BANYAN CAY COMMUNITY DEVELOPMENT
DISTRICT

PALM BEACH COUNTY

Regular Board Meeting May 11, 2026
11:00 A.M.

Special District Services, Inc.
2501A Burns Road
Palm Beach Gardens, FL 33410

www.banyancaycdd.org 561.630.4922 Telephone 877.SDS.4922 Toll Free 561.630.4923 Facsimile

AGENDA BANYAN CAY
COMMUNITY DEVELOPMENT DISTRICT
Conference Room of Special District Services, Inc.
2501A Burns Road
Palm Beach Gardens, Florida 33410 REGULAR BOARD MEETING May 11, 2026
11:00 A.M.

Call to Order
Proof of Publication…	Page 1
Consider Board Member Resignation	Page 2
Establish Quorum
Additions or Deletions to Agenda
Comments from the Public for Items Not on the Agenda
Approval of Minutes
November 20, 2025 Regular Board Meeting Minutes…	Page 3
Old Business
New Business
Consider Resolution No. 2026-01 – Adopting a Fiscal Year 2026/2027 Proposed Budget…	Page 7
Consider Approval of Attorneys Fee Adjustment – LLW…	Page 14
Consider Ratification of Declaration of Restrictive Covenant and Three Subordinations
of Mortgage…	Page 16
Administrative Matters
Board Member Comments
Adjourn

Publication Date 2026-05-01

Subcategory Miscellaneous Notices

BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT
NOTICE OF REGULAR BOARD OF SUPERVISORS MEETING
NOTICE IS HEREBY GIVEN that the Banyan Cay Community Development District (the District) will hold a Regular Board Meeting (the Meeting) of its Board of Supervisors (the Board) on May 11, 2026, at 11:00 a.m. in the Conference Room of Special District Services, Inc. located at 2501A Burns Road, Palm Beach Gardens, Florida 33410. The Meeting is being held for the necessary public purpose of considering agenda items related to the District. At such time, the Board is so authorized and may consider any business that may properly come before it.
A copy of the agenda for the Meeting may be obtained at the offices of the District Manager, c/o Special District Services, Inc., at (561) 630-4922 or jpierman@ sdsinc.org (the District Managers Office) during normal business hours. The Meeting is open to the public and will be conducted in accordance with the provisions of Florida law for special districts. The Meeting may be continued to a date, time, and place to be specified on the record at the Meeting.
Any person requiring special accommodations in order to access and participate in the Meeting because of a disability or physical impairment should contact the District Managers Office at least forty-eight (48) hours prior to the Meeting. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-1, or 1-800-955-8771 (TTY) / 1-800-955-8770 (Voice), for aid in contacting the District Managers Office.
Each person who decides to appeal any decision made by the Board with respect to any matter considered at the Meeting is advised that person will need a record of proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.
Meetings may be cancelled from time to time without advertised notice. District Manager
BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT
www.banyancaycdd.org 5/1/26 #12281307

Page 1

BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT REGULAR BOARD MEETING
NOVEMBER 20, 2025

CALL TO ORDER

The November 20, 2025, Regular Board Meeting of the Banyan Cay Community Development District (the “District”) was called to order at 9:22 a.m. in the Conference Room of Special District Services, Inc., located at 2501A Burns Road, Palm Beach Gardens, Florida 33410.

PROOF OF PUBLICATION

Proof of publication was presented which showed that notice of the Regular Board Meeting had been published in The Palm Beach Post on October 3, 2025, as part of the District’s Fiscal Year 2025/2026 Meeting Schedule, as legally required.

SEAT NEW BOARD MEMBERS

ADMINISTER	OATH	OFFICE	AND	REVIEW	BOARD	MEMBER RESPONSIBILITIES & DUTIES

ESTABLISH A QUORUM
A quorum was established with the following Supervisors in attendance:

Chairperson	Alicia Lewis	Present	
Vice Chairman	Greg Jaffe	Present	
Supervisor	Ryan Carroll	Absent	
Supervisor	Mark Carter	Present	
Vacant			

Also in attendance were:

District Manager	Jason Pierman	Special District Services, Inc.	
	Megan Bowden	Special District Services, Inc.	

ELECTION OF OFFICERS

A motion was made by Mr. Jaffe, seconded by Mr. Carter and unanimously passed electing the following slate of officers:

Chair: Alicia Lewis
Vice Chair: Greg Jaffe
Secretary/Treasurer: Jason Pierman
Assistant Secretary: Ryan Carroll

Page 1 of 4

Assistant Secretary: Mark Carter
ADDITIONS OR DELETIONS TO AGENDA

There were no additions or deletions to the agenda.

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
1. June 27, 2025, Public Hearing & Regular Board Meeting

The minutes of the June 27, 2025, Public Hearing & Regular Board Meeting were presented for consideration.

A motion was made by Mr. Jaffe, seconded by Mr. Carter and passed unanimously approving the minutes of the June 27, 2025, Public Hearing & Regular Board Meeting, as presented.

OLD BUSINESS

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

NEW BUSINESS
Consider Resolution No. 2025-04 – Adopting a Fiscal Year 2024/2025 Amended Budget
Resolution No. 2025-04 was presented, entitled:

RESOLUTION NO. 2025-04

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT AUTHORIZING AND ADOPTING AN AMENDED FINAL FISCAL YEAR 2024/2025 BUDGET (“AMENDED BUDGET”), PURSUANT TO CHAPTER 189, FLORIDA STATUTES; AND PROVIDING AN EFFECTIVE DATE.

A motion was made by Mr. Jaffe, seconded by Mr. Carter and passed unanimously adopting Resolution No. 2025-04, as presented.

Consider Resolution No. 2025-05 – Goals and Objectives Annual Report

Resolution No. 2025-05 was presented, entitled:

RESOLUTION NO. 2025-05

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE BANYAN CAY	COMMUNITY	DEVELOPMENT	DISTRICT	ADOPTING	AN

ANNUAL REPORT OF GOALS, OBJECTIVES, AND PERFORMANCE MEASURES AND STANDARDS; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

A motion was made by Mr. Jaffe, seconded by Mr. Carter and passed unanimously adopting Resolution No. 2025-05, as presented.

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

Mr. Pierman explained that, at this time, it was in order for the Board to convene as the Auditor Selection Committee to review the results of the auditor selection criteria from the responding firms.

Mr. Pierman explained that there were two respondents: Grau & Associates and Richie Tandoc.

A motion was made by Mr. Jaffe, seconded by Mr. Carter and unanimously passed rating Grau & Associates as number one, and Richie Tandoc as number 2, and recessing the Auditor Selection Committee and resuming the Regular Board Meeting.

Sitting as the Board, a motion was made by Mr. Jaffe, seconded by Mr. Carter and unanimously passed accepting the recommendation of the Auditor Selection Committee and directing staff to enter into negotiations with the highest ranked firm.

ADMINISTRATIVE MATTERS
Mr. Pierman reminded the Board to complete their ethics training before the end of the year and noted that the next meeting would be held on April 16, 2026.

BOARD MEMBER COMMENTS

There were no further comments from the Board Members.
ADJOURNMENT
There being no further business to come before the Board, a motion was made by Mr. Jaffe, seconded by Mr. Carter and passed unanimously adjourning the meeting at 9:34 a.m.

ATTESTED BY:

Secretary/Assistant Secretary	Chairperson/Vice-Chair

RESOLUTION NO. 2026-01

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT APPROVING A PROPOSED BUDGET FOR FISCAL YEAR 2026/2027; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Board of Supervisors (“Board”) of the Banyan Cay Community Development District (“District”) is required by Chapter 190.008, Florida Statutes, to approve a Proposed Budget for each fiscal year; and,

WHEREAS, the Proposed Budget including the Assessments for Fiscal Year 2026/2027 has been prepared and considered by the Board.

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

Section 1.	The Proposed Budget including the Assessments for Fiscal Year 2026/2027 attached hereto as Exhibit “A” is approved and adopted.

Section 2.	A Public Hearing is hereby scheduled for July 16, 2026 at 9:00 a.m. at the offices of Special District Services, Inc., 2501A Burns Rd., Palm Beach Gardens, FL 33410, for the purpose of receiving public comments on the Proposed Fiscal Year 2026/2027 Budget.

PASSED, ADOPTED and EFFECTIVE this 11th day of May, 2026.

