FOR KIRKLAND EVEREST PARK SALE 5 +/- Single … EVEREST PARK 1.08 Acre Estate Lot - or - 5 +/-...

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www.CenturyPacificLP.com 1201 Third Ave, Suite 1680 Seattle, WA 98101 Contact Campbell Mathewson 206.757.8893 cmathewson@centurypacificlp.com KIRKLAND EVEREST PARK 1.08 Acre Estate Lot - or - 5 +/- Single Family Lots 46,875 SF / 1.08 Acres Zoned RS 8.5 319 8th Street South Kirkland, WA 98033 Asking Price: $3,300,000 FOR SALE THE PROPERTY 319 8 th ST S.

Transcript of FOR KIRKLAND EVEREST PARK SALE 5 +/- Single … EVEREST PARK 1.08 Acre Estate Lot - or - 5 +/-...

www.CenturyPacificLP.com 1201 Third Ave, Suite 1680

Seattle, WA 98101

ContactCampbell Mathewson 206.757.8893

[email protected]

KIRKLAND EVEREST PARK1.08 Acre Estate Lot - or - 5 +/- Single Family Lots

46,875 SF / 1.08 Acres Zoned RS 8.5

319 8th Street SouthKirkland, WA 98033

Asking Price: $3,300,000

FORSALE

THE PROPERTY319 8th ST S.

www.CenturyPacificLP.com 1201 Third Ave, Suite 1680

Seattle, WA 98101

ContactCampbell Mathewson 206.757.8893

[email protected]

CenturyPacific, LLLP

Steven L. WoodManaging DirectorTel. 206 757 8891

[email protected]

Campbell MathewsonExecutive Vice President

Tel. 206 757 [email protected]

Katherine K. LairdExecutive Vice President

Tel. 206 757 [email protected]

Michael E. FinchVice President

Tel. 206 757 [email protected]

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www.CenturyPacificLP.com 1201 Third Ave, Suite 1680

Seattle, WA 98101

ContactCampbell Mathewson 206.757.8893

[email protected]

PROPERTY OFFERING MEMORANDUM

The Owners of 319 8th Street South (the “Owners”), have engaged CenturyPacific, LLLP (“CenturyPacific”) as real estate advisor and agent, on an exclusive basis, in connection with a proposed Sale of the 46,875 SF property located at 319 8th Street South in Kirkland (the “Property”).

This Memorandum has been prepared based partly upon information furnished by the Owners, who have reviewed it and authorized its use for the purpose and in the manner described above. The Owners, CenturyPacific, shareholders, partners and affiliates make no representations or warranties with regard to the accuracy or completeness of the information contained herein. CenturyPacific has conducted a limited review of the information referenced in this Memorandum, but has not independently verified the accuracy or completeness thereof. CenturyPacific does not represent or warrant the accuracy or completeness of the information contained in this Memorandum. Nothing contained in this Memorandum should be construed as a representation by any person as to the future possibilities or performance of the Property.

EACH POTENTIAL BUYER IS EXPECTED TO AND MUST CONDUCT ITS OWN DUE DILIGENCE.

CenturyPacific, LLLP1201 Third Avenue, Suite 1680

Seattle, WA 98101

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www.CenturyPacificLP.com 1201 Third Ave, Suite 1680

Seattle, WA 98101

ContactCampbell Mathewson 206.757.8893

[email protected]

I. INVESTMENT SUMMARY 4 The Offering

Site Summary

II. PROPERTY DESCRIPTION 5 Property Summary

Zoning Summary

Current Use

Location & Amenities

Access & Transportation

Demographics

Job Market

Title Report

Environmental

III. MAPS & PHOTOS 7 Property Photos

IV. DEAL TERMS 19

V. DISCLAIMER 10

TABLE OF CONTENTS

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www.CenturyPacificLP.com 1201 Third Ave, Suite 1680

Seattle, WA 98101

ContactCampbell Mathewson 206.757.8893

[email protected]

THE OFFERINGCenturyPacific and the owners of 319 8th Street South (“Owners”) are offering for sale a 46,875 SF redevelopment property (“the Property”) in Kirkland, Washington. The Property is zoned RS 8.5 allowing for up to five (5) single family lots. With close proximity to Downtown Kirkland, Google, the Cross Kirkland Corridor and with convenient access to the freeway the property is an ideal redevelopment opportunity.

