HIGH POINT ESCONDIDO, CA

Transcription

1 HIGH POINT ESCONDIDO, CA One of a Kind Master Planned Community Featuring 36 Improved Semi-Custom Homesites Offers Due: Thursday March 30, 2017 by 5:00pm PST OFFERING MEMORANDUM FEBRUARY 2017

2 TABLE OF CONTENTS DEVELOPMENT SUMMARY Live Here 4 Executive Summary 5 COMMUNITY OVERVIEW County Overview 26 City Overview 27 Location 6 Lot Summary 7 Tract Map 8 Parcel maps 9 OFFERING GUIDELINES Offering Instructions 29 Cost Estimates 11 Retail Map 12 Site Photos 13 Education 15 DISCLOSURES Confidentiality & Disclaimer 31 Brokerage Disclosure 32 MARKET ANALYSIS Market Overview 17 New Home Communities Price Graph 18 Actively Selling New Home Communities 19 Residential Building Permits 24 HIGH POINT (ESCONDIDO, CA) 2

3 DEVELOPMENT SUMMARY HIGH POINT (ESCONDIDO, CA) 3

4 OFFERING SUMMARY 36 ESTATE LOTS ±1.7 ACRE MINIMUM LOT SIZE FINAL MAP RECORDED ±451 ACRES PROPERTY OVERVIEW High Point is located just off Interstate 15 ( I-15 ) between Escondido and San Marcos, centrally located along two of the fastest growing transportation corridors in all of Southern California, Interstate 15 and Highway 78. High Point offers the opportunity for public or private homebuilders to add new semi-custom home deliveries in a very supply-constrained marketplace. High Point is offered with fully-entitled development plans and is delivered with most of the infrastructure completed to access stunning views of the surrounding area. This is the perfect opportunity to capture the North County s best new estate home community for new development in the market today. LOCATION MUNICIPALITY ZONING OWNER OF RECORD SITE CONDITION ENTITLEMENTS West of Mesa Rock Road and I-15, South of Rancho Luiseno Road, along Woodland Heights Glen City of Escondido R:1 (Residential) Highpoint Holdings LP The Property is currently Semi-Finished. All land entitlements are complete. Final Map was recorded in March City of Escondido approved the revised landscape plans in November HIGH POINT OFFERS Please submit all offers by Thursday March 30, 2017 by 5:00pm PST to: Tom Reimers CalBRE # treimers@landadvisors.com David Landes CalBRE # dlandes@landadvisors.com For additional information and access to our Virtual Data Room, please contact the above Advisors HIGH POINT (ESCONDIDO, CA) 4

5 EXECUTIVE SUMMARY LOCATION High Point is located West of Mesa Rock Road and I-15, South of Rancho Luiseno Road, along Woodland Heights Glen in the City of Escondido, County of San Diego. ACRES The Property consists of approximately 451 gross acres. LOT COUNT High Point consists of 36 Estate Lots with lot sizes ranging from ±1.7 acres to ±93.5 acres. PAD SIZE 9,494 SF 34,111 SF (22,545 SF Average) ZONING AND ENTITLEMENTS R:1 Residential; Escondido Tract No. 683-J, Tract Map No All Land Entitlements are complete. The Final Map was recorded in March The City of Escondido approved the revised landscape plans in November PROPERTY CONDITION High Point is currently in a semi-finished condition. OWNER OF RECORD Highpoint Holdings, LP ASSESSOR PARCEL NUMBERS through -20, through -34, through -40, , through -51, through -54 TOPOGRAPHY The Subject Property is hilly with most pads located on either hilltops or ridgelines. HOMEOWNER S ASSOCIATION The adopted HOA budget was $534 per month/lot with the prior formed Association. The Owner is currently maintaining the property which is in excellent condition. SCHOOLS Escondido Union Elementary School District and Escondido Union High School District UTILITIES Water: Vallecitos Water District Electricity: San Diego gas & Electric Gas: San Diego Gas & Electric Telephone: Cox Communication HIGH POINT (ESCONDIDO, CA) 5

