manager as a means for the prospective bondholders to understand the anticipated development plan and risks associated with the Development. Neither the AG Landowner, the Development Manager nor any other party is guaranteeing payment of the Series 2024 Bonds or the Series 2024 Special Assessments.
THE DEVELOPMENT
General
The boundaries of the District include approximately 25.72+/- gross acres of land located entirely within the City of Homestead, Florida (the “City”) within the County. The District is currently being developed as a 231 unit residential community known as “Terra Sol” and referred to herein as the “Development.” The Development is bounded by SW 172nd Avenue on the west, by State Road 821/Homestead Extension of the Florida Turnpike on the north, by SW 169th Court on the east and by SW 336th Street on the south. The Florida Turnpike is adjacent to the District providing access to the City of Miami, which is approximately 30 miles north. Dixie Highway (US Route 1) is approximately 0.5 mile to the west of the District. The area surrounding the District is a residential area containing ancillary services such as shopping, restaurants and grocery stores. Below is a map of the approximate location of the Development.

The Series 2024 Bonds are being issued in order to finance a portion of the 2024 Project. The Series 2024 Bonds will be secured by the Series 2024 Special Assessments which at issuance will be levied on the 231 platted lots which comprise the Development.

AG EHC II (LEN) Multi State 1, LLC, a Delaware limited liability company (the “AG Landowner”) is the owner of the assessable land in the District. The AG Landowner has entered into the Construction Agreement with Lennar Homes, LLC, a Florida limited liability company (the “Development Manager”) pursuant to which the Development Manager will manage the installation of infrastructure improvements for the Development. The Development Manager will construct and market residential units for sale to homebuyers. As February 13, 2024, the AG Landowner owns the land planned for all 231 lots in the Development. See “– Land Acquisition and the Option Agreement” and “THE AG LANDOWNER AND THE DEVELOPMENT MANAGER” herein for more information.
As of February 13, 2024, approximately 17 residential units have been sold within the Development and 60 residential units are under construction.
The Development is planned to contain 231 townhomes at build-out. Townhomes within the Development are expected to range in size from 1,649 square feet to 1,804 square feet with prices ranging from $[459,990] to $[482,990]. The target market for the Development is first-time homebuyers and move- up homebuyers.
Land Acquisition and the Option Agreement
The AG Landowner acquired the lands within the Development on April 26, 2022 for a purchase price of approximately $21 million. There are currently no mortgages on the lands within the Development.
The AG Landowner has entered into a Construction Agreement dated April 26, 2022 (the “Construction Agreement”) with the Development Manager pursuant to which the Development Manager will manage the installation of infrastructure improvements for the Development and the AG Landowner is obligated to reimburse the Development Manager for the associated costs incurred not funded with the proceeds of the Series 2024 Bonds. Pursuant to the Construction Agreement, the Development Manager is obligated to complete the installation of the infrastructure budgeted to cost $15,714,150, including any cost overruns.
The Development Manager and the AG Landowner entered into an Option Agreement dated April 26, 2022, as may be amended from time to time (the “Option Agreement”). Pursuant to the Option Agreement, the Development Manager has paid the AG Landowner an option payment of $4,091,474 (the “Option Payment”) for the right for the Development Manager to acquire all of the lots planned for the Development at approximately $159,408 per townhome lot. The Option Payment is nonrefundable except in the event of a default by the AG Landowner and is to be applied against lot takedowns in accordance with the terms of the Option Agreement. The initial takedown of 6 lots is expected to occur in [March 2024] and the remaining takedowns are required to occur every month thereafter until all lots have been acquired. The Development Manager has the right to acquire the lots early, subject to an early purchase premium, and to terminate the Option Agreement at any time upon delivery of written notice to the AG Landowner. As of February 13, 2024, the AG Landowner owns the land planned for all 231 lots in the Development. See “BONDOWNERS’ RISKS - No. 16” herein.
Development Finance Plan
The total land development costs associated with the Development are expected to be approximately $16.85 million, consisting of the costs of the 2024 Project and other hard and soft costs not eligible to be financed with proceeds of the Series 2024 Bonds. The Development is a hard-gated community and the infrastructure improvements behind the gates will neither be included in the 2024 Project nor financed with the proceeds of the Series 2024 Bonds. As of February 13, 2024, the Development

Manager has spent approximately $12.75 million toward land development activity associated with the Development, a portion of which includes the 2024 Project. Net proceeds of the Series 2024 Bonds to be deposited into the Series 2024 Acquisition and Construction Account will be approximately $4.65 million and such proceeds will be used by the District towards the funding and/or acquisition of a portion of the 2024 Project. See “BONDOWNERS’ RISKS – No. 16” herein.
Development Plan / Status
Land development associated with the Development is substantially complete. A final plat for all the lots within the Development was recorded on February  , 2024.[Please provide the final plat.] Vertical construction and sales of residential units commenced in September 2023. As of February 13, 2024, approximately 17 residential units have been sold within the Development and 60 residential units are under construction. Closings with homebuyers are anticipated to commence by March 2024.
It is expected that approximately 80 homes will be delivered to homebuyers per annum until buildout. This anticipated absorption is based upon estimates and assumptions made by the Development Manager that are inherently uncertain, though considered reasonable by the Development Manager, and are subject to significant business, economic, and competitive uncertainties and contingencies, all of which are difficult to predict and many of which are beyond the control of the Development Manager. As a result, there can be no assurance such absorption rate will occur or be realized in the time frame anticipated.
Residential Product Offerings
The target customers for units within the Development are first-time homebuyers and move-up homebuyers. Below is a summary of the expected types of units and starting price points for units in the Development.

Product Type	Square Footage	Beds/Baths	Starting Price Points	
Townhome	1,649 to 1,804	3 to 4 Bedrooms, 2.5 to 3.5 Baths	$459,990 to $482,990	

Development Approvals
The land within the Development, including, without limitation, the land therein subject to the Series 2024 Special Assessments, is zoned to allow for the contemplated residential uses described herein. All permits have been received by jurisdictional agencies to allow for the development contemplated herein or are reasonably expected to be received in the ordinary course.
Environmental [Please provide a copy of the ESA]
A Phase I Environmental Site Assessment was prepared by 	, dated 	, 20  (the “ESA”), covering the land in the Development. [The ESA revealed no recognized environmental conditions in connection with the Development.] See “BONDOWNERS’ RISK - No. 10” herein for more information regarding potential environmental risks.

 Preliminary, subject to change.

Amenities
The Development is planned to contain a community site with an approximately 4,462 square foot clubhouse (2,832 square feet under air conditioning), a swimming pool, fitness center, tot lot, a multi-use recreational field, basketball court and dog park (collectively, the “Amenity”). Construction of the Amenity is expected to commence in July 2024 and is expected to be completed by March 2026 at a total approximate cost of $3.3 million.
Utilities
Potable water and wastewater treatment for the Development are expected to be provided by the County. Electric power is expected to be provided by Florida Power & Light Company. Cable television and broadband cable services are expected to be provided by FisionX. All utility services are available to the property. [Please provide will serve letters from utility companies].
Taxes, Fees and Assessments
As set forth in the Assessment Methodology, the Series 2024 Special Assessments will at issuance be levied on the 231 platted lots which comprise the Development on a per unit basis below. See “THE DEVELOPMENT – Development Plan/Status” and “APPENDIX D: ASSESSMENT METHODOLOGY” herein.

Product Type	No. of Units

Annual Series 2024 Special Assessments Per Unit*/**

Series 2024 Bonds Par Debt Per Unit*

Townhome	231	$[1,550.00]	$22,532.47

* Preliminary, subject to change.
**This amount will be grossed up to include early payment discounts and County collection fees, currently 5%.

The District will levy assessments to cover its operation and maintenance costs that will be approximately $400 per residential unit annually, including the residential units in the Development; which amount is subject to change. In addition, residents within the Development will be required to pay homeowners association fees currently estimated to be $2,044.84 per unit annually and an amenity fee estimated to be $2,863.57 per unit annually. The land within the District has been and is expected to be subject to taxes and assessments imposed by taxing authorities other than the District. The total millage rate imposed on taxable properties in the District for 2023 was approximately 21.192 mills, which millage rate is subject to change in future tax years. These taxes would be payable in addition to the Series 2024 Special Assessments and any other assessments levied by the District. In addition, exclusive of voter approved millages levied for general obligation bonds, as to which no limit applies, the City, the County and the School District of Miami-Dade County, Florida may each levy ad valorem taxes and/or special assessments upon the land in the District. The District has no control over the level of ad valorem taxes and/or special assessments levied by other taxing authorities. It is possible that in future years taxes levied by these other entities could be substantially higher than in the current year.
Education
Students in elementary school are expected to attend Gateway Elementary School which was rated “B” by the Florida Department of Education for 2023. Students in middle school are expected to attend Homestead Middle School, which was rated “C” by the Florida Department of Education for 2023.

Students in high school are expected to attend Homestead Senior High School, which was rated “B” by the Florida Department of Education for 2023. There are also several private and charter school alternatives in the vicinity of the Development.
Competition
The following communities have been identified by the Development Manager as being competitive with the Development because of their proximity to the Development, price ranges and product types: Altamira, Hamilton Place, Regal Palm Square and Century Park Square.
This heading does not purport to list all of the existing or planned communities in the area of the Development, but rather provide a list of those that the Development Manager feels pose primary competition to the Development.
THE AG LANDOWNER AND THE DEVELOPMENT MANAGER
The AG Landowner
AG EHC II (LEN) Multi State 1, LLC, a Delaware limited liability company (the “AG Landowner”), was organized on September 27, 2021. The AG Landowner is a special purpose entity whose primary assets are various properties subject to option agreements. The AG Landowner is wholly owned by AG Essential Housing Company SPV 2, LLC, a Delaware limited liability company, organized as a Delaware limited partnership on August 10, 2020 and converted to a limited liability company on September 14, 2020, which AG Essential Housing Company SPV 2, LLC is wholly owned by AG Essential Housing Company 1, L.P., a Delaware limited partnership organized on February 5, 2020.
AG Essential Housing Company 1, L.P. is managed by of Angelo, Gordon & Co., L.P. (“Angelo Gordon”). Angelo Gordon is a privately held firm specializing in global alternative (non-traditional) investments with an absolute return orientation. The firm was founded in 1988 by John M. Angelo and Michael L. Gordon and as of December 31, 2022 manages approximately $52 billion. The firm is headquartered in New York with associated offices in Chicago, Houston, Los Angeles, San Francisco, Washington, D.C., Amsterdam, London, Frankfurt, Milan, Hong Kong, Tokyo, Seoul and Singapore.
The Development Manager
The Development Manager, Lennar Homes, LLC, a Florida limited liability company, is an indirectly wholly-owned subsidiary of Lennar Corporation (“Lennar”). Lennar, founded in 1954, has homebuilding operations in fifteen states and is one of the nation’s leading builders of quality homes for all generations, building affordable, first-time, move-up and retirement homes. Lennar stock trades on the New York Stock Exchange under the symbol LEN. Lennar is subject to the informational requirements of the Securities and Exchange Commission Act of 1934, as amended (the “Exchange Act”), and in accordance therewith files reports, proxy statements, and other information with the Securities and Exchange Commission (the “SEC”). Such filings, particularly Lennar’s annual and quarterly reports filed on Form 10-K and Form 10-Q, set forth certain data relative to the consolidated results of operations and financial position of Lennar and their subsidiaries as of such date. The SEC maintains an Internet web site that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC, including Lennar. The address of such Internet web site is www.sec.gov.
All documents subsequently filed by Lennar pursuant to the requirements of the Exchange Act after the date of this Limited Offering Memorandum will be available for inspection in such manner as the SEC

prescribes.	Lennar is not guaranteeing any of the Development Manager’s obligations incurred in connection with the issuance of the Series 2024 Bonds.
NEITHER THE AG LANDOWNER, DEVELOPMENT MANAGER NOR LENNAR CORPORATION ARE GUARANTEEING THE PAYMENT OF THE SERIES 2024 BONDS OR THE SERIES 2024 SPECIAL ASSESSMENTS. NONE OF THE ENTITIES LISTED HEREIN, OTHER THAN THE DEVELOPMENT MANAGER, HAVE ENTERED INTO ANY AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF THE SERIES 2024 BONDS.
ASSESSMENT METHODOLOGY
The Master Assessment Methodology for Los Cayos Community Development District Special Assessment Bonds dated June 16, 2023 (the “Master Methodology”), as supplemented by the final Supplemental Assessment Methodology Special Assessment Bonds, Series 2024 to be dated the sale date of the Series 2024 Bonds (the “Supplemental Methodology” and together with the Master Methodology, the “Assessment Methodology”), describes the methodology for allocation of the Series 2024 Special Assessments to lands within the District, has been prepared by Special District Services, Inc. (the “Methodology Consultant”). See “EXPERTS” herein for more information. The Assessment Methodology is included herein as APPENDIX D. Once the final terms of the Series 2024 Bonds are determined, the Supplemental Methodology will be amended to reflect such final terms.
Once levied and imposed, the Series 2024 Special Assessments are a first lien on the land against which assessed until paid or barred by operation of law, co-equal with other taxes and assessments levied by the District and other non-federal units of government. See “ENFORCEMENT OF ASSESSMENT COLLECTIONS” herein.
The Assessment Methodology sets forth a “true-up mechanism” which provides that at the time of plat or re-plat, each residential unit is assessed no more than its pro-rata amount of the maximum annual debt service. If the sum of the number of assessable residential dwelling units in the proposed plat or re- plat and all prior plats (the “Planned Assessable Units”) and the amount of potential remaining assessable dwelling units (the “Remaining Assessable Units”) are less than 231 townhome units (the “Total Assessable Units”), the AG Landowner or the Development Manager, as applicable, will be obligated by the District to remit to the District an amount of money sufficient to enable the District to retire an amount of the Series 2024 Bonds such that the amount of debt service allocated to each Planned Assessable Unit does not exceed the amount of debt service that would have been allocated thereto had the total number of Planned Assessable Units been 231 townhome units. Conversely, if the Planned Assessable Units or the mix of residential units is greater than the Total Assessable Units, then, there will be a pro-rata decrease in the annual non-ad valorem assessments to all of the benefited properties. The AG Landowner and the Development Manager will enter into a True-up Agreement to evidence its obligations to pay true-up payments with respect to such true-up mechanism. All such obligations of the AG Landowner and the Development Manager are unsecured obligations. See “APPENDIX D: ASSESSMENT METHODOLOGY” herein for additional information regarding the “true-up mechanism.”
TAX MATTERS
General
The Internal Revenue Code of 1986, as amended (the “Code”), includes requirements which the District must continue to meet after the issuance of the Series 2024 Bonds in order that the interest on the Series 2024 Bonds be and remain excludable from gross income for federal income tax purposes. The

District’s failure to meet these requirements may cause the interest on the Series 2024 Bonds to be included in gross income for federal income tax purposes retroactively to the date of issuance of the Series 2024 Bonds. The District has covenanted in the Indenture to take the actions required by the Code in order to maintain the exclusion from gross income for federal income tax purposes of interest on the Series 2024 Bonds.
In the opinion of Greenberg Traurig, P.A., Bond Counsel, assuming the accuracy of certain representations and certifications of the District and the Development Manager and continuing compliance by the District with the tax covenants referred to above, under existing statutes, regulations, rulings and court decisions, the interest on the Series 2024 Bonds is excludable from gross income of the holders thereof for federal income tax purposes. Interest on the Series 2024 Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals. In the case of the alternative minimum tax imposed by Section 55(b)(2) of the Code on applicable corporations (as defined in Section 59(k) of the Code), interest on the Series 2024 Bonds is not excluded from the determination of adjusted financial statement income. Bond Counsel is further of the opinion that the Series 2024 Bonds and the income thereon are not subject to taxation under the laws of the State, except as to estate taxes and taxes under Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations as defined in said Chapter 220. Bond Counsel will express no opinion as to any other tax consequences regarding the Series 2024 Bonds. Prospective purchasers of the Series 2024 Bonds should consult their own tax advisors as to the status of interest on the Series 2024 Bonds under the tax laws of any state other than the State.
The above opinion on federal tax matters with respect to the Series 2024 Bonds will be based on and will assume the accuracy of certain representations and certifications of the District and the Development Manager, and compliance with certain covenants of the District to be contained in the transcript of proceedings and that are intended to evidence and assure the foregoing, including that the Series 2024 Bonds will be and will remain obligations, the interest on which is excludable from gross income for federal income tax purposes. Bond Counsel will not independently verify the accuracy of those certifications and representations. Bond Counsel will express no opinion as to any other consequences regarding the Series 2024 Bonds.
Except as described above, Bond Counsel will express no opinion regarding the federal income tax consequences resulting from the receipt or accrual of the interest on the Series 2024 Bonds, or the ownership or disposition of the Series 2024 Bonds. Prospective purchasers of Series 2024 Bonds should be aware that the ownership of Series 2024 Bonds may result in other collateral federal tax consequences, including (i) the denial of a deduction for interest on indebtedness incurred or continued to purchase or carry the Series 2024 Bonds, (ii) the reduction of the loss reserve deduction for property and casualty insurance companies by the applicable statutory percentage of certain items, including the interest on the Series 2024 Bonds,
(iii) the inclusion of the interest on the Series 2024 Bonds in the earnings of certain foreign corporations doing business in the United States for purposes of a branch profits tax, (iv) the inclusion of the interest on the Series 2024 Bonds in the passive income subject to federal income taxation of certain Subchapter S corporations with Subchapter C earnings and profits at the close of the taxable year, (v) the inclusion of interest on the Series 2024 Bonds in the determination of the taxability of certain Social Security and Railroad Retirement benefits to certain recipients of such benefits, (vi) net gain realized upon the sale or other disposition of property such as the Series 2024 Bonds generally must be taken into account when computing the Medicare tax with respect to net investment income or undistributed net investment income, as applicable, imposed on certain high income individuals and specified trusts and estates and (vii) receipt of certain investment income, including interest on the Series 2024 Bonds, is considered when determining qualification limits for obtaining the earned income credit provided by Section 32(a) of the Code. The nature and extent of the other tax consequences described above will depend on the particular tax status and

situation of each owner of the Series 2024 Bonds. Prospective purchasers of the Series 2024 Bonds should consult their own tax advisors as to the impact of these and any other tax consequences.
Bond Counsel’s opinion is based on existing law, which is subject to change. Such opinion is further based on factual representations made to Bond Counsel as of the date of issuance of the Series 2024 Bonds. Bond Counsel assumes no duty to update or supplement its opinion to reflect any facts or circumstances that may thereafter come to Bond Counsel’s attention, or to reflect any changes in law that may thereafter occur or become effective. Moreover, Bond Counsel’s opinion is not a guarantee of a particular result, and are not binding on the IRS or the courts; rather, such opinion represents Bond Counsel’s professional judgment based on its review of existing law, and in reliance on the representations and covenants that it deems relevant to such opinion.
Original Issue Discount and Premium
Certain of the Series 2024 Bonds (“Discount Bonds”) may be offered and sold to the public at an original issue discount (“OID”). OID is the excess of the stated redemption price at maturity (the principal amount) over the “issue price” of a Discount Bond determined under Code Section 1273 or 1274 (i.e., for obligations issued for money in a public offering, the initial offering price to the public (other than to bond houses and brokers) at which a substantial amount of the obligation of the same maturity is sold pursuant to that offering). For federal income tax purposes, OID accrues to the owner of a Discount Bond over the period to maturity based on the constant yield method, compounded semiannually (or over a shorter permitted compounding interval selected by the owner). The portion of OID that accrues during the period of ownership of a Discount Bond (i) is interest excludable from the owner’s gross income for federal income tax purposes to the same extent, and subject to the same considerations discussed above, as other interest on the Series 2024 Bonds, and (ii) is added to the owner’s tax basis for purposes of determining gain or loss on the maturity, redemption, prior sale or other disposition of that Discount Bond.
Certain of the Series 2024 Bonds (“Premium Bonds”) may be offered and sold to the public at a price in excess of their stated redemption price (the principal amount) at maturity (or earlier for certain Premium Bonds callable prior to maturity). That excess constitutes bond premium. For federal income tax purposes, bond premium is amortized over the period to maturity of a Premium Bond, based on the yield to maturity of that Premium Bond (or, in the case of a Premium Bond callable prior to its stated maturity, the amortization period and yield may be required to be determined on the basis of an earlier call date that results in the lowest yield on that Premium Bond), compounded semiannually (or over a shorter permitted compounding interval selected by the owner). No portion of that bond premium is deductible by the owner of a Premium Bond. For purposes of determining the owner’s gain or loss on the sale, redemption (including redemption at maturity) or other disposition of a Premium Bond, the owner’s tax basis in the Premium Bond is reduced by the amount of bond premium that accrues during the period of ownership. As a result, an owner may realize taxable gain for federal income tax purposes from the sale or other disposition of a Premium Bond for an amount equal to or less than the amount paid by the owner for that Premium Bond.
Owners of Discount and Premium Bonds should consult their own tax advisers as to the determination for federal income tax purposes of the amount of OID or bond premium properly accruable in any period with respect to the Discount or Premium Bonds and as to other federal tax consequences, and the treatment of OID and bond premium for purposes of state and local taxes on, or based on, income.

Changes in Federal and State Tax Law
From time to time, there are legislative proposals suggested, debated, introduced or pending in Congress or in the State legislature that, if enacted into law, could alter or amend one or more of the federal tax matters, or state tax matters, respectively, described above including, without limitation, the excludability from gross income of interest on the Series 2024 Bonds, adversely affect the market price or marketability of the Series 2024 Bonds, or otherwise prevent the holders from realizing the full current benefit of the status of the interest thereon. It cannot be predicted whether or in what form any such proposal may be enacted, or whether, if enacted, any such proposal would affect the Series 2024 Bonds. Prospective purchasers of the Series 2024 Bonds should consult their tax advisors as to the impact of any proposed or pending legislation.
Information Reporting and Backup Withholding
Interest paid on tax-exempt bonds such as the Series 2024 Bonds is subject to information reporting to the Internal Revenue Service in a manner similar to interest paid on taxable obligations. This reporting requirement does not affect the excludability of interest on the Series 2024 Bonds from gross income for federal income tax purposes. However, in conjunction with that information reporting requirement, the Code subjects certain non-corporate owners of Series 2024 Bonds, under certain circumstances, to “backup withholding” at the rates set forth in the Code, with respect to payments on the Series 2024 Bonds and proceeds from the sale of Series 2024 Bonds. Any amount so withheld would be refunded or allowed as a credit against the federal income tax of such owner of Series 2024 Bonds. This withholding generally applies if the owner of Series 2024 Bonds (i) fails to furnish the payor such owner’s social security number or other taxpayer identification number (“TIN”), (ii) furnished the payor an incorrect TIN, (iii) fails to properly report interest, dividends, or other “reportable payments” as defined in the Code, or (iv) under certain circumstances, fails to provide the payor or such owner’s securities broker with a certified statement, signed under penalty of perjury, that the TIN provided is correct and that such owner is not subject to backup withholding. Prospective purchasers of the Series 2024 Bonds may also wish to consult with their tax advisors with respect to the need to furnish certain taxpayer information in order to avoid backup withholding.
AGREEMENT BY THE STATE
Under the Act, the State of Florida pledges to the holders of any bonds issued thereunder, including the Series 2024 Bonds, that it will not limit or alter the rights of the District to own, acquire, construct, reconstruct, improve, maintain, operate or furnish the 2024 Project subject to the Act or to levy and collect taxes, assessments, rentals, rates, fees, and other charges provided for in the Act and to fulfill the terms of any agreement made with the holders of such bonds and that it will not in any way impair the rights or remedies of such holders.
LEGALITY FOR INVESTMENT
The Act provides that the Series 2024 Bonds are legal investments for savings banks, banks, trust companies, insurance companies, executors, administrators, trustees, guardians, and other fiduciaries, and for any board, body, agency, instrumentality, county, municipality or other political subdivision of the State of Florida, and constitute securities which may be deposited by banks or trust companies as security for deposits of state, county, municipal or other public funds, or by insurance companies as required or voluntary statutory deposits.

SUITABILITY FOR INVESTMENT
In accordance with applicable provisions of Florida law, the Series 2024 Bonds may initially be sold by the District only to “accredited investors” within the meaning of Chapter 517, Florida Statutes and the rules promulgated thereunder. The limitation of the initial offering to accredited investors does not denote restrictions on transfers in any secondary market for the Series 2024 Bonds. Investment in the Series 2024 Bonds poses certain economic risks. No dealer, broker, salesperson or other person has been authorized by the District or the Underwriter to give any information or make any representations, other than those contained in this Limited Offering Memorandum.
The Series 2024 Bonds will be issued in fully registered form, without coupons, in authorized denominations of $5,000 and any integral multiple thereof, provided, however, if any initial beneficial owner of Series 2024 Bonds does not purchase at least $100,000 of the Series 2024 Bonds at the time of initial delivery of the Series 2024 Bonds, such beneficial owner must execute and deliver to the District and the Underwriter on the date of delivery of the Series 2024 Bonds the investor letter in the form attached to the First Supplemental Indenture or otherwise establish to the satisfaction of the Underwriter that such beneficial owner is an “accredited investor,” as described in Rule 501(a) under Regulation D of the Securities Act of 1933, as amended.
ENFORCEABILITY OF REMEDIES
The remedies available to the Owners of the Series 2024 Bonds upon an Event of Default under the Indenture are in many respects dependent upon judicial actions which are often subject to discretion and delay. Under existing constitutional and statutory law and judicial decisions, including the federal bankruptcy code, the remedies specified by the Indenture and the Series 2024 Bonds may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the delivery of the Series 2024 Bonds will be qualified as to the enforceability of the remedies provided in the various legal instruments, by limitations imposed by bankruptcy, reorganization, insolvency or other similar laws affecting the rights of creditors enacted before or after such delivery.
LITIGATION
The District
There is no litigation against the District of any nature now pending or, to the knowledge of the District threatened, seeking to restrain or enjoin the issuance, sale, execution or delivery of the Series 2024 Bonds, or in any way contesting or affecting (i) the validity of the Series 2024 Bonds or any proceedings of the District taken with respect to the issuance or sale thereof, (ii) the pledge or application of any moneys or security provided for the payment of the Series 2024 Bonds, (iii) the existence or powers of the District or (iv) the validity of the Assessment Proceedings.
The AG Landowner
There is no litigation of any nature now pending or, to the knowledge of the AG Landowner, threatened, which could reasonably be expected to materially and adversely affect the ability of the AG Landowner to pay the Series 2024 Special Assessments imposed against the land within the District owned by the AG Landowner or materially and adversely affect the ability of the AG Landowner to perform their various obligations described in this Limited Offering Memorandum.

The Development Manager
There is no litigation of any nature now pending or, to the knowledge of the Development Manager, threatened, which could reasonably be expected to have a material and adverse effect upon the completion of the 2024 Project or the development of the District Lands, as described herein, materially and adversely affect the ability of the Development Manager to pay the Series 2024 Special Assessments imposed against the land within the District owned by the Development Manager or materially and adversely affect the ability of the Development Manager to perform their various obligations described in this Limited Offering Memorandum.
CONTINGENT FEES
The District has retained Bond Counsel, District Counsel, the District Engineer, the Methodology Consultant, the Underwriter (who has retained Underwriter’s counsel) and the Trustee (who has retained Trustee’s Counsel), with respect to the authorization, sale, execution and delivery of the Series 2024 Bonds. Except for the payment of fees to District Counsel, the District Engineer and the Methodology Consultant, the payment of fees of the other professionals is each contingent upon the issuance of the Series 2024 Bonds.
NO RATING
No application for a rating for the Series 2024 Bonds has been made to any rating agency, nor is there any reason to believe that an investment grade rating for the Series 2024 Bonds would have been obtained if application had been made.
EXPERTS
The Engineer’s Report included in APPENDIX C to this Limited Offering Memorandum has been prepared by Alvarez Engineers, Inc., Doral, Florida, the District Engineer. APPENDIX C should be read in its entirety for complete information with respect to the subjects discussed therein. Special District Services, Inc., as Methodology Consultant, has prepared the Assessment Methodology set forth as APPENDIX D hereto. APPENDIX D should be read in its entirety for complete information with respect to the subjects discussed therein. As a condition to closing on the Series 2024 Bonds, both the District Engineer and the Methodology Consultant have consented to the inclusion of their reports in this Limited Offering Memorandum.
FINANCIAL INFORMATION
The District will covenant in the Disclosure Agreement (as defined below), the form of which is set forth in APPENDIX E hereto to provide its annual audit to the Municipal Securities Rulemaking Board’s (“MSRB”) Electronic Municipal Markets Access repository (“EMMA”) as described in APPENDIX E, commencing with the audited financial statements of the District for the Fiscal Year ending September 30, 2024. The consent of the District’s auditor for the use of the financial statements herein has not been sought as the District’s financial statements are publicly available documents.
Beginning October 1, 2015, each community development district in Florida must have a separate website with certain information as set forth in Section 189.069, F.S. Under such statute, each district must post its proposed budget and final budget and a link to the auditor general’s website (and the district’s audit) on a district website or the website of the municipal or county government. The District currently has a website in place.

DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS
Rule 69W-400.003, Rules of Government Securities under Section 517.051(1), Florida Statutes, promulgated by the Florida Department of Financial Services, Office of Financial Regulation, Division of Securities and Finance (“Rule 69W-400.003”), requires the District to disclose each and every default as to the payment of principal and interest with respect to obligations issued or guaranteed by the District after December 31, 1975. Rule 69W-400.003 further provides, however, that if the District, in good faith, believes that such disclosures would not be considered material by a reasonable investor, such disclosures may be omitted. The District has not previously issued any bonds or other debt obligations. Accordingly, the District is not and has never been in default as to principal or interest on its bonds or other debt obligations.
CONTINUING DISCLOSURE
The District, the AG Landowner and the Development Manager, each as an Obligated Person, will enter into a Continuing Disclosure Agreement (the “Disclosure Agreement”), the proposed form of which is set forth in APPENDIX E, for the benefit of the Series 2024 Bondholders (including owners of beneficial interests in such Series 2024 Bonds), respectively, to provide certain financial information and operating data relating to the District and the Development by certain dates prescribed in the Disclosure Agreement (the “Reports”) through EMMA. In addition, certain listed events must be disclosed through EMMA within a prescribed time period. The specific nature of the information to be contained in the Reports is set forth in “APPENDIX E: PROPOSED FORM OF CONTINUING DISCLOSURE AGREEMENT.”  Under
certain circumstances, the failure of the District, the AG Landowner or the Development Manager to comply with their respective obligations under the Disclosure Agreement constitutes an event of default thereunder. Such a default will not constitute an Event of Default under the Indenture, but such event of default under the Disclosure Agreement would allow the Series 2024 Bondholders (including owners of beneficial interests in such Bonds), as applicable, to bring an action for specific performance.
The District has not previously entered into continuing disclosure obligations in connection with Rule 15c2-12 of the Securities Exchange Act of 1934, as amended (the “Rule”). The District appointed the District Manager to serve as the initial dissemination agent under the Disclosure Agreement.
Also, pursuant to the Disclosure Agreement, the AG Landowner and the Development Manager will covenant to provide certain financial information and operating data relating to the District, the AG Landowner and the Development Manager, as applicable, on a quarterly basis, upon the written request of the Dissemination Agent. The AG Landowner and the Development Manager have represented and warranted that to their knowledge they have provided on a timely basis all reporting information requested by the applicable dissemination agent with respect to prior continuing disclosure agreements entered into pursuant to the Rule. The Development Manager has been made aware of instances where the information required to be provided to the dissemination agents was not timely requested, not filed with the appropriate repository or, if filed, not filed on a timely basis. The Development Manager and the AG Landowner have represented that they have instituted internal processes to provide information to the dissemination agents on a timely basis and obtained assurances from the dissemination agents that they will in turn request the required reporting information timely and file such information timely with the appropriate repository. See “APPENDIX E: PROPOSED FORM OF CONTINUING DISCLOSURE AGREEMENT.”
UNDERWRITING
FMSbonds, Inc. (the “Underwriter”) has agreed, pursuant to a contract with the District, subject to certain conditions, to purchase the Series 2024 Bonds from the District at a purchase price of $	

(representing the par amount of the Series 2024 Bonds, [plus] [less] [net] original issue [premium] [discount] of $	 and less an Underwriter’s discount of $	). The Underwriter’s obligations are subject to certain conditions precedent and upon satisfaction or waiver of such conditions, the Underwriter will be obligated to purchase all of the Series 2024 Bonds if any are issued.
The Underwriter intends to offer the Series 2024 Bonds to accredited investors at the offering prices set forth on the inside cover page of this Limited Offering Memorandum, which may subsequently change without prior notice. The Series 2024 Bonds may be offered and sold to certain dealers, banks and others at prices lower than the initial offering prices set forth on the inside cover page of this Limited Offering Memorandum, and such initial offering prices may be changed from time to time by the Underwriter.
VALIDATION
The Series 2024 Bonds to be issued pursuant to the Indenture were validated by final judgment of the Circuit Court of the Eleventh Judicial Circuit of Florida in and for the County, rendered on September 17, 2023. The period of time for appeal of the judgment of validation of the Series 2024 Bonds expired on October 17, 2023, with no appeals being taken.
LEGAL MATTERS
Certain legal matters related to the authorization, sale and delivery of the Series 2024 Bonds are subject to the approval of Greenberg Traurig, P.A., West Palm Beach, Florida, Bond Counsel. Certain legal matters will be passed upon for the Underwriter by its counsel, Squire Patton Boggs (US) LLP, Miami, Florida. Certain legal matters will be passed upon for the District by its counsel, Billing, Cochran, Lyles, Mauro & Ramsey, P.A., Fort Lauderdale, Florida. Certain legal matters will be passed upon for the Development Manager by its counsel, Holland & Knight LLP, Fort Lauderdale, Florida. Certain legal matters will be passed upon for the AG Landowner by its counsel, Lewis, Longman & Walker, P.A., West Palm Beach, Florida.
Bond Counsel’s opinion included herein is based on existing law, which is subject to change. Such opinion is further based on factual representations made to Bond Counsel as of the date of such. Bond Counsel assumes no duty to update or supplement its opinion to reflect any facts or circumstances that may thereafter come to Bond Counsel’s attention, or to reflect any changes in law that may thereafter occur or become effective. Moreover, Bond Counsel’s opinion is not a guarantee of a particular result, and is not binding on the Internal Revenue Service or the courts; rather, such opinion represents Bond Counsel’s professional judgment based on its review of existing law, and in reliance on the representations and covenants that it deems relevant to such opinion.
Greenberg Traurig, P.A. has served and continues to serve as special counsel to Lennar Homes, LLC on unrelated matters.
MISCELLANEOUS
Any statements made in this Limited Offering Memorandum involving matters of opinion or estimates, whether or not expressly so stated, are set forth as such and not as representations of fact, and no representations are made that any of the estimates will be realized.
The references herein to the Series 2024 Bonds and other documents referred to herein are brief summaries of certain provisions thereof. Such summaries do not purport to be complete and reference is made to such documents for full and complete statements of such provisions.

This Limited Offering Memorandum is submitted in connection with the limited offering of the Series 2024 Bonds and may not be reproduced or used, as a whole or in part, for any other purpose. This Limited Offering Memorandum is not to be construed as a contract with the purchasers or the Beneficial Owners of any of the Series 2024 Bonds.
AUTHORIZATION AND APPROVAL
The execution and delivery of this Limited Offering Memorandum has been duly authorized by the Board of the District.
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

By: 		 Chairperson, Board of Supervisors

APPENDIX A PROPOSED FORMS OF INDENTURE

A-1

APPENDIX B
PROPOSED FORM OF OPINION OF BOND COUNSEL

B-1

APPENDIX C ENGINEER’S REPORT

APPENDIX D ASSESSMENT METHODOLOGY

APPENDIX E
PROPOSED FORM OF CONTINUING DISCLOSURE AGREEMENT

E-1

EXHIBIT C
FORM OF CONTINUING DISCLOSURE AGREEMENT

C-1

CONTINUING DISCLOSURE AGREEMENT

This  Continuing  Disclosure  Agreement  (this  “Disclosure  Agreement”)  dated
	, 2024 is executed and delivered by the Los Cayos Community Development District (the “Issuer” or the “District”), Lennar Homes, LLC, a Florida limited liability company (the “Development Manager”), AG EHC II (LEN) Multi State 1, LLC, a Delaware limited liability company (the “AG Landowner”), and Special District Services, Inc., as dissemination agent (together with its successors and assigns, the “Dissemination Agent”) in connection with the Issuer’s Special Assessment Bonds, Series 2024 (2024 Project) (the “Bonds”). The Bonds are secured pursuant to a Master Trust Indenture dated as of March 1, 2024 (the “Master Indenture”) and a First Supplemental Trust Indenture dated as of March 1, 2024 (the “First Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), each entered into by and between the Issuer and U.S. Bank Trust Company, National Association, a national banking association duly organized and existing under the laws of the United States and having a designated corporate trust office initially in Fort Lauderdale, Florida, as trustee (the “Trustee”). The Issuer, the Development Manager, the AG Landowner and the Dissemination Agent covenant and agree as follows:
Purpose of this Disclosure Agreement. This Disclosure Agreement is being executed and delivered by the Issuer, the Development Manager, the AG Landowner, and the Dissemination Agent for the benefit of the Beneficial Owners (as defined herein) of the Bonds and to assist the Participating Underwriter (as defined herein) of the Bonds in complying with the Rule (as defined herein). The Issuer, the Development Manager and the AG Landowner have no reason to believe that this Disclosure Agreement does not satisfy the requirements of the Rule and the execution and delivery of this Disclosure Agreement is intended to comply with the Rule. To the extent it is later determined by a court of competent jurisdiction, a governmental regulatory agency, or an attorney specializing in federal securities law, that the Rule requires the Issuer, the Development Manager or the AG Landowner to provide additional information, the Issuer, the Development Manager and AG Landowner, as applicable, each agree to promptly provide such additional information.
The provisions of this Disclosure Agreement are supplemental and in addition to the provisions of the Indenture with respect to reports, filings and notifications provided for therein, and do not in any way relieve the Issuer, the Trustee or any other person of any covenant, agreement or obligation under the Indenture (or remove any of the benefits thereof) nor shall anything herein prohibit the Issuer, the Trustee or any other person from making any reports, filings or notifications required by the Indenture or any applicable law.
Definitions. Capitalized terms not otherwise defined in this Disclosure Agreement shall have the meaning assigned in the Rule or, to the extent not in conflict with the Rule, in the Indenture. The following capitalized terms as used in this Disclosure Agreement shall have the following meanings:
“Annual Filing Date” means the date set forth in Section 3(a) hereof by which the Annual Report is to be filed with each Repository.

“Annual Financial Information” means annual financial information as such term is used in paragraph (b)(5)(i)(A) of the Rule and specified in Section 4(a) of this Disclosure Agreement.
“Annual Report” shall mean any Annual Report provided by the Issuer pursuant to, and as described in, Sections 3 and 4 of this Disclosure Agreement.
“Assessments” shall mean the non-ad valorem special assessments pledged to the payment of the Bonds pursuant to the Indenture.
“Audited Financial Statements” means the financial statements (if any) of the Issuer for the prior fiscal year, certified by an independent auditor as prepared in accordance with generally accepted accounting principles or otherwise, as such term is used in paragraph (b)(5)(i) of the Rule and specified in Section 4(a) of this Disclosure Agreement.
“Audited Financial Statements Filing Date” means the date set forth in Section 3(a) hereof by which the Audited Financial Statements are to be filed with each Repository if the same are not included as part of the Annual Report.
“Beneficial Owner” shall mean any person which, (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes.
“Business Day” means any day other than (a) a Saturday, Sunday or a day on which banks located in the city in which the designated corporate trust office of the Trustee is located are required or authorized by law or executive order to close for business, and (b) a day on which the New York Stock Exchange is closed.
“Disclosure Representative” shall mean (i) as to the Issuer, the District Manager or its designee, or such other person as the Issuer shall designate in writing to the Dissemination Agent from time to time as the person responsible for providing information to the Dissemination Agent; and (ii) as to each entity comprising an Obligated Person (other than the Issuer), the individuals executing this Disclosure Agreement on behalf of such entity or such person(s) as such entity shall designate in writing to the Dissemination Agent from time to time as the person(s) responsible for providing information to the Dissemination Agent.
“Dissemination Agent” shall mean the Issuer or an entity appointed by the Issuer to act in the capacity as Dissemination Agent hereunder, or any successor Dissemination Agent designated in writing by the Issuer pursuant to Section 9 hereof. Special District Services, Inc., has been designated as the initial Dissemination Agent hereunder.
“District Manager” shall mean Special District Services, Inc., and its successors and assigns.
“EMMA” means the Electronic Municipal Market Access system for municipal securities disclosures located at http://emma.msrb.org/.

“EMMA Compliant Format” shall mean a format for any document provided to the MSRB (as hereinafter defined) which is in an electronic format and is accompanied by identifying information, all as prescribed by the MSRB.
“Financial Obligation” means a (a) debt obligation, (b) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation, or (c) guarantee of an obligation or instrument described in either clause (a) or (b). Financial Obligation shall not include municipal securities as to which a final official statement has been provided to the MSRB consistent with the Rule.
“Fiscal Year” shall mean the period commencing on October 1 and ending on September 30 of the next succeeding year, or such other period of time provided by applicable law.
“Listed Events” shall mean any of the events listed in Section 6(a) of this Disclosure Agreement.
“MSRB” means the Municipal Securities Rulemaking Board.
“Obligated Person(s)” shall mean, with respect to the Bonds, those person(s) who either generally or through an enterprise fund or account of such persons are committed by contract or other arrangement to support payment of all or a part of the obligations on such Bonds (other than providers of municipal bond insurance, letters of credit, or other liquidity facilities), which person(s) shall include the Issuer, and for the purposes of this Disclosure Agreement, the Development Manager, and its successors or assigns (excluding homebuyers who are end users), for so long as the Development Manager or its successors or assigns (excluding homebuyers who are end users) is the owner or optionee (or is responsible for developing, as the case may be) of lands responsible for payment of at least 20% of the Assessments and the AG Landowner and its successors or assigns (excluding homebuyers who are end users), for so long as the AG Landowner or its successors or assigns (excluding homebuyers who are end users) is the owner or optionee (or is responsible for developing, as the case may be) of lands responsible for payment of at least 20% of the Assessments.
“Participating Underwriter” shall mean FMSbonds, Inc.
“Quarterly Filing Date” shall mean for the quarter ending: (i) March 31, each May 1; (ii) June 30, each August 1; (iii) September 30, each November 1; and (iv) December 31, each February 1 of the following year. The first Quarterly Filing Date shall be November 1, 2024.
“Quarterly Report” shall mean any Quarterly Report provided by any Obligated Person (other than the Issuer) pursuant to, and as described in, Section 5 of this Disclosure Agreement.
“Repository” shall mean each entity authorized and approved by the SEC (as hereinafter defined) from time to time to act as a repository for purposes of complying with the Rule. The Repositories approved by the SEC may be found by visiting the SEC’s website at http://www.sec.gov/info/municipal/nrmsir.htm. As of the date hereof, the Repository recognized by the Securities and Exchange Commission for such purpose is the MSRB, which currently accepts continuing disclosure submissions through its EMMA web portal. As used herein, “Repository” shall include the State Repository, if any.

“Rule” shall mean Rule 15c2-12 adopted by the SEC under the Securities Exchange Act of 1934, as the same has and may be amended from time to time.
“SEC” means the Securities and Exchange Commission. “State” shall mean the State of Florida.
“State Repository” shall mean any public or private repository or entity designated by the State as a state repository for the purposes of the Rule.
Provision of Annual Reports.
Subject to the following sentence, the Issuer shall provide the Annual Report to the Dissemination Agent no later than one hundred eighty (180) days after the close of the Issuer’s Fiscal Year (the “Annual Filing Date”), commencing with the Annual Report for the Fiscal Year ending September 30, 2024. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross-reference other information as provided in Section 4 of this Disclosure Agreement; provided that the Audited Financial Statements of the Issuer may be submitted separately from the balance of the Annual Report, and may be submitted in accordance with State law, which currently requires such Audited Financial Statements to be provided up to, but no later than, nine (9) months after the close of the Issuer’s Fiscal Year (the “Audited Financial Statements Filing Date”). The initial Audited Financial Statements Filing Date shall be June 30, 2025, which shall include the Audited Financial Statements for Fiscal Year ending September 30, 2024. The Issuer shall, or shall cause the Dissemination Agent to, provide to the Repository the components of an Annual Report which satisfies the requirements of Section 4(a) of this Disclosure Agreement within thirty (30) days after same becomes available, but in no event later than the Annual Filing Date or Audited Financial Statements Filing Date, if applicable. If the Issuer’s Fiscal Year changes, the Issuer shall give notice of such change in the same manner as for a Listed Event under Section 6.
If on the fifteenth (15th) day prior to each Annual Filing Date or the Audited Financial Statements Filing Date, as applicable, the Dissemination Agent has not received a copy of the Annual Report or Audited Financial Statements, as applicable, the Dissemination Agent shall contact the Disclosure Representative by telephone and in writing (which may be via email) to remind the Issuer of its undertaking to provide the Annual Report or Audited Financial Statements, as applicable, pursuant to Section 3(a). Upon such reminder, the Disclosure Representative shall either (i) provide the Dissemination Agent with an electronic copy of the Annual Report or the Audited Financial Statements, as applicable, in accordance with Section 3(a) above, or (ii) advise the Dissemination Agent in writing that the Issuer will not be able to file the Annual Report or Audited Financial Statements, as applicable, within the times required under this Disclosure Agreement, state the date by which the Annual Report or the Audited Financial Statements for such year, as applicable, will be provided and instruct the Dissemination Agent that a Listed Event as described in Section 6(a)(xvii) has occurred and to immediately send a notice to the Repository in substantially the form attached hereto as Exhibit A.

If the Dissemination Agent has not received an Annual Report by 12:00 noon on the first (1st) Business Day following the Annual Filing Date for the Annual Report or the Audited Financial Statements by 12:00 noon on the first (1st) Business Day following the Audited Financial Statements Filing Date for the Audited Financial Statements, then a Listed Event as described in Section 6(a)(xvii) shall have occurred and the Issuer irrevocably directs the Dissemination Agent to immediately send a notice to the Repository in substantially the form attached as Exhibit A.
The Dissemination Agent shall:
determine each year prior to the Annual Filing Date the name, address and filing requirements of the Repository; and
promptly upon fulfilling its obligations under subsection (a) above, file a notice with the Issuer stating that the Annual Report or Audited Financial Statement has been provided pursuant to this Disclosure Agreement, stating the date(s) it was provided, and listing all Repositories with which it was filed.
All documents, reports, notices, statements, information and other materials provided to the MSRB under this Disclosure Agreement shall be provided in an EMMA Compliant Format.
Content of Annual Reports.
Each Annual Report shall contain or incorporate by reference Annual Financial Information with respect to the Issuer, including the following:
The amount of Assessments levied in the District for the most recent prior Fiscal Year.
The amount of Assessments collected in the District from the property owners during the most recent prior Fiscal Year.
If available, the amount of delinquencies in the District greater than one hundred fifty (150) days, and, in the event that delinquencies amount to more than ten percent (10%) of the amounts of the Assessments due in any fiscal year, a list of delinquent property owners.
If available, the amount of tax certificates sold for lands within the District, if any, and the balance, if any, remaining for sale from the most recent Fiscal Year.
All fund balances in all Funds and Accounts for the Bonds. In addition, the Issuer shall provide any Bondholder with this information no more frequently than annually within thirty (30) days of the written request of the Bondholder.
The total amount of Bonds Outstanding.

current Fiscal Year.

The amount of principal and interest to be paid on the Bonds in the

The most recent Audited Financial Statements of the Issuer.
To the extent available, the certified tax roll for the current Fiscal

Year (certified in the prior Fiscal Year) that contains the folio numbers, the Assessments to be levied in the then current Fiscal Year (both debt assessments and operation and maintenance assessments broken out separately), the assessed value associated with each folio, and the total assessed value for all of the land within the District.
In the event of any amendment or waiver of a provision of this Disclosure Agreement, a description of such amendment or waiver shall be included in the next Annual Report, and in each case shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or, in the case of a change in accounting principles, or the presentation) of financial information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements: (i) notice of such change shall be given in the same manner as for a Listed Event under Section 6(b); and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.
To the extent any of the items set forth in subsections (i) through (vii) above are included in the Audited Financial Statements referred to in subsection (viii) above, they do not have to be separately set forth (unless Audited Financial Statements are being delivered more than 180 days after the close of the Issuer’s Fiscal Year pursuant to Section 3(a) hereof). Any or all of the items listed above may be incorporated by reference from other documents, including limited offering memoranda and official statements of debt issues of the Issuer or related public entities, which have been submitted to the MSRB or the SEC. If the document incorporated by reference is a final limited offering memorandum or official statement, it must be available from the MSRB. The Issuer shall clearly identify each such other document so incorporated by reference.
The Issuer agrees to supply, in a timely fashion, any information reasonably requested by the Dissemination Agent that is necessary in order for the Dissemination Agent to carry out its duties under this Disclosure Agreement. The Issuer acknowledges and agrees that the information to be collected and disseminated by the Dissemination Agent will be provided by the Issuer, Obligated Persons and others. The Dissemination Agent’s duties do not include authorship or production of any materials, and the Dissemination Agent shall have no responsibility hereunder for the content of the information provided to it by the Issuer, an Obligated Person or others as thereafter disseminated by the Dissemination Agent.
Any Annual Financial Information containing modified operating data or financial information is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided.