ATTEST:	BANYAN CAY
COMMUNITY DEVELOPMENT DISTRICT

By:			By:		 Secretary/Assistant Secretary			Chairman/Vice Chairman

Banyan Cay Community Development District

Proposed Budget For Fiscal Year 2026/2027
October 1, 2026 - September 30, 2027

CONTENTS

PROPOSED BUDGET

DETAILED PROPOSED BUDGET

DETAILED PROPOSED DEBT SERVICE FUND BUDGET

ASSESSMENT COMPARISON

PROPOSED BUDGET
BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2026/2027
OCTOBER 1, 2026 - SEPTEMBER 30, 2027

REVENUES	
FISCAL YEAR 2026/2027 BUDGET	
O&M Assessments	87,967	
Debt Assessments	425,532	
Interest Income	840	
		
TOTAL REVENUES	$	514,339	
		
EXPENDITURES		
Supervisor Fees	0	
Engineering/Inspections	8,000	
Management	27,684	
Legal	18,000	
Assessment Roll	5,000	
Audit Fees	4,100	
Arbitrage Rebate Fee	650	
Insurance	8,000	
Legal Advertisements	1,400	
Miscellaneous	1,300	
Postage	320	
Office Supplies	600	
Dues & Subscriptions	175	
Trustee Fees	4,150	
Continuing Disclosure Fee	1,000	
Website Management	2,000	
Lake Maintenance	0	
Reserve	1,150	
TOTAL EXPENDITURES	$	83,529	
		
REVENUES LESS EXPENDITURES	$	430,810	
		
Bond Payments	(400,000)	
		
BALANCE	$	30,810	
		
County Appraiser & Tax Collector Fee	(10,270)	
Discounts For Early Payments	(20,540)	
		
EXCESS/ (SHORTFALL)	$	-	

DETAILED PROPOSED BUDGET
BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2026/2027
OCTOBER 1, 2026 - SEPTEMBER 30, 2027

REVENUES	
FISCAL YEAR 2024/2025
ACTUAL	
FISCAL YEAR 2025/2026
BUDGET	
FISCAL YEAR 2026/2027
BUDGET	

COMMENTS	
O&M Assessments	103,599	88,020	87,967	Expenditures Less Interest /.94	
Debt Assessments	425,532	425,532	425,532	Bond Payments/.94	
Interest Income	3,429	720	840	Projected At $70 Per Month	
					
TOTAL REVENUES	$	532,560	$	514,272	$	514,339		
					
EXPENDITURES					
Supervisor Fees	0	0	0		
Engineering/Inspections	8,000	8,000	8,000	No Change From 2025/2026 Budget	
Management	26,208	26,964	27,684	CPI Increase	
Legal	11,452	19,000	18,000	FY 25/26 Expenditures Through Feb 26 Were $1,627	
Assessment Roll	5,000	5,000	5,000	As Per Contract	
Audit Fees	4,600	4,800	4,100	Accepted Amount For 2025/2026 Audit	
Arbitrage Rebate Fee	650	650	650	No Change From 2025/2026 Budget	
Insurance	6,858	7,250	8,000	FY 25/26 Expenditure Was $7,269	
Legal Advertisements	912	1,400	1,400	No Change From 2025/2026 Budget	
Miscellaneous	0	1,350	1,300	$50 Decrease From 2025/2026 Budget	
Postage	33	345	320	$25 Decrease From 2025/2026 Budget	
Office Supplies	156	625	600	$25 Decrease From 2025/2026 Budget	
Dues & Subscriptions	175	175	175	No Change From 2025/2026 Budget	
Trustee Fees	4,139	4,150	4,150	No Change From 2025/2026 Budget	
Continuing Disclosure Fee	1,000	1,000	1,000	No Change From 2025/2026 Budget	
Website Management	2,000	2,000	2,000	No Change From 2025/2026 Budget	
Lake Maintenance	10,917	0	0	Responsibility Of POA	
Reserve	0	750	1,150	Reserve	
TOTAL EXPENDITURES	$	82,100	$	83,459	$	83,529		
					
REVENUES LESS EXPENDITURES	$	450,460	$	430,813	$	430,810		
					
Bond Payments	(420,178)	(400,000)	(400,000)	2027 Principal & Interest Payments	
					
BALANCE	$	30,282	$	30,813	$	30,810		
					
County Appraiser & Tax Collector Fee	(2,791)	(10,271)	(10,270)	Two Percent Of Total Assessment Roll	
Discounts For Early Payments	(1,368)	(20,542)	(20,540)	Four Percent Of Total Assessment Roll	
					
EXCESS/ (SHORTFALL)	$	26,123	$	-	$	-		

DETAILED PROPOSED DEBT SERVICE FUND BUDGET
BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2026/2027
OCTOBER 1, 2026 - SEPTEMBER 30, 2027

REVENUES	FISCAL YEAR 2024/2025 ACTUAL	FISCAL YEAR 2025/2026 BUDGET	FISCAL YEAR 2026/2027 BUDGET	

COMMENTS	

Interest Income	
26,564	
1,000	
1,000	
Projected Interest For 2026/2027	

NAV Tax Collection	
420,178	
400,000	
400,000	
Maximum Debt Service Collection	

Total Revenues	
$	446,742	
$	401,000	
$	401,000		

EXPENDITURES					

Principal Payments	
135,000	
145,000	
150,000	
Principal Payment Due In 2027	

Interest Payments	
260,106	
254,400	
248,600	
Interest Payments Due In 2027	

Transfer To Construction Fund	
17,551	
0	
0		

Bond Redemption	
0	
1,600	
2,400	
Estimated Excess Debt Collections	

Total Expenditures	
$	412,657	
$	401,000	
$	401,000		

Excess/ (Shortfall)	
$	34,085	
$	-	
$	-		

Series 2020 Bond Information

Original Par Amount =	$6,895,000	Annual Principal Payments Due =	November 1st	
Interest Rate =	2.75% - 4.00%	Annual Interest Payments Due =	May 1st & November 1st	
Issue Date =	December 2020			
Maturity Date =

Par Amount As Of 1/1/26 =	November 2051

$6,360,000			

Banyan Cay Community Development District Assessment Comparison

	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year	
	2023/2024
	Assessment*		2024/2025
	Assessment*		2025/2026
	Assessment*		2025/2026
	Projected Assessment*		
O & M For Estate Homes	$	416.66	$	416.64	$	357.81	$	357.60	
Debt For Estate Homes	$	1,789.13	$	1,789.13	$	1,789.13	$	1,789.13	
Total For Estate Homes	
$	2,205.79	
$	2,205.77	
$	2,146.94	
$	2,146.73	
O & M For Hotel Room/Units	$	416.66	$	416.64	$	357.81	$	357.60	
Debt For Hotel Room/Units	$	1,789.13	$	1,789.13	$	1,789.13	$	1,789.13	
Total For Hotel	
$	2,205.79	
$	2,205.77	
$	2,146.94	
$	2,146.73	
O & M For Resort Villas	$	416.66	$	416.64	$	357.81	$	357.60	
Debt For Resort Villas	$	1,431.30	$	1,431.30	$	1,431.30	$	1,431.30	
Total For Resort Villas	
$	1,847.96	
$	1,847.94	
$	1,789.11	
$	1,788.90	
O & M For Clubhouse Component	$	9,166.52	$	9,166.08	$	7,871.82	$	7,867.20	
Debt For Clubhouse Component	$	32,639.00	$	32,639.00	$	32,639.00	$	32,639.00	
Total For Clubhouse Component	
$	41,805.52	
$	41,805.08	
$	40,510.82	
$	40,506.20	

* Assessments Include the Following :		
4% Discount for Early Payments 1% County Tax Collector Fee
1% County Property Appraiser Fee		
Community Information - Phase One:		
Estate Homes	52	
Hotel Units/Room	150	
Resort Villas	22	
Clubhouse Component	22	
Total Units	246	
Clubhouse Component Is 18,243 Square Feet		

Attorneys at Law llw-law.com

Reply to: West Palm Beach

MEMORANDUM
TO:	Banyan Cay Community Development District
FROM:	William G. Capko

DATE:	January 8, 2026

SUBJECT:	2026 Hourly Billing Rates

Happy New Year! In accordance with our Engagement Agreement with you, please find enclosed our Firm’s 2026 Hourly Billing Rates. In adjusting these rates, we considered current market conditions, the services we provide and the costs that are included in the rate. We are confident that our 2026 rates are fair and highly competitive within our areas of practice and for our range of experience.
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Next month’s invoice will reflect the 2026 rates. Please do not hesitate to call me if you have any questions, or if you would like to discuss any of these changes.

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Jacksonville, Florida 32202
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106 East College Avenue Suite 1500
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301 West Platt St. Suite A364
Tampa, Florida 33606
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360 South Rosemary Ave. Suite 1100
West Palm Beach, FL 33401 T: 561.640.0820
F: 561.640.8202

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DECLARATION OF RESTRICTIVE COVENANT and THREE  SUBORDINATIONS OF MORTGAGE

THIS DECLARATION OF RESTRICTIVE COVENANT (hereinafter “Declaration”) is made by BANYAN CAY ESTATES, LLC, a Florida limited liability company; USREC BANYAN CAY RESORT & GOLF, LLC, a Delaware limited liability company; USREC BANYAN CAY VILLAS, LLC, a Delaware limited liability company; BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT, a Florida community development district established pursuant to Chapter 190, Florida Statutes; USREC BANYAN CAY DEVELOPMENT, LLC. A Delaware limited liability company; and BANYAN CAY MASTER ASSOCIATION, INC., a Florida corporation (hereinafter collectively “GRANTOR”) and the Florida Department of Environmental Protection (hereinafter “DEP”). This Declaration, made pursuant to either Chapter 376 or 403, Florida Statutes (F.S.), is neither extinguished nor affected by the Marketable Record Title Act in accordance with section 712.03, F.S.