6 LOCATION REGIONAL MAP LOCAL MAP HIGH POINT HIGH POINT DRIVING DIRECTIONS High Point can be accessed from I-15, approximately 4 miles north of Highway 78. Exit I-15 to the Mountain Meadow/Deer Springs Road exit. Proceed approximately 100 yards west to Mesa Rock Road, then south approximately ¾ of a mile to entry gates on the west side of the street. Secondary access is available through the Emerald Heights neighborhood via Woodland Heights Glen. HIGH POINT (ESCONDIDO, CA) 6

7 PROJECT DETAILS Minimum Pad Size: 9,494 SF Maximum Pad Size: 34,111 SF Average Pad Size: 22,359 SF Minimum Acreage: 1.17 Acres Maximum Acreage: Acres Average Acreage: Acres NAP = Not a Part LOT SUMMARY LOT # ACRES PAD SIZE ,216 sf ,269 sf ,007 sf ,996 sf ,464 sf ,904 sf ,695 sf ,405 sf ,485 sf ,410 sf ,014 sf ,711 sf ,900 sf ,705 sf ,856 sf ,009 sf ,024 sf ,471 sf ,710 sf ,399 sf ,660 sf ,463 sf ,368 sf ,973 sf ,494 sf sf ,111 sf ,040 sf ,139 sf ,357 sf ,743 sf ,434 sf ,899 sf ,572 sf ,775 sf ,641 sf HIGH POINT (ESCONDIDO, CA) 7

8 TRACT MAP HIGH POINT (ESCONDIDO, CA) 8

9 PARCEL MAPS HIGH POINT (ESCONDIDO, CA) 9

10 PARCEL MAPS HIGH POINT (ESCONDIDO, CA) 10

11 COST ESTIMATES Description High Point Budget LD Fees, Consultants & Bonding Engineering & Planning - Civil Engineering 34,940 Platting/Final Map - Soils Testing 34,876 Staking Contract 82,500 Environmental Assessments 29,820 Political Land Use - Landscape Architect 25,800 Utility Consultant 53,600 Miscellaneous Consultants 10,000 Development Agreement - Design Review 15,000 Final Map - Inspection/Permit Fees 99,990 Bond/Surety/LOC Costs 14,988 Miscellaneous Fees - Blueprints 7,740 Subtotal 409,254 5% 20,463 Less Contingency of Fees - LD Fees / Consultants / Bonding total $429,716 Cost Per Lot $11,937 Land Development Costs High Point Budget Site Clearing 70,802 Demolition - Rough Grading 122,360 Erosion and Dust Control 114,000 Sewer 818,247 Water Distribution System 140,717 Storm Drain System 32,656 Trenching Conduit - Dry Utilities 594,000 Gas Nonrefundable - Electric Nonrefundable - Telephone Nonrefundable - Street Lights 30,000 Street Improvements - Asphalt 530,854 Street Improvements - Lot Drive ways 296,812 Combined AC/Concrete Repairs For Bond Release 107,381 Fencing and Walls 52,500 Retaining Walls 30,000 Landscaping 1,514,879 Mailboxes 9,000 Reimbursements - Subtotal 4,464,208 Direct Contingency 434,902 Land Development Cost Total $4,899,110 Land Development Cost Per Lot Total $136,086 LD Fees, Consultants, Bonding & Land Development Cost $5,328,826 Cost Per Lot $148,023 Total Impact Fees $1,776,132 Cost Per Lot $49,337 Total Budget Including Impact Fees $7,104,959 Cost Per Lot $197,360 HIGH POINT (ESCONDIDO, CA) 11

12 RETAIL MAP High Point is located within 15 minutes of public schools within the school districts serving the Property, as well as retail and service centers shown on this map. Twenty (20) minutes south of High Point is Westfield North County Mall where major national retailers and restaurants can be found. HIGH POINT WESTFIELD NORTH COUNTY MALL STORES HIGH POINT (ESCONDIDO, CA) 12

