COACHELLA GATEWAY EXCLUSIVE OFFERING BROCHURE

COACHELLA GATEWAY EXCLUSIVE OFFERING BROCHURE ±98.7 Acres of Commercial/Residential Mixed-Use Land in a Prime Commercial Corridor City of Coachella, County of Riverside CalBRE #01225173 www.landadvisors.com

Table of Contents OFFERING SUMMARY Executive Summary 5 Location Map 6 Aerial Map 7 Specific Plan 8 Vicinity Map 9 Site Aerials 10 Soils Map 12 LOCAL OVERVIEW Local Overview 14 Demographics 16 OFFERING GUIDELINES Offering Instructions 18 DISCLOSURES Confidentiality and Disclaimer 20 Disclosure Regarding Real Estate Agency Relationship 21 Exclusive Offering Brochure 2

OFFERING SUMMARY COACHELLA GATEWAY

Executive Summary OPPORTUNITY HIGHLIGHTS Regarded as the best-crafted General Plan in the Coachella Valley, the city of Coachella s recently adopted 2035 General Plan clearly lays out the City s vision and their pathway to become one of the Valley s premier commercial and residential destinations. Located adjacent to two the Coachella Valley s most important transportation corridors, Coachella Gateway is the premier mixed-use development leading into the new city of Coachella. It is this ideal location in a high-traffic area, a progressive General Plan and a pro-growth City that makes Coachella Gateway ready for development. Coachella Gateway, the commercial/residential mixed-use component of the Shadow View Specific Plan, offers the following: Flexibility and City support to create developments that caters to today s commercial needs; Immediate interchange access to Interstate 10, the only trans-continental highway connecting the United States largest ports (Los Angeles and Long Beach) with the rest of the southern and eastern United States; Immediate interchange access to the NAFTA Highway (State Route 86 Expressway), a major transportation corridor connecting the Western United States to Mexico; Immediateaccess to Coachella Valley s primary transportationcorridors (Dillon Road, Highway 111, Avenue 48, etc), core entertainmentvenuesand major residentialareas; Located directly across the street from one of the Valley s premier casinos, the Spotlight 29 Casino. Coachella will be distinct from the other cities in the Coachella Valley, an authentic California desert town, exhibiting strong traditional architectural elements of the region s history the City will be comprised of walkable neighborhoods in high demand by new arrivals to the Valley and different from the conventional subdivisions that populate the Valley. With this distinct character and its geographic location, the City becomes the eastern gateway to the Coachella Valley (2035 city of Coachella General Plan). Coachella Gateway is the gateway project to the new and vibrant city of Coachella. Exclusive Offering Brochure 4

Executive Summary PROPERTY OVERVIEW Coachella Gateway ( Property ) is the mixed-use component of the Shadow View Specific Plan, a master planned community located in the desirable northwest section of Coachella. The project s master plan incorporates a variety of commercial amenities and over 1,000 residential dwelling units. The Shadow View Specific Plan lies within the Valley s highest rated public school district, the Desert Sands School District. The project s location, ease of access and top rated school district provides a competitive advantage over all other Coachella, CathedralCity, Desert Hot Springs, Palm Springs andnorth Palm Desert areas. LOCATION The Property is situated immediately south of Interstate 10 and east of Expressway 86S within the city of Coachella. Immediately adjacent to North Indio, the primary site access points are Dillon Road, 48th and Tyler. PROPERTY CONDITION The Property is currently in an unimproved condition with all utilities either stubbed to the property boundary line or within immediate reach. GROSS ACRES ±98.69 GENERAL PLAN Regional Retail/Urban Neighborhood and Mixed Use ZONING Regional Commercial ALLOWED USES: Regional Retail: Up to 1,000,000 sq.ft. Urban Neighborhood and Mixed Use 15-35 DU/AC: 1,700 to 2,335 dwelling units LAND USE OPTIONS Coachella Gateway can be utilized for a variety of uses including: commercial, recreational, agricultural, residential and industrial. The North Dillion Road Area is rich in amenities and provides Coachella Gateway with great farming related use potential. ASSESSOR PARCEL NUMBERS 603-102-002, -003, -019, -021, -027, -029, -037, 603-110-016 TAX INFORMATION A CFD was planned but not funded. It was originally estimated that the CFD would generate reimbursements of approximately $13,168,000 based on pervious sizing assumptions. This estimate may change based on current pricing. TRAFFIC COUNT SR 86 at Interstate 10 Back AADT 28,000 SR 86 at Dillon Road Back AADT 27,000 SR 86 at Dillon Road Ahead AADT 28,000 I-10 at SR 86S Back AADT 54,000 I-10 at SF 86 Ahead AADT 25,400 I-10 at Dillon Road Back AADT 25,400 I-10 at Dillon Road Ahead AADT 23,300 AADT = Annual Average Daily Traffic Count Source: http://www.dot.ca.gov/trafficops/census/2014all/route82-86.html Exclusive Offering Brochure 5

