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					                              STATE OF ARIZONA
                         DEPARTMENT OF REAL ESTATE

                           SUBDIVISION PUBLIC REPORT

                                              FOR
                                  Lake View Estates – Phase 1
                                     aka Lake View Estates
                                 Registration No. DM07-054121


                                         SUBDIVIDER
                                     Lake View Estates LLC
                                        7360 Mark Lane
                                      Scottsdale, AZ 85262

                                        October 26, 2007
                                          Effective Date




                            PROPERTY REPORT DISCLAIMER

This report is NOT A RECOMMENDATION NOR AN ENDORSEMENT by the State of
Arizona of this land but is provided for informational purposes ONLY. The report reflects
information provided by the subdivider and obtained by the Department in its review process in
accordance with the provisions of Title 32, Chapter 20, Article 4, of the Arizona Revised
Statutes, as amended. NOTE that not all of the information in this report has been verified by the
Department; certain information has been accepted by the Department as true and accurate based
on attestation of the subdivider and/or the subdivider’s agents. You should verify all facts before
signing any documents. The Department has not passed upon the quality or quantity of any
improvement or structure and does not assume responsibility in either event.


PHOENIX OFFICE:                                                                 TUCSON OFFICE:
2910 N. 44th Street                                                              400 West Congress
Suite 100                                                                                   Suite 523
Phoenix, Arizona 85018                                                        Tucson, Arizona 85701
(602) 771-7750                                                                        (520) 628-6940




                                                1
FORM P
              THE ARIZONA DEPARTMENT OF REAL ESTATE


                                 REQUIRES THAT:

1. You BE GIVEN this public report;

2. YOU SIGN A RECEIPT indicating that you received this report;


                                  RECOMMENDS:

1. You DO NOT SIGN ANY AGREEMENT before you have read this report;

2. You see the EXACT PROPERTY you are interested in BEFORE SIGNING any
   document for lease or purchase.



ARIZONA LAW STATES:

1. THE SALE OR LEASE OF SUBDIVIDED LANDS PRIOR TO ISSUANCE OF
   THIS REPORT OR FAILURE TO DELIVER THIS REPORT TO YOU SHALL
   RENDER THE SALE OR LEASE RESCINDABLE BY YOU. ACTION TO
   RESCIND MUST BE BROUGHT WITHIN 3 YEARS FROM DATE OF
   EXECUTION OF PURCHASE AGREEMENT.

2. CONTRACTS OR AGREEMENTS FOR THE PURCHASE OF AN
   UNIMPROVED LOT (WITHOUT A BUILDING)* MAY BE RESCINDED BY
   YOU WITHOUT CAUSE BY SENDING OR DELIVERING WRITTEN NOTICE
   OF RESCISSION BY MIDNIGHT OF THE SEVENTH CALENDAR DAY
   FOLLOWING THE SIGNING.

3. IF YOU HAVE SIGNED A PURCHASE AGREEMENT FOR THE PURCHASE OF
   AN UNIMPROVED LOT (WITHOUT A BUILDING)* PRIOR TO INSPECTING
   THE LOT, YOU HAVE SIX MONTHS TO INSPECT AND UPON INSPECTION
   MAY RESCIND THE PURCHASE AGREEMENT.


      *A contract or agreement for purchase of a lot which includes a building or
      obligates the seller to complete construction of a building within two years from
      the contract date does not constitute the purchase of an unimproved lot. Therefore,
      if your purchase includes a lot and a building or a building to be built, you are not
      entitled to the rescission rights described in paragraphs 2 and 3.




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REGISTRATION NO. DM07-054121               LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

                                           GENERAL

This report includes: Lots 1 through 25 inclusive, in the Lake View Estates Phase 1
subdivision.

The map of this subdivision is recorded in Book 27 page (s) 35 and 36, records of Navajo
County, Arizona.

The subdivision is approximately 95.46 acres in size. It has been divided into 25 residential lots.
Lot boundaries will be determined by the recorded plat.

YOU ARE ADVISED TO OBTAIN A COPY OF THE RECORDED MAP AND
CORRECTION DOCUMENTS, IF ANY, AND NOTE ALL EASEMENTS,
RESTRICTIONS AND STATEMENTS CONTAINED THEREIN.

