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HomeMy WebLinkAbout1981 - GDC Public Offering StatementThis Offering Statement is prepared and issued by General Development Corporation. It is NOT prepared or issued by the Federal or State Government. Federal law requires that you receive this Offering Statement prior to your signing a contract or agreement to buy or lease a lot in this subdivision. However, NO FEDERAL OR STATE AGENCY HAS JUDGED THE MERITS OR VALUE, IF ANY, OF THIS PROPERTY. Under Federal law, if you received this Offering Statement prior to signing a contract or agreement you may cancel your contract or agreement by giving notice to the seller anytime before midnight of the seventh day following the signing of the contract or agreement. However, if the State having jurisdiction over this transaction provides more than seven days in which to cancel your Contract, you are automatically entitled to this longer period as a Federal right also. If you are entitled to more than seven days in which to cancel your contract, you will find a full explanation of that right in a Rider which is attached to, and becomes a part of, your Contract for the Purchase of Land. If you did not receive this Report before you signed a contract or agreement, you may cancel the agreement any timt within two years from the date of signing. NAME OF SUBDIVISION: SEBASTIAN HIGHLANDS NAME OF DEVELOPER: GENERAL DEVELOPMENT CORPORATION DATE OF THIS REPORT: December 15, 1981 8153206 Printed in U. S. A. 1 of 11 THIS PAGE LEFT BLANK INTENTIONALLY FLORIDA PUBLIC OFFERING STATEMENT Filed by: GENERAL DEVELOPMENT CORPORATION 1111 South Bayshore Drive Miami, Florida 33131 for Units 1 through 6, 8, 10 through 17 13,033 Residential and Duplex Homesites with a minimum of 10,000 square feet, Commercial Lots with a minimum of 7500 square feet. Sections 1, 11-14, 23-25, Township 31 South, Range 38 East, and Sections 7, 17-20, 29 and 30, Township 31 South, Range 39 East. These lots were recorded in the Public Records of Indian River County, Florida. Designated as: SEBASTIAN HIGHLANDS Effective Date: August 25, 1971 SELLER WILL RETAIN TITLE TO AND POSSESSION OF LOT UNTIL ALL PROMISED IMPROVEMENTS HAVE BEEN COkIPLETED AND WARRANTY DEED DELIVERED EVEN THOUGH YOU PAY CASH OR PREPAY YOUR CONTRACT. DURING THE INTERVAL BETWEEN FINAL PAYMENT AND DELIVERY OF DEED IT IS POSSIBLE THAT LIENS OR ENCUMBRANCES RESULTING FROM ACTIONS OF THE DEVELOPER COULD ATTACH TO THE LOT, HOWEVER SELLER IS OBLIGATED TO DELIVER. TO YOU MAPKETABLE TITLE.. CENTRAL WATEP IS APPROXIMATELY $350.00 FOR THE UTILITIES EXTENSION FEE AND CURRENTLY $75.00 FOR CONNECTION CHARGE CENTRAL SEN','ER IS APPROXIMATELY $650.00 FOP. THE UTILITIES EXTENSION FEE. SEPTIC TANK INSTALLATION, N"HER.E REQUIRED, IS CURRENTLY APPROXIMATELY $700-$800 "THIS PUBLIC OFFERING STATEN! ENT IS FOR INFORRRATIONAL PURPOSES ONLY. THE DIVISION OF FLORIDA LAND SALES AND CONDONIINIUMS HAS NEITHER APPROVED NOR DISAPPROVED THE MERITS OF THIS OFFERING. THE SUBDIVIDER IS RESPONSIBLE FOR THE. ACCURACY AND COFAPLETENESS OF THIS STATEMENT. REPORT DEVIATIONS OR MISREPRESENTATIONS TO DIVISION OF FLORIDA LAND SALES AND CONDOMINIUMS, JOHNS BUILDING, 725 SOUTH BRONOUGH STREET, TALLAHASSEE, FLORIDA 32304." REVISED: November 25, 1981 2 of 11 (1) The future value of land is very uncertain and dependent upon many factors. Do not expect all land to increase in value. (2) Any value which your lot may have will be affected if the roads, utilities and all proposed improvements are not completed. (3) Resale of your lot may be difficult or impossible, since you may face the competition of our own sales program and local real estate brokers may not be interested in listing your lot. (4) Any subdivision will have an impact on the surrounding environment. \Whether or not the impact is adverse, and the degree of the impact, will depend upon the location, size, planning and extent of development. Subdivisions which adversely affect the environment may cause governmental agencies to impose restrictions on the use of the land. Changes in plant and animal life, air and water quality and noise levels may affect your use and enjoyment of your lot and your ability to sell it. (5) In the purchase of real estate, many technical requirements must be met to assure that you receive proper title. Since this purchase