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SPECIAL NOTES : ( Continued) 7 . 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) . 8 . THE SUBDIVIDER ADVISES THAT NO ESCROWS WILL CLOSE UNTIL ALL CLAIM OF LIENS HAS EXPIRED, OR A TITLE POLICY ISSUED TO EACH PURCHASER AND TO THE ASSOCIATION CONTAINING AN ENDORSEMENT AGAINST ALL CLAIM OF LIENS . (SECTION 11018 .5 OF THE BUSINESS AND PROFESSIONS CODE. ) 9 . 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 CONVEYANCE OF THE FIRST SUBDIVISION INTEREST IN EACH PHASE. (REGULATIONS 2792 . 9 AND 2792 . 16 . ) 10 . 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. 11 . THE SUBDIVIDER STATED HE WILL FURNISH THE CURRENT BOARD OF OFFICERS OF THE HOMEOWNERS ASSOCIATION THE BUILDING PLANS OF THE AREAS OF THE ASSOCIATION'S RESPONSIBILITY TO INCLUDE 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. 12 . THE SUBDIVIDER OF THIS PROJECT HAS INDICATED THAT HE INTENDS TO SELL ALL OF THE EXCLUSIVE USE AREAS IN THIS PROJECT; HOWEVER, ANY OWNER, INCLUDING THE SUBDIVIDER, HAS A LEGAL RIGHT TO LEASE THE EXCLUSIVE USE AREAS . PROSPECTIVE PURCHASERS SHOULD CONSIDER POSSIBLE EFFECTS ON THE DEVELOPMENT IF A SUBSTANTIAL PORTION OF THE EXCLUSIVE USE AREAS BECOME RENTAL PROPERTIES . 13 . IF YOU PURCHASE FIVE OR MORE SUBDIVISION INTERESTS ( LOTS/UNITS , OR MEMBERSHIPS ) FROM THE SUBDIVIDER, HE/SHE IS REQUIRED TO NO- TIFY THE REAL ESTATE COMMISSIONER OF THE SALE. IF YOU INTEND TO SELL YOUR INTERESTS OR LEASE THEM FOR MORE THAN ONE YEAR, YOU ARE REQUIRED TO OBTAIN AN AMENDED SUBDIVISION PUBLIC REPORT BE- FORE YOU CAN OFFER THEM FOR SALE OR LEASE. Page 4 of 10 File No . 024024SA-F00