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MANAGEMENT AND OPERATION: The Edgewater -Country Club Homeowners Association, which you must join, manages and operates the common areas in accordance with the Restrictions, Articles of Incorporation and the Bylaws. MAINTENANCE AND OPERATIONAL EXPENSES: The subdivider has submitted a budget for the maintenance and operation of the common areas and for long-term reserves. This budget was reviewed by the Department of Real Estate in February, 1986. You should obtain a copy of this budget from the subdivider. Under this budget, the monthly assess- ment against each subdivision unit is $21.76 of which $1.66 is a monthly contribution to long-term reserves and is not to pay for current operating expenses. IF THE BUDGET FURNISHED TO YOU BY THE DEVELOPER SHOWS A MONTHLY ASSESSMENT FIGURE WHICH IS AT LEAST 20% MORE OR AT LEAST 10% LESS THAN THE ASSESSMENT AMOUNT SHOWN IN THIS PUBLIC REPORT, YOU SHOULD CONTACT THE DEPARTMENT OF REAL ESTATE BEFORE ENTERING INTO AN AGREEMENT TO PURCHASE. The association may increase or decrease assessments at any time in accordance with the procedure prescribed in the CC&R's or Bylaws. In considering the advisability of a decrease (or a smaller in- crease) in assessments, care should be taken not to eliminate amounts attributable to reserves for replacement or major mainte- nance. THE BUDGET INFORMATION INCLUDED IN THIS PUBLIC REPORT IS APPLICABLE AS OF THE DATE OF BUDGET REVIEW AS SHOWN ABOVE. EXPENSES OF OPERATION ARE DIFFICULT TO PREDICT ACCURATELY AND EVEN IF ACCURATELY ESTIMATED INITIALLY, MOST EXPENSES INCREASE WITH THE AGE OF FACILITIES AND WITH INCREASES IN THE COST OF LIVING. Monthly assessments will commence on all lots on the first day of the month following the closing of the first sale of a lot. The remedies available to the association against owners who are de- linquent in the payment of assessments are set forth in the CC&R's. These remedies are available against the subdivider as well as against other owners. The subdivider has deposited funds is escrow as partial security for his obligation to pay these assessments. The governing body of the association should assure itself that the subdivider has satisfied his obligations to the association with respect to the payment of assessments before agreeing to a release or exoneration of the security. TITLE: Title is vested in EDGEWATER LTD., a Joint Venture composed Of Larry F. Dalonzo and Debbie A. Dalonzo, David J. Strobel and Claudia A. Strobel, Bruce M. Davies and Elizabeth A. Davies Page 5 of 7 File No. 024199SA-F00