                                  SUBDIVISION LOCATION

Location: This development is located approximately 8 miles north of Show Low, Arizona on
Bourdon Ranch Road. From the intersection of Hwy 60 and Hwy 77 in Show Low go east on
Hwy 60 for approximately 2 miles, turn north on Bourdon Ranch Road for approximately 7.6
miles, on the Northeast side of the street you will see the subdivision. Located in White
Mountain Lakes, Navajo County, Arizona.


                            SUBDIVISION CHARACTERISTICS

Topography: There is a rocky ridge over looking White Mountain Lake, the ground cover is
cedar trees with native grasses and shrubs.

Flooding and Drainage: This subdivision is not located within a flood zone. Robert C.
Woolery, P.E. from AZTEC states in a letter written August 10, 2007, “To my knowledge there
has not been any flooding on the project area and there are no known up stream drainage
structures or facilities that might impact the subject property. Based on this information, it is my
opinion that flood insurance would not be required on this project.” Please call Robert at 602-
659-9314 with any questions you may have regarding flood issues for this subdivision.

Soils: A subsoil investigation was preformed on this subdivision from Speedie and Associates.
In a Summary written by Gregg A. Creaser, P.E. dated August 18, 2007, it is stated in part, “In
general, the soils encountered during the field investigation consisted of high plasticity sandy
‘fat’ clay, sandy clay, and clayey sand. The presence of shallow basalt was also observed across
the site. Based on the soils encountered, construction of residential type structures on standard
shallow foundation systems is typically subject to remedial earthwork and/or specialized
foundation systems are required. It is recommended that site specific investigations be conducted
as each lot is developed.” For a full copy of the Geotechnical Investigation Report, please contact
the Developer.

Adjacent Lands and Vicinity: To the North, South, East and West of the Development are all

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REGISTRATION NO. DM07-054121               LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

Zoned, SD, Special Development. Approximately 2 miles from the development is a golf course
which may use herbicides and pesticides.


                                           AIRPORTS

Military Airport: None

Public Airport: None

Airport: Show Low Airport, located at 3150 Airport Loop, Show Low, Arizona is located
approximately 7 miles from the subdivision. There is also a Private Airstrip, White Mountain
Lake Airpark, located approximately 3 miles from the subdivision. This airstrip is currently
under construction until July 2009.

                                           UTILITIES

Electricity: APS, 7410 South Main Street, Snowflake, AZ 85937 www.aps.com , will be the
electric provider for this development. The Developer will be responsible for the completion of
the conduit, the anticipated completion date is July 2008. Electric lines will be pulled and
paid for by the developer upon sale of each individual lot. The purchaser will be responsible for
the trenching from the lot line to the dwelling approximately $10.00 per linear foot, and a deposit
of $200.00 and a $25.00 connection fee.

Street Lights: None available.

Telephone: Frontier Citizens Communications, (800)921-8101 www.czn.net, will be the
telephone service provider for this subdivision. The Developer will be responsible for the
completion of the conduit; the anticipated completion date is July 2008. The Telephone lines will
be pulled and paid for by the developer upon the sale of each individual lot. The Purchaser will
be responsible for the trenching which is approximately $10.00 per linear foot and a connection
fee of $65.00 before receiving service.

Natural Gas: None available.

Water: This is a dry lot subdivision, meaning that a private well will be utilized for
delivering water to the individual lots. There are two permits that need to be obtained
before the purchaser will be able to start the process, one is a permit from Navajo County,
the other is a permit from the State of Arizona. Each cost approximately $100.00. The average
depth of a well for this area is approximately 400 ft to 500 ft deep. The average price for the
complete set up which includes drilling, casing, pump, pressure tank, etc. is approximately
$12,000.00 to $15,000.00 depending upon the company and equipment that the purchaser will
choose. This is a quote given from Willis Drilling and Pump Company on September 2007.

“Lake View Estates Phase 1 subdivision is being served groundwater by individual wells. The
developer has chosen not to demonstrate a 100-year adequate water supply. The applicant has not
demonstrated that the criteria for physical, legal and continuous availability, water quality, and
financial capability have been met. Therefore the Department must find the water supply to be
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REGISTRATION NO. DM07-054121                LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

inadequate. For additional information please contact Richard Obenshain, of the Office of
Assured and Adequate Water Supply at (602)771-8585.” This statement comes from the Arizona
Department of Water Resources dated June 13, 2007.

