HEDGE 22 22 Single Family Residential Lots with 1.5 Acre Park (UI) Vineyard, Sacramento County

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CalBRE #01225173  www.landadvisors.com

HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Table of Contents

OFFERING SUMMARY Executive Summary

4

Regional & Local Maps

5

Aerial & Vicinity Maps

6

Vesting Tentative Map

7

Education

8

MARKET ANALYSIS New Home Communities

10

Resales

12

New Home Communities & Resales Price Graph

13

MARKET OVERVIEW Regional Overview

15

Building Permits

17

Demographics

18

BROKERAGE DISCLOSURES Confidentiality & Disclaimer

21

Real Estate Agency & Relationships

23

Contacts & Affiliated Businesses

28

Exclusive Offering Package | 2

OFFERING SUMMARY

HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Executive Summary

PROPERTY DESCRIPTION

ENTITLEMENTS

Hedge 22 (“Subject Property”) is well located in the North Vineyard Station Specific Plan, adjacent to a Lennar Homes property that began construction in Spring 2014.

Tentative Tract Map Approved. No final engineering has commenced.

LOCATION Hedge 22 is located to the north of Gerber Road, east of Elk Grove Florin Road and south of Florin Road.

MUNICIPALITY (UI) Vineyard, Sacramento County, California (Sacramento-Arden Arcade-Roseville, CA MSA)

ASSESSORS PARCEL NUMBERS

TOPOGRAPHY Generally Flat Terrain

PROPERTY CONDITION Unimproved, however the Subject Property is adjacent to Lennar’s active “Parkside” project. All utilities are available at property boundary.

ZONING RD-5; Residential

065-0290-022

ACRES ±6.1 Gross Acres

LOT COUNT / SIZE

TAX ASSESSMENTS Property is currently being assessed a total of $1,052.52 per year.

COST TO COMPLETE

HOMEOWNER’S ASSOCIATION

The Subject Property requires limited off-site construction. In-tract costs are estimated to be approximately $45,000 per lot. Fees are estimated to be at $70,000 per lot.

No Homeowner’s Association (HOA) presently exists for the Subject Property.

SCHOOL DISTRICT

22 (5,500 SF) Lots; Typical Lot Size is 55’ X 105’

Elk Grove Unified School District

SACRAMENTO, CALIFORNIA Sources: Land Advisors Organization Research

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Regional & Local Maps

REGIONAL MAP

HEDGE 22

LOCAL MAP

HEDGE 22

Sources: Land Advisors Organization Research

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Aerial & Vicinity Maps

AERIAL MAP

VICINITY MAP

Source: Land Advisors Organization Research

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Vesting Tentative Map

Sources: Land Advisors Organization Research

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Education

ELK GROVE UNIFIED SCHOOL DISTRICT Elk Grove Unified School District (EGUSD) serves over 61,000 students K-12 in southern Sacramento County, California. EGUSD consists of sixty-four schools: thirty-nine elementary schools, nine middle schools, nine high schools, four alternative education schools, an adult school, a special education school, and a charter school. The Elk Grove Unified School District is the fifth largest school district in California and the largest in northern California. The schools below will be assigned to future residents of the Subject Property.

Sierra-Enterprise Elementary School

Katherine L. Albiani Middle School

Pleasant Grove High School

(Grades: K – 6)

(Grades: 7 - 8)

(Grades: 9 – 12)

9115 Fruitridge Road Sacramento, CA • State Rank: 2 API: 741

9140 Bradshaw Road Elk Grove, CA • State Rank: 9 API: 888

9531 Bond Road Elk Grove, CA State Rank: 9 API: 848

Sierra-Enterprise Elementary School

HEDGE 22

Pleasant Grove High School

Katherine L. Albiani Middle School

*The State Rank is determined by a school's API Score in comparison to all other schools in California. (1 is the worst, 10 is the best). An equal number of schools occupy each rank. This rank comes from the 2013 California Academic Performance Index (API) Base report. **The API Score is a number between 200 and 1000 that reflects a school’s or school district’s performance on statewide student assessments .

