2018 Reserve Study. Peridia Property Owners Association, Inc Peridia Boulevard East Bradenton, Florida

Transcription

1 2018 Reserve Study Peridia Property Owners Association, Inc Peridia Boulevard East Bradenton, Florida Report No: 5319 January 1, December 31, 2018

2 Table of Contents Introduction 1-1 Letter of Introduction 1-2 Summary of Recommendation & Findings 1-3 Report Process 1-4 Florida Statutory Requirements 1-6 Reserve Study Accounting Explanation 1-7 Report Definitions / Unit Abbreviations 1-8 Company Information / Update Reports 1-9 Terms and Conditions 1-10 Report Notes Graphs 2-1 Charts & Graphs Straight Line Plan / Component Schedule 3-1 Straight Line Plan Summary 3-2 Straight Line Plan / Component Schedule Pooled Cash Flow Year Pooled Cash Flow Plan Photos 5-1 Reserve Component Photographs

3 Section 1 Introduction This section of the report includes a cover letter, report definitions and terminology used as well as information such as any Federal, State and local governing laws or regulations. Also included in this section are this report's terms and conditions as well as this Company's background.

4 August 8, 2017 Board of Directors Peridia Property Owners Association, Inc Peridia Boulevard East Bradenton, Florida Re: Reserve Study Report As authorized, this reserve study report has been prepared on the Peridia Property Owners Association, Inc. property, located at 4950 Peridia Boulevard East in Bradenton, Florida. A summary of our recommendations and findings can be found on the next page. Your report has been divided into sections for easier referencing. This first section titled INTRODUCTION includes all of your general information such as report definitions, accounting formulas used, statutory requirements, etc. Section two of the report titled "GRAPHS" shows in graph form the reserve schedules we have calculated and should give you a better understanding of the numbers. In this report we have taken two approaches to calculating the reserve contribution amount. Section three titled "SCHEDULE" uses straight line accounting method. This schedule will give you the recommended straight line contribution amount. Section four titled "CASH FLOW" calculates the annual contribution amount based on a thirty year positive cash flow. The total recommended contribution amount using this method is based on pooling all of the reserve funds and creating one general reserve fund. For further explanation of these two funding methods, please refer to the Reserve Study Accounting page in section 1. Thank you for allowing my Company the opportunity of serving you and your Association. Upon your review of this report, should there be any questions, please do not hesitate to contact me. Prepared By, D.J. Muehlstedt, Jr. Sr. Reserve Analyst/Insurance Appraiser CCI, CCC, Certified Marshall & Swift Reviewed By, Dreux Isaac President Dreux Isaac & Associates, Inc. Page 1-1 Reserve Study

5 Summary of Recommendations and Findings 1. General Information Property Name: Peridia Property Owners Association, Inc. Property Location: Bradenton, Florida Property Number: 5229 Report Run Date: 08/07/2017 Property Type: Homeowners Report No: 5319 Total Units: 649 Budget Year Begins: 01/01/2018 Phase: Phase 1 (1 of 1) Budget Year Ends: 12/31/ Report Findings Total number of categories set up in reserve schedule: 8 Total number of components scheduled for reserve funding: 284 Total current cost of all scheduled reserve components: $6,320,877 Estimated Beginning Year Reserve Balance: $1,632,877 Total number of components scheduled for replacement in the 2018 Budget Year: 80 Total cost of components scheduled for replacement in the 2018 Budget Year: $1,094, Straight Line Reserve Funding Plan Analysis Current Annual Reserve Funding Contribution Amount: $388,260 Recommended Annual Reserve Funding Contribution Amount: $770,092 Increase (decrease) between Current & Recommended Contribution Amounts: $381,832 Increase (decrease) between Current & Recommended Contribution Amounts: 98.34% Year Pooled Cash Flow Funding Plan Analysis Current Annual Reserve Funding Contribution Amount: $388,260 Recommended 2018 Reserve Funding Contribution Amount: $555,786 Recommended 2018 Planned Special Assessment Amount: $0 Total 2018 Reserve Funding and Planned Special Assessment Amount: $555,786 Increase (decrease) between Current & Recommended Contribution Amounts: $167,526 Increase (decrease) between Current & Recommended Contribution Amounts: 43.15% Dreux Isaac & Associates, Inc. Page 1-2 Reserve Study

6 Report Process The purpose of this report is to provide Peridia Property Owners Association, Inc. with specific information necessary in establishing a capital reserves program for the current budget year beginning January 1, 2018 and ending December 31, The process of preparing this report began with an on-site inspection of the Association's property. During this inspection, an initial review was made of past reserve expenditures and the current reserve plan. From there, a complete inventory was made of the common area elements and a reserve component list was developed. Using this list, a takeoff was then made of each component through a review of available construction drawings, checking maintenance records, taking pertinent measurements and noting its current observed physical condition. Additional background information on the property was obtained through discussions with various contact personnel. Using the information gathered during the site inspection, calculations were then performed to determine the correct quantity of each component. From there cost estimates were then prepared based on a combination of local contractor information, any available bid proposals, and our own database of construction costs. Asset lives have been determined using a combination of published guidelines and our review of the properties climatic conditions and the components observed physical condition noted during our site inspection. Based on the latest available financial records, projections were made as to what the Association's end of year reserve balances would be. However, accumulating interest on the varying reserve balance amounts and/or unplanned expenditures may cause the actual end of year reserve balances to differ from what is presented in this report. Dreux Isaac & Associates, Inc. Page 1-3 Reserve Study

7 Florida Statutory Reserve Requirements Note-Part of Chapter 720, Florida Statues, addresses the reserve budget requirements for Homeowners Associations. Below is an excerpt from this Chapter which addresses this requirement. (Taken from Part I General Provisions, Chapter Florida Statues) (6) BUDGETS.-- (b) In addition to annual operating expenses, the budget may include reserve accounts for capital expenditures and deferred maintenance for which the association is responsible to the extent that the governing documents do not limit increases in assessments, including reserves. If the budget of the association includes reserve accounts, such reserves shall be determined, maintained, and waived in the manner provided in this subsection. Once an association provides for reserve accounts in the budget, the association shall thereafter determine, maintain, and waive reserves in compliance with this subsection. (c) If the budget of the association does not provide for reserve accounts governed by this subsection and the association is responsible for the repair and maintenance of capital improvements that may result in a special assessment if reserves are not provided, each financial report for the preceding fiscal year required by subsection (7) shall contain the following statement in conspicuous type: THE BUDGET OF THE ASSOCIATION DOES NOT PROVIDE FOR RESERVE ACCOUNTS FOR CAPITAL EXPENDITURES AND DEFERRED MAINTENANCE THAT MAY RESULT IN SPECIAL ASSESSMENTS. OWNERS MAY ELECT TO PROVIDE FOR RESERVE ACCOUNTS PURSUANT TO THE PROVISIONS OF SECTION (6), FLORIDA STATUTES, UPON THE APPROVAL OF NOT LESS THAN A MAJORITY OF THE TOTAL VOTING INTERESTS OF THE ASSOCIATION. (d) An association shall be deemed to have provided for reserve accounts when reserve accounts have been initially established by the developer or when the membership of the association affirmatively elects to provide for reserves. If reserve accounts are not initially provided for by the developer, the membership of the association may elect to do so upon the affirmative approval of not less than a majority of the total voting interests of the association. Such approval may be attained by vote of the members at a duly called meeting of the membership or upon a written consent executed by not less than a majority of the total voting interests in the community. The approval action of the membership shall state that reserve accounts shall be provided for in the budget and designate the components for which the reserve accounts are to be established. Upon approval by the membership, the board of directors shall provide for the required reserve accounts for inclusion in the budget in the next fiscal year following the approval and in each year thereafter. Once established as provided in this subsection, the reserve accounts shall be funded or maintained or shall have their funding waived in the manner provided in paragraph (f). (e) The amount to be reserved in any account established shall be computed by means of a formula that is based upon estimated remaining useful life and estimated replacement cost or deferred maintenance expense of each reserve item. The association may adjust replacement reserve assessments annually to take into account any changes in estimates of cost or useful life of a reserve item. (f) Once a reserve account or reserve accounts are established, the membership of the association, upon a majority vote at a meeting at which a quorum is present, may provide for no reserves or less reserves than required by this section. If a meeting of the unit owners has been called to determine whether to waive or reduce the funding of reserves and no such result is achieved or a quorum is not present, the reserves as included in the budget shall go into effect. After the turnover, the developer may vote its voting interest to waive or reduce the funding of reserves. Any vote taken pursuant to this subsection to waive or reduce reserves shall be applicable only to one budget year. Dreux Isaac & Associates, Inc. Page 1-4 Reserve Study

8 Florida Statutory Reserve Requirements (g) Funding formulas for reserves authorized by this section shall be based on either a separate analysis of each of the required assets or a pooled analysis of two or more of the required assets. 1. If the association maintains separate reserve accounts for each of the required assets, the amount of the contribution to each reserve account shall be the sum of the following two calculations: a. The total amount necessary, if any, to bring a negative component balance to zero. b. The total estimated deferred maintenance expense or estimated replacement cost of the reserve component less the estimated balance of the reserve component as of the beginning of the period for which the budget will be in effect. The remainder, if greater than zero, shall be divided by the estimated remaining useful life of the component. The formula may be adjusted each year for changes in estimates and deferred maintenance performed during the year and may include factors such as inflation and earnings on invested funds. 2. If the association maintains a pooled account of two or more of the required reserve assets, the amount of the contribution to the pooled reserve account as disclosed on the proposed budget shall not be less than that required to ensure that the balance on hand at the beginning of the period for which the budget will go into effect plus the projected annual cash inflows over the remaining estimated useful life of all of the assets that make up the reserve pool are equal to or greater than the projected annual cash outflows over the remaining estimated useful lives of all of the assets that make up the reserve pool, based on the current reserve analysis. The projected annual cash inflows may include estimated earnings from investment of principal. The reserve funding formula shall not include any type of balloon payments. (h) Reserve funds and any interest accruing thereon shall remain in the reserve account or accounts and shall be used only for authorized reserve expenditures unless their use for other purposes is approved in advance by a majority vote at a meeting at which a quorum is present. Prior to turnover of control of an association by a developer to parcel owners, the developer-controlled association shall not vote to use reserves for purposes other than those for which they were intended without the approval of a majority of all nondeveloper voting interests voting in person or by limited proxy at a duly called meeting of the association. (8) ASSOCIATION FUNDS; COMMINGLING.-- (i) All association funds held by a developer shall be maintained separately in the association's name. Reserve and operating funds of the association shall not be commingled prior to turnover except the association may jointly invest reserve funds; however, such jointly invested funds must be accounted for separately. Dreux Isaac & Associates, Inc. Page 1-5 Reserve Study

9 Reserve Study Accounting This reserve study report calculates the annual reserve contribution using two methods. These are as follows: Straight Line Funding Plan This plan utilizes straight line accounting formulas. Straight line accounting is based on current costs and neither interest or inflation are factored into the calculations. Straight line accounting takes each individual component line item in the reserve schedule breakdown and computes its' annual contribution amount by taking its' unfunded balance (current replacement cost minus projected year end reserve balance) and divides it by the component's remaining life. This is the amount that should be contributed into the reserves accounts over the component's remaining life. 30 Year Pooled Cash Flow Plan To calculate the annual contribution amount using this method, a thirty year cash flow analysis is performed to determine that there will be adequate reserve funds on deposit as the reserve components of the property age and are repaired and/or replaced. This analysis takes the total beginning year reserve balance along with the projected annual reserve expenditures over a thirty year period, and through pooling of all of the reserve funds and creating one general reserve fund, arrives at an annual contribution amount so as to provide a positive cash flow and adequate reserve account balance over the next thirty years. Unlike straight line accounting, the numbers calculated in the thirty year cash flow plan factor in both interest and inflation as well as any annual contribution increases. Dreux Isaac & Associates, Inc. Page 1-6 Reserve Study

10 Report Definitions Reserves Monies set aside for the projected repair and/or replacement of the associations common elements. Component A specific item or element which is part of the association's common area assets and is considered to require reserve funding. Quantity The quantity or amount of each reserve component element. Units The unit of measurement for each quantity. Cost Per Unit The estimated cost to replace a reserve component per unit of measurement. Current Cost The estimated current cost to replace a reserve component. Useful Life The total average estimated life, in years, of a component to maintain its useful purpose. Remaining Life The estimated remaining useful life, in years, of a reserve component as of the current budget year. 12/31/2017 Balance A projection of estimated reserve funds at the end of the previous budget year. Unfunded Balance The total remaining amount of reserve funds that are required to fully fund a component. Calculated by subtracting the component's current replacement cost from its' year-end reserve balance Contribution This is the total annual contribution amount for the current budget year calculated by dividing every component's unfunded balance by its' remaining life. Unit Abbreviations Sq Ft - Square Feet Lp Sm - Lump Sum Dbl Ct - Double Tennis Court Ln Ft - Linear Feet Allow - Allowance Court - Court Each - Each Hp - Horsepower Units - Units Sq Yds - Square Yards Cu Ft - Cubic Feet Cu Yds - Cubic Yards Kw - Kilowatts Pair - Pair Squares - Squares (roofing) Dreux Isaac & Associates, Inc. Page 1-7 Reserve Study

11 Company Information Since 1989 Dreux Isaac & Associates has been serving community associations, businesses, private clubs and non-profit organizations throughout Florida and the Southeast United States by performing reserve studies, insurance appraisals and turnover reports. Experience - We have inspected and prepared thousands of reserve studies and insurance appraisals for all sizes and types of communities, located in large cities, small towns, resort areas and remote islands. Training - All technical work is performed by professionals with backgrounds in engineering or architecture. Accuracy - All our reports are based on local data and conditions which we continuously monitor. Understandability - We re numbers people, but many who read and use our reports are not. So we summarize the data and present it to you in a way that is clear and logical. Compliance - The reports we prepare will comply with all governing regulations for your association. Safety - We carry errors and omissions, liability and workers compensation insurance. Update Reports Inflation, labor rates, material availability, taxes, insurance and asset lives are just but a few of the ever changing variables addressed in your reserve study report. It is important that you keep your reserve plan on target with annual update reports. Since the initial calculations on the property have now been performed, we can offer this service to you (with or without site re-inspection) at just a percentage of the cost of your "First Time" reserve study. We recommend annual update reports (without site re-inspection) for the first three years following your 1st time reserve study. In performing these reports, we will take the information from your computer file and calculate current replacement cost values, asset lives and financial figures based on the latest available information. Then in the fourth year we suggest making a brief site re-inspection to observe the present physical condition of your reserve components to determine if any adjustments should be made to the remaining life expectancies, or unit costs of each component. Once completed we can then repeat this four year cycle of your reserve program for as long as you wish. By following this recommended plan, your reserve program will have the most accurate information available each year from which you can make sound budget decisions. To make this process easier, we can set you up on our three year automatic update service to make sure you do not miss an update. To get started just contact us at or update@dia-corp.com. Dreux Isaac & Associates, Inc. Page 1-8 Reserve Study

