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HomeMy WebLinkAbout033302 ORD - 02/20/2024 ORDINANCE NO. 0 3 3 3 0 2 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS ACCEPTING AND APPROVING A SERVICE AND ASSESSMENT PLAN AND ASSESSMENT ROLL FOR THE WHITECAP PUBLIC IMPROVEMENT DISTRICT IMPROVEMENT AREA#1; MAKING A FINDING OF SPECIAL BENEFIT TO THE PROPERTY IN THE DISTRICT; LEVYING ASSESSMENTS AGAINST PROPERTY WITHIN THE DISTRICT AND ESTABLISHING A LIEN ON SUCH PROPERTY; PROVIDING FOR THE METHOD OF ASSESSMENT AND THE PAYMENT OF THE ASSESSMENTS IN ACCORDANCE WITH CHAPTER 372, TEXAS LOCAL GOVERNMENT CODE, AS AMENDED; PROVIDING PENALTIES AND INTEREST ON DELINQUENT ASSESSMENTS; PROVIDING FOR SEVERABILITY; APPROVING AND AUTHORIZING THE EXECUTION OF A REIMBURSEMENT AGREEMENT RELATING TO IMPROVEMENT AREA #1 OF THE WHITECAP PUBLIC IMPROVEMENT DISTRICT NO. 1; RESOLVING ALL MATTERS INCIDENT AND RELATED THERETO; AND PROVIDING AN EFFECTIVE DATE WHEREAS, on April 7, 2022 a petition was submitted and filed with the City Secretary (the "City Secretary") of the City of Corpus Christi, Texas (the "City") pursuant to the Public Improvement District Assessment Act, Chapter 372, Texas Local Government Code, as amended (the "PID Act"), requesting the creation of a public improvement district within the City; and WHEREAS, the petition satisfied the requirements of the PID Act because it contained the signatures of: (1) the owners of taxable property representing more than fifty percent of the appraised value of taxable real property liable for assessment within the District, as determined by the then current ad valorem tax rolls of Nueces County Appraisal District, and (2) the record owners of real property liable for assessment who (A) constitute more than fifty percent of all record owners of property that is liable for assessment under the proposal, or (B) own taxable real property that constitutes more than fifty percent of the area of all taxable property within the District that is liable for assessment; and WHEREAS, on May 17, 2022, after due notice, the City Council of the City (the "City Council") held a public hearing in the manner required by law on the advisability of the public improvements and services described in the petition as required by Section 372.009 of the PID Act, and on May 17, 2022 made the findings required by Section 372.009(b) of the PID Act and, by Resolution No. 032761 (the "Authorization Resolution") adopted by a majority of the members of the City Council, authorized and created the Whitecap Public Improvement District No. 1 (the "District") in accordance with its finding as to the advisability of the authorized improvements relating to the District (the "Authorized Improvements"); and WHEREAS, the City filed the Authorization Resolution with the Nueces County Clerk in Nueces County real property records, as required by law; and 1 137914984.5 SCANNED WHEREAS, no written protests regarding the creation of the District from any owners of record of property within the District were filed with the City Secretary, within 20 days after the adoption of the Authorization Resolution; and WHEREAS, on January 23, 2024, the Council adopted a resolution accepting the preliminary service and assessment plan, including a proposed assessment roll the District (the "Proposed Assessment Roll"), calling for a public hearing to consider an ordinance levying assessments against benefitted property within the District (the "Assessments"), authorizing and directing the City Secretary of the City to file the Proposed Assessment Roll and make such assessment roll available for public inspection, authorizing and directing the City Secretary of the City to publish notice of a public hearing to consider the levying of the Assessments against the property within the District (the "Levy and Assessment Hearing"), authorizing and directing the mailing of notice of the Levy and Assessment Hearing to owners of property liable for assessment, and directing related action; and WHEREAS, the City Secretary filed the Proposed Assessment Roll and made the same available for public inspection; and WHEREAS, the City Secretary, pursuant to Section 372.016(b) of the PID Act, published notice of the Levy and Assessment Hearing on January 28, 2024 in the Corpus Christi Caller- Times, a newspaper of general circulation in the City; and WHEREAS, the City Secretary, pursuant to Section 372.016(c) of the PID Act, mailed the notice of the Levy and Assessment Hearing to the last known address of the owners of the property liable for the Assessments; and WHEREAS, on February 13, 2024 the City Council convened the Levy and Assessment Hearing and all persons who appeared, or requested to appear, in person or by their attorney, were given the opportunity to contend for or contest the Assessment Roll (as defined below), and the proposed assessments, and to offer testimony pertinent to any issue presented on the amount of the assessments,the allocation of the Actual Costs of the Authorized Improvements(as defined in the Service and Assessment Plan) to be undertaken for the benefit of the property located within the District, the purposes of the Assessments, the special benefits of the Assessments, and the penalties and interest on annual installments and on delinquent annual installments of the Assessments; and WHEREAS, the City Council finds and determines that the Whitecap Public Improvement District Improvement Area #1 Service and Assessment Plan, substantially in the form attached hereto as Exhibit A (the "Service and Assessment Plan"), and which is incorporated herein for all purposes, should be approved and that the Assessments for the Assessed Property (as defined in the Service and Assessment Plan) should be levied as provided in this Ordinance and the Service and Assessment Plan and the assessment roll attached thereto as Exhibit F (the "Assessment Roll"); and 2 137914984.5 WHEREAS, the City Council further finds that there were no objections or evidence submitted to the City Secretary in opposition to the Service and Assessment Plan, the allocation of the Actual Costs of the Authorized Improvements as described in the Service and Assessment Plan, the Assessment Roll, and the levy of the Assessments, all as described in the Service and Assessment Plan; and WHEREAS,the owner(the"Landowner"), of one hundred percent(100%)of the privately- owned and taxable property located within the District to be assessed pursuant to this Ordinance, has acknowledged, consented and confirmed the right, power, and legislative authority of the City Council of the City to: (i) create the District; (ii) adopt this Assessment Ordinance, including the Service and Assessment Plan, (iii) make determinations and findings as to special benefits conferred by the Authorized Improvements, and (iv) levy of Assessments against benefitted property within the District owned by the Landowner; and WHEREAS, the City desires to approve the "PID Reimbursement Agreement - Whitecap Public Improvement District" by and between the City and Ashlar Interests, LLC, a Texas limited liability company, relating to Improvement Area#1 of the District(the"Reimbursement Agreement"); and WHEREAS, the Reimbursement Agreement is a "reimbursement agreement" authorized by Section 372.023(d)(1) of the Act; and WHEREAS, the City Council closed the Levy and Assessment Hearing, and, after considering all written and documentary evidence presented at the hearing, including all written comments and statements filed with the City, determined to proceed with the adoption of this Ordinance in conformity with the requirements of the PID Act. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: Section 1. Terms. Terms not otherwise defined herein, including the preambles to this Ordinance, have the meanings ascribed thereto as set forth in the Service and Assessment Plan. Section 2. Findings. The findings and determinations set forth in the preambles hereof are hereby incorporated by reference and made a part of this Ordinance for all purposes as if the same were restated in full in this Section. The City Council hereby finds, determines, and ordains, as follows: (a) The apportionment of the Actual Costs of the Authorized Improvements(as reflected in the Service and Assessment Plan and Exhibit B attached thereto) and the Annual Collection Costs (as reflected in the Service and Assessment Plan) is fair and reasonable, reflects an accurate presentation of the special benefit each assessed parcel 3 137914984.5 of the Assessed Property will receive from the construction of the Authorized Improvements identified in the Service and Assessment Plan, and is hereby approved; (b) The Service and Assessment Plan (i) covers a period of at least five years, (ii) defines the annual indebtedness and projected costs for the Authorized Improvements, (iii) includes a copy of the notice form required by Section 5.014 of the Texas Property Code, as amended, and (iv) and will be reviewed and updated annually; (c) The Service and Assessment Plan apportions the Actual Costs of the Authorized Improvements to be assessed against the Assessed Property in the District and such apportionment is made on the basis of special benefits accruing to the Assessed Property because of the Authorized Improvements; (d) All of the Assessed Property in the District which is being assessed in the amounts shown in the Assessment Roll will be benefited by the Authorized Improvements as described in the Service and Assessment Plan, and each Assessed Property will receive special benefits during the term of the Assessments equal to or greater than the total amount assessed; (e) The method of apportionment of the Actual Costs of the Authorized Improvements and Annual Collection Costs set forth in the Service and Assessment Plan results in imposing equal shares of the costs of the Authorized Improvements and Annual Collection Costs on property similarly benefited, and results in a reasonable classification and formula for the apportionment of the Actual Costs of the Authorized Improvements; (f) The Service and Assessment Plan should be approved as the service plan and assessment plan for the District as described in Sections 372.013 and 372.014 of the PID Act; (g) The Assessment Roll should be approved as the assessment roll for the Assessed Property within the District; (h) The provisions of the Service and Assessment Plan relating to due and delinquency dates for the Assessments, interest on Annual Installments, interest and penalties on delinquent Assessments and delinquent Annual Installments, and procedures in connection with the imposition and collection of Assessments should be approved and will expedite collection of the Assessments in a timely manner in order to provide the services and improvements needed and required for the District; and (i) A written notice of the date, hour, place and subject of this meeting of the City Council was posted at a place convenient to the public for the time required by law preceding this meeting, as required by the Open Meetings Act, Chapter 551, Texas Government Code, as amended, and this meeting has been open to the public as required by law at all times during which this Ordinance and the subject matter hereof has been discussed, considered, and formally acted upon. 4 137914984.5 Section 3. Service and Assessment Plan. The Service and Assessment Plan is hereby accepted and approved pursuant to Sections 372.013 and 372.014 of the PID Act as the service plan and the assessment plan for the District. Section 4. Assessment Roll. The Assessment Roll is hereby accepted and approved pursuant to Section 372.016 of the PID Act as the Assessment Roll of the District. Section 5. Levy and Payment of Assessments for Costs of the Authorized Improvements. (a) The City Council hereby levies an assessment on the Assessed Property (excluding Non-Benefited Property) located within the District, as shown and described in the Service and Assessment Plan and the Assessment Roll, in the respective amounts shown in the Assessment Roll, as a special assessment on the properties set forth in the Assessment Roll. The Assessments hereby levied shall be sufficient to pay the debt service on any bonds or other evidences of indebtedness that may be hereafter issued for the District and costs related thereto in accordance with the terms of the Service and Assessment Plan or that are otherwise authorized by the PID Act. (b) The levy of the Assessments shall be effective on the date of execution of this Ordinance levying Assessments and strictly in accordance with the terms of the Service and Assessment Plan and the PID Act. (c) The collection of the Assessments shall be as described in the Service and Assessment Plan and the PID Act. (d) Each Assessment may be paid in a lump sum at any time or may be paid in Annual Installments pursuant to the terms of the Service and Assessment Plan. (e) Each Assessment shall bear interest at the rate or rates specified in the Service and Assessment Plan, as the same shall be reviewed and updated annually. (f) Each Annual Installment shall be collected each year in the manner set forth in the Service and Assessment Plan. (g) The Annual Collection Costs for the Assessed Property shall be calculated and collected pursuant to the terms of the Service and Assessment Plan. Section 6. Method of Assessment. The method of apportioning the Actual Costs of the Authorized Improvements and Annual Collection Costs are set forth in the Service and Assessment Plan. Section 7. Penalties and Interest on Delinquent Assessments. 5 137914984.5 Delinquent Assessments shall be subject to the penalties, interest, procedures, and foreclosure sales set forth in the Service and Assessment Plan and as allowed by law. Section 8. Prepayments of the Assessments. As provided in Section VI of the Service and Assessment Plan, the owner of any of the Assessed Property may prepay the Assessments levied by this Ordinance. Section 9. Lien Priority. The City Council and the Landowner intend for the obligations, covenants and burdens on the landowners of Assessed Property, including without limitation such Landowner's obligations related to payment of the Assessments and the Annual Installments thereof, to constitute covenants that shall run with the land. The Assessments and the Annual Installments thereof which are levied hereby shall be binding upon the Landowner, as the owner of Assessed Property, and its respective transferees, legal representatives, heirs, devisees, successors and assigns in the same manner and for the same period as such parties would be personally liable for the payment of ad valorem taxes under applicable law. The Assessments shall have lien priority as specified in the Service and Assessment Plan and the PID Act. Section 10. Appointment of Administrator and Collector of Assessments. (a) Appointment of Administrator. The prior appointment of P3Works, LLC, is hereby confirmed and P3Works, LLC, is hereby designated as the initial Administrator of the Service and Assessment Plan and of Assessments levied by this Ordinance (the "Administrator"). The Administrator shall perform the duties of the Administrator described in the Service and Assessment Plan, in this Ordinance, and in any contract between the City and the Administrator. The Administrator's fees, charges and expenses for providing such service shall constitute Annual Collection Costs. (b) Appointment of Temporary Collector. The Administrator or its designee is hereby appointed and designated as the temporary collector of the Assessments (the "Collector"). The Collector shall serve in such capacity until such time as the City shall arrange for the Collector's duties to be performed by the Nueces County Tax Assessor and Collector, or another qualified collection agent selected by the City. Section 11. Applicability of Tax Code. To the extent not inconsistent with this Ordinance, and not inconsistent with the PID Act or the other laws governing public improvement districts, the provisions of the Texas Tax Code shall be applicable to the imposition and collection of Assessments by the City. Section 12. Filing in Real Property Records. The Reimbursement Agreement attached hereto as Exhibit B, is approved and the Mayor or City Manager is authorized to execute such Reimbursement Agreement on behalf of the City. 6 137914984.5 Section 13. Filing in Real Property Records. The City Secretary is directed to cause a copy of this Ordinance, including the Service and Assessment Plan and the Assessment Roll, to be recorded in the real property records of Nueces County before February 26, 2024. The City Secretary is further authorized to similarly file or cause to be filed each Annual Service Plan Update approved by the City Council no later than the seventh day after the date the City Council approves such Annual Service Plan Update. Section 14. Severability. If any provision, section, subsection, sentence, clause, or phrase of this Ordinance, or the application of the same to any person or set of circumstances is for any reason held to be unconstitutional, void, or invalid, the validity of the remaining portions of this Ordinance or the application to other persons or sets of circumstances shall not be affected thereby, it being the intent of the City Council that no portion hereof, or provision or regulation contained herein shall become inoperative or fail by reason of any unconstitutionality, voidness, or invalidity or any other portion hereof, and all provisions of this ordinance are declared to be severable for that purpose. Section 15. Effective Date. This Ordinance shall take effect, and the levy of the Assessments, and the provisions and terms of the Service and Assessment Plan shall be and become effective upon passage and execution hereof. 7 137914984.5 PASSED AND ADOPTED on the '2 day of 1 , 2024. CITY OF CORPUS CHRISTI, TEXAS ikt,t0/46rA9d4tik) Mayor ATTEST: 4ec0eZee4.,k14____retary APPROVED THIS day of klo 2024: /�1' �tu Miles Risley, City Attorney (CITY SEAL) [Signature page S-1 to Assessment Ordinance] THE STATE OF TEXAS § COUNTY OF NUECES § I, the undersigned, City Secretary of the City of Corpus Christi, Texas, do hereby certify that the above and foregoing is a true, full and correct copy of an Ordinance passed by the City Council of the City of Corpus Christi, Texas (and of the minutes pertaining thereto) on the 20111 day of , 2024, authorizing an assessment ordinance and reimbursement agreement, which ordinance s duly of record in the minutes of said City Council, and said meeting was open to the public, and public notice of the time, place and purpose of said meeting was given, all as required by Texas Government Code, Chapter 551. EXECUTED UNDER MY HAND AND SEAL of said City, this the a0day of rtion , 2024. 1? City Secretary (CITY SEAL) [Signature page S-2 to Assessment Ordinance] The foregoing ordinance was read for the first time and passed to its second reading on this the 1,-; day of (� 1 2024, by the following vote: Paulette Guajardo Jim Klein #(-- Roland Barrera Mike Pusley Sylvia Campos -417 Everett Roy -Alji Gil Hernandez —Alt— Dan Suckley —4—/L— Michael Hunter That the foregoing ordinance was read for the second time and passed finally on this the P3Th day of N. , 2024, by the following vote: Paulette Guajardo Jim Klein At— Roland Barrera Mike Pusley AL— Sylvia Campos Everett Roy Ay__ Gil Hernandez Dan Suckley #-- Michael Hunter j1-- PASSED AND APPROVED, this the a Aday of 2024. ATTEST: Rebecca Huerta aulette Guajardo City Secretary Mayor EFFECTIVE DATE [Signature page S-3 to Assessment Ordinance] 033302 EXHIBIT A Service and Assessment Plan Whitecap Public Improvement District No . 1 FINAL SERVICE AND ASSESSMENT PLAN 2/20/2024 7KS AUS I ,TX I NORTH RICHLAND HILLS,TX I HOUSTON,TX TABLE OF CONTENTS Table of Contents 1 Introduction 3 Section I: Definitions 4 Section II:The District 11 Section III: Authorized Improvements 11 Section IV: Service Plan 13 Section V:Assessment Plan 14 Section VI:Terms of the Assessments 17 Section VII:Assessment Roll 23 Section VIII: Additional Provisions 23 Schedule and Exhibits 26 Schedule I 27 Appendices 28 Exhibit A-1—Map of the District 29 Exhibit A-2—Plats of Improvement Area #1 30 Exhibit A-3—Map of the Preserve 40 Exhibit A-4— Map of Remainder Area 41 Exhibit A-5— Lot Type Classification Map 42 Exhibit B—Project Costs 43 Exhibit C—Service Plan 44 Exhibit D—Sources and Uses of Funds 45 Exhibit E—Maximum Assessment and Tax Rate Equivalent 46 Exhibit F-1—Improvement Area #1 Assessment Roll 47 Exhibit F-2—Improvement Area #1 Annual Installments 53 Exhibit G-1—Maps of Initial Common to All Improvements 54 Exhibit G-2—Maps of Improvement Area #1 Improvements 55 Exhibit H — Form of Notice of Assessment Termination 59 Exhibit I —Annual Installment Schedule for the Improvement Area #1 Reimbursement Obligation 62 Exhibit J-1—District Legal Description 63 WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 1 FINAL SERVICE AND ASSESSMENT PLAN Exhibit J-2—Improvement Area #1 Legal Description 77 Exhibit J-3—The Preserve Legal Description 80 Appendix A— Engineer's Report 82 Appendix B—Buyer Disclosures 83 Whitecap Public Improvement District No. 1 - Improvement Area #1 Initial Parcel Buyer Disclosure 84 Whitecap Public Improvement District No. 1 - Improvement Area #1 Lot Type 1 Buyer Disclosure 90 Whitecap Public Improvement District No. 1- Improvement Area #1 Lot Type 2 Buyer Disclosure 96 Whitecap Public Improvement District No. 1 - Improvement Area #1 Lot Type 3 Buyer Disclosure 102 Whitecap Public Improvement District No. 1 - Improvement Area #1 Lot Type 4 Buyer Disclosure 108 Whitecap Public Improvement District No. 1- Improvement Area #1 Lot Type 5 Buyer Disclosure 114 Whitecap Public Improvement District No. 1- Improvement Area #1 Lot Type 6 Buyer Disclosure 120 Whitecap Public Improvement District No. 1 - Improvement Area #1 Lot Type 7 Buyer Disclosure 126 WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 2 FINAL SERVICE AND ASSESSMENT PLAN INTRODUCTION Capitalized terms used in this Service and Assessment Plan shall have the meanings given to them in Section I unless otherwise defined in this Service and Assessment Plan or unless the context in which a term is used clearly requires a different meaning. Unless otherwise defined, a reference to a "Section," an "Exhibit," or an "Appendix" shall be a reference to a Section of this Service and Assessment Plan or an Exhibit or Appendix attached to and made a part of this Service and Assessment Plan for all purposes. The City Council passed and approved Resolution No. 032761 authorizing the establishment of the District on May 17, 2022 in accordance with the PID Act, and recorded such Resolution in the real property records of Nueces County, Texas, as Instrument No. 2022024701 on May 20 2022, and such authorization was effective upon approval of the Resolution in accordance with the PID Act. The purpose of the District is to finance the Actual Costs of Authorized Improvements that confer a special benefit on approximately 242.011 acres located within the corporate limits of the City, as described by the legal description on Exhibit J-1 and depicted on Exhibit A-1. The PID Act requires a service plan must (i) cover a period of at least five years; (ii) define the annual indebtedness and projected cost of the Authorized Improvements; and (iii)include a copy of the notice form required by Section 5.014 of the Texas Property Code, as amended. The Service Plan is contained in Section IV and the notice form is attached as Appendix B. The PID Act requires that the Service Plan include an Assessment Plan that assesses the Actual Costs of the Authorized Improvements against the Assessed Property within the District based on the special benefits conferred on such property by the Authorized Improvements. The Assessment Plan is contained in Section V. The PID Act requires an Assessment Roll that states the Assessment against each Parcel determined by the method chosen by the City Council. The Assessment against each Parcel of Assessed Property must be sufficient to pay the share of the Actual Costs of the Authorized Improvements apportioned to such Parcel and cannot exceed the special benefit conferred on the Parcel by such Authorized Improvements. The Improvement Area #1 Assessment Roll is included as Exhibit F-1. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 3 FINAL SERVICE AND ASSESSMENT PLAN SECTION I: DEFINITIONS "Actual Costs"mean,with respect to Authorized Improvements,the actual costs paid or incurred by or on behalf of the Developer, (either directly or through affiliates), including: (1)the costs for the design, planning, financing, administration/management, acquisition, installation, construction and/or implementation of such Authorized Improvements; (2) the fees paid for obtaining permits, licenses, or other governmental approvals for such Authorized Improvements; (3)the costs for external professional services, such as engineering,geotechnical, surveying, land planning, architectural landscapers, appraisals, legal, accounting, and similar professional services; (4)the costs for all labor, bonds,and materials, including equipment and fixtures,owing to contractors, builders, and materialmen engaged in connection with the acquisition, construction, or implementation of the Authorized Improvements; (5) all related permitting and public approval expenses, and architectural, engineering, consulting, and other governmental fees and charges; and (6) costs to implement, administer, and manage the above-described activities including, but not limited to, a construction management fee equal to four percent (4%) of construction costs if managed by or on behalf of the Developer. "Additional Interest" means the amount collected by the application of the Additional Interest Rate. "Additional Interest Rate" means the 0.50% additional interest rate that may be charged on Assessments securing PID Bonds pursuant to Section 372.018 of the PID Act. The Additional Interest Rate is not charged on Assessments securing any reimbursement obligation for which no PID Bonds are issued. "Administrator" means the City or independent firm designated by the City who shall have the responsibilities provided in this Service and Assessment Plan, any Indenture, or any other agreement or document approved by the City related to the duties and responsibilities of the administration of the District. The initial Administrator is P3Works, LLC. "Annual Collection Costs" mean the actual or budgeted costs and expenses related to the operation of the District, including, but not limited to, costs and expenses for: (1) the Administrator; (2) City staff; (3) legal counsel, engineers, accountants, financial advisors, and other consultants engaged by the City; (4) calculating, collecting, and maintaining records with respect to Assessments and Annual Installments, including the costs of foreclosure; (5) preparing and maintaining records with respect to Assessment Rolls and Annual Service Plan Updates; (6) paying and redeeming PID Bonds; (7) investing or depositing Assessments and Annual Installments; (8) complying with this Service and Assessment Plan, the PID Act, and any Indenture,with respect to the PID Bonds, including the City's continuing disclosure requirements; WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 4 FINAL SERVICE AND ASSESSMENT PLAN and (9) the paying agent/registrar and Trustee in connection with PID Bonds, including their respective legal counsel. Annual Collection Costs collected but not expended in any year shall be carried forward and applied to reduce Annual Collection Costs for subsequent years. "Annual Installment" means the annual installment payment of an Assessment as calculated by the Administrator and approved by the City Council, that includes: (1) principal; (2) interest; (3) Annual Collection Costs; and (4) Additional Interest related to the PID Bonds, if applicable. "Annual Service Plan Update" means an update to this Service and Assessment Plan prepared no less frequently than annually by the Administrator and approved by the City Council. "Assessed Property" means any Parcel within the District against which an Assessment is levied. "Assessment" means an assessment levied against Assessed Property and imposed pursuant to an Assessment Ordinance and the provisions herein, as shown on an Assessment Roll, subject to reallocation upon the subdivision of such Assessed Property or reduction according to the provisions herein and in the PID Act. "Assessment Ordinance" means one or more ordinances adopted by the City Council in accordance with the PID Act that levies an Assessment on the Assessed Property, as shown on any Assessment Roll. "Assessment Plan" means the methodology employed to assess the Actual Costs of the Authorized Improvements against the Assessed Property based on the special benefits conferred on such property by the Authorized Improvements, more specifically set forth and described in Section V. "Assessment Roll" means any assessment roll for the Assessed Property, including the Improvement Area #1 Assessment Roll, as updated, modified or amended from time to time in accordance with the procedures set forth herein and in the PID Act, including updates prepared in connection with the issuance of PID Bonds or in any Annual Service Plan Updates. "Authorized Improvements" means the improvements authorized by Section 372.003 of the PID Act, including the Common to All Improvements, the Improvement Area#1 Improvements, Bond Issuance Costs, and deposit to administrative fund, and described in Sections III.A, Section III.B, Section III.C, and Section III.D as further depicted on Exhibits G-1 and G-2. "Bond Issuance Costs" means the costs associated with issuing PID Bonds, including, but not limited to, attorney fees, financial advisory fees, consultant fees, appraisal fees, printing costs, publication costs, capitalized interest, reserve fund requirements, underwriter's discount, fees charged by the Texas Attorney General, and any other cost or expense incurred by the City directly associated with the issuance of any series of PID Bonds. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 S FINAL SERVICE AND ASSESSMENT PLAN "City" means the City of Corpus Christi,Texas. "City Council" means the governing body of the City. "Common to All Improvements" means those certain Authorized Improvements that confer a special benefit to all of the property within the District, excluding Non-Benefited Property. The Common to All Improvements includes the Initial Common to All Improvements as well as future improvements that are to be determined and identified in future updates to this Service and Assessment Plan. "County" means Nueces County, Texas. "Delinquent Collection Costs" mean costs directly or indirectly related to the foreclosure on Assessed Property and the costs of collection of delinquent Assessments, delinquent Annual Installments, or any other delinquent amounts due under this Service and Assessment Plan, including penalties and reasonable attorney's fees actually paid, but excluding amounts representing interest and penalty interest. "Developer" means Ashlar Interests, LLC and any successors or assigns thereof, engaged by the Owner to develop the property in the District for the ultimate purpose of transferring title to end users. "Development Agreement" means the Development Agreement— Whitecap North Padre Island by and between the Developer and the City related to the development of property within the PID, as the same may be amended from time to time. "District" means the Whitecap Public Improvement District No. 1 containing approximately 242.011 acres located within the corporate limits of the City, and more specifically described in Exhibit J-1 and depicted on Exhibit A-1. "District Formation Costs" means the costs associated with forming the District, including, but not limited to, attorney fees, and any other cost or expense incurred by the Owner, Developer, or the City that are directly associated with the establishment of the District. "Engineer's Report" means the report provided by a licensed professional engineer that describes the Authorized Improvements, including their costs, location, and benefit, and is attached hereto as Appendix A. "Estimated Buildout Value" means the estimated value of an Assessed Property with fully constructed buildings, as provided by the Developer and confirmed by the City Council, by considering such factors as density, lot size, proximity to amenities, view premiums, location, market conditions, historical sales, builder contracts, discussions with homebuilders, reports WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 6 FINAL SERVICE AND ASSESSMENT PLAN from third party consultants, or any other factors that, in the judgment of the City, may impact value. The Estimated Buildout Value for each Lot Type is shown on Exhibit E. "Improvement Area #1" means approximately 55.9022 acres located within the District, more specifically described in Exhibit J-2 and depicted on Exhibit A-2. "Improvement Area #1 Annual Installment" means the Annual Installment of the Improvement Area #1 Assessment as calculated by the Administrator and approved by the City Council, that includes: (1) principal; (2) interest; (3) Annual Collection Costs related to Improvement Area #1; and (4) Additional Interest related to any series of PID Bonds secured by all or a portion of the Improvement Area #1 Assessment, if applicable. "Improvement Area #1 Assessed Property" means any Parcel within Improvement Area #1 against which an Improvement Area #1 Assessment is levied. "Improvement Area#1 Assessment" means an Assessment levied against Improvement Area#1 Assessed Property, related to the Improvement Area#1 Authorized Improvements, and imposed pursuant to an Assessment Ordinance and the provisions herein, as shown on the Improvement Area #1 Assessment Roll, subject to reallocation or reduction in accordance with the provisions set forth in Section VI herein and in the PID Act. "Improvement Area #1 Assessment Roll" means the Assessment Roll for the Improvement Area #1 Assessed Property, as updated, modified, or amended from time to time in accordance with the procedures set forth herein and in the PID Act, including any updates prepared in connection with the issuance of PID Bonds or any Annual Service Plan Updates. The Improvement Area #1 Assessment Roll is included in this Service and Assessment Plan as Exhibit F-1. "Improvement Area #1 Authorized Improvements" means collectively, (1) the Improvement Area #1 Improvements; (2) Improvement Area #1's share of the Initial Common to All Improvements; (3)the first year's Annual Collection Costs related Improvement Area #1; and (4) Bond Issuance Costs incurred in connection with the issuance of any series of PID Bonds secured by all or a portion of the Improvement Area#1 Assessment, if applicable. "Improvement Area#1 Improvements"means the Authorized Improvements which only benefit the Improvement Area #1 Assessed Property, as further described in Section III.A and depicted on Exhibit G-2. "Improvement Area #1 Initial Parcel" means all of the Improvement Area #1 Assessed Property against which the entire Improvement Area #1 Assessment is levied, as shown on the Improvement Area #1 Assessment Roll. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 FINAL SERVICE AND ASSESSMENT PLAN "Improvement Area #1 Reimbursement Obligation" means the amount shown on Schedule secured by Improvement Area #1 Assessments to be paid to the Developer under the Reimbursement Agreement. The Annual Installments for the Improvement Area #1 Reimbursement Obligation are shown on Exhibit I. If the City issues one or more series of PID Bonds secured by Improvement Area #1 Assessments, then the net proceeds of such PID Bonds shall be used to refinance all or a portion of the outstanding Improvement Area #1 Reimbursement Obligation. "Indenture" means an indenture of trust entered into between the City and the Trustee in connection with the issuance of each series of PID Bonds, as amended from time to time, setting forth the terms and conditions related to a series of PID Bonds. "Initial Common to All Improvements" means the Common to All Improvements installed with Improvement Area #1, as further described in Section III.B. and depicted on Exhibit G-1. "Lot" means(1)for any portion of the District for which a final subdivision plat has been recorded in the plat or official public records of the County, a tract of land described by "lot" in such subdivision plat; and (2) for any portion of the District for which a subdivision plat has not been recorded in the plat or official public records of the County, a tract of land anticipated to be described as a "lot" in a final recorded subdivision plat as shown on a concept plan or a preliminary plat. A "Lot" shall not include real property owned by a government entity, even if such property is designated as a separate described tract or lot on a recorded subdivision plat. "Lot Type" means a classification of final building Lots with similar characteristics (e.g. lot size, home product, Estimated Buildout Value, etc.), as determined by the Administrator and confirmed by the City Council. In the case of single-family residential Lots, the Lot Type shall be further defined by classifying the residential Lots by the Estimated Buildout Value of the Lot as provided by the Developer, and confirmed by the City Council, as shown on Exhibit H. "Lot Type 1" means a Lot within Improvement Area #1 marketed to homebuilders as a Villa Lot. The buyer disclosure for Lot Type 1 is attached as Appendix B-2. "Lot Type 2" means a Lot within Improvement Area#1 marketed to homebuilders as a Villa+ Lot. The buyer disclosure for Lot Type 2 is attached as Appendix B-3. "Lot Type 3" means a Lot within Improvement Area #1 marketed to homebuilders as a Standard Lot. The buyer disclosure for Lot Type 3 is attached as Appendix B-4. "Lot Type 4" means a Lot within Improvement Area #1 marketed to homebuilders as a Standard + Lot. The buyer disclosure for Lot Type 4 is attached as Appendix B-5. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 8 FINAL SERVICE AND ASSESSMENT PLAN "Lot Type 5" means a Lot within Improvement Area #1 marketed to homebuilders as a Medium Lot. The buyer disclosure for Lot Type 5 is attached as Appendix B-6. "Lot Type 6" means a Lot within Improvement Area #1 marketed to homebuilders as a Medium + Lot. The buyer disclosure for Lot Type 6 is attached as Appendix B-7. "Lot Type 7" means a Lot within Improvement Area #1 marketed to homebuilders as a Large + Lot. The buyer disclosure for Lot Type 7 is attached as Appendix B-8. "Maximum Assessment" means, for each Lot, an Assessment equal to the lesser of (1) the amount calculated pursuant to Section VI.A, or (2) for each Lot Type, the amount shown on Exhibit E. "Non-Benefited Property" means Parcels within the boundaries of the District that accrue no special benefit from the Authorized Improvements as determined by the City Council, and are not assessed. "Notice of Assessment Termination" means a document that shall be recorded in the official public records of the County evidencing the termination of an Assessment, a form of which is attached as Exhibit H. "Owner" or "Owners" means Diamond Beach Holdings, LLC and any successors or assigns thereof. "Parcel"or"Parcels"means a specific property within the District identified by either a tax parcel identification number assigned by the Nueces Central Appraisal District for real property tax purposes, by legal description, or by lot and block number in a final subdivision plat recorded in the official public records of the County, or by any other means determined by the City. "PID Act" means Chapter 372, Texas Local Government Code, as amended. "PID Bonds" means any bonds issued by the City in one or more series and secured in whole or in part by Assessments. "Prepayment" means the payment of all or a portion of an Assessment before the due date of the final Annual Installment thereof. Amounts received at the time of a Prepayment which represent a payment of principal, interest, or penalties on a delinquent installment of an Assessment are not to be considered a Prepayment, but rather are to be treated as the payment of the regularly scheduled Annual Installment. "Prepayment Costs" means interest, including Additional Interest and Annual Collection Costs, to the date of Prepayment. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 9 FINAL SERVICE AND ASSESSMENT PLAN "Preserve" means approximately 4.64 acres located within the District more specifically described in Exhibit J-3 and depicted on Exhibit A-3. The Preserve is the location of all Common to All Improvements, and is considered Non-Benefited Property. "Private Improvements" means improvements required to be constructed by the Developer that are not Authorized Improvements but are required to reach final Lot completion. "Reimbursement Agreement" means that certain "PID Reimbursement Agreement Whitecap Public Improvement District," effective entered into by and between the City and Developer in which: (1)the Developer on behalf of the Owner agrees to construct the Authorized Improvements, including the Common to All Improvements and Improvement Area #1 Improvements, and to fund certain Actual Costs of Authorized Improvements; (2)the City agrees to reimburse the Developer for Actual Costs of the Authorized Improvements solely from the revenue collected by the City from Assessments, including Annual Installments thereof, and/or from the net proceeds of PID Bonds, if issued; and (3) provides for the terms of payment of principal plus interest on each Reimbursement Obligation shown on Schedule I. "Reimbursement Obligation" means a reimbursement obligation, including but not limited to the Improvement Area #1 Reimbursement Obligation, related to Actual Costs of Authorized Improvements to be paid to the Developer under the terms of the Reimbursement Agreement. Each Reimbursement Obligation shall be set forth on Schedule I attached to this Service and Assessment Plan, and will be updated at the adoption of each Assessment Ordinance. Schedule I will be updated as part of the update to this Service and Assessment Plan (1) each time the City levies an Assessment, (2)when PID Bonds are issued,or(3)with each Annual Service Plan Update to reflect annual principal paid with Annual Installments collected. "Remainder Area" means approximately 181.4688 acres located within the District and entirely outside of Improvement Area#1 and the Preserve, and depicted on Exhibit A-4, to be developed as one or more future improvement areas. "Service and Assessment Plan" means this Whitecap Public Improvement District No. 1 Service and Assessment Plan as updated, amended, or supplemented from time to time. "Service Plan" means the plan described in Section IV which covers a period of at least five years and defines the annual indebtedness and projected costs of the Authorized Improvements. "Trustee" means the trustee or successor trustee under an Indenture. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 10 FINAL SERVICE AND ASSESSMENT PLAN SECTION II: THE DISTRICT The District includes approximately 242.011 contiguous acres located within the corporate limits of the City, the boundaries of which are more particularly described on Exhibit J-1 and depicted on Exhibit A-1. Development of the District is anticipated to include approximately 620 Lots developed with single-family homes, and 50.3 acres of commercial space. Improvement Area #1 includes approximately 55.9022 acres located within the corporate limits of the City, the boundaries of which are more particularly described on Exhibit J-2 and depicted on Exhibit A-2. Improvement Area #1 is preliminarily platted and includes 199 Lots developed with single-family homes (19 single-family homes that are on Lots classified as Lot Type 1, 47 single-family homes that are on Lots classified as Lot Type 2, 9 single-family homes that are on Lots classified as Lot Type 3, 93 single-family homes that are on Lots classified as Lot Type 4, 15 single-family homes that are on Lots classified as Lot Type 5, 9 single-family homes that are on Lots classified as Lot Type 6, and 7 single-family homes that are on Lots classified as Lot Type 7.) Final platting will be completed when infrastructure is dedicated to the City. The Remainder Area includes approximately 181.4688 contiguous acres located within the corporate limits of the City, the boundaries of which are depicted on Exhibit A-4. Development of the Remainder Area is anticipated to include approximately 421 Lots developed with single- family homes and 50.3 acres of commercial space. SECTION III: AUTHORIZED IMPROVEMENTS Based on information provided by the Developer and its engineer and reviewed by the City staff and by third-party consultants retained by the City, the City has determined that the Authorized Improvements confer a special benefit on the Assessed Property. Authorized Improvements will be designed and constructed in accordance with the City's standards and specifications and will be owned and operated by the City or maintained by the owner's association.The budget for the Authorized Improvements is shown on Exhibit B. As the Remainder Area is subdivided into future improvement areas,the costs of the Authorized Improvements, including additional Common to All Improvements that specially benefit such future improvement areas, will be determined and identified in updates to this Service and Assessment Plan when Assessments relating to Authorized Improvements benefitting such future improvement areas are levied. A. Initial Common to All Improvements • Preserve Preserve Improvements—Improvements within or relating to the approximate 4.64 acre WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 11 FINAL SERVICE AND ASSESSMENT PLAN public park and open space to be known as the "Preserve" including installation of entryway monuments, signage, lighting, hardscape, screening walls, trails, sidewalks, pathways, playgrounds, furnishings, and irrigation systems. The Preserve Improvements will benefit all property within the District and will be owned by the City and maintained by one or more owner's associations as set forth in the Development Agreement. • Soft Costs Costs related to designing, constructing, and installing the Initial Common to All Improvements including land planning and design, City fees, engineering, soil testing, survey, construction management, contingency, legal fees, and consultant fees. B. Improvement Area #1 Improvements • Streets Improvements including subgrade stabilization, concrete and reinforcing steel for roadways, testing, handicapped ramps, and streetlights. All related earthwork, excavation, erosion control, retaining walls, intersections, signage, lighting and re- vegetation of all disturbed areas within the right-of-way are included. The street improvements will provide benefit to each Lot within Improvement Area #1. • Drainage Improvements including earthen channels, swales, curb and drop inlets, RCP piping and boxes, headwalls, concrete flumes, rock rip rap, concrete outfalls, and testing as well as all related earthwork, excavation, erosion control and all necessary appurtenances required to provide storm drainage for all Lots within Improvement Area #1. • Water Improvements including trench excavation and embedment, trench safety, PVC piping, manholes, service connections, testing, related earthwork, excavation, erosion control and all necessary appurtenances required to provide water service to all Lots within Improvement Area #1. • Wastewater Improvements including trench excavation and embedment, trench safety, PVC piping, ductile iron encasement, boring, manholes, service connections, testing, related earthwork, excavation, erosion control and all necessary appurtenances required to provide wastewater service to all Lots within Improvement Area #1. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 12 FINAL SERVICE AND ASSESSMENT PLAN • Soft Costs Costs related to designing, constructing, and installing the Improvement Area #1 Improvements including land planning and design, City fees, engineering, soil testing, survey, construction management, contingency, legal fees, District Formation Costs, and consultant fees. C. Bond Issuance Costs • Debt Service Reserve Fund Equals the amount to be deposited in a debt service reserve fund under an applicable Indenture in connection with the issuance of PID Bonds. • Capitalized Interest Equals the amount required to be deposited for the purpose of paying capitalized interest on a series of PID Bonds under an applicable Indenture in connection with the issuance of such PID Bonds. • Underwriter's Discount Equals a percentage of the par amount of a particular series of PID Bonds related to the costs of underwriting such PID Bonds. • Costs of Issuance Includes costs of issuing a particular series of PID Bonds, including but not limited to issuer fees, attorney's fees, financial advisory fees, consultant fees, appraisal fees, printing costs, publication costs, City's costs, fees charged by the Texas Attorney General, and any other cost or expense directly associated with the issuance of PID Bonds. D. Other Costs • Deposit to Administrative Fund Equals the amount necessary to fund the first year's Annual Collection Costs for a particular series of PID Bonds. ___ SECTION IV: SERVICE PLAN The PID Act requires the Service Plan to cover a period of at least five years. The Service Plan is required to define the annual projected costs and indebtedness for the Authorized Improvements undertaken within the District during the five-year period. The Service Plan is also WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 13 FINAL SERVICE AND ASSESSMENT PLAN required to include a copy of the buyer disclosure notice form required by Section 5.014 of the Texas Property Code, as amended. The Service Plan must be reviewed and updated in each Annual Service Plan Update. Exhibit C summarizes the initial Service Plan for Improvement Area #1. Per the PID Act and Section 5.014 of the Texas Property Code, as amended, this Service and Assessment Plan, and any future Annual Service Plan Updates, shall include a form of the buyer disclosure for the District. The buyer disclosures are attached hereto as Appendix B. Exhibit D summarizes the sources and uses of funds required to construct the Authorized Improvements and Private Improvements. The sources and uses of funds shown on Exhibit D shall be updated in an Annual Service Plan Update to show the amount required to fund the required reserves and to reflect any budget revisions at the time the PID Bonds are issued. SECTION V: ASSESSMENT PLAN The PID Act allows the City Council to apportion the costs of the Authorized Improvements to the Assessed Property based on the special benefit received from the Authorized Improvements.The PID Act provides that such costs may be apportioned: (1) equally per front foot or square foot; (2) according to the value of property as determined by the City Council, with or without regard to improvements constructed on the property; or (3) in any other manner approved by the City Council that results in imposing equal shares of such costs on property similarly benefited. The PID Act further provides that the City Council may establish by ordinance or order reasonable classifications and formulas for the apportionment of the cost between the City and the area to be assessed and the methods of assessing the special benefits for various classes of improvements. This section of this Service and Assessment Plan describes the special benefit received by each Parcel within the District as a result of the Authorized Improvements and provides the basis and justification for the determination that this special benefit equals or exceeds the amount of the Assessments to be levied on the Assessed Property for such Authorized Improvements. The determination by the City Council of the assessment methodologies set forth below is the result of the discretionary exercise by the City Council of its legislative authority and governmental powers and is conclusive and binding on the Owner, developers, and all future owners and developers of the Assessed Property. A. Assessment Methodology Acting in its legislative capacity and based on information provided by the Developer and its engineer and reviewed by the City staff and by third-party consultants retained by the City, the WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 14 FINAL SERVICE AND ASSESSMENT PLAN City Council has determined that the costs related to the Authorized Improvements shall be allocated as follows: ■ The costs of the Improvement Area #1 Authorized Improvements shall be allocated to each Parcel within Improvement Area #1 based on the ratio of the Estimated Buildout Value of each Parcel designated as Improvement Area #1 Assessed Property to the Estimated Buildout Value of all Improvement Area #1 Assessed Property. Currently, the Improvement Area#1 Initial Parcel is the only Parcel within Improvement Area#1, and as such, the Improvement Area #1 Initial Parcel is allocated 100% of the Improvement Area #1 Authorized Improvements. ■ The costs of the Initial Common to All Improvements shall be allocated to Improvement Area #1 and the Remainder Area based upon the acreage of each Parcel or Assessed Property within Improvement Area #1 and the Remainder Area, as applicable,to the total acreage of Improvement Area #1 and the Remainder Area. The Remainder Area is allocated 76.45% of the Initial Common to All Improvements costs, and Improvement Area #1 is allocated 23.55% of the Initial Common to All Improvements costs. The Remainder Area and Improvement Area #1's shares of the Initial Common to All Improvement costs are illustrated in Exhibit B. B. Assessments The Improvement Area #1 Assessment will be levied on the Improvement Area #1 Initial Parcel in the amount shown on the Improvement Area #1 Assessment Roll, attached hereto as Exhibit F-1. The projected Improvement Area #1 Annual Installments are shown on Exhibit F-2. Upon division or subdivision of the Improvement Area #1 Initial Parcel, the Improvement Area #1 Assessment will be reallocated pursuant to Section VI. The Maximum Assessment for each Lot Type is shown on Exhibit E. In no case will the Assessment for Lots classified as Lot Type 1, Lot Type 2, Lot Type 3, Lot Type 4, Lot Type 5, Lot Type 6 or Lot Type 7, respectively, exceed the corresponding Maximum Assessment for each Lot classification. C. Findings of Special Benefit Acting in its legislative capacity and based on information provided by the Developer and its engineer and reviewed by the City staff and by third-party consultants retained by the City, the City Council has found and determined the following: ■ Improvement Area#1 ■ The costs of the Improvement Area #1 Authorized Improvements equal $31,943,908 as shown on Exhibit B; <..g WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 15 FINAL SERVICE AND ASSESSMENT PLAN • The Improvement Area #1 Assessed Property receives special benefit from the Improvement Area #1 Authorized Improvements equal to or greater than the Actual Cost of the Improvement Area #1 Authorized Improvements; • The Improvement Area#1 Initial Parcel will be allocated 100%of the Improvement Area #1 Assessment levied for the Improvement Area #1 Authorized Improvements, which equals $23,856,000 as shown on the Improvement Area #1 Assessment Roll attached hereto as Exhibit F-1; • The special benefit ($31,943,908) received by the Improvement Area #1 Initial Parcel from the Improvement Area #1 Authorized Improvements is equal to or greater than the amount of the Improvement Area #1 Assessment ($23,856,000) levied on the Improvement Area #1 Initial Parcel for the Improvement Area #1 Authorized Improvements; and • At the time the City Council approved the Service and Assessment Plan,the Owner owned 100% of the Improvement Area #1 Initial Parcel. In a landowner consent certificate executed by the Owner and filed with the County Clerk of the County, the Owner acknowledged that the Improvement Area #1 Authorized Improvements confer a special benefit on the Improvement Area #1 Initial Parcel and consented to the imposition of the Improvement Area #1 Assessment to pay for the Actual Costs associated therewith. The Owner ratified, confirmed, accepted,agreed to,and approved:(1)the determinations and findings by the City Council as to the special benefits described herein and the applicable Assessment Ordinance; (2) the Service and Assessment Plan and the applicable Assessment Ordinance; and (3) the levying of the Improvement Area #1 Assessment on the Improvement Area #1 Initial Parcel. D. Annual Collection Costs The Annual Collection Costs shall be paid for annually by the owner of each Assessed Property pro rata based on the ratio of the amount of outstanding Assessment remaining on the Assessed Property to the total outstanding Assessment. The Annual Collection Costs shall be collected as part of and in the same manner as Annual Installments in the amounts shown on the Assessment Roll, which may be revised based on Actual Costs incurred in Annual Service Plan Updates. E. Interest The interest on the Improvement Area #1 Assessment securing the Improvement Area #1 Reimbursement Obligation shall be collected at the rates in the Assessment Ordinance and as depicted on Schedule I attached hereto as part of the Improvement Area #1 Annual Installment, WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 16 FINAL SERVICE AND ASSESSMENT PLAN and will not include Additional Interest unless and until PID Bonds secured by the Improvement Area #1 Assessments are issued. If and when such PID Bonds are issued, the rate calculated will match the rate on the PID Bonds, plus Additional Interest, but in no instance will the Assessment on any Assessed Property be increased. rSECTION VI: TERMS OF THE ASSESSMENTS Any reallocation of Assessments as described in this Section VI shall be considered an administrative action of the City and will not be subject to the notice or public hearing requirements under the PID Act. A. Reallocation of Assessments 1. Upon Division Prior to Recording of Subdivision Plat Upon the division of any Assessed Property (without the recording of a subdivision plat), the Administrator shall reallocate the Assessment for the Assessed Property prior to the division among the newly divided Assessed Properties according to the following formula: A= Bx(C= D) Where the terms have the following meanings: A= the Assessment for the newly divided Assessed Property B = the Assessment for the Assessed Property prior to division C =the Estimated Buildout Value of the newly divided Assessed Property D =the sum of the Estimated Buildout Value for all of the newly divided Assessed Properties The calculation of the Assessment of an Assessed Property shall be performed by the Administrator and shall be based on the Estimated Buildout Value of that Assessed Property, as provided by the Developer, relying on information from homebuilders, market studies, appraisals, official public records of the County, and any other relevant information regarding the Assessed Property.The Estimated Buildout Values for Lot Type 1, Lot Type 2, Lot Type 3, Lot Type 4, Lot Type 5, Lot Type 6, and Lot Type 7 are shown on Exhibit E and will not change in future Annual Service Plan Updates but Exhibit E may be updated in future Annual Service Plan Updates to account for additional Lot Types. The calculation as confirmed by the City Council shall be conclusive and binding. The sum of the Assessments for all newly divided Assessed Properties shall equal the Assessment for the Assessed Property prior to subdivision. The calculation shall be made WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 17 FINAL SERVICE AND ASSESSMENT PLAN separately for each newly divided Assessed Property. The reallocation of an Assessment for an Assessed Property that is a homestead under Texas law may not exceed the Assessment prior to the reallocation. Any reallocation pursuant to this section shall be reflected in the Annual Service Plan Update immediately following such reallocation. 2. Upon Subdivision by a Recorded Subdivision Plat Upon the subdivision of any Assessed Property based on a recorded subdivision plat, the Administrator shall reallocate the Assessment for the Assessed Property prior to the subdivision among the new subdivided Lots based on Estimated Buildout Value according to the following formula: A= [Bx (C= D)]/E Where the terms have the following meanings: A= the Assessment for the newly subdivided Lot B = the Assessment for the Parcel prior to subdivision C = the sum of the Estimated Buildout Value of all newly subdivided Lots with the same Lot Type D = the sum of the Estimated Buildout Value for all of the newly subdivided Lots excluding Non-Benefited Property E=the number of newly subdivided Lots with the same Lot Type Prior to the recording of a subdivision plat, the Developer shall provide the City an Estimated Buildout Value as of the date of the recorded subdivision plat for each Lot created by the recorded subdivision plat. The calculation of the Assessment for a Lot shall be performed by the Administrator and confirmed by the City Council based on Estimated Buildout Value information provided by the Developer, homebuilders, third party consultants, and/or the Official Public Records of the County regarding the Lot. The Estimated Buildout Values for Lot Type 1, Lot Type 2, Lot Type 3, Lot Type 4, Lot Type 5, Lot Type 6 and Lot Type 7 are shown on Exhibit E and will not change in future Annual Service Plan Updates.The calculation as confirmed by the City Council shall be conclusive and binding. The sum of the Assessments for all newly subdivided Lots shall not exceed the Assessment for the portion of the Assessed Property subdivided prior to subdivision. The calculation shall be made separately for each newly subdivided Assessed Property. The reallocation of an Assessment for an Assessed Property that is a homestead under Texas law may not exceed the Assessment prior to the reallocation. Any reallocation pursuant to this section WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 18 FINAL SERVICE AND ASSESSMENT PLAN shall be reflected in the Annual Service Plan Update immediately following such reallocation. 3. Upon Consolidation If two or more Lots or Parcels are consolidated into a single Lot or Parcel, the Administrator shall allocate the Assessments against the Lots or Parcels before the consolidation to the consolidated Lot or Parcel, which allocation shall be approved by the City Council in the next Annual Service Plan Update immediately following such consolidation. The Assessment for any resulting Lot may not exceed the Maximum Assessment for the applicable Lot Type and compliance may require a mandatory Prepayment of Assessments pursuant to Section VI.C. B. Mandatory Prepayment of Assessments If an Assessed Property or a portion thereof is conveyed to a party that is exempt from payment of the Assessment under applicable law, or the owner causes a Lot, Parcel or portion thereof to become Non-Benefited Property, the owner of such Lot, Parcel or portion thereof shall pay to the City, or cause to be paid to the City, the full amount of the Assessment, plus all Prepayment Costs and Delinquent Collection Costs for such Assessed Property, prior to any such conveyance or act, and no such conveyance shall be effective until the City receives such payment. Following payment of the foregoing costs in full, the City shall provide the owner with a recordable "Notice of Assessment Termination," a form of which is attached hereto as Exhibit H. C. True-Up of Assessments if Maximum Assessment Exceeded at Plat Prior to the City approving a final subdivision plat, the Administrator will certify that such plat will not result in the Assessment per Lot for any Lot Type to exceed the Maximum Assessment. If the Administrator determines that the resulting Assessment per Lot for any Lot Type will exceed the Maximum Assessment for that Lot Type, then (1)the Assessment applicable to each Lot Type shall each be reduced to the Maximum Assessment, and (2) the person or entity filing the plat shall pay to the City, or cause to be paid to the City, the amount the Assessment was reduced, plus Prepayment Costs and Delinquent Collection Costs, if any, prior to the City approving the final plat. The City's approval of a plat without payment of such amounts does not eliminate the obligation of the person or entity filing the plat to pay such amounts. At no time shall the aggregate Assessments for any Lot exceed the Maximum Assessment. D. Reduction of Assessments If as a result of cost savings or the failure to construct all or a portion of an Authorized Improvement the Actual Costs of any Authorized Improvements are less than the Assessments, WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 19 FINAL SERVICE AND ASSESSMENT PLAN then (i) in the event PID Bonds have not been issued for the purpose of financing Authorized Improvements affected by such reduction in Actual Costs, the City Council shall reduce each Assessment on a pro rata basis such that the sum of the resulting reduced Assessments for all Assessed Property equals the reduced Actual Costs that were expended, or (ii) in the event that PID Bonds have been issued for the purpose of financing Authorized Improvements affected by such reduction in Actual Costs, the Trustee shall apply amounts on deposit in the applicable account of the project fund created under the Indenture relating to such series of PID Bonds that are not expected to be used for the purposes of the project fund as directed by the City pursuant to the terms of such Indenture. Such excess PID Bond proceeds may be used for any purpose authorized by such Indenture. The Assessments shall never be reduced to an amount less than the amount required to pay all outstanding debt service requirements on all outstanding PID Bonds. The Administrator shall update(and submit to the City Council for review and approval as part of the next Annual Service Plan Update)the Assessment Roll and corresponding Annual Installments to reflect the reduced Assessments. E. Prepayment of Assessments The owner of any Assessed Property may, at any time, pay all or any part of an Assessment in accordance with the PID Act. Prepayment Costs, if any, may be paid from a reserve established under the applicable Indenture. If an Annual Installment has been billed, or the Annual Service Plan Update has been approved by the City Council prior to the Prepayment, the Annual Installment shall be due and payable and shall be credited against the Prepayment. If an Assessment on an Assessed Property is prepaid in full, with Prepayment Costs, (1) the Administrator shall cause the Assessment to be reduced to zero on said Assessed Property and the Assessment Roll to be revised accordingly; (2) the Administrator shall prepare the revised Assessment Roll and submit such revised Assessment Roll to the City Council for review and approval as part of the next Annual Service Plan Update;(3)the obligation to pay the Assessment and corresponding Annual Installments shall terminate with respect to said Assessed Property; and (4) the City shall provide the owner with a recordable "Notice of Assessment Termination." If an Assessment on an Assessed Property is prepaid in part with Prepayment Costs: (1) the Administrator shall cause the Assessment to be reduced on said Assessed Property and the Assessment Roll revised accordingly; (2) the Administrator shall prepare the revised Assessment Roll and submit such revised Assessment Roll to the City Council for review and approval as part of the next Annual Service Plan Update; and (3) the obligation to pay the Assessment will be reduced to the extent of the Prepayment made. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 20 FINAL SERVICE AND ASSESSMENT PLAN For purposes or Prepayments, the Improvement Area #1 Reimbursement Obligation is and will remain subordinated to any PID Bonds secured by the Improvement Area#1 Assessments issued to refinance all or a portion of the Improvement Area #1 Reimbursement Obligation. F. Payment of Assessment in Annual Installments Assessments that are not paid in full shall be due and payable in Annual Installments. Exhibit F-2 shows the estimated Improvement Area#1 Annual Installments.Annual Installments are subject to adjustment in each Annual Service Plan Update. Prior to the recording of a final subdivision plat, if any Parcel shown on the Assessment Roll is assigned multiple tax parcel identification numbers for billing and collection purposes,the Annual Installment shall be allocated pro rata based on the acreage of the Parcel not including any Non- Benefited Property, as shown by the Nueces Central Appraisal District for each tax parcel identification number. The Administrator shall prepare and submit to the City Council for its review and approval an Annual Service Plan Update to allow for the billing and collection of Annual Installments. Each Annual Service Plan Update shall include updated Assessment Rolls and updated calculations of Annual Installments. The Annual Collection Costs for a given Assessment shall be paid by the owner of each Parcel pro rata based on the ratio of the amount of outstanding Assessment remaining on the Parcel to the total outstanding Assessment. Annual Installments shall be reduced by any credits applied under an applicable Indenture, such as capitalized interest, interest earnings on account balances, and any other funds available to the Trustee for such purposes. Annual Installments shall be collected by the City in the same manner and at the same time as ad valorem taxes. Annual Installments shall be subject to the penalties, procedures, and foreclosure sale in case of delinquencies as set forth in the PID Act and in the same manner as ad valorem taxes due and owing to the City. To the extent permitted by the PID Act or other applicable law, the City Council may provide for other means of collecting Annual Installments, but in no case shall the City take any action, or fail to take any action, that would cause it to be in default under any Indenture. Assessments shall have the lien priority specified in the PID Act. Sales of the Assessed Property for nonpayment of Annual Installments shall be subject to the lien for the remaining unpaid Annual Installments against the Assessed Property, and the Assessed Property may again be sold at a judicial foreclosure sale if the purchaser fails to timely pay any of the remaining unpaid Annual Installments as they become due and payable. The City reserves the right to refund PID Bonds in accordance with applicable law, including the PID Act. In the event of a refunding, the Administrator shall recalculate the Annual Installments WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 21 FINAL SERVICE AND ASSESSMENT PLAN so that total Annual Installments will be sufficient to pay the refunding bonds, and the refunding bonds shall constitute "PID Bonds." Each Annual Installment of an Assessment, including interest on the unpaid principal of the Assessment, shall be updated annually. Each Annual Installment shall be due when billed and shall be delinquent if not paid prior to February 1 of the following year. The initial Annual Installments of the Improvement Area #1 Assessments shall be due when billed and shall be delinquent if not paid prior to February 1, 2025. Failure of an owner of an Assessed Property to receive an invoice for an Annual Installment shall not relieve said owner of the responsibility for payment of the Assessment. Assessments, or Annual Installments thereof, that are delinquent shall incur Delinquent Collection Costs. G. Prepayment as a Result of an Eminent Domain Proceeding or Taking Subject to applicable law, if any portion of any Parcel of Assessed Property is taken from an owner as a result of eminent domain proceedings or if a transfer of any portion of any Parcel of Assessed Property is made to an entity with the authority to condemn all or a portion of the Assessed Property in lieu of or as a part of an eminent domain proceeding (a "Taking"), the portion of the Assessed Property that was taken or transferred (the "Taken Property") shall be reclassified as Non-Benefited Property. For the Assessed Property that is subject to the Taking as described in the preceding paragraph, the Assessment that was levied against the Assessed Property(when it was included in the Taken Property) prior to the Taking shall remain in force against the remaining Assessed Property (the Assessed Property less the Taken Property) (the "Remaining Property"), following the reclassification of the Taken Property as Non-Benefited Property, subject to an adjustment of the Assessment applicable to the Remaining Property after any required Prepayment as set forth below. The owner of the Remaining Property will remain liable to pay, pursuant to the terms of this Service and Assessment Plan, as updated, and the PID Act, the Assessment that remains due on the Remaining Property, subject to an adjustment in the Assessment applicable to the Remaining Property after any required Prepayment as set forth below. Notwithstanding the foregoing, if the Assessment that remains due on the Remaining Property exceeds the applicable Maximum Assessment, the owner of the Remaining Property will be required to make a Prepayment in an amount necessary to ensure that the Assessment against the Remaining Property does not exceed such Maximum Assessment, in which case the Assessment applicable to the Remaining Property will be reduced by the amount of the partial Prepayment. If the City receives all or a portion of the eminent domain proceeds (or payment made in an agreed sale in lieu of condemnation), such amount shall be credited against the amount of Prepayment, with any remainder credited against the Assessment on the Remaining Property. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 22 FINAL SERVICE AND ASSESSMENT PLAN In all instances the Assessment remaining on the Remaining Property shall not exceed the applicable Maximum Assessment. By way of illustration, if an owner owns 100 acres of Assessed Property subject to a $100 Assessment and 10 acres is taken through a Taking, the 10 acres of Taken Property shall be reclassified as Non-Benefited Property and the remaining 90 acres constituting the Remaining Property shall be subject to the $100 Assessment (provided that this $100 Assessment does not exceed the Maximum Assessment on the Remaining Property). If the Administrator determines that the $100 Assessment reallocated to the Remaining Property would exceed the Maximum Assessment, as applicable, on the Remaining Property by $10, then the owner shall be required to pay $10 as a Prepayment of the Assessment against the Remaining Property and the Assessment on the Remaining Property shall be adjusted to $90. Notwithstanding the previous paragraphs in this subsection, if the owner of the Remaining Property notifies the City and the Administrator that the Taking prevents the Remaining Property from being developed for any use which could support the Estimated Buildout Value requirement, the owner shall, upon receipt of the compensation for the Taken Property, be required to prepay the amount of the Assessment required to buy down the outstanding Assessment to the applicable Maximum Assessment on the Remaining Property to support the Estimated Buildout Value requirement. The owner will remain liable to pay the Assessment on both the Taken Property and the Remaining Property until such time that such Assessment has been prepaid in full. Notwithstanding the previous paragraphs in this subsection, the Assessments shall never be reduced to an amount less than the amount required to pay all outstanding debt service requirements on all outstanding PID Bonds. ISECTION VII: ASSESSMENT ROLL The Improvement Area #1 Assessment Roll is attached as Exhibit F-1. The Administrator shall prepare and submit to the City Council for review and approval proposed revisions to the Improvement Area #1 Assessment Roll and Improvement Area #1 Annual Installments for each Parcel as part of each Annual Service Plan Update. SECTION VIII: ADDITIONAL PROVISIONS A. Calculation Errors If the owner of a Parcel claims that an error has been made in any calculation required by this Service and Assessment Plan, including, but not limited to, any calculation made as part of any WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 23 FINAL SERVICE AND ASSESSMENT PLAN Annual Service Plan Update, the owner's sole and exclusive remedy shall be to submit a written notice of error to the Administrator by December 1st of each year following City Council's approval of the calculation. Otherwise, the owner shall be deemed to have unconditionally approved and accepted the calculation. The Administrator shall provide a written response to the City Council and the owner not later than 30 days after receipt of such written notice of error by the Administrator. The City Council shall consider the owner's notice of error and the Administrator's response at a public meeting, and, not later than 30 days after closing such meeting,the City Council shall make a final determination as to whether an error has been made. If the City Council determines that an error has been made, the City Council shall take such corrective action as is authorized by the PID Act, this Service and Assessment Plan,the applicable Assessment Ordinance,the applicable Indenture, or as otherwise authorized by the discretionary power of the City Council. The determination by the City Council as to whether an error has been made,and any corrective action taken by the City Council, shall be final and binding on the owner and the Administrator. B. Amendments Amendments to this Service and Assessment Plan must be made by the City Council in accordance with the PID Act. To the extent permitted by the PID Act,this Service and Assessment Plan may be amended without notice to owners of the Assessed Property: (1)to correct mistakes and clerical errors; (2) to clarify ambiguities; and (3) to provide procedures to collect Assessments, Annual Installments, and other charges imposed by this Service and Assessment Plan. C. Administration and Interpretation The Administrator shall: (1) perform the obligations of the Administrator as set forth in this Service and Assessment Plan; (2) administer the District for and on behalf of and at the direction of the City Council; and (3) interpret the provisions of this Service and Assessment Plan. Interpretations of this Service and Assessment Plan by the Administrator shall be in writing and shall be appealable to the City Council by owners of Assessed Property adversely affected by the interpretation. Appeals shall be decided by the City Council after holding a public meeting at which all interested parties have an opportunity to be heard. Decisions by the City Council shall be final and binding on the owners of Assessed Property and developers and their successors and assigns. D. Form of Buyer Disclosure/Filing Requirements Per Section 5.014 of the Texas Property Code, as amended, this Service and Assessment Plan, and any future Annual Service Plan Updates, shall include a form of the buyer disclosures for the WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 24 FINAL SERVICE AND ASSESSMENT PLAN District.The buyer disclosures are attached hereto as Appendix B.Within seven days of approval by the City Council, the City shall file and record in the real property records of the County the executed ordinance of this Service and Assessment Plan, or any future Annual Service Plan Updates. The executed ordinance, including any attachments, approving this Service an Assessment Plan or any future Annual Service Plan Updates shall be filed and recorded in their entirety. E. Severability If any provision of this Service and Assessment Plan is determined by a governmental agency or court to be unenforceable, the unenforceable provision shall be deleted and, to the maximum extent possible, shall be rewritten to be enforceable. Every effort shall be made to enforce the remaining provisions. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 25 FINAL SERVICE AND ASSESSMENT PLAN SCHEDULE AND EXHIBITS The following Schedule and Exhibits are attached to and made a part of this Service and Assessment Plan for all purposes: Schedule I Reimbursement Obligations Exhibit A-1 Map of the District Exhibit A-2 Plats of Improvement Area #1 Exhibit A-3 Map of the Preserve Exhibit A-4 Map of Remainder Area Exhibit A-5 Lot Type Classification Map Exhibit B Project Costs Exhibit C Service Plan Exhibit D Sources and Uses of Funds Exhibit E Maximum Assessment and Tax Rate Equivalent Exhibit F-1 Improvement Area #1 Assessment Roll Exhibit F-2 Improvement Area #1 Annual Installments Exhibit G-1 Maps of Initial Common to All Improvements Exhibit G-2 Maps of Improvement Area #1 Improvements Exhibit H Form of Notice of Assessment Termination Exhibit I Annual Installments for Improvement Area #1 Reimbursement Obligation Exhibit J-1 District Boundary Description Exhibit J-2 Improvement Area #1 Boundary Description Exhibit J-3 Remainder Area Boundary Description WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 26 FINAL SERVICE AND ASSESSMENT PLAN SCHEDULE I The following Schedule is attached to and made a part of this Service and Assessment Plan for all purposes: 1. Improvement Area#1 Reimbursement Obligation Original Principal Amount: $. • Interest Rate: Interest on any unpaid portion of the Improvement Area #1 Reimbursement Obligation shall be %provided;however,the Interest Rate at all times shall remain lower than or equal to the lesser of: (1) the interest rates on the City of Corpus Christi, Texas, Special Assessment Revenue Bonds, Series 2024 (Whitecap Public Improvement District No. 1 Improvement Area #1 Project), or(2) % based on the Bond Index Rate of % as the highest average index rate reported for the[NAME OF INDEX], a weekly bond index approved by the City Council of the City, in the month before the date the City approved the Assessment Ordinance levying the Improvement Area#1 Assessments which is the same date the obligation to pay the Improvement Area#1 Reimbursement Obligation was incurred. • Date of Improvement Area#1 Assessment Ordinance Approval: Ordinance No. approved on [ , 20_]and recorded in the real property records of Nueces County,Texas on [ ], 20_, as Document No. [ ]. • Payment Source: Solely from: (1) revenue derived from Improvement Area #1 Assessments collected by the City and deposited in accordance with the Reimbursement Agreement if no PID Bonds secured by Improvement Area#1 Assessments are levied,(2)net bond proceeds of PID Bonds secured by the Improvement Area #1 Assessments levied against the Improvement Area #1 Assessed Property shown on the Improvement Area #1 Assessment Roll attached as Exhibit F-1 to this Service and Assessment Plan, or(3)a combination of(1) and (2). r WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 27 FINAL SERVICE AND ASSESSMENT PLAN APPENDICES E...., PENDICES The following Appendices are attached to and made a part of this Service and Assessment Plan for all purposes: Appendix A Engineer's Report Appendix B Buyer Disclosures WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 28 FINAL SERVICE AND ASSESSMENT PLAN EXHIBIT A 1 MAP OF THE DISTRICT NI 4.E I , , 1 /".... I G\C' LJA ENGINEERING._ �- i 1 y'I( I , ti¢ ilLEQ A TEXAS ENGMEERING FIRM F-1?& ..III I GOtV r tI _ 1 v a.al T ea,• .., a°l Qom° I� _ , : F i : - 1. (;-1 It, \ :41- ,7".-'''•;•-1'.1,i'''',<',..),.\-Y7 'i\te_: 4.t.'-----...,_ . ,i ..,,,,, . B ,j`-j !is. tits"' / r / ' I ` ?' l Q . it ,at- / �OS; f-Q .,,-.. .. . ''-. .1";4 ' I lik -1 /..1.'. . ��Q t 1( , al � , Q� —I iii 1 [_, rnr - , ,� w111 g r -., I I 1 I I , • - 6 , ,, / ; \ _� `� !t(!' 1 - . ... !I' , _�ti 'I Q °d IPA - ' �' - f aka i i ,�� QI�F'u•I A ► a e I 40,"O'*45 asI ' __2 is DIAMOND BEACH' - HOLDINGS . _ , ..I..- WHITECAP 1� * - ' 1I_• _NORTH PADRE ISLAND W ,- I � �' MD DIRECT PUBLIC ._ T� ' . 1 IMPROVEMENTS PHASING r . . � I- i . 1I i k EXHIBIT C 1 WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 29 FINAL SERVICE AND ASSESSMENT PLAN EXHIBIT A-2—PLATS OF IMPROVEMENT AREA#1 NOM OrA.O. Plat of — '°" •'-"`-' ' .`. WHITECAP a...of.A-'.- .•••_a,- NORTH PADRE ISLAND -r-• ° " »� Unit 1A � �I�. 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LA ENGINEERING ..,n c no...r WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 30 FINAL SERVICE AND ASSESSMENT PLAN c �rsz-9�rr e'saEa�msntii :� / , Op,9 jnr y 4.4 _ I azziI I 1a - w / ' Fa 11 T '''q I I LrGNtH1011S EI OA , ,� 4. • •*i. :rgo �.- .ee r -*÷ 9.,, 41p, \ ' ,... i / 11 y u d.g'Y- a sn n• 1 � �t rG,rc 1, t:e c �N� r a.r °rr��. ri:r..rc. c r:ir • a Plat of ! t.N6 M,r na-n., WHITECAP 114 r, care.,.� ;-r.re: r • r,,_el,',' .'' = NORTH PADRE ISLAND eJpENGINEERING \" � Unit lA T Jormurrer WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 31 FINAL SERVICE AND ASSESSMENT PLAN TOW SOTS OF11.. E Plat of ""xola.q..W. MAW orgy Yw. .a..",an,...a.r .l wR d—.4403 to at *a— .fa WHITECAP for -re w.Nw Y . co..�H�F�w.,�.6�. """`"aum'ma WNW S.�41."f—.EL— a. NORTH PADRE ISLAND ROA. CZ Unit 1B ..,a .av PaKoOR...TO N.1.1 e.ak Hp� I� A..gat v.Pr..Pr.. 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Mart[n..a Jr..[..0(iL.n r WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 36 FINAL SERVICE AND ASSESSMENT PLAN _ `" CZIMI,M11 ,-5.1.1WIEMIIIMIENSELW.I.- 1 1$®i�IIMIITIVIIIIMIMIOfO®® MIMI= 1 r /y o+rM ®E'f®1�fi•e�® fug ++a �� of®�za®-s® fund, r. /_� +S A+ "\. Per=war®1®fmms �f g --HIE i�/®�BOI�f 41r,�flL,YI _ 31E8RINELENERILI®® M fRIEE.II.A ® . w,1..y'Oi M 19-1x ^ MrCitrL1®IftIL16ISIIII M1011 FINE/ -` ' ' , 915ISIA.�®MIZIMIEII1E5IC>�i it*ry'GN(+MO pY .. ille®1•NF21ME .R3®��1�(3'l i?3 6 o age®� 9 11SISMIMIIIIIIMI " r. . . UA ENGINEERING / ,r X SOTI,m, .1,1. iL,.us ,I. ...... Plat of L=2 ' 'I;=. i �q`x WHITECAP i ...... ""p # X Z NORTH PADRE ISLAND i '°' p75� 'p 1pt5 Unit lD I pp @ 1..CI T.'"Mo LIES b ,oa pia a .�w .<3 e. - Pal°2of2 ie WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 37 FINAL SERVICE AND ASSESSMENT PLAN WISES SSW OF IV.V ..el4 Cr"�ee, �6a 000 .«r a.w 04 never Plat of � ,...6«.I. 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L.` n....W 002)1 tW rr r I.batl ad..d e... ,..-e.. •PCMI4r OE�T 'II 1 W¢6 COMM.1[4v5m_II CC.C.S. ®40 OS OF MGM AMC 1)001(weer I).AI).M Eas..acre mar(1M.er 2).•].MO..TACT CI..1).M0 A rp no.ra act+a. 30.074 MKT(1 .}W2 , . AS�W4.4.1 142-41T M.IT.1eCOMOO Pr DX Le) 2. Of..xS..wnC.10,0105. 4000110e. lol t K wMk neu N R WFIV4 1� .0ECE5 ,..1•,IEk.ti ..a2 P.. r • •_ ft.8,,.K na..KS.s raa 7 A a::•N,"-C" awe met l rI s s. _ Sme . • n. .I..Pn..T .edra.,� t�.• ~7 ; • � den.M d E eat.Ms ems. on..2 N.O P. dmE K TCOM.OF.R[S I ~4... • .4r.. ..r.�em ere.4 r.rare�a.. 41. Ma aw plot 0 x.M.e..,,e.e w.«n.�mp.rw...ea> • ww. a w(.>r�Wo tee. ...r.. e....r... Crly a Como Cp,I. ...n e.poor.„Como..e,.._It • "'rtF] 1► , Me,. _mr.or 20--tom at `Corp.arw term • e„a• =r xfr 9:_ 2040.0 • ® ( Rit tit ® Wt 'F E LI II 1-VI 11E19I II, iI Nora C..,2.Ter.E n m 4i Illlil ~ • . - --z... or ECO o SOO 1e MOO MM• ire..L 1e m IE.ea e.a P.22 Preen..Lam 00.0. ! mmowed orned rM wme rr:44ert ,no. n I arum uNs • �p µ� N t.*M1�WM I M.*meraml ad.,contract 0 ea ben al a.0.10100 4 0rw�.•121 0 era 1....ImrMepop.4 V. r..e.PT..a. .,/■i e.MWv M 21..,harm m.... p..Wed wveev. a..+w.r 2 5.... 00 0 r r w...,rl.M..ee.m. . _e d 2_. � r _. • a 10— L r Ue�I ENGINEERING e.E.■Me. Mal E Mom 0_.1,1 P.M WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 38 FINAL SERVICE AND ASSESSMENT PLAN JS S• / --ii ,$ 1iIiI F=m�I Y ;3 / .Unit lE f < < \ \' j I I i a -- -• - :-. - - — F. T„,..x..=,,..egglic"D. " '''''2.4, L"r5 ' .''..:s _ 1 I1.,,,,.. : , MulE16ROw,zr w•/•++�IDIS . „ r.. •.. ,i, .‘• "A *., / 4% .• . ,, -_,• - , ♦ (Z' ,1 : :.; J4 ,, :.,3 [ L' I t il . a • l -� - •10 yI r I • � ;; •..� •v •--H '12 1,451, • '• + , _1, ii,4, i -,- tz EMT ILYI �/(� ? w fin :233 IS • ICJ L 1=1d 4 a • [�J rSq�I t.i 10 4v;� , i ;333 a. ua a ,. \ \yi caR + J� - ' a ;:33 3° to uwr uxt • > w� .I 1 .� 5 �1_' �i� UNE Rp i_+/•7 ,' LJA ENGINEERING aI WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 39 FINAL SERVICE AND ASSESSMENT PLAN rEXHIBIT A-3- MAP OF THE PRESERVE •"... \ \ , , r-ir-4,---* LA - ) , , ..,--- - --rp >,,,� /' 1 -- - J LJA ENGINEERING, {i��( l i TEXA ENGINEERING FIRM F-1356 ITI C.pa,.b T .'Ur 1_ Ir I 4',i •_ — III d Sk i 1 -I ' . N. ‘h_ I). F. W. I . 1 1 ,�:: 7 I � it //� a i ;, I II I 1 T 1 / f r_2„ ,, i ,, , ' ��..�' l/J. . , . u l i i.. , , , ` ti4 1 , ,il �z - —I 1 „ , ; ,1 ;� } ; , _I L- a fi ! i ( -' 714 ,T, , L.; DIAMOND BEACH' II; --1 1--. =_J «:�.._ HOLDINGS TECAP N 1 _--�.,�-_ -.�—•.®.. r_ -_„_: ....7. —, NORTH HPADRE ISLAND W' I u �� ' r INITIAL IMPROVEMENTS n' t I = COMMON TO ALL AREAS { —r 1 11 ie,-... __ EXHIBIT E J(H I B 1 T H 2. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 40 FINAL SERVICE AND ASSESSMENT PLAN 1---- EXHIBIT A-4— MAP OF REMAINDER AREA , 1 „__ ------ . I. . , _ ----' -- - LJsAENT:TIln:Ir'_ ---' i Ili ; I ! \ • _ _ -,. ie ...- , F- lc, . --- 1 ,__-- '..,_ ir 1 1,..e..",..... -..... .. .. ,,s ,- _ I 1:11 ' _ / m " . N. ;*,•..... - -., ' ' / _I , ---./---.- _.,' ip-;.',.., ' '-', .- ' f--7- ! - ' .. ‘ ,.. 1 -_, ,, .-.... ' --/-. :-.,S4:ji, 'I. , • '' ' 4-_-. .-- _ -- t 4 • 4 2-1--, -.47 -- \ 4.* '' 2)..• . : ' '' t a 4:7.1- l':-.1.,... i'l-4,/..,1 A . , i ..., 1_ .-'% ' '--il _'. --_ •-' „ — li- , ,_ „ -i / ;" ail '., , "r- ----- , ' / -4-?'/--C- • ill- ' ' \'\' •- . - , I ,, _.'/--..i-• /',. - - 71--Eit- 4 11.1 \ 1 / . ‘ 7 c.,.---,, ..)---2:- - i..7.7<-, 'A '`.-• ib. ,t.- gri \,. ..'4'):,K( A% Y 8 -I- :. ".._--,•/-r/-1--if.. 4 . ', iiip,, _--Y,9.i!''..:-.-,-.-.• _,--_.'_.j 4_-i—,/-'m,-1a._*Iri'„i/(I, ---\,:.•_e_--_,_--s. gAlu4rN.i., r , ). , ...._- _ ., , 4 - 1- , / IIiIiI11 ' i ..-. :- E --- .2- II'I / ! --''' ' •/, - 1 1 1 1 i- . :---••-..-'-I-II i ' r—,- - /---.71._„,1.. illi _II.J I d i I / - 1 t 1 P / ' IF __7.,-.1..._11 I I, .1-, •,-:' i - •' / i -1 - c 1, - ..,. i - . III (., . -I L r:,- • '- III I , 1 ...,,,,\I , i i .'' - .- --III 1 - t' 1 ,I 1 I I i I I' I ' ' .1 ' '' ti 4., ' 1 I ' : 1 d 7 i , , i , } „ — : ... _,. .1 .: : 1. ii l r - __ A 1 a i ' , ,,.. ,,. ,, ,, , , 1 i__ . .t 6 1 , li ' : j4 - '14 ' I ' I_.,I DIAMOND BEACH ------ I. HOLDINGS . . I —----"4_,4 -—--- ' - —8 _ t___„.. —..___t.,„___"--- — ...,..--..--i—.;.„! A. ..._ WHITECAP 1- ---------•,...:-----4---r-----,---- i-7--7,------=- '',..--I- NORTH PADRE ISLAND .... ?; ,.. I r 111 I . 1' . r ','r—i— REMAINING - • . . I IMPROVEMENT AREA i . r-r71 I . , , . k . EXHIBIT I 2. I- WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 41 FINAL SERVICE AND ASSESSMENT PLAN EXHIBIT A-5-LOT TYPE CLASSIFICATION MAP 1. 9q O '' `S S' WHITECAP ' 0 '`` x . ; \,. NOtIN PAD.. ISLAND / �.`�"� <- Site Visualization I Phase 1 Lot Numbering p y per._9 ter. : \� ~ 24 t \ \ , \ s ^ nil S, ®�� G qN4sF'v.t '\ OR '� \`t�l�' G 1 iaS% '"%'''J',.. .,,,,,?, ;I__\L),,,_______,,,:<-.:.---,_=-.1_-..,...\ ''''' ,.. ,ft,./! --,11 04,-, , iii,... ,', -1,00 -,-..,-H-H-i+-+H.--: - /l �l i '� ❑ Lot Type 4 5 i O .-4.' " 4. ❑ilr Lot Type 1 s. r 0" ,, 9 d Q 8.' k„ . ._ �}o' °'. i*,' .. Lot Type 2 El Lot Type S wag !.. �...00 i Lot Type s © Lot Type 6 El .......-.-. ®.......,..,... .............- ... ....:..�......v.,..—..._—.�.., ...,,....K Lot Type WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 42 FINAL SERVICE AND ASSESSMENT PLAN I EXHIBIT B - PROJECT COSTS Improvement Area#1 Remainder Area Total Costslal Privatelbi % Cost j Cost Initial Common to All Improvements lc) Preserve $ 2,310,000 $ - 23.55% $ 544,018 76.45% $ 1,765,982 Soft Costsldl 852,500 - 23.55% 200,769 76.45% 651,731 $ 3,162,500 $ - $ 744,786 $ 2,417,714 Improvement Area#1 Improvements Street $17,087,424 $ - 100.00% $ 17,087,424 0.00% $ - Drainage 1,655,010 - 100.00% 1,655,010 0.00% - Water 1,742,790 - 100.00% 1,742,790 0.00% - Wastewater 3,196,725 - 100.00% 3,196,725 0.00% - Soft Costslel 3,436,250 - 100.00% 3,436,250 0.00% - _ $27,118,199 $ - $ 27,118,199 $ - Improvement Area#1 Private Improvements Community Amenities and Parks $ 8,460,000 $ 8,460,000 0.00% $ - 0.00% $ - Private Landscape Development Costs 2,291,000 2,291,000 0.00% - 0.00% - $ 10,751,000 $10,751,000 $ - $ - Bond Issuance Costs lB Debt Service Reserve $ 1,774,602 $ 1,774,602 $ - Capitalized Interest - - - Underwriter's Discount 715,680 715,680 - Costs of Issuance 1,550,640 1,550,640 - $ 4,040,922 $ 4,040,922 $ - Other Costs Deposit to Administrative Fund $ 40,000 $ 40,000 $ - $ 40,000 $ 40,000 $ - Total $45,112,621 $10,751,000 $ 31,943,908 $ 2,417,714 Footnotes: [a]Total Costs per Preliminary Opinion of Probable Construction Costs Whitecap-North Padre Island,PID Direct Public Improvements dated 11/17/2023. [b]Not reimbursable through Assessments. [c]Initial Common to All Improvements are allocated to Improvement Area#1 and the Remainder Area pro rata based on acreage.Improvement Area#1 is 55.9022 acres and the Remainder Area 181.4688 acres.Therefore,Improvement Area#1 is allocated 23.55%(=55.9022/(55.9022+ 181.4688))of the Initial Common to all Improvements,and the Remainder Area is allocated the remaining 76.45%(=181.4688/(55.9022+ 181.4688))of the Initial Common to All Improvements. [d]Initial Common to All Improvement Soft Costs include contingency,and consultant fees. [e]Improvement Area#1 Soft Costs includes$150,000 in District Formation Costs. [f]Bond Issuance Costs and Other Costs associated with Improvement Area#1 are estimates only,to be determined at time of issuance of PID Bonds to reimburse all or a portion of the Improvement Area#1 Reimbursement Obligation. WHITECAP PUBLIC IMPROVEMENT DISTRCT NO.1 43 FINAL SERVICE AND ASSESSMENT PLAN EXHIBIT C-SERVICE PLAN Improvement Area#1 Annual Installment Due 1/31/2025 1/31/2026 1/31/2027 1/31/2028 1/31/2029 Improvement Area#1 Reimbursement Obligation Principal $ 290,000.00 $ 308,000.00 $ 327,000.00 $ 348,000.00 $ 369,000.00 Interest $ 1,483,843.20 $ 1,465,805.20 $ 1,446,647.60 $ 1,426,308.20 $ 1,404,662.60 (1) $ 1,773,843.20 $ 1,773,805.20 $ 1,773,647.60 $ 1,774,308.20 $ 1,773,662.60 Additionallnterestlai (2) $ - $ - $ - $ - $ - Annual Collection Costs (3) $ 40,000.00 $ 40,800.00 $ 41,616.00 $ 42,448.32 $ 43,297.29 Total Annual Installment (4).(1)+(2)+(3) $ 1,813,843.20 $ 1,814,605.20 $ 1,815,263.60 $ 1,816,756.52 $ 1,816,959.89 Footnotes: [a]Additional Interest will not be charged on the Improvement Area#1 Reimbursement Obligation.In the event PID Bonds secured by the Improvement Area#1 Assessment are issued,the Service Plan and Improvement Area#1 Assessment Roll shall be updated to reflect the Additional Interest collected for such PID Bonds. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 44 FINAL SERVICE AND ASSESSMENT PLAN l _ EXHIBIT D-SOURCES AND USES OF FUNDS Private Improvement Area ill Remainder Area Total Sources of Funds Improvement Area#1 Reimbursement Obligation $ - $ 23,856,000 $ - $ 23,856,000 Developer Contributionl'1 - 7,343,121 - 9,760,835 Developer Contribution-Initial Common to All Improvements-IA#11`1 - 744,786 - 744,786 Developer Contribution-Initial Common to All Improvements-Remainder Areal°1 - - 2,417,714 2,417,714 Developer Contribution-Private Improvementsl'1 10,751,000 - - 10,751,000 Total Sources $ 10,751,000 $ 31,943,908 $ 2,417,714 $ 45,112,621 Uses of Funds Initial Common to All Improvements $ - $ 744,786 $ 2,417,714 $ 3,162,500 Improvement Area#1 Improvements - 27,118,199 - 27,118,199 Private Improvements 10,751,000 - - 10,751,000 $ 10,751,000 $ 27,862,985 $ 2,417,714 $ 41,031,699 Bond Issuance Costs tat Debt Service Reserve $ - $ - 1,774,602 $ - $ 1,774,602 Capitalized Interest - - - - Underwriter's Discount - 715,680 - 715,680 Costs of Issuance - 1,550,640 - 1,550,640 $ - $ 4,040,922 $ - $ 4,040,922 Other Costs"' Deposit to Administrative Fund $ - $ 40,000 $ - $ 40,000 $ - $ 40,000 $ - $ 40,000 Total Uses $ 10,751,000 $ 31,943,908 $ 2,417,714 $ 45,112,621 Footnotes: [a]Not reimbursable through Assessments. [b]Bond Issuance Costs and Other Costs associated with Improvement Area#1 are estimates only,to be determined at time of issuance of PIO Bonds to reimburse all or a portion of the Improvement Area#1 Reimbursement Obligation. [c]initial Common to All Improvements allocable to Improvement Area Cl are financed by the Owner Contribution-Initial Common to All Improvements-IA#1,and are not to be reimbursed from Assessments. id]Initial Common to All Improvements allocable to the Remainder Area are eligible to be reimbursed from future Assessments. WHITECAP PUBLIC IMPROVEMENT DISTRICT N0.1 45 FINAL SERVICE AND ASSESSMENT PLAN EXHIBIT E-MAXIMUM ASSESSMENT AND TAX RATE EQUIVALENT Estimated Assessment Average Annual Instant_ Lot Type Unitslal Buildout Value Total Estimated PID TRE VTL Buildout Value Total Per Unit Total Per Unit per Unit Improvement Area#1 Lot Type 1 19 $ 850,000 $ 16,150,000 $ 1,491,693 $ 78,510 $ 114,312 $ 6,016 $0.7078 2.8086 Lot Type 2 47 1,020,000 47,940,000 4,427,972 94,212 339,325 7,220 0.7078 2.8086 Lot Type 3 9 1,150,000 10,350,000 955,976 106,220 73,259 8,140 0.7078 2.4995 Lot Type 4 93 1,380,000 128,340,000 11,854,108 127,464 908,407 9,768 0.7078 2.4995 Lot Type 5 15 1,500,000 22,500,000 2,078,210 138,547 159,258 10,617 0.7078 2.2411 Lot Type 6 9 1,800,000 16,200,000 1,496,311 166,257 114,666 12,741 0.7078 2.2411 Lot Type 7 7 2,400,000 16,800,000 1,551,730 221,676 118,913 16,988 0.7078 1.9244 Subtotal 199 $ 258,280,000 $ 23,856,000 $ 1,828,139 2.5001 Footnotes: [a]Per information provided by Developer on 9/15/2023. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 46 FINAL SERVICE AND ASSESSMENT PLAN EXHIBIT F-1- IMPROVEMENT AREA #1 ASSESSMENT ROLL Property IDlal Lot Type Acreage Allocation Outstanding Annual Installmeti t due Assessment 1/31/2025 571270 Improvement Area#1 Initial Parcel 30.6800 30.47% $ 7,269,565.94 $ 552,726.89 571269 Improvement Area#1 Initial Parcel 70.0003 69.53% $ 16,586,434.06 $ 1,261,116.31 Total1`1 100.6803 100.00% $ 23,856,000.00 $ 1,813,843.20 Footnotes: [a]The Assessment and Annual Installment have initially been allocated between all Property IDs within the Improvement Area#1 Initial Parcel pro rata based on acreage as reported by Nueces Central Appraisal District.Future allocation of the Assessment will be done in accordance with Section VI of this Service and Assessment Plan. [b]Annual Installment covers the period September 30,2024 to October 1,2025,and is due January 31,2025. [c]For a version of the Improvement Area#1 Assessment Roll broken out on a per Lot basis by legal description per plats submitted by the Owner,see below.Note,Property ID numbers will be added when assigned by Nueces County. Legal Description Property Unit Block Lot Lot Type Outstanding Total Annual Installment ID Assessment Due 1/31/2025 TBD 1A 1 3 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 4 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 5 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 6 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 7 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 8 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 9 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 10 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 11 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 12 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 13 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 14 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 15 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 16 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 17 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 18 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 19 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 20 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 21 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 22 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1A 1 23 Lot Type 7 $ 221,675.70 $ 16,854.67 TBD 1A 1 24 Lot Type 7 $ 221,675.70 $ 16,854.67 TBD 1A 1 25 Lot Type 7 $ 221,675.70 $ 16,854.67 TBD 1B 6 2 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 3 Lot Type 2 $ 94,212.17 $ 7,163.23 WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 47 FINAL SERVICE AND ASSESSMENT PLAN Legal Description Property Unit Block Lot Lot Type Outstanding Total Annual Installment ID Assessment Due 1/31/2025 TBD 1B 6 4 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 5 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 6 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 7 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 8 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 9 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 10 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 11 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 12 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 13 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 14 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 15 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 16 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 17 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 18 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 19 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 20 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 22 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 23 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 24 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 25 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 26 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 27 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 28 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 29 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 30 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 31 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 6 32 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 7 2 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 7 3 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 7 4 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 7 5 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 7 6 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 7 7 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 7 8 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 7 9 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 7 10 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 7 11 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 7 12 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 7 13 Lot Type 2 $ 94,212.17 $ 7,163.23 WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 48 FINAL SERVICE AND ASSESSMENT PLAN Legal Description Property Unit Block Lot Lot Type Outstanding Total Annual Installment ID Assessment Due 1/31/2025 TBD 1B 7 14 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 7 15 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1E 7 16 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1E 7 17 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 8 2 Lot Type 2 $ 94,212.17 $ 7,163.23 TBD 1B 8 3 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 4 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 5 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 7 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 8 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 9 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 10 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 13 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 14 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 15 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 16 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 18 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 19 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 20 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 8 21 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 9 3 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 9 4 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 9 5 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1B 9 6 Lot Type 1 $ 78,510.14 $ 5,969.36 TBD 1E 2 2 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 3 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 4 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 5 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 6 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 7 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 8 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 9 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 10 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 11 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 13 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 14 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 15 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 16 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 17 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 18 Lot Type 4 $ 127,463.53 $ 9,691.43 WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 49 FINAL SERVICE AND ASSESSMENT PLAN i Legal , �. • Property Unit Block Lot Lot Type Outstanding Total Annual Installment ID Assessment Due 1/31/2025 TBD 1E 2 19 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 2 20 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 2 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 3 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 4 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 5 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 6 Lot Type 6 $ 166,256.78 $ 12,641.00 TBD 1E 3 7 Lot Type 6 $ 166,256.78 $ 12,641.00 TBD 1E 3 8 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 9 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 11 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 12 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 13 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 14 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 15 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 16 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 17 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 18 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 19 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 3 20 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 10 1 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 10 2 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 10 3 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 1 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 2 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 3 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 4 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 5 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 6 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 7 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 8 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 9 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 10 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 11 Lot Type 6 $ 166,256.78 $ 12,641.00 TBD 1E 11 12 Lot Type 7 $ 221,675.70 $ 16,854.67 TBD 1E 11 13 Lot Type 7 $ 221,675.70 $ 16,854.67 TBD 1E 11 14 Lot Type 7 $ 221,675.70 $ 16,854.67 TBD 1E 11 15 Lot Type 6 $ 166,256.78 $ 12,641.00 TBD 1E 11 16 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 17 Lot Type 4 $ 127,463.53 $ 9,691.43 WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 50 FINAL SERVICE AND ASSESSMENT PLAN Legal Description` , Property Unit Block Lot Lot Type Outstanding Total Annual Installment ID Assessment Due 1/31/2025 TBD 1E 11 18 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 19 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 20 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 21 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 22 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 11 23 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 12 1 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 12 2 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 14 2 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 14 3 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 14 4 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 14 5 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 14 6 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 14 7 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1E 15 1 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 15 2 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 15 4 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 15 5 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 15 6 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 15 7 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 15 8 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 15 9 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 15 10 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 15 11 Lot Type 4 $ 127,463.53 $ 9,691.43 TBD 1D 15 12 Lot Type 6 $ 166,256.78 $ 12,641.00 TBD 1D 15 13 Lot Type 6 $ 166,256.78 $ 12,641.00 TBD 1D 15 14 Lot Type 6 $ 166,256.78 $ 12,641.00 TBD 1D 15 15 Lot Type 6 $ 166,256.78 $ 12,641.00 TBD 1D 15 16 Lot Type 6 $ 166,256.78 $ 12,641.00 TBD 1D 15 17 Lot Type 7 $ 221,675.70 $ 16,854.67 TBD 1D 15 18 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1D 15 19 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1D 15 20 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1D 15 21 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1D 15 22 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1D 15 23 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1D 15 24 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1D 15 25 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1C 16 2 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1C 16 3 Lot Type 5 $ 138,547.31 $ 10,534.17 WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 51 FINAL SERVICE AND ASSESSMENT PLAN Legal I , H Property Unit Block Lot Lot Type Outstanding Total Annual Installment ID Assessment Due 1/31/2025 TBD 1C 16 4 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1C 16 5 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1C 16 6 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1C 16 7 Lot Type 3 $ 106,219.61 $ 8,076.20 TBD 1C 16 8 Lot Type 3 $ 106,219.61 $ 8,076.20 TBD 1C 16 9 Lot Type 3 $ 106,219.61 $ 8,076.20 TBD 1C 16 10 Lot Type 3 $ 106,219.61 $ 8,076.20 TBD 1C 16 11 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1C 16 12 Lot Type 5 $ 138,547.31 $ 10,534.17 TBD 1C 16 13 Lot Type 3 $ 106,219.61 $ 8,076.20 TBD 1C 16 14 Lot Type 3 $ 106,219.61 $ 8,076.20 TBD 1C 16 15 Lot Type 3 $ 106,219.61 $ 8,076.20 TBD 1C 16 16 Lot Type 3 $ 106,219.61 $ 8,076.20 TBD 1C 16 17 Lot Type 3 $ 106,219.61 $ 8,076.20 Total $ 23,856,000.00 $ 1,813,842.68 WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 52 FINAL SERVICE AND ASSESSMENT PLAN EXHIBIT F-2 IMPROVEMENT AREA #1 ANNUAL INSTALLMENTS Installment Annual Collection Total Annual Principal Interest[a] Due 1/31 Costs Installments[b] 2025 $ 290,000 $ 1,483,843 $ 40,000 $ 1,813,843 2026 $ 308,000 $ 1,465,805 $ 40,800 $ 1,814,605 2027 $ 327,000 $ 1,446,648 $ 41,616 $ 1,815,264 2028 $ 348,000 $ 1,426,308 $ 42,448 $ 1,816,757 2029 $ 369,000 $ 1,404,663 $ 43,297 $ 1,816,960 2030 $ 392,000 $ 1,381,711 $ 44,163 $ 1,817,874 2031 $ 417,000 $ 1,357,328 $ 45,046 $ 1,819,375 2032 $ 443,000 $ 1,331,391 $ 45,947 $ 1,820,338 2033 $ 470,000 $ 1,303,836 $ 46,866 $ 1,820,703 2034 $ 500,000 $ 1,274,602 $ 47,804 $ 1,822,406 2035 $ 531,000 $ 1,243,502 $ 48,760 $ 1,823,262 2036 $ 564,000 $ 1,210,474 $ 49,735 $ 1,824,209 2037 $ 599,000 $ 1,175,393 $ 50,730 $ 1,825,123 2038 $ 636,000 $ 1,138,136 $ 51,744 $ 1,825,880 2039 $ 676,000 $ 1,098,576 $ 52,779 $ 1,827,356 2040 $ 718,000 $ 1,056,529 $ 53,835 $ 1,828,364 2041 $ 762,000 $ 1,011,870 $ 54,911 $ 1,828,781 2042 $ 810,000 $ 964,473 $ 56,010 $ 1,830,483 2043 $ 860,000 $ 914,091 $ 57,130 $ 1,831,221 2044 $ 914,000 $ 860,599 $ 58,272 $ 1,832,872 2045 $ 970,000 $ 803,748 $ 59,438 $ 1,833,186 2046 $ 1,031,000 $ 743,414 $ 60,627 $ 1,835,041 2047 $ 1,095,000 $ 679,286 $ 61,839 $ 1,836,125 2048 $ 1,163,000 $ 611,177 $ 63,076 $ 1,837,253 2049 $ 1,235,000 $ 538,839 $ 64,337 $ 1,838,176 2050 $ 1,312,000 $ 462,022 $ 65,624 $ 1,839,646 2051 $ 1,394,000 $ 380,415 $ 66,937 $ 1,841,352 2052 $ 1,480,000 $ 293,708 $ 68,275 $ 1,841,984 2053 $ 1,572,000 $ 201,652 $ 69,641 $ 1,843,293 2054 $ 1,670,000 $ 103,874 $ 71,034 $ 1,844,908 Total $ 23,856,000 $ 29,367,917 $ 1,622,723 $ 54,846,640 Footnotes: [a] Interest is calculated at a 6.22%rate for illustrative purposes. [b]The figures shown above are estimates only and subject to change in Annual Service Plan Updates.Changes in Annual Collection Costs, reserve fund requirements, interest earnings, or other available offsets could increase or decrease the amounts shown. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 53 FINAL SERVICE AND ASSESSMENT PLAN EXHIBIT G-1 MAPS OF INITIAL COMMON TO ALL IMPROVEMENTS 3 , ,F �� -_ _ LJA ENGINEERING_ II it I I I I TEXAS ENGINEERING FIRM F-1:86 /.' ..I ' cYi.gJ-wies fuw:E,.e.:s / _ �, _ -'III c,.e Taxa7B+1• ( ♦ / - ven.. fnaS 1 III I I r� I ...w.J..c•: it / _I I I I I i may../ 1 l' I i I II I d i /-- ' -7''-. !`y V" r-..1, }�.{ - 1 --it?:,__L-i-..,"T; -Li-i -: - .l',471 i -7-1':// ,;`,:).„„'-1...! // 2. 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I 1 EXHIBIT 0 NI WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 55 FINAL SERVICE AND ASSESSMENT PLAN H® N zJ , :`I !� w- � I I, mo i ` ... 1 all �'� :k%4, .=1 1 • Mi =i 1,3 _` = �. , _; g,. ,1-M P.R O VAE KEN T 1ta -- , ►I ti' 8,� \\\ �` i 11 F.: f \� e - . 0, - , '. (---- v. 4 .., , ,, i ,.. ..:„, , , ........„ ,,,_,„ , t J1 . 6 r - -:F.. .‘ I ,, , ,. ` f�i w I ,.,, y _ _ti�1 1 Y. M L '''i'', , /..).°V --� 1 I\\ /, l ,+ _1- . 7 -I,/ /AIL y. .,# , • W �� t t /./ 3 .• E ,1 40 I / / ''', I i 7 _ V i_____I ,, / ...,, , , .___, L±-. ii___ ,: , ii, .4 ,, . , .,,, 1,i / e I IA ',_-- / :�/ DIAMOND BEACH -, 1 v �� l HOLDINGS 11 1 LJA ENGINEERINGillr1 r O W HPADRE e IDS A N D+ 2 TEXAS ENGINEERING FIRM F-1386 i y, C ,53508&.n..8brtl8..1•Qc ! IMPROVEMENT AREA 41 WATER Coma GNU* `" "H"' I I PID DIRECT PUBLIC IMPROVEMENTS S r �A ,�.,',.• I I I EXHIBIT E WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 56 FINAL SERVICE AND ASSESSMENT PLAN , maigsi ,. 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L 1 ommazier711141:1 I PID DIRECT PUBIJC IMPROVEMENTS r ........ ---\\\ . ._ i 1 i EXHIBIT F . 11111111111•11111111M11 WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 57 FINAL SERVICE AND ASSESSMENT PLAN MS ncoueir Is RIEWAsID OR P.F.R.M.KWPosEs CRI,Of 413:Feh C COW.Pt,0198.3.CR,2 13 2C21 II40 SI44.1.NOT OC USED FoR.151,MR MIRK CR PERMIT PuRecseE re i.1 (Se,PA,R4R)I e. I ante 1 1 ,p.sloones,Lem / (Cec Pmr O NO R. (CeC PART C) 2,py .a'conoef SIINV OMR led 40‘,/coo war' tr) ..rw 1.1,0 e 1 (oPC PAR!0 .11Ill'rl.'—71'') If :om IIN 1 ii.i 6 1 --5- I lip o m 111614n to ;III ilili, I 1't E 41INI TYPICAL RESIDENTIAL LOCAL STREET&UTILITIES 5'7""' (.....0.4...“ Mr Roe (CeC PART C) I 4,C PeR1110 V Te•0-8 S 1 sict•e/ non r r.,..17 reakT F_ _____ r---' cr,-- ='".____. _7:7:- ....,___ -.1 1 , mueueseLP 1.p.,r 7,77,7„;7."' .7704 UK - I ..--147(CPC PPM el :Ft PORT CI -.'lb I Ili I , 1 TYPICAL CR-2 LOCAL STREET&UTILITIES E.,,N.pv 1 7-•,., A I uces I I s.o6.4. I I ...o...1-... -- ' —I---1 _ELT- -• - --‘. ----1 2 I v _ . -— 0 I .at.STERAIE,L1.E TYPICAL BOULEVARD&UTILITIES,o v •0 FrI =.rsiI P.M.,. seth',-.-_00 op.v..=I .