**Exhibit      99.9**

**Fairways      03 New Jersey, LP**

**Index      to Audited Financial Statements**

**For      the Year Ended December 31, 2005**

|                                                                                                           | **Page** |
|----------------------------------------------------------------------------------------------------------------|----------|
|                                                                                                           |     |
|                                                                                                           |     |
| Report                of Independent Registered Public Accounting Firm                                         | **115**  |
|                                                                                                           |     |
| Balance                Sheet as of December 31, 2005                                                           | **116**  |
|                                                                                                           |     |
| Statement                of Income for the Year Ended December 31, 2005                                        | **117**  |
|                                                                                                           |     |
| Statement                of Changes in Partnership Capital for the Year Ended December 31,                2005 | **118**  |
|                                                                                                           |     |
| Statement                of Cash Flows for the Year Ended December 31, 2005                                    | **119**  |
|                                                                                                           |     |
| Notes                to Financial Statements                                                                   | **120**  |
|                                                                                                           |     |

**-114-**

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**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

*/s/*
***HEIN***
*&      ASSOCIATES LLP*

**-115-**

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| **FAIRWAYS                03 NEW JERSEY, LP**                                    |   |
|----------------------------------------------------------------------------------|--------|
| **BALANCE                SHEET**                                                 |   |
| **December                31, 2005**                                             |   |
|                                                                             |   |   |   |
|                                                                             |   |   |   |
|                                                                             |   |   |   |
| **ASSETS**                                                                       |   |
|                                                                             |   |   |   |   |
| Cash                and cash equivalents                                         |   | $ | 12,200 |   |
| Restricted                cash                                                   |   |   | 750,000 |   |
| Investment                in limited partnership                                 |   |   | 207,600 |   |
|                                                                             |   |   |   |   |
| Total                assets                                                      |   | $ | 969,800 |   |
|                                                                             |   |   |   |   |
| **LIABILITIES                & PARTNERSHIP CAPITAL**                         |
|                                                                             |   |   |   |   |
| Accrued                expenses                                                  |   | $ | 7,600 |   |
|                                                                             |   |   |   |   |
| Total                liabilities                                                 |   |   | 7,600 |   |
|                                                                             |   |   |   |   |
| Partnership                capital:                                              |   |   |   |   |
| Partner                contributions                                             |   |   | 383,000 |   |
| Partner                distributions                                             |   |   | (5,590,800 | ) |
| Retained                earnings                                                 |   |   | 6,170,000 |   |
| Total                partnership capital                                         |   |   | 962,200 |   |
|                                                                             |   |   |   |   |
| Total                liabilities & partnership capital                       |   | $ | 969,800 |   |
|                                                                             |   |   |   |   |
| See                accompanying notes to the Financial                Statements |

**-116-**

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| **FAIRWAYS                03 NEW JERSEY, LP**                                    |   |
|----------------------------------------------------------------------------------|--------|
| **STATEMENT                OF INCOME**                                           |   |
| **For                the Year Ended December 31, 2005**                          |   |
|                                                                             |   |   |   |
|                                                                             |   |   |   |
|                                                                             |   |   |   |
|                                                                             |   |   |   |
| **Equity                in earnings of limited partnership**                     |   | **$** | **5,879,000** |   |
|                                                                             |   |   |   |   |
| General                & administrative expenses                             |   |   | 39,500 |   |
| Interest                expense                                                  |   |   | 190,500 |   |
| **Total                operating expenses**                                      |   |   | **230,000** |   |
|                                                                             |   |   |   |   |
| Net                income                                                        |   | $ | 5,649,000 |   |
|                                                                             |   |   |   |   |
| See                accompanying notes to the Financial                Statements |

