Exhibit 10.88


 


ASSIGNMENT,
CONSENT AND Subordination


Of
DEVELOPMENT Agreement


 


THIS ASSIGNMENT, CONSENT
AND SUBORDINATION OF DEVELOPMENT AGREEMENT (this “Agreement”) is made as of May 14, 2014, by and among
CDP DEVELOPER I, LLC, a Georgia limited liability company (“Developer”) and UCFP OWNER, LLC, a Delaware
limited liability company; as Trustee under the BR/CDP Colonial Trust Agreement, dated December 15, 2013 (“Borrower”),
for the benefit of KEYBANK NATIONAL ASSOCIATION, a national banking association (together with its successors and assigns as the
lender in respect of the Loan referred to below, “Lender”).


 


RECITALS


 


A.           Borrower
is the owner of that certain tract or parcel of land located lying and being in Orange County, Florida holding title in trust for
the "Beneficiaries" as such term is defined in the BR/CDP Colonial Trust Agreement, dated December 15, 2013 and being
more particularly described on Exhibit A attached hereto and by this reference made a part hereof (the. "Property").
Developer and Borrower are parties to a certain Development Agreement dated January 31, 2014, as the same may have been amended,
supplemented, or modified, a complete copy of which is attached hereto as Exhibit B (the “Development Agreement”).
The Development Agreement describes Developer’s and Borrower’s respective rights and obligations regarding the development
of the Property.


 


B.           Lender
has made or is about to make a loan (the “Loan”) in the principal amount of Twenty-Seven Million Five Hundred
Thousand and No/100 Dollars ($27,500,000.00) to Borrower. In connection with the Loan, Borrower has executed and delivered, or
expects to execute and deliver, to Lender (i) a Promissory Note dated as of the date hereof (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Note”), (ii) a Mortgage, Assignment of Rents, Security
Agreement and Fixture Filing dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified
from time to time, the “Security Instrument”), (iii) a Construction Loan Agreement dated as of the date hereof
(as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Loan Agreement”),
and (iv) certain other documents evidencing or securing the Loan (as they may be amended, restated, supplemented or otherwise modified
from time to time, such documents, collectively with the Note, the Security Instrument and the Loan Agreement, the “Loan
Documents”).


 


C.           Borrower
has assigned its interest in the Development Agreement to Lender pursuant to this Agreement and certain other Loan Documents;


 


D.           At
Borrower’s request and in order to facilitate Lender’s agreement to make the Loan to Borrower, Developer and Borrower
desire to subordinate the Development Agreement, their respective rights under the Development Agreement and their respective interests
in the Property, if any, to the Security Instrument and the Loan upon the terms and conditions contained in this Agreement.


 




    	 



    	 



    

 


 


E.           Developer
and Borrower intend that the indebtedness evidenced by the Note and the lien and security interests of the Security Instrument
and the Loan Documents be paramount, senior and prior to any and all obligations, expenses and indebtedness owing to Developer
which arise from the Development Agreement and any and all existing liens or future rights to liens of Developer or any person
or entity claiming by, through or under Developer which arise from any and all obligations, expenses and indebtedness owing to
Developer under or in connection with the Development Agreement.


 


NOW THEREFORE, in consideration
of Lender making the Loan, and for other good and valuable consideration, the receipt and sufficiency of which Developer and Borrower
acknowledge, Developer and Borrower agree for the benefit of Lender as follows:


 


1.          Assignment;
Consent. As additional security for the performance by Borrower
of its obligations under the Loan Documents, Borrower hereby assigns, transfers and pledges to Lender, and hereby grants to Lender
a security interest in, all of Borrower’s right, title and interest in, to and under the Development Agreement. Developer
hereby consents to the assignment to Lender of Borrower’s rights under the Development Agreement,
including without limitation Borrower’s interest in all accounts maintained under the Development Agreement. Following the
occurrence and during the continuation of an Event of Default under the Loan Agreement or other Loan Documents, Lender shall be
entitled to exercise any and all rights of Borrower under the Development Agreement in accordance with the terms thereof,
and Developer shall permit and comply in all respects with such exercise. Lender shall have the right to cure any default of Borrower
under the Development Agreement, and may perform any act, duty or obligation required to be performed by Borrower under the Development
Agreement; provided, however, that nothing herein shall require Lender to cure any such default or to perform any
such act, duty or obligation.