13 SITE PHOTOS Territorial views southwest towards Emerald Heights Neighborhood in Escondido from ridgeline of project. Territorial views southwest toward Emerald Heights Neighborhood in Escondido from ridgeline of project. Territorial views south/southeast towards Escondido. Territorial views south/southwest towards San Marcos. HIGH POINT (ESCONDIDO, CA) 13

14 SITE PHOTOS Territorial views southwest towards Emerald Heights Neighborhood in Escondido and San Marcos beyond from ridgeline of project. Territorial views west towards Emerald Heights Neighborhood in Escondido from ridgeline of project. View from Mesa Rock Road showing elevation change. Gated entry from Mesa Rock Road. HIGH POINT (ESCONDIDO, CA) 14

15 EDUCATION PUBLIC SCHOOLS OVERVIEW High Point is served by two school districts including Escondido Union Elementary School District ( EUSD ) and Escondido Union High School District ( EUHSD ). San Marcos Unified School District also crosses a portion of the Subject Property, but is in an area where no Estate Lots are located. Both EUSD and EUHSD are what are known as Open Enrollment districts, meaning future residents of High Point will be able to petition which campus they would like to attend. EUSD serves over 17,000 elementary and middle school students with a student to teacher ratio of approximately 19.6 to 1. EUSD is composed of eighteen (18) elementary schools, six (6) middle schools and one (1) preschool and one (1) home education program. EUHSD is composed of three (3) comprehensive high schools, one (1) continuation school, one (1) adult school and one (1) day school. More than 18,500 students are served by EUHSD. Below is a list of the schools within both districts rated six (6) or above, out of ten (10), by GreatSchools.org: ESCONDIDO UNION SCHOOL DISTRICT School Name Grades GreatSchools Rating San Pasqual Union Elementary School K-8 9 Heritage K-8 Charter School K-8 9 L.R. Green Elementary School PK-5 8 Classical Academy K-8 8 Bernardo Elementary School K-5 8 Heritage Digital Academy Charter Middle School Miller Elementary School K-5 7 Reidy Creek Elementary School K-5 7 Bear Valley Middle School ESCONDIDO UNION HIGH SCHOOL DISTRICT School Name Grades GreatSchools Rating Classical Academy High School Escondido Charter High School Del Lago Academy - Campus of Applied Science San Pasqual High School Escondido High School Orange Glen High School Sources: GreatSchools, and Land Advisors research PRIVATE SCHOOLS OVERVIEW The following private schools are located within five (5) miles of High Point, offering a variety of educational opportunities: PRIVATE SCHOOLS School Name Grades School Name Grades Escondido Adventist Academy K-12 Balboa School 1-12 Delphi Academy of San Marcos K-6 St. Joseph Academy KG-12 Calvary Onion School 7-12 Ascension Lutheran School & Preschool PK-8 Calvin Christian School PK-12 Christian L I F E Academy K Calvin Christian School PK-12 Kings Academy PK-12 Tender Loving Care KG Valley Christian School K-9 Rocky View 2-8 North County Baptist Academy K-12 The Country School 4-12 HIGH POINT HIGH POINT (ESCONDIDO, CA) 15

16 MARKET ANALYSIS HIGH POINT (ESCONDIDO, CA) 16

17 MARKET OVERVIEW NEW HOME COMPETITIVE MARKET AREA MAP We have generally defined the Competitive Market Area ( C.M.A. ) as the projects located in the cities of Vista, San Marcos, Fallbrook, Valley Center, Escondido and Poway, that have a lot size of 10,000 SF or larger. This determination was made predicting home buyers interested in luxury lot communities will likely consider other nearby luxury lot communities. The following ten (10) communities are located within the C.M.A.: 1 Olive Hill Pardee Homes Circa De Loma KirE Builders Inc. Pradera Lennar 9 4 The Grove at San Clemente Ave. Galey Homes Inc. 4 HIGH POINT 5 6 Summit at San Elijo Hills Richmond American Homes Roadrunner Estates Crest Investment Group Inc Quintessa Meritage Homes Lexington KB Home Hayden Ranch Hallmark Communities Oak Creek New Urban West Inc. Sources: Zonda, and Land Advisors research HIGH POINT (ESCONDIDO, CA) 17

