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SPECIAL NOTES 1 . THIS PROJECT IS A COMMON-INTEREST SUBDIVISION OF WHICH THERE WILL BE COMMON AREAS AND COMMON FACILITIES WHICH WILL BE OPER- ATED BY AN INCORPORATED OWNERS ASSOCIATION. 2. THE ASSOCIATION HAS THE RIGHT TO LEVY ASSESSMENTS AGAINST YOU FOR MAINTENANCE OF THE COMMON AREAS AND OTHER PURPOSES. YOUR CONTROL OF OPERATIONS AND EXPENSES IS LIMITED TO THE RIGHT OF YOUR ELECTED REPRESENTATIVES TO VOTE ON CERTAIN PROVISIONS AT MEETINGS. 3 . SINCE THE COMMON PROPERTY AND FACILITIES WILL BE MAINTAINED BY AN ASSOCIATION OF HOMEOWNERS, IT IS ESSENTIAL THAT THIS ASSOCIA- TION BE FORMED EARLY AND PROPERLY. THE HOMEOWNER ASSOCIATION MUST HOLD THE FIRST ELECTION OF THE ASSOCIATION 'S GOVERNING BODY WITHIN 45 DAYS AFTER 51 % SELL OUT OF THE INTERESTS AUTHORIZED FOR SALE UNDER THE FIRST PUBLIC REPORT FOR THE SUBDIVISION; OR, IN ANY EVENT, NO LATER THAN SIX MONTHS AFTER CLOSING THE FIRST SALE ( REGULATIONS 2792 . 17 AND 2792 . 19 ) ; AND PREPARE AND DISTRIB- UTE TO ALL HOMEOWNERS A BALANCE SHEET AND INCOME STATEMENT (REG- ULATION 2792. 22 ) . 4 . THE SUBDIVIDER MUST PAY ALL THE MONTHLY ASSESSMENTS WHICH HE OWES TO THE HOMEOWNERS ASSOCIATION FOR UNSOLD EXCLUSIVE USE AREAS -- THE PAYMENTS MUST COMMENCE ON THE FIRST DAY OF THE MONTH AFTER THE CONVEYANCE OF THE FIRST SUBDIVISION INTEREST IN EACH PHASE. ( REGULATIONS 2792. 9 AND 2792. 16 . ) 5 . THE SUBDIVIDER HAS STATED THAT HE WILL PROVIDE YOU WITH A COPY OF THE ARTICLES OF INCORPORATION, RESTRICTIONS AND BYLAWS, BY POSTING THEM IN A PROMINENT LOCATION IN THE SALES OFFICE AND FURNISHING YOU COPIES PRIOR TO CLOSE OF ESCROW. THESE DOCUMENTS CONTAIN NUMEROUS MATERIAL PROVISIONS THAT SUBSTANTIALLY AFFECT AND CONTROL YOUR RIGHTS, PRIVILEGES, USE, OBLIGATIONS, AND COSTS OF MAINTENANCE AND OPERATION. YOU SHOULD READ AND UNDERSTAND THESE DOCUMENTS BEFORE YOU OBLIGATE YOURSELF TO PURCHASE AN EXCLUSIVE USE AREA. 6. THE SUBDIVIDER STATED HE WILL FURNISH THE CURRENT BOARD OF OFFI- CERS OF THE HOMEOWNERS ASSOCIATION ALL OF THE AVAILABLE BUILDING PLANS OF THE AREAS OF THE ASSOCIATION 'S RESPONSIBILITY TO IN- CLUDE DIAGRAMS OF LOCATION OF MAJOR COMPONENTS, UTILITIES, AND RELATED DATA. THESE ITEMS WILL BE IMPORTANT TO THE BOARD OF OFFICERS OR THOSE WHO WILL MANAGE OR REPAIR COMMON FACILITIES IN THIS SUBDIVISION. 7 . THE SUBDIVIDER OF THIS PROJECT HAS INDICATED THAT HE INTENDS TO SELL ALL OF THE UNITS IN THIS PROJECT; HOWEVER, ANY OWNER, IN- CLUDING THE SUBDIVIDER, HAS A LEGAL RIGHT TO LEASE THE UNITS. PROSPECTIVE PURCHASERS SHOULD CONSIDER POSSIBLE EFFECTS ON THE DEVELOPMENT IF A SUBSTANTIAL PORTION OF THE UNITS BECOME RENTAL PROPERTIES. Page 3 of 9 File No . 021051SA-A01