Sources: Elk Grove Unified School District and Land Advisors Organization Research

Exclusive Offering Package | 8

MARKET ANALYSIS

HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY New Home Communities

The New Home Competitive Market Area (“C.M.A.”) has been generally defined as single-family detached residential projects within the City of Sacramento. Due to the location and lot sizes, these projects will compete with the Subject Property for new home buyers. Sales Information

Product & Pricing

City

Total Homes

Homes Sold

Unsold Homes

Sales Rate

Average Price

Average Price/ Sq. Ft.

Average (Sq. Ft.)

Min Lot Size

Homes by Towne

Sacramento

78

77

1

4.8

$475,030

$176

2,693

8,550 SF

Cascade Collection

Lennar Homes

Sacramento

141

71

70

5.7

$382,240

$180

2,120

4,700 SF

3 Redwood Collection

Lennar Homes

Sacramento

143

88

55

3.5

$425,290

$159

2,674

6,000 SF

Map #

Community

1

Wildhawk Landing

2

Builder

HEDGE 22 2 3

1

Source: Land Advisors Organization Research

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY New Home Communities

1. WILDHAWK LANDING | HOMES BY TOWNE

HOMES BY TOWNE

Open Date: March 28, 2015

Total Planned:

78

Price Range:

$439,695 - $517,246

Product Type: Detached

Total Sold:

77

House Size:

2,143 SF – 3,274 SF

HOA: $0/mo.

Total Remaining:

1

Price Per SF:

$158 - $205

Story(s): 1-2

Min Lot Size (SF): 8,550

Sales Rate:

4.8

2. CASCADE COLLECTION | LENNAR HOMES

LENNAR HOMES

Open Date: June 20, 2015

Total Planned:

141

Price Range:

$351,990 - $411,990

Product Type: Detached

Total Sold:

71

House Size:

1,603 SF – 2,631 SF

HOA: $0/mo.

Total Remaining:

70

Price Per SF:

$157 - $220

Story(s): 1-2

Min Lot Size (SF): 4,700

Sales Rate:

5.7

3. REDWOOD COLLECTION | LENNAR HOMES

LENNAR HOMES

Source: Land Advisors Organization Research

Open Date: June 20, 2015

Total Planned:

143

Price Range: $379,990 – $475,490

Product Type: Detached

Total Sold:

88

House Size: 1,950 SF – 3,427 SF

HOA: $0/mo.

Total Remaining:

55

Price Per SF: $139 – $195

Story(s): 1-2

Min Lot Size (SF): 6,000 Sales Rate:

3.5

Exclusive Offering Package | 11

HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Resales

The resale data below shows resales sold within the City of Sacramento. All units range between 1,500 SF – 3,500 SF, and the lot sizes range from 4,000 SF – 10,000 SF.

