JSSD AREA C FORECLOSED LAND

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1 FORECLOSED LAND EXCLUSIVE LISTING WASATCH COUNTY, UTAH ASPENS CHRISTENSEN CUMMINGS TOTAL DENSITY,344 ERUs for,384 Units 550 ERUs 5 ERUs,04 ERUs CONNECTIONS,384 ERUs 400 ERUs 05 ERUs,989 ERUs TOTAL ACREAGE,335 Zachary Hartman zhartman@landadvisors.com 443 North Business Park Loop Road, Suite, Park City, Utah ph The information contained herein is from sources deemed reliable. We have no reason to doubt its accuracy but do not guarantee it. It is the responsibility of the person reviewing this information to independently verify it. This package is subject to change, prior sale or complete withdrawal. UTWA7-.0.7

2 TABLE OF CONTENTS Surrounding Development Map Page 3 Entitlement Agreement Summary Page 4 Jordanelle South Area Map Page 5 Property Overview Page Location Overview Page 7 Utah Economy Page 9 Property Area Maps Page History Page 5 Boundaries Survey Page Property Photos Page 7

3 SURROUNDING DEVELOPMENT MAP Zachary Hartman East Park Mayflower North Empire PassAB 4 Bonanza Flats Deer Valley Snow Park at Deer Valley Deer Crest Pioche Mountain Estates Mayflower Deer Cove Stillwater AB 39 Mayflower Lakeview State Trust BLM J o r d a n e l l e R e s e r v o i r Hideout Jordanelle State Park AB 3 Tuhaye AB 48 Inholdings Held by Third Parties Summit County Wasatch County State Wildlife Reserve/ Management Area Subject AB50 Kamas AB 35 Francis Pine Cany onrd 40 Victory Wasatch Mountain State Park Legend Projects Active Conceptual Future K Mile UTWA While Land Advisors Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. Land Advisors Organization

4 ENTITLEMENT AGREEMENT Snell & Wilmer L.L.P. TO: Zachary Hartman, Land Advisors Organization FROM: Snell & Wilmer L.L.P. DATE: November, 0 RE: Summary of Entitlement Agreement for Aspens, Christensen and Cummings Developments ENTITLEMENT AGREEMENT SUMMARY Full Title: Entitlement Agreement for Aspens, Christensen and Cummings Developments Recording Info: October, 0, Entry No , Wasatch County, Utah Effective Date: August 30, 0 Parties: Jordanelle Special Service District and Jordanelle Special Service District Special Improvement District No (collectively JSSD) Wasatch County ( County) USAA Mutual Funds Trust, Wells Fargo & Co, and Koch Financial Company UMB Bank ( Trustee) Land: Aspens, Christensen, and Cummings properties ( Settlement Area). See Exhibit A. Settlement Area Vested Uses, The Settlement Area properties are vested with certain uses, densities, and configurations, set forth in Section 3 of the Agreement in full and summarized here: Densities, and Configurations: Aspens Christensen Cummings TOTAL Density 344 ERUs 550 ERUs 5 ERUs,04 ERUs for 384 Units Connections* 384 ERUs 400 ERUs 05 ERUs,989 ERUs *The right to connect to water and sewer improvements, including the right for an ERU to connect to capacity with the JSSD Water Treatment Facility Density Allocation/ Master Plan Amendments: Future Approvals: Talisman Phase I Plat Approval: Partial Sale Water Reservation: Impact Fees: As portions of Settlement Area are sold, Trustee may allocate the approved Density ERUs and ERU Connections from and to the Settlement Area properties in proportion to the amount of developable property as represented in the approved master plan. The allocation must be stated in a Notice of Density Allocation delivered to the County before such conveyance. The County s staff will inform the Trustee whether an application to amend an existing master plan(s) is required before allocation approval. Each approved Notice of Density Allocation or Notice of Master Plan Amendment must be included in the form of Amendment of Entitlement Agreement (see Exhibit D) and recorded on both the conveyed and remainder parcels. Until August 9, 00, the County will review future development plans subject to the terms of the Entitlement Agreement and the County Code in effect on August 30, 0. The County has given final plat approval for Talisman Phase I within the Aspens development, which will remain and not expire unless an underlying land owner seeks to have the plat vacated or amended. A developer interested in purchasing less than all of the Settlement Area should plan to make an offer for land and the number of Density ERUs and Connections that it may desire. For the first two years (two-year period ending August 9, 08), JSSD has committed water for 989 ERUs. A developer may enter into an agreement with JSSD to reserve a portion of JSSD s existing water rights and source capacity. See form attached as Exhibit C. Developers of the Settlement Area are subject to County impact fees, but JSSD will not charge any impact fees or assessments to the Settlement Area or a developer where such fees relate to the water and sewer improvements or rights to connect to and use such improvements Table of Contents

