Bridgewalk Community Development District

Agenda August 17, 2026

Agenda

August 10, 2026 Board of Supervisors

Bridgewalk
Community Development District
219 E. Livingston Street, Orlando, Florida 32801 Phone: 407-841-5524 – Fax: 407-839-1526

Bridgewalk Community Development District

Dear Board Members:

The meeting of the Board of Supervisors of the Bridgewalk Community Development District will be held Monday, August 17, 2026 at 10:30 a.m., or as shortly thereafter as reasonably possible, at the Oasis Club at ChampionsGate, 1520 Oasis Club Blvd., ChampionsGate, FL 33896.
Zoom Information for Members of the Public: Link: https://us06web.zoom.us/j/89426299811 Dial-in Number: 1-305-224-1968
Webinar ID: 894 2629 9811

Following is the advance agenda for the regular meeting:

Roll Call
Public Comment Period
Approval of Minutes of the July 20, 2026 Meeting
Assessment Area 4 Financing Matters
Consideration of Preliminary Supplemental Assessment Methodology for Assessment Area 3 & 4
Consideration of Bond Delegation Resolution 2026-14 & Exhibits
Exhibit A: Form of Bond Purchase Contract
Exhibit B: Draft Copy of Preliminary Limited Offering Memorandum
Exhibit C: Form of Continuing Disclosure Agreement
Exhibit D: Form of Third Supplemental Trust Indenture
Composite Exhibit E: Forms of Completion Agreements, Acquisition Agreements, True-Up Agreements and Collateral Assignments
Public Hearing
Consideration of Resolution 2026-15 Adopting the Fiscal Year 2027 Budget and Relating to the Annual Appropriations
Consideration of Resolution 2026-16 Imposing Special Assessments and Certifying an Assessment Roll
Consideration of Agreements
Agreement with Grau & Associates to Provide Auditing Services for the Fiscal Year 2026
Landscape Maintenance Agreements with United Land Services
Aquatic Management Agreements with Applied Aquatic Management, Inc.
District Goals & Objectives
Adoption of Fiscal Year 2027 Goals & Objectives

Presentation of Fiscal Year 2026 Goals & Objectives and Authorization to Chair to Execute Final Form
Staff Reports
Attorney
Engineer
Discussion of Pending Plat Conveyances
Status of Permit Transfers
Status of Construction Funds & Requisitions
District Manager’s Report
Approval of Check Register
Balance Sheet and Income Statement
Approval of Fiscal Year 2027 Meeting Schedule
Field Manager’s Report
Other Business
Supervisor’s Requests
Adjournment

The balance of the agenda will be discussed at the meeting. In the meantime, if you should have any questions, please contact me.
Sincerely, George S. Flint George S. Flint
District Manager

Cc:	Jan Carpenter, District Counsel Broc Althafer, District Engineer

Enclosures

Minutes

MINUTES OF MEETING BRIDGEWALK
COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of the Bridgewalk Community Development District was held Monday, July 20, 2026 at 10:30 a.m. at the Oasis Club at Champions Gate at 1520 Oasis Club Blvd., Champions Gate, Florida.

Present and constituting a quorum were:

Adam Morgan	Chairman
Rob Bonin	Vice Chairman
Michelle Dudley	Assistant Secretary
Carrie Dazzo	Assistant Secretary
Shahbaz Shamsai	Assistant Secretary Also present were:
George Flint	District Manager
Kristen Trucco	District Counsel
Broc Althafer by phone	District Engineer
Alan Scheerer	Field Manager
Karly Chambers	GMS

FIRST ORDER OF BUSINESS	Roll Call
Mr. Flint called the roll. Five Board members were present in person constituting a quorum.

SECOND ORDER OF BUSINESS	Public Comment Period
Mr. Flint: Next is public comment period and we don't have any public here other than Board and staff.

THIRD ORDER OF BUSINESS	Organizational Matters
Acceptance of Resignation of Lane Register and Appointment of Individual to Fulfill Board Vacancy with a Term Ending November 2027
Mr. Flint: We received a resignation from Lane Register, creating a vacancy with the term ending November 2027. Is there a motion to accept Lane's resignation?

July 20, 2026	Bridgewalk CDD

On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, the Resignation of Lane Register, was accepted.

Mr. Flint: Anytime there is a vacancy created, the remaining Board members appoint the replacement. Are there any nominations to fill that vacancy?
Mr. Morgan: I nominate Shahbaz Shamsai.

On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, Shahbaz Shamsai was Appointed to Fulfill the Board Vacancy with a Term Ending November 2027.

Administration of Oath of Office to Newly Appointed Supervisor
Mr. Flint administered the Oath of Office to Shahbaz Shamsai at this time.

Election of Officers
Consideration of Resolution 2026-13 Electing Officers
Mr. Flint: Mr. Flint: We have election of officers. Lane Register was an Assistant Secretary. Do you want to make Mr. Shamsai an Assistant Secretary as well?
Mr. Morgan: Yes.

On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, Resolution 2026-13 Electing Officers as slated above, was approved.

FOURTH ORDER OF BUSINESS	Approval of Minutes of the May 18, 2026
Meeting
Mr. Flint: The next item is approval of your May 18, 2026 meeting minutes. Are there any comments, corrections, or changes to the minutes? Hearing no changes to the minutes, I would ask for a motion to approve.

On MOTION by Mr. Morgan, seconded by Mr. Bonin, with all in favor, the Minutes of the May 18, 2026 Meeting, were approved.

FIFTH ORDER OF BUSINESS	Discussion of Virtual Meeting Option for
Residents
Mr. Flint: We had a request from a resident in Bridgewalk to be able to dial in or participate in meetings virtually. Bridgewalk is on the other side of the County, there is a significant distance

July 20, 2026	Bridgewalk CDD

between the community and the meeting location, as well as the timing of the meeting. For many of our Districts we provide a Zoom call-in option for the public comment portion at the beginning of the meeting. This also allows residents to listen to the Board meeting. If you have attended any of the Districts Jill handles where Lennar is involved, you may have noticed that there is a Zoom link for the public to dial in. We only use the audio function; we do not video-record the meetings. Mr. Morgan: We stopped doing the video down there. We only do audio, but it's still through
Zoom. Jill can see it.
Mr. Flint: I don't have a problem doing that for this District. The Board is not obligated to do it, but I would suggest you consider it.
Mr. Morgan: I thought we were already doing at least audio.
Mr. Flint: We do audio for staff. We don’t do the Zoom. We’ll start with the next meeting. We'll put a Zoom link on the agenda, and we'll have it available on the website. As I indicated, it's limited to the public comment portion or if you have public hearings that you have to take public comment, we will allow that. But the Zoom allows us to control the interaction so they're not interrupting the meeting or anything.
SIXTH ORDER OF BUSINESS	Ratification of Series 2023 Requisitions
#23 – #24
Mr. Flint: Item six is ratification of Series 2023 Requisitions #23 and $24. Were there any comments or questions on those?

On MOTION by Mr. Morgan, seconded by Ms. Dudley, with all in favor, Series 2023 Requisitions #23 – #24, were ratified.

SEVENTH ORDER OF BUSINESS	Staff Reports
Attorney
Ms. Trucco: No new news from me today, we're all good in the legal practice.

Engineer
Discussion of Pending Plat Conveyance
Status of Permit Transfers
Status of Construction Funds & Requisitions
Mr. Flint: Broc, anything for the Board?
Mr. Althafer: Yes, a couple updates. Several months ago, we submitted a certification to the South Florida Water Management District for the stormwater system. They responded that

July 20, 2026	Bridgewalk CDD

Osceola County needed to be listed as a co-permittee on the permit because the County has inlets and storm pipes within the right-of-way. We submitted a revision application to Osceola County, and the County signed off on it right away. We have now submitted that revision back to the South Florida Water Management District. I expect the revised permit to be issued in the next couple of weeks and will present it at the next meeting. I also performed my annual inspection last month and found that everything appears to be maintained well. There is one stormwater pond in the northeastern portion of Phase 2C that will need maintenance in the future, primarily due to vegetative growth, but aside from that, everything else looks good.
Mr. Flint: Any questions for District Engineer?
Mr. Morgan: When you say maintenance, what do you mean, Broc? Mr. Althafer: A lot of vegetative growth in that pond.
Mr. Morgan: I didn't know if you were talking about similar to the other pond.
Mr. Althafer: No, similar to how the other pond was, just before it gets turned over, or before the construction gets out of that area, it's going to need to be cleaned up.

District Manager’s Report
Approval of Check Register
Mr. Flint: District manager's report, you have approval of the check register for the General Fund and Board compensation from May 1st through June 30th for $51,395.80. Any questions on the check register?

On MOTION by Mr. Morgan, seconded by Ms. Dudley, with all in favor, the Check Register, was approved.

Balance Sheet and Income Statement
Mr. Flint: You have the unaudited financial statements through June 30th. There is no action required. Any questions on those?

Form 1 Filing Deadline Reminder – Due July 1st
Mr. Flint: This is your reminder about the Form 1 filing deadline.

Field Manager’s Report
Mr. Scheerer: Ongoing landscape and turf application inspections are occurring every week. The main item to report is a slight depression in the road near 3087 Addison, up against the

July 20, 2026	Bridgewalk CDD

curb in the median, which had been there for some time. Karly submitted a work ticket to Osceola County, and the County initially thought it might be a Toho irrigation line. On July 14th, the County requested that the CDD be present during the excavation in case it turned out to be one of our irrigation lines. Prior to that, we met with United Land Services and performed several tests. We felt confident that whatever was occurring was not related to the CDD. Once the area was excavated approximately four to five feet deep, it was determined to be an issue with poor compaction. The reclaimed water line running east and west across Addison to the homes was exposed, but there were no leaks and nothing was coming out of the median. You may see a patch in that area, as they planned to fill it with asphalt, place base material, and then re-asphalt it.
Mr. Morgan: What phase is that in?
Mr. Scheerer: Phase 1. They were indicating to us that if it turned out to be CDD, that we would have to pay them back for excavating and all that stuff. Myself, Karly, and John with United spent the morning there watching them dig everything out. They did a really nice job. It was very efficient. The good news for all of us is that it was not a CDD issue, it was not an HOA issue, and it was not a Toho issue. I have not seen it since last week, but I will be out there again Wednesday to take a look at it. The CDD would only receive a bill for fixing the road if it was our fault. If it was our fault, then we would pay for it, but it was not us. That is how we always operate. Other than that, you owe me some money. I overspent my water bill on Phase 2 of Springhead South Osceola. You are going to see an $8,000 water bill come across, and that was tied to the installation of the new landscaping in Phase 2. I guess they have been watering every day for about 30 days straight. The plants look great, but my water bill doubled. So, I will be talking to you later on.
Mr. Morgan: Do we have that dialed back now since it has been 30 days?
Mr. Scheerer: Yeah, it should all be dialed back right now. I did talk to Mark, Todd, and John and everybody agreed that there's only one meter.
Mr. Morgan: It is all coming off one meter? Mr. Scheerer: Yes.
Mr. Morgan: You're talking about Phase 2A landscaping?
Mr. Scheerer: I'm talking about Springhead South of Osceola, which will be Phase 1. There's Phase 1, 2A, 2B, which is all of Springhead Osceola. I think he's talking about everything that's been installed in Springhead is probably on Zuni Road, yeah. I know they want to do a turnover for the rest of it. Ashley had sent me an email request to do a turnover walk for all of

July 20, 2026	Bridgewalk CDD

Springhead South. I think the playground area looks good. I think it's ready to go, but we're going to need the engineer to sign off on the stormwater ponds.
Mr. Morgan: We're not quite ready to turn over the stormwater ponds.
Mr. Scheerer: Derek said they're going to be doing some additional work and some additional mowing, getting it cleaned up, and that we would hold off on the turnover. I just know that that's a big-ticket item for everybody, and I just want to make sure everybody was on the same page.
Mr. Morgan: Got at least two weeks.
Mr. Scheerer: Other than that, we'll need to pile up on the conveyance documents to make sure those are all teed up. What do you need?
Mr. Flint: Just for information, we originally were going to issue bonds just on Springhead Osceola, which we called Assessment Area 3. The Board had previously adopted a delegation resolution to do that, and then we were going to come back after the bonds were validated for the Orange County piece and do a separate bond issue. Now we haven't issued bonds for the Osceola County piece. We're going to do one bond issue for both parts of Springhead. And I think we have a validation hearing on August 4th.
Mr. Scheerer: That's right.
Mr. Flint: Once that happens, assuming we get a favorable decision from the judge, there's a 30-day no appeal period and then after those 30 days, the Board, the District, can issue bonds. On August 20th, I believe at the next Board meeting, we'll have a new delegation resolution that'll include both assessment areas, Assessment Areas 3 and 4.
Mr. Morgan: Will we have enough in Springhead Osceola to cover all the bonds, or do we need to wait to issue until we have more?
Mr. Flint: No, there should be enough in Osceola County to draw.
Mr. Morgan: The last thing I want to do is have another Wellness issue. Mr. Flint: Yeah, Mark has been involved in the discussion.
Mr. Morgan: Well, he was involved in the discussion of Wellness too, and we got hung out to dry there.
Mr. Flint: I think what brought this up is that Broc is working on the completion of the improvements in the Osceola County piece.
Mr. Morgan: Okay.

July 20, 2026	Bridgewalk CDD

Mr. Flint: And the fact that we've got the bond validation.
Mr. Morgan: I just do not want to rush if we don't have enough. I do not want bonds to sit out there for six or nine months. I hear about it every week, even though it's not necessarily my decision.
EIGHTH ORDER OF BUSINESS	Other Business
There being no comments, the next item followed.

NINTH ORDER OF BUSINESS	Supervisor’s Requests
There being no comments, the next item followed.

TENTH ORDER OF BUSINESS	Adjournment

On MOTION by Mr. Morgan, seconded by Ms. Dudley, with all in favor, the meeting was adjourned.

Secretary/Assistant Secretary	Chairman/Vice Chairman

Section IV

Section A

PRELIMINARY SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA 3 & 4

FOR BRIDGEWALK
COMMUNITY DEVELOPMENT DISTRICT

Date: July 20, 2026

Prepared by
Governmental Management Services – Central Florida, LLC 219 E. Livingston Street
Orlando, FL 32801

Bridgewalk AA3&AA4 SAM mc 072726 v7.docx

Table of Contents
Introduction	3
Purpose	3
Background	3
Special Benefits and General Benefits	4
Requirements of a Valid Assessment Methodology	5
Special Benefits Exceed the Costs Allocated	5
Assessment Methodology	5
Overview	5
Allocation of Debt	6
Allocation of Benefit	6
Lienability Test: Special and Peculiar Benefit to the Property	7
Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments	7
True-Up Mechanism	8
Assessment Roll	8
Appendix	10
Table 1: Development Program	10
Table 2: Infrastructure Cost Estimates	11
Table 3: Bond Sizing	12
Table 4: Allocation of Benefit	13
Table 5: Allocation of Benefit/Total Par Debt to Each Product Type	14
Table 6: Par Debt and Annual Assessments	15
Table 7: Preliminary Assessment Roll	16
GMS-CF, LLC does not represent the Bridgewalk Community Development District as a Municipal Advisor or Securities Broker nor is GMS-CF, LLC registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, GMS-CF, LLC does not provide the Bridgewalk Community Development District with financial advisory services or offer investment advice in any form.

Introduction

The Bridgewalk Community Development District is a local unit of special-purpose government organized and existing under Chapter 190, Florida Statutes (the “District”), as amended. The District plans to issue approximately $6,110,000 of tax exempt bonds (the “Series 2026 Bonds” or “Bonds”) for the purpose of financing certain infrastructure improvements within two assessment areas within the District consisting of the Springhead Subdivision within the boundaries of the District (“Assessment Area 3 & 4”), more specifically described in the Assessment Area 3 Engineer’s Report dated April 2026, and the Assessment Area 4 Engineer’s Report dated April 2026, each prepared by Osceola Engineering, Inc. as may be amended and supplemented from time to time (collectively, the “Engineer’s Report”). The District anticipates the acquisition of public infrastructure improvements that benefit property owners within the Assessment Area 3 & 4 within the District.

Purpose

This Preliminary Supplemental Assessment Methodology Report for Assessment Area 3 & 4 (the “Supplemental Report”) supplements the Master Assessment Methodology for Assessment Area 3 & 4 dated March 16, 2026 (together the “Assessment Report”) and provides for an assessment methodology for allocating the Series 2026 bonds to be incurred by the District to benefiting properties in Assessment Area 3 & 4 within the District. This Assessment Report allocates the debt to properties within Assessment Area 3 & 4 based on the special benefits each received from the Capital Improvement Plan (“Assessment Area 3 & 4 CIP”). This Assessment Report is designed to conform to the requirements of Chapters 170 and 190, Florida Statutes with respect to special assessments and is consistent with our understanding of case law on this subject.

The District intends to impose non ad valorem special assessments on the benefited lands within Assessment Area 3 & 4 within the District based on this Supplemental Report. It is anticipated that all of the proposed special assessments will be collected through the Uniform Method of Collection described in Section 197.3632, Florida Statutes or any other legal means available to the District. It is not the intent of this Assessment Report to address any other assessments, if applicable, that may be levied by the District, a homeowner’s association, or any other unit of government.

Background

The District currently includes approximately 337.61 acres in Osceola County and the City of Orlando within Orange County, Florida and envisions 906 residential units. Assessment Area 3 & 4 includes approximately 125.62 acres and envisions 383 residential units representing 241 units within Assessment Area 3 and 142 units within Assessment Area 4 (herein the “Springhead Development”).  The proposed

Springhead Development is depicted in Table 1. It is recognized that such land use plan may change, and this report will be modified accordingly.

The improvements contemplated by the District in the Assessment Area 3 & 4 CIP will provide facilities that benefit the assessable property within Assessment Area 3 & 4 within the District. The Assessment Area 3 & 4 CIP is delineated in the Engineer’s Report. Specifically, the District may construct and/or acquire professional & permit fees, stormwater management system, sanitary sewer collection & conveyance system, water distribution system, reclaimed water distribution system, onsite roadway, landscape, hardscape, irrigation, differential cost of undergrounding electrical systems, utility connection fees, and construction contingency. The acquisition and construction costs are summarized in Table 2.

The assessment methodology is a four-step process.

The District Engineer must first determine the public infrastructure improvements that may be provided by the District and the costs to implement the Assessment Area 3 & 4 CIP.
The District Engineer determines the assessable acres that benefit from the District’s Assessment Area 3 & 4 CIP.
A calculation is made to determine the funding amounts necessary to acquire and/or construct the Assessment Area 3 & 4 CIP.
This amount is initially divided equally among the benefited properties within Assessment Area 3 & 4 on a prorated gross acreage basis. Ultimately, as land is platted, this amount will be assigned to each of the benefited properties based on the number of platted units.

Special Benefits and General Benefits

Improvements undertaken by the District create special and peculiar benefits to assessable property, different in kind and degree than general benefits, for properties within its borders as well as general benefits to the public at large.

However, as discussed within this Supplemental Report, these general benefits are incidental in nature and are readily distinguishable from the special and peculiar benefits, which accrue to property within Assessment Area 3 & 4 within the District. The implementation of the Assessment Area 3 & 4 CIP enables properties within Assessment Area 3 & 4 to be developed. Without the District’s Assessment Area 3 & 4 CIP, there would be no infrastructure to support development of land within Assessment Area 3 & 4 within the District. Without these improvements, development of the property within Assessment Area 3 & 4 within the District would be prohibited by law.

There is no doubt that the general public and property owners outside of Assessment Area 3 & 4 within the District will benefit from the provision of the District’s Assessment Area 3 & 4 CIP. However, these benefits will be incidental to the District’s Assessment Area 3 & 4 CIP, which is designed solely to meet the needs of property within Assessment Area 3 & 4 within the District. Properties outside the District boundaries and outside Assessment Area 3 & 4 do not depend upon the District’s Assessment Area 3 & 4 CIP. The property owners within Assessment Area 3 & 4 are therefore receiving special benefits not received by those outside the District’s boundaries and outside of Assessment Area 3 & 4 within the District.

Requirements of a Valid Assessment Methodology

There are two requirements under Florida law for a valid special assessment:

The properties must receive a special benefit from the improvements being paid for.
The assessments must be fairly and reasonably allocated to the properties being assessed.

Florida law provides for a wide application of special assessments that meet these two characteristics of special assessments.

Special Benefits Exceed the Costs Allocated

The special benefits provided to the property owners within Assessment Area 3 & 4 within the District are greater than the costs associated with providing these benefits. The District Engineer estimates that the District’s Assessment Area 3 & 4 CIP that is necessary to support full development of property within Assessment Area 3 & 4 will cost approximately $22,134,144. The District’s Underwriter projects that financing costs required to fund a portion of the infrastructure improvements, the cost of issuance of the Bonds, the funding of a debt service reserve and capitalized interest, will be approximately $6,110,000. Additionally, funding required to complete the Assessment Area 3 & 4 CIP is anticipated to be funded by Lennar Homes, LLC (the “Developer”). Without the Assessment Area 3 & 4 CIP, the property within Assessment Area 3 & 4 would not be able to be developed and occupied by future residents of the Springhead Development.

Assessment Methodology

Overview

The District is planning to issue approximately $6,110,000 in Bonds to fund a portion of the District’s Assessment Area 3 & 4 CIP for Assessment Area 3 & 4, provide for capitalized interest, fund a debt service reserve account and pay cost of issuance. It is

the purpose of this Supplemental Report to allocate the $6,110,000 in debt to the properties benefiting from the Assessment Area 3 & 4 CIP.

Table 1 identifies the land uses as identified by the Developer of the land within Assessment Area 3 & 4 within the District. The District has utilized the Engineer’s Report for the Assessment Area 3 & 4 CIP needed to support the Assessment Area 3 & 4 development. These construction costs are outlined in Table 2. The improvements needed to support the Springhead Development within Assessment Area 3 & 4 is described in detail in the Engineer’s Report and is estimated to cost $22,134,144. Based on the estimated costs, the size of the bond issue under current market conditions needed to generate funds to pay for a portion of the Assessment Area 3 & 4 CIP and related costs was determined by the District’s Underwriter to total approximately
$6,110,000. Table 3 shows the breakdown of the bond sizing.

Allocation of Debt

Allocation of Special Assessment debt is a continuous process until the development plan is completed. The Assessment Area 3 & 4 CIP funded by the Bonds benefits all developable acres within the Assessment Area 3 & 4 within the District.

The initial assessments will be allocated to the platted property within Assessment Area 3 first (which currently consists of 241 units in Assessment Area 3) at levels provided in Table 7, and then on an equal basis to the remaining unplatted gross acres within the Assessment Area 4 of the District. A fair and reasonable methodology allocates the debt incurred by the District proportionately to the properties receiving the special benefits.

When platting, site plan approval, or the recording of a declaration of condominium (“Assigned Properties”) occurs, the assessments will be allocated to the Assigned Properties based on the benefits they receive. Property that has not been platted, assigned development rights or subjected to a declaration of condominium (Unassigned Properties”), will continue to be assessed on an equal assessment per gross acre basis. Eventually the Development plan for Assessment Area 3 & 4 will be completed and the debt relating to the Bonds will be fully allocated to the planned 383 residential units within Assessment Area 3 & 4 of the District as depicted in Table 5 and Table 6. If there are changes to the Development plan, a true up of the assessment will be calculated to determine if a debt reduction or true-up payment from the Developer or applicable landowner is required. The process is outlined in Section 3.0.

Allocation of Benefit

The Assessment Area 3 & 4 CIP consists of professional & permit fees, stormwater management system, sanitary sewer collection & conveyance system, water distribution system, reclaimed water distribution system, onsite roadway, landscape,

hardscape, irrigation, differential cost of undergrounding electrical systems, utility connection fees, and construction contingency. There are four residential product types within the planned development within Assessment Area 3 & 4 as reflected in Table 1. Table 4 shows the allocation of benefit to the particular land uses. It is important to note that the benefit derived from the Assessment Area 3 & 4 CIP on the particular units exceeds the cost that the units will be paying for such benefits.

Lienability Test: Special and Peculiar Benefit to the Property

Construction and/or acquisition by the District of its proposed Assessment Area 3 & 4 CIP relating to Assessment Area 3 & 4 will provide several types of systems, facilities and services for its residents. These include professional & permit fees, stormwater management system, sanitary sewer collection & conveyance system, water distribution system, reclaimed water distribution system, onsite roadway, landscape, hardscape, irrigation, differential cost of undergrounding electrical systems, utility connection fees, and construction contingency. These improvements accrue in differing amounts and are somewhat dependent on the type of land use receiving the special benefits peculiar to those properties, which flow from the logical relationship of the improvements to the properties.

For the provision of Assessment Area 3 & 4 CIP relating to Assessment Area 3 & 4, the special and peculiar benefits are:

the added use of the property,
added enjoyment of the property, and
the probability of increased marketability and value of the property.

These special and peculiar benefits are real and ascertainable but are not yet capable of being calculated as to value with mathematical certainty. However, each is more valuable than either the cost of, or the actual non-ad valorem special assessment levied for the improvement or the debt as allocated.

Lienability Test: Reasonable and Fair Apportionment of the Duty to Pay Non-Ad Valorem Assessments

A reasonable estimate of the proportion of special and peculiar benefits received from the public improvements described in the Engineer’s Report relating to the Assessment Area 3 & 4 CIP is delineated in Table 5 (expressed as Allocation of Par Debt per Product Type).

The determination has been made that the duty to pay the non-ad valorem special assessments is fairly and reasonably apportioned because the special and peculiar benefits to the property derived from the acquisition and/or construction of the District’s Assessment Area 3 & 4 CIP relating to Assessment Area 3 & 4 have been

apportioned to the property according to reasonable estimates of the special and peculiar benefits provided consistent with the land use categories.

Accordingly, no acre or parcel of property within the boundaries of the Assessment Area 3 & 4 within District will have a lien for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property and therefore, the debt allocation will not be increased more than the debt allocation set forth in this Supplemental Report.

In accordance with the benefit allocation suggested for the product types in Table 4, a total debt per unit and an annual assessment per unit have been calculated for each product type (Table 6). These amounts represent the preliminary anticipated per unit debt allocation assuming all anticipated units are built and sold as planned, and the entire proposed Assessment Area 3 & 4 CIP is developed or acquired and financed by the District.

True Up Mechanism

Although the District does not process plats, declarations of condominiums, site plans or revisions thereto for the Developer, it does have an important role to play during the course of platting and site planning. Whenever a plat, declaration of condominium or site plan is processed, the District must allocate a portion of its debt to the property according to this Assessment Report outlined herein. In addition, the District must also prevent any buildup of debt on Unassigned Properties. Otherwise, the land could be fully conveyed and/or platted without all of the debt being allocated. To preclude this, at the time Unassigned Properties become Assigned Properties, the District will determine the amount of anticipated assessment revenue that remains on the Unassigned Properties, taking into account the proposed plat, declaration of condominium, or site plan approval. If the total anticipated assessment revenue to be generated from the Assigned and Unassigned Properties is greater than or equal to the maximum annual debt service, then no debt reduction or true-up payment is required. In the case that the revenue generated is less than the required amount then a true-up payment by the landowner in the amount necessary to reduce the par amount of the outstanding Bonds plus accrued interest to a level that will be supported by the new net annual debt service assessments will be required.

Assessment Roll

As of the date of the Supplemental Assessment Report, Assessment Area 3 & 4 consists of 241 platted units (located within Assessment Area 3) (i.e., Assigned Properties) and approximately 42.15 gross acres of unplatted property within Assessment Area 4 (i.e., Unassigned Properties). Initially the debt service assessments pledged to the Series 2026 Bonds will first be allocated to the platted property within Assessment Area 3 and then across the 42.15 remaining acreage of the Assessment Area 4 boundaries on

an equal assessment per gross acreage basis. As Assigned Properties become known with certainty, the District will refine its allocation of debt from a per acre basis to a per unit basis as shown in table 6. If the land use plan changes, then the District will update tables 1, 4, 5, and 6 to reflect the changes. As a result, the assessment liens on Unassigned Properties are neither fixed nor are they determinable with certainty on any acre of land in the District prior to the time final Assigned Properties become known. The current assessment roll is depicted in Table 7.

TABLE 1
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT DEVELOPMENT PROGRAM
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA 3 & 4

Product Types	Assessment Area 3	Assessment Area 4	
No. of Units *	
ERUs per Unit (1)	
Total ERUs	
Townhome - 25'	80	0	80	0.5	40.0	
Single Family - 40'	61	80	141	0.8	112.8	
Single Family - 50'	77	62	139	1.0	139.0	
Single Family - 60'	23	0	23	1.2	27.6	
Total Units	241	142	383		319.4	

(1) Benefit is allocated on an ERU basis; based on density of planned development, with a Single Family - 50' = 1 ERU

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 2
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT INFRASTRUCTURE COST ESTIMATES	
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT	AREA 3 & 4			
				
	Assessment	Assessment		
Capital Improvement Plan ("Assessment Area 3 & 4 CIP")(1)	Area 3	Area 4	Total	

Professional & Permit Fees	
$685,995	
$502,315	
$1,188,310	
Stormwater Management System	$3,786,375	$1,823,605	$5,609,980	
Sanitary Sewer Collection & Conveyance System	$1,482,260	$1,545,613	$3,027,873	
Water Distribution System	$668,648	$682,059	$1,350,707	
Reclaimed Water Distribution System	$401,550	$0	$401,550	
Onsite Roadway	$2,403,031	$1,625,491	$4,028,522	
Landscape, Hardscape, Irrigation	$250,000	$1,833,450	$2,083,450	
Underground Electrical System (Differential Cost)	$361,500	$64,360	$425,860	
Utility Connection Fees	$1,794,004	$573,680	$2,367,684	
Construction Contingency	$899,186	$751,022	$1,650,208	
Total Improvements	$12,732,549	$9,401,594	$22,134,144	

(1) A detailed description of these improvements is provided in the Assessment Area 3 Engineer's Report dated April 2026 and the Assessment Area 4 Engineer's Report dated April 2026

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 3
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT BOND SIZING
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA 3 & 4

Description	Total

Construction Funds	$	5,516,511.40
Debt Service Reserve	$	213,752.76	
Capitalized Interest	$	57,535.83	
Underwriters Discount	$	122,200.00	
Cost of Issuance	$	200,000.00	
Par Amount*	$	6,110,000.00	

Bond Assumptions:		
Average Coupon	5.65%	
Amortization	30 years	
Capitalized Interest	2 months	
Debt Service Reserve	50% Max Annual D/S	
Underwriters Discount	2%	
* Par amount is subject to change based on the actual terms at the sale of the bonds

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 4
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT ALLOCATION OF BENEFIT
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA 3 & 4

Product Types	
No. of Units *	
ERU
Factor	
Total ERUs	
% of Total ERUs	Total Improvement Costs Per Product
Type	
Improvement Costs Per Unit	
Townhome - 25'	80	0.5	40.0	12.52%	$	2,771,965.39	$ 34,649.57	
Single Family - 40'	141	0.8	112.8	35.32%	$	7,816,942.40	$ 55,439.31	
Single Family - 50'	139	1.0	139.0	43.52%	$	9,632,579.73	$ 69,299.13	
Single Family - 60'	23	1.2	27.6	8.64%	$	1,912,656.12	$ 83,158.96	
Totals	383		319.4	100.00%	$	22,134,143.65		

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 5
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT
ALLOCATION OF TOTAL BENEFIT/PAR DEBT TO EACH PRODUCT TYPE SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA 3 & 4

Product Types	No. of
Units *	Total Improvements
Costs Per Product Type	Allocation of Par Debt
Per Product Type**	Par Debt Per
Unit**	
Townhome - 25'	80	$	2,771,965.39	$	765,184.72	$ 9,564.81	
Single Family - 40'	141	$	7,816,942.40	$	2,157,820.91	$ 15,303.69	
Single Family - 50'	139	$	9,632,579.73	$	2,659,016.91	$ 19,129.62	
Single Family - 60'	23	$	1,912,656.12	$	527,977.46	$ 22,955.54	
Totals	383	$	22,134,143.65	$	6,110,000.00		

* Unit mix is subject to change based on marketing and other factors
** Preliminary

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 6
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT
PAR DEBT AND ANNUAL ASSESSMENTS FOR EACH PRODUCT TYPE
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA 3 & 4	(Preliminary)

Allocation of

Total Par

Annual Debt

Gross Annual Debt

No. of

Par Debt Per

Debt Per

Maximum Annual

Net Annual Debt

Assessment Per Unit Assessment Per Unit

Product Types

Units *

Product Type

Unit

Debt Service

Assessment Per Unit

If paid in November

(1)

Townhome - 25'	80	$ 765,184.72	$ 9,564.81	$	53,538.58 $	669.23	$	682.89	$	711.95	
Single Family - 40'	141	$ 2,157,820.91	$ 15,303.69	$	150,978.78 $	1,070.77	$	1,092.62	$	1,139.12	
Single Family - 50'	139	$ 2,659,016.91	$ 19,129.62	$	186,046.55 $	1,338.46	$	1,365.78	$	1,423.90	
Single Family - 60'	23	$ 527,977.46	$ 22,955.54	$	36,941.62 $	1,606.16	$	1,638.94	$	1,708.68	
Totals	383	$ 6,110,000.00		$	427,505.53				

(1) This amount includes 6% in collection fees and early payment discounts when collected on the Osceola County/Orange County Property Tax Bill

* Unit mix is subject to change based on marketing and other factors

Prepared by: Governmental Management Services - Central Florida, LLC

TABLE 7
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT PRELIMINARY ASSESSMENT ROLL - ASSESSMENT AREA 3 & 4
SUPPLEMENTAL ASSESSMENT METHODOLOGY FOR ASSESSMENT AREA 3 & 4

Assessment Area 3*

				Net Annual	Annual Debt	Gross Annual	
					Debt	Assessment if		Debt	
	Platted	Total Par Debt	Assessment		Paid in	Assessment	
Owner	Property	Product Type	Units		Allocated	Allocation	November	Allocation(1)	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0010	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0020	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0030	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0040	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0050	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0060	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0070	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0080	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0090	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0100	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0110	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0120	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0130	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0140	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0150	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0160	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0170	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
LENNAR HOMES LLC	04-25-31-5287-0001-0180	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
LENNAR HOMES LLC	04-25-31-5287-0001-0190	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
LENNAR HOMES LLC	04-25-31-5287-0001-0200	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
LENNAR HOMES LLC	04-25-31-5287-0001-0210	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
LENNAR HOMES LLC	04-25-31-5287-0001-0220	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
LENNAR HOMES LLC	04-25-31-5287-0001-0230	60'	1	$	22,955.54	$	1,606.16	$	1,638.94	$	1,708.68	
LENNAR HOMES LLC	04-25-31-5287-0001-0240	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0250	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0260	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0270	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0280	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0290	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0300	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0310	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0320	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0330	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0340	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0350	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0360	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0370	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0380	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0390	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0400	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0410	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0420	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0430	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0440	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0450	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0460	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0470	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0480	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0490	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0500	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0510	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0520	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0530	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0540	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0550	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0560	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0570	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0580	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0590	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0600	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0610	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0620	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0630	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0640	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	

						Net Annual	Annual Debt	Gross Annual	
							Debt	Assessment if		Debt	
			Platted	Total Par Debt	Assessment		Paid in	Assessment	
Owner	Property	Product Type	Units		Allocated	Allocation	November	Allocation(1)	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0650	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0660	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0670	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0680	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0690	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0700	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0710	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0720	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0730	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0740	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0750	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0760	50'	1	$	19,129.62	$	1,338.46	$	1,365.78	$	1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-0770	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
LENNAR HOMES LLC	04-25-31-5287-0001-0780	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
LENNAR HOMES LLC	04-25-31-5287-0001-0790	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
LENNAR HOMES LLC	04-25-31-5287-0001-0800	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
LENNAR HOMES LLC	04-25-31-5287-0001-0810	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
LENNAR HOMES LLC	04-25-31-5287-0001-0820	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
LENNAR HOMES LLC	04-25-31-5287-0001-0830	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
LENNAR HOMES LLC	04-25-31-5287-0001-0840	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
LENNAR HOMES LLC	04-25-31-5287-0001-0850	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0860	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0870	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0880	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0890	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0900	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0910	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0920	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0930	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0940	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0950	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0960	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0970	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0980	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-0990	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1000	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1010	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1020	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1030	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1040	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1050	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1060	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1070	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1080	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1090	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1100	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1110	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1120	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1130	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1140	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1150	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1160	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1170	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1180	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1190	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1200	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1210	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1220	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1230	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1240	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1250	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1260	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1270	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1280	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1290	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1300	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1310	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1320	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1330	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1340	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	

						Net Annual	Annual Debt	Gross Annual	
							Debt	Assessment if		Debt	
			Platted	Total Par Debt	Assessment		Paid in	Assessment	
Owner	Property	Product Type	Units		Allocated	Allocation	November	Allocation(1)	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1350	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1360	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
LENNAR HOMES LLC	04-25-31-5287-0001-1370	40'	1	$	15,303.69	$	1,070.77	$	1,092.62	$	1,139.12	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1380	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1390	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1400	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1410	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1420	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1430	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1440	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1450	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1460	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1470	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1480	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1490	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1500	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1510	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1520	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1530	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1540	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1550	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1560	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1570	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1580	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1590	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1600	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1610	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1620	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1630	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1640	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1650	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1660	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1670	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1680	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1690	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1700	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1710	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1720	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1730	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1740	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1750	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1760	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1770	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1780	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1790	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1800	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1810	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1820	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1830	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1840	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1850	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1860	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1870	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1880	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1890	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1900	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1910	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1920	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1930	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1940	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1950	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1960	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1970	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1980	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-1990	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2000	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2010	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2020	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2030	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2040	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	

Owner	Property	Product Type

Platted Units

Total Par Debt Allocated

Net Annual Debt Assessment Allocation

Annual Debt Assessment if Paid in November

Gross Annual Debt Assessment Allocation(1)

AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2050	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2060	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2070	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2080	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2090	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2100	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2110	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2120	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2130	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2140	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2150	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2160	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2170	25'	1	$	9,564.81	$	669.23	$	682.89	$	711.95	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2180	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2190	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2200	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2210	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2220	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2230	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2240	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2250	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2260	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2270	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2280	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2290	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-2300	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-2310	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-2320	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-2330	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-2340	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-2350	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-2360	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-2370	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-2380	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-2390	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
AG EHC II (LEN) MULTI STATE 4 LLC	04-25-31-5287-0001-2400	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
LENNAR HOMES LLC	04-25-31-5287-0001-2410	50'	1	$	19,129.62	$  1,338.46	$  1,365.78	$  1,423.90	
Assessment Area 3 Totals			241	$ 3,699,668.13	$ 258,859.01	$ 264,141.85	$ 275,381.93	

Assessment Area 4*								

Planned	

Total Par Debt	Net Annual Debt Assessment	Annual Debt Assessment if Paid in	Gross Annual Debt Assessment	
Owner	Property	Acres	Units	Allocated	Allocation	November	Allocation(1)	
JEN HOLDCO 24 LLC	33-24-31-0000-00-021	42.15	142	$ 2,410,331.87	$	168,647	$	172,088	$ 179,411.19	
Assessment Area 4 Totals			142	$ 2,410,331.87	$	168,647	$	172,088	$ 179,411.19	
								
Assessment Area 3 & 4 Totals			383	$ 6,110,000.00	$ 427,505.53	$ 436,230.13	$ 454,793.12	

(1) This amount includes 6% to cover collection fees and early payment discounts when collected utilizing the uniform method

* Assessment Area 3 is located within Osceola County and Assessment Area 4 is located within Orange County.

Annual Assessment Periods	30	
Average Coupon Rate (%)	5.65%	
Maximum Annual Debt Service	$427,506	

Prepared by: Governmental Management Services - Central Florida, LLC		

Section B

RESOLUTION NO. 2026-14
A RESOLUTION OF THE BOARD OF SUPERVISORS (THE “BOARD”) OF THE BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT (THE “DISTRICT”) AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $8,000,000 BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT, SPECIAL ASSESSMENT BONDS, SERIES 2026 (2026 PROJECT) (THE “BONDS”); TO FINANCE CERTAIN PUBLIC INFRASTRUCTURE WITHIN BOTH ASSESSMENT AREA THREE AND ASSESSMENT AREA FOUR WITHIN THE DISTRICT; DETERMINING THE NEED FOR A NEGOTIATED LIMITED OFFERING OF THE BONDS AND PROVIDING FOR A DELEGATED AWARD OF SUCH BONDS; APPOINTING THE UNDERWRITER FOR THE LIMITED OFFERING OF THE BONDS; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND PURCHASE CONTRACT WITH RESPECT TO THE BONDS; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A THIRD SUPPLEMENTAL TRUST INDENTURE; AUTHORIZING THE APPLICATION AND USE OF THAT CERTAIN MASTER TRUST INDENTURE DATED JANUARY 1, 2022; 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; MAKING CERTAIN DECLARATIONS; PROVIDING FOR THE REGISTRATION OF THE BONDS PURSUANT TO THE DTC BOOK-ENTRY ONLY SYSTEM; APPROVING THE FORMS AND AUTHORIZING THE EXECUTION AND DELIVERY OF ONE OR MORE COMPLETION AGREEMENTS, TRUE-UP AGREEMENTS, AN ACQUISITION AGREEMENT, AND COLLATERAL ASSIGNMENTS; AUTHORIZING THE PROPER OFFICIALS TO DO ALL THINGS DEEMED NECESSARY IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF THE BONDS; REPEALING RESOLUTION NO. 2026-06 ADOPTED ON MARCH 16, 2026; AND PROVIDING FOR SEVERABILITY, CONFLICTS AND AN EFFECTIVE DATE.
WHEREAS, the Bridgewalk 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. 2021-64, duly enacted by the Board of County Commissioners of Osceola County, Florida (the “BCC”), on September 20, 2021 and becoming effective on September 23, 2021, as amended by Ordinance No. 2025-80 enacted by the BCC on December 15, 2025 and effective on December 18, 2025; 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. 2021-14 on September 30, 2021 and Resolution No. 2026-05 on March 16, 2026 (collectively, the “Initial Bond Resolution”), pursuant to which the District authorized the issuance of not to exceed $37,625,000 in total principal amount 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; and
WHEREAS, the Board duly adopted Resolution No. 2026–06 on March 16, 2026 (the “Prior Resolution”) authorizing the issuance of not exceeding $5,000,000 aggregate principal amount of the District’s special assessment bonds in order to pay all or a portion of the costs of the planning, financing, acquisition, construction, equipping and installation of certain capital improvements for the benefit of a designated assessment area referred to as “Assessment Area Three”; and
WHEREAS, any capitalized term used herein and not otherwise defined shall have the meaning ascribed to such term in the Initial Bond Resolution or in the herein defined Third Supplemental Indenture; and
WHEREAS, based on the current development plans of the Developer, the Board finds it necessary to finance a portion of the public infrastructure necessary for the development of the third and fourth phases of development for the benefit of two designated assessment areas within the District referred to as “Assessment Area Three” and “Assessment Area Four”; and
WHEREAS, the District previously entered into that certain Master Trust Indenture dated as of February 1, 2022 (the “Master Indenture”) by and between the District and U.S. Bank Trust Company, National Association, as successor to U.S. Bank National Association, as trustee (the “Trustee”); and
WHEREAS, the Board hereby determines to issue its third Series of Bonds referred to as its Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project) (the “Bonds”) in the principal amount of not exceeding $8,000,000 for the purpose of providing funds to finance a portion of the public infrastructure within Assessment Area Three and Assessment Area Four within the District (herein, the “2026 Project”), as described in the District’s Master Engineer’s Report – Infrastructure Improvements dated September 2021, as such report may be supplemented from time to time (“Engineer’s Report”); and
WHEREAS, the 2026 Project, as defined in the herein referred to Third Supplemental Indenture and more particularly described in the Engineer’s Report, 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 Bonds and submitted to the Board forms of:
a Bond Purchase Contract with respect to the 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;
a Third Supplemental Trust Indenture in the form attached hereto as Exhibit D (the “Third Supplemental Indenture” and, together with the Master Indenture, the “2026 Indenture”); and
copies of the completion agreements, acquisition agreement, true-up agreements and collateral assignments in the forms attached hereto as Composite Exhibit E.
WHEREAS, in connection with the sale of the Bonds, it may be necessary that certain modifications be made to the Master Assessment Methodology, dated September 30, 2021, as supplemented (“Assessment Methodology Report”), prepared by Governmental Management Services – Central Florida, LLC and to the Engineer’s Report to conform such reports to the final terms of the Bonds; and
WHEREAS, the net proceeds of the Bonds shall also fund a debt service reserve account, provide for capitalized interest on the Bonds and pay the costs of the issuance of the Bonds.
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of the Bridgewalk Community Development District (the “Board”), as follows:
Section 1.  Negotiated Limited Offering of Bonds. The District hereby finds that because of the complex nature of assessment bond financings and the volatile conditions prevailing in the market for special assessment bonds makes it necessary and in the best interest of the District that the Bonds, in the aggregate principal amount of not exceeding $8,000,000 be sold on a negotiated limited offering basis. The District hereby further finds that it will not be adversely affected if the Bonds are not sold pursuant to competitive sales.
Section 2.  Purpose; Assessment Area Designation. The District has authorized a portion of its capital improvement plan, 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 Assessment Area Three and Assessment Area Four within the District by issuing the Bonds to finance a portion of the 2026 Project. The 2026 Project includes, but is not limited to, stormwater management and drainage system, including related earthwork and acquisition of interests in lands relating thereto; potable water distribution systems (including associated connection fees); roadway improvements; water distribution systems; sanitary sewer collection and conveyance systems and associated impact fees; landscaping, irrigation and hardscape improvements; entrance features; environmental mitigation; differential

cost of undergrounding of electric utilities; and other public infrastructure projects and related costs, all as more particularly described in the Engineer’s Report.
Section 3.  Sale of the Bonds. Except as otherwise provided in the last sentence of this Section 3, the proposal submitted by the Underwriter offering to purchase the 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, may be executed by the District without further action provided that (i) the Bonds mature not later than the statutory permitted period; (ii) the principal amount of the Bonds issued does not exceed $8,000,000; (iii) maximum rate of interest on the Bonds shall not exceed the maximum rate permitted under Florida law; (iv) if the Bonds are subject to optional redemption which determination will be made on or before the sale date of the Bonds, the first optional call date and the redemption price shall be determined on or before the execution of the Bond Purchase Contract; and (vi) the purchase price to be paid by the Underwriter for the Bonds is not less than 98.00% of the principal amount of the 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 (as herein defined and 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 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 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 Bonds (the “Preliminary Limited Offering Memorandum”). 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 Bonds as shall be deemed advisable by the Bond Counsel and counsel to the District. 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, 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 Bonds. The proceeds of the Bonds shall be applied in accordance with the provisions of the Indenture. The 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 2026 Indenture. The execution of the Third Supplemental Indenture shall constitute approval of such terms as set forth in the 2026 Indenture and this Resolution. The maximum aggregate principal amount of the Bonds authorized to be issued pursuant to this Resolution and the 2026 Indenture shall not exceed $8,000,000.
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 Bonds and compliance with Rule 15c2-12 of the Securities and Exchange Commission. Governmental Management Services – Central Florida, LLC is hereby appointed the initial dissemination agent.
Section 7. Authorization of Execution and Delivery of the Third Supplemental Indenture and 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 and the delivery of the Third Supplemental Indenture between the District and the Trustee. The Master Indenture shall be applicable to the Bonds. The 2026 Indenture shall provide for the security of the Bonds and express the contract between the District and the owners of the Bonds. The Third Supplemental Indenture 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 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, 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 Third Supplemental Indenture 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 Bonds are hereby authorized, ratified and confirmed.
Section 9. Appointment of Underwriter. The Board hereby formally appoints FMSbonds, Inc. as the Underwriter for the Bonds.
Section 10.  Book-Entry Only Registration System. The registration of the Bonds shall initially be by the book-entry only system established with The Depository Trust Company (“DTC”). If required, any member of the Board or the District Manager is authorized to execute the DTC Blanket Issuer Letter of Representations required by DTC.

Section 11. Assessment Methodology Report. The Board hereby authorizes the inclusion of the Assessment Methodology Report within the Preliminary Limited Offering Statement and final Limited Offering Memorandum and authorizes any modifications to the Assessment Methodology Report, if such modifications are determined to be appropriate in connection with the issuance of the Bonds.
Section 12. Engineer’s Report. The Board hereby authorizes the inclusion of the Engineer’s Report within the Preliminary Limited Offering Memorandum and the final Limited Offering Memorandum and authorizes any modifications to the Engineer’s Report prepared by Osceola Engineering, Inc., if such modifications are determined to be appropriate in connection with the issuance of the Bonds or modifications to the 2026 Project.
Section 13. Further Official Action. The Chairperson, the Vice Chairperson, the Secretary and each 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 including, but not limited to, one or mor acquisition agreements, one or more completion agreements, one or more true-up agreements and one or more collateral assignments attached hereto as Composite Exhibit E 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.
Section 16.  Repeal of Prior Resolution. The Prior Resolution is hereby repealed in its entirety and replaced by the provisions of this Resolution.