 Sewage Disposal: Individual on site sewage systems will be required for this subdivision. A
perk test will be required for the individual lot that the septic tank will be installed on. The cost
for the perk test is approximately $850.00. A septic system for an average sized 3 bedroom 2
bathroom house is approximately $5,000.00 to $5,500.00; this includes the septic tank, trench,
leach field, and permit. This expense will be the responsibility of the purchaser.

As stated on the ADEQ Certificate of Approval of Sanitary Facilities for Subdivisions
Incorporating On-Site Sewage Systems:

 “No “discharge” to the “waters of the United States” pursuant to Sections 301,309,402,404, and
502 of the federal Clean Water Act (CWA) is authorized by this approval. If this project results
in discharge, pursuant to the Code of Federal Regulations Titles 33 and/or 40. Any construction
in a water source shall comply with all terms and conditions of the Section 404 Permit program
which is administered by the U.S. Army Corps of Engineers.

The Subdivider or his/her agent shall disclose prior to sale of each lot of these ADEQ provisions.

The owner of an approved lot shall obtain site-specific permits for construction and operation
from Navajo County Health Department before construction any on-site wastewater treatment
facility or Arizona Department of Environmental Quality, if the County or City is not delegated
authority to approve the on-site wastewater treatment system.

Based on the results of soil borings and the comments/conclusions contained in the geological
report, it is probable that conventional septic systems will not be an acceptable means of sewage
disposal for the majority of lots within Lake View Estates subdivision. Given the information
contained in the geological report, it must be assumed that alternative on-site systems will be
required for each and every lot within the subdivision whose cost may exceed $25,000.00.
                                          Lots 1 through 25

Given the information contained in the geological report, it must be assumed that alternative on-
site systems will be required for all the above lots.

At the time of this ADEQ approval for Lake View Estates – Phase 1 subdivision Lots 1 – 25, the
following lots share a boundary with unsubdivided land:
                                       Lots 6 through 11.

The required setback for on-site sewage systems (including the reserved disposal area) from
unsubdivided land is 50 feet minimum unless the dwellings and other future improvements on
the unsubdivided land will be served by a community water system, or an appropriate waiver has
been obtained from the adjacent property owner(s).

This approval is based upon ADEQ evaluation of sanitary facilities for a single family dwelling
with four or less bedrooms on each lot. Some lots may accommodate larger sewage disposal
capacities, subject to local approvals.
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REGISTRATION NO. DM07-054121               LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

Potable water systems to serve each Lot in this subdivision will be the responsibility of each
respective Approved Lot Owner. ADEQ has not evaluated the adequacy of the water supply
(groundwater) at any point in or near this subdivision. The owner of each Approved Lot shall
obtain site-specific permits for well drilling and well operation from the Arizona Department of
Water Resources before constructing or operating an on-site domestic well system. Each well
must be located at least 100 feet from an existing or proposed on-site wastewater system,
including wastewater systems within the same lot as the proposed well and those wastewater
systems in nearby lots.

The Subdivider or his/her agent shall disclose prior to sale each lots the following information:
That the Adequacy of the 100-year water supply was NOT reviewed by the Arizona Department
of Water Resources with regard to physical, legal and continuous availability, and to determine if
the water supply is of adequate quality. According to an estimate from Copper State Drilling &
Supply supplied by the applicant from 5-18-2006, the current water depth is 400 feet below
ground surface and cost to install a well was estimated to be $9,500.00”

THE ABOVE COSTS ARE SUBJECT TO CHANGE BY SERVICE PROVIDERS. YOU
SHOULD CONTACT THE ABOVE PROVIDERS REGARDING EXTENSION RULES
AND REGULATIONS, SERVICE CONNECTIONS AND COSTS INVOLVED.

                            STREETS, ROADS AND DRAINAGE

Access to the Subdivision: Streets providing access to the subdivision are public asphalt paved
streets. Navajo County is responsible for the maintenance; the cost for this maintenance is
included in the yearly property taxes.