5 WDL WDL STICHTING MAYFLOWER RECREATIONAL FONDS STICHTING MAYFLOWER MOUNTAIN F 800 UTAH STATE OF BUREAU OF LAND MANAGEMENT UTAH PARKS & RECREATION THE STICHTING MAYFLOWER MOUNTAIN F 3 STICHTING MAYFLOWER MOUNTAIN F VENTANA PROPERTIES STICHTING MAYFLOWER MOUNTAIN F DEER SPRINGS PARTNERS STICHTING MAYFLOWER MOUNTAIN F STICHTING MAYFLOWER RECREATIONAL FONDS THE WASATCH COUNTY SCHOOL BUREAU OF LAND MANAGEMENT MOUNTAIN RESORT HOLDINGS MOUNTAIN RESORT HOLDINGS SPECIAL SERVICE DIS SPECIAL SERVICE DIS SPECIAL SERVICE DIS SPECIAL SERVICE DIS SWEET BRUCE D AKA 5 7 -C 5-F 0-3A 3-F -3F 5-D 5-3F - 9-B 3-3D B 7-E 54 -C 8-F 5 5-3A A POD 5 7-B A EASEMENT C -E 9 9-C 3-F 70 7 JORDANLLE RIDGE NORTH HOA INC SIGGARD RICHARD & LENORA (JT) HOLT MARY VERDELL TAYLOR TR RIDGE INC RIDGE INC NORTH VILLAGE DEVELOPMENT JOHNSON CAROL W TR MORRIS ROBERT A SR ETAL TR N WEST HOLDINGS OLSON NEIHART INC WEST WEST WEST HOLDINGS MORRIS ROBERT A ETAL TR G E OLSON CORPORATION HOLDINGS HOLDINGS HOLDINGS HOLDINGS FINNEY ANNA LOU TR STATES OF MUSTANG POD 3B OPEN 44 MUSTANG POD 3C EASEMENT 0 43 DEVELOPMENT DEVELOPMENT R R9 R8 R R5 R4 R R EASEMENT R0 R R8 R DUNLAP ROBERT W HOLDINGS 700 DUNLAP ROBERT W & KATHY L CITY DUNLAP ROBERT W & KATHY L HILL RICHARD A TR HOLDINGS STATES OF CARLISLE STEVEN R DUNLAP ROBERT W & KATHY L CALLOWAY BERNELL N TR FAULKNER NICK & KARYL HOLDINGS HOLDINGS HOLDINGS CITY 00 PROCIDA JOSEPH TR HOLDINGS CITY HOLDINGS 500 3N3 3N4 CUMMINGS DAVID PROCIDA JOSEPH TR WILSON EARL R TR 7N5 3N 7N 7N 7N3 7N4 7N 8S04 REDUS PARK CITY CITY 8SOS 800 3N 7NOP 7N5 7N7 S TR 8S03 3NOS 3N 7NOP PROCIDA JOSEPH TR GOLF REDUS PARK CITY LABRUM SHERRIE A TR KANG JAMES CNZ LC 7N4 7N8 GOLF 3N3 7N9 3N9 7N3 8S0S 8S0 8S0 7N 3N8 7N0 3N4 7N 3N5 TP 3 3N0S TP3 3N OPEN CHEN THOMAS C WALLACE SEAN R PROCIDA JOSEPH TR 9 8 GOLF TP TP4 TP5 CUMMINGS DAVID 4 3N7 TP9 TP0 TP 5 9S TP8 3NS 0 TP0 AIELLO MARIE TP7 9S 9 9S3 TP7 TP OPEN TP TP OPEN ART TP09 5 9S4 TP3 GOLF REDUS PARK CITY HOLDINGS TP5 OPEN GREGG MARK E 0 8 9S5 TP4 TP REDUS PARK CITY B 9S OPEN TANK OPEN 4 TP9 CUMMINGS DOUGLAS R CUMMINGS LAND AND HENLEY LIVESTOCK 9SOS RW RW4 TP07 HOLDINGS A RW5 CITY GOLF B RW 55 7 CITY OPEN 3 RW3 OPEN RW TP0 8 STATES OF CLYDE CRAIG 9 3 RW SHIER MATT REDUS PARK CITY RW8 4 RW9 45 RW0 47 OPEN 3N 3OPN RW3 RW4 OPEN 5 3N MORGAN