AGR - Festival Ranch CFD AD No. 15 - Waiver and Development Agreement

OFFICIAL RECORDS OF
MARICOPA COUNTY RECORDER
JUSTIN HEAP
20260225753,04/16/2026 08:06
WHEN RECORDED RETURN TO: 00671800551-33-1-1--

ELECTRONIC RECORDING

Andrew J. McGuire

Gust Rosenfeld P.L.C.

One East Washington Street, Suite 1600
Phoenix, Arizona 85004-2553

FESTIVAL RANCH COMMUNITY FACILITIES DISTRICT
(CITY OF BUCKEYE, ARIZONA)
WAIVER AND DEVELOPMENT AGREEMENT
PERTAINING TO THE TO BE FORMED ASSESSMENT DISTRICT NO. 15

This Festival Ranch Community Facilities District (City of Buckeye, Arizona) Waiver and
Development Agreement Pertaining to the to be Formed Assessment District No. 15, dated as of
April 15, 2026 (this “Agreement”, is entered into by and between the Festival Ranch Community
Facilities District (City of Buckeye, Arizona) (the “District”) and Pulte Home Company, LLC, a
Michigan limited liability company (“Pulte” or “Owner”).

RECITALS

A. The City of Buckeye, Arizona, an Arizona municipal corporation (the “City”), the
successor in interest to the Town of Buckeye, Arizona, the District, and Pulte, as successor by
conversion to Pulte Home Corporation, a Michigan corporation, are parties to that certain
Development Agreement dated October 4, 2000, as amended (the “Development Agreement”), in
connection with that project on the land subject thereto known as “Festival” (the “Project”).

B. Pursuant to the Development, Financing, Participation and Intergovernmental
Agreement No. 1 for Festival Ranch Community Facilities District (Buckeye, Arizona), dated
April 21, 2005 and recorded April 22, 2005 at Document No. 2005-0523800 in the Official
Records of Maricopa County, Arizona, as thereafter amended by the First Amendment to
Development, Financing Participation and Intergovernmental Agreement No. 1, dated February
18, 2025 (collectively, the “District Agreement”), the Owner intends to request the District to form
Assessment District No. 15 (the “Assessment District”) comprised of the property described and
depicted on Exhibit A attached hereto (the “Property”) in order to provide for certain public
infrastructure improvements plus all costs connected with the public infrastructure purposes
related thereto (as defined in Title 48, Chapter 4, Article 6, Arizona Revised Statutes (“ARS”),
as amended (the “Acf”)), such public infrastructure improvements and purposes to be located on
or off the Property.

Cc. The Owner and all persons hereafter taking an interest in the Property or any portion
thereof shall be bound by the terms, waivers and agreements set forth, and to the extent provided,
in this Agreement, and shall be bound by the Assessments (as defined herein) recorded against the

Property.

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D. Subject to the terms of the District Agreement, the proposed public infrastructure
purposes to be provided by the Assessment District shall consist of:

1. Acquisition, installation, and/or construction of all or a portion of the public
infrastructure (as such term is defined in the Act) described in Exhibit B attached hereto and all
incidental improvements related thereto.

2. All engineering, legal, financial, and incidental costs and expenses incurred
in completing the acquisition, installation, and/or construction of the public infrastructure and the
costs and expenses incurred in connection with the levy of the Assessments and issuance and sale
of the Assessment District bonds.

3. Capitalized interest on such Assessment District bonds, if any, for a period
not to exceed the aggregate time for completion of all construction of and acquisition of the public
infrastructure described in Exhibit B, plus six months thereafter.

4. A debt service reserve fund created for such Assessment District bonds.

Collectively, the public infrastructure improvements and public infrastructure purposes described
in paragraphs | through 4 above and the costs and expenses thereof shall hereinafter be referred to
as the “Work.”

E. Persons or entities that have or hereafter acquire a lienholder’s interest or other
security interest in the Property are referred to herein as the “Lienholders.” The current Lienholder
has executed or will execute a Lienholder Consent, Waiver, and Agreement (a “Lienholder
Consent”) in the form attached hereto as Exhibit C, which Lienholder Consent forms a part of and
is incorporated into this Agreement. The Owner shall ensure that any Lienholder acquiring an
interest in the Property after the date of this Agreement shall execute a Lienholder Consent,
Waiver, and Agreement in the form attached hereto in Exhibit C, consenting to these terms and
provisions of the District Agreement and this Agreement and the recording thereof and
acknowledge the levying of the Assessments against the Property.

F, Persons or entities other than Lienholders that have or hereafter acquire a real property
interest in all or a portion of the Property are referred to individually herein as an “Interested Party.”
Subject to the limitations in Section 30 below, the Owner shall ensure that such Interested Party shall
execute an Interested Party Consent Waiver and Agreement (an “Jnterested Party Consent’) in the
form attached hereto as Exhibit D. Upon execution, any Interested Party Consent forms a part of and
is incorporated into this Agreement.

G. For purposes of this Agreement, references to the Owner, Lienholder, and all future
owners or holders of any interest in any portion of the Property, are limited to the current Owner,
current Lienholder, and to all future owners or holders of any interest in any portion of the Property
acquiring an interest during the time period between the execution and delivery of this Agreement
and the final hearing on the Assessments pursuant to A.R.S. § 48-590.

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AGREEMENT

NOW, THEREFORE, in consideration of the foregoing introduction and recitals, which
are incorporated herein by reference, the following mutual covenants and conditions, and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
District, the Owner and all future owners or holders of any interest in any portion of the Property,
hereby agree as follows:

1. Development Agreement_and Agreement Allocating Assessments. This
Agreement is a “development agreement” within the meaning of A.R.S. § 9-500.05 and the written
agreement allocating the Assessments (as defined below) is authorized pursuant to A.R.S. § 48-
721, as amended.

