TURTLE RANCH | FRENCH VALLEY 51 Lots with Final Map

• Thompson Rd

•

TURTLE RANCH Galleano Ave

• Pourroy Rd

Sheffield Park

EXCLUSIVE OFFERING MEMORANDUM

WD Land | 94 Discovery | Irvine, CA 92618 | 949.789.4555 | BRE Lic No. 01211887 TABLE OF CONTENTS

EXECUTIVE SUMMARY . 3 DISCLAIMER AND DISCLOSURE ...... 27 WD LAND CONTACT INFORMATION ...... 28 PROCESS & TIMING 5

MAPS & EXHIBITS Regional Map ...... 6 Local Map ...... 7 High Aerial ...... 8 Mid Level Aerial ...... 9 Oblique Aerial ...... 10 Low Aerial ...... 11 Low Aerial with Overlay ...... 12 Photos ...... 13 Final Map #35161 ...... 14 Overview ...... 15

DEVELOPMENT Due Diligence ...... 16 Definition of a Finished Lot ...... 17

MARKET Demographics ...... 20 Assigned Schools Exhibit ...... 21 Actively Selling Communities Map ...... 22 Actively Selling Communities Pricing Graph ...... 23 Actively Selling Communities ...... 24

TURTLE RANCH | FRENCH VALLEY 2 EXECUTIVE SUMMARY

OPPORTUNITY Temecula Schools: Temecula Valley Unified School WD Land is pleased to present an increasingly rare District (TVUSD) is the top ranked school district in homebuilding opportunity in the French Valley area of SW Riverside County. Turtle Ranch will command a material Riverside County. Located at the SE corner of Thompson pricing advantage over projects on the west side of the and Pourroy Rd, the property is situated in the heart of Hwy-79 that primarily lie in the Menifee Unified School residential development with newer home communities District. on each of the three other corners at this intersection. Superior Location: The location of this site will offer Tentative Map #35161 was approved in June 2010 for 51 future homeowners convenient access to the I-15 & lots that average 10,000 sf (7,200 sf minimum). Final I-215 via Highway 79 and to a wide variety of amenities map and improvement plans are effectively approved including a regional shopping mall, entertainment & ready for a Buyer to pull a grading permit at COE. restaurant venues, the burgeoning wine country, gaming Turtle Ranch offers a compelling homebuilding opportunity casinos and at least five nearby lakes. due to:

Lack of Inventory: Largely as a result of a depleted KEY HIGHLIGHTS supply of new homes in Temecula and Murrieta, French • 51 lots with a ready-to-record final map Valley has evolved into an attractive community and a • Large lots - average 10,000 sf major new home submarket. The limited availability of lots relative to market/homebuilder demand coupled with • Temecula Valley School District – #1 Rated in Riverside the proven market acceptance and appeal help support County the viability and future success of the project. • Highly visible hard corner location (Thompson & Attractive Number of Lots: The size of the project is Pourroy Rd) well suited for today’s market as builders seek to limit their land/lot inventories and maximize the turn of cash. • Attractive edge conditions and marketing window. Turtle Ranch offers a builder a critical mass of lots, yet • French Valley new home market is flourishing due in a manageable supply that it can sell in less than a year. part to depleted lot inventories in Temecula, Murrieta Larger Lots: 10,000 sf lots on average offer a competitive and coastal communities. advantage over smaller lots and greater product flexibility.

TURTLE RANCH | FRENCH VALLEY 3 EXECUTIVE SUMMARY CONTINUED

OVERVIEW OF THE COMMUNITY offers lifestyle amenities including a municipal airport, Southwest Riverside County is one of Southern nearby wineries, gaming casinos, multiple golf courses California’s hottest real estate markets. Located between and at least five nearby lakes. the San Diego and Los Angeles metropolitan areas, and The growth in Southwest Riverside County has occurred contiguous with Orange County to its west, Southwest largely due to population saturation in Los Angeles, San Riverside County has experienced unprecedented growth Diego and Orange Counties. Residents from all three in part due to build-out and price barriers in the other counties have migrated to Southwest County to purchase three metropolitan areas, and in part because it has more affordable housing, while maintaining acceptable evolved into an attractive place to live. commutes to work. This area covers approximately 600 square miles and All three of these border counties have grown toward each includes the cities of Temecula, Murrieta, Menifee and other historically, and because of the geography – Pacific Wildomar and the unincorporated areas of French Valley Ocean to the west, US/Mexico Border to the south – the and Winchester. Temecula and Murrieta, known as the pattern of growth is naturally toward Riverside County. “Twin Cities of Southern California,” each have populations Southwest Riverside County, due to its location, climate exceeding 100,000 and are both approaching build-out of and infrastructure is poised to continue its growth and developable land. Menifee and Wildomar are strategically evolution as a highly desirable region to live. located along the area’s two growth corridors: I-15 and I-215. Both are emerging young cities motivated to expand their tax base and populations.