Location REGIONAL MAP LOCAL MAP COACHELLA GATEWAY COACHELLA GATEWAY Exclusive Offering Brochure 6

Aerial Map Exclusive Offering Brochure 7

Specific Plan Exclusive Offering Brochure 8

Vicinity Map K. Hovnanian s Four Seasons at Terra Lago COACHELLA GATEWAY Exclusive Offering Brochure 9

COACHELLA GATEWAY COACHELLA Site Aerial Exclusive Offering Brochure 10

COACHELLA GATEWAY COACHELLA Site Aerial Exclusive Offering Brochure 11

COACHELLA GATEWAY COACHELLA Soils Map LEGEND CrA (Coachella fine sand, wet, 0 to 2 percent slopes) GcA (Gilman fine sandy loam, wet, 0 to 2 percent slopes) W (Water) It (Indio very fine sandy loam, wet) Exclusive Offering Brochure 12

LOCAL OVERVIEW COACHELLA GATEWAY

Local Overview CITY OVERVIEW Coachella Gateway is located in the City of Coachella, known as the City of Eternal Sunshine. Coachella is the easternmost city in the region, located 28 miles east of Palm Springs, 72 miles east of Riverside, and 130 miles east of Los Angeles. Boasting a beautiful desert landscape and 350 days of sunshine annually, Coachella is one of the fastest growing municipalities in California with a population of approximately 43,633. Most of this growth occurred between 2000 2013, when Coachella gained 20,060 residents making it the second fastest growing city in the Coachella Valley. The city continues to attract both residents and tourists, offering recreational amenities in a friendly, small-town setting and a convenient location near numerous attractions, recreational activities, renowned shopping centers, and resort destinations. Much of Coachella Valley also belongs to the distinguished Desert Sands Unified School District. Other highlights of Coachella include famous authentic Mexican cuisine, agricultural abundance, and city events and festivals. HEALTHCARE Coachella residents enjoy a comfortable climate year round, clean air, and an abundance of recreational facilities which makes it easy to live a healthy lifestyle. Nearby hospitals include the JFK Hospital in Indio and the Eisenhower Medical Center in Rancho Mirage. The JFK Memorial Hospital ranks among the top in the nation for joint replacement, and the Eisenhower Medical Center was named one of the top 100 hospitals in the nation in 2005. AMENITIES Coachella Gateway is located near a number of regional dining, shopping, and entertainment locations. The Jackson Street Retail Corridor Retail Center, Coachella Shopping Center and Gateway Center are minutes away from the site. These shopping centers feature stores such as Super Target, Twenty-four Hour Fitness; Babies R Us, Win Co, Food 4 Less, Sears, Walgreens, Cardenas Market, banks, and several eateries. Coachella Gateway is also located within close proximity to three popular Indian Reservation Casinos. The subject site is across the street from the Spotlight 29 Casino, under one mile away from the Fantasy Springs Resort and Casino (pictured on right) and six miles from the Augustine Casino. The City features a recreational center, a Boys and Girls Club center, and a boxing club in Bagdouma Park. Several golf courses are located nearby, including the new Vineyards Golf Course and Eagle Falls Golf Course which are also about one mile away from the subject site. Coachella is home to three annual festivals and a weekly farmer s market boasting plentiful Coachella crops such as grapes, dates, citrus, and peppers. CLIMATE Surrounded by the natural beauty of the desert, Coachella enjoys a warm Tropical and Subtropical Desert Climate with over 350 days of sunshine per year and some of the warmest winters west of the Rocky Mountains. Eisenhower Medical Center View of Fantasy Springs Resort & Casino from Eagle Falls Golf Course Exclusive Offering Brochure 14

