HARRY HUGHES, Governor

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(IV)  COPIES AND A BRIEF NARRATIVE DESCRIPTION
OF THE SIGNIFICANT FEATURES OF THE TIME-SHARE INSTRUMENT AND ANY
DOCUMENTS REFERRED TO IN THE INSTRUMENT OTHER THAN ANY PLATS AND
PLANS, COPIES OF ANY CONTRACTS OR LEASES TO BE SIGNED BY THE
PURCHASER AT CLOSING, AND A BRIEF NARRATIVE DESCRIPTION OF ANY
CONTRACT OR LEASE THAT WILL OR MAY BE SUBJECT TO CANCELLATION BY
THE OWNER OF A TIME-SHARE UNDER § 11A-114;

(V)  THE IDENTITY OF THE MANAGING ENTITY AND THE
MANNER, IF ANY, WHEREBY THE DEVELOPER MAY CHANGE THE MANAGING
ENTITY OR ITS CONTROL;

(VI)  A BALANCE SHEET FOR THE TIME-SHARE ESTATE
PROJECT, CONTAINING INFORMATION EFFECTIVE AS OF THE CLOSE OF THE
IMMEDIATELY PRECEDING FISCAL YEAR, OR THE FISCAL YEAR IMMEDIATELY
BEFORE THE LAST ONE IF THE STATEMENT IS DISTRIBUTED WITHIN 90
DAYS OF THE END OF A FISCAL YEAR, AND A PROJECTED BUDGET FOR THE
ASSOCIATION, EITHER WITHIN OR AS AN EXHIBIT TO THE PUBLIC
OFFERING STATEMENT, FOR 1 YEAR AFTER THE DATE OF THE FIRST
TRANSFER TO A PURCHASER, A STATEMENT OF WHO PREPARED THE BUDGET,
AND A STATEMENT OF THE BUDGETARY ASSUMPTIONS CONCERNING OCCUPANCY
AND INFLATION FACTORS. THE BUDGET SHALL INCLUDE:

1.  A STATEMENT OF THE AMOUNT, OR A
STATEMENT THAT THERE IS NO AMOUNT, INCLUDED IN THE BUDGET AS A
RESERVE FOR REPAIRS AND REPLACEMENTS;

2.  A STATEMENT OF ANY OTHER RESERVES;

3.  THE PROJECTED TIME-SHARE EXPENSE
LIABILITY BY CATEGORY OF EXPENDITURES FOR THE TIME-SHARE UNITS;
AND

4.  THE PROJECTED TIME-SHARE . EXPENSE
LIABILITY FOR EACH TIME-SHARE;

(VII)  A DESCRIPTION OF TIME-SHARE EXPENSES, THE
CURRENT AMOUNTS ASSESSED, AND THE METHOD AND FORMULA FOR CHANGES;

(VIII)  ANY SERVICES WHICH THE DEVELOPER
PROVIDES OR EXPENSES HE PAYS AND WHICH HE EXPECTS MAY BECOME AT
ANY SUBSEQUENT TIME A TIME-SHARE EXPENSE AND THE PROJECTED
TIME-SHARE EXPENSE LIABILITY ATTRIBUTABLE TO EACH OF THOSE
SERVICES OR EXPENSES FOR EACH TIME-SHARE;

(IX)  ANY INITIAL OR SPECIAL FEE DUE FROM THE
TIME-SHARE PURCHASER AT CLOSING, TOGETHER WITH A DESCRIPTION OF
THE PURPOSE OF THE FEE AND THE METHOD OF ITS CALCULATION;

(X)  A STATEMENT OF ANY LIENS, DEFECTS, OR
ENCUMBRANCES ON OR AFFECTING THE TITLE TO THE TIME-SHARE UNITS;

(XI)  A DESCRIPTION OF ANY FINANCING OFFERED BY
THE DEVELOPER;