HILL GROUP CITY REDUS PARK CITY TP3 3N HYANISPORT RANCH RW CITY 37 CITY MOODY LESTER 38 RW TUNNEY HEIDI F TR OPEN N5 4 OPEN S S TP3 4 S5 3N4 S3 S49 S50 S48 CITY TP0 TP03 REDUS PARK CITY HIRST JANNA G FEENEY SEAN E UTAH STATE OF TEACAM G B RILEY MARION R TP33 HOLDINGS STEIN ROBERT GOLF S4 S4 S39 S38 S S47 S S S4 S40 S3 3 S S45 S44 S S4 DRAIN S S34 S0 S5 S7 S9 S TP0 REINSTRA MARK L TR ASSET MANAGEMENT GOLF OPEN TP35 TP34 MOODY LESTER Y TR S5 S N CITY 0 S7 HOLDINGS RC35 HALLAL DAVID GOLF CITY PYROS JEFFREY J 8 S9 S3 S3 3N7 9 S4 S7 S S8 S3 3N9 GOLF S N8 S5 S9 S4 S30 S33 3N0 7 JRD RANCH INVESTMENTS NO JRD RANCH INVESTMENTS NO GARDNER ELBERT W TR 4 3N 4 5 RDS 8 S0 S3 JRD RANCH INVESTMENTS NO N 9 3 SOS 4 CITY HOWES NICK S S HOLDINGS 43 OPEN 3N3 JRD RANCH INVESTMENTS NO N4 GOLF REDUS PARK CITY JRD RANCH INVESTMENTS NO JRD RANCH INVESTMENTS NO N EASEMENT JRD RANCH INVESTMENTS NO 4 CITY 3 OPEN 5 4 SPECIAL 54 SERVICE OPEN GOLF GOLF JRD RANCH INVESTMENTS NO 4 GOLF HOLDINGS 0 GARDNER ELBERT W TR HOLDINGS UTAH STATE OF GARDNER ELBERT W TR GARDNER ELBERT W TR HOLDINGS UTAH STATE OF HOLDINGS 00 VR ACQUISITIONS HOLDINGS HOLDINGS 7000 VR ACQUISITIONS 3 AMD ALLEN JAMES C 33 BOSSART BRENT COOPER ANDREW 9 3A PETERS BRADFORD CAHOON PENNY G TR PARCEL A 3 F J VR ACQUISITIONS VR A 79 CARROLL PATRICK E 94 AMD 9 G PARCEL A H D 78 CHRISTENSEN MOUNTIAN PROPERTIE PATHFINDER 9 AMD VR ACQUISITIONS VR ACQUISITIONS J TR 44 VICTORY RANCH LC AMD WHITTEN TRAVIS P TR KUTZKEY TIMOTHY TR REECE CRAIG D TR 7 75 I 5 54 B CHRISTENSEN MOUNTIAN PROPERTIE VR ACQUISITIONS VR ACQUISITIONS 87 SOUTH AREA MAP Wasatch County Jordanelle South Area - 04 Aerial Zach Hartman LAO ,00,400 3,00 4,000 Feet The boundary lines shown here have been generated for the internal use of Wasatch County and should only be used for general reference purposes. Questions concerning ownership boundary locations should be directed to a title company, attorney, or licensed land surveyor. Wasatch County makes no warranty as to the accuracy or usefulness of this information. The end user of this information assumes all responsibility concerning this information's appropriate use J o r d a n e l l e R e s e r v o i r C 4-D Legend Preliminary Boundary Survey County Boundary Parcel Foot Contour Printed: /7/0 5 Table of Contents

