Southaven
Community Development District

Board of Supervisors’ Meeting
April 15, 2026

District Office:
St Augustine, Florida (904) 436-6270

www.southavencdd.org

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT

Markland Amenity Center, 61 Clarissa Lane St. Augustine, FL 32095 www.southavencdd.org

Board of Supervisors

Richard Fetter Bob Monk Donna Reed Jorge Iturralde Michael Langer

Chairman Vice Chairman
Assistant Secretary Assistant Secretary Assistant Secretary

District Manager

Melissa Dobbins Lesley Gallagher

Rizzetta & Company, Inc. Rizzetta & Company, Inc.

District Counsel

Jonathan Johnson Katie Buchanan

Kutak Rock, LLP Kutak Rock, LLP

District Engineer

Mike Yuro

Yuro and Associates

All cellular phones must be placed on mute while in the meeting room.

The Audience Comments portion, on Agenda Items Only, will be held at the beginning of the meeting. The Audience Comments portion of the agenda, on General Items, will be held at the end of the meeting. During these portions of the agenda, audience members may make comments on matters that concern the District (CDD) and will be limited to a total of three (3) minutes to make their comments.

Pursuant to provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this meeting/hearing/workshop is asked to

advise	the

District

Office

at

least

forty-eight

(48)

hours

before

the

meeting/hearing/workshop by contacting the District Manager at (239) 936-0913. If you are hearing or speech impaired, please contact the Florida Relay Service by dialing 7-1-

1, or 1-800-955-8771 (TTY)
1-800-955-8770 (Voice), who can aid you in contacting the District Office.

A person who decides to appeal any decision made at the meeting/hearing/workshop with respect to any matter considered at the meeting/hearing/workshop is advised that person will need a record of the proceedings and that accordingly, the person may need to ensure that a verbatim record of the proceedings is made including the testimony and evidence upon which the appeal is to be based.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
District Office · St. Augustine, Florida · (904) 436-6270
Mailing Address · 3434 Colwell Avenue, Suite 200, Tampa, Florida 33614 www.southavencdd.org

April 8, 2026

Board of Supervisors Southaven Community Development District

FINAL AGENDA

Dear Board Members:

The special meeting of the Board of Supervisors of the Southaven Community Development District will be held on April 15, 2026, at 10:00 a.m., at the Markland Amenity Center located at 61 Clarissa Lane St. Augustine, FL 32095.

CALL TO ORDER/ROLL CALL PLEDGE OF ALLEGINCE
AUDIENCE COMMENTS ON AGENDA ITEMS
BUSINESS ADMINISTRATION

1.
2.
3.
4.

Consideration of the Minutes of the Board of Supervisors’
Continued Meeting held on January 30, 2026	Tab 1
Consideration of the Minutes of the Board of Supervisors’
Regular Meeting held on February 4, 2026	Tab 2
Consideration of the Minutes of the Audit Committee Meeting
held February 4, 2026	Tab 3
Consideration of the Minutes of the Board of Supervisors’
Continued Regular Meeting held on February 18, 2026	Tab 4
Consideration of the Minutes of the Board of Supervisors’
Continued Audit Meeting held on February 18, 2026	Tab 5
Consideration of the Minutes of the Board of Supervisors’ Special

A.

B.

C.

D.

E.

F.

Meeting held on March 25, 2026	Tab 6
Ratification of Operations and Maintenance Expenditures for
January and February 2026	Tab 7

G.

5.

BUSINESS ITEMS - PART A

A.

Consideration of Matters Relating to the Series 2015 and Series 2016 Bond Refunding	Tab 8

i.
ii.

Final Series 2026-1 and 2026-2 Refunding Results Supplemental Special Assessment Allocation Report, Series 2026-1 and 2026-2 dated April 15, 2026 Resolution 2026-02, Approving the Sale, Issuance and Terms of Sale of the Capital Improvement Revenue and Refunding Bonds, Series 2026-1
Resolution 2026-03, Approving the Sale, Issuance and Terms of Sale of the Capital Improvement Revenue and Refunding Bonds, Series 2026-2
Resolution 2026-04, Setting forth the Specific Terms of the District’s Capital Improvement Revenue
Refunding Bond, Series 2026-1
Resolution 2026-05, Setting forth the Specific Terms of the District’s Capital Improvement Revenue
Refunding Bond, Series 2026-2

iii.

iv.

v.

vi.

6.

STAFF REPORTS
District Counsel
District Engineer
District Manager
AUDIENCE COMMENTS AND SUPERVISOR REQUESTS BUSINESS ITEMS – PART B
Discussion Regarding the Fiscal Year 2026/2027 Proposed Budget
ADJOURNMENT
look forward to seeing you at the meeting. In the meantime, if you have any questions,

7.
8.
9.
We

please do not hesitate to call us at (904)-436-6270.

Very Truly Yours,
Lesley Gallagher
District Manager

Tab 1

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
January 30, 2026, Minutes of Meeting
Page 1

MINUTES OF MEETING

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Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT

The continued meeting of the Board of Supervisors of Southaven Community Development District was held January 30, 2026, at 11:00 a.m. held at the Markland Amenity Center located at 61 Clarissa Lane, St. Augustine, Florida 32095.

Present and constituting a quorum:

Richard Fetter Bob Monk Michael Langer Donna Reed Jorge Iturralde

Board Supervisor, Chairman Board Supervisor, Vice Chairman
Board Supervisor, Assistant Secretary Board Supervisor, Assistant Secretary Board Supervisor, Assistant Secretary

Also present were:

Lesley Gallagher Katie Buchanan Lisa Licata

District Manager, Rizzetta & Company, Inc. District Counsel, Kutak Rock LLP (via zoom)
General Manager, Vesta Property Services (via zoom)

Audience not in attendance.

FIRST ORDER OF BUSINESS

CALL TO ORDER

Mr. Fetter called the meeting to order at 11:00 a.m.

SECOND ORDER OF BUSINESS

PLEDGE OF ALLEGIANCE

The Pledge of Allegiance was recited.

THIRD ORDER OF BUSINESS

AUDIENCE COMMENTS ON AGENDA ITEMS

There was no audience present or on Zoom.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
January 30, 2026, Minutes of Meeting
Page 2

FOURTH ORDER OF BUSINESS

UPDATE ON ENTRANCE GATE VIRTUAL ACCESS CONTROL SYSTEM

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Mr. Fetter reviewed and email received from Envera Service Team on January 29th at 4:15
p.m. stating that they would be onsite on Monday, February 2nd between 9am & 10 am to finalize the cancellation and remove their equipment. Discussion ensued regarding Mr. Langer and Ms. Licata being present while they are on site. It was also directed to have the gate arms removed by staff.

Ms. Buchanan reviewed that the email received from Envera references the agreement # for the resign agreement which in the opinion of the CDD is invalid. Ms. Buchanan recommends that Ms. Licata respond to the email today with specific verbiage that Ms. Buchanan will provide to make it clear that this is a termination and not cancellation referring to the original agreement number which expires on its own terms January 31, 2026.

It was also noted that the board would wait until the February 4th meeting to take any further action regarding Butterfly.

Ms. Licata to explore any interim access control through Sunbelt if needed.

FIFTH ORDER OF BUSINESS

AUDIENCE COMMENTS AND SUPERVISOR REQUESTS

SUPERVISORS

It was requested that any updates received before the February 4th meeting be shared with the board.

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AUDIENCE

No audience present at this time.

SIXTH ORDER OF BUSINESS

ADJOURNMENT

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On a motion by Mr. Fetter, seconded by Mr. Iturralde with all in favor, the Board adjourned the meeting at 11:21 a.m., for the Southaven Community Development District.

On a motion by Mr. Fetter, seconded by Mr. Monk with all in favor, the Board approved subject to an acceptable response to the email Ms. Licata will be sending acknowledging that this is a termination of the original agreement and not cancellation of the resign agreement which could occur penalties authorizing Mr. Monk to sign new agreement for Butterfly system with a not to exceed increase of $3,000 from original approved amount, for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
January 30, 2026, Minutes of Meeting
Page 3

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Chairman/Vice Chairman

Tab 2

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 4, 2026, Minutes of Meeting
Page 1

MINUTES OF MEETING

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Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT

The regular meeting of the Board of Supervisors of Southaven Community Development District was held February 4, 2026, at 10:00 a.m. held at the Markland Amenity Center located at 61 Clarissa Lane, St. Augustine, Florida 32095.

Present and constituting a quorum:

Richard Fetter Bob Monk Michael Langer Donna Reed

Board Supervisor, Chairman (via phone) Board Supervisor, Vice Chairman
Board Supervisor, Assistant Secretary Board Supervisor, Assistant Secretary

Also present were:

Lesley Gallagher Katie Buchanan Lisa Licata
Dan Fagen Allen Flannery Brett Sealy Kendall Hahn

District Manager, Rizzetta & Company, Inc. District Counsel, Kutak Rock LLP (via Zoom) General Manager, Vesta Property Services
Director of Amenity Operations, Vesta Property Services Landscape Account Manager, The Greenery
MBS Capital Markets LLC
MBS Capital Markets LLC (via Zoom)

No audience present.

FIRST ORDER OF BUSINESS

CALL TO ORDER

Mr. Monk called the meeting to order at 10:01 a.m.

SECOND ORDER OF BUSINESS

PLEDGE OF ALLEGIANCE

The Pledge of Allegiance was recited during the Audit Committee meeting, which was held prior to the onset of the regular meeting.

THIRD ORDER OF BUSINESS

AUDIENCE COMMENTS ON AGENDA ITEMS

There was no audience present or on zoom.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 4, 2026, Minutes of Meeting
Page 2

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FOURTH ORDER OF BUSINESS

DISCUSSION REGARDING POSSIBLE REFUNDING OF SERIES 2015 & 2016 BONDS

Mr. Sealy provided some background on his firm and that his firm assisted with the series 2015 and 2016 bonds. Mr. Sealy noted that he had also attended a workshop and provided general information on refinances. Mr. Sealy then explained that it was requested that he provide specific information today which will require them to be engaged to comply with regulations to provide specific information.

1.) Consideration of MBS Agreement for Underwriting Services (under separate cover)

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Mr. Sealy provided a presentation that outlined the series 2015 and 2016 outstanding bonds, the dates that they become callable, the balances and maturity dates. He outlined that there are two primary paths for refunding bonds include bank private placement and public offering and MBS pursues both. He then moved on to the considerations, laying out the opportunities which the board would need to decide. Discussion ensued regarding the board’s goals and benchmarks for economic benefit.

Mr. Sealy reviewed the general construction proceeds route which must be used for identifiable capital improvement projects that qualify for tax exempt financing with 85% of the funds generated being used within 3 years.

Ms. Buchanan reviewed the second option which would be for an annual reduction but rather than actually reduce assessments the O&M capital reserve assessment would be increased so the total assessment stays level to build up reserves.

Discussion ensued regarding whether the district has identifiable capital improvement projects at this time and how soon the district could participate in the next refinance if they moved forward at this time.

The board decided to not discuss the general construction proceeds route further due to there not being any identifiable projects to use 85% of funds generated within 3 years.

Discussion ensued regarding cost of issuance and benefit of refinancing both series at the same time and how rates are finalized.

On a motion by Mr. Monk, seconded by Ms. Reed, with all in favor, the Board engaged MBS Capital LLC for underwriting services and approved their agreement for such, for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 4, 2026, Minutes of Meeting
Page 3

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It was noted that Mr. Sealy will bring back term sheets for the board to consider at a special meeting with a date to be determined in late March or early April.

*The board then moved to agenda item 7A – Update on Entrance Gate Virtual Access Control System

FIFTH ORDER OF BUSINESS

UPDATE ON ENTRANCE GATE VIRTUAL ACCESS CONTROL SYSTEM

Ms. Buchanan provided an update that concerns had been sent back to Envera regarding their email referencing the resign agreement and term cancellation no response has been received, but the CDD did receive an invoice for approximately $83,000 for the balance of the contract. Ms. Buchanan then outlined what she believes to be options to move forward at this time. Discussion ensued regarding these options. Ms. Buchanan also noted that she had spoken with General Counsel for Vesta who has requested additional time to review as well and that this meeting may need to be continued in order to provide him with that opportunity. Continuing the meeting to February 18th was then discussed with Ms. Buchanan confirming that she was putting together an email with documentation to assist in summarizing for Vesta. Mr. Fagen noted that he would like Vesta’s attorney to be present at this meeting.

*Mr. Fetter left the meeting in progress and the Board moved back to agenda item 5A

SIXTH ORDER OF BUSINESS

CONSIDERATION OF THE MINUTES OF THE AUDIT COMMITTEE MEETING HELD ON DECEMBER 3, 2025

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On a motion by Mr. Monk, seconded by Ms. Reed, with all in favor, the Board approved the minutes of the Audit Committee meeting held on December 3, 2025, for the Southaven Community Development District.

On a motion by Mr. Fetter, seconded by Mr. Monk, with all in favor, the Board elected to proceed forward with refunding of series 2015A1 and series 2016A1 bonds with the
annual reduction route using the savings to increase the O&M capital reserve assessment so the total assessment stays level to build up reserves, for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 4, 2026, Minutes of Meeting
Page 4

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SEVENTH ORDER OF BUSINESS

CONSIDERATION OF THE MINUTES OF THE BOARD OF SUPERVISORS’ MEETING HELD ON DECEMBER 3, 2025

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EIGHTH ORDER OF BUSINESS

CONSIDERATION OF THE MINUTES OF THE BOARD OF SUPERVISORS’ MEETING ON JANUARY 14, 2026

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NINTH ORDER OF BUSINESS

RATIFICATION OF OPERATIONS AND MAINTENANCE EXPENDITURES FOR NOVEMBER AND DECEMBER 2025

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*The board then recessed the regular meeting and moved back to the Audit Committee Meeting at 11:30 a.m.

*The board moved back to the regular meeting at 11:40 a.m.

TENTH ORDER OF BUSINESS

ACCEPTANCE OF AUDIT COMMITTEE RECOMMENDATION

This item was tabled as the audit committee meeting was continued.

On a motion by Mr. Monk, seconded by Ms. Reed, with all in favor, the Board ratified the operation and maintenance expenditures for November and December 2025 in the amount of
$42,865.52 and $97,069.22, for the Southaven Community Development District.

On a motion by Mr. Monk, seconded by Ms. Reed, with all in favor, the Board approved the minutes of the Board of Supervisors’ meeting held on January 14, 2026, for the Southaven Community Development District.

On a motion by Mr. Monk, seconded by Ms. Reed, with all in favor, the Board approved the minutes of the Board of Supervisors’ meeting held on December 3, 2025, for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 4, 2026, Minutes of Meeting
Page 5

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ELEVENTH ORDER OF BUSINESS

STAFF REPORTS

A. District Counsel

No Report.

B. District Engineer

Mr. Yuro was not requested to attend, but did provide feedback on the Asphalt Repair proposals that are under tab 10 to share at that time.

C. Landscape and Maintenance Report

Mr. Flannery provided an update on annuals and said that they will be continuing with 3 rotations rather than 4. He noted they will be keeping the beds clean until the March rotation. He also noted that the mulch install would occur in the spring. Mr. Monk asked about the soil tests out front where items has consistently died. Mr. Flannery will investigate this further.

1.

Consideration of Landscape Enhancement Proposal

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D. General Manager Report

1.) Amenity and Field Updates

No comments.

2.) Lake Management Reports

No comments.

E. District Manager

Ms. Gallagher updated the board that Egis insurance met with Ms. Licata for an insurance walk-through, they had some questions about values of some of the property listed. Ms.
Gallagher requested authorization to work with Vesta to review these and if needed engage the engineer if needed, the board had no objections.

The date for the budget workshop was set for April 15th at 10 a.m.

On a motion by Mr. Monk, seconded by Ms. Reed, with all in favor, the board approved the Greenery ornamental grass conversion on Westcott Parkway $4,410.43 and requested that this not take place until spring, for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 4, 2026, Minutes of Meeting
Page 6

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TWELFTH ORDER OF BUSINESS

CONSIDERATION OF PEST CONTROL PROPOSAL

The board reviewed a proposal from Freedom Pest Control for an initial treatment at the cost of $200.00 and then a monthly fee of $150.00

Ms. Licata reviewed that Turner’s pricing was more favorable. This item was tabled indefinitely.

THIRTEENTH ORDER OF BUSINESS

CONSIDERATION OF THE ASPHALT REPAIR PROPOSAL(S)

Board reviewed proposals from All Pro Asphalt in the amount of $6500.00 & All Asphalt in the amount of $4,915.00. Ms. Gallagher then shared that the engineer reviewed these proposals and the feedback he provided.

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FOURTEENTH ORDER OF BUSINESS

CONSIDERATION OF THE PRESSURE WASHING PROPOSAL(S)

Board reviewed three proposals from AMG, Hydro Klean and Putting on the Pressure for pressure washing services.

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FIFTEENTH ORDER OF BUSINESS

CONSIDERATION OF RESOLUTION 2026-01; CONDUCTING THE GENERAL ELECTION

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It was also noted that the Qualification period is NOON on June 8, 2026 though NOON on June 12, 2026 at the St. Johns County Supervisor of Elections Office.

On a motion by Mr. Monk, seconded by Mr. Langer, with all in favor, the board adopted Resolution 2026-01 directing the St. Johns County Supervisor of Elections to conduct the general election process for the two seats that are up in the November 2026 general election, for the Southaven Community Development District.

On a motion by Mr. Monk, seconded by Ms. Reed, with all in favor, the Board approved AMG pressure washing proposal in the amount of $5,252.10, for the Southaven Community Development District.

On a motion by Mr. Monk, seconded by Ms. Reed, with all in favor, the Board approved the proposal from All Pro Asphalt $6500.00 for repairs in 14 identified areas, for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 4, 2026, Minutes of Meeting
Page 7

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SIXTEENTH ORDER OF BUSINESS

AUDIENCE COMMENTS AND SUPERVISOR REQUESTS

SUPERVISORS

No Supervisor Comments.

AUDIENCE

No audience present.

SEVENTEENTH ORDER OF BUSINESS

ADJOURNMENT

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On a motion by Mr. Monk, seconded by Mr. Langer with all in favor, at 11:56 a.m. the Board continued the meeting to February 18, 2026 at 10:00 a.m., for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 4, 2026, Minutes of Meeting
Page 8

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Chairman/Vice Chairman

Tab 3

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 4, 2026, Minutes of Meeting
Page 1

MINUTES OF MEETING

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Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT

The Audit Committee meeting of Southaven Community Development District was held on February 4, 2026, at 10:00 a.m., at the Markland Amenity Center located at 61 Clarissa Lane St. Augustine, FL 32095

Present and constituting a quorum:

Richard Fetter Bob Monk Michael Langer Donna Reed

Board Supervisor, Chairman (via phone) Board Supervisor, Vice Chairman
Board Supervisor, Assistant Secretary Board Supervisor, Assistant Secretary

Also present were:

Lesley Gallagher Katie Buchanan Lisa Licata
Dan Fagen Allen Flannery Kendall Hahn Brett Sealy

District Manager, Rizzetta & Company, Inc. District Counsel, Kutak Rock LLP (via zoom) General Manager, Vesta Property Services
Director of Amenity Operations, Vesta Property Services Landscape Account Manager, The Greenery
MBS Capital Markets LLC
MBS Capital Markets LLC (via zoom)

FIRST ORDER OF BUSINESS

CALL TO ORDER

Mr. Monk called the audit committee meeting to order at 10:01 a.m.

The Pledge of Allegiance was recited.

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*The audit committee meeting was later resumed at 11:30 a.m.

On a motion by Mr. Monk, seconded by Ms. Reed, with all in favor, the audit committee meeting was then continued to a later point in the meeting, for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 4, 2026, Minutes of Meeting
Page 2

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SECOND ORDER OF BUSINESS

REVIEW, DISCUSS AND EVALUATE THE PROPOSALS RECEIVED IN RESPONSE TO THE RFP FOR DISTRICT AUDING SERVICES

Discussion ensued regarding the details of the proposals.

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THIRD ORDER OF BUSINESS

ADJOURNMENT

The audit committee meeting was adjourned and the board moved into the regular meeting.

*The board moved back to the regular meeting at 11:40 a.m.

On a motion by Mr. Monk, seconded by Mr. Fetter, with all in favor, the audit committee authorized Mr. Langer to review these and provide a report back to the audit committee continuing this meeting to February 18th at 10 a.m., for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 4, 2026, Minutes of Meeting
Page 3

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Secretary/Assistant Secretary

 	
Chairman/Vice Chairman

Tab 4

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 18, 2026, Minutes of Meeting
Page 1

MINUTES OF MEETING

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Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT

The continued meeting of the Board of Supervisors of Southaven Community Development District was held February 18, 2026, at 10:00 a.m. held at the Markland Amenity Center located
at 61 Clarissa Lane, St. Augustine, Florida 32095.

Present and constituting a quorum:

Jorge Iturralde Bob Monk Michael Langer Donna Reed

Board Supervisor, Assistant Secretary Board Supervisor, Vice Chairman Board Supervisor, Assistant Secretary Board Supervisor, Assistant Secretary

Also present were:

Lesley Gallagher Katie Buchanan Lisa Licata
Dan Fagen Chris Hodge

District Manager, Rizzetta & Company, Inc. District Counsel, Kutak Rock LLP (via zoom) General Manager, Vesta Property Services
Director of Amenity Operations, Vesta Property Services General Counsel for Vesta – (via zoom)

No audience present.

FIRST ORDER OF BUSINESS

CALL TO ORDER

Mr. Monk called the meeting to order at 10:14 a.m.

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SECOND ORDER OF BUSINESS

PLEDGE OF ALLEGIANCE

The Pledge of Allegiance was recited during the Audit Committee meeting, which was held prior to the onset of the regular meeting.

On a motion by Mr. Monk, seconded by Ms. Reed, with all in favor, the regular meeting was opened, for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 18, 2026, Minutes of Meeting
Page 2

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THIRD ORDER OF BUSINESS

UPDATE ON ENTRANCE GATE VIRTUAL ACCESS CONTROL SYSTEM

Ms. Buchanan provided a brief overview of ongoing concerns about the Entrance Gate Virtual Access Control System for the benefit of the audience online and present. Ms. Buchanan shared a timeline of events from 2021 when the CDD entered into an agreement with Envera to date. Ms. Buchanan then reviewed the options for the board to take the next steps. Ms. Buchanan & Mr. Hodge then provided a summary of Vesta’s contractual obligations.

Discussion ensued regarding moving forward with another letter to Envera and moving forward with Butterfly to have them order equipment. It was also noted that if the CDD must remove Envera’s equipment that the condition of that equipment be documented before and after.

The meeting was then opened for audience comments and comments were heard on the following:

Abandonment of equipment timeline and strength of termination, cease and desist lender, letter to Envera for equipment removal and if Butterfly MX could place their equipment in a different location if needed.

There were no public comments on Zoom.

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FOURTH ORDER OF BUSINESS

ACCEPTANCE OF AUDIT COMMITTEE RECOMMENDATION

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Mr. Monk and Ms. Licata will work on a summary communication and provide updates to the community.

On a motion by Mr. Monk, seconded by Mr. Iturralde, with all in favor, the Board accepted the audit committee recommendation of Grau & Associates for audit services, for the Southaven Community Development District.

On a motion by Mr. Monk, seconded by Mr. Iturralde, with all in favor, the board approved sending another letter to Envera confirming the District’s stance that the contract is done and providing a date to have equipment removed with Counsel providing verbiage for this communication and to also move forward sending the check to Butterfly MX for the equipment to move forward, for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 18, 2026, Minutes of Meeting
Page 3

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FIFTH ORDER OF BUSINESS

AUDIENCE COMMENTS AND SUPERVISOR REQUESTS

SUPERVISORS

No Supervisor Comments.

AUDIENCE

No audience present.

SIXTH ORDER OF BUSINESS

ADJOURNMENT

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On a motion by Mr. Monk, seconded by Ms. Reed with all in favor, the Board adjourned the meeting at 11:10 a.m., for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 18, 2026, Minutes of Meeting
Page 4

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Tab 5

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 18, 2026, Minutes of Meeting
Page 1

MINUTES OF MEETING

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Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT

The continued Audit Committee meeting of Southaven Community Development District was held on February 18, 2026, at 10:00 a.m., at the Markland Amenity Center located at 61
Clarissa Lane St. Augustine, FL 32095

Present and constituting a quorum:

Bob Monk Michael Langer Donna Reed Jorge Iturralde

Board Supervisor, Vice Chairman Board Supervisor, Assistant Secretary Board Supervisor, Assistant Secretary Board Supervisor, Assistant Secretary

Also present were:

Lesley Gallagher Katie Buchanan Lisa Licata
Dan Fagen Chris Hodge

District Manager, Rizzetta & Company, Inc. District Counsel, Kutak Rock LLP (via zoom) General Manager, Vesta Property Services
Director of Amenity Operations, Vesta Property Services Vesta General Counsel (via zoom)

Audience present and on Zoom.

FIRST ORDER OF BUSINESS

CALL TO ORDER

Mr. Monk called the meeting to order at 10:02 a.m.

The Pledge of Allegiance was recited.

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On a motion by Mr. Monk, seconded by Mr. Iturralde, with all in favor, the audit committee meeting was opened, for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 18, 2026, Minutes of Meeting
Page 2

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SECOND ORDER OF BUSINESS

REVIEW, DISCUSS AND EVALUATE THE PROPOSALS RECEIVED IN RESPONSE TO THE RFP FOR DISTRICT AUDING SERVICES

Mr. Langer reviewed the proposals received from Berger, Toombs, Elam, Gaines & Frank, DiBartolomeo, McBee, Hartley & Barnes, P.A., Grau & Associates, McDirmit Davis and McIntosh CPA and shared his feedback.

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THIRD ORDER OF BUSINESS

ADJOURNMENT

The audit committee meeting was adjourned and the board moved into the regular meeting.

On a motion by Mr. Langer, seconded by Mr. Iturralde, with all in favor, the audit committee meeting was closed and the board moved into the regular meeting at 10:14 a.m., for the Southaven Community Development District.

On a motion by Mr. Langer, seconded by Mr. Iturralde, with all in favor, the audit committee approved the recommended ranking (Exhibit A) and made the recommendation of Grau & Associates for auditing services based on the RFP, for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
February 18, 2026, Minutes of Meeting
Page 3

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Chairman/Vice Chairman

Exhibit A

Southaven CDD
Audit Proposal Review Committee Evaluation Spread Sheet 02/18/2026

Bidder's Name

Total Audit Price

Ability of Personnel (10 Points)

Proposer's Experience (30 Points)

Understanding Scope of Work (20 Points)

Furnish Required Services (10 Points)

Price (30 Points)

Total Points

Berger, Toombs, Elam, Gaines & Frank

2026 - $3,850
2027 - $3,850
2028 - $3,950
2029 - $4,175
2030 - $4,175

2

0

4

2

0

8

DiBartolomeo, McBee, Hartley & Barnes

2026 - $2,950
2027 - $3,100
2028 - $3,250
2029 - $3,425
2030 - $3,600

2

12

4

2

15

35

Grau & Associates

2026 - $3,200
2027 - $3,300
2028 - $3,400
2029 - $3,500
2030 - $3,600

2

18

4

2

15

41

McDirmit Davis (Current Auditor)

2026 - $4,100
2027 - $4,100
2028 - $4,300
2029 - $4,300
2030 - $4,500

0

0

4

2

0

6

McIntosh CPA

2026 - $3,000
2027 - $3,200
2028 - $3,400
2029 - $3,600
2030 - $3,800

0

0

4

2

0

6

Committee Members:

Donna Reed, Jorge Iturralde, Robert Monk, Michael Langer

Tab 6

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
March 25, 2026, Minutes of Meeting
Page 1

MINUTES OF MEETING

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Each person who decides to appeal any decision made by the Board with respect to any matter considered at the meeting is advised that the person may need to ensure that a verbatim record of the proceedings is made, including the testimony and evidence upon which such appeal is to be based.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT

The special meeting of the Board of Supervisors of Southaven Community Development District was held March 25, 2026, at 1:00 p.m. held at the Markland Amenity Center located at 61 Clarissa Lane, St. Augustine, Florida 32095.

Present and constituting a quorum:

Bob Monk Michael Langer Richard Fetter

Board Supervisor, Vice Chairman Board Supervisor, Assistant Secretary Board Supervisor, Chairman

Also present were:

Lesley Gallagher Katie Buchanan Hunter Hurley Brett Sealy

District Manager, Rizzetta & Company, Inc. District Counsel, Kutak Rock LLP
District Counsel, Kutak Rock LLP MBS Capital Markets LLC

Audience present.

FIRST ORDER OF BUSINESS

CALL TO ORDER

Mr. Fetter called the meeting to order at 1:00 p.m.

SECOND ORDER OF BUSINESS

PLEDGE OF ALLEGIANCE

The Pledge of Allegiance was recited.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
March 25, 2026, Minutes of Meeting
Page 2

THIRD ORDER OF BUSINESS

AUDIENCE COMMENTS ON AGENDA ITEMS

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Audience comments were heard on the following;
Potential increase in assessments if bond has been paid off due to O&M, number of homes with no bonds, how the capital reserve if created would be reflected on the financials and if this would be a restricted account, % of the difference in the bond payment being reflected in the reserve, establishment of a reserve fund, current surplus, timing of the benefit in the debt service reduction being realized.

FOURTH ORDER OF BUSINESS

SERIES 2026 REFUNDING OPPORTUNITY

Mr. Sealy reviewed that at the last meeting, his firm was authorized to obtain term sheets and private placement yielded better results. Mr. Sealy has sent credit packages to more than a dozen banks and received two responses which were from SouthState Bank and Seacoast Bank. Mr. Sealy reviewed the highlights of each of these term sheets with the estimated refunding results for Series 2015 and Series 2016. It was also noted that each of these banks were requiring a deposit relationship. Discussion ensued regarding the requirement to switch accounts and the other terms and conditions for each.

The board directed staff to set a special meeting for April 15th at 10am at which bond related items would be brought back to the board to finalize the process and this meeting would also incorporate the fiscal year 2026/27 budget discussion.

*The board moved forward with Seacoast Bank term letter as presented.

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*All remaining items were tabled at this time, including Agenda Items 5A through 5E and 6A through 6D.

FIFTH ORDER OF BUSINESS

AUDIENCE COMMENTS AND SUPERVISOR REQUESTS

SUPERVISORS

No Supervisor Comments.

AUDIENCE

No Audience Comments.

On a motion by Mr. Monk, seconded by Mr. Langer, with all in favor, the Board accepted the Seacoast Bank Term Letter, for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
March 25, 2026, Minutes of Meeting
Page 3

SIXTH ORDER OF BUSINESS

ADJOURNMENT

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On a motion by Mr. Monk, seconded by Mr. Langer with all in favor, the Board adjourned the meeting at 2:12 p.m., for the Southaven Community Development District.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
March 25, 2026, Minutes of Meeting
Page 4

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Chairman/Vice Chairman

Tab 7

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT

DISTRICT OFFICE · ST. AUGUSTINE, FLORIDA 32084 
Mailing Address · 3434 Colwell Avenue, Suite 200 · Tampa, Florida 33614
www.SouthavenCDD.org

Operation and Maintenance Expenditures January 2026
Presented For Board Approval

Attached please find the check register listing the Operation and Maintenance expenditures paid from January 1, 2026 through January 31, 2026. This does not include expenditures previously approved by the Board.

The total items being presented:

$61,448.39

Approval of Expenditures:

	 Chairperson

	 Vice Chairperson

	 Assistant Secretary

Southaven Community Development District
Paid Operation & Maintenance Expenditures
January 1, 2026 Through January 31, 2026

Vendor Name	 Check Number	 Invoice Number	 Invoice Description	

Invoice Amount	

Ancient City Janitorial LLC

300188

2606

Janitorial Supplies 01/26

$

859.00

AT&T

20260113-1

322343089-122125 ACH

Internet & Phone Services 01/26

$

167.54

AT&T

20260102-1

323860823-121025 ACH

Internet & Phone Services 12/25

$

270.88

Clear Waters, Inc.

300202

158499

Pond Maintenance 01/26

$

835.00

COMCAST

Phone Services 12/25

20260112-1

8495741401213297-
121725 ACH
6580192295959-011626
ACH
0539926444-011226
ACH
2396585172-011226
ACH
2936844030-011226
ACH
3005756139-011226
ACH
3111413393-011226
ACH
6452877167-011226
ACH

$

371.45

Florida Department of Revenue

20260120-2

Sales & Use Tax 12/25

$

62.52

Florida Power & Light Company

20260126-1

Electric Services 12/25

$

30.80

Florida Power & Light Company

20260126-1

Electric Services 12/25

$

2,100.34

Florida Power & Light Company

20260126-1

Electric Services 12/25

$

40.39

Florida Power & Light Company

20260126-1

Electric Services 12/25

$

130.91

Florida Power & Light Company

20260126-1

Electric Services 12/25

$

31.12

Florida Power & Light Company

20260126-1

Electric Services 12/25

$

992.43

Southaven Community Development District
Paid Operation & Maintenance Expenditures
January 1, 2026 Through January 31, 2026

Vendor Name	 Check Number	 Invoice Number	 Invoice Description	

Invoice Amount	

Florida Power & Light Company

20260126-1

9246030044-011226
ACH
9779789537-011226
ACH 0007504716

Electric Services 12/25

$

31.56

Florida Power & Light Company

20260126-1

Electric Services 12/25

$

39.38

Gannett Florida LocaliQ

300189

Legal Advertising 12/25

$

87.68

Kutak Rock, LLP

300190

3685897

Legal Services 11/25

$

1,579.00

Mussallem Area Rug Specialist

300195

287-121625

Janitorial Services 12/25

$

733.00

Rizzetta & Company, Inc.