12 Terms and Conditions Dreux Isaac & Associates, Inc. uses various sources to accumulate data on construction material and labor prices in order to arrive at its opinion of cost. The information obtained from these sources is considered to be correct and reasonable, but is not guaranteed. No liability is assumed as a result of inaccuracies or errors in such information or estimates, although reasonable efforts have been made to confirm them. Unless noted, each component cost is based on replacing that component as a complete unit at one time. While all cost data is believed to be accurate and reliable to within reasonable limits, other factors such as inflation, availability of materials and qualified personnel and/or acts of nature as well as catastrophic conditions, could significantly affect current prices. No consideration has been given to labor bonuses; material premiums; additional costs to conform property replaced to building codes, ordinances or other legal restrictions; or the cost of demolition in connection with replacement or the removal of destroyed property. No value of land has been included. We have no present or contemplated future interest in the property that is the subject of this report and that we have no personal interest or bias with respect to the subject matter of this report or the parties involved. We certify that neither the employment to prepare this report, nor the compensation, is contingent upon the estimates of value contained herein. In the event that complete construction plans/blueprints were not available for use in the completion of this report, assumptions were made regarding unseen construction components, based on our experience with properties similar to the subject. In the event that these assumptions are in error, we reserve the right to modify this appraisal, including value conclusions. Information, estimates, and opinions furnished and contained in the report, were obtained from sources considered reliable and are believed to be true and correct. However, for accuracy of such items furnished we can assume no responsibility. Our assessment of the useful and remaining lives and/or physical condition of the assets described within has been based upon visual inspection. No testing has been performed. No warranty is made and no liability is assumed for the soundness of the structure or its components. The report data derived and expressed within is not applicable to any other property regardless of similarity. The authors of this report shall not be required to give testimony or appear in court or at any administrative proceeding relating to this report, unless this report is, by agreement, made in anticipation of litigation. The liability of Dreux Isaac & Associates, Inc., the author(s) of this report, and any other employees of Dreux Isaac & Associates, Inc. is limited in total to the fee collected for preparation of this report. According to the best of our knowledge and belief, the statements of fact contained in this report which are used as the basis of the analysis, opinions and conclusions stated herein, are true and correct. Acceptance of, and/or use of, this report constitutes acceptance of the above conditions. Dreux Isaac & Associates, Inc. Page 1-9 Reserve Study

13 Report Notes 1. Renovation allowances for the restrooms at both the pool deck and the clubhouse kitchen are only factoring the one restroom currently in use at each location. The second restroom at each location is currently being used for storage. 2. Allowances established in the current reserve schedule are based on what is typically observed at other similar properties. These allowance lives and costs are subjective in nature and can be adjusted in a future update report to better reflect this particular property once a documented history and frequency of spending is better known for each of the asset allowances as currently shown in this reserve schedule. 3. To comply with Chapter (6)(g)(2) Florida Statutes, for pooled cash flow plan funding calculations, any component whose remaining live is greater than 30 years has been shortened to 30 years and their cost proportionally reduced. This provides for full funding of this component over its' remaining life. 4. Based on information from the State of Florida's Compliance Office for the Division of Florida Condominiums, Timeshares, and Mobile Homes, the maximum annual funding increase in the pooled cash flow plan, except for year one, has been set to not exceed the plan's inflation rate. Otherwise it may be considered a balloon payment, which is prohibited under Chapter (6)(g)(2) Florida Statutes. 5. On the straight line plan summary page the range of useful life and remaining life numbers shown on this "Reserve Schedule Summary" page reflect the minimum and maximum life expectancies of the individual items within each category. 6. In the straight line plan the reserve balance has been allocated to those components which have the shortest remaining life. This also provides for the lowest straight line contribution amount using this plan. However effective July 1, 2007, per Florida Statute (6)(h) homeowner associations in Florida can only re-allocate (use) reserve funds for purposes other than which they were authorized for by getting approval in advance by a vote of the majority of the voting interests. Dreux Isaac & Associates, Inc. Page 1-10 Reserve Study

14 Section 2 Graphs This section of the report shows in graph form the summary of our findings and compares those findings to both current and ideal values. The purpose of these graphs is to give you a better understanding and comprehension of the numbers contained in the report. The values represented in these graphs can be traced to the schedules found in sections 3 (Schedule) and 4 (Cash Flow) of the report.

15 Chart A 2018 Current Reserve Component Costs 87,213 (1.38%) Painting & Waterproofing 116,944 (1.85%) Paving 333,743 (5.28%) Roofs 171,616 (2.72%) Mechanical & Electrical 279,268 (4.42%) Misc Building Components 2,753,278 (43.56%) Golf Course 1,264,342 (20.00%) Misc Site Improvements 1,314,473 (20.80%) Furniture, Fixtures & Equipment Dreux Isaac & Associates, Inc. Page 2-1 Reserve Study

16 Chart B 2018 Actual vs. 100% Funded Straight Line Reserve Balances 1,632,877 3,717,514 Estimated 2018 Beginning Year Balances 100% Funded Straight Line 2018 Beginning Year Balances Actual beginning year balances are estimates only based on the latest financial information. 100% funded beginning year balances are based on straight line accounting formulas. Dreux Isaac & Associates, Inc. Page 2-2 Reserve Study

17 Chart C 2018 Funding Contribution Comparisons 388, , , Annual Contribution Proposed 2018 Straight Line Contribution Proposed 2018 Cash Flow Plan Contribution Proposed 2018 Straight Line Contribution = Unfunded Balance / Remaining Life Dreux Isaac & Associates, Inc. Page 2-3 Reserve Study

18 Chart D 30 Year Pooled Cash Flow Plan Thousands 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, , , , , , ,055 1,063, Beginning Year Balance Annual Expenditures Annual Contribution Dreux Isaac & Associates, Inc. Page 2-4 Reserve Study

19 Section 3 Schedule This section of the report utilizes straight line accounting formulas. Straight line accounting is based on current costs and neither interest or inflation are factored into the calculations. Straight line accounting takes each individual line item component listed in the reserve schedule breakdown and computes its annual contribution amount by taking its unfunded balance (current replacement cost minus projected year end reserve balance) and divides it by the component's remaining life. This is the amount that should normally be contributed into the reserve accounts over the component's remaining life.

20 Straight Line Plan Summary Description Current Cost Useful Life Remg Life 12/31/2017 Balance Unfunded Balance 2018 Contribution Roofs 333, , ,743 14,249 Painting & Waterproofing 87, ,447 8,766 2,922 Paving 116, ,324 12,620 1,402 Mechanical & Electrical 171, ,319 61,297 7,099 Misc Building Components 279, , ,036 36,231 Misc Site Improvements 1,264, ,906 1,068, ,136 Furniture, Fixtures & Equipment 1,314, , , ,909 Golf Course 2,753, ,640 2,399, ,144 Grand Total 6,320,877 1,632,877 4,688, ,092 Dreux Isaac & Associates, Inc. Page 3-1 Reserve Study

21 Description Quantity Units Straight Line Plan Detail Cost Per Unit Current Cost Useful Life Remg Life 12/31/17 Balance Unfunded Balance 2018 Contribution Roofs Roof, Architectural Shingle - Pump House 5 Squares , , Roof, Concrete Barrel Tile - Golf Restroom Bldg (2 Total) 8 Squares 1, , , Roof, Metal - Clubhouse 171 Squares 1, , ,126 7,880 Roof, Metal - Pro Shop 79 Squares 1, , ,374 3,641 Roof, Metal Panel - Maintenance Bldg 41 Squares , ,037 1,150 Skylight, Plexiglas Panel - Clubhouse 112 Sq Ft , , Skylight, Prefab 2' x 2' - Golf Restroom Bldg (2 Total) 4 Each , , Roofs Total 7 Components 333, , ,743 14,249 Painting & Waterproofing Paint Exterior - Entry Monument Clubhouse 1 Total Paint Exterior - Entry Monuments (x3) SR 70 1 Total 5, , , Paint Exterior - Monument (x4) Peridia & Pro Am 1 Total 1, , , Paint Exterior - Monument w/rig (x2) Peridia 1 Total Paint Exterior & Repair Allow - Site Wall & Soil Bins Maint 1 Total 19, , , Paint Exterior & Repair Allow - Site Wall 45th Street East 1 Total 34, , , Paint Exterior and Interior - Golf Restroom Bldg (2 Total) 2 Total 1, , , Paint Exterior and Waterproof - Clubhouse 1 Total 6, , , Paint Exterior and Waterproof - Pro Shop 1 Total 3, , , Paint Exterior and Waterproof - Pump House 1 Total Paint Interior - Clubhouse 1 Total 10, , ,219 7,540 2,513 Paint Interior - Pro Shop 1 Total 1, , , Painting & Waterproofing Total 12 Components 87, ,447 8,766 2,922 Paving Asphalt Overlay, 1" Milled - Clubhouse Parking Lot 9,407 Sq Yds , , Pavers, Interlocking - Clubhouse Covered Entry 1,313 Sq Ft , , Pavers, Interlocking - Clubhouse Parking Lot Entry 739 Sq Ft , , Paving Total 3 Components 116, ,324 12,620 1,402 Mechanical & Electrical A/C Air Handler Unit, 2 Ton - Pro Shop 1 Each 1, , , A/C Air Handler Unit, 4 Ton - Pro Shop 1 Each 3, , , A/C Air Handler Unit, 5 Ton - Kitchen 1 Each 4, , , A/C Air Handler Unit, 5 Ton - Kitchen 1 Each 4, , , A/C Air Handler Unit, 7.5 Ton - Clubhouse #4 1 Each 6, , , A/C Air Handler Unit, 10 Ton - Clubhouse #3 1 Each 8, , , Dreux Isaac & Associates, Inc. Page 3-2 Reserve Study

22 Description Quantity Units Cost Per Unit Current Cost Useful Life Remg Life 12/31/17 Balance Unfunded Balance 2018 Contribution A/C Air Handler Unit, 15 Ton - Clubhouse #1 1 Each 13, , , A/C Air Handler Unit, 15 Ton - Clubhouse #2 1 Each 13, , ,475 1,225 A/C Air Handler Unit, 15 Ton - Clubhouse #5 1 Each 13, , , A/C Condensing Unit, 2 Ton - Pro Shop 1 Each 2, , , A/C Condensing Unit, 4 Ton - Pro Shop 1 Each 3, , , A/C Condensing Unit, 5 Ton - Kitchen 1 Each 4, , , A/C Condensing Unit, 5 Ton - Kitchen 1 Each 4, , , A/C Condensing Unit, 7.5 Ton - Clubhouse #4 1 Each 6, , , A/C Condensing Unit, 10 Ton - Clubhouse #3 1 Each 9, , , A/C Condensing Unit, 12.5 Ton - Clubhouse #2 1 Each 10, , , A/C Condensing Unit, 15 Ton - Clubhouse #1 1 Each 13, , , A/C Condensing Unit, 15 Ton - Clubhouse #5 1 Each 13, , , A/C Window Unit - Clubhouse Kitchen 2 Each 1, , , A/C Window Unit - Maintenance Bldg 1 Each 1, , A/C Window Unit - Pro Shop 2 Each 1, , , Drinking Fountain, Indoor - Clubhouse 1 Each 1, , , Drinking Fountain, Outdoor - Clubhouse 1 Each 1, , , Drinking Fountain, Outdoor - Golf Restroom Bldg (2 Total) 2 Each 1, , , Exhaust Fan - Maintenance Bldg 1 Each 2, , , Fire Alarm System - Clubhouse 1 Total 10, , , Plumbing, Backflow Preventer 1 Each 2, , , Water Heater, Electric - Pro Shop 1 Each Water Heater, LP Gas - Clubhouse 1 Each 8, , , Mechanical & Electrical Total 29 Components 171, ,319 61,297 7,099 Misc Building Components Clubhouse Access Control, Surveillance System - Clubhouse 1 Total 20, , ,000 3,333 Built-In Cabinets & Counters - CH Lakeside Bar 1 Total 9, , , Built-In Cabinets & Counters - CH Palm Room 1 Total 4, , ,430 3,350 1,117 Door Automatic Opener, Pair Swing - Clubhouse 1 Each 4, , ,258 2, Finish, Carpet - CH Lakeside Dining/Bar 95 Sq Yds , , Finish, Carpet - CH Palm Room 126 Sq Yds , , Finish, Carpet - Clubhouse Main Dining 208 Sq Yds , , Finish, Carpet - Clubhouse Offices 77 Sq Yds , , Finish, Carpet - Clubhouse Rose Room 46 Sq Yds , , Finish, Clg, 2x2 SAT - CH Lakeside Dining/Bar 449 Sq Ft , , Finish, Clg, 2x2 SAT - CH Lobby Restrooms 350 Sq Ft , , Finish, Clg, 2x2 SAT - CH Palm Room 454 Sq Ft , , Finish, Clg, 2x2 SAT - CH Pool Restrooms 93 Sq Ft Finish, Clg, 2x2 SAT - Clubhouse Main Dining 1,868 Sq Ft , , Finish, Clg, 2x2 SAT - Clubhouse Offices 689 Sq Ft , , Finish, Clg, 2x2 SAT - Clubhouse Rose Room 207 Sq Ft , , Dreux Isaac & Associates, Inc. Page 3-3 Reserve Study

23 Description Quantity Units Cost Per Unit Current Cost Useful Life Remg Life 12/31/17 Balance Unfunded Balance 2018 Contribution Finish, Clg, 2x4 SAT - Clubhouse Drink Station 119 Sq Ft Finish, Clg, 2x4 SAT - Clubhouse Kitchen 1,075 Sq Ft , , Finish, Tile Floor - CH Exterior Side Entry 189 Sq Ft , , Finish, Tile Floor - CH Lakeside Bar 275 Sq Ft , , Finish, Tile Floor - CH Lobby Restrooms 350 Sq Ft , , Finish, Tile Floor - CH Pool Restrooms 93 Sq Ft , Finish, Tile Floor - Clubhouse Drink Station 119 Sq Ft , , Finish, Tile Floor - Clubhouse Kitchen 1,075 Sq Ft , ,143 9,704 3,235 Finish, Tile Walls - CH Lobby Restrooms 618 Sq Ft , , Finish, Tile Walls - CH Pool Restrooms 315 Sq Ft , ,225 2, Finish, Wood Floor - Clubhouse Lobby & Banquet 1,109 Sq Ft , ,336 1,485 Gutters & Downspouts - Clubhouse 600 Ln Ft , , Railing, Alum Picket, 42" - Clubhouse Terrace 98 Ln Ft , , Renovation Allowance - Tiki Bar Pool Deck 1 Total 4, , , Restroom Renovation Allowance - CH Kitchen 1 Total 2, , , Restroom Renovation Allowance - CH Lobby 1 Total 23, , ,922 1,495 Restroom Renovation Allowance - CH Pool 1 Total 5, , ,773 4,154 1,385 Golf Restroom Restroom Renovation Allowance - Golf RR Bldgs 2 Each 4, , ,376 1,339 Maintenance Access Control, Surveillance System Maint Bldg 1 Total 3, , , Door, Metal Overhead, 8 x 8 - Maintenance Bldg 1 Each 1, , , Door, Metal Overhead, 12 x 8 - Maintenance Bldg 1 Each 1, , , Door, Metal Overhead, 12 x 10 - Maintenance Bldg 1 Each 1, , , Gutters & Downspouts - Maintenance Bldg 224 Ln Ft , , Pro Shop Built-In Cabinets & Counters - Pro Shop Snack Shop 1 Total 6, , ,999 4,681 1,560 Door, Metal Overhead - Pro Shop 2 Each 1, , , Finish, Carpet - Pro Shop & Golf Pro Office 113 Sq Yds , ,406 3,294 1,098 Finish, Clg, 2x2 SAT - Pro Shop Restrooms 239 Sq Ft , , Finish, Clg, 2x2 SAT - Pro Shop/Snack Shop/Office 1,179 Sq Ft , ,131 4,991 1,664 Finish, Rubber Brick Pavers - Pro Shop & Bridge 1 Total 10, , ,241 7,593 2,531 Finish, Tile Floor - Pro Shop Restrooms 239 Sq Ft , , Finish, Tile Floor - Pro Shop Snack Shop 164 Sq Ft , , Finish, Tile Walls - Pro Shop Restrooms 703 Sq Ft , ,734 6,405 2,135 Gutters & Downspouts - Pro Shop 400 Ln Ft , , Renovation Allowance - Pro Shop Reception Desk 1 Total 4, , ,455 3,407 1,136 Restroom Renovation Allowance - Pro Shop 1 Total 9, , ,819 6,605 2,202 Misc Building Components Total 51 Components 279, , ,036 36,231 Misc Site Improvements Fountains Fountain Basin Resurfacing - Clubhouse 433 Sq Ft , , Dreux Isaac & Associates, Inc. Page 3-4 Reserve Study