SITE SUMMARY Address: 319 8th Street South Kirkland, WA 98033

Land Area: 46,875 SF

Parcel Number: 0120000230 Zoning: RS 8.5

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I. INVESTMENT SUMMARY 319 8th Street South

www.CenturyPacificLP.com 1201 Third Ave, Suite 1680

Seattle, WA 98101

ContactCampbell Mathewson 206.757.8893

[email protected]

THE PROPERTY319 8th ST S.

PROPERTY SUMMARY Address: 319 8th Street South Kirkland, WA 98033

Land Area: 46,875 SF

Parcel Number: 0120000230

Zoning: RS 8.5

ZONING SUMMARYThe Property is zoned RS 8.5 allowing with a minimum lot size of 8,500 square feet and a unit per acre of 5.12. Therefore, this 46,875 SF lot could allow up to five (5) single family lots.

CURRENT USE The Property is improved with a 1,150 square foot house built in 1942.

LOCATION & AMENITIES In addition to its desirable waterfront setting and central location with easy access to Seattle, Redmond and Bellevue - Kirkland offers a desirable blend of work and leisure. With 40 developed parks spanning 600 acres, the highly rated Lake Washington School District and higher education opportunities, a vibrant and dynamic arts scene, quality retail, restaurants, pubs and coffee houses - Kirkland has a lot to offer residents and visitors alike.

ACCESS & TRANSPORTATIONKirkland is situated across Lake Washington from Seattle via the 520 floating bridge, and along the Interstate 405 corridor, providing quick and convenient access to Woodinville, Bothell, Redmond, Bellevue and Renton via car. Public transit commutors are well served by King County Metro, a county wide bus network, and by Sound Transit, a three-county multi-modal transit netork. The city’s two major transit centers - one downtown and another along Interstate 405 in the Totem Lake Neighborhood - give commuters a myriad of options connecting throughout the Puget Sound region.

DEMOGRAPHICSWith a population of nearly 82,000 people, Kirkland is the 6th largest city in King County and the 12th largest in Washington State. Residents are highly educated with a median income of $81,927 and a median disposible income of $66,726. In June 2011, roughly 33,000 people were added to the city’s population following the annexation of 7 square miles of unincorporated King County neighborhoods. More than 95% of Kirkland’s population has at least a high school diploma, with more than 20% of the population 25 and over has a college degree. With the growth of the region’s high-tech and computer industries, Kirkland is becoming a younger city, with roughly half of the population between the ages of 25 and 55.

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II. PROPERTY DESCRIPTION319 8th Street South

www.CenturyPacificLP.com 1201 Third Ave, Suite 1680

Seattle, WA 98101

JOB MARKETThere are close to 5,000 active business licenses in Kirkland employing more than 31,000 people. Kirkland appeals to a variety of industries, particularly those in the IT and professional services sectors. Kirkland’s top employers include: Google, Evergreen Health, City of Kirkland, Kenworth, IBM, WB Games, ATG, Fairfax Hospital, Caliber Home Loans, Microsoft, Demand Media, Fred Meyer, Wave Broadband, Lake Vue Gardens, Toyota of Kirkland, Lake Washington Institute of Technology, Griptonite Games, Bluetooth, INRIX, GoDaddy, Kenworth, Tableau Software, Pace Engineering, Nintendo and Allyis, with their newly expanded campus. An estimated 20% of the working population is involved in software development. The regions low unemployment rate of 4.7% and Kirkland’s mere 2.7% (2015 Bureau of Labor Statistics) is a testament to the strength of the local economy, boosted by information technololgy, telecommunications, and biomedical technology.

TITLE REPORTA current, preliminary title report issued by First American Title Company will be provided in the due diligence materials.

ENVIRONMENTALNo known issues. Prospective purchasers should conduct their own environmental and other due diligence.