18 NEW HOME COMMUNITIES PRICE GRAPH Below is a price graph including the projects located in the cities of Vista, San Marcos, Fallbrook, Valley Center, Escondido and Poway, that have a lot size of 10,000 SF or larger. $1,300,000 $1,250,000 $1,200,000 $1,150,000 $1,100,000 $1,050,000 $1,000,000 Base Pricing $950,000 $900,000 $850,000 $800,000 $750,000 $700,000 $650,000 $600,000 $550,000 $500,000 2,000 2,250 2,500 2,750 3,000 3,250 3,500 3,750 4,000 4,250 4,500 4,750 5,000 Square Footage Olive Hill by Pardee Homes (23,542 SF) Circa De Loma by KirE Builders Inc. (87,120 SF) Pradera by Lennar (10,200 SF) The Grove at San Clemente Ave. by Galey Homes Inc. (21,780 SF) Summit at San Elijo Hills by Richmond American Homes (12,000 SF) Roadrunner Estates by Crest Investment Group Inc. (16,638 SF) Quintessa by Meritage Homes (22,000 SF) Lexington by KB Home (10,000 SF) Hayden Ranch by Hallmark Communities (14,986 SF) Sources: Zonda, and Land Advisors research HIGH POINT (ESCONDIDO, CA) 18

19 ACTIVELY SELLING NEW HOME COMMUNTIES OLIVE HILL PARDEE HOMES CIRCA DE LOMA KIRE BUILDERS INC. City: Bonsall Opening Date: October 2016 Product: SFD (23,500 SF Lots) Total Units: 37 Sales Rate: 1.30/month Sold Units: 19 Price Range: $648,000 $837,000 HOA: $266 House Size: 2,962 3,846 SF Price/SF: $218 - $219 City: Fallbrook Opening Date: December 2015 Product: SFD (87,120 SF Lots) Total Units: 10 Sales Rate: 0.50/month Sold Units: 6 Price Range: $800,000 - $849,000 HOA: N/A House Size: 2,710 3,135 SF Price/SF: $271 - $295 Sources: Zonda, and Land Advisors research HIGH POINT (ESCONDIDO, CA) 19

20 ACTIVELY SELLING NEW HOME COMMUNTIES PRADERA LENNAR THE GROVE AT SAN CLEMENTE AVE. GALEY HOMES INC. City: Escondido Opening Date: January 2016 Product: SFD (10,200 SF Lots) Total Units: 70 Sales Rate: 3.00/month Sold Units: 33 Price Range: $715,000 - $767,500 HOA: $117 House Size: 2,406 3,606 SF Price/SF: $213 - $297 City: Vista Opening Date: March 2016 Product: SFD (21,780 SF Lots) Total Units: 10 Sales Rate: 0.10/month Sold Units: 1 Price Range: $835,000 - $929,900 HOA: $170 House Size: 3,158 3,759 SF Price/SF: $247 - $264 Sources: Zonda, and Land Advisors research HIGH POINT (ESCONDIDO, CA) 20

21 ACTIVELY SELLING NEW HOME COMMUNTIES SUMMIT AT SAN ELIJO HILLS RICHMOND AMERICAN HOMES ROADRUNNER ESTATES CREST INVESTMENT GROUP INC. Recently Sold Out! City: San Marcos Opening Date: May 2016 Product: SFD (12,000 SF Lots) Total Units: 44 Sales Rate: 2.80/month Sold Units: 18 Price Range: $1,099,990 - $1,235,990 HOA: $200 House Size: 3,070 4,672 SF Price/SF: $265 - $358 City: San Marcos Opening Date: May 2016 Product: SFD (16,638 SF Lots) Total Units: 3 Sales Rate: 0.50/month Sold Units: 3 Price Range: $745,000 - $745,000 HOA: $0 House Size: 2,545 2,630 SF Price/SF: $283 - $293 Sources: Zonda, and Land Advisors research HIGH POINT (ESCONDIDO, CA) 21