(OPC Pan 01 Iiii>..e-Z korre, -.I e .:.:. R-E It —$'''MZ— 1 I f Lotoc 6., N kETE _en now _ L__ -. ,Air I / 7.12 n Z IP TYPICAL ALLEYWAY cRwit VALI WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 58 FINAL SERVICE AND ASSESSMENT PLAN EXHIBIT H - FORM OF NOTICE OF ASSESSMENT TERMINATION P3Works, LLC PS9284 Huntington Square, Suite 100 North Richland Hills,TX 76182 [Date] Nueces County Clerk's Office Honorable [County Clerk] 901 Leopard St#201 Corpus Christi, TX 78401 Re: City of Corpus Christi Lien Release documents for filing Dear Ms./Mr. [County Clerk] Enclosed is a lien release that the City of Corpus Christi is requesting to be filed in your office. Lien release for [insert legal description]. Recording Numbers: [Plat]. Please forward copies of the filed documents to my attention: City of Corpus Christi Attn: City Secretary 1201 Leopard St Corpus Christi, TX 78401 Please contact me if you have any questions or need additional information. Sincerely, [Signature] P3Works, LLC (817) 393-0353 Admin@P3-Works.com www.P3-Works.com WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 59 FINAL SERVICE AND ASSESSMENT PLAN AFTER RECORDING RETURN TO: [City Secretary Name] 1201 Leopard St Corpus Christi,TX 78401 NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER'S LICENSE NUMBER. FULL RELEASE OF PUBLIC IMPROVEMENT DISTRICT LIEN STATE OF TEXAS § § KNOWN ALL MEN BY THESE PRESENTS: COUNTY OF NUECES § THIS FULL RELEASE OF PUBLIC IMPROVEMENT DISTRICT LIEN (this "Full Release") is executed and delivered as of the Effective Date by the City of Corpus Christi, Texas, a Texas home rule municipality(the"City"). RECITALS WHEREAS,the governing body(hereinafter referred to as the"City Council")of the City is authorized by Chapter 372,Texas Local Government Code,as amended(hereinafter referred to as the "Act"),to create public improvement districts within the corporate limits of the City;and WHEREAS,on May 17,2022,the City Council of the City approved Resolution No. 032761 creating the Whitecap Public Improvement District No. 1 (the"District"); and WHEREAS, the District consists of approximately 242.011 contiguous acres within the corporate limits of the City; and WHEREAS, on _ , the City Council, approved Ordinance No. (hereinafter referred to as the "Assessment Ordinance")approving a service and assessment plan and assessment roll for the real property located with the District,the Assessment Ordinance being recorded on , as Instrument No. in the official public records of Nueces County, Texas;and WHEREAS, the Assessment Ordinance imposed an assessment in the amount of [amount] (hereinafter referred to as the "Lien Amount")and further imposed a lien to secure the payment of the Lien Amount(the"Lien")against the following property located within the District,to wit: WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 60 FINAL SERVICE AND ASSESSMENT PLAN [legal description],an addition to the City of[City], [County], Texas, according to the map or plat thereof recorded as Instrument No. in the Map Records of Nueces County,Texas(the "Property"); and WHEREAS,the Lien Amount has been paid in full. RELEASE NOW THEREFORE, for and in consideration of the full payment of the Lien Amount, the City hereby releases and discharges, and by these presents does hereby release and discharge, the Lien to the extent that is affects and encumbers the Property. EXECUTED to be EFFECTIVE this the day of ,20_. CITY OF CORPUS CHRISTI,TEXAS, A Texas home rule municipality, By: [Manager Name],City Manager ATTEST: [Secretary Name], City Secretary STATE OF TEXAS § COUNTY OF NUECES § This instrument was acknowledged before me on the day of ,20_,by the City Manager for the City of Corpus Christi, Texas, a Texas home rule municipality, on behalf of said municipality. Notary Public, State of Texas ter: WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 61 FINAL SERVICE AND ASSESSMENT PLAN EXHIBIT I -ANNUAL INSTALLMENT SCHEDULE FOR THE IMPROVEMENT AREA#1 REIMBURSEMENT OBLIGATION Installment Due 1/31 Principal Interest[al Total Installment 2025 $ 290,000 $ 1,483,843 $ 1,773,843 2026 $ 308,000 $ 1,465,805 $ 1,773,805 2027 $ 327,000 $ 1,446,648 $ 1,773,648 2028 $ 348,000 $ 1,426,308 $ 1,774,308 2029 $ 369,000 $ 1,404,663 $ 1,773,663 2030 $ 392,000 $ 1,381,711 $ 1,773,711 2031 $ 417,000 $ 1,357,328 $ 1,774,328 2032 $ 443,000 $ 1,331,391 $ 1,774,391 2033 $ 470,000 $ 1,303,836 $ 1,773,836 2034 $ 500,000 $ 1,274,602 $ 1,774,602 2035 $ 531,000 $ 1,243,502 $ 1,774,502 2036 $ 564,000 $ 1,210,474 $ 1,774,474 2037 $ 599,000 $ 1,175,393 $ 1,774,393 2038 $ 636,000 $ 1,138,136 $ 1,774,136 2039 $ 676,000 $ 1,098,576 $ 1,774,576 2040 $ 718,000 $ 1,056,529 $ 1,774,529 2041 $ 762,000 $ 1,011,870 $ 1,773,870 2042 $ 810,000 $ 964,473 $ 1,774,473 2043 $ 860,000 $ 914,091 $ 1,774,091 2044 $ 914,000 $ 860,599 $ 1,774,599 2045 $ 970,000 $ 803,748 $ 1,773,748 2046 $ 1,031,000 $ 743,414 $ 1,774,414 2047 $ 1,095,000 $ 679,286 $ 1,774,286 2048 $ 1,163,000 $ 611,177 $ 1,774,177 2049 $ 1,235,000 $ 538,839 $ 1,773,839 2050 $ 1,312,000 $ 462,022 $ 1,774,022 2051 $ 1,394,000 $ 380,415 $ 1,774,415 2052 $ 1,480,000 $ 293,708 $ 1,773,708 2053 $ 1,572,000 $ 201,652 $ 1,773,652 2054 $ 1,670,000 $ 103,874 $ 1,773,874 Total $ 23,856,000 $ 29,367,917 $ 53,223,917 Footnotes: [a] Interest is calculated at a 6.22%rate for illustrative purposes. [b]The figures shown above are estimates only and subject to change in Annual Service Plan Updates.Changes in Annual Collection Costs, reserve fund requirements,interest earnings, or other available offsets could increase or decrease the amounts shown. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 62 FINAL SERVICE AND ASSESSMENT PLAN EXHIBIT J-1 DISTRICT LEGAL DESCRIPTION LNV engineers architects contractors Solutions Todaywith a Vision for Td merrow 30.68 ACRE TRACT Field Notes Description SHOWING THE BOUNDARY OF A 30.68-ACRE TRACT OF LAND HEREIN DESCRIBED AS"TRACT 4", COMPRISED OF A PORTION OF LOT 27C OF THE PADRE ISLAND-CORPUS CHRISTI ISLAND FAIRWAY ESTATES,HEREAFTER REFERRED TO AS P.I.C.C.I.F.E,A MAP OF WHICH IS RECORDED IN VOLUME 67, PAGE 779, MAP RECORDS, NUECES COUNTY, TEXAS, A PORTION OF BLOCK 26 OF THE P.I.C.C.I.F.E.,BLOCKS 24-33,A MAP OF WHICH IS RECORDED IN VOLUME 40, PAGE 154, MAP RECORDS,NUECES COUNTY,TEXAS A PORTION OF THE P.I.C.C.I.F.E.,BLOCKS 43-44,A MAP OF WHICH IS RECORDED IN VOLUME 42,PAGE 10,MAP RECORDS,NUECES COUNTY,TEXAS,AND PORTIONS OF BLOCKS,34,35,AND 36 OF TIlE P.I.C.C.I.F.E,BLOCKS 34,35,AND 36.A MAP OF WHICH IS RECORDED IN VOLUME 40,PAGE 183.MAP RECORDS,NUECES COUNTY,TEXAS,SAID BLOCKS 26. 35,36,43,44,AND A PORTION OF BLOCK 34 NOW VACATED AS PER PLAT RECORDED IN VOLUME 67, PAGE 688,MAP RECORDS,NUECES COUNTY.TEXAS,SAID 30.68-ACRE TRACT BEING MORE FULLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS; BEGINNING: AT A 5/8 INCH IRON ROD(Y 17,115,595.64,X- 1,396,489.86)FOUND ON THE SOUTH RIGHT-OF-WAY LINE OF ESTRADA DRIVE(60'R.O.W.),SAME BEING ON THE SOUTH LINE OF A CALLED 3.766-ACRE TRACT KNOWN AS A"RIGHT-OF-WAY EASEMENT FOR TILE AQUARIUS STREET RE-ALIGNMENT"DESCRIBED IN A DEED TO THE CITY OF CORPUS CHRISTI AS RECORDED IN DOCUMENT NO. 2011039226, OFFICIAL RECORDS. NUECES COUNTY, TEXAS, FOR THE UPPER NORTHWEST CORNER OF LOT 21,SAID BLOCK 34,FOR AN EXTERIOR CORNER OF SAID LOT 27C, AND FOR A CORNER HEREOF; THENCE: S 02°16'21"E,ALONG THE WEST LINE OF SAID LOT 21,BLOCK 34,A DISTANCE OF 47.77 FEE I TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 44°4936"F..,A DISTANCE.OF 280.79 FEET TO A 5/8 INCH IRON ROD FOUND FOR A COMMON CORNER OF LOTS 21 AND 22,SAID BLOCK 34,AND FOR A CORNER HEREOF; THENCE: N 37°25'07"E,ALONG THE COMMON LINE OF SAID LOTS 21 AND 22.A DISTANCE OF 283.16 FEET TO A 5/8 INCH IRON ROD FOUND ON THE SOUTH RIGHT-OF-WAY LINE OF COMMODORE'S DRIVE(120'RO.W.)LOCATED ON A NON-TANGENT CURVE TO THE LEFT,WITH A RADIUS OF 562.31 FEET,A CHORD BEARING OF S 62°06'30"E AND A CHORD LENGTH OF 109.26 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 109.43 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A COMMON CORNER OF LOTS 22 AND 23,SAID HIOCK 34,FOR A CORNER HEREOF; THENCE:S 28°44'12`W,ALONG THE COMMON LINE OF SAID LOTS 22 AND 23,A DISTANCE OF 200.97 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 09°54'41"W,A DISTANCE OF 275.84 FEET TO A FONT,FOR A CORNER HEREOF; THENCE: S 13°36'58"E,A DISTANCE OF 55.06 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 05°18'06'E,A DISTANCE OF 181.88 FEET TO A POINT LOCATED ON A CURVE...0 THE RIGHT,WITH A RADIUS OF 91.11 FEET,A CHORD BEARING OF S 05°22'28"W AND A CHORD I.ENG-III OF 33.76 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 33.95 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 19°49'40"W,A DISTANCE OF 126.03 FEFI-TO A POINT LOCATED ON A CURVE TO THE LEFT,WITH A RADIUS OF 133.47 FEET,A CHORD BEARING OF S 10°19'44"W AND A CHORD LENGTH OF 98.40 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE.LEFF,AN ARC LENGTH OF 100.78 FEET,TO A POINT,FOR A CORNER HEREOF; THENCE: S 10°15'25"E,A DISTANCE OF 115.67 FEET TO A POINT LOCATED ON A CURVE TO THE LEFT,WITH A RADIUS OF 142.77 FEET,A CHORD BEARING OF S 24°43'36"E AND A CHORD LENGTH OF 66.19 FEET.FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 66.80 FEET,TO A POINT,FOR A CORNER HEREOF; THENCE: S 06°16'08"E,A DISTANCE OF 4.08 FEET TO A POINT,FOR A CORNER HEREOF; WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 63 FINAL SERVICE AND ASSESSMENT PLAN THENCE: S 38°10'10"E,A DISTANCE OF 46.88 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 67°58'17"E,A DISTANCE OF 4.21 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 41'14'16"E,A DISTANCE OF 78.54 FEET TO A POINT LOCATED ON A CURVE TO THE LEFT, WITH A RADIUS OF 348.61 FEET,A CHORD BEARING OF S 52°26'15"E AND A CHORD LENGTH OF 112.41 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT, AN ARC LENGTH OF 112.91 FEET TO A POINT LOCATED ON A REVERSE CURVE TO TIIE RIGHT,WITH A RADIUS OF 35.56 FEET,A CHORD BEARING OF S 27°53'47"E AND A CHORD LENGTH OF 48.08 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID REVERSE CURVE TO THE RIGHT,AN ARC LENGTH OF 52.79 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 05°55'22"W,A DISTANCE OF 96.67 FEET TO A POINT LOCATED ON A CURVE TO THE LEFT,WITH A RADIUS OF 638.87 FEET,A CHORD BEARING OF S 03'07'54"W AND A CHORD LENGTH OF 76.16 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 76.21 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 00°17'08"E,A DISTANCE OF 77.05 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 00°18'00"E,A DISTANCE OF 84.81 FEET TO A POINT I.00ATED ON A CURVE TO THE LEFT, WITH A RADIUS OF 1638.83 FEET,A CHORD BEARING OF S 07°33'45"E AND A CHORD LENGTH OF 112.26 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT, AN ARC LENGTH OF 112.28 FEET TO A POINT LOCATED ON A REVERSE CURVE TO THE RIGHT WITH A RADIUS OF 388.61 FEET,A CHORD BEARING OF S 02°34'53"F:AND A CHORD LENGTH OF 93.96 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID REVERSE CURVE TO THE RIGHT,AN ARC LENGTH OF 94.20 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 04°21'45"W,A DISTANCE OF 63.40 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 07°06'04"W,A DISTANCE OF 83.11 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 08°21'00"W,A DISTANCE OF 169.70 FEET TO A POINT LOCATED ON A CURVE TO THE LEFT,WITH A RADIUS OF 86.27 FEET,A CHORD BEARING OF S 08°46'50"E AND A CHORD LENGTH OF 58.39 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 59.57 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 28°33'42"E,A DISTANCE OF 53.03 FEET TO A POINT,FOR THE SOUTHEAST CORNER HEREOF; THENCE: N 88°39'54"W,A DISTANCE OF 56.61 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 07°04'31"W,A DISTANCE OF 12.21 FEET TO A POINT,FOR THE SOUTHWEST CORNER HEREOF; THENCE: N 12°03'35"W,A DISTANCE OF 797.57 FEET TO A POINT,FOR A COMMON CORNER OF SAID LOTS 27C AND 27D,AND FOR A CORNER HEREOF; THENCE: N 75°55'16"W,ALONG THE COMMON LINE OF SAID LOTS 27C AND 27D,A DISTANCE OF 532.65 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 04°16'50"E,CONTINUING ALONG THE.COMMON LINE OF SAID LOTS 27C AND 27D,A DISTANCE OF 200.23 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 29°26'35"W,CONTINUING ALONG THE COMMON LINE OF SAID LOTS 27C AND 27D,A DISTANCE OF 1,206.29 FEET TO A POINT ON THE NORTH LINE OF SAID R.O.W.EASEMENT,FOR THE NORTHWEST CORNER HEREOF; THENCE: N 68°44'59"E,ALONG THE NORTH LINE OF SAID R.O.W.EASEMENT,A DISTANCE OF 697.30 FEET TO A POINT LOCATED ON A CURVE TO THE RIGHT,WITH A RADIUS OF 410.00 FEET,A CHORD BEARING OF N 78'00'59"F.AND A CHORD LENGTH OF 132.04 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 132.62 FEET TO A POINT,FOR A CORNER HEREOF; 21, .. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 64 FINAL SERVICE AND ASSESSMENT PLAN THENCE: N 87°16'57"E,A DISTANCE OF 152.58 FEET TO A POINT LOCATED ON A CURVE.TO THE LEFT,WITH A RADIUS OF 139.50 FEET,A CHORD BFARING OF N 71°21'24"E AND A CHORD LENGTH OF 76.56 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 77.55 FEET TO A POINT LOCATED ON A COMPOUND CURVE TO THE LEFT,WITH A RADIUS OF 20.52 FEET,A CHORD BEARING OF N 12°59'47"E AND A CHORD LENGTH OF 27.39 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID COMPOUND CURVE TO THE LEFT,AN ARC LENGTH OF 29.99 FEET TO A 5/8 INCH IRON ROD FOUND ON THE SOUTH RIGHT-OF-WAY LINE.OF SAID COMMODORE'S DRIVE LOCATED ON A NON-TANGENT CURVE TO THE LEFT,WITH A RADIUS OF 492.33 FEET,A CHORD BEARING OF S 36°01'52"E AND A CHORD LENGTH OF 109.12 FEET,FOR THE NORTHEAST CORNER HEREOF; THENCE: ALONG SAID CURVE TO TILE LEFT,AN ARC LENGTH OF 109.34 FEET TO A 5/8 INCH IRON ROD FOUND AT THE INTERSECTION OF COMMODORE'S DRIVE AND ESTRADA DRIVE LOCATED ON A NON-TANGENT CURVE TO THE LEFT,WITH A RADIUS OF 10.00 FEET,A CHORD BEARING OF N 84°42'48"W ANT)A CHORD LENGTH OF 13.58 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 14.93 FEET TO A 5'8 INCH IRON ROD FOUND LOCATED ON A REVERSE CURVE TO THE RIGHT,WITH A RADIUS OF 219.50 FEET.A CHORD BEARING OF S 69°55'45"W AND A CHORD LENGTH OF 131.43 FEET.FOR A CORNER HEREOF; THENCE: ALONG SAID REVERSE CURVE TO THE RIGHT,AN ARC LENGTH OF 133.48 FEET TO A 5'8 INCH IRON ROD FOUND.FOR A CORNER HEREOF; THENCE: S 87°21'27"W,CONTINUING ALONG THE SOUTH LINE OF SAID R.O.W.EASEMENT,SAME BEING THE SOUTH LINE OF SAID ESTRADA DRIVE R.O.W„A DISTANCE OF 153.91 FEET TO THE POINT OF BEGINNING,CONTAINING WITHIN THESE METES AND BOUNDS A 30.68-ACRE TRACT,SAVE AND EXCEPT 0.38—ACRES WITHIN THE PLATTED PUBLIC RIGHT-OF-WAY,WITH A NET ACREAGE OF 30.30 ACRES,MORE OR LESS; NOTE: AN EXHIBIT REPRESENTING A GRAPHIC IMAGE OF THIS DESCRIPTION STYLED AS "SHEET 4 OF 5—30.68—ACRE TRACT"ACCOMPANIES THIS DOCUMENT.THE BASIS OF BEARING IS TEXAS STATE PLANE COORDINATE SYSTEM NAD 83,SOUTH ZONE. September 28,2018 4 F Job No. 170146 ¢�PF°1AFe9 LRodarie S `'�I. J 4Q 6178 . / I 28 SURNI 31c WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 65 FINAL SERVICE AND ASSESSMENT PLAN LNV engineers architectscontractors Solutions Today with a 9 � I Vision for Tomorrow 74.39 ACRE TRACT Field Notes Description SHOWING THE BOUNDARY OF A 74.39-ACRE TRACT OF LAND HEREIN DESCRIBED AS"TRACT 3", COMPRISED OF A PORTION OF THE PADRE ISLAND-CORPUS CHRISTI ISLAND FAIRWAY ESTATES, HEREAFTER REFERRED TO AS P.LC.CI.F.E.,LOTS 27C AND 27D,A MAP OF WHICH IS RECORDED IN VOLUME 67,PAGE 779,MAP RECORDS,NUECES COUNTY,TEXAS,A PORTION OF THE P.I.C.GI.F.E., BLOCKS 24-33,A MAP OF WHICH IS RECORDED IN VOLUME 40,PAGE 154,MAP RECORDS,NUECES COUNTY, TEXAS, AND A PORTION OF THE P.LC.C.I.F.E,BLOCKS 43-44,A MAP OF WHICH IS RECORDED IN VOLUME 42,PAGE 10,MAP RECORDS,NUECES COUNTY,TEXAS,SAID BLOCKS 26,43, AND 44 NOW VACATED AS PER PLAT RECORDED IN VOLUME 67,PAGE 688,MAP RECORDS,NUECES COUNTY,TEXAS,SAID 74.39-ACRE TRACT BEING MORE FULLYDESCRIBED BY METES AND BOUNDS AS FOLLOWS; BEGINNING: AT A 5/8 INCH IRON ROD(Y=17,111,051.66,X=1,395,199.05)FOUND ON THE EAST RIGHT-OF-WAY LINE OF DASMARINAS DRIVE(60'RO.W.),FOR A CORNER OF SAID LOT 27D,FOR THE SOUTHWEST CORNER OF SAID BLOCK 33,AND FOR THE SOUTHWEST CORNER HEREOF; THENCE: N OO°45'30"E,ALONG THE.FAST RIGHT-OF-WAY OF DASMARINAS DRIVE AT 322.94 FEET PASS A 5/8 INCH IRON ROD FOUND,FOR THE NORTHWEST CORNER OF SAID BLOCK 33,IN ALL A DISTANCE OF 362.60 FEET TO A 518 INCH IRON ROD FOUND,FOR THE SOUTHWEST CORNER OF BLOCK 32 OF SAID P.I.C.C.LF.E.,AND FOR A CORNER HEREOF; THENCE: N 81°19'28"E,ALONG THE SOUTH LINE OF SAID BLOCK 32,A DISTANCE OF 101.69 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 89°05'55"E,CONTINUING ALONG THE SOUTH LINE OF SAID BLOCK 32,A DISTANCE OF 74.31 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 74°13'03"E,A DISTANCE OF 7431 FEET TO A 5/8 INCH IRON ROD FOUND LOCATED ON A CURVE TO THE LEFT WITH A RADIUS OF 169.95 FEET,A CHORD BEARING OF N 0046'04"E,AND A CHORD LENGTH OF 32839 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO TILE T.FET,AN ARC LENGTH OF 622.59 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 75°49'07"W,ALONG THE NORTH LINE OF SAID BLOCK 32,A DISTANCE OF 74.25 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNEA HEREOF; THENCE: N 89°11'10"W,A DISTANCE OF 73.86 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: N 79°52'11"W,CONTINUING ALONG THE NORTH LINE OF SAID BLOCK 32,A DISTANCE OF 101.66 FEET TO A 5/8 INCH IRON ROD FOUND ON THE EAST RIGHT-OF-WAY LINE OF DASMARINAS DRIVE,FOR TILE NORTHWEST CORNER OF SAID BLOCK 32,AND FOR A CORNER HEREOF; THENCE: N 00°43'06"E,ALONG THE EAST RIGHT-OF-WAY LINE OF SAID BLOCK 32,A DISTANCE OF 55.99 FEET TO A 5/8 INCH IRON ROD POUND,FOR THE SOUTHWEST CORNER OF BLOCK 31 OF SAID P.I.C.C.I.F.E,AND FOR A CORNER HEREOF; THENCE: N 81°30'14"F.,ALONG THE SOUTH LINE OF SAID BLOCK 31,A DISTANCE OF 121.50 FEET TO A 5B INCH IRON ROD FOUND,FOR THE SOUTHEAST CORNER OF SAID BLOCK 31,AND FOR A CORNER HEREOF; THENCE: N 00"56'05"E,ALONG THE FAST LINE OF SAID BLOCK 31,A DISTANCE OF 159.98 FEET TO A 5/8 INCH IRON ROD FOUND LOCATED ON A CURVE TO THE RIGHT WITH A RADIUS OF 1698.20 FEET, A CHORD BEARING OF N I3°06'15°E,AND A CHORD LENGTH OF 738.26 FEET,FORA CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 744.20 FEET TO A 5/8 INCH IRON ROD FOUND LOCATED ON A COMPOUND CURVE TO THE RIGHT WITH A RADIUS OF 1430.48 Fti;L,A CHORD BEARING OF N 33°06'58"E,AND A CHORD LENGTH OF 378.06 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID COMPOUND CURVE TO THE RIGHT,AN ARC LENGTH OF 379.17 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: N 40•34'77"F.,CONTINUING ALONG THE EAST LINE OF SAID BLOCK 31,A DISTANCE OF 57.24 FEET TO A 5/8 INCH IRON ROD FOUND ON THE SOUTH RIGHT-OF-WAY LINE OF CROWN ROYAL DRIVE(ROW.VARIES)OF THE P.LC.C.I.F.E.,BLOCK 30,A MAP OF WHICH IS RECORDED IN VOLUME WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 66 FINAL SERVICE AND ASSESSMENT PLAN 40,PAGE 181,MAP RECORDS,NUECES COUNTY,TEXAS,FOR THE NORTHEAST CORNER OF SAID BLOCK 31,AND FOR A CORNER HEREOF; THENCE: S 52°52'51" F,ALONG THE SOUTH RIGHT-OF-WAY LINE OF CROWN ROYAL.DRIVE,A DISTANCE OF 293.20 FEET TO A 5/8 INCH IRON ROD FOUND,FOR THE NORTHWEST CORNER OF LOT 1,BLOCK 30,OF SAID P.LC.C.ISLAND FAIRWAY ESTATES,AND FOR A CORNER HEREOF; THENCE: S 37°05'42"W,ALONG THE WEST LINE OF SAID BLOCK 30,A DISTANCE OF 73.43 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 15°34'24"W,CONTINUING ALONG THE.WEST LINE OF SAID BLOCK 30,A DISTANCE OF 649.08 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 30°05'45" E,A DISTANCE OF 400.73 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: N 84°46'44"E,A DISTANCE OF 135.17 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: N 53°19'48" E,A DISTANCE OF 190.19 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: N 03'59'08"F.,ALONG THE EAST LINE OF SAID BLOCK 30,A DISTANCE OF 220.23 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: N 30°49'48"E,CONTINUING ALONG TILE EAST LINE OF SAID BLOCK 30,A DISTANCE OF 459.93 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: N 40°01'58"W,A DISTANCE OF 115.07 FEET TO A 5/8 INCH IRON ROD FOUND,FOR THE NORTHWEST CORNER OF LOT 23,BLOCK 30,LOCATED ON A NON-TANGENT CURVE TO THE LEFT WITH A RADIUS OF 104.62 FEET,A CHORD BEARING OF N 31°30'06"E,AND A CHORD LENGTH OF 61.36 FEET,FOR A CORNER HEREOF; THENCE: ALONG CURVE TO THE LEFT,AN ARC LENGTH OF 62.27 FEET TO A 5/8 INCH IRON ROD FOUND,FOR THE SOUTHWEST CORNER OF LOT 24,BLOCK 30,AND FOR A CORNER HEREOF; THENCE: S 76'03'33"E,ALONG THE SOUTH LINE OF SAID LOT 24,A DISTANCE OF 112.87 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: N 30°50'45"E,CONTINUING ALONG THE EAST LINE OF SAID BLOCK 30,A DISTANCE OF 235.05 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: N 23°48'25"W,A DISTANCE OF 259.46 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: N 39°34'30" E,A DISTANCE OF 224.73 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: N 16°54'25"W,A DISTANCE OF 220.32 FEET TO A 5/8 INCH IRON ROD FOUND, FOR A CORNER HEREOF; THENCE: N 39°02'15"W,A DISTANCE OF 180.41 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: N 87°28'42"W,A DISTANCE OF 120.19 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 51°2T50"W,ALONG THE WEST LINE OF SAID BLOCK 30,A DISTANCE OF 135.13 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 30°31'04"W,CONTINUING ALONG THE WEST LINE OF SAID BLOCK 30,A DISTANCE OF 270.15 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 24°02'41" W,A DISTANCE OF 249.57 FEET TO A 5/8 NCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 36°57'46"W,A DISTANCE OF 160.17 FEET TO A 5/8 INCH IRON ROD FOUND ON THE NORTH RIGHT-OF-WAY LINE OF CROWN ROYAL DRIVE,FOR THE SOUTHWEST CORNER OF LOT 45, BLOCK 30,AND FOR A CORNER HEREOF; THENCE: N 52°53'11"W,ALONG THE NORTH RIGHT-OF-WAY LINE OF CROWN ROYAL DRIVE A DISTANCE OF 229.48 FEET TO A 5/8 INCH IRON ROD SET,FOR THE SOUTHEAST CORNER OF LOT 8, BLOCK 29,OF SAID P.I.C.C.I.F.E.,LOCATED ON A NON-TANGENT CURVE.TO THE LEFT WITH A RADIUS OF 1718.10 FEET,A CHORD BEARING OF N 30°32'33"E,AND A CHORD LENGTH OF 300.88 FEET, FOR A CORNER HEREOF; 21= ,:F WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 67 FINAL SERVICE AND ASSESSMENT PLAN THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 301.26 FEET TO A 5.8 INCH IRON ROD FOUND LOCATED ON A COMPOUND CURVE TO THE LEFT WITH A RADIUS OF 1056.90 FEET,A CHORD BEARING OF N 14°46'46"E,AND A CHORD LENGTH OF 385.35 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID COMPOUND CURVE TO THE LEFT,AN ARC LENGTH OF 387.52 FEET TO A 518 INCH IRON ROD FOUND,FOR THE NORTHEAST CORNER OF LOT 1,BLOCK 29,AND FOR A CORNER HEREOF; THENCE: N 86°00'41"W,ALONG THE NORTH LINE OF SAID LOT 1,BLOCK 29,A DISTANCE OF 119.90 FEET TO A 5/8 INCH IRON ROD FOUND ON THE EAST RIGHT-OF-WAY LINE OF DASMARINAS DRIVE LOCATED ON A CURVE TO THE LEFT WITH A RADIUS OF 940.79 FEET,A CHORD BEARING OF N I0°33'02"W,AND A CHORD LENGTH OF 457.23 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 461.85 FEET TO A 5/8 INCH IRON ROD FOUND LOCATED ON A COMPOUND CURVE TO THE LEFT WITH A RADIUS OF 617.98 FEET,A CHORD BEARING OF N 44°45'25"W,AND A CHORD LENGTH OF 417.23 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID COMPOUND CURVE TO THE LEFT,AN ARC LENGTH OF 425.59 FEET TO A 5/8 INCH IRON ROD SET,FOR A CORNER HEREOF; THENCE: N 64°29'59"W.ALONG THE NORTH RIGHT-OF-WAY LINE OF DASMARINAS DRIVE,A DISTANCE.OF.53024 FEET TO A 5/8 INCH IRON ROD FOUND LOCATED ON A CURVE TO THE RIGHT WITH A RADIUS OF 10.13 FEET,A CHORD BEARING OF N 19°22'18"W,AND A CHORD LENGTH OF 14.26 FEET,FOR A CORNER HEREOF; THENCE: ALONG CURVE TO THE RIGHT,AN ARC LENGTH OF 15.82 FEET TO A 5/8 INCH IRON ROD FOUND ON THE EAST RIGHT-OF-WAY LINE OF AQUARIUS STREET(60'R.O.W.),FOR A CORNER HEREOF; THENCE: N 64°2970"W,ACROSS SAID RIGHT-OF-WAY AT RIGHT ANGLES,AT 60.00 FEET PASS A 5/8 INCH IRON ROD FOUND ON THE WEST RIGHT-OF-WAY LINE OF SAID AQUARIUS STREET,IN ALL A DISTANCE OF 70.00 FEET TO A POINT ON THE.WEST LINE OF A CALLED 3.766-ACRE TRACT KNOWN AS A"RIGHT-OF-WAY EASEMENT FOR THE AQUARIUS STREET RE-ALIGNMENT"DESCRIBED IN A DEED TO THE CITY OF CORPUS CHRISTI AS RECORDED IN DOCUMENT NO.2011039226,OFFICIAL RECORDS,NUECES COUNTY,TEXAS,SAID POINT ALSO LOCATED WITHIN LOT 8,BLOCK 9 OF THE PADRE ISLAND - CORPUS CHRISTI COMMODORE'S COVE UNIT TWO, A MAP OF WHICH IS RECORDED IN VOLUME 38,PAGE 36,MAP RECORDS,NUECES COUNTY,TEXAS,AND FOR A CORNER HEREOF; THENCE: N 25°27'57"E,ACROSS SAID BLOCK 9 AND ALONG THE WEST LINE OF SAID RIGHT-OF- WAY EASEMENT,A DISTANCE OF 294.57 FEET TO A POINT LOCATED ON A CURVE TO THE RIGHT WITH A RADIUS OF 410.00 FEET,A CHORD BEARING OF N 47°0677"E,AND A CHORD LENGTH OF 302.42 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF'309.73 FEET TO A POINT ON THE NORTH LINE OF SAID R.O.W.EASEMENT,AND FOR A CORNER HEREOF; THENCE: N 68°44'59"E,ALONG THE NORTH LINE OF SAID R.O.W.EASEMENT,A DISTANCE OF 374.14 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 29°26'35"E,ACROSS SAID R.O.W.EASEMENT AND ALONG THE UPPER WEST LINE OF SAID LOT 27C,A DISTANCE OF 1,206.29 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 04°16'50"W,ALONG TIIE COMMON LINE OF SAID LOTS 27C AND 27D,A DISTANCE OF 200.23 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 75°55'16"E,CONTINUING ALONG SAID COMMON LINE,A DISTANCE OF 532.65 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 12°03'35"E,A DISTANCE OF 797.57 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 07°04'3I"W,A DISTANCE OF 134.93 FEET TO A POINT LOCATED ON A CURVE TO THE LEFT WITH A RADIUS OF 120.00 FEET,A CHORD BEARING OF S 12°10'01"F AND A CHORD LENGTH OF 79.06 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 80.56 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 67'26'22"W,A DISTANCE OF 55.80 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S I1°19'46"W,A DISTANCE OF 504.43 FEET TO A POINT LOCATED ON A CURVE TO THE LEFT WITH A RADIUS OF 53.05 FEET,A CHORD BEARING OF S 07°3415"E,AND A CHORD LENGTH OF 43.11 FEET,FORA CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 44.39 FEET TO A PONT,FOR A CORNER HEREOF; 31=- WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 68 FINAL SERVICE AND ASSESSMENT PLAN THENCE: S 31°32'32"E,A DISTANCE OF 197.16 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 49°18'42"W,A DISTANCE OF 193.33 FEET TO A POINT LOCATED ON A CURVE TO THE LEFT WTTII A RADIUS OF 300.00 FEET,A CHORD BEARING OF S 41°09'30"W.AND A CHORD LENGTH OF 85.09 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 85.38 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 33°00'19"W,A DISTANCE OF 188.80 FEET TO A POINT LOCATED ON A CURVE TO THE RIGHT WITH A RADIUS OF 200.00 FEET,A CHORD BEARING OF S 40°17'23"W,AND A CHORD LENGTH OF 50.71 FEET,FOR A CORNER HEREOF; THENCE: ALONG CURVE TO THE RIGHT,AN ARC LENGTH OF 50.85 FEET TO A POINT LOCATED ON A REVERSE CURVE TO TILE LEFT WITH A RADIUS OF 200.00 FEET,A CHORD BEARING OF S 34°48'24" W,AND A CHORD LENGTH OF 88.38 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID REVERSE.CURVE TO THE LEFT,AN ARC LENGTH OF 89.12 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 17°55'32"E,A DISTANCE OF 128.44 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S I5°08'15"W,A DISTANCE OF 311.97 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 55°49'44"W,A DISTANCE OF 167.15 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 50°23'30"W,A DISTANCE OF 253.12 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 03°05'34"E,A DISTANCE OF 97.65 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 70°33'08"W,A DISTANCE OF 284.94 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 15°03'44"W,A DISTANCE OF 70.95 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 72°43'31"W,A DISTANCE OF 158.15 FEET TO A POINT ON THE EASTERN SIDE OF BLOCK 33 OF SAID P.I.C.C.ISLAND FAIRWAY ESTATES,LOCATED ON A NON-TANGENT CURVE TO THE RIGHT WITH A RADIUS OF 170.00 FEET,A CHORD BEARING OF S 65°47'32"W.AND A CHORD LENGTH OF 218.18 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 236.89 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 74°17'18"W,ALONG THE SOUTH LINE OF SAID BLOCK 33,A DISTANCE OF 74.35 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 89°16'19"W,A DISTANCE OF 159.22 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 8I°21'49"W,CONTINUING ALONG THE SOUTH LINE OF SAID BLOCK 33,A DISTANCE OF 101.31 FEET TO THE POINT OF BEGINNING,CONTAINING WITHIN THESE METES AND BOUNDS A 74.39-ACRE TRACT, SAVE AND EXCEPT 1.35-ACRES WITHIN THE PLATTED, UNOPENED PUBLIC RIGHT-OF-WAYS,WITH A NET ACREAGE OF 73.04 ACRES,MORE OR LESS; NOTE: AN EXHIBIT REPRESENTING A GRAPHIC IMAGE OF THIS DESCRIPTION STYLED AS "SHEET 3 OF 5-74.39 ACRE TRACT"ACCOMPANIES THIS DOCUMENT.THE BASIS OF BEARING IS TEXAS STATE PLANE COORDINATE SYSTEM NAD 83,SOUTH ZONE. September 28,2018 OF I Job No. e70146 �Pe o`*R°q�s' Y ROBERT:-4.VIERA 6'' �•y.oq 6178 r:, ; p e 947 ..UR "y0t (J/�/O �/Z WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 69 FINAL SERVICE AND ASSESSMENT PLAN LNV Solutions Today with a engineers l architects I contractors Vision for Tomorrow 72.31 ACRE TRACT Field Notes Description SHOWING THE BOUNDARY OF A 72.31-ACRE TRACT OF LAND HEREIN DESCRIBED AS"TRACT 2" COMPRISED OF A PORTION OF THE PADRE ISLAND-CORPUS CHRISTI ISLAND FAIRWAY ESTATES, HEREAFTER REFERRED TO AS THE P.LC.C.I.F.E..LOTS 27C AND 27D,A MAP OF WHICH IS RECORDED IN VOLUME 67,PAGE 779,MAP RECORDS,NUECES COUNTY,TEXAS,A PORTION OF THE P.I.C.C.LF.E., BLOCKS 45146,A MAP OF WHICH IS RECORDED IN VOLUME 42,PAGE 153,MAP RECORDS,NUECES COUNTY,TEXAS,A PORTION OF THE P.1.C.C.LF.E.,BLOCK 3,A MAP OF WHICH IS RECORDED IN VOLUME 40,PAGE 145,MAP RECORDS,NUECES COUNTY,TEXAS,AND P.I.C.C.I.F.E.,ALL OF BLOCKS 37,38,39,AND 40 A MAP OF WHICH IS RECORDED TN VOLUME 41,PAGE 128,MAP RECORDS,NUECES COUNTY,TEXAS,SAID 72.31-ACRE TRACT BEING MORE FULLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS; BEGINNING: AT A 518 INCH IRON ROD(Y=17,109,842.53,X- 1,396,658.56)FOUND ON THE NORTH RIGHT-OF-WAY LINE OF WHITECAP BOULEVARD(100' R.O.W.),FOR THE SOUTHEAST CORNER HEREOF; THENCE: N 89°14'35"W.ALONG THE NORTH RIGHT-OF-WAY OF WHITECAP BOULEVARD,AT 964.99 FEET PASS A 5/8 INCH IRON ROD FOUND,FOR THE SOUTHWEST CORNER OF SAID LOT 27D,THE SOUTHEAST CORNER OF SAID BLOCK 37,IN ALL A DISTANCE OF 1,516.00 FEET TO A 5/8 INCH IRON ROD,FOUND FOR THE LOWER SOUTHWEST CORNER OF SAID BLOCK 40,LOCATED ON A CURVE TO THE RIGHT,WITH A RADIUS OF 9.98 FEET,A CHORD BEARING OF N 43°40'56"W AND A CHORD LENGTH OF 14.17 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 15.76 FEET,TO A 518 INCH IRON ROD FOUND,FOR A POINT ON THE EAST RIGHT-OF-WAY LINE OF DASMARINAS DRIVE(60'R.O.W.), FOR A CORNER HEREOF; THENCE: N 00°48'13" E, ALONG THE EAST RIGHT-OF-WAY LINE OF DASMARINAS DRIVE, A DISTANCE OF 459.87 FEET,TO A 518 INCH IRON ROD FOUND ON A CURVE TO THE RIGHT,WITH A RADIUS OF 2652.84 Et.t.1,A CHORD BEARING OF N 04°48'03"E AND A CHORD LENGTH OF 370.55 FEET, FOR A CORNER HEREOF; THENCE.: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 370.85 FEET,TO A 5/8 INCH IRON ROD FOUND ON A REVERSE CURVE TO THE LEFT,WITH A RADIUS OF 2559.67 FEET,A CHORD BEARING OF N 04°48'55"E AND A CHORD LENGTH OF 341.30 FEEL,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 341.56 FEET.TO A 5'8 INCH IRON ROD FOUND,FOR THE NORTHWEST CORNER OF SAID BLOCK 37,FOR A CORNER HEREOF; THENCE: N 00°12'31"E,A DISTANCE OF 9.87 FEET,TO A 51 INCH IRON ROD FOUND,FOR THE SOUTHWEST CORNER OF BLOCK 33 OF THE P.I.C.C.1.F.E.,A MAP OF WHICH IS RECORDED IN VOLUME 40,PAGE 154,MAP RECORDS,NUECES COUNTY,TEXAS,FOR THE MOST WESTERLY NORTHWEST CORNER HEREOF; THENCE: N 81°21'I3"E,ALONG THE SOUTH LINE OF SAID BLOCK 33,A DISTANCE OF 101.32 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 89°16'19"E,A DISTANCE OF 159.22 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 74°17'1 E,A DISTANCE OF 74.35 FEET TO A POINT LOCATED ON A CURVE TO THE LEFT, WITH A RADIUS OF 169.97 FEET,A CHORD BEARING OF N 65'47'32"E AND A CHORD LENGTH OF 218.18 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 236.90 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 72°43'31'E,A DISTANCE OF 158.15 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 15°03'44"E,A DISTANCE OF 70.95 FEET TO A POLN,FOR A CORNER HEREOF; THENCE: N 70°33'08"E,A DISTANCE OF 284.94 F F E I TO A POINT,FOR A CORNER HEREOF; THENCE: N 03°05'34"W,A DISTANCE OF 97.65 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 50°23'30"E,A DISTANCE OF 253.12 FEET TO A POINT,FOR A CORNER HEREOF; WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 70 FINAL SERVICE AND ASSESSMENT PLAN THENCE: S 55°49'44"E,A DISTANCE OF 167.15 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 15°08'15"E,A DISTANCE OF 311.97 FEET TO A POINT LOCATED ON A CURVE TO THE RIGHT,WITH A RADIUS OF 145.00 FEET,A CHORD BEARING OF N 57°56'16"E AND A CHORD LENGTH OF 188.52 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 205.23 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 81°30'53"E,A DISTANCE OF 207.33 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 27°00'39"E,A DISTANCE OF 55.67 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 64°59'16"E,A DISTANCE OF 92.26 ttt1 TO A POINT LOCATED ON A NON-TANGENT CURVE TO THE RIGHT,WITH A RADIUS OF 390.00 FEET,A CHORD BEARING OF N 25'53'11"E AND A CHORD LENGTH OF 53.01 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 53.05 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 29'47'00"E,A DISTANCE OF 362.15 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 60°07'11"E,A DISTANCE OF 225.24 FEET TO A POINT ON THE NORTHWEST LINE OF SAID BLOCK 46,FOR A CORNER HEREOF; THENCE: S 29°52'06"W,ALONG THE NORTHWEST LINE OF SAID BLOCK 46,A DISTANCE OF 87.94 FEET,TO A 5/8 INCH IRON ROD SET,FOR THE SOUTHWEST CORNER OF LOT 12,SAME BEING THE NORTHWEST CORNER OF LOT 13,SAID BLOCK 46,AND FOR A CORNER HEREOF; THENCE: S 60°15'30"E,ALONG THE COMMON LINE OF LOTS 12 AND 13,A DISTANCE OF 380.10 FEET, TO A 5/8 INCH IRON ROD SET ON THE NORTHWEST RIGHT-OF-WAY LINE OF NEMO COURT(R.O.W. VARIES),FOR A CORNER HEREOF; THENCE: S 29°45'O1" W, ALONG THE NORTHWEST RIGHT-OF-WAY LINE OF NEMO COURT, A DISTANCE OF 695.89 FEET TO A 5/8 INCH IRON ROD FOUND,FOR THE SOUTHEAST CORNER OF LOT 26,FOR A CORNER HEREOF; THENCE: S 76°11'24" W,A DISTANCE OF 27.65 FEET TO A 518 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 29°47'04"W,A DISTANCE OF 100.29 FEET TO A 5/8 INCH IRON ROD FOUND,FOR THE SOUTHEAST CORNER OF LOT 28.BLOCK 46,FOR A CORNER HEREOF; THENCE: S 59'59'36"E,CONTINUING ALONG THE RIGHT-OF-WAY OF NEMO COURT,A DISTANCE OF 109.90 FEET TO A 5/8 INCH IRON ROD FOUND,FOR AN INTERIOR CORNER OF SAID LOT 15,BLOCK 45,FOR A CORNER HEREOF; THENCE: N 29°38'51" E, ALONG THE SOUTHEAST RIGHT-OF-WAY LINE OF NEMO COURT, A DISTANCE OF 45.99 FEET TO A 5/8 INCH IRON ROD FOUND,FOR.THE UPPER NORTHWEST CORNER OF SAID LOT 15,THE SOUTHWEST CORNER OF LOT 16,FOR A CORNER HEREOF; THENCE: S 60°12'57"E,ALONG THE COMMON LINE OF LOTS 15 AND 16,A DISTANCE.OF 120.20 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 32'44'41"E,CONTINUING ALONG THE COMMON LINE OF LOTS 15 AND 16,A DISTANCE. OF 165.63 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 00°41'24"W,A DISTANCE OF 70.34 FEET TO A 5/8 INCH IRON ROD FOUND ON THE NORTH RIGHT-OF-WAY LINE OF A NAVIGATION CHANNEL(R.O.W.VARIES),FOR A CORNER HEREOF; THENCE: N 89'17'24" W, ALONG THE NORTH RIGHT-OF-WAY LINE OF SAID NAVIGATION CHANNEL,A DISTANCE OF 437.46 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 02°01'48"W,A DISTANCE OF 44.63 FEET TO A DRILL HOLE IN CONCRETE FOUND,FOR A CORNER OF SAID LOT 4,BLOCK 3,LOCATED ON A NON-TANGENT CURVE TO THE LEFT,WITH A RADIUS OF 179.52 FEET,A CHORD BEARING OF S 59°36'20"W AND A CHORD LENGTH OF 159.13 FEET, FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT, 'THE NORTH RIGHT-OF-WAY LINE OF SAID NAVIGATION CHANNEL, AN ARC LENGTH OF 164.86 FEET TO A POINT, BEING THE MOST SOUTHERLY SOUTHEAST CORNER OF SAID LOT 4,BLOCK 3,FOR A CORNER HEREOF; 2I WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 71 FINAL SERVICE AND ASSESSMENT PLAN THENCE: N 66°26'56"W,ALONG THE MOST SOUTHERLY SOUTH LINE OF SAID IAT 4,RI.00K 3,A DISTANCE OF 333.35 FEET,TO A 5/8 INCH IRON ROD FOUND,FOR THE SOUTHWEST CORNER OF SAID LOT 4,BLOCK 3,ON THE EAST LINE OF SAID LOT 27D,LOCATED ON A NON-TANGENT CURVE TO THE LEFT,WITH A RADIUS OF 601.61 FEET,A CHORD BEARING OF S 15°04'01"W AND A CHORD LENGTH OF 29134 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 294.26 FEET,TO A 518 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 00°45'14"W,A DISTANCE OF 590.13 FEET,TO THE POLNT OF BEGINNING,CONTAINING WITHIN THESE METES AND BOUNDS A 72.31 ACRE TRACT,SAVE AND EXCEPT 2.87-ACRES WITHIN THE PLATTED,UNOPENED PUBLIC RIGHT-OF-WAYS,WITH A NET ACREAGE OF 69.44 ACRES,MORE OR LESS; NOTE: AN EXHIBIT REPRESENTLNG A GRAPHIC IMAGE OF THIS DESCRIPTION STYLED AS "SHEET 2 OF S—72.31 ACRE TRACT"ACCOMPANIES THIS DOCUMENT.THE BASIS OF BEARING LS TEXAS STATE PLANE COORDINATE SYSTEM NM)83,SOUTH ZONE. OF September 28,2018 p�. FRF1 evy Job No. 170146 cop?' * °:u' I.ROdarte • • POBEra M-VIERA '•41 6170 P: ! !7 &iTS.Ni ii/j3 WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 72 FINAL SERVICE AND ASSESSMENT PLAN LNV Solutions Today with a engineers architects j contractors Vision for Tomorrow 28.63 ACRE TRACT Field Notes Description SHOWING THE BOUNDARY OF A 28.63-ACRE TRACT OF LAND HEREIN DESCRIBED AS"TRACT 1" OUT OF A PORTION OF LOT 27C OF THE PADRE ISLAND-CORPUS CHRISTI ISLAND FAIRWAY ESTATES, HEREAFTER REFERRED TO AS THE P.I.C.C.I.F.E.,A MAP OF WHICH IS RECORDED IN VOLUME 67,PAGE 779,MAP RECORDS:NUECES COUNTY,TEXAS,SAID 28.63-ACRE TRACT BEING MORE FULLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS; BEGINNING: AT A 5/8 INCH IRON ROD(Y=17,115,342.99,X=1,397,090.68)FOUND ON AN INTERIOR LINE OF SAID LOT 27C,FOR AN INTERIOR CORNER HEREOF; THENCE: N 0049'34"E,A DISTANCE.OF 141.97 FEET TO A 5/8 INCH IRON ROD FOUND ON THE SOUTH RIGHT-OF-WAY LINE OF COMMODORE'S DRIVE(120'KO.W.),SAID IRON ROD LOCATED ONANON- TANGENT CURVE TO THE LEFT,WITH A RADIUS OF 493.90 FEET,A CHORD BEARING OF S 86°16'00"E AND A CHORD LENGTH OF 56.52 FEET,FOR AN EXTERIOR CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 56.55 FEET TO A 5/8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 89°15'39" E, CONTINUING ALONG THE SOUTH RIGHT-OF-WAY OF COMMODORE'S DRIVE,A DISTANCE OF 310.86 FEET TO A 5/8 INCH IRON ROD SET,FOR A CORNER HEREOF; THENCE: S 89°15'33"E,A DISTANCE OF 196.76 FEET TO A POINT,SAID POINT LOCATED ON A CURVE TO THE RIGHT,WITH A RADIUS OF 10.00 FEET,A CHORD BEARING OF S 44'16'50"E AND A CHORD LENGTH OF 14.14 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 15.71 FEET TO A 5/8 INCH IRON ROD SET ON THE WEST RIGHT-OF-WAY LINE OF COMPASS STREET(60'KO.W.),FOR A CORNER HEREOF; THENCE: S 00°42'49"W,ALONG THE WEST RIGHT-OF-WAY OF COMPASS STREET,A DISTANCE OF 99.93 FEET TO A 5/8 INCH IRON ROD SET,SAID IRON ROD LOCATED ON A CURVE TO THE LEFT,WITH A RADIUS OF 553.81 FEET,A CHORD BEARING OF S 04°55'45"E AND A CHORD LENGTH OF 104.90 FEET, FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 105.05 FEET TO A 5/8 INCH IRON ROD SET,FOR A CORNER HEREOF; THENCE: S 10°06'06" I3,A DISTANCE OF 110.22 FEET TO A 5t8 INCH IRON ROD SET, FOR THE NOR1'DIEAST CORNER OF LOT 11,BLOCK 41 OF THE P.I.C.C.I.F.E,A MAP OF WHICH IS RECORDED IN VOLUME 42,PAGE 17,MAP RECORDS,NUECES COUNTY,TEXAS.FOR A CORNER HEREOF; THENCE: S 79°38'09"W,ALONG TILE COMMON LINE OF LOTS 11 AND 12,A DISTANCE OF 155.16 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 80'04'16"W,A DISTANCE.OF 54.93 FEET I0 A POINT,FOR THE NORTHWEST CORNER OF SAID IOT II,FOR A CORNER HEREOF; THENCE: S 09°55'44"E,ALONG THE WEST LINE OF SAID LOT 11,A DISTANCE OF 119.53 FEET,TO A POINT FOR THE SOUTHWEST CORNER OF SAID LOT 11,FOR A CORNER HEREOF; THENCE: N 79°37'29"E,ALONG THE COMMON LINE OF LOTS 10 AND 11,A DISTANCE OF 210.45 F Et.I TO A 5/8 INCH IRON ROD FOUND ON THE WEST RIGHT-OF-WAY OF COMPASS STREET,FOR A CORNER HEREOF; THENCE: S 09'59'42"E,ALONG THE WEST RIGHT-OF-WAY OF COMPASS STREET,A DISTANCE OF t33.72 FEET TO A 5/8 INCH IRON ROD SET ON A CURVE TO THE RIGHT,WITH A RADIUS OF 46332 FEET,A CHORD BEARING OF S 04°41'22°E AND A CHORD LENGTH OF 93.23 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 93.38 FEET TO A S%8 INCH IRON ROD FOUND,FOR A CORNER HEREOF; THENCE: S 00°54'41"W,CONTINUING ALONG THE WEST RIGHT-OF-WAY OF COMPASS STREET,A DISTANCE OF 135.04 FEET TO A 5/8 INCH IRON ROD FOUND,FOR THE SOUTHEAST CORNER OF LOT 8,BLOCK 41,FOR A CORNER HEREOF; WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 73 FINAL SERVICE AND ASSESSMENT PLAN THENCE: N 89°09'1 I"W,ALONG THE COMMON LINE OF LOTS 7 AND 8,A DISTANCE OF 136.86 FEET TO A 5/8 INCH IRON ROD FOUND,FOR THE SOUTHWEST CORNEA OF SAID LOT 8,FOR A CORNER HEREOF; THENCE: N 10°25'28"W,ACROSS LOTS 8 AND 9,A DISTANCE.OF 168.01 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 79°53'54"W,CONTINUING ACROSS LOT 9,A DISTANCE OF 133.13 FEET,TO A POINT LOCATED ON A CURVE TO THE RIGHT WITH A RADIUS OF 78.00 FEET,A CHORD BEARING OF N 87°22'58"W,AND A CHORD LENGTH OF 34.36 FEE-1,FOR A CORNER HEREOF; THENCE: ALONG CURVE TO THE.RIGHT,AN ARC LENGTH OF 34.64 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 74°39'3T'W,A DISTANCE.OF 17.85 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 15°20'23"W,A DISTANCE OF 56.53 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 09°09'05"E,A DISTANCE OF 319.29 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 