PASSED in public session of the Board of Supervisors of the Bridgewalk Community Development District, this 17th day of August, 2026 and immediately effective as of such date.
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT
ATTEST:
By:		By: 	 Name: George Flint		Name: 	 Title: Secretary, Board of Supervisors   	Title:  Chairperson/Vice Chairperson	
Board of Supervisors	

Section 1

EXHIBIT A
FORM OF BOND PURCHASE CONTRACT

$[PAR]
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2026
(2026 PROJECT)

Board of Supervisors

BOND PURCHASE CONTRACT
[Pricing Date]

Bridgewalk Community Development District Osceola County, Florida
Dear Ladies and Gentlemen:
FMSbonds, Inc. (the “Underwriter”) offers to enter into this Bond Purchase Contract (the “Purchase Contract”) with Bridgewalk Community Development District (the “District”). The District is located entirely within the unincorporated area of Osceola 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 $[PAR] aggregate principal amount of Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 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 underwriting 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”), and by Ordinance No. 2021-64 of the Board of County Commissioners of Osceola County, Florida (the “County Commissioners”), enacted on September 20, 2021 and

effective on September 23, 2021 and by Ordinance 2025-80 enacted by the County Commissioners on December 15, 2025 and effective on December 18, 2025, which expanded the boundaries of the District by approximately 125.62+/- gross acres (collectively, the “Ordinance”). The Bonds are being issued by the District pursuant to the Act and secured pursuant to the provisions of a Master Trust Indenture dated as of January 1, 2022 (the “Master Indenture”), as supplemented by a Third Supplemental Trust Indenture dated as of September 1, 2026 (the “Third 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”), and by Resolution No. 2021-14, Resolution No. 2026-05 and Resolution No. 2026-14, adopted by the Board on September 30, 2021, March 16, 2026 and August 17, 2026, respectively (collectively, the “Bond Resolution”). The Series 2026 Special Assessments, comprising the Series 2026 Pledged Revenues, have been levied by the District on the lands within the 2026 Assessment Area specially benefited by the 2026 Project pursuant to Resolution Nos. 2026-03, 2026-04 and 2026-
   adopted by the Board on March 16, 2026, March 16, 2026 and 	, 2026, respectively (collectively, the “Assessment Resolutions”).
Limited Offering; Establishment of Issue Price. (a)   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 the 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 the Underwriter 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, and
“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 the 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 by the Underwriter with respect to the Bonds, being herein collectively called the “Preliminary Limited Offering Memorandum”) of the District relating 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” or the “Rule”) 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 use of the Preliminary Limited Offering Memorandum 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 three (3) days prior to the Closing Date and in sufficient time to allow the Underwriter to comply with all requirements of the Rule 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 use of the Preliminary Limited Offering Memorandum and approves the circulation and use of the Limited Offering Memoranda 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, AG EHC II (LEN) Multi State 4, LLC, a Delaware limited liability company (the “Land Bank”), Lennar Homes, LLC, is a Florida limited liability company (the “Developer”) and Governmental Management Services – Central Florida, LLC, as dissemination agent (the “Dissemination Agent”), in substantially the form attached to the Preliminary 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 Completion Agreement between Bridgewalk Community Development District and Lennar Homes, LLC Regarding the Completion and Conveyance of Certain Improvements, dated [Pricing Date] (the “Completion Agreement”), the Acquisition Agreement Regarding Work Product and Infrastructure for Special Assessment Bonds, Series 2026 (2026 Project) by and between the District and the Developer, dated [Pricing Date] (the “Acquisition Agreement”), the Collateral Assignment and Assumption of Development Rights Relating to Assessment Area Three (AG EHC II (LEN) Multi State 4, LLC) in recordable form by and between the District and the Land Bank and the Collateral Assignment and Assumption of Development Rights Relating to Assessment Area Three (Lennar Homes, LLC) in recordable form by and between the District and the Developer, each dated [Pricing Date] (collectively, the “Collateral Assignment”), the Agreement Regarding the True Up and Payment for Special Assessment Bonds, Series 2026 (2026 Project) by and between the Developer and the District in recordable form, dated [Pricing Date] and the Agreement Regarding the True Up and Payment for Special Assessment Bonds, Series 2026 (2026 Project) by and between the Land Bank and the District in recordable form, dated [Pricing Date] (collectively, the “True-Up Agreement”)][Confirm], 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 Limited Offering Memoranda, including but not limited to entering into the collection agreement with the Osceola County Tax Collector to provide for the collection of the Series 2026 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);
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 (as therein defined) under the Bonds, the Financing Documents or the Ancillary Agreements;

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 2026 Project, to the extent referred to in the Preliminary Limited Offering Memorandum, conform, 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 2026 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 2026 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 2026 Special Assessments, or the pledge of and lien on the Series 2026 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 2026 Project, the Bond Resolution, the Assessment Resolutions, the Financing Documents and the Ancillary Agreements to which the District is a party, 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 to be contained in the Limited Offering Memorandum are and will be accurate in all material respects for the purposes for which their use is authorized and 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 2026 BONDS – Book-Entry Only System,” “THE DEVELOPMENT,” “THE LAND BANKS AND THE DEVELOPER,” “TAX MATTERS,” “LITIGATION – The Land
Bank,” “– The JEN Land Bank,” “– The Developer,” “CONTINUING DISCLOSURE” (as it relates to the Developer and the Land Banks) 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 its 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 2026 BONDS – Book-Entry Only System,” “THE DEVELOPMENT,” “THE LAND BANKS AND THE DEVELOPER,” “TAX MATTERS,”
“LITIGATION – The AG Land Bank,” “– The JEN Land Bank,” “– The Developer,” “CONTINUING DISCLOSURE” (as it relates to the Developer and the Land Banks) and “UNDERWRITING”;
If between the date of this Purchase Contract and the earlier of (i) the 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 (unless such supplement or amendment is the direct result of information provided by the Developer or

Underwriter, then at the expense of said relevant person) 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 its inception, 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 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 2026 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, subject to the terms and conditions thereof, 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 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 Financing Documents and the Ancillary Agreements 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;
Executed copies of each of the Financing Documents and the Ancillary Agreements in form and substance acceptable to the Underwriter and Underwriter’s 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 Underwriter’s counsel;
The opinion, dated as of the Closing Date and addressed to the District, the Underwriter and the Trustee, of Latham, Luna, Eden & Beaudine, LLP, 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 Underwriter’s counsel;

The opinion, dated as of the Closing Date and addressed to the District, the Trustee and the Underwriter, of Greenberg Traurig, P.A., counsel to the Developer, in the form annexed as Exhibit E hereto or in form and substance otherwise acceptable to the District, Bond Counsel, the Underwriter and Underwriter’s counsel;
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 Land Bank 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 	, counsel to the JEN Land Bank 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 Developer, the AG Land Bank and the JEN Land Bank, each dated as of the Closing Date, signed by an authorized officer of the Developer, the AG Land Bank and the JEN Land Bank, in the forms annexed as Exhibit F-1, Exhibit F-2 and Exhibit F-3 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 obligations to be performed hereunder as of the Closing Date; (iii) except as disclosed in the Limited Offering Memoranda, 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 2026 Special Assessments as described in the Indenture; (v) the Limited Offering Memorandum (other than the information under the captions “DESCRIPTION OF THE SERIES 2026 BONDS – Book-Entry Only System,” “THE DEVELOPMENT,” “THE LAND BANKS AND THE DEVELOPER,” “TAX
MATTERS,” “LITIGATION – The AG Land Bank,” “– The JEN Land Bank,” “– The Developer,” “CONTINUING DISCLOSURE” (as it relates to the Developer and the Land Banks) 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 is 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;
Executed copy of Internal Revenue Service Form 8038-G relating
to the Bonds;
A certificate of the District’s consulting engineer, dated as of the
Closing Date, in the form annexed as Exhibit G hereto or otherwise in form and substance acceptable to the Underwriter and Underwriter’s Counsel;
A certificate of the District Manager and Methodology Consultant in the form annexed as Exhibit H hereto or otherwise in form and substance acceptable to Underwriter and Underwriter’s Counsel;
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 Circuit Court of the Ninth Judicial Circuit of Florida, in and for Osceola County, Florida (the “County”), validating the Bonds and the certificate of no-appeal;
A copy of the “Bridgewalk Community Development District Assessment Area 3 Engineer’s Report Infrastructure Improvements” dated April 2026, as amended and supplemented;
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;
A copy of the Master Assessment Methodology for Assessment Aera 3 & 4, dated March 16, 2026, as supplemented by the Supplemental Assessment Methodology for Assessment Area 3 & 4 for the District, dated the date hereof;
To the extent required under the Third Supplemental Indenture, an investor letter from each initial beneficial owner of the Bonds in the form attached to the Third Supplemental Indenture;
Acknowledgments in recordable form by all mortgage holder(s), if any, on lands within the District as to the superior lien of the Series 2026 Special Assessments, in form and substance acceptable to the Underwriter and Underwriter’s Counsel;
The Declaration of Consent to Jurisdiction to Imposition of Special Assessments and Imposition of Lien of Record in the 2026 Assessment Area executed and delivered by the Land Banks, the Developer and any other entity (other than homebuyers) owning any land in the 2026 Assessment Area as of the Closing Date with respect to all real property owned by such entity(ies) within the District which is subject to the Series 2026 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; 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, the Land Banks and the Developer 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, the Land Banks or the Developer 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 Land Banks or the Developer, 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 2026 Special Assessments.

Expenses.
The District agrees to pay, 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 and distribution 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, the Underwriter, Underwriter’s Counsel, Land Bank’s counsel, Developer’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 required disclosures under Rule G-17 of the MSRB, receipt of which has been acknowledged by a responsible officer of 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 the District Manager at Governmental Management Services – Central Florida, LLC, 219 E. Livingston Street, Orlando, Florida 32801, Attention: George Flint, 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; PDF. 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 Bond Purchase Contract Follows]

15

Very truly yours,

FMSBONDS, INC.

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

Accepted and agreed as of the date first written above.

BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT

By: 	
Adam Morgan,
Chairperson, Board of Supervisors

[Signature Page to Bond Purchase Contract]

EXHIBIT A
DISCLOSURE AND TRUTH-IN-BONDING STATEMENT
[Pricing Date] Bridgewalk Community Development District
Osceola County, Florida
Re:	$[PAR] Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project)
Dear Ladies and Gentlemen:
Pursuant to Chapter 218.385, Florida Statutes, and with respect to the issuance of the above-referenced bonds (the “Bonds”), FMSbonds, Inc. (the “Underwriter”) pursuant to a Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”), between the Underwriter and Bridgewalk 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 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.
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 2026 Project, (ii) the payment of interest on the Series 2026 Bonds through at least November 1, 2026,
(iii) the funding of the Series 2026 Reserve Account in an amount equal to the initial Series 2026 Reserve Requirement, 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. At a true interest cost rate of 	% for the Bonds, total interest paid over the life of the Bonds will be $	.
The source of repayment for the Bonds are the Series 2026 Special Assessments, imposed and collected by the District. Based solely upon the assumptions set forth in the paragraphs above, the issuance of the Bonds will result in $	 (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 2026 Special Assessments in the amount of the principal of and interest to be paid on the Bonds.
[Signature Page to Follow]

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

Sincerely,

Theodore A. Swinarski,
Senior Vice President - Trading

SCHEDULE I

Expenses for Bonds:
	Expense			Amount	

EXHIBIT B TERMS OF BONDS
Purchase Price for the Bonds: $	 (representing the $[PAR].00 aggregate principal amount of the Bonds, [plus/less net original issue premium/discount] of
$	 and less an underwriting discount of $	).
Principal Amounts, Maturities, Interest Rates, Yields and Prices:
Maturity Date
Principal Amount	(May 1)	Interest Rate	Yield	Price

*Term Bond.
[The Underwriter represents that it has sold at least 10% of each maturity of the Bonds at the offering prices set forth above as of the sale date.]
Redemption Provisions:
 Optional Redemption
The Series 2026 Bonds may, at the option of the District, provided written notice thereof 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 November 1, 20   (less than all Series 2026 Bonds of a maturity to be selected randomly), at a Redemption Price equal to the principal amount of Series 2026 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 2026 Optional Redemption Subaccount of the Series 2026 Bond Redemption Account. If such optional redemption shall be in part, the District shall select such principal amount of Series 2026 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Bonds is substantially level.

Mandatory Sinking Fund Redemption
The Series 2026 Bonds maturing on May 1, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of one hundred percent (100%) of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount

*Maturity
The Series 2026 Bonds maturing on May 1, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of one hundred percent (100%) of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount

*Maturity

The Series 2026 Bonds maturing on May 1, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of one hundred percent (100%) of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount

*Maturity
Upon any redemption or purchase of Series 2026 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 2026 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 2026 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 2026 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 payment amounts for the immediately succeeding and subsequent years.
Extraordinary Mandatory Redemption
The Series 2026 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 where an extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at a Redemption Price equal to one hundred percent (100%) of the principal amount of the Series 2026 Bonds to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2026 Prepayment Principal deposited into the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account (taking into account the credit from the Series 2026 Reserve Account pursuant to the provisions of the Third Supplemental Indenture) following a Prepayment in whole or in part of Series 2026 Special Assessments on any assessable

property within the 2026 Assessment Area within the District in accordance with the provisions of the Third Supplemental Indenture.
from moneys, if any, on deposit in the Series 2026 Funds, Accounts and subaccounts in the Funds and Accounts (other than the Series 2026 Rebate Fund and Series 2026 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2026 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 2026 Acquisition and Construction Account not otherwise reserved to complete the 2026 Project (including any amounts transferred from the Series 2026 Reserve Account) all of which have been transferred to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account.

EXHIBIT C
BOND COUNSEL’S SUPPLEMENTAL OPINION
[Closing Date] Bridgewalk Community Development District
Osceola County, Florida
FMSbonds, Inc.
North Miami Beach, Florida
Re: $[PAR] Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project)
Ladies and Gentlemen:
We have acted as Bond Counsel to the Bridgewalk 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] original aggregate principal amount of Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project) (the “Bonds”). The Bonds are secured pursuant to that certain Master Trust Indenture, dated January 1, 2022 (the “Master Indenture”), as supplemented by that certain Third Supplemental Trust Indenture, dated as of September 1, 2026 (the “Third Supplemental Indenture” and, together with the Master Indenture, the “Indenture”) 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”), 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.

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 2026 BONDS” (except for the information under the caption “– Book-Entry Only System”), “SECURITY FOR AND SOURCE OF PAYMENT OF THE
SERIES 2026 BONDS” (except for information under the captions “- Assessment Methodology / Series 2026 Special Assessments” and “– Collateral Assignment and Assumption of Development Rights Relating to the 2026 Assessment Area”), and “APPENDIX A – COPY OF MASTER INDENTURE AND PROPOSED FORM OF THIRD SUPPLEMENTAL INDENTURE” insofar
as such statements constitute descriptions of the Bonds and 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 and the provisions of the Internal Revenue Code of 1986, as amended 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 addressee hereto. This letter is not intended to, and may not be, relied upon by holders of the Bonds.
Very truly yours,

EXHIBIT D
DISTRICT COUNSEL’S OPINION
[Closing Date] Bridgewalk Community Development District
Osceola County, Florida
FMSbonds, Inc.
North Miami Beach, Florida
U.S. Bank Trust Company, National Association, as Trustee Fort Lauderdale, Florida
Re:	$[PAR] Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project)
Ladies and Gentlemen:
We have acted as counsel for the Bridgewalk Community Development District, a community development district (the “District”) established pursuant to Chapter 190, Florida Statutes (the “Act”), and by Ordinance No. 2021-64 of the Board of County Commissioners of Osceola County, Florida (the “County Commissioners”), enacted on September 20, 2021 and effective on September 23, 2021 and by Ordinance 2025-80 enacted by the County Commissioners on December 15, 2025 and effective on December 18, 2025, which expanded the boundaries of the District by approximately 125.62+/- gross acres (collectively, the “Ordinance”), in connection with the issuance by the District of its $[PAR] Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project) (the “Bonds”).
The Bonds are being issued to provide funds for (i) the costs of acquiring and/or constructing a portion of the 2026 Project, as described in the Bridgewalk Community Development District Assessment Area 3 Engineer’s Report Infrastructure Improvements dated April 2026 and Bridgewalk Community Development District Assessment Area 4 Engineer’s Report Infrastructure Improvements dated April 2026; (ii) the payment of interest on the Series 2026 Bonds through at least November 1, 2026, (iii) the funding of the Series 2026 Reserve Account in an amount equal to the initial Series 2026 Reserve Requirement, and (iv) payment of the costs of issuance of the Bonds. The Bonds are to be secured pursuant to the provisions of a Master Trust Indenture, dated as of January 1, 2022, as supplemented by a Third Supplemental Trust Indenture, dated as of September 1, 2026 (collectively, the “Indenture”), each by and between the District and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), approved by Resolution Nos. 2021-14, 2026-05 and 2026-14, adopted by the Board of Supervisors of the District (the “Board”) on September 30, 2021, March 16, 2026 and August 17, 2026, respectively (collectively, the “Bond Resolution”). The Series 2026 Special Assessments have been levied by the District on the assessable lands within the District, pursuant to Resolution Nos. 2026-03, 2026-04 and 2026-  adopted by the Board on March 16, 2026, March 16, 2026 and 	, 2026, respectively (collectively, the “Assessment Resolutions”).  Capitalized

terms used and not otherwise defined herein shall have the meaning ascribed to them in the Indenture.
In our capacity as counsel to the District, we have examined such documents as we have deemed necessary or appropriate in rendering the opinions set forth below, including, but not limited to (i) the Bond Resolution; (ii) the Assessment Resolutions (which, together with the Bond Resolutions, hereinafter, the “District Resolutions”); (iii) the Indenture; (iv) the Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”); (v) the Continuing Disclosure Agreement dated the Closing Date (the “Continuing Disclosure Agreement”); (vi) the Completion Agreement between Bridgewalk Community Development District and Lennar Homes, LLC Regarding the Completion and Conveyance of Certain Improvements, dated [Pricing Date] (the “Completion Agreement”); (vii) the Collateral Assignment and Assumption of Development Rights Relating to Assessment Area Three (AG EHC II (LEN) Multi State 4, LLC) and the Collateral Assignment and Assumption of Development Rights Relating to Assessment Area Three (Lennar Homes, LLC), each dated [Pricing Date] (collectively, the “Collateral Assignment”); (viii) the Agreement Regarding the True Up and Payment for Special Assessment Bonds, Series 2026 (2026 Project) by and between the Land Bank and the District, dated [Pricing Date] (the “True-Up Agreement”);
(ix) the Acquisition Agreement Regarding Work Product and Infrastructure for Special Assessment Bonds, Series 2026 (2026 Project) by and between the District and the Developer, dated [Pricing Date] (the “Acquisition Agreement”); and (x) the Preliminary Limited Offering Memorandum dated [PLOM Date], and the final Limited Offering Memorandum dated [Pricing Date] (collectively, the “Offering Memoranda”), and such other documents as we have deemed necessary or appropriate in rendering the opinions set forth below. The Indenture, the Purchase Contract, the Continuing Disclosure Agreement, the Completion Agreement, the Collateral Assignment, the Acquisition Agreement, and the True-Up Agreement shall be referred to herein as the “Financing Documents.”
In rendering the following opinion, we have reviewed certified proceedings, resolutions and documents, have relied, with your approval, as to factual matters that affect our opinion, solely on our examination of such documents (and we have assumed that all statements made therein are true, complete and accurate as of the effective date hereof), and have made no verification of the facts asserted to be true and correct therein.
In rendering our opinion, we have assumed in good faith (i) the genuineness of the signatures of all persons executing instruments or documents examined or relied upon by us (except for those of the District); (ii) the authenticity of all documents submitted to us as originals; and (iii) the conformity with the original documents of all documents submitted to us as certified or as photostatic or xerographic copies. In addition, we have relied in good faith upon certificates of public officials as to matters contained therein and upon the certificates of the District as to matters of fact. Any opinion expressed herein as being made “to the best of our knowledge” is based upon our having made due inquiry of the District or our having actual knowledge as a result of our representation of the District in other matters, but not upon our having made an independent investigation. We specifically exclude any opinion as to the applicability or effect of any federal or state laws, rules or regulations relating to taxation (including, but not limited to, the taxation of income).

Based on the foregoing, and on current laws, facts, circumstances, and upon such other information and documents furnished to us and such inquiries as we deem necessary or appropriate, and subject to the qualifications and assumptions set forth in this letter, 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 Financing Documents and the Bonds have been duly authorized, executed and delivered, and assuming due execution by the other party(s) thereto, if applicable, the Financing Documents, the District Resolutions constitute legal, valid and binding obligations of the District, enforceable in accordance with their respective terms, (except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and transfer, and similar law affecting the rights of creditors’ generally, and provided that no opinion need be expressed, nor is, as to the availability of equitable remedies). This does not mean that any particular remedy is available or enforceable upon a material default or that every provision of the referenced documents will be upheld or enforced in any or each circumstance by a court; nevertheless, subject to the bankruptcy and the equitable remedies limitations, such unenforceability will not render the District Documents invalid as a whole, or substantially interfere with the practical realization of the principal benefits purported to be provided by the District Documents.
To the best of our knowledge and based solely upon the District Certificate, the District Manager Certificate and our service as Registered Agent for the District, there is no action, suit or proceeding at law or in equity by or before any court or public board or body pending or, to our 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) seeking to restrain or enjoin the issuance, sale, execution or delivery of the Bonds, (c) contesting or affecting, specifically as to the District, the validity or enforceability of the Act or any action of the District related to the authorization for the issuance of the Bonds, the District Resolutions, the Financing Documents or application of the proceeds of the Bonds for the purposes set forth in the Offering Memoranda; (d) specifically contesting the exclusion from federal gross income of interest on the Bonds, or (e) contesting the completeness or accuracy of the Offering Memoranda.
The District has duly authorized, executed, and delivered the Offering Memoranda.
Based upon our participation in the preparation of the Offering Memoranda as District Counsel, nothing has come to our attention which would lead us to believe that the statements contained in the Offering Memoranda under the captions “INTRODUCTION,” “ENFORCEMENT  OF  ASSESSMENT  COLLECTIONS,”  “THE  DISTRICT”  (excluding
information contained under the sub caption, “The District Manager and Other Consultants”), “LITIGATION” (as it relates to the District), “DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS,” “CONTINUING DISCLOSURE” (as it relates to the District), “VALIDATION,” and “AUTHORIZATION AND APPROVAL,” insofar as such statements purport to describe the District, contains an untrue statement of a material fact or omits to state any material fact necessary to make the statements, in light of the circumstances under which they were made, not misleading.

The District is not, to the best of our knowledge, 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 District Resolutions 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, 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 and based solely on a certificate of the District Engineer, 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 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, any 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 District Resolutions, to issue the Bonds, and to levy the Series 2026 Special Assessments that will secure the Bonds, and has duly adopted the District Resolutions.
All proceedings undertaken by the District with respect to the Series 2026 Special Assessments securing the Bonds, including adoption of the Assessment Resolutions, 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 2026 Special Assessments. The Series 2026 Special Assessments constitute legal, valid, binding and enforceable first liens upon the property against which such Series 2026 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 Circuit Court in and for Osceola County, Florida, of which no timely appeal was filed.
The District has the full power and authority to own and operate the 2026 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.
We do not express any opinion herein concerning any laws other than the laws of the State of Florida and the federal laws of the United States of America. To the extent that the opinions expressed herein relate to or are dependent upon the determination that the interest on the Bonds is excluded from gross income of the owners of the Bonds for federal income tax purposes, we understand that you are relying upon the opinions of Greenberg, Traurig, P.A. delivered on the date hereof, and no opinion is expressed herein as to such matters.
Although various documents are dated effective as of [Pricing Date], no opinion is rendered herein that such documents were in existence on the effective date if such effective date is prior to the date hereof.
This opinion is rendered solely in connection with the transaction to which this opinion relates, as contemplated by the Indenture. This opinion may be relied upon by you only in connection with this transaction and may not be relied upon by any other person or entity (regardless of whether such other person or entity is related or affiliated with you), nor used for any other purpose or published in whole or part, in each instance, without, in each instance, our prior written consent.
Sincerely,
LATHAM, LUNA,
EDEN & BEAUDINE, LLP

JAC
cc:	Chair, Board of Supervisors District Manager

EXHIBIT E DEVELOPER’S COUNSEL’S OPINION
[Closing Date]
Bridgewalk Community Development District Osceola County, Florida
U.S. Bank Trust Company, National Association, as Trustee Fort Lauderdale, Florida
FMSbonds, Inc.
North Miami Beach, Florida
Re: $[PAR] Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project) (the “Bonds”)
Ladies and Gentlemen:
We are special counsel for Lennar Homes, LLC, a Florida limited liability company (“Developer”), in connection with the above-referenced issuance of the Bonds by the Bridgewalk Community Development District (the “District”) (“Bond Transaction”). This opinion letter is furnished to you at the request of and is given with the consent of the Developer.
This opinion is delivered specifically in connection with (a) the execution and delivery by Developer of the following documents, each of even date herewith unless otherwise stated, and all relating to the Bond Transaction (collectively, the “Developer Documents”):
Completion Agreement between Bridgewalk Community Development District and Lennar Homes, LLC Regarding the Completion and Conveyance of Certain Improvements;
Acquisition Agreement Regarding Work Product and Infrastructure for Special Assessment Bonds, Series 2026 (2026 Project) by and between the District and the Developer;
Collateral Assignment and Assumption of Development Rights Relating to Assessment Area Three (AG EHC II (LEN) Multi State 4, LLC);
Collateral Assignment and Assumption of Development Rights Relating to Assessment Area Three (Lennar Homes, LLC); and
Certificate of Developer.
Capitalized terms used but not defined in this opinion shall have the meanings ascribed to them in the Developer Documents or that certain Preliminary Limited Offering Memorandum

dated [PLOM Date], and the Limited Offering Memorandum dated [Pricing Date], both pertaining to the Bond Transaction (collectively, the “Limited Offering Memoranda”).
In our capacity as counsel to Developer in connection with the Bond Transaction, we have examined the Developer Documents, and the following organizational documents (collectively, the “Developer Organizational Documents”):
Articles of Organization of the Developer filed with the Florida Department of State on November 30, 2006 as Document No. L06000114706;
Limited Liability Company Agreement of the Developer, dated as of August 23,
2016;
Certificate of Active Status, dated 	, 2023, issued by the Florida
Department of State as to Developer; and
Certificate of Developer.
Further, we have examined such matters of law as we have considered necessary or appropriate for the expression of the opinions contained herein. Where appropriate, we have relied on certificates, resolutions, consents and representations of Developer, its representatives, and other parties to the Bond Transaction.
The opinions hereinafter expressed are subject to the following qualifications:
The enforceability of the Developer Documents in accordance with their respective terms is subject to (i) the effect of any applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other laws affecting creditors’ rights and/or remedies generally, and
(ii) general equitable principles which limit specific enforcement of, or indemnification provisions in the Developer Documents. Our opinion as to enforceability of any document is, therefore, subject to limitations imposed by bankruptcy, insolvency, reorganization, moratorium, liquidation, readjustment of debt, or similar laws relating to or affecting creditors’ rights and/or remedies generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law), commercial reasonableness, good faith and the exercise of judicial discretion in appropriate cases.
Certain rights and remedies contained in the Developer Documents may be rendered ineffective, or limited, by applicable laws or judicial decisions governing such provisions, but such laws and judicial decisions do not, in our opinion, make the Developer Documents inadequate for the practical realization of the benefits intended to be provided by the Developer Documents.
We have examined the originals or copies of such records of the Developer, certificates of public officials, the Developer Organizational Documents, and such other agreements, instruments and documents that we have deemed necessary as a basis for the opinions hereinafter expressed.

In rendering this opinion, 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 the public officials acting within the scope of their official capacities and have not verified the accuracy or truthfulness thereof.
In rendering this opinion, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified, conformed or photostatic copies, and the legal capacity of all natural persons.
Except for Developer, we have assumed that on the date of closing of the Bond Transaction, each other party to the Developer Documents has the requisite power and authority to enter into and perform its respective obligations under the Developer Documents and has duly authorized and executed and delivered the respective Developer Documents, and that such Developer Documents are valid, binding and enforceable against such other parties.
We have assumed that the Developer Documents reviewed by us contain the entire agreement of the parties with respect to the subject matter thereof, and that there are no other oral or written agreements between the parties that would modify the Developer Documents.
As to any fact relevant to this opinion, we have relied solely upon representations of Developer. Except to the extent expressly set forth herein, we have not undertaken any independent investigation to determine the existence or absence of any such facts, and no inference as our knowledge of the existence of such facts should be drawn from the fact of our limited representation of Developer in connection with the Bond Transaction. Whenever our opinion herein with respect to the existence or absence of facts is indicated to be based upon our knowledge or awareness, it is intended to signify that during the course of our limited representation of Developer as herein described, no information has come to our attention which would give us knowledge of the existence or absence of such facts.
The opinions expressed herein relate solely to Florida law and the laws of the United States of America as now existing. We express no opinion with regard to any matters which may be, or which purport to be, governed by the laws of any other state or jurisdiction. Nothing herein shall be construed as an opinion regarding the possible applicability of federal or state securities laws, as to which no opinion is expressed.
We exclude from this opinion letter any opinion as to the applicability or effect of any Federal or state taxes, including income taxes, sales taxes and franchise fees.
We exclude from this opinion any opinion as to title matters concerning any real or personal property.
We express no opinions other than those specifically set forth herein and no other opinions may be considered implied or inferred hereby.

Based upon the foregoing, and subject to the qualifications set forth herein, we are of the opinion that:
Developer is a Florida limited liability company, in good standing under the laws of the State of Florida and authorized to transact business in the State of Florida.
Developer has the power to conduct its business and to undertake the commitments and obligations as described in the Limited Offering Memoranda, and to enter into the Developer Documents.
The Developer Documents have been authorized by all necessary limited liability company action, executed and delivered by Developer and, assuming the due authorization, execution and delivery of each Developer Document by the other parties thereto, the Developer Documents constitute legal, valid and binding obligations of Developer, enforceable in accordance with their respective terms.
The execution, delivery and performance of the Developer Documents by Developer do not violate (a) Developer’s organizational documents, (b) to our knowledge, any agreement, instrument of Florida law, rule or regulation known to us to which Developer is a party or by which Developer’s assets are or may be bound; or (c) to our knowledge, any judgment, decree or order of any administrative tribunal, which judgment, decree, or order is binding on Developer or its assets.
Nothing has come to our attention that would lead us to believe the information contained in the Limited Offering Memoranda under the captions “BONDOWNERS’ RISKS” (as it relates to the Developer and the Development), “THE 2026 PROJECT,” “THE DEVELOPMENT,” “THE LAND BANKS AND THE DEVELOPER” (as it relates to the
Developer); and “LITIGATION – The Developer” (as it relates to the Developer and the Development),” does not accurately and fairly present the information purported to be shown or contains any untrue statement of a material fact, nor omits to state any material fact necessary to make the statements made therein, in light of the circumstances under which they were made, not misleading as of the respective dates of the Limited Offering Memoranda or as of the date hereof.
In our limited role as special counsel to the Developer in the Bond Transaction, nothing has come to our attention that would lead us to believe that Developer is not in compliance in all material respects with all provisions of applicable law in all material matters relating to Developer as described in the Limited Offering Memoranda. Except as described in the Limited Offering Memoranda, including, without limitation, the section thereof entitled “THE DEVELOPMENT”: (a) we have no knowledge that Developer has not received all government permits required in connection with the development of the District as described in the Limited Offering Memoranda, other than certain permits, which permits are expected to be received in due course; (b) we have no knowledge of any default of any zoning condition, land use permit or development agreement which would adversely affect the ability of the District to be developed and completed as described in the Limited Offering Memoranda; and (c) we have no knowledge and are not otherwise aware of any reason to believe that any permits, consents and licenses required to complete the development of the District as described in the Limited Offering Memoranda will not be obtained in due course as required.

To our knowledge, based on the Certificate of Developer as to certain factual matters, the levy of the Series 2026 Special Assessments will not conflict with or constitute a breach of or default under any agreement, indenture or other instrument to which Developer is a party or to which Developer or any of its property or assets is subject.
To our knowledge, based on the Certificate of Developer as to certain factual matters, and without a docket search, there is no threatened litigation which would prevent or prohibit the development of the District in accordance with the description thereof in the Limited Offering Memoranda and the Engineer’s Report annexed thereto, or which may result in any material adverse change in the business, properties, assets or financial condition of Developer.
To our knowledge, based on the Certificate of Developer as to certain factual matters, and without a docket search, Developer 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 the State of Florida. To our knowledge, based on the Certificate of Developer as to certain factual matters, Developer 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 our knowledge, based on the Certificate of Developer as to certain factual matters, Developer 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 Bonds or the development of the District Lands.
This opinion letter speaks only as of the date hereof and we assume no obligation to update or supplement this opinion letter if any applicable laws change after the date of this opinion letter or if we become aware after the date of this opinion letter of any facts, whether existing before or arising after the date hereof, that might change the opinions expressed above.
We have no obligation to update this opinion letter or otherwise advise you with respect to any event or circumstance arising after the date hereof or with respect to events or circumstances occurring prior to the date hereof, which are not known to us but of which we subsequently become aware. This opinion letter is provided as a legal opinion only and not as a guaranty or warranty of the matters discussed herein or in documents referred to herein. No opinion may be inferred or implied beyond the matters expressly stated herein.
This opinion letter is furnished by us in our limited capacity as special counsel to the Developer in connection with the Bond Transaction. No attorney-client relationship has existed or exists between our firm and FMSbonds, Inc., or U.S. Bank Trust Company, National Association, as Trustee, in connection with the Bond Transaction, the Series 2026 Bonds or by virtue of this letter.
This opinion letter has been prepared and is to be construed in accordance with the Report on Third-Party Legal Opinion Customary Practice in Florida, dated December 3, 2011, together

with the First Supplement, dated July 24, 2021 (collectively, “Report”).	The Report is incorporated by reference into this opinion letter.

This opinion is solely for the benefit of the addressees in connection with the Bond Transaction and this opinion may not be circulated, quoted, or other referred to or relied upon in any manner, nor used, by any other persons or entities or for any other purpose without our express written consent in each instance.

Very truly yours,

GREENBERG TRAURIG, P.A.

EXHIBIT F-1 CERTIFICATE OF DEVELOPER
Lennar Homes, LLC, a Florida limited liability company (the “Developer”), DOES HEREBY CERTIFY, that:
This Certificate of the Developer is furnished pursuant to Section 8(c)(13) of the Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”) between Bridgewalk Community Development District (the “District”) and FMSbonds, Inc. (the “Underwriter”) relating to the sale by the District of its $[PAR] original aggregate principal amount of Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project) (the “Bonds”). Capitalized terms used, but not defined, herein shall have the meaning assigned thereto in the Purchase Contract.
The Developer is a limited liability company organized and existing under the laws of the State of Florida, pursuant to Articles of Organization of Developer, filed with the Florida Secretary of State on November 30, 2006 as Document No. L06000114706, and Limited Liability Company Agreement of Lennar Homes, LLC, dated as of August 23, 2016, which remain in full force and affect without amendment. The Developer’s status is active with the State of Florida Department of State.
Representatives of the Developer have provided information to the District to be used in connection with the offering by the District of its Bonds, pursuant to a Preliminary Limited Offering Memorandum dated [PLOM Date], and a final Limited Offering Memorandum, dated [Pricing Date], including the appendices attached thereto (collectively, the “Limited Offering Memoranda”).
Each of the Completion Agreement between Bridgewalk Community Development District and Lennar Homes, LLC Regarding the Completion and Conveyance of Certain Improvements, dated [Pricing Date], the Acquisition Agreement Regarding Work Product and Infrastructure for Special Assessment Bonds, Series 2026 (2026 Project) by and between the District and the Developer, dated [Pricing Date], and the Collateral Assignment and Assumption of Development Rights Relating to Assessment Area Three (Lennar Homes, LLC) in recordable form by and between the District and the Developer, dated [Pricing Date] (collectively, the “Developer Documents”), constitutes a valid and binding obligation of the Developer, enforceable against the Developer in accordance with its terms.
The Developer has reviewed and approved the information contained in the Limited Offering Memoranda under the captions “BONDOWNERS’ RISKS” (as it relates to the Developer and the Development), “THE 2026 PROJECT,” “THE DEVELOPMENT,” and “THE LAND
BANKS AND THE DEVELOPER,” “LITIGATION – The Developer”, and warrants and represents that such information did not as of their respective dates, 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. In addition, the Developer 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.
The Developer represents and warrants that it has complied with and will continue to comply with Chapter 190.048, Florida Statutes, as amended.
As of the date hereof, there has been no material adverse change in the business, properties, assets or financial condition of the Developer which has not been disclosed in the Limited Offering Memoranda.
The Developer 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 Developer 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.
The Developer acknowledges that the Bonds have the debt service requirements set forth in the Limited Offering Memorandum and that the Series 2026 Special Assessments will be levied by the District at times, and in amounts sufficient, to enable the District to pay debt service on the Bonds when due.
To the best of our knowledge, the Developer is not in default under any other resolution, ordinance, agreement or indenture, mortgage, lease, deed of trust, note or other instrument to which the Developer is subject or by which the Developer or its properties are or may be bound, which would have a material adverse effect on the consummation of the transactions contemplated by the Financing Documents, Developer Documents or on the Development and is current in the payment of all ad valorem, federal and state taxes associated with the Development.
Except as otherwise disclosed in the Limited Offering Memoranda, there is no action, suit or proceedings at law or in equity by or before any court or public board or body pending or, solely to the best of our knowledge, threatened against the Developer (or any basis therefor) (a) seeking to restrain or enjoin the execution or delivery of Financing Documents and/or Developer Documents to which the Developer is a party, (b) contesting or affecting the validity or enforceability of the Financing Documents and/or Developer Documents, or any and all such other agreements or documents as may be required to be executed, or the transactions contemplated thereunder, (c) contesting or affecting the establishment or existence, of the Developer, or of the Developer’s business, assets, property or conditions, financial or otherwise, or contesting or affecting any of the powers of the Developer, or (d) that would have a material and adverse effect upon the ability of the Developer to (i) complete the development of lands within the District as described in the Limited Offering Memoranda, (ii) pay the Series 2026 Special Assessments imposed against the land within the District owned by the Developer, or (iii) perform its various obligations as described in the Limited Offering Memoranda.

To the best of our knowledge after due inquiry, the Developer is in compliance in all material respects with all provisions of applicable law in all material matters relating to the Development as described in the Limited Offering Memoranda, including applying for all necessary permits. Except as otherwise described in the Limited Offering Memoranda, (a) the Development is zoned and properly designated for its intended use; (b) all government permits other than certain permits, which permits are expected to be received as needed, have been received; (c) the Developer is not aware of any default of any zoning condition, permit or development agreement which would adversely affect the Developer’s ability to complete or cause the completion of development of the Development as described in the Limited Offering Memoranda and all appendices thereto; and (d) there is no reason to believe that any permits, consents and licenses required to complete the Development as described in the Offering Memoranda will not be obtained as required.
Except as disclosed in the Limited Offering Memoranda, the Developer has not knowingly failed to timely comply with its continuing disclosure obligations in any material respects that resulted in the filing of a material event notice for any continuing disclosure agreements previously entered into in connection with the prior offering of securities.
The Developer represents and warrants that, to its knowledge, it has 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 15c2-12 of the Securities and Exchange Commission. The Developer 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 Developer represents that it has 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.
The Developer is not in default of any obligations to pay special assessments to the District, and the Developer is not insolvent.
Dated: [Closing Date].
LENNAR HOMES, LLC, a Florida limited liability company

By:	 Name:	 Title:	

EXHIBIT F-2 CERTIFICATE OF AG LAND BANK
AG EHC II (LEN) Multi State 4, LLC, a Delaware limited liability company (the “AG Land Bank”), DOES HEREBY CERTIFY, that:
This Certificate of the AG Land Bank is furnished pursuant to Section 8(c)(13) of the Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”) between Bridgewalk Community Development District (the “District”) and FMSbonds, Inc. (the “Underwriter”) relating to the sale by the District of its $[PAR] original aggregate principal amount of Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project) (the “Bonds”). Capitalized terms used, but not defined, herein shall have the meaning assigned thereto in the Purchase Contract.
The AG Land Bank 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 Land Bank have provided information to the District to be used in connection with the offering by the District of its Bonds, pursuant to a Preliminary Limited Offering Memorandum dated [PLOM Date], and a final Limited Offering Memorandum, dated [Pricing Date], including the appendices attached thereto (collectively, the “Limited Offering Memoranda”).
Each of the Collateral Assignment and Assumption of Development Rights Relating to Assessment Area Three (AG EHC II (LEN) Multi State 4, LLC) in recordable form by and between the District and the AG Land Bank, dated [Pricing Date], the Agreement Regarding the True Up and Payment for Special Assessment Bonds, Series 2026 (2026 Project) by and between the AG Land Bank and the District in recordable form, dated [Pricing Date], the Continuing Disclosure Agreement dated as of the Closing Date, by and among the District, the AG Land Bank, the Developer and the Dissemination Agent, and the Declaration of Consent to Jurisdiction to Imposition of Special Assessments and Imposition of Lien of Record in Assessment Area Three, dated [Closing Date] executed by the AG Land Bank to be recorded in the public records of Osceola County, Florida (collectively, the “AG Land Bank Documents”), constitutes a valid and binding obligation of the AG Land Bank, enforceable against the AG Land Bank in accordance with its terms. The execution and delivery by the AG Land Bank of the AG Land Bank Documents does not violate any judgment, order, writ, injunction or decree binding on AG Land Bank or any indenture, agreement, or other instrument to which the AG Land Bank is a party. There are no proceedings pending against or threatened in writing before any court or administrative agency relating to AG Land Bank which are either not covered by insurance or which singularly or collectively would have a material, adverse effect on the AG Land Bank’s ability to perform its obligations under the AG Land Bank Documents.
The AG Land Bank has reviewed and approved the information contained in the Limited Offering Memoranda under the captions THE DEVELOPMENT” and “THE LAND BANKS AND THE DEVELOPER” and with respect to the AG Land Bank and the Development (as  such  terms  are  used  in  the  Limited  Offering  Memoranda)  under  the  captions

“BONDHOLDERS’ RISKS,” “LITIGATION - The AG Land Bank” and “CONTINUING
DISCLOSURE” (only with respect to the AG Land Bank) and warrants and represents that such information did not as of their respective dates, 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. In addition, the AG Land Bank 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 Land Bank is in compliance in all material respects with all provisions of applicable law in all material matters relating to the AG Land Bank 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 2026 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 Land Bank’s ability to complete development of the Development and the 2026 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 2026 Project as described in the Limited Offering Memoranda will not be obtained in due course as required by the AG Land Bank.
The AG Land Bank is not insolvent. The AG Land Bank 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 Land Bank 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.
8.  To the best of my knowledge, the levy of the Special Assessments (as defined in the AG Land Bank 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 Land Bank is a party or to which the AG Land Bank or any of its property or assets is subject.
To the best of my knowledge, the AG Land Bank 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 2026 Bonds or the District.
To the best of my knowledge and in reliance on the environmental site assessments provided to the AG Land Bank, the AG Land Bank 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.

Dated: [Closing Date].

AG EHC II (LEN) Multi State 4, LLC, a Delaware limited liability company
By: Essential Housing Asset Management, LLC, an Arizona limited liability company, as Authorized Agent

By:	 Name: Steven S. Benson
Title: Manager

EXHIBIT F-3 CERTIFICATE OF AG LAND BANK
JEN Holdco 24 LLC, a Delaware limited liability company (the “JEN Land Bank”), DOES HEREBY CERTIFY, that:
This Certificate of the JEN Land Bank is furnished pursuant to Section 8(c)(13) of the Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”) between Bridgewalk Community Development District (the “District”) and FMSbonds, Inc. (the “Underwriter”) relating to the sale by the District of its $[PAR] original aggregate principal amount of Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project) (the “Bonds”). Capitalized terms used, but not defined, herein shall have the meaning assigned thereto in the Purchase Contract.
The JEN Land Bank 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 JEN Land Bank have provided information to the District to be used in connection with the offering by the District of its Bonds, pursuant to a Preliminary Limited Offering Memorandum dated [PLOM Date], and a final Limited Offering Memorandum, dated [Pricing Date], including the appendices attached thereto (collectively, the “Limited Offering Memoranda”).
Each of the Collateral Assignment and Assumption of Development Rights Relating to Assessment Area Three (AG EHC II (LEN) Multi State 4, LLC) in recordable form by and between the District and the JEN Land Bank, dated [Pricing Date], the Agreement Regarding the True Up and Payment for Special Assessment Bonds, Series 2026 (2026 Project) by and between the JEN Land Bank and the District in recordable form, dated [Pricing Date], the Continuing Disclosure Agreement dated as of the Closing Date, by and among the District, the JEN Land Bank, the Developer and the Dissemination Agent, and the Declaration of Consent to Jurisdiction to Imposition of Special Assessments and Imposition of Lien of Record in Assessment Area Three, dated [Closing Date] executed by the JEN Land Bank to be recorded in the public records of Osceola County, Florida (collectively, the “JEN Land Bank Documents”), constitutes a valid and binding obligation of the JEN Land Bank, enforceable against the JEN Land Bank in accordance with its terms. The execution and delivery by the JEN Land Bank of the JEN Land Bank Documents does not violate any judgment, order, writ, injunction or decree binding on JEN Land Bank or any indenture, agreement, or other instrument to which the JEN Land Bank is a party. There are no proceedings pending against or threatened in writing before any court or administrative agency relating to JEN Land Bank which are either not covered by insurance or which singularly or collectively would have a material, adverse effect on the JEN Land Bank’s ability to perform its obligations under the JEN Land Bank Documents.
The JEN Land Bank has reviewed and approved the information contained in the Limited Offering Memoranda under the captions THE DEVELOPMENT” and “THE LAND BANKS AND THE DEVELOPER” and with respect to the JEN Land Bank and the Development (as  such  terms  are  used  in  the  Limited  Offering  Memoranda)  under  the  captions

“BONDHOLDERS’ RISKS,” “LITIGATION - The JEN Land Bank” and “CONTINUING
DISCLOSURE” (only with respect to the JEN Land Bank) and warrants and represents that such information did not as of their respective dates, 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. In addition, the JEN Land Bank 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 JEN Land Bank is in compliance in all material respects with all provisions of applicable law in all material matters relating to the JEN Land Bank 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 2026 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 JEN Land Bank’s ability to complete development of the Development and the 2026 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 2026 Project as described in the Limited Offering Memoranda will not be obtained in due course as required by the JEN Land Bank.
The JEN Land Bank is not insolvent. The JEN Land Bank 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 JEN Land Bank 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.
8.  To the best of my knowledge, the levy of the Special Assessments (as defined in the JEN Land Bank 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 JEN Land Bank is a party or to which the JEN Land Bank or any of its property or assets is subject.
To the best of my knowledge, the JEN Land Bank 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 2026 Bonds or the District.
To the best of my knowledge and in reliance on the environmental site assessments provided to the JEN Land Bank, the JEN Land Bank 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.

Dated: [Closing Date].

JEN Holdco 24 LLC, a Delaware limited liability company

By:		 Name: 	 Title: 	

EXHIBIT G CERTIFICATE OF ENGINEER
Osceola Engineering, Inc. (the “Engineers”), DOES HEREBY CERTIFY, that:
This certificate is furnished pursuant to Section 8(c)(18) of the Bond Purchase Contract dated [Pricing Date] (the “Purchase Contract”), by and between Bridgewalk Community Development District (the “District”) and FMSbonds, Inc. with respect to the $[PAR] Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 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, relating to the Bonds (collectively, the “Limited Offering Memoranda”), as applicable.
The Engineers have been retained by the District as consulting engineers.
The plans and specifications for the 2026 Project (as described in the Limited Offering Memoranda) improvements were approved or will be approved by all regulatory bodies required to approve them prior to construction. All environmental and other regulatory permits or approvals required in connection with the construction of the 2026 Project have either been obtained or are reasonably expected to be obtained in the ordinary course.
The Engineers prepared reports entitled “Bridgewalk Community Development District Assessment Area 3 Engineer’s Report Infrastructure Improvements” dated April 2026 and “Bridgewalk Community Development District Assessment Area 4 Engineer’s Report Infrastructure Improvements” dated April 2026, as may be amended and supplemented from time to time (collectively, the “Report”). The Report sets forth the estimated cost of the 2026 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 2026 Project and the development of the District are included in the Limited Offering Memoranda under the captions “THE 2026 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.
The portion of the 2026 Project improvements to be acquired with the proceeds of the Bonds will be completed in accordance with the plans and specifications therefore and in sound workmanlike manner and in accordance with industry standards. The purchase price expected to be paid by the District, based on current construction cost estimates, to the Land Bank for any future acquisition of the improvements included within the 2026 Project does not exceed the lesser of the actual cost of the 2026 Project or the fair market value of the assets acquired by the District.

To the best of our knowledge, after due inquiry, the Land Bank is in compliance in all material respects with all provisions of applicable law in all material matters relating to the Developer, the Land Bank and the Development 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 as described in the Limited Offering Memoranda have been received, or are reasonably expected to be obtained; (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 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 as described in the Limited Offering Memoranda will not be obtained in due course as required by the Land Bank, or any other person or entity, necessary for the development of the Development as described in the Limited Offering Memoranda and all appendices thereto.
Prior to the completion of the development of the District there will be adequate water and sewer service capacity to serve all of the homes being constructed in the District.
Date: [Closing Date]
OSCEOLA ENGINEERING, INC

By:	 Print Name:	 Title:	

EXHIBIT H
CERTIFICATE OF DISTRICT MANAGER AND METHODOLOGY CONSULTANT
Governmental Management Services – Central Florida, LLC (“GMS”), 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 Bridgewalk Community Development District (the “District”) and FMSbonds, Inc. with respect to the $[PAR] Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 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 (as hereinafter defined) relating to the Bonds, as applicable.
GMS 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 has participated in 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 for Assessment Aera 3 & 4, dated March 16, 2026, as supplemented by the Supplemental Assessment Methodology for Assessment Area 3 & 4 for the 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 2026 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 2026 BONDS
– Assessment Methodology/Series 2026 Special Assessments”, “THE DISTRICT,” “THE 2026 PROJECT,” “ASSESSMENT METHODOLOGY,” “LITIGATION – The District,” “CONTINGENT FEES,” “EXPERTS,” “FINANCIAL INFORMATION,” “DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS,” “CONTINUING DISCLOSURE,”
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 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 benefit from the 2026 Project equals or exceeds the Series 2026 Special Assessments, and such Series 2026 Special Assessments are fairly and reasonably allocated across all lands subject to the Series 2026 Special Assessments. Moreover, the 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 2026 Special Assessments, are sufficient to enable the District to pay the debt service on the Bonds through the final maturity thereof.
Dated: [Closing Date].
GOVERNMENTAL MANAGEMENT SERVICES – CENTRAL FLORIDA, LLC,
a Florida limited liability company

By:	 Name:	 Title:	

Section 2

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 	, 2026
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 Developer (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 2026 Bonds (as hereinafter defined) is excludable from gross income for federal income tax purposes and further, interest on the Series 2026 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 2026 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 2026 Bonds. Bond Counsel is further of the opinion that the Series 2026 Bonds and the interest 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.

$6,110,000*
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT (OSCEOLA COUNTY, FLORIDA)
SPECIAL ASSESSMENT BONDS, SERIES 2026 (2026 PROJECT)

Dated: Date of Delivery	Due: May 1, as shown in the inside cover

The Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project) (the “Series 2026 Bonds”) are being issued by the Bridgewalk 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 by Ordinance No. 2021-64 of the Board of County Commissioners of Osceola County, Florida (the “County Commissioners”), enacted on September 20, 2021 and effective on September 23, 2021 and by Ordinance 2025-80 enacted by the County Commissioners on December 15, 2025 and effective on December 18, 2025, which expanded the boundaries of the District by approximately 125.62+/- gross acres. 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, in one (1) or more stages, 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 2026 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 (12) 30-day months, payable semi-annually on each May 1 and November 1, commencing November 1, 2026. The Series 2026 Bonds, when issued, will be registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company (“DTC”). Purchases of beneficial interests in the Series 2026 Bonds will be made only in book-entry form. Accordingly, principal of and interest on the Series 2026 Bonds will be paid from the 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 of America and authorized to exercise corporate trust powers in the State of Florida, as successor 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 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 2026 Bond must maintain an account with a broker or dealer

* Preliminary, subject to change.

who is, or acts through, a Direct Participant to receive payment of the principal of and interest on such Series 2026 Bond. See “DESCRIPTION OF THE SERIES 2026 BONDS – Book-Entry Only System” herein.

The Series 2026 Bonds are being issued by the District pursuant to the Act, Resolution Nos. 2021-14, 2026-05 and 2026-14, adopted by the Board of Supervisors of the District (the “Board”) on September 30, 2021, March 16, 2026 and August 17, 2026, respectively (collectively, the “Bond Resolution”), and a Master Trust Indenture dated as of January 1, 2022 (the “Master Indenture”), as supplemented by a Third Supplemental Trust Indenture dated as of September 1, 2026 (the “Third 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 – COPY OF MASTER INDENTURE AND PROPOSED FORM OF THIRD SUPPLEMENTAL INDENTURE.

Net proceeds of the Series 2026 Bonds will be used to provide funds for (i) the Costs of acquiring and/or constructing a portion of the 2026 Project (as hereinafter defined), (ii) the payment of interest on the Series 2026 Bonds through at least November 1, 2026, (iii) the funding of the Series 2026 Reserve Account in an amount equal to the initial Series 2026 Reserve Requirement, and (iv) the payment of the costs of issuance of the Series 2026 Bonds. See “THE 2026 PROJECT” and “ESTIMATED SOURCES AND USES OF FUNDS” herein.