2. Reliance on Agreement. This Agreement does not create a binding commitment
on the part of the District to actually form the Assessment District, or, if formed, of the District to
sell or deliver such Assessment District bonds or construct, install, or acquire any or all of the
Work, or if it does construct, install, or acquire any of the Work, to construct, install, or acquire it
pursuant to any existing proposals. However, the District and Owner, in going forward with the
Work, are doing so in reliance upon this Agreement to have the Property included within the
Assessment District and assessed for the costs thereof.

3. Review and Approval of the Boundaries and Scope of Work; Acknowledgment
of Assessment.

(i) The Owner has reviewed or has had the opportunity and right to review the
boundaries of the Assessment District, the preliminary plans and specifications detailing the Work,
and the engineer’s estimate of the costs of the Work (the “Engineer’s Estimate”). The parties agree
the costs of the Work shall be spread among the parcels (residential lots) comprising the Property
within the Assessment District utilizing a methodology determined by the Assessment District
engineer based on the expected benefit to the parcels (residential lots) to be developed on the
Property. The Owner agrees that the Engineer’s Estimate is, and will not exceed, the amount set
forth on Exhibit B attached hereto and such Assessment amount shall be allocated and levied to
each developable parcel (residential lot) within the Assessment District in an amount not to exceed
$5,000 per parcel (residential lot).

(ii) | This Agreement shall be construed to be an express consent by the Owner,
the Lienholder, and all future owners or holders of any interest in any portion of the Property, that:
(a) the District may take all required actions as necessary to form the Assessment District in
accordance with the provisions of the District Agreement, the Act and this Agreement; and (b) the
District and, if formed, the Assessment District, may incur costs and expenses necessary to
complete or acquire the Work.

(iii) | Furthermore, the Owner, the Lienholder, and all future owners or holders of
any interest in any portion of the Property, acknowledge that the District, if the Assessment District
is formed, may levy and collect an assessment on the Property sufficient to pay all costs and
expenses of the Work (including Work benefitting the Property in the proposed Assessment

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District, which Work may be constructed, installed or performed prior to or after the execution
hereof) and the costs of levying the assessment and the issuance of the Assessment District bonds,
but not in excess of the Engineer’s Estimate prepared in accordance with the applicable
requirements of the District and the Act (the “Assessments” or “Assessment”).

4. No Protest, Objection, or Request for Hearings. The Owner, the Lienholder,
and all future owners or holders of any interest in any portion of the Property, hereby agree to
allow the formation of the proposed Assessment District and to acknowledge the District, if the
Assessment District is formed, will take all steps necessary to levy, confirm, and record
Assessments against the Property and to issue such Assessment District bonds supported by the
Assessments. The Owner, the Lienholder, and all future owners or holders of any interest in any
portion of the Property, acknowledge and agree, to the fullest extent permitted by applicable law,
(i) that pursuant to A.R.S. § 9-500.05 the provisions of A.R.S. § 32-2181 do not apply, and (ii) that
pursuant to this Agreement the parties waive their right to appear before the Board of Directors of
the District (the “District Board’) on any hearing required at or prior to the confirmation of the
Assessments and waive their right to: (a) protest and object to the extent of the Assessment District
pursuant to A.R.S. §§ 48-579 and 48-580; (b) protest the award of contract pursuant to A.R.S. §
48-584; and (c) object to the Assessments on procedural grounds, or as to the legality of the
Assessments, pursuant to A.R.S. § 48-590.

5. Waiver_of Procedural Deficiencies and Irregularities. The Owner, the
Lienholder, and all future owners or holders of any interest in any portion of the Property, with
full knowledge of the provisions of A.R.S. Title 48, Chapter 4, Articles 2 and 6 and their rights
thereunder (or having obtained counsel to advise them of the provisions and their rights), expressly
waive any and all irregularities, illegalities, or deficiencies that may now or hereafter exist in the
acts or proceedings resulting in the formation of the District, the formation of the Assessment
District, the adoption of the resolution of intention, the adoption of the resolution ordering the
Work, the adoption of the resolution approving the Assessments and the Assessment diagram, the
levying of the Assessments against the Property, and the issuance of Assessment District bonds
secured by the Assessments levied against the Property.

6. Waiver. The Owner, the Lienholder, and all future owners or holders of any
interest in any portion of the Property, with full knowledge of the provisions and their rights under
the provisions of law hereafter referenced, expressly waive the following:

(63) any defect in the proceedings and election establishing the District, as
required by A.R.S. §§ 48-702 through 48-708, inclusive, and agree that, to the extent of any defect,
this Agreement shall constitute the petitions required by law to form and establish the District
without conducting an election;

(ii) any and all notices and response time periods related to such notices
provided by A.R.S. § 48-576 et seq., as amended, including but not limited to the following:

(a) mailing, posting and publication, as applicable, of any notice

required in connection with: (1) the adoption of the resolution of intention; (2) the notice
of proposed improvements; (3) the adoption of the resolution ordering the Work; (4) notice

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of passage of the resolution ordering the Work; (5) notice of award of contract; (6) the
adoption of the resolution approving the Assessments and Assessment diagram; and (7)
any other steps necessary in connection with the Assessment District or the Work; and

(b) any and all notices pertaining to the levying of the Assessments,
including notice of any hearing on the Assessments;

(iii) any and all objections and protests to the extent of the Assessment District;

(iv) any and all objections to the adoption and approval by the District or the
Assessment District of the plans and specifications, the Engineer’s Estimate, and the Assessment
diagram, all of which provide for and effectuate the completion of the Work;

(v) any and all protest rights against the Work and objections to the awarding
of one or more acquisition contracts for the Work;

(vi) any and all claims or defenses, known or unknown, they may now or
subsequently have against the Assessments or the Assessment District bonds;

(vii) all demands for cash payment of the Assessments; and

(viii) any notice or publication required for regular collections of installment
payments on the Assessments.

