TNCO DEVELOPMENT, INC.
                               6170-C Hendersonville Road
                                  Fletcher, N. C. 28732

This Condominium Development is located on 15+ acres, which are located off Rutledge Road in Fletcher, N. C.
Condominium units are located on Wiltshire Circle and Stafford Court.

Phase I construction began September 1, 2001. The complete project, including Phases II and III, is expected to be
completed in approximately 20 months from the commencement of the project.

The total project is proposed to include a total of 38 buildings and a maximum of 149 units. The amenities shall
consist of the landscaped common areas of the development. No pool, tennis courts or a clubhouse are proposed.

The proposed budget for the association fees for Phase I is on the reverse side of this document.

Warranty: The Declarant (Developer) shall warrant each unit and building against defects in material and
workmanship for a period of one year from the unit’s transfer to the buyer. Appliances and major equipment will be
covered by the respective contractor or manufacturer; a list will be provided to the buyer at closing.

An initial fee of $100.00 for the establishment of the condominium fund shall be collected at closing. This fund
shall be used for the budgeted operation and services to be coordinated by the Stafford Crossing Condominium
Association, Inc. and performed by the developer until the Association assumes control as set forth in the Declarants,
Article II, paragraph 2.13.

The $1000.00 earnest deposit for the purchase of a condominium unit shall be held in escrow account with Best and
Best, PLLC, attorneys for the project. The office address is: 138 Charlotte Street, Asheville, NC 28801.

The Declarant, and subsequently the Association, shall carry a blanket insurance policy to cover each unit and the
building in total for the complete project. This policy will also cover the liability insurance for the common areas.
Each unit owner shall carry a policy to cover personal contents, effects and any upgrades. In case of destruction by
fire or otherwise, replacement of unit shall be to original plan and specifications. The blanket policy shall cover all
completed units and associated common areas, and the premium shall be divided equally between all condo owners.

The current monthly association fee is $46.00 per month to cover the budgeted items as set forth in the attached.
Homeowners Insurance shall be an addition to this amount. The Association shall obtain the best price for the
coverage, and the premium shall be divided equally between the owners.

The project is being developed by TNCO Development, Inc. Mountain Bank is providing financing to complete
Phase I and subsequently Phases II and III.

The City of Fletcher has approved Stafford Crossing for residential, multi-family housing units.

Purchaser must receive a public offering statement before signing a contract for purchase and no conveyance can
occur until seven calendar days following the signing of a contract for purchase. The purchaser has the absolute right
to cancel the contract during the seven calendar days period.

Any material change in the above information shall constitute an amendment to this Public Offering Statement and
the amendment shall be conveyed to the purchaser. If any material change is made in a proposed declaration after the
contract for purchase of a unit has been signed but before conveyance, the purchaser may rescind the contract within
seven days after receipt of the notice of the change.

Received by:

                                           Unit                     Date:


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