300187

INV0000106213

District Management Fees 01/26

$

4,127.09

Rolland Reash Plumbing

300199

51303295

Maintenance & Repairs 07/25

$

150.00

Rolland Reash Plumbing

300197

55820562

Maintenance & Repairs 12/25

$

852.14

Rolland Reash Plumbing

300197

55822699

Maintenance & Repairs 12/25

$

150.00

Southeast Fitness Repair

300203

2408

Fitness Equipment Maintenance & Repair 01/26
Fitness Equipment Maintenance &
Repair 01/26
Water Services 12/25

$

330.00

Southeast Fitness Repair

300203

2412

$

139.98

St Johns Utility Department

20260120-1

559802132013-121925
ACH

$

1,130.73

Southaven Community Development District
Paid Operation & Maintenance Expenditures
January 1, 2026 Through January 31, 2026

Vendor Name	 Check Number	 Invoice Number	 Invoice Description	

Invoice Amount	

St Johns Utility Department

20260120-1

559802132336-121925
ACH
559802132338-121925
ACH
559802132340-121925
ACH
559802132342-121925
ACH
559802132378-121925
ACH
559802132379-121925
ACH
559802133630-121925
ACH
559802134615-121925
ACH
559802135720-121925
ACH
559802135721-121925
ACH
559802135954-121925
ACH
559802135956-121925
ACH

Water Services 12/25

$

87.22

St Johns Utility Department

20260120-1

Water Services 12/25

$

59.68

St Johns Utility Department

20260120-1

Water Services 12/25

$

111.42

St Johns Utility Department

20260120-1

Water Services 12/25

$

810.06

St Johns Utility Department

20260120-1

Water Services 12/25

$

776.72

St Johns Utility Department

20260120-1

Water Services 12/25

$

91.61

St Johns Utility Department

20260120-1

Water Services 12/25

$

12.46

St Johns Utility Department

20260120-1

Water Services 12/25

$

37.38

St Johns Utility Department

20260120-1

Water Services 12/25

$

408.69

St Johns Utility Department

20260120-1

Water Services 12/25

$

527.25

St Johns Utility Department

20260120-1

Water Services 12/25

$

16.19

St Johns Utility Department

20260120-1

Water Services 12/25

$

34.99

Southaven Community Development District
Paid Operation & Maintenance Expenditures
January 1, 2026 Through January 31, 2026

Vendor Name	 Check Number	 Invoice Number	 Invoice Description	

Invoice Amount	

St Johns Utility Department

20260120-1

559802135958-121925
ACH
559802135959-121925
ACH
559802135961-121925
ACH
559802139106-121925
ACH 75112

Water Services 12/25

$

163.49

St Johns Utility Department

20260120-1

Water Services 12/25

$

62.89

St Johns Utility Department

20260120-1

Water Services 12/25

$

12.46

St Johns Utility Department

20260120-1

Water Services 12/25

$

119.31

Sunbelt Gated Access Systems of Florida, LLC
Sunbelt Gated Access Systems
of Florida, LLC
Sunbelt Gated Access Systems of Florida, LLC
The Greenery of North Florida,
Inc.
Turner Pest Control, LLC

300191

Gate Maintenance & Repair 12/25

$

7,848.00

300198

175616

Gate Maintenance & Repair 12/25

$

3,195.00

300200

175676

Access Control 01/26

$

695.00

300204

802063

Landscape Maintenance 01/26

$

13,850.07

300201

621713636

Maintenance & Repairs 01/26

$

93.00

Valley National Bank

20260127-1

CC123125-287 ACH

Credit Card Expenses 12/25

$

1,679.17

Vesta Property Services, Inc.

300192

429542

Maintenance & Repairs 11/25

$

325.00

Vesta Property Services, Inc.

300192

429760

Maintenance & Repairs 11/25

$

28.05

Southaven Community Development District
Paid Operation & Maintenance Expenditures
January 1, 2026 Through January 31, 2026

Vendor Name	 Check Number	 Invoice Number	 Invoice Description	

Invoice Amount	

Vesta Property Services, Inc.

300205

430035

Management Services 01/26

$

14,451.25

VGlobal Tech

300193

8091

Website Compliance & Management 01/26
Waste Disposal Services 01/26

$

175.00

Waste Management Inc. of Florida
Wayne Automatic Fire Sprinklers,
Inc.
Yuro & Associates, LLC

20260120-3

9770180-2224-3 ACH

$

284.09

300196

1276608

Sprinkler Inspection 12/25

$

65.00

300194

3939

Engineering Services 11/25

 $	185.00

Report Total

$	61,448.39

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT

DISTRICT OFFICE · ST. AUGUSTINE, FLORIDA 32084 
Mailing Address · 3434 Colwell Avenue, Suite 200 · Tampa, Florida 33614
www.SouthavenCDD.org

Operation and Maintenance Expenditures February 2026
Presented For Board Approval

Attached please find the check register listing the Operation and Maintenance expenditures paid from February 1, 2026 through February 28, 2026. This does not include expenditures previously approved by the Board.

The total items being presented:

$71,270.53

Approval of Expenditures:

	 Chairperson

	 Vice Chairperson

	 Assistant Secretary

Southaven Community Development District
Paid Operation & Maintenance Expenditures
February 1, 2026 Through February 28, 2026

Vendor Name	 Check Number	 Invoice Number	 Invoice Description	

Invoice Amount	

Ace Winn LLC

300219

287-021726

Special Events 03/26

$

550.00

Ancient City Janitorial LLC

300213

2647

Janitorial Supplies 02/26

$

859.00

AT&T

20260217-1

322343089-012126 ACH

Internet & Phone Services 02/26

$

167.47

AT&T

20260203-1

323860823-011026 ACH

Internet & Phone Services 01/26

$

270.72

Clear Waters, Inc.

300224

159308

Pond Maintenance 02/26

$

835.00

COMCAST

20260211-1

8495741401213297-
011726 ACH MAS-2338783

Phone Services 01/26

$

384.30

Crime Prevention Security Systems of Orlando, LLC Envera Systems

300223

Access Control 02/26

$

19,926.98

300218

104656

Gate Maintenance & Repair 01/26

$

245.00

Florida Department of Revenue

20260219-1

6580192295959-021826
ACH
0539926444-021226
ACH
2396585172-021226
ACH

Sales & Use Tax 01/26

$

67.53

Florida Power & Light Company

20260224-1

Electric Services 01/26

$

30.80

Florida Power & Light Company

20260224-1

Electric Services 01/26

$

2,100.34

Southaven Community Development District
Paid Operation & Maintenance Expenditures
February 1, 2026 Through February 28, 2026

Vendor Name	 Check Number	 Invoice Number	 Invoice Description	

Invoice Amount	

Florida Power & Light Company

20260224-1

2936844030-021226
ACH
3005756139-021226
ACH
3111413393-021226
ACH
6452877167-021226
ACH
9246030044-021226
ACH
9779789537-021226
ACH 3690201

Electric Services 01/26

$

40.04

Florida Power & Light Company

20260224-1

Electric Services 01/26

$

122.46

Florida Power & Light Company

20260224-1

Electric Services 01/26

$

31.09

Florida Power & Light Company

20260224-1

Electric Services 01/26

$

1,015.14

Florida Power & Light Company

20260224-1

Electric Services 01/26

$

31.52

Florida Power & Light Company

20260224-1

Electric Services 01/26

$

38.38

Kutak Rock, LLP

300207

Legal Services 12/25

$

3,643.70

LLS Tax Solutions, Inc.

300221

004058

Arbitrage Rebate 12/25

$

500.00

Rizzetta & Company, Inc.

300206

INV0000106635

District Management Fees 02/26

$

4,127.09

Smith Electrical, Inc.

300225

40374

Street Lights 02/26

$

290.00

Southeast Fitness Repair

300222

2494

Fitness Equipment Maintenance & Repair 01/26

$

264.90

Southaven Community Development District
Paid Operation & Maintenance Expenditures
February 1, 2026 Through February 28, 2026

Vendor Name	 Check Number	 Invoice Number	 Invoice Description	

Invoice Amount	

St Johns Utility Department

20260218-1

559802132013-011926
ACH
559802132336-011926
ACH
559802132338-011926
ACH
559802132340-011926
ACH
559802132342-011926
ACH
559802132378-011926
ACH
559802132379-011926
ACH
559802133630-011926
ACH
559802134615-011926
ACH
559802135720-011926
ACH
559802135721-011926
ACH

Water Services 01/26

$

1,101.19

St Johns Utility Department

20260218-1

Water Services 01/26

$

87.22

St Johns Utility Department

20260218-1

Water Services 01/26

$

62.05

St Johns Utility Department

20260218-1

Water Services 01/26

$

146.19

St Johns Utility Department

20260218-1

Water Services 01/26

$

877.71

St Johns Utility Department

20260218-1

Water Services 01/26

$

1,704.84

St Johns Utility Department

20260218-1

Water Services 01/26

$

88.31

St Johns Utility Department

20260218-1

Water Services 01/26

$

12.46

St Johns Utility Department

20260218-1

Water Services 01/26

$

37.38

St Johns Utility Department

20260218-1

Water Services 01/26

$

270.95

St Johns Utility Department

20260218-1

Water Services 01/26

$

601.52

Southaven Community Development District
Paid Operation & Maintenance Expenditures
February 1, 2026 Through February 28, 2026

Vendor Name	 Check Number	 Invoice Number	 Invoice Description	

Invoice Amount	

St Johns Utility Department

20260218-1

559802135954-011926
ACH
559802135956-011926
ACH
559802135958-011926
ACH
559802135959-011926
ACH
559802135961-011926
ACH
559802139106-011926
ACH 803593

Water Services 01/26

$

16.51

44.12

St Johns Utility Department

20260218-1

Water Services 01/26

$

St Johns Utility Department

20260218-1

Water Services 01/26

$

136.75

St Johns Utility Department

20260218-1

Water Services 01/26

$

62.95

St Johns Utility Department

20260218-1

Water Services 01/26

$

12.46

St Johns Utility Department

20260218-1

Water Services 01/26

$

111.51

The Greenery of North Florida, Inc.
Turner Pest Control, LLC

300226

Landscape Maintenance 02/26

$

13,850.07

300227

621843820

Pest Control 02/26

$

93.00

USA TODAY Media Corp

300214

0007551522

Legal Advertising 01/26

$

93.12

Valley National Bank

20260227-1

CC013126-287

Credit Card Expenses 01/26

$

687.55

Vesta Property Services, Inc.

300220

430288

Billable Mileage 12/25

$

35.75

Southaven Community Development District
Paid Operation & Maintenance Expenditures
February 1, 2026 Through February 28, 2026

Vendor Name	 Check Number	 Invoice Number	 Invoice Description	

Invoice Amount	

Vesta Property Services, Inc.

300220

430508

Management Services 02/26

$

14,451.25

Vesta Property Services, Inc.

300215

430809

Management Services 01/26

$

22.62

VGlobal Tech

300216

8171

Website Compliance & Management 02/26
Waste Disposal Services 02/26

$

175.00

Waste Management Inc. of Florida
Wayne Automatic Fire Sprinklers, Inc.
Yuro & Associates, LLC

20260217-2

9774237-2224-7 ACH

$

284.09

300228

1290370

Maintenance & Repairs 02/26

$

385.00

300217

3976

Engineering Services 01/26

 $	277.50

Report Total

$	71,270.53

Tab 8

Southaven
Community Development District

Supplemental Special Assessment Allocation Report

Special Assessment Refunding Bond, Series 2026-1 Special Assessment Refunding Bond, Series 2026-2

3434 Colwell Avenue
Suite 200
Tampa, FL 33614

April 15, 2026

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1 SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-2

Table Of Contents

Page
1

I.

INTRODUCTION ……………………………………….......………..…......…

II.

DEFINED TERMS……..…………………...................................................

1

III.

DISTRICT INFORMATION……………….………………...............................

2

IV.

SERIES 2026-1 BOND AND ASSESSMENTS…………………………....…….

2

V.

SERIES 2026-2 BOND AND ASSESSMENTS…………………………....…….

3

VI.

Series 2026-1 & Series 2026-2 Assessment Allocation ………..……

3

VII.

Prepayment of Series 2026-1 & Series 2026-2 Assessments ………

4

VIII.

ADDITIONAL STIPULATIONS…………………..………………………………

5

EXB “A”

ALLOCATION METHODOLOGY…………..…….………………………………......

6

Index Of Tables

Table

Description

Page

1A
1B
2
3

CURRENT SERIES 2015A-1 PRODUCT MIX…............................................ CURRENT SERIES 2016A-1 PRODUCT MIX…………………………………. FINANCING INFORMATION – SERIES 2026-1 & SERIES 2026-2 BONDS...…. FINANCING INFORMATION – SERIES 2026-1 & SERIES 2026-2
Assessments………………………………………………………………. Assessment Allocation – Series 2026-1 Assessments……….…….. Assessment Allocation – Series 2026-2 Assessments……………...
SERIES 2026-1 ASSESSMENT LIEN ROLL………………………………… SERIES 2026-2 ASSESSMENT LIEN ROLL…………………………...…...…

A-1
A-1
A-2

A-3
A-4
A-4
A-5
A-6

4A
4B

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1 SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-2

I.  Introduction

This Supplemental Special Assessment Allocation Report is being presented in anticipation of a refunding and defeasance of the Series 2015A-1 Bonds and the Series 2016A-1 Bonds by the Southaven Community Development District (“District”), a local unit of special purpose government established in accordance with Chapter 190, Florida Statutes. The District will issue its Special Assessment Refunding Bond, Series 2026-1 and Special Assessment Refunding Bond, Series 2026-2, and has retained Rizzetta & Company, Incorporated to prepare a methodology for allocating the special assessments to be levied by the District in connection with the transaction.

II. Defined Terms

“2015 Report” – The Final Supplemental Assessment Methodology Report March 25, 2015, which specifies the allocation methodology used for the District’s Series 2015A-1 assessments.

“2016 Report” – The Final Second Supplemental Assessment Methodology Report December 7, 2016, which specifies the allocation methodology used for the District’s Series 2016A-1 assessments.

"District" – Southaven Community Development District.

“Indenture” – The District’s Trust Indenture dated April 1, 2026.

“Series 2015A-1 Assessments” – Special assessments levied to secure the District’s Series 2015A-1 Bonds.

“Series 2015A-1 Bonds” – Southaven Community Development District Special Assessment Revenue Bonds, Series 2015A-1, issued March 26, 2015, in the original par amount of $4,035,000, of which $2,385,000 is currently outstanding.

“Series 2016A-1 Assessments” – Special assessments levied to secure the District’s Series 2016A-1 Bonds.

“Series 2016A-1 Bonds” – Southaven Community Development District Special Assessment Revenue Bonds, Series 2016A-1, issued December 8, 2016, in the original par amount of $4,515,000, of which $3,500,000 is currently outstanding.

“Series 2026-1 Assessments” – The Series 2015A-1 Assessments recast to be levied to secure repayment of the District’s Series 2026-1 Bond.

“Series 2026-1 Bond” – The $2,247,000 Southaven Community Development District Special Assessment Refunding Bond, Series 2026-1.

1

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1 SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-2

“Series 2026-2 Assessments” – The Series 2016A-1 Assessments recast to be levied to secure repayment of the District’s Series 2026-2 Bond.

“Series 2026-2 Bond” – The $3,201,000 Southaven Community Development District Special Assessment Refunding Bond, Series 2026-2.

III. DISTRICT INFORMATION

The District was established pursuant to St. Johns County Ordinance #2014-22, which became effective on May 13, 2014. The Distric previously issued its Series 2015A-1 Bonds and Series 2016A-1 Bonds to finance the construction and acquisition of certain public infrastructure within the District. The District’s outstanding Series 2015A-1 Bonds and Series 2016A-1 Bonds will be refunded on a current basis. The District contains approximately 314.34 +/- acres on which there are 124 residential units subject to the Series 2015A-1 Assessments and 169 residential units subject to the Series 2016A-1 Assessments. Only those units currently encumbered by the Series 2015A-1 Assessments and Series 2016A-1 Assessments will be subject to the Series 2026-1 Assessments and Series 2026-2 Assessments, respectively.

See Table 1A and Table 1B for a detail of the product types and number of units currently encumbered by the Series 2015A-1 Assessments and Series 2016A-1 Assessments.

IV. Series 2026-1 Bond And Assessments

The Series 2015A-1 Bonds are currently outstanding in the principal amount of $2,385,000. To take advantage of market conditions, the District intends to refund and defease the Series 2015A-1 Bonds with the Series 2026-1 Bond, repayment of which will be secured by the levy of Series 2026-1 Assessments on the lands currently encumbered by Series 2015A-1 Assessments.

The Series 2026-1 Bond will be a single issue, private placement transaction in order to achieve the most favorable terms. The Series 2026-1 Bond is to be issued in a par amount of
$2,247,000, with a maximum annual debt service (MADS) amount of $176,335. The bond proceeds will be combined with available funds on-hand to make the required deposits associated with the defeasance of the Series 2015A-1 Bonds, with the remainder being used to fund interest through November 1, 2026 and to pay the cost of issuance of the Series 2026-1 Bond. The sources and uses of the funds associated with the Series 2026-1 Bond can be found in Table 2.

The Series 2026-1 Bond will be secured by the Series 2026-1 Assessment lien which will be sized based on the debt service requirements for the Series 2026-1 Bond, with the assessment to be levied on the lots to be encumbered pursuant to the methodology below. Because these assessments normally are collected via the St. Johns County tax bill process, the Series 2026-1 Special Assessments will be augmented to allow for county collection costs and early payment discounts as prescribed by state law, which have been estimated for purposes of this report. See Table 3 for detailed financing data on the Series 2026-1 Assessments.

2

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1 SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-2

V. Series 2026-2 Bond And Assessments

The Series 2016A-1 Bonds are currently outstanding in the principal amount of $3,500,000. To take advantage of market conditions, the District intends to refund and defease the Series 2016A-
Bonds with the Series 2026-2 Bond, repayment of which will be secured by the levy of Series 2026-
Assessments on the lands currently encumbered by Series 2016A-1 Assessments.

The Series 2026-2 Bond will be a single issue, private placement transaction in order to achieve the most favorable terms. The Series 2026-2 Bond is to be issued in a par amount of
$3,201,000, with a maximum annual debt service (MADS) amount of $236,132.50. The bond proceeds will be combined with available funds on-hand to make the required deposits associated with the defeasance of the Series 2016A-1 Bonds, with the remainder being used to fund interest through November 1, 2026 and to pay the cost of issuance of the Series 2026-2 Bond. The sources and uses of the funds associated with the Series 2026-2 Bond can be found in Table 2.

The Series 2026-2 Bond will be secured by the Series 2026-2 Assessment lien which will be sized based on the debt service requirements for the Series 2026-2 Bond, with the assessment to be levied on the lots to be encumbered pursuant to the methodology below. Because these assessments normally are collected via the St. Johns County tax bill process, the Series 2026-2 Special Assessments will be augmented to allow for county collection costs and early payment discounts as prescribed by state law, which have been estimated for purposes of this report. See Table 3 for detailed financing data on the Series 2026-2 Assessments.

VI. Series 2026-1 & Series 2026-2 Assessment Allocation

Unlike property taxes, which are ad valorem in nature, a community development district may levy special assessments under Florida Statute only if the parcels to be assessed receive special benefit from the infrastructure improvements acquired and/or constructed by such district. These special benefits are peculiar to lands within the district and differ in nature to those general or incidental benefits that landowners outside the district or the general public may enjoy. A district must also apportion or allocate its special assessments so that the assessments are fairly and reasonably distributed relative to the special benefit conferred. Generally speaking, this means the amount of special assessment levied on a parcel should not exceed the amount of special benefit enjoyed by that parcel. The District typically may develop and adopt an assessment methodology based on front footage, square footage, or any other reasonable allocation method, so long as the assessment meets the benefit requirement, and so long as the assessments are fairly and reasonably allocated.

A. Series 2026-1 Assessments

The District is securing repayment of the Series 2026-1 Bond through the levy of Series 2026-1 Assessments, as contemplated under Florida Statutes Chapters 170 and 190, on those parcels currently encumbered by Series 2015A-1 Assessments.

3

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1 SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-2

The Series 2026-1 Assessments will be allocated among the parcels currently subject to the Series 2015A-1 Assessments using the same methodology found in the 2015 Report. The configuration of the parcels and the benefit conferred in the 2015 Report remains consistent. Accordingly, the Series 2026-1 Assessment allocation is fair and reasonable, and the resulting per unit assessments fall within acceptable benefit levels. See Table 4A for the new Series 2026-1 Assessments for each specific land use currently encumbered by the Series 2015 Assessments, along with a comparison of the original Series 2015A-1 Assessments and Series 2026-1 Assessments to illustrate the relative reduction in annual payments to be enjoyed by each of the land uses.

The Series 2026-1 Assessment Lien Roll can be found on page A-5.

B.

Series 2026-2 Assessments

The District is securing repayment of the Series 2026-2 Bond through the levy of Series 2026-2 Assessments, as contemplated under Florida Statutes Chapters 170 and 190, on those parcels currently encumbered by Series 2016A-1 Assessments.

The Series 2026-2 Assessments will be allocated among the parcels currently subject to the Series 2016A-1 Assessments using the same methodology found in the 2016 Report. The configuration of the parcels and the benefit conferred in the 2016 Report remains consistent. Accordingly, the Series 2026-2 Assessment allocation is fair and reasonable, and the resulting per unit assessments fall within acceptable benefit levels. See Table 4B for the new Series 2026-2 Assessments for each specific land use currently encumbered by the Series 2016A-1 Assessments, along with a comparison of the original Series 2016A-1 Assessments and Series 2026-2 Assessments to illustrate the relative reduction in annual payments to be enjoyed by each of the land uses.

The Series 2026-2 Assessment Lien Roll can be found on page A-6.

VII.  Prepayment of Series 2026-1 and Series 2026-2 Assessments

The Series 2026-1 Assessments and Series 2026-2 Assessments encumbering a parcel may be prepaid in full at any time, without penalty, together with interest at the rate on the Series 2026-1 Bond and Series 2026-2 Bond, respectively, to the Interest Payment Date (as defined in the Indenture) that is more than forty-five (45) days next succeeding the Interest Payment Date (as defined in the Indenture). Notwithstanding the preceding provisions, the District does not waive the right to assess penalties which would otherwise be permissible if the parcel being prepaid is subject to an assessment delinquency.

4

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1 SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-2

VIII. Additional Stipulations

Certain financing data was provided by members of District staff and professionals retained in connection with the financing. The allocation methodology described herein was based on information regarding the underlying bond transaction provided by those professionals. Rizzetta & Company, Incorporated makes no representation regarding said transaction beyond restatement of the factual information necessary for compilation of this report, except for information incidental to the transaction which was provided by Rizzetta & Company, Incorporated. For additional information about the Series 2026-1 and Series 2026-2 Bond structure and related items, please refer to the Indenture.

Rizzetta & Company, Incorporated does not represent the District as a Municipal Advisor or Securities Broker nor is Rizzetta & Company, Incorporated registered to provide such services as described in Section 15B of the Securities and Exchange Act of 1934, as amended. Similarly, Rizzetta & Company, Incorporated does not provide the District with financial advisory services or offer investment advice in any form.

5

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1 SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-2

EXHIBIT A:

ALLOCATION METHODOLOGY

6

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SUPPLEMENTAL SPECIAL ASSESSMENT ALLOCATION REPORT SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1
SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-2

A-1

TABLE 1B: CURRENT PRODUCT MIX (SERIES 2016A-1)
PRODUCT	TOTAL (1)

Single Family 63'	72	Units
Single Family 73'	31	Units
Single Family 83'	31	Units
Single Family 93'	35	Units

169

(1) Reflects prepayment of Series 2016A-1 Assessments for 22 units. Prepaid lots will not be subject to the Series 2026-2 Assessments.

TABLE 1A: CURRENT PRODUCT MIX (SERIES 2015A-1)

PRODUCT	TOTAL (1)

Single Family 58'	27	Units
Single Family 73'	57	Units
Single Family 73' (Partial)	1	Units
Single Family 93'	37	Units
Single Family 93' (Partial)	2	Units
124

(1) Reflects prepayment of Series 2015A-1 Assessments for 40 units. Prepaid lots will not be subject to the Series 2026-1 Assessments.

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SUPPLEMENTAL SPECIAL ASSESSMENT ALLOCATION REPORT SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1
SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-2

A-2

TABLE 2: FINANCING INFORMATION - SERIES 2026-1 BOND & SERIES 2026-2 BOND

Issue Date Final Maturity
Average Coupon Rate
Maximum Annual Debt Service ("MADS")

SOURCES:

Bond Proceeds: Par Amount
Other Sources of Funds:
Liquidation of 2015 & 2016 Revenue Account Liquidation of 2015 & 2016 Reserve Account Liquidation of 2015 & 2016 Interest Account Liquidation of 2015 & 2016 Sinking Fund Liquidation of 2015 & 2016 Principal Account Liquidation of 2015 & 2016 Prepayment Account Liquidation of 2016 Acquisition Account

TOTAL SOURCES USES:
Refunding Escrow Deposits:
Cash Deposit
Other Fund Deposits:
Interest to 11/1/2026
Delivery Date Expenses:
Cost of Issuance Loan Fee of 50 bps
TOTAL USES

Source: District Placement Agent.

SERIES 2026-2

April 17, 2026
May 1, 2047
4.50%
$236,132.50

$3,201,000.00

$431,143.10
$171,877.01
$47.62
$0.14
$9.05
$101.36
$23,025.19
$626,203.47
$3,827,203.47

($3,608,193.75)

($77,624.25)

($125,380.47)
($16,005.00)
($3,827,203.47)

SERIES 2026-1

April 17, 2026
May 1, 2045
4.50%
$176,335.00

$2,247,000.00

$259,385.73
$125,994.40
$31.38
$9.65
$0.12
$10.66
-
$385,431.94
$2,632,431.94

($2,456,273.75)

($54,489.75)

($110,433.44)
($11,235.00)
($2,632,431.94)

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SUPPLEMENTAL SPECIAL ASSESSMENT ALLOCATION REPORT SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1
SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-2

A-3

TABLE 3: FINANCING INFORMATION - SERIES 2026-1 & SERIES 2026-2 ASSESSMENTS

Interest Rate

Aggregate Initial Principal Amount

Aggregate Annual Installment	(1)
Estimated County Collection Costs	2%	(2)
Estimated Maximum Early Payment Discount	4%	(2)
Total Annual Installment

Based on MADS for the Series 2026-1 & Series 2026-2 Bonds.
May vary as provided by law.

SERIES 2026-2

4.50%

$3,201,000.00

$236,132.50
$5,024.10
$10,048.19
$251,204.79

SERIES 2026-1

4.50%

$2,247,000.00

$176,335.00
$3,751.81
$7,503.62
$187,590.43

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SUPPLEMENTAL SPECIAL ASSESSMENT ALLOCATION REPORT SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1
SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-2

A -4

TABLE 4B: ASSESSMENT ALLOCATION - SERIES 2026-2 ASSESSMENTS (1)

SERIES	SERIES
2016A-1	2016A-1	ANNUAL	ANNUAL
PRODUCT TOTAL	PER UNIT	PRODUCT ANNUAL	PER UNIT ANNUAL	REMAINING	ANNUAL	SAVINGS	SAVINGS
PRODUCT	UNITS	PRINCIPAL (2)	PRINCIPAL	INSTLMT. (2)	INSTLMT. (2)	PRINCIPAL	INSTLMT.	(%)	($)
Single Family 63'	72	$1,280,400.00	$17,783.33	$100,481.91	$1,395.58	$19,444.44 $1,800.00	22.47% $404.42 Single Family 73'	31		$551,283.33	$17,783.33		$43,263.05	$1,395.58	$19,444.44 $1,800.00	22.47% $404.42 Single Family 83'	31		$643,163.89	$20,747.22		$50,473.55	$1,628.18	$22,685.19 $2,100.00	22.47% $471.82 Single Family 93'	35		$726,152.78	$20,747.22		$56,986.27	$1,628.18	$22,685.19  $2,100.00	22.47%    $471.82

TOTAL	169	$3,201,000.00	$251,204.79

(1) Series 2026-2 Assessments allocated to the current units encumbered by Series 2016A-1 Assessments.
(2) Includes estimated St. Johns County collection costs/payment discounts, which may fluctuate.

TABLE 4A: ASSESSMENT ALLOCATION - SERIES 2026-1 ASSESSMENTS (1)

SERIES	SERIES
2015A-1	2015A-1	ANNUAL	ANNUAL
PRODUCT TOTAL	PER UNIT	PRODUCT ANNUAL	PER UNIT ANNUAL	REMAINING	ANNUAL	SAVINGS	SAVINGS
PRODUCT (3)	UNITS	PRINCIPAL (2)	PRINCIPAL	INSTLMT. (2)	INSTLMT. (2)	PRINCIPAL	INSTLMT.	(%)	($)
Single Family 58'		27		$469,130.51		$17,375.20		$39,165.28		$1,450.57		$18,442.31	$1,800.00		19.41%		$349.43 Single Family 73'	57			$990,386.63	$17,375.20	$82,682.27	$1,450.57	$18,442.31	$1,800.00	19.41%	$349.43 Single Family 73' (Partial)			1			$10,425.12		$10,425.12			$870.34			$870.34		$11,065.38	$1,080.00		19.41%		$209.66 Single Family 93'	37			$750,029.64	$20,271.07	$62,616.10	$1,692.33        $21,516.02  $2,100.00      19.41%    $407.67 Single Family 93' (Partial)     2        $27,028.10        $13,514.05        $2,256.44         $1,128.22        $14,344.02  $1,400.00       19.41%    $271.78

TOTAL	124	$2,247,000.00	$187,590.43

(1) Series 2026-1 Assessments allocated to the current units encumbered by Series 2015A-1 Assessments.
(2) Includes estimated St. Johns County collection costs/payment discounts, which may fluctuate.
(3) Certain lots have previously partially paid down their Series 2015A-1 principal, resulting in a reduced annual debt service assessment.