RECITALS

GRANTOR is the fee simple owner of that certain real property situated in the County of Palm Beach, State of Florida, more particularly described in Exhibit A attached hereto and made a part hereof (hereinafter the “Property”) and as more particular described on the Pod B Sketch and Legal attached as Exhibit B as follows:
Banyan Cay Estates, LLC owns Lots 1 through 20, Replat of Tract L1 and Replat of Tract L2;
USREC Banyan Cay Resort & Golf, LLC owns Tracts H2 and HC 2;
USREC Banyan Cay Villas, LLC owns Tract L3;
Banyan Cay Community Development District owns Tracts LK1, LK2 and a portion of Tact R;
USREC Banyan Cay Development, LLC owns Lot 21, Replat of Tract L1; and
Banyan Cay Master Association, Inc. owns Eagle Oaks Lane.

Page 1 of 45

The DEP Facility Identification Number for the Property is ERIC_10924. The facility name at the time of this Declaration is Banyan Cay Resort & Golf, POD B. This Declaration addresses substances that were reported to the DEP in February 2018. This Declaration addresses soil and groundwater contamination at the Property.

The Property was formerly a golf course. Certain substances, primarily arsenic, were found in the groundwater at the Property above Groundwater Cleanup Target Levels (hereinafter “GCTLs”), and soils at the Property in excess of Soil Cleanup Target Levels (hereinafter “SCTLs”). Exposure to the contaminated groundwater and soil must be restricted. The following reports confirming the above are incorporated by reference into this Declaration (collectively, “Reports”):

Site Assessment Report submitted by UES, dated December 15, 2020;

Soil Management Plan and Remedial Action Plan for Pods B, C, and D submitted by UES, dated March 23, 2021;

Soil Management Plan and Modified Remedial Action Plan submitted by UES, dated April 4, 2022;

Remedial Action Implementation Report Approval - Soil Management Plan approved by DEP on December 14, 2022;

Revised Engineering and Institutional Controls Plan and Request for No Further Action with Conditions for Pod B submitted by UES, dated January 12, 2024; and

DEP approval of No Further Action with Conditions proposal provided Pod B is restricted via a Declaration of Interim Restrictive Covenant, dated February 28, 2024.

The reports noted in Recital C set forth the nature and extent of the contamination that is located on the Property. These reports confirm that contaminated groundwater and soil, as defined by Chapter 62-780, Florida Administrative Code (F.A.C.), exists at the Property. Also, these reports document that the groundwater contamination is not migrating.

It is GRANTOR'S and DEP's intent that the restrictions in this Declaration reduce or eliminate the risk of exposure of users or occupants of the Property and the environment to the contaminants and to reduce or eliminate the threat of migration of the contaminants.

DEP will not issue a Conditional Site Rehabilitation Completion Order upon recordation of this Declaration because site rehabilitation of soil and groundwater contamination on other parcels within the overall development is ongoing. If cleanup criteria are later met, then
DEP may issue a Conditional Site Rehabilitation Completion Order, or amend, or repeal this Declaration, as appropriate.
GRANTOR deems it desirable and in the best interest of all present and future
Page 2 of 45

owners of the Property that the Property be held subject to certain restrictions and engineering controls, all of which are more particularly hereinafter set forth.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the undersigned parties, GRANTOR agrees as follows:

The foregoing recitals are true and correct and are incorporated herein by reference.

GRANTOR hereby imposes the following restrictions and requirements:

Groundwater Use. There are restrictions on the use of the groundwater under the Property. Any monitoring wells installed on the Property shall be pre-approved in writing by DEP’s Division of Waste Management (DWM) in addition to any authorizations required by the Division of Water Resource Management (DWRM) and the Water Management District (WMD).

For any other groundwater wells to be installed on the Property, a plan signed and sealed by a Florida- registered professional engineer or Florida-registered professional geologist to address and ensure there will be no exposure to contaminated groundwater must be submitted to the DEP DWM. The plan must include the well location, drilling method, casing depth, total depth, proposed maximum daily flow rate and volume, and a technical evaluation (including calculations, fate and transport modeling, as applicable) to demonstrate that the proposed groundwater extraction will not cause the spread or migration of contaminated groundwater and that the receptors will not be exposed as a result of contaminant migration. The plan shall also outline the procedures for proper characterization, handling and disposal of any contaminated media encountered curing installation. DEP’s DWM will keep the plan in the site file as documentation of site conditions and will rely on this professional ce3rtification for demonstrating compliance with this restriction. A revised exhibit must be amended to the Declaration and recorded when any groundwater well is altered, modified, expanded, or constructed. The GRANTOR is advised that other federal, state, or local laws and regulations may apply to this activity. A copy of all permits obtained for the installation of groundwater wells at the Property must be provided along with the plan submitted to DEP’s DWM. DEP will rely on this Declaration and certified plan to construct new or modify existing groundwater wells to ensure that there is no exposure to contaminated groundwater entering into new or expanded groundwater wells resulting in risk to human health, public safety or the environment due to the contaminated site. Construction of groundwater wells on the Property could destabilize the groundwater plume or increase potential for exposure to contaminants resulting in risk to human health, public safety, or the environment. For this reason, if GRANTOR seeks to construct groundwater wells on the Property, GRANTOR shall submit the certified plan to DEP DWM in addition to obtaining any authorizations that may be required by DEP DWM, the WMD, or other federal, state, or local laws and regulations that may apply to this activity. Unless it is demonstrated that the cleanup criteria under subsection 62-780.680(1), F.A.C., have been achieved, DEP, in addition to other remedies available under law, may institute proceedings to revoke this Declaration and require the proper abandonment of the wells and the resumption of site rehabilitation activities if any such groundwater wells are constructed or commenced without submittal of a certified plan.
Page 3 of 45

Dewatering. For any dewatering activities on the Property, a plan signed and sealed by a Florida-registered professional engineer or Florida-registered professional geologist and approved by DEP's DWM must be in place to address and ensure the appropriate handling, treatment and disposal of any extracted groundwater that may be contaminated. The plan must include the location(s) of the dewatering activity and the effluent disposal area(s) relative to known areas of groundwater contamination, proposed flow rates, duration, volume, estimated drawdown (based upon design calculations), a technical evaluation demonstrating the dewatering will not cause the migration of contamination and procedures for proper characterization, treatment and handling of any contaminated groundwater that may be encountered from dewatering. DEP DWM will keep the plan in the site file as documentation of site conditions and will rely on this professional certification for demonstrating compliance with this restriction. The GRANTOR is advised that all other federal, state, or local laws and regulations may apply to this activity. A copy of all permits obtained for the implementation of dewatering must be provided along with the plan submitted to DEP’s DWM. DEP will rely on this Declaration, Rule 62- 621.300, F.A.C., and the guidance incorporated therein, and the signed and sealed dewatering plan as the institutional controls to ensure that no exposure to contaminated groundwater resulting in risk to human health, public safety or the environment will occur due to dewatering activities on the contaminated site. Rule 62-621.300, F.A.C., requires a permit when conducting dewatering in the area of a contaminated site. For this reason, if GRANTOR seeks to conduct dewatering on the Property, GRANTOR shall submit the signed and sealed plan to DEP DWM in addition to obtaining any authorizations that may be required by DEP DWRM, the WMD, or other federal, state, or local laws and regulations that may apply to this activity. DEP DWM can only approve a dewatering plan that ensures the appropriate handling, treatment, and disposal of any extracted groundwater that may be contaminated to avoid adversely impacting or increasing the potential for exposure to contaminants resulting in risk to human health, public safety or the environment. Unless it is demonstrated that the cleanup criteria under subsection 62-780.680(1), F.A.C., have been achieved, DEP, in addition to other remedies available at law, may institute proceedings to revoke this Declaration and require the resumption of site rehabilitation activities if any dewatering activities are commenced without submittal of a signed and sealed plan and DEP DWM prior approval.