The AG Landowner and the Development Manager agree to assist the Issuer and the Dissemination Agent in providing the information necessary to prepare the Annual Report and the applicable Quarterly Reports described below. If the AG Landowner or the Development Manager transfers the lands within the District to an entity which will in turn own or have the option to acquire lands within the District, which lands are responsible for the payment of at least 20% of the Assessments, the AG Landowner and the Development Manager agree to assign and retain, if applicable, their respective obligations set forth herein to their successor in interest.
Quarterly Reports.
The Dissemination Agent shall, no later than (10) days prior to the end of each calendar quarter commencing with the calendar quarter ending September 30, 2024, provide a written request to the AG Landowner and the Development Manager to provide the corresponding Quarterly Report and, upon receipt of such request, each of the AG Landowner and the Development Manager, so long as it is an Obligated Person, shall provide such Quarterly Report no later than thirty (30) days after the end of each calendar quarter to the Dissemination Agent and to any Bondholders that request a Quarterly Report. Notwithstanding the foregoing, the AG Landowner and the Development Manager, so long as it is an Obligated Person, shall prepare the Quarterly Report for the calendar quarter ending December 31 of each year no later than thirty (30) days after the end of such calendar quarter and provide such Quarterly Report to the Dissemination Agent, regardless of whether or not the AG Landowner and the Development Manager receive a written request from the Dissemination Agent pursuant to the preceding sentence for such Quarterly Report. The Dissemination Agent shall provide all such Quarterly Reports to each Repository promptly upon receipt but in no event later than the corresponding Quarterly Filing Date. Notwithstanding the foregoing, if and for so long as the AG Landowner and the Development Manager are each a reporting company, such thirty (30) days shall be extended to the date of filing of the AG Landowner’s 10K or 10Q, if later, as the case may be. At such time as the AG Landowner or the Development Manager (or their successors or assigns) is no longer an Obligated Person, the AG Landowner or the Development Manager (or their successors or assigns) will no longer be obligated to prepare the Quarterly Reports as it relates to the District.
Each Quarterly Report shall contain an update of the following information for each Obligated Person to the extent available:
The number of lots planned.
Lot Ownership Information
The number of lots owned by the Developer.
The number of lots owned by homebuilders. (Note: if the Developer and the homebuilder are the same entity, then only report the info in (ii).)
The number of lots owned by homebuyers. Lot Status Information

The number of lots developed.
The number of lots platted.
Home Sales Status Information
The number of homes under contract for sale (but not closed) with homebuyers, during quarter.
The number of homes sold (and closed) with homebuyers, during

the quarter. (cumulative).

The  number  of  homes  sold  (and  closed)  with  homebuyers

Materially adverse changes to (a) builder contracts, if applicable,

(b) the number of lots planned to be developed, (c) permits/approvals, or (d) the Obligated Person, including, but not limited to, changes in financial status, ownership and corporate structure.
The occurrence of any new or modified mortgage debt on the land owned by the Obligated Person in the District, including the amount, interest rate and terms of repayment.
If an Obligated Person sells, assigns or otherwise transfers ownership of real property in the District (a “Transferor Obligated Person”) to a third party (a “Transferee”), which will in turn be an Obligated Person for purposes of this Disclosure Agreement as a result thereof (a “Transfer”), the Transferor Obligated Person hereby agrees to use its best efforts to contractually obligate such Transferee to agree to comply with the disclosure obligations of an Obligated Person hereunder for so long as such Transferee is an Obligated Person hereunder, to the same extent as if such Transferee were a party to this Disclosure Agreement (an “Assignment”). The Transferor Obligated Person shall notify the District and the Dissemination Agent in writing of any Transfer within five (5) Business Days of the occurrence thereof. Nothing herein shall be construed to relieve the AG Landowner or the Development Manager from its obligations hereunder except to the extent a written Assignment from a Transferee is obtained and delivered to the Dissemination Agent and then only to the extent of such Assignment.
If the Dissemination Agent has not received a Quarterly Report from each Obligated Person that contains, at a minimum, the information in Section 5(b) of this Disclosure Agreement by 12:00 noon on the first (1st) Business Day following each Quarterly Filing Date, a Listed Event described in Section 6(a)(xvii) shall have occurred and the District and each Obligated Person hereby direct the Dissemination Agent to send a notice to the Repository in substantially the form attached as Exhibit A, with a copy to the District. The Dissemination Agent shall file such notice no later than thirty (30) days following the applicable Quarterly Filing Date.

Reporting of Significant Events.
This Section 6 shall govern the giving of notices of the occurrence of any of the following Listed Events with respect to the Bonds:
Principal and interest payment delinquencies.
Modifications to rights of Bond holders, if material.
Bond calls, if material, and tender offers.
Defeasances.
Rating changes.*
Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determination of taxability, Notices of Proposed Issue (IRS Form 5701- TEB) or other material notices or determinations with respect to the tax status of the Bonds, or other material events affecting the tax status of the Bonds.
Any unscheduled draw on the Debt Service Reserve Account established under the Indenture reflecting financial difficulties.
Any unscheduled draw on credit enhancements reflecting financial

difficulties.*

the Bonds, if material. perform.*

The release, substitution or sale of property securing repayment of

The substitution of credit or liquidity providers or their failure to

Non-payment related defaults, if material.
Bankruptcy, insolvency, receivership or similar event of the Issuer

or any Obligated Person (which is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for the Issuer or any Obligated Person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the Issuer or any Obligated Person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the Issuer or any Obligated Person).

*Not applicable to the Bonds.

The consummation of a merger, consolidation, or acquisition involving the Issuer or any Obligated Person or the sale of all or substantially all of the assets of the Issuer or any Obligated Person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material.
The appointment of a successor or additional trustee or the change of name of the Trustee, if material.
The incurrence of a Financial Obligation of the Obligated Person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of the Obligated Person, any of which affect security holders, if material.
The default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of the Obligated Person, any of which reflect financial difficulties.
Failure to provide (A) any Annual Report or Audited Financial Statement as required under this Disclosure Agreement that contains, in all material respects, the information required to be included therein under Section 4(a) of this Disclosure Agreement, or
(B) any Quarterly Report that contains, in all material respects, the information required to be included therein under Section 5(b) of this Disclosure Agreement, which failure shall, in all cases, be deemed material under federal securities laws.
The Issuer shall give, or cause to be given, notice of the occurrence of any of the above subsection (a) Listed Events to the Dissemination Agent in writing in sufficient time in order to allow the Dissemination Agent to file notice of the occurrence of such Listed Event in a timely manner not in excess of ten (10) Business Days after its occurrence, with the exception of the Listed Event described in Section 6(a)(xvii), which notice will be given in a timely manner. Such notice shall instruct the Dissemination Agent to report the occurrence pursuant to subsection (d) below. Such notice shall identify the Listed Event that has occurred, include the text of the disclosure that the Issuer desires to make, contain the written authorization of the Issuer for the Dissemination Agent to disseminate such information, and identify the date the Issuer desires for the Disclosure Dissemination Agent to disseminate the information (provided that such date is not later than the tenth (10th) Business Day after the occurrence of the Listed Event).
The Issuer shall, within six (6) Business Days of obtaining actual knowledge of the occurrence of any of the Listed Events, except events listed in clauses (a) (ii), (ix), (xi), or (xiv), unless such Listed Events are determined by the Issuer to be material, notify the Dissemination Agent in writing of such event and direct the Dissemination Agent to report, within four (4) Business Days of receiving notice from the Issuer, the event pursuant to subsection (d).

If the Dissemination Agent has been instructed by the Issuer to report the occurrence of a Listed Event, the Dissemination Agent shall immediately file a notice of such occurrence with each Repository.
Termination of Disclosure Agreement. This Disclosure Agreement shall terminate with respect to the Bonds upon the defeasance, prior redemption or payment in full of all of the Bonds.
Prior Undertakings. The Development Manager and the AG Landowner hereby represent and warrant that to their knowledge they have provided on a timely basis all reporting information requested by the applicable dissemination agent with respect to prior continuing disclosure agreements entered into pursuant to the Rule. The Development Manager has been made aware of instances where the information required to be provided to the dissemination agents was not timely requested, not filed with the appropriate repository or, if filed, not filed on a timely basis. The Development Manager has instituted internal processes to provide information hereunder to the Dissemination Agent on a timely basis.
Dissemination Agent. Upon termination of the Dissemination Agent’s services as Dissemination Agent, whether by notice of the Issuer or the Dissemination Agent, the Issuer agrees to appoint a successor Dissemination Agent or, alternatively, agrees to assume all responsibilities of Dissemination Agent under this Disclosure Agreement for the benefit of the Holders of the Bonds. If at any time there is not any other designated Dissemination Agent, the District shall be deemed to be the Dissemination Agent. Notwithstanding any replacement or appointment of a successor, the Issuer shall remain liable until payment in full for any and all sums owed and payable to the Dissemination Agent hereunder. The initial Dissemination Agent shall be Special District Services, Inc.. The acceptance of such designation is evidenced by the execution of this Disclosure Agreement by a duly authorized signatory of Special District Services, Inc. Special District Services, Inc. may terminate its role as Dissemination Agent at any time upon delivery of thirty (30) days prior written notice to the District and each Obligated Person.
Amendment; Waiver. Notwithstanding any other provision of this Disclosure Agreement, the Issuer, the Development Manager, the AG Landowner and the Dissemination Agent may amend this Disclosure Agreement, and any provision of this Disclosure Agreement may be waived, if such amendment or waiver is supported by an opinion of counsel expert in federal securities laws, acceptable to the Issuer, to the effect that such amendment or waiver would not, in and of itself, cause the undertakings herein to violate the Rule if such amendment or waiver had been effective on the date hereof but taking into account any subsequent change in or official interpretation of the Rule.
In the event of any amendment or waiver of a provision of this Disclosure Agreement, the Issuer shall describe such amendment and/or waiver in the next Annual Report and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or, in the case of a change in accounting principles, or the presentation) of financial information or operating data being presented by the Issuer. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements: (i) notice of such change shall be given in the same manner as for a Listed Event under Section 6(b); and (ii)

the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles.
Notwithstanding the above provisions of this Section 10, no amendment to the provisions of Section 5(b) hereof may be made without the consent of each Obligated Person, if any.
Additional Information. Nothing in this Disclosure Agreement shall be deemed to prevent the Issuer from disseminating any other information, using the means of dissemination set forth in this Disclosure Agreement or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Agreement. If the Issuer chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Agreement, the Issuer shall have no obligation under this Disclosure Agreement to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event.
Default. In the event of a failure of the Issuer, the Disclosure Representative, any Obligated Person or the Dissemination Agent to comply with any provision of this Disclosure Agreement, the Trustee shall, at the request of any Participating Underwriter or the Beneficial Owners of at least twenty-five percent (25%) aggregate principal amount of Outstanding Bonds and receipt of indemnity satisfactory to the Trustee, or any Beneficial Owner of a Bond may take such actions as may be necessary and appropriate, including seeking mandamus or specific performance by court order, to cause the Issuer, the Disclosure Representative, any Obligated Person or a Dissemination Agent, as the case may be, to comply with its obligations under this Disclosure Agreement. A default under this Disclosure Agreement by any Obligated Person, the Disclosure Representative or Dissemination Agent shall not be deemed a default by the Issuer hereunder and no default hereunder shall be deemed an Event of Default under the Indenture, and the sole remedy under this Disclosure Agreement in the event of any failure of the Issuer, the Disclosure Representative, any Obligated Person, or a Dissemination Agent, to comply with this Disclosure Agreement shall be an action to compel performance.
Duties of Dissemination Agent. The Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Agreement among the District, the Development Manager, the AG Landowner and such Dissemination Agent. The Dissemination Agent shall have no obligation to notify any other party hereto of an event that may constitute a Listed Event. The District, each Obligated Person and the Disclosure Representative covenant that they will supply, in a timely fashion, any information reasonably requested by the Dissemination Agent that is necessary in order for the Dissemination Agent to carry out its duties under this Disclosure Agreement. The District, the Development Manager, the AG Landowner and the Disclosure Representative acknowledge and agree that the information to be collected and disseminated by the Dissemination Agent will be provided by the District, Obligated Person(s), the Disclosure Representative and others. The Dissemination Agent’s duties do not include authorship or production of any materials, and the Dissemination Agent shall have no responsibility hereunder for the content of the information provided to it by the District, any Obligated  Person  or  the  Disclosure  Representative  as  thereafter  disseminated  by  the

Dissemination Agent. Any filings under this Disclosure Agreement made to the MSRB through EMMA shall be in an EMMA compliant format and shall include the applicable CUSIP number(s) for the Bonds set forth in Exhibit A hereto, to which any such filing relates.
Beneficiaries. This Disclosure Agreement shall inure solely to the benefit of the Issuer, the Development Manager, the AG Landowner, the Dissemination Agent, the Trustee, the Participating Underwriter and the Owners of the Bonds (the Participating Underwriter and Owners of the Bonds being hereby deemed express third party beneficiaries of this Disclosure Agreement), and shall create no rights in any other person or entity.
Tax Roll and Budget. Upon the request of the Dissemination Agent, the Trustee or any Bondholder, the Issuer, through its District Manager, if applicable, agrees to provide such party with a certified copy of its most recent tax roll provided to the Miami-Dade County Tax Collector and the Issuer’s most recent adopted budget.
Governing Law. The laws of the State of Florida and Federal law shall govern this Disclosure Agreement and venue shall be any state or federal court having jurisdiction in Miami-Dade County, Florida.
Counterparts. This Disclosure Agreement may be executed in several counterparts and by PDF signature and all of which shall constitute but one and the same instrument.
Trustee Cooperation. The Issuer represents that the Dissemination Agent is a bona fide agent of the Issuer and the Issuer instructs the Trustee to deliver to the Dissemination Agent at the expense of the Issuer, any information or reports in the possession of or readily available to the Trustee which the Dissemination Agent requests in writing.
Binding Effect. This Disclosure Agreement shall be binding upon each party to this Disclosure Agreement and upon each successor and assignee of each party to this Disclosure Agreement and shall inure to the benefit of, and be enforceable by, each party to this Disclosure Agreement and each successor and assignee of each party to this Disclosure Agreement. Notwithstanding the foregoing, as to any entity comprising the Development Manager, the AG Landowner or any assignee or successor thereto that becomes an Obligated Person pursuant to the terms of this Disclosure Agreement, only successor or assignees to such parties who are, by definition, Obligated Persons, shall be bound or benefited by this Disclosure Agreement.

[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned has executed this Disclosure Agreement as of the date and year set forth above.

[SEAL]

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, as Issuer

ATTEST:

By: 		 Secretary

By: 		 Chairperson, Board of Supervisors

LENNAR HOMES, LLC, as Development Manager

By: 	 Name: 	 Title: 	

AG EHC II (LEN) Multi State 1, LLC, as AG Landowner
By: Essential Housing Asset Management, LLC, an Arizona limited liability company, its authorized agent

By: 	 Name: Steven S. Benson
Title:  Manager

SPECIAL DISTRICT SERVICES, INC.,
as Dissemination Agent

By: 	 Name: 	 Title: 	

CONSENTED TO AND AGREED TO BY: DISTRICT MANAGER
SPECIAL DISTRICT SERVICES, INC.,
as District Manager

By: 	 Name: 	 Title: 	

Acknowledged and agreed to for purposes of Sections 12, 14 and 18 only:

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee

By: 	 Name: Scott A. Schuhle
Title:	Vice President

EXHIBIT A

FORM OF NOTICE TO REPOSITORIES OF FAILURE TO FILE [ANNUAL REPORT] [AUDITED FINANCIAL STATEMENTS] [QUARTERLY REPORT]
Name of Issuer:	Los Cayos Community Development District
Name of Bond Issue:	$	 original aggregate principal amount of Special Assessment Bonds, Series 2024 (2024 Project)
Obligated Person(s):	Los Cayos Community Development District; AG EHC II (LEN) Multi State 1, LLC; Lennar Homes, LLC
Original Date of Issuance:
CUSIP Numbers:

NOTICE IS HEREBY GIVEN that the [Issuer][Obligated Person] has not provided an [Annual Report] [Audited Financial Statements] [Quarterly Report] with respect to the above- named Bonds as required by [Section 3] [Section 5] of the Continuing Disclosure Agreement dated 	, 2024 by and among the Issuer, the AG Landowner, the Development Manager and the Dissemination Agent named therein. The [Issuer][Obligated Person] has advised the undersigned that it anticipates that the [Annual Report] [Audited Financial Statements] [Quarterly Report] will be filed by 	, 20  .
Dated: 	
	, as Dissemination Agent

cc: Issuer
Trustee

By: 	 Name: 	 Title: 	

A-1

EXHIBIT D
FORM OF FIRST SUPPLEMENTAL TRUST INDENTURE

692840339v3

D-1

FIRST SUPPLEMENTAL TRUST INDENTURE

BETWEEN

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT AND
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
as Trustee

Dated as of March 1, 2024

Authorizing and Securing
$	
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2024
(2024 PROJECT)

TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS	3
ARTICLE II THE SERIES 2024 BONDS	8
SECTION 2.01.	Amounts and Terms of Series 2024 Bonds; Issue of Series 2024
Bonds	8
SECTION 2.02.	Execution	8
SECTION 2.03.	Authentication	8
SECTION 2.04.	Purpose, Designation and Denominations of, and Interest
Accruals on, the Series 2024 Bonds	8
SECTION 2.05.	Details of the Series 2024 Bonds	9
SECTION 2.06.	Disposition of Series 2024 Bond Proceeds	10
SECTION 2.07.	Book-Entry Form of Series 2024 Bonds	10
SECTION 2.08.	Appointment of Registrar and Paying Agent	11
SECTION 2.09.	Conditions Precedent to Issuance of the Series 2024 Bonds	11
ARTICLE III REDEMPTION OF SERIES 2024 BONDS	13
SECTION 3.01.	Redemption Dates and Prices	13
SECTION 3.02.	Notice of Redemption	15
ARTICLE IV ESTABLISHMENT OF CERTAIN FUNDS AND ACCOUNTS; ADDITIONAL COVENANTS OF THE ISSUER; PREPAYMENTS; REMOVAL OF SPECIAL ASSESSMENT LIENS	16
SECTION 4.01.	Establishment of Certain Funds and Accounts	16
SECTION 4.02.	Series 2024 Revenue Account	19
SECTION 4.03.	Power to Issue Series 2024 Bonds and Create Lien	20
SECTION 4.04.	2024 Project to Conform to Consulting Engineers Report	21
SECTION 4.05.	Prepayments; Removal of the Series 2024 Special Assessment Liens	21
ARTICLE V COVENANTS AND DESIGNATIONS OF THE ISSUER	23
SECTION 5.01.	Collection of Series 2024 Special Assessments	23
SECTION 5.02.	Continuing Disclosure	23
SECTION 5.03.	Investment of Funds and Accounts	23
SECTION 5.04.	Additional Obligations	23
SECTION 5.05.	Acknowledgement Regarding Series 2024 Acquisition and
Construction Account Moneys Following an Event of Default	24
ARTICLE VI THE TRUSTEE; THE PAYING AGENT AND REGISTRAR	25
SECTION 6.01.	Acceptance of Trust	25
SECTION 6.02.	Trustee’s Duties	25
SECTION 6.03.	Brokerage Confirmations	25
ARTICLE VII MISCELLANEOUS PROVISIONS	26
SECTION 7.01.	Interpretation of First Supplemental Indenture	26

SECTION 7.02.	Amendments	26
SECTION 7.03.	Counterparts	26
SECTION 7.04.	Appendices and Exhibits	26
SECTION 7.05.	Payment Dates	26
SECTION 7.06.	No Rights Conferred on Others	26
SECTION 7.07.	Patriot Act Requirements of the Trustee	26
EXHIBIT A	DESCRIPTION OF THE 2024 PROJECT EXHIBIT B	FORM OF SERIES 2024 BOND EXHIBIT C	FORMS OF REQUISITIONS
EXHIBIT D	FORM OF INVESTOR LETTER

THIS FIRST SUPPLEMENTAL TRUST INDENTURE (the “First Supplemental Indenture”), dated as of March 1, 2024 between the LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT (together with its successors and assigns, the “Issuer”), a local unit of special-purpose government organized and existing under the laws of the State of Florida, and
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States of America and having a designated corporate trust office in Fort Lauderdale, Florida, as trustee (said national banking association and any bank or trust company becoming successor trustee under this First Supplemental Indenture being hereinafter referred to as the “Trustee”);
W I T N E S S E T H:
WHEREAS, the Issuer is a local unit of special purpose government duly organized and existing under the provisions of the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended (the “Act”), by Ordinance No. 23-35 enacted by the Board of County Commissioners of Miami-Dade County, Florida (the “County”), on May 16, 2023, effective May 26, 2023; and
WHEREAS, the premises governed by the Issuer, as described more fully in the Ordinance, consisting of approximately 25.72 acres of land (herein, the “District Lands” or “District”), are located entirely within the incorporated area of the City of Homestead, Florida (the “City”); and
WHEREAS, the Issuer has been created for the purpose of delivering certain community development services and facilities for the benefit of the District Lands; and
WHEREAS, the Issuer has determined to undertake, in one or more phases, the acquisition and/or construction of public improvements and community facilities as set forth in the Act for the special benefit of the assessable District Lands; and
WHEREAS, the Issuer has previously adopted Resolution No. 2023-13 on June 16, 2023, authorizing the issuance of not to exceed $7,000,000 in aggregate principal amount of its special assessment bonds (the “Bonds”) to finance all or a portion of the design, acquisition and construction costs of certain improvements pursuant to the Act for the special benefit of the District Lands or portions thereof and approving the form of and authorizing the execution and delivery of a master trust indenture and supplemental indenture; and
WHEREAS, pursuant to that certain Master Trust Indenture dated as of March 1, 2024 (the “Master Indenture”) and this First Supplemental Indenture dated as of March 1, 2024, both by and between the Issuer and the Trustee, the Issuer proposes to issue its herein defined Series 2024 Bonds; and
WHEREAS, to the extent not constructed by the Issuer, Lennar Homes, LLC, a Florida limited liability company (the “Developer”) is the master developer of a residential community located within the District and shall construct all of the public infrastructure necessary to serve such residential community referred to as “Terra Sol” (herein, the “Development”); and

WHEREAS, the public infrastructure as described on Exhibit A necessary for the development of the Development, which will be financed with a portion of the Series 2024 Bonds (as defined below); and
WHEREAS, the Issuer has determined to issue a Series of Bonds, designated as the Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (the “Series 2024 Bonds”), pursuant to the Master Indenture and this First Supplemental Indenture (hereinafter sometimes collectively referred to as the “Indenture”); and
WHEREAS, in the manner provided herein, the proceeds of the Series 2024 Bonds will be used to provide funds for (i) the Costs of acquiring and/or constructing a portion of the 2024 Project, (ii) the funding of interest on the Series 2024 Bonds through at least June 15, 2024, (iii) the funding of the Series 2024 Reserve Account, and (iv) the payment of the costs of issuance of the Series 2024 Bonds; and
WHEREAS, the Series 2024 Bonds will be secured by a pledge of Series 2024 Pledged Revenues (as hereinafter defined) to the extent provided herein.
NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH,
that to provide for the issuance of the Series 2024 Bonds, the security and payment of the principal or redemption price thereof (as the case may be) and interest thereon, the rights of the Bondholders and the performance and observance of all of the covenants contained herein and in said Series 2024 Bonds, and for and in consideration of the mutual covenants herein contained and of the purchase and acceptance of the Series 2024 Bonds by the Owners thereof, from time to time, and of the acceptance by the Trustee of the trusts hereby created, and intending to be legally bound hereby, the Issuer does hereby assign, transfer, set over and pledge to U.S. Bank Trust Company, National Association, as Trustee, its successors in trust and its assigns forever, and grants a lien on all of the right, title and interest of the Issuer in and to the Series 2024 Pledged Revenues as security for the payment of the principal, redemption or purchase price of (as the case may be) and interest on the Series 2024 Bonds issued hereunder, all in the manner hereinafter provided, and the Issuer further hereby agrees with and covenants unto the Trustee as follows:
TO HAVE AND TO HOLD the same and any other revenues, property, contracts or contract rights, accounts receivable, chattel paper, instruments, general intangibles or other rights and the proceeds thereof, which may, by delivery, assignment or otherwise, be subject to the lien created by the Indenture with respect to the Series 2024 Bonds.
IN TRUST NEVERTHELESS, for the equal and ratable benefit and security of all present and future Owners of the Series 2024 Bonds issued and to be issued under this First Supplemental Indenture, without preference, priority or distinction as to lien or otherwise (except as otherwise specifically provided in this First Supplemental Indenture) of any one Series 2024 Bond over any other Series 2024 Bond, all as provided in the Indenture.
PROVIDED, HOWEVER, that if the Issuer, its successors or assigns, shall well and truly pay, or cause to be paid, or make due provision for the payment of the principal or redemption price of the Series 2024 Bonds issued, secured and Outstanding hereunder and the interest due or to become due thereon, at the times and in the manner mentioned in such Series 2024 Bonds and the Indenture, according to the true intent and meaning thereof and hereof, and the Issuer shall

well and truly keep, perform and observe all the covenants and conditions pursuant to the terms of the Indenture to be kept, performed and observed by it, and shall pay or cause to be paid to the Trustee all sums of money due or to become due to it in accordance with the terms and provisions hereof, then upon such final payments this First Supplemental Indenture and the rights hereby granted shall cease and terminate, otherwise this First Supplemental Indenture to be and remain in full force and effect.
ARTICLE I DEFINITIONS
In this First Supplemental Indenture capitalized terms used without definition shall have the meanings ascribed thereto in the Master Indenture and, in addition to certain terms defined in the recitals above, the following terms shall have the meanings specified below, unless otherwise expressly provided or unless the context otherwise requires:
“Acquisition Agreement” shall mean that certain Acquisition Agreement relating to the acquisition of the 2024 Project, by and between the Developer and the Issuer.
“Arbitrage Certificate” shall mean that certain Arbitrage Certificate, including arbitrage rebate covenants, of the Issuer, dated the date of delivery of the Series 2024 Bonds, relating to certain restrictions on arbitrage under the Code with respect to the Bonds.
“AG Landowner” shall mean AG EHC II (LEN) Multi State 1, LLC, a Delaware limited liability company, currently the primary landowner within the District.
“Assessment Resolutions” shall mean Resolution No. 2023-14, Resolution No. 2023-15, and Resolution No. 2023-16 of the Issuer adopted on June 16, 2023, June 16, 2023 and August 16, 2023, respectively, as amended and supplemented from time to time.
“Authorized Denomination” shall mean, with respect to the Series 2024 Bonds, on the date of issuance, in the denominations of $5,000 and any integral multiple thereof provided, however, if any initial beneficial owner does not purchase at least $100,000 of the Series 2024 Bonds at the time of initial delivery of the Series 2024 Bonds, such beneficial owner must either execute and deliver to the Underwriter on the date of delivery of the Series 2024 Bonds the investor letter substantially in the form attached hereto as Exhibit D or otherwise establish to the satisfaction of the Underwriter that such Beneficial Owner is an “accredited investor,” as described in Rule 501(a) under Regulation D of the Securities Act of 1933, as amended.
“Bonds” shall mean the Issuer’s Special Assessments Bonds issued pursuant to the Master Indenture.
“Collateral Assignment” shall mean that certain instrument executed by the Developer and the AG Landowner in favor of the Issuer whereby certain of the Project Documents and other material documents necessary to complete a portion of the Development (comprising all of the development planned for the 2024 Project) are collaterally assigned as security for the Developer’s and AG Landowner’s obligation to pay the Series 2024 Special Assessments imposed against lands within the District owned by the Developer and AG Landowner from time to time.

“Consulting Engineer” shall mean Alvarez Engineers, Inc., and its successors and assigns.
“Continuing Disclosure Agreement” shall mean the Continuing Disclosure Agreement for the benefit of the owners of the Series 2024 Bonds, dated the date of delivery of the Series 2024 Bonds, by and among the Issuer, the dissemination agent named therein, the Developer, the AG Landowner, and joined by the parties named therein, in connection with the issuance of the Series 2024 Bonds.
“District Manager” shall mean Special District Services, Inc., and its successors and assigns.
“Indenture” shall mean collectively, the Master Indenture and this First Supplemental Indenture.
“Interest Payment Date” shall mean June 15 and December 15 of each year, commencing June 15, 2024 and any date principal on the Series 2024 Bonds is paid including any Quarterly Redemption Date.
“Majority Holders” means the beneficial owners of more than fifty percent (50%) of the Outstanding principal amount of the Series 2024 Bonds.
“Master Indenture” shall mean the Master Trust Indenture, dated as of March 1, 2024, by and between the Issuer and the Trustee, as supplemented and amended with respect to matters pertaining solely to the Master Indenture or the Series 2024 Bonds (as opposed to supplements or amendments relating to any Series of Bonds other than the Series 2024 Bonds as specifically defined in this First Supplemental Indenture).
“Paying Agent” shall mean U.S. Bank Trust Company, National Association, and its successors and assigns as Paying Agent hereunder.
“Prepayment” shall mean the payment by any owner of property within the District of the amount of the Series 2024 Special Assessments encumbering its property, in whole or in part, prior to its scheduled due date, including optional prepayments. The term “Prepayment” also means any proceeds received as a result of accelerating and/or foreclosing the Series 2024 Special Assessments or as a result of a true-up payment. “Prepayments” shall include, without limitation, Series 2024 Prepayment Principal.
“Quarterly Redemption Dates” shall mean March 15, June 15, September 15 and December 15 of any year.
“Redemption Price” shall mean the principal amount of any Series 2024 Bond payable upon redemption thereof pursuant to this First Supplemental Indenture.
“Registrar” shall mean U.S. Bank Trust Company, National Association and its successors and assigns as Registrar hereunder.
“Regular Record Date” shall mean the first day (whether or not a Business Day) of the calendar month for which an Interest Payment Date occurs.

“Release Conditions” shall mean all of the following:
all of the principal portion of the Series 2024 Special Assessments has been assigned to residential units that have been constructed and each have received a certificate of occupancy; and
no Event of Default under the Master Indenture has occurred, all as evidenced pursuant to Section 4.01(f) hereof.
“Resolution” shall mean, collectively, (i) Resolution No. 2023-13 of the Issuer adopted on June 16, 2023, pursuant to which the Issuer authorized the issuance of not exceeding $7,000,000 aggregate principal amount of its Bonds to finance the construction or acquisition of public infrastructure within the District, and (ii) Resolution No. 2024-02 of the Issuer adopted on February 21, 2024, pursuant to which the Issuer authorized, among other things, the issuance of the Series 2024 Bonds in an aggregate principal amount of $6,000,000 to finance a portion of the acquisition of the 2024 Project, specifying the details of the Series 2024 Bonds and awarding the Series 2024 Bonds to the purchaser of the Series 2024 Bonds subject to the parameters set forth therein.
“Series 2024 Acquisition and Construction Account” shall mean the Account so designated, established as a separate Account within the Acquisition and Construction Fund pursuant to Section 4.01(a) of this First Supplemental Indenture.
“Series 2024 Bond Redemption Account” shall mean the Series 2024 Bond Redemption Account established as a separate Account within the Bond Redemption Fund pursuant to Section 4.01(g) of this First Supplemental Indenture.
“Series 2024 Bonds” shall mean the $	aggregate principal amount of Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project), to be issued as fully registered Bonds in accordance with the provisions of the Master Indenture and this First Supplemental Indenture, and secured and authorized by the Master Indenture and this First Supplemental Indenture.
“Series 2024 Costs of Issuance Account” shall mean the Account so designated, established as a separate Account within the Acquisition and Construction Fund pursuant to Section 4.01(a) of this First Supplemental Indenture.
“Series 2024 General Redemption Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2024 Bond Redemption Account pursuant to Section 4.01(g) of this First Supplemental Indenture.
“Series 2024 Interest Account” shall mean the Account so designated, established as a separate Account within the Debt Service Fund pursuant to Section 4.01(d) of this First Supplemental Indenture.
“Series 2024 Optional Redemption Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2024 Bond Redemption Account pursuant to Section 4.01(g) of this First Supplemental Indenture.

“Series 2024 Pledged Revenues” shall mean (a) all revenues received by the Issuer from the Series 2024 Special Assessments levied and collected on the assessable lands within the District, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2024 Special Assessments or from the issuance and sale of tax certificates with respect to such Series 2024 Special Assessments, and (b) all moneys on deposit in the Funds, Accounts and subaccounts established under the Indenture created and established with respect to or for the benefit of the Series 2024 Bonds; provided, however, that Series 2024 Pledged Revenues shall not include (A) any moneys transferred to the Series 2024 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2024 Costs of Issuance Account of the Acquisition and Construction Fund, and (C) special assessments levied and collected by the Issuer under Section 190.022 of the Act for maintenance purposes or “maintenance assessments” levied and collected by the Issuer under Section 190.021(3) of the Act (it being expressly understood that the lien and pledge of the Indenture shall not apply to any of the moneys described in the foregoing clauses (A), (B) and (C) of this proviso).
“Series 2024 Prepayment Principal” shall mean the portion of a Prepayment corresponding to the principal amount of Series 2024 Special Assessments being prepaid pursuant to Section 4.05 of this First Supplemental Indenture or as a result of an acceleration of the Series 2024 Special Assessments pursuant to Section 170.10, Florida Statutes, if such Series 2024 Special Assessments are being collected through a direct billing method.
“Series 2024 Prepayment Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2024 Bond Redemption Account pursuant to Section 4.01(g) of this First Supplemental Indenture.
“Series 2024 Principal Account” shall mean the account so designated, established as a separate account within the Debt Service Fund pursuant to Section 4.01(c) of this First Supplemental Indenture.
“Series 2024 Rebate Fund” shall mean the Fund so designated, established pursuant to Section 4.01(j) of this First Supplemental Indenture.
“Series 2024 Reserve Account” shall mean the Series 2024 Reserve Account established as a separate Account within the Debt Service Reserve Fund pursuant to Section 4.01(f) of this First Supplemental Indenture.
“Series 2024 Reserve Requirement” or “Reserve Requirement” shall mean an amount initially equal to fifty percent (50%) of the maximum annual debt service with respect to the initial principal amount of the Series 2024 Bonds determined on the date of issue. Upon satisfaction of the Release Conditions, the Series 2024 Reserve Requirement shall be reduced to an amount equal to ten percent (10%) of the maximum annual debt service with respect to the then Outstanding principal amount of the Series 2024 Bonds. If a portion of the Series 2024 Bonds are redeemed pursuant to Section 3.01(b)(i) or Section 3.01(b)(iii), the Reserve Requirement shall be reduced to fifty percent (50%) of the maximum annual debt service of the Series 2024 Bonds after taking into account such extraordinary mandatory redemption (prior to satisfaction of the Release Conditions or ten percent (10%) (after satisfaction of the Release Conditions) of the maximum annual debt service of the Series 2024 Bonds after taking into account such extraordinary mandatory redemption.  Any amount in the Series 2024 Reserve Account may, upon final maturity or

redemption of all Outstanding Series 2024 Bonds be used to pay principal of and interest on the Series 2024 Bonds at that time. The initial Series 2024 Reserve Requirement shall be equal to
$	.
“Series 2024 Revenue Account” shall mean the Account so designated, established as a separate Account within the Revenue Fund pursuant to Section 4.01(b) of this First Supplemental Indenture.
“Series 2024 Sinking Fund Account” shall mean the Account so designated, established as a separate Account within the Debt Service Fund pursuant to Section 4.01(e) of this First Supplemental Indenture.
“Series 2024 Special Assessments” shall mean the Special Assessments levied on the assessable lands within the District as a result of the Issuer’s acquisition and/or construction of the 2024 Project, corresponding in amount to the debt service on the Series 2024 Bonds and designated as such in the methodology report relating thereto.
“Substantially Absorbed” means the date at least 75% of the principal portion of the Series 2024 Special Assessments have been assigned to residential units within the District that have received certificates of occupancy.
“2024 Project” shall mean all of the public infrastructure deemed necessary for the development of 231 platted residential units within the District generally described on Exhibit A attached hereto.
“Underwriter” shall mean FMSbonds, Inc., the underwriter of the Series 2024 Bonds. The words “hereof,” “herein,” “hereto,” “hereby,” and “hereunder” (except in the form of
Series 2024 Bonds), refer to the entire Indenture.
Every “request,” “requisition,” “order,” “demand,” “application,” “notice,” “statement,” “certificate,” “consent,” or similar action hereunder by the Issuer shall, unless the form or execution thereof is otherwise specifically provided, be in writing signed by the Chairperson or Vice Chairperson and the Treasurer or Assistant Treasurer or the Secretary or Assistant Secretary or Responsible Officer of the Issuer.
All words and terms importing the singular number shall, where the context requires, import the plural number and vice versa.
[END OF ARTICLE I]

ARTICLE II
THE SERIES 2024 BONDS
SECTION 2.01.  Amounts and Terms of Series 2024 Bonds; Issue of Series 2024 Bonds. No Series 2024 Bonds may be issued under this First Supplemental Indenture except in accordance with the provisions of this Article and Articles II and III of the Master Indenture.
The total principal amount of Series 2024 Bonds that may be issued under this First Supplemental Indenture is expressly limited to $	. The Series 2024 Bonds shall be numbered consecutively from R-1 and upwards.
Any and all Series 2024 Bonds shall be issued substantially in the form attached hereto as Exhibit B, with such appropriate variations, omissions and insertions as are permitted or required by the Indenture and with such additional changes as may be necessary or appropriate to conform to the provisions of the Resolution. The Issuer shall issue the Series 2024 Bonds upon execution of this First Supplemental Indenture and satisfaction of the requirements of Section 3.01 of the Master Indenture; and the Trustee shall, at the Issuer’s request, authenticate such Series 2024 Bonds and deliver them as specified in the request.
SECTION 2.02.   Execution. The Series 2024 Bonds shall be executed by the Issuer as set forth in the Master Indenture.
SECTION 2.03.  Authentication. The Series 2024 Bonds shall be authenticated as set forth in the Master Indenture. No Series 2024 Bond shall be valid until the certificate of authentication shall have been duly executed by the Trustee, as provided in the Master Indenture.
SECTION 2.04.  Purpose, Designation and Denominations of, and Interest Accruals on, the Series 2024 Bonds.
The Series 2024 Bonds are being issued hereunder in order to provide funds
(i) for the payment of the Costs of acquiring and/or constructing a portion of the 2024 Project, (ii) to fund interest on the Series 2024 Bonds through at least June 15, 2024, (iii) to fund the Series 2024 Reserve Account in an amount equal to the initial Series 2024 Reserve Requirement; and (iv) to pay the costs of issuance of the Series 2024 Bonds. The Series 2024 Bonds shall be designated “Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project),” and shall be issued as fully registered bonds without coupons in Authorized Denominations.
The Series 2024 Bonds shall be dated as of the date of initial delivery. Regularly scheduled interest on the Series 2024 Bonds shall be payable on each Interest Payment Date to maturity or prior redemption. Interest on the Series 2024 Bonds shall be payable from the most recent Interest Payment Date next preceding the date of authentication thereof to which interest has been paid, unless the date of authentication thereof is a June 15 or December 15 to which interest has been paid, in which case from such date of authentication, or unless the date of authentication thereof is prior to June 15, 2024, in which case from the date of initial delivery or unless the date of authentication thereof is between a Record Date and the next succeeding Interest Payment Date, in which case from such Interest Payment Date.

Except as otherwise provided in Section 2.07 of this First Supplemental Indenture in connection with a book entry only system of registration of the Series 2024 Bonds, the principal or Redemption Price of the Series 2024 Bonds shall be payable in lawful money of the United States of America at the designated corporate trust office of the Paying Agent upon presentation of such Series 2024 Bonds. Except as otherwise provided in Section 2.07 of this First Supplemental Indenture in connection with a book entry only system of registration of the Series 2024 Bonds, the payment of interest on the Series 2024 Bonds shall be made on each Interest Payment Date to the Owners of the Series 2024 Bonds by check or draft drawn on the Paying Agent and mailed on the applicable Interest Payment Date to each Owner as such Owner appears on the Bond Register maintained by the Registrar as of the close of business on the Regular Record Date, at his address as it appears on the Bond Register. Any interest on any Series 2024 Bond which is payable, but is not punctually paid or provided for on any Interest Payment Date (hereinafter called “Defaulted Interest”) shall be paid to the Owner in whose name the Series 2024 Bond is registered at the close of business on a Special Record Date to be fixed by the Trustee, such date to be not more than fifteen (15) nor less than ten (10) days prior to the date of proposed payment. The Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class, postage-prepaid, to each Owner of record as of the fifth (5th) day prior to such mailing, at his address as it appears in the Bond Register not less than ten (10) days prior to such Special Record Date. The foregoing notwithstanding, any Owner of Series 2024 Bonds in an aggregate principal amount of at least $1,000,000 shall be entitled to have interest paid by wire transfer to such Owner to the bank account number on file with the Paying Agent, upon requesting the same in a writing received by the Paying Agent at least fifteen (15) days prior to the relevant Record Date, which writing shall specify the bank, which shall be a bank within the continental United States, and bank account number to which interest payments are to be wired. Any such request for interest payments by wire transfer shall remain in effect until rescinded or changed, in a writing delivered by the Owner to the Paying Agent, and any such rescission or change of wire transfer instructions must be received by the Paying Agent at least fifteen (15) days prior to the relevant Record Date.
SECTION 2.05.	Details of the Series 2024 Bonds.
The Series 2024 Bonds will mature on June 15 in the years and in the principal amounts, and bear interest at the rates as set forth below, subject to the right of prior redemption in accordance with their terms.

Year	Amount	Interest Rate	
*			
*			
*			

*Term Bonds

Interest on the Series 2024 Bonds will be computed in all cases on the basis of a 360 day year of twelve 30 day months. Interest on overdue principal and, to the extent lawful, on overdue interest will be payable at the numerical rate of interest borne by the Series 2024 Bonds on the day before the default occurred.

SECTION 2.06.   Disposition of Series 2024 Bond Proceeds. From the net proceeds of the Series 2024 Bonds received by the Trustee in the amount of $	.
$	derived from the net proceeds of the Series 2024 Bonds shall be deposited in the Series 2024 Interest Account;
$	 derived from the net proceeds of the Series 2024 Bonds (which is an amount equal to the initial Series 2024 Reserve Requirement) shall be deposited in the Series 2024 Reserve Account of the Debt Service Reserve Fund;
$	derived from the net proceeds of the Series 2024 Bonds shall be deposited into the Series 2024 Costs of Issuance Account of the Acquisition and Construction Fund for payment of the costs of issuing the Series 2024 Bonds; and
$	representing the balance of the net proceeds of the Series 2024 Bonds shall be deposited in the Series 2024 Acquisition and Construction Account of the Acquisition and Construction Fund which the Issuer shall cause to be applied in accordance with Article V of the Master Indenture and the terms of the Acquisition Agreement.
SECTION 2.07.  Book-Entry Form of Series 2024 Bonds. The Series 2024 Bonds shall be issued as one fully registered bond for each maturity of Series 2024 Bonds and deposited with The Depository Trust Company (“DTC”), New York, New York, which is responsible for establishing and maintaining records of ownership for its participants.
As long as the Series 2024 Bonds are held in book-entry-only form, Cede & Co. shall be considered the registered owner for all purposes hereof and in the Master Indenture. DTC shall be responsible for maintaining a book-entry-only system for recording the ownership interest of its participants (“Direct Participants”) and other institutions that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). The Direct Participants and Indirect Participants will be responsible for maintaining records with respect to the beneficial ownership interests of individual purchasers of the Series 2024 Bonds (“Beneficial Owners”).
Principal and interest on the Series 2024 Bonds registered in the name of Cede & Co. prior to and at maturity shall be payable directly to Cede & Co. in care of DTC. Disbursal of such amounts to Direct Participants shall be the responsibility of DTC. Payments by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners shall be the responsibility of Direct Participants and Indirect Participants and not of DTC, the Trustee or the Issuer.
Individuals may purchase beneficial interests in Authorized Denominations in book-entry- only form, without certificated Series 2024 Bonds, through Direct Participants and Indirect Participants.
During the period for which Cede & Co. is registered owner of the Series 2024 Bonds, any notices to be provided to any Beneficial Owner will be provided to Cede & Co. DTC shall be responsible for notices to Direct Participants and Direct Participants shall be responsible for

notices to Indirect Participants, and Direct Participants and Indirect Participants shall be responsible for notices to Beneficial Owners.
The Issuer and the Trustee, if appropriate, shall enter into a blanket letter of representations with DTC providing for such book-entry-only system. Such agreement may be terminated at any time by either DTC or the Issuer in accordance with the procedures of DTC. In the event of such termination, the Issuer shall select another securities depository and in that event, all references herein to DTC or Cede & Co., shall be deemed to be for reference to such successor. If the Issuer does not replace DTC, the Trustee will register and deliver to the Beneficial Owners replacement Series 2024 Bonds in the form of fully registered Series 2024 Bonds in accordance with the instructions from Cede & Co.
In the event DTC, any successor of DTC or the Issuer, but only in accordance with the procedures of DTC, elects to discontinue the book-entry only system, the Trustee shall deliver bond certificates in accordance with the instructions from DTC or its successor and after such time Series 2024 Bonds may be exchanged for an equal aggregate principal amount of Series 2024 Bonds in other Authorized Denominations upon surrender thereof at the designated corporate trust office of the Trustee.
SECTION 2.08.   Appointment of Registrar and Paying Agent. The Issuer shall keep, at the designated corporate trust office of the Registrar, books (the “Bond Register”) for the registration, transfer and exchange of the Series 2024 Bonds, and hereby appoints U.S. Bank Trust Company, National Association, as its Registrar to keep such books and make such registrations, transfers, and exchanges as required hereby. U.S. Bank Trust Company, National Association hereby accepts its appointment as Registrar and its duties and responsibilities as Registrar hereunder. Registrations, transfers and exchanges shall be without charge to the Bondholder requesting such registration, transfer or exchange, but such Bondholder shall pay any taxes or other governmental charges on all registrations, transfers and exchanges.
The Issuer hereby appoints U.S. Bank Trust Company, National Association as Paying Agent for the Series 2024 Bonds. U.S. Bank Trust Company, National Association hereby accepts its appointment as Paying Agent and its duties and responsibilities as Paying Agent hereunder.
SECTION 2.09.  Conditions Precedent to Issuance of the Series 2024 Bonds. In addition to complying with the requirements set forth in the Master Indenture in connection with the issuance of the Series 2024 Bonds, all the Series 2024 Bonds shall be executed by the Issuer for delivery to the Trustee and thereupon shall be authenticated by the Trustee and delivered to the Issuer or upon its order, but only upon the further receipt by the Trustee of:
Certified copies of the Assessment Resolutions;
Executed originals of the Master Indenture and this First Supplemental
Indenture;
An opinion of Counsel to the District, also addressed to the Trustee,
substantially to the effect that (i) the Issuer has been duly established and validly exists as a community development district under the Act, (ii) the Issuer has good right and lawful authority under the Act to construct and/or purchase the 2024 Project being financed with the proceeds of

the Series 2024 Bonds, subject to obtaining such licenses, orders or other authorizations as are, at the date of such opinion, required to be obtained from any agency or regulatory body having lawful jurisdiction in order to own and operate the 2024 Project, (iii) all proceedings undertaken by the Issuer with respect to the Series 2024 Special Assessments have been in accordance with Florida law, (iv) the Issuer has taken all action necessary to levy and impose the Series 2024 Special Assessments, and (v) the Series 2024 Special Assessments are legal, valid and binding liens upon the property against which such Series 2024 Special Assessments are made, coequal with the lien of all state, county, district and municipal taxes, superior in dignity to all other liens, titles and claims, until paid;
A certificate of an Authorized Officer to the effect that, upon the authentication and delivery of the Series 2024 Bonds, the Issuer will not be in default in the performance of the terms and provisions of the Master Indenture or this First Supplemental Indenture; and
A copy of the executed Collateral Assignment.
Receipt by the Trustee of the net proceeds from the initial sale of the Series 2024 Bonds shall constitute conclusive evidence of the fulfillment of the conditions precedent for the issuance of the Series 2024 Bonds set forth in this Section 2.09 satisfactory to the Issuer and the Underwriter.

[END OF ARTICLE II]

ARTICLE III REDEMPTION OF SERIES 2024 BONDS
SECTION 3.01.  Redemption Dates and Prices. The Series 2024 Bonds shall be subject to redemption at the times and in the manner provided in Article VIII of the Master Indenture and in this Article III. All payments of the Redemption Price of the Series 2024 Bonds shall be made on the dates hereinafter required. Except as otherwise provided in this Section 3.01, if less than all the Series 2024 Bonds are to be redeemed pursuant to an extraordinary mandatory redemption, the Trustee shall select the Series 2024 Bonds or portions of the Series 2024 Bonds to be redeemed pursuant to Section 8.04 of the Master Indenture. Partial redemptions of Series 2024 Bonds shall be made in such a manner that the remaining Series 2024 Bonds held by each Bondholder shall be in Authorized Denominations, except for the last remaining Series 2024 Bond.
The Series 2024 Bonds are subject to redemption prior to maturity in the amounts, at the times and in the manner provided below. All payments of the Redemption Price of the Series 2024 Bonds shall be made on the dates specified below.
Optional Redemption. The Series 2024 Bonds may, at the option of the Issuer, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after June 15, 20XX (less than all Series 2024 Bonds of a maturity to be selected by lot), at a Redemption Price equal to the principal amount of Series 2024 Bonds to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2024 Optional Redemption Subaccount of the Series 2024 Bond Redemption Account. If such optional redemption shall be in part, the Issuer shall select such principal amount of Series 2024 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2024 Bonds is substantially level.
Extraordinary Mandatory Redemption in Whole or in Part. The Series 2024 Bonds are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole or in part, on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on an Quarterly Redemption Date), at a Redemption Price equal to 100% of the principal amount of the Series 2024 Bonds to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2024 Prepayment Principal deposited into the Series 2024 Prepayment Subaccount of the Series 2024 Bond Redemption Account (taking into account the credit from the Series 2024 Reserve Account pursuant to Section 4.05 hereof) following a Prepayment in whole or in part of the Series 2024 Special Assessments on any assessable property within the District in accordance with the provisions of Section 4.05 of this First Supplemental Indenture.
from moneys, if any, on deposit in the Series 2024 Funds, Accounts and subaccounts in the Funds and Accounts (other than the Series 2024 Rebate Fund, the Series 2024 Costs of Issuance Account and the Series 2024 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2024 Bonds and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.

from any funds remaining on deposit in the Series 2024 Acquisition and Construction Account not otherwise reserved to complete the 2024 Project (including any amounts transferred from the Series 2024 Reserve Account) all of which have been transferred to the Series 2024 General Redemption Subaccount of the Series 2024 Bond Redemption Account.
Mandatory Sinking Fund Redemption. The Series 2024 Bonds maturing on June 15, 20XX are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2024 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity

The Series 2024 Bonds maturing on June 15, 20XX are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2024 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity

The Series 2024 Bonds maturing on June 15, 20XX are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2024 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity
Upon any redemption of Series 2024 Bonds other than in accordance with scheduled mandatory sinking fund redemptions, the District shall cause to be recalculated and delivered to the Trustee revised mandatory sinking fund redemption amounts recalculated so as to amortize the Outstanding principal amount of Series 2024 Bonds in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining term of the Series 2024 Bonds. The mandatory sinking fund redemption amounts as so recalculated shall not result in an increase in the aggregate of the mandatory sinking fund redemption amounts for all Series 2024 Bonds in any year. In the event of a redemption or purchase occurring less than forty-five (45) days prior to a date on which a mandatory sinking fund redemption payment is due, the foregoing recalculation shall not be made to the mandatory sinking fund redemption amounts due in the year in which such redemption or purchase occurs, but shall be made to the mandatory sinking fund redemption amounts for the immediately succeeding and subsequent years.
SECTION 3.02.  Notice of Redemption. When required to redeem Series 2024 Bonds under any provision of this First Supplemental Indenture or directed to redeem Series 2024 Bonds by the Issuer, the Trustee shall give or cause to be given to Owners of the Series 2024 Bonds to be redeemed, notice of the redemption, as set forth in Article VIII of the Master Indenture.
[END OF ARTICLE III]

ARTICLE IV
ESTABLISHMENT OF CERTAIN FUNDS AND ACCOUNTS; ADDITIONAL COVENANTS OF THE ISSUER; PREPAYMENTS; REMOVAL OF SPECIAL ASSESSMENT LIENS
SECTION 4.01.	Establishment of Certain Funds and Accounts.
The Trustee shall establish a separate Account within the Acquisition and Construction Fund designated as the “Series 2024 Acquisition and Construction Account.” Net proceeds of the Series 2024 Bonds shall be deposited into the Series 2024 Acquisition and Construction Account in the amount set forth in Section 2.06 of this First Supplemental Indenture, together with any other moneys that may be transferred to the Series 2024 Acquisition and Construction Account as provided for herein. Such moneys in the Series 2024 Acquisition and Construction Account shall be disbursed by the Trustee as set forth in Section 5.01 of the Master Indenture and this Section 4.01(a), and upon disbursement, the Issuer shall apply such moneys as provided for herein and in the Acquisition Agreement. Subject to the provisions of Section 4.01(f) hereof, any moneys remaining in the Series 2024 Acquisition and Construction Account after the Completion Date and after the expenditure of all moneys remaining therein that have not been requisitioned within thirty (30) days after satisfaction of the Release Conditions upon notice of the same given by the Developer to the Trustee and the District Manager, except for any moneys reserved therein for the payment of any costs of the 2024 Project owed but not yet requisitioned, as evidenced in a certificate from the District Engineer to the Trustee, upon which the Trustee may conclusively rely, and the adoption of a resolution by the Issuer accepting the 2024 Project, as evidenced by a certificate from the District Manager delivered to the Trustee, upon which the Trustee may conclusively rely, shall be transferred by the Trustee to the Series 2024 General Redemption Subaccount of the Series 2024 Bond Redemption Account. Subject to the provisions of Section 4.01(f) hereof, the Series 2024 Acquisition and Construction Account shall be closed upon the expenditure of all funds therein including moneys deposited therein as a result of satisfaction of the Release Conditions. Upon presentment to the Trustee of a properly signed requisition in substantially the form attached hereto as Exhibit C, the Trustee shall withdraw moneys from the Series 2024 Acquisition and Construction Account and make payment to the Person or Persons so designated in such requisition. Pursuant to the Master Indenture, the Trustee shall establish a separate Account within the Acquisition and Construction Fund designated as the “Series 2024 Costs of Issuance Account.” Net proceeds of the Series 2024 Bonds shall be deposited into the Series 2024 Costs of Issuance Account in the amount set forth in Section 2.06 of this First Supplemental Indenture. Upon presentment to the Trustee of a properly signed requisition in substantially the form attached hereto as Exhibit C, the Trustee shall withdraw moneys from the Series 2024 Costs of Issuance Account to pay the costs of issuing the Series 2024 Bonds. Six months after the issuance of the Series 2024 Bonds, any moneys remaining in the Series 2024 Costs of Issuance Account in excess of the amounts requested to be disbursed by the Issuer shall be deposited into the Series 2024 Interest Account. Any deficiency in the amount allocated to pay the cost of issuing the Series 2024 Bonds shall be paid from excess Series 2024 Pledged Revenues on deposit in the Series 2024 Revenue Account in accordance with Section 4.02 SEVENTH. When there are no further moneys therein, the Series 2024 Costs of Issuance Account shall be closed.