The Series 2026 Bonds will be secured by a pledge of the Series 2026 Pledged Revenues. “Series 2026 Pledged Revenues” shall mean (a) all revenues received by the District from the Series 2026 Special Assessments (as hereinafter defined) levied and collected on the assessable lands within the 2026 Assessment Area within the District, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2026 Special Assessments or from the issuance and sale of tax certificates with respect to such Series 2026 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 2026 Bonds; provided, however, that Series 2026 Pledged Revenues shall not include (A) any moneys transferred to the Series 2026 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2026 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 2026 BONDS” herein.

The Series 2026 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 2026 BONDS – Redemption Provisions” herein.

THE SERIES 2026 BONDS ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY FROM THE SERIES 2026 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 ORLANDO, FLORIDA (THE “CITY”), OSCEOLA COUNTY, FLORIDA (THE “COUNTY”) THE STATE OF FLORIDA (THE “STATE”), OR ANY OTHER POLITICAL SUBDIVISION THEREOF, IS PLEDGED AS SECURITY FOR THE PAYMENT OF THE SERIES 2026 BONDS; HOWEVER, THE DISTRICT IS OBLIGATED UNDER THE INDENTURE TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, THE SERIES 2026 SPECIAL ASSESSMENTS TO SECURE AND PAY THE SERIES 2026 BONDS. THE SERIES 2026 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 2026 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, as amended, 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 2026 Bonds. The Series

2026 Bonds are not credit enhanced or rated and no application has been made for any credit enhancement or a rating with respect to the Series 2026 Bonds.
This cover page contains information for quick reference only. It is not a summary of the Series 2026 Bonds. Investors must read this entire Limited Offering Memorandum to obtain information essential to the making of an informed investment decision.

The initial sale of the Series 2026 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 2026 Bonds and the excludability of interest on the Series 2026 Bonds from gross income for federal income tax purposes. Certain legal matters will be passed upon for the District by its counsel, Latham, Luna, Eden & Beaudine, LLP, Orlando, Florida, for the Developer (as hereinafter defined) by its counsel, Greenberg Traurig, P.A., West Palm Beach, Florida, for the AG Land Bank (as hereinafter defined) by its counsel, Lewis, Longman & Walker, P.A., West Palm Beach, Florida, for the JEN Land Bank (as hereinafter defined) by its counsel,
	, 	, Florida, and for the Underwriter by its counsel, Squire Patton Boggs (US) LLP, Miami, Florida. It is expected that the Series 2026 Bonds will be delivered in book-entry form through the facilities of DTC on or about 	 , 2026.
[FMSbonds, Inc. Logo]

Dated: 	, 2026.

PRINCIPAL AMOUNTS, INTEREST RATES, MATURITIES, YIELDS, PRICES AND CUSIP NUMBERS

$6,110,000*
Bridgewalk Community Development District Special Assessment Bonds, Series 2026
(2026 Project)

$	 – 	% Series 2026 Term Bond due May 1, 20   – Yield 	% – Price 	 – CUSIP	†

$	 – 	% Series 2026 Term Bond due May 1, 20   – Yield 	% – Price 	 – CUSIP	†

$	 – 	% Series 2026 Term Bond due May 1, 20   – Yield 	% – Price 	 – CUSIP	†

* Preliminary, subject to change.
† Neither the District nor the Underwriter shall be responsible for the use of CUSIP numbers, nor is any representation made as to their correctness. They are included solely for the convenience of the readers of this Limited Offering Memorandum.

BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT BOARD OF SUPERVISORS†
Adam Morgan,* Chairperson Rob Bonin,* Vice-Chairperson
Lane Register,* Assistant Secretary Michelle Dudley,* Assistant Secretary

† There is currently one vacancy on the Board.
* Employee of, or affiliated with, the Developer (as herein defined).

DISTRICT MANAGER/METHODOLOGY CONSULTANT

Governmental Management Services – Central Florida, LLC Orlando, Florida

DISTRICT COUNSEL
Latham, Luna, Eden & Beaudine, LLP Orlando, Florida

BOND COUNSEL

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

DISTRICT ENGINEER
Osceola Engineering, Inc.
St. Cloud, 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 2026 BONDS AND THERE SHALL BE NO OFFER, SOLICITATION, OR SALE OF THE SERIES 2026 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 LAND BANKS AND THE DEVELOPER (EACH AS 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 LAND BANKS, THE DEVELOPER OR IN THE STATUS OF THE DEVELOPMENT OR THE 2026 PROJECT (AS SUCH TERMS ARE HEREINAFTER DEFINED) SINCE THE DATE HEREOF.
THE SERIES 2026 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 2026 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 2026 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 ASSESSMENTS, AND VARIOUS OTHER FACTORS WHICH MAY BE BEYOND THE DISTRICT’S, THE LAND BANKS’ AND THE DEVELOPER’S CONTROL. BECAUSE THE DISTRICT, THE LAND BANKS AND THE DEVELOPER 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 LAND BANKS AND THE DEVELOPER 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
Page
INTRODUCTION	1
DESCRIPTION OF THE SERIES 2026 BONDS	4
General Description	4
Redemption Provisions	5
Purchase of Series 2026 Bonds	7
Book-Entry Only System	7
SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS	9
General	9
Assessment Methodology / Series 2026 Special Assessments	10
Additional Obligations	11
Covenant Against Sale or Encumbrance	11
Series 2026 Reserve Account	12
Deposit and Application of the Series 2026 Pledged Revenues	13
Investments	14
Covenant to Levy the Series 2026 Special Assessments	15
Prepayment of Series 2026 Special Assessments	15
Collateral Assignment and Assumption of Development Rights Relating to the 2026
Assessment Area	16
Indenture Provisions Relating to Bankruptcy or Insolvency of Insolvent Taxpayer	17
Events of Default and Remedies	19
ENFORCEMENT OF ASSESSMENT COLLECTIONS	20
General	20
Alternative Uniform Tax Collection Procedure for Series 2026 Special Assessments	21
Foreclosure	24
BONDOWNERS’ RISKS	25
ESTIMATED SOURCES AND USES OF FUNDS	33
DEBT SERVICE REQUIREMENTS	34
THE DISTRICT	35
General Information	35
Legal Powers and Authority	35
Board of Supervisors	36
The District Manager and Other Consultants	37
Prior Indebtedness	37
THE 2026 PROJECT	38

TABLE OF CONTENTS
(continued)
Page
ASSESSMENT METHODOLOGY	40
General	40
Series 2026 Special Assessments	40
True-Up Mechanism	41
THE DEVELOPMENT	42
General	42
Prior Assessment Areas Status	44
Land Acquisition, the Construction Agreements and the Option Agreements	44
Development Finance Plan	46
Development Plan / Status	46
Residential Product Offerings	47
Zoning and Permitting	47
Environmental [Please confirm which report covers which Assessment Area]	47
Amenities	47
Utilities	48
Taxes, Fees and Assessments	48
Education	49
Competition	49
THE LAND BANKS AND THE DEVELOPER	49
TAX MATTERS	51
General	51
Original Issue Discount and Premium	52
Changes in Federal and State Tax Law	53
Information Reporting and Backup Withholding	53
AGREEMENT BY THE STATE	54
LEGALITY FOR INVESTMENT	54
SUITABILITY FOR INVESTMENT	54
ENFORCEABILITY OF REMEDIES	54
LITIGATION	55
The District	55
The AG Land Bank	55
The JEN Land Bank	55

TABLE OF CONTENTS
(continued)
Page
The Developer	55
CONTINGENT FEES	55
NO RATING	56
EXPERTS	56
FINANCIAL INFORMATION	56
DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS	56
CONTINUING DISCLOSURE	57
UNDERWRITING	57
VALIDATION	58
LEGAL MATTERS	58
MISCELLANEOUS	58
AUTHORIZATION AND APPROVAL	59

APPENDIX A:	COPY OF MASTER INDENTURE AND PROPOSED FORM OF THIRD SUPPLEMENTAL 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 APPENDIX F:	AUDITED FINANCIAL STATEMENTS AS OF THE FISCAL YEAR ENDED
SEPTEMBER 30, 2022

-iii-

$6,110,000*
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT (OSCEOLA COUNTY, FLORIDA)
SPECIAL ASSESSMENT BONDS, SERIES 2026 (2026 PROJECT)
INTRODUCTION
The purpose of this Limited Offering Memorandum is to set forth certain information in connection with the offering for sale by the Bridgewalk Community Development District (the “District” or “Issuer”) of its $6,110,000* Special Assessment Bonds, Series 2026 (2026 Project) (the “Series 2026 Bonds”).
THE SERIES 2026 BONDS ARE NOT A SUITABLE INVESTMENT FOR ALL INVESTORS. PURSUANT TO APPLICABLE STATE LAW, THE UNDERWRITER IS LIMITING THIS INITIAL OFFERING OF THE SERIES 2026 BONDS TO ONLY ACCREDITED INVESTORS WITHIN THE MEANING OF CHAPTER 517, FLORIDA STATUTES, AS AMENDED, AND THE RULES OF THE FLORIDA DEPARTMENT OF FINANCIAL SERVICES. THE LIMITATION OF THE INITIAL OFFERING TO ACCREDITED INVESTORS DOES NOT DENOTE RESTRICTIONS ON ANY TRANSFERS IN ANY SECONDARY MARKET FOR THE SERIES 2026 BONDS. POTENTIAL INVESTORS ARE SOLELY RESPONSIBLE FOR EVALUATING THE MERITS AND RISKS OF AN INVESTMENT IN THE SERIES 2026 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 by Ordinance No. 2021-64 of the Board of County Commissioners of Osceola County, Florida (the “County Commissioners”), enacted on September 20, 2021 and effective on September 23, 2021 and by Ordinance 2025-80 enacted by the County Commissioners on December 15, 2025 and effective on December 18, 2025, which expanded the boundaries of the District by approximately 125.62+/- gross acres. The District was created for the purpose of delivering certain community development services and facilities for the benefit of the District Lands (as hereinafter defined) and has previously determined to undertake, in one (1) or more stages, the acquisition and/or construction of public improvements and community facilities as set forth in the Act for the special benefit of the District Lands. The Act authorizes the District to issue bonds for the purposes of, among others, financing, funding, planning, establishing, acquiring, constructing or reconstructing, enlarging or extending, and equipping water management, water supply, sewer and wastewater management, bridges or culverts, public roads, street lights and other basic infrastructure projects within or without the boundaries of the District as provided in the Act.
The boundaries of the District currently include approximately 337.61+/- gross acres of land (the “District Lands”), partially located within the unincorporated area of Osceola County, Florida (the “County”) and the remaining portion located within the City of Orlando, Florida (the “City”). The District Lands are being developed as a 906-unit residential community to be known as “Bridgewalk” and referred to herein as the “Development.”
Land development for the Development will occur in multiple phases. Four assessment areas have been created to facilitate the District’s financing program. Assessment Area One contains 248 residential units (“Assessment Area One”). Assessment Area Two contains 275 platted lots (“Assessment Area Two”). Assessment Area Three contains 241 platted lots (“Assessment Area Three”). Assessment Area Four consists of approximately 42.15+/- gross acres and is planned to contain 142 residential units (“Assessment

* Preliminary, subject to change.

Area Four”). Assessment Area Three and Assessment Area Four are collectively referred to herein as the “2026 Assessment Area.” See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026
BONDS – Additional Obligations” herein for more information.
The Series 2026 Bonds will be secured by the Series 2026 Special Assessments, which will at issuance be levied on the 241 platted lots within Assessment Area Three and will initially be levied on the
42.15 +/- gross acres of land within Assessment Area Four until such time as the 142 lots within Assessment Area Four are platted. As platting occurs, the Assessment Area Four Special Assessments will be assigned to 142 lots within Assessment Area Four on a first platted, first assigned basis. See “APPENDIX D – ASSESSMENT METHODOLOGY” for more information.
AG EHC II (LEN) Multi State 4, LLC, a Delaware limited liability company (the “AG Land Bank”) is the primary landowner within Assessment Area Three. Lennar Homes, LLC, a Florida limited liability company (the “Developer”) has entered into the AG Construction Agreement (as hereinafter defined) and the AG Option Agreement (as hereinafter defined) with the AG Land Bank. Pursuant to the AG Construction Agreement, the Developer will manage the installation of infrastructure improvements for all 241 lots within Assessment Area Three. Pursuant to the AG Option Agreement, the Developer has the option to purchase all 241 developed lots subject to the AG Construction Agreement. The Developer will construct and market all 241 planned residential units for sale to homebuyers. As of July 22, 2026, the AG Land Bank owns 92 lots within Assessment Area Three, the Developer owns 102 lots within Assessment Area Three and the remaining 47 lots have closed with homebuyers. See “THE DEVELOPMENT – Land Acquisition, the Construction Agreements and the Option Agreements” and “THE LAND BANKS AND THE DEVELOPER” herein for more information.
JEN Holdco 24 LLC, a Delaware limited liability company (the “JEN Land Bank” and together with the AG Land Bank, the “Land Banks”) is the landowner within Assessment Area Four. Lennar Homes, LLC, a Florida limited liability company (the “Developer”) has entered into JEN Construction Agreement (as hereinafter defined) and the JEN Option Agreement (as hereinafter defined) with the JEN Land Bank. Pursuant to the JEN Construction Agreement, the Developer will manage the installation of infrastructure improvements for all 142 lots within Assessment Area Four. Pursuant to the JEN Option Agreement, the Developer has the option to purchase all 142 developed lots subject to the JEN Construction Agreement. The Developer will construct and market all 142) planned residential units for sale to homebuyers. As of July 22, 2026, the JEN Land Bank owns all 142 lots within Assessment Area Four. See “THE DEVELOPMENT – Land Acquisition, the Construction Agreements and the Option Agreements” and “THE LAND BANKS AND THE DEVELOPER” herein for more information.
The District previously issued its Series 2022 Bonds (as hereinafter defined) to finance certain public improvements associated with Assessment Area One, secured by Special Assessments levied on the assessable lands within Assessment Area One (the “Series 2022 Special Assessments”). The District previously issued its Series 2023 Bonds (as hereinafter defined) to finance certain public improvements associated with Assessment Area Two, secured by Special Assessments levied on the assessable lands within Assessment Area Two (the “Series 2023 Special Assessments” and, together with the Series 2022 Special Assessments, the “Prior Special Assessments”). The Series 2022 Bonds and the Series 2023 Bonds are herein collectively referred to as the “Prior Bonds.”
The Series 2026 Pledged Revenues are not pledged to the payment of the principal of and interest on the Prior Bonds, and the Prior Special Assessments securing the Prior Bonds, as applicable, are not pledged to the payment of the principal of and interest on the Series 2026 Bonds. After the issuance of the Series 2026 Bonds, the Series 2026 Special Assessments will be the only debt assessments levied on the lands within the 2026 Assessment Area. The Series 2022 Special Assessments and the Series 2023 Special

Assessments are the only debt assessments levied on the lands within Assessment Area One and Assessment Area Two, respectively. See “THE DISTRICT” – Prior Indebtedness” herein for more information.
The Series 2026 Bonds are being issued by the District pursuant to the Act, Resolution Nos. 2021-14, 2026-05 and 2026-14, adopted by the Board of Supervisors of the District (the “Board”) on September 30, 2021, March 16, 2026 and August 17, 2026, respectively (collectively, the “Bond Resolution”), and a Master Trust Indenture dated as of January 1, 2022 (the “Master Indenture”), as supplemented by a Third Supplemental Trust Indenture dated as of September 1, 2026 (the “Third Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), each by and between the District 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 authorized to exercise corporate trust powers in the State of Florida, as successor trustee (the “Trustee”). All capitalized terms used in this Limited Offering Memorandum and not defined herein shall have the respective meanings set forth in the Indenture. See “APPENDIX A – COPY OF MASTER INDENTURE AND PROPOSED FORM OF THIRD SUPPLEMENTAL INDENTURE.”
Net proceeds of the Series 2026 Bonds will be used to provide funds for (i) the Costs of acquiring and/or constructing a portion of the 2026 Project (as hereinafter defined), (ii) the payment of interest on the Series 2026 Bonds through at least November 1, 2026, (iii) the funding of the Series 2026 Reserve Account in an amount equal to the initial Series 2026 Reserve Requirement, and (iv) the payment of the costs of issuance of the Series 2026 Bonds. See “THE 2026 PROJECT” and “ESTIMATED SOURCES AND USES OF FUNDS” herein.
The Series 2026 Bonds will be secured by a pledge of the Series 2026 Pledged Revenues. “Series 2026 Pledged Revenues” shall mean (a) all revenues received by the District from Series 2026 Special Assessments levied and collected on the assessable lands within the 2026 Assessment Area within the District, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2026 Special Assessments or from the issuance and sale of tax certificates with respect to such Series 2026 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 2026 Bonds; provided, however, that Series 2026 Pledged Revenues shall not include (A) any moneys transferred to the Series 2026 Rebate Fund and investment earnings thereon,
(B) moneys on deposit in the Series 2026 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 2026 BONDS.”
There follows in this Limited Offering Memorandum a brief description of the District, the Land Banks, the Developer, the Development, the 2026 Project and summaries of certain terms of the Series 2026 Bonds, 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 documents and statute, and all references to the Series 2026 Bonds are qualified by reference to the definitive form thereof and the information with respect thereto contained in the Indenture. The copy of the Master Indenture and proposed form of the Third 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 2026 BONDS
General Description
The Series 2026 Bonds are issuable only as fully registered bonds, without coupons, in the denominations of $5,000 and any integral multiple thereof, except as otherwise provided in the Indenture. The Series 2026 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 2026 Bonds shall be dated as of the date of initial delivery. Regularly scheduled interest on the Series 2026 Bonds shall be payable on each Interest Payment Date to maturity or prior redemption. “Interest Payment Date” means May 1 and November 1 of each year, commencing November 1, 2026, and any other date the principal of the Series 2026 Bonds is paid, including any Quarterly Redemption Date. “Quarterly Redemption Date” means February 1, May 1, August 1 and November 1 of any calendar year. Interest on the Series 2026 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 May 1 or November 1 to which interest has been paid, in which case from such date of authentication, or unless the date of authentication thereof is prior to November 1, 2026, 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 2026 Bonds will be computed in all cases on the basis of a 360-day year consisting of twelve (12) 30-day months.
Upon initial issuance, the ownership of the Series 2026 Bonds will be registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”), and purchases of beneficial interests in the Series 2026 Bonds will be made in book-entry only form. Principal and interest on the Series 2026 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 (as defined herein) shall be the responsibility of DTC. Payments by Direct Participants to Indirect Participants (as defined herein) and by Direct Participants and Indirect Participants to Beneficial Owners (as defined herein) shall be the responsibility of Direct Participants and Indirect Participants and not of DTC, the Trustee or the District. Individuals may purchase beneficial interests in Authorized Denominations in book-entry only form, without certificated Series 2026 Bonds, through Direct Participants or Indirect Participants. During the period for which Cede & Co. is registered owner of the Series 2026 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. See also “–Book-Entry Only System” herein.
The Series 2026 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 2026 Bonds. See “DESCRIPTION OF THE SERIES 2026 BONDS – Book-Entry Only System” and “SUITABILITY FOR INVESTMENT” below.
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 authorized to exercise corporate trust powers in the State of Florida, is initially serving as the Trustee, Registrar and Paying Agent for the Series 2026 Bonds.

Redemption Provisions
Optional Redemption
The Series 2026 Bonds may, at the option of the District, provided written notice thereof 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 November 1, 20  (less than all Series 2026 Bonds of a maturity to be selected randomly), at a Redemption Price equal to the principal amount of Series 2026 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 2026 Optional Redemption Subaccount of the Series 2026 Bond Redemption Account. If such optional redemption shall be in part, the District shall select such principal amount of Series 2026 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Bonds is substantially level.
Mandatory Sinking Fund Redemption
The Series 2026 Bonds maturing on May 1, 20   are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of one hundred percent (100%) of their principal amount plus accrued interest to the date of redemption.
Mandatory Sinking Fund
Year	Redemption Amount

*Maturity
The Series 2026 Bonds maturing on May 1, 20   are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the mandatory sinking fund redemption amounts set forth below at a redemption price of one hundred percent (100%) of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount

*Maturity
The Series 2026 Bonds maturing on May 1, 20   are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 in the years and in the

mandatory sinking fund redemption amounts set forth below at a redemption price of one hundred percent (100%) of their principal amount plus accrued interest to the date of redemption.

Year

Mandatory Sinking Fund Redemption Amount

*Maturity
Upon any redemption or purchase of Series 2026 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 2026 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 2026 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 2026 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 payment amounts for the immediately succeeding and subsequent years.
Extraordinary Mandatory Redemption
The Series 2026 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 where an extraordinary mandatory redemption in part must occur on a Quarterly Redemption Date), at a Redemption Price equal to one hundred percent (100%) of the principal amount of the Series 2026 Bonds to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2026 Prepayment Principal deposited into the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account (taking into account the credit from the Series 2026 Reserve Account pursuant to the provisions of the Third Supplemental Indenture) following a Prepayment in whole or in part of Series 2026 Special Assessments on any assessable property within the 2026 Assessment Area within the District in accordance with the provisions of the Third Supplemental Indenture.
from moneys, if any, on deposit in the Series 2026 Funds, Accounts and subaccounts in the Funds and Accounts (other than the Series 2026 Rebate Fund and Series 2026 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2026 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 2026 Acquisition and Construction Account not otherwise reserved to complete the 2026 Project (including any amounts transferred from the Series 2026 Reserve Account) all of which have been transferred to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account.
Notice of Redemption and of Purchase

When required to redeem or purchase (as described below) Series 2026 Bonds under any provision of the Indenture or directed to do so by the District, the Trustee shall give or cause to be given notice of the redemption 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 2026 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 2026 Bonds for which notice was duly mailed in accordance with the Indenture. The District shall, when it is directing the Trustee to provide such notice, provide written direction to the Trustee at least forty-five (45) days (unless the Trustee agrees to a shorter period) prior to the date on which the Trustee is required to send notice 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. Pursuant to the Indenture, the Trustee is authorized to provide notice of redemption on a conditional basis.
Purchase of Series 2026 Bonds
At the written direction of the District, the Trustee shall apply moneys from time to time available in the Series 2026 Sinking Fund Account to the purchase of Series 2026 Bonds in accordance with the Indenture, at prices not higher than the principal amount thereof, in lieu of redemption, provided that firm purchase commitments can be made before the notice of redemption would otherwise be required to be given.
Book-Entry Only System
The information in this caption concerning DTC 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”) will act as securities depository for the Series 2026 Bonds. The Series 2026 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 (1) fully-registered Series 2026 Bond certificate will be issued for each maturity of the Series 2026 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 one hundred (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 2026 Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Series 2026 Bonds on DTC’s records. The ownership interest of each actual purchaser of each Series 2026 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 2026 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 2026 Bonds, except in the event that use of the book-entry system for the Series 2026 Bonds is discontinued.
To facilitate subsequent transfers, all Series 2026 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 2026 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 2026 Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Series 2026 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 2026 Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Series 2026 Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Series 2026 Bond documents. For example, Beneficial Owners of Series 2026 Bonds may wish to ascertain that the nominee holding the Series 2026 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 2026 Bonds are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such Series 2026 Bonds to be redeemed.
Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the Series 2026 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 2026 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 2026 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, distributions, 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 2026 Bonds at any time by giving reasonable notice to the District or the Trustee. Under such circumstances, in the event that a successor depository is not obtained, Series 2026 Bond certificates are required to be printed and delivered.
Pursuant to the procedures of DTC, the District may decide to discontinue use of the system of book-entry only transfers through DTC (or a successor securities depository). In that event, Series 2026 Bond certificates will be printed and delivered to DTC.
SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS
General
THE SERIES 2026 BONDS ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE SOLELY FROM THE SERIES 2026 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 2026 BONDS; HOWEVER, THE DISTRICT IS OBLIGATED UNDER THE INDENTURE TO LEVY AND TO EVIDENCE AND CERTIFY, OR CAUSE TO BE CERTIFIED, FOR COLLECTION, SERIES 2026 SPECIAL ASSESSMENTS TO SECURE AND PAY THE SERIES 2026 BONDS. THE SERIES 2026 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 2026 Bonds will be secured by a pledge of the Series 2026 Pledged Revenues. “Series 2026 Pledged Revenues” shall mean (a) all revenues received by the District from Series 2026 Special Assessments levied and collected on the assessable lands within the 2026 Assessment Area within the District, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2026 Special Assessments or from the issuance and sale of tax certificates with respect to such Series 2026 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 2026 Bonds; provided, however, that Series 2026 Pledged Revenues shall not include (A) any moneys transferred to the Series 2026 Rebate Fund and investment earnings thereon,
(B) moneys on deposit in the Series 2026 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).

“Series 2026 Special Assessments” shall mean, collectively, the Assessment Area Three Special Assessments and the Assessment Area Four Special Assessments levied on the assessable lands within Assessment Area Three and Assessment Area Four, respectively, within the District as a result of the District’s acquisition and/or construction of the 2026 Project, corresponding in amount to the debt service on the Series 2026 Bonds and designated as such in the Assessment Methodology (as hereinafter defined), which describes the methodology for allocating the Series 2026 Special Assessments to the assessable lands within the 2026 Assessment Area within the District, and which Assessment Methodology is attached as APPENDIX D hereto. The Series 2026 Special Assessments will be levied pursuant to Section 190.022 of the Act, resolutions of the District adopted prior to delivery of the Series 2026 Bonds, as amended and supplemented from time to time (collectively, the “Assessment Resolutions”) 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 can become a lien against the homestead as permitted in Section 4, Article X of the Florida State Constitution. The Series 2026 Special Assessments will constitute a lien against the land as to which the Series 2026 Special Assessments are imposed. See “ENFORCEMENT OF ASSESSMENT COLLECTIONS” herein.
Assessment Methodology / Series 2026 Special Assessments
As set forth in the Assessment Methodology, the Series 2026 Special Assessments will at issuance be levied on the 241 platted lots within Assessment Area Three and will initially be levied on the 42.15 +/-gross acres of land within Assessment Area Four until such time as the 142 lots within Assessment Area Four are platted. As platting occurs, the Assessment Area Four Special Assessments will be assigned to 142 lots within Assessment Area Four on a first platted, first assigned basis. Assuming that all of the planned 383 lots within the 2026 Assessment Area are developed and platted, then the Series 2026 Special Assessments will be allocated on the per unit basis set forth below and as set forth in the Assessment Methodology. See “APPENDIX D – ASSESSMENT METHODOLOGY” herein.

Product Type		No. of Units		Annual Series 2026 Special Assessments
Per Unit*/**		Series 2026 Bonds
Par Debt Per Unit*	
Townhome		80		$  711.95		$ 9,564.81	
Single-family-40’		141		1,139.12		15,303.69	
Single-family-50’		139		1,423.90		19,129.62	
Single-family-60’		  23		1,708.68		22,955.54	
Total		383					

* Preliminary, subject to change.
**This amount is grossed up to include early payment discounts and County collection fees, currently six percent (6%).
The District will continue levying assessments to cover its operation and administrative costs that are approximately $560 per townhome lot, $897 per single-family home on forty-foot wide lots, $1,121 per single-family home on fifty-foot wide lots and $1,345 per single-family home on sixty-foot wide lots annually, grossed up to include early payment discounts, which amounts are subject to change. In addition, residents will be required to pay homeowners association fees, which are approximately $329.00 per townhome lot, $192.00 per single-family home on forty-foot wide lots, $203.00 per single-family home on fifty-foot wide lots and $214.00 per single-family home on sixty-foot wide lots per month, which amounts are subject to change. The land within the District has been and will continue 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 2025 was approximately 13.8543 mills, which millage rate is subject to change in future tax years. These taxes would be payable in addition to the Series 2026 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 Osceola 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 and special assessments 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
In the Indenture, the District will covenant not to issue any other Bonds or other debt obligations secured by the Series 2026 Special Assessments. Such covenant shall not prohibit the District from issuing refunding Bonds. In addition, the District will covenant in the Indenture not to issue any other Bonds or debt obligations for capital projects, secured by any Special Assessments on assessable land within the District which secure the Series 2026 Special Assessments, until the Series 2026 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” is defined in the Indenture to mean the date on which at least seventy-five percent (75%) of the principal portion of the Series 2026 Special Assessments have been assigned to residential units within the District that have received certificates of occupancy.
The District or the District Manager on behalf of the District, shall provide the Trustee with a certification that the Series 2026 Special Assessments are Substantially Absorbed and the Trustee may conclusively rely upon such certification and shall have no duty to verify if the Series 2026 Special Assessments are Substantially Absorbed. Notwithstanding any provision in the Third Supplemental Indenture to the contrary, the District may issue other Bonds or debt obligations secured by Special Assessments levied on the same land in the 2026 Assessment Area upon which the Series 2026 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 2026 Special Assessments.
The District (subject to the preceding paragraph) and/or other public entities may impose taxes or other special assessments on the same properties encumbered by the Series 2026 Special Assessments without the consent of the Owners of the Series 2026 Bonds. See “– Assessment Methodology / Series 2026 Special Assessments” above. As set forth above, the District is imposing certain non-ad valorem special assessments called maintenance assessments, which are of equal dignity with the Series 2026 Special Assessments, on the same lands upon which the Series 2026 Special Assessments are imposed, to fund the maintenance and operation of the District. See “BONDOWNERS’ RISKS” and “THE 2026 PROJECT” herein.
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 – COPY OF MASTER INDENTURE AND PROPOSED FORM OF THIRD SUPPLEMENTAL
INDENTURE” herein for more information.

Series 2026 Reserve Account
The Indenture establishes a Series 2026 Reserve Account for the Series 2026 Bonds within the Debt Service Reserve Fund. The Series 2026 Reserve Account will, at the time of delivery of the Series 2026 Bonds, be funded from a portion of the net proceeds of the Series 2026 Bonds in the amount of the initial Series 2026 Reserve Requirement. The “Series 2026 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 2026 Bonds determined on the date of issue. Upon satisfaction of the Release Conditions #1, the Series 2026 Reserve Requirement shall be reduced to an amount equal to twenty-five percent (25%) of the maximum annual debt service with respect to the then Outstanding principal amount of the Series 2026 Bonds. Upon satisfaction of the Release Conditions #2, the Series 2026 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 2026 Bonds.
“Release Conditions #1” shall mean collectively (i) all planned lots within the 2026 Assessment Area have been developed and platted, as certified by the District Manager in writing and upon which the Trustee may conclusively rely, and (ii) there shall be no Events of Default under the Master Indenture, all as certified by the District Manager in writing and upon which the Trustee may conclusively rely.
“Release Conditions #2” shall mean collectively (i) satisfaction of Release Conditions #1, (ii) all planned lots that are subject to the Series 2026 Special Assessments contain homes that have each received a certificate of occupancy, (iii) all of the principal portion of the Series 2026 Special Assessments has been assigned to such homes, and (iv) there shall be no Events of Default under the Master Indenture, all as certified by the District Manager in writing and upon which the Trustee may conclusively rely.
If a portion of the Series 2026 Bonds are redeemed pursuant to the provisions of the Third Supplemental Indenture, the Reserve Requirement shall be reduced pursuant to the terms of the Third Supplemental Indenture. Any amount in the Series 2026 Reserve Account may, upon final maturity or redemption of all Outstanding Series 2026 Bonds, be used to pay principal of and interest on the Series 2026 Bonds at that time. The initial Series 2026 Reserve Requirement shall be equal to $	.
On each March 15 and September 15 (or, if such date is not a Business Day, on the Business Day next preceding such day), the Trustee will determine the amount on deposit in the Series 2026 Reserve Account and transfer any excess therein above the Reserve Requirement for the Series 2026 Bonds to be transferred to the Series 2026 Acquisition and Construction Account and after the Completion Date to the Series 2026 Revenue Account in accordance with the Indenture.
Notwithstanding any of the foregoing, amounts on deposit in the Series 2026 Reserve Account will be transferred by the Trustee, in the amounts directed in writing by the Majority Holders of the Series 2026 Bonds to the Series 2026 General Redemption Subaccount of the Series 2026 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 2026 Special Assessments and applied to redeem a portion of the Series 2026 Bonds is less than the principal amount of Series 2026 Bonds indebtedness attributable to such lands.
Subject to the provisions of the Third 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 2026 Special Assessments relating to the benefited property of such landowner within the 2026 Assessment Area within the District, or as a result of a mandatory true-up payment, the District shall, or 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 2026 Prepayment Principal due by the amount of

money in the Series 2026 Reserve Account that will be in excess of the applicable Series 2026 Reserve Requirement, taking into account the proposed Prepayment. Such excess in the Series 2026 Reserve Account shall be transferred by the Trustee to the Series 2026 Prepayment Subaccount of the Series 2026 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 receiving notice of such Prepayment and shall instruct the Trustee in writing to transfer such amount of credit given to the landowner from the Series 2026 Reserve Account to the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account to be used for the extraordinary mandatory redemption of the Series 2026 Bonds in accordance with the Third Supplemental Indenture. The Trustee is authorized to make such transfers and has no duty to verify such calculations. Notwithstanding the foregoing, upon satisfaction of the Release Conditions #1 and Release Conditions #2, as further described in the next succeeding paragraph, the Trustee shall deposit such excess on deposit in the Series 2026 Reserve Account to the Series 2026 Acquisition and Construction Account and pay such amount deposited in the Series 2026 Acquisition and Construction Account to the Person or Persons designated in a requisition in the form attached to the Third Supplemental Indenture submitted to the District by the Developer 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 Developer can establish, to the satisfaction of the Consulting Engineer, Costs of the 2026 Project that were not paid from moneys initially deposited in the Series 2026 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 2026 Reserve Account to the Series 2026 Acquisition and Construction Account shall be deposited into the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account upon direction to the Trustee by the District.
Upon satisfaction of the Release Conditions #1 or Release Conditions #2 as evidenced by a written certificate of the District Manager delivered to the District and the Trustee, stating that the Release Conditions #1 or Release Conditions #2 have been satisfied and setting forth the amount of the new Series 2026 Reserve Requirement, the Trustee shall without further direction reduce the Series 2026 Reserve Requirement to twenty-five percent (25%) of the maximum annual debt service of the then Outstanding principal amount of the Series 2026 Bonds, as calculated by the District Manager, upon satisfactions of Release Conditions #1 or ten percent (10%) upon satisfaction of Release Conditions #2 of the maximum annual debt service of the then Outstanding principal amount of the Series 2026 Bonds as calculated by the District Manager. The excess amount in the Series 2026 Reserve Account as a result of satisfaction of Release Conditions #1 or Release Conditions #2 shall be transferred to the Series 2026 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 the Third 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 2026 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 2026 Reserve Account is less than the Series 2026 Reserve Requirement as a result of the Trustee withdrawing an amount therefrom to satisfy the Debt Service Requirement for the Series 2026 Bonds and such amount has not been restored within thirty (30) days of such withdrawal.
Deposit and Application of the Series 2026 Pledged Revenues
Pursuant to the Indenture, the Trustee shall transfer from amounts on deposit in the Series 2026 Revenue Account to the Funds, Accounts and subaccounts 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 November 1 commencing November 1, 2026, to the Series 2026 Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2026 Bonds becoming due on the next succeeding November 1, less any amounts on deposit in the Series 2026 Interest Account not previously credited;
SECOND, upon receipt but no later than the Business Day next preceding each May 1 commencing May 1, 2027, to the Series 2026 Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2026 Bonds becoming due on the next succeeding May 1, less any amounts on deposit in the Series 2026 Interest Account not previously credited;
THIRD, no later than the Business Day next preceding each May 1, commencing May 1, 20 , to the Series 2026 Sinking Fund Account of the Debt Service Fund, an amount equal to the principal amount of Series 2026 Bonds subject to sinking fund redemption on such May 1, less any amount on deposit in the Series 2026 Sinking Fund Account not previously credited;
FOURTH, no later than the Business Day next preceding the May 1, which is a principal payment date for any Series 2026 Bonds, to the Series 2026 Principal Account of the Debt Service Fund, an amount equal to the principal amount of Series 2026 Bonds Outstanding maturing on such May 1, less any amounts on deposit in the Series 2026 Principal Account not previously credited;
FIFTH, notwithstanding the foregoing, at any time the Series 2026 Bonds are subject to redemption on a date which is not a May 1 or November 1 Interest Payment Date, the Trustee shall be authorized to transfer to the Series 2026 Interest Account, the amount necessary to pay interest on the Series 2026 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 2026 Bonds remain Outstanding, to the Series 2026 Reserve Account, an amount equal to the amount, if any, which is necessary to make the amount on deposit therein equal to the Series 2026 Reserve Requirement for the Series 2026 Bonds; and
SEVENTH, subject to the foregoing paragraphs, the balance of any moneys remaining after making the foregoing deposits shall be first deposited into the Series 2026 Costs of Issuance Account to cover any deficiencies in the amount allocated to pay the cost of issuing the Series 2026 Bonds and next, any balance in the Series 2026 Revenue Account shall remain on deposit in such Series 2026 Revenue Account, unless pursuant to the Arbitrage Certificate, it is necessary to make a deposit into the Series 2026 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 Series 2026 Accounts in the Debt Service Fund, the Series 2026 Reserve Account and the Series 2026 Bond Redemption Account only in Government Obligations and the other securities described in the definition of Investment Securities, as set forth in the 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 pursuant to the Indenture 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 Series 2026 Revenue Account. 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.
In the absence of written investment instructions from the District, the Trustee shall not be responsible or liable for keeping the moneys held by it under the Indenture invested or for any losses because such amounts were not invested. Moneys in any of the Funds and Accounts established pursuant to the indenture, when held by the Trustee, shall be promptly invested by the Trustee in accordance with all written directions from the District and the District shall be responsible for ensuring that such instructions conform to requirements of the Master Indenture. The Trustee shall not be liable or responsible for any loss or entitled to any gain resulting from any investment or sale upon the investment instructions of the District or otherwise, including that sent forth in the first sentence of this paragraph. The Trustee may conclusively rely upon the District’s written instructions as to both the suitability and legality of all investments directed hereunder or under the Third Supplemental Trust Indenture. Ratings of investments shall be determined by the District at the time of purchase of such investments and without regard to ratings subcategories. The Trustee shall have no responsibility to monitor the ratings of investments after the initial purchase of such investments. The Trustee may make any and all such investments through its own investment department or that of its affiliates or subsidiaries, and may charge its ordinary and customary fees for such trades. Confirmations of investments are not required to be issued by the Trustee for each month in which a monthly statement is rendered. Nos statement need be rendered for any fund or account if no activity occurred in such fund or account during such month. See “APPENDIX A – COPY OF MASTER INDENTURE AND PROPOSED FORM OF THIRD SUPPLEMENTAL INDENTURE”
hereto.
The Trustee shall value the assets in each of the Funds and Accounts established under the Indenture forty-five (45) days prior to each Interest Payment Date, and as soon as practicable after each such valuation date (but no later than ten (10) days after such valuation date) shall provide the District a report of the status of each Fund and Account as of the valuation date.
Covenant to Levy the Series 2026 Special Assessments
The District has covenanted to levy the Series 2026 Special Assessments to the extent and in the amount sufficient to pay the debt service requirements on the Series 2026 Bonds. If any Series 2026 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 2026 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 2026 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 2026 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 2026 Special Assessment from legally available moneys, which moneys shall be deposited into the Series 2026 Revenue Account. In case such second Series 2026 Special Assessment shall be annulled, the District shall obtain and make other Series 2026 Special Assessments until a valid Series 2026 Special Assessment shall be made.
Prepayment of Series 2026 Special Assessments
Pursuant to the Indenture, at any time any owner of property subject to the Series 2026 Special Assessments may, at its option, or as a result of acceleration of the Series 2026 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 2026 Special Assessments by paying or causing there to be paid, to the District all or a portion of the Series 2026 Special Assessment, which shall constitute Series 2026 Prepayment Principal, plus accrued interest to the next succeeding Quarterly Redemption Date (or the next succeeding Quarterly Redemption Date if such Prepayment is made within forty-five (45) calendar days before a Quarterly Redemption Date), attributable to the property subject to the Series 2026 Special Assessments owned by such owner. In connection with such Prepayments, in the event the amount in the Series 2026 Reserve Account will exceed the applicable Reserve Requirement for the Series 2026 Bonds as a result of a Prepayment in accordance with the Third Supplemental Indenture and the resulting redemption of the Series 2026 Bonds in accordance with the Third Supplemental Indenture, the excess amount shall be transferred from the Series 2026 Reserve Account to the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account as a credit against the Series 2026 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, upon which the Trustee may conclusively rely, on behalf of the District, together with a certification stating that, after giving effect to such transfers sufficient moneys will be on deposit in the Series 2026 Reserve Account to equal or exceed the then Reserve Requirement for the Series 2026 Bonds and which certificate of the District Manager will further state that, after giving effect to the proposed redemption of Series 2026 Bonds, there will be sufficient Series 2026 Pledged Revenues to pay the principal and interest, when due, on all Series 2026 Bonds that will remain Outstanding.
Pursuant to the Act, an owner of property subject to the levy of Series 2026 Special Assessments may pay the entire balance of the Series 2026 Special Assessments remaining due, without interest, within thirty (30) days after the 2026 Project has been completed or acquired by the District, and the Board has adopted a resolution accepting the 2026 Project pursuant to Chapter 170.09, Florida Statutes. The Developer, the AG Land Bank and the JEN Land Bank, as the majority owners of the assessed property within the 2026 Assessment Area, will covenant to waive this right to prepay the Series 2026 Special Assessments without interest (without, however, limiting the right of property owners to prepay the Series 2026 Special Assessments with interest, as set forth in the Assessment Proceedings described above) in connection with the issuance of the Series 2026 Bonds pursuant to a “Declaration of Consent to Jurisdiction to Imposition of Special Assessments and Imposition of Lien of Record in the 2026 Assessment Area.” Such declaration will be recorded in the public records of the County, and the covenants contained therein will be binding on the Developer, the AG Land Bank and the JEN Land Bank and its successors and assigns in connection with the issuance of the Series 2026 Bonds. Such waiver will not apply to the 17 single-family residential units that previously closed with homebuyers prior to the execution of the Declaration. Accordingly, if any of the homeowners of the 17 single-family residential units that have closed prepays the Series 2026 Special Assessments on the lot they own, without interest, there may be a shortfall in the amount sufficient to pay debt service on the Series 2026 Bonds when due since the District would be required to fund the shortfall from other available sources of funds which may not be sufficient
Any prepayment of Series 2026 Special Assessments will result in the extraordinary mandatory redemption of a portion of the Series 2026 Bonds as indicated under “DESCRIPTION OF THE SERIES 2026 BONDS – Redemption Provisions – Extraordinary Mandatory Redemption.” The prepayment of Series 2026 Special Assessments does not entitle the owner of the property to a discount for early payment.
Collateral Assignment and Assumption of Development Rights Relating to the 2026 Assessment Area
As a condition precedent to the issuance of the Series 2026 Bonds, and as an inducement for the Bondholders to purchase the Series 2026 Bonds, the AG Land Bank, the JEN Land Bank and the Developer will each execute and deliver to the District a Collateral Assignment and Assumption of Development Rights Relating to the 2026 Assessment Area (the “Collateral Assignment”), pursuant to which the AG

Land Bank, the JEN Land Bank and the Developer will collaterally assign to the District, to the extent assignable and to the extent that such rights are solely owned or controlled by the AG Land Bank, the JEN Land Bank and the Developer or subsequently acquired by the AG Land Bank, the JEN Land Bank and the Developer, and subject to the limitations set forth below, all of its development rights relating to the development of the 2026 Assessment Area subject to certain exclusions (collectively, the “Development Rights”). The Development Rights include the following as they pertain to the development of the Development: (a) zoning approvals, density approvals and entitlements, concurrency capacity certificates and development agreement rights; (b) engineering and construction plans and specifications for grading, roadways, site drainage, stormwater drainage, signage, water distribution, waste water collection, and other improvements; (c) preliminary and final site plans; (d) architectural plans and specifications for public buildings and other improvements to the assessable property within the Development of the District (other than house plans); (e) permits, approvals, resolutions, variances, licenses, and franchises granted by governmental authorities, or any of their respective agencies, for or affecting the development of the 2026 Project and construction of improvements thereon and off-site to the extent improvements are necessary or required to complete the development of the 2026 Project; (f) contracts with engineers, architects, land planners, landscape architects, consultants, contractors, and suppliers for or relating to the construction of the Development or the construction of improvements thereon; (g) contracts and agreements with private utility providers to provide utility services to the lands within the Development; and (h) all future creations, changes, extensions, revisions, modifications, substitutions, and replacements of any of the foregoing. The Development Rights specifically exclude any portion of the Development Rights listed above which relate solely to any property which has been conveyed, or is in the future conveyed, to an unaffiliated residential home builder or a retail home buyer in the ordinary course of business, the City, the County, the District, any applicable homeowner’s association or other governmental entity or association as may be required by applicable permits, government approvals, plats, entitlements or regulations associated with the 2026 Project or affecting the Development. The Collateral Assignment is inchoate until becoming an effective and absolute assignment and assumption of the Development Rights upon failure of the Developer, the AG Land Bank and the JEN Land Bank to pay the Series 2026 Special Assessments levied against the lands the 2026 Assessment Area owned by the Developer, the AG Land Bank and the JEN Land Bank and the District’s exercise of its remedial rights on account thereof.
Notwithstanding the above provisions to the contrary, in the event the District forecloses on the lands subject to the Series 2026 Special Assessments that are not being collected pursuant to the Uniform Method (as herein defined) as a result of the Developer’s, the AG Land Bank’s, the JEN Land Bank’s or subsequent landowner’s failure to pay such assessments, there is a risk that the District or its designee will not have all permits and entitlements necessary to complete the development of the Development.
Indenture Provisions Relating to Bankruptcy or Insolvency of Insolvent Taxpayer
For purposes of this section, (a) each Series of Bonds secured by and payable from Special Assessments levied against property owned by any Insolvent Taxpayer (defined below) are collectively referred to herein as the “Affected Bonds” and (b) the Special Assessments levied against any Insolvent Taxpayer’s property and pledged under one or more Supplemental Indentures as security for the Affected Bonds are collectively referred to herein as the “Affected Special Assessments”.
The Master Indenture contains the following provisions which, 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 Affected 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 Affected Bonds remain Outstanding, in any Proceeding involving the District, any Insolvent Taxpayer, the Affected Bonds or the Affected 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 Affected Bonds or for as long as any Affected Bonds remain Outstanding, in any proceeding involving the District, any Insolvent Taxpayer, the Affected Bonds or the Affected 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 Master Indenture, the District will acknowledge and agree that, although the Affected Bonds were issued by the District, the Owners of the Affected Bonds are categorically the party with the ultimate financial stake with respect to the Affected 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 an Proceeding or in any action related to a Proceeding that affects, either directly or indirectly, the Affected Special Assessments, the Affected Bonds or any rights of the Trustee under the Indenture; (b) to the extent permitted by applicable law, the District will agree 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 Affected Special Assessments, the Affected 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, dismissing 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 Affected 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 will agree in the Indenture that the Trustee shall have the right (i) to file a proof of claim with respect to the Affected 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 in the Indenture shall preclude the District from becoming a party to a Proceeding in order to enforce a claim for operation and maintenance assessments, or claims for moneys or performance under a contract, and the District shall be free to pursue such claim in such manner as it shall deem appropriate in its sole and absolute discretion. Any actions taken by the District 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 Series 2026 Special Assessments relating to the Series 2026 Bonds Outstanding whether such claim is pursued by the District or the Trustee.

Events of Default and Remedies
The Master Indenture provides that each of the following shall be an “Event of Default” under the Master Indenture, with respect to the Series 2026 Bonds:
if payment of any installment of interest on any Series 2026 Bond is not made when it becomes due and payable; or
if payment of the principal or Redemption Price of any Series 2026 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 determined solely by the Majority Holders of the Series 2026 Bonds; 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 any Series 2026 Bond 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 Majority Holders of the Outstanding Series 2026 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 at any time the amount in the Series 2026 Reserve Account is less than the Series 2026 Reserve Requirement as a result of the Trustee withdrawing an amount therefrom to satisfy the Debt Service Requirement on the Series 2026 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 2026 Special Assessments are levied to secure the Series 2026 Bonds pursuant to Section 190.021(3) of the Act, as amended, and collected directly by the District have become due and payable and have not been paid 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 (c) above has occurred.
No Series of Bonds issued under the Master Indenture, which includes the Series 2026 Bonds, shall be subject to acceleration. Upon the occurrence and continuance of an Event of Default, no optional redemption or extraordinary mandatory redemption of the Series 2026 Bonds pursuant to the Indenture shall occur unless all of the Series 2026 Bonds where an Event of Default has occurred will be redeemed or one hundred percent (100%) of the Holders of the Series 2026 Bonds agree to such redemption.