involves a major expenditure of money, it is recommended that you seek professional advice before you obligate yourself. PART PROPERTY: The Sebastian Highlands subdivision is within the City of Sebastian in Indian River County, Florida and has a population of approximately 700. The subdivision is located on U. S. Highway 1/1, 12 miles north of Vero Beach, population 16,500, and 24 miles south of Melbourne, population 48,700. The 13,033 homesites and duplex lots being offered in this Offering Statement are a minimum 10,000 square feet in area. The typical homesite is 80 feet by 125 feet. Commercial lots are a minimum of 7500 square feet. At present, there are approximately 2,414 homesites available for sale at Sebastian Highlands by General Development Corporation ("the Company"). Approximately 10,619 homesites and lots have already been sold. There are approximately 5000 acres in the entire Sebastian Highlands subdivision. ENCUMBRANCES: This property is unencumbered, however it is subject to: (1) easements which are reserved for public utility purposes, drainage ditches and canals, and public streets and roads; (2) zoning ordinances and other governmental regulations; (3) oil, gas and mineral reservations, of record, if any; and (4) restrictive covenants placed thereon by the Company, which establish minimum building setback and square footage requirements and set other standards usual and customary to the preservation and maintenance of the residential character of the subdivision. These restrictions and amendments thereto were recorded in the Public Records of Indian River County from November 12, 1957 through August 23, 1973. The Company will reserve in the Warranty Deed all water rights below 400' in depth, with no right of surface access on the property; and the right of ingress and egress to the property for the purpose of removing any soil deposited by the Company for development requirements within the area surrounding the land, up to the time a building permit has been issued for the construction of a structure upon the property. The Warranty Deed will require the submission of all plans for structures to an Environmental Control Committee. ACCESS: Access will be over hard -surfaced, all weather and a minimum driving surface of 18 feet, which in the Record Plats. TAMr) TJW! streets having a right-of-way width of 50 feet has been dedicated to the public as reflected Successive plats have been recorded in the Public Records of Indian River County from November 12, 1957 through July 21, 1971. The property has been platted into single family, duplex and commercial lots. The soils are sandy and support a growth of pine, oak, palm, and palmetto. The topography of the property is generally flat, sloping approximately three feet per mile. The elevation of the land averages twenty feet above mean sea level. During wet weather the property does require drainage and provision for drainage has been made by the Company. Units 1-6, 8, 10- 17 are zoned residential (R2) and Duplex (R2B), and Commercial (C-1). Fill may be required (to be furnished by the purchaser), depending upon the particular site and type of construction employed. 3 of 11 Sebastian Highlands is within the City of Sebastian which has been designated as flood prone by the Federal Insurance Administration, within the Federal Emergency Management Agency, Washington, D. C. The City is currently participating in the Federal Flood Program which provides for the availability of Federally assisted flood insurance to individual homeowners. The City is operating under the Regular Program as identified by the Federal Insurance Administration and therefore floor elevations required for the homeowner to qualify for the full limits of flood insurance have been established. Full flood insurance for a single family home is available at a subsidized rate of $2.50 per $1000 of coverage for the first $35,000 of coverage. Additional amounts of flood insurance coverage are available over this amount; purchaser should check with local insurance agencies to determine the actual rate which will vary dependent on the flood elevation of their homesite, as established by the Federal Emergency Management Agency's engineering surveys. Purchaser may be required to show proof of such insurance before they can obtain financing for construction. PART