Access within the Subdivision: Interior streets will be asphalt paved and constructed by the
Developer. It is anticipated by the Developer to have the streets completed by July 2008. The
interior streets will be maintained by Navajo County and will be accepted upon completion. The
cost for the maintenance will be included in the yearly property taxes.

Arizona State Trust Land: The Arizona State Land Department administers over 9.3 million
acres of State Trust Land. This is not public land. Trust land may be subject to future
development and may not be preserved or saved for openspace without compensation.

A person must have prior approval to use State Trust Land. Temporary recreational use is
allowed with certain restrictions and conditions through purchase of a recreational permit. Use
of State Trust Land without proper approval is a trespass.

MANY ROADS ON RURAL TRUST LANDS ARE NOT LEGAL TRAVEL ROUTES,
EXCEPT FOR STATE LESSEES AND HUNTERS, AND DO NOT PROVIDE LEGAL
ACCESS TO PRIVATE LAND. STATE TRUST LAND MAY BE SOLD OR LEASED FOR
USES WHICH MAY EXCLUDE RECREATION. RECREATION IS A TEMPORARY USE
THAT MAY BE TERMINATED AT ANY TIME.
For additional information, visit the State Land Department web page at www.land.state.az.us, or
call (602) 542-4631.


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REGISTRATION NO. DM07-054121              LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

Flood and Drainage: The Developer has complied with the Engineering requirements for storm
water retention as required by Navajo County. These facilities will be complete by July 2008 and
will be maintained by the Homeowner’s Association. These drainage facilities are shown on the
recorded plat. Fees for this maintenance will be included in the HOA fees.

            COMMON, COMMUNITY AND RECREATIONAL FACILITIES

Within the Subdivision: NONE

Within the Master Planned Community: NONE

                            ASSURANCES FOR COMPLETION

Assurances for Completion of Subdivision Facilities: Assurance of Construction of
Subdivision Improvements have been made to assure completion of the facilities.

Assurances for Maintenance of Subdivision Facilities: The Utility companies, Home Owners
Association and Navajo County will maintain their facilities up to the lot lines, any repairs,
modifications, and upgrades from the lot line to the dwelling will be the responsibility of the
purchaser.

                           LOCAL SERVICES AND FACILITIES

Schools: This subdivision is located within the Show Low Unified School District. All schools
are within 10 miles of the subdivision. School bus transportation is available.

SCHOOL FACILITIES AND BUS SERVICE MAY CHANGE. YOU SHOULD
CONTACT THE LOCAL SCHOOL BOARD REGARDING THE CURRENT
LOCATION OF SCHOOLS AND BUS SERVICE.

Shopping Facilities: There is a small convenient store located in the White Mountain Lakes
proximity, approximately 4 miles from the subdivision. There are several shopping facilities such
as Safeway and K-Mart located in the town of Show Low, approximately 9 miles from the
subdivision.

Public Transportation: None available.

Medical Facilities: Summit Health Care (a full service hospital) is located at 2200 Show Low
Lake Road, Show Low, AZ. www.nrmc.org . This hospital is located approximately 15 miles
from the subdivision.

Fire Protection: White Mountain Lakes Fire Department will provide service to this subdivision.
The cost is included in the property taxes.

Ambulance Service: Available by dialing 9-1-1.

Police Services: Navajo County Police Department.

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REGISTRATION NO. DM07-054121                LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

Garbage Services: Waste Management will provide weekly pick up service to this subdivision.
The average monthly cost is $20.00; this will be paid by the purchaser.

LOCATIONS AND COSTS OF THE ABOVE SERVICES AND FACILITIES MAY
CHANGE. YOU SHOULD VERIFY THEIR CURRENT LOCATIONS AND COSTS
PRIOR TO PURCHASE.

                         SUBDIVISION USE AND RESTRICTIONS

Use: This offering is for Vacant Lot
     Zoning: Single Family

Conditions, Reservations and Restrictions: As stated in the recorded CC & R, s in fee number
2007-05506 in Navajo County, Arizona.