32°38'10"W,A DISTANCE OF 161.42 FEET TO A POINT ON A NON-TANGENT CURVE TO THE RIGHT WITH A RADIUS OF 199.85 FEET,A CHORD BEARING OP S 23°11'33"E,AND A CHORD LENGTH OF 177.73 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 184.18 FEET TO A POINT LOCATED ON A REVERSE CURVE TO THE LEFT WITH A RADIUS OF 354.88 FEET,A CHORD BEARING OF S 06°16'17"E,AND A CHORD LENGTH OF 141.95 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID REVERSE CURVE TO THE LEFT,AN ARC LENGTH OF 142.91 FEET TO A POINT LOCATED ON A REVERSE CURVE TO THF.RIGHT WITH A RADIUS OF 75.93 FEET,A CHORD BEARING OF S 01°24'10"W,AND A CHORD LENGTH OF 39.88 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID REVERSE CURVE TO THE RIGHT,AN ARC LENGTH OF 40.35 FEET TO A POINT LOCATED ON A REVERSE CURVE TO'THE LEFT WITH A RADIUS OF 252.95 FEET,A CHORD BEARING OF S 12°38'17"W,AND A CHORD LENGTH OF 35.18 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID REVERSE CURVE TO THE LEFT,AN ARC LENGTH OF 35.21 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 01°16'54"E,A DISTANCE OF 91.61 FEET TO A POINT LOCATED ON A CURVE TO THE RIGHT WITH A RADIUS OF 126.17 FEET,A CHORD BEARING OF S 20'16'09"W,AND A CHORD LENGTH OF 47.71 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT, AN ARC LENGTH OF 48.00 EEE1 TO A POINT LOCATED ON A REVERSE CURVE TO THE LEFT WITH A RADIUS OF 54.40 FEET,A CHORD BEARING OF S 17°10'30°W,AND A CHORD LENGTH OF 29.00 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID REVERSE CURVE TO THE LEFT,AN ARC LENGTH OF 29.36 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 05°17'34"W,A DISTANCE OF 75.84 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 09°00'03"W,A DISTANCE OF 160.18 FEET TO A POINT LOCATED ON A CURVE TO THE LEFT WITH A RADIUS OF 224.76 FEET,A CHORD BEARING OF S 02°55'53"E,AND A CHORD LENGTH OF 64.38 FE.E1,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 64.60 FEET TO A POINT LOCATED ON A REVERSE CURVE TO THE RIGHT WITH A RADIUS OF 160.49 FEET,A CHORD BEARING OF S 03°59'2I"W,AND A CHORD LENGTH OF 93.18 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID REVERSE CURVE TO THE RIGHT,AN ARC LENGTH OF 94.54 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 26°52'49"W,A DISTANCE OF 43.58 FEET TO A POINT LOCATED ON A CURVE TO THE LEFT WITH A RADIUS OF 36.52 FEET,A CHORD BEARING OF S 17°51'57"E,AND A CHORD LENGTH OF 37.27 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 39.11 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 41°09'40"E,A DISTANCE OF 96.97 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: S 01'20'06"W,A DISTANCE OF 50.38 FEET TO A POINT,FOR A CORNER HEREOF; 21 ::. WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 74 FINAL SERVICE AND ASSESSMENT PLAN THENCE: N 88°46'57"W,A DISTANCE OF 291.63 FEET TO A POINT LOCATED ON A CURVE TO THE RIGHT WITH A RADIUS OF 70.00 FEET,A CHORD BEARING OF N 51°36'31"W,AND A CHORD LENGTH OF 84.60 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 90.84 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 88°39'54"W,A DISTANCE OF 31.58 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 28°33'42"W,A DISTANCE OF 53.03 FEET TO A POINT LOCATED ON A CURVE TO THE RIGHT WITH A RADIUS OF 86.27 FEET,A CHORD BEARING OF N 08°46'50"W,AND A CHORD LENGTH OF 58.39 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 59.57 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 08°21'00"E,A DISTANCE OF 169.70 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 07°06'94"E,A DISTANCE OF 83.11 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 04°21'45"E,A DISTANCE OF 63.40 FEET TO A POINT LOCATED ON A CURVE TO THE LEFT WITH A RADIUS OF 388.61 FEET,A CHORD BEARING OF N 02°34'53"W,AND A CHORD LENGTH OF 93.97 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 94.20 FEET TO A POINT LOCATED ON A REVERSE CURVE TO THE RIGHT WITH A RADIUS OF 1638.83 FEET,A CHORD BEARING OF N 07°33'45"W,AND A CHORD LENGTH OF 112.26 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID REVERSE CURVE TO THE RIGHT,AN ARC LENGTH OF 112.28 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 00°18'00"W,A DISTANCE OF 84.81 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 00°17'08"W,A DISTANCE OF 77.05 FEET TO A POINT LOCATED ON A CURVE TO THE RIGHT WITH A RADIUS OF 638.87 FEET,A CHORD BEARING OF N 03°07'54"E,AND A CHORD LENGTH OF 76.16 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 76.21 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N05°5522"E,A DISTANCE OF96.67 FEEL TOA POINT LOCATED ONA CURVE TO THE LEFT WITH A RADIUS OF 35.56 FEET,A CHORD BEARING OF N 27°53'47"W,AND A CHORD LENGTH OF 48.08 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 52.79 FEET TO A POINT LOCATED ON A REVERSE CURVE TO THE RIGHT WITH A RADIUS OF 348.61 FEET,A CHORD BEARING OF N 52°2615"W,AND A CHORD LENGTH OF 112.41 FEET,FOR A CORNER HEREOF; THENCE: CONTINUING ALONG SAID REVERSE CURVE TO THE RIGHT,AN ARC LENGTH OF 112.91 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 41°14'16"W,A DISTANCE OF 78.54 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 67°58'17'W,A DISTANCE.OF 4.21 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 38°10'10"W,A DISTANCE OF 46.88 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 06°16'08"W,A DISTANCE OF 4.08 FEET TO A POINT LOCATED ON A CURVE TO THE RIGHT WITH A RADIUS OF 142.77 FEET,A CHORD BEARING OF N 24°43'36"W,AND A CHORD LENGTH OF 66.19 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTII OF 66.80 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 109525"W,A DISTANCE OF 115.67 FEET TO A POINT LOCATED ON A CURVE TO THE RIGHT WITH A RADIUS OF 133.47 FEET,A CHORD BEARING OF N 10°19'44"E,AND A CHORD LENGTH OF 98.40 FEET,FOR A CORNER HEREOF; THENCE: ALONG SAID CURVE TO THE RIGHT,AN ARC LENGTH OF 100.78 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 19°49'40"E,A DISTANCE OF 126.03 FEET TO A POINT LOCATED ON A CURVE TO THE LEFT WITH A RADIUS OF 91.11 FEET,A CHORD BEARING OF N 05°2228"E,AND A CHORD LENGTH OF 33.76 FEET,FOR A CORNER HEREOF; WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 75 FINAL SERVICE AND ASSESSMENT PLAN THENCE: ALONG SAID CURVE TO THE LEFT,AN ARC LENGTH OF 33.95 FEET TO A POINt,FOR A CORNER HEREOF; THENCE: N 05°18'06"W,A DISTANCE OF 181.88 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 13°36'58"W,A DISTANCE OF 55.06 FEET TO A POINT,FOR A CORNER HEREOF; THENCE: N 09'54'41"E,A DISTANCE OF 275.84 FEET TO A 518 INCH IRON ROD FOUND,FOR AN INTERIOR CORNER OF SAID LOT 27C,AND FOR A CORNER HEREOF; THENCE: S 89°I0'01" E,CONTLNUING ALONG THE LOWER NORTH LLNE OF SAID LOT 27C, A DISTANCE OF 229.01 FEET TO THE POINT OF BEGINNING,CONTAINING WITHIN THESE METES AND BOUNDS A 28.63-ACRE TRACT,MORE OR LESS; NOTE: AN EXHIBIT REPRESENTING A GRAPHIC IMAGE OF THIS DESCRIPTION STYLED AS "SHEET 1 OF 5-28.63-ACRE TRACT"ACCOMPANIES THIS DOCUMENT.THE BASIS OF BEARING IS TEXAS STATE PLANE COORDINATE SYSTEM NAD 83,SOUTH ZONE 4205. September 28,2018 OTe"'Fh ! *'+F'qs Job No. 170146 y..... I.ROaBRC iajERT,m.VIER... 6178 .et• �q 9FFESS���yp 1/$14. 4i''- WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 76 FINAL SERVICE AND ASSESSMENT PLAN EXHIBIT 1-2-IMPROVEMENT AREA#1 LEGAL DESCRIPTION 361991.85S0 LJ� 7130E148 SURVEYING iBFEES 1019438 2 vary.LJASursey.tom S3S0 South Staples Street,Style 47i,Corpus CFristi.Texas 784'1 November 21.2023 S001-C986-21143.101 Field Notes Description for a 51.03-Acre Tract Improvement Area#1,Tract 1 STATE OF TEXAS § COUNTY OF NUECES § Field notes,to describe a 51.03-acre tract Improvement Area being out a portion of Tracts 27C and 270 of the Padre Island—Corpus Christi Island Fairway Estates,hereafter referred to as P.I.C.C.I.F.E.,Lots 27C and 27D,a map recorded in Volume 67,Pages 779-785,Map Records,Nueces County,Texas,a portion of P.I.C.C.I.F.E., Blocks 24-33,a map recorded in Volume 40, pages 154-159, Map Records, Nueces County,Texas,a portion of out of P.I.C.C.I.F.E_,Blocks 43&44,a map recorded in Volume 42,Pages 10-11,Map Records,Nueces County,Texas,and Portions of P.I.C.C.I.F.E.,Blocks 34,35, and 36, a map recorded in Volume 40, Pages 183-184, Map Records, Nueces County, Texas, said Blocks 26,35,36,43,44,and a portion of Block 34, now vacated as per plat recorded in Volume 67. Page 688,Map Records,Nueces County,Texas,said 51.03-acre tract being out of a portion of a 28.63- acre tract(Tract 1), a 72.31-acre tract(Tract 2), a 74.39-acre tract(Tract 3), and a 30.68-acre tract (Tract 4), as referenced in a correction warranty deed, Document Number 2018045542, Official Records,Nueces County,Texas,save and except 3.766 acres of a 80-foot wide street,also known as 'Aquarius Street Re-Alignment, and recorded in Document Number 2011039226, Official Records, Nueces County, Texas, and said 51.03 acres more particularly described by metes and bounds as follows; BEGINNING at a 5/8"iron rod found on said Lot 27C of the Padre Island-Corpus Christi Island Fairway Estates.and being on the south right of way of said Aquarius Street,and said iron rod being on a curve to the right,having a radius of 330.00',a length of curve of 106.74',a delta angle of 18°31'58",and a chord bearing and distance of S 78'00'59-W, 106.28'for a corner of said 30.68-acre tract(Tract 4) , for the POINT-OF-BEGINNING and northeast corner of this 51.03-acre tract; THENCE S 02°16'21"E,a distance of 47.77'to a 5/8"iron rod found,for an angle corner of this 51.03- acre tract: THENCE S 44'49'36"E,a distance of 217.18'to a point,for an angle corner of this 51.03-acre tract; THENCE S 45°10'24"W,a distance of 141.72'to a point,for an angle corner of this 51.03-acre tract; THENCE S 00°00'00"W,a distance of 685.33'to a point and a corner of this 51.03-acre tract,and said point being at the beginning of a curve to the left,having a radius of 393.00',a length of curve of 500.19', a delta angle of 72'55'22,and a chord bearing and distance of S 57°10'11'E,467.10'; THENCE along said curve to the left,a curve length of 500.19'to a point of tangency of said curve,for a corner of this 51.03-acre tract; THENCE S 00'53'05"E,a distance 809.16'to a point,for an angle corner of this 51.03-acre tract; WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 77 FINAL SERVICE AND ASSESSMENT PLAN 51.03-Acre Tract November 21,2023 Page 2 of 3 THENCE S 89'06'59"W,a distance of 62.78'to a point,for an angle corner of this 51.03-acre tract; THENCE N 80`07'55"W,a distance of 169.11'to a point,for an angle corner of this 51.03-acre tract: THENCE S 47°34'11"W,a distance of 80.44'to a point,for an angle corner of this 51.03-acre tract; THENCE N 39'02'15"W,a distance of 180.41'to a point,for an angle corner of this 51.03-acre tract; THENCE N 87'28'42"W,a distance of 120.19'to a point,for an angle corner of this 51.03-acre tract; THENCE S 51'27'50"W,a distance of 135.13'to a point,for an angle corner of this 51.03-acre tract; THENCE S 30°31'04"W,a distance of 270.15'to a point,for an angle corner of this 51.03-acre tract; THENCE S 24°02'41"W,a distance of 249.57'to a point,for an angle corner of this 51.03-acre tract: THENCE S 36°57'46-W,a distance of 160.17'to a point on the north right of way of Crown Royal,for an angle corner of this 51.03-acre tract: THENCE N 52°53'11"W, along the north right of way of Crown Royal, a distance of 229.48'to a point on the north right of way of Crown Royal, for a corner of this 51.03-acre tract and said point being at the beginning of a curve to the left, having a radius of 1.718.10', a length of curve of 301.27', a delta angle of 10'02'48",and a chord bearing and distance of N 30'32'33"E. 300.88'; THENCE along said curve to the left,a curve length of 301.27'to a point of tangency of said curve,for a corner of this 51.03-acre tract, and said point being at the beginning of a curve to the left, having a radius of 1,056.90', a length of curve of 387.52', a delta angle of 21°00'28", and a chord bearing and distance of N 14°46'46-E, 385.35'; THENCE along said curve to the left,a curve length of 387.52'to a point of tangency of said curve,for a corner of this 51.03-acre tract; THENCE N 86`00'41"W,a distance of 119.90'to a point at the east right of way of Dasmarinas Drive, for a corner of this 51.03-acre tract,and said point being at the beginning of a curve to the left, having a radius of 940.79", a length of curve of 461.85', a delta angle of 28°07'40", and a chord bearing and distance of N 10'33'02-W, 457.23'; THENCE along said curve to the left,a curve length of 461.85'to a point of tangency of said curve,for a corner of this 51.03-acre tract and said point being at the beginning of a curve to the left, having a radius of 617.98', a length of curve of 425.59', a delta angle of 39°27'31", and a chord bearing and distance of N 44°45'25-W. 417.23'; THENCE along said curve to the left,a curve length of 425.59'to a point of tangency of said curve,for a corner of this 51.03-acre tract; THENCE N 64'29'59"W, a distance of 515.37'to a point,for a corner of this 51.03-acre tract and said point being at the beginning of curve to the right,having a radius of 15.00',a length of curve of 23.55', a delta angle of 89'57'56-,and a chord bearing and distance of N 19'31'01"W,21.21'; THENCE along said curve to the right,a curve length of 23.55'to a point of tangency of said curve,for a corner of this 51.03-acre tract; WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 78 FINAL SERVICE AND ASSESSMENT PLAN 51.03-Acre Tract November 21,2023 Page 3 of 3 THENCE N 25'27'57" E, a distance of 288.75'to a point, for a corner of this 51.03-acre tract and said point being at the beginning of curve to the right,having a radius of 330.00',a length of curve of 249.30'. a delta angle of 43°17'02", and a chord bearing and distance of N 47'06'27"E,243,41'; THENCE along said curve to the right, a curve length of 249.30' to a point of tangency of said curve, for a corner of this 51.03-acre tract; THENCE N 6B°44'59" E, a distance of 1,071.44' to a point, for a corner of this 51.03-acre tract, and said point being at the beginning of curve to the right, having a radius of 330.00', a length of curve of 106.74', a delta angle of 18°31'58".and a chord bearing and distance of N 78'00'59"E, 106.28'; THENCE along said curve to the right,a curve length of 106.74'to the point of tangency and the POINT-OF-BEGINNING,and containing 51.03 acres,more or less. The bearings for this field notes description are based on GPS,NAD83,State Plane Coordinate System, Texas South Zone 4205. I, Albert E. Franco, Jr., Registered Professional Land Surveyor of Texas, do hereby certify that this description represents the actual perimeter of this 51.03-acre tract,this the 2151 day of November 2023. r ',c, .•:c.i. D.,‘ik.:-.I\ Iat, ••,%t• ••/".•0 nal ,`.ti r PaOof;43 .... Registered Professional L Surveyor Texas Registration No.4471 WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 79 FINAL SERVICE AND ASSESSMENT PLAN EXHIBIT J-3-THE PRESERVE LEGAL DESCRIPTION 361 991.8550 LJA`SURVEYING i BPELS 111TBPE1014382 94382 whwillASurveycorn '::.ah Staples Street,Suae 425,Corpus Christi,Texas 78411 November 21,2023 S001-C986-21143.101 Field Notes Description for a 4.64-Acre Tract Improvement Area#1,Tract 2 STATE OF TEXAS § COUNTY OF NUECES § Field notes,to describe a 4.64-acre tract being out a portion of Tracts 27D of the Padre Island—Corpus Christi Island Fairway Estates, hereafter referred to as P.I.C.C.I.F.E., Lots 27C and 27D, a map recorded in Volume 67, Pages 779-785, Map Records, Nueces County, Texas, said 4.64-acre tract being out of a portion of a 74.39-acre tract (Tract 3), as referenced in a correction warranty deed, Document Number 2018045542, Official Records, Nueces County, Texas, and said 4.64 acres more particularly described by metes and bounds as follows; BEGINNING at a 5/8"iron rod found at the southeast corner of Lot 24, Block 30 of the Padre Island- Corpus Christi Island Fairway Estates,recorded in Volume 40, Pages 181-182,Map Records,Nueces County,Texas,for the POINT-OF-BEGINNING and interior corner of this 4.64-acre tract; THENCE N 30'50'45"E,a distance of 235.05'to a point,for an angle corner of this 4.64-acre tract: THENCE N 23'48'25"VV,a distance of 259.46'to a point,for an angle corner of this 4.64-acre tract; THENCE N 39'34'30"E,a distance of 224.73'to a point,for an angle corner of this 4.64-acre tract; THENCE S 57'43'56"E, a distance of 100.42'to a point and a corner of this 4.64-acre tract,and said point being at the beginning of a curve to the right, having a radius of 170.00', a length of curve of 157.54',a delta angle of 53'05'43",and a chord bearing and distance of S 33'35'14" E, 151.96'; THENCE along said curve to the right, a curve length of 157.54'to a point of tangency of said curve, for a corner of this 4.64-acre tract; THENCE S 07°02'23"E.a distance 182.93'to a point,for an angle corner of this 4.64-acre tract; THENCE S 11°47'41"W,a distance of 257.61'to a point,for a corner of this 4.64-acre tract and said point being at the beginning of a curve to the right,having a radius of 260.00',a length of curve of 352.26',a delta angle of 77'37'36-,and a chord bearing and distance of S 50'36'29'W,325.93'; THENCE along said curve to the right,a curve length of 352.26'to a point of tangency of said curve, for a corner of this 4.64-acre tract; THENCE N 00'34'43"W,a distance of 105.00'to a point,for a corner of this 4.64-acre tract and said point being at the beginning of a curve to the right, having a radius of 155.00', a length of curve of 84.98',a delta angle of 31°24'50",and a chord bearing and distance of N 74'52'18"VV,83.92'; WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 80 FINAL SERVICE AND ASSESSMENT PLAN 4.64-Acre Tract November 21,2023 Page 2 of 2 THENCE along said curve to the right, a curve length of 84.98' to a point of tangency of said curve,for a corner of this 4.64-acre tract; THENCE N 59'09'53"W,a distance of 112.06'to a point,for an exterior corner of this 4.64-acre tract; THENCE S 83°0T14"W,a distance of 9.19'to a point,for a corner of this 4.64-acre tract and said point being at the beginning of a curve to the left, having a radius of 104.62', a length of curve of 62.28', a delta angle of 34'06'20",and a chord bearing and distance of N 31°30'06"E, 61.36'; THENCE along said curve to the left, a curve length of 62.28'to a point of tangency of said curve,for a corner of this 4.64-acre tract; THENCE S 76°03'33"E,a distance of 112.87'to a point,for an angle corner and the POINT-OF-BEGINNING,and containing 4.64 acres, more or less. The bearings for this field notes description are based on GPS,NAD83,State Plane Coordinate System, Texas South Zone 4205. I, Albert E. Franco, Jr., Registered Professional Land Surveyor of Texas, do hereby certify that this description represents the actual perimeter of this 4.64-acre tract, this the 21s'day of November 2023. LA t�vr@ALA. . yJ • Registered Professional Lan Surveyor Texas Registration No, 4471 WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 81 FINAL SERVICE AND ASSESSMENT PLAN APPENDIX A— ENGINEER'S REPORT [Remainder of page left intentionally blank.] WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 82 FINAL SERVICE AND ASSESSMENT PLAN APPENDIX B - BUYER DISCLOSURES Forms of the buyer disclosures for the following Lot Types are found in this appendix: Improvement Area#1 • Initial Parcel • Lot Type 1 • Lot Type 2 • Lot Type 3 • Lot Type 4 • Lot Type 5 • Lot Type 6 • Lot Type 7 [Remainder of page left intentionally blank.] WHITECAP PUBLIC IMPROVEMENT DISTRICT NO.1 83 FINAL SERVICE AND ASSESSMENT PLAN WHITECAP PUBLIC IMPROVEMENT DISTRICT NO. 1 - IMPROVEMENT AREA #1 INITIAL PARCEL BUYER DISCLOSURE NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT A person who proposes to sell or otherwise convey real property that is located in a public improvement district established under Subchapter A, Chapter 372, Local Government Code (except for public improvement districts described under Section 372.005), or Chapter 382, Local Government Code, shall first give to the purchaser of the property this written notice, signed by the seller. For the purposes of this notice, a contract for the purchase and sale of real property having a performance period of less than six months is considered a sale requiring the notice set forth below. This notice requirement does not apply to a transfer: 1) under a court order or foreclosure sale; 2) by a trustee in bankruptcy; 3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed of trust by a trustor or successor in interest; 4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at a sale conducted under a power of sale under a deed of trust or a sale under a court-ordered foreclosure or has acquired the land by a deed in lieu of foreclosure; 5) by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust; 6) from one co-owner to another co-owner of an undivided interest in the real property; 7) to a spouse or a person in the lineal line of consanguinity of the seller; 8) to or from a governmental entity;or 9) of only a mineral interest, leasehold interest, or security interest The following notice shall be given to a prospective purchaser before the execution of a binding contract of purchase and sale, either separately or as an addendum or paragraph of a purchase contract. In the event a contract of purchase and sale is entered into without the seller having provided the required notice,the purchaser,subject to certain exceptions,is entitled to terminate the contract. A separate copy of this notice shall be executed by the seller and the purchaser and must be filed in the real property records of the county in which the property is located at the closing of the purchase and sale of the property. AFTER RECORDING' RETURN TO: NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO CITY OF CORPUS CHRISTI,TEXAS CONCERNING THE FOLLOWING PROPERTY STREET ADDRESS IMPROVEMENT AREA#1 INITIAL PARCEL PRINCIPAL ASSESSMENT: $23,856,000 As the purchaser of the real property described above, you are obligated to pay assessments to City of Corpus Christi,Texas, for the costs of a portion of a public improvement or services project (the "Authorized Improvements") undertaken for the benefit of the property within Whitecap Public Improvement District No. 1(the "District")created under Subchapter A, Chapter 372, Local Government Code. AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND DELINQUENCY COSTS. The exact amount of the assessment may be obtained from the City of Corpus Christi. The exact amount of each annual installment will be approved each year by the Corpus Christi City Council in the annual service plan update for the District. More information about the assessments, including the amounts and due dates,may be obtained from City of Corpus Christi. Your failure to pay any assessment or any annual installment may result in penalties and interest being added to what you owe or in a lien on and the foreclosure of your property. ' To be included in separate copy of the notice required by Section 5.0143, Tex. Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County when updating for the Current Information of Obligation to Pay Improvement District Assessment. [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER The undersigned seller acknowledges providing this notice to the potential purchaser before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER]2 2 To be included in copy of the notice required by Section 5.014, Tex. Prop. Code, to be executed by seller in accordance with Section 5.014(a-1).Tex.Prop.Code. Signature Page to Initial Notice of Obligation to Pay Improvement District Assessment [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. The undersigned purchaser acknowledged the receipt of this notice including the current information required by Section 5.0143, Texas Property Code, as amended. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas]3 'To be included in separate copy of the notice required by Section 5.0143,Tex. Prop. Code, to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Purchaser Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment [The undersigned seller acknowledges providing a separate copy of the notice required by Section 5.014 of the Texas Property Code including the current information required by Section 5.0143,Texas Property Code, as amended, at the closing of the purchase of the real property at the address above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s) whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas]4 4 To be included in separate copy of the notice required by Section 5.0143,Tex.Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Seller Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment ANNUAL INSTALLMENTS- IMPROVEMENT AREA#1 INITIAL PARCEL Installment Annual Collection Total Annual Principal Interestlai Due 1/31 Costs Installments 2025 $ 290,000 $ 1,483,843 $ 40,000 $ 1,813,843 2026 $ 308,000 $ 1,465,805 $ 40,800 $ 1,814,605 2027 $ 327,000 $ 1,446,648 $ 41,616 $ 1,815,264 2028 $ 348,000 $ 1,426,308 $ 42,448 $ 1,816,757 2029 $ 369,000 $ 1,404,663 $ 43,297 $ 1,816,960 2030 $ 392,000 $ 1,381,711 $ 44,163 $ 1,817,874 2031 $ 417,000 $ 1,357,328 $ 45,046 $ 1,819,375 2032 $ 443,000 $ 1,331,391 $ 45,947 $ 1,820,338 2033 $ 470,000 $ 1,303,836 $ 46,866 $ 1,820,703 2034 $ 500,000 $ 1,274,602 $ 47,804 $ 1,822,406 2035 $ 531,000 $ 1,243,502 $ 48,760 $ 1,823,262 2036 $ 564,000 $ 1,210,474 $ 49,735 $ 1,824,209 2037 $ 599,000 $ 1,175,393 $ 50,730 $ 1,825,123 2038 $ 636,000 $ 1,138,136 $ 51,744 $ 1,825,880 2039 $ 676,000 $ 1,098,576 $ 52,779 $ 1,827,356 2040 $ 718,000 $ 1,056,529 $ 53,835 $ 1,828,364 2041 $ 762,000 $ 1,011,870 $ 54,911 $ 1,828,781 2042 $ 810,000 $ 964,473 $ 56,010 $ 1,830,483 2043 $ 860,000 $ 914,091 $ 57,130 $ 1,831,221 2044 $ 914,000 $ 860,599 $ 58,272 $ 1,832,872 2045 $ 970,000 $ 803,748 $ 59,438 $ 1,833,186 2046 $ 1,031,000 $ 743,414 $ 60,627 $ 1,835,041 2047 $ 1,095,000 $ 679,286 $ 61,839 $ 1,836,125 2048 $ 1,163,000 $ 611,177 $ 63,076 $ 1,837,253 2049 $ 1,235,000 $ 538,839 $ 64,337 $ 1,838,176 2050 $ 1,312,000 $ 462,022 $ 65,624 $ 1,839,646 2051 $ 1,394,000 $ 380,415 $ 66,937 $ 1,841,352 2052 $ 1,480,000 $ 293,708 $ 68,275 $ 1,841,984 2053 $ 1,572,000 $ 201,652 $ 69,641 $ 1,843,293 2054 $ 1,670,000 $ 103,874 $ 71,034 $ 1,844,908 Total $ 23,856,000 $ 29,367,917 $ 1,622,723 $ 54,846,640 Footnotes: [a] Interest is calculated at a 6.22%rate for illustrative purposes. [b]The figures shown above are estimates only and subject to change in Annual Service Plan Updates.Changes in Annual Collection Costs, reserve fund requirements, interest earnings,or other available offsets could increase or decrease the amounts shown. Annual Installment Schedule to Notice of Obligation to Pay Improvement District Assessment WHITECAP PUBLIC IMPROVEMENT DISTRICT NO. 1 - IMPROVEMENT AREA #1 LOT TYPE 1 BUYER DISCLOSURE NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT A person who proposes to sell or otherwise convey real property that is located in a public improvement district established under Subchapter A, Chapter 372, Local Government Code (except for public improvement districts described under Section 372.005), or Chapter 382, Local Government Code, shall first give to the purchaser of the property this written notice, signed by the seller. For the purposes of this notice, a contract for the purchase and sale of real property having a performance period of less than six months is considered a sale requiring the notice set forth below. This notice requirement does not apply to a transfer: 1) under a court order or foreclosure sale; 2) by a trustee in bankruptcy; 3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed of trust by a trustor or successor in interest; 4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at a sale conducted under a power of sale under a deed of trust or a sale under a court-ordered foreclosure or has acquired the land by a deed in lieu of foreclosure; 5) by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust; 6) from one co-owner to another co-owner of an undivided interest in the real property; 7) to a spouse or a person in the lineal line of consanguinity of the seller; 8) to or from a governmental entity; or 9) of only a mineral interest, leasehold interest, or security interest The following notice shall be given to a prospective purchaser before the execution of a binding contract of purchase and sale, either separately or as an addendum or paragraph of a purchase contract. In the event a contract of purchase and sale is entered into without the seller having provided the required notice,the purchaser,subject to certain exceptions,is entitled to terminate the contract. A separate copy of this notice shall be executed by the seller and the purchaser and must be filed in the real property records of the county in which the property is located at the closing of the purchase and sale of the property. AFTER RECORDING' RETURN TO: NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO CITY OF CORPUS CHRISTI,TEXAS CONCERNING THE FOLLOWING PROPERTY STREET ADDRESS IMPROVEMENT AREA#1 LOT TYPE 1 PRINCIPAL ASSESSMENT: $78,510.14 As the purchaser of the real property described above, you are obligated to pay assessments to City of Corpus Christi,Texas, for the costs of a portion of a public improvement or services project (the "Authorized Improvements") undertaken for the benefit of the property within Whitecap Public Improvement District No. 1(the"District")created under Subchapter A, Chapter 372, Local Government Code. AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND DELINQUENCY COSTS. The exact amount of the assessment may be obtained from the City of Corpus Christi. The exact amount of each annual installment will be approved each year by the Corpus Christi City Council in the annual service plan update for the District. More information about the assessments, including the amounts and due dates,may be obtained from City of Corpus Christi. Your failure to pay any assessment or any annual installment may result in penalties and interest being added to what you owe or in a lien on and the foreclosure of your property. To be included in separate copy of the notice required by Section 5.0143,Tex. Prop. Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County when updating for the Current Information of Obligation to Pay Improvement District Assessment. [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER The undersigned seller acknowledges providing this notice to the potential purchaser before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER]2 2 To be included in copy of the notice required by Section 5.014, Tex. Prop. Code,to be executed by seller in accordance with Section 5.014(a-1),Tex.Prop.Code. Signature Page to Initial Notice of Obligation to Pay Improvement District Assessment [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. The undersigned purchaser acknowledged the receipt of this notice including the current information required by Section 5.0143, Texas Property Code, as amended. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas]3 3 To be included in separate copy of the notice required by Section 5.0143,Tex. Prop. Code, to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Purchaser Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment [The undersigned seller acknowledges providing a separate copy of the notice required by Section 5.014 of the Texas Property Code including the current information required by Section 5.0143,Texas Property Code, as amended, at the closing of the purchase of the real property at the address above. • DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20 . Notary Public, State of Texas]4 4 To be included in separate copy of the notice required by Section 5.0143,Tex.Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Seller Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment ANNUAL INSTALLMENTS- IMPROVEMENT AREA#1 LOT TYPE 1 Installment Annual Collection Total Annual Principal Interest[a] Due 1/31 Costs Installmentsibl 2025 $ 954.39 $ 4,883.33 $ 131.64 $ 5,969.36 2026 $ 1,013.63 $ 4,823.97 $ 134.27 $ 5,971.87 2027 $ 1,076.16 $ 4,760.92 $ 136.96 $ 5,974.04 2028 $ 1,145.27 $ 4,693.98 $ 139.70 $ 5,978.95 2029 $ 1,214.38 $ 4,622.75 $ 142.49 $ 5,979.62 2030 $ 1,290.07 $ 4,547.21 $ 145.34 $ 5,982.63 2031 $ 1,372.35 $ 4,466.97 $ 148.25 $ 5,987.57 2032 $ 1,457.91 $ 4,381.61 $ 151.21 $ 5,990.74 2033 $ 1,546.77 $ 4,290.93 $ 154.24 $ 5,991.94 2034 $ 1,645.50 $ 4,194.72 $ 157.32 $ 5,997.54 2035 $ 1,747.52 $ 4,092.37 $ 160.47 $ 6,000.36 2036 $ 1,856.13 $ 3,983.67 $ 163.68 $ 6,003.48 2037 $ 1,971.31 $ 3,868.22 $ 166.95 $ 6,006.48 2038 $ 2,093.08 $ 3,745.61 $ 170.29 $ 6,008.97 2039 $ 2,224.72 $ 3,615.42 $ 173.70 $ 6,013.83 2040 $ 2,362.94 $ 3,477.04 $ 177.17 $ 6,017.15 2041 $ 2,507.74 $ 3,330.06 $ 180.71 $ 6,018.52 2042 $ 2,665.71 $ 3,174.08 $ 184.33 $ 6,024.12 2043 $ 2,830.26 $ 3,008.28 $ 188.01 $ 6,026.55 2044 $ 3,007.98 $ 2,832.23 $ 191.77 $ 6,031.98 2045 $ 3,192.27 $ 2,645.14 $ 195.61 $ 6,033.02 2046 $ 3,393.02 $ 2,446.58 $ 199.52 $ 6,039.12 2047 $ 3,603.65 $ 2,235.53 $ 203.51 $ 6,042.69 2048 $ 3,827.44 $ 2,011.39 $ 207.58 $ 6,046.40 2049 $ 4,064.39 $ 1,773.32 $ 211.73 $ 6,049.44 2050 $ 4,317.79 $ 1,520.51 $ 215.97 $ 6,054.28 2051 $ 4,587.66 $ 1,251.95 $ 220.29 $ 6,059.89 2052 $ 4,870.68 $ 966.59 $ 224.69 $ 6,061.97 2053 $ 5,173.46 $ 663.64 $ 229.19 $ 6,066.28 2054 $ 5,495.97 $ 341.85 $ 233.77 $ 6,071.60 Total $ 78,510.14 $ 96,649.87 $ 5,340.39 $ 180,500.40 Footnotes: [a] Interest is calculated at a 6.22%rate for illustrative purposes. [b]The figures shown above are estimates only and subject to change in Annual Service Plan Updates.Changes in Annual Collection Costs, reserve fund requirements, interest earnings,or other available offsets could increase or decrease the amounts shown. Annual Installment Schedule to Notice of Obligation to Pay Improvement District Assessment WHITECAP PUBLIC IMPROVEMENT DISTRICT NO. 1 - IMPROVEMENT AREA #1 LOT TYPE 2 BUYER DISCLOSURE NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT A person who proposes to sell or otherwise convey real property that is located in a public improvement district established under Subchapter A, Chapter 372, Local Government Code (except for public improvement districts described under Section 372.005), or Chapter 382, Local Government Code, shall first give to the purchaser of the property this written notice, signed by the seller. For the purposes of this notice, a contract for the purchase and sale of real property having a performance period of less than six months is considered a sale requiring the notice set forth below. This notice requirement does not apply to a transfer: 1) under a court order or foreclosure sale; 2) by a trustee in bankruptcy; 3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed of trust by a trustor or successor in interest; 4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at a sale conducted under a power of sale under a deed of trust or a sale under a court-ordered foreclosure or has acquired the land by a deed in lieu of foreclosure; 5) by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust; 6) from one co-owner to another co-owner of an undivided interest in the real property; 7) to a spouse or a person in the lineal line of consanguinity of the seller;.to or from a governmental entity; or 8) of only a mineral interest, leasehold interest, or security interest The following notice shall be given to a prospective purchaser before the execution of a binding contract of purchase and sale, either separately or as an addendum or paragraph of a purchase contract. In the event a contract of purchase and sale is entered into without the seller having provided the required notice,the purchaser,subject to certain exceptions, is entitled to terminate the contract. A separate copy of this notice shall be executed by the seller and the purchaser and must be filed in the real property records of the county in which the property is located at the closing of the purchase and sale of the property. AFTER RECORDING' RETURN TO: NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO CITY OF CORPUS CHRISTI, TEXAS CONCERNING THE FOLLOWING PROPERTY STREET ADDRESS IMPROVEMENT AREA#1 LOT TYPE 2 PRINCIPAL ASSESSMENT: $94,212.17 As the purchaser of the real property described above, you are obligated to pay assessments to City of Corpus Christi,Texas, for the costs of a portion of a public improvement or services project (the "Authorized Improvements") undertaken for the benefit of the property within Whitecap Public Improvement District No. 1 (the"District")created under Subchapter A, Chapter 372, Local Government Code. AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND DELINQUENCY COSTS. The exact amount of the assessment may be obtained from the City of Corpus Christi. The exact amount of each annual installment will be approved each year by the Corpus Christi City Council in the annual service plan update for the District. More information about the assessments,including the amounts and due dates,may be obtained from City of Corpus Christi. Your failure to pay any assessment or any annual installment may result in penalties and interest being added to what you owe or in a lien on and the foreclosure of your property. To be included in separate copy of the notice required by Section 5.0143,Tex. Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County when updating for the Current Information of Obligation to Pay Improvement District Assessment. [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER The undersigned seller acknowledges providing this notice to the potential purchaser before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER]2 2 To be included in copy of the notice required by Section 5.014, Tex. Prop. Code,to be executed by seller in accordance with Section 5.014(a-1),Tex.Prop.Code. Signature Page to Initial Notice of Obligation to Pay Improvement District Assessment [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. The undersigned purchaser acknowledged the receipt of this notice including the current information required by Section 5.0143, Texas Property Code, as amended. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas]3 3 To be included in separate copy of the notice required by Section 5.0143,Tex. Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Purchaser Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment [The undersigned seller acknowledges providing a separate copy of the notice required by Section 5.014 of the Texas Property Code including the current information required by Section 5.0143, Texas Property Code, as amended, at the closing of the purchase of the real property at the address above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas]4 4 To be included in separate copy of the notice required by Section 5.0143,Tex.Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Seller Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment ANNUAL INSTALLMENTS- IMPROVEMENT AREA#1 LOT TYPE 2 Installment Annual Collection Total Annual Principal Interest[a] Due 1/31 Costs Installmentsibl 2025 $ 1,145.27 $ 5,860.00 $ 157.97 $ 7,163.23 2026 $ 1,216.35 $ 5,788.76 $ 161.13 $ 7,166.24 2027 $ 1,291.39 $ 5,713.10 $ 164.35 $ 7,168.84 2028 $ 1,374.32 $ 5,632.78 $ 167.64 $ 7,174.74 2029 $ 1,457.26 $ 5,547.30 $ 170.99 $ 7,175.54 2030 $ 1,548.09 $ 5,456.66 $ 174.41 $ 7,179.15 2031 $ 1,646.82 $ 5,360.36 $ 177.90 $ 7,185.08 2032 $ 1,749.50 $ 5,257.93 $ 181.46 $ 7,188.88 2033 $ 1,856.13 $ 5,149.11 $ 185.08 $ 7,190.32 2034 $ 1,974.60 $ 5,033.66 $ 188.79 $ 7,197.05 2035 $ 2,097.03 $ 4,910.84 $ 192.56 $ 7,200.43 2036 $ 2,227.35 $ 4,780.41 $ 196.41 $ 7,204.17 2037 $ 2,365.57 $ 4,641.87 $ 200.34 $ 7,207.78 2038 $ 2,511.69 $ 4,494.73 $ 204.35 $ 7,210.77 2039 $ 2,669.66 $ 4,338.50 $ 208.44 $ 7,216.60 2040 $ 2,835.53 $ 4,172.45 $ 212.60 $ 7,220.58 2041 $ 3,009.29 $ 3,996.08 $ 216.86 $ 7,222.23 2042 $ 3,198.85 $ 3,808.90 $ 221.19 $ 7,228.95 2043 $ 3,396.31 $ 3,609.93 $ 225.62 $ 7,231.86 2044 $ 3,609.57 $ 3,398.68 $ 230.13 $ 7,238.38 2045 $ 3,830.73 $ 3,174.17 $ 234.73 $ 7,239.62 2046 $ 4,071.63 $ 2,935.89 $ 239.43 $ 7,246.95 2047 $ 4,324.38 $ 2,682.64 $ 244.22 $ 7,251.23 2048 $ 4,592.92 $ 2,413.66 $ 249.10 $ 7,255.68 2049 $ 4,877.26 $ 2,127.98 $ 254.08 $ 7,259.33 2050 $ 5,181.35 $ 1,824.62 $ 259.16 $ 7,265.13 2051 $ 5,505.19 $ 1,502.34 $ 264.35 $ 7,271.87 2052 $ 5,844.82 $ 1,159.91 $ 269.63 $ 7,274.37 2053 $ 6,208.15 $ 796.37 $ 275.03 $ 7,279.54 2054 $ 6,595.17 $ 410.22 $ 280.53 $ 7,285.91 Total $ 94,212.17 $ 115,979.85 $ 6,408.46 $ 216,600.48 Footnotes: [a] Interest is calculated at a 6.22%rate for illustrative purposes. [b]The figures shown above are estimates only and subject to change in Annual Service Plan Updates.Changes in Annual Collection Costs, reserve fund requirements,interest earnings, or other available offsets could increase or decrease the amounts shown. Annual Installment Schedule to Notice of Obligation to Pay Improvement District Assessment WHITECAP PUBLIC IMPROVEMENT DISTRICT NO. 1 - IMPROVEMENT AREA #1 LOT TYPE 3 BUYER DISCLOSURE 1 NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT A person who proposes to sell or otherwise convey real property that is located in a public improvement district established under Subchapter A, Chapter 372, Local Government Code (except for public improvement districts described under Section 372.005), or Chapter 382, Local Government Code, shall first give to the purchaser of the property this written notice, signed by the seller. For the purposes of this notice, a contract for the purchase and sale of real property having a performance period of less than six months is considered a sale requiring the notice set forth below. This notice requirement does not apply to a transfer: 1) under a court order or foreclosure sale; 2) by a trustee in bankruptcy; 3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed of trust by a trustor or successor in interest; 4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at a sale conducted under a power of sale under a deed of trust or a sale under a court- ordered foreclosure or has acquired the land by a deed in lieu of foreclosure; 5) by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust; 6) from one co-owner to another co-owner of an undivided interest in the real property; 7) to a spouse or a person in the lineal line of consanguinity of the seller; 8) to or from a governmental entity;or 9) of only a mineral interest, leasehold interest, or security interest The following notice shall be given to a prospective purchaser before the execution of a binding contract of purchase and sale, either separately or as an addendum or paragraph of a purchase contract. In the event a contract of purchase and sale is entered into without the seller having provided the required notice,the purchaser,subject to certain exceptions,is entitled to terminate the contract. A separate copy of this notice shall be executed by the seller and the purchaser and must be filed in the real property records of the county in which the property is located at the closing of the purchase and sale of the property. AFTER RECORDING1 RETURN TO: NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO CITY OF CORPUS CHRISTI, TEXAS CONCERNING THE FOLLOWING PROPERTY STREET ADDRESS IMPROVEMENT AREA#1 LOT TYPE 3 PRINCIPAL ASSESSMENT: $106,219.61 As the purchaser of the real property described above, you are obligated to pay assessments to City of Corpus Christi,Texas, for the costs of a portion of a public improvement or services project (the "Authorized Improvements") undertaken for the benefit of the property within Whitecap Public Improvement District No. 1 (the "District")created under Subchapter A, Chapter 372,Local Government Code. AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE ASSESSMENT IS .NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND DELINQUENCY COSTS. The exact amount of the assessment may be obtained from the City of Corpus Christi. The exact amount of each annual installment will be approved each year by the Corpus Christi City Council in the annual service plan update for the District. More information about the assessments,including the amounts and due dates,may be obtained from City of Corpus Christi. Your failure to pay any assessment or any annual installment may result in penalties and interest being added to what you owe or in a lien on and the foreclosure of your property. To be included in separate copy of the notice required by Section 5.0143, Tex. Prop. Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County when updating for the Current Information of Obligation to Pay Improvement District Assessment. [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER The undersigned seller acknowledges providing this notice to the potential purchaser before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER]Z 2 To be included in copy of the notice required by Section 5.014, Tex. Prop. Code, to be executed by seller in accordance with Section 5.014(a-1),Tex.Prop.Code. Signature Page to Initial Notice of Obligation to Pay Improvement District Assessment [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. The undersigned purchaser acknowledged the receipt of this notice including the current information required by Section 5.0143, Texas Property Code, as amended. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas]3 'To be included in separate copy of the notice required by Section 5.0143,Tex. Prop. Code, to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Purchaser Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment [The undersigned seller acknowledges providing a separate copy of the notice required by Section 5.014 of the Texas Property Code including the current information required by Section 5.0143,Texas Property Code,as amended, at the closing of the purchase of the real property at the address above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas]4 To be included in separate copy of the notice required by Section 5.0143,Tex.Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Seller Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment ANNUAL INSTALLMENTS - IMPROVEMENT AREA#1 LOT TYPE 3 Installment Annual Collection Total Annual Principal Interest[a] Due 1/31 Costs Installments 2025 $ 1,291.23 $ 6,606.86 $ 178.10 $ 8,076.20 2026 $ 1,371.38 $ 6,526.54 $ 181.66 $ 8,079.59 2027 $ 1,455.98 $ 6,441.24 $ 185.30 $ 8,082.52 2028 $ 1,549.48 $ 6,350.68 $ 189.00 $ 8,089.17 2029 $ 1,642.98 .$ 6,254.31 $ 192.78 $ 8,090.07 2030 $ 1,745.39 $ 6,152.11 $ 196.64 $ 8,094.14 2031 $ 1,856.71 $ 6,043.55 $ 200.57 $ 8,100.83 2032 $ 1,972.47 $ 5,928.06 $ 204.58 $ 8,105.12 2033 $ 2,092.69 $ 5,805.37 $ 208.67 $ 8,106.74 2034 $ 2,226.27 $ 5,675.21 $ 212.85 $ 8,114.32 2035 $ 2,364.29 $ 5,536.73 $ 217.10 $ 8,118.13 2036 $ 2,511.23 $ 5,389.68 $ 221.45 $ 8,122.35 2037 $ 2,667.07 $ 5,233.48 $ 225.88 $ 8,126.42 2038 $ 2,831.81 $ 5,067.59 $ 230.39 $ 8,129.79 2039 $ 3,009.91 $ 4,891.45 $ 235.00 $ 8,136.36 2040 $ 3,196.92 $ 4,704.23 $ 239.70 $ 8,140.85 2041 $ 3,392.83 $ 4,505.38 $ 244.49 $ 8,142.71 2042 $ 3,606.55 $ 4,294.35 $ 249.38 $ 8,150.28 2043 $ 3,829.18 $ 4,070.02 $ 254.37 $ 8,153.57 2044 $ 4,069.61 $ 3,831.85 $ 259.46 $ 8,160.92 2045 $ 4,318.96 $ 3,578.72 $ 264.65 $ 8,162.32 2046 $ 4,590.56 $ 3,310.08 $ 269.94 $ 8,170.58 2047 $ 4,875.52 $ 3,024.54 $ 275.34 $ 8,175.41 2048 $ 5,178.29 $ 2,721.29 $ 280.85 $ 8,180.43 2049 $ 5,498.88 $ 2,399.20 $ 286.46 $ 8,184.54 2050 $ 5,841.72 $ 2,057.17 $ 292.19 $ 8,191.08 2051 $ 6,206.83 $ 1,693.81 $ 298.04 $ 8,198.68 2052 $ 6,589.75 $ 1,307.75 $ 304.00 $ 8,201.49 2053 $ 6,999.38 $ 897.86 $ 310.08 $ 8,207.32 2054 $ 7,435.73 $ 462.50 $ 316.28 $ 8,214.51 Total $ 106,219.61 $ 130,761.59 $ 7,225.23 $ 244,206.43 Footnotes: [a] Interest is calculated at a 6.22%rate for illustrative purposes. [b]The figures shown above are estimates only and subject to change in Annual Service Plan Updates.Changes in Annual Collection Costs, reserve fund requirements, interest earnings,or other available offsets could increase or decrease the amounts shown. Annual Installment Schedule to Notice of Obligation to Pay Improvement District Assessment WHITECAP PUBLIC IMPROVEMENT DISTRICT NO. 1 - IMPROVEMENT AREA #1 LOT TYPE 4 BUYER DISCLOSURE NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT A person who proposes to sell or otherwise convey real property that is located in a public improvement district established under Subchapter A, Chapter 372, Local Government Code (except for public improvement districts described under Section 372.005), or Chapter 382, Local Government Code, shall first give to the purchaser of the property this written notice, signed by the seller. For the purposes of this notice, a contract for the purchase and sale of real property having a performance period of less than six months is considered a sale requiring the notice set forth below. This notice requirement does not apply to a transfer: 1) under a court order or foreclosure sale; 2) by a trustee in bankruptcy; 3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed of trust by a trustor or successor in interest; 4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at a sale conducted under a power of sale under a deed of trust or a sale under a court-ordered foreclosure or has acquired the land by a deed in lieu of foreclosure; 5) by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust; 6) from one co-owner to another co-owner of an undivided interest in the real property; 7) to a spouse or a person in the lineal line of consanguinity of the seller; 8) to or from a governmental entity; or 9) of only a mineral interest, leasehold interest, or security interest The following notice shall be given to a prospective purchaser before the execution of a binding contract of purchase and sale, either separately or as an addendum or paragraph of a purchase contract. In the event a contract of purchase and sale is entered into without the seller having provided the required notice,the purchaser,subject to certain exceptions,is entitled to terminate the contract. A separate copy of this notice shall be executed by the seller and the purchaser and must be filed in the real property records of the county in which the property is located at the closing of the purchase and sale of the property. AFTER RECORDING1 RETURN TO: NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO CITY OF CORPUS CHRISTI, TEXAS CONCERNING THE FOLLOWING PROPERTY STREET ADDRESS IMPROVEMENT AREA#1 LOT TYPE 4 PRINCIPAL ASSESSMENT: $127,463.53 As the purchaser of the real property described above, you are obligated to pay assessments to City of Corpus Christi,Texas, for the costs of a portion of a public improvement or services project (the "Authorized Improvements") undertaken for the benefit of the property within Whitecap Public Improvement District No. 1 (the "District")created under Subchapter A, Chapter 372, Local Government Code. AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND DELINQUENCY COSTS. The exact amount of the assessment may be obtained from the City of Corpus Christi. The exact amount of each annual installment will be approved each year by the Corpus Christi City Council in the annual service plan update for the District. More information about the assessments,including the amounts and due dates,may be obtained from City of Corpus Christi. Your failure to pay any assessment or any annual installment may result in penalties and interest being added to what you owe or in a lien on and the foreclosure of your property. To be included in separate copy of the notice required by Section 5.0143, Tex. Prop.Code, to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County when updating for the Current Information of Obligation to Pay Improvement District Assessment. [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER The undersigned seller acknowledges providing this notice to the potential purchaser before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER]2 2 To be included in copy of the notice required by Section 5.014, Tex. Prop. Code, to be executed by seller in accordance with Section 5.014(a-1),Tex.Prop.Code. Signature Page to Initial Notice of Obligation to Pay Improvement District Assessment [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. The undersigned purchaser acknowledged the receipt of this notice including the current information required by Section 5.0143, Texas Property Code, as amended. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas? 3 To be included in separate copy of the notice required by Section 5.0143,Tex. Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Purchaser Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment [The undersigned seller acknowledges providing a separate copy of the notice required by Section 5.014 of the Texas Property Code including the current information required by Section 5.0143,Texas Property Code, as amended, at the closing of the purchase of the real property at the address above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas]4 4 To be included in separate copy of the notice required by Section 5.0143,Tex.Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Seller Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment ANNUAL INSTALLMENTS- IMPROVEMENT AREA#1 LOT TYPE 4 Installment Annual Collection Total Annual Principal Interest[al Ib] Due 1/31 Costs Installments 2025 $ 1,549.48 $ 7,928.23 $ 213.72 $ 9,691.43 2026 $ 1,645.66 $ 7,831.85 $ 218.00 $ 9,695.51 2027 $ 1,747.17 $ 7,729.49 $ 222.36 $ 9,699.02 2028 $ 1,859.38 $ 7,620.82 $ 226.80 $ 9,707.00 2029 $ 1,971.58 $ 7,505.17 $ 231.34 $ 9,708.09 2030 $ 2,094.47 $ 7,382.53 $ 235.97 $ 9,712.97 2031 $ 2,228.05 $ 7,252.26 $ 240.69 $ 9,720.99 2032 $ 2,366.97 $ 7,113.67 $ 245.50 $ 9,726.14 2033 $ 2,511.23 $ 6,966.45 $ 250.41 $ 9,728.09 2034 $ 2,671.52 $ 6,810.25 $ 255.42 $ 9,737.19 2035 $ 2,837.15 $ 6,644.08 $ 260.53 $ 9,741.76 2036 $ 3,013.47 $ 6,467.61 $ 265.74 $ 9,746.82 2037 $ 3,200.48 $ 6,280.17 $ 271.05 $ 9,751.70 2038 $ 3,398.17 $ 6,081.10 $ 276.47 $ 9,755.75 2039 $ 3,611.89 $ 5,869.74 $ 282.00 $ 9,763.63 2040 $ 3,836.30 $ 5,645.08 $ 287.64 $ 9,769.02 2041 $ 4,071.40 $ 5,406.46 $ 293.39 $ 9,771.25 2042 $ 4,327.86 $ 5,153.22 $ 299.26 $ 9,780.34 2043 $ 4,595.01 $ 4,884.02 $ 305.25 $ 9,784.28 2044 $ 4,883.54 $ 4,598.21 $ 311.35 $ 9,793.10 2045 $ 5,182.75 $ 4,294.46 $ 317.58 $ 9,794.79 2046 $ 5,508.67 $ 3,972.09 $ 323.93 $ 9,804.70 2047 $ 5,850.63 $ 3,629.45 $ 330.41 $ 9,810.49 2048 $ 6,213.95 $ 3,265.54 $ 337.02 $ 9,816.51 2049 $ 6,598.65 $ 2,879.04 $ 343.76 $ 9,821.45 2050 $ 7,010.07 $ 2,468.60 $ 350.63 $ 9,829.30 2051 $ 7,448.20 $ 2,032.57 $ 357.65 $ 9,838.41 2052 $ 7,907.70 $ 1,569.30 $ 364.80 $ 9,841.79 2053 $ 8,399.26 $ 1,077.44 $ 372.09 $ 9,848.79 2054 $ 8,922.87 $ 555.00 $ 379.54 $ 9,857.41 Total $ 127,463.53 $ 156,913.91 $ 8,670.27 $ 293,047.71 Footnotes: [a] Interest is calculated at a 6.22%rate for illustrative purposes. [b]The figures shown above are estimates only and subject to change in Annual Service Plan Updates.Changes in Annual Collection Costs, reserve fund requirements, interest earnings,or other available offsets could increase or decrease the amounts shown. Annual Installment Schedule to Notice of Obligation to Pay Improvement District Assessment WHITECAP PUBLIC IMPROVEMENT DISTRICT NO. 1 - IMPROVEMENT AREA #1 LOT TYPE 5 BUYER DISCLOSURE NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT A person who proposes to sell or otherwise convey real property that is located in a public improvement district established under Subchapter A, Chapter 372, Local Government Code (except for public improvement districts described under Section 372.005), or Chapter 382, Local Government Code, shall first give to the purchaser of the property this written notice, signed by the seller. For the purposes of this notice, a contract for the purchase and sale of real property having a performance period of less than six months is considered a sale requiring the notice set forth below. This notice requirement does not apply to a transfer: 1) under a court order or foreclosure sale; 2) by a trustee in bankruptcy; 3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed of trust by a trustor or successor in interest; 4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at a sale conducted under a power of sale under a deed of trust or a sale under a court-ordered foreclosure or has acquired the land by a deed in lieu of foreclosure; 5) by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust; 6) from one co-owner to another co-owner of an undivided interest in the real property; 7) to a spouse or a person in the lineal line of consanguinity of the seller; 8) to or from a governmental entity; or 9) of only a mineral interest, leasehold interest, or security interest The following notice shall be given to a prospective purchaser before the execution of a binding contract of purchase and sale, either separately or as an addendum or paragraph of a purchase contract. In the event a contract of purchase and sale is entered into without the seller having provided the required notice,the purchaser,subject to certain exceptions,is entitled to terminate the contract. A separate copy of this notice shall be executed by the seller and the purchaser and must be filed in the real property records of the county in which the property is located at the closing of the purchase and sale of the property. AFTER RECORDING' RETURN TO: NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO CITY OF CORPUS CHRISTI, TEXAS CONCERNING THE FOLLOWING PROPERTY STREET ADDRESS IMPROVEMENT AREA#1 LOT TYPE 5 PRINCIPAL ASSESSMENT: $138,547.31 As the purchaser of the real property described above, you are obligated to pay assessments to City of Corpus Christi,Texas, for the costs of a portion of a public improvement or services project (the "Authorized Improvements") undertaken for the benefit of the property within Whitecap Public Improvement District No. 1 (the "District")created under Subchapter A, Chapter 372,Local Government Code. AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND DELINQUENCY COSTS. The exact amount of the assessment may be obtained from the City of Corpus Christi. The exact amount of each annual installment will be approved each year by the Corpus Christi City Council in the annual service plan update for the District. More information about the assessments,including the amounts and due dates,may be obtained from City of Corpus Christi. Your failure to pay any assessment or any annual installment may result in penalties and interest being added to what you owe or in a lien on and the foreclosure of your property. 1 To be included in separate copy of the notice required by Section 5.0143, Tex. Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County when updating for the Current Information of Obligation to Pay Improvement District Assessment. • [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER The undersigned seller acknowledges providing this notice to the potential purchaser before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER]2 2 To be included in copy of the notice required by Section 5.014, Tex. Prop. Code, to be executed by seller in accordance with Section 5.014(a-1),Tex.Prop.Code. Signature Page to Initial Notice of Obligation to Pay Improvement District Assessment [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. The undersigned purchaser acknowledged the receipt of this notice including the current information required by Section 5.0143, Texas Property Code, as amended. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas]3 3 To be included in separate copy of the notice required by Section 5.0143,Tex. Prop. Code, to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Purchaser Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment [The undersigned seller acknowledges providing a separate copy of the notice required by Section 5.014 of the Texas Property Code including the current information required by Section 5.0143, Texas Property Code, as amended,at the closing of the purchase of the real property at the address above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas]4 `To be included in separate copy of the notice required by Section 5.0143,Tex.Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Seller Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment ANNUAL INSTALLMENTS- IMPROVEMENT AREA#1 LOT TYPE 5 Installment Annual Collection Total Annual Principal Interest[al Due 1/31 Costs Installmentsibi 2025 $ 1,684.22 $ 8,617.64 $ 232.31 $ 10,534.17 2026 $ 1,788.76 $ 8,512.88 $ 236.95 $ 10,538.59 2027 $ 1,899.10 $ 8,401.62 $ 241.69 $ 10,542.42 2028 $ 2,021.06 $ 8,283.50 $ 246.53 $ 10,551.09 2029 $ 2,143.02 $ 8,157.79 $ 251.46 $ 10,552.27 2030 $ 2,276.60 $ 8,024.49 $ 256.48 $ 10,557.58 2031 $ 2,421.79 $ 7,882.89 $ 261.61 $ 10,566.29 2032 $ 2,572.79 $ 7,732.25 $ 266.85 $ 10,571.89 2033 $ 2,729.60 $ 7,572.23 $ 272.18 $ 10,574.01 2034 $ 2,903.83 $ 7,402.45 $ 277.63 $ 10,583.90 2035 $ 3,083.86 $ 7,221.83 $ 283.18 $ 10,588.87 2036 $ 3,275.51 $ 7,030.01 $ 288.84 $ 10,594.37 2037 $ 3,478.78 $ 6,826.27 $ 294.62 $ 10,599.68 2038 $ 3,693.67 $ 6,609.89 $ 300.51 $ 10,604.07 2039 $ 3,925.97 $ 6,380.15 $ 306.52 $ 10,612.64 2040 $ 4,169.89 $ 6,135.95 $ 312.65 $ 10,618.50 2041 $ 4,425.43 $ 5,876.59 $ 318.91 $ 10,620.92 2042 $ 4,704.20 $ 5,601.32 $ 325.28 $ 10,630.80 2043 $ 4,994.58 $ 5,308.72 $ 331.79 $ 10,635.09 2044 $ 5,308.19 $ 4,998.06 $ 338.43 $ 10,644.68 2045 $ 5,633.42 $ 4,667.89 $ 345.19 $ 10,646.51 2046 $ 5,987.69 $ 4,317.49 $ 352.10 $ 10,657.28 2047 $ 6,359.38 $ 3,945.06 $ 359.14 $ 10,663.57 2048 $ 6,754.30 $ 3,549.50 $ 366.32 $ 10,670.12 2049 $ 7,172.45 $ 3,129.39 $ 373.65 $ 10,675.48 2050 $ 7,619.64 $ 2,683.26 $ 381.12 $ 10,684.02 2051 $ 8,095.86 $ 2,209.32 $ 388.75 $ 10,693.93 2052 $ 8,595.32 $ 1,705.76 $ 396.52 $ 10,697.60 2053 $ 9,129.63 $ 1,171.13 $ 404.45 $ 10,705.20 2054 $ 9,698.78 $ 603.26 $ 412.54 $ 10,714.58 Total $ 138,547.31 $ 170,558.60 $ 9,424.21 $ 318,530.12 Footnotes: [a] Interest is calculated at a 6.22%rate for illustrative purposes. [b]The figures shown above are estimates only and subject to change in Annual Service Plan Updates.Changes in Annual Collection Costs, reserve fund requirements, interest earnings,or other available offsets could increase or decrease the amounts shown. Annual Installment Schedule to Notice of Obligation to Pay Improvement District Assessment WHITECAP PUBLIC IMPROVEMENT DISTRICT NO. 1 - IMPROVEMENT AREA #1 LOT TYPE 6 BUYER DISCLOSURE NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT A person who proposes to sell or otherwise convey real property that is located in a public improvement district established under Subchapter A, Chapter 372, Local Government Code (except for public improvement districts described under Section 372.005), or Chapter 382, Local Government Code, shall first give to the purchaser of the property this written notice, signed by the seller. For the purposes of this notice, a contract for the purchase and sale of real property having a performance period of less than six months is considered a sale requiring the notice set forth below. This notice requirement does not apply to a transfer: 1)under a court order or foreclosure sale; 2)by a trustee in bankruptcy; 3)to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed of trust by a trustor or successor in interest; 4)by a mortgagee or a beneficiary under a deed of trust who has acquired the land at a sale conducted under a power of sale under a deed of trust or a sale under a court-ordered foreclosure or has acquired the land by a deed in lieu of foreclosure; 5)by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust; 6)from one co-owner to another co-owner of an undivided interest in the real property; 7)to a spouse or a person in the lineal line of consanguinity of the seller; 8)to or from a governmental entity; or 9)of only a mineral interest, leasehold interest, or security interest The following notice shall be given to a prospective purchaser before the execution of a binding contract of purchase and sale, either separately or as an addendum or paragraph of a purchase contract. In the event a contract of purchase and sale is entered into without the seller having provided the required notice,the purchaser,subject to certain exceptions,is entitled to terminate the contract. A separate copy of this notice shall be executed by the seller and the purchaser and must be filed in the real property records of the county in which the property is located at the closing of the purchase and sale of the property. AFTER RECORDING' RETURN TO: NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO CITY OF CORPUS CHRISTI, TEXAS CONCERNING THE FOLLOWING PROPERTY STREET ADDRESS IMPROVEMENT AREA#1 LOT TYPE 6 PRINCIPAL ASSESSMENT: $166,256.78 As the purchaser of the real property described above, you are obligated to pay assessments to City of Corpus Christi,Texas, for the costs of a portion of a public improvement or services project(the "Authorized Improvements") undertaken for the benefit of the property within Whitecap Public Improvement District No. 1(the "District")created under Subchapter A, Chapter 372, Local Government Code. AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND DELINQUENCY COSTS. The exact amount of the assessment may be obtained from the City of Corpus Christi. The exact amount of each annual installment will be approved each year by the Corpus Christi City Council in the annual service plan update for the District. More information about the assessments,including the amounts and due dates,may be obtained from City of Corpus Christi. Your failure to pay any assessment or any annual installment may result in penalties and interest being added to what you owe or in a lien on and the foreclosure of your property. 1 To be included in separate copy of the notice required by Section 5.0143,Tex. Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County when updating for the Current Information of Obligation to Pay Improvement District Assessment. [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER The undersigned seller acknowledges providing this notice to the potential purchaser before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER]2 2 To be included in copy of the notice required by Section 5.014, Tex. Prop. Code, to be executed by seller in accordance with Section 5.014(a-1),Tex.Prop.Code. Signature Page to Initial Notice of Obligation to Pay Improvement District Assessment [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. The undersigned purchaser acknowledged the receipt of this notice including the current information required by Section 5.0143, Texas Property Code, as amended. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas? 3 To be included in separate copy of the notice required by Section 5.0143,Tex. Prop. Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Purchaser Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment [The undersigned seller acknowledges providing a separate copy of the notice required by Section 5.014 of the Texas Property Code including the current information required by Section 5.0143, Texas Property Code,as amended, at the closing of the purchase of the real property at the address above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. • Notary Public, State of Texas]4 To be included in separate copy of the notice required by Section 5.0143,Tex.Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Seller Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment ANNUAL INSTALLMENTS- IMPROVEMENT AREA#1 LOT TYPE 6 Installment Annual Collection Total Annual Principal Interest[a] Due 1/31 Costs Installmentsib] 2025 $ 2,021.06 $ 10,341.17 $ 278.77 $ 12,641.00 2026 $ 2,146.51 $ 10,215.46 $ 284.34 $ 12,646.31 2027 $ 2,278.92 $ 10,081.95 $ 290.03 $ 12,650.90 2028 $ 2,425.27 $ 9,940.20 $ 295.83 $ 12,661.30 2029 $ 2,571.63 $ 9,789.35 $ 301.75 $ 12,662.72 2030 $ 2,731.92 $ 9,629.39 $ 307.78 $ 12,669.09 2031 $ 2,906.15 $ 9,459.47 $ 313.94 $ 12,679.55 2032 $ 3,087.35 $ 9,278.70 $ 320.22 $ 12,686.27 2033 $ 3,275.51 $ 9,086.67 $ 326.62 $ 12,688.81 2034 $ 3,484.59 $ 8,882.93 $ 333.15 $ 12,700.68 2035 $ 3,700.63 $ 8,666.19 $ 339.82 $ 12,706.64 2036 $ 3,930.62 $ 8,436.01 $ 346.61 $ 12,713.24 2037 $ 4,174.54 $ 8,191.53 $ 353.54 $ 12,719.61 2038 $ 4,432.40 $ 7,931.87 $ 360.62 $ 12,724.89 2039 $ 4,711.17 $ 7,656.18 $ 367.83 $ 12,735.17 2040 $ 5,003.87 $ 7,363.14 $ 375.18 $ 12,742.20 2041 $ 5,310.52 $ 7,051.90 $ 382.69 $ 12,745.11 2042 $ 5,645.04 $ 6,721.59 $ 390.34 $ 12,756.97 2043 $ 5,993.50 $ 6,370.47 $ 398.15 $ 12,762.11 2044 $ 6,369.83 $ 5,997.67 $ 406.11 $ 12,773.61 2045 $ 6,760.11 $ 5,601.47 $ 414.23 $ 12,775.81 2046 $ 7,185.23 $ 5,180.99 $ 422.52 $ 12,788.73 2047 $ 7,631.25 $ 4,734.07 $ 430.97 $ 12,796.29 2048 $ 8,105.16 $ 4,259.40 $ 439.59 $ 12,804.15 2049 $ 8,606.94 $ 3,755.26 $ 448.38 $ 12,810.58 2050 $ 9,143.57 $ 3,219.91 $ 457.35 $ 12,820.82 2051 $ 9,715.04 $ 2,651.18 $ 466.49 $ 12,832.71 2052 $ 10,314.39 $ 2,046.91 $ 475.82 $ 12,837.12 2053 $ 10,955.55 $ 1,405.35 $ 485.34 $ 12,846.24 2054 $ 11,638.53 $ 723.92 $ 495.05 $ 12,857.50 Total $ 166,256.78 $ 204,670.32 $ 11,309.05 $ 382,236.15 Footnotes: [a] Interest is calculated at a 6.22%rate for illustrative purposes. [b]The figures shown above are estimates only and subject to change in Annual Service Plan Updates.Changes in Annual Collection Costs, reserve fund requirements, interest earnings, or other available offsets could increase or decrease the amounts shown. Annual Installment Schedule to Notice of Obligation to Pay Improvement District Assessment WHITECAP PUBLIC IMPROVEMENT DISTRICT NO. 1 - IMPROVEMENT AREA #1 LOT TYPE 7 BUYER DISCLOSURE NOTICE OF OBLIGATIONS RELATED TO PUBLIC IMPROVEMENT DISTRICT A person who proposes to sell or otherwise convey real property that is located in a public improvement district established under Subchapter A, Chapter 372, Local Government Code (except for public improvement districts described under Section 372.005), or Chapter 382, Local Government Code, shall first give to the purchaser of the property this written notice, signed by the seller. For the purposes of this notice, a contract for the purchase and sale of real property having a performance period of less than six months is considered a sale requiring the notice set forth below. This notice requirement does not apply to a transfer: 1) under a court order or foreclosure sale; 2) by a trustee in bankruptcy; 3) to a mortgagee by a mortgagor or successor in interest or to a beneficiary of a deed of trust by a trustor or successor in interest; 4) by a mortgagee or a beneficiary under a deed of trust who has acquired the land at a sale conducted under a power of sale under a deed of trust or a sale under a court-ordered foreclosure or has acquired the land by a deed in lieu of foreclosure; 5) by a fiduciary in the course of the administration of a decedent's estate, guardianship, conservatorship, or trust; 6) from one co-owner to another co-owner of an undivided interest in the real property; 7) to a spouse or a person in the lineal line of consanguinity of the seller; 8) to or from a governmental entity; or 9)of only a mineral interest, leasehold interest, or security interest The following notice shall be given to a prospective purchaser before the execution of a binding contract of purchase and sale, either separately or as an addendum or paragraph of a purchase contract. In the event a contract of purchase and sale is entered into without the seller having provided the required notice,the purchaser,subject to certain exceptions,is entitled to terminate the contract. A separate copy of this notice shall be executed by the seller and the purchaser and must be filed in the real property records of the county in which the property is located at the closing of the purchase and sale of the property. AFTER RECORDING' RETURN TO: NOTICE OF OBLIGATION TO PAY IMPROVEMENT DISTRICT ASSESSMENT TO CITY OF CORPUS CHRISTI, TEXAS CONCERNING THE FOLLOWING PROPERTY STREET ADDRESS IMPROVEMENT AREA#1 LOT TYPE 7 PRINCIPAL ASSESSMENT: $221,675.70 As the purchaser of the real property described above, you are obligated to pay assessments to City of Corpus Christi,Texas, for the costs of a portion of a public improvement or services project (the "Authorized Improvements") undertaken for the benefit of the property within Whitecap Public Improvement District No. 1(the"District")created under Subchapter A, Chapter 372,Local Government Code. AN ASSESSMENT HAS BEEN LEVIED AGAINST YOUR PROPERTY FOR THE AUTHORIZED IMPROVEMENTS, WHICH MAY BE PAID IN FULL AT ANY TIME. IF THE ASSESSMENT IS NOT PAID IN FULL, IT WILL BE DUE AND PAYABLE IN ANNUAL INSTALLMENTS THAT WILL VARY FROM YEAR TO YEAR DEPENDING ON THE AMOUNT OF INTEREST PAID, COLLECTION COSTS, ADMINISTRATIVE COSTS, AND DELINQUENCY COSTS. The exact amount of the assessment may be obtained from the City of Corpus Christi. The exact amount of each annual installment will be approved each year by the Corpus Christi City Council in the annual service plan update for the District. More information about the assessments,including the amounts and due dates,may be obtained from City of Corpus Christi. Your failure to pay any assessment or any annual installment may result in penalties and interest being added to what you owe or in a lien on and the foreclosure of your property. 1 To be included in separate copy of the notice required by Section 5.0143,Tex. Prop. Code, to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County when updating for the Current Information of Obligation to Pay Improvement District Assessment. [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER The undersigned seller acknowledges providing this notice to the potential purchaser before the effective date of a binding contract for the purchase of the real property at the address described above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER]Z 2 To be included in copy of the notice required by Section 5.014, Tex. Prop. Code, to be executed by seller in accordance with Section 5.014(a-1),Tex.Prop.Code. Signature Page to Initial Notice of Obligation to Pay Improvement District Assessment [The undersigned purchaser acknowledges receipt of this notice before the effective date of a binding contract for the purchase of the real property at the address described above. The undersigned purchaser acknowledged the receipt of this notice including the current information required by Section 5.0143, Texas Property Code, as amended. DATE: DATE: SIGNATURE OF PURCHASER SIGNATURE OF PURCHASER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas]3 3 To be included in separate copy of the notice required by Section 5.0143,Tex. Prop. Code, to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Purchaser Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment [The undersigned seller acknowledges providing a separate copy of the notice required by Section 5.014 of the Texas Property Code including the current information required by Section 5.0143, Texas Property Code,as amended, at the closing of the purchase of the real property at the address above. DATE: DATE: SIGNATURE OF SELLER SIGNATURE OF SELLER STATE OF TEXAS § COUNTY OF § The foregoing instrument was acknowledged before me by and , known to me to be the person(s)whose name(s) is/are subscribed to the foregoing instrument, and acknowledged to me that he or she executed the same for the purposes therein expressed. Given under my hand and seal of office on this , 20_. Notary Public, State of Texas]4 To be included in separate copy of the notice required by Section 5.0143,Tex.Prop.Code,to be executed at the closing of the purchase and sale and to be recorded in the deed records of Nueces County. Seller Signature Page to Final Notice with Current Information of Obligation to Pay Improvement District Assessment ANNUAL INSTALLMENTS - IMPROVEMENT AREA#1 LOT TYPE 7 Installment Annual Collection Total Annual Principal InterestEai Due 1/31 Costs Installments 2025 $ 2,694.75 $ 13,788.23 $ 371.69 $ 16,854.67 2026 $ 2,862.01 $ 13,620.62 $ 379.12 $ 16,861.75 2027 $ 3,038.56 $ 13,442.60 $ 386.71 $ 16,867.87 2028 $ 3,233.70 $ 13,253.60 $ 394.44 $ 16,881.74 2029 $ 3,428.84 $ 13,052.46 $ 402.33 $ 16,883.63 2030 $ 3,642.56 $ 12,839.19 $ 410.38 $ 16,892.12 2031 $ 3,874.86 $ 12,612.62 $ 418.58 $ 16,906.07 2032 $ 4,116.46 $ 12,371.61 $ 426.95 $ 16,915.02 2033 $ 4,367.35 $ 12,115.56 $ 435.49 $ 16,918.41 2034 $ 4,646.12 $ 11,843.91 $ 444.20 $ 16,934.24 2035 $ 4,934.18 $ 11,554.92 $ 453.09 $ 16,942.19 2036 $ 5,240.82 $ 11,248.02 $ 462.15 $ 16,950.99 2037 $ 5,566.05 $ 10,922.04 $ 471.39 $ 16,959.48 2038 $ 5,909.87 $ 10,575.83 $ 480.82 $ 16,966.52 2039 $ 6,281.55 $ 10,208.24 $ 490.44 $ 16,980.23 2040 $ 6,671.83 $ 9,817.52 $ 500.25 $ 16,989.60 2041 $ 7,080.69 $ 9,402.54 $ 510.25 $ 16,993.47 2042 $ 7,526.72 $ 8,962.12 $ 520.46 $ 17,009.29 2043 $ 7,991.33 $ 8,493.96 $ 530.86 $ 17,016.15 2044 $ 8,493.11 $ 7,996.90 $ 541.48 $ 17,031.49 2045 $ 9,013.47 $ 7,468.62 $ 552.31 $ 17,034.41 2046 $ 9,580.30 $ 6,907.99 $ 563.36 $ 17,051.64 2047 $ 10,175.00 $ 6,312.09 $ 574.62 $ 17,061.72 2048 $ 10,806.88 $ 5,679.21 $ 586.12 $ 17,072.20 2049 $ 11,475.92 $ 5,007.02 $ 597.84 $ 17,080.78 2050 $ 12,191.42 $ 4,293.22 $ 609.80 $ 17,094.43 2051 $ 12,953.38 $ 3,534.91 $ 621.99 $ 17,110.29 2052 $ 13,752.52 $ 2,729.21 $ 634.43 $ 17,116.16 2053 $ 14,607.40 $ 1,873.80 $ 647.12 $ 17,128.33 2054 $ 15,518.04 $ 965.22 $ 660.06 $ 17,143.33 Total $ 221,675.70 $ 272,893.76 $ 15,078.73 $ 509,648.19 Footnotes: [a] Interest is calculated at a 6.22%rate for illustrative purposes. [b]The figures shown above are estimates only and subject to change in Annual Service Plan Updates.Changes in Annual Collection Costs, reserve fund requirements, interest earnings,or other available offsets could increase or decrease the amounts shown. Annual Installment Schedule to Notice of Obligation to Pay Improvement District Assessment EXHIBIT B Reimbursement Agreement Last revised 2.2.24 PID Reimbursement Agreement Whitecap Public Improvement District No. 1 This PID Reimbursement Agreement (this "Agreement") is entered into by Ashlar Interests,LLC(the "Developer")and the City of Corpus Christi Texas(the "City"),to be effective ,20_,(the "Effective Date"). The Developer and the City are individually referred to as a"Party" and collectively as the "Parties." SECTION 1. RECITALS 1.1 WHEREAS, capitalized terms used in this Agreement shall have the meanings given to them in Section 2; 1.2 WHEREAS, unless otherwise defined: (1) all references to "sections" shall mean sections of this Agreement; (2)all references to "exhibits" shall mean exhibits to this Agreement which are incorporated as part of this Agreement for all purposes; and (3) all references to "ordinances" or "resolutions" shall mean ordinances or resolutions adopted by the City Council; 1.3 WHEREAS, the Developer is a Texas limited liability company; 1.4 WHEREAS,the City is a Texas home-rule municipality; 1.5 WHEREAS, on May 17, 2022, the City Council passed and approved the PID Creation Resolution authorizing the creation of the PID pursuant to the Act, covering approximately 242.011 contiguous acres within the City's corporate limits, which land is described in the PID Creation Resolution; 1.6 WHEREAS, on February 20, 2024, the City Council passed and approved an Assessment Ordinance related to Improvement Area#1 of the PID; 1.7 WHEREAS, the City Council expects to pass and approve additional Assessment Ordinances related to other phases of development in the PID in the future as such phases are developed; 1.8 WHEREAS, each Assessment Ordinance approves the SAP, including each Assessment Roll attached thereto; Page 1 1156.011\801090.6 Last revised 2.2.24 1.9 WHEREAS, the SAP identifies Authorized Improvements to be designed, constructed, and installed by or at the direction of the Parties that confer a special benefit on the Assessed Property; 1.10 WHEREAS, the SAP sets forth the Actual Costs of the Authorized Improvements; 1.11 WHEREAS,the Assessed Property is being developed in phases or"Improvement Areas;" 1.12 WHEREAS, this Agreement shall apply to all Improvement Areas and no additional reimbursement agreement shall be required for Improvement Areas to be developed in the future following the initial phase of development constituting "Improvement Area#1"; 1.13 WHEREAS, the SAP determines and apportions the Actual Costs of the Authorized Improvements to the Assessed Property,which Actual Costs represent the special benefit that the Authorized Improvements confer upon the Assessed Property as required by the Act; 1.14 WHEREAS, in each Assessment Ordinance the City levied or expects to levy a portion of the Actual Costs of the Authorized Improvements as Assessments against the Assessed Property in the amounts set forth on the Assessment Roll(s); 1.15 WHEREAS, Assessments, including the Annual Installments thereof, are or will be due and payable once levied as described in the SAP; 1.16 WHEREAS, Assessments, including the Annual Installments thereof, shall be billed and collected by the City or its designee; 1.17 WHEREAS,the Parties agree the City's obligations to reimburse the Developer for Actual Costs of Authorized Improvements constructed for the benefit of any Improvement Area are: (1) contingent upon the City levying Assessments against property within such Improvement Area benefitting from the Authorized Improvements, (2) payable solely from the Assessments, including the Annual Installments of such Assessments,collected from Assessed Property within such Improvement Area, and (3) not due and owing unless and until the City actually adopts an Assessment Ordinance levying such Assessments; 1.18 WHEREAS, Assessment Revenue from the collection of Assessments, including the Annual Installments thereof, shall be deposited(1)as provided in the applicable Indenture if PID Bonds secured by such Assessments are issued, or (2) into the PID Reimbursement Fund if no such PID Bonds are issued or none of such PID Bonds remain outstanding; Page 2 1156.011\801090.6 Last revised 2.2.24 1.19 WHEREAS, Bond Proceeds shall be deposited as provided in the applicable Indenture; 1.20 WHEREAS, a PID Project Fund related to each series of PID Bonds shall only be used in the manner set forth in the applicable Indenture; 1.21 WHEREAS, this Agreement is a "reimbursement agreement" authorized by Section 372.023(d)(1) of the Act; 1.22 WHEREAS, the foregoing RECITALS: (1) are part of this Agreement for all purposes; (2)are true and correct; (3)create obligations of the Parties (unless otherwise stated therein or in the body of this Agreement), and(4) each Party has relied upon such Recitals,each of which are incorporated as part of this Agreement for all purposes, in entering into this Agreement; and 1.23 WHEREAS, all resolutions and ordinances referenced in this Agreement (e.g., the PID Creation Resolution, Development Agreement, and each Assessment Ordinance), together with all other documents referenced in this Agreement (e.g., the SAP and each Indenture), are incorporated as part of this Agreement for all purposes as if such resolutions, ordinances, and other documents were set forth in their entirety in or as exhibits to this Agreement. NOW THEREFORE, for and in consideration of the mutual obligations of the Parties set forth in this Agreement, the Parties agree as follows: SECTION 2. DEFINITIONS 2.1 "Act" is defined as Chapter 372, Texas Local Government Code, as amended. 