24 Description Quantity Units Cost Per Unit Current Cost Useful Life Remg Life 12/31/17 Balance Unfunded Balance 2018 Contribution Fountain, Lake, Pump/Motor - Clubhouse 1 Each 10, , ,857 1,357 Fountain, Pump/Motor/Filter Allowance - Clubhouse 1 Total 2, , , Fountain, Underwater Lighting - Clubhouse 9 Total , ,327 3,110 1,037 Irrigation Irrigation Capital Allowance - Golf Course 1 Total 500, , , ,000 Irrigation Control Equipment, Field Units 9 Each 3, , , Irrigation Liquid Fertilization System 1 Total 10, , ,054 1,436 Irrigation Pump Station Control Panel - Flowtronex 1 Total 150, , ,000 12,500 Irrigation Pump/Motor, 25 Hp 1 Each 7, , ,511 1,502 Irrigation Pump/Motor, 75 Hp 1 Each 14, , ,135 2,827 Irrigation Pump/Motor, 75 Hp 1 Each 14, , ,135 1,767 Irrigation Pump/Motor, Irrigation Well - Main Entyr SR 70 1 Each 3, , , Irrigation Pump/Motor, Recharge Well 1 Each 8, , , Irrigation Pump/Motor, Recharge Well 1 Each 8, , ,000 1,600 Irrigation System Allowance - HOA Commons 1 Total 25, , , Lighting Light Fixture, Uplight - Clubhouse & Pro Shop 20 Each , ,360 1,170 Light Fixture, Uplight - Entry Monument Clubhouse 2 Each Light Fixture, Uplight - Entry Monuments (x3) SR Each , ,616 1,123 Light Fixture, Uplight - Monuments Peridia & Pro Am 12 Each , ,616 1,123 Light Pole & Dbl Fixture, 16' - Peridia Blvd (Median) 6 Each 2, , ,928 3,586 Light Pole & Dbl Fixture, 30' - Clubhouse Parking Lot 6 Each 3, , ,500 3,900 Light Pole & Fixture, 6' Lantern - CH, Pool & Pro Shop 21 Each , ,479 2,096 Monuments, Walls & Fencing Fence, Alum Picket, 4' - Pool Deck 320 Ln Ft , ,240 3,648 Fence, PVC, 6' Solid Panel - 45th Street East 1,428 Ln Ft , ,578 36,487 12,162 Fence, Wood Slat, 6' - 45th Street East 397 Ln Ft , , Fence, Wood Slat, 6' - Property Line Lot's 16 & Ln Ft , , Fence/Rlg, Alum Picket - Monument w/rig (x2) Peridia 144 Ln Ft , , Retaining Wall, PT Wood - Irrigation Well 70 Sq Ft , , Signage Replacement Allowance - 45th Street East 2 Total 4, , , Site Column, CBS - Monument (x4) Peridia & Pro Am 8 Each , , Site Column, CBS - Monument w/rig (x2) Peridia 8 Each , , Site Wall, CBS - Entry Monument Clubhouse 258 Sq Ft , , Site Wall, CBS - Entry Monuments (x3) SR 70 1,089 Sq Ft , ,832 1,675 Site Wall, CBS - Monument (x4) Peridia & Pro Am 492 Sq Ft , , Site Wall, CBS - Monument w/rig (x2) Peridia 210 Sq Ft , , Other Flag Pole, Tap Brushed Alum - Clubhouse 1 Each 2, , , Landscape Allowance 1 Total 50, , ,000 10,000 Park, Bench 2 Each Park, Bench - Golf Course 18 Each , ,885 4,415 1,472 Stormwater Drainage Control Structure Allowance 1 Total 50, , ,000 12,500 Dreux Isaac & Associates, Inc. Page 3-5 Reserve Study

25 Description Quantity Units Cost Per Unit Current Cost Useful Life Remg Life 12/31/17 Balance Unfunded Balance 2018 Contribution Pool Awning Fabric, Recover - Tiki Bar Pool Deck 312 Sq Ft , , Awning Frame, Replace - Tiki Bar Pool Deck 312 Sq Ft , , Pool Deck Finish, Acrylic Coating 4,200 Sq Ft , , Pool Deck Finish, Re-Stain 4,200 Sq Ft , , Pool Equipment, Filtration System 1 Total 19, , ,239 1,749 Pool Equipment, Heat Pump 1 Each 6, , , Pool Equipment, Heater, Gas 1 Each 2, , , Pool Finish, Exposed Aggregate & Tile Trim 1 Total 21, , , Tennis Tennis Court Ball Machine 1 Each 2, , , Tennis Court Fencing, VC Chain Link 1 Total 15, , , Tennis Court Light Fixture 12 Each , , Tennis Court Resurfacing, Asphalt 19,950 Sq Ft , , Tennis Court Windscreen, 6' 537 Ln Ft , , Misc Site Improvements Total 53 Components 1,264, ,906 1,068, ,136 Furniture, Fixtures & Equipment Electronics Computer Server 1 Each 6, , , Computer Server 1 Each 6, , , Computer Workstation 8 Each 1, , , Computer Workstation, Point Of Sale 6 Each 1, , , Electronics, Sound System - Clubhouse 1 Total 16, , ,997 2,833 Electronics, Telephone System 1 Total 11, , ,332 2,833 Electronics, TV 4 Each 1, , , Housekeeping, Carpet Cleaner 1 Each 4, , ,351 3,166 1,055 Office, Copy Machine 1 Each 8, , , Office, Photo ID System 1 Total 3, , , Furnishings Furnishings Allowance - Clubhouse Offices 1 Total 10, , , Furnishings Allowance - Event Tables & Chairs 1 Total 25, , , Furnishings/Decorating Allowance - CH Lakeside Bar 1 Total 40, , , Furnishings/Decorating Allowance - CH Main Dining 1 Total 40, , , Furniture, Outdoor - Clubhouse Terrace 1 Total 3, , , Furniture, Outdoor - Pool Deck 1 Total 15, , ,212 1,902 Furniture, Outdoor - Pro Shop Patio 1 Total 3, , , Golf Maintenance Equipment Golf Maint, Aerator - Procore Each 27, , ,070 5,414 Golf Maint, Aerator - Verti Drain Each 20, , , Golf Maint, Aerator, Turf - Toro Each 5, , ,761 4,124 1,375 Golf Maint, Core Harvester 1 Each 6, , , Golf Maint, Gas/Oil/Diesel Tanks Allowance 1 Each 15, , ,037 1,671 Dreux Isaac & Associates, Inc. Page 3-6 Reserve Study

26 Description Quantity Units Cost Per Unit Current Cost Useful Life Remg Life 12/31/17 Balance Unfunded Balance 2018 Contribution Golf Maint, Grinder, Accu-Spin - Foley 1 Each 5, , , Golf Maint, Grinder, Bed Knife - Foley Each 17, , , Golf Maint, Grinder, Reel Unit - Accupro Each 28, , , Golf Maint, Lift 1 Each 7, , ,992 1,142 Golf Maint, Loader - John Deere 1 Each 6, , , Golf Maint, Mower - John Deere Z920M 1 Each 10, , , Golf Maint, Mower, Fairway - Jacobsen LF Each 43, , , Golf Maint, Mower, Fairway - Reelmaster 3100D 1 Each 37, , ,555 9,389 Golf Maint, Mower, Fairway - Reelmaster 3550D 1 Each 45, , ,529 31,690 10,563 Golf Maint, Mower, Fairway - Toro RM3100D 1 Each 2, , , Golf Maint, Mower, Greens - GreensMaster Each 19, , , Golf Maint, Mower, Greens - Greensmaster Each 40, , ,283 10,071 Golf Maint, Mower, Greens Walking - Toro Flex 21 2 Each 4, , , Golf Maint, Mower, Greens Walking - Toro Flex 21 1 Each 3, , , Golf Maint, Mower, Verticutters - Toro Greensmaster 1 Each 3, , , Golf Maint, Reels - 5 Unit Transport Frame 1 Each 28, , ,614 20,177 6,726 Golf Maint, Roller w/trailer - Salsco 2 Each 8, , ,254 3,451 Golf Maint, Sand Rake - John Deere 1 Each 11, , , Golf Maint, Sand Rake - John Deere 1 Each 16, , ,551 1,655 Golf Maint, Sand Rake - Toro Sand Pro 1 Each 11, , , Golf Maint, Spray Rig - Multi Pro 1 Each 29, , , Golf Maint, Top Dresser 1 Each 14, , ,144 1,414 Golf Maint, Top Dresser - Turfco Wide Spin Each 17, , , Golf Maint, Tractor - John Deere 2WD 1 Each 28, , , Golf Maint, Tractor - Kubota 4WD F Each 28, , ,569 20,072 6,691 Golf Maint, Tractor - Kubota 4WD w/rops 1 Each 28, , , Golf Maint, Tractor - Kubota Diesel 4x4 (Steiner) 1 Each 28, , ,641 7,160 Golf Maint, Utility Vehicle - Carryall Each 10, , ,035 7,111 2,370 Golf Maint, Utility Vehicle - Carryall Each 11, , ,452 8,087 2,696 Golf Maint, Utility Vehicle - Cushman Truckster 1 Each 16, , , Golf Maint, Utility Vehicle - Workman HDX 2 Each 24, , ,000 12,000 Golf Maint, Utility Vehicle, Golf Cart 1 Each 3, , , Golf Maint, Vehicle, Pick-Up Truck GMC 1 Each 26, , , Golf Pro Shop Equipment Golf Pro, Ball Washer 1 Each 1, , , Golf Pro, Display Fixtures - Pro Shop 1 Total 18, , ,387 12,618 4,206 Golf Pro, Ice & Water Machine 1 Each 8, , ,394 5,608 1,869 Golf Pro, Practice Cage 1 Each 3, , , Restaurant, Freezer, Reach-In - Pro Shop Snack Shop 1 Each 4, , , Restaurant, Ice Machine - Pro Shop Snack Shop 1 Each 5, , ,647 3,858 1,286 Restaurant, Sink, 3-Comp - Pro Shop Snack Shop 1 Each 2, , , Restaurant Restaurant, Banquet Equipment Allowance 1 Total 15, , ,000 2,500 Restaurant, BBQ Grill, LP Gas 2 Each 4, , ,460 5,764 1,921 Restaurant, Bread Warmer, 2 Drawer - Clubhouse 1 Each 2, , , Dreux Isaac & Associates, Inc. Page 3-7 Reserve Study

27 Description Quantity Units Cost Per Unit Current Cost Useful Life Remg Life 12/31/17 Balance Unfunded Balance 2018 Contribution Restaurant, Chafing Dish Allowance - Clubhouse 1 Total 7, , ,921 1,980 Restaurant, Char-Broiler - Clubhouse 1 Each 4, , ,439 3,371 1,124 Restaurant, Chefs Table, Cold Drwrs, Steam Tbl - CH 1 Total 33, , ,571 2,238 Restaurant, China/Glassware/Silverware Allowance 1 Total 25, , ,480 17,520 5,840 Restaurant, Convection Oven, Dbl - Clubhouse 1 Each 10, , , Restaurant, Cook & Hold Oven, Alto Sham - Clubhouse 1 Each 8, , ,590 1,227 Restaurant, Cooler, Keg - CH Lakeside Bar 1 Each 2, , , Restaurant, Cooler, UC 1 Dr - Clubhouse 1 Each 2, , , Restaurant, Cooler, UC 2 Dr w/top - C 1 Each 4, , , Restaurant, Cooler, UC 2 Dr - CH Lakeside Bar 1 Each 3, , , Restaurant, Cooler, Upright - CH Lakeside Bar 1 Each 3, , , Restaurant, Cooler, Upright, 1 Door - Clubhouse 1 Each 3, , , Restaurant, Cooler, Upright, 2 Door - Clubhouse 1 Each 5, , , Restaurant, Cooler, Walk-In - Clubhouse 1 Each 19, , , Restaurant, Cooler, Wine, Glass Dr - CH Lakeside Bar 1 Each 2, , , Restaurant, Dishwasher - Clubhouse 1 Each 5, , ,327 1,332 Restaurant, Exhaust Hood - Clubhouse 1 Total 26, , ,629 4,438 Restaurant, Fire Suppression System - Clubhouse 1 Total 5, , , Restaurant, Freezer, Ice Cream Chest - Clubhouse 1 Each 2, , , Restaurant, Freezer, UC - Clubhouse 1 Each 2, , , Restaurant, Freezer, Walk-In - Clubhouse 1 Each 11, , , Restaurant, Fryer - Clubhouse 2 Each 3, , , Restaurant, Glass Washer - CH Lakeside Bar 1 Each 6, , , Restaurant, Ice Bin w/bottle Well - CH Lakeside Bar 2 Each 2, , , Restaurant, Ice Machine - Clubhouse 1 Each 5, , ,825 1,456 Restaurant, Microwave - Clubhouse 1 Each 1, , , Restaurant, Mixer - Clubhouse 1 Each 2, , , Restaurant, Range, 6 Burner - Clubhouse 1 Each 5, , ,709 1,427 Restaurant, Range, Griddle Top - Clubhouse 1 Each 5, , , Restaurant, Range, Grill Top - Clubhouse 1 Each 4, , , Restaurant, Sink, 1-Compartment - Clubhouse 2 Each 1, , , Restaurant, Sink, 3-Compartment - Clubhouse 2 Each 2, , , Restaurant, Sink, Hand - CH Lakeside Bar 2 Each , , Restaurant, Sink, Hand - Clubhouse 1 Each Restaurant, Slicer - Clubhouse 1 Each 1, , , Restaurant, Steam Table - Clubhouse 1 Each 2, , , Restaurant, Steamer - Clubhouse 1 Each 3, , , Restaurant, Tables & Shelving Allowance - Clubhouse 1 Total 8, , , Restaurant, Toaster - Clubhouse 1 Each 1, , , Furniture, Fixtures & Equipment Total 104 Components 1,314, , , ,909 Dreux Isaac & Associates, Inc. Page 3-8 Reserve Study

28 Description Quantity Units Cost Per Unit Current Cost Useful Life Remg Life 12/31/17 Balance Unfunded Balance 2018 Contribution Golf Course Bridge Deck Boards, PT Wood - Hole # Sq Ft , , Bridge Framing, PT Wood - Hole # Sq Ft , , Bulkhead, PT Wood - Driving Range 117 Ln Ft , ,943 1,611 Bulkhead, PT Wood - Hole # Ln Ft , , Bulkhead, PT Wood - Hole # Ln Ft , , Bulkhead, PT Wood - Hole # Ln Ft , , Bulkhead, PT Wood - Hole # Ln Ft , , Bulkhead, PT Wood - Hole # Ln Ft , ,717 6,310 Cart Path Concrete Repair Allowance 1 Total 10, , , Golf Course Fairways, Re-Grass 1 Total 957, , , ,508 Golf Course Greens, Rebuild USGA Spec 19 Each 38, , , ,908 Golf Course Lake Embankment Allownace 1 Total 50, , ,000 2,632 Golf Course Lake Embankments - Phase 3 1 Total 40, , , Golf Course Lake Embankments - Phase 4 1 Total 40, , , Golf Course Lake Embankments - Phase 5 1 Total 40, , ,967 28,033 9,344 Golf Course Lake Embankments - Phase 6 1 Total 40, , ,000 10,000 Golf Course Lake Embankments - Phase 7 1 Total 40, , ,000 8,000 Golf Course Lake Embankments - Phase 8 1 Total 40, , ,000 6,667 Golf Course Lake Embankments - Phase 9 1 Total 40, , ,000 5,714 Golf Course Lake Embankments - Phase 10 1 Total 40, , ,000 5,000 Golf Course Lake Embankments - Phase 11 1 Total 40, , ,000 4,444 Golf Course Lake Embankments - Phase 12 1 Total 40, , ,000 4,000 Golf Course Tee Leveling 18 Each 9, , ,172 25,596 Golf Course, Sand Bunker Allowance 1 Total 75, , ,000 7,500 Golf Course, Tee Markers 1 Total 6, , , Golf Course Total 25 Components 2,753, ,640 2,399, ,144 Grand Total 284 Components 6,320,877 1,632,877 4,688, ,092 Dreux Isaac & Associates, Inc. Page 3-9 Reserve Study

29 Section 4 Pooled Cash Flow This section of the report shows an alternate funding plan to that given in the previous section. While all of the same reserve components, costs and life expectancies used in the previous section are used here, the method of calculating the annual reserve contribution is based on a thirty year cash flow analysis. This funding plan takes the total beginning year reserve balance in year one along with the projected annual reserve expenditures over a thirty year period, and through pooling of all of the reserve funds and creating one general reserve fund, arrives at an annual contribution amount so as to provide a positive cash flow and adequate reserve account balance over the next thirty years. Unlike the straight line accounting plan used in the previous section, the numbers calculated in the thirty year cash flow plan factor in both interest and inflation as well as any annual contribution increases.