A-5

270710090

182 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73' P

$10,425.12

$870.34

$11,065.38

$1,080.00

270710470

221 WESTCOTT PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 93' T

$13,514.05

$1,128.22

$14,344.02

$1,400.00

270711520

272 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93' T

$13,514.05

$1,128.22

$14,344.02

$1,400.00

270710050

122 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710060

138 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710070

152 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710080

168 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710100

194 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710120

216 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710130

222 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710140

228 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710150

234 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710160

244 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710190

284 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710200

298 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710210

312 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710230

338 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710240

352 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710250

366 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710290

420 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710310

448 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710340

472 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710360

494 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710400

550 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710410

564 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710420

576 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710450

652 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710610

115 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710620

101 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710630

91 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710640

79 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710650

69 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710660

41 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710670

51 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710680

61 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710690

75 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710700

22 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710710

34 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710720

44 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710730

58 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710740

68 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710750

80 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710760

90 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710770

102 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710780

114 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SERIES 2026-1 ASSESSMENT LIEN ROLL

SERIES 2026-1	SERIES 2026-1	SERIES 2015A-1	SERIES 2015A-1
FOLIO	SITE ADDRESS	LEGAL DESCRIPTION	LU	PRINCIPAL	ANNUAL ASSMT	REMAINING	ANNUAL ASSMT
PRINCIPAL

A-5

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SERIES 2026-1 ASSESSMENT LIEN ROLL

SERIES 2026-1	SERIES 2026-1	SERIES 2015A-1	SERIES 2015A-1
FOLIO	SITE ADDRESS	LEGAL DESCRIPTION	LU	PRINCIPAL	ANNUAL ASSMT	REMAINING	ANNUAL ASSMT
PRINCIPAL

270710870

269 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710880

255 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710890

241 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710900

227 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710910

213 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710920

199 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710970

121 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710980

109 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710990

99 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711000

87 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711010

77 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711020

65 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711030

55 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711040

43 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711050

33 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 58'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711070

24 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711080

36 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711090

50 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711100

64 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711110

78 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711120

92 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711130

106 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711140

120 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711150

148 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711170

176 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711180

188 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711190

202 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711200

216 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711220

244 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711230

258 HAAS AVE

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711250

445 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711260

431 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711280

403 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711290

389 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711300

375 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711340

307 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711350

293 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711360

281 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711370

267 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270711390

211 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 73'

$17,375.20

$1,450.57

$18,442.31

$1,800.00

270710010

54 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710040

104 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710480

203 WESTCOTT PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710490

649 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710500

637 BRONSON PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710520

287 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710530

269 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

TOTAL

$2,247,000.00

$187,590.43

$2,385,000.00

$232,780.00

A-5

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SERIES 2026-1 ASSESSMENT LIEN ROLL

SERIES 2026-1	SERIES 2026-1	SERIES 2015A-1	SERIES 2015A-1
FOLIO	SITE ADDRESS	LEGAL DESCRIPTION	LU	PRINCIPAL	ANNUAL ASSMT	REMAINING	ANNUAL ASSMT
PRINCIPAL

270710540

251 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710550

235 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710570

201 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710580

183 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710600

149 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710790

156 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710800

172 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710820

206 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710830

224 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710840

242 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270710860

276 FREMONT AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711410

206 WESTCOTT PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711430

242 WESTCOTT PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711440

296 WESTCOTT PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711460

289 WESTCOTT PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711470

305 WESTCOTT PKWY

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711480

352 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711490

330 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711510

290 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711530

254 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711540

238 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711550

241 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711570

287 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711580

307 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711590

327 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711610

359 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711620

375 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711630

391 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

270711640

407 KIRKSIDE AVE

76/39-50 SOUTHAVEN PHASE 1

SF 93'

$20,271.07

$1,692.33

$21,516.02

$2,100.00

A-6

270711660

446 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711670

430 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711680

414 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711690

400 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711700

384 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711710

368 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711720

350 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711730

334 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711740

320 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711750

308 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711760

296 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711770

284 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711780

270 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711790

258 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711800

246 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711810

234 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711830

212 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711840

200 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711860

176 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711870

164 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711900

106 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711910

94 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711920

82 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711930

70 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711960

34 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712240

129 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712250

143 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712260

157 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712270

171 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712280

185 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712290

201 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712300

215 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712310

229 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712320

243 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712340

267 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712360

281 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712370

287 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712380

293 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712390

303 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712400

317 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712410

331 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712420

339 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712430

345 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712440

351 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712450

359 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712540

89 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712550

101 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SERIES 2026-2 ASSESSMENT LIEN ROLL

SERIES 2026-2	SERIES 2026-2	SERIES 2016A-1	SERIES 2016A-1
FOLIO	SITE ADDRESS	LEGAL DESCRIPTION	LU	PRINCIPAL	ANNUAL ASSMT	REMAINING	ANNUAL ASSMT
PRINCIPAL

A-6

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SERIES 2026-2 ASSESSMENT LIEN ROLL

SERIES 2026-2	SERIES 2026-2	SERIES 2016A-1	SERIES 2016A-1
FOLIO	SITE ADDRESS	LEGAL DESCRIPTION	LU	PRINCIPAL	ANNUAL ASSMT	REMAINING	ANNUAL ASSMT
PRINCIPAL

270712560

113 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712600

165 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712610

179 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712620

191 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712630

203 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712650

233 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712660

247 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712670

259 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712680

271 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712690

283 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712700

295 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712710

307 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712720

319 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712730

331 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712740

341 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712750

353 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712760

363 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712770

375 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712780

385 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712790

397 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712800

409 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712810

419 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712820

431 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712830

441 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

63'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711650

462 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711880

152 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711890

120 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270711970

24 LATROBE AVE

86/77-84 SOUTHAVEN PHASE IIA

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712220

95 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712230

113 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712460

330 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712470

316 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712480

302 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712490

23 LATROBE AVE

86/77-84 SOUTHAVEN PHASE IIA

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712570

125 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712580

139 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712590

153 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712840

87 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712890

155 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712900

169 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712910

183 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712920

199 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712930

215 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712940

233 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712960

263 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712970

281 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712980

299 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

A-6

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SERIES 2026-2 ASSESSMENT LIEN ROLL

SERIES 2026-2	SERIES 2026-2	SERIES 2016A-1	SERIES 2016A-1
FOLIO	SITE ADDRESS	LEGAL DESCRIPTION	LU	PRINCIPAL	ANNUAL ASSMT	REMAINING	ANNUAL ASSMT
PRINCIPAL

270712990

311 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270713000

323 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270713010

335 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270713030

365 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270713040

385 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270713050

399 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270713060

415 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270713070

429 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

73'

$17,783.33

$1,395.58

$19,444.44

$1,800.00

270712200

55 RENWICK PKWY

86/77-84 SOUTHAVEN PHASE IIA

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713080

445 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713090

463 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713100

480 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713110

472 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713120

454 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713130

432 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713140

410 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713170

41 WARDEN LN

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713180

49 WARDEN LN

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713190

48 WARDEN LN

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713200

40 WARDEN LN

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713210

34 WARDEN LN

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713220

302 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713230

274 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713240

256 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713270

206 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713310

497 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713320

513 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713330

523 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713340

529 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713350

528 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713360

520 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713370

514 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713380

508 LATROBE AVE

89/39-52 SOUTHAVEN PHASE IIB

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

83'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270711980

27 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270711990

45 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712000

63 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712010

81 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712020

97 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712030

117 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712040

147 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712050

165 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712060

183 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712070

201 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712080

219 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712090

220 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712100

204 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

TOTAL

$3,201,000.00

$251,204.79

$3,500,000.00

$324,000.00

A-6

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT SERIES 2026-2 ASSESSMENT LIEN ROLL

SERIES 2026-2	SERIES 2026-2	SERIES 2016A-1	SERIES 2016A-1
FOLIO	SITE ADDRESS	LEGAL DESCRIPTION	LU	PRINCIPAL	ANNUAL ASSMT	REMAINING	ANNUAL ASSMT
PRINCIPAL

270712110

184 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712120

168 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712130

150 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712140

126 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712150

106 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712170

72 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270712190

38 KIRKSIDE AVE

86/77-84 SOUTHAVEN PHASE IIA

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713400

24 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713410

157 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713420

145 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713430

150 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713450

92 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713460

60 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713470

36 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713480

28 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713490

22 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713500

16 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713510

10 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713520

11 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713530

21 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713540

31 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713550

49 WESTCOTT PKWY

98/65-69 SOUTHAVEN PHASE IIC AND III

93'

$20,747.22

$1,628.18

$22,685.19

$2,100.00

270713150

27 WARDEN LN

89/39-52 SOUTHAVEN PHASE IIB

83'

$41,494.44

$3,256.36

$45,370.37

$4,200.00

270713290

172 ASPINWALL PKWY

89/39-52 SOUTHAVEN PHASE IIB

83'

$41,494.44

$3,256.36

$45,370.37

$4,200.00

RESOLUTION NO. 2026-02

A RESOLUTION OF THE BOARD OF SUPERVISORS OF SOUTHAVEN
COMMUNITY DEVELOPMENT DISTRICT (THE “DISTRICT”) APPROVING THE SALE AND TERMS OF SALE OF THE DISTRICT’S SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1 (2015 REFUNDING) (THE “2026-1 BOND”); ESTABLISHING THE INTEREST RATE, MATURITY DATE, AND REDEMPTION PROVISIONS THEREOF; APPROVING A PRIVATE PLACEMENT FOR THE 2026-1 BOND; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A THIRD SUPPLEMENTAL TRUST INDENTURE; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT; APPOINTING A TRUSTEE; AUTHORIZING THE

REFUNDING	OF

THE

DISTRICT’S	OUTSTANDING	SPECIAL

ASSESSMENT BONDS, SERIES 2015A-1 (THE “REFUNDED BONDS”);
AUTHORIZING AND RATIFYING CERTAIN ACTIONS OF THE OFFICIALS AND STAFF OF THE DISTRICT, INCLUDING THE EXECUTION AND DELIVERY OF ALL DOCUMENTS, INSTRUMENTS, AGREEMENTS AND CERTIFICATES NECESSARY IN CONNECTION WITH THE ISSUANCE, SALE AND DELIVERY OF THE 2026-1 BOND AND THE REFUNDING OF THE REFUNDED BONDS; MAKING SUCH DETERMINATIONS AS ARE REQUIRED TO AFFORD THE 2026-1 BOND “BANK QUALIFIED” STATUS; APPOINTING A VERIFICATION AGENT; SPECIFYING THE APPLICATION OF THE PROCEEDS OF THE 2026-1 BOND; PROVIDING CERTAIN OTHER DETAILS WITH RESPECT TO THE 2026-1 BOND; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Board of Supervisors of Southaven Community Development District
(the “Board” and the “District,” respectively) has determined to proceed at this time with the sale and issuance of the Southaven Community Development District Special Assessment Refunding Bond, Series 2026-1 (the “2026-1 Bond”), which 2026-1 Bond is to be issued under and pursuant to a Master Trust Indenture, dated as of March 1, 2015 (the “Master Indenture”), between the District and Hancock Whitney Bank, as trustee (the “Trustee”), as supplemented by a Third Supplemental Trust Indenture, to be dated as of April 1, 2026 (the “Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), between the District and the Trustee, which 2026-1 Bond is to be issued and the proceeds thereof applied, together with other funds held by the Trustee with respect to the Refunded Bonds (as hereinafter defined), for the purposes of (i) currently refunding and defeasing all of the Outstanding principal amount of the District’s Special Assessment Bonds, Series 2015A-1 (the “Refunded Bonds”) in order to achieve debt service savings; (ii) paying the interest to become due on the 2026-1 Bond on November 1, 2026; and (iii) funding the costs of issuance for the 2026-1 Bond; and

WHEREAS, the Board has previously received the proposal (the “Proposal”) attached
hereto as Exhibit B from Seacoast National Bank, a national banking association (the “Bank”) submitted through MBS Capital Markets, LLC (the “Placement Agent”) for the purchase of the 2026-1 Bond, and the Board previously approved and accepted such Proposal; and

WHEREAS, in conjunction with the sale and issuance of the 2026-1 Bond, it is necessary
to approve the form of the Supplemental Indenture to establish the principal amount, interest rate, maturity, redemption provisions, costs and certain other details with respect thereto, to approve the form of an Escrow Deposit Agreement to effect the defeasance of the Refunded Bonds, and to provide for various other matters with respect to the issuance and sale of the 2026-1 Bond and the refunding of the Refunded Bonds.

NOW, THEREFORE, BE IT RESOLVED that:

1.

Definitions.	All words and phrases used herein in capitalized form, unless

otherwise defined herein, shall have the meanings ascribed to them in the Indenture.

2.

Private Placement. The Board hereby determines that a private placement of the

2026-1 Bond through the facilities of the Placement Agent is in the best interest of the District
because the market for instruments such as the 2026-1 Bond is limited, because of prevailing market conditions and because the delays caused by soliciting competitive bids could adversely affect the District’s ability to timely issue and deliver the 2026-1 Bond.

3.

Authorization and Award. Pursuant to Section 190.016(7), Florida Statutes, the

Board hereby determines that, in its judgment, the issuance of the 2026-1 Bond will be
advantageous to the District. The sale of the 2026-1 Bond to the Bank upon the terms and conditions set forth in the Proposal, and in a principal amount not to exceed $2,247,000, is hereby authorized and approved.

4.

Supplemental Indenture.	Attached hereto as Exhibit A is the form of

Supplemental Indenture, which is hereby authorized and approved, subject to such changes,
additions, deletions and insertions as shall be approved by the Chair or Vice Chair, which approval shall be conclusively evidenced by the execution thereof. The Chair or Vice Chair is hereby authorized to execute and the Secretary or any Assistant Secretary is hereby authorized to attest such Supplemental Indenture, and the Chair or Vice Chair is hereby authorized to deliver to the Trustee the Supplemental Indenture, which, when executed and delivered by the Trustee, shall constitute a legal, valid and binding obligation of the District, enforceable in accordance with its terms.

5.

Description of 2026-1 Bond.  The 2026-1 Bond shall be dated as of the date of

issuance and delivery to the Bank and may be issued in one series having such details as are set
forth in the Proposal and as reflected in the Supplemental Indenture. The 2026-1 Bond shall be in the form and subject to redemption on the terms, at the times and prices and in the manner provided in the Proposal and in the form of 2026-1 Bond attached to the Supplemental Indenture, which form is hereby approved, subject to such changes, additions, deletions and insertions as shall be approved by the Chair or Vice Chair, which approval shall be conclusively evidenced by
2

the execution thereof. The Chair or Vice Chair is hereby authorized to execute and the Secretary
or any Assistant Secretary is hereby authorized to attest the 2026-1 Bond, and the Chair or Vice Chair is hereby authorized to deliver to the Trustee for authentication and delivery to the Bank, upon payment therefor, the 2026-1 Bond, which, when authenticated by the Trustee, shall be a legal, valid and binding obligation of the District, enforceable in accordance with its terms.

The 2026-1 Bond shall be secured by, and the District in the Supplemental Indenture
grants to the Trustee for the benefit of the Bank, a lien on and a pledge of the Series 2026-1 Assessments imposed, levied and collected by the District in accordance with the Act, as more specifically described in the Supplemental Indenture. In addition, the 2026-1 Bond shall be secured by a lien and pledge of all amounts on deposit in the Funds and Accounts established under the Supplemental Indenture, except for any amounts in the Series 2026-1 Rebate Account in the Rebate Fund, all in accordance with the Supplemental Indenture.

6.

Approval of Escrow Deposit Agreement.

The Escrow Deposit Agreement,

pursuant to which certain proceeds of the 2026-1 Bond and other legally available moneys of the
District will be deposited to provide for the current refunding and defeasance of the Refunded Bonds, is hereby approved in substantially the form attached hereto as Exhibit C and the Chair or the Vice Chair of the Board is hereby authorized and directed to execute and deliver such Escrow Deposit Agreement on behalf of and in the name of the District and the Secretary or any Assistant Secretary of the Board is hereby authorized to attest such execution, with such additions and deletions therein as may be made and approved by the Chair or the Vice Chair executing the same, such execution to be conclusive evidence of such approval. Hancock Whitney Bank, the trustee for the Refunded Bonds, is hereby appointed to serve as Escrow Agent under the Escrow Deposit Agreement.

7.

Open Meetings. It is hereby found and determined that all official acts of this

Board concerning and relating to the issuance, sale, and delivery of the 2026-1 Bond, including
but not limited to adoption of this Resolution, were taken in open meetings of the Board and all deliberations of the members of the Board that resulted in such official acts were in meetings open to the public, in compliance with all legal requirements including, but not limited to, the requirements of Section 286.011, Florida Statutes.

8.

Other Actions. The Chair, the Vice Chair, the Secretary, any Assistant Secretary

and all other members, officers and staff of the Board and the District are hereby authorized and
directed to take all actions necessary or desirable in connection with the issuance and delivery of the 2026-1 Bond and the consummation of all transactions in connection therewith, including the execution of all necessary or desirable certificates, documents, papers, and agreements and the undertaking and fulfillment of all transactions referred to in or contemplated by the Indenture, this Resolution and the Proposal.

3

9.

Deposits to Funds and Accounts. The Trustee is hereby authorized and directed

to apply the proceeds of the 2026-1 Bond and the amounts on deposit in the Funds and Accounts
for the Refunded Bonds in the amounts and in the manner set forth in Section 402 of the Supplemental Indenture.

10.

Undertaking of the Refunding.

The Board hereby authorizes the current

refunding and defeasance of the Refunded Bonds, which are currently Outstanding in the
principal amount of $2,385,000, upon the terms and conditions as shall be set forth in the Indenture and Escrow Deposit Agreement.

11.

Appointment of Trustee, Paying Agent and Registrar. Hancock Whitney Bank is

hereby appointed to serve as Trustee, Paying Agent, and Registrar under the Indenture.

12.

Appointment of Verification Agent.	Causey Public Finance, LLC is hereby

appointed to serve as verification agent with respect to the current refunding and defeasance of
the Refunded Bonds.

13.

Designation of the 2026-1 Bond as a “Qualified Tax-Exempt Obligation”

Pursuant to Section 265(b)(3) of the Code. The District hereby designates the 2026-1 Bond as a
“qualified tax-exempt obligation” within the meaning of Section 265(b)(3) of the Code. The District and any subordinate entities of the District and any issuer of “tax-exempt” debt that issues “on behalf of” the District do not reasonably expect during calendar year 2026 to issue more than $10,000,000 of “tax-exempt” obligations, including the 2026-1 Bond, exclusive of any private activity bonds as defined in Section 141(a) of the Code (other than qualified 501(c)(3) bonds as defined in Section 145 of the Code).

14.

Approval of Prior Actions. All actions taken to date by the members of the Board

and the District officers, agents and consultants of the District in furtherance of the issuance of
the 2026-1 Bond, including but not limited to, the approval of the Proposal and the giving of a Conditional Notice of Optional Redemption of the Refunded Bonds, are hereby approved, confirmed and ratified.

[Remainder of page intentionally left blank]

4

15.

Effective Date. This Resolution shall take effect immediately upon its adoption.

PASSED in Public Session of the Board of Supervisors of Southaven Community
Development District, this 15th day of April, 2026.

SOUTHAVEN COMMUNITY
DEVELOPMENT DISTRICT

Attest:

Secretary/Assistant Secretary,
Board of Supervisors

Chair/Vice Chair,
Board of Supervisors

5

EXHIBIT A

FORM OF SUPPLEMENTAL INDENTURE

BMO Draft #2
4/8/2026 (AGENDA)

THIRD SUPPLEMENTAL TRUST INDENTURE

between

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT

and

HANCOCK WHITNEY BANK, AS TRUSTEE

DATED AS OF APRIL 1, 2026

$2,247,000
SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT (ST. JOHNS COUNTY, FLORIDA)
SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1 (2015 REFUNDING)

TABLE OF CONTENTS

This Table of Contents is incorporated herein for ease of reference only and shall not be deemed a
part of this Third Supplemental Trust Indenture.

DEFINITIONS	3
Section 101. Definitions	3
AUTHORIZATION, ISSUANCE AND PROVISIONS OF 2026-1 BOND	6

Section 201.
Section 202.
Section 203.
Section 204.
Section 205.
Section 206.
Section 207.

Authorization of 2026-1 Bond	6
Terms of 2026-1 Bond	6
Dating; Interest Accrual; Interest Adjustment	6
Denominations	7
Transfer Restrictions	7
Registrar and Paying Agent	8
Conditions Precedent to Issuance of 2026-1 Bond	8
REDEMPTION OF 2026-1 BOND	9

Section 301. Redemption of the 2026-1 Bond	9
ESTABLISHMENT OF FUNDS AND ACCOUNTS AND OPERATION THEREOF; DEPOSIT OF 2026-1 BOND PROCEEDS AND OTHER FUNDS AND APPLICATION THEREOF	9

Section 401.
Section 402.
Section 403.
Section 404.
Section 405.
Section 406.
Section 407.

Establishment of Funds Accounts	9
Use of 2026-1 Bond Proceeds and Other Moneys.	9
Series 2026-1 Costs of Issuance Account	10
Application of Series 2026-1 Prepayment Principal	10
Sinking Fund Installments	10
Tax Covenants and Rebate Account	11
Series 2026-1 Revenue Account; Application of Revenues and

Investment Earnings	11
CONCERNING THE TRUSTEE	13

Section 501.
Section 502.
Section 503.
Section 504.
Section 505.

Acceptance by Trustee	13
Limitation of Trustee’s Responsibility	13
Trustee’s Duties	13
Brokerage Statements	13
Patriot Act Requirements of the Trustee	14
ADDITIONAL BONDS	14
No Parity Bonds	14
MISCELLANEOUS	14
Confirmation of Master Indenture	14
Additional Covenant Regarding Assessments	14
Additional Covenants of the District	14
Payment Dates	15

Section 601.

Section 701.
Section 702.
Section 703.
Section 704.

i

EXHIBIT A - FORM OF 2026-1 BOND
EXHIBIT B - FORM OF CERTIFICATE OF TRANSFEREE

{15060/01/02516081.DOCXv2}

ii

THIRD SUPPLEMENTAL
TRUST INDENTURE

THIS THIRD SUPPLEMENTAL TRUST INDENTURE (this “Third Supplemental
Indenture”) is dated as of April 1, 2026, between SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT (the “Issuer” or “District”) and HANCOCK WHITNEY BANK, a Mississippi state banking corporation, as trustee (the “Trustee”).

WHEREAS, the District has entered into a Master Trust Indenture, dated as of March 1,
2015 (the “Master Indenture” and, together with this Third Supplemental Indenture, the “Indenture”) with the Trustee to secure its Bonds (the “Bonds”), issuable in one or more Series from time to time; and

WHEREAS, the District has heretofore issued its $4,035,000 Southaven Community
Development District Special Assessment Bonds, Series 2015A-1 (the “2015A-1 Bonds”) for the primary purpose of financing a portion of the Cost of acquiring, constructing and equipping assessable capital improvements (the “2015A Project”) pursuant to the Master Indenture, as supplemented by the First Supplemental Trust Indenture between the District and the Trustee, dated as of March 1, 2015 (the “First Supplemental Indenture” and, together with the Master Indenture, the “2015 Indenture”); and

WHEREAS, pursuant to Resolution No. 2026-02, adopted by the Board of Supervisors of
the District (the “Board”) on April 15, 2026, the District has authorized the issuance, sale and delivery of its $2,247,000 Southaven Community Development District (St. Johns County, Florida) Special Assessment Refunding Bond, Series 2026-1 (2015 Refunding) (the “2026-1 Bond”), which is issued hereunder as a Series of Bonds under the Master Indenture, and has authorized the execution and delivery of this Third Supplemental Indenture to secure the 2026-1 Bond and to set forth the terms of the 2026-1 Bond; and

WHEREAS, the District will apply the proceeds of the 2026-1 Bond, together with other
funds held by the Trustee under the 2015 Indenture, to: (i) currently refund and defease all of the Outstanding principal amount of the 2015A-1 Bonds (the “Refunded Bonds”) (ii) pay certain costs associated with the issuance of the 2026-1 Bond; and (iii) fund the interest due on the 2026-1 Bond on November 1, 2026; and

WHEREAS, the 2026-1 Bond will be payable from and secured by revenues received by
the District from Special Assessments imposed, levied and collected by the District with respect to property specially benefited by the 2015A Project that have not been previously prepaid by landowners (the “Series 2026-1 Assessments”), all in accordance with the Series 2026-1 Assessment Proceedings (as defined herein); and

WHEREAS, the execution and delivery of the 2026-1 Bond and of this Third Supplemental
Indenture have been duly authorized by the Board and all things necessary to make the 2026-1 Bond, when executed by the District and authenticated by the Trustee, a valid and binding legal

1

obligation of the District and to make this Third Supplemental Indenture a valid and binding
agreement and, together with the Master Indenture, a valid and binding lien on the Series 2026-1 Pledged Revenues (hereinafter defined) have been done;

NOW THEREFORE, KNOW ALL MEN BY THESE PRESENTS, THIS THIRD
SUPPLEMENTAL TRUST INDENTURE WITNESSETH:

That the District, in consideration of the premises, the acceptance by the Trustee of the
trusts hereby created, the mutual covenants herein contained, the purchase and acceptance of the 2026-1 Bond by the purchaser or purchasers thereof, and other good and valuable consideration, receipt of which is hereby acknowledged, and in order to further secure the payment of the principal and Redemption Price of, and interest on, the 2026-1 Bond Outstanding from time to time, according to its tenor and effect, and such other payments required to be made under the Master Indenture or hereunder, and to further secure the observance and performance by the District of all the covenants, expressed or implied in the Master Indenture, in this Third Supplemental Indenture and in the 2026-1 Bond: (a) has executed and delivered this Third Supplemental Indenture and (b) does hereby, in confirmation of the Master Indenture, grant, bargain, sell, convey, transfer, assign and pledge unto the Trustee, and unto its successors in the trusts under the Master Indenture, and to them and their successors and assigns forever, all right, title and interest of the District, in, to and under, subject to the terms and conditions of the Master Indenture and the provisions of the Master Indenture pertaining to the application thereof for or to the purposes and on the terms set forth in the Master Indenture the revenues derived by the District from the Series 2026-1 Assessments (the “Series 2026-1 Pledged Revenues”) and the Funds and Accounts (except for the Series 2026-1 Rebate Account) established hereby (the “Series 2026-1 Pledged Funds”) which shall comprise a part of the trust estate securing the 2026-1 Bond (the “Series 2026-1 Trust Estate”);

TO HAVE AND TO HOLD all the same by the Master Indenture granted, bargained,
sold, conveyed, transferred, assigned and pledged, or agreed or intended so to be, to the Trustee and its successors in said trust and to it and its assigns forever;

IN TRUST NEVERTHELESS, except as in each such case may otherwise be provided in
the Master Indenture, upon the terms and trusts in the Indenture set forth for the equal and proportionate benefit, security and protection of all and singular the present and future Owners of the 2026-1 Bond issued or to be issued under and secured by this Third Supplemental Indenture;

PROVIDED HOWEVER, that if the District, its successors or assigns, shall well and truly
pay, or cause to be paid, or make due provision for the payment of the principal and Redemption Price of the 2026-1 Bond or any portion thereof issued, secured and Outstanding under this Third Supplemental Indenture and the interest due or to become due thereon, at the times and in the manner mentioned in the 2026-1 Bond and this Third Supplemental Indenture, according to the true intent and meaning thereof, and shall well and truly keep, perform and observe all the covenants and conditions pursuant to the terms of the Master Indenture and this Third

2

Supplemental Indenture to be kept, performed and observed by it, and shall pay or cause to be
paid to the Trustee all sums of money due or to become due to it in accordance with the terms and provisions of the Master Indenture and this Third Supplemental Indenture, then upon such final payments, this Third Supplemental Indenture and the rights hereby granted shall cease and terminate, with respect to the 2026-1 Bond or such portion thereof, otherwise this Third Supplemental Indenture shall remain in full force and effect;

THIS THIRD SUPPLEMENTAL INDENTURE FURTHER WITNESSETH, and it is
expressly declared, that the 2026-1 Bond issued and secured hereunder is to be issued, authenticated and delivered and all of the rights and property pledged to the payment thereof are to be dealt with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes as expressed in the Master Indenture (except as amended directly or by implication by this Third Supplemental Indenture), including this Third Supplemental Indenture, and the District has agreed and covenanted, and does hereby agree and covenant, with the Trustee and with the Owner of the 2026-1 Bond, as follows:

DEFINITIONS

Section 101.

Definitions. All terms used herein that are defined in the recitals hereto

are used with the same meanings herein unless the context clearly requires otherwise. All terms
used herein that are defined in the Master Indenture are used with the same meanings herein (including the use of such terms in the recitals hereto and the granting clauses hereof) unless (i) expressly given different meanings herein or (ii) the context clearly requires otherwise. In addition, unless the context clearly requires otherwise, the following terms used herein shall have the following meanings:

“Assessment Methodology” shall mean the Amended and Restated Master Special
Assessment Allocation Report dated December 3, 2014, as supplemented by the first Addendum to the Amended and Restated Master Special Assessment Allocation Report dated December 7, 2016, and as further supplemented by the Supplemental Special Assessment Allocation report dated April 15, 2026, including, without limitation, all exhibits and appendices thereto.

“Authorized Denominations” shall mean, with respect to the 2026-1 Bond, the then
Outstanding principal amount of the 2026-1 Bond, from time to time; provided, however, that any partial redemption of the 2026-1 Bond shall be in integral whole number multiples of $1,000.

“Bank” or “Owner” shall mean initially, Seacoast National Bank, a national banking
association and/or its affiliates, successors and assigns, as the initial registered owner (or its authorized representative) of the 2026-1 Bond.

“Closing Memorandum” shall mean the Memorandum prepared by MBS Capital Markets,
LLC dated the Date of Issuance and signed by a Responsible Officer of the District.

“County” shall mean St. Johns County, Florida.

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“Date of Issuance” shall mean April 17, 2026.

“Delinquent Assessment Interest” shall mean Series 2026-1 Assessment Interest deposited
by the District with the Trustee on or after May 1 of the year in which such Series 2026-1 Assessment Interest has, or would have, become delinquent under State law applicable thereto.

“Delinquent Assessment Principal” shall mean Series 2026-1 Assessment Principal
deposited by the District with the Trustee on or after May 1 of the year in which such Series 2026-1 Assessment Principal has, or would have, become delinquent under State law or the Series 2026-1 Assessment Proceedings applicable thereto.

“Determination of Taxability” shall mean (a) the issuance by the Internal Revenue Service
of a statutory notice of deficiency or other written notification which holds in effect that the interest payable on the 2026-1 Bond is includable for federal income tax purposes in the gross income of the Owner thereof, which notice or notification is not successfully contested by either the District or any Owner of the 2026-1 Bond, or (b) a determination by a court of competent jurisdiction that the interest payable on the 2026-1 Bond is includable for federal income tax purposes in the gross income of the Owner thereof, which determination either is final and non-appealable or is not appealed within the requisite time period for appeal, or (c) the admission in writing by the District to the effect that interest on the 2026-1 Bond is includable for federal income tax purposes in the gross income of the Owner thereof; provided, however, any such notice, determination or admission shall be based solely upon an action or inaction of the District. The effective date of the Determination of Taxability shall be the date such interest is includable in gross income.

“Escrow Agent” shall mean the Trustee in its capacity as Escrow Agent under the Escrow
Deposit Agreement.

“Escrow Deposit Agreement” shall mean that certain Escrow Deposit Agreement dated
April 17, 2026, between the District and the Escrow Agent with respect to the payment and defeasance of the outstanding principal amount of the Refunded Bonds.

“Escrow Fund” shall mean the Escrow Fund as defined in and established under the
Escrow Deposit Agreement.

“Interest Payment Date” shall mean each May 1 and November 1, commencing
November 1, 2026.

“Interest Rate” shall mean (i) the Tax-Exempt Rate or (ii) upon a Determination of
Taxability, the Taxable Rate.

“Methodology Consultant” shall mean Rizzetta & Company, Incorporated.

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“Series 2026-1 Assessments” shall mean the non-ad valorem special assessments imposed,
levied and collected by the District in accordance with the Series 2026-1 Assessment Proceedings and that have not been previously prepaid.

“Series 2026-1 Assessment Interest” shall mean the interest on the Series 2026-1
Assessments which is pledged to the 2026-1 Bond.

“Series 2026-1 Assessment Principal” shall mean the principal amount of Series 2026-1
Assessments received by the District which represent the principal of and Sinking Fund Installments of the 2026-1 Bond, other than applicable Delinquent Assessment Principal and Series 2026-1 Prepayment Principal.

“Series 2026-1 Assessment Proceedings” shall mean, collectively, Resolution Nos. 2014-24,
2014-25, 2014-33, 2015-02, 2017-06, 2017-07, 2017-09 and 2026-04 and any additional proceedings of the District with respect to the establishment, levy and collection of the Series 2026-1 Assessments adopted by the Board and any supplemental proceedings undertaken by the District with respect to the 2026-1 Bond.

“Series 2026-1 Pledged Funds” shall mean the Funds and Accounts (except for the Series
2026-1 Rebate Account) established by the Indenture to secure the 2026-1 Bond. For the avoidance of doubt, Series 2026-1 Pledged Funds constitute Pledged Revenues for purposes of the Master Indenture.

“Series 2026-1 Pledged Revenues” shall mean the revenues received by the District in
connection with the levy and collection of the Series 2026-1 Assessments. For the avoidance of doubt, Series 2026-1 Pledged Revenues constitute Pledged Revenues for purpose of the Master Indenture.

“Series 2026-1 Prepayment Principal” shall mean the excess amount of Series 2026-1
Assessment Principal received by the District over the Series 2026-1 Assessment Principal included within a Series 2026-1 Assessment appearing on any outstanding and unpaid tax bill, whether or not mandated to be prepaid in accordance with the Series 2026-1 Assessment Proceedings. Anything herein or in the Master Indenture to the contrary notwithstanding, the term Series 2026-1 Prepayment Principal shall not mean the proceeds of any Bonds issued to refund the 2026-1 Bond or other borrowing of the District.

“State” shall mean the State of Florida.

“Taxable Rate” shall mean an interest rate on the 2026-1 Bond which will result in the
same after-tax yield to the Owner of the 2026-1 Bond as before a Determination of Taxability; provided, however, the Taxable Rate shall not exceed 5.58% per annum. The determination of the Taxable Rate, including any partial application as provided in Section 203 of this Third Supplemental Indenture, shall be made by the Owner in good faith and shall be conclusive and binding upon the District absent manifest error. Written notice of the Taxable Rate shall be given

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to the District and the Trustee by the Owner and the District agrees that the Trustee may
conclusively rely on the information in such notice.

“Tax Certificate” shall mean that certain “Tax Certificate as to Arbitrage and the
Provisions of Sections 141-150 of the Internal Revenue Code of 1986, as Amended” of the Issuer, dated as of the Date of Issuance.

“Tax Exempt Rate” shall mean a fixed rate of 4.50% per annum.

“Uniform Method” shall mean the uniform method for the levy, collection and
enforcement of Assessments afforded by Sections 197.3631, 197.3632 and 197.3635, Florida Statutes, or any successor statutes.

AUTHORIZATION, ISSUANCE AND PROVISIONS OF 2026-1 BOND

Section 201.

Authorization of 2026-1 Bond. The 2026-1 Bond is hereby authorized to

be issued in the principal amount of $2,247,000 for the purposes enumerated in the recitals hereto
to be designated “Southaven Community Development District (St. Johns County, Florida) Special Assessment Refunding Bond, Series 2026-1 (2015 Refunding).” The 2026-1 Bond shall be substantially in the form set forth as EXHIBIT A to this Third Supplemental Indenture. The 2026-1 Bond shall bear the designation “2026-1R-1.”

The 2026-1 Bond shall be initially issued in the form of a single certificated fully registered
2026-1 Bond. The provisions of the Master Indenture with respect to the registration, transfer and exchange of Bonds shall apply to the 2026-1 Bond, except as otherwise provided herein.

Section 202.

Terms of 2026-1 Bond.  The 2026-1 Bond shall be one term Bond, shall

initially bear interest at the Tax-Exempt Rate per annum, subject to adjustment as hereinafter
provided, and shall mature in the amount and on the date set forth below:

Initial
Interest Rate 4.50%

Principal
Amount
$2,247,000

(Maturity)
May 1, 2045

Section 203.