II AREA FACILITIES: Police Protection - City of Sebastian Police Department is within 2 miles and provides police ^rotection 24 hours per day. Fire Protection - A volunteer fire department is within 2 miles and is available 24 hours per da y. Shopping - Limited shopping facilities are available in the City of Sebastian, within 1% miles. Full service shopping is available at Vero Beach, 12 miles south, and at Melbourne, 24 miles north. Hospitals - Indian River Memorial Hospital, with 160 beds is located in Vero Beach, 16 miles. Sebastian River Medical Center is 4 miles. Schools - The Sebastian Elementary is 4 miles north in the City of Sebastian; Vero Beach Junior and Senior High School is 16 miles south in Vero Beach; Indian River Junior College - 32 miles south in Fort Pierce; and Sebastian River Middle Junior High School is 2 miles west. Houses of Worship - are located within the City of Sebastian, within 2 miles. Recreational Facilities - Within Sebastian Highlands are two lighted tennis courts, a city swimming lake, park and playground and recreation area. The City of Sebastian Yacht Club and Marina offers a community center, boat ramp and shuffleboard courts. Camping grounds, the Dale Wimbrow County Park, and a public beach on the ocean are within 10 miles. (Note: All distances to area facilities are measured in road miles from the entrance to Sebastian Highlands on U. S. Highway ;'i 1, 12 miles north of Vero Beach and 24 miles south of Melbourne, Florida. The farthest homesite being offered is 3 miles from the entrance.) PART IIT IMPROVEMENTS: Existing, Proposed and Completion Dates; The promised improvements to Sebastian Highlands Units 1-6, 8, 10-13 are streets, drainage and primary central water. Units 14-17 will have streets, drainage, primary central water and central sewer systems. The streets and drainage have been completed in Units 1 through 15, and will be completed by December 31, 1983 in Units 16 and 17. The central water and central sewers will be completed to the appropriate areas as indicated in the "Water Supply" and "Sewage Disposal facilities" paragraphs below. StrPP is : The streets will be hard -surfaced, all weather streets having a right-of-way width of 50 feet and a minimum driving surface of 18 feet. Record plats indicating the location of the streets have been filed with Indian River County. The cost of construction of the streets is included in the price of the lot. Water Supply: A primary central water system will be installed in Units 14-17 by December 31, 1983, and in Units 1-6, 8, 10-1.3 by December 31, 1985. The secondary water lines from the primary system to the individual lot will be completed within 60 days of receipt of written notice from a property owner of commencement of construction of a house, provided the property owner has a deed to his lot and a building permit. The Declaration of Restrictions require that all property shall be connected to such central water service when made available. Commencing three years after the 4 of 11 date of the Contract, the purchaser will pay a utilities extension fee (for main lines and plant capacity) at the monthly rate stated on the front of the Contract. (The estimated fee is $350 payable at $3.50 per month.)* Fees will be deposited in an escrow account and interest will be accrued annually to this account based upon the average on deposit, at the passbook savings account rate paid on December 31st of each year by Citibank, N. A. Prior to commencement of service, the purchaser will pay the excess, if any, of the actual charge permitted by law to be made as a utilities extension fee (for main lines and plant capacity) over the amount previously paid. A separate connection charge (currently $75.00) will also be made at the time of hookup to cover the cost of installing a meter and a service line running from the secondary water line in front of the property to the property boundary line. Central water service is provided by General Development Utilities, Inc. The current monthly billing for 4000 gallons of water is $3.75. In the event a purchaser obtains a building permit prior to the time water lines are installed in Units 1-6, 8, 10-13, an individual water well with pump would have to be installed at an approximate cost of $650.00. All property owners, however, shall hook up to the