Stormwater Features. Currently, there are existing stormwater features, the existence of which has been determined not to adversely affect the remaining contamination. Attached as Exhibit B, and incorporated by reference herein, is a Survey identifying the size and location of existing stormwater swales, stormwater detention or retention facilities, and ditches on the Property. Such existing stormwater features shall not be altered, modified or expanded, and there shall be no construction of new stormwater swales, stormwater detention or retention facilities or ditches on the Property. If stormwater features must be constructed, modified, altered, or expanded, a plan signed and sealed by a Florida-registered professional engineer or Florida-registered professional geologist must be submitted to DEP's DWM in addition to any authorizations required by the DWRM and the WMD. The plan must include the feature location, construction and design specifications relative to known areas of soil and groundwater contamination, and a technical evaluation (including calculations, fate and transport modeling, as applicable) to demonstrate  that  the  new stormwater features will  not cause  the  migration of
Page 4 of 45

contamination. The plan shall also outline the procedures for proper characterization, handling, and disposal of any contaminated media that may be encountered during construction. DEP’s DWM will keep the plan in the site file as documentation of site conditions and will rely on this professional certification for demonstrating compliance with this restriction. The GRANTOR is advised that other federal, state, or local laws and regulations may apply to this activity. A copy of all permits obtained for the implementation of dewatering must be provided along with the plan submitted to DEP’s DWM. A revised exhibit must be amended to the Declaration and recorded when any stormwater feature is altered, modified, expanded, or constructed. DEP will rely on this Declaration and certified plan to construct stormwater features to ensure that there is no exposure to contaminated groundwater entering into new or expanded stormwater features resulting in risk to human health, public safety or the environment due to the contaminated site. Construction of stormwater swales, stormwater detention or retention features, or ditches on the property could destabilize the groundwater plume or increase potential for exposure to contaminants resulting in risk to human health, public safety, or the environment. For this reason, if GRANTOR seeks to construct stormwater features on the Property, GRANTOR shall first submit the certified plan to DEP DWM in addition to obtaining any authorizations that may be required by DEP DWRM, the WMD, or other federal, state, or local laws and regulations that may apply to this activity. Unless it is demonstrated that the cleanup criteria under subsection 62-780.680(1), F.A.C., have been achieved, DEP, in addition to other remedies available under law, may institute proceedings to revoke this Declaration and require the resumption of site rehabilitation activities if any such stormwater features are constructed or commenced without submittal of a certified plan.
Soil Engineering Controls. The “Soil Restricted Areas” as located on the Property and shown on Exhibit C shall be permanently covered and maintained with either impervious material or a minimum of two (2) feet of clean and uncontaminated soil that prevents human exposure (hereinafter referred to as the “Engineering Control”). An Engineering Control Maintenance Plan (ECMP) has been approved by DEP. The ECMP specifies the frequency of inspections and monitoring for the Engineering Control and the criteria for determining when the Engineering Control has failed. The Engineering Control shall be maintained in accordance with the ECMP. The ECMP may be amended upon the prior written consent of DEP. The ECMP, as amended, relating to DEP Facility No. ERIC_10924 can be obtained by contacting the appropriate DEP district office or Tallahassee program area.

Excavation and Construction. Excavation and construction below the Engineering Control is not prohibited on the Property provided any contaminated soils that are excavated are either: 1) placed back into the excavation and the Engineering Controls are reconstructed or 2) are removed and properly disposed of pursuant to Chapter 62-780, F.A.C., and any other applicable local, state, and federal requirements. Nothing herein shall limit any other legal requirements regarding construction methods and precautions that must be taken to minimize risk of exposure while conducting work in contaminated areas.

All references to “GRANTOR” and “DEP” shall also mean and refer to their
Page 5 of 45

respective legal representatives, successors and assigns.

For the purpose of monitoring the restrictions contained herein, DEP is hereby granted a right of entry upon, over and through, and access to the Property at reasonable times and with reasonable notice to GRANTOR. Access to the Property is available via immediately adjacent public rights-of-way.

It is the intention of GRANTOR that this Declaration shall touch and concern the Property, run with the land and with the title to the Property, and shall apply to and be binding upon and inure to the benefit of GRANTOR and DEP, and to any and all parties hereafter having any right, title or interest in the Property or any part thereof. DEP may enforce the terms and conditions of this Declaration by injunctive relief and other appropriate available legal remedies. Any forbearance on behalf of DEP to exercise its right in the event of the failure of GRANTOR to comply with the provisions of this Declaration shall not be deemed or construed to be a waiver of DEP's rights hereunder. This Declaration shall continue in perpetuity, unless otherwise modified in writing by GRANTOR and DEP as provided in paragraph 7 below These restrictions may also be enforced in a court of competent jurisdiction by any other person, firm, corporation, or governmental agency that is substantially benefited by this Declaration. If GRANTOR does not or will not be able to comply with any or all of the provisions of this Declaration, GRANTOR shall notify DEP in writing within three (3) calendar days.

In order to provide notice and preserve these restrictions, GRANTOR shall record this Declaration in the official records of the county where the Property is located. The GRANTOR shall also make specific reference to this Declaration in the legal description of the Property, in any subsequent lease or deed of conveyance by specifically referencing the official recording book and page of record or instrument of record of this Declaration. Furthermore, prior to the entry into a landlord-tenant relationship with respect to the Property, GRANTOR agrees to notify in writing all proposed tenants of the Property of the existence and contents of this Declaration.

This Declaration is binding until a release of covenant is executed by the DEP Secretary (or designee) and is recorded in the public records of the county in which the land is located. To receive prior approval from DEP to remove any requirement herein, cleanup target levels established pursuant to Florida Statutes and DEP rules must be achieved. This Declaration may be modified in writing only. Any subsequent amendment, including new or revised exhibits, must be executed by both GRANTOR and DEP and be recorded by GRANTOR as an amendment hereto.

If any provision of this Declaration is held to be invalid by any court of competent jurisdiction, the invalidity of that provision shall not affect the validity of any other provisions of the Declaration. All such other provisions shall continue unimpaired in full force and effect.

GRANTOR covenants and represents that on the date of execution of this
Page 6 of 45

Declaration that GRANTOR is seized of the Property in fee simple and has good right to create, establish, and impose this restrictive covenant on the use of the Property. Three subordination of mortgage documents are attached hereto and are labeled as Exhibit D.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

Page 7 of 45

IN WITNESS WHEREOF, GRANTOR has executed this instrument, this 	 day of 	, 20	

GRANTOR:

By:	BANYAN CAY ESTATES, LLC, a Florida
limited liability company

Signed, sealed and delivered in the presence of:

By:	 Waldemar Schickedanz, Manager

Witness: 		Date: 	

Print Name: 	

Mailing Address:	

Witness: 		Date: 	

Print Name: 	

Mailing Address:	

STATE OF FLORIDA	)
)	ss.
COUNTY OF 	)

The foregoing instrument was acknowledged before me by means of ☐ physical presence or ☐ online notarization, this _	 day of 	, 20 , by 		 as 	, on behalf of BANYAN CAY ESTATES, LLC, a Florida limited liability company, who is personally known to me or who has produced 			 (type of identification) as identification.

My commission expires:			 NOTARY PUBLIC, State of Florida Print Name: 	
[Notary Seal]

Page 8 of 45

GRANTOR:
By:	USREC BANYAN CAY RESORT &
GOLF, LLC, a Delaware limited liability company

By:	
	, Manager

Signed, sealed and delivered in the presence of:

Witness: 		Date: 	

Print Name: 	

Mailing Address:	

Witness: 		Date: 	

Print Name: 	

Mailing Address:	

STATE OF 	 )
)	ss.
COUNTY OF 	)

The foregoing instrument was acknowledged before me by means of ☐ physical presence or ☐
online notarization, this 	 day of 	, 202   by 	 as 	
	, on behalf of USREC BANYAN CAY RESORT & GOLF, LLC, a Delaware limited liability company, who is personally known to me or who has produced 	
	 (type of identification) as identification.

My commission expires:				 NOTARY PUBLIC, State of 	 Print Name: 		
[Notary Seal]
Page 9 of 45

GRANTOR:

By:	USREC BANYAN CAY VILLAS, LLC, a
Delaware limited liability company

By:	
	, Manager

Signed, sealed and delivered in the presence of:

Witness: 		Date: 	

Print Name: 	

Mailing Address:	

Witness: 		Date: 	

Print Name: 	

Mailing Address:	

STATE OF 	 )
)	ss.
COUNTY OF 	)

The foregoing instrument was acknowledged before me by means of ☐ physical presence or ☐
online notarization, this _	 day of 	, 20	 by 	 as 	
	, on behalf of USREC BANYAN CAY VILLAS, LLC, a Delaware limited liability company, who is personally known to me or who has produced 	
	 (type of identification) as identification.