Pursuant to Section 6.03 of the Master Indenture, the Trustee shall establish a separate Account within the Revenue Fund designated as the “Series 2024 Revenue Account.” Series 2024 Special Assessments (except for Prepayments of Series 2024 Special Assessments which shall be identified as such by the Issuer to the Trustee and deposited in the Series 2024 Prepayment Subaccount) shall be deposited by the Trustee into the Series 2024 Revenue Account which shall be applied as set forth in Section 6.03 of the Master Indenture and Section 4.02 of this First Supplemental Indenture.
Pursuant to Section 6.04 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Fund designated as the “Series 2024 Principal Account.” Moneys shall be deposited into the Series 2024 Principal Account as provided in Section 6.04 of the Master Indenture and Section 4.02 of this First Supplemental Indenture, and applied for the purposes provided therein.
Pursuant to Section 6.04 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Fund designated as the “Series 2024 Interest Account.” Moneys deposited into the Series 2024 Interest Account pursuant to Section 6.04 of the Master Indenture and Sections 2.06 and 4.02 of this First Supplemental Indenture, shall be applied for the purposes provided therein.
Pursuant to Section 6.04 of the Master Indenture, the Trustee shall establish another separate Account within the Debt Service Fund designated as the “Series 2024 Sinking Fund Account.” Moneys shall be deposited into the Series 2024 Sinking Fund Account as provided in Section 6.04 of the Master Indenture and Section 4.02 of this First Supplemental Indenture and applied for the purposes provided therein and in Section 3.01(c) of this First Supplemental Indenture.
Pursuant to Section 6.05 of the Master Indenture, the Trustee shall establish a separate Account within the Debt Service Reserve Fund designated as the “Series 2024 Reserve Account.” Proceeds of the Series 2024 Bonds shall be deposited into the Series 2024 Reserve Account in the amount set forth in Section 2.06 of this First Supplemental Indenture, and such moneys, together with any other moneys deposited into the Series 2024 Reserve Account shall be applied for the purposes provided therein and in this Section 4.01(f) of this First Supplemental Indenture.
On each May 1 and November 1 (or, if such date is not a Business Day, on the Business Day next preceding such day), the Trustee shall determine the amount on deposit in the Series 2024 Reserve Account and transfer any excess therein above the Reserve Requirement for the Series 2024 Bonds caused by investment earnings prior to the Completion Date to the Series 2024 Acquisition and Construction Account and after the Completion Date to the Series 2024 Revenue Account.
Notwithstanding any of the foregoing, amounts on deposit in the Series 2024 Reserve Account shall be transferred by the Trustee, in the amounts directed in writing by the Majority Holders of the Series 2024 Bonds to the Series 2024 General Redemption Subaccount of the Series 2024 Bond Redemption Account, if as a result of the application of Article X of the Master Indenture, the proceeds received from lands sold subject to the Series 2024 Special Assessments

and applied to redeem a portion of the Series 2024 Bonds is less than the principal amount of Series 2024 Bonds indebtedness attributable to such lands.
Subject to the provisions of Section 4.05 hereof, on any date the Issuer or the District Manager, on behalf of the Issuer, receives notice that a landowner wishes to prepay its Series 2024 Special Assessments relating to the benefited property of such landowner within the District, or as a result of a mandatory true-up payment, the Issuer shall cause the District Manager, on behalf of the Issuer to calculate the principal amount of such Prepayment taking into account a credit against the amount of the Series 2024 Prepayment Principal due by the amount of money in the Series 2024 Reserve Account that will be in excess of the applicable Reserve Requirement, taking into account the proposed Prepayment. Such excess in the Series 2024 Reserve Account shall be transferred by the Trustee to the Series 2024 Prepayment Subaccount of the Series 2024 Bond Redemption Account, as a result of such Prepayment. The District Manager, on behalf of the Issuer, shall make such calculation within ten (10) Business Days after notice of such Prepayment and shall instruct the Trustee in writing to transfer such amount of credit given to the landowner from the Series 2024 Reserve Account to the Series 2024 Prepayment Subaccount of the Series 2024 Bond Redemption Account to be used for the extraordinary mandatory redemption of the Series 2024 Bonds in accordance with Section 3.01(b)(i) hereof. The Trustee is authorized to make such transfers and has no duty to verify such calculations. Notwithstanding the foregoing and as further described in the next succeeding paragraph, upon satisfaction of the Release Conditions, the Trustee shall deposit such excess on deposit in the Series 2024 Reserve Account to the Series 2024 Acquisition and Construction Account and pay such amount deposited in the Series 2024 Acquisition and Construction Account to the Person or Persons designated in a requisition in the form attached hereto as Exhibit “C” submitted by the Developer within thirty
(30) days of such transfer which requisition shall be executed by the Issuer and the Consulting Engineer. Such payment is authorized notwithstanding that the Completion Date might have been declared provided the Developer can establish, to the satisfaction of the Consulting Engineer, Costs of the 2024 Project that were not paid from moneys initially deposited in the Series 2024 Acquisition and Construction Account. In the event that there are no unreimbursed Costs to pay to the Developer, such excess moneys transferred from the Series 2024 Reserve Account to the Series 2024 Acquisition and Construction Account shall be deposited into the Series 2024 General Redemption Subaccount of the Series 2024 Bond Redemption Account.
Upon satisfaction of the Release Conditions as evidenced by a written certificate of the District Manager delivered to the Issuer and the Trustee, stating that the Release Conditions have been satisfied and setting forth the amount of the new Series 2024 Reserve Requirement, the Trustee shall without further direction reduce the Series 2024 Reserve Requirement to ten percent (10%) of the maximum annual debt service of the then Outstanding principal amount of the Series 2024 Bonds as calculated by the District Manager. The excess amount in the Series 2024 Reserve Account as a result of satisfaction of the Release Conditions shall be transferred to the Series 2024 Acquisition and Construction Account. The Trustee may conclusively rely on such written certificate of the District Manager.
In addition, in the event of an extraordinary mandatory redemption pursuant to the provisions of this First Supplemental Indenture, the District Manager, on behalf of the Issuer, shall calculate the applicable Reserve Requirement and communicate the same to the Trustee and the

Trustee shall apply any excess in the Series 2024 Reserve Account toward such extraordinary mandatory redemption.
Pursuant to Section 6.06 of the Master Indenture, the Trustee shall establish a separate Series Bond Redemption Account within the Bond Redemption Fund designated as the “Series 2024 Bond Redemption Account” and within such Account, a “Series 2024 General Redemption Subaccount,” a “Series 2024 Optional Redemption Subaccount,” and a “Series 2024 Prepayment Subaccount.” Except as otherwise provided in this First Supplemental Indenture regarding Prepayments or in connection with the optional redemption of the Series 2024 Bonds, moneys to be deposited into the Series 2024 Bond Redemption Account as provided in Section
6.06 of the Master Indenture, shall be deposited to the Series 2024 General Redemption Subaccount of the Series 2024 Bond Redemption Account.
Moneys that are deposited into the Series 2024 General Redemption Subaccount of the Series 2024 Bond Redemption Account (including all earnings on investments held therein) shall be used to call Series 2024 Bonds for the extraordinary mandatory redemption in whole, pursuant to Section 3.01(b)(ii) hereof or in part pursuant to Section 3.01(b)(iii) hereof.
Moneys in the Series 2024 Prepayment Subaccount of the Series 2024 Bond Redemption Account (including all earnings on investments held in such Series 2024 Prepayment Subaccount of the Series 2024 Bond Redemption Account) shall be accumulated therein to be used to call for redemption pursuant to Section 3.01(b)(i) hereof an amount of Series 2024 Bonds equal to the amount of money transferred to the Series 2024 Prepayment Subaccount of the Series 2024 Bond Redemption Account for the purpose of such extraordinary mandatory redemption on the dates and at the price provided in such Section 3.01(b)(i) hereof.
The Issuer hereby directs the Trustee to establish a Series 2024 Rebate Fund designated as the “Series 2024 Rebate Fund.” Moneys shall be deposited into the Series 2024 Rebate Fund, as provided in the Arbitrage Certificate and applied for the purposes provided therein.
Any moneys on deposit in the Series 2024 Optional Redemption Subaccount shall be used to optionally redeem all or a portion of the Series 2024 Bonds pursuant to Section 3.01(a) hereof.
SECTION 4.02.  Series 2024 Revenue Account. The Trustee shall transfer from amounts on deposit in the Series 2024 Revenue Account to the Funds and Accounts designated below, the following amounts, at the following times and in the following order of priority:
FIRST, upon receipt but no later than the Business Day next preceding each June 15 commencing June 15, 2024, to the Series 2024 Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2024 Bonds becoming due on the next succeeding June 15, less any amount on deposit in the Series 2024 Interest Account not previously credited;
SECOND, upon receipt but no later than the Business Day next preceding each December 15 commencing December 15, 2024, to the Series 2024 Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2024 Bonds becoming

due on the next succeeding December 15, less any amounts on deposit in the Series 2024 Interest Account not previously credited;
THIRD, no later than the Business Day next preceding each June 15, commencing June 15, 2025, to the Series 2024 Sinking Fund Account of the Debt Service Fund, an amount equal to the principal amount of Series 2024 Bonds subject to sinking fund redemption on such June 15, less any amount on deposit in the Series 2024 Sinking Fund Account not previously credited;
FOURTH, no later than the Business Day next preceding each June 15, which is a principal payment date for any Series 2024 Bonds, to the Series 2024 Principal Account of the Debt Service Fund, an amount equal to the principal amount of Series 2024 Bonds Outstanding maturing on such June 15, less any amounts on deposit in the Series 2024 Principal Account not previously credited;
FIFTH, notwithstanding the foregoing, at any time the Series 2024 Bonds are subject to redemption on a date which is not a June 15 or December 15 Interest Payment Date, the Trustee shall be authorized to transfer from the Series 2024 Revenue Account to the Series 2024 Interest Account, the amount necessary to pay interest on the Series 2024 Bonds subject to redemption on such date;
SIXTH, upon receipt but no later than the Business Day next preceding each Interest Payment Date while Series 2024 Bonds remain Outstanding, to the Series 2024 Reserve Account, an amount equal to the amount, if any, which is necessary to make the amount on deposit therein equal to the Reserve Requirement for the Series 2024 Bonds; and
SEVENTH, subject to the foregoing paragraphs, the balance of any moneys remaining after making the foregoing deposits shall be deposited into the Series 2024 Costs of Issuance Account to cover any deficiencies in the amount allocated to pay the cost of issuing the Series 2024 Bonds and next, any balance in the Series 2024 Revenue Account shall remain on deposit in such Series 2024 Revenue Account, unless pursuant to the Arbitrage Certificate, it is necessary to make a deposit into the Series 2024 Rebate Fund , in which case, the Issuer shall direct the Trustee to make such deposit thereto.
SECTION 4.03.   Power to Issue Series 2024 Bonds and Create Lien. The Issuer is duly authorized under the Act and all applicable laws of the State to issue the Series 2024 Bonds, to execute and deliver the Indenture and to pledge the Series 2024 Pledged Revenues for the benefit of the Series 2024 Bonds to the extent set forth herein. The Series 2024 Pledged Revenues are not and shall not be subject to any other lien senior to or on a parity with the lien created in favor of the Series 2024 Bonds, except as otherwise permitted under the Master Indenture. The Series 2024 Bonds and the provisions of the Indenture are and will be valid and legally enforceable obligations of the Issuer in accordance with their respective terms. The Issuer shall, at all times, to the extent permitted by law, defend, preserve and protect the pledge created by the Indenture and all the rights of the Owners of the Series 2024 Bonds under the Indenture against all claims and demands of all persons whomsoever.

SECTION 4.04.  2024 Project to Conform to Consulting Engineers Report. Upon the issuance of the Series 2024 Bonds, the Issuer will promptly proceed to construct or acquire the 2024 Project, as described in Exhibit A hereto and in the Consulting Engineer’s Report relating thereto, all pursuant to the terms and provisions of the Acquisition Agreement.
SECTION 4.05.	Prepayments; Removal of the Series 2024 Special Assessment
Liens.
At any time any owner of property subject to the Series 2024 Special
Assessments may, at its option, or as a result of acceleration of the Series 2024 Special Assessments because of non-payment thereof or as a result of true-up payment, require the Issuer to reduce or release and extinguish the lien upon its property by virtue of the levy of the Series 2024 Special Assessments by paying or causing there to be paid, to the Issuer all or a portion of the Series 2024 Special Assessment, which shall constitute Series 2024 Prepayment Principal, plus accrued interest to the next succeeding Interest Payment Date (or the next succeeding Interest Payment Date if such Prepayment is made within forty-five (45) calendar days before an Interest Payment Date), attributable to the property subject to the Series 2024 Special Assessment owned by such owner. In connection with such Prepayments, in the event the amount in the Series 2024 Reserve Account will exceed the Reserve Requirement for the Series 2024 Bonds as a result of a Prepayment in accordance with this Section 4.05(a) and Section 4.01(f) and the resulting redemption of the Series 2024 Bonds in accordance with Section 3.01(b)(i) of this First Supplemental Indenture, the excess amount shall be transferred from the Series 2024 Debt Service Reserve Account to the Series 2024 Prepayment Subaccount of the Series 2024 Bond Redemption Account as a credit against the Series 2024 Prepayment Principal otherwise required to be paid by the owner of such lot or parcel, upon written instructions to the Trustee of the District Manager on behalf of the Issuer upon which the Trustee may conclusively rely, together with a certification stating that, after giving effect to such transfers sufficient moneys will be on deposit in the Series 2024 Debt Service Reserve Account to equal or exceed the then Reserve Requirement for the Series 2024 Bonds and which certificate of the District Manager will further state that, after giving effect to the proposed redemption of Series 2024 Bonds, there will be sufficient Series 2024 Pledged Revenues to pay the principal and interest, when due, on all Series 2024 Bonds that will remain Outstanding.
Upon receipt of Series 2024 Prepayment Principal as described in paragraph
(a) above, subject to satisfaction of the conditions set forth therein, the Issuer shall immediately pay the amount so received to the Trustee, and the Issuer shall take such action as is necessary to record in the official records of the Issuer that the Series 2024 Special Assessment has been paid in whole or in part and that such Series 2024 Special Assessment lien is thereby reduced, or released and extinguished, as the case may be.
The Trustee may conclusively rely on the Issuer’s determination of what moneys constitute Series 2024 Prepayment Principal. The Trustee shall calculate the amount available for extraordinary mandatory redemption of the Series 2024 Bonds pursuant to Section 3.01(b)(i) hereof forty-five (45) days before each Quarterly Redemption Date and will withdraw money from the Series 2024 Reserve Account as a credit against the amount of Prepayment that is owed in an amount as directed by the Issuer or the District Manager on behalf of the Issuer in accordance with Section 4.01(f) hereof and Section 4.05(a) hereof. No credit shall be given if as a result the Reserve Requirement shall be less than is required after taking into account the

proposed extraordinary mandatory redemption pursuant to Section 3.01(b)(i) hereof. At any time such Prepayment is not in an integral multiple of $5,000, the Trustee shall withdraw moneys from the Series 2024 Revenue Account to round-up to an integral multiple of $5,000 and deposit such amount into the Series 2024 Prepayment Subaccount. Notwithstanding the foregoing, the Trustee shall not be authorized to withdraw any moneys from the Series 2024 Revenue Account unless all of the deposits required under Section 4.02 hereof have or can be made to the next succeeding Interest Payment Date.

[END OF ARTICLE IV]

ARTICLE V
COVENANTS AND DESIGNATIONS OF THE ISSUER
SECTION 5.01.  Collection of Series 2024 Special Assessments. Pursuant to the terms and provisions of the Master Indenture and except as provided in the next succeeding sentence, the Issuer shall collect the Series 2024 Special Assessments relating to the acquisition and construction of the 2024 Project through the Uniform Method of Collection (the “Uniform Method”) afforded by Chapter 197, Florida Statutes. Pursuant to the terms and provisions of the Master Indenture, the Issuer shall, pursuant to the provisions of the Assessment Resolutions, directly collect the Series 2024 Special Assessments levied in lieu of the Uniform Method with respect to the timing for using the Uniform Method will not yet allow for using such method and prior to platting, unless the Trustee at the direction of the Majority Holders directs the Issuer otherwise. In addition, and not in limitation of, the covenants contained elsewhere in this First Supplemental Indenture and in the Master Indenture, the Issuer covenants to comply with the terms of the proceedings heretofore adopted with respect to the Series 2024 Special Assessments, and to levy the Series 2024 Special Assessments in such manner as will generate funds sufficient to pay debt service on the Series 2024 Bonds when due. All Series 2024 Special Assessments that are collected directly by the Issuer shall be due and payable by the landowner not later than thirty (30) days prior to each Interest Payment Date.
SECTION 5.02.  Continuing Disclosure. Contemporaneously with the execution and delivery hereof, the Issuer has executed and delivered a Continuing Disclosure Agreement in order to comply with the requirements of Rule 15c2-12 promulgated under the Securities and Exchange Act of 1934. The Issuer covenants and agrees to comply with the provisions of such Continuing Disclosure Agreement applicable to it; however, as set forth therein, failure to so comply shall not constitute and Event of Default hereunder, but shall instead be enforceable by mandamus or any other means of specific performance.
SECTION 5.03.   Investment of Funds and Accounts. The provisions of Section 7.02 of the Master Indenture shall apply to the investment and reinvestment of moneys in the Series 2024 Accounts and subaccounts therein created hereunder.
SECTION 5.04.  Additional Obligations. The Issuer covenants not to issue any other Bonds or other debt obligations secured by the Series 2024 Special Assessments. Such covenant shall not prohibit the Issuer from issuing refunding Bonds. In addition, the Issuer covenants not to issue any other Bonds or debt obligations for capital projects, secured by special assessments on the land within the District which secure the Series 2024 Special Assessments, until the Series 2024 Special Assessments are Substantially Absorbed. The Issuer’s covenants described above shall not preclude the imposition of Special Assessments or other non-ad valorem assessments on such lands in connection with other capital projects that are necessary for health, safety or welfare reasons or to remediate a natural disaster. The Issuer shall provide the Trustee with a certification that the Series 2024 Special Assessments are Substantially Absorbed and the Trustee may conclusively rely upon such certification and shall have no duty to verify if the Series 2024 Special Assessments are Substantially Absorbed. Notwithstanding any provision in the Indenture to the contrary, the Issuer may issue other Bonds or debt obligations secured by Special Assessments, other than the Series 2024 Special Assessments, at any time upon the written consent of the Majority Holders.

SECTION 5.05. Acknowledgement Regarding Series 2024 Acquisition and Construction Account Moneys Following an Event of Default. In accordance with the provisions of the Indenture, the Series 2024 Bonds are payable solely from the Series 2024 Pledged Revenues. Anything in the Indenture to the contrary notwithstanding, the Issuer hereby acknowledges that the Series 2024 Pledged Revenues include, without limitation, all amounts on deposit in the Series 2024 Acquisition and Construction Account of the Acquisition and Construction Fund then held by the Trustee, and upon the occurrence of an Event of Default with respect to the Series 2024 Bonds, (i) the Series 2024 Pledged Revenues may not be used by the Issuer (whether to pay costs of the 2024 Project or otherwise) without the consent of the Majority Holders, and (ii) the Series 2024 Pledged Revenues may be used by the Trustee, at the direction or with the approval of the Majority Holders, to pay the reasonable costs and expenses incurred in connection with the pursuit of remedies under the Indenture. The Issuer covenants not to enter into any contract regarding the 2024 Project from and after the occurrence of an Event of Default without the written direction of the Majority Holders.

[END OF ARTICLE V]

ARTICLE VI
THE TRUSTEE; THE PAYING AGENT AND REGISTRAR
SECTION 6.01.  Acceptance of Trust. The Trustee accepts and agrees to execute the trusts hereby created and agrees to perform such trusts upon the terms and conditions set forth in the Indenture. The Trustee agrees to act as Paying Agent and Registrar for the Series 2024 Bonds.
SECTION 6.02.   Trustee’s Duties. The Trustee shall not be responsible in any manner for the due execution of this First Supplemental Indenture by the Issuer or for the recitals contained herein (except for the certificate of authentication on the Series 2024 Bonds), all of which are made solely by the Issuer. Nothing contained herein shall limit the rights, benefits, privileges, protection and entitlement inuring to the Trustee under the Master Indenture.
SECTION 6.03.  Brokerage Confirmations. The Issuer acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the Issuer the right to receive individual confirmations of security transactions at no additional cost, as they occur, the Issuer specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish the Issuer periodic cash transaction statements that include detail for all investment transactions made by the Trustee hereunder.

[END OF ARTICLE VI]

ARTICLE VII MISCELLANEOUS PROVISIONS
SECTION 7.01. Interpretation of First Supplemental Indenture. This First Supplemental Indenture amends and supplements the Master Indenture with respect to the Series 2024 Bonds, and all of the provisions of the Master Indenture, to the extent not inconsistent herewith, are incorporated in this First Supplemental Indenture by reference. To the maximum extent possible, the Master Indenture and this First Supplemental Indenture shall be read and construed as one document.
SECTION 7.02.  Amendments. Any amendments to this First Supplemental Indenture shall be made pursuant to the provisions for amendment contained in the Master Indenture.
SECTION 7.03.   Counterparts. This First Supplemental Indenture may be executed in any number of counterparts, each of which when so executed and delivered shall be an original; but such counterparts shall together constitute but one and the same instrument.
SECTION 7.04.  Appendices and Exhibits. Any and all schedules, appendices or exhibits referred to in and attached to this First Supplemental Indenture are hereby incorporated herein and made a part of this First Supplemental Indenture for all purposes.
SECTION 7.05.   Payment Dates. In any case in which an Interest Payment Date or the maturity date of the Series 2024 Bonds or the date fixed for the redemption of any Series 2024 Bonds shall be other than a Business Day, then payment of interest, principal or Redemption Price need not be made on such date but may be made on the next succeeding Business Day, with the same force and effect as if made on the due date, and no interest on such payment shall accrue for the period after such due date if payment is made on such next succeeding Business Day.
SECTION 7.06.  No Rights Conferred on Others. Nothing herein contained shall confer any right upon any Person other than the parties hereto and the Holders of the Series 2024 Bonds.
SECTION 7.07.  Patriot Act Requirements of the Trustee. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Trustee will ask for documentation to verify such non-individual person’s formation and existence as a legal entity. The Trustee may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, Los Cayos Community Development District has caused this First Supplemental Trust Indenture to be executed by the Chairperson or Vice Chairperson of its Board of Supervisors and its corporate seal to be hereunto affixed and attested by the Secretary of its Board of Supervisors and U.S. Bank Trust Company, National Association has caused this First Supplemental Trust Indenture to be executed by one of its authorized signatories, all as of the day and year above written.

[SEAL]
Attest:

By:		 Name: Gloria Perez	 Title:  Secretary, Board of Supervisors   

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

By:				 Name: 				 Title:	Chairperson/Vice Chairperson	 Board of Supervisors	

U.S.	BANK	TRUST	COMPANY, NATIONAL ASSOCIATION, as Trustee,
Paying Agent and Registrar

By: 		 Name: Robert E. Hedgecock	 Title: Vice President	

STATE OF FLORIDA	)
) SS: COUNTY OF MIAMI-DADE	)
The foregoing instrument was acknowledged before me by means of  physical presence or  online notarization, this   day of 	, 2024, by 	, Chairperson/Vice Chairperson of Los Cayos Community Development District (the “Issuer”), who acknowledged that he/she did so sign the foregoing instrument as such officer for and on behalf of said Issuer; that the same is his/her free act and deed as such officer, and the free act and deed of said Issuer; and that the seal affixed to said instrument is the seal of said Issuer; that he/she appeared before me this day in person and severally acknowledged that he/she, being thereunto duly authorized, signed, sealed with the seal of said Issuer, for the uses and purposes therein set forth. He/She is personally known to me or produced 		as identification.
Notary: 	
[NOTARIAL SEAL]	Print Name: 	
NOTARY PUBLIC, STATE OF FLORIDA
My commission expires 	

STATE OF FLORIDA	)
) SS: COUNTY OF MIAMI-DADE	)
The foregoing instrument was acknowledged before me by means of  physical presence or  online notarization, this    day of 	, 2024, by Gloria Perez, Secretary of Los Cayos Community Development District (the “Issuer”), who acknowledged that she did so sign the foregoing instrument as such officer for and on behalf of said Issuer; that the same is her free act and deed as such officer, and the free act and deed of said Issuer; and that the seal affixed to said instrument is the seal of said Issuer; that she appeared before me this day in person and severally acknowledged that she, being thereunto duly authorized, signed, sealed with the seal of said Issuer, for the uses and purposes therein set forth. She is personally known to me or produced
	as identification.
Notary: 	
[NOTARIAL SEAL]	Print Name: 	
NOTARY PUBLIC, STATE OF FLORIDA
My commission expires 	

STATE OF FLORIDA	)
) SS:
COUNTY OF BROWARD	)
The foregoing instrument was acknowledged before me by means of  physical presence or  online notarization, this    day of 	, 2024, by Robert E. Hedgecock, a Vice President of U.S. Bank Trust Company, National Association, as Trustee (the “Trustee”), who acknowledged that he did so sign said instrument as such officer for and on behalf of the Trustee; that the same is his free act and deed as such officer, and the free act and deed of the Trustee; that he appeared before me on this day in person and acknowledged that he, being thereunto duly authorized, signed, for the uses and purposes therein set forth. He is personally known to me or has produced 	as identification.
Notary: 	
[NOTARIAL SEAL]	Print Name: 	
NOTARY PUBLIC, STATE OF 	
My commission expires 	

EXHIBIT A DESCRIPTION OF 2024 Project
The 2024 Project includes, but is not limited to, the following improvements:
Stormwater management and control facilities, including, but not limited to, related earthwork;
Water and sewer facilities, including connection fees; Landscaping, irrigation and hardscape in public rights of way;
Entrance features and off-site roadway improvements, including impact fees; Design and engineering; and
Related incidental costs, including professional fees and contingency.

EXHIBIT B
[FORM OF SERIES 2024 BOND]
R-1	$	
UNITED STATES OF AMERICA STATE OF FLORIDA
COUNTY OF MIAMI-DADE CITY OF HOMESTEAD
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BOND, SERIES 2024
(2024 PROJECT)

Interest Rate	Maturity Date	Date of Original Issuance	CUSIP	
	%	 				

Registered Owner:	Cede & Co. Principal Amount:--
KNOW ALL PERSONS BY THESE PRESENTS that the Los Cayos Community Development District (the “Issuer”), for value received, hereby promises to pay to the registered owner shown above or registered assigns, on the date specified above, from the sources hereinafter mentioned, upon presentation and surrender hereof (except while the herein defined Series 2024 Bonds are in book-entry only form such presentation shall not be required), at the designated corporate trust office of U.S. Bank Trust Company, National Association, as paying agent (said
U.S. Bank Trust Company, National Association and/or any bank or trust company to become successor paying agent being herein called the “Paying Agent”), the Principal Amount set forth above (with interest thereon at the Interest Rate per annum set forth above, computed on a 360- day year of twelve 30-day months), said principal payable on the Maturity Date stated above. Principal of this Bond is payable at the designated corporate trust office of U.S. Bank Trust Company, National Association, located in Fort Lauderdale, Florida, in lawful money of the United States of America. Interest on this Bond is payable by check or draft of the Paying Agent made payable to the registered owner and mailed on each June 15 and December 15, commencing June 15, 2024 to the address of the registered owner as such name and address shall appear on the registry books of the Issuer maintained by U.S. Bank Trust Company, National Association, as registrar (said U.S. Bank Trust Company, National Association and any successor registrar being herein called the “Registrar”) on the first day (whether or not a Business Day) of the calendar month for which an interest payment date occurs (the “Record Date”). Such interest shall be payable from the most recent interest payment date next preceding the date of authentication hereof to which interest has been paid, unless the date of authentication hereof is a June 15 or December 15 to which interest has been paid, in which case from the date of authentication hereof, or unless such date of authentication is prior to June 15, 2024, in which case from the date of initial delivery, or unless the date of authentication hereof is between a Record Date and the next succeeding interest payment date, in which case from such interest payment date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the registered owner on

such Record Date and may be paid to the person in whose name this Bond is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by U.S. Bank Trust Company, National Association, as Trustee (said U.S. Bank Trust Company, National Association and any successor trustee being herein called the “Trustee”), notice whereof shall be given to Bondholders of record as of the fifth (5th) day prior to such mailing, at their registered addresses, not less than ten (10) days prior to such Special Record Date, or may be paid, at any time in any other lawful manner, as more fully provided in the Indenture (defined below). Any capitalized term used in this Bond and not otherwise defined shall have the meaning ascribed to such term in the Indenture.
THE BONDS ARE LIMITED OBLIGATIONS OF THE ISSUER PAYABLE SOLELY FROM THE PLEDGED REVENUES PLEDGED THEREFOR UNDER THE INDENTURE AND NEITHER THE PROPERTY, THE FULL FAITH AND CREDIT, NOR THE TAXING POWER OF THE ISSUER, MIAMI-DADE COUNTY, FLORIDA (THE “COUNTY”), THE CITY OF HOMESTEAD, FLORIDA (THE “CITY”), THE STATE OF FLORIDA (THE “STATE”), OR ANY OTHER POLITICAL SUBDIVISION THEREOF, IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE BONDS, EXCEPT THAT THE ISSUER IS OBLIGATED UNDER THE INDENTURE TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, THE SERIES 2024 SPECIAL ASSESSMENTS (AS DEFINED IN THE INDENTURE) TO SECURE AND PAY THE BONDS. THE BONDS DO NOT CONSTITUTE AN INDEBTEDNESS OF THE ISSUER, THE COUNTY, THE CITY, THE STATE, OR ANY OTHER POLITICAL SUBDIVISION THEREOF WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY PROVISION OR LIMITATION.
This Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Indenture until it shall have been authenticated by execution of the Trustee of the certificate of authentication endorsed hereon.
This Bond is one of an authorized issue of Bonds of the Los Cayos Community Development District, a community development district duly created, organized and existing under Chapter 190, Florida Statutes (the Uniform Community Development District Act of 1980), as amended (the “Act”) and Ordinance No. 23-25 of the Board of County Commissioners of Miami-Dade County, Florida enacted on May 16, 2023, effective May 26, 2023, designated as “Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project)” (the “Bonds” or the “Series 2024 Bonds”), in the aggregate principal amount of
	 MILLION 	 HUNDRED 	THOUSAND  AND  00/100
DOLLARS ($	.00) of like date, tenor and effect, except as to number, denomination, interest rate and maturity date. The Series 2024 Bonds are being issued under authority of the laws and Constitution of the State of Florida, including particularly the Act, to pay the costs of constructing and/or acquiring a portion of the 2024 Project (as defined in the herein referred to Indenture). The Series 2024 Bonds shall be issued as fully registered bonds in authorized denominations, as set forth in the Indenture. The Bonds are issued under and secured by a Master Trust Indenture dated as of March 1, 2024 (the “Master Indenture”), as amended by a First Supplemental Trust Indenture dated as of March 1, 2024 (the “First Supplemental Indenture” and together with the Master Indenture, the “Indenture”), each by and between the Issuer and the

Trustee, executed counterparts of which are on file at the designated corporate trust office of the Trustee in Fort Lauderdale, Florida.
Reference is hereby made to the Indenture for the provisions, among others, with respect to the custody and application of the proceeds of the Series 2024 Bonds issued under the Indenture, the operation and application of the Debt Service Fund, the Series 2024 Reserve Account within the Debt Service Reserve Fund and other Funds and Accounts (each as defined in the Indenture) charged with and pledged to the payment of the principal of and the interest on the Series 2024 Bonds, the levy and the evidencing and certifying for collection, of the Series 2024 Special Assessments, the nature and extent of the security for the Bonds, the terms and conditions on which the Series 2024 Bonds are issued, the rights, duties and obligations of the Issuer and of the Trustee under the Indenture, the conditions under which such Indenture may be amended without the consent of the registered owners of the Series 2024 Bonds, the conditions under which such Indenture may be amended with the consent of the Majority Holders of the Series 2024 Bonds outstanding, and as to other rights and remedies of the registered owners of the Series 2024 Bonds.
The owner of this Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any event of default under the Indenture or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture.
It is expressly agreed by the owner of this Bond that such owner shall never have the right to require or compel the exercise of the ad valorem taxing power of the Issuer, the County, the City, the State or any other political subdivision thereof, or taxation in any form of any real or personal property of the Issuer, the County, the State or any other political subdivision thereof, for the payment of the principal of and interest on this Bond or the making of any other sinking fund and other payments provided for in the Indenture, except for the Series 2024 Special Assessments to be assessed and levied by the Issuer as set forth in the Indenture.
By the acceptance of this Bond, the owner hereof assents to all the provisions of the Indenture.
This Bond is payable from and secured by Series 2024 Pledged Revenues, as such term is defined in the Indenture, all in the manner provided in the Indenture. The Indenture provides for the levy and the evidencing and certifying, of non-ad valorem assessments in the form of the Series 2024 Special Assessments to secure and pay the Bonds.
The Series 2024 Bonds are subject to redemption prior to maturity in the amounts, at the times and in the manner provided below. All payments of the redemption price of the Series 2024 Bonds shall be made on the dates specified below. Upon any redemption of Series 2024 Bonds other than in accordance with scheduled mandatory sinking fund redemption, the Issuer shall cause to be recalculated and delivered to the Trustee revised mandatory sinking fund redemption amounts recalculated so as to amortize the Outstanding principal amount of Series 2024 Bonds in substantially equal annual installments of principal and interest (subject to rounding to Authorized Denominations of principal) over the remaining term of the Series 2024 Bonds. The mandatory sinking fund redemption amounts as so recalculated shall not result in an increase in the aggregate of the mandatory sinking fund redemption amounts for all Series 2024 Bonds in any year. In the

event of a redemption or purchase occurring less than forty-five (45) days prior to a date on which a mandatory sinking fund redemption payment is due, the foregoing recalculation shall not be made to the mandatory sinking fund redemption amounts due in the year in which such redemption or purchase occurs, but shall be made to the mandatory sinking fund redemption amounts for the immediately succeeding and subsequent years.
Optional Redemption
The Series 2024 Bonds may, at the option of the Issuer, provided written notice hereof has been sent to the Trustee at least forty-five (45) days prior to the redemption date (unless the Trustee will accept less than forty-five (45) days’ notice), be called for redemption prior to maturity as a whole or in part, at any time, on or after June 15, 20XX (less than all Series 2024 Bonds of a maturity to be selected by lot), at a Redemption Price equal to the principal amount of Series 2024 Bonds to be redeemed, plus accrued interest from the most recent Interest Payment Date to the redemption date from moneys on deposit in the Series 2024 Optional Redemption Subaccount of the Series 2024 Bond Redemption Account. If such optional redemption shall be in part, the Issuer shall select such principal amount of Series 2024 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2024 Bonds is substantially level.
Mandatory Sinking Fund Redemption

The Series 2024 Bonds maturing on June 15, 20XX are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2024 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption. Such principal amounts shall be reduced as specified by the Issuer by the principal amount of any Series 2024 Bonds redeemed pursuant to optional or extraordinary mandatory redemption as set forth herein or purchased and cancelled pursuant to the provisions of the Indenture.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity
The Series 2024 Bonds maturing on June 15, 20XX are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2024 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption. Such principal amounts shall be reduced as specified by the Issuer by the principal amount of any Series

2024 Bonds redeemed pursuant to optional or extraordinary mandatory redemption as set forth herein or purchased and cancelled pursuant to the provisions of the Indenture.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity
The Series 2024 Bonds maturing on June 15, 20XX are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2024 Sinking Fund Account on June 15 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of 100% of their principal amount plus accrued interest to the date of redemption. Such principal amounts shall be reduced as specified by the Issuer by the principal amount of any Series 2024 Bonds redeemed pursuant to optional or extraordinary mandatory redemption as set forth herein or purchased and cancelled pursuant to the provisions of the Indenture.

Year	Mandatory Sinking Fund
Redemption Amount	

*Maturity

Extraordinary Mandatory Redemption in Whole or in Part
The Bonds are subject to extraordinary mandatory redemption prior to maturity by the Issuer in whole or in part on any date (other than in the case of clause (i) below which extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at an extraordinary mandatory redemption price equal to 100% of the principal amount of the Bonds to be redeemed, plus interest accrued to the redemption date.
from Series 2024 Prepayment Principal deposited into the Series 2024 Prepayment Subaccount of the Series 2024 Bond Redemption Account (taking into account the credit from the Series 2024 Reserve Account pursuant to Section 4.05 of the First Supplemental Indenture) following the Prepayment in whole or in part of Series 2024 Special Assessments on any assessable property within the District in accordance with the provisions of Section 4.05 of the First Supplemental Indenture.
from moneys, if any, on deposit in the Series 2024 Funds, Accounts and subaccounts in the Funds and Accounts (other than the Series 2024 Rebate Fund, the Series 2024 Costs of Issuance Account and the Series 2024 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2024 Bonds and accrued interest thereon to the redemption date or dates in addition to all amounts owed to Persons under the Indenture.
from any funds remaining on deposit in the Series 2024 Acquisition and Construction Account not otherwise reserved to complete the 2024 Project (including any amounts transferred from the Series 2024 Reserve Account) all of which have been transferred to the Series 2024 General Redemption Subaccount of the Series 2024 Bond Redemption Account.
Except as otherwise provided in the Indenture, if less than all of the Bonds subject to redemption shall be called for redemption, the particular such Bonds or portions of such Bonds to be redeemed shall be selected by lot by the Trustee, as provided in the Indenture.
Notice of each redemption of the Bonds is required to be mailed by the Trustee by class mail, postage prepaid, not less than thirty (30) nor more than sixty (60) days prior to the redemption date to each Registered Owner of the Bonds to be redeemed at the address of such Registered Owner recorded on the bond register maintained by the Registrar. On the date designated for redemption, notice having been given and money for the payment of the Redemption Price being held by the Trustee or the Paying Agent, all as provided in the Indenture, the Bonds or such portions thereof so called for redemption shall become and be due and payable at the Redemption Price provided for the redemption of such Bonds or such portions thereof on such date, interest on such Bonds or such portions thereof so called for redemption shall cease to accrue, such Bonds or such portions thereof so called for redemption shall cease to be entitled to any benefit or security under the Indenture and the Owners thereof shall have no rights in respect of such Bonds or such portions thereof so called for redemption except to receive payments of the Redemption Price thereof so held by the Trustee or the Paying Agent. Further notice of redemption shall be given by the Trustee to certain registered securities depositories and information services as set forth in the Indenture, but no defect in said further notice nor any failure to give all or any portion of such further notice shall in any manner defeat the effectiveness of a call for redemption if notice thereof

is given as above prescribed. Notwithstanding the foregoing, the Trustee is authorized to give conditional notice of redemption as provided in the Master Indenture.
The Owner of this Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any Event of Default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture.
Modifications or alterations of the Indenture or of any indenture supplemental thereto may be made only to the extent and in the circumstances permitted by the Indenture.
Any moneys held by the Trustee or Paying Agent in trust for the payment and discharge of any Bond which remain unclaimed for three (3) years after the date when such Bond has become due and payable, either at its stated maturity date or by call for earlier redemption shall be paid to the Issuer, thereupon and thereafter no claimant shall have any rights against the Trustee or Paying Agent to or in respect of such moneys.
If the Issuer deposits or causes to be deposited with the Trustee funds or Defeasance Securities (as defined in the Master Indenture) sufficient to pay the principal or Redemption Price of any Bonds becoming due at maturity or by call for redemption in the manner set forth in the Indenture, together with the interest accrued to the due date, the lien of such Bonds as to the trust estate with respect to such Bonds shall be discharged, except for the rights of the Owners thereof with respect to the funds so deposited as provided in the Indenture.
This Bond shall have all the qualities and incidents, including negotiability, of investment securities within the meaning and for all the purposes of the Uniform Commercial Code of the State of Florida.
The Issuer shall keep books for the registration of the Bonds at the designated corporate trust office of the Registrar in Fort Lauderdale, Florida. Subject to the restrictions contained in the Indenture, the Bonds may be transferred or exchanged by the registered owner thereof in person or by his attorney duly authorized in writing only upon the books of the Issuer kept by the Registrar and only upon surrender thereof together with a written instrument of transfer satisfactory to the Registrar duly executed by the registered owner or his duly authorized attorney. In all cases in which the privilege of transferring or exchanging Bonds is exercised, the Issuer shall execute and the Trustee shall authenticate and deliver a new Bond or Bonds in authorized form and in like aggregate principal amount in accordance with the provisions of the Indenture. Every Bond presented or surrendered for transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Trustee, Paying Agent or the Registrar, duly executed by the Bondholder or his attorney duly authorized in writing. Transfers and exchanges shall be made without charge to the Bondholder, except that the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds.
The Issuer, the Trustee, the Paying Agent and the Registrar shall deem and treat the person in whose name any Bond shall be registered upon the books kept by the Registrar as the absolute owner thereof (whether or not such Bond shall be overdue) for the purpose of receiving payment

of or on account of the principal of and interest on such Bond as the same becomes due, and for all other purposes. All such payments so made to any such registered owner or upon his order shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid, and neither the Issuer, the Trustee, the Paying Agent, nor the Registrar shall be affected by any notice to the contrary.
It is hereby certified and recited that all acts, conditions and things required to exist, to happen, and to be performed, precedent to and in connection with the issuance of this Bond exist, have happened and have been performed in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto, including particularly the Act, and that the issuance of this Bond, and of the issue of the Bonds of which this Bond is one, is in full compliance with all constitutional and statutory limitations or provisions.
IN WITNESS WHEREOF, Los Cayos Community Development District has caused this Bond to be signed by the manual signature of the Chairperson or Vice Chairperson of its Board of Supervisors and its seal to be imprinted hereon, and attested by the manual signature of the Secretary of its Board of Supervisors, all as of the date hereof.
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT
By:		
Chairperson/Vice Chairperson Board of Supervisors
(SEAL)

Attest:
By:		 Secretary, Board of Supervisors

CERTIFICATE OF AUTHENTICATION
This Bond is one of the Bonds delivered pursuant to the within mentioned Indenture.
Date of Authentication: 	

U.S. BANK TRUST COMPANY, NATIONAL
ASSOCIATION, as Trustee

By:		
Vice President

STATEMENT OF VALIDATION
This Bond is one of a series of Bonds which were validated by judgment of the Circuit Court of the Eleventh Judicial Circuit of Florida, in and for Miami-Dade County, Florida, rendered on the 17th day of September, 2023.
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

(SEAL)
Attest:

By:		
Secretary, Board of Supervisors

By:		
Chairperson/Vice Chairperson Board of Supervisors

ABBREVIATIONS
The following abbreviations, when used in the inscription on the face of the within Bond, shall be construed as though they were written out in full according to applicable laws or regulations:
TEN COM	-	as tenants in common TEN ENT	-	as tenants by the entireties
JT TEN	-	as joint tenants with rights of survivorship and not as tenants in common

UNIFORM TRANSFER MIN ACT	- 	Custodian 	
(Cust)	(Minor)
Under Uniform Transfer to Minors Act	
(State)
Additional abbreviations may also be used though not in the above list.

ASSIGNMENT AND TRANSFER
FOR	VALUE	RECEIVED	the	undersigned	sells,	assigns	and	transfers	unto

(please print or typewrite name and address of assignee)

the within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints

Attorney to transfer the within Bond on the books kept for registration thereof, with full power of substitution in the premises.
Signature Guarantee:

NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company		NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any
change whatsoever.	

Please	insert	social	security	or	other identifying number of Assignee.

EXHIBIT C FORMS OF REQUISITIONS
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2024
(2024 PROJECT)
(Acquisition and Construction)

The undersigned, a Responsible Officer of the Los Cayos Community Development District (the “District”) hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), dated as of March 1, 2024, as supplemented by that certain First Supplemental Trust Indenture dated as of March 1, 2024 (collectively, the “Indenture”) (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture):
Requisition Number:
Identify Acquisition Agreement, if applicable;
Name of Payee:
Amount Payable:
Purpose for which paid or incurred (refer also to specific contract if amount is due and payable pursuant to a contract involving progress payments):
Fund or Account and subaccount, if any, from which disbursement to be made:
Series 2024 Acquisition and Construction Account of the Acquisition and Construction Fund.
The undersigned hereby certifies that:
obligations in the stated amount set forth above have been incurred by the District,
each disbursement set forth above is a proper charge against the Series 2024 Acquisition and Construction Account;
each disbursement set forth above was incurred in connection with the Cost of the 2024 Project; and
each disbursement represents a Cost of 2024 Project which has not previously been paid.

The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.
The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.
Originals or copies of the invoice(s) from the vendor of the property acquired or the services rendered with respect to which disbursement is hereby requested are on file with the District.
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

By:		
Responsible Officer

Date:	

CONSULTING ENGINEER’S APPROVAL FOR
NON-COST OF ISSUANCE OR NON-OPERATING COSTS REQUESTS ONLY
The undersigned Consulting Engineer hereby certifies that (A) this disbursement is for the Cost of the 2024 Project and is consistent with (i) the Acquisition Agreement; (ii) the report of the District Engineer, as such report shall have been amended or modified; and (iii) the plans and specifications for the corresponding portion of the 2024 Project with respect to which such disbursement is being made; and, further certifies that: (B) the purchase price to be paid by the District for the 2024 Project improvements to be acquired with this disbursement is no more than the lesser of (i) the fair market value of such improvements and (ii) the actual cost of construction of such improvements; and (C) the plans and specifications for the 2024 Project improvements have been approved by all regulatory bodies required to approve them or such approval can reasonably be expected to be obtained; (D) all currently required approvals and permits for the acquisition, construction, reconstruction, installation and equipping of the portion of the 2024 Project for which disbursement is made have been obtained from all applicable regulatory bodies; and (E) subject to permitted retainage under the applicable contracts, the seller has paid all contractors, subcontractors, and materialmen that have provided services or materials in connection with the portions of the 2024 Project for which disbursement is made hereby, if an acquisition is being made pursuant to the Acquisition Agreement.

Consulting Engineer

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2024
(2024 PROJECT)

(Costs of Issuance)

The undersigned, a Responsible Officer of the Los Cayos Community Development District (the “District”) hereby submits the following requisition for disbursement under and pursuant to the terms of the Master Trust Indenture between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), dated as of March 1, 2024, as supplemented by that certain First Supplemental Trust Indenture dated as of March 1, 2024 (collectively, the “Indenture”) (all capitalized terms used herein shall have the meaning ascribed to such term in the Indenture):

Requisition Number:

Amount Payable:

Purpose for which paid or incurred: Costs of Issuance

Fund or Account and subaccount, if any, from which disbursement to be made:

Series 2024 Costs of Issuance Account of the Acquisition and Construction Fund

The undersigned hereby certifies that:
this requisition is for costs of issuance payable from the Series 2024 Costs of Issuance Account that have not previously been paid;
each disbursement set forth above is a proper charge against the Series 2024 Costs of Issuance Account;
each disbursement set forth above was incurred in connection with the issuance of the Series 2024 Bonds; and
each disbursement represents a cost of issuance which has not previously been paid.
The undersigned hereby further certifies that there has not been filed with or served upon the District notice of any lien, right to lien, or attachment upon, or claim affecting the right to receive payment of, any of the moneys payable to the Payee set forth above, which has not been released or will not be released simultaneously with the payment hereof.