central water system when it becomes available. Sewage Disposal Facilities: A primary central sewer system will be installed in Units 14-17 by December 31, 1983. The secondary sewer lines from the primary system to the individual lot will be completed within 60 days of receipt of written notice from a property owner of commencement of construction of a house, provided the property owner has a deed to his lot and a building permit. The Declaration of Restrictions require that all property shall be connected to such central sewer system when made available. Commencing three years after the date of the Contract, the purchaser will pay a utilities extension fee (for plant capacity, main lines and service lateral) at the monthly rate stated on the front of the Contract. The estimated fee is $650 payable at $6.50 per month.* Fees will be deposited in an escrow account and interest will be accrued annually to this account based on the average on deposit, at the passbook savings account rate paid on December 31st of each year by Citibank, N. A. Prior to commencement of service, the purchaser will pay the excess if any, of the actual charge permitted by law to be made as a utilities extension fee (for plant capacity, main lines and service lateral) over the amount previously paid. The service lateral portion of the utilities extension fee is currently $65 and covers the cost of installing a service lateral running from the secondary sewer line to the lot boundary line. Central sewer service is provided by General Development Utilities, Inc. The current minimum monthly billing is $5.00 for sewer service. In Units 1-6, 8, 10-13, the installation of septic tanks will be required at a cost of approximately $700.- $800. NOTE: IN UNITS 14-17 INDIVIDUAL WELLS FOR DRINKING PURPOSES AND SEPTIC TANKS CANNOT BE USED. *The Company will collect the utilities extension fees as agent for General Development Utilities, Inc., which may use the fees for reimbursement of its central water and sewer plant construction costs and line extension costs expended to serve the individual lots. The specifications of the water and sewer facilities are approved by the Florida Department of Environmental Regulation. Note: N!i%ith reference to water and sewer facilities for duplex and commercial lots, the costs will depend on the size and capacity of the structures to be built. DRAINAGE: Drainage, meeting County requirements when the plat was recorded, will be provided by the Company along drainage rights-of-way dedicated to the public. The cost of the drainage facilities is included in the price of the lot. Individual Survev: All property covered by this Offering Statement is Platted of Record. Individual surveys are the responsibility of the purchaser and the present cost is approximately $150.00. Street Markers: Concrete post or metal pole type street markers are installed by the Company at the time of road completion. Special Construction: Contouring, landscaping and additional site preparation of individual lots will be the responsibility of the Purchaser. 5 of 11 Maintenance of the water and sewer facilities in dedicated roadways and rights of way up to the property line is by General Development Utilities, Inc. The streets and drainage facilities will be maintained by the Company until accepted for maintenance by the City, after which the costs of such maintenance will be borne by the property owner through taxes levied by governmental authority. . PART IV PUBLIC UTILITIES: Note: Public utilities in Florida are permitted to make an extension charge if service is desired in an area where growth is insufficient for the utility to recoup its investment upon an extension to facilities. Electricity - is provided by Florida Power and Light Company. Approximately $50.00 deposit is required. Telephone - Service is supplied by Southern Bell Telephone & Telegraph Company. Approximately 50.00 connection charge is required. Electricity and telephone charges are regulated by the Florida Public Service Commission. The utilities reserve the right to base deposit requirements on the basis of a purchasers' past experience with utility companies. Gas - Bottled gas is supplied by independent suppliers. PUBLIC TRANSPORTATION: Bus - The Greyhound Bus Lines Station is located in Vero Beach, approximately 12 miles south, and has service