With lot inventory for Murrieta and Temecula substantially depleted, The French Valley area grew significantly in the past decade to the point where only limited development opportunities are available to new home builders. Located along State Highway 79 / Winchester Rd and just NE of Temecula and Murrieta, French Valley is in the natural CONTACT INFORMATION path of development, it will continue to flourish and DAVID HARBOUR HEATHER BRADLEY will likely reach build out in the next 10 years. It is an Senior Land Advisor Marketing Coordinator attractive community with a fresh and vibrant feel that 949.789.4555, ext 16 949.789.4555, ext 21 should continue to attract both young and older families/ [email protected] [email protected] retirees. Plentiful retail and service amenities are located BRE: 01344587 BRE: 01444694 along Highway 79. In addition, the French Valley area

TURTLE RANCH | FRENCH VALLEY 4 PROCESS AND TIMING

OFFER DUE DATE CLOSE OF ESCROW Offers are due on or before May 19, 2016 Close of escrow will be 7 days after the approval of the Feasibility Period. OFFER PREPARATION Seller will provide a quantities worksheet during the SELLER evaluation/marketing period. It requests that perspective Anna Thomas buyers fill in their best unit pricing and submit with their offers. Due diligence information is available to a buyer by clicking the Drop Box link. Seller is seeking a buyer who has a strong understanding of the property and market with the ability to complete due diligence in a reasonable time frame.

PRICE Submit offer on an “as-is” AND “finished lot” basis per the attached definition (pg 17) along with the completed cost estimate.

TERMS All cash at the close of escrow.

FEASIBILITY PERIOD Buyer will have 45 days from LOI to complete a feasibility investigation of the property. A draft of the PSA from Seller will be provided upon buyer selection and mutual agreement of LOI terms.

DEPOSITS Buyer to open escrow with a refundable deposit of $100,000. Upon approval of the feasibility period the deposit shall be increased to 10% of the purchase price, which shall become non-refundable and applicable to the purchase price.

TURTLE RANCH | FRENCH VALLEY 5 LOCATION MAPS | REGIONAL MAP

LA/ONTARIO INT’L AIRPORT

JOHN WAYNE INT’L AIRPORT

TURTLE RANCH

TURTLE RANCH | FRENCH VALLEY 6 LOCATION MAPS | LOCAL MAP

Clinton Keith Rd •

• Thompson Rd

TURTLE RANCH

Pourroy Rd •

ACCESS: The Southeast corner of Thompson Rd and Pourroy Rd in French Valley, CA. Access from Hwy-79 North/Winchester Rd.

TURTLE RANCH | FRENCH VALLEY 7 LOCATION AERIAL | HIGH AERIAL

Winchester Menifee Lake Skinner Lake Elsinore

Lake Elsinore

TURTLE RANCH

Thompson Rd • Wildomar • Pourroy Rd

Murrieta

Temecula

TURTLE RANCH | FRENCH VALLEY 8 LOCATION AERIAL | MID LEVEL AERIAL

• Leon Rd

Yates Rd

• Algarve Ave

• • “Vineyard Heights”

Future Retail • Hwy-79/Winchester Rd •

Max Gillis Blvd • Pourroy Rd

Thompson Rd •

Galleano Ave •

TURTLE RANCH

French Valley Village Center • Benton Rd

TURTLE RANCH | FRENCH VALLEY 9 LOCATION AERIAL | OBLIQUE AERIAL

Temecula Murrieta

• Benton Rd

• Pourroy Rd

• Thompson Rd

TURTLE RANCH

• • “Vineyard Heights”

Galleano Ave

N

TURTLE RANCH | FRENCH VALLEY 10 LOCATION AERIAL | LOW AERIAL - 51 LOTS

• Thompson Rd

• Galleano Rd

•

Pourroy Rd Sheffield Park

TURTLE RANCH | FRENCH VALLEY 11 LOCATION AERIAL | LOW AERIAL WITH OVERLAY - 51 LOTS

• Thompson Rd

• • Galleano Rd Pourroy Rd

TURTLE RANCH | FRENCH VALLEY 12 PHOTOS | 51 LOTS

View West from (near) Galleano Rd. View South along Pourroy Rd.