Dating; Interest Accrual; Interest Adjustment. (a) The 2026-1 Bond shall

be dated the Date of Issuance. The 2026-1 Bond also shall bear its date of authentication. The
2026-1 Bond shall bear interest at the Interest Rate, initially the Tax Exempt Rate, from the Date of Issuance. Interest on the 2026-1 Bond shall be due and payable on each May 1 and November 1, commencing November 1, 2026.

(b)

Interest on the 2026-1 Bond will be computed in all cases on the basis of a 360-day

year of twelve 30-day months.

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(c)   If there is a Determination of Taxability, the 2026-1 Bond shall bear interest at the
Taxable Rate from the effective date of the Determination of Taxability. The District hereby covenants that on each date it certifies for collection Series 2026-1 Assessments following the effective date of the Determination of Taxability, it will certify for collection Series 2026-1 Assessments in an amount that will provide sufficient Series 2026-1 Pledged Revenues to pay, in addition to the current year's Debt Service Requirements, the difference between the Tax-Exempt Rate and the Taxable Rate from the effective date of the Determination of Taxability, which may be the date of issuance, to the immediately succeeding November 1 (the “Taxable Rate Differential”); provided, however, that such levy will not cause the interest component of the Series 2026-1 Assessments to exceed the Taxable Rate. In the event there is a Determination of Taxability, and the District is unable to certify for collection the full amount of the Taxable Rate Differential during the remaining term of the 2026-1 Bond without exceeding the Taxable Rate, the District would have no other obligation to levy and recover the portion of Taxable Rate Differential exceeding the Taxable Rate. If the amount of Series 2026-1 Assessments certified for collection by the District in such years are insufficient to pay the Taxable Rate Differential such insufficiency, in and of itself, shall not be an Event of Default so long as the interest component of such Series 2026-1 Assessments is at least the Taxable Rate.

In the event that interest on the 2026-1 Bond during any period becomes partially taxable
as a result of a Determination of Taxability applicable to less than all of the 2026-1 Bond, then the interest rate on the 2026-1 Bond shall be increased during such period by an amount equal to (A-B) x C where:

(i)

“A” equals the Taxable Rate (expressed as a percentage);

(ii)

“B” equals the interest rate on the 2026-1 Bond absent such Determination

of Taxability (expressed as a percentage); and

(iii)

“C” equals the portion of the 2026-1 Bond the interest on which has become

taxable as the result of such Determination of Taxability (expressed as a decimal).

The Trustee is entitled to assume, in the absence of notice from the Owner to the contrary,
that the 2026-1 Bond bears interest at the Tax-Exempt Rate. Additionally, the Trustee is entitled to assume that the Taxable Rate and the amount of the Taxable Rate Differential provided by the Owner are correct.

Section 204.
Denomination.

Denominations.	The 2026-1 Bond shall be issued in the Authorized

Section 205.

Transfer Restrictions. The registration of ownership of the 2026-1 Bond

may be transferred only in whole and only to a Qualified Institutional Buyer (as defined in Section
517.021(20), Florida Statutes), certified by the transferee to the Trustee in writing, on which certification the Trustee may conclusively rely. The 2026-1 Bond shall bear a legend consistent with this Section 205.

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Section 206.

Registrar and Paying Agent.

The District appoints the Trustee as

Registrar, Paying Agent and Authenticating Agent for the 2026-1 Bond.

Section 207.

Conditions Precedent to Issuance of 2026-1 Bond.

In addition to

complying with the applicable requirements set forth in the Master Indenture in connection with
the issuance of the 2026-1 Bond, the 2026-1 Bond shall be executed by the District for delivery to the Trustee and thereupon shall be authenticated by the Authenticating Agent and delivered to the District or upon its order, but only upon the further receipt by the Trustee and the Bank of:

(a)

Certified copies of the Series 2026-1 Assessment Proceedings;

(b)

Executed copies of the Master Indenture and this Third Supplemental Indenture;

(c)

A customary Bond Counsel opinion addressed to the District, the Trustee and the

Bank in a form satisfactory to the Bank;

(d)

An opinion of Counsel to the District addressed to the District, the Trustee and the

Bank to the effect that all proceedings undertaken by the District with respect to the Series 2026-
1 Assessments have been in accordance with State law and that the District has taken all action necessary to levy and impose the Series 2026-1 Assessments and the Series 2026-1 Assessments are legal, valid and binding first liens upon the property against which such Series 2026-1 Assessments are made, coequal with the lien of all State, County, district and municipal taxes, superior in dignity to all other liens, titles and claims, other than federal liens, until paid, and covering other matters reasonably requested by the Bank;

(e)

A certificate of a Responsible Officer to the effect that, upon the authentication and

delivery of the 2026-1 Bond, the District will not be in default in the performance of the terms and
provisions of the Indenture;

(f)

A supplemental opinion of Bond Counsel dated the Date of Issuance, addressed

to the District, the Bank and the Trustee, to the effect that the defeasance of the Refunded Bonds
is permitted by the 2015 Indenture, that the defeasance of the Refunded Bonds will not adversely affect the tax-exempt status of the Refunded Bonds, and that the Refunded Bonds are no longer Outstanding under the 2015 Indenture;

(g)

A certificate of the Methodology Consultant to the effect that the benefit from the

2015A Project equals or exceeds the amount of Series 2026-1 Assessments, the Series 2026-1
Assessments are fairly and reasonably allocated across the lands subject to the Series 2026-1 Assessments and the Series 2026-1 Assessments are sufficient to pay Debt Service Requirements on the 2026-1 Bond; and

(h)

an executed Escrow Deposit Agreement and a verification report prepared by

Causey Public Finance, LLC.

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The Owner’s receipt of the executed and authenticated 2026-1 Bond, together with
payment to the Trustee of the net proceeds from the issuance of the 2026-1 Bond shall be conclusive evidence that the foregoing conditions have been met to the satisfaction of the District and the Bank.

REDEMPTION OF 2026-1 BOND

Section 301.

Redemption of the 2026-1 Bond. The 2026-1 Bond is subject to redemption

prior to maturity as provided in the form thereof set forth as EXHIBIT A to this Third
Supplemental Indenture.

ESTABLISHMENT OF FUNDS AND ACCOUNTS AND OPERATION THEREOF;
DEPOSIT OF 2026-1 BOND PROCEEDS AND OTHER FUNDS AND APPLICATION THEREOF

Section 401.

Establishment of Funds Accounts.  There are hereby established with

respect to the 2026-1 Bond the following Funds and Accounts:

(a)

within the Acquisition and Construction Fund held by the Trustee, a Series 2026-

1 Costs of Issuance Account;

(b)

within the Debt Service Fund held by the Trustee, a Series 2026-1 Sinking Fund

Account and a Series 2026-1 Interest Account;

(c)	there is hereby created a Series 2026-1 Bond Redemption Fund to be held by the
Trustee and within the Series 2026-1 Bond Redemption Fund, a Series 2026-1 Prepayment Account and a Series 2026-1 General Account;

(d)

within the Revenue Fund held by the Trustee, a Series 2026-1 Revenue Account;

and

(d)

within the Rebate Fund held by the Trustee, a Series 2026-1 Rebate Account.

For the 2026-1 Bond, there is no Debt Service Reserve Requirement and, therefore, no
Series Account is being established in the Debt Service Reserve Fund with respect to the 2026-1 Bonds.

Section 402.

Use of 2026-1 Bond Proceeds and Other Moneys. The amount received

by the District from the sale of the 2026-1 Bond (the “Proceeds”), which is equal to $2,235,765.00
(consisting of $2,247,000.00 principal amount of the 2026-1 Bond, less the commitment fee due to the Bank in the amount of $11,235.00), and all amounts on deposit in the funds and accounts being held by the Trustee pursuant to the 2015 Indenture (the “2015 Indenture Funds”), which are equal to $385,431.94 (comprised of $259,385.73 on deposit in the Series 2015A-1 Revenue Account,

9

$125,994.40 on deposit in the Series 2015A-1 Debt Service Reserve Account, $31.38 on deposit in
the Series 2015A-1 Interest Account, $0.12 on deposit in the Series 2015A-1 Principal Account,
$9.65 on deposit in the Series 2015A-1 Sinking Fund Account, and $10.66 on deposit in the Series 2015A-1 Prepayment Account), will be applied as follows:

(a)

$54,489.75 of the 2015 Indenture Funds (comprised of amounts on deposit in the

Series 2015A-1 Revenue Account) shall be transferred to the Series 2026-1 Interest Account to pay
the interest coming due on the 2026-1 Bond on November 1, 2026;

(b)

$330,942.19 constituting the remaining 2015 Indenture Funds and $2,125,331.56 of

Proceeds shall be delivered to the Escrow Agent on the date of delivery of the 2026-1 Bond for
deposit in the Escrow Fund created under the Escrow Deposit Agreement to be applied to currently refund the Refunded Bonds on May 1, 2026; and

(c)

the remaining Proceeds in the amount of $110,433.44 shall be deposited in the

Series 2026-1 Costs of Issuance Account to be used to pay the costs of issuance for the 2026-1 Bond
pursuant to the Closing Memorandum.

Following the foregoing transfers, any additional moneys remaining in the Funds and
Accounts established for the Refunded Bonds pursuant to the 2015 Indenture shall be transferred over and deposited into the Series 2026-1 Revenue Account and such Funds and Accounts shall be closed.

Section 403.

Series 2026-1 Costs of Issuance Account. The amount deposited in the

Series 2026-1 Costs of Issuance Account shall, at the written direction of a Responsible Officer of
the District, be used to pay the costs of issuance relating to the 2026-1 Bond; provided, however, that on the Date of Issuance, initial costs of issuance shall be paid pursuant to the instructions in the Closing Memorandum signed by a Responsible Officer of the District. On the earlier to occur of: (x) the written direction of a Responsible Officer of the District or (y) July 1, 2026, any amounts deposited in the Series 2026-1 Costs of Issuance Account which have not been requisitioned shall be transferred over and deposited into the Series 2026-1 Revenue Account and used for the purposes permitted therefor, whereupon the Series 2026-1 Costs of Issuance Account shall be closed.

Section 404.

Application of Series 2026-1 Prepayment Principal.  All Series 2026-1

Prepayment Principal shall, upon receipt by the District, be deposited with the Trustee. At the
time of such deposit, the amount representing Series 2026-1 Prepayment Principal shall be identified by the District as such with direction to the Trustee to deposit such amount into the Series 2026-1 Prepayment Account in the Series 2026-1 Bond Redemption Fund pursuant to Section 407(b)(iii) hereof. Amounts on deposit in the Series 2026-1 Prepayment Account shall be applied to the extraordinary mandatory redemption of the 2026-1 Bond as provided in the form of the 2026-1 Bond set forth in EXHIBIT A hereto.

Section 405.

Sinking Fund Installments. (a) The Sinking Fund Installments established

for the 2026-1 Bond shall be as set forth in the form of 2026-1 Bond attached as EXHIBIT A hereto.

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(b)

Upon any redemption of the 2026-1 Bond (other than any portion of the 2026-1

Bond redeemed in accordance with scheduled Sinking Fund Installments), the District shall cause
to be recalculated and delivered to the Trustee and the Owner revised Sinking Fund Installments recalculated so as to reamortize the Outstanding 2026-1 Bond, after giving effect to such redemption, in substantially equal annual installments of principal and interest (subject to rounding to $1,000 integral amounts of principal, except for the final installment) over the remaining term of the 2026-1 Bond.

Section 406.

Tax Covenants and Rebate Account. The District shall comply with the

Tax Certificate, as amended and supplemented from time to time in accordance with its terms.

Section 407.

Series	2026-1	Revenue	Account;	Application	of	Revenues	and

Investment Earnings. (a) The Trustee is hereby authorized and directed to deposit any and all
amounts required to be deposited in the Series 2026-1 Revenue Account by this Section 407 or by any other provision of the Indenture, and any other amounts or payments specifically designated by the District pursuant to a written direction or by a Supplemental Indenture for said purpose. The Series 2026-1 Revenue Account shall be held by the Trustee separate and apart from all other Funds and Accounts held under the Indenture and from all other moneys of the Trustee.

(b)

The District shall deposit Series 2026-1 Pledged Revenues with the Trustee

immediately upon receipt, together with a written accounting setting forth the amounts of such
Series 2026-1 Pledged Revenues in the following categories which shall be deposited by the Trustee into the Funds and Accounts established hereunder as follows:

(i)

Series 2026-1 Assessment Principal, which shall be deposited into the Series

2026-1 Sinking Fund Account;

(ii)

Series 2026-1 Assessment Interest, which shall be deposited into the Series

2026-1 Interest Account;

(iii)

Series 2026-1 Prepayment Principal, which shall be deposited into the

Series 2026-1 Prepayment Account of the Series 2026-1 Bond Redemption Fund;

(iv)

Delinquent Assessment Principal, which shall be deposited into the Series

2026-1 Sinking Fund Account;

(v)

Delinquent Assessment Interest, which shall be deposited into the Series

2026-1 Interest Account; and

(vi)

all other Series 2026-1 Pledged Revenues, which shall be deposited into the

Series 2026-1 Revenue Account.

Moneys other than Series 2026-1 Pledged Revenues shall be deposited at the written
direction of a Responsible Officer of the District.

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(c)

On the thirtieth (30th) day preceding each Interest Payment Date (or if such

thirtieth (30th) day is not a Business Day, on the Business Day next preceding such day), the
Trustee shall determine the amount on deposit in the Series 2026-1 Prepayment Account of the Series 2026-1 Bond Redemption Fund and, if the balance therein is greater than zero, shall, with the prior written direction of the District, transfer from the Series 2026-1 Revenue Account for deposit into the Series 2026-1 Prepayment Account, an amount sufficient to increase the amount on deposit therein to the nearest integral multiple of $1,000 (provided that there are sufficient funds remaining therein to pay Debt Service Requirements coming due on the 2026-1 Bond on such Interest Payment Date), and shall thereupon give notice and cause the extraordinary mandatory redemption of all or a portion of the 2026-1 Bond on the next succeeding Interest Payment Date in the maximum principal amount for which moneys are then on deposit in such Series 2026-1 Prepayment Account in accordance with the provisions for extraordinary mandatory redemption of the 2026-1 Bond set forth in the form of the 2026-1 Bond attached as EXHIBIT A hereto, Section 301 hereof, and Article VIII of the Master Indenture.

(d)

Unless otherwise specified below, on each May 1 and November 1 (or if such May

1 or November 1 is not a Business Day, on the Business Day preceding such May 1 or November
1), the Trustee shall transfer amounts on deposit in the Series 2026-1 Revenue Account to the Accounts designated below in the following amounts and in the following order of priority:

FIRST, commencing November 1, 2026, to the Series 2026-1 Interest Account, an
amount equal to the amount of interest payable on the 2026-1 Bond then Outstanding on such May 1 or November 1, less any other amount already on deposit in the Series 2026-1 Interest Account not previously credited; and

SECOND, commencing November 1, 2026, to the Series 2026-1 Interest Account,
an amount specified by the Owner equal to the amount of any Taxable Rate Differential due and owing to the Owner of the 2026-1 Bond on such May 1 or November 1, less any other amount already on deposit in the Series 2026-1 Interest Account not previously credited and such amounts shall be immediately payable to the Owner; and

THIRD, on each May 1, commencing May 1, 2027, to the Series 2026-1 Sinking
Fund Account, the amount, if any, equal to the difference between the Sinking Fund Installment due on such May 1, and the amount already on deposit in the Series 2026-1 Sinking Fund Account not previously credited; and

FOURTH, the balance shall be retained in the Series 2026-1 Revenue Account.

(e)

On any date required by the Tax Certificate, the District shall give the Trustee

written direction to, and the Trustee shall, transfer from the Series 2026-1 Revenue Account to the
Series 2026-1 Rebate Account established for the 2026-1 Bond in the Rebate Fund in accordance

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with the Master Indenture, the amount due and owing to the United States, which amount shall
be paid to the United States when due, in accordance with such Tax Certificate.

(f)

On or after each November 2, beginning November 2, 2027, the balance on deposit

in the Series 2026-1 Revenue Account on such November 2 shall be paid over to the District at the
written direction of a Responsible Officer of the District to be used for any lawful purpose of the District; provided, however, that on the date of such proposed transfer the Trustee shall not have actual knowledge of an Event of Default under the Indenture relating to the 2026-1 Bond, including the payment of Trustee’s fees and expenses then due or any fees or expenses due to the Owner of the 2026-1 Bond, in which case any balance shall be paid to the Owner and/or Trustee and applied to such fees and expenses and any excess shall remain in the Series 2026-1 Revenue Account.

(g)

Anything herein or in the Master Indenture to the contrary notwithstanding,

earnings on investments in all of the Funds and Accounts held as security for the 2026-1 Bond
shall be invested only in Investment Securities. Earnings on the Funds and Accounts established hereby shall be retained, as realized, in such Funds and Accounts and used for the purposes of such Funds or Accounts; provided, however, that notwithstanding the foregoing, earnings on investments in the Series 2026-1 Sinking Fund Account and the Series 2026-1 Bond Redemption Fund and the Accounts therein shall be deposited, as realized, to the credit of the Series 2026-1 Revenue Account and used for the purpose of such Account.

CONCERNING THE TRUSTEE

Section 501.

Acceptance by Trustee.	The Trustee accepts the trusts declared and

provided in this Third Supplemental Indenture and agrees to perform such trusts upon the terms
and conditions set forth in the Master Indenture.

Section 502.

Limitation of Trustee’s Responsibility.

The Trustee shall not be

responsible in any manner for the due execution of this Third Supplemental Indenture by the
District or for the recitals contained herein, all of which are made solely by the District.

Section 503.

Trustee’s Duties. Nothing contained herein shall limit the rights, benefits,

privileges, protection and entitlements inuring to the Trustee under the Master Indenture,
including, particularly, Article XI thereof.

Section 504.

Brokerage Statements.	The District acknowledges that to the extent

regulations of the Comptroller of the Currency or other applicable regulatory entity grant the
District the right to receive individual confirmations of security transactions at no additional cost, as they occur, the District specifically waives receipt of such confirmations to the extent permitted by law. The Trustee will furnish or otherwise make available to the District periodic cash transaction statements that include detail for all investment transactions made by the Trustee hereunder.

13

Section 505.

Patriot Act Requirements of the Trustee. To help the government fight

the funding of terrorism and money laundering activities, federal law requires all financial
institutions to obtain, verify, and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust, or other legal entity, the Trustee will ask for documentation to verify such non-individual person’s formation and existence as a legal entity. The Trustee may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation.

ADDITIONAL BONDS

Section 601.

No Parity Bonds. Other than Bonds issued to refund the then Outstanding

2026-1 Bond, the issuance of which results in net present value Debt Service savings, the District
shall not, while the 2026-1 Bond is Outstanding, issue or incur any debt payable in whole or in part from the Series 2026-1 Trust Estate.

MISCELLANEOUS

Section 701.

Confirmation of Master Indenture.	As supplemented by this Third

Supplemental Indenture, the Master Indenture is in all respects ratified and confirmed, and this
Third Supplemental Indenture shall be read, taken and construed as a part of the Master Indenture so that all of the rights, remedies, terms, conditions, covenants and agreements of the Master Indenture, except insofar as modified herein, shall apply and remain in full force and effect with respect to this Third Supplemental Indenture and to the 2026-1 Bond issued

hereunder.

To the extent of any conflict between the Master Indenture and this Third

Supplemental Indenture the terms and provisions of this Third Supplemental Indenture shall
control.

Section 702.

Additional Covenant Regarding Assessments.

Notwithstanding any

provision of the Master Indenture, the Series 2026-1 Assessments pledged hereunder to secure
the 2026-1 Bond shall be collected pursuant to the Uniform Method, unless such method is not available. In addition to, and not in limitation of, the covenants contained elsewhere in the Indenture, the District covenants to comply with the terms of the Series 2026-1 Assessment Proceedings heretofore adopted with respect to the Series 2026-1 Assessments, including the Assessment Methodology, and to levy and collect the Series 2026-1 Assessments set forth in the Assessment Methodology in such manner as will generate funds sufficient to pay the principal of and interest on the 2026-1 Bond, when due.

Section 703.

Additional Covenants of the District. For so long as the 2026-1 Bond is

Outstanding, the District covenants and agrees that it will provide, at its own expense, to the
Bank: (a) a copy of its audited financial statements no later than 270 days following the end of each Fiscal Year, beginning with the audited financial statements for the Fiscal Year ended

14

September 30, 2025; and (b) a copy of its internally prepared unaudited annual financial
statements no later than ninety (90) days following the end of each Fiscal Year, beginning with the Fiscal Year ending September 30, 2026.

Failure to provide the financial statements and reports as provided in the preceding
paragraph, after three (3) Business Days' written notice from the Bank to the District, the district manager and legal counsel to the District, with a copy to the Trustee, shall constitute a “Financial Covenant Reporting Failure.” Upon the occurrence of a Financial Covenant Reporting Failure, the Bank may enforce the provisions of this section by action in mandamus or specific performance, to compel performance of the District's financial reporting obligations under this section. A Financial Covenant Reporting Failure under this section shall not constitute an Event of Default under the Master Indenture.

The District covenants and agrees that it will maintain its primary operating account with
the Bank for the term of the 2026-1 Bond so long as Seacoast National Bank is the Owner and so long as the Bank's fees remain competitive with market fees.

Section 704.

Payment Dates.  In any case in which an Interest Payment Date or the

maturity date of the 2026-1 Bond or the date fixed for the redemption of the 2026-1 Bond shall be
other than a Business Day, then payment of interest, principal or Redemption Price need not be made on such date but may be made on the next succeeding Business Day, with the same force and effect as if made on the due date, and no interest on such payment shall accrue for the period after such due date if payment is made on such next succeeding Business Day.

[Remainder of page intentionally left blank]

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IN WITNESS WHEREOF, Southaven Community Development District has caused these
presents to be signed in its name and on its behalf by its Chair, and its official seal to be hereunto affixed and attested by its Assistant Secretary, thereunto duly authorized, and to evidence its acceptance of the trusts hereby created, the Trustee has caused these presents to be signed in its name and on its behalf by its duly authorized officer.

SOUTHAVEN COMMUNITY
DEVELOPMENT DISTRICT

(SEAL)

Richard Fetter, Chair, Board of Supervisors

Attest:

Lesley Gallagher, Assistant Secretary

[Third Supplemental Trust Indenture]

S-1

HANCOCK WHITNEY BANK, as Trustee

Stephen P. Edwards, Vice President

[Third Supplemental Trust Indenture]

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EXHIBIT A

FORM OF 2026-1 BOND

THE REGISTRATION OF OWNERSHIP OF THIS BOND MAY BE TRANSFERRED ONLY
IN WHOLE AND ONLY TO A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN SECTION 517.021(20), FLORIDA STATUTES), ALL AS PROVIDED IN THE INDENTURE

No. 2026-1R-1

$2,247,000

United States of America
State of Florida
SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT (ST. JOHNS COUNTY, FLORIDA)
SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1 (2015 REFUNDING)

Interest Rate

Maturity Date

Dated Date

4.50%
(subject to adjustment as provided herein)

May 1, 2045

April 17, 2026

Registered Owner:

SEACOAST NATIONAL BANK

Principal Amount:

TWO MILLION TWO HUNDRED FORTY SEVEN THOUSAND AND
NO/100 DOLLARS

SOUTHAVEN

COMMUNITY

DEVELOPMENT

DISTRICT,

a	community

development district duly created and existing pursuant to Chapter 190, Florida Statutes (the
“District”), for value received, hereby promises to pay (but only out of the sources hereinafter mentioned) to the registered Owner set forth above, or registered assigns, on the maturity date shown hereon, unless this Bond shall have been called for redemption in whole or in part and payment of the Redemption Price (as defined in the Indenture, as hereinafter defined) shall have been duly made or provided for, the principal amount shown above on the dates and on the conditions set forth below and to pay (but only out of the sources hereinafter mentioned) interest on the outstanding principal amount hereof from the most recent Interest Payment Date to which interest has been paid or provided for, or, if no interest has been paid, from the Dated Date shown above on May 1 and November 1 of each year (each, an “Interest Payment Date”), commencing on November 1, 2026, until payment of said principal sum has been made or provided for, at the Interest Rate per annum set forth above (subject to adjustment as provided herein and in the Indenture). Notwithstanding the foregoing, if any Interest Payment Date is not a Business Day (as defined in the Indenture), then all amounts due on such Interest Payment Date shall be payable on the first Business Day succeeding such Interest Payment Date, but shall be deemed

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paid on such Interest Payment Date and no additional interest will accrue as a result. The interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the registered Owner hereof at the close of business on the regular Record Date for such interest, which shall be the fifteenth (15th) day of the calendar month next preceding such Interest Payment Date or, if such day is not a Business Day, on the Business Day immediately preceding such day; provided, however, that on or after the occurrence and continuance of an Event of Default under clauses (a) or (b) of Section 10.02 of the Master Indenture (hereinafter defined), the payment of interest and principal or Redemption Price or Sinking Fund Installments shall be made by the Paying Agent (hereinafter defined) to such person, who, on a special record date which is fixed by the Trustee, which shall be not more than fifteen (15) and not less than ten (10) days prior to the date of such proposed payment, appears on the registration books of the Registrar as the registered Owner of this Bond. Upon a Determination of Taxability (as defined in the hereinafter defined Supplemental Indenture), the Interest Rate shall be subject to adjustment pursuant to Section 203 of the Supplemental Indenture to the Taxable Rate, as set forth in the Supplemental Indenture, and the District shall pay to the Owner certain additional amounts pursuant to such Section 203. Any payment of principal or Redemption Price shall be made to such person who appears on the registration books of the Registrar as the registered Owner of this Bond at the close of business on the fifteenth (15th) day of the calendar month next preceding such payment or, if such day is not a Business Day, on the Business Day immediately preceding such day. Payment of interest shall be made by check or draft (or by wire transfer to the registered Owner set forth above if such Owner requests such method of payment in writing on or prior to the regular Record Date for the respective interest payment to such account as shall be specified in such request). Interest on this Bond will be computed on the basis of a 360-day year of twelve 30-day months. Presentment of this Bond for payment shall not be required so long as the Bank (as defined in the Supplemental Indenture) is the registered Owner thereof; provided, however, that upon any partial redemption of this Bond in accordance with the Indenture, such portion of this Bond so redeemed shall be canceled without physical surrender of this Bond by the registered Owner thereof. Records of all such redemptions shall be maintained by the Registrar and shall be the basis for the principal amount of this Bond actually Outstanding at any given time. Capitalized terms used herein and not otherwise defined shall have the same meanings as set forth in the Indenture.

This Bond is a duly authorized issue of bonds of the District designated “Special
Assessment Refunding Bond, Series 2026-1 (2015 Refunding)” in the principal amount of
$2,247,000 (the “2026-1 Bond,” which, together with any other Bonds issued under and governed by the terms of the hereinafter defined Master Indenture, are hereinafter collectively referred to as the “Bonds”), under a Master Trust Indenture, dated as March 1, 2015 (the “Master Indenture”), between the District and Hancock Whitney Bank, as trustee (the “Trustee”), as supplemented by a Third Supplemental Trust Indenture, dated as of April 1, 2026 (the “Supplemental Indenture”), between the District and the Trustee (the Master Indenture, as amended and supplemented by the Supplemental Indenture is hereinafter referred to as the “Indenture”). This 2026-1 Bond is being issued to, together with other funds held by the Trustee under the 2015 Indenture: (i) currently refund and defease all of the Refunded Bonds; (ii) pay

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certain costs associated with the issuance of this 2026-1 Bond; and (iii) fund the interest to become
due on the 2026-1 Bond on November 1, 2026.

Simultaneously  herewith  and  pursuant  to  the  Master  Indenture  and  a  Fourth
Supplemental Trust Indenture dated as of April 1, 2026, the District has authorized the issuance, sale and delivery of its $3,201,000 Southaven Community Development District Special Assessment Refunding Bond, Series 2026-2 (2016 Refunding) (the “2026-2 Bond”), which will be separately secured as a separate Series of Bond under the Master Indenture and issued, together with other funds of the District, to (i) currently refund and redeem all of the District Outstanding Special Assessment Bonds, Series 2016A-1; (ii) pay certain costs of associated with the issuance of the 2026-2 Bond; and (iii) pay the interest to become due on the 2026-2 Bond on November 1, 2026.

NEITHER THIS 2026-1 BOND NOR THE INTEREST AND PREMIUM, IF ANY,
PAYABLE HEREON SHALL CONSTITUTE A GENERAL OBLIGATION OR GENERAL INDEBTEDNESS OF THE DISTRICT WITHIN THE MEANING OF THE CONSTITUTION AND

LAWS OF THE STATE OF FLORIDA.

THIS 2026-1 BOND AND THE INTEREST AND

PREMIUM, IF ANY, PAYABLE HEREON DO NOT CONSTITUTE EITHER A PLEDGE OF THE
FULL FAITH AND CREDIT OF THE DISTRICT OR A LIEN UPON ANY PROPERTY OF THE DISTRICT OTHER THAN AS PROVIDED IN THE INDENTURE. NO OWNER OR ANY OTHER PERSON SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER OF THE DISTRICT OR ANY OTHER PUBLIC AUTHORITY OR GOVERNMENTAL BODY TO PAY DEBT SERVICE REQUIREMENTS OR TO PAY ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THIS 2026-

1 BOND.

RATHER, DEBT SERVICE REQUIREMENTS AND ANY OTHER AMOUNTS

REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THIS 2026-1 BOND, SHALL
BE PAYABLE FROM, AND SHALL BE SECURED SOLELY BY, THE SERIES 2026-1 TRUST ESTATE PLEDGED TO THIS 2026-1 BOND, ALL AS PROVIDED HEREIN AND IN THE INDENTURE.

This 2026-1 Bond is issued under and pursuant to the Constitution and laws of the State
of Florida, particularly Chapter 190, Florida Statutes, as amended, and other applicable provisions of law and pursuant to the Indenture, executed counterparts of which Indenture are on file at the designated corporate trust office of the Trustee. Reference is hereby made to the Indenture for the provisions, among others, with respect to the custody and application of the proceeds of Bonds issued under the Indenture, the collection and disposition of revenues and the funds charged with and pledged to the payment of the principal and Redemption Price of, and the interest on, this 2026-1 Bond, the nature and extent of the security thereby created, the covenants of the District with respect to the levy and collection of Series 2026-1 Assessments, the terms and conditions under which this 2026-1 Bond is or may be issued, the rights, duties, obligations and immunities of the District and the Trustee under the Indenture and the rights of the registered Owners of this Bond, and, by the acceptance of this 2026-1 Bond, the registered Owner hereof assents to all of the provisions of the Indenture. This 2026-1 Bond is secured by the Series 2026-1 Trust Estate.

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This 2026-1 Bond is issuable only as a single registered bond without coupons in current
interest form in the denomination of the then outstanding principal amount (the “Authorized Denomination”). The registration of ownership of this 2026-1 Bond may be transferred only in whole and only to a Qualified Institutional Buyer (as defined in Section 517.021(20), Florida Statutes), certified by the transferee to the Trustee in writing, on which certification the Trustee may conclusively rely, at the designated corporate trust office of the Trustee in Baton Rouge, Louisiana, as Registrar (the “Registrar”), upon surrender of this 2026-1 Bond, accompanied by a duly executed instrument of transfer in form and with guaranty of signature reasonably satisfactory to the Registrar, subject to such reasonable regulations as the District or the Registrar may prescribe, and upon payment of any taxes or other governmental charges incident to such transfer. Upon any such transfer a new Bond, in the same principal amount as the Bond transferred, will be issued to the transferee. At the corporate trust office of the Registrar in Baton Rouge, Louisiana, in the manner and subject to the limitations and conditions provided in the Master Indenture and without cost, except for any tax or other governmental charge, this 2026-1 Bond may be exchanged for a Bond of an equal principal amount and maturity, in the Authorized Denomination and bearing interest at the same rate.

This 2026-1 Bond is subject to redemption prior to maturity at the option of the District on
or after April 17, 2031, in whole or in part on any Business Day, at the Redemption Price of 100% of the principal amount of this 2026-1 Bond to be redeemed plus interest accrued to the redemption date.

This 2026-1 Bond is subject to mandatory redemption in part by the District prior to its
scheduled maturity from moneys in the Series 2026-1 Sinking Fund Account established under the Supplemental Indenture in satisfaction of applicable Sinking Fund Installments at the Redemption Price of 100% of the principal amount thereof, together with accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:

May 1
of the Year
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036

Sinking Fund
Installment

May 1
of the Year
2037
2038
2039
2040
2041
2042
2043
2044
2045*

Sinking Fund
Installment
$120,000 126,000
131,000
137,000
144,000
150,000
157,000
164,000
172,000

$

76,000
80,000
84,000
88,000
92,000
96,000

100,000
105,000
110,000
115,000

* Maturity

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Sinking Fund Installments are subject to recalculation, as provided in the Supplemental
Indenture, as the result of the redemption of this 2026-1 Bond (other than as the result of a scheduled Sinking Fund Installment) so as to reamortize the remaining Outstanding principal balance of this 2026-1 Bond as set forth in the Supplemental Indenture.

This 2026-1 Bond is subject to extraordinary mandatory redemption prior to maturity, in
whole on any date and in part on any Interest Payment Date, in the manner determined by the Registrar, at the Redemption Price of 100% of the principal amount redeemed, without premium, together with accrued interest to the date of redemption from Series 2026-1 Prepayment Principal deposited into the Series 2026-1 Prepayment Account of the Series 2026-1 Bond Redemption Fund.

