1. January 12, 2012 Meeting to Consider Refinance of Club Loan

2. Meeting Agenda  Meeting Only to Consider Refinance  Acquisition Background  Current vs. Proposed Loan  Terms & Conditions of New Loan  Voting Requirements  Questions?  Vote  Results  Adjourn

3. Background  February 2010 – SLV Acquires Remaining Lots in TBG&CC  Club Owned by Tampa Bay Golf & Recreation, LLC  Decision to Pursue Acquisition of Club by HOA  October 29, 2010 – HOA Acquires Club for $3,500,000 using a $3,750,000 Short-Term Loan from SLV Tampa, LLC  Starting March 2011, Begin Discussions with Lenders on Potential Refinance

4. Existing Loan Terms  Principal Amount $3,750,000  Term – 3 years  Interest Only at 9.5%  Monthly Payments – $29,688  Origination Date – October 29, 2010

5. New Loan Terms  Loan by BB&T  Principal Balance – $3,750,000  Term – 7 years Amortized Over 15 years  Interest Rate Fixed at 4.85 – 5%. Requesting approval at 5%  Monthly Payments – $29,796  Principal Balance at Term of Loan – $2,377,126  Closing on or before 2/17/2012

6. Partial List of Other Loan Conditions/Terms 1)Pre-Payment Penalty  3% Fee if Loan is Prepaid in 1 st or 2 nd Year  2% Fee if Loan is Prepaid in 3 rd or 4 th Year  1% Fee if Loan is Prepaid in 5 th or 6 th Year  Up to 10% of Loan Balance can be Prepaid Annually Without Penalty 2) Loan Costs – Borrower Bears All Costs Incurred in Connection with Financing  Estimated Costs ??  Appraisal Complete – Value of $5,700,000  Accepted Existing Environmental Report – Fee only $450  Complete Survey Not Required  Loan Origination Fee of 0.625% on $23,437.50  Loan Costs Paid Out of Operating Account

7. Partial List of Other Loan Conditions/Terms 3)HOA to Establish & Maintain Primary Golf & Country Club Operating Account With BB&T 4) Starwood Required to Establish an Escrow Account of $250,000 with BB&T to be Reduced Based on Closings Annually 5) HOA Required to Maintain Liability & Hazard Insurance 6) Requirement to Provide Financial Information Annually to Bank

8. Summary & Conclusions Reduction of Interest Rate from 9.5% to a Maximum of 5% Same Original Principal Balance of $3,750,000 Monthly Payment on Old Loan – $29,688 Monthly Payment on New Loan - $29,796 Association Responsible for All Closing Costs No Affect on HOA Fees!

9. Vote Requirements  Multiple Requirements in Governing Documents Related to Mortgaging Property  Section 2.3.2 of Declaration Provides that While Declarant Controls Board, No Mortgage on Common Area Without Consent of at Least 51% of Owners Other than Declarant  Section 5.19.9 of Bylaws Provides Board Authority to Borrow Money but Requires 2/3 Vote of Owners to Borrow Money in Excess of $25,000. This Vote Includes Declarant Lots at 2 Votes for Each Lot Owned.