6 PROPERTY OVERVIEW This is an investment opportunity to acquire a site with close proximity to the Jordanelle Reservoir and Park City, Utah. This master planned community is a total of ±,335 acres located on the south Side of Highway 3. The surrounding development includes Victory, Deer Valley, and Tuhaye Golf Community, which are all high end, year-round resort communities. The site is 40 miles from Salt Lake City, 0 miles from world class skiing at Deer Valley Resort, and miles from the Jordanelle Express Gondola at the Mayflower exit. There are panoramic views featuring the Jordanelle Reservoir directly north, Uinta Mountains to the east, and the Wasatch Mountains to the west. ENTITLEMENTS: Equivalent Residential Units (or ERUs) the property is entitled for,04 ERUs. DEVELOPMENTS IN THE AREA: Tuhaye, Victory, Deer Valley, Deer Crest, Mayflower, Stillwater Table of Contents

7 PROPERTY OVERVIEW The Property has a small town feel which is just 0 minutes to Downtown Park City and 5 minutes to Deer Valley Ski Resort. It has panoramic views featuring: The Jordanelle Reservoir, Deer Valley Ski Resort, The Uinta & Wasatch Mountains, The Provo River, and Weber River. This is a four season recreation destination with endless opportunities. This area has become a desirable place to live, work, and visit. LOCATION On the south side of the Jordanelle Reservoir between Victory and Deer Valley. The property is easily accessed from Highway 3 which connects to Highway 40 to the west. This makes for an easy drive to Deer Valley and Park City. SIZE ±,335 acres ELEVATION Elevation is approximately,500 above sea level. CLIMATE Park City s weather in each season make this area a 4 season town. Days are typically sunny, and cooler nights. Average snowfall is 43 inches in town and 400+ inches in the mountains. Summers are cool, dry, and comfortable with an average summer high of 80 degrees. Fall boasts some beautiful colors as tress begin to change. And winter brings some of the best snow on earth. ACCESS The property is accessed from Highway 3. IMPORTANT CONTACTS Utility Suppliers: Electricity: Rocky Mountain Power Gas: Questar Gas Water/ Sewer: Jordanelle Special Service District Telephone/Fiber: All West Communications Wasatch County Planning - Wasatch County Parks and Recreation Table of Contents

