----

**Exhibit      10.3**

**CONSTRUCTION      LOAN AGREEMENT**

**dated      as of **

**March      19, 2007**

**among**

**THE      CHALETS AT THE LODGE AT VAIL, LLC,**

**The      LENDERS Party hereto,**

**and**

**WELLS      FARGO BANK, NATIONAL ASSOCIATION,**

**as      Administrative Agent and Book Manager**

**_______________________________**

**$123,000,000**

**_______________________________**

**WELLS      FARGO BANK, NATIONAL ASSOCIATION and **

**U.S.      BANK NATIONAL ASSOCIATION**

**Joint      Lead Arrangers**

**U.S.      BANK NATIONAL ASSOCIATION**

**Syndication      Agent**

**TABLE      OF CONTENTS**

**Page**

**EXHIBITS      AND SCHEDULES**

**CONSTRUCTION      LOAN AGREEMENT**

**RECITALS**

**ARTICLE      I**

**DEFINITIONS      AND ACCOUNTING MATTERS**

|   | (a) | The                issuing financial institution must be located in Denver, Colorado                (or                otherwise provide the presentment may be made in Denver, Colorado)                and                must be acceptable and approved by all                Lenders; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The                amount of the Deposit Letter of Credit shall be equal to the amount                of the                Framing Deposits and/or Club Membership Deposits that it replaces;                provided, that it does not have to replace all of such required Framing                Deposits and/or Club Membership Deposits, but shall be in the full                amount                of the Framing Deposit for each Unit that it replaces, and shall                be in                incremental amounts equal to Club Membership                Deposits; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The                Deposit Letter of Credit must provide for partial drawings, to the                extent                that amounts are required to be drawn to refund Framing Deposits                and/or                Club Membership Deposits, or to apply the same to the Facility Amount                as                set forth herein, unless Borrower provides other funds for such refund                or                application; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The                Deposit Letter of Credit shall be deemed Collateral for the Facility                Amount and may be drawn upon by Administrative Agent in the Event                of                Default hereunder; and |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The                term of the Deposit Letter of Credit shall be coterminous with the                Maturity Date, unless it provides that it will be renewed or replaced                prior to its expiration. It shall not be canceled unless the corresponding                amount of deposits that it represents is deposited in the appropriate                Controlled Account; provided, however, that in connection with the                release                of the Club Component, the Deposit Letter of Credit shall be reduced                by an                amount equal to all Club Membership Deposits that were replaced by                such                Deposit Letter of Credit and upon the release of any Residential                Unit, the                Deposit Letter of Credit shall be reduced by the amount of the Framing                Deposit attributable to such released Residential Unit and the Deposit                Letter of Credit may reduce by its own terms to reflect the foregoing                or                the Borrower shall have a right to provide a replacement Deposit                Letter of                Credit in such reduced amount. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      II**

**THE      LOAN FACILITY**

| Notice                                                                                                                           | Number                of Business Days Prior                                                                                                                                                  |
|----------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Request                For Loan Advance                                                                                    |  7                                                                                                                                                                                       |
|  Designation                of Applicable Interest Period                                                                   |  2                prior to last day of  applicable                LIBOR Period  (or,                for initial advance,  3                days prior to initial advance) |
|  Requests                for disbursements from the Purchaser Upgrade Deposit Account or Optional                Prepayment |  3                                                                                                                                                                                       |

**ARTICLE      III**

**PAYMENTS      OF INTEREST AND PRINCIPAL**

**ARTICLE      IV**

**EXTENSION      OF THE MATURITY DATE**

**ARTICLE      V**

**INCREASED      COSTS, LIBOR AVAILABILITY, ILLEGALITY, ETC.**

**ARTICLE      VI**

**CONDITIONS      PRECEDENT**

**ARTICLE      VII**

**DISBURSEMENT      OF THE LOANS; LOAN BALANCING**

**ARTICLE      VIII**

**REPRESENTATIONS      AND WARRANTIES**

**ARTICLE      IX**

**AFFIRMATIVE      COVENANTS OF BORROWER**

**ARTICLE      X**

**NEGATIVE      COVENANTS OF BORROWER**

**ARTICLE      XI**

**INSURANCE      OR CONDEMNATION AWARDS**

**ARTICLE      XII**

**EVENTS      OF DEFAULT**

**ARTICLE      XIII**

**ADMINISTRATIVE      AGENT**

**ARTICLE      XIV**

**MISCELLANEOUS**

**[**
***Signature      Pages Follow***
**]**

**BORROWER:**

|   | By: | Vail                Resorts Development Company, |
|--------|-----|--------------------------------------------------|