If any Event of Default with respect to the Series 2026 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 2026 Bonds and receipt of indemnity to its satisfaction shall, in its capacity as Trustee:
by mandamus, or other suit, action or proceeding at law or in equity, enforce all rights of the Holders of the Series 2026 Bonds, including, without limitation, the right to require the District to carry out any agreements with, or for the benefit of, the Series 2026 Bondholders and to perform its or their duties under the Act;
bring suit upon the Series 2026 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 2026 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 2026 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 2026 Bonds.
If any proceeding taken by the Trustee on account of any Event of Default is discontinued or is determined adversely to the Trustee, then the District, the Trustee, the Paying Agent and the Bondholders shall be restored to their former positions and rights under the Indenture as though no such proceeding had been taken.
The Majority Holders of the Series 2026 Bonds 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 law or the provisions of the Indenture. No Series 2026 Bondholder shall have any right to pursue any remedy under the Indenture unless (a) the Trustee shall have been given written notice of an Event of Default, (b) the Majority Holders of the Series 2026 Bonds shall have requested the Trustee, in writing, to exercise the powers granted in the Indenture or to pursue such remedy in its or their name or names, (c) the Trustee shall have been offered indemnity satisfactory to it against costs, expenses and liabilities and (d) the Trustee shall have failed to comply with such request within a reasonable time.
ENFORCEMENT OF ASSESSMENT COLLECTIONS
General
The primary source of payment for the Series 2026 Bonds is the Series 2026 Special Assessments imposed on the assessable lands within the 2026 Assessment Area within the District specially benefited by the 2026 Project pursuant to the Assessment Proceedings. See “ASSESSMENT METHODOLOGY” herein and “APPENDIX D – ASSESSMENT METHODOLOGY.”
The determination, order, levy, and collection of Series 2026 Special Assessments must be done in compliance with procedural requirements and guidelines provided by State law. Failure by the District, the Osceola County Tax Collector (the “Tax Collector”) or the Osceola County Property Appraiser (the “Property Appraiser”) to comply with such requirements could result in a delay in the collection of, or the complete inability to collect, Series 2026 Special Assessments during any year. Such delays in the collection of Series 2026 Special Assessments, or complete inability to collect any of the Series 2026 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 2026 Bonds. See “BONDOWNERS’ RISKS.” To the extent that landowners fail to pay the Series 2026 Special Assessments, delay payments, or are unable to pay the same, the successful pursuance of collection procedures available to the District is essential to continued payment of principal of and interest on the Series 2026 Bonds. The Act provides for various methods of collection of delinquent Series 2026 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 2026 Special Assessments
The District will agree in the Indenture to collect the Series 2026 Special Assessments through the Uniform Method, except as otherwise provided in the Indenture. Notwithstanding the foregoing, pursuant to the Indenture, the District shall directly bill the Series 2026 Special Assessments in lieu of using the Uniform Method with respect to any assessable lands which have not been platted or subject to a re-plat, unless the Trustee, at the direction of the Majority Holders, directs the District otherwise or the timing for using the Uniform Method will not yet allow for using such method. At such time as the Series 2026 Special Assessments are collected pursuant to the Uniform Method, the provisions under this heading shall become applicable.
Section 197.3632, Florida Statutes, provides 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 2026 Special Assessments to be levied and then collected in this manner. Subject to the provisions of the Indenture, the District’s election to use a certain collection method with respect to the Series 2026 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 2026 Special Assessments will be collected together with City, County, 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 Development. The Florida 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 2026 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 2026 Special Assessments. Upon any receipt of moneys by the Tax Collector from the Series 2026 Special Assessments, such moneys will be delivered to the District, which will remit such Series 2026 Special Assessments to the Trustee for deposit to the Series 2026 Revenue Account within the Revenue Fund, except that any Prepayments of Series 2026 Special Assessments shall be deposited to the Series 2026 Prepayment Subaccount within the Series 2026 Bond Redemption Account of the Bond Redemption Fund created under the Indenture and applied in accordance therewith.
All City, County, school and special districts, including the District, ad valorem taxes, non-ad valorem special assessments, including the Series 2026 Special Assessments, and voter-approved ad valorem taxes levied to pay principal of and interest on bonds, are payable at one time, without preference in payment of any particular increment of the tax bill (such as the increment owing for the Series 2026

Special Assessments), except for partial payment schedules as may be provided by Sections 197.374 and 197.222, Florida Statutes, and when ad valorem taxes are challenged by the taxpayer as provided in Section 190.014, 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. Except for such partial payments, if a taxpayer does not make complete payment of the total amount of all taxes and assessments (including the Series 2026 Special Assessments, if any, being collected by the Uniform Method), he or she cannot designate specific line items on his or her tax bill as deemed paid in full. In such cases, the Tax Collector does not accept such partial payment and the partial payment is returned to the taxpayer. Therefore, in the event the Series 2026 Special Assessments are to be collected pursuant to the Uniform Method, any failure to pay any one line item on a tax bill would cause the Series 2026 Special Assessments to not be collected as to that tax bill, 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 2026 Bonds. In cases where a taxpayer challenges the assessed value of property or otherwise challenges their ad valorem taxes to the County’s value adjustment board, Section 190.014, Florida Statutes, requires payment of all of the non-ad valorem assessments and a partial payment of at least seventy-five percent (75%) of the ad valorem taxes (less the applicable discount), before the taxes become delinquent; if such payments are not made, the value adjustment board will deny the petition by April 20, and taxes are delinquent and collected as provided below.
Under the Uniform Method, if the Series 2026 Special Assessments are paid during November when due or during the following three (3) months, the taxpayer is granted a variable discount equal to four percent (4%) in November and decreasing one percent (1%) per month to one percent (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 2026 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 2026 Special Assessments, (2) that future landowners and taxpayers in the District will pay such Series 2026 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 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 2026 Special Assessments and all other liens that are coequal therewith. See “BONDOWNERS’ RISKS” herein.
Collection of delinquent Series 2026 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 2026 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 eighteen percent (18%)). Tax certificates are sold by public bid. If there are no bidders, the tax certificate is issued to the County. 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 eighteen percent (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 eighteen percent (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 2026 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 2026 Special Assessments, which are the primary source of payment of the Series 2026 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 or the property is placed on the list of lands available for sale, 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 five percent (5%), unless the rate borne by the certificates is zero percent (0%). 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 (7) 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 (2) 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 (7) 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. 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 (2) 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), lienholders 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 (3) 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 2026 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 2026 Special Assessments levied on certain lands within the 2026 Assessment Area 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 an Series 2026 Special Assessment, or the interest thereon, when due, the governing body of the entity levying the assessment 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 a proceeding is in rem, meaning that it is brought against the land not against the owner. In light of the one (1) 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 2026 Special Assessments and the ability to foreclose the lien of such Series 2026 Special Assessments (if not being collected pursuant to the Uniform Method) upon the failure to pay such Series 2026 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.

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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 in other headings in this Limited Offering Memorandum. Certain additional risks are associated with the Series 2026 Bonds offered hereby and are set forth below. Prospective investors in the Series 2026 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 2026 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 2026 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 2026 Bonds.
Concentration of Land Ownership
As of the date hereof, the Developer, the AG Land Bank and the JEN Land Bank are the majority owners of the assessable lands within the 2026 Assessment Area, which lands will be subject to the Series 2026 Special Assessments securing the Series 2026 Bonds. As of July 22, 2026, 47 single-family residential units within Assessment Area Three have closed with homebuyers. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS” herein. Payment of the Series 2026 Special Assessments is primarily dependent upon their timely payment by the Developer, the AG Land Bank and the JEN Land Bank and the other future landowners in the 2026 Assessment Area. See “THE LAND BANKS AND THE DEVELOPER” herein.

Bankruptcy and Related Risks
In the event of the institution of bankruptcy or similar proceedings with respect to the Developer, the Land Bank or any other owner of benefited property, delays could occur in the payment of debt service on the Series 2026 Bonds, as such bankruptcy could negatively impact the ability of: (i) the Developer, the AG Land Bank, the JEN Land Bank and any other landowner being able to pay the Series 2026 Special Assessments; (ii) the Tax Collector to sell tax certificates in relation to such property with respect to the Series 2026 Special Assessments being collected pursuant to the Uniform Method; and (iii) the District to foreclose the lien of the Series 2026 Special Assessments not being collected pursuant to the Uniform Method. In addition, the remedies available to the Owners of the Series 2026 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 relating to the Series 2026 Bonds, including, without limitation, enforcement of the obligation to pay the Series 2026 Special Assessments and the ability of the District to foreclose the lien of the Series 2026 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 2026 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 2026 Bonds could have a material adverse impact on the interest of the Owners thereof.

Series 2026 Special Assessments are Non-Recourse
The principal security for the payment of the principal and interest on the Series 2026 Bonds is the timely collection of the Series 2026 Special Assessments. The Series 2026 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 2026 Special Assessments or that they will pay such Series 2026 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 2026 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 2026 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 2026 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 2026 Bonds may be adversely affected. Such adverse effect could render the District unable to collect delinquent Series 2026 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 2026 Bonds.

Neither the Developer, the AG Land Bank, the JEN Land Bank nor any other subsequent landowner has any personal obligation to pay the Series 2026 Special Assessments. As described herein, the Series 2026 Special Assessments are an imposition against the land only. Neither the Developer, the AG Land Bank, the JEN Land Bank nor any other landowner is a guarantor of payment of any Series 2026 Special Assessment and the recourse for the failure of the Developer, the AG Land Bank, the JEN Land Bank or any other landowner to pay the Series 2026 Special Assessments is limited to the collection proceedings against the land as described herein.

Regulatory and Environmental Risks
The development of the 2026 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 or failure to maintain or renew any such approvals in a timely manner could delay or adversely affect the completion of the development of the Development. See “THE DEVELOPMENT – Zoning and Permitting,” and “– Environmental” herein for more information.

The value of the land within the District, the success of the development of the District Lands, and the likelihood of timely payment of principal and interest on the Series 2026 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 District Lands, and the likelihood of the timely payment of the Series 2026 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. Neither the AG Land Bank, the JEN Land Bank nor the Developer are 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. 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 Development, 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 District Lands.

Catastrophic Event Risks
The value of the lands subject to the Series 2026 Special Assessments could also be adversely impacted by flooding or wind damage caused by hurricanes, tropical storms, or other catastrophic events. In addition, such catastrophic events could potentially render the District lands unable to support the development and construction of the Development within the District. The occurrence of any such events could materially adversely impact the District’s ability to pay principal and interest on the Series 2026 Bonds. The Series 2026 Bonds are not insured and the District’s casualty insurance policies do not insure against losses incurred on private lands within its boundaries.
Economic Conditions and Changes in Development Plans
The successful development of the Development and the sale of residential units therein, once such residential units are built, may be affected by unforeseen changes in general economic conditions, trade policies, fluctuations in the real estate market, the ability to obtain homeowner’s insurance and other factors beyond the control of the Developer. Moreover, the Developer, the AG Land Bank and the JEN Land Bank have the right to modify or change plans 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.
Other Taxes and Assessments
The willingness and/or ability of an owner of benefited land to pay the Series 2026 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 2026 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 or the owners of the Series 2026 Bonds, 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 2026 Special Assessments. In addition, lands within the District may also be subject to assessments by property and homeowners’ associations.
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 2026 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 2026 Special Assessment even though the landowner is not contesting the amount Series 2026 Special Assessment. However, Section 194.014, Florida Statutes, requires taxpayers to pay all non-ad valorem taxes and at least seventy-five percent (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, the Value Adjustment Board is required to deny their petition by written decision by April 20 of such year.

Limited Secondary Market for Series 2026 Bonds
The Series 2026 Bonds may not constitute a liquid investment, and there is no assurance that a liquid secondary market will exist for the Series 2026 Bonds in the event an Owner thereof determines to solicit purchasers of the Series 2026 Bonds. Because the Series 2026 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 2026 Bonds. Even if a liquid secondary market exists, there can be no assurance as to the price for which the Series 2026 Bonds may be sold. Such price may be lower than that paid by the current Owners of the Series 2026 Bonds, depending on the progress of development of the Development, existing real estate and financial market conditions and other factors. See “BONDOWNERS’ RISKS – Prepayment and Redemption Risk” herein.

Inadequacy of Reserve Account
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 2026 Special Assessments will be dependent upon various factors, including the delay inherent in any judicial proceeding to enforce the lien of the Series 2026 Special Assessments and the value of the land which is the subject of such proceedings and which may be subject to sale if the Uniform Method is not be utilized. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS” herein.
If the District has difficulty in collecting the Series 2026 Special Assessments, the Series 2026 Reserve Account could be rapidly depleted and the ability of the District to pay debt service could be materially adversely affected. In addition, during an Event of Default under the Master Indenture, the Trustee may withdraw moneys from the Series 2026 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 2026 Reserve Account is accessed for such purposes, 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 2026 Special Assessments in order to provide for the replenishment of the Series 2026 Reserve Account.

Legal Delays
If the District should commence a foreclosure action against a landowner for nonpayment of Series 2026 Special Assessments if not being collected pursuant to the Uniform Method, such landowners may raise affirmative defenses to such foreclosure action which, although the District believes that 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 2026 Bondholders to allow funds on deposit under the Indenture to be used to pay the costs of the foreclosure action. Under the Code (as herein defined), there are limitations on the amounts of Series 2026 Bond proceeds that can be used for such purpose.
IRS Examination and Audit Risk
The Internal Revenue Service (the “IRS”) routinely examines bonds issued by state and local governments, including bonds issued by community development districts. The IRS conducted a 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 (3) 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 currently believe 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 Florida with no change to such districts’ bonds’ tax-exempt status, but has advised such districts that such districts must have public electors within five (5) or six (6) 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 (6) years and there are two hundred fifty (250) qualified electors in the district. Currently, all of the current members of the Board are employees of, or affiliated with, the Developer. The Developer will certify as to its expectations as to the timing of the transition of control of the Board to qualified electors pursuant to the Act, and its expectations as to compliance with the Act by any members of the Board that it elects. Such certification by the Developer 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 2026 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 2026 Bonds are advised that, if the IRS does audit the Series 2026 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 2026 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 2026 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 2026 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 2026 Bonds would adversely affect the availability of any secondary market for the Series 2026 Bonds. Should interest on the Series 2026 Bonds become includable in gross income for federal income tax purposes, not only will Owners of Series 2026 Bonds be required to pay income taxes on the interest received on such Series 2026 Bonds and related penalties, but because the interest rate on such Series 2026 Bonds will not be adequate to compensate Owners of the Series 2026 Bonds for the income taxes due on such interest, the value of the Series 2026 Bonds may decline.

THE INDENTURE DOES NOT PROVIDE FOR ANY ADJUSTMENT IN THE INTEREST RATE ON THE SERIES 2026 BONDS IN THE EVENT OF AN ADVERSE DETERMINATION BY THE IRS WITH RESPECT TO THE TAX-EXEMPT STATUS OF INTEREST ON THE SERIES 2026 BONDS. PROSPECTIVE PURCHASERS OF THE SERIES 2026 BONDS SHOULD EVALUATE WHETHER THEY CAN OWN THE SERIES 2026 BONDS IN THE EVENT THAT THE INTEREST ON THE SERIES 2026 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).
Loss of Exemption from Securities Registration
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 2026 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 2026 Bonds would need to ensure that subsequent transfers of the Series 2026 Bonds are made pursuant to a transaction that is not subject to the registration requirements of the Securities Act.

Federal Tax Reform
From time to time, there are legislative proposals suggested, debated, introduced or pending in Congress 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 enacted into law or upheld, could alter or amend one or more of the federal tax matters described herein including, without limitation, the excludability from gross income of interest on the Series 2026 Bonds, adversely affect the market price or marketability of the Series 2026 Bonds, or otherwise prevent the holders from realizing the full current benefit of the status of the interest thereon. However, it cannot be predicted whether or in what form this proposed legislation or any other such proposal may be enacted, or whether, if enacted, any such proposal would affect the Series 2026 Bonds. If enacted into law, such legislative proposals could affect the market price or marketability of the Series 2026 Bonds. Prospective purchasers of the Series 2026 Bonds should consult their tax advisors as to the impact of any proposed or pending legislation.

Insufficient Resources or Other Factors Causing Failure to Complete the 2026 Assessment Area
There can be no assurance, in the event the Developer does not complete the 2026 Assessment Area and the District does not have sufficient moneys on hand to complete the 2026 Project, that the District will be able to raise, through the issuance of bonds or otherwise, the moneys necessary to complete the 2026 Project. Further, in the Third Supplemental Indenture, the District will covenant not to issue any other Bonds or other debt obligations secured by the Series 2026 Special Assessments. Such covenant shall not prohibit the District from issuing refunding Bonds. In addition, the District will covenant not to issue any other Bonds or debt obligations for capital projects, secured by any Special Assessments on assessable land within the District which secure the Series 2026 Special Assessments, until the Series 2026 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 within the District in connection with other capital projects that are necessary for health, safety or welfare reasons or to remediate a natural disaster. See “SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS – Additional Obligations” herein for more information.

Although the Developer will agree to complete the 2026 Project regardless of any insufficiency of proceeds from the Series 2026 Bonds and will enter into a completion agreement with the District as evidence thereof, there can be no assurance that the Developer will have sufficient resources to do so. Such obligation of the Developer is an unsecured obligation. See SECURITY FOR AND SOURCE OF PAYMENT OF THE SERIES 2026 BONDS – Collateral Assignment and Assumption of Development Rights Relating to the 2026 Assessment Area” and “THE LAND BANKS AND THE DEVELOPER” herein.

State Tax Reform
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 existing or future legislation will or may have on the security for the Series 2026 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.”

Payment of Series 2026 Special Assessments after Bank Foreclosure
In the event a bank forecloses on property within the Development because of a default on the mortgage in favor of such bank, and then the bank itself fails and the Federal Deposit Insurance Corporation (the “FDIC”) is appointed as receiver, the FDIC would then become the fee owner of such property. In such event, the FDIC would likely, pursuant to its owns rules and regulations, not be liable to pay the Series

2026 Special Assessments levied against such property. In addition, the District would be required to obtain the consent of the FDIC prior to commencing a foreclosure action if the Series 2026 Special Assessments are not being collected pursuant to the Uniform Method.

Cybersecurity
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 2026 Bonds.

Pandemics and Other Public Health Emergencies
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 within the 2026 Assessment Area. Such impacts could include delays in obtaining development approvals, construction delays, supply chain delays, or increased costs. See also “BONDOWNERS’ RISKS – Economic Conditions and Changes in Development Plans” and “‒ Insufficient Resources or Other Factors Causing Failure to Complete the 2026 Assessment Area” herein.

Prepayment and Redemption Risk
In addition to being subject to optional and mandatory sinking fund redemptions, the Series 2026 Bonds are subject to extraordinary mandatory redemption as a result of prepayments of the Series 2026 Special Assessments by owners of the property within the Development or from excess moneys in the Series 2026 Acquisition and Construction Account after the completion of the 2026 Project. Any such redemptions of the Series 2026 Bonds would be at the principal amount of such Series 2026 Bonds being redeemed plus accrued interest to the date of redemption. In such event, owners of the Series 2026 Bonds may not realize their anticipated rate of return on the Series 2026 Bonds and owners of any Premium Bonds (as defined herein) may receive less than the price they paid for the Series 2026 Bonds. See “DESCRIPTION OF THE SERIES 2026 BONDS – Redemption Provisions” and “SECURITY FOR AND
SOURCE OF PAYMENT OF THE SERIES 2026 BONDS – Prepayment of Series 2026 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 2026
Bonds:
Source of Funds
Par Amount of Series 2026 Bonds	$
[Plus/Less: Net Original Issue Premium/Discount]
Total Sources	$	

Use of Funds
Deposit to Series 2026 Acquisition and Construction Account	$ Deposit to Series 2026 Reserve Account
Deposit to Series 2026 Interest Account(1)
Costs of Issuance, including Underwriter’s Discount(2)

Total Uses	$	

(1) To be applied to pay interest in the Series 2026 Bonds through November 1, 2026.
(2) Costs of issuance includes, without limitation, legal fees and other costs associated with the issuance of the Series 2026 Bonds.

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DEBT SERVICE REQUIREMENTS
The following table sets forth the scheduled debt service on the Series 2026 Bonds:

Period Ending November 1	Principal (Amortization)	Interest	Total Debt Service	
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				
2055				
2056
2057*	 		 		 		
TOTALS	$		$		$		

* The Series 2026 Bonds mature on May 1, 20 .

THE DISTRICT
General Information
The District was established by Ordinance No. 2021-64 of the County Commissioners, enacted on September 20, 2021 and effective on September 23, 2021 and by Ordinance 2025-80 enacted by the County Commissioners on December 15, 2025 and effective on December 18, 2025, which expanded the boundaries of the District by approximately 125.62+/- gross acres, under the provisions of the Act. The Development is located north of Cyrils Drive and east of US Lake Ajay and encompasses approximately
337.61+/- gross acres (the “District Lands”). The District is partially located within the unincorporated area of the County and the remaining portion is located within the City. The District Lands are being developed as a 904-unit residential community known as “Bridgewalk” (the “Development”). See “THE DEVELOPMENT” herein.
Legal Powers and Authority
The District is an independent special-purpose 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, as the governing body of the District (the “Board”), 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 Series 2026 Pledged Revenues in connection with the Series 2026 Bonds.

Board of Supervisors
The Board is composed of five (5) Supervisors (the “Supervisors”). The Act provides that, at the initial meeting of the landowners, Supervisors must be elected by the landowners with the two (2) Supervisors receiving the highest number of votes to serve for four (4) years and the remaining Supervisors to serve for a two-year term. Three (3) of the five (5) Supervisors are elected to the Board every two (2) years in November. At such election the two (2) 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 two hundred fifty (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 (1) 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 two hundred fifty (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 (18) 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 (2) 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. All of the current members of the Board are employees of the Developer.
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.
There is currently one vacancy on the Board. The current members of the Board and the expiration of the term of each member are set forth below.

Name	Title	Term Expires	
Adam Morgan*	Chairperson	November, 2029	
Rob Bonin*	Vice-Chairperson	November, 2029	
Lane Register*	Assistant Secretary	November, 2027	
Michelle Dudley*	Assistant Secretary	November, 2027	

* Employee of, or affiliated with, the Developer.

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 Governmental Management Services – Central Florida, LLC, Orlando, Florida, to serve as its district manager (“District Manager”). The District Manager’s office is located at 219 E. Livingston Street, Orlando, Florida 32801, telephone number (407) 841-5524.
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; Osceola Engineering, Inc., St. Cloud, Florida, as District Engineer; and Latham, Luna, Eden & Beaudine, LLP, Orlando, Florida, as District Counsel. The Board has also retained Governmental Management Services – Central Florida, LLC, Orlando, Florida, to serve as Methodology Consultant and to prepare the Assessment Methodology and to serve as Dissemination Agent for the Series 2026 Bonds. Greenberg Traurig P.A. is also serving as special counsel to the Developer with respect to matters relating to the Series 2026 Bonds.
Prior Indebtedness
The District previously issued the following bonds (collectively, the “Prior Bonds”)
its $4,440,000 aggregate principal amount of Special Assessment Bonds, Series 2022 (Assessment Area One Project), currently outstanding in the principal amount of
$4,160,000 (the “Series 2022 Bonds”) to finance certain public infrastructure improvements associated with Assessment Area One (the “Assessment Area One Project”).

its $4,930,000 aggregate principal amount of Special Assessment Bonds, Series 2023 (Assessment Area Two Project), currently outstanding in the principal amount of
$4,825,000 (the “Series 2023 Bonds”) to finance certain public infrastructure improvements associated with Assessment Area Two (the “Assessment Area Two Project”).
The Series 2022 Bonds and the Series 2023 Bonds are secured by Special Assessments levied on the assessable lands within Assessment Area One (the “Series 2022 Special Assessments”) and Assessment Area Two (the “Series 2023 Special Assessments” and, together with the Series 2022 Special Assessments, the “Prior Special Assessments”), respectively. The Series 2026 Pledged Revenues are not pledged to the payment of the principal of and interest on the Prior Bonds, and the Prior Special Assessments securing the Prior Bonds, as applicable, are not pledged to the payment of the principal of and interest on the Series 2026 Bonds. After the issuance of the Series 2026 Bonds, the Series 2026 Special Assessments will be the only debt assessments levied on the lands within the 2026 Assessment Area. The Series 2022 Special Assessments are the only debt assessments levied on the lands within Assessment Area One. The Series 2023 Special Assessments are the only debt assessments levied on the lands within Assessment Area Two.

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THE 2026 PROJECT
Osceola Engineering, Inc. (the “District Engineer”) prepared reports entitled Bridgewalk Community Development District Assessment Area 3 Engineer’s Report Infrastructure Improvements dated April 2026 and Bridgewalk Community Development District Assessment Area 4 Engineer’s Report Infrastructure Improvements dated April 2026, as may be amended and supplemented from time to time (collectively, the “Engineer’s Report”). The Engineer’s Report sets forth certain public infrastructure improvements associated with 241 residential lots planned for Assessment Area Three and the 142 residential lots planned for Assessment Area Four (the “2026 Project”).
Land development for the Development will occur in multiple phases. Four assessment areas have been created to facilitate the District’s financing program. Assessment Area contains 248 residential units (“Assessment Area One”). Assessment Area Two contains 275 platted lots (“Assessment Area Two”). Assessment Area Three contains 241 platted lots (“Assessment Area Three”). Assessment Area Four consists of approximately 42.15+/- gross acres and is planned to contain 142 residential units (“Assessment Area Four”). Assessment Area Three and Assessment Area Four are collectively referred to herein as the “2026 Assessment Area.”
The portion of the public infrastructure improvements associated with Assessment Area One is defined herein as the “Assessment Area One Project.” The portion of the public infrastructure improvements associated with Assessment Area Two is defined herein as the “Assessment Area Two Project.” The portion of the public infrastructure improvements associated with Assessment Area Three is defined herein as the “Assessment Area Three Project.” The portion of the public infrastructure improvements associated with Assessment Area Four is defined herein as the “Assessment Area Four Project.” The Assessment Area Three Project and the Assessment Area Four Project are herein collectively referred to as the “2026 Project.”
The District previously issued the Series 2022 Bonds to finance a portion of the Assessment Area One Project. The Assessment Area One Project is complete and all 248 lots in Assessment Area One have been developed and platted. Subsequently, the District issued the Series 2023 Bonds to finance certain a portion of the Assessment Area Two Project. The Assessment Area Two Project is complete and all 275 lots in Assessment Area Two have been developed and platted. See “THE DEVELOPMENT – Prior Assessment Areas Status” herein for more information.
The Series 2026 Bonds are being issued to finance a portion of the 2026 Project.	The District Engineer, in the Engineer’s Report estimates the total cost to complete the 2026 Project to be
$22,134,143.65.
Description	2026 Project
	Assessment Area Three Project	Assessment Area Four Project	Total	
Professional and Permit Fees	$	685,994.72	$  502,315.22	$ 1,188,309.94	
Stormwater Management System	3,786,375.45	1,823,604.61	5,609,980.06	
Sanitary Sewer Collection &				
Conveyance System	1,482,259.54	1,545,613.00	3,027,872.54	
Water Distribution System	668,648.00	682,058.70	1,350,706.70	
Reclaimed Water Distribution System	401,550.00	-	401,550.00	
Onsite Roadways	2,403,031.25	1,625,491.00	4,028,522.25	
Landscape, Hardscape, Irrigation	250,000.00	1,833,450.00	2,083,450.00	
Underground Electrical System	361,500.00	64,360.00	425,860.00	
Utility Connection Fees	1,794,004.00	573,680.00	2,367,684.00	
Construction Contingency		899,186.42		751,021.73	  1,650,208.15	
Total:	$12,732,549.38	$9,401,594.27	$22,134,143.65	

Land development associated with Assessment Area Three is substantially complete, with final completion expected by August 2026. A final plat for all 241 lots within Assessment Area Three was recorded on March 11, 2025. Land development associated with Assessment Area Four is underway and is expected to be completed by April 2027. A final plat for all 142 lots within Assessment Area Four is expected to be recorded in the second calendar quarter of 2027. See “THE DEVELOPMENT – Development Plan/Status” herein.
The Developer estimates that the total land development costs associated with the 2026 Assessment will be approximately $36.86 million, consisting of the costs of the 2026 Project and other hard and soft costs. As of July 22, 2026, the Developer has spent approximately $20.48 million on land development costs associated with the 2026 Assessment Area. The net proceeds of the Series 2026 Bonds to be deposited in the Series 2026 Acquisition and Construction Account will be approximately $5.5 million*. Costs not funded by the Series 2026 Bonds will be funded by the Developer with equity. The Developer will enter into a completion agreement that will obligate the Developer to complete the portion of the 2026 Project not funded with proceeds of the Series 2026 Bonds. All such obligations of the Developer are unsecured obligations. See “BONDOWNERS’ RISKS – Insufficient Resources or Other Factors Causing Failure to Complete the 2026 Assessment Area” herein.
The District Engineer has indicated that all engineering permits necessary to construct the 2026 Project that are set forth in the Engineer’s Report have been obtained or will be obtained in the ordinary course of business. In addition to the Engineer’s Report, please refer to “THE DEVELOPMENT – Zoning and Permitting” for a more detailed description of the zoning and permitting status of the Development. See “APPENDIX C – ENGINEER’S REPORT” for more information regarding the above improvements.

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* Preliminary, subject to change.

ASSESSMENT METHODOLOGY
General
The Master Assessment Methodology for Assessment Area 3 & 4 Bridgewalk Community Development District dated March 16, 2026 (the “Master Methodology”), as supplemented by the Supplemental Assessment Methodology for Assessment Area 3 & 4 for Bridgewalk Community Development District, to be dated the sale date of the Series 2026 Bonds (the “Supplemental Methodology” and, together with the Master Methodology, the “Assessment Methodology”), which describes the methodology for allocation of the Series 2026 Special Assessments to the lands within the 2026 Assessment Area, has been prepared by Governmental Management Services – Central Florida, LLC, Orlando, Florida (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 2026 Bonds are determined, the Supplemental Methodology will be amended to reflect such final terms.
Once levied and imposed, the Series 2026 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, excluding federal tax liens. See “ENFORCEMENT OF ASSESSMENT COLLECTIONS” herein.
Series 2026 Special Assessments
As set forth in the Assessment Methodology, the Series 2026 Special Assessments will at issuance be levied on the 241 platted lots within Assessment Area Three and will initially be levied on the 42.15 +/-gross acres of land within Assessment Area Four until such time as the 142 lots within Assessment Area Four are platted. As platting occurs, the Assessment Area Four Special Assessments will be assigned to 142 lots within Assessment Area Four on a first platted, first assigned basis. Assuming that all of the planned 383 lots within the 2026 Assessment Area are developed and platted, then the Series 2026 Special Assessments will be allocated on the per unit basis set forth below and as set forth in the Assessment Methodology. See “APPENDIX D – ASSESSMENT METHODOLOGY” herein.

Product Type		No. of Units		Annual Series 2026 Special Assessments
Per Unit*/**		Series 2026 Bonds
Par Debt Per Unit*	
Townhome		80		$  711.95		$ 9,564.81	
Single-family-40’		141		1,139.12		15,303.69	
Single-family-50’		139		1,423.90		19,129.62	
Single-family-60’		  23		1,708.68		22,955.54	
Total		383					

* Preliminary, subject to change.
**This amount is grossed up to include early payment discounts and County collection fees, currently six percent (6%).
The District will continue levying assessments to cover its operation and administrative costs that are approximately $560 per townhome lot, $897 per single-family home on forty-foot wide lots, $1,121 per single-family home on fifty-foot wide lots and $1,345 per single-family home on sixty-foot wide lots annually, grossed up to include early payment discounts, which amounts are subject to change. In addition, residents will be required to pay homeowners association fees, which are approximately $329.00 per townhome lot, $192.00 per single-family home on forty-foot wide lots, $203.00 per single-family home on fifty-foot wide lots and $214.00 per single-family home on sixty-foot wide lots per month, which amounts are subject to change. The land within the District has been and will continue 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 2025 was approximately 13.8543 mills, which millage rate is subject to change in future tax years. These taxes would be payable in addition to the Series 2026 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 Osceola 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 and special assessments levied by these other entities could be substantially higher than in the current year.
True-Up Mechanism
The Assessment Methodology sets forth a “true-up mechanism” which provides that the debt per lot/unit remaining on the un-platted land or replatted land within the 2026 Assessment Area is never allowed to increase above its maximum debt per lot/unit level. If the debt per lot/unit remaining on such un-platted or replatted land increases above the maximum debt per lot/unit level, a debt reduction payment (which shall include accrued interest) would be required to be made by the Developer, the AG Land Bank or the JEN Land Bank, as applicable, so that the maximum debt per lot/unit level is not breached. This debt reduction payment would result in the extraordinary mandatory redemption of a portion of the Series 2026 Bonds. The AG Land Bank, the JEN Land Bank and the Developer are expected to enter into a true-up agreement in connection with their obligations to pay true-up payments in the event that the debt per lot/unit remaining on un-platted or replatted land within the 2026 Assessment Area increases above the maximum debt per unit level. The AG Land Bank’s, the JEN Land Bank’s and the Developer’s obligation under such true-up agreement is an unsecured obligation of the AG Land Bank, the JEN Land Bank and the Developer, respectively. See “APPENDIX D – ASSESSMENT METHODOLOGY” herein for additional information regarding the “true-up mechanism”.

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The information appearing below under the captions “THE DEVELOPMENT” and “THE LAND BANKS AND THE DEVELOPER” has been furnished by the AG Land Bank, the JEN Land Bank and the Developer 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 Land Bank, the JEN Land Bank and the Developer 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 Land Bank, the JEN Land Bank and the Developer as a means for the prospective bondholders to understand the anticipated development plan and risks associated with the Development. Neither the AG Land Bank, the JEN Land Bank nor the Developer is guaranteeing payment of the Series 2026 Bonds or the Series 2026 Special Assessments.
THE DEVELOPMENT
General
The District Lands contain approximately 337.61+/- gross acres partially located within the unincorporated area of Osceola County, Florida (the “County”) and the remaining portion located within the City of Orlando, Florida (the “City”). The District Lands are being developed as a 906-unit residential community to be known as “Bridgewalk” and referred to herein as the “Development.” The Development is located north of Cyrils Drive and east of US Lake Ajay. Below is a map of the approximate location of the Development. The Developer and Pulte Home Company LLC, a Michigan limited liability company (“Pulte”), are the homebuilders within the Development.

Land development for the Development will occur in multiple phases. Four assessment areas have been created to facilitate the District’s financing program. Assessment Area One contains 248 residential units (“Assessment Area One”). Assessment Area Two contains 275 platted lots (“Assessment Area Two”). Assessment Area Three contains 241 platted lots (“Assessment Area Three”). Assessment Area Four consists of approximately 42.15+/- gross acres and is planned to contain 142 residential units (“Assessment

Area Four”). Assessment Area Three and Assessment Area Four are collectively referred to herein as the “2026 Assessment Area.”
The District previously issued the Series 2022 Bonds to finance a portion of the Assessment Area One Project. The Assessment Area One Project is complete and all 248 lots in Assessment Area One have been developed and platted. Subsequently, the District issued the Series 2023 Bonds to finance certain a portion of the Assessment Area Two Project. The Assessment Area Two Project is complete and all 275 lots in Assessment Area Two have been developed and platted. See “– Prior Assessment Areas Status” herein for more information.
The Series 2026 Bonds are being issued to finance a portion of the 2026 Project. The Series 2026 Bonds will be secured by the Series 2026 Special Assessments which will be levied on the 241 platted lots within Assessment Area Three and will initially be levied on the 42.15 +/- gross acres of land within Assessment Area Four until such time as the 142 lots within Assessment Area Four are platted. As platting occurs, the Assessment Area Four Special Assessments will be assigned to 142 lots within Assessment Area Four on a first platted, first assigned basis.
AG EHC II (LEN) Multi State 4, LLC, a Delaware limited liability company (the “AG Land Bank”) is the primary landowner within Assessment Area Three. Lennar Homes, LLC, a Florida limited liability company (the “Developer”) has entered into the AG Construction Agreement (as hereinafter defined) and the AG Option Agreement (as hereinafter defined) with the AG Land Bank. Pursuant to the AG Construction Agreement, the Developer will manage the installation of infrastructure improvements for all 241 lots within Assessment Area Three. Pursuant to the AG Option Agreement, the Developer has the option to purchase all 241 developed lots subject to the AG Construction Agreement. The Developer will construct and market all 241 planned residential units for sale to homebuyers. As of July 22, 2026, the AG Land Bank owns 92 lots within Assessment Area Three, the Developer owns 102 lots within Assessment Area Three and the remaining 47 lots have closed with homebuyers. See “– Land Acquisition, the Construction Agreements and the Option Agreements” and “THE LAND BANKS AND THE DEVELOPER” herein for more information.
JEN Holdco 24 LLC, a Delaware limited liability company (the “JEN Land Bank”) is the landowner within Assessment Area Four. Lennar Homes, LLC, a Florida limited liability company (the “Developer”) has entered into JEN Construction Agreement (as hereinafter defined) and the JEN Option Agreement (as hereinafter defined) with the JEN Land Bank. Pursuant to the JEN Construction Agreement, the Developer will manage the installation of infrastructure improvements for all 142 lots within Assessment Area Four. Pursuant to the JEN Option Agreement, the Developer has the option to purchase all 142 developed lots subject to the JEN Construction Agreement. The Developer will construct and market all 142 planned residential units for sale to homebuyers. As of July 22, 2026, the JEN Land Bank owns all 142 lots within Assessment Area Four. See “– Land Acquisition, the Construction Agreements and the Option Agreements” and “THE LAND BANKS AND THE DEVELOPER” herein for more information.
Sales and vertical construction of residential units within Assessment Area Three are underway. As of July 22, 2026, 47 residential units within Assessment Area Three have closed with homebuyers and an additional 137 residential units have been sold to homebuyers pending closing. Approximately 131 residential units within Assessment Area Three are currently under construction. Sales and vertical construction of residential units within Assessment Area Four is expected to commence in June 2027. Closings within Assessment Area Four are expected to commence in October 2027. See “– Development Plan / Status” herein for more information.

Townhomes will range in size from 1,644 square feet to 1,994 square feet and starting price points will range from $350,990 to $403,990. Single-family homes will range in size from 1,659 square feet to 3,631 square feet and starting price points will range from $430,990 to $665,490. The target market for homes within the Development consists of first time homebuyers and move-up buyers.
The following table reflects the current development plan for the Development, which with respect to units within the 2026 Assessment Area is subject to change.
Series 2022 Bonds Series 2023 Bonds	Series 2026 Bonds
	AA1	AA2	AA3	AA4	
Townhomes	117	-	80	-	
Single-Family-40’	54	33	61	80	
Single-Family-50’	48	174	77	62	
Single-Family-60’	 29	 68	 23	  -	
Total	248	275	241	142	

Prior Assessment Areas Status
The District previously issued the Series 2022 Bonds to finance a portion of the Assessment Area One Project. The Assessment Area One Project is complete and all 248 residential units in Assessment Area One have been developed and platted. [As of August 2026, all residential units within Assessment Area One have been sold and closed with homebuyers.][Confirm that Pulte closed their 24 homes with homebuyers]
The District previously issued the Series 2023 Bonds to finance a portion of the Assessment Area Two Project. The Assessment Area Two Project is complete and all 275 residential units in Assessment Area Two have been developed and platted. As of August 2026, 97 residential units within Assessment Area Two have been sold and closed with homebuyers and an additional   residential units are under contract with homebuyers. [Of the 178 owned by Pulte, how many homes closed and additional homes under contract?]
The Developer and Pulte are the homebuilders within Assessment Area One and Assessment Area
Two.
Land Acquisition, the Construction Agreements and the Option Agreements
Assessment Area Three. The AG Land Bank acquired the lands within Assessment Area Three on December 15, 2023, for approximately $16.87 million. [There are currently no mortgages on the lands within Assessment Area Three.][Confirm]
The AG Land Bank has entered into a Construction Agreement dated December 15, 2023, as may be amended and supplemented from time to time (the “AG Construction Agreement”) with the Developer, pursuant to which the Developer will manage the installation of infrastructure improvements for 241 lots within Assessment Area Three and the AG Land Bank is obligated to reimburse the Developer for the associated costs incurred related to such 241 lots not funded with proceeds of the Series 2026 Bonds.
The Developer and the AG Land Bank entered into an Option Agreement dated December 15, 2023, as may be amended and supplemented from time to time (the “Option Agreement”). Pursuant to the AG Option Agreement, the Developer paid the AG Land Bank an option payment of $4,151,338 (the “AG Option Payment”) for the right for the Developer to acquire the 241 developed lots within Assessment Area

Three at approximately $135,281 per townhome lot, $154,860 per single-family home on forty-foot wide lots, $168,617 per single-family home on fifty-foot wide lots and $178,680 per single-family home on sixty-foot wide lots, for an aggregate purchase price of $37,362,037. The AG Option Payment is nonrefundable except in the event of a default by the AG Land Bank and is to be applied against lot takedowns in accordance with the terms of the AG Option Agreement.
Pursuant to the AG Option Agreement, the initial takedown occurred in March 2025 and the remaining takedowns are required to occur every month, until all lots have been acquired. The Developer has the right to acquire the lots early, subject to an early purchase premium, and to terminate the AG Option Agreement at any time upon delivery of written notice to the AG Land Bank.
As of July 22, 2026, the AG Land Bank owns 92 lots within Assessment Area Three, the Developer owns 102 lots within Assessment Area Three and the remaining 47 lots have closed with homebuyers. See “BONDOWNERS’ RISKS – Insufficient Resources or Other Factors Causing Failure to Complete Assessment Area Three and Assessment Area Four” herein.
Assessment Area Four. The Developer entered into a contract to purchase the lands within Assessment Area Four on March 11, 2024, for a purchase price of approximately $12.68 million and subsequently, pursuant to a Nomination Agreement dated January 24, 2025, assigned its interest to the JEN Land Bank. [There are currently no mortgages on the lands within Assessment Area Four.][Confirm]
The JEN Land Bank has entered into a Master Construction Agreement dated February 2, 2024, as amended by the Addendum to Master Option Agreement and Master Construction Agreement (the “Addendum”), as may be further amended and supplemented from time to time (the “JEN Construction Agreement”) with the Developer, pursuant to which the Developer will manage the installation of infrastructure improvements for 142 lots within Assessment Area Four and the JEN Land Bank is obligated to reimburse the Developer for the associated costs incurred related to such 142 lots not funded with proceeds of the Series 2026 Bonds.
The Developer and the JEN Land Bank entered into a Master Option Agreement dated February 2, 2024, as amended by the Addendum, as may be further amended and supplemented from time to time (the “JEN Option Agreement”). Pursuant to the JEN Option Agreement, the Developer paid the JEN Land Bank an option payment of $1,584,821.35 (the “JEN Option Payment”) for the right for the Developer to acquire the 142 developed lots within Assessment Area Four for an aggregate purchase price of $11,494,934.50. The JEN Option Payment is nonrefundable except in the event of a default by the JEN Land Bank and is to be applied against lot takedowns in accordance with the terms of the JEN Option Agreement.
[Has the Option Agreement been amended? Agreement states one bulk takedown expected to occur on January 30, 2026.]
Pursuant to the JEN Option Agreement, the initial takedown is expected to occur in [April 2027] and the remaining takedowns are required to occur every month, until all lots have been acquired. The Developer has the right to acquire the lots early, subject to an early purchase premium, and to terminate the JEN Option Agreement at any time upon delivery of written notice to the JEN Land Bank.
As of July 22, 2026, the JEN Land Bank owns all 142 lots within Assessment Area Four. See “BONDOWNERS’ RISKS – Insufficient Resources or Other Factors Causing Failure to Complete the 2026 Assessment Area” herein.

Development Finance Plan
The Developer estimates that the total land development costs associated with the 2026 Assessment Area will be approximately $36.86 million, consisting of the costs of the 2026 Project and other hard and soft costs. As of July 22, 2026, the Developer has spent approximately $20.48 million on land development costs associated with the 2026 Assessment Area. The net proceeds of the Series 2026 Bonds to be deposited in the Series 2026 Acquisition and Construction Account will be approximately $5.5 million*. Costs not funded by the Series 2026 Bonds will be funded by the Developer with equity. The Developer will enter into a completion agreement that will obligate the Developer to complete the portion of the 2026 Project not funded with proceeds of the Series 2026 Bonds. All such obligations of the Developer are unsecured obligations. See “BONDOWNERS’ RISKS – Insufficient Resources or Other Factors Causing Failure to Complete the 2026 Assessment Area” herein.
Development Plan / Status
Assessment Area Three. Land development associated with Assessment Area Three is substantially complete, with final completion expected by June 2026. A final plat for all 241 lots within Assessment Area Three was recorded on March 11, 2025.
Sales and vertical construction of residential units within Assessment Area Three are underway. As of April 20, 2026, 17 residential units have closed with homebuyers and an additional 40 residential units have been sold to homebuyers pending closing. In addition to the 17 residential homes that have closed with homebuyers, an additional approximately 118 residential units within the Development are currently under construction.
It is anticipated that approximately    units will be sold and closed with homebuyers per annum within Assessment Area Three until build out by the [second calendar quarter of 2027]. This anticipated absorption is based upon estimates and assumptions made by the Developer that are inherently uncertain, though considered reasonable by the Developer, 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 Developer. As a result, there can be no assurance such absorption rate will occur or be realized in the time frame anticipated.
Assessment Area Four. Land development associated with Assessment Area Four is underway and is expected to be completed by April 2027. A final plat for all 142 lots within Assessment Area Four is expected to be recorded in the second calendar quarter of 2027.
Sales and vertical construction of residential units within Assessment Area Four are expected to commence in [June 2027]. Closings within Assessment Area Four are expected to commence in October 2027.
It is anticipated that approximately    units will be sold and closed with homebuyers per annum within Assessment Area Four until build out by the 	 20 . This anticipated absorption is based upon estimates and assumptions made by the Developer that are inherently uncertain, though considered reasonable by the Developer, 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 Developer. As a result, there can be no assurance such absorption rate will occur or be realized in the time frame anticipated.

* Preliminary, subject to change.

Residential Product Offerings
The target customers for units within the 2026 Assessment Area are first time homebuyers and move-up buyers. The following table reflects the Developer’s current expectations for the townhomes and single-family units to be constructed within the 2026 Assessment Area, along with the number of developable units, bedrooms, bathrooms, square footages, and estimated home prices, all of which are subject to change.

Product Type		Units		Square Footage		Beds/Baths		Price Points	
Townhome		80		1,644 to 1,994		3 to 4 Bedrooms, 2.5 Baths		$350,990 – $3403,990	
Single-Family-40’		141		1,659 to 2,683		3 to 5 Bedrooms, 2.5 to 3.5 Baths		$430,490 – $561,990	
Single-Family-50’		139		2,109 to 3,332		4 to 5 Bedrooms, 3 Baths		$476,990 – $665,490	
Single-Family-60’		  23		2,647 to 3,631		4 to 5 Bedrooms, 3 to 4 Baths		$530,500 – $663,990	
Total		383							

Zoning and Permitting
As part of the public infrastructure improvements associated with the Development, the Developer has entered into a proportional share agreement with Tohopekaliga Water Authority, dated January 13, 2022 (the “Prop Share Agreement”) which obligates the Developer to pay a proportionate share of a temporary force main south of Cyrils Drive. Installation of such force main is complete, which costs totaled approximately $379,000.
The land within the District, including, without limitation, the land therein subject to the Series 2026 Special Assessments, is zoned to allow for the contemplated residential uses described herein. The District Engineer has indicated that 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 confirm which report covers which Assessment Area]
Assessment Area Three. A Phase I Environmental Site Assessment dated March 18, 2024 (the “Assessment Area Three ESA”) was prepared by SCS Engineers, covering the land in Assessment Area Three. The Assessment Area Three ESA revealed no recognized environmental conditions in connection with Assessment Area Three.
Assessment Area Four. A Phase I Environmental Site Assessment dated May 27, 2022 (the “Assessment Area Four ESA”) was prepared by Kleinfelder, Inc., covering the land in Assessment Area Four. The Assessment Area Four ESA revealed no recognized environmental conditions in connection with Assessment Area Four. See “BONDOWNERS’ RISKS – Regulatory and Environmental Risks” herein for more information regarding potential environmental risks.
Amenities
The Development contains an approximately 3,000 square foot clubhouse (2,500 square feet under air conditioning), a resort-style swimming pool, private boat dock/ramp, sports courts, and children’s playground within Assessment Area Two (collectively, the “Main Amenity”). Construction of the Main Amenity is complete. The estimated cost of the Main Amenity was approximately $4.1 million.
The Development also is planned to contain a second resort-style swimming pool and 4 additional pickleball courts within Assessment Area Two (collectively, the “Second Amenity”). Construction of the

Second Amenity is expected to commence in June 2026 and is expected to be completed in January 2027. The estimated cost of the Second Amenity is approximately $600,000.
Assessment Area Three is planned to contain a public boat dock/ramp (the “Third Amenity”) Construction of the Third Amenity is expected to commence in August 2026 and is expected to be completed in March 2027. The estimated cost of the Third Amenity is approximately $700,000.
Assessment Area Four is planned to contain a tot lot and a basketball court (the “Fourth Amenity” and, together with the Main Amenity, the Second Amenity and the Third Amenity, the “Amenity”). Construction of the Fourth Amenity is expected to commence in April 2027 and is expected to be completed in June 2027. The estimated cost of the Fourth Amenity is approximately $200,000.
The Amenity will be owned, operated and maintained by the homeowners association.
Utilities
Potable water, wastewater treatment and reclaimed wastewater (reuse services) for the Development are expected to be provided by Tohopekaliga Water Authority. Electric power is expected to be provided by Orlando Utilities Commission. Cable television and broadband cable services are expected to be provided by Spectrum. All utility services are available to the Development.
Taxes, Fees and Assessments
As set forth in the Assessment Methodology, the Series 2026 Special Assessments will at issuance be levied on the 241 platted lots within Assessment Area Three and will initially be levied on the 42.15 +/-gross acres of land within Assessment Area Four until such time as the 142 lots within Assessment Area Four are platted. As platting occurs, the Assessment Area Four Special Assessments will be assigned to 142 lots within Assessment Area Four on a first platted, first assigned basis. Assuming that all of the planned 383 lots within the 2026 Assessment Area are developed and platted, then the Series 2026 Special Assessments will be allocated on the per unit basis set forth below and as set forth in the Assessment Methodology. See “APPENDIX D – ASSESSMENT METHODOLOGY” herein.

Product Type		No. of Units		Annual Series 2026 Special Assessments
Per Unit*/**		Series 2026 Bonds
Par Debt Per Unit*	
Townhome		80		$  711.95		$ 9,564.81	
Single-family-40’		141		1,139.12		15,303.69	
Single-family-50’		139		1,423.90		19,129.62	
Single-family-60’		  23		1,708.68		22,955.54	
Total		383					

* Preliminary, subject to change.
**This amount is grossed up to include early payment discounts and County collection fees, currently six percent (6%).

