Frequently Asked Questions for The Towns at Ivory Highlands How many townhomes are in phase 1? A total of 38 Townhomes will be built. There will be only 1 phase What will the model be? The model home will be the Windsor Floor plan unit #21. How many plans are available and what is the square footage? There are 4 floor plans. One Rambler unit and three 2-story plans. The total square footage ranges from 2,015 to 2,574 square feet. Required initial deposit: $1000 non-refundable When will we be able to dig in Phase 1? We anticipate digging the first buildings in January 2007. Is secondary water available? No. How much is the required for Pre-Construction Deposit? The pre-construction deposit will be $5,000 plus 25% of options if $10,000 is exceeded. Is Fencing included? There will be some fencing around the perimeter of the community. Only fencing installed by the developer will be permitted. Is Landscaping included? Full landscaping will be installed by Ivory Homes and maintained by the HOA. Will there be any Parks? Yes, there will be a park with a tot lot in the community. Is there an HOA Fee at The Towns at Ivory Highlands? Yes, the HOA fee will cover the landscape maintenance, maintenance of the parks. The HOA fee will be $135 per month. ***The HOA for The Towns at Ivory Highlands has no ties to the Ivory Highlands HOA and will therefore not have access to their facilities. What are the Commissions at The Towns at Ivory Highlands? Standard Townhome commissions of (1 ½%). Are the Plat and CC&R’s recorded? Yes, the plat and CC&R’s have been recorded. Will there be another phase? No, there is only 1 phase at The Towns and Ivory Highlands.

The Towns at Ivory Highlands

COMMUNITY FACT SHEET

Details of Location: Model Addresses:

Directions: From Bangerter Highway turn east on 6200 South. Follow 6200 South until Cisco Ridge Rd and turn south. This Ivory Homes community is on the south side of 6200 South.

Municipality: Taylorsville City County: Salt Lake County Schools: Granite School District

High School

Cottonwood High

5715 S. 1300 E.

273-2100

Junior High School

Bennion Jr. High

6055 S. 2700 W.

964-7665

Elementary

Bennion Elementary

5775 S. Sierra Grande 964-7540

NOTE: All schools to be verified by homebuyer and are subject to change Supermarkets: Smith’s – 7061 South Redwood Rd Albertsons – 6950 South Redwood Rd Harmons – 5454 South Redwood Rd Hospital: Cottonwood Hospital – 5770 South 300 East, Murray, 314-5300 Utilities: Sewer and water – Bennion Improvement District – 562-6135 Gas - Questar – 1-800-323-5517 Power – Utah Power and Light – (888) 221-7070 Garbage – Salt Lake County – 562-6435 Phone – Qwest - 1-800-244-1111 (Toll Free) Post Office: West Jordan, 7901 S. 3200 W., (Zip Code 84084) – (801) 255-4022 Other Attractions:

Close to Interstate 215 and Bangerter Highway Close to shopping, cinemas, and Dining at Jordan Landing Minutes from two Golf Courses Tot lot and walking trails

THE TOWNS AT IVORY HIGHLANDS ADDITIONAL TERMS ADDENDUM

TO REAL ESTATE PURCHASE AGREEMENT

THIS ADDENDUM (the "ADDENDUM") is attached to and forms part of a "Real Estate Purchase Agreement" (the "AGREEMENT") that is entered into by Ivory Homes, a Utah limited partnership ("SELLER"), on the AGREEMENT DATE, with the BUYER and for the Unit # described below. Capitalized terms used in this ADDENDUM (except bold capitalized terms) shall have the meanings for such terms that appear in the AGREEMENT. AGREEMENT DATE: ______________________________

BUYER:__________________________________________

__________________________________________

UNIT # ________ of the Towns at Ivory Highlands Subdivision

located in city of Taylorsville, Salt Lake County, Utah.