**[**
***Signatures      continued on next page***
**.]**

**ADMINISTRATIVE      AGENT:**

**[**
***Signatures      continued on next page***
**.]**

**LENDER:**

**[**
***Signatures      continued on next page***
**.]**

**LENDER:**

**[**
***Signatures      continued on next page***
**.]**

**LENDER:**

**[**
***Signatures      continued on next page***
**.]**

**LENDER:**

**Ryan      Hillard**

**Assistant      Vice President**

**[**
***Signatures      continued on next page***
**.]**

**LENDER:**

**[**
***Signatures      continued on next page***
**.]**

**LENDER:**

***[End      of signatures.]***

**Exhibit      A**

* *

*;      *

**Exhibit      B**

**[***]**

**Exhibit      C**

| **Lender**                                                 | **Amount                of Commitment** | **Proportionate                Share** |
|------------------------------------------------------------|-----------------------------------------|----------------------------------------|
|  Wells                Fargo Bank National Association |  $34,000,000                       |  28%                              |
|  U.S.                Bank National Association        |  $34,000,000                       |  28%                              |
|  Bank                of America, N.A.                 |  $15,000,000                       |  12%                              |
|  Compass                Bank                          |  $15,000,000                       |  12%                              |
|  JPMorgan                Chase Bank, N.A.             |  $15,000,000                       |  12%                              |
|  Comerica                West Incorporated            |  $10,000,000                       |  8%                               |
|                                                       |                                    |                                   |
|  **Total:**                                           |  **$123,000,000.00**               |  **100%**                         |

**Exhibit      D**

**CHALETS      AT THE LODGE AT VAIL**

| **UNIT** | **PURCHASE                PRICE** | **PROJECTED                CLOSING COSTS** | **EARNEST                MONEY** | **FRAMING                DEPOSIT** | **BALANCE                DUE** |
|----------|-----------------------------------|--------------------------------------------|----------------------------------|------------------------------------|--------------------------------|
| 1        | $                9,750,000.00     | $                682,500.00                | $                1,462,500.00    | $                975,000,00        | $                7,312,500.00  |
| 2        | $                9,975,000.00     | $                698,250.00                | $                1496,250.00     | $                997,500,00        | $                7,481,250.00  |
| 3        | $                12,150,000.00    | $                850,500.00                | $                1,822,500,00    | $                1,215,000.00      | $                9,112,500.00  |
| 4        | $                14,350.000.00    | $                1,004,500.00              | $                2,152,500.00    | $                1.435,000.00      | $                10,762,500.00 |
| 5        | $                12,950,000.00    | $                906,500.00                | $                1,942,500.00    | $                1,295,000.00      | $                9,712,500.00  |
| 6        | $                12,450,000.00    | $                871,500.00                | $                1,867,500.00    | $                1,245,000.00      | $                9,337,500.00  |
| 7        | $                11,125,000.00    | $                778,750.00                | $                1,668,750.00    | $                1,112,500.00      | $                8,343,750,00  |
| 8        | $                13,125,000.00    | $                918,750.00                | $                1,968,750.00    | $                1,312,500.00      | $                9,843,750.00  |
| 9        | $                10,975,000.00    | $                768,250.00                | $                1,646,250,00    | $                1,097,500,00      | $                8,231,250.00  |
| 10       | $                10,850,000.00    | $                759,500.00                | $                1,627,500.00    | $                1,085,000.00      | $                8,137,500.00  |
| 11       | $                13,225,000,00    | $                925,750.00                | $                1,983,750.00    | $                1,322,500.00      | $                9,918,750.00  |
| 12       | $                12,750,000,00    | $                892, 500.00               | $                1,912,500.00    | $                1,275,000,00      | $                9,562,500.00  |
| 13       | $                15,950.000.00    | $                1,116,500.00              | $                2,392,500,00    | $                1,595,000,00      | $                11,962500.00  |
|     | **$159,625,000.00**               | **$11,173,750.00**                         | **$23,943,750,00**               | **$15,962,500.00**                 | **$1l9,718,750.00**            |