Restrictions and Other Matters of Record: Conditions, reservations and restrictions that may
run with the land including City or County zoning restrictions should be investigated by you.
Copies of those items which are recorded may be inspected at the Office of the Navajo County
Recorder. Information about zoning may be obtained at the Office of the Navajo County
Planning and Zoning Department. Restrictions are recorded as cited in the following title
exceptions and per the subdivision plat.

                                              TITLE

Title to this subdivision is vested in Lakeview Estates, LLC

Subdivider’s interest in this subdivision is evidenced by Warranty Deed

Title is subject, among other things, to all taxes, assessments, covenants, conditions, restrictions,
limitations, reservations, rights, obligations, powers, easements, rights of way, liens, and charges
of record. YOU SHOULD INVESTIGATE THE TITLE AND SATISFY YOURSELF AS
TO WHAT EFFECT, IF ANY, THESE MATTERS MAY HAVE ON THE USE OF THE
LAND. Title exceptions affecting the condition of title are listed in the Preliminary Title Report
dated October 2, 2007 issued by LandAmerica Transnation Title. You should obtain a title
report and determine the effect of the listed exceptions.

EXCEPTIONS: SEE EXHIBIT “A” ATTACHED

                               METHOD OF SALE OR LEASE

Sales: Sales will pass by Warranty Deed directly from the developer to buyer with the service of
a Real Estate Broker and Title Company.

Release of Liens and Encumbrances: Individual Lot Release Provisions have been made to
protect future lot purchasers

Use and Occupancy: The purchaser can use and occupy their property at the close of escrow and
recordation of documents.
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REGISTRATION NO. DM07-054121              LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

Leasehold Offering: None

THE PURCHASE CONTRACT IS A BINDING AGREEMENT. CONTRARY TO THE
TERMS AND PROVISIONS OF THE CONTRACT, YOU MAY HAVE ADDITIONAL
RIGHTS, REMEDIES AND WARRANTIES PROVIDED BY LAW. READ
THOROUGHLY BEFORE SIGNING. IF NOT UNDERSTOOD, SEEK COMPETENT
ADVICE PRIOR TO COMMITMENT TO PURCHASE.

                                TAXES AND ASSESSMENTS

Real Property Taxes: The combined primary and secondary property tax rate for this
subdivision for the year 2006 is $.99791 per $100.00 assessed valuation. Based on an average
sales price of $90,666.20 is $1,490.71 Special District Tax or Assessments: None

AMOUNT OF TAXES AND ASSESSMENTS SET                                 FORTH      ABOVE       ARE
APPROXIMATE ONLY AND SUBJECT TO CHANGE.

                          PROPERTY OWNERS ASSOCIATIONS

Name and Assessments: Lake View Estates Home Owner’s Association. Property Owners will
be required to pay assessments in the amount of $150 per quarter.

Control of Association: All rights, duties and obligations of the Association shall be vested in
and shall be exercised by the Declarant until the earlier of 100% of all Lots sold or the date on
which the Declarant records with the Navajo County Recorder a notice relinquishing the
Declarant’s rights.

Membership: All Lot owners will be members.

PAYMENTS TO PROPERTY OWNERS ASSOCIATIONS ARE SUBJECT TO CHANGE
IN ACCORDANCE WITH RECORDED RESTRICTIONS. SAID ASSOCIATION MAY
ALSO IMPOSE SPECIAL ASSESSMENTS.

YOU ARE ADVISED TO READ THE RECORDED DECLARATION OF (COVENANTS,
CONDITIONS AND RESTRICTIONS, ARTICLES OF INCORPORATION,
DECLARATION OF CONDOMINIUM, BYLAWS) FOR THIS SUBDIVISION TO
DETERMINE THE RIGHTS OF LOT/UNIT OWNERS TO PARTICIPATE IN THE
CONTROL OF THE PROPERTY OWNERS’ ASSOCIATION AND TO DETERMINE
THE RIGHTS, DUTIES AND LIMITATIONS OF OWNERS IN AND TO USE OF
THEIR LOT/UNITS. FURTHER, YOU SHOULD DETERMINE FOR YOURSELF IF
SUBDIVIDER’S ARRANGEMENTS AND PLANS FOR THE PAYMENT OF
ASSESSMENTS ON UNSOLD LOTS/UNITS WILL BE SUFFICIENT TO FULFILL
THE NEEDS, DEMANDS AND FINANCIAL OBLIGATIONS OF THE ASSOCIATION,
AS SET FORTH IN THE DECLARATION AND BYLAWS.