8 LOCATION OVERVIEW GATEWAY TO THE UINTAS The Park City and Jordanelle Areas are known for their outdoor recreation. TRAIL SYSTEM The property has room for an extensive trail system for hiking, biking, and snowshoeing. Trails not only provide recreation enjoyment, but also environmental benefits such as: wildlife preservation, water quality protection, storm water management, preservation of vegetation, firebreaks, and a reduction of noise & pollution. WATER SPORTS Enjoy Summer Days out on the water within just a few miles: The Provo River, Weber River, Beaver Creek, and the Jordanelle Reservoir. Activities include: Paddle boarding, swimming, fishing, kayaking, tubing, wakeboarding, waterskiing, boat rentals, and more! BACKCOUNTRY ACTIVITIES Mountain Biking, Hiking, Camping, Horseback Riding, 4x4 ATV Riding, Hunting, etc. WILDLIFE The property is a habitat for mule deer, moose, elk, and many species of birds. GOLFING Park City named the best places to play Between Park City and Heber Valley there are 5 private and public golf courses creating a mountain golf mecca. Combined with breathtaking views, challenging courses, and perfect temperatures, Utah has grown to be a top golf destination. Notable courses include: Red Ledges - a Jack Nicklaus Course Pete Dye and Nicklaus Courses at Promontory Glenwild - a Tom Fazio Course Victory - a Rees Jones Course Gene Bates Course at Soldier Hollow Canyons Golf Course Talisker Golf at Tuhaye - a Mark O Meara Course Crater Springs Jeremy Park Meadows Park City Wasatch Mountain SKIING Utah has 0 world class ski resorts in less than an hour from Salt Lake City International Airport with plenty to do on and off the slopes. Park City Mountain Resort and Canyons Resort have combined through a $50 Million capital improvement plan to create the largest single ski and snowboard resort in the United States. It includes 4 lifts and over 300 trails. The two resorts are connected by the new Quicksilver Gondola. Deer Valley Resort offers a luxurious experience and breath taking views. Deer Valley is a skiers-only mountain with groomed to perfection slopes, limited lift ticket sales, and gourmet dining. They are known for their award winning service on the mountain. 8 Table of Contents

9 UTAH ECONOMY UTAH ECONOMY According to Forbes Utah ranked # in 05 for fastest growing states for Tech Jobs - Adobe, Qualtrics, ebay, Netflix, and Jet.com all have operations in Utah. Utah is the th lowest in the nation for unemployment. Utah is 8th lowest crime rate in the nation BEST STATE FOR BUSINESS -FORBES Utah has the highest birth rate in the nation at 7. per,000 and the lowest median age in the nation. SLC International airport Terminal Redevelopment Program expected to be completed in ,000 sq. ft. additional terminal space. The program is estimated to cost $.8 billion and will be funded by federal grants, user fees, airport revenue bonds, and airport reserves. Utah ranked as top state in the US in job growth in 05. Job growth rate of 3.7% and 49,00 job increase. Non-farm top three industry profiles growth in 05 Information 7.7% = 00 jobs Construction 5.8% = 4500 jobs Hospitality 5.5% = 7,000 jobs Fodor s Travel named Utah top travel destination of the year UTAH MARKET OVERVIEW During 05 Utah led the nation in job growth for seven months and ranked second the remaining five months. Goldman Sachs, Fidelity Investments, and other employers helped Utah earn the reputation as the Wall Street of the West. Utah s construction sector also performed well in 05. Permit authorized construction reached its highest level in eight years and major projects like the rebuild of the Salt Lake City International Airport, a new high rise and performing arts center downtown, and multiple commercial buildings at the nexus of Utah s two largest counties contributed to a strong year. Utah s leisure and hospitality industry also made a solid contribution by adding 7,000 jobs. Park City expanded and created the largest ski resort in the country. This, combined with Utah s Mighty Five national parks, prompted Fodor s Travel to name Utah the top travel destination of the year. Capping it off, Utah s merchandise exports continued to diversify, with 4% year over growth in non-gold exports. - Report to the Governor PARK CITY OVERVIEW The Jordanelle real estate market has been growing rapidly over the past few years. Some influences include: The planned Deer Valley Expansion at the Mayflower Exit huge economic driver for the region: more ski lifts & runs, additional parking, expanded base area, etc. Vail Resorts combined Park City Mountain & Canyons Resort to make the largest ski resort in North America. In 05 Vail started a $50 million transformation in this area. Click to view the Economic Profile for Tourism in Park City & Summit City, Utah. The New SLC Terminal Redevelopment Program Arriving in Table of Contents