Notice of redemption other than scheduled redemption, as to which no notice shall be
required, shall be by written or electronic transmission to the Owner at the physical or electronic address of such registered Owner recorded on the bond register maintained by the Registrar not less than ten (10) calendar days prior to the redemption date. Notice of optional redemption may be conditioned upon the occurrence or non-occurrence of such event or events or upon the later deposit of moneys therefor as shall be specified in such notice of optional redemption and may also be subject to rescission by the District if expressly set forth in such notice.

On the date designated for redemption, notice having been given and money for the
payment of the Redemption Price being held by Hancock Whitney Bank, Baton Rouge, Louisiana, or any alternate or successor paying agent (collectively, the “Paying Agent”), all as provided in the Indenture, this 2026-1 Bond or such portion thereof so called for redemption shall become and be due and payable at the Redemption Price provided for the redemption of this 2026-1 Bond or such portion thereof on such date, interest on this 2026-1 Bond or such portion thereof so called for redemption shall cease to accrue, this 2026-1 Bond or such portion thereof so called for redemption shall cease to be entitled to any benefit or security under the Indenture and the Owner thereof shall have no rights in respect of this 2026-1 Bond or such portion thereof so called for redemption except to receive payments of the Redemption Price thereof so held by the Paying Agent.

The Owner of this 2026-1 Bond shall have no right to enforce the provisions of the
Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any Event of Default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture.

Modifications or alterations of the Master Indenture or of any indenture supplemental
thereto may be made only to the extent and in the circumstances permitted by the Indenture.

Any moneys held by the Trustee or any Paying Agent in trust for the payment and
discharge of any Bond which remain unclaimed for two (2) years after the date when such Bond has become due and payable, either at its stated maturity dates or by call for earlier redemption,

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if such moneys were held by the Trustee or any Paying Agent at such date, or for two (2) years
after the date of deposit of such moneys if deposited with the Trustee or Paying Agent after the date when such Bond became due and payable, shall be paid to the District, and thereupon and thereafter no claimant shall have any rights against the Paying Agent to or in respect of such moneys.

If the District deposits or causes to be deposited with the Trustee funds or Defeasance
Securities sufficient to pay the principal or redemption price of this 2026-1 Bond becoming due at maturity or by call for redemption in the manner set forth in the Indenture, together with the interest accrued to the due date, the lien of this 2026-1 Bond as to the Series 2026-1 Trust Estate shall be discharged, except for the rights of the Owner thereof with respect to the funds so deposited as provided in the Indenture.

This 2026-1 Bond shall have all the qualities and incidents, including negotiability, of
investment securities within the meaning and for all the purposes of the Uniform Commercial Code of the State of Florida.

This 2026-1 Bond is issued with the intent that the laws of the State of Florida shall govern
its construction.

All acts, conditions and things required by the Constitution and laws of the State of
Florida and the ordinances and resolutions of the District to happen, exist and be performed precedent to and in the issuance of this 2026-1 Bond and the execution of the Indenture, have happened, exist and have been performed as so required. This 2026-1 Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Indenture

until it shall have been authenticated by the execution by the Trustee
Authentication endorsed hereon.

of

the

Certificate

of

[Remainder of page intentionally left blank]

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IN WITNESS WHEREOF, Southaven Community Development District has caused this
2026-1 Bond to bear the signature of the Chair of its Board of Supervisors and the official seal of the District to be impressed or imprinted hereon and attested by the signature of the Assistant Secretary to the Board of Supervisors.

SOUTHAVEN COMMUNITY DEVELOPMENT
DISTRICT

(SEAL)

Richard Fetter, Chair, Board of Supervisors

Attest:

Lesley Gallagher, Assistant Secretary

CERTIFICATE OF VALIDATION

This 2026-1 Bond refunds a Series of Bonds which were validated by judgment of the
Circuit Court of the Seventh Judicial Circuit of the State of Florida, in and for St. Johns County, Florida on October 6, 2014.

Richard Fetter Chair, Board of Supervisors

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CERTIFICATE OF AUTHENTICATION FOR 2026-1 BOND

This Bond is the Bond of the Series designated herein, described in the within-mentioned
Indenture.

HANCOCK WHITNEY BANK, as Trustee

Date of Authentication:

April 17, 2026	

 	
Stephen P. Edwards, Vice President

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[FORM OF ABBREVIATIONS FOR 2026-1 BOND]

The following abbreviations, when used in the inscription on the face of the within Bond,
shall be construed as though they were written out in full according to applicable laws or regulations.

TEN COM as tenants in common

TEN ENT as tenants by the entireties

JT TEN as joint tenants with the right of survivorship and not as tenants in common

UNIFORM TRANSFER MIN ACT - 	 Custodian 	 under Uniform

Transfer to Minors Act 	
(State)

(Cust.)

(Minor)

Additional abbreviations may also be used though not in the above list.

[FORM OF ASSIGNMENT FOR 2026-1 BOND]

For value received, the undersigned hereby sells, assigns and transfers unto
	 within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints 	, attorney to transfer the said 2026-1 Bond on the books of the District, with full power of substitution in the premises.

Dated:

Social Security Number or Employer

Identification Number of Transferee:

Signature guaranteed:

NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock
Exchange or a commercial bank or trust company.

NOTICE:  The assignor’s signature to this Assignment must correspond with the name as it
appears on the face of the within 2026-1 Bond in every particular without alteration or any change whatever.

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EXHIBIT B
FORM OF CERTIFICATE OF TRANSFEREE

To:	Hancock Whitney Bank, as Trustee

Date:		

	 (the “Transferee”), hereby certifies to Hancock Whitney
Bank, as trustee (the “Trustee”) pursuant to that certain Master Trust Indenture dated as of March 1, 2015, as supplemented by that certain Third Supplemental Trust Indenture dated as of April 1, 2026, each by and between the Southaven Community Development District (the “District”) and the Trustee (together, the “Indenture”) securing the District’s Special Assessment Refunding Bond, Series 2026-1 (2015 Refunding) (the “2026-1 Bond”) issued in the original principal amount of $2,247,000, as follows:

a.
that make it

the Transferee has the knowledge and experience in financial and business matters
capable of evaluating the District, the 2026-1 Bond and the risks associated with

owning the 2026-1 Bond; and has the ability to bear the economic risk of owning the 2026-1 Bond;

b.

the Transferee understands that the 2026-1 Bond is subject to the transfer

restrictions set forth in the Indenture;

c.

the Transferee understands that no offering statement, prospectus, offering

circular, official statement or other disclosure document containing material information with
respect to the District and the 2026-1 Bond are being or have been prepared and understands that neither the District nor any other party known to the District has undertaken to make any filing with respect to the 2026-1 Bond with Electronic Municipal Market Access (“EMMA”), the Municipal Securities Rulemaking Board’s continuing disclosure site;

d.

the Transferee acknowledges that it is a or “qualified institutional buyer” within

the meaning of the Securities Act of 1933, as amended; and

e.
1 Bond.

the Transferee acknowledges that there is no credit rating with respect to the 2026-

[SIGNATURE BLOCK FOR TRANSFEREE]

B-1

EXHIBIT B

PROPOSAL

EXHIBIT C

FORM OF ESCROW DEPOSIT AGREEMENT

ESCROW DEPOSIT AGREEMENT

This ESCROW DEPOSIT AGREEMENT, dated April 17, 2026 (this “Agreement”), by
and between the SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT (the “District”), a duly constituted and existing local unit of special purpose government under the laws of the State of Florida, and HANCOCK WHITNEY BANK, a Mississippi state banking corporation (the “Escrow Agent”).

WHEREAS, the District has previously issued its Special Assessment Bonds, Series
2015A-1 (the “2015A-1 Bonds”), pursuant to a Master Trust Indenture dated as of March 1, 2015 (the “Master Indenture”), as supplemented by a First Supplemental Trust Indenture dated as of March 1, 2015 (the “First Supplemental Indenture,” and, together with the Master Indenture, the “Indenture”), both between the District and the Escrow Agent, as trustee (in such capacity, the “Trustee”); and

WHEREAS, Article XIV of the Master Indenture provides that Bonds shall be deemed to
have been paid within the meaning and with the effect expressed therein upon compliance by the District with the provisions thereof, which provisions the District hereby represents have not been amended or supplemented with respect to the 2015A-1 Bonds except as amended and supplemented by the First Supplemental Indenture; and

WHEREAS, the District has determined to issue, pursuant to the Master Indenture, as
supplemented by a Third Supplemental Trust Indenture dated as of April 1, 2026, by and between the District and the Trustee, its $2,247,000 Special Assessment Refunding Bond, Series 2026-1 (2015 Refunding) (the “2026-1 Bond”) for the primary purpose, together with moneys held on deposit under the Indenture, of refunding and defeasing as provided herein all of the Outstanding 2015A-1 Bonds (hereinafter, the “Refunded Bonds”); and

WHEREAS, a portion of the proceeds of the 2026-1 Bond, together with a portion of the
moneys held on deposit under the Indenture, will be deposited in the Escrow Fund created pursuant to Section 4 hereof in an amount sufficient, without reinvestment, to pay the Refunded Bonds as provided herein and to discharge and satisfy the covenants, agreements and other obligations of the District in regard to such Refunded Bonds; and

WHEREAS, the issuance of the 2026-1 Bond, the deposit of such cash into the Escrow
Fund to be held by the Escrow Agent and the discharge and satisfaction of the covenants, agreements and other obligations of the District in regard to the Refunded Bonds shall occur as a simultaneous transaction; and

WHEREAS, this Agreement is intended to effectuate such simultaneous transaction;

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants
hereinafter set forth, the parties hereto agree as follows:

1.

The recitals stated above are true and correct and incorporated herein.

2.

Receipt of true and correct copies of the above-mentioned Indenture is hereby

acknowledged by the Escrow Agent.  The applicable and necessary provisions of the Master
Indenture, in particular Article XIV thereof, are incorporated herein by reference. The District and the Escrow Agent also acknowledge receipt of the verification report of Causey Public Finance, LLC, dated April 17, 2026 (the “Verification Report”) indicating that sufficient cash has been deposited into the Escrow Fund to provide for all payments due on the Refunded Bonds as provided in Exhibit “A” hereto.

3.

In accordance with the Master Indenture, the District, by this Agreement, exercises

the option to have the covenants, agreements and other obligations of the District to the holders
of the Refunded Bonds discharged and satisfied, except for those arising hereunder or those that by their express terms survive payment or defeasance of the Refunded Bonds.

4.

There is hereby created and established with the Escrow Agent a special,

segregated and irrevocable escrow fund designated the “Southaven Community Development
District Escrow Deposit Fund” (the “Escrow Fund”), which Escrow Fund is to be held in the custody of the Escrow Agent, separate and apart from other funds of the District and the Escrow

Agent.

The Escrow Agent hereby acknowledges the receipt and deposit of the sum of

$2,456,273.75 (comprised of $2,125,331.56 of proceeds of the 2026-1 Bond and $330,942.19 of funds
held under the Indenture (collectively, the “Escrow Proceeds”)) to the Escrow Fund. The District instructs the Escrow Agent to hold the Escrow Proceeds uninvested in cash.

5.

In reliance upon the Verification Report, the District represents and warrants that

the deposit made pursuant to Section 4 is sufficient to pay the principal of, redemption premium,
if any, and interest due on the Refunded Bonds as described in Exhibit “A” attached hereto. If such deposit shall be insufficient to make such payments, the District shall timely deposit in the Escrow Fund, solely from legally available funds of the District, such additional amounts as may be required to pay the Refunded Bonds as described in Exhibit “A” hereto. Notice of any insufficiency shall be given by the Escrow Agent to the District as promptly as possible after the Escrow Agent knows of such insufficiency, but the Escrow Agent shall in no manner be responsible for the District's failure to make such deposits.

6.

The deposit of the Escrow Proceeds in the Escrow Fund as described above shall

constitute deposit of moneys held by the Escrow Agent solely for the payment of the principal of
and interest on the Refunded Bonds at such time and in such amounts as set forth in Exhibit “A” hereto, and such deposit shall be used solely for such purposes.

7.

The District hereby directs, and the Escrow Agent hereby agrees, that it will

undertake the timely transfer of money to the Paying Agent for the Refunded Bonds or any
successors or assigns thereto (the “Refunded Bonds Paying Agent”) in accordance with Exhibit “A” attached hereto, in order to effectuate this Agreement and to pay the Refunded Bonds in the amounts and at the time provided in said Exhibit “A” notwithstanding any failure by the District to pay when due any fees or expenses of the Escrow Agent or Refunded Bonds Paying Agent. The liability of the Escrow Agent to make such transfer for the payment of the principal of and

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interest on the Refunded Bonds pursuant to this Agreement shall be limited to the application of
amounts available for such purposes in the Escrow Fund.

8.

The District hereby irrevocably instructs the Escrow Agent to deliver to the

holders of the Refunded Bonds, on the date hereof, the notice of defeasance attached hereto as
Exhibit “B.” The Escrow Agent, in its capacity as Trustee and Bond Registrar for the Refunded Bonds and at the written direction of the District, has previously caused to be provided to the holders of the Refunded Bonds a Conditional Notice of Optional Redemption on May 1, 2026. The District hereby confirms that the conditions to optional redemption contained in such notice have been met and agrees and confirms that such notice is now irrevocable.

9.

Concurrently with the deposit set forth in Section 4 hereof, the Refunded Bonds

are hereby deemed to have been paid within the meaning and with the effect expressed in the
Indenture.

10.

The Escrow Fund shall be irrevocable and the holders of the Refunded Bonds shall

have an express lien on all cash deposited in the Escrow Fund pursuant to the terms hereof until
paid out, used and applied in accordance with this Agreement. Neither the District nor the Escrow Agent shall cause nor will the District permit, any other lien or interest to be imposed upon the Escrow Fund.

11.

This Agreement is made for the benefit of the District and the holders from time

to time of the Refunded Bonds and it shall not be repealed, revoked, altered or amended without
the written consent of all such holders and the written consent of the Escrow Agent; provided, however, that the District and the Escrow Agent may, without the consent of, or notice to, such holders enter into such agreements supplemental to this Agreement as shall not adversely affect the rights of such holders and as shall not be inconsistent with the terms and provisions of this Agreement, for any one or more of the following purposes:

(a)

to cure any ambiguity or formal defect or omission in this Agreement;

(b)

to grant, or confer upon, the Escrow Agent for the benefit of the holders of

the Refunded Bonds, any additional rights, remedies, powers or authority that may lawfully be
granted to, or conferred upon, such holders or the Escrow Agent; and

(c)

to subject to this Agreement additional funds, securities or properties.

The Escrow Agent shall be entitled to rely exclusively upon an unqualified opinion of
nationally recognized bond counsel with respect to compliance with this Section 11, including the extent, if any, to which any change, modification or addition affects the rights of the holders of the Refunded Bonds, or that any instrument executed hereunder complies with the conditions and provisions of this Section 11.

12.

The District shall pay the Escrow Agent upon execution hereof a one-time fee in

an amount to be agreed upon between the District and the Escrow Agent for performing the

3

ordinary and customary services hereunder. The District also shall pay any fees and expenses
associated with the performance by the Escrow Agent of any reasonable extraordinary services hereunder, which are payable by the District upon presentation of an invoice therefor from the Escrow Agent. The Escrow Agent shall have no lien whatsoever upon any of the cash in said Escrow Fund for the payment of such proper fees and expenses.

13.

The Escrow Agent shall not be liable in connection with the performance of its

duties hereunder except for its own negligence, misconduct or default. The Escrow Agent shall
not be liable for any loss resulting from any investments made pursuant to the terms of this Agreement. The Escrow Agent shall not be liable for the accuracy of the calculations as to the sufficiency of the deposits to the Escrow Fund to pay the Refunded Bonds. So long as the Escrow Agent applies any moneys to pay the Refunded Bonds as provided herein, the Escrow Agent shall not be liable for any deficiencies in the amounts necessary to pay the Refunded Bonds caused by such calculations. Notwithstanding any provision herein to the contrary, in no event shall the Escrow Agent be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.

The duties and obligations of the Escrow Agent shall be determined by the express
provisions of this Agreement and no implied warrants or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent may consult with counsel knowledgeable with respect to any matter relevant to this Agreement, who may or may not be counsel to the District, and be entitled to receive from the District reimbursement of the reasonable fees and expenses of such counsel, and in reliance upon the opinion of such counsel have full and complete authorization and protection in respect of any action taken, suffered or omitted by it in good faith in accordance therewith. Escrow Agent shall notify the District of its intent to engage such counsel. Whenever the Escrow Agent shall deem it necessary or desirable that a matter be proved or established prior to taking, suffering or omitting any action under this Agreement, such matter may be deemed to be conclusively established by a certificate signed by an authorized officer of the District and the Escrow Agent may in good faith conclusively rely upon such certificate.

The Escrow Agent may conclusively rely upon and shall be fully protected in acting and
relying upon any notice, order, requisition, request, consent, certificate, order, opinion (including an opinion of counsel), affidavit, letter, telegram or other paper or document in good faith deemed by it to be genuine and correct and to have been signed or sent by the proper person or persons. Any payment obligation of the Escrow Agent hereunder shall be paid from, and is limited to funds available, established and maintained hereunder; the Escrow Agent shall not be required to expend its own funds for the performance of its duties hereunder. The Escrow Agent may act through its agents and attorneys and shall not be responsible for any misconduct or negligence on the part of any such person so appointed with due care. The Escrow Agent shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; hurricanes

4

or other storms; wars; terrorism; similar military disturbances; sabotage; epidemic; pandemic;
riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military authority or governmental action; it being understood that the Escrow Agent shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances.

The District further agrees to indemnify and save the Escrow Agent harmless, to the extent
allowed by law, against any liabilities, which it may incur in the exercise and performance of its powers and duties hereunder, and which are not due to the Escrow Agent’s negligence or default. The provisions of Section 12 and this Section 13 shall survive the termination of this Agreement and/or the sooner resignation or removal of the Escrow Agent and shall also inure to the benefit of the Escrow Agent's successors and assigns.

14.

The Escrow Agent, at the time acting hereunder, may at any time resign and be

discharged from the duties and obligations hereby created by giving not less than ten (10) days
written notice to the District and mailing notice thereof, specifying the date when such resignation will take effect to the holders of all Refunded Bonds then outstanding, but no such resignation shall take effect unless a successor Escrow Agent shall have been appointed by the holders of a majority in aggregate principal amount of the Refunded Bonds then outstanding or by the District as hereinafter provided and such successor Escrow Agent shall have accepted such appointment, in which event such resignation shall take effect immediately upon the appointment and acceptance of a successor Escrow Agent.

The Escrow Agent may be removed at any time by an instrument or concurrent
instruments in writing, delivered to the Escrow Agent and to the District and signed by the holders of a majority in aggregate principal amount of the Refunded Bonds then outstanding.

In the event the Escrow Agent hereunder shall resign or be removed, or be dissolved, or
shall be in the course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case the Escrow Agent shall be taken under the control of any public officer or officers, or of a receiver appointed by a court, a successor may be appointed by the holders of a majority in aggregate principal amount of the Refunded Bonds then outstanding by an instrument or concurrent instruments in writing, signed by such holders, or by their attorneys in fact, duly authorized in writing; provided, nevertheless, that in any such event, the District shall appoint a temporary Escrow Agent to fill such vacancy until a successor Escrow Agent shall be appointed by the holders of a majority in aggregate principal amount of the Refunded Bonds then outstanding in the manner above provided, and any such temporary Escrow Agent so appointed by the District shall immediately and without further act be superseded by the Escrow Agent so appointed by such holders.

In the event that no appointment of a successor Escrow Agent or a temporary successor
Escrow Agent shall have been made by such holders or the District pursuant to the foregoing provisions of this Section 14 within ten (10) days after written notice of resignation of the Escrow

5

Agent has been given to the District, the holder of any of the Refunded Bonds or any retiring
Escrow Agent may apply to any court of competent jurisdiction for the appointment of a successor Escrow Agent, and such court may thereupon, after such notice, if any, as it shall deem proper, appoint a successor Escrow Agent.

No successor Escrow Agent shall be appointed unless such successor Escrow Agent shall
be a corporation with trust powers organized under the banking laws of the United States or any state thereof, and shall have at the time of appointment capital and surplus of not less than
$75,000,000.

Except as provided in the next succeeding paragraph, every successor Escrow Agent
appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the District an instrument in writing accepting such appointment hereunder and thereupon such successor Escrow Agent, without any further act, deed or conveyance, shall become fully vested with all the rights, immunities, powers, duties and obligations of its predecessor except for the predecessor rights under Sections 12 and 13 hereof; but such predecessor shall nevertheless, on the written request of such successor Escrow Agent or the District execute and deliver an instrument transferring to such successor Escrow Agent all the estates, properties, rights and powers of such predecessor hereunder; and every predecessor Escrow Agent shall deliver all securities and moneys held by it to its successor; provided, however, that before any such delivery is required to be made, all fees, advances and expenses of the retiring or removed Escrow Agent shall be paid in full. Should any transfer, assignment or instrument in writing from the District be required by any successor Escrow Agent for more fully and certainly vesting in such successor Escrow Agent the estates, rights, powers and duties hereby vested or intended to be vested in the predecessor Escrow Agent, any such transfer, assignment and instruments in writing shall, on request, be executed, acknowledged and delivered by the District.

Any corporation into which the Escrow Agent, or any successor to it in the escrow created
by this Agreement, may be merged or converted or with which it or any successor to it may be consolidated, or transfers all or substantially all of its corporate trust business to, or any corporation resulting from any merger, conversion, consolidation or tax-free reorganization to which the Escrow Agent or any successor to it shall be a party, shall be the successor Escrow Agent under this Agreement without the execution or filing of any paper or any other act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

In the event the Escrow Agent resigns or is removed pursuant to the provisions hereof,
any fee paid to the Escrow Agent as provided in Section 12 hereof shall to the extent of the unearned portion of such fee be rebated and returned to the District.

15.

This Agreement, except as otherwise provided herein, shall terminate when all

transfers and payments required to be made by the Escrow Agent under the provisions hereof
shall have been made. Upon such termination, all moneys remaining in the Escrow Fund shall be released to the District.

6

16.

This Agreement shall be governed by the applicable laws of the State of Florida

without regard to conflict of law principles.

17.

If any one or more of the covenants or agreements provided in this Agreement on

the part of the District or the Escrow Agent to be performed should be determined by a court of
competent jurisdiction to be contrary to law, such covenant or agreement shall be deemed and construed to be severable from the remaining covenants and agreements herein contained and shall in no way affect the validity of the remaining provisions of this Agreement.

18.

This Agreement may be executed in several counterparts, all or any of which shall

be regarded for all purposes as one original and shall constitute and be but one and the same
instrument.

19.

The District will not accelerate the maturity of any Refunded Bonds or exercise

any option to redeem any Refunded Bonds except as set forth in Section 8 hereof.

20.

Any notice, authorization, request or demand required or permitted to be given in

accordance with the terms of this Agreement shall be in writing and sent by registered or certified
mail addressed to:

Southaven Community Development District
c/o Rizzetta & Company, Incorporated 3434 Colwell Avenue, Suite 200
Tampa, Florida 33614

Hancock Whitney Bank
445 North Boulevard, Suite 201 Baton Rouge, Louisiana 70802 Attn: Corporate Trust Department

Attn:

Melissa Dobbins, District Manager

[Remainder of page intentionally left blank]

7

IN WITNESS WHEREOF, the parties hereto have each caused this Escrow Deposit
Agreement to be executed by their duly authorized officers and appointed officials and, in the case of the District, its seal to be hereunder affixed and attested as of the date first above written.

SOUTHAVEN COMMUNITY DEVELOPMENT
DISTRICT

(SEAL)

Richard Fetter, Chair, Board of Supervisors

Attest:

Lesley Gallagher, Assistant Secretary

8

(Signature page of Escrow Deposit Agreement dated April 17, 2026
regarding Southaven Community Development District)

HANCOCK WHITNEY BANK, as Escrow Agent

Stephen P. Edwards, Vice President

9

EXHIBIT A

ESCROW REQUIREMENTS FOR REFUNDED BONDS

A-1

Payment Date

Principal

Interest

Principal Redeemed

Total

05/01/2026

$85,000.00

$71,273.75

$2,300,000.00

$2,456,273.75

EXHIBIT B

FORM OF NOTICE OF DEFEASANCE

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
(ST. JOHNS COUNTY, FLORIDA) SPECIAL ASSESSMENT BONDS, SERIES 2015A-1
ISSUANCE DATE: MARCH 26, 2015

CUSIP
Numbers†

Maturity Date
May 1, 2035
May 1, 2045

Interest Rate
5.950%
6.000%

841214AA7
841214AB5

NOTICE IS HEREBY GIVEN to the holders of the Outstanding principal amount of the
above-captioned bonds (the “Refunded Bonds”) issued by the Southaven Community Development District (the “District”) that the District has caused the current refunding of the Refunded Bonds through the issuance by the District of its Special Assessment Refunding Bond, Series 2026-1 (2015 Refunding) (the “2026-1 Bond”). The proceeds of the 2026-1 Bond, together with other legally available funds, have been deposited in irrevocable escrow in an escrow deposit fund (the “Escrow Fund”) established for the benefit of holders of the Refunded Bonds with Hancock Whitney Bank (the “Escrow Holder”), pursuant to an Escrow Deposit Agreement dated April 17, 2026 (the “Escrow Agreement”), by and between the District and the Escrow Holder. Moneys deposited in the Escrow Fund will be held therein as uninvested cash. A Conditional Notice of Optional Redemption (the “Conditional Notice”) was given by the Escrow Holder, as Trustee and Bond Registrar for the Refunded Bonds, on March 31, 2026, for a redemption on May 1, 2026 (the “Redemption Date”). On the date hereof, the conditions stated in the Conditional Notice have been met and pursuant to the Escrow Agreement, the District has agreed and confirmed that the Conditional Notice is irrevocable. The Refunded Bonds will be redeemed on the Redemption Date at a price of 100% of the principal amount being redeemed, plus accrued interest (the “Redemption Price”). The Refunded Bonds are deemed to have been paid in accordance with Article XIV of the Master Trust Indenture dated as of March 1, 2015, as supplemented by the First Supplemental Trust Indenture dated as of March 1, 2015, each between Hancock Whitney Bank, as trustee, and the District, and are no longer outstanding thereunder.

On the Redemption Date, the Redemption Price upon each Refunded Bond will become
due and payable and interest on the Refunded Bonds shall cease to accrue from and after the

Redemption Date.

Payment of the Redemption Price on the Refunded Bonds called for

†

CUSIP numbers are included solely for the convenience of the holders of the Refunded Bonds. Neither the District nor the
Trustee/Escrow Agent shall have any responsibility with respect to the selection or use of any CUSIP number, nor is any representation made as to the correctness of any CUSIP number, either as printed on the Refunded Bonds or in this Notice of Defeasance.

B-1

redemption will be paid upon presentation, if presentment is required, and surrender of the
Refunded Bonds in the following manner:

If by, Hand or Overnight Mail:
Hancock Whitney Bank Corporate Trust Services Attn: Bond Redemption Desk 2510 14th Street, Suite 220
Gulfport, MS 39501

DATED this 17th day of April, 2027.

By:

HANCOCK WHITNEY BANK, as Escrow Agent

B-2

RESOLUTION NO. 2026-03

A RESOLUTION OF THE BOARD OF SUPERVISORS OF SOUTHAVEN
COMMUNITY DEVELOPMENT DISTRICT (THE “DISTRICT”) APPROVING THE SALE AND TERMS OF SALE OF THE DISTRICT’S SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-2 (2016 REFUNDING) (THE “2026-2 BOND”); ESTABLISHING THE INTEREST RATE, MATURITY DATE, AND REDEMPTION PROVISIONS THEREOF; APPROVING A PRIVATE PLACEMENT FOR THE 2026-2 BOND; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF A FOURTH SUPPLEMENTAL TRUST INDENTURE; APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN ESCROW DEPOSIT AGREEMENT; APPOINTING A TRUSTEE AND ESCROW AGENT; AUTHORIZING THE REFUNDING OF THE DISTRICT’S OUTSTANDING SPECIAL ASSESSMENT BONDS, SERIES 2016A-1 (THE “REFUNDED BONDS”); AUTHORIZING AND RATIFYING CERTAIN ACTIONS OF THE OFFICIALS AND STAFF OF THE DISTRICT, INCLUDING THE EXECUTION AND DELIVERY OF ALL DOCUMENTS, INSTRUMENTS, AGREEMENTS AND  CERTIFICATES  NECESSARY  IN  CONNECTION  WITH  THE

ISSUANCE, SALE AND DELIVERY OF

THE 2026-2 BOND AND THE

REFUNDING

OF

THE	REFUNDED

BONDS;

APPOINTING

A

VERIFICATION  AGENT;  SPECIFYING

THE  APPLICATION  OF  THE

PROCEEDS OF THE 2026-2 BOND; PROVIDING CERTAIN OTHER DETAILS
WITH RESPECT TO THE 2026-2 BOND; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Board of Supervisors of Southaven Community Development District
(the “Board” and the “District,” respectively) has determined to proceed at this time with the sale and issuance of the Southaven Community Development District Special Assessment Refunding Bond, Series 2026-2 (the “2026-2 Bond”), which 2026-2 Bond is to be issued under and pursuant to a Master Trust Indenture, dated as of March 1, 2015 (the “Master Indenture”), between the District and Hancock Whitney Bank, as trustee (the “Trustee”), as supplemented by a Fourth Supplemental Trust Indenture, to be dated as of April 1, 2026 (the “Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), between the District and the Trustee, which 2026-2 Bond is to be issued and the proceeds thereof applied, together with other funds held by the Trustee with respect to the Refunded Bonds (as hereinafter defined), for the purposes of (i) currently refunding and defeasing all of the Outstanding principal amount of the District’s Special Assessment Bonds, Series 2016A-1 (the “Refunded Bonds”) in order to achieve debt service savings; (ii) paying the interest to become due on the 2026-2 Bond on November 1, 2026; and (iii) funding the costs of issuance for the 2026-2 Bond; and

WHEREAS, the Board has previously received the proposal (the “Proposal”) attached
hereto as Exhibit B from Seacoast National Bank, a national banking association (the “Bank”) submitted through MBS Capital Markets, LLC (the “Placement Agent”) for the purchase of the 2026-2 Bond, and the Board previously approved and accepted such Proposal; and

WHEREAS, in conjunction with the sale and issuance of the 2026-2 Bond, it is necessary
to approve the form of the Supplemental Indenture to establish the principal amount, interest rate, maturity, redemption provisions, costs and certain other details with respect thereto, to approve the form of an Escrow Deposit Agreement to effect the defeasance of the Refunded Bonds, and to provide for various other matters with respect to the issuance and sale of the 2026-2 Bond and the refunding of the Refunded Bonds.

NOW, THEREFORE, BE IT RESOLVED that:

1.

Definitions.	All words and phrases used herein in capitalized form, unless

otherwise defined herein, shall have the meanings ascribed to them in the Indenture.

2.

Private Placement. The Board hereby determines that a private placement of the

2026-2 Bond through the facilities of the Placement Agent is in the best interest of the District
because the market for instruments such as the 2026-2 Bond is limited, because of prevailing market conditions and because the delays caused by soliciting competitive bids could adversely affect the District’s ability to timely issue and deliver the 2026-2 Bond.

3.

Authorization and Award. Pursuant to Section 190.016(7), Florida Statutes, the

Board hereby determines that, in its judgment, the issuance of the 2026-2 Bond will be
advantageous to the District. The sale of the 2026-2 Bond to the Bank upon the terms and conditions set forth in the Proposal, and in a principal amount not to exceed $3,201,000, is hereby authorized and approved.

4.

Supplemental Indenture.	Attached hereto as Exhibit A is the form of

Supplemental Indenture, which is hereby authorized and approved, subject to such changes,
additions, deletions and insertions as shall be approved by the Chair or Vice Chair, which approval shall be conclusively evidenced by the execution thereof. The Chair or Vice Chair is hereby authorized to execute and the Secretary or any Assistant Secretary is hereby authorized to attest such Supplemental Indenture, and the Chair or Vice Chair is hereby authorized to deliver to the Trustee the Supplemental Indenture, which, when executed and delivered by the Trustee, shall constitute a legal, valid and binding obligation of the District, enforceable in accordance with its terms.

5.

Description of 2026-2 Bond.  The 2026-2 Bond shall be dated as of the date of

issuance and delivery to the Bank and may be issued in one series having such details as are set
forth in the Proposal and as reflected in the Supplemental Indenture. The 2026-2 Bond shall be in the form and subject to redemption on the terms, at the times and prices and in the manner provided in the Proposal and in the form of 2026-2 Bond attached to the Supplemental Indenture, which form is hereby approved, subject to such changes, additions, deletions and insertions as shall be approved by the Chair or Vice Chair, which approval shall be conclusively evidenced by
2

the execution thereof. The Chair or Vice Chair is hereby authorized to execute and the Secretary
or any Assistant Secretary is hereby authorized to attest the 2026-2 Bond, and the Chair or Vice Chair is hereby authorized to deliver to the Trustee for authentication and delivery to the Bank, upon payment therefor, the 2026-2 Bond, which, when authenticated by the Trustee, shall be a legal, valid and binding obligation of the District, enforceable in accordance with its terms.

