February 10th Post

Sobu Owners,

Following is the post for the Paces Green owners from this evening:

Paces Green Owners:

1. There has been a certified letter sent by the buyer to all addresses of record to Paces Green owners. If you have not received this letter please call Nan or Taylor immediately.
2. In that letter the buyer asks for a 120 day extension period to be granted from all Paces Green owners. He has been working very diligently on the primary goal - which is to close on the property. Due diligence on deals of this scope take a long time and a lot of money on behalf of the buyer.
3. The buyer needs to have answers from Paces Green owners that state whether they will extend the due diligence period on their contracts or not. If they opt not to extend the period then their contract will be terminated.
4. If the owners grant this period, then the buyer will continue to move forward to get to the finish line.
5. Josh Reeves has been working tirelessly to assist the buyer and his agent with this process on a daily basis. The buyer remains totally optimistic about the viability of this project. We expect a closing in November but we need the cooperation off all owners to make this happen.
6. Josh has been in communication with many owners in the community who are thrilled to sign this extension understanding that the closing date remains the same, and we are definitely in the final stretch, but more time is simply needed for the buyer to conduct all studies, surveys, engineering, etc.


Sobu Owners:
Everything is still looking totally positive for us! The extension period that has been requested of Paces Green owners is due to the fact that their contracts don't mirror the Sobu contracts.

Bottom Line: Josh and I are looking forward to a frenzied summer working on the logistics of this deal!

In the next month we'll send out some dates for the following:
1. A general information session with regard to our progress including a visit and update from the buyer himself
2. We'll schedule several buyer expos with lenders, buyers agents, etc. so that we can work well in advance with you in order to make this transition a smooth one.

We will pass on information as we receive it. But for now - no news is good news...because that means the buyer is working on this deal and keeping busy. At any rate, we'll touch base within 2 weeks with you.

Josh continues to work on a daily basis with the buyer and his agent to move this deal forward.

Thanks,
Annie