2.2 "Actual Costs" are defined in the SAP. 2.3 "Administrator" is defined in the SAP. 2.4 "Agreement" is defined in the introductory paragraph. 2.5 "Annual Collection Costs" are defined in the SAP. 2.6 "Annual Installment" is defined in the SAP. 2.7 "Applicable Laws" means the Act and all other laws or statutes, rules, or regulations of the State of Texas or the United States, as the same may be amended, by which the City and its powers, securities, operations, and procedures are, or may be, governed or from which its powers may be derived. Page 3 1156.011\801090.6 Last revised 2.2.24 2.8 "Assessed Property" is defined in the SAP. 2.9 "Assessment" is defined in the SAP. 2.10 "Assessment Ordinance" is defined in the SAP. 2.11 "Assessment Revenue" means the revenues actually received by or on behalf of the City from any one or more of the following: (1) an Assessment levied against Assessed Property, or Annual Installment payment thereof, including any interest on such Assessment or Annual Installment during any period of delinquency, (2) a Prepayment, and (3)foreclosure proceeds. 2.12 "Assessment Roll" is defined in the SAP. 2.13 "Authorized Improvements" are defined in the SAP. 2.14 "Bond Proceeds" mean the proceeds derived from the issuance and sale of[a series of] PID Bonds that are deposited and made available to pay Actual Costs in accordance with the applicable Indenture. 2.15 "Certificate for Payment" means a certificate (substantially in the form of Exhibit A or as otherwise approved by the Developer and the City Representative)executed by a representative of the Developer and approved by a City Representative, delivered to a City Representative (and/or, if applicable, to the trustee named in any applicable Indenture), specifying the work performed and the amount charged (including materials and labor costs) for Actual Costs, and requesting payment of such amount from the appropriate fund or funds. Each certificate shall include supporting documentation in the standard form for City construction projects and evidence that each Authorized Improvement(or its completed segment) covered by the certificate has been inspected by the City. 2.16 "Change Order" is defined in Section 3.12. 2.17 "City" is defined in the introductory paragraph. 2.18 "City Council"means the governing body of the City. 2.19 "City Representative" means any person authorized by the City Council to undertake the actions referenced herein. 2.20 "Closing Disbursement Request" means a request in the form of Exhibit B or as otherwise approved by the Parties. Page 4 1156.011\801090.6 Last revised 2.2.24 2.21 "Commitment" is defined in Section 3.10. 2.22 "Cost Underrun" is defined in Section 3.11. 2.23 "County" is defined in the SAP. 2.24 "Default" is defined in Section 4.8.1. 2.25 "Delinquent Collection Costs" are defined in the SAP. 2.26 "Developer" is defined in the introductory paragraph. 2.27 "Developer Advances" mean advances made by the Developer to pay Actual Costs. 2.28 "Developer Improvement Account" means an account of the PID Project Fund which may be created and established under the applicable Indenture (and segregated from all other funds contained in the PID Project Fund) into which the City deposits, or directs the applicable trustee to deposit, any funds received from the Developer as required under such Indenture. 2.29 "Development Agreement" is defined in the SAP. 2.30 "Effective Date" is defined in the introductory paragraph. 2.31 "Failure" is defined in Section 4.8.1. 2.32 "Improvement Area" is a phase of development defined and described by metes and bounds in the SAP.. 2.33 "Improvement Area#1" is defined in the SAP. 2.34 "Indenture" means the applicable trust indenture pursuant to which PID Bonds are issued. 2.35 "Maturity Date" is the date one year after the last Annual Installment is collected. 2.36 "Party" and "Parties" are defined in the introductory paragraph. 2.37 "PID" is defined as the Whitecap Public Improvement District No. 1, created by the PID Creation Resolution. 2.38 "PID Bonds" are defined in the SAP. 2.39 "PID Creation Resolution" is defined as Resolution No. 032761 passed and approved by the City Council on May 17, 2022, and recorded in the official public records of Nueces County, Texas, as Instrument No. 2022024701 on May 20, 2022. Page 5 1156.011\801090.6 Last revised 2.2.24 2.40 "PID Pledged Revenue Fund" means,collectively,the fund established by the City under each applicable Indenture (and segregated from all other funds of the City) into which the City deposits Assessment Revenue securing PID Bonds issued and still outstanding. 2.41 "PID Project Fund" means, collectively, the fund, including all accounts created within such fund, established by the City under each applicable Indenture(and segregated from all other funds of the City)into which the City deposits Bond Proceeds in the amounts and as described in the applicable Indenture. 2.42 "PID Reimbursement Fund" means the fund, including all accounts created within such fund to designate Assessment Revenues collected from each Improvement Area, to be established by the City under this Agreement (and segregated from all other funds of the City) held by the City or the City's designee into which the City deposits Assessment Revenue if not deposited into the PID Pledged Revenue Fund. 2.43 "Prepayment" is defined in the SAP. 2.44 "Reimbursement Agreement Balance" is defined in Section 3.3. 2.45 "SAP" is defined as the Whitecap Public Improvement District Service and Assessment Plan approved February 20, 2024, as part of the Assessment Ordinance adopted by the City Council on February 20, 2024 and recorded in the official public records of Nueces County, Texas as Instrument No. on , 20 , as the same may be updated or amended by City Council action in accordance with the Act. 2.46 "Transfer" and "Transferee" are defined in Section 4.11. SECTION 3. FUNDING AUTHORIZED IMPROVEMENTS 3.1 Fund Deposits. Until PID Bonds payable from Assessment Revenue collected from a specific Improvement Area of the development are issued,the City shall bill,collect, and immediately deposit into the PID Reimbursement Fund all Assessment Revenue consisting of: (1) revenue collected from the payment of Assessments (including pre-payments and amounts received from the foreclosure of liens but excluding costs and expenses related to collection); and (2) revenue collected from the payment of Annual Installments (excluding Annual Collection Costs and Delinquent Collection Costs). Unless and until PID Bonds payable from Assessment Revenue collected from a specific Improvement Area of the development are issued, funds in the PID Reimbursement Fund shall be Page 6 1156.011\801090.6 Last revised 2.2.24 deposited into a segregated account relating to the Improvement Area from which such Assessment Revenue was collected and such funds shall only be used to pay Actual Costs of the Authorized Improvements benefitting that Improvement Area or all or any portion of the Reimbursement Agreement Balance related to that Improvement Area in accordance with this Agreement. Once PID Bonds payable from Assessment Revenue collected from a specific Improvement Area of the development are issued, the City shall bill, collect, and immediately deposit all Assessment Revenue collected from that Improvement Area that secure such series of PID Bonds in the manner set forth in the applicable Indenture. The City shall also deposit Bond Proceeds and any other funds authorized or required by the applicable Indenture in the manner set forth in the applicable Indenture. Annual Installments shall be billed and collected by the City(or by any person,entity,or governmental agency permitted by law) in the same manner and at the same time as City ad valorem taxes are billed and collected. Funds in the PID Project Fund shall only be used in accordance with the applicable Indenture;provided that funds disbursed from the applicable PID Project Fund pursuant to Section 3.5 below shall be made first from Bond Proceeds held in the applicable accounts within such PID Project Fund until such accounts are fully depleted and then from the Developer Improvement Account of the applicable PID Project Fund, if applicable. Subject to Section 3.6 below, the Actual Costs of Authorized Improvements within each Improvement Area shall be paid from: (1) the Assessment Revenue collected solely from Assessments levied on the property within such Improvement Area benefitting from such Authorized Improvements and on deposit in the PID Reimbursement Fund; or (2)net Bond Proceeds or other amounts deposited in an account of the PID Project Fund created under an Indenture related to PID Bonds secured by Assessment Revenue collected solely from Assessments levied on benefitted property within such Improvement Area. The City will take and pursue all actions permissible under Applicable Laws to cause the Assessments to be collected and the liens related to such Assessments to be enforced continuously, in the manner and to the maximum extent permitted by the Applicable Laws, and, to the extent permitted by Applicable Laws, to cause no reduction, abatement or exemption in the Assessments for so long as any PID Bonds are outstanding or a Reimbursement Agreement Balance remains outstanding. The City shall determine or cause to be determined, no later than February 15 of each year whether any Annual Installment is delinquent. If such delinquencies exist, then the City will order and cause to be commenced as soon as practicable any and all appropriate and legally permissible actions to obtain such Annual Installment, and any delinquent charges and interest thereon, including diligently prosecuting an action to foreclose the Page 7 1156.011\801090.6 Last revised 2.2.24 currently delinquent Annual Installment; provided, however, the City shall not be required under any circumstances to purchase or make payment for the purchase of the delinquent Assessment or the corresponding Assessed Property or to use any City funds,revenues,taxes, income,or property other than moneys collected from the Assessments for the payment of Actual Costs of Authorized Improvements under this Agreement. Once PID Bonds are issued, the applicable Indenture shall control in the event of any conflict with this Agreement. 3.2 Payment of Actual Costs. Subject to Section 3.6 below, if PID Bonds are not issued (or prior to such issuance)to pay Actual Costs of Authorized Improvements,the Developer may elect to make Developer Advances to pay Actual Costs. If PID Bonds are issued, the Bond Proceeds shall be used in the manner provided in the applicable Indenture; and, except as may be required under the Development Agreement and/or an applicable Indenture, the Developer shall have no obligation to make Developer Advances for the related Authorized Improvements, unless the Bond Proceeds, together with any other funds in the PID Project Fund or PID Reimbursement Fund, are insufficient to pay the Actual Costs of such Authorized Improvements, in which case the Developer shall make Developer Advances to pay the deficit. If Developer Advances are required in connection with the issuance of a series of PID Bonds, then such Developer Advances may be reduced by the amount of payments of Actual Costs of the Authorized Improvements (or portions thereof) to be financed by such PID Bonds that the Developer has previously paid if(1) the Developer submits to the City all information related to such costs that would be required by a Closing Disbursement Request at least five(5)days prior to the pricing date of such PID Bonds,and(2)the City approves such Actual Costs in writing.The Developer shall also make Developer Advances to pay for cost overruns(after applying cost savings). The lack of Bond Proceeds or other funds in the PID Project Fund shall not diminish the obligation of the Developer to pay Actual Costs of the Authorized Improvements. 3.3 Payment of Reimbursement Agreement Balance. Subject to the terms, conditions, and requirements of this Agreement, including Section 3.6 hereof,The City agrees to pay to the Developer, and the Developer shall be entitled to receive payments from the City,until the Maturity Date, for the lesser of: (a)amounts shown on each approved Certificate for Payment for Actual Costs of Authorized Improvements paid by or at the direction of the Developer, and(b)the reimbursement amount shown in Schedule I of the SAP plus: (1) simple interest on the unpaid principal balance at a rate equal to or less than five percent (5%) above the highest average index rate for tax-exempt bonds reported in a daily or weekly bond index shown on Schedule I of the SAP that was approved by the City Council Page 8 1156.011\801090.6 Last revised 2.2.24 of the City and reported in the month before the date the obligation is incurred(which date is the date of approval by the City of the Assessment Ordinance levying the Assessments from which the Reimbursement Agreement Balance, or a portion thereof, shall be paid) for years one through five beginning on the date each Certificate for Payment is delivered to the City Representative; and (2) simple interest on the unpaid principal balance at a rate equal to or less than two percent (2%)above the highest average index rate for tax-exempt bonds reported in a daily or weekly bond index reported in the month before the date the obligation was incurred (which date is the same as the approval by the City of the Assessment Ordinance levying the Assessments from which the Reimbursement Agreement Balance, or a portion thereof, shall be paid) for years six and later (the unpaid principal balance,together with accrued but unpaid interest,owed the Developer for all Certificates for Payment is referred to as the "Reimbursement Agreement Balance"); provided, however, upon the issuance of PID Bonds,the interest rate due and unpaid on amounts shown on each Certificate for Payment to be paid to the Developer shall be the lower of: (1)the interest rate on such series of PID Bonds issued to finance the costs of the Authorized Improvements for which the Certificate for Payment was filed, or (2)the interest rate approved by the City Council of the City in the Assessment Ordinance levying the Assessments from which the Bonds shall be paid. The interest rates set forth in Schedule I of the SAP shall be approved by the City Council in each Assessment Ordinance as authorized by the Act. The principal amount of each portion of the Reimbursement Agreement Balance to be paid under each Assessment Ordinance, and the interest rate for such portion of the Reimbursement Agreement Balance, shall be shown on Schedule I attached to the SAP and Schedule I is incorporated as a part of this Agreement for all purposes. Interest shall accrue on each Reimbursement Agreement Balance from the later of: (1) final plat approval as evidenced by recording the final plat in the real property records of the County, and (2) the levy of Assessments securing such Reimbursement Agreement Balance.As the City passes and approves additional Assessment Ordinances and/or issues PID Bonds, the City shall approve an updated Schedule I as part of the updated or amended SAP for the sole purpose of showing the principal amount of the portion of the Reimbursement Agreement to be paid under such newly-adopted Assessment Ordinance and any adjustments to the interest rate for such portion of the Reimbursement Agreement Balance if applicable. Such updated Schedule I attached to the SAP shall automatically be incorporated as part of this Agreement for all purposes as if attached hereto without any further action from the Parties. Page 9 1156.011\801090.6 Last revised 2.2.24 The Reimbursement Agreement Balance is payable solely from: (1) the PID Reimbursement Fund if no PID Bonds are issued for the purposes of paying the Authorized Improvements related to such Reimbursement Agreement Balance,or(2)from PID Bond Proceeds.No other City funds, revenues, taxes, income,or property shall be used even if the Reimbursement Agreement Balance is not paid in full by the Maturity Date. All payments made from Bond Proceeds shall be made in the manner set forth in the applicable Indenture. So long as no PID Bonds are issued and the City has received and approved a Certificate for Payment, the City shall make payments to the Developer toward the Reimbursement Agreement Balance related to each Improvement Area from Assessment Revenue collected from such Improvement Area (excluding the portion of each Assessment, or Annual Installment thereof, collected for Annual Collection Costs) and deposited in the PID Reimbursement Fund. Such payments shall be in an amount not to exceed the Assessment Revenue (excluding the portion of each Assessment, or Annual Installment thereof, collected for Annual Collection Costs) related to such Improvement Area on deposit in the PID Reimbursement Fund; and, such payments shall be made at least annually and no later than 60 days after the date payment of the Annual Installments are due and payable to the City. In the event that a Prepayment of an Assessment is made prior to the issuance of PID Bonds,the City shall remit payment to the Developer of an amount of the Reimbursement Agreement Balance then due and payable not to exceed the Assessment Revenue related to such Prepayment from the Assessment Revenue deposited into the PID Reimbursement Fund within 60 days after the Prepayment is made. Each payment from the PID Reimbursement Fund shall be accompanied by an accounting that certifies the Reimbursement Agreement Balance as of the date of the payment and that itemizes all deposits to and disbursements from the fund since the last payment. Approval of a Certificate for Payment and all payments under this Agreement are predicated on: (1) the Developer constructing and installing, or the City acquiring (if applicable), the Authorized Improvements (or portion thereof) shown on each Certificate for Payment as required under the Development Agreement; (2)the Developer providing the necessary supporting documentation in the standard form for City construction projects; and (3) the City's inspection of each Authorized Improvement(or portion thereof) covered by each Certificate for Payment; provided, however, in no event shall the City Representative be authorized to approve a Certificate for Payment if the City has not previously levied an Assessment against Assessed Property within an Improvement Area related to and benefitting from the Authorized Improvements for which such Certificate for Payment has been Page 10 1156.011\801090.6 Last revised 2.2.24 submitted. If there is a dispute over the amount of any payment, the City shall nevertheless pay the undisputed amount, and the Parties shall use all reasonable efforts to resolve the disputed amount before the next payment is made; however, if the Parties are unable to resolve the disputed amount, then the City's determination of the disputed amount(as approved by the City Council) shall control. Notwithstanding anything to the contrary in this Agreement, the City shall be under no obligation to reimburse the Developer for Actual Costs of any Authorized Improvement that is not accepted by the City. The City's obligation to reimburse the Reimbursement Agreement Balance related to the Authorized Improvements for a particular Improvement Area constructed for the benefit of the Assessed Property within such Improvement Area is: (1)contingent upon the City levying Assessments against property within such Improvement Area benefitting from the Authorized Improvements, (2) payable solely from the Assessments, including the Annual Installments of such Assessments, collected from Assessed Property within such Improvement Area,and(3)not due and owing unless and until the City actually adopts an Assessment Ordinance levying such Assessments. 3.4 PID Bonds. The City, in its sole, legislative discretion, may issue PID Bonds, in one or more series,when and if the City Council determines it is financially feasible for the purposes of: (1)paying all or a portion of the Reimbursement Agreement Balance; or (2) paying directly Actual Costs of Authorized Improvements. PID Bonds issued for such purpose will be secured by and paid solely as authorized by the applicable Indenture. Upon the issuance of PID Bonds for such purpose and for so long as PID Bonds remain outstanding, the Developer's right to receive payments each year in accordance with Section 3.3 shall be subordinate to the deposits required under the applicable Indenture related to any outstanding PID Bonds and the Developer shall be entitled to receive funds pursuant to the flow of funds provisions of such Indenture. The failure of the City to issue PID Bonds shall not constitute a "Failure" by the City or otherwise result in a "Default" by the City. Upon the issuance of the PID Bonds, the Developer has a duty to construct those Authorized Improvements as described in the SAP and the Development Agreement. The Developer shall not be relieved of its duty to construct or cause to be constructed such improvements even if there are insufficient funds in the PID Project Fund to pay the Actual Costs. This Agreement shall apply to all PID Bonds issued by the City whether in one or more series, and no additional reimbursement agreement shall be required for future series of PID Bonds. Page 11 1156.011\801090.6 Last revised 2.2.24 3.5 Disbursements and Transfers at and after Bond Closing. The City and the Developer agree that from the proceeds of the PID Bonds, and upon the presentation of evidence satisfactory to the City Representative, the City will cause the trustee under the applicable Indenture to pay at closing of the PID Bonds approved amounts from the appropriate account to the persons entitled to payment for costs of issuance and payment of costs incurred in the establishment, administration, and operation of the PID and any other costs incurred by the Developer and the City as of the time of the delivery of the PID Bonds as described in the SAP. In order to receive disbursement,the Developer shall execute a Closing Disbursement Request to be delivered to the City no less than five (5) days prior to the pricing date for the applicable series of PID Bonds for payment in accordance with the provisions of the Indenture. In order to receive additional disbursements from any applicable fund under an Indenture,the Developer shall execute a Certificate for Payment, no more frequently than monthly,to be delivered to the City for payment in accordance with the provisions of the applicable Indenture and this Agreement. Upon receipt of a Certificate for Payment (along with all accompanying documentation required by the City) from the Developer, the City shall conduct a review in order to confirm that such request is complete, to confirm that the work for which payment is requested was performed in accordance with all Applicable Laws and applicable plans therefore and with the terms of this Agreement and any other agreement between the parties related to property in the PID, and to verify and approve the Actual Costs of such work specified in such Certificate for Payment. The City shall also conduct such review as is required in its discretion to confirm the matters certified in the Certificate for Payment. The Developer agrees to cooperate with the City in conducting each such review and to provide the City with such additional information and documentation as is reasonably necessary for the City to conclude each such review. The Developer further agrees that if the City provides to the Developer a sales tax exemption certificate then sales tax will not be approved for payment under a Certification for Payment.Within fifteen(15)business days following receipt of any Certificate for Payment, the City shall either: (1) approve the Certificate for Payment and forward it to the trustee for payment, or(2)provide the Developer with written notification of disapproval of all or part of a Certificate for Payment, specifying the basis for any such disapproval. Any disputes shall be resolved as required by Section 3.3 herein.The City shall deliver the approved or partially approved Certificate for Payment to the trustee for payment, and the trustee shall make the disbursements as quickly as practicable thereafter. Page 12 1156.011\801090.6 Last revised 2.2.24 3.6 Obligations Limited. The obligations of the City under this Agreement shall not, under any circumstances, give rise to or create a charge against the general credit or taxing power of the City or a debt or other obligation of the City payable from any source other than the PID Reimbursement Fund or the PID Project Fund. The Parties further agree that the City's obligation under this Agreement to reimburse the Developer for Actual Costs of Authorized Improvements within any Improvement Area shall only be paid from: (1) net proceeds of PID Bonds, if issued, on deposit in the PID Project Fund related to such PID Bonds, and/or (2) Assessments, including Annual Installments of such Assessments, collected from such Improvement Area. The Parties further agree that the City's obligation under this Agreement to reimburse the Developer for Actual Costs of Authorized Improvements constructed for the benefit of any Improvement Area is: (1) contingent upon the City levying Assessments against property within such Improvement Area benefitting from the Authorized Improvements, (2) payable solely from the Assessments, including the Annual Installments of such Assessments, collected from Assessed Property within such Improvement Area, and (3) not due and owing unless and until the City actually adopts an Assessment Ordinance levying such Assessments. Concurrent with the levy of Assessments against any Improvement Area,the City will: (1)establish a separate account within the PID Reimbursement Fund relating solely to such Improvement Area,if no PID Bonds are issued, or (2) establish a separate PID Project Fund under an Indenture if PID Bonds are issued, out of which the City will pay its obligations related to such Improvement Area; and,until such time,this Agreement does not create any obligations of the City with respect to any Improvement Area for which Assessments have not been levied. Unless approved by the City, no other City funds, revenues, taxes, or income of any kind shall be used to pay: (1) the Actual Costs of the Authorized Improvements; (2) the Reimbursement Agreement Balance even if the Reimbursement Agreement Balance is not paid in full on or before the Maturity Date;or(3)debt service on any PID Bonds.None of the City or any of its elected or appointed officials or any of its officers, employees, consultants or representatives shall incur any liability hereunder to the Developer or any other party in their individual capacities by reason of this Agreement or their acts or omissions under this Agreement. 3.7 Obligation to Pay. Subject to the provisions of Section 3.3 and 3.6, if the Developer is in substantial compliance with its obligations under the Development Agreement, then following the inspection and approval of any portion of Authorized Improvements for which Developer seeks reimbursement of the Actual Costs by submission of a Certificate for Payment or City approval of a Closing Disbursement Request, the obligations of the City under this Agreement to pay from Page 13 1156.011\801090.6 Last revised 2.2.24 Assessment Revenue or the net proceeds of PID Bonds, as applicable, disbursements (whether to the Developer or to any person designated by the Developer) identified in any Closing Disbursement Request or in any Certificate for Payment and to pay debt service on PID Bonds are unconditional AND NOT subject to any defenses or rights of offset except as may be provided in any Indenture. 3.8 City Delegation of Authority. All Authorized Improvements shall be constructed by or at the direction of the Developer in accordance with the plans,the Development Agreement,applicable City ordinances and regulations, and with this Agreement and any other agreement between the parties related to property in the PID. The Developer shall perform, or cause to be performed, all of its obligations and shall conduct,or cause to be conducted, all operations with respect to the construction of Authorized Improvements in a good,workmanlike and commercially reasonable manner,with the standard of diligence and care normally employed by duly qualified persons utilizing their commercially reasonable efforts in the performance of comparable work and in accordance with generally accepted practices appropriate to the activities undertaken. The Developer has sole responsibility of ensuring that all Authorized Improvements are constructed in accordance with the Development Agreement and in a good, workmanlike and commercially reasonable manner, with the standard of diligence and care normally employed by duly qualified persons utilizing their commercially reasonable efforts in the performance of comparable work and in accordance with generally accepted practices appropriate to the activities undertaken. The Developer shall employ at all times adequate staff or consultants with the requisite experience necessary to administer and coordinate all work related to the design, engineering, acquisition, construction and installation of all Authorized Improvements to be acquired and accepted by the City from the Developer. If any Authorized Improvements are or will be on land owned by the City, the City hereby grants to the Developer a license to enter upon such land for purposes related to construction (and maintenance pending acquisition and acceptance) of the Authorized Improvements. Inspection and acceptance of Authorized Improvements will be in accordance with applicable City ordinances and regulations. 3.9 Security for Authorized Improvements.Prior to completion and conveyance to the City of any Authorized Improvements, the Developer shall cause to be provided to the City a maintenance bond in the amount required by the City's subdivision regulations for applicable Authorized Improvements, which maintenance bond shall be for a term of two years from the date of final acceptance of the applicable Authorized Improvements.Any surety company through which a bond is written shall be a surety company duly authorized to do business in the State of Texas, provided that legal counsel for Page 14 1156.011\801090.6 Last revised 2.2.24 the City has the right to reject any surety company regardless of such company's authorization to do business in Texas. Nothing in this Agreement shall be deemed to prohibit the Developer or the City from contesting in good faith the validity or amount of any mechanics or materialman's lien and/or judgment nor limit the remedies available to the Developer or the City with respect thereto so long as such delay in performance shall not subject the Authorized Improvements to foreclosure, forfeiture, or sale. In the event that any such lien and/or judgment with respect to the Authorized Improvements is contested,the Developer shall be required to post or cause the delivery of a surety bond or letter of credit, whichever is preferred by the City, in an amount reasonably determined by the City, not to exceed 120 percent of the disputed amount. 3.10 Ownership and Transfer of Authorized Improvements. If requested in writing by the City, Developer shall furnish to the City a commitment for title insurance(a"Commitment")for land related to the Authorized Improvements to be acquired and accepted by the City from the Developer and not previously dedicated or otherwise conveyed to the City. The Commitment shall be made available for City review and must be approved at least fifteen (15)business days prior to the scheduled transfer of title. The City agrees to approve the Commitment unless it reveals a matter which, in the reasonable judgment of the City, would materially affect the City's use and enjoyment of the Authorized Improvements. If the City objects to any Commitment, the City shall not be obligated to accept title to the applicable Authorized Improvements until the Developer has cured the objections to the reasonable satisfaction of the City. 3.11 Remaining Funds After Completion of an Authorized Improvement. Within any applicable Improvement Area, upon the final completion of an Authorized Improvement within such Improvement Area and payment of all outstanding invoices for such Authorized Improvement, if the Actual Cost of such Authorized Improvement is less than the budgeted cost as shown in Exhibit to the SAP (a"Cost Underrun"), any remaining budgeted cost will be available to pay Cost Overruns on any other Authorized Improvement within such Improvement Area. A City Representative shall promptly confirm to the Administrator (as defined in the SAP) that such remaining amounts are available to pay such Cost Overruns,and the Developer,the Administrator and the City Representative will agree how to use such moneys to secure the payment and performance of the work for other Authorized Improvements. Any Cost Underrun for any Authorized Improvement is available to pay Cost Overruns on any other Authorized Improvement and may be added to the amount approved for Page 15 1156.011\801090.6 Last revised 2.2.24 payment in any Certificate for Payment,as agreed to by the Developer, the Administrator and the City Representative. 3.12 Contracts and Change Orders.The Developer shall be responsible for entering into all contracts and any supplemental agreements(herein referred to as"Change Orders")required for the construction of an Authorized Improvement. The Developer or its contractors may approve and implement any Change Orders even if such Change Order would increase the Actual Cost of an Authorized Improvement, but the Developer shall be solely responsible for payment of any Cost Overruns resulting from such Change Orders except to the extent amounts are available pursuant to Section 3.12 hereof. If any Change Order is for work that requires changes to be made by an engineer to the construction and design documents and plans previously approved under the Development Agreement, then such revisions made by an engineer must be submitted to the City for approval by the City's engineer prior to execution of the Change Order. SECTION 4. ADDITIONAL PROVISIONS 4.1 Term. The term of this Agreement shall begin on the Effective Date and shall continue until the earlier to occur of the Maturity Date or the date on which the Reimbursement Agreement Balance is paid in full. 4.2 No Competitive Bidding. Construction of the Authorized Improvements shall not require competitive bidding pursuant to Section 252.022(a) (9) of the Texas Local Government Code, as amended. All plans and specifications, but not construction contracts, shall be reviewed and approved, in writing, by the City prior to Developer selecting the contractor. The City, at its election made prior to the Developer entering into a construction contract, shall have the right to examine and approve the contractor selected by the Developer prior to executing a construction contract with the contractor, which approval shall not be unreasonably delayed or withheld. 