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Arbor Mobilehome Park Page 1 of 1 <br /> You have asked about the impact of the recording of a subdivision map on Arbor Mobilehome Park. <br /> The subdivision map that we are recording is a single lot subdivision map (airspace condo map). The ownership of <br /> the property does not change as a result of this map being filed_ The operation of the property does not change as a <br /> result of the map filing. <br /> In the future the owners may decide to prepare to sell individual lots. At that time the owners will ask the <br /> Department of Real Estate to approve a White report for the subdivision. Included in that process will be the <br /> definitions of the lots and the formation of the Lot Owners Association. The DRE.will also require operating <br /> budgets and a reserve study. The current owners will be required to fund the reserve account for projected major <br /> repairs and replacements. At the time of the sell of the first few lots, the Lot Owners Association will be <br /> responsible for the operation of common area facilities, including the water and sewer systems. <br /> The current owners will remain in control of the association until 50% of the lots are sold. The association bylaws <br /> will require that a professional management company be used to manage the property. Newport Pacific will <br /> continue to be the management company before and after lots are sold, therefore the operations of the property will <br /> not change even when or if lots are sold in the future. We will notify you when we file with the DRE so that we are <br /> ready for the formal ownership of the common area to change to the Lot Owners Association when that occurs. <br /> Clarke Fairbrother <br /> Office 949-852-5575 <br /> Cell 714-321-5644 <br /> http://smtp 1/SpamQuarantine/itemcontents.aspx 3/14/2011 <br />