The 2026-2 Bond shall be secured by, and the District in the Supplemental Indenture
grants to the Trustee for the benefit of the Bank, a lien on and a pledge of the Series 2026-2 Assessments imposed, levied and collected by the District in accordance with the Act, as more specifically described in the Supplemental Indenture. In addition, the 2026-2 Bond shall be secured by a lien and pledge of all amounts on deposit in the Funds and Accounts established under the Supplemental Indenture, except for any amounts in the Series 2026-2 Rebate Account in the Rebate Fund, all in accordance with the Supplemental Indenture.

6.

Approval of Escrow Deposit Agreement.

The Escrow Deposit Agreement,

pursuant to which certain proceeds of the 2026-2 Bond and other legally available moneys of the
District will be deposited to provide for the current refunding and defeasance of the Refunded Bonds, is hereby approved in substantially the form attached hereto as Exhibit C and the Chair or the Vice Chair of the Board is hereby authorized and directed to execute and deliver such Escrow Deposit Agreement on behalf of and in the name of the District and the Secretary or any Assistant Secretary of the Board is hereby authorized to attest such execution, with such additions and deletions therein as may be made and approved by the Chair or the Vice Chair executing the same, such execution to be conclusive evidence of such approval. Hancock Whitney Bank, the trustee for the Refunded Bonds, is hereby appointed to serve as Escrow Agent under the Escrow Deposit Agreement.

7.

Open Meetings. It is hereby found and determined that all official acts of this

Board concerning and relating to the issuance, sale, and delivery of the 2026-2 Bond, including
but not limited to adoption of this Resolution, were taken in open meetings of the Board and all deliberations of the members of the Board that resulted in such official acts were in meetings open to the public, in compliance with all legal requirements including, but not limited to, the requirements of Section 286.011, Florida Statutes.

8.

Other Actions. The Chair, the Vice Chair, the Secretary, any Assistant Secretary

and all other members, officers and staff of the Board and the District are hereby authorized and
directed to take all actions necessary or desirable in connection with the issuance and delivery of the 2026-2 Bond and the consummation of all transactions in connection therewith, including the execution of all necessary or desirable certificates, documents, papers, and agreements and the undertaking and fulfillment of all transactions referred to in or contemplated by the Indenture, this Resolution and the Proposal.

3

9.

Deposits to Funds and Accounts. The Trustee is hereby authorized and directed

to apply the proceeds of the 2026-2 Bond and the amounts on deposit in the Funds and Accounts
for the Refunded Bonds in the amounts and in the manner set forth in Section 402 of the Supplemental Indenture.

10.

Undertaking of the Refunding.

The Board hereby authorizes the current

refunding and defeasance of the Refunded Bonds, which are currently Outstanding in the
principal amount of $3,500,000, upon the terms and conditions as shall be set forth in the Indenture and the Escrow Deposit Agreement.

11.

Appointment of Trustee, Paying Agent and Registrar. Hancock Whitney Bank is

hereby appointed to serve as Trustee, Paying Agent, and Registrar under the Indenture.

12.

Appointment of Verification Agent.	Causey Public Finance, LLC is hereby

appointed to serve as verification agent with respect to the current refunding and defeasance of
the Refunded Bonds.

13.

Approval of Prior Actions. All actions taken to date by the members of the Board

and the District officers, agents and consultants of the District in furtherance of the issuance of
the 2026-2 Bond, including but not limited to, the approval of the Proposal and the giving of a

Conditional Notice of Optional Redemption of the Refunded Bonds,
confirmed and ratified.

are

hereby

approved,

[Remainder of page intentionally left blank]

4

14.

Effective Date. This Resolution shall take effect immediately upon its adoption.

PASSED in Public Session of the Board of Supervisors of Southaven Community
Development District, this 15th day of April, 2026.

SOUTHAVEN COMMUNITY
DEVELOPMENT DISTRICT

Attest:

Secretary/Assistant Secretary,
Board of Supervisors

Chair/Vice Chair,
Board of Supervisors

5

EXHIBIT A

FORM OF SUPPLEMENTAL INDENTURE

BMO Draft #2
4/8/2026 (AGENDA)

FOURTH SUPPLEMENTAL TRUST INDENTURE

between

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT

and

HANCOCK WHITNEY BANK, AS TRUSTEE

DATED AS OF APRIL 1, 2026

$3,201,000
SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT (ST. JOHNS COUNTY, FLORIDA)
SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-1 (2016 REFUNDING)

TABLE OF CONTENTS

This Table of Contents is incorporated herein for ease of reference only and shall not be deemed a
part of this Fourth Supplemental Trust Indenture.

DEFINITIONS	3
Section 101. Definitions	3
AUTHORIZATION, ISSUANCE AND PROVISIONS OF 2026-2 BOND	6

Section 201.
Section 202.
Section 203.
Section 204.
Section 205.
Section 206.
Section 207.

Authorization of 2026-2 Bond	6
Terms of 2026-2 Bond	6
Dating; Interest Accrual; Interest Adjustment	6
Denominations	7
Transfer Restrictions	7
Registrar and Paying Agent	8
Conditions Precedent to Issuance of 2026-2 Bond	8
REDEMPTION OF 2026-2 BOND	9

Section 301. Redemption of the 2026-2 Bond	9
ESTABLISHMENT OF FUNDS AND ACCOUNTS AND OPERATION THEREOF; DEPOSIT OF 2026-2 BOND PROCEEDS AND OTHER FUNDS AND APPLICATION THEREOF	9

Section 401.
Section 402.
Section 403.
Section 404.
Section 405.
Section 406.
Section 407.

Establishment of Funds Accounts	9
Use of 2026-2 Bond Proceeds and Other Moneys.	9
Series 2026-2 Costs of Issuance Account	10
Application of Series 2026-2 Prepayment Principal	10
Sinking Fund Installments	11
Tax Covenants and Rebate Account	11
Series 2026-2 Revenue Account; Application of Revenues and

Investment Earnings	11
CONCERNING THE TRUSTEE	13

Section 501.
Section 502.
Section 503.
Section 504.
Section 505.

Acceptance by Trustee	13
Limitation of Trustee’s Responsibility	13
Trustee’s Duties	13
Brokerage Statements	13
Patriot Act Requirements of the Trustee	14
ADDITIONAL BONDS	14
No Parity Bonds	14
MISCELLANEOUS	14
Confirmation of Master Indenture	14
Additional Covenant Regarding Assessments	14
Additional Covenants of the District	15
Payment Dates	15

Section 601.

Section 701.
Section 702.
Section 703.
Section 704.

i

EXHIBIT A - FORM OF 2026-2 BOND
EXHIBIT B - FORM OF CERTIFICATE OF TRANSFEREE

{15060/01/02516081.DOCXv2}

ii

FOURTH SUPPLEMENTAL
TRUST INDENTURE

THIS FOURTH SUPPLEMENTAL TRUST INDENTURE (this “Fourth Supplemental
Indenture”) is dated as of April 1, 2026, between SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT (the “Issuer” or “District”) and HANCOCK WHITNEY BANK, a Mississippi state banking corporation, as trustee (the “Trustee”).

WHEREAS, the District has entered into a Master Trust Indenture, dated as of March 1,
2015 (the “Master Indenture” and, together with this Fourth Supplemental Indenture, the “Indenture”) with the Trustee to secure its Bonds (the “Bonds”), issuable in one or more Series from time to time; and

WHEREAS, the District has heretofore issued its $4,515,000 Southaven Community
Development District Special Assessment Bonds, Series 2016A-1 (the “2016A-1 Bonds”) for the primary purpose of financing a portion of the Cost of acquiring, constructing and equipping assessable capital improvements (the “2016A Project”) pursuant to the Master Indenture, as supplemented by the Second Supplemental Trust Indenture between the District and the Trustee, dated as of December 1, 2016 (the “Second Supplemental Indenture” and, together with the Master Indenture, the “2016 Indenture”); and

WHEREAS, pursuant to Resolution No. 2026-03, adopted by the Board of Supervisors of
the District (the “Board”) on April 15, 2026, the District has authorized the issuance, sale and delivery of its $3,201,000 Southaven Community Development District (St. Johns County, Florida) Special Assessment Refunding Bond, Series 2026-2 (2016 Refunding) (the “2026-2 Bond”), which is issued hereunder as a Series of Bonds under the Master Indenture, and has authorized the execution and delivery of this Fourth Supplemental Indenture to secure the 2026-2 Bond and to set forth the terms of the 2026-2 Bond; and

WHEREAS, the District will apply the proceeds of the 2026-2 Bond, together with other
funds held by the Trustee under the 2016 Indenture, to: (i) currently refund and defease all of the Outstanding principal amount of the 2016A-1 Bonds (the “Refunded Bonds”) (ii) pay certain costs associated with the issuance of the 2026-2 Bond; and (iii) fund the interest due on the 2026-2 Bond on November 1, 2026; and

WHEREAS, the 2026-2 Bond will be payable from and secured by revenues received by
the District from Special Assessments imposed, levied and collected by the District with respect to property specially benefited by the 2016A Project that have not been previously prepaid by landowners (the “Series 2026-2 Assessments”), all in accordance with the Series 2026-2 Assessment Proceedings (as defined herein); and

WHEREAS, the execution and delivery of the 2026-2 Bond and of this Fourth
Supplemental Indenture have been duly authorized by the Board and all things necessary to make the 2026-2 Bond, when executed by the District and authenticated by the Trustee, a valid

1

and binding legal obligation of the District and to make this Fourth Supplemental Indenture a
valid and binding agreement and, together with the Master Indenture, a valid and binding lien on the Series 2026-2 Pledged Revenues (hereinafter defined) have been done;

NOW THEREFORE, KNOW ALL MEN BY THESE PRESENTS, THIS FOURTH
SUPPLEMENTAL TRUST INDENTURE WITNESSETH:

That the District, in consideration of the premises, the acceptance by the Trustee of the
trusts hereby created, the mutual covenants herein contained, the purchase and acceptance of the 2026-2 Bond by the purchaser or purchasers thereof, and other good and valuable consideration, receipt of which is hereby acknowledged, and in order to further secure the payment of the principal and Redemption Price of, and interest on, the 2026-2 Bond Outstanding from time to time, according to its tenor and effect, and such other payments required to be made under the Master Indenture or hereunder, and to further secure the observance and performance by the District of all the covenants, expressed or implied in the Master Indenture, in this Fourth Supplemental Indenture and in the 2026-2 Bond: (a) has executed and delivered this Fourth Supplemental Indenture and (b) does hereby, in confirmation of the Master Indenture, grant, bargain, sell, convey, transfer, assign and pledge unto the Trustee, and unto its successors in the trusts under the Master Indenture, and to them and their successors and assigns forever, all right, title and interest of the District, in, to and under, subject to the terms and conditions of the Master Indenture and the provisions of the Master Indenture pertaining to the application thereof for or to the purposes and on the terms set forth in the Master Indenture the revenues derived by the District from the Series 2026-2 Assessments (the “Series 2026-2 Pledged Revenues”) and the Funds and Accounts (except for the Series 2026-2 Rebate Account) established hereby (the “Series 2026-2 Pledged Funds”) which shall comprise a part of the trust estate securing the 2026-2 Bond (the “Series 2026-2 Trust Estate”);

TO HAVE AND TO HOLD all the same by the Master Indenture granted, bargained,
sold, conveyed, transferred, assigned and pledged, or agreed or intended so to be, to the Trustee and its successors in said trust and to it and its assigns forever;

IN TRUST NEVERTHELESS, except as in each such case may otherwise be provided in
the Master Indenture, upon the terms and trusts in the Indenture set forth for the equal and proportionate benefit, security and protection of all and singular the present and future Owners of the 2026-2 Bond issued or to be issued under and secured by this Fourth Supplemental Indenture;

PROVIDED HOWEVER, that if the District, its successors or assigns, shall well and truly
pay, or cause to be paid, or make due provision for the payment of the principal and Redemption Price of the 2026-2 Bond or any portion thereof issued, secured and Outstanding under this Fourth Supplemental Indenture and the interest due or to become due thereon, at the times and in the manner mentioned in the 2026-2 Bond and this Fourth Supplemental Indenture, according to the true intent and meaning thereof, and shall well and truly keep, perform and observe all the covenants and conditions pursuant to the terms of the Master Indenture and this Fourth

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Supplemental Indenture to be kept, performed and observed by it, and shall pay or cause to be
paid to the Trustee all sums of money due or to become due to it in accordance with the terms and provisions of the Master Indenture and this Fourth Supplemental Indenture, then upon such final payments, this Fourth Supplemental Indenture and the rights hereby granted shall cease and terminate, with respect to the 2026-2 Bond or such portion thereof, otherwise this Fourth Supplemental Indenture shall remain in full force and effect;

THIS FOURTH SUPPLEMENTAL INDENTURE FURTHER WITNESSETH, and it is
expressly declared, that the 2026-2 Bond issued and secured hereunder is to be issued, authenticated and delivered and all of the rights and property pledged to the payment thereof are to be dealt with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes as expressed in the Master Indenture (except as amended directly or by implication by this Fourth Supplemental Indenture), including this Fourth Supplemental Indenture, and the District has agreed and covenanted, and does hereby agree and covenant, with the Trustee and with the Owner of the 2026-2 Bond, as follows:

DEFINITIONS

Section 101.

Definitions. All terms used herein that are defined in the recitals hereto

are used with the same meanings herein unless the context clearly requires otherwise. All terms
used herein that are defined in the Master Indenture are used with the same meanings herein (including the use of such terms in the recitals hereto and the granting clauses hereof) unless (i) expressly given different meanings herein or (ii) the context clearly requires otherwise. In addition, unless the context clearly requires otherwise, the following terms used herein shall have the following meanings:

“Assessment Methodology” shall mean the Amended and Restated Master Special
Assessment Allocation Report dated December 3, 2014, as supplemented by the first Addendum to the Amended and Restated Master Special Assessment Allocation Report dated December 7, 2016, and as further supplemented by the Supplemental Special Assessment Allocation report dated April 15, 2026, including, without limitation, all exhibits and appendices thereto.

“Authorized Denominations” shall mean, with respect to the 2026-2 Bond, the then
Outstanding principal amount of the 2026-2 Bond, from time to time; provided, however, that any partial redemption of the 2026-2 Bond shall be in integral whole number multiples of $1,000.

“Bank” or “Owner” shall mean initially, Seacoast National Bank, a national banking
association and/or its affiliates, successors and assigns, as the initial registered owner (or its authorized representative) of the 2026-2 Bond.

“Closing Memorandum” shall mean the Memorandum prepared by MBS Capital Markets,
LLC dated the Date of Issuance and signed by a Responsible Officer of the District.

“County” shall mean St. Johns County, Florida.

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“Date of Issuance” shall mean April 17, 2026.

“Delinquent Assessment Interest” shall mean Series 2026-2 Assessment Interest deposited
by the District with the Trustee on or after May 1 of the year in which such Series 2026-2 Assessment Interest has, or would have, become delinquent under State law applicable thereto.

“Delinquent Assessment Principal” shall mean Series 2026-2 Assessment Principal
deposited by the District with the Trustee on or after May 1 of the year in which such Series 2026-2 Assessment Principal has, or would have, become delinquent under State law or the Series 2026-2 Assessment Proceedings applicable thereto.

“Determination of Taxability” shall mean (a) the issuance by the Internal Revenue Service
of a statutory notice of deficiency or other written notification which holds in effect that the interest payable on the 2026-2 Bond is includable for federal income tax purposes in the gross income of the Owner thereof, which notice or notification is not successfully contested by either the District or any Owner of the 2026-2 Bond, or (b) a determination by a court of competent jurisdiction that the interest payable on the 2026-2 Bond is includable for federal income tax purposes in the gross income of the Owner thereof, which determination either is final and non-appealable or is not appealed within the requisite time period for appeal, or (c) the admission in writing by the District to the effect that interest on the 2026-2 Bond is includable for federal income tax purposes in the gross income of the Owner thereof; provided, however, any such notice, determination or admission shall be based solely upon an action or inaction of the District. The effective date of the Determination of Taxability shall be the date such interest is includable in gross income.

“Escrow Agent” shall mean the Trustee in its capacity as Escrow Agent under the Escrow
Deposit Agreement.

“Escrow Deposit Agreement” shall mean that certain Escrow Deposit Agreement dated
April 17, 2026, between the District and the Escrow Agent with respect to the payment and defeasance of the outstanding principal amount of the Refunded Bonds.

“Escrow Fund” shall mean the Escrow Fund as defined in and established under the
Escrow Deposit Agreement.

“Interest Payment Date” shall mean each May 1 and November 1, commencing
November 1, 2026.

“Interest Rate” shall mean (i) the Tax-Exempt Rate or (ii) upon a Determination of
Taxability, the Taxable Rate.

“Methodology Consultant” shall mean Rizzetta & Company, Incorporated.

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“Series 2026-2 Assessments” shall mean the non-ad valorem special assessments imposed,
levied and collected by the District in accordance with the Series 2026-2 Assessment Proceedings and that have not been previously prepaid.

“Series 2026-2 Assessment Interest” shall mean the interest on the Series 2026-2
Assessments which is pledged to the 2026-2 Bond.

“Series 2026-2 Assessment Principal” shall mean the principal amount of Series 2026-2
Assessments received by the District which represent the principal of and Sinking Fund Installments of the 2026-2 Bond, other than applicable Delinquent Assessment Principal and Series 2026-2 Prepayment Principal.

“Series 2026-2 Assessment Proceedings” shall mean, collectively, Resolution Nos. 2014-24,
2014-25, 2014-33, 2017-06, 2017-07, 2017-09, 2017-10 and 2026-05 and any additional proceedings of the District with respect to the establishment, levy and collection of the Series 2026-2 Assessments adopted by the Board and any supplemental proceedings undertaken by the District with respect to the 2026-2 Bond.

“Series 2026-2 Pledged Funds” shall mean the Funds and Accounts (except for the Series
2026-2 Rebate Account) established by the Indenture to secure the 2026-2 Bond. For the avoidance of doubt, Series 2026-2 Pledged Funds constitute Pledged Revenues for purposes of the Master Indenture.

“Series 2026-2 Pledged Revenues” shall mean the revenues received by the District in
connection with the levy and collection of the Series 2026-2 Assessments. For the avoidance of doubt, Series 2026-2 Pledged Revenues constitute Pledged Revenues for purpose of the Master Indenture.

“Series 2026-2 Prepayment Principal” shall mean the excess amount of Series 2026-2
Assessment Principal received by the District over the Series 2026-2 Assessment Principal included within a Series 2026-2 Assessment appearing on any outstanding and unpaid tax bill, whether or not mandated to be prepaid in accordance with the Series 2026-2 Assessment Proceedings. Anything herein or in the Master Indenture to the contrary notwithstanding, the term Series 2026-2 Prepayment Principal shall not mean the proceeds of any Bonds issued to refund the 2026-2 Bond or other borrowing of the District.

“State” shall mean the State of Florida.

“Taxable Rate” shall mean an interest rate on the 2026-2 Bond which will result in the
same after-tax yield to the Owner of the 2026-2 Bond as before a Determination of Taxability; provided, however, the Taxable Rate shall not exceed 5.64% per annum. The determination of the Taxable Rate, including any partial application as provided in Section 203 of this Fourth Supplemental Indenture, shall be made by the Owner in good faith and shall be conclusive and binding upon the District absent manifest error. Written notice of the Taxable Rate shall be given

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to the District and the Trustee by the Owner and the District agrees that the Trustee may
conclusively rely on the information in such notice.

“Tax Certificate” shall mean that certain “Tax Certificate as to Arbitrage and the
Provisions of Sections 141-150 of the Internal Revenue Code of 1986, as Amended” of the Issuer, dated as of the Date of Issuance.

“Tax Exempt Rate” shall mean a fixed rate of 4.50% per annum.

“Uniform Method” shall mean the uniform method for the levy, collection and
enforcement of Assessments afforded by Sections 197.3631, 197.3632 and 197.3635, Florida Statutes, or any successor statutes.

AUTHORIZATION, ISSUANCE AND PROVISIONS OF 2026-2 BOND

Section 201.

Authorization of 2026-2 Bond. The 2026-2 Bond is hereby authorized to

be issued in the principal amount of $3,201,000 for the purposes enumerated in the recitals hereto
to be designated “Southaven Community Development District (St. Johns County, Florida) Special Assessment Refunding Bond, Series 2026-2 (2016 Refunding).” The 2026-2 Bond shall be substantially in the form set forth as EXHIBIT A to this Fourth Supplemental Indenture. The 2026-2 Bond shall bear the designation “2026-2R-1.”

The 2026-2 Bond shall be initially issued in the form of a single certificated fully registered
2026-2 Bond. The provisions of the Master Indenture with respect to the registration, transfer and exchange of Bonds shall apply to the 2026-2 Bond, except as otherwise provided herein.

Section 202.

Terms of 2026-2 Bond.  The 2026-2 Bond shall be one term Bond, shall

initially bear interest at the Tax-Exempt Rate per annum, subject to adjustment as hereinafter
provided, and shall mature in the amount and on the date set forth below:

Initial
Interest Rate 4.50%

Principal
Amount
$3,201,000

(Maturity)
May 1, 2047

Section 203.

Dating; Interest Accrual; Interest Adjustment. (a) The 2026-2 Bond shall

be dated the Date of Issuance. The 2026-2 Bond also shall bear its date of authentication. The
2026-2 Bond shall bear interest at the Interest Rate, initially the Tax Exempt Rate, from the Date of Issuance. Interest on the 2026-2 Bond shall be due and payable on each May 1 and November 1, commencing November 1, 2026.

(b)

Interest on the 2026-2 Bond will be computed in all cases on the basis of a 360-day

year of twelve 30-day months.

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(c)   If there is a Determination of Taxability, the 2026-2 Bond shall bear interest at the
Taxable Rate from the effective date of the Determination of Taxability. The District hereby covenants that on each date it certifies for collection Series 2026-2 Assessments following the effective date of the Determination of Taxability, it will certify for collection Series 2026-2 Assessments in an amount that will provide sufficient Series 2026-2 Pledged Revenues to pay, in addition to the current year's Debt Service Requirements, the difference between the Tax-Exempt Rate and the Taxable Rate from the effective date of the Determination of Taxability, which may be the date of issuance, to the immediately succeeding November 1 (the “Taxable Rate Differential”); provided, however, that such levy will not cause the interest component of the Series 2026-2 Assessments to exceed the Taxable Rate. In the event there is a Determination of Taxability, and the District is unable to certify for collection the full amount of the Taxable Rate Differential during the remaining term of the 2026-2 Bond without exceeding the Taxable Rate, the District would have no other obligation to levy and recover the portion of Taxable Rate Differential exceeding the Taxable Rate. If the amount of Series 2026-2 Assessments certified for collection by the District in such years are insufficient to pay the Taxable Rate Differential such insufficiency, in and of itself, shall not be an Event of Default so long as the interest component of such Series 2026-2 Assessments is at least the Taxable Rate.

In the event that interest on the 2026-2 Bond during any period becomes partially taxable
as a result of a Determination of Taxability applicable to less than all of the 2026-2 Bond, then the interest rate on the 2026-2 Bond shall be increased during such period by an amount equal to (A-B) x C where:

(i)

“A” equals the Taxable Rate (expressed as a percentage);

(ii)

“B” equals the interest rate on the 2026-2 Bond absent such Determination

of Taxability (expressed as a percentage); and

(iii)

“C” equals the portion of the 2026-2 Bond the interest on which has become

taxable as the result of such Determination of Taxability (expressed as a decimal).

The Trustee is entitled to assume, in the absence of notice from the Owner to the contrary,
that the 2026-2 Bond bears interest at the Tax-Exempt Rate. Additionally, the Trustee is entitled to assume that the Taxable Rate and the amount of the Taxable Rate Differential provided by the Owner are correct.

Section 204.
Denomination.

Denominations.	The 2026-2 Bond shall be issued in the Authorized

Section 205.

Transfer Restrictions. The registration of ownership of the 2026-2 Bond

may be transferred only in whole and only to a Qualified Institutional Buyer (as defined in Section
517.021(20), Florida Statutes), certified by the transferee to the Trustee in writing, on which certification the Trustee may conclusively rely. The 2026-2 Bond shall bear a legend consistent with this Section 205.

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Section 206.

Registrar and Paying Agent.

The District appoints the Trustee as

Registrar, Paying Agent and Authenticating Agent for the 2026-2 Bond.

Section 207.

Conditions Precedent to Issuance of 2026-2 Bond.

In addition to

complying with the applicable requirements set forth in the Master Indenture in connection with
the issuance of the 2026-2 Bond, the 2026-2 Bond shall be executed by the District for delivery to the Trustee and thereupon shall be authenticated by the Authenticating Agent and delivered to the District or upon its order, but only upon the further receipt by the Trustee and the Bank of:

(a)

Certified copies of the Series 2026-2 Assessment Proceedings;

(b)

Executed copies of the Master Indenture and this Fourth Supplemental Indenture;

(c)

A customary Bond Counsel opinion addressed to the District, the Trustee and the

Bank in a form satisfactory to the Bank;

(d)

An opinion of Counsel to the District addressed to the District, the Trustee and the

Bank to the effect that all proceedings undertaken by the District with respect to the Series 2026-
2 Assessments have been in accordance with State law and that the District has taken all action necessary to levy and impose the Series 2026-2 Assessments and the Series 2026-2 Assessments are legal, valid and binding first liens upon the property against which such Series 2026-2 Assessments are made, coequal with the lien of all State, County, district and municipal taxes, superior in dignity to all other liens, titles and claims, other than federal liens, until paid, and covering other matters reasonably requested by the Bank;

(e)

A certificate of a Responsible Officer to the effect that, upon the authentication and

delivery of the 2026-2 Bond, the District will not be in default in the performance of the terms and
provisions of the Indenture;

(f)

A supplemental opinion of Bond Counsel dated the Date of Issuance, addressed

to the District, the Bank and the Trustee, to the effect that the defeasance of the Refunded Bonds
is permitted by the 2016 Indenture, that the defeasance of the Refunded Bonds will not adversely affect the tax-exempt status of the Refunded Bonds, and that the Refunded Bonds are no longer Outstanding under the 2016 Indenture;

(g)

A certificate of the Methodology Consultant to the effect that the benefit from the

2016A Project equals or exceeds the amount of Series 2026-2 Assessments, the Series 2026-2
Assessments are fairly and reasonably allocated across the lands subject to the Series 2026-2 Assessments and the Series 2026-2 Assessments are sufficient to pay Debt Service Requirements on the 2026-2 Bond; and

(h)

an executed Escrow Deposit Agreement and a verification report prepared by

Causey Public Finance, LLC.

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The Owner’s receipt of the executed and authenticated 2026-2 Bond, together with
payment to the Trustee of the net proceeds from the issuance of the 2026-2 Bond shall be conclusive evidence that the foregoing conditions have been met to the satisfaction of the District and the Bank.

REDEMPTION OF 2026-2 BOND

Section 301.

Redemption of the 2026-2 Bond. The 2026-2 Bond is subject to redemption

prior to maturity as provided in the form thereof set forth as EXHIBIT A to this Fourth
Supplemental Indenture.

ESTABLISHMENT OF FUNDS AND ACCOUNTS AND OPERATION THEREOF;
DEPOSIT OF 2026-2 BOND PROCEEDS AND OTHER FUNDS AND APPLICATION THEREOF

Section 401.

Establishment of Funds Accounts.  There are hereby established with

respect to the 2026-2 Bond the following Funds and Accounts:

(a)

within the Acquisition and Construction Fund held by the Trustee, a Series 2026-

2 Costs of Issuance Account;

(b)

within the Debt Service Fund held by the Trustee, a Series 2026-2 Sinking Fund

Account and a Series 2026-2 Interest Account;

(c)	there is hereby created a Series 2026-2 Bond Redemption Fund to be held by the
Trustee and within the Series 2026-2 Bond Redemption Fund, a Series 2026-2 Prepayment Account and a Series 2026-2 General Account;

(d)

within the Revenue Fund held by the Trustee, a Series 2026-2 Revenue Account;

and

(d)

within the Rebate Fund held by the Trustee, a Series 2026-2 Rebate Account.

For the 2026-2 Bond, there is no Debt Service Reserve Requirement and, therefore, no
Series Account is being established in the Debt Service Reserve Fund with respect to the 2026-2 Bonds.

Section 402.

Use of 2026-2 Bond Proceeds and Other Moneys. The amount received

by the District from the sale of the 2026-2 Bond (the “Proceeds”), which is equal to $3,184,995.00
(consisting of $3,201,000.00 principal amount of the 2026-2 Bond, less the commitment fee due to the Bank in the amount of $16,005.00), and all amounts on deposit in the funds and accounts being held by the Trustee pursuant to the 2016 Indenture (the “2016 Indenture Funds”), which are equal to $626,203.47 (comprised of $431,143.10 on deposit in the Series 2016A-1 Revenue Account,

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$171,877.01 on deposit in the Series 2016A-1 Debt Service Reserve Account, $47.62 on deposit in
the Series 2016A-1 Interest Account, $9.05 on deposit in the Series 2016A-1 Principal Account,
$0.14 on deposit in the Series 2016A-1 Sinking Fund Account, $101.36 on deposit in the Series 2016A-1 Prepayment Account, and $23,025.19 on deposit in the Series 2016A Acquisition and Construction Account), will be applied as follows:

(a)

$77,624.25 of the 2016 Indenture Funds (comprised of amounts on deposit in the

Series 2016A-1 Revenue Account) shall be transferred to the Series 2026-2 Interest Account to pay
the interest coming due on the 2026-2 Bond on November 1, 2026;

(b)

$548,579.22 constituting the remaining 2016 Indenture Funds and $3,059,614.53 of

Proceeds shall be delivered to the Escrow Agent on the date of delivery of the 2026-2 Bond for
deposit in the Escrow Fund created under the Escrow Deposit Agreement to be applied to currently refund the Refunded Bonds on May 1, 2026; and

(c)

the remaining Proceeds in the amount of $125,380.47 shall be deposited in the

Series 2026-2 Costs of Issuance Account to be used to pay the costs of issuance for the 2026-2 Bond
pursuant to the Closing Memorandum.

Following the foregoing transfers, any additional moneys remaining in the Funds and
Accounts established for the Refunded Bonds pursuant to the 2016 Indenture shall be transferred over and deposited into the Series 2026-2 Revenue Account and such Funds and Accounts shall be closed.

Section 403.

Series 2026-2 Costs of Issuance Account. The amount deposited in the

Series 2026-2 Costs of Issuance Account shall, at the written direction of a Responsible Officer of
the District, be used to pay the costs of issuance relating to the 2026-2 Bond; provided, however, that on the Date of Issuance, initial costs of issuance shall be paid pursuant to the instructions in the Closing Memorandum signed by a Responsible Officer of the District. On the earlier to occur of: (x) the written direction of a Responsible Officer of the District or (y) July 1, 2026, any amounts deposited in the Series 2026-2 Costs of Issuance Account which have not been requisitioned shall be transferred over and deposited into the Series 2026-2 Revenue Account and used for the purposes permitted therefor, whereupon the Series 2026-2 Costs of Issuance Account shall be closed.

Section 404.

Application of Series 2026-2 Prepayment Principal.  All Series 2026-2

Prepayment Principal shall, upon receipt by the District, be deposited with the Trustee. At the
time of such deposit, the amount representing Series 2026-2 Prepayment Principal shall be identified by the District as such with direction to the Trustee to deposit such amount into the Series 2026-2 Prepayment Account in the Series 2026-2 Bond Redemption Fund pursuant to Section 407(b)(iii) hereof. Amounts on deposit in the Series 2026-2 Prepayment Account shall be applied to the extraordinary mandatory redemption of the 2026-2 Bond as provided in the form of the 2026-2 Bond set forth in EXHIBIT A hereto.

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Section 405.

Sinking Fund Installments. (a) The Sinking Fund Installments established

for the 2026-2 Bond shall be as set forth in the form of 2026-2 Bond attached as EXHIBIT A hereto.

(b)

Upon any redemption of the 2026-2 Bond (other than any portion of the 2026-2

Bond redeemed in accordance with scheduled Sinking Fund Installments), the District shall cause
to be recalculated and delivered to the Trustee and the Owner revised Sinking Fund Installments recalculated so as to reamortize the Outstanding 2026-2 Bond, after giving effect to such redemption, in substantially equal annual installments of principal and interest (subject to rounding to $1,000 integral amounts of principal, except for the final installment) over the remaining term of the 2026-2 Bond.

Section 406.

Tax Covenants and Rebate Account. The District shall comply with the

Tax Certificate, as amended and supplemented from time to time in accordance with its terms.

Section 407.

Series	2026-2	Revenue	Account;	Application	of	Revenues	and

Investment Earnings. (a) The Trustee is hereby authorized and directed to deposit any and all
amounts required to be deposited in the Series 2026-2 Revenue Account by this Section 407 or by any other provision of the Indenture, and any other amounts or payments specifically designated by the District pursuant to a written direction or by a Supplemental Indenture for said purpose. The Series 2026-2 Revenue Account shall be held by the Trustee separate and apart from all other Funds and Accounts held under the Indenture and from all other moneys of the Trustee.