Local Overview TRANSPORTATION The Property is conveniently located near major transportation corridors which provides ideal accessibility. The site is adjacent to both Expressway 86S and Interstate 10. Highway 111 is also just 2.5 miles away from Coachella Gateway and connects the entire valley with Interstate 10 and Expressway 86S. The Sunline Transit Agency offers bus transportation and stops on Highway 111 and Flower Street, 4 miles from thesubjectsite. ThePalm Springs InternationalAirport is approximately24 miles from thesubjectsite, andthejacquelinecochranairportis approximately7 miles from thesubjectsite. ECONOMY Coachella is a business friendly community with good proximity to local, regional and interstate markets. The city is a progressive, service-oriented and responsive partner to businesses. The Economic Development program's staff facilitates the retention, growth, and expansion of businesses by providing business-friendly programs and services that are aimed toward growing an economy, increasing city revenues and building the City s positive image. Agriculture is a vital part of the community s economy, with over 95% of the country s dates produced in Coachella and neighboring cities. These important crops are available for local purchase alongside an assortment of breads, flowers, coffee, and Mexican cocoa provided at Coachella s Saturday morning certified organic farmers market. EMPLOYMENT Labor force participation in the Coachella Valley has been rebounding since the Great Recession. By sector, the largest share of Coachella Valley residents working in or out of the area during 2015 were leisure and hospitality (27%). Next was trade/transportation and utilities (18%), education and health services (16%), and government (11%). COACHELLA VALLEY MUSEUM & CULTURAL CENTER The museum seeks to share the unique history of the desert and its pioneers. The museum contains numerous exhibits, spacious grounds, a variety of gardens, Submarine house, a Blacksmith shop, various farming equipment, and the Museum's archives. Coachella Valley Music and Arts Festival ( Coachella ) MUSIC & ARTS FESTIVALS The Coachella Valley is becoming known for the variety of festivals it hosts annually. Known simply as Coachella, the most popular is an annual six-day music and arts festival held at the Empire Polo Club. Several stages host live music with a wide variety of music genres, featuring top musical artists throughout the world. Coachella is also dedicated to promoting the visual arts which include various art and sculpture installations. Stagecoach, the country music version of Coachella, and Desert Trip, the rock and roll version of Coachella, are also held at the Empire Polo Club. These five annual festivals bring hundreds of thousands of people to the Valley each year and bring in approximately $803 million dollars of annual revenue. Exclusive Offering Brochure 15

Demographics Description 1 Mile 3 Mile 5 Mile Area & Density Area (Square Miles) : 2.087603 16.373868 63.113064 Density : 32.6 3,443.5 1,880.6 Population By Year Population (1990) : 33 28,510 61,473 Population (2000) : 570 34,091 79,087 Population (2010) : 67 55,126 116,338 Population (Current) : 68 56,384 118,688 Population (5 Yr. Forecast) : 79 63,273 133,624 Percent Growth (Current Yr./Previous Yr.) : 1.49 2.19 1.97 Percent Forecast (5 Yr. Forecast/Current Yr.) : 16.18 12.48 12.71 Households By Year Households (1990) : 9 6,509 16,306 Households (2000) : 285 8,085 20,485 Households (2010) : 34 13,137 31,184 Households (Current) : 34 13,267 31,387 Households (5 Yr. Forecast) : 39 14,733 34,851 Percent Growth (Current Yr./Previous Yr.) : N/A 0.89 0.62 Percent Forecast (5 Yr. Forecast/Current Yr.) : 14.71 11.22 11.11 Description 1 Mile 3 Mile 5 Mile General Population Characteristics Male: 33 29,209 60,025 Female : 35 27,175 58,663 Density : 32.6 3,443.5 1,880.6 Urban : 61 54,460 111,532 Rural : 7 1,924 7,156 General Household Characteristics Households (Current) : 34 13,267 31,387 Families : 22 11,144 25,659 Average Size of Household : 1.97 3.84 3.65 Median Age of Householder : 67 45 45 Median Value Owner Occupied ($) : 450,000.00 257,794.89 282,047.32 Median Rent ($) : 1,375.00 772.73 851.42 Median Vehicles Per Household : 2 2 2 General Housing Characteristics Housing Units : 212 15,407 37,917 Owner Occupied Units : 29 7,956 19,909 Renter Occupied Units : 5 5,311 11,478 Vacant Units : 178 2,140 6,530 Population By Race White Alone : 52 29,744 66,790 Black Alone : 8 598 2,028 Asian Alone : N/A 710 2,007 Native American and Alaska Native Alone : 1 533 1,154 Other Race Alone : 5 23,210 42,982 Two or More Races : 2 1,589 3,727 Population By Ethnicity Hispanic : 14 51,420 97,187 White Non-Hispanic : 47 3,649 17,428 General Income Characteristics Median Household Income ($) : 75,000.00 48,318.85 55,728.26 Total Household Income ($) : 2,816,532 775,774,504 2,118,243,580 Average Household Income ($) : 82,839 58,474 67,488 Per Capita Income ($) : 41,420 13,759 17,847 Retail Sales Total Retail Sales ($) : N/A 282,317 877,123 Consumer Expenditures Total Consumer Expenditures ($) : 1,871 678,175.8 1,679,409 Employment By Place Of Business Total Employees : N/A 7,189 22,904 Exclusive Offering Brochure 16