30 Cash Flow Plan Summary No Year Beginning Year Balance Annual Reserve Contribution Annual Increase Planned Special Assessments Expenses Inflation Rate Earned Interest Interest Rate Ending Year Balance ,632, , % 0 1,094, % 5, % 1,099, ,099, , % 0 422, % 9, % 1,259, ,259, , % 0 456, % 13, % 1,406, ,406, , % 0 875, % 14, % 1,153, ,153, , % 0 348, % 21, % 1,451, ,451, , % 0 1,383, % 12, % 724, , , % 0 1,290, % 1, % 100, , , % 0 330, % 10, % 457, , , % 0 518, % 15, % 646, , , % 0 279, % 32, % 1,104, ,104, , % 0 523, % 39, % 1,340, ,340, , % 0 556, % 45, % 1,564, ,564, , % 0 775, % 46, % 1,585, ,585, , % 0 298, % 61, % 2,115, ,115, , % 0 379, % 75, % 2,593, ,593, , % 0 494, % 86, % 2,984, ,984, , % 0 1,815, % 59, % 2,043, ,043, , % 0 378, % 74, % 2,571, ,571, , % 0 516, % 87, % 2,990, ,990, , % 0 354, % 105, % 3,607, ,607, , % 0 1,140, % 100, % 3,451, ,451, , % 0 549, % 114, % 3,919, ,919, , % 0 666, % 125, % 4,299, ,299, , % 0 1,032, % 126, % 4,333, ,333, , % 0 955, % 130, % 4,467, ,467, , % 0 2,378, % 92, % 3,161, ,161,064 1,000, % 0 2,801, % 40, % 1,400, ,400,981 1,020, % 0 390, % 60, % 2,091, ,091,944 1,042, % 0 1,908, % 36, % 1,262, ,262,024 1,063, % 0 740, % 47, % 1,632,877 Grand Total 23,963, ,656,773 1,692,819 Dreux Isaac & Associates, Inc. Page 4-1 Reserve Study

31 Cash Flow Plan Details Category Description Cost Year 1: 2018 Mechanical & Electrical A/C Air Handler Unit, 7.5 Ton - Clubhouse #4 6,511 Mechanical & Electrical A/C Air Handler Unit, 10 Ton - Clubhouse #3 8,643 Mechanical & Electrical A/C Air Handler Unit, 15 Ton - Clubhouse #1 13,475 Mechanical & Electrical A/C Air Handler Unit, 15 Ton - Clubhouse #5 13,475 Mechanical & Electrical A/C Condensing Unit, 7.5 Ton - Clubhouse #4 6,737 Mechanical & Electrical A/C Condensing Unit, 10 Ton - Clubhouse #3 9,152 Mechanical & Electrical A/C Condensing Unit, 15 Ton - Clubhouse #1 13,981 Mechanical & Electrical A/C Condensing Unit, 15 Ton - Clubhouse #5 13,981 Mechanical & Electrical Drinking Fountain, Outdoor - Clubhouse 1,222 Mechanical & Electrical Fire Alarm System - Clubhouse 10,000 Mechanical & Electrical Water Heater, Electric - Pro Shop 624 Misc Building Components Finish, Carpet - CH Lakeside Dining/Bar 3,952 Misc Building Components Finish, Carpet - CH Palm Room 5,241 Misc Building Components Finish, Carpet - Clubhouse Main Dining 8,651 Misc Building Components Finish, Carpet - Clubhouse Offices 3,203 Misc Building Components Finish, Carpet - Clubhouse Rose Room 1,914 Misc Building Components Finish, Clg, 2x2 SAT - CH Lakeside Dining/Bar 2,712 Misc Building Components Finish, Clg, 2x2 SAT - CH Palm Room 2,743 Misc Building Components Finish, Clg, 2x2 SAT - CH Pool Restrooms 562 Misc Building Components Finish, Clg, 2x2 SAT - Clubhouse Main Dining 11,283 Misc Building Components Finish, Clg, 2x2 SAT - Clubhouse Offices 4,162 Misc Building Components Finish, Clg, 2x2 SAT - Clubhouse Rose Room 1,251 Misc Building Components Finish, Clg, 2x4 SAT - Clubhouse Drink Station 719 Misc Building Components Finish, Clg, 2x4 SAT - Clubhouse Kitchen 6,493 Misc Building Components Renovation Allowance - Tiki Bar Pool Deck 4,563 Misc Site Improvements Irrigation Control Equipment, Field Units 31,500 Misc Site Improvements Irrigation System Allowance - HOA Commons 25,000 Misc Site Improvements Retaining Wall, PT Wood - Irrigation Well 1,801 Misc Site Improvements Signage Replacement Allowance - 45th Street East 8,000 Misc Site Improvements Pool Deck Finish, Acrylic Coating 16,506 Misc Site Improvements Pool Finish, Exposed Aggregate & Tile Trim 21,043 Furniture, Fixtures & Equipment Computer Server 6,477 Furniture, Fixtures & Equipment Furnishings Allowance - Clubhouse Offices 10,000 Furniture, Fixtures & Equipment Furnishings Allowance - Event Tables & Chairs 25,000 Furniture, Fixtures & Equipment Furnishings/Decorating Allowance - CH Lakeside Bar 40,000 Furniture, Fixtures & Equipment Furnishings/Decorating Allowance - CH Main Dining 40,000 Furniture, Fixtures & Equipment Furniture, Outdoor - Clubhouse Terrace 3,270 Furniture, Fixtures & Equipment Furniture, Outdoor - Pro Shop Patio 3,396 Furniture, Fixtures & Equipment Golf Maint, Aerator - Verti Drain ,647 Furniture, Fixtures & Equipment Golf Maint, Grinder, Bed Knife - Foley ,425 Furniture, Fixtures & Equipment Golf Maint, Grinder, Reel Unit - Accupro ,988 Furniture, Fixtures & Equipment Golf Maint, Loader - John Deere 6,917 Furniture, Fixtures & Equipment Golf Maint, Mower - John Deere Z920M 10,165 Dreux Isaac & Associates, Inc. Page 4-2 Reserve Study

32 Category Description Cost Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Jacobsen LF ,549 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - GreensMaster ,606 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 8,510 Furniture, Fixtures & Equipment Golf Maint, Sand Rake - Toro Sand Pro 11,231 Furniture, Fixtures & Equipment Golf Maint, Spray Rig - Multi Pro 29,701 Furniture, Fixtures & Equipment Golf Maint, Top Dresser - Turfco Wide Spin ,231 Furniture, Fixtures & Equipment Golf Maint, Tractor - John Deere 2WD 28,641 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Cushman Truckster 16,652 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle, Golf Cart 3,722 Furniture, Fixtures & Equipment Golf Maint, Vehicle, Pick-Up Truck GMC 26,851 Furniture, Fixtures & Equipment Golf Pro, Ball Washer 1,920 Furniture, Fixtures & Equipment Restaurant, Freezer, Reach-In - Pro Shop Snack Shop 4,225 Furniture, Fixtures & Equipment Restaurant, Convection Oven, Dbl - Clubhouse 10,944 Furniture, Fixtures & Equipment Restaurant, Cooler, Keg - CH Lakeside Bar 2,998 Furniture, Fixtures & Equipment Restaurant, Cooler, UC 2 Door w/top - Clubhouse 4,508 Furniture, Fixtures & Equipment Restaurant, Cooler, UC 2 Dr - CH Lakeside Bar 3,920 Furniture, Fixtures & Equipment Restaurant, Cooler, Upright - CH Lakeside Bar 3,587 Furniture, Fixtures & Equipment Restaurant, Cooler, Upright, 1 Door - Clubhouse 3,587 Furniture, Fixtures & Equipment Restaurant, Cooler, Upright, 2 Door - Clubhouse 5,401 Furniture, Fixtures & Equipment Restaurant, Cooler, Walk-In - Clubhouse 19,528 Furniture, Fixtures & Equipment Restaurant, Freezer, Ice Cream Chest - Clubhouse 2,347 Furniture, Fixtures & Equipment Restaurant, Freezer, Walk-In - Clubhouse 11,836 Furniture, Fixtures & Equipment Restaurant, Fryer - Clubhouse 7,132 Furniture, Fixtures & Equipment Restaurant, Ice Bin w/bottle Well - CH Lakeside Bar 4,902 Furniture, Fixtures & Equipment Restaurant, Microwave - Clubhouse 1,685 Furniture, Fixtures & Equipment Restaurant, Mixer - Clubhouse 2,826 Furniture, Fixtures & Equipment Restaurant, Range, Griddle Top - Clubhouse 5,844 Furniture, Fixtures & Equipment Restaurant, Range, Grill Top - Clubhouse 4,523 Furniture, Fixtures & Equipment Restaurant, Steam Table - Clubhouse 2,385 Furniture, Fixtures & Equipment Restaurant, Toaster - Clubhouse 1,290 Golf Course Bridge Deck Boards, PT Wood - Hole #18 19,080 Golf Course Bridge Framing, PT Wood - Hole #18 45,000 Golf Course Bulkhead, PT Wood - Hole # 3 57,280 Golf Course Bulkhead, PT Wood - Hole # 4 30,430 Golf Course Bulkhead, PT Wood - Hole #12 47,614 Golf Course Bulkhead, PT Wood - Hole #15 52,268 Golf Course Golf Course Lake Embankments - Phase 3 40,000 Year 1 Total 1,094,139 Year 2: 2019 Roofs Roof, Concrete Barrel Tile - Golf Restroom Bldg (2 Total) 8,240 Painting & Waterproofing Paint Exterior - Entry Monument Clubhouse 548 Painting & Waterproofing Paint Exterior - Entry Monuments (x3) SR 70 5,772 Painting & Waterproofing Paint Exterior - Monument (x4) Peridia & Pro Am 1,248 Painting & Waterproofing Paint Exterior - Monument w/rig (x2) Peridia 650 Dreux Isaac & Associates, Inc. Page 4-3 Reserve Study

33 Category Description Cost Painting & Waterproofing Paint Exterior & Repair Allowance - Site Wall & Soil Bins Maintenance 20,024 Painting & Waterproofing Paint Exterior & Repair Allowance - Site Wall 45th Street East 35,077 Painting & Waterproofing Paint Exterior and Interior - Golf Restroom Bldg (2 Total) 2,324 Painting & Waterproofing Paint Exterior and Waterproof - Clubhouse 6,380 Painting & Waterproofing Paint Exterior and Waterproof - Pro Shop 3,972 Painting & Waterproofing Paint Exterior and Waterproof - Pump House 951 Paving Asphalt Overlay, 1" Milled - Clubhouse Parking Lot 107,454 Mechanical & Electrical A/C Air Handler Unit, 4 Ton - Pro Shop 3,094 Mechanical & Electrical A/C Condensing Unit, 4 Ton - Pro Shop 3,178 Mechanical & Electrical Drinking Fountain, Indoor - Clubhouse 1,259 Mechanical & Electrical Drinking Fountain, Outdoor - Golf Restroom Bldg (2 Total) 2,517 Misc Site Improvements Fountain Basin Resurfacing - Clubhouse 6,173 Misc Site Improvements Irrigation Pump/Motor, Recharge Well 8,240 Misc Site Improvements Fence, Wood Slat, 6' - 45th Street East 7,447 Misc Site Improvements Park, Bench 721 Misc Site Improvements Pool Deck Finish, Re-Stain 4,369 Misc Site Improvements Tennis Court Ball Machine 2,121 Misc Site Improvements Tennis Court Fencing, VC Chain Link 16,040 Misc Site Improvements Tennis Court Light Fixture 10,531 Misc Site Improvements Tennis Court Resurfacing, Asphalt 16,439 Misc Site Improvements Tennis Court Windscreen, 6' 2,766 Furniture, Fixtures & Equipment Computer Server 6,671 Furniture, Fixtures & Equipment Computer Workstation 14,535 Furniture, Fixtures & Equipment Computer Workstation, Point Of Sale 11,890 Furniture, Fixtures & Equipment Office, Copy Machine 9,123 Furniture, Fixtures & Equipment Office, Photo ID System 3,595 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Toro RM3100D 3,001 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 3,356 Furniture, Fixtures & Equipment Golf Maint, Sand Rake - John Deere 11,568 Furniture, Fixtures & Equipment Golf Maint, Tractor - Kubota 4WD w/rops 29,500 Golf Course Cart Path Concrete Repair Allowance 10,300 Golf Course Golf Course Lake Embankments - Phase 4 41,200 Year 2 Total 422,274 Year 3: 2020 Painting & Waterproofing Paint Interior - Clubhouse 11,414 Painting & Waterproofing Paint Interior - Pro Shop 1,857 Mechanical & Electrical A/C Air Handler Unit, 2 Ton - Pro Shop 2,008 Mechanical & Electrical A/C Condensing Unit, 2 Ton - Pro Shop 2,171 Mechanical & Electrical A/C Window Unit - Clubhouse Kitchen 2,249 Mechanical & Electrical A/C Window Unit - Maintenance Bldg 1,125 Mechanical & Electrical A/C Window Unit - Pro Shop 2,249 Misc Building Components Built-In Cabinets & Counters - CH Palm Room 5,071 Misc Building Components Door Automatic Opener, Pair Swing - Clubhouse 4,461 Misc Building Components Finish, Tile Floor - CH Exterior Side Entry 2,583 Dreux Isaac & Associates, Inc. Page 4-4 Reserve Study