_______________________________________________________________________________________________________

The provisions of the AGREEMENT are modified, supplemented or deleted as follows; otherwise, all of the terms and provisions of the AGREEMENT shall remain in full force and effect. 1) Buyer acknowledges receipt of the “Declaration of Conditions, Covenants and Restrictions” for The Towns at

Ivory Highlands. 2) Buyer has received and signed the CC&R summary for The Towns at Ivory Highlands. 3) The Towns at Ivory Highlands is independent and not a part of Ivory Highlands Single Family subdivision. 4) Buyer agrees to pay $135/month Homeowners Association fee. 5) Buyer agrees to pay at closing $500 to be appropriated to the Homeowners Association for the capital account and the

reserve account. 6) Upon transfer of ownership to Homeowner, Homeowner understands, agrees, and assumes the responsibility of

remaining in compliance with all requirements of the EPA Storm Water Pollution Plan and will prevent sediment and debris from leaving their property and entering the storm water drainage system.

7) DEPOSIT NON-REFUNDABILITY. Notwithstanding anything to the contrary in any of the contracts between the

Buyer and the Seller, including but not limited to section 4.2.2 of the Real Estate Purchase Agreement, all deposits, including the Initial Deposit, are unconditionally non-refundable.

_______________________________________________________________________________________________________ When signed below by BUYER, the foregoing provisions comprise additional terms and conditions to the original AGREEMENT presented by BUYER to SELLER for acceptance. By signing below, BUYER and SELLER shall be bound by the AGREEMENT as modified by the foregoing provisions. BUYER: _______________________________________________ _______________________________________________ DATE:_________________________________________ DATE:______________________________________ IVORY HOMES By:________________________________________ DATE: _____________________________________ Title:_______________________________________

PURCHASE PRICE ADDENDUM TO REAL ESTATE PURCHASE AGREEMENT THE PLATINUM PLUS SERIES 2006 - TOWNHOMES

This ADDENDUM (the "Addendum") is attached to and forms part of a "Real Estate Purchase Agreement" (the "AGREEMENT") that is entered into by SELLER, on the AGREEMENT DATE, with the BUYER and for the LOT described below. Capitalized terms used in this ADDENDUM (except

bold capitalized terms) shall have the meanings for such terms that appear in the AGREEMENT or in this ADDENDUM. In building the HOUSE on the LOT, SELLER shall use the house plan (the "HOUSE PLAN”), standard features and options set forth below. AGREEMENT DATE:____________________________________________ UNIT #___________ of __________________________________Subdivision BUYER:_______________________________________________________ located in city of ______________________________________, county of ______________________________________________________________ _____________________________________________________, Utah Telephone H________________________ W__________________________ HOUSE PLAN:_________________________________________________

STANDARD FEATURES

Granite Counter Tops (Select Colors) Appliance Package:

Spacesaver microwave Dishwasher with food disposer Smooth –top Self-cleaning electric range (per plan)

Garbage disposal Pre-plumbed water line to refrigerator 40-gallon energy efficient natural gas water heater 80% efficiency-class gas furnace Central Air Conditioning Elongated Toilets

DOORS Automatic garage door opener with 2 remotes Rear exit door or slider exit door (per plan) Insulated entry door Three-panel interior doors Two dead bolt locks Satin Nickel knobs and hardware Handle set for front door

ELECTRICAL 4 CAT5 telephone jacks, 4 RG6 television jacks (homeruns) Inside power panels Two GFCI outside outlets Personalized Lighting Package

EXTERIOR Partial brick exteriors with Stucco & fibered cement siding finishes Maintenance-free soffit and fascia Architectural asphalt shingles with raised ridge cap

FINISHES

Textured wall sheetrock finish with rounded corners Colonial molding, baseboard and trim Standard Plumbing Fixtures Upgraded fixtures in grand bath Double compartment kitchen sink w/ faucet/sprayer Raised panel Cherry or Alder Cabinets Kick plate and crown on kitchen cabinets Ceramic tile or solid surface tub surrounds Solid surface bathroom countertops

