Community Overview E STRELLA M OUNTAIN

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2 Community Overview T HE M ASTERPLAN Estrella is a 20,000-acre master planned community located 17 miles west of downtown Phoenix in Goodyear, Arizona. With 4,000 completed home sites, Estrella is called home to nearly 12,000 full and part-time residents. The community s full build-out plan estimates approximately 50,000 residential units. Estrella s community development plans include a mix of residential, recreational, commercial, industrial and institutional uses. A MENITIES Estrella offers a sophisticated selection of community amenities for residents to enjoy year-round including: Golf Club of Estrella An 18-hole, Par 72, Championship Nicklaus Design daily fee course. The course accommodates golfers of all levels. Starpointe Residents Club An impressive 24,400 square foot recreational facility that includes a state-of-the-art fitness center, meeting and banquet rooms, library, café, youth club, resort style pool and 25-meter heated lap pool. Estrella Yacht Club and North and South Lakes Estrella boasts two private lakes, North Lake and South Lake, which combined equal a total of 72 acres. South Lake Park offers a small beach, picnic tables, barbecues, a playground, large grassy play areas, tennis, basketball, volleyball courts and a horseshoe pit. The Estrella Yacht Club, Starpointe Residents Club and the outdoor amphitheatre are all located on North Lake. Parks and Trails Estrella s paths and trails total more than 16 miles, and include nearly three miles of paved walkways surrounding the lakes. Smaller parks and play areas are located within most residential neighborhoods. Star Tower The Star Tower and water feature create a sense of arrival and welcoming for Estrella residents and visitors. The entry monument provides opportunities for education and recreation through its sustainable desert design. O N - S ITE S CHOOLS Estrella is home to three on-site schools which are consistently ranked among the best in the West Valley. Estrella Mountain Elementary and Westar Elementary serve grades K-8 and Estrella Foothills High School serves grades Combined, the three schools serve more than 2,200 students. As the community grows, additional schools will be added through the Liberty School District and Buckeye Union High School District. E STRELLA M OUNTAIN R EGIONAL P ARK This 19,840-acre expansive desert and mountain terrain park share a five-mile eastern border with the community. The park features two lighted ball fields, an 18-hole public golf course, 65 acres of grassy play areas, picnic tables and barbecues, hiking trails, rodeo arena, RV campsites and a competitive mountain bike track.

3 C OMMERCIAL Mountain Ranch Marketplace Estrella s first major retail center, Mountain Ranch Marketplace, is the first neighborhood shopping center in Arizona and one of the few in the United States to receive the prestigious LEED Gold Certification by the US Green Building Council (USGBC) for Core & Shell. The 160,000 square foot shopping center is anchored by a 50,000 square foot Safeway, and a lineup of retail and neighborhood services including Chase Bank, Phoenix Children s Academy, Papa John s Pizza, Great Clips, Oasis Bagels, Mountain Ranch Dentistry, Estrella Homes and Land (ReMAX), SW Ambulance, Subway and a Walgreens. Elliott Market Located across the street from Starpointe Residents Club, Elliott Market serves as the community convenience center and features a general store, soda fountain and service station. F UTURE D EVELOPMENT The Presidio Residents Club Located in the Montecito neighborhood, The Presidio is planned to be an 18,000 square foot recreational facility. Inspired by historic Spanish architecture and courtyard buildings, the club s character, form and style will serve as a major community icon and focal point, and will provide residents with an activity center and gathering place. Newland has postponed development of The Presidio until 2014 or when home sales indicate an additional amenity is required to support the residential need. Mountain Ranch Medical Commons A state-of-the-art 13,500 square foot class A medical facility is expected to open in Summer of Banner Health is going to offer primary care services as the anchor medical tenant. H OMEBUILDERS The homebuilders within Estrella include well known national companies as well as award winning local builders. Each builder brings a wealth of experience and knowledge to the community. Estrella s homebuilders are: AV Homes Maracay Homes Rosewood Homes Taylor Morrison William Ryan Homes Joseph Carl Homes T. W. Lewis by David Weekley Homes (coming soon)