#

Address

Sales Price

SF

1

7574 Hazelton Way

$335,000

1,604

$208

4

2

3/30/16

2013

4,769 SF

2

9574 Alder Creek Drive

$360,000

1,794

$200

4

2

7/22/16

2012

7,202 SF

3

7505 Garden Ridge Way

$380,000

1,794

$211

4

2

11/12/15

2012

7,318 SF

4

9537 Madora Way

$355,000

1,794

$197

4

2

7/15/16

2014

6,050 SF

5

7449 Twin Acre Way

$352,500

1,794

$196

4

2

7/14/16

2014

6,044 SF

6

9598 Hopyard Way

$365,000

1,794

$203

4

2

7/13/16

2013

7,812 SF

7

9579 Hopyard Way

$345,500

1,794

$192

4

2

3/17/16

2013

7,270 SF

8

7449 Morning Hill Street

$320,000

1,876

$170

3

2.5

4/1/16

2013

5,175 SF

9

9543 Cedar Point Way

$340,000

1,876

$181

3

2.5

4/5/16

2013

4,725 SF

10

9556 Gardella Way

$300,000

1,876

$159

3

2.5

12/4/15

2010

4,748 SF

11

9556 Cedar Point Way

$358,500

1,876

$191

3

3

8/3/16

2013

4,725 SF

12

9598 Cherry Grove Circle

$372,000

1,900

$195

4

3

9/27/16

2013

6,557 SF

$365,000

1,996

$182

4

2

6/8/16

2012

6,691 SF

13 7448 Diamond Ranch Drive

$/SF Bedrooms Baths Sales Date Year Built Lot Size

14

9595 Cherry Grove Circle

$320,000

2,269

$141

3

2

3/3/16

2013

4,725 SF

15

9484 Hanfield Drive

$350,000

2,308

$151

4

2

3/18/16

2013

5,775 SF

16

9496 Hanfield Drive

$365,000

2,468

$147

5

3

5/27/16

2012

5,775 SF

17

9494 Florin Road

$700,000

2,518

$277

4

2

5/31/16

2003

10 AC

18

9595 Alder Creek Drive

$390,000

2,567

$151

5

3

11/30/15

2013

6,599 SF

19

9568 Moss Hill Way

$402,924

2,567

$156

5

3

9/25/16

2010

6,425 SF

20

7424 Garden Ridge Way

$381,000

2,597

$146

5

3

1/29/16

2011

7,714 SF

21

9445 Bar Du Lane

$630,000

2,784

$226

4

3.5

4/15/16

1973

2.25 AC

22

9578 Hopyard Way

$405,000

2,811

$144

5

4

12/30/15

2013

7,033 SF

23

7408 Hanfield Drive

$430,500

3,141

$137

5

4

2/26/16

2016

6,582 SF

24

9679 Gerber Road

$397,000

3,166

$125

6

2

3/10/16

1958

0.95 AC

Averages:

$388,330

2,207 $179

4

2.5

Source: Land Advisors Organization Research

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY New Home Communities & Resales Pricing Graph

NEW HOME COMMUNITIES & RESALES PRICING GRAPH COMPETITIVE MARKET AREA (City of Sacramento) 650,000 625,000 600,000 575,000 550,000 525,000 500,000

(Pricing)

475,000 450,000 425,000 400,000 375,000 350,000 325,000 300,000 275,000 250,000 225,000 200,000 1000

1500

2000

2500

(Square Feet)

3000

3500

4000

Wildhawk Landing (Homes By Towne)

Cascade Collection (Lennar Homes)

Redwood Collection (Lennar Homes)

Resales

Linear (Resales)

Source: Land Advisors Organization Research

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REGIONAL OVERVIEW

HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Regional Overview

COUNTY OVERVIEW Sacramento County is home to the California State Capital. Sacramento County has a population of 1.4 million people and approximately 570,000 was and salary jobs. The per capita income in Sacramento County is $44,062 and the average salary per worker is $76,501. Because it contains the state capital, the Sacramento County economy is highly influences by the public sector, with government jobs comprising more than 27 percent of the total wage and salary employment. Employment across northern California increased by 3.7 percent in 2103, whereas employment in the Sacramento Valley (consisting of Sacramento, Yolo, Placer, El Dorado, Yuba and Sutter Counties) increased by 2.6 percent. In Sacramento County, 13,700 wage and salary jobs were created, representing a growth rate of 2.5 percent. The unemployment rate improved substantially, falling from 10.5 percent in 2012 to 8.8 percent in 2013. During 2013, virtually all sectors were characterized by positive job growth. The largest gains were observed in education and healthcare (+3,800 jobs), construction (+2,700 jobs), professional and business services (+2,600 jobs), and leisure and hospitality (+2,100 jobs). The only sector with losses was manufacturing (-100 jobs).

Founded: Population (2016):

February 1850 1,501,335

Estimated Median Age:

34

Unemployment Rate:

5.8%

Per Capita Income: Average Salary per Worker:

$44,062 $76,501

Median Household Income:

$55,064

Estimated Housing Units:

558,807

Home Ownership Rate:

56.7% (56% California)

Sources: County of Sacramento and Land Advisors Organization Research

1,600,000

SACRAMENTO COUNTY HISTORICAL POPULATION

1,500,000 1,400,000 1,300,000 1,200,000 1,100,000 1,000,000 900,000 800,000 700,000

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 Est. 2016

FAST FACTS

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Regional Overview

EMPLOYMENT Sacramento County enjoys an unemployment rate lower than most of the counties located in the State of California, which has continued to drop since 2010. A full spectrum of career opportunities are available in the County. Top employers in the area include: Aerojet, Apple, Folsom Prison, Delta Dental, EDD, Gen Corp, Intel, Mercy General Hospital, Sacramento Bee, Sacramento State, SMUD, Sutter Memorial Hospital, UC Davis. Between 2014 and 2019, employment will be greatest in professional and business services, education and healthcare, and leisure hospitality. Together, these industries will account for 68 percent of net job growth in the country.