View East along Thompson Rd. View East from Pourroy Rd.

TURTLE RANCH | FRENCH VALLEY 13 TRACT MAPS | TENTATIVE MAP #35161

TURTLE RANCH | FRENCH VALLEY 14 DEVELOPMENT | OVERVIEW 51 LOTS

PROJECT SIZE CFD/ASSESSMENT ±19.4 acres Seller is forming a Temecula Valley School District sponsored CFD. The CFD will mitigate school fees at time APN of formation (builder will not pay school fees). 964-010-001 SUBDIVISION BONDS NUMBER OF LOTS/UNITS Buyer will enter into a subdivision improvement agreement 51 and post required improvement bonds prior to the start LOT SIZE of development. Minimum 7,200 SF (65’ wide) HOA SETBACKS An HOA is not anticipated; Valley Wide Park District will Front: 20’ likely maintain common areas via an LLMD or area CFD. Back: 20’ UTILITIES Side: 5’ interior side & 10’ street side Sewer / Water: EMWD ESTIMATED COST TO COMPLETE * Storm Facilities: Riverside County Flood Control Impact fees: $35,000 per lot (net of TVUSD CFD) Electricity: Southern California Edison Consultants: $ 3,000 per lot Gas: Southern California Gas Development costs: $62,000 per lot Telephone: Verizon Total Cost & Fees: Roughly $100,000 per lot net of CFD Cable: Comcast

ENTITLEMENT SUMMARY LOCATION/ACCESS Tentative Map # 35161 approved June 2010 The site is located at the SE corner of Thompson and Final Map & Improvement Plans are approval ready Pourroy Rd roughly 1 mile east of Hwy-79, which offers direct access to I-15 to the South. IMPROVEMENTS The property is unimproved. Perimeter improvements *Note: A quantities worksheet is available; prospective along Pourroy, Thompson & Galleano Rd are required. buyers are encouraged to add unit pricing and submit cost/fee assumptions with offer. PRODUCT Buyer will process up to 55’ & 60’ wide architecture through the County of Riverside.

TURTLE RANCH | FRENCH VALLEY 15 DEVELOPMENT | DUE DILIGENCE

Due Diligence Materials can be accessed through the following link:

Turtle Ranch Due Diligence

TURTLE RANCH | FRENCH VALLEY 16 DEVELOPMENT | DEFINITION OF A FINISHED LOT

A “Finished Lot” shall include the costs (net of anticipated 6) Street Improvements Community Facilities District, Assessment District, public a) Installation of all required in-tract streets, utility, and public agency reimbursements and credits) to striping, curbs and gutters, sidewalks, improve the lots to prepare for construction of a home drive approaches between the curb and including all development impact fees: walk, handicapped ramps, curb cuts, and street sign poles, as required and not To the extent that they have not already been paid, the completed by Seller. following are included in the Definition of Finished Lot: 7) Street Lights A. Direct Land Development Cost a) Installation of all street lights (including 1.) Land Clearing and Grading all related SCE charges) per the plans. a) Site clearing, grading and compaction 8) Utilities insubstantial compliance with rough grade a) Installation of utility lines, mains, service plan. lines, stub-outs and facilities adequate to b) Retaining walls shown on rough grade provide service to the property line plan. of each residential lot per Utility Provider’s 2) Temporary Erosion Control requirements; electrical conduit (or direct a) An allowance of $500 per lot for post bury) and trenches for installation grading erosion control measures. of natural gas, telephone and cable television transmission. 3) Sewer System b) Electric and gas fees and costs. a) Installation of public sanitary sewer c) All refundable deposits are credited. system per the plans, to each individual lot to back of curb. 9) Landscaping (Common Area and Slopes) a) Installation of slope landscaping; 4) Water System community greenbelt and parkway a) Installation of public water distribution landscaping; pedestrian pathways, open system per the plans, to each individual space, park improvements if not completed lot to back of curb. by Seller. b) Street trees as required. 5) Storm Drain System c) All in-tract common area landscaping and a) Installation of storm drainage system per sidewalks. the plans.