 


2.          Subordination. Developer
and Borrower hereby unconditionally subordinate and subject the Development Agreement and all of their respective rights under
the Development Agreement, including, without limitation, any right to receive any amounts or fees (heretofore, now or hereafter
payable) as development fees, development commissions, incentive development fees, affiliate payments, termination fees, liquidated
damages, “key money”,”
reimbursements of advances made by Developer to the owner of the Property or any other compensation,
to the lien of the Security Instrument and Lender’s rights and all remedies under the Loan Documents, including, without
limitation, Lender’s right to receive payments of principal, interest and all other sums due and owing from time to time
under the Loan Documents. Developer and Borrower agree that the rights of Lender under the Security Instrument and the other Loan
Documents are senior and prior to any rights of Developer and Borrower under the Development Agreement. Developer will not receive
or accept any payment under the Development Agreement at any time when Developer has received notice that an Event of Default has
occurred and is continuing under the Loan Agreement or the other Loan Documents. If Developer shall receive any such payment, Developer
shall receive such payment in trust for Lender and immediately deliver the same to Lender.


 




    	Page 2



    	 



    

  


3.          Representations,
Warranties, Acknowledges and Certifications. Developer and Borrower hereby represent, warrant, certify and acknowledge
to Lender as follows: (a) Lender would not make and fund the Loan without the execution and delivery of this Agreement; (b) a true
and complete copy of the Development Agreement (including, without limitation, all modifications and amendments thereto, if any)
is attached to this Agreement as Exhibit B; (c) the Development Agreement represents the entire agreement between Developer
and Borrower with respect to the Property; (d) the Development Agreement is not a lease; (e) Developer has no possessory interest
in the Property; (f) as of the date hereof, no development fees, development commissions, incentive development fees, affiliate
payments, termination fees, liquidated damages, “key money”, reimbursements of advances made by Developer to the owner
of the Property or all other compensation payable to Developer under the Development Agreement are currently due and payable; (g)
Developer has no existing defenses or claims against Borrower with respect to the Development Agreement or any payments due and
owing to Developer thereunder; and (h) as of the date hereof, the Development Agreement is in full force and effect, and to Developer’s
and Borrower’s knowledge, no event of default on the part of either party thereunder, or any event or condition that, with
the giving of notice or the passage of time, or both, would constitute an event of default on the part of either party thereunder,
has occurred and is continuing.


 


4.          Default;
Lender’s Exercise of Rights. Developer and
Borrower agree that upon the occurrence, and during the continuation of, an Event of Default by Borrower (continuing beyond any
applicable notice and grace period) under the Note, the Security Instrument, the Loan Agreement or any of the other Loan
Documents during the term of this Agreement, Lender may take, at Borrower's expense (which shall be reimbursed to Lender upon demand
and shall constitute part of the Secured Obligations (as defined in the Security Instrument) secured by the Security Instrument
and the other Loan Documents), in Lender's own name or in the name of Borrower or either or both of them, such action as Lender
may at any time or from time to time determine to be necessary or appropriate, including, without limitation:


 


a.           exercising
any of the rights of Borrower under the Development Agreement and requiring Developer to attorn to Lender (or its designee);


 


b.           terminating
the Development Agreement upon not less than ten (10) days prior written notice (notwithstanding anything provided for in the Development
Agreement) and requiring Developer to transfer its responsibility for the development of the Property to a development company
selected by Lender in Lender's sole discretion, and Developer shall have no rights or recourse against Lender on account of such
termination (provided, however, that Lender agrees that it will not exercise the foregoing right to terminate the Development Agreement
prior to the earlier of the acquisition by Lender (or its designee) of title to the Property through foreclosure or deed-in-lieu
thereof or the appointment of a receiver for the Property);


 


c.           amending,
modifying or extending the Development Agreement by agreement with Developer (provided, however, that Lender agrees that it will
not exercise the foregoing right with respect to the Development Agreement prior to the earlier of the acquisition by Lender (or
its designee) of title to the Property through foreclosure or deed-in-lieu thereof or the appointment of a receiver for the Property);


 




    	Page 3



    	 



    

 


 


d.           curing
any default by Borrower under the Development Agreement; and


 


e.           otherwise
protecting the rights of Lender hereunder and under the Development Agreement.


 


Lender shall incur no
liability as between itself and Borrower if any action taken by or on its behalf in good faith pursuant hereto shall prove to be,
in whole or in part, inadequate or invalid.


