December 2, 2004
From: Glenda Walden LC Secretary
Redemption Certificate
This Redemption Certificate certifies that (name) is the owner and holder of one (1) share of stock in Lake Tarpon Village. L.C. and that upon the delivery of this Redemption Certificate to the offices of Village of Lake Tarpon, Inc. the bearer shall be entitled to payment in the amount of $-----.--, said payment subject to the terms and conditions set forth below.
Conditions
This Redemption Certificate will be redeemable upon either (1) the death of the Redemption Certificate holder or (2) the sale of the Redemption Certificate holder's lot in Lake Tarpon Village by the Redemption Certificate holder. In the event a Redemption Certificate holder owns multiple lots, the holder shall be entitled to redeem one certificate for each lot as his or her lot is sold. No more than seven (7) Redemption Certificates can be redeemed in any one year. In the event less than seven (7) Redemption Certificates are redeemed in any given year, the non-redeemed number shall be added or carried over to subsequent years.
This Redemption Certificate is non-assignable
Issued this 2nd day of December, 2004
VILLAGE OF LAKE TARPON, INC
By: Glenda Walden
Its Secretary