34 Category Description Cost Misc Building Components Finish, Tile Floor - CH Pool Restrooms 1,271 Misc Building Components Finish, Tile Floor - Clubhouse Drink Station 1,626 Misc Building Components Finish, Tile Floor - Clubhouse Kitchen 14,689 Misc Building Components Finish, Tile Walls - CH Pool Restrooms 4,344 Misc Building Components Restroom Renovation Allowance - CH Kitchen 2,262 Misc Building Components Restroom Renovation Allowance - CH Pool 6,288 Misc Building Components Built-In Cabinets & Counters - Pro Shop Snack Shop 7,087 Misc Building Components Finish, Carpet - Pro Shop & Golf Pro Office 4,986 Misc Building Components Finish, Clg, 2x2 SAT - Pro Shop Restrooms 1,532 Misc Building Components Finish, Clg, 2x2 SAT - Pro Shop/Snack Shop/Office 7,556 Misc Building Components Finish, Rubber Brick Pavers - Pro Shop & Bridge 11,494 Misc Building Components Finish, Tile Floor - Pro Shop Restrooms 3,267 Misc Building Components Finish, Tile Floor - Pro Shop Snack Shop 2,242 Misc Building Components Finish, Tile Walls - Pro Shop Restrooms 9,696 Misc Building Components Renovation Allowance - Pro Shop Reception Desk 5,158 Misc Building Components Restroom Renovation Allowance - Pro Shop 9,998 Misc Site Improvements Fountain, Pump/Motor/Filter Allowance - Clubhouse 2,122 Misc Site Improvements Fountain, Underwater Lighting - Clubhouse 4,707 Misc Site Improvements Fence, PVC, 6' Solid Panel - 45th Street East 55,236 Misc Site Improvements Park, Bench - Golf Course 6,684 Furniture, Fixtures & Equipment Housekeeping, Carpet Cleaner 4,792 Furniture, Fixtures & Equipment Golf Maint, Aerator, Turf - Toro 686 6,243 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Reelmaster 3550D 47,973 Furniture, Fixtures & Equipment Golf Maint, Reels - 5 Unit Transport Frame 30,544 Furniture, Fixtures & Equipment Golf Maint, Tractor - Kubota 4WD F ,385 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Carryall ,764 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Carryall ,242 Furniture, Fixtures & Equipment Golf Pro, Display Fixtures - Pro Shop 19,102 Furniture, Fixtures & Equipment Golf Pro, Ice & Water Machine 8,489 Furniture, Fixtures & Equipment Restaurant, Ice Machine - Pro Shop Snack Shop 5,840 Furniture, Fixtures & Equipment Restaurant, BBQ Grill, LP Gas 8,725 Furniture, Fixtures & Equipment Restaurant, Char-Broiler - Clubhouse 5,103 Furniture, Fixtures & Equipment Restaurant, China/Glassware/Silverware Allowance 26,522 Golf Course Golf Course Lake Embankments - Phase 5 42,436 Year 3 Total 456,593 Year 4: 2021 Roofs Skylight, Prefab 2' x 2' - Golf Restroom Bldg (2 Total) 1,976 Misc Building Components Access Control, Surveillance System - Maintenance Bldg 3,278 Misc Building Components Door, Metal Overhead, 8 x 8 - Maintenance Bldg 1,459 Misc Building Components Door, Metal Overhead, 12 x 8 - Maintenance Bldg 1,623 Misc Building Components Door, Metal Overhead, 12 x 10 - Maintenance Bldg 2,138 Misc Building Components Door, Metal Overhead - Pro Shop 2,918 Misc Site Improvements Irrigation Capital Allowance - Golf Course 546,363 Misc Site Improvements Stormwater Drainage Control Structure Allowance 54,636 Dreux Isaac & Associates, Inc. Page 4-5 Reserve Study

35 Category Description Cost Misc Site Improvements Pool Deck Finish, Re-Stain 4,635 Furniture, Fixtures & Equipment Electronics, Telephone System 12,383 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Reelmaster 3100D 41,037 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - Greensmaster ,018 Furniture, Fixtures & Equipment Golf Maint, Tractor - Kubota Diesel 4x4 (Steiner) 31,297 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Workman HDX 52,451 Furniture, Fixtures & Equipment Golf Pro, Practice Cage 4,010 Furniture, Fixtures & Equipment Restaurant, Chafing Dish Allowance - Clubhouse 8,655 Furniture, Fixtures & Equipment Restaurant, Dishwasher - Clubhouse 5,821 Furniture, Fixtures & Equipment Restaurant, Ice Machine - Clubhouse 6,365 Furniture, Fixtures & Equipment Restaurant, Range, 6 Burner - Clubhouse 6,238 Golf Course Golf Course Lake Embankments - Phase 6 43,709 Year 4 Total 875,010 Year 5: 2022 Misc Site Improvements Irrigation Pump/Motor, 25 Hp 8,454 Misc Site Improvements Irrigation Pump/Motor, 75 Hp 15,909 Misc Site Improvements Irrigation Pump/Motor, Recharge Well 9,004 Misc Site Improvements Light Fixture, Uplight - Entry Monument Clubhouse 1,053 Misc Site Improvements Light Fixture, Uplight - Entry Monuments (x3) SR 70 6,321 Misc Site Improvements Light Fixture, Uplight - Monument (x4) Peridia & Pro Am 6,321 Misc Site Improvements Light Pole & Dbl Fixture, 16' - Peridia Blvd (Median) 20,178 Misc Site Improvements Light Pole & Dbl Fixture, 30' - Clubhouse Parking Lot 21,947 Misc Site Improvements Light Pole & Fixture, 6' Lantern - Clubhouse, Pool & Pro Shop 11,794 Misc Site Improvements Fence, Alum Picket, 4' - Pool Deck 20,529 Misc Site Improvements Flag Pole, Tap Brushed Alum - Clubhouse 2,845 Misc Site Improvements Landscape Allowance 56,275 Furniture, Fixtures & Equipment Golf Maint, Aerator - Procore ,468 Furniture, Fixtures & Equipment Golf Maint, Mower - John Deere Z920M 11,441 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - GreensMaster ,577 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 9,578 Furniture, Fixtures & Equipment Golf Maint, Mower, Verticutters - Toro Greensmaster 4,456 Furniture, Fixtures & Equipment Golf Maint, Roller w/trailer - Salsco 19,420 Furniture, Fixtures & Equipment Restaurant, Cooler, Wine, Glass Door - CH Lakeside Bar 3,083 Golf Course Golf Course Lake Embankments - Phase 7 45,020 Year 5 Total 348,673 Year 6: 2023 Misc Building Components Access Control, Surveillance System - Clubhouse 23,185 Misc Site Improvements Irrigation Pump/Motor, Irrigation Well - Main Entyr SR 70 3,478 Misc Site Improvements Pool Deck Finish, Re-Stain 4,918 Misc Site Improvements Pool Equipment, Heater, Gas 3,251 Misc Site Improvements Tennis Court Windscreen, 6' 3,113 Furniture, Fixtures & Equipment Computer Server 7,509 Furniture, Fixtures & Equipment Computer Workstation 16,360 Dreux Isaac & Associates, Inc. Page 4-6 Reserve Study

36 Category Description Cost Furniture, Fixtures & Equipment Computer Workstation, Point Of Sale 13,383 Furniture, Fixtures & Equipment Electronics, Sound System - Clubhouse 19,704 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Jacobsen LF ,485 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 3,777 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Cushman Truckster 19,304 Furniture, Fixtures & Equipment Restaurant, Banquet Equipment Allowance 17,389 Furniture, Fixtures & Equipment Restaurant, Exhaust Hood - Clubhouse 30,870 Furniture, Fixtures & Equipment Restaurant, Fire Suppression System - Clubhouse 6,251 Furniture, Fixtures & Equipment Restaurant, Steamer - Clubhouse 4,537 Golf Course Golf Course Fairways, Re-Grass 1,109,477 Golf Course Golf Course Lake Embankments - Phase 8 46,371 Year 6 Total 1,383,362 Year 7: 2024 Painting & Waterproofing Paint Exterior and Interior - Golf Restroom Bldg (2 Total) 2,694 Misc Building Components Restroom Renovation Allowance - Golf Restroom Bldg (2 Total) 11,195 Misc Site Improvements Irrigation Liquid Fertilization System 12,005 Misc Site Improvements Fence, Wood Slat, 6' - Property Line Lot's 16 & 17 5,437 Misc Site Improvements Awning Fabric, Recover - Tiki Bar Pool Deck 4,662 Misc Site Improvements Awning Frame, Replace - Tiki Bar Pool Deck 5,317 Furniture, Fixtures & Equipment Computer Server 7,734 Furniture, Fixtures & Equipment Electronics, TV 5,846 Furniture, Fixtures & Equipment Office, Copy Machine 10,576 Furniture, Fixtures & Equipment Golf Maint, Grinder, Reel Unit - Accupro ,613 Furniture, Fixtures & Equipment Golf Maint, Lift 9,543 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Toro RM3100D 3,479 Furniture, Fixtures & Equipment Golf Pro, Ball Washer 2,293 Furniture, Fixtures & Equipment Restaurant, Convection Oven, Dbl - Clubhouse 13,068 Furniture, Fixtures & Equipment Restaurant, Cook & Hold Oven, Alto Sham - Clubhouse 10,257 Furniture, Fixtures & Equipment Restaurant, Slicer - Clubhouse 1,931 Golf Course Cart Path Concrete Repair Allowance 11,941 Golf Course Golf Course Greens, Rebuild USGA Spec 868,503 Golf Course Golf Course Lake Embankments - Phase 9 47,762 Golf Course Golf Course Tee Leveling 213,941 Golf Course Golf Course, Tee Markers 7,606 Year 7 Total 1,290,403 Year 8: 2025 Misc Site Improvements Fountain, Lake, Pump/Motor - Clubhouse 13,353 Misc Site Improvements Fountain, Pump/Motor/Filter Allowance - Clubhouse 2,460 Misc Site Improvements Irrigation Pump/Motor, 75 Hp 17,384 Misc Site Improvements Light Fixture, Uplight - Clubhouse & Pro Shop 11,512 Misc Site Improvements Pool Deck Finish, Re-Stain 5,217 Furniture, Fixtures & Equipment Furniture, Outdoor - Pool Deck 18,709 Furniture, Fixtures & Equipment Golf Maint, Aerator - Verti Drain ,393 Dreux Isaac & Associates, Inc. Page 4-7 Reserve Study

37 Category Description Cost Furniture, Fixtures & Equipment Golf Maint, Core Harvester 8,507 Furniture, Fixtures & Equipment Golf Maint, Grinder, Accu-Spin - Foley 6,699 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Reelmaster 3550D 55,614 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - Greensmaster ,543 Furniture, Fixtures & Equipment Golf Maint, Reels - 5 Unit Transport Frame 35,409 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Carryall ,478 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Carryall ,192 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle, Golf Cart 4,578 Golf Course Golf Course Lake Embankments - Phase 10 49,195 Year 8 Total 330,243 Year 9: 2026 Painting & Waterproofing Paint Exterior - Entry Monument Clubhouse 674 Painting & Waterproofing Paint Exterior - Entry Monuments (x3) SR 70 7,099 Painting & Waterproofing Paint Exterior - Monument (x4) Peridia & Pro Am 1,535 Painting & Waterproofing Paint Exterior - Monument w/rig (x2) Peridia 799 Painting & Waterproofing Paint Exterior & Repair Allowance - Site Wall & Soil Bins Maintenance 24,627 Painting & Waterproofing Paint Exterior & Repair Allowance - Site Wall 45th Street East 43,140 Painting & Waterproofing Paint Exterior and Waterproof - Clubhouse 7,846 Painting & Waterproofing Paint Exterior and Waterproof - Pro Shop 4,885 Painting & Waterproofing Paint Exterior and Waterproof - Pump House 1,169 Paving Pavers, Interlocking - Clubhouse Covered Entry 10,229 Paving Pavers, Interlocking - Clubhouse Parking Lot Entry 5,757 Mechanical & Electrical Water Heater, LP Gas - Clubhouse 10,847 Misc Building Components Finish, Carpet - CH Lakeside Dining/Bar 5,006 Misc Building Components Finish, Carpet - CH Palm Room 6,639 Misc Building Components Finish, Carpet - Clubhouse Main Dining 10,959 Misc Building Components Finish, Carpet - Clubhouse Offices 4,057 Misc Building Components Finish, Carpet - Clubhouse Rose Room 2,425 Misc Site Improvements Tennis Court Resurfacing, Asphalt 20,218 Furniture, Fixtures & Equipment Furniture, Outdoor - Pro Shop Patio 4,302 Furniture, Fixtures & Equipment Golf Maint, Gas/Oil/Diesel Tanks Allowance 19,048 Furniture, Fixtures & Equipment Golf Maint, Grinder, Bed Knife - Foley ,073 Furniture, Fixtures & Equipment Golf Maint, Mower - John Deere Z920M 12,877 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Reelmaster 3100D 47,574 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - GreensMaster ,172 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 10,780 Furniture, Fixtures & Equipment Golf Maint, Spray Rig - Multi Pro 37,624 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Workman HDX 60,805 Furniture, Fixtures & Equipment Restaurant, Sink, 3-Compartment - Pro Shop Snack Shop 2,985 Furniture, Fixtures & Equipment Restaurant, Range, Griddle Top - Clubhouse 7,403 Furniture, Fixtures & Equipment Restaurant, Sink, 1-Compartment - Clubhouse 3,296 Furniture, Fixtures & Equipment Restaurant, Sink, 3-Compartment - Clubhouse 5,969 Furniture, Fixtures & Equipment Restaurant, Sink, Hand - CH Lakeside Bar 1,373 Furniture, Fixtures & Equipment Restaurant, Sink, Hand - Clubhouse 687 Dreux Isaac & Associates, Inc. Page 4-8 Reserve Study

38 Category Description Cost Furniture, Fixtures & Equipment Restaurant, Tables & Shelving Allowance - Clubhouse 10,914 Furniture, Fixtures & Equipment Restaurant, Toaster - Clubhouse 1,634 Golf Course Golf Course Lake Embankments - Phase 11 50,671 Year 9 Total 518,098 Year 10: 2027 Misc Site Improvements Irrigation Pump/Motor, Recharge Well 10,438 Misc Site Improvements Pool Deck Finish, Re-Stain 5,535 Misc Site Improvements Pool Equipment, Heat Pump 8,506 Misc Site Improvements Tennis Court Windscreen, 6' 3,503 Furniture, Fixtures & Equipment Computer Workstation 18,413 Furniture, Fixtures & Equipment Computer Workstation, Point Of Sale 15,062 Furniture, Fixtures & Equipment Office, Photo ID System 4,554 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 4,251 Furniture, Fixtures & Equipment Golf Maint, Mower, Verticutters - Toro Greensmaster 5,166 Furniture, Fixtures & Equipment Golf Maint, Sand Rake - John Deere 21,595 Furniture, Fixtures & Equipment Golf Maint, Top Dresser 18,455 Furniture, Fixtures & Equipment Restaurant, BBQ Grill, LP Gas 10,730 Furniture, Fixtures & Equipment Restaurant, Cooler, UC 1 Door - Clubhouse 3,011 Golf Course Golf Course Lake Embankments - Phase 12 52,191 Golf Course Golf Course, Sand Bunker Allowance 97,858 Year 10 Total 279,268 Year 11: 2028 Painting & Waterproofing Paint Interior - Clubhouse 14,459 Painting & Waterproofing Paint Interior - Pro Shop 2,352 Mechanical & Electrical A/C Air Handler Unit, 5 Ton - Kitchen 5,733 Mechanical & Electrical A/C Air Handler Unit, 5 Ton - Kitchen 5,733 Mechanical & Electrical A/C Air Handler Unit, 15 Ton - Clubhouse #2 18,109 Mechanical & Electrical A/C Condensing Unit, 5 Ton - Kitchen 5,808 Mechanical & Electrical A/C Condensing Unit, 5 Ton - Kitchen 5,808 Mechanical & Electrical A/C Condensing Unit, 12.5 Ton - Clubhouse #2 14,518 Misc Building Components Finish, Wood Floor - Clubhouse Lobby & Banquet 21,954 Misc Building Components Finish, Carpet - Pro Shop & Golf Pro Office 6,316 Misc Site Improvements Irrigation Control Equipment, Field Units 42,333 Misc Site Improvements Irrigation System Allowance - HOA Commons 33,598 Misc Site Improvements Pool Deck Finish, Acrylic Coating 22,183 Misc Site Improvements Pool Equipment, Filtration System 25,856 Misc Site Improvements Pool Finish, Exposed Aggregate & Tile Trim 28,280 Misc Site Improvements Tennis Court Ball Machine 2,767 Furniture, Fixtures & Equipment Computer Server 8,705 Furniture, Fixtures & Equipment Furniture, Outdoor - Clubhouse Terrace 4,395 Furniture, Fixtures & Equipment Golf Maint, Loader - John Deere 9,296 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Jacobsen LF ,526 Furniture, Fixtures & Equipment Golf Maint, Sand Rake - Toro Sand Pro 15,094 Dreux Isaac & Associates, Inc. Page 4-9 Reserve Study