OFFERING GUIDELINES COACHELLA GATEWAY

Offering Instructions ASKING PRICE Submit offer. PURCHASE TERMS The Seller prefers all-cash offers but will consider all proposed deal structures. LETTER OF INTENT The Property shall be removed from the market and the Feasibility Period shall commence upon acceptance of a Letter of Intent. DEPOSITS The Initial Deposit shall be equal to five percent (5%) of the anticipated 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 eight percent (8%) of the Purchase Price. Upon Buyer s approval of its Feasibility, the Initial and Second Deposit shall be released to Seller and shall be non-refundable except for 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. The Feasibility Period shall expire 30 days from the acceptance of the Letter of Intent. PROPERTY CONDITION AT CLOSE OF ESCROW ThePropertywill be deliveredin as-is condition. CLOSE OF ESCROW The Close of Escrow shall occur on or before 15 days after the expiration of the Feasibility Period. 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. Any information provided by Seller of Affiliates is intended to help a Buyer develop an offer to purchase the Property, but Buyer must not rely on anything other than its own due diligence. OFFERS Please submit all offers to: Land Advisors Organization Attn: Stone James 73-710 Fred Waring, Suite 116 Palm Desert, CA 92260 Tel: 760.219.7227 Fax 949.852.8108 Email: sjames@landadvisors.com OFFERS 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. Pursuant to S.B. 1171, all offers on real estate in the State of California are required to be accompanied by an executed version of the form on pages 21-24. Please fill out the form and return it with your offer. Exclusive Offering Brochure 18

DISCLOSURES COACHELLA GATEWAY

Confidentiality and 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 Subject Property (APN: 603-102-002, - 003, -019, -021, -027, -029, -037, 603-110-016) within the City of Coachella, County of Riverside 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 the Sellers 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, 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. This Brochure was prepared by Land Advisors. It contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. All assumptions are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation. 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 LandAdvisors or the Seller. Each prospective purchaseris to rely uponits own investigation, evaluationandjudgmentas to theadvisability of purchasingthe Property described herein. Seller and Land Advisors 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 is not authorized to make any representations or agreements on behalf of Seller. This Brochure is the Property of Land Advisors and may be used only by parties approved by Land Advisors. The Property is privately offered and, by accepting this Brochure, the party in possession hereof agrees (i) to return it to Land Advisors immediately upon request of Land Advisors 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 and Seller. Please be advised, Buyer acknowledges that Park Place Partners, Inc. d/b/a Land Advisors Organization, may (1) act as an agent for more than one prospective Buyer on the subject property and/or (2) act as the agent for both the Buyer and Seller on the subject property. Any prospective Buyer requesting Land Advisors to submit an offer on its behalf acknowledges the foregoing disclosures and agrees to the described agency relationships with other prospective Buyers. The terms and conditions set forth above apply to this Brochure in its entirety. Exclusive Offering Brochure 20