The undersigned hereby further certifies that such requisition contains no item representing payment on account of any retained percentage which the District is at the date of such certificate entitled to retain.
Attached hereto are originals or copies of the invoice(s) from the vendor of the services rendered with respect to which disbursement is hereby requested.
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

By:		
Responsible Officer

Date:		

EXHIBIT D
FORM OF INVESTOR LETTER

[Date]
FMSbonds, Inc.
20660 W. Dixie Highway North Miami Beach, FL 33180

Re:	$	 Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project)

Ladies and Gentlemen:
The undersigned is authorized to sign this letter [on behalf of Name of Non-Individual Investor], as the beneficial owner (the “Investor”) of $	of the above-referenced Bonds [state maturing on June 15, 	, bearing interest at the rate of  % per annum and CUSIP #] (herein, the “Investor Bonds”).
In connection with the purchase of the Investor Bonds by the Investor, the Investor hereby makes the following representations upon which you may rely:
The Investor has authority to purchase the Investor Bonds and to execute this letter, any other instruments and documents required to be executed by the Investor in connection with the purchase of the Investor Bonds.
The Investor meets the criteria of an “accredited investor” as described in one or more of the categories derived from Rule 501(a) under Regulation D of the Securities Act of 1933, as amended (the “Securities Act”) summarized below, and therefore, has sufficient knowledge and experience in financial and business matters, including purchase and ownership of municipal and other tax-exempt obligations including those which are not rated or credit-enhanced, to be able to evaluate the risks and merits of the investment represented by the Bonds. Please check the appropriate box below to indicate the type of accredited investor:
a bank, registered broker, dealer or investment adviser (or investment adviser exempt from registration under Section 203(l) or (m) within the meaning of the Investment Advisers Act of 1940), insurance company, registered investment company, business development company, small business investment company; or rural business investment company;
an employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the employee benefit plan has total assets in excess of $5 million;
an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, corporation, Massachusetts or similar business trust partnership, or

limited liability company, not formed for the specific purpose of acquiring the Investor Bonds with assets exceeding $5 million;
a business in which all the equity owners are “accredited investors”;
a natural person who has individual net worth, or joint net worth with the person’s spouse or spousal equivalent, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person, except that mortgage indebtedness on the primary residence shall not be included as a liability;
a natural person with income exceeding $200,000 in each of the two most recent years or joint income with a spouse or spousal equivalent exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year;
a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Investor Bonds whose purchase is directed by a sophisticated person;
an entity, of a type other than those set forth above, that owns investments in excess of $5,000,000 and that was not formed for the specific purpose of acquiring the Investor Bonds;
a natural person holding in good standing one or more professional certifications or designations or credentials from a designated accredited educational institution qualifying an individual for “accredited investor” status;
a “family office” with at least $5,000,000 in assets under management, that was not formed for the specific purpose of acquiring the Investor Bonds, and whose prospective investment is directed by a person capable of evaluating the merits and risks of the prospective investment; or
a “family client” of a family office described in the prior bullet point whose prospective investment is directed by that family office.
The Investor has been supplied with an (electronic) copy of the Preliminary Limited Offering Memorandum dated 	, 2024 of the Issuer and relating to the Bonds (the “Offering Document”) and has reviewed the Offering Document and represents that such Offering Document has provided full and meaningful disclosure in order to make an informed decision to invest in the Investor Bonds.

Capitalized terms used herein and not otherwise defined have the meanings given to such terms in the Indenture.
Very truly yours, [Name], [Type of Entity]
By: 	 Name: 	 Title: 	 Date: 	

Or

[Name], an Individual

688023152v5

ACQUISITION AGREEMENT
(2024 Project)

This Acquisition Agreement (the “Agreement”) is made and entered into as of this   day of
	, 2024 (the “Effective Date”), by and between:

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, a local unit of
special purpose government established pursuant to Chapter 190, Florida Statutes, being situated in the City of Homestead, Miami-Dade County, Florida, and whose mailing address is c/o Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, Florida 33410 (the “District”); and

LENNAR HOMES, LLC, a Florida limited liability company, the developer and owner of certain lands within the boundaries of the District, whose address is 5505 Waterford District Drive, Miami, Florida 33126, and its successors, successors in title, and assigns (all referred to herein as the “Developer”).
RECITALS
WHEREAS, the District is a local unit of special purpose government established pursuant to Chapter 190, Florida Statutes, and Miami-Dade County Ordinance No. 23-35 (the “Ordinance”) for the purpose of planning, financing, constructing, installing, operating, acquiring and/or maintaining certain public infrastructure to serve the residential community within the boundaries of the District; and

WHEREAS, the Developer is the developer of the 25.72 +/- acres of lands within the boundaries of the District as defined in the Ordinance, which lands are referred to herein as the District Lands; and

WHEREAS, the District Lands are owned by the Developer and AG EHC II (LEN) Multi State 1, LLC, a Delaware limited liability company (the “AG Landowner”), which AG Landowner was established for the principal purpose of acquiring and holding real estate; and

WHEREAS, the Developer covenants that pursuant to the Construction Agreement, dated
	, 202  , between the Developer and the AG Landowner, the Developer has all necessary authority to develop the District Lands, complete the 2024 Project, and enter into this Agreement with the District; and

WHEREAS, the District has determined that it is in the best interests of the present and future landowners and is a special benefit to the lands within District Lands to finance, construct and deliver certain community development systems, facilities, and improvements to serve the District and the lands within the District Lands within the boundaries of the District, including, without limitation, roadway improvements, including impact fees, if applicable; within the District Lands within the boundaries of the District, including, without limitation, stormwater management and control facilities, including, but not limited to, related earthwork; water and sewer systems, including

connection fees, landscaping, irrigation and hardscape in public rights-of-way; entrance features and offsite roadway improvements, including impact fees; and related soft and incidental costs, including professional fees; and other related improvements, which public infrastructure systems, facilities and improvements are more specifically described in the Engineer’s Report, dated June 16, 2023, prepared by Alvarez Engineers, Inc. (the “Engineer”), as may be amended or supplemented from time to time (the “Engineer's Report”), and in the plans and specifications on file at the office of the District (collectively, the “Improvements” or the “2024 Project”), which Engineer’s Report and 2024 Project plans and specifications are hereby incorporated into and made a part of this Agreement by reference; and

WHEREAS, the District desires to acquire from the Developer, and the Developer desires to convey to the District, on the terms and conditions set forth herein, in one or more conveyances, the Developer's rights or interest in the 2024 Project, which consists of the rights and interests in certain public infrastructure improvements (“Improvements”) and interests in real property as more particularly described in Exhibit A attached hereto and made a part hereof; and

WHEREAS, the District proposes to issue its Los Cayos Community Development District Special  Assessment  Bonds,  Series  2024  (2024  Project)  in  the  principal  amount  of
$	(the “Series 2024 Bonds”), to finance the cost of acquisition of a portion of the Developer's rights or interest in the 2023 Project, pursuant to a Master Trust Indenture, dated as of
	 1, 2024, and a First Supplemental Trust Indenture, dated as of 	1, 2024, as each may be supplemented and amended from time to time (collectively, the “Indenture”), which Indenture is by and between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”); and

WHEREAS, the District intends to issue its Series 2024 Bonds to finance portions of the 2023 Project; and

WHEREAS, Developer will grant the District those easements or real property interests as determined to be necessary by legal counsel to the District and which permit the District to acquire and/or construct the 2024 Project within District Lands; and

WHEREAS, any capitalized terms not otherwise defined in this Agreement shall have the meaning set forth in the Indenture; and

WHEREAS, as a condition of the District acquiring the Improvements that constitute part of the 2024 Project, the Engineer will certify that the Improvements or the portion of the Improvements being conveyed to the District pursuant to this Agreement are part of the 2024 Project and will certify that the cost to be charged to the District for each portion of the Improvements being conveyed to the District pursuant to this Agreement does not exceed the lower of (i) the documented actual cost of such Improvements or (ii) the Engineer's estimated fair market value of such Improvements; and

WHEREAS, the Developer agrees and acknowledges that this Agreement shall be binding upon its heirs, executors, receivers, trustees, successors, successors in title, and assigns (except for end users); and

WHEREAS, the District Board of Supervisors has determined that it is in the best interests of the District, its future landowners and residents to enter into this Agreement and to acquire the Improvements and interests in real property that are part of the 2024 Project.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, and for Ten and no/100ths ($10.00) Dollars and other good and valuable consideration from the District to the Developer, the receipt and sufficiency of which are hereby acknowledged, acknowledged, and subject to the terms and conditions hereof, the parties agree as follows:

INCORPORATION OF RECITALS. The recitals stated above are true and correct and by this reference are incorporated by reference as a material part of this Agreement.
APPLICABLE PROVISIONS; MAXIMUM PAYMENT.
It is contemplated by the parties that the Improvements will be completed and conveyed by the Developer to the District. The provisions of Section 3 and Section 4 hereof are specifically applicable to the conveyance of Improvements and the 2023 Project by the Developer to the District, and the provisions of Section 5 hereof specifically apply to the payment of impact fees or connection fees that are part of the 2024 Project. The District agrees to pay the Developer subsequent to the issuance of the Series 2024 Bonds the amount of net proceeds available from the Series 2024 Bonds, as total payment for all the Developer's rights or interest in the 2024 Project, which includes the Developer's rights or interest in the Improvements, impact fees and connection charges, an amount not to exceed FIVE MILLION EIGHT HUNDRED THREE AND 00/100 ($5,803,000.00) DOLLARS (the “2024 Project Cost”). The parties acknowledge that this 2024 Project Cost exceeds the amount of net proceeds available from the Series 2024 Bonds to be issued by the District. The total payment to be made by the District for all the Developer’s rights or interests in the 2024 Project calculated in accordance with and subject to this Agreement shall not exceed the amount of net proceeds available from the Series 2024 Bonds (the “Purchase Price”) deposited into the Series 2024 Acquisition and Construction Account and from monies in the Series 2024 Reserve Account as a result of satisfaction of the Release Conditions (as defined in the Indenture).

In no event shall the District pay more than the Purchase Price for the 2024 Project. In the event that there are not sufficient funds from the net proceeds of the Series 2024 Bonds to pay for the 2024 Project, then, the 2024 Project Cost shall be reduced to equal the amount of remaining funds available from the net proceeds of the Series 2024 Bonds and available monies in the Series 2024 Reserve Account as a result of satisfaction of the Release Conditions, so that payment of such remaining and available funds shall fully satisfy the District’s obligation to the Developer and the Developer shall convey all of the Improvements and the interests in real property subject to this Agreement without further right to any additional payments for the Improvements, including impact fees and connection charges, or the interests in real property constituting the 2024 Project. The

acquisition of the Developer’s rights or interest in the Project by the District and the District’s payment for same shall be in accordance with the terms of this Agreement and the Indenture, with the resolution or resolutions authorizing the Series 2024 Bonds, and the Engineer’s Report, all of which are incorporated herein by reference. The parties recognize that Developer shall not be paid more than the Purchase Price for the 2024 Project.

For purposes of the payment provisions of this Agreement, all payments to the Developer shall be made and directed to Lennar Homes, LLC, unless otherwise directed in writing by Lennar Homes, LLC.

CONVEYANCE OF IMPROVEMENTS AND REAL PROPERTY.

In accordance with the terms and conditions of this Agreement, the Developer shall, in one or more conveyances, convey, or cause to be conveyed by the Developer or others, as the case may be, to the District by dedication, special warranty deed, quit claim deed, easement, bill of sale or other appropriate form of conveyance satisfactory to the District and its counsel, any and all of the Developer's rights in the interests in real property and the Improvements from time to time and as the Improvements are completed. At least fifteen (15) days prior to the date of conveyance of any interests in real property hereunder, the Developer shall provide the District with copies of surveys and as-built plans, if applicable, signed and sealed by the Developer’s surveyor and/or engineer of record describing the Improvements being conveyed. At least five (5) days prior to the date of conveyance of any interests in real property hereunder, the Developer shall provide the District with title insurance, an attorney's opinion of title or other evidence of clear title relating to any interests in real property and Improvements acceptable to the District and its counsel describing the nature of Developer's rights or interest in the real property and Improvements being conveyed, and stating that
(i) such interests in real property and Improvements are free and clear of all liens and encumbrances, except as provided herein and except for those encumbrances that do not impair or interfere with any functions of the District, (ii) all governmental approvals necessary to install the Improvements have been obtained, and (iii) the Developer is conveying the complete interest in the Improvements to the District.

Conveyance of interests in real property. Pursuant to and as more particulalary described in the Engineer’s Report and as part of the 2024 Project, the Developer is required, at no cost to the District, to convey or ensure the conveyance of those interests in real property necessary for the District to own, operate and maintain the 2024 Project. With respect to the conveyance of the interests in real property, on the date of the closing on said Property, or portions thereof, the Developer shall deliver to the District the following original documents:

Quit Claim Deed (the “Deed”) or Grant of Easement

Attorney’s Opinion of Title

Owner’s/Seller’s Affidavit

Bill of Sale for improvements on the property.

Any necessary consent resolutions
Any assignments or other documents that might be required as part of or in connection with the issuance of the title commitment or opinion of title.

The parties acknowledge and agree that certain portions of the Improvements may have been or will be constructed in rights-of- way, utility easements, common areas or areas, any or all of which may have been previously dedicated to other governmental bodies, public entities, or other quasi-public organizations, and that, therefore, such portions of the Improvements may be subject to certain rights of other governmental bodies, public entities, or other quasi-public organizations. Accordingly, the Developer's rights or interest in such portions of the Improvements may be conveyed by the Developer to the District, subject to such other rights provided such rights are perpetual in nature.

All terms and conditions of this Agreement apply equally to conveyances made prior to funding from proceeds of the Series 2024 Bonds, and the District shall make payment for such conveyances in accordance with Section 4 below, provided that under no circumstances shall a conveyance made prior to such funding obligate the District to make payment prior to receipt by the District of such funding from proceeds of the Series 2024 Bonds.
By approval and execution of this Agreement, the District authorizes and ratifies the preparation and execution by the proper official(s) of the District of all documents necessary to effectuate the conveyances contemplated by this Agreement.

The Developer further agrees to convey, or have conveyed without monetary consideration, such real property and interests in real property, whether by deed, easement, or otherwise, from the Developer or other owner(s), as the case may be, so that the District has full access by means of ingress and egress to all Improvements for purposes of ownership and maintenance of said Improvements and in accordance with the Engineer’s Report. Developer further agrees to, within twenty (20) days of the date of this Agreement, convey or have conveyed, at no cost, such other real property interests in the District Lands from the Developer in favor of the District as determined to be necessary by District Counsel and which permit the District to acquire, own, and operate the 2024 Project within said District Lands.

PAYMENT FOR IMPROVEMENTS.

After receipt by the District of funds from the net proceeds of the Series 2024 Bonds and in accordance with the terms of the Indenture (to be entered into in connection with the issuance of the Series 2024 Bonds) and this Agreement, the District agrees to pay the Developer upon the issuance of the Series 2024 Bonds from available funds for that purpose under the Indenture, as total payment for all of the Developer’s and any other grantor’s rights or interest in any Improvements to be conveyed to the District, an amount less than the Purchase Price that shall not exceed the lesser of the documented actual cost of the Improvements or the Engineer’s estimated fair market value of such Improvements, with the exact purchase price to be based on the certificate of the Engineer, and

which is subject to the amount of funds available to the District from the net proceeds of the Series 2024 Bonds to pay for the Improvements (the “Improvements Purchase Price”). The Improvements Purchase Price is inclusive of any impact fees or connection charges that are part of the 2024 Project, as described in Section 5 of this Agreement and in the Engineer’s Report. The Developer shall convey all the Improvements subject to this Agreement without further right to any additional payments for the Improvements, including the impact fees and connection charges, by the District and the District’s payment for same shall be in accordance with the terms of this Agreement and the Indenture and with the resolution or resolutions authorizing the Series 2024 Bonds and the Engineer’s Report. The payment of the Improvements Purchase Price shall occur in the following manner:

Payment.  From time to time subsequent to the Effective Date of this Agreement and subsequent to the receipt by the District of funds from proceeds of the Series 2024 Bonds or from moneys transferred from the Series 2024 Reserve Account as a result of satisfaction of the Release Conditions, upon proper requisition as provided by the Indenture and upon certification by the Engineer and the Developer in accordance with Section 7 of this Agreement with respect to any portion of the Improvements to be conveyed or already conveyed, the District shall direct the Trustee to pay the Developer such certified amount in one or more installments as necessary. To the extent that there are sufficient funds available from the net proceeds of the Series 2024 Bonds, the District will continue to pay the Developer from such proceeds for certain portions of the Improvements as those portions are conveyed to, and accepted by, the District in accordance with this Agreement, until the earlier of such time as the total Improvements Purchase Price shall have been paid to the Developer or there are no longer any funds available to the District from the net proceeds of the Series 2024 Bonds or from moneys transferred from the Series 2024 Reserve Account as a result of satisfaction of the Release Conditions to pay for the Improvements.

No Additional Payment Obligation. Nothing in this Agreement shall obligate the District to make additional payments in the event that there are not sufficient funds available to the District from the net proceeds of the Series 2024 Bonds or from the Series 2024 Reserve Account upon satisfaction of the Release Conditions to pay for the Improvements.

Maximum Payment. In no event shall the District pay more than the Improvements Purchase Price for all of the Improvements, and in the event that there are not sufficient funds from the net proceeds of the Series 2024 Bonds or from moneys transferred from the Series 2024 Reserve Account as a result of satisfaction of the Release Conditions to pay for Improvements, then, the Improvements Purchase Price shall be reduced to equal the amount of remaining funds available from the net proceeds of the Series 2024 Bonds or from moneys transferred from the Series 2024 Reserve Account as a result of satisfaction of the Release Conditions, so that payment of such remaining and available funds shall fully satisfy the District’s obligation to the Developer and the Developer shall convey all of the Improvements subject to this Agreement without further right to any additional payments for the Improvements. The acquisition of the Developer’s rights or interest in the Improvements by the District and District’s payment for the same shall be in accordance with the terms of this Agreement and the Indenture. Notwithstanding, the parties recognize that the Developer shall not be paid more than the Improvements Purchase Price for the Improvements that constitute the 2024 Project.

No provision of Section 4 shall relieve the Developer of the completion obligations in Section 8. Notwithstanding anything else in this Agreement to the contrary, the District and Developer acknowledge that the District's obligation to pay for the 2024 Project is subject to the terms of the Indenture.

PAYMENT FOR IMPACT FEES AND CONNECTION CHARGES.	The
Developer agrees that the road impact fees and water and sewer connection charges are part of the District’s 2024 Project. If the Developer pays the impact fees and/or connection charges to the applicable governmental authority, it shall be paying them on behalf of the District. To the extent the net proceeds of the Series 2024 Bonds or any available moneys transferred from the Series 2024 Reserve Account as a result of satisfaction of the Release Conditions are sufficient, the District shall reimburse the Developer if the Developer makes such payments. If the Developer is entitled to any impact fee credits, the Improvements Purchase Price and the Purchase Price for any component of the 2024 Project that generated the impact fee credits shall be reduced in like amount or the Developer will contribute public infrastructure improvements and facilities to the District at no cost in an amount at least equal to the value of such credits.

CONDITION OF IMPROVEMENTS AND PROPERTY; WARRANTY.	At
the time of conveyance by the Developer of the Developer's rights or interest in all or any portion of the completed Improvements, the portion of the Improvements being conveyed shall be in good condition, reasonably free from defects, as determined by the District's Engineer; and Developer warrants to the District, and to any government entity to which the Improvements may be conveyed by the District, that said Improvements shall be free from defects in materials, equipment or construction for a period of one (1) year from the date of conveyance. Developer further agrees, as part of any conveyance of Improvements, to assign to the District any warranties associated with or applicable to the Improvements, but only to the extent capable by their terms of being assigned. Notwithstanding any warranty relating to the Improvements contained herein, the District acknowledges that any interests in real property conveyed hereunder shall be conveyed in “AS IS, WHERE IS” condition, with no representation, warranty, or recourse, excepting that which is provided in any quit claim deed, opinion of title, or title insurance commitment pertaining to the property.

CERTIFICATIONS. Before any payment by the District for any portion of the Improvements, the District shall be provided with a certificate (or certificates), signed by the District’s Engineer and a certificate (or certificates) (collectively, the “Certifications”) signed by the Developer certifying that: (a) the amount to be paid to the Developer for any portion of the Improvements does not exceed the lower of (i) the actual cost paid or to be paid by the Developer for said Improvements (based upon representations of the Developer) or (ii) the fair market value of such Improvements; (b) that said Improvements for which payment is to be made are part of the 2024 Project; (c) that said Improvements conveyed or to be conveyed to the District have been installed or constructed in substantial conformity with the plans and specifications and in conformance with applicable rules, regulations, ordinances, laws and all permits and approvals governing the installation or construction of the same; (d) that all currently required approvals and permits for acquisition, construction, reconstruction, installation and equipping of the Improvements

or any portion thereof have been obtained or can reasonably be expected to be obtained from all applicable regulatory bodies; (e) that the Developer has paid all contracts, subcontracts and materialmen that have provided services or materials in connection with such Improvements; (f) that sufficient funds are or are not available from the net proceeds of the Series 2024 Bonds or from moneys transferred from the Series 2024 Reserve Account as a result of satisfaction of the Release Conditions to acquire or construct any remaining portion of the 2024 Project; and (g) that each payment to be received by the Developer pursuant to this Agreement does not constitute a loan of the proceeds of the Series 2024 Bonds to the Developer. If sufficient funds are not available from the net proceeds of the Series 2024 Bonds or from moneys transferred from the Series 2024 Reserve Account as a result of satisfaction of the Release Conditions to acquire or construct any remaining portion of the 2024 Project, the project completion obligations of Section 8 herein shall be invoked and applicable.

Final completion of the Improvements is to be provided by the Developer, and such completion shall be evidenced by a certificate of completion signed by the Developer and the District’s Engineer and delivered to the District.
COMPLETION.
The Developer covenants that it shall cause the Improvements and the 2024 Project to be completed and conveyed and shall convey or cause to be conveyed any interests in real property necessary for the maintenance and operation of the Improvements or the 2024 Project, regardless of whether the proceeds of the Series 2024 Bonds or other amounts available for that purpose under the Indenture are sufficient to cover the costs of such completion and such conveyances. The Developer hereby agrees to complete or cause to be completed or to provide funds to the District in an amount sufficient to allow the District to complete or cause to be completed, those portions of the Improvements which remain unfunded from the net proceeds of the Series 2024 Bonds and from moneys from the Series 2024 Reserve Account as a result of satisfaction of the Release Conditions, including, but not limited to, all administrative, legal, warranty, engineering, permitting or other related soft costs (collectively, the “Remaining Improvements”), for the Improvements specially benefiting the lands within the District Lands.

The Developer acknowledges that the 2024 Project Cost will exceed the amount of net proceeds anticipated to be available under the Series 2024 Bonds. According to the Master Special Assessment Methodology for Los Cayos Community Development District Special Assessment Bonds, dated June 16, 2023, as supplemented by the final Supplemental Special Assessment Methodology Special Assessment Bonds (2024 Project), dated 	, 2024, each prepared by Special District Services, Inc., as may be further amended and supplemented by the District Board of Supervisors from time to time (collectively, the “Methodology Report”), the District will issue $		in principal amount of Series 2024 Bonds, which will provide approximately $	 in available Series 2024 Bond net proceeds to pay the Improvements Purchase Price.

Nothing herein shall cause or be construed to require the District to issue additional bonds or indebtedness, or to provide funds for any portion of the Remaining Improvements or

interests in real property from any source other than the proceeds of the Series 2024 Bonds, including amounts from the Series 2024 Reserve Account upon satisfaction of the Release Conditions.

APPLICATION OF TRUST INDENTURE. The acquisition of the Developer's rights or interest in any portion or all of the 2024 Project by the District and District's payment for same shall be in accordance with the terms of this Agreement and applicable provisions of the Indenture, which are specifically incorporated herein by reference and made a part hereof. In no case shall the cumulative price paid by the District for the 2024 Project exceed the lesser of 2024 Project Cost or available net proceeds from the issuance of the Series 2023 Bonds or from moneys transferred from the Series 2024 Reserve Account as a result of satisfaction of the Release Conditions.

SUCCESSORS. The rights and obligations created by this Agreement shall be binding upon and inure to the benefit of Developer and District, their heirs, executors, receivers, trustees, successors, successors-in-title, and assigns.
CONSTRUCTION OF TERMS. Whenever used, the singular number shall include the plural, the plural the singular; the use of any gender shall include all genders, as the context requires; and the disjunctive shall be construed as the conjunctive, the conjunctive as the disjunctive, as the context requires.

ENTIRE AGREEMENT. This Agreement contains the entire understanding between the District and the Developer and each agrees that no representation was made by or on behalf of the other that is not contained in this Agreement and that in entering into this Agreement neither party relied upon any representation not herein contained.

CAPTIONS. The captions for each section of this Agreement are for convenience and reference only and in no way define, describe, extend, or limit the scope of intent of this Agreement, or the intent of any provision hereof.

SEVERABILITY. If any provision of this Agreement, the deletion of which would not adversely affect the receipt of any material benefit by any party hereunder or substantially increase the burden of any party hereto, shall be held to be invalid or unenforceable to any extent, the same shall not affect in any respect whatsoever the validity or enforceability of the remainder of this Agreement.

EXECUTION OF DOCUMENTS. Each party covenants and agrees that it will at any time and from time to time do such acts and execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such documents reasonably requested by the parties necessary to carry out fully and effectuate the transaction herein contemplated and to convey good and marketable title for all conveyances subject to this Agreement.

COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original; however, all such

counterparts together shall constitute, but one and the same instrument. Signature and acknowledgment pages, if any, may be executed by facsimile, which shall be deemed an original, and may be detached from the counterparts and attached to a single copy of this document to physically form one document.

AUTHORITY. The execution of this Agreement has been duly authorized by the appropriate body or official of all parties hereto, each party has complied with all the requirements of law, and each party has full power and authority to comply with the terms and provisions of this Agreement.

AMENDMENTS AND WAIVERS. This Agreement may not be amended, modified, altered, or changed in any respect whatsoever except by a further agreement in writing duly executed by the parties hereto. No failure by District or Developer to insist upon the strict performance of any covenant, duty, agreement, or condition of this Agreement or to exercise any right or remedy upon a breach thereof shall constitute a waiver of any such breach or any other covenant, agreement, term, or condition. Either party hereto, by notice, may but shall be under no obligation to, waive any of its rights or any conditions to its obligations hereunder. No waiver shall affect or alter this Agreement but each and every covenant, agreement, term, and condition of this Agreement shall continue in full force and effect with respect to any other then-existing or subsequent breach thereof. Notwithstanding anything herein to the contrary, this Agreement may not be materially amended in a manner that (a) could have the effect of reducing the total debt service revenue collected or to be collected for payment of debt service on the Series 2024 Bonds or
(b) lessens Developer’s obligations in this Agreement without the written consent of the Trustee for the Series 2024 Bonds, acting at the direction of the Bondholders (as defined in the Indenture) owning a Majority of the aggregate principal amount of the Series 2024 Bonds then outstanding. The term “Majority” shall mean more than fifty (50%) percent.

APPLICABLE LAW. This Agreement is made and shall be construed under the laws of the State of Florida.

COSTS AND FEES. In the event that either party is required to enforce this Agreement by court proceedings or otherwise, then the parties agree that the prevailing party shall be entitled to recover from all other costs incurred, including reasonable attorney's fees and costs for trial, alternate dispute resolution, or appellate proceedings.

NO THIRD-PARTY BENEFICIARIES. Except as provided below, this Agreement is solely for the benefit of the formal parties herein and no right or cause of action shall accrue upon or by reason hereof, to or for the benefit of any third party not a formal party hereto. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Agreement or any provisions or conditions hereof; and all of the provisions, representations, covenants and conditions herein contained shall inure to the sole benefit of and shall be binding upon the parties hereto and their respective representatives, successors and assigns (other than end users). Notwithstanding anything herein to the contrary, the Trustee for the Series 2024 Bonds, on behalf of the Bondholders, shall be a direct third-party beneficiary of the terms and conditions of this

Agreement and, acting at the direction of the Bondholders (as defined in the Indenture) owning a Majority of the aggregate principal amount of the Series 2024 Bonds then outstanding, shall be entitled to cause the District to enforce the Developer’s obligations hereunder. The Trustee shall not be deemed to have assumed any obligations hereunder.

ARM'S LENGTH TRANSACTION. This Agreement has been negotiated fully between the parties in an arm's length transaction. The parties participated fully in the preparation of this Agreement with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, the parties are deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against any party.
ASSIGNMENT. This Agreement, or any monies to become due hereunder, may be assigned by the Developer, provided that the Developer first obtains the prior written approval of the District, which approval shall not unreasonably be withheld. In addition, the Developer may not assign its obligations hereunder without the prior written consent of the Trustee acting at the direction of the holders owning a Majority of the aggregate principal amount of the Series 2024 Bonds outstanding; however, no consent shall be required if the assignee is acquiring a majority of the Developer’s interest in the District Lands.

FURTHER ASSURANCES. At any and all times, the Developer and District shall, so far as either may be authorized by law, make, do, execute, acknowledge and deliver, all and every other further acts, deeds, conveyances, assignments, transfers and assurances as may be necessary or desirable, as determined by the District, for the better assuring, conveying, granting, assigning and confirming of any and all rights or interest in the Improvements and the real property which are intended or required to be acquired by or conveyed to or by the District as contemplated by the Indenture and this Agreement, including the conveyance, assignment or transfer to other government agencies of such portions of the Improvements or interests in real property as authorized, directed or required by applicable laws or regulations, conditions of development orders, or agreements entered into by the District.
REMEDIES. A default by either party under this Agreement shall entitle the other to all remedies available at law or in equity, which shall include but not be limited to the right of damages and injunctive relief and specifically include the ability of the District to enforce any and all payment obligations under this Agreement through the imposition and enforcement of a contractual or other lien on property within the District and owned by the Developer, which lien shall be foreclosable in the manner of mechanics’ liens pursuant to Chapter 713, Florida Statutes, or as otherwise provided by law. In the event of the Developer's default under this Agreement, the parties agree as to the absence of adequate remedies at law; therefore, the District shall have, in addition to such rights and remedies as provided above and by general application of law, the right to obtain specific performance of the Developer's obligations hereunder.
SOVEREIGN IMMUNITY. Developer agrees that nothing in this Agreement shall constitute or be construed as a waiver of the District’s limitations on liability contained in Section 768.28, Florida Statutes, as amended, or other statutes or law.

NOTICES. All notices, requests, consents and other communications required or permitted under this Agreement shall be in writing and shall be (as elected by the person giving such notice) hand-delivered by prepaid express overnight courier or messenger service, telecommunicated, or mailed (airmail if international) by registered or certified (postage prepaid), return receipt requested, to the following addresses:

District:	Los Cayos Community Development District 2501A Burns Road
Palm Beach Gardens, Florida 33410 Attention: District Manager

With copy to:	Billing, Cochran, Lyles, Mauro & Ramsey, P.A.
515 East Las Olas Boulevard, Suite 600 Fort Lauderdale, Florida 33301 Attention: Michael J. Pawelczyk, Esq.
Developer:	Lennar Homes, LLC
5505 Waterford District Drive Miami, Florida 33172
Attn: Carlos Gonzalez, Vice President

With a copy to:	Holland & Knight LLP
515 East Las Olas Boulevard, Suite 1200 Fort Lauderdale, Florida 33301 Attention: Jonathan Marcus, Esq.

Except as otherwise provided in this Agreement, any notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5:00 PM (at the place of delivery) or on a non-business day shall be deemed received the next business day. If any time for giving notice contained in this Agreement would otherwise expire on a non-business day, the notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Any party or other person to whom notices are to be sent or copied may notify the other parties and addressees of any changes in name or address to which notices shall be sent by providing the same on five (5) days written notice to the parties and addressees set forth herein.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the date first above written.

Witnesses:

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

Print Name

By:		
Teresa Baluja, Chairperson Board of Supervisors

Attest: 	

Gloria Perez, Secretary

Print Name

	day of 	, 2024

STATE OF FLORIDA	} COUNTY OF MIAMI-DADE	}

The foregoing instrument was acknowledged before me by means of [  ] physical presence or [ ] online notarization, this    day of 	, 2024, by Teresa Baluja, as Chairperson of the Board of Supervisors for LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, who is personally known and/or produced 		as identification and who being duly sworn, deposes and says that the aforementioned is true and correct to the best of her knowledge.

[SEAL]		
Notary Public Commission:
STATE OF FLORIDA	} COUNTY OF MIAMI-DADE	}
The foregoing instrument was acknowledged before me by means of [  ] physical presence or [ ] online notarization, this    day of 	, 2024, by Gloria Perez, as Secretary of the LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, who is personally known and/or produced 	as identification and who being duly sworn, deposes and says that the aforementioned is true and correct to the best of his knowledge.

[SEAL]		
Notary Public Commission:

LENNAR HOMES, LLC, a Florida limited liability company

Witnesses:

By: 	
Greg McPherson, Vice President

Print Name

	day of 	, 2024

Print Name

STATE OF FLORIDA	} COUNTY OF MIAMI-DADE	}

The foregoing instrument was acknowledged before me by means of [ ] physicalpresence or [ ] online notarization, this    day of 		, 2024, by Greg McPherson, as Vice President of LENNAR HOMES, LLC, a Florida limited liability company. He is personally known to me or has produced 	as identification and who being duly sworn, deposes and says that the aforementioned is true and correct to the best of his knowledge.

Notary Public Commission:

Exhibit A
Improvements - 2024 Project

Roadway Improvements. The roadway improvements applicable to the 2024 Project consist of onsite and offsite road right-of-way improvements. The offsite improvements consist of the roadway improvements that will be constructed within rights-of-way that currently belong to Miami- Dade County, including the construction of a concrete sidewalk along the frontage of the Development on SW 336 Street and the regarding of the adjacent swale. The offsite work also includes the construction of a turnout into the Development and the related pavement markings and signage to channelize vehicular and pedestrian traffic. An onsite entry road will also be constructed, consisting of a three-lane, divided urban road section with a raised median, extending from the north right-of-way line of SW 336 Street to the hard-gated guardhouse (excludes the guardhouse structure and its mechanical, electrical, or plumbing appurtenances. Entry features will be constructed at the entrance of the Development and include architectural, structural, mechanical, electrical, plumbing, landscaping, and irrigation elements. These onsite and offsite roadway improvements are more particularly described in the Engineer’s Report, dated and accepted June 16, 2023, prepared by Alvarez Engineers, Inc. (the “Engineer’s Report”), as such Engineer’s Report is further amended and supplemented from time to time by the District . Miami-Dade County road impact fees are also included under the Roadway Improvements.

Stormwater Management and Drainage Facilities. All stormwater management and drainage facilities for the 2024 Project, consisting of drainage components for the onsite and offsite roadways, including, but not limited to, curbs, gutters, inlets, manholes, pipes, French drains, and appurtenant improvements, as more particularly described in the Engineer’s Report, as amended and supplemented from time to time by the District.

Water Distribution System. The water distribution system for the 2024 Project consists of a both transmission and distribution mains along with required valving, fire hydrants, sample points, and appurtenant improvements, as more particularly described in the Engineer’s Report, as well as water connection charges for the 2024 Project.

Sanitary Sewer System. The sanitary sewer system for the 2024 Project includes force mains, collection mains with individual lot sewer services, and appurtenant improvements, as more particularly described in the Engineer’s Report, as well as sanitary sewer connection charges for the 2024 Project.

Other Improvements. Those other, appurtenant, and related public infrastructure components of the 2024 Project, as described and depicted in the Engineer’s Report.

COMPLETION AGREEMENT
(2024 Project)

This Completion Agreement (“Agreement”) is made and entered into as of this     day of
	, 2024 (the “Effective Date”), by and between:

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, a local unit of
special purpose government established pursuant to Chapter 190, Florida Statutes, being situated in the City of Homestead, Miami-Dade County, Florida, and whose mailing address is c/o Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, Florida 33410 (the “District”); and

LENNAR HOMES, LLC, a Florida limited liability company, the primary developer and owner of certain lands within the boundaries of the District, whose address is 5505 Waterford District Drive, Miami, Florida 33126, and its successors, successors in title, and assigns (all referred to herein as the “Developer”).

RECITALS

WHEREAS, the District is a local unit of special purpose government established pursuant to Chapter 190, Florida Statutes, and Miami-Dade County Ordinance No. 23-35 (the “Ordinance”) for the purpose of planning, financing, constructing, installing, operating, acquiring and/or maintaining certain public infrastructure to serve the residential community within the boundaries of the District; and

WHEREAS, the Developer is the developer of the 25.72 +/- acres of lands within the boundaries of the District as defined in the Ordinance, which lands are referred to herein as the District Lands; and

WHEREAS, the District Lands are owned by the Developer and AG EHC II (LEN) Multi State 1, LLC, a Delaware limited liability company (the “AG Landowner”), which AG Landowner was established for the principal purpose of acquiring and holding real estate; and

WHEREAS, the Developer covenants that pursuant to the Construction Agreement, dated
	, 202 , between the Developer and the AG Landowner, the Developer has all necessary authority to develop the District Lands, complete the 2024 Project, and enter into this Agreement with the District; and

WHEREAS, the District has determined that it is in the best interests of the present and future landowners and is a special benefit to the lands within District Lands to finance, construct and deliver certain community development systems, facilities, and improvements to serve the District and the lands within the District Lands within the boundaries of the District, including, without limitation, stormwater management and control facilities, including, but not limited to, related earthwork; water and sewer systems, including connection fees, landscaping, irrigation and
1
Completion Agmt (Los Cayos CDD) Rev. 02-02-2024

hardscape in public rights-of-way; entrance features and offsite roadway improvements, including impact fees; and related soft and incidental costs, including professional fees; and other related improvements, which public infrastructure systems, facilities and improvements are more specifically described in the Engineer’s Report, dated June 16, 2023, prepared by Alvarez Engineers, Inc. (the “Engineer”), as may be amended or supplemented from time to time (the “Engineer's Report”), and in the plans and specifications on file at the office of the District (collectively, the “Improvements” or the “2024 Project”), which Engineer’s Report and 2024 Project plans and specifications are hereby incorporated into and made a part of this Agreement by reference; and

WHEREAS, the District has imposed special assessments on the District Lands (the “Series 2024 Special Assessments”) to secure the portion of the financing for the acquisition and construction of the 2024 Project and is issuing its $	 Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (the “Series 2024 Bonds”), which proceeds therefrom are less than the 2024 Project Cost of $5,803,000 estimated in the Engineer’s Report; and

WHEREAS, the assessable lands within the District Lands will be subject to the Series 2024 Special Assessments relating to the Series 2024 Bonds to be issued to finance the costs of the 2024 Project that specially benefit certain District Lands; and

WHEREAS, the District intends to finance a portion of the cost of the 2024 Project through the use of proceeds from the issuance of the Series 2024 Bonds; and

WHEREAS, the Series 2024 Bonds are expected to be issued pursuant to a Master Trust Indenture dated as of 		1, 2024, and a First Supplemental Trust Indenture, dated as of 	1, 2024, and each with U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), as the same may be supplemented from time to time (collectively, the “Indenture”), to be executed by and between the District and the Trustee, a financial institution authorized to serve as bond trustee; and

WHEREAS, the Developer and the District hereby agree that the District will be obligated to issue the Series 2024 Bonds to fund only a portion of the cost of the 2024 Project and the Developer will cause the 2024 Project to be completed and conveyed to the District or otherwise provide funds to the District to cause the 2024 Project to be completed, as more fully set forth herein and will cause any real property interests associated with the 2024 Project, as described in the Engineer’s Report, to be conveyed at no cost to the District.

NOW THEREFORE, based upon good and valuable consideration and the mutual covenants of the parties, the receipt of which and sufficiency of which is hereby acknowledged, the District and the Developer agree as follows:

INCORPORATION OF RECITALS. The recitals stated above are true and correct and by this reference are incorporated by reference as a material part of this Agreement.

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Completion Agmt (Los Cayos CDD) Rev. 02-02-2024

COMPLETION OF THE 2024 PROJECT.

The Developer and District agree and acknowledge that the available net proceeds of the District's Series 2024 Bonds will provide only a portion of the funds necessary to complete the 2024 Project. The District will issue a total of $	in principal amount of Series 2024 Bonds, which will provide approximately $		 in available Series 2024 Bond proceeds to pay for the 2024 Project. The Developer hereby agrees, subject to the provisions of this Agreement, including subsection (c) below (i) to complete or cause to be completed or (ii) to provide funds to the District in an amount sufficient to allow the District to complete or cause to be completed, those portions of the 2024 Project which remain unfunded from available net proceeds of the Series 2024 Bonds and from any amounts deposited pursuant to the Indenture into the Series 2024 Acquisition and Construction Account and from monies in the Series 2024 Reserve Account as a result of satisfaction of Release Conditions (as defined in the Indenture), including, but not limited to, all administrative, legal, warranty, engineering, permitting, real estate acquisition costs, or other related soft costs, for the 2024 Project specially benefiting the District Lands (collectively, the “Remaining Improvements”), whether pursuant to existing contracts, contracts assigned by the Developer to the District, or future contracts, and all change orders to any such contracts. The Developer acknowledges that the 2024 Project is anticipated to be completed and conveyed before
	 2024, and the Developer has no reason to believe the Remaining Improvements will not be completed and conveyed to the District within that time frame or that the Developer will not provide funds to the District to permit the Remaining Improvements to be completed within that time frame. The Developer shall cause the property interests associated with the 2024 Project to be conveyed to the District prior to the completion of the 2024 Project or within sixty (60) days of written demand of the District, whichever is earlier

Nothing herein shall cause or be construed to require the District to issue additional bonds or indebtedness, or to provide funds for any portion of the Remaining Improvements from any source other than the proceeds of the Series 2024 Bonds, including monies released from the Series 2024 Reserve Account upon satisfaction of the Release Conditions.

The District and Developer hereby acknowledge and agree that the District’s execution of this Agreement constitutes the manner and means by which the Developer will provide any and all portions of the Remaining Improvements not funded by net proceeds of the Series 2024 Bonds, as follows:

The Developer shall diligently proceed to complete or cause to complete the Remaining Improvements (without regard to the estimated cost thereof set forth in the Engineer’s Report) and convey such completed components of the Remaining Improvements to the District, subject to the terms of the Acquisition Agreement (Series 2024 Project), dated 	, 2024, between the District and the Developer and pertaining to the 2024 Project, as the same may be amended by the parties from time to time (collectively, the “Acquisition Agreement”); provided, however, when all or any portion of the Remaining Improvements are the subject of an existing District contract, whether procured or assumed by the District, then upon notice to the Developer by the District, the Developer shall promptly, in accordance with the Acquisition Agreement, provide
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Completion Agmt (Los Cayos CDD) Rev. 02-02-2024

funds directly to the District in an amount sufficient to complete the Remaining Improvements pursuant to such contract, including change orders thereto.

When any portion of the Remaining Improvements are not the subject of an existing District contract, then upon notice to the Developer by the District, the Developer, within a commercially reasonable time, may request that it instead provide funds to the District in an amount sufficient to allow the District to complete or cause to be completed those Remaining Improvements, subject to a formal determination by the Board of Supervisors in advance that the option selected by the Developer will not adversely impact the District and is in the District’s best interests.
OTHER CONDITIONS AND ACKNOWLEDGMENTS.
The District and the Developer agree and acknowledge that the exact location, size, configuration and composition of the 2024 Project, including the Remaining Improvements, may change from that described in the Engineer’s Report, depending upon final design of the development, permitting or other regulatory requirements over time, or other factors. Material changes to the 2024 Project which could have the effect of reducing the payment of the scheduled debt service on the Series 2024 Bonds or the collection of the Series 2024 Special Assessments or which lessen Developer’s obligations in this Agreement shall be made by a written amendment to the Engineer’s Report, which shall include an estimate of the cost of the changes. Material changes to the 2024 Project shall require the prior written consent of the Trustee acting at the direction of the Bondholders (as defined in the Indenture) owning a Majority of the aggregate principal amount of the Series 2024 Bonds then outstanding. The term “Majority,” as used herein, shall mean more than fifty (50%) percent.

The District and Developer agree and acknowledge that for any and all portions of the Remaining Improvements which are constructed, or caused to be constructed, by the Developer for the benefit of the District shall be conveyed to the District or such other appropriate unit of local government as is designated in the Engineer’s Report or required by governmental regulation or development approval. All conveyances to another governmental entity shall be in accordance with and in the same manner as provided in any agreement between the District and the appropriate unit of local government. All conveyances to the District shall be in accordance with the Acquisition Agreement or any other agreement or agreements governing conveyances between the Developer and the District.

Notwithstanding anything to the contrary contained in this Agreement, the payment or performance by the Developer of its completion obligations hereunder is expressly subject to, dependent and conditioned upon (i) the issuance of Series 2024 Bonds in the aggregate par amount set forth above and use of available net proceeds thereof to fund a portion of the 2024 Project for the District Lands and (ii) the scope, configuration, size and/or composition of the 2024 Project for the District Lands not materially changing from the Engineer’s Report, adopted by the District as of the Effective Date hereof, without the consent of the Developer; provided, however, such consent will not be necessary and the Developer must meet its completion obligations when the scope, configuration, size and/or composition of the 2024 Project is materially changed in response to a
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Completion Agmt (Los Cayos CDD) Rev. 02-02-2024

requirement imposed by law or by a regulatory agency (to be understood as including any governmental action or requirement) other than the District.
In the event of a conflict in a provision set forth in this Agreement and in the Acquisition Agreement, the applicable provisions of the Acquisition Agreement shall control.
DEFAULT AND PROTECTION AGAINST THIRD PARTY INTERFERENCE.
A default by either party under this Agreement shall entitle the other to all remedies available at law or in equity, which may include, but not be limited to, the right of damages and/or specific performance. Notice of default must be given to the Developer, and the Developer shall thereafter have a commercially reasonable time to cure the default. The District shall be solely responsible for enforcing its rights under this Agreement against any interfering third party. Nothing contained in this Agreement shall limit or impair the District’s right to protect its rights from interference by a third party to this Agreement.

AMENDMENTS. Amendments to and waivers of the provisions contained in this Agreement may be made only by an instrument in writing which is executed by both the District and the Developer. Additionally, this Agreement may not be materially amended in a manner that (a) could have the effect of reducing the total debt service revenue collected or to be collected for payment of debt service on the Series 2024 Bonds or (b) lessens Developer’s obligations in this Agreement without the prior written consent of the Trustee for the Series 2024 Bonds, acting at the direction of the holders owning a Majority of the aggregate principal amount of the Series 2024 Bonds then outstanding.
AUTHORIZATION. The execution of this Agreement has been duly authorized by the appropriate body or official of the District and the Developer, both the District and the Developer have complied with all the requirements of law, and both the District and the Developer have full power and authority to comply with the terms and provisions of this instrument.

NOTICES. All notices, requests, consents and other communications required or permitted under this Agreement shall be in writing and shall be (as elected by the person giving such notice) hand-delivered by prepaid express overnight courier or messenger service, telecommunicated, or mailed (airmail if international) by registered or certified (postage prepaid), return receipt requested, to the following addresses:

District:	Los Cayos Community Development District c/o Special District Services, Inc.
2501A Burns Road
Palm Beach Gardens, Florida 33410 Attention: District Manager
With a copy to:	Billing, Cochran, Lyles, Mauro & Ramsey, P.A.
515 East Las Olas Boulevard, Suite 600 Fort Lauderdale, Florida 33301
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Completion Agmt (Los Cayos CDD) Rev. 02-02-2024

Attention: Michael J. Pawelczyk, Esq.

Developer:	Lennar Homes, LLC
5505 Waterford District Drive Miami, Florida 331126
Attn: Carlos Gonzalez, Vice President

With a copy to:	Holland & Knight LLP
515 East Las Olas Boulevard, Suite 1200 Fort Lauderdale, Florida 33301 Attention: Jonathan Marcus, Esq.

Except as otherwise provided in this Agreement, any notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5:00 PM (at the place of delivery) or on a non-business day shall be deemed received the next business day. If any time for giving notice contained in this Agreement would otherwise expire on a non-business day, the notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Any party or other person to whom notices are to be sent or copied may notify the other parties and addressees of any changes in name or address to which notices shall be sent by providing the same on five (5) days written notice to the parties and addressees set forth herein.
ARM'S LENGTH TRANSACTION. This Agreement has been negotiated fully between the District and the Developer as an arm's length transaction. Both parties participated fully in the preparation of this Agreement and received the advice of counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, both parties are deemed to have drafted, chosen, and selected the language, and the doubtful language will not be interpreted or construed against either the District or the Developer.
THIRD PARTY BENEFICIARIES. Except as provided below, this Agreement is solely for the benefit of the District and the Developer and no right or cause of action shall accrue upon or by reason, to or for the benefit of any third party not a formal party to this Agreement. Nothing in this Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the District and the Developer any right, remedy, or claim under or by reason of this Agreement or any of the provisions or conditions of this Agreement; and all of the provisions, representations, covenants, and conditions contained in this Agreement shall inure to the sole benefit of and shall be binding upon the District and the Developer and their respective representatives, successors, successors in title, and assigns (other than end users). Notwithstanding the foregoing or anything in this Agreement to the contrary, the Trustee for the Series 2024 Bonds, on behalf of the holders of the Series 2024 Bonds, shall be a direct third-party beneficiary of the terms and conditions of this Agreement and, acting at the direction of the holders owning a Majority of the aggregate principal amount of the Series 2024 Bonds then outstanding, shall be entitled to cause the District to enforce the Developer’s obligations hereunder. The Trustee shall not be deemed to have assumed any obligations hereunder.
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Completion Agmt (Los Cayos CDD) Rev. 02-02-2024

SUCCESSORS. The rights and obligations created by this Agreement shall be binding upon and inure to the benefit of Developer and District, their receivers, trustees, successors, successors in title, and assigns.
ASSIGNMENT. This Agreement, or any monies to become due hereunder, may be assigned, provided that the assigning party first obtains the prior written approval of the other party, which approval shall not unreasonably be withheld. The Developer may not assign its obligations hereunder without the prior written consent of the Trustee acting at the direction of the holders owning a Majority of the aggregate principal amount of the Series 2024 Bonds outstanding; however, no consent shall be required if the assignee is acquiring a majority of the Developer’s interest in the District Lands.
CONSTRUCTION OF TERMS. Whenever used the singular number shall include the plural, the plural the singular; the use of any gender shall include all genders, as the context requires; and the disjunctive shall be construed as the conjunctive, the conjunctive as the disjunctive, as the context requires.
CONTROLLING LAW. This Agreement and the provisions contained in this Agreement shall be construed, interpreted, and controlled according to the laws of the State of Florida.
PUBLIC RECORDS. The Developer understands and agrees that all documents of any kind provided to the District in connection with this Agreement are public records and are treated as such in accordance with Florida law.
SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Agreement shall not affect the validity or enforceability of the remaining portions of this Agreement, or any part of this Agreement not held to be invalid or unenforceable.
SOVEREIGN IMMUNITY. Developer agrees that nothing in this Agreement shall constitute or be construed as a waiver of the District’s limitations on liability contained in Section 768.28, Florida Statutes, as amended, or other statutes or law.
HEADINGS FOR CONVENIENCE ONLY. The descriptive headings in this Agreement are for convenience only and shall not control nor affect the meaning or construction of any of the provisions of this Agreement.
COUNTERPARTS. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original; however, all such counterparts together shall constitute, but one and the same instrument. Signature and acknowledgment pages, if any, may be detached from the counterparts and attached to a single copy of this document to physically form one document.