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REGISTRATION NO. DM07-054121                   LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

                                              SCHEDULE B


(All recording data refer to records in the office of the County Recorder of the County in which the land
is situated.)

At the date hereof exceptions to title are:


.
A.     The exceptions and/or exclusions contained in any form policy that might be requested.

1.      OBLIGATIONS imposed upon said land by its inclusion within any district formed pursuant to
        Title 48, Arizona Revised Statutes, excluding however Municipal or County Improvement
        Districts.

2.      LIABILITIES AND OBLIGATIONS imposed by reason of the inclusion of said land within the
        following named property owners association:

        White Mountain Lakes Homeowners Association

3.      TAXES AND ASSESSMENTS collectible by the County Treasurer, a lien not yet due and payable
        for the following year:

        2007

4.      TAXES AND ASSESSMENTS collectible by the County Treasurer for the following year:

        2006, including any accrued interest.

5.      RESERVATIONS, exceptions, covenants, conditions and rights reserved or imposed in Deed
        from Santa Fe Pacific Railroad Company:

        Recorded in Book 14 of Deeds
        Page 77

6.      EASEMENT and rights incident thereto, as set forth in instrument:

        Recorded in Docket                       29 of Deeds
        Page                                     233
        Purpose                                  electric power lines

7.      RESTRICTIONS, CONDITIONS, COVENANTS, RESERVATIONS, including but not limited to any
        recitals creating easements, liabilities, obligations or party walls, omitting, if any, from the
        above, any restrictions based on race, color, religion sex, handicap, familial status or national
        origin contained in instrument:

        Recorded   in Docket                     666
        Page                                     643; and
        Recorded   in Docket                     701
        Page                                     130; and
        Recorded   in Docket                     756
        Page                                     568; and
        Recorded   in Docket                     1184
        Page                                     868

8.      THE EFFECT of Resolution No. 12-07 by the Board of Supervisors of Navajo County recorded in

        Document No.            2005-38006
        Concerning              approval of Master Development Site Plan for Lake View Estates


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REGISTRATION NO. DM07-054121             LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

9.    DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $39,500.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15710
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates

      THE BENEFICIAL INTEREST under said Deed of Trust was assigned by instrument:

      Recorded              July 10, 2006
      Document No.          2007-20611
      Assignee              Richard Edward Kubala and Mary Anne Kubala, as Trustees of the
                            Kubala Trust dated January 29, 2001
      (Affects              Lot 1)

10.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $39,500.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15711
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates

      THE BENEFICIAL INTEREST under said Deed of Trust was assigned by instrument:

      Recorded              July 10, 2006
      Document No.          2007-20612
      Assignee              A & J Glass Company Inc. Profit Sharing Plan
      (Affects              Lot 2)

11.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $39,500.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15712
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates

      THE BENEFICIAL INTEREST under said Deed of Trust was assigned by instrument:

      Recorded              July 10, 2006
      Document No.          2007-20614
      Assignee              Timmat, Inc.
      (Affects              Lot 4)




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REGISTRATION NO. DM07-054121             LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

12.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $39,500.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15713
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates

      THE BENEFICIAL INTEREST under said Deed of Trust was assigned by instrument:

      Recorded              July 10, 2006
      Document No.          2007-20613
      Assignee              The Cooper Family Trust
      (Affects              Lot 3)

13.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $69,500.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15714
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates

      THE BENEFICIAL INTEREST under said Deed of Trust was assigned by instrument:

      Recorded              July 10, 2006
      Document No.          2007-20615
      Assignee              Norman Lipson, a widower
      (Affects              Lot 5)

14.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $39,500.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15715
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates

      THE BENEFICIAL INTEREST under said Deed of Trust was assigned by instrument:

      Recorded              July 10, 2006
      Document No.          2007-20616
      Assignee              Benjamin Kazan, a minor, Lisa Kazan, Custodian, under the Arizona
                            UTMA, as to an undivided 50% interest, and Colin Kazan, a minor, Lisa
                            Kazan, Custodian, under the Arizona UTMA, as to an undivided 50%
                            interest
      (Affects              Lot 6)