The District will continue levying assessments to cover its operation and administrative costs that are approximately $560 per townhome lot, $897 per single-family home on forty-foot wide lots, $1,121 per single-family home on fifty-foot wide lots and $1,345 per single-family home on sixty-foot wide lots annually, grossed up to include early payment discounts, which amounts are subject to change. In addition, residents will be required to pay homeowners association fees, which are approximately $329.00 per townhome lot, $192.00 per single-family home on forty-foot wide lots, $203.00 per single-family home on fifty-foot wide lots and $214.00 per single-family home on sixty-foot wide lots per month, which amounts

are subject to change. The land within the District has been and will continue 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 2025 was approximately 13.8543 mills, which millage rate is subject to change in future tax years. These taxes would be payable in addition to the Series 2026 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 Osceola 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 and special assessments levied by these other entities could be substantially higher than in the current year.
Education
Students in elementary school are expected to attend Narcoossee Elementary School which was rated “B” by the Florida Department of Education for 2025. Students in middle school are expected to attend Narcoossee Middle School, which was rated “A” by the Florida Department of Education for 2025. Students in high school are expected to attend Tohopekaliga High School, which was rated “A” by the Florida Department of Education for 2025. The School District of Osceola County, Florida may change school zoning in the future.
Competition
The following communities have been identified by the Developer as being competitive with the Development, because of their proximity to the Development, price ranges and product types: Split Oak Estates, Lakeshore at Narcoossee and Wiregrass.
The information under 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 Developer feels pose primary competition to the Development.
THE LAND BANKS AND THE DEVELOPER
The AG Land Bank
AG EHC II (LEN) Multi State 4, LLC, a Delaware limited liability company (the “AG Land Bank”), was organized on May 2, 2023 and authorized to transact business in the State, effective May 10, 2023. The AG Land Bank is a special purpose entity whose primary assets are various properties subject to option agreements. The AG Land Bank is wholly owned and managed by AG EHC II SPV 4, L.P., a Delaware limited partnership which is managed by Angelo, Gordon & Co., L.P. (“Angelo Gordon”).
Angelo Gordon was acquired by TPG Inc., a Delaware corporation (“TPG”), in November 2023. TPG, founded in 1992, is a leading global alternative asset management firm with $303 billion in assets under management as of December 31, 2025. TPG has offices in Fort Worth, New York, Amsterdam, Beijing, Chicago, Dubai, Frankfurt, Guangdong, Hong Kong, London, Los Angeles, Luxembourg, Melbourne, Miami, Milan, Mumbai, San Francisco, Seoul, Shanghai, Singapore, Tokyo and Washington, D.C.
TPG stock trades on Nasdaq under the symbol TPG. TPG 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”). The file number for TPG is No-1-41222. Such reports, proxy

statements, and other information are available at the SEC’s internet website at http://www.sec.gov. All documents subsequently filed by TPG pursuant to the requirements of the Securities and Exchange Commission Act of 1934 after the date of this Limited Offering Memorandum will be available for inspection in the same manner as described above.
The JEN Land Bank [Confirm bio below]
JEN Holdco 24 LLC, a Delaware limited liability company (the “JEN Land Bank”), owns the lands within Assessment Area Four and is serving as a land banker for the Developer. The JEN Land Bank and the Developer have entered into the JEN Construction Agreement and the JEN Option Agreement whereby the Developer is managing the development of Assessment Area Four and has the right to purchase developed lots from the JEN Land Bank in accordance with the terms of the JEN Option Agreement, for the construction and sale of homes. See “THE DEVELOPMENT – Land Acquisition, the Option Agreements and the Construction Agreements” herein for more information.
The JEN Land Bank is a Delaware limited liability company organized on 	, 20 . The JEN Land Bank is a special-purpose entity whose primary asset is its interests in Assessment Area Four. The JEN Land Bank is wholly owned by ACF TD HOLDINGS LLC, a Delaware limited liability company (“ACF”), which was organized on February 26, 2025 and serves as the manager of the JEN Land Bank.
ACF is an opportunity fund which is managed by a subsidiary of JEN Partners, LLC (“JEN Partners”), a New York based private-equity real estate firm. JEN Partners has successfully invested over
$2 billion in residential land over the last decade, purchasing over 50,000 lots. JEN Partners is currently investing its eighth fund.
Ethan Leibowitz. Mr. Leibowitz is a Managing Director at JEN Partners. He joined JEN Partners in 2007, and oversees the firm’s investment portfolio, is responsible for the firm’s long term strategy and evaluates and executes investment opportunities. Prior to joining JEN Partners, Mr. Leibowitz was a management consultant at The Boston Consulting Group, where he worked on various strategic, operational and commercial real estate initiatives in the financial services, retail and healthcare sectors. He previously worked as a summer analyst in the real estate groups of Lazard Frères and Madison Capital Management. Mr. Leibowitz graduated magna cum laude from Princeton University with a B.S.E in electrical engineering.
Dan Edwards. Dan Edwards co-leads JEN Partner’s Florida residential land efforts. He has over 15 years of experience in residential real estate. Throughout his career he has worked for several publicly traded homebuilders with a primary focus of delivering residential lots through land acquisition and development. Most recently, Mr. Edwards held the role of Regional Vice President of Land Operations for Dream Finders Homes covering the Orlando, Tampa, Jacksonville, Charlotte and Savannah markets. In this role he oversaw all land operations and worked with each market to develop land acquisition and development strategies that met the needs of the business plan. Prior to Dream Finders Homes, Mr. Edwards held several roles for publicly traded homebuilders in Orlando, Tampa and Fort Myers and was responsible for all facets of land operations: acquisition, planning/entitlements, and development. Over the course of his career, he has been involved in the acquisition and development of over 15,000 residential lots throughout Florida. Mr. Edwards is a graduate of the Warrington College of Business at the University of Florida with a degree in Business Administration.
The Developer
The Developer, Lennar Homes, LLC, is a Florida limited liability company, formed on November 30, 2006 and is the developer of the entire Development. The Developer 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 Exchange Act, and in accordance therewith files reports, proxy statements, and other information, including financial statements, with 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 AG Land Bank’s, JEN Land Bank’s or Developer’s obligations incurred in connection with the issuance of the Series 2026 Bonds.
NEITHER THE AG LAND BANK, THE JEN LAND BANK, THE DEVELOPER NOR LENNAR ARE GUARANTEEING THE PAYMENT OF THE SERIES 2026 BONDS OR THE SERIES 2026 SPECIAL ASSESSMENTS. NONE OF THE ENTITIES LISTED HEREIN, OTHER THAN THE AG LAND BANK, THE JEN LAND BANK AND THE DEVELOPER, HAVE ENTERED INTO ANY AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF THE SERIES 2026 BONDS.
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 2026 Bonds in order that the interest on the Series 2026 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 2026 Bonds to be included in gross income for federal income tax purposes retroactively to the date of issuance of the Series 2026 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 2026 Bonds.
In the opinion of Greenberg Traurig, P.A., Bond Counsel, assuming the accuracy of certain representations and certifications of the District and the Developer 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 2026 Bonds is excludable from gross income of the holders thereof for federal income tax purposes. Interest on the Series 2026 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 2026 Bonds is not excluded from the determination of adjusted financial statement income. Bond Counsel is further of the opinion that the Series 2026 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 2026 Bonds. Prospective purchasers of the Series 2026 Bonds should consult their own tax advisors as to the status of interest on the Series 2026 Bonds under the tax laws of any state other than the State.

The above opinion on federal tax matters with respect to the Series 2026 Bonds will be based on and will assume the accuracy of certain representations and certifications of the District and the Developer, 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 2026 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 2026 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 2026 Bonds, or the ownership or disposition of the Series 2026 Bonds. Prospective purchasers of Series 2026 Bonds should be aware that the ownership of Series 2026 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 2026 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 2026 Bonds,
(iii) the inclusion of the interest on the Series 2026 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 2026 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 2026 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 2026 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 2026 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 2026 Bonds. Prospective purchasers of the Series 2026 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 2026 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 2026 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 2026 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 2026 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 2026 Bonds, adversely affect the market price or marketability of the Series 2026 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 2026 Bonds. Prospective purchasers of the Series 2026 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 2026 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 2026 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 2026 Bonds, under certain circumstances, to “backup withholding” at the rates set forth in the Code, with respect to payments on the Series 2026 Bonds and proceeds from the sale of Series 2026 Bonds. Any amount so withheld would be refunded or allowed as a credit against the federal income tax of such owner of Series 2026 Bonds. This withholding generally applies if the owner of Series 2026 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 2026 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 2026 Bonds, that it will not limit or alter the rights of the District to own, acquire, construct, reconstruct, improve, maintain, operate or furnish the 2026 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 2026 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 2026 Bonds may initially be sold by the District only to “accredited investors” within the meaning of Chapter 517, Florida Statutes, as amended, 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 2026 Bonds. Investment in the Series 2026 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 2026 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 2026 Bonds does not purchase at least $100,000 of the Series 2026 Bonds at the time of initial delivery of the Series 2026 Bonds, such beneficial owner must execute and deliver to the District and the Underwriter on the date of delivery of the Series 2026 Bonds the investor letter in the form attached to the Third 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 2026 Bonds upon an Event of Default under the Master 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 2026 Bonds may not be readily available or may be limited. The various legal opinions to be delivered concurrently with the delivery of the Series 2026 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 2026 Bonds, or in any way contesting or affecting (i) the validity of the Series 2026 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 2026 Bonds, (iii) the existence or powers of the District or (iv) the validity of the Assessment Proceedings.
The AG Land Bank
There is no litigation of any nature now pending or, to the knowledge of the AG Land Bank, threatened, which could reasonably be expected to have a material and adverse effect upon the completion of the 2026 Project or the development of the District Lands, as described herein, materially and adversely affect the ability of the AG Land Bank to pay the Series 2026 Special Assessments imposed against the land within the District owned by the AG Land Bank or materially and adversely affect the ability of the AG Land Bank to perform its various obligations described in this Limited Offering Memorandum.
The JEN Land Bank
There is no litigation of any nature now pending or, to the knowledge of the JEN Land Bank, threatened, which could reasonably be expected to have a material and adverse effect upon the completion of the 2026 Project or the development of the District Lands, as described herein, materially and adversely affect the ability of the JEN Land Bank to pay the Series 2026 Special Assessments imposed against the land within the District owned by the JEN Land Bank or materially and adversely affect the ability of the JEN Land Bank to perform its various obligations described in this Limited Offering Memorandum.
The Developer
There is no litigation of any nature now pending or, to the knowledge of the Developer, threatened, which could reasonably be expected to have a material and adverse effect upon the completion of the 2026 Project or the development of the District Lands, as described herein, materially and adversely affect the ability of the Developer to pay the Series 2026 Special Assessments imposed against the land within the Development owned by the Developer or materially and adversely affect the ability of the Developer to perform its 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 2026 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 2026 Bonds.

NO RATING
No application for a rating for the Series 2026 Bonds has been made to any rating agency, nor is there any reason to believe that an investment grade rating for the Series 2026 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 Osceola Engineering, Inc., Orlando, Florida, the District Engineer. APPENDIX C should be read in its entirety for complete information with respect to the subjects discussed therein. Governmental Management Services – Central Florida, LLC, Orlando, Florida, 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 2026 Bonds, both the District Engineer and the Methodology Consultant will consent 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 audit for the District fiscal year ended September 30, 2026. Attached hereto as APPENDIX F is a copy of the District’s most recent unaudited financial statements for the period ended February 28, 2026 and the audited financial statements for the fiscal year ended September 30, 2024. The audited financial statements for the fiscal year ended September 30, 2025 are expected to be available on or before June 30, 2026. 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. The Series 2026 Bonds are not general obligation bonds of the District and are payable solely from the Series 2026 Pledged Revenues.
Each community development district in Florida must have a separate website with certain information as set forth in Section 189.069, Florida Statutes, as amended. Under such statute, each district must post its proposed budget, final budget, most recent final audit report and a link to the Department of Financial Services’ website on the district website. The District currently has a website in place and is presently in compliance with the statutory guidelines required by Section 189.069, Florida Statutes, as amended.
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 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 Developer, the AG Land Bank and the JEN Land Bank, 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 2026 Bondholders (including owners of beneficial interests in such Series 2026 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 and a description of the listed events are set forth in “APPENDIX E – PROPOSED FORM OF CONTINUING DISCLOSURE AGREEMENT.” Under certain circumstances, the failure of the District, the Developer, the AG Land Bank or the JEN Land Bank 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 Master Indenture, but such event of default under the Disclosure Agreement would allow the Series 2026 Bondholders (including owners of beneficial interests in such Bonds), as applicable, to bring an action for specific performance.
The District previously entered into a continuing disclosure obligation in connection with Rule 15c2-12 of the Securities Exchange Act of 1934, as amended (the “Rule”), relating to the Prior Bonds. The District has been in material compliance with such continuing disclosure obligations.
Also, pursuant to the Disclosure Agreement, the AG Land Bank, the JEN Land Bank and the Developer will covenant to provide certain financial information and operating data relating to the District, the AG Land Bank, the JEN Land Bank and the Developer, as applicable, on a quarterly basis, upon the written request of the Dissemination Agent. The AG Land Bank, [the JEN Land Bank][Has this JEN entity entered into prior disclosure agreements?] and the Developer 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 Developer 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 Developer has represented that it has 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 2026 Bonds from the District at a purchase price of
$	 (representing the par amount of the Series 2026 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, subject to satisfaction or waiver of such conditions, the Underwriter will be obligated to purchase all of the Series 2026 Bonds if any are issued.
The Underwriter intends to offer the Series 2026 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 2026 Bonds may be offered and sold to certain dealers, banks and others at prices lower than the initial offering prices, and such initial offering prices set forth on the inside cover page of this Limited Offering Memorandum may be changed from time to time by the Underwriter.

VALIDATION
The Series 2026 Bonds to be issued pursuant to the Indenture were validated by final judgment of the Circuit Court of the Ninth Judicial Circuit of Florida in and for the County, rendered on January 14, 2022. The period of time for appeal of the judgment of validation of the Series 2026 Bonds expired on February 14, 2022, with no appeal having been filed.
LEGAL MATTERS
Certain legal matters related to the authorization, sale and delivery of the Series 2026 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 District by its counsel, Latham, Luna, Eden & Beaudine, LLP, Orlando, Florida, and for the Underwriter by its counsel, Squire Patton Boggs (US) LLP, Miami, Florida. Greenberg Traurig, P.A., West Palm Beach, Florida is representing the Developer in connection with matters relating to the Series 2026 Bonds and also continues to represent the Developer and other Lennar affiliates on certain matters. Certain legal matters will be passed upon for the AG Land Bank by its counsel, Lewis, Longman & Walker, P.A., West Palm Beach, Florida. Certain legal matters will be passed upon for the JEN Land Bank by its counsel, 	, 	, Florida,
Bond Counsel’s opinion included herein as Appendix B 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 delivery of the Series 2026 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 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.
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 2026 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 2026 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 2026 Bonds.

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AUTHORIZATION AND APPROVAL
The execution and delivery of this Limited Offering Memorandum has been duly authorized by the Board of the District.
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT

By: 	
Chairperson, Board of Supervisors

59

APPENDIX A
COPY OF MASTER INDENTURE
AND PROPOSED FORM OF THIRD SUPPLEMENTAL INDENTURE

A-1

APPENDIX B
PROPOSED FORM OF OPINION OF BOND COUNSEL

B-1

APPENDIX C ENGINEER’S REPORT

APPENDIX D ASSESSMENT METHODOLOGY

D-1

APPENDIX E
PROPOSED FORM OF CONTINUING DISCLOSURE AGREEMENT

E-1

APPENDIX F
AUDITED FINANCIAL STATEMENTS
AS OF THE FISCAL YEAR ENDED SEPTEMBER 30, 2022

F-1

Section 3

EXHIBIT C
FORM OF CONTINUING DISCLOSURE AGREEMENT

C-1

CONTINUING DISCLOSURE AGREEMENT
This Continuing Disclosure Agreement (this “Disclosure Agreement”) dated 	, 2026 is executed and delivered by Bridgewalk Community Development District (the “Issuer” or the “District”), Lennar Homes, LLC, a Florida limited liability company (the “Developer”), AG EHC II (LEN) Multi State 4, LLC, a Delaware limited liability company (the “AG Land Bank”), JEN Holdco 24 LLC, a Delaware limited liability company (the “JEN Land Bank” and, together with the AG Land Bank, the “Land Banks”), and Governmental Management Services – Central Florida, LLC, as dissemination agent (together with its successors and assigns, the “Dissemination Agent”) in connection with the Issuer’s Special Assessment Bonds, Series 2026 (2026 Project) (the “Bonds”). The Bonds are secured pursuant to a Master Trust Indenture dated as of January 1, 2022 (the “Master Indenture”) and a Third Supplemental Trust Indenture dated as of September 1, 2026 (the “Third 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 of America and having a designated corporate trust office in Fort Lauderdale, Florida, as trustee (the “Trustee”). The Issuer, the Developer, the Land Banks 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 Developer, the Land Banks 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 Developer and the Land Banks 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 Developer, the Land Banks or other Obligated Person to provide additional information, the Issuer, the Developer, the Land Banks and each Obligated Person, as applicable, 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.
“Assessment Area Four” shall mean the portion of the District lands subject to the Assessments as more particularly described in the Limited Offering Memorandum.
“Assessment Area Three” shall mean the portion of the District lands subject to the Assessments as more particularly described in the Limited Offering Memorandum.
“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. Notwithstanding anything herein to the contrary, the Developer’s Disclosure Representative shall serve as the Disclosure Representative for Land Banks while the Developer and Land Banks remain Obligated Persons hereunder.
“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. Governmental Management Services – Central Florida, LLC has been designated as the initial Dissemination Agent hereunder.

“District Manager” shall mean Governmental Management Services – Central Florida, LLC, 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.
“Limited Offering Memorandum” shall mean the final Limited Offering Memorandum dated 	, 2026, with respect to the Bonds.
“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, (i) the Developer and its successors or assigns (excluding homebuyers who are end users), for so long as the Developer 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 10% of the Assessments, (ii) the AG Land Bank and its successors or assigns (excluding homebuyers who are end users), for so long as the AG Land Bank 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 10% of the Assessments, and (iii) the JEN Land Bank and its successors or assigns (excluding homebuyers who are end users), for so long as the JEN Land Bank 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 10% 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 May 1, 2027.
“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 SEC 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 ended September 30, 2026, with the initial Annual Filing Date being March 29, 2027. 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, 2027, which shall include the Audited Financial Statements for Fiscal Year ending September 30, 2026. The Issuer shall file unaudited financial statements if Audited Financial Statements are not ready by the Audited Financial Statements Filing Date, to be followed up with the Audited Financial Statements when available. 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 Section 3(a) above, file a notice with the Issuer stating that the Annual Report or Audited Financial Statements, as applicable, 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.
The amount of principal and interest to be paid on the Bonds in the
current Fiscal Year.
To the extent available, the certified tax roll for the current Fiscal
Year (certified in the prior Fiscal Year) that contains the folio numbers, landowner names, 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.
The most recent Audited Financial Statements of the Issuer.
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 one hundred eighty (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.

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 Land Banks and the Developer 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 Land Banks or the Developer transfers the lands within Assessment Area Three or Assessment Area Four, to an entity which will in turn own or have the option to acquire lands within Assessment Area Three or Assessment Area Four, as applicable, which lands are responsible for the payment of at least 10% of the Assessments, the Land Banks and the Developer agree to assign and retain, if applicable, their respective obligations set forth herein to their successor in interest.
Quarterly Reports.
(a) Each Obligated Person (other than the Issuer), or a Transferor Obligated Person (as hereinafter defined) on behalf of any Transferee (as hereinafter defined) that fails to execute an Assignment (as hereinafter defined) as part of such Transfer (as hereinafter defined), shall provide an electronic copy of the Quarterly Report commencing with the calendar quarter ending March 31, 2027, to the Dissemination Agent no later than fifteen (15) days prior to the Quarterly Filing Date. Promptly upon receipt of an electronic copy of the Quarterly Report, but in any event no later than the applicable Quarterly Filing Date, the Dissemination Agent shall provide a Quarterly Report to the Repository. Notwithstanding anything herein to the contrary, during such periods as the Developer and Land Banks are all Obligated Persons hereunder, the Developer shall prepare and provide the Quarterly Report required hereunder to the Dissemination Agent; provided, however, the Land Banks shall timely provide the Developer with any information reasonably requested by the Developer to complete such Quarterly Report, to the extent the Land Banks are in possession of such information.
Each Quarterly Report shall contain an update of the following information for each Obligated Person to the extent available with respect to Assessment Area Three and Assessment Area Four, to the extent available:
The number and type of lots planned (cumulative).
Lot Ownership Information
The number of lots owned by the Obligated Person.
The number of lots under contract, if any, with a home builder and the name of such builder.
Lot Status Information
The number of lots developed.
The number of lots platted.

quarter. quarter. (cumulative).

Home Sales Status Information
The number of homes sold (but not closed) with homebuyers, during

The number of homes sold (and closed) with homebuyers, during

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 Assessment Area Three and Assessment Area Four (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 Developer or the Land Banks 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 Listed Events.
This Section 6 shall govern the giving of notices by the Issuer of the occurrence of any of the following Listed Events with respect to the Bonds:
Principal and interest payment delinquencies;
Non-payment related defaults, if material;

financial difficulties; difficulties;* perform;*

Unscheduled draws on the Debt Service Reserve Fund reflecting

Unscheduled draws on credit enhancements reflecting financial

Substitution of credit or liquidity providers, or their failure to

Adverse tax opinions, the issuance by the Internal Revenue Service

of proposed or final determinations 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;
Modifications to rights of Bond holders, if material;
Bond calls, if material, and tender offers;
Defeasances;
Release, substitution, or sale of property securing repayment of the
Bonds, if material;
Rating changes;
Bankruptcy, insolvency, receivership or similar event of the Issuer
or any other 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 other 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 other 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 other Obligated Person);
Consummation of a merger, consolidation, or acquisition involving the Issuer or any other Obligated Person or the sale of all or substantially all of the assets of the Issuer or any other 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;
Appointment of a successor or additional trustee or the change of name of the Trustee, if material; and

* The Bonds are not credit enhanced or rated at their date of issuance.

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 Bond holders, if material.
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 Statements 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 or such earlier time period as required under this Agreement).
Each Obligated Person shall notify the Issuer of the occurrence of a Listed Event described in subsections (a)(x), (xii), (xiii), (xv), (xvi) or (xvii) above as to such Obligated Person within five (5) Business Days after the occurrence of the Listed Event so as to enable the Issuer to comply with its obligations under this Section 6.
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. An Obligated Person’s obligations hereunder shall be terminated when it no longer meets the definition of an Obligated Person, even if this Disclosure Agreement has not terminated.
Prior Undertakings. The Developer and the Land Banks 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 Developer 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 Developer has instituted internal processes to provide information hereunder to the Dissemination Agent on a timely basis. The Developer has 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.
[Has this JEN entity entered into disclosure agreements previously?]
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 Governmental Management Services – Central Florida, LLC. The acceptance of such designation is evidenced by the execution of this Disclosure Agreement by a duly authorized signatory of the Dissemination Agent. The Dissemination Agent 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 Developer, the Land Banks 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 Developer, the Land Banks 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 Developer, the Land Banks 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 Developer, the Land Banks the Dissemination Agent, the Trustee, the Participating

Underwriter and the Owners of the Bonds (the Dissemination Agent, 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 Osceola 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 Osceola 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 readyily 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 Developer, the Land Banks 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]

BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT, AS ISSUER

By:		
Chairperson, Board of Supervisors

ATTEST:
By:		
Assistant Secretary

LENNAR HOMES, LLC,
AS DEVELOPER

By: 	 Name: 	 Title: 	

AG EHC II (LEN) MULTI STATE 4, LLC, AS AG LAND BANK
By: Essential Housing Asset Management, LLC, an Arizona limited liability company, as authorized agent

By: 	
Name: Steven S. Benson Title:	Manager

JEN HOLDCO 24 LLC,
AS JEN LAND BANK

By: 	 Name: 	 Title: 	

GOVERNMENTAL MANAGEMENT SERVICES – CENTRAL FLORIDA, LLC, AS DISSEMINATION AGENT

By: 	 Name: 	 Title: 	
CONSENTED TO AND AGREED TO BY:
DISTRICT MANAGER
GOVERNMENTAL MANAGEMENT SERVICES – CENTRAL FLORIDA, LLC, 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: 	 Title: 	

EXHIBIT A

FORM OF NOTICE TO REPOSITORIES OF FAILURE TO FILE [ANNUAL REPORT] [AUDITED FINANCIAL STATEMENTS] [QUARTERLY REPORT]

Name of Issuer:	Bridgewalk Community Development District
Name of Bond Issue:	$	 original aggregate principal amount of Special Assessment Bonds, Series 2026 (2026 Project)
Obligated Person(s):	Bridgewalk Community Development District; AG EHC II (LEN) Multi State 4, LLC; Lennar Homes, LLC; JEN Holdco 24 LLC
Original Date of Issuance:		, 2026 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
	, 2026, by and among the Issuer, the Developer, the Land Banks 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: 	

Governmental Management Services – Central Florida, LLC, as Dissemination Agent

By: 	 Name: 	 Title: 	

cc:	Issuer Trustee

Section 4

EXHIBIT D

FORM OF THIRD SUPPLEMENTAL INDENTURE

D-1

THIRD SUPPLEMENTAL TRUST INDENTURE

BETWEEN

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

Dated as of [September 1, 2026]

Authorizing and Securing
$	
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2026
(2026 PROJECT)

TABLE OF CONTENTS
Page
ARTICLE I DEFINITIONS	3
ARTICLE II THE SERIES 2026 BONDS	9
SECTION 2.01.	Amounts and Terms of Series 2026 Bonds; Issue of Series 2026 Bonds	9
SECTION 2.02.	Execution	9
SECTION 2.03.	Authentication	9
SECTION 2.04.	Purpose, Designation and Denominations of, and Interest
Accruals on, the Series 2026 Bonds.	9
SECTION 2.05.	Details of the Series 2026 Bonds	10
SECTION 2.06.	Disposition of Series 2026 Bond Proceeds	11
SECTION 2.07.	Book-Entry Form of Series 2026 Bonds	11
SECTION 2.08.	Appointment of Registrar and Paying Agent	12
SECTION 2.09.	Conditions Precedent to Issuance of the Series 2026 Bonds	12
ARTICLE III REDEMPTION OF SERIES 2026 BONDS	14
SECTION 3.01.	Redemption Dates and Prices	14
SECTION 3.02.	Notice of Redemption	16
ARTICLE IV ESTABLISHMENT OF CERTAIN FUNDS, ACCOUNTS AND SUBACCOUNTS; ADDITIONAL COVENANTS OF THE ISSUER; PREPAYMENTS; REMOVAL OF SPECIAL ASSESSMENT LIENS	17
SECTION 4.01.	Establishment of Certain Funds, Accounts and Subaccounts	17
SECTION 4.02.	Series 2026 Revenue Account	20
SECTION 4.03.	Power to Issue Series 2026 Bonds and Create Lien	21
SECTION 4.04.	2026 Project to Conform to Consulting Engineers Report	22
SECTION 4.05.	Prepayments; Removal of the Series 2026 Special Assessment
Liens.	22
ARTICLE V COVENANTS AND DESIGNATIONS OF THE ISSUER	24
SECTION 5.01.	Collection of Series 2026 Special Assessments	24
SECTION 5.02.	Continuing Disclosure	24
SECTION 5.03.	Investment of Funds, Accounts and Subaccounts	24
SECTION 5.04.	Additional Obligations	24
SECTION 5.05.	Acknowledgement Regarding Series 2026 Acquisition and
Construction Account Moneys Following an Event of Default	25
ARTICLE VI THE TRUSTEE; THE PAYING AGENT AND REGISTRAR	26
SECTION 6.01.	Acceptance of Trust	26
SECTION 6.02.	Trustee’s Duties	26
SECTION 6.03.	Brokerage Confirmations	26
ARTICLE VII MISCELLANEOUS PROVISIONS	27
SECTION 7.01.	Interpretation of Third Supplemental Indenture	27

SECTION 7.02.	Amendments	27
SECTION 7.03.	Counterparts	27
SECTION 7.04.	Appendices and Exhibits	27
SECTION 7.05.	Payment Dates	27
SECTION 7.06.	No Rights Conferred on Others	27
SECTION 7.07.	USA PATRIOT Act Requirements of the Trustee	27
EXHIBIT A	DESCRIPTION OF THE 2026 PROJECT EXHIBIT B	FORM OF SERIES 2026 BOND EXHIBIT C	FORMS OF REQUISITIONS
EXHIBIT D	FORM OF INVESTOR LETTER

THIS THIRD SUPPLEMENTAL TRUST INDENTURE (the “Third Supplemental Indenture”), dated as of [September 1, 2026] between the BRIDGEWALK 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 corporate trust office in Fort Lauderdale, Florida, as trustee (said banking corporation and any bank or trust company becoming successor trustee under this Third Supplemental Indenture being hereinafter referred to as the “Trustee”);
W I T N E 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. 2021-64 enacted by the Board of County Commissioners of Osceola County, Florida (the “BCC”), enacted on September 20, 2021 and effective on September 23, 2021 (the “Original Ordinance”), as amended by Ordinance No. 2025-80 enacted by the BCC on December 15, 2025 and effective on December 18, 2025 (the “Amending Ordinance” and, together with the Original Ordinance, the “Ordinance”); and
WHEREAS, the City of Orlando, Florida (the “City”) has consented to the Amending Ordinance; and
WHEREAS, the premises governed by the Issuer, as described more fully in the Ordinance, consisting of approximately 	 acres of land (herein, the “District Lands” or “District”), are located within the unincorporated area of Osceola County, Florida (the “County”) and with respect to Assessment Area Four (as herein defined) within the City within Orange County, Florida; 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. 2021-14 on September 30, 2021, authorizing the issuance of not to exceed $26,025,000, as supplemented by Resolution No. 2026-05 adopted on March 16, 2026 in the aggregate principal amount of
$11,600,000 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 January 1, 2022 (the “Master Indenture”) and this Third Supplemental Indenture, both by and between the Issuer and the Trustee, the Issuer proposes to issue its herein defined Series 2026 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 “Bridgewalk” (herein, the “Development”); and
WHEREAS, the public infrastructure as described on Exhibit A necessary for the development of the third and fourth phase of the Development is herein referred to as the “2026 Project,” which will be financed with a portion of the net proceeds of the Series 2026 Bonds; and
WHEREAS, the Issuer has determined to issue a Series of Bonds, designated as the Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project) (the “Series 2026 Bonds”), pursuant to the Master Indenture and this Third Supplemental Indenture (hereinafter sometimes collectively referred to as the “Indenture”); and
WHEREAS, in the manner provided herein, the net proceeds of the Series 2026 Bonds will be used to provide funds for (i) the Costs of acquiring and/or constructing a portion of the 2026 Project, (ii) payment of interest on the Series 2026 Bonds through at least November 1, 2026, (iii) the funding of the Series 2026 Reserve Account in an amount equal to the initial Series 2026 Reserve Requirement, and (iv) the payment of the costs of issuance of the Series 2026 Bonds; and
WHEREAS, the Series 2026 Bonds will be secured by a pledge of Series 2026 Pledged Revenues (as hereinafter defined) to the extent provided herein.
NOW, THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE WITNESSETH,
that to provide for the issuance of the Series 2026 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 2026 Bonds, and for and in consideration of the mutual covenants herein contained and of the purchase and acceptance of the Series 2026 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 2026 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 2026 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 2026 Bonds.
IN TRUST NEVERTHELESS, for the equal and ratable benefit and security of all present and future Owners of the Series 2026 Bonds issued and to be issued under this Third Supplemental Indenture, without preference, priority or distinction as to lien or otherwise (except as otherwise specifically provided in this Third Supplemental Indenture) of any one Series 2026 Bond over any other Series 2026 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 2026 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 2026 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 Third Supplemental Indenture and the rights hereby granted shall cease and terminate, otherwise this Third Supplemental Indenture to be and remain in full force and effect.
ARTICLE I DEFINITIONS
In this Third 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 the Acquisition Agreement Regarding Work Product and Infrastructure for Special Assessment Bonds, Series 2026 (2026 Project)” relating to the acquisition of the 2026 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 2026 Bonds, relating to certain restrictions on arbitrage under the Code with respect to the Bonds.
“Assessment Area Four” shall mean a designated assessment area within the District which will be subject to the Assessment Area Four Special Assessments and which area is planned for 142 residential units.
“Assessment Area Four Special Assessments” shall mean the Special Assessments levied on the assessable lands within Assessment Area Four.
“Assessment Area Three” shall mean a designated assessment area within the District which will be subject to the Assessment Area Three Special Assessments and which area is planned for 241 residential units.
“Assessment Area Three Special Assessments” shall mean the Special Assessments levied on the assessable lands within Assessment Area Three.
“Assessment Resolutions” shall mean Resolution No. 2026-03, Resolution No. 2026-04, and Resolution No. 2026-    of the Issuer adopted on March 16, 2026, March 16, 2026, and
	, 2026, respectively, as amended and supplemented from time to time.
“Authorized Denomination” shall mean, with respect to the Series 2026 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 2026 Bonds at the time of initial delivery of the Series 2026 Bonds, such beneficial owner must either execute and deliver to the Underwriter on the date of delivery of the Series 2026 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.
“Bond Resolution” shall mean, collectively, (i) Resolution No. 2021-14 of the Issuer adopted on September 30, 2021, pursuant to which the Issuer authorized the issuance of not exceeding $26,025,000 in aggregate principal amount of its Bonds to finance the construction or acquisition of public infrastructure within the District, (ii) Resolution No. 2026-05 of the Issuer adopted on March 16, 2026 pursuant to which the Issuer authorized the issuance of an additional not exceeding $11,600,000 in aggregate principal amount of its Bonds to finance the construction or acquisition of public infrastructure within the expanded area of the District, and (iii) Resolution No. 2026-14 of the Issuer adopted on August 17, 2026, pursuant to which the Issuer authorized, among other things, the issuance of the Series 2026 Bonds in an aggregate principal amount of not to exceed $8,000,000 to finance a portion of the acquisition and/or construction of the 2026 Project, specifying the details of the Series 2026 Bonds and awarding the Series 2026 Bonds to the Underwriter of the Series 2026 Bonds pursuant to the parameters set forth herein.
“Bonds” shall mean the Issuer’s Special Assessments Bonds issued pursuant to the Master Indenture.
“Collateral Assignment” shall mean those certain instruments executed by the Developer and the Land Banks in favor of the Issuer whereby all of the Project Documents and other material documents necessary to complete at least the portion of the Development (comprising all of the development planned for the 2026 Project) are collaterally assigned as security for the Developer’s and Land Banks’ obligations to pay the Series 2026 Special Assessments imposed against lands within the District constituting Assessment Area Three and Assessment Area Four owned by the Land Banks and/or the Developer from time to time.
“Consulting Engineer” shall mean Osceola Engineering Inc. and its successors and assigns. “Continuing Disclosure Agreement” shall mean the Continuing Disclosure Agreement for
the benefit of the owners of the Series 2026 Bonds, dated the date of delivery of the Series 2026 Bonds, by and among the Issuer, the dissemination agent named therein, the Land Banks and joined by the other parties named therein, in connection with the issuance of the Series 2026 Bonds.
“District Manager” shall mean Governmental Management Services - Central Florida, LLC and its successors and assigns.
“Indenture” shall mean collectively, the Master Indenture and this Third Supplemental Indenture.
“Interest Payment Date” shall mean May 1 and November 1 of each year, commencing November 1, 2026, and any other date the principal of the Series 2026 Bonds is paid, including any Quarterly Redemption Date.

“Land Banks” shall mean, collectively, AG EHC Len Multi State 4 LLC, a Delaware limited liability company, and [JEN HOLDCO 24, LLC, a Delaware limited liability company].
“Majority Holders” means the beneficial owners of more than fifty percent (50%) of the Outstanding principal amount of the Series 2026 Bonds.
“Master Indenture” shall mean the Master Trust Indenture, dated as of January 1, 2022, 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 2026 Bonds (as opposed to supplements or amendments relating to any Series of Bonds other than the Series 2026 Bonds as specifically defined in this Third 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 Assessment Area Three and/or Assessment Area Four within the District of the amount of the Series 2026 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 2026 Special Assessments or as a result of a true-up payment. “Prepayments” shall include, without limitation, Series 2026 Prepayment Principal.
“Quarterly Redemption Date” shall mean February 1, May 1, August 1, and November 1 of any calendar year.
“Redemption Price” shall mean the principal amount of any Series 2026 Bond payable upon redemption thereof pursuant to this Third 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 fifteenth (15th) day (whether or not a Business Day) of the calendar month next preceding an Interest Payment Date or the date on which the principal of a Bond is to be paid including a Quarterly Redemption Date.
“Release Conditions #1” shall mean collectively (i) all planned lots within Assessment Area Three and Assessment Area Four have been developed and platted, as certified by the District Manager in writing and upon which the Trustee may conclusively rely, and (ii) there shall be no Events of Default under the Master Indenture, all as certified by the District Manager in writing and upon which the Trustee may conclusively rely.
“Release Conditions #2” shall mean collectively (i) satisfaction of Release Conditions #1,
(ii) all planned lots that are subject to the Series 2026 Special Assessments contain homes that have each received a certificate of occupancy, (iii) all of the principal portion of the Series 2026 Special Assessments has been assigned to such homes, and (iv) there shall be no Events of Default under the Master Indenture, all as certified by the District Manager in writing and upon which the Trustee may conclusively rely.

“Series 2026 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 Third Supplemental Indenture.
“Series 2026 Bond Redemption Account” shall mean the Series 2026 Bond Redemption Account established as a separate Account within the Bond Redemption Fund pursuant to Section 4.01(g) of this Third Supplemental Indenture.
“Series 2026 Bonds” shall mean the $   aggregate principal amount of Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project), to be issued as fully registered Bonds in accordance with the provisions of the Master Indenture and this Third Supplemental Indenture, and secured and authorized by the Master Indenture and this Third Supplemental Indenture.
“Series 2026 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 Third Supplemental Indenture.
“Series 2026 General Redemption Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2026 Bond Redemption Account pursuant to Section 4.01(g) of this Third Supplemental Indenture.
“Series 2026 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 Third Supplemental Indenture .
“Series 2026 Optional Redemption Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2026 Bond Redemption Account pursuant to Section 4.01(g) of this Third Supplemental Indenture.
“Series 2026 Pledged Revenues” shall mean (a) all revenues received by the Issuer from the Series 2026 Special Assessments levied and collected on the assessable lands within Assessment Area Three and Assessment Area Four within the District, including, without limitation, amounts received from any foreclosure proceeding for the enforcement of collection of such Series 2026 Special Assessments or from the issuance and sale of tax certificates with respect to such Series 2026 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 2026 Bonds; provided, however, that Series 2026 Pledged Revenues shall not include (A) any moneys transferred to the Series 2026 Rebate Fund and investment earnings thereon, (B) moneys on deposit in the Series 2026 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 2026 Prepayment Principal” shall mean the portion of a Prepayment corresponding to the principal amount of Series 2026 Special Assessments being prepaid pursuant to Section 4.05

of this Third Supplemental Indenture or as a result of an acceleration of the Series 2026 Special Assessments pursuant to Section 170.10, Florida Statutes, if such Series 2026 Special Assessments are being collected through a direct billing method.
“Series 2026 Prepayment Subaccount” shall mean the subaccount so designated, established as a separate subaccount under the Series 2026 Bond Redemption Account pursuant to Section 4.01(g) of this Third Supplemental Indenture.
“Series 2026 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 Third Supplemental Indenture.
“Series 2026 Rebate Fund” shall mean the Fund so designated, established pursuant to Section 4.01(j) of this Third Supplemental Indenture.
“Series 2026 Reserve Account” shall mean the Series 2026 Reserve Account established as a separate Account within the Debt Service Reserve Fund pursuant to Section 4.01(f) of this Third Supplemental Indenture.
“Series 2026 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 2026 Bonds determined on the date of issue. Upon satisfaction of the Release Conditions #1, the Series 2026 Reserve Requirement shall be reduced to an amount equal to twenty-five percent (25%) of the maximum annual debt service with respect to the then Outstanding principal amount of the Series 2026 Bonds. Upon satisfaction of the Release Conditions #2, the Series 2026 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 2026 Bonds. If a portion of the Series 2026 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 2026 Bonds after taking into account such extraordinary mandatory redemption (prior to satisfaction of the Release Conditions #1 or Release Conditions #2) or twenty-five percent (25%) after satisfaction of the Release Conditions #1 or ten percent (10%) after satisfaction of the Release Conditions #2 of the maximum annual debt service of the Series 2026 Bonds after taking into account such extraordinary mandatory redemption. Any amount in the Series 2026 Reserve Account may, upon final maturity or redemption of all Outstanding Series 2026 Bonds be used to pay principal of and interest on the Series 2026 Bonds at that time. The initial Series 2026 Reserve Requirement shall be equal to $	.
“Series 2026 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 Third Supplemental Indenture.
“Series 2026 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 Third Supplemental Indenture.
“Series 2026 Special Assessments” shall mean, collectively, the Assessment Area Three Special Assessments and Assessment Area Four Special Assessments levied on the assessable

lands within Assessment Area Three and Assessment Area Four, respectively, within the District as a result of the Issuer’s acquisition and/or construction of the 2026 Project, corresponding in amount to the debt service on the Series 2026 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 2026 Special Assessments have been assigned to residential units within the District that have received certificates of occupancy.
“2026 Project” shall mean the public infrastructure to be financed with a portion of the proceeds of the Series 2026 Bonds generally described on Exhibit A attached hereto.
“Underwriter” shall mean FMSbonds, Inc., the underwriter of the Series 2026 Bonds.
The words “hereof,” “herein,” “hereto,” “hereby,” and “hereunder” (except in the form of Series 2026 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 2026 BONDS
SECTION 2.01.  Amounts and Terms of Series 2026 Bonds; Issue of Series 2026 Bonds. No Series 2026 Bonds may be issued under this Third 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 2026 Bonds that may be issued under this Third Supplemental Indenture is expressly limited to $   . The Series 2026 Bonds shall be numbered consecutively from R-1 and upwards.
Any and all Series 2026 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 Bond Resolution. The Issuer shall issue the Series 2026 Bonds upon execution of this Third 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 2026 Bonds and deliver them as specified in the request.
SECTION 2.02.   Execution. The Series 2026 Bonds shall be executed by the Issuer as set forth in the Master Indenture.
SECTION 2.03.  Authentication. The Series 2026 Bonds shall be authenticated as set forth in the Master Indenture. No Series 2026 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 2026 Bonds.
The Series 2026 Bonds are being issued hereunder in order to provide funds
(i) for the payment of the Costs of acquiring and/or constructing all or a portion of the 2026 Project,
(ii) to pay interest on the Series 2026 Bond through at least November 1, 2026, (iii) to fund the Series 2026 Reserve Account in an amount equal to the initial Series 2026 Reserve Requirement;
(iv) to pay the costs of issuance of the Series 2026 Bonds. The Series 2026 Bonds shall be designated “Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project),” and shall be issued as fully registered bonds without coupons in Authorized Denominations.
The Series 2026 Bonds shall be dated as of the date of initial delivery. Regularly scheduled interest on the Series 2026 Bonds shall be payable on each May 1 and November 1 Interest Payment Date to maturity or prior redemption. Regularly scheduled interest on the Series 2026 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 May 1 or November 1 to which interest has been paid, in which case from such date of authentication, or unless the date of authentication thereof is prior to November 1, 2026, 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 Third Supplemental Indenture in connection with a book entry only system of registration of the Series 2026 Bonds, the principal or Redemption Price of the Series 2026 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 2026 Bonds. Except as otherwise provided in Section 2.07 of this Third Supplemental Indenture in connection with a book entry only system of registration of the Series 2026 Bonds, the payment of interest on the Series 2026 Bonds shall be made on each Interest Payment Date to the Owners of the Series 2026 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 2026 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 2026 Bond is registered at the close of business on a special record date (“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 2026 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 2026 Bonds.
The Series 2026 Bonds will mature on May 1 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	
20  *	$ 			%	
20  *	 			%	
20  *	 			%	

*Term Bonds			

Interest on the Series 2026 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 2026 Bonds on the day before the default occurred.

SECTION 2.06.   Disposition of Series 2026 Bond Proceeds. From the net proceeds of the Series 2026 Bonds received by the Trustee in the amount of $   .
$   derived from the net proceeds of the Series 2026 Bonds shall be deposited in the Series 2026 Interest Account;
$    derived from the net proceeds of the Series 2026 Bonds (which is an amount equal to the initial Series 2026 Reserve Requirement) shall be deposited in the Series 2026 Reserve Account of the Debt Service Reserve Fund;
$   derived from the net proceeds of the Series 2026 Bonds shall be deposited into the Series 2026 Costs of Issuance Account of the Acquisition and Construction Fund for payment of the costs of issuing the Series 2026 Bonds; and
$	representing the balance of the net proceeds of the Series 2026 Bonds shall be deposited in the Series 2026 Acquisition and Construction Account which the Issuer shall cause to be applied in accordance with Article V of the Master Indenture, Section 4.01(a) of this Third Supplemental Indenture and the terms of the Acquisition Agreement.
SECTION 2.07.  Book-Entry Form of Series 2026 Bonds. The Series 2026 Bonds shall be issued as one fully registered bond for each maturity of Series 2026 Bonds and deposited with The Depository Trust Company (“DTC”), which is responsible for establishing and maintaining records of ownership for its participants.
As long as the Series 2026 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 2026 Bonds (“Beneficial Owners”).
Principal and interest on the Series 2026 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 2026 Bonds, through Direct Participants and Indirect Participants.
During the period for which Cede & Co. is registered owner of the Series 2026 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 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 2026 Bonds in the form of fully registered Series 2026 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 2026 Bonds may be exchanged for an equal aggregate principal amount of Series 2026 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 2026 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 2026 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 2026 Bonds. In addition to complying with the requirements set forth in the Master Indenture in connection with the issuance of the Series 2026 Bonds, all the Series 2026 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 Third 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 2026 Project being financed with the proceeds of the Series 2026 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 2026 Project, (iii) all proceedings undertaken by the Issuer with respect to the Series 2026 Special Assessments have been in accordance with Florida law, (iv) the Issuer has taken all action necessary to levy and impose the Series 2026 Special Assessments, and (v) the Series 2026 Special Assessments are legal, valid and binding liens upon the property against which such Series 2026 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 of the Issuer to the effect that, upon the authentication and delivery of the Series 2026 Bonds, the Issuer will not be in default in the performance of the terms and provisions of the Master Indenture or this Third Supplemental Indenture; and
A copy of the Collateral Assignment.
Receipt by the Trustee of the net proceeds from the initial sale of the Series 2026 Bonds shall constitute conclusive evidence of the fulfillment of the conditions precedent for the issuance of the Series 2026 Bonds set forth in this Section 2.09.

[END OF ARTICLE II]

ARTICLE III REDEMPTION OF SERIES 2026 BONDS
SECTION 3.01.  Redemption Dates and Prices. The Series 2026 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 2026 Bonds shall be made on the dates hereinafter required. Except as otherwise provided in this Section 3.01, if less than all the Series 2026 Bonds are to be redeemed pursuant to an extraordinary mandatory redemption, the Trustee shall select the Series 2026 Bonds or portions of the Series 2026 Bonds to be redeemed pursuant to Section 8.04 of the Master Indenture. Partial redemptions of Series 2026 Bonds shall be made in such a manner that the remaining Series 2026 Bonds held by each Bondholder shall be in Authorized Denominations, except for the last remaining Series 2026 Bond.
The Series 2026 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 2026 Bonds shall be made on the dates specified below.
Optional Redemption. The Series 2026 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 [November] 15, 20  (less than all Series 2026 Bonds of a maturity to be selected by lot), at a Redemption Price equal to the principal amount of Series 2026 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 2026 Optional Redemption Subaccount of the Series 2026 Bond Redemption Account. If such optional redemption shall be in part, the Issuer shall select such principal amount of Series 2026 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Bonds is substantially level.
Extraordinary Mandatory Redemption in Whole or in Part. The Series 2026 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 a Redemption Price equal to 100% of the principal amount of the Series 2026 Bonds to be redeemed, plus interest accrued to the redemption date, as follows:
from Series 2026 Prepayment Principal deposited into the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account (taking into account the credit from the Series 2026 Reserve Account pursuant to Section 4.05 hereof) following a Prepayment in whole or in part of the Series 2026 Special Assessments on any assessable property within Assessment Area Three and/or Assessment Area Four within the District in accordance with the provisions of Section 4.05 of this Third Supplemental Indenture.
from moneys, if any, on deposit in the Series 2026 Funds, Accounts and subaccounts in the Funds and Accounts (other than the Series 2026 Rebate Fund, the Series 2026 Costs of Issuance Account and the Series 2026 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2026 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 2026 Acquisition and Construction Account not otherwise reserved to complete the 2026 Project (including any amounts transferred from the Series 2026 Reserve Account) all of which have been transferred to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account.
Mandatory Sinking Fund Redemption. The Series 2026 Bonds maturing on May 1, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 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 2026 Bonds maturing on May 1, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 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 Series 2026 Bonds maturing on May 1, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 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

Year

Mandatory Sinking Fund Redemption Amount

*Maturity
Upon any redemption of Series 2026 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 2026 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 2026 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 2026 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 2026 Bonds under any provision of this Third Supplemental Indenture or directed to redeem Series 2026 Bonds by the Issuer, the Trustee shall give or cause to be given to Owners of the Series 2026 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, ACCOUNTS AND SUBACCOUNTS; ADDITIONAL COVENANTS OF THE ISSUER; PREPAYMENTS;
REMOVAL OF SPECIAL ASSESSMENT LIENS
SECTION 4.01.	Establishment of Certain Funds, Accounts and Subaccounts.
The Trustee shall establish a separate Account within the Acquisition and Construction Fund designated as the “Series 2026 Acquisition and Construction Account.” Net proceeds of the Series 2026 Bonds shall be deposited into the Series 2026 Acquisition and Construction Account in the amount set forth in Section 2.06 of this Third Supplemental Indenture, together with any other moneys that may be transferred to the Series 2026 Acquisition and Construction Account as provided for herein. Such moneys in the Series 2026 Acquisition and Construction Account shall be disbursed by the Trustee as set forth in Section 5.01 of the Master Indenture, the Acquisition Agreement 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 2026 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 #1 and Release Conditions #2 and notice of the same has been 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 2026 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 2026 Project, a copy of which shall be delivered to the Trustee by the District Manager, upon which the Trustee may conclusively rely, shall be transferred by the Trustee to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account. Subject to the provisions of Section 4.01(f) hereof, the Series 2026 Acquisition and Construction Account shall be closed upon the expenditure or transfer of all funds therein including moneys deposited therein as a result of satisfaction of the Release Conditions #1 and Release Conditions #2. 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 2026 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 2026 Costs of Issuance Account.” Net proceeds of the Series 2026 Bonds shall be deposited into the Series 2026 Costs of Issuance Account in the amount set forth in Section 2.06 of this Third 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 2026 Costs of Issuance Account to pay the costs of issuing the Series 2026 Bonds. Six months after the issuance of the Series 2026 Bonds, any moneys remaining in the Series 2026 Costs of Issuance Account in excess of the amounts requested to be disbursed by the Issuer shall be deposited into the Series 2026 Interest Account. Any deficiency in the amount allocated to pay the cost of issuing the Series 2026 Bonds shall be paid from excess Series 2026 Pledged Revenues on deposit in the Series 2026 Revenue Account in accordance with Section 4.02 SEVENTH. When there are no further moneys therein, the Series 2026 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 2026 Revenue Account.” Series 2026 Special Assessments (except for Prepayments of Series 2026 Special Assessments which shall be identified as such by the Issuer to the Trustee and deposited in the Series 2026 Prepayment Subaccount) shall be deposited by the Trustee into the Series 2026 Revenue Account which shall be applied as set forth in Section 6.03 of the Master Indenture and Section 4.02 of this Third 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 2026 Principal Account.” Moneys shall be deposited into the Series 2026 Principal Account as provided in Section 6.04 of the Master Indenture and Section 4.02 of this Third 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 2026 Interest Account.” Moneys deposited into the Series 2026 Interest Account pursuant to Section 6.04 of the Master Indenture and Sections 2.06 and 4.02 of this Third 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 2026 Sinking Fund Account.” Moneys shall be deposited into the Series 2026 Sinking Fund Account as provided in Section 6.04 of the Master Indenture and Section 4.02 of this Third Supplemental Indenture and applied for the purposes provided therein and in Section 3.01(c) of this Third 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 2026 Reserve Account.” Net proceeds of the Series 2026 Bonds shall be deposited into the Series 2026 Reserve Account in the amount set forth in Section 2.06 of this Third Supplemental Indenture, and such moneys, together with any other moneys deposited into the Series 2026 Reserve Account pursuant to Section 4.02 of this Third Supplemental Indenture shall be applied for the purposes provided therein and in this Section 4.01(f) of this Third Supplemental Indenture.
On each March 15 and September 15 (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 2026 Reserve Account and transfer any excess therein above the Reserve Requirement for the Series 2026 Bonds caused by investment earnings to the Series 2026 Acquisition and Construction Account and after the Completion Date to the Series 2026 Revenue Account.
Notwithstanding any of the foregoing, amounts on deposit in the Series 2026 Reserve Account shall be transferred by the Trustee, in the amounts directed in writing by the Majority Holders of the Series 2026 Bonds to the Series 2026 General Redemption Subaccount of the Series 2026 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 2026 Special Assessments and applied to redeem a portion of the Series 2026 Bonds is less than the principal amount of Series 2026 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 2026 Special Assessments relating to the benefited property of such landowner within Assessment Area Two within the District, or as a result of a mandatory true-up payment, the Issuer shall, or 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 2026 Prepayment Principal due by the amount of money in the Series 2026 Reserve Account that will be in excess of the applicable Reserve Requirement, taking into account the proposed Prepayment. Such excess in the Series 2026 Reserve Account shall be transferred by the Trustee to the Series 2026 Prepayment Subaccount of the Series 2026 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 receiving notice of such Prepayment and shall instruct the Trustee in writing to transfer such amount of credit given to the landowner from the Series 2026 Reserve Account to the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account to be used for the extraordinary mandatory redemption of the Series 2026 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, upon satisfaction of the Release Conditions #1 and Release Conditions #2, as further described in the next succeeding paragraph, the Trustee shall deposit such excess on deposit in the Series 2026 Reserve Account to the Series 2026 Acquisition and Construction Account and pay such amount deposited in the Series 2026 Acquisition and Construction Account to the Person or Persons designated in a requisition in the form attached hereto as Exhibit “C” to the Issuer 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 2026 Project that were not paid from moneys initially deposited in the Series 2026 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 2026 Reserve Account to the Series 2026 Acquisition and Construction Account shall be deposited into the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account upon direction to the Trustee by the District.
Upon satisfaction of the Release Conditions #1 or Release Conditions #2 as evidenced by a written certificate of the District Manager delivered to the Issuer and the Trustee, stating that the Release Conditions #1 or Release Conditions #2 have been satisfied and setting forth the amount of the new Series 2026 Reserve Requirement, the Trustee shall without further direction reduce the Series 2026 Reserve Requirement to either twenty-five percent (25%) of the maximum annual debt service of the then Outstanding principal amount of the Series 2026 Bonds, as calculated by the District Manager, upon satisfaction of Release Conditions #1 or ten percent (10%) upon satisfaction of Release Conditions #2 of the maximum annual debt service of the then Outstanding principal amount of the Series 2026 Bonds as calculated by the District Manager. The excess amount in the Series 2026 Reserve Account as a result of satisfaction of Release Conditions #1 or Release Conditions #2 shall be transferred to the Series 2026 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 Section 3.01(b)(iii), 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 2026 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 2026 Bond Redemption Account” and within such Account, a “Series 2026 General Redemption Subaccount,” a “Series 2026 Optional Redemption Subaccount,” and a “Series 2026 Prepayment Subaccount.” Except as otherwise provided in this Third Supplemental Indenture regarding Prepayments or in connection with the optional redemption of the Series 2026 Bonds, moneys to be deposited into the Series 2026 Bond Redemption Account as provided in Section
6.06 of the Master Indenture, shall be deposited to the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account.
Moneys that are deposited into the Series 2026 General Redemption Subaccount of the Series 2026 Bond Redemption Account (including all earnings on investments held therein) shall be used to call Series 2026 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 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account (including all earnings on investments held in such Series 2026 Prepayment Subaccount of the Series 2026 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 2026 Bonds equal to the amount of money transferred to the Series 2026 Prepayment Subaccount of the Series 2026 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 2026 Rebate Fund designated as the “Series 2026 Rebate Fund.” Moneys shall be deposited into the Series 2026 Rebate Fund, as provided in the Arbitrage Certificate and Section 4.02 SEVENTH herein and applied for the purposes provided therein.
Any moneys on deposit in the Series 2026 Optional Redemption Subaccount shall be used to optionally redeem all or a portion of the Series 2026 Bonds pursuant to Section 3.01(a) hereof.
SECTION 4.02.  Series 2026 Revenue Account. The Trustee shall transfer from amounts on deposit in the Series 2026 Revenue Account to the Funds, Accounts and subaccounts 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 November 1 commencing November 1, 2026, to the Series 2026 Interest Account of the Debt Service Fund, an amount equal to the interest on the Series 2026 Bonds becoming due on the next succeeding November 1, less any amounts on deposit in the Series 2026 Interest Account not previously credited;
SECOND, upon receipt but no later than the Business Day next preceding each May 1 commencing May 1, 2027, to the Series 2026 Interest Account of the Debt Service

Fund, an amount equal to the interest on the Series 2026 Bonds becoming due on the next succeeding May 1, less any amounts on deposit in the Series 2026 Interest Account not previously credited;
THIRD, no later than the Business Day next preceding each May 1, commencing May 1, 2027, to the Series 2026 Sinking Fund Account of the Debt Service Fund, an amount equal to the principal amount of Series 2026 Bonds subject to sinking fund redemption on such May 1, less any amounts on deposit in the Series 2026 Sinking Fund Account not previously credited;
FOURTH, no later than the Business Day next preceding each May 1, which is a principal payment date for any Series 2026 Bonds, to the Series 2026 Principal Account of the Debt Service Fund, an amount equal to the principal amount of Series 2026 Bonds Outstanding maturing on such May 1, less any amounts on deposit in the Series 2026 Principal Account not previously credited;
FIFTH, notwithstanding the foregoing, at any time the Series 2026 Bonds are subject to redemption on a date which is not a May 1 or November 1 Interest Payment Date, the Trustee shall be authorized to transfer from the Series 2026 Revenue Account to the Series 2026 Interest Account, the amount necessary to pay interest on the Series 2026 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 2026 Bonds remain Outstanding, to the Series 2026 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 2026 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 2026 Costs of Issuance Account to cover any deficiencies in the amount allocated to pay the cost of issuing the Series 2026 Bonds and next, any balance in the Series 2026 Revenue Account shall remain on deposit in such Series 2026 Revenue Account, unless pursuant to the Arbitrage Certificate, it is necessary to make a deposit into the Series 2026 Rebate Fund , in which case, the Issuer shall direct the Trustee to make such deposit thereto.
SECTION 4.03.   Power to Issue Series 2026 Bonds and Create Lien. The Issuer is duly authorized under the Act and all applicable laws of the State to issue the Series 2026 Bonds, to execute and deliver the Indenture and to pledge the Series 2026 Pledged Revenues for the benefit of the Series 2026 Bonds to the extent set forth herein. The Series 2026 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 2026 Bonds. The Series 2026 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 2026 Bonds under the Indenture against all claims and demands of all persons whomsoever.