39 Category Description Cost Furniture, Fixtures & Equipment Golf Maint, Top Dresser - Turfco Wide Spin ,157 Furniture, Fixtures & Equipment Golf Maint, Tractor - John Deere 2WD 38,491 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Cushman Truckster 22,379 Furniture, Fixtures & Equipment Golf Maint, Vehicle, Pick-Up Truck GMC 36,085 Furniture, Fixtures & Equipment Restaurant, Bread Warmer, 2 Drawer - Clubhouse 3,236 Furniture, Fixtures & Equipment Restaurant, Char-Broiler - Clubhouse 6,464 Furniture, Fixtures & Equipment Restaurant, Freezer, Ice Cream Chest - Clubhouse 3,154 Furniture, Fixtures & Equipment Restaurant, Fryer - Clubhouse 9,585 Furniture, Fixtures & Equipment Restaurant, Mixer - Clubhouse 3,798 Golf Course Bridge Deck Boards, PT Wood - Hole #18 25,642 Year 11 Total 523,814 Year 12: 2029 Painting & Waterproofing Paint Exterior and Interior - Golf Restroom Bldg (2 Total) 3,123 Misc Building Components Access Control, Surveillance System - Maintenance Bldg 4,153 Misc Site Improvements Fountain Basin Resurfacing - Clubhouse 8,296 Misc Site Improvements Irrigation Pump Station Control Panel - Flowtronex 207,635 Misc Site Improvements Pool Deck Finish, Re-Stain 5,872 Furniture, Fixtures & Equipment Computer Server 8,966 Furniture, Fixtures & Equipment Electronics, Telephone System 15,686 Furniture, Fixtures & Equipment Office, Copy Machine 12,260 Furniture, Fixtures & Equipment Golf Maint, Aerator - Procore ,471 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Toro RM3100D 4,034 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - Greensmaster ,761 Furniture, Fixtures & Equipment Golf Maint, Sand Rake - John Deere 15,546 Furniture, Fixtures & Equipment Golf Maint, Tractor - Kubota 4WD w/rops 39,646 Furniture, Fixtures & Equipment Restaurant, Freezer, UC - Clubhouse 2,969 Furniture, Fixtures & Equipment Restaurant, Glass Washer - CH Lakeside Bar 8,768 Furniture, Fixtures & Equipment Restaurant, Range, 6 Burner - Clubhouse 7,903 Golf Course Bulkhead, PT Wood - Hole #18 104,810 Golf Course Cart Path Concrete Repair Allowance 13,842 Year 12 Total 556,741 Year 13: 2030 Mechanical & Electrical A/C Air Handler Unit, 7.5 Ton - Clubhouse #4 9,283 Mechanical & Electrical A/C Air Handler Unit, 10 Ton - Clubhouse #3 12,323 Mechanical & Electrical A/C Air Handler Unit, 15 Ton - Clubhouse #1 19,212 Mechanical & Electrical A/C Air Handler Unit, 15 Ton - Clubhouse #5 19,212 Mechanical & Electrical A/C Condensing Unit, 7.5 Ton - Clubhouse #4 9,605 Mechanical & Electrical A/C Condensing Unit, 10 Ton - Clubhouse #3 13,049 Mechanical & Electrical A/C Condensing Unit, 15 Ton - Clubhouse #1 19,934 Mechanical & Electrical A/C Condensing Unit, 15 Ton - Clubhouse #5 19,934 Mechanical & Electrical A/C Window Unit - Clubhouse Kitchen 3,023 Mechanical & Electrical A/C Window Unit - Maintenance Bldg 1,511 Mechanical & Electrical A/C Window Unit - Pro Shop 3,023 Dreux Isaac & Associates, Inc. Page 4-10 Reserve Study

40 Category Description Cost Mechanical & Electrical Water Heater, Electric - Pro Shop 890 Misc Building Components Finish, Rubber Brick Pavers - Pro Shop & Bridge 15,447 Misc Site Improvements Fountain, Pump/Motor/Filter Allowance - Clubhouse 2,852 Misc Site Improvements Fountain, Underwater Lighting - Clubhouse 6,326 Misc Site Improvements Irrigation Pump/Motor, 25 Hp 10,709 Misc Site Improvements Irrigation Pump/Motor, 75 Hp 20,153 Misc Site Improvements Irrigation Pump/Motor, Recharge Well 11,406 Furniture, Fixtures & Equipment Housekeeping, Carpet Cleaner 6,440 Furniture, Fixtures & Equipment Furnishings Allowance - Clubhouse Offices 14,258 Furniture, Fixtures & Equipment Furnishings Allowance - Event Tables & Chairs 35,644 Furniture, Fixtures & Equipment Furnishings/Decorating Allowance - CH Lakeside Bar 57,030 Furniture, Fixtures & Equipment Furnishings/Decorating Allowance - CH Main Dining 57,030 Furniture, Fixtures & Equipment Golf Maint, Aerator, Turf - Toro 686 8,391 Furniture, Fixtures & Equipment Golf Maint, Grinder, Reel Unit - Accupro ,330 Furniture, Fixtures & Equipment Golf Maint, Mower - John Deere Z920M 14,493 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Reelmaster 3550D 64,471 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - GreensMaster ,469 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 12,133 Furniture, Fixtures & Equipment Golf Maint, Reels - 5 Unit Transport Frame 41,049 Furniture, Fixtures & Equipment Golf Maint, Tractor - Kubota 4WD F ,835 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Carryall ,466 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Carryall ,452 Furniture, Fixtures & Equipment Golf Pro, Ball Washer 2,737 Furniture, Fixtures & Equipment Restaurant, China/Glassware/Silverware Allowance 35,644 Furniture, Fixtures & Equipment Restaurant, Convection Oven, Dbl - Clubhouse 15,604 Furniture, Fixtures & Equipment Restaurant, Dishwasher - Clubhouse 7,595 Furniture, Fixtures & Equipment Restaurant, Microwave - Clubhouse 2,402 Furniture, Fixtures & Equipment Restaurant, Steam Table - Clubhouse 3,400 Golf Course Bulkhead, PT Wood - Driving Range 29,860 Year 13 Total 775,625 Year 14: 2031 Roofs Skylight, Plexiglas Panel - Clubhouse 18,750 Mechanical & Electrical A/C Air Handler Unit, 4 Ton - Pro Shop 4,411 Mechanical & Electrical A/C Condensing Unit, 4 Ton - Pro Shop 4,530 Misc Building Components Access Control, Surveillance System - Clubhouse 29,371 Misc Site Improvements Irrigation Pump/Motor, Irrigation Well - Main Entyr SR 70 4,406 Misc Site Improvements Park, Bench 1,028 Misc Site Improvements Pool Deck Finish, Re-Stain 6,230 Misc Site Improvements Pool Equipment, Heater, Gas 4,118 Misc Site Improvements Tennis Court Windscreen, 6' 3,943 Furniture, Fixtures & Equipment Computer Workstation 20,724 Furniture, Fixtures & Equipment Computer Workstation, Point Of Sale 16,953 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Reelmaster 3100D 55,151 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 4,784 Dreux Isaac & Associates, Inc. Page 4-11 Reserve Study

41 Category Description Cost Furniture, Fixtures & Equipment Golf Maint, Tractor - Kubota Diesel 4x4 (Steiner) 42,060 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Workman HDX 70,490 Furniture, Fixtures & Equipment Golf Pro, Practice Cage 5,390 Furniture, Fixtures & Equipment Restaurant, Steamer - Clubhouse 5,748 Year 14 Total 298,087 Year 15: 2032 Mechanical & Electrical A/C Air Handler Unit, 2 Ton - Pro Shop 2,863 Mechanical & Electrical A/C Condensing Unit, 2 Ton - Pro Shop 3,095 Mechanical & Electrical Drinking Fountain, Outdoor - Clubhouse 1,848 Misc Building Components Built-In Cabinets & Counters - CH Lakeside Bar 13,648 Misc Building Components Finish, Tile Floor - CH Lakeside Bar 5,358 Misc Building Components Railing, Alum Picket, 42" - Clubhouse Terrace 11,859 Misc Site Improvements Fence/Rlg, Alum Picket, 24" - Monument w/rig (x2) Peridia 8,713 Misc Site Improvements Landscape Allowance 75,629 Misc Site Improvements Park, Bench - Golf Course 9,529 Misc Site Improvements Awning Fabric, Recover - Tiki Bar Pool Deck 5,905 Furniture, Fixtures & Equipment Golf Maint, Aerator - Verti Drain ,230 Furniture, Fixtures & Equipment Golf Maint, Mower, Verticutters - Toro Greensmaster 5,988 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle, Golf Cart 5,630 Furniture, Fixtures & Equipment Golf Pro, Display Fixtures - Pro Shop 27,234 Furniture, Fixtures & Equipment Golf Pro, Ice & Water Machine 12,104 Furniture, Fixtures & Equipment Restaurant, Freezer, Reach-In - Pro Shop Snack Shop 6,391 Furniture, Fixtures & Equipment Restaurant, Ice Machine - Pro Shop Snack Shop 8,327 Furniture, Fixtures & Equipment Restaurant, Chefs Table, Cold Drawers, Steam Table - Clubhouse 50,779 Furniture, Fixtures & Equipment Restaurant, Cooler, Keg - CH Lakeside Bar 4,535 Furniture, Fixtures & Equipment Restaurant, Cooler, UC 2 Door w/top - Clubhouse 6,819 Furniture, Fixtures & Equipment Restaurant, Cooler, UC 2 Dr - CH Lakeside Bar 5,929 Furniture, Fixtures & Equipment Restaurant, Cooler, Upright - CH Lakeside Bar 5,426 Furniture, Fixtures & Equipment Restaurant, Cooler, Upright, 1 Door - Clubhouse 5,426 Furniture, Fixtures & Equipment Restaurant, Cooler, Upright, 2 Door - Clubhouse 8,169 Furniture, Fixtures & Equipment Restaurant, Cooler, Walk-In - Clubhouse 29,538 Furniture, Fixtures & Equipment Restaurant, Freezer, Walk-In - Clubhouse 17,903 Furniture, Fixtures & Equipment Restaurant, Range, Grill Top - Clubhouse 6,841 Furniture, Fixtures & Equipment Restaurant, Slicer - Clubhouse 2,446 Year 15 Total 379,162 Year 16: 2033 Painting & Waterproofing Paint Exterior - Entry Monument Clubhouse 829 Painting & Waterproofing Paint Exterior - Entry Monuments (x3) SR 70 8,731 Painting & Waterproofing Paint Exterior - Monument (x4) Peridia & Pro Am 1,888 Painting & Waterproofing Paint Exterior - Monument w/rig (x2) Peridia 983 Painting & Waterproofing Paint Exterior & Repair Allowance - Site Wall & Soil Bins Maintenance 30,288 Painting & Waterproofing Paint Exterior & Repair Allowance - Site Wall 45th Street East 53,057 Painting & Waterproofing Paint Exterior and Waterproof - Clubhouse 9,650 Dreux Isaac & Associates, Inc. Page 4-12 Reserve Study

42 Category Description Cost Painting & Waterproofing Paint Exterior and Waterproof - Pro Shop 6,008 Painting & Waterproofing Paint Exterior and Waterproof - Pump House 1,438 Mechanical & Electrical Drinking Fountain, Outdoor - Golf Restroom Bldg (2 Total) 3,808 Misc Building Components Finish, Clg, 2x2 SAT - CH Lobby Restrooms 3,294 Misc Building Components Finish, Tile Floor - CH Lobby Restrooms 7,023 Misc Building Components Finish, Tile Walls - CH Lobby Restrooms 12,517 Misc Building Components Gutters & Downspouts - Clubhouse 5,440 Misc Building Components Restroom Renovation Allowance - CH Lobby 37,270 Misc Building Components Gutters & Downspouts - Pro Shop 3,627 Misc Site Improvements Irrigation Pump/Motor, 75 Hp 22,022 Misc Site Improvements Fence, Wood Slat, 6' - 45th Street East 11,264 Misc Site Improvements Signage Replacement Allowance - 45th Street East 12,464 Misc Site Improvements Pool Deck Finish, Re-Stain 6,609 Misc Site Improvements Tennis Court Resurfacing, Asphalt 24,865 Furniture, Fixtures & Equipment Computer Server 10,091 Furniture, Fixtures & Equipment Furniture, Outdoor - Pool Deck 23,700 Furniture, Fixtures & Equipment Golf Maint, Core Harvester 10,776 Furniture, Fixtures & Equipment Golf Maint, Grinder, Accu-Spin - Foley 8,486 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Jacobsen LF ,848 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - Greensmaster ,760 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Cushman Truckster 25,943 Furniture, Fixtures & Equipment Restaurant, Chafing Dish Allowance - Clubhouse 12,341 Furniture, Fixtures & Equipment Restaurant, Ice Machine - Clubhouse 9,075 Year 16 Total 494,095 Year 17: 2034 Roofs Roof, Architectural Shingle - Pump House 5,825 Painting & Waterproofing Paint Exterior and Interior - Golf Restroom Bldg (2 Total) 3,620 Mechanical & Electrical Exhaust Fan - Maintenance Bldg 3,858 Misc Building Components Door Automatic Opener, Pair Swing - Clubhouse 6,748 Misc Building Components Finish, Carpet - CH Lakeside Dining/Bar 6,342 Misc Building Components Finish, Carpet - CH Palm Room 8,410 Misc Building Components Finish, Carpet - Clubhouse Main Dining 13,882 Misc Building Components Finish, Carpet - Clubhouse Offices 5,140 Misc Building Components Finish, Carpet - Clubhouse Rose Room 3,071 Furniture, Fixtures & Equipment Computer Server 10,394 Furniture, Fixtures & Equipment Electronics, TV 7,857 Furniture, Fixtures & Equipment Office, Copy Machine 14,213 Furniture, Fixtures & Equipment Furniture, Outdoor - Pro Shop Patio 5,450 Furniture, Fixtures & Equipment Golf Maint, Grinder, Bed Knife - Foley ,962 Furniture, Fixtures & Equipment Golf Maint, Mower - John Deere Z920M 16,312 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Toro RM3100D 4,676 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - GreensMaster ,556 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 13,656 Furniture, Fixtures & Equipment Golf Maint, Roller w/trailer - Salsco 27,688 Dreux Isaac & Associates, Inc. Page 4-13 Reserve Study

43 Category Description Cost Furniture, Fixtures & Equipment Golf Maint, Spray Rig - Multi Pro 47,661 Furniture, Fixtures & Equipment Restaurant, BBQ Grill, LP Gas 13,197 Furniture, Fixtures & Equipment Restaurant, Cook & Hold Oven, Alto Sham - Clubhouse 13,784 Furniture, Fixtures & Equipment Restaurant, Range, Griddle Top - Clubhouse 9,378 Furniture, Fixtures & Equipment Restaurant, Toaster - Clubhouse 2,070 Golf Course Cart Path Concrete Repair Allowance 16,047 Golf Course Golf Course Greens, Rebuild USGA Spec 1,167,196 Golf Course Golf Course Tee Leveling 287,518 Golf Course Golf Course, Tee Markers 10,222 Year 17 Total 1,815,733 Year 18: 2035 Misc Site Improvements Fountain, Pump/Motor/Filter Allowance - Clubhouse 3,306 Misc Site Improvements Irrigation Pump/Motor, Recharge Well 13,223 Misc Site Improvements Fence, PVC, 6' Solid Panel - 45th Street East 86,055 Misc Site Improvements Pool Deck Finish, Re-Stain 7,011 Misc Site Improvements Tennis Court Windscreen, 6' 4,438 Furniture, Fixtures & Equipment Computer Workstation 23,325 Furniture, Fixtures & Equipment Computer Workstation, Point Of Sale 19,080 Furniture, Fixtures & Equipment Electronics, Sound System - Clubhouse 28,093 Furniture, Fixtures & Equipment Office, Photo ID System 5,768 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Reelmaster 3550D 74,740 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 5,385 Furniture, Fixtures & Equipment Golf Maint, Reels - 5 Unit Transport Frame 47,587 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Carryall ,770 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Carryall ,072 Furniture, Fixtures & Equipment Restaurant, Banquet Equipment Allowance 24,793 Year 18 Total 378,646 Year 19: 2036 Painting & Waterproofing Paint Interior - Clubhouse 18,316 Painting & Waterproofing Paint Interior - Pro Shop 2,979 Misc Building Components Gutters & Downspouts - Maintenance Bldg 2,220 Misc Building Components Finish, Carpet - Pro Shop & Golf Pro Office 8,001 Misc Site Improvements Site Column, CBS - Monument (x4) Peridia & Pro Am 6,810 Misc Site Improvements Site Column, CBS - Monument w/rig (x2) Peridia 6,810 Misc Site Improvements Site Wall, CBS - Entry Monument Clubhouse 12,840 Misc Site Improvements Site Wall, CBS - Entry Monuments (x3) SR 70 54,192 Misc Site Improvements Site Wall, CBS - Monument (x4) Peridia & Pro Am 24,484 Misc Site Improvements Site Wall, CBS - Monument w/rig (x2) Peridia 10,451 Furniture, Fixtures & Equipment Golf Maint, Aerator - Procore ,085 Furniture, Fixtures & Equipment Golf Maint, Grinder, Reel Unit - Accupro ,350 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Reelmaster 3100D 63,935 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Workman HDX 81,717 Furniture, Fixtures & Equipment Golf Pro, Ball Washer 3,269 Dreux Isaac & Associates, Inc. Page 4-14 Reserve Study