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REGISTRATION NO. DM07-054121             LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

15.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $33,000.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15716
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates

      THE BENEFICIAL INTEREST under said Deed of Trust was assigned by instrument:

      Recorded              July 10, 2006
      Document No.          2007-20617
      Assignee              Elaine Friedman, wife of Arnold Friedman, as her sole and separate
                            property
      (Affects              Lot 7)

16.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $33,000.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15717
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates

      THE BENEFICIAL INTEREST under said Deed of Trust was assigned by instrument:

      Recorded              July 10, 2006
      Document No.          2007-20618
      Assignee              W. Carson Attaway, an unmarried man
      (Affects              Lot 8)

17.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $33,000.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15718
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates
      (Affects              Lot 9)

18.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $33,000.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15719
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates
      (Affects              Lot 10)



                                              13
REGISTRATION NO. DM07-054121             LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

19.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $29,200.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15720
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates

      THE BENEFICIAL INTEREST under said Deed of Trust was assigned by instrument:

      Recorded              May 8, 2007
      Document No.          2007-12055
      Assignee              David W. Hale, an unmarried man, as to an undivided 60% interest
                            and Joseph H. Sanders, an unmarried man, as to an undivided 40%
                            interest
      (Affects              Lot 11)

20.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $29,200.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15721
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates

      THE BENEFICIAL INTEREST under said Deed of Trust was assigned by instrument:

      Recorded              May 7, 2007
      Document No.          2007-11894
      Assignee              Irvin and Barbara J. Sattler, husband and wife, as joint tenants with
                            right of survivorship
      (Affects              Lot 12)

21.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $33,000.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15722
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates
      (Affects              Lot 13)

22.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount                $33,000.00
      Dated                 May 2, 2006
      Recorded              May 24, 2006
      Document No.          2006-15723
      Trustor               Lake View Estates, LLC, an Arizona limited liability company
      Trustee               Richard J. Rubin, Attorney at Law
      Beneficiary           Webber & Associates
      (Affects              Lot 14)

                                              14
REGISTRATION NO. DM07-054121           LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES


23.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount              $33,000.00
      Dated               May 2, 2006
      Recorded            May 24, 2006
      Document No.        2006-15724
      Trustor             Lake View Estates, LLC, an Arizona limited liability company
      Trustee             Richard J. Rubin, Attorney at Law
      Beneficiary         Webber & Associates
      (Affects            Lot 15)

24.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount              $29,200.00
      Dated               May 2, 2006
      Recorded            May 24, 2006
      Document No.        2006-15725
      Trustor             Lake View Estates, LLC, an Arizona limited liability company
      Trustee             Richard J. Rubin, Attorney at Law
      Beneficiary         Webber & Associates
      (Affects            Lot 16)

25.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount              $33,000.00
      Dated               May 2, 2006
      Recorded            May 24, 2006
      Document No.        2006-15726
      Trustor             Lake View Estates, LLC, an Arizona Limited liability company
      Trustee             Richard J. Rubin, Attorney at Law
      Beneficiary         Webber & Associates
      (Affects            Lot 17)

26.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount              $33,000.00
      Dated               May 2, 2006
      Recorded            May 24, 2006
      Document No.        2006-15727
      Trustor             Lake View Estates, LLC, an Arizona limited liability company
      Trustee             Richard J. Rubin, Attorney at Law
      Beneficiary         Webber & Associates
      (Affects            Lot 18)

27.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount              $33,00.00
      Dated               May 2, 2006
      Recorded            May 24, 2006
      Document No.        2006-15728
      Trustor             Lake View Estates, LLC, an Arizona Limited liability company
      Trustee             Richard J. Rubin, Attorney at Law
      Beneficiary         Webber & Associates
      (Affects            Lot 19)



                                            15
REGISTRATION NO. DM07-054121           LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

28.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount              $33,000.00
      Dated               May 2, 2006
      Recorded            May 24, 2006
      Document No.        2006-15729
      Trustor             Lake View Estates, LLC, an Arizona limited liability company
      Trustee             Richard J. Rubin, Attorney at Law
      Beneficiary         Webber & Associates
      (Affects            Lot 20)