22 ACTIVELY SELLING NEW HOME COMMUNTIES QUINTESSA MERITAGE HOMES LEXINGTON KB HOME City: Vista Opening Date: July 2016 Product: SFD (22,000 SF Lots) Total Units: 45 Sales Rate: 4.80/month Sold Units: 24 Price Range: $750,990 - $800,990 HOA: $298 House Size: 3,304 4,013 SF Price/SF: $200 - $227 City: Escondido Opening Date: August 2016 Product: SFD (10,000 SF Lots) Total Units: 41 Sales Rate: 1.40/month Sold Units: 7 Price Range: $659,990 - $685,990 HOA: $143 House Size: 2,473 3,912 SF Price/SF: $175 - $267 Sources: Zonda, and Land Advisors research HIGH POINT (ESCONDIDO, CA) 22

23 ACTIVELY SELLING NEW HOME COMMUNTIES HAYDEN RANCH HALLMARK COMMUNITIES OAK CREEK NEW URBAN WEST INC. COMING SOON! City: Vista Opening Date: September 2016 Product: SFD (14,986 SF Lots) Total Units: 9 Sales Rate: 1.20/month Sold Units: 4 Price Range: $629,900 - $824,900 HOA: N/A House Size: 2,015 3,713 SF Price/SF: $222 - $313 City: Escondido Opening Date: Coming Soon! Product: SFD (12,585 SF Lots) Total Units: 65 Sales Rate: N/A Sold Units: 0 Price Range: N/A HOA: N/A House Size: N/A Price/SF: N/A Sources: Zonda, and Land Advisors research HIGH POINT (ESCONDIDO, CA) 23

24 RESIDENTIAL BUILDING PERMITS ESCONDIDO Single Family Permits Number of Single Family Permits HIGH POINT (ESCONDIDO, CA) 24

25 COMMUNITY OVERVIEW HIGH POINT (ESCONDIDO, CA) 25

26 COUNTY OVERVIEW HISTORICAL POPULATION 3,332,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, , ,827,000 COUNTY INFO: SAN DIEGO Area: ±4,526 square miles No. of Incorporated Cities: 18 Founded: February 18, 1850 Historical Growth between 2010 to Present: 7.34% Forecasted Growth: 2.07% 3,104,000 3,332,000 3,401, Source: Zonda, U.S. Census, San Diego County, and Land Advisors Research HISTORICAL UNEMPLOYMENT RATE 4.70% 11.00% 10.00% 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% MEDIAN HOME PRICE $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $ Median New Home Price Median Existing Home Price HIGH POINT (ESCONDIDO, CA) 26

27 CITY OVERVIEW CITY INFO: ESCONDIDO County: San Diego Area: ±36.99 sq. miles HISTORICAL MEDIAN HOUSEHOLD INCOME Historical Annual Growth: 1.10% $53,284 $60,000 Mayor: Sam Abed Incorporated: October 8, 1888 $50,000 $40,000 $30,000 $42,567 $52,728 $53,284 $20,000 $10,000 HISTORICAL POPULATION 153,273 Historical Annual Growth: 6.50% 180, , , , ,000 80,000 60,000 40,000 20, ,546 Forecasted Annual Growth: 5.40% 143, , , $0 DEMOGRAPHICS (2016) Median Household Income: $53,284 Homeownership Rate: 52% Median Age: years No. of Households: 48,368 No. of Employees: 89,782 Unemployment Rate: 4.80% MAJOR EMPLOYMENT CENTERS WITHIN 30 MINUTES OF HIGH POINT Location Carlsbad San Marcos Rancho Bernardo Poway Mira Mesa Drive Time 27 Mins. 24 Mins. 21 Mins. 29 Mins. 29 Mins. Source: Zonda, U.S. Census, City of Escondido, and Land Advisors Research HIGH POINT (ESCONDIDO, CA) 27