(b)

The District shall deposit Series 2026-2 Pledged Revenues with the Trustee

immediately upon receipt, together with a written accounting setting forth the amounts of such
Series 2026-2 Pledged Revenues in the following categories which shall be deposited by the Trustee into the Funds and Accounts established hereunder as follows:

(i)

Series 2026-2 Assessment Principal, which shall be deposited into the Series

2026-2 Sinking Fund Account;

(ii)

Series 2026-2 Assessment Interest, which shall be deposited into the Series

2026-2 Interest Account;

(iii)

Series 2026-2 Prepayment Principal, which shall be deposited into the

Series 2026-2 Prepayment Account of the Series 2026-2 Bond Redemption Fund;

(iv)

Delinquent Assessment Principal, which shall be deposited into the Series

2026-2 Sinking Fund Account;

(v)

Delinquent Assessment Interest, which shall be deposited into the Series

2026-2 Interest Account; and

(vi)

all other Series 2026-2 Pledged Revenues, which shall be deposited into the

Series 2026-2 Revenue Account.

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Moneys other than Series 2026-2 Pledged Revenues shall be deposited at the written
direction of a Responsible Officer of the District.

(c)

On the thirtieth (30th) day preceding each Interest Payment Date (or if such

thirtieth (30th) day is not a Business Day, on the Business Day next preceding such day), the
Trustee shall determine the amount on deposit in the Series 2026-2 Prepayment Account of the Series 2026-2 Bond Redemption Fund and, if the balance therein is greater than zero, shall, with the prior written direction of the District, transfer from the Series 2026-2 Revenue Account for deposit into the Series 2026-2 Prepayment Account, an amount sufficient to increase the amount on deposit therein to the nearest integral multiple of $1,000 (provided that there are sufficient funds remaining therein to pay Debt Service Requirements coming due on the 2026-2 Bond on such Interest Payment Date), and shall thereupon give notice and cause the extraordinary mandatory redemption of all or a portion of the 2026-2 Bond on the next succeeding Interest Payment Date in the maximum principal amount for which moneys are then on deposit in such Series 2026-2 Prepayment Account in accordance with the provisions for extraordinary mandatory redemption of the 2026-2 Bond set forth in the form of the 2026-2 Bond attached as EXHIBIT A hereto, Section 301 hereof, and Article VIII of the Master Indenture.

(d)

Unless otherwise specified below, on each May 1 and November 1 (or if such May

1 or November 1 is not a Business Day, on the Business Day preceding such May 1 or November
1), the Trustee shall transfer amounts on deposit in the Series 2026-2 Revenue Account to the Accounts designated below in the following amounts and in the following order of priority:

FIRST, commencing November 1, 2026, to the Series 2026-2 Interest Account, an
amount equal to the amount of interest payable on the 2026-2 Bond then Outstanding on such May 1 or November 1, less any other amount already on deposit in the Series 2026-2 Interest Account not previously credited; and

SECOND, commencing November 1, 2026, to the Series 2026-2 Interest Account,
an amount specified by the Owner equal to the amount of any Taxable Rate Differential due and owing to the Owner of the 2026-2 Bond on such May 1 or November 1, less any other amount already on deposit in the Series 2026-2 Interest Account not previously credited and such amounts shall be immediately payable to the Owner; and

THIRD, on each May 1, commencing May 1, 2027, to the Series 2026-2 Sinking
Fund Account, the amount, if any, equal to the difference between the Sinking Fund Installment due on such May 1, and the amount already on deposit in the Series 2026-2 Sinking Fund Account not previously credited; and

FOURTH, the balance shall be retained in the Series 2026-2 Revenue Account.

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(e)

On any date required by the Tax Certificate, the District shall give the Trustee

written direction to, and the Trustee shall, transfer from the Series 2026-2 Revenue Account to the
Series 2026-2 Rebate Account established for the 2026-2 Bond in the Rebate Fund in accordance with the Master Indenture, the amount due and owing to the United States, which amount shall be paid to the United States when due, in accordance with such Tax Certificate.

(f)

On or after each November 2, beginning November 2, 2027, the balance on deposit

in the Series 2026-2 Revenue Account on such November 2 shall be paid over to the District at the
written direction of a Responsible Officer of the District to be used for any lawful purpose of the District; provided, however, that on the date of such proposed transfer the Trustee shall not have actual knowledge of an Event of Default under the Indenture relating to the 2026-2 Bond, including the payment of Trustee’s fees and expenses then due or any fees or expenses due to the Owner of the 2026-2 Bond, in which case any balance shall be paid to the Owner and/or Trustee and applied to such fees and expenses and any excess shall remain in the Series 2026-2 Revenue Account.

(g)

Anything herein or in the Master Indenture to the contrary notwithstanding,

earnings on investments in all of the Funds and Accounts held as security for the 2026-2 Bond
shall be invested only in Investment Securities. Earnings on the Funds and Accounts established hereby shall be retained, as realized, in such Funds and Accounts and used for the purposes of such Funds or Accounts; provided, however, that notwithstanding the foregoing, earnings on investments in the Series 2026-2 Sinking Fund Account and the Series 2026-2 Bond Redemption Fund and the Accounts therein shall be deposited, as realized, to the credit of the Series 2026-2 Revenue Account and used for the purpose of such Account.

CONCERNING THE TRUSTEE

Section 501.

Acceptance by Trustee.	The Trustee accepts the trusts declared and

provided in this Fourth Supplemental Indenture and agrees to perform such trusts upon the
terms and conditions set forth in the Master Indenture.

Section 502.

Limitation of Trustee’s Responsibility.

The Trustee shall not be

responsible in any manner for the due execution of this Fourth Supplemental Indenture by the
District or for the recitals contained herein, all of which are made solely by the District.

Section 503.

Trustee’s Duties. Nothing contained herein shall limit the rights, benefits,

privileges, protection and entitlements inuring to the Trustee under the Master Indenture,
including, particularly, Article XI thereof.

Section 504.

Brokerage Statements.	The District acknowledges that to the extent

regulations of the Comptroller of the Currency or other applicable regulatory entity grant the
District the right to receive individual confirmations of security transactions at no additional cost, as they occur, the District specifically waives receipt of such confirmations to the extent permitted

13

by law.	The Trustee will furnish or otherwise make available to the District periodic cash
transaction statements that include detail for all investment transactions made by the Trustee hereunder.

Section 505.

Patriot Act Requirements of the Trustee. To help the government fight

the funding of terrorism and money laundering activities, federal law requires all financial
institutions to obtain, verify, and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust, or other legal entity, the Trustee will ask for documentation to verify such non-individual person’s formation and existence as a legal entity. The Trustee may also ask to see financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation.

ADDITIONAL BONDS

Section 601.

No Parity Bonds. Other than Bonds issued to refund the then Outstanding

2026-2 Bond, the issuance of which results in net present value Debt Service savings, the District
shall not, while the 2026-2 Bond is Outstanding, issue or incur any debt payable in whole or in part from the Series 2026-2 Trust Estate.

MISCELLANEOUS

Section 701.

Confirmation of Master Indenture.	As supplemented by this Fourth

Supplemental Indenture, the Master Indenture is in all respects ratified and confirmed, and this
Fourth Supplemental Indenture shall be read, taken and construed as a part of the Master Indenture so that all of the rights, remedies, terms, conditions, covenants and agreements of the Master Indenture, except insofar as modified herein, shall apply and remain in full force and effect with respect to this Fourth Supplemental Indenture and to the 2026-2 Bond issued

hereunder.

To the extent of any conflict between the Master Indenture and this Fourth

Supplemental Indenture the terms and provisions of this Fourth Supplemental Indenture shall
control.

Section 702.

Additional Covenant Regarding Assessments.

Notwithstanding any

provision of the Master Indenture, the Series 2026-2 Assessments pledged hereunder to secure
the 2026-2 Bond shall be collected pursuant to the Uniform Method, unless such method is not available. In addition to, and not in limitation of, the covenants contained elsewhere in the Indenture, the District covenants to comply with the terms of the Series 2026-2 Assessment Proceedings heretofore adopted with respect to the Series 2026-2 Assessments, including the Assessment Methodology, and to levy and collect the Series 2026-2 Assessments set forth in the Assessment Methodology in such manner as will generate funds sufficient to pay the principal of and interest on the 2026-2 Bond, when due.

14

Section 703.

Additional Covenants of the District. For so long as the 2026-2 Bond is

Outstanding, the District covenants and agrees that it will provide, at its own expense, to the
Bank: (a) a copy of its audited financial statements no later than 270 days following the end of each Fiscal Year, beginning with the audited financial statements for the Fiscal Year ended September 30, 2025; and (b) a copy of its internally prepared unaudited annual financial statements no later than ninety (90) days following the end of each Fiscal Year, beginning with the Fiscal Year ending September 30, 2026.

Failure to provide the financial statements and reports as provided in the preceding
paragraph, after three (3) Business Days' written notice from the Bank to the District, the district manager and legal counsel to the District, with a copy to the Trustee, shall constitute a “Financial Covenant Reporting Failure.” Upon the occurrence of a Financial Covenant Reporting Failure, the Bank may enforce the provisions of this section by action in mandamus or specific performance, to compel performance of the District's financial reporting obligations under this section. A Financial Covenant Reporting Failure under this section shall not constitute an Event of Default under the Master Indenture.

The District covenants and agrees that it will maintain its primary operating account with
the Bank for the term of the 2026-2 Bond so long as Seacoast National Bank is the Owner and so long as the Bank's fees remain competitive with market fees.

Section 704.

Payment Dates.  In any case in which an Interest Payment Date or the

maturity date of the 2026-2 Bond or the date fixed for the redemption of the 2026-2 Bond shall be
other than a Business Day, then payment of interest, principal or Redemption Price need not be made on such date but may be made on the next succeeding Business Day, with the same force and effect as if made on the due date, and no interest on such payment shall accrue for the period after such due date if payment is made on such next succeeding Business Day.

[Remainder of page intentionally left blank]

15

IN WITNESS WHEREOF, Southaven Community Development District has caused these
presents to be signed in its name and on its behalf by its Chair, and its official seal to be hereunto affixed and attested by its Assistant Secretary, thereunto duly authorized, and to evidence its acceptance of the trusts hereby created, the Trustee has caused these presents to be signed in its name and on its behalf by its duly authorized officer.

SOUTHAVEN COMMUNITY
DEVELOPMENT DISTRICT

(SEAL)

Richard Fetter, Chair, Board of Supervisors

Attest:

Lesley Gallagher, Assistant Secretary

[Fourth Supplemental Trust Indenture]

S-1

HANCOCK WHITNEY BANK, as Trustee

Stephen P. Edwards, Vice President

[Fourth Supplemental Trust Indenture]

S-2

EXHIBIT A

FORM OF 2026-2 BOND

THE REGISTRATION OF OWNERSHIP OF THIS BOND MAY BE TRANSFERRED ONLY
IN WHOLE AND ONLY TO A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN SECTION 517.021(20), FLORIDA STATUTES), ALL AS PROVIDED IN THE INDENTURE

No. 2026-2R-1

$3,201,000

United States of America
State of Florida
SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT (ST. JOHNS COUNTY, FLORIDA)
SPECIAL ASSESSMENT REFUNDING BOND, SERIES 2026-2 (2016 REFUNDING)

Interest Rate

Maturity Date

Dated Date

4.50%
(subject to adjustment as provided herein)

May 1, 2047

April 17, 2026

Registered Owner:

SEACOAST NATIONAL BANK

Principal Amount:

THREE MILLION TWO HUNDRED ONE THOUSAND AND NO/100
DOLLARS

SOUTHAVEN

COMMUNITY

DEVELOPMENT

DISTRICT,

a	community

development district duly created and existing pursuant to Chapter 190, Florida Statutes (the
“District”), for value received, hereby promises to pay (but only out of the sources hereinafter mentioned) to the registered Owner set forth above, or registered assigns, on the maturity date shown hereon, unless this Bond shall have been called for redemption in whole or in part and payment of the Redemption Price (as defined in the Indenture, as hereinafter defined) shall have been duly made or provided for, the principal amount shown above on the dates and on the conditions set forth below and to pay (but only out of the sources hereinafter mentioned) interest on the outstanding principal amount hereof from the most recent Interest Payment Date to which interest has been paid or provided for, or, if no interest has been paid, from the Dated Date shown above on May 1 and November 1 of each year (each, an “Interest Payment Date”), commencing on November 1, 2026, until payment of said principal sum has been made or provided for, at the Interest Rate per annum set forth above (subject to adjustment as provided herein and in the Indenture). Notwithstanding the foregoing, if any Interest Payment Date is not a Business Day (as defined in the Indenture), then all amounts due on such Interest Payment Date shall be payable on the first Business Day succeeding such Interest Payment Date, but shall be deemed

A-1

paid on such Interest Payment Date and no additional interest will accrue as a result. The interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the registered Owner hereof at the close of business on the regular Record Date for such interest, which shall be the fifteenth (15th) day of the calendar month next preceding such Interest Payment Date or, if such day is not a Business Day, on the Business Day immediately preceding such day; provided, however, that on or after the occurrence and continuance of an Event of Default under clauses (a) or (b) of Section 10.02 of the Master Indenture (hereinafter defined), the payment of interest and principal or Redemption Price or Sinking Fund Installments shall be made by the Paying Agent (hereinafter defined) to such person, who, on a special record date which is fixed by the Trustee, which shall be not more than fifteen (15) and not less than ten (10) days prior to the date of such proposed payment, appears on the registration books of the Registrar as the registered Owner of this Bond. Upon a Determination of Taxability (as defined in the hereinafter defined Supplemental Indenture), the Interest Rate shall be subject to adjustment pursuant to Section 203 of the Supplemental Indenture to the Taxable Rate, as set forth in the Supplemental Indenture, and the District shall pay to the Owner certain additional amounts pursuant to such Section 203. Any payment of principal or Redemption Price shall be made to such person who appears on the registration books of the Registrar as the registered Owner of this Bond at the close of business on the fifteenth (15th) day of the calendar month next preceding such payment or, if such day is not a Business Day, on the Business Day immediately preceding such day. Payment of interest shall be made by check or draft (or by wire transfer to the registered Owner set forth above if such Owner requests such method of payment in writing on or prior to the regular Record Date for the respective interest payment to such account as shall be specified in such request). Interest on this Bond will be computed on the basis of a 360-day year of twelve 30-day months. Presentment of this Bond for payment shall not be required so long as the Bank (as defined in the Supplemental Indenture) is the registered Owner thereof; provided, however, that upon any partial redemption of this Bond in accordance with the Indenture, such portion of this Bond so redeemed shall be canceled without physical surrender of this Bond by the registered Owner thereof. Records of all such redemptions shall be maintained by the Registrar and shall be the basis for the principal amount of this Bond actually Outstanding at any given time. Capitalized terms used herein and not otherwise defined shall have the same meanings as set forth in the Indenture.

This Bond is a duly authorized issue of bonds of the District designated “Special
Assessment Refunding Bond, Series 2026-2 (2016 Refunding)” in the principal amount of
$3,201,000 (the “2026-2 Bond,” which, together with any other Bonds issued under and governed by the terms of the hereinafter defined Master Indenture, are hereinafter collectively referred to as the “Bonds”), under a Master Trust Indenture, dated as March 1, 2015 (the “Master Indenture”), between the District and Hancock Whitney Bank, as trustee (the “Trustee”), as supplemented by a Fourth Supplemental Trust Indenture, dated as of April 1, 2026 (the “Supplemental Indenture”), between the District and the Trustee (the Master Indenture, as amended and supplemented by the Supplemental Indenture is hereinafter referred to as the “Indenture”). This 2026-2 Bond is being issued to, together with other funds held by the Trustee under the 2016 Indenture: (i) currently refund and defease all of the Refunded Bonds; (ii) pay

A-2

certain costs associated with the issuance of this 2026-2 Bond; and (iii) fund the interest to become
due on the 2026-2 Bond on November 1, 2026.

Simultaneously herewith and pursuant to the Master Indenture and a Third Supplemental
Trust Indenture dated as of April 1, 2026, the District has authorized the issuance, sale and delivery of its $2,247,000 Southaven Community Development District Special Assessment Refunding Bond, Series 2026-1 (2015 Refunding) (the “2026-1 Bond”), which will be separately secured as a separate Series of Bond under the Master Indenture and issued, together with other funds of the District, to (i) currently refund and redeem all of the District Outstanding Special Assessment Bonds, Series 2015A-1; (ii) pay certain costs of associated with the issuance of the 2026-1 Bond; and (iii) pay the interest to become due on the 2026-1 Bond on November 1, 2026.

NEITHER THIS 2026-2 BOND NOR THE INTEREST AND PREMIUM, IF ANY,
PAYABLE HEREON SHALL CONSTITUTE A GENERAL OBLIGATION OR GENERAL INDEBTEDNESS OF THE DISTRICT WITHIN THE MEANING OF THE CONSTITUTION AND

LAWS OF THE STATE OF FLORIDA.

THIS 2026-2 BOND AND THE INTEREST AND

PREMIUM, IF ANY, PAYABLE HEREON DO NOT CONSTITUTE EITHER A PLEDGE OF THE
FULL FAITH AND CREDIT OF THE DISTRICT OR A LIEN UPON ANY PROPERTY OF THE DISTRICT OTHER THAN AS PROVIDED IN THE INDENTURE. NO OWNER OR ANY OTHER PERSON SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER OF THE DISTRICT OR ANY OTHER PUBLIC AUTHORITY OR GOVERNMENTAL BODY TO PAY DEBT SERVICE REQUIREMENTS OR TO PAY ANY OTHER AMOUNTS REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THIS 2026-

2 BOND.

RATHER, DEBT SERVICE REQUIREMENTS AND ANY OTHER AMOUNTS

REQUIRED TO BE PAID PURSUANT TO THE INDENTURE OR THIS 2026-2 BOND, SHALL
BE PAYABLE FROM, AND SHALL BE SECURED SOLELY BY, THE SERIES 2026-2 TRUST ESTATE PLEDGED TO THIS 2026-2 BOND, ALL AS PROVIDED HEREIN AND IN THE INDENTURE.

This 2026-2 Bond is issued under and pursuant to the Constitution and laws of the State
of Florida, particularly Chapter 190, Florida Statutes, as amended, and other applicable provisions of law and pursuant to the Indenture, executed counterparts of which Indenture are on file at the designated corporate trust office of the Trustee. Reference is hereby made to the Indenture for the provisions, among others, with respect to the custody and application of the proceeds of Bonds issued under the Indenture, the collection and disposition of revenues and the funds charged with and pledged to the payment of the principal and Redemption Price of, and the interest on, this 2026-2 Bond, the nature and extent of the security thereby created, the covenants of the District with respect to the levy and collection of Series 2026-2 Assessments, the terms and conditions under which this 2026-2 Bond is or may be issued, the rights, duties, obligations and immunities of the District and the Trustee under the Indenture and the rights of the registered Owners of this Bond, and, by the acceptance of this 2026-2 Bond, the registered Owner hereof assents to all of the provisions of the Indenture. This 2026-2 Bond is secured by the Series 2026-2 Trust Estate.

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This 2026-2 Bond is issuable only as a single registered bond without coupons in current
interest form in the denomination of the then outstanding principal amount (the “Authorized Denomination”). The registration of ownership of this 2026-2 Bond may be transferred only in whole and only to a Qualified Institutional Buyer (as defined in Section 517.021(20), Florida Statutes), certified by the transferee to the Trustee in writing, on which certification the Trustee may conclusively rely, at the designated corporate trust office of the Trustee in Baton Rouge, Louisiana, as Registrar (the “Registrar”), upon surrender of this 2026-2 Bond, accompanied by a duly executed instrument of transfer in form and with guaranty of signature reasonably satisfactory to the Registrar, subject to such reasonable regulations as the District or the Registrar may prescribe, and upon payment of any taxes or other governmental charges incident to such transfer. Upon any such transfer a new Bond, in the same principal amount as the Bond transferred, will be issued to the transferee. At the corporate trust office of the Registrar in Baton Rouge, Louisiana, in the manner and subject to the limitations and conditions provided in the Master Indenture and without cost, except for any tax or other governmental charge, this 2026-2 Bond may be exchanged for a Bond of an equal principal amount and maturity, in the Authorized Denomination and bearing interest at the same rate.

This 2026-2 Bond is subject to redemption prior to maturity at the option of the District on
or after April 17, 2031, in whole or in part on any Business Day, at the Redemption Price of 100% of the principal amount of this 2026-2 Bond to be redeemed plus interest accrued to the redemption date.

This 2026-2 Bond is subject to mandatory redemption in part by the District prior to its
scheduled maturity from moneys in the Series 2026-2 Sinking Fund Account established under the Supplemental Indenture in satisfaction of applicable Sinking Fund Installments at the Redemption Price of 100% of the principal amount thereof, together with accrued interest to the date of redemption on May 1 of the years and in the principal amounts set forth below:

May 1
of the Year
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037

Sinking Fund
Installment
$ 94,000
98,000
103,000
107,000
112,000
117,000
123,000
128,000
134,000
140,000
147,000

May 1
of the Year
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047*

Sinking Fund
Installment
$154,000 161,000
168,000
176,000
184,000
193,000
201,000
211,000
220,000
230,000

* Maturity

A-4

Sinking Fund Installments are subject to recalculation, as provided in the Supplemental
Indenture, as the result of the redemption of this 2026-2 Bond (other than as the result of a scheduled Sinking Fund Installment) so as to reamortize the remaining Outstanding principal balance of this 2026-2 Bond as set forth in the Supplemental Indenture.

This 2026-2 Bond is subject to extraordinary mandatory redemption prior to maturity, in
whole on any date and in part on any Interest Payment Date, in the manner determined by the Registrar, at the Redemption Price of 100% of the principal amount redeemed, without premium, together with accrued interest to the date of redemption from Series 2026-2 Prepayment Principal deposited into the Series 2026-2 Prepayment Account of the Series 2026-2 Bond Redemption Fund.

Notice of redemption other than scheduled redemption, as to which no notice shall be
required, shall be by written or electronic transmission to the Owner at the physical or electronic address of such registered Owner recorded on the bond register maintained by the Registrar not less than ten (10) calendar days prior to the redemption date. Notice of optional redemption may be conditioned upon the occurrence or non-occurrence of such event or events or upon the later deposit of moneys therefor as shall be specified in such notice of optional redemption and may also be subject to rescission by the District if expressly set forth in such notice.

On the date designated for redemption, notice having been given and money for the
payment of the Redemption Price being held by Hancock Whitney Bank, Baton Rouge, Louisiana, or any alternate or successor paying agent (collectively, the “Paying Agent”), all as provided in the Indenture, this 2026-2 Bond or such portion thereof so called for redemption shall become and be due and payable at the Redemption Price provided for the redemption of this 2026-2 Bond or such portion thereof on such date, interest on this 2026-2 Bond or such portion thereof so called for redemption shall cease to accrue, this 2026-2 Bond or such portion thereof so called for redemption shall cease to be entitled to any benefit or security under the Indenture and the Owner thereof shall have no rights in respect of this 2026-2 Bond or such portion thereof so called for redemption except to receive payments of the Redemption Price thereof so held by the Paying Agent.

The Owner of this 2026-2 Bond shall have no right to enforce the provisions of the
Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any Event of Default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture.

Modifications or alterations of the Master Indenture or of any indenture supplemental
thereto may be made only to the extent and in the circumstances permitted by the Indenture.

Any moneys held by the Trustee or any Paying Agent in trust for the payment and
discharge of any Bond which remain unclaimed for two (2) years after the date when such Bond

A-5

has become due and payable, either at its stated maturity dates or by call for earlier redemption,
if such moneys were held by the Trustee or any Paying Agent at such date, or for two (2) years after the date of deposit of such moneys if deposited with the Trustee or Paying Agent after the date when such Bond became due and payable, shall be paid to the District, and thereupon and thereafter no claimant shall have any rights against the Paying Agent to or in respect of such moneys.

If the District deposits or causes to be deposited with the Trustee funds or Defeasance
Securities sufficient to pay the principal or redemption price of this 2026-2 Bond becoming due at maturity or by call for redemption in the manner set forth in the Indenture, together with the interest accrued to the due date, the lien of this 2026-2 Bond as to the Series 2026-2 Trust Estate shall be discharged, except for the rights of the Owner thereof with respect to the funds so deposited as provided in the Indenture.

This 2026-2 Bond shall have all the qualities and incidents, including negotiability, of
investment securities within the meaning and for all the purposes of the Uniform Commercial Code of the State of Florida.

This 2026-2 Bond is issued with the intent that the laws of the State of Florida shall govern
its construction.

All acts, conditions and things required by the Constitution and laws of the State of
Florida and the ordinances and resolutions of the District to happen, exist and be performed precedent to and in the issuance of this 2026-2 Bond and the execution of the Indenture, have happened, exist and have been performed as so required. This 2026-2 Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Indenture

until it shall have been authenticated by the execution by the Trustee
Authentication endorsed hereon.

of

the

Certificate

of

[Remainder of page intentionally left blank]

A-6

IN WITNESS WHEREOF, Southaven Community Development District has caused this
2026-2 Bond to bear the signature of the Chair of its Board of Supervisors and the official seal of the District to be impressed or imprinted hereon and attested by the signature of the Assistant Secretary to the Board of Supervisors.

SOUTHAVEN COMMUNITY DEVELOPMENT
DISTRICT

(SEAL)

Richard Fetter, Chair, Board of Supervisors

Attest:

Lesley Gallagher, Assistant Secretary

CERTIFICATE OF VALIDATION

This 2026-2 Bond refunds a Series of Bonds which were validated by judgment of the
Circuit Court of the Seventh Judicial Circuit of the State of Florida, in and for St. Johns County, Florida on October 6, 2014.

Richard Fetter Chair, Board of Supervisors

A-7

CERTIFICATE OF AUTHENTICATION FOR 2026-2 BOND

This Bond is the Bond of the Series designated herein, described in the within-mentioned
Indenture.

HANCOCK WHITNEY BANK, as Trustee

Date of Authentication:

April 17, 2026	

 	
Stephen P. Edwards, Vice President

A-8

[FORM OF ABBREVIATIONS FOR 2026-2 BOND]

The following abbreviations, when used in the inscription on the face of the within Bond,
shall be construed as though they were written out in full according to applicable laws or regulations.

TEN COM as tenants in common

TEN ENT as tenants by the entireties

JT TEN as joint tenants with the right of survivorship and not as tenants in common

UNIFORM TRANSFER MIN ACT - 	 Custodian 	 under Uniform

Transfer to Minors Act 	
(State)

(Cust.)

(Minor)

Additional abbreviations may also be used though not in the above list.

[FORM OF ASSIGNMENT FOR 2026-2 BOND]

For value received, the undersigned hereby sells, assigns and transfers unto
	 within Bond and all rights thereunder, and hereby irrevocably constitutes and appoints 	, attorney to transfer the said 2026-2 Bond on the books of the District, with full power of substitution in the premises.

Dated:

Social Security Number or Employer

Identification Number of Transferee:

Signature guaranteed:

NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock
Exchange or a commercial bank or trust company.

NOTICE:  The assignor’s signature to this Assignment must correspond with the name as it
appears on the face of the within 2026-2 Bond in every particular without alteration or any change whatever.

A-9

EXHIBIT B
FORM OF CERTIFICATE OF TRANSFEREE

To:	Hancock Whitney Bank, as Trustee

Date:		

	 (the “Transferee”), hereby certifies to Hancock Whitney
Bank, as trustee (the “Trustee”) pursuant to that certain Master Trust Indenture dated as of March 1, 2015, as supplemented by that certain Fourth Supplemental Trust Indenture dated as of April 1, 2026, each by and between the Southaven Community Development District (the “District”) and the Trustee (together, the “Indenture”) securing the District’s Special Assessment Refunding Bond, Series 2026-2 (2016 Refunding) (the “2026-2 Bond”) issued in the original principal amount of $3,201,000, as follows:

a.
that make it

the Transferee has the knowledge and experience in financial and business matters
capable of evaluating the District, the 2026-2 Bond and the risks associated with

owning the 2026-2 Bond; and has the ability to bear the economic risk of owning the 2026-2 Bond;

b.

the Transferee understands that the 2026-2 Bond is subject to the transfer

restrictions set forth in the Indenture;

c.

the Transferee understands that no offering statement, prospectus, offering

circular, official statement or other disclosure document containing material information with
respect to the District and the 2026-2 Bond are being or have been prepared and understands that neither the District nor any other party known to the District has undertaken to make any filing with respect to the 2026-2 Bond with Electronic Municipal Market Access (“EMMA”), the Municipal Securities Rulemaking Board’s continuing disclosure site;

d.

the Transferee acknowledges that it is a or “qualified institutional buyer” within

the meaning of the Securities Act of 1933, as amended; and

e.
2 Bond.

the Transferee acknowledges that there is no credit rating with respect to the 2026-

[SIGNATURE BLOCK FOR TRANSFEREE]

B-1

EXHIBIT B

PROPOSAL

EXHIBIT C

FORM OF ESCROW DEPOSIT AGREEMENT

ESCROW DEPOSIT AGREEMENT

This ESCROW DEPOSIT AGREEMENT, dated April 17, 2026 (this “Agreement”), by
and between the SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT (the “District”), a duly constituted and existing local unit of special purpose government under the laws of the State of Florida, and HANCOCK WHITNEY BANK, a Mississippi state banking corporation (the “Escrow Agent”).

WHEREAS, the District has previously issued its Special Assessment Bonds, Series
2016A-1 (the “2016A-1 Bonds”), pursuant to a Master Trust Indenture dated as of March 1, 2015 (the “Master Indenture”), as supplemented by a Second Supplemental Trust Indenture dated as of December 1, 2016 (the “Second Supplemental Indenture,” and, together with the Master Indenture, the “Indenture”), both between the District and the Escrow Agent, as trustee (in such capacity, the “Trustee”); and

WHEREAS, Article XIV of the Master Indenture provides that Bonds shall be deemed to
have been paid within the meaning and with the effect expressed therein upon compliance by the District with the provisions thereof, which provisions the District hereby represents have not been amended or supplemented with respect to the 2016A-1 Bonds except as amended and supplemented by the Second Supplemental Indenture; and

WHEREAS, the District has determined to issue, pursuant to the Master Indenture, as
supplemented by a Fourth Supplemental Trust Indenture dated as of April 1, 2026, by and between the District and the Trustee, its $3,201,000 Special Assessment Refunding Bond, Series 2026-2 (2016 Refunding) (the “2026-2 Bond”) for the primary purpose, together with moneys held on deposit under the Indenture, of refunding and defeasing as provided herein all of the Outstanding 2016A-1 Bonds (hereinafter, the “Refunded Bonds”); and

WHEREAS, a portion of the proceeds of the 2026-2 Bond, together with a portion of the
moneys held on deposit under the Indenture, will be deposited in the Escrow Fund created pursuant to Section 4 hereof in an amount sufficient, without reinvestment, to pay the Refunded Bonds as provided herein and to discharge and satisfy the covenants, agreements and other obligations of the District in regard to such Refunded Bonds; and

WHEREAS, the issuance of the 2026-2 Bond, the deposit of such cash into the Escrow
Fund to be held by the Escrow Agent and the discharge and satisfaction of the covenants, agreements and other obligations of the District in regard to the Refunded Bonds shall occur as a simultaneous transaction; and

WHEREAS, this Agreement is intended to effectuate such simultaneous transaction;

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants
hereinafter set forth, the parties hereto agree as follows:

1.

The recitals stated above are true and correct and incorporated herein.

2.

Receipt of true and correct copies of the above-mentioned Indenture is hereby

acknowledged by the Escrow Agent.  The applicable and necessary provisions of the Master
Indenture, in particular Article XIV thereof, are incorporated herein by reference. The District and the Escrow Agent also acknowledge receipt of the verification report of Causey Public Finance, LLC, dated April 17, 2026 (the “Verification Report”) indicating that sufficient cash has been deposited into the Escrow Fund to provide for all payments due on the Refunded Bonds as provided in Exhibit “A” hereto.

3.

In accordance with the Master Indenture, the District, by this Agreement, exercises

the option to have the covenants, agreements and other obligations of the District to the holders
of the Refunded Bonds discharged and satisfied, except for those arising hereunder or those that by their express terms survive payment or defeasance of the Refunded Bonds.

4.

There is hereby created and established with the Escrow Agent a special,

segregated and irrevocable escrow fund designated the “Southaven Community Development
District Escrow Deposit Fund” (the “Escrow Fund”), which Escrow Fund is to be held in the custody of the Escrow Agent, separate and apart from other funds of the District and the Escrow

Agent.

The Escrow Agent hereby acknowledges the receipt and deposit of the sum of

$3,608,193.75 (comprised of $3,059,614.53 of proceeds of the 2026-2 Bond and $548,579.22 of funds
held under the Indenture (collectively, the “Escrow Proceeds”)) to the Escrow Fund. The District instructs the Escrow Agent to hold the Escrow Proceeds uninvested in cash.

5.

In reliance upon the Verification Report, the District represents and warrants that

the deposit made pursuant to Section 4 is sufficient to pay the principal of, redemption premium,
if any, and interest due on the Refunded Bonds as described in Exhibit “A” attached hereto. If such deposit shall be insufficient to make such payments, the District shall timely deposit in the Escrow Fund, solely from legally available funds of the District, such additional amounts as may be required to pay the Refunded Bonds as described in Exhibit “A” hereto. Notice of any insufficiency shall be given by the Escrow Agent to the District as promptly as possible after the Escrow Agent knows of such insufficiency, but the Escrow Agent shall in no manner be responsible for the District's failure to make such deposits.

6.