Nothing contained in this Agreement shall be construed as a waiver by any party to this
Agreement of any notice required by A.R.S. §§ 48-600 or 48-601 of delinquent assessment
installments.

7. Work as More Than Local and Ordinary Benefit. The Owner, the Lienholder,
and all future owners or holders of any interest in any portion of the Property, agree that the Work
is of more than local or ordinary public benefit and that the Work constitutes a public infrastructure
purpose pursuant to the Act and that the Property that is subject to the Assessments receives a
benefit from the Work in an amount not less than the Engincer’s Estimate of the costs thereof, and
not less than the portion of the Assessment levied against each parcel or lot comprising the

Property.

8. Public Bidding. The Owner shall comply with, or ensure compliance with, the
public bidding requirements in A.R.S. §§ 48-581 and 48-584 on behalf of the District with respect
to each contract comprising the Work. If an Interested Party other than a Lienholder takes a real
property interest in all or a portion of the Property, such Interested Party shall be deemed to have
accepted, by execution of an Interested Party Consent, the Owner’s obligations under this Section
with respect to the portion of the Property in which the Interested Party has such real property
interest.

9. Performance of the Work. The District may immediately, upon issuance of such
Assessment District bonds, acquire all or part of the Work.

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10. Acknowledgment of Assessment. The Owner, the Lienholder, and all future
owners or holders of any interest in any portion of the Property, acknowledge the District will levy
the Assessments in an amount not greater than the Engineer’s Estimate against all of the
developable parcels of land located within the boundaries of the Property, and that such
Assessments shall be collected and foreclosed in accordance with A.R.S. § 48-601 et seg., as
amended, and in accordance with any other documents executed and delivered in connection with
the delivery of the Assessment District bonds.

11. Recording and Validity of Assessments. The Owner, the Lienholder, and all
future owners or holders of any interest in any portion of the Property, acknowledge (i) the District
will record the Assessments against the Property, and (ii) such recording of the Assessments shall
constitute valid and enforceable first liens against the respective parcels comprising the Property
as shown and the amounts set forth in the Assessments, subject only to the lien for ad valorem
taxes and prior special assessments (if any).

12. Assessments to Go to Bond. Except as Owner, or any future owners or holder of
any interest in any portion of the Property, otherwise notifies the Assessment District in writing
prior to the recording of the Assessments of its intent to pay all or part of its Assessment in cash,
Assessments will not be paid in cash. With respect to Assessments not paid in cash, the Owner
requests, and all future owners or holders of any interest in any portion of the Property agree, that
a certified list of unpaid Assessments be filed as soon as possible after the recording of the
Assessments and that Assessment District bonds amortizing the payment of the Assessments over
not less than 15 years be issued and sold as soon as possible.

13. No Reduction of Obligation. The inability of the District to assess all or any
portion of the costs of the Work shall not reduce the obligation of the Owner, and all future owners
or holders of any interest in any portion of the Property, so long as they own all or part of any
parcel comprising the Property, to pay their proportionate share of the costs of the Work.

14. Waiver of Collateral Document Provisions. The Owner, the Lienholder, and all
future owners or holders of any interest in any portion of the Property, expressly waive any and
all provisions of any collateral security instruments relating to the Property that prohibit the
formation of the Assessment District, completion of the Work or levying and recording of the
Assessments against the Property.

15. Dedication of Property Needed to Perform the Work. The Owner, the
Lienholder, and all future owners or holders of any interest in any portion of the Property, consent
to the dedication, without cost, of the rights-of-way, easements, and other property as required by
the District or Assessment District for acquisition of the Work. The Owner, the Lienholder, and
all future owners or holders of any interest in any portion of the Property, agree to cooperate in
effectuating any required dedication, including execution of any required document.

16. Payment of Maintenance Costs. The Owner, the Lienholder, and all future
owners or holders of any interest in any portion of the Property, acknowledge the District may levy

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a $0.30 ad valorem tax, all as provided by law, to pay the administrative costs of the District and
the maintenance of the public infrastructure.

17. Indemnification Under Securities Act. Owner agrees to indemnify and hold the
District and the City and each director, board member, council member, officer, agent, legal
counsel, municipal advisor, independent contractor or employee thereof and each person, if any,
who controls the District and the City, its officers, employees, and agents, within the meaning of
the Securities Act of 1933 (the “Securities Act’), as amended (collectively, the “Indemnified
Persons’), harmless for, from, and against any and all losses, claims, damages, or liabilities,
including reasonable attorneys’ fees arising from any challenge to the formation, activities, or
administration of the District or the Assessment District, or any losses, claims, damages, or
liabilities, including reasonable attorneys’ fees related to which any of the Indemnified Persons
may become subject, under any statute or regulation at law or in equity or otherwise, to the extent,
and only to the extent, as such losses, claims, damages, or liabilities, including attorneys’ fees (or
actions in respect thereof), arise out of or are based upon any untrue statement or any alleged
untrue statement of material fact pertaining to Owner or the Project set forth in any official
statement applicable to the Assessment District’s bonds or any amendment or supplement thereto,
or arise out of or are based upon the omission or alleged omission to state therein a material fact
required to be stated therein or which is necessary to make the statements therein, in light of the
circumstances in which they were made, pertaining to Owner or the Project, not misleading in any
material respect. The indemnification obligation of Assignee hereunder (and/or any defense
obligation) shall not extend to any other statements in the official statement or to claims based
upon the action of any other parties, including the Indemnified Parties, or to such losses, claims,
damages, or liabilities or defense costs that arise from such other statements in the official
statement or to claims based upon the action of any other parties, including the Indemnified Parties.
This Section 17 shall survive the termination hereof.