TURTLE RANCH | FRENCH VALLEY 17 DEVELOPMENT | DEFINITION OF A FINISHED LOT

d) Common area amenities if they are 4) Soils Engineering required by the city as a condition of a) Observation, testing and reporting during approval. grading, utility backfill and street 10) Walls and Fencing construction. a) Perimeter wall/fencing, detention basin 5) Reproductions wall/fencing, and open space wall/fencing a) An allowance for final map, grading and per the plans. improvement plan reproductions. b) Entry monumentation. 6) Contingency 11) Bond Exoneration a) 0% contingency on Consultant Services a) An allowance for R&R related to paving, costs. curb, gutter and sidewalk. C. Assessment, Bonds, and Fees 12) Contingency a) 5% contingency on estimated Direct Land 1) All necessary plan check and inspection fees Development Costs for property for in-tract and offsite improvements (such with final engineering. as rough grade, storm drain, sewer, water, streets and landscape) as required by the B. Consulting Services Conditions of Approval.

1) Civil Engineering 2) An allowance for bonding cost equal to 2% of a) Services to complete tentative map, the Seller’s estimated cost of constructing the improvement plans and final map. bonded improvements.

2) Survey 3) Estimated Development Impact Fees based on a) Control for the construction of fees in place at time of contract. underground improvements within the public right of way, street improvements 4) Contingency and final monumentation. a) 0% contingency on all estimated Assessments, Bonds, and Fees. 3) Landscape Architect a) Design services for slopes greater than three feet in vertical height, open space lots, detention basin lots, park sites, and parkways.

TURTLE RANCH | FRENCH VALLEY 18 DEVELOPMENT | DEFINITION OF A FINISHED LOT

D. EXCLUSIONS: If a cost is not specifically Streets identified above in the Finished Lot 1) Street cleaning. Definition then it shall be deemed as not included. In addition to this general Landscaping exclusion and without limiting 1) All front, side, rear yard landscaping including this exclusion, the following items are specifically irrigation (other than slope greater the three feet NOT INCLUDED in the “DEFINITION in vertical height). OF FINISHED LOT:” 2) Any landscaping added at the discretion of the builder, i.e. parkway or perimeter landscaping. Land Clearing, Grading and Erosion Control 1) Preparation of plot plans or precise grading plans. Walls and Fencing 2) Soils testing, observations, and reporting for 1) Lot fencing and walls other than those house footings and/or foundations. specifically spelled out above. 3) Precise grading. 2) Retaining walls added by the builder for the 4) Staking of 80’s and 20’s. benefit of house lot fit. 5) Lot spins, recompaction or pre-saturation. Fees 6) Soil or lot recertification. 1) Building plan check, permit fees and inspection 7) Dust control. fees for the construction of the houses. 8) Erosion control maintenance. 2) Newly proposed fees and/or fee increases. 9) Weed abatement or property maintenance costs. 10) Fine grade or precise grading certification by a Misc civil engineer. 1) HOA costs. 11) Spoil dirt handling and/or exporting. 2) Security service of any kind. 3) Mail boxes. Utilities 4) Property taxes and assessments. 1) All meters including but not limited to water meters and deposits. 2) Sewer and water house connections. 3) Sewer backflow preventers, water pressure reducing valves, and water-jumpers for house construction. 4) Utility service extensions from the right of way distribution to the house.

TURTLE RANCH | FRENCH VALLEY 19 MARKET | DEMOGRAPHICS OVERVIEW

TURTLE RANCH | FRENCH VALLEY 20 MARKET | ASSIGNED SCHOOLS EXHIBIT (TEMECULA VALLEY USD)

TURTLE RANCH

FRENCH VALLEY ELEMENTARY BELLA VISTA MIDDLE TEMECULA VALLEY HIGH API: 897 | Great Schools: 9 API: 871 | Great Schools: 7 API: 822 | Great Schools: 7

