RIVER S CROSSING (West Lots) Cranbrook, British Columbia. AMENDED DISCLOSURE STATEMENT September26, 2014 DEVELOPER: RIVER S CROSSING LTD.

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1 RIVER S CROSSING (West Lots) Cranbrook, British Columbia AMENDED DISCLOSURE STATEMENT September26, 2014 DEVELOPER: RIVER S CROSSING LTD. Business Address: Address for Service: 4636 Calgary Trail Edmonton, AB T6H 6A1 900 West Hastings Suite 900 Vancouver, BC V6C 1E5 PREPARED BY: REED POPE LAW CORPORATION Fort Street Victoria, British Columbia V8V 3K5 This Disclosure Statement has been filed with the Superintendent of Real Estate, but neither the Superintendent, nor any other authority of the government of the Province of British Columbia, has determined the merits of any statement contained in the Disclosure Statement, or whether the Disclosure Statement contains a misrepresentation or otherwise fails to comply with the requirements of the Real Estate Development Marketing Act. It is the responsibility of the developer to disclose plainly all material facts, without misrepresentation. The Developer intends to market the strata lots offered for sale under this Disclosure Statement using a combination of its own employees, a referral program for licenced realtors, and by listing certain strata lots for sale on the Multiple Listing Service. The Developer advises that its employees are not licenced under the Real Estate Services Act and are not acting on behalf of the purchaser.

2 1. Outline of Amendment The Disclosure Statement for River s Crossing (West Lots) is dated April 22, 2014 (the Disclosure Statement ). This first Amendment to the Disclosure Statement is dated September 26, 2014 and is referred to as the First Amendment. This First Amendment: updates section 1.5 (Developer s Background); updates and replaces section 2.2 on Permitted Use and provides a description of a change to the zoning bylaw for secondary suites; updates section 2.3 regarding the front-yard setbacks required for Strata Lots 4 29 and describes a potential bylaw amendment relaxing these setbacks. The Developer must provide a copy of the Disclosure Statement and the First Amendment to a prospective purchaser prior to entering into a purchase contract with such purchaser. 2. Developer s Background Section 1.5 of the Disclosure Statement is amended by deleting the paragraph at sub-section (e) and replacing it with the words Intentionally Deleted. Darryn Burant is no longer an officer of the Developer, and Martin Eugene Gunderson, referred to in sub-section (d), is now the sole officer of the Developer. 3. Permitted Use Section 2.2 of the Disclosure Statement is deleted and replaced with the following: The lands underlying the Development are zoned CD-3, Shadow Mountain Comprehensive District. A copy of the CD-3 Zone is attached to this Disclosure Statement as Exhibit E. (Note that the underlined words in Exhibit E are definitions that are defined in the Zoning Bylaw.) The Strata Lots are located in the Single Family Dwelling District Estate (see page 7 of Exhibit E). In this zone only one single-family detached residential home can be constructed on each Strata Lot. The Developer intends purchasers to use the Strata Lots to construct one single-family home as permitted by the Zoning Bylaw. The CD-3 Zone allows certain permitted uses and accessory uses beyond the intended use of the Strata Lots as a single-family detached residential home. Purchasers are referred to section and on page 1 of Exhibit E for a list of these uses. The CD-3 Zone also sets out the requirements for parcel area dimensions, density, siting, size and dimensions of buildings and structures. Purchasers should review and be familiar with these requirements. In addition, purchasers should review the Development Regulations set out at section on page 2 of Exhibit E. In September 2014 the City adopted the City of Cranbrook Zoning Amendment Bylaw No. 3810,

3 2014 which increased the size of secondary suites permitted to be constructed within the Single Family District Small Lot and Single Family District Estate. For both of these uses the floor area now occupied by a secondary suite shall not exceed 40% of the total floor area of the principal dwelling unit or 90.0 m2, whichever is less. A copy of this City of Cranbrook Zoning Amendment Bylaw No. 3810, 2014 is attached as Exhibit E-1 to this First Amendment. The Zoning Bylaw previously provided that the maximum allowable secondary suite size was not to exceed 25% of the total floor area of the principal dwelling or 46 m2, whichever is less. Purchasers are referred to the City of Cranbrook website at for further information about the Zoning Bylaw and to the Planning Department at the Cranbrook City Hall, 40 10th Avenue South, Cranbrook, BC, V1C 2M8, Phone: (250) , Fax: (250) , Toll Free: or info@cranbrook.ca Exhibit E-1 is attached to this First Amendment and shall form part of the existing Exhibit E. 4. Building Construction The second paragraph of section 2.3 of the Disclosure Statement is deleted and replaced by the following: In respect of Strata Lots 4 29 the CD-3 Zone requires a 6 metre front-yard setback. The Developer intends to apply to the City for an amendment to the CD-3 Zone which would permit a 3 metre front-yard setback for these Strata Lots where garages are designed and constructed for side entry and not from a front entry. This application is expected to proceed to Council during the Fall The Developer makes no representation regarding whether the City will agree to this relaxation in the front-yard setback for these Strata Lots Attachments to the First Amendment: Exhibit E-1 - City of Cranbrook Zoning Amendment Bylaw No. 3810, 2014

4 SIGNATURES Deemed Reliance Section 22 of the Real Estate Development Marketing Act provides that every purchaser who is entitled to receive this Disclosure Statement is deemed to have relied on any false or misleading statement of a material fact contained in this Disclosure Statement, if any, and any omission to state a material fact. The developer, its directors and any person who has signed or authorized the filing of this Disclosure Statement are liable to compensate the purchaser for any misrepresentation, subject to any defences available under section 22 of the Act. Declaration The foregoing statements disclose, without misrepresentation, all material facts relating to the Development referred to above, as required by the Real Estate Development Marketing Act of British Columbia, as of September 26, RIVER S CROSSING LTD. Per: Authorized Signatory Munir Virani Director Allen So Director

5 EXHIBIT E-1