SECTION 4.04.  2026 Project to Conform to Consulting Engineers Report. Upon the issuance of the Series 2026 Bonds, the Issuer will promptly proceed to construct or acquire the 2026 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 2026 Special Assessment
Liens.
At any time any owner of property subject to the Series 2026 Special
Assessments may, at its option, or as a result of acceleration of the Series 2026 Special Assessments because of non-payment thereof or as a result of a true-up payment, shall require the Issuer to reduce or release and extinguish the lien upon its property by virtue of the levy of the Series 2026 Special Assessments by paying or causing there to be paid, to the Issuer all or a portion of the Series 2026 Special Assessment, which shall constitute Series 2026 Prepayment Principal, plus accrued interest to the next succeeding Quarterly Redemption Date (or the next succeeding Quarterly Redemption Date if such Prepayment is made within forty-five (45) calendar days before a Quarterly Redemption Date), attributable to the property subject to the Series 2026 Special Assessment owned by such owner. In connection with such Prepayments, in the event the amount in the Series 2026 Reserve Account will exceed the applicable Reserve Requirement for the Series 2026 Bonds as a result of a Prepayment in accordance with this Section 4.05 and Section 4.01(f) hereof and the resulting redemption of the Series 2026 Bonds in accordance with Section 3.01(b)(i) of this Third Supplemental Indenture, the excess amount shall be transferred from the Series 2026 Reserve Account to the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account as a credit against the Series 2026 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 2026 Reserve Account to equal or exceed the then Reserve Requirement for the Series 2026 Bonds and which certificate of the District Manager will further state that, after giving effect to the proposed redemption of Series 2026 Bonds, there will be sufficient Series 2026 Pledged Revenues to pay the principal and interest, when due, on all Series 2026 Bonds that will remain Outstanding.
Upon receipt of Series 2026 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 2026 Special Assessment has been paid in whole or in part and that such Series 2026 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 2026 Prepayment Principal. The Trustee shall calculate the amount available for extraordinary mandatory redemption of the Series 2026 Bonds pursuant to Section 3.01(b)(i) hereof forty-five (45) days prior to each Quarterly Redemption Date and will withdraw money from the Series 2026 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 Reserve Account 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 2026 Revenue Account to round-up to an integral multiple of $5,000 and deposit such amount into the Series 2026 Prepayment Subaccount. Notwithstanding the foregoing, the Trustee shall not be authorized to withdraw any moneys from the Series 2026 Revenue Account unless all of the deposits required under Section 4.02 hereof have or can be made to the next succeeding Quarterly Redemption Date.

[END OF ARTICLE IV]

ARTICLE V
COVENANTS AND DESIGNATIONS OF THE ISSUER
SECTION 5.01.  Collection of Series 2026 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 2026 Special Assessments relating to the acquisition and construction of the 2026 Project through the Uniform Method of Collection (the “Uniform Method”) afforded by Section 197.3632, 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 2026 Special Assessments levied in lieu of the Uniform Method with respect to any assessable lands which have not been platted or are subject to replat, unless the Trustee, at the direction of the Majority Holders, directs the Issuer otherwise or the timing for using the Uniform Method will not yet allow for using such method. In addition, and not in limitation of, the covenants contained elsewhere in this Third 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 2026 Special Assessments, and to levy the Series 2026 Special Assessments in such manner as will generate funds sufficient to pay debt service on the Series 2026 Bonds when due. All Series 2026 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, Accounts and Subaccounts. The provisions of Section 7.02 of the Master Indenture shall apply to the investment and reinvestment of moneys in the Series 2026 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 2026 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 any Special Assessments on assessable land within the District which secure the Series 2026 Special Assessments, until the Series 2026 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 or the District Manager on behalf of the Issuer, shall provide the Trustee with a certification that the Series 2026 Special Assessments are Substantially Absorbed and the Trustee may conclusively rely upon such certification and shall have no duty to verify if the Series 2026 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 levied on the same land in Assessment Area Three and Assessment Area Four upon which the Series 2026 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 Assessment Area Three and/or Assessment Area Four within the District which are not subject to the Series 2026 Special Assessments.
SECTION 5.05. Acknowledgement Regarding Series 2026 Acquisition and Construction Account Moneys Following an Event of Default. In accordance with the provisions of the Indenture, the Series 2026 Bonds are payable solely from the Series 2026 Pledged Revenues. Anything in the Indenture to the contrary notwithstanding, the Issuer hereby acknowledges that, upon the occurrence of an Event of Default with respect to the Series 2026 Bonds, (i) the Series 2026 Pledged Revenues include, without limitation, all amounts on deposit in the Series 2026 Acquisition and Construction Account of the Acquisition and Construction Fund then held by the Trustee, (ii) the Series 2026 Pledged Revenues may not be used by the Issuer (whether to pay costs of the 2026 Project or otherwise) without the consent of the Majority Holders, and (iii) the Series 2026 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. Prior to any action by the Trustee under this Section 5.06 or Section 10.05 of the Master Indenture, the Majority Holders shall provide the Issuer and the Trustee an indemnification regarding such actions so directed. The Issuer also acknowledges and agrees that from and after an Event of Default, the Trustee is authorized to exercise the Issuer’s rights under the Collateral Assignment at the direction of the Majority Holders but without the consent or approval of the Issuer and the Issuer covenants not to enter into any contract regarding the 2026 Project from and after an Event of Default without the written direction of the Majority Holders.
The Issuer covenants not to enter into any contract regarding the 2026 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 2026 Bonds.
SECTION 6.02.   Trustee’s Duties. The Trustee shall not be responsible in any manner for the due execution of this Third Supplemental Indenture by the Issuer or for the recitals contained herein (except for the certificate of authentication on the Series 2026 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 Third Supplemental Indenture. This Third Supplemental Indenture amends and supplements the Master Indenture with respect to the Series 2026 Bonds, and all of the provisions of the Master Indenture, to the extent not inconsistent herewith, are incorporated in this Third Supplemental Indenture by reference. To the maximum extent possible, the Master Indenture and this Third Supplemental Indenture shall be read and construed as one document.
SECTION 7.02.  Amendments. Any amendments to this Third Supplemental Indenture shall be made pursuant to the provisions for amendment contained in the Master Indenture.
SECTION 7.03. Counterparts and Electronically Signed and/or Transmitted Signatures. This Third Supplemental Indenture may be executed in counterparts, and all counterparts together shall be construed as one document. Executed counterparts of this Third Supplemental Indenture with signatures sent by electronic mail (i.e., in PDF format) or signed electronically via DocuSign or other electronic means may be used in the place of original signatures on this Third Supplemental Indenture. The parties intend to be bound by the signatures of the electronically mailed or signed signatures and the delivery of the same shall be effective as delivery of an original executed counterpart of this Third Supplemental Indenture. Subject to the provisions of Section 11.08 of the Master Indenture applicable to the Trustee, the parties to this Third Supplemental Indenture hereby waive any defenses to the enforcement of the terms of this Third Supplemental Indenture based on the form of the signature, and hereby agree that such electronically mailed or signed signatures shall be conclusive proof, admissible in judicial proceedings, of the parties’ execution of this Third Supplemental Indenture.
SECTION 7.04.  Appendices and Exhibits. Any and all schedules, appendices or exhibits referred to in and attached to this Third Supplemental Indenture are hereby incorporated herein and made a part of this Third 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 2026 Bonds or the date fixed for the redemption of any Series 2026 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 2026 Bonds.
SECTION 7.07. USA 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, Bridgewalk Community Development District has caused this Third Supplemental Trust Indenture to be executed by the 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 Third 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: George Flint	 Title:	Secretary, Board of Supervisors

BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT

By: 	 Name: Adam Morgan	 Title: Chairperson, Board of Supervisors  

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

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

STATE OF FLORIDA	)
) SS:
COUNTY OF ORANGE	)
The foregoing instrument was acknowledged before me by means of  physical presence or  online notarization, this    day of   , 2026, by Adam Morgan, Chairperson of Bridgewalk Community Development District (the “Issuer”), who acknowledged that he did so sign the foregoing instrument as such officer for and on behalf of said Issuer; that the same is his 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 appeared before me this day in person and severally acknowledged that he, being thereunto duly authorized, signed, sealed with the seal of said Issuer, for the uses and purposes therein set forth. He 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 ORANGE	)
The foregoing instrument was acknowledged before me by means of  physical presence or  online notarization, this    day of   , 2026, by George Flint, Secretary of Bridgewalk Community Development District (the “Issuer”), who acknowledged that he did so sign the foregoing instrument as such officer for and on behalf of said Issuer; that the same is his 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 appeared before me this day in person and severally acknowledged that he, being thereunto duly authorized, signed, sealed with the seal of said Issuer, for the uses and purposes therein set forth.  He 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     , 2026, by Scott A. Schuhle, 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 2026 PROJECT
The 2026 Project includes, but is not limited to, the following improvements:
Stormwater management and control facilities, including, but not limited to, related earthwork and drainage;
Roadway improvements;
Water and wastewater facilities; Reclaimed water distribution system; Offsite roadway improvements;
Landscaping, irrigation and hardscape in public rights-of-way; Differential cost of undergrounding electric utility lines; and All related soft and incidental costs.

EXHIBIT B
[FORM OF SERIES 2026 BOND]
R-1	$	
UNITED STATES OF AMERICA STATE OF FLORIDA
COUNTY OF OSCEOLA CITY OF ORLANDO
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BOND, SERIES 2026
(2026 PROJECT)

Interest Rate	Maturity Date	Date of Original Issuance	CUSIP	
	%	May 1, 			, 2026	108620	
Registered Owner:
Principal Amount:--		Cede & Co.		
KNOW ALL PERSONS BY THESE PRESENTS that the Bridgewalk 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 2026 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 or upon earlier redemption. 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 (except while the Series 2026 Bonds are in book entry form). Interest on this Bond is payable by check or draft of the Paying Agent made payable to the registered owner and mailed on each May 1 and November 1, commencing November 1, 2026 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”) at the close of business on the fifteenth (15th) day (whether or not a Business Day) of the calendar month next preceding an Interest Payment Date (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 May 1 or November 1 to which interest has been paid, in which case from the date of authentication hereof, or unless such date of authentication is prior to November 1, 2026, 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, OSCEOLA COUNTY, FLORIDA (“OSCEOLA COUNTY”), THE CITY OF ORLANDO, FLORIDA (THE “CITY”), WITHIN ORANGE COUNTY, FLORIDA (“ORANGE COUNTY”), 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 2026 SPECIAL ASSESSMENTS (AS DEFINED IN THE INDENTURE) TO SECURE AND PAY THE BONDS. THE BONDS DO NOT CONSTITUTE AN INDEBTEDNESS OF THE ISSUER, OSCEOLA COUNTY, THE CITY, ORANGE COUNTY, 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 Bridgewalk 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. 2021-64 of the Board of County Commissioners of Osceola County, Florida (the “BCC,” enacted on September 20, 2021 and effective on September 23, 2021, as amended by Ordinance No. 2025-80 enacted by the BCC on December 15, 2025 and effective on December 18, 2025, designated as “Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 Project)” (the “Bonds” or the “Series 2026 Bonds”), in the aggregate principal amount of 	 AND 00/100 DOLLARS ($	.00) of like date, tenor and effect, except as to number, denomination, interest rate and maturity date. The Series 2026 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 the 2026 Project (as defined in the herein referred to Indenture). The Series 2026 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 January 1, 2022 (the “Master Indenture”), as amended by a Third Supplemental Trust Indenture dated as

of [September] 1, 2026 (the “Third 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 2026 Bonds issued under the Indenture, the operation and application of the Debt Service Fund, the Series 2026 Reserve Account within the Debt Service Reserve Fund and other Funds, Accounts and subaccounts (each as defined in the Indenture) charged with and pledged to the payment of the principal of and the interest on the Series 2026 Bonds, the levy and the evidencing and certifying for collection, of the Series 2026 Special Assessments, the nature and extent of the security for the Series 2026 Bonds, the terms and conditions on which the Series 2026 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 2026 Bonds, the conditions under which such Indenture may be amended with the consent of the Majority Holders of the Series 2026 Bonds outstanding, and as to other rights and remedies of the registered owners of the Series 2026 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, Osceola County, the City, Orange County, the State or any other political subdivision thereof, or taxation in any form of any real or personal property of the Issuer, Osceola County, the City, Orange 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 2026 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 2026 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 2026 Special Assessments to secure and pay the Bonds.
The Series 2026 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 2026 Bonds shall be made on the dates specified below. Upon any redemption of Series 2026 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 2026 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 2026 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 2026 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 2026 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 [November 1], 20  (less than all Series 2026 Bonds of a maturity to be selected by lot), at a Redemption Price equal to the principal amount of Series 2026 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 2026 Optional Redemption Subaccount of the Series 2026 Bond Redemption Account. If such optional redemption shall be in part, the Issuer shall select such principal amount of Series 2026 Bonds to be optionally redeemed from each maturity so that debt service on the remaining Outstanding Series 2026 Bonds is substantially level.
Mandatory Sinking Fund Redemption
The Series 2026 Bonds maturing on May 1, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 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 2026 Bonds redeemed pursuant to optional or extraordinary mandatory redemption as set forth herein or purchased and cancelled pursuant to the provisions of the Master Indenture.
Mandatory Sinking Fund
Year	Redemption Amount

*Maturity
The Series 2026 Bonds maturing on May 1, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 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 2026 Bonds redeemed pursuant to optional or extraordinary mandatory redemption as set forth herein or purchased and cancelled pursuant to the provisions of the Indenture.
Mandatory Sinking Fund
Year	Redemption Amount

*Maturity
The Series 2026 Bonds maturing on May 1, 20  are subject to mandatory sinking fund redemption from the moneys on deposit in the Series 2026 Sinking Fund Account on May 1 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 2026 Bonds redeemed pursuant to optional or extraordinary mandatory redemption as set forth herein or purchased and cancelled pursuant to the provisions of the Indenture.
Mandatory Sinking Fund
Year	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 2026 Prepayment Principal deposited into the Series 2026 Prepayment Subaccount of the Series 2026 Bond Redemption Account (taking into account the credit from the Series 2026 Reserve Account pursuant to Section 4.05 of the Third Supplemental Indenture) following the Prepayment in whole or in part of Series 2026 Special Assessments on any assessable property within Assessment Area Three and/or Assessment Area

Four within the District in accordance with the provisions of Section 4.05 of the Third Supplemental Indenture.
from moneys, if any, on deposit in the Series 2026 Funds, Accounts and Subaccounts in the Funds, Accounts and subaccounts (other than the Series 2026 Rebate Fund, the Series 2026 Costs of Issuance Account and the Series 2026 Acquisition and Construction Account) sufficient to pay and redeem all Outstanding Series 2026 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 2026 Acquisition and Construction Account not otherwise reserved to complete the 2026 Project (including any amounts transferred from the Series 2026 Reserve Account) all of which have been transferred to the Series 2026 General Redemption Subaccount of the Series 2026 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 randomly by the Trustee, as provided in the Indenture.
Notice of each redemption of the Bonds is required to be mailed by the Trustee by first 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 Series 2026 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 Series 2026 Bonds at the designated corporate trust office of the Registrar in Fort Lauderdale, Florida. Subject to the restrictions contained in the Indenture, the Series 2026 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 the Series 2026 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 Series 2026 Bonds of which this Bond is one, is in full compliance with all constitutional and statutory limitations or provisions.
IN WITNESS WHEREOF, Bridgewalk 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.
BRIDGEWALK 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 Ninth Judicial Circuit of Florida, in and for Osceola County, Florida, rendered on the 14th day of January, 2022 and on the    day of August, 2026.
BRIDGEWALK 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
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2026
(2026 PROJECT)

(Acquisition and Construction)

The undersigned, a Responsible Officer of the Bridgewalk 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 January 1, 2022, as supplemented by that certain Third Supplemental Trust Indenture dated as of [September] 1, 2026 (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 2026 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 2026 Acquisition and Construction Account;
each disbursement set forth above was incurred in connection with the Cost of the 2026 Project; and
each disbursement represents a Cost of 2026 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.
BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT

By:		
Responsible Officer

Date:	

CONSULTING ENGINEER’S APPROVAL FOR NON-COST OF ISSUANCE REQUESTS ONLY
The undersigned Consulting Engineer hereby certifies that this disbursement is for the Cost of the 2026 Project and is consistent with: (i) the Acquisition Agreement; and (ii) the report of the Consulting Engineer, as such report shall have been amended or modified.

Consulting Engineer

BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT BONDS, SERIES 2026
(2026 PROJECT)

(Costs of Issuance)

The undersigned, a Responsible Officer of the Bridgewalk 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 January 1, 2022, as supplemented by that certain Third Supplemental Trust Indenture dated as of [September] 1, 2026 (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 2026 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 2026 Costs of Issuance Account that have not previously been paid;
each disbursement set forth above is a proper charge against the Series 2026 Costs of Issuance Account;
each disbursement set forth above was incurred in connection with the issuance of the Series 2026 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.
BRIDGEWALK 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:	$	 Bridgewalk Community Development District Special Assessment Bonds, Series 2026 (2026 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 May 1, 	, 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 	, 2026 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

720286902v7

Section 5

COMPOSITE EXHIBIT E

FORMS OF COMPLETION AGREEMENTS, ACQUISITION AGREEMENTS, TRUE-UP AGREEMENTS AND COLLATERAL ASSIGNMENTS

726417770v3

Section V

Section A

RESOLUTION 2026-15

THE ANNUAL APPROPRIATION RESOLUTION OF THE BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT (THE “DISTRICT”) RELATING TO THE ANNUAL APPROPRIATIONS AND ADOPTING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2026, AND ENDING SEPTEMBER 30, 2027; AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the District Manager has, prior to the fifteenth (15th) day in June, 2026, submitted to the Board of Supervisors (the “Board”) a proposed budget for the next ensuing budget year along with an explanatory and complete financial plan for each fund of the Bridgewalk Community Development District, pursuant to the provisions of Section 190.008(2)(a), Florida Statutes; and

WHEREAS, at least sixty (60) days prior to the adoption of the proposed annual budget (the “Proposed Budget”), the District filed a copy of the Proposed Budget with the local governing authorities having jurisdiction over the area included in the District pursuant to the provisions of Section 190.008(2)(b), Florida Statutes; and

WHEREAS, the Board set August 17, 2026, as the date for a public hearing thereon and caused notice of such public hearing to be given by publication pursuant to Section 190.008(2)(a), Florida Statutes; and

WHEREAS, Section 190.008(2)(a), Florida Statutes, requires that, prior to October 1, of each year, the District Board by passage of the Annual Appropriation Resolution shall adopt a budget for the ensuing fiscal year and appropriate such sums of money as the Board deems necessary to defray all expenditures of the District during the ensuing fiscal year; and
WHEREAS, the District Manager has prepared a Proposed Budget, whereby the budget shall project the cash receipts and disbursements anticipated during a given time period, including reserves for contingencies for emergency or other unanticipated expenditures during the fiscal year.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT;

Section 1.	Budget

That the Board of Supervisors has reviewed the District Manager’s Proposed Budget, a copy of which is on file with the office of the District Manager and at the District’s Records Office, and hereby approves certain amendments thereto, as shown in Section 2 below.

That the District Manager’s Proposed Budget, attached hereto as Exhibit “A,” as amended by the Board, is hereby adopted in accordance with the provisions of Section 190.008(2)(a), Florida Statutes, and incorporated herein by reference; provided, however, that the comparative figures contained in the adopted budget may be subsequently revised as deemed necessary by the District Manager to reflect actual revenues and expenditures for Fiscal Year 2026 and/or revised projections for Fiscal Year 2027.

That the adopted budget, as amended, shall be maintained in the office of the District Manager and at the District’s Records Office and identified as “The Budget for Bridgewalk Community Development District for the Fiscal Year Ending September 30, 2027," as adopted by the Board of Supervisors on August 17, 2026.
Section 2.	Appropriations

There is hereby appropriated out of the revenues of the Bridgewalk Community Development District, for the fiscal year beginning October 1, 2026, and ending September 30, 2027, the sum of $	 to be raised by the levy of assessments and/or otherwise, which sum is deemed by the Board of Supervisors to be necessary to defray all expenditures of the District during said budget year, to be divided and appropriated in the following fashion:

TOTAL GENERAL FUND	$	
TOTAL DEBT SERVICE FUND – SERIES 2022	$	
TOTAL DEBT SERVICE FUND – SERIES 2023	$	
TOTAL ALL FUNDS	$	
Section 3.	Supplemental Appropriations
The Board may authorize by resolution, supplemental appropriations or revenue changes for any lawful purpose from funds on hand or estimated to be received within the fiscal year as follows:

Board may authorize a transfer of the unexpended balance or portion thereof of any appropriation item.
Board may authorize an appropriation from the unappropriated balance of any fund.

Board may increase any revenue or income budget amount to reflect receipt of any additional unbudgeted monies and make the corresponding change to appropriations or the unappropriated balance.

The District Manager and Treasurer shall have the power within a given fund to authorize the transfer of any unexpected balance of any appropriation item or any portion thereof, provided such transfers do not exceed Ten Thousand ($10,000) Dollars or have the effect of causing more than 10% of the total appropriation of a given program or project to be transferred previously approved transfers included.  Such transfer shall not have the effect of causing a more than
$10,000 or 10% increase, previously approved transfers included, to the original budget appropriation for the receiving program. Transfers within a program or project may be approved by the Board of Supervisors. The District Manager or Treasurer must establish administrative procedures which require information on the request forms proving that such transfer requests comply with this section.
Introduced, considered favorably, and adopted this 17th day of August, 2026.

ATTEST:	BRIDGEWALK	COMMUNITY DEVELOPMENT DISTRICT

Secretary/ Assistant Secretary

By:	 Its:	

Bridgewalk
Community Development District

Proposed Budget FY2027

Table of Contents

1-3	General Fund	

4-10	

General Fund Narrative	

11	

Debt Service Fund Series 2022	

12	

Amortization Schedule Series 2022	

13	

Debt Service Fund Series 2023	

14	

Amortization Schedule Series 2023	

Bridgewalk
Community Development District Proposed Budget
FY2027
General Fund

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Proposed
Budget	
FY2026	7/31/26	2 Months	9/30/26	FY2027	

Revenues:		
Special Assessments	$	491,473	$	492,830	$	-	$	492,830	$	695,222	
Interest	12,000	13,740	1,800	15,540	12,000	
Carry Forward Surplus	55,793	56,823	-	56,823	14,725	
Total Revenues	$	559,266	$	563,393	$	1,800	$	565,193	$	721,947	

Expenditures:						
Administrative:						
Supervisor Fees	$	12,000	$	3,800	$	2,400	$	6,200	$	12,000	
FICA Expense	918	291	184	474	918	
Engineering Fees	9,500	4,530	1,500	6,030	9,500	
Attorney	25,000	6,503	2,500	9,003	25,000	
Arbitrage	900	900	-	900	1,350	
Dissemination	7,571	6,309	1,262	7,571	11,298	
Dissemination - DTS	1,500	750	-	750	1,500	
Annual Audit	4,600	3,200	-	3,200	3,300	
Trustee Fees	8,869	8,701	-	8,701	13,350	
Assessment Administration	5,732	5,732	-	5,732	5,904	
Management Fees	41,200	34,333	6,867	41,200	42,436	
Information Technology	1,947	1,623	325	1,947	2,005	
Website Maintenance	1,298	1,082	216	1,298	1,337	
Telephone	300	-	25	25	300	
Postage	500	176	74	250	500	
Printing & Binding	250	94	26	120	250	
Insurance	7,196	6,309	-	6,309	6,940	
Legal Advertising	2,500	7,895	1,000	8,895	2,500	
Other Current Charges	600	500	114	614	625	
Office Supplies	250	2	3	5	125	
Property Appraiser Fee	400	475	-	475	500	
Dues, Licenses & Subscriptions	175	175	-	175	175	
Total Administrative:	$	133,206	$	93,380	$	16,495	$	109,875	$	141,813	

Bridgewalk
Community Development District Proposed Budget
FY2027
General Fund

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Proposed
Budget	
FY2026	7/31/26	2 Months	9/30/26	FY2027	

Operations & Maintenance		
Field Services	$	17,196	$	14,330	$	2,866	$	17,196	$	17,712	
Property Insurance	2,299	1,809	-	1,809	2,299	
Electric	2,400	355	75	430	2,400	
Streetlights	154,350	131,427	27,620	159,047	175,825	
Water & Sewer	88,895	74,323	21,620	95,943	120,000	
Landscape Maintenance	119,880	99,900	19,980	119,880	123,460	
Landscape Contingency	10,000	18,370	-	18,370	15,000	
Lake Maintenance	6,720	6,140	818	6,958	7,392	
Lake Contingency	-	-	-	-	15,750	
Irrigation Repairs	15,000	3,665	1,335	5,000	15,000	
Janitorial Services	4,320	-	-	-	4,560	
Repairs & Maintenance	2,500	1,170	530	1,700	2,500	
Contingency	2,500	-	625	625	2,500	
Springhead Lake South						
Landscape Maintenance	$	-	$	-	$	-	$	-	$	55,480	
Lake Maintenance	-	-	2,880	2,880	17,280	
Springhead Lake North						
Lake Maintenance	$	-	$	-	$	-	$	-	$	2,976	
Total Operations & Maintenance:	$	426,060	$	351,489	$	78,349	$	429,838	$	580,134	
						
Total Expenditures	$	559,266	$	444,869	$	94,844	$	539,713	$	721,947	
						
Excess Revenues (Expenditures)	$	-	$	118,524	$	(93,044)	$	25,480	$	-	

Net Assessment	$	695,222	
Collection Cost (6%)	$44,376	
Gross Assessment	$739,598	

Bridgewalk
Community Development District

Gross Per Unit Assessment Comparison Chart

	FY2027		
Property Type	Platted Units	Gross Per Unit	Gross Total	
Townhome 25'	197	$560	$110,396	
Single Family 40'	148	$897	$132,700	
Single Family 50'	299	$1,121	$335,111	
Single Family 60'	120	$1,345	$161,391	
Total	764		$739,598	
	
FY2026			
Property Type	Platted Units	Gross Per Unit	Gross Total	
Townhome 25'	117	$560	$65,566	
Single Family 40'	87	$897	$78,006	
Single Family 50'	222	$1,121	$248,813	
Single Family 60'	97	$1,345	$130,458	
Total	523		$522,843	

Property Type	FY2026	FY2027	Increase/(Decrease)	
Townhome 25'	$560	$560	($0)	
Single Family 40'	$897	$897	($0)	
Single Family 50'	$1,121	$1,121	($0)	
Single Family 60'	$1,345	$1,345	($0)	

Bridgewalk
Community Development District
GENERAL FUND BUDGET

REVENUES:

Special Assessments

The District will levy a non-ad valorem special assessment on all the assessable property within the District in order to fund all operating and maintenance expenditures during the fiscal year.

Interest

The District will invest surplus funds with State Board of Administration.

EXPENDITURES:

Administrative:

Supervisor Fees

Chapter 190 of the Florida Statutes, allows for each member of the Board of Supervisors to be compensated $200 per meeting, not to exceed $4,800 per year to each Supervisor for the time devoted to District business and meetings. Amount is based on 5 supervisors attending 12 meetings during the fiscal year.

FICA Expense

Represents the Employer’s share of Social Security and Medicare taxes withheld from Board of Supervisor checks.

Engineering Fees

The District's engineer, Osceola Engineering, Inc., will be providing general engineering services to the District, e.g. attendance and preparation for board meetings, review of invoices, preparation and review of contract specifications and bid documents, and various projects assigned as directed by the Board of Supervisors and the District Manager.

Attorney

The District's legal counsel, Latham, Luna. Eden & Beaudine, LLP, will be providing general legal services to the District, e.g. attendance and preparation for board meetings, preparation and review of agreements and resolutions, and other research as directed by the Board of Supervisors and the District Manager.

Bridgewalk
Community Development District
GENERAL FUND BUDGET

Arbitrage

The District will contract with an independent certified public accountant to annually calculate the District’s Arbitrage Rebate Liability on the Series 2022 Special Assessment Bonds, Assessment Area One Project and Series 2023 Special Assessment Bonds, Assessment Area Two Project. The District anticipates a new bond issuance in FY2026. The District has contracted with AMTEC Corporation for this service.

Bond Series	Annual	
2022 Special Assessment	$450
2023 Special Assessment	$450
2026 Special Assessment (Upcoming Issuance)	$450	
Total	$1,350	

Dissemination

The District is required by the Security and Exchange Commission to comply with Rule 15c2-12(b)(5) which relates to additional reporting requirements for unrated bond issues. The District has contracted with Governmental Management Services-Central Florida, LLC for this service on the Series 2022 Special Assessment Bonds, Assessment Area One Project and the Series 2023 Special Assessment Bonds, Assessment Area Two Project. The District anticipates a new bond issuance in FY2026.

Dissemination - DTS

The District has contracted with Dissemination Technical Services (DTS) to utilize their software to meet the bond reporting requirements in the Continuing Disclosure Agreement(s) for each bond series issued by the District.

Annual Audit

The District is required by Florida Statutes to arrange for an independent audit of its financial records on an annual basis. The District has contracted with Grau & Associates for this service.

Trustee Fees

The District will pay annual trustee fees for the Series 2022 Special Assessment Bonds, Assessment Area One Project and the Series 2023 Special Assessment Bonds, Assessment Area Two Project that are located with a trustee at USBank. The District anticipates a new bond issuance in FY2026.

Assessment Administration

The District will contract with Governmental Management Services-Central Florida, LLC to levy and administer the collection of non-ad valorem assessment on all assessable property within the District.

Management Fees

The District has contracted with Governmental Management Services-Central Florida, LLC to provide Management, Accounting and Recording Secretary Services for the District. The services include, but not limited to, recording and transcription of board meetings, budget preparation, all financial reporting, annual audit, etc.

Bridgewalk
Community Development District
GENERAL FUND BUDGET

Information Technology

The District has contracted with Governmental Management Services-Central Florida, LLC for costs related to the District’s information systems, which include but are not limited to video conferencing services, cloud storage services and servers, positive pay implementation and programming for fraud protection, accounting software, tablets for meetings, Adobe, Microsoft Office, etc.

Website Maintenance

The District has contracted with Governmental Management Services-Central Florida, LLC for the costs associated with monitoring and maintaining the District’s website created in accordance with Chapter 189, Florida Statues. These services include site performance assessments, security and firewall maintenance, updates, document uploads, hosting and domain renewals, website backups, etc.

Telephone

Telephone and fax machine.

Postage

The District incurs charges for mailing of agenda packages, overnight deliveries, checks for vendors and other required correspondence.

Printing & Binding

Printing and binding agenda packages for board meetings, printing of computerized checks, stationary, envelopes etc.

Insurance

The District’s general liability and public officials liability insurance coverage is provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Legal Advertising

The District is required to advertise various notices for Board meetings, public hearings, etc. in a newspaper of general circulation.

Other Current Charges

Represents any miscellaneous expenses incurred during the fiscal year such as bank fees, deposit slips, stop payments, etc.

Office Supplies

The District incurs charges for office supplies that need to be purchased during the fiscal year.

Property Appraiser Fee

Represents an annual fee charged by Osceola County Property Appraiser’s office for assessment administration services.

Bridgewalk
Community Development District
GENERAL FUND BUDGET

Dues, Licenses & Subscriptions

The District is required to pay an annual fee to the Florida Department of Commerce for $175. This is the only expense under this category for the District.

Operations & Maintenance:

Field Services

Provide onsite field management of contracts for the District such as landscape and lake maintenance. Services to include onsite inspections, meetings with contractors, monitoring of utility accounts, attend Board meetings and receive and respond to property owner phone calls and emails.

Property Insurance

Represents estimated costs for the annual coverage of property insurance. Coverage will be provided by Florida Insurance Alliance (FIA). FIA specializes in providing insurance coverage to governmental agencies.

Electric

Represents cost of electric services for areas within the District. Areas include entrance lights, irrigation, etc. District currently has one account with Orlando Utilities Commission.

Account #	Description	Monthly	Annual	
02130 28116	56791 Cyrils Drive
Contingency - (Future Accounts)	$50	$600
$1,800	
Total			$2,400	

Streetlights

Represents costs for streetlights maintained with the District. The District currently has one account with Orlando Utilities Commission.

Account #	Description	Monthly	Annual	
02130 28116	71 - 20' Streetlights & 37 - 27" Streetlights	$6,000	$72,000	
	Phase 2A/B - Streetlights	$1,325	$15,900	
TBD	Phase 2C - Streetlights	$6,550	$78,600	
	Contingency		$9,325	
Total			$175,825	

Bridgewalk
Community Development District
GENERAL FUND BUDGET

Water & Sewer

Represents costs for reclaimed water for areas maintained by the District. The District currently has the following accounts with Toho Water Authority.

Account #	Description	Monthly	Annual	
002702083-033330659	2900 Addison Boulevard Odd	$2,675	$32,100	
002702083-033330679	5600 Quiet Palm Loop Even	$75	$900	
002702083-033330709	3100 Addison Boulevard Even	$730	$8,760	
002702083-033503511	5600 Even Stephens Road RM	$500	$6,000	
	3000 Even Park Vale Road Dog			
002702083-033504151	Station	$10	$120	
002825888-033510351	3100 Odd Addison Boulevard RM	$245	$2,940	
002825888-033510361	3100 ODD Zuni Road RM	$5,250	$63,000	
	Contingency		$6,180	
Total			$120,000	

Landscape Maintenance

The District will maintain the landscaping within the common areas of the District after installation of landscape material has been completed. The District has contracted with United Land Services for this service.

Description	Monthly	Annual	
Landscape Maintenance			
Phase 1A & 1B	$7,990	$95,880	
Phase 2C	$2,298	$27,580	
Total		$123,460	

Landscape Contingency

Represents estimated costs for any additional landscape expenses such as installation of annual plant replacement, mulch, tree replacement and any other landscape expenses not covered under the monthly landscape contract.

Lake Maintenance

Represents costs for maintenance of ponds located within the District. The District has contracted with Applied Aquatic Management, Inc. for these services.

Description	Monthly	Annual	
Pond Maintenance			
North, South & East Shoreline	$342	$4,104	
Stormwater Retention Ponds PH2C Tract 8	$79	$948	
Stormwater Retention Ponds PH2C Tract 9	$195	$2,340	
Total		$7,392	

Bridgewalk
Community Development District
GENERAL FUND BUDGET

Irrigation Repairs

Represents estimated costs for any supplies and repairs to the irrigation system maintained by the District.

Janitorial Services

Represents estimated costs for janitorial services for one public restroom. Amount is based on proposal by Clean Star Services of Central Florida, Inc.

Description	Monthly	Annual	
Janitorial Services - 3x Per Week	$380	$4,560	
Total		$4,560	

Repairs & Maintenance

Represents estimated costs for any repairs and maintenance to common areas maintained by the District.

Contingency

Represents any additional field expense that may not have been provided for in the budget. Springhead Lake South
Landscape Maintenance

Represents estimated cost for the monthly landscape maintenance. Amount based on quote by United Land Services for this service.

Description	Monthly	Annual	
Landscape Maintenance - Springhead South	$4,623	$55,480	
Total		$55,480	

Lake Maintenance

Represents estimated cost for the monthly pond maintenance. Amount based on proposal by Applied Aquatic Management, Inc. for this service.

Description	Monthly	Annual	
Pond Maintenance - Springhead South			
Pond #2	$630	$7,560	
Pond #3	$360	$4,320	
Pond #4	$45	$540	
Pond #5	$90	$1,080	
Pond #6	$270	$3,240	
Pond #7	$45	$540	
Total		$17,280	

Bridgewalk
Community Development District
GENERAL FUND BUDGET

Springhead Lake North

Lake Maintenance

Represents estimated cost for the monthly pond maintenance. Amount based on proposal by Applied Aquatic Management, Inc. for this service.

Description	Monthly	Annual	
Pond Maintenance - Springhead North	$248	$2,976	
Total		$2,976	

Bridgewalk
Community Development District Proposed Budget
FY2027
Debt Service Fund Series 2022

Adopted
Budget	Actual
Thru	Projected
Next	Total
Projected	Proposed
Budget	
FY2026	7/31/26	2 Months	9/30/26	FY2027	

Revenues:		
Special Assessments	$	246,900	$	247,825	$	-	$	247,825	$	246,900	
Interest	11,500	9,052	1,600	10,652	8,000	
Carry Forward Surplus	111,591	112,781	-	112,781	119,863	
Total Revenues	$	369,991	$	369,657	$	1,600	$	371,257	$	374,763	

Expenditures:						
Series 2022
Interest - 12/15	

$	73,719	

$	73,719	

$	-	

$	73,719	

$	72,469	
Principal - 06/15	100,000	100,000	-	100,000	100,000	
Interest - 06/15	73,719	73,719	-	73,719	72,469	
Total Expenditures	$	247,438	$	247,438	$	-	$	247,438	$	244,938	

Other Sources/(Uses)						
Transfer In/(Out)	$	(4,500)	$	(3,357)	$	(600)	$	(3,957)	$	(3,600)	
Total Other Financing Sources (Uses)	$	(4,500)	$	(3,357)	$	(600)	$	(3,957)	$	(3,600)	
						
Excess Revenues (Expenditures)	$	118,054	$	118,863	$	1,000	$	119,863	$	126,225	

Interest - 12/15/2027	

$71,219	
				Total	$71,219	
				
Net Assessment	
$246,899	
				Collection Cost (6%)	$15,760	
				Gross Assessment	$262,659	
						
		Property Type	Units	Gross Per Unit	Gross Total	
		Townhome 25'	117	$712	$83,282	
		Single Family 40'	54	$1,139	$61,501	
		Single Family 50'	48	$1,424	$68,334	
		Single Family 60'	29	$1,708	$49,542	
		Total	248		$262,659	

Bridgewalk
Series 2022, Special Assessment Bonds Assessment Area One Project
(Term Bonds Combined)

Amortization Schedule

Date	Balance		Principal		Interest		Annual	
								
12/15/26	$  4,060,000	$	-	$	72,468.75	$	72,468.75	
6/15/27	$  4,060,000	$	100,000	$	72,468.75	$	-	
12/15/27	$  3,960,000	$	-	$	71,218.75	$	243,687.50	
6/15/28	$  3,960,000	$	105,000	$	71,218.75	$	-	
12/15/28	$  3,855,000	$	-	$	69,643.75	$	245,862.50	
6/15/29	$  3,855,000	$	105,000	$	69,643.75	$	-	
12/15/29	$  3,750,000	$	-	$	68,068.75	$	242,712.50	
6/15/30	$  3,750,000	$	110,000	$	68,068.75	$	-	
12/15/30	$  3,640,000	$	-	$	66,418.75	$	244,487.50	
6/15/31	$  3,640,000	$	115,000	$	66,418.75	$	-	
12/15/31	$  3,525,000	$	-	$	64,693.75	$	246,112.50	
6/15/32	$  3,525,000	$	115,000	$	64,693.75	$	-	
12/15/32	$  3,410,000	$	-	$	62,968.75	$	242,662.50	
6/15/33	$  3,410,000	$	120,000	$	62,968.75	$	-	
12/15/33	$  3,290,000	$	-	$	61,018.75	$	243,987.50	
6/15/34	$  3,290,000	$	125,000	$	61,018.75	$	-	
12/15/34	$  3,165,000	$	-	$	58,987.50	$	245,006.25	
6/15/35	$  3,165,000	$	130,000	$	58,987.50	$	-	
12/15/35	$  3,035,000	$	-	$	56,875.00	$	245,862.50	
6/15/36	$  3,035,000	$	135,000	$	56,875.00	$	-	
12/15/36	$  2,900,000	$	-	$	54,681.25	$	246,556.25	
6/15/37	$  2,900,000	$	135,000	$	54,681.25	$	-	
12/15/37	$  2,765,000	$	-	$	52,487.50	$	242,168.75	
6/15/38	$  2,765,000	$	140,000	$	52,487.50	$	-	
12/15/38	$  2,625,000	$	-	$	50,212.50	$	242,700.00	
6/15/39	$  2,625,000	$	145,000	$	50,212.50	$	-	
12/15/39	$  2,480,000	$	-	$	47,856.25	$	243,068.75	
6/15/40	$  2,480,000	$	150,000	$	47,856.25	$	-	
12/15/40	$  2,330,000	$	-	$	45,418.75	$	243,275.00	
6/15/41	$  2,330,000	$	155,000	$	45,418.75	$	-	
12/15/41	$  2,175,000	$	-	$	42,900.00	$	243,318.75	
6/15/42	$  2,175,000	$	160,000	$	42,900.00	$	-	
12/15/42	$  2,015,000	$	-	$	40,300.00	$	243,200.00	
6/15/43	$  2,015,000	$	165,000	$	40,300.00	$	-	
12/15/43	$  1,850,000	$	-	$	37,000.00	$	242,300.00	
6/15/44	$  1,850,000	$	175,000	$	37,000.00	$	-	
12/15/44	$  1,675,000	$	-	$	33,500.00	$	245,500.00	
6/15/45	$  1,675,000	$	180,000	$	33,500.00	$	-	
12/15/45	$  1,495,000	$	-	$	29,900.00	$	243,400.00	
6/15/46	$  1,495,000	$	190,000	$	29,900.00	$	-	
12/15/46	$  1,305,000	$	-	$	26,100.00	$	246,000.00	
6/15/47	$  1,305,000	$	195,000	$	26,100.00	$	-	
12/15/47	$  1,110,000	$	-	$	22,200.00	$	243,300.00	
6/15/48	$  1,110,000	$	205,000	$	22,200.00	$	-	
12/15/48	$	905,000	$	-	$	18,100.00	$	245,300.00	
6/15/49	$	905,000	$	215,000	$	18,100.00	$	-	
12/15/49	$	690,000	$	-	$	13,800.00	$	246,900.00	
6/15/50	$	690,000	$	220,000	$	13,800.00	$	-	
12/15/50	$	470,000	$	-	$	9,400.00	$	243,200.00	
6/15/51	$	470,000	$	230,000	$	9,400.00	$	-	
12/15/51	$	240,000	$	-	$	4,800.00	$	244,200.00	
6/15/52	$	240,000	$	240,000	$	4,800.00	$	244,800.00	
Totals		$	4,060,000	$	2,362,037.50	$	6,422,037.50	

Bridgewalk
Community Development District Proposed Budget
FY2027
Debt Service Fund Series 2023

Proposed
Budget	Actual
Thru	Projected
Next	Total
Projected	Proposed
Budget	
FY2026	7/31/26	2 Months	9/30/26	FY2027	

Revenues:		
Special Assessments	$	377,387	$	378,391	$	-	$	378,391	$	377,387	
Interest	12,000	13,934	2,400	16,334	12,000	
Carry Forward Surplus*	236,519	234,558	-	234,558	250,509	
Total Revenues	$	625,906	$	626,884	$	2,400	$	629,284	$	639,895	

Expenditures:						
Series 2023
Interest - 12/15	

$	154,469	

$	154,469	

$	-	

$	154,469	

$	152,681	
Principal - 12/15	65,000	65,000	-	65,000	70,000	
Interest - 06/15	152,681	152,681	-	152,681	150,756	
Total Expenditures	$	372,150	$	372,150	$	-	$	372,150	$	373,438	

Other Sources/(Uses)						
Transfer In/(Out)	$	(5,000)	$	(6,625)	$	-	$	(6,625)	$	(5,000)	
Total Other Financing Sources (Uses)	$	(5,000)	$	(6,625)	$	-	$	(6,625)	$	(5,000)	
						
Excess Revenues (Expenditures)	$	248,756	$	248,109	$	2,400	$	250,509	$	261,458	

*Less Reserve amount.				