HOUSING As economic conditions have improved, home prices have stabilized countywide and, more recently, have trended upward. Since 2011, the County’s median home price has increased, demonstrating an upward trend. The median price for a resale home in Sacramento County rose to $295,000 last month – an 11% increase from March 2015.

5.50%

6.00%

7.30%

8.90%

10.50%

12.10%

12.60%

7.20%

5.40%

4.80%

4.90%

5.60%

5.80%

5.60%

4.50%

4.30%

4.20%

5.00%

5.60%

6.20%

6.80%

16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00%

11.00%

SACRAMENTO COUNTY UNEMPLOYMENT RATE (As of April 2016)

SACRAMENTO COUNTY MEDIAN HOME PRICE (As of March 2016)

2007

2008

2009

2010

Sources: State of California, Land Advisors Organization research

2011

2012

2014

$295,000

2013

$286,148

$237,598

$0

$238,018

$50,000

$176,950

$222,037

$100,000

$166,122

2006

$150,000

$181,942

2005

$200,000

$183,351

$250,000

$338,720

$300,000

$374,057

$350,000

$374,621

$400,000

2015 2016 YTD

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Residential Building Permits

ANNUAL RESIDENTIAL BUILDING PERMITS – SACRAMENTO COUNTY

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Single Family 6,293 7,423 9,368 10,554 10,201 8,646 4,366 3,410 1,952 Permits

928

824

737

YTD 2016

Avg

1,231 1,762 1,680 2,261 1,388 4,296

10,500

8,500

6,500

4,500

2,500

500

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD 2016 Single Family Permits

Source: SOCDS

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Demographics

Description

5 Mile

10 Mile

15 Mile

80.361922

317.001908

784.747197

2,836.1

2,526.9

1,582.5

Population (1990) :

139,887

591,553

943,587

Population (2000) :

186,397

688,714

1,076,923

Population (2010) :

225,850

795,021

1,232,952

Population (Current) :

227,917

801,018

1,241,848

Population (5 Yr. Forecast) :

242,500

851,936

1,321,886

.87

.73

.7

6.38

6.37

6.44

Households (1990) :

47,615

231,407

364,032

Households (2000) :

59,865

260,602

404,774

Households (2010) :

69,839

290,276

450,785

Households (Current) :

70,131

291,095

451,946

Households (5 Yr. Forecast) :

73,648

305,767

475,389

.39

.28

.25

5

5.03

5.17

Area & Density Area (Square Miles) : Density :

Population By Year

Percent Growth (Current Yr./Previous Yr.) : Percent Forecast (5 Yr. Forecast/Current Yr.) :

Households By Year

Percent Growth (Current Yr./Previous Yr.) : Percent Forecast (5 Yr. Forecast/Current Yr.) : Source: Landvision

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Demographics

Description General Population Characteristics

5 Mile

10 Mile

15 Mile

Male:

111,423

387,444

604,216

Female :

116,494

413,574

637,632

Density :

2,836.1

2,526.9

1,582.5

Urban :

216,023

769,317

1,172,444

Rural :

11,894

31,701

69,404

Households (Current) :

70,131

291,095

451,946

Families :

52,164

183,754

290,523

Average Size of Household :

3.2

2.7

2.71

Median Age of Householder :

47

48

48

299,427.44

342,455.64

335,816.77

1,025.44

954.24

963.68

2

2

2

Housing Units :

75,408

317,564

491,784

Owner Occupied Units :

46,396

165,581

260,998

Renter Occupied Units :

23,735

125,514

190,948

5,277

26,469

39,838

White Alone :

86,875

401,087

682,939

Black Alone :

32,270

98,707

136,937

Asian Alone :

63,053

157,098

200,209

2,118

7,810

12,821

Other Race Alone :

26,764

78,306

121,337

Two or More Races :

16,837

58,010

87,605

Hispanic :

59,419

187,589

290,723

White Non-Hispanic :

64,432

325,066

562,678

62,955.50

63,746.69

63,899.70

4,999,289,498

21,658,907,023

33,753,517,815

Average Household Income ($) :

71,285

74,405

74,685

Per Capita Income ($) :