4.3 Independent Contractor. In performing this Agreement, the Developer is an independent contractor and not the agent or employee of the City. 4.4 Audit.The City Representative shall have the right,during normal business hours and upon five(5)business days'prior written notice to the Developer,to review all books and records of the Developer pertaining to costs and expenses incurred by the Developer with respect to any of the Authorized Improvements. For a period of two years after completion of the Authorized Improvements, the Developer shall maintain proper books of record and account for the Page 16 1156.011\801090.6 Last revised 2.2.24 construction of the Authorized Improvements and all costs related thereto. Such accounting books shall be maintained in accordance with customary real estate accounting principles.The Developer shall have the right, during normal business hours, to review all records and accounts pertaining to the Assessments upon written request to the City. The City shall provide the Developer an opportunity to inspect such books and records relating to the Assessments during the City's regular business hours and on a mutually agreeable date no later than ten(10)business days after the City receives such written request. The City shall keep and maintaiwit proper and complete system of records and accounts pertaining to the Assessments for so Ignilts PID Bonds remain outstanding or Reimbursement Agreement Balance remains unpaid. 4.5 Developer's Right to Protest Ad Valorem Taxes. Nothing in this Agreement shall be construed to limit or restrict Developer's right to protest ad valorem taxes. The Developer's decision to protest ad valorem taxes on Assessed Property does not constitute a Default under this Agreement. 4.6 PID Administration and Collection of Assessments. The Administrator shall have the responsibilities provided in the SAP related to the duties and responsibilities of the administration of the PID, and the City shall provide the Developer with a copy of the agreement between the City and the Administrator. If the City contracts with a third-party for the collection of Annual Installments of the Assessments, the City shall provide the Developer with a copy of such agreement. For so long as PID Bonds remain outstanding or the Reimbursement Agreement Balance remains unpaid, the City shall notify the Developer of any change of administrator or third-party collection of the Assessments. 4.7 Representations and Warranties. 4.7.1 The Developer represents and warrants to the City that: (1) the Developer has the authority to enter into and perform its obligations under this Agreement;(2)the Developer has the financial resources, or the ability to collect sufficient financial resources, to meet its obligations under this Agreement; (3) the person executing this Agreement on behalf of the Developer has been duly authorized to do so;(4)this Agreement is binding upon the Developer in accordance with its terms; and (5)the execution of this Agreement and the performance by the Developer of its obligations under this Agreement do not constitute a breach or event of default by the Developer under any other agreement, instrument, or order to which the Developer is a party or by which the Developer is bound. Page 17 1156.011\801090.6 Last revised 2.2.24 4.7.2 The City represents and warrants to the Developer that: (1) the City has the authority to enter into and perform its obligations under this Agreement; (2) the person executing this Agreement on behalf of the City has been duly authorized to do so; (3) this Agreement is binding upon the City in accordance with its terms; and (4)the execution of this Agreement and the performance by the City of its obligations under this Agreement do not constitute a breach or event of default by the City under any other agreement, instrument, or order to which the City is a party or by which the City isound. 4.8 Default/Remedies. 4.8.1 If either Party fails to perform an obligation imposed on such Party by this Agreement (a "Failure") and such Failure is not cured after notice and the expiration of the cure periods provided in this section,then such Failure shall constitute a"Default." If a Failure is monetary, the non-performing Party shall have ten (10) days within which to cure. If the Failure is non-monetary,the non-performing Party shall have thirty(30) days within which to cure. 4.8.2 If the Developer is in Default, the City shall have available all remedies at law or in equity; provided no default by the Developer shall entitle the City to terminate this Agreement or to withhold payments to the Developer from the PID Reimbursement Fund or the PID Project Fund in accordance with this Agreement and the Indenture. 4.8.3 If the City is in Default, the Developer shall have available all remedies at law or in equity; provided, however, no Default by the City shall entitle the Developer to terminate this Agreement. 4.8.4 The City shall give notice of any alleged Failure by the Developer to each Transferee identified in any notice from the Developer, and such Transferees shall have the right, but not the obligation, to cure the alleged Failure within the same cure periods that are provided to the Developer. The election by a Transferee to cure a Failure by the Developer shall constitute a cure by the Developer but shall not obligate the Transferee to be bound by this Agreement unless the Transferee agrees in writing to be bound. 4.9 Remedies Outside the Agreement.Nothing in this Agreement constitutes a waiver by the City of any remedy the City may have outside this Agreement against the Developer, any Transferee, or Page 18 1156.011\801090.6 Last revised 2.2.24 any other person or entity involved in the design, construction, or installation of the Authorized Improvements. The obligations of the Developer hereunder shall be those of a party hereto and not as an owner of property in the PID. Nothing herein shall be construed as affecting the City's or the Developer's rights or duties to perform their respective obligations under other agreements, use regulations, or subdivision requirements relating to the development property in the PID. 4.10 Estoppel Certificate. From time to time upon written request of the Developer, the City Manager will execute a written estoppel certificate, in form and substance satisfactory to both Parties that: (1) identifies any obligations of the Developer under this Agreement that are in default or, with the giving of notice or passage of time,would be in default; or(2) states,to the extent true,that to the best knowledge and belief of the City, the Developer is in compliance with its duties and obligations under this Agreement. 4.11 Transfers. The Developer has the right to convey, transfer, assign, mortgage, pledge, or otherwise encumber, in whole or in part without the consent of(but with notice to) the City, the Developer's right,title,or interest to payments under this Agreement(but not performance obligations) including, but not limited to, any right, title, or interest of the Developer in and to payments of the Reimbursement Agreement Balance, whether such payments are from the PID Reimbursement Fund in accordance with Section 3.3 or from Bond Proceeds (any of the foregoing, a "Transfer," and the person or entity to whom the transfer is made, a "Transferee"); provided, however, that no such conveyance,transfer,assignment,mortgage,pledge or other encumbrance shall be made without prior written consent of the City if such conveyance, transfer, assignment, mortgage, pledge or other encumbrance would result in:(1)the issuance of municipal securities,and/or(2)the City being viewed as an "obligated person" within the meaning of Rule 15c2-12 of the United States Securities and Exchange Commission, and/or (3) the City being subject to additional reporting or recordkeeping duties. Notwithstanding the foregoing, no Transfer shall be effective until notice of the Transfer is given to the City. The City may rely on notice of a Transfer received from the Developer without obligation to investigate or confirm the validity of the Transfer. The Developer waives all rights or claims against the City for any funds paid to a third party as a result of a Transfer for which the City received notice. 4.12 Applicable Law;Venue. This Agreement is being executed and delivered and is intended to be performed in the State of Texas. Except to the extent that the laws of the United States may apply,the Page 19 1156.011\801090.6 Last revised 2.2.24 substantive laws of the State of Texas shall govern the interpretation and enforcement of this Agreement. In the event of a dispute involving this Agreement, venue shall lie in any court of competent jurisdiction in Nueces County, Texas. 4.13 Notice.Any notice referenced in this Agreement must be in writing and shall be deemed given at the addresses shown below: (1)when delivered by a nationally recognized delivery service such as FedEx or UPS with evidence of delivery signed by any person at the delivery address regardless of whether such person is the named addressee; or (2) 72 hours after deposited with the United States Postal Service, Certified Mail, Return Receipt Requested. To the City: Attn: City Manager's Office City of Corpus Christi P.O. Gox 9277 Corpus Christi, Texas 78469-9277 E-mail: ElsyB@cctexas.com With a copy to: Attn: City Attorney's Office City of Corpus Christi P.O. Gox 9277 Corpus Christi, Texas 78469-9277 E-mail: MilesR@cctexas.com To the Developer; Attn: Steve Yetts Ashlar Interests, LLC 400 Las Colinas Blvd. E., Suite 1075 Irving, Texas 75039 E-mail: syetts@ashlardev.com With a copy to: Attn: Misty Ventura Shupe Ventura, PLLC 9406 Biscayne Blvd. Dallas, Texas 75218 E-mail:misty.ventura@svlandlaw.com TEL: (214) 328-1101 FAX: (800) 519-3768 Any Party may change its address by delivering notice of the change in accordance with this section. 4.14 Conflicts; Amendment. In the event of any conflict between this Agreement and any other instrument, document, or agreement by which either Party is bound, the provisions and intent of the applicable Indenture controls. This Agreement may only be amended by written agreement of the Parties. Page 20 1156.011\801090.6 Last revised 2.2.24 4.15 Severability.If any provision of this Agreement is held invalid by any court,such holding shall not affect the validity of the remaining provisions. 4.16 Non-Waiver. The failure by a Party to insist upon the strict performance of any provision of this Agreement by the other Party,or the failure by a Party to exercise its rights upon a Default by the other Party, shall not constitute a waiver of such Party's right to insist and demand strict compliance by such other Party with the provisions of this Agreement. 4.17 Third Party Beneficiaries. Nothing in this Agreement is intended to or shall be construed to confer upon any person or entity other than the City, the Developer, and Transferees any rights under or by reason of this Agreement. All provisions of this Agreement shall be for the sole and exclusive benefit of the City,the Developer, and Transferees. 4.18 Counterparts. This Agreement may be executed in multiple counterparts, which, when taken together, shall be deemed one original. 4.19 Employment of Undocumented Workers. During the term of this Agreement, the Developer agrees not to knowingly employ any undocumented workers and, if convicted of a violation under 8 U.S.C. Section 1324a(f),the Developer shall repay the incentives granted herein within 120 days after the date the Developer is notified by the City of such violation,plus interest at the rate of six percent (6%) compounded annually from the date of violation until paid. Pursuant to Section 2264.101(c), Texas Government Code, a business is not liable for a violation of Chapter 2264 by a subsidiary, affiliate, or franchisee of the business, or by a person with whom the business contracts. 4.20 No Boycott of Israel. The Developer hereby verifies that it and its parent company,wholly-or majority-owned subsidiaries, and other affiliates, if any, do not boycott Israel and will not boycott Israel during the term of this Agreement.As used in the foregoing verification,'boycott Israel,'has the meaning in Section 2271.001, Texas Government Code, by reference to Section 808.001(1), Texas Government Code,and means refusing to deal with,terminating business activities with,or otherwise taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations specifically with Israel, or with a person or entity doing business in Israel or in an Israeli-controlled territory, but does not include an action made for ordinary business purposes. 4.21 Iran, Sudan, and Foreign Terrorist Organizations. The Developer represents that neither it nor any of its parent company, wholly-or majority-owned subsidiaries, and other affiliates is a company Page 21 1156.011\801090.6 Last revised 2.2.24 identified on a list prepared and maintained by the Texas Comptroller of Public Accounts under Section 2252.153 or Section 2270.0201, Texas Government Code, as amended. The foregoing representation excludes the Developer and each of its parent company, wholly- or majority-owned subsidiaries, and other affiliates, if any, that the United States government has affirmatively declared to be excluded from its federal sanctions regime relating to Sudan or Iran or any federal sanctions regime relating to a foreign terrorist organization. 4.22 No Discrimination Against Fossil Fuel Companies. The Developer hereby verifies that it and its parent company,wholly-or majority-owned subsidiaries,and other affiliates, if any,do not boycott energy companies and will not boycott energy companies during the term of this Agreement. As used in the foregoing verification, "boycott energy companies" has the meaning in Section 2274.001(1), Texas Government Code (as enacted by such Senate Bill) by reference to Section 809.001, Texas Government Code (also as enacted by such Senate Bill), and means, without an ordinary business purpose,refusing to deal with,terminating business activities with,or otherwise taking any action that is intended to penalize, inflict economic harm on, or limit commercial relations with a company because the company (A) engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy and does not commit or pledge to meet environmental standards beyond applicable federal and state law; or(B) does business with a company described by (A)above. 4.23 No Discrimination Against Firearm Entities and Firearm Trade Associations. The Developer hereby verifies that it and its parent company, wholly- or majority-owned subsidiaries, and other affiliates, if any, do not have a practice, policy, guidance, or directive that discriminates against a firearm entity or firearm trade association and will not discriminate against a firearm entity or firearm trade association during the term of this Agreement. As used in the foregoing verification and the following definitions: (a) 'discriminate against a firearm entity or firearm trade association,' has the meaning in Section 2274.001(3), Texas Government Code (as enacted by such Senate Bill), and means: (A) with respect to the firearm entity or firearm trade association, to (i) refuse to engage in the trade of any goods or services with the firearm entity or firearm trade association based solely on its status as a firearm entity or firearm trade association, (ii) refrain from continuing an existing business relationship with the firearm entity or firearm trade association Page 22 1156.011\801090.6 Last revised 2.2.24 based solely on its status as a firearm entity or firearm trade association, or (iii) terminate an existing business relationship with the firearm entity or firearm trade association based solely on its status as a firearm entity or firearm trade association, and (B) does not include: (i) the established policies of a merchant, retail seller, or platform that restrict or prohibit the listing or selling of ammunition, firearms, or firearm accessories and (ii) a company's refusal to engage in the trade of any goods or services, decision to refrain from continuing an existing business relationship,or decision to terminate an existing business relationship(aa)to comply with federal, state,or local law, policy, or regulations or a directive by a regulatory agency or (bb) for any traditional business reason that is specific to the customer or potential customer and not based solely on an entity's or association's status as a firearm entity or firearm trade association; (b) 'firearm entity,' has the meaning in Section 2274.001(6), Texas Government Code (as enacted by such Senate Bill), and means a manufacturer, distributor, wholesaler, supplier, or retailer of firearms (defined in Section 2274.001(4), Texas Government Code, as enacted by such Senate Bill, as weapons that expel projectiles by the action of explosive or expanding gases), firearm accessories (defined in Section 2274.001(5), Texas Government Code, as enacted by such Senate Bill, as devices specifically designed or adapted to enable an individual to wear, carry, store, or mount a firearm on the individual or on a conveyance and items used in conjunction with or mounted on a firearm that are not essential to the basic function of the firearm, including detachable firearm magazines), or ammunition (defined in Section 2274.001(1), Texas Government Code, as enacted by such Senate Bill, as a loaded cartridge case, primer, bullet, or propellant powder with or without a projectile) or a sport shooting range (defined in Section 250.001, Texas Local Government Code, as a business establishment, private club, or association that operates an area for the discharge or other use of firearms for silhouette, skeet,trap,black powder,target,self-defense,or similar recreational shooting); and (c) 'firearm trade association,' has the meaning in Section 2274.001(7), Texas Government Code (as enacted by such Senate Bill), and means any person, corporation, unincorporated association,federation,business league,or business organization that(i) is not organized or operated for profit(and none of the net earnings of which inures to the benefit of any private shareholder or individual), (ii) has two or more firearm entities as members, and Page 23 1156.011\801090.6 Last revised 2.2.24 (iii) is exempt from federal income taxation under Section 501(a), Internal Revenue Code of 1986, as an organization described by Section 501(c) of that code." 4.24 Affiliate. As used in Sections 4.19 through 4.24,the Developer understands'affiliate'to mean an entity that controls, is controlled by, or is under common control with the Developer within the meaning of SEC Rule 405, 17 C.F.R. § 230.405, and exists to make a profit. 4.25 Texas Attorney General Standing Letter. The Developer represents that it has, as of the Effective Date,on file with the Texas Attorney General a standing letter addressing the representations and verifications hereinbefore described in the form attached as Exhibit B to the Updated Recommendations for Compliance with the Texas BPA Verification and Representation Requirements (December 1, 2023) of the Municipal Advisory Council of Texas or any other form accepted by the Texas Attorney General (a "Standing Letter"). In addition, if the Developer or the parent company, a wholly-or majority-owned subsidiary or another affiliate of the Developer receives or has received a letter from the Texas Comptroller of Public Accounts or the Texas Attorney General seeking written verification that the Developer is a member of the Net Zero Banking Alliance, Net Zero Insurance Alliance,Net Zero Asset Owner Alliance, or Net Zero Asset Managers or of the representations and certifications contained in the Developer's Standing Letter (a "Request Letter"), the Developer shall promptly notify the City(if it has not already done so)and provide to the City,two business days prior to the Effective Date and additionally upon request by the City, written verification to the effect that its Standing Letter described in the preceding sentence remains in effect and may be relied upon by the City and the Texas Attorney General(the"Bringdown Verification").The Bringdown Verification shall also confirm that the Developer(or the parent company,a wholly-or majority-owned subsidiary or other affiliate of the Developer that received the Request Letter) intends to timely respond or has timely responded to the Request Letter. The Bringdown Verification may be in the form of an e-mail. 4.26 Form 1295. Submitted herewith is a completed Form 1295 generated by the Texas Ethics Commission's (the "TEC") electronic filing application in accordance with the provisions of Section 2252.908 of the Texas Government Code and the rules promulgated by the TEC (the "Form 1295"). The City hereby confirms receipt of the Form 1295 from the Developer, and the City agrees to acknowledge such form with the TEC through its electronic filing application system not later than the 30th day after the receipt of such form. The Parties understand and agree that,with the exception of information identifying the City and the contract identification number, neither the City nor its Page 24 1156.011\801090.6 Last revised 2.2.24 consultants are responsible for the information contained in the Form 1295; that the information contained in the Form 1295 has been provided solely by the Developer; and, neither the City nor its consultants have verified. 4.27 Changes in Law. The Parties acknowledge and expressly agree that, during the Term, either Party may take advantage of changes in the law notwithstanding anything to the contrary in this Agreement. 4.28 Public Information.Notwithstanding any other provision to the contrary in this Agreement,all information, documents, and communications relating to this Agreement may be subject to the Texas Public Information Act and any opinion of the Texas Attorney General or a court of competent jurisdiction relating to the Texas Public Information Act. The requirements of Subchapter J, Chapter 552, Texas Government Code, may apply to this Agreement and the Developer agrees that this Agreement may be terminated if the Developer knowingly or intentionally fails to comply with a requirement of that subchapter, if applicable, and the Developer fails to cure the violation on or before the tenth business day after the date the City provides notice to Developer of noncompliance with Subchapter J, Chapter 552. Pursuant to Section 552.372, Texas Government Code, Developer is required to preserve all contracting information related to this Agreement as provided by the records retention requirements applicable to the City for the duration of this Agreement; promptly provide to the City any contracting information related to this Agreement that is in the custody or possession of the Developer on request of the City; and on completion of the Agreement, either provide at no cost to the City all contracting information related to the contract that is in the custody or possession of the entity or preserve the contracting information related to the contract as provided by the records retention requirements applicable to the City. [Execution pages follow.] Page 25 1156.011\801090.6 Last revised 2.2.24 CITY: CITY OF CORPUS CHRISTI, TEXAS By: Paulette Guajardo,Mayor ATTEST: By: Rebecca Huerta, City Secretary APPROVED AS TO FORM AND LEGALITY: By: [Assistant] City Attorney [for City Attorney] CITY SIGNATURE PAGE TO REIMBURSEMENT AGREEMENT—WHITECAP PUBLIC IMPROVEMENT DISTRICT 1156.011\801090.6 Last revised 2.2.24 DEVELOPER: ASHLAR INTERESTS,LLC a Texas limited liability company By: .. Title: DEVELOPER SIGNATURE PAGE TO REIMBURSEMENT AGREEMENT—WHITECAP PUBLIC IMPROVEMENT DISTRICT No. 1 1156.011\801090.6 Last revised 2.2.24 EXHIBIT A CERTIFICATE FOR PAYMENT FORM The undersigned is an agent for Ashlar Interests, LLC (the "Developer") and requests payment from the applicable account of the [PID Reimbursement Fund] [PID Project Fund] from the City of Corpus Christi,Texas(the"City")in the amount of for labor,materials,fees,and/or other general costs related to the creation, acquisition, or construction of certain Authorized Improvements providing a special benefit to property within the Whitecap Public Improvement District No. 1.Unless otherwise defined,any capitalized terms used herein shall have the meanings ascribed to them in the PID Reimbursement Agreement between the City and the Developer, effective as of , 20_(the "Reimbursement Agreement"). In connection with the above referenced payment, the Developer represents and warrants to the City as follows: 1. The undersigned is a duly authorized officer of the Developer, is qualified to execute this Certificate for Payment Form on behalf of the Developer and is knowledgeable as to the matters set forth herein. 2. The payment requested for the below referenced Authorized Improvements has not been the subject of any prior payment request submitted for the same work to the City or, if previously requested, no disbursement was made with respect thereto. 3. The amount listed for the Authorized Improvements below is a true and accurate representation of the Actual Costs associated with the creation,acquisition,or construction of said Authorized Improvements, and such costs (i) are in compliance with the Reimbursement Agreement, and(ii) are consistent with the Service and Assessment Plan. 4. The Developer is in compliance with the terms and provisions of the Reimbursement Agreement, the Indenture,the Service and Assessment Plan and the Development Agreement. 5. The Developer has timely paid all ad valorem taxes and annual installments of special assessments it owes or an entity the Developer controls owes, located in the Whitecap Public Improvement District and has no outstanding delinquencies for such assessments. 6. All conditions set forth in the Indenture (as defined in the Reimbursement Agreement) for the payment hereby requested have been satisfied. 7. The work with respect to the Authorized Improvements referenced below(or its completed segment) has been completed, and the City has inspected such Authorized Improvements (or its completed segment). EXHIBIT A—PAGE 1 1156.011\801090.6 Last revised 2.2.24 8. The Developer agrees to cooperate with the City in conducting its review of the requested payment and agrees to provide additional information and documentation as is reasonably necessary for the City to complete said review. 9. No more than ninety-five percent(95%)of the budgeted or contracted hard costs for major improvements or any phase of Authorized Improvements identified may be paid until the work with respect to such Authorized Improvements (or segment)has been completed and the City has accepted such Authorized Improvements (or segment). One hundred percent(100%)of soft costs (e.g., engineering costs, inspection fees and the like)may be paid prior to City acceptance of such Authorized Improvements(or segment). Payments requested are as follows: a. X amount to Person or Account Y for Z goods or services. b. Etc. [If the Authorized Improvements are to be paid in part from one series of PID Bonds and in part from another, insert the following: As required by Section of the Indenture, the costs for the Authorized Improvements that constitutes the pro-rata share of such Authorized Improvements allocable to the designated Bonds shall be paid as follows: Amount to be paid Amount to be paid Total Cost Authorized from from of Authorized Improvements: Fund Fund Improvements Attached hereto are receipts, purchase orders, change orders, and similar instruments which support and validate the above requested payments.Also attached hereto are "bills paid" affidavits and supporting documentation in the standard form for City construction projects. Pursuant to the Reimbursement Agreement, after receiving this payment request, the City has inspected the Authorized Improvements(or completed segment)and confirmed that said work has been completed in accordance with approved plans and all applicable governmental laws, rules, and regulations. EXHIBIT A—PAGE 2 1156.011\801090.6 Last revised 2.2.24 I hereby declare that the above representations and warranties are true and correct. ASHLAR INTERESTS,LLC a Texas limited liability company By: Title: EXHIBIT A—PAGE 3 1156.011\801090.6 Last revised 2.2.24 APPROVAL OF REQUEST BY CITY The City is in receipt of the attached Certificate for Payment, acknowledges the Certificate for Payment,acknowledges that the Authorized Improvements(or its completed segment)covered by the certificate have been inspected by the City, and otherwise finds the Certificate for Payment to be in order. After reviewing the Certificate for Payment, the City approves the Certificate for Payment and shall [include said payments in the City Certificate submitted to the Trustee directing payments to be made from the appropriate account of the PID Project Fund] [direct payment from the PID Reimbursement Fund]to the Developer or to any person designated by the Developer. CITY OF, S CHRISTI, TEXAS NamC Av Title: Date:, EXHIBIT A—PAGE 4 1156.011\801090.6 Last revised 2.2.24 Exhibit B FORM OF CLOSING DISBURSEMENT REQUEST The undersigned is an agent for (the "Developer") and requests payment to the Developer (or to the person designated by the Developer) from the Cost of Issuance Account of the Project Fund from (the "Trustee") in the amount of ($ ) to be transferred from the Cost of Issuance Account of the PID Project Fund upon the delivery of the PID Bonds for costs incurred in the establishment, administration, and operation of the Whitecap Public Improvement District No. 1 (the"District"),as follows.Unless otherwise defined, any capitalized terms used herein shall have the meanings ascribed to them in the Indenture of Trust by and between the City and the Trustee dated as of , 20_ (the "Indenture") relating to the [INSERT NAME OF BONDS] (the "PID Bonds"). In connection with the above referenced payment, the Developer represents and warrants to the City as follows: 1. The undersigned is a duly authorized officer of the Developer, is qualified to execute this Closing Disbursement Request on behalf of the Developer and is knowledgeable as to the matters set forth herein. 2. The payment requested for the below referenced establishment, administration, and operation of the District at the time of the delivery of the PID Bonds have not been the subject of any prior payment request submitted to the City. 3. The amount listed for the below costs is a true and accurate representation of the Actual Costs associated with the establishment, administration and operation of the District at the time of the delivery of the PID Bonds, and such costs are in compliance with the Service and Assessment Plan. 4. The Developer is in compliance with the terms and provisions of the Reimbursement Agreement, the Indenture,the Service and Assessment Plan,and the Development Agreement. 5. All conditions set forth in the Indenture and the Reimbursement Agreement for the payment hereby requested have been satisfied. 6. The Developer agrees to cooperate with the City in conducting its review of the requested payment and agrees to provide additional information and documentation as is reasonably necessary for the City to complete said review. Payments requested hereunder shall be made as directed below: [Information regarding Payee, amount, and deposit instructions attached] I hereby declare that the above representations and warranties are true and correct. EXHIBIT B—PAGE 1 1156.011\801090.6 Last revised 2.2.24 ASHLAR INTERESTS,LLC a Texas limited liability company By: �+ Title: EXHIBIT B—PAGE 2 1156.011\801090.6 Last revised 2.2.24 APPROVAL OF REQUEST BY CITY The City is in receipt of the attached Closing Disbursement Request, acknowledges the Closing Disbursement Request,and finds the Closing Disbursement Request to be in order.After reviewing the Closing Disbursement Request,the City approves the Closing Disbursement Request and shall include said payments in the City Certificate submitted to the Trustee directing payments to be made from Costs of Issuance Account upon delivery of the PID Bonds. CITY OF CORpilit CHRISTI,TEXAS By: = r Title: Date: 11 n�y: EXHIBIT B—PAGE 3 1156.011\801090.6 f Special Olympics Texas 1,9 a t voLunteerers catlAilg Join Special Olympics Texas - Corpus Christi and TAMU-CC Kinesiology/SO Club, IDE.T, and Read students for a fun-filled day out on Islander Beach. Spend the day kayaking, playing disc golf, cornhole, doing interactive educational activities, and taking a break from the end of the semester. When: April 27, 2021f Where: Texas ABM - Corpus Christi Islander Beach ¶ AM - I 1 AM �- ro- • Verifiable volunteer hours • Team building and bonding experience Gaut experience working with the intellectually disabled population Nueces County Kara Sands Nueces County Clerk *VG-221-2024-2024005581* Instrument Number: 2024005581 Official Public Records ORDINANCE Recorded On: February 23, 2024 09:39 AM Number of Pages: 148 " Examined and Charged as Follows: " Total Recording: $604.00 ",,,,, STATE OF TEXAS cpONTY coU4>lei Nueces County * j, *),, I hereby certify that this Instrument was filed in the File Number sequence on the date/time �o r Q; printed hereon,and was duly recorded in the Official Records of Nueces County,Texas t�S~ Kara Sands NUE =' Nueces County Clerk *(),A6-- ,,N UE Nueces County, TX *********** THIS PAGE IS PART OF THE INSTRUMENT*********** Any provision herein which restricts the Sale, Rental or use of the described REAL PROPERTY because of color or race is invalid and unenforceable under federal law. File Information: Record and Return To: Document Number: 2024005581 CITY OF CORPUS CHRISTI - SARAH BRUNKENHOEFER Receipt Number: 20240223000031 Recorded Date/Time: February 23, 2024 09:39 AM User: Margarita S Station: CLERK03 . • • Caller Times . .. . PART OF THE USA TODAY NETWORK • Certificate of Publication CITY OF CORPUS CHRIS TI -SECRETARY PO BOX 9277 CORPUS CHRISTI,TX 78401 STATE OF WISCONSIN) )) COUNTY OF BROWN) I, being first duly sworn,upon oath depose and say that I am a legal clerk and employee of the publisher, namely,the Corpus Christi Caller-Times,a daily newspaper published at Corpus Christi in said City and State,generally circulated in Aransas, Bee, Brooks, Duval,Jim Hogg,Jim Wells, Kleberg, Live Oak, Nueces, Refugio,and San Patricio, Counties,and that the publication of which the annexed is a true copy,was inserted in the Corpus Christi Caller-Times in the following issue(s)dated: 01/28/2024 On this January 28, 2024, I certify that the attached document is a true and exact copy made by the publisher: r Legal Notice Clerk (40 Notary Public, State of isconsin, runty of Brown ? 1 1u. rv1 Notary pires VICKY FELTY Notary Public Publication Cost:$727.65 State of Wisconsin Ad No:0005876650 Customer No: 1490432 PO#: NOTICE OF PUBLIC HEARING #of Affidavits 1 This is not an invoice CITY OF CORPUS CHRISTI,TEXAS NOTICE OF PUBLIC HEARING • NOTICE IS HEREBY GIV- EN THAT a public hearing • will be conducted by the r City Council of Corpus Christi, Texas (the "City") on February 13, 2024, at or after 11:30 a.m- at the Corpus Christi Regional Transportation Authority, 602 N. Staples Street, 2nd Floor Board Room (Room210), Corpus Christi, TX. The public hearing wilt be held to consider pro- Posed assessments to be levied against the assessa- ble property within Im- provement Area Nt of the Whitecap Public Improve- ment District No. 1 (the "District") pursuant to the provisions of Chapter 372 of the Texas Local Government Code, as amended, The proposed Authorized improvements to be under- taken at this time (the Im• provement Area 41 Im- provements) Include: (1) design, construction and other allowed costs related to street and roadway im• provements, including re- lated earthwork, sidewalks, drainage, utility relocation, signalization, landscaping, lighting, signage, and rights-of-way; (2) design, construction and other al- lowed costs related to storm drainage improve- ments; (3) design, con- struction and other allowed costs related to water, wastewater and drainage (including detention) im- provements and facilities; (4) design, construction and other allowed costs re- lated to parks, open space, and recreational improve- ments, including trails, landscaping, and irrigation related thereto; (5) design, construction and other al- lowed costs related to off- street parking facilities, in- cluding related sidewalks, drainage, utility relocation, signalization, landscaping, lighting, signage and rights-of-way; (6) design, construction and other al- lowed costs related to proj- ects similar to those listed in subsections (1) - (5) above authorized by the Act, including similar off- site proiects that provide a benefit to the Property within the District; (7) de- sign, construction and other allowed costs related to special supplemental serv- ices for improvement and promotion of the District, including services related to advertising, promotion, health and sanitation, water and wastewater, pub- lic safety, security, busi- ness recruitment, develop- ment, recreation, and cul- tural enhancement; (8) payment of expenses Incur- red In the establishment, administration and opera- tion of the District; and (9) payment of expenses asso- ciated with financing such public Improvement proj- ects, which may include but are not limited to, costs associated with issuance nnut ¢nIA of ern., rovanrto bonds secured by or on be- half of the District, if nec- essary. The total costs of the Im- provement Area k1 Im- p pravements, including ad- ministrative costs and the costs of issuing bonds, is • $31,943,908. The boundaries of the District include approxi- mately 242.011 acres of land within the corporate limits of the City, and the bounda- ries of Improvement Area #1 of the District include approximately 55.9022 acres of land within the District, all as more partic- ularly described by a metes and bounds description available at COI-PUS Christi City Hall far public inspec- tion. Alt written or oral oblec- lions on the proposed as- sessment within Improve- ment Area In of the District will be considered at the Public hearing. A copy of the proposed Im- provement Area 1/1 Assess- ment Roll, which includes the assessments proposed to be levied against each parcel of land within Im- provement Area k1 of the District that benefits from the Improvement Area 41 Improvements, is available for public inspection at the office of the City Secretory, 1201 Leopard Street, Corpus Christi,Texas,78401. s!Rebecca Huerta City Secretory