36680 Cady Rd 31650 Browning St 31555 Rancho Vista Rd Winchester, CA 92596 Murrieta, CA 92563 Temecula, CA 92592

TURTLE RANCH | FRENCH VALLEY 21 MARKET | ACTIVELY SELLING COMMUNITIES MAP

Sunrise at Morning

Star Ranch • Horizon at Morning • Star Ranch

Liberty at Morning

• Star Ranch

Capistrano • Vineyard Heights •

TURTLE RANCH

TURTLE RANCH | FRENCH VALLEY 22 MARKET | ACTIVELY SELLING COMMUNITIES PRICING GRAPH

$475,000

$450,000

$425,000 EFFECTIVE BASE PRICE

$400,000

$375,000 2,250 2,500 2,750 3,000 3,250 3,500 3,750 4,000

SQUARE FEET

CAPISTRANO - Meritage (7,200 sf lots) VINEYARD HEIGHTS - K.Hovnanian Home (7,200 sf lots)

HORIZON at MORNING STAR RANCH - CalAtlantic Homes (7,200 sf lots) SUNRISE at MORNING STAR RANCH - CalAtlantic Homes (7,200 sf lots)

LIBERTY at MORNING STAR RANCH - Brookfield Homes (7,200 sf lots) *Graph illustrates pricing from the end of YE 2015

TURTLE RANCH | FRENCH VALLEY 23 MARKET | ACTIVELY SELLING COMMUNITIES

Capistrano by Meritage Homes - Winchester

Product Type: Detached Total Units: 60 Open Date: 7.12.2014 Remaining Units: 17 Minimum Lot Size: 7,200 sf Sold Units: 43 Tax Rate: 1.9% Overall Absorption Rate: 2.02/mo HOA: $10

Floor Plan Base Pricing Sq Ft Price/Sq Ft Bed Bath Parking Levels 1 $382,990 2,346 $163 4 2.5 2 1 2 $402,990 2,610 $154 4 3.0 3 1 3 $412,990 3,087 $133 4 3.5 3 2 4 $440,990 3,439 $128 4 3.5 3 2

Horizon at Morning Star Ranch by CalAtlantic Homes - Winchester

Product Type: Detached Total Units: 85 Open Date: 3.22.2014 Remaining Units: 29 Minimum Lot Size: 7,200 sf Sold Units: 56 Tax Rate: 1.9% Overall Absorption Rate: 2.70/mo HOA: $52

Floor Plan Base Pricing Sq Ft Price/Sq Ft Bed Bath Parking Levels 1 $446,125 2,909 $153 4 2.5 3 1 2 $425,080 3,213 $132 5 3.0 3 2 3 $449,575 3,369 $133 5 3.5 4 2

TURTLE RANCH | FRENCH VALLEY 24 MARKET | ACTIVELY SELLING COMMUNITIES

Liberty at Morning Star Ranch by Brookfield Homes - Winchester

Product Type: Detached Total Units: 103 Open Date: 5.28.2015 Remaining Units: 50 Minimum Lot Size: 7,200 sf Sold Units: 53 Tax Rate: 1.9% Overall Absorption Rate: 2.34/mo HOA: $50

Floor Plan Base Pricing Sq Ft Price/Sq Ft Bed Bath Parking Levels 1 $456,900 3,120 $146 4 2.5 2 1 2 $474,900 3,810 $124 4 2.5 3 2 3 $434,000 4,157 $104 5 3.5 3 2

Vineyard Heights by K Hovnanian - Winchester

Product Type: Detached Total Units: 41 Open Date: 3.26.2015 Remaining Units: 5 Minimum Lot Size: 7,200 sf Sold Units: 36 Tax Rate: 1.45% Overall Absorption Rate: 2.63/mo HOA: $80

Floor Plan Base Pricing Sq Ft Price/Sq Ft Bed Bath Parking Levels 1 $448,235 3,184 $140 4 2.5 3 1 2 sold out 3,281 $- 4 3.5 2 1 3 $474,670 3,556 $133 5 4.5 3 2 4 $478,670 4,171 $114 5 4.5 3 2

TURTLE RANCH | FRENCH VALLEY 25 MARKET | ACTIVELY SELLING COMMUNITIES

Sunrise at Morning Star Ranch by CalAtlantic Homes - Winchester

Product Type: Detached Total Units: 87 Open Date: 3.22.2014 Remaining Units: 7 Minimum Lot Size: 7,200 sf Sold Units: 80 Tax Rate: 1.9% Overall Absorption Rate: 3.3/mo HOA: $52

Floor Plan Base Pricing Sq Ft Price/Sq Ft Bed Bath Parking Levels 1 $408,825 2,560 $159 4 2.5 3 1 2 $411,400 2,719 $151 5 3.0 3 2 3 $412,815 2,998 $137 5 3.0 3 2

