$VSLUH(XJHQH  3DJHRI <br />$GMXVWPHQW5HYLHZ$SSOLFDWLRQ:ULWWHQ6WDWHPHQW <br />$XJXVW <br />  <br />6FKLUPHU&RQVXOWLQJ//&•32%R[(XJHQH25•   <br />/DQGVFDSH$UFKLWHFWXUH/DQG8VH3ODQQLQJ <br />$'-8670(175(9,(::5,77(167$7(0(17 <br />&RGHFULWHULDLVVKRZQDVSODLQWH[WDQGRXUUHVSRQVHV LQLWDOLFV  <br /> <br />3URMHFW,QIRUPDWLRQ <br />7KHVXEMHFWSURSHUW\LVORFDWHGDWWKHQRUWKHDVWFRUQHURIWKHLQWHUVHFWLRQRI(DVW%URDGZD\DQG+LO\DUG <br />6WUHHW7KHDSSUR[LPDWHO\DFUHVLWHLV]RQHG&&RPPXQLW\&RPPHUFLDO7KHVLWHLVERUGHUHGRQWKH <br />QRUWKE\WKHUDLOURDGWRWKHHDVWE\DSDUNLQJORW ]RQHG& DQGDSRUWLRQRIWKHUDLOURDGULJKWRIZD\DQGWR <br />WKHVRXWKDQGZHVWE\SXEOLFULJKWRIZD\&XUUHQWO\WKHUHLVDVWRU\EXLOGLQJRQWKHVLWHWKDWRQFHVHUYHGDV <br />DPRWHO7KHVLWHFXUUHQWO\IXQFWLRQVDVDSDLGSDUNLQJORWDQGWKHH[LVWLQJEXLOGLQJLVYDFDQW <br /> <br />7KHFOLHQWSURSRVHVWRUHPRYHDOOH[LVWLQJVWUXFWXUHVIURPWKHVLWHDQGFRQVWUXFWDPXOWLXQLWKRXVLQJSURMHFW <br />FRQVLVWLQJRIEXLOGLQJZLWKPXOWLSOHVWRULHV7KHEXLOGLQJZLOOFRQWDLQDSDUNLQJVWUXFWXUHOLYLQJXQLWV <br />DPHQLWLHVIRUWKHRFFXSDQWVRQWKHJURXQGLQWHUQDOWRWKHVWUXFWXUHDQGRQWKHURRI7KHEXLOGLQJH[FHHGV <br />VTXDUHIHHWRIIORRUDUHDLQQRQUHVLGHQWLDOXVH <br /> <br />)XOO\XQGHUVWDQGLQJDQGDFNQRZOHGJLQJWKDWWKHODUJHFRPPHUFLDOVWDQGDUGVFULWHULDZHUHQHYHULQWHQGHGWR <br />UHJXODWHWKLVW\SHRIGHYHORSPHQWZLOOKHOSWKHUHYLHZHUDVWKH\HYDOXDWHWKLVDSSOLFDWLRQ7KHODUJH <br />FRPPHUFLDOVWDQGDUGVZHUHLQWHQGHGIRUGHYHORSPHQWVWKDWFRQWDLQHGPXOWLSOHEXLOGLQJVZLWKPXOWLSOHIURQW <br />HQWULHVSDUNLQJORWVGULYHDLVOHVHWF0XFKOLNHDUHWDLOVKRSSLQJGHYHORSPHQW7KLVVLQJOHEXLOGLQJVHUYHV <br />DVDUHVLGHQWLDOEXLOGLQJRQO\DQGDFFRPPRGDWHVXVHVLQWHUQDOWRWKHEXLOGLQJWKDWVXSSRUWWKHUHVLGHQWV LH <br />PDLOURRPHQWU\OREE\ELF\FOHURRPVHWF  <br /> <br />7KHDSSOLFDQWLVUHTXHVWLQJDGMXVWPHQWVWRWKHIROORZLQJVWDQGDUGV <br />(&  F  6HWEDFNV <br />(&  D  %XLOGLQJ(QWUDQFHV <br />(&   9HKLFOH&RQQHFWLRQV%HWZHHQ6LWHV <br />(&  E G H  2Q6LWH3HGHVWULDQ&LUFXODWLRQ <br />(&  D F  ([WHULRU:DOO$UWLFXODWLRQ)DFDGHVDQG*URXQG)ORRU:LQGRZV <br /> <br />(& %LF\FOH3DUNLQJ6WDQGDUGV <br /> <br />(&  I  3DUNLQJ$UHD6WDQGDUGV <br /> <br />(&   3XEOLF$FFHVV5HTXLUHG <br /> <br />$GMXVWPHQW5HTXHVW$GMXVWPHQWVWR&RPPHUFLDO=RQH'HYHORSPHQW6WDQGDUGV <br />• (&  F  6HWEDFNV <br /> <br />&RGH6HFWLRQWR$GMXVW <br />(& <br />   6HWEDFNV <br /> F 7KHPD[LPXPIURQW\DUGVHWEDFNVVWDWHGLQWDEOH&RPPHUFLDO=RQH*HQHUDO%XLOGLQJ+HLJKW <br />DQG6HWEDFN6WDQGDUGVVKDOODSSO\RQO\WRQHZEXLOGLQJVDQGDQ\EXLOGLQJDGGLWLRQWKDWLQFUHDVHV <br />WKHOHQJWKRIWKHEXLOGLQJIDFDGHIDFLQJDVWUHHWLQWHUQDODFFHVVZD\SULYDWHGULYHRUVKRSSLQJVWUHHW <br />DVGHILQHGLQ(&  E\DWOHDVW <br /> <br /> %XLOGLQJVIURQWLQJRQDVWUHHWPXVWSURYLGHDPDLQHQWUDQFHIDFLQJWKHVWUHHWRQDQ\IDoDGHRI <br />WKHEXLOGLQJZLWKLQWKHIURQW\DUGVHWEDFN$PDLQHQWUDQFHLVDSULQFLSDOHQWUDQFHWKURXJKZKLFK <br />SHRSOHHQWHUWKHEXLOGLQJ$EXLOGLQJPD\KDYHPRUHWKDQRQHHQWUDQFH%XLOGLQJVKDYLQJ <br />IURQWDJHRQPRUHWKDQRQHVWUHHWVKDOOSURYLGHDWOHDVWRQHPDLQHQWUDQFHRULHQWHGWRDVWUHHWRU <br />WRWKHFRUQHUZKHUHWZRVWUHHWVLQWHUVHFW <br /> <br />5HDVRQIRU$GMXVWPHQW <br />,QDFFRUGDQFHZLWK(&7DEOHWKHPD[LPXPIURQW\DUGVHWEDFNIRUQHZEXLOGLQJVORFDWHGLQ <br />WKH&]RQHLVIHHW3HU(&  F DPLQLPXPRIRIWKHVWUHHWIDFLQJIDFDGHVPXVW <br />EHZLWKLQWKHVSHFLILHGIURQW\DUGVHWEDFN7KHSURSRVHGEXLOGLQJLVVHWEDFNYDULDEOHGLVWDQFHVIURP