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MANAGEMENT AND OPERATION: The Tower Park Village Owners 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 budgets for the maintenance and operation of the common areas and for long-term reserves when the subdivision is substantially com- pleted (built-out budget) and an interim budget applicable to this phase. These budgets were reviewed by the Department of Real Estate in December, 1982. You should obtain copies of these budgets from the subdivider. Under the built-out budget, the monthly assessment against each subdivision interest will be $82. 07. The association may or may not elect to use this budget when additional phases are annexed. Under the interim budget, the monthly assessment per unit will be $105. 83. Of these amounts , the monthly contributions toward long-term re- serves , which are not to be used to pay for current operating ex- penses are $8.66 to $14. 38 respectively. According to the subdivider, assessments under the interim budget should be sufficient for proper maintenance and operation of the common areas until the development is substantially completed at which time it may be anticipated that assessments will be adjusted. IF THE BUDGET FURNISHED TO YOU BY THE DEVELOPER SHOWS A MONTHLY ASSESSMENT FIGURE WHICH VARIES 10% OR MORE FROM THE ASSESSMENT AMOUNT SHOWN IN THIS PUBLIC REPORT, YOU SHOULD CONTACT THE DE- PARTMENT 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 increase) in assessments, care should be taken not to eliminate amounts attributable to reserves for replacement or major maintenance. 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 exclusive use areas on the first day of the month following the closing of the first sale of an exclusive use area. Page 5 of 10 File No . 021051SA-F00