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SEA OAKS FUTILITIES, INC. 4(57 (.ARDINAI. DRIVE %'IfRO II1:A(.I1. FLORIDA (2961 (4115) 2-11.6460 February 20, 1987 Mr. Gordon Nutt P.O. Box 1137 Longwood, FL 32750 Re: Sea Oaks Utilities, Inc. - Developer Agreement Dear Cordon: This will serve as a memorandum of agreements between yourself and Sea Oaks Utilities, Inc. which are in addition to the Developer Agreement executed between us on the 20th day of February, 1987. 1. In accordance with Paragraph 7 of the Developer Agreement we have received the requisite Notice to Proceed concerning the hotel and villas on the east side of State Road A -1-A. 2. With regard to the provisions of Paragraphs 18 of the Agree- ment, we have agreed that you may assign your rights, obligations and capacity under the Developer Agreement to Wingfield Development Com- pany upon your demonstration to the Service Company that Wingfield Development Company is financially responsible, and upon such approved assignment, the Service Company shall release you from any future responsibilities under the Agreement. 3. Nothing in Paragraphs 13 and 40 of the Agreement relieves the Service Company from providing service in accordance with the Agreement and the references in Paragraph 13 to actions to be taken by the Ser- vice Company when capacity reaches certain levels in not a limitation on service to you. 4. The terms of Paragraph 42 of the Agreement shall at all time be applied in a uniform and non-discriminatory manner to all Developers served by Service Company. In the event that Service Company changes its policy with regard to the provisions of Paragraph 42, such changes shall apply for all developers. 5. The Agreement shall not be recorded on the public records of VIndian River County, Florida unless all Developer Agreements executed by Service Company are so recorded, except that Service Company shall always reserve the right to record the Developer Agreement if you refuse to grant Service Company the necessary easements in the form and manner described in the Developer Agreement.