 


BORROWER
and Developer AGREE TO INDEMNIFY AND HOLD HARMLESS LENDER, LENDER’S AFFILIATES AND LENDER’S OFFICERS, DIRECTORS,
EMPLOYEES, AGENTS, ADVISORS, ATTORNEYS AND REPRESENTATIVES (EACH, AN “INDEMNIFIED
PARTY”) FROM AND AGAINST ANY AND ALL CLAIMS, DAMAGES, LOSSES, LIABILITIES AND EXPENSES (each
an “INDEMNIFIED CLAIM”) (INCLUDING, WITHOUT LIMITATION, REASONABLE FEES AND DISBURSEMENTS OF COUNSEL),
JOINT OR SEVERAL, THAT MAY BE INCURRED BY OR ASSERTED OR AWARDED AGAINST ANY INDEMNIFIED PARTY (INCLUDING, WITHOUT LIMITATION,
IN CONNECTION WITH OR RELATING TO ANY INVESTIGATION, LITIGATION OR PROCEEDING OR THE PREPARATION
OF ANY DEFENSE IN CONNECTION THEREWITH), IN EACH CASE ARISING OUT OF OR IN CONNECTION WITH OR RELATING TO The Development Agreement,
THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED Thereby or HEREBY or any undertaking on lender's part to perform or discharge any
of the terms, covenants or agreements contained in the development agreement, EXCEPT TO THE EXTENT SUCH CLAIM, DAMAGE, LOSS, LIABILITY,
OR EXPENSE IS THE RESULT OF THE GROSS NEGLIGENCE, FRAUD OR WILLFUL MISCONDUCT OF ANY INDEMNIFIED PARTY OR IS THE RESULT
OF ACTIONS TAKEN BY LENDER SUBSEQUENT TO LENDER’S ACQUSITION OF TITLE TO THE PROPERTY BY FORECLOSURE OR DEED IN LIEU THEREOF.
IN THE CASE OF AN INVESTIGATION, LITIGATION OR OTHER PROCEEDING TO WHICH THE INDEMNITY IN THIS PARAGRAPH APPLIES, SUCH INDEMNITY
SHALL BE EFFECTIVE WHETHER OR NOT SUCH INVESTIGATION, LITIGATION OR PROCEEDING IS BROUGHT BY BORROWER OR ANY GUARANTOR OF THE
LOAN, ANY OF THE DIRECTORS, SECURITY HOLDERS OR CREDITORS OF BORROWER OR ANY SUCH GUARANTOR, AN INDEMNIFIED PARTY OR ANY OTHER
PERSON, AND WHETHER OR NOT AN INDEMNIFIED PARTY IS OTHERWISE A PARTY THERETO. THIS INDEMNITY WILL SURVIVE REPAYMENT OF THE LOAN.


 




    	Page 4



    	 



    

 


5.          Attornment;
Right to Terminate. If Lender or any designee or affiliate of Lender shall acquire possession of the Property through judicial
or nonjudicial foreclosure or otherwise, Lender or such designee or affiliate shall have the right to cause Developer to continue
its development of the Property by assuming the obligations of Borrower under the Development Agreement,
but (a) without any liability for any act or omission of Borrower prior to the date of acquisition; (b) without being subject to
any offsets or advances which Developer may have had against Borrower; and (c) without being bound by any agreement or modification
of the Development Agreement entered into without Lender’s prior written consent, such consent not to be unreasonably withheld
or delayed. If Lender or any designee or affiliate of Lender explicitly assumes the obligations of Borrower under the Development
Agreement in writing pursuant to this Section, and if Lender or such designee or affiliate shall thereafter desire to sell the
Property to a third party, then Lender shall either (i) cause such third party to assume the obligations of Borrower under
the Development Agreement; or (ii) terminate the Development
Agreement by written notice to Developer without further obligation thereunder. If a third party shall acquire title to the Property
as a purchaser at a foreclosure sale or otherwise in connection with the exercise of any remedies of Lender under the Loan Documents,
then such third party, immediately upon acquiring title to the Property, shall have the right to cause Developer to continue its
Development of the Property by assuming the obligations of Borrower under the Development Agreement, but subject to the conditions
set forth in clauses (a) through (c) of this Section. Following any assumption by Lender or any designee or affiliate of Lender
or any such third party, in accordance with the terms and conditions of this Section, of the obligations of Borrower under the
Development Agreement, Developer shall recognize such person or entity as the Borrower under the Development Agreement. Upon any
termination or expiration of the Development Agreement, the Developer shall reasonably cooperate with and assist Lender (or its
designee or successor) to effect the transfer to Lender (or its designee or successor) of any and all licenses (including food,
beverage and liquor licenses, if applicable), permits, governmental authorizations, keys, combinations, reservation lists (if applicable),
statements, books & records, insurance policies, documents and/or agreements required for the development or operation of the
Property.