PROPERTY SOLD “AS IS”The Property is offered for sale “AS IS” with no representations or warranties relating to fitness of use, environmental condition or code compliance, etc. Seller encourages all interested parties and buyers to conduct its own feasibility and environmental studies.

sources: City of Kirkland http://www.kirklandwa.gov/Assets/CMO/CMO+PDFs/Mayors+Welcome+Kirkland+Were+open+for+business+Kirkland+Business+Profile.pdf http://www.kirklandwa.gov/Assets/Finance+Admin/2017-2022+CIP/2017-2022+CIP+Summary+Document.pdf

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PROPERTY DESCRIPTION319 8th Street South

www.CenturyPacificLP.com 1201 Third Ave, Suite 1680

Seattle, WA 98101

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III. MAPS & PHOTOS319 8th Street South

www.CenturyPacificLP.com 1201 Third Ave, Suite 1680

Seattle, WA 98101

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P&R

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ForbesLake

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Finn HillMiddle School

Carl SandbergElementary

H.D. ThoreauElementary

JuanitaElementary

JuanitaSenior High

Helen KellerElementary Robert Frost

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John MuirElementary

KamiakinMiddle School

LakeWashingtonInstitute ofTechnology

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Peter KirkElementary

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LakeWashingtonSenior High

HolyFamilySchool

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Yarrow BayWetlands

Bridle TrailsState Park

WatershedPark

PeterKirkPark

HeritagePark

CarillonWoods

Phyllis A.NeedyPark

Doris CooperHoughton BeachPark

MarshPark

TerracePark

Settler’sLanding

David E.BrinkPark

Street EndPark

FeritonSpur South

Rose HillPark

Snyder’sCorner Park Site

Rose HillMeadows

MarinaPark

OhdeAvenuePea Patch

Lake Ave WStreet End Park

TotLotPark

VanAalstPark

CedarViewPark

WaverlyBeachPark

KiwanisPark

ReservoirPark

ForbesLakePark

NorthRose HillWoodlandsPark

SpinneyHomesteadPark

CottonHillPark

HighlandsPark

CrestwoodsPark

ForbesCreekPark

MarkTwainPark

JuanitaBayPark

JuanitaBeachPark

McAuliffePark

HeronfieldWetlands

Jasper’sDog Park

N. KirklandCommunityCenter & Park

TotemLakePark

132ndSquarePark

BrookhavenPark

JuanitaHeightsPark

JuanitaWoodlandsPark

O O DennyPark

Big FinnHill Park

Saint EdwardState Park

WindsorVistaPark

EdithMoultonPark

KingsgatePark

S. NorwayHill Park Site

E. NorwayHill Park

TaylorFields

KirklandCemetery

Neal-LandguthWetlandPark

EverestPark

INTERSTATE

405

INTERSTATE

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405

To Bridlecrest Trail

To SR520 Trail

To Sammamish River Trail

To Sammamish River Trail

To RedmondCentral Connector

To Burke-Gilman Trail

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an Trail

FINN HILL

KINGSGATE

KIRKLANDURBAN

THE VILLAGE AT TOTEM LAKE

Data Sources: City of Kirkland GIS, King County GIS Center, and the Bridle Trails Park Foundation.

NNProduced by the City of Kirkland.© 2016, the City of Kirkland, all rights reserved.No warranties of any sort, including but not limited to accuracy, fitness or merchantability, accompany this product.

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Interim Trail Connectionsand Surrounding Amenities

P&R

Boat LaunchBoat MoorageBaseball / SoftballBasketball

FishingGardeningInterpretive Walks

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Facilities Rental

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RestroomsSoccerSwimming (Summer)TennisVolleyballCommunity FacilityPost O�ceTransit CenterPark & Ride

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Park Trail / WalkwayCross Kirkland Corridor(Kirkland-Owned)

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Primary Trailhead

Secondary Trailhead

CKC Trail Mile Marker

5 Miles

Snohomish CountyKing County

City of Kirkland Vicinity Map

INTERSTATE

405

INTERSTATE

5

INTERSTATE

5

INTERSTATE

90

INTERSTATE

90

Bothell

Woodinville

Bellevue

RegionalTrail

Cross KirklandCorridor

Seattle

Shoreline

Edmonds

Medina

MercerIsland

Lynnwood

Kenmore

Kirkland

INTERSTATE

405

Redmond

Eastside RailCorridor

CROSS KIRKLAND CORRIDORINTERIM TRAIL

TRAIL RULESRules governing uses on the Cross Kirkland Corridor are provided by City of Kirkland Code. The following rules are posted along the trails:» Pets must be on leash» Pick up after your pet» Stay on trail» Pass on left and warn before

passing» Stay within the 15 miles per hour

speed limit» Use during daylight

hours only» No motorized vehicles» No horses

Kirkland Municipal Code Section 19.40.020

Following trail etiquette will allow all users to have a positive trail experience.TRAIL USERS:» When entering or crossing a trail at

an uncontrolled point yield to traffic already on the trail.