44 Category Description Cost Furniture, Fixtures & Equipment Restaurant, Char-Broiler - Clubhouse 8,189 Furniture, Fixtures & Equipment Restaurant, Convection Oven, Dbl - Clubhouse 18,631 Furniture, Fixtures & Equipment Restaurant, Cooler, Wine, Glass Door - CH Lakeside Bar 4,663 Furniture, Fixtures & Equipment Restaurant, Ice Bin w/bottle Well - CH Lakeside Bar 8,345 Golf Course Golf Course Lake Embankment Allownace 85,122 Year 19 Total 516,409 Year 20: 2037 Misc Building Components Access Control, Surveillance System - Maintenance Bldg 5,261 Misc Building Components Door, Metal Overhead, 8 x 8 - Maintenance Bldg 2,341 Misc Building Components Door, Metal Overhead, 12 x 8 - Maintenance Bldg 2,604 Misc Building Components Door, Metal Overhead, 12 x 10 - Maintenance Bldg 3,432 Misc Building Components Door, Metal Overhead - Pro Shop 4,682 Misc Site Improvements Light Fixture, Uplight - Entry Monument Clubhouse 1,641 Misc Site Improvements Light Fixture, Uplight - Entry Monuments (x3) SR 70 9,848 Misc Site Improvements Light Fixture, Uplight - Monument (x4) Peridia & Pro Am 9,848 Misc Site Improvements Pool Deck Finish, Re-Stain 7,438 Misc Site Improvements Pool Equipment, Heat Pump 11,431 Misc Site Improvements Tennis Court Ball Machine 3,610 Furniture, Fixtures & Equipment Electronics, Telephone System 19,871 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - Greensmaster ,636 Furniture, Fixtures & Equipment Golf Maint, Mower, Verticutters - Toro Greensmaster 6,942 Furniture, Fixtures & Equipment Golf Maint, Sand Rake - John Deere 29,022 Furniture, Fixtures & Equipment Golf Maint, Top Dresser 24,802 Furniture, Fixtures & Equipment Restaurant, Range, 6 Burner - Clubhouse 10,011 Golf Course Golf Course, Sand Bunker Allowance 131,513 Year 20 Total 354,933 Year 21: 2038 Mechanical & Electrical Water Heater, LP Gas - Clubhouse 15,466 Misc Building Components Renovation Allowance - Tiki Bar Pool Deck 8,241 Misc Site Improvements Irrigation Control Equipment, Field Units 56,892 Misc Site Improvements Irrigation Pump/Motor, 25 Hp 13,566 Misc Site Improvements Irrigation Pump/Motor, 75 Hp 25,529 Misc Site Improvements Irrigation Pump/Motor, Recharge Well 14,449 Misc Site Improvements Irrigation System Allowance - HOA Commons 45,153 Misc Site Improvements Fence, Wood Slat, 6' - Property Line Lot's 16 & 17 8,223 Misc Site Improvements Retaining Wall, PT Wood - Irrigation Well 3,253 Misc Site Improvements Pool Deck Finish, Acrylic Coating 29,812 Misc Site Improvements Pool Finish, Exposed Aggregate & Tile Trim 38,006 Furniture, Fixtures & Equipment Computer Server 11,698 Furniture, Fixtures & Equipment Furniture, Outdoor - Clubhouse Terrace 5,906 Furniture, Fixtures & Equipment Golf Maint, Loader - John Deere 12,493 Furniture, Fixtures & Equipment Golf Maint, Mower - John Deere Z920M 18,359 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Jacobsen LF ,654 Dreux Isaac & Associates, Inc. Page 4-15 Reserve Study

45 Category Description Cost Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - GreensMaster ,533 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 15,370 Furniture, Fixtures & Equipment Golf Maint, Sand Rake - Toro Sand Pro 20,284 Furniture, Fixtures & Equipment Golf Maint, Top Dresser - Turfco Wide Spin ,121 Furniture, Fixtures & Equipment Golf Maint, Tractor - John Deere 2WD 51,729 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Cushman Truckster 30,075 Furniture, Fixtures & Equipment Golf Maint, Vehicle, Pick-Up Truck GMC 48,496 Furniture, Fixtures & Equipment Restaurant, Fire Suppression System - Clubhouse 9,739 Furniture, Fixtures & Equipment Restaurant, Freezer, Ice Cream Chest - Clubhouse 4,239 Furniture, Fixtures & Equipment Restaurant, Fryer - Clubhouse 12,881 Furniture, Fixtures & Equipment Restaurant, Mixer - Clubhouse 5,104 Golf Course Bridge Deck Boards, PT Wood - Hole #18 34,461 Golf Course Bridge Framing, PT Wood - Hole #18 81,275 Golf Course Bulkhead, PT Wood - Hole # 3 103,454 Golf Course Bulkhead, PT Wood - Hole # 4 54,960 Golf Course Bulkhead, PT Wood - Hole #12 85,996 Golf Course Bulkhead, PT Wood - Hole #15 94,402 Year 21 Total 1,140,819 Year 22: 2039 Painting & Waterproofing Paint Exterior and Interior - Golf Restroom Bldg (2 Total) 4,197 Paving Asphalt Overlay, 1" Milled - Clubhouse Parking Lot 194,073 Mechanical & Electrical Drinking Fountain, Indoor - Clubhouse 2,273 Misc Building Components Access Control, Surveillance System - Clubhouse 37,206 Misc Site Improvements Fountain Basin Resurfacing - Clubhouse 11,149 Misc Site Improvements Irrigation Liquid Fertilization System 18,703 Misc Site Improvements Irrigation Pump/Motor, Irrigation Well - Main Entyr SR 70 5,581 Misc Site Improvements Pool Deck Finish, Re-Stain 7,891 Misc Site Improvements Pool Equipment, Heater, Gas 5,216 Misc Site Improvements Tennis Court Windscreen, 6' 4,995 Furniture, Fixtures & Equipment Computer Server 12,049 Furniture, Fixtures & Equipment Computer Workstation 26,252 Furniture, Fixtures & Equipment Computer Workstation, Point Of Sale 21,475 Furniture, Fixtures & Equipment Office, Copy Machine 16,477 Furniture, Fixtures & Equipment Golf Maint, Aerator - Verti Drain ,409 Furniture, Fixtures & Equipment Golf Maint, Lift 14,867 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Toro RM3100D 5,421 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 6,061 Furniture, Fixtures & Equipment Golf Maint, Sand Rake - John Deere 20,893 Furniture, Fixtures & Equipment Golf Maint, Tractor - Kubota 4WD w/rops 53,281 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle, Golf Cart 6,924 Furniture, Fixtures & Equipment Restaurant, Dishwasher - Clubhouse 9,910 Furniture, Fixtures & Equipment Restaurant, Steamer - Clubhouse 7,281 Golf Course Cart Path Concrete Repair Allowance 18,603 Year 22 Total 549,187 Dreux Isaac & Associates, Inc. Page 4-16 Reserve Study

46 Category Description Cost Year 23: 2040 Painting & Waterproofing Paint Exterior - Entry Monument Clubhouse 1,019 Painting & Waterproofing Paint Exterior - Entry Monuments (x3) SR 70 10,738 Painting & Waterproofing Paint Exterior - Monument (x4) Peridia & Pro Am 2,322 Painting & Waterproofing Paint Exterior - Monument w/rig (x2) Peridia 1,209 Painting & Waterproofing Paint Exterior & Repair Allowance - Site Wall & Soil Bins Maintenance 37,251 Painting & Waterproofing Paint Exterior & Repair Allowance - Site Wall 45th Street East 65,253 Painting & Waterproofing Paint Exterior and Waterproof - Clubhouse 11,868 Painting & Waterproofing Paint Exterior and Waterproof - Pro Shop 7,388 Painting & Waterproofing Paint Exterior and Waterproof - Pump House 1,769 Mechanical & Electrical A/C Air Handler Unit, 5 Ton - Kitchen 8,174 Mechanical & Electrical A/C Air Handler Unit, 5 Ton - Kitchen 8,174 Mechanical & Electrical A/C Air Handler Unit, 15 Ton - Clubhouse #2 25,819 Mechanical & Electrical A/C Condensing Unit, 5 Ton - Kitchen 8,281 Mechanical & Electrical A/C Condensing Unit, 5 Ton - Kitchen 8,281 Mechanical & Electrical A/C Condensing Unit, 12.5 Ton - Clubhouse #2 20,700 Mechanical & Electrical A/C Window Unit - Clubhouse Kitchen 4,062 Mechanical & Electrical A/C Window Unit - Maintenance Bldg 2,031 Mechanical & Electrical A/C Window Unit - Pro Shop 4,062 Mechanical & Electrical Fire Alarm System - Clubhouse 19,161 Misc Building Components Finish, Rubber Brick Pavers - Pro Shop & Bridge 20,759 Misc Site Improvements Fountain, Lake, Pump/Motor - Clubhouse 20,803 Misc Site Improvements Fountain, Pump/Motor/Filter Allowance - Clubhouse 3,832 Misc Site Improvements Fountain, Underwater Lighting - Clubhouse 8,502 Misc Site Improvements Light Fixture, Uplight - Clubhouse & Pro Shop 17,935 Misc Site Improvements Awning Fabric, Recover - Tiki Bar Pool Deck 7,480 Misc Site Improvements Tennis Court Resurfacing, Asphalt 30,581 Furniture, Fixtures & Equipment Housekeeping, Carpet Cleaner 8,655 Furniture, Fixtures & Equipment Golf Maint, Aerator, Turf - Toro ,276 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Reelmaster 3550D 86,644 Furniture, Fixtures & Equipment Golf Maint, Reels - 5 Unit Transport Frame 55,166 Furniture, Fixtures & Equipment Golf Maint, Tractor - Kubota 4WD F ,879 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Carryall ,441 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Carryall ,110 Furniture, Fixtures & Equipment Restaurant, China/Glassware/Silverware Allowance 47,903 Furniture, Fixtures & Equipment Restaurant, Slicer - Clubhouse 3,098 Year 23 Total 666,626 Year 24: 2041 Roofs Roof, Metal - Clubhouse 373,256 Roofs Roof, Metal - Pro Shop 172,440 Misc Site Improvements Irrigation Pump/Motor, 75 Hp 27,897 Misc Site Improvements Pool Deck Finish, Re-Stain 8,372 Misc Site Improvements Tennis Court Fencing, VC Chain Link 30,735 Dreux Isaac & Associates, Inc. Page 4-17 Reserve Study

47 Category Description Cost Misc Site Improvements Tennis Court Light Fixture 20,178 Furniture, Fixtures & Equipment Furniture, Outdoor - Pool Deck 30,022 Furniture, Fixtures & Equipment Golf Maint, Core Harvester 13,651 Furniture, Fixtures & Equipment Golf Maint, Grinder, Accu-Spin - Foley 10,750 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Reelmaster 3100D 74,118 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - Greensmaster ,502 Furniture, Fixtures & Equipment Golf Maint, Tractor - Kubota Diesel 4x4 (Steiner) 56,525 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Workman HDX 94,732 Furniture, Fixtures & Equipment Golf Pro, Practice Cage 7,243 Furniture, Fixtures & Equipment Restaurant, BBQ Grill, LP Gas 16,231 Furniture, Fixtures & Equipment Restaurant, Cooler, UC 1 Door - Clubhouse 4,555 Furniture, Fixtures & Equipment Restaurant, Glass Washer - CH Lakeside Bar 12,501 Year 24 Total 1,032,708 Year 25: 2042 Mechanical & Electrical A/C Air Handler Unit, 7.5 Ton - Clubhouse #4 13,236 Mechanical & Electrical A/C Air Handler Unit, 10 Ton - Clubhouse #3 17,569 Mechanical & Electrical A/C Air Handler Unit, 15 Ton - Clubhouse #1 27,392 Mechanical & Electrical A/C Air Handler Unit, 15 Ton - Clubhouse #5 27,392 Mechanical & Electrical A/C Condensing Unit, 7.5 Ton - Clubhouse #4 13,695 Mechanical & Electrical A/C Condensing Unit, 10 Ton - Clubhouse #3 18,604 Mechanical & Electrical A/C Condensing Unit, 15 Ton - Clubhouse #1 28,420 Mechanical & Electrical A/C Condensing Unit, 15 Ton - Clubhouse #5 28,420 Mechanical & Electrical Water Heater, Electric - Pro Shop 1,268 Misc Building Components Finish, Carpet - CH Lakeside Dining/Bar 8,034 Misc Building Components Finish, Carpet - CH Palm Room 10,654 Misc Building Components Finish, Carpet - Clubhouse Main Dining 17,586 Misc Building Components Finish, Carpet - Clubhouse Offices 6,511 Misc Building Components Finish, Carpet - Clubhouse Rose Room 3,891 Misc Building Components Finish, Clg, 2x2 SAT - CH Lakeside Dining/Bar 5,513 Misc Building Components Finish, Clg, 2x2 SAT - CH Palm Room 5,576 Misc Building Components Finish, Clg, 2x2 SAT - CH Pool Restrooms 1,142 Misc Building Components Finish, Clg, 2x2 SAT - Clubhouse Main Dining 22,936 Misc Building Components Finish, Clg, 2x2 SAT - Clubhouse Offices 8,460 Misc Building Components Finish, Clg, 2x2 SAT - Clubhouse Rose Room 2,543 Misc Building Components Finish, Clg, 2x4 SAT - Clubhouse Drink Station 1,462 Misc Building Components Finish, Clg, 2x4 SAT - Clubhouse Kitchen 13,199 Misc Site Improvements Landscape Allowance 101,640 Furniture, Fixtures & Equipment Furnishings Allowance - Clubhouse Offices 20,328 Furniture, Fixtures & Equipment Furnishings Allowance - Event Tables & Chairs 50,820 Furniture, Fixtures & Equipment Furnishings/Decorating Allowance - CH Lakeside Bar 81,312 Furniture, Fixtures & Equipment Furnishings/Decorating Allowance - CH Main Dining 81,312 Furniture, Fixtures & Equipment Furniture, Outdoor - Pro Shop Patio 6,903 Furniture, Fixtures & Equipment Golf Maint, Grinder, Bed Knife - Foley ,421 Furniture, Fixtures & Equipment Golf Maint, Grinder, Reel Unit - Accupro ,927 Dreux Isaac & Associates, Inc. Page 4-18 Reserve Study