FLOOR COVERINGS Stain-resistant carpet Ceramic tile flooring in water closets and laundry room Ceramic tile flooring in entry and kitchen

ENERGY EFFICIENCY R-13 wall insulation, R-38 ceiling insulation Dual-glazed vinyl windows Low E Windows

PURCHASE PRICE CALCULATIONS: DESCRIPTION PRICE Price: $________________________ Options: ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ ______________________________________ ________________________ TOTAL PURCHASE PRICE $_______________________

Except as specifically modified by this Addendum, the terms and conditions of the REAL ESTATE PURCHASE AGREEMENT and ADDITIONAL DOCUMENTS shall remain in full force and effect. SELLER:

BUYER:_______________________________________________________ By:___________________________________________________________ ________________________________________________________ Title:_________________________________________________________ Date:__________________________________________________________ Date:_________________________________________________________ G: Sales Team/2006 Sales Contract/PPA Diamond Package 2006 – Revised May 2006

“Club Ivory” Conditions, Covenants and Restrictions Instruction to Buyers

Congratulations on your decision to purchase a home in a beautiful “Club Ivory” community, The Towns at Ivory Highlands. Living in a master planned community is not like living in a typical neighborhood. At The Towns at Ivory Highlands residents share common elements and amenities. Because of this sharing, restrictive covenants are not only worthwhile, they are absolutely necessary for everyone’s comfort and enjoyment. The benefits of living in a Club Ivory community require cooperation with others in order to maintain and protect the integrity of the common architectural scheme, and enhance the use, quality, attractiveness and value of your home. The standards are enumerated specifically in the governing documents of the HOA, which include but are not limited to a Declaration of Conditions, Covenants and Restrictions (the “CC & R’s”), By-Laws, Annual Budget, and the Rules and Regulations. By signing this form you acknowledge that you have received, read and will abide by the governing documents, as they may be amended from time to time, and that you will pay all assessments in a timely manner. This summary page is not intended to replace any of the governing documents, but rather to address in summary fashion some of the most frequently asked questions by those living in a master planned community. It is strongly recommended that you familiarize yourself with all of the governing documents. If there is any conflict or dispute between this document and the governing documents, the governing documents shall prevail. If you have any questions, comments or concerns, you are welcome to contact the HOA management committee directly or through your Ivory Homes Sales Consultant. We sincerely hope you enjoy living at a Club Ivory property. AGREEMENT DATE: _____________________________________ BUYER: _________________________________________________ Lot & Subdivision__________________________________________ _________________________________________________________

1. May I make changes, additions or structural alterations to my lot or the exterior of the home? No changes will be allowed to the exteriors of the units including landscaping without the approval of the management committee. Each Owner is responsible to keep the exterior of his Unit in a clean, sanitary and attractive condition, and good state of repair. All building exterior maintenance and upkeep costs are the responsibilities of the owner. However, the HOA will manage the repair or maintenance of the building to ensure the overall consistency and quality of the neighborhood. The HOA will assess the individual homeowner for their proportional share of the cost of any repairs or changes to the building. 2. Are home based businesses allowed at residences at Ivory Highlands? This is a residential community; however, some home based businesses are allowed under limited circumstances, although they must comply with the governing documents and community guidelines. The prior written consent of the managing committee is required for any type of home based business. No businesses are allowed that have employees of any kind, or that have any customers who are not residents of the community, and they may not create a nuisance, bother, annoy or disturb other residents, or interfere with their right to the quiet and peaceful enjoyment of their homes. 3. May I park as many vehicles as I want anywhere I desire? No street parking is allowed, ever or under any circumstances. Unless otherwise determined by the Management Committee, all Recreational, Commercial and Oversized Vehicles shall be parked outside the Project, except for purposes of loading and unloading. 4. Do I need ARC approval for Aerials, Antennas, and Satellite Systems? All exterior aerials, antennas and satellite dishes must be approved by the managing committee in advance and be positioned so that they are screened from view from the street. 5. What is the policy on Pets? Large animals are not allowed. No pets, animals, livestock, or poultry of any kind may be commercially bred at the property. Up to two (2) domestic pets per Lot are allowed, provided they are properly licensed and registered, and do not create a nuisance. 6. Is there any regulation of “signs? No signs, billboards or advertising structures or devices of any kind may be built, installed or displayed on the Property or in any Unit, except one 2’ x 2’ “For Sale” sign may be put in one window of a Unit. No “For Rent” signs or political signs are allowed. Anything herein to the contrary notwithstanding, this signage restriction does not apply to and is not binding upon the Developer, who is expressly authorized to employ and use whatever signs or signage it deems appropriate to market its Units. 7. Will I need to install any landscaping? All landscaping will be installed by the developer and maintained by the HOA. No alterations to the landscaping as installed will be allowed without the approval of the management committee. 8. Are there any easements or slopes? All common area will be considered a public utility easement. The slope and grades initially established by the developer shall not be altered unless approved by the management committee. 9. What is the policy for Personal Property outside my unit? Personal property placed on a patio, deck or balcony shall be managed and controlled by rule adopted by the Management Committee, as it may be modified from time to time and may, although the Management Committee is not obligated to do so, allow one table, one set of chairs, and one BBQ grill, if covered and not visible to the other residents. Clotheslines, the hanging or drying of clothes, swimsuits and towels, dream catchers, wind chimes, pinwheels, the storing of bicycles, tricycles, equipment, machinery, furniture, appliances, furnishings or other items