28 OFFERING GUIDELINES HIGH POINT (ESCONDIDO, CA) 28

29 OFFERING INSTRUCTIONS OFFERS DUE Please submit offers in writing by THURSDAY MARCH 30, 2017 AT 5:00PM PST to: Tom Reimers Senior Vice President CalBRE # PURCHASE PRICE Please submit offer. PURCHASE TERMS David Landes Vice President CalBRE # All cash. Buyer to submit offer based on an as is value, however, please also provide Seller with your projected finished lot value, development cost assumptions and anticipates product and pricing. LETTER OF INTENT The Subject Property shall be removed from the market and the Feasibility Period shall commence upon mutual execution of a Letter of Intent. Seller expressly reserves the right, at their sole discretion, to reject any of all expressions of interest or offers to purchase the property and/or to terminate discussions with any party at any time with or without notice. DEPOSITS The Initial Deposit shall be equal to five percent (5%) of the anticipates Purchase Price. Said Deposit shall be paid at the Opening of Escrow and shall remain refundable during the Feasibility Period. Upon Buyer s approval of Feasibility, a Second Deposit shall be placed in escrow providing for a Total Deposit of ten percent (10%) of the Purchase Price. Upon Buyer s approval of its Feasibility, the Initial and Second Deposit shall be released to the Seller and shall be nonrefundable, except for the Seller s default. FEASIBILITY PERIOD Buyer shall have a Feasibility Period in which to investigate all aspects of the Property, including the physical condition of the Property. The Feasibility Period shall begin upon the acceptance of a Letter of Intent. It is the Seller s intent to have the Feasibility Period expire in 45 days from the acceptance of the Letter of Intent. PROPERTY CONDITION AT CLOSE OF ESCROW The Subject Property will be delivered as is. CLOSE OF ESCROW The Close of Escrow shall occur on or before 15 days after expiration of feasibility. OFFER DETAILS Please submit offer in the form of a Letter of Intent. Bids should identify the proposed Buyer, its principals and/or material aspects of its corporate organization. Buyer s submission should include information regarding Buyer s relevant experience and financial wherewithal, and its intended equity and debt sources for consummating the Transaction. DUE DILIGENCE MATERIALS Please contact Cynthia Lokovic to request access to the due diligence materials in Land Advisors Organization s Virtual Data Room. clokovic@landadvisors.com Phone: (949) AS-IS SALE: NO REPRESENTATIONS AND WARRANTIES The Property is being sold as-is with no representations or warranties from either the Seller or its Affiliates. The information provided is intended to help a Buyer develop an offer to purchase the Property, but the buyer must not rely on anything other than its own due diligence. BROKERAGE FEE The brokerage fees will be paid for by the Seller. No cooperating brokerage fees will be offered. HIGH POINT (ESCONDIDO, CA) 29