My commission expires:				 NOTARY PUBLIC, State of 	 Print Name: 		
[Notary Seal]

Page 10 of 45

GRANTOR:

By:	BANYAN CAY COMMUNITY DEVELOPMENT DISTRICT, a Florida
community development district

By:	
	, Manager

Signed, sealed and delivered in the presence of:

Witness: 		Date: 	

Print Name: 	

Mailing Address:	

Witness: 		Date: 	

Print Name: 	

Mailing Address:	

STATE OF FLORIDA	)
)	ss.
COUNTY OF 	)

The foregoing instrument was acknowledged before me by means of ☐ physical presence or ☐
online notarization, this _	 day of 	, 20   by 	 as 	
	, on behalf of BANYAN CAY COMMUNITY DEVELOP MENT DISTRICT,
who is personally known to me or who has produced 	 (type of identification) as identification.

My commission expires:			 NOTARY PUBLIC, State of Florida Print Name: 	
[Notary Seal}
Page 11 of 45

GRANTOR:

By:	USREC BANYAN CAY
DEVELOPMENT, LLC, a Delaware limited liability company

By:	
	, Manager

Signed, sealed and delivered in the presence of:

Witness: 		Date: 	

Print Name: 	

Mailing Address:	

Witness: 		Date: 	

Print Name: 	

Mailing Address:	

STATE OF 	 )
)	ss.
COUNTY OF 	)

The foregoing instrument was acknowledged before me by means of ☐ physical presence or ☐
online notarization, this 	 day of 	, 20   by 	 as 	
	, on behalf of USREC BANYAN CAY DEVELOPMENT, LLC, who is personally known to me or who has produced 	 (type of identification) as identification.

My commission expires:				 NOTARY PUBLIC, State of 	 Print Name: 		
[Notary Seal]

GRANTOR:
By: BANYAN CAY MASTER
ASSOCIATION, INC., a Florida corporation

By:	
	, Manager Signed, sealed and delivered in the presence of:

Witness: 		Date: 	

Print Name: 	

Mailing Address:	

Witness: 		Date: 	

Print Name: 	

Mailing Address:	

STATE OF FLORIDA	)
)	ss.
COUNTY OF 	)

The foregoing instrument was acknowledged before me by means of ☐ physical presence or ☐ online notarization, this 	 day of 	, 20  by 	 as
	, on behalf of BANYAN CAY MASTER ASSOCIATION, INC., who is personally known to me or who has produced 		 (type of identification) as identification.

My commission expires:
NOTARY PUBLIC, State of Florida

Print Name: 	 [Notary Seal]

Approved as to form by the Florida Department of Environmental Protection Office of General Counsel

IN WITNESS WHEREOF, the Florida Department of Environmental Protection has executed tins instrument, this 	 day of 	 , 20	.
FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION

Sirena Davila, Director Southeast District 3301 Gun Club Road
West Palm Beach, FL 33406

Signed, sealed and delivered in the presence of:

Witness:	Date:

Print Name:

Mailing Address:

Witness:	Date:

Print Name:

Mailing Address:

NOTARY ON FOLLOWING PAGE

STATE OF FLORIDA
COUNTY OF 	

) ss•

The foregoing instrument was acknowledged before me by means of 	 physical presence or 	
online notarization, this 	 day of,	20  ,	by		

as representative for the Florida Department of Environmental Protection, who is personally known to me
or	who	has	produced		(type	of identification) as identification.

My commission expires:

NOTARY PUBLIC, State of Florida

Print Name:

[Notary Seal]

SUBORDINATION OF MORTGAGE #1
Athene Annuity and Life Company and Fox Hedge Intermediate B LLC (collectively the “Mortgage Holder”), as the holders of the following described instrument:

Mortgage, Security Agreement and Financing Statement from USREC Banyan Cay Resort & Golf, LLC, USREC Banyan Cay Development, LLC, and USREC Banyan Cay Villas, LLC (the “Mortgagors”) dated December 18, 2023, recorded January 3, 2024, in Official Records Book 34754, Page 1494, as assigned to Athene Annuity and Life Company and Fox Hedge Intermediate B LLC, by Assignment recorded May 6, 2025 in Official Records Book 35727, Page 1866, as amended and restated by Amended and Restated Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing, Notice of Future Advance and Spreader Agreement dated April 29, 2025 and recorded May 6, 2025 in Official Records Book 35727, Page 1886, all of the Public Records of Palm Beach County, Florida (collectively, the “Mortgage”),
hereby subordinates the lien of its Mortgage to the foregoing Declaration of Restrictive Covenant by and between the Mortgagors, the remaining Grantors, and the Florida Department of Environmental Protection.
Provided, however, that the Mortgage Holder’s subordination herein shall not be deemed to subordinate any valid claim on the part of the Mortgage Holder to the proceeds of any sale, condemnation proceedings, or insurance, nor shall the liens, leases, rents, and profits of the property described in the Mortgage be affected by the Subordination of Mortgage (except to the extent of the subordination expressly described above). The foregoing shall not be construed as a waiver by the Mortgage Holder of any valid claim it may have according to its interest in the property to the proceeds of any sale, condemnation proceedings, or insurance.

IN WITNESS WHEREOF, the undersigned has executed and delivered this Subordination of Mortgage to Declaration of Restrictive Covenant this    day of 	, 2026.

ATHENE ANNUITY AND LIFE COMPANY,
an Iowa corporation

By: Apollo Insurance Solutions Group LP, its investment adviser
By: Apollo Global Real Estate Management, L.P., its sub-adviser
By: Apollo Global Real Estate Management GP, LLC, its General Partner

By: 	 Print Name: Jeffrey Horowitz 
Title: Vice President

WITNESSES:

Print Name: 	

Mailing Address: 	

Print Name: 	

Mailing Address: 	

STATE OF 	 )
)	ss.
COUNTY OF 	)

The foregoing instrument was acknowledged before me by means of □ physical presence or □ online notarization, this   day of 	, 20  , by
  Jeffrey Horowitz, as Vice President of Apollo Global Real Estate Management
GP, LLC, being the general partner of Apollo Global Real Estate Management, L.P., being the sub-adviser to Apollo Insurance Solutions Group, LP, being the investment adviser to ATHENE ANNUITY AND LIFE COMPANY, an Iowa corporation, who □ is personally known to me or who □ has produced   
	 (type	of identification) as identification.

My commission expires:			 NOTARY PUBLIC, State of 	 Print Name: 	
[Notary Seal]

FOX HEDGE INTERMEDIATE B LLC, a
Delaware limited liability company

By: Apollo Capital Management, L.P., its investment adviser
By: Apollo Capital Management GP, LLC, its general partner

By: 	 Print Name: Michael Lotito
Title: Vice President

WITNESSES:

Print Name: 	

Mailing Address: 	

Print Name: 	

Mailing Address: 	

STATE OF 	 )
)	ss.
COUNTY OF 	)

The foregoing instrument was acknowledged before me by means of □ physical presence or □ online notarization, this   day of 	, 20  , by
  Michael Lotito, as Vice President of Apollo Capital Management GP, LLC, being
the general partner of Apollo Capital Management, L.P., being the investment manager of FOX HEDGE INTERMEDIATE B, LLC, a Delaware limited liability company, who □ is personally known to me or who □ has produced    
	 (type	of identification) as identification.

My commission expires:			 NOTARY PUBLIC, State of Florida Print Name: 	
[Notary Seal]

SUBORDINATION OF MORTGAGE #2
USREC Banyan Cay Development, LLC (the “Mortgage Holder”), as the holder of the following described instrument:

Mortgage from Banyan Cay Estates, LLC (the “Mortgagor”) recorded in Official Records Book 35499, Page 1896, as affected by Subordination recorded in Official Records Book 35759, Page 1775, and Notice of Limitation recorded in Official Records Book 35759, Page 1840, all of the Public Records of Palm beach County, Florida.
(the “Mortgage”), hereby subordinates the lien of its Mortgage to the foregoing Declaration of Restrictive Covenant by and between the Mortgagor, the remaining Grantors, and the Florida Department of Environmental Protection.
Provided, however, that the Mortgage Holder’s subordination herein shall not be deemed to subordinate any valid claim on the part of the Mortgage Holder to the proceeds of any sale, condemnation proceedings, or insurance, nor shall the leases, rents, and profits of the property described int eh Mortgage be affected by the Subordination of Mortgage. The foregoing shall not be construed as a waiver by the Mortgage Holder of any valid claim it may have according to its interest in the property to the proceeds of any sale, condemnation proceedings, or insurance.

IN WITNESS WHEREOF, the undersigned has executed and delivered this Subordination of Mortgage to Declaration of Restrictive Covenant this    day of 	, 2026.
USREC BANYAN CAY DEVELOPMENT,
LLC, a Delaware limited liability company

WITNESSES:

By: 	 Print Name: 		 Title: 		
[CORPORATE SEAL]

Print Name: 	

Mailing Address: 	

Print Name: 	

Mailing Address: 	

STATE OF 	 )
)	ss.
COUNTY OF 	)

The foregoing instrument was acknowledged before me by means of □ physical presence or □ online notarization, this     day of 	, 20  , by
	, as 	
	, on behalf of USREC BANYAN CAY DEVELOPMENT, LLC, a 	 corporation, who □ is personally known to me or who □ has produced 		
	 (type of identification) as identification.