 


6.          Liability
of Lender. Developer agrees that Lender and its successors
and assigns shall not have any liability under the Development Agreement until such time, if any, as Lender or such successor or
assign, as applicable, shall have explicitly assumed the obligations of Borrower under the Development Agreement in writing and
elected to cause Developer to continue its development of the Property. In any such event, Developer
shall look only to the estate and property of Lender or its successors or assigns in the Property for the satisfaction of Developer’s
remedies for the collection of a judgment (or other judicial process) requiring the payment of money in the event of any default
by Lender or its successors or assigns under the Development Agreement, and no other property or assets of Lender (or its successors
or assigns) shall be subject to levy, execution or other enforcement procedure for the satisfaction of Developer’s remedies
under or with respect to the Development Agreement or the relationship of the parties thereunder. If Lender or a successor or assign
explicitly assumes the obligations of Borrower under the Development Agreement in writing or acquires actual physical possession
of the Property, Developer may resign upon not less than thirty (30) days notice to Lender or such successor or assign, as applicable.


 


7.          Notices.
All notices and other communications under this Agreement will be made in writing and given in accordance with this Section
7. All notices, demands, or other communications under this Agreement shall be in writing and shall be delivered to the appropriate
party at the address provided below (subject to change from time to time by written notice to all other parties to this Agreement).
All notices, demands or other communications shall be considered as properly given if delivered personally or sent by first class
United States Postal Service mail, postage prepaid, except that notice of Default may be sent by certified mail, return receipt
requested, or by Overnight Express Mail or by overnight commercial courier service, charges prepaid. Notices so sent shall be effective
three (3) days after mailing, if mailed by first class mail, and otherwise upon receipt; provided, however, that non-receipt of
any communication as the result of any change of address of which the sending party was not notified or as the result of a refusal
to accept delivery shall be deemed receipt of such communication. Each party may establish a new address from time to time by written
notice to the other given in accordance with this Section 7; provided, however, that no change of address will be effective
until written notice thereof actually is received by the party to whom such change of address is sent. Notice to outside counsel
designated by a party entitled to receive notice is for convenience only and is not required for notice to a party to be effective
in accordance with this Section 7:


 




    	Page 5



    	 



    




 


	To Lender:	KEYBANK NATIONAL ASSOCIATION
	 	66 South Pearl St., 5th Floor
	 	MSC: NY-31-66-0567
	 	Albany, NY  12207
	 	Attn: Terry Hill
	 	Direct:  (518) 257-8569
	 	Phone:  (518) 257-8572
	 	 
	With a copy to:  	KEYBANK NATIONAL ASSOCIATION
	 	1200 Abernathy Road, NE, Suite 1550
	 	Atlanta, GA 30328
	 	Attn: Joe Fadus
	 	Direct:  (770 510-2162
	 	Phone:  (770) 510-2195
	 	 
	With a copy to:  	Troutman Sanders LLP
	 	600 Peachtree Street, Suite 5200
	 	Atlanta, GA  30308
	 	Attn:  Jeff Greenway
	 	Phone:  (404) 885-3257
	 	Fax:  (404) 962-6776
	 	 
	To Developer:	c/o Catalyst Development Partners, LLC
	 	880 Glenwood Ave SE
	 	Suite H
	 	Atlanta, Georgia 30316
	 	Attn: Rob Meyer
	 	Phone: (678) 949-9678
	 	Fax: (404) 890-5681
	 	 
	To Borrower:	UCFP Owner, LLC, as Trustee under
	 	the BR/CDP Colonial Trust Agreement
	 	dated December 15, 2013
	 	880 Glenwood Avenue SE, Suite H
	 	Atlanta, GA 30316
	 	Attn:  Rob Meyer
	 	Phone: (678) 949-9678
	 	Fax: (404) 890-5681


 




    	Page 6



    	 



    




 