21,935

27,039

27,180

1,777,113

9,106,035

12,136,509

3,788,460.1

15,589,568.1

24,306,151.8

49,737

315,890

424,388

General Household Characteristics

Median Value Owner Occupied ($) : Median Rent ($) : Median Vehicles Per Household :

General Housing Characteristics

Vacant Units :

Population By Race

Native American and Alaska Native Alone :

Population By Ethnicity

General Income Characteristics Median Household Income ($) : Total Household Income ($) :

Retail Sales Total Retail Sales ($) :

Consumer Expenditures Total Consumer Expenditures ($) :

Employment By Place Of Business Total Employees : Source: Landvision

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DISCLOSURES

HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Confidentiality & Disclaimer

The information contained in this offering material (“Brochure”) is confidential, furnished solely for the purpose of a review by prospective purchaser of any portion of Hedge 22 (APNs 065-0290-022) within (UI) Vineyard, County of Sacramento, 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 Harinder Johl (“Seller”) and in part upon information obtained by Land Advisors from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all inclusive but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, Land Advisors, 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 allinclusive 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 Land Advisors or the Seller. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing the Property described herein. Seller and Land Advisors 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 Package | 21

HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Confidentiality & Disclaimer

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

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY

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 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. 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 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. 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.

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY

Disclosure Regarding Real Estate Agency Relationship

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.

NA

Jim Radler

Name of Listing Agent:

Is the agent of:

Name of Selling Agent (if not the same as the Listing Agent)

X

seller/landlord exclusively; or

is the agent of (check one):

both the buyer and seller

the buyer/tenant exclusively; or the seller/landlord exclusively; or, both the buyer and seller.

Jim Radler

10/4/2016

Listing Agent (Signature)

Date

Seller/Landlord(Signature)

Date

NA

Selling Agent – if not same as Listing Agent (Signature)

Date

Buyer/Tenant (Signature)

Date

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.

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY

Disclosure Regarding Real Estate Agency Relationship

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. (c) “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. (d) “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, mobilehomes, as defined in Section 798.3, or recreational vehicles, as defined in Section 799.29. (e) “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. (f) “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. (g) “Listing agent” means a person who has obtained a listing of real property to act as an agent for compensation. (h) “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. (i)

“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.

(j) “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. (k) “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 mobilehomes, when offered for sale or sold through an agent pursuant to the authority contained in Section 10131.6 of the Business and Professions Code. (l) “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. (m) “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. (n) “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.

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY

Disclosure Regarding Real Estate Agency Relationship

(o) “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. (p) “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. 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. 2079.17: (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 (see next page):

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY

Disclosure Regarding Real Estate Agency Relationship

Name of Listing Agent:

Is the agent of:

Name of Selling Agent (if not the same as the Listing Agent) seller/landlord exclusively; or

is the agent of (check one):

both the buyer and seller

the buyer/tenant exclusively; or the seller/landlord exclusively; or, both the buyer and seller.

Listing Agent (Signature)

Date

Selling Agent – if not same as Listing Agent (Signature)

Date

Seller/Landlord(Signature)

Date

Buyer/Tenant (Signature)

Date

(d) The disclosures and confirmation required by this section shall be in addition to the disclosure required by Section 2079.14. 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.

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HEDGE 22 (UI) VINEYARD, SACRAMENTO COUNTY Contact & Affiliated Businesses

CAPITAL SOURCING 3741 Douglas Boulevard, Suite 180 Roseville, California 95661 T (916) 784-3329 www.landadvisors.com

Landmark Capital Advisors, a Land Advisors company, is a market leader in sourcing debt and equity for residential and commercial transactions. For your capital needs, please contact:

EXCLUSIVELY REPRESENTED BY: Jim Radler Senior Vice President (916) 784-3329 x11 [email protected]

Residential Tom Farrell (949) 760-7940 x13

Commercial David Kidder (949) 760-7940 x10

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DATA & ADVISORY 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 market study & data needs, please contact: Market Studies Bob McFarland (949) 727-9375

Data Reports Katie Spitznagel (949) 656-8022

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CalBRE #01225173

Please Direct All Your Inquiries To: Jim Radler Senior Vice President BRE #01252311 3741 Douglas Boulevard, Suite 180 Roseville, CA 95661 T. 916.784.3329 x11 [email protected]

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