My commission expires:			 NOTARY PUBLIC, State of 	 Print Name: 	
[Notary Seal]

SUBORDINATION OF MORTGAGE #3
Seacoast National Bank (the “Mortgage Holder”), as the holder of the following described instrument:

Mortgage from Banyan Cay Estates, LLC (the “Mortgagor”) recorded in Official Records Book 35759, Page 1795, of the Public Records of Palm beach County, Florida.
(the “Mortgage”), hereby subordinates the lien of its Mortgage to the foregoing Declaration of Restrictive Covenant by and between the Mortgagor, the remaining Grantors, and the Florida Department of Environmental Protection.
Provided, however, that the Mortgage Holder’s subordination herein shall not be deemed to subordinate any valid claim on the part of the Mortgage Holder to the proceeds of any sale, condemnation proceedings, or insurance, nor shall the leases, rents, and profits of the property described int eh Mortgage be affected by the Subordination of Mortgage. The foregoing shall not be construed as a waiver by the Mortgage Holder of any valid claim it may have according to its interest in the property to the proceeds of any sale, condemnation proceedings, or insurance.

IN WITNESS WHEREOF, the undersigned has executed and delivered this Subordination of Mortgage to Declaration of Restrictive Covenant this    day of 	, 2026

SEACOAST NATIONAL BANK

WITNESSES:

By: 	 Print Name: 		 Title: 		
[CORPORATE SEAL]

Print Name: 	

Mailing Address: 	

Print Name: 	

Mailing Address: 	

STATE OF 	 )
)	ss.
COUNTY OF 	)

The foregoing instrument was acknowledged before me by means of □ physical presence or □ online notarization, this 	 day of 	, 20	, by
	, as 	
	, on behalf of SEACOAST NATIONAL BANK, a
		 corporation, who □ is personally known to me or who □ has produced 		
	 (type of identification) as identification.

My commission expires:			 NOTARY PUBLIC, State of 	 Print Name: 	
[Notary Seal]

EXHIBIT B
STORMWATER FEATURES

LEGAL OE:SCIUPTIQN Of' f!Dl!l B I\TaA.t,.V,q,. CA,'( RES/OFlTB! GOLF
rRAG:TS 1-1'2'. l,m,. l3,, 1..1'1. AJN!] LK2. OF "iiH.E Fil.AT OF 13AN'f'AN GA:..¥ RESORT. ACCORDING TO liHE PLAT THE..REDF. AS. Ei!EOORDED .I�. PLAT IEIGOK 125', PAGE n4, OF71-f.E P.UBUG RECO�OO OF P.\i!ili.M BE:A.eH
COILJNiTY. FLOt?IOA,
"TOGEfHER Wflil-1_

ALL OF'WE l?l.A,T OF IElANYA!N CA	RESORT REPlAT DFTIRACT "L1�..,A,eCOREJIP,,lG TO Tr'IE f'L.A'T TiHBFfEOF.
AS R�O:RE:IED IN PLAT 'OOCIK '127,PA'GE-1'8. OF THEPUBLla RE.GOiRDS Oi= FAlM BEAOl;!t COi:JNifY. Fl!..ORlbA
ALSOTQ�EIHER \IYfT1-t
IBA:NYANI CAY RES'ORTR!EPlAT OFTRAGT-r..2". AC:OORIJII"IG ffl  1HE PLA.TTHEREOF, AS REOOREED IN PL.AT IBOOK rnB.,.PAGE 137, OF-TI-llEPUBUG REOORDS,OIFP'/lJJM BEA,.CHCOl:Jl'IIT'I', FLORl!JA..
ALEOTOGETHER  WTn-l::
A. PAJRCEI.. OF LAND L'l•ING 1NI mAGT '-.R . BA!NY,A},I CAY' 'RESORT. .AG□ORDIJ',l'G TO THE IPLAT mER!EOF. AS· 'REOQiRQEEl IN PILAli BDCl.l'C,:ui. PAGE 11:i. PUB,l..10 RECORDS OF PA,I...M "BEACH! OQUNifV,,, R.,mUD!i,: -SAIO f"ARGEi. OF LANE:!BEll'\l,S  ORE PARTIClliLAIRILY EJESORIBED ASPO'LlO\i\(S:

BEGIN AT Tl-IE !'40IfHH1NEST OO!ii!NER OF SAID ""fiRACT; THEJIIIG'E.. S'O'UTM B;Ba48'0B"' EA.ST. AUJl'ilB "THE B@'lJNDARY OFSAID TRACT. IFOFI T]-,l!S ANO TI-ilE t;;.IEXTTH!IRiEEN :COijRSES,. A,□ISTA/NCE 0:f 54'[l52 FEET
TO A POTNT a.N A ct.JRViE OONCA\;l'E WEST, �.'IJ(NG A RAflllUS OF 0551.00 FEET' AtilD WJ!-lOSEi RADIUS POINT BEA/RS SQIJll-! 78"1111'5.B:" WEST; TiHENGE. .SOlJTiilERLY .. Al.ONG SAID -CURVE. TI-!RO G'H A CBilTRAL mGLE OF1aa3:2:'45", A.DIST.ANOE OF 1U1..4s2 FEErUJ THEPOU-,IT OF IRE\!!EHSE CllRVATURE  CF A CURVE CONCAVE EA.ST. 'A\llNG: A 'R/IDIUS OF "2:0�0� FEET; THENCE. SOUTl-!E.RiL'.'i', Al@N:G sAIIJ CURVE, THROUGH A c1=m,RAL A.tl'GLE QF t,Be58i"'l!i"'. A OJITTANmc O'F 166.25 :FEET TO l'lrllE PO(tfir OF COMPOU!'-10 GURVAl'URE OF' A CllRVE CONO!!i;ViE'. NORTHEAST. 11-0li'VilNG A RADIUS OF 465.00 FEET;
T.lrlENCE. SOil:JITiiEASiTERLYi A/LONG SAJ[l OURVE  TI-i!ROUGH A ce'l:flRAI. .ANGli.E OF  U!0'48'51". A_
DISTANCE OF i:m.46 FEET TO 7liE POJtNT OF OOMPOIJND GURVATI..IRE 'OF A GL.JIIR.'1.!'.E CO CAVE t,IQRTHEAST. 1-!AVtNG A RADlUS OF 51J,173' FEET, lli!BNCE. :SO�)=U_y, J!l,lO 6 SAi'[} OHRVE. TI-'IROU'GH A OE�liRAL ANGLE IOF 22"37"36". A t!IISTMOE OF 233..68 IFiEET TO THE l?iCJINIT OF REVERSE CURVATURE OF A OUR'IJ.E GONlli\ViE SOLJTHWl2ST. JHAV,ING A RADIUS OF 780..21 FEET: TiHENGE. SOUTHEASTERLY . .Af..ONH :sl!J'D CURVE. Tl-!RQUGH A C�L ANGLE OF 1'2"00'§.4"� A DISTAN� OF
-  64.7. .5 FEET m1 TI-IE FOINT OF coM'PO!lNI!),GIIJRVA1HRE tfF A C:Uliil.VE coNrJA:v'ESOUIBWESiT  HA.�NG A
RAQIUS.QF-4i;28,'])5 FEET,Tl-!ENOE. sourn-!EASifEffi-"I'. ALONG SAID CURVE.liHROt:IGl-l' A �t\liliW\,L,f>.NGLE
0	17"-44'0�, A. rnSTPJNC:E OF 132 ..53 FEET TO T1-lE PO[ITT' o:p REVERSE CIJFNA.11.JRE OF A CURVE
GO.NCAViE N'ORTHEAST. HA:riJilNG .A RAmlJ:S OF :38:5..69 FEET:�lHBNOE, 501l111-lEASTERILY. ALONG SAIi] OUR'E. THROUGH Ac OENTRAL ANGLE ·aF 2fl"3Bf.51". A illl:&TAN'C:E OF 17-9,.38 A=ET TO THE POINT OF CdM�OU"4D CliUEiVATLIRE .OF A Q.IRVE CONCAVE t:rORTH. HAVUr.t6 A IR,,a;;!)[US: QF '12.1.42 FEET; liHENGE. EA.'STERiL'I'. ALONG; SAID GllR:VE�THIROl:JGH � CBNTR.M.. ANGLEOF 53a3f'tiEL":, A DISTANDEDF'113..44 FEET m THE POINT OF GOMF'OIJl'l!lD GIJIRVATIJRE OF A CURVE CONEA'VE NO.RTHWEST. HA.'iw!'IN6 A P.ADIUS OF 65,.00 IFBET:W.B\ICE. N0RT:I-IEASTERl:¥, AIL.mm SAID G!URVE.,THR01JG}-I A OENTRAJ,...ANGIJE Of 31,i,•,«j'§'1i."
A .EllSTA.WCE OF  45 ..'11 F:EEr TC THE FOINT OP REVH!SE Cl!JIRV#I.TIJRE �F  A CiUFWE CONOAVE
!SOUTHEAST. HIAV>ING A RADIIJ:S OIF i.35JJO FiBE.T; ll-iEl'i,IGE_ lllDRTiiEA.STERLY, .liJLOH:6 SAID CURVE. TI-1ROUSH .A CEli'll:TRAL. AINGI..E ClF H'"'{l9'!Cl2", A DliSTAIII.OE m= 1-44..01:1; FEET TO T.IHiE IEl'IID OFSIU□ rnlR'VE;;:
CCJiITTfNUED ON! .S.ti_BET30F 11i)