**Exhibit      E**

**Exhibit      F**

|                                                 |
|------------------------------------------------------|
| **Loan                Par Value**                    |
| **(Prior                To Club Component Release)** |

| **Chalet                Unit**                    |   | **List                Price** |   | **Loan                Par Value** |
|---------------------------------------------------|--------|-------------------------------|--------|-----------------------------------|
| Unit                1                             |   | $                9,750,000    |   | $                7,512,921        |
| Unit                2                             |   | $                9,975,000    |   | $                7,686,296        |
| Unit                3                             |   | $12,150,000                   |   | $                9,362,255        |
| Unit                4                             |   | $14,350,000                   |   | $                11,057,478       |
| Unit                5                             |   | $12,950,000                   |   | $                9,978,700        |
| Unit                6                             |   | $12,450,000                   |   | $                9,593,422        |
| Unit                7                             |   | $11,125,000                   |   | $                8,572,435        |
| Unit                8                             |   | $13,125,000                   |   | $                10,113,547       |
| Unit                9                             |   | $10,975,000                   |   | $                8,456,852        |
| Unit                10                            |   | $10,850,000                   |   | $                8,360,532        |
| Unit                11                            |   | $13,225,000                   |   | $                10,190,603       |
| Unit                12                            |   | $12,750,000                   |   | $                9,824,589        |
| Unit                13                            |   | $15,950,000                   |   | $                12,290,368       |
| **Chalet                Total**                   |   | **$159,625,000**              |   | **$123,000,000**                  |
|                                              |
| Loan                Par Value                     |
| (Following                Club Component Release) |
| **Chalet                Unit**                    |   | **List                Price** |   | **Loan*****Par*****Value**        |
| Unit                1                             |   | $9,750,000                    |   | $5,069,695                        |
| Unit                2                             |   | $9,975,000                    |   | $5,186,688                        |
| Unit                3                             |   | $12,150,000                   |   | $6,317,619                        |
| Unit                4                             |   | $14,350,000                   |   | $7,461,551                        |
| Unit                5                             |   | $12,950,000                   |   | $6,733,594                        |
| Unit                6                             |   | $12,450,000                   |   | $6,473,610                        |
| Unit                7                             |   | $11,125,000                   |   | $5,784,652                        |
| Unit                8                             |   | $13,125,000                   |   | $6,824,589                        |
| Unit                9                             |   | $10,975,000                   |   | $5,706,656                        |
| Unit                10                            |   | $10,850,000                   |   | $5,641,660                        |
| Unit                11                            |   | $13,225,000                   |   | $6,876,586                        |
| Unit                12                            |   | $12,750,000                   |   | $6,629,601                        |
| Unit                13                            |   | $15,950,000                   |   | $8,293,500                        |
| **Chalet                Total**                   |   | **$159,625,000**              |   | **$83,000,000**                   |

**Exhibit      G**

**REQUEST      FOR CONTINUATION OR CONVERSION**

|   | (a) | [_____]                continue the Loan with the Base Rate as the Applicable Interest                Rate; |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (b) | [_____]                continue the Loan with a LIBOR-Based Rate as the Applicable Interest                Rate                for a [_____] one (1) / [_____] two (2) / [_____] three (3) / [_____]                six                (6) month LIBOR Period; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | [_____]                convert the Loan to a Based Rate Loan as the Applicable Interest                Rate; |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | (d) | [_____]                convert the Loan to a LIBOR-Based Rate as the Applicable Interest                Rate for                a [_____] one (1) / [_____] two (2) / [_____] three (3) / [_____]                six (6)                month LIBOR Period. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | after                giving effect to any continuation or conversion of the Loan, all                the                requirements contained in the Notes and the Loan Agreement applicable                thereto are satisfied; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | the                representations and warranties contained in the Loan Agreement and                the                other Loan Documents are true and correct in all material respects                on and                as of the date hereof to the same extent as though made on and as                of the                date hereof, except to the extent such representations and warranties                specifically relate to an earlier date, in which case such representations                and warranties were true and correct in all material respects on                and as of                such earlier date; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | no                event has occurred and is continuing or would result from the consummation                of the continuation or conversion contemplated hereby that would                constitute an Event of Default. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**[Signature      Page Follows]**