*Pricing as of April 15, 2016

TURTLE RANCH | FRENCH VALLEY 26 QUALIFICATIONS AND DISCLAIMER

GENERAL DISCLOSURE DISCLOSURE AND CONSENT FOR REPRESENTATION OF MORE THAN ONE BUYER OR SELLER (Excerpt from C.A.R. Form DA) This sales information package and contents hereof, is provided for informational purposes only. Nothing contained herein is deemed to constitute an offer of sale C.A.R. Form DA, 11/06 A real estate broker, whether a corporate, partnership or to impose upon Seller, or any of their affiliates, any obligation to negotiate the or sole proprietorship, (“Broker”) may represent more than one buyer or seller sale of any parcel or property, and all offers to purchase this property must be provided the Broker has made a disclosure and the principals have given their accepted by the Seller in writing. No representation or warranty, expressed or consent. This multiple representation can occur through an individual licensed implied, is made regarding the information set forth herein, the factual accuracy as a broker or through different associate licensees acting for the Broker. The or completeness of any such information or other materials contained herein. associate licensees may be working out of the same or different office locations. Seller reserves the right to make changes from time to time to any of the information contained or referred to herein, to change the price and/or terms Broker (individually or through its associate licensees) may be working with and may withdraw the property from the market all without any obligations to many prospective buyers at the same time. These prospective buyers may have notify the recipients of this sales information package. an interest in, and make offers of, the same properties. Some of these properties may be listed with Broker and some may not. Broker will not limit or restrict any Any party which may enter into any written agreement to purchase the subject particular buyer from making an offer on any particular property whether or not property shall make its own independent investigation regarding all aspects of the Broker represents other buyers interested in the same property. subject property and the development contemplated thereon without complete reliance upon the materials contained herein. Nothing contained herein is intended Buyer and Seller understand that Broker may represent more than one buyer or in any way to limit or mitigate the need for any independent investigation, seller and even both buyer and seller on the same transaction. which a prudent buyer would be required to undertake in order to determine all facts which could have any effect upon the acquisition or development of If Seller is represented by Broker, Seller acknowledges that Broker may represent the subject property. Any prospective buyers (“Buyer”) are strongly advised prospective buyers of Seller’s property and consents to Broker acting as dual to investigate the condition and suitability of all aspects of the property and agent for both Seller and Buyer in that transaction. all matters affecting the value or desirability of the property, including but not limited to the following items: size, lines, access and boundaries; zoning and If Buyer is represented by Broker, Buyer acknowledges that Broker may represent land use; any conditions of approval, cost and fees to develop the site; utilities sellers of property that Buyer is interested in acquiring and consents to Broker and services; environmental hazards; geological conditions; natural hazard acting as a dual agent for both Buyer and Seller with regard to that property. zone; property damage; neighborhood, area and property conditions; common interest subdivisions and owner associations; and, specialty tax. If Buyer does In the event of dual agency, Seller and Buyer agree that: (a) Broker, without prior not exercise these rights, Buyer is acting against the advice of WD Land. Buyer written consent of the Buyer, will not disclose to Seller that the Buyer is willing to understands that although conditions are often difficult to locate and discover, pay a price greater than the offer price; (b) Broker, without prior written consent all real property contains conditions that are not readily apparent and that may of the Seller, will not disclose to the Buyer that Seller is willing to sell property at affect the value or desirability of the property. Buyer and Seller are aware that a price less than the listing price; and (c) other than as set forth in (a) and (b) WD Land does not guarantee, and in no way will assume responsibility for, the above, a Dual Agent is obligated to disclose known facts materially affecting the condition of the property. WD Land has not and will not verify any of items listed value or desirability of the property to both parties. above, unless otherwise agreed to in writing. NON CONFIDENTIALITY OF OFFERS: Buyer is advised that Seller or Listing Agent This sales information package is subject to changes or withdrawals without may disclose the existence, terms, or conditions of Buyer’s offer unless all parties notice and does not constitute a recommendation, endorsement or advice as to and their agent have signed a written confidentiality agreement. Whether any the value of the subject property by WD Land or the Seller. such information is actually disclosed depends on factors, such as current market conditions, the prevailing practice in the real estate community, the Listing This sales information package is the absolute property of WD Land and may only Agent’s marketing strategy and the instructions of the Seller. be used by parties approved by WD Land. No portion of this sales information package may be copied or otherwise reproduced or disclosed to anyone without Seller and/or Buyer acknowledges reading and understanding this Disclosure and the prior written authorization of WD Land and Seller Consent for Representation of More than One Buyer or Seller and agree to the dual agency possibility disclosed.