north and south from Vero beach. Train - Passenger service on Amtrak is available in West Palm Beach, Florida, approximately 80 miles south. Airports - Melbourne Airport, 26 miles north, has facilities for jet aircraft and is serviced with scheduled daily flights by Eastern and Pan American Airlines. A Private airport is at Sebastian, 10 miles from the entrance. Taxi - Service is available in the City of Sebastian through a franchise with the City of Vero Beach, 12 miles south. School Bus - County School bus service is available to students attending those schools not available with the City of Sebastian. PRESENT DEVELOPMENT AND OCCUPANCY: At Sebastian Highlands there are approximately 280 houses existing and approximately 30 houses under construction. The present population is approximately 700, and every lot in this offering is within 5 miles of the population center. GOVERNMENTAL CONTROL: Sebastian Highlands lies within the City of Sebastian, Indian River County, Florida. The City government is administered by a Mayor and Councilmen. The Council is responsible for the regulation of building construction, zoning, and local tax assessment. Sebastian Highlands is subject to City of Sebastian, Indian River County, and Upper St. Johns Drainage District taxes. The County seat is located at Vero Beach. Federal, State, and Local agency licenses, permits and approvals may be required as a condition. to completion of the Company development plan, purchasers use and the development of his lot. Florida law provides for a Homestead Exemption on your residence. Purchaser should contact the Indian River Tax Assessor for details. PART V METHOD OF SALE: Agreement for Deed - The Contract for the Purchase of Land is in recordable form which enables the purchaser to record his Contract at his expense in the Public Records. Such recording may effect the purchaser's rights under the Contract. The purchaser is urged to consult his attorney to ascertain his rights and obligations in the event of such recording. A properly executed Warranty Deed will be issued at the Company's expense when the property is paid in full, including utilities extension fees, if any, and any unpaid taxes or special assessments, if any, for which Purchaser is obligated, and after the streets adjacent to the property are completed. 6 of 11 Deed and Mortizaize - The lots in this subdivision are not sold by Deed and Mortgage. Possession - Possession and use of the lot is retained by the Company until the purchase price and taxes are paid in full and the Warranty Deed delivered. Interest Rate - Varies between 9 to 12% depending on the amount of down payment received from the purchaser. Prepayment Privileges - Purchaser has the right to prepay at any time, without penalty. Prepayment will not accelerate our obligation to deliver the Warranty Deed and Title Insurance Policy or to complete the street adjacent to Purchaser's property before the end of the Homesite Completion Year. Transfer or Exchan e Privilege - If payments are current, the Company guarantees the privilege to transfer equity payments of principal and any utilities fees paid) at any time before the outstanding balance is paid in full. This transfer may be toward either (a) the purchase of available property of equal or higher price in this or any other of our Florida communities, specifically, Port Charlotte, North Port, Port LaBelle, Port St. Lucie, Sebastian Highlands, Vero Shores, Vero Beach Highlands, Port Malabar, Port St. John; or, (b) the purchase of a dwelling unit built by General Development on an available lot of equal or higher price in a designated housing area in one of the above mentioned communities. Lots in a designated housing are not available for sale unless a General Development dwelling unit is purchased simultaneously with the purchase of the lot. Equities in more than one lot may be transferred only to the same number of lots or dwelling units in a designated General Development housing area. Refund Privilege: Non -Florida Residents - Purchasers who are not Florida residents, and who so elect by signing a Contract Rider, at the time they sign their Contract, will be entitled to a refund of all monies paid by said purchaser pursuant to their Contract, if, within six (6) months from the date General Development accepts the Contract, purchaser