18. General Indemnification. The Owner agrees to indemnify the District and each
director, officer, agent, legal counsel, municipal advisor, independent contractor, or employee
thereof and the City, its officers, employees, agents, independent contractors, and council members
(collectively, the “Indemnified Parties”) and shall hold the Indemnified Parties harmless for, from,
and against any and all claims and reasonable costs incurred, including but not limited to
reasonable attorneys’ fees and other administrative or out of pocket costs actually and directly
incurred by the Indemnified Parties in connection with or as the result of the legal and proper acts
of the District or the District Board that are (i) within the scope of the District or District Board’s
authority under, and properly undertaken in compliance with, the Securities Act, or (ii) are legally
and properly undertaken by the District or District Board in a properly advertised public meeting.
This Section 18 shall survive the termination hereof.

19. Disclosure Document. The Owner agrees that any potential purchaser of any real
property subject hereto, including each potential purchaser of a residential lot within the
Assessment District, shall receive a concise disclosure document that discloses the existence, the
estimated payment amount, and the payment terms of any portion of the Assessment applicable to
the real property to be purchased. Each potential purchaser shall acknowledge in writing that the
purchaser received and understood the concise disclosure document and has agreed to the terms,
waivers, acknowledgments, and agreements contained in this Agreement and the Owner shall

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provide such acknowledgements to the District. The District agrees to maintain records of the
written acknowledgments. The provisions of this Agreement shall not apply to the sale transfer or
other conveyance of any real property that is not subject to the Assessment.

20. Encumbrance of the Property. The provisions, terms, and restrictions of this
Agreement shall run with and bind the Property as equitable servitudes and also as covenants
running with the land. Without limitation of the foregoing, in the event of any sale, transfer, or
other conveyance by the Owner, the Lienholder, and al] future owners or holders of any interest in
any portion thereof, the Property or such portion thereof shall continue to be bound by all of the
terms, conditions and provisions hereof. Prior to the completion of the Work, the levy of the
Assessments pertaining to the Work, the final hearing regarding the Assessments and the issuance
of Assessment District bonds secured by the Assessments, any purchaser, transferee, or other
subsequent owner shall execute and deliver to the District the consent, waiver and agreement in
the form of Exhibit D attached hereto, and shall take such property subject to all of the terms,
conditions, and provisions hereof and any purchaser, transferee, or other subsequent owner shall
take such property entitled to all of the rights, benefits and protections afforded the predecessor in
interest thereof by the terms hereof.

21. Recording. This Agreement may be recorded in the office of the County Recorder
of Maricopa County, Arizona.

22. Continuing Disclosure. So long as the Owner, or any future owners or holder of
any interest in any portion of the Property, is the owner of a portion of the Property that is liable
for 20% or more of the debt service on any Assessment District bonds, such Owner or future
owners or holders of any interest a portion of the Property, solely with respect to their assessed
property, will, if requested by the District, provide, or make available on any electronic data
gathering filing system created by the United States Securities and Exchange Commission, any
and all information needed as may be reasonably requested by the District, or required to comply
with the information reporting requirements contemplated by Rule 240.15c2-12, General Rules
and Regulations, Securities Exchange Act of 1934, as amended.

23. Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the Owner hereto, its future grantees, respective heirs, successors and assigns. There
shall be no third-party beneficiaries of this Agreement, except that solely for the purposes of
receiving the benefits of the provisions of Section 17 and Section 18 of this Agreement, the Owner
hereto agrees that the City is a third-party beneficiary of the terms and provisions of Section 17
and Section 18 of this Agreement.

24. Authority. The person signing this Agreement on behalf of the Owner warrants
that such person has the requisite authority to bind the Owner, and, to the best of such person’s
knowledge, no other consents are required. Any person executing a Lienholder Consent or
Interested Party Consent warrants, with respect to their status only, that they have the requisite
authority to bind the person or entity on whose behalf they are executing such Lienholder Consent
or Interested Party Consent, and, to the best of their knowledge, no other consents are required.

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25. Counterparts. For convenience, this Agreement may be executed in one or more
counterparts, and each executed counterpart, and the executed Lienholder Consent, shall, for all
purposes, be deemed an original and shall have the same force and effect as an original, but all of
which together shall constitute in the aggregate but one and the same instrument. This Agreement
will constitute the entire agreement between the parties, and supersedes all previous written or oral
agreements or understandings regarding the subject matter of this Agreement.

26. Waiver of Claims by Owner.

(i) Except as to matters that are subject to the express terms of the District
Agreement and any other written agreement to which the District and the Owner are parties as of
the date of this Agreement, the Owner knowingly and voluntarily forever releases and discharges
the District and all of its past and present elected officials, officers, directors, agents, employees,
successors, assigns, attorneys, municipal advisors, and representatives from all legal and equitable
claims, causes of action, debts, accounts, and damages occurring and existing prior to the date of
this Agreement whether known or unknown, asserted or unasserted, and of every nature and extent
whatsoever, that the Owner has against the District in connection with the Project arising from
actions, omissions, delays, or other events that occurred prior to the date of this Agreement.