	With a copy to:	BLUEROCK REAL ESTATE, LLC
	 	712 Fifth Avenue, 9th Floor
	 	New York, NY  10019
	 	Attn: Jordan Ruddy and Michael L. Konig
	 	Phone: (908) 415-8869
	 	Fax: (646) 278-4220
	 	 
	With a copy to:	NELSON MULLINS RILEY & SCARBOROUGH LLP
	 	Atlantic Station
	 	201 17th Street NW, Suite 1700
	 	Atlanta, GA 30363
	 	Attn:  Eric R. Wilensky, Esq.
	 	Phone: (404) 322-6469
	 	Fax: (404) 322-6050
	 	 
	With a copy to:	Hirschler Fleischer
	 	2100 East Cary Street
	 	Richmond, VA  23223
	 	Attn: S. Edward Flanagan, Esq.
	 	Phone:  (804) 771-9592
	 	Fax: (804) 644-0957


 


8.          Governing
Law. THIS AGREEMENT, THE OBLIGATIONS ARISING HEREUNDER, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THE AGREEMENT, THE RELATIONSHIP OF THE PARTIES, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES
SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF Georgia
APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS) AND ANY APPLICABLE
LAW OF THE UNITED STATES OF AMERICA.


 


9.          Relation
to Development Agreement. In the event of any conflict or discrepancy between any provision in this Agreement and any provision
of the Development Agreement, the applicable provision of this Agreement shall control.


 


10.        Successors
and Assigns. This Agreement shall apply to, bind and inure to the benefit of the parties hereto and their respective successors
and permitted assigns. As used herein “Lender” shall include any subsequent holder of the Security Instrument.


 


11.        Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which
taken together shall constitute one and the same instrument. Signature and acknowledgement pages may be detached from multiple
separate counterparts and attached to a single counterpart so that all signature and acknowledgement pages are physically attached
to the same instrument.


 


[Remainder of Page Intentionally Left Blank]


 




    	Page 7



    	 



    

 


IN WITNESS HEREOF, Developer and
Borrower have caused this Agreement to be duly executed under seal as of the date first set forth above.


 


	 	DEVELOPER:
	 	 
	 	CDP DEVELOPER I, LLC,
	 	a Georgia limited liability company
	 	 
	 	By:	Catalyst Development Partners II, LLC,
	 	 	a Georgia limited liability company


 


	 	By:	/s/ Robert Meyer	[SEAL]
	 	Name:	Robert Meyer	 
	 	Title:	Manager	 


 


Signature
Page


 




    	 



    	 



    




 


	 	BORROWER:
	 	 
	 	UCFP OWNER, LLC, a Delaware limited liability company, as Trustee under the BR/CDP Colonial Trust Agreement dated December 15, 2013


 


	 	By:	/s/ Robert Meyer	[SEAL]
	 		Name:	Robert Meyer	 
	 		Title:	Vice President	 


 


Signature
Page 


 




    	 



    	 



    

 


EXHIBIT A

TO

SUBORDINATION OF DEVELOPMENT AGREEMENT


 


LEGAL DESCRIPTION


 


The land referred to herein below is situated in the County
of ORANGE, State of Florida, and is described as follows:


 


A PORTION OF THE NORTHEAST 1/4 OF SECTION
22, TOWNSHIP 22 SOUTH, RANGE 31 EAST, MORE PARTICULARLY DESCRIBED AS FOLLOWS:


 