completes a guided tour of the community and immediately thereafter requests a refund, in writing, on forms provided by the Company. This refund privilege is personal to the purchaser and cannot be exercised by agents on behalf of the purchaser. Florida Residents - Purchasers who are Florida residents, and who so elect by signing a Contract Rider, at the time they sign their Contract, will be entitled to a refund of all monies paid by said purchaser pursuant to their Contract, if, within the thirty day period commencing on the seventh day following their signature of said Contract Rider, purchaser completes a guided tour of the community and immediately thereafter requests a refund, in writing, on forms provided by the Company. This refund privilege is personal to the purchaser and cannot be exercised by agents on behalf of the purchaser. NEITHER REFUND PRIVILEGE IS AVAILABLE TO PURCHASERS WHO PURCHASE THEIR PROPERTY AT THE COMMUNITY OR WHO PURCHASE THEIR PROPERTY IN FOREIGN COUNTRIES (EXCLUDING CANADA, PUERTO RICO AND U. S. TERRITORIES). Taxes - Taxes and special assessments, if any, by a governmental authority will be prorated from the date of purchase. Annually, Purchaser (including prepaid accounts) will receive a notice of tax payment and/or special assessment, if any, due for all taxes assessed on this property. Payment must be made to the Company as stated in said notice, or the contract will be subject to cancellation, in accordance with the terms and conditions stated therein. Any unpaid annual tax and/or special assessment payment will be charged interest at the ANNUAL PERCENTAGE RATE specified on the contract. Termination - Upon termination of the Contract for the Purchase of Land by Purchaser default, the Company will refund all payments the Purchaser previously paid of the total Cash Purchase Price (the amount of which is set forth on the first page of the Contract) after subtracting (i) 15% of the total Cash Purchase Price or, if greater, (ii) the amount of the actual damages the Company has incurred due to Purchaser's default. Purchaser will, in no event, be entitled to any refund of payments that have been applied to the finance charge, utility fees, special assessments or taxes. TYPE OF SALES PROGRAM: Sales are conducted at the Company's sales office located in the Welcome Center and by the Company's branch sales offices and franchised agents located in many cities throughout the eastern two-thirds of the United States, in Canada, and in certain foreign countries. PART VI ADDITIONAL INFORMATION: HOMESITES ARE BEING OFFERED BY GENERAL DEVELOPMENT FOR FUTURE USE IN BUILDING A HOME AND NOT AS A BUSINESS INVESTMENT. PROFIT ON A RESALE CANNOT 7 of 11 BE GUARANTEED AND SHOULD NOT BE ASSUMED. Homesites prices are based on the cost of doing business, the fact that the offering is for extended terms over a period of years, and other factors. Such prices may not necessarily reflect the level of market prices of similar property sold by others on different terms. General Development Corporation is a Delaware corporation, authorized to do business in Florida. It is a wholly-owned subsidiary of GDV, Inc., a Delaware corporation, authorized to do business in Florida. GDV, Inc. is a publicly held corporation, listed and traded on the New York Stock Exchange and regional stock exchanges. 8 of 11 NOTICE TO PURCHASERS THE PURCHASER SHOULD ASCERTAIN FOR HIMSELF THAT THE PROPERTY OFFERED MEETS HIS PERSONAL REQUIREMENTS AND EXPECTATIONS. MISUNDERSTANDINGS AS TO THE DESIRABILITY OF THE PROPERTY MAY ARISE WHEN THE PURCHASER FAILS TO UNDERSTAND THE NATURE OF THE PROPERTY OFFERED OR THE TERMS OF THE CONTRACT. It is unlawful for anyone to make, or cause to be made to any prospective purchaser, any representation contrary to the foregoing or any representations which differ from the statements in this offering statement. If any such representations are made, please notify: Office of Division of Florida Land Sales and Condominiums Johns Building 725 South Bronough Street Tallahassee, Florida 32304 and/or Office of Interstate Land Sales Registration HUD Building, 451 Seventh Street, S. W. Washington, D. C. 20410 THE SUBDIVIDER IS REQUIRED TO GIVE YOU AN OPPORTUNITY TO READ THIS OFFERING STATEMENT BEFORE YOU ENTER INTO A PURCHASE AGREEMENT. DO NOT SIGN UNLESS YOU HAVE READ THE OFFERING STATEMENT SELLER WILL RETAIN TITLE TO AND POSSESSION OF LOT UNTIL ALL PROMISED IMPROVEMENTS HAVE BEEN COMPLETED AND WARRANTY DEED IS DELIVERED. CENTRAL WATER IS APPROXIMATELY $350.00 FOR THE UTILITIES EXTENSION FEE AND CURRENTLY $75.00 FOR CONNECTION CHARGE CENTRAL SEWER IS APPROXIMATELY $650.00 FOR THE UTILITIES EXTENSION FEE. SEPTIC TANK INSTALLATION, WHERE REQUIRED, IS CURRENTLY APPROXIMATELY $700-$800. 