» Respect the special needs of dis-abled trail users.

» Be cautious at intersections and use the flashing beacons.

» When exiting the trail, look back to see what may be coming up behind you.

» Stay to the right of the trail and move in a predictable manner.

» Cellphones and headphones can make it difficult to hear what’s going on around you. Be aware of what is going on around you.

» Do not block the path and yield to moving users while stopped.

» Leave no trace, garbage cans and mutt mitts are located at all road crossings.

» Enjoy the trail!BICYCLISTS:» Wear a helmet.» Bicyclists yield to pedestrians and

give audible warning (vocal or ring a bell) when passing pedestrians or other bicyclists.

» Ride at a safe speed. Slow down and form a single file in congested conditions, reduced visibility, and other hazardous conditions.

» Wear lights and reflective devices for your safety in low light hours.

PEDESTRIANS:» Listen for audible signals and allow

faster trail users (runners and bicyclists) to pass safely.

» Keep pets on a short leash and on the right side of the trail.

CONTACT THE CITY OF KIRKLAND 425-587-3900 WITH ANY

QUESTIONS OR CONCERNS.

ETIQUETTE

Primary Trailhead: is a main at-grade connection of the CKC to a street with sidewalks. Primary trailheads are accessible to those with mobility challenges and do not involve steps or steep slopes.Secondary Trailhead: is a minor connection typically built by volunteers to connect neighborhoods or parks to the CKC. The size and accessibility of these trailheads are dependent upon the character of the surrounding area and level of use. These connections are not accessible to those with mobility challenges. Some have bicycle runnels and others are envisioned to be enhanced to a primary trailhead status when funding becomes available. Trailhead arrows point to the direction of access to each trail head on the map.

TH

E

King County Eastside Rail C

ooridor

(Staffed Part Time)