Principal - 12/15/2027	

$75,000	
				Interest - 12/15/2027	$150,756	
				Total	$225,756	
				
Net Assessment	
$377,387	
				Collection Cost (6%)	$24,089	
				Gross Assessment	$401,475	
						
		Property Type	Units	Gross Per Unit	Gross Total	
		Single Family 40'	33	$1,139	$37,585	
		Single Family 50'	174	$1,424	$247,719	
		Single Family 60'	68	$1,708	$116,172	
		Total	275		$401,475	

Bridgewalk Community Development District Series 2023, Special Assessment Bonds (Term Bonds Combined)

Amortization Schedule

Date	Balance	Principal	Interest	Annual	
					
12/15/26	$	4,825,000	$	70,000	$	152,681  $	222,681	
6/15/27	$	4,755,000	$	-	$	150,756  $	-	
12/15/27	$	4,755,000	$	75,000	$	150,756  $	225,756	
6/15/28	$	4,680,000	$	-	$	148,694  $	-	
12/15/28	$	4,680,000	$	80,000	$	148,694  $	228,694	
6/15/29	$	4,600,000	$	-	$	146,494  $	-	
12/15/29	$	4,600,000	$	80,000	$	146,494  $	372,988	
6/15/30	$	4,520,000	$	-	$	144,294  $	-	
12/15/30	$	4,520,000	$	85,000	$	144,294  $	373,588	
6/15/31	$	4,435,000	$	-	$	141,956  $	-	
12/15/31	$	4,435,000	$	90,000	$	141,956  $	373,913	
6/15/32	$	4,345,000	$	-	$	139,144  $	-	
12/15/32	$	4,345,000	$	95,000	$	139,144  $	373,288	
6/15/33	$	4,250,000	$	-	$	136,175  $	-	
12/15/33	$	4,250,000	$	105,000	$	136,175  $	377,350	
6/15/34	$	4,145,000	$	-	$	132,894  $	-	
12/15/34	$	4,145,000	$	110,000	$	132,894  $	375,788	
6/15/35	$	4,035,000	$	-	$	129,456  $	-	
12/15/35	$	4,035,000	$	115,000	$	129,456  $	373,913	
6/15/36	$	3,920,000	$	-	$	125,863  $	-	
12/15/36	$	3,920,000	$	125,000	$	125,863  $	376,725	
6/15/37	$	3,795,000	$	-	$	121,956  $	-	
12/15/37	$	3,795,000	$	130,000	$	121,956  $	373,913	
6/15/38	$	3,665,000	$	-	$	117,894  $	-	
12/15/38	$	3,665,000	$	140,000	$	117,894  $	375,788	
6/15/39	$	3,525,000	$	-	$	113,519  $	-	
12/15/39	$	3,525,000	$	150,000	$	113,519  $	377,038	
6/15/40	$	3,375,000	$	-	$	108,831  $	-	
12/15/40	$	3,375,000	$	155,000	$	108,831  $	372,663	
6/15/41	$	3,220,000	$	-	$	103,988  $	-	
12/15/41	$	3,220,000	$	165,000	$	103,988  $	372,975	
6/15/42	$	3,055,000	$	-	$	98,831  $	-	
12/15/42	$	3,055,000	$	175,000	$	98,831  $	372,663	
6/15/43	$	2,880,000	$	-	$	93,363  $	-	
12/15/43	$	2,880,000	$	190,000	$	93,363  $	376,725	
6/15/44	$	2,690,000	$	-	$	87,425  $	-	
12/15/44	$	2,690,000	$	200,000	$	87,425  $	374,850	
6/15/45	$	2,490,000	$	-	$	80,925  $	-	
12/15/45	$	2,490,000	$	215,000	$	80,925  $	376,850	
6/15/46	$	2,275,000	$	-	$	73,938  $	-	
12/15/46	$	2,275,000	$	225,000	$	73,938  $	372,875	
6/15/47	$	2,050,000	$	-	$	66,625  $	-	
12/15/47	$	2,050,000	$	240,000	$	66,625  $	373,250	
6/15/48	$	1,810,000	$	-	$	58,825  $	-	
12/15/48	$	1,810,000	$	255,000	$	58,825  $	372,650	
6/15/49	$	1,555,000	$	-	$	50,538  $	-	
12/15/49	$	1,555,000	$	275,000	$	50,538  $	376,075	
6/15/50	$	1,280,000	$	-	$	41,600  $	-	
12/15/50	$	1,280,000	$	290,000	$	41,600  $	373,200	
6/15/51	$	990,000	$	-	$	32,175  $	-	
12/15/51	$	990,000	$	310,000	$	32,175  $	374,350	
6/15/52	$	680,000	$	-	$	22,100  $	-	
12/15/52	$	680,000	$	330,000	$	22,100  $	374,200	
6/15/53	$	350,000	$	-	$	11,375  $	-	
12/15/53	$	350,000	$	350,000	$	11,375  $	372,750	
Totals		$ 4,825,000	$ 5,511,944  $ 10,336,944	

Section B

RESOLUTION 2026-16

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT IMPOSING SPECIAL ASSESSMENTS AND CERTIFYING AN ASSESSMENT ROLL; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Bridgewalk Community Development District (“the District”) is a local unit of special-purpose government established pursuant to Chapter 190, Florida Statutes for the purpose of providing, operating and maintaining infrastructure improvements, facilities and services to the lands within the District; and
WHEREAS, the District is located in Osceola County, Florida (the “County”); and

WHEREAS, the District has constructed or acquired various infrastructure improvements and provides certain services in accordance with the District’s adopted Improvement Plan and Chapter 190, Florida Statutes; and

WHEREAS, the Board of Supervisors of the District (“Board”) hereby determines to undertake various operations and maintenance activities described in the District’s budget for Fiscal Year 2026-2027 (“Operations and Maintenance Budget”), attached hereto as Exhibit “A” and incorporated by reference herein; and

WHEREAS, the District must obtain sufficient funds to provide for the operation and maintenance of the services and facilities provided by the District as described in the District’s budget for Fiscal Year 2026-2027; and

WHEREAS, the provision of such services, facilities, and operations is a benefit to lands within the District; and

WHEREAS, Chapter 190, Florida Statutes, provides that the District may impose special assessments on benefitted lands within the District; and
WHEREAS, the District has previously levied an assessment for debt service, a portion of which the District desires to collect on the tax roll for platted lots, pursuant to the Uniform Method (defined below) and which is also indicated on Exhibit “A”, and the remaining portion of which the District desires to levy and directly collect on the remaining unplatted lands; and
WHEREAS, Chapter 197, Florida Statutes, provides a mechanism pursuant to which such special assessments may be placed on the tax roll and collected by the local tax collector (“Uniform Method”); and

WHEREAS, the District has previously evidenced its intention to utilize this Uniform Method and has approved an Agreement with the County Tax Collector to provide for the collection of the special assessments under the Uniform Method; and

WHEREAS, it is in the best interests of the District to collected special assessments for operations and maintenance on platted lots using the Uniform Method and to directly collect from the remaining unplatted property reflecting their portion of the District’s operations and maintenance expenses, as set forth in the budget; and

WHEREAS, it is in the best interests of the District to adopt the Assessment Roll of the Bridgewalk Community Development District (the “Assessment Roll”) attached to this Resolution as Exhibit “B” and incorporated as a material part of this Resolution by this reference, and to certify the portion of the Assessment Roll on platted property to the County Tax Collector pursuant to the Uniform Method and to directly collect the remaining portion on the unplatted property; and
WHEREAS, it is in the best interests of the District to permit the District Manager to amend, from time to time, the Assessment Roll adopted herein, including that portion certified to the County Tax Collector by this Resolution, as the Property Appraiser updates the property roll for the County, for such time as authorized by Florida law.

NOW,	THEREFORE,	BE	IT	RESOLVED	BY	THE	BOARD	OF SUPERVISORS OF THE BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT:

SECTION 1. INCORPORATION OF RECITALS AND AUTHORITY. The recitals
stated above are true and correct and by this reference are incorporated by reference as a material part of this Resolution. The Resolution is adopted pursuant to the provisions of Florida Law, including Chapter 170, 190 and 197, Florida Statutes.

SECTION 2. BENEFIT. The provision of the services, facilities, and operations as described in Exhibit “A” confer a special and peculiar benefit to the lands within the District, which benefits exceed or equal the costs of the assessments. The allocation of the costs to the specially benefitted lands is shown in Exhibits “A” and “B.”
SECTION 3. ASSESSMENT IMPOSITION. A special assessment for operation and maintenance as provided for in Chapter 190, Florida Statutes, is hereby imposed and levied on benefitted lands within the District in accordance with Exhibit “B.” The lien of the special assessments for operations and maintenance imposed and levied by this Resolution shall be effective upon passage of this Resolution.

SECTION 4. COLLECTION. The collection of the previously levied debt service assessments and operation and maintenance special assessments on platted lots and developed lands shall be at the same time and in the same manner as County taxes in accordance with the Uniform Method, as set forth in Exhibits “A” and “B.” The previously levied debt services assessments and operations and maintenance assessments on undeveloped and unplatted lands will be collected directly by the District in accordance with Florida law, as set forth in Exhibits “A” and “B.” Assessments directly collected by the District are due according to the flowing schedule: 50% due no later than November 1, 2026, 25% due no later than February 1, 2027 and 25% due no later than May 1, 2027. In the event that an assessment payment is not made in

accordance with the schedule stated above, such assessment and any future scheduled assessment payments due for Fiscal Year 2027 shall be delinquent and shall accrue penalties and interest in the amount of one percent (1%) per month plus all costs of collection and enforcement, and shall either be enforced pursuant to a foreclosure action, or, at the District’s discretion, collected pursuant to the Uniform Method on a future tax bill, which amount may include penalties, interest, and costs of collection and enforcement. In the event as assessment subject to direct collection by the District shall be delinquent, the District Manager and District Counsel, without further authorization by the Board, may initiate foreclosure proceedings to collect and enforce the delinquent and remaining assessments. Notwithstanding the foregoing, any assessments which, by operation of law or otherwise, have been accelerated for non-payment, are not certified by this Resolution.

SECTION 5.	CERTIFICATION OF ASSESSMENT ROLL.	The District’s
Assessment Roll, attached to this Resolution as Exhibit “B,” is hereby certified. That portion of the District’s Assessment Roll which includes developed lands and platted lots is hereby certified to the County Tax Collector and shall be collected by the County Tax Collector in the same manner and time as County taxes. The proceeds there from shall be paid to the Bridgewalk Community Development District.
SECTION 6. ASSESSMENT ROLL AMENDMENT. The District Manager shall keep appraised of all updates made to the County property roll by Property Appraiser after the date of this Resolution, and shall amend the District’s Assessment Roll in accordance with any such updates, for such time as authorized by Florida law, to the County property roll. After any amendment of the Assessment Roll, the District Manager shall file the updates to the tax roll in the District records.

SECTION 7. SEVERABILITY. The invalidity or unenforceability of any one or more provisions of this Resolution shall not affect the validity or enforceability of the remaining portions of this Resolution, or any part thereof.

SECTION 8. EFFECTIVE DATE. This Resolution shall take effect upon the passage and adoption of this Resolution by the Board of Supervisors of the Bridgewalk Community Development District.

PASSED AND ADOPTED this 17th day of August, 2026.

ATTEST:	BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT

Secretary/Assistant Secretary

By:	 Its:	

Bridgewalk CDD
FY 27 Assessment Roll

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-3492-0001-0010	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0020	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0030	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0040	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0050	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0060	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0070	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0080	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0090	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0100	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0110	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0120	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0130	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0140	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0150	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0160	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0170	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0180	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0190	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-0200	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0210	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0220	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0230	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0240	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0250	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0260	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0270	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0280	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0290	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0300	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0310	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0320	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0330	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0340	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0350	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0360	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0370	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0380	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0390	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0400	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0410	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0420	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0430	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0440	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0450	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0460	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0470	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0480	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0490	25'	1	$560.21	$711.81		$1,272.02	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-3492-0001-0500	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0510	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0520	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0530	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0540	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0550	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0560	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0570	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0580	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0590	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0600	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0610	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0620	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0630	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-0640	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0650	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0660	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0670	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0680	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0690	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0700	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0710	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0720	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0730	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0740	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0750	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0760	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0770	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0780	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0790	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0800	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0810	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0820	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0830	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0840	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0850	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0860	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0870	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0880	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0890	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0900	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0910	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0920	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0930	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0940	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0950	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0960	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0970	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0980	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-0990	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-1000	40'	1	$896.33	$1,138.90		$2,035.23	
04-25-31-3492-0001-1010	40'	1	$896.33	$1,138.90		$2,035.23	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-3492-0001-1020	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1030	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1040	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1050	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-1060	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-1070	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-1080	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-1090	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-1100	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3492-0001-1110	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1120	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1130	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1140	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1150	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1160	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1170	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1180	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1190	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1200	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1210	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1220	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1230	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1240	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1250	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1260	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1270	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1280	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1290	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1300	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1310	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1320	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1330	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1340	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1350	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3492-0001-1360	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1370	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1380	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1390	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1400	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1410	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1420	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1430	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1440	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1450	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1460	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1470	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1480	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1490	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1500	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1510	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1520	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1530	25'	1	$560.21	$711.81		$1,272.02	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-3492-0001-1540	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1550	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1560	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1570	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1580	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1590	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1600	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1610	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1620	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1630	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1640	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1650	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1660	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1670	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1680	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1690	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1700	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1710	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1720	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1730	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1740	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1750	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1760	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1770	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1780	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1790	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1800	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1810	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1820	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1830	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1840	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1850	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1860	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1870	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1880	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1890	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1900	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1910	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1920	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1930	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1940	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1950	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1960	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1970	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1980	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-1990	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2000	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2010	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2020	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2030	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2040	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2050	25'	1	$560.21	$711.81		$1,272.02	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-3492-0001-2060	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2070	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2080	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2090	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2100	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2110	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2120	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2130	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2140	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2150	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2160	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2170	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2180	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2190	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2200	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2210	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2220	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2230	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3492-0001-2240	25'	1	$560.21	$711.81		$1,272.02	
04-25-31-3493-0001-2250	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2260	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2270	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2280	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2290	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2300	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2310	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2320	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2330	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2340	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2350	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2360	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2370	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2380	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2390	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2400	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2410	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2420	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2430	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2440	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2450	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2460	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2470	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2480	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2490	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2500	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2510	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2520	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2530	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2540	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2550	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2560	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2570	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-3493-0001-2580	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2590	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2600	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2610	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2620	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2630	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2640	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2650	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2660	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2670	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2680	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2690	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2700	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2710	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2720	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2730	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2740	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2750	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2760	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2770	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2780	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2790	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2800	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2810	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2820	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2830	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2840	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2850	40'	1	$896.33	$0.00	$1,138.94	$2,035.27	
04-25-31-3493-0001-2860	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2870	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2880	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2890	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2900	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2910	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2920	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2930	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2940	60'	1	$1,344.49	$0.00	$1,708.41	$3,052.90	
04-25-31-3493-0001-2950	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2960	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2970	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2980	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-2990	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-3000	50'	1	$1,120.41	$0.00	$1,423.67	$2,544.08	
04-25-31-3493-0001-3010	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3020	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3030	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3040	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3050	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3060	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3070	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3080	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3090	50'	1	$1,120.41	$1,423.63		$2,544.04	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-3493-0001-3100	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3110	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3120	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3130	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3493-0001-3140	60'	1	$1,344.49	$1,708.35		$3,052.84	
04-25-31-3493-0001-3150	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3160	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3170	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3180	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3190	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3200	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3210	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3220	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3230	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3493-0001-3240	50'	1	$1,120.41	$1,423.63		$2,544.04	
04-25-31-3523-0001-3250	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-3260	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3270	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3280	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3290	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3300	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3310	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3320	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3330	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3340	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3350	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3360	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3370	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3380	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3390	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3400	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3410	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3420	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3430	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3440	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3450	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3460	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3470	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3480	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3490	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3500	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3510	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3520	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3530	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3540	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3550	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3560	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3570	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3580	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3590	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3600	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3610	50'	1	$1,120.41		$1,423.67	$2,544.08	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-3523-0001-3620	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3630	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3640	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3650	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3660	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3670	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3680	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3690	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3700	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3710	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3720	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3730	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3740	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3750	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3760	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3770	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3780	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3790	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3800	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3810	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3820	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3830	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3840	40'	1	$896.33		$1,138.94	$2,035.27	
04-25-31-3523-0001-3850	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-3860	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-3870	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-3880	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-3890	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-3900	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-3910	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3920	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3930	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3940	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3950	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3960	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3970	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3980	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-3990	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4000	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4010	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4020	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4030	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4040	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4050	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4060	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4070	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4080	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4090	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4100	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4110	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4120	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4130	50'	1	$1,120.41		$1,423.67	$2,544.08	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-3523-0001-4140	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4150	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4160	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4170	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4180	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4190	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4200	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4210	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4220	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4230	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4240	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4250	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4260	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4270	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4280	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4290	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4300	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4310	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4320	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4330	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4340	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4350	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4360	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4370	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4380	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4390	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4400	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4410	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4420	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4430	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4440	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4450	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4460	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4470	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4480	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4490	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4500	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4510	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4520	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4530	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4540	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4550	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4560	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4570	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4580	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4590	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4600	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4610	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4620	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4630	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4640	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4650	50'	1	$1,120.41		$1,423.67	$2,544.08	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-3523-0001-4660	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4670	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4680	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4690	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4700	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4710	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4720	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4730	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4740	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4750	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4760	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4770	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4780	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4790	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4800	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4810	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4820	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4830	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4840	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4850	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4860	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4870	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4880	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4890	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4900	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4910	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4920	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4930	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4940	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4950	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4960	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4970	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-4980	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-4990	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5000	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5010	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5020	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5030	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5040	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5050	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5060	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5070	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5080	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5090	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5100	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5110	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5120	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5130	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5140	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5150	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5160	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5170	60'	1	$1,344.49		$1,708.41	$3,052.90	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-3523-0001-5180	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5190	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5200	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5210	60'	1	$1,344.49		$1,708.41	$3,052.90	
04-25-31-3523-0001-5220	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-3523-0001-5230	50'	1	$1,120.41		$1,423.67	$2,544.08	
04-25-31-5287-0001-0010	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0020	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0030	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0040	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0050	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0060	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0070	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0080	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0090	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0100	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0110	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0120	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0130	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0140	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0150	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0160	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0170	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0180	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0190	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0200	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0210	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0220	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0230	60'	1	$1,344.49			$1,344.49	
04-25-31-5287-0001-0240	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0250	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0260	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0270	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0280	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0290	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0300	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0310	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0320	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0330	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0340	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0350	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0360	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0370	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0380	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0390	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0400	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0410	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0420	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0430	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0440	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0450	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0460	50'	1	$1,120.41			$1,120.41	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-5287-0001-0470	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0480	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0490	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0500	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0510	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0520	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0530	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0540	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0550	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0560	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0570	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0580	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0590	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0600	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0610	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0620	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0630	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0640	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0650	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0660	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0670	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0680	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0690	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0700	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0710	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0720	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0730	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0740	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0750	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0760	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-0770	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0780	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0790	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0800	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0810	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0820	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0830	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0840	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0850	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0860	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0870	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0880	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0890	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0900	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0910	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0920	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0930	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0940	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0950	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0960	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0970	40'	1	$896.33			$896.33	
04-25-31-5287-0001-0980	40'	1	$896.33			$896.33	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-5287-0001-0990	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1000	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1010	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1020	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1030	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1040	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1050	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1060	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1070	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1080	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1090	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1100	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1110	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1120	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1130	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1140	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1150	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1160	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1170	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1180	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1190	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1200	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1210	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1220	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1230	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1240	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1250	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1260	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1270	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1280	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1290	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1300	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1310	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1320	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1330	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1340	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1350	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1360	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1370	40'	1	$896.33			$896.33	
04-25-31-5287-0001-1380	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1390	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1400	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1410	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1420	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1430	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1440	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1450	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1460	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1470	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1480	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1490	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1500	25'	1	$560.21			$560.21	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-5287-0001-1510	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1520	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1530	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1540	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1550	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1560	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1570	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1580	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1590	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1600	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1610	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1620	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1630	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1640	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1650	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1660	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1670	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1680	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1690	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1700	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1710	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1720	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1730	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1740	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1750	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1760	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1770	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1780	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1790	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1800	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1810	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1820	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1830	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1840	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1850	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1860	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1870	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1880	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1890	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1900	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1910	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1920	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1930	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1940	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1950	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1960	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1970	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1980	25'	1	$560.21			$560.21	
04-25-31-5287-0001-1990	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2000	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2010	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2020	25'	1	$560.21			$560.21	

ParcelID	Lot Type	Units	FY 27 O&M	Series 2022 Debt	Series 2023 Debt	Total	
04-25-31-5287-0001-2030	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2040	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2050	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2060	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2070	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2080	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2090	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2100	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2110	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2120	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2130	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2140	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2150	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2160	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2170	25'	1	$560.21			$560.21	
04-25-31-5287-0001-2180	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2190	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2200	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2210	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2220	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2230	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2240	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2250	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2260	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2270	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2280	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2290	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2300	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2310	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2320	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2330	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2340	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2350	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2360	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2370	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2380	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2390	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2400	50'	1	$1,120.41			$1,120.41	
04-25-31-5287-0001-2410	50'	1	$1,120.41			$1,120.41	
Total Gross Assessments		764	$739,583.68	$262,943.48	$401,475.48	$1,404,002.64	
							
Total Net Assessments			$695,208.66	$247,166.87	$377,386.95	$1,319,762.48	

Section VI

Section A

July 29, 2026

Board of Supervisors
Bridgewalk Community Development District 219 East Livingston Street
Orlando, Florida 32801

1001 Yamato Road ▪ Suite 301
Boca Raton, Florida 33431
(561) 994-9299 ▪ (800) 299-4728
Fax (561) 994-5823
www.graucpa.com

We are pleased to confirm our understanding of the services we are to provide Bridgewalk Community Development District, Osceola County, Florida (“the District”) for the fiscal year ended September 30, 2026. We will audit the financial statements of the governmental activities and each major fund, including the related notes to the financial statements, which collectively comprise the basic financial statements of Bridgewalk Community Development District as of and for the fiscal year ended September 30, 2026. In addition, we will examine the District’s compliance with the requirements of Section 218.415 Florida Statutes. This letter serves to renew our agreement and establish the terms and fee for the 2026 audit.

Accounting principles generally accepted in the United States of America provide for certain required supplementary information (RSI), such as management’s discussion and analysis (MD&A), to supplement the District’s basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. As part of our engagement, we will apply certain limited procedures to the District’s RSI in accordance with auditing standards generally accepted in the United States of America. These limited procedures will consist of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We will not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
The following RSI is required by generally accepted accounting principles and will be subjected to certain limited procedures, but will not be audited:
Management’s Discussion and Analysis
Budgetary comparison schedule
The following other information accompanying the financial statements will not be subjected to the auditing procedures applied in our audit of the financial statements, and our auditor’s report will not provide an opinion or any assurance on that information:
Compliance with FL Statute 218.39 (3) (c)
Audit Objectives
The objective of our audit is the expression of opinions as to whether your financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles and to report on the fairness of the supplementary information referred to in the second paragraph when considered in relation to the financial statements as a whole. Our audit will be conducted in accordance with auditing standards generally accepted in the United States of America and the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and will include tests of the accounting records of the District and other procedures we consider necessary to enable us to express such opinions. We will issue a written report upon completion of our audit of the District’s financial statements. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter paragraphs. If our opinion on the financial statements is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the audit or are unable to form or have not formed an opinion, we may decline to express an opinion or issue a report, or may withdraw from this engagement.
We will also provide a report (that does not include an opinion) on internal control related to the financial statements and compliance with the provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a material effect on the financial statements as required by Government Auditing Standards. The report on internal control and on compliance and other matters will include a paragraph that states (1) that the purpose of the report is solely to describe the scope of testing of internal control and compliance, and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control on compliance, and (2) that the report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District’s internal control and compliance. The paragraph will also state that the report is not suitable for any other purpose. If during our audit we become aware that the District is subject to an audit requirement that is not encompassed in the terms of this engagement, we will communicate to management and those charged with governance that an audit in accordance with U.S. generally accepted auditing standards and the standards for financial audits contained in Government Auditing Standards may not satisfy the relevant legal, regulatory, or contractual requirements.

Bridgewalk Community Development District	Page 2

We will also issue a management letter as required by Chapter 10.550, Rules of the Auditor General of the State of Florida. As part of our audit, we will apply financial condition assessment procedures pursuant to Section 218.39(5), Florida Statutes, and Rule 10.556(8), Rules of the Auditor General, and will report, as applicable, whether the District met any of the conditions described in Section 218.503(1), Florida Statutes.
Examination Objective
The objective of our examination is the expression of an opinion as to whether the District is in compliance with Florida Statute 218.415 in accordance with Rule 10.556(10) of the Auditor General of the State of Florida. Our examination will be conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and will include tests of your records and other procedures we consider necessary to enable us to express such an opinion. We will issue a written report upon completion of our examination of the District’s compliance. The report will include a statement that the report is intended solely for the information and use of management, those charged with governance, and the Florida Auditor General, and is not intended to be and should not be used by anyone other than these specified parties. We cannot provide assurance that an unmodified opinion will be expressed. Circumstances may arise in which it is necessary for us to modify our opinion or add emphasis-of-matter or other-matter paragraphs. If our opinion on the District’s compliance is other than unmodified, we will discuss the reasons with you in advance. If, for any reason, we are unable to complete the examination or are unable to form or have not formed an opinion, we may decline to express an opinion or issue a report, or may withdraw from this engagement.
Other Services
We will assist in preparing the financial statements and related notes of the District in conformity with U.S. generally accepted accounting principles based on information provided by you. These nonaudit services do not constitute an audit under Government Auditing Standards and such services will not be conducted in accordance with Government Auditing Standards. The other services are limited to the financial statement services previously defined. We, in our sole professional judgment, reserve the right to refuse to perform any procedure or take any action that could be construed as assuming management responsibilities.
Management Responsibilities
Management is responsible for compliance with Florida Statute 218.415 and will provide us with the information required for the examination. The accuracy and completeness of such information is also management’s responsibility. You agree to assume all management responsibilities relating to the financial statements and related notes and any other nonaudit services we provide. You will be required to acknowledge in the management representation letter our assistance with preparation of the financial statements and related notes and that you have reviewed and approved the financial statements and related notes prior to their issuance and have accepted responsibility for them. In addition, you will be required to make certain representations regarding compliance with Florida Statute 218.415 in the management representation letter. Further, you agree to oversee the nonaudit services by designating an individual, preferably from senior management, who possesses suitable skill, knowledge, or experience; evaluate the adequacy and results of those services; and accept responsibility for them.
Management is responsible for designing, implementing and maintaining effective internal controls, including evaluating and monitoring ongoing activities, to help ensure that appropriate goals and objectives are met; following laws and regulations; and ensuring that management and financial information is reliable and properly reported. Management is also responsible for implementing systems designed to achieve compliance with applicable laws, regulations, contracts, and grant agreements. You are also responsible for the selection and application of accounting principles, for the preparation and fair presentation of the financial statements and all accompanying information in conformity with U.S. generally accepted accounting principles, and for compliance with applicable laws and regulations and the provisions of contracts and grant agreements.
Management is also responsible for making all financial records and related information available to us and for the accuracy and completeness of that information. You are also responsible for providing us with (1) access to all information of which you are aware that is relevant to the preparation and fair presentation of the financial statements, (2) additional information that we may request for the purpose of the audit, and (3) unrestricted access to persons within the government from whom we determine it necessary to obtain audit evidence.
Your responsibilities include adjusting the financial statements to correct material misstatements and for confirming to us in the written representation letter that the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole.
You are responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud affecting the government involving (1) management, (2) employees who have significant roles in internal control, and (3) others where the fraud could have a material effect on the financial statements. Your responsibilities include informing us of your knowledge of any allegations of fraud or suspected fraud affecting the government received in communications from employees, former employees, grantors, regulators, or others. In addition, you are responsible for identifying and ensuring that the government complies with applicable laws, regulations, contracts, agreements, and grants and for taking timely and appropriate steps to remedy fraud and noncompliance with provisions of laws, regulations, contracts or grant agreements, or abuse that we report.
Management is responsible for establishing and maintaining a process for tracking the status of audit findings and recommendations. Management is also responsible for identifying and providing report copies of previous financial audits, attestation engagements, performance audits or other studies related to the objectives discussed in the Audit Objectives section of this letter. This responsibility includes relaying to us corrective actions taken to address significant findings and recommendations resulting from those audits, attestation engagements, performance audits, or other studies. You are also responsible for providing management’s views on our current findings, conclusions, and recommendations, as well as your planned corrective actions, for the report, and for the timing and format for providing that information.

Bridgewalk Community Development District	Page 3

With regard to the electronic dissemination of audited financial statements, including financial statements published electronically on your website, you understand that electronic sites are a means to distribute information and, therefore, we are not required to read the information contained in these sites or to consider the consistency of other information in the electronic site with the original document.
Audit Procedures—General
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We will plan and perform the audit to obtain reasonable rather than absolute assurance about whether the financial statements are free of material misstatement, whether from (1) errors, (2) fraudulent financial reporting, (3) misappropriation of assets, or (4) violations of laws or governmental regulations that are attributable to the government or to acts by management or employees acting on behalf of the government. Because the determination of abuse is subjective, Government Auditing Standards do not expect auditors to provide reasonable assurance of detecting abuse.
Because of the inherent limitations of an audit, combined with the inherent limitations of internal control, and because we will not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected by us, even though the audit is properly planned and performed in accordance with U.S. generally accepted auditing standards and Government Auditing Standards. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct and material effect on the financial statements. Our responsibility as auditors is limited to the period covered by our audit and does not extend to later periods for which we are not engaged as auditors.
Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by correspondence with selected individuals, funding sources, creditors, and financial institutions. We will request written representations from your attorneys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will require certain written representations from you about your responsibilities for the financial statements; compliance with laws, regulations, contracts, and grant agreements; and other responsibilities required by generally accepted auditing standards.
Audit Procedures—Internal Control
Our audit will include obtaining an understanding of the government and its environment, including internal control, sufficient to assess the risks of material misstatement of the financial statements and to design the nature, timing, and extent of further audit procedures. Tests of controls may be performed to test the effectiveness of certain controls that we consider relevant to preventing and detecting errors and fraud that are material to the financial statements and to preventing and detecting misstatements resulting from illegal acts and other noncompliance matters that have a direct and material effect on the financial statements. Our tests, if performed, will be less in scope than would be necessary to render an opinion on internal control and, accordingly, no opinion will be expressed in our report on internal control issued pursuant to Government Auditing Standards.
An audit is not designed to provide assurance on internal control or to identify significant deficiencies or material weaknesses. However, during the audit, we will communicate to management and those charged with governance internal control related matters that are required to be communicated under AICPA professional standards and Government Auditing Standards.
Audit Procedures—Compliance
As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we will perform tests of the District’s compliance with the provisions of applicable laws, regulations, contracts, agreements, and grants. However, the objective of our audit will not be to provide an opinion on overall compliance and we will not express such an opinion in our report on compliance issued pursuant to Government Auditing Standards.
Engagement Administration, Fees, and Other
We understand that your employees will prepare all cash or other confirmations we request and will locate any documents selected by us for testing.
The audit documentation for this engagement is the property of Grau & Associates and constitutes confidential information. However, subject to applicable laws and regulations, audit documentation and appropriate individuals will be made available upon request and in a timely manner to a cognizant or oversight agency or its designee, a federal agency providing direct or indirect funding, or the U.S. Government Accountability Office for purposes of a quality review of the audit, to resolve audit findings, or to carry out oversight responsibilities. We will notify you of any such request. If requested, access to such audit documentation will be provided under the supervision of Grau & Associates personnel. Furthermore, upon request, we may provide copies of selected audit documentation to the aforementioned parties. These parties may intend, or decide, to distribute the copies or information contained therein to others, including other governmental agencies. Notwithstanding the foregoing, the parties acknowledge that various documents reviewed or produced during the conduct of the audit may be public records under Florida law. The District agrees to notify Grau & Associates of any public record request it receives that involves audit documentation.
Furthermore, Grau & Associates agrees to comply with all applicable provisions of Florida law in handling such records, including but not limited to Section 119.0701, Florida Statutes. Auditor acknowledges that the designated public records custodian for the District is the District Manager (“Public Records Custodian”). Among other requirements and to the extent applicable by law, Grau & Associates shall 1) keep and maintain public records required by the District to perform the service; 2) upon request by the Public Records Custodian, provide the District with the requested public records or allow the records to be inspected or copied within a reasonable time period at a cost that does not exceed the cost provided in Chapter 119, Florida Statutes; 3) ensure that public records which are exempt or confidential, and exempt from public records disclosure requirements, are not disclosed except as authorized by law for the duration of the contract term and following the contract term if Auditor does not transfer the records to the Public Records Custodian of the District; and 4) upon completion of the contract, transfer to the District, at no cost, all public records in Grau & Associate’s possession

Bridgewalk Community Development District	Page 4

or, alternatively, keep, maintain and meet all applicable requirements for retaining public records pursuant to Florida laws. When such public records are transferred by Grau & Associates, Grau & Associates shall destroy any duplicate public records that are exempt or confidential and exempt from public records disclosure requirements. All records stored electronically must be provided to the District in a format that is compatible with Microsoft Word or Adobe PDF formats.

IF GRAU & ASSOCIATES HAS QUESTIONS REGARDING THE APPLICATION OF CHAPTER 119, FLORIDA STATUTES, TO ITS DUTY TO PROVIDE PUBLIC RECORDS RELATING TO THIS AGREEMENT, CONTACT THE PUBLIC RECORDS CUSTODIAN AT: C/O GOVERNMENTAL MANAGEMENT SERVICES – CENTRAL FLORIDA LLC, 219 EAST LIVINGSTON STREET ORLANDO, FLORIDA 32801, OR RECORDREQUEST@GMSCFL.COM, PH: (407) 841-5524.
Our fee for these services will not exceed $3,300 for the September 30, 2026 audit, unless there is a change in activity by the District which results in additional audit work or if additional Bonds are issued.

We will complete the audit within prescribed statutory deadlines, which requires the District to submit its annual audit to the Auditor General no later than nine (9) months after the end of the audited fiscal year, with the understanding that your employees will provide information needed to perform the audit on a timely basis.

The audit documentation for this engagement will be retained for a minimum of five years after the report release date. If we are aware that a federal awarding agency or auditee is contesting an audit finding, we will contact the party(ies) contesting the audit finding for guidance prior to destroying the audit documentation.

Our invoices for these fees will be rendered each month as work progresses and are payable on presentation. Invoices will be submitted in sufficient detail to demonstrate compliance with the terms of this agreement. In accordance with our firm policies, work may be suspended if your account becomes 60 days or more overdue and may not be resumed until your account is paid in full. If we elect to terminate our services for nonpayment, our engagement will be deemed to have been completed upon written notification of termination, even if we have not completed our report. You will be obligated to compensate us for all time expended and to reimburse us for all out-of-pocket costs through the date of termination. The above fee is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate.

This agreement may be renewed each year thereafter subject to the mutual agreement by both parties to all terms and fees. The fee for each annual renewal will be agreed upon separately.
The District has the option to terminate this agreement with or without cause by providing thirty (30) days written notice of termination to Grau & Associates. Upon any termination of this agreement, Grau & Associates shall be entitled to payment of all work and/or services rendered up until the effective termination of this agreement, subject to whatever claims or off-sets the District may have against Grau & Associates.

We will provide you with a copy of our most recent external peer review report and any letter of comment, and any subsequent peer review reports and letters of comment received during the period of the contract. Our 2025 peer review report accompanies this letter.
We appreciate the opportunity to be of service to Bridgewalk Community Development District and believe this letter accurately summarizes the terms of our engagement and, with any addendum, if applicable, is the complete and exclusive statement of the agreement between Grau & Associates and the District with respect to the terms of the engagement between the parties. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it to us.
Very truly yours, Grau & Associates

Antonio J. Grau

RESPONSE:
This letter correctly sets forth the understanding of Bridgewalk Community Development District.

By: 	

Title: 	

Date: 	

PA

Bridgewalk Community Development District	Page 5

Program

,.AICPA'	Peer Review

Florida Institute of Certified Public Accountants

Administered in Florida
by the Florida Institute of CPAs

November 18, 2025 Antonio Grau
Grau & Associates
1001 W. Yamato Road, Suite 301 Boca Raton, FL 33431-4403

Dear Antonio Grau:

It is my pleasure to notify you that on November 18, 2025, the Florida Peer Review Committee accepted the report on the most recent System Review of your firm. The due date for your next review is December 31, 2028. This is the date by which all review documents should be completed and submitted to the administering entity.

As you know, the report had a peer review rating of pass. The Committee asked me to convey its congratulations to the firm.

Thank you for your cooperation.

Sincerely,

frCPA,pu..,.�	�
Peer Review Team
FICPA Peer Review Committee paul@ficpa.org
850.224.2727, x5957

cc: Daniel Hevia, David Caplivski

Firm Number: 900004390114	Review Number:  616829

119 S Monroe Street, Suite 121 I Tallahassee, FL 323011 850.224.2727, in Florida I www.ficpa.org

Section B

Uniting partners through exceptional
landscape services

Bridgewalk CDD 1A, 1B and 2C

Bridgewalk CDD 1A, 1B and 2C

Proposal For
Landscape & Irrigation Maintenance

8/10/26
Pricing valid for 90 days upon receipt

8/10/26

Bridgewalk CDD 1A, 1B and 2C
c/o GMS management company

RE: Landscape Maintenance & Irrigation Proposal

Dear Alan,

Thank you for the opportunity to submit a proposal to continue our partnership with the community. We sincerely appreciate your trust in United Land Services, LLC as your landscape service provider and look forward to continuing to build a long, lasting relationship with our clients.

If you have any questions after reviewing our proposal, please do not hesitate to contact me at any time. I am
always available to provide solutions and discuss any aspect of property’s needs directly.

Sincerely,

Chris Marquess
Client Relations and Business Development
-United Land Services 407-515-5262
cmarquess@unitedlandservices.com

Exhibit A: Scope of Services Summary
Annual Maintenance Outline

The following outline details our proposed scope of services and offerings to be provided by our service teams, to ensure we meet the specific needs of your project as governed by our agreement.

LANDSCAPE MAINTENANCE PROGRAM
Turf Grass Mowing 42 cuts
Mowing schedule based on climate and turf type.
Mowing height to be adjusted based on turf type.
Cuts postponed because of weather to be made up as soon as possible.
Hard edging (concrete) will be done per cut, soft edge will be done every other cut. Landscape beds containing rock will not be mechanically edged.
Areas to small to mow will be completed with a string trimmer or push mower.
All debris created during maintenance operations will be removed and or blown from adjacent surfaces. Trash cans and Dog stations changed out every week.
Ornamental Detailing 12 detail cycles
Detail operations will be completed in a sectional manner once monthly.
Plant material will be trimmed to retain the natural shape and function of the plant using Best Management Practices and techniques.
Trees will have trunks cleared of sprouts and elevated to 8’ in Green areas and 12’ in Paved areas.
Palms under 12’ will have brown fronds removed during detail rotation.
Post emergent herbicide will be used in landscape beds to control unwanted weeds and vegetation.
Fertilization & Pest Control Services 5/2 program
Applications will adhere to any State and Local ordinance including Blackout Periods.
Fertilizer composition (NPK, Nitrogen, Phosphorous, Potassium) will be determined based on site needs.
Pre and Post Emergent Herbicides will be used as needed to control weeds in turfgrass.
All applications will be used as directed by the manufacturers instructions for use and in accordance with all State and Federal regulations / guidelines.
Ornamental Plants, Trees & Palms will receive a balanced fertilizer at appropriate rates, typically in spring and fall months.

Scope of Services Summary
Annual Maintenance Outline
Irrigation Inspections & Maintenance 12 inspections
System will be routinely inspected for operational efficiency and condition.
Visual inspection will include controller and electronic components, spray and rotor heads and shrub risers.
Minor adjustments for efficiency will be made during inspection.
Repairs for malfunctioning, broken or worn out components (heads, line breaks, controllers and electronics, pumps, etc.) will be done after client approval.
Seasonal Color (Annuals) Installation
If cost is not included in the monthly billing, installation will be done upon authorized approval from Board of Directors or CAM.
Flower type will be selected based on climate, availability at time of install and coordination with adjacent neighborhood associations to ensure uniformity.
Flower beds will be maintained to remove faded or dead plants and to ensure optimal bloom production and neat appearance.
Commercial fertilizer will be applied to all areas at time of install with follow up applications of micro
nutrient, fungicide and pesticide based on flower type and Best Management Practices.
Standard Annuals to be used for quarterly changeouts. Premium varieties to incur additional cost.
Mulch & Pine Straw Installation
If cost is not included in the monthly billing, installation will be done upon authorized approval from Board of Directors or CAM.
Mulch will be installed at timeframe determined by HOA.
Mulch to be Dyed Hardwood Blend, installed 1x per year upon approval.
Installation method to be determined by contractor, either bagged product or bulk install with blower truck.
ADDITIONAL SERVICES AND TEAM EXPECTATIONS
Extra Services
We will provide extra/special services based on agreement and specifications set forth by the Client
Team Expectations
Our field personnel will be licensed for all applicable maintenance duties, included any pesticide applications, as required by law.
Appearance
Our team is required to maintain a professional and well-groomed appearance at all times.

Your Investment
Landscape Management Proposal

Contract Maintenance	Monthly	Yearly	
Core Maintenance
Includes Mowing, Edging,Weed-eating, Debris Blowing, Shrub Prun-ing,Tree Pruning, Rejuvenation Pruning (native grass), Weeding & Cleanup. Trash cans and dog stations included 1x weekly
Irrigation Inspections
Includes Adjusting Heads and Nozzles, Seasonal Clock Adjustments,
with Monthly Reports
Fertilization & Chemical Treatments
IncludesTurf & Shrub Fertilization,Turf Fertilization & Pest Control Applications
Mulch 1x per year

Palm Pruning 1x per year	$ 7,833	$ 93,996	
	
$ 580	
$ 6,960	
	
$ 724	
$ 8,688	
	
$ 902	
$ 10,824	
	$ 249	$ 2,988	
Total for Landscape Maintenance	$ 10,288	$ 123,456	

Additional Items	Quantity	Price	
Mulch	$		
Annuals	$		
Palm Pruning	$		

SERVICES AGREEMENT

This	Services	Agreement	(the	“Agreement”)	is	entered	into	this		 day	of		,2026	between

Bridgewalk CDD

(the “Customer”), and Florida ULS Operating, LLC DBA

United Land Services, LLC ,(the “Contractor”). Contractor is in the business of providing landscape maintenance services and Customer desires to contract with Contractor to provide landscape maintenance services to Customer and certain properties managed by Customer in accordance with the following terms and conditions of this Agreement.

Service Address:

Bill to Address

Bridgewalk

219 East Livingston Street Orlando, FL 32801

Term. The initial term of the Agreement shall commence for a three (3) year period commencing on 	 and ending on 	. After expiration of the initial term, the Agreement shall continue on a month-to-month basis unless terminated by either party upon thirty (30) days prior written notice.

Services. Contractor agrees to provide the Customer with the scope of services set forth in Exhibit A (the “Services”). Contractor agrees to provide all labor, material, equipment, and supervision to perform the duties outlined by this Agreement, except that Customer shall provide any water and utilities necessary for Contractor to perform the Services. Contractor warrants to the Customer that: (i) Contractor will perform the Services in a workmanlike manner in accordance with reasonable prevailing industry standards; (ii) Contractor shall comply with all applicable laws; (iii) Contractor has no outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement or that would preclude Contractor from complying with the provisions of this Agreement. Contractor shall not be liable for any nonperformance, delays, or alleged deficient performance resulting from any environmental issues, including drought, hurricane, flooding, tornados, rainfall, storms, earthquakes, or other disasters or weather events, any governments actions or changes in law, any wars, acts of terrorism, epidemics, shortages, strikes or other labor issues, or other causes beyond the control of Contractor. Contractor’s liability to Customer for any alleged non-performance under this Agreement shall be expressly limited to the amount of compensation actually received by Contractor for the disputed scope of work.

Compensation. In consideration of the Contractor’s performance of the Services, the Customer agrees to pay Contractor the fees

set forth on Exhibit B for the total monthly amount of $

10,288

.	On each anniversary date of this Agreement, the agreed

upon fees for Contractor’s Services shall be increased by 3% over the previous year’s level or CPI, whichever is greater. Customer shall be responsible for all sales, use, and other taxes with respect to all amounts paid by the Customer to Contractor under this Agreement other than taxes on Contractor’s income. All payments shall be made by direct electronic payment.
Confidentiality. Customer acknowledges this agreement along with any documentation, financial data, designs and plans provided by the Contractor are confidential information and shall not be disclosed by the Customer to any other person or entity, except as required by law.

Late Payment. If payment is not received within 30 days of invoicing, a 1.5% per month late fee will be applied to all unpaid balances. Should Contractor need to pursue legal action to collect any amounts owed, Customer agrees to pay Contractor’s reasonable attorney’s fees, court costs, and all other expenses incurred.

Termination. Customer may terminate this Agreement for cause, if Contractor, after prior written notice per section 7, of any default hereunder, fails to cure that default within 30 days thereafter. Customer shall pay for all services performed up to the effective date of any valid termination. Contractor, upon 30 days prior written notice to Customer, may terminate this Agreement without cause.

Notices. Any notice required to be sent to the Contractor under this Agreement shall be sent to the following address unless

otherwise specified: Attention

John Borland

12276 San Jose Blvd, Suite 747, Jacksonville, Florida 32223. Any notice required

to be sent to the Customer under this Agreement shall be sent to the Service Address specified above, or to such other address as Customer hereafter provides.
Insurance. Contractor acknowledges and agrees that it shall be solely responsible for securing and maintaining all insurance coverage for itself and its employees, including without limitation, commercial general liability, workers’ compensation and employers’ liability, comprehensive automobile, and umbrella liability. Contractor shall provide proof of insurance coverage prior to commencement and shall not cancel or change any coverage without providing Customer written notice.

Licenses. Contractor shall maintain all applicable licenses and permits within the cities, counties, and states of operations.

Indemnification. Each party, to the extent permitted by law, will indemnify, defend and hold harmless the other party, its affiliates, and all of their directors, officers, employees, agents and representatives from and against all claims, liabilities, damages, losses or expenses to the extent arising out of any negligence, willful misconduct, breach of contract or violation of law for which the indemnifying party, its employees, agents, subcontractors, or assigns in the performance of work under this Agreement is at fault. In the event the parties are jointly at fault, each party will indemnify the other in proportion to its relative fault.

Right to Cure. Should customer determine that Contractor has provided defective, deficient, or destructive work (“complaint”, it shall provide written notice withing 48 hours of the alleged occurrence or any claim shall be deemed to be waived. Upon receipt of any said complaint, Contractor shall have seven (7) days to address any said complaint. The failure to allow the Contractor to address any complaint will serve as a waiver of any claim related to the alleged claim.

Contractual Lien. The Customer grants Contractor, in addition to any other rights and remedies allowed under the applicable law, a lien on the real and personal property related to the project to secure payment for all sums due and owing under this agreement. The Contractor shall be entitled to recover its reasonable attorney fees and costs in any action related to the recovery of sums owed by Customer.

Miscellaneous. Contractor enters into this Agreement as an independent contractor. Contractor shall be solely responsible for all taxes, withholdings, and other similar statutory obligations with respect to its employees, including without limitation, Worker’ Compensation Insurance. Either party may assign this Agreement to an affiliate or to any successor entity or purchaser of a substantial portion of the assets of such party that relate to the subject matter of this Agreement without the other party’s consent but with written notice. This Agreement shall be governed by the laws of the State of Florida. The exclusive jurisdiction for the resolution of any disputes arising out of or relating to this Agreement shall be in a court of competent jurisdiction in Duval County, Florida. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and replaces all prior and contemporaneous understandings or agreements, written or oral, regarding such subject matter. No amendment or modification of this Agreement will be binding unless in writing and signed by a duly authorized representative of both parties.

[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned parties have executed this Agreement as of the day and year first above written.

Uniting partners through exceptional landscape services

Uniting partners through exceptional
landscape services

Springhead Lakes South

Springhead Lakes South

Proposal For
Landscape & Irrigation Maintenance

8/10/26
Pricing valid for 90 days upon receipt

8/10/26

Springhead Lakes South Ph
c/o GMS management company

RE: Landscape Maintenance & Irrigation Proposal

Dear Alan,

Thank you for the opportunity to submit a proposal to continue our partnership with the community. We sincerely appreciate your trust in United Land Services, LLC as your landscape service provider and look forward to continuing to build a long, lasting relationship with our clients.

If you have any questions after reviewing our proposal, please do not hesitate to contact me at any time. I am
always available to provide solutions and discuss any aspect of property’s needs directly.

Sincerely,

Chris Marquess
Client Relations and Business Development
-United Land Services 407-515-5262
cmarquess@unitedlandservices.com

Exhibit A: Scope of Services Summary
Annual Maintenance Outline

The following outline details our proposed scope of services and offerings to be provided by our service teams, to ensure we meet the specific needs of your project as governed by our agreement.

LANDSCAPE MAINTENANCE PROGRAM
Turf Grass Mowing 42 cuts
Mowing schedule based on climate and turf type.
Mowing height to be adjusted based on turf type.
Cuts postponed because of weather to be made up as soon as possible.
Hard edging (concrete) will be done per cut, soft edge will be done every other cut. Landscape beds containing rock will not be mechanically edged.
Areas to small to mow will be completed with a string trimmer or push mower.
All debris created during maintenance operations will be removed and or blown from adjacent surfaces. Dog stations changed out every week.
Ornamental Detailing 12 detail cycles
Detail operations will be completed in a sectional manner once monthly.
Plant material will be trimmed to retain the natural shape and function of the plant using Best Management Practices and techniques.
Trees will have trunks cleared of sprouts and elevated to 8’ in Green areas and 12’ in Paved areas.
Palms under 12’ will have brown fronds removed during detail rotation.
Post emergent herbicide will be used in landscape beds to control unwanted weeds and vegetation.
Fertilization & Pest Control Services 5/2 program
Applications will adhere to any State and Local ordinance including Blackout Periods.
Fertilizer composition (NPK, Nitrogen, Phosphorous, Potassium) will be determined based on site needs.
Pre and Post Emergent Herbicides will be used as needed to control weeds in turfgrass.
All applications will be used as directed by the manufacturers instructions for use and in accordance with all State and Federal regulations / guidelines.
Ornamental Plants, Trees & Palms will receive a balanced fertilizer at appropriate rates, typically in spring and fall months.

Scope of Services Summary
Annual Maintenance Outline
Irrigation Inspections & Maintenance 12 inspections
System will be routinely inspected for operational efficiency and condition.
Visual inspection will include controller and electronic components, spray and rotor heads and shrub risers.
Minor adjustments for efficiency will be made during inspection.
Repairs for malfunctioning, broken or worn out components (heads, line breaks, controllers and electronics, pumps, etc.) will be done after client approval.
Seasonal Color (Annuals) Installation
If cost is not included in the monthly billing, installation will be done upon authorized approval from Board of Directors or CAM.
Flower type will be selected based on climate, availability at time of install and coordination with adjacent neighborhood associations to ensure uniformity.
Flower beds will be maintained to remove faded or dead plants and to ensure optimal bloom production and neat appearance.
Commercial fertilizer will be applied to all areas at time of install with follow up applications of micro
nutrient, fungicide and pesticide based on flower type and Best Management Practices.
Standard Annuals to be used for quarterly changeouts. Premium varieties to incur additional cost.
Mulch & Pine Straw Installation
If cost is not included in the monthly billing, installation will be done upon authorized approval from Board of Directors or CAM.
Mulch will be installed at timeframe determined by HOA.
Mulch to be Dyed Hardwood Blend, installed 1x per year upon approval.
Installation method to be determined by contractor, either bagged product or bulk install with blower truck.
ADDITIONAL SERVICES AND TEAM EXPECTATIONS
Extra Services
We will provide extra/special services based on agreement and specifications set forth by the Client
Team Expectations
Our field personnel will be licensed for all applicable maintenance duties, included any pesticide applications, as required by law.
Appearance
Our team is required to maintain a professional and well-groomed appearance at all times.

Your Investment
Landscape Management Proposal

Contract Maintenance	Monthly	Yearly	
Core Maintenance
Includes Mowing, Edging,Weed-eating, Debris Blowing, Shrub Prun-ing,Tree Pruning (up to 10 ft.), Rejuvenation Pruning (native grass), Weeding & Cleanup. Dog stations changed out each visit.
Irrigation Inspections
Includes Adjusting Heads and Nozzles, Seasonal Clock Adjustments, with Monthly Reports
Fertilization & Chemical Treatments
IncludesTurf & Shrub Fertilization,Turf Fertilization & Pest Control Applications
Mulch 1x per year

Palm Pruning	$ 4,052	$ 48,624	
	
$ 261	
$ 3,132	
	
$ 106	
$ 1,272	
	
$ 159	
$ 1,908	
	$ 46	$ 552	
Total for Landscape Maintenance	$ 4,624	$ 55,488	

Additional Items	Quantity	Price	
Annuals		$ Per Request	
Additional Palm Pruning		$ Per Request	

SERVICES AGREEMENT

This	Services	Agreement	(the	“Agreement”)	is	entered	into	this		 day	of		,2026	between

Springhead Lakes South

(the “Customer”), and Florida ULS Operating, LLC DBA

United Land Services, LLC ,(the “Contractor”). Contractor is in the business of providing landscape maintenance services and Customer desires to contract with Contractor to provide landscape maintenance services to Customer and certain properties managed by Customer in accordance with the following terms and conditions of this Agreement.

Service Address:

Bill to Address

Nina Way St Cloud FL

219 E Livingston St Orlando FL 32801

Term. The initial term of the Agreement shall commence for a three (3) year period commencing on

9/1/26

and

ending on

8/31/29

. After expiration of the initial term, the Agreement shall continue on a month-to-month basis unless

terminated by either party upon thirty (30) days prior written notice.