Disclosure Regarding Real Estate Agency Relationship Disclosure Regarding Real Estate Agency Relationship (AS REQUIRED BY THE CIVIL CODE) When you enter into a discussion with a real estate agent regarding a real estate transaction, you should from the outset understand what type of agency relationship or representation you wish to have with the agent in the transaction. 1. Buyer s/tenant s Agent A selling agent can, with a Buyer s/tenant s consent, agree to act as agent for the Buyer/Tenant only. In these situations, the agent is not the Seller s/landlord s agent, even if by agreement the agent may receive compensation for services rendered, either in full or in part from the Seller/Landlord. An agent acting only for a Buyer/Tenant has the following affirmative obligations: TO THE BUYER/TENANT: A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Buyer/Tenant. TO THE BUYER/TENANT AND THE SELLER/LANDLORD: a) Diligent exercise of reasonable skill and care inperformance of the agent s duties. b) A duty of honest and fair dealing and good faith. c) A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties. An agent is not obligated to reveal to either party any confidential information obtained from the other party that does not involve the affirmative duties set forth above. 2. Seller s/landlord s Agent A Seller s/landlord s agent under a listing agreement with the Seller/Landlord acts as the agent for the Seller/Landlord only. A Seller s/ Landlord s agent or a subagent of that agent has the following affirmative obligations: TO THE SELLER/LANDLORD: A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Seller/Landlord. TO THE BUYER/TENANT AND THE SELLER/LANDLORD: a) Diligent exercise of reasonable skill and care inperformance of the agent s duties. b) A duty of honest and fair dealing and good faith. c) A duty to disclose all facts known to the agent materially affecting the value or desirability of the property that are not known to, or within the diligent attention and observation of, the parties. An agent is not obligated to reveal to either party any confidential information obtained from the other party that does not involve the affirmative duties set forth above. Exclusive Offering Brochure 21

Disclosure Regarding Real Estate Agency Relationship 3. Agent Representing Both Seller/Landlord and Buyer/Tenant A real estate agent, either acting directly or through one or more associate licensees, can legally be the agent of both the Seller/Landlord and the Buyer/Tenant in a transaction, but only with the knowledge and consent of both the Seller/Landlord and the Buyer/Tenant. In a dual agency situation, the agent has the following affirmative obligations: TO BOTH THE SELLER/LANDLORD AND THE BUYER/TENANT: a) A fiduciary duty of utmost care, integrity, honesty and loyalty in the dealings with either the Seller/Landlord or the Buyer/Tenant. b) Other duties to the Seller/Landlord and the Buyer/Tenant as stated above in their respective sections. In representing both Seller/Landlord and Buyer/Tenant, the agent may not, without the express permission of the respective party, disclose to the other party that the Seller/Landlord will accept a price less than the listing price or that the Buyer/Tenant will pay a price greater than the price offered. The above duties of the agent in a real estate transaction do not relieve a Seller/Landlord or Buyer/Tenant from the responsibility to protect his or her own interests. You should carefully read all agreements to assure that they adequately express your understanding of the transaction. A real estate agent is a person qualified to advise about real estate. If legal or tax advice is desired, consult a competent professional. Throughout your real property transaction you may receive more than one disclosure form, depending upon the number of agents assisting in the transaction. The law requires each agent with whom you have more than a casual relationship to present you with this disclosure form. You should read its contents each time it is presented to you, considering the relationship between you and the real estate agent in your specific transaction. This disclosure form includes the provisions of Sections 2079.13 to 2079.24, inclusive, of the Civil Code set forth on the reverse hereof. Read it carefully. Stone James (Name of Listing Agents) (Name of Selling Agent if not the same as the Listing Agent) is the agent of (check one): the seller/landlord exclusively; or is the agent of (check one): the buyer/tenant exclusively; or both the buyer and seller. the seller/landlord exclusively; or, both the buyer and seller. Stone James Listing Agent (Signature) [Date] Buyer/Tenant (Signature) [Date] Selling Agent If not same as Listing Agent (Signature) [Date] Seller/Landlord (Signature) [Date] Exclusive Offering Brochure 22