**BORROWER:**

|   | By: | Vail                Resorts Development Company, a Colorado corporation, its Managing                Member |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

**Exhibit      H**

|   | 1. | The                date of the proposed Loans is _________ __,                _____. |
|--------|----|--------------------------------------------------------------------------------------|

|   | 2. | The                aggregate amount of the proposed Loans (after deducting an aggregate                Retainage of $__________) is                $_________. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | The                aggregate amount of the proposed Loans which are to bear interest                as LIBOR                Rate Loans is $__________. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | The                aggregate amount of the proposed Loans which are to bear interest                at Base                Rate Loans is $__________. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5. | The                aggregate amount of Loans requested hereunder, when added to prior                (if                any) Loans funded under the Construction Loan Agreement, will result                in                total Loans outstanding under the Construction Loan Agreement of                $__________. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6. | Funds                undrawn under the aggregate Commitments after giving effect to the                Loans                requested hereunder will then be                $__________. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A. | To                the extent not previously delivered to Administrative Agent, for                funds due                under the General Contract, copies of the General Contractor’s invoices                relating to payments requested under this Request for Loan Advance,                together with paid invoices evidencing payment of funds previously                advanced to the General Contractor pursuant to Loans, provided, however,                presentation of invoices shall not be required when the amount of                the                payment requested from the proceeds of the Advance is less than $250,000;                in those circumstances, presentation of general ledger entries evidencing                the amount due shall be sufficient; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | B. | To                the extent not previously delivered to Administrative Agent, for                funds                paid directly by Borrower, copies of all invoices relating to payments                requested under this Request for Loan Advance, together with paid                invoices                evidencing payment of funds previously advanced to Borrower pursuant                to                Loans, provided,                however,                presentation of invoices shall not be required when the amount of                the                payment requested from the proceeds of the Advance is less than $250,000;                in those circumstances, presentation of general ledger entries evidencing                the amount due shall be sufficient; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | C. | Copy                of the Project Budget attached as Exhibit 1                hereto, showing the portion of each budget line item comprising the                aggregate Loans subject to this request and any Retainage with respect                thereto, and the total of all Loans to date, inclusive of the Loans                subject to this request; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | D. | Copies                of sworn unconditional lien wavers from each trade contractor,                subcontractor, materialman, supplier and vendor (each a “Subcontractor”)                who is to be paid from the proceeds of this Advance, to the extent                not                previously delivered to Administrative Agent releasing any right                to a lien                through a date not more than 30 days prior to the date hereof. Lien                waivers shall not be required from any Subcontractor when the amount                to be                paid to such Subcontractor from the proceeds of the Advance is less                than                $25,000 and the aggregate amount paid to such Subcontractor is less                than                $100,000; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | E. | Borrower’s                Architect’s Certificate for Payment in accordance with AIA Document                G-702; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------|

|   | F. | Requisition                form duly executed by the General Contractor;                and |
|--------|----|---------------------------------------------------------------------------------------------|

|   | G. | Copies                of all other documents required pursuant to Article                VI                and Article                VII                of                the Construction Loan Agreement. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | The                facts set forth in the General Contractor’s invoices and in Exhibit                1; |
|--------|-----|----------------------------------------------------------------------------------------------------------------|