TURTLE RANCH | FRENCH VALLEY 27 AGENCY DISCLOSURE

EXHIBIT A: DISCLOSURE (as required by the Civil Code) Buyer understands Broker (individually or through its associate licensees) may DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIP represent more than one prospective buyer at the same time who may have an interest in, and make offers on, the same properties. 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 The above duties of the agent in a real estate transaction do not relieve a Seller relationship or representation you wish to have with the agent in the transaction. or Buyer from the responsibility to protect his or her own interests. You should carefully read all agreements to assure that they adequately express your SELLER’S AGENT - A Seller’s agent under a listing agreement with the Seller acts understanding of the transaction. A real estate agent is a person qualified to as the agent for the Seller only. A Seller’s agent or a subagent of that agent has advise about real estate. If legal or tax advice is desired, consult a competent the following affirmative obligations: professional.

To the Seller: A fiduciary duty of utmost care, integrity, honesty, and loyalty in Throughout your real property transaction, you may receive more than one dealings with the Seller. 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 the Buyer and the Seller: (a) Diligent exercise of reasonable skill and care in to present you with this disclosure form. You should read its contents each time it performance of the agent’s duties. (b) A duty of honest and fair dealing and good is presented to you, considering the relationship between you and the real estate faith. (c) A duty to disclose all facts known to the agent materially affecting the agent in your specific transaction. 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.

BUYER’S AGENT - A selling agent can, with a Buyer’s consent, agree to act as agent for the Buyer only. In these situations, the agent is not the Seller’s agent, even if by agreement the agent may receive compensation for services rendered, either in full or in part from the Seller. An agent acting only for a Buyer has the following affirmative obligations

To the Buyer: A fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Buyer.

To the Buyer and the Seller: (a) Diligent exercise of reasonable skill and care in performance 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.

AGENT REPRESENTING BOTH SELLER AND BUYER - A real estate agent, either acting directly or through one or more associate licensees, can legally be the agent of both the Seller and the Buyer in a transaction, but only with the knowledge and consent of both the Seller and the Buyer. In a dual agency situation, the agent has the following affirmative obligations to both the Seller and the Buyer: (a) A fiduciary duty of utmost care, integrity, honesty and loyalty in the dealings with either the Seller or the Buyer. (b) Other duties to the Seller and the Buyer as stated above in their respective sections. In representing both Seller and Buyer, the agent may not, without the express permission of the respective party, disclose to the other party that the Seller will accept a price less than the listing price or that the Buyer will pay a price greater than the price offered.

TURTLE RANCH | FRENCH VALLEY 28 DISCLOSURE AND CONSENT

POSSIBLE REPRESENTATION OF MORE THAN ONE BUYER OR SELLER Buyer and seller understand that Broker may represent more than one buyer or DISCLOSURE AND CONSENT more than one seller and even both buyer and seller on the same transaction and (Excerpt from C.A.R. Form PRBS, 11/14) consents to such relationships.

A real estate broker (Broker), whether a corporation, partnership or sole proprietorship, may represent more than one buyer or seller. This multiple representation can occur through an individual licensed as a broker or salesperson or through different individual broker’s or salespersons (associate licensees) acting under the Broker’s license. The associate licensees may be working out of the same or different office locations.

Multiple Buyers: Broker (individually or through its associate licensees) 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.

Multiple Sellers: 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.

Dual Agency: 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 dual agency, seller and buyer agree that: (a) Broker, without the prior written consent of the Buyer, will not disclose to seller that the Buyer is willing to pay a price 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.

Offers not necessarily confidential: 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.

TURTLE RANCH | FRENCH VALLEY 29 TURTLE RANCH | FRENCH VALLEY

CONTACT US FOR MORE INFORMATION

DAVID HARBOUR HEATHER BRADLEY Senior Land Advisor Marketing Coordinator 949.789.4555, ext 16 949.789.4555, ext 21 [email protected] [email protected] BRE: 01344587 BRE: 01444694

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