NOTE:Tl-llS IS:11101'"A SWViEY	SB�SHEET I QF 11 FOR SI-JEET [l\lll!JEX & �V MAP'	
LEGALIlESCliUPTlOf.1	1OF:	• J'	
BANYAN CAY RESORT & GD1LF	
	ASS	,OCIA	.TED LA	'ND SURVEYORS, IINC..	
	3200 SUM.MIT.BLVD #'19,717
WEST PALM BEAC-H, FL 33416
PHOfiE;- (56 f}��"2102  l.B NOL7344  aAAll: ats@alssunrey.net	

IC©N!TINll.lEIJ !=ROM SHEET :2 OIP 11)
Tl-JENOE.. SOUTH' m"'1'1'!ii1,-WEST�.A DISTAiNGEOF 7tllm FEETTIJAPDrNTON A CURVE GONCA\IIE .soun-ll. HA\i'WG A RAO[IJS OF 165'_[1!(], FEET ANO VVI-J'GSE RAJDL1JS- IPOIITT BEARS,SOUTI-i m•·1.t'§'1i'" WiEST· Ti!-!JENOE.
WESTEFU.Y...Al.ON'G SAID GURWE. THROLJ 01-l A C!BITRAL .�GLE OF4'.3"1mB"5Q". A DISTANCE OF JIBJ.Q5'FEET TO 11-IE EN P Of $.A'l'll CURVE; 11-fENCE, :SOUll-1 1P4"191HI," WEST, A DISTANC'E OF M:.!!16 FEET; THENCE. soum 33.•;;_4� WEST, DBPAR.TltJ:J;i·.SA1D IBi\CT BOUl',ID/H�Y. A O'ISTANl{lE OF 00.Q:3 FE� r,o /!, POIm ON S.AJ[l TRACT BOUNDARY AND O:N A GUR'VE �NC.A.VE llilORTH, HAVING .A RADIUS OF UlL42 fiEEI" AND
WHOSE RA�ms POINT BEARS J\,IQRJil-1 211"3ilffl" WEST: "'H-fENiGE, WB:fTERLY. .ALON'G SAID OUF.il'ilE,. AND OONTlNU IN.'G AliONG sAID TRACT BGUNQA1RY FOR THts ANO THE R'EMA[N:INCST: EN COURSES. THROUGH f'./  CENTRAL  Arll'GLE  !;)IF §3,•!fln�·.  A rnSTANGE OF  [ffl.B,'a 1PEET  ro, THEPOINT OF CiOMPOUND CURVATURE OF A CURiVIE OONG:A\fE NOR:lil-lEA.ST. f;#i:V.liNG. A .RAlllUS OF 455.00 FEEfi TI-!El'i'lilOE. 1!'i.laRTHWES,1ERL'11', ..N:..ON:G· SAID 'CllR:i.lE. THROUGH A OENTRAL ANGlE O.F 26"38';51". .A. Ellfil.ANCE OF
2.'ill.94 IFEET TO THE P'OINT OIF REVERSE OORV:A._Tll� QIF A CILliRVE GQJIIGAVESO'lJTHWiEST; lhlAVING ,A
RA.D]IJS OF 358.,l5  FEET; lHEJ,,lCE, I\IORTHWE'S"fERLY, ALONS SA.ill IUUHVE; T1-IROliJGt-l A. �ENTRAL
.AN'GILE OIF 1-;r44ros·..:A. lllSTANGE DF,,HJ..86" FEET TO THE F-IOIN!T OF  COMPOlJ.NID c.u RVATURE OF A
GllRVE CONCAVE 50llTl-l.WEST, HA'.Vi�B.A RADIUS,.OF rn,.21FEET; TI-lENCE. NORliHWESTERE..":il', .ALO.NG'
�[l CURVE. Tl!-JROU'SH A ��	AN GLI::: OF t2•�!)';54•". A IE,ISSTAll',ICE iJF 49.96"FEET TO li1HE POINT elF"
:REVERSE OUm/Ai URE OF  ClJlRVE OO�C�'lJE l'\lGRliHE.AST. HAVING A MDIUS OF fltl1 73 FEET: TI-JENG.E� N:0R.TI-M!'Eaf'ERILY� ALON1G, SAi□ 10Llm!E. TI-IROO'GH A CENlRAL ANGLE. OF 22'3:7''.368,  A.
IJISTANOE OF 261.32 FEET TO THE POINT OIF COMPOLilND GIJR'l.!'.A"TUE(E OF A GIJRVE CONCA!JE NQl,ffTI-lEAS " lt,\AVING .A. MlllUS OF .5'3�i00 FEET; Tt{EiNOE. NORTl'iWE$TEffi_ Y'. ALONG :SA! 0 :OURVE. 11-!mJlJCiH A. CEit,.IT�/1,N(,,LE QF 1�'"1D'22"'. A. D�TANCE ©f "113'2.'34 F!EETTO l1HE MINT OFi.DO:MPOUND CURVATURE rn= A GIJR'!.l'E CONCAiV'E EA:S.1. J'-!IA',,,JING A RADIIIJ.S OF 12MJ)lil FEET; THENOE, NORTHERLY_
M.ONGi SAIIl CU.RVE, Tl-!ROllGH A G6�	ANGLE OF ll6"'21il'4fl", .I!. DISTANCE DF 1::m.lfl� FEEll"'TO"ll'HE P@INT OF TANGiENC:V-: THENCE�.NOf;tTH 1;6/'411'46" \lll'EST, A DIST:Al'Jt:-E OF 38.23 l=EE1'1 Th!ENCE. �eErn-1 52°44':!W WEST. A l□li5TANCE OF 29,.4;3 IFEEf-:<Tl'-!IBl�E l\!OfitTE-l :BS'<:48',Da• Warr. A l□IS.TANOE lidF 428�'11 FEEr:'THE"40E. INORTI-1' D t•11,�1"' EAST, A Dl:STANIOIE et= 32.00 'lrEET TO 11-i.E�1NT OFaEGltlf!BPlG-

-YOT,N...COKliA!ININa: "116..48�ES. OR2"024.1W :SGliUARE AEE'I". MORE OR LESS.

BY:			DATE: :Bl5.l'202§

LEGALIlESG!RlPTION OF:

'.,,
BANYAN CAY RESORT & GD1LF

ASSOCIATED  LA'ND SURVEYORS, IINC..
3200 SUMMIT BLVD #·19,717

1

'WEST.PALM BEA.C-H FL 33.416
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m	l!iiQI	,sir

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	ASSOCIATED LA'.ND SURVEYORS, INC.
3200 SUM·MrT·BLV□#191717
WEST PALM BEACH, FL 33416
PHONE; (56 f) �� 110'.2 LB No.. 7-344 EMA -:,.i�ntey-net	

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BANYAN CAY AES-ORT & GO:LF
.As.soc.IA.TED LAND S1URV.EYORS, INC ..
3200 SU1MMrT.BLVD #191717 'WEST'PA.LM B,.EA.C-Hi FL 33416
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AS	·SDCIATED LA	'.ND S1URVEVORS, I	INC	·..	.	
3200 SUMMrT.BLVD #19,7·,:7
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3200 SUMMIT BLVD #·191717 WEST.PALM B,EA.CH, FL 33416
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NOTE:TJ-QS iS NOT A .S�	�i!jlctSt!i!.IJ..E	SEE Sli:EET1 OF 11RTilfi: Sf-)6ET I . DEl'li &cKEV �
SKET'eH OF:
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BANYAN CAY RES.ORT & GOLF
AS-S01CIATED LAND SURVE-YORS, INC.
3200 SUMMrTBLVD #1917t7 WESTPA.LM BEACH; FL 33416
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3200 SUM·MrT·.BLVD #191717 WE-ST PALM B,EAC.Hj FL 33416
PHONE; (56 f} &4!.8�21102  LB ,No., 7344 EMA  --:;;a�rvey-l'le