10 METRO MAP Zachary Hartman G r e a t S a l t L a k e Davis County Salt Lake County Salt Lake City Intl Airport West Valley City AB 7 North Salt Lake Centerville Bountiful Woods Cross 89 South Salt Lake Wasatch National Forest AB 8 5 Salt 80 Lake AB 5 City AB AB 7 AB 7 AB 0 Taylorsville Holladay Mount AB 73 Olympus AB Wilderness NWA South Valley 7 AB 89 5 AB 90 Regional Cottonwood Airport West Heights AB 85 Midvale Jordan Twin Peaks Wilderness AB AB 48 NWA Sandy AB 09 Legend South AB 0 Projects Jordan Active AB 75 Conceptual AB 8 Future Riverton Draper Non-Residential Lone Peak K Wilderness AB NWA Miles Bluffdale AB 87 UTWA Suncrest AB 7 AB 8 AB 5 AB Mount Olympus AB 30 Jeremy The Colony Brighton Ski Resort Alta Uinta National Forest The Preserve Glenwild AB 4 Park City Bonanza Flats Deer Valley Promontory 40 Wasatch Mountain State Park AB Midway AB 3 Big Canyon Mayflower Bridge Hollow Heber City Coalville AB 30 Subject Hideout AB 3 Tuhaye Red Ledges Big Piney Mountain AB 48 Oakley High Star Master Plat While Land Advisors Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. Land Advisors Organization Kamas Francis Victory AB 50 AB 35

11 REGIONAL MAP Zachary Hartman Mount Aire The Woods of Parley's Lane Summit County Salt Lake County Jeremy 80 Kimball Junction Glenwild Gillmor Silver Creek Village Promontory Brown s AB 30 Canyon Rd Big Piney Mountain Oakley AB 3 Weber Canyon Rd Wasatch National Forest AB 0 White Pine Alta Uinta National Forest State Trust AB 4 Aspen Park Deer Canyon Springs Park City Preserve City The Heights Mount Mayflower Olympus Colony 40 North Jordanelle Deer Valley State Park AB AB Deer Crest Deer Cove Twin Hideout Peaks AB 39 Tuhaye Mayflower J o r d a n e l l e Wasatch National Forest R e s e r v o i r Brighton Ski Resort Bonanza Flats Wasatch Mountain State Park Andrus Family Sub. High Star Master Plat Victory Kamas Francis Subject SRC Kamas State Wildlife Area AB 35 AB 50 Buffalo Run Legend Projects Active Conceptual Future K 0 Utah County Wasatch County AB Midway AB 3 Heber City Red Ledges The Crossings at Lake Creek State Trust Uinta National Forest Miles UTWA While Land Advisors Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. Land Advisors Organization

12 Talisman P kwy PROPERTY DETAIL MAP Zachary Hartman J o r d a n e l l e R e s e r v o i r Green Drake Dr Inholdings Held by Third Parties Bear T rack R Caddis Dr d T alisman Cl ub Rd Crescent Dr K 0,000,000 Feet UTWA While Land Advisors Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. Land Advisors Organization

13 PROPERTY DETAIL, CONTOUR & FLOODPLAIN MAP Zachary Hartman J o r d a n e l l e R e s e r v o i r 50 ft 00 ft 00 ft 50 ft 400 ft Green Drake Dr 50 ft 00 ft 300 ft 500 ft 550 ft Talisman P kwy Caddis 750 ft Inholdings Held by Third Parties Bear T rack R Dr 50 ft d T alisman Cl ub Rd 700 ft 700 ft 700 ft Crescent Dr 7000 ft 750 ft 7050 ft 950 ft 700 ft 850 ft Legend 50ft Contour Floodway 00 Year Floodplain K 0,000,000 Feet 750 ft 750 ft 750 ft 700 ft 700 ft UTWA While Land Advisors Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. Land Advisors Organization 750 ft 750 ft 7300 ft 700 ft 7000 ft