The deposit of the Escrow Proceeds in the Escrow Fund as described above shall

constitute deposit of moneys held by the Escrow Agent solely for the payment of the principal of
and interest on the Refunded Bonds at such time and in such amounts as set forth in Exhibit “A” hereto, and such deposit shall be used solely for such purposes.

7.

The District hereby directs, and the Escrow Agent hereby agrees, that it will

undertake the timely transfer of money to the Paying Agent for the Refunded Bonds or any
successors or assigns thereto (the “Refunded Bonds Paying Agent”) in accordance with Exhibit “A” attached hereto, in order to effectuate this Agreement and to pay the Refunded Bonds in the amounts and at the time provided in said Exhibit “A” notwithstanding any failure by the District to pay when due any fees or expenses of the Escrow Agent or Refunded Bonds Paying Agent. The liability of the Escrow Agent to make such transfer for the payment of the principal of and

2

interest on the Refunded Bonds pursuant to this Agreement shall be limited to the application of
amounts available for such purposes in the Escrow Fund.

8.

The District hereby irrevocably instructs the Escrow Agent to deliver to the

holders of the Refunded Bonds, on the date hereof, the notice of defeasance attached hereto as
Exhibit “B.” The Escrow Agent, in its capacity as Trustee and Bond Registrar for the Refunded Bonds and at the written direction of the District, has previously caused to be provided to the holders of the Refunded Bonds a Conditional Notice of Optional Redemption on May 1, 2026. The District hereby confirms that the conditions to optional redemption contained in such notice have been met and agrees and confirms that such notice is now irrevocable.

9.

Concurrently with the deposit set forth in Section 4 hereof, the Refunded Bonds

are hereby deemed to have been paid within the meaning and with the effect expressed in the
Indenture.

10.

The Escrow Fund shall be irrevocable and the holders of the Refunded Bonds shall

have an express lien on all cash deposited in the Escrow Fund pursuant to the terms hereof until
paid out, used and applied in accordance with this Agreement. Neither the District nor the Escrow Agent shall cause nor will the District permit, any other lien or interest to be imposed upon the Escrow Fund.

11.

This Agreement is made for the benefit of the District and the holders from time

to time of the Refunded Bonds and it shall not be repealed, revoked, altered or amended without
the written consent of all such holders and the written consent of the Escrow Agent; provided, however, that the District and the Escrow Agent may, without the consent of, or notice to, such holders enter into such agreements supplemental to this Agreement as shall not adversely affect the rights of such holders and as shall not be inconsistent with the terms and provisions of this Agreement, for any one or more of the following purposes:

(a)

to cure any ambiguity or formal defect or omission in this Agreement;

(b)

to grant, or confer upon, the Escrow Agent for the benefit of the holders of

the Refunded Bonds, any additional rights, remedies, powers or authority that may lawfully be
granted to, or conferred upon, such holders or the Escrow Agent; and

(c)

to subject to this Agreement additional funds, securities or properties.

The Escrow Agent shall be entitled to rely exclusively upon an unqualified opinion of
nationally recognized bond counsel with respect to compliance with this Section 11, including the extent, if any, to which any change, modification or addition affects the rights of the holders of the Refunded Bonds, or that any instrument executed hereunder complies with the conditions and provisions of this Section 11.

12.

The District shall pay the Escrow Agent upon execution hereof a one-time fee in

an amount to be agreed upon between the District and the Escrow Agent for performing the

3

ordinary and customary services hereunder. The District also shall pay any fees and expenses
associated with the performance by the Escrow Agent of any reasonable extraordinary services hereunder, which are payable by the District upon presentation of an invoice therefor from the Escrow Agent. The Escrow Agent shall have no lien whatsoever upon any of the cash in said Escrow Fund for the payment of such proper fees and expenses.

13.

The Escrow Agent shall not be liable in connection with the performance of its

duties hereunder except for its own negligence, misconduct or default. The Escrow Agent shall
not be liable for any loss resulting from any investments made pursuant to the terms of this Agreement. The Escrow Agent shall not be liable for the accuracy of the calculations as to the sufficiency of the deposits to the Escrow Fund to pay the Refunded Bonds. So long as the Escrow Agent applies any moneys to pay the Refunded Bonds as provided herein, the Escrow Agent shall not be liable for any deficiencies in the amounts necessary to pay the Refunded Bonds caused by such calculations. Notwithstanding any provision herein to the contrary, in no event shall the Escrow Agent be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.

The duties and obligations of the Escrow Agent shall be determined by the express
provisions of this Agreement and no implied warrants or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent may consult with counsel knowledgeable with respect to any matter relevant to this Agreement, who may or may not be counsel to the District, and be entitled to receive from the District reimbursement of the reasonable fees and expenses of such counsel, and in reliance upon the opinion of such counsel have full and complete authorization and protection in respect of any action taken, suffered or omitted by it in good faith in accordance therewith. Escrow Agent shall notify the District of its intent to engage such counsel. Whenever the Escrow Agent shall deem it necessary or desirable that a matter be proved or established prior to taking, suffering or omitting any action under this Agreement, such matter may be deemed to be conclusively established by a certificate signed by an authorized officer of the District and the Escrow Agent may in good faith conclusively rely upon such certificate.

The Escrow Agent may conclusively rely upon and shall be fully protected in acting and
relying upon any notice, order, requisition, request, consent, certificate, order, opinion (including an opinion of counsel), affidavit, letter, telegram or other paper or document in good faith deemed by it to be genuine and correct and to have been signed or sent by the proper person or persons. Any payment obligation of the Escrow Agent hereunder shall be paid from, and is limited to funds available, established and maintained hereunder; the Escrow Agent shall not be required to expend its own funds for the performance of its duties hereunder. The Escrow Agent may act through its agents and attorneys and shall not be responsible for any misconduct or negligence on the part of any such person so appointed with due care. The Escrow Agent shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; hurricanes

4

or other storms; wars; terrorism; similar military disturbances; sabotage; epidemic; pandemic;
riots; interruptions; loss or malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military authority or governmental action; it being understood that the Escrow Agent shall use commercially reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the circumstances.

The District further agrees to indemnify and save the Escrow Agent harmless, to the extent
allowed by law, against any liabilities, which it may incur in the exercise and performance of its powers and duties hereunder, and which are not due to the Escrow Agent’s negligence or default. The provisions of Section 12 and this Section 13 shall survive the termination of this Agreement and/or the sooner resignation or removal of the Escrow Agent and shall also inure to the benefit of the Escrow Agent's successors and assigns.

14.

The Escrow Agent, at the time acting hereunder, may at any time resign and be

discharged from the duties and obligations hereby created by giving not less than ten (10) days
written notice to the District and mailing notice thereof, specifying the date when such resignation will take effect to the holders of all Refunded Bonds then outstanding, but no such resignation shall take effect unless a successor Escrow Agent shall have been appointed by the holders of a majority in aggregate principal amount of the Refunded Bonds then outstanding or by the District as hereinafter provided and such successor Escrow Agent shall have accepted such appointment, in which event such resignation shall take effect immediately upon the appointment and acceptance of a successor Escrow Agent.

The Escrow Agent may be removed at any time by an instrument or concurrent
instruments in writing, delivered to the Escrow Agent and to the District and signed by the holders of a majority in aggregate principal amount of the Refunded Bonds then outstanding.

In the event the Escrow Agent hereunder shall resign or be removed, or be dissolved, or
shall be in the course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case the Escrow Agent shall be taken under the control of any public officer or officers, or of a receiver appointed by a court, a successor may be appointed by the holders of a majority in aggregate principal amount of the Refunded Bonds then outstanding by an instrument or concurrent instruments in writing, signed by such holders, or by their attorneys in fact, duly authorized in writing; provided, nevertheless, that in any such event, the District shall appoint a temporary Escrow Agent to fill such vacancy until a successor Escrow Agent shall be appointed by the holders of a majority in aggregate principal amount of the Refunded Bonds then outstanding in the manner above provided, and any such temporary Escrow Agent so appointed by the District shall immediately and without further act be superseded by the Escrow Agent so appointed by such holders.

In the event that no appointment of a successor Escrow Agent or a temporary successor
Escrow Agent shall have been made by such holders or the District pursuant to the foregoing provisions of this Section 14 within ten (10) days after written notice of resignation of the Escrow

5

Agent has been given to the District, the holder of any of the Refunded Bonds or any retiring
Escrow Agent may apply to any court of competent jurisdiction for the appointment of a successor Escrow Agent, and such court may thereupon, after such notice, if any, as it shall deem proper, appoint a successor Escrow Agent.

No successor Escrow Agent shall be appointed unless such successor Escrow Agent shall
be a corporation with trust powers organized under the banking laws of the United States or any state thereof, and shall have at the time of appointment capital and surplus of not less than
$75,000,000.

Except as provided in the next succeeding paragraph, every successor Escrow Agent
appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the District an instrument in writing accepting such appointment hereunder and thereupon such successor Escrow Agent, without any further act, deed or conveyance, shall become fully vested with all the rights, immunities, powers, duties and obligations of its predecessor except for the predecessor rights under Sections 12 and 13 hereof; but such predecessor shall nevertheless, on the written request of such successor Escrow Agent or the District execute and deliver an instrument transferring to such successor Escrow Agent all the estates, properties, rights and powers of such predecessor hereunder; and every predecessor Escrow Agent shall deliver all securities and moneys held by it to its successor; provided, however, that before any such delivery is required to be made, all fees, advances and expenses of the retiring or removed Escrow Agent shall be paid in full. Should any transfer, assignment or instrument in writing from the District be required by any successor Escrow Agent for more fully and certainly vesting in such successor Escrow Agent the estates, rights, powers and duties hereby vested or intended to be vested in the predecessor Escrow Agent, any such transfer, assignment and instruments in writing shall, on request, be executed, acknowledged and delivered by the District.

Any corporation into which the Escrow Agent, or any successor to it in the escrow created
by this Agreement, may be merged or converted or with which it or any successor to it may be consolidated, or transfers all or substantially all of its corporate trust business to, or any corporation resulting from any merger, conversion, consolidation or tax-free reorganization to which the Escrow Agent or any successor to it shall be a party, shall be the successor Escrow Agent under this Agreement without the execution or filing of any paper or any other act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

In the event the Escrow Agent resigns or is removed pursuant to the provisions hereof,
any fee paid to the Escrow Agent as provided in Section 12 hereof shall to the extent of the unearned portion of such fee be rebated and returned to the District.

15.

This Agreement, except as otherwise provided herein, shall terminate when all

transfers and payments required to be made by the Escrow Agent under the provisions hereof
shall have been made. Upon such termination, all moneys remaining in the Escrow Fund shall be released to the District.

6

16.

This Agreement shall be governed by the applicable laws of the State of Florida

without regard to conflict of law principles.

17.

If any one or more of the covenants or agreements provided in this Agreement on

the part of the District or the Escrow Agent to be performed should be determined by a court of
competent jurisdiction to be contrary to law, such covenant or agreement shall be deemed and construed to be severable from the remaining covenants and agreements herein contained and shall in no way affect the validity of the remaining provisions of this Agreement.

18.

This Agreement may be executed in several counterparts, all or any of which shall

be regarded for all purposes as one original and shall constitute and be but one and the same
instrument.

19.

The District will not accelerate the maturity of any Refunded Bonds or exercise

any option to redeem any Refunded Bonds except as set forth in Section 8 hereof.

20.

Any notice, authorization, request or demand required or permitted to be given in

accordance with the terms of this Agreement shall be in writing and sent by registered or certified
mail addressed to:

Southaven Community Development District
c/o Rizzetta & Company, Incorporated 3434 Colwell Avenue, Suite 200
Tampa, Florida 33614

Hancock Whitney Bank
445 North Boulevard, Suite 201 Baton Rouge, Louisiana 70802 Attn: Corporate Trust Department

Attn:

Melissa Dobbins, District Manager

[Remainder of page intentionally left blank]

7

IN WITNESS WHEREOF, the parties hereto have each caused this Escrow Deposit
Agreement to be executed by their duly authorized officers and appointed officials and, in the case of the District, its seal to be hereunder affixed and attested as of the date first above written.

SOUTHAVEN COMMUNITY DEVELOPMENT
DISTRICT

(SEAL)

Richard Fetter, Chair, Board of Supervisors

Attest:

Lesley Gallagher, Assistant Secretary

8

(Signature page of Escrow Deposit Agreement dated April 17, 2026
regarding Southaven Community Development District)

HANCOCK WHITNEY BANK, as Escrow Agent

Stephen P. Edwards, Vice President

9

EXHIBIT A

ESCROW REQUIREMENTS FOR REFUNDED BONDS

A-1

Payment Date

Principal

Interest

Principal Redeemed

Total

05/01/2026

$80,000.00

$108,193.75

$3,420,000.00

$3,608,193.75

EXHIBIT B

FORM OF NOTICE OF DEFEASANCE

SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT
(ST. JOHNS COUNTY, FLORIDA) SPECIAL ASSESSMENT BONDS, SERIES 2016A-1
ISSUANCE DATE: DECEMBER 8, 2016

CUSIP
Numbers†

Maturity Date
May 1, 2026
May 1, 2036
May 1, 2047

Interest Rate
5.350%
6.100%
6.250%

841214AE9
841214AF6
841214AG4

NOTICE IS HEREBY GIVEN to the holders of the Outstanding principal amount of the
above-captioned bonds (the “Refunded Bonds”) issued by the Southaven Community Development District (the “District”) that the District has caused the current refunding of the Refunded Bonds through the issuance by the District of its Special Assessment Refunding Bond, Series 2026-2 (2016 Refunding) (the “2026-2 Bond”). The proceeds of the 2026-2 Bond, together with other legally available funds, have been deposited in irrevocable escrow in an escrow deposit fund (the “Escrow Fund”) established for the benefit of holders of the Refunded Bonds with Hancock Whitney Bank (the “Escrow Holder”), pursuant to an Escrow Deposit Agreement dated April 17, 2026 (the “Escrow Agreement”), by and between the District and the Escrow Holder. Moneys deposited in the Escrow Fund will be held therein as uninvested cash. A Conditional Notice of Optional Redemption (the “Conditional Notice”) was given by the Escrow Holder, as Trustee and Bond Registrar for the Refunded Bonds, on March 31, 2026, for a redemption on May 1, 2026 (the “Redemption Date”). On the date hereof, the conditions stated in the Conditional Notice have been met and pursuant to the Escrow Agreement, the District has agreed and confirmed that the Conditional Notice is irrevocable. The Refunded Bonds will be redeemed on the Redemption Date at a price of 100% of the principal amount being redeemed, plus accrued interest (the “Redemption Price”). The Refunded Bonds are deemed to have been paid in accordance with Article XIV of the Master Trust Indenture dated as of March 1, 2015, as supplemented by the Second Supplemental Trust Indenture dated as of December 1, 2016, each between Hancock Whitney Bank, as trustee, and the District, and are no longer outstanding thereunder.

On the Redemption Date, the Redemption Price upon each Refunded Bond will become
due and payable and interest on the Refunded Bonds shall cease to accrue from and after the

†

CUSIP numbers are included solely for the convenience of the holders of the Refunded Bonds. Neither the District nor the
Trustee/Escrow Agent shall have any responsibility with respect to the selection or use of any CUSIP number, nor is any representation made as to the correctness of any CUSIP number, either as printed on the Refunded Bonds or in this Notice of Defeasance.

B-1

Redemption Date.	Payment of the Redemption Price on the Refunded Bonds called for
redemption will be paid upon presentation, if presentment is required, and surrender of the Refunded Bonds in the following manner:

If by, Hand or Overnight Mail:
Hancock Whitney Bank Corporate Trust Services Attn: Bond Redemption Desk 2510 14th Street, Suite 220
Gulfport, MS 39501

DATED this 17th day of April, 2027.

By:

HANCOCK WHITNEY BANK, as Escrow Agent

B-2

RESOLUTION 2026-04

A RESOLUTION SETTING FORTH THE SPECIFIC TERMS OF THE DISTRICT’S SPECIAL
ASSESSMENT REFUNDING BOND, SERIES 2026-1 (2015 Refunding); CONFIRMING AND ADOPTING A SUPPLEMENTAL SPECIAL ASSESSMENT ALLOCATION REPORT; CONFIRMING, ALLOCATING AND AUTHORIZING THE COLLECTION OF SPECIAL ASSESSMENTS SECURING THE SERIES 2026-1 REFUNDING BOND; PROVIDING FOR THE SUPPLEMENT TO THE IMPROVEMENT LIEN BOOK; PROVIDING FOR CONFLICTS, SEVERABILITY AND AN EFFECTIVE DATE.

WHEREAS,  the  Southaven  Community  Development  District  (the  “District”)  has
previously indicated its intention to undertake, install, establish, construct and/or acquire certain public infrastructure improvements and to finance such public infrastructure improvements through the imposition of special assessments on benefitted property within the District and the issuance of bonds; and

WHEREAS, the District, on March 25, 2015, in accordance with Chapters 170, 190, and
197, Florida Statutes, without limitation, adopted Resolution 2015-02, relating to the imposition, levy, collection, and enforcement of such special assessments (the “Series 2015 Assessment Resolution”);

WHEREAS, the Series 2015 Assessment Resolution was adopted in connection with the
District’s issuance of its $4,035,000 Southaven Community Development District Special Assessment Bonds, Series 2015A-1 Bonds (the “Series 2015 Bonds”); and

WHEREAS, the District has determined it is in the best interest of the District, its residents
and landowners, to refinance the outstanding Series 2015 Bonds via the issuance of refunding bonds; and

WHEREAS, in order to effectuate such refunding, on April 15, 2026, the District’s Board
of Supervisors (the “Board”) adopted Resolution 2026-02, authorizing the issuance of the Southaven Community Development District Special Assessment Refunding Bond, Series 2026-1 (2015 Refunding), in a principal amount not to exceed $2,247,000 (the “Series 2026-1 Refunding Bond”); and

WHEREAS, pursuant to and consistent with the Series 2015 Assessment Resolution, this
Resolution shall set forth the terms of Series 2026-1 Refunding Bond and confirms the lien of the levy of special assessments securing the Series 2026-1 Refunding Bond.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT AS FOLLOWS:

SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to
the provisions of Florida law, including without limitation Chapters 170, 190, and 197, Florida Statutes, and the Series 2015 Assessment Resolution.

SECTION 2. FINDINGS. The Board hereby finds and determines as follows:

(a)

On March 25, 2015, the District, after due notice and public hearing, adopted the Series

2015 Assessment Resolution, which, among other things, equalized, approved, confirmed and
levied special assessments on property benefitting from the infrastructure improvements authorized by the District. This Resolution shall supplement the Series 2015 Assessment Resolution for the purpose of setting forth the specific terms of the Series 2026-1 Refunding Bond and certifying the amount of the lien of the special assessments securing any portion of the Series 2026-1 Refunding Bond, including interest, costs of issuance, and the number of payments due.

(b)

The Supplemental Special Assessment Allocation Report Special Assessment Refunding

Bond, Series 2026-1 and Special Assessment Refunding Bond, Series 2026-2, dated April 15, 2026,
attached to this Resolution as Exhibit A (the “Supplemental Assessment Methodology”), applies the Final Supplemental Special Assessment Allocation Report, dated March 25, 2015 (the “Master Assessment Methodology”), to the actual terms of the Series 2026-1 Refunding Bond. The Supplemental Assessment Methodology is hereby approved, adopted and confirmed. The District ratifies its use in connection with the sale of the Series 2026-1 Refunding Bond.

(c)

The capital improvement plan constructed in connection with the Series 2015 Bonds (the

“Series 2015 Project”) continues to specially benefit all of the properties identified in the
Supplemental Assessment Methodology. The benefits of the Series 2015 Project exceed the assessments allocated as provided in the Supplemental Assessment Methodology.

SECTION 3. CONFIRMATION OF MAXIMUM ASSESSMENT LIEN FOR SERIES 2026-1
REFUNDING BOND. This Resolution is intended to set forth the terms of the Series 2026-1 Refunding Bond and the final amount of the lien of the special assessments securing those bonds. The Series 2026-1 Refunding Bond, in a par amount of $2,247,000, shall bear such rate of interest and maturity as shown on Exhibit B attached hereto. The sources and uses of funds of the Series 2026-1 Refunding Bond shall be as set forth in Exhibit C. The debt service due on the Series 2026-1 Refunding Bond is set forth on Exhibit D attached hereto. The lien of the special assessments securing the Series 2026-1 Refunding Bond on certain developable land within the District, as such land is described in Exhibit A, shall be the principal amount due on the Series 2026-1 Refunding Bond, together with accrued but unpaid interest thereon, and together with the amount by which the annual assessments shall be grossed up to include early payment discounts required by law and costs of collection.

SECTION 4. ALLOCATION OF ASSESSMENTS SECURING SERIES 2026-1 REFUNDING

BOND.

(a)

The special assessments for the Series 2026-1 Refunding Bond shall be allocated

in accordance with Exhibit A. The Supplemental Assessment Methodology is consistent with the
District’s Master Assessment Methodology. The Supplemental Assessment Methodology, considered herein, reflects the actual terms of the issuance of the District’s Series 2026-1 Refunding Bond. The estimated costs of collection of the special assessments for the Series 2026-1 Refunding Bond are as set forth in the Supplemental Assessment Methodology.

(b)   The lien of the special assessments securing the Series 2026-1 Refunding Bond
includes that certain land within the District (as those district boundaries may be adjusted pursuant to law) that originally secured the Series 2015 Bonds, and as such land is ultimately defined and set forth in plats, site plans or other designations of developable acreage. To the extent land is added to the District, the District may, by supplemental resolution at a regularly noticed meeting and without the need for public hearing, determine such land to be benefitted and reallocate the special assessments securing the Series 2026-1 Refunding Bond and impose special assessments on the newly added and benefitted property.

(c)

The District shall begin annual collection of special assessments for the Series

2026-1 Refunding Bond debt service payment using the methods available to it by law. Beginning
with the first debt service payment on November 1, 2026, there shall be nineteen and a half (19½) years of semi-annual installments of principal and interest, as reflected on Exhibit D.

(d)

The District hereby certifies the special assessments for collection and directs staff

to take all actions necessary to meet the time and other deadlines imposed for collection by the
St. Johns County and other Florida law. The District intends, unless inapplicable or unavailable, to collect the special assessments securing the Series 2026-1 Refunding Bond using the Uniform Method in Chapter 197, Florida Statutes. The District Manager shall prepare or cause to be prepared each year a tax roll for purposes of effecting the collection of the special assessments and present same to the District Board as required by law. The District Manager is further directed and authorized to take all actions necessary to collect any prepayments of debt as and when due and to collect special assessments on unplatted property using methods available to the District authorized by Florida law.

SECTION 5. IMPROVEMENT LIEN BOOK. Immediately following the adoption of this
Resolution these special assessments as reflected herein shall be recorded by the Secretary of the Board of the District in the District’s Improvement Lien Book. The special assessment or assessments against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcel until paid and such lien shall be coequal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles, and claims.

SECTION 6. OTHER PROVISIONS REMAIN IN EFFECT. This Resolution is intended to
supplement the Series 2015 Assessment Resolution, which remains in full force and effect. This Resolution and the Series 2015 Assessment Resolution shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. All District resolutions

or parts thereof in actual conflict with this Resolution are, to the extent of such conflict,
superseded and repealed.

SECTION 7. SEVERABILITY. If any section or part of a section of this Resolution be declared
invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this Resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this Resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.

SECTION 8. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.

[remainder of page intentionally left blank]

PASSED in Public Session of the Board of Supervisors of the Southaven Community
Development District, this 15th day of April, 2026.

ATTEST:

SOUTHAVEN COMMUNITY DEVELOPMENT
DISTRICT

Secretary / Assistant Secretary

Chair / Vice Chair, Board of Supervisors

Exhibit A:
Exhibit B: Exhibit C: Exhibit D:

Supplemental Assessment Methodology
Maturities and Coupon of Series 2026-1 Refunding Bond Sources and Uses of Funds for Series 2026-1 Refunding Bond
Annual debt service payment due on Series 2026-1 Refunding Bond

Exhibit A
Supplemental Assessment Methodology

Exhibit B
Maturities and Coupon of Series 2026-1 Refunding Bond

Exhibit C
Sources and Uses of Funds for Series 2026-1 Refunding Bond

Exhibit D
Annual Debt Service Payment Due on Series 2026-1 Refunding Bond

RESOLUTION 2026-05

A RESOLUTION SETTING FORTH THE SPECIFIC TERMS OF THE DISTRICT’S SPECIAL

ASSESSMENT	REFUNDING

BOND,	SERIES

2026-2

(2016	REFUNDING);

CONFIRMING  AND  ADOPTING  A  SUPPLEMENTAL  SPECIAL  ASSESSMENT
ALLOCATION REPORT; CONFIRMING, ALLOCATING AND AUTHORIZING THE COLLECTION OF SPECIAL ASSESSMENTS SECURING THE SERIES 2026-2 REFUNDING BOND; PROVIDING FOR THE SUPPLEMENT TO THE IMPROVEMENT LIEN BOOK; PROVIDING FOR CONFLICTS, SEVERABILITY AND AN EFFECTIVE DATE.

WHEREAS,  the  Southaven  Community  Development  District  (the  “District”)  has
previously indicated its intention to undertake, install, establish, construct and/or acquire certain public infrastructure improvements and to finance such public infrastructure improvements through the imposition of special assessments on benefitted property within the District and the issuance of bonds; and

WHEREAS, the District, on December 7, 2016, in accordance with Chapters 170, 190, and
197, Florida Statutes, without limitation, adopted Resolution 2017-10, relating to the imposition, levy, collection, and enforcement of such special assessments (the “Series 2016 Assessment Resolution”);

WHEREAS, the Series 2016 Assessment Resolution was adopted in connection with the
District’s issuance of its $2,410,000 Southaven Community Development District Special Assessment Bonds, Series 2016A-1 Bonds (the “Series 2016 Bonds”); and

WHEREAS, the District has determined it is in the best interest of the District, its residents
and landowners, to refinance the outstanding Series 2016 Bonds via the issuance of refunding bonds; and

WHEREAS, in order to effectuate such refunding, on April 15, 2026, the District’s Board
of Supervisors (the “Board”) adopted Resolution 2026-03, authorizing the issuance of the Southaven Community Development District Special Assessment Refunding Bond, Series 2026-2 (2016 Refunding), in a principal amount not to exceed $3,201,000 (the “Series 2026-2 Refunding Bond”); and

WHEREAS, pursuant to and consistent with the Series 2016 Assessment Resolution, this
Resolution shall set forth the terms of Series 2026-2 Refunding Bond and confirms the lien of the levy of special assessments securing the Series 2026-2 Refunding Bond.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE SOUTHAVEN COMMUNITY DEVELOPMENT DISTRICT AS FOLLOWS:

SECTION 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to
the provisions of Florida law, including without limitation Chapters 170, 190, and 197, Florida Statutes, and the Series 2016 Assessment Resolution.

SECTION 2. FINDINGS. The Board hereby finds and determines as follows:

(a)

On December 7, 2016, the District, after due notice and public hearing, adopted the Series

2016 Assessment Resolution, which, among other things, equalized, approved, confirmed and
levied special assessments on property benefitting from the infrastructure improvements authorized by the District. This Resolution shall supplement the Series 2016 Assessment Resolution for the purpose of setting forth the specific terms of the Series 2026-2 Refunding Bond and certifying the amount of the lien of the special assessments securing any portion of the Series 2026-2 Refunding Bond, including interest, costs of issuance, and the number of payments due.

(b)

The Supplemental Special Assessment Allocation Report Special Assessment Refunding

Bond, Series 2026-1 and Special Assessment Refunding Bond, Series 2026-2, dated April 15, 2026,
attached to this Resolution as Exhibit A (the “Supplemental Assessment Methodology”), applies the Final Second Supplemental Special Assessment Allocation Report, dated December 7, 2016 (the “Master Assessment Methodology”), to the actual terms of the Series 2026-2 Refunding Bond. The Supplemental Assessment Methodology is hereby approved, adopted and confirmed. The District ratifies its use in connection with the sale of the Series 2026-2 Refunding Bond.

(c)

The capital improvement plan constructed in connection with the Series 2016 Bonds (the

“Series 2016 Project”) continues to specially benefit all of the properties identified in the
Supplemental Assessment Methodology. The benefits of the Series 2016 Project exceed the assessments allocated as provided in the Supplemental Assessment Methodology.

SECTION 3. CONFIRMATION OF MAXIMUM ASSESSMENT LIEN FOR SERIES 2026-2
REFUNDING BOND. This Resolution is intended to set forth the terms of the Series 2026-2 Refunding Bond and the final amount of the lien of the special assessments securing those bonds. The Series 2026-2 Refunding Bond, in a par amount of $3,201,000, shall bear such rate of interest and maturity as shown on Exhibit B attached hereto. The sources and uses of funds of the Series 2026-2 Refunding Bond shall be as set forth in Exhibit C. The debt service due on the Series 2026-2 Refunding Bond is set forth on Exhibit D attached hereto. The lien of the special assessments securing the Series 2026-2 Refunding Bonds on certain developable land within the District, as such land is described in Exhibit A, shall be the principal amount due on the Series 2026-2 Refunding Bond, together with accrued but unpaid interest thereon, and together with the amount by which the annual assessments shall be grossed up to include early payment discounts required by law and costs of collection.

SECTION 4. ALLOCATION OF ASSESSMENTS SECURING SERIES 2026-2 REFUNDING

BOND.

(a)

The special assessments for the Series 2026-2 Refunding Bond shall be allocated

in accordance with Exhibit A. The Supplemental Assessment Methodology is consistent with the
District’s Master Assessment Methodology. The Supplemental Assessment Methodology, considered herein, reflects the actual terms of the issuance of the District’s Series 2026-2 Refunding Bond. The estimated costs of collection of the special assessments for the Series 2026-2 Refunding Bond are as set forth in the Supplemental Assessment Methodology.

(b)   The lien of the special assessments securing the Series 2026-2 Refunding Bond
includes that certain land within the District (as those district boundaries may be adjusted pursuant to law) that originally secured the Series 2016 Bonds, and as such land is ultimately defined and set forth in plats, site plans or other designations of developable acreage. To the extent land is added to the District, the District may, by supplemental resolution at a regularly noticed meeting and without the need for public hearing, determine such land to be benefitted and reallocate the special assessments securing the Series 2026-2 Refunding Bond and impose special assessments on the newly added and benefitted property.

(c)

The District shall begin annual collection of special assessments for the Series

2026-2 Refunding Bond debt service payment using the methods available to it by law. Beginning
with the first debt service payment on November 1, 2026, there shall be nineteen and a half (19½) years of semi-annual installments of principal and interest, as reflected on Exhibit D.

(d)

The District hereby certifies the special assessments for collection and directs staff

to take all actions necessary to meet the time and other deadlines imposed for collection by the
St. Johns County and other Florida law. The District intends, unless inapplicable or unavailable, to collect the special assessments securing the Series 2026-2 Refunding Bond using the Uniform Method in Chapter 197, Florida Statutes. The District Manager shall prepare or cause to be prepared each year a tax roll for purposes of effecting the collection of the special assessments and present same to the District Board as required by law. The District Manager is further directed and authorized to take all actions necessary to collect any prepayments of debt as and when due and to collect special assessments on unplatted property using methods available to the District authorized by Florida law.

SECTION 5. IMPROVEMENT LIEN BOOK. Immediately following the adoption of this
Resolution these special assessments as reflected herein shall be recorded by the Secretary of the Board of the District in the District’s Improvement Lien Book. The special assessment or assessments against each respective parcel shall be and shall remain a legal, valid and binding first lien on such parcel until paid and such lien shall be coequal with the lien of all state, county, district, municipal or other governmental taxes and superior in dignity to all other liens, titles, and claims.

SECTION 6. OTHER PROVISIONS REMAIN IN EFFECT. This Resolution is intended to
supplement the Series 2016 Assessment Resolution, which remains in full force and effect. This Resolution and the Series 2016 Assessment Resolution shall be construed to the maximum extent possible to give full force and effect to the provisions of each resolution. All District resolutions

or parts thereof in actual conflict with this Resolution are, to the extent of such conflict,
superseded and repealed.

SECTION 7. SEVERABILITY. If any section or part of a section of this Resolution be declared
invalid or unconstitutional, the validity, force and effect of any other section or part of a section of this Resolution shall not thereby be affected or impaired unless it clearly appears that such other section or part of a section of this Resolution is wholly or necessarily dependent upon the section or part of a section so held to be invalid or unconstitutional.

SECTION 8. EFFECTIVE DATE. This Resolution shall become effective upon its adoption.

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PASSED in Public Session of the Board of Supervisors of the Southaven Community

Development District, this 15th

day of April, 2026.

ATTEST:

SOUTHAVEN COMMUNITY DEVELOPMENT
DISTRICT

Secretary / Assistant Secretary

Chair / Vice Chair, Board of Supervisors

Exhibit A:
Exhibit B: Exhibit C: Exhibit D:

Supplemental Assessment Methodology
Maturities and Coupon of Series 2026-2 Refunding Bond Sources and Uses of Funds for Series 2026-2 Refunding Bond
Annual debt service payment due on Series 2026-2 Refunding Bond

Exhibit A
Supplemental Assessment Methodology

Exhibit B
Maturities and Coupon of Series 2026-2 Refunding Bond

Exhibit C
Sources and Uses of Funds for Series 2026-2 Refunding Bond

Exhibit D
Annual Debt Service Payment Due on Series 2026-2 Refunding Bond