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CENTRAL WAY

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SLAT

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102ND AVE NE

10TH

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128T

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H P

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8TH

LN

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19TH AVE

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PARK LN

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FORBES CREEK DR3R

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17TH AVE

2ND AVE S

NE 91ST ST

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88TH

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AY96

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TOTE

M LA

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BLVD

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81S

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72ND PL NE

NE 120TH PL

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12TH AVE

108T

H A

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NE 136TH ST

NE 132ND ST

5TH AVE

NE 136TH PL

NE 141ST ST

NE 83RD ST

NE 141ST PL

116TH W

AY N

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NE 137TH ST

NE 144TH ST

83RD

PL N

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NE 137TH PL

NE 73RD ST

NE 110TH PL

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116T

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111T

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114T

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116T

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130T

H A

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110T

H P

L

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110T

H A

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5TH

PL

S

NE 130TH PL

NE 134TH PL

NE 145TH ST

NE 143RD PL

NE 120TH ST

NE 141ST ST

115TH AV

E N

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7TH

ST

S

120T

H A

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116T

H A

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124T

H A

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NE TOTEM LAKE WAY

109T

H A

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NE 102ND PL

NE 129TH ST

LAK

E W

AS

HIN

GTO

N B

LVD

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NE 113TH ST

NE 116TH ST

JUA

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BR

IDLE

WO

OD

CIR

108T

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90TH AV

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8TH AVE W

7TH AVE W

132N

D A

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NE 74TH ST

6TH ST W

5TH ST W

3RD S

T W

132N

D A

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132N

D A

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120TH AVE NE

116T

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MA

RK

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NE 112TH ST

98TH AV

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NE 116TH ST

108T

H A

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NE 122ND ST

NE 124TH ST

NE 132ND ST

104T

H P

L N

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107T

H P

L N

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106T

H P

L N

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NE 126TH PL

108T

H AVE NE

LAK

E W

AS

HIN

GTO

N B

LVD

NE

FORBES CREEK D

R

105T

H A

VE

NE

NE 133RD ST

84TH

AV

E N

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NE 143RD ST

107T

H A

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NE 125TH ST

72ND

AVE

NE

76TH

AV

E N

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JUAN

ITA DR

NE

101S

T P

L N

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NE 134TH LN

NE 145TH ST

P&R

P&R

P&R

City Hall

Library Pool PerformanceCenter

KTUBPeter KirkCommunityCenter

PostOffice

EvergreenHospital

KirklandJustice Center

ForbesLake

TotemLake

SwanLake

LakeWashington

Finn HillMiddle School

Carl SandbergElementary

H.D. ThoreauElementary

JuanitaElementary

JuanitaSenior High

Helen KellerElementary Robert Frost

Elementary

John MuirElementary

KamiakinMiddle School

LakeWashingtonInstitute ofTechnology

A.G. BellElementary

KirklandMiddle School

Peter KirkElementary

Mark TwainElementary

Rose HillElementary

LakeWashingtonSenior High

HolyFamilySchool

LakeviewElementary

InternationalCommunity School

NorthwestUniversity

EmersonHigh

School

Ben FranklinElementary

Seventh DayAdventist School

Yarrow BayWetlands

Bridle TrailsState Park

WatershedPark

PeterKirkPark

HeritagePark

CarillonWoods

Phyllis A.NeedyPark

Doris CooperHoughton BeachPark

MarshPark

TerracePark

Settler’sLanding

David E.BrinkPark

Street EndPark

FeritonSpur South

Rose HillPark

Snyder’sCorner Park Site

Rose HillMeadows

MarinaPark

OhdeAvenuePea Patch

Lake Ave WStreet End Park

TotLotPark

VanAalstPark

CedarViewPark

WaverlyBeachPark

KiwanisPark

ReservoirPark

ForbesLakePark

NorthRose HillWoodlandsPark

SpinneyHomesteadPark

CottonHillPark

HighlandsPark

CrestwoodsPark

ForbesCreekPark

MarkTwainPark

JuanitaBayPark

JuanitaBeachPark

McAuliffePark

HeronfieldWetlands

Jasper’sDog Park

N. KirklandCommunityCenter & Park

TotemLakePark

132ndSquarePark

BrookhavenPark

JuanitaHeightsPark

JuanitaWoodlandsPark

O O DennyPark

Big FinnHill Park

Saint EdwardState Park

WindsorVistaPark

EdithMoultonPark

KingsgatePark

S. NorwayHill Park Site

E. NorwayHill Park

TaylorFields

KirklandCemetery

Neal-LandguthWetlandPark

EverestPark

INTERSTATE

405

INTERSTATE

405

INTERSTATE

405

To Bridlecrest Trail

To SR520 Trail

To Sammamish River Trail

To Sammamish River Trail

To RedmondCentral Connector

To Burke-Gilman Trail

To Burke-Gilm

an Trail

FINN HILL

KINGSGATE

KIRKLANDURBAN

THE VILLAGE AT TOTEM LAKE

Data Sources: City of Kirkland GIS, King County GIS Center, and the Bridle Trails Park Foundation.

NNProduced by the City of Kirkland.© 2016, the City of Kirkland, all rights reserved.No warranties of any sort, including but not limited to accuracy, fitness or merchantability, accompany this product.

0 1/4 1/2 3/4 1

Miles

CROSS KIRKLAND CORRIDOR

Interim Trail Connectionsand Surrounding Amenities

P&R

Boat LaunchBoat MoorageBaseball / SoftballBasketball

FishingGardeningInterpretive Walks

PicnickingPlaygroundPublic Dock

Facilities Rental

O�-Leash Dog Area

RestroomsSoccerSwimming (Summer)TennisVolleyballCommunity FacilityPost O�ceTransit CenterPark & Ride

HospitalParking

Fire Station

Park Trail / WalkwayCross Kirkland Corridor(Kirkland-Owned)

Bicycle LaneKirkland City LimitNeighborhood / Minor StreetMajor Street

Kirkland Park / Open SpaceOther Park / Open SpaceSchool

Interstate / Freeway

Eastside Rail Corridor(King County-Owned)