Disclosure Regarding Real Estate Agency Relationship 2079.13: As used in Sections 2079.14 to 2079.24, inclusive, the following terms have the following meanings: a) Agent means a person acting under provisions of Title 9 (commencing with Section 2295) in a real property transaction, and includes a person who is licensed as a real estate broker under Chapter 3 (commencing with Section 10130) of Part 1 of Division 4 of the Business and Professions Code, and under whose license a listing is executed or an offer to purchase is obtained. b) Associate licensee means a person who is licensed as a real estate broker or salesperson under Chapter 3 (commencing with Section 10130) of Part 1 of Division 4 of the Business and Professions Code and who is either licensed under a broker or has entered into a written contract with a broker to act as the broker s agent in connection with acts requiring a real estate license and to function under the broker s supervision in the capacity of an associate licensee. c) The agent in the real property transaction bears responsibility for his or her associate licensees who perform as agents of the agent. When an associate licensee owes a duty to any principal, or to any buyer or seller who is not a principal, in a real property transaction, that duty is equivalent to the duty owed to that party by the broker for whom the associate licensee functions. d) Buyer means a transferee in a real property transaction, and includes a person who executes an offer to purchase real property from a seller through an agent, or who seeks the services of an agent in more than a casual, transitory, or preliminary manner, with the object of entering into a real property transaction. Buyer includes vendee or lessee. e) Commercial real property means all real property in the state, except single-family residential real property, dwelling units made subject to Chapter 2 (commencing with Section 1940) of Title 5, mobile homes, as defined in Section 798.3, or recreational vehicles, as defined in Section 799.29. f) Dual agent means an agent acting, either directly or through an associate licensee, as agent for both the seller and the buyer in a real property transaction. g) Listing agreement means a contract between an owner of real property and an agent, by which the agent has been authorized to sell the real property or to find or obtain a buyer. h) Listing agent means a person who has obtained a listing of real property to act as an agent for compensation. i) Listing price is the amount expressed in dollars specified in the listing for which the seller is willing to sell the real property through the listing agent. j) Offering price is the amount expressed in dollars specified in an offer to purchase for which the buyer is willing to buy the real property. k) Offer to purchase means a written contract executed by a buyer acting through a selling agent that becomes the contract for the sale of the real property upon acceptance by the seller. l) Real property means any estate specified by subdivision (1) or (2) of Section 761 in property that constitutes or is improved with one to four dwelling units, any leasehold in these types of property exceeding one year s duration, and mobile homes, when offered for sale or sold through an agent pursuant to the authority contained in Section 10131.6 of the Business and Professions Code. m) Real property transaction means a transaction for the sale of real property in which an agent is employed by one or more of the principals to act in that transaction, and includes a listing or an offer to purchase. n) Sell, sale, or sold refers to a transaction for the transfer of real property from the seller to the buyer, and includes exchanges of real property between the seller and buyer, transactions for the creation of a real property sales contract within the meaning of Section 2985, and transactions for the creation of a leasehold exceeding one year s duration. o) Seller means the transferor in a real property transaction, and includes an owner who lists real property with an agent, whether or not a transfer results, or who receives an offer to purchase real property of which he or she is the owner from an agent on behalf of another. Seller includes both a vendor and a lessor. p) Selling agent means a listing agent who acts alone, or an agent who acts in cooperation with a listing agent, and who sells or finds and obtains a buyer for the real property, or an agent who locates property for a buyer or who finds a buyer for a property for which no listing exists and presents an offer to purchase to the seller. q) Subagent means a person to whom an agent delegates agency powers as provided in Article 5 (commencing with Section 2349) of Chapter 1 of Title 9. However, subagent does not include an associate licensee who is acting under the supervision of an agent in a real property transaction. Exclusive Offering Brochure 23

Disclosure Regarding Real Estate Agency Relationship 2079.14: Listing agents and selling agents shall provide the seller and buyer in a real property transaction with a copy of the disclosure form specified in Section 2079.16, and, except as provided in subdivision (c), shall obtain a signed acknowledgment of receipt from that seller or buyer, except as provided in this section or Section 2079.15, as follows: a) The listing agent, if any, shall provide the disclosure form to the seller prior to entering into the listing agreement. b) The selling agent shall provide the disclosure form to the seller as soon as practicable prior to presenting the seller with an offer to purchase, unless the selling agent previously provided the seller with a copy of the disclosure form pursuant to subdivision (a). c) Where the selling agent does not deal on a face-to-face basis with the seller, the disclosure form prepared by the selling agent may be furnished to the seller (and acknowledgment of receipt obtained for the selling agent from the seller) by the listing agent, or the selling agent may deliver the disclosure form by certified mail addressed to the seller at his or her last known address, in which case no signed acknowledgment of receipt is required. d) The selling agent shall provide the disclosure form to the buyer as soon as practicable prior to execution of the buyer s offer to purchase, except that if the offer to purchase is not prepared by the selling agent, the selling agent shall present the disclosure form to the buyer not later than the next business day after the selling agent receives the offer to purchase from the buyer. 2079.15: In any circumstance in which the seller or buyer refuses to sign an acknowledgment of receipt pursuant to Section 2079.14, the agent, or an associate licensee acting for an agent, shall set forth, sign, and date a written declaration of the facts of the refusal. 2079.16: The disclosure form required by Section 2079.14 shall have Sections 2079.13 to 2079.24, inclusive, excluding this section, printed on the back, and on the front of the disclosure form. 2079.17: a) As soon as practicable, the selling agent shall disclose to the buyer and seller whether the selling agent is acting in the real property transaction exclusively as the buyer s agent, exclusively as the seller s agent, or as a dual agent representing both the buyer and the seller. This relationship shall be confirmed in the contract to purchase and sell real property or in a separate writing executed or acknowledged by the seller, the buyer, and the selling agent prior to or coincident with execution of that contract by the buyer and the seller, respectively. b) As soon as practicable, the listing agent shall disclose to the seller whether the listing agent is acting in the real property transaction exclusively as the seller s agent, or as a dual agent representing both the buyer and seller. This relationship shall be confirmed in the contract to purchase and sell real property or in a separate writing executed or acknowledged by the seller and the listing agent prior to or coincident with the execution of that contract by the seller. c) The confirmation required by subdivisions (a) and (b) shall be in the following form: d) The disclosures and confirmation required by this section shall be in addition to the disclosure required by Section 2079.14. Exclusive Offering Brochure 24