14 HISTORY In the early 000s, as property owners and developers sought entitlements for properties within Area C along Highway 3 south of the Jordanelle Reservoir, the County and JSSD responded that culinary and sewer water infrastructure was needed in order to facilitate the types of development and densities that were being proposed. Developers, property owners and the County determined that County ordinances and planning requirements would allow more than 3,000 units to be located within Area C. JSSD and some of these property owners decided to form an assessment area to finance, through bonds, the construction of water and sewer improvements, including a sewer treatment facility, lift stations, lift-forced mains, sewer lines, wells, pump houses, water transmission lines, water tanks, and power service (the Improvements). On August, 009 the Wasatch County Council authorized the issuance of the Jordanelle Special Service District, Utah, Special Assessment Bonds, Series 009A, Series 009B, and Series 009C in the aggregate principal amount of $40,850,000, which were secured by the assessments paid by owners of certain properties within Area C. The Series 009 Bonds were to pay for, or repay prior payments for, the Improvements. The Aspens Property, Christensen Property, and Cummings Property were included within the boundaries of the area pledged as security to repay the Series 009 Bonds. The owners of the Aspens Property, Christensen Property, and Cummings Property each failed to pay the assessments required under the Series 009 Bonds. As a result of the defaults, JSSD foreclosed and took title to the Aspens Property at a November 3, 0 Trustee s Sale. Next, JSSD foreclosed and took title to the Christensen Property at a February 4, 04 Trustee s Sale. Finally, JSSD obtained title to the Cummings Property as a result of a sale authorized through bankruptcy proceedings involving the former owner. JSSD recorded an Amended and Restated Special Warranty Deed on September, 04, attempting to convey the Aspens Property and Christensen Property to the Bondholders in full and complete satisfaction of all delinquent assessments for those two properties. On September, 04, JSSD also recorded a Special Warranty Deed attempting to convey the Cummings Property to the Bondholders in full and complete satisfaction of all delinquent assessments for that property. On October 4, 04, the Bondholders refused to take ownership of the properties and recorded a Notice of Rejection of Amended and Restated Special Warranty Deed as to the Aspens Property and Christensen Property and a Notice of Rejection of Special Warranty Deed as to the Cummings Property. A dispute arose among JSSD and the Bondholders about whether JSSD could transfer the Aspens Property, Christensen Property, and Cummings Property without the Bondholders consent. On October 30, 04, two of the Bondholders filed a lawsuit alleging various causes of action related to the Series 009 Bonds and JSSD s management of the bond proceeds and the Improvements built with the bond proceeds. The lawsuit is captioned USAA Mutual Funds Trust on behalf of its series the USAA Tax-Exempt Intermediate Term Fund and Wells Fargo & Co. v. Jordanelle Special Service District, a body corporate and politic, Jordanelle Special Service District Special Improvement District No , Wasatch County, a political subdivision of the State of Utah acting through the Wasatch County Council, Case No. :4cv On November 3, 05, the third Bondholder, Koch Financial Company, f/k/a Koch Financial Corporation, filed a complaint in intervention in the Lawsuit. JSSD is the current record owner of the Aspens, Christensen, and Cummings Properties. JSSD disputes this status. The Bondholders have a legal interest in these properties because they are part of the collateral that secured the Series 009 Bonds. The properties are located within the County s Mountain Zone (M) and Jordanelle Basin Overlay Zone (JBOZ). The County made a density determination for a portion of the Aspens Property on October 3, 997. The density determination approved development of,39 ERUs on a,438-acre piece of the Aspens Property. In 00 the Aspens Property was combined with another 5 acres of land, which together constitute the Aspens Property. On August 8, 007, the County Council approved a master plan amendment for the Aspens Property on which it approved,344 ERUs for a planned development having,384 units, for which JSSD allocated,384 Connections. On May 0, 007, the County executed the Talisman Development Agreement, which authorized development of 7 lots for Talisman Phase I. Section 3.l of said agreement states that proposed structures that would protrude above ridgelines must obtain a conditional use permit. The Christensen Property was the subject of a density determination that concluded this property was sustainable for 550 ERUs. JSSD allocated 400 Connections to the Christensen Property. On April 4, 007, the County Council approved a density determination of 30 ERUs for a larger parcel of which the Cummings Property is a part. The number of ERUs corresponding to the Cummings Property is 5 ERUs. JSSD allocated 05 Connections to the Cummings Property. 4 Table of Contents