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Completion Agmt (Los Cayos CDD) Rev. 02-02-2024

IN WITNESS WHEREOF, the parties hereto execute this Completion Agreement and further agree that it shall take effect as of the date first above written.

Witnesses:

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

Print Name

By:		
Teresa Baluja, Chairperson Board of Supervisors

Attest: 	

Gloria Perez, Secretary

Print Name

	day of 	, 2024

STATE OF FLORIDA	} COUNTY OF MIAMI-DADE	 }
The foregoing instrument was acknowledged before me by means of [	] physical presence or [ ] online notarization, this    day of 	, 2024, by Teresa Baluja, as Chairperson of the Board of Supervisors of the LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, who is personally known and/or produced
	as identification.
[SEAL]		
Notary Public
Commission Expires: 	
STATE OF FLORIDA	 } COUNTY OF MIAMI-DADE	}
The foregoing instrument was acknowledged before me by means of [	] physical presence or [ ] online notarization, this     day of 	, 2024, by Gloria Perez, as Secretary of the LOS CAYOS COMMUNITY  DEVELOPMENT  DISTRICT,  who  is  personally  known  to  me  or  has  produced
	as identification.
[SEAL]		
Notary Public
Commission Expires: 	

LENNAR HOMES, LLC, a Florida limited liability company

Witnesses:
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Completion Agmt (Los Cayos CDD) Rev. 02-02-2024

By: 	

Greg McPherson, Vice President

Print Name

	day of 	, 2024

Print Name

STATE OF FLORIDA	} COUNTY OF MIAMI-DADE	}

The foregoing instrument was acknowledged before me by means of [  ] physical presence or [   ] online notarization, this     day of 		, 2024, by Greg McPherson, as Vice President of LENNAR HOMES, LLC, a Florida limited liability company. He is personally known to me or has produced 	as identification and who being duly sworn, deposes and says that the aforementioned is true and correct to the best of his knowledge.

Notary Public Commission:

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Completion Agmt (Los Cayos CDD) Rev. 02-02-2024

Prepared by and return to:
Michael J. Pawelczyk, Esq.
Billing, Cochran, Lyles, Mauro & Ramsey, P.A. 515 East Las Olas Blvd., Suite 600
Fort Lauderdale, FL 33301

SPACE ABOVE THIS LINE IS FOR RECORDER’S USE ONLY

COLLATERAL ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT RIGHTS RELATING TO LOS CAYOS
(SERIES 2024 BONDS)

This COLLATERAL ASSIGNMENT AND ASSUMPTION OF DEVELOPMENT RIGHTS RELATING TO LOS CAYOS (SERIES 2024 BONDS) (herein, the “Assignment”)
is made this     day of 	, 2024, by LENNAR HOMES, LLC, a Florida limited liability company, whose address is 5505 Blue Lagoon Drive, Miami, Florida 33126 (the “Developer”) and AG EHC II (LEN) MULTI STATE 1, LLC, a Delaware limited liability company, whose address is c/o Angelo, Gordon & Co., L.P., 245 Park Avenue, 26th Floor, New York, New York 10167 (together with its successors, successors in title, and assigns, the “AG Landowner”, together with the Developer”, the “Assignor”), in favor of the LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, a local unit of special purpose government organized and created under the laws of the State of Florida, whose address is Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, Florida 33410, located in the City of Homestead, Miami-Dade County, Florida (together with its successors, successors in title, and assigns, the “District” or “Assignee”).
RECITALS

WHEREAS, the District proposes to issue its $	 Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) (the “Series 2024 Bonds”), to finance certain public infrastructure which will provide special benefit to the residential lots (collectively, the “Lots” and individually, a “Lot”) contained within certain lands owned by Assignor and described in Exhibit “A” attached hereto (the “Subject Property”), which will be included in the residential project commonly referred to as “Los Cayos” (the “Project”), located within the geographical boundaries of the District; and
WHEREAS, the security for the repayment of the Series 2024 Bonds is the special assessments levied against the assessable lands within the District and, upon platting, the residential Lots within the District consisting of the Subject Property (the “Series 2024 Special Assessments”); and

Collateral Assignment (Los Cayos CDD) Rev. 02-02-2024

WHEREAS, all or portions of the Subject Property are owned by the AG Landowner, which AG Landowner was established for the principal purpose of acquiring and holding real estate, and any remaining portions of the Subject Property are owned by the Developer; and

WHEREAS, the Developer covenants that pursuant to the Construction Agreement, dated 	, 202 , between the Developer and the AG Landowner, the Developer has all necessary authority to develop the Subject Property, complete the Project, and enter into this Assignment with the District; and

WHEREAS, in the event of default in the payment of the Series 2024 Special Assessments securing the Series 2024 Bonds, the District has certain remedies with respect to the lien of the Series 2024 Special Assessments as more particularly set forth herein; and
WHEREAS, if the Series 2024 Special Assessments are direct billed, the sole remedy available to the District for non-payment of the Series 2024 Special Assessments would be an action in foreclosure and if the Series 2024 Special Assessments are collected pursuant to Florida’s uniform method of collection, the sole remedy available to the District for non-payment of the Series 2024 Special Assessments would be the sale of tax-certificates (collectively, the “Remedial Rights”); and
WHEREAS, in the event the District exercises its Remedial Rights, the District will require the assignment of certain Development Rights, as hereinafter defined, to complete the Project to the extent that such Development Rights have not been previously assigned, transferred or otherwise conveyed (i) as fully-developed Lots conveyed to unaffiliated homebuilders or end-users, or (ii) with respect to any property which has been conveyed, or is in the future to be conveyed to the City of Homestead (the “City”), Miami-Dade County (the “County”), Florida, the State of Florida, the District, any utility provider, any other governmental or quasi-governmental entity, any applicable homeowners’ or property owners’ association or other governing entity or association, as may be required by applicable permits, plats, entitlements, or regulations affecting the District, if any, for the benefit of the capital infrastructure improvements project to be financed in part with the Series 2024 Bonds (a “Prior Transfer”); and
WHEREAS, this Assignment is not intended to impair or interfere with the development of the Project and shall be inchoate and shall only become an absolute assignment and assumption of the Development Rights, as described below, upon failure of the Assignor to pay the Series 2024 Special Assessments levied against the Subject Property owned by the AG Landowner; provided, however, that such assignment shall only be absolute to the extent that this Assignment has not been terminated earlier pursuant to the term of this Assignment or to the extent that a Prior Transfer has not already occurred with respect to all or a portion of the Development Rights; and
WHEREAS, the rights assigned to the District hereunder shall be exercised in a manner which will not materially affect the intended development of the Project; and

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Collateral Assignment (Los Cayos CDD) Rev. 02-02-2024

WHEREAS, in the event of a transfer, conveyance or sale of any portion of the Subject Property that is not a Prior Transfer, the successors-in-interest to the real property so conveyed by the Developer or the AG Landowner shall be subject to this Assignment, which shall be recorded in the Official Records of Miami-Dade County, Florida.
NOW, THEREFORE, in consideration of the above recitals which the parties hereby agree are true and correct and are hereby incorporated by reference and other good and valuable consideration, the sufficiency of which is acknowledged, Assignor and Assignee agree as follows:
Recitals. The foregoing recitals are true and correct and are incorporated herein by reference.
Collateral Assignment.
Developer and AG Landowner hereby collaterally assign to Assignee, to the extent assignable and to the extent that they are solely owned or controlled by the Developer or by the AG Landowner, individually, all of its development rights relating to the Project (herein the “Development Rights”) as security for Assignor’s payment and performance and discharge of its obligation to pay the Series 2024 Special Assessments levied against the Subject Property while owned by the Developer or AG Landowner. The Development Rights shall include the following as they pertain to the Project, but shall specifically exclude any such portion of the Development Rights which relate solely to the Lots or any property which has been conveyed to any end-user, the City, the County, the State of Florida, the District, any utility provider, any other homebuilder, any other governmental or quasi-governmental entity, any applicable homeowner’s association or other governing entity or association as may be required by applicable permits, approvals, plats, entitlements or regulations affecting the Project, if any, or to end user residents (the “Excluded Property”):
Zoning approvals, density approvals and entitlements, concurrency and capacity certificates, development agreements and homeowners’ or property owners’ association covenants and documents.
Engineering and construction plans and specifications for grading, roadways, site drainage, storm water drainage, signage, water distribution, waste water collection, and other improvements.
Preliminary and final site plans.
Architectural plans and specifications for public buildings and other improvements to the assessable property within the District and the Subject Property (other than residential dwelling unit plans).
Permits, approvals, resolutions, variances, licenses, and franchises granted by governmental authorities, or any of their respective agencies, for or affecting the Project and construction of improvements thereon and off-site to the extent improvements are necessary or required to complete the development of the Subject Property.
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Collateral Assignment (Los Cayos CDD) Rev. 02-02-2024

Contracts with engineers, architects, land planners, landscape architects, consultants, contractors, and suppliers for or relating to the construction of the Project or the construction of improvements on the Subject Property.
Contracts and agreements with private utility providers to provide utility services to the Subject Property.
All prepaid impact fees, impact fee credits, mobility fee credits, and mitigation credits.
Developer’s or AG Landowner’s rights as declarant under any recorded covenants, conditions and restrictions of any property owners or homeowners association with respect to the Subject Property.
All future creations, changes, extensions, revisions, modifications, substitutions, and replacements of any of the foregoing.
This Assignment is not intended to and shall not impair or interfere with the development of the Subject Property, and shall be inchoate and shall only become an absolute assignment and assumption of the Development Rights, only upon the District’s exercise of its rights hereunder upon a failure of the Developer or the AG Landowner to pay the Series 2024 Special Assessments levied against the portion of Subject Property owned by the AG Landowner or the portion of the Subject Property owned by the Developer, failure of the Developer or the AG Landowner to satisfy its respective true-up obligation, a default or failure to perform under any of the documents related to the issuance of the Series 2024 Bonds, to the extent applicable, or Event of Default hereunder, which default or failure remains uncured after passage of any applicable cure period. The District shall not be deemed to have assumed any obligations associated with the Development Rights unless and until the District exercises its rights under this Assignment, and then only to the extent of such exercise.
If this Assignment has not become absolute, it shall automatically terminate upon the earliest to occur of the following events: (i) payment of the Series 2024 Bonds in full; (ii) Development Completion which shall mean the issuance of certificates of occupancy for all residential units and non-residential space; (iii) transfer of any Development Rights to the City, the County, the State of Florida, the District, any utility provider, any other governmental or quasi-governmental entity; any homeowners’ or property owners’ association, but only to the extent of such transfer; or (iv) transfer of fully developed Lots which have been conveyed to unaffiliated homebuilders or residential end-users but only as to such Lots transferred, from time to time.
Warranties by Each Assignor. Each Assignor represents and warrants to Assignee that:
Other than in connection with the sale or conveyance of Lots (completed or otherwise) or property, or in connection with securing a construction loan from an institutional lender to finance the development of the Project on the Subject Property, each Assignor has made no assignment of the Development Rights to any person other than Assignee.
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Collateral Assignment (Los Cayos CDD) Rev. 02-02-2024

Each Assignor is not prohibited under any agreement with any other person or under any judgment or decree from the execution and delivery of this Assignment.
No action has been brought or threatened which would in any way interfere with the right of Assignor to execute this Assignment and perform all of Assignor’s obligations herein contained.
Any transfer, conveyance or sale of Lots shall subject any and all affiliated entities or successors-in-interest or successors in title of the Assignor to the Assignment, except to the extent of a conveyance described in Section 2 relating to Excluded Property.
Covenants. Each Assignor covenants with Assignee that during the Term (as defined herein):
Assignor will use reasonable, good faith efforts to: (i) fulfill, perform, and observe each and every material condition and covenant of Assignor relating to the Development Rights and (ii) give notice to Assignee of any claim of default relating to the Development Rights given to or by Assignor, together with a complete copy of any such claim.
The Development Rights include all of Assignor’s right to modify the Development Rights, and to waive or release the performance or observance of any obligation or condition of the Development Rights.
Assignor agrees not to take any action that would decrease the development entitlements to a level below the amount necessary to support the then outstanding Series 2023 Bonds.
Assignor shall pay the Series 2024 Special Assessments levied against the portions of the Subject Property owned by Assignor when due.
Events of Default. Any breach of each of the Assignor’s warranties contained in Section 3 hereof or breach of covenants contained in Section 4 hereof will, after the giving of written notice and an opportunity to cure (which cure period shall not be greater than thirty (30) days unless Assignee, in its sole discretion, agrees to a longer cure period) shall constitute an Event of Default under this Assignment.
Remedies Upon Default.
Upon an Event of Default, or the transfer of title to Lots or other property owned by Assignor pursuant to a judgment of foreclosure entered by a court of competent jurisdiction in favor of Assignee (or its designee) or a deed in lieu of foreclosure to Assignee (or its designee) (herein a “Transfer”), Assignee may directly or by way of an agent appointed by the Assignee, as Assignee’s sole and exclusive remedies under this Assignment, take any or all of the following actions, at Assignee’s option:

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Collateral Assignment (Los Cayos CDD) Rev. 02-02-2024

Perform any and all obligations of the respective Assignor relating to the Development Rights and exercise any and all rights of Assignor therein as fully as such Assignor could.
Initiate, appear in, or defend any action arising out of or affecting the Development Rights.
(ii)  Further assign any and all of the Development Rights to a third party acquiring title to the Property so acquired or any portion thereof on the District’s or the bondholders’ behalf.
Notwithstanding the foregoing, the Assignee acknowledges and agrees that is shall not use the proceeds of the Series 2024 Bonds on any improvements necessary to reach Development Completion other than the Improvements that are part of the 2024 Project. Improvements that are outside the scope of the 2024 Project, including those improvements that are not otherwise able to be funded or constructed by Assignee, may be funded or constructed by Assignee’s designee.
Nothing herein shall be construed as an obligation on the part of the District to accept any liability for all or any portion of the Development Rights unless it chooses to do so in its sole discretion and is legally permitted to do so. Nor shall any provisions hereunder be construed to place liability or obligation on the District for compliance with the terms and provisions of all or any portion of the Development Rights.
Authorization. Upon the occurrence of an Event of Default or Transfer, Assignor does hereby authorize and shall direct any party to any agreement relating to the Development Rights to tender performance thereunder to Assignee or its designee upon written notice and request from Assignee. Any such performance in favor of Assignee or its designee shall constitute a full release and discharge to the extent of such performance as fully as though made directly to Assignor, but not a release of Assignor from any remaining obligations under this Assignment.
Term and Termination. In the event this Assignment does not become an effective and absolute assignment and assumption of the Development Rights, this Assignment shall automatically terminate upon the earliest to occur of the following (the “Term”): (i) payment of the Series 2024 Bonds, plus accrued interest in full; (ii) completion of the construction and sale of all Lots within the Subject Property to end-users; or (iii) upon occurrence of a Prior Transfer, but only to the extent that such Development Rights are subject to the Prior Transfer.
Third Party Beneficiaries and Direction of Remedies Upon Default.	This Assignment shall inure to the benefit of U.S. Bank Trust Company, National Association, as Trustee for the Series 2024 Bonds (the “Trustee”), and the holders of the Series 2024 Bonds and such parties are hereby deemed third party beneficiaries of this Assignment. In the event of an Event of Default, the Trustee, acting at the direction of the holders owning a Majority of the aggregate principal amount of the Series 2024 Bonds then outstanding, shall have the right to direct the actions of the District and select the remedies in this Assignment. The term “Majority,”
6
Collateral Assignment (Los Cayos CDD) Rev. 02-02-2024

as used herein, shall mean more than fifty (50%) percent. The District hereby agrees that it shall not take any material action under this Assignment that would have the effect of reducing the total annual debt service revenue collected or to be collected for the Series 2024 Bonds without the prior written consent of the Trustee, acting at the direction and on behalf of the owners of a Majority of the Series 2024 Bonds then outstanding, fail to take any action under this Assignment after direction from the Trustee, or take any action under this Assignment inconsistent with any direction of the Trustee. The Trustee shall not be deemed to have assumed any obligations hereunder.
Amendment. Except with respect to a partial release or a termination as provided in Section 8 above (each of which may be executed solely by Assignee), this Assignment may not be amended, modified, altered, or changed in any respect whatsoever except by a further agreement in writing duly executed by the parties hereto. Notwithstanding anything herein to the contrary, this assignment may not be materially amended in a manner that has the effect of reducing the total annual debt service revenue collected or to be collected for the payment of scheduled debt service on the Series 2024 Bonds without the written consent of the Trustee for the Series 2024 Bonds, acting at the direction of the Bondholders (as defined in the Indenture for the Series 2024 Bonds) owning a Majority of the aggregate principal amount of the Series 2024 Bonds then outstanding.

Notices. All notices, requests, consents and other communications required or permitted under this Assignment shall be in writing and shall be (as elected by the person giving such notice) hand-delivered by prepaid express overnight courier or messenger service, telecommunicated, or mailed (airmail if international) by registered or certified (postage prepaid), return receipt requested, to the following addresses:

District:	Los Cayos Community Development District c/o Special District Services, Inc.
2501A Burns Road
Palm Beach Gardens, Florida 33410 Attention: District Manager

With a copy to:	Billing, Cochran, Lyles, Mauro & Ramsey, P.A.
515 East Las Olas Boulevard, Suite 600 Fort Lauderdale, Florida 33301 Attention: Michael J. Pawelczyk, Esq.

Developer:	Lennar Homes, LLC
5505 Waterford District Drive Miami, Florida 33126
Attn: Carlos Gonzalez, Vice President

With a copy to:	Holland & Knight LLP
515 East Las Olas Boulevard, Suite 1200 Fort Lauderdale, Florida 33301 Attention: Jonathan Marcus, Esq.
7
Collateral Assignment (Los Cayos CDD) Rev. 02-02-2024

AG Landowner:	AG EHC II (LEN) Multi State 1, LLC
c/o Angelo, Gordon & Co., L.P. 245 Park Avenue, 26th Floor New York, New York 10167 Attn: Bryan Rush

With a copy to:	Lewis, Longman & Walker, P.A.
360 South Rosemary Avenue, Suite 1100 West Palm Beach, Florida 33401 Attention: William Capko, Esq.

Except as otherwise provided in this Assignment, any notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5:00 PM (at the place of delivery) or on a non-business day shall be deemed received the next business day. If any time for giving notice contained in this Assignment would otherwise expire on a non-business day, the notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Any party or other person to whom notices are to be sent or copied may notify the other parties and addressees of any changes in name or address to which notices shall be sent by providing the same on five (5) days written notice to the parties and addressees set forth herein.

Miscellaneous. Unless the context requires otherwise, whenever used herein, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. The terms “person” and “party” shall include individuals, firms, associations, joint ventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups and combinations. Titles of paragraphs contained herein are inserted only as a matter of convenience and for reference and in no way define, limit, extend, or describe the scope of this Assignment or the intent of any provisions hereunder. This Assignment shall be construed under Florida law.

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

8
Collateral Assignment (Los Cayos CDD) Rev. 02-02-2024

IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment to be executed and delivered on the day and year first written above.

DEVELOPER:

LENNAR HOMES, LLC, a Florida limited liability company

Witnesses:

Print Name	 Address 	

By: 	
Greg McPherson, Vice President

	day of 	, 2024

Print Name	 Address 	

STATE OF FLORIDA	} COUNTY OF MIAMI-DADE	}

The foregoing instrument was acknowledged before me by means of [  ] physical presence or [  ] online notarization, this     day of 	 , 2024, by Greg McPherson, as Vice President of LENNAR HOMES, LLC, a Florida limited liability company. He is personally known to me or has produced 	 as identification and who being duly sworn, deposes and says that the aforementioned is true and correct to the best of his knowledge.

(SEAL)

Notary Public
Name: 	
(type or print) My Commission Expires:

9
Collateral Assignment (Los Cayos CDD) Rev. 02-02-2024

AG LANDOWNER

AG EHC II (LEN) MULTI STATE 1,
LLC, a Delaware limited liability company

Witnesses:	By:  Essential	Housing	Asset Management, LLC, an Arizona limited liability company, its Authorized Agent

By: 	

Steven S. Benson
Print Name	 	Authorized Representative Address 	

	day of 	, 2024

Print Name 	
Address	

STATE OF ARIZONA	} COUNTY OF MARICOPA	}

The foregoing instrument was acknowledged before me by means of [  ] physical presence or [  ] online notarization, this     day of 	, 2024, by Steven S Benson, as Authorized Representative of Essential Housing Asset Management, LLC, an Arizona limited liability company, the Authorized Agent of AG EHC II (LEN) MULTI STATE 1, LLC, a Delaware limited liability company, for and on behalf thereof, who is [  ] personally known to me or [  ] has produced
	as evidence of identification..

(SEAL)

Notary Public

Name: 	
(type or print) My Commission Expires:

10
Collateral Assignment (Los Cayos CDD) Rev. 02-02-2024

	ASSIGNEE:	
WITNESSES:		LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT	

	By:	 		
Print Name			Teresa Baluja, Chairperson
Board of Supervisors	
Address 				

Print Name	 Address 	

Attest: 	
Gloria Perez, Secretary

STATE OF FLORIDA	) COUNTY OF MIAMI-DADE	)

	day of 	, 2024

The foregoing instrument was acknowledged before me by means of [  ] physical presence or [  ] online notarization, this 	 day of 	, 2024, by Teresa Baluja, as Chairperson of the Board of Supervisors of the LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, for and on behalf of the District. She is personally known to me or has produced 		as identification and who being duly sworn, deposes and says that the aforementioned is true and correct to the best of her knowledge.

NOTARY STAMP:

Signature of Notary Public

Printed Name of Notary Public

STATE OF FLORIDA	) COUNTY OFMIAMI-DADE	)

The foregoing instrument was acknowledged before me by means of [  ] physical presence or [  ] online notarization, this 	 day of 	, 2024, by Gloria Perez, as Secretary of the LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, for and on behalf of the District. She is personally known to me or has produced 		 as identification and who being duly sworn, deposes and says that the aforementioned is true and correct to the best of his knowledge.

NOTARY STAMP:

Signature of Notary Public

Collateral Assignment (Los Cayos CDD) Rev. 02-02-2024

Printed Name of Notary Public
11

EXHIBIT “A”

DESCRIPTION OF SUBJECT PROPERTY

FOLIO NUMBER: 10-1079-001-0060
LOT 8, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI- DADE COUNTY, FLORIDA.

LESS THAT PORTION OF THE SAID LOT 8, LYING NORTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA’S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970.

FOLIO: 10-1079-001-0070:
LOT 9, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI- DADE COUNTY, FLORIDA.

FOLIO: 10-1079-001-0080:
LOT 10, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI- DADE COUNTY, FLORIDA.

FOLIO: 10-1079-001-0031:
THAT PORTION OF LOT 5, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUTNY, FLORIDA, LYING SOUTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA’S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970.

Collateral Assignment (Los Cayos CDD) Rev. 02-02-2024

THIS INSTRUMENT PREPARED BY AND RETURN TO:

Michael J. Pawelczyk, Esq.
Billing, Cochran, Lyles, Mauro & Ramsey, P.A. 515 East Las Olas Boulevard, Suite 600
Fort Lauderdale, FL 33301	

ABOVE SPACE RESERVED FOR RECORDING PURPOSES ONLY	

LIEN OF RECORD OF THE
LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT (SERIES 2024 BONDS)

Notice is hereby given this     day of 	, 2024 that the Los Cayos Community Development District (the “District”), a unit of special purpose local government established pursuant to Chapter 190, Florida Statutes, the Uniform Community Development District Act of 1980 (the “Act”), enjoys a governmental lien of record on the property described in Exhibit “A” attached hereto. Such lien is coequal with the lien of all state, county, district and municipal taxes, superior in dignity to all other non-federal liens, titles, and claims until paid pursuant to the Act and other applicable law. The District’s lien secures the payment of special assessments levied in accordance with the Act and other applicable law, for the purpose of funding the District’s operating and maintenance expenses, and to pay the District’s bond indebtedness for the purpose of funding various improvements incurred by the District in connection with the issuance of the
$	Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project). For information regarding the amount of the special assessments encumbering the specified real property, contact the District at:

Special District Services, Inc.
2501A Burns Road
Palm Beach Gardens, FL 33410 Telephone: 561-630-4922 Email: gperez@sdsinc.org

THIS CONSTITUTES A LIEN OF RECORD FOR PURPOSES OF SECTION 190.021, FLORIDA STATUTES, AND ALL OTHER APPLICABLE PROVISIONS OF THE FLORIDA STATUTES AND ANY OTHER APPLICABLE LAW.

Witnesses:

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

By:		

Teresa Baluja, Chairperson Print Name	 	Board of Supervisors Address 	

Print Name	 Address 	

Attest: 	
Gloria Perez, Secretary

	day of 	, 2024

STATE OF FLORIDA	} COUNTY OF MIAMI-DADE  }
The foregoing instrument was acknowledged before me by means of [  ] physical presence or [  ] online notarization, this 	day of 	, 2024, by Teresa Baluja, the Chairperson of the Board of Supervisors of the Los Cayos Community Development District, respectively, on behalf of the District. She is personally known to me or has produced 		as identification.

(SEAL)

Printed/Typed Name: 	  Notary Public-State of 	 Commission Number: 		

STATE OF FLORIDA	} COUNTY OF MIAMI-DADE  }

The foregoing instrument was acknowledged before me by means of [  ] physical presence or [  ] online notarization, this 	day of 	, 2024, by Gloria Perez, the Secretary of the Los Cayos Community Development District, respectively, on behalf of the District. She is personally known to me or has produced 			as identification.

(SEAL)

Printed/Typed Name: 	  Notary Public-State of 	 Commission Number: 		

Exhibit “A”

LEGAL DESCRIPTION OF PROPERTY ASSESSED

FOLIO NUMBER: 10-1079-001-0060
LOT 8, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.

LESS THAT PORTION OF THE SAID LOT 8, LYING NORTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA’S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970.

FOLIO: 10-1079-001-0070:
LOT 9, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.

FOLIO: 10-1079-001-0080:
LOT 10, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.

FOLIO: 10-1079-001-0031:
THAT PORTION OF LOT 5, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUTNY, FLORIDA, LYING SOUTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA’S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970.

PREPARED BY AND AFTER RECORDING RETURN TO:
Michael J. Pawelczyk, Esq.
Billing, Cochran, Lyles, Mauro & Ramsey, P.A. 515 East Las Olas Boulevard, Suite 600
Fort Lauderdale, Florida 33301

TRUE-UP AGREEMENT (SERIES 2024 BONDS)

This True-Up Agreement (the “Agreement”) is made and entered into this    day of
	, 2024 (the “Effective Date”), by and between:

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, a local unit of
special purpose government established pursuant to Chapter 190, Florida Statutes, being situated in the City of Homestead, Miami-Dade County, Florida, and whose mailing address is 2501A Burns Road, Palm Beach Gardens, Florida 33410 (the “District”); and
LENNAR HOMES, LLC, a Florida limited liability company, the owner and primary developer of certain lands within the boundaries of the District, whose address is 5505 Waterford District Drive, Miami, Florida 33126, and its respective successors, successors-in-title, and assigns (the “Developer”); and

AG EHC II (LEN) MULTI STATE 1, LLC, a Delaware limited liability company, the owner of certain lands within the boundaries of the District, whose address is c/o Angelo, Gordon & Co., L.P., 245 Park Avenue, 26th Floor, New York, New York 10167, and its respective successors, successors-in-title, and assigns (the “AG Landowner”).

RECITALS

WHEREAS, the District is a local unit of special purpose government established pursuant to Chapter 190, Florida Statutes, and Miami-Dade County Ordinance No. 23-35 (the “Ordinance”) for the purpose of planning, financing, constructing, installing, operating, acquiring and/or maintaining certain public infrastructure to serve the residential community within the boundaries of the District; and
WHEREAS, the Developer is the primary developer of certain lands comprised of approximately 25.72+/- gross acres located within the boundaries of the District and within unincorporated Miami-Dade County, Florida, which lands are described with particularity in Exhibit A, attached hereto and made a part hereof (the “District Lands”), and in the Engineer’s Report and the Assessment Methodology, each as later defined; and

1
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

WHEREAS, certain District Lands are owned by the AG Landowner, which AG Landowner was established for the principal purpose of acquiring and holding real estate; and

WHEREAS, the Developer covenants that pursuant to the Construction Agreement, dated
	, 202  , between the Developer and the AG Landowner, the Developer has all necessary authority to develop the District Lands, complete the 2024 Project, as later defined, and enter into this Agreement with the District; and

WHEREAS, the District has determined that it is in the best interests of the present and future landowners and is a special benefit to the lands within District Lands to finance, construct and deliver certain community development systems, facilities, and improvements to serve the District and the lands within the District Lands within the boundaries of the District, including, without limitation, roadway improvements, including impact fees, if applicable; stormwater management and control facilities, including, but not limited to, related earthwork; water and sewer systems, including connection fees, landscaping, irrigation and hardscape in public rights-of-way; entrance features and offsite roadway improvements, including impact fees; and related soft and incidental costs, including professional fees; and other related improvements, which public infrastructure systems, facilities and improvements are more specifically described in the Engineer’s Report, dated June 16, 2023, prepared by Alvarez Engineers, Inc. (the “Engineer”), as may be amended or supplemented from time to time (the “Engineer's Report”), and in the plans and specifications on file at the office of the District (collectively, the “Improvements” or the “2024 Project”), which Engineer’s Report and 2024 Project plans and specifications are hereby incorporated into and made a part of this Agreement by reference; and

WHEREAS, the District has imposed and levied non-ad valorem special assessments on the assessable acreage of the District Lands to secure financing for the acquisition and construction of the 2024 Project described in the Engineer’s Report and has validated special assessment bonds to fund the planning, design, permitting, construction and/or acquisition of such 2024 Project; and

WHEREAS, the District has imposed and levied such non-ad valorem special assessments (herein the “Series 2024 Special Assessments”) against the assessable acreage of the District Lands in accordance with the provisions of Chapters 170, 190 and 197, Florida Statutes, for purposes of paying certain $	Los Cayos Community Development District Special Assessment Bonds, Series 2024 Bonds (2024 Project), as described in the Assessment Methodology, as later defined (collectively, the “Series 2024 Bonds”) to be issued pursuant to Chapter 190, Florida Statutes; and

WHEREAS, pursuant to the agreements between the Developer and the AG Landowner described above, the Developer is responsible for the payment of all taxes and assessments, including the Series 2024 Special Assessments; and

WHEREAS, the District has accepted and utilized the provisions of the Master Special Assessment Methodology for Los Cayos Community Development District Special Assessment
2
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

Bonds, dated June 16, 2023 (the “Master Methodology”) and the final Supplemental Special Assessment Methodology Special Assessment Bonds (2024 Project), dated 	, 2024 (the “Supplemental Methodology”), describing the assessment allocation for the Series 2024 Special Assessments levied in connection with the Series 2024 Bonds to be issued by the District, both the Master Methodology and the Supplemental Methodology having been prepared by Special District Services, Inc., as such may be amended and further supplemented from time to time, incorporated by specific reference thereto and made a part hereof (collectively, the “Assessment Methodology”); and

WHEREAS, the Series 2024 Special Assessments are initially levied on all 25.72 +/- gross acres constituting the District Lands, and as platting of the lands within the District occurs, the Series 2024 Special Assessments will be assigned to the platted lots in the Development, as defined in the Indenture, on a first platted, first assigned basis in accordance with the Supplemental Methodology; and

WHEREAS, the District relies upon and intends to utilize the true-up analysis and mechanism set forth in section 3.0 of the Supplemental Methodology; and

WHEREAS, the District, the Developer, and AG Landowner agree pursuant to the terms of this Agreement to provide, if required, for certain payments to the District in accordance with the true-up analysis and mechanism referenced above and further described herein; and

WHEREAS, unless otherwise defined herein, all capitalized terms shall be as defined in the Assessment Methodology and the Indenture, as applicable, which Indenture is collectively defined as the Master Trust Indenture dated as of 		1, 2024 and the First Supplemental Trust Indenture dated as of 	 1, 2024 (collectively, the “Indenture”), each between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”) and as such Indenture may be further amended and supplemented from time to time.

NOW THEREFORE, in consideration of the mutual covenants herein contained, and for Ten and no/100ths ($10.00) Dollars from the District to the Developer and other good and valuable consideration between the parties, the receipt and sufficiency of which are hereby acknowledged by the parties, and subject to the terms and conditions hereof, the parties agree as follows:

INCORPORATION OF RECITALS.	The recitals stated above are true and correct and by this reference are incorporated by reference as a material part of this Agreement.

TRUE-UP PROVISIONS.

As stated in the Assessment Methodology, the allocation of debt is a continuous process until the development plan, constituting the 231 assessable townhome units (the
3
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

“Development Plan”), as defined and described in the Supplemental Methodology, is completed. Prior to platting, replatting, the recording of a declaration of condominium, or other means of identifying individual lots (the “Assigned Properties”), the initial Series 2024 Special Assessments shall be levied by the District on an equal per acre basis to all acreage within the District Lands.

The true-up mechanism under this Agreement applies to the District Lands. As the District Lands that are benefitted by the 2024 Project are developed, the allocation of costs and benefit for the 2024 Project is based on an estimated number and type of dwelling units (each a “Residential Unit” and collectively, the “Residential Units”) within the District Lands, as shown and described in Table 2, Table C, Table D, and Table F of the Supplemental Methodology. The Development Plan for the 2024 Project is the 231 townhome units that will be achieved when the District Lands (approximately 25.72+/- gross acres) are developed into Residential Units (“Total Assessable Units”).

The Supplemental Methodology, particularly section 3.0, section 4.0, Table A, and Table C therein, allocates the benefit to the different categories of improvements that constitute the 2024 Project, utilizing various measures based upon the estimated number and type of Residential Units that are specially benefited by the 2024 Project and constitute the Total Assessable Units. Correspondingly, consistent with section 7.0 of the Supplemental Methodology, whenever a plat, re- plat, site plan amendment, declaration of condominium, amendment to declaration of condominium, or revision thereof is submitted for processing to the local governing authority that has jurisdiction thereof, the District must allocate a portion of its debt over the District Lands according to the Supplemental Methodology. In addition, the District must prevent any buildup of debt on gross acres that have not been assigned through the platting, recording of a declaration of condominium, or other means of identifying individual lots. To prevent the buildup of debt, the District shall perform a true-up test to ensure that each Residential Unit is assessed no more than the pro rata amount (based on total 2024 Project costs allocated and the total allocation of par debt) of a maximum annual debt service for the particular type of Residential Unit, as described in Table D, Table E, and Table F of the Supplemental Methodology, and to determine potential remaining assessable Residential Units that have not been or will not be developed.

The true-up test shall be as follows:

Based on the Development Plan, the District has fairly and reasonably allocated the benefit and will assign the debt across the unit type based on the equivalent residential unit (“ERU”) factor attributable to each Residential Unit, as described in the section 4.0, Table C, and Table D of the Supplemental Methodology, as follows:

Residential Unit Type	Number of Units	ERU Factor	
Townhome Unit	231	1.000	
Total Units	231	N/A	
4
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

Notwithstanding that which is set forth above and in the Supplemental Methodology, if future platting or filing a declaration of condominium results in significant changes in land use or proportion of benefit per acre, the allocation methodology of the Assessment Methodology may no longer be applicable and the District may determine, in its discretion, to revise the allocation methodology.

In accordance with Table E and Table F of the Supplemental Methodology, based on a Bond size of $	at an average weighted average interest rate of
  %, the maximum annual debt service for the Series 2024 Bonds will be approximately $	, which has been grossed up to include the 1% County Tax Collector fee, the 1% County Property Appraiser fee, and 4% discount for early payment of taxes (“Maximum Annual Debt Service”).

Until initial plat approval or recording or declaration of condominium, the debt associated with the 2024 Project is initially distributed across the District Lands on an equal acreage basis across the 25.72+/- gross acres of the District. As plats are approved or declarations of condominium are recorded, the Residential Units are assessed in the manner described in the Supplemental Methodology. As platting of the Total Assessable Units continues to occur, the Series 2024 Special Assessments will be assigned to the platted lots in the Development, as defined in the Indenture, on a first platted, first assigned basis in accordance with the Supplemental Methodology. For purposes of the Series 2024 Bonds, prior to final plat approval for the entire Development, based on a Bond size of $	, each acre of land of the District Lands will be assessed in accordance with Table F of the Supplemental Methodology. At the time of the Supplemental Methodology, the District Lands are under development and a plat has been submitted to the County for approval in accordance with the Total Assessable Units as set forth in the Development Plan.

In accord with section 7.0 of the Assessment Methodology, a true-up test shall be performed whenever a plat, re-plat, site plan amendment, declaration of condominium or amendment to declaration of condominium, or other revision to the Development Plan or Total Assessable Units is submitted for processing to the local governing authority having jurisdiction thereof. At that time, the District must allocate the portion of the debt attributed to the benefitting real property according to the Supplemental Methodology and the ERU factor and allocations set forth above and calculate the number and type of assessable Residential Units in the proposed plat, re-plat, site plan amendment, declaration of condominium or amendment to declaration of condominium, or other revision or change to the Total Assessable Units. This revision or change to the Development Plan is defined as the “Planned Assessable Units” as described in the Assessment Methodology. After determining the Planned Assessable Units from the proposed plat, declaration of condominium, or site plan approval, the District shall ascertain the current amount of potential
5
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

remaining assessable dwelling lots/units for the District Lands (the “Remaining Assessable Units”).

If the Planned Assessable Lots/Units are equal in type and quantity to the Total Assessable Units and the true-up test calculates that the total anticipated annual Series 2024 Special Assessment revenue to be generated is greater than or equal to the applicable Maximum Annual Debt Service as set forth in the Supplemental Methodology and as defined in Section 2(d)(ii) above, then no debt reduction payment must be made and no true-up payment is required.

However, if at any time any true-up test calculation results in the total anticipated annual Series 2024 Special Assessment revenue to be generated from the Planned Assessable Units and the Remaining Assessable Units is less than the Maximum Annual Debt Service pertaining to the Series 2024 Bonds, then, within ten (10) days following its receipt of written notice from the District that a true-up payment is due, the Developer must make a debt reduction prepayment (including accrued interest to the next interest payment date if such interest payment date occurs at least 45 days after such true-up payment is made, otherwise accrued interest shall be made to the next succeeding interest payment date) to the District such that the amount of non-ad valorem Series 2024 Special Assessments allocated to each Planned Assessable Unit does not exceed the amount of debt service that would have been allocated thereto had the number of Planned Assessable Units and Remaining Assessable Units not changed from that which is set forth in Table C to the Assessment Methodology (same as the Total Assessable Units).

If the sum of the Planned Assessable Units and the Remaining Assessable Units is greater than the Total Assessable Units, then there may be a pro-rata decrease in the annual non-ad valorem Series 2024 Special Assessments to all benefitted properties.

Correspondingly, consistent with section 7.0 of the Assessment Methodology, whenever any plat, re-plat, declaration of condominium, site plan, or revision thereof is submitted to the applicable local governing authority and which changes the product types or product mix of the Total Assessable Units over the District Lands and as described in Tables C, D, and F of the Supplemental Methodology, a true-up test shall be performed. Not later than fifteen (15) days after the date the plat, re-plat, declaration of condominium, site plan, or revision thereof is submitted to the applicable governing authority, the Developer or the AG Landowner, as applicable, shall inform the District of such proposed change in the Development Plan or Total Assessable Units. Any payment resulting from such true-up test would be due once the plat, re-plat, declaration of condominium, site plan, or revision is approved by the local government entity reviewing the same or when the change in Development Plan or Total Assessable Units is implemented, whichever is sooner.

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True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

In the event that additional land not currently subject to the Series 2024 Special Assessments levied by the District is developed in such a manner as to receive direct and special benefit from the 2024 Project described herein, it will be necessary for the District to re-apply the methodology for allocating the Series 2024 Special Assessments to include such parcels. The additional land will, as a result of re-applying the assessment methodology of the Assessment Methodology, then be allocated an appropriate share of the Series 2024 Special Assessments while all currently assessed parcels will receive a relative reduction in their assessments. This pro-rata adjustment shall still provide the same amount of revenue from such Series 2024 Special Assessments necessary for repayment of the Series 2024 Bonds.

Additionally, at the time of approval of a final plat or re-plat pertaining to the portion of the District Lands being developed pursuant to the Development Plan or Total Assessable Units, if any debt associated with the Series 2024 Bonds remains unallocated, then the Developer shall make a payment to the District sufficient to retire all remaining unallocated debt, which payment shall include accrued interest.

If the AG Landowner or the Developer transfers ownership of District Lands or any portion thereof, the Series 2024 Assessments will be assigned to said transferred District Lands based on will the maximum number of ERUs assigned by the transferor to said transferred District Lands, subject to review by the District’s methodology consultant to ensure that such assignment of ERUs is reasonable, supported by current development rights and plans, and is consistent with the Supplemental Methodology. The transferee of said Transferred District Property shall be responsible for the applicable total Series 2024 Assessments based on the assigned ERUs, regardless of the total number of ERUs subsequently platted. If the Development Plan is changed or said District Lands, or portions thereof are subdivided, or platted or re-platted, impacted by the recording of a declaration of condominium, or site plan or revision, the true-up test will be performed and the Developer and any new owner(s) shall be jointly and severally responsible to make the debt reduction payment described herein after calculation of the true-up.

The AG Landowner and the Developer shall not transfer any portion of the District Lands to any third party other than (a) platted and fully-developed lots to homebuilders and/or homebuyers, or (b) portions of the District Lands exempt from assessments to Miami-Dade County, the District, or other governmental agencies, except in accordance with Section 2(h)(ii) below. Any transfer of any portion of the District Lands pursuant to this Section 2(h)(i) shall terminate this Agreement as to such portion of the District Lands and constitute an automatic release of such portion of the District Lands from the scope and effect of this Agreement. Any violation of this provision by the AG Landowner or the Developer shall constitute a default under this Agreement.

(ii)  The AG Landowner and the Developer shall not transfer any portion of the District Lands to any third party, except as permitted by Section 2(h)(i) above, without making any debt reduction payment (plus accrued interest) that results from a true-up
7
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

tests analysis that will be performed by the District prior and as a condition to such transfer (“Transfer Condition”). Any transfer that is consummated pursuant to this Section 2(h)(ii) shall operate as a release of the AG Landowner and the Developer from their respective obligations under this Agreement as to such portion of the District Lands that is subject to such transfer, but only to the extent arising from and after the date of such transfer and satisfaction of the Transfer Condition, and the transferee shall be deemed to have assumed the AG Landowner’s and/or the Developer’s obligations in accordance herewith and shall be deemed the “Developer” from and after such transfer for all purposes as to such portion of the District Lands so transferred. Any violation of this provision by the AG Landowner or the Developer shall constitute a default under this Agreement.

(k)  If the AG Landowner or the Developer transfers any portion of the District Lands on which Series 2024 Special Assessments are imposed to a unit of local, state or federal government, or similarly exempt entity (without the consent of that entity to the imposition of the Series 2024 Special Assessments thereon), all future unpaid Series 2024 Special Assessments for such transferred portion of the District Lands shall become due and payable to the District immediately prior to such transfer without further action of the District.

VALIDITY OF ASSESSMENTS. The AG Landowner and the Developer agrees that the Series 2024 Special Assessments are legal, valid and binding liens on the property against which assessed from the date of imposition thereof until paid, coequal with the lien of state, county, municipal and school board taxes. The AG Landowner and the Developer hereby waives and relinquishes any rights it may have to challenge, object to or otherwise fail to pay such Series 2024 Special Assessments.

PREPAYMENT WAIVER. The AG Landowner and the Developer, on behalf of itself and its respective successors and assigns, including end-users, covenants and agrees that it shall not exercise any right pursuant to Section 170.09, Florida Statutes, or any other law or other source of rights to pre-pay Series 2024 Special Assessments, without interest, within the thirty days after the 2024 Project has been completed and the District Board of Supervisors has adopted a resolution accepting the 2024 Project, and such right is hereby deemed waived.

COMPLETE UNDERSTANDING. The parties agree that this instrument embodies the complete understanding of the parties with respect to the subject matter of this Agreement and supersedes all other agreements, verbal or otherwise.
AMENDMENT. This Agreement may be amended only by a written instrument signed by both parties. If any party fails to enforce their respective rights under this Agreement or fails to insist upon the performance of the other party's obligations hereunder, such failure shall not be construed as a permanent waiver of any rights as stated in this Agreement. Notwithstanding anything herein to the contrary, this Agreement may not be materially amended in a manner that (a) could have the effect of reducing the total debt service revenue collected or to be collected for payment of debt service on the Series 2024 Bonds or (b) lessens Developer’s obligations in this
8
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

Agreement without the prior written consent of the Trustee for the Series 2024 Bonds, acting at the direction of the holders owning a Majority of the aggregate principal amount of the Series 2024 Bonds then outstanding. The term “Majority,” as used herein, shall mean more than fifty (50%) percent.

NOTICES. All notices, requests, consents and other communications required or permitted under this Agreement shall be in writing and shall be (as elected by the person giving such notice) hand-delivered by prepaid express overnight courier or messenger service, telecommunicated, or mailed (airmail if international) by registered or certified (postage prepaid), return receipt requested, to the following addresses:

District:	Los Cayos Community Development District c/o Special District Services, Inc.
2501A Burns Road
Palm Beach Gardens, Florida 33410 Attention: District Manager

With a copy to:	Billing, Cochran, Lyles, Mauro & Ramsey, P.A.
515 East Las Olas Boulevard, Suite 600 Fort Lauderdale, Florida 33301 Attention: Michael J. Pawelczyk, Esq.
Developer:	Lennar Homes, LLC
5505 Waterford District Drive Miami, Florida 33126
Attn: Carlos Gonzalez, Vice President

With a copy to:	Holland & Knight LLP
515 East Las Olas Boulevard, Suite 1200 Fort Lauderdale, Florida 33301 Attention: Jonathan Marcus, Esq.

AG Landowner:	AG EHC II (LEN) Multi State 1, LLC
c/o Angelo, Gordon & Co., L.P. 245 Park Avenue, 26th Floor New York, New York 10167 Attn: Bryan Rush

With a copy to:	Lewis, Longman & Walker, P.A.
9
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

360 South Rosemary Avenue, Suite 1100 West Palm Beach, Florida 33401 Attention: William Capko, Esq.

Except as otherwise provided in this Agreement, any notice shall be deemed received only upon actual delivery at the address set forth above. Notices delivered after 5:00 PM (at the place of delivery) or on a non-business day shall be deemed received the next business day. If any time for giving notice contained in this Agreement would otherwise expire on a non-business day, the notice period shall be extended to the next succeeding business day. Saturdays, Sundays, and legal holidays recognized by the United States government shall not be regarded as business days. Any party or other person to whom notices are to be sent or copied may notify the other parties and addressees of any changes in name or address to which notices shall be sent by providing the same on five (5) days written notice to the parties and addressees set forth herein.

SEVERABILITY. The parties agree that if any part, term or provision of this Agreement is held to be illegal or in conflict with any law of the State of Florida or with any federal law or regulation, such provision shall be severable, with all other provisions remaining valid and enforceable.

CONTROLLING LAW. This Agreement shall be construed under the laws of the State of Florida.

AUTHORITY. The execution of this Agreement has been duly authorized by the appropriate body or official of all parties hereto, each party has complied with all the requirements of law, and each party has full power and authority to comply with the terms and provisions of this Agreement.

REMEDIES. A default by any party under the Agreement, including, but not limited to, the failure of the Developer to make a true-up payment as required by Section 2 of this Agreement, shall entitle the others to all remedies available at law or in equity, which shall include but not be limited to the right of damages, injunctive relief and specific performance and specifically include the ability of the District to enforce any and all payment obligations under this Agreement through the imposition and enforcement of a contractual or other lien on property owned by the AG Landowner and the Developer and located within the District.

COSTS AND FEES. In the event that either party is required to enforce this Agreement by court proceedings or otherwise, then the parties agree that the prevailing party shall be entitled to recover from the other all costs incurred, including reasonable attorney's fees and costs for trial, alternate dispute resolution, or appellate proceedings.

THIRD-PARTY BENEFICIARIES. This Agreement is solely for the benefit of the formal parties herein and no right or cause of action shall accrue upon or by reason hereof, to or for the benefit of any third party not a formal party hereto. Except as provided below, nothing in this
10
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

Agreement expressed or implied is intended or shall be construed to confer upon any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Agreement or any provisions or conditions hereof; and all of the provisions, representations, covenants and conditions herein contained shall inure to the sole benefit of and shall be binding upon the parties hereto and their respective representatives, successors and assigns (other than end users). Notwithstanding the foregoing or anything in this Agreement to the contrary, the Trustee for the Series 2024 Bonds, on behalf of the holders of the Series 2024 Bonds, shall be a direct third-party beneficiary of the terms and conditions of this Agreement and, acting at the direction of the holders owning a Majority of the aggregate principal amount of the Series 2024 Bonds then outstanding, shall be entitled to cause the District to enforce the AG Landowner’s obligations and the Developer’s obligations hereunder. The Trustee shall not be deemed to have assumed any obligations hereunder.

ARM'S LENGTH TRANSACTION. This Agreement has been negotiated fully between the parties in an arm's length transaction. The parties participated fully in the preparation of this Agreement with the assistance of their respective counsel. In the case of a dispute concerning the interpretation of any provision of this Agreement, the parties are deemed to have drafted, chosen and selected the language, and the doubtful language will not be interpreted or construed against any party.

SUCCESSORS.  The rights and obligations created by this Agreement shall be binding upon and inure to the benefit of the AG Landowner, the Developer, and the District, their respective heirs, executors, receivers, trustees, successors, successors-in-title, and assigns.

CONSTRUCTION OF TERMS. Whenever used the singular number shall include the plural, the plural the singular; the use of any gender shall include all genders, as the context requires; and the disjunctive shall be construed as the conjunctive, the conjunctive as the disjunctive, as the context requires.