4 Parcel 9.6 L OCATION: Located northwest of Estrella Parkway and Calistoga Drive within Montecito Village at Estrella in Goodyear, Arizona. S IZE: 80 Lots - ±70 x 130 S ETBACKS: Front: 18 Rear: 20 Side: 5 and 10 P RICE: $63,000 per Lot ($900/FF) or $5,040,000 T ERMS: Please see attached Terms and Conditions All information contained herein is from sources deemed reliable, but not guaranteed. All figures and measurements are approximate. Offer subject to prior sale, price change, correction or withdrawal. 4/2013

5 Basis for further negotiations only; subject of attached non-binding letter of interest PARCEL 9.6 PROPERTY Parcel No. Status of Plat Lot Size Total Lots 9.6 City Council approved final plat on Dec. 11, Not yet recorded +/- 70 x PARCEL IMPROVEMENTS Person responsible for: Seller Buyer Status Obtaining plats Yes No Seller obtained final plat approval 12/11/2006 Improvement plans Yes No Require re-approval Grading Yes No Completed Wet utilities Yes No Not started Dry utilities Yes No Not Started Paving, curb & sidewalk Yes No Not started Landscaping Yes No Not started Perimeter fencing Yes No Not started BASE PRICE Base $63,000 per Lot ($900 per front foot) $5,040,000 Base Price (less Deposits) due at Closing except a portion of the Base Price will be held in escrow until Seller s improvements are complete. DEPOSITS Initial Earnest Money to be deposited into escrow within 3 days of executing Agreement: $50,000 First Additional Earnest Money to be deposited before expiration of Feasibility Period: $150,000 Second Additional Earnest Money to be deposited into escrow at completion of wet utilities: $300,000 Total Earnest Money $500,000 Until Feasibility Period expires, Buyer may terminate Agreement and obtain refund of Initial Deposit. After Feasibility Period expires, Initial and First Additional Earnest Money Deposits ($200,000) become nonrefundable except for Seller s default and immediately released to Seller upon recording a memorandum of purchase agreement. Second Additional Earnest Money Deposit to be released to Seller immediately upon receipt by escrow agent. Total Earnest Money to be applied to Base Price at Closing. ADDITIONAL PRICE (to be secured by deed of trust) At each retail closing Buyer will pay Seller: Lot Premium Share: Marketing Fees: Deferred Consideration: 50% of actual lot premiums (no minimum required) 1% of total retail home price (including options, upgrades and lot premium) Positive difference between (a) 18% of total retail home price after deducting any lot premium and (b) Lot Base Price TIME Feasibility Period: 45 days /, 2013 Closing (title conveyed and Base Price paid): When building permits for model homes can be issued Final plat recorded: Within 60 days after expiration of Feasibility Period Estimated construction schedule: Commencement of construction: Within 30 days after plat recorded Completion of dry utilities: Within 150 days after commencement of construction (estimated time when model permits may be issued) Substantial completion of improvements Within 120 days after completion of dry utilities

6 Basis for further negotiations only; subject of attached non-binding letter of interest Costs for Seller s improvements not finished by closing may be held in escrow and paid as improvements are constructed. Amount of hold back to be agreed upon before closing. ENCUMBRANCES Community Facilities District Assessments General obligations: Special Assessments: Property is assessed up to $1.30 per $100 of Property might be assessed up to $8,000 per Lot secondary assessed value HOA Assessments: CC&R s govern use. CC&R s and Covenant to Share Costs provide for sharing costs and assessments. HOA assessments total $ per Lot per quarter through December 31, Buyer will pay HOA assessments at the builder rate of 25% on Lots purchased by Buyer (note: builder rate expires 18 months after Buyer takes title or when home is occupied, whichever is earlier). Recorded Use Agreement: Buyer s post-closing obligations include limits on sizes and appearance of houses, required structured wiring, cooperation as to marketing, payment of Marketing Fees, and consent to possible future CFD special assessment. Repurchase Option: Seller may re-purchase Property at lesser of fair market value or cost less Seller s sales expenses if Buyer fails to start and complete models and five (5) production homes within agreed time periods or if Buyer sells Property to non-approved Builder. PROPOSED PRODUCT LINE UP (Seller will limit number of two story homes. To be finalized) Plan # or name of # or name of # or name of # or name of # or name of plan plan plan plan plan Product Width Livable SF Bedroom/Bath Count Stories

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