Services. Contractor agrees to provide the Customer with the scope of services set forth in Exhibit A (the “Services”). Contractor agrees to provide all labor, material, equipment, and supervision to perform the duties outlined by this Agreement, except that Customer shall provide any water and utilities necessary for Contractor to perform the Services. Contractor warrants to the Customer that: (i) Contractor will perform the Services in a workmanlike manner in accordance with reasonable prevailing industry standards; (ii) Contractor shall comply with all applicable laws; (iii) Contractor has no outstanding agreement or obligation that is in conflict with any of the provisions of this Agreement or that would preclude Contractor from complying with the provisions of this Agreement. Contractor shall not be liable for any nonperformance, delays, or alleged deficient performance resulting from any environmental issues, including drought, hurricane, flooding, tornados, rainfall, storms, earthquakes, or other disasters or weather events, any governments actions or changes in law, any wars, acts of terrorism, epidemics, shortages, strikes or other labor issues, or other causes beyond the control of Contractor. Contractor’s liability to Customer for any alleged non-performance under this Agreement shall be expressly limited to the amount of compensation actually received by Contractor for the disputed scope of work.

Compensation. In consideration of the Contractor’s performance of the Services, the Customer agrees to pay Contractor the fees

set forth on Exhibit B for the total monthly amount of $

4,624

.	On each anniversary date of this Agreement, the agreed

upon fees for Contractor’s Services shall be increased by 3% over the previous year’s level or CPI, whichever is greater. Customer shall be responsible for all sales, use, and other taxes with respect to all amounts paid by the Customer to Contractor under this Agreement other than taxes on Contractor’s income. All payments shall be made by direct electronic payment.
Confidentiality. Customer acknowledges this agreement along with any documentation, financial data, designs and plans provided by the Contractor are confidential information and shall not be disclosed by the Customer to any other person or entity, except as required by law.

Late Payment. If payment is not received within 30 days of invoicing, a 1.5% per month late fee will be applied to all unpaid balances. Should Contractor need to pursue legal action to collect any amounts owed, Customer agrees to pay Contractor’s reasonable attorney’s fees, court costs, and all other expenses incurred.

Termination. Customer may terminate this Agreement for cause, if Contractor, after prior written notice per section 7, of any default hereunder, fails to cure that default within 30 days thereafter. Customer shall pay for all services performed up to the effective date of any valid termination. Contractor, upon 30 days prior written notice to Customer, may terminate this Agreement without cause.

Notices. Any notice required to be sent to the Contractor under this Agreement shall be sent to the following address unless

otherwise specified: Attention

John Borland

12276 San Jose Blvd, Suite 747, Jacksonville, Florida 32223. Any notice required

to be sent to the Customer under this Agreement shall be sent to the Service Address specified above, or to such other address as Customer hereafter provides.
Insurance. Contractor acknowledges and agrees that it shall be solely responsible for securing and maintaining all insurance coverage for itself and its employees, including without limitation, commercial general liability, workers’ compensation and employers’ liability, comprehensive automobile, and umbrella liability. Contractor shall provide proof of insurance coverage prior to commencement and shall not cancel or change any coverage without providing Customer written notice.

Licenses. Contractor shall maintain all applicable licenses and permits within the cities, counties, and states of operations.

Indemnification. Each party, to the extent permitted by law, will indemnify, defend and hold harmless the other party, its affiliates, and all of their directors, officers, employees, agents and representatives from and against all claims, liabilities, damages, losses or expenses to the extent arising out of any negligence, willful misconduct, breach of contract or violation of law for which the indemnifying party, its employees, agents, subcontractors, or assigns in the performance of work under this Agreement is at fault. In the event the parties are jointly at fault, each party will indemnify the other in proportion to its relative fault.

Right to Cure. Should customer determine that Contractor has provided defective, deficient, or destructive work (“complaint”, it shall provide written notice withing 48 hours of the alleged occurrence or any claim shall be deemed to be waived. Upon receipt of any said complaint, Contractor shall have seven (7) days to address any said complaint. The failure to allow the Contractor to address any complaint will serve as a waiver of any claim related to the alleged claim.

Contractual Lien. The Customer grants Contractor, in addition to any other rights and remedies allowed under the applicable law, a lien on the real and personal property related to the project to secure payment for all sums due and owing under this agreement. The Contractor shall be entitled to recover its reasonable attorney fees and costs in any action related to the recovery of sums owed by Customer.

Miscellaneous. Contractor enters into this Agreement as an independent contractor. Contractor shall be solely responsible for all taxes, withholdings, and other similar statutory obligations with respect to its employees, including without limitation, Worker’ Compensation Insurance. Either party may assign this Agreement to an affiliate or to any successor entity or purchaser of a substantial portion of the assets of such party that relate to the subject matter of this Agreement without the other party’s consent but with written notice. This Agreement shall be governed by the laws of the State of Florida. The exclusive jurisdiction for the resolution of any disputes arising out of or relating to this Agreement shall be in a court of competent jurisdiction in Duval County, Florida. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes and replaces all prior and contemporaneous understandings or agreements, written or oral, regarding such subject matter. No amendment or modification of this Agreement will be binding unless in writing and signed by a duly authorized representative of both parties.

[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned parties have executed this Agreement as of the day and year first above written.

Uniting partners through exceptional landscape services

Section C

Renewal

P.O. Box 1469
Eagle Lake, FL 33839 1-800-408-8882

AQUATIC PLANT MANAGEMENT
AGREEMENT
Submitted to:	Date:	February 6, 2026

Name

Address City Phone

Bridgewalk c/oGMS
219 E Livingston St Orlando, FL 32801
407-398-2890

This Agreement is between Applied Aquatic Management, Inc. hereafter called "AAM" and GMS hereafter called "Customer''.

The parties hereto agree as follows
AAM agrees to provide aquatic management services for a period of	12 months in accordance with the terms and conditions of this Agreement in the following sites:
North, South & East Shoreline of Lake Associated with Bridgewalk Located off of Cyrils Dr
St Cloud, FL

The AAM management program will include the control of the following categories of vegetation for the specified sum:

Submersed vegetation control
Emersed vegetation control
Floating vegetation control
Filamentous algae control
Shoreline grass & brush control

NA
Included
NA
Included Included

Service shall consist of a minimum of monthly inspections and/or treatments as needed to maintain control of noxious growth throughout the term of our service.

Customer agrees to pay AAM the following amounts during the term of this Agreement:

The terms of this agreement shall be: 10/01/2026 thru 09/30/2027
Agreement will automatically renew as per Term & Condition 14.
Start-up Charge		NA	Due at the start of work Maintenance Fee	$342.00	Due	monthly
Total Annual Cost	$4,104.00

as billed	x16

Date:	2/6/2026

Invoices are due and payable within 30 days. Overdue accounts may accrue a service charge of 1 112% per month
AAM agrees to commence treatment within	NA days, weather permitting, from the date of execution or receipt of the proper permits.
Customer acknowledges that he has read and is familiar with the additional terms and conditions printed on the reverse side which are incorporated in this agreement.

Accepted	Date:

P.O. Box 1469
Eagle Lake, FL 33839
1-800-408-8882

AQUATIC PLANT MANAGEMENT
AGREEMENT

Submitted to:	Date:	February 6, 2026

Name

Address City Phone

Bridgewalk COD
c/o GMS Central Florida 219 E. Livingston St.
Orlando, FL 32801
407-398-2890

This Agreement is between Applied Aquatic Management, Inc. hereafter called "AAM" and GMS hereafter called "Customer''.

The parties hereto agree as follows
AAM agrees to provide aquatic management services for a period of	12 months in accordance with the terms and conditions of this Agreement in the following sites:

Phase II C Tract 8 Pond

The AAM management program will include the control of the following categories of vegetation for the specified sum:

Shoreline grass & brush control
Emersed vegetation control
Floating vegetation control
Filamentous algae control
Submersed vegetation control

Included Included Included Included Included

Service shall consist of a minimum of monthly inspections and/or treatments as needed to maintain control of noxious growth throughout the term of our service.

Customer agrees to pay AAM the following amounts during the term of this Agreement:

The terms of this agreement shall be: 10/01/2026 thru 09/30/2027.
Agreement will automatically renew as per Term & Condition 14.
Start-up Charge	NA	Due at the start of work
Maintenance Fee	$79.00	Due	monthly
Total Annual Cost	$948.00

as billed	X 12.

Date:	2/6/2026

Invoices are due and payable within 30 days. Overdue accounts may accrue a seNice charge of 1 112% par month
AAM agrees to commence treatment within	NA days, weather permitting, from the date of execution or receipt of the proper permits.
Customer acknowledges that he has read and is familiar with the additional terms and conditions printed on the reverse side which are incorporated in this agreement.

Accepted	Date:

lied

EMENT, INC.

fiC

P.O. Box 1469
Eagle Lake, FL 33839 1-800-408-8882

AQUATIC PLANT MANAGEMENT
AGREEMENT
Submitted to:	GMS Central Florida	Date:	April 14, 2026

Name Address City Phone

Bridgewalk COD Phase II 219 E. Livingston St.
Orlando, FL 32801
407-398-2890

This Agreement is between Applied Aquatic Management, Inc. hereafter called "AAM" and GMS hereafter called "Customer''.

The parties hereto agree as follows
AAM agrees to provide aquatic management services for a period of	12 months in accordance with the terms and conditions of this Agreement in the following sites:

Phase II C Tract 9 Pond

The AAM management program will include the control of the following categories of vegetation for the specified sum:

Shoreline grass & brush control
Emersed vegetation control
Floating vegetation control
Filamentous algae control
Submersed vegetation control

Included Included Included Included Included

Service shall consist of a minimum of monthly inspections and/or treatments as needed to maintain control of noxious growth throughout the term of our service.

Customer agrees to pay AAM the following amounts during the term of this Agreement:

The terms of this agreement shall be: 10/1/2026 thru 9/30/2027.
Agreement will automatically renew as per Term & Condition 14.
Start-up Charge		NA	Due at the start of work Maintenance Fee	$195.00	Due	monthly
Total Annual Cost	$2,340.00

as billed	X 12.

Invoices are due and payable within 30 days. Overdue accounts may accrue a seNice charge of 1 112% per month
AAM agrees to commence treatment within	NA	days, weather permitting, from the date of execution or receipt of the proper permits.
The Agreement shall have no force & is withdrawn unless executed and returned by Customer to AAM on or before
	Mat 14, 2026	
Customer acknowledges that he has read and is familiar with the additional terms and conditions printed on the reverse side which are incorporated in this agreement.

Submitted: Telly R. Sc		Date:	4/14/2026
�	AAM		-

Accepted	Date:

Customer

ied

EMENT, INC.

fiC

P.O. Box 1469
Eagle Lake, FL 33839 1-800-408-8882

AQUATIC PLANT MANAGEMENT
AGREEMENT
Submitted to:	GMS	Date:	April 13, 2026

Name Address City Phone

Springhead Lake South 219 E. Livingston St.
Orlando, FL 32801
407-398-2890

This Agreement is between Applied Aquatic Management, Inc. hereafter called "AAM" and GMS hereafter called "Customer''.
The parties hereto agree as follows
AAM agrees to provide aquatic management services for a period of	18 months in accordance with the terms and conditions of this Agreement in the following sites:

Six(6) Stormwater Ponds associated with Springhead Lake South located near:
Pond #2	$630.00	Pond #5	$90.00	
Pond #3	$360.00	Pond #6	$270.00	
Pond #4	$45.00	Pond #7	$45.00	
5683 Wood Bridge Place St. Cloud, FL 34771

The AAM management program will include the control of the following categories of vegetation for the specified sum:

Shoreline grass & brush control
Emersed vegetation control
Floating vegetation control
Filamentous algae control
Submersed vegetation control

Included Included Included Included Included

Service shalt consist of a minimum of monthly inspections and/or treatments as needed to maintain control of noxious growth throughout the term of our service.
Customer agrees to pay AAM the following amounts during the term of this Agreement:
The terms of this agreement shall be: 4/01/2026 thru 9/30/2027.
Agreement will automatically renew as per Term & Condition 14.
Start-up Charge	NA	Due at the start of work
Maintenance Fee	$1,440.00	Due	monthly	as billed	X 18.	
Total Annual Cost	$25,920.00					

Invoices are due and payable within 30 days. Overdue accounts may accrue a service charge of 1 112% per month
AAM agrees to commence treatment within	NA days, weather permitting, from the date of execution or receipt of the proper permits.
The Agreement shall have no force & is withdrawn unless executed and returned by Customer to AAM on or before
	Mai'.13, 2026	
Customer acknowledges that he has read and is familiar with the additional terms and conditions printed on the reverse side which are incorporated in this agreement.

Submitted: Te." � � •

Date:	4/13/2026

Accepted	Date:

Customer

Terms and Conditions
The AAM Aquatic Plant Management Program will be conducted in a manner consistent with good water management practice using only chemicals which have a wide margin of safety for fish, waterfowl and human life and in conformance with applicable State and Federal Laws, regulations and rules. AAM agrees to indemnify Customer for any violation of such laws, rules or regulations.
Federal & State regulations require that various time-use restrictions be observed during & following treatment. AAM agrees to notify Customer of such restrictions verbally &/or by posting the restrictions at several readily visible locations on the perimeter of each body of water at the time of treatment. It shall be the Customer's responsibility
to observe the restrictions throughout the required period. Customer understands & agrees that notwithstanding any other provisions of this Agreement, AAM does not assume any liability by any party to be notified, or to observe,
the regulations.
The AAM Aquatic Plant Management Program is devised so that water areas are brought into a maintenance configuration as rapidly after their start, consistent with responsible management practices. Some forms of vegetation (particularly grasses & cattail) have visible residues after chemical treatment. Customer is responsible for removing such residues.
In addition to the amounts noted on the face of this Agreement, Customer shall also pay fees, taxes (including sales taxes) or charges that might be imposed by any government body with respect to the services offered herein.
This Agreement shall have as its effective date the first day of the month in which services are first rendered to Customer and shall terminate upon the last day of a month.
AAM is licensed & insured. Certificates of Insurance will be provided upon Customers request.
If at any time during the term of this Agreement, Customer does not feel AAM is performing in a satisfactory manner Customer shall promptly notify AAM who shall investigate the cause of Customer's lack of satisfaction & attempt to cure same. If nonsatisfactory performance continues, this Agreement may be voided by either party giving thirty days written notice & payment of all monies owing to the effective date of termination, which shall be the last day of the month.
Neither party shall be responsible in damages, penalties or otherwise for any failure or delay in the performance of any of its obligations hereunder caused by strikes, riots, war, acts of God, accidents, governmental orders & regulations, curtailment or failure to obtain sufficient material, or other forces (whether or not of the same class or kind as those set forth above) beyond its reasonable control & which, by the exercise of due diligence, it is unable to overcome.
AAM agrees to hold Customer harmless from any loss, damage or claims arising out of the sole negligence of AAM however, AAM shall in no event be liable to Customer or others, for indirect, special or consequential damages resulting from any cause whatsoever.
This Agreement shall be governed by and construed in accordance with the laws of the State of Florida
In the event a legal action is necessary to enforce any of the provisions of this Agreement, the prevailing party is entitled to recover legal costs & reasonable attorney fees.
This Agreement constitutes the entire Agreement of the parties hereto & no oral or written alterations or modifications of the terms contained herein shall be valid unless made in writing & accepted by an authorized representative of AAM & Customer.
This Agreement may not be assigned by Customer without the prior written consent of AAM.
This Agreement shall automatically renew for term equal to its original term, unless a "Notice of Cancellation" has been received. The contract amount shall be adjusted at a minimum rate of 3% increase per year on the anniversary date of this Agreement. Unless otherwise agreed to in writing, by both parties, services shall be continuous without interruption.

text

0	X
Area & Estimated Volumes

Area,tt•
Perimetel",ft	Surface, tt•  Volume, yd1
1,347,835
15,620.7	1,360,423
983.7	27,045	Oeplh
27,146
I	1,368.7	120,704	Depth
121,718
815.3	28,378	Depth
28,675
666.9	17,130	Depth
17,212
2,410.3	185,895	Depth
186,634
3,042.5	293,284	Depth
294,686
6,333.2	675,400	Depth
684,352

BJSave as Exh1b1t

Section VII

Section A

Bridgewalk Community Development District Performance Measures/Standards &
Annual Reporting Form
October 1, 2026 – September 30, 2027

 Community Communication and Engagement
Goal 1.1: Public Meetings Compliance
Objective: Hold at least three regular Board of Supervisor meetings per year to conduct CDD related business and discuss community needs.
Measurement: Number of public board meetings held annually as evidenced by meeting minutes and legal advertisements.
Standard: A minimum of three board meetings were held during the Fiscal Year.
Achieved: Yes ☐ No ☐

Goal 1.2: Notice of Meetings Compliance
Objective: Provide public notice of meetings in accordance with Florida Statutes, using at least two communication methods.
Measurement: Timeliness and method of meeting notices as evidenced by posting to CDD website, publishing in local newspaper and via electronic communication.
Standard: 100% of meetings were advertised per Florida statute on at least two mediums (i.e., newspaper, CDD website, electronic communications).
Achieved: Yes ☐ No ☐

Goal 1.3: Access to Records Compliance
Objective: Ensure that meeting minutes and other public records are readily available and easily accessible to the public by completing monthly CDD website checks.
Measurement: Monthly website reviews will be completed to ensure meeting minutes and other public records are up to date as evidenced by District Management’s records.
Standard: 100% of monthly website checks were completed by District Management.
Achieved: Yes ☐ No ☐

 Infrastructure and Facilities Maintenance
Goal 2.1: Field Management and/or District Management Site Inspections
Objective: Field manager and/or district manager will conduct inspections per District Management services agreement to ensure safety and proper functioning of the District’s infrastructure.
Measurement: Field manager and/or district manager visits were successfully completed per management agreement as evidenced by ﬁeld manager and/or district manager’s reports, notes or other record keeping method.
Standard: 100% of site visits were successfully completed as described within district management services agreement
Achieved: Yes ☐ No ☐

Goal 2.2: District Infrastructure and Facilities Inspections
Objective: District Engineer will conduct an annual inspection of the District’s infrastructure and related systems.
Measurement: A minimum of one inspection completed per year as evidenced by district engineer’s report related to district’s infrastructure and related systems.
Standard: Minimum of one inspection was completed in the Fiscal Year by the district’s engineer.
Achieved: Yes ☐ No ☐
 Financial Transparency and Accountability
Goal 3.1: Annual Budget Preparation
Objective: Prepare and approve the annual proposed budget by June 15 and ﬁnal budget was adopted by September 30 each year.
Measurement: Proposed budget was approved by the Board before June 15 and ﬁnal budget was adopted by September 30 as evidenced by meeting minutes and budget documents listed on CDD website and/or within district records.
Standard: 100% of budget approval & adoption were completed by the statutory deadlines and posted to the CDD website.
Achieved: Yes ☐ No ☐
Goal 3.2: Financial Reports
Objective: Publish to the CDD website the most recent versions of the following documents: Annual audit, current ﬁscal year budget with any amendments, and most recent ﬁnancials within the latest agenda package.
Measurement: Annual audit, previous years’ budgets, and ﬁnancials are accessible to the public as evidenced by corresponding documents on the CDD’s website.
Standard: CDD website contains 100% of the following information: Most recent annual audit, most recent adopted/amended ﬁscal year budget, and most recent agenda package with updated ﬁnancials.
Achieved: Yes ☐ No ☐

Goal 3.3: Annual Financial Audit
Objective: Conduct an annual independent ﬁnancial audit per statutory requirements and publish the results to the CDD website for public inspection, and transmit to the State of Florida.
Measurement: Timeliness of audit completion and publication as evidenced by meeting minutes showing board approval and annual audit is available on the CDD’s website and transmitted to the State of Florida.
Standard: Audit was completed by an independent auditing ﬁrm per statutory requirements and results were posted to the CDD website and transmitted to the State of Florida.
Achieved: Yes ☐ No ☐

Chair/Vice Chair:		Date:	 Print Name:	 
Bridgewalk Community Development District

District Manager:		Date:	 Print Name:	 
Bridgewalk Community Development District

Section B

Bridgewalk Community Development District Performance Measures/Standards &
Annual Reporting Form
October 1, 2025 – September 30, 2026

 Community Communication and Engagement
Goal 1.1: Public Meetings Compliance
Objective: Hold at least three regular Board of Supervisor meetings per year to conduct CDD related business and discuss community needs.
Measurement: Number of public board meetings held annually as evidenced by meeting minutes and legal advertisements.
Standard: A minimum of three board meetings were held during the Fiscal Year.
Achieved: Yes ☐ No ☐

Goal 1.2: Notice of Meetings Compliance
Objective: Provide public notice of meetings in accordance with Florida Statutes, using at least two communication methods.
Measurement: Timeliness and method of meeting notices as evidenced by posting to CDD website, publishing in local newspaper and via electronic communication.
Standard: 100% of meetings were advertised per Florida statute on at least two mediums (i.e., newspaper, CDD website, electronic communications).
Achieved: Yes ☐ No ☐

Goal 1.3: Access to Records Compliance
Objective: Ensure that meeting minutes and other public records are readily available and easily accessible to the public by completing monthly CDD website checks.
Measurement: Monthly website reviews will be completed to ensure meeting minutes and other public records are up to date as evidenced by District Management’s records.
Standard: 100% of monthly website checks were completed by District Management.
Achieved: Yes ☐ No ☐

 Infrastructure and Facilities Maintenance
Goal 2.1: Field Management and/or District Management Site Inspections
Objective: Field manager and/or district manager will conduct inspections per District Management services agreement to ensure safety and proper functioning of the District’s infrastructure.
Measurement: Field manager and/or district manager visits were successfully completed per management agreement as evidenced by ﬁeld manager and/or district manager’s reports, notes or other record keeping method.
Standard: 100% of site visits were successfully completed as described within district management services agreement
Achieved: Yes ☐ No ☐

Goal 2.2: District Infrastructure and Facilities Inspections
Objective: District Engineer will conduct an annual inspection of the District’s infrastructure and related systems.
Measurement: A minimum of one inspection completed per year as evidenced by district engineer’s report related to district’s infrastructure and related systems.
Standard: Minimum of one inspection was completed in the Fiscal Year by the district’s engineer.
Achieved: Yes ☐ No ☐
 Financial Transparency and Accountability
Goal 3.1: Annual Budget Preparation
Objective: Prepare and approve the annual proposed budget by June 15 and ﬁnal budget was adopted by September 30 each year.
Measurement: Proposed budget was approved by the Board before June 15 and ﬁnal budget was adopted by September 30 as evidenced by meeting minutes and budget documents listed on CDD website and/or within district records.
Standard: 100% of budget approval & adoption were completed by the statutory deadlines and posted to the CDD website.
Achieved: Yes ☐ No ☐
Goal 3.2: Financial Reports
Objective: Publish to the CDD website the most recent versions of the following documents: Annual audit, current ﬁscal year budget with any amendments, and most recent ﬁnancials within the latest agenda package.
Measurement: Annual audit, previous years’ budgets, and ﬁnancials are accessible to the public as evidenced by corresponding documents on the CDD’s website.
Standard: CDD website contains 100% of the following information: Most recent annual audit, most recent adopted/amended ﬁscal year budget, and most recent agenda package with updated ﬁnancials.
Achieved: Yes ☐ No ☐

Goal 3.3: Annual Financial Audit
Objective: Conduct an annual independent ﬁnancial audit per statutory requirements and publish the results to the CDD website for public inspection, and transmit to the State of Florida.
Measurement: Timeliness of audit completion and publication as evidenced by meeting minutes showing board approval and annual audit is available on the CDD’s website and transmitted to the State of Florida.
Standard: Audit was completed by an independent auditing ﬁrm per statutory requirements and results were posted to the CDD website and transmitted to the State of Florida.
Achieved: Yes ☐ No ☐

Chair/Vice Chair:		Date:	 Print Name:	 
Bridgewalk Community Development District

District Manager:		Date:	 Print Name:	 
Bridgewalk Community Development District

Section VIII

Section C

Section 1

Bridgewalk
Community Development District
Summary of Invoices

July 01, 2026 - July 31, 2026

Fund	Date	Check No.'s	Amount	
General Fund	
7/8/26	
376	
$	5,752.96	
	7/14/26	377-378	5,902.35	
	7/22/26	379	9,990.00	
			$	21,645.31	
Payroll	
July 2026			
	Adam Morgan	50144	$	184.70	
	Michelle Dudley	50145	184.70	
	Patrick Bonin Jr.	50146	184.70	
			$	554.10	
	TOTAL		$ 22,199.41	

AP300R	YEAR-TO-DATE ACCOUNTS PAYABLE PREPAID/COMPUTER CHECK REGISTER	RUN	8/09/26	PAGE	1
*** CHECK DATES 07/01/2026 - 07/31/2026 ***	BRIDGEWALK - GENERAL FUND
BANK A GENERAL FUND
CHECK	VEND#	.....INVOICE..... ...EXPENSED TO...		VENDOR NAME	STATUS	AMOUNT	....CHECK..... DATE			DATE	INVOICE	YRMO	DPT ACCT# SUB	SUBCLASS				AMOUNT	#
7/08/26 00008	6/30/26 214257	202606 320-53800-46300	*	5,752.96
RPLC 5 DAMAGED PLANTS
FLORIDA ULS OPERATING LLC DBA	5,752.96 000376

7/14/26 00001	7/01/26	
	7/01/26	
	7/01/26	
	7/01/26	
	7/01/26	
	7/01/26	
	7/01/26	

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
117	202607 320-53800-12000	*	1,433.00
FIELD MANAGEMENT JUL26
118	202607 310-51300-34000	*	3,433.33
MANAGEMENT FEES JUL26
118	202607 310-51300-35200	*	108.17
WEBSITE ADMIN FEE JUL26
118	202607 310-51300-35100	*	162.25
INFORMATION TECH JUL26
118	202607 310-51300-31300	*	630.92
DISSEMINATION FEE JUL26
118	202607 310-51300-51000	*	.09
OFFICE SUPPLIES JUL26
118	202607 310-51300-42000	*	33.19
POSTAGE JUL26
7/01/26 118	202607 310-51300-42500	*	2.40
COPIES JUL26
GOVERNMENTAL MANAGEMENT SERVICES	5,803.35 000377
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
7/14/26 00002	7/13/26 154430	202606 310-51300-31500	*	99.00
AGENDA/ULS&AA AMENDMENT
LATHAM LUNA EDEN AND BEAUDINE LLP	99.00 000378
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
7/22/26 00008	7/20/26 216314	202607 320-53800-46200	*	9,990.00
LANDSCAPE MAINT JUL26
FLORIDA ULS OPERATING LLC DBA	9,990.00 000379
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
TOTAL FOR BANK A	21,645.31
TOTAL FOR REGISTER	21,645.31

BWLK BRIDGEWALK	TVISCARRA

Section 2

Bridgewalk
Community Development District

Unaudited Financial Reporting
July 31, 2026

	Table of Contents	

1	
Balance Sheet	

2-3	

General Fund Income Statement	

4	

Debt Service Fund Series 2022 Income Statement	

5	

Debt Service Fund Series 2023 Income Statement	

6	

Capital Projects Fund Series 2022 Income Statement	

7	

Capital Projects Fund Series 2023 Income Statement	

8	

Month to Month	

9	

Long Term Debt Summary	

10	

Assessment Receipt Schedule	

11	

Construction Schedule Series 2022	

12	

Construction Schedule Series 2023	

Bridgewalk
Community Development District Balance Sheet
July 31, 2026

	General Fund	Debt Service Fund	Capital Projects Fund	Totals Governmental Funds	
Assets:					
Cash - Truist Bank
Investments: Series 2022	$	49,621	$	-	$	-	$	49,621	
Reserve	-	123,450	-	123,450	
Revenue	-	118,863	-	118,863	
Construction Series 2023
Reserve	-

-	

189,674	11,755

-	11,755

189,674	
Revenue	-	249,550	-	249,550	
Construction	-	-	8,309	8,309	
State Board of Administration	332,057	-	-	332,057	
Due from Capital	21,490	-	-	21,490	
Due from Developer	19,769	-	-	19,769	
Total Assets	$	422,936	$	681,537	$	20,064	$	1,124,537	
Liabilities:					
Accounts Payable	$	1,232	$	-		$	-		$	1,232	
FICA Payable		92			-			-		92	
Total Liabilities	$	1,323	$	-		$	-		$	1,323	

Fund Balances:
Assigned For Debt Service 2022	

$	-	

$	242,313	

$	-	

$	242,313	
Assigned For Debt Service 2023	-	439,224	-	439,224	
Assigned For Capital Projects 2022	-	-	11,755	11,755	
Assigned For Capital Projects 2023	-	-	8,309	8,309	
Unassigned	421,613	-	-	421,613	
Total Fund Balances	$	421,613	$  681,536.77	$	20,064	$	1,123,214	
					
Total Liabilities & Fund Equity	$	422,936	$	681,537	$	20,064	$	1,124,537	

Bridgewalk
Community Development District General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance For The Period Ending July 31, 2026

Adopted	Prorated Budget	Actual	
Budget	Thru 07/31/26	Thru 07/31/26	Variance	

Revenues:		
Special Assessments - Tax Roll	$	491,473	$	491,473	$	492,830	$	1,357	
Interest	12,000	10,000	13,740	3,740	
Total Revenues	$	503,473	$	501,473	$	506,570	$	5,097	

Expenditures:					
Administrative:					
Supervisor Fees	$	12,000	$	10,000	$	3,800	$	6,200	
FICA Expense	918	765	291	474	
Engineering Fees	9,500	7,917	4,530	3,387	
Attorney	25,000	20,833	6,503	14,330	
Arbitrage	900	900	900	-	
Dissemination	7,571	6,309	6,309	(0)	
Dissemination - DTS	1,500	750	750	-	
Annual Audit	4,600	4,600	3,200	1,400	
Trustee Fees	8,869	8,869	8,701	168	
Assessment Administration	5,732	5,732	5,732	-	
Management Fees	41,200	34,333	34,333	0	
Information Technology	1,947	1,623	1,623	-	
Website Maintenance	1,298	1,082	1,082	(0)	
Telephone	300	250	-	250	
Postage	500	417	176	241	
Printing & Binding	250	208	94	114	
Insurance	7,196	7,196	6,309	887	
Legal Advertising	2,500	2,083	7,895	(5,812)	
Other Current Charges	600	500	500	0	
Office Supplies	250	208	2	206	
Property Appraiser	400	400	475	(75)	
Dues, Licenses & Subscriptions	175	175	175	-	
Total Administrative:	$	133,206	$	115,150	$	93,380	$	21,770	

Bridgewalk
Community Development District General Fund
Statement of Revenues, Expenditures, and Changes in Fund Balance For The Period Ending July 31, 2026

Adopted	Prorated Budget	Actual	
Budget	Thru 07/31/26	Thru 07/31/26	Variance	

Operations & Maintenance		
Field Services	$	17,196	$	14,330	$	14,330	$	-	
Property Insurance	2,299	2,299	1,809	490	
Electric	2,400	2,000	355	1,645	
Streetlights	154,350	128,625	131,427	(2,802)	
Water & Sewer	88,895	74,079	74,323	(244)	
Landscape Maintenance	119,880	99,900	99,900	-	
Landscape Contingency	10,000	8,333	18,370	(10,037)	
Lake Maintenance	6,720	5,600	6,140	(540)	
Irrigation Repairs	15,000	12,500	3,665	8,835	
Janitorial Services	4,320	3,600	-	3,600	
Repairs & Maintenance	2,500	2,083	1,170	913	
Contingency	2,500	2,083	-	2,083	
Hurricane Expenses	-	-	-	-	
Total Operations & Maintenance:	$	426,060	$	355,433	$	351,489	$	3,944	
					
Total Expenditures	$	559,266	$	470,584	$	444,869	$	25,715	
					
Excess Revenues (Expenditures)	$	(55,793)		$	61,701		
					
Fund Balance - Beginning	$	55,793		$	359,912		
					
Fund Balance - Ending	$	-		$	421,613		

Bridgewalk
Community Development District Debt Service Fund - Series 2022
Statement of Revenues, Expenditures, and Changes in Fund Balance For The Period Ending July 31, 2026

Adopted	Prorated Budget	Actual	
Budget	Thru 07/31/26	Thru 07/31/26	Variance	

Revenues:		
Special Assessments	$	246,900	$	246,900	$	247,825	$	925	
Interest	11,500	9,583	9,052	(532)	
Total Revenues	$	258,400	$	256,483	$	256,876	$	393	

Expenditures:					
Series 2022
Interest - 12/15	

$	73,719	

$	73,719	

$	73,719	

$	-	
Principal - 06/15	100,000	100,000	100,000	-	
Interest - 06/15	73,719	73,719	73,719	-	
Total Expenditures	$	247,438	$	247,438	$	247,438	$	-	

Other Sources/(Uses)					
Transfer In/(Out)	$	(4,500)	$	(3,750)	$	(3,357)	$	(393)	
Total Other Financing Sources (Uses)	$	(4,500)	$	(3,750)	$	(3,357)	$	(393)	
					
Excess Revenues (Expenditures)	$	6,463		$	6,082		
					
Fund Balance - Beginning	$	111,591		$	236,231		
					
Fund Balance - Ending	$	118,054		$	242,313		

Bridgewalk
Community Development District Debt Service Fund - Series 2023
Statement of Revenues, Expenditures, and Changes in Fund Balance For The Period Ending July 31, 2026

	Adopted		Prorated Budget		Actual		
		Budget		Thru 07/31/26		Thru 07/31/26		Variance	
Revenues:									
Special Assessments - Tax Roll	$	377,387	$	377,387	$	378,391	$	1,004	
Interest		12,000		10,000		13,934		3,934	
Total Revenues	$	389,387	$	387,387	$	392,326	$	4,939	

Expenditures:									
Series 2023
Interest - 12/15	

$	

154,469	

$	

154,469	

$	

154,469	

$	

-	
Principal - 12/15		65,000		65,000		65,000		-	
Interest - 06/15		152,681		152,681		152,681		-	
Total Expenditures	$	372,150	$	372,150	$	372,150	$	-	

Other Sources/(Uses)									
Transfer In/(Out)	$	(5,000)	$	(4,167)	$	(6,625)	$	2,459	
Total Other Financing Sources (Uses)	$	(5,000)	$	(4,167)	$	(6,625)	$	2,459	
									
Excess Revenues (Expenditures)	$	12,237			$	13,550			
									
Fund Balance - Beginning	$	236,519			$	425,674			
									
Fund Balance - Ending	$	248,756			$	439,224			

Bridgewalk
Community Development District Capital Projects Fund - Series 2022
Statement of Revenues, Expenditures, and Changes in Fund Balance For The Period Ending July 31, 2026

	Adopted		Prorated Budget	Actual		
		Budget		Thru 07/31/26	Thru 07/31/26	Variance	
Revenues:							
Interest	$		-	$	-	$	265	$	265	
Total Revenues	$		-	$	-	$	265	$	265	

Expenditures:							
Series 2022
Capital Outlay	

$		

-	$	

-	$	

-	

$	-	
Total Expenditures	$		-	$	-	$	-	$	-	

Other Financing Sources/(Uses)							
Transfer In/(Out)	$		-	$	-	$	3,357	$	(3,357)	
Total Other Financing Sources (Uses)	$		-	$	-	$	3,357	$	(3,357)	
							
Excess Revenues (Expenditures)	$		-	$	3,621		
							
Fund Balance - Beginning	$		-	$	8,134		
							
Fund Balance - Ending	$		-	$	11,755		

Bridgewalk
Community Development District Capital Projects Fund - Series 2023
Statement of Revenues, Expenditures, and Changes in Fund Balance For The Period Ending July 31, 2026

Adopted	Prorated Budget	Actual	
Budget	Thru 07/31/26	Thru 07/31/26	Variance	

Revenues:		
Interest	$	-	$	-	$	492	$	492	
Total Revenues	$	-	$	-	$	492	$	492	

Expenditures:					
Series 2023
Capital Outlay	

$	

-	$	

-	$	18,025	

$	(18,025)	
Total Expenditures	$	-	$	-	$	18,025	$	(18,025)	

Other Financing Sources/(Uses)					
Transfer In/(Out)	$	-	$	-	$	6,625	$	(6,625)	
Total Other Financing Sources (Uses)	$	-	$	-	$	6,625	$	(6,625)	
					
Excess Revenues (Expenditures)	$	-	$	(10,908)		
					
Fund Balance - Beginning	$	-	$	19,217		
					
Fund Balance - Ending	$	-	$	8,309		

Bridgewalk
Community Development District Month to Month
	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sept	Total	
Revenues:														
Special Assessments - Tax Roll	$	-	$	32,964  $	443,675	$	4,846	$	861	$	3,478	$	4,518	$	565	$	1,923	$	-	$	-	$	-	$	492,830	
Interest	963	714	1,195	1,978	1,682	1,734	1,542	1,470	1,246	1,216	-	-	13,740	
Total Revenues	$	963  $  33,677  $  444,870	$	6,824	$	2,542	$	5,212	$	6,060	$	2,036	$	3,168	$	1,216	$	-	$	-	$	506,570	

Expenditures:										
Administrative:
Supervisor Fees	
$	-	$	-	$	-	
$	600	
$	800	
$	600	
$	600	
$	600	
$	-	
$	600	
$	-	$	-	$	3,800	
FICA Expense	-	-	-	46	61	46	46	46	-	46	-	-	291	
Engineering Fees	-	-	-	2,800	908	-	-	823	-	-	-	-	4,530	
Attorney	421	31	-	1,424	1,674	1,425	902	528	99	-	-	-	6,503	
Arbitrage	-	-	-	-	-	-	900	-	-	-	-	-	900	
Dissemination	631	631	631	631	631	631	631	631	631	631	-	-	6,309	
Dissemination - DTS	750	-	-	-	-	-	-	-	-	-	-	-	750	
Annual Audit	-	-	-	-	-	3,200	-	-	-	-	-	-	3,200	
Trustee Fees	-	-	4,256	-	-	4,445	-	-	-	-	-	-	8,701	
Assessment Administration	5,732	-	-	-	-	-	-	-	-	-	-	-	5,732	
Management Fees	3,433	3,433	3,433	3,433	3,433	3,433	3,433	3,433	3,433	3,433	-	-	34,333	
Information Technology	162	162	162	162	162	162	162	162	162	162	-	-	1,623	
Website Maintenance	108	108	108	108	108	108	108	108	108	108	-	-	1,082	
Telephone	-	-	-	-	-	-	-	-	-	-	-	-	-	
Postage	15	5	3	12	4	26	4	65	10	33	-	-	176	
Printing & Binding	-	-	7	-	4	59	5	13	4	2	-	-	94	
Insurance	6,309	-	-	-	-	-	-	-	-	-	-	-	6,309	
Legal Advertising	677	-	-	-	-	-	2,824	4,394	-	-	-	-	7,895	
Other Current Charges	57	42	57	41	42	57	50	57	42	56	-	-	500	
Office Supplies	0	0	0	0	0	0	0	1	0	0	-	-	2	
Property Appraiser	-	-	-	-	475	-	-	-	-	-	-	-	475	
Dues, Licenses & Subscriptions	175	-	-	-	-	-	-	-	-	-	-	-	175	
Total Administrative:	$  18,470  $	4,412  $	8,657	$	9,258	$	8,302	$  14,193	$	9,664	$  10,861	$	4,490	$	5,073	$	-	$	-	$	93,380	

Operations & Maintenance
Field Services	

$	1,433  $	1,433  $	1,433	

$	1,433	

$	1,433	

$	1,433	

$	1,433	

$	1,433	

$	1,433	

$	1,433	

$	-	$	-	$	14,330	
Property Insurance	1,809	-	-	-	-	-	-	-	-	-	-	-	1,809	
Electric	33	34	35	43	39	36	34	34	34	33	-	-	355	
Streetlights	7,223	13,754	13,765	13,732	13,835	13,852	13,776	13,819	13,868	13,802	-	-	131,427	
Water & Sewer	3,628	4,234	4,920	9,541	12,446	9,337	7,785	4,699	6,925	10,808	-	-	74,323	
Landscape Maintenance	9,990	9,990	9,990	9,990	9,990	9,990	9,990	9,990	9,990	9,990	-	-	99,900	
Landscape Contingency	-	-	12,617	-	-	-	-	-	5,753	-	-	-	18,370	
Lake Maintenance	409	409	409	409	409	2,459	409	409	409	409	-	-	6,140	
Irrigation Repairs	1,181	-	-	1,194	913	-	378	-	-	-	-	-	3,665	
Janitorial Services	-	-	-	-	-	-	-	-	-	-	-	-	-	
Repairs & Maintenance	-	735	-	435	-	-	-	-	-	-	-	-	1,170	
Contingency	-	-	-	-	-	-	-	-	-	-	-	-	-	
Hurricane Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	
Total Operations & Maintenance:	$  25,706  $  30,590  $  43,169	$  36,777	$  39,065	$  37,106	$  33,805	$  30,384	$  38,413	$  36,476	$	-	$	-	$	351,489	
										
Total Expenditures	$  44,176  $  35,002  $  51,826	$  46,035	$  47,367	$  51,299	$  43,468	$  41,245	$  42,902	$  41,548	$	-	$	-	$	444,869	
										
Excess Revenues (Expenditures)	$	(43,213) $	(1,324) $  393,044	$	(39,211)	$	(44,824)	$	(46,087)	$	(37,408)	$	(39,209)	$	(39,734)	$	(40,332)	$	-	$	-	$	61,701	

Bridgewalk
Community Development District Long Term Debt Report

SERIES 2022, SPECIAL ASSESSMENT BONDS		
ASSESSMENT AREA ONE PROJECT		
OPTIONAL REDEMPTION DATE:	6/15/2032		
INTEREST RATES:	2.500%, 3.000%, 3.250%, 4.000%		
MATURITY DATE:	12/15/2052		
RESERVE FUND DEFINITION	50% MAXIMUM ANNUAL DEBT SERVICE		
RESERVE FUND REQUIREMENT	$123,450		
RESERVE FUND BALANCE	$123,450		
BONDS OUTSTANDING - 02/22/22	$4,440,000	
LESS: PRINCIPAL PAYMENT - 06/15/23	($90,000)	
LESS: PRINCIPAL PAYMENT - 06/15/24	($95,000)	
LESS: PRINCIPAL PAYMENT - 06/15/25	($95,000)	
LESS: PRINCIPAL PAYMENT - 06/15/26	($100,000)	
CURRENT BONDS OUTSTANDING	$4,060,000	

SERIES 2023, SPECIAL ASSESSMENT BONDS		
ASSESSMENT AREA TWO PROJECT		
OPTIONAL REDEMPTION DATE:	12/15/2033		
INTEREST RATES:	5.500%, 6.250%, 6.500%		
MATURITY DATE:	12/15/2053		
RESERVE FUND DEFINITION	50% MAXIMUM ANNUAL DEBT SERVICE		
RESERVE FUND REQUIREMENT	$188,694		
RESERVE FUND BALANCE	$189,674		
BONDS OUTSTANDING - 11/16/23	$4,930,000	
LESS: PRINCIPAL PAYMENT - 12/15/24	($40,000)	
LESS: PRINCIPAL PAYMENT - 12/15/25	($65,000)	
CURRENT BONDS OUTSTANDING	$4,825,000	

Bridgewalk
COMMUNITY DEVELOPMENT DISTRICT

	Gross Assessments	$	522,895.91	$	262,943.48	$	401,475.48	$  1,187,314.87	
	Net Assessments	$	491,522.16	$	247,166.87	$	377,386.95	$  1,116,075.98	
TAX COLLECTOR ASSESSMENTS		
44.04%	
22.15%	
33.81%	
100.00%	

Special Assessment Receipts Fiscal Year 2026

Date	
Distribution	
Gross Amount	
Commissions	
Discount/Penalty	
Interest	
Net Receipts	
O&M Portion	2022 Debt Service Asmt	2023 Debt Service Asmt	
Total	

11/18/24	
ACH	
$1,475.57	
$27.96	
$77.47	
$0.00	
$1,370.14	
$603.41	
$303.43	
$463.30	
$1,370.14	
11/21/25	ACH	$78,102.40	$1,499.56	$3,124.06	$0.00	$73,478.78	$32,360.21	$16,272.66	$24,845.92	$73,478.79	
12/12/25	ACH	$1,034,162.92	$19,855.96	$41,365.64	$0.00	$972,941.32	$428,485.36	$215,468.18	$328,987.78	$972,941.32	
12/22/25	ACH	$36,634.45	$703.89	$1,439.91	$0.00	$34,490.65	$15,189.75	$7,638.32	$11,662.58	$34,490.65	
01/12/26	ACH	$788.64	$15.29	$23.66	$0.00	$749.69	$330.17	$166.03	$253.50	$749.70	
01/12/26	ACH	$9,921.79	$192.74	$284.94	$0.00	$9,444.11	$4,159.21	$2,091.50	$3,193.41	$9,444.12	
01/30/26	ACH	$0.00	$0.00	$0.00	$809.40	$809.40	$356.46	$179.25	$273.69	$809.40	
02/09/26	ACH	$2,035.23	$39.89	$40.71	$0.00	$1,954.63	$860.82	$432.87	$660.93	$1,954.62	
03/10/26	ACH	$8,140.98	$161.19	$81.41	$0.00	$7,898.38	$3,478.46	$1,749.18	$2,670.74	$7,898.38	
04/08/26	ACH	$788.63	$15.78	$0.00	$0.00	$772.85	$340.36	$171.16	$261.33	$772.85	
04/08/26	ACH	$9,667.38	$193.34	$0.00	$0.00	$9,474.04	$4,172.39	$2,098.13	$3,203.53	$9,474.05	
04/24/26	ACH	$0.00	$0.00	$0.00	$12.86	$12.86	$5.66	$2.85	$4.35	$12.86	
05/08/26	ACH	$1,310.18	$26.21	$0.00	$0.00	$1,283.97	$565.46	$284.35	$434.16	$1,283.97	
06/16/26	ACH	$4,454.61	$89.09	$0.00	$0.00	$4,365.52	$1,922.58	$966.79	$1,476.15	$4,365.52	
		$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
		$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	
	TOTAL	$	1,187,482.78	$	22,820.90	$	46,437.80	$	822.26	$ 1,119,046.34	$	492,830.30	$	247,824.70	$	378,391.37	$  1,119,046.37	

100.27%
$	(2,970.36)

Net Percent Collected Balance Remaining to Collect

Bridgewalk
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Bonds, Series 2022

Date	

Requisition #	

Contractor	

Description	

Requisition	
Fiscal Year 2026					
		TOTAL		$	-	

Fiscal Year 2026					
10/1/25		Interest		$	24.62	
10/2/05		Transfer from Reserve		375.01	
11/3/25		Interest		26.00	
11/4/25		Transfer from Reserve		376.72	
12/1/25		Interest		25.13	
12/2/25		Transfer from Reserve		348.82	
1/2/26		Interest		25.77	
1/5/26		Transfer from Reserve		342.17	
2/2/26		Interest		25.92	
2/23/26		Transfer from Reserve		332.33	
3/2/26		Interest		24.18	
3/3/26		Transfer from Reserve		298.18	
4/1/26		Interest		27.48	
4/2/26		Transfer from Reserve		328.11	
5/1/26		Interest		27.44	
5/4/26		Transfer from Reserve		316.51	
6/1/26		Interest		28.91	
6/2/26		Transfer from Reserve		323.72	
7/1/26		Interest		29.10	
7/2/26		Transfer from Reserve		315.10	
		TOTAL		$	3,621.22	
			
Project (Construction) Fund at 09/30/25	
$	8,133.65	
			Interest Earned/Transferred Funds thru 7/31/26	3,621.22	
			Requisitions Paid thru 7/31/26	-	
			Remaining Project (Construction) Fund	$	11,754.87	

Bridgewalk
COMMUNITY DEVELOPMENT DISTRICT
Special Assessment Bonds, Series 2023

Date	

Requisition #	

Contractor	

Description	

Requisition	
Fiscal Year 2026					
11/13/25	15	TraceAir Technologies, Inc.	Invoice #25489 - Advance scan services - Aug.26	$	1,690.00	
10/8/25	16	TraceAir Technologies, Inc.	Invoice #26359 - Advance scan services - Sept.25	1,690.00	
2/11/26	17	TraceAir Technologies, Inc.	Invoice #27221 - Advance scan services - Oct.25	1,690.00	
2/11/26	18	TraceAir Technologies, Inc.	Invoice #28091 - Advance scan services - Nov.25	1,690.00	
2/11/26	19	TraceAir Technologies, Inc.	Invoice #28903 - Advance scan services - Dec.25	3,145.00	
2/19/26	20	TraceAir Technologies, Inc.	Invoice #29731 - Advance scan services - Jan.26	2,300.00	
3/25/26	21	TraceAir Technologies, Inc.	Invoice #30502 - Advance scan services - Feb.26	2,300.00	
6/24/26	22	TraceAir Technologies, Inc.	Invoice #31337 - Advance scan services - Mar.26	2,300.00	
5/18/26	23	TraceAir Technologies, Inc.	Invoice #32282 - Advance scan services - Apr.26	2,300.00	
6/24/26	24	TraceAir Technologies, Inc.	Invoice #33208 - Advance scan services - May 26	2,300.00	
		TOTAL		$	21,405.00	

Fiscal Year 2026					
10/1/25		Interest		$	68.63	
11/3/25		Interest		68.50	
12/1/25		Interest		56.58	
12/11/25		Transfer from Reserve		3,587.08	
1/2/26		Interest		60.40	
2/2/26		Interest		62.05	
3/2/26		Interest		43.71	
4/1/26		Interest		36.72	
5/1/26		Interest		30.96	
5/11/26		Transfer from Reserve		3,038.24	
6/1/26		Interest		34.40	
7/1/26		Interest		30.13	
		TOTAL		$	7,117.40	
			
Project (Construction) Fund at 09/30/25	
$	22,596.69	
			Interest Earned/Transferred Funds thru 7/31/26	7,117.40	
			Requisitions Paid thru 7/31/26	(21,405.00)	
			Remaining Project (Construction) Fund	 $	8,309.09 	

Section 3

BOARD OF SUPERVISORS MEETING DATES BRIDGEWALK COMMUNITY DEVELOPMENT DISTRICT FISCAL YEAR 2027

The Board of Supervisors of the Bridgewalk Community Development District will hold their regular meetings for Fiscal Year 2027 at 10:30 a.m., or as shortly thereafter as reasonably possible, at the Oasis Club at ChampionsGate, 1520 Oasis Club Blvd., ChampionsGate, FL 33896, on the third Monday of the month, unless otherwise indicated, as follows:

October 19, 2026
November 16, 2026
December 21, 2026
January 18, 2027
February 15, 2027
March 15, 2027
April 19, 2027
May 17, 2027
June 21, 2027
July 19, 2027
August 16, 2027
September 20, 2027

The meetings are open to the public and will be conducted in accordance with the provision of Florida Law for Community Development Districts. The meetings may be continued to a date, time, and place to be specified on the record at the meeting. A copy of the agenda for these meetings may be obtained from the District Manager, Governmental Management Services – Central Florida, LLC, 219 E. Livingston Street, Orlando, FL 32801, by calling (407) 841-5524, during normal business hours, or by visiting the District’s website at https://bridgewalkcdd.com.

There may be occasions when one or more Supervisors or staff will participate by speaker telephone. Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations at this meeting because of a disability or physical impairment should contact the District Office at (407) 841-5524 at least 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 Office.

A person who decides to appeal any decision made at the meeting with respect to any matter considered at the meeting is advised that person will need a record of the 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.

George S. Flint District Manager
Governmental Management Services – Central Florida, LLC