|   | (b) | Except                for contractors, subcontractors, materialmen, suppliers or vendors                who are                to be paid from proceeds of the Loans requested hereunder, there                is no                outstanding Indebtedness of the undersigned for labor, wages or materials                in connection with the construction of the Improvements which is                currently                due and which could become the basis of a Lien on the                Project; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | All                sums previously requisitioned have been applied to the payment of                the Hard                Costs and the Soft Costs heretofore incurred; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | All                Change Orders have been submitted to Administrative Agent and the                Construction Consultant and all Change Orders for which a Loan is                requested hereby have been approved by Administrative Agent and the                Construction Consultant to the extent required by the Construction                Loan                Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | In                the judgment of Borrower, the Improvements are _____%                complete; |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (f) | Borrower                is not in Default under any of the terms and conditions of the Loan                Documents; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------|

|   | (g) | After                giving effect to this advance, the Loans will remain In Balance in                accordance with Section 7.2                of                the Construction Loan Agreement, and all conditions to this advance                have                been satisfied in accordance with Section 7.1                of                the Construction Loan Agreement; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Each                representation and warranty of Article                VIII                of                the Construction Loan Agreement remains true and correct in all material                respects as of the date of this Request for Loan Advance and will                be so on                the date of disbursement of the requested Loan, except with respect                to (i)                matters which have been disclosed in writing to and approved by                Administrative Agent (subject, however, to the terms of the Construction                Loan Agreement) or (ii) liens of mechanics and materialmen and matters                addressed in Section 8.5                of                the Construction Loan Agreement, which would not, if adversely decided,                have a Material Adverse Effect; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | No                litigation or arbitral proceedings are pending or, to the best of                Borrower’s knowledge, threatened against Borrower, any Guarantor or the                Manager, which could or might (i) affect the validity or priority                of the                liens of the Security Instrument or (ii) or, if adversely decided,                would                reasonably be expected have a Material Adverse Effect;                and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | All                Government Approvals, to the extent then required for the Construction                Work, have been obtained and that all Applicable Laws relating to                the                construction and operation of the Project have been and will continue                to                be complied with. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (k) | Borrower                has contributed the required Initial Equity                Contribution. |
|--------|-----|--------------------------------------------------------------------------------------------------|

**BORROWER:**

|   | By: | Vail                Resorts Development Company, a Colorado corporation, its Managing                Member |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

**GUARANTOR:**

**Exhibit      I**

**IRREVOCABLE      LETTER OF CREDIT**

**BENEFICIARY**

**Letter      of Credit No.**

**Date:**

**Issued      at the Request of **

**______________      and NO/100 United States Dollars (US$_______)**

**[insert      name of transferee]**

**[insert      address]**

**[insert      name of transferor]**

**Signature      of Transferor Guaranteed**

**[insert      name of bank]**

**Exhibit      J**

**TRANSFER      AUTHORIZER DESIGNATION**

*(For      Disbursement of Loan Proceeds by Funds Transfer)*

|           |  **Name** |  **Title** | **Maximum                Wire****Amount**1  |
|----------------|----------------|-----------------|--------------------------------------------------|
|  1.  |           |            |                                             |
|  2.  |           |            |                                             |
|  3.  |           |            |                                             |
|  4.  |           |            |                                             |
|  5.  |           |            |                                             |

**Beneficiary        Bank and Account Holder Information**

**1.      **

| **Transfer                Funds to (Receiving Party Account Name):** |
|----------------------------------------------------------------------|
| **Receiving                Party Account Number:**                   |
| **Receiving                Bank Name, City and State:**         | **Receiving                Bank Routing (ABA) Number** |
| **Maximum                Transfer Amount:**                          |   |
| **Further                Credit Information/Instructions:**     |

**2.**

| **Transfer                Funds to (Receiving Party Account Name):** |
|----------------------------------------------------------------------|
| **Receiving                Party Account Number:**                   |
| **Receiving                Bank Name, City and State:**         | **Receiving                Bank Routing (ABA) Number** |
| **Maximum                Transfer Amount:**                          |   |
| **Further                Credit Information/Instructions:**     |

**3.**

| **Transfer                Funds to (Receiving Party Account Name):** |
|----------------------------------------------------------------------|
| **Receiving                Party Account Number:**                   |
| **Receiving                Bank Name, City and State:**         | **Receiving                Bank Routing (ABA) Number** |
| **Maximum                Transfer Amount:**                          |   |
| **Further                Credit Information/Instructions:**     |