29.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount              $33,000.00
      Dated               May 2, 2006
      Recorded            May 24, 2006
      Document No.        2006-15730
      Trustor             Lake View Estates, LLC, an Arizona limited liability company
      Trustee             Richard J. Rubin, Attorney at Law
      Beneficiary         Webber & Associates
      (Affects            Lot 21)

30.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount              $29,200.00
      Dated               May 2, 2006
      Recorded            May 24, 2006
      Document No.        2006-15731
      Trustor             Lake View Estates, LLC, an Arizona limited liability company
      Trustee             Richard J. Rubin, Attorney at Law
      Beneficiary         Webber & Associates
      (Affects            Lot 22)

31.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount              $29,200.00
      Dated               May 2, 2006
      Recorded            May 24, 2006
      Document No.        2006-15732
      Trustor             Lake View Estates, LLC, an Arizona limited liability company
      Trustee             Richard J. Rubin, Attorney at Law
      Beneficiary         Webber & Associates
      (Affects            Lot 23)

32.   DEED OF TRUST given to secure the original amount shown below, and any other amount
      payable under the terms thereof:

      Amount              $33,000.00
      Dated               May 2, 2006
      Recorded            May 24, 2006
      Document No.        2006-15733
      Trustor             Lake View Estates, LLC, an Arizona limited liability company
      Trustee             Richard J. Rubin, Attorney at Law
      Beneficiary         Webber & Associates
      (Affects            Lot 24)




                                            16
REGISTRATION NO. DM07-054121                  LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES

33.     DEED OF TRUST given to secure the original amount shown below, and any other amount
        payable under the terms thereof:

        Amount                  $33,000.00
        Dated                   May 2, 2006
        Recorded                May 24, 2006
        Document No.            2006-15734
        Trustor                 Lake View Estates, LLC, an Arizona limited liability company
        Trustee                 Richard J. Rubin, Attorney at Law
        Beneficiary             Webber & Associates
        (Affects                Lot 25)

34.     DEED OF TRUST given to secure the original amount shown below, and any other amount
        payable under the terms thereof:

        Amount                  $875,000.00
        Dated                   May 2, 2006
        Recorded                May 24, 2006
        Document No.            2006-15735
        Trustor                 Lake View Estates, LLC, an Arizona limited liability company
        Trustee                 Richard J. Rubin, Attorney at Law
        Beneficiary             Webber & Associates

35.     DEED OF TRUST given to secure the original amount shown below, and any other amount
        payable under the terms thereof:

        Amount                  $133,334.00
        Dated                   May 18, 2006
        Recorded                May 24, 2006
        Document No.            2006-15736
        Trustor                 Lake View Estates, LLC, an Arizona limited liability company
        Trustee                 Commonwealth Land Title Insurance Company, a Corporation
        Beneficiary             FC Mountain Land, LLC, an Arizona limited liability company

36.     EASEMENTS, restrictions, reservations and conditions as set forth on the recorded plat of said
        subdivision.

37.     RESTRICTIONS, CONDITIONS, COVENANTS, RESERVATIONS, including but not limited to any
        recitals creating easements, liabilities, obligations or party walls, omitting, if any, from the
        above, any restrictions based on race, color, religion sex, handicap, familial status or national
        origin contained in instrument:

        Recorded in Document No.                 2007-04506

38.     THE EFFECT of Resolution No. 12-07 by the Board of Supervisors of Navajo County recorded in

        Document No.            2007-4717
        Concerning              financial assurances of construction of subdivision improvements


Permanent Access to this Development as required by A.R.S. 32-2101 (Paragraph 40) and A.R.S. 32-
2185.02 is by way of Bourdon Ranch Road, a Navajo County public roadway to said land. Access to
the individual lots in said subdivision is provided by the roads dedicated on the plat of said subdivision
recorded in Book 27 of Plats, pages 35 and 36.

NOTE: There are no further matters of record concerning this subdivision through the date of this
report.




                                                    17
REGISTRATION NO. DM07-054121   LAKE VIEW ESTATES PHASE I, aka LAKE VIEW ESTATES




                                   18

				
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