CAPTIONS. The captions for each section of this Agreement are for convenience and reference only and in no way define, describe, extend, or limit the scope of intent of this Agreement, or the intent of any provision hereof.

ASSIGNMENT.  This Agreement, or any monies to become due hereunder, may be assigned, provided that the assigning party first obtains the prior written approval of the other party, which approval shall not unreasonably be withheld; provided, however, the Developer may not assign its duties or obligations under this Agreement except in accordance with the terms of Section 2(h) above. This Agreement, including, without limitation, all true-up obligations hereunder, shall constitute a covenant running with the title to the District Lands, binding upon the AG Landowner, the Developer, and their respective successors and assigns as to the District Lands or portions thereof, except as expressly provided in Section 2(h) above.

11
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

SOVEREIGN IMMUNITY. Developer agrees that nothing in this Agreement shall constitute or be construed as a waiver of the District’s limitations on liability contained in Section 768.28, Florida Statutes, as amended, or other statutes or law.

COUNTERPARTS AND EXECUTION. This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original; however, all such counterparts together shall constitute, but one and the same instrument. Signature and acknowledgment pages, if any, may be executed by facsimile, which shall be good as an original, and may be detached from the counterparts and attached to a single copy of this document to physically form one document.
COVENANT AND RECORDATION. The AG Landowner and the Developer, as the landowner and primary developer, respectively, agree that the obligations imposed upon it by this Agreement are valid and enforceable and shall be covenants running with the lands described in Exhibit A hereto, which exhibit is again incorporated herein by reference, creating an obligation and one which is binding upon their respective successor owners and assigns. The District shall record this Agreement in the Public Records of Miami-Dade County, Florida, against the lands so described.

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

12
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

IN WITNESS WHEREOF, the parties hereto execute this True-Up Agreement and further agree that it shall take effect as of the Effective Date first above written.

Witnesses:

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

By:		

Teresa Baluja, Chairperson Print Name			Board of Supervisors Address 	

Print Name		 Address 	
	-

Attest: 	
Gloria Perez, Secretary

	day of 	, 2024

STATE OF FLORIDA	}
COUNTY OF MIAMI-DADE	}

The foregoing instrument was acknowledged before me by means of [ ] physical presence or [ } online notarization, this    day of 	, 2024, by Teresa Baluja, as Chairperson of the Board of Supervisors of the LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, who is personally known to me and/or produced
	as identification.
[SEAL]		
Notary Public
Commission Expires: 	

STATE OF FLORIDA	}
COUNTY OF MIAMI-DADE	}

The foregoing instrument was acknowledged before me by means of [ ] physical presence or [ } online notarization, this     day of 	, 2024, by Gloria Perez, as Secretary of the LOS CAYOS COMMUNITY  DEVELOPMENT  DISTRICT,  who  is  personally  known  to  me  or  has  produced
	as identification.
[SEAL]		
Notary Public
Commission Expires: 	

13
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

LENNAR HOMES, LLC, a Florida limited liability company

Witnesses:

By: 	

Greg McPherson, Vice President
Print Name		Address 	

	day of 	, 2024 Print Name		
Address 	

STATE OF FLORIDA	}
COUNTY OF MIAMI-DADE	}

The foregoing instrument was acknowledged before me by means of [ ] physical presence or [ } online notarization, this    day of 		, 2024, by 	, as Vice President of Lennar Homes, LLC, a Florida limited liability company. He is personally known to me or has produced 	as identification and who being duly sworn, deposes and says that the aforementioned is true and correct to the best of his knowledge.

Notary Public Commission:

14
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

AG LANDOWNER:

AG EHC II (LEN) MULTI STATE 1, LLC,
a Delaware limited liability company

Witnesses:	By:  Essential	Housing	Asset Management, LLC, an Arizona limited liability company, its Authorized Agent

Print Name	
Address 	

By: 	
Steven S. Benson, Authorized Representative

	day of 	, 2024

Print Name 	
Address	

STATE OF ARIZONA	} COUNTY OF MARICOPA	}

The foregoing instrument was acknowledged before me by means of [  ] physical presence or [  ] online notarization, this     day of 	, 2024, by Steven S. Benson, as Authorized Representative of Essential Housing Asset Management, LLC, an Arizona limited liability company, the Authorized Agent for AG EHC II (LEN) MULTI STATE 1, LLC, a Delaware limited liability company, on behalf of said entities, who is [  ] personally known to me or [  ] has produced 	as evidence of identification..

(SEAL)

Notary Public

Name: 	
(type or print) My Commission Expires:

15
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

Exhibit A

LEGAL DESCRIPTION

FOLIO NUMBER: 10-1079-001-0060
LOT 8, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.

LESS THAT PORTION OF THE SAID LOT 8, LYING NORTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA’S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970.

FOLIO: 10-1079-001-0070:
LOT 9, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.

FOLIO: 10-1079-001-0080:
LOT 10, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUNTY, FLORIDA.

FOLIO: 10-1079-001-0031:
THAT PORTION OF LOT 5, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUTNY, FLORIDA, LYING SOUTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA’S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970.

16
True-Up Agmt (Los Cayos CDD) Rev. 02-02-2024

This instrument was prepared by, or under
the supervision of (and after recording, return to):
Howard E. Nelson, Esq.
Bilzin Sumberg Baena Price & Axelrod LLP 1450 Brickell Avenue, Suite 2300
Miami, Florida 33131

(Space reserved for Clerk)
COVENANT RUNNING WITH THE LAND IN FAVOR OF MIAMI- DADE COUNTY, FLORIDA, REQUIRING INSTITUTIONAL AND ENGINEERING CONTROLS AT REAL PROPERTY LOCATED AT, NEAR OR IN THE VICINITY OF SW 172ND AVENUE AND SW 336TH STREET, HOMESTEAD, MIAMI-DADE COUNTY, FLORIDA.

Pursuant to Section 24-44 (2)(k)(ii) of Chapter 24, Code of Miami-Dade County, Florida, AG EHC II (LEN) MULTI STATE 1, LLC (hereinafter referred to as the “Owner”), as the fee simple title owner of the real property legally described as set forth in Exhibit A, attached hereto and incorporated herein by reference, and located in the vicinity of Southwest 172nd Avenue and Southwest 336th Street, Homestead, Miami-Dade County, Florida, and furthermore identified for

ad valorem tax purposes by portions of Folio Numbers 10-7919-001-0070, 10-7919-001-0060, 10- 7919-001-0080, 10-7919-001-0031, (hereinafter referred to as the “Property”), hereby creates a covenant on behalf of the Owner, heirs, successors, grantees and assigns, running with the land to and in favor of Miami-Dade County, a political subdivision of the State of Florida (hereinafter referred to as the “County”), its successors, grantees and assigns, pursuant to Section 24-44 (2)(k)(ii) of Chapter 24 of the Code of Miami-Dade County, Florida, with respect to the Property as follows:
The Owner covenants and agrees to the following:

The Owner of the Property has elected to implement institutional and engineering controls on the Property to obtain approval for a No Further Action with Conditions proposal pursuant to Section 24-44 (2)(k)(ii) of Chapter 24 of the Code of Miami-Dade County, Florida. The institutional and engineering controls that are applicable to the Property have been initialed as set forth below. These institutional and engineering controls afford a level of protection to human health, public safety and the environment that is equivalent to that provided by Section 24-44 (2)(f)(i) and Section 24-44 (2)(f)(ii) of Chapter 24, Code of Miami-Dade County, Florida. The applicable institutional and engineering controls are set forth as follows:
  X_ Groundwater from the Property shall not be used for drinking water purposes.

_X	 Groundwater from the Property shall only be withdrawn for monitoring of pollution.

_X	 Contaminated soil and groundwater, as delineated in the Soil Testing Report,

prepared by NELCO Testing and Engineering Services, Inc. (NELCO), dated October 18, 2017;	Report	of	Subsurface	Soil	Exploration	Geotechnical	Evaluation	and

Recommendations, prepared by NELCO, dated November 17, 2021; Site Assessment Report and Soil and Groundwater Sampling Plan, prepared by SCS Engineers (SCS), dated May 2, 2022; Soil Management Plan, Dust Control Plan, Chemical-Specific Health and Safety Plan, prepared by SCS, dated May 2, 2022; Revised Soil Management Plan, prepared by SCS, dated July 11, 2022; Response to Comments dated June 7, 2022, prepared by SCS, dated July 14, 2022; Groundwater Sampling Report in Support of Drainage Approval and Response to Comments dated August 29, 2022, prepared by SCS, dated March 21, 2023; Response to Comments dated April 27, 2023 and Sentinel Well Monitoring Plan, prepared by SCS, dated May 8, 2023 (collectively, the "Site Assessment Reports"), and approved by the Director of the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, shall not be removed from the Property, without prior written approval of the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns. The Site Assessment Reports shall remain on file with the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, or its successors or assigns, and are summarized for informational purposes in Exhibit B, which is incorporated by reference.
X   Engineering controls detailed in the Engineering Control Maintenance Plan, prepared

by SCS, dated December 29, 2023, and approved by the Director of the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management. The Engineering Control and Maintenance Plan shall remain on file  with  the  Department  of  Regulatory  and  Economic  Resources,  Division  of

Environmental Resources Management, or its successors or assigns, and is summarized for informational purposes in Exhibit C, which is incorporated by reference.
Prior to the entry into a landlord-tenant relationship with respect to the Property, the Owner agrees to notify in writing all proposed tenants of the Property of the existence and contents of this Covenant.

For the purpose of inspecting for compliance with the institutional and engineering controls contained herein, the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns, shall have access to the Property at reasonable times and with reasonable notice to the Owner of the Property. In the event that the Owner does not or will not be able to comply with any of the institutional and engineering controls contained herein, the Owner shall notify in writing the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns, within three (3) calendar days.

This Covenant may be enforced by the Director of the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns, by permanent, temporary, prohibitory, and mandatory injunctions as well as otherwise provided for by law or ordinance.

The provisions of this instrument shall constitute a covenant running with the land, shall be recorded, at the Owner’s expense, in the public records of Miami-Dade County

and shall remain in full force and effect and be binding upon the undersigned, their heirs, legal representatives, estates, successors, grantees and assigns until a release of this Covenant is executed and recorded in the Public Records of Miami-Dade County, Florida.

This Covenant is to run with the land and shall be binding on all parties and all persons claiming under it for a period of thirty (30) years after the date this Covenant is recorded, after which time it shall be extended automatically for successive periods of ten
(10) years each, unless the Covenant is modified or released by Miami-Dade County.

Upon demonstration to the satisfaction of the Director of the Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns, that the institutional and engineering controls set forth in this Covenant are no longer necessary for the purposes herein intended because the criteria set forth in Section 24-44 (2)(k)(i) of Chapter 24 of the Code of Miami-Dade County, Florida have been met, the Director of the Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns, shall, upon written request of the Owner, release this Covenant.

The Owner shall notify the Director of the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns, within thirty (30) days of any conveyance, sale, granting or transfer of the Property or portion thereof, to any heirs, successors, assigns or grantees, including, without limitation, the conveyance of any security interest in said Property.

The term Owner shall include the Owner and its heirs, successors and assigns.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] [SIGNATURES AND ACKNOWLEDGEMENTS ON FOLLOWING PAGES]

IN WITNESS WHEREOF, the undersigned, being the Owner of the Property, agrees to the provisions of this Covenant, hereby create same as a Covenant Running with the Land in favor of Miami-Dade County, Florida, and set their hands and seal unto this Covenant this 	 day of 	, 	.

	OWNER: AG EHC II (LEN) MULTI
STATE 1, LLC, a Delaware limited liability company	
WITNESSES:	By: Essential Housing Asset Management, LLC, an Arizona limited liability company, as its Authorized Agent	
Sign		Sign		
	Print  Steven S. Benson		
Print		Title:  Manager		
	Address: 		
Address: 			
Sign			
Print	

Address: 			

STATE OF COUNTY OF
The foregoing instrument was acknowledged before me by means of ( ) physical presence or ( ) online notarization, this 	 day of 	, 	 by
			 as 				of 						, on behalf of said	corporation.	He		or	she	is 	personally	known	to	me	or	 	 has	produced
	 as identification and who take an oath.

NOTARY PUBLIC:
sign 		 print 	 State of Florida at Large (Seal)
My Commission Expires: 	

JOINDER AND CONSENT
OF THE COMMUNITY DEVELOPMENT DISTRICT
KNOW ALL MEN BY THESE PRESENTS:
THAT LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, a local unit of
special-purpose government, whose mailing address is c/o Governmental Management Services- South Florida, LLC, 5385 N. Nob Hill Road, Sunrise, Florida 33351 (hereinafter the “CDD”), hereby certifies and agrees that it is responsible for the obligations described in the Engineering Control Maintenance Plan, dated December 29, 2023, described in Exhibit C, attached hereto and incorporated herein, which encumbers the property described in Exhibit A, owned by AG EHC II (LEN) MULTI STATE 1, LLC (hereinafter referred to as the “Owner”). The CDD hereby joins in and consents to the granting of the Declaration of Restrictive Covenant by the Owner to Miami- Dade County.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] [SIGNATURES AND ACKNOWLEDGEMENTS ON FOLLOWING PAGES]

IN WITNESS WHEREOF, this Joinder and Consent is executed by the undersigned this
	 day of 	, 20	.

	COMMUNITY DEVELOPMENT DISTRICT: LOS CAYOS COMMUNITY
DEVELOPMENT DISTRICT, a local unit of special-purpose government	
WITNESSES:	By:	
Sign		Sign		
	Print		
Print		Title: 		
	Address: 		
Address: 			
Sign			
Print	
Address: 			

STATE OF FLORIDA COUNTY OF MIAMI-DADE
The foregoing instrument was acknowledged before me by means of ( ) physical presence or ( ) online notarization, this 	 day of 	, 	 by
				 as 			of 						, on behalf of said	entity.	He	or		she	is 	personally	known	to	me	or	 	has	produced
	 as identification and who take an oath.

NOTARY PUBLIC:
sign 		 print 	 State of Florida at Large (Seal)
My Commission Expires: 	

Exhibit A

SURVEYOR'S NOTES:

SURVEYOR'S CERTIFICATE:

Ford, Armenteros & Fernandez, Inc. LB #6557

ROAD

ROAD

4	3	2

MC. MINN

TENNESSEE

6	5	1

AVENUE)

(S.E. 12TH AVENUE)

7
3	2	16

4

6TH

(S.E.

1	SITE LOCATION LOS CAYOS

AVENUE

AVENUE

SUBDIVISION	15

11	12

13		

PLAT OF LANDS BELONGING TO THE MIAMI

LAND AND DEVELOPMENT COMPANY (PLAT BOOK 5, PAGE 10)

S.W.

172ND

167TH

S.W.

14

S.W.

336TH

STREET

(ARTHUR VINING PARKWAY)

LOCATION MAP
THE N.E. 1/4 OF SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST CITY OF HOMESTEAD, MIAMI-DADE COUNTY, FLORIDA.
(SCALE: 1" = 300')

LEGAL DESCRIPTION:

LOS CAYOS SUBDIVISION DRC PHASE 1
SKETCH AND LEGAL DESCRIPTION
LEGAL DESCRIPTION TO ACCOMPANY SKETCH

1950 N.W. 94th AVENUE, 2nd FLOOR MIAMI, FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805

LENNAR HOMES, LLC.

3

D.R.	11-10-2023
AS SHOWN
04B165-1000Page 272

7

LEGAL DESCRIPTION:

LOS CAYOS SUBDIVISION DRC PHASE 1
SKETCH AND LEGAL DESCRIPTION
LEGAL DESCRIPTION TO ACCOMPANY SKETCH

1950 N.W. 94th AVENUE, 2nd FLOOR MIAMI, FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805

LENNAR HOMES, LLC.

4

D.R.	11-10-2023
AS SHOWN
04B165-1000Page 273

7

				

MATCH LINE "B" (SEE SHEET 7 OF 7)
457,400 S.F.

22

15

10

14

18

PLACE 	

TERRACE

8

20

TRACT "A" (PRIVATE ROAD) 457,400 S.F.

11	12

19

3	5	6

18

17

STREET
TRACT "A" (PRIVATE ROAD) 457,400 S.F.

S.E.

14TH

STREET
TRACT "A" (PRIVATE ROAD) 457,400 S.F.

14

12

11

18

MATCH LINE "A" (SEE SHEET 6 OF 7)
TERRACE

6TH

  S.E.

7 TH

 S.E.

TRACT "A"

(PRIVATE ROAD) 457,400 S.F.

3

15	14

12

TRACT "A" (PRIVATE ROAD) 457,400 S.F.

PLACE	

TERRACE		

13

11

6

10	11

12

TRACT "A" (PRIVATE ROAD)

457,400 S.F.

3

COURT

S.E.

PLAT OF LANDS BELONGING TO THE MIAMI LAND AND DEVELOPMENT COMPANY

9	13

COURT

TRACT "A"

(PRIVATE ROAD)

457,400 S.F.

14TH

10

PLACE

7TH 

6	6

TRACT "A"

(PRIVATE ROAD) 457,400 S.F.

TRACT "A" (PRIVATE ROAD) 457,400 S.F.

6TH  

6TH
TRACT "A" (PRIVATE ROAD) 457,400 S.F.

TRACT "A" (PRIVATE ROAD) 457,400 S.F.

LOT 11, BLOCK 1

(P.B. 5, PG. 10)

8

PROPOSED TENTATIVE PLAT OF
LOS CAYOS SUBDIVISION

S.E. 6TH

14
5

S. E.

2

S.E.

3

S.E.

15TH

STREET
TRACT "A" (PRIVATE ROAD) 457,400 S.F.

1

14	15

TRACT "A" (PRIVATE ROAD) 457,400 S.F.

TRACT "A" 457,400 S.F.

2	6	7	2

  S.E.

2

2

CEDAR AT KEYS GATE (P.B. 171, PG. 40)

ROYAL HOMES WEST (P.B. 174, PG. 38)

1

S.W. 336TH

STREET

(ARTHUR

VINING

PARKWAY)

LOS CAYOS SUBDIVISION DRC PHASE 1	

1950 N.W. 94th AVENUE, 2nd FLOOR MIAMI, FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805		SKETCH AND LEGAL DESCRIPTION	
	SKETCH TO ACCOMPANY LEGAL DESCRIPTION	
	LENNAR HOMES, LLC.	
	D.R.	11-10-2023	

5
age 274  7 	
	
	AS SHOWN		
		
 04B165-1000P		

TRACT "A" (PRIVATE ROAD) 457,400 S.F.

17

LOT 15
BLOCK 2

6

16

S.E.

14TH

13

24

22	21

 	      

TRACT "A" (PRIVATE ROAD) 457,400 S.F.

MATCH LINE "A" (SEE SHEET 5 OF 7)

6	9

 AVENUE

ROAD)

(MC.MINN

ROAD 
TRACT "A" (PRIVATE ROAD) 457,400 S.F.

6	1	3	4

PROPOSED

TENTATIVE PLAT OF

S.E.

LOS CAYOS SUBDIVISION

14TH

TRACT "A" (PRIVATE ROAD) 457,400 S.F.

10

PLAT OF LANDS BELONGING TO THE MIAMI LAND AND DEVELOPMENT COMPANY

S.W .

172ND

6TH

  

6	9

LOT 14, BLOCK 2

(P.B. 5, PG. 10)

TRACT "A" (PRIVATE ROAD) 457,400 S.F.

4

S.E.  

7

6	2

S.E.

15TH

STREET
TRACT "A" (PRIVATE ROAD) 457,400 S.F.

1

TRACT "A" 457,400 S.F.

3	6	7

1

S.W.

336TH

STREET

(ARTHUR

VINING

PARKWAY)

ROYAL HOMES WEST (P.B. 174, PG. 38)

LOS CAYOS SUBDIVISION DRC PHASE 1

SKETCH AND LEGAL DESCRIPTION

SKETCH TO ACCOMPANY LEGAL DESCRIPTION

1950 N.W. 94th AVENUE, 2nd FLOOR MIAMI, FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805

LENNAR HOMES, LLC.

AS SHOWN

11-10-2023

D.R.

6
04B165-1000Page 275	7

LOS CAYOS SUBDIVISION DRC PHASE 1

SKETCH AND LEGAL DESCRIPTION

SKETCH TO ACCOMPANY LEGAL DESCRIPTION

LENNAR HOMES, LLC.

S.E.
TRACT "A" (PRIVATE ROAD)

COURT

S.E.

23

MATCH LINE "B" (SEE SHEET 5 OF 7)

LOT 4, BLOCK 1
PLAT OF LANDS BELONGING TO THE MIAMI LAND AND DEVELOPMENT COMPANY
(P.B. 5, PG. 10)

35

LOT 11, BLOCK 1

PLAT OF LANDS BELONGING TO THE MIAMI LAND AND DEVELOPMENT COMPANY

(P.B. 5, PG. 10)

3

31

3

29

PROPOSED TENTATIVE PLAT OF
LOS CAYOS SUBDIVISION

TRACT "A" (PRIVATE ROAD) 457,400 S.F.
13TH

TERRACE

  S.E .

7TH
TRACT "A" (PRIVATE ROAD) 457,400 S.F.

TRACT "B" 93,181 S.F.

1950 N.W. 94th AVENUE, 2nd FLOOR

Exhibit B

 Key s Lak e  ( H W R - 124 9 )	

SITE ASSESSMENT SUMMARY
Keys Lake – Phase 1 Closure Area
North of the SW 172 Avenue and SW 336 Street Intersection Homestead, Miami–Dade County, Florida
HWR-1249

December 29, 2023

The Property, which is the Phase 1 closure area of the overall site known as Keys Lake (the Site), is located north of the intersection of SW 172nd Avenue and SW 336th Street in Homestead, Miami-Dade County, Florida. The Site consists of four parcels encompassing approximately 25.3 acres of undeveloped land and is currently being developed into a residential community. Refer to Exhibit B, Figure 1 for a Site and Property location map. Based on review of historic aerial photographs, the Site was used for agricultural purposes since at least 1938. Historical agricultural activity would likely have included the use of products such as pesticides, fungicides, herbicides, and/or fertilizers. Therefore, environmental consultants conducted environmental assessments from 2017 through 2023, to support the land use change.
Historical environmental reports related to the Site and submitted to the Department of Regulatory and Economic Resources, Division of Environmental Resources Management (DERM) are listed below:
Soil Testing Report, prepared by NELCO Testing and Engineering Services, Inc. (NELCO), dated October 18, 2017
Report of Subsurface Soil Exploration Geotechnical Evaluation and Recommendations, prepared by NELCO, dated November 17, 2021
Site Assessment Report and Soil and Groundwater Sampling Plan, prepared by SCS Engineers (SCS), dated May 2, 2022
Soil Management Plan, Dust Control Plan, Chemical-Specific Health and Safety Plan, prepared by SCS, dated May 2, 2022
Revised Soil Management Plan, prepared by SCS, dated July 11, 2022
Response to Comments dated June 7, 2022, prepared by SCS, dated July 14, 2022
Groundwater Sampling Report in Support of Drainage Approval and Response to Comments dated August 29, 2022, prepared by SCS, dated March 21, 2023
Response to Comments dated April 27, 2023 and Sentinel Well Monitoring Plan, prepared by SCS, dated May 8, 2023

SO IL

Refer to Exhibit B, Figure 2 for the historical soil sample locations. Soil assessment identified soil contaminants of potential concern (COPCs) at the Property. These assessments are discussed below.
On October 3, 2017, NELCO collected five discrete soil samples from the top six inches of the Site interior for arsenic analysis. Additionally, the samples were composited by the laboratory for analysis of organochlorine pesticides (OCPs). Arsenic concentrations ranged from 2.0 milligrams per kilograms (mg/kg) to 5.7 mg/kg and OCP concentrations were undetected in the composite sample. Refer to Exhibit B, Table 1 for NELCO soil analytical results.

 Key s Lak e  ( H W R - 124 9 )	

Between February and March 2022, SCS collected ten 10-point boundary composite samples from each of the 0-0.5’, 0.5-2’, and 2-3’ intervals. The laboratory analyzed the samples for arsenic, cadmium, chromium, copper, iron, lead and OCPs. Fifteen percent of the composite samples were analyzed for manganese and lead. Arsenic soil concentrations exceeded the residential direct exposure soil cleanup target level (R-SCTL) in various samples. Other parameters were not detected above their respective R-SCTLs. Based on the results, it is assumed that there are arsenic soil leachability impacts at the Property. Refer to Exhibit B, Table 2 for metals results. Refer to Exhibit B, Table 3 for OCP results.

In a letter dated August 29, 2022, DERM concluded that based on the distribution and magnitude of arsenic concentrations at the northern property boundary and the former land use of the northern adjacent property (Florida Turnpike), additional assessment for arsenic in soil at the Site boundaries is not required at this time.

GROUNDWATER
Between February and March 2022, SCS installed ten shallow monitoring wells near Site boundaries. Refer to Exhibit B, Figure 3 for historical monitoring well locations. From March 8, 2022 through March 16, 2022, SCS sampled the wells for arsenic, iron, manganese, nitrate, nitrite and nitrate- nitrite. Fifteen percent of the wells were additionally analyzed for OCPs and chromium. Refer to Exhibit B, Table 4 for metals results. Refer to Exhibit B, Table 5 for OCP results. Iron and arsenic were identified as exceeding their respective groundwater cleanup target level.

From January 10, 2023 through January 12, 2023, SCS installed 36 shallow monitoring wells. From
January 12, 2023 through February 2, 2023, SCS collected groundwater samples from the 36 newly- installed wells. The samples were analyzed for arsenic, iron, chromium, manganese, nitrate, nitrite, nitrate-nitrite, and 15% were analyzed for OCPs. Additionally, existing well MW- 9 was resampled and analyzed for arsenic. The results were reported the Groundwater Sampling Report dated March 21, 2023. Arsenic concentrations exceeded the GCTL in 16 of the 37 wells. Iron exceeded the GCTL site- wide. The remaining parameters were reported below their respective GCTLs and/or method detection limits.

Due to the localized arsenic groundwater impacts, the drainage system exfiltration trenches were designed to be outside of arsenic impacts. Due to the site-wide iron groundwater impacts, groundwater impacts near the Site boundary drainage exfiltration features will be monitored, as approved by DERM in their letter dated May 31, 2023.
To address the iron and arsenic groundwater impacts and meet the No Further Action with Conditions (NFAC) requirements, the groundwater at the Site boundaries will be evaluated through a Monitoring Only Plan (MOP). Based on development needs, the execution of and recording of a restrictive covenant is being done prior to the Site meeting all of the No Further Action with Conditions criteria of Section 24(2)(k)(ii) of Miami-Dade County Code (the Code). Specifically, groundwater delineation and/or monitoring has not been completed at the time of the recording of this covenant. Therefore, a No Further Action with Conditions approval order will not follow DERM’s approval to execute and record the covenant until the Site meets all applicable No Further Action with Conditions criteria per Section 24-44(2)(k)(ii) of the Code. If the Site does not qualify for No Further Action with Conditions at the end of the groundwater assessment and/or monitoring period, then additional assessment, including offsite if necessary, remediation, and/or additional restrictions, in the form of a new restrictive covenant, may be required. For any portion of the Site to be sold, transferred, or dedicated, the receiving entity must be made aware of the contamination. Additionally, based on the No Further Action with Conditions, each receiving entity must accept all applicable restrictions and responsibilities that are required following transfer of ownership.

 Key s Lak e  ( H W R - 124 9 )	

Exhibit B, Figures

SW 172ND AVE

ARTHUR VINNING DAVIS PKWY

Legend
Phase 1 Closure Area (Approximate)
Approximate Site Boundary

²
0	100	200

SW 336TH ST

SE 8TH AVE

Site Location Map
Keys Lake, Phase 1 Closure Areas 1075 SE 6th Ave Homestead, FL

Feet

Exhibit B, Figure 1

Dec 2023

C:\Users\5180bjl\OneDrive - SCS Engineers\Documents\projects_Barb\KeyLake_Lennar\KeyLake\KeysLake_SAS\KeysLake_SAS.aprx Layout: Fig1_SITE LOCATION BY 5180bjl

SE 6TH AVE

S LIBERTY AVE

N LIBERTY AVE

1 inch = 200 feet

SCS PENaGgIeNE2E8R1S

CS-3-1-C1

CU-3-1

SE 6TH AVE

CS-3-1-C2

CU-5

N LIBERTY AVE

CU-6

0	1	2
Feet

CU-4

CU-3-9	CU-3-10
CU-3-7	CU-3-8
CU-3-6

CU-3-5
CU-3-4
CU-3-3
CU-3-2

CU-3

CU-7

Nelco S-4

Nelco S-3

Nelco S-5

S LIBERTY AVE

CU-2

SW 172ND AVE

Nelco S-2

CU-8

CU-1

SW 336TH ST

CU-10

Nelco S-1

CU-9

ARTHUR VINNING DAVIS PKWY

Legend
Historical Soil Sample Location
Phase 1 Closure Area (Approximate)

Note:

²
0	100	200

SE 8TH AVE

Historical Soil Sampling Locations

Keys Lake, Phase 1 Closure Areas 1075 SE 6th Ave Homestead, FL

Approximate Site Boundary

Sample locations are approximate.

Feet

Exhibit B, Figure 2

Dec 2023

C:\Users\5180bjl\OneDrive - SCS Engineers\Documents\projects_Barb\KeyLake_Lennar\KeyLake\KeysLake_SAS\KeysLake_SAS.aprx Layout: Fig2_HistoricalSampleLocation BY 5180bjl

1 inch = 200 feet

SCS PENaGgIeNE2E8R2S

N LIBERTY AVE

MW-5
A@

MW-3

MW-16

MW-15
A

MW-4
A@
MW-43
A

MW-13
A
MW-14
A

MW-42
A

MW-6
A

MW-7
A@

A@
MW-17
A

A	MW-18	MW-19
A	A
MW-31
A

MW-32
A

MW-20
A@

A@

MW-44

MW-24	MW-25

MW-29	MW-30

A	A
MW-2
A

A@	A@

MW-26

MW-27
A@
MW-22

MW-23

SW 172ND AVE

A
MW-41

MW-34
A

A
MW-40
A@

S LIBERTY AVE

MW-33
A@

A@

MW-37 MW-8

A
MW-21
A

MW-35
A@

MW-45
A

MW-36
A

A@	A@
MW-38
A@

MW-1
A@

MW-12
A

MW-28
A

MW-46
A

MW-39
A

MW-11
A

MW-10
A

TMW-S1
A@

MW-9

SE 8TH AVE

A@

ARTHUR VINNING DAVIS PKWY

Legend

A

Historical Monitoring Well Location
Phase 1 Closure Area

²
0	100	200

SW 336TH ST

Historical Monitoring Well Locations

Keys Lake, Phase 1 Closure Areas 1075 SE 6th Ave Homestead, FL

(Approximate)
Approximate Site Boundary

Note:
Sample locations are

Feet

Exhibit B, Figure 3

Dec 2023

C:\Users\5180bjl\OneDrive - SCS Engineers\Documents\projects_Barb\KeyLake_Lennar\KeyLake\KeysLake_SAS\KeysLake_SAS.aprx Layout: Fig3_HistoricalMonitoringWellLocations BY 5180bjl

SE 6TH AVE

approximate.

1 inch = 200 feet

SCS PENaGgIeNE2E8R3S

 Key s Lak e  ( H W R - 124 9 )	

Exhibit B, Tables

Page 284

EXHIBIT B,TABLE 1: SOIL SAMPLE ANALYTICAL DATA - NELCO

Vacant Parcels
SW 336th St and S Liberty Ave Homestead, FL

SAMPLE LOCATION	DATE	SAMPLE INTERVAL	ARSENIC	DDD	DDE	DDT	
S-1	09/29/17	0 – 0.5 ft.	4.8	-	-	-	
S-2	09/29/17	0 – 0.5 ft.	4.1	-	-	-	
S-3	09/29/17	0 – 0.5 ft.	5.7	-	-	-	
S-4	09/29/17	0 – 0.5 ft.	3.9	-	-	-	
S-5	09/29/17	0 – 0.5 ft.	2.0	-	-	-	
COMPOSITE	10/03/17	0 – 0.5 ft.	-	0.0013U	0.00059U	0.00092U	
MIAMI DADE SOIL CLEANUP TARGET LEVEL	RESIDENTIAL	2.1	4.2	2.9	2.9	

All reported values are in mg/Kg
U - reported in concentrations below the method detection limit
I - reported in concentrations at the method detection limit

Exhibit B, Table 2: Soil Analytical Results ‐ Metals
Keys Lake
Miami‐Dade County, FL

Sample Type	Parameter	Arsenic	Chromium	Copper	Manganese	Lead	
	Units	mg/kg	mg/kg	mg/kg	mg/kg	mg/kg	
	Sample ID	Sample Date	0‐0.5	0.5‐2	2‐3	0‐0.5	0.5‐2	2‐3	0‐0.5	0.5‐2	2‐3	0‐0.5	0.5‐2	2‐3	0‐0.5	0.5‐2	2‐3	
Composite	CU‐1	3/4/2022	1.4	1.2	2.0	7.5	1.6	0.72  I	3.8	2.0	0.55	I	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Composite	CU‐2	3/4/2022	2.5	2.5	1.2	13	3.4	0.49  I	8.3	2.0	0.39	I	120	79	66	13	2.5	0.41  I	
Composite	CU‐3	3/7/2022	1.7	22	2.2	8.2	3.0	I	0.68  I	5.6	3.1	0.41	I	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Discrete	CU‐3‐1	3/7/2022	‐‐	63	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Discrete	CS‐3‐1‐C1	4/6/2022	‐‐	12	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Discrete	CS‐3‐1‐C2	4/6/2022	‐‐	7.4	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Discrete	CU‐3‐2	3/7/2022	‐‐	7.5	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Discrete	CU‐3‐3	3/7/2022	‐‐	1.2	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Discrete	CU‐3‐4	3/7/2022	‐‐	3.5	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Discrete	CU‐3‐5	3/7/2022	‐‐	2.8	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Discrete	CU‐3‐6	3/7/2022	‐‐	1.8	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Discrete	CU‐3‐7	3/7/2022	‐‐	0.76	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Discrete	CU‐3‐8	3/7/2022	‐‐	1.2	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Discrete	CU‐3‐9	3/7/2022	‐‐	1.1	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Discrete	CU‐3‐10	3/7/2022	‐‐	1.7	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Composite	CU‐4	3/7/2022	3.4	2.2	1.1	14	3.0	0.33  I	8.2	2.2	0.26	I	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Composite	CU‐5	3/7/2022	3.2	1.9	1.2	3.8	0.75  I	0.55  I	1.8	0.42  I	0.29	I	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Composite	CU‐6	3/3/2022	4.6	2.8	2.0	16	6.4	0.55  I	7.6	2.9	0.29	I	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Composite	CU‐7	3/3/2022	4.0	4.7	4.3	10	11	12	1.6	2.7	4.9	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Composite	CU‐8	3/3/2022	4.8	4.6 **	‐‐	7.7	6.6  **	‐‐	3.8	2.4  **	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Composite	CS‐9	2/16/2022	4.9	1.8	3.9 **	16	3.8	11  **	8.2	0.25  U	0.27 U **	170	110	78  **	11	3	2.4  **	
Composite	CU‐10	3/4/2022	5.0	6.5	5.8	18	15	22	14	9.7	13	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Groundwater Cleanup Target Level (µg/L)	‐‐	‐‐	‐‐	‐‐	15	
Leachability Based on Groundwater Criteria	‐‐	38	‐‐	‐‐	‐‐	
Miami‐Dade Background MVUE (mg/kg) 0‐0.5'	7.0	‐‐	‐‐	‐‐	‐‐	
Miami‐Dade Background MVUE (mg/kg) 0.5‐2'	5.0	‐‐	‐‐	‐‐	‐‐	
Direct Exposure Residential (mg/kg)	2.1	210	600*	3,500	400	
Direct Exposure Commercial/Industrial (mg/kg)	12	470	89,000	43,000	1,400	

Notes:
mg/kg = milligrams per kilogram
U = The compound was analyzed for but not detected above the laboratory method detection limit (MDL). I = The reported value is between the laboratory MDL and the laboratory practical quantitation limit (PQL). MVUE = Minimum Variance Unbiased Estimate of the mean concentration
‐‐ = Not Analyzed/Not Applicable
*DERM approved Alternative Soil Cleanup Target Level (ASCTL) for copper
** Sample in the 0.5‐2' interval were collected from 0.5‐1.5' similarly samples noted in the 2‐3' interval was collected from 2‐3.5'
Bold indicates and exceedance in the applicable MVUE and/or cleanup target level specified in Table 2 of Chapter 24‐44, Miami Dade County Code

Exhibit B, Table 3: Soil Analytical Results ‐ Organochlorine Pesticides
Keys Lake
Miami‐Dade County, FL

Sample ID	Date Collected	Sample Interval
(fbls)	4,4'‐DDD	4,4'‐DDE	4,4'‐DDT	Aldrin	Chlordane
(Technical)	Dieldrin	Endosulfan I	Endosulfan II	Endosulfan
sulfate	Endrin	Endrin aldehyde	
			(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	

CU‐1	
3/4/2022	(0‐0.5)	0.000150 U	0.000162 U	0.000374 U	0.000164 U	0.000365 U	0.000157 U	0.000162 U	0.000224 U	0.000307 U	0.000178 U	0.000178 U	
		(0.5‐2)	0.000144 U	0.000155 U	0.000359 U	0.000157 U	0.000350 U	0.000150 U	0.000155 U	0.000215 U	0.000294 U	0.000170 U	0.000170 U	
		(2‐3)	0.000142 U	0.000152 U	0.000353 U	0.000155 U	0.000344 U	0.000148 U	0.000152 U	0.000211 U	0.000290 U	0.000168 U	0.000168 U	

CU‐2	
3/4/2022	(0‐0.5)	0.000155 U	0.000167 U	0.000386 U	0.000169 U	0.000376 U	0.000162 U	0.000167 U	0.000231 U	0.000317 U	0.000183 U	0.000183 U	
		(0.5‐2)	0.000119 U	0.000197 I	0.000298 U	0.000130 U	0.000290 U	0.000125 U	0.000129 U	0.000178 U	0.000244 U	0.000141 U	0.000141 U	
		(2‐3)	0.000147 U	0.000158 U	0.000366 U	0.000160 U	0.000357 U	0.000154 U	0.000158 U	0.000219 U	0.000300 U	0.000174 U	0.000174 U	

CU‐3	
3/7/2022	(0‐0.5)	0.000160 U	0.000172 U	0.000398 U	0.000175 U	0.000388 U	0.000167 U	0.000172 U	0.000238 U	0.000327 U	0.000189 U	0.000189 U	
		(0.5‐2)	0.000159 U	0.000171 U	0.000397 U	0.000174 U	0.000387 U	0.000166 U	0.000171 U	0.000237 U	0.000326 U	0.000189 U	0.000189 U	
		(2‐3)	0.00014 U	0.000151 U	0.000350 U	0.000153 U	0.000341 U	0.000147 U	0.000151 U	0.000209 U	0.000287 U	0.000166 U	0.000166 U	

CU‐4	
3/7/2022	(0‐0.5)	0.000149 U	0.000798	0.000371 U	0.000163 U	0.000362 U	0.000156 U	0.000160 U	0.000222 U	0.000304 U	0.000176 U	0.000176 U	
		(0.5‐2)	0.000142 U	0.000155 I	0.000353 U	0.000155 U	0.000345 U	0.000148 U	0.000153 U	0.000212 U	0.000290 U	0.000168 U	0.000168 U	
		(2‐3)	0.000137 U	0.000148 U	0.000341 U	0.000150 U	0.000333 U	0.000143 U	0.000148 U	0.000204 U	0.000280 U	0.000162 U	0.000162 U	

CU‐5	
3/7/2022	(0‐0.5)	0.000149 U	0.000161 U	0.000372 U	0.000163 U	0.000362 U	0.000156 U	0.000161 U	0.000222 U	0.000305 U	0.000177 U	0.000177 U	
		(0.5‐2)	0.000150 U	0.000161 U	0.000374 U	0.000164 U	0.000364 U	0.000157 U	0.000161 U	0.000224 U	0.000307 U	0.000178 U	0.000178 U	
		(2‐3)	0.000127 U	0.000136 U	0.000315 U	0.000138 U	0.000308 U	0.000132 U	0.000136 U	0.000189 U	0.000259 U	0.000150 U	0.000150 U	

CU‐6	
3/3/2022	(0‐0.5)	0.000159 U	0.000239 I	0.000396 U	0.000173 U	0.000386 U	0.000166 U	0.000171 U	0.000237 U	0.000325 U	0.000188 U	0.000188 U	
		(0.5‐2)	0.000128 U	0.000522	0.000319 U	0.000140 U	0.000311 U	0.000134 U	0.000138 U	0.000191 U	0.000262 U	0.000152 U	0.000152 U	
		(2‐3)	0.000148 U	0.000159 U	0.000369 U	0.000162 U	0.000360 U	0.000155 U	0.000159 U	0.000221 U	0.000303 U	0.000175 U	0.000175 U	

CU‐7	
3/3/2022	(0‐0.5)	0.000112 U	0.000121 U	0.000279 U	0.000122 U	0.000272 U	0.000117 U	0.000121 U	0.000167 U	0.000229 U	0.000133 U	0.000133 U	
		(0.5‐2)	0.000114 U	0.000495	0.000283 U	0.000124 U	0.000276 U	0.000119 U	0.000122 U	0.000169 U	0.000232 U	0.000134 U	0.000134 U	
		(2‐3)	0.000122 U	0.0108	0.000304 U	0.000133 U	0.00487	0.000128 U	0.000131 U	0.000182 U	0.000250 U	0.000145 U	0.000145 U	
CU‐8	3/3/2022	(0‐0.5)	0.000125 U	0.000134 U	0.000310 U	0.000136 U	0.000303 U	0.000130 U	0.000134 U	0.000186 U	0.000255 U	0.000148 U	0.000148 U	
		(0.5‐1.5)	0.000128 U	0.00137	0.000319 U	0.000140 U	0.000718 I	0.000134 U	0.000138 U	0.000191 U	0.000262 U	0.000151 U	0.000151 U	

CS‐9	
2/16/2022	(0‐0.5)	0.000174 U	0.000188 U	0.000435 U	0.000190 U	0.000424 U	0.000182 U	0.000188 U	0.000260 U	0.000357 U	0.000207 U	0.000207 U	
		(0.5‐2)	0.000151 U	0.000163 U	0.000377 U	0.000165 U	0.000367 U	0.000158 U	0.000163 U	0.000226 U	0.000309 U	0.000179 U	0.000179 U	
		(2‐3.5)	0.000150 U	0.000162 U	0.000374 U	0.000164 U	0.000365 U	0.000157 U	0.000162 U	0.000224 U	0.000307 U	0.000178 U	0.000178 U	

CU‐10	
3/4/2022	(0‐0.5)	0.000141 U	0.000152 U	0.000351 U	0.000154 U	0.000342 U	0.000147 U	0.000152 U	0.000210 U	0.000288 U	0.000167 U	0.000167 U	
		(0.5‐2)	0.000133 U	0.000575	0.000331 U	0.000145 U	0.000323 U	0.000139 U	0.000143 U	0.000198 U	0.000272 U	0.000157 U	0.000157 U	
		(2‐3)	0.000128 U	0.000312 I	0.000319 U	0.000140 U	0.000311 U	0.000134 U	0.000138 U	0.000191 U	0.000262 U	0.000152 U	0.000152 U	
Leachability Based on Groundwater Criteria (mg/kg)	5.8	18	11	0.2	9.6	0.002	‐‐	‐‐	‐‐	1	‐‐	
Groundwater Cleanup Target Level (GCTL) (µg/L)	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Direct Exposure Residential (mg/kg)		4.2	2.9	2.9	0.06	2.8	0.06	‐‐	‐‐	‐‐	25	‐‐	
Direct Exposure Commercial/Industrial (m	g/kg)	22	15	15	0.3	14	0.3	‐‐	‐‐	‐‐	510	‐‐	

Notes:
mg/kg = milligrams per kilogram µg/L = micrograms per liter
U = The compound was analyzed for but not detected above the laboratory method detection limit (MDL). I = The reported value is between the laboratory MDL and the laboratory practical quantitation limit (PQL).
‐‐ = Not Analyzed/Not Applicable
Bold indicates and exceedance in the applicable MVUE and/or cleanup target level specified in Table 2 of Chapter 24‐44, Miami Dade County Code

Exhibit B, Table 3: Soil Analytical Results ‐ Organochlorine Pesticides
Keys Lake
Miami‐Dade County, FL

Sample ID	Date Collected	Sample Interval
(fbls)	Endrin ketone	Heptachlor	Heptachlor
epoxide	Methoxychlor	Toxaphene	alpha‐BHC	beta‐BHC	delta‐BHC	gamma‐BHC
(Lindane)	a‐Chlordane	g‐Chlordane	
			(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	

CU‐1	
3/4/2022	(0‐0.5)	0.000344 U	0.000213 U	0.000136 U	0.000236 U	0.019 U	0.000148 U	0.000201 U	0.000146 U	0.000166 U	0.000206 U	0.000159 U	
		(0.5‐2)	0.000330 U	0.000204 U	0.000131 U	0.000226 U	0.018 U	0.000142 U	0.000193 U	0.000139 U	0.000159 U	0.000197 U	0.000153 U	
		(2‐3)	0.000324 U	0.000200 U	0.000128 U	0.000222 U	0.018 U	0.000139 U	0.000189 U	0.000137 U	0.000157 U	0.000194 U	0.000150 U	

CU‐2	
3/4/2022	(0‐0.5)	0.000355 U	0.000219 U	0.000141 U	0.000243 U	0.020 U	0.000152 U	0.000207 U	0.000150 U	0.000171 U	0.000212 U	0.000164 U	
		(0.5‐2)	0.000274 U	0.000169 U	0.000108 U	0.000187 U	0.015 U	0.000118 U	0.000160 U	0.000116 U	0.000132 U	0.000163 U	0.000127 U	
		(2‐3)	0.000337 U	0.000208 U	0.000133 U	0.000230 U	0.019 U	0.000145 U	0.000197 U	0.000142 U	0.000163 U	0.000201 U	0.000156 U	

CU‐3	
3/7/2022	(0‐0.5)	0.000366 U	0.000226 U	0.000145 U	0.000251 U	0.020 U	0.000157 U	0.000214 U	0.000155 U	0.000177 U	0.000219 U	0.000170 U	
		(0.5‐2)	0.000365 U	0.000225 U	0.000144 U	0.000250 U	0.020 U	0.000157 U	0.000213 U	0.000154 U	0.000176 U	0.000218 U	0.000169 U	
		(2‐3)	0.000322 U	0.000199 U	0.000127 U	0.000220 U	0.0178 U	0.000138 U	0.000188 U	0.000136 U	0.000155 U	0.000192 U	0.000149 U	

CU‐4	
3/7/2022	(0‐0.5)	0.000341 U	0.000211 U	0.000135 U	0.000234 U	0.0188 U	0.000147 U	0.000199 U	0.000144 U	0.000165 U	0.000204 U	0.000158 U	
		(0.5‐2)	0.000325 U	0.000201 U	0.000129 U	0.000222 U	0.0179 U	0.000140 U	0.000190 U	0.000137 U	0.000157 U	0.000194 U	0.000150 U	
		(2‐3)	0.000314 U	0.000194 U	0.000124 U	0.000215 U	0.0173 U	0.000135 U	0.000183 U	0.000133 U	0.000152 U	0.000188 U	0.000145 U	

CU‐5	
3/7/2022	(0‐0.5)	0.000342 U	0.000211 U	0.000135 U	0.000234 U	0.019 U	0.000147 U	0.000204 U	0.000144 U	0.000165 U	0.000204 U	0.000158 U	
		(0.5‐2)	0.000344 U	0.000212 U	0.000136 U	0.000235 U	0.019 U	0.000148 U	0.000201 U	0.000145 U	0.000166 U	0.000205 U	0.000159 U	
		(2‐3)	0.000290 U	0.000179 U	0.000115 U	0.000199 U	0.016 U	0.000125 U	0.000169 U	0.000123 U	0.000140 U	0.000173 U	0.000134 U	

CU‐6	
3/3/2022	(0‐0.5)	0.000364 U	0.000225 U	0.000144 U	0.000249 U	0.0201 U	0.000156 U	0.000212 U	0.000154 U	0.000176 U	0.000217 U	0.000168 U	
		(0.5‐2)	0.000293 U	0.000181 U	0.000116 U	0.000201 U	0.0162 U	0.000126 U	0.000171 U	0.000124 U	0.000142 U	0.000175 U	0.000136 U	
		(2‐3)	0.000339 U	0.000210 U	0.000134 U	0.000232 U	0.0188 U	0.000146 U	0.000198 U	0.000144 U	0.000164 U	0.000203 U	0.000157 U	

CU‐7	
3/3/2022	(0‐0.5)	0.000257 U	0.000159 U	0.000102 U	0.000176 U	0.0142 U	0.000110 U	0.000150 U	0.000109 U	0.000124 U	0.000153 U	0.000119 U	
		(0.5‐2)	0.000260 U	0.000161 U	0.000103 U	0.000178 U	0.0144 U	0.000112 U	0.000152 U	0.000110 U	0.000126 U	0.000155 U	0.000121 U	
		(2‐3)	0.000280 U	0.000173 U	0.000111 U	0.000192 U	0.0155 U	0.000120 U	0.000163 U	0.000118 U	0.000135 U	0.00227	0.00261	
CU‐8	3/3/2022	(0‐0.5)	0.000286 U	0.000176 U	0.000113 U	0.000195 U	0.0158 U	0.000123 U	0.000167 U	0.000121 U	0.000138 U	0.000171 U	0.000132 U	
		(0.5‐1.5)	0.000293 U	0.000181 U	0.000116 U	0.000201 U	0.0162 U	0.000126 U	0.000171 U	0.000124 U	0.000142 U	0.000435 I	0.000283 I	

CS‐9	
2/16/2022	(0‐0.5)	0.000400 U	0.000247 U	0.000158 U	0.000274 U	0.0221 U	0.000172 U	0.000233 U	0.000169 U	0.000193 U	0.000239 U	0.000185 U	
		(0.5‐2)	0.000347 U	0.000214 U	0.000137 U	0.000237 U	0.0191 U	0.000149 U	0.000202 U	0.000147 U	0.000167 U	0.000207 U	0.00016 U	
		(2‐3.5)	0.000344 U	0.000212 U	0.000136 U	0.000235 U	0.0190 U	0.000148 U	0.000201 U	0.000145 U	0.000166 U	0.000205 U	0.000159 U	

CU‐10	
3/4/2022	(0‐0.5)	0.000322 U	0.000199 U	0.000128 U	0.000221 U	0.018 U	0.000139 U	0.000188 U	0.000136 U	0.000156 U	0.000193 U	0.000149 U	
		(0.5‐2)	0.000305 U	0.000188 U	0.000121 U	0.000209 U	0.017 U	0.000131 U	0.000178 U	0.000129 U	0.000147 U	0.000182 U	0.000141 U	
		(2‐3)	0.000294 U	0.000181 U	0.000116 U	0.000201 U	0.016 U	0.000126 U	0.000171 U	0.000124 U	0.000142 U	0.000175 U	0.000136 U	
Leachability Based on Groundwater Criteria (mg/kg)	‐‐	23	0.6	160	31	0.0003	0.001	0.2	0.009	‐‐	‐‐	
Groundwater Cleanup Target Level (GCTL) (µg/L)	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	‐‐	
Direct Exposure Residential (mg/kg)		‐‐	0.2	0.1	420	0.9	0.1	0.5	24	0.7	‐‐	‐‐	
Direct Exposure Commercial/Industrial	(mg/kg)	‐‐	1	0.5	8800	4.5	0.6	2.4	490	2.5	‐‐	‐‐	

Notes:
mg/kg = milligrams per kilogram µg/L = micrograms per liter
U = The compound was analyzed for but not detected above the laboratory method detection limit (MDL). I = The reported value is between the laboratory MDL and the laboratory practical quantitation limit (PQL).
‐‐ = Not Analyzed/Not Applicable
Bold indicates and exceedance in the applicable MVUE and/or cleanup target level specified in Table 2 of Chapter 24‐44, Miami Dade County Code

Exhibit B, Table 5: Groundwater Analytical Results ‐ Metals
Keys Lake
Miami‐Dade County, FL

Sample	Arsenic	Chromium	Iron	Manganese	Nitrate	Nitrite	Nitrate-Nitrite	
Location	Date	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	
MW-1	3/9/2022	2.5		0.27	U	610		3.2		47	I	13		60	I	
MW-2	3/9/2022	1.4	I	--		790		2.2		170		7.0	I	180		
MW-3	3/9/2022	3.7		--		630		4.2		40	U	4.24	U	34.5	U	
MW-4	3/10/2022	5.2		--		820		5.2		40	U	4.24	U	34.5	U	
MW-5	3/11/2022	9.2		--		500		7.0		--		--		--		
	3/16/2022	--		--		--		--		40	U	4.24	U	34.5	U	
MW-6	3/8/2022	1.0	I	--		730		4.3		93		85		180		
MW-7	3/8/2022	1.2	I	--		300		1.5	I	40	U	4.24	U	34.5	U	
MW-8	3/8/2022	7.4		0.27	U	560		2.2		40	U	4.24	U	34.5	U	
TMW-1	11/2/2021	3.3		2.5		580		--		40	U	4.24	U	34.5	U	

MW-9	3/11/2022	18		--		140		17		--		--		--		
	3/16/2022	--		--		--		--		92	I	4.24	U	92	I	
	2/2/2023	5.0		--		--		--		--		--		--		
MW-10	3/16/2022	4.1		--		140		2.9		40	U	4.24	U	34.5	U	
MW-11	1/24/2023	10		0.27	U	1800		10		470		17.4	U	470		
MW-12	2/1/2023	20		0.27	U	1200		7.6		490		17.4	U	500		
MW-13	1/24/2023	4.9		0.27	U	1300		4.2		330		85		410		
MW-14	1/18/2023	11		0.27	U	1100		6.2		40	U	17.4	U	50	U	
MW-15	1/24/2023	7.3		0.27	U	1500		4.1		84		17.4	U	96	I	
MW-16	1/18/2023	6.9		0.27	U	600		1.9	I	430		17.4	U	430		
MW-17	2/2/2023	13		0.27	U	1100		4.1		40	U	17.4	U	50	U	
MW-18	1/31/2023	35		0.27	U	2100		19		59	I	17.4	U	59	I	
MW-19	1/24/2023	12		0.27	U	1700		4.5		93		17.4	U	94	I	
MW-20	1/25/2023	0.95	I	0.27	U	1100		2.2		67	I	50	I	120	I	
MW-21	1/25/2023	20		0.27	U	1400		3.4		40	U	17.4	U	50	U	
MW-22	1/19/2023	3.6		0.27	U	1500		13		40	U	17.4	U	50	U	
MW-23	1/25/2023	5.3		0.27	U	1700		16		85		17.4	U	96	I	
MW-24	1/31/2023	11		0.27	U	1800		16		78	I	17.4	U	78	I	
MW-25	1/31/2023	6.7		0.27	U	1400		7.9		40	U	17.4	U	50	U	
MW-26	1/17/2023	5.3		0.27	U	640		3.1		230		17.4	U	240		
MW-27	2/2/2023	1.2	I	0.27	U	1000		12		92		17.4	U	95	I	
MW-28	1/17/2023	7.0		0.27	U	990		5.3		63	I	17.4	U	74	I	
MW-29	1/18/2023	12		0.27	U	1200		5.8		100		17.4	U	100	I	
MW-30	1/31/2023	22		0.27	U	1700		5.4		40	U	17.4	U	50	U	
MW-31	1/31/2023	17		0.27	U	1900		22		43	I	17.4	U	50	U	
MW-32	2/1/2023	4.2		0.27	U	960		6.1		990		90		1100		
MW-33	1/19/2023	8.7		0.27	U	900		3.3		40	U	17.4	U	50	U	
MW-34	1/19/2023	29		0.27	U	1500		15		190		17.4	U	200		
MW-35	2/1/2023	18		0.27	U	1600		14		390		17.4	U	400		
MW-36	1/24/2023	2.5		0.27	U	1200		4.7		800		17.4	U	810		
MW-37	2/1/2023	4.0		0.27	U	1300		12		63	I	17.4	U	68	I	
MW-38	2/1/2023	1.8	I	0.27	U	1100		7.8		1800		17.4	U	1800		
MW-39	2/1/2023	9.4		0.27	U	1400		14		160		17.4	U	160		
MW-40	1/17/2023	3.9		0.27	U	770		6.8		1100		17.4	U	1100		
MW-41	1/16/2023	3.4		0.27	U	740		1.7	I	360		77		440		
MW-42	1/18/2023	7.0		0.27	U	1700		14		1000		17.4	U	1000		
MW-43	2/1/2023	6.1		0.27	U	1100		13		82		27	I	110	I	
MW-44	2/1/2023	13		0.27	U	1700		32		390		17.4	U	390		
MW-45	1/12/2023	17		0.27	U	940		15		64	I	17.4	U	75	I	
MW-46	1/12/2023	11		0.27	U	1100		5.6		520		41	I	560		
GCTLs (ug/L)	10	100	300	50		10,000	1,000	10,000	

Notes:
µg/L = micrograms per liter
U = The compound was analyzed for but not detected above the laboratory method detection limit (MDL).
Bold indicates and exceedance in the applicable MVUE and/or cleanup target level specified in Table 2 of Chapter 24-44, Miami Dade County
*Miami-Dade County Minimum Variance Unbiased Estimate (MVUE) of the mean background concentration of iron in groundwater.