Future Redmond Central Connector

Overpass

Primary Trailhead

Secondary Trailhead

CKC Trail Mile Marker

5 Miles

Snohomish CountyKing County

City of Kirkland Vicinity Map

INTERSTATE

405

INTERSTATE

5

INTERSTATE

5

INTERSTATE

90

INTERSTATE

90

Bothell

Woodinville

Bellevue

RegionalTrail

Cross KirklandCorridor

Seattle

Shoreline

Edmonds

Medina

MercerIsland

Lynnwood

Kenmore

Kirkland

INTERSTATE

405

Redmond

Eastside RailCorridor

CROSS KIRKLAND CORRIDORINTERIM TRAIL

TRAIL RULESRules governing uses on the Cross Kirkland Corridor are provided by City of Kirkland Code. The following rules are posted along the trails:» Pets must be on leash» Pick up after your pet» Stay on trail» Pass on left and warn before

passing» Stay within the 15 miles per hour

speed limit» Use during daylight

hours only» No motorized vehicles» No horses

Kirkland Municipal Code Section 19.40.020

Following trail etiquette will allow all users to have a positive trail experience.TRAIL USERS:» When entering or crossing a trail at

an uncontrolled point yield to traffic already on the trail.

» Respect the special needs of dis-abled trail users.

» Be cautious at intersections and use the flashing beacons.

» When exiting the trail, look back to see what may be coming up behind you.

» Stay to the right of the trail and move in a predictable manner.

» Cellphones and headphones can make it difficult to hear what’s going on around you. Be aware of what is going on around you.

» Do not block the path and yield to moving users while stopped.

» Leave no trace, garbage cans and mutt mitts are located at all road crossings.

» Enjoy the trail!BICYCLISTS:» Wear a helmet.» Bicyclists yield to pedestrians and

give audible warning (vocal or ring a bell) when passing pedestrians or other bicyclists.

» Ride at a safe speed. Slow down and form a single file in congested conditions, reduced visibility, and other hazardous conditions.

» Wear lights and reflective devices for your safety in low light hours.

PEDESTRIANS:» Listen for audible signals and allow

faster trail users (runners and bicyclists) to pass safely.

» Keep pets on a short leash and on the right side of the trail.

CONTACT THE CITY OF KIRKLAND 425-587-3900 WITH ANY

QUESTIONS OR CONCERNS.

ETIQUETTE

Primary Trailhead: is a main at-grade connection of the CKC to a street with sidewalks. Primary trailheads are accessible to those with mobility challenges and do not involve steps or steep slopes.Secondary Trailhead: is a minor connection typically built by volunteers to connect neighborhoods or parks to the CKC. The size and accessibility of these trailheads are dependent upon the character of the surrounding area and level of use. These connections are not accessible to those with mobility challenges. Some have bicycle runnels and others are envisioned to be enhanced to a primary trailhead status when funding becomes available. Trailhead arrows point to the direction of access to each trail head on the map.

TH

E

Page 9

THE PROPERTY319 8th ST S.

Please submit offers as soon a possible to CenturyPacific at:

Attention: Campbell Mathewson 1201 Third Ave - Suite 1680 Seattle, WA 98101 [email protected] 206-757-8893

Please be sure to include, at a minium:

- Purchase Price - Feasibility Period - Closing Date - Earnest Money - Financial Capacity of Buyer

Page 9

IV. DEAL TERMS 319 8th Street South

www.CenturyPacificLP.com 1201 Third Ave, Suite 1680

Seattle, WA 98101

ContactCampbell Mathewson 206.757.8893

[email protected]

CenturyPacific, LLLP

DISCLAIMER

Materials contained in this offering are furnished solely for the purpose of considering the purchase of the property located at 319 8th Street South in Kirkland, Washington (the “Property”); described herein and are not to be used for any other purpose or to be made available to any other person without the express written consent of CenturyPacific, LLLP (the “Investment Team”) and the Sellers. The material is based, in part, upon information supplied by Seller and, in part, upon information obtained by the Investment Team from sources they deem to be reliable. Summaries contained herein of any legal documents are not intended to be comprehensive statements of the terms of such documents, but rather are outlines of some of the principal provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, the Investment Team or any of their related entities as to the accuracy or completeness of the information contained herein. Prospective investors should make their own investigations, projections and conclusions. Interested buyers should be aware that the Seller is selling the Property in “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. It is expected that prospective investors will conduct their own independent due diligence concerning the Property, including such engineering and environmental inspections as they deem necessary to determine the condition of the Property and the existence or absence of any potentially hazardous materials used on the Property. No representations, expressed or implied, are made as to the foregoing matters by Seller, the Investment Team or any of their officers, employees, affiliates and/or agent. Information contained in this Offering Memorandum is further governed by the Property Agreement.

Page 10

V. DISCLAIMER