9 of 11 THIS PAGE LEFT BLANK INTENTIONALLY THIS PAGE LEFT BLANK INTENTIONALLY PURCHASER'S RECEIPT IMPORTANT READ CAREFULLY Name of Subdivision: Name of Developer: OILSR Number: Date of This Florida Public Offering Statement: Florida Effective Date: Florida Revised Date: OILSR Effective Date: Sebastian Highlands General Development Corporation 0-00026-09-12, 0-00026-09-12 A st 25. 1971 November 25, 1981 December 15, 1981 We must give you a copy of this Offering Statement and give you an opportunity to read it before you sign any contract or agreement. By signing this receipt you acknowledge that you have received and read a copy of this Florida Public Offering Statement. By signing this receipt you also acknowledge that you have received the map, delivered with this Offering Statement, as required by Florida Statue 498.037 (1) (c). Received by Street Address City Date If any representations are made to you which are contrary to those in this report please notify the: Office of Division of Florida Land Sales and Condominiums Johns Building 725 South Bronough Street Tallahassee, Florida 32304 and/or Office of Interstate Land Sales Registration HUD Building, 451 Seventh Street, S. W. Washington, D. C. 20410 Agent Certification I certify that I have made no representations to the person(s) receiving this Offering Statement contrary to the information contained in this Offering Statement. Lot Name of Salesperson Signature Block Section Purchaser Cancellation You are entitled to cancel your purchase contract in accordance with its terms, and if you wish to do so, you may cancel by personal notice, or in writing. If you cancel in person or by telephone, it is recommended that you immediately confirm the cancellation by certified mail to General Development Corporation, 1111 South Bayshore Drive, Miami, Florida 33131. You may use the form below. Name of Subdivision Date of Contract This will confirm that I/we wish to cancel our purchase contract: Purchaser(s) signature 10 of 11 Date PURCHASER'S RECEIPT IMPORTANT READ CAREFULLY Name of Subdivision: Name of Developer: OILSR Number: Date of This Florida Public Offering Statement: Florida Effective Date: Florida Revised Date: OILSR Effective Date: Sebastian Highlands General Development Corporation 0-00026-09-12, 0-00026-09-12 A August 25, 1971 November 25, 1981 December 15, 1981 We must give you a copy of this Offering Statement and give you an opportunity to read it before you sign any contract or agreement. By signing this receipt you acknowledge that you have received and read a copy of this Florida Public Offering Statement. By signing this receipt you also acknowledge that you have received the map, delivered with this Offering Statement, as required by Florida Statue 498.037 (1) (c). Received by Street Address City Date If any representations are made to you which are contrary to those in this report please notify the: Office of Division of Florida Land Sales and Condominiums Johns Building 725 South Bronough Street Tallahassee, Florida 32304 and/or Office of Interstate Land Sales Registration HUD Building, 451 Seventh Street, S. W. Washington, D. C. 20410 Agent Certification I certify that I have made no representations to the person(s) receiving this Offering Statement contrary to the information contained in this Offering Statement. Lot Name of Salesperson Signature Block Section Purchaser Cancellation You are entitled to cancel your purchase contract in accordance with its terms, and if you wish to do so, you may cancel by personal notice, or in writing. If you cancel in person or by telephone, it is recommended that you immediately confirm the cancellation by certified mail to General Development Corporation, 1111 South Bayshore Drive, Miami, Florida 33131. You may use the form below. Name of Subdivision Date of Contract This will confirm that I/we wish to cancel our purchase contract: Purchaser(s) signature 11 of 11 Date