Disclosure Regarding Real Estate Agency Relationship 2079.18: No selling agent in a real property transaction may act as an agent for the buyer only, when the selling agent is also acting as the listing agent in the transaction. 2079.19: The payment of compensation or the obligation to pay compensation to an agent by the seller or buyer is not necessarily determinative of a particular agency relationship between an agent and the seller or buyer. A listing agent and a selling agent may agree to share any compensation or commission paid, or any right to any compensation or commission for which an obligation arises as the result of a real estate transaction, and the terms of any such agreement shall not necessarily be determinative of a particular relationship. 2079.20: Nothing in this article prevents an agent from selecting, as a condition of the agent s employment, a specific form of agency relationship not specifically prohibited by this article if the requirements of Section 2079.14 and Section 2079.17 are complied with. 2079.21: A dual agent shall not disclose to the buyer that the seller is willing to sell the property at a price less than the listing price, without the express written consent of the seller. A dual agent shall not disclose to the seller that the buyer is willing to pay a price greater than the offering price, without the express written consent of the buyer. This section does not alter in any way the duty or responsibility of a dual agent to any principal with respect to confidential information other than price. 2079.22: Nothing in this article precludes a listing agent from also being a selling agent, and the combination of these functions in one agent does not, of itself, make that agent a dual agent. 2079.23: A contract between the principal and agent may be modified or altered to change the agency relationship at any time before the performance of the act which is the object of the agency with the written consent of the parties to the agency relationship. 2079.24: Nothing in this article shall be construed to either diminish the duty of disclosure owed buyers and sellers by agents and their associate licensees, subagents, and employees or to relieve agents and their associate licensees, subagents, and employees from liability for their conduct in connection with acts governed by this article or for any breach of a fiduciary duty or a duty of disclosure. Exclusive Offering Brochure 25

CONTACT LAND ADVISORS ORGANIZATION 100 Spectrum Center Drive, Suite 1400 Irvine, California 92618 (949) 852-8288 www.landadvisors.com See what s happening on our social sites! EXCLUSIVELY REPRESENTED BY: Stone James MRED Vice President CA BRE #01833979 73-710 Fred Waring Drive, Suite 116 Palm Desert, CA 92260-1655 760-219-7227 sjames@landadvisors.com AFFILIATED BUSINESSES CAPITAL SOURCING Landmark Capital Advisors, a Land Advisors company, is a market leader in sourcing debt and equity for residential and commercial transactions. MARKET STUDIES & DATA Market InSite Real Estate Advisors, a Land Advisors company, provides data and market studies to clients who buy, sell, and develop residential and mixed-use subdivision land. For your capital needs, please contact: Residential Adam Deermount (949) 760-7940 x11 Commercial David Kidder (949) 760-7940 x10 For your market studies & data needs, please contact: Market Studies Bob McFarland (949) 727-9375 Exclusive Offering Brochure 26

EXCLUSIVELY REPRESENTED BY: CalBRE #01225173 www.landadvisors.com Stone James MRED Vice President CA BRE #01833979 73-710 Fred Waring Drive, Suite 116 Palm Desert, CA 92260-1655 760-219-7227 sjames@landadvisors.com