15 L40 N 0 0'0" W ' S 0 3'5" E 04.55' S 0 0'39" E 50.00' ALL REPORTS, DESIGNS, FIELD DATA, FIELD NOTES, DRAWINGS, SPECIFICATIONS, CALCULATIONS, ESTIMATES OR ANY REPRESENTATION CONTAINED HEREON ARE THE SOLE PROPERTY OF DIAMOND DESIGN AND LAND SURVEYING UNLESS PREVIOUSLY ESTABLISHED BY PRECEDENCE OR WRITTEN AGREEMENT BOUNDARIES SURVEY L38 L8 L9 L0 L L3 L L3 L5 L 4 3 L33 L30L9 L35 L3 L3 C L39 L34 L L L3 L4 L5 L L7 L L L7 L8 L9 L3 L4 L0 L L L L7L8 L S 0 0'9" E 344.4' N 89 33'35" E 8.' N 89 33'3" E 7.85' S 8'39" E 49.9' N 0 03'54" E 39.8' N 0 0'40" E 04.35' S 89 57'09" E ' N 89 55'58" W 45.7' OVERALL BOUNDARY,335 ACRES N 89 5'47" W 4.7' N 89 5'50" W 54.37' N 89 5'5" W ' 7 S 0 3'0" E 4.74' S 9'" E ' DIAMOND LAND SURVEYING, Boundary Surveys Topography Surveys Subdivisions Construction Staking A.L.T.A. & A.C.S.M. Surveys 543 South Greenpine Drive Murray, Utah 843 Phone (80) Fax (80) -503 diamond@hdsurvey.com S 89 59'33" W ' S 0 0'" E 97.48' S 88 8'47" W 3.8' N 89 38'3" W 3.78' 5 Table of Contents

16 S 0 '7" E ' L40 N 0 0'0" W.' N 0 0'39" W 48.9' ALL REPORTS, DESIGNS, FIELD DATA, FIELD NOTES, DRAWINGS, SPECIFICATIONS, CALCULATIONS, ESTIMATES OR ANY REPRESENTATION CONTAINED HEREON ARE THE SOLE PROPERTY OF DIAMOND DESIGN AND LAND SURVEYING UNLESS PREVIOUSLY ESTABLISHED BY PRECEDENCE OR WRITTEN AGREEMENT BOUNDARIES SURVEY L39 SECTION 34 SECTION 35 L38 N 89 4'53" E N 89 34'0" E 5.47' L ' N 89 38'5" E 7.08' 35 3 SECTION 3 S 89 33'35" W 8.4' S 89 33'3" W 7.85' N 89 55'58" W 4.7' SECTION S 89 48'58" W 45.37' N 0 00'5" E ' 0 SECTION S 89 59'40" W 585.' S 0 '39" W 34.' S 0 08'4" W 97.38' S 89 5'49" E 54.37' SECTION S 89 5'53" E 775.0' S 8'39" E 49.9' S 9'" E 44.8' 7 S 0 '9" E 3.5' Boundary Surveys Topography Surveys DIAMOND LAND SURVEYING, Subdivisions Construction Staking A.L.T.A. & A.C.S.M. Surveys 543 South Greenpine Drive Murray, Utah 843 Phone (80) Fax (80) -503 diamond@hdsurvey.com SECTION SECTION SECTION S 89 45'5" E 58.77' N 0 '43" E 47.40' N 88 4'5" E 37.7' S 89 38'30" E 0.4' Table of Contents

17 PROPERTY PHOTOS 7 Table of Contents

18 PROPERTY PHOTOS 8 Table of Contents