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PAGE'l14)	fPl..AT BOOK 125;.
P.A.GE1.M)	
SIKETGH OF	.:	
BANYAN CAY RESO-" RT & G01LF
ASSOCIATED  LAND-SURVE-YORS, INC..
3200 SUM.MIT.BLVD #'19,717·
WEST PALM BEAC-H, FL 33.416
l?J-IDNE; (58f)-:B-4fi-21,02 LB ,No ..7344. E'MAll: ats@iil'ss:Urve.:tu1e	

EXHIBIT “C” ENGINEERING CONTROL AREAS

LEGAL DESCRIPllON OF AOl-1
A f'AAUEL OF LAND LY1N6 IN' iEABLE OAJc;· lANE. BANYAN 'CIA� t=!ESORT REPl.AT OF TRA.OT ,:_1"',
. CGORDJN:GTC TI-IE P,I. A.T Tl-iEREOF. A,SRECORDED INPLAIT BOO!{·'Il, PA6E' Bl, PUBLlO'RECOFWS OF
P.At..M BEACH oornnv. FLORIDA, ,A'f,,l[] ·� liRACT "R", BA1'1YAN CAY 'RESORT. AC.�ORDlNG TO THI= F."li.AT THEREOF,.A.S RECORDED tN PLAT BOOK .25·. PAGE,1◄, :SAIi:} PUBUG R>ECOO.DS: SAl[l PARCEL OF Uiiilll
a�,r,lt;i t.tORE PA�GUlA.m_-y DEso1uern �  F011.ol#Sr.

COMMENCE A"'f 'THE N(;)R,THEAST �ORNER OF :SAITI EM,ILE OAKS LA'l'IIE?; 11-IBIIGE,. SOUTH i®"411-ffl" E.AST.Ali..QNG TI-fE EASTERl."i?BElUN□J\!!Pi' OF S.!Jn EAGL!E OAKS LANE. A mSTA!r,;JClE ai; 3_l 1.1F8ET TO THEPOINWOFR�I   6:

!HENCE, NGRT!:41 El()" IJ'�5" EAST.IIJE:PAliUll\lGSAID EAiSJiEH!L'I' BOUND.AR'{, ./\,DISTANCE Of"07_43 FEEr;
!HENCE, SDUTI-i '12"15'13" EAST. '1, □ISTAINGE OF lfl@.oa ,fiEET: THEl:ilGE;, :SOtITH B'1�MI§" werr; ,A
t:m,TANoiE ()F 00:.59 FEET�Tl:,IENOE. :NORTll-j flas33•52• WEST, A OJ.!HANOE OF '169,!5® FEET; 11-tEMCE.
NC;DliHH 81l"UJ'4!5" EAST. ADISTAN'l,1EQF u:74 PEETl07i1HE POJNTC'F IBEGINNJHG.

CONJAININ:G: 1.!,7.51 sa:�E FEET OR·Il.29 ACRE. MORE::OR LESS.

.m.JBe!E(IT TO EASEMErifTS. RESl=R.VATJOOS, RESTmc:moNS AND �!G.ITT&OIF.:WA OIF RE00.00.

I

SEE SHBET 3 OF 7 FORSKETGJrl HmE:  ffllSIS 'Nllff A SURVEY'	SEE SHEET, OF7 FOR IL,OCl,TION MAPAND nl:1Hn@OAT]i01\1
LEGAILOl:BCR1PTION QR	AOl■-1  SOIL RESTR.IC'.TED AREA
BANYAN CAY POD B	
	
FIIJE:	Pl.3D2SB-A.Ol-DRB I IIlATE: 8J2ID.20125 IB�:	:BLS	, I okd:	I w.o.no.:	p,302.:se!Isheet: 2.0f7	

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SEE SHEET :3 OF 7 FCR LBGAL DESCRIPTION
HOJ'E;ll{]:$ '$ 'NOirAi$UllVE'f	SEE SHE.Er 1UF1 FO!itLOO;ATl N MWAND CEFmAOA.TIQI( S!CETOHOF'.	AOl-1SOIL RESiTR(C.TED.AREA
BANYAN CAY PODB
A,SS10CIATED LAND SURVEYORS, l'NC�
-------...-·	3200SUMMIT BLVD #19717
W6STPALMBEACH, FL 33416
HP��:(5.fl1) �B-,J!1�	FM;- !5fl1) S#-at\lml LB NC.7344 aN\IL:�ls@;,11!55!1.lf!Jey��
W.O_NCt:	Pf302.:SB SHEET: 3'0F1

l.EGAl.DESCRJPililON OFADJ-2.
ti. P'AEWEL OF LAND LY1IN'6l 1'14TR.r\CJ.TS "01• /!Jilt!' R2". BANV'AiiJ GAV RESORT �EPL:A.'r OJ= liMCT "12'. A,©C@RJLflNG o THE PLAT I E�EOF.AS RECO�DED IN Pt.A; !30ot<'13a, PAPE 1'37, pUijLIQ: ;1:00ROSOf ALM BEACH OOIJN'T¥, Fl�RJOA ANO, IN TRACT �2"'. Mt,NAN e1>,Y RESORT, Ac;e0fl:DlN6 TO THI: �T THEREOF. AS REGQRDED llil Pi!.AT BOOK l:W, !PAGE,14, SAIi] Fl.LlBlJ:GA>ECORDS; SAID PAAGEL Oi={.AJ,jO
BEING MORE PARnCULl!HL�DESGRlBED AS FOil.LOWS�
COMMEHC.E ,Ai 11-fE NIJFUl:lWEST IJ0r!NER OF :sA!O lRACT "1-12,; Til-lENCE, -511:lltfl-l "33/'C,8'4� EAST,
ALOri-lG Tl-IE WESTE@Jf BDUN.DAID' OF SAIID TFUi.m "H:2:": A DISTANGE OF43.l!l!HEET TO ffiE POffH
DF BEGINNING,
THBNCE, SOUTii Eil"1'1134"' WISS:f, DEPMTING SAID WESliERt:'r BOUMIJAR'i.'. A DISTANCE OP 30.77 FEET�THEl'ilOE, NO'.IITH 311."46'32" WEST. A msTANCE 01?":t]lll!!i fEET�Tl-!ENClE; 1NOR:m m�!46" EAS T A 01,5,TAN�E OF ,81.'311FEEf; TJ-ii::NOE. $GIUTI-l 28'"16't51'EAST. A tilSTJl!lNCE OF 67.tU FEET; ll-tBIICE. SOIJTH li7"11r34.. W&ST, A DfSTANOE OF 11,Ei!ljFEET TO THE POINT OFBEGIUIIHG_

ICOllJ:lllNJNOi ·UOO SQtlAAE FEET O:R t:l t�·ACRE MOH�OR LESS.

.SlH:!JEC:T1itlE!\!SEMENTS. RESER'I/ATIOJIS,RESTRICllONS AJIJD R!GHTE--OF-WA  OF"RECORD�.

SEE.SHEEHi GF7FORSKETG!'i	
NOTE:.JHlS JSJIOT-1\	.SURVEY	SBE.SHEIET� on	m�ILCJiOli,Tt□N MAP JI.NI;] CBl"jllFmA..llON	
l:EGM.DE,SGRIPllON ClJF.	.AOl� SOIL RESTRIClED AREA	.	
BANYAN1CAY .POD B	

TRAC'T �u�'"
(PL.Al BOO 1:a!i. PA.GE I Ml

LEGEND
A;=li\]=ftl l.al$>1iH

..,... ,_------=-·TRACT '"01°	·,· • BANYAN CAY RESORT REPlAT OF TAACT "U'�
fP.L�ffB6DK na PAGE 137)

TRAG:T' r'H2"
BANYA:NCAY
.RESORJ'
fl.A.T BQOI'(:l:Mi•.
P'AGE 114)

teaJ�BAa�,l:l_.�R l!I�
C!\.=-OENTRAL AN.GLE
OB=CHO�IJ BEA/RI  G	□
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WEST f':Al.Jf.11 BE:A.Oi-liWATIER
iii. SEWER EASSMEl:fT	�Ii-Her_SCALE.
R=AAC!\:.15'	tl;{Fffi11
_	_ . _	.	_				SEE SHEET ".II OF 7 R}ff L�ALOESGR(FTION NWE ll-US ,WS NIJt.ASURVEY		SEE SHEET 1 0'171 �O�LOOl',JIClNiMAf!!_AHi) C]ffiTIF.lf:ATL S1£i"CHOF:				AO ""'2 SO		L RESiTR[CTED AREA
BANYAN CAY POD B
�•	ASSO1CJATE'D LA'ND SfURVEYORS, INC�
�i(t!lllt	3200 SUMMrT BLVD #1g;717
W6STPALM BE'ACH-FL 33416,

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