(ii) | None of the releases and discharges above are intended to, and do not,
negate or otherwise relieve the District or City of any executory contractual obligations under
existing contracts or of any obligations under any applicable statutes or ordinances.

27. Failure to Sell Bonds. In the event the District fails or is otherwise unable to sell
and/or deliver Assessment District bonds in an amount sufficient to allow the District to pay the
amounts needed to pay the costs of the Work and upon written request of the Owner of the real
property within the Assessment District, the District agrees to adopt proceedings that dissolve and
terminate any Assessment District or the Assessments, established by the District, encumbering
the Property.

28.  Lienholder or Interested Party Consent. The Owner represents and warrants
that, other than Lienholder, Meng Shiang Chen Ni, there are no other Lienholders or any other
interested parties, except the Owner, with interests in the Property as of the date hereof.

29. Further Assurances. Without limitation of the foregoing, the Owner, and all
future owners and holders of any interest in any portion of the Property, shall execute and deliver
to the District, upon request but at no third-party cost, all further assurances and waivers as may
be reasonably required by the District or required by the Act to give full effect to the provisions of
this Agreement, each of which further assurances and waivers by this reference shall, upon such
execution and delivery, be deemed incorporated herein and have the same priority as this
Agreement.

30. Future Owners Consent. Until the earlier of the issuance of the Assessment
District bonds or the final hearing regarding the levy of the Assessments, the Owner agrees that
upon entry of any agreement to sell or option grant or option to purchase any portion of the

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Property owned by the Owner, the Owner will require the execution and delivery of an Interested
Party Consent in the form of Exhibit D by each purchaser, to the District.

31. Additional Representations, Warranties, and Covenants of Owner. Other than
any agreement previously disclosed in writing to the District, as of the date of this Agreement, the
Owner represents and warrants that no purchase and sale agreements, option agreements, deposit
agreements, or other agreements intending to convey an interest in all or any portion of the
Property have been entered into with any purchaser, optionee, depositor, or other recipient of an
interest in the Property, and that any purchaser, optionee, depositor, or other recipient of an interest
in the Property under a previously disclosed agreement shall consent to this Agreement. In
accordance herewith, and except as to the entry of any agreement to sell or option or interest any
portion of the Property, as provided and allowed by Section 30 above, until the final assessment
hearing related to the Assessments is complete and the Assessments are recorded in the office of
the Superintendent of Streets and notice thereof has been recorded in the Official Records of
Maricopa County, Owner, and any future owners and holders of any interest in any portion for the
Property, covenant and agree not to transfer title in any interest in the Property to any non-affiliated
purchaser or other recipient.

32. Arizona Law Provisions.

(i) The District may, within three years after its execution, cancel this
Agreement, without penalty or further obligation, if any person significantly involved in initiating,
negotiating, securing, drafting, or creating this Agreement on behalf of the District is, at any time
while this Agreement is in effect, an employee or agent of the Owner in any capacity or a consultant
to the Owner with respect to the subject matter of this Agreement and may recoup any fee or
commission paid or due any person significantly involved in initiating, negotiating, securing,
drafting, or creating this Agreement on behalf of the District from the Owner arising as the result
of this Agreement. The Owner has not taken and shall not take any action which would cause any
person described in the preceding sentence to be or become an employee or agent of the Owner in
any capacity or a consultant to the Owner with respect to the subject matter of this Agreement.

Gi) To the extent applicable, each Owner certifies that it is not currently
engaged in, and agrees for the duration of this Agreement that it will not engage in a “boycott,” as
that term is defined in A.R.S. § 35-393, of Israel.

(iii) To the extent applicable under A.R.S. § 41-4401, the Owner and their
respective subcontractors warrant compliance with all federal immigration laws and regulations
that relate to their employees and their compliance with the E-verify requirements under A.R.S. §
23-214(A). The failure by the Owner or their respective subcontractors’ failure to comply with
such warranty shall be deemed a material breach of this Agreement and may result in the
termination of this Agreement by the District.

(iv) _ To the extent applicable under A.R.S. § 35-394, the Owner hereby certifies
it does not currently, and for the duration of this Agreement shall not use: (a) the forced labor of
ethnic Uyghurs in the People’s Republic of China, (b) any goods or services produced by the forced
labor of ethnic Uyghurs in the People’s Republic of China, and (c) any contractors, subcontractors

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10

or suppliers that use the forced labor or any goods or services produced by the forced labor of
ethnic Uyghurs in the People’s Republic of China. The foregoing certifications are made to the
best knowledge of the Owner, without any current independent investigation or without any future
independent investigation for the duration of this Agreement. If the Owner becomes aware during
the duration of this Agreement that it is not in compliance with such certification, the Owner shall
take such actions as provided by law, including providing the required notice to the District. If the
District determines that the Owner is not in compliance with the foregoing certification and has
not taken remedial action, such failure to comply with the certifications in this section shall be
deemed a material breach of this Agreement and may result in the termination of this Agreement
by the District.

[Signature pages follow]

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11

IN WITNESS WHEREOF, the undersigned have duly affixed their signatures, all as of
the day and year first written above.

DISTRICT:
FESTIVAL RANCH COMMUNITY
FACILITIES DISTRICT (CITY OF

BUCKEYE, ARIZONA), an Arizona political
subdivision

By: oa

Its: Chair, Board of Directors

ATTEST:

(ental

District Clerk

APPROVED AS TO FORM:

To He

District Attorney

[Signatures continue on following pages]

Adobe Acrobat Sign Transaction Number: CBJCHBCAABAAOdG9eHJjFikyXBKXNW_O82MiDvOJzykt

8009942

OWNER:

PULTE HOME COMPANY, LLC,
a Michigan limited liability company

_
By: | a7
Name: —jsa4d Krape
Title: Ve Lava bevels prrens

STATE OF ARIZONA )
) ss.
County of Maricopa )

On fpr | 45 , 2026, before me, (im dy eR. Coates _, Notary
Public, personally appeared Td i ee 4. personally known to me or
proved to me on the basis of satisfactory evidence, to be the VE lead Dedelapmest of Pulte Home
Company, LLC, a Michigan limited liability company, who acknowledged to me that he/she/they
executed the foregoing instrument in his/her/their authorized capacity, and that by his/her/their
signature on the instrument, the corporation executed the instrument.

WITNESS my hand and official seal.
CINDY R. COATES =
Publla- Biate of Arizone
@
maenhaee Notary Public

My Commission Expires:

Mtge Si 390-8

[Signature page of Owner to Waiver and Development Agreement]

8009942

EXHIBIT A
TO
FESTIVAL RANCH COMMUNITY FACILITIES DISTRICT
(CITY OF BUCKEYE, ARIZONA)
WAIVER AND DEVELOPMENT AGREEMENT
PERTAINING TO THE TO BE FORMED ASSESSMENT DISTRICT NO. 15

LEGAL DESCRIPTION FOR
ASSESSMENT DISTRICT NO. 15

Parcel 33 is a part of APN 510-16-895. The tax parcels have not yet been assigned.

Parcel 33 (133 lots): “Festival Ranch Planning Area 3 - Parcel 33”, a Replat of Parcel 21 as
recorded in Book 1364 of Maps, Page 23, Maricopa County Records, being located in a portion
of the southeast quarter of Sections 22 and 23, Township 4 North, Range 4 West of the Gila
and Salt River Base and Meridian, Maricopa County, Arizona. Recorded in Maricopa County
Recorder’s Office as fee number 20250641443 on 11/05/2025 in Book 1887 Page 46.

Parcel 84 is APN 510-16-896 through 991, inclusive.

Parcel 84 (96 lots): “Festival Ranch Planning Area 3 — Parcel 84”, being located in a portion of

the southeast quarter of Section 22, Town ship 4 North, Range 4 West of the Gila and Salt River
Base and Meridian, Maricopa County, Arizona. Recorded in Maricopa County Recorder's Office

as fee number 20250645103 on 11/06/2025 in Book 1888 Page 7

[Continued on Next Page]

8009942.9
A-l

SUN CITY FESTIVAL - PARCEL 35
LEGAL DESCRIPTION

A PORTION OF LAND SITUATED IN SECTION 22, TOWNSHIP 4 NORTH, RANGE 4 WEST, OF THE GILA AND SALT RIVER
MERIDIAN, MARICOPA COUNTY ARIZONA, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:

COMMENCING AT THE EAST QUARTER CORNER OF SAID SECTION 22, BEING A FOUND GLO BRASS CAP STAMPED
“4/4 $22 $23 1916, FROM WHICH A FOUND GLO BRASS CAP BEING THE NE CORNER S22, NW CORNER S23, HAVING
A BEARING OF NORTH 0°22'44” EAST, A DISTANCE OF 2,639.27 FEET, BEING THE (BASIS OF BEARINGS), FROM SAID
EAST QUARTER CORNER AND ALONG THE EAST LINE OF THE NORTHEAST QUARTER OF SECTION 22, NORTH
0°22'44” EAST, A DISTANCE OF 468.43 FEET, THENCE DEPARTING SAID EAST LINE, NORTH 89°0938” WEST,
2,431.14 FEET, TO A 3 % INCH BRASS CAP FLUSH WITH GROUND, BOOK 5223, PAGE 46, MARICOPA COUNTY
RECORDS (M.C.R.), THENCE NORTH 89°07'53” WEST, A DISTANCE OF 397.25 FEET, TO THE POINT OF BEGINNING.
THENCE SOUTH 0°51'01” WEST, 308.47 FEET;

THENCE NORTH 89°08'59” WEST, 164.00 FEET;

THENCE SOUTH 0°51'01” WEST, 122.39 FEET;

THENCE SOUTH 45°51'01” WEST, 21.21 FEET;

THENCE SOUTH 0°51'01” WEST, 44.00 FEET;

THENCE SOUTH 44°08’59” EAST, 21.21 FEET;

THENCE SOUTH 0°51'01” WEST, 200.77 FEET;

THENCE SOUTH 44°44’09” WEST, 21.62 FEET;

THENCE SOUTH 1°35’20” EAST, 44.00 FEET, TO THE BEGINNING OF A NON-TANGENT CURVE, HAVING A RADIUS
BEARING SOUTH 1°35'20” EAST, 2,000.50 FEET;

THENCE ALONG THE ARC OF SAID NON-TANGENT CURVE, CONCAVE TO THE SOUTHERLY, THROUGH A CENTRAL
ANGLE OF 0°07'23”, 4.30 FEET;

THENCE SOUTH 1°42’44” EAST, 135.50 FEET, TO THE BEGINNING OF A NON-TANGENT CURVE, HAVING A RADIUS
BEARING SOUTH 1°42’44” EAST, 1,865.00 FEET;

THENCE ALONG THE ARC OF SAID NON-TANGENT CURVE, CONCAVE TO THE SOUTHERLY, THROUGH A CENTRAL
ANGLE OF 1°46’06”, 57.56 FEET;

THENCE SOUTH 0°03'22” WEST, 130.00 FEET, TO THE BEGINNING OF A NON-TANGENT CURVE, HAVING A RADIUS
BEARING SOUTH 0°03'22” WEST, 1,735.00 FEET;

THENCE ALONG THE ARC OF SAID NON-TANGENT CURVE, CONCAVE TO THE SOUTHEAST, THROUGH A CENTRAL
ANGLE OF 33°23'35”, 1,011.19 FEET;

THENCE SOUTH 10°18’03” WEST, 48.82 FEET;
THENCE SOUTH 54°30°59” WEST, 60.00 FEET;

THENCE SOUTH 89°0859” EAST, 44.00 FEET;

THENCE NORTH 81°16'04” WEST, 48.82 FEET, TO THE BEGINNING OF A NON-TANGENT CURVE, HAVING A RADIUS
BEARING SOUTH 37°37’48” EAST, 1,735.00 FEET;

THENCE ALONG THE ARC OF SAID NON-TANGENT CURVE, CONCAVE TO THE SOUTHEAST, THROUGH A CENTRAL
ANGLE OF 3°29'45”, 105.86 FEET;

THENCE SOUTH 48°52’27” WEST, 357.96 FEET, TO THE BEGINNING OF A TANGENT CURVE, HAVING A RADIUS
BEARING NORTH 41°07'33” WEST, 3,065.00 FEET;

THENCE ALONG THE ARC OF SAID TANGENT CURVE, CONCAVE TO THE NORTHWEST, THROUGH A CENTRAL ANGLE
OF 6°14’08", 333.57 FEET;

THENCE NORTH 34°53’25” WEST, 150.00 FEET;
THENCE NORTH 0°51'01" EAST, 115.00 FEET;

THENCE SOUTH 89°08'59” EAST, 106.52 FEET, TO THE BEGINNING OF A NON-TANGENT CURVE, HAVING A RADIUS
BEARING NORTH 28°06’59” EAST, 45.00 FEET;

THENCE ALONG THE ARC OF SAID NON-TANGENT CURVE, CONCAVE TO THE NORTHWEST, THROUGH A CENTRAL
ANGLE OF 144°31’56”, 113.52 FEET;

THENCE NORTH 0°51'01” EAST, 99.11 FEET;
THENCE SOUTH 89°54'19" WEST, 44.01 FEET;
THENCE NORTH 0°51'01” EAST, 100.00 FEET;
THENCE NORTH 44°08'59” WEST, 21.21 FEET;
THENCE NORTH 2°07'53” WEST, 44.06 FEET;

THENCE NORTH 40°02’27” EAST, 18.96 FEET, TO THE BEGINNING OF A NON-TANGENT CURVE, HAVING A RADIUS
BEARING SOUTH 76°48'59” WEST, 178.00 FEET;

THENCE ALONG THE ARC OF SAID NON-TANGENT CURVE, CONCAVE TO THE SOUTHWEST, THROUGH A CENTRAL
ANGLE OF 13°43’35”, 42.64 FEET;

THENCE NORTH 26°54'35” WEST, 102.55 FEET, TO THE BEGINNING OF A TANGENT CURVE, HAVING A RADIUS
BEARING NORTH 63°05'25” EAST, 722.00 FEET;

THENCE ALONG THE ARC OF SAID TANGENT CURVE, CONCAVE TO THE NORTHEAST, THROUGH A CENTRAL ANGLE
OF 10°30'52”, 132.50 FEET;

THENCE NORTH 55°09'03” WEST, 23.20 FEET;
THENCE NORTH 13°18'47” WEST, 44.99 FEET;

THENCE NORTH 38°19'06” EAST, 19.52 FEET, TO THE BEGINNING OF A NON-TANGENT CURVE, HAVING A RADIUS
BEARING NORTH 79°30'38” EAST, 722.00 FEET,

THENCE ALONG THE ARC OF SAID NON-TANGENT CURVE, CONCAVE TO THE NORTHEAST, THROUGH A CENTRAL
ANGLE OF 11°20'23”, 142.89 FEET;

THENCE NORTH 0°51'01” EAST, 57.53 FEET;
THENCE NORTH 44°08'59” WEST, 21.21 FEET;
THENCE NORTH 0°51701” EAST, 44.00 FEET;
THENCE NORTH 45°51'01” EAST, 21.21 FEET;
THENCE NORTH 0°51701” EAST, 250.00 FEET;
THENCE NORTH 44°08'59” WEST, 21.21 FEET;
THENCE NORTH 0°51'01” EAST, 44.00 FEET;
THENCE NORTH 45°51'01” EAST, 21.21 FEET,
THENCE NORTH 0°51’01” EAST, 112.00 FEET;
THENCE SOUTH 89°08'59” EAST, 44.00 FEET;
THENCE SOUTH 44°08’59" EAST, 21.21 FEET;
THENCE SOUTH 89°08’59” EAST, 105.00 FEET;
THENCE NORTH 0°51'01” EAST, 333.91 FEET;
THENCE SOUTH 89°09'10" EAST, 1,338.33 FEET;

THENCE SOUTH 89°07'53" EAST, 391.62 FEET, TO THE POINT OF BEGINNING.

CONTAINING 2,314,265.63 SQUARE FEET OR 53.128 ACRES MORE OR LESS

Wood, Patel & Associates, Inc. July 28, 2025

602.335.8500 WP# 215235
www.woodpatel.com Page 1 of 3
LEGAL DESCRIPTION
Sun City Festival
Tract 88

A parcel of land lying within Section 22, Township 4 North, Range 4 West, of the Gila and Salt
River Meridian, Maricopa County, Arizona, more particularly described as follows:

COMMENCING at the south quarter corner of said Section 22, a 2.5-inch General Land Office
(GLO) brass cap stamped 1/4 $22 S27 1916, from which the southwest corner of said section, a
1-1/2-inch iron pipe with no identification, bears North 89°29'15" West (basis of bearing), a
distance of 2642.45 feet;

THENCE along the south line of Tract A, Sun City Festival —- Parcel T1, recorded in Book 1564,
page 16, Maricopa County Records (MCR) and along the south line of said section, North
89°29'15" West, a distance of 212.30 feet, to the most westerly corner of said Tract A;

THENCE leaving said south lines, along the northwesterly line of said Tract A, North 47°27'37"
East, a distance of 141.97 feet, to the POINT OF BEGINNING;

THENCE leaving said northwesterly line, North 44°02'24" West, a distance of 445.53 feet;
THENCE South 45°57'36" West, a distance of 15.00 feet;

THENCE North 44°02'24" West, a distance of 44.00 feet;

THENCE North 00°57'36" East, a distance of 21.21 feet;

THENCE North 44°02'24" West, a distance of 198.72 feet, to the beginning of a curve;

THENCE northwesterly along said curve to the right, having a radius of 572.00 feet, concave
northeasterly, through a central angle of 08°26'22", a distance of 84.25 feet, to a point of
intersection with a non-tangent line;

THENCE North 77°42'40" West, a distance of 21.99 feet;

THENCE North 32°27'12" West, a distance of 44.03 feet;

THENCE North 13°47'30" East, a distance of 20.95 feet;

THENCE North 31°54'45" West, a distance of 162.03 feet;

THENCE North 58°05'15" East, a distance of 44.00 feet;

THENCE South 77°43'37" East, a distance of 20.91 feet, to a point of intersection with a non-
tangent curve;

THENCE northeasterly along said non-tangent curve to the left, having a radius of 1038.00 feet,
concave northwesterly, whose radius bears North 33°57'18" West, through a central angle of
08°02'33", a distance of 145.70 feet, to a point of intersection with a non-tangent line;

THENCE North 01°46'27" East, a distance of 20.91 feet;

THENCE North 44°02'24" West, a distance of 726.80 feet;

THENCE North 89°02'24" West, a distance of 21.21 feet;

THENCE North 44°02'24" West, a distance of 44.00 feet;

Legal Description July 28, 2025
Sun City Festival WP# 215235
Tract 88 Page 2 of 3

THENCE North 00°57'36" East, a distance of 21.21 feet;

THENCE North 47°35'22" West, a distance of 129.22 feet, to a point of intersection with a non-
tangent curve;

THENCE northwesterly along said non-tangent curve to the right, having a radius of 530.00 feet,
concave northeasterly, whose radius bears North 45°57'36" East, through a central angle of
08°33'23", a distance of 79.15 feet, to the curves end;

THENCE North 35°29'01" West, a distance of 29.44 feet;

THENCE North 54°30'59" East, a distance of 60.00 feet;

THENCE North 10°18'03" East, a distance of 48.82 feet, to a point of intersection with a non-
tangent curve;

THENCE easterly along said non-tangent curve to the right, having a radius of 1735.00 feet,
concave southerly, whose radius bears South 33°20'13" East, through a central angle of
34°11'14", a distance of 1035.24 feet, to the curves end;

THENCE South 89°08'59" East, a distance of 218.80 feet;

THENCE South 00°51'01" West, a distance of 20.00 feet;

THENCE South 44°00'58" East, a distance of 111.73 feet;

THENCE South 21°47'35" East, a distance of 102.86 feet;

THENCE South 44°24'11" East, a distance of 379.78 feet;

THENCE South 43°57'36" West, a distance of 49.94 feet, to the beginning of a curve;

THENCE southwesterly along said curve to the right, having a radius of 2978.00 feet, concave
northwesterly, through a central angle of 01°03'36", a distance of 55.09 feet, to a point of
intersection with a non-tangent line;

THENCE North 89°37'10" West, a distance of 21.13 feet;

THENCE South 45°42'33" West, a distance of 44.00 feet;

THENCE North 44°24'11" West, a distance of 100.00 feet;

THENCE South 45°57'36" West, a distance of 381.00 feet;

THENCE South 44°02'24" East, a distance of 115.00 feet;

THENCE South 45°57'36" West, a distance of 24.02 feet;

THENCE South 44°02'24" East, a distance of 44.00 feet;

THENCE South 89°02'24" East, a distance of 21.21 feet;

THENCE South 44°02'24" East, a distance of 250.00 feet;

THENCE South 00°57'36" West, a distance of 21.21 feet;

THENCE South 44°02'24" East, a distance of 44.00 feet;

THENCE North 45°57'36" East, a distance of 15.00 feet;

Legal Description July 28, 2025
Sun City Festival WP# 215235
Tract 88 Page 3 of 3

THENCE South 44°02'24" East, a distance of 467.07 feet, to said northwesterly line;
THENCE along said northwesterly line, South 47°27'37" West, a distance of 822.39 feet, to the
POINT OF BEGINNING.

Containing 1,832,135 square feet or 42.0600 acres, more or less. —

Subject to existing right-of-ways and easements.

This legal description is based on client provided information and is located within an area
surveyed by Wood, Patel & Associates, Inc. during the month of June, 2021. Any monumentation

noted in this legal description is within acceptable tolerance (as defined in Arizona Boundary
Survey Minimum Standards dated 02/14/2002) of said positions based on said survey.

YAWP\Parcel Descriptions\2021\215235 Sun City Festival Tract 88 L12 07-28-25.docx