which may be considered inappropriate or unsightly by the Management Committee in its sole discretion, shall not be allowed. 10. What is a nuisance? Nothing may be done which may be or may become an annoyance, disturbance, bother or nuisance to the neighborhood, or which might interfere with the right of other residents to the quiet and peaceful enjoyment of their property. 11. Who forms the Management Committee? Until the last home is sold and closed in the final phase of the development, the Developer reserves the exclusive, unilateral and irrevocable right to appoint the members of the ARC, Management Committee and/or the Managing Member. 12. Are there Leasing Restrictions? A Buyer is prohibited from leasing or renting his or her home for a period of at least one (1) year after the date of closing. All homes must be owner-occupied for the first one (1) year following the purchase of the home. The Management Committee is granted and reserves the right to screen and approve prospective renters, and review and approve the rental agreement. Any rental agreement entered into in violation is voidable at the option of the Management Committee and the renter may be declared “non-conforming.” A non-conforming renter shall be considered a nuisance and the Association may require the Owner to permanently remove the renter (and all persons claiming a right to possession by or through him) from the Property, at the Owner’s sole expense. 13. Is there a fee if I sell my home during the first year after closing? An Owner shall pay to the Association a sum equal to five percent (5%) of the gross sales price on the home as a transfer fee if his Lot is sold or if he enters into a Lease/Option or similar Agreement on the home during the initial one (1) year period after closing. 14. Is fencing allowed? Fencing, except that installed initially by the Developer and its replacement authorized by the Management Committee, is not allowed. 15. Cooperation. Each Owner shall use his best efforts to understand the intent of the developer and strictly comply with the letter and spirit of the governing documents. 16. What insurance should I purchase? Each Owner will obtain insurance against loss or damage by fire or other hazards for his Unit, the Building in which his Unit is contained, including by way of illustration but not limitation the foundation, columns, beams, girders, supports, basements, exterior surfaces and roofs, and contents; and shall provide the Master Association with a Certificate of Insurance upon request. The insurance premium shall be an individual expense. The Owner shall obtain and keep in full force and effect at all times the required insurance coverage provided by companies duly authorized to do business in Utah. The provisions of this subsection shall not be construed to limit the power or authority of the Owner to obtain and maintain insurance coverage in addition to any insurance coverage required hereunder, in such amounts and in such forms as he may deem appropriate. BUYER: _______________________________________ Date_____________ SALES AGENT: _________________________________ Date_____________ SELLER: _______________________________________ Date_____________