Exhibit B, Table 6: Groundwater Analytical Results ‐ Organochlorine Pesticides
Keys Lake
Miami‐Dade County, FL

Sample	4,4'-DDD	4,4'-DDE	4,4'-DDT	Aldrin	Chlordane
(Technical)	alpha-
Chlordane	gamma-
Chlordane	Dieldrin	Endosulfan I	Endosulfan II	Endosulfan
sulfate	
GCTLs	0.1	0.1	0.1	0.002/0.05*	2	--	--	0.002/0.1*	42	
Location	Date	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	
MW-1	3/9/2022	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-8	3/8/2022	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-12	2/1/2023	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-15	1/24/2023	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-23	1/25/2023	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-29	1/18/2023	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-37	2/1/2023	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-46	1/12/2023	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	

Notes:
µg/L = micrograms per liter
-- = Not Applicable/Not Analyzed
U = Indicates that the compound was analyzed for but not detected.
Bold indicates an exceedence of the Groundwater Cleanup Target Level (GCTL)
*Refer to the October 12, 2004 "Guidance for the Selection of Analytical Methods and for the Evaluation of Practical Quantitation Limits" to determine how to evaluate data when the GCTL is lower than the practical quantitation limit
GCTLs are specified in Table I of Chapter 24-44, Miami-Dade County Code.

Exhibit B, Table 6: Groundwater Analytical Results ‐ Organochlorine Pesticides
Keys Lake
Miami‐Dade County, FL

Sample	Endrin	Endrin
aldehyde	Endrin
ketone	Heptachlor	Heptachlor
epoxide	Methoxychlor	Toxaphene	alpha-BHC	beta-BHC	delta-BHC	gamma-BHC
(Lindane)	
GCTLs	2	--	--	0.4	0.2	40	3	0.006/0.05*	0.02	2.1	0.2	
Location	Date	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	µg/L	
MW-1	3/9/2022	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-8	3/8/2022	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-12	2/1/2023	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-15	1/24/2023	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-23	1/25/2023	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-29	1/18/2023	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-37	2/1/2023	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-46	1/12/2023	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	

Notes:
µg/L = micrograms per liter
-- = Not Applicable/Not Analyzed
U = Indicates that the compound was analyzed for but not detected.
Bold indicates an exceedence of the Groundwater Cleanup Target Level (GCTL)
*Refer to the October 12, 2004 "Guidance for the Selection of Analytical Methods and for the Evaluation of Practical Quantitation Limits" to determine how to evaluate data when the GCTL is lower than the practical quantitation limit
GCTLs are specified in Table I of Chapter 24-44, Miami-Dade County Code.

Exhibit C

Environmental Consultants & Contractors

EXHIBIT C
ENGINEERING CONTROL MAINTENANCE PLAN KEYS LAKE PHASE 1 CLOSURE AREA
NORTH OF THE SW 172 AVENUE AND SW 336 STREET INTERSECTION HOMESTEAD, MIAMI-DADE COUNTY, FLORIDA
HWR-1249 DECEMBER 29, 2023
SITE BACKGROUND
SCS Engineers (SCS) prepared this Engineering Control Maintenance Plan (ECMP), on behalf of Lennar Homes, LLC, for the Phase 1 closure area (the Property) which is located in the vicinity of SW 172nd Avenue and SW 336th Street, Homestead, Miami-Dade County, Florida. The Property is part of and encompassed by a larger parcel of land, known as Keys Lake (the Site).
The engineering control (EC) at the Property consists of at least two feet of quarry fill imported from a rock quarry in Miami-Dade County and extends throughout the Property. Refer to Exhibit C, Figure 1 through Figure 3 for the engineering control as-built survey, prepared by County-Wide Land Surveyors, Inc. (CWLSI) dated November 28, 2023.

ENGINEERING CONTROL INSPECTION AND MAINTENANCE
The Los Cayos Community Development District (the CDD), on behalf of the property owner(s), will be responsible for the inspections, notification and maintenance described herein.

Inspections
A Florida-licensed Professional Engineer, or appropriate personnel under the direct supervision of the Professional Engineer, retained by the CDD, will conduct semi-annual inspections of the EC. During the inspections, evidence of damage or failure of the engineering control will be noted.
The following constitutes damage to the engineering control:
Holes at the surface with a depth of less than two feet
Signs of erosion at the surface
The following constitutes failure of the engineering control:
Holes at the surface deeper than two feet
The results of the EC inspections will be documented in writing and the date, name of the inspector (and associated qualifications), key observations, and recommended corrective actions (if applicable) will be included.

Maintenance
If evidence of damage to the EC or failure of the EC is observed, the ECs will be restored within 30 days of discovery. Inspection reports and repair records will be maintained by the CDD and submitted to DERM upon request.

DISTURBANCE OF ENGINEERING CONTROL
Work Authorization
The CDD will notify the Pollution and Remediation Section of Miami-Dade County DERM and SFWMD and the South Florida Water Management District prior to digging of any holes or trenches or of any other penetration of the earth.
The above DERM notification also applies to work undertaken by other entities on behalf of the CDD.

Disturbance within EC
If the work is conducted within the EC (excavation that does not fully penetrate the 2-foot soil cap), the CDD shall be responsible for repairing the ECs. Photographic evidence of the repair shall be maintained by the CDD.

Disturbance below the EC
The following applies to work that will involve excavation below the EC:

Contractor Requirements
The environmental condition of the Site shall be disclosed to prospective Contractors by the CDD.

A Dust Control Plan with specific means and methods for dust suppression during execution of the work shall be submitted to DERM for review and approval prior to commencement of the work.
The Contractor shall prepare a project specific Health and Safety Plan (HASP), for use by their employees, subcontractors, and vendors engaged in the work. The Contractor shall review the HASP with all onsite employees prior to starting the work.
The Contractor shall comply with all applicable provisions of federal, state, and local health and safety statutes, codes, and regulations, including but not limited to Chapter 24 of the Code of Miami-Dade County.

A Soil Management Plan (SMP) to perform excavation work shall be submitted to DERM for review and approval prior to commencement of the work. This SMP must include details regarding the following: soil stockpiling, transportation and disposal of excavated soil (including identification of companies retained for such efforts), the plan for reuse of any excavated soil at the Site, the importation of clean backfill for use at the Site (including the

source of the backfill), and the repair to the ECs. At a minimum, the SMP shall provide provisions for the following guidelines:

Any soil excavated from below the 2-foot soil cap will be stockpiled on an impermeable surface or directly loaded into trucks for transport to a disposal facility certified to accept this type of soil. Stockpiled soil shall be placed on a double layer of at least 6-mil thick polyethylene sheeting. The Contractor shall cover and berm soil stockpiles to prevent infiltration of water into, and erosion of soil from the stockpiles. Soil shall not be stockpiled onsite for more than 60 days. Soil will either be returned to its original location and depth, or properly disposed at a Class I landfill. In the event of off-site disposal, all transportation and disposal manifests will be provided to DERM.
If necessary, clean soil will be added to return the area to existing grade. Clean fill shall be obtained from a DERM-approved quarry or will otherwise be pre-approved by DERM.

Owner Requirements
The CDD must ensure the Contractor engages a Florida-licensed Professional Engineer for overseeing and documenting the work.

The CDD shall submit to DERM a Source Removal Report (if soils are removed from the Site) and/or an Engineering Control Repair Report (ECRR) within 60 days of work completion. The ECRR shall be signed and sealed by a Florida-licensed Professional Engineer.

EXHIBIT C, FIGURES

Exhibit C, Figure 1

L Martin

Joseph

Digitally signed by Joseph L Martin DN: C=US, O=COUNTY-WIDE LAND SURVEYORS INC.,

0011

dnQualifier=A01410D0000017F090F7C49
E7EE, CN=Joseph L Martin
Reason: I am the author of this document Location:
Date: 2023-12-13 10:54:55

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Page 299

3 of3

RESOLUTION NO. 2024-

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, ADOPTING RULES PERTAINING TO MAINTENANCE AND COMPLIANCE WITH THE DECLARATION OF RESTRICTIVE COVENANT AND ENGINEERING CONTROL MAINTENANCE PLAN RELATING TO PROTECTION OF GROUNDWATER AND CONTAMINATED SOIL ON PROPERTY LOCATED WITHIN THE DISTRICT BOUNDARIES; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Los Cayos Community Development District (the “District”) is a local unit of special-purpose government organized and existing in accordance with the Uniform Community Development District Act of 1980, Chapter 190, Florida Statutes, as amended; and

WHEREAS, District joined and consented to the Declaration of Restrictive Covenant (“DRC”) recorded on 	, in Book 	, Page    , of the official public records of Miami-Dade County, which the District agreed to be responsible for the obligations described in the Engineering Control Maintenance Plan (“ECMP”) dated December 29, 2023, regarding the engineering control inspection and maintenance of properties within the District boundaries; and
WHEREAS, the District has determined that based upon the DRC and ECMP, the District will need to inspect and report on the condition of the lands within the boundaries of the District, provide notices to Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management (“DERM”) and perform certain repairs, as may be necessary to stay in compliance with the DRC and ECMP; and

WHEREAS, District has the need to enact reasonable rules and regulations to perform its obligations under the DRC and ECMP regarding inspection and necessary repairs of properties within the District boundaries and ensuring compliance with the DRC and ECMP; and

WHEREAS, the District advertised a public hearing for 	, in order to hear and receive comments on the proposed District Rules pursuant to the requirements of Chapter 120, Florida Statutes; and

WHEREAS, after a duly advertised public hearing held on	, the District Board of Supervisors finds it to be in the best interests of the District to adopt the proposed Rules attached to this Resolution as Exhibit A.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, THAT:

Section 1.	The above recitals are true and correct and are incorporated in and adopted as part of this Resolution.

Section 2.	The Rules attached to this Resolution as Exhibit A, are hereby adopted by the District.

Section 3.	The District Manager is hereby directed to distribute this Resolution as required by Chapters 120 and 190, Florida Statutes.

Section 4.	This Resolution shall be effective immediately upon adoption.

PASSED AND ADOPTED THIS 	 DAY OF 	,
2024.

ATTEST:	LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary	Chairman/Vice-Chairman

Exhibit A
RULES FOR COMPLIANCE WITH DECLARATION OF RESTRICTIVE COVENANT AND ENGINEERING CONTROL MAINTENANCE PLAN AS TO USE OF PROPERTY WITHIN THE BOUNDARIES OF THE DISTRICT

General. The Los Cayos Community Development District (“District”) joined and consented to a Declaration of Restrictive   Covenant   (“DRC”)   recorded   on
	, at Official Records Book 	, Page
  , in the Public Records of Miami-Dade County, Florida (“Covenant”), whereby the District agreed that it was responsible for the obligations described in the Engineering Control Maintenance Plan (“ECMP”), dated December 29, 2023 (attached hereto as Exhibit 1), providing for the inspection, maintenance and reporting requirements regarding properties situated within the District boundaries and as described in the DRC. The District will conduct certain routine inspections of property within the District boundaries to ensure compliance with the DRC and ECMP, require notification by the individual property owners of any penetration of the engineering controls on their property and any interaction with groundwater and reporting to the Department of Regulatory and Economic Resources, Division of Environmental Resources Management (“DERM”). Pursuant to the ECMP, the District is responsible for the maintenance of engineering controls, disclosing environmental conditions to prospective contractors, retention of a Florida licensed professional engineer to oversee and document work performed below the engineering controls, and submit Source Removal Reports and Engineering Control Repair reports, as necessary, as described in the DRC and ECMP.

Inspections. The District shall perform routine inspections under the direct supervision of a professional engineer on a semi-annual basis to determine compliance with the DRC and ECMP. The property owners within the boundaries of the District shall permit the entry of the District personnel to inspect the property owner’s unimproved property in accordance of the DRC and ECMP. The property owner shall be notified by the District of the date and general time of the aforementioned inspections.

Notification. All property owners are required to be in compliance with the DRC. Each property owner shall inform the District, of the following:

intention of digging of holes or trenches which disturb or penetrate the engineering controls on the property owner’s property; and
intention to interact with groundwater on the property owner’s property; and
proof of permit issued by Miami-Dade County which provides for all requirements of the DRC; and
notice of any violations received by Miami-Dade County/DERM regarding or arising out of the requirements of the DRC.

Compliance. Pursuant to the requirements of the DRC, the CDD requires that individual property owners disclose the environmental conditions and requirements of the DRC and ECMP to prospective contractors, engage a Florida licensed professional engineer to oversee and document work performed on their property, and provide all reports to the District, as required by the ECMP.

Reporting. It is the responsibility of the District to notify DERM of any violations of the Covenant. If the District is made aware of any violations of the DRC, the District will notify the property owner of said violations and advise the property owner to come into compliance therewith.

Maintenance. In the event of a failure of the property owner to comply with the requirements of the DRC, the District has the responsibility under the ECMP to repair and restore any damage to the engineering controls on the subject property at the property owner’s sole cost and expense. The property owner shall pay all such costs to the District within thirty (30) days of written notice sent by the District to the property owner at the address on file at the County property appraiser for the subject property. If the property owner fails to timely pay all such costs incurred by the District, the District may impose such costs on the property owner as a maintenance special assessment on the subject property.

Specific Authority:	§§ 120.54, 190.011(5), 190.012(3), Fla. Stat. 190.012(3), Fla. Stat. Adopted	

This instrument was prepared by, or under
the supervision of (and after recording, return to):
Howard E. Nelson, Esq.
Bilzin Sumberg Baena Price & Axelrod LLP 1450 Brickell Avenue, Suite 2300
Miami, Florida 33131

(Space reserved for Clerk)
COVENANT RUNNING WITH THE LAND IN FAVOR OF MIAMI- DADE COUNTY, FLORIDA, REQUIRING INSTITUTIONAL AND ENGINEERING CONTROLS AT REAL PROPERTY LOCATED AT, NEAR OR IN THE VICINITY OF SW 172ND AVENUE AND SW 336TH STREET, HOMESTEAD, MIAMI-DADE COUNTY, FLORIDA.

Pursuant to Section 24-44 (2)(k)(ii) of Chapter 24, Code of Miami-Dade County, Florida, AG EHC II (LEN) MULTI STATE 1, LLC (hereinafter referred to as the “Owner”), as the fee simple title owner of the real property legally described as set forth in Exhibit A, attached hereto and incorporated herein by reference, and located in the vicinity of Southwest 172nd Avenue and Southwest 336th Street, Homestead, Miami-Dade County, Florida, and furthermore identified for

ad valorem tax purposes by portions of Folio Numbers 10-7919-001-0070, 10-7919-001-0060, 10- 7919-001-0080, 10-7919-001-0031, (hereinafter referred to as the “Property”), hereby creates a covenant on behalf of the Owner, heirs, successors, grantees and assigns, running with the land to and in favor of Miami-Dade County, a political subdivision of the State of Florida (hereinafter referred to as the “County”), its successors, grantees and assigns, pursuant to Section 24-44 (2)(k)(ii) of Chapter 24 of the Code of Miami-Dade County, Florida, with respect to the Property as follows:
The Owner covenants and agrees to the following:

The Owner of the Property has elected to implement institutional and engineering controls on the Property to obtain approval for a No Further Action with Conditions proposal pursuant to Section 24-44 (2)(k)(ii) of Chapter 24 of the Code of Miami-Dade County, Florida. The institutional and engineering controls that are applicable to the Property have been initialed as set forth below. These institutional and engineering controls afford a level of protection to human health, public safety and the environment that is equivalent to that provided by Section 24-44 (2)(f)(i) and Section 24-44 (2)(f)(ii) of Chapter 24, Code of Miami-Dade County, Florida. The applicable institutional and engineering controls are set forth as follows:
  X_ Groundwater from the Property shall not be used for drinking water purposes.

_X	 Groundwater from the Property shall only be withdrawn for monitoring of pollution.

_X	 Contaminated soil and groundwater, as delineated in the Soil Testing Report,

prepared by NELCO Testing and Engineering Services, Inc. (NELCO), dated October 18, 2017;	Report	of	Subsurface	Soil	Exploration	Geotechnical	Evaluation	and

Recommendations, prepared by NELCO, dated November 17, 2021; Site Assessment Report and Soil and Groundwater Sampling Plan, prepared by SCS Engineers (SCS), dated May 2, 2022; Soil Management Plan, Dust Control Plan, Chemical-Specific Health and Safety Plan, prepared by SCS, dated May 2, 2022; Revised Soil Management Plan, prepared by SCS, dated July 11, 2022; Response to Comments dated June 7, 2022, prepared by SCS, dated July 14, 2022; Groundwater Sampling Report in Support of Drainage Approval and Response to Comments dated August 29, 2022, prepared by SCS, dated March 21, 2023; Response to Comments dated April 27, 2023 and Sentinel Well Monitoring Plan, prepared by SCS, dated May 8, 2023 (collectively, the "Site Assessment Reports"), and approved by the Director of the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, shall not be removed from the Property, without prior written approval of the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns. The Site Assessment Reports shall remain on file with the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, or its successors or assigns, and are summarized for informational purposes in Exhibit B, which is incorporated by reference.
X   Engineering controls detailed in the Engineering Control Maintenance Plan, prepared

by SCS, dated December 29, 2023, and approved by the Director of the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management. The Engineering Control and Maintenance Plan shall remain on file with the Department of Regulatory and Economic Resources, Division of

Environmental Resources Management, or its successors or assigns, and is summarized for informational purposes in Exhibit C, which is incorporated by reference.
Prior to the entry into a landlord-tenant relationship with respect to the Property, the Owner agrees to notify in writing all proposed tenants of the Property of the existence and contents of this Covenant.

For the purpose of inspecting for compliance with the institutional and engineering controls contained herein, the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns, shall have access to the Property at reasonable times and with reasonable notice to the Owner of the Property. In the event that the Owner does not or will not be able to comply with any of the institutional and engineering controls contained herein, the Owner shall notify in writing the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns, within three (3) calendar days.

This Covenant may be enforced by the Director of the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns, by permanent, temporary, prohibitory, and mandatory injunctions as well as otherwise provided for by law or ordinance.

The provisions of this instrument shall constitute a covenant running with the land, shall be recorded, at the Owner’s expense, in the public records of Miami-Dade County

and shall remain in full force and effect and be binding upon the undersigned, their heirs, legal representatives, estates, successors, grantees and assigns until a release of this Covenant is executed and recorded in the Public Records of Miami-Dade County, Florida.

This Covenant is to run with the land and shall be binding on all parties and all persons claiming under it for a period of thirty (30) years after the date this Covenant is recorded, after which time it shall be extended automatically for successive periods of ten
(10) years each, unless the Covenant is modified or released by Miami-Dade County.

Upon demonstration to the satisfaction of the Director of the Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns, that the institutional and engineering controls set forth in this Covenant are no longer necessary for the purposes herein intended because the criteria set forth in Section 24-44 (2)(k)(i) of Chapter 24 of the Code of Miami-Dade County, Florida have been met, the Director of the Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns, shall, upon written request of the Owner, release this Covenant.

The Owner shall notify the Director of the Miami-Dade County Department of Regulatory and Economic Resources, Division of Environmental Resources Management, its successors or its assigns, within thirty (30) days of any conveyance, sale, granting or transfer of the Property or portion thereof, to any heirs, successors, assigns or grantees, including, without limitation, the conveyance of any security interest in said Property.

The term Owner shall include the Owner and its heirs, successors and assigns.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] [SIGNATURES AND ACKNOWLEDGEMENTS ON FOLLOWING PAGES]

IN WITNESS WHEREOF, the undersigned, being the Owner of the Property, agrees to the provisions of this Covenant, hereby create same as a Covenant Running with the Land in favor of Miami-Dade County, Florida, and set their hands and seal unto this Covenant this 	 day of 	, 	.

OWNER: AG EHC II (LEN) MULTI
STATE 1, LLC, a Delaware limited liability company

WITNESSES:	By: Essential Housing Asset Management, LLC, an Arizona limited liability company, as its Authorized Agent

Sign		Sign	
Print  Steven S. Benson	 Print		Title:  Manager	
Address: 	
Address: 	
Sign	

Print	

Address: 	

STATE OF COUNTY OF
The foregoing instrument was acknowledged before me by means of ( ) physical presence or ( ) online notarization, this 	 day of 	, 	 by
			 as 				of 						, on behalf of said	corporation.	He		or	she	is 	personally	known	to	me	or	 	 has	produced
	 as identification and who take an oath.

NOTARY PUBLIC:
sign 		 print 	 State of Florida at Large (Seal)
My Commission Expires: 	

JOINDER AND CONSENT
OF THE COMMUNITY DEVELOPMENT DISTRICT
KNOW ALL MEN BY THESE PRESENTS:
THAT LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT, a local unit of
special-purpose government, whose mailing address is c/o Governmental Management Services- South Florida, LLC, 5385 N. Nob Hill Road, Sunrise, Florida 33351 (hereinafter the “CDD”), hereby certifies and agrees that it is responsible for the obligations described in the Engineering Control Maintenance Plan, dated December 29, 2023, described in Exhibit C, attached hereto and incorporated herein, which encumbers the property described in Exhibit A, owned by AG EHC II (LEN) MULTI STATE 1, LLC (hereinafter referred to as the “Owner”). The CDD hereby joins in and consents to the granting of the Declaration of Restrictive Covenant by the Owner to Miami- Dade County.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] [SIGNATURES AND ACKNOWLEDGEMENTS ON FOLLOWING PAGES]

IN WITNESS WHEREOF, this Joinder and Consent is executed by the undersigned this
	 day of 	, 20	.

COMMUNITY DEVELOPMENT DISTRICT: LOS CAYOS COMMUNITY
DEVELOPMENT DISTRICT, a local unit of special-purpose government

WITNESSES:	By:

Sign		Sign	
Print	 Print		Title: 	
Address: 	
Address: 	

Sign	

Print	

Address: 	

STATE OF FLORIDA COUNTY OF MIAMI-DADE
The foregoing instrument was acknowledged before me by means of ( ) physical presence or ( ) online notarization, this 	 day of 	, 	 by
				 as 			of 						, on behalf of said	entity.	He	or		she	is 	personally	known	to	me	or	 	has	produced
	 as identification and who take an oath.

NOTARY PUBLIC:
sign 		 print 	 State of Florida at Large (Seal)
My Commission Expires: 	

Exhibit A

SURVEYOR'S NOTES:

SURVEYOR'S CERTIFICATE:

      

LOS CAYOS SUBDIVISION DRC PHASE 1	

1950 N.W. 94th AVENUE, 2nd FLOOR MIAMI, FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805	SURVEYOR'S NOTES AND CERTIFICATE	
	LOCATION MAP	
	LENNAR HOMES, LLC.	
	D.R.	11-10-2023	
1
Pag7 e 31	
		N/A		
		04B165-1000		

ROAD

ROAD

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MC. MINN

TENNESSEE

		

6TH AVENUE)

(S.E. 12TH AVENUE)


		


	

(S.E.


 

AVENUE

AVENUE

	

	

		

      

   
    

S.W.

172ND

S.W. 167TH



S.W.

336TH

STREET

(ARTHUR VINING PARKWAY)

LOCATION MAP
           
     
   

LOS CAYOS SUBDIVISION DRC PHASE 1	

1950 N.W. 94th AVENUE, 2nd FLOOR MIAMI, FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805		SKETCH AND LEGAL DESCRIPTION	
		LOCATION MAP	
		LENNAR HOMES, LLC.	
		D.R.		11-10-2023	 
2
Pag7 e 31	
			AS SHOWN		
		 04B165-1000		

LEGAL DESCRIPTION:

LOS CAYOS SUBDIVISION DRC PHASE 1
SKETCH AND LEGAL DESCRIPTION
LEGAL DESCRIPTION TO ACCOMPANY SKETCH

1950 N.W. 94th AVENUE, 2nd FLOOR MIAMI, FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805

LENNAR HOMES, LLC.
D.R.	11-10-2023
AS SHOWN 04B165-1000

3
Pag7 e 317

LEGAL DESCRIPTION:

LOS CAYOS SUBDIVISION DRC PHASE 1
SKETCH AND LEGAL DESCRIPTION
LEGAL DESCRIPTION TO ACCOMPANY SKETCH

1950 N.W. 94th AVENUE, 2nd FLOOR MIAMI, FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805

LENNAR HOMES, LLC.
D.R.	11-10-2023
AS SHOWN 04B165-1000

4
Pag7 e 318







 



















PLACE 	

 6TH

 
 
 

TERRACE

7TH

MATCH LINE "B" (SEE SHEET 7 OF 7)



14TH

STREET
 
 
 

.E.

TREET
 
 
 







	







MATCH LINE "A" (SEE SHEET 6 OF 7)

 
 
 

 
 
 
PLACE

  

.E.

   .E.

TERRACE 

 

 
 

PLAT OF LANDS BELONGING TO THE MIAMI LAND AND DEVELOPMENT COMPANY







COURT

.E.

 

 

 

14TH

COURT





PLACE

7TH 

LOT 11, BLOCK 1

(P.B. 5, PG. 10)



PROPOSED TENTATIVE PLAT OF
LOS CAYOS SUBDIVISION

.E. 6TH TERRAC

 
 
 

 
 
 

6TH  

 6TH

 

 
 

 
 
 



	.E.	



.E.



.E.

15TH

STREET
 
 
 



	

 
 
 

 
 

		

CEDAR AT KEYS GATE (P.B. 171, PG. 40)

ROYAL HOMES WEST (P.B. 174, PG. 38)

  .E.

	

S.W.

336TH

STREET

(ARTHUR

VINING

PARKWAY)

LOS CAYOS SUBDIVISION DRC PHASE 1
SKETCH AND LEGAL DESCRIPTION
SKETCH TO ACCOMPANY LEGAL DESCRIPTION

1950 N.W. 94th AVENUE, 2nd FLOOR MIAMI, FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805

LENNAR HOMES, LLC.
D.R.	11-10-2023
AS SHOWN 04B165-1000

5
Pag7 e 319

 
 
 



LOT 15
BLOCK 2





.E

4T















AVENUE

(MC.MINN ROAD)

ROAD 
 
 
 

 
 
 

MATCH LINE "A" (SEE SHEET 5 OF 7)



PROPOSED

TENTATIVE PLAT OF

.E.

LOS CAYOS SUBDIVISION

14TH

 
 
 



PLAT OF LANDS BELONGING TO THE MIAMI LAND AND DEVELOPMENT COMPANY

S.W.

172ND

6TH

	

LOT 14, BLOCK 2

(P.B. 5, PG. 10)

 
 

 



.E.  



	

.E.

15TH

STREET
 
 
 



   



S.W. 336TH

STREET

(ARTHUR

VINING  PARKWAY)

ROYAL HOMES WEST (P.B. 174, PG. 38)

LOS CAYOS SUBDIVISION DRC PHASE 1
SKETCH AND LEGAL DESCRIPTION
SKETCH TO ACCOMPANY LEGAL DESCRIPTION

1950 N.W. 94th AVENUE, 2nd FLOOR MIAMI, FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805

LENNAR HOMES, LLC.
D.R.	11-10-2023
AS SHOWN 04B165-1000

6
Pag7 e 320

LOT 4, BLOCK 1
PLAT OF LANDS BELONGING TO THE MIAMI LAND AND DEVELOPMENT COMPANY
(P.B. 5, PG. 10)





.E.	7TH
 
 
 

TERRACE

LOT 11, BLOCK 1

PLAT OF LANDS BELONGING TO THE MIAMI LAND AND DEVELOPMENT COMPANY

(P.B. 5, PG. 10)

 



PROPOSED TENTATIVE PLAT OF
LOS CAYOS SUBDIVISION



 


 

.E

.E.

 
 
 
13TH

COURT

MATCH LINE "B" (SEE SHEET 5 OF 7)

LOS CAYOS SUBDIVISION DRC PHASE 1	

1950 N.W. 94th AVENUE, 2nd FLOOR MIAMI, FLORIDA 33172
PH. (305) 477-6472
FAX (305) 470-2805		SKETCH AND LEGAL DESCRIPTION	
	SKETCH TO ACCOMPANY LEGAL DESCRIPTION	
	LENNAR HOMES, LLC.	
	D.R.	11-10-2023	
7
Pag7 e 32	
				AS SHOWN		
						
		 04B165-1000		

Exhibit B

 Key s Lak e  ( H W R - 124 9 )	

SITE ASSESSMENT SUMMARY
Keys Lake – Phase 1 Closure Area
North of the SW 172 Avenue and SW 336 Street Intersection Homestead, Miami–Dade County, Florida
HWR-1249

December 29, 2023

The Property, which is the Phase 1 closure area of the overall site known as Keys Lake (the Site), is located north of the intersection of SW 172nd Avenue and SW 336th Street in Homestead, Miami-Dade County, Florida. The Site consists of four parcels encompassing approximately 25.3 acres of undeveloped land and is currently being developed into a residential community. Refer to Exhibit B, Figure 1 for a Site and Property location map. Based on review of historic aerial photographs, the Site was used for agricultural purposes since at least 1938. Historical agricultural activity would likely have included the use of products such as pesticides, fungicides, herbicides, and/or fertilizers. Therefore, environmental consultants conducted environmental assessments from 2017 through 2023, to support the land use change.
Historical environmental reports related to the Site and submitted to the Department of Regulatory and Economic Resources, Division of Environmental Resources Management (DERM) are listed below:
Soil Testing Report, prepared by NELCO Testing and Engineering Services, Inc. (NELCO), dated October 18, 2017
Report of Subsurface Soil Exploration Geotechnical Evaluation and Recommendations, prepared by NELCO, dated November 17, 2021
Site Assessment Report and Soil and Groundwater Sampling Plan, prepared by SCS Engineers (SCS), dated May 2, 2022
Soil Management Plan, Dust Control Plan, Chemical-Specific Health and Safety Plan, prepared by SCS, dated May 2, 2022
Revised Soil Management Plan, prepared by SCS, dated July 11, 2022
Response to Comments dated June 7, 2022, prepared by SCS, dated July 14, 2022
Groundwater Sampling Report in Support of Drainage Approval and Response to Comments dated August 29, 2022, prepared by SCS, dated March 21, 2023
Response to Comments dated April 27, 2023 and Sentinel Well Monitoring Plan, prepared by SCS, dated May 8, 2023

SO IL

Refer to Exhibit B, Figure 2 for the historical soil sample locations. Soil assessment identified soil contaminants of potential concern (COPCs) at the Property. These assessments are discussed below.
On October 3, 2017, NELCO collected five discrete soil samples from the top six inches of the Site interior for arsenic analysis. Additionally, the samples were composited by the laboratory for analysis of organochlorine pesticides (OCPs). Arsenic concentrations ranged from 2.0 milligrams per kilograms (mg/kg) to 5.7 mg/kg and OCP concentrations were undetected in the composite sample. Refer to Exhibit B, Table 1 for NELCO soil analytical results.

 Key s Lak e  ( H W R - 124 9 )	

Between February and March 2022, SCS collected ten 10-point boundary composite samples from each of the 0-0.5’, 0.5-2’, and 2-3’ intervals. The laboratory analyzed the samples for arsenic, cadmium, chromium, copper, iron, lead and OCPs. Fifteen percent of the composite samples were analyzed for manganese and lead. Arsenic soil concentrations exceeded the residential direct exposure soil cleanup target level (R-SCTL) in various samples. Other parameters were not detected above their respective R-SCTLs. Based on the results, it is assumed that there are arsenic soil leachability impacts at the Property. Refer to Exhibit B, Table 2 for metals results. Refer to Exhibit B, Table 3 for OCP results.

In a letter dated August 29, 2022, DERM concluded that based on the distribution and magnitude of arsenic concentrations at the northern property boundary and the former land use of the northern adjacent property (Florida Turnpike), additional assessment for arsenic in soil at the Site boundaries is not required at this time.

GROUNDWATER
Between February and March 2022, SCS installed ten shallow monitoring wells near Site boundaries. Refer to Exhibit B, Figure 3 for historical monitoring well locations. From March 8, 2022 through March 16, 2022, SCS sampled the wells for arsenic, iron, manganese, nitrate, nitrite and nitrate- nitrite. Fifteen percent of the wells were additionally analyzed for OCPs and chromium. Refer to Exhibit B, Table 4 for metals results. Refer to Exhibit B, Table 5 for OCP results. Iron and arsenic were identified as exceeding their respective groundwater cleanup target level.

From January 10, 2023 through January 12, 2023, SCS installed 36 shallow monitoring wells. From
January 12, 2023 through February 2, 2023, SCS collected groundwater samples from the 36 newly- installed wells. The samples were analyzed for arsenic, iron, chromium, manganese, nitrate, nitrite, nitrate-nitrite, and 15% were analyzed for OCPs. Additionally, existing well MW- 9 was resampled and analyzed for arsenic. The results were reported the Groundwater Sampling Report dated March 21, 2023. Arsenic concentrations exceeded the GCTL in 16 of the 37 wells. Iron exceeded the GCTL site- wide. The remaining parameters were reported below their respective GCTLs and/or method detection limits.

Due to the localized arsenic groundwater impacts, the drainage system exfiltration trenches were designed to be outside of arsenic impacts. Due to the site-wide iron groundwater impacts, groundwater impacts near the Site boundary drainage exfiltration features will be monitored, as approved by DERM in their letter dated May 31, 2023.
To address the iron and arsenic groundwater impacts and meet the No Further Action with Conditions (NFAC) requirements, the groundwater at the Site boundaries will be evaluated through a Monitoring Only Plan (MOP). Based on development needs, the execution of and recording of a restrictive covenant is being done prior to the Site meeting all of the No Further Action with Conditions criteria of Section 24(2)(k)(ii) of Miami-Dade County Code (the Code). Specifically, groundwater delineation and/or monitoring has not been completed at the time of the recording of this covenant. Therefore, a No Further Action with Conditions approval order will not follow DERM’s approval to execute and record the covenant until the Site meets all applicable No Further Action with Conditions criteria per Section 24-44(2)(k)(ii) of the Code. If the Site does not qualify for No Further Action with Conditions at the end of the groundwater assessment and/or monitoring period, then additional assessment, including offsite if necessary, remediation, and/or additional restrictions, in the form of a new restrictive covenant, may be required. For any portion of the Site to be sold, transferred, or dedicated, the receiving entity must be made aware of the contamination. Additionally, based on the No Further Action with Conditions, each receiving entity must accept all applicable restrictions and responsibilities that are required following transfer of ownership.

 Key s Lak e  ( H W R - 124 9 )	

Exhibit B, Figures

SW 172ND AVE

ARTHUR VINNING DAVIS PKWY

Legend
Phase 1 Closure Area (Approximate)
Approximate Site Boundary

◊
0	100	200

SW 336TH ST

SE 8TH AVE

Site Location Map
Keys Lake, Phase 1 Closure Areas 1075 SE 6th Ave Homestead, FL

Feet

Exhibit B, Figure 1

Dec 2023

C:\Users\5180bjl\OneDrive - SCS Engineers\Documents\projects_Barb\KeyLake_Lennar\KeyLake\KeysLake_SAS\KeysLake_SAS.aprx Layout: Fig1_SITE LOCATION BY 5180bjl

SE 6TH AVE

S LIBERTY AVE

N LIBERTY AVE

1 inch = 200 feet

SCS PENaGgIeNE3E2R6S

CS-3-1-C1

CU-3-1

CS-3-1-C2

CU-5

N LIBERTY AVE

CU-6

0	1	2
Feet

CU-4

CU-3-9	CU-3-10
CU-3-7	CU-3-8
CU-3-6

CU-3-5
CU-3-4
CU-3-3
CU-3-2

CU-3

CU-7

Nelco S-4

Nelco S-3

Nelco S-5

S LIBERTY AVE

CU-2

SW 172ND AVE

Nelco S-2

CU-8

CU-1

SW 336TH ST

CU-10

Nelco S-1

CU-9

ARTHUR VINNING DAVIS PKWY

Legend
Historical Soil Sample Location
Phase 1 Closure Area (Approximate)

Note:

◊
0	100	200

SE 8TH AVE

Historical Soil Sampling Locations

Keys Lake, Phase 1 Closure Areas 1075 SE 6th Ave Homestead, FL

Approximate Site Boundary

Sample locations are approximate.

Feet

Exhibit B, Figure 2

Dec 2023

C:\Users\5180bjl\OneDrive - SCS Engineers\Documents\projects_Barb\KeyLake_Lennar\KeyLake\KeysLake_SAS\KeysLake_SAS.aprx Layout: Fig2_HistoricalSampleLocation BY 5180bjl

SE 6TH AVE

1 inch = 200 feet

SCS PENaGgIeNE3E2R7S

N LIBERTY AVE

MW-5
-$ 

MW-3

MW-16

MW-15
-$

MW-4
-$ 
MW-43
-$

MW-13
-$
MW-14
-$

MW-42
-$

MW-6
-$

MW-7
-$ 

-$ 
MW-17
-$

-$	MW-18	MW-19
-$	-$
MW-31
-$

MW-32
-$

MW-20
-$ 

MW-44

MW-24	MW-25

MW-29	MW-30

-$	-$
MW-2
-$

-$ 

MW-26

-$ 

-$ 

MW-27
-$ 
MW-22

MW-23

SW 172ND AVE

-$
MW-41

MW-34
-$

-$
MW-40
-$ 

S LIBERTY AVE

MW-33
-$ 

-$ 

MW-37 MW-8

-$
MW-21
-$

MW-35
-$ 

MW-45
-$

MW-36
-$

-$ 
MW-38
-$ 

-$ 

MW-1
-$ 

MW-12
-$

MW-28
-$

MW-46
-$

MW-39
-$

MW-11
-$

MW-10
-$

TMW-S1
-$ 

MW-9

SE 8TH AVE

-$ 

ARTHUR VINNING DAVIS PKWY

Legend

-$

Historical Monitoring Well Location
Phase 1 Closure Area

◊
0	100	200

SW 336TH ST

Historical Monitoring Well Locations

Keys Lake, Phase 1 Closure Areas 1075 SE 6th Ave Homestead, FL

(Approximate)
Approximate Site Boundary

Note:
Sample locations are

Feet

Exhibit B, Figure 3

Dec 2023

C:\Users\5180bjl\OneDrive - SCS Engineers\Documents\projects_Barb\KeyLake_Lennar\KeyLake\KeysLake_SAS\KeysLake_SAS.aprx Layout: Fig3_HistoricalMonitoringWellLocations BY 5180bjl

SE 6TH AVE

approximate.