*    *
*      Maximum Wire Amount may not exceed the Loan Amount.*

|   | By: | Vail                Resorts Development Company, a Colorado corporation, its Managing                Member |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

----

**Exhibit      K**

**Anticipated      Encumbrances **

| (i)   | Additional                replatting(s) pursuant to the Subdivision, Conveyance and Construction                Agreement, and as necessary or appropriate to establish separate                legal                descriptions for the Residential Component, Club Component, Retail/Resort                Services Component, and Shared Parking Garage                Component. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii)   | Loading/Delivery                Easement Agreement between Borrower and the Town of Vail affecting                the                Shared Parking Access Component, to be made pursuant to the requirements                of the Development Agreement with the Town of                Vail. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii)   | Utility                easements made with utility providers and similar instruments made                in the                ordinary course of the development of the                Project. |
|-------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iv)   | Implementation                of ownership structure for the Residential                Component. |
|------------------|----------------------------------------------------------------------------------------------------|

| (a)   | Condominium                Declaration, and supplements                thereto. |
|-----------------|---------------------------------------------------------------------------------|

| (b)   | Condominium                Map, and supplements thereto. |
|-----------------|----------------------------------------------------------|

| (c)   | Access                and Support Easement Agreement, which, among other things, gives                the                Residential Component access easement rights over the Project surface                road. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (v)   | Licenses                for Spa access: |
|-----------------|-----------------------------------------|

| (a)   | in                favor of the Residential Component. |
|-----------------|-------------------------------------------------------|

| (b)   | in                favor of the Club Component. |
|-----------------|------------------------------------------------|

| (vi)   | License                in favor of Residential Component for Club                access. |
|------------------|------------------------------------------------------------------------------------------|

**Schedule      6.1**

**Schedule      6.2**

**Schedule      6.3**

**Schedule      8.5**

**None**

**Schedule      8.10**

**Schedule      8.14**

| (vii)   | Annexation                to Town of Vail of the exchange parcel within the Property acquired                from                United States Forest Service |
|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (viii)   | Town                of Vail re-zonings to Ski Base Recreation 2 (SBR 2) Zone                District |
|--------------------|-----------------------------------------------------------------------------------------------------------|

| (ix)   | Town                of Vail approval of the Development Plan under applicable                zoning |
|------------------|-----------------------------------------------------------------------------------------------------|

| (x)   | Town                of Vail approval of and entry into its Development                Agreement |
|-----------------|-------------------------------------------------------------------------------------------------|

| (xi)   | Town                of Vail Design Review Board (DRB) approvals in relation to existing                Plans                and Specifications |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| (xii)   | Town                of Vail grading and building permits for existing Plans and                Specifications |
|-------------------|---------------------------------------------------------------------------------------------------------------|

| (xiii)   | HUD                registration approval for Residential                Component |
|--------------------|-----------------------------------------------------------------------------------|

| (xiv)   | Town                of Vail DRB approvals for any Modifications to Plans and                Specifications |
|-------------------|------------------------------------------------------------------------------------------------------------|

| (xv)   | Town                of Vail building permit(s) for any Modifications to Plans and                Specifications |
|------------------|-----------------------------------------------------------------------------------------------------------------|

| (xvi)   | Town                of Vail Temporary Certificates of                Occupancy |
|-------------------|--------------------------------------------------------------------------------|

| (xvii)   | Town                of Vail Certificates of Occupancy |
|--------------------|-------------------------------------------------------|

| (xviii)   | Town                of Vail approvals of                resubdivision(s) |
|---------------------|--------------------------------------------------------------------------|

| (xix)   | Town                of Vail approvals of condominium documents for Residential Component                (Condominium Map and Declaration, and any amendments and supplements                thereto) |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Schedule      9.5**

**TITLE      INSURANCE. **

**PROPERTY      INSURANCE. **

**FLOOD      HAZARD INSURANCE. **

**LIABILITY      INSURANCE. **

**OTHER      COVERAGE.**

**GENERAL.      **