COMMENCE AT THE NORTHEAST CORNER OF SAID
NORTHEAST 1/4 OF SECTION 22; THENCE RUN S87°58'03"W ALONG THE NORTH LINE OF SAID NORTHEAST 1/4, A DISTANCE OF 45.02 FEET,
SAID POINT BEING THE INTERSECTION OF A LINE 45.00 FEET WEST OF AND PARALLEL WITH THE EAST LINE OF THE NORTHEAST 1/4 OF SAID SECTION
22 AND THE NORTH LINE OF THE NORTHEAST 1/4 OF SAID SECTION 22; THENCE CONTINUE ALONG SAID NORTH LINE OF THE NORTHEAST 1/4 S87°58'03"W,
A DISTANCE OF 610.44 FEET TO THE POINT OF BEGINNING; THENCE RUN S00°56'14"E, A DISTANCE OF 842.92 FEET TO THE BEGINNING
OF A CURVE CONCAVE TO THE NORTHWEST, HAVING A RADIUS OF 31.00 FEET; THENCE RUN SOUTHWESTERLY ALONG THE ARC OF SAID CURVE THROUGH
A CENTRAL ANGLE OF 98°26'21", AN ARC DISTANCE OF 53.26 FEET; THENCE RUN N82°29'53"W, A DISTANCE OF 41.52 FEET
TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTH, HAVING A RADIUS OF 109.00 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE
THROUGH A CENTRAL ANGLE OF 12°16'52", AN ARC DISTANCE OF 23.36 FEET; THENCE RUN S07°30'07"W, A DISTANCE OF 287.92
FEET TO THE NORTHERLY RIGHT OF WAY LINE OF STATE ROAD NUMBER 50, AS SHOWN ON THE FLORIDA DEPARTMENT OF TRANSPORTATION RIGHT OF
WAY MAP, SECTION 7506-201, PAGE 9; THENCE RUN N82°29'53"W ALONG SAID NORTHERLY RIGHT OF WAY LINE, A DISTANCE OF 45.95
FEET; THENCE RUN N07°30'07"E, A DISTANCE OF 20.00 FEET; THENCE RUN S82°29'53"E, A DISTANCE OF 2.05 FEET; THENCE
RUN N07°30'07"E, A DISTANCE OF 248.38 FEET TO A POINT ON A NON-TANGENT CURVE CONCAVE TO THE NORTH, HAVING A RADIUS OF
129.00 FEET; THENCE FROM A RADIAL BEARING OF N20°31'47"W, RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE
OF 28°01'54", AN ARC DISTANCE OF 63.11 FEET; THENCE RUN N82°29'53"W, A DISTANCE OF 339.09 FEET TO THE BEGINNING
OF A CURVE CONCAVE TO THE SOUTH, HAVING A RADIUS OF 89.50 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL
ANGLE OF 17°07'59", AN ARC DISTANCE OF 26.76 FEET TO A POINT OF COMPOUND CURVATURE OF A CURVE CONCAVE TO THE SOUTH, HAVING
A RADIUS OF 208.50 FEET; THENCE RUN WESTERLY ALONG THE ARC OF SAID CURVE THROUGH A CENTRAL ANGLE OF 18°25'26", AN ARC
DISTANCE OF 67.04 FEET; THENCE RUN N00°56'14"W, A DISTANCE OF 844.21 FEET TO THE SAID NORTH LINE OF THE NORTHEAST 1/4;
THENCE RUN N87°58'03"E ALONG SAID NORTH LINE A DISTANCE OF 634.12 FEET TO THE POINT OF BEGINNING.


 




    	 



    	 



    

  


TOGETHER WITH THE EASEMENT FOR THE BENEFIT
OF THE HEREINABOVE DESCRIBED PROPERTY CONTAINED WITHIN THE EASEMENT AGREEMENT RECORDED IN 0. R. BOOK 10470 AT PAGE 6879 0F THE
PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.


 


AND:


 


TOGETHER WITH COVENANTS AND NON-EXCLUSIVE
EASEMENTS CONTAINED IN DECLARATION OF COVENANTS, OPERATIONS & RECIPROCAL EASEMENTS RECORDED IN 0. R. BOOK 10498, PAGE 2464,
AS AMENDED BY FIRST AMENDMENT TO DECLARATION OF COVENANTS, OPERATIONS AND RECIPROCAL EASEMENTS RECORDED IN O.R. BOOK 10699, PAGE
7086, OF THE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.


 


AND ALSO:




TOGETHER WITH COVENANTS AND NON-EXCLUSIVE EASEMENTS CONTAINED IN AGREEMENT REGARDING EASEMENTS, COVENANTS AND RESTRICTIONS RECORDED
IN 0. R. BOOK 8838, PAGE 3758, AS AMENDED BY FIRST AMENDMENT TO AGREEMENT REGARDING EASEMENTS, COVENANTS AND RESTRICTIONS RECORDED
IN 0. R, BOOK 9338, PAGE 4682, OF THE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.


 


AND ALSO:


 


TOGETHER
WITH THE EASEMENTS FOR THE BENEFIT OF THE HEREINABOVE DESCRIBED PROPERTY CONTAINED WITHIN THE RECIPROCAL EASEMENT AGREEMENT RECORDED
IN O.R. BOOK 10699, PAGE 7102, OF THE PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA.


 




    	 



    	 



    

 


EXHIBIT b

TO

SUBORDINATION OF DEVELOPMENT AGREEMENT


 


DEVELOPMENT
AGREEMENT


 


[To Be Attached]