1 inch = 200 feet

SCS PENaGgIeNE3E2R8S

 Key s Lak e  ( H W R - 124 9 )	

Exhibit B, Tables

Page 329

Page 330

EXHIBIT B,TABLE 1: SOIL SAMPLE ANALYTICAL DATA - NELCO

Vacant Parcels
SW 336th St and S Liberty Ave Homestead, FL

SAMPLE LOCATION	DATE	SAMPLE INTERVAL	ARSENIC	DDD	DDE	DDT	
S-1	09/29/17	0 - 0.5 ft.	4.8	-	-	-	
S-2	09/29/17	0 - 0.5 ft.	4.1	-	-	-	
S-3	09/29/17	0 - 0.5 ft.	5.7	-	-	-	
S-4	09/29/17	0 - 0.5 ft.	3.9	-	-	-	
S-5	09/29/17	0 - 0.5 ft.	2.0	-	-	-	
COMPOSITE	10/03/17	0 - 0.5 ft.	-	0.0013U	0.00059U	0.00092U	
MIAMI DADE SOIL CLEANUP TARGET LEVEL	RESIDENTIAL	2.1	4.2	2.9	2.9	

All reported values are in mg/Kg
U - reported in concentrations below the method detection limit
I - reported in concentrations at the method detection limit

Page 331

Exhibit B, Table 2: Soil Analytical Results - Metals
Keys Lake
Miami-Dade County, FL

Sample Type	Parameter	Arsenic	Chromium	Copper	Manganese	Lead	
	Units	mg/kg	mg/kg	mg/kg	mg/kg	mg/kg	
	Sample ID	Sample Date	0-0.5	0.5-2	2-3	0-0.5	0.5-2	2-3	0-0.5	0.5-2	2-3	0-0.5	0.5-2	2-3	0-0.5	0.5-2	2-3	
Composite	CU-1	3/4/2022	1.4	1.2	2.0	7.5	1.6	0.72  I	3.8	2.0	0.55	I	--	--	--	--	--	--	
Composite	CU-2	3/4/2022	2.5	2.5	1.2	13	3.4	0.49  I	8.3	2.0	0.39	I	120	79	66	13	2.5	0.41  I	
Composite	CU-3	3/7/2022	1.7	22	2.2	8.2	3.0	I	0.68  I	5.6	3.1	0.41	I	--	--	--	--	--	--	
Discrete	CU-3-1	3/7/2022	--	63	--	--	--	--	--	--	--	--	--	--	--	--	--	
Discrete	CS-3-1-C1	4/6/2022	--	12	--	--	--	--	--	--	--	--	--	--	--	--	--	
Discrete	CS-3-1-C2	4/6/2022	--	7.4	--	--	--	--	--	--	--	--	--	--	--	--	--	
Discrete	CU-3-2	3/7/2022	--	7.5	--	--	--	--	--	--	--	--	--	--	--	--	--	
Discrete	CU-3-3	3/7/2022	--	1.2	--	--	--	--	--	--	--	--	--	--	--	--	--	
Discrete	CU-3-4	3/7/2022	--	3.5	--	--	--	--	--	--	--	--	--	--	--	--	--	
Discrete	CU-3-5	3/7/2022	--	2.8	--	--	--	--	--	--	--	--	--	--	--	--	--	
Discrete	CU-3-6	3/7/2022	--	1.8	--	--	--	--	--	--	--	--	--	--	--	--	--	
Discrete	CU-3-7	3/7/2022	--	0.76	--	--	--	--	--	--	--	--	--	--	--	--	--	
Discrete	CU-3-8	3/7/2022	--	1.2	--	--	--	--	--	--	--	--	--	--	--	--	--	
Discrete	CU-3-9	3/7/2022	--	1.1	--	--	--	--	--	--	--	--	--	--	--	--	--	
Discrete	CU-3-10	3/7/2022	--	1.7	--	--	--	--	--	--	--	--	--	--	--	--	--	
Composite	CU-4	3/7/2022	3.4	2.2	1.1	14	3.0	0.33  I	8.2	2.2	0.26	I	--	--	--	--	--	--	
Composite	CU-5	3/7/2022	3.2	1.9	1.2	3.8	0.75  I	0.55  I	1.8	0.42  I	0.29	I	--	--	--	--	--	--	
Composite	CU-6	3/3/2022	4.6	2.8	2.0	16	6.4	0.55  I	7.6	2.9	0.29	I	--	--	--	--	--	--	
Composite	CU-7	3/3/2022	4.0	4.7	4.3	10	11	12	1.6	2.7	4.9	--	--	--	--	--	--	
Composite	CU-8	3/3/2022	4.8	4.6 **	--	7.7	6.6  **	--	3.8	2.4  **	--	--	--	--	--	--	--	
Composite	CS-9	2/16/2022	4.9	1.8	3.9 **	16	3.8	11  **	8.2	0.25  U	0.27 U **	170	110	78  **	11	3	2.4  **	
Composite	CU-10	3/4/2022	5.0	6.5	5.8	18	15	22	14	9.7	13	--	--	--	--	--	--	
Groundwater Cleanup Target Level (μg/L)	--	--	--	--	15	
Leachability Based on Groundwater Criteria	--	38	--	--	--	
Miami-Dade Background MVUE (mg/kg) 0-0.5'	7.0	--	--	--	--	
Miami-Dade Background MVUE (mg/kg) 0.5-2'	5.0	--	--	--	--	
Direct Exposure Residential (mg/kg)	2.1	210	600*	3,500	400	
Direct Exposure Commercial/Industrial (mg/kg)	12	470	89,000	43,000	1,400	

Notes:
mg/kg = milligrams per kilogram
U = The compound was analyzed for but not detected above the laboratory method detection limit (MDL). I = The reported value is between the laboratory MDL and the laboratory practical quantitation limit (PQL). MVUE = Minimum Variance Unbiased Estimate of the mean concentration
-- = Not Analyzed/Not Applicable
*DERM approved Alternative Soil Cleanup Target Level (ASCTL) for copper
** Sample in the 0.5-2' interval were collected from 0.5-1.5' similarly samples noted in the 2-3' interval was collected from 2-3.5'
Bold indicates and exceedance in the applicable MVUE and/or cleanup target level specified in Table 2 of Chapter 24-44, Miami Dade County Code

Page 1 of 1

Page 332

Exhibit B, Table 3: Soil Analytical Results - Organochlorine Pesticides
Keys Lake
Miami-Dade County, FL

Sample ID	Date Collected	Sample
Interval (fbls)	4,4'-DDD	4,4'-DDE	4,4'-DDT	Aldrin	Chlordane
(Technical)	Dieldrin	Endosulfan I	Endosulfan II	Endosulfan
sulfate	Endrin	Endrin aldehyde	
			(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	

CU-1	
3/4/2022	(0-0.5)	0.000150 U	0.000162 U	0.000374 U	0.000164 U	0.000365 U	0.000157 U	0.000162 U	0.000224 U	0.000307 U	0.000178 U	0.000178 U	
		(0.5-2)	0.000144 U	0.000155 U	0.000359 U	0.000157 U	0.000350 U	0.000150 U	0.000155 U	0.000215 U	0.000294 U	0.000170 U	0.000170 U	
		(2-3)	0.000142 U	0.000152 U	0.000353 U	0.000155 U	0.000344 U	0.000148 U	0.000152 U	0.000211 U	0.000290 U	0.000168 U	0.000168 U	

CU-2	
3/4/2022	(0-0.5)	0.000155 U	0.000167 U	0.000386 U	0.000169 U	0.000376 U	0.000162 U	0.000167 U	0.000231 U	0.000317 U	0.000183 U	0.000183 U	
		(0.5-2)	0.000119 U	0.000197 I	0.000298 U	0.000130 U	0.000290 U	0.000125 U	0.000129 U	0.000178 U	0.000244 U	0.000141 U	0.000141 U	
		(2-3)	0.000147 U	0.000158 U	0.000366 U	0.000160 U	0.000357 U	0.000154 U	0.000158 U	0.000219 U	0.000300 U	0.000174 U	0.000174 U	

CU-3	
3/7/2022	(0-0.5)	0.000160 U	0.000172 U	0.000398 U	0.000175 U	0.000388 U	0.000167 U	0.000172 U	0.000238 U	0.000327 U	0.000189 U	0.000189 U	
		(0.5-2)	0.000159 U	0.000171 U	0.000397 U	0.000174 U	0.000387 U	0.000166 U	0.000171 U	0.000237 U	0.000326 U	0.000189 U	0.000189 U	
		(2-3)	0.00014 U	0.000151 U	0.000350 U	0.000153 U	0.000341 U	0.000147 U	0.000151 U	0.000209 U	0.000287 U	0.000166 U	0.000166 U	

CU-4	
3/7/2022	(0-0.5)	0.000149 U	0.000798	0.000371 U	0.000163 U	0.000362 U	0.000156 U	0.000160 U	0.000222 U	0.000304 U	0.000176 U	0.000176 U	
		(0.5-2)	0.000142 U	0.000155 I	0.000353 U	0.000155 U	0.000345 U	0.000148 U	0.000153 U	0.000212 U	0.000290 U	0.000168 U	0.000168 U	
		(2-3)	0.000137 U	0.000148 U	0.000341 U	0.000150 U	0.000333 U	0.000143 U	0.000148 U	0.000204 U	0.000280 U	0.000162 U	0.000162 U	

CU-5	
3/7/2022	(0-0.5)	0.000149 U	0.000161 U	0.000372 U	0.000163 U	0.000362 U	0.000156 U	0.000161 U	0.000222 U	0.000305 U	0.000177 U	0.000177 U	
		(0.5-2)	0.000150 U	0.000161 U	0.000374 U	0.000164 U	0.000364 U	0.000157 U	0.000161 U	0.000224 U	0.000307 U	0.000178 U	0.000178 U	
		(2-3)	0.000127 U	0.000136 U	0.000315 U	0.000138 U	0.000308 U	0.000132 U	0.000136 U	0.000189 U	0.000259 U	0.000150 U	0.000150 U	

CU-6	
3/3/2022	(0-0.5)	0.000159 U	0.000239 I	0.000396 U	0.000173 U	0.000386 U	0.000166 U	0.000171 U	0.000237 U	0.000325 U	0.000188 U	0.000188 U	
		(0.5-2)	0.000128 U	0.000522	0.000319 U	0.000140 U	0.000311 U	0.000134 U	0.000138 U	0.000191 U	0.000262 U	0.000152 U	0.000152 U	
		(2-3)	0.000148 U	0.000159 U	0.000369 U	0.000162 U	0.000360 U	0.000155 U	0.000159 U	0.000221 U	0.000303 U	0.000175 U	0.000175 U	

CU-7	
3/3/2022	(0-0.5)	0.000112 U	0.000121 U	0.000279 U	0.000122 U	0.000272 U	0.000117 U	0.000121 U	0.000167 U	0.000229 U	0.000133 U	0.000133 U	
		(0.5-2)	0.000114 U	0.000495	0.000283 U	0.000124 U	0.000276 U	0.000119 U	0.000122 U	0.000169 U	0.000232 U	0.000134 U	0.000134 U	
		(2-3)	0.000122 U	0.0108	0.000304 U	0.000133 U	0.00487	0.000128 U	0.000131 U	0.000182 U	0.000250 U	0.000145 U	0.000145 U	
CU-8	3/3/2022	(0-0.5)	0.000125 U	0.000134 U	0.000310 U	0.000136 U	0.000303 U	0.000130 U	0.000134 U	0.000186 U	0.000255 U	0.000148 U	0.000148 U	
		(0.5-1.5)	0.000128 U	0.00137	0.000319 U	0.000140 U	0.000718 I	0.000134 U	0.000138 U	0.000191 U	0.000262 U	0.000151 U	0.000151 U	

CS-9	
2/16/2022	(0-0.5)	0.000174 U	0.000188 U	0.000435 U	0.000190 U	0.000424 U	0.000182 U	0.000188 U	0.000260 U	0.000357 U	0.000207 U	0.000207 U	
		(0.5-2)	0.000151 U	0.000163 U	0.000377 U	0.000165 U	0.000367 U	0.000158 U	0.000163 U	0.000226 U	0.000309 U	0.000179 U	0.000179 U	
		(2-3.5)	0.000150 U	0.000162 U	0.000374 U	0.000164 U	0.000365 U	0.000157 U	0.000162 U	0.000224 U	0.000307 U	0.000178 U	0.000178 U	

CU-10	
3/4/2022	(0-0.5)	0.000141 U	0.000152 U	0.000351 U	0.000154 U	0.000342 U	0.000147 U	0.000152 U	0.000210 U	0.000288 U	0.000167 U	0.000167 U	
		(0.5-2)	0.000133 U	0.000575	0.000331 U	0.000145 U	0.000323 U	0.000139 U	0.000143 U	0.000198 U	0.000272 U	0.000157 U	0.000157 U	
		(2-3)	0.000128 U	0.000312 I	0.000319 U	0.000140 U	0.000311 U	0.000134 U	0.000138 U	0.000191 U	0.000262 U	0.000152 U	0.000152 U	
Leachability Based on Groundwater Criteria (mg/kg)	5.8	18	11	0.2	9.6	0.002	--	--	--	1	--	
Groundwater Cleanup Target Level (GCTL) (μg/L)	--	--	--	--	--	--	--	--	--	--	--	
Direct Exposure Residential (mg/kg)		4.2	2.9	2.9	0.06	2.8	0.06	--	--	--	25	--	
Direct Exposure Commercial/Industrial (m	g/kg)	22	15	15	0.3	14	0.3	--	--	--	510	--	

Notes:
mg/kg = milligrams per kilogram
μg/L = micrograms per liter
U = The compound was analyzed for but not detected above the laboratory method detection limit (MDL). I = The reported value is between the laboratory MDL and the laboratory practical quantitation limit (PQL).
-- = Not Analyzed/Not Applicable
Bold indicates and exceedance in the applicable MVUE and/or cleanup target level specified in Table 2 of Chapter 24-44, Miami Dade County Code

Page 333

Exhibit B, Table 3: Soil Analytical Results - Organochlorine Pesticides
Keys Lake
Miami-Dade County, FL

Sample ID	Date Collected	Sample
Interval (fbls)	Endrin ketone	Heptachlor	Heptachlor
epoxide	Methoxychlor	Toxaphene	alpha-BHC	beta-BHC	delta-BHC	gamma-BHC
(Lindane)	a-Chlordane	g-Chlordane	
			(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	(mg/kg)	

CU-1	
3/4/2022	(0-0.5)	0.000344 U	0.000213 U	0.000136 U	0.000236 U	0.019 U	0.000148 U	0.000201 U	0.000146 U	0.000166 U	0.000206 U	0.000159 U	
		(0.5-2)	0.000330 U	0.000204 U	0.000131 U	0.000226 U	0.018 U	0.000142 U	0.000193 U	0.000139 U	0.000159 U	0.000197 U	0.000153 U	
		(2-3)	0.000324 U	0.000200 U	0.000128 U	0.000222 U	0.018 U	0.000139 U	0.000189 U	0.000137 U	0.000157 U	0.000194 U	0.000150 U	

CU-2	
3/4/2022	(0-0.5)	0.000355 U	0.000219 U	0.000141 U	0.000243 U	0.020 U	0.000152 U	0.000207 U	0.000150 U	0.000171 U	0.000212 U	0.000164 U	
		(0.5-2)	0.000274 U	0.000169 U	0.000108 U	0.000187 U	0.015 U	0.000118 U	0.000160 U	0.000116 U	0.000132 U	0.000163 U	0.000127 U	
		(2-3)	0.000337 U	0.000208 U	0.000133 U	0.000230 U	0.019 U	0.000145 U	0.000197 U	0.000142 U	0.000163 U	0.000201 U	0.000156 U	

CU-3	
3/7/2022	(0-0.5)	0.000366 U	0.000226 U	0.000145 U	0.000251 U	0.020 U	0.000157 U	0.000214 U	0.000155 U	0.000177 U	0.000219 U	0.000170 U	
		(0.5-2)	0.000365 U	0.000225 U	0.000144 U	0.000250 U	0.020 U	0.000157 U	0.000213 U	0.000154 U	0.000176 U	0.000218 U	0.000169 U	
		(2-3)	0.000322 U	0.000199 U	0.000127 U	0.000220 U	0.0178 U	0.000138 U	0.000188 U	0.000136 U	0.000155 U	0.000192 U	0.000149 U	

CU-4	
3/7/2022	(0-0.5)	0.000341 U	0.000211 U	0.000135 U	0.000234 U	0.0188 U	0.000147 U	0.000199 U	0.000144 U	0.000165 U	0.000204 U	0.000158 U	
		(0.5-2)	0.000325 U	0.000201 U	0.000129 U	0.000222 U	0.0179 U	0.000140 U	0.000190 U	0.000137 U	0.000157 U	0.000194 U	0.000150 U	
		(2-3)	0.000314 U	0.000194 U	0.000124 U	0.000215 U	0.0173 U	0.000135 U	0.000183 U	0.000133 U	0.000152 U	0.000188 U	0.000145 U	

CU-5	
3/7/2022	(0-0.5)	0.000342 U	0.000211 U	0.000135 U	0.000234 U	0.019 U	0.000147 U	0.000204 U	0.000144 U	0.000165 U	0.000204 U	0.000158 U	
		(0.5-2)	0.000344 U	0.000212 U	0.000136 U	0.000235 U	0.019 U	0.000148 U	0.000201 U	0.000145 U	0.000166 U	0.000205 U	0.000159 U	
		(2-3)	0.000290 U	0.000179 U	0.000115 U	0.000199 U	0.016 U	0.000125 U	0.000169 U	0.000123 U	0.000140 U	0.000173 U	0.000134 U	

CU-6	
3/3/2022	(0-0.5)	0.000364 U	0.000225 U	0.000144 U	0.000249 U	0.0201 U	0.000156 U	0.000212 U	0.000154 U	0.000176 U	0.000217 U	0.000168 U	
		(0.5-2)	0.000293 U	0.000181 U	0.000116 U	0.000201 U	0.0162 U	0.000126 U	0.000171 U	0.000124 U	0.000142 U	0.000175 U	0.000136 U	
		(2-3)	0.000339 U	0.000210 U	0.000134 U	0.000232 U	0.0188 U	0.000146 U	0.000198 U	0.000144 U	0.000164 U	0.000203 U	0.000157 U	

CU-7	
3/3/2022	(0-0.5)	0.000257 U	0.000159 U	0.000102 U	0.000176 U	0.0142 U	0.000110 U	0.000150 U	0.000109 U	0.000124 U	0.000153 U	0.000119 U	
		(0.5-2)	0.000260 U	0.000161 U	0.000103 U	0.000178 U	0.0144 U	0.000112 U	0.000152 U	0.000110 U	0.000126 U	0.000155 U	0.000121 U	
		(2-3)	0.000280 U	0.000173 U	0.000111 U	0.000192 U	0.0155 U	0.000120 U	0.000163 U	0.000118 U	0.000135 U	0.00227	0.00261	
CU-8	3/3/2022	(0-0.5)	0.000286 U	0.000176 U	0.000113 U	0.000195 U	0.0158 U	0.000123 U	0.000167 U	0.000121 U	0.000138 U	0.000171 U	0.000132 U	
		(0.5-1.5)	0.000293 U	0.000181 U	0.000116 U	0.000201 U	0.0162 U	0.000126 U	0.000171 U	0.000124 U	0.000142 U	0.000435 I	0.000283 I	

CS-9	
2/16/2022	(0-0.5)	0.000400 U	0.000247 U	0.000158 U	0.000274 U	0.0221 U	0.000172 U	0.000233 U	0.000169 U	0.000193 U	0.000239 U	0.000185 U	
		(0.5-2)	0.000347 U	0.000214 U	0.000137 U	0.000237 U	0.0191 U	0.000149 U	0.000202 U	0.000147 U	0.000167 U	0.000207 U	0.00016 U	
		(2-3.5)	0.000344 U	0.000212 U	0.000136 U	0.000235 U	0.0190 U	0.000148 U	0.000201 U	0.000145 U	0.000166 U	0.000205 U	0.000159 U	

CU-10	
3/4/2022	(0-0.5)	0.000322 U	0.000199 U	0.000128 U	0.000221 U	0.018 U	0.000139 U	0.000188 U	0.000136 U	0.000156 U	0.000193 U	0.000149 U	
		(0.5-2)	0.000305 U	0.000188 U	0.000121 U	0.000209 U	0.017 U	0.000131 U	0.000178 U	0.000129 U	0.000147 U	0.000182 U	0.000141 U	
		(2-3)	0.000294 U	0.000181 U	0.000116 U	0.000201 U	0.016 U	0.000126 U	0.000171 U	0.000124 U	0.000142 U	0.000175 U	0.000136 U	
Leachability Based on Groundwater Criteria (mg/kg)	--	23	0.6	160	31	0.0003	0.001	0.2	0.009	--	--	
Groundwater Cleanup Target Level (GCTL) (μg/L)	--	--	--	--	--	--	--	--	--	--	--	
Direct Exposure Residential (mg/kg)		--	0.2	0.1	420	0.9	0.1	0.5	24	0.7	--	--	
Direct Exposure Commercial/Industrial	(mg/kg)	--	1	0.5	8800	4.5	0.6	2.4	490	2.5	--	--	

Notes:
mg/kg = milligrams per kilogram
μg/L = micrograms per liter
U = The compound was analyzed for but not detected above the laboratory method detection limit (MDL). I = The reported value is between the laboratory MDL and the laboratory practical quantitation limit (PQL).
-- = Not Analyzed/Not Applicable
Bold indicates and exceedance in the applicable MVUE and/or cleanup target level specified in Table 2 of Chapter 24-44, Miami Dade County Code

Exhibit B, Table 5: Groundwater Analytical Results - Metals
Keys Lake
Miami-Dade County, FL

Sample	Arsenic	Chromium	Iron	Manganese	Nitrate	Nitrite	Nitrate-Nitrite	
Location	Date	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	
MW-1	3/9/2022	2.5		0.27	U	610		3.2		47	I	13		60	I	
MW-2	3/9/2022	1.4	I	--		790		2.2		170		7.0	I	180		
MW-3	3/9/2022	3.7		--		630		4.2		40	U	4.24	U	34.5	U	
MW-4	3/10/2022	5.2		--		820		5.2		40	U	4.24	U	34.5	U	
MW-5	3/11/2022	9.2		--		500		7.0		--		--		--		
	3/16/2022	--		--		--		--		40	U	4.24	U	34.5	U	
MW-6	3/8/2022	1.0	I	--		730		4.3		93		85		180		
MW-7	3/8/2022	1.2	I	--		300		1.5	I	40	U	4.24	U	34.5	U	
MW-8	3/8/2022	7.4		0.27	U	560		2.2		40	U	4.24	U	34.5	U	
TMW-1	11/2/2021	3.3		2.5		580		--		40	U	4.24	U	34.5	U	

MW-9	3/11/2022	18		--		140		17		--		--		--		
	3/16/2022	--		--		--		--		92	I	4.24	U	92	I	
	2/2/2023	5.0		--		--		--		--		--		--		
MW-10	3/16/2022	4.1		--		140		2.9		40	U	4.24	U	34.5	U	
MW-11	1/24/2023	10		0.27	U	1800		10		470		17.4	U	470		
MW-12	2/1/2023	20		0.27	U	1200		7.6		490		17.4	U	500		
MW-13	1/24/2023	4.9		0.27	U	1300		4.2		330		85		410		
MW-14	1/18/2023	11		0.27	U	1100		6.2		40	U	17.4	U	50	U	
MW-15	1/24/2023	7.3		0.27	U	1500		4.1		84		17.4	U	96	I	
MW-16	1/18/2023	6.9		0.27	U	600		1.9	I	430		17.4	U	430		
MW-17	2/2/2023	13		0.27	U	1100		4.1		40	U	17.4	U	50	U	
MW-18	1/31/2023	35		0.27	U	2100		19		59	I	17.4	U	59	I	
MW-19	1/24/2023	12		0.27	U	1700		4.5		93		17.4	U	94	I	
MW-20	1/25/2023	0.95	I	0.27	U	1100		2.2		67	I	50	I	120	I	
MW-21	1/25/2023	20		0.27	U	1400		3.4		40	U	17.4	U	50	U	
MW-22	1/19/2023	3.6		0.27	U	1500		13		40	U	17.4	U	50	U	
MW-23	1/25/2023	5.3		0.27	U	1700		16		85		17.4	U	96	I	
MW-24	1/31/2023	11		0.27	U	1800		16		78	I	17.4	U	78	I	
MW-25	1/31/2023	6.7		0.27	U	1400		7.9		40	U	17.4	U	50	U	
MW-26	1/17/2023	5.3		0.27	U	640		3.1		230		17.4	U	240		
MW-27	2/2/2023	1.2	I	0.27	U	1000		12		92		17.4	U	95	I	
MW-28	1/17/2023	7.0		0.27	U	990		5.3		63	I	17.4	U	74	I	
MW-29	1/18/2023	12		0.27	U	1200		5.8		100		17.4	U	100	I	
MW-30	1/31/2023	22		0.27	U	1700		5.4		40	U	17.4	U	50	U	
MW-31	1/31/2023	17		0.27	U	1900		22		43	I	17.4	U	50	U	
MW-32	2/1/2023	4.2		0.27	U	960		6.1		990		90		1100		
MW-33	1/19/2023	8.7		0.27	U	900		3.3		40	U	17.4	U	50	U	
MW-34	1/19/2023	29		0.27	U	1500		15		190		17.4	U	200		
MW-35	2/1/2023	18		0.27	U	1600		14		390		17.4	U	400		
MW-36	1/24/2023	2.5		0.27	U	1200		4.7		800		17.4	U	810		
MW-37	2/1/2023	4.0		0.27	U	1300		12		63	I	17.4	U	68	I	
MW-38	2/1/2023	1.8	I	0.27	U	1100		7.8		1800		17.4	U	1800		
MW-39	2/1/2023	9.4		0.27	U	1400		14		160		17.4	U	160		
MW-40	1/17/2023	3.9		0.27	U	770		6.8		1100		17.4	U	1100		
MW-41	1/16/2023	3.4		0.27	U	740		1.7	I	360		77		440		
MW-42	1/18/2023	7.0		0.27	U	1700		14		1000		17.4	U	1000		
MW-43	2/1/2023	6.1		0.27	U	1100		13		82		27	I	110	I	
MW-44	2/1/2023	13		0.27	U	1700		32		390		17.4	U	390		
MW-45	1/12/2023	17		0.27	U	940		15		64	I	17.4	U	75	I	
MW-46	1/12/2023	11		0.27	U	1100		5.6		520		41	I	560		
GCTLs (ug/L)	10	100	300	50		10,000	1,000	10,000	

Notes:
μg/L = micrograms per liter
U = The compound was analyzed for but not detected above the laboratory method detection limit (MDL).
Bold indicates and exceedance in the applicable MVUE and/or cleanup target level specified in Table 2 of Chapter 24-44, Miami Dade County
*Miami-Dade County Minimum Variance Unbiased Estimate (MVUE) of the mean background concentration of iron in groundwater.

Page 1 of 1

Page 334
Page 30 of 40

Page 335

Exhibit B, Table 6: Groundwater Analytical Results - Organochlorine Pesticides
Keys Lake
Miami-Dade County, FL

Sample	4,4'-DDD	4,4'-DDE	4,4'-DDT	Aldrin	Chlordane
(Technical)	alpha-
Chlordane	gamma-
Chlordane	Dieldrin	Endosulfan I	Endosulfan II	Endosulfan
sulfate	
GCTLs	0.1	0.1	0.1	0.002/0.05*	2	--	--	0.002/0.1*	42	
Location	Date	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	
MW-1	3/9/2022	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-8	3/8/2022	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-12	2/1/2023	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-15	1/24/2023	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-23	1/25/2023	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-29	1/18/2023	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-37	2/1/2023	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	
MW-46	1/12/2023	0.000595 U	0.00155 U	0.00102 U	0.000491 U	0.00108 U	0.000681 U	0.000492 U	0.000593 U	0.00120 U	0.000827 U	0.000586 U	

Notes:
μg/L = micrograms per liter
-- = Not Applicable/Not Analyzed
U = Indicates that the compound was analyzed for but not detected.
Bold indicates an exceedence of the Groundwater Cleanup Target Level (GCTL)
*Refer to the October 12, 2004 "Guidance for the Selection of Analytical Methods and for the Evaluation of Practical Quantitation Limits" to determine how to evaluate data when the GCTL is lower than the practical quantitation limit
GCTLs are specified in Table I of Chapter 24-44, Miami-Dade County Code.

Page 336

Exhibit B, Table 6: Groundwater Analytical Results - Organochlorine Pesticides
Keys Lake
Miami-Dade County, FL

Sample	Endrin	Endrin
aldehyde	Endrin
ketone	Heptachlor	Heptachlor
epoxide	Methoxychlor	Toxaphene	alpha-BHC	beta-BHC	delta-BHC	gamma-BHC
(Lindane)	
GCTLs	2	--	--	0.4	0.2	40	3	0.006/0.05*	0.02	2.1	0.2	
Location	Date	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	μg/L	
MW-1	3/9/2022	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-8	3/8/2022	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-12	2/1/2023	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-15	1/24/2023	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-23	1/25/2023	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-29	1/18/2023	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-37	2/1/2023	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	
MW-46	1/12/2023	0.000690 U	0.000731 U	0.000856 U	0.000490 U	0.00153 U	0.00124 U	0.060 U	0.00252 U	0.00144 U	0.00117 U	0.000558 U	

Notes:
μg/L = micrograms per liter
-- = Not Applicable/Not Analyzed
U = Indicates that the compound was analyzed for but not detected.
Bold indicates an exceedence of the Groundwater Cleanup Target Level (GCTL)
*Refer to the October 12, 2004 "Guidance for the Selection of Analytical Methods and for the Evaluation of Practical Quantitation Limits" to determine how to evaluate data when the GCTL is lower than the practical quantitation limit
GCTLs are specified in Table I of Chapter 24-44, Miami-Dade County Code.

Exhibit C

Environmental Consultants & Contractors

EXHIBIT C
ENGINEERING CONTROL MAINTENANCE PLAN KEYS LAKE PHASE 1 CLOSURE AREA
NORTH OF THE SW 172 AVENUE AND SW 336 STREET INTERSECTION HOMESTEAD, MIAMI-DADE COUNTY, FLORIDA
HWR-1249 DECEMBER 29, 2023
SITE BACKGROUND
SCS Engineers (SCS) prepared this Engineering Control Maintenance Plan (ECMP), on behalf of Lennar Homes, LLC, for the Phase 1 closure area (the Property) which is located in the vicinity of SW 172nd Avenue and SW 336th Street, Homestead, Miami-Dade County, Florida. The Property is part of and encompassed by a larger parcel of land, known as Keys Lake (the Site).
The engineering control (EC) at the Property consists of at least two feet of quarry fill imported from a rock quarry in Miami-Dade County and extends throughout the Property. Refer to Exhibit C, Figure 1 through Figure 3 for the engineering control as-built survey, prepared by County-Wide Land Surveyors, Inc. (CWLSI) dated November 28, 2023.

ENGINEERING CONTROL INSPECTION AND MAINTENANCE
The Los Cayos Community Development District (the CDD), on behalf of the property owner(s), will be responsible for the inspections, notification and maintenance described herein.

Inspections
A Florida-licensed Professional Engineer, or appropriate personnel under the direct supervision of the Professional Engineer, retained by the CDD, will conduct semi-annual inspections of the EC. During the inspections, evidence of damage or failure of the engineering control will be noted.
The following constitutes damage to the engineering control:
Holes at the surface with a depth of less than two feet
Signs of erosion at the surface
The following constitutes failure of the engineering control:
Holes at the surface deeper than two feet
The results of the EC inspections will be documented in writing and the date, name of the inspector (and associated qualifications), key observations, and recommended corrective actions (if applicable) will be included.

Maintenance
If evidence of damage to the EC or failure of the EC is observed, the ECs will be restored within 30 days of discovery. Inspection reports and repair records will be maintained by the CDD and submitted to DERM upon request.

DISTURBANCE OF ENGINEERING CONTROL
Work Authorization
The CDD will notify the Pollution and Remediation Section of Miami-Dade County DERM and SFWMD and the South Florida Water Management District prior to digging of any holes or trenches or of any other penetration of the earth.
The above DERM notification also applies to work undertaken by other entities on behalf of the CDD.

Disturbance within EC
If the work is conducted within the EC (excavation that does not fully penetrate the 2-foot soil cap), the CDD shall be responsible for repairing the ECs. Photographic evidence of the repair shall be maintained by the CDD.

Disturbance below the EC
The following applies to work that will involve excavation below the EC:

Contractor Requirements
The environmental condition of the Site shall be disclosed to prospective Contractors by the CDD.

A Dust Control Plan with specific means and methods for dust suppression during execution of the work shall be submitted to DERM for review and approval prior to commencement of the work.
The Contractor shall prepare a project specific Health and Safety Plan (HASP), for use by their employees, subcontractors, and vendors engaged in the work. The Contractor shall review the HASP with all onsite employees prior to starting the work.
The Contractor shall comply with all applicable provisions of federal, state, and local health and safety statutes, codes, and regulations, including but not limited to Chapter 24 of the Code of Miami-Dade County.

A Soil Management Plan (SMP) to perform excavation work shall be submitted to DERM for review and approval prior to commencement of the work. This SMP must include details regarding the following: soil stockpiling, transportation and disposal of excavated soil (including identification of companies retained for such efforts), the plan for reuse of any excavated soil at the Site, the importation of clean backfill for use at the Site (including the

source of the backfill), and the repair to the ECs. At a minimum, the SMP shall provide provisions for the following guidelines:

Any soil excavated from below the 2-foot soil cap will be stockpiled on an impermeable surface or directly loaded into trucks for transport to a disposal facility certified to accept this type of soil. Stockpiled soil shall be placed on a double layer of at least 6-mil thick polyethylene sheeting. The Contractor shall cover and berm soil stockpiles to prevent infiltration of water into, and erosion of soil from the stockpiles. Soil shall not be stockpiled onsite for more than 60 days. Soil will either be returned to its original location and depth, or properly disposed at a Class I landfill. In the event of off-site disposal, all transportation and disposal manifests will be provided to DERM.
If necessary, clean soil will be added to return the area to existing grade. Clean fill shall be obtained from a DERM-approved quarry or will otherwise be pre-approved by DERM.

Owner Requirements
The CDD must ensure the Contractor engages a Florida-licensed Professional Engineer for overseeing and documenting the work.

The CDD shall submit to DERM a Source Removal Report (if soils are removed from the Site) and/or an Engineering Control Repair Report (ECRR) within 60 days of work completion. The ECRR shall be signed and sealed by a Florida-licensed Professional Engineer.

EXHIBIT C, FIGURES

Exhibit C, Figure 1

Page 342

L Martin

Joseph

Digitally signed by Joseph L Martin DN: C=US, O=COUNTY-WIDE LAND SURVEYORS INC.,

0011

dnQualifier=A01410D0000017F090F7C49
E7EE, CN=Joseph L Martin
Reason: I am the author of this document Location:
Date: 2023-12-13 10:54:55

Page 343

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Page 40 of 40

CFN: 20240106270 BOOK 34087 PAGE 473
DATE:02/08/2024 02:55:01 PM JUAN FERNANDEZ-BARQUIN
CLERK OF THE COURT & COMPTROLLER MIAMI-DADE COUNTY, FL

RETURNTO:
Billing, Cochran, Lyles, Mauro & Ramsey, P.A. 515 East Las Olas Boulevard, Suite 600
Fort Lauderdale, Florida 33301 Attn: Michael J. Pawelczyk, Esq.

DECLARATION OF CONSENT TO JURISDICTION OF THE LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT AND TO IMPOSITION OF SPECIAL ASSESSMENTS (SERIES 2024 BONDS}
AG EHC II (LEN) MULTI STATE 1, LLC, a Delaware limited liability company, whose address is c/o Angelo, Gordon & Co., L.P., 245 Park Avenue, 26th Floor, New York, New York IO167 (the "AG Landowner") and LENNAR HOMES, LLC, a Florida limited liability company, whose address is 5505 Waterford District Drive, Miami, Florida 33126 (the "Developer"), are the owner and the developer, respectively, of those ce1iain lands which are described in Exhibit A attached hereto (the "District Lands") located within the boundaries of the Los Cayos Community Development District, a local unit of special purpose government established pursuant to Chapter 190, Florida Statutes (the "District") in the City of Homestead, Miami-Dade County, Florida. The AG Landowner and the Developer, intending that AG Landowner, Developer, and their respective successors in interest and assigns shall be legally bound by this Declaration, hereby declare, acknowledge and agree as follows:
The District is, and has been at all times, on and after May 26, 2023, a legally created, duly organized, and validly existing community development district under the provisions of Chapter 190, Florida Statutes, as amended (the "Act"). Without limiting the generality of the foregoing, the AG Landowner and the Developer each acknowledge that: (a) the petition filed with the Board of County Commissioners of Miami-Dade County, Florida (the "County Commission"), relating to the establishment of the District contained all matters required by the Act to be contained therein and was filed in the manner and by the persons required by the Act; (b) Ordinance No. 22-35, enacted on May 16, 2023 and effective May 26, 2023, was duly enacted by the County Commission in compliance with all applicable requirements of law; (c) the petition filed with the County Commission relating to the establishment of the District contained all matters required by the Act to be contained therein and was filed in the manner and by the persons required by the Act; (d) all members of the Board of Supervisors of the District were duly and properly designated pursuant to the Act to serve in their respective capacities and had the authority and right to authorize, approve and undertake all actions of the District approved and undertaken from May 26, 2023; and (e) the AG Landowner and the Developer, each on behalf of itself, its respective successors and assigns, hereby confirms and agrees that the special assessments (the "Series 2024 Special Assessments") imposed by Resolution Nos. 2023-14, 2023-16, and 2023-21, duly adopted by the Board of Supervisors of the District (the "Board") on June 16, 2023, June 16, 2023, and August 16, 2023, respectively (the "Assessment Resolutions") and the Master Special Assessment Methodology for Los Cayos Community Development District Special Assessment Bonds, dated June 16, 2023, prepared by Special District Services, Inc., as the same may be
1
Declaration of Consent (Los Cayos CDD) Rev. 01-20-2024

CFN: 20240106270 BOOK 34087 PAGE 474

amended and supplemented from time to time by the District Board of Supervisors in connection with the issuance of the Series 2024 Bonds, as later defined and all proceedings undertaken by the District with respect thereto have been in accordance with applicable Florida law, that the District has taken all actions necessary to levy and impose the Series 2024 Special Assessments, and the Series 2024 Special Assessments are legal, valid and binding first liens upon the District Lands co-equal with the lien of all state, county, district and municipal taxes, superior in dignity to all other non-federal liens, titles and claims, until paid. The AG Landowner and the Developer, each on behalf of itself and its successors, successors-in-title, and assigns, hereby confirm and agree that Series 2024 Special Assessments are due and payable on the due date and in the manner established by the District.
The AG Landowner and the Developer, each on behalf of itself and its respective successors and assigns hereby waives the right granted in Chapter 170.09, Florida Statutes, to prepay the Series 2024 Special Assessments without interest within thirty (30) days after the improvements are completed, in consideration of the rights granted by the District to prepay the Series 2024 Special Assessments in full or in part at any time, but with interest, under the circumstances set forth in the Assessment Resolutions of the District levying the Series 2024 Special Assessments.

The AG Landowner and the Developer each on behalf of itself and its respective successors and assigns expressly acknowledges, represents and agrees that (i) the Series 2024 Special Assessments, the Assessment Resolutions, and this Declaration of Consent to Jurisdiction (herein, collectively, the "Financing Documents") and which are related to the District's proposed issuance of its Los Cayos Community Development District Special Assessment Bonds, Series 2024 (2024 Project) in an amount not to exceed $7,000,000 (the "Series 2024 Bonds") or securing payment thereof, are valid and binding obligations enforceable in accordance with their terms; (ii) there are no claims or offsets whatsoever against, or defenses or counterclaims whatsoever relating to payments of the Series 2024 Special Assessments or claims of invalidity, deficiency or unenforceability of the Series 2024 Special Assessments and Financing Documents, the improvements to be financed with the proceeds of the Series 2024 Bonds and the benefit thereof to the District Lands, or any portions thereof (and the AG Landowner and the Developer hereby expressly waive any such claims, offsets, defenses or counterclaims); (iii) the AG Landowner and the Developer expressly waive and relinquish any argument, claim or defense that foreclosure proceedings cannot be commenced until one (1) year after the date of the AG Landowner's or Developer's default, and agrees that (1) the Series 2024 Special Assessments are not a "tax," and (2) immediate use of remedies in Chapter 170, Florida Statutes, is an appropriate and available remedy, notwithstanding the provisions of Section 190.026, Florida Statutes; and (iv) the AG Landowner and the Developer expressly waive and relinquish any argument, claim or defense that the AG Landowner and the Developer may have regarding the District's collection of the Series 2024 Special Assessments.
This Declaration, upon the issuance of the Series 2024 Bonds by the District, shall represent   a   lien   of   record   for   purposes   of   Chapter   197, Florida Statutes, including, without limitation, Section 197.573, Florida Statutes. Other information regarding the Series 2024 Special Assessments is available from Special District Services, Inc., 2501A Burns Road, Palm Beach Gardens, Florida 33410 (or any successor
2
Declaration of Consent (Los Cayos COD} Rev. 01-20-2024

CFN: 20240106270 BOOK 34087 PAGE 475

District Manager).

THE DECLARATIONS, ACKNOWLEDGEMENTS, WAIVERS AND AGREEMENTS CONTAINED HEREIN SHALL BE BINDING ON THE AG LANDOWNER, THE DEVELOPER, AND ON ALL PERSONS (INCLUDING CORPORATIONS, PARTNERSHIPS, LLCs, ASSOCIATIONS, TRUSTS AND OTHER LEGAL ENTITIES, EXCEPT END-USERS WHATEVER FORM EXCEPT AS PROVIDED BELOW IN THE LAST SENTENCE OF THIS PARAGRAPH) TAKING TITLE TO ALL OR ANY PART OF THE DISTRICT LANDS, AND THEIR SUCCESSORS IN INTEREST, WHETHER OR NOT THE DISTRICT LANDS IS PLATTED AT SUCH TIME. BY TAKING SUCH TITLE, SUCH PERSONS SHALL BE DEEMED TO HAVE CONSENTED AND AGREED TO THE PROVISIONS OF THIS DECLARATION TO THE SAME EXTENT AS IF THEY HAD EXECUTED IT AND BY TAKING SUCH TITLE, SUCH PERSONS SHALL BE ESTOPPED FROM CONTESTING, IN COURT OR OTHERWISE, THE VALIDITY, LEGALITY AND ENFORCEABILITY OF THIS DECLARATION. NOTWITHSTANDING THE FOREGOING, NOTHING CONTAINED IN THIS DECLARATION SHALL BE DEEMED TO BE A REPRESENTATION OR WARRANTY BY ANY PARTY TO THIS DECLARATION AS TO THE TRUTH OR ACCURACY OF THE MATTERS SET FORTH IN SECTIONS 1 OR 3(i) OF THIS DECLARATION. END-USERS ARE BOUND BY THE TERMS OF PARAGRAPH 2 HEREOF. THIS DECLARATION IS INTENDED TO BE A WAIVER AS AGAINST ANY PARTY DEEMED TO HAVE PROVIDED THE DECLARATIONS, ACKNOWLEDGEMENTS AND AGREEMENTS CONTAINED IN THIS DECLARATION AND SUCH PARTIES HEREBY WAIVE ANY DEFENSE AS TO VALIDITY, LEGALITY AND ENFORCEMENT AGAINST SUCH PARTY AS TO THE MATTERS CONTAINED IN THIS DECLARATION.
Effective the  'J..-f\d	day of Fe-1.o-f'"\£..	, 2024.

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

3
Declaration of Consent (Los Cayos CDD) Rev. 01-20-2024

Print NameU,UlA.t,r-1/1.  SC.kly..e,Lo

CFN: 20240106270 BOOK 34087 PAGE 476

DEVELOPER

Address0)if-')	_Bl	[;	..

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Address IT	  Iv-.: ¼"'<,)'"\. un·ve
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STATE OF FLORIDA COUNTY OF MIAMI-DADE

The foregoing instrnmenh acknowle
[_] online notarization, this L		day  of  +-"'"""-'-"-'-'--7'\--
President of LENNAR HOMES, LLC, a Florida	N,,u-n-=.--
1ne or has produced	as ident ffiat the aforementioned is true and c01rect to the bes

sical  resence or
as Vice
n to

(SEAL)

Nota1y Public
Name:  C.a..tvll,t>SV\.  ':LJ
(type or print)

0

HII,
••••·• -to CAMERON DWYER SCHOEB

'\"

* ..	* Commission# HH26989&
or, o'I'	Expires June1, 2026

My Commission Expires:Q.-I

Z..D2--!..,f

4
Declaration of Consent (Los Cayos COD) Re,. 01-20-2024

CFN: 20240106270 BOOK 34087 PAGE 477

AG LANDOWNER

AG EHC II (LEN) MULTI  STATE  1,
LLC, a Delaware limited liability company

Witnesses:

By: Essential Housing Asset Management, LLC, an Arizona limited liability company, its Authorized Agent

Steven S. Benson Authorized Representative

Print Na Address

+-"= -=-2:'	.uu

	 / day of	/ebmwy	2024

STATE OF ARIZONA	} COUNTY OF MARICOPA	}

The foregoing instrument was acknowledged before me by means of f /]	 physical
presence or L_J	online notarization, this 	 \_ day of	febrvc..:r:'-1	, 2024, by Steven S.
Benson, as Authorized Representative of Essential Housing Asset Management, LLC, an Arizona limited liability company, the Authorized Agent of AG EHC II (LEN) MULTI STATE 1, LLC, a Delaware limited liability company, for and on behalf thereof, who is L_0 personally

known to me or L_J

(SEAL)

has produced 	 as evidence of identification..
	/4&
Name:	jU.ffllL nla,re /4Lnt

(type or print)
My Commission Expires: 07 /o, / zozr-

CFN: 20240106270 BOOK 34087 PAGE 478

Exhibit A DISTRICT LANDS
FOLIO NUMBER: 10-1079-001-0060
LOT 8, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI­ DADE COUNTY, FLORIDA.

LESS THAT PORTION OF THE SAID LOT 8, LYING NORTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA'S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970.

FOLIO: 10-1079-001-0070:
LOT 9, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI­ DADE COUNTY, FLORIDA.

FOLIO: 10-1079-001-0080:
LOT 10, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19. TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEROF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI­ DADE COUNTY, FLORIDA.

FOLIO: 10-1079-001-0031:
THAT PORTION OF LOT 5, BLOCK 1, OF MIAMI LAND AND DEVELOPMENT COMPANY, IN SECTION 19, TOWNSHIP 57 SOUTH, RANGE 39 EAST, ACCORDING TO THE PLAT THEREOF, AS RECORDED IN PLAT BOOK 5 AT PAGE 10, OF THE PUBLIC RECORDS OF MIAMI-DADE COUTNY, FLORIDA, LYING SOUTHERLY OF THE SOUTHEASTERLY RIGHT OF WAY OF THE HOMESTEAD EXTENSION OF FLORIDA'S TURNPIKE AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF WAY MAP, SECTION 87005-2302, SHEET 5 OF 12 SHEETS, DATED APRIL 1970.

6
Declaration of Consent (Los Cayos COD) Rev. 01-20-2024

Los Cayos Community Development District

Financial Report For January 2024

LOS CAYOS COMMUNITY DEVELOPMENT DISTRICT MONTHLY FINANCIAL REPORT
JANUARY 2024

REVENUES	
Annual Budget
10/1/23 - 9/30/24	

Actual Jan-24	Year To Date Actual
10/1/23 - 1/31/24	
O&M Assessments	0	0	0	
Developer Contribution	119,375	0	29,844	
Developer Contribution - Import Fill Material	2,300,000	0	649,576	
Debt Assessments	0	0	0	
Other Revenue	0	0	0	
Interest Income	0	0	19,855	
				
Total Revenues	$	2,419,375	$	-	$	699,275	
				
EXPENDITURES				
Administrative Expenditures				
Supervisor Fees	0	0	0	
Management	39,000	3,250	13,000	
Legal	40,000	0	3,550	
Assessment Roll	0	0	0	
Audit Fees	4,000	0	0	
Arbitrage Rebate Fee	0	0	0	
Insurance	6,000	0	5,000	
Legal Advertisements	20,000	0	114	
Miscellaneous	1,500	0	53	
Postage	200	0	152	
Office Supplies	2,000	0	129	
Dues & Subscriptions	175	0	175	
Website Management	2,500	208	833	
Trustee Fees	0	0	0	
Continuing Disclosure Fee	0	0	0	
				
Total Administrative Expenditures	$	115,375	$	3,458	$	23,006	
				
Maintenance Expenditures				
Engineering/Inspections	2,000	236	3,420	
Miscellaneous Maintenance	2,000	0	0	
Import Fill Material	2,300,000	0	2,886,670	
				
Total Maintenance Expenditures	$	2,304,000	$	236	$	2,890,090	
				
TOTAL EXPENDITURES	$	2,419,375	$	3,694	$	2,913,096	
				
REVENUES LESS EXPENDITURES	$	-	$	(3,694)	$	(2,213,821)	
				
Bond Payments	0	0	0	
				
BALANCE	$	-	$	(3,694)	$	(2,213,821)	
				
County Appraiser & Tax Collector Fee	0	0	0	
Discounts For Early Payments	0	0	0	
				
EXCESS/ (SHORTFALL)	$	-	$	(3,694)	$	(2,213,821)	

3,008,093.82

$

Fund Balance As Of 9/30/23

Bank Balance As Of 1/31/24	$	798,603.17	
Accounts Payable As Of 1/31/24	$	4,330.03	
Accounts Receivable As Of 1/31/24	$	-	
Available Funds As Of 1/31/24	$	794,273.14	

Los Cayos Community Development District
Budget vs. Actual
October 2023 through January 2024

Oct 23 - Jan 24	23/24 Budget	$ Over Budget	% of Budget
			
Ordinary Income/Expense Income
Developer Contribution	29,843.75		119,375.00		-89,531.25		25.0%	
Developer Contribution - Import Fill Material	649,576.78		2,300,000.00		-1,650,423.22		28.24%	
O&M Assessments	0.00		0.00		0.00		0.0%	
Debt Assessments	0.00		0.00		0.00		0.0%	
Debt Assessment - Pd To Trustee	0.00		0.00		0.00		0.0%	
County Appaiser & Tax Collector Fee	0.00		0.00		0.00		0.0%	
Discounts For Early Payments	0.00		0.00		0.00		0.0%	
Other Revenue	0.00		0.00		0.00		0.0%	
Interest Income	19,854.92		0.00		19,854.92		100.0%	
Total Income	699,275.45		2,419,375.00		-1,720,099.55		28.9%	
Expense								
Supervisor Fees	0.00		0.00		0.00		0.0%	
Management	13,000.00		39,000.00		-26,000.00		33.33%	
Legal Fees	3,550.00		40,000.00		-36,450.00		8.88%	
Assessment Roll	0.00		0.00		0.00		0.0%	
Audit Fees	0.00		4,000.00		-4,000.00		0.0%	
Arbitrage Rebate Fee	0.00		0.00		0.00		0.0%	
Insurance	5,000.00		6,000.00		-1,000.00		83.33%	
Legal Advertisements	114.00		20,000.00		-19,886.00		0.57%	
Miscellaneous	52.92		1,500.00		-1,447.08		3.53%	
Postage and Delivery	151.95		200.00		-48.05		75.98%	
Office Supplies	128.95		2,000.00		-1,871.05		6.45%	
Dues & Subscriptions	175.00		175.00		0.00		100.0%	
Website Management	833.32		2,500.00		-1,666.68		33.33%	
Trustee Fees	0.00		0.00		0.00		0.0%	
Continuing Disclosure Fee	0.00		0.00		0.00		0.0%	
Engineering/Inspections	3,420.00		2,000.00		1,420.00		171.0%	
Miscellaneous Maintenance	0.00		2,000.00		-2,000.00		0.0%	
Import Fill Material	2,886,669.99		2,300,000.00		586,669.99		125.51%	
Total Expense	2,913,096.13		2,419,375.00		493,721.13		120.41%	
Net Ordinary Income	-2,213,820.68		0.00		-2,213,820.68		100.0%	
Net Income	-2,213,820.68		0.00		-2,213,820.68		100.0%	

MEMORANDUM
TO:	District Manager

FROM:	Billing, Cochran, Lyles, Mauro & Ramsey, P.A. District Counsel

DATE:	January 19, 2024

RE:	Required Ethics Training and Financial Disclosure

Ethics Training

This memorandum serves as a reminder that beginning January 1, 2024, elected and appointed commissioners of community redevelopment agencies and local officers of independent special districts are required to complete four (4) hours of ethics training annually. The training must address, at a minimum, s. 8, Art. II of the Florida Constitution (ethics for public officers and financial disclosure), the Code of Ethics for Public Officers and Employees, and the Florida Public Records Law and Open Meetings laws.

Deadlines & Recordkeeping

The deadline to complete training for this calendar year is December 31, 2024. There is no requirement to submit proof that you have completed the training. However, the Florida Commission on Ethics recommends that Supervisors maintain a record of all completed trainings, including the date and time of completion. This documentation may be useful if Supervisors are ever required to provide evidence of training completion. The training is a calendar year requirement and corresponds to the form year. Therefore, Supervisors will report their 2024 training when filling out their Form 1 for the 2025 year.

Links to Online Training

Public Meetings and Public Records Law (2-Hour Audio Presentation). This presentation is audio only and is offered by the Office of the Attorney General. This presentation covers public records and Florida public records law. The presentation can be accessed for free. Completing this presentation will satisfy 2 of the 4 hours of required ethics training.

State Ethics Laws for Constitutional Officers & Elected Municipal Officers. This training is presented by the Florida Commission on Ethics. The training is an overview of Florida’s Ethics Code (Part III, Chapter 112, and Article II, Section 8, Florida Constitution) geared toward Constitutional Officers and Elected Municipal Officers. Topics covered include gifts, voting conflict, misuse of office, prohibited business relationships, conflicting employment relationships, revolving door, and Amendment 12. This presentation can be accessed for free. Completing this training will satisfy 2 of the 4 hours of required ethics training.

State-Mandated Continuing Education in Ethics. This class is presented by the Florida League of Cities. The class covers Chapter 112 of Florida’s Ethics Code (2 Hours) and Florida Public Records and Public Meetings Law (2 Hours). To take this class, you must register for it, however there is no registration fee. Completing this class will meet your ethics training requirement.

“4-Hour Ethics Course”. The “4-Hour Ethics Course” is available online and presented by the Florida Institute of Government. There are three sessions. Session 1 covers Florida’s Public Records Laws (1 hour), session 2 covers Florida Government in the Sunshine Law (1 hour), and session 3 covers Florida’s Ethics Laws (2 hours). The registration fee is $79. Completing this entire course will meet your ethics training requirement.

Sunshine Law, Public Records and Ethics for Public Officers and Public Employees 2023. This seminar is offered by the Florida Bar. This seminar covers sunshine law and public records; true stories of excess corruption in the ethics world; navigating Florida public records law, privacy, ethics and social media; complaints, misuse, anti-nepotism and voting; ethics during and after public service: conflicting contractual relationships & revolving door restrictions; gifts bribes, honoraria, and expenditures. The cost for this seminar is $280. Completing this entire seminar will meet your ethics training requirement. Those Supervisors or Officers who are members of the Florida Bar may wish to purchase this option as Continuing Legal Education Credits can be earned.

We will notify you directly or through the District Manager’s office if and when other training opportunities become available.

Form 1 or Form 6

Section 8, Article II of the Florida Constitution requires constitutional officers and certain elected public officials to file a Form 6. In the last session, the legislature expanded the requirements to include elected members of municipalities. Independent special district officials remain exempt from the requirement to file a Form 6. Elected and appointed commissioners of community redevelopment agencies and local officers of independent special districts (including community development districts) are required to file Form 1.

For this year’s filing requirement, a completed Form 1 must be submitted prior to July 1, 2024 using the Electronic Filing System of the Florida Commission on Ethics, which can be accessed via the link at Login - Electronic Financial Disclosure Management System (floridaethics.gov). You will no longer be able to file your completed Form 1 through your local Supervisor of Elections office.

If you have any questions or need additional information about ethics training requirements or financial disclosure, please do not hesitate to contact our office.