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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 AGREEMEN r 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 COS r OF LIVING. Monthly assessments will commence on Lots 1 through 49, inclusive, 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 delinquent 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 posted a bond 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. The subdivider has entered into an agreement with the homeowner association to subsidize. According to the terms of the agreement, the subdivider shall pay to the Association the sum of $49.20 for each lot in Phase 1 required to pay Association regular assessments after the close of the first escrow for a lot in Phase 1. The obligation to pay the subsidy of $49.20 for Phase 1 lots terminates upon the first to occur of the following events: a. The date on which monthly assessments commence on the lots in Phase 2, or b. Twelve months from the close of the first escrow in Phase 1. THEREFORE, DURING THE TERM OF THE SUBSIDY, PURCHASERS WILL PAY A MONTHLY ASSESSMENT OF $111.52, WHICH IS EQUIVALENT TO THE "BUILT-OUT" ASSESSMENT FIGURE. The subdivider has posted a bond as partial security for his obligation under the agreement. The governing body of the association should assure itself that the subdivider has satisfied his obligations to the association with respect to payment for required goods and services before agreeing to a release or exoneration of the security. Page 6 of 8 File No. 022534SA-FOO