48 Category Description Cost Furniture, Fixtures & Equipment Golf Maint, Mower - John Deere Z920M 20,663 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - GreensMaster ,511 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 17,299 Furniture, Fixtures & Equipment Golf Maint, Mower, Verticutters - Toro Greensmaster 8,048 Furniture, Fixtures & Equipment Golf Maint, Spray Rig - Multi Pro 60,376 Furniture, Fixtures & Equipment Golf Pro, Ball Washer 3,903 Furniture, Fixtures & Equipment Restaurant, Convection Oven, Dbl - Clubhouse 22,247 Furniture, Fixtures & Equipment Restaurant, Microwave - Clubhouse 3,425 Furniture, Fixtures & Equipment Restaurant, Range, Griddle Top - Clubhouse 11,880 Furniture, Fixtures & Equipment Restaurant, Steam Table - Clubhouse 4,848 Furniture, Fixtures & Equipment Restaurant, Toaster - Clubhouse 2,622 Year 25 Total 955,988 Year 26: 2043 Mechanical & Electrical A/C Air Handler Unit, 4 Ton - Pro Shop 6,290 Mechanical & Electrical A/C Condensing Unit, 4 Ton - Pro Shop 6,459 Misc Site Improvements Irrigation Pump/Motor, Recharge Well 16,750 Misc Site Improvements Park, Bench 1,466 Misc Site Improvements Pool Deck Finish, Re-Stain 8,882 Misc Site Improvements Tennis Court Windscreen, 6' 5,622 Furniture, Fixtures & Equipment Computer Server 13,561 Furniture, Fixtures & Equipment Computer Workstation 29,547 Furniture, Fixtures & Equipment Computer Workstation, Point Of Sale 24,171 Furniture, Fixtures & Equipment Office, Photo ID System 7,307 Furniture, Fixtures & Equipment Golf Maint, Aerator - Procore ,679 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Jacobsen LF ,182 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 6,822 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Cushman Truckster 34,866 Furniture, Fixtures & Equipment Restaurant, Bread Warmer, 2 Drawer - Clubhouse 5,042 Furniture, Fixtures & Equipment Restaurant, Exhaust Hood - Clubhouse 55,755 Furniture, Fixtures & Equipment Restaurant, Freezer, UC - Clubhouse 4,491 Golf Course Golf Course Fairways, Re-Grass 2,003,838 Year 26 Total 2,378,730 Year 27: 2044 Roofs Roof, Concrete Barrel Tile - Golf Restroom Bldg (2 Total) 17,253 Roofs Roof, Metal Panel - Maintenance Bldg 66,934 Painting & Waterproofing Paint Exterior and Interior - Golf Restroom Bldg (2 Total) 4,865 Painting & Waterproofing Paint Interior - Clubhouse 23,203 Painting & Waterproofing Paint Interior - Pro Shop 3,774 Mechanical & Electrical A/C Air Handler Unit, 2 Ton - Pro Shop 4,082 Mechanical & Electrical A/C Condensing Unit, 2 Ton - Pro Shop 4,412 Misc Building Components Built-In Cabinets & Counters - CH Palm Room 10,308 Misc Building Components Finish, Tile Floor - CH Exterior Side Entry 5,251 Misc Building Components Finish, Tile Floor - CH Pool Restrooms 2,584 Misc Building Components Finish, Tile Floor - Clubhouse Drink Station 3,306 Dreux Isaac & Associates, Inc. Page 4-19 Reserve Study

49 Category Description Cost Misc Building Components Finish, Tile Floor - Clubhouse Kitchen 29,860 Misc Building Components Finish, Tile Walls - CH Pool Restrooms 8,831 Misc Building Components Restroom Renovation Allowance - CH Kitchen 4,598 Misc Building Components Restroom Renovation Allowance - CH Pool 12,782 Misc Building Components Restroom Renovation Allowance - Golf Restroom Bldg (2 Total) 20,220 Misc Building Components Built-In Cabinets & Counters - Pro Shop Snack Shop 14,406 Misc Building Components Finish, Carpet - Pro Shop & Golf Pro Office 10,136 Misc Building Components Finish, Clg, 2x2 SAT - Pro Shop Restrooms 3,114 Misc Building Components Finish, Clg, 2x2 SAT - Pro Shop/Snack Shop/Office 15,359 Misc Building Components Finish, Tile Floor - Pro Shop Restrooms 6,640 Misc Building Components Finish, Tile Floor - Pro Shop Snack Shop 4,557 Misc Building Components Finish, Tile Walls - Pro Shop Restrooms 19,709 Misc Building Components Renovation Allowance - Pro Shop Reception Desk 10,485 Misc Building Components Restroom Renovation Allowance - Pro Shop 20,324 Misc Site Improvements Irrigation Pump Station Control Panel - Flowtronex 323,488 Misc Site Improvements Park, Bench - Golf Course 13,587 Furniture, Fixtures & Equipment Computer Server 13,968 Furniture, Fixtures & Equipment Electronics, TV 10,559 Furniture, Fixtures & Equipment Office, Copy Machine 19,101 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Toro RM3100D 6,284 Furniture, Fixtures & Equipment Golf Pro, Display Fixtures - Pro Shop 38,829 Furniture, Fixtures & Equipment Golf Pro, Ice & Water Machine 17,257 Furniture, Fixtures & Equipment Restaurant, Ice Machine - Pro Shop Snack Shop 11,872 Furniture, Fixtures & Equipment Restaurant, Char-Broiler - Clubhouse 10,373 Furniture, Fixtures & Equipment Restaurant, Cook & Hold Oven, Alto Sham - Clubhouse 18,525 Golf Course Cart Path Concrete Repair Allowance 21,566 Golf Course Golf Course Greens, Rebuild USGA Spec 1,568,613 Golf Course Golf Course Tee Leveling 386,400 Golf Course Golf Course, Tee Markers 13,737 Year 27 Total 2,801,152 Year 28: 2045 Misc Building Components Access Control, Surveillance System - Maintenance Bldg 6,664 Misc Site Improvements Fountain, Pump/Motor/Filter Allowance - Clubhouse 4,443 Misc Site Improvements Pool Deck Finish, Re-Stain 9,423 Furniture, Fixtures & Equipment Electronics, Telephone System 25,172 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Reelmaster 3550D 100,444 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - Greensmaster ,480 Furniture, Fixtures & Equipment Golf Maint, Reels - 5 Unit Transport Frame 63,953 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Carryall ,537 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Carryall ,631 Furniture, Fixtures & Equipment Restaurant, Chafing Dish Allowance - Clubhouse 17,595 Furniture, Fixtures & Equipment Restaurant, Ice Machine - Clubhouse 12,939 Furniture, Fixtures & Equipment Restaurant, Range, 6 Burner - Clubhouse 12,681 Year 28 Total 390,962 Dreux Isaac & Associates, Inc. Page 4-20 Reserve Study

50 Category Description Cost Year 29: 2046 Roofs Skylight, Prefab 2' x 2' - Golf Restroom Bldg (2 Total) 4,137 Mechanical & Electrical Drinking Fountain, Outdoor - Clubhouse 2,796 Misc Site Improvements Irrigation Capital Allowance - Golf Course 1,143,963 Misc Site Improvements Irrigation Pump/Motor, 25 Hp 17,185 Misc Site Improvements Irrigation Pump/Motor, 75 Hp 32,340 Misc Site Improvements Irrigation Pump/Motor, Recharge Well 18,303 Misc Site Improvements Stormwater Drainage Control Structure Allowance 114,396 Misc Site Improvements Tennis Court Ball Machine 4,711 Furniture, Fixtures & Equipment Golf Maint, Aerator - Verti Drain ,239 Furniture, Fixtures & Equipment Golf Maint, Mower - John Deere Z920M 23,257 Furniture, Fixtures & Equipment Golf Maint, Mower, Fairway - Reelmaster 3100D 85,923 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens - GreensMaster ,616 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 19,470 Furniture, Fixtures & Equipment Golf Maint, Roller w/trailer - Salsco 39,476 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle - Workman HDX 109,820 Furniture, Fixtures & Equipment Golf Maint, Utility Vehicle, Golf Cart 8,516 Furniture, Fixtures & Equipment Restaurant, Freezer, Reach-In - Pro Shop Snack Shop 9,666 Furniture, Fixtures & Equipment Restaurant, Cooler, Keg - CH Lakeside Bar 6,859 Furniture, Fixtures & Equipment Restaurant, Cooler, UC 2 Door w/top - Clubhouse 10,314 Furniture, Fixtures & Equipment Restaurant, Cooler, UC 2 Dr - CH Lakeside Bar 8,969 Furniture, Fixtures & Equipment Restaurant, Cooler, Upright - CH Lakeside Bar 8,207 Furniture, Fixtures & Equipment Restaurant, Cooler, Upright, 1 Door - Clubhouse 8,207 Furniture, Fixtures & Equipment Restaurant, Cooler, Upright, 2 Door - Clubhouse 12,357 Furniture, Fixtures & Equipment Restaurant, Cooler, Walk-In - Clubhouse 44,679 Furniture, Fixtures & Equipment Restaurant, Freezer, Walk-In - Clubhouse 27,080 Furniture, Fixtures & Equipment Restaurant, Range, Grill Top - Clubhouse 10,348 Year 29 Total 1,908,834 Year 30: 2047 Painting & Waterproofing Paint Exterior - Entry Monument Clubhouse 1,254 Painting & Waterproofing Paint Exterior - Entry Monuments (x3) SR 70 13,206 Painting & Waterproofing Paint Exterior - Monument (x4) Peridia & Pro Am 2,856 Painting & Waterproofing Paint Exterior - Monument w/rig (x2) Peridia 1,487 Painting & Waterproofing Paint Exterior & Repair Allowance - Site Wall & Soil Bins Maintenance 45,814 Painting & Waterproofing Paint Exterior & Repair Allowance - Site Wall 45th Street East 80,253 Painting & Waterproofing Paint Exterior and Waterproof - Clubhouse 14,597 Painting & Waterproofing Paint Exterior and Waterproof - Pro Shop 9,087 Painting & Waterproofing Paint Exterior and Waterproof - Pump House 2,175 Mechanical & Electrical Drinking Fountain, Outdoor - Golf Restroom Bldg (2 Total) 5,759 Mechanical & Electrical Plumbing, Backflow Preventer 5,656 Misc Building Components Access Control, Surveillance System - Clubhouse 47,131 Misc Site Improvements Irrigation Pump/Motor, Irrigation Well - Main Entyr SR 70 7,070 Misc Site Improvements Fence, Wood Slat, 6' - 45th Street East 17,038 Dreux Isaac & Associates, Inc. Page 4-21 Reserve Study

51 Category Description Cost Misc Site Improvements Pool Deck Finish, Re-Stain 9,997 Misc Site Improvements Pool Equipment, Heat Pump 15,362 Misc Site Improvements Pool Equipment, Heater, Gas 6,608 Misc Site Improvements Tennis Court Resurfacing, Asphalt 37,611 Misc Site Improvements Tennis Court Windscreen, 6' 6,327 Furniture, Fixtures & Equipment Computer Workstation 33,256 Furniture, Fixtures & Equipment Computer Workstation, Point Of Sale 27,204 Furniture, Fixtures & Equipment Electronics, Sound System - Clubhouse 40,055 Furniture, Fixtures & Equipment Golf Maint, Mower, Greens Walking - Toro Flex 21 7,678 Furniture, Fixtures & Equipment Golf Maint, Mower, Verticutters - Toro Greensmaster 9,330 Furniture, Fixtures & Equipment Golf Maint, Sand Rake - John Deere 39,003 Furniture, Fixtures & Equipment Golf Maint, Top Dresser 33,331 Furniture, Fixtures & Equipment Restaurant, Banquet Equipment Allowance 35,348 Furniture, Fixtures & Equipment Restaurant, Steamer - Clubhouse 9,224 Golf Course Golf Course, Sand Bunker Allowance 176,742 Year 30 Total 740,459 Dreux Isaac & Associates, Inc. Page 4-22 Reserve Study

52 Section 5 Photographs This section of the report includes various photographs of the property and were taken during the initial field inspection.

53 Clubhouse Bldg Clubhouse Bldg Dreux Isaac & Associates, Inc. Page 5-1 Reserve Study

54 Covered Entry Lobby Dreux Isaac & Associates, Inc. Page 5-2 Reserve Study

55 Rose Room Bar Dreux Isaac & Associates, Inc. Page 5-3 Reserve Study

56 Dining Palm Room Dreux Isaac & Associates, Inc. Page 5-4 Reserve Study

57 Kitchen Fountain Dreux Isaac & Associates, Inc. Page 5-5 Reserve Study

58 Swimming Pool Pool Heaters Dreux Isaac & Associates, Inc. Page 5-6 Reserve Study

59 Pool Deck Fence - Pool Deck Dreux Isaac & Associates, Inc. Page 5-7 Reserve Study

60 Tiki Bar Monument Clubhouse Dreux Isaac & Associates, Inc. Page 5-8 Reserve Study

61 Pavers Parking Lot Parking Lot Dreux Isaac & Associates, Inc. Page 5-9 Reserve Study

62 Parking Lot Curbing Dreux Isaac & Associates, Inc. Page 5-10 Reserve Study

63 Drainage Flagpole Dreux Isaac & Associates, Inc. Page 5-11 Reserve Study

64 Lighting Lighting Dreux Isaac & Associates, Inc. Page 5-12 Reserve Study

65 Lighting Pro Shop Dreux Isaac & Associates, Inc. Page 5-13 Reserve Study

66 Pro Shop Snack Shop Dreux Isaac & Associates, Inc. Page 5-14 Reserve Study

67 Tennis Court Golf Cage Dreux Isaac & Associates, Inc. Page 5-15 Reserve Study

68 Cart Path Bulkhead #3 Dreux Isaac & Associates, Inc. Page 5-16 Reserve Study

69 Bulkhead #4 Golf Restroom Bldg Dreux Isaac & Associates, Inc. Page 5-17 Reserve Study

70 Cart Path Bulkhead #12 Dreux Isaac & Associates, Inc. Page 5-18 Reserve Study

71 Lake Embankment Geotube Golf Restroom Bldg Dreux Isaac & Associates, Inc. Page 5-19 Reserve Study

72 Lake Embankment Original Bulkhead #15 Dreux Isaac & Associates, Inc. Page 5-20 Reserve Study

73 Drainage Recharge Well Dreux Isaac & Associates, Inc. Page 5-21 Reserve Study

74 Irrigation Satellite Controller Rip Rap Dreux Isaac & Associates, Inc. Page 5-22 Reserve Study

75 Pump House Bldg Liquid Fertigation System Dreux Isaac & Associates, Inc. Page 5-23 Reserve Study

76 Irrigation Control Panel Irrigation Pumps Dreux Isaac & Associates, Inc. Page 5-24 Reserve Study

77 Bulkhead Driving Range Bulkhead Clubhouse Dreux Isaac & Associates, Inc. Page 5-25 Reserve Study

78 Cart Bridge Clubhouse Putting Green Dreux Isaac & Associates, Inc. Page 5-26 Reserve Study

79 Tee Marker Golf Maintenance Bldg Dreux Isaac & Associates, Inc. Page 5-27 Reserve Study

80 Golf Maintenance Bldg Fuel Tanks Dreux Isaac & Associates, Inc. Page 5-28 Reserve Study

81 Soil Bins Site Wall - Golf Maintenance Dreux Isaac & Associates, Inc. Page 5-29 Reserve Study

82 Parking Lot Entry Monument - SR70 Dreux Isaac & Associates, Inc. Page 5-30 Reserve Study

83 Entry Monument - SR70 Irrigation Well - SR70 Dreux Isaac & Associates, Inc. Page 5-31 Reserve Study

84 Lighting Site Wall - Pro Am/Peridia Dreux Isaac & Associates, Inc. Page 5-32 Reserve Study

85 Site Wall - Pro Am/Peridia Entry Monument - 45th Street Dreux Isaac & Associates, Inc. Page 5-33 Reserve Study

86 Fence - 45th Street Fence - 45th Street Dreux Isaac & Associates, Inc. Page 5-34 Reserve Study

87 Site Wall - 45th Street Hedge - 45th St Fence Dreux Isaac & Associates, Inc. Page 5-35 Reserve Study