**-117-**

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| **FAIRWAYS                03 NEW JERSEY, LP**                                    |   |
|----------------------------------------------------------------------------------|--------|
| **STATEMENT                OF CHANGES IN PARTNERSHIP CAPITAL**                   |   |
| **For                the Year Ended December 31, 2005**                          |   |
|                                                                             |   |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   |   |   |   |   |   |   |
|                                                                             |   |   |   | **Class                A** |   | **Class                B** |   | **Total** |   |
|                                                                             |   | **General** |   | **Limited** |   | **Limited** |   | **Partnership** |   |
|                                                                             |   | **Partner** |   | **Partners** |   | **Partners** |   | **Capital** |   |
|                                                                             |   |   |   |   |   |   |   |   |   |
| Balance,                January 1, 2005                                          |   | $ | (5,101 | ) | $ | (51,010 | ) | $ | (453,989 | ) | $ | (510,100 | ) |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partner                distributions                                             |   |   | (41,767 | ) |   | (417,670 | ) |   | (3,717,263 | ) |   | (4,176,700 | ) |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income                                                        |   |   | 56,490 |   |   | 564,900 |   |   | 5,027,610 |   |   | 5,649,000 |   |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance,                December 31, 2005                                        |   | $ | 9,622 |   | $ | 96,220 |   | $ | 856,358 |   | $ | 962,200 |   |
|                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| See                accompanying notes to the Financial                Statements |

**-118-**

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| **FAIRWAYS                03 NEW JERSEY, LP**                                                                   |   |
|-----------------------------------------------------------------------------------------------------------------|--------|
| **STATEMENT                OF CASH FLOWS**                                                                      |   |
| **For                the Year Ended December 31, 2005**                                                         |   |
|                                                                                                            |   |   |   |
|                                                                                                            |   |   |   |
|                                                                                                            |   |   |   |
| **Operating                Activities:**                                                                        |   |   |   |   |
|                                                                                                            |   |   |   |   |
| Net                income                                                                                       |   | $ | 5,649,000 |   |
|                                                                                                            |   |   |   |   |
| Adjustments                to reconcile net income to net cash provided by operating                activities: |   |   |   |   |
| Undistributed                equity in earnings of limited partnership                                          |   |   | (204,600 | ) |
| Changes                in operating assets and liabilities:                                                     |   |   |   |   |
| Restricted                cash                                                                                  |   |   | (750,000 | ) |
| Accrued                expenses                                                                                 |   |   | 7,600 |   |
| Net                cash provided by operating activities                                                        |   |   | 4,702,000 |   |
|                                                                                                            |   |   |   |   |
| **Investing                Activities:**                                                                        |   |   |   |   |
|                                                                                                            |   |   |   |   |
| Investment                in partnership                                                                        |   |   | (525,500 | ) |
| Net                cash used in investing activities                                                            |   |   | (525,500 | ) |
|                                                                                                            |   |   |   |   |
| **Financing                Activities:**                                                                        |   |   |   |   |
|                                                                                                            |   |   |   |   |
| Distributions                to partners                                                                        |   |   | (4,176,700 | ) |
| Net                cash used in financing activities                                                            |   |   | (4,176,700 | ) |
|                                                                                                            |   |   |   |   |
| Net change                in cash and cash equivalents                                                     |   |   | (200 | ) |
| Cash                and cash equivalents at beginning of year                                                   |   |   | 12,400 |   |
|                                                                                                            |   |   |   |   |
| Cash                and cash equivalents at end of year                                                         |   | $ | 12,200 |   |
|                                                                                                            |   |   |   |   |
| See                accompanying notes to the Financial                Statements                                |

**-119-**

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**FAIRWAYS            03 NEW JERSEY, LP**

**Notes            to Financial Statements**

| **1.  ** | **Organization                and Significant Accounting                Policies** |
|--------------------|------------------------------------------------------------------------------------|

**Description      of Business**

**2.**
**Significant      Accounting Policies**

**Basis      of Presentation**

**Cash      and Cash Equivalents**

**Restricted      Cash**

**Investment      in Limited Partnership**

**-120-**

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**FAIRWAYS          03 NEW JERSEY, LP**

**Notes          to Financial Statements**

**Income      Recognition**

**Income      Taxes **

| **3.  ** | **Significant                Investment Disposition** |
|--------------------|-------------------------------------------------------|

| **4.  ** | **Note                Payable** |
|--------------------|---------------------------------|

| **5.  ** | **Related                Party Transactions** |
|--------------------|-----------------------------------------------|

| **6.  ** | **Commitments                & Contingencies** |
|--------------------|----------------------------------------------------|

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