30 DISCLOSURES HIGH POINT (ESCONDIDO, CA) 30

31 CONFIDENTIALITY & DISCLAIMER The information contained in this offering material ( Brochure ) is confidential, furnished solely for the purpose of a review by prospective purchaser of any portion of Assessor Parcel Nos through -20, through -34, through -40, , through -51, through -54 within the City of Escondido, County of San Diego, California ( Property ) and is not to be used for any other purpose or made available to any other person without the express written consent of Park Place Partners, Inc. d/b/a Land Advisors Organization ( Land Advisors ). The material is based in part upon information supplied by High Point Holdings LP ( Seller ) and in part upon information obtained by Land Advisors from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all inclusive but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, Land Advisors Organization, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or as to engineering or environmental matters. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the site. In this Brochure, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Brochure is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the Property by Land Advisors Organization or the Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein. Seller and Land Advisors Organization expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the property and/or to terminate discussions with any party at any time with or without notice. Seller shall have no legal commitment or obligation to any purchaser reviewing this Brochure or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Seller and any conditions to Seller's obligations there under have been satisfied or waived. Land Advisors Organization is not authorized to make any representations or agreements on behalf of Seller. This Brochure is the Property of Land Advisors Organization and may be used only by parties approved by Land Advisors Organization. The Property is privately offered and, by accepting this Brochure, the party in possession hereof agrees (i) to return it to Land Advisors Organization immediately upon request ofland Advisors Organization or Seller and (ii) that this Brochure and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Brochure may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of Land Advisors Organization and Seller. The terms and conditions set forth above apply to this Brochure in its entirety. HIGH POINT (ESCONDIDO, CA) 31

32 BROKERAGE DISCLOSURE DISCLOSURE AND CONSENT FOR REPRESENTATION OF MORE THAN ONE BUYER OR SELLER EXCERPTS FROM C.A.R. FORM DA, 11/06 A real estate broker, whether a corporation, partnership or sole proprietorship, ( Broker ) may represent more than one buyer or seller provided the Broker has made a disclosure and the principals have given their consent. This multiple representation can occur through an individual license as a broker or through different associate licensees acting for the Broker. The associates licensees may be working out of the same or different office locations. Broker may be working with many prospective buyers at the same time. These prospective buyers may have an interest in, and make offers on, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or restrict any particular buyer from making an offer on any particular property whether or not Broker represents other buyers interested in the same property. Broker (individually or through its associate licensees) may have listings on many properties at the same time. As a result, Broker will attempt to find buyers for each of those listed properties. Some listed properties may appeal to the same prospective buyers. Some properties may attract more prospective buyers than others. Some of these prospective buyers may be represented by Broker and some may not. Broker will market all listed properties to all prospective buyers whether or not Broker has another or other listed properties that may appeal to the same prospective buyers. Buyer and Seller understand that Broker may represent more than one buyer or seller and even both buyer and seller on the same transaction. If Seller is represented by Broker, Seller acknowledges that Broker may represent prospective buyers of Seller s property and consents to Broker acting as a dual agent for both Seller and Buyer in that transaction. If Buyer is represented by Broker, Buyer acknowledges that Broker may represent sellers of property that Buyer is interested in acquiring and consents to Broker acting as a dual agent for both Buyer and Seller with regard to that property. In the event of a dual agency, Seller and Buyer agree that: (a) Broker, without the prior notice written consent of the Buyer, will not disclose to the SellerthattheBuyeriswillingtopayaprice greater than the offered price; (b) Broker, without the prior written consent of the Seller, will not disclose to the Buyer that Seller is willing to sell property at a price less than the listing price; and (c) other than as set forth in (a) and (b) above, a Dual Agent is obligated to disclose known facts materially affecting the value or desirability of the property to both parties. NON CONFIDENTIALITY OF OFFERS: Buyer is advised that Seller or Listing Agent may disclose the existence, terms, or conditions of Buyer s offer unless all parties and their agent have signed a written confidentiality agreement. Whether any such information is actually disclosed depends on many factors, such as current market conditions, the prevailing practice in the real estate community, the Listing Agent s marketing strategy and the instructions of the seller. Seller and/or Buyer acknowledges reading and understanding this Disclosure and Consent for Representation of More than One Buyer or Seller and agree to the dual agency possibility disclosed. HIGH POINT (ESCONDIDO, CA) 32

33 TOM REIMERS Senior Vice President BRE # (949) treimers@landadvisors.com DAVID LANDES Vice President BRE # (858) dlandes@landadvisors.com ARIZONA CALIFORNIA FLORIDA IDAHO NEVADA NEW MEXICO TEXAS UTAH WASHINGTON