The correct process in the state for dissolving an association would have to be followed to avoid the problems mentioned here.
Florida is a unique (and beautiful

) state, and so is Florida's local law. This is why an Oklahoma lawyer must be consulted by the original poster, who is from Oklahoma. What is true in Florida may be completely irrelevant in another state.
The following is a general outline, subject to local state and municipality differences.
First, enough people in the HOA must want it to dissolve. If that's not the case, then nothing else really matters. That number might be in the by-laws. If the by-laws are silent, normally state law takes up the slack.
Next, the board needs to develop a plan in consultation with a lawyer. All contracts in which the HOA owes money have to be satisfied--paid off, or renegotiated, so that there are no obligations remaining.
All taxes that might be owed must be paid. In some states I know of, the government itself has procedures to make sure this happens.
Also, it's possible there is a waiting period or other provision to give creditors an opportunity to come forward. Again, check state law.
Next, the assets of the HOA have to be disposed of. So if there's park land, it has to be transferred to the municipality, or sold to a private entity.
If there's a golf course, then that land, buildings, whatever goes with it, has to be sold, donated to a charity, or transferred to the municipality.
The profits on these transfers, if any, have to be distributed to HOA members.
Deed restrictions can be removed with the express consent of everyone affected by the deed restrictions. The HOA could address this as part of its plan.
In some states I know of, in one where I actually own property, there is no obligation to record deeds when real estate changes hands. This means you can buy and sell real estate without making a public record of it. In another state where I used to own property, there is a "rush to record" situation which is almost the exact opposite of that first state. Title companies record deeds as fast as possible because the date of recording can protect them from claims--a claim being somebody coming out of the woodwork with a deed to the property